SUMMARY OF FINANCIAL STATEMENTS (Consolidated)
First Quarter Results for the Fiscal Year Ending March 31, 2023

July 29, 2022

[Japanese GAAP]JSP Corporation
Stock Exchange Listed: Tokyo Stock Exchange
Name of listed company:
URL: https://www.co-jsp.co.jp/english/
Code Number: 7942
Representative: Tomohiko Okubo, President, Representative Director
Contact person: Yasushi Komori, Director, Executive Officer,
General Manager, Accounting Department, Finance & Accounting Division
Phone: +81-3-6212-6306
Scheduled date of filing of Quarterly Report:
August 5, 2022
Scheduled date of payment of dividend:
Preparation of supplementary materials for quarterly financial results: None
Holding of quarterly financial results meeting:
None

Note: The original disclosure in Japanese was released on July 29, 2022 at 15:00 (GMT +9).
(All amounts are rounded down to the nearest million yen)

1. First Quarter Results (April 1, 2022 to June 30, 2022) for the Fiscal Year Ending March 31, 2023
(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%

Million yen

14.8
764 (51.3)
1,080
Three months ended Jun. 30, 2022
30,977(30.7)
Three months ended Jun. 30, 2021
26,982
8.7
1,567
71.1
1,558
87.1
Note: Comprehensive income:Three months ended Jun. 30, 2022:
3,639 million yen (up 27.8%)
Three months ended Jun. 30, 2021:
2,848 million yen (-%)

(30.3)
101.9

Fully diluted net
income per share

Net income per share
Yen

Three months ended Jun. 30, 2022
Three months ended Jun. 30, 2021

%

763
1,096

Yen

25.63
36.78

-(2) Consolidated financial position
Total assets
As of Jun. 30, 2022
As of Mar. 31, 2022
Reference: Shareholders’ equity:

Net assets

Million yen

Shareholders’ equity ratio Net assets per share

Million yen

139,928
93,126
134,527
90,231
As of Jun. 30, 2022: 88,688 million yen As of Mar. 31, 2022:%

Yen

63.4
2,975.29
63.9
2,884.93
85,995 million yen

2. Dividends
1Q-end2Q-endYen

Annual dividends per share
3Q-endYear-end
Yen

Yen

Fiscal year ended Mar. 31, 2022
25.00
Fiscal year ending Mar. 31, 2023
Fiscal year ending Mar. 31, 2023
25.00
(forecasts)
Note: Revisions to the most recently announced dividend forecast: None

TotalYen

Yen-25.0050.00-25.0050.00

3. Forecast for Consolidated Business Performance in the Fiscal Year Ending March 31, 2023
(Percentages represent year-on-year changes)(April 1, 2022 to March 31, 2023)
Net sales
Million yen

Operating profit%

Million yen

Ordinary profit%

Million yen

First half
63,50014.1
1,900(36.4)
2,000Full year
128,000
12.2
4,300(6.3)
4,500
Note: Revisions to the most recently announced consolidated forecast: None%(35.1)(7.6)

Profit attributable toowners of parent

Million yen

1,400
3,100%(38.6)
7.1

Net incomeper shareYen

46.97
104.00* Notes(1) Changes in principal subsidiaries during the period (changes in specified subsidiaries resulting in changes in thescope of consolidation): None
Newly added: -Excluded: -(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: Yes
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, 2022:

31,413,473 shares

As of Mar. 31, 2022:

31,413,473 shares

As of Mar. 31, 2022:

1,605,071 shares

Three months ended Jun. 30, 2021:

29,808,749 shares

2) Number of treasury shares at the end of the period
As of Jun. 30, 2022:

1,605,099 shares

3) Average number of shares outstanding during the period
Three months ended Jun. 30, 2022:

29,808,391 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 of Consolidated Forecast and Other Forward-looking Statements”
on page 2 of the attached documents for assumptions for forecasts and notes of caution for usage.

JSP Corporation (7942) First Quarter Results for the Fiscal Year Ending March 31, 2023

1. Qualitative Information on Quarterly Consolidated Financial Performance(1) Explanation of Results of Operations
In the first quarter of the consolidated year under review, the global economic recovery slowed due to shortages in thesupply of semiconductors and other components as a result of the spread of mutant strains of coronavirus, as well as
soaring resource and energy prices, mainly as a result of the situation in Ukraine. The process of normalization of thepreviously restricted economic and social activities in the Japanese economy has now begun, with consumer spending
and other key factors picking up, but the outlook for the economy remains unclear due to the impact of rapid priceincreases and delays in the supply chain.
The foamed plastics industry in Japan faced serious challenges as the recovery in demand came to a standstill and raw
material prices continued to rise.
Under these circumstances, JSP is working to further increase its corporate value by promoting reform strategies
aimed at "expanding the value we provide for both economic value and social value to our customers and for
addressing social issues" and "fortifying the management base," which are the basic concepts underlying the 'Change
for Growth' medium-term business plan.
First quarter sales were higher than one year earlier mainly because of an increase in sales of products with substantial
added value and revisions of prices for JSP products. The operating profit decreased from one year earlier because ofa big increase in the cost of raw materials.
Net sales in the first quarter were 30,977 million yen, up 14.8% from the same period of the previous fiscal year.
Operating profit decreased 51.3% to 764 million yen, ordinary profit decreased 30.7% to 1,080 million yen and profit
attributable to owners of parent decreased 30.3% to 763 million yen.
Results by business segment were as follows.
Extrusion Business
Sales of materials for household products, mainly STYRENPAPER, a foamed polystyrene sheet used in foodpackaging, increased due to an increase demand for food trays, but sales of MIRABOARD, a material used foradvertising displays, remained at the same level as in the previous fiscal year.
Sales were higher than the previous fiscal year for industrial packaging products, including MIRAMAT, foamed
polyethylene sheet used for industrial packaging materials and flat panel displays. The main reasons were higher salesof value-added products and general-purpose products.
Sales of MIRAFOAM, extruded board made of foamed polystyrene, and other construction and civil engineering
materials increased. Sales of materials for fabrication in the building construction and housing markets were about thesame as one year earlier but sales of materials used for civil engineering applications were higher.
Overall segment sales increased due to higher sales of products with substantial added value and product pricerevisions. Despite increased sales, earnings decreased due to the impact of soaring raw material prices.
As a result, sales in extrusion business increased 14.1% to 10,265 million yen and operating profit decreased 9.0% to613 million yen.
Bead Business
ARPRO/P-BLOCK, expanded polypropylene, which is manufactured and sold worldwide, is used in a diverse arrayof applications. Major applications are automotive parts such as bumper cores and seat cores, cushioning andpackaging materials for returnable containers for components of all types, cushioning and packaging materials,
insulation and cushioning materials for housing facilities, and impact protection materials for athletic fields. Monetarysales and sales volumes of high-performance products, particularly ARPRO/P-BLOCK, increased, mainly due to anincrease in demand from non-automotive sector, despite the impact of the spread of new mutant strains of coronavirus
and of the situation in Ukraine. In Japan, sales in the automobile sector decreased. In North America, sales increasedin the non-automotive sector. In South America, sales increased in the automobile sector. In Europe, sales declined
from the same period a year earlier when business performance was strong. In Asia, sales in the packaging materials
sector increased in China and Taiwan.
The sales volume of expandable polystyrene bead products, chiefly STYRODIA, decreased because of lower demand
1JSP Corporation (7942) First Quarter Results for the Fiscal Year Ending March 31, 2023

for these products in the fisheries sector. Although sales increased, mainly due to price revisions, further action is
being taken to respond to the continuing increase in the cost of raw materials.
Sales of FOAMCORE, a hybrid molded product used as a material for prefabricated bathroom unit ceilings and marinefloats, increased mainly due to higher sales along with a recovery in demand.
Total sales in the bead business increased due to product price revisions and stronger sales of packaging materials in
non-automotive areas. Earnings decreased due to the higher cost of raw materials.
As a result, sales in bead business increased 15.7% to 19,138 million yen and operating profit decreased 66.8% to 375
million yen.
Other
Sales of general packaging materials increased in Japan as sales in the automotive parts transportation and other market
sectors recovered. In China, strong demand for packaging materials for many types of components resulted in highersales.
As a result, sales in the other segment increased 9.4% to 1,572 million yen and operating profit increased 98.0% to 38
million yen.
(2) Financial Position
Total assets as of June 30, 2022 were 139,928 million yen, up 5,400 million yen from March 31, 2022. Current assets
increased 2,186 million yen to 70,689 million yen mainly due to increases in notes and accounts receivable-trade of
2,469 million yen, merchandise and finished goods of 573 million yen and raw materials and supplies of 1,100 million
yen, while there was a decrease in cash and deposits of 2,226 million yen. Non-current assets increased 3,214 million
yen to 69,238 million yen mainly due to increases in buildings and structures, net of 863 million yen, machinery,equipment and vehicles, net of 690 million yen and 1,269 million yen in other, net under property, plant and equipment
resulting from an increase in construction in progress.
Total liabilities as of June 30, 2022 were 46,801 million yen, up 2,505 million yen from March 31, 2022. Current
liabilities increased 3,062 million yen to 36,160 million yen mainly due to an increase in short-term borrowings of
1,954 million yen. Non-current liabilities decreased 556 million yen to 10,641 million yen.
As a result, net assets totaled 93,126 million yen and the shareholders’ equity ratio decreased 0.5 percentage points to63.4%.
A summary of cash flows and major components are as follows.
Net cash provided by operating activities totaled 548 million yen, an increase of 202 million yen from the same periodof the previous fiscal year. Inflows included 938 million yen from profit before income taxes, 1,707 million yen fromdepreciation. Outflows included increases in trade receivables of 1,596 million yen and inventories of 1,238 million
yen.
Net cash used in investing activities totaled 1,265 million yen, a decrease of 115 million yen from the same period of
the previous fiscal year. Inflows included 1,629 million yen from a net decrease in time deposits, and outflows included
2,746 million yen for the purchase of non-current assets.
Net cash used in financing activities totaled 407 million yen, a decrease of 1,025 million yen from the same period of
the previous fiscal year. Inflows included proceeds from a net increase in short-term borrowings of 1,848 million yen.
Outflows included 1,220 million yen for the repayment of long-term borrowings and cash dividends paid of 745
million yen.
As a result, cash and cash equivalents totaled 9,973 million yen as of June 30, 2022, down 547 million yen from March
31, 2022.
(3) Explanation of Consolidated Forecast and Other Forward-looking Statements
We maintain the consolidated forecasts for the first half and full year of the fiscal year ending March 31, 2023, which
was disclosed in the Summary of Financial Statement for the Fiscal Year Ended March 31, 2022 dated April 28, 2022.

2JSP Corporation (7942) First Quarter Results for the Fiscal Year Ending March 31, 2023

* 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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