Results of Operations for the Fiscal
Year Ended March 31, 2023 (FY3/23)

JSP Corporation

1 FY3/23 Results

2 FY3/24 Outlook

3

Expand the Range ofApplications

4

FY3/23 Supplementary
Financial Information

Contents

1. FY3/23 Summary of Business Operations

2. FY3/24 Outlook
3.Expand the Range of Applications

4. FY3/23 Supplementary Financial Information

11 FY3/23 Results
Summary of
1 FY3/23
Business Operations(Million yen)

131,714

Operating Profit / Operating Margin

4,589

99

98

93

92

5.1%
（US$/bl）

4.7%

2,956 (Million yen)
5.4%

4.5%
4.0%

78

69

Return on equity

5,185

114,125

113,375

102,668

4.5%
3.7%

60

2.2%

45

FY3/19FY3/20FY3/23 Supplementary
Financial Information

5,479
5,083

98

4

ReturnMarginNet Sales / Sales Volume

100

Expand the Range ofApplications

Financial Highlights
Growth116,133

3

2 FY3/24 Outlook

FY3/21

Sales Volume FY3/19=100
Dubai crude oil

FY3/22

FY3/23

FY3/19FY3/20FY3/21

FY3/22

FY3/233.4%
2.8%

FY3/19 FY3/20 FY3/21 FY3/22 FY3/23

2

2 FY3/24 Outlook

1 FY3/23 Results
Summary of
1 FY3/23
Business Operations

3

Expand the Range ofApplications

4

FY3/23 Supplementary
Financial Information

Summary of Business Operations
FY3/22
Results

Item(Million yen)

FY3/23
Forecast(Announced Jan. 31, 2023)

FY3/23Results

YoY
Comparison

vs. Forecast

114,125

131,000

131,714+15.4%+0.5%

Operating profit

4,589

3,200

2,956

-35.6%-7.6%

Ordinary profit

4,868

3,700

3,363

-30.9%-9.1%

Profit attributable to owners ofparent

2,893

2,700

2,531

-12.5%-6.3%

Net sales

FY3/22

FY3/23

Dubai crude oil（US$/bl）

78.1

92.5

Forex (JPY/USD)

110.4

132.1

Forex (JPY/EUR)

130.4

138.5

⚫ Global economy: Economic recovery slowed due to the spread of the pandemic, shortages ofsemiconductors, inflation such as soaring resource and energy prices mainly as a result of the prolonged
situation in Ukraine.
⚫ Japanese economy: Although consumer spending and capital expenditures are recovering, the outlook forthe economy is uncertain due to inflation linked to rising prices of resources and to restrictions on the
supplies of many items.
⚫ Net sales: Up 15.4% mainly due to revisions of product prices and recovery of sales volume.
⚫ Operating profit: Down 35.6% due to higher utility and personnel costs despite progress in product pricerevisions in response to rising raw material prices.

3

2 FY3/24 Outlook

1 FY3/23 Results
Summary of
1 FY3/23
Business Operations

Expand the Range ofApplications

4

FY3/23 Supplementary
Financial Information

Components of Change in Operating Profit-10,811

Exchange rates+9,111Higher fixed
expensesUnit variable
expensesMarginal profit
from Higher
volume+438(Million yen)

Unit sales prices

The difference between the unit selling
price and the unit variable cost wasaffected by soaring raw material prices
and higher utility charges, such as forelectricity.

4,589

3

-576

+205

2,956

Mainly higher personnel
expenses

FY3/22-1,633

FY3/234

1 FY3/23 Results
Summary of
1 FY3/23
Business Operations

2 FY3/24 Outlook

Liabilities

Net assets

Expand the Range ofApplications

4

FY3/23 Supplementary
Financial Information

Balance Sheet
Account(Million yen)

Assets3

As of Mar. 31, 2022

As of Mar. 31, 2023

Current assets

68,50373,822+5,319Non-current assets

66,02470,706+4,682

Total assets

134,527

144,528+10,001

Current liabilities

33,09836,443+3,345

Non-current liabilities

11,197

11,961+763

Total liabilities

44,295

48,404+4,109

Shareholders’ equity

85,726

86,766+1,040268

4,944+4,676

Non-controlling interests

4,236

4,412

+175

Total net assets

90,231

96,123+5,892

134,527

144,528+10,001

Accumulated other comprehensive
incomeTotal liabilities and net assets

Change5

1 FY3/23 Results
Summary of
1 FY3/23
Business Operations

2 FY3/24 Outlook

4

FY3/23 Supplementary
Financial Information

As of Mar. 31, 2022

As of Mar. 31, 2023

Capital stock

10,128

10,128-

Capital surplus

13,405

13,405-Retained earnings

63,58064,621+1,040Treasury shares(1,388)(1,388)(0)85,726

86,766+1,040

Valuation difference on available-for-salesecurities

346

408

+61

Foreign currency translation adjustment

(810)

3,864

+4,674Remeasurements of defined benefit plans

732

672

(59)

Total

268

4,944

4,676

4,236

4,412

+175

90,231

96,123+5,892

Total

Accumulated
othercomprehensive
incomeExpand the Range ofApplications

Net Assets
Account(Million yen)

Shareholders’equity3

Non-controlling interests
Total net assets

Change6

1 FY3/23 Results
Summary of
1 FY3/23
Business Operations

2 FY3/24 Outlook

3

Expand the Range ofApplications

4

FY3/23 Supplementary
Financial Information

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

Cash Flows(Million yen)

-6,478+8,725+ 1,016+ 913

14,696

Cash and cash
equivalents

Balance at
end of FY3/23

10,520

Balance at
beginning of
FY3/23

Cash flows fromoperatingactivities

Cash flows frominvestingactivities

Cash flows fromfinancing
activities

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

Capital expenditures

Depreciation

R&D expenses

FY3/23

8,200

7,137

2,277

FY3/22

5,658

6,832

2,183

Note: Capital expenditures are on a cash basis.

7

1 FY3/23 Results
Summary of
1 FY3/23
Business Operations

2 FY3/24 Outlook

3

Expand the Range ofApplications

4

FY3/23 Supplementary
Financial Information

Extrusion Business

Item(Million yen)

FY3/22
Results

Net sales

Operating profit

FY3/23Results

YoY
Comparison

39,07642,443

+8.6%

2,782

1,767

-36.5%

Increase in sales because of product price revisions
Lower operating profit because of delays in product price revisions and an increase in the cost of utilities
Food packaging materials andfood containers

Industrial packaging materials

Home and building insulation materials
and civil engineering materials

MIRAMATCAPLON
P-BOARDSTYRENEPAPERMIRABOARD⚫Higher sales volume of food trays⚫Higher sales volume of MIRABOARD⚫Sales increased due to revisions of prices

MIRAFOAM⚫ Lower sales volume of value-added industrial
packaging products due to stock adjustment at
customers⚫ Sales decreased due to lower sales volume ofgeneral-purpose products

J-WALLBLOCK⚫ Sales volume of materials in the building and homeconstruction sectors were unchanged from one year
earlier⚫ Sales volume of materials for civil engineering were
unchanged from one year earlier⚫ Sales increased mainly due to revisions of prices

8

1 FY3/23 Results
Summary of
1 FY3/23
Business Operations

2 FY3/24 Outlook

3

Expand the Range ofApplications

4

FY3/23 Supplementary
Financial Information

Bead Business

Item(Million yen)

FY3/22
Results

Net sales

Operating profit

FY3/23Results

YoY
Comparison

68,51382,761+20.8%

2,620

2,038

-22.2%

Sales increased due to higher sales volume in non-automotive applications and product price revisions
Operating profit decreased due to the higher cost of utilities
A cushioning material for automotive parts and home appliances,
and an impact protection material for athletic fields

ARPRO/P-BLOCKELEMPOR NEO⚫ Sales volume and sales of ARPRO/P-BLOCK slightly increased⚫ Japan: The sales volume was about the same as one year earlier because of
the delay in the recovery of demand in the automobile industry⚫ North America: Higher sales volume in the automobile sector and othermarket sectors⚫ Europe: Sales volume was about the same as one year earlier as higher
volumes in other sectors offset the lower volume in the automotive sector

Expandable polystyrene, hybrid molded products
STYRODIAHEATPOR
CLEARPOR
FOAMCORE⚫ STYRODIA sales volume down because of lower demand in thefisheries and agriculture sectors but sales increased because of
product price revisions⚫ Demand for FOAMCORE, a hybrid molded product, recovered91 FY3/23 Results
Summary of
1 FY3/23
Business Operations

2 FY3/24 Outlook

3

Expand the Range ofApplications

4

FY3/23 Supplementary
Financial Information

Other

Item
(Million yen)

FY3/22
Results

Net sales

FY3/23Results

YoY
Comparison

6,536

6,508

-0.4%

212

166

-21.5%

Operating profit

Sales increased due to sales volume in the automotive parts transportation and other market sectors recovered in Japan
Sales decreased due to lower demand in China
General packaging materials in Japan

Trays for auto parts

Cushioning materials for
digital home appliances⚫ Sales increased in Japan as sales volume in the automotive
parts transportation and other market sectors recovered

General packaging materials in China

Material for transporting
Cushioning materials
auto partsfor optical parts⚫Weak demand for packaging materials for many types ofcomponents resulted in lower sales

101 FY3/23 Results

2 FY3/24 Outlook

3

Expand the Range ofApplications

4

FY3/23 Supplementary
Financial Information

Contents

1. FY3/23 Summary of Business Operations

2. FY3/24 Outlook
3.Expand the Range of Applications

4. FY3/23 Supplementary Financial Information

11

1 FY3/23 Results

2 FY3/24 Outlook

2 FY3/24 Outlook

3

Expand the Range ofApplications

4

FY3/23 Supplementary
Financial Information

Summary of Business Operations

Item(Million yen)

FY3/23Results

FY3/24
Outlook

YoY
Comparison

131,714135,000+2.5%

Operating profit

2,956

4,800

+62.4%

Ordinary profit

3,363

5,000

+48.7%

Profit attributable to owners ofparent

2,531

3,400

+34.3%Net sales

FY3/23

FY3/24
OutlookDubai crude oil（US$/bl）

92.5

85

Forex (JPY/USD)

132.1

130

Forex (JPY/EUR)

138.5

143

⚫ Global economy in FY2023: Economy is expected to continue to recover as the impactof the pandemic ends, although there will be substantial risk associated with thesituation in Ukraine. Although the volatility of energy prices is declining and there aresigns of a downturn in inflation, the supply of labor is tight.
⚫ Outlook for the Japanese economy: Price hikes are likely to continue and people are
expected remain cautious about consumption amid economic uncertainty.
⚫ Dividend: Annual dividend (forecast) ¥50 per share (Interim dividend ¥25, Estimatedyear-end dividend ¥25)

12

2 FY3/24 Outlook

1 FY3/23 Results

2 FY3/24 Outlook

Expand the Range ofApplications

4

FY3/23 Supplementary
Financial Information

Components of Change in Operating Profit-2,987(Million yen)Exchange rates

Unit variable
expensesMarginal
profit fromhigher volume

+343

2,956

+3,244Higher fixed
expenses

Expect higher sales volume in EPP,
insulation materials used in freezer
and refrigerated trucks and civilengineering materials.

Unit sales
pricesDecrease in the price of crude
oil from $92.5 to $85 due tolower cost of raw materials

4,800

-57

Mainly higher
personnel expenses+1,302

FY3/23

3+1,844

FY3/2413

1 FY3/23 Results

2 FY3/24 Outlook

2 FY3/24 Outlook

3

Expand the Range ofApplications

4

FY3/23 Supplementary
Financial Information

Extrusion Business
FY3/23Results

Item(Million yen)
Net sales
Operating profit

FY3/24
Outlook

YoY
Comparison

42,44343,700

+3.0%

1,767

1,800

+1.9%

Increase in sales due to higher sales volume and operating profit is expected to be the same as one year earlier due tohigher fixed expenses
Food packaging materials andfood containers

Industrial packaging materials

Home insulation materials andcivil engineering materials

MIRAMATCAPLON
P-BOARDSTYRENEPAPERMIRABOARD⚫ Forecast higher sales volume of STYRENPAPER(expanded polystyrene sheet used in foodpackaging) for household products because of
the launch of environmentally responsible
products

MIRAFOAM⚫ Sales volume of industrial materials are likely to bestrong as the demand for items for use in flat panel
displays will recover from the second half of the
fiscal year

J-WALLBLOCK⚫ Sales of home insulation materials are likely to beaffected as consumer sentiment declines in the midstof surging construction material prices⚫ Sales of insulation materials for freezer andrefrigerated trucks are expected to be higher than theprevious fiscal year
⚫ Anticipate strong sales in the civil engineering sector

14

2 FY3/24 Outlook

1 FY3/23 Results

2 FY3/24 Outlook

3

Expand the Range ofApplications

4

FY3/23 Supplementary
Financial Information

Bead Business

Item(Million yen)

FY3/23Results

Net sales
Operating profit

FY3/24
Outlook

YoY
Comparison

82,76185,000

+2.7%

2,038

4,000

+96.2%

Higher sales and operating profit due to the recovery of sales volume and the revision of product prices
A cushioning material for automotive partsand home appliances, and sports shoes

ARPRO/P-BLOCKELEMPOR NEO⚫ Forecast higher sales volume due to increased automobile
production as a result of the resolution of shortages in the
supply of semiconductor and other components, and therecovery from the pandemic⚫ Expect an increase in profit on the back of higher sales volume
and enhanced profitability

Expandable polystyrene, hybrid molded products

STYRODIAHEATPOR
CLEARPOR
FOAMCORE⚫ Sales volume in the expandable polystyrene bead products,
chiefly STYRODIA, will be affected by the decline in demandfor products used in the fishing industry⚫ Profit margins are likely to increase as sales rise driven by
product price revisions

15

1 FY3/23 Results

2 FY3/24 Outlook
Item(Million yen)
Net sales
Operating profit

2 FY3/24 Outlook

3

Expand the Range ofApplications

4

FY3/23 Supplementary
Financial Information

Other
FY3/23Results

FY3/24
Outlook

YoY
Comparison

6,508

6,300

-3.2%

166

100

-40.1%

Sales are the same as one year earlier in Japan and in China

16

1 FY3/23 Results

2 FY3/24 Outlook

3

Expand the Range ofApplications

4

FY3/23 Supplementary
Financial Information

Numerical targets

Million yen

Medium-term Business Plan and Progress Report on
the Four Drivers of Growth

2 FY3/24 Outlook

Medium-term business plan, “Change for Growth” (FY3/22 to FY3/24)
Basic concepts

Net sales

120,000(1) Broaden the value we provide for both economic value to our customers andfor adding social issues(2) Fortify the management base

Operating profit

7,700

Operating margin (%)

6.4%

FY3/24 Outlook

Business transformation strategy

Million yen

Net sales(1) Shift to a highly cyclical business model(2) Make the organization more dynamic and efficient

135,000

Operating profit

4,800

Operating margin (%)

3.6%

Progress Report on the Four Drivers of Growth

Automotive parts*1

Thermal insulation materials
for buildings and houses*2

Flat panel display cushioning materials

New business domains

FY3/24 Goals

+23%

+12%

+20%

Net sales: ¥3.0 billion

FY3/23 Results

+6.1%

-6.5%

+16%

Net sales: ¥0.6 billion

FY3/24 Outlook

+11%

+1%

+20%

Net sales: ¥0.6 billion*1. Sales volume of the expanded polypropylene (EPP) business *2. Sales volume of the construction and civil engineering business
Figures in the columns of automotive parts, thermal insulation materials for buildings and houses, and FPD surface cushioning materials are changes involumes compared with FY3/20.

171 FY3/23 Results

2 FY3/24 Outlook

3

Expand the Range ofApplications

4

FY3/23 Supplementary
Financial Information

Contents

1. FY3/23 Summary of Business Operations

2. FY3/24 Outlook
3. Expand the Range of Applications

4. FY3/23 Supplementary Financial Information

18

1 FY3/23 Results
Products and3 New
Applications

2 FY3/24 Outlook

3

Expand the Range ofApplications

4

FY3/23 Supplementary
Financial Information

Expand the Range of Applications of ARPRO/P-BLOCK in the Automobile Industry (1)Increase applications, including new applications, in the Japanese automobile industry

1.

2.

P-BLOCK🄬

Used as a rear seat material in the 5th generation
Prius introduced at the end of last year
ARPRO/P-BLOCK is used in the front seat cushionand seat back of the Corolla sports car.

Toyota Boshoku
symbol mark*The photograph on the right shows the front seat of a
Corolla sports car using ARPRO/P-BLOCK and the structureof the seat.
Please refer to Toyota Boshoku Corporation’s HP for
details.

Upper
body
Seat frame
EPP (hard layer)
Urethane pad (soft layer)

Upholsterymaterial

A-A cross section of seat backSeats for sports cars developed by Toyota Boshoku are used in the GR Corolla Morizo edition.
Details are available at toyota-boshoku.com (news releases).

19

1 FY3/23 Results
Products and3 New
Applications

3

2 FY3/24 Outlook

Expand the Range ofApplications

4

FY3/23 Supplementary
Financial Information

Expand the Range of Applications of ARPRO/P-BLOCK in the Automobile Industry (2)More Chinese automobile manufacturers are selecting
ARPRO/P-BLOCK for their EVs

Automaker

Model nameApplication area

TESLAMODEL-Y

Rear seat core

ZEEKR

01

Rear seat core

LIXIANG (理想)L9 (X01)

Rear seat core, back side

LIXIANG (理想)L8 (X02)

Rear seat core, back side

XPENG (小鵬)P7

Rear seat core

JIDU (吉利＋百度)

MARS-1

Rear seat core20

1 FY3/23 Results
Products and3 New
Applications

2 FY3/24 Outlook

3

Expand the Range ofApplications

4

FY3/23 Supplementary
Financial Information

More companies are selecting MIRAMAT ACE, which is one of our
growth engines
Increasing deliveries to existing customers and continuing to sign up new customers

The range of FPD applications is expected to expand further from PCs, smartphones and TVs to automobiles andmedical devices.
MIRAMAT ACE will continue to maintain its performance superiority. Transition from existing surface protection
materials is expected to accelerate in the coming years.

21

1 FY3/23 Results

2 FY3/24 Outlook

3

Expand the Range ofApplications

4

FY3/23 Supplementary
Financial Information

Contents

1. FY3/23 Summary of Business Operations

2. FY3/24 Outlook
3.Expand the Range of Applications

4. FY3/23 Supplementary Financial Information22

Supplementary
4 FY3/23
Financial Information(Million yen)3

2 FY3/24 Outlook

1 FY3/23 Results

Expand the Range ofApplications

Supplementary
4 FY3/23
Financial Information

Ordinary profit

Profit attributable toowners of parent

Results of Operations
Net sales

Operating profit

FY3/23

131,714

2,956

3,363

2,531

FY3/22

114,125

4,589

4,868

2,893

Comprehensive income: FY3/23: ¥7,565 million

FY3/22: ¥6,029 million
Major yen exchange rates (January-December)

Net income per share(Yen)

FY3/23
FY3/22

84.91
97.06

Operating profit
to net sales

2.2%

Currencies

US$

€

RMB

FY3/23132.09138.53

19.49

FY3/22110.38130.36

17.12

4.0%

23

Supplementary
4 FY3/23
Financial Information

Expand the Range ofApplications

Supplementary
4 FY3/23
Financial Information

Non-operating Income/Expenses Extraordinary Income/Loss

Non-operating Income/Expenses
Account(Million yen)3

2 FY3/24 Outlook

1 FY3/23 Results

Extraordinary Income/Loss

FY3/22

Account(Million yen)

FY3/23

FY3/22

FY3/23Gain on sales of non- current
assetsGain on sales of investment
securities

34

20

-

95

Insurance claim income

70

151

350

Collection of money transfer
scam at subsidiary

19

215

565

847

Total extraordinary income

124

482

Interest expenses

111

139

53

1

Foreign exchange losses

27-

Loss on sales of non-current
assetsLoss on retirement of noncurrent assets

137

207

-

124

Impairment loss

522

115

Other

147

177

Loss on fire128-

Total non-operating
expenses286

440

Total extraordinary losses

842

324

Interest income

142

312

Dividend income

22

31

Rental income

76

79

-

73

Other

322

Total non-operating
incomeForeign exchange gains

Loss on valuation ofderivatives

24

2 FY3/24 Outlook

1 FY3/23 Results
Supplementary
4 FY3/23
Financial Information

Expand the Range ofApplications

Supplementary
4 FY3/23
Financial Information

Shareholders’ equity ratio

Net assets per share
(Yen)

3

Financial Position

Total assets(Million yen)

Net assets

As of Mar. 31, 2023

144,528

96,12363.5%

3,076.73

As of Mar. 31, 2022

134,527

90,23163.9%

2,884.93

Reference: Shareholders’ equity: As of Mar. 31, 2023: ¥91,711 million
As of Mar. 31, 2022: ¥85,995 million
Major yen exchange rates
Currencies

US$

€

RMB

As of Dec. 31, 2022

132.74141.50

19.03

As of Dec. 31, 2021

115.01130.5518.06

25

1 FY3/23 Results

2 FY3/24 Outlook

3

Expand the Range ofApplications

4

FY3/23 Supplementary
Financial Information

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

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