Summary of Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
(Under Japanese GAAP)May 9, 2024
Company name:
Arisawa Mfg. Co., Ltd.
Stock code:
5208
Representative:
Representative Director and CEO:Inquiries:
Director and Senior Operating Officer:
Scheduled date of ordinary general meeting of shareholders:June 27, 2024
Scheduled date to file Securities Report:
June 28, 2024
Preparation of supplementary material on financial results:
Holding of financial results meeting :Stock exchange listing: Tokyo
URL https://www.arisawa.co.jp
Yuta Arisawa
Takeshi Masuda
TEL: 025-524-7101
Scheduled date of commence dividend payments:
June 28, 2024
Yes
Yes (for analysts)(Amounts less than one million yen are rounded down)

1.

Consolidated financial results for the year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(1)

Consolidated operating result
Operating profit

Net sales
Millions of yen

Year ended March 31, 2024
Year ended March 31, 2023
(Note) Comprehensive income:%Millions of yen

Profit attributable toowners of parent/equity%

Millions of yen

%

△45.2
△35.4

1,639
2,856

△42.6
△27.0

Ordinary
profit/total assets

Yen

Yen

%

%

%

49.51
49.46
86.46
86.24
Year ended March 31, 2024: △47 million yen
Year ended March 31, 2023: 19 million yen

3.5
6.0

2.2
4.0

3.5
5.2

Operatingprofit/net sales

Consolidated financial position

As of March 31, 2024
As of March 31, 2023
(Reference) Total equity:

Net assets

Equity ratio

Net assets per share

Millions of yen%

Yen

46,246
68,81667,65947,107
Year ended March 31, 2024: 46,218 million yen
Year ended March 31, 2023: 47,056 million yen

67.2
69.5

1,394.08
1,422.43

Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents
at the end of period

Millions of yen

Millions of yen

Millions of yen

Millions of yen

3,219
3,471

△1,061508△3,415△2,572

17,70018,535

Year ended March 31, 2024
Year ended March 31, 2023

Cash dividends
Annual dividends per share
1st quarterend

Year ended March 31, 2023
Year ended March 31, 2024
Year ending March 31, 2025
(Forecast)

3.

1,488
2,717

Diluted earnings
per share

Millions of yen

2.

Millions of yen

Earnings per share

Total assets(3)%

42,114 △1.4
△33.4
1,483
42,722 △0.9
△32.9
2,228
Year ended March 31, 2024: 2,761 million yen (7.1%)
Year ended March 31, 2023: 2,578 million yen (△43.1%)

Year ended March 31, 2024
Year ended March 31, 2023
(Reference) Equity method investment gain:(2)(Percentages indicate year-on-year changes)
Profit attributable toOrdinary profit
owners of parent

Total cash
dividends(Total)Dividend payout
ratio(Consolidated)

Ratio of dividends
to net assets(Consolidated)

2nd quarterend

3rd quarterend

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

-----

0.00
20.00

-----

90.00
40.00

90.00
60.00

2,985
1,994

104.1
121.2

6.3
4.3

---

42.00

---

42.00

84.00

Fiscal yearend

Total

116.2

Forecast of consolidated financial results for the year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)(Percentages indicate year-on-year changes)
Net sales

Six months ending
September 30, 2024
Full year

Operating profit

Profit attributable toowners of parent

Ordinary profit

Earnings
per share

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

23,500

18.1

1,500

783.3

1,600

632.6

1,100

95.2

33.10

48,900

16.1

3,200

115.7

3,300

121.7

2,400

46.4

72.30

* 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) 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: Yes
4) Restatement: None
(3) 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)

As of March 31,
2024:

33,566,924 shares

As of March 31,
2023:

33,541,124 shares

As of March 31,
2024:

413,233 shares

As of March 31,
2023:

459,279 sharesFiscal year ended
March 31, 2024:

33,121,675 sharesFiscal year ended
March 31, 2023:

33,036,799 shares(Note) The shares of the Company (82,300 shares in 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 included in 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 deducted in calculationof the average number of shares during the year (83,536 shares in the year ended March 31, 2024 and 88,066 shares in the year ended March
31, 2023).

(Reference) Overview of non-consolidated results
Non-consolidated financial results for the year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(1) Non-consolidated operating results(Percentages indicate year-on-year changes)
Net sales
Fiscal year ended
March 31, 2024
March 31, 2023

Millions of yen

26,56025,752

Operating profit%

Millions of yen

3.1
△3.4

△17.5
△16.9

905
1,098

Basic earnings per share
Fiscal year ended
March 31, 2024
March 31, 2023

Ordinary profit%

Millions of yen

1,382
2,365

Earnings
%

△41.6
△17.1

Millions of yen

1,494
2,673

%

△44.1
13.9

Diluted earnings per share
Yen

Yen

45.11
80.94

45.07
80.73

(2) Non-consolidated financial position
Total assets
Millions of yen

Net assets

Equity ratio

Millions of yen

Year ended March 31, 2024
48,83749,365
Year ended March 31, 2023
(Reference) Total equity: Year ended March 31, 2024: 37,464 million yen
Year ended March 31, 2023: 39,521 million yen

37,492
39,573

Net assets per share
%

Yen

76.7
80.1

1,130.03
1,194.67* Financial results reports are exempt from audit 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. Please refer to “1. Summary of Business Results, etc., (4)Future Outlook” of the attached materials on page 4 for information concerning business forecast.

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Year Ended March 31, 2024

○ Contents of Attached Materials
1. Summary of Business Results, etc. ........................................................................................................ 2(1) Summary of Business Results for the Current Year .......................................................................... 2(2) Summary of Financial Position for the Current Year ........................................................................ 3(3) Summary of Cash Flows for the Current Year .................................................................................. 3(4) Future Outlook .................................................................................................................................. 4
2. Basic Concept of Selection of Accounting Standards ............................................................................ 4
3. Consolidated Financial Statements and Major Notes ............................................................................. 5(1) Consolidated Balance Sheet ............................................................................................................. 5(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income ....... 7(Consolidated Statements of Income) ................................................................................................ 7(Consolidated Statement of Comprehensive Income) ........................................................................ 8(3) Consolidated Statements of Changes in Shareholders’ Equity and Other Net Assets ...................... 9(4) Consolidated Statements of Cash Flows ..........................................................................................11(5) Notes Related to Consolidated Financial Statements ..................................................................... 13(Notes on Going Concern Assumption) ........................................................................................... 13(Changes in Accounting Policies) .................................................................................................... 13(Segment Information, etc.).............................................................................................................. 13(Per Share Information) .................................................................................................................... 17(Significant Subsequent Events) ...................................................................................................... 18-1-

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Year Ended March 31, 2024

1.

Summary of Business Results, etc.
(1) Summary of Business Results for the Current Year
During the current consolidated fiscal year, the Japanese economy showed a moderate recovery trend due tothe lifting of restrictions on economic activities from COVID-19 infections. Meanwhile, there is still an
uncertain outlook for the economy due to the depreciation of yen caused by the widening interest rate
differential between Japan and the U.S., the continued price increases, the geopolitical risks in Ukraine and the
Middle East, and the stagnant economy in China, etc.
Under such circumstances, the results of operations of our Company Group for the current consolidated fiscal
year showed net sales of 42,114 million yen (a decrease of 1.4% year-on-year) due to a decrease in net sales ofdisplay materials and electronic materials which are one of our group’s main business fields, despite an increasein net sales of industrial application structural materials. The results in terms of profit and loss are as follows:
operating profit was 1,483 million yen (a decrease of 33.4% year-on year); ordinary profit was 1,488 million
yen (a decrease of 45.2% year-on year); and profit attributable to owners of parent was 1,639 million yen (adecrease of 42.6% year-on year).
Operating results with respect to each segment are as follows.
(Electronic materials)
Net sales were 25,105 million yen (a decrease of 5.4% year-on-year) due to a decrease in net sales of flexible
printed circuit board materials and glass cloth for printed circuit board, while the segment profit was 260
million yen (a decrease of 78.7% year-on-year) caused by the impact from decrease in production in response
to a decrease in demand in addition to a decrease in net sales.
(Industrial application structural materials)
Net sales were 10,601 million yen (an increase of 16.1% year-on-year) due to an increase in net sales of FRP
vessels for water purification and honey-comb panel for aircraft, while the segment profit was 1,476 million
yen (an increase of 12.2% year-on-year).
(Electric insulation materials)
Net sales were 2,532 million yen (a decrease of 1.9% year-on-year) due to a decrease in infrastructure-related
net sales, while the segment profit was 314 million yen (an increase of 70.4% year-on-year).
(Display materials)
Net sales were 3,535 million yen (a decrease of 15.1% year-on-year) due to a decrease in net sales of 3D-relatedmaterials and polarization control optical components, while the segment profit was 940 million yen (a decreaseof 8.2% year-on-year).
(Other)Net sales were 338 million yen (an increase of 11.1% year-on-year).

-2-

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Year Ended March 31, 2024

(2) Summary of Financial Position for the Current Year
Total assets as of the end of the current consolidated fiscal year were 68,816 million yen, an increase of 1,156
million yen compared with the end of the previous fiscal year. This was largely due to an increase of 3,333
million yen in notes and accounts receivable-trade, and contract assets, an increase of 1,515 million yen inproperty, plant and equipment, a decrease of 2,382 million yen in cash and deposits, a decrease of 937 million
yen in merchandise and finished goods, respectively.
Total liabilities were 22,570 million yen, an increase of 2,018 million yen compared with the end of the previous
fiscal year. This was largely due to an increase of 1,800 million yen in notes and accounts payable-trade, andan increase of 1,277 million yen in current portion of long-term borrowings, and a decrease of 752 million yen
in long-term borrowings, respectively.
Total net assets were 46,246 million yen, a decrease of 861 million yen compared with the end of the previous
fiscal year. This was largely due to an increase of 966 million yen in foreign currency translation adjustment
and a decrease of 2,040 million yen in retained earnings, respectively.

(3)

Summary of Cash Flows for the Current Year
Cash and cash equivalents (hereinafter referred to as the “Funds”) as of the end of the current consolidated
fiscal year were 17,700 million yen, a decrease of 835 million yen compared with the end of the previous year.
The status of each cash flow for the current consolidated fiscal year and the major factors are as follows.
(Cash Flows from Operating Activities)
Funds earned from operating activities were 3,219 million yen (3,471 million yen was earned in the previous
consolidated fiscal year). This was largely due to an increase in the Funds comprising 2,072 million yen in
profit before income taxes and 2,206 million yen in depreciation, etc. as well as a decrease in the Funds
comprising 2,875 million yen in increase in trade receivables, etc.
(Cash Flows from Investing Activities)
Funds disbursed from investing activities were 1,061 million yen (508 million yen was earned in the previous
consolidated fiscal year). This was largely due to an increase of 1,757 million yen, etc. in proceeds fromwithdrawal of time deposits, etc. as well as a decrease in the Funds comprising the expenditure of 3,544 million
yen for purchases of property, plant and equipment, etc.
(Cash Flows from Financing Activities)
Funds disbursed from financing activities were 3,415 million yen (2,572 million yen was disbursed in theprevious consolidated fiscal year). This was largely due to a decrease of 3,641 million yen for dividends paid,
etc.

(Reference) Transitions of Cash Flows related Index
Year ended
March 31, 2022

Year ended
March 31, 2023

Year ended
March 31, 2024

Equity ratio (%)

69.6

69.5

67.2

Equity ratio on a basis of market price (%)

46.4

61.3

54.8

Ratio of cash flows to interest bearing debt (year)

1.5

3.0

3.4

Interest coverage ratio (times)

43.6

23.2

15.6

(Note) Equity ratio: Net worth / Total assets-3-

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Year Ended March 31, 2024
Equity ratio on a basis of market price: Total market value of shares / Total assets
Ratio of cash flows to interest bearing debt: Interest bearing debts / Cash flows from operating activities
Interest coverage ratio: Cash flows from operating activities / Interest paid
1. Each index is based on financial figures on a consolidated basis.
2. Total market value of shares is calculated by final share price at the end of the period × total number of outstanding
shares at the end of the period (after deducting treasury shares).
3. As for operating cash flows, “Cash flows from operating activities” in the consolidated cash flows statement is used.
4. Interest bearing debts cover all the debts appropriated on the consolidated balance sheet, on which interest is paid.
As for interest, “Interest paid” in the consolidated cash flows statement is used.

(4) Future Outlook
The future outlook for the economy remains uncertain due to global monetary tightening, prolonged instability in
Ukraine and the Middle East, etc. On the other hand, our Company Group expects the electronic materials field,
which is one of our main business fields, to gradually recover in business performance and the industrial structural
materials field to continue strong growth.
Based on such circumstances, we expect net sales of 48,900 million yen, operating profit of 3,200 million yen,ordinary profit of 3,300 million yen and profit attributable to owners of the parent of 2,400 million yen for the
consolidated business results for the year ending March 31, 2025.

2.

Basic Concept of Selection of Accounting Standards
For the time being, our Company Group will maintain the policy of preparing consolidated financial statements incompliance with Japanese standards, considering the possibility of comparison of consolidated financial statements
for multiple periods and among companies.
In this regard, we will properly respond to application of the IFRS, considering the situations in Japan and overseas.

-4-

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Year Ended March 31, 2024

3.

Consolidated Financial Statements and Major Notes(1) 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, and contract assets
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
Accumulated depreciation
Buildings and structures, net
Machinery, equipment andvehiclesAccumulated depreciation
Machinery, equipment andvehicles, net
LandConstruction in progress
Other
Accumulated depreciation
Other, net
Total property, plant andequipment
Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and otherassetsTotal non-current assets
Total assets-5-

Current consolidated fiscal year
(As of March 31, 2024)

20,545,580

18,163,338

13,182,106

16,515,625

100,150
5,525,035
2,373,079
4,263,762
1,441,020△10,786
47,419,946－
4,587,271
2,515,667
4,359,283
983,820△27,285
47,097,722

21,934,719△15,857,218
6,077,500

22,845,428△16,472,928
6,372,500

31,821,077

33,785,241△28,134,902△29,195,592

3,686,175

4,589,649

1,993,700
3,534,967
3,730,038△2,576,201
1,153,836

2,035,377
3,877,197
3,911,513△2,824,293
1,087,219

16,446,181

17,961,943

244,197382,749

2,545,474
41,434
678,791
329,670△45,969

2,327,455
41,302
750,560
300,411△45,4633,549,401

3,374,267

20,239,780
67,659,726

21,718,961
68,816,683

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Year Ended March 31, 2024
(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-termborrowings
Lease liabilities
Income taxes payable
Provision for product warranties
Provision for bonuses
Provision for bonuses for directors (andother officers)
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Provision for share awards
Lease liabilities
Deferred tax liabilities
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-forsale securities
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-6-

Current consolidated fiscal year
(As of March 31, 2024)

5,213,263
16,8005,056,253

7,014,220
10,8005,301,635

1,843,441

3,120,516

129,172
658,615
42,184
526,795

130,047
269,618
28,739589,881

2,162

3,618

2,788,015
16,276,705

2,953,727
19,422,805

10,8002,723,471
50,449460,601
137,916
700,883
97,11994,066
4,275,306
20,552,012－
1,970,976
68,536354,223
82,298
485,167
99,58386,894
3,147,680
22,570,486

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

7,862,036
3,212,781
32,253,196△460,640
42,867,374

466,417515,045△13,657
1,904,093△1,7062,870,994△127,370△32,930

2,229,483

3,351,402

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

27,41946,246,196
68,816,683

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Year Ended March 31, 2024

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income(Consolidated Statements of Income)(Thousands of yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Freight and packing costs
Salaries and allowances
Provision for bonuses
Provision for bonuses for directors (andother officers)
Retirement benefit expenses
Provision of allowance for doubtful
accounts
Other
Total selling, general and administrative
expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Rental income
Subsidy income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted forusing 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
Impairment losses
Loss on disaster
Loss on retirement of non-current assets
Other
Total extraordinary losses
Profit before income taxes
Income taxes – current
Income taxes – deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

Previous consolidated fiscal year
(From April 1, 2022
to March 31, 2023)
42,722,145
34,913,005
7,809,139

Current consolidated fiscal year
(From April 1, 2023
to March 31, 2024)
42,114,483
34,759,486
7,354,996

758,204
1,862,094
119,060

859,077
1,894,731
136,684

2,162

3,618

66,60974,082

1,135

19,5212,771,767

2,883,503

5,581,034

5,871,219

2,228,105

1,483,777

141,797
58,572
215,42162,14776,585
166,689
721,214

116,832
31,80848,485
51,11359,27758,877366,395

155,066

202,432－

47,175－76,762
231,828
2,717,491

57,08454,925
361,617
1,488,556

4,104
1,305,245
41,1401,350,490

2,121
679,044
19,454
700,620

19,332－90,26355,871
165,467
3,902,515
1,098,866△55,298
1,043,567
2,858,947
2,465
2,856,481

15,52457,443
43,625
96
116,689
2,072,487
606,733△174,019
432,714
1,639,772－
1,639,772-7-

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Year Ended March 31, 2024

(Consolidated Statement of Comprehensive Income)(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, netof taxShare of other comprehensive income ofentities accounted for using equity method
Total other comprehensive income
Comprehensive income(Comprehensive income attributable to)Comprehensive income attributable to ownersof parent
Comprehensive income attributable to noncontrolling interests

Previous consolidated fiscal year
(From April 1, 2022
to March 31, 2023)
2,858,947

Current consolidated fiscal year
(From April 1, 2023
to March 31, 2024)
1,639,772△762,700

48,62736,488556,682

11,951
944,542△118,635

94,4397,824

22,358△280,340
2,578,607

1,121,919
2,761,692

2,597,749

2,761,692△19,142－-8-

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Year Ended March 31, 2024

(3) Consolidated Statements of Changes in Shareholders’ Equity and Other Net Assets
Previous consolidated fiscal year (From April 1, 2022 to March 31, 2023)(Thousands of yen)
Shareholders’ equity
Share capital
Balance at beginning of period
Changes during period
Issuance of new shares
Dividends of surplus
Profit attributable to owners ofparentPurchase of treasury shares
Disposal of treasury shares
Cancellation of treasury shares
Purchase of shares of consolidated
subsidiaries
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

Capital surplus

7,643,777

3,017,461

204,095

204,095

Retained earnings

Treasury shares

34,936,822

Total shareholders’equity△299,704

45,298,357△3,006,166

408,191△3,006,166

2,856,481

2,856,481△1,106△492,559△750,332
44,501
492,559△750,332
43,394－△22,938

204,095
7,847,873

181,157
3,198,618△22,938△643,351
34,293,471△213,271△512,975△471,369
44,826,987

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of period
Changes during period
Issuance of new shares
Dividends of surplus
Profit attributable to owners ofparentPurchase of treasury shares
Disposal of treasury shares
Cancellation of treasury shares
Purchase of shares of consolidated
subsidiaries
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

1,229,118

Deferred
gains orlosses onhedges△50,146

Total
NonShareRemeasurem
Foreignaccumulatedacquisition controllingents ofcurrency
otherinterests
rightsdefinedtranslation
comprehensive
adjustment benefit plansincome1,317,978△8,7342,488,215

149,131

29,998

Total net
assets47,965,702
408,191△3,006,166
2,856,481△750,332
43,394－△22,938△762,700

36,488586,115△118,635△258,731△97,887△29,998△386,618△762,700
466,417

36,488△13,657

586,115
1,904,093△118,635△127,370△258,731
2,229,483△97,887
51,243△29,998－△857,988
47,107,714-9-Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Year Ended March 31, 2024

Current consolidated fiscal year (From April 1, 2023 to March 31, 2024)(Thousands of yen)
Shareholders’ equity
Share capital
Balance at beginning of period
Changes during period
Issuance of new shares
Dividends of surplus
Profit attributable to owners ofparentPurchase of treasury shares
Disposal of treasury shares

Capital surplus

7,847,873

3,198,618

14,162

14,162Retained earnings
34,293,471

14,162
3,212,781

44,826,987
28,325△3,649,595

1,639,772

1,639,772△2,142△28,310

14,162
7,862,036△512,975△3,649,595

Change in scope of equity method

Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

Total shareholders’equityTreasury shares△2,040,274
32,253,196△269
52,605△269
50,462△28,310

52,335△460,640△1,959,613
42,867,374

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of period
Changes during period
Issuance of new shares
Dividends of surplus

466,417

Deferred
gains orlosses onhedges△13,657

Total
Share
Remeasurem
Foreignaccumulatedacquisition
ents ofcurrency
otherrightsdefinedtranslation
comprehensive
adjustment benefit plansincome1,904,093△127,370

2,229,483

51,243 47,107,714
28,325△3,649,595

Profit attributable to owners ofparentPurchase of treasury shares
Disposal of treasury shares

1,639,772△269
50,462△28,310

Change in scope of equity method

Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

Total net
assets48,627

11,951

966,900

94,4391,121,919△23,824

48,627515,045

11,951△1,706966,900
2,870,994

94,439△32,930

1,121,919
3,351,402△23,824 △861,518
27,419 46,246,196- 10 -

1,098,095

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Year Ended March 31, 2024

(4) Consolidated Statements of Cash Flows(Unit: thousand yen)Previous consolidated fiscal year
(From April 1, 2022
to March 31, 2023)
Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Loss on disaster
Share-based payment expenses
Increase (decrease) in provision for
product warranties
Increase (decrease) in provision forbonuses
Increase (decrease) in provision forbonuses for directors (and other officers)
Increase (decrease) in allowance for
doubtful accounts
Increase (decrease) in provision for shareawardsIncrease (decrease) in retirement benefit
liability
Interest and dividend income
Subsidy income
Interest expenses
Foreign exchange losses (gains)Share of loss (profit) of entities
accounted for using equity method
Loss (gain) on sale of investment
securities
Loss (gain) on redemption of investment
securities
Loss (gain) on sale of non-current assets
Loss on retirement of property, plant andequipment
Loss on valuation of golf clubmembership
Gain on reversal of share acquisitionrightsOther extraordinary loss (income)Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in accrued
consumption taxes
Decrease (increase) in other assets
Increase (decrease) in other liabilities
SubtotalInterest and dividends received
Interest paid
Payments associated with disaster loss
Income taxes refund (paid)
Subsidies received
Net cash provided by (used in) operating
activities- 11 -

Current consolidated fiscal year
(From April 1, 2023
to March 31, 2024)

3,902,515
2,290,388
19,332－
39,5772,072,487
2,206,551
15,52457,44344,998△35,179△16,150

19,262

63,085△2,341

1,456△10,710

52,133△32,358

22,551△53,180△79,831△200,370△76,585
155,066△104,182△148,640△59,277
202,432△79,672△19,839

47,175△1,249,374△678,948△40,063－△4,104△2,121

732

6,639

－

175

△40,970△19,454△169
3,363,943△1,328,338△544,516－△2,875,018
955,835
1,676,428△439,241

318,211△303,405△412,756
4,893,129
238,848△149,538－△1,588,013
76,585

191,995
280,943
4,256,954
148,810△205,746△23,376△1,016,101
59,277

3,471,010

3,219,818

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Year Ended March 31, 2024
(Thousands of yen)Previous consolidated fiscal year
(From April 1, 2022
to March 31, 2023)

Current consolidated fiscal year
(From April 1, 2023
to March 31, 2024)

Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time
deposits
Purchase of property, plant andequipment
Proceeds from sale of property, plant andequipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment
securities
Proceeds from sale of shares ofsubsidiaries and associates
Loan advances
Proceeds from collection of loans
receivable
Decrease (increase) in investments andother assets
Net cash provided by (used in) investing
activities
Cash flows from financing activities
Net increase (decrease) in short-termborrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Repayments of lease liabilities
Repayments of long-term accounts
payable - other
Redemption of bonds
Proceeds from issuance of shares
Purchase of treasury shares
Dividends paid
Dividends paid to non-controllinginterests
Purchase of shares of subsidiaries not
resulting in change in scope of
consolidation
Net cash provided by (used in) financing
activities
Effect of exchange rate change on cash andcash equivalents
Net increase (decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of
periodCash and cash equivalents at end of period- 12 -△1,619,726△138,737

132,389

1,757,058△4,324,762△3,544,286

5,509

2,420

△50,511△341,769△235,300△3,942

6,783,255

826,011－245,244△31,097－

22,672

26,399△67,333

3,675

508,625△1,061,455

1,403,950

111,639

1,183,299△1,552,282△118,379

3,221,122△2,988,557△125,349△5,179－△26,800
348,446△748,937△3,000,754△16,800
23,956△269△3,641,317△9,589－△45,813－△2,572,040△3,415,575

235,149

421,390

1,642,744△835,822

16,893,109

18,535,854

18,535,854

17,700,031

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Year Ended March 31, 2024

(5) Notes Related to Consolidated Financial Statements(Notes on Going Concern Assumption)
No applicable matter(Changes in accounting estimates)(Change in useful life)
The Company has extended the useful lives of major buildings and machinery and equipment at our subsidiary, ThinFlex
Corporation, from five years to ten years, effective from the fourth quarter of the current fiscal year, because we investigated
the actual utilization and operating status of the facilities and confirmed that they were operating more stable than before,
according to a review of the production system and policies in response to changes in the external business environment, as wellas to an investigation of the large-scale facility expansion.
With this change, operating profit, ordinary profit, and profit before income taxes for the fiscal year increased by 83,701 thousandyen.
(Segment Information, etc.)[Segment Information]
1.

Outline of reportable segments

Reportable segments of the Company are those constituent units of the Company who make available separate financial
information and also are subject to periodic review by the board of directors aimed at determining the distribution ofmanagement resources and evaluating business results.
The Company has manufacturing and sales systems in place for each category of product and service at its head office, etc. andconducts business activities based on the comprehensive strategies that the Company develops for the domestic and overseas
markets as to its products and services.
The Company’s business, therefore, consists of several segments that represent each category of product and service and are
based on the said manufacturing and sales systems. Such segments are the four (4) reportable segments of the Company, i.e.
“Electronic materials business”, “Industrial application structural materials business”, “Electrical insulating materials business”
and “Display materials business”.
“Electronic materials business” produces materials for flexible and rigid printed circuit boards, etc. “Industrial application
structural materials business” produces filament winding molded products, honeycomb panels and prepregs for aircraft,
pultrusion molded products and FRP ski sheets, etc. “Electrical insulating materials business” produces glass cloth, glass tapes
and prepregs for electrical insulation, etc. “Display materials business” produces 3D display filters and special opticalcomponents, etc.
2.

Method of calculating the amount of net sales, profit or loss, assets, liabilities and other items with respect to each reportablesegment

The accounting methods applied to the reported business segments are basically the same as those stated in the “Important
Matters Underlying Preparation of Consolidated Financial Statements” of the Financial Report.
The amount of profit or loss recorded for each reportable segment is based on the operating profit or loss (before amortizationof goodwill).
Inter-segment revenues and transfers are based on the prevailing market price.

- 13 -

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Year Ended March 31, 2024

3. Information on the amount of net sales, profit or loss, assets, liabilities and other items with respect to eachreportable segment
Previous consolidated fiscal year (From April 1, 2022 to March 31, 2023)(Thousands of yen)
Reportable segment
Electronicmaterials

Industrial
application
structural
materials

26,543,787

9,128,002－

Displaymaterials

Subtotal

Other(See Note)

Total

2,582,435

4,162,832

42,417,058

305,087

42,722,145

－

－

－

－

838,889

838,889

26,543,787

9,128,002

2,582,435

4,162,832

42,417,058 1,143,977

43,561,035

1,223,631

1,315,614

184,705

1,024,005

3,747,957

148,085

3,896,042

33,759,023

10,358,447

3,404,018

3,779,705

51,301,195 1,198,161

52,499,356

1,683,250

187,682

136,616

91,6112,099,161

21,5652,120,726－－－

240,660

240,660－

240,660

3,145,938

627,528

401,486

176,033

4,350,987

21,307

4,372,295

Electric
insulationmaterials

Sales
Sales to externalcustomers
Inter-segment sales ortransfers
Net sales
Segment profit
Segment assets
Other
Depreciation
Investment in companies
accounted for under theequity method
Increase in property,
plant and equipment andintangible assets

Note:

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

Current consolidated fiscal year (From April 1, 2023 to March 31, 2024)(Thousands of yen)
Reportable segment
Electronicmaterials

Industrial
application
structural
materials

Electric
insulationmaterials

Displaymaterials

Subtotal l25,105,697

10,601,698

2,532,845

3,535,427

41,775,670

－

－

－

－

－

25,105,697

10,601,698

2,532,845

3,535,427

41,775,670

260,132

1,476,470

314,815940,287

2,991,706

35,947,462

11,028,442

2,743,730

3,620,968

53,340,604

Depreciation

1,613,468

205,173

115,239

96,9512,030,831

22,751

2,053,583

Increase in property,
plant and equipment andintangible assets

2,567,110

517,741

52,721

134,168

3,271,742

11,7483,283,491

Other(See Note)

Total

Sales
Sales to externalcustomers
Inter-segment sales ortransfers
Net sales
Segment profit
Segment assets

338,813 42,114,483
907,946

907,946

1,246,759 43,022,429
199,020

3,190,726

1,707,779 55,048,383

Other

Note:

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

- 14 -

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Year Ended March 31, 2024

4.

Difference between the total amount of reportable segments and the pertinent amount shown on the consolidated
financial statements as well as the key components of such difference (Matters concerning difference adjustment)(Thousands of yen)Previous consolidated fiscal year

Current consolidated fiscal year

Total of reportable segments

Net sales

42,417,058

41,775,670

Net sales in the category “Other”

1,143,977

1,246,759

Elimination of inter-segment transactions△838,889△907,946

Net sales shown on the consolidated financial
statements

42,722,145

42,114,483(Thousands of yen)

ProfitPrevious consolidated fiscal year

Current consolidated fiscal year

Total of reportable segments

3,747,957

2,991,706

Profit in the category “Other”

148,085

199,020

Elimination of inter-segment transactions

4,297

6,265

Unallocated corporate expenses (See Note)△1,640,820△1,683,849

Adjustment of inventories△31,414△29,365

Operating profit shown on the consolidated financial
statements

2,228,105

1,483,777

Note: “Unallocated corporate expenses” are mostly general and administrative expenses that are not attributable toany of the reportable segments.
(Thousands of yen)
AssetsPrevious consolidated fiscal year

Current consolidated fiscal year

Total of reportable segments

51,301,195

53,340,604

Assets in the category “Other”

1,198,161

1,707,779△348,554△601,907

15,540,339

14,399,572△31,414△29,365

67,659,726

68,816,683

Elimination of claims to administrative departmentsof the head office
Unallocated corporate assets (See Note)
Adjustment of inventories
Total assets shown on the consolidated financial
statements

Note: “Unallocated corporate assets” are mostly investment securities, etc. that are not attributable to any of thereportable segments.

Other item

Total of reportablesegments

Other

Adjustment(Thousands of yen)Amount shown on the
consolidated financial
statements

Previous
consolidated
fiscal year

Current
consolidated
fiscal year

Previous
consolidated
fiscal year

Current
consolidated
fiscal year

Previous
consolidated
fiscal year

Current
consolidated
fiscal year

Previous
consolidated
fiscal year

Current
consolidated
fiscal year

Depreciation

2,099,161

2,030,831

21,56522,751

169,662

152,968

2,290,388

2,206,551

Increase in property, plantand equipment andintangible assets

4,350,987

3,271,742

21,307

11,748165,160

165,5634,537,455

3,449,055

Note: The adjustment to “Increase in property, plant and equipment and intangible assets” represents capital
investment in the assets used for the common corporate purpose.

- 15 -

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Year Ended March 31, 2024

[Related Information]
Previous consolidated fiscal year (From April 1, 2022 to March 31, 2023)
1. Information by product and service(Thousands of yen)
Electronicmaterials
Net sales to externalcustomers

26,543,787

Industrial
application
structural
materials

Electric
insulationmaterials

9,128,002

Displaymaterials

Other

4,162,832

305,087 42,722,145

2,582,435

Total

2. Information by region(1) Net sales(Thousands of yen)Japan

P.R. China

18,604,068

Note:

11,099,226

Other country or
regionTotal

13,018,850

42,722,145

Net sales are categorized by country or region on the basis of customer locations.

(2) Property, plant and equipment
Japan

Taiwan10,645,611

3.

3,509,912(Thousands of yen)
Other country or
regionP.R. China
1,650,680

Total

639,975

16,446,181

Information by major customer(Thousands of yen)
Customer name

Net sales

Ajinomoto Fine-Techno Co., Inc.

Relevant segment
4,327,570

Electronic materials businessCurrent consolidated fiscal year (From April 1, 2023 to March 31, 2024)
1. Information by product and service(Thousands of yen)
Electronicmaterials
Net sales to externalcustomers

25,105,697

Industrial
application
structural
materials
10,601,698

Electric
insulationmaterials

Displaymaterials

Other3,535,427

338,813 42,114,483

2,532,845

Total

2. Information by region(1) Net sales(Thousands of yen)Japan
18,378,391

Note:

P.R. China
12,490,626

Other country or
region11,245,465

Total
42,114,483

Net sales are categorized by country or region on the basis of customer locations.

(2) Property, plant and equipment(Thousands of yen)Japan
10,850,913

Taiwan3,179,193

Other country or
regionP.R. China
3,070,127

861,709

Total
17,961,943

3. Information by major customer
Out of net sales to external customers, as there is no customer who accounts for 10% or more of the net sales in
the consolidated statements of income, statement is omitted.
- 16 -

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Year Ended March 31, 2024
[Information on impairment loss on non-current assets with respect to each reportable segment]
Previous consolidated fiscal year (From April 1, 2022 to March 31, 2023)

Impairment loss

(Thousands of yen)
Electronic Industrial application Electric insulation Display
Unallocated/
Other
Total
Eliminatedmaterials
structural materials
materials
materials－
19,332－－－－
19,332Current consolidated fiscal year (From April 1, 2023 to March 31, 2024)

Impairment loss

(Thousands of yen)
Electronic Industrial application Electric insulation Display
Unallocated/
Total
Other
Eliminatedmaterials
structural materials
materials
materials－
15,524－－－－
15,524[Information on amortization of goodwill and unamortized balance with respect to each reportable segment]
Previous consolidated fiscal year (From April 1, 2022 to March 31, 2023)
No applicable matter
Current consolidated fiscal year (From April 1, 2023 to March 31, 2024)
No applicable matter[Information on gain on bargain purchase with respect to each reportable segment]
No applicable matter(Per Share Information)
Current consolidated fiscal year
Previous consolidated fiscal year
(From April 1, 2022
(From April 1, 2023
to March 31, 2023)
to March 31, 2024)
Net assets per share
1,422.43 yen
1,394.08 yen
Basic earnings per share
86.46 yen
49.51 yen
Diluted earnings per share
86.24 yen
49.46 yen
Note: The bases of calculation of net income per share and fully diluted net income per share are as follows.
Current consolidated fiscal year
Previous consolidated fiscal year
(From April 1, 2022
(From April 1, 2023
to March 31, 2023)
to March 31, 2024)
Basic earnings per share
Profit attributable to owners of parent
2,856,481
1,639,772(Thousands of yen)Amount not attributable to common－－
stockholders (Thousands of yen)
Profit attributable to owners of parent
2,856,481
1,639,772
pertaining to common stock (Thousands ofyen)
Average number of shares of common stock
33,036,799
33,121,675
during the year
Diluted earnings per share
Adjustment of profit attributable to owners ofparent (Thousands of yen)
Increase in the number of shares of common
stock(Number of shares subject to stockacquisition rights included in the figure
above)
Outline of dilutive shares that were not includedin the calculation of fully diluted net income pershare due to a lack of dilutive effect
Note:

－

－

－

85,74132,644(85,741)(32,644)－

The Company’s shares which are shown as treasury shares in shareholders’ equity and which a trust account for
employee stock ownership plan holds are included in the number of treasury shares excluded in the calculation of theaverage number of shares of common stock during the period when net income (or loss) per share is calculated (88,066
shares for the previous consolidated fiscal year and 83,536 shares for the current consolidated fiscal year).

- 17 -

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Year Ended March 31, 2024
(Significant Subsequent Events)
No applicable matter- 18 -