Translation
Notice: This document is a translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy
between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Nine Months Ended June 30, 2024
(Based on Japanese GAAP)
August 5, 2024
Company name:T. HASEGAWA CO., LTD.

Stock exchange listing: Tokyo
Stock code:
4958
Representative:
Inquiries:

URL https://www.t-hasegawa.co.jp/

President & CEO
Director & Senior Executive Vice President

Takao Umino
Minoru Nakamura

Scheduled date to commence dividend payments:
Preparation of supplementary material on financial results:–
No

Holding of financial results meeting:No

TEL 03-3241-1151(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the nine months ended June 30, 2024 (from October 1, 2023 to June 30, 2024)(1) Consolidated operating results (cumulative)
Percentages indicate year-on-year changes
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Nine months ended June 30, 2024
52,705
9.4
7,493
26.0
8,003
25.1
5,617
4.9
Nine months ended June 30, 2023
48,165
5.2
5,945
(4.6)
6,397
(8.6)
5,355
(18.1)
Note: Comprehensive income

Nine months ended June 30, 2024
Nine months ended June 30, 2023
Earnings per share¥9,854 million [99.1%]¥4,950 million [(57.2)%]
Diluted earnings per share

Yen
136.53130.16Nine months ended June 30, 2024
Nine months ended June 30, 2023

Yen
135.95129.68(2) Consolidated financial position
Total assets
As of June 30, 2024
As of September 30, 2023
Reference: Equity

Net assets

Millions of yen
146,854
139,125

As of June 30, 2024
As of September 30, 2023

Equity ratio

Millions of yen
123,671
116,319

%
84.0
83.4

¥123,327 million¥116,024 million

2. Cash dividends
Annual dividends per share
1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Total

Yen
Yen
Year ended September 30, 2023–
30.00
Year ending September 30, 2024–
31.00
Year ending September 30, 2024
(Forecast)
Note: Revision of cash dividend forecast most recently announced: Yes

Yen
–
–

Yen
31.00

Yen
61.00

39.00

70.00

3. Forecast of consolidated financial results for the year ending September 30, 2024 (from October 1, 2023 to September 30, 2024)
Percentages indicate year-on-year changes
Profit attributable to
Net sales
Operating profit
Ordinary profit
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Yen
Full year
71,300
9.9
9,560
27.3
10,000
22.2
7,350
10.2
178.64
Note: Revision of consolidated financial results forecast most recently announced: Yes
4. Notes(1) Significant changes in the scope of consolidation during the nine months ended June 30, 2024

No(2) Application of special accounting methods for preparing quarterly consolidated financial statements:
Yes
Note: For details, please refer to “Notes to special accounting methods for preparing quarterly consolidated financial statements” under “2.
Quarterly consolidated financial statements and significant notes thereto, (3) Notes to quarterly consolidated financial statements” onpage 8 of the Attached Material.
(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:

No
No

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2024

42,708,154 shares As of September 30, 2023

42,708,154 shares

Number of treasury shares at the end of the period
As of June 30, 2024

1,562,948 shares As of September 30, 2023

1,562,828 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended June 30, 2024

41,145,272 shares Nine months ended June 30, 2023

41,145,361 shares* Review of the Japanese-language originals of the attached quarterly consolidated financial statements by certified public accountants or an audit
corporation: No* Proper use of the forecast of financial results, and other special matters(Caution regarding forward-looking statements and others)
The forward-looking statements, including the earnings forecast, shown in this document are based on information currently available to theCompany and on certain assumptions deemed to be reasonable. These statements do not purport that the Company pledges to realize suchstatements. Actual results may differ substantially due to various factors. For the suppositions that form the assumptions for financial results
forecast and cautions concerning the use thereof, please refer to “1. Overview of operating results and others, (3) Explanation of consolidated
financial results forecast and other forward-looking statements” on page 3 of the Attached Material.

Attached Material Index
1. Overview of operating results and others .................................................................................................................... 2(1) Overview of operating results during the period ................................................................................................... 2(2) Overview of financial position during the period .................................................................................................. 3(3) Explanation of consolidated financial results forecast and other forward-looking statements .............................. 3
2. Quarterly consolidated financial statements and significant notes thereto .................................................................. 4(1) Consolidated balance sheets .................................................................................................................................. 4(2) Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)........................................................................................................................................................... 6
Consolidated statements of income (cumulative) .................................................................................................. 6
Consolidated statements of comprehensive income (cumulative) ......................................................................... 7(3) Notes to quarterly consolidated financial statements ............................................................................................ 8(Uncertainties of entity’s ability to continue as going concern) ............................................................................ 8(Notes when there are significant changes in amounts of equity) ......................................................................... 8(Notes to special accounting methods for preparing quarterly consolidated financial statements) ....................... 8(Notes to quarterly consolidated statements of cash flows) .................................................................................. 8(Notes to segment information, etc.) ..................................................................................................................... 9

1

1. Overview of operating results and others(1) Overview of operating results during the period
The Japanese economy in the nine months ended June 30, 2024 showed signs of a gradual recovery, with the
improvements in employment and income. On the other hand, the outlook for the economy remained uncertain
amid continuing concerns over the impacts on domestic and overseas economic activities of the internationalsituation, soaring raw material and resource prices, rising commodity prices, and strong fluctuations in foreignexchange rates, etc.
The flavor and fragrance industry remained in a severe situation due largely to maturation of the domestic market,
fiercer competition among peers, and growing demand for quality assurance.
In this environment, giving primary consideration to quality control of products and securing of safety, the Group
worked to further improve research and technology development capabilities and focused on development of theCompany’s unique high quality and high value-added products.
In the nine months ended June 30, 2024, net sales increased by ¥4,540 million (9.4%) year on year, amounting to¥52,705 million. The Company’s non-consolidated net sales increased by 5.0% year on year. As for net sales ofmajor overseas consolidated subsidiaries, net sales of a subsidiary in the USA increased by 20.0% year on year (up9.1% on a local currency basis), those of subsidiaries in China increased by 10.6% year on year (up 3.9% on a local
currency basis), and those of a subsidiary in Malaysia increased by 23.5% year on year (up 17.8% on a local
currency basis).
By division, net sales of the Flavor Division increased by 10.8% year on year, amounting to ¥46,683 million, due
mainly to increased net sales of a subsidiary in the USA, the Company on a non-consolidated basis and subsidiaries
in China.
Net sales of the Fragrance Division decreased by 0.4% year on year, amounting to ¥6,021 million due mainly todecreases in non-consolidated sales of the Company and net sales of subsidiaries in China.
As for profit, although selling, general and administrative expenses increased in line with an increase in personnel
expenses, operating profit increased by ¥1,548 million (26.0%) year on year to ¥7,493 million due largely to anincrease in gross profit resulting from higher sales and improved cost-of-sales ratio. Ordinary profit increased by¥1,606 million (25.1%) year on year to ¥8,003 million due largely to increases in operating profit and foreignexchange gains. Profit attributable to owners of parent increased by ¥261 million (4.9%) year on year to ¥5,617
million, due mainly to an increase in ordinary profit, despite a decrease in extraordinary income resulting from adecrease in gain on sale of investment securities.
Furthermore, the yen exchange rates for major currencies (average rate for the period) applied for translation in thestatements of income for the nine months ended June 30, 2024 are as follows.
1 USD=150.79 JPY (137.10 JPY in the same period of the previous fiscal year, 10.0% yen depreciation YoY)
1 RMB=20.85 JPY (19.59 JPY in the same period of the previous fiscal year, 6.4% yen depreciation YoY)
1 RM=31.98 JPY (30.52 JPY in the same period of the previous fiscal year, 4.8% yen depreciation YoY)
Operating results by segment are as follows. Furthermore, operating results by segment include inter-segment
sales, etc.
(Japan)Net sales were ¥31,287 million (up 5.0% year on year), and segment profit was ¥4,193 million (up 7.2% year onyear).
(Asia)Net sales were ¥12,398 million (up 13.1% year on year), and segment profit was ¥2,992 million (up 36.2% year onyear).
(USA)
Net sales were ¥11,385 million (up 20.4% year on year), and segment profit was ¥235 million (segment loss of¥202 million in the same period of the previous fiscal year).

2(2) Overview of financial position during the period(Current assets)
Current assets increased by ¥6,049 million compared to the end of the fiscal year ended September 30, 2023 to¥76,714 million due largely to increases in notes and accounts receivable - trade, securities, and merchandise andfinished goods of ¥2,238 million, ¥6,998 million, and ¥554 million, respectively.
(Non-current assets)
Non-current assets increased by ¥1,679 million compared to the end of the fiscal year ended September 30, 2023 to¥70,140 million due largely to an increase in buildings and structures of ¥1,358 million.
(Current liabilities)
Current liabilities increased by ¥570 million compared to the end of the fiscal year ended September 30, 2023 to¥12,699 million due largely to increases in accounts payable - trade, and income taxes payable of ¥1,058 millionand ¥135 million, respectively, and a decrease of ¥721 million in provision for bonuses.
(Non-current liabilities)
Non-current liabilities decreased by ¥194 million to ¥10,483 million compared to the end of the fiscal year ended
September 30, 2023 due largely to a decrease in deferred tax liabilities of ¥124 million.
(Net assets)
Net assets increased by ¥7,352 million compared to the end of the fiscal year ended September 30, 2023 to¥123,671 million due largely to increases in retained earnings and foreign currency translation adjustment of¥3,066 million and ¥4,119 million, respectively.
Furthermore, the yen exchange rates for major currencies (at the end of the period) applied for translation in thebalance sheets at the end of the nine months ended June 30, 2024 are as follows.
1 USD=161.07 JPY (144.99 JPY at the end of the previous fiscal year, 11.1% yen depreciation YoY)
1 RMB=22.04 JPY (19.94 JPY at the end of the previous fiscal year, 10.5% yen depreciation YoY)
1 RM=34.17 JPY (30.96 JPY at the end of the previous fiscal year, 10.4% yen depreciation YoY)

(3) Explanation of consolidated financial results forecast and other forward-looking statements
Revisions have been made to the consolidated financial results forecast announced on November 10, 2023. For
details, please refer to “Notice Concerning Revision of Full-Year Earnings Forecast and Dividend Forecast”
released today (August 5, 2024).

3

2. Quarterly consolidated financial statements and significant notes thereto(1) Consolidated balance sheets(Millions of yen)
As of September 30, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Retirement benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Accounts payable - trade
Income taxes payable
Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Other
Total current liabilities
Non-current liabilities
Deferred tax liabilities
Retirement benefit liability
Asset retirement obligations
Long-term accounts payable - other
Other
Total non-current liabilities
Total liabilities

4

As of June 30, 2024

25,69919,863
7,000
8,045
115
8,689
1,273
(22)
70,66522,096
22,102
13,998
8,600
153
8,569
1,219
(25)
76,71420,042
15,27135,314

21,401
15,02036,422

6,060
13,564
19,624

5,737
14,24519,982

12,414
18
1,113
(24)
13,521
68,460139,125

12,533
18
1,208
(25)
13,734
70,140146,854

5,425
819
1,630

6,484
955
908

70

–

4,184
12,1294,352
12,699

1,354
7,516
69
195
1,541
10,67722,806

1,230
7,497
69
182
1,503
10,48323,182

(Millions of yen)
As of September 30, 2023
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Share acquisition rights
Total net assets
Total liabilities and net assets

5

As of June 30, 2024

5,364
7,513
86,019(2,556)
96,341

5,364
7,513
89,085(2,556)
99,407

6,554
13,352(223)
19,682
295
116,319
139,125

6,626
17,472(178)
23,920344
123,671
146,854

(2) Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)
Nine months ended
June 30, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on abandonment of non-current assets
Total extraordinary losses
Profit before income taxes
Income taxes
ProfitProfit attributable to owners of parent

6

Nine months ended
June 30, 2024

48,16528,84519,32013,374
5,945

52,70530,632
22,073
14,579
7,493

134
190
14
132
471

192
166
113
78
550

5
13
18
6,397

18
21
40
8,003

1,203
1,203

2
2

42
42
7,557
2,202
5,355
5,355

32
32
7,974
2,356
5,617
5,617

Consolidated statements of comprehensive income (cumulative)(Millions of yen)
Nine months ended
June 30, 2023
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

7

Nine months ended
June 30, 2024

5,355

5,617

(104)
(317)
16
(404)
4,950

72
4,119
44
4,237
9,854

4,950

9,854

–

–

(3) Notes to quarterly consolidated financial statements(Uncertainties of entity’s ability to continue as going concern)
Not applicable.

(Notes when there are significant changes in amounts of equity)
Not applicable.

(Notes to special accounting methods for preparing quarterly consolidated financial statements)(Calculation of income tax expense)
Tax expense is calculated by multiplying the profit before income taxes by the reasonably estimated effective tax rates
after the application of tax effect accounting to the profit before income taxes for the fiscal year including the third
quarter ended June 30, 2024.

(Notes to quarterly consolidated statements of cash flows)
The Company has not prepared quarterly consolidated statements of cash flows for the nine months ended June 30,2024. Depreciation (including amortization related to intangible assets excluding goodwill) and amortization of
goodwill for the nine months ended June 30, 2024 are as follows.
(Millions of yen)
Nine months ended
June 30, 2024

Nine months ended
June 30, 2023
Depreciation
Amortization of goodwill

2,721
675

8

2,985
736

(Notes to segment information, etc.)[Segment information]
I. Nine months ended June 30, 2023 (from October 1, 2022 to June 30, 2023)
1. Information on net sales and profit or loss for each reportable segment and information on disaggregation ofrevenue(Millions of yen)
Reportable segment
Japan
Net sales
Flavor and fragrance business(Note 3)

Asia

USA

Total

Adjustment(Note 1)

Consolidated(Note 2)28,003

10,822

9,339

48,165–

48,165

Revenue from contracts withcustomers

28,003

10,822

9,339

48,165–

48,165

Sales to external customers
Inter-segment sales or transfers

28,003
1,803

10,822
135

9,339
116

48,1652,055–(2,055)

48,165–

Total

29,806

10,9589,456

50,220(2,055)

48,165

3,910

2,198

(202)

5,906

38

5,945

Segment profit or loss
Notes:

1.

The adjustments on segment profit or loss of ¥38 million include ¥75 million of adjustments for intra-group transactions
related to inter-segment transactions, negative ¥36 million of adjustments for inventories related to inter-segment
transactions, and negative ¥0 million for others.
2. Segment profit is adjusted to operating profit in the consolidated statements of income (cumulative).
3. The Flavor and fragrance business is composed mainly of the manufacturing and sales of flavors and fragrances, and the net
sales of the Flavor and fragrance business are composed mainly of revenue from goods transferred to customers at a specificpoint in time.

II. Nine months ended June 30, 2024 (from October 1, 2023 to June 30, 2024)
1. Information on net sales and profit or loss for each reportable segment and information on disaggregation ofrevenue(Millions of yen)
Reportable segment
Japan
Net sales
Flavor and fragrance business(Note 3)

Asia

USA

Total

Adjustment(Note 1)

Consolidated(Note 2)

29,235

12,264

11,20652,705–52,705

Revenue from contracts withcustomers

29,235

12,264

11,20652,705–52,705

Sales to external customers
Inter-segment sales or transfers

29,235
2,052

12,264134

11,206
179

52,7052,366–(2,366)52,705–

Total

31,287

12,398

11,38555,072(2,366)52,705

4,193

2,992

235

7,421

72

7,493

Segment profit
Notes:

1.

The adjustments on segment profit of ¥72 million include ¥97 million of adjustments for intra-group transactions related tointer-segment transactions, negative ¥24 million of adjustments for inventories related to inter-segment transactions, andnegative ¥0 million for others.
2. Segment profit is adjusted to operating profit in the consolidated statements of income (cumulative).
3. The Flavor and fragrance business is composed mainly of the manufacturing and sales of flavors and fragrances, and the net
sales of the Flavor and fragrance business are composed mainly of revenue from goods transferred to customers at a specificpoint in time.

9