43CHORI CO., LTD.

Tsumugu Report 2020

Fact Data

11-YearFinancial Summary

Medium-term management plan

Medium-term management plan

Medium-term management plan

Medium-term management plan

Yakushin 2010

Yakushin 2013

Yakushin 2016

Chori Innovation Plan 2019

CHORI CO., LTD. and Group Companies(Millions of yen)
FY2009FY2010FY2011FY2012FY2013

FY2014FY2015FY2016FY2017FY2018FY2019Net sales

191,149

222,074

217,825

221,847

244,286

248,396

291,578

270,908

311,705

356,537

329,360

Gross profit

18,267

18,81820,02019,77021,53022,157

24,79925,14926,40028,58528,310

Selling, general and administrative expenses

13,576

13,641

14,103

14,66516,037

16,604

19,42918,701

19,174

20,53820,091

Operating income

4,690

5,177

5,916

5,105

5,492

5,552

5,369

6,448

7,226

8,047

8,219

Ordinary income

4,728

5,343

6,118

5,466

5,831

5,966

5,518

6,967

7,499

8,660

8,685

Net income attributable to owners of the parent

2,918

5,372

3,497

2,944

3,715

4,153

4,297

4,780

4,730

5,630

6,101

57,10364,39067,46571,851

78,221

84,28998,736

97,983

119,055118,499

114,400

Net assets

21,59025,826

28,69831,38536,417

41,47342,882

46,34351,15353,89757,279Net interest-bearing debt*1(10,782)(8,635)(6,650)(7,491)(8,820)(10,703)(8,029)(6,824)(11,134)(10,887)(11,962)

Cash flows from operating activities (A)3,612(1,098)

(263)

5,792

1,716

3,320

4,992

625

6,653

3,196

2,857

Cash flows from investing activities (B)

(530)

(295)

(1,153)(2,980)

(208)

(813)

(4,442)58

821(1,421)

8

Free cash flows (A+B)

3,081(1,393)(1,417)

2,812

1,508

2,507

550

683

7,474

1,774

2,866

Cash flows from financing activities(1,113)

(623)

(318)

(1,641)

(506)

(840)

(1,510)(1,363)(2,352)(4,350)(1,899)Net income per share

124.59224.11145.91117.57151.54169.40175.31

195.00192.74229.28248.46

Net assets per share

847.41

1,025.35

1,131.43

1,275.84

1,481.00

1,688.74

1,746.27

1,887.37

2,079.84

2,191.45

2,328.79

20.00

20.00

29.00

24.00

33.00

34.00

36.00

40.00

59.0060.00

63.00

2.5

2.4

2.8

2.5

2.4

2.4

1.9

2.6

2.4

2.4

2.6

Operating Results:

Financial Position (As of March 31):
Total assets

Cash Flows:

Per Share Data*2 (Yen):

Dividends per share*

3

Key Indicators (%):
Ordinary income to net sales
4

Return on assets (ROA)*

8.5

8.8

9.3

7.8

7.8

7.3

6.0

7.1

6.9

7.3

7.5

Return on equity (ROE)*5

14.6

22.8

12.9

9.8

11.0

10.7

10.2

10.7

9.7

10.7

11.0

Equity ratio

37.5

39.8

42.4

43.5

46.4

49.1

43.4

47.2

42.9

45.4

50.0

Consolidated dividends payout ratio

16.1

8.9

19.9

20.4

21.8

20.1

20.5

20.5

30.6

26.2

25.4

Price earnings ratio

9.0

4.4

7.0

9.1

7.4

10.9

8.3

9.9

10.9

6.8

6.2

Price book-value ratio

1.3

1.0

0.9

0.8

0.8

1.1

0.8

1.0

1.0

0.7

0.7

Other Data:
Stock price at end of March (yen)*2

1,120

990

1,020

1,066

1,124

1,851

1,457

1,939

2,097

1,556

1,537

Number of employees (consolidated)

1,137

1,113

1,084

1,286

1,292

1,091924939991

1,023

1,014

Number of consolidated subsidiaries

2424232627252727292929*1 Net interest-bearing debt = Interest-bearing debt – (Cash and deposit + Deposit paid in subsidiaries and affiliates)*2 The Company carried out a 1-for-10 reverse stock split of common shares on October 1, 2012. Net income per share and net assets per share were provisionally calculated at the beginning of fiscal 2009 based on this reverse stock split. Dividends per share and stock price at year-end for fiscal years prior to the reverse stock split havebeen retroactively adjusted to reflect its impact.

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

44

45

CHORI CO., LTD.

Tsumugu Report 2020

Fact Data

Chori’s Global Network(As of July 1, 2020)

Major Overseas Subsidiaries
and Affiliates

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 invarious 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.

SUZHOU FEILO ELECTRONIC COMPONENTS CO., LTD. (China)

Production and sales of electronic materials

Europe and Russia
Subsidiary	Chori Europe GmbH (Neu Isenburg)
Representative Office Moscow

U.S.A.
Subsidiary
Representative Office

CHORI AMERICA, INC. (Jersey City)
Charlotte INGDAO RED BUTTERFLYQPRECISION MATERIALS CO., LTD. (China)

Production and sales of inorganic chemicals
Beijing Chostar Equipment Engineering Technology Co., Ltd. (China)

Import and export of equipment and materials for chemical plants
CHORI Analysis & Technology Service (Suzhou) CO., LTD. (China)

Analysis and research and development of chemicals
M
 EGACHEM LIMITED (Singapore)

Trading company specializing in chemicals
DALIAN ANCHOR BUSINESS SERVICE CO., LTD. (China)

Outsourcing of administrative work
PT. MATSUOKA INDUSTRIES INDONESIA (Indonesia)

Sewing of textile products

Major Domestic Subsidiaries
and Affiliates
Middle East
Subsidiary
Representative OfficeASADA U CO., LTD.

Chori Middle East FZE (Dubai)
JeddahSales of interior and packaging materials
CHORI MODA CO., LTD.

Planning of fashion apparelAsia
Subsidiaries	CHORI (CHINA) CO., LTD. (Shanghai)
THAI CHORI CO., LTD. (Bangkok)
CHORI (SHANGHAI) CO., LTD. (Shanghai)
Chori Trading (Thailand) Co., Ltd. (Bangkok)
CHORI (TIANJIN) CO., LTD. (Tianjin)
PT. CHORI INDONESIA (Jakarta)
CHORI (DALIAN) TRADING CO., LTD. (Dalian)
CHORI SINGAPORE PTE LTD (Singapore)
CHORI (DALIAN) COMMERCIAL IMPORT EXPORT CO.,CHORI TRADING (MALAYSIA) SDN. BHD. (Kuala Lumpur)
LTD. (Dalian)
CHORI VIETNAM CO., LTD. (Ho Chi Minh City)CHORI CO., (HONG KONG) LTD. (Hong Kong)
CHORI TRADING INDIA PRIVATE LIMITED (Mumbai)
TAIWAN CHORI MERCHANDISE COOPERATION LTD. (Taipei)
CHORI KOREA CO., LTD. (Seoul)
Representative Beijing, Qingdao, Nantong, Wuhan, Ruian, Guiyang, Shenzhen; Ho Chi Minh City; Manila; Dhaka; Cambodia
Offices

Central and South America
Subsidiary	CHORI COMERCIAL DE MEXICO,S.A. DE C.V. (Mexico City)
Representative Offices Santiago, Lima

Miyako Kagaku Co., Ltd.

Trading company specializing in chemicals
CHORI GLEX CO., LTD. (formerly PTI Japan Limited)

Trading company specializing in chemicals
KOZAKURA SHOKAI CO., LTD.

Trading company specializing in chemicals
Chori Machinery Co., Ltd.

Subsidiary

Representative Office(Japan: 4 locations Overseas: 35 locations)

Trading company specializing in transportation equipment
Business Anchor Corporation

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

Tokyo Shirayurikai Co., Ltd.

Manufacture and sales of ladies’ apparel

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, Showamachi,
Kanazawa
920-8676, Japan
Tel: +81-76-232-3521

Okayama Liaison Office
10F Okayama
Fukokuseimei-Ekimae Bldg.,
1-6, Ekimotomachi,
Kita-ku, Okayama700-0024, Japan
Tel: +81-86-224-6188

46

47

CHORI CO., LTD.

Tsumugu Report 2020

Fact Data

Corporate Information

Investor Information(As of March 31, 2020)

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

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 Date

March 31

Logistics Dept. (Textile)

Consolidated: 1,014
Number of Employees Nonconsolidated: 412(Including 74 employees dispatched to other companies)
Corporate Website

Organization (As of April 1, 2020)
TechnicalMaterial &Garments
Business Dept.
Apparel &Sportswear
Business Dept.

Total Number of Shares Authorized
to Be Issued

55,000,000

Total Number of Shares Outstanding

25,303,478

Number of Shareholders

4,620

Trading Unit

100

Shareholder Register Agent for
Common Stock

Mizuho Trust & Banking Co., Ltd.

Accounting Auditor

Deloitte Touche Tohmatsu LLC

Brokerages
1.55%

Treasury shares
2.96%

Foreignindividuals
22.27%

Japanese
corporations
55.26%

25,303,478 shares

Financialinstitutions
10.42%
Individuals
and others
7.54%

Major Shareholders
Shareholder name

Number of shares held (Shares) Percentage of shares held (%)

TORAY INDUSTRIES, INC.

12,967,310

52.81

BBH FIDELITY PURITAN: FIDELITY SERIES INTRINSIC OPPORTUNITIES FUND

1,566,400

6.38

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

625,900

2.55

Wacoal Corporation

548,890

2.24

Japan Trustee Services Bank, Ltd. (Trust Account)

451,100

1.84

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

423,1001.72

INTERTRUST TRUSTEES (CAYMAN) LIMITED SOLELY IN ITS CAPACITY AS TRUSTEE OF JAPAN-UP

357,500

1.46

Tachibana Securities Co., Ltd.

318,400

1.30

MLI FOR CLIENT GENERAL OMNI-NON-COLLATERAL NON-TREATY-PB

296,000

1.21

Intimate Apparel Dept.

State Street Bank and Trust Client Omnibus Account OM02 505002

275,000

1.12

Menswear & Sportswear Dept.

Notes:
1. In addition to the above, the Company owns 747,620 shares (2.96%) of treasury stock.
2. The ratio of shareholding excludes the 747,620 shares of treasury stock.
3. All shares held by the Master Trust Bank of Japan, Ltd. (Trust Account) and Japan Trustee Services Bank, Ltd. (Trust Account) are related to trust services.

Technical Textiles Dept.
Textile-Fabric Dept.

Textile Division

8014(First Section of the Tokyo Stock Exchange)

Business Administration Sec.
(Technical Material & Garments)

Performance Fiber and Textile
Dept.
Synthetic Fiber
Business Dept.

Securities CodeBusiness Administration Sec.
(Synthetic Fiber)

Synthetic Fiber andAutomotive Interiors Dept.

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

 reakdown of Shareholders byB
Investor TypeTechnical Fiber Garments Dept.

Apparel Dept.
Logistics Dept. (Chemicals)
Business Administration Sec.
(Chemicals)
Performance Chemicals Dept.

GovernanceCommittee
General Meetingof Shareholders

Board ofDirectors
Audit &Supervisory
Committee

ExecutiveCommittee

ExpertCommittees

Chemicals
Division

Chemical &Materials
Business Dept.

Stock Price

Inorganic Fine Materials Dept.

Life & Fine
Chemicals
Business Dept.

Internal Auditing
Dept.
Legal
Compliance
Committee

Fine Chemicals Dept.

300

Human Resources &General Affairs Dept.

FY2015FY2016FY2017FY2018FY2019

1,851

1,457

1,939

2,097

1,556

1,537

Dividends per share (Yen)343640596063

Total dividends per share (Yen)(from fiscal 2015)—TSR (%)

Life Science Dept.

3676

135195258

Chori80.7

108.9

120.6

94.6

97.0

TOPIX(Incl. dividends)

89.2

102.3

118.5

112.5

101.8

* TSR is based on investments carried out at the closing price on March 31, 2015.

Corporate Management Dept.
Corporate
Planning Division

FY2014
Stock price at year-end (Yen)

Industrial Chemicals Dept.

President

Total Shareholder Return (TSR)-Related Data

200

Information System Dept.
Pharmacovigilance & Quality
Assurance Office
Executive Chief Representativefor China

100

Hokuriku Branch
Okayama Liaison Office
Overseas Representative Offices

0Overseas Subsidiaries

Chori

2016/42017/4

TOPIX 2018/4

2019/42020/3

Note: Based on closing price on March 31, 2015 as 10048