April 28, 2021

Summary of Fiscal 2020
(The Fiscal Year ended March 31, 2021)
Tokuyama Corporation
1. Summary of performance and other corporate data (consolidated)(Unit: Billions of yen, except number of employees)
Fiscal 2020
Fiscal 2019
Changes302.4
316.0(13.6)
30.9
34.2
(3.3)
30.7
32.8
(2.0)
24.5
19.9
+4.5
351.11287.05+64.06
26.4
23.7
+2.6
17.0
16.1
+0.8
10.8
9.1
+1.6
(1.0)
+0.1
(1.1)

Net sales
Operating profit
Ordinary profit
Profit a t t r i b u t a b l e t o o w n e r s o f p a r e n t
Basic earnings per share (Unit: yen)
Capital expenditures
Depreciation and amortization
R&D expenses
Financial income and expenses

As of March 31,
2021
98.4
5,476

Interest-bearing debt
Number of employees

As of March 31,
2020
116.3
5,679

Changes(17.9)(203)

2. Net sales and operating profit by business segment (year on year)(Unit: Billions of yen)

FY2020Operating
Net sales
profit

FY2019Operating
Net sales
profitChanges
Operating
Net sales
ProfitChemicals

85.4

14.1

93.7

15.3

(8.2)

(1.2)

Specialty Products

57.7

6.5

54.4

7.0

+3.3

(0.4)

Cement

90.8

4.5

87.2

3.8

+3.5

+0.7

Life & Amenity

45.9

3.1

56.3

2.8

(10.3)+0.2

Others

53.6

5.6

65.2

6.9

(11.5)

(1.3)

Total

333.6

34.0

357.0

36.0

(23.3)(2.0)

Inter-segment
eliminations andcorporate-wide expenses(31.2)(3.0)(40.9)

(1.8)

+9.6

(1.2)

Consolidated results

302.4

30.9

316.0

34.2

(13.6)(3.3)○ In the Chemicals segment, there were lower earnings on lower sales due to the spread of
COVID-19.
○ In the Specialty Products segment, although high-purity chemicals for electronics
manufacturing was a robust sales, the sales volumes in fumed silica dropped owing to the
spread of COVID-19. Consequently, the segment reported lower earnings on higher sales.
○ In the Cement segment, there were higher earnings on higher sales due to a decline in raw
material prices.
○ In the Life & Amenity segment, although sales decreased due to impact of deconsolidation of
Sun・Tox Co., Ltd., advertising expenses decreased. Consequently, the segment reported
higher earnings on lower sales.
13. Net sales and operating profit by business segment (forecasts)(1) Net sales and operating profit by business segment (full year comparison)(Unit: Billions of yen)

FY2021 Forecast
Operating
Net sales
profitFY2020 Results
Operating
Net sales
profitChanges
Operating
Net sales
profitChemicals

90.0

13.5

81.3

13.5

+8.6

(0.0)

Cement

53.0

3.0

89.5

4.3

(36.5)(1.3)

Electronic Materials

68.5

5.0

61.8

7.1

+6.6

(2.1)

Life Science

31.0

4.0

28.6

3.4

+2.3

+0.5

Eco Business

11.0

0.0

9.5

(0.3)

+1.4

+0.3

Others

33.0

5.0

62.3

5.6

(29.3)

(0.6)

Total

286.5

30.5

333.4

33.9

(46.9)(3.4)

Inter-segment
eliminations andcorporate-wide expenses(15.5)(4.5)(31.0)

(3.0)

+15.5

(1.4)

Consolidated results

271.0

26.0

302.4

30.9

(31.4)(4.9)(Note) Effective from fiscal 2021, the fiscal year ending March 31, 2022, Tokuyama will change to six businesssegments: Chemicals, Cement, Electronics Materials, Life Science, Eco Business, and Others. The actual results forthe fiscal year ended March 2021 are shown after having been rearranged into the changed segments.
(Note) Due to the application of the Accounting Standard for Revenue Recognition and other standards, net sales ofChemicals will decrease by ¥1.3 billion, Cement by ¥38.1 billion, Electronic Materials by ¥0.3 billion, Life Science by¥0.2 billion, Eco Business by ¥0.4 billion Others by ¥18.6 billion. The total decrease in sales, including inter-segment
eliminations and corporate-wide expenses, will be 42.8 billion yen. The impact of the application of this and otherstandards on the operating profit in each segment is not significant.

(2) Assumptions of performance forecasts for fiscal 2021

Domestic Naphtha Price (¥/kl)
Exchange Rate (¥/$)

Fiscal 2021

Fiscal 2020

45,00031,200105

106

Sales and operating profit are forecast to decline due to the costs attributable to upfront investments
for growth, increases in raw material and fuel prices and other factors.
○ In the Chemicals segment, the Group has taken into account an increase in raw material andfuel costs.
○ In the Cement segment, the Group has taken into account an increase in raw material costs.
○ In the Electronic Materials segment, the Group has taken into account an increase in sales ofsemiconductor-related materials as well as an increase in capex.
○ In the Life Science segment, the Group has taken into account an increase in sales ofhealthcare products.
○ The Eco Business Segment is a new segment established in the fiscal year ended March 31,
2022.
2

Summary of Consolidated Financial Statements for Fiscal 2020 (JP GAAP)(The Fiscal Year ended March 31, 2021)
April 28, 2021
Stock exchange listings:
Tokuyama CorporationTokyo(URL https://www.tokuyama.co.jp/eng/)
Code number:
4043
Representative:
Hiroshi Yokota
President and Representative Director
Contact:
Taro Kobayashi
General Manager, Corporate Communications & Investor Relations Dept.
+81-3-5207-2552
Scheduled date for the Ordinary General Meeting of Shareholders:June 25, 2021
Scheduled date of year-end dividends payout:
June 28, 2021
Scheduled date for the filing of the consolidated financial statements: June 28, 2021
Preparation of supplementary explanatory materials: Yes
Business results IR briefing to be held:
Yes (for institutional investors and analysts)

1. Consolidated results for fiscal year ended March 31, 2021 (April 1, 2020 – March 31, 2021)
Note: All amounts are rounded down to the nearest million yen.
% indicates year-on-year changes.

(1) Performance

Net sales
Fiscal 2020
Fiscal 2019(millions of yen)

302,407
316,096

Operating profit
[%]

(4.3)
(2.6)

(millions of yen)[%]

30,921
34,281(Note) Comprehensive income: FY19: 21,293million yen [(32.0)%]

Profit attributable toowners of parent

Ordinary profit

(9.8)
(2.8)

(millions of yen)

30,796
32,837[%](millions of yen)

(6.2)
(1.7)

24,534
19,937[%]23.1(41.8)

FY18: 31,321 million yen [14.2%]

Basic earnings per Diluted net income Net income to
Ordinary profit to Operating profit toshare
per shareshareholders’ equity
total assets
net sales(yen)

Fiscal 2020
Fiscal 2019351.11287.05

(yen)

[%]

[%]

13.4
12.4

－
－

[%]

8.0
8.6

(Reference) Equity in earnings of unconsolidated subsidiaries and affiliates: FY20: 949 million yen

10.2
10.8

FY19: 756million yen(2) Financial position

Total assets
Mar 31, 2021
Mar 31, 2020
(Reference)

Shareholders’ equity
ratio

Net assets(millions of yen)(millions of yen)

386,794
383,447

205,261
180,429

Shareholders' equity:

FY20:

Net assets per share

[%]

(yen)

2,758.37
2,431.21

51.3
44.0
198,561 million yen

FY18:

168,861 million yen(3) Cash flows

Cash flows fromoperating activities
Fiscal 2020
Fiscal 2019(millions of yen)

43,31452,364

Cash flows frominvesting activities(millions of yen)

(19,276)(20,548)

1

Cash flows fromfinancing activities(millions of yen)

(22,530)(18,348)

Cash and cash
equivalents at the end of
the year(millions of yen)

83,05080,918

2. Dividends（Period）

Annual dividens
3rd
Yearquarter quarter
end

1st

2nd

quarter
(yen)

Total

Total dividends
paid(Total)Dividend
payout ratio(Consolidated)

Dividend on net
assets ratio(Consolidated)

[%]

[%]

(yen)

(yen)

(yen)

(yen)

(millions of yen)

Fiscal 2019

--

35.00

--

35.00

70.00

4,868

24.4

3.0

Fiscal 2020

--

35.00

--

35.00

70.00

4,956

19.9

2.7

Fiscal 2021
（Forecast）

--

35.00

--

35.00

70.00

22.9

3. Consolidated performance forecast for fiscal 2021 (April 1, 2021 – March 31, 2022)(% indicates the rate of change over the corresponding previous periods respectively)

Net sales(millions ofyen)

Fiscal 2021[%]

271,000 (10.4)

Operating profit

Ordinary profit(millions ofyen)(millions of
yen)

[%]

26,000 (15.9)

Profit attributable to Basic earnings pershareowners of parent[%](millions of
yen)

[%]

26,000 (15.6)

22,000(10.3)(yen)

305.62(Note) The Company plans to apply the Accounting Standard for Revenue Recognition (ASBJ Corporate Accounting Standard
No. 29, March 31, 2020) and other standards from the beginning of the fiscal year ending March 2022. The above results forecast
was prepared by applying the relevant standard.

*Notes(1) Changes of significant subsidiaries in the scope of consolidation during this period : Yes
Addition to the scope of consolidation: Reduction from the scope of consolidation: Tianjin Tokuyama Plastics Co., Ltd. , Tokuyama Logistics Co., Ltd.,(2) Changes of accounting policies, changes in accounting estimates, and retrospective restatements
i. Changes of accounting policies by revision of accounting standards : No
ii. Changes of accounting policies other than the above: Noiii. Changes in accounting estimates: No
iv. Retrospective restatements: No(3) Number of shares issued (in common stock)
Number of shares issued at end of period
i. (including treasury stock):ii. Number of treasury stock at end of period:iii. Average number of shares over period:

2

FY20:

72,088,327

FY19:

69,934,375

FY20:
FY20:

103,40369,877,138

FY19:
FY19:

478,862
69,455,287

(Reference) Summary of Non-Consolidated Operating Results
1. Non-consolidated results for fiscal year ended March 31, 2020 (April 1, 2021 – March 31, 2022)
Note: All amounts are rounded down to the nearest million yen.
% indicates year-on-year changes.

(1) Performance

Operating profit

Net sales
Fiscal 2020
Fiscal 2019(millions of yen)

180,946
189,271

[%]

(4.4)
(3.1)

Net profit per share(millions of yen)

22,232
26,222(15.2)(5.0)(Reference)

Shareholders’ equity
ratio

Net assets(millions of yen)(millions of yen)

315,154
297,999

150,983
124,668

Shareholders' equity:

(9.4)
2.0

(millions of yen)[%]

22,51451.0
14,908 (48.5)－－(2) Financial position

Mar 31, 2021
Mar 31, 2020

23,12725,519Net profit
[%]

(yen)

322.20214.66

Total assets(millions of yen)

Diluted net profit per
share

(yen)

Fiscal 2020
Fiscal 2019

Ordinary profit
[%]

FY20:

Net assets per share

[%]

(yen)

47.9
41.8
150,983 million yen

2,097.44
1,794.94
FY19:

124,668 million yen(Note) Notice on the implementation of audit proceduresThis Summary of Consolidated Financial Statements is not subject to audit procedures of the consolidated financial statements in linewith the Financial Instruments and Exchange Act. At the point of disclosure of this Summary of Consolidated Financial Statements, audit
procedures of the consolidated financial statements in line with the Financial Instruments and Exchange Act are underway.
(Note) Cautions pertaining to the appropriate use of performance forecasts and other particular items(Cautions related to Forward-looking statement)
The performance forecast and other forward-looking statements contained in this material have been prepared on the basis of
information available at this point and certain assumptions which are judged to be rational, and may be substantially different
from the actual performance etc. because of various factors that may arise from now on.
(Access to supplementary explanations on business results)
The Company also supplementary materials “Presentation for IR Meeting” through TDnet at the same date.

3

Contents for Accompanying Materials
1. Management Policy(1) Assesment of Operating Environment

……………

P. 2

……………

P. 2

(3) Targets of Medium-Term Managemet Plan 2025

……………

P. 3

2. Analysis of Operating Results and Financial Position

……………

P. 4

(1) Analysis of Operating Results

……………

P. 4

(2) Analysis of Financial Position

……………

P. 10

……………

P. 13

……………

P. 13

3. Consolidated Financial Statements

……………

P. 14

(1) Consolidated Balance Sheets

……………

P. 14

(2) Consolidated Statements of Income

……………

P. 16

(3) Consolidated Statements of Comprehensive Income

……………

P. 17

(4) Consolidated Satetements of Cash Flows

……………

P. 18

(5) Segment Information

……………

P. 20

(2) Management Policy and Medium- to Long-Term Management Strategies andPerformance Targets(3) Achievement of Medium-Term Management Plan: Corverstone of the Group’s
Revitalization(4) Basic Policy for Profit Distribution and Dividends for Fiscal 2020 and 2021

1

1. Management Policy(1) Assessment of Operating Environment
Our Tokuyama Factory’s highly efficient integrated production processes are the source of ourcompetitiveness, and energy-intensive businesses dependent on coal-fired power generation are ourearnings drivers. However, changes in the industrial structure are accelerating, while a number of factors
are expected to remain ongoing: changes in the social environment, including the rapid progress of thedigital revolution; shrinkage in domestic demand in Japan due to the low birthrate and aging
demographics; increased health awareness; growing environmental awareness and the tightening of
regulations toward the realization of a recycling-based society. We therefore believe that it is essential tosecure earnings power and competitiveness by building and growing businesses that branch out in new
directions.

(2) Management Policy and Medium- to Long-Term Management Strategies andPerformance Targets
Based on this assessment of the operating environment, we are acutely aware of the need to stay inharmony with the environment and have adopted the goal of remaining a company that creates the valuethat consumers demand in collaboration with its customers. We have also updated our mission statement(management philosophy): “To create a bright future in harmony with the environment, in collaboration
with its customers, based on chemistry.” To serve as a management policy based on our mission statement,
we have also formulated the following ideals.
・ Be a value-creative company that places first priority on R&D and marketing・ Be a company that never stops challenging new domains while refining and exploiting its uniquestrengths
・ Be a company with healthy employees who have healthy families and take pride in their work at theircompany・ Be a company that fosters bonds with people in communities and societies worldwide
To serve as Tokuyama’s management strategies over the medium to long term, the following three themes
have been positioned as priority measures in the Medium-Term Management Plan 2025, which wasformulated on February 25, 2021.
1.

Transform business portfolio
Positioning electronics, health, and the environment as new growth fields, we are aiming for these toaccount for 50% or more of the consolidated net sales ratio. In the Chemicals and Cement businesssegments, we will promote increased efficiency and ensure stable profits.
As measures to achieve the goal, we will promote “technological differentiation by collaborating morewith external partners” and “Group-wide operational efficiency by promoting DX” as well as“expand operations in growing overseas markets,” while shifting to a business structure centered on
the growth businesses. We will also strengthen marketing and research and development, while
making the transition to become a company that creates value and provides solutions.
22.

Contribute to mitigation of global warming
In response to growing global environmental awareness, we have set the goal of “achieving carbon
neutrality in 2050.” To achieve this goal, we are aiming to decarbonize raw material and fuel inputs bydeveloping and deploying green products as well as to accelerate the technological development andthe starting of new businesses in next-generation energies, such as hydrogen and ammonia. In
addition, we will work to improve the processes at the Tokuyama Factory, promote the development
and utilization of biomass fuels in Japan and overseas, and realize a 30% reduction in total CO2
emissions (compared with FY2019) in FY2030.

3.

Practice socially responsible management
Tokuyama approaches its CSR activities in accordance with a basic philosophy of continuously
working with society to build a sustainable future by contributing to the resolution of social issues andearning greater trust from various stakeholders with the aim of improving corporate value. To achievethis, we extracted social issues related to CSR management and identified the following 10 items as
materiality (important issues) by adding the promotion of mental and physical health to the nine
items listed up to last year. We are now working on solving each of these problems.
・ Helping to fight global warming
・ Conserving the environment
・ Preventing accidents and preparing for disasters
・ Developing products and technologies that address social issues
・ Better chemical management and product safety
・ Engaging with localcommunities
・ Promoting CSR procurement
・ Developing human resources
・ Promotion of diversity and career fulfillment
・ Promotion of physical / mental health(3) Targets of Medium-Term Management Plan 2025
The goals to be achieved in 2025 are as follows.
Index

FY2020 (Results)

FY2025 (Target)

Net Sales

302.4 billions of yen

320.0 billions of yen

Operating Profit

30.9 billions of yen

40.0 billions of yen-

Over 10%

13.4%

Over 10%

106
31,200105
32,500Growth Business Net Sales Growth Rate (CAGR)
ROE
Assumption
Exchange rate (¥/US$)
Domestic naphtha price (¥/kl)(Note) The figures of FY2025 are based on the application of Accounting Standard for Revenue
Recognition (Corporate Accounting Standard No. 29, March 31, 2020) and other standards.

3

2. Analysis of Operating Results and Financial Position(1) Analysis of Operating Results<1> Operating results for the fiscal year under review[1] Overview of performance for the fiscal year under review
The global economy in the fiscal year ended March 31, 2021, slowed significantly due to the restraints placedon economic activity due to the spread of novel coronavirus (COVID-19) infections at the beginning of theperiod. Subsequently, the global economy was on a recovery trend due to the gradual resumption of
economic activities, the fiscal and monetary policies of each country, and the start of vaccine requisitioning indeveloped countries. In Japan as well, GDP fell sharply at the beginning of the period when a state of
emergency declaration was in place, but both domestic and external demand later recovered significantly andmaintained positive growth due to a raft of measures. In the Tokuyama Group, we have been addressing thefour priority issues—“Change the Group’s organizational culture and structure,” “Rebuild the Group’sbusiness strategies,” “Strengthen Group management” and “Improve the Company’s financial
position”—adopted for the “Cornerstone of the Group’s Revitalization” Medium-Term Management Plan,
the final fiscal year of which was that now under review.
As a result, although sales of semiconductor-related products were firm against the backdrop of theintroduction of the 5G communications standard and an increase in remote work, the sales volumes of
caustic soda and other products decreased due to the spread of COVID-19 infections, resulting in lower sales
and profits.

Net sales

Operating profit(Unit: Millions of yen)
Profit attributable toOrdinary profit
owners of parerent

Fiscal 2020

302,047

30,92130,796

24,534

Fiscal 2019

316,096

34,281

32,837

19,937

(4.3)

(9.8)

(6.2)

23.1

Rate of change (%)

Net sales
Consolidated net sales decreased 4.3%, or ¥13,689 million compared with the previous fiscal year, to¥302,407 million. Despite firm sales of semiconductor-related products, this decrease was largely
attributable to the impact of deconsolidation of Sun・Tox Co., Ltd., and the novel coronavirus(COVID-19) pandemic, which triggered the drop in sales volumes of caustic soda in Japan and weak
petrochemical product sales prices.
Cost of sales
Cost of sales decreased 4.7%, or ¥10,191 million compared the previous fiscal year, to ¥207,254 million.
This decrease largely reflected the downswing in raw material and fuel costs.

4

SG&A expenses
SG&A expenses decreased 0.2%, or ¥138 million compared with the previous fiscal year, to ¥64,230
million. While R&D and other expenses increased, this decrease largely reflected the drop in suchoperating costs as travel expenses due to the COVID-19 pandemic and decrease in logistics costs by weaksales volumes.
Operating profit
Operating profit decreased 9.8%, or ¥3,359 million compared with the previous fiscal year, to ¥30,921
million. Despite lower raw material and fuel costs, this decrease in operating profit was mainly due to theimpact of COVID-19, which triggered a drop in sales volumes of such products as caustic soda.

Non-operating income/expenses, Ordinary profit
Non-operating income/expenses improved ¥1,318 million compared with the previous fiscal year.
As a result of the above, ordinary profit decreased 6.2%, or ¥2,041 million compared with the previous
fiscal year, to ¥30,796 million.
Extraordinary income/losses, Profit before income taxes, Profit, Profit attributable to owners ofparentExtraordinary income/losses improved ¥5,083 million compared with the previous fiscal year.
As a result of the above, profit before income taxes increased 10.9%, or ¥3,042 million compared with theprevious fiscal year, to ¥30,959 million.
Profit after deducting income taxes calculated in an appropriate way increased 20.6%, or ¥4,327 million
compared with the previous fiscal year, to ¥25,320 million.
Profit attributable to owners of parent increased 23.1%, or ¥4,597 million compared with the previous
fiscal year, to ¥24,534 million.

5[2] Operating performance by business segment(Operating results by segment)
Sales(Unit: Millions of yen)
Reportable segment
Others

Total

Adjustment

Figures in
consolidated
incomestatement

45,936

53,637

333,677(31,270)

302,40787,28956,307

65,232357,026(40,929)

316,0964.1(18.4)(17.8)

(6.5)

-

(4.3)

Chemicals

Specialty
Products

CementFiscal 2020

85,45957,77990,864

Fiscal 2019

93,73054,466(8.8)

6.1

Rate of change (%)

Life &
Amenity

Operating profit(Unit: Millions of yen)
Reportable segment

34,002(3,080)30,921

6,935

36,082(1,801)

34,281(18.9)

(5.8)

-

(9.8)

Others

Total

3,107

5,623

3,835

2,885

19.4

7.7

Chemicals

Specialty
Products

Fiscal 2020

14,118

6,572

4,580

Fiscal 201915,366

7,058

(8.1)

(6.9)

Rate of change (%)

Adjustment

Figures in
consolidated
incomestatementLife &
Amenity

Cement(Note) Sales and operating profit in each segment include inter-segment transactions.

Chemicals
Caustic soda earnings declined. This downturn in earnings was largely due to the drop in sales volumes inJapan owing to the spread of COVID-19 and a deterioration in overseas market conditions.
Earnings from vinyl chloride monomer and vinyl chloride resin increased due to the upturn in export
prices.
The sales volume of calcium chloride increased due to the effects of heavy snowfall, resulting in an
increase in profit.
As a result of the above, segment net sales decreased 8.8% compared with the previous fiscal year, to¥85,459 million and operating profit decreased 8.1% to ¥14,118 million. The segment reported lower
earnings on lower sales.

6Specialty Products
Sales of for semiconductor-grade polycrystalline silicon were firm against the backdrop of the introductionof 5G and the increase in remote work, but profits declined slightly due to fluctuations in the sales
composition.
Earnings from high-purity chemicals for electronic manufacturing increased. This was due to an increase in
the volume mainly overseas.
Earnings of fumed silica decreased largely due to the drop in sales volumes owing to the spread of
COVID-19.
As a result of the above, segment net sales increased 6.1% compared with the previous fiscal year, to¥57,779 million and operating profit decreased 6.9% to ¥6,572 million. The segment reported lower
earnings on higher sales.
CementCement earnings increased. This upswing in earnings reflected the limited impact of COVID-19 on
domestic shipments and successful steps to reduce manufacturing costs on the back of a decline in raw
material prices.
As a result of the above, segment net sales increased 4.1% compared with the previous fiscal year, to¥90,864 million and operating profit increased 19.4% to ¥4,580 million. The segment reported higher
earnings on higher sales.
Life & Amenity
Pharmaceutical ingredients and intermediates earnings increased, owing mainly to a robust sales volume ofgeneric pharmaceuticals.
In dental materials, export volumes to Europe and the United States, which had been declining due to the
spread of COVID-19 infections, were on a recovery trend, and profit increased due to a decrease inadvertising expenses.
Sales of medical diagnosis systems decreased. This largely reflected a decline in sales volumes of laboratory
information systems and laboratory automation systems.
In polyolefin film, Sun・Tox Co., Ltd. was removed from the Company’s scope of consolidation effectivefrom the third quarter of the fiscal year under review. This reflected the transfer of a portion of thecompany’s shares.
As a result of the above, segment net sales decreased 18.4% compared with the previous fiscal year, to¥45,936 million and operating profit increased 7.7% to ¥3,107 million. The segment reported higher
earnings on lower sales.

7<2> Outlook for fiscal 2021
[1] Outlook for operating forcasts for fiscal 2021
The economy is expected to pick up in the current fiscal year due to the effects of the variety of policies
and improvements in overseas economies, but there are concerns about the impact of any resurgence of
COVID-19 infections. The Group will strongly promote the fields of electronics, health, and theenvironment, which are defined as growth businesses in the Medium-Term Management Plan 2025
announced on February 25, 2021, while aiming for growth. Our Chemicals and Cement businesses will
promote increased efficiency while generating sustainable cash flows.
Based on current information, we forecast net sales of ¥271 billion, a decrease of 10.4% (¥31.4 billion)
compared with the fiscal year under review, operating profit of ¥26 billion, a decrease of 15.9% (¥4.9
billion), ordinary profit of ¥26 billion, a decrease of 15.6% (¥4.7 billion) and profit attributable to ownersof parent of ¥22 billion, a decrease of 10.3% (¥2.5 billion).
The Company plans to apply the Accounting Standards for Revenue Recognition (Corporate AccountingStandard No. 29, March 31, 2020) and other standards from the beginning of the fiscal year ending March
2022, and sales will decrease ¥42.8 billion due to the application of these standards. There will be little
impact on operating income, ordinary income, and profit attributable to owners of parent from theapplication of these standards.

Net sales

Operating profit(Unit: Millions of yen)
Profit attributable toOrdinary profit
owners of parerent
26,00022,000Fiscal 2021

271,000

26,000Fiscal 2020

302,407

30,92130,796

24,534(10.4)(15.9)(15.6)(10.3)

Rate of change (%)

These forecasts are calculated based on an exchange rate of ¥105/$ and a domestic naphtha price of¥45,000/kl.
[2] Outlook for segment forcasts for fiscal 2021
In accordance with having defined electronics, health, and the environment as growth businesses, we
reviewed our business segment from the current fiscal year and changed them to six segments: Chemicals,
Cement, Electronics Materials, Life Science, Eco Business and Others. In the results forecast for thecurrent fiscal year, the status of each segment after the change is assumed as follows.
Chemicals
Sales volumes, which had been declining due to the spread of COVID-19 infections, are expected togradually recover. In contrast, we anticipate that the risk of fluctuations will remain high with regard to raw
material and fuel costs as well as overseas market conditions for major products. Under such circumstances,
the Company will secure sales volume of its major products and promote the strengthening of its costcompetitiveness by, for example, reducing unit consumption and fixed costs.
CementDomestic and overseas sales volumes, which had been declining due to the spread of COVID-19
infections, are expected to recover to a certain extent. We are anticipating, however, that the environment8

surrounding the business, such as future demand and trends in raw material prices, will continue to be
uncertain. In such an environment, we will strive to secure profits by thoroughly reducing manufacturingcosts and implementing measures at each sales base.
Electronic Materials
The semiconductor market is expected to remain firm against the backdrop of the introduction of 5G and
the increase in remote work. In accordance with the progress being made in miniaturization, customer
demands for higher quality and stable supply are increasing. In such an environment, while seeking evenhigher quality from our semiconductor-grade polycrystalline silicon, we will aim to expand sales of highvalue-added products that set Tokuyama apart from other companies. In the case of high-purity chemicals
for the manufacture of electronics, we will strengthen our manufacturing and sales bases, which are
centered in Japan and Taiwan, and focus on establishing a supply system that will respond to burgeoning
demand. We will also focus on developing thermal-management materials to expand sales of existingproducts and broaden our product lineup.
Life Science
The shipment volumes of plastic lens-related materials and dental materials, which had been decreasing
due to the spread of COVID-19 infections, are on a recovery trend. We will continue to focus on new
product development and sales activities in response to changes in customer needs and the market, whileaiming to increase profits. In contrast, with regard to medical diagnosis systems, we proceeded with theselection and concentration of the business and converted A&T Corporation into a wholly owned
subsidiary in February 2021. We will promote the utilization and collaboration of resources throughout theGroup, further strengthen the development of diagnostic reagents, and expand our business.
Eco BusinessTo make the environment segment one of our business pillars of the future, we consolidated theenvironment-related businesses scattered within the Group and newly established them as a segment thataims for new business development. In addition to existing businesses, such as ion exchange membranes,
plastic window sashes, and the recycling of waste gypsum boards, in the years to come we will expand
profits through the development and commercialization of technologies designed to reduce CO2
emissions. As a symbol of our business portfolio transformation, we will contribute to a sustainable society
and realize business growth.
OthersThe “Others” segment includes businesses which are responsible for the Group’s sales, logistics, utilities
and other functions. The segment will work to increase Group-wide earnings by continuing to reduce
costs.

9

(2) Analysis of Financial Position<1> Analysis of assets, liabilities and net assets
Summery of Consolidated Balance Sheets(Unit: Millions of yen)

Mar 31, 2020

Mar 31, 2021

Ammount ofRate of changechange(%)

Assets383,447

386,794

3,347

0.9

Liabilities

203,017

181,533(21,483)(10.6)（Interest-bearing debt）

116,344

98,437(17,906)(15.4)Net assets

180,429205,261

24,831

13.8（Shareholders' equity）

168,861

198,561

29,700

17.6

Mar 31, 2020

Mar 31, 2021

Ammount of

Financial indicatorschangeD/E ratio

0.69

0.50

(0.19)Net D/E ratio

0.21

0.07

(0.14)

Shareholders’ equity ratio (%)

44.0

51.3

7.3points

Shareholders’ equity ratio based on market price (%)

37.9

52.0

14.1points(Note)*D/E ratio: interest-bearing debt / shareholders' equity
Net D/E ratio: (interest-bearing debt - Cash and cash equivalents) / shareholders' equity
Shareholders’ equity ratio (%): interest-bearing debt / total assets
Shareholders’ equity ratio based on market price (%) : market capitalization / total assets(Assets)
Merchandise and finished goods decreased ¥3,831 million and raw materials and supplies decreased¥2,157 million, despite the increase of investment securities due to mark-to-market valuation of
investment securities and cash and deposits ¥7,786 million and ¥2,157 million, respectively. As a result,
total assets amounted to ¥386,794 million, an increase of ¥3,347 million compared with those as ofMarch 31, 2020. Due to the deconsolidation of Sun・Tox Co., Ltd., asset decreased by ¥13,051 million.

(Liabilities)
Long-term lease obligations increased ¥1,642 million, while long-term loans payable and the current
portion of long-term loans payable decreased ¥18,650 million and notes and accounts payable – tradedecreased ¥3,248 million ,and short-term loans payable decreased ¥1,232 million.
As a result, total liabilities amounted to ¥181,533 million, down ¥21,483 million compared with those asof March 31, 2020. Due to the deconsolidation of Sun・Tox Co., Ltd., liabilities decreased by ¥8,844
million.

10

(Net assets)
Retained earnings increased ¥19,666 million as a result of posting profit attributable to owners of parent
mainly. Capital surplus increased ¥3,437 million due to issuance of new shares accompanying theacquisition of A&T Corporation as a wholly owned subsidiary through a share exchange. Valuationdifference on available-for-sale securities increased ¥2,942 million.
As a result, net assets totaled ¥205,261 million, an increase of ¥24,831 million compared with those as ofMarch 31, 2020.

(Financial indicators)
Under its Medium-Term Management Planwith the current consolidated fiscal year as the final year, theCompany included a D/E ratio of 1.0 or less as a management numerical target for fiscal 2020. With
regard to the consolidated fiscal year under review, the D/E ratio improved 0.19 compared with theprevious fiscal year to 0.50 times, due to a ¥17,906 million decrease in interest-bearing debt and a ¥29,700
increase in shareholders’ equity.
<2> Analysis of cash flows
Summery of Consolidated Statements of Cash Flows(Unit: Millions of yen)
Fiscal 2019

Fiscal 2020

Cash flows from operating activities

52,36443,314

Cash flows from investing activities(20,548)(19,276)

Cash flows from financing activities(18,348)(22,530)

Effect of exchange rate changes on cash and cash equivalents

(540)

623

Net increase (decrease) in cash and cash equivalents

12,926

2,131

Cash and cash equivalents at end of year

80,91883,050(Cash flows from operating activities)
Net cash provided by operating activities totaled ¥43,314 million, a decrease ¥9,049 million compared withthe previous fiscal year. Principal items included profit before income tax of ¥30,959 million anddepreciation of ¥17,003 million.
(Cash flows from investing activities)
Net cash used in investing activities totaled ¥19,276 million, a decrease of ¥1,272 million compared withthe previous fiscal year.
Major contributory factors were payments for purchases of property, plant and equipment of ¥23,800
million and proceeds from sales of shares of subsidiaries resulting in change in scope of consideration of¥3,356 million.

11

(Cash flows from financing activities)
Net cash used in financing activities amounted to ¥22,530 million, am increase of ¥4,181 million
compared with the previous fiscal year.
This was primarily attributed to outflow due to repayments of long-term loans of ¥15,857 million andcash dividends paid of ¥4,861 million.
<3> Procurement of Funds and Liquidity(Procurement of Funds)
The Tokuyama Group had identified efforts to improve its financial structure as one component of thefinancial policy outlined under its Medium-Term Management Plan with the current consolidated fiscal
year as the final year. Against this backdrop, the Group is working to build up its shareholders’ equity while
reducing its interest-bearing debt. Turning to other policy targets, the Group is endeavoring to acquire a“single A” rating from relevant agencies by the end of the Medium-Term Management Plan. Under thispolicy, we have acquired and maintained "A" and "A-" ratings from two domestic rating agencies at the endof the current fiscal year.
Meanwhile, the Tokuyama Group recognizes the need to retain a certain level of funds in order to secure
the working capital required to finance its business activities, expand its growth businesses, undertake
capital expenditures geared toward strengthening the competitiveness of traditional business, and promotestrategic investments. While the principal method of procuring these funds is to accumulate cash on handthrough the continuous posting of business earnings, the Group will also pursue other avenues. This
includes borrowing from financial institutions and issuing unsecured bonds. In addition, energies are being
directed toward building a financial structure that is capable of engaging in business activities with lessworking capital. To this end, the Group was working to improve its cash conversion cycle (CCC), reduceinventories, and improve trading terms and conditions with business partners, issues raised under the
Medium-Term Management Plan with the current consolidated fiscal year as the final year.. Furthermore,
the Tokuyama Group’s intended investment amount for the next fiscal year is ¥44.8 billion. Plans are inplace to utilize cash on hand and borrowings from financial institutions.
(Liquidity)
Cash and cash equivalents stood at ¥83,050 million as of the end of the fiscal year under review. On thisbasis, the Tokuyama Group is confident that it maintains more than ample liquidity to promote its businessactivities. In addition, Tokuyama has executed revolving credit facility, overdraft, and credit liquidationagreements with a financial institution. Accounting for these factors, the Company is more than capable ofmaintain a certain level of liquidity should any impediment arise.

12

(3) Achievement of Medium-Term Management Plan: Cornerstone of the Group’s
Revitalization
Compared with the previous fiscal year ROA deteriorated by 0.9 of a percentage point to 8.0% due to thedecrease in operating profit brought about by weak sales of major products and the increase in total assets
due to capital investment. . Cash conversion cycle (CCC) deteriorated by one day compared with theprevious fiscal year to 65 days. The D/E ratio was 0.5 times, an improvement of 0.19 compared with theprevious fiscal year, due to the accumulation of profit, the reduction of interest-bearing debt and otherfactors. The Company has achieved the Medium-Term Management Plan target value of 1.0 times or lessalready in fiscal 2018.

(4) Basic Policy for Profit Distribution and Dividends for Fiscal 2020 and 2021
As far as the distribution of profits is concerned, Tokuyama’s basic policy is the ensure the continuous andstable payment of dividends to its shareholders. Our basic policy remains the taking into consideration ofbusiness performance, dividend payout ratio, our medium- to long-term business plans and other factors.
Meanwhile, the Company will apply internal reserves to investment and lending as well as capital
expenditures with the aim of further enhancing its corporate value.
In fiscal 2020, the Company expects to pay out a year-end dividend of ¥35 per share in line with the basic
policy mentioned above.
As far as dividends for the next period are concerned, Tokuyama plans to undertake the payment of aninterim and year-end dividend of ¥35 per share respectively based on the assumptions outlined in “<2>Outlook for fiscal 2021 of (1) Analysis of Operating Results.”

13

3. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
3/31/2021

3/31/2020

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Lease receivables
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Leased assets
Accumulated depreciation
Leased assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Goodwill
Leased assets
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Retirement benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

14

81,52472,92934
18,506
10,051
16,0884,823(108)
203,849

83,68170,901
25
14,674
10,995
13,9305,666(115)
199,760

108,636(78,109)
30,526
465,761(420,631)
45,12922,488(20,024)
2,463
33,3635,011(2,370)2,641
9,067
123,192

105,028(76,427)
28,601
459,039(413,493)
45,54522,827(19,995)
2,831
31,9036,900(2,431)
4,469
10,674
124,025

3
59
1,594
1,657

86
43
1,751
1,882

19,385
2,302
19,164
9,569
4,382
(56)
54,747
179,597
383,447

27,171
2,094
16,407
10,6604,854(61)
61,126
187,034
386,794

Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Current portion of long-term borrowings
Lease obligations
Income taxes payable
Provision for bonuses
Provision for share awards
Provision for repairs
Provision for decommissioning and removal
Provision for product warranties
Provision for loss on compensation for damage
Provision for environmental measures
Provision for loss on disaster
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Lease obligations
Deferred tax liabilities
Provision for retirement benefits for directors (and other officers)
Provision for share awards
Provision for repairs
Provision for decommissioning and removal
Allowance for loss on compensation for building materials
Provision for environmental measures
Retirement benefit liability
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets
15

3/31/2020(Millions of yen)
3/31/2021

42,795
3,082
16,106
870
2,896
3,175
－
5,159
439
84
84
－
－
20,545
95,241

39,547
1,850
8,899
1,204
2,375
3,057
33
4,884
1,100
95
122
40
17
20,07983,30894,255
2,028
204
239
86
944
529
158
196
2,277
6
6,848
107,775
203,017

82,812
3,671
247
201
－
1,340
1,028
124
137
1,991
56
6,613
98,224
181,533

10,00020,018
137,665(1,809)165,874

10,00023,455
157,332(349)
190,438

332
(35)
703
1,986
2,986
11,568
180,429
383,447

3,274
(19)
2,165
2,702
8,122
6,700
205,261
386,794

(2) Consolidated Statements of Income
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Selling expenses
General and administrative expenses
Total selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity method
Outsourcing service income
Rental income from non-current assets
Equipment sale income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Provision for decommissioning and removals
Fiduciary obligation expenses
Equipment cost of sales
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on bargain purchase
Gain on sale of investment securities
Gain on sale of shares of subsidiaries and associates
Subsidy income
Gain on insurance claims
Gain on sales of patent right and other
Gain on liquidation of subsidiaries and associates
Gain on step acquisitions
Other
Total extraordinary income
Extraordinary losses
Loss on sale of non-current assets
Impairment losses
Loss on disaster
Loss on tax purpose reduction entry of non-current assets
Loss on disposal of non-current assets
Loss on sale of investment securities
Provision for decommissioning and removals
Loss on valuation of investment securities
Other
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent
16

FY2019316,096
217,446
98,650(Millions of yen)
FY2020302,407207,254
95,15242,265
22,10464,36934,281

40,51023,71964,23030,921

145
352
756
650
531
－
1,669
4,105

94
395
949
651
587
575
1,917
5,172

1,689
985
676
－
2,198
5,549
32,837

1,524
750
584
562
1,875
5,297
30,796

23
157
8
－
144
470
－
－
56
－
861

98
－
77
746
155
203
1,478
197
125
96
3,180

19
34
84
191
685
1
－
4,531
233
5,781
27,917
4,898
2,026
6,924
20,992
1,055
19,937

2
825
243
3
830
－
817
－
293
3,017
30,959
4,336
1,302
5,639
25,320785
24,534

(3) Consolidated Statements of Comprehensive Income
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted for using
equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests

17

FY201920,992(Millions of yen)
FY202025,320

1,921
25
(891)
(654)

2,968
16
1,480
694

(100)

43

300
21,293

5,203
30,524

20,237
1,055

29,670853

(4) Consolidated Statements of Cash Flows
Cash flows from operating activities
Profit before income taxes
Depreciation
Increase (decrease) in provisions
Increase (decrease) in retirement benefit liability
Decrease (increase) in retirement benefit asset
Interest and dividend income
Foreign exchange losses (gains)
Loss (gain) on sale of property, plant and equipment
Loss (gain) on sale of investment securities
Loss (gain) on sale of shares of subsidiaries and associates
Share of loss (profit) of entities accounted for using equity method
Gain on bargain purchase
Subsidy income
Interest expenses
Loss on tax purpose reduction entry of non-current assets
Impairment losses
Loss (gain) on disposal of non-current assets
Gain on insurance claims
Gain on sales of patent right and other
Gain on liquidation of subsidiaries and associates
Loss (gain) on step acquisitions
Loss (gain) on valuation of investment securities
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Decrease (increase) in other current assets
Increase (decrease) in trade payables
Increase (decrease) in other current liabilities
Other, net
SubtotalInterest and dividends received
Interest paid
Proceeds from insurance income
Compensation for damage received
Compensation for damage paid
Income taxes refund (paid)
Net cash provided by (used in) operating activities

18(Millions of yen)
FY2020FY201927,917
16,122
2,118
129
(709)
(497)
321
(4)
(6)
－
(756)
(157)
(144)
1,689
191
34
685
(470)
－
－
(56)
4,531
7,343
(1,268)(323)(4,385)752(74)
52,981
1,041(1,709)
470
5,865
(832)
(5,451)
52,36430,95917,003
1,795
(129)
(69)
(490)
10
(96)
(77)
(746)
(949)
－
(155)
1,524
3
825
830
(203)
(1,478)
(197)
(125)
－
(2,124)
2,283
(914)
(533)
1,190
319
48,454915(1,530)257－(31)(4,750)43,314

Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of investment securities
Proceeds from sale of investment securities
Proceeds from purchase of shares of subsidiaries resulting
in change n scope of consolidation
Purchase of shares of subsidiaries resulting in change in scope of
consolidation
Proceeds from sale of shares of subsidiaries resulting in change
in scope of consolidation
Long-term loan advances
Proceeds from collection of long-term loans receivable
Subsidies received
Gain on sales of patent right and other
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of shares
Dividends paid
Dividends paid to non-controlling interests
Decrease (increase) in treasury shares
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

19(Millions of yen)
FY2020FY2019(52)
174(19,706)
68
(24)
21

(106)
240
(23,800)
1,108
(251)
133

137

－

(110)

－

－

3,356

(5)
181
144
－
(1,376)(20,548)

(29)
180
155
1,489
(1,752)(19,276)(1,403)
1,092(12,739)－(4,164)
(276)
0
(856)
(18,348)(540)
12,92667,99180,918(1,490)187(15,857)
1,303(4,861)(239)(40)(1,531)(22,530)623
2,131
80,91883,050(5) Segment information
1. Summary of reportable segments
The reportable segments of the Tokuyama Group are defined as individual units, where separate financial
information is available and which are subject to regular review by the Board of Directors of the Company
to evaluate their results and decide the allocation of management resources.
The Company has business divisions by product group, and the Tokuyama Group conducts business
operations through each business division devising its comprehensive product strategy for domestic andoverseas markets.
The Tokuyama Group is, therefore, composed of segments by product group based on business divisions,and has four reportable segments, “Chemicals,” “Specialty Products,” “Cement,” and “Life & Amenity.”
Main products and services of each reportable segment are as follows:

Reportable segment

Main products and services

Chemicals

Caustic soda, soda ash, calcium chloride, sodium silicate, vinyl chloride monomer,
polyvinyl chloride resin, propylene oxide, isopropyl alcohol, chlorinated solvents,and hydrogenSpecialty Products

Polycrystalline silicon, fumed silica, tetrachlorosilane, aluminum nitride, high-purity
chemicals for electronics manufacturing, and photoresist developer

CementCement, ready-mixed concrete, cement-type stabilizer, and resourece recycling
business

Life & Amenity

Polyolefin film, plastic window sashes, medical diagnosis systems, dental materials
and equipment, ion exchange membranes, pharmaceutical ingredients andintermediates, plastic lens-related materials for glasses, and microporous film20

2. Information on sales, income, assets and other items by reportable segment
Fiscal 2019 (April 1, 2019 – March 31, 2020)(Millions of yen)
Reportable segments

Sales
Sales to customers
Inter-segment sales/transfer
Total
Segment profit
Segment assets
Other items
Depreciation expenses*4
Increase in tangible and intangible
fixed assets*5

Chemicals

Specialty
Products

92,755975
93,73015,36648,27743,726
10,73954,466
7,058
61,03986,616673
87,2893,835
55,277

2,750
3,106

2,926
8,059

3,422
4,219

CementAdjustment*2

Figures in
consolidated
financialstatements*3

316,096
40,929357,026
36,082
272,551－(40,929)(40,929)(1,801)
110,895

316,096－
316,096
34,281
383,447

15,23921,467882
3,182

16,122
24,649Others*1

Total

54,3471,960
56,307
2,885
57,95538,651
26,581
65,232
6,935
50,001

2,460
2,602

3,679
3,478

Life &
Amenity*1 “Others” segment comprises businesses other than those of the reportable segments. Concretely, the segment includes
overseas sales companies, a distribution company, a real estate business, etc.
*2 Adjustment is as follows:(1) The segment profit adjustment amount consists mainly of basic R&D expenses that are not related to specificreportable segments.
(2) Included in the segment assets adjustment amount are corporate assets that are not allocated to specific reportablesegments (¥137,395million).
*3 With regard to segment profit, operating income in the consolidated financial statements has been calculated byadjusting the sum total of the reportable segments’ income and the “Others” segment’s profit.
*4 Included in depreciation expenses is the long-term prepaid expense depreciation amount.
*5 Included in increase in tangible and intangible fixed assets is the long-term prepaid expense increase amount.
Fiscal 2020 (April 1, 2020 – March 31, 2021)(Millions of yen)
Reportable segments

Sales
Sales to customers
Inter-segment sales/transfer
Total
Segment profit
Segment assets
Other items
Depreciation expenses*4
Increase in tangible and intangible
fixed assets*5

Chemicals

Specialty
Products

84,590868
85,45914,11851,46445,69312,086
57,7796,572
67,31090,236627
90,864
4,580
57,858

2,776
3,711

3,580
6,037

3,750
5,221

CementAdjustment*2

Figures in
consolidated
financialstatements*3

302,407
31,270333,677
34,002271,850－(31,270)(31,270)(3,080)114,944

302,407－
302,401
30,921
386,794

15,836
23,624

1,167
3,456

17,00327,080

Others*1

Total

44,206
1,730
45,936
3,107
46,37437,67915,95753,637
5,623
48,841

2,097
2,783

3,630
5,869

Life &
Amenity*1 “Others” segment comprises businesses other than those of the reportable segments. Concretely, the segment includes
overseas sales companies, a distribution company, a real estate business, etc.
*2 Adjustment is as follows:(1) The segment profit adjustment amount consists mainly of basic R&D expenses that are not related to specificreportable segments.
(2) Included in the segment assets adjustment amount are corporate assets that are not allocated to specific reportablesegments (¥144,519million).
*3 With regard to segment profit, operating profit in the consolidated financial statements has been calculated by adjusting
the sum total of the reportable segments’ profit and the “Others” segment’s profit.
*4 Included in depreciation expenses is the long-term prepaid expense depreciation amount.
*5 Included in increase in tangible and intangible fixed assets is the long-term prepaid expense increase amount.
21