ARE Holdings, Inc.
Financial Results for Q1 FY2024.3

July 27, 2023
These forecast performance figures are based on information currently available to the company’s management and certain
assumptions judged rationally. Accordingly, there might be cases in which actual results materially differ from forecasts ofthis report.
Copyright © ARE Holdings, Inc. All rights reserved.

I.

Financial Results for Q1 FY2024.3(April 1, 2023 ～ June 30, 2023)

II.

Appendix

Copyright © ARE Holdings, Inc. All rights reserved.

01 Business Overview of Q1 （YoY）
Precious Metals Business(Asahi Pretec Corp., ASAHI METALFINE, Inc., Asahi Refining)
The jewelry sector was strong on the back of the elevated gold price. In the catalyst sector, inventory grew at
dismantlers due to the falling PGM price, despite a recovery in car sales. In the electronics sector, collection
fell sharply due to the continued impact of inventory adjustment.
Business environment

Business field
Dentistry
Jewelry
Catalyst
Electronics
North American
refining

Collection continued to fall due to the spread of alternative products. The number ofpatient is on the positive trend due to recovery from COVID-19.
Collection rose due to the higher gold price. Collection from manufactures also grew dueto the recovery trend in the jewelry retail market.
Collection fell in Japan due to the falling PGM price; overseas, collection from catalyst
manufactures was reduced.
Collection was weak due to the continued impact of the supply chain inventory
adjustment in response to a decline in the Chinese market.
Product processing, selling and other transactions were steady.

Environmental Preservation Business (Japan Waste Corporation)
Handling volume of sludge and wood waste fell significantly due to the impact of the business conversion of
the Yokohama Plant; handling volume of other items generally rose year on year.
Items
Liquid waste

Business environment
Auto parts related products remained slow, printed board and related products are strong.
The amount of liquid waste has distinctive difference by industry type.

Waste plastics

Our handling volume rose YoY despite no major change in waste reagents produced byeducational institutions.
Although COVID19-related waste fell significantly, our handling volume increased as we
expanded handling other medical waste.
There is no big changes in the domestic market for waste plastics. We could keep the same
handling volume with last year.

Other

Consulting sales remains strong partly because of the positive effect of the reorganizationof our sales team.

Waste reagents
Medical waste

Copyright © ARE Holdings, Inc. All rights reserved.

02 Key Points of Q1 Financial Results
Overview¥66.5bn+¥6.8 bn compared to FY2023.3.
Revenue

Please see the following details:•

Precious Metals business•

Environmental Preservation business (¥0.3 bn)+¥7.1bn¥3.1bn : (¥2.6bn) compared to FY2023.3
Precious Metals Business (¥2.3bn)
Main reason： Rhodium price decline (¥1.9bn) and the changes in
Operating income

accounting because of the spin off (¥0.4bn)
Environmental Preservation Business (¥0.3bn)
Main reason : Business conversion in Yokohama Plant, decrease in
COVID-19 related waste, no large-scale special order
received like previous year.
Due to the spin-off, the following two accounting changes have been made.
・Allocate common expenses, which used to be recorded as “adjustments”

Accounting change

outside the segment, to each segment.
(Figures by segment retroactively revised FY2023.3 figures)
・Posting of one-time cost as we will not be able to post the personnel costfor collection sales staff in assets following the company split.

Copyright © ARE Holdings, Inc. All rights reserved.

03 Consolidated Results
Unit：billion yen

Q1
FY2023.3
Results

Q1
FY2024.3
Results

FY2024.3

YoY
ChangeForecast

YoY
ChangeRevenue

59.7

66.5

6.8

250.0

(42.4)

Operatingprofit

5.7

3.1

(2.6)

19.0

(0.3)

9.5%

4.6%

(4.9%)

7.6%

1.0%

Profit before
tax

6.1

3.1

(3.0)

18.5

2.4

Profit※1

4.3

2.4

(1.9)

13.2

2.3

Capex

1.3

1.0

(0.2)

12.4

7.5

Depreciation

0.8

0.9

0.1

3.1

(0.2)

Ratio

※1 Profit attributable to owners of parent

Copyright © ARE Holdings, Inc. All rights reserved.

04 Precious Metals Business
Precious metals recycling business(Japan and Asia)

Refining business in North America

Q1 FY2024.3 ResultsGold prices remained high and a large amount ofgold collection from jewelry sector contributed to
the revenue.
Price decline of rhodium and decrease of collection
from electronics sector etc. caused profit decrease.
➡Increase in revenue and decrease in profit

Q1 FY2024.3 Results
Refining and product processing fees
increased and various value addedtransaction based on refining businessalso made a steady progress.
➡Increase in revenue and profit[Unit: billion yen]

Precious
MetalsQ1
FY2023.3
Results*

Q1 FY2024.3
Results

FY2024.3

YoY Change

Forecast

YoY Change

Revenue

55.3

62.4

7.1

232.0

(42.2)

Operating
Profit

5.0

2.6

(2.3)

16.7

(3.1)

9.0%

4.2%

(4.8%)

7.2%(0.0%)

Ratio*The actual achievement in FY2023,3 was processed retroactively due to the changes in Segment
Accounting Standard which became effective since FY 2024.3.
Copyright © ARE Holdings, Inc. All rights reserved.

0５ Impact of Gold Collection•

Gold increased its share of the total sales revenue YoY, because thecollecting volume of gold from jewelry sector increased.

・Breakdown of AU collected・Breakdown of revenues
Seles of Au

Jewelry sector[Unit: : billion yen]

Unit：kg

Other sectors

Seles of Others

6,364

6,535

4,153
66.5
50.4
24.8

Q1
FY2022.3

34.0

40.0

Q1
Q1
FY2023.3 FY2024.3

Copyright © ARE Holdings, Inc. All rights reserved.

Q1
FY2022.3

Q1
FY2023.3

Q1
FY2024.3

0６ Ref: Volume of Precious Metals Collected•

The volume of palladium and platinum collected fell YoY but we expect it to recoverfrom 2H.

Au

Q1
FY2023.3

Pd

24,504Q1
FY2024.3
FY2024.3
Plan

Q1
FY2023.3

Copyright © ARE Holdings, Inc. All rights reserved.

Pt

Q1
FY2024.3
FY2024.3
Plan

Q1
FY2023.3

Unit：kg

Q1
FY2024.3
FY2024.3
Plan

０7 Rhodium Price Decline•••

To avoid the impact of fluctuation of precious metals prices, precious metals hedging is carriedout in principle, however, rhodium contained in the automotive catalyst has a small market andit is difficult to hedge.
Rhodium price continues to go down since the previous 4th quarter. 3,700$/toz decreased vs.
the end of March. The impact of the loss due to the price fall was 1.9 billon yen.
To mitigate the further fall down of rhodium price, we increased the ratio of forward contractand start alternative heading in July.

Global Supply of Precious Metals in 2022

Trend in Rhodium Prices(Unit：ton)(Unit：$/toz)

Q４ FY２０２３.3

Q1 FY２０２4.3

Less than almost 1%of the gold market※Ref：Metals Week NY Dealer Prices, Metal Focus, WORLD GOLD COUNCIL「Gold ・Demand・Trend data」,
Johnson Matthey 「PGM market Report 2023」 based on our research
Copyright © ARE Holdings, Inc. All rights reserved.

08 Environmental Preservation Business
Environmental Preservation
Q1 FY2024.3 Results
With the recovery of industrial production activities, the handling volume andutilization rate in facility were at a high level.
However, got the negative affect from business conversion of the construction of a
new incinerator at the Yokohama Plant, a decrease in COVID-19-related waste, andno large scale specific order received like previous year.
➡Decrease in revenue and profit[Unit: billion yen]

Environmental
Preservation

Q1
FY2023.3
Results*

Q1 FY2024.3
Results

FY2024.3

YoY Change

Forecast

YoY Change

Revenue

4.4

4.1

(0.3)

18.0

(0.2)

Operating Profit

0.7

0.4

(0.3)

2.3

(1.5)

15.1%

9.9%

(5.2%)

12.8%(8.3%)Ratio

The actual achievement in FY2023,3 was processed retroactively due to the changes in
Segment Accounting Standard which became effective since FY 2024.3.
Copyright © ARE Holdings, Inc. All rights reserved.

0９ Financial Position
Unit：billion yen

Current Assets

Tradereceivables

Mar 31,

June 30,

2023

2023

Change

238.4

300.1

61.7

154.0

203.9

49.9

40.9

44

Others

43.5

52.1

8.7

49.1

56.7

7.6

Total Assets

287.4

356.8

69.4

Liabilities

180.5

243

62.1

Bonds and loans

Borrowings for Advance Trading in North American business constitute a large
percentage. Risks associated with price fluctuations and bad debts are
65.3 extremely limited because bullion for Adovance Trading is procured throughborrowing after receiving raw materials and precious metal prices are hedged
according to the repayment date.

144.4

209.7

36.1

32.9

(3.3)

Capitals

107.0

114.3

7.3

Total equity and liabilities

287.4

356.8

69.4

OthersCopyright © ARE Holdings, Inc. All rights reserved.

The greater part of the balance and changes are receivables that constituteborrowings to match metal procurement in North American business.

The majority of inventory balances and changes in inventories are linked tomaterials, works in process and products that contain precious metals in the
3.2 precious metals recycling business. Risks associated with price fluctuations andquality deterioration are limited because in principle, precious metals prices arehedged at the time of purchase.

Inventories

Non-current assets

Remarks

１０ Cash Flow
Unit：billion yen
Q1
FY2024.3
Operating CF

Changes ininventories

Changes in tradeand otherreceivables

Changes in tradeand other payables

OthersInvestment CF
Financing CF

Remarks

3.0
The greater part of the changes is the collected raw materials that containprecious materials, works-in-progress and finished products in precious metalｓ
recycling business. Risks associated with price fluctuations and quality(3.2)
deterioration remain limited because raw materials are purchased after the
precious metal content is analyzed and in principle,the precious metalｓ prices
are hedged on the futures market at the time of the purchase.
Of the increase/decrease amount, (41.4) billion yen reflects theincrease/decrease in receivables commensurate with borrowings for advancedelivery transactions, etc. in the North American business. Risks associated with
(32.6) price fluctuations and bad debts are extremely limited because bullion for
Advance Trading in North American business is procured through borrowing
after receiving raw materials and precious metal prices are hedged according to
the repayment date.
Of the increase/decrease amount, 35.7 billion yen reflects theincrease/decrease in borrowings for Advance Trading in the North American
34.9 business. Of the increase/decrease amount in borrowings for Advance Trading in
the North American business is shown not as CF from financing activities but asincrease/decrease in trade receivables in CF from operating activities.
3.9(12.1) Payments for loans receivable 13.3 billion yen
10.2

Changes in loans
and bonds

13.7

Dividends(3.4)

Others(0.1)

Effect of exchange ratechange on cash and cash
equivalents(2.0)

Changes in cash deposits(0.9)

Copyright © ARE Holdings, Inc. All rights reserved.

１１ Sound Financial Base
EquityRatio
自己資本比率Financial Position[Unit: : billion yen]•••

June 30, 2023

Excluding North
America businessCurrent
Assets

300.1

98.5

Noncurrent
assets

56.7

56.7

Total
Assets

356.8

155.2

Liabilities

242.5

40.9

Capitals

114.3

114.3

Total
equity andliabilities

356.8

155.2

32.0%
June 30.2023

loan for “AdvanceTrading

Excluding North
America business

7３．6%

Enabling large-scale funding for the finance services with competitive interest rates.
Advance trading is tied to refining contract.
In general, rising interest will not affect the profitability of the North American business.

Copyright © ARE Holdings, Inc. All rights reserved.

１2 Shareholder Return Policy
Basic Policy：We will strive to consistently pay dividends without decreasing theannual dividend level from the current level. Moreover, we aim to maintain adividend payout ratio of 40%, while retaining sufficient internal reserves forcapital investment and M&A for future growth.
Unit：Yen

Interim dividend
Year-end dividend

90

90

90

45

45

45

40

45

45

45

FY2021.3

FY2022.3

FY2023.3

FY2024.3(Plan)

85

65

60

45

30

35

30

30

FY2019.3

FY2020.3

Earnings per
share(yen)114.07125.12326.90238.11141.19172.23

Dividend
payoutratio(%)

52.6

52.0

26.0

37.8

63.7

52.3

※1:2 stock split was implemented on April 1, 2021, and dividends per share and earnings per share until
FY2021/3 are calculated based the post-split basis
Copyright © ARE Holdings, Inc. All rights reserved.

13 Progress of Capital Investment
Investment purposes: Business expansion, margin improvement
Total amount of investment in Mid-term business plan: ¥22.7 bn

Bando Plant

North American Refining
Business・Launching warehouse business& strengthening existing
equipment

・Largest state-of-the-art
precious metals recycling plantin Asia

New incinerator in Yokohama・Large incinerator in easternJapan

Unit: billion yen

FY2022.3

FY2023.3

FY2024.3

Results

Results

Plan

Precious Metals

7.7

4.5

10.4

Domestic

4.0

2.5

5.7

Overseas

3.6

2.0

4.6

Environmental
Preservation

0.7

0.5

2.1

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１4 Expansion of Bando Plant•

To centralize the factory for catalyst sector from Ehime to Bando, the expansionof Bando Plant (The second phase) is on the plan and the operation is supposed
to start in April, 2025. At the same time, further expansion of processing facility
in electronics sector is on the plan.

Rendering photo for completed Bando Plant (the second phase)

Copyright © ARE Holdings, Inc. All rights reserved.

15 Governance••Continue building a progressive structure with the ratio of outside directors at
2/3 and the ratio of female directors at 1/3.
When replacing directors, an M&A specialist and an expert on intellectual
property rights were invited as outside directors.

Ratio of female directors: over 30%

Ratio of outside directors
Outside Directors
社外取締役
Internal Directors
社内取締役

2 women

4 men

●

●

M＆A

properties

Intellectual●

Finance/●accounting

Legal affairs

experience

Government

Technology/
innovation

Sales

(New)

experience

Yuki Tsuru

International(New)

Industry

Copyright © ARE Holdings, Inc. All rights reserved.

Akinori
Yamamotoknowledge

Director/
Audit &
Supervisory
Committee
member(Outside/independent)
Director/
Audit &
Supervisory
Committee
member(Outside/independent)

Namegeneral

Title

Management in

67%

●

●

１6 Renaming to ＡＲＥ Holdings, Inc.
••

The company was renamed as ARE Holdings, Inc. as of July 1, 2023.
ARE stands for “Asahi, Resources, Environment,” showing our commitment toprotecting nature and resources.

ARE stands for:

Asahi
Resources
Environment
ARE's role
ARE will engage in two businesses: precious
metals business to reduce environmental
impacts, and environmental preservation
business to recycle resources and energy.
We will demonstrate our role and significanceinside and outside the company and we will
strive to achieve financial values and to solve
social issues through company name change.

Copyright © ARE Holdings, Inc. All rights reserved.

I.

Financial Results for Q1 FY2024.3(April 1, 2023 ～ June 30, 2023)

II.

Appendix

Copyright © ARE Holdings, Inc. All rights reserved.

Ref

Precious Metals Recycling Business： Growth
Drive-New Field, Geographic Expansion
Expansion to new field withtechnical innovation (2021 ～)Production ofpharmaceuticalmarketSoutheast Asia
Business Expansion

EV-Field

2006

E-Scrap

Korea

2011

1994

2011

Precision
Cleaning

Malaysia
1986

Jewelry
Au,Pt
1986
1982

Plating
Treatment

Dentistry
Copyright © ARE Holdings, Inc. All rights reserved.

Catalyst

2003■Business Strategy of Precious Metals
Recycling
Secure collection volume through expanding
into areas where market growth is expectedto accompany technological innovation.

Ref

New Recycling Market

Solving social challenges leads to the creation of a new recycling
6,000
market and business opportunities for Asahi Holdings
5,000Electric vehicle

Gasoline (diesel) car

4,000

With the shift to electricity as a source of power(incl. HV/FCV), computerization of driving, stopping
and turning progresses at the same time, increasing
production of controlling/sensor devices using alarge amount of precious metals

3,000

2,000

1,000

28%

28%

29%

29%

32%

34%

36%

38%

40%

42%

44%

46%

48%

51%

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

0
(1,000units)

Source: Estimates by Asahi Holdings based on data provided by the Japan Automobile Dealers Association50

遺伝子細胞治療薬
Gene and cell
medications

40

Conventional bio従来型バイオ医薬品
pharmaceuticals

Synthetic drugs
合成医薬品

30
20
10

The global pharmaceutical market continues uninterrupted growth; palladium catalysts play
an important role in soliciting chemical reactions in the pharmaceutical production process0(billion US
dollar)2016 2017年
2017 2018年
2018 2019年
2019 2020年
2020 2021年
2021 2022年
2022 2023年
2023 2024年
2024 2025年
2025 2026年
2026
2016年
Source: Estimates by ARE Holdings based on data provided by EvaluatePharma®

Copyright © ARE Holdings, Inc. All rights reserved.

RefNorth American Refining Business：
Expanding Value Added Services

Strengthen finance business・Trading
・Precious metals warehousing
・Loan, structured finance(e.g., support for environmental
measures in South Americanmines)
Downstream development
・Minting, products“American Reserve”
Our mega hit product in
the US mining/refining
field.

Increase jewelry industry clients(Procure materials withawareness of human rights andenvironment)
・ Green Gold

Refining
FY 2015年(When acquired)
Copyright © ARE Holdings, Inc. All rights reserved.

FY2022～Loan
Structured
finance

Precious
metalwarehouse

TradingCore:
RefiningGreen Gold

Mining/products

Ref COMEX Certified Precious Metals Warehousing•••

Strengthen the business model of refining, gold and futures transaction byearning the storage fee while utilizing refining, product processing, and futures
trading.
Purchased the land and property in NYC, and set up the special storage for
precious metals.
In early May, got certified by New York commodity exchange (COMEX), andstarted operating COMEX certified precious metals storage business.

①Produce & install bar
certified by the New York
Commodity Exchange③Monthly payment
for storage fee

COMEX certified warehouse in New York

Asahi
Refining

Owners ofgold and silver②Deliver Gold and Silver through future trading in New York
Commodity Exchange
Copyright © ARE Holdings, Inc. All rights reserved.

Ref

•
•

Environmental Preservation Business：
Capital Investment
Continuous capital investment is necessary for business expansion.
Expand processing capacity through planned capital investment.
Unit: billion yen

Hibiki Plant

Completion: October
2021
Investment amount :approx. 1.7

Completion: October 2025
Investment amount: approx.
6.0

Yokohama Plant

2025
Scheduledcompletion

Shinmoji Plant

Taniyama Rinkai
Plant

Completion: October 2020
Investment amount:approx.4.0

Copyright © ARE Holdings, Inc. All rights reserved.

Completion: April 2018
Investment amount :approx.1.8

27

Ref

•
•

Digital Transformation Business of Waste Treatment
Contribute to the building of a low-carbon, sustainable society throughdigitalization of industrial waste from discharge to treatment and reduction ofenvironmental impact.
A major version upgrade as “DXE Station” was conducted in April 2023. This
upgrade includes a service for disposal companies and has dramaticallystreamlined a series of industrial waste processing operations from manifests tosales invoices.

2025年～

June 2022～
Phase01
Launch DXE Service
The business efficiency of collection andtransportation providers is improved withuse of electronic manifests and ordermanagement functions using SaaS.
Electronic manifests
Alternative to vouchers
Automatic generation ofelectronic manifests

April 2023〜

Phase03
Contribution to CO2 emissions
reductions

Phase02
Release DXE Station

Contribute to carbon neutrality through automatic
calculation of CO2 emissions.

All waste management companies are connectedseamlessly from collection management todelivery management.
Discharge,collection anddisposal workflow

Compliance checkwith electronic
contracts

Sales and billing
management

Electronic manifests
Alternative to vouchers

Automatic generationof electronic manifests

Interface with vehicle
dispatch and driver
appsInterface with vehicle dispatch
and driver apps

Calculation of CO2 emissions

Business rating &matching

Measures on carbon
credits

Discharge,collection anddisposal workflow

Compliance checkwith electronic
contracts

Sales and billing
management

Electronic manifests
Alternative to vouchers

Automatic generationof electronic manifests

Interface with vehicle
dispatch and driverapps

28
Copyright © ARE Holdings, Inc. All rights reserved.

Ref

Selected as a Constituent of Index• JPX-NIKKEI 400
We have been included in the JPX Nikkei Index 400 for three consecutive years. The
index consists of companies that are highly appealing to investors and that meet therequirements of global investment standards, such as efficient use of capital andmanagement perspectives that are conscious of investors.

• FTSE Blossom Japan Sector Relative Index
We have been included in the FTSE Blossom Japan Sector Relative Index (one of the
GPIF's benchmarks), which reflects the performance of Japanese companies that
demonstrate strong environmental, social, and governance (ESG) practices in theirrespective sectors, and is designed to be sector-neutral.

29
Copyright © ARE Holdings, Inc. All rights reserved.

ESG Initiatives

Ref
•
•
•
•
•

Our business strategy is tied with carbon neutral strategy.
TCFD compliant disclosures, achieve Score “B” in CDP climate change
Scope 1.2.3 CO₂ emission in FY2022 is scheduled to be verified by thethird party.
Introduced three-day weekend option and recognized as a CertifiedHealth ＆ Productivity Management Outstanding Organization for the 4th
consecutive year.
Introduced a stock compensation plan for managements that uses TSR as
an indicator in FY2024.3.

External evaluations*

Inclusion in ESG– related Indexes

Score

B
*Based on external evaluations in FY2022
30
Copyright © ARE Holdings, Inc. All rights reserved.

Ref

•
•
•

Climate Change Countermeasures

Energy-derived CO₂emissions in FY2023.3 is (27%) compared to the base year.
Scope1 has 92Kt CO₂, Scope 2 has14Kt CO₂, and Scope 3 has 131Kt CO₂ （plan to
conduct the third party verification).
Our response status based on the TCFD recommendations are in the following chart.
Recommended
Disclosures

Governance

Situation of efforts / Action policy• Deliberating on climate change issues at the management level of the
Sustainability Committee, which is chaired by the CEO, and which consists ofpresidents from the operating companies, top managements of Technical Unit,
and Administration Unit.
• Building a system to supervise the matters discussed by the Sustainability
Committee under the Board of Directors.

Strategy• Conducting scenario analysis of risks and opportunities related to short-,
medium-, and long-term climate change at 4℃ and 1.5℃.
• Setting “Reduction of CO₂emissions” as one of our business materiality themes.

• Reporting the progress of measures on risks and targets extracted scenario
analysis, etc. to the Sustainability Committee and the Board of Directors on a
Risk Management
regular basis.
• By２０３０、reduce energy-derived CO₂ emissions by 50% as compared to FY2015(FY2022 actual was 27% reduction).
Metrics andTargets• In addition, aim for achieving 2050 Carbon Neutral (both Scope 1 & Scope 2)• In FY2023, emission in Scope 92Kt CO₂, 14KtCO₂ in Scope 2 and 131Kt CO₂ in
Scope 3.

Ref

2050 Carbon Neutrality•

In December, 2021, we made the declaration of achieving Carbon Neutrality
by 2050. As an intermediate goal, by 2030, plan to achieve 50% reduction (vs.
FY 2015) of energy-derived CO₂ emissions.

•

The status of the plan for reducing CO₂ emissions by 2030 is as follows. CO₂
emission reduction is progressing beyond the initial plan.
Plan to reduce energy-derived CO₂ emissions)※Emission amount of JW Glass Recycling which was sold off in 2022 was recorded retroactively by including theactuals in basic fiscal year and FY2022.3
The above CO₂ emissions reduction plan was created in June, 2021.

Ref
•

•
•

Climate Change Initiatives

Asahi Pretec Corp. has proposed the “Development of a system for building a greenhydrogen supply chain through effective use of by-products ”jointly with its
partners for the “2021 Low Carbon Technology Research, Development and
Demonstration Program,” which was publicly known by Ministry of the Environment
and this system has been selected for a partially subsidized project.
The introduction of a hydrogen generator at the Kitakyushu Plant completed in
December 2022 and technical demonstration testing finished in March 2023.
Aiming to create a hydrogen supply chain and selling by-products.
Securing business performance by sellingby-products and contributing to making
hydrogen widely available.

Reduce CO2
Regional cooperation
Enhanced resilience

By-products

Power

Hydrogen
Waste-to-energy(Not used, stable
power source)

Scope of the demonstration H2Oof the selected project

H2

Heat

Fuel cells, etc.,
Develop and launch new
Environmental Preservation System =Carbon Neutral Strategy

Ref Trend in Precious Metals Prices (Gold, Palladium)Au
FY2023.3

FY2024.3

Pd
FY2023.3

Copyright © ARE Holdings, Inc. All rights reserved.

FY2024.3

Ref Trend in Precious Metals Prices (Platinum),Mid-term Average Price
FY2023.3

FY2024.3

Unit：Yen

Precious
Metal
PricesQ1

Q1

FY2023/3

FY2024/3(per gram) Average pricefor theperiodAverage pricefor theperiodChange

Gold

7,832

8,750

918

Palladium

8,950

6,463

△ 2,487

Platinum

4,087

4,610

523

Copyright © ARE Holdings, Inc. All rights reserved.

◆Reference
Gold…Quote from mining company
Palladium …Nikkei low price
Platinum …retail price(exclude tax)（¥/g）