Results of Operations for
the Fiscal Year Ended
March 31, 2024 (FY3/24)
A Global Company for A Global Society

May 17, 2024
JSP Corporation©2024 JSP Corporation

Index©2024 JSP Corporation

Section

01 FY3/24 Summary of Business Operations

Section

02 FY3/25 Outlook

Section03

FY3/24 Supplementary Financial Information2

Index©2024 JSP Corporation

Section

01 FY3/24 Summary of Business Operations

Section

02 FY3/25 Outlook

Section03

FY3/24 Supplementary Financial Information

3

Financial Highlights
Net Sales / Sales Volume(Million yen)

(Million yen)
131,714

4.5%

102,66895

5,083
10010193789882 (US＄/bl)

Return on Equity (ROE)
7,563

135,051

114,125

113,375

100

Operating Profit /Operating Margin
5.6%

5.1%

6.8%

4.0%
5,185
4,589

2.2%
2,956

60

4.5%
3.7%
3.4%

452.8%
FY3/24

FY3/20 FY3/21 FY3/22 FY3/23 FY3/24

FY3/20 FY3/21 FY3/22 FY3/23 FY3/24

Sales increased from one year earlier
mainly due to higher overseas sales
volume and product price revisions.

Operating profit increased 55.9%
YoY due to higher unit sales prices
and cost cutting.

Profit levels recovered significantly
and ROE exceeded the cost ofequity.

FY3/20FY3/21

FY3/22

Sales Volume FY3/20=100
Dubai crude oil©2024 JSP Corporation

FY3/234

Summary of Business Operations(Million yen)

FY3/24
Forecast

FY3/23Results(Announced Jan. 31)

FY3/24
Results

YoY
Comparison

vs. Forecast

Net sales

131,714136,000

135,051

2.5%

0.7%

Operating profit

2,956

7,500

7,563

155.9%

0.9%

Ordinary profit

3,363

8,000

8,127

141.7%

1.6%

Profit attributable toowners of parent

2,531

6,100

6,391

152.5%

4.8%

50 yen (Annual) 50 yen (Annual) 65 yen (Annual)*

15 yen*15 yen*Dividend per share

FY3/23Results
Dubai crude oil(US$/bl）

FY3/24
Results

9382

JPY/USD

132.1

141.2

JPY/EUR

138.5

153.2

©2024 JSP Corporation*Forecast

 Overseas: Increasing downward pressure on the economy due to the prolonged Ukraine conflict,
Middle East turmoil, monetary tightening to slow price increases and reduce inflation, slowing
growth in China, and other factors.
 Japan: A slow economic recovery as personal consumption and other economic activity
rebounded by the relaxation of pandemic restrictions following the shift of the disease tocategory 5 under the Infectious Disease Control Law. The outlook is still uncertain due toinflation, the negative effect of soft overseas demand on production and exports, financial andcapital market volatility, and other reasons.
 Net sales: Sales increased 2.5% YoY mainly due to higher overseas sales volume and productprice revisions.
 Operating profit: Operating profit increased 155.9% YoY due to higher sales and cost cutting.
5Components of Change in Operating Profit(Billion yen)

Unit variableexpenses

Operating profit increased due tohigher unit sales prices as productprices were revised, the end of rapid
increases in the cost of raw materials
in some regions, and cost cutting.

7.6 billion yen
Higher fixed
expenses

Exchange rates

Unit sales prices

3.0 billion yen

Marginal profit fromlower volume

1.5

FY3/23©2024 JSP Corporation

4.6

2.1

0.4

3.2

4.6 billion yen

FY3/246

Balance Sheet
As of Mar. 31, 2023

(Million yen)

AssetsLiabilities

Net assets

ChangeCurrent assets

73,82278,155+4,333

Non-current assets

70,70673,449+2,743

Total assets

144,528151,605+7,077

Current liabilities

36,44335,765(678)Non-current liabilities

11,961

15,770+3,809

Total liabilities

48,40451,536+3,131

Shareholders’ equity

86,766

85,688(1,078)

Accumulated othercomprehensive income

4,944

9,593

+4,648Non-controlling interests

4,412

4,788

+376

Total net assets

96,123100,069+3,945

144,528

151,605+7,077

Total liabilities and net assets©2024 JSP Corporation

As of Mar. 31, 2024

7

Net Assets
As of Mar. 31, 2023

(Million yen)

Shareholders’equity

ChangeCapital stock

10,12810,128-

Capital surplus

13,405

13,405-Retained earnings

64,621

69,523+4,901

Treasury shares(1,388)(7,369)(5,980)86,766

85,688(1,078)

408

608

+199

3,864

8,029

+4,165672

954+282

4,944

9,593

+4,648

4,412

4,788+376

96,123100,069+3,945

Total
Valuation difference on availablefor-sale securities
Accumulated
Foreign currency translationotheradjustment
comprehensive
Remeasurements of definedincomebenefit plans
Total
Non-controlling interests
Total net assets©2024 JSP Corporation

As of Mar. 31, 2024

8Cash Flows, Capital Expenditures, Depreciation, R&D Expenses(Million yen)

Cash Flows

Balance at beginningof FY3/24

Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents

Balance at end of
FY3/24

Capital Expenditures, Depreciation, R&D Expenses
FY3/24

FY3/23
Capital expenditures

8,200

6,749

Depreciation

7,137

7,632

R&D expenses

2,277

2,361

Note: Capital expenditures are on a cash basis.
©2024 JSP Corporation

9Extrusion Business(Million yen)

FY3/23Results

FY3/24
ResultsNet sales

42,443

41,956

Operating profit

1,767

2,078

Food packaging materials andfood containers

MIRABOARDSTYRENEPAPER
 Sales decreased due to lower sales
volume in the food tray category andMIRABORD, materials used foradvertising displays.

©2024 JSP Corporation

YoYComparison

 Sales decreased as a decline in the sales
volume more than offset the benefit ofrevisions of product prices.

1.1%  Despite the negative effect of higher utility
expenses, operating profit increased becauseof the growth of sales volume of value-added
17.6%
products and cost cutting measures.

Industrial packaging materials

MIRAMATCAPLON
P-BOARD Sales volume of value-added products
recovered but were still down from theprevious fiscal year. General-purpose
product sales also decreased, resulting inlower total sales of packaging materials.

Home and building insulation materials andcivil engineering materials

MIRAFOAM

J-WALLBLOCK

 Sales volume of materials in the building
and home construction sectors wereunchanged from one year earlier, and sales
increased due to product price revisions
and higher sales volume of value-added
products while there was lower sales
volume of materials for civil engineering.

10Bead Business(Million yen)

FY3/23Results

FY3/24
Results

YoY
Comparison

Net sales

82,761

87,294

5.5%

Operating profit

2,038

6,542

221.0%

A cushioning material for automotive parts and home appliances, andan impact protection material for athletic fields

ARPRO
ELEMPOR NEOFOAMCORE

 Sales increased because of higher sales
volume of high-performance products andprice revisions.
 Operating profit increased as sales growthand cost cutting more than offset upturns
in utility and personnel expenses.

Expandable polystyrene

STYRODIAHEATPOR
CLEARPOR

 In Japan, sales increased in the automotive sector but sales of Sales decreased due to lower sales volume resulting from lower
FOAMCORE, a hybrid molded product, decreased. The result was nodemand for these products in the fisheries and agriculture sectors.
change in the sales volume.
 In Europe and the United States, there were strong sales of products inthe non-automotive sector, mainly returnable containers, cushioning
materials for athletic fields and materials for HVAC applications.
©2024 JSP Corporation11Other(Million yen)

FY3/23Results

FY3/24
Results

YoY
Comparison

Net sales

6,508

5,800

10.9%

Operating profit

166

82

50.6%

General packaging materials in Japan

Trays for auto parts

Cushioning materials for digital
home appliances Sales decreased due to lower demand in the automotive
parts transportation and other market sectors.
©2024 JSP Corporation

General packaging materials in China

Material for transporting auto parts

Cushioning materials for optical parts

 Sales decreased due to lower demand for packaging
materials for many types of components.
12Index©2024 JSP CorporationSection

01 FY3/24 Summary of Business OperationsSection

02 FY3/25 Outlook

Section03

FY3/24 Supplementary Financial Information

13FY3/25 Outlook(Million yen)

FY3/24
Results

YoY
Comparison

FY3/25Forecasts

Net sales

135,051

146,000

8.1%

Operating profit

7,563

7,000

7.5%

Ordinary profit

8,127

7,400

9.0%

Profit attributable toowners of parent

6,391

5,300

17.1%

Return on equity(ROE)

6.8%

5.4%

1.4 pts.

65 yen (Annual) 80 yen (Annual)

15 yenDividend per share(Forecast)Dubai crude oil(US$/bl）

8290

Forex (JPY/USD)

141.2

150

©2024 JSP Corporation

 The outlook for the global economy in FY3/25 isfor a growth rate that is about the same as in theprevious fiscal year.
 Aiming for higher earnings by cutting costs andrevising product prices to reflect higher variable
expenses as well as the increase in fixed expenses(labor, production equipment maintenance,environmental protection systems, etc.). Activities
involving sustainability management issues areanother priority.
 Planning on higher sales volumes of the Four
Drivers of Growth, including ARPRO business, andhigher unit sales prices because of price revisions
and a higher pct. of sales of environmentallyresponsible and other value-added products.
However, forecast lower earnings caused
primarily by an increase in fixed expenses.
 The policy for distributions to shareholders will bechanged in FY3/25 to return more earnings toshareholders.
14Components of Change in Operating Profit
Price revisions inresponse to rising costs(Billion yen)

Higher sales volume mainlyin the ARPRO business
Unit sales prices

Unit variable
expenses

7.6 billion yen

7.0 billion yen

Marginal profit fromhigher volume

2.1

1.4
2.1
Higher costs for labor,
production equipment
maintenance andenvironmental protection
systems

FY3/24©2024 JSP Corporation

6.0 billion yen

Higher fixed
expenses

3.6

Exchange rates

0.2

FY3/2515

Extrusion Business(Million yen)

FY3/24
Results

FY3/25
Forecasts

YoY
Comparison

Net sales

47,75652,0008.9%

Operating profit

2,160

1,900

12.0%

Food packaging materials andfood containers

 Sales volume of Extrusion Business arelikely to be strong.
 Forecast sales growth as a result of a highersales volume and price revisions to reflect
the higher cost of raw materials.
 Forecast lower earnings caused by thehigher cost of raw materials and anincrease in labor and other fixed expenses.

Industrial packaging materials

Home insulation materials and civilengineering materials

MIRAMATCAPLON
P-BOARDSTYRENPAPERMIRABOARD
 Sales volume of food packaging materials
 Sales volume of industrial packaging
and food containers are expected to remainmaterials are expected to be strong.
steady.
*Beginning in FY3/25, the Other category of segment information is combined with the Extrusion Business due to thesimilar characteristics of personnel and resources used in this category and in the Extrusion Business. Information
for FY3/24 has been restated based on this combination of Other and the Extrusion Business.
©2024 JSP Corporation

MIRAFOAM
J-WALLBLOCK
 Expect demand to remain firm for thermal
insulation materials for buildings andhomes and for refrigerated trucks.
Forecast higher demand for civilengineering materials.
16Bead Business(Million yen)

FY3/24
Results

FY3/25
Forecasts

YoY
Comparison

Net sales

87,29494,000

7.7%

Operating profit

6,542

6,300

3.7%

A cushioning material for automotive parts and home appliances,
and an impact protection material for athletic fields
ARPRO
ELEMPOR NEOFOAMCORE
 Forecast higher sales of materials used in automotive parts andexpect strong sales volume of non-automotive parts
 To increase the production of ARPRO, JSP plans to build plants inMexico (Ramos Arizpe) and India (Pune) and increase production
capacity at the plant in the Czech Republic (Cheb).
©2024 JSP Corporation

 Forecast a sales increase because of highersales volume of high-performance products
and price revisions to reflect the higher
cost of raw materials.
 Forecast lower earnings because of thehigher cost of raw materials and increases
in labor and other fixed expenses.
Expandable polystyrene
STYRODIAHEATPOR
CLEARPOR

 For expandable polystyrene bead products, we expect lower sales
volume because of weak demand in the fisheries and agriculture
sectors.

17Index©2024 JSP Corporation

Section

01 FY3/24 Summary of Business Operations

Section

02 FY3/25 Outlook

Section03

FY3/24 Supplementary Financial Information

18

Results of Operation(Million yen)

FY3/23

FY3/24

FY3/24

FY3/23

Net sales

131,714135,051

Net income pershareOperatingprofit

2,956

7,563Operatingprofit
to net sales

Ordinary profit

3,363

8,127

84.91 yen221.83 yen

2.2%

5.6%

Major yen exchange rates (January-December)
Profit attributableto owners ofparent

2,531

6,391

Comprehensiveincome

7,565

11,602©2024 JSP Corporation

FY3/24

FY3/23
JPY/USD

132.1

141.2

JPY/EUR

138.5

153.2

JPY/RMB

19.5

19.9
19

Non-operating Income/Expenses & Extraordinary Income/Loss(Million yen)

Non-operating
Income/Expenses

FY3/23Extraordinary Income/LossFY3/24

FY3/23

FY3/24

Interest income

312493Gain on sales of non- current assets

2030

Dividend income

3137

Gain on sales of investment securities

95-

Rental income

7973

Insurance claim income

151

743

Foreign exchange gains

73-

Collection of money transfer scamat subsidiary

215

111

Other

352

322

Total extraordinary income

482

885

Total non-operating income

847

925

Loss on sales of non-current assets

111

Interest expenses

139

165

Loss on retirement of non-current assets

207

120-62

Impairment loss

115

83

Loss on valuation ofderivatives

124-

Total extraordinary losses

324

216

Other

177

134

Total non-operating expenses

440361

Foreign exchange losses©2024 JSP Corporation

20

Financial Position(Million yen)

As of Mar. 31, 2023

As of Mar. 31, 2024

As of Mar. 31, 2023

As of Mar. 31, 2024

Total assets

144,528

151,605

Shareholders’equity91,711

95,281

Net assets

96,123100,069

Return on equity
(ROE)

2.8%

6.8%

Shareholders’equity ratio

63.5%

62.8%

Net assets per
share

3,635.60 yen©2024 JSP Corporation

Major yen exchange rates

3,076.73 yen

As of Dec. 31, 2022

As of Dec. 31, 2023

JPY/USD

132.7

141.8

JPY/EUR

141.5

157.0JPY/RMB

19.0

20.0
21

As a global supplier of high-quality materials and products, we are dedicated to being a company that plays
a vital role in society by being a source of innovations for customers and consumers, meeting theexpectations of shareholders and the public, and providing jobs and careers that are stimulating andsatisfying for everyone at the JSP Group.

©2024 JSP Corporation