Quarterly Financial Results for the 2nd Quarter, Ended September 30, 2020
(Japanese GAAP, Consolidated)
November 10, 2020
Name of Listed Company: Kaneka Corporation
Stock Exchange Listings: Tokyo, Nagoya
Code Number:
4118
URL https://www.kaneka.co.jp/en/
Representative: Minoru Tanaka Title: President, Representative Director
Contact Person: Osamu Ishida
Title: Executive Officer – Investor & Public Relations Department
Phone: +81-3-5574-8090
Scheduled date for submitting financial statements: November 12, 2020 Scheduled date of dividend distribution: December 7, 2020

Note: Figures have been rounded down to the nearest million yen.

1. Consolidated Business Performance for the 2nd Quarter, Ended September 30, 2020
(from April 1, 2020 to September 30, 2020)(1) Consolidated business performance (cumulative)(% indicates year-on-year change)
Net sales

Operating income¥ million% ¥ million

income attributable
Ordinary income Net
to owners of parent% ¥ million% ¥ million%

Apr. 2020 – Sep. 2020
266,714 (11.1)
7,034 (45.1)
4,017(58.5)
2,476(59.0)
Apr. 2019 – Sep. 2019299,855 (2.0)
12,817 (28.9)
9,675(39.3)
6,046(43.4)
Note: Comprehensive income: ¥6,577 million (216.2%) for the six months ended September 30, 2020
¥2,079 million (-86.5%) for the six months ended September 30, 2019

Net income
per share
Apr. 2020 – Sep. 2020
Apr. 2019 – Sep. 2020¥

Fully diluted net
income per share
¥

37.97
92.70

37.88
92.54

(2) Consolidated financial position
Total assets¥ million

As of September 30, 2020
As of March 31, 2020

644,307653,262

Shareholders’equity ratio

Net assets¥ million

357,192
354,094

%

51.9
50.7

(Reference) Shareholders’ equity: ¥334,304 million as of September 30, 2020
¥331,483 million as of March 31, 2020

2. Dividends
Annual dividends
1st Quarter¥

Apr. 2019 – Mar. 2020

2nd Quarter¥

3rd Quarter¥

Year-end¥

50.00

Annual¥50.00

100.00

Apr. 2020 – Mar. 2021
50.00－
Apr. 2020 – Mar. 2021
50.00－
(Forecasts)
Note: Changes in dividend forecast during the quarter under review: No

100.00－－3. Forecast for Consolidated Business Performance for the Year Ending March 31, 2021
(from April 1, 2020 to March 31, 2021)(Percentage figures represent changes from the corresponding periods of the previous fiscal year)
Net income
Operating
Net income
Net sales
Ordinary income attributable toincomeper shareowners of parent¥ million

Full year

560,000% ¥ million(6.9)% ¥ million

21,000 (19.3)% ¥ million%¥

16,400 (18.7) 10,000 (28.6)

Note: Revisions to consolidated business performance forecasts during the quarter under review: No

153.31

4. Other(1) Changes in principal subsidiaries during the term: No(2) Application of simplified methods of accounting and specific accounting methods: No(3) Changes in accounting principles, changes in estimates, or restatements
1. Changes owing to revisions in accounting standards: No
2. Changes other than 1. above: No
3. Changes in accounting estimates: No
4. Restatements: No(4) Number of shares outstanding (common stock)
1. Number of shares issued at the end of the period(including treasury stock):
2. Number of shares of treasury stock at the end of theperiod:3. Average number of shares during the period (calculated
cumulatively from the beginning of the fiscal year):

September 30,

68,000,000

2020

shares

September 30,

2,762,184

2020

shares

September 30,
2020

March 31, 2020

68,000,000
sharesMarch 31, 2020

2,774,049

65,230,004

September 30,

65,223,202

shares2019

sharesshares(These financial statements are exempt from audit procedures)(Explanations or other items pertaining to appropriate use of business performance forecasts)
The business performance forecasts and certain other statements contained in this document are
forward-looking statements, which are rationally determined based on information currently
available to the Company. For a variety of reasons, actual performance may differ substantiallyfrom these forecasts. They do not constitute a guarantee that the Company will achieve these
forecasts or other forward-looking statements. For cautionary items used in business performance
forecasts, please refer to the section entitled “(3) Consolidated Business Forecasts” under “1.
Quarterly Consolidated Business Performance” on page 4.

Quarterly Financial Results for the 2nd Quarter, Ended September 30, 2020, Kaneka Corporation (4118)

Supplementary Materials
Contents
1. Quarterly Consolidated Business Performance ------------------------------------------------------ P. 2
(1) Consolidated Business Performance -------------------------------------------------------------- P. 2
(2) Consolidated Financial Position ---------------------------------------------------------------------- P. 4
(3) Consolidated Business Forecasts ------------------------------------------------------------------ P. 4
2. Quarterly Consolidated Financial Statements ------------------------------------------------------- P. 6
(1) Quarterly Consolidated Balance Sheets ---------------------------------------------------------- P. 6(2) Quarterly Consolidated Statements of Income and Comprehensive Income ------------ P. 8(3) Quarterly Consolidated Statements of Cash Flows -------------------------------------------- P. 10(4) Notes to the Consolidated Financial Statements ----------------------------------------------- P. 12(Notes on the Premise of a Going Concern) ----------------------------------------------------- P. 12(Notes in the Event of Significant Changes in the Amount of Shareholders’ Equity) --- P. 12(Segment Information) -------------------------------------------------------------------------------- P. 12－1－Quarterly Financial Results for the 2nd Quarter, Ended September 30, 2020, Kaneka Corporation (4118)

1. Quarterly Consolidated Business Performance(1) Consolidated Business Performance
Global economic activity has been hit hard by the COVID-19 pandemic, giving rise to a rapid
paradigm shift in society, along with a variety of changes in people’s values. The global economy
rebounded from the serious downturn it experienced in the first quarter (April-June 2020; “1Q”) andshowed increasingly strong signs of recovery in various industries in the second quarter (JulySeptember 2020; “2Q”), primarily in China and the U.S. From October onward, the pace of recovery
is expected to increase overall, despite some lingering uncertainty about factors such as the impactof a second wave of COVID-19 in Europe and the U.S.
In this business environment, the Kaneka Group delivered steady growth in earnings in the leadingedge business group, including the Health Care Solutions Unit, which has benefited from an
expanding range of business opportunities during the COVID-19 crisis. Meanwhile, the corebusiness group, including the Material Solutions Unit, which had been primarily responsible for the
downturn in business results in 1Q, has seen steady improvement in stagnant production levels.
With some business fields showing signs of rapid improvement since the summer, the Group is
expected to achieve further improvement in business performance in the second half of the fiscal
year.
The Kaneka Group’s business performance for the first six months (April 1, 2020 to September 30,2020) of the fiscal year ending March 31, 2021 was as follows. Consolidated net sales amounted to¥266,714 million (down 11.1% year on year), and operating income was ¥7,034 million (down 45.1%
year on year). Ordinary income was ¥4,017 million (down 58.5% year on year). Net income
attributable to owners of parent was ¥2,476 million (down 59.0% year on year).
Net sales and operating income by segment for the first half (April 1, 2020 to September 30, 2020)(Millions of yen)
Net sales
FY20192Q

1Q

FY2020
1st half

1Q

2Q

1st half

Material SU

60,17660,238120,41448,89455,587

104,482

Quality of Life SU

38,46840,44378,91129,73833,924

63,663

Health Care SU

10,94911,00821,957

11,69812,75624,454

Nutrition SU

38,908

39,10178,01035,93837,56073,498Difference
1st half△15,932(△13.2%)△15,247(△19.3%)
2,496(11.4%)△4,511(△5.8%)
53(9.6%)

Operating income
FY20201Q

FY20192Q

1st half

1Q

2Q

1st half

5,590

4,612

10,202

2,855

4,518

7,374

3,728

3,854

7,583

1,236

2,692

3,929

1,905

2,144

4,049

2,298

2,672

4,970

1,200

1,160

2,360

827

605

1,432

320

241

561

373

241

615

180

106

286

248

92

341

Adjustment

-

-

-

-

-

-

-

△5,600△6,065△11,666△5,436△5,576△11,013

Total

148,822

151,032

299,855

126,644

140,069

266,714△33,141(△11.1%)

7,004

5,812

12,817

2,029

5,005

7,034

OthersDifference
1st half△2,828(△27.7%)△3,653(△48.2%)920(22.7%)△928(△39.3%)54(18.9%)
653(-)△5,782(△45.1%)

The notable features of the Company’s business results for the 2nd quarter, ended September 30,
2020 have been summarized from the perspective of the business portfolio, as follows.


The core business group (Vinyls and Chlor-Alkali, Performance Polymers (MOD), Performance
Polymers (MS), Foam & Residential Techs, Performance Fibers, and Foods & Agris) was heavily
impacted by the COVID-19 crisis in 1Q. From 2Q onward, the core business group has steadily
improved, owing to progress on an improvement in production in step with the resumption of global
economic activity. The Company now sees a clear path for the core business group to return to a
trajectory for additional growth beyond COVID-19.



The highly profitable leading-edge business group (E & I Technology, PV & Energy management,
Medical, Pharma, Supplemental Nutrition, and Agricultural production support), which has an
expanding range of growth opportunities amid the current paradigm shift, continues to achieve－2－Quarterly Financial Results for the 2nd Quarter, Ended September 30, 2020, Kaneka Corporation (4118)

steady growth. Notably, sales for new applications are expanding in Pharma and E & I Technology.


Looking ahead the dramatic paradigm shift caused by the coronavirus shock, the Company isworking to improve productivity and create new business value by applying a “select and concentrate”
strategy to Research & Business (R&B) initiatives and by promoting digital transformation (DX) ofback office departments and other areas. Meanwhile, the Company is working to implement rigorous
cost rationalization, including operating expenses. The Company will work to accelerate thetransformation of the business portfolio by striving to realize “Smart Work,” a Company-wide initiative
to maximize productivity.
Operating performance by business segment was as follows:① Material Solutions Unit
 PVC resins: In 2Q, exports of general PVC resins increased sharply to India and China after
lockdowns were lifted. Shipments of chlorinated PVC (CPVC) also began. Emulsion PVC for hygiene
gloves performed well, with the Malaysia plant operating at full capacity. In 2Q, profits increased year
on year.
 MOD: Demand recovered in Europe, the U.S. and Asia as economic activity restarted. From thelatter half of 2Q, sales volume has returned to the previous year’s level.
 MS: Demand recovered in Europe and the U.S., in addition to demand for construction applicationsin China. In 2Q, performance returned to the previous year’s level.
 Kaneka Biodegradable Polymer PHBH: Conclusive work for productivity increases and cost
reductions continue to proceed toward a decision on constructing a plant with a 20,000-t production
capacity.
② Quality of Life Solutions Unit
 Performance Fibers: Demand for hair accessories and flame retardance materials for Africa andthe U.S. slumped due to the COVID-19 impact in 1Q. Demand for hair accessories in Africa havebeen recovering every month since July. There have been delays in the recovery of demand forflame retardance materials and pile for apparel applications.
 Foam & Residential Techs: Spreads were maintained for expandable polystyrene resin andextruded polystyrene foam boards despite sluggish domestic demand. Polyolefin foam saw
products for automobiles, which had been falling behind, follow a recovery trend.
 PV & Energy management: Sales volume of high-efficiency photovoltaic module products forhomes was firm due to an increase in the adoption rate.
 E & I Technology: In 2Q, PIXEO products recorded an all-time high level of shipments because
demand for smartphones increased and materials for tablets and laptop PCs were favorable due togrowth in remote work in connection with the COVID-19 crisis. Sales increased for 5G products.
New product development is also progressing steadily.
③Health Care Solutions Unit Medical: The domestic and overseas markets both expanded. Coils for embolization of brain
aneurysms, a new product, performed well. Sales of this new product began in the U.S. in September
and contributed to earnings growth. Sales of a new blood purification system for treatment ofarteriosclerosis obliterans (ASO) is scheduled for 2021.
 Pharma: Earnings rose sharply year on year, due to growth in earnings driven by factors such as thestart of the supply of active pharmaceutical ingredients for Avigan® Tablet and Kaneka Eurogentec
S.A.’s reagents for PCR tests. Kaneka Eurogentec S.A. has received a growing number of inquiries
from major global pharmaceutical companies, beginning with its contracted production of vaccine
intermediates for AnGes, Inc. New facilities for enhanced biologics capacity started operation in－3－

Quarterly Financial Results for the 2nd Quarter, Ended September 30, 2020, Kaneka Corporation (4118)

October and made a positive contribution. Kaneka Eurogentec S.A. is currently considering
implementing the next phase of capacity enhancement at an early stage.
④Nutrition Solutions Unit Supplemental Nutrition: Strong sales were posted for the reduced form of coenzyme Q10 (Kaneka
QH) and Kaneka Coenzyme Q10 due to heightened awareness of the importance of increasing
immunity in the U.S. Following on from the U.S., the Group plans to start sales of lactic acid bacteria
in Japan from autumn 2020. These lactic acid bacteria have proven effective in improving theintestinal environment.
 Food & Agris: Sales of spice products were firm due to an increase in people eating meals at home.
Although demand for bread and confectionery is on a recovery track, the pace of recovery has beenslow due to the sizable impact of sluggish inbound tourism demand. The Group opened an online
shop for Kaneka Group products (supplements, dairy products, chocolate, spices). Progress is being
made on measures to add value to businesses, through such means as expanding e-commerce
sales.

(2) Consolidated Financial Position
 Status of Assets, Liabilities and Equity
Total assets were ¥644,307 million as of September 30, 2020, down ¥8,954 million compared with
March 31, 2020, due to a decrease in notes and accounts receivable-trade. Liabilities totaled¥287,114 million, down ¥12,052 million due to a decrease in notes and accounts payable-trade. Net
assets were ¥357,192 million, up ¥3,098 million due to an increase in valuation difference on
available-for-sale securities.
Consolidated Cash FlowsNet cash provided by operating activities during the first six months of the year was ¥28,192
million, mainly due to income before income taxes and depreciation and amortization, while net
cash used in investing activities amounted to ¥22,766 million, mainly due to the purchase ofproperty, plant and equipment. Net cash used in financing activities was ¥3,027 million, mainly
owing to cash dividends paid. As a result, cash and cash equivalents as of September 30, 2020
totaled ¥39,931 million.

(3) Consolidated Business Forecasts
 The core business group (Vinyls and Chlor-Alkali, Performance Polymers (MOD), Performance
Polymers (MS), Foam & Residential Techs, Performance Fibers, and Foods & Agris), which was
heavily impacted by the COVID-19 crisis in 1Q, has seen a faster pace of recovery in demand every
month since 2Q. In the second half of the fiscal year, the core business group is expected to achieve
full-scale earnings growth. In addition, the leading-edge business group (E & I Technology, PV &Energy management, Medical, Pharma, Supplemental Nutrition, and Agricultural production support)
is expected to steadily expand business in the second half. Overall, the Company anticipates thatbusiness results from October onward will see stronger momentum, driven by a shift from
improvement to a stage of resurgent growth.
 The Group will continue applying a “select and concentrate” strategy to R&B initiatives, as it
intensively allocate resources to speeding up the adoption of its businesses by society and scaling
up businesses.
As emphasized in the new medium-term management plan announced on October 5, 2020, people－4－

Quarterly Financial Results for the 2nd Quarter, Ended September 30, 2020, Kaneka Corporation (4118)

are putting a higher value on health and security amid an unprecedented paradigm shift due to the
COVID-19 crisis. The Group will drive dramatic growth in businesses involving healthcare andelectronics, where it has intensively allocated resources to date.
Amid the COVID-19 crisis, the Group will take steps to establish a robust corporate structure,
beginning with cost rationalization measures. At the same time, the Group will intensively allocate
management resources to the leading-edge business group (E & I Technology, PV & Energy
management, Medical, Pharma, Supplemental Nutrition, and Agricultural production support) andthe new business group (Kaneka Biodegradable Polymer (PHBH), OLED, regenerative medicine
and cell therapy, etc.), both of which continue to see an expansive range of growth opportunities. In
the process, the Group will seek to accelerate the transformation of its portfolio.
There has been no change to the consolidated business forecasts announced on August 12, 2020.

－5－

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Quarterly Financial Results for the 2nd Quarter, Ended September 30, 2020, Kaneka Corporation (4118)(4) Notes to the Consolidated Financial Statements(Notes on the Premise of a Going Concern)
Not applicable(Notes in the Event of Significant Changes in the Amount of Shareholders’ Equity)
Not applicable(Segment Information)
ⅠTerm from April 1, 2019 to September 30, 20191) Sales and Income by Segment(Millions of yen)Segment information
Material
Solutions
Unit

Quality of Life Health Care
Solutions
Solutions
Unit
Unit

Nutrition
Solutions
Unit

Total

Others(Note 1)

Total

Figures in
consolidated financial
statements(Note 2)Adjustment

Sales
Customers

120,41478,911

21,95778,010299,294561

299,855-

299,855

519

9

-

15

544

557

1,102

(1,102)-

Total

120,934

78,92021,95778,025299,839

1,119

300,958(1,102)299,855

Segment profit

10,202

7,583

4,049

2,360

24,196286

24,483(11,666)

12,817

Intersegment

Notes: 1. “Others” is a business segment that is not included in the reporting segments and includes property
insurance and life insurance business.
2. Segment profit is reconciled with operating income in the quarterly consolidated financial statements.
2) Reconciliations between Segment Total and Quarterly Consolidated Statements of Income (Adjustments)(Millions of yen)
IncomeAmountSegment total

24,196

Segment profit of Others286

Elimination of intersegment transactions

0

Companywide expenses (Note)(11,673)

Other adjustments

6

Operating income in the quarterly consolidated
statements of income

12,817

Note: Companywide expenses primarily are expenses for basic R&D that are not allocable to any
reporting segment.

―12―Quarterly Financial Results for the 2nd Quarter, Ended September 30, 2020, Kaneka Corporation (4118)

ⅡTerm from April 1, 2020 to September 30, 2020
1) Sales and Income by Segment(Millions of yen)Segment information
Material
Solutions
Unit

Quality of Life Health Care
Solutions
Solutions
Unit
Unit

Nutrition
Solutions
Unit

Total

Others(Note 1)

Total

Figures in
consolidated financial
statements(Note 2)Adjustment

Sales
Customers

104,482

63,66324,45473,498266,099615

266,714-

266,714

383

13

-

15

412

537

949

( 949)-

Total

104,865

63,67724,45473,514

266,511

1,153

267,664( 949)

266,714Segment profit

7,374

3,929

4,970

1,432

17,706341

18,047(11,013)7,034Intersegment

Notes: 1. “Others” is a business segment that is not included in the reporting segments and includes property
insurance and life insurance business.
2. Segment profit is reconciled with operating income in the quarterly consolidated financial statements.
2) Reconciliations between Segment Total and Quarterly Consolidated Statements of Income (Adjustments)(Millions of yen)
IncomeAmountSegment total

17,706

Segment profit of Others341

Elimination of intersegment transactions

2

Companywide expenses (Note)(11,024)

Other adjustments

8

Operating income in the quarterly consolidated
statements of income

7,034

Note: Companywide expenses primarily are expenses for basic R&D that are not allocable to any
reporting segment.

－13－