Results of Operations for the Fiscal
Year Ended March 31, 2022 (FY3/22)

JSP Corporation

１ FY3/22
Summary of
１ FY3/22
Business Operations2

FY3/22 Supplementary
Financial Information

3 FY3/23 Outlook

Contents

1. FY3/22 Summary of Business Operations
2. FY3/22 Supplementary Financial Information
3. FY3/23 Outlook
4. Our Commitment to Sustainability Management

1１ FY3/22
Summary of
１ FY3/22
Business Operations

116,133100

Dubai crude
69oil(US$/bl)2

FY3/22 Supplementary
Financial Information

3 FY3/23 Outlook

Financial Highlights
GrowthMarginReturnNet Sales / Sales Volume

Operating Profit / Operating Margin

Ordinary Profit to Total Assets

113,375
98

102,668
93

114,125 (Million yen)
9878

5,479
5,083
4.7%

5,1855.1%

4,589(Million yen)

4.6%

4.5%

4.3%

4.0%
60

4.0%
45
3.7%

FY3/19 FY3/20 FY3/21 FY3/22
Sales Volume FY3/19=100

FY3/19 FY3/20 FY3/21 FY3/22

FY3/19 FY3/20 FY3/21 FY3/222

１ FY3/22
Summary of
１ FY3/22
Business Operations

2FY3/22 Supplementary
Financial Information

3 FY3/23 Outlook

Summary of Business Operations
FY3/21Results

Item(Million yen)
Net salesOperating profit
Ordinary profit
Profit attributable to owners ofparent
FY3/21

FY3/22

Dubai crude oil（US$/bl）

44.7

78.1

Forex (JPY/USD)

106.4

110.4

Forex (JPY/EUR)

122.0

130.4

FY3/22
Forecast(Announced Jan. 31, 2022)

FY3/22
Results

YoY
Comparison

vs. Forecast

102,668
5,185
5,519

113,000
4,700
4,900

114,125
4,589
4,868

+11.2%-11.5%-11.8%

+1.0%
-2.4%
-0.7%

3,017

3,200

2,893

-4.1%

-9.6%

 Global economy: Economies recovered, mainly consumer spending, as restrictions on economic
activity were reduced. Recovery was slow due to another wave of the pandemic caused by variants,
shortages of semiconductors and other parts, and the high cost of raw materials.
 Foamed plastics industry in Japan: Slow recovery in demand as demand backed by the need to stayhome during the pandemic continues.
 Net sales: Up 11.2% as sales of value-added products increased and product prices were revised.
 Operating profit: Down 11.5% due to the impact of rising prices of raw materials.

3

１ FY3/22
Summary of
１ FY3/22
Business Operations

2FY3/22 Supplementary
Financial Information

3 FY3/23 Outlook

Components of Change in Operating Profit●Recovery in demand inthe automobile sector.
●Industrial packaging
products performed well.

Dubai crude oil:
USD44.7 → USD78.1
Higher cost of raw
materials+2,890

Increase in business activity
expenses and manufacturing
and labor expenses

5,185+3,930

Exchange rates-596

4,589-570
Higher fixed
expensesUnit sales prices

Unit variable
expensesMarginal profit fromHigher volume

FY3/21-6,990+144

FY3/224

１ FY3/22
Summary of１ FY3/22
Business Operations

2FY3/22 Supplementary
Financial Information

3 FY3/23 Outlook

Extrusion Business

Item(Million yen)

FY3/22
Results

FY3/21Results

Net sales
Operating profit

YoYComparison

37,59539,076

+3.9%

2,576

2,782

+8.0%

Sales increased due to higher sales of value-added products and price revisions andearnings increased due to higher sales
Food packaging materials andfood containers
STYRENEPAPERMIRABOARD

 Higher sales of MIRABOARD
 In the food tray category, sales down from oneyear earlier when sales temporarily surged
 Sales increased partly due to price revisions

Industrial packaging materials
MIRAMATCAPLONP-BOARD A big increase in sales of value-added industrial
packaging products
 Higher sales of general-purpose productsHome and building insulation materials
and civil engineering materials
MIRAFOAM

 Sales of materials in the building andhome construction sectors wereunchanged from one year earlier Lower sales of materials used for civilengineering applications

5

１ FY3/22
Summary of
１ FY3/22
Business Operations2

FY3/22 Supplementary
Financial Information

3 FY3/23 Outlook

Bead BusinessItem(Million yen)

FY3/22
Results

FY3/21Results

Net sales
Operating profit

YoYComparison

59,89368,513+14.4%

3,550

2,620

-26.2%

Sales increased because of recovery in demand in the automobile and other sectors
Earnings decreased due to higher cost of raw materials
A cushioning material for automotive parts and home appliances,
and an impact protection material for athletic fields

ARPRO/P-BLOCKELEMPOR NEO

 Demand for ARPRO/P-BLOCK slowly recovered Japan: Sales to the automobile sector increased
 North America: Sales slowly increased as automakers reduce output
 Europe: Sales in the automobile sector and other categories increased

Expandable polystyrene, hybrid molded products
STYRODIAHEATPOR
CLEARPOR
FOAMCORE STYRODIA sales volume down because of lower demand in thefisheries and agriculture sectors but monetary sales increased
because of product price revisions
 Demand for FOAMCORE, a hybrid molded product, recovered.

6

１ FY3/22
Summary of
１ FY3/22
Business Operations

Item(Million yen)2

FY3/22 Supplementary
Financial Information

3 FY3/23 Outlook

OtherFY3/22Results

FY3/21Results

Net sales
Operating profitYoYComparison

5,179

6,536

+26.2%

96212+119.9%

Sales of general packaging materials recovered in Japan
Demand were firm in China
General packaging materials in Japan

Trays for auto parts

Cushioning materials for digital
home appliances Sales increased in Japan as sales in the automotive partstransportation and other market sectors recovered

General packaging materials in China

Material for transporting
auto parts

Cushioning materials for
optical parts

 Strong demand for packaging materials for many types ofcomponents resulted in higher sales in China

7

１ FY3/22
Summary of
１ FY3/22
Business Operations(Volume-basedgrowth vs. FY3/20)

FY3/22 Results*1*2

FY3/22 Supplementary
Financial Information

3 FY3/23 Outlook

Progress Report on the Four Drivers of Growth

FY3/24 Goals(Volume-based
growth vs. FY3/20)

2

Automotive parts*1

Thermal insulation materials forbuildings and houses

Flat panel display cushioning
materials

New business domains+23%+12%+20%

Net sales: ¥3.0 billion

Increasing demand linked tolighter vehicles
Next-generation products tomeet energy conservation andrecycling requirements

Increasing need for energyefficient houses
Growing demand for highperformance insulation

Increasing demand involving
LCD/organic EL panels, PCs
and other products
Planning on growth outsideJapan

More progress with newbusinesses, M&A andcommercializing current
new business ideas withgood prospects for success

+2%

-7%

+33%

Net sales: ¥0.1 billion

Auto output recovered but was
only 87% of the 2019 level
Challenges due to the pandemic
and shortages ofsemiconductors and other parts

Affected by the shortage ofhome appliances and otherequipment caused byshortages of semiconductors
and other parts

Increase in demand for PCs,
displays and other digitaldevices
High volume of shipments toChinaStarted an extrusion moldbusiness by purchasing 35%of the equity of Ghepi (Italy)*2

Sales volume of the expanded polypropylene (EPP) business
Sales volume of the construction and civil engineering business8

１ FY3/22
Supplementary
2 FY3/22
Financial Information2

FY3/22 SupplementaryFinancial Information

3 FY3/23 Outlook

Contents

1. FY3/22 Summary of Business Operations
2. FY3/22 Supplementary Financial Information
3. FY3/23 Outlook
4. Our Commitment to Sustainability Management

9１ FY3/22
Supplementary
2 FY3/22Financial Information

FY3/22 Supplementary
Financial Information

23 FY3/23 Outlook

Results of Operations(Million yen)

Net sales

Operating profit

114,125(11.2%)
102,668(-9.4%)

FY3/22
FY3/21

Comprehensive income: FY3/22: ¥6,029 million

4,589(-11.5%)
5,185(2.0%)

FY3/21: ¥2,594 million

Net income per share(Yen)

Return on equity

Ordinary profit

4,868(-11.8%)
5,519(5.9％)
Ordinary profit
to total assets

Profit attributable toowners of parent

2,893(-4.1%)
3,017(-17.1%)
Operating profit
to net sales

FY3/2297.063.4%

3.7%

4.0%

FY3/21101.22

3.7%

4.3%

5.1%

Major yen exchange
rates (JanuaryDecember)

Currencies

US$€

RMB

FY3/22110.38130.36

17.12

FY3/21106.43121.9815.41

YoY Comparison

103.7%

106.9%

111.1%

10

１ FY3/22
Supplementary
2 FY3/22
Financial Information

2

Extraordinary Income/Loss
Account(Million yen)

FY3/22

FY3/21

Interest income

161

142

Subsidy income

177

77

Other

350

345

689

565

Interest expenses

144

111

Foreign exchange losses

128

27

Other
Total non-operating
expenses

81

147

354

286

Total non-operating
income3 FY3/23 Outlook

Non-operating Income/Expenses Extraordinary Income/Loss

Non-operating Income/Expenses
Account(Million yen)

FY3/22 Supplementary
Financial Information*1 Part of insurance payment for fire damage at the subsidiary in Korea*2 Recovered part of the money stolen from a JSP Group company in Europe*3 Impairment of machinery, buildings and other assets at two subsidiaries in Japanand one in North America*4 Loss due to a fire at the subsidiary in Korea

Gain on sales of non- currentassets
Insurance claim income
Gain on sale and collectionof money transfer scam atsubsidiary
Total extraordinary income
Loss on sales of non-current
assetsLoss on retirement of noncurrent assets
Impairment losses
Loss on liquidation ofsubsidiaries
Loss from money transfer
scam at subsidiary
Loss on fire
Total extraordinary losses

FY3/22

FY3/21
934-

70*1-

19*2

9124

65397

137-

522*3242-

984-

1,332

128*4
842

11

１ FY3/22
Supplementary
2 FY3/22
Financial Information

2FY3/22 Supplementary
Financial Information

3 FY3/23 Outlook

Financial Position
Total assets(Million yen)

Net assets

Shareholders’ equity ratio Net assets per share (Yen)

As of Mar. 31, 2022

134,527

90,23163.9%

2,884.93

As of Mar. 31, 2021

129,053

85,56163.9%

2,767.26

Reference: Shareholders’ equity: As of Mar. 31, 2022: ¥85,995 million
As of Mar. 31, 2021: ¥82,488 million

Short-termborrowings*

Cash and deposits(Million yen)

Long-term borrowings

Total borrowings

As of Mar. 31, 2022

16,183

12,0087,870

19,878

As of Mar. 31, 2021

17,40011,6738,680

20,353Major yenexchange rates

Currencies

US$€

RMB

As of Mar. 31, 2022

115.01130.55

18.06

As of Mar. 31, 2021

103.48126.97

15.87

YoY Comparison

111.1%

102.8%

113.8%*Including current portion of long-term borrowings

12

１ FY3/22
Supplementary
2 FY3/22
Financial Information

Liabilities

Net assets

FY3/22 Supplementary
Financial Information

3 FY3/23 Outlook

Balance Sheet
Account(Million yen)

Assets2

As of Mar. 31, 2021

As of Mar. 31, 2022

Current assets

62,456

68,503

6,046

Non-current assets

66,59766,024(573)

Total assets

129,053

134,527

5,473

Current liabilities

31,27533,098

1,822

Non-current liabilities

12,216

11,197(1,018)

Total liabilities

43,492

44,295803

Shareholders’ equity

85,19185,726534

Accumulated other comprehensiveincome(2,703)

268

2,971

Non-controlling interests

3,072

4,236

1,163

Total net assets

85,561

90,2314,670

129,053

134,527

5,473

Total liabilities and net assets

Change13

１ FY3/22
Supplementary
2 FY3/22
Financial Information

FY3/22 Supplementary
Financial Information

3 FY3/23 Outlook

Net Assets
Account(Million yen)

Shareholders’equity

2

As of Mar. 31, 2021

As of Mar. 31, 2022

Capital stock10,128

10,128-

Capital surplus

13,405

13,405-Retained earnings

63,04563,580535

Treasury shares(1,387)(1,388)(0)85,19185,726

534

527

346

(181)

(4,182)

(810)

3,372

952

732

(219)

(2,703)

268

2,971

3,072

4,236

1,163

85,561

90,231

4,670

Total
Valuation difference on available-for-salesecurities

Accumulated
other
Foreign currency translation adjustment
comprehensive
Remeasurements of defined benefit plansincomeTotal

Non-controlling interests
Total net assets

Change14

１ FY3/22
Supplementary
2 FY3/22Financial Information

2FY3/22 Supplementary
Financial Information

3 FY3/23 Outlook

Cash Flows, Capital Expenditures, Depreciation, R&D Expenses

Cash Flows(Million yen)

Cash flows from operating Cash flows from investing Cash flows from financing
Cash and cash equivalents
activities
activities
activities

FY3/22

5,972(5,888)(2,565)

10,520FY3/21

12,211(5,174)(2,266)

12,278

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

Capital expenditures

Depreciation

R&D expenses

FY3/22

5,658

6,832

2,183

FY3/21

5,668

6,608

2,246Note: Capital expenditures are on a cash basis.

15

１ FY3/22

3 FY3/23 Outlook

2

FY3/22 Supplementary
Financial Information

3 FY3/23 Outlook

Contents

1. FY3/22 Summary of Business Operations
2. FY3/22 Supplementary Financial Information
3. FY3/23 Outlook
4. Our Commitment to Sustainability Management

16

１ FY3/22

3 FY3/23 Outlook

2

FY3/22 Supplementary
Financial Information

3 FY3/23 Outlook

Summary of Business Operations

Item(Million yen)

FY3/23Outlook

FY3/22Results

YoYComparison

114,125

128,000+12.2%

Operating profit

4,589

4,300-6.3％

Ordinary profit

4,868

4,500

-7.6%

Profit attributable toowners of parent

2,893

3,100

7.2%

Net sales

FY3/22
Dubai crude oil（US$/bl）

April to March

78.1

Forex (JPY/USD)

January toDecember

110.4

Forex (JPY/EUR)

January toDecember

130.4

 Assumptions:(1) Uncertain outlook concerning the end of problems caused by the high cost of raw
materials due to increasing geopolitical risk and by supply chain disruptions
110 (2) Increasing uncertainty because of lockdowns in China and other events(3) Economic recovery as countries worldwide reduce restrictions on various activities120 Dividend: Annual dividend (forecast) ¥50 per share (Interim dividend ¥25, Estimatedyear-end dividend ¥25)
130

FY3/23
Outlook17

１ FY3/22

3 FY3/23 Outlook

2

FY3/22 Supplementary
Financial Information

3 FY3/23 Outlook

Components of Change in Operating Profit(Million yen)

Expect higher sales in theEPP and construction
materials sectors

Price increases did not fully
offset the higher cost of
raw materials and otheritems+2,180

+171

-289

4,300

Exchange rates-4,590-1,280Higher fixedexpenses

Unit sales
pricesMarginal
profit fromhigher volume

FY3/22

Unit variable
expenses

4,589＋3,230

Increase in business activity
expenses, manufacturing and labor
expenses and depreciation expenses

FY3/23Outlook

18

１ FY3/22

3 FY3/23 Outlook

2FY3/22 Supplementary
Financial Information

5-year Financial Summary
GrowthMargin

Net Sales / Sales Volume

Operating Profit / Operating Margin
128,000 (Million yen)Dubai crude oil（$/bl）

3 FY3/23 Outlook

116,133

113,375100

98

102,668

93

114,125
98

5,479

110
103

5,083

4.7%
7869

5,185

5.1%

4,589

4,300 (Million yen)

4.5%
4.0%
3.4%

6045

FY3/19 FY3/20 FY3/21 FY3/22 FY3/23
Sales volume: FY3/19 = 100

FY3/19 FY3/20 FY3/21 FY3/22 FY3/2319

１ FY3/22

3 FY3/23 Outlook

2

FY3/22 Supplementary
Financial Information

3 FY3/23 Outlook

Extrusion Business
FY3/22ResultsItem(Million yen)

FY3/23
Outlook

YoY
Comparison

Net sales

39,076

41,500+6.2%

Operating profit

2,782

2,100

-24.5%

Increase in sales because of higher sales volume and price revisions
Lower earnings because of the impact of higher cost of raw materials
Food packaging materials andfood containers

Industrial packaging materials

Home insulation materials andcivil engineering materials

MIRAMATCAPLON
P-BOARDSTYRENEPAPERMIRABOARD

 Forecast sales growth as environmentally
responsible products increase demand Demand is expected to remain strong for flat
panel display cushioning materials

J-WALLBLOCKMIRAFOAM
 Concerns about a downturn in consumer
sentiment about buying a home causedby the high price of building materials
 Forecast an increase in demand forenergy-efficient housing20１ FY3/22

3 FY3/23 Outlook

2FY3/22 Supplementary
Financial Information

3 FY3/23 Outlook

Bead Business
FY3/22Results

Item(Million yen)

FY3/23Outlook

YoYComparison

Net sales

68,51380,500+17.5%

Operating profit

2,620

3,200

+22.1%

Higher sales due to the recovery of sales and the revision of product prices
Higher earnings because of higher sales and price revisions
A cushioning material for automotive partsand home appliances, and sports shoes

ARPRO/P-BLOCKELEMPOR NEO

 Shortages of semiconductors and other parts are continuing to holddown automobile output
 Forecast higher sales as economies recover from the pandemic downturn

Expandable polystyrene, hybrid molded products

STYRODIA

CLEARPOR

HEATPOR STYRODIA and others: Expect higher sales due to an increase indemand for functional bead products

21

１ FY3/22

3 FY3/23 Outlook
Segment(Million yen)

FY3/22 Supplementary
Financial Information

2

3 FY3/23 Outlook

Business Segment Outlook, Capital Expenditures, Depreciation
FY3/23 Outlook

FY3/22 Results

Operatingprofit

Net sales

Net sales

YoY Comparison

Operating profit

Net sales

Operatingprofit

Extrusion Business

39,0762,782

41,5002,100

2,424(682)Bead Business

68,5132,620

80,5003,200

11,987

580

Other

6,536

212

6,000100(536)(112)-(1,026)-(1,100)-(74)

114,125

4,589

128,000

4,300

13,875(289)

Adjustments
Total Capital expenditures: ¥7,800 million Depreciation: ¥7,000 million (vs. FY3/22: up approx. ¥200 million)

22

１ FY3/22

2

FY3/22 Supplementary
Financial Information

3 FY3/23 Outlook

Contents

1. FY3/22 Summary of Business Operations
2. FY3/22 Supplementary Financial Information
3. FY3/23 Outlook
4. Our Commitment to Sustainability Management23

１ FY3/22

2

FY3/22 Supplementary
Financial Information

3 FY3/23 Outlook

Our Commitment to Sustainability Management

Determination of materiality and TCFD compliance Determined materiality at the JSP Group Announced agreement with the Task Force on Climate-Related Financial Disclosures (TCFD) framework toenhance the disclosure of information concerning climate change Planned activities
As a company listed on the Prime Market, JSP is making
preparations for the disclosure of goals for reducing
greenhouse gas emissions. This is an activity involving climatechange and is based on the TCFD framework.
The goal is to use sustainability management to achieve
consistent growth along with the creation of social value.

24

１ FY3/22

2

FY3/22 Supplementary
Financial Information

3 FY3/23 Outlook

Our Commitment to Sustainability Management

ARPRO/P-BLOCK transformation strategy
 Contribute to energy conservation and environmental protection through sales of products that
reduce GHG emissions
 Obtained Type III Ecolabel (EPD) certification
 Promote recycling of product materials
 Promote the development of products and production technologies that contribute to reducing theenvironmental load over the lifetime of products

ARPRO/P-BLOCK obtained Type III Ecolabel
certification (Quantitative environmental
data over the lifetime of a product). Thecompany now discloses environmental
emission data for this product.

Develop products using
virtually 100% recycledmaterials.

ARPRO RE OCEAN: A thermal insulation
box made from recycled marine waste.

25

１ FY3/22

2

FY3/22 Supplementary
Financial Information

3 FY3/23 Outlook

Cautionary statement with respect to forecasts
Forecasts are based on all the information currently available, and the actual resultsmay differ due to various factors.

Inquiries: Tel +81(3)-6212-6306
Public and Investor Relations Department26