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 Six Months Ended March 31, 2024
(Based on Japanese GAAP)May 10, 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

TEL 03-3241-1151

Scheduled date to file Quarterly Securities Report:
Scheduled date to commence dividend payments:

May 14, 2024
May 31, 2024

Preparation of supplementary material on quarterly financial results:
Holding of quarterly financial results meeting:Yes
Yes (for institutional investors and analysts)(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the six months ended March 31, 2024 (from October 1, 2023 to March 31, 2024)(1) Consolidated operating results (cumulative)
Net sales
Six months ended March 31, 2024
Six months ended March 31, 2023
Note: Comprehensive income

Millions of yen
33,45331,313%
6.8
7.2

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen
%
4,295
19.8
4,555
22.2
3,198
13.2
3,585
(6.2)
3,728 (12.6)
2,824(14.9)

Six months ended March 31, 2024

¥3,741 million [–%]

Six months ended March 31, 2023¥(303) million [–%]

Earnings per share

Diluted earnings per share

Yen
77.74
68.65

Six months ended March 31, 2024
Six months ended March 31, 2023

Yen
77.43
68.40

(2) Consolidated financial position
Total assets
As of March 31, 2024
As of September 30, 2023
Reference: Equity

Net assets

Millions of yen
141,076
139,125

Equity ratio

Millions of yen
118,815
116,319

As of March 31, 2024

¥118,489 million

As of September 30, 2023

¥116,024 million

%
84.0
83.4

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

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen
–
–

Yen
30.00
31.00

Yen
–

Yen
31.00

Yen
61.00

–

31.00

62.00

Year ended September 30, 2023
Year ending September 30, 2024
Year ending September 30, 2024
(Forecast)
Note: Revision of cash dividend forecast most recently announced: No

Total

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
66,500
2.5
8,300
10.6
8,800
7.5
6,750
1.2
164.05
Note: Revision of consolidated financial results forecast most recently announced: No
4. Notes(1) Changes in significant subsidiaries during the six months ended March 31, 2024
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Application of special accounting methods for preparing quarterly consolidated financial statements:
Yes
Note: For details, please refer to “Application of 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
No
Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

No
No

Restatement of prior period financial statements:

No(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 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 March 31, 2024

1,562,888 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)
Six months ended March 31, 2024

41,145,292 shares Six months ended March 31, 2023

41,145,376 shares* Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit corporation.
* 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. Qualitative information on financial results for the period, (3) Explanationof consolidated financial results forecast and other forward-looking statements” on page 3 of the Attached Material.
(How to obtain supplementary material on financial results)
The Company plans to hold a financial results meeting for institutional investors and analysts through live streaming on Thursday, May 23,
2024.
Materials for the financial results meeting will be disclosed on TDnet and posted on the Company’s website.

Attached Material Index
1. Qualitative information on financial results for the period .......................................................................................... 2(1) Explanation of operating results ............................................................................................................................ 2(2) Explanation of financial position ........................................................................................................................... 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(Application of special accounting methods for preparing quarterly consolidated financial statements) ............. 8(Segment information, etc.) ................................................................................................................................... 9

1

1. Qualitative information on financial results for the period(1) Explanation of operating results
The Japanese economy in the six months ended March 31, 2024 showed signs of a gradual recovery, with thenormalization of social and economic activities and improvements in employment and income. On the other hand,the outlook for the economy remained uncertain amid continuing concerns over the impacts on domestic andoverseas economic activities of developments in the international situation, soaring raw material and resource
prices, rising commodity prices, strong fluctuations in foreign exchange 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 six months ended March 31, 2024, net sales increased by ¥2,139 million (6.8%) year on year, amounting to¥33,453 million. The Company’s non-consolidated net sales increased by 3.0% year on year. As for net sales ofmajor overseas consolidated subsidiaries, net sales of a subsidiary in the USA increased by 17.7% year on year (up8.8% on a local currency basis), those of subsidiaries in China increased by 7.4% year on year (up 2.5% on a local
currency basis), and those of a subsidiary in Malaysia increased by 17.9% year on year (up 14.6% on a local
currency basis).
By division, net sales of the Flavor Division increased by 8.8% year on year, amounting to ¥29,526 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 6.1% year on year, amounting to ¥3,926 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 personal
expenses, operating profit increased by ¥710 million (19.8%) year on year to ¥4,295 million due largely to anincrease in gross profit resulting from higher sales and improved cost-of-sales ratio. Ordinary profit increased by¥826 million (22.2%) year on year to ¥4,555 million due largely to an increase in operating profit and the recordingof foreign exchange gains of ¥10 million (the recording of foreign exchange losses of ¥146 million in the same
period of the previous fiscal year). Profit attributable to owners of parent increased by ¥374 million (13.2%) year
on year to ¥3,198 million, due mainly to an increase in ordinary profit, despite a decrease in extraordinary income
resulting from a decrease 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 six months ended March 31, 2024 are as follows.
1 USD=148.25 JPY (136.96 JPY in the same period of the previous fiscal year, 8.2% yen depreciation YoY)
1 RMB=20.54 JPY (19.61 JPY in the same period of the previous fiscal year, 4.7% yen depreciation YoY)
1 RM=31.48 JPY (30.60 JPY in the same period of the previous fiscal year, 2.9% yen depreciation YoY)
Operating results by segment are as follows. Furthermore, operating results by segment include inter-segment
sales, etc.
(Japan)Net sales were ¥19,819 million (up 3.0% year on year), and segment profit was ¥2,421 million (up 1.8% year onyear).
(Asia)Net sales were ¥7,839 million (up 9.8% year on year), and segment profit was ¥1,760 million (up 31.3% year onyear).
(USA)
Net sales were ¥7,328 million (up 18.3% year on year), and segment profit was ¥69 million (segment loss of ¥196
million in the same period of the previous fiscal year).

2(2) Explanation of financial position(Current assets)
Current assets increased by ¥2,332 million compared to the end of the fiscal year ended September 30, 2023 to¥72,998 million due largely to an increase in securities of ¥6,999 million and a decrease in cash and deposits of¥4,791 million, compared to the end of the fiscal year ended September 30, 2023.
(Non-current assets)
While buildings and structures increased by ¥944 million compared to the end of the fiscal year ended September
30, 2023, non-current assets decreased by ¥382 million compared to the end of the fiscal year ended September 30,
2023 to ¥68,078 million due largely to progress in amortization resulting in decreases in other under property, plantand equipment, goodwill, and customer relationship included in other under intangible assets of ¥631 million, ¥420
million, and ¥218 million, respectively.
(Current liabilities)
Current liabilities decreased by ¥36 million compared to the end of the fiscal year ended September 30, 2023 to¥12,093 million due largely to an increase in accounts payable - trade of ¥595 million and a decrease of ¥542
million in provision for bonuses, compared to the end of the fiscal year ended September 30, 2023.
(Non-current liabilities)
Non-current liabilities decreased by ¥510 million to ¥10,167 million compared to the end of the fiscal year ended
September 30, 2023 due largely to a decrease in deferred tax liabilities of ¥441 million.
(Net assets)
While retained earnings and foreign currency translation adjustment increased by ¥1,923 million and ¥762 million,
respectively, compared to the end of the fiscal year ended September 30, 2023, total net assets increased by ¥2,496
million compared to the end of the fiscal year ended September 30, 2023 to ¥118,815 million due largely to adecrease in valuation difference on available-for-sale securities of ¥249 million.
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 six months ended March 31, 2024 are as follows.
1 USD=151.41 JPY (149.58 JPY at the end of the previous fiscal year, 1.2% yen depreciation YoY)
1 RMB=20.83 JPY (20.46 JPY at the end of the previous fiscal year, 1.8% yen depreciation YoY)
1 RM=31.98 JPY (31.88 JPY at the end of the previous fiscal year, 0.3% yen depreciation YoY)

(3) Explanation of consolidated financial results forecast and other forward-looking statements
No revisions have been made to the consolidated financial results forecast announced on November 10, 2023.

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 March 31, 2024

25,69919,863
7,000
8,045
115
8,689
1,273
(22)
70,66520,90819,823
13,999
8,562
174
8,579
974
(23)
72,99820,042
15,27135,314

20,987
14,63935,627

6,060
13,564
19,624

5,639
13,57819,217

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

12,072
18
1,167
(25)
13,232
68,078141,076

5,425
819
1,630

6,021
1,195
1,087

70

–

4,184
12,1293,788
12,093

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

913
7,516
69
186
1,481
10,16722,260(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 March 31, 2024

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

5,364
7,513
87,942(2,556)
98,264

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

6,304
14,114(193)
20,225326
118,815
141,076

(2) Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)Six months ended
March 31, 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
Foreign exchange losses
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

Six months ended
March 31, 2024

31,313
18,885
12,4288,842
3,585

33,453
19,617
13,835
9,540
4,295

83
130
–
91
306

121
104
10
53
290

3
146
12
162
3,728

12
–
18
31
4,555

253
253

–
–

34
34
3,947
1,122
2,824
2,824

23
23
4,532
1,333
3,198
3,198

Consolidated statements of comprehensive income (cumulative)(Millions of yen)Six months ended
March 31, 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

Six months ended
March 31, 2024

2,824

3,198

135
(3,288)25(3,127)
(303)

(249)
762
30
542
3,741

(303)

3,741

–

–

(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.

(Application of 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 second
quarter ended March 31, 2024.

8

(Segment information, etc.)[Segment information]
I. Six months ended March 31, 2023 (from October 1, 2022 to March 31, 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)

18,146

7,049

6,116

31,313–31,313

Revenue from contracts withcustomers

18,146

7,049

6,116

31,313–31,313

Sales to external customers
Inter-segment sales or transfers

18,146
1,103

7,049
91

6,116
78

31,313
1,274–(1,274)31,313–

Total

19,250

7,140

6,195

32,587(1,274)31,313

2,377

1,341

(196)

3,522

62

3,585

Segment profit or loss
Notes:

1.

The adjustments on segment profit or loss of ¥62 million include ¥38 million of adjustments for intra-group transactions
related to inter-segment transactions, ¥24 million of adjustments for inventories, and ¥0 million for others.
2. Segment profit or loss 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. Six months ended March 31, 2024 (from October 1, 2023 to March 31, 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)

18,496

7,760

7,196

33,453–33,453

Revenue from contracts withcustomers

18,496

7,760

7,196

33,453–33,453

Sales to external customers
Inter-segment sales or transfers

18,496
1,322

7,760
79

7,196
132

33,453
1,534–(1,534)33,453–

Total

19,819

7,839

7,328

34,987(1,534)33,453

2,421

1,760

69

4,252

43

4,295

Segment profit
Notes:

1.

The adjustments on segment profit of ¥43 million include ¥57 million of adjustments for intra-group transactions related tointer-segment transactions, negative ¥12 million of adjustments for inventories, and negative ¥1 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