55

CHORI CO., LTD.

Tsumugu Report 2021

56

Fact Data

11-YearFinancial Summary

Medium-Term
Management Plan

Yakushin 2010

Medium-Term Management Plan

Medium-Term Management Plan

Medium-Term Management Plan

Yakushin 2013

Yakushin 2016

Chori Innovation Plan 2019

Medium-Term Management Plan

Chori Innovation
Plan 2022

CHORI CO., LTD. and Group Companies(Millions of yen)
FY2010FY2011FY2012FY2013

FY2014FY2015FY2016FY2017FY2018FY2019FY2020Net sales*1

222,074

217,825

221,847

244,286

248,396

291,578

270,908

311,705

356,537

329,360

216,233

Gross profit

18,81820,02019,77021,53022,15724,799

25,14926,40028,58528,31026,357

Selling, general and administrative expenses

13,641

14,103

14,66516,037

16,604

19,42918,701

19,174

20,53820,091

22,693Operating income

5,177

5,916

5,105

5,492

5,552

5,369

6,448

7,226

8,047

8,219

3,663

Ordinary income

5,343

6,118

5,466

5,831

5,966

5,518

6,967

7,499

8,660

8,685

4,656

Net income attributable to owners of the parent

5,372

3,497

2,944

3,715

4,153

4,297

4,780

4,730

5,630

6,101

1,247

64,39067,46571,851

78,22184,289

98,736

97,983

119,055

118,499

114,400

110,591

25,826

28,69831,38536,417

41,47342,882

46,34351,15353,89757,27958,831(8,635)(6,650)(7,491)(8,820)(10,703)(8,029)(6,824)(11,134)(10,887)(11,962)(15,547)

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

(263)

5,792

1,716

3,320

4,992

625

6,653

3,196

2,857

5,889

Cash flows from investing activities (B)(295)(1,153)(2,980)

(208)

(813)

(4,442)58

821(1,421)8(357)(1,393)(1,417)

2,812

1,508

2,507

550

683

7,474

1,774

2,866

5,532

(623)

(318)

(1,641)

(506)

(840)

(1,510)(1,363)(2,352)(4,350)(1,899)(887)

Net income per share

224.11145.91117.57151.54169.40175.31

195.00192.74229.28248.4650.73

Net assets per share

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

2,390.06

Dividends per share*4

20.00

29.00

24.00

33.00

34.00

36.00

40.00

59.00

60.00

63.00

37.00

2.4

2.8

2.5

2.4

2.4

1.9

2.6

2.4

2.4

2.6

2.2

Operating Results:

Financial Position (As of March 31):
Total assets
Net assets
Net interest-bearing debt*

2

Cash Flows:Free cash flows (A+B)
Cash flows from financing activities
Per Share Data*3 (Yen):

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

Return on assets (ROA)*

8.8

9.3

7.8

7.8

7.3

6.0

7.1

6.9

7.3

7.5

4.1

Return on equity (ROE)*622.8

12.9

9.8

11.0

10.7

10.2

10.7

9.7

10.7

11.0

2.2

Equity ratio

39.8

42.443.5

46.4

49.1

43.4

47.2

42.9

45.4

50.0

53.2

Consolidated dividends payout ratio

8.9

19.9

20.4

21.8

20.1

20.5

20.5

30.6

26.2

25.4

72.9

Price earnings ratio

4.4

7.0

9.1

7.4

10.9

8.3

9.9

10.9

6.8

6.2

33.2

Price book-value ratio

1.0

0.9

0.8

0.8

1.1

0.8

1.0

1.0

0.7

0.7

0.7

Stock price at end of March (yen)*3

990

1,020

1,066

1,124

1,851

1,457

1,939

2,097

1,556

1,537

1,685

Number of employees (consolidated)

1,113

1,0841,286

1,292

1,091

924

939

991

1,023

1,014969

Number of consolidated subsidiaries

2423262725272729

29

2930

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 deposit + Deposit paid in subsidiaries and affiliates)*3 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 thebeginning of fiscal 2010 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.

*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 income / Total assets (Avg. of beginning and end of fiscal year) x 100*6 Return on equity (ROE) = Net income attributable to owners of the parent / Total equity (Avg. of beginning and end of fiscal year) x 100

57CHORI CO., LTD.

Tsumugu Report 2021

Fact Data

Chori’s Global Network(As of July 1, 2021)

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 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.
Europe and Russia
Subsidiary	Chori Europe GmbH (Neu‐Isenburg)
Representative office	Moscow

QINGDAO RED BUTTERFLY PRECISION MATERIALS CO., LTD. (China)
Production and sales of inorganic chemicals

U.S.A.
Subsidiary	CHORI AMERICA, INC. (Jersey City)
Representative office Charlotte

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
MEGACHEM 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
ASADA U CO., LTD.
Sales of automotive interior and packaging materials
CHORI MODA CO., LTD.

Middle East
Subsidiary	Chori Middle East FZE (Dubai)
Representative office	Jeddah

Planning of fashion apparelSumitex International Company Limited
Trading company specializing in textiles(apparel, raw materials, etc.)

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

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

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

CHORI GLEX CO., LTD.
Trading company specializing in chemicals
KOZAKURA SHOKAI CO., LTD.
Trading company specializing in chemicals
Chori Machinery Co., Ltd.
Trading company specializing in transportation equipment
Business Anchor Corporation
Outsourcing of administrative work

Subsidiary
Representative office(Japan: 4 locations Overseas: 35 locations)

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

Trading company specializing in chemicals

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, Okayama
700-0024, Japan
Tel: +81-86-224-6188

58

59

CHORI CO., LTD.

Tsumugu Report 2021

Fact Data

Corporate Information

Investor Information(As of March 31, 2021)

8014(First Section of the Tokyo Stock Exchange)

Securities CodeCompany 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

Number of Employees

Consolidated: 969
Nonconsolidated: 408(Including 68 employees dispatched to other companies)

Corporate Website

Logistics Dept. (Textile)

https://www.chori.co.jp/english/
Synthetic Fiber
Business Dept.

Textile Division

Technical
Material &Garments
Business Dept.

Total Number of Shares Authorized
to Be Issued

55,000,000

Total Number of Shares Outstanding

25,303,478

Number of Shareholders

4,406

Trading Unit

100

Shareholder Register Agent forCommon Stock

Mizuho Trust & Banking Co., Ltd.

Accounting Auditor

Deloitte Touche Tohmatsu LLC

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

25,303,478 shares

Financialinstitutions
11.68%
Individuals
and others
7.73%

TORAY INDUSTRIES, INC.

12,96752.71

BBH FOR FIDELITY PURITAN TR: FIDELITY SR INTRINSIC OPPORTUNITIES FUND

1,566

6.37

822

3.34

Hurex Co., Ltd.

735

2.99

Wacoal Corporation

548

2.23

Custody Bank of Japan, Ltd. (Trust Account)

537

2.18

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

484

1.97

STATE STREET BANK AND TRUST CLIENT OMNIBUS ACCOUNT OM02 505002

325

1.32

MLI FOR CLIENT GENERAL OMNI NON COLLATERAL NON TREATY-PB

296

1.20

HSBC PRIVATE BANK (SUISSE) SA GENEVA, CLIENT ACCOUNT

204

0.83

Automotive Materials andFabrics Dept.

Apparel Dept.

Japanese
corporations
58.10%

Percentage of shares held(%)

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

Technical Fiber Garments Dept.

Treasuryshares
2.78%

Number of shares held(Thousand shares)

Fiber Raw Materials Dept.

Technical Textiles Dept.

Brokerages
0.56%
Foreigninstitutions
andindividuals
19.15%

Major Shareholders

Business Administration Sec.
(Synthetic Fiber)
Business Administration Sec.
(Technical Material & Garments)

Textile-Fabric Dept.

Organization (As of April 1, 2021)

 reakdown of Shareholders
Bby Investor Type

Shareholder nameNotes:
1. In addition to the above, the Company owns 703,266 shares (2.78%) of treasury stock.
2. The percentages of shares held excludes the 703,266 shares of treasury stock.
3. 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.

Performance Chemicals Dept.

GovernanceCommittee
General Meetingof Shareholders

Board ofDirectors
Audit &Supervisory
Committee

Executive
Committee

ExpertCommittees

Chemicals
Division

Chemical &Materials
Business Dept.

Inorganic Fine Materials Dept.

Stock PriceLife & Fine
Chemicals
Business Dept.

Internal Auditing
Dept.

Fine Chemicals Dept.
Life Science Dept.

300

Corporate
Planning Division

Human Resources & General
Affairs Dept.

FY2016FY2017FY2018FY2019FY2020

1,457

1,939

2,097

1,556

1,537

1,685

Dividends per share (yen)36405960

6337

Total dividends per share (yen)(from fiscal 2016)—TSR (%)

40

99

159

222

259

Chori

135.8

150.7

117.7

120.7

133.4

TOPIX (incl. dividends)

114.7

132.9

126.2

114.2

156.2

* TSR is based on investments carried out at the closing price on March 31, 2016.

Corporate Management Dept.
Legal
Compliance
Committee

FY2015
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
Representative for China

100

Hokuriku Branch
Okayama Liaison Office
Overseas RepresentativeOffices0

Overseas Subsidiaries

Chori

2017/4

TOPIX 2018/4

2019/42020/42021/3

Note: Based on closing price on March 31, 2017 as 10060