Summary of Consolidated Financial Results
for the Year Ended March 31, 2023
(Based on Japanese GAAP)
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:
Scheduled date to file Securities Report:
Preparation of supplementary material on financial results:
Holding of financial results meeting :1.

May 12, 2023

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 30, 2023

June 29, 2023
June 30, 2023

Yes
Yes (for analysts)(Amounts less than one million yen are rounded down)

Consolidated financial results for the year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)
Percentages indicate year-on-year changes(1) Consolidated operating results
Net salesYear ended March 31, 2023
Year ended March 31, 2022
(Note) Comprehensive income:Operating profit

Millions of yen

Millions of yen%

Millions of yen%

42,722
△0.9
2,228
△32.9
43,089--3,320--Year ended March 31, 2023: 2,578 million yen (△43.1%)
Year ended March 31, 2022: 4,530 million yen (19.0%)
Earnings per share

Diluted earnings per
share

Yen

Yen

Year ended March 31, 2023
Year ended March 31, 2022
(Reference) Equity method investment gain:

Profit attributable toowners of parent

Ordinary profit

Profit attributable toowners ofparent/equity

Millions of yen

%

2,717
4,204

2,856
3,911

△35.4
---

%

△27.0
---

Ordinary
profit/total assets

Operating profit/net
sales

%

%

%

86.46
86.24
6.0
4.0
5.2
117.40117.32
8.3
6.2
7.7
Year ended March 31, 2023: 19 million yen
Year ended March 31, 2022: 15 million yen(Note) “Accounting Standard for Revenue Recognition” (Accounting Standards Board of Japan Statement No.29, March 31, 2020), etc., have been
applied from the beginning of the previous consolidated fiscal year. The percentages of year-on-year changes are not stated above since each figure
for the year ended March 31, 2022 is based on the application of the relevant accounting standards, etc.

(2)Consolidated financial position
Total assets

As of March 31, 2023
As of March 31, 2022
(Reference) Total equity:(3)

Consolidated cash flows

Cash flows fromoperating activities

Millions of yen

Net assets per share%

Cash flows fromfinancing activities

Millions of yen

Millions of yen

508
2,869

Annual dividends per share

2nd quarterend
Yen

3rd quarterend
Yen

Fiscal yearend
Yen

90.00
90.00

95.00
90.00

---

20.00

---

25.00

45.00

5.00
0.00

-----

1,422.43
1,434.46

Cash and cash equivalents
at the end of period
Millions of yen

18,535
16,893△2,572△4,042

1st quarterend
Yen

-----

Yen

69.5
69.6

Cash flows frominvesting activities

3,471
5,901

Cash dividends

Year ended March 31, 2022
Year ended March 31, 2023
Year ending March 31, 2024
(Forecast)3.

Equity ratio

Millions of yen

67,65947,107
68,68947,965
Year ended March 31, 2023: 47,056 million yen
Year ended March 31, 2022: 47,786 million yen

Year ended March 31, 2023
Year ended March 31, 2022

2.

Net assets

Millions of yen

Total
Yen

Total cash
dividends(Total)Millions of yen

3,173
2,985

Dividend payout
ratio(Consolidated)
%

80.9
104.1

Ratio of dividends
to net assets(Consolidated)
%

6.7
6.3

82.7

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

Net sales
Six months ending
September 30, 2023
Full year

Operating profit

Ordinary profit

Profit attributable toowners of parent

Earnings
per share

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

20,300

△11.7

300

△83.9

200

△91.7

100

△96.1

3.02

45,300

6.0

2,100

5.7

2,100

△22.7

1,800

△37.0

54.41

* Notes(1) Changes in significant subsidiaries during the year ended March 31, 2023
(changes in specified subsidiaries resulting in the changes in scope of consolidation):
New: --(Company Name:)
Exclusion: --(Company Name:)

No(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial
statements
1)
2)
3)
4)

Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:
Changes in accounting estimates:
Restatement of prior period financial statements:

Yes
No
No
No

(3) Number of issued shares (common shares)
1)

2)
3)

Total number of issued shares at the end of the period (including treasury shares):
As of March 31, 2023: 33,541,124 shares
As of March 31, 2022: 33,614,824 shares
Number of treasury shares at the end of the period:
As of March 31, 2023: 459,279 shares
As of March 31, 2022: 301,575 shares
Average number of shares during the period
Year ended March 31, 2023: 33,036,799 sharesYear ended March 31, 2022: 33,312,484 shares(Note) The shares of the Company (87,100 shares in the year ended March 31, 2023 and 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
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 (88,066 shares in the year ended March 31, 2023 and 56,483 shares in the year ended March
31, 2022).

(Reference) Summary of non-consolidated results
Non-consolidated financial results for the year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)(1) Non-consolidated operating results
Percentages indicate year-on-year changes
Net salesYear ended March 31, 2023
Year ended March 31, 2022

Millions of yen

25,752
26,648%Operating profit

Millions of yen

1,098
1,321

△3.4
---

Earnings per share

Yen

%

△16.9
---

Ordinary profit

Millions of yen

2,365
2,852

%

△17.1
---

Earnings

Millions of yen

2,673
2,348

%

13.9
---

Diluted earnings per share

Yen

Year ended March 31, 2023
80.94
80.73
Year ended March 31, 2022
70.49
70.44
(Note) “Accounting Standard for Revenue Recognition” (Accounting Standards Board of Japan Statement No.29, March 31, 2020), etc., have been
applied from the beginning of the previous consolidated fiscal year. The percentages of year-on-year changes are not stated above since each figure
for the year ended March 31, 2022 is based on the application of the relevant accounting standards, etc.

(2) Non-consolidated financial position

Total assets

Millions of yen

Year ended March 31, 2023
49,365
Year ended March 31, 2022
50,225(Reference) Total equity: Year ended March 31, 2023: 39,521 million yen
Year ended March 31, 2022: 40,866 million yen

Net assets

Millions of yen

39,57341,016Equity ratio%

Net assets per share

80.1
81.4

Yen

1,194.67
1,226.75* The Summary of Consolidated Financial Results 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) Summary of Consolidated Financial Results for the Year Ended March 31, 2023

○ 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 ................................................................................ 2(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(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, 2023

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, the economic activity was normalizing
due to the relaxation of restrictions on activities from COVID-19 infections, etc. On the other hand, the future
prospects still remain uncertain due to the persistent high energy and raw material prices caused by the
prolonged situation in Ukraine, the rise in prices caused by global inflation in addition to a decrease in demandin the Chinese market. In particular, as for electronic materials, which is a main business field of our Company
Group, inventory adjustments have continued since the second half of the fiscal year due to sluggish demandfor personal computers, mobile devices, etc.
Under such circumstances, the results of operations of our Company Group for the current consolidated fiscal
year showed net sales of 42,722 million yen (a decrease of 0.9% year-on-year) due to a decrease in sales ofelectronic materials despite an increase in sales of industrial application structural materials and display
materials. Operating profit was 2,228 million yen (a decrease of 32.9% year-on-year) due to soaring energy
costs and raw material prices. Ordinary profit remained 2,717 million yen (a decrease of 35.4% year-on-year)
due to a decrease in the operating profit and a contraction in foreign exchange gains. On the other hand, profit
attributable to owners of parent was 2,856 million yen (a decrease of 27.0% year-on-year) due to an increasein gain on sale of investment securities, etc.
Business results with respect to each segment are as follows.
(Electronic materials)
Net sales were 26,543 million yen (a decrease of 10.8% year-on-year) due to a decrease in sales of flexible
printed circuit board materials and glass cloth for printed circuit board, while the segment profit was 1,223
million yen (a decrease of 57.9% year-on-year) caused by the impact from soaring energy costs and raw
material prices in addition to a decrease in sales.
(Industrial application structural materials)
Net sales were 9,128 million yen (an increase of 29.4% year-on-year) due to an increase in sales of water
treatment FRP pressure vessels, while the segment profit was 1,315 million yen (an increase of 50.7% year-onyear).
(Electric insulation materials)
Net sales were 2,582 million yen (a decrease of 0.8% year-on-year) due to a decrease in infrastructure-related
sales, while the segment profit was 184 million yen (a decrease of 39.2% year-on-year).
(Display materials)
Net sales were 4,162 million yen (an increase of 28.0% year-on-year) due to an increase in sales of 3Drelated materials and ColorLink Japan, Ltd.’s polarization control optical components, while the segment profit
was 1,024 million yen (an increase of 25.6% year-on-year).
(Other)Net sales were 305 million yen (a decrease of 25.7% year-on-year).

(2) Summary of Financial Position for the Current Year
Total assets as of the end of the current consolidated fiscal year were 67,659 million yen, a decrease of 1,029
million yen compared with the end of the previous year. This was largely due to an increase of 3,203 million-2-

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Year Ended March 31, 2023

yen in cash and deposits, an increase of 1,123 million yen in merchandise and finished goods, an increase of
2,671 million yen in property, plant and equipment, a decrease of 2,891 million yen in notes and accounts
receivable-trade, and contract assets, a decrease of 940 million yen in securities and a decrease of 5,330 million
yen in investment securities, respectively.
Total liabilities as of the end of the current consolidated fiscal year were 20,552 million yen, a decrease of
171 million yen compared with the end of the previous year. This was largely due to a decrease of 424 million
yen in notes and accounts payable-trade, etc.
Total net assets as of the end of the current consolidated fiscal year were 47,107 million yen, a decrease of
857 million yen compared with the end of the previous year. This was largely due to an increase of 586 million
yen in foreign currency translation adjustment, a decrease of 643 million yen in retained earnings, and adecrease of 762 million yen in valuation difference on available-for-sale securities, 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 18,535 million yen, an increase of 1,642 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 3,471 million yen (5,901 million yen was earned in the previous
consolidated fiscal year). This was largely due to an increase in the Funds comprising 3,902 million yen in
profit before income taxes and 2,290 million yen in depreciation, etc. as well as a decrease in the Funds
comprising 1,328 million yen in increase in inventories, etc.
(Cash Flows from Investing Activities)
Funds earned for investing activities were 508 million yen (2,869 million yen was earned in the previous
consolidated fiscal year). This was largely due to an increase of 6,783 million yen, etc. from sales of investment
securities, etc. as well as a decrease in the Funds comprising the expenditure of 4,324 million yen for purchasesof property, plant and equipment, etc.
(Cash Flows from Financing Activities)
Funds disbursed from financing activities were 2,572 million yen (4,042 million yen was disbursed in theprevious consolidated fiscal year). This was largely due to a decrease of 3,000 million yen for payment ofdividends, etc.
(Reference) Transitions of Cash Flows related Index

Year ended
March 31, 2021

Year ended
March 31, 2022

Year ended
March 31, 2023

Equity ratio (%)

68.8

69.6

69.5

Equity ratio on a basis of market price (%)

49.6

46.4

61.3

Ratio of cash flows to interest bearing debt (year)

13.6

1.5

3.0

Interest coverage ratio (times)

3.7

43.6

23.2

(Note) Equity ratio: Net worth / Total assets
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 ofoutstanding shares at the end of the period (after deducting treasury shares).
-3-

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Year Ended March 31, 2023

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 whichinterest 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 soaring resource prices caused by the prolonged
conflict in Ukraine, global monetary tightening, concerns about an economic recession, etc.
Based on such circumstances, we expect net sales of 45,300 million yen, operating profit of 2,100 million yen,ordinary profit of 2,100 million yen and profit attributable to owners of the parent of 1,800 million yen for the
consolidated business results for the year ending March 31, 2024.

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) Summary of Consolidated Financial Results for the Year Ended March 31, 2023

3.

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

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(Thousands of yen)Previous consolidated fiscal year
(As of March 31, 2022)
17,341,765

20,545,580

16,073,835

13,182,106

1,040,342
4,401,727
2,112,503
4,123,818
797,960△15,947
45,876,007

100,150
5,525,035
2,373,079
4,263,762
1,441,020△10,786
47,419,946

21,307,346△15,245,779
6,061,567

21,934,719△15,857,218
6,077,500△27,199,168
3,437,606△28,134,902

1,889,417
1,180,188
3,544,674△2,338,379
1,206,294

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

279,191

244,197

7,875,645
51,785359,450
522,473△50,428
8,758,926

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

22,813,192
68,689,199

20,239,780
67,659,726

30,636,775

13,775,074-5-Current consolidated fiscal year
(As of March 31, 2023)

31,821,077
3,686,175

16,446,181

3,549,401

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Year Ended March 31, 2023
(Thousands of yen)Previous consolidated fiscal year
(As of March 31, 2022)
Liabilities
Current liabilities
Notes and accounts payable-trade
Current portion of bonds payable
Short-term borrowings
Current portion of long-term borrowings
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-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeShare acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets-6-

Current consolidated fiscal
year(As of March 31, 2023)

5,637,609
26,8003,562,272
957,962
118,578
1,087,828
73,525507,532

5,213,263
16,8005,056,253
1,843,441
129,172
658,615
42,184
526,795

4,503

2,162

3,214,127
15,190,739

2,788,015
16,276,705

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

10,8002,723,471
50,449460,601
137,916
700,883
97,11994,066
4,275,306
20,552,012

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

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

1,229,118

466,417△50,146
1,317,978△8,7342,488,215△13,657
1,904,093△127,370

149,131
29,99847,965,702
68,689,199

51,243－
47,107,714
67,659,726

2,229,483

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Year Ended March 31, 2023

(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
Share of profit of entities accounted forusing equity method
Subsidy income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Rent 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 loss
Loss on retirement of non-current assets
Loss on sale of investment securities
Provision for share-based remuneration
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, 2021
to March 31, 2022)
43,089,576
34,422,042
8,667,533

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

776,839
1,847,331
136,860

758,204
1,862,094
119,060

4,503

2,162

72,58966,609

6,504

1,135

2,501,959

2,771,767

5,346,587

5,581,034

3,320,946

2,228,105

186,541
74,377445,378

141,797
58,572
215,421

15,342

19,83969,471
366,310
1,157,421

76,585208,996
721,214

120,717
82,61770,541
273,875
4,204,492

155,066
46,49930,262
231,828
2,717,491

7,566
809,606
45,938863,1104,104
1,305,245
41,1401,350,490

12,92842,774
32,11014,098
101,911
4,965,691
1,156,959△195,472
961,486
4,004,205
93,204
3,911,000

19,33290,26355,871－
165,467
3,902,515
1,098,866△55,298
1,043,567
2,858,947
2,465
2,856,481-7-

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Year Ended March 31, 2023

(Consolidated Statement of Comprehensive Income)

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(Thousands of yen)Previous consolidated fiscal year
(From April 1, 2021
to March 31, 2022)
4,004,205

Current consolidated fiscal year
(From April 1, 2022
to March 31, 2023)
2,858,947△339,881△762,700△4,775△118,635

526,253
4,530,458△280,340
2,578,607

4,356,120

2,597,749

174,337△19,142△41,908
888,805
24,013-8-

36,488556,6827,824

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Year Ended March 31, 2023

(3) Consolidated Statements of Changes in Shareholders’ Equity and Other Net Assets
Previous consolidated fiscal year (From April 1, 2021 to March 31, 2022)(Thousands of yen)

Shareholders’ equity
Share capital
Balance at the beginning of current
periodCumulative effects of changes inaccounting policies
Restated balance
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 the end of period

Capital surplus

7,623,638

4,403,396

Retained earnings

Treasury shares

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△1,385,935
3,017,461

1,522,790
34,936,822

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at the beginning of current
periodCumulative effects of changes inaccounting policies
Restated balance
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 the end of period

Total shareholders’equity1,569,049

1,569,049

Deferred
gains orlosses onhedges3,911,000△82,621
23,971
918,310△82,621
20,997－△1,406,074

859,660△299,704

1,016,654
45,298,357

Total
Share
NonForeign
Remeasurem
accumulatedacquisition controllingcurrency
ents ofotherinterests
rightstranslation
definedcomprehensive
adjustment benefit plansincome△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－△339,930△339,930
1,229,118△41,908△1,908△50,146

831,735
831,735
1,317,978-9-△4,775△4,775△8,734445,120445,120
2,488,215△44,831 △935,998△△44,831
149,131△935,998
29,998△1,406,074△535,710

480,944
47,965,702

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Year Ended March 31, 2023

Current consolidated fiscal year (From April 1, 2022 to March 31, 2023)(Thousands of yen)

Shareholders’ equity
Share capital
Balance at the beginning of current
periodCumulative effects of changes inaccounting policies
Restated balance
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 the end of period

Capital surplus

Retained earnings

Treasury shares

7,643,777

3,017,461

34,936,822△299,704

45,298,357

7,643,777

3,017,461

34,936,822

45,298,357

204,095

204,095△299,704

408,191△3,006,166△3,006,166
2,856,481△1,106△492,559△22,938
204,095
7,847,873

181,157
3,198,618△643,351
34,293,471

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at the beginning of current
periodCumulative effects of changes inaccounting policies
Restated balance
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 the end of period

Total shareholders’equityDeferred
gains orlosses onhedges2,856,481△750,332
44,501
492,559△750,332
43,394－△22,938△213,271△512,975△471,369
44,826,987

Total
Share
NonForeign
Remeasurem
accumulatedacquisition controllingcurrency
ents ofotherinterests
rightstranslation
definedcomprehensive
adjustment benefit plansincomeTotal net
assets1,229,118△50,146

1,317,978△8,7342,488,215

149,131

29,99847,965,702

1,229,118△50,146

1,317,978△8,7342,488,215

149,131

29,99847,965,702
408,191△3,006,166
2,856,481△750,332
43,394－△762,700△762,700
466,417

36,488586,115

36,488△13,657

586,115
1,904,093- 10 -△118,635△118,635△127,370△258,731△258,731
2,229,483△97,887△97,887
51,243△29,998△29,998－△22,938△386,618△857,988
47,107,714

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Year Ended March 31, 2023

(4) Consolidated Statements of Cash Flows(Unit: thousand yen)Previous consolidated fiscal year
(From April 1, 2021
to March 31, 2022)

Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment loss
Share-based payment expenses
Increase (decrease) in provision for productwarranties
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for bonuses
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
Bad debts expenses
Foreign exchange losses (gains)Share of loss (profit) of entities accounted forusing 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
Gain on reversal of share acquisition rights
Other 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
Income taxes refund (paid)
Subsidies received
Net cash provided by (used in) operating
activities

4,965,691
2,170,976
12,92833,1033,902,515
2,290,388
19,332
39,577△5,754△35,179633△2,341△28,223

16,261

19,26256,854△10,710△30,538△53,180△32,358△260,918△69,973
120,7175,424△397,726△200,370△76,585
155,066－△104,182△777,496△1,249,374△7,566

18,337△4,104△45,938－
1,597,125△1,486,568△1,268,486△40,970△169
3,363,943△1,328,338△544,516

80,366201,045
4,782,141
294,691△135,227
889,594
69,973△303,405△412,756
4,893,129
238,848△149,538△1,588,013
76,585△15,342△211,764

108,975

5,901,174- 11 -

Current consolidated fiscal
year(From April 1, 2022
to March 31, 2023)△19,839△40,063732△439,241

3,471,010

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Year Ended March 31, 2023
(Thousands of yen)

Cash flows from investing activities

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

Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant andequipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment
securities
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
Payments for long-term accounts payable other
Redemption of bonds
Proceeds from issuance of shares
Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests
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 the beginning of
periodCash and cash equivalents at the end of
period

－1,673,970△1,907,427
10,909△1,619,726
132,389△4,324,762△99,703△103,247

3,339,166△50,511△341,769△91,234

87,427△31,097△40,393△67,333△324,835

1,403,950

2,869,467

5,509

6,783,255
22,672508,625

1,269,158△798,849△81,838

1,183,299△1,552,282△118,379△36,800
34,021△82,621△1,463,025△68,154△26,800
348,446△748,937△3,000,754△9,589△4,042,908

677,087△2,572,040

5,404,820

1,642,744

11,488,288

16,893,109

16,893,109

18,535,854△50,805△2,439,158- 12 -

Current consolidated fiscal year
(From April 1, 2022
to March 31, 2023)△5,179△45,813235,149

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Year Ended March 31, 2023

(5) Notes Related to Consolidated Financial Statements(Notes on Going Concern Assumption)
No applicable matter(Changes in Accounting Policies)(Application of Implementation Guidance on Accounting Standard for Fair Value Measurement)“Implementation Guidance on Accounting Standard for Fair Value Measurement” (Accounting Standards Board of Japan
Guidance No. 31, June 17, 2021; hereinafter referred to as “Implementation Guidance”), etc. have been applied from the
beginning of the current consolidated fiscal first quarter. In accordance with the transitional treatment set forth in paragraph 272 of Implementation Guidance, the new accounting policy set forth in Implementation Guidance was applied prospectively.
There is no impact due to this application.
(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. and conducts business activities based on the comprehensive strategies that the Company develops for the domestic andoverseas markets as to its products and services.
The Company’s business, therefore, consists of several segments that represent each category of product and service andare 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
amortization of 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, 2023

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, 2021 to March 31, 2022)

Electronicmaterials

Industrial
application
structural
materials

29,768,120

7,053,787－

Displaymaterials

Subtotal

Other(See Note)

Total

2,604,011

3,253,011

42,678,931

410,644

43,089,576

－

－

－

－

841,914

841,914

29,768,120

7,053,787

2,604,011

3,253,011

42,678,931 1,252,559

43,931,491

2,907,853

872,934

303,709815,392

4,899,889

172,152

5,072,042

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

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:(Thousands of yen)

Reportable segment
Electric
insulationmaterials

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, 2022 to March 31, 2023)

Electronicmaterials

Industrial
application
structural
materials

26,543,787

Segment profit
Segment assets
Other
Depreciation
Investment in companies
accounted for under theequity method
Increase in property,
plant and equipment andintangible assets

Note:

Other
(See Note)

Electric
insulationmaterials

Displaymaterials

Subtotal l9,128,002

2,582,435

4,162,832

42,417,058

－

－

－

－

－

26,543,787

9,128,002

2,582,435

4,162,832

42,417,058

1,223,631

1,315,614

184,705

1,024,005

3,747,957

33,759,023

10,358,447

3,404,018

3,779,705

51,301,195

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

Sales
Sales to externalcustomers
Inter-segment sales ortransfers
Net sales(Thousands of yen)

Reportable segment

Total

305,087 42,722,145
838,889

838,889

1,143,977 43,561,035
148,085

3,896,042

1,198,161 52,499,356

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, 2023

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

42,678,931

42,417,058

Net sales in the category “Other”

1,252,559

1,143,977

Elimination of inter-segment transactions△841,914△838,889

Net sales shown on the consolidated financial
statements

43,089,576

42,722,145(Thousands of yen)

ProfitPrevious consolidated fiscal year

Current consolidated fiscal year

Total of reportable segments

4,899,889

3,747,957

Profit in the category “Other”

172,152

148,085

Elimination of inter-segment transactions

14,456

4,297

Unallocated corporate expenses (See Note)△1,725,483△1,640,820

3,320,946

2,228,105

Adjustment of inventories△40,068

Operating profit shown on the consolidated financial
statements△31,414

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

51,141,489

51,301,195

Assets in the category “Other”

1,239,760

1,198,161

Elimination of claims to administrative departmentsof the head office
Unallocated corporate assets (See Note)△756,467

17,104,485△348,554

15,540,339△40,068△31,414

Adjustment of inventories
Total assets shown on the consolidated financial
statements

68,689,199

67,659,726

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

1,991,926

2,099,161

23,375

21,565

155,674

169,662

2,170,976

2,290,388

Increase in property, plantand equipment andintangible assets

2,267,144

4,350,987

23,81021,307

77,320165,160

2,368,275

4,537,455

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, 2023

[Related Information]
Previous consolidated fiscal year (From April 1, 2021 to March 31, 2022)
1. Information by product and service
Electronicmaterials
Net sales to externalcustomers

29,768,120(Thousands of yen)

Industrial
application
structural
materials

Electric
insulationmaterials

7,053,787

Displaymaterials

Other

3,253,011

410,644 43,089,576

2,604,011

Total

2. Information by region(1) Net sales
Japan

P.R. China

17,323,899

Note:

12,872,209

Other country or
region(Thousands of yen)Total

12,893,467

43,089,576

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

(2) Property, plant and equipment
Japan

Taiwan9,239,517

3,674,498(Thousands of yen)

Other country or
regionTotal

861,058

13,775,074

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.

Current consolidated fiscal year (From April 1, 2022 to March 31, 2023)
1. Information by product and service
Electronicmaterials
Net sales to externalcustomers

26,543,787(Thousands of yen)

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
Japan

P.R. China

18,604,068

Note:

11,099,226

Other country or
region(Thousands of yen)

13,018,850

Total
42,722,145

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

(2) Property, plant and equipment
Japan
10,645,611

3.

Taiwan3,509,912(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- 16 -

Electronic materials businessArisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Year Ended March 31, 2023
[Information on impairment loss on non-current assets with respect to each reportable segment]
Previous consolidated fiscal year (From April 1, 2021 to March 31, 2022)

Impairment loss

(Thousands of yen)
Electronic Industrial application Electric insulation Display
Unallocated/
Other
Total
materials
structural materials
materials
materials
Eliminated－
12,928－－－－12,928Current 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
materials
structural materials
materials
materials
Eliminated－
19,332－－－－
19,332[Information on amortization of goodwill and unamortized balance with respect to each reportable segment]
Previous consolidated fiscal year (From April 1, 2021 to March 31, 2022)
No applicable matter
Current consolidated fiscal year (From April 1, 2022 to March 31, 2023)
No applicable matter[Information on gain on bargain purchase with respect to each reportable segment]
No applicable matter(Per Share Information)

Previous consolidated fiscal year
Current consolidated fiscal year
(From April 1, 2021
(From April 1, 2022
to March 31, 2022)
to March 31, 2023)
Net assets per share
1,434.46 yen
1,422.43 yen
Basic earnings per share
117.40 yen
86.46 yen
Diluted earnings per share
117.32 yen
86.24 yen
Note: The bases of calculation of net income per share and fully diluted net income per share are as follows.
Previous consolidated fiscal year
Current consolidated fiscal year
(From April 1, 2021
(From April 1, 2022
to March 31, 2022)
to March 31, 2023)
Basic earnings per share
Profit attributable to owners of parent
3,911,000
2,856,481(Thousands of yen)Amount not attributable to common－－
stockholders (Thousands of yen)
Profit attributable to owners of parent
pertaining to common stock (Thousands of
3,911,000
2,856,481
yen)
Average number of shares of common stock
33,312,484
33,036,799
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:

－

－

23,63185,741(23,631)(85,741)

Four (4) types of stock acquisitionrights (497,500 shares)－

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 (56,483
shares for the previous consolidated fiscal year and 88,066 shares for the current consolidated fiscal year).

- 17 -

Arisawa Mfg. Co., Ltd. (5208) Summary of Consolidated Financial Results for the Year Ended March 31, 2023
(Significant Subsequent Events)
No applicable matter- 18 -