Financial Results
The 1st Quarter of FY2024 (Apr.1- Jun.30)

July 29, 2024

Content of Report*As of FY2024, Optical Plastics
are referred to as
Cyclo Olefin Polymers (COP).

P.2
P.3

Summary and Segment Overview
Business Environment(Trends in Exchange Rates and Prices of Raw Materials)

P.5
P.6

Performance Summary (Overall)
Performance Summary (By Segment)

P.8
P.9
P.11
P.12
P.13

Specialty Materials Business Profit and Loss
Specialty Materials Business Operating Income Variance
Specialty Chemicals Business: Battery Materials Situation
Specialty Plastics Business: COP Situation
Specialty Plastics Business: Optical Films Situation

P.15
P.16
P.18

Elastomer Business Profit and Loss
Elastomer Business Operating Income Variance
Elastomer Business: Synthetic Rubbers Situation

P.20
P.21
P.22

Balance Sheet Overview
Cash Flow Overview
Non-operating Profit and Loss / Extraordinary Profit and Loss

P.24
P.25
P.26
P.27

H1 FY2024 Business Environment
FY2024 Performance Forecast
FY2024 Dividend Forecast
Dividend Payout Ratio and Total Payout Ratio

P.29

Action to Implement Management that is Conscious of Cost of Capital and Stock Price1

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Q1 FY2024 Summary and Segment Overview【 Summary 】◆ Q1 consolidated results show YoY and QoQ increases in both sales and profits.
◆ Based on Q1 consolidated results, the H1 earnings forecast for FY2024 was revised
upwards. The H2 earnings forecast is expected to be downwards due to a reboundfrom H1, etc., the full-year earnings forecast was left unchanged.
[Specialty Materials Business Overview]◆ Specialty plastics: Shipments increased due to a recovery in demand for mobile
devices and the resumption of production following the Noto Peninsula earthquake,so both sales and profits were up YoY and QoQ.
◆ Specialty chemicals: Due to a combination of sluggish growth in shipments of battery
materials for EVs and increased shipments of specialty solvents and toners, sales
were up and profits were down YoY, while sales were down and profits were up QoQ.

[Elastomer Business Overview]◆ Both sales and profits were up YoY and QoQ, driven by synthetic rubbers.
◆ Latexes and chemicals showed a moderate recovery.

2
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Q1 FY2024 Business Environment(Trends in Exchange Rates and Prices of Raw Materials)[ Exchange Rates ][ Raw Materials ]3
Any distribution, copying, or forwarding is strictly prohibited.

©ZEON CORPORATION. All rights reserved.

Content of Report
P.2
P.3

Summary and Segment Overview
Business Environment(Trends in Exchange Rates and Prices of Raw Materials)

P.5
P.6

Performance Summary (Overall)
Performance Summary (By Segment)

P.8
P.9
P.11
P.12
P.13

Specialty Materials Business Profit and Loss
Specialty Materials Business Operating Income Variance
Specialty Chemicals Business: Battery Materials Situation
Specialty Plastics Business: COP Situation
Specialty Plastics Business: Optical Films Situation

P.15
P.16
P.18

Elastomer Business Profit and Loss
Elastomer Business Operating Income Variance
Elastomer Business: Synthetic Rubbers Situation

P.20
P.21
P.22

Balance Sheet Overview
Cash Flow Overview
Non-operating Profit and Loss / Extraordinary Profit and Loss

P.24
P.25
P.26
P.27

H1 FY2024 Business Environment
FY2024 Performance Forecast
FY2024 Dividend Forecast
Dividend Payout Ratio and Total Payout Ratio

P.29

Action to Implement Management that is Conscious of Cost of Capital and Stock Price4

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Q1 FY2024 Performance Summary (Overall)（Unit：JPY100m）

Q1
FY2023Q4
FY2023Q1
FY2024

Net Sales

919

985

1,061

+142

+76

Operating Income

61

45

90

+29

+45

Ordinary Income

83

70

122

+39

+52

Net Income

58

102

82

+24

-20

YoY

QoQ

◼ YoY (in 3 mo.) : Net Sales +14.2B JPY, Operating Income +2.9B JPY◼ QoQ: Net Sales+7.6B JPY, Operating Income +4.5B JPY

Note: Results at overseas subsidiaries from January to March 2024 arereflected in Q1 consolidated results.
Tokyo Zairyo (Guangzhou) Co., Ltd. has been included within thescope of consolidation as of FY2024.
5
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Q1 FY2024 Performance Summary (By Segment)（Unit：JPY100m）

Net Sales

Q1
FY2023Q4
FY2023Q1
FY2024YoY

QoQ

Specialty Materials Biz.

252

283

303

+51

+20

Elastomer Business

522

556

602

+80

+46

Others/Eliminations, etc.

145

146

155

+10

+10

Net Sales (consolidated)

919

985

1,061

+142

+76

Operating Income

Q1
FY2023Q4
FY2023Q1
FY2024YoY

QoQ

Specialty Materials Biz.

40

30

53

+13

+22

Elastomer Business

25

5

38

+13

+33

Others/Eliminations, etc.

-3

10

-0

+3

-10

Operating Income (consolidated)

61

45

90

+29

+45
6

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Content of Report
P.2
P.3

Summary and Segment Overview
Business Environment(Trends in Exchange Rates and Prices of Raw Materials)

P.5
P.6

Performance Summary (Overall)
Performance Summary (By Segment)

P.8
P.9
P.11
P.12
P.13

Specialty Materials Business Profit and Loss
Specialty Materials Business Operating Income Variance
Specialty Chemicals Business: Battery Materials Situation
Specialty Plastics Business: COP Situation
Specialty Plastics Business: Optical Films Situation

P.15
P.16
P.18

Elastomer Business Profit and Loss
Elastomer Business Operating Income Variance
Elastomer Business: Synthetic Rubbers Situation

P.20
P.21
P.22

Balance Sheet Overview
Cash Flow Overview
Non-operating Profit and Loss / Extraordinary Profit and Loss

P.24
P.25
P.26
P.27

H1 FY2024 Business Environment
FY2024 Performance Forecast
FY2024 Dividend Forecast
Dividend Payout Ratio and Total Payout Ratio

P.29

Action to Implement Management that is Conscious of Cost of Capital and Stock Price7

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Specialty Materials Business Profit and Loss
（Unit：100m）

glish

Q1
FY2023Q4
FY2023Q1
FY2024

YoY

YoY(%)QoQ

QoQ(%)

252

283

303

51

20 %

20

7%

156
84
12

158
114
10

199
94
10

43
10
-2

28 %
12 %
-14 %

41
-20
-0

26 %
-18 %
-2 %

40

30

53

13

32 %

22

73 %

16%

11%

17%

Net Sales
Specialty plastics* Specialty chemicals
Medical devices, etc.
Operating Income
Operating Income ratio*■Specialty plastics: Shipments increased due to a recovery in demand for mobile devices andthe resumption of production following the Noto Peninsula earthquake, so both sales andprofits were up YoY and QoQ.
■Specialty chemicals: Although both non-consolidated sales and profits were up YoY andQoQ for battery materials, overseas affiliates were affected by a decrease in shipments due tochanges in the EV subsidy policy, so on a consolidated basis, sales increased but profits
decreased YoY, while QoQ, both sales and profits decreased.
Profits were up QoQ for specialty chemicals as a whole due to increased shipments ofspecialty solvents and toners.
8
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Specialty Materials Business Operating Income Variance (QoQ)（Unit：100m）+ : Due to resumption of production of optical films:
・Yield improved
・Loss on disposal and valuation for inventories
decreased+ : Optical films sales volume up- : COP/Battery materials sales volume down

-0

-4
+25

- : Due to increased sales
volume of optical films:
・Logistics expenses up
・Sales activity expenses
up
etc.

+3

23/Q4
30

24/Q1
53

9
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Specialty Materials Business Operating Income Variance (YoY)（Unit：100m）- : Expenses for new productdevelopment up, etc.

+ : Optical films / COP sales volume up- : Battery materials sales volume down

+4
-8

+17

-7

+6
+ : Yield improved due to resumption of
production of optical films- : Synthetic aromatic chemical market price down
- : COP sales mix

23/Q1
40

+13

24/Q1
53

10
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Specialty Chemicals Business: Battery Materials Situation(Non-consolidated Sales Volume )

YoY

QoQ

EV

88%

95%

Consumer use, etc.

159%

141%

Total

100%

104%

◼ EV
Sales volume down both YoY and QoQ due to sluggish EV sales
globally◼ Consumer use, etc.
Sales volume up both YoY and QoQ with moderate recovery formobile devices and increased sales for ESS applications
11
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Specialty Plastics Business: COP Situation(Non-consolidated Sales Volume )

YoY

QoQ

Optical use

168%

132%

Medical use, etc.

96%

73%

Total

111%

85%

◼ Optical use
Sales volume up both YoY and QoQ due not only to the recovery trend
for both smartphones and printers, but also combined shipments, etc.

◼ Medical use, etc.
Sales volume down both YoY and QoQ due to in-between season12
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Specialty Plastics Business: Optical Films Situation(Non-consolidated Sales Volume)

YoY

QoQ

For small-to-medium size

112%

133%

For Large size FPD

129%

168%

Total

125%

161%

◼ For small-to-medium size
Sales volume up both YoY and QoQ due to accelerated shipments for
smartphones and steady shipments for tablets◼ For Large size
Sales volume up both YoY and QoQ due not only to steady demand but also

recovery from the Noto Peninsula earthquake and improved operation of the newline launched in 2023
13
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Content of Report
P.2
P.3

Summary and Segment Overview
Business Environment(Trends in Exchange Rates and Prices of Raw Materials)

P.5
P.6

Performance Summary (Overall)
Performance Summary (By Segment)

P.8
P.9
P.11
P.12
P.13

Specialty Materials Business Profit and Loss
Specialty Materials Business Operating Income Variance
Specialty Chemicals Business: Battery Materials Situation
Specialty Plastics Business: COP Situation
Specialty Plastics Business: Optical Films Situation

P.15
P.16
P.18

Elastomer Business Profit and Loss
Elastomer Business Operating Income Variance
Elastomer Business: Synthetic Rubbers Situation

P.20
P.21
P.22

Balance Sheet Overview
Cash Flow Overview
Non-operating Profit and Loss / Extraordinary Profit and Loss

P.24
P.25
P.26
P.27

H1 FY2024 Business Environment
FY2024 Performance Forecast
FY2024 Dividend Forecast
Dividend Payout Ratio and Total Payout Ratio

P.29

Action to Implement Management that is Conscious of Cost of Capital and Stock Price
14

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Elastomer Business Profit and Loss
（Unit：100m）■Both sales and profits were up YoY and QoQ, driven by synthetic rubbers.

■Latexes and chemicals showed a moderate recovery.

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15

Elastomer Business Operating Income Variance (QoQ)（Unit：100m）+ : Synthetic rubbers
sales price adjustments+ : Specialty rubbers
sales volume up

+4
23/Q4
5

+11

-9

+7
+ : Indirect department costallocation decreased+21- : Raw material price up+ : Chemicals loss on disposal and valuation
for inventories decreased

+33

24/Q1
38

16
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Elastomer Business Operating Income Variance (YoY)（Unit：100m）-2+ : Specialty rubbers, S-SBR
sales volume up

+27

-6

+10

-15
- : Increased logistics expense withincreased shipments- : ZCS regular maintenance costs- : Chemicals
sales price down

23/Q1
25

+13

24/Q1
38

17
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Elastomer Business: Synthetic rubbers Situation（Manufacturing Facility Sales Volume）

YoY

QoQ

Specialty rubbers

100%

101%

General-purpose rubbers

114%

91%

Total

110%

93%

◼ Specialty rubbers
Sales volume remained steady both YoY and QoQ due to firm demand
despite partial production stoppages in the automobile industry◼ General-purpose rubbers
S-SBR sales volume up both YoY and QoQ despite lack of demand vigor
Overall sales volume down QoQ with shipment adjustments in
preparation for regular maintenance at the Tokuyama Plant
18
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Content of Report
P.2
P.3

Summary and Segment Overview
Business Environment(Trends in Exchange Rates and Prices of Raw Materials)

P.5
P.6

Performance Summary (Overall)
Performance Summary (By Segment)

P.8
P.9
P.11
P.12
P.13

Specialty Materials Business Profit and Loss
Specialty Materials Business Operating Income Variance
Specialty Chemicals Business: Battery Materials Situation
Specialty Plastics Business: COP Situation
Specialty Plastics Business: Optical Films Situation

P.15
P.16
P.18

Elastomer Business Profit and Loss
Elastomer Business Operating Income Variance
Elastomer Business: Synthetic Rubbers Situation

P.20
P.21
P.22

Balance Sheet Overview
Cash Flow Overview
Non-operating Profit and Loss / Extraordinary Profit and Loss

P.24
P.25
P.26
P.27

H1 FY2024 Business Environment
FY2024 Performance Forecast
FY2024 Dividend Forecast
Dividend Payout Ratio and Total Payout Ratio

P.29

Action to Implement Management that is Conscious of Cost of Capital and Stock Price19

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B/S（Unit：100m）[Current assets]◆Cash and deposits◆Accounts receivable◆Inventory assets

Total assets 5,602（+280）+26.7B JPY+0.7B JPY
+10.6B JPY+6.1B JPY( )=vs end of FY2023[Current liabilities]◆ Trade payables◆ Commercial paper+23.2B JPY+8.2B JPY
+17.0B JPY（-21）[Non-current assets]◆Property, plant and equipment◆Investment securities[Net assets] +6.9B JPY◆Equity ratio 65.9%（-2.2）◆D/E ratio
0.07 （+0.05）+1.3B JPY
+2.7B JPY
-1.0B JPY

20
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C/F（Unit：100m）

Q1
FY2023（Unit：100m）

Q1
FY2024 English
CF from Operating Act.
CF from Investing Act.
Free CF
CF from Financing Act.
CF

Q1 FY2023 Q1 FY2024
-56
-45
-76
-59
-132
-104
71
110
-61
6

［CF from Operating Act.］◆Income before income taxes◆Valuation loss
◆Working capital◆Taxes◆Others+1.1B JPY
+3.0B JPY
+1.3B JPY
+1.6B JPY
-3.7B JPY
-1.1B JPY

［CF from Financing Act.］◆Borrowing/CP◆Dividends◆Others+3.9B JPY
+6.0B JPY
-1.5B JPY
-0.6B JPY21
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Non-operating Profit and Loss /Extraordinary Profit and Loss
（Unit：100m）[Non-operating profit and loss]

Q1 FY2023

Q1 FY2024

Interest income/dividends

11

12

+1

Exchange gain and loss

13

21

+8

Interest expenses

-0

-0

-

Fixed costs for inactive non-current assets

-1

-1

0

Provision of allowance for doubtful accounts

-0

-2

-2

Other

-1

2

0

Total non-operating profit and loss

22

32

+10

Q1 FY2023

Q1 FY2024

0
0
-0
-0
-3
0
0
-4

0
2
-7
-0
-5
-1
-0
-12

[Extraordinary profit and loss]
Gain/loss on sales of non-current assets
Gain/loss on sale of investment securities
Gain/loss on valuation of investment securities
Gain/loss on disposal of non-current assets
Impairment loss
Loss on valuation of investments in capital
Other
Total extraordinary profit and loss

YoY

YoY
+1
-7
-2
-1
-9
22

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Content of Report
P.2
P.3

Summary and Segment Overview
Business Environment(Trends in Exchange Rates and Prices of Raw Materials)

P.5
P.6

Performance Summary (Overall)
Performance Summary (By Segment)

P.8
P.9
P.11
P.12
P.13

Specialty Materials Business Profit and Loss
Specialty Materials Business Operating Income Variance
Specialty Chemicals Business: Battery Materials Situation
Specialty Plastics Business: COP Situation
Specialty Plastics Business: Optical Films Situation

P.15
P.16
P.18

Elastomer Business Profit and Loss
Elastomer Business Operating Income Variance
Elastomer Business: Synthetic Rubbers Situation

P.20
P.21
P.22

Balance Sheet Overview
Cash Flow Overview
Non-operating Profit and Loss / Extraordinary Profit and Loss

P.24
P.25
P.26
P.27

H1 FY2024 Business Environment
FY2024 Performance Forecast
FY2024 Dividend Forecast
Dividend Payout Ratio and Total Payout Ratio

P.29

Action to Implement Management that is Conscious of Cost of Capital and Stock Price23

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H1 FY2024 Business Environment*H1 FY2024
FCST
OP.
Sales
IncomeFCST
FCST（Unit：100m） 2,100

Specialty
Materials
Business

Elastomer
Business

600

1,200

*As of 7/29/24

Change from the original H1 performance FCST
as of 4/25/24

150

Sales +120, OP. income +40
Yen depreciation / dollar appreciation compared to the
FCST as of 4/25/24 (US$145, €155)

90

COP: Both sales and OP. income were revised upward owing to recovery ofsemiconductor market and accelerated shipments
Optical films: Both sales and OP. income were revised upwards owing tosteady demand for large size and accelerated shipments
Battery materials: Both sales and OP. income were revised downwards due
to sluggish EV market

60

Synthetic rubbers: Sales was revised upwards owing to selling priceadjustment in response to the raw material price up. OP. income wasrevised upwards owing to firm demand for specialty rubbers and S-SBR.
Latexes: Sales and OP. income were revised upwards owing to a moderatedemand recovery for gloves and selling price adjustment in response to theraw material price up
Chemicals: Sales was revised upwards owing to a moderate demand
recovery for adhesive tape. OP. income was revised downwards due to notpass on all increases in raw material prices to sales prices.
24

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FY2024 Performance Forecast（Unit：100m）
FY2024 Forecast(as of 4/25/24)

Net Sales

Specialty Materials Biz.
Elastomer Business
Others/Eliminations, etc.

Net Sales (consolidated)

H1

H2

570
1,115
295
1,980

585
1,100
305
1,990

H1

Others/Eliminations, etc.

Operating Income (consolidated)

Full Year

1,155
2,215
600
3,970

H1

H2

600
1,200
300
2,100

505
1,050
315
1,870

FY2024 Forecast(as of 4/25/24)

Operating Income

Specialty Materials Biz.
Elastomer Business

FY2024 Forecast(as of 7/29/24)

H2

55
50
5
110

1,105
2,250
615
3,970

FY2024 Forecast(as of 7/29/24)

Full Year

100
50
5
155

Full Year

155
100
10
265

H1

H2

90
60
0
150

H1
Diff.

+30
+85
+5
+120

H1
Diff.

H2
Diff.

-80
-50
+10
-120

H2
Diff.

Full Year
Diff.

-50
+35
+15
0

Full Year
Diff.

Full Year

80
30
5
115

170
90
5
265

+35
+10
-5
+40

-20
-20
0
-40

+15
-10
-5
0

■H1 FY2024 forecast for net sales was revised to 210.0B JPY and operating income to 15.0B JPY
Q2 assumptions: US$=¥161, €=¥172, Naphtha=¥78,500, Asian butadiene=US$1,450■The full-year forecast was left unchanged after review of H2 forecast.
(Net sales: 397.0B JPY, Operating income: 26.5B JPY)
H2 assumptions: US$=¥155, €=¥165, Naphtha=¥76,000, Asian butadiene=US$1,100
25
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FY2024 Dividend Forecast（Unit：￥）

Shareholder Return Policy•

Dividend payout ratio of at least
30%•

Maintain progressive dividends•

Purchase treasury stock (Plan)

FY2024 - FY2026: 30 billion yen
FY2024: 10 billion yen (Released)
FY2025 - FY2026: 20 billion yen◼ Dividend forecast in FY2024: total ¥47/share/year (+¥2 YoY), 15 consecutive years
of increases of total dividend since FY201026
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Dividend Payout Ratio and Total Payout Ratio（Unit：JPY）
50

120%
109.7%
47

45
45

100%
40
Dividends

35

(JPY）

Total payout ratio

36

(%）

80%

Dividend payout ratio (%）

30

28
25

60%
72.1%

49.6%
20

21

22

15

30.6%

36.1%

19

55.9%
40%

22.7%
17.4%

10

30.6%
20%

22.6%

22.7%

5

17.4%

18.3%

0

0%
18年度
FY2018

19年度
FY201920年度
FY2020

21年度
FY2021

22年度
FY2022

23年度
FY2023

24年度
FY202427

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Content of Report
P.2
P.3

Summary and Segment Overview
Business Environment(Trends in Exchange Rates and Prices of Raw Materials)

P.5
P.6

Performance Summary (Overall)
Performance Summary (By Segment)

P.8
P.9
P.11
P.12
P.13

Specialty Materials Business Profit and Loss
Specialty Materials Business Operating Income Variance
Specialty Chemicals Business: Battery Materials Situation
Specialty Plastics Business: COP Situation
Specialty Plastics Business: Optical Films Situation

P.15
P.16
P.18

Elastomer Business Profit and Loss
Elastomer Business Operating Income Variance
Elastomer Business: Synthetic Rubbers Situation

P.20
P.21
P.22

Balance Sheet Overview
Cash Flow Overview
Non-operating Profit and Loss / Extraordinary Profit and Loss

P.24
P.25
P.26
P.27

H1 FY2024 Business Environment
FY2024 Performance Forecast
FY2024 Dividend Forecast
Dividend Payout Ratio and Total Payout Ratio

P.29

Action to Implement Management that is Conscious of Cost of Capital and Stock Price28

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Action to Implement Management that is Conscious of
Cost of Capital and Stock Price
After the announcement of current status of Phase 2 of the Medium-Term Business Plan, stock priceis trending weakly.
We are currently considering expanding information disclosure and reconsidering some policies
regarding business and financial strategies to bridge a perception gap between management andinvestors recognized through subsequent dialogue with shareholders. => We will update at the Q2
financial results briefing.
[Main Perception Gaps between Management and Shareholders (Our Understanding)]• Expectations for growth of battery materials and the COP business• The timeline for portfolio restructuring• Potential for improving return on capital[Matters to be Considered to Bridge the Gap (Expansion of Disclosed Information andReconsideration of Some Policies)]• Guidance on the growth potential and profitability of battery materials and the COP
business• Timeline for portfolio restructuring and measures to be taken during the process toensure profitability• Other additional disclosure on business and financial strategies and reconsider somepolicies
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29

Next Announcement

Financial
Results
Q2 FY2024

October 28th, 2024
Subject to change without notice

Zeon’s plans, forecasts, and other data appearing in this presentation were calculated based on
information which was currently available and therefore includes risks and uncertainties. Actual
results may differ depending on various factors.

Click here for
ZEON Integrated report30
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Reference: Main Risk Factors Related to FY2024 Forecasts

Positives
Early recovery inend market demand

Depreciation of the yen

Early recovery in market
conditions

Yen depreciation/dollar
appreciation

Economic recovery

Yen depreciation/euro
appreciation

Negatives
Delay recovery inend market demand

Appreciation of the yen

Prolong recovery in market
conditions

Yen appreciation/dollar
depreciation

Economic recession

Yen appreciation/euro
depreciation
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Reference：Capital Expenditures, Depreciation & Amortization（Unit：JPY100m）

FY23
322

FY23
202

FY24
380

FY24
215

FY23
182

FY24
188

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©ZEON CORPORATION. All rights reserved.

Reference：Treasury stock repurchase and cancellation（Unit：million shares）（Unit：100m JPY）

◼ Purchase of treasury stock is underway, with an upper limit of 10 million
shares/10 billion yen.
◼ All shares will be cancelled after the purchase is complete
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