August 8, 2024

Consolidated Financial Report for the Three Months Ended June 30, 2024
TOYOBO Co., Ltd.

URL

https://ir.toyobo.co.jp/en/ir.html

Stock Code: 3101 (Prime Market, Tokyo Stock Exchange)
Representative: Ikuo Takeuchi, President & Representative Director
Contact Person: Sonoko Ishimaru, Executive Officer, General Manager, Corporate Communication Department
TEL: +81-6-6348-3044(Figures are rounded to the nearest million yen.)

1. Consolidated Business Performance(1) Consolidated Operating Results
Three months ended June 30

Percentages indicate year-on-year increase/ (decrease)

Net sales

Operating profit

Profit attributable toowners of parent

Ordinary profit

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

%

2024

105,175

8.4

3,089

―

2,015

―

784

―

2023

97,058

(3.9)

(85)

―

(317)

―

(508)

―

(Note) Comprehensive Income:Three months ended June 30, 2024: ¥4,472 million 90.8%
Three months ended June 30, 2023: ¥2,344 million (78.7%)

Net profit per
share

Net profit per shareafter dilution

Yen

Yen

2024

8.90

―

2023

(5.77)―(2) Consolidated Financial Position
Total assets

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

June 30, 2024

611,540

230,78932.1

2,226.07

March 31, 2024

606,990230,08732.5

2,236.50(Reference) Total shareholders’ equity: June 30, 2024: ¥196,108 million, March 31, 2024: ¥197,033 million

2. Dividends
Years ended/ending March 31
Dividends per share
Record date

1st Quarter

2nd Quarter

3rd Quarter

Yearend

Total

Yen

Yen

Yen

Yen

Yen

2024

―

2025

―

2025
(Forecast)

0.00

―

40.00

40.00

0.00

―

40.00

40.00

(Note) Revision of dividends forecast for this period: None1

3. Forecasts for Fiscal Year Ending March 31, 2025
Percentages indicate year-on-year increase/ (decrease)

Net sales
Millions of yen

Fiscal year

Operating profit%

435,000

Millions of yen

5.0

Fiscal year

Millions of yen

89.0

11,500%65.2

Net profit per share
%

2,600

%

17,000

Profit attributable toowners of parent
Millions of yen

Ordinary profit

Yen

5.9

29.51

(Note) Revision of earnings forecast for this period: None

4. Other
1. Significant changes in the scope of consolidation during the subject fiscal year: None
1) New company: None2) Excluded company: None2. Adoption of simplified and special accounting methods: None
3. Changes from accounting methods, procedures and the presentation of the consolidated financial
statements:
1) Changes based on revision of accounting standards: None2) Changes other than 1) above: None3) Changes due to accounting estimation change: None4) Error correction: None4. Number of shares issued and outstanding (common stock):1) Number of shares outstanding (including treasury stock):
June 30, 2024: 89,048,792 shares

March 31, 2024: 89,048,792 shares

2) Number of treasury stock:June 30, 2024: 952,606 shares

March 31, 2024: 949,992 shares

3) Average number of shares outstanding for each period (cumulative term):
Three months ended June 30, 2024: 88,096,862 shares
Three months ended June 30, 2023: 88,089,714 shares* Review of the Japanese-language originals of the attached quarterly consolidated financial statements bycertified public accountants or an audit corporation: None
* Explanation regarding the appropriate use of forecasts of business results
The forward-looking statements made in this document, including the aforementioned forecasts, arebased on all information available to the management at the time of this document's release. Actual
results may differ from the results anticipated in the statements.
(How to obtain supplementary document on earnings)
The supplementary document on earnings is disclosed on the same day as the Quarterly Financial
Results report, and it is made available on the Company’s website.

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1. Qualitative Information and Financial Statements(1) Qualitative Information on Consolidated Results
The business environment surrounding the Toyobo Group (hereinafter “the Group”) in the threemonths ended June 30, 2024 saw steady economic activity supported by robust consumer
spending, amid the unchanged policy interest rate in the United States. However, in China, theeconomy slowed due to the prolonged real estate recession and weak consumption. In Japan, theeconomy has recovered moderately due to increased inbound tourism demand and expansion ofcapital investment. There is concern over the impact on economic activity from the effects of raw
material and fuel prices remaining high, the prolonged slowdown in the Chinese economy and thedelayed interest rate cuts in the United States.
Under this business environment, a full-fledged recovery in demand for mold releasing film for
multilayer ceramic capacitors (MLCC) and packaging film failed to materialize despite themoderate recovery in cargo movement. On the other hand, polarizer protective films for LCDs
“COSMOSHINE SRF” and volatile organic compound (VOC) recovery equipment used in the
manufacturing process for lithium-ion battery separators remained steady.
As a result, net sales in the three months ended June 30, 2024 increased ¥8.1 billion (8.4%) fromthe same period of the previous fiscal year to ¥105.2 billion, operating profit was ¥3.1 billion(compared with operating loss of ¥0.1 billion for the same period of the previous fiscal year),ordinary profit was ¥2.0 billion (compared with ordinary loss of ¥0.3 billion for the same period of
the previous fiscal year), profit attributable to owners of parent was ¥0.8 billion (compared withloss of attributable to owners parent of ¥0.5 billion for the previous fiscal year).
Results by business segment were as follows:
Films
In the packaging film business, adjustments of inventories on the market came to an end andthere was a moderate recovery in cargo movement, but higher costs had an impact.
In the industrial film business, sales of mold releasing film for MLCC were sluggish as afull-fledged recovery in demand failed to materialize despite the end of inventory adjustments
throughout the supply chain. Sales of polarizer protective films for LCDs “COSMOSHINE SRF”
were steady, driven by strong demand.
As a result, sales in this segment increased ¥3.1 billion (8.0%) from the same period of theprevious fiscal year to ¥42.1 billion, and operating profit increased ¥0.3 billion (21.2%) to ¥1.5
billion.
Life Science
In the biotechnology business, sales of enzymes for diagnostic reagents remained steady,particularly to the United States and Europe, but expenses associated with the expansion of
production capacity increased.
In the medical materials business, demand for artificial kidney hollow fiber trended strong, but
expenses to launch an integrated production plant increased.
In the contract manufacturing business of pharmaceuticals, profitability improved as a result of thelifting of the Warning Letter by the FDA.
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As a result, sales in this segment decreased ¥0.1 billion (0.8%) from the same period of theprevious fiscal year to ¥8.1 billion, and operating profit decreased ¥1.0 billion (72.2%) to ¥0.4
billion.
Environmental and Functional Materials
In the resin and chemical business, sales of engineering plastics increased for automotive use for
the North America. Sales of photo functional materials for water-wash photosensitive printing
plates were strong for China and Europe.
In the environment and fiber business, environmental solutions sales of VOC recovery equipmentused in the manufacturing process for lithium-ion battery separators significantly increased. Inhigh performance fibers, demand for “Tsunooga,” used in cut resistant gloves recovered. In
nonwoven materials, demand for automotive use recovered.
As a result, sales in this segment increased ¥3.1 billion (12.3%) from the same period of theprevious fiscal year to ¥28.1 billion, and operating profit of ¥1.3 billion (compared with operating
loss of ¥0.7 billion for the same period of the previous fiscal year).
Functional Textiles and Trading
In the textile business, sales of traditional Arabic fabric grew due to steady demand. In addition,
profitability improved as a result of reforms of business structure such as the consolidation of
production bases in Japan.
In the airbag fabric business, profitability improved as product price revisions proceeded.
As a result, sales in this segment increased ¥1.9 billion (8.5%) from the same period of theprevious fiscal year to ¥24.0 billion, and operating profit of ¥0.2 billion (compared with operating
loss of ¥0.7 billion for the same period of the previous fiscal year).
Real Estate and Other Businesses
This segment includes infrastructure-related businesses such as real estate, engineering,
information processing services, and logistics services. Results in these businesses weregenerally in line with plans.
As a result, sales in this segment increased ¥0.1 billion (3.4%) from the same period of theprevious fiscal year to ¥2.9 billion, and operating profit increased ¥0.1 billion (21.2%) to ¥0.5
billion.
(2) Analysis of Financial Position
Total assets increased ¥4.6 billion (0.7%) from the end of the previous fiscal year to ¥611.5 billion.
This was mainly due to an increase in property, plant and equipment due to capital investment,
despite a decrease in cash and deposits, notes and accounts receivable - trade.
Total liabilities increased ¥3.8 billion (1.0%) from the end of the previous fiscal year to ¥380.8
billion. This was mainly due to an increase in borrowings, despite a decrease in notes andaccounts payable - trade.
Net assets increased ¥0.7 billion (0.3%) from the end of the previous fiscal year to ¥230.8 billion.
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This was mainly due to an increase in foreign currency translation adjustment and non-controllinginterests, despite a decrease in retained earnings due to dividends paid and other factors.
(3) Forecast for Fiscal 2024 (Ending March 31, 2025)
The performance of the Group in the three months ended June 30, 2024 was generally as
forecast. Regarding the consolidated earnings forecast for fiscal year ending March 31, 2025, nochanges have been made in the outlook announced on May 13, 2024.

52. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)Previous Fiscal Year(As of March 31, 2024)
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Contract assets
Electronically recorded monetary claims operating
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
Machinery, equipment and vehicles, net
LandConstruction in progress
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

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Current First Quarter(As of June 30, 2024)

33,79687,743140

31,81284,454234

14,921

15,537

69,996
20,566
31,421
15,488(337)
273,733

66,93921,29932,804
15,457(393)
268,144

64,57559,85591,04953,025
12,972
281,475
4,670

72,76965,40490,98747,40813,864
290,432
4,808

48,380(1,268)47,112
333,257
606,990

48,252(96)
48,157343,396
611,540

(Millions of yen)Previous Fiscal Year(As of March 31, 2024)
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Current portion of bonds payable
Current portion of long-term borrowings
Provisions
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Deferred tax liabilities for land revaluation
Provision for retirement benefits for directors(and other officers)
Provision for environmental measures
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets

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Current First Quarter(As of June 30, 2024)

49,782
4,229
68,38515,00013,0695,308
28,375
184,148

43,436
4,775
74,765－
16,8172,983
44,873
187,649

60,00085,637
18,76260,00086,56518,762

274

188

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15,901
12,171
192,755
376,90311
15,918
11,658
193,103
380,751

51,73033,18770,315(1,006)
154,227

51,73032,501
67,610(1,006)150,836

1,801

2,073

(1)
40,603
(548)
951

13
40,6031,570
1,014

42,80645,272

33,054230,087
606,990

34,681
230,789
611,540

(2) Consolidated Statements of Income andConsolidated Statements of Comprehensive Income(Millions of yen)(Consolidated Statements of Income)Previous First Quarter(From April 1, 2023
To June 30, 2023)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit (loss)
Non-operating income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit (loss)
Extraordinary income
Gain on sale of shares of subsidiaries andassociates
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on disposal of non-current assets
Loss on change in equity
Total extraordinary losses
Profit (loss) before income taxes
Income taxes
Profit (loss)
Profit (loss) attributable to non-controlling interests
Profit (loss) attributable to owners of parent

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Current First Quarter(From April 1, 2024
To June 30, 2024)

97,05877,991
19,06619,151(85)

105,175
82,08223,09320,004
3,089

1,102
339
1,441

444
592
1,036

302
1,370
1,673
(317)

429
1,681
2,110
2,015

－

360

－
－

2
362

314
212
526
(843)
271
(1,114)
(606)
(508)

295
－
295
2,082
467
1,614
831
784

(Millions of yen)(Consolidated Statements ofComprehensive Income)Previous First Quarter(From April 1, 2023
To June 30, 2023)

Profit (loss)
Other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net oftax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable tonon-controlling interests

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Current First Quarter(From April 1, 2024
To June 30, 2024)(1,114)

1,614

243

270

109
2,891

(6)
2,235

134

63

80

297

3,458
2,344

2,858
4,472

2,627

3,297

(283)

1,176

(3) Notes to Consolidated Financial Statements(Segment Information)(ⅰ) Previous First Quarter (From April 1, 2023 to June 30, 2023)(Millions of yen)Segment to Be Reported
Adjustment(Note 2)

Consolidated
Statements ofIncome(Note 3)

97,058―97,058

4,538

7,872

(7,872)―

98,627

6,303

104,930(7,872)

97,058

1,640

(37)

1,603

(1,688)

(85)

Other
Businesses(Note 1)

Life
Science

Environmental
andFunctional
Materials

Functional
TextilesandTrading

38,983

8,145

24,97722,154

1,034

95,293

1,765

551

2

2,287

229

266

3,334

Total

39,534

8,147

27,264

22,383

1,299

Segment profit(loss)

1,241

1,353

(662)

(728)

437

Films

Net sales(1) Outside
customers(2) Inter-segment
sales andtransfers

Real
Estate

Total

Total

Note:
1. Other includes design and construction of buildings, equipment, etc., information services, logistics
services and other items.
2. Segment profit or loss adjustment of ¥ (1,688) million includes eliminations of intersegment transactionsof ¥ (632) million and companywide expenses that are not allocated across reporting segments of¥ (1,056) million. The principal components of companywide expenses are those related to basic
research and development.
3. Segment profit or loss has been adjusted with operating loss on the consolidated financial statements.

(ⅱ) Current First Quarter (From April 1, 2024 to June 30, 2024)(Millions of yen)Segment to Be Reported
Adjustment(Note 5)

Consolidated
Statements ofIncome(Note 6)105,175―

105,175

2,405

5,550

(5,550)―106,483

4,242

110,725(5,550)105,175

3,829

6

3,835

(746)

3,089

Other
Businesses(Note 4)

Life
Science

Environmental
andFunctional
Materials

Functional
TextilesandTrading

42,1048,080

28,05724,041

1,056

103,338

1,837

518

5

2,009

313

300

3,145

Total

42,622

8,085

30,06524,355

1,356

Segment profit

1,504

375

1,273

199

478

Films

Net sales(1) Outside
customers(2) Inter-segment
sales andtransfers

Real
Estate

Total

Total

Note:
4. Other includes design and construction of buildings, equipment, etc., information services, logistics
services and other items.
5. Segment profit or loss adjustment of ¥ (746) million includes eliminations of intersegment transactions of¥ 234 million and companywide expenses that are not allocated across reporting segments of ¥ (981)
million. The principal components of companywide expenses are those related to basic research anddevelopment.
6. Segment profit has been adjusted with operating profit on the consolidated financial statements.
10(Notes on Significant Changes in Shareholders’ Equity)
Not applicable(Notes to Going Concern)
Not applicable(Notes to quarterly consolidated statements of cash flows)
Quarterly consolidated statements of cash flows for the three months ended June 30, 2024 are
not prepared. Depreciation (including amortization related to intangible assets excluding goodwill)of the three months ended June 30, 2024 are as follows.
(Millions of yen)Previous First Quarter
Current First Quarter(From April 1, 2023
(From April 1, 2024
To June 30, 2023)
To June 30, 2024)
Depreciation
4,514
5,601

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