Financial Results for FY2021.3
9 th Medium-term Business Plan

April 2021
Asahi Holdings, Inc.
Copyright © Asahi Holdings, Inc. All rights reserved.

I.

Financial Results for FY2021.3(April 2020 – March 2021)

II. Results of 8 th Medium-term Business Plan
(April 2018 – March 2021)

III. Summary of 9 th Medium-term Business Plan
(April 2021 – March 2024）

IV. Appendix

1

Copyright © Asahi Holdings, Inc. All rights reserved.

Key Points of FY2021.3 Financial Results
Business Performance
FY2021.3
Financial results
FY2022.3
Financial forecast

Operating profit: ¥25.1 billion (YoY increase of ¥7.1billion）*Fourth straight year of record setting profit
Operating profit: ¥26.0 billion (YoY increase of ¥0.9billion）* Expected to be fifth straight year of record setting profit

Management Policies and Topics
Stock split
Dividends
Procurement of funds

Impact of COVID-19
Scrap & Build

Change in accounting
policy*From FY2021.3
Financial results
Upgrading theincinerator at
Kitakyushu Office

Implemented a stock split with a split ratio of two-for-one(Effective date: April 1)
FY2021.3: ¥170 (YoY increase of ¥40)
FY2022.3: ¥90 (Equivalent to ¥180 per year before two-for-one stock split)
Issue of Euro-US dollar-denominated CB (US$200 million/ Five years/ Zero coupon)* Funds for capital investment and operations in North American refining business* First CB issue structure in Japan, designed to prevent dilution over the long term with aclause limiting conversion to 130% up to three months prior to maturity
The impact of COVID-19 remained slight in comparison with forecasts at the beginning of thefinancial year for both the Precious Metals and the Environmental Preservation businesses.
*Refer to slide number 3 for impact by businessTransfer of all the shares of INTER CENTRAL, INC. to OTEC CORPORATION* Expecting a synergy in improving the construction network and equipment sales* Proceeding optimal allocation of management resources on a group wide level
Change in the classification for recording interest on borrowing for metal procurement inNorth American business* Financial expenses → Cost of sales* The figures in FY2020.3 financial results are changed for comparison purpose
Upgrading the incinerator at Kitakyushu Office and Hibiki Plant of Asahi Pretec Corp.
* Contributing to the preservation of global environment and creation of recycling society
through thermal recycling* Waste incineration efficiency (the fuel consumption required for waste incineration)
improved
2

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Impact of COVID-19■ Precious Metals BusinessIn the precious metals recycling sector in Japan and Asia, the volume of collection from manufacturing-related industries
including smartphones and automobile-related industries continues to be solid and the volume collected in the dentistry
sector is recovering.
Business field

Business Environment

Dentistry

The amount of collection expanded in line with recovery in the number of patients.

Jewelry

The amount collected from purchasers significantly increased because of the demand for stay-at-home,
and the amount of collection from manufacturing-related fields grew on the back of sales recovery.

Catalyst

Recovery of replacement demand for automobiles pushed up the amount of collection in Japan while
the amount collected in Asia declined.

Electronics sector

The amount of collection increased, backed by strong performance in the production of vehiclemounted devices, PC, game and 5G high-end smartphones as well as sector expansion including
medical applications.

North American refining The sector saw an increase in product processing and sales as well as financial transactions.

■ Environmental Preservation Business
The overall volume of collection declined due to the continued slowdown in construction and food service industries inspite of recovery in the volume of collection from educational institutions and the automobile industry and solid volume
of collection in medical and chemical industries.
Industry

Business Environment

Educational/Research
institution

The amount of collection on a par with the previous year was secured in spite of slowdown caused by
the closure of all schools in the first half year, thanks to the easing of such impact in the latter half.

Construction

In spite of some temporary signs of recovery, business remained sluggish, resulting in a drop in thevolume of collection of wood waste, sheet glass and other materials.

Automobile

Recovery is underway, and the volume of collection of waste liquids and other materials remains steady.

Food

The impact on food manufacturers remained limited but the decline of demand in the food service
industry continued, leading to a decrease in the amount of residues and glass bottles collected.

MedicalThe volume of collection of medical wastes and incineration processing remained strong.

ChemicalThe volume of collection of disinfectant-related products remained strong.
3

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Consolidated Results<Results for FY2021.3>
Precious Metals Business is strong, driving results → Significant increase in revenue and profit→ Fourth straight year of record setting profit→ Introduction of a consolidated taxation system and tax effects by organizational restructuring of the Group(¥8.2 increase of profit attributable to owners of parent)<Forecast for FY2022.3>
Operating performance is expected to remain solid in Precious Metals Business, and recover in Environmental
Preservation Business→ Expected to be fifth straight year of record setting profit[Unit: ¥ billion]

FY2020.3
Results *1

FY2021.3
Results

FY2022.3

ChangeForecast

Change

135.6

164.8

29.2

190.0

25.2

18.0

25.1

7.1

26.0

0.9

13.3%

15.2%

2.0%

13.7%

(1.6%)

17.7

26.1

8.5

26.0

(0.1)

Profit *2

9.8

25.7

15.9

18.2

(7.5)

Capital investment

4.2

5.3

1.1

7.1

1.8

Depreciation

2.8

2.5

(0.3)

2.7

0.2

Revenue
Operating profit
Operating profit ratio
Profit before tax*1 Starting from FY2021.3 financial results, the classification for recording interest on borrowing for metal procurementin North American business is changed from financial expenses to cost of sales. The figures in FY2020.3 financial
results are changed for comparison purpose.
*2 Profit attributable to owners of parent.
4

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Precious Metals Business
Precious Metals Recycling Business (Japan and Asia):<Results for FY2021.3>◼ Revenue and operating profit increased thanks to the rise in precious metal prices and increase inmarket share.
<Forecast for FY2022.3>◼ Operating performance is expected to remain solid.

Refining Business in North America:<Results for FY2021.3>◼ Revenue and operating profit increased thanks to the increase of product processing/sales andfinancial transactions.
<Forecast for FY2022.3>◼ Operating performance is expected to remain solid.
[Unit: ¥ billion]

Precious
Metals

FY2020.3

FY2021.3

FY2022.3

Results*

Results

ChangeForecastchangeRevenue

113.8

144.8

31.0

171.0

26.2

Operatingprofit

15.9

24.0

8.1

24.7

0.7

Operatingprofit ratio

14.0%

16.6%

2.6%

14.4%

△2.2%

* Starting from FY2021.3 financial results, the classification for recording interest on borrowing for metal
procurement in North American business is changed from financial expenses to cost of sales. The figures in
FY2020.3 financial results are changed for comparison purpose.
5

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<Ref> Changes in the Volume of Precious Metals Collected andPrecious Metal Prices[Amount Collected for Precious Metal Recycling]

FY2020.3
Results

FY2021.3
Results[Unit: kg]

FY2022.3

ChangeForecast

Change17,262

18,267

1,005

18,752

485

7,253

6,821

△432

6,977

156

71,89071,257△633

67,252△4,005

4,115

4,587

432

4,275

△312

[Precious Metal Prices (per gram)][Unit: yen]Gold
Palladium

SilverPlatinum

FY2020.3
Mid-term
average price

FY2021.3
Mid-term
average price

Change

Gold

5,137

6,245

1,108

Palladium

6,213

7,618

1,405

59.3

79.2

19.9

3,185

3,306

121

SilverPlatinum6

Copyright © Asahi Holdings, Inc. All rights reserved.

Environmental Preservation Business<Results for FY2021.3>◼ Revenue decreased from the same period in the previous year as the total disposal volume ofindustrial waste decreased although there were signs of improvement for some industrial andproduction activities.
◼ Operating profit remained at the same level as in the same period of the previous year due tomaintaining the utilization rate at the Company’s facilities, increasing the price of processing and otherfactors, but it decreased compared to the same period of the previous year due to the recording oflosses on disposal and loss on sales associated with the disposal of unnecessary equipment.
<Forecast for FY2022.3>◼ As the disposal volume of industrial waste is expected to gradually increase because of the restart ofindustrial production, revenue and operating profit are expected to increase year on year excluding theimpact on share transfer of INTER CENTRAL occurred in FY2021.3.
*Amount of financial impact on share transfer of INTER CENTRAL:
Revenue: ¥(2.3) billion, Operating profit: ¥(0.3) billion[Unit: ¥ billion]

Environmental
Preservation

FY2020.3
Results

FY2021.3
Results

FY2022.3

ChangeForecast

ChangeRevenue

20.7

20.0

(0.7)

19.0

(1.0)

Operatingprofit

4.4

3.8

(0.5)

4.3

0.5

Operatingprofit ratio

21.0%

19.2%

(1.8%)

22.6%

3.4%

7

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Financial Position[Unit: ¥ billion]

March 31,2020

March 31,2021

Change

187.6

192.0

4.4

Trade receivables

119.8

100.8

(19.0)

Approx. 70% of balance and most change of tradereceivables are receivables that constitute borrowings tomatch metal procurement in North American business.

Inventories

37.7

63.5

25.8

Most of the inventories and change are collected raw
materials that contain precious materials, works-inprogress and finished products in the precious metal
recycling business. Risks associated with pricefluctuations and quality degradation remain minimal
because the precious metal content is analyzed before
making a purchase and the precious metal prices arehedged on the futures market at the time of purchase.

Others

30.1

27.7

(2.4)

Non-current assets

42.4

52.8

10.5

Total assets

230.0

244.8

14.8

Liabilities

160.8

146.9

(13.9)

126.8

104.8

(22.0)

34.0

42.1

8.1

Capital

69.2

97.9

28.7

Total equity and liabilities

230.0

244.8

14.8

Current assets

Bonds and loans

Others8

Remarks

Approx. 70% of balance are loans for metal procurementin North American business. Risks associated with pricefluctuations and bad debts remain minimal because, in
principle, loans are taken out within the scope of the
precious metal content analysis conducted on incoming
raw materials and precious metal prices are hedged on
the futures market at the time of loan

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Cash Flow
[Unit: ¥ billion]

FY2021.3
Operating CF
Increase ininventories

Decrease in tradeand otherreceivables(33.4)(26.2)All changes are attributable to changes in the collected raw materials that containprecious materials, works-in-progress and finished products in precious metal recycling
business. Risks associated with price fluctuations and quality degradation remainminimal because the precious metal content is analyzed before making a purchase andthe precious metal prices are hedged on the futures market at the time of purchase.

+30.0

Of the changes, +32 billion yen are matching claims for loans for metal procurement inNorth American business. Regarding loans, risks associated with price fluctuations andbad debts remain minimal because, in principle, loans are taken out within the scope of
the analysis of precious metal content conducted on incoming raw materials andprecious metal prices are hedged on the futures market at the time of loan.

(50.5)Of the changes, (62.0) billion yen are for loans for metal procurement in North
American business. Changes in loans for metal procurement in North Americanbusiness are classified as Operating CF, not Financing CF. Regarding loans, there arealmost no risks associated with quality degradation and bad debts because all loans areused for metal procurement in North American business. In addition, risks associatedwith price fluctuations remains minimal because the precious metal prices are hedgedon the futures market.

Decrease in tradeand other payables

その他

Remarks

13.3

Investment CF(2.8)

Financing CF

24.4

Changes in loans and
bonds

30.7

Dividends(5.9)

Others(0.4)

Effect of exchange ratechange on cash and cash
equivalents(1.2)

Changes in cash deposits(12.9)
9

Copyright © Asahi Holdings, Inc. All rights reserved.

I.

Financial Results for FY2021.3(April 2020 – March 2021)

II. Results of 8 th Medium-term Business Plan
(April 2018 – March 2021)

III. Summary of 9 th Medium-term Business Plan
(April 2021 – March 2024）

IV. Appendix

10

Copyright © Asahi Holdings, Inc. All rights reserved.

Operating Performance
Achieved the results that exceed the plans in all years.
[Unit: ¥ billion]

FY2019.3

FY2020.3*1

FY2021.3*2

Plan

Results

Plan

Results

Plan

Results

Revenue

120.0

128.7

130.0

135.6

140.0

164.8

Operating profit

14.0

14.5

15.0

20.1

16.0

25.1

Ratio

11.7%

11.3%

11.5%

14.8%

11.4%

15.2%

ROE

14.1%

13.6%

13.8%

14.4%

13.5%

30.8%

*1 Figures before the retroactive change due to the change of classification of Fuji Medical Instruments MFG to discontinued operation*2 Figures before the retroactive change due to the changes in accounting policy

Renovation of business portfolio by scrap and build•Withdrawal from Photo Business, Shanghai and Taiwan, and discontinuation ofLife & Health Business•Establishment of Asahi Refining Florida and acquisition of the assets of mint andcarbon business•Launch of three new incinerators
11

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Consolidated Results by Business Segment[Unit: ¥ billion]

Precious
Metals

FY2019.3

FY2020.3

FY2021.3

Revenue

87.8

113.8

144.8

Operating profit

12.0

*

18.0

24.0

Ratio

13.7%

15.8%

16.6%

* Figures before the retroactive change due to thechanges in accounting policy from FY2021.3.

Environmental
Preservation

FY2019.3

FY2020.3

FY2021.3

Revenue

19.4

20.7

20.0

Operating profit

3.9

4.4

3.8

19.8%

21.0%

19.2%

Ratio

12

Copyright © Asahi Holdings, Inc. All rights reserved.

I.

Financial Results for FY2021.3(April 2020 – March 2021)

II. Results of 8 th Medium-term Business Plan
(April 2018 – March 2021)

III.Summary of 9 th Medium-term Business Plan
(April 2021 – March 2024）

IV. Appendix

13

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Outline of 9th Medium-Term Business Plan

“Building a global company that pursues
originality and growth”
Basic Policy(1) Reinforcing the foundation for global growth(2) Promotion of new human resources policies(3) Strengthening Group risk management(4) Promoting SDGs
14

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(1) Reinforcing the Foundation for Global Growth

Precious
MetalsEnvironmental
Preservation• Strengthening cost competitivenessby utilizing the state-of-the-art
technology and know-how• Establishing an IT-enabled sales
system and increasing our market
share• Establishing new business model ofRefining Business in North America
and improving profitability• Worldwide deployment by M&A• Making full use of our wide-ranging
and diverse network• Enhancing greening in line withdigitalization and decarbonization• Improving profitability in bothindustrial waste treatment andmanagement

Continuous promotion of scrap & build

Strengthening
domestic efficiency andpromoting global
strategy

Sustainable growth andattempts to
globalization
15

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Establishing new business model of Refining Business in North
America
Expand value chain from upstream to downstream with the corerefining business as a platform

Refining Business (Platform)
Upstream

Carbon Business

MiddleFinance Business

Downstream

Expand business from both financeand trading business

Expansion of product lineup

Finance

Advancetrading

Product Business

Structured
financeExpansion of mint business
Expansion of productvolume/alliance with sovereignmint

Trading

Warehouse Business

Expansion of the resources
and transactions

Synergies with finance business16

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(2) Promotion of New Human Resources Policies
Renewed emphasis on competence-based and performance-based management•Implementing clear and easy-to-understand qualification requirements that determine evaluationand treatment based on achievements and abilities•Giving talented employees the opportunity to play an active role in higher positions and boostingengagement throughout the entire organization and driving business growth.

Promoting diversity & inclusion•Creating an environment that accepts diversity and creating new value that contributes to
the growth of the company•Supporting women's career advancement by putting more effort into supporting work-lifebalance

Further promotion of employment of the elderly•Setting up opportunities for high-performance employees to play an active role even after
retirement•Introducing a performance-based system in areas where the knowledge and experienceof veteran employees can be utilized

Providing opportunities for learning and challenge•Strengthening human resource development for challenges for global business•Introducing an "in-house venture system" to provide opportunities to take on the challenge ofcommercialization and develop human resources who will be responsible for future management

17

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(3) Strengthening Group Risk Management
Establishing a framework to continue to be a corporate brand trusted as a
global company, and realizing the function of bundling risk management
globally

Establishing“Group Risk
Management
Department”
Strengthening risk

management inNorth American
Business

18• Managing compliance risks crosssectionally for the entire group, andimplementing detailed risk
management from a standpoint
independent of the business division• Establishing a system for further
global growth, including contributions
to SDGs• Strengthening credit risk
management of the clients• Further promoting “Responsible
Precious Metal Management” andenhancing the quality of the Asahi
brand globally by taking into
consideration human rights andenvironmental concerns in the courseof providing precious metal products

Copyright © Asahi Holdings, Inc. All rights reserved.

(4) Promoting SDGs
With a core mission of “Totally Committed to Protecting the Natural
Environment and Preserving Resources”, we aim to achieve bothbusiness growth and solutions for the issues our societies face

Make effective
use of limited
globalrecourses

Enhance thebasis of worklife balance• Expanding our core businesses of recycling
precious metals and proper disposal ofindustrial waste• Working to address climate change byreviewing electricity contracts at existing
facilities, and switching to hydrogen and electricvehicles for our business vehicles• Achieving the targets of ”Percentage of womenin managerial position” and “Percentage of
employees with disabilities” in 2030
• Achieving the targets of thoroughimplementation of rest interval system and100% of usage rate of Holidays for Refreshment• Expanding care support system

19

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Consolidated Performance Targets[Unit: ¥ billion]

FY2021.3 FY2022.3 FY2023.3 FY2024.3
Results
Forecast
Plan
Plan
Revenue

164.8

190.0

200.0

210.0

Operating profit

25.1

26.0

24.0

27.5

ROE

31%

18%

15%

16%

Shareholders’equity ratio

40%

35%

38%

40%

20

Copyright © Asahi Holdings, Inc. All rights reserved.

Performance Targets by Business Segment[Unit: ¥ billion]

Precious
Metals

FY2021.3
Results

FY2022.3
Forecast

FY2023.3
Plan

FY2024.3
Plan

Revenue

144.8

171.0

180.6

188.9

Operating profit

24.0

24.7

23.1

25.1

Ratio

16.6%

14.4%

12.8%

13.3%

Environmental
Preservation

FY2021.3
Results

FY2022.3
Forecast

FY2023.3
Plan

FY2024.3
Plan

Revenue

20.0

19.0

19.4

21.1

Operating profit

3.8

4.3

3.8

5.4

19.2%

22.6%

19.7%

25.6%

Ratio

21

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Capital Investment[Unit: ¥ billion](Ref)
8 th Midterm

FY2022.3
Forecast

FY2023.3
Plan

FY2024.3
Plan

Precious Metals

6.3

3.2

3.4

12.9

9.2

Domestic

4.7

1.9

0.9

7.5

4.4

Overseas

1.6

1.3

2.5

5.4

4.8

Environmental
Preservation

0.8

2.2

6.8

9.8

5.6

Total

7.1

5.4

10.2

22.7

Total

15.1

※

※including ¥0.3 billion in Life & Health Segment

22

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Shareholder Returns
Basic Policy:
We will strive to consistently pay dividends without decreasing the annual
dividend level from the current level. Moreover, we aim to maintain a dividend
payout ratio of 40%, while retaining sufficient internal reserves for capital
investment and M&A for future growth.
8 th Mid-term Business Plan

9 th Midterm

FY2017.3

FY2018.3

FY2019.3

FY2020.3

FY2021.3

FY2022.3△37.24270.77228.14250.24653.38231.27

Annual dividend
(yen)

60

63

120

130

170

90

Dividend payout
ratio (%)

-

23.3

52.6

52.0

26.0

38.9

Earnings per share(yen)(Forecast)**Figures after the stock split with a split ratio of two-for-one.

23

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I.

Financial Results for FY2021.3(April 2020 – March 2021)

II. Results of 8 th Medium-term Business Plan
(April 2018 – March 2021)

III. Summary of 9 th Medium-term Business Plan
(April 2021 – March 2024）

IV. Appendix

24

Copyright © Asahi Holdings, Inc. All rights reserved.

Stock Split
Implementation of a stock split with a split ratio of two-for-one
Purpose

Improving the liquidity of stocks and expanding theinvestor base by reducing the amount of an investment
unit.

Procedure forthe stock split

With the reference date set on Wednesday, March 31,
2021, each common share held by shareholders
registered or recorded in the final list of shareholders ofthe day will be divided with a split ratio of two-for-one.

Schedule for the stock split
Date of notice ofstock split

March 16, 2021

Reference date

March 31, 2021

Effective date

April 1, 2021

* This stock split will not change the amount of stated capital.

Copyright © Asahi Holdings, Inc. All rights reserved.

Changes in Accounting Policy (From FY2021.3 Financial Statements)◼ Starting from the financial statements for FY2021.3, interest on borrowing for metal
procurement in North American business is recorded as “cost of sales”, which was recorded
as “financial expenses” until FY2020.3. (The figures in FY2020.3 financial results are alsochanged for comparison purpose)◼ As a result of this change, expenses for income from financial services in North America isappropriately processed and operating profit is more reflective of the actual conditions.
[Unit: ¥ billion]△z

FY2020.3
BeforechangeRevenue
Cost of sales

Change inaccounting
policy135.6(107.3)(2.1)

FY2021.3
AfterchangeBeforechange

135.6

164.8

(109.4)(131.1)

Change inaccounting
policyAfterchange
164.8

(0.9)

(132.0)Gross profit

28.3

26.2

33.7

32.8

Selling, general andadministrative expenses

(8.2)

(8.2)

(7.7)

(7.7)

Operating profit

20.1

18.0

26.0

25.1

0

0

0.1

0.1

(0.3)

(0.9)

Financial income
Financial expenses(2.4)

Profit before tax

17.7

17.7

26.1

26.1

Corporate income tax

(6.2)

(6.2)

(0.4)

(0.4)

9.8

9.8

25.7

25.7

Profit attributable to owners of parent

+2.1

26

+0.9

(0.1)

Copyright © Asahi Holdings, Inc. All rights reserved.

Main Revenue Elements of Precious Metals Business
Precious Metals Recycling Business:◼ Income from yield differential is added to refining fees, which is a stable source of fixedincome.
Refining Business in North America:◼ Refining fees are a stable source of income. In financial revenue, earning opportunities
increase in line with the growth in incoming raw materials.
Business
Segment

Category

Impact on Revenue

Precious
MetalsRecycling

Refining fees◼

Refining inNorth
America◼

Yield differential (differential
between actual yield andcontracted yield = free metal)◼

Refining fees◼

◼

◼
Yield differential (differential
between actual yield andcontracted yield = free metal)◼

Financial revenue

◼

◼

◼
◼
◼

Refining fees increase in line with the expansion of the amountcollected.
The unit price for refining fees is higher for those that require difficult
pre-processing, which means the average unit price rises when the
proportion of items that require difficult processing is higher.
The volume of free metal expands when the actual yield climbs on
account of improvements in technical capabilities and processes.
Income from free metal increases in line with a hike in prices.
The amount of fees expands when the volume of incoming raw
materials (dore) increases.
The unit fee cost does not change over short term because contracts
are long-term.
The volume of free metal expands when the actual yield climbs on
account of improvements in technical capabilities and processes.
Income from free metal increases in line with a hike in prices.
Income opportunities for financial transactions increase when a larger
amount of raw materials is received.
Income increases when the interest rate for advanced delivery is
improved in contracts with mines.
Income increases when the period of advanced delivery is extended.
Financial revenue increases when metal procurement costs fall, andthe interest rate spread expands.
27

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“Advance Trading” in North American Business◼ Asahi Refining in North America provides “Advance Trading” service to the clients that wereturn the gold promptly after arrival of raw materials by shortening the delivery time.
◼ By providing this service, we receive "interest for the number of days delivered inadvance" from the client, while the risk is contained since “Advance Trading” is performed
after receiving raw materials from the client.

Financial
Institutions

Clients(Mining Companies)(1) Arrival of raw
materials(3) Delivery inadvance(2) Loan(4) Finishing(5)
Repayment

The financial service in North American business is a safe model torealize profits founded on the refining business28

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Issue of Euro-US Dollar Denominated CB(US$200 million, Term: Five years)

Issue of Euro-US dollar-denominated CB (US$200 million,
Term: Five years)
Objectives◼ Securing funds for capital investment and operations in North
American refining business◼ Diversification of financing methods for U.S. dollar-denominated funds◼ Financing with zero-coupon bonds

Features◼ CBs with Asahi Holdings’ stock acquisition rights issued by North
American subsidiary issues* First CB issue structure in Japan(Awarded the DEALWATCH AWARDS 2020 Innovative Equity Deal of the Year)◼ Designed to prevent dilution over the long term with a clause limiting
conversion to 130% up to three months prior to maturity

CB Issue Structure
At the timeof CB issue

At the timeofconversion

Asahi
Holdings
（AH）

Asahi
Holdings（AH）(4) Stock acquisitionrights (AH shares)④新株予約権（AH株式）(3) Consideration for③新株予約権発行対価
the issue of stockacquisition rights(3) Issue of new③新株発行（AH株式）
shares (AH shares)(2) Exercise of stock②新株予約権行使
acquisitionrightsAsahi
Refining
USA
（ARU）

Asahi
Refining
USA
（ARU）
29

(2) CBs convertible to②AH株式に転換可能なCB
AH shares（2億米ドル）(US$200
million)CB
investor
CB投資家(1)
Payment of CB①CB対価の支払い
considerations（2億米ドル）(US$200 million)(4) ④AH株式交付
Delivery of AH
sharesCB
investor
CB投資家(1) Request for CB①CB転換請求
conversion

Copyright © Asahi Holdings, Inc. All rights reserved.

Share Transfer of INTER CENTRAL◼ Resolved the transfer of all the shares of INTER CENTRAL, INC,
consolidated subsidiary, to OTEC CORPORATION.
◼ Expecting to create a synergy in improving the existing construction
network and equipment sales by addition of INTER CENTRAL to the
OTEC Group.
◼ Proceeding optimal allocation of management resources on a groupwide level.
Schedule
January 29, 2021: Conclusion of a basic agreement
March 31, 2021: Completion of share transfer
OTEC CORPORATION•

Contributing to society through two businesses: "Environmental System Business," devoted
to designing, constructing, and maintaining automatic air conditioning control systems, and"Plumbing Equipment Business," dedicated to selling plumbing equipment and household
equipment.

•

Listed on the JASDAQ market in 2000, continues to grow by seeking the convenience ofbuilding, environmental improvement and enhancement of energy efficiency.

30

Copyright © Asahi Holdings, Inc. All rights reserved.

Upgrading the Incinerator / Constructing a New Power Generation
Facility◼ Asahi Pretec Corp. upgraded incinerator at Kitakyushu Office(processing capacity: 90 ton/day)◼ By installing power generation facility which utilizes waste heat generated through industrial
waste incineration, we contribute to the preservation of global environment and creation ofrecycling society through thermal recycling

31
31

Copyright © Asahi Holdings, Inc. All rights reserved.

Incinerator Renewal◼ ASAHI PRETEC renewed an incinerator (with a processing capacity of 45 tons/day) at its
Hibiki Plant (Wakamatsu-ku, Kitakyushu-shi)◼ Waste incineration efficiency (the fuel consumption required for waste incineration)
improved compared with conventional waste incinerators

32

Copyright © Asahi Holdings, Inc. All rights reserved.

Trend in Metal Prices (Au, Ag)(Unit: JPY per gram)

Au
7,000

FY2022.3

FY2021.3

FY2020.3

6,500
6,000
5,500
5,000
4,500
4,000
2019/04

2019/07

2019/102020/01

2020/04

2020/07

2020/102021/01

Ag
100

FY2020.3

2021/04

FY2022.3

FY2021.3

90
80
70
60
50
40
2019/04

2019/07

2019/102020/01

2020/0433

2020/07

2020/102021/01

2021/04

Copyright © Asahi Holdings, Inc. All rights reserved.

Trend in Metal Prices (Pd, Pt)(Unit: JPY per gram)

Palladium10,000

FY2022.3

FY2021.3

FY2020.3

9,000
8,000
7,000
6,000
5,000
4,000
3,000
2019/04

2019/07

2019/102020/01

2020/04

2020/07

2020/102021/01

Platinum
4,500

FY2022.3

FY2021.3

FY2020.3

2021/04

4,000

3,500

3,000

2,500

2,000
2019/04

2019/07

2019/102020/01

2020/0434

2020/07

2020/102021/01

2021/04

Copyright © Asahi Holdings, Inc. All rights reserved.