Data Section
11-Year Financial Summary
CHORI CO., LTD. and Group Companies
Medium-Term Management Plan

Medium-Term Management Plan

Yakushin 2016

Yakushin 2013

Medium-Term Management Plan

Medium-Term Management Plan

Chori Innovation Plan 2019

Chori Innovation Plan 2022
(Millions of yen)

FY2012FY2013

FY2014FY2015FY2016FY2017FY2018FY2019FY2020

FY2021

FY2022

Net sales*1

221,847

244,286

248,396

291,578

270,908

311,705

356,537

329,360

216,233

284,096329,389

Gross profit

19,77021,53022,157

24,79925,14926,40028,58528,31026,35730,65037,058Selling, general and administrative expenses

14,66516,037

16,604

19,42918,701

19,174

20,53820,091

22,693

21,321

24,401

Operating profit

5,105

5,492

5,552

5,369

6,448

7,226

8,047

8,219

3,663

9,328

12,656

Ordinary profit

5,466

5,831

5,966

5,518

6,967

7,499

8,660

8,685

4,656

10,274

12,437

Net profit attributable to owners of parent

2,944

3,715

4,153

4,297

4,780

4,730

5,630

6,101

1,247

6,811

8,124

Total assets

71,851

78,221

84,28998,736

97,983

119,055

118,499

114,400

110,591

134,121143,200

Net assets

31,38536,417

41,47342,882

46,34351,15353,89757,27958,83165,096

72,158Net interest-bearing debt*2(7,491)(8,820)(10,703)(8,029)(6,824)(11,134)(10,887)(11,962)(15,547)(6,939)(13,902)

Cash flows from operating activities (A)

5,792

1,716

3,320

4,992

625

6,653

3,196

2,857

5,889

(2,330)9,596

Cash flows from investing activities (B)(2,980)

(208)

(813)

(4,442)58

821(1,421)8(357)

197(261)

Free cash flows (A+B)

2,8121,508

2,507

550

683

7,474

1,774

2,866

5,532

(2,133)

9,335

Cash flows from financing activities(1,641)

(506)

(840)

(1,510)(1,363)(2,352)(4,350)(1,899)(887)(4,015)(3,099)Net profit per share

117.57151.54169.40175.31

195.00192.74229.28248.4650.73

276.82330.16

Net assets per share

1,275.84

1,481.00

1,688.74

1,746.27

1,887.37

2,079.84

2,191.45

2,328.79

2,390.06

2,643.55

2,932.46

Dividends per share*424.00

33.00

34.00

36.00

40.00

59.00

60.0063.00

37.00

84.00

105.00

2.5

2.4

2.4

1.9

2.6

2.4

2.4

2.6

2.2

3.6

3.8

Operating Results:

Financial Position (As of March 31):

Cash Flows:

Per Share Data*3 (Yen):

Key Indicators (%):
Ordinary profit to net sales
5

Return on assets (ROA)*

7.8

7.8

7.3

6.0

7.1

6.9

7.3

7.5

4.1

8.4

9.0

Return on equity (ROE)*6

9.8

11.0

10.7

10.2

10.7

9.7

10.7

11.0

2.2

11.0

11.8

Equity-to-asset ratio

43.5

46.4

49.1

43.4

47.2

42.9

45.4

50.0

53.2

48.5

50.4

Consolidated dividend payout ratio

20.4

21.8

20.1

20.5

20.5

30.6

26.2

25.4

72.9

30.3

31.8

Price earnings ratio

9.1

7.4

10.9

8.3

9.9

10.9

6.8

6.2

33.2

6.4

7.6

Price book-value ratio

0.8

0.8

1.1

0.8

1.0

1.0

0.7

0.7

0.7

0.7

0.9

Stock price at end of March (yen)*3

1,066

1,124

1,851

1,457

1,939

2,097

1,556

1,537

1,685

1,759

2,508

Number of employees (consolidated)

1,286

1,292

1,091

924

939

991

1,023

1,014

969

1,3221,285

Number of consolidated subsidiaries

2627252727292929303332

Other Data:*1 In the first quarter of fiscal 2020, Chori adopted the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, issued on March 30, 2018).
*2 Net interest-bearing debt = Interest-bearing debt – (Cash and deposits + Deposits paid to subsidiaries and associates)*3 The Company carried out a 1-for-10 reverse stock split of common shares on October 1, 2012. Net profit per share and net assets per share were provisionallycalculated at the beginning of fiscal 2012 based on this reverse stock split. Dividends per share and stock price at year-end for fiscal years prior to the reverse stock
split have been retroactively adjusted to reflect its impact.

67

CHORI CO., LTD.

*4 Dividends per share in fiscal 2017 include a commemorative dividend of ¥10 for the Company’s 70th anniversary.
*5 Return on assets (ROA) = Ordinary profit / Total assets (Avg. of beginning and end of fiscal year) x 100*6 Return on equity (ROE) = Net profit attributable to owners of parent / Total equity (Avg. of beginning and end of fiscal year) x 100

Tsumugu Report 2023

68

Data Section

Chori’s Global Network
After the end of World War II, Chori recommenced the full-scale development of its overseas business in 1949,
when private foreign trade resumed. Today, Chori boasts a global network consisting of subsidiaries and offices
located in various regions of the world. As we move forward, we will step up the pace of our globalization efforts
while addressing the needs of our customers.
EuropeU.S.A. and Central America

Subsidiary	 Chori Europe GmbH (Neu‐Isenburg)

Subsidiaries	

Major Overseas Subsidiaries and Affiliates CHORI AMERICA, INC. (Jersey City)	CHORI COMERCIAL DE MEXICO,S.A. DE C.V. (Mexico City) INGDAO RED BUTTERFLY PRECISION MATERIALS
Q
CO., LTD. (China)
Production and sale of inorganic chemicals
 eijing Chostar Equipment Engineering Technology
BCo., Ltd. (China)
Import and export of equipment and materials for chemicalplants
 HORI Analysis & Technology Service (Suzhou) Co., Ltd.
C(China)
Analysis and research and development of chemicals
 CC Industry COMPANY LIMITED (Hong Kong)
M
Sale of textile products
 EGACHEM LIMITED (Singapore)M
Trading company specializing in chemicals
 T. MATSUOKA INDUSTRIES INDONESIA (Indonesia)P
Sewing of textile products

Middle EastSubsidiary

Chori Middle East FZE (Dubai)

Representative office

Major Domestic Subsidiaries and Affiliates Jeddah

 SADA U CO., LTD.
A
Sale of interior and packaging materials
 HORI MODA CO., LTD.
C
Planning of fashion apparelSouth America
Representative office

Asia
Subsidiaries CHORI (CHINA) CO., LTD. (Shanghai)
CHORI (SHANGHAI) CO., LTD. (Shanghai) CHORI (TIANJIN) CO., LTD. (Tianjin)
CHORI (DALIAN) TRADING CO., LTD. (Dalian)	CHORI (DALIAN) COMMERCIAL IMPORT EXPORT CO.,LTD. (Dalian)
CHORI CO., (HONG KONG) LTD. (Hong Kong)	TAIWAN CHORI MERCHANDISE COOPERATION LTD.
(Taipei)
CHORI KOREA CO., LTD. (Seoul)





Santiago TX Co., Ltd.
S
Trading company specializing in textiles
 iyako Kagaku Co., Ltd.
M
Trading company specializing in chemicals

THAI CHORI CO., LTD. (Bangkok)
PT. CHORI INDONESIA (Jakarta)	CHORI SINGAPORE PTE LTD (Singapore)	CHORI TRADING (MALAYSIA) SDN. BHD. (Puchong,Selangor)	CHORI VIETNAM CO., LTD. (Ho Chi Minh City)	CHORI TRADING INDIA PRIVATE LIMITED (Mumbai)

 OZAKURA SHOKAI CO., LTD.
K
Trading company specializing in chemicals
 HORI GLEX CO., LTD.
C
Trading company specializing in chemicals
Subsidiary

Representative officeHandles textile products

Handles chemical products(Japan: 4 locations Overseas: 30 locations)

 hori Machinery Co., Ltd.
CTrading company specializing in transportation equipment
 usiness Anchor Corporation
B
Outsourcing of administrative work

Representative offices	Beijing, Qingdao, Nantong, Wuhan, Ruian, Guiyang, Shenzhen; Ho Chi Minh City; Manila; Dhaka

Domestic Offices
Tokyo Head OfficeTower C, Shinagawa Intercity,
2-15-3, Konan, Minato-ku, Tokyo
108-6216, Japan
Tel: +81-3-5781-6200

69

CHORI CO., LTD.

Osaka Head Office
Nittochi Sakaisuji Bldg.,
1-7-3, Awajimachi, Chuo-ku, Osaka
540-8603, Japan
Tel: +81-6-6228-5000

Hokuriku Branch
15F Visage Office Zone,
16-1, Showa-machi, Kanazawa
920-8676, Japan
Tel: +81-76-232-3521

Okayama Liaison Office
10F Okayama
Fukokuseimei-ekimae Bldg.,
1-6, Ekimotomachi,Kita-ku, Okayama
700-0024, Japan
Tel: +81-86-224-6188

Tsumugu Report 2023

70

Data Section

Corporate Information (As of March 31, 2023)
Company Overview
CHORI CO., LTD.

Company NameTokyo Head Office
2-15-3, Konan, Minato-ku, Tokyo
108-6216, Japan
Tel: +81-3-5781-6200

Headquarters

Breakdown of Shareholders by
Investor Type

Investor Information

Osaka Head Office (Main Headquarters)
1-7-3, Awajimachi, Chuo-ku, Osaka
540-8603, Japan
Tel: +81-6-6228-5000

Capital¥6.8 billion

Date of Incorporation

September 2, 1948 (Founded in 1861)

Closing DateMarch 31

Number of Employees

Consolidated: 1,285 Nonconsolidated: 405(Including 74 employees dispatched to other companies)

Corporate Website

https://www.chori.co.jp/english/

Securities Code8014(Prime Market of the Tokyo Stock Exchange)

Total Number of Shares
Authorized to Be Issued

55,000,000

Total Number of Shares
Outstanding

25,303,478

Number of Shareholders

7,202

Trading Unit

100

Shareholder Register Agent for
Common Stock

Mizuho Trust & Banking Co., Ltd.

Accounting Auditor

Deloitte Touche Tohmatsu LLC

Brokerages
1.30%

Treasury shares
2.75%

Foreigninstitutions
andindividuals17.52%

Japanesecorporations
58.29%(Thousand shares)

Percentage of shares
held (%)

Toray Industries, Inc.

12,96752.70

The Master Trust Bank of Japan, Ltd. (Trust Account)

1,428

5.80

BBH FOR FIDELITY LOW-PRICED STOCK FUND (PRINCIPAL ALL SECTOR SUBPORTFOLIO)

Number of shares held
Shareholder name

1,418

5.76

Hurex Co., Ltd.

735

2.99

Custody Bank of Japan, Ltd. (Trust Account)

627

2.55

Logistics Dept. (Textile)

Wacoal Corporation

548

2.23

Fiber Raw Materials Dept.

NORTHERN TRUST CO. (AVFC) RE IEDP AIF CLIENTS NON TREATY ACCOUNT2961.20

Business Administration Dept.
(Textile)

TextileDivision

Synthetic Fiber
Business Dept.

Technical Material& Garments
Business Dept.

sharesIndividuals
and others
9.80%

Major Shareholders

Organization (As of July 1, 2023)

25,303,478

Financial
institutions
10.34%

Automotive Materials and Fabrics Dept.

STATE STREET BANK AND TRUST CLIENT OMNIBUS ACCOUNT OM02 505002

253

1.03

Technical Textiles Dept.

BBH FIDELITY GROUP TRUST BENEFIT (PRINCIPAL ALL SECTOR SUBPORTFOLIO)

205

0.84

Textile-Fabric Dept.

HSBC PRIVATE BANK (SUISSE) SA GENEVA - SEGREG UK IND 1 CLT ASSET

204

0.83

Career Apparel & Workwear Dept.
Apparel Dept.
Performance Apparel Dept.

Notes: 1 . In addition to the above, the Company owns 696,464 shares (2.75%) of treasury stock.
2. The percentages of shares held exclude the 696,464 shares of treasury stock.
3. The number of shares held are rounded down to the nearest thousand shares.
4. The percentages of shares held are rounded to the nearest third decimal place.
5. All shares held by the Master Trust Bank of Japan, Ltd. (Trust Account) and Custody Bank of Japan, Ltd. (Trust Account) are related to trust services.

Material Development Team

GovernanceCommittee

General Meetingof Shareholders

Board ofDirectors

Audit &Supervisory
Committee

ExecutiveCommittee

Business Administration Dept.
(Chemicals)

ExpertCommittees

President,
CEO & COO

Logistics Dept. (Chemicals)

Chemicals
DivisionInternal Auditing
Dept.

Chemical &Materials
Business Dept.
Life & Fine
Chemicals
Business Dept.

FY2018FY2019FY2020

FY2021

FY2022

2,097

1,556

1,537

1,685

1,759

2,508

59

60

63

37

84

105

Chori

77.1%

79.2%

88.0%

95.5%

136.2%TOPIX (incl. dividends)

95.0%

85.9%

122.1%124.6%

131.8%

Stock price at year-end (yen)Performance Chemicals Dept.
Inorganic Fine Materials Dept.

Dividends per share (yen)300

TSR (%)
Industrial Chemicals Dept.

Note: TSR is based on investments carried out at the closing price on March 31, 2018.

Fine Chemicals Dept.
Life Science Dept.
Corporate Management Dept.

Legal Compliance
Committee

Total Shareholder Return Total Shareholder Return (TSR)-Related Data(TSR)
FY2017200

Affiliate Business Dept.

Corporate
Planning Division

Human Resources & General Affairs Dept.
Information System Dept.
Pharmacovigilance & Quality
Assurance Office
Companywide Business Transformation Project(for the implementation of mission-critical system)

100

Executive Chief Representative for China
Hokuriku Branch
Okayama Liaison Office0

2019/4

Chori  

2020/4

TOPIX 2021/42022/42023/4

Note: Based on closing price on March 31, 2019 as 100

Overseas Representative Offices
Overseas Subsidiaries

71

CHORI CO., LTD.

Tsumugu Report 202372