Closing Announcement of Fiscal Year Ended March 31, 2022
[Japanese Standards] (Consolidated)
Name of Listed Company: Arisawa Mfg. Co., Ltd.
Code No.:
5208
Representative:
Representative Director and CEO:Contact Person:
Director and Senior Operating Officer:
Scheduled Date of Holding Ordinary General Meeting of Shareholders:June 28, 2022
Scheduled Date of Submitting Financial Report:
June 29, 2022
Whether supplementary explanation materials for the closing are prepared:
Whether explanation meeting is held for the closing:May 12, 2022

Listed on the Tokyo Stock Exchange(URL http://www.arisawa.co.jp/)
Yuta Arisawa
Takeshi Masuda
TEL: 025-524-7101
Scheduled Date of Commencement of Dividend Payment:
June 29, 2022
None
Yes for analysts(Indicated by rounding off an amount less than 1 million yen)

1. Consolidated Results for Fiscal Year Ended March 31, 2022 (From April 1, 2021 to March 31, 2022)(1) Consolidated Operating Results(% indication shows the increase or decrease rate from the previous year)

Sales
Fiscal Year Ended March 31, 2022
Fiscal Year Ended March 31, 2021
(Note)
Comprehensive income:Operating profit(million yen)(million yen)%(million yen)%

43,089--3,320--46,439
1.0
3,118
12.9
Fiscal Year Ended March 31, 2022: 4,530 million yen (19.0%)
Fiscal Year Ended March 31, 2021: 3,808 million yen (---%)Net profit per
share

Fully diluted net
profit per share(Yen, Sen)(million yen)

%

4,204
3,578

--28.6

3,911
2,160

Ordinary profit
ratio of total assets

ROE(Yen, Sen)

Fiscal Year Ended March 31, 2022
Fiscal Year Ended March 31, 2021
(Reference) Equity method investment income:Net profit attributable toowners of the parent

Ordinary profit%%--915.4

Operating profit
ratio of sales%%

117.40117.32
8.3
6.2
7.7
64.94
64.84
4.7
5.1
6.7
Fiscal Year Ended March 31, 2022: 15 million yen
Fiscal Year Ended March 31, 2021: △46 million yen
From the beginning of the year ended March 31, 2022, the “Accounting Standard for Revenue Recognition,” etc., has been applied. Therefore, therate of increase or decrease from the actual figures before the application of this Standard, etc., is not stated.

(2) Consolidated Financial Condition
Total assets
Fiscal Year Ended March 31, 2022
Fiscal Year Ended March 31, 2021
(Reference) Net worth:

Net asset(million yen)

Net worth ratio(million yen)

Net asset per share%

68,68947,96567,25747,444
Fiscal Year Ended March 31, 2022: 47,786 million yen
Fiscal Year Ended March 31, 2021: 46,284 million yen(3) Status of Consolidated Cash Flow
Cash flow fromoperating activities

2.

Cash flow frominvesting activities(million yen)

Fiscal Year Ended March 31, 2022
Fiscal Year Ended March 31, 2021

Status of Dividends

Cash flow fromfinancing activities(million yen)

5,901
610

(million yen)

2,869
1,567

Annual dividends
End of 2ndquarter

End of 3rdquarter

End ofyear

Annual(Yen, Sen)

(Yen, Sen)

(Yen, Sen)

(Yen, Sen)

(Yen, Sen)

---

---

---

---

---

-----

0.00
5.00

-----

39.00
90.00

1,434.46
1,388.50

Cash and cash
equivalents at the end of
the period(million yen)

16,893
11,488△4,042△5,703End of 1stquarter
Fiscal Year Ended March 31, 2021
Fiscal Year Ended March 31, 2022
Fiscal Year Ending March 31, 2023
(Forecast)(Yen, Sen)

69.6
68.8

Total
dividends(annual)Dividend
payout ratio(consolidated)(million yen)

39.00
95.00

%

1,300
3,173

60.1
80.9

Ratio ofdividends to
net assets(consolidated)
%

2.8
6.7

---

Dividends for the fiscal year ending March 31, 2023 have yet to be determined.

3.

Expected Consolidated Results for Fiscal Year Ending March 31, 2023
(From April 1, 2022 to March 31, 2023)(% indication shows the increase or decrease rate from the previous year for full-year andfrom the same quarter in the previous year for each quarter)Sales

2 quarter (cumulative)
Full yearnd

Operating profit

Ordinary profit(million yen)%(million yen)%

23,40048,400

7.6
12.3

1,600
3,400

△21.9
2.4

(million
yen)

2,000
4,000

%

△12.6
△4.9

Net profit
attributable toowners of the parent

Net profit per
share

%

(Yen, Sen)

△25.5
△28.4

39.02
84.05

(million
yen)

1,300
2,800

* Notes(1) Changes in material subsidiaries during the year (changes in specified subsidiaries accompanying changes inscope of consolidation): None
New: --(Company Name:)
Exclusion: --(Company Name:)(2) Changes in accounting policy, changes in accounting estimates and restatement
1)
2)
3)
4)

Changes in accounting policy in connection with the amendment of accounting standards, etc.:
Changes in accounting policy other than 1) above:
Changes in accounting estimate:
Restatement:

Yes
None
None
None

(3) Number of outstanding shares (common stock)
1)

2)
3)

Number of outstanding shares at the end of the period (including treasury stock):
Fiscal Year Ended March 31, 2022: 33,614,824 shares,
Fiscal Year Ended March 31, 2021: 34,470,524 shares
Number of treasury stock at the end of the period:
Fiscal Year Ended March 31, 2022: 301,575 shares,
Fiscal Year Ended March 31, 2021: 1,136,189 shares
Average number of shares during the year
Fiscal Year Ended March 31, 2022: 33,312,484 shares,
Fiscal Year Ended March 31, 2021: 33,271,733 shares(Note) The shares of the Company (88,600 shares in the year ended March 31, 2022) 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 stock 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 stock to be deducted in calculationof the average number of shares during the year (56,483 shares in the year ended March 31, 2022).

(Reference) Overview of Individual Business Results
Individual Results for Fiscal Year Ended March 31, 2022 (From April 1, 2021 to March 31, 2022)(1) Individual Operating Results(% indication shows the increase or decrease rate from the previous year)
Sales

Fiscal Year Ended March 31, 2022
Fiscal Year Ended March 31, 2021

(million yen)

26,64831,668%--0.1

Net profit per share(Yen, Sen)

Operating profit(million yen)

1,321
1,215

%

--△25.3

Ordinary profit(million yen)

2,852
1,932

Fully diluted net profit per share%--△18.3

Net profit(million yen)

2,348
1,396

%

--△79.4(Yen, Sen)

Fiscal Year Ended March 31, 2022
70.49
70.44
Fiscal Year Ended March 31, 2021
41.98
41.91
From the beginning of the year ended March 31, 2022, the “Accounting Standard for Revenue Recognition,” etc., has been applied. Therefore, the rateof increase or decrease from the actual figures before the application of this Standard, etc., is not stated.

(2) Individual Financial Condition

Total assets(million yen)

Net asset(million yen)

Fiscal Year Ended March 31, 2022
50,22549,859Fiscal Year Ended March 31, 2021
(Reference) Net worth: Fiscal Year Ended March 31, 2022: 40,866 million yen
Fiscal Year Ended March 31, 2021: 40,300 million yen

41,01640,484

Net worth ratio%

Net asset per share

81.4
80.8

(Yen, Sen)

1,226.75
1,208.98* The closing announcement is not subject to an audit by a certified public accountant or an audit corporation.
* Explanation about Appropriate Use of the Forecast of Business Results and other Matters to be Noted

Description regarding the future such as the forecast of business results stated in this material is based on information which theCompany has currently obtained and certain assumptions that the Company determines to be reasonable, although actual results
may significantly differ from the forecast depending on various factors.

Arisawa Mfg. Co., Ltd. (5208) Closing Announcement of Fiscal Year Ended March 31, 2022

○ 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 Conditions for the Current Year............................................................................ 2(3) Summary of Cash Flow 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(1) Consolidated Balance Sheet ...................................................................................................................... 5(2) Consolidated Profit and Loss Statement and Consolidated Statement of Comprehensive Income........... 7(Consolidated Profit and Loss Statement) .................................................................................................. 7(Consolidated Statement of Comprehensive Income) ................................................................................ 8(3) Consolidated Statements of Changes in Shareholders’ Equity and Other Net Assets ............................... 9(4) Consolidated Cash Flow Statement ........................................................................................................ 11(5) Notes Related to Consolidated Financial Statements .............................................................................. 13(Notes on Going Concern)........................................................................................................................ 13(Changes in Accounting Policy)............................................................................................................. 13(Segment Information, etc.) ...................................................................................................................... 14(Per Share Information) ............................................................................................................................ 18(Important Events after Closing the Accounts) ........................................................................................ 19-1-

Arisawa Mfg. Co., Ltd. (5208) Closing Announcement of Fiscal Year Ended March 31, 2022

1.

Summary of Business Results, etc.
(1) Summary of Business Results for the Current YearAs for the Japanese economy in the current consolidated fiscal year (hereinafter referred to as “Current Year”),
economic activities are gradually returning to normal as a result of the progress being made in the number ofvaccinations although the impact from COVID-19 variants remains. On the other hand, the outlook remains
uncertain due to the worsening situation in Ukraine and the continuing severe conditions related to soaring energy
costs and raw materials prices.
Under such circumstances, as for the business results for the Current Year of the Company Group (theCompany, consolidated subsidiaries and companies to which the equity method is applied), sales were ¥43,089
million (a decrease of 7.2% as compared with the previous year*), operating profit was ¥3,320 million (an increaseof 6.5% of the same*), ordinary profit was ¥4,204 million (an increase of 17.5% of the same*), and net profit
attributable to owners of the parent was ¥3,911 million (an increase of 81.0% of the same*).
Business results of each segment were as follows.
(Electronic materials)
Due to a decrease in sales of flexible printed circuit board materials as a result of supply chain constraints,
sales were ¥29,768 million, a decrease of ¥1,882 million as compared with the previous year (△5.9% of thesame*). Segment profit was, due to a decrease in sales, ¥2,907 million, a decrease of ¥73 million as comparedwith the previous year (△2.5% of the same*).
(Industrial application structural materials)
Due to a decrease in sales of aircraft materials as a result of sluggishness in the aviation industry, etc.,
sales were ¥7,053 million, a decrease of ¥1,788 million as compared with the previous year (△20.2% of thesame*). Segment profit was, due to a decrease in sales, ¥872 million, a decrease of ¥66 million as comparedwith the previous year (△7.1% of the same*).
(Electric insulation materials)
Due to an increase in infrastructure-related sales, sales were ¥2,604 million, an increase of ¥263 million
as compared with the previous year (11.3% of the same*). Segment profit was, due to an increase in sales,¥303 million, an increase of ¥111 million as compared with the previous year (58.0% of the same*).
(Display materials)
Due to an increase in sales of 3D-related materials and an increase in sales of devices utilizing polarization
by ColorLink Japan, Ltd., sales were ¥3,253 million, an increase of ¥432 million as compared with theprevious year (15.3% of the same*). Segment profit was ¥815 million, an increase of ¥594 million ascompared with the previous year (268.4% of the same*) due to an increase in sales of 3D-related materials
and an improvement in revenue of ColorLink Japan, Ltd.
(Other)Sales were ¥410 million, a decrease of ¥375 million as compared with the previous year (△47.8% of thesame*).
* From the beginning of the current fiscal year ended March 31, 2022, the “Accounting Standard for Revenue
Recognition,” etc., has been applied. The rate of increase or decrease in parentheses shows a simple comparison
between the actual results in the current period and those in the previous period before application of the“Accounting Standard for Revenue Recognition,” etc.

(2) Summary of Financial Conditions for the Current Year
Total assets at the end of the current consolidated fiscal year were ¥68,689 million, an increase of ¥1,431-2-

Arisawa Mfg. Co., Ltd. (5208) Closing Announcement of Fiscal Year Ended March 31, 2022

million as compared with the end of the previous consolidated fiscal year. This was mainly due to a decrease ininvestment securities of ¥2,790 million, offset by an increase in cash and deposits of ¥4,126 million and otherfactors.
Total liabilities were ¥20,723 million, an increase of ¥910 million as compared with the end of the previous
consolidated fiscal year. This was mainly due to an increase in corporate income tax, etc., payable of ¥810 million
and other factors.
Net assets were ¥47,965 million, an increase of ¥520 million as compared with the end of the previous
consolidated fiscal year. This was mainly due to a decrease in capital surplus in connection with additional
acquisition of the shares of ThinFlex Corporation, a subsidiary in Taiwan, offset by an increase in earned surplus
and other factors.

(3) Summary of Cash Flow for the Current Year
Cash and cash equivalents (hereinafter referred to as “Funds”) at the end of the current consolidated fiscal
year were ¥16,893 million, an increase of ¥5,404 million as compared with the end of the previous consolidated
fiscal year.
(Cash Flow from Operating Activities)
Funds earned from operating activities were ¥5,901 million (an increase of 866.6% as compared with theprevious year). Major factors for an increase in funds were net profit before taxes, etc. of ¥4,965 million,
depreciation expense of ¥2,170 million, etc.
(Cash Flow from Investing Activities)
Funds earned from investing activities were ¥2,869 million (an increase of 83.1% of the same). This was
mainly due to revenue from the sale of investment securities of ¥3,339 million, etc.
(Cash Flow from Financing Activities)
Funds used for financing activities were ¥4,042 million (a decrease of 29.1% of the same). This was mainly
due to expenditure for acquisition of the shares of a subsidiary not accompanying a change in the scope of
consolidation of ¥2,439 million, etc.
(Reference) Transitions of Cash Flow related Index

Fiscal year ended
March 31, 2020

Fiscal year ended
March 31, 2021

Fiscal year ended
March 31, 2022

Net worth ratio (%)

64.3

68.8

69.6

Net worth ratio on a basis of market price (%)

37.2

49.6

46.4

Ratio of cash flow to interest bearing debt (year)

1.7

13.6

1.5

Interest coverage ratio (times)

76.5

3.7

43.6

(Note) Net worth ratio: Net worth / Total assets
Net worth ratio on a basis of market price: Total market value of shares / Total assets
Ratio of cash flow to interest bearing debt: Interest bearing debts / Cash flow from operating activities
Interest coverage ratio: Cash flow 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 ofoutstanding shares at the end of the period (after deducting treasury stock).
3. As for operating cash flow, “Cash flow from operating activities” in the consolidated cash flow
statement is used.
4. Interest bearing debts cover all the debts that paid interest out of debts appropriated on the consolidatedbalance sheet. As for interest, “Interest paid” in the consolidated cash flow statement is used.

-3-

Arisawa Mfg. Co., Ltd. (5208) Closing Announcement of Fiscal Year Ended March 31, 2022

(4) Future Outlook
For the future outlook of the economy, a great deal of uncertainty remains as there are fears that COVID-19
infections may respread and the conflict in Ukraine may be prolonged and there are concerns about soaring energy
costs and raw materials prices.
Based on such circumstances, we expect sales of ¥48,400 million, operating profit of ¥3,400 million, ordinary
profit of ¥4,000 million and net profit attributable to owners of the parent of ¥2,800 million for the consolidated
business results for the year ending March 31, 2023.

2.

Basic Concept of Selection of Accounting Standards
For the time being, our Company Group will maintain the policy of preparing consolidated financial statements
in compliance 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 andoverseas.

-4-

Arisawa Mfg. Co., Ltd. (5208) Closing Announcement of Fiscal Year Ended March 31, 2022

3.

Consolidated Financial Statements and Major Notes(1) Consolidated Balance Sheet

AssetsCurrent Assets
Cash and deposits
Notes receivable, accounts
receivable and contract assets
Notes and accounts receivable
Securities
Merchandise and finished goods
Work-in-progress
Raw materials and stores
Accrued refunded corporation tax,
etc.
Other
Allowance for doubtful accounts
Total Current Assets
Fixed Assets
Tangible fixed assets
Buildings and structures
Accumulated depreciation
Buildings and structures (net)
Machinery, equipment anddelivery equipment
Accumulated depreciation
Machinery, equipment anddelivery equipment (net)Land
Construction in progress
Other
Accumulated depreciation
Other (net)Total tangible fixed assets
Intangible fixed assets
Investments and other assets
Investment securities
Long-term loans
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and otherassetsTotal Fixed Assets
Total Assets(Unit: thousand yen)Previous consolidated fiscal year
(As of March 31, 2021)

Current consolidated fiscal year
(As of March 31, 2022)

13,215,508

17,341,765-

16,073,835

16,766,218
1,242,430
3,896,377
2,175,632
3,026,247

1,040,342
4,401,727
2,112,503
4,123,818

1,415,974-

778,645△161,830
42,355,204

797,960△15,947
45,876,007

20,846,998△14,701,594
6,145,403

21,307,346△15,245,779
6,061,567△26,585,177
3,872,536△27,199,168

1,888,569
293,853
3,225,023△2,207,990
1,017,032
13,217,395
244,870

1,889,417
1,180,188
3,544,674△2,338,379
1,206,294
13,775,074
279,191

10,666,038
67,179208,316
513,336△14,923
11,439,946

7,875,645
51,785359,450
522,473△50,428

24,902,213
67,257,417

22,813,192
68,689,199

30,457,713-5-30,636,775
3,437,606

8,758,926

Arisawa Mfg. Co., Ltd. (5208) Closing Announcement of Fiscal Year Ended March 31, 2022
(Unit: thousand yen)Previous consolidated fiscal year
(As of March 31, 2021)
Liabilities
Current Liabilities
Notes and accounts payable
Bonds to be redeemed within a year
Short-term borrowings
Current portion of long-term borrowings
Lease liabilities
Corporate income tax, etc., payable
Provision for product warranties
Reserve for bonuses
Reserve for officers’ bonuses
Other
Total Current Liabilities
Fixed Liabilities
Bonds
Long-term borrowings
Provision for share-based remuneration
Lease liabilities
Deferred tax liabilities
Net defined benefit liabilities
Asset retirement obligations
Other
Total Fixed Liabilities
Total Liabilities
Net Assets
Shareholders’ equity
CapitalCapital surplus
Earned surplus
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on other securities
Deferred hedge profit/loss
Foreign currency translation adjustments
Accumulated adjustment for retirement
benefits
Total accumulated other comprehensive
incomeNew share subscription rights
Non-controlling interest
Total Net Assets
Total Liabilities and Net Assets

6,657,426
36,8003,606,087
182,724
87,885
277,82170,263535,756
3,870
2,659,623
14,118,258

5,637,609
26,8003,562,272
957,962
118,578
1,087,828
73,525507,532
4,503
3,214,127
15,190,739

54,4003,761,507
487,985593,992
607,032
89,46699,956
5,694,340
19,812,598

27,6003,845,199
29,802556,302250,681583,365
92,521
147,282
5,532,757
20,723,496

7,623,638
4,403,396
33,374,092△1,159,364
44,241,763

7,643,777
3,017,461
34,936,822△299,704
45,298,357

1,569,049△8,237486,242

1,229,118△50,146
1,317,9782,043,095

2,488,215

193,962
965,997
47,444,819
67,257,417

149,131
29,99847,965,702
68,689,199△3,959-6-

Current consolidated fiscal
year(As of March 31, 2022)△8,734

Arisawa Mfg. Co., Ltd. (5208) Closing Announcement of Fiscal Year Ended March 31, 2022

(2) Consolidated Profit and Loss Statement and Consolidated Statement of Comprehensive Income(Consolidated Profit and Loss Statement)(Unit: thousand yen)

Sales
Cost of Goods Sold
Gross Profit on Sales
Selling, General and Administrative Expenses
Freight and packaging expenses
Wages and allowances
Transfer to reserve for bonuses
Transfer to reserve for officers’ bonuses
Expenses for retirement benefits
Transfer to allowance for doubtful
accounts
Other
Total Selling, General and Administrative
Expenses
Operating Profit
Non-Operating Income
Interest income
Dividend income
Foreign exchange profit
Profit on redemption of investment
securities
Other
Total Non-Operating Income
Non-Operating Expenses
Interest expenses
Expenses for acquisition of the shares of
consolidated subsidiaries
Rent expenses
Other
Total Non-Operating Expenses
Ordinary Profit
Extraordinary Profits
Profit on sale of fixed assets
Profit on sale of investment securities
Other
Total Extraordinary Profits
Extraordinary Losses
Loss on impairment
Retirement loss on fixed assets
Provision for reserve for share-based
remuneration
Loss on sale of investment securities
Total Extraordinary Losses
Net profit before taxes, etc.
Corporate income tax, resident tax andbusiness tax payable
Adjustment of corporate income tax, etc.
Total corporate income tax, etc.
Net Profit
Net profit attributable to non-controllinginterests
Net profit attributable to owners of the parent

Previous consolidated fiscal year
(From April 1, 2020
to March 31, 2021)
46,439,548
38,501,052
7,938,496

Current consolidated fiscal year
(From April 1, 2021
to March 31, 2022)
43,089,576
34,422,042
8,667,533

723,915
1,587,133
130,417
3,870
86,200776,839
1,847,331
136,860
4,503
72,589

4,292

6,504

2,284,179

2,501,959

4,820,009

5,346,587

3,118,486

3,320,946

271,61388,170206,698

186,541
74,377445,378

48,371

213,189309,697924,550

237,934
1,157,421

110,687

120,71749,024

27,773

109,759
195,482
464,954
3,578,083

82,61742,768273,875
4,204,492

515
323,156
27,550351,2227,566
809,606
45,938863,110

69,68429,331

12,92842,774-

14,098313,624
412,640
3,516,666

32,110101,911
4,965,691

456,889

1,156,959

461,375
918,2652,598,400△195,472
961,486
4,004,205

437,760

93,2042,160,640

3,911,000-7-

Arisawa Mfg. Co., Ltd. (5208) Closing Announcement of Fiscal Year Ended March 31, 2022

(Consolidated Statement of Comprehensive Income)Net profit
Other comprehensive income
Valuation difference on other securities
Deferred hedge profit/loss
Foreign currency translation adjustments
Adjustment for retirement benefits
Share of other comprehensive income ofcompanies to which equity method is applied
Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to ownersof the parent
Comprehensive income attributable to noncontrolling interests(Unit: thousand yen)Previous consolidated fiscal year
(From April 1, 2020
to March 31, 2021)
2,598,400

Current consolidated fiscal year
(From April 1, 2021
to March 31, 2022)
4,004,205

1,120,090△6,925△42,333
137,301

1,721△339,881△41,908
888,805△4,775

1,209,853
3,808,254

526,253
4,530,458

3,418,538

4,356,120

389,715

174,337-8-

24,013

Arisawa Mfg. Co., Ltd. (5208) Closing Announcement of Fiscal Year Ended March 31, 2022

(3) Consolidated Statements of Changes in Shareholders’ Equity and Other Net Assets
Previous consolidated fiscal year (From April 1, 2020 to March 31, 2021)(Unit: thousand yen)

Shareholders’ equity
CapitalBalance at the beginning of the period
Cumulative amount affected bychanges in accounting policy
Balance at the beginning of the period
reflecting changes in accounting
policyChanges during the period
Issue of new shares
Dividends of surplus
Net profit attributable to owners of
the parent
Acquisition of treasury stock
Disposal of treasury stock
Retirement of treasury stock
Increase or decrease in the equity
interest by acquisition of the sharesof a consolidated subsidiary
Changes in items other thanshareholders’ equity during theperiod (net)Total changes during the period
Balance at the end of the period

Capital surplus

Earned surplus

Treasury stock

7,594,026

6,706,017

34,256,590△3,204,797

45,351,837

7,594,026

6,706,017

34,256,590△3,204,797

45,351,837

29,612

29,61259,224△997,370△997,370
2,160,640△2,332,233

29,612
7,623,638△334

2,045,767△882,498
33,374,092

2,045,433△1,159,364△2,302,621
4,403,396

Valuation
Deferreddifference on
hedge
other securities profit/loss

2,160,640△2,045,767

Accumulated other comprehensive income

Balance at the beginning of the period
Cumulative amount affected bychanges in accounting policy
Balance at the beginning of the period
reflecting changes in accounting
policyChanges during the period
Issue of new shares
Dividends of surplus
Net profit attributable to owners of
the parent
Acquisition of treasury stock
Disposal of treasury stock
Retirement of treasury stock
Increase or decrease in the equity
interest by acquisition of the sharesof a consolidated subsidiary
Changes in items other thanshareholders’ equity during theperiod (net)Total changes during the period
Balance at the end of the period

Total shareholders’equity△334-△2,332,233△1,110,073
44,241,763

Total
New share
NonAccumulated
Foreignaccumulated
subscription controlling
adjustment
currency
otherinterest
rightstranslation for retirement
comprehensive
benefits
adjustments
incomeTotal net
assets448,970△1,311

478,798△141,260

785,197

166,148

2,714,984

49,018,167

448,970△1,311

478,798△141,260

785,197

166,148

2,714,984

49,018,167

59,224△997,370
2,160,640△334-△2,332,233
1,120,078
1,120,078
1,569,049△6,925△6,925△8,237

7,444

137,301

1,257,897

7,444
486,242

137,301△3,9591,257,897
2,043,095-9-27,814 △1,748,986△463,274

27,814 △1,748,986 △1,573,348
193,962
965,997 47,444,819

Arisawa Mfg. Co., Ltd. (5208) Closing Announcement of Fiscal Year Ended March 31, 2022

Current consolidated fiscal year (From April 1, 2021 to March 31, 2022)(Unit: thousand yen)

Shareholders’ equity
CapitalBalance at the beginning of the period
Cumulative amount affected bychanges in accounting policy
Balance at the beginning of the period
reflecting changes in accounting
policyChanges during the period
Issue of new shares
Dividends of surplus
Net profit attributable to owners of
the parent
Acquisition of treasury stock
Disposal of treasury stock
Retirement of treasury stock
Increase or decrease in the equity
interest by acquisition of the sharesof a consolidated subsidiary
Changes in items other thanshareholders’ equity during theperiod (net)Total changes during the period
Balance at the end of the period

Capital surplus

7,623,638

Earned surplus

4,403,396

Treasury stock

33,374,092
39,9397,623,638

4,403,396

20,13920,13933,414,032△1,159,364

44,241,763△1,159,364

44,281,702

39,93940,278△1,466,926△1,466,926

3,911,000△2,973△918,310△1,406,074

20,1397,643,777

1,522,790
34,936,822△1,385,935
3,017,461

Accumulated other comprehensive income
Valuation
Deferreddifference on
hedge
other securities profit/loss
Balance at the beginning of the period
Cumulative amount affected bychanges in accounting policy
Balance at the beginning of the period
reflecting changes in accounting
policyChanges during the period
Issue of new shares
Dividends of surplus
Net profit attributable to owners of
the parent
Acquisition of treasury stock
Disposal of treasury stock
Retirement of treasury stock
Increase or decrease in the equity
interest by acquisition of the sharesof a consolidated subsidiary
Changes in items other thanshareholders’ equity during theperiod (net)Total changes during the period
Balance at the end of the period

Total shareholders’equity1,569,049

1,569,049

3,911,000△82,621
23,971
918,310△82,621
20,997△1,406,074

859,660△299,704

1,016,654
45,298,357

Total
New share
NonAccumulated
Foreignaccumulated
subscription controlling
adjustment
currency
otherinterest
rightstranslation for retirement
comprehensive
benefits
adjustments
income△8,237486,242△8,237486,242△3,9592,043,095△3,9592,043,095

193,962

965,997

Total net
assets47,444,819
39,939193,962

965,997

47,484,758

40,278△1,466,926
3,911,000△82,621
20,997△1,406,074△339,930△339,930
1,229,118△41,908△41,908△50,146

831,735
831,735
1,317,978- 10 -△4,775△4,775△8,734445,120445,120
2,488,215△44,831△44,831
149,131△935,998△935,998
29,998△535,710

480,944
47,965,702

Arisawa Mfg. Co., Ltd. (5208) Closing Announcement of Fiscal Year Ended March 31, 2022

(4) Consolidated Cash Flow Statement

Cash flow from operating activities
Net profit before taxes, etc.
Depreciation expense
Loss on impairment
Stock compensation expenses
Increase/decrease in provision for productwarranties (△: decrease)
Increase/decrease in reserve for bonuses (△:decrease)
Increase/decrease in reserve for officers’
bonuses (△: decrease)
Increase/decrease in allowance for doubtful
accounts (△: decrease)
Increase/decrease in provision for share-based
remuneration (△: decrease)
Increase/decrease in net defined benefit
liabilities (△: decrease)
Interest and dividend income
Subsidy income
Interest expenses
Bad debt loss
Foreign currency exchange profit/loss (△:profit)Investment profit/loss by equity method (△:profit)Profit/loss on sale of investment securities(△: profit)
Profit/loss on redemption of investment
securities (△: profit)
Profit/loss on sale of fixed assets (△: profit)
Loss on retirement of tangible fixed assets
Profit on reversal of new share subscription
rightsIncrease/decrease in accounts receivable (△:increase)
Increase/decrease in inventories (△: increase)
Increase/decrease in trades payable (△:decrease)
Increase/decrease in consumption tax, etc.,
payable (△: decrease)
Increase/decrease in other assets (△: increase)
Increase/decrease in other liabilities (△:decrease)
SubtotalInterest and dividends received
Interest paid
Corporate income tax, etc., paid or refund (△:paid)
Subsidy income received
Cash flow from operating activities(Unit: thousand yen)Previous consolidated fiscal year
(From April 1, 2020
to March 31, 2021)

Current consolidated fiscal year
(From April 1, 2021
to March 31, 2022)

3,516,666
2,107,827
69,68473,411

4,965,691
2,170,976
12,92833,103△83△5,754△34,761△28,223

35,975

16,261-

56,85465,982△30,538△923△359,784△147,490
110,687
29,048△260,918△69,973
120,7175,424△229,332

46,062△397,726△9,532
2,304△777,496

△515
6,255

△7,566
18,337△15,342△211,764△27,550
985,325

1,597,125△799,651△1,486,568△45,938△283,709△1,268,486△159,878

80,366353,207

201,045

5,185,625
410,659△162,805

4,782,141
294,691△135,227

147,490
610,515

69,973
5,901,174△163,601△4,970,454- 11 -

633

108,975

889,594

Arisawa Mfg. Co., Ltd. (5208) Closing Announcement of Fiscal Year Ended March 31, 2022
(Unit: thousand yen)

Cash flow from investing activities
Expenditure for placement in term deposits
Revenue from refund of term deposits
Expenditure for acquisition of securities
Revenue from sale of securities
Expenditure for acquisition of tangible fixed
assets
Revenue from sale of tangible fixed assets
Expenditure for acquisition of intangible fixed
assetsExpenditure for acquisition of investment
securities
Revenue from sale of investment securities
Expenditure for lending
Revenue from collection of loans
Increase/decrease in investments and other assets(△: increase)
Cash flow from investing activities
Cash flow from financing activities
Net increase/decrease in short-term borrowings(△: decrease)
Revenue from long-term borrowings
Expenditure for repayment of long-termborrowings
Expenditure for repayment of lease liabilities
Expenditure for repayment of long-term accrued
amountExpenditure for redemption of bonds
Proceeds from stocks issued
Expenditure for acquisition of treasury stock
Dividends paid
Dividends paid to non-controlling interests
Expenditure for acquisition of the shares of a
subsidiary not accompanying a change in thescope of consolidation
Revenue from sale of the shares of a subsidiary
not accompanying a change in the scope of
consolidation
Cash flow from financing activities
Translation differences in cash and cash equivalents
Increase/decrease in cash and cash equivalents(△: decrease)
Cash and cash equivalents at the beginning of theperiodCash and cash equivalents at the end of the period

Previous consolidated fiscal year
(From April 1, 2020
to March 31, 2021)

Current consolidated fiscal year
(From April 1, 2021
to March 31, 2022)△1,771,360
200,000△900,000
1,100,000

1,673,970-△1,908,002

1,097△1,907,427△75,825△99,703△672,081△103,247△29,040△40,393

5,610,543△29,000
41,0203,339,166△91,234
87,427

1,567,351

2,869,467△1,281,546
1,681,977△324,835△478,069△798,849△99,170△50,805△64,882△36,800
50,032△334△995,340△155,966

1,269,158△81,838△36,800
34,021△82,621△1,463,025△68,154△4,324,082△2,439,158

1,000

-

△5,703,182
287,618△4,042,908
677,087

14,725,985

11,488,288

11,488,288

16,893,109△3,237,696- 12 -

10,9095,404,820

Arisawa Mfg. Co., Ltd. (5208) Closing Announcement of Fiscal Year Ended March 31, 2022

(5) Notes Related to Consolidated Financial Statements(Notes on Going Concern)
No applicable matter.
(Changes in Accounting Policy)(Application of the Accounting Standard for Revenue Recognition, etc.)“Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020; hereinafter referred to as
the “Revenue Recognition Accounting Standard”), etc., have been applied from the beginning of the consolidated first quarterand the Company recognizes revenue at the amount expected to be received in exchange for goods or services when control ofthe promised goods or services is transferred to the customer.
As a result, for transactions where the role of the Company falls under an agent of sales of products to customers, total
amount of considerations received from customers have previously been recognized as revenue, but the method has beenchanged to recognize revenue at the net amount, subtracting the amount paid to third parties from the total amount ofconsiderations. In addition, with regard to transactions of providing parts to suppliers with compensation for which the Company
bears a repurchase obligation, the amount equivalent to the ending inventory of those parts retained by suppliers are recognized
as liabilities. Further, with regard to transactions related to purchasing parts from suppliers for which the Company bears a sellback obligation, sales and cost of goods sold have previously been recorded at the time of sell-back to suppliers of parts, but themethod was changed to recognize only the net amount equivalent to processing cost as revenue. Further, for sales to somecustomers, in connection with transfer of control over assets to customers for a certain period, the method of recognizing revenue
for a certain period according to the progress of manufacture was adopted.
For application of the Revenue Recognition Accounting Standard, etc., the Company complies with the transitional
treatment prescribed in the Revenue Recognition Accounting Standard, paragraph 84, proviso. The cumulative effects resulting
from retroactive application of the new accounting policy before the beginning of the consolidated first quarter are added to or
subtracted from earned surplus at the beginning of the consolidated first quarter and the new accounting policy has been applied
from the balance at the beginning of the period; provided, however, that by applying the method prescribed in the Revenue
Recognition Accounting Standard, paragraph 86, the new accounting policy has not been retroactively applied to contracts forwhich almost all revenue has been recognized in accordance with the previous accounting before the beginning of theconsolidated first quarter. With respect to contract amendments which were made before the beginning of the consolidated firstquarter, accounting was made under the terms of contract after reflecting all contract amendments by applying the method
prescribed in the Revenue Recognition Accounting Standard, paragraph 86, (1) and the cumulative effects were added to or
subtracted from earned surplus at the beginning of the consolidated first quarter.
As a result, in the current consolidated fiscal year, sales decreased by ¥3,575,029 thousand and cost of goods solddecreased by ¥3,546,941 thousand and operating profit, ordinary profit and net profit before taxes, etc., decreased by ¥28,087
thousand respectively. The balance of earned surplus at the beginning of the current quarter increased by ¥39,939 thousand.
As the Revenue Recognition Accounting Standard, etc., have been applied, “notes and accounts receivable” indicatedin “current assets” in the consolidated balance sheet for the previous consolidated fiscal year are included in “notes receivable,accounts receivable and contract assets” from the consolidated first quarter. According to the transitional treatment prescribedin the Revenue Recognition Accounting Standards, paragraph 89-2, reclassification has not been made by the new indication
method regarding the previous consolidated fiscal year. In addition, in accordance with the transitional treatment prescribed in
the “Accounting Standard for Quarterly Financial Reporting” (ASBJ Statement No. 12, March 31, 2020), paragraph 28-15, theinformation related to the disaggregation of the revenue accruing from contracts with customers for the previous consolidated
fiscal year was not stated.
(Application of Accounting Standard for Fair Value Measurement, etc.)“Accounting Standard for Fair Value Measurement” (ASBJ Statement No. 30, July 4, 2019; hereinafter referred to as
the “Fair Value Measurement Standard”), etc., have been applied from the beginning of the consolidated first quarter. In
accordance with the transitional treatment prescribed in the Fair Value Measurement Standard, paragraph 19 and the“Accounting Standard for Financial Instruments” (ASBJ Statement No. 10, July 4, 2019), paragraph 44-2, the new accounting
policy prescribed in the Fair Value Measurement Standard, etc., is applied into the future. There is no impact due to thisapplication.

- 13 -

Arisawa Mfg. Co., Ltd. (5208) Closing Announcement of Fiscal Year Ended March 31, 2022
(Segment Information, etc.)[Segment Information]
1.

Outline of reportable segments
Reportable segments of the Company are those whose separate financial information is obtainable out of the composition

units of the Company and the subject of periodical review by the board of directors in order to determine distribution of businessresources and evaluate performances.
The Company established the manufacturing and sales system by product and service at the head office and develops
comprehensive strategies of the handling products and services for Japan and overseas and is developing business activities.
Therefore, the Company is composed of segments by product and service based on the manufacturing and sales system andadopts the four businesses of “electronic materials business,” “industrial application structural materials business,” “electric
insulation materials business” and “display materials business” as the reportable segments.
“Electronic materials business” produces materials for flexible and rigid printed circuit boards, etc. “Industrial application
structural materials business” produces FW molded products, honeycomb panels and prepregs for aircraft, pultrusion products,
FRP ski sheets, etc. “Electric insulation materials business” produces glass cloth, glass tapes, prepregs for electric insulation, etc.
“Display materials business” produces 3D display filters, special optical parts, etc.
2.

Method of calculation of the amount of sales, profit or loss, assets, liabilities and other items by reportable segment
Accounting method of reported business segments is generally the same as the statement in “Substantial Underlying Mattersfor Preparation of Consolidated Financial Statements.”
Profit in the reportable segments is based on operating profit (before amortization of goodwill).
Intersegment revenues and transfers are based on the actual market price.
In addition, as stated in the changes in accounting policy, the Accounting Standard for Revenue Recognition, etc., havebeen applied from the beginning of the consolidated first quarter to change the accounting of revenue recognition, measurement
method of profit or loss of business segment was changed in a similar manner.
As a result, as compared with the previous method, sales of electronic materials decreased by ¥2,204,067 thousand, sales ofindustrial application structural materials decreased by ¥569,319 thousand, segment profit decreased by ¥37,425 thousand, salesof electronic insulation materials decreased by ¥17,938 thousand, sales of display materials decreased by ¥783,704 thousand andsegment profit increased by ¥9,337 thousand.

- 14 -

Arisawa Mfg. Co., Ltd. (5208) Closing Announcement of Fiscal Year Ended March 31, 2022

3.

Information about the amount of sales, profit or loss, assets, liabilities and other items by reportable segment
Previous consolidated fiscal year (From April 1, 2020 to March 31, 2021)(Unit: thousand yen)

Reportable segment

Electronicmaterials

Industrial
application
structural
materials

31,650,346

8,842,592

2,340,444

2,820,157

45,653,540

---

---

---

---

---

31,650,346

8,842,592

2,340,444

2,820,157

45,653,540

Segment profit

2,981,124

939,199

192,241

221,311

4,333,877

Segment assets

30,226,999

8,632,419

2,746,374

3,197,787

44,803,580

1,491,153

255,026

88,710115,033

1,949,923

21,6801,971,604

---

---

---

173,640

173,640---

173,640

1,466,520

244,778

98,476

37,1101,846,886

74,567

1,921,453

Sales
Sales to externalcustomers
Intersegment sales ortransfers
Total

Electric
insulationmaterials

Displaymaterials

Other(Note)

Total

Total

786,008 46,439,548
836,354

836,354

1,622,363 47,275,903
243,688

4,577,566

1,280,605 46,084,186

Other
Depreciation expense
Investment incompanies to which
the equity method isappliedIncrease in tangible
fixed assets andintangible fixed
assets(Note) The category “Other” means business segments which are not included in the reportable segments andincludes related goods sales, logistics related businesses and other businesses, etc.
Current consolidated fiscal year (From April 1, 2021 to March 31, 2022)

Sales
Sales to externalcustomers
Intersegment sales ortransfers
Total(Unit: thousand yen)

Reportable segment

Electronicmaterials

Industrial
application
structural
materials

29,768,120

7,053,787---

Displaymaterials

Total

Other
(Note)

Total

2,604,011

3,253,011

42,678,931

410,644

43,089,576

---

---

---

---

841,914

841,914

Electric
insulationmaterials

29,768,120

7,053,787

2,604,011

3,253,011

42,678,931

1,252,559

43,931,491

Segment profit

2,907,853

872,934

303,709815,392

4,899,889

172,152

5,072,042

Segment assets

35,050,267

9,028,816

2,848,872

4,213,533

51,141,489

1,239,760

52,381,249

1,583,170

192,068

82,494

134,192

1,991,926

23,3752,015,301

---

---

---

212,996

212,996---

212,996

1,887,184

205,290

90,01984,6502,267,144

23,8102,290,954

Other
Depreciation expense
Investment incompanies to which
the equity method isappliedIncrease in tangible
fixed assets andintangible fixed
assets(Note) The category “Other” means business segments which are not included in the reportable segments andincludes related goods sales, logistics related businesses and other businesses, etc.

- 15 -

Arisawa Mfg. Co., Ltd. (5208) Closing Announcement of Fiscal Year Ended March 31, 2022

4.

Difference between the total amount of reportable segments and the amount shown in the consolidated financial
statements and major details for the difference (matters concerning difference adjustment)(Unit: thousand yen)
Sales

Previous consolidated fiscal year

Current consolidated fiscal year

Total of reportable segments

45,653,540

42,678,931

Sales in category “Other”

1,622,363

1,252,559

Elimination of intersegment transactions△836,354

46,439,548△841,914

43,089,576

ProfitPrevious consolidated fiscal year

Current consolidated fiscal year

Total of reportable segments

4,333,877

4,899,889

Profit in category “Other”

243,688

172,152

3,666

14,456△1,440,791△1,725,483

3,118,486

3,320,946

Sales in consolidated financial statements(Unit: thousand yen)

Elimination of intersegment transactions
Expenses of entire company (Note)
Adjustment of inventories△21,954

Operating profit in consolidated financial statements△40,068

Note: Expenses of the entire company are mainly general and administrative expenses not attributable to reportablesegments.
(Unit: thousand yen)
AssetsPrevious consolidated fiscal year

Current consolidated fiscal year

Total of reportable segments

44,803,580

51,141,489

Assets in category “Other”
Elimination by setoff of the claims to
the administrative department of head office
Assets of entire company (Note)

1,280,605

1,239,760△782,751

21,977,937△756,467

17,104,485△21,954△40,068

Adjustment of inventories
Total assets in consolidated financial statements

67,257,417

68,689,199

Note: Assets of the entire company are mainly investment securities, etc., not attributable to reportable segments.

Other item

Total of reportablesegments

Other

Adjustment(Unit: thousand yen)Amount shown inconsolidated 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 expense

1,949,923

1,991,926

21,68023,375

136,223

155,674

2,107,827

2,170,976

Increase in tangible fixed
assets and intangible fixed
assets

1,846,886

2,267,144

74,567

23,810298,926

77,3202,220,379

2,368,275

Note: Adjustment of increase in tangible fixed assets and intangible fixed assets is the capital investments in the assets
used for the common corporate purpose.

- 16 -

Arisawa Mfg. Co., Ltd. (5208) Closing Announcement of Fiscal Year Ended March 31, 2022

[Related Information]
Previous consolidated fiscal year (From April 1, 2020 to March 31, 2021)
1. Information by product and service
Electronicmaterials
Sales to external customers

31,650,346

Industrial
application
structural
materials
8,842,592(Unit: thousand yen)
Electric
insulationmaterials

Displaymaterials

Other

Total

2,820,157

786,008

46,439,548

2,340,444

2. Information by region(1) Sales(Unit: thousand yen)
Japan

China

19,419,125

15,474,946

Other Region
11,545,477

Total
46,439,548(Note) Sales are based on the location of customers and classified into a country or region.
(2) Tangible fixed assets(Unit: thousand yen)Japan

Taiwan9,271,469

3.

3,191,195

Other Region754,730

Total
13,217,395

Information by major customer(Unit: thousand yen)
Name of Customer

Sales

Sumitomo Shoji Chemicals Co., Ltd.

Related segment name
4,986,141

Electronic materials businessCurrent consolidated fiscal year (From April 1, 2021 to March 31, 2022)
1. Information by product and service
Electronicmaterials
Sales to external customers

29,768,120

Industrial
application
structural
materials
7,053,787(Unit: thousand yen)
Electric
insulationmaterials

Displaymaterials

Other

Total

3,253,011

410,644

43,089,576

2,604,011

2. Information by region(1) Sales(Unit: thousand yen)Japan
17,323,899

China
12,872,209

Other Region
12,893,467

Total
43,089,576(Note) Sales are based on the location of customers and classified into a country or region.
(2) Tangible fixed assets(Unit: thousand yen)Japan
9,239,517

Taiwan3,674,498

Other Region
861,058

Total
13,775,074

3. Information by major customer
Out of sales to external customers, as there is no business party who accounts for more than 10% of sales in theConsolidated Profit and Loss Statement, description is omitted.

- 17 -

Arisawa Mfg. Co., Ltd. (5208) Closing Announcement of Fiscal Year Ended March 31, 2022
[Information about loss on impairment of fixed assets by reportable segment]
Previous consolidated fiscal year (From April 1, 2020 to March 31, 2021)

Loss on impairment(Unit: thousand yen)
EntireElectronic Industrial application Electric insulation Display
Other company/
Totalmaterials
structural materials
materials
materials
Elimination--69,684--------69,684

Current consolidated fiscal year (From April 1, 2021 to March 31, 2022)
Electronicmaterials
Loss on impairment---(Unit: thousand yen)
EntireIndustrial application Electric insulation Display
Other company/
Total
structural materials
materials
materials
Elimination
12,928--------12,928[Information about amortization of goodwill and unamortized balance by reportable segment]
Previous consolidated fiscal year (From April 1, 2020 to March 31, 2021)
No applicable matter.
Current consolidated fiscal year (From April 1, 2021 to March 31, 2022)
No applicable matter.
[Information about profit on negative goodwill by reportable segment]
No applicable matter.
(Per Share Information)

Previous consolidated fiscal year
Current consolidated fiscal year
(From April 1, 2020
(From April 1, 2021
to March 31, 2021)
to March 31, 2022)
Net asset per share¥1,388.50¥1,434.46
Net profit per share¥64.94¥117.40
Fully diluted net profit per share¥64.84¥117.32(Note) Net profit and fully diluted net profit per share are calculated on the basis of the following:
Previous consolidated fiscal year
Current consolidated fiscal year
(From April 1, 2020
(From April 1, 2021
to March 31, 2021)
to March 31, 2022)
Net profit per share
Net profit attributable to owners of the parent
2,160,640
3,911,000(thousand yen)Amounts that are not attributable to common----stockholders (thousand yen)
Net profit attributable to owners of the parent
2,160,640
3,911,000
for common stock (thousand yen)
Average number of shares during the year
33,271,733
33,312,484(shares)
Fully diluted net profit per share
Adjustment of net profit attributable to ownersof the parent (thousand yen)
Increase in number of common stock (shares)(Of those, number of new share subscription
rights (shares))
The outline of potential shares not included in thecalculation of fully diluted net profit per share dueto the absence of dilutive effects

---

---

52,79823,631(52,798)(23,631)

Eight types of new sharesubscription rights(1,270,500 shares)

Four types of new sharesubscription rights(497,500 shares)(Note) In calculation of quarterly net profit per share, the shares of the Company held by the trust account of the Employee
Stock Ownership Plan, which are recorded as treasury stock in shareholders’ equity, are included in the treasury stock to
be deducted in calculation of the average number of shares during the year (-- shares in the previous consolidated fiscal
year and 56,483 shares in the current consolidated fiscal year).

- 18 -

Arisawa Mfg. Co., Ltd. (5208) Closing Announcement of Fiscal Year Ended March 31, 2022
(Important Events after Closing the Accounts)
No applicable matter.

- 19 -