SUMMARY OF FINANCIAL STATEMENTS (Consolidated)
Full-year Results for the Fiscal Year Ended March 31, 2024

April 30, 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: Yasushi Komori, Director, Executive Officer,
General Manager, Accounting Department, Finance & Accounting Division
Phone: +81-3-6212-6306
Scheduled date of Annual General Meeting of Shareholders:June 27, 2024
Scheduled date of payment of dividend:
June 10, 2024
Scheduled date of filing of Annual Securities Report:
June 27, 2024
Preparation of supplementary materials for quarterly financial results: Yes
Holding of financial results meeting:Yes (for analysts)

Note: The original disclosure in Japanese was released on April 30, 2024 at 15:00 (GMT +9).
(All amounts are rounded down to the nearest million yen)

1. Full-year Results (April 1, 2023 to March 31, 2024) for the Fiscal Year Ended March 31, 2024
(1) Consolidated business performance(Percentages represent year-on-year changes)
Net sales
Fiscal year ended Mar. 31, 2024
Fiscal year ended Mar. 31, 2023
Note: Comprehensive income:Operating profit
Million yen

Ordinary profit%

Million yen%

Profit attributable toowners of parent

Million yen%

Net income per
share

Fully diluted net
Ordinary profit to Operating profit
Return on equity
income per sharetotal assets
to net sales

135,051
2.5
7,563 155.9
8,127
141.7
131,71415.4
2,956 (35.6)
3,363(30.9)
Fiscal year ended Mar. 31, 2024:
11,602 million yen (up 53.3 %)Fiscal year ended Mar. 31, 2023:
7,565 million yen (up 25.5%)

Yen

Yen

%

Million yen

6,391
2,531

%

%

152.5
(12.5)%

Fiscal year ended Mar. 31, 2024
221.83
6.8
5.5
Fiscal year ended Mar. 31, 2023
84.91
2.8
2.4
Reference: Equity in earnings (losses) of affiliates:
Fiscal year ended Mar. 31, 2024: 37 million yen
Fiscal year ended Mar. 31, 2023: 39 million yen

5.6
2.2

(2) Consolidated financial position
Total assets
As of Mar. 31, 2024
As of Mar. 31, 2023
Reference: Shareholders’ equity:(3) Consolidated cash flows

Net assets

Shareholders’ equity ratio Net assets per share

Million yen

Million yen

Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents
at the end of period

Million yen

Million yen

Million yen

Million yen

151,605
100,069
144,528
96,123As of Mar. 31, 2024: 95,281 million yen As of Mar. 31, 2023:

Fiscal year ended Mar. 31, 2024
Fiscal year ended Mar. 31, 2023

15,665
8,725(8,056)(6,478)Annual dividends per share

Fiscal year ended Mar. 31, 2023
Fiscal year ended Mar. 31, 2024
Fiscal year ending Mar. 31, 2025
(forecasts)

Yen

2Q-end3Q-end Year-end
Yen

Yen

(8,449)1,016

2. Dividends
1Q-end%62.8
3,635.60
63.5
3,076.73
91,711 million yen

Total

-

25.00
25.00

Yen

Yen

-

25.00
40.00

50.00
65.00

Yen

-

40.00

-

40.00

80.00

14,653
14,696

Total
Dividend on
Payout ratio
amounts of
net assets(consolidated)
dividends(consolidated)
Million yen

1,490
1,793

%

58.9
29.3

%

1.7
1.9

39.6

Note: Revisions to the most recently announced dividend forecast: Yes※For details, please refer to the "Notice on Revision of the Year-end Dividend Forecast (Dividend Increase), Change of the Basic
Shareholder Return Policy and Partial Change to the Shareholder Benefit Plan" released today, April 30, 2024.

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 salesFirst half
Full year

Million yen

72,000146,000

Operating profit
%

8.4
8.1

Million yen

Ordinary profit
%

3,300
7,000

Million yen

1.6
(7.5)

%

3,500
7,400

(3.3)
(9.0)

Profit attributable toowners of parent

Million yen

2,600
5,300

%

Net income
per share

Yen

(7.0)
(17.1)

99.21
202.23* 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) 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

(3) Number of shares outstanding (common stock)1) Number of shares outstanding at the end of the period including treasury shares
As of Mar. 31, 2024:

31,413,473 shares

As of Mar. 31, 2023:

31,413,473 shares

As of Mar. 31, 2023:

1,605,300 sharesFiscal year ended Mar. 31, 2023:

29,808,297 shares

2) Number of treasury shares at the end of the period
As of Mar. 31, 2024:

5,205,680 shares

3) Average number of shares outstanding during the period
Fiscal year ended Mar. 31, 2024:

28,814,570 shares

Reference: Overview of Non-consolidated Operating Performance
Full-year Results (April 1, 2023 to March 31, 2024) for the Fiscal Year Ended March 31, 2024
(Percentages represent year-on-year changes)(1) Non-consolidated business performance
Net sales
Fiscal year ended Mar. 31, 2024
Fiscal year ended Mar. 31, 2023

Million yen

Operating profit%

61,891
63,323(2.3)
10.8

Net income per share
Yen

Fiscal year ended Mar. 31, 2024
Fiscal year ended Mar. 31, 2023

Million yen

960
537

Ordinary profit%

78.8(54.7)

Million yen

4,293
1,820

Profit%135.9(33.7)%

164.1(29.1)Yen-(2) Non-consolidated financial position

As of Mar. 31, 2024
As of Mar. 31, 2023
Reference: Shareholders’ equity:

3,860
1,461

Fully diluted net income pershare

133.9849.05

Total assets

Million yen

Net assets

Million yen

Million yen

Shareholders’ equity ratio%

Net assets per
share

Yen

91,93950,20954.6
1,915.83
91,74353,56458.4
1,796.98
As of Mar. 31, 2024: 50,209 million yen As of Mar. 31, 2023: 53,564 million yen* 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 to
JSP. Actual results may differ significantly from these forecasts for a number of factors. Please refer to “1. Overview of Results ofOperations, (4) Outlook” on page 3 of the attached documents for assumptions for forecasts and notes of caution for usage.

JSP Corporation (7942) Full-year Results for the Fiscal Year Ended March 31, 2024

1. Overview of Results of Operations(1) Explanation of Results of Operations
In the current fiscal year, the global economy showed increasing signs of slowdown 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 and the sluggish growth in the Chinese economy. There was a modest upturn of the Japanese economy
backed primarily by an increase in personal consumption, among other factors. This improvement was the result of therelaxation of pandemic restrictions following the shift of the disease to category 5 under the Infectious Disease Control
Law. Nevertheless, the economic outlook remains uncertain due to inflation, the negative effect of overseas demandon production and exports, and fluctuations in financial and capital markets.
The recovery of demand of the foamed plastics industry in Japan for the fisheries and agriculture sectors has lost
momentum because of inflation. Demand for the automobile sector has continued to recover because shortages ofsemiconductors and other parts have largely ended.
JSP has worked to achieve the goals of the medium-term business plan, “Change for Growth,” for which the fiscal year
ended March 31, 2024 was the final year of the implementation period, and carried out the reform strategies to further
increase its corporate value by improving capital profitability and growth and by managing sustainability throughenvironmental responsive products and the recycling of plastics.
Sales were higher than one year earlier mainly because of higher overseas sales volume and revisions of prices of our
products. The operating profit increased from one year earlier because of higher sales and cost reductions.
Net sales in the current fiscal year were 135,051 million yen, up 2.5% from the previous fiscal year. Operating profit
increased 155.9% to 7,563 million yen, ordinary profit increased 141.7% to 8,127 million yen and profit attributableto owners of parent increased 152.5% to 6,391 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 food packaging,decreased. This was mainly the result of lower 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 one year earlier. Sales volume of value-added products are recovering but
overall sales decreased. Sales of general-purpose products also decreased.
Sales of MIRAFOAM, an extruded board made of foamed polystyrene, and other construction and civil engineering
materials increased because of product price revisions and the higher sales volume of value-added products, although
the sales volume of materials for fabrication in the building construction and housing markets was about the same as one
year earlier, and the sales volume of materials used for civil engineering applications decreased.
Total sales in this segment decreased due to a lower total sales volume despite the progress in product price revisions.
Earnings increased due to the higher sales volume of value-added products and cost reductions, despite the higher costof utilities.
As a result, sales in the Extrusion Business decreased 1.1% to 41,956 million yen and operating profit increased 17.6%
to 2,078 million yen.
Bead Business
Sales of high-performance products, mainly ARPRO (ARPRO and P-BLOCK are unified), an expanded polypropylene
product manufactured and sold worldwide, increased mainly due to stable sales volume of both the automotive sector
and the non-automotive sector.
In Japan, sales volume was about the same as one year earlier because of an increase in the automotive sector and adecrease of sales volume of FOAMCORE, a hybrid molding product, and other products. In North America, sales
volume increased due to strong demand of returnable containers, athletic field impact protection materials and otherproducts. In South America, sales volume in the automotive sector increased. In Europe, sales volume increased due

1JSP Corporation (7942) Full-year Results for the Fiscal Year Ended March 31, 2024

to strong demand in the HVAC and other sectors. In China, sales volume is recovering in the automotive sector but
was lower than the previous fiscal year when the sales volume in the packaging materials sector was strong. In Taiwan
and in Southeast Asia, sales volume in 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, although the total sales volume was down. Earnings increased due to higher sales and cost reductions, despite
the higher cost of utilities and labor.
As a result, sales in the Bead Business increased 5.5% to 87,294 million yen and operating profit increased 220.9% to
6,542 million yen.
Other
Sales of general packaging materials decreased in Japan due to lower demand in the automotive parts transportationand other market sectors. In China, lower demand for packaging materials for many types of components resulted inlower sales.
As a result, sales in the other decreased 10.9% to 5,800 million yen and operating profit decreased 50.6% to 82 million
yen.
(2) Financial Position
Total assets as of March 31, 2024 were 151,605 million yen, up 7,077 million yen from March 31, 2023.
Current assets increased 4,333 million yen to 78,155 million yen mainly due to increases in cash and cash deposits of
1,295 million yen and electronically recorded monetary claims-operating of 1,637 million yen.
Non-current assets increased 2,743 million yen to 73,449 million yen due to an increase in machinery, equipment andvehicles, net of 1,054 million yen.
Total liabilities as of March 31, 2024 were 51,536 million yen, up 3,131 million yen from March 31, 2023.
Current liabilities decreased 678 million yen to 35,765 million yen mainly due to decreases in short-term borrowingsof 4,378 million yen, offsetting increases in notes and accounts payable-trade of 1,035 million yen and in long-termborrowings of 1,191 million yen.
Non-current liabilities increased 3,809 million yen to 15,770 million yen mainly due to increases in long-termborrowings of 3,044 million yen.
As a result, net assets totaled 100,069 million yen and the shareholders’ equity ratio decreased 0.7 percentage points
to 62.8%.
(3) Cash Flows
Cash flows from operating activities
Net cash provided by operating activities totaled 15,665 million yen, an increase of 6,940 million yen from the previous
fiscal year. Inflows included 8,796 million yen from profit before income taxes and 7,632 million yen from depreciation.
Outflows included increases in trade receivables of 1,397 million yen and income taxes paid of 1,380 million yen.
Cash flows from investing activities
Net cash used in investing activities totaled 8,056 million yen, an increase of 1,577 million yen from the previous fiscal
year. Outflows included 6,749 million yen for the purchase of non-current assets.
Cash flows from financing activities
Net cash used in financing activities totaled 8,449 million yen, compared with net cash provided of 1,016 million yen
in the previous fiscal year. Inflows included and proceeds from long-term borrowings of 9,000 million yen to
repurchase own shares. Outflows included a net decrease of 4,477 million yen in short-term borrowings, 4,842 million
yen for the repayment of long-term borrowings by using funds from operating cash flows, purchase of treasury sharesof 6,061 million yen and cash dividends paid of 1,490 million yen.

2

JSP Corporation (7942) Full-year Results for the Fiscal Year Ended March 31, 2024

As a result, cash and cash equivalents totaled 14,653 million yen as of March 31, 2024, down 43 million yen fromMarch 31, 2023.
(4) Outlook
In the fiscal year ending on March 31, 2025, we expect that global economic growth rate will remain about the sameas in the previous year. Despite the slower growth rate than before the pandemic, the economic growth in the U.S. andthe major emerging and developing countries are expected to be steady. Concerning the energy prices, oil prices are
expected to remain high due to increasing geopolitical risks in the Middle East and Ukraine and growing expectationsof extended voluntary production cuts by OPEC Plus. Although global inflation is expected to slow down in 2024
compared to 2023, the rising price pressures are persistent, and wages are rising and labor markets remain tight inmany countries and regions.
Under these circumstances, JSP aims to increase earnings by cutting expenses and revising prices of our products in
response to the rising costs, which include labor costs, costs of maintaining production facilities as well as working on
environmental issues, and other fixed costs in addition to variable costs, while also working to address challenges insustainability management. Based on these assumptions and forecasts, our outlook for business segment performanceis as follows.
Extrusion Business
Demands for household products, industrial packaging products and insulation materials used in houses, buildings andfreezer and refrigerated trucks are expected to remain firm, and demand for civil engineering materials is expected toincrease. Sales is expected to increase in this business due to higher sales volume and the revision of product prices tooffset higher prices of raw material. Earnings are expected to be lower than one year earlier due to an increase in raw
material prices, labor costs and other fixed costs.
Bead Business
Sales volume of advanced materials, mainly ARPRO, is expected to increase as the demand for automotive parts is
expected to remain firm and that for non-automotive parts is projected to be strong. Sales volume of expandable
polystyrene bead products, chiefly STYRODIA, will be affected by the decline in demand for these products in thefisheries and agriculture sectors.
Overall, sales are expected to increase in this business due to an increase in sales volume of advanced materials andthe revision of product prices to offset higher prices of raw material. Earnings are expected to be lower than one year
earlier due to higher raw material prices, and increased labor and other fixed costs.
Sales and earnings forecasts for the fiscal year ending March 31, 2025 are as follows.
i. Forecast for consolidated business performance in the fiscal year ending March 31, 2025
Net sales
Full year

Assumptions
Exchange rates:
Dubai crude oil:

Million yen

146,000

Operating profit%

8.1

Million yen

7,000

%

Million yen

(7.5)

7,400

%

(9.0)

Million yen

5,300

%

(17.1)

JPY150/USD, JPY160/EUR, JPY20.0/CNY
USD90/BLii. Segment information summary

Extrusion Business
Bead Business
Subtotal
Adjustments
Total(Percentages represent year-on-year changes)
Profit attributable toOrdinary profit
owners of parent

Fiscal year ended March 31, 2024 (Results)(Note)Net sales
Operating profit

47,75687,294135,051

2,161
6,542
8,703

-

(1,139)135,051

7,563

3(Million yen)
Fiscal year ending March 31, 2025 (Forecast)(Note)Net sales
Operating profit

52,00094,000146,000-

146,000

1,900
6,300
8,200

(1,200)7,000

JSP Corporation (7942) Full-year Results for the Fiscal Year Ended March 31, 2024

(Note) “Other” in the segment information has been merged with the Extrusion Business, which is considered to be highly
relevant in terms of human resources and asset utilization, from the year ending 31 March 2025. The results for the fiscal
year ended March 31, 2024 are approximate figures based on the segment classification after the change.
iii. Capital expenditures
The forecast for capital expenditures is 10,000 million yen. Substantial investments will be made to increase production
capacity for ARPRO including the establishment of a new plant in Ramos Arizpe, Mexico and in Pune, India, andexpansion of production capacity in Cheb, Czech Republic, as well as to promote automation, labor efficiency and energy
conservation for an effective rationalization of production systems. The forecast for depreciation expenses is 7,800
million yen.
Forecasts of future performance in this report are based on assumptions judged to be valid and information currently available.
Actual results may differ significantly from these forecasts for a number of factors.

(5) Profit Allocation Policy and Dividends for the Current and Next Fiscal Years
Distributing earnings to shareholders is one of the highest priorities of JSP. Our policy is to make stable dividend payments
after taking into consideration all applicable factors, including consolidated performance in each fiscal year and the needto retain earnings for strengthening the base of future business activities.
Retained earnings are used to increase financial soundness, R&D expenditures for new products and technologies, andcapital expenditures for new businesses.
As prescribed in Article 459, Paragraph 1 of the Companies Act, the Articles of Incorporation allow the Board of Directors
to approve the payment of dividends from retained earnings. The basic policy is to pay an interim and year-end dividend
based on resolutions of the Board of Directors.
For the fiscal year that ended on March 31, 2024 in consideration of results of operations, the operating environment,
dividend stability and other items, we plan to pay a dividend of 65 yen per share. Since an interim dividend of 25 yen per
share has been paid, this will result in a year-end dividend of 40 yen per share. In the fiscal year ending on March 31,
2025, we plan to pay an interim and year-end dividend of 40 yen per share each, a total of 80 yen.
※ For details of dividends for the fiscal year that ended on March 31, 2024 and on March 31, 2025, please refer to the"Notice of Revision of Dividend Forecast (Dividend Increase), Change in Shareholder Return Policy and Partial Change
in Shareholder Benefit Plan" released today, April 30, 2024.
2. Basic Approach for the Selection of Accounting Standards
We will continue to prepare consolidated financial statements using Generally Accepted Accounting Principles in Japanfor the time being to permit comparisons with prior years and with the financial data of other companies.
We will take suitable actions with regard to the application of International Financial Reporting Standards (IFRS) by
taking into account associated factors worldwide.

* 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.

4