Supplemental Information
Financial Results
For FY 2024 1Q
2024/5/15

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

11. Consolidated Financial Results

2

Financial highlights

Net sales increased but operating profit decreased YoY due to increased costs;
however, ordinary profit and net profit increased thanks to the foreign exchange gains.
Million yen
FY2023
1Q
Net sales

14,685

FY2024
1Q

17,358Change／Rate+2,672+18.2％

Operating profit

2,408

▲3

2,405

▲0.1％
Ordinary profit

2,610

+293

2,903

+11.2％
Profit attributable toowners of parent

1,744

+58

1,803

Remarks

 Chemicals operations increased due to the recovery of market
conditions and the depreciation in the yen Housing Materials operations decreased due to a deteriorationin the building market conditions
 Operating profit decreased due to the impact of sales mix andincreased costs (transportation and labor costs)
 Foreign exchange gains 343 (YoY+286)
 Interest earned 106 (YoY+47)
 Almost no extraordinary profit or loss

+3.4％
Exchange rate

1USD = 133 JPY
１EUR = 142 JPY
１RMB = 19.3 JPY

1USD = 148 JPY
１EUR = 161 JPY
１RMB = 20.4 JPY+7 Foreign exchange impact on PL included in the change from theprevious year (total of Chemicals and Housing Materials)+4 billion yen

Only the impact of exchange rate fluctuations on foreign currency transactions is shown.
Many yen-denominated transactions are also substantially affected by changes inforeign exchange rates; however, they are not included.

Net salesbillion yen
Operating Profit

3Trends in Net sales and Operating profit (ＹＴＤ)

Net sales increased in Chemicals (+2.76B) but decreased in Housing Materials (-130M), resulting in a companywide increase in sales (+2.67B).​
Total operating profit remained unchanged (-0M) due to sluggish performance in both Chemicals (-80M) and Housing Materials (-90M).​

173.6

Net sales

YoY
+26.7
+18.2%

45.0

131.8

138.9

134.0

146.9

Ratio %

52.2

135.7

35.0

17.0

56.3

59.9

58.9

73.2

25.0

78.7

14.0

30.0

25.1

54.0

95.0

16.0

15.0

53.5

118.4
77.3

15.3

13.9

20.0

73.8

15.1

18.0

16.4

Housing
Materials

YoY▲1.3

51.9

100 Million yen

Operating profit
40.0

149.1

20.0

18.5

15.0

19.9

21.3

22.8

22.4
10.4

9.4

10.5

7.0

24.1

YoY
12.0
▲0.0

24.1

▲0.1%

10.0

7.8

6.9

Housing
8.0
Materials

12.2

YoY▲0.9

6.0

Chemicals

YoY+27.6

90.8

10.0

Chemicals

14.4
5.0

0.0
1-3

1-3

1-3

1-3

1-3

1Q

1Q

2018

2019

2020

2021

2022

FY2023

FY2024

14.9

15.4

16.2

10.4

10.5

10.3

1-3

1-3

1-3

1-3

1-3

1Q

1Q

2018

2019

2020

2021

2022

FY2023

FY20244.0

YoY+0.8

2.0* Results before FY2022 were recalculated for the same period of the current year (January to March).

0.0

4

YoY Changes in Operating profit

The positive impact of increased sales in Chemicals and a weaker yen was offset by the negative impact ofchanges in sales mix in Chemicals and increased costs (transportation and SG&A costs).
 Raw material prices remained unchanged (purchase basis) Temporary changes in sales mix of Neo-Chlor in North
America

Increase in profit
accompanying increasein net sales(Chemicals operations)

Increase in profit
accompanying increasein net sales(Housing Materials
operations)

Decrease ingross profit
margin(Chemicals Decrease inoperations) logistics costs(Chemicals
operations)

Million yen

 Increased labor cost due to pay raise:approx. +100 million yen
 Increased tax burden due to a shift to aholding company (business tax): approx.
+200 million yen

 Rise in the ratio oflandscape exterior

Increase in

Increase in grosslogistics costs
profit margin
Increase in(Housing(Housing Materials
R&D expenses
Materials
operations)operations)(companywide) Impact of FX fluctuations
Decrease in profit of approximately 50 million yen(related to purchase of aluminum raw materials)

Increase in other
SG&A expenses(companywide) Impact of FX fluctuations: Increase in profit of approximately 450 million yen→ Net positive effect of increase in sales in foreign currency and negative effect ofincrease in purchase and transportation costs in foreign currency

FY2023 1Q
Operating profit

FY2024 1Q
Operating profit

5Trends in Net sales and Operating profit (ＱＴＤ)
 Total operating profit decreased by 0 million yen YoY. Chemicals operations slightly increased by 80 million yen as
positive factors such as increased sales and weaker yen were offset by lower profit margin due to changes in sales
mix and higher costs. Housing Materials operations slightly decreased by 90 million yen due to sales decrease.​ Operating profit increased by 520 million yen QoQ. Chemicals operations slightly increased by 40 million yen as
sales of low-profit products increased.
Housing Materials operations increased by 250 million yen due to a seasonal factor.​ Corporate and Other
increased by 230 million yen reflected by the adjustment in the previous quarter (year-end).

 Total sales increased by 2.67 billion yen YoY. Chemicals operations achieved significant growth of 2.76 billion yen
due a reactive increase from sluggish performance in the previous year and bottoming out of the market conditions.
Housing Materials operations slightly decreased by 130 million yen due to the worsening of market conditions
caused by increased construction costs.
 Sales increased by 1.03 billion yen QoQ. In Chemicals operations, sales increased by 610 million yen due to therecovery of the market conditions and a seasonal factor in organic products in North America.
Sales of Housing Materials operations increased by 420 million yen due to a seasonal rise in housing demand.
QoQ
+10.3

Net sales+18.2%

149.1

158.0 155.0

152.7

139.6
128.7

41.7

124.0
51.9

Ratio %

13.8

146.9
52.2
43.5

47.9

Housing
Materials

16.4

YoY▲1.3
QoQ+4.2

8.5

11.2

17.7

90.9

95.0

100.5

Chemicals

112.7

112.3

118.4 YoY+27.6

22.4

4.7
7.0

4.1

3.1

17.8

24.1

24.1

23.4

20.9

18.9
3.5

7.8

4.4

5.3

1.5

2.9

+27.3%

▲0.1%

26.0
23.6

110.0

QoQ
+5.2

YoY
▲0.0

117.5

13.9
11.6

53.5

113.3

14.7

13.7

16.3

41.2

80.2

16.7
15.0

20.3

83.9

16.9

49.2

45.7
40.8

100 Million yen

173.6

161.9 159.1 163.3

42.2
42.6

Operating profit

+6.3%

YoY
+26.7

6.9

13.8

Housing
Materials

YoY▲0.9
QoQ+2.5

QoQ+6.1

90.8

22.6
14.4

15.8

18.5
14.9

18.9

16.0

15.1

15.4

13.6

15.9

16.2 Chemicals
YoY+0.8
QoQ+0.4-0.6
1Q 4-6

2Q 7-93Q 10-12

FY20214Q 1-3

1Q 4-6

2Q 7-9FY2022

3Q 10-12

1Q 1-32Q 4-6

3Q 7-9FY2023

4Q 10-12

1Q 1-3
FY20241Q 4-6

2Q 7-9 3Q 10-12
FY20214Q 1-3

1Q 4-6

2Q 7-9FY2022

3Q 10-12

1Q 1-32Q 4-6
3Q 7-9FY2023

4Q 10-12

1Q 1-3
FY2024

6

Operating results by segment: Chemicals (ＱＴＤ)
 Sales of inorganic chemical products showed strong growth with increases of 510 million yen YoY and 130 million yen QoQ.
Contributors were the progress of sales expansion of insoluble sulfur to North America and concentrated shipment (first-out)
due to logistics concerns.
 In terms of organic chemical products (Neo-Chlor), sales increased by 1.39 billion yen YoY and 690 million yen QoQ as the
cargo movement showed a sign of recovery after inventory adjustment in the North American market. Many of the products soldin North America are manufactured by other companies, and the profit contribution is low.
 Fine chemicals showed a recovery trend in general, with a sales increase of 860 million yen YoY and a decrease of 210 million
yen QoQ.​ Sales of functional materials (IMZ and resin modifiers), whose shipment was concentrated in the previous 4Q,
increased YoY but decreased QoQ.
Electronic chemicals (Glicoat-SMA) showed a bottoming-out and GliCAP (a newly developed product) was also launched.
 The impact of foreign exchange was about +700 million yen (JPY/USD: 133→148) YoY and almost flat (JPY/USD: 148→148)
QoQ.

QoQ
+6.1

Net sales
YoY
+27.6

Operating profit

19.7

+5.5%

+30.3%

113.3

90.9
83.9
22.4

95.0

110.0

112.7 112.3
25.9

90.8

26.9

24.4

23.0

29.2

29.7

11.5

43.5

50.5

YoY+13.9
QoQ+6.9

22.6

36.6

14.4
29.3

29.5

33.7

29.5

29.9

33.1

34.7

32.1

１USD
133JPY

1Q 4-6

2Q 7-93Q 10-12

FY20214Q 1-3

1Q 4-6

2Q 7-9FY2022

3Q 10-12

1Q 1-3

+2.2%

+5.2%

18.9

18.5

34.8

QoQ
+0.4

YoY
+0.8

27.7

36.1

13.7

Organic
chemicals

54.7
45.2

14.2

14.2

YoY+8.6
QoQ▲2.1

Ratio %

48.4

16.8

17.0

31.9

61.4

41.1

15.1

chemicals

21.1

28.0

20.5
15.7

118.4 Fine

25.4

80.2

100 Million yen

20.3

17.2

21.3

100.5

22.4

54.8

32.2

117.5

 Operating profit increased by 80 million yen YoY. The weaker yen contributed to a profit increase of about 450 million
yen.
Gross profit increased mainly due to strong sales of high-profitable fine chemicals, which were offset by higher SG&A
costs (freight, salaries, etc.). Profit of organic chemical products decreased due to changes in sales mix (higher salesof other companies’ products) but they are expected to contribute to profit as in-house products will increase supply
and sales after 2Q.
 QoQ profit increased by 40 million yen. Both sales and profit were strong, but the 1Q operating profit leveled off due tohigher SG&A costs including salaries because of a positive factor in internal transaction adjustment such as corporate
expenses in the previous 4Q.

2Q 4-6

3Q 7-9FY2023

36.9

38.2

１USD
148JPY

１USD
148JPY

4Q 10-12

1Q 1-3
FY2024

15.8

14.9

16.0

15.1

15.4

13.6

15.9

16.2

１USD
148JPY

１USD
148JPY

4Q 10-12

1Q 1-3
FY2024

Inorganic
chemicals

YoY+5.1
QoQ+1.3

１USD
133JPY

1Q 4-6

2Q 7-9 3Q 10-12
FY20214Q 1-3

1Q 4-6

2Q 7-9FY2022

3Q 10-12

1Q 1-32Q 4-6
3Q 7-9FY2023

7

Operating results by segment: Housing Materials (ＱＴＤ)
 Housing Materials operations total sales decreased by 130 million yen YoY.
 Sales of interior, exterior finished, and paving materials remained weak, with increases of 10 million yen YoY
and 0 million yen QoQ.
 Sales of exterior products decreased by 140 million yen YoY. Sales of housing exteriors were particularly low
due to sluggish new housing styles (detached houses). Sales of landscape exteriors increased from a year
earlier due to price revisions amid soaring construction costs.
 Sales increased by 420 million yen QoQ, including a seasonable rise of year-end demand for landscapeexteriors.

 In Housing Materials operations, total operating profit decreased by 90 million yen YoY.
 In exteriors, gross profit remained unchanged as profit margin improved from a year earlier but sales of housing
exteriors decreased. In the previous year, profit margin was still low as many orders were shipped at old prices
before price revision.
 However, operating profit decreased due to higher SG&A cost (personnel and operating expenses).
 Raw material prices including aluminum ingot remained stable at high prices, resulting in limiting impact on
profitability.
 Operating profit increased by 250 million yen QoQ as the ratio of highly-profitable landscape exteriors grew due
to a seasonal rise.

Operating profit

Net sales

100 Million yen

YoY
▲1.3
QoQ
+4.2

▲2.5%

Ratio %

+8.9%

53.5

51.9

52.2

49.2

40.8

41.7

41.2

42.6

42.2

10.0

3.5

43.5

13.3

10.7

10.3
7.1

47.9

45.7

14.6

13.5

9.2

7.3

-1.5

YoY
▲0.9

Exterior
Products

48.2
37.3

38.0

42.2

45.6
38.3

50.3

39.5

39.1

40.3

44.7

48.9

▲11.1%

1Q 4-6

3.2

3.5

3.7

2Q 7-9 3Q 10-12 4Q 1-3
FY2021

3.4
1Q 4-6

3.1

3.6

3.2

2Q 7-9 3Q 10-12 1Q 1-3
FY2022

3.1
2Q 4-6

3.1

3.3

3.3

3Q 7-9 4Q 10-12 1Q 1-3

FY2023

FY2024QoQ+2.5+56.6%

YoY▲1.4
QoQ+4.2

7.8

7.0

3.5

8.1

Interior, exterior
finishes

YoY+0.1
QoQ+0.0

2.9
1Q 4-6

4.1

4.7
3.1
1.5

2Q 7-9 3Q 10-12
FY2021

6.9

5.3

4Q 1-3

1Q 4-6-0.6
2Q 7-9 3Q 10-12
FY2022

1Q 1-3

3.5

2Q 4-6
3Q 7-9FY2023

4.4
4Q 10-12

1Q 1-3
FY20248

2. Financial Forecast

for the Fiscal Year Ending 2024

9

Forecast of Consolidated Financial Results
No changes in the full-year forecasts. Performance is slightly ahead of the plan.
Comparison of initial and revised forecast

100 Million yen

Million yen
Net sales

FY2023

Net sales

ＦＹ2024
63,117

Change／Rate

64,000+1.4％（Chemicals） 43,332（Chemicals） 43,500（Housing Materials） 18,712（Housing Materials） 19,500

Operating profit

8,019

7,800

（Chemicals） 6,381（Chemicals） 6,300（Housing Materials） 1,508（Housing Materials） 1,300

Ordinary profit

9,280

8,200

Profit attributable toowners of parent

7,853

Exchange rate

+883

▲219
▲2.7％

▲1,080▲11.6％

5,500▲2,353▲30.0％

1USD = 140 JPY
１EUR = 148 JPY
１RMB = 19.8 JPY

1USD = 140 JPY
１EUR = 150 JPY
１RMB = 19.0 JPY

FY2024ＦＹ2024 1Q

Remark Sales of Chemicals operations are expected to increase due to the sales expansion of
insoluble sulfur and recovery of the fine chemicals market.
 Sales of Housing Materials operations are expected to increase due to the recovery of the
housing market.

Housing
Materials

 Operating profit of Chemicals operations is expected to be stable due to a lower unit sales
price and an increase in fixed costs (repair costs of plants).
 Operating profit of Housing Materials operations is expected to decrease due to anincrease in fixed costs associated with various sales promotion initiatives.
 Ordinary profit is expected to decrease further due to the non-recurrence of foreignexchange gain recorded in FY2023(Foreign exchange gain in FY2023: 549 million yen)
Chemicals Ordinary profit is expected to decrease considerably due to the non-recurrence of gain onsale of investment securities recorded in FY2023(Gain on sale of investment securities recorded in FY2023: 2,088 million yen)

 One yen change against the US dollar has a positive impact of approximately 180 million
yen in sales and 70 million yen in operating profit.

1Q progress rate

Net sales

Operating profit

Change／Rate

64,00017,35827%（Chemicals）43,500（Chemicals）11,840（Chemicals) 27%（Housing Materials） 19,500（Housing Materials） 5,218（Housing Materials） 27%

7,800

2,405

31%

（Chemicals）6,300（Chemicals）1,624（Chemicals） 26%（Housing Materials） 1,300（Housing Materials） 692（Housing Materials） 53%

Ordinary profit

8,200

2,903

35%

Profit attributable toowners of parent

5,500

1,803

33%

Exchange rate

1USD = 140 JPY
１EUR = 150 JPY
１RMB = 19.0 JPY

1USD = 148 JPY
１EUR = 161 JPY
１RMB = 20.4 JPY

Remark Chemical operations showed significant progress, exceeding the plan, withconcentrated shipments beyond our expectations (including month-to-monthlag) and a weaker yen.
 Sales of Housing Materials operations fell short of the plan as the building
materials market has shrunk beyond our expectations while the landscape field
has performed solidly.

Operating profit

Housing
Materials

 In Chemicals operations, the progress of operating profit was almost asplanned due to a lower profit margin associated with changes in sales mix,
despite strong sales.
 In Housing Materials operations, the progress of operating profit was almost asplanned due to a higher ratio of landscape exteriors (increase in profit margin),whereas sales were slightly lower than planned.
 The recording of a foreign exchange gain of 343 million yen contributed to
exceeding the plan.

 The yen depreciated against the estimated rate, resulting in a positive impact
on sales of 380 million yen and operating profit of 260 million yen in 1Q
compared to the plan.

Chemicals10Capital investment and Depreciation
No change from the plan at the beginning of the period; conducting capital investment
in accordance with the plan

100 Million yen[Major capital investment in FY2023]
 2,230 million yen for the construction of a new plant for insoluble sulfur
 800 million yen for the construction to accommodate the increased production of Neo-Chlor (scheduled to start
operating in the autumn of 2024)
 180 million yen to add a solar power generation facility to the Marugame plant[Major capital investment in FY2024]
 2,550 million yen for the construction of a new plant for insoluble sulfur (scheduled to start in the winter of 2024
and start full-scale operation in 2026)
 380 million yen for the construction to accommodate increased production of Neo-Chlor
 540 million yen for production and surface treatment facilities for the Neo-Chlor tablet

11

Dividend and Share buyback Trends
In February, the Company repurchased a large amount of its own shares and worked hard to reduce its capital.
100 Million yen
116.4[Shareholder Return Policy]
 The Company aims to achieve “a dividend payout ratio of 30% and a
total payout ratio of 50% based on consolidated financial results”
under the “Challenge 1000” long-term vision for 2030.

[FY2023 Shareholder Return Policy]
Total return ratio

54.9

56.6
51.1

59.1

102.2

54.1

46.4

Total return

37.8
31.8

29.4

23.8
19.5

17.9

16.1

 Annual dividends were 28 yen per share (interim dividend of 14 yen
and year-end dividend of 14 yen).
 Repurchased the Company shares of 3,220 million yen in total inJune and November 2023 through ToSTNet-3. Total shareholder
returns including dividends of 1,420 million yen are 4,640 million yen,with a total payout ratio of 59.1%.

[FY2024 Shareholder Return Policy (plan)]
27.0

32.2

Share buyback

24.7
13.3

12.9

12.9

12.9

12.9

13.9

13.4

13.0

13.8

14.2

14.2

FY2017FY2018FY2019FY2020

FY2021

FY2022

FY2023

FY2024（PLAN）

Total dividends

 Plans to maintain dividends of 28 yen per share (interim dividend of 14
yen and year-end dividend of 14 yen).
 Repurchased Company shares of 10,220 million yen (5,891,100
shares) in total in February 2024 through ToSTNet-3. At this point,
total shareholder returns including dividends of 1,420 million yen are
11,640 million yen, and a total payout ratio is expected to greatly
exceed that of the previous term.

12

3. Action to Implement Managementthat is Conscious of Cost of Capitaland Stock Price13

Analysis of current situation and policies for the present[Future earnings to be acquired (FCF)]

Although ROIC by business remained unchanged (Housing Materials operations
increased due to seasonal factors), ROE substantially improved due to the
reduction of net assets resulting from the share buyback.
(In FY2023, ROIC rose temporarily due to higher extraordinary profit)(Shareholder return)
Carry out promptly, targeting 50% of
profit(Internal reserve)
Prioritize investments in growth andhuman capital as risk capital

Consolidated Balance Sheets (as of 3/31/2024)[Financial assets][Excess capital]

Cash and deposits
Securities (short-term bonds)
Investment securities (long-term bonds)
Investment securities (cross-shareholdings)(Risk buffer retention policy)
Retain 1/3 of annual net sales(Allocable funds)
Consider shareholder returns, with the amount excluding
risk buffers as the capital that can be reduced if there isno urgent demand for funds.
In particular, the reduction of cross-shareholdings isprioritized while working on creating business synergies
with companies of cross-shareholdings.
（Financial income）

FY202369.8bnFY2024 1Q

FY202367.5bn0.69bnFY2024 1Q

0.17bn(▲2.3bn from the beginning of the year)[Business assets][Investment capital]

Trade receivables
Inventories
Property, plant, and equipment/ Intangible assets(Profit indicators to be compared)
Operating profit after tax by business → ROIC by business[Group capital invested][Net assets in carrying amount](Profit indicators to be compared)
Profit after tax (operating profit + financial
revenue) → Group ROIC(Profit indicators to be compared)
Profit → ROE(Target ROIC)
Set to WACC as a hurdle rate of ROIC, andaim to achieve WACC of 6% or less by
reducing the cost of equity through leverage.
(Current status)
There is a gap between business ROIC andGroup ROIC, and the return on invested
capital as a whole is declining due to excess
capital with low yields.
Aims to improve the return on Group ROIC by
reducing excess capital to an appropriate
amount.

【Chemicals】

ROIC by business【Housing

43.1bnFY2024 1Q

44.1bn(+1.0bn from the beginning of the year)【Housing
Materials】

14.4bn15.1bnFY202330.1bnMaterials】
ROIC by business【Group】

15.2%
8.1bn

FY2024 1Q

29.9bn(+0.3bn from the beginning of the year)

FY2024 1Q

78.1bn86.1bn8.8%

9.4%(Basic policy on leverage)

15.1%
8.7bn

23.0%
39.5bnIn addition, consider capital policies
that enhance the attractiveness ofshare value from perspectives otherthan profitability (increased liquidity
and preferential treatment) andincentive plans that make employees
and management more aware of sharevalue.

[Interest-bearing debt](+0.6bn from the beginning of the year)

12.0%
39.2bnMaintain ROE and net asset levels thatexceed the cost of capital at all times
through balance sheet management tosecure both aggressive growthstrategies and capital efficiency.

(▲7.9bn from the beginning of
the year)(▲0.2bn from the beginning of the year)

FY2023(Target ROE)
Set to 8% as a hurdle rate in the short term,
and aim to exceed 10% in the future bycapital reduction

ROE

FY2023【Chemicals】(Assumed cost of shareholders’ equity)
6-8%[Future net assets]

Group
ROIC

FY2023

FY2024 1Q

109.0bn

107.1bn(▲1.9 bn from the beginning of
the year)

5.8%

6.7%

・Actively utilize low-cost funds to the extent
that the credit rating can be maintained・Set D/E ratio to the 30% level

FY202322.2bnFY2024 1Q

28.1bn(+5.9bn from the beginning of
the year)(+0.6bn from the beginning of the year)【Group】

61.1bn63.3bn(+2.1bn from the beginning of the year)[Business liabilities]
Trade payable
Labor liabilities and provisions* Quarterly ROIC・ROE is converted to the annual rate, and in 1Q, returns are divided by 4.

14

Analysis of ROIC Tree

Both Chemicals and Housing Materials operations maintained high capital turnover due to high added value
based on low cost ratio and high ROS arising from their niche business areas and R&D capabilities as well
as a lower investment burden on production facilities.

Chemicals

ROIC

FY20241Q

FY202315.1%/ 15.2%

Ratio of operating
profit to sales

Turnover ofinvested capital

Housing
Materials

ROIC

23.0%

/ 12.0%

Ratio of operating
profit to sales

Turnover ofinvested capital

FY20241Q

FY202313.7%/ 14.7%

1.58

13.3%

2.39

/

1.44

/ 14.7%/2.31

FY20241Q

FY2023

Ratio of cost to sales

63.0%/ 64.9%Ratio of SG&A to sales

23.3%/ 20.4%FY20241Q

FY2023

Ratio of R&D to sales

2.6%

/

3.2%

Ratio of transportation
cost to sales

10.1%

/

8.3%

Turnover ofworking capital

3.42

/

2.96

Receivables turnover

3.63

/

3.69

Fixed asset turnover(tangible/intangible)

2.37

/

2.01

Inventory turnover

5.21

/

4.71

Payables turnover

5.71

/

6.88

Ratio of R&D to
sales

1.9%

/

1.9%

Ratio of transportation
cost to sales

8.9%

/

9.8%

Ratio of cost to sales

55.1%/ 57.8%

Ratio of SG&A to sales

31.6%

/

34.1%

Turnover ofworking capital

2.96

/

2.81

Receivables turnover

3.30

/

3.34

Fixed asset turnover(tangible/intangible)

6.24

/

3.99

Inventory turnover

5.17

/

4.57

Payables turnover

6.32

/

6.16

* Quarterly ROIC is converted to the annual rate, and in 1Q, returns are divided by 4.

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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

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