SUMMARY OF FINANCIAL STATEMENTS (Consolidated)
First Quarter Results for the Fiscal Year Ending March 31, 2025

July 31, 2024

[Japanese GAAP]

Name of listed company:
JSP Corporation
Stock Exchange Listed: Tokyo Stock Exchange
Code Number: 7942
URL: https://www.co-jsp.co.jp/english/
Representative: Tomohiko Okubo, President, Representative Director
Contact person: Ryoji Suzuki, General Manager, Accounting Department, Finance & Accounting Division
Phone: +81-3-6212-6306
Scheduled date of payment of dividend:
Preparation of supplementary materials for quarterly financial results: None
Holding of quarterly financial results meeting:
NoneNote: The original disclosure in Japanese was released on July 31, 2024 at 15:00 (GMT +9).
(All amounts are rounded down to the nearest million yen)

1. First Quarter Results (April 1, 2024 to June 30, 2024) for the Fiscal Year Ending March 31, 2025
(1) Consolidated business performance(Percentages represent year-on-year changes)
Net sales

Operating profit

Million yen%

Million yen

Profit attributable toowners of parent

Ordinary profit%

Million yen%

34,496
7.6
1,292
1.7
1,642
10.4
Three months ended Jun. 30, 2024
3.5
1,271
1,488
Three months ended Jun. 30, 2023
32,04966.4
37.8
Note: Comprehensive income:Three months ended Jun. 30, 2024:
4,188 million yen (up 106.7%)
Three months ended Jun. 30, 2023:
2,026 million yen (down 44.3%)

%

1,250
1,119

11.7
46.6

Fully diluted net
income per share

Net income per share
Yen

Three months ended Jun. 30, 2024
Three months ended Jun. 30, 2023

Million yen

Yen

47.73
37.56

-(2) Consolidated financial position
Total assets
As of Jun. 30, 2024
As of Mar. 31, 2024
Reference: Shareholders’ equity:Net assets

Million yen

Shareholders’ equity ratio Net assets per share

Million yen

153,750
103,207
151,605
100,069
As of Jun. 30, 2024: 98,282 million yen As of Mar. 31, 2024:%

Yen

63.9
3,750.13
62.8
3,635.60
95,281 million yen

2. Dividends
1Q-end2Q-endYen

Annual dividends per share
3Q-endYear-end
Yen

Yen

25.00
Fiscal year ended Mar. 31, 2024
Fiscal year ending Mar. 31, 2025
Fiscal year ending Mar. 31, 2025
40.00
(forecasts)
Note: Revisions to the most recently announced dividend forecast: None

TotalYen

Yen-40.00

65.00-40.0080.00

3. Forecast for Consolidated Business Performance in the Fiscal Year Ending March 31, 2025
(Percentages represent year-on-year changes)(April 1, 2024 to March 31, 2025)
Net sales
Million yen

Operating profit%

Million yen

Ordinary profit%

Million yen

72,000
8.4
3,300
1.6
3,500
First half
146,000
8.1
7,000
(7.5)
7,400
Full year
Note: Revisions to the most recently announced consolidated forecast: None%

(3.3)
(9.0)

Profit attributable toowners of parent

Million yen2,600
5,300%(7.0)(17.1)Net incomeper shareYen

99.21
202.23

* Notes(1) Significant changes in the scope of consolidation during the period: None
(2) Application of special accounting methods in the preparation of quarterly consolidated financial statements: Yes(3) Changes in accounting policies and accounting-based estimates, and restatements
1) Changes in accounting policies due to revisions in accounting standards, others: None
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting-based estimates: None
4) Restatements: None

(4) Number of shares outstanding (common stock)1) Number of shares outstanding at the end of the period including treasury shares
As of Jun. 30, 2024:

31,413,473 shares

As of Mar. 31, 2024:

31,413,473 shares

As of Mar. 31, 2024:

5,205,680 shares

Three months ended Jun. 30, 2023:

29,808,163 shares

2) Number of treasury shares at the end of the period
As of Jun. 30, 2024:

5,205,680 shares

3) Average number of shares outstanding during the period
Three months ended Jun. 30, 2024:

26,207,793 shares* The current quarterly financial report is not subject to quarterly review by certified public accountants or an auditing firm.
* Cautionary statement with respect to forward-looking statements
Forecasts of future performance in this report are based on assumptions judged to be valid and information currently available toJSP. Actual results may differ significantly from these forecasts for a number of factors. Please refer to “1. Qualitative Information
on Quarterly Consolidated Financial Performance, (3) Explanation Regarding Consolidated Financial Forecasts and Other Forwardlooking Information” on page 2 of the attached documents for assumptions for forecasts and notes of caution for usage.
(Review by certified public accountants or an auditing firm)
The quarterly financial report with the review report is scheduled to be disclosed on 7 August, 2024, after the completion of the review
by an auditing firm.

JSP Corporation (7942) First Quarter Results for the Fiscal Year Ending March 31, 2025

1. Qualitative Information on Quarterly Consolidated Financial Performance(1) Explanation of Results of Operations
During the first quarter of the current fiscal year, the global economy remained uncertain due to the prolonged war in
Ukraine, growing tensions regarding the escalation of conflict in the Middle East, escalating prices and monetary
tightening to reduce inflation. There was a modest upturn of the Japanese economy backed primarily by an
improvement in the employment and income environment and advances in the normalization of social and economicactivities, although there were concerns regarding inflation, fluctuations in financial and capital markets and risk of
downturn in overseas economies.
The foamed plastics industry in Japan faced severe business conditions due to the impact of price hikes including
soaring raw material prices, a stalled recovery in demand for the fisheries and agriculture sectors, and suspension ofproduction and shipments by some manufacturers in the automotive sector.
Under these circumstances, JSP has started a new medium-term business plan, “Change for Growth 2026,” with thethree basic concepts of “making the entire JSP Group more profitable”, “contributing to society by supplying foamed
plastic products” and “strengthening the management base,” and is working to further enhance its corporate value by
improving capital profitability and growth potential and by implementing sustainability management throughenvironmental responsive products and the recycling of plastics.
Sales were higher than the same period of the previous fiscal year mainly because of higher overseas sales volume andrevisions of prices of our products. The operating profit increased from the same period of the previous fiscal year
because of higher sales and cost reductions.
Net sales in the first quarter were 34,496 million yen, up 7.6% from the same period of the previous fiscal year.
Operating profit increased 1.7% to 1,292 million yen, ordinary profit increased 10.4% to 1,642 million yen and profit
attributable to owners of parent increased 11.7% to 1,250 million yen.
Results by business segment were as follows.
Please note that the subsidiaries that were previously classified in the “Other” segment have been merged with theExtrusion Business due to the change in business management classification from the first quarter of the current fiscalyear. The segment information for the first quarter of the previous year is based on the figures that were reclassified
according to the new segmentation.
Extrusion BusinessSales of materials for household products, mainly STYRENPAPER, a foamed polystyrene sheet used in food packaging,increased. This was mainly the result of higher sales volume for STYRENPAPER in the food tray category and for
MIRABOARD, a material used for advertising displays.
Sales of industrial products, including MIRAMAT, a foamed polyethylene sheet used for industrial packaging materials
and flat panel displays, were lower than the same period of the previous fiscal year. Sales volume of value-added
products increased but overall sales decreased because sales volume of general-purpose products and general packaging
materials decreased.
Sales of MIRAFOAM, an extruded board made of foamed polystyrene, and other construction and civil engineering
materials decreased because the sales volume of materials used for civil engineering applications decreased although
the sales volume of materials for fabrication in the building construction and housing markets increased from the same
period of the previous fiscal year.
Total sales in this segment increased due to a higher total sales volume and the progress in product price revisions.
Earnings decreased due to the lower sales volume of general packaging materials and materials used for civilengineering applications.
As a result, sales in the Extrusion Business increased 1.3% to 11,816 million yen and operating profit decreased 9.9%
to 402 million yen.
Bead Business
Sales volume of high-performance products, mainly ARPRO, an expanded polypropylene product manufactured and1

JSP Corporation (7942) First Quarter Results for the Fiscal Year Ending March 31, 2025

sold worldwide, increased mainly due to strong demand in both the automotive and non-automotive sectors. Sales
increased due to product price revisions and other factors.
In Japan, sales volume in the non-automotive sector increased, while sales volume in the automotive sector decreased
because of decline in demand. In North America, sales volume increased due to strong demand of returnable containers,
despite a decrease of sales volume in the automotive sector. In South America, sales volume in the automotive sector
increased. In Europe, sales volume decreased due to the lower demand in the HVAC applications, although sales
volume in the automotive sector remained firm. In China, sales volume increased due to a recovery in demand in theautomotive sector. In Taiwan, sales volume in the packaging materials sector increased. In Southeast Asia, sales volumein the packaging materials sector decreased.
Sales of expandable polystyrene bead products, chiefly STYRODIA, decreased mainly due to lower sales volume
because of decline in demand for these products in the fisheries and agriculture sectors.
Total sales in this segment increased because of higher sales volume of high-performance products and product pricerevisions. Earnings increased due to higher sales and cost reductions, despite the higher cost of labor.
As a result, sales in the Bead Business increased 11.3% to 22,680 million yen and operating profit increased 5.9% to1,178 million yen.
(2) Financial Position
Total assets as of June 30, 2024 were 153,730 million yen, up 2,144 million yen from March 31, 2024.
Current assets decreased 233 million yen to 77,922 million yen mainly due to decreases in cash and cash deposits of
2,538 million yen, offsetting an increase in notes and accounts receivable-trade of 1,584 million yen. Non-current assets
increased 2,377 million yen to 75,827 million yen.
Total liabilities as of June 30, 2024 were 50,542 million yen, down 993 million yen from March 31, 2024. Current
liabilities decreased 251 million yen to 35,514 million yen. Non-current liabilities decreased 741 million yen to 15,028
million yen mainly due to a decrease in long-term borrowings of 1,263 million yen.
As a result, net assets totaled 103,207 million yen and the shareholders’ equity ratio increased 1.1 percentage points to63.9%.
A summary of cash flows and major components are as follows.
Net cash provided by operating activities totaled 701 million yen, a decrease of 880 million yen from the same periodof the previous fiscal year. Inflows included 1,639 million yen from profit before income taxes and 1,920 million yen
from depreciation. Outflows included an increase in trade receivables of 948 million yen.
Net cash used in investing activities totaled 2,389 million yen, an increase of 1,176 million yen from the same periodof the previous fiscal year. Outflows included 1,912 million yen for the purchase of non-current assets.
Net cash used in financing activities totaled 1,980 million yen, a decrease of 2,323 million yen from the same periodof the previous fiscal year. Outflows included 1,503 million yen for the repayment of long-term borrowings and cash
dividends paid of 1,048 million yen.
As a result, cash and cash equivalents totaled 11,637 million yen as of June 30, 2024, down 3,015 million yen fromMarch 31, 2024.
(3) Explanation Regarding Consolidated Financial Forecasts and Other Forward-looking Information
Regarding the consolidated financial forecasts for the year ending March 31, 2025, there are no changes from theconsolidated financial forecasts for the first half and full year which was released in the “Summary of FinancialStatements (Consolidated), Full-year Results for the Fiscal Year Ended March 31, 2024” on April 30, 2024.
* This summary report is solely a translation of “Kessan Tanshin” (in Japanese, including the attachments), which has been
prepared in accordance with accounting principles and practices generally accepted in Japan, for the convenience of readers
who prefer an English translation.

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