Summary of Consolidated Financial Results
for the Nine Months Ended December 31, 2023
(Based on Japanese GAAP)
February 8, 2024
Company Name:
Arisawa Mfg. Co., Ltd.
Stock code:
5208
Representative:
Representative Director and CEO:Inquiries:
Director and Senior Managing Operating Officer:
Scheduled date to file quarterly securities report:
Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results:
Holding of quarterly financial results briefing:

Stock exchange listing: Tokyo(URL https://www.arisawa.co.jp/)
Yuta Arisawa
Takeshi Masuda
Telephone: 025-524-7101
February 14, 2024
--Yes
None
(Amounts less than one million yen are rounded down)

1.

Consolidated financial results for the nine months ended December 31, 2023
(from April 1, 2023 to December 31, 2023)(1) Consolidated Operating Results (Cumulative)(Percentages indicate year-on-year changes)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Nine months ended
Millions of yen%
Millions of yen%
Millions of yen%
Millions of yen%
December 31, 2023
30,859 △8.0
648 △69.7
718 △73.5
981 △63.1
December 31, 2022
2,705 △14.3
2,661 △10.4
33,543
2.7
2,137 △23.8(Note)
Comprehensive income:For the nine months ended December 31, 2023: 2,062 million yen (△34.2%)
For the nine months ended December 31, 2022: 3,133 million yen (32.8%)
Earnings per share
Nine months ended
December 31, 2023
December 31, 2022

Diluted earnings per share

Yen
29.64
80.52

Yen
29.62
80.33

(2) Consolidated financial position
Total assets
As ofDecember 31, 2023
March 31, 2023
(Reference) Total equity:2.

Net assets

Equity ratio

Millions of yen
Millions of yen
45,55969,04667,65947,107
As of December 31, 2023: 45,529 million yen
As of March 31, 2023:
47,056 million yen

Net asset per share
%
65.9
69.5

Yen
1,373.98
1,422.43

Cash dividends
Annual dividendstnd

End of 1 quarterEnd of 3rd quarterEnd of 2 quarter

Yen
-----

Yen
0.00
20.00

Yen
-----

Year ended March 31, 2023
Year ending March 31, 2024
Year ending March 31, 2024
(Forecast)(Note) Revisions to the forecast of cash dividends most recently announced: None3.

End of year

Annual

Yen
90.00

Yen
90.00

25.00

45.00

Forecast of consolidated financial results for the year ending March 31, 2024
(from April 1, 2023 to March 31, 2024)(Percentages indicate year-on-year changes)
Net sales

Full-Year

Millions of yen
42,600Operating profit%△0.3

Millions of yen
1,250

%
△43.9

Ordinary profit
Millions of yen
1,250(Note) Revisions to the forecast of consolidated financial results most recently announced: None

%
△54.0

Profit attributable toowners of the parent
Millions of yen
1,350

%
△52.7

Earnings
per share
Yen
40.77

* Notes(1 ) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the changes inscope of consolidation): None
Newly included: --- (Company Name:)
Excluded: --(Company Name:)(2) Application of special accounting methods for preparing quarterly consolidated financial statements: Yes(3) Changes in accounting policies, changes in accounting estimates, and restatement
1) Changes in accounting policies due to revisions to accounting standards and other regulations: None
2) Changes in accounting policies due to other reasons: None
3) Changes in accounting estimates: None
4) Restatement: None
(4) Number of issued shares (common shares)
1) Total number of issued shares at the endof the period (including treasury shares):
2) Number of treasury shares at the end of
the period:3) Average number of shares outstanding
during the period (cumulative from the
beginning of the fiscal year):(Note)

As of December 31,
2023:

33,550,424 shares

As of March 31,
2023:

33,541,124 shares

As of December 31,
2023:

413,507 shares

As of March 31,
2023:

459,279 shares

Nine months ended
December 31, 2023:

33,115,378 shares

Nine months ended
33,051,977 shares
December 31, 2022:

The shares of the Company (82,600 shares in 3Q of the year ended March 31, 2024 and 87,100 shares in the year ended March 31,2023) held by Custody Bank of Japan, Ltd. (Trust Account) as the trust assets of the “Employee Stock Ownership Plan” are includedin the number of treasury shares at the end of the period.
The shares of the Company held by Custody Bank of Japan, Ltd. (Trust Account) are included in the treasury shares to be deductedin calculation of the average number of shares during the year (83,867 shares in 3Q of the year ended March 31, 2024 and 88,216
shares in 3Q of the year ended March 31, 2023).

* Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an
audit corporation.
* Proper use of earnings forecasts, and other special matters
Descriptions and statements concerning estimates and forecasts in this material are based on information currently
available to the Company and certain assumptions judged by the Company to be reasonable. Various factors could cause
actual results to differ materially from these projections.

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Nine Months Ended December 31, 2023

Contents of Attached Materials
1. Qualitative Information Concerning Current Quarterly Closing Announcement(1) Explanation about Operating Results(2) Explanation about Financial Position(3) Explanation about Future Forecast Information,
including Forecast of Consolidated Business Results
2. Quarterly Consolidated Financial Statements and Major Notes(1) Quarterly Consolidated Balance Sheet(2) Quarterly Consolidated Statements of Income
and Quarterly Consolidated Statements of Comprehensive Income
Quarterly Consolidated Statements of Income
Consolidated Cumulative Third Quarter
Quarterly Consolidated Statement of Comprehensive Income
Consolidated Cumulative Third Quarter(3) Notes to Quarterly Consolidated Financial Statements(Notes on Going Concern Assumption)(Notes in the Case of Significant Changes in Shareholders’ Equity)(Application of Special Accounting Methods
for Preparing Quarterly Consolidated Financial Statements)(Segment Information, etc.)(Significant Subsequent Events)

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Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Nine Months Ended December 31, 2023

1. Qualitative Information Concerning Current Quarterly Closing Announcement(1) Explanation about Operating Results
As for the Japanese economy in the current consolidated cumulative third quarter, the economy remainedon a moderate recovery trend as socioeconomic activities had normalized since the coronavirus pandemic.
Meanwhile, there is still an uncertain outlook for the economy due to the continued price increases,
prolonged Ukrainian crisis, the instability in Middle East, the impact of global monetary tightening, andthe economic downturn in China, etc.
Under such circumstances, the operating results of our group for the current consolidated cumulative
third quarter showed net sales of 30,859 million yen (a decrease of 8.0% year-on-year) due to a decreasein demand in the Chinese market for the electronic materials which is the main business field of our group
despite an increase in sales of industrial application structural materials. The results in terms of profit andloss are as follows: an operating profit was 648 million yen (a decrease of 69.7% year-on year); an ordinary
profit was 718 million yen (a decrease of 73.5% year-on year); and a profit attributable to owners of parent
was 981 million yen (a decrease of 63.1% year-on year).
Operating results with respect to each segment are as follows.
(Electronic materials)
Net sales were 18,402 million yen (a decrease of 14.6% year-on-year) due to a decrease in sales of flexible
printed circuit board materials and glass cloth for printed circuit board, while the segment profit was 7
million yen (a decrease of 99.4% year-on-year) caused by the impact from a decrease in production in
response to a decrease in demand.
(Industrial application structural materials)
Net sales were 7,672 million yen (an increase of 16.1% year-on-year) due to an increase in sales of FRP
vessels for water purification and honey-comb panel for aircraft, while the segment profit was 889 million
yen (a decrease of 13.7% year-on-year) due to a change in product mix.
(Electric insulation materials)
Net sales were 1,894 million yen (a decrease of 2.1% year-on-year) due to a decrease in infrastructurerelated sales, while the segment profit was 211 million yen (an increase of 70.6% year-on-year).
(Display materials)
Net sales were 2,625 million yen (a decrease of 18.3% year-on-year) due to a decrease in sales of 3Drelated materials and polarization control optical components, while the segment profit was 652 million
yen (a decrease of 14.9% year-on-year).
(Other)Net sales were 264 million yen (an increase of 12.5% year-on-year).

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Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Nine Months Ended December 31, 2023

(2) Explanation about Financial Position
Total assets as of the end of the current consolidated cumulative third quarter were 69,046 million yen,
an increase of 1,386 million yen compared with the end of the previous fiscal year. This was largely due
to an increase of 2,985 million yen in notes and accounts receivable - trade, and contract assets, an increaseof 1,316 million yen in property, plant and equipment, a decrease of 1,665 million yen in cash and deposits,a decrease of 993 million yen in merchandise and finished goods, and a decrease of 453 million yen in
investment securities, respectively.
Total liabilities were 23,486 million yen, an increase of 2,934 million yen compared with the end of theprevious fiscal year. This was largely due to an increase of 1,711 million yen in notes and accounts payable- trade, and an increase of 1,307 million yen in long-term borrowings, respectively.
Total net assets were 45,559 million yen, a decrease of 1,547 million yen compared with the end of theprevious fiscal year. This was largely due to an increase of 1,165 million yen in foreign currency translation
adjustment and a decrease of 2,670 million yen in retained earnings, respectively.
(3) Explanation about Future Forecast Information, including Forecast of Consolidated Business Results
As for the consolidated financial forecasts for the fiscal year ending March 31, 2024, there is no change
in the forecast of consolidated business results in “Notice Concerning Differences Between Consolidated
Financial Forecast and Actual Results for the Six Months Ended September 30, 2023, and Revisions toFull-Year Consolidated Financial Forecasts” which was announced on November 9, 2023.

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Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Nine Months Ended December 31, 2023

2. Quarterly Consolidated Financial Statements and Major Notes(1) Quarterly Consolidated Balance Sheet(Thousands of yen)Previous Consolidated
Fiscal Year(As of March 31, 2023)
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable-trade, andcontract assets
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
Intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets-4-

Current Consolidated
Third Quarter(As of December 31, 2023)

20,545,580

18,879,847

13,182,106

16,168,096

5,525,035
2,373,079
4,263,762
1,541,170△10,786
47,419,946

4,531,926
2,487,867
4,889,239
912,933△17,455
47,852,456

16,446,181
244,197

17,762,315
233,415

2,545,474
1,049,896△45,9693,549,401
20,239,780
67,659,726

2,092,104
1,151,624△45,499
3,198,229
21,193,960
69,046,416

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Nine Months Ended December 31, 2023

(Thousands of yen)Previous Consolidated
Fiscal Year(As of March 31, 2023)
Liabilities
Current liabilities
Notes and accounts payable-trade
Current portion of bonds payable
Short-term borrowings
Current portion of long-term borrowings
Income taxes payable
Provision for product warranties
Provision for bonuses
Provision for bonuses for directors (andother officers)
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Provision for share awards
Retirement benefit liability
Asset retirement obligations
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
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeShare acquisition rights
Total net assets
Total liabilities and net assets-5-

Current Consolidated
Third Quarter(As of December 31, 2023)

5,213,263
16,8005,056,253
1,843,441
658,615
42,184
526,795

6,924,493
10,8005,894,661
1,251,532
201,049
37,914292,972

2,162

1,796

2,917,188
16,276,705

3,491,318
18,106,536

2,723,471
50,449700,883
97,119703,383
4,275,306
20,552,012

4,031,446
62,960607,273
101,475
576,9125,380,069
23,486,606

7,847,873
3,198,618
34,293,471△512,975
44,826,987

7,853,189
3,203,933
31,623,433△460,889
42,219,666

466,417344,509△13,657
1,904,093△127,370

760
3,070,052△105,400

2,229,483

3,309,921

51,243
47,107,714
67,659,726

30,22145,559,810
69,046,416

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Nine Months Ended December 31, 2023

(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income(Quarterly Consolidated Statements of Income)(Consolidated Cumulative Third Quarter)(Thousands of yen)

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
Share of loss of entities accounted for using
equity method
Compensation expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Other
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Impairment losses
Other
Total extraordinary losses
Profit before income taxes
Income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

Previous Consolidated
Cumulative Third Quarter(From April 1, 2022
to December 31, 2022)
33,543,349
27,086,418
6,456,931
4,319,837
2,137,093

Current Consolidated
Cumulative Third Quarter(From April 1, 2023
to December 31, 2023)
30,859,791
25,866,716
4,993,075
4,344,882
648,192

102,948
58,555347,203
227,710
736,41780,92031,789132,411
106,925
352,046

106,692

146,157－

47,177－61,362
168,055
2,705,456

57,08431,565281,984
718,2543,9781,305,241
40,8701,350,090

1,799
656,042
19,454
677,296

79,206
12,93855,868148,013
3,907,533
1,243,760
2,663,772
2,465
2,661,307

38,2168,541
96
46,855
1,348,694
366,995
981,699－
981,699-6-

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Nine Months Ended December 31, 2023

(Quarterly Consolidated Statement of Comprehensive Income)(Consolidated Cumulative Third Quarter)(Thousands of yen)

ProfitOther 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 ownersof parent
Comprehensive income attributable to noncontrolling interests

Previous Consolidated
Cumulative Third Quarter(From April 1, 2022
to December 31, 2022)
2,663,772

Current Consolidated
Cumulative Third Quarter(From April 1, 2023
to December 31, 2023)
981,699△823,934△121,908

44,432
1,223,241
4,327

14,417
1,175,105
21,97021,221△9,147469,288
3,133,061

1,080,438
2,062,137

3,152,203

2,062,137△19,142－-7-

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Nine Months Ended December 31, 2023

(3) Notes to Quarterly Consolidated Financial Statements(Notes on Going Concern Assumption)
No applicable matter.
(Notes in the Case of Significant Changes in Shareholders’ Equity)
No applicable matter.
(Application of Special Accounting Methods for Preparing Quarterly Consolidated Financial Statements)(Calculation of tax expenses)
Tax expenses are calculated by multiplying the quarterly profit before income taxes by an estimatedeffective tax rate. Such effective tax rate is reasonably estimated after applying tax effect accounting to the profit
before income taxes for the consolidated fiscal year including the current consolidated third quarter.

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Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Nine Months Ended December 31, 2023

(Segment Information, etc.)[Segment Information]
I Previous consolidated cumulative third quarter (From April 1, 2022 to December 31, 2022)
1. Information on the amount of net sales and profit or loss with respect to each reportable segment(Thousands of yen)
Reportable segment
Industrial
Electric
Electronic application
Display
insulationmaterials structural
materials
materials
materials
Sales
Sales to externalcustomers
Inter-segment sales ortransfers
Net sales
Segment profit

Other(See Note)

Subtotal

21,550,698 6,607,601 1,935,647 3,214,040 33,307,988

Total

235,361

33,543,349－

642,875

642,875

21,550,698 6,607,601 1,935,647 3,214,040 33,307,988

878,236

34,186,224

1,267,728 1,031,163

119,6963,308,671－－－

123,946－

766,136

3,188,975

Note: The column “Other” represents business operations that do not fall under any of the reportable segments
and includes the related goods sales, the logistics-related operations and other businesses, etc.
2. Difference between the aggregate amount of profit or loss of reportable segments and the pertinent
amount shown on the quarterly consolidated statements of income as well as the key components ofsuch difference (Matters concerning difference adjustment)(Thousands of yen)
ProfitAmountTotal of reportable segments

3,188,975

Profit in the category “Other”

119,696

Elimination of inter-segment transactions

1,055

Unallocated corporate expenses (See Note)△1,124,615

Adjustment of inventories△48,017

Operating profit shown on the quarterly consolidated statements ofincome2,137,093

Note:

Unallocated corporate expenses are mostly general and administrative expenses that are not
attributable to any of the reportable segments.

3. Information on impairment loss on non-current assets or goodwill, etc. with respect to each reportablesegment(Significant impairment losses on non-current assets)
In the industrial application structural materials segment, with respect to the assets in whichinvestments could not be expected to recover due to a downturn in profitability, the Company devalued
their carrying amount to memorandum value and showed the relevant amount of loss to extraordinary
losses as impairment losses.
In this regard, the amount of the relevant impairment losses shown in the current consolidated
cumulative third quarter is 12,938 thousand yen.

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Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Nine Months Ended December 31, 2023

II Current consolidated cumulative third quarter (From April 1, 2023 to December 31, 2023)
1. Information on the amount of net sales and profit or loss with respect to each reportable segment(Thousands of yen)
Reportable segment
Industrial
Electric
Electronic application
Display
insulationmaterials structural
materials
materials
materials
Sales
Sales to externalcustomers
Inter-segment sales ortransfers
Net sales
Segment profit

Note:

18,402,636 7,672,916－－

18,402,636 7,672,916
7,980

889,788

Other(See Note)

Subtotal

1,894,257 2,625,267 30,595,077

Total

264,71430,859,791－

681,589

681,589

1,894,257 2,625,267 30,595,077

946,303

31,541,381

151,741

1,913,358－

211,513－652,333

1,761,616

The column “Other” represents business operations that do not fall under any of the reportable segments
and includes the related goods sales, the logistics-related operations and other businesses, etc.

2. Difference between the aggregate amount of profit or loss of reportable segments and the pertinent
amount shown on the quarterly consolidated statements of income as well as the key components ofsuch difference (Matters concerning difference adjustment)(Thousands of yen)profitAmountTotal of reportable segments

1,761,616

Profit in the category “Other”

151,741

Elimination of inter-segment transactions

5,379

Unallocated corporate expenses (See Note)△1,242,694

Adjustment of inventories△27,850

Operating profit shown on the quarterly consolidated statements ofincome648,192

Note:

Unallocated corporate expenses are mostly general and administrative expenses that are not
attributable to any of the reportable segments.

3. Information on impairment loss on non-current assets or goodwill, etc. with respect to each reportablesegment(Significant impairment losses on non-current assets)
In the industrial application structural materials segment, with respect to the assets in whichinvestments could not be expected to recover due to a downturn in profitability, the Company devalued
their carrying amount to memorandum value and showed the relevant amount of loss to extraordinary
losses as impairment losses.
In this regard, the amount of the relevant impairment losses shown in the current consolidated
cumulative third quarter is 8,541 thousand yen.
(Significant Subsequent Events)
No applicable matter.

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