Investor Briefing
Shikoku Kasei HD Corp.
For FY 12 / 2022 (9months)
2023/2/15

SHIKOKU KASEI HOLDINGS CORPORATION（Tokyo Stock Exchange Prime Market 4099）

1

Topics

１. Consolidated Financial Results

２. Financial Forecast for the Fiscal Year Ending 2023
３. ‘Challenge 1000’ Long-Term Vision
４. Transition to Holding company
５. Appendix
2

1. Consolidated Financial Results3

Financial Highlights

Net sales, operating profit, ordinary profit, and profit attributable to owners of parent reachedrecord high compared with the same period of the previous year (April to December)million yen

Previous year*
April to December
2021

Net sales

Operating profit

Ordinary profit
Profit attributable toowners of parent

FY2022(Nine-month period)

Remarks+7,337 ・Sales increased due to the growth of exports to North
America in Chemicals Operations+18.7%

39,22946,566

6,158

6,462

+304 ・Achieved increased profits by passing on rising costs ofpurchase prices and distribution costs
+4.9%

6,721

7,270

+549 ・Foreign exchange gains 334 (YoY +224)
+8.2%

4,794

4,997

+203 ・Impairment losses ▲400 (YoY ▲400)+4.2%

1 USD = 111 JPY 1 USD = 135 JPY
Exchange rate

Change/Rate

1 EUR = 131 JPY
1 RMB = 17.1 JPY

1 EUR = 137 JPY
1 RMB = 19.8 JPY

・Foreign exchange impact on PL included in change frombillion yen the previous year
Operating profit +1.4 Only the impact of changes in foreign exchange rates in foreign currency transactions isshown.
Net sales +3.1

billion yen Even in the case of transactions in Japanese yen, there are many transactions that aresubstantially affected by changes in foreign exchange rates, but they are not included.

* The Company changed its closing date, and the fiscal year ended December 31, 2022 is an irregular accounting period of nine months from April 1 to December 31, 2022.
For this reason, in comparison with the previous year, the results of the previous year are shown for the same period as this year (from April 1 to December 31, 2021).

4

Trends in Net Sales and Operating Profit (9 months)
Net sales significantly increased mainly in Chemicals Operations (Chemicals: +68.8, Housing Materials: +5.8),
while operating profit margin decreased due to the increase in cost and profits(Chemicals: +7.6, Housing Materials: ▲2.0)465.7
100 million yen

YoY
+73.4
+18.7%Net Sales
360.7

376.1

389.2

381.6

392.3
360.2

Operating Profit

133.5 Housing

YoY
+3.0

Materials
YoY +5.8

129.9

137.4

141.4

147.3

61.7

127.7

64.6
59.2

53.1

133.6

23.2

61.6
55.6

14.9

48.9

22.9

20.3

+4.9%

16.9

Housing
Materials
YoY ▲2.0

25.8
22.6

323.8 Chemicals
225.6

233.2

241.5

228.3

219.8

255.0

YoY +68.8

46.3

Ratio %

3Q
YTD
3Q累FY2016FY20163Q
YTD
3Q累FY2017FY20173Q
YTD
3Q累FY20183Q
YTD
3Q累FY20193Q
YTD
3Q累FY20203Q
YTD
3Q累FY2021
FY2021

3Q
YTD
3Q累FY2022
FY2022

52.1

49.6

64.9

57.3
43.2

Chemicals
YoY+7.6

38.9

16.4

15.2

14.6

13.6

3Q累
3Q
YTD

3Q累
3Q
YTD

3Q累
3Q
YTD

3Q累
3Q
YTD

3Q累
3Q
YTD

3Q累
3Q
YTD

3Q累
3Q
YTD

FY2016FY2016FY2017FY2017FY2018FY2018FY2019FY2019FY2020
FY2020

FY2021
FY2021

FY2022
FY2022▲ 13.5▲ 13.5▲ 13.3▲ 13.3▲ 12.6▲ 12.7▲ 15.2

14.7

15.7

13.9

*The results in prior years are displayed for the same period as this fiscal year (from April 31 to December 31).

Corporate
Expenses5

YoY Changes in Operating Profit
Increase in profit
due to increase insales(Chemicals
Operations)

2,876

Decrease inprofit due todecrease ingross margin(Chemicals
Operations)

Increase in profit
due to increase in
sales(Housing Materials
Operations)

248
▲615

Decrease inprofit due todecrease ingross margin(Housing
Materials
Operations)million yen

Increase in costof logistics▲160
Increase in
R&D expenses▲1,077

Increase in other
SG&A expenses

▲218

6,462
▲750

6,158
Apr to Dec
2021
OperatingprofitAn increase in gross profit in Chemicals includes:• Impact of exchange rate change +1,434• Increase in depreciation of a new plant of NEO-CHLOR ▲462

Dec 2022
Operatingprofit(+304)

6

Trends in Net Sales and Operating Profit (3 months)• Total sales increased by 1.31 billion yen YoY. Chemicals Operations continued its sales increase
trend since the beginning of this year (up by 960 million yen), and Housing Materials Operations
showed signs of recovery (up by 350 million yen) though it struggled in the first half.
• On the other hand, in QoQ, sales decreased by 230 million yen as growth in Chemicals Operations
slowed somewhat due to deterioration of the market conditions (down by 950 million yen).

• Total operating profit decreased by 270 million yen YoY. Chemicals Operations’ operating
profit decreased by 150 million yen due to cost increases attributable to depreciation, but
Housing Materials Operations’ operation profit increased by 100 million yen following therecovery of sales.
• On the other hand, in QoQ, operating profit decreased by 510 million yen, with a decreaseof 610 million yen in Chemicals Operations due to decreased sales.

YoY
+13.1

100 million yen

+9.4%

158.0

Net Sales
149.1

128.7

115.9 118.2

41.7

124.0

42.6

49.2

51.9
54.0

43.6

40.8

YoY
▲2.7

Housing
Materials

20.3

41.2

12.5

43.5

Chemicals
113.3

1Q

2Q

17.7

9.2

76.9

3Q

FY2020

78.7

4Q

83.9

1Q

90.9

110.0

95.0

100.5

80.2

2Q

6.0

FY2021

4Q

1Q

2Q

3Q

8.8

16.3

15.0
21.2

11.4

1Q

2Q

17.6

17.7

17.5

3Q

4Q

1Q

FY2020

FY2022
▲ 4.3

▲ 4.3

▲ 4.0

20.9

18.6

2Q

18.1

3Q

4Q

13.7
11.2

▲ 4.6

▲ 4.2

▲ 3.9

25.8

19.7

19.4

1Q

FY2021▲ 5.1▲19.7%

7.3

16.9

13.8

10.4

17.8

QoQ
▲5.1

Housing
Materials
YoY +1.0
QoQ +2.7

16.7

18.5

7.4

10.9

4.6

▲11.5%

3.0

4.7

YoY +9.6
QoQ ▲9.5

Ratio % 10.9

3Q

22.4

6.4

5.8

13.5
18.1

72.5

23.6

22.8

12.6

70.5

26.0

25.1

YoY +3.5
QoQ +6.6

45.7

46.4

Operating Profit

▲1.5%

139.6

135.7
126.2

155.0 152.7

QoQ
▲2.3

2Q

3Q

FY2022
▲ 4.5

▲ 4.6

▲ 4.5

▲ 6.1

Chemicals
YoY ▲1.5
QoQ ▲6.1

Corporate
expenses7

Operating Results by Segment: Chemicals (3 months)• Sales of inorganic chemicals decreased by 380 million yen YoY. Orders of insoluble sulfur decreased due
to a decline in tire production resulting from reduced global demand for tires.
• Sales of organic chemicals increased by 1.6 billion yen YoY. Shipment to North America is still strong andcomprises the maximum production volume. In the inflation environment, we successfully passed risingcosts on to our product prices while keeping unit selling price high in 3Q.
• Sales of fine chemicals decreased by 270 million yen YoY. Despite the deterioration of the market
conditions for semiconductors and electronics as well as the impact of the COVID-19 epidemic in China,
sales of the developed products (GliCAP, semiconductor process materials, etc.) are expanding smoothly.
• The impact regarding foreign exchange was about +1 billion yen (JPY/USD:113 → 143) YoY and +200 million
yen (JPY/USD: 137 → 143) QoQ.

113.3

Net Sales
90.9
83.9
70.5
19.8

28.8

21.9

72.5
19.0

76.9

78.7

95.0

QoQ
▲9.5

+10.5%

▲8.6%

26.9

25.4

80.2

23.0

24.4

YoY ▲2.7
QoQ ▲1.5

28.0
23.0
48.4

28.7

24.8

24.4

32.2

25.2

2Q

22.9

45.2

41.1

28.3

29.3

29.5

29.5

36.1

3Q

FY2020

4Q

1Q

2Q

3Q

FY2021

4Q

1Q

23.5

23.3

QoQ
▲6.1

Ratio %

Organic
Chemicals

29.9

1USD =
137JPY

1USD =
143JPYYoY ▲3.8
QoQ ▲4.9

2Q

3Q

17.1

25.8
21.2

FY2022

17.7

17.5

18.6

18.1

19.7

19.4

10.4

1USD =
113JPY

1Q▲23.6%

19.1

14.3

10.9
Inorganic
Chemicals

34.8

▲7.1%

19.6

YoY +16.0
QoQ ▲3.2

27.7

33.7

YoY
▲1.5

20.9

17.6

29.4

23.2

22.5

15.5

54.8

29.2

Operating Profit

Fine
Chemicals

22.4

25.2

100 million yen

100.5

22.4

1USD =
113JPY

1Q

110.0

YoY
+9.6

• Depreciation of the yen served as a tailwind for the company, boosting profit by 370 million
yen YoY and 70 million yen QoQ.
• We worked to pass rising costs on to our product prices following the steep rise in raw material
costs, and our unit selling prices in all businesses, including organic chemicals, rosesignificantly. Additionally, the rise in logistics costs is expected to peak out.
Therefore, the marginal profit ratio was generally maintained at the same level as in theprevious period even though the cost increased.
• However, operating profit decreased slightly by 150 million yen YoY due to an increase in the
fixed cost (internal cost) resulting from depreciation of the now completed new NEO 2022
plant and facility relocation expenses for reconstruction of the Yoshinari plant.

2Q

3Q

FY2020

4Q

1Q

2Q

3Q

FY20214Q

1Q

1USD =
137JPY

1USD =
143JPY

2Q

3Q

FY20228

Operating Results by Segment: Housing Materials (3 months)• Housing Materials Operations achieved an increase in operating profit worth 100 million yen, that is, up
14.0% YoY.
• This was largely due to the penetration of the price revision of exteriors and the recovery of sales volume.
In the first half of the year, we struggled to penetrate price increases and meet the demand surge, but
trends are reversing in the business environment.
• The raw material price has been increasing for resin materials derived from crude oil, but the aluminum
ingot market is stable at this point, and we are able to purchase raw material mostly under the same
conditions as in the previous term.
• Fixed cost increased due to tentative repair and other costs associated with the relocation of facilities
related to interior and exterior finishes and paving materials, but these costs were absorbed by the total
operating profit.

• Housing Materials Operations achieved an increase in sales worth 350 million yen, that is,up 7.7% YoY.
• In the subdivisions Interior and Exterior Finishes and Paving Materials, sales increased by
10 million yen YoY and 50 million yen QoQ, respectively, showing signs of bottoming out
from a long-term downward trend.
• In Exterior Products, sales increased by 340 million yen YoY. In addition to the effect ofprice revision in April followed by the steep rise in aluminum ingot prices, shipping isrecovering, mainly in the housing area, in terms of quantity, resulting in an increase in sales
in terms of both unit price and quantity. Increased in sales in QoQ included seasonal
factors.

Net Sales

YoY
+3.5
+7.7%

54.0

51.9

46.4
43.6

QoQ
+6.6

23.1

Operating Profit

100 million yen+15.5%

49.2

19.8
17.0

45.7

43.5

40.8

41.7

41.2

42.6

Ratio %

16.9

14.1

14.9

13.9

13.8
10.9
50.4
40.1

39.9

48.2

42.5

45.6

42.2
37.3

38.3

38.0

11.6

Exterior
Products

YoY+1.0+14.0%

YoY +3.4
QoQ +6.1

39.5+58.7%

7.1

12.5
9.2
Interior andExterior Finishes
3.6

3.6

4.0

3.7

3.5

3.2

3.5

3.7

3.4

3.1

3.6

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

FY2020

FY2021

FY2022

QoQ
+2.7

6.0

8.8

7.4

4.7

5.8

7.3

6.4

3.0

YoY +0.1
QoQ +0.5

1Q

2Q

3Q

FY2020

4Q

1Q

2Q

3Q

FY2021

4Q

1Q

4.6

2Q
FY20223Q

9

2. Financial Forecast

for the Fiscal Year Ending 2023

10

Forecast of Consolidated Financial Results
100 million yen

Million yen

Net sales

Operating profit

Previous year*(January to December
2022)

FY2023(January to December)

61,47564,000(Chemicals) 41,876(Chemicals) 41,500(Housing Materials)(Housing Materials)

18,54321,000

8,703

6,500

(Chemicals) 8,301(Chemicals) 6,400(Housing Materials)(Housing Materials)

2,373

2,400

9,840

7,000

Exchange rate

7,081

4,900

Remarks+2,525 • Chemicals Operations’ sales are expected to be+4.1%

stable due to the deterioration of the market
conditions for insoluble sulfur and slack supply
and demand of chlorinated isocyanurate.
• A sales increase is expected from Housing
Materials Operations due to price revisions inJanuary 2023.

• The Chemicals Operations segment is▲25.3% expected to see reduced operating profit due toa decrease in the unit selling price and anincrease in fixed expenses (depreciation
expense).
• The operating profit of the Housing Materials
Operations segment is expected to remainunchanged due to a drop in the marginal profit
ratio associated with an increase in material
prices.

1 USD = 125 JPY

1 EUR = 135 JPY
1 RMB = 19.4 JPY

1 EUR = 135 JPY
1 RMB = 18 JPY

192.2

the non-recurrence of the effect of profit
increase resulting from the foreign exchange
gain recorded in the previous term
(foreign exchange gains in the same period of
the previous year: 583).

521.0

528.0

520.5
494.3

197.7

207.2

315.3

305.7

210.0 Housing

418.8

415.0 Chemicals

Materials

181.8
192.5

293.0

333.7

1-12

1-12

1-12

1-12

1-12

1-12

1-12

2018

2019

2020

2021

2022

FY2023（計画）Operating Profit
87.2

86.7
79.1

77.0
71.7

35.2
34.2

29.4

87.0
23.7

38.2
36.5

▲2,181
70.2• FX Impact is approx. 150 million yen for sales
and 70 million yen for operating profit against
fluctuation of 1 yen.

185.4

2017

▲2,840 • Ordinary profit is expected to decrease due to▲30.8%

1 USD = 128 JPY

510.0

310.8

▲2,203▲28.9%

Ordinary profit
Profit attributable toowners of parent
company

Change/Rate

614.8

Net Sales

640.0

17.1

75.1

63.2

57.0

65.0
24.0

Housing
Materials

64.0

Chemicals

83.0

52.3

15.2

14.8

14.5

16.4

1-12

1-12

1-12

1-12

1-12

1-12

1-12

2017

2018

2019

2020

2021

2022

FY2023(Plan)
（計画）

14.2

10.2

* In comparison and in the graphs, performance in prior years is adjusted to the same period in FY2022 (January to December).

Corporate
expenses11

Capital Investment and Depreciation
90.2[Major capital investment for the year that ended December 2022]• 1.23 billion yen for the construction of a new plant for NEO-CHLOR (NEO2022) (total of 4.68 billion yen for
3 years, completed)

4.0• 500 million yen for the reorganization of the Tokushima plant (relocation of production facilities for interior
finishes, exterior finishes, and paving materials)• 140 million yen for additional investment in a new plant to produce functional materials (TAP-4)

11.6

100 million yen
合計
Other
その他

建材事業
Housing Materials Operations

Chemicals Operations
化学品事業[Major capital investment plan for the year ending December 2023]• 4.09 billion yen for the construction of a new plant for insoluble sulfur• 1.25 billion yen for construction to accommodate increased production of NEO-CHLOR• 190 million yen to add a solar power generation facility to the Marugame plant
41.1

39.3

3.3

36.0

3.3

16.3

2.4
2.6

1.2
1.9

18.2
13.2

投資
（INV)

償却
（DEP）

FY2017FY2017

20.7
2.0
2.6

16.1

投資
（INV)

22.8
2.2
2.5

19.6
0.8
2.4

21.9
1.9
2.6

18.1

16.4

17.4

償却
（DEP）

投資
（INV)

償却
（DEP）

FY2018FY2018FY2019FY2019

18.4
34.5

1.8
2.3

償却
（DEP）

FY2020
FY2020

21.1

2.1
2.6

1.1
2.3

投資
（INV)

29.8

28.2
17.7

16.2

14.3

投資
（INV)

20.9

28.6

償却
（DEP）

FY2021
FY2021

34.9
2.0
3.2

6.8

6.0

23.2

74.6

4.2

1.4

投資
（INV)

償却
（DEP）

FY2022
FY2022

投資
（INV)

償却
（DEP）

FY2023（計画）FY2023(Plan)

12

Dividend and Share Buy-Back Trends[Shareholder Return Policy]• The Company aims to achieve “a total payout ratio of 50% based on
consolidated financial results” under the “Challenge 1000” long-term vision
for 2030.

Total return ratio

56.6

54.9

54.1

[FY2022 Shareholder Return Policy]

51.1• The Company increased the annual dividend of 24 yen per share (interim
dividend of 12 yen and year-end dividend of 12 yen) by 2 yen as acommemorative dividend to celebrate the Company’s 75th anniversary of
Total return

establishment; the new annual dividend is 26 yen per share (interim dividend

37.8

100 million yenof 13 yen and year-end dividend of 13 yen).
• On August 29, 2022, we repurchased our own shares worth 1.33 billion yen

31.8

through ToSTNeT-3. The total shareholder returns combined with dividends

29.4

27.0

(1.38 billion yen) amounted to 2.7 billion yen, and the total payout ratio was

13.3[FY2023 Shareholder Return Policy]

54.1%.

24.7
18.6

19.5

23.8

17.9

16.1

• The Company plans to incorporate 2 yen of the commemorative dividend

10.9
10.8

12.9

12.9

13.8

Share buy-backin FY2022 into the ordinary dividend and maintain the 26 yen per share

dividend (interim dividend of 13 yen and year-end dividend of 13 yen).
12.9

12.9

13.9

• Additionally, premised upon the shareholder return policy, the Company will
13.4

13.0

13.8

13.8

Total
dividends

repurchase its own shares in a flexible manner and will also promote thereduction of surplus capital and cross-shareholdings in order to improve the

FY2016FY2017FY2018FY2019FY2020

FY2021

FY2022

FY2023(Plan)FY2023（予）value of shares.

133. ‘Challenge 1000’ Long-Term Vision14

Outline of ‘Challenge 1000’

STAGE 3STAGE 2STAGE 1start

present

2020

2022 2023

goal

2029

2025 2026

Desired state in 2030

Toward “one- step-ahead, proposal” company with Dokusouryoku (creativity)
Solve social issues with creative ideas, leading the progress of the world

YONPO- YOSHI

Financial Goals

Pillars for Strategy

Net Sales
100 billions of yen

Business Reform Policy

Customers

Companywide
Reform Policy

Employees

Proactive Investment

Shareholders

Achievement of SDGs

Society

Operating Income
15 billions of yen

ROE10％(Contributions to Stakeholders)15Quantitative Targets of 'Challenge 1000'
100 million yen

Achieved STAGE 1 targets thanks to favorable exchange rate and the catch of theNorth American market conditions, and working on STAGE 2
New business sales

New business sales

OPM %Achieved STAGE 1

OPM Target level

Net sales
ROE %Operating profit

ROE Target level

Stage 1
TargetPlan

STAGE 1

Stage 2
TargetStage 3
TargetSTAGE 2STAGE 3

* In the graph, performance in prior years is adjusted to the same period of FY2023 (January to December).

16

Progress and Outlook
Progress in STAGE 1 (FY2020 to FY2022)

Financial
Goals

Financial
Goals

 Progress as planned against STAGE 1 goals

Apr. to Dec. 2022 (FY2022)
Jan. to Mar. 2022 (FY2021 4Q)
Equivalent to Jan to Dec 2022

Strategic
PillarOutlook for STAGE 2 (FY2023 to FY2025)

Sales: 46.5 billion yen, Operating profit: 6.4 billion yen
Sales: 14.9 billion yen, Operating profit: 2.2 billion yen
Sales: 61.4 billion yen, Operating profit: 8.7 billion yen
・・・ Achieved STAGE 1 targets

 Expansion of business domains; active investment as planned

 No change from the initial target of "Challenge 1000"

STAGE 2 First Year (FY2023)
STAGE 2 Final Year (FY2025)

Strategic
PillarSales: 64 billion yen, Operating profit: 6.5 billion yen
Sales: 80 billion yen, Operating profit: 12 billion yen

 Aim for further growth through active investment• Expand business domains such as BtoC (down-streaming) and M&A• Build a high-efficiency production system and promote the optimization of
production/sales bases• Increase the production chlorinated isocyanurates production capacity(total investment of 1.6 billion yen; operation scheduled to start in October 2023)• Build insoluble sulfur production facilities(total investment of 4.5 billion yen; scheduled to be completed in October 2024)• Expand solar power generation facilities at the Marugame plant• Launched our own brand "WASHMANIA"

Released the first BtoC product in Chemicals Operations• Production facilities for fine chemicals “TAP-4”(2.5 billion yen; completed in July 2021)• Production facilities for chlorinated isocyanurates "NEO2022"(5 billion yen; completed in April 2022)• Introduced solar power generation equipment at the Marugame
plant WASHMANIAYONPO-YOSHI(Contributions to
Stakeholders) Activities for stakeholders’ benefit

YONPO-YOSHI(Contributions to
Stakeholders)• Executed share buy-back and listed shares on the prime market (shareholders) Continue the "YONPO-YOSHI” action policy• Enhance the shareholder special benefit plan andissue a consolidated report (shareholders)• Granted shares through the Employee Shareholding Association as well as acommemorative bonus for the company’s 75th anniversary (employees)• Provided in-kind support to Parklet for Setouchi Triennale 2022 (society)• Signed the “Collaboration Agreement on Nigiwai (lively) Community Building”
with Marugame City (society) Parklet• Special sponsorship of the Kagawa Marugame
International Half Marathon event(to be held on February 5, 2023)

17

STAGE 2 Priority Measures and Quantitative Targets by Segment
Inorganic Chemicals

Housing Materials

400.0☆ STAGE 2 Target Sales ☆

275.0

250.0

210.0

192.2

197.7

207.2

192.5

181.8

1-12

1-12

1-12

1-12

1-12

Stage 1
Stage1
Target
目標

1-12

Plan
計画

Stage
2
Stage2
Target目標

Stage 3
Stage3
Target
目標

2017

2018

2019

2020

2021

2022

2022

FY2023

FY2025

FY2029

185.4

138.9

140.0

130.3

138.0

180.0

160.0

128.4

124.0

1-12

1-12

1-12

1-12

1-12

Stage
1
Stage1
Target
目標

1-12

Plan
計画

Stage
2
Stage2
Target目標

Stage
3
Stage3
Target
目標

2017

2018

2019

2020

2021

2022

2022

FY2023

FY2025

FY2029

176.0

180.0

103.1

120.7

100 million yen

160

275

Fine Chemicals

800

Organic Chemicals
180

120
189.5

98.6

99.0

101.0

120.0

140.0

83.3

79.4

81.2

1-12

1-12

1-12

1-12

1-12

Stage 1
Stage1
Target
目標

1-12

Plan
計画

Stage 2
Stage2
Target目標

Stage
3
Stage3
Target
目標

2017

2018

2019

2020

2021

2022

2022

FY2023

FY2025

FY2029Segment

103.6

102.3

108.7

114.3

110.0

1-12

1-12

1-12

1-12

1-12

Stage
1
Stage1
Target
目標

1-12

Plan
計画

Stage
2
Stage2
Target目標

Stage 3
Stage3
Target
目標

2017

2018

2019

2020

2021

2022

2022

FY2023

FY2025

FY2029

90.4

81.6

80.0

210.0

Priority Measures

STAGE 2 Target

Inorganic chemicals

 Improve manufacturing technology and establish a mass production system to expand sales
 Expand sulfur-driven business domains

Sales: 16 billion yen

Organic chemicals

 Expand production bases and increase production capacity
 Enhance the products that belong to our brand and strengthen marketing activities

Sales: 18 billion yen

Fine chemicals

 Advanced and specialty chemicals: Work to bring to fruition the early expansion of the performance of semiconductor process materials
and develop new applications for resin curing agents and resin modifier Glicoat-SMD: Expand sales by differentiating from other companies based on the superior quality we offer
 GliCAP: Aim for the adoption and achievement of optimal use of server board and package board applications

Sales: 12 billion yen

Housing materials

 Establish a high-efficiency production system
 Expand business domains by introducing new products in response to changes in customer needs

Sales: 27.5 billion yen* In the graph, performance in prior years is adjusted to the same period in FY2023 (January to December).

18

4. Transition to Holding company

19Transition to Holding company■ Group Management System after January 1, 2023

Shikoku Kasei Holdings Corp.
Shikoku Kasei Corporate
Service CO., LTD.

Shikoku Chemicals Corp.

Shikoku Kasei Kenzai Corp.

Group companies
related to Chemicals

Group companies
related to Housing Materials

Other group companies

化成/Kasei
Meaning:
１ change for the better
２ transform to another３ change to another by combining
４ achieve growth20Thank you for your attention!

21

5. Appendix

22

Corporate Profile

23

Corporate Profile
As of December 31, 2022

◼Company nameSHIKOKU KASEI HOLDINGS CORPORATION◼Code number

4099 (Tokyo Stock Exchange Prime Market )Industry：Chemicals◼Incorporated◼Head office◼President◼Capital◼Number of employees◼Net sales

October 10, 1947

Marugame, Kagawa Prefecture
Mitsunori Watanabe
6,867 million yen
1,223（Consolidated）
46,566 million yen (Consolidated FY2022/12)
24

Our Business
Chemicals （SHIKOKU CHEMICALS CORPORATION）

Inorganic
Chemicals
Raw materials for tires, etc.

Organic
Chemicals

Housing Materials （SHIKOKU KASEI KENZAI CORPORATION ）Interior,
Exterior Finishes
andPaving Materials

Interiors

For swimming pool andseptic tank disinfectants

Exterior
Products
Fine
Chemicals

Exterior Products(carports, gates, etc.)
Chemicals for electronic
components(for printed wiring boards,
resin modifiers, etc.)

25

History
Oct 1947

Established in Marugame, Kagawa Prefecture with a capital of 2 million yen as a producer of carbon disulfide(=> inorganic chemical products)

Oct 1957

No. 1 Tokushima Plant (now Tokushima Plant's Yoshinari location) was constructed and began operations in the
production of sodium sulfate (=> inorganic chemical products)

Jun 1962

No. 2 Tokushima Plant (now Tokushima Plant's Kitajima location) was constructed

Oct 1962

The Company's shares were listed on the Second Section of the Tokyo Stock Exchange

May 1964

Japan's first operations to produce chlorinated isocyanurates (=> organic chemical products) were launched at No. 2
Tokushima Plant

Dec 1969

The Company began production of OSP (Organic Solderability Preservative) (which was later called Glicoat-SMD(=> Fine Chemicals) for PWBs (Printed Wired Board) and other electronic components

Sep 1970

The Company began production in the field of housing materials, launching production of interior finishes (JULUX)
at No. 2 Tokushima Plant

Jun 1972

The Company began production and sales of accordion gates (=> Exterior Products)

Mar 1975

The Company moves its share listings from the Second to First Sections of the Tokyo Stock Exchange and Osaka
Securities Exchange

Jul 1975

Tadotsu Plant was constructed in Tadotsu, Kagawa Prefecture

Nov 1975

Full-scale production of imidazole (=> Fine Chemicals) began at No. 2 Tokushima Plant (test production began in1968)

Jun 1981

The Company opened a representative office in Los Angeles (which later became an overseas subsidiary as SIC in
1985)

Jul 1984

Production of insoluble sulfurs (=> Inorganic Chemicals) began at Marugame Plant

Sep 1992

The Research Center (now R&D Center) was constructed in Utazu, Kagawa Prefecture

Oct 1995

Ranzan Plant was constructed in Ranzan, Saitama Prefecture

Jul 2006

Shikoku (Shanghai) Co., Ltd. was established in Shanghai

2008

The Company began sales of a roughening agent for PWBs (=> Fine Chemicals), and constructed a new plant for
Glicoat-SMD at Marugame Plant

Aug 2013

Tokushima Advanced Chemicals Plant-3 (TAP-3) facility was constructed at Tokushima Plant

Sep 2014

Converted Nippon Ryutan Kogyo Co., Ltd., the only carbon disulfide production company in Japan, into a
consolidated subsidiaryApr 2015

Offices were established in Taiwan and Singapore

Apr 2017

Converted Nippon Koki Co., Ltd. into a subsidiaryJul 2021

Tokushima Advanced Chemicals Plant-4 (TAP-4) facility was constructed at Tokushima Plant

Apr 2022

Moved to the prime market following the TSE's market reclassification

Apr 2022

New chlorinated isocyanurates production facilities (NEO2022) constructed at Tokushima Plant

Jan 2023

The Company converted to a holding company structure and changed its name to SHIKOKU KASEI HOLDINGSCORPORATION. Chemicals and Housing Materials business, and the shared service division spun off.

26

History and Sales Trends
2022
Net Sales

Moved to Tokyo Stock
Exchange Prime Market

1975

Moved to Tokyo Stock
Exchange Section 1
19622016 GliCAP

Listed on Tokyo Stock
Exchange Section 2

2008
2004
1991

1947
Establishment

1984
1972
1970
1968
1964
1957

1947

Microetching solution
for PWBs

Advanced Materials

Glicoat-SMD
Insoluble Sulfur
Exterior Products

Wall Materials
Imidazoles
Chlorinated Isocyanurates
Sodium Sulfate
Carbon Disulfide
27

Chemicals Operations28

Chemicals Operations

Inorganic Chemicals

29

Inorganic Chemicals

million yen

Inorganic
Chemicals[Major products]□ Carbon Disulfide …Essential materials for chemical
fiber rayon□ Insoluble Sulfur …Rubber vulcanization agent□ Sodium Sulfate …Warm bath effect accelerator forbath additives
Synthetic detergent cleaning aid

10,081 (21.6％)

FY2022/12
Consolidated
Cumulative
Net Sales
32,38030

Insoluble Sulfur -Product Introduction□
□
□

□

□

□
□

Application: Vulcanizing agent for rubber
Main customers: Domestic and overseas tire manufacturers
The raw material rubber is hard, and it acquires the characteristic to extend and contract by adding sulfur
and heating (vulcanizing).
When normal sulfur is used in the production process of radial tires, sulfur blooming (deposition) occurs
on the surface of rubber and cause poor adhesion of rubber.
Since insoluble sulfur is dispersed in the material rubber, it can be used to suppress blooming.
For production of insoluble sulfur, polished handling technique for the company foundation product “carbon
disulfide” is required.
High quality is demanded in insoluble sulfur by tire manufacturers.
The production capacity is planned to be increased by about 1.2 times by the expansion of the new plant in 2024.
■ Insoluble Sulfur■ Manufacturing processes for insoluble sulfur (schematic diagram)Heating
450°C

Gaseous sulfur
Slow coolingRapid cooling(using carbon disulfide)
n=400-1,200nNormal sulfur

Insoluble Sulfur

31

Chemicals Operations

Organic Chemicals

32

Inorganic Chemicals

million yen

FY2022/12
Consolidated
Cumulative
Net Sales
32,380Organic
Chemicals[Major products]□ Chlorianted Isocyanurates（NEO-CHLOR）… for swimming pool and septic tank disinfectantsfor sanitary products□ HIPOLKA … Wastewater/sludge treatment agent

14,832 （31.9％）

33

Chlorinated Isocyanurates -Product IntroductionApplications: Sanitizing agent for swimming pools and septic tanks, chlorine-based sanitizing agent for spas andhome baths□ Main customers: Swimming pool operators, schools, general consumers (U.S.)□ Main component: Chlorinated Isocyanurates□ Compared to other disinfectant agents for swimming pools, “NEO-CHLOR” is characterized by longer duration in
outdoor pools and little quality deterioration even after a long period of storage, as it undergoes little degradation
caused by ultraviolet rays.
□ It delivers strengths in “NAPIX,” an automatic chlorine feeder for swimming pools and business baths.
□ Utilizing the strong oxidation, bleaching, and cleaning power of chlorine, we are developing various fields ofapplication such as industrial and home sanitary field, ballast water (seawater used as weight on the bottom of
the ship) treatment, drinking water application, and sanitation management applications in various facilities.
□ In October 2022, we launched our own branded washing tub cleaner "WASHMANIA," and expanded
our business area to the BtoC market.
□■ NEO-CHLOR product group■ Image of ballast water sanitization

Filter

Sanitization■ WASHMANIA

Neutralization

Mixing
Sea water
injection
Backwash

ChlorinatedIsocyanurates

Ballast tank
Sea water
discharge

NEO-CHLOR MARINE

34

Chemicals Operations

Fine Chemicals

35Fine Chemicals

million yen

FY2022/12
Consolidated
Cumulative
Net Sales
32,380Fine Chemicals
7,466 （16.0％）[Major products]□ Glicoat-SMD… Water-soluble rust preventive agent for
printed wiring boards (OSP)□ Advanced & Specialty Chemicals…
Imidazoles (curing agent of epoxy resin)
Resin modifier, raw material for drug
□ THEIC… Raw material for heat-resistant wire varnish□ Solder resist

36OSP: Organic Solderability Preservative
Application: Water-soluble rust preventive agent for printed wiring boards
OSP: Organic Solderability Preservative]□
Main customers: Printed wiring board manufacturers all over the world□
By forming an organic coating on the copper circuit of the printed wiring board to prevent oxidation of the
exposed copper circuit, it ensures good soldering performance in the implementation process, andcontributes to reliable electronic component manufacture.
□
The main component of OSP is imidazole, which has a property to selectively undergo chemical reaction withcopper. Our strength is that we are also an imidazole manufacturer and can synthesize the main ingredient to suit
the required properties of OSP.
□
While rust preventive agents for printed circuit boards include metal plating in addition to OSP, the percentage of
OSP is still increasing.
□Glicoat-SMD has acquired a lot of material designations from major electrical manufacturers, and has become anindustry standard.
□
By increasing the environmental performance ahead of other companies, we are increasing the adoption results forautomotive electrical components and semiconductor package boards.
■ Printed wiring boards going throughGlicoat-SMD treatment tank

■ Treatment with Glicoat-SMD (schematic diagram)
Substrate

Coppercircuit

Solder resist

Glicoat-SMD coating

O2

O2

37

Focused Products (Printed Wiring Boards Agents)■ GliCAP®

Adhesion improving agent between copper circuit and resin on printed wiring boards.
□
Conventionally, unevenness was formed on surface by roughening (etching) the copper
so that the adhesion to resin was improved by “mechanical bonding” (anchor effect).
□
As the performance of semiconductors is improved, it is becoming more difficult to roughen thecopper on package boards implementing high performance semiconductors, with the copper circuit width
decreasing to ultrafine level.
□ Copper circuits with smooth surface are required for high-frequency server boards for which further
acceleration is being demanded to achieve practical application of the 5th generation mobile communication system(5G), since transmission loss is caused by the unevenness of the copper surface in the high-frequency range.
□ GliCAP® has both properties to “strongly bind to resin” and “strongly bind to copper,” and can improve
the adhesion “chemically” without roughening the copper surface.
□□

GliCAP® has already been adopted for high-frequency server boards, and evaluation for adoption and mass
production has progressed for the package boards as well. We are including applications other than those forprinted circuit boards in future.
Resin

Conventional method(roughening)

GliCAP®
(smooth)

Resin

Resin

CopperCopperStrong bonding with resin

Strong bonding with copper
Copper38

Advanced & Specialty Chemicals –Imidazoles
□
□
□

□

□

□

Application: Curing agent and curing accelerator for epoxy resin*, raw material for drugs
Main customers: Resin material manufacturers and drug manufacturers
Imidazole is used in a wide range of applications, including curing agent for epoxy resin and urethane resin, rawmaterial of drugs and agricultural chemicals, and raw material of various industrial chemicals such as rustpreventive agents.
The majority of our company sales come from application as an epoxy resin curing agent.
Epoxy resin which used imidazole as a component has optimal properties for electrical and electronic
component applications.
We have a lineup of various imidazoles to support the diverse curing speeds and properties demanded by theusers.
In the fields where competitive products (non -imidazole products) were strong, there is amovement for customers to newly adopt imidazole to improve the product performance.

*Epoxy resin:

A collective term for resin-like compounds with epoxy groups that readily react at the ends of a molecule, and thermosetting synthetic resinsthat are formed by polymerizing the compounds with curing agents. Used in printed circuit boards, paints, etc. in addition to adhesives.
■ Electronic part using epoxy resin (example)■ Applications of imidazoles from our company
Polyurethane
Drugs and agricultural chemicals
Automobiles

others･ Rubber applications･ Adhesive forstructures

Industrial paintN

NH

Imidazole

Electrical and electronic
insulating materials
39

Advanced & Specialty Chemicals -Imidazoles
Engine CPU

Car navigation system[Laminated plate, sealing agent,solder resist ink]

[Liquid crystal sealing material]

Engine hood
[CFRP (reinforcedcarbon fiber)]Frame structure[Adhesive for structures]Electric motor

Tires [Tire grip improving agent][Insulating powder paint]

Air hose[Acrylic rubber agent]40

Focused Products (semiconductor process materials)◼ Advanced materials□ Advanced materials at our company refer to the products (compounds) that can improve various functions by blending
them as materials for electronic parts such as semiconductors that are used in electronic devices, etc.
□ Demands for improvement in the properties of resin materials to be used (heat resistance, electrical properties, etc.) are
increasing as electronic devices evolve, and there are increasing opportunities to consider the functional materials of ourcompany.
□ The range of examination for the functional materials of our company is quite wide, and examinations are being madeeven with carbon fiber reinforced plastics (CFRPs) that are used as structural materials for automobiles and aircrafts
with a purpose to improve heat resistance and strength.
□□

Semiconductor process materials, which have been focusing on development in recent years, arebecoming increasingly difficult to synthesize as semiconductors become ultra -microcircuits, but they aresteadily acquiring new projects.
The new plant「TAP-4」 was constructed in anticipation of increased demand foradvanced materials, and it started operation in July 2021.
The 「TAP-4」 is equipped for high quality control, such as low metal management.

■ TAP-4□ Using the various organic synthesis technologies we have cultivated,
we are committed to conducting research and development related to
new and functional material products such as low dielectric materials thatwill contribute to high-speed and high-capacity infrastructure and 5G.
41

Advanced & Specialty Chemicals -Product Introduction◼

Benzoxazine□ A resin with excellent heat resistance, flame resistance and electrical properties.
□ Examination is being made as a semiconductors sealing agent and carbon fiber reinforced plastics (CFRPs) .
◼ A new isocyanuric acid derivatives□ We developed this material by utilizing isocyanuric acid synthesis technology we have accumulated.
□ It has excellent heat resistance, light resistance, and transparency, and is used as a modifier for sealing agent, etc.
◼

Glycoluril derivatives
A multi-functional resin modifier with transparency and high heat resistance.
It has 4 functional groups and is expected to form hardened materials with a high crosslinking density.
□ Products having a thiol groups (-SH) as a functional group will rapidly cure with epoxy resin at a low temperature.
Compared to the conventional modifiers, cured resin has excellent
heat resistance, moisture resistance, acid resistance, alkali resistance, and hardness, and it can significantly improve
the resistance to heat and moisture, which had been a problem.
□ It has been adopted in the field of electronic materials that continue to advance in performance andminiaturization.
□

◼




New adhesion improver
A resin modifier that improves adhesion to inorganic materials such as metals through addition to the resin. Since it delivers
adhesion equivalent to the conventional modifiers while having no sulfur content, it can improve the metal corrosivity, which
was a problem with the conventional product.
We are developing its application in a wide range of resin materials including epoxy system commonly used in electronicparts, acrylic system, urethane system and polyimide system.
42

Housing Materials
Operations

43

Housing Materials Operations

4. Interior, Exterior Finishes and Paving Materials

44Interior, Exterior Finishes and Paving Materials

million yen[Major products]□□□

Interior materials (silicate walls, natural material walls)
Plastered wall materials with moisture control
function and harmful chemical substance anddaily odor adsorption/decomposition function

Exterior materials
Wet exterior material for housing
Paving materials
Natural stone paving materials,
recycled glass paving materials
Rubber chip paving materials

FY2022/12
Consolidated
Cumulative
Interior,
Net Sales
Exterior
Finishes and 13,353
PavingMaterials
1,009 （2.2％）

45

Interior, Exterior Finishes and Paving Materials□

Interior materials□ The business started with “JULUX,” the first industrial product for plastered wall material in Japan, which
was developed for in-house chemical glue CMC application.
□ It is difficult to handle Juraku wall, traditional Japanese wall, but with our wall materials, uniform quality
can be maintained only by mixing a specified amount of water. Our plastered wall material is freshly
drawing attention because of its property of high adsorption of chemicals that cause sick building syndrome
such as formaldehyde as well as odor.
□ We are deploying the products characterized by high designability to our target market of commercial andpublic space design and custom-designed houses. Colors and expressions are brought to a space by threedimensional and various patterns that can be only achieved with thick coating.

■ Interior materials

Interior, Exterior Finishes and Paving Materials□

Exterior and paving materials□ We also expand our business to “exterior” to cover the outside of buildings and exterior parts, and “paving” tocover the surfaces of roads and approaches.
□ Our exterior materials come in wide variations including colors and can create subtle expressions as they are finishedmanually to the texture of the surface. As paving materials, we offer materials such as natural stone, natural sand, andrubber chips.
□ For exterior materials and paving materials, we create synergistic effects by making use of our sales channels forexterior products.

■ Paving materials

47

Housing Materials Operations

5. Exterior Products

48Exterior Products

million yen[Major products]
Home Exterior Products□ Gates, fences, carports, and decks□ Accordion gatesFirst product in(expansion type gates)industry
which
was□ Art Walldeveloped by our(aluminum system fence)company

Decorative Exterior Products□ Large gates, fences, pathway shelters,
bicycle parking spaces□ Garbage accumulation storage (first product in industry
which was developed by our company)□ Green roof, etc.

Exterior
Products
12,344 （26.5％）

FY2022/12
Consolidated
Cumulative
Net Sales
13,35349

Home Exterior Products
In 1972, when the motorization was rapidly progressing, we devised an “accordion gate,” which canbe easily opened and closed with an expansion mechanism, and which can respond to the residential
situation with limited space in Japan, and it became the standard for gates in front of the car shed.
□ Since then, we have continued to add to the product lineup for general gates, car sheds (car ports),
fences, deck materials, terraces, etc.
□ We also devote our efforts in design, in addition to our focus on functions, and won the first “G mark”(current Good Design Award) in the exterior industry in 1984.
□‘Fun roof,’ our terrace roof with a sample design which harmonizes to the house using flat, woodlike ceiling materials received the 2019 Good Design Award.
□■ Terrace■ Carport■Accordion gate50Decorative Exterior Products■ Pathway shelter■ Bicycle parking space■ High strength car stops■ Garbage accumulation storage51

Efforts in Housing Materials BusinessWe are adding to the lineup of high-strength exterior products that are resistant to wind and snow and promoting
sales expansion, based on the fact that large-scale disasters such as typhoons have been recently happening
one after another over the country.
□ We deploy the strength standards and quality cultivated in the decorative area to all products and are developing
products with high quality and strength.
□ As parts of the lineup of high-strength products, we have commercialized fences for detached houses, andindependent terraces in addition to the large fences, archways, Large fences, and car ports.
□■ Fences■ Shelter■ Fences■ Car port

■ Terrace52

Long-term Vision Challenge 1000

53

Business Reform Policy

Chemicals
Operations

Continue to develop and advance for the sake of the world

Make use of materials
which are difficult to handle in a recyclingoriented manner and contribute totechnological innovation and environmental
preservation around the world

Accumulate sulfur handling and synthesis
reaction evaluation technologies

Deliver cleanliness topeople across the globe by protecting theenvironment and ensuring sanitation

Anticipate customer needs based on social issues such as
the water environment and sanitation and make optimal
proposals concerning sterilization and cleaning with our unique
technologies and services

Fine

Inorganic

Strategic Scenario

Organic

Desired State

Contribute to technological advancement
by providing highly functional products
based on unique technologies
Create global standards with our new
technologies

Create new value starting from making use of
sulfur and expand the business domain

Set unique themes by anticipating needs and establish technologies incooperation with prosperous customers
Develop highly functional products based on accumulated unique
technologies
Set themes with an eye on market trends and develop products drawing
on our strengths
Strive to propose comprehensive solutions from the point of view ofcustomers
54

Business Reform Policy

Housing Materials
Operations

Design a new lifestyle in the future and contributeto the community development around the world for everyone’s happinessHousing
Materials

Desired state
建材

Design a new lifestyle in the future
and contribute to the community
development around the world
for everyone’s happiness

Process to provide value
Attract and acquire human resourcesand engineers in Japan and overseas, withoriginal products placing focus on the design
and functionality
Promote alliance and extend operations
globally with our unique product categories

55

Companywide Reform Policy◼ Set six companywide reform policies toward realization of the desired state in 2030 and push forward with themmobilizing group-wide efforts.
Desired statein 2030

Toward “one- step-ahead, proposal” company with Dokusouryoku (creativity)
Solve social issues with creative ideas, leading the progress of the world❶Creation of values❷Creation of reserve energy❸Creation of operational bases

Increase brand value andtake on challenges
for new business

Improve efficiency to secureresources for reforms

Gain a foothold into the world andaccelerate global businessexpansion⚫ Improvement of SHIKOKU QUALITY

Companywide
reformpolicy⚫ Establishment of a framework thatmakes it easier for everyone to propose
and take on challenges for new
businesses and ideas for suchbusinesses⚫ Elimination of inefficiencies andsimplification and standardization ofoperations⚫ Formulation of companywide operationalbase strategy⚫ Efficiency improvement by making use of ⚫ Optimization of domestic production,
development and sales operational bases
technology such as IT⚫ Optimal allocation of personnel and work ⚫ Optimization of overseas production,
development and sales operational basesstyle reforms❹Creation of organizations❺Creation of company climate❻Creation of human resources

Establish a group governancestructure to realize the vision

Foster company climate whichembraces diversity andencourages challenges

Build a framework to encourage
individuals to take on challenges
and evaluate individuals fairly⚫ Spread of “proposal-based styles”
among employees⚫ Establishment of a framework forrecruitment which attracts desired
human resources⚫ Building of an optimal group governancestructure⚫ Establishment of a group governancestructure in keeping with the businessexpansion overseas⚫ Fostering of company climate to develop“proposal-based styles”⚫ Establishment of a working environment
which accommodates diverse work
styles⚫ Creation of opportunities for growth
where each individual is respected⚫ Revision to and strengthening ofmanagement of the evaluation system

56

Progress on Companywide Reform Policy■

We are working to build a foundation that can accommodate diverse work styles, fostering a sense of self-improvement,
and creating a framework for change, and we are generally making progress as planned.
Item

TopicsCreation ofvalues◆ Enhance brand value (Formulation of SHIKOKU QUALITY)◆ Strengthen environmental initiatives (Issue CSR report)◆ Implement measures to create new businesses(Implement internal recruitment)

Creation ofreserve energy◆ Promotion of telework and other initiatives to improve work efficiency
・ Promote telework, which allows employees to work efficiently regardless of their
physical location

Creating ofoperational bases◆ Consolidation of sales bases
・ Moved interior, exterior finishes and paving materials production base to
Yoshinari location of Tokushima Plant

Creation oforganization◆ Start discussion to determine the organizational structure to be pursued
・ Transition to a holding company structure

Creation ofcompany climate◆ Dissemination of long-term vision and exchange activities to eliminate
barriers between divisions
・ Hold workshops, roundtable discussions, and other events

Creation ofhuman resources◆ Create an environment in which employees can actively tackle challenges
・Review the evaluation system, including the introduction of challenge goals witha point system
57

YONPO-YOSHI – Contributions to Stakeholders –Customers“One-step-ahead”
values
We will provide new values with ourunique, state-of-the-art products andservices.

Employees

Society

Challenges andgrowthA better tomorrow
We will contribute to the resolution ofsocial issues and to realize aprosperous living environment.

We will support a fulfilling life with asense of real growth through various
ways of working and through taking
on challenges.

Shareholders
Shareholders return
policyWe will aim to achievea total return ratio of 50% on
a consolidated basis.

58

Disclaimer

 This material is intended to help shareholders, investors, etc., understand pertinent information such as the Company’s
management policy, plans, and financial status, and it does not solicit investment such as purchasing or selling stocks in the
Company.

 The information contained in this document has been presented with the utmost care, but there is no guarantee as to whether
the content is accurate or currently up to date. Additionally, the Company assumes no responsibility for any damage ordisability arising out of or in connection with this document, such as published information or errors, regardless of the reason.
 Among the Company’s current plans, forecasts, and strategies as presented in this material, those that are not historical facts
are forward-looking statements or projections based on the judgment of the Company’s management according to theinformation that was available at the time of the relevant decision; hence, risks and uncertainties are involved. Actual
performance and business results may differ greatly from these prospects due to various factors.
 If you understand the above and are interested in exploring investment opportunities, please peruse additional materials suchas the Company’s securities report and make your investment decision at your own discretion.

Contact information
SHIKOKU KASEI HOLDINGS CORPORATION, Corporate Planning Dept.
TEL: +81-(0)877-21-4119
https://www.shikoku.co.jp

59