QUARTERLY REPORT(The Third Quarter of the 76th Term)
From October 1, 2023 to December 31, 2023

(TRANSLATION)

ARISAWA MFG. CO., LTD.

TABLE OF CONTENTS
Page Number
Cover Page
PART I.

INFORMATION ON THE BUSINESS ................................................................................ 1

I. General Conditions of Business ............................................................................................................ 1
1. Changes in Principal Management Indicators, etc. ........................................................................... 1
2. Description of Business..................................................................................................................... 1
II. Status of Business ................................................................................................................................ 2
1. Business Risks, etc. ........................................................................................................................... 2
2. Analyses of Consolidated Financial Position, Business Results and Cash Flowsby the Corporate Managers ........................................................................................................... 2
3. Agreements with Managerial Implications, etc................................................................................. 3
III. Status of the Submitting Company ..................................................................................................... 4
1. Status of Shares, etc. ......................................................................................................................... 4(1) Total Number of Shares, etc. ........................................................................................................... 4(2) Status of Stock Acquisition Rights, etc. .......................................................................................... 4(3) Status of Exercise of Moving Strike Convertible Bonds, etc. ......................................................... 4(4) Changes in the Number of Shares Issued and Outstanding, Share Capital, etc. ............................. 4(5) Status of Major Shareholders .......................................................................................................... 4(6) Status of Voting Rights ................................................................................................................... 5
2. Status of Directors and Officers ........................................................................................................ 5
IV. Status of Accounting .......................................................................................................................... 6
1. Quarterly Consolidated Financial Statements ................................................................................... 7(1) Quarterly Consolidated Balance Sheets .......................................................................................... 7(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated
Statements of Comprehensive Income .......................................................................................... 9[Quarterly Consolidated Statements of Income] ........................................................................... 9[Quarterly Consolidated Statements of Comprehensive Income] ............................................... 10
2. Other................................................................................................................................................ 16
PART II. INFORMATION ON GUARANTY COMPANIES, ETC. OF THE
SUBMITTING COMPANY ................................................................................................ 17[Independent Auditors’ Quarterly Review Report]

Cover Page
Document to be filed:

Quarterly Report

Statutory basis:

Article 24-4-7, paragraph 1 of the Financial Instruments and Exchange Act

Filing to:

Director-General of the Kanto Local Finance Bureau

Date of filing:

February 14, 2024

Quarterly accounting period:

The Third Quarter of the 76th Term (From October 1, 2023 to December 31,
2023)

Company name (Japanese):

Kabushiki-Kaisha Arisawa Seisakusho

Company name (English):Arisawa Mfg. Co., Ltd.

Name and title of representative:

Yuta Arisawa, President and Representative Director

Location of head office:5-5, Minami-honcho 1-chome, Joetsu-shi, Niigata

Telephone number:(025) 524-5126

Contact person:

Shuichi Kubota, Operating Officer supervising, Corporate Strategy
Department

Place of contact:5-5, Minami-honcho 1-chome, Joetsu-shi, Niigata

Telephone number:(025) 524-5126

Contact person:

Shuichi Kubota, Operating Officer supervising, Corporate Strategy
Department

Places where copies of this Quarterly Report are

Arisawa Mfg. Co., Ltd., Tokyo Head Officemade available for public inspection:(12-5, Yanagibashi 2-chome, Taito-ku, Tokyo)
Tokyo Stock Exchange, Inc.
(2-1, Nihonbashi Kabutocho, Chuo-ku, Tokyo)

PART I. INFORMATION ON THE BUSINESS
I. General Conditions of Business1. Changes in Principal Management Indicators, etc.
Term
Accounting period
Net sales

75th term
consolidated cumulative
third quarter
From April 1, 2022
to December 31, 2022

76th term
consolidated cumulative
third quarter
From April 1, 2023
to December 31, 2023

From April 1, 2022
to March 31, 2023

33,54330,85942,722

2,705

718

2,717

2,661

981

2,856

3,133

2,062

2,578

47,51445,55947,10770,087

69,04667,659

80.52

29.64

86.46

80.33

29.62

86.24

67.7

65.9

69.5

75th term
consolidated
third quarter
From October 1, 2022
to December 31, 2022

76th term
consolidated
third quarter
From October 1, 2023
to December 31, 2023

(Millions of yen)

Ordinary profit(Millions of yen)
Profit attributable to ownersof parent(Millions of yen)Comprehensive income(Millions of yen)
Net assets (Millions of yen)
Total assets(Millions of yen)
Basic earnings per share(Yen)
Diluted earnings per share(Yen)
Equity ratio
(%)

Term
Accounting period

75th term

Basic earnings per share
2.97
12.62
(Yen)
Note: As Arisawa Mfg. Co., Ltd. (hereinafter referred to as either the “Company” or the “Submitting Company”, as the case maybe) prepares the quarterly consolidated financial statements, the changes in principal management indicators, etc. of theSubmitting Company are not stated above.

2. Description of Business
There was no material change in information regarding the business lines of our corporate group (the Company
and its associated companies; hereinafter referred to as either the “Group” or “our Group”, as the case may be) in
the current consolidated cumulative third quarter.
No change of organization was made to any of the Company’s principal associated companies.

-1-II. Status of Business
1. Business Risks, etc.
The current consolidated cumulative third quarter saw neither any new business risks, etc. emerging nor any
significant change in the business risks, etc. stated in the Financial Report for the previous business year.

2. Analyses of Consolidated Financial Position, Business Results and Cash Flows by the Corporate
Managers
Matters stated concerning the future in the text are based on judgments made as of the end of the current
consolidated third quarter.

(1) Financial Position and Operating Results1) Operating Results
As for the Japanese economy in the current consolidated cumulative third quarter, the economy remainedon a moderate recovery trend as socioeconomic activities had normalized since the coronavirus pandemic.
Meanwhile, there is still an uncertain outlook for the economy due to the continued price increases, prolonged
Ukrainian crisis, the instability in Middle East, the impact of global monetary tightening, and the economic
downturn in China, etc.
Under such circumstances, the operating results of our group (the Company, its consolidated subsidiaries
and the companies accounted for under the equity method) for the current consolidated cumulative third
quarter showed net sales of 30,859 million yen (a decrease of 8.0% year-on-year) due to a decrease in demandin the Chinese market for the electronic materials which are the main business field of the Company despite
an increase in sales of industrial application structural materials. The results in terms of profit and loss are as
follows: an operating profit was 648 million yen (a decrease of 69.7% year-on year); an ordinary profit was
718 million yen (a decrease of 73.5% year-on year); and a profit attributable to owners of parent was 981
million yen (a decrease of 63.1% year-on year).
Operating results with respect to each segment are as follows.
a. Electronic materials segment
In the electronic materials segment, net sales were 18,402 million yen (a decrease of 14.6% year-on-year)
due to a decrease in sales of flexible printed circuit board materials (the amount of orders received decreasedby 10.8%, and the production output decreased by 18.3%, year-on-year on a non-consolidated basis of theSubmitting Company) and glass cloth for printed circuit board, while the segment profit was 7 million yen(a decrease of 99.4% year-on-year) caused by the impact from a decrease in production in response to adecrease in demand.
b. Industrial application structural materials segment
In the industrial application structural materials segment, net sales were 7,672 million yen (an increase of
16.1% year-on-year) due to an increase in sales of water treatment FRP vessels for water purification andhoney-comb panel for aircraft, while the segment profit was 889 million yen (a decrease of 13.7% year-onyear) due to a change in product mix.
c. Electrical insulating materials segment
In the electrical insulating materials segment, net sales were 1,894 million yen (a decrease of 2.1% yearon-year) due to a decrease in infrastructure-related sales, while the segment profit was 211 million yen (anincrease of 70.6% year-on-year).
d. Display materials segment
In the display materials segment, net sales were 2,625 million yen (a decrease of 18.3% year-on-year)
due to a decrease in sales of 3D-related materials and polarization control optical components, while thesegment profit was 652 million yen (a decrease of 14.9% year-on-year).
e. Other (other businesses)
In other businesses, net sales were 264 million yen (an increase of 12.5% year-on-year), while the segment
profit or loss recorded a segment profit of 151 million yen (an increase of 26.8% year-on-year).

-2-2) Financial Position
Total assets as of the end of the current consolidated cumulative third quarter were 69,046 million yen,
an increase of 1,386 million yen compared with the end of the previous fiscal year. This was largely due toan increase of 2,985 million yen in notes and accounts receivable - trade, and contract assets, an increase of
1,316 million yen in property, plant and equipment, a decrease of 1,665 million yen in cash and deposits, adecrease of 993 million yen in merchandise and finished goods, and a decrease of 453 million yen in
investment securities, respectively.
Total liabilities as of the end of the current consolidated cumulative third quarter were 23,486 million
yen, an increase of 2,934 million yen compared with the end of the previous fiscal year. This was largely
due to an increase of 1,711 million yen in notes and accounts payable-trade, and an increase of 1,307 million
yen in long-term borrowings, respectively.
Total net assets as of the end of the current consolidated cumulative third quarter were 45,559 million yen,a decrease of 1,547 million yen compared with the end of the previous fiscal year. This was largely due toan increase of 1,165 million yen in foreign currency translation adjustment and a decrease of 2,670 million
yen in retained earnings, respectively.

(2) Management Policy, Management Strategy, etc.
There was no significant change, during the current consolidated cumulative third quarter, in the
management policy, management strategy, etc. set by our Group.

(3) Accounting Estimates and Assumptions Used in Making Such Estimates
There was no material change in a statement of the accounting estimates and assumptions used in making
such estimates in “Analyses of Consolidated Financial Position, Business Results and Cash Flows by the
Corporate Managers” stated in the Financial Report for the previous business year.

(4) Business and Financial Tasks to be Preferentially Addressed
There was no material change in business and financial tasks to be preferentially addressed by our Groupin the current consolidated cumulative third quarter.

(5) Research and Development Activities
The Group’s total expenses for research and development activities incurred in the current consolidated
cumulative third quarter amounted to 1,520 million yen.
In this regard, there was no significant change in the status of research and development activities of ourGroup in the current consolidated cumulative third quarter.

3. Agreements with Managerial Implications, etc.
In the current consolidated third quarter, there was no decision made on, or execution of, agreements withmanagerial implications, etc.

-3-III. Status of the Submitting Company
1. Status of Shares, etc.
(1) Total Number of Shares, etc.
1) Total number of shares
Class

Total number of shares authorized to be issued

Common stock

130,000,000

Total

130,000,000

2) Shares issued and outstanding
Number of shares issued
and outstanding as of theend of the third quarter(As of December 31, 2023)

Class

Number of shares issued
and outstanding as of thefiling date of this Quarterly
Report(As of February 14, 2024)

Name of financial
instruments exchange
where the shares are listed
or authorized financial
instruments firms
association where theshares are registered

Remarks

Common stock

33,550,424

33,550,424

Tokyo Stock Exchange(Prime Market)

Number of sharesconstituting one
full unit: 100

Total

33,550,424

33,550,424

－

－

Note:

1.

The number of shares issued through the exercise of stock acquisition rights in the period from February 1,
2024 to the filing date of this Quarterly Report is not included in the column “Number of shares issued andoutstanding as of the filing date of this Quarterly Report”.
2. The Company disposed of 41,477 shares of treasury shares for restricted stock compensation as of July 28, 2023
upon a resolution by the Board of Directors on June 29, 2023.
3. 105,967 shares out of shares issued and outstanding as of the filing date of this Quarterly Report are by contribution
in kind (108,995 thousand yen of monetary compensation claims) when treasury shares were disposed of for
restricted stock compensation.

(2) Status of Stock Acquisition Rights, etc.
1) Details of Stock Option Scheme
No applicable matter.
2) Status of Other Stock Acquisition Right
No applicable matter.

(3) Status of Exercise of Moving Strike Convertible Bonds, etc.
No applicable matter.

(4) Changes in the Number of Shares Issued and Outstanding, Share Capital, etc.
PeriodFrom October 1, 2023 to
December 31, 2023

Share capital(Thousands of yen)

Number of shares issued andoutstanding

Legal capital surplus(Thousands of yen)

ChangeBalance

ChangeBalance

ChangeBalance－

33,550,424－

7,853,189－

6,965,180(5) Status of Major Shareholders
As the current quarterly accounting period is the third quarter, there is no matter to be stated.

-4-(6) Status of Voting Rights
Since the “Status of Voting Rights” as of the end of the current third quarter cannot be stated herein as therelevant entries in the shareholder registry have yet to be confirmed, it is stated based on the shareholder
registry as of the most recent record date (September 30, 2023).
1) Shares issued and outstanding
As of December 31, 2023
Number of shares

Number of voting rights(Units)Remarks

Shares without voting rights

－

－

－

Shares with restricted voting rights(Treasury shares, etc.)

－

－

－

Shares with restricted voting rights (Other)

－

－

－

－

－

Category

Shares with full voting rights (Treasury
shares, etc.)

Common stock

Shares with full voting rights (Other)(See Note 1 and Note 2)

Common stock 33,121,100

Shares constituting less than one full unit
(See Note 3)

Common stock

Number of shares issued and outstanding

330,900

331,211－

98,424－－33,550,424－－

Total number of voting rights held by
331,211－－
shareholders
Note: 1. 500 shares held in the name of Japan Securities Depository Center, Inc. are included in the row “Shares with full voting
rights (Other)”. 5 units of voting rights pertaining to shares with full voting rights held in the name of Japan Securities
Depository Center, Inc. are included in the column “Number of voting rights”.
2. 82,700 shares of the Company which a trust account for employee stock ownership plan holds are included in the row“Shares with full voting rights (Other)”. 827 units of voting rights for shares with full voting rights of such trust accountare included in the column “Number of voting rights”.
3. 7 shares of treasury shares are included in the row “Shares constituting less than one full unit”.

2) Treasury Shares, etc.
As of December 31, 2023
Name and address of shareholder

Number of shares held
Under thenames ofothersFull name or corporate
nameAddress

Arisawa Mfg. Co., Ltd.

5-5, Minami-honcho 1chome, Joetsu-shi,
Niigata

330,900－

330,900

0.98－

330,900－

330,900

0.98

Total

Under own
name

Ratio of the number ofshares held to thenumber of sharesissued and outstanding
(%)

Total

Note: 82,700 shares of the Company which a trust account for employee stock ownership plan holds are not included in thecolumn “Under own name”.

2. Status of Directors and Officers
No applicable matter.

-5-

IV. Status of Accounting
1.

Method of Preparation of Quarterly Consolidated Financial Statements
The quarterly consolidated financial statements of the Company are prepared in compliance with the“Regulations for Terminology, Forms and Preparation Methods of Quarterly Consolidated Financial Statements”(Cabinet Office Ordinance No. 64 of 2007).

2.

Certification of Audit
The Company received a quarterly review of its quarterly consolidated financial statements for the current
consolidated third quarter (from October 1, 2023 to December 31, 2023) and the current consolidated cumulative
third quarter (from April 1, 2023 to December 31, 2023) conducted by Ernst & Young ShinNihon LLC under theprovisions of Article 193-2, paragraph 1 of the Financial Instruments and Exchange Act.

-6-

1. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Thousands of yen)Previous consolidated
fiscal year
(As of March 31, 2023)

Current consolidated
third quarter(As of December 31, 2023)

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable-trade, and contract
assetsMerchandise and finished goods

20,545,580

5,525,035

4,531,926

Work in process

2,373,079

2,487,867

Raw materials and supplies

4,263,762

4,889,239

Other

1,541,170

912,933

Allowance for doubtful accounts△10,786△17,455

47,419,946

47,852,456

16,446,181

17,762,315

244,197

233,415

Investment securities

2,545,474

2,092,104

Other

1,049,896

1,151,624

Allowance for doubtful accounts△45,969△45,499

Total investments and other assets

3,549,401

3,198,229

20,239,780

21,193,960

67,659,726

69,046,416

13,182,106

Total current assets

18,879,847*

16,168,096

Non-current assets
Property, plant and equipment
Intangible assets
Investments and other assets

Total non-current assets
Total assets-7-

(Thousands of yen)Previous consolidated
fiscal year
(As of March 31, 2023)

Current consolidated
third quarter(As of December 31, 2023)

Liabilities
Current liabilities
Notes and accounts payable-trade

5,213,263

Current portion of bonds payable*

6,924,493

16,80010,800

Short-term borrowings

5,056,253

5,894,661

Current portion of long-term borrowings

1,843,441

1,251,532

Income taxes payable

658,615

201,049

Provision for product warranties

42,18437,914

Provision for bonuses

526,795

292,972

2,162

1,796

Provision for bonuses for directors (and other officers)
Other

2,917,188*

Total current liabilities

16,276,705

18,106,536

2,723,471

4,031,446

Provision for share awards

50,44962,960Retirement benefit liability

700,883

607,273

Asset retirement obligations

97,119101,475

Other

703,383

576,9124,275,306

5,380,069

20,552,012

23,486,606

Share capital

7,847,873

7,853,189

Capital surplus

3,198,618

3,203,933

Retained earnings

34,293,471

31,623,433

Treasury shares△512,975△460,889

Total shareholders’ equity

44,826,987

42,219,666

Valuation difference on available-for-sale securities

466,417344,509

Deferred gains or losses on hedges△13,657

760

Foreign currency translation adjustment

1,904,093

3,070,052

Remeasurements of defined benefit plans△127,370△105,400

Total accumulated other comprehensive income

2,229,483

3,309,921

51,24330,221

47,107,714

45,559,810

67,659,726

69,046,416

3,491,318

Non-current liabilities
Long-term borrowings

Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity

Accumulated other comprehensive income

Share acquisition rights
Total net assets
Total liabilities and net assets-8-(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements ofComprehensive Income[Quarterly Consolidated Statements of Income][Consolidated cumulative third quarter](Thousands of yen)
Current consolidated
cumulative third quarter(From April 1, 2023
to December 31, 2023)

Previous consolidated
cumulative third quarter(From April 1, 2022
to December 31, 2022)
Net sales

33,543,349

30,859,791

Cost of sales

27,086,418

25,866,716

Gross profit

6,456,931

4,993,075

Selling, general and administrative expenses

4,319,837

4,344,882

Operating profit

2,137,093

648,192

102,948

80,920Non-operating income
Interest income
Dividend income

58,55531,789Foreign exchange gains

347,203

132,411

Other

227,710

106,925

Total non-operating income

736,417352,046

Interest expenses
Share of loss of entities accounted for using equity
methodCompensation expenses

106,692

146,157－

47,177－57,084

Other

61,362

31,565Non-operating expenses

Total non-operating expenses
Ordinary profit

168,055

281,984

2,705,456

718,254

3,978

1,799

1,305,241

656,042

Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Other

40,87019,4541,350,090

677,296

Loss on retirement of non-current assets

79,206

38,216

Impairment losses

12,938

8,541

Total extraordinary income
Extraordinary losses

Other55,868

96

Total extraordinary losses

148,01346,855

Profit before income taxes

3,907,533

1,348,694

Income taxes

1,243,760

366,995

Profit

2,663,772

981,699

2,465－

2,661,307

981,699

Profit attributable to non-controlling interests
Profit attributable to owners of parent-9-[Quarterly Consolidated Statements of Comprehensive Income][Consolidated cumulative third quarter]
Previous consolidated
cumulative third quarter(From April 1, 2022
to December 31, 2022)
Profit(Thousands of yen)
Current consolidated
cumulative third quarter(From April 1, 2023
to December 31, 2023)

2,663,772

981,699△823,934△121,908

Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income

44,432

14,417

1,223,241

1,175,105

4,327

21,97021,221△9,147469,288

1,080,438

3,133,061

2,062,137

3,152,203

2,062,137△19,142－Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests- 10 -

[Notes](Particular accounting treatments applied in preparation of quarterly consolidated financial statements)<Calculation of tax expenses>
Tax expenses are calculated by multiplying the quarterly profit before income taxes by an estimatedeffective tax rate. Such effective tax rate is reasonably estimated after applying tax effect accounting to the
profit before income taxes for the consolidated fiscal year including the current consolidated third quarter.

*(Notes Related to Quarterly Consolidated Balance Sheets)
Notes, etc. maturing at the end of the consolidated third quarter
For accounting treatment of notes, electronically recorded monetary claims and electronically recorded
obligations maturing at the end of the consolidated third quarter, settlement is made as of the clearing date ofeach note or as of the settlement date of each electronically recorded monetary claim and electronically recorded
obligation, as the case may be. As the end of the current consolidated third quarter falls on a bank holiday, thefollowing notes, electronically recorded monetary claims and electronically recorded obligations maturing at
the end of the consolidated third quarter are included in their respective balances as of the end of theconsolidated third quarter.
Previous consolidated fiscal year
(As of March 31, 2023)

Notes and accounts receivable - trade, and contract
assets
Notes and accounts payable-trade
Current liabilities and others (Non-operating notes
payable, Electronically recorded obligations-nonoperating)(Thousands of yen)
Current consolidated third quarter(As of December 31, 2023)－

42,932－

92,732－

56,670(Notes Related to Quarterly Consolidated Statements of Cash Flows)
Quarterly consolidated statements of cash flows for the current consolidated cumulative third quarter were notprepared. In this regard, the amounts of depreciation (including amortization of intangible assets) for the previous
and current consolidated cumulative third quarters are as follows.
Previous consolidated
cumulative third quarter(From April 1, 2021
to December 31, 2021)
Depreciation

1,690,949- 11 -(Thousands of yen)
Current consolidated
cumulative third quarter(From April 1, 2022
to December 31, 2022)
1,683,120

(Notes Related to Shareholders’ Equity, etc.)
I Previous consolidated cumulative third quarter (From April 1, 2022 to December 31, 2022)
1. Dividends paid
(Resolution)

Class ofsharesOrdinary General
Meeting of
Shareholders ofJune 28, 2022

Common stock

Total amount ofdividends(Thousands ofyen)

Dividend
per share(Yen)

3,006,166

90.00

Record date

Effective
date

Source ofdividends

March 31, 2022

June 29, 2022

Retained earnings

Note: “Total amount of dividends” includes dividends of 7,974 thousand yen on the Company’s shares which a trust
account for employee stock ownership plan holds.
2. Significant changes in the amount of shareholders’ equity
The Company bought back 624,400 shares upon a resolution by the Board of Directors held on May 12, 2022.
As a result, the treasury shares increased by 749,999 thousand yen in the current consolidated cumulative third
quarter and amounted to 1,006,038 thousand yen as of the end of the current consolidated third quarter.
II Current consolidated cumulative third quarter (From April 1, 2023 to December 31, 2023)
1. Dividends paid
Total amount ofdividends(Thousands ofyen)

Dividend
per share(Yen)(Resolution)

Class ofsharesOrdinary General
Meeting of
Shareholders ofJune 29, 2023

Common stock

2,985,205

Board of Directors’Meeting ofAugust 3, 2023

Common stock

664,390

Record date

Effective
date

Source ofdividends

90.00

March 31, 2023

June 30, 2023

Retained earnings

20.00

September 30,
2023

December 4,
2023

Retained earnings

Note: 1. “Total amount of dividends” under a resolution at the Ordinary General Meeting of Shareholders of June 29,2023 includes dividends of 7,839 thousand yen on the Company’s shares which a trust account for employee
stock ownership plan holds.
2. “Total amount of dividends” under a resolution at the Board of Directors’ Meeting of August 3, 2023 includes
dividends of 1,654 thousand yen on the Company’s shares which a trust account for employee stock
ownership plan holds.

- 12 -

(Segment Information, etc.)[Segment Information]
I Previous consolidated cumulative third quarter (From April 1, 2022 to December 31, 2022)
1. Information on the amount of net sales and profit or loss with respect to each reportable segment(Thousands of yen)
Reportable segment
Electronicmaterials

Industrial
application
structural
materials

Electricalinsulating
materials

Displaymaterials

Subtotal

Other(See Note)

Total

Sales
Sales toexternal
21,550,698
6,607,601
1,935,647
3,214,040
33,307,988
235,361
33,543,349
customers
Inter-segment
sales or642,875
642,875－－－－－transfers
Net sales
21,550,698
6,607,601
1,935,647
3,214,040
33,307,988
878,236
34,186,224
Segment profit
1,267,728
1,031,163
123,946
766,136
3,188,975
119,6963,308,671
Note: The column “Other” represents business operations that do not fall under any of the reportable segments and includes therelated goods sales, the logistics-related operations and other businesses, etc.

2. Difference between the aggregate amount of profit or loss of reportable segments and the pertinent
amount shown on the quarterly consolidated statements of income as well as the key components of suchdifference (Matters concerning difference adjustment)(Thousands of yen)
ProfitAmountTotal of reportable segments

3,188,975

Profit in the category “Other”

119,696

Elimination of inter-segment transactions

1,055

Unallocated corporate expenses (See Note)△1,124,615

Adjustment of inventories△48,017
Operating profit shown on the quarterly
2,137,093
consolidated statements of income
Note: Unallocated corporate expenses are mostly general and administrative
expenses that are not attributable to any of the reportable segments.

3. Information on impairment loss on non-current assets or goodwill, etc. with respect to each reportablesegment(Significant impairment losses on non-current assets)
In the industrial application structural materials segment, with respect to the assets in which investments
could not be expected to recover due to a downturn in profitability, the Company devalued their carrying
amount to memorandum value and showed the relevant amount of loss to extraordinary losses as
impairment losses.
In this regard, the amount of the relevant impairment losses shown in the current consolidated
cumulative third quarter is 12,938 thousand yen.

- 13 -

II Current consolidated cumulative third quarter (From April 1, 2023 to December 31, 2023)
1. Information on the amount of net sales and profit or loss with respect to each reportable segment(Thousands of yen)
Reportable segment
Electronicmaterials

Industrial
application
structural
materials

Electricalinsulating
materials

Displaymaterials

Subtotal

Other(See Note)

Total

Sales
Sales toexternal
18,402,636
7,672,916
1,894,257
2,625,267
30,595,077
264,71430,859,791
customers
Inter-segment
sales or
681,589
681,589－－－－－
transfers
Net sales
18,402,636
7,672,916
1,894,257
2,625,267
30,595,077
946,303
31,541,381
Segment profit
7,980
889,788
211,513652,333
1,761,616
151,741
1,913,358
Note: The column “Other” represents business operations that do not fall under any of the reportable segments and includes therelated goods sales, the logistics-related operations and other businesses, etc.

2. Difference between the aggregate amount of profit or loss of reportable segments and the pertinent
amount shown on the quarterly consolidated statements of income as well as the key components of suchdifference (Matters concerning difference adjustment)(Thousands of yen)
ProfitAmountTotal of reportable segments

1,761,616

Profit in the category “Other”

151,741

Elimination of inter-segment transactions

5,379

Unallocated corporate expenses (See Note)△1,242,694

Adjustment of inventories△27,850
Operating profit shown on the quarterly
648,192
consolidated statements of income
Note: Unallocated corporate expenses are mostly general and administrative
expenses that are not attributable to any of the reportable segments.

3. Information on impairment loss on non-current assets or goodwill, etc. with respect to each reportablesegment(Significant impairment losses on non-current assets)
In the industrial application structural materials segment, with respect to the assets in which investments
could not be expected to recover due to a downturn in profitability, the Company devalued their carrying
amount to memorandum value and showed the relevant amount of loss to extraordinary losses as
impairment losses.
In this regard, the amount of the relevant impairment losses shown in the current consolidated
cumulative third quarter is 8,541 thousand yen.

- 14 -

(For Revenue Recognition)
Information on the breakdown of revenue from contracts with customers
Previous consolidated cumulative third quarter (From April 1, 2022 to December 31, 2022)(Thousands of yen)
Other
Total
(See Note)

Reportable segment

Goods transferred
at a point in time
Goods transferredover time
Revenue fromcontracts withcustomers
Other revenue

Electronicmaterials

Industrial
application
structural
materials

Electricalinsulating
materials

Displaymaterials

Subtotal

21,550,698

2,883,038

1,935,647

2,006,356

28,375,741

235,361

28,611,102－

3,724,563－

1,207,683

4,932,246－

4,932,246

21,550,698

6,607,601

1,935,647

3,214,040

33,307,988

235,361

33,543,349

－
－
－
－
－
－
－
Sales to external
21,550,698
6,607,601
1,935,647
3,214,040
33,307,988
235,361
33,543,349
customers
Note: The column “Other” represents business operations that do not fall under any of the reportable segments and includes therelated goods sales, the logistics-related operations and other businesses, etc.

Current consolidated cumulative third quarter (From April 1, 2023 to December 31, 2023)(Thousands of yen)
Other
Total
(See Note)

Reportable segment

Goods transferred
at a point in time
Goods transferredover time
Revenue fromcontracts withcustomers
Other revenue

Electronicmaterials

Industrial
application
structural
materials

Electricalinsulating
materials

Displaymaterials

Subtotal

18,402,636

4,141,538

1,894,257

1,654,447

26,092,880

264,714

26,357,595－

3,531,377－

970,819

4,502,196－

4,502,196

18,402,636

7,672,916

1,894,257

2,625,267

30,595,077

264,71430,859,791

－
－
－
－
－
－
－
Sales to external
18,402,636
7,672,916
1,894,257
2,625,267
30,595,077
264,71430,859,791
customers
Note: The column “Other” represents business operations that do not fall under any of the reportable segments and includes therelated goods sales, the logistics-related operations and other businesses, etc.

- 15 -

(Per Share Information)
The amounts of basic earnings per share and diluted earnings per share with their respective bases of calculation
are as follows.
Previous consolidated
cumulative third quarter(From April 1, 2022
to December 31, 2022)(1) Basic earnings per share

Current consolidated
cumulative third quarter(From April 1, 2023
to December 31, 2023)

80.52 yen

29.64 yen

2,661,307

981,699－－

2,661,307

981,699

33,051,977

33,115,378

80.33 yen

29.62 yen

(Basis of calculation)
Profit attributable to owners of parent(Thousands of yen)Amount not attributable to common
stockholders (Thousands of yen)
Profit attributable to owners of parent
pertaining to common stock(Thousandsof yen)Average number of shares of common stockduring the period(2) Diluted earnings per share(Basis of calculation)
Adjustment of profit attributable to owners－－of parent (Thousands of yen)
Increase in the number of shares of common
76,63132,351stock
Outline of dilutive shares that were not included－－in the calculation of diluted earnings per share
due to a lack of dilutive effect and also
underwent a significant change after the end of
the previous consolidated fiscal year
Note: The Company’s shares which are shown as treasury share in shareholders’ equity and which a trust account for employee
stock ownership plan holds are included in the number of treasury share excluded in the calculation of the average numberof shares of common stock during the period when basic earnings per share is calculated (88,216 shares for the previous
consolidated cumulative third quarter and 83,867 shares for the current consolidated cumulative third quarter).

(Significant Subsequent Events)
No applicable matter

2. Other
No applicable matter- 16 -

PART II. INFORMATION ON GUARANTY COMPANIES, ETC. OF THE
SUBMITTING COMPANY
No applicable matter.

- 17 -

Independent Auditors’ Quarterly Review ReportFebruary 14, 2024
To the Board of Directors of Arisawa Mfg. Co., Ltd.

Ernst & Young ShinNihon LLC
Niigata office
Yoshiyuki Sakuma
Designated Limited Liability Partner and Engagement Partner,

Certified Public Accountant
Ken Takahashi
Designated Limited Liability Partner and Engagement Partner,

Certified Public Accountant
Conclusion of Auditors
We have conducted, under the provisions of Article 193-2, paragraph 1 of the Financial Instruments and ExchangeAct, a quarterly review of the quarterly consolidated financial statements of Arisawa Mfg. Co., Ltd. listed in the “Statusof Accounting” for the consolidated third quarter (from October 1, 2023 to December 31, 2023) and the consolidated
cumulative third quarter (from April 1, 2023 to December 31, 2023) of the consolidated fiscal year from April 1, 2023
to March 31, 2024, consisting of the quarterly consolidated balance sheets, quarterly consolidated statements of income,quarterly consolidated statements of comprehensive income and notes.
In our quarterly review, no matter has come to our attention that causes us to believe that the above quarterly
consolidated financial statements do not fairly present, in any material respect, the financial conditions of Arisawa
Mfg. Co., Ltd. and its consolidated subsidiaries as of December 31, 2023 and the results of their operations in the
consolidated cumulative third quarter ended December 31, 2022 in accordance with the standards for preparation ofquarterly consolidated financial statements generally accepted in Japan.
Basis for the Conclusion of Auditors
We conducted our quarterly review in accordance with the quarterly review standards generally accepted in Japan.
Our responsibility in the quarterly review standards is stated in “The Responsibility of Auditors in the Quarterly
Review Report of the Quarterly Consolidated Financial Statements.” We are independent of the Company and its
consolidated subsidiaries and fulfill other ethical responsibilities as an auditor in accordance with the code ofprofessional ethics in Japan. We believe that the evidence we have obtained provides a basis for our conclusion.
Responsibility of Management and Corporate Auditors and Board of Corporate Auditors for the Quarterly
Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the quarterly consolidated financial
statements in accordance with the standards for preparation of quarterly consolidated financial statements generally
accepted in Japan. This includes improvement and operation of such internal control as the management deems
necessary for the preparation and fair presentation of quarterly consolidated financial statements free from material
misstatement, whether due to fraud or error.
In preparing the quarterly consolidated financial statements, management is responsible for assessing whether it isappropriate to prepare the quarterly consolidated financial statements based on the going concern assumption anddisclosing the items regarding the going concern assumption in accordance with the standards for preparation ofquarterly consolidated financial statements generally accepted in Japan if such items are required to be disclosed.
The responsibility of the Corporate Auditors and the Board of Corporate Auditors is to monitor the execution of
Directors’ duties in the improvement and operation of the financial reporting process.
Responsibility of Auditors in the Quarterly Review Report of the Quarterly Consolidated Financial Statements
The responsibility of auditors is to express a conclusion on the quarterly consolidated financial statements from an
independent standpoint in the quarterly review report based on our quarterly review.
Auditors make professional judgements and conduct the followings with an attitude of professional skepticism
through a quarterly review process in accordance with the quarterly review standards generally accepted in Japan.
・We principally make inquiries to the management, the persons responsible for financial and accounting matters,

etc. applying analytical procedures and conducting other quarterly review procedures. The quarterly review procedures
are less exhaustive than the procedures for annual financial statement audits conducted in accordance with the audit
standards generally accepted in Japan.
・If we deem that there is a material uncertainty regarding events or conditions that may cast significant doubt
matters on the going concern assumption, we conclude whether the quarterly consolidated financial statements arefound to contain any matters that would lead one to believe that those are not fairly presented in accordance with thestandards for preparation of quarterly consolidated financial statements generally accepted in Japan based on theevidence we obtain. Moreover, if a material uncertainty regarding the going concern assumption exists, it is required
to promote awareness to the notes in the quarterly consolidated financial statements in the quarterly review report, or
if the notes regarding a material uncertainty in the quarterly consolidated financial statements are inappropriate, it isrequired to express a qualified conclusion or a negative conclusion to the quarterly consolidated financial statements.
Conclusion by the auditors is based on the audit evidence obtained by the day of the quarterly review report, but acompany may not be able to exist as the going concern depending on future events or conditions.
・We evaluate not only whether the presentation and notes of the quarterly consolidated financial statements arefound to contain any matters that would lead one to believe that those are not in accordance with the standards for
preparation of quarterly consolidated financial statements generally accepted in Japan but also whether the presentation,
structure, and contents of the quarterly consolidated financial statements including related notes as well as the quarterly
consolidated financial statements are found to contain any matters that would lead one to believe that those do not
fairly present underlying transactions and accounting events.
・We obtain evidence regarding the financial information of the Company and its consolidated subsidiaries toexpress an opinion about the quarterly consolidated financial statements. The auditors are responsible for instruction,
supervision, and execution of quarterly review regarding the quarterly consolidated financial statements. The auditors
assume responsibility for an audit opinion all by themselves.
We make reports to the Corporate Auditors and the Board of Corporate Auditors on the scope of a planned quarterly
review and its timing of conduct, and material quarterly review findings.
We also provide the Corporate Auditors and the Board of Corporate Auditors with a statement that we compliedwith the code of professional ethics on independence in Japan, and communicate with them all relationships and othermatters that may reasonably be thought to bear on our independence, and where countermeasures to eliminate obstacles
or safeguards to reduce obstacles to an acceptable level are applicable, related countermeasures and safeguards.
Interest
There exists no special interest between the Company as well as its consolidated subsidiaries and this audit corporation
or its engagement partners which is required to be stated pursuant to the provisions of the Certified Public Accountants
Act.
Note:

1. An original of the above quarterly review report is separately archived by the Company (the company submitting the Quarterly
Report).
2. XBRL data are not included in the subject of the quarterly review.