Business Report 2021
Year ended March 31, 2021

https://www.kureha.co.jp/

The Pursuit of Excellence The Pursuit of ExcellenceBecoming an Excellent Company inSpecialty Chemicals

Contents

In pursuit of “a great leap forward,” we at Kureha will continue to pursue our goal of

Kureha Group’s Value Creation

being a company that creates the products which meet the needs of the times.
Corporate Identity
Mission01

Corporate Identity/ Editorial Policy / Contents of theReport / Contents

03

Top Message

09

Kureha’s History

11

Major Main Business, Products and Services, and Features

13

Growth Driver

Kureha aims to be an “Excellent Company.”

● We treasure people and the natural environment

Corporate philosophy

 We constantly evolve through innovation●● We contribute to society by developing beneficial products

Employee code of
conduct

We always act as global corporate citizens, recognizing our corporate social
responsibilities.
・In relation to our clients
We will act with sincerity and with customer satisfaction as our priority.
・In relation to our work
We will consistently pursue progress and innovation.
We will consistently respond to change and act with a global perspective.
・In relation to our colleagues
We will maintain mutual respect and exhibit teamwork.

Editorial Policy

Contents of the Report

Growth Strategy

Information Disclosure■ Reporting Period

The Kureha Group mainly uses the following reporting

The purpose of this report is to share with stakeholders the

In principle, the reporting period is the same as the fiscal year

tools and strives to disclose information systematically.

current status of the Kureha Group and the direction in which it(April 2020 to March 2021). However, some sections of thisis headed.

report may differ from the fiscal year.

Thank you for reading the Kureha Business Report.

Until FY2020, the Business Report was prepared mainly as■ Reference Guidelines

English materials to help overseas investor understand theISO 26000 Guide to Social ResponsibilityGroup, focusing on the contents of the Annual Securities

Ministry of the Environment “Environmental Reporting
Guidelines (2012 Edition)”

Report. However, from FY2021, we have decided to prepare
this report simultaneously in Japanese and English in order toprovide information to as many people as possible.
We have also changed the publication format from paper to

Ministry of the Environment “Environmental Accounting
Guidelines (2005 Edition)”■ Date of Issue

PDF. Due to the impact of the spread of COVID-19, there are

February 2022 (updated annually in principle)

fewer opportunities for face-to-face delivery, and this change is■ Disclaimer

intended to reach more people.
We hope that this Business Report will deepen yourunderstanding of the Company and show its appeal.

Kureha Business Report:
PDF (Japanese/English)
Kureha Report: Booklet/
PDF (Japanese)
This report presents thefinancial, management
and overall businessconditions of Kureha
Corporation, withinvestors and shareholders
as the primary readers.

This report includes not only past and present facts aboutpublication and issuance. These forecasts are assumptions or
judgments based on the information available at the time ofwriting and can be invalidated by unforeseen changes in
conditions. In addition, some of the figures in the tables andgraphs have been revised from previous years due to changes
in the target range and revision of the calculation method.

Mid-Term Management Plan

17

Review of Operations

22

Special Feature: Kureha’s R&D

Foundation for Value Creation
23

Corporate Governance

31

Special Feature: Dialogue with Outside Directors

37

Enhancing Human Capital: Introduction of a
New Personnel System

39

CSR Initiatives

Data Section

Kureha Corporation and group companies, but also forecastsof the future based on plans and outlooks at the time of15

Kureha website (CSR)
This website includes
information on CSR activities,
detailed performance data, andpast reports.

41

Financial and Non-Financial Highlights

43

Consolidated Statements of Financial Position

44

Consolidated Statements of Profit or Loss

45

Consolidated Statements of Changes in Equity

4７

Consolidated Statements of Cash Flows48

Corporate Data and Stock Information

Thank you for your understanding.

01

Kureha Corporation Business Report 2021

Kureha Corporation Business Report 202102

Kureha Group’s Value Creation

Top Message

enterprise that benefits society through differentiatedspecialty chemicals. We are determined to bring Kureha’s
Challenge to fruition.

Kureha Group’s Value Creation

Driven by innovation, we strive to be a high value-added

Growth Strategy

Yutaka Kobayashi
President & Chief Executive Officer

Foundation for Value Creation

10
8

Looking Back on FY2020—Effects of the Coronavirus Pandemic

Achievements and Measures to Complete from Kureha’s Challenge 2020

Although vaccinations are progressing in developed countries,

and caused a temporary slowdown in the in-vehicle lithium-

Let us look back at the five years from FY2016, when we

agricultural and horticultural fungicide Metconazole /as of November 2021 about 250 million people globally haveion secondary battery (LiB) market.

formulated the mid-term management plan Kureha’s

Ipconazole and Kremezin, a therapeutic agent for chronic

Challenge 2018 (FY2016–FY2018). At this time, we projected

renal failure, due to competition with generic products andgradual decreases in revenue and operating profit for our

drug price revisions. Launched in the 1990s, both products

been infected by the coronavirus and more than five million

From Q2 FY2020, sales recovered and then expanded. In
the Specialty Plastics segment, sales of household products

begin by expressing my deepest sympathies to those affected

and fishing lines rose as people stayed at home and an

by COVID-19 and the families who have lost loved ones, as“outdoor leisure boom” emerged. As the Group’s multi-axis

well as my sincere respect and gratitude to medical staff andbusiness portfolio includes businesses related to shale oil andothers working to support society in these difficult times.

gas, the pandemic had limited impact on performance. Kureha

0

Kureha’s Challenge Performance Trends (FY2016 Onward)
(%)

30

10

25

8

also generated temporary revenue from the treatment and

To ensure employee safety, prevent the spread of infection,

disposal of disaster waste in Other Operations. As a result,and maintain a stable supply of products, we have sincerevenue in FY2020 increased 1.5% year on year to 144.6 billion

February last year strengthened our employee healthyen, while operating profit decreased 4.3% to 17.3 billion yen

management system, refrained from business trips,

due to the disappearance of gains on real estate sales

10

improved the remote work environment, and implemented arecorded in FY2019. Profit attributable to the owners of Kureha

5work-from-home system. These measures have enabled us

was 13.5 billion yen, a year-on-year decrease of 1.6%.

pandemic, which has severely affected the world economy

2(Billions of yen)

Kureha Group moved swiftly to adapt to this new reality.

to maintain stability in production and sales despite the420

Data Section

have died. These are terrible circumstances, and I would like to

6

6

15
4
2

0

2015

2016

2017

2018

2019

2020

(FY)

0

■ Cash flows from operating activities ■ Operating profit by segment ■ Operating profit ■ Profit attributable to owners of parent
ROE

03

Kureha Corporation Business Report 2021

Kureha Corporation Business Report 202104

Kureha Group’s Value Creation

Top Message

had long been profitable. The plan thus sought to implement

Moreover, the entire company has been working as one to
expand the Advanced Materials segment, which has beena range of reforms.
These reforms were effective in reducing costs across both

positioned as a future growth driver. While the pandemic

important as our competitiveness springs from talented andterm management plan Kureha’s Challenge 2022 (final stage

committed employees.

of Kureha’s Challenge extension plan), to be implemented

In light of these changes in the internal and externaldelayed profit growth for polyglycolic acid (PGA), which is usedenvironment, we are determined to follow through withsegment, we spun off the blow bottle business (demerger) as

in frac plugs for shale oil and gas extraction, sales of vinylidene

Kureha’s Challenge. To this end, we have drafted the mid-its profits base was unstable due to all raw materials being

fluoride resin (PVDF), a binder material in LiBs, have grownpurchased from outside Kureha, while targeting higher profits insharply with the spread of electric vehicles and we expect

the consumer goods category, which includes home products

further expansion.

such as NEW Krewrap plastic wrap and the Seaguar fishing

Kureha’s Challenge 2022 (Final Stage of Kureha’s Challenge Extension Plan)

In this way, we have steadily improved the Kureha Group’sline. In Other Operations, we strengthened the profit base in the

profitability in the five years since FY2016. In fact, segment-

environmental business (treatment and disposal of industrial

by-segment operating profits and operating cash flow

waste such as low-concentration PCBs) by acquiring a final

increased even in FY2020, when the pandemic damaged

 Following through on Remaining Tasks,
Identifying New Issues for the Future, andCreating an Action Plan

disposal site for industrial waste.

economies worldwide.

The final stage of the extension plan rests on two pillars. First,
completing the measures remaining from the previous mid-(Billions of yen)

the PGA business and identifying and developing new

9businesses. Second, clarifying the future vision of Kureha

8Group and formulating an action plan to fulfill this vision from a

7

medium- to long-term perspective.

6

Resolving outstanding issues will strengthen the Group’s

5earnings base and improve corporate value in the medium- to

4long-term (until 2030). Identifying issues far in advance andcreating an action plan will enable us to develop differentiated2

products as a specialty chemical company and grow as a1high value-added enterprise that continually contributes to02015■ Advanced Materials

2016■ Specialty Chemicals

2017

2018

2019

2020 (FY)■ Specialty Plastics ■ Construction ■ Other Operations

society. By pursuing excellence across aspects of finance,
environment, and society, we seek to become a group that is
highly regarded by all stakeholders even after 2030.

existing products, we will activate personnel exchanges
between research and business divisions and strengthenmarketing activities.
“Identification and development of new businesses”
narrows down the themes that have been developed andcommercialized so far and accelerates the development ofpromising themes. We will also strive to significantly raise ourcontribution to the resolution of long-term social issues, suchas reducing environmental impacts. To that end, we will
accelerate innovation by integrating in-house and external
technologies, which in turn will create new businesses.
“Strengthening management foundations” addresses
several key issues. We will continue to fortify our new performance-focused personnel system; strengthen production
technology and cost-competitiveness by promoting digitization; and strengthen Sustainability Management with a view tofulfilling the UN Sustainable Development Goals and achievingcarbon-neutrality.

Four Management Goals

Re-Extending Kureha’s Challenge

The final stage of the Kureha’s Challenge extension plancontains four management goals.

90

and develop new businesses; and strengthen management

which
80 is an extension of the mid-term management planfoundations—have yet to be met.

70
Kureha’s
Challenge 2018. As a company driven by60
innovation, we have defined the Kureha Group’s ideal as “a50high-value added enterprise that develops differentiated40
products
in the field of specialty chemicals and continually30
20
contributes
to society.” We are now working to realize this10
goal. The challenge is two-fold.
0

90
80
70
60
50
40
05
30

seeks to allocate human resources to the right place. To fully“Expansion of Advanced Materials businesses” sets out
three priority issues. First, to expand the PVDF business, weOn the other hand, there is a growing number of issues

will start construction of a third PVDF factory in Changshu,that require new initiatives, driven by rapid social changes

Jiangsu Province, China. Second, to solidify the foundation ofand new demands placed on businesses. Japan’s

the PGA business, we will increase the market share of PGA

government has declared that it will be carbon neutral byfrac plugs with focus on medium- and high-temperature

2050 as part of the fight against global warming. In

mining areas, while developing improved products for low andresponse, the Kureha Group will seek to reduce CO2

ultra-low temperature conditions, with a view to market launch

On the one hand, among the plan’s five management

emissions from energy sources by 20% from 2013 levels byin 2022. In the polyphenylene sulfide (PPS) business, we willgoals, we recognize that only the strengthening of the PVDF

2030. We must now consider concrete measures to achieve

work with domestic partners to raise profitability.

business has proceeded as planned. The remaining four—

this goal. Furthermore, as Japan’s aging and declining

expand the PGA business and generate profit; optimize

population makes corporate recruitment more difficult, wecategorize businesses by factors such as profitability, growthbusiness models for existing businesses; globally explore

have also introduced work style reforms. This is vitallypotential, and differentiation, and review strategies and growth

Kureha Corporation Business Report 2021

emphasizes role- and performance-based compensation andData Section

FY2020 was the final year of Kureha’s Challenge 2020,

Our new personnel system, introduced in October 2021,

Foundation for Value Creation

3

business environment. Also, to develop new applications for

Growth Strategy

term management plan, such as solidifying the foundation for

Operating Profit Trend by Segment

measures for operations facing drastic changes in the

Kureha Group’s Value Creation

the parent and group companies. In the Specialty Plastics

over FY2021 and FY2022.

Under “Optimization of existing businesses,” we will

Kureha Corporation Business Report 202106

Kureha Group’s Value Creation

Top Message

utilize senior expertise, we will gradually raise the retirement

these will significantly impact on the Group’s businessage to 65 from March 2022. Our ambition is to realize aenvironment, they also represent opportunities for Kureha tocorporate culture in which Kureha’s growth andapply its expertise.

transformation is driven by strongly motivated employees who

I am confident that the features and strengths of theGroup’s technologies and products can be applied to energy

Kureha’s Carbon Neutrality Committee, established as aand resource conservation, wastewater and exhaust

dedicated organization in April 2021, was expanded into thepurification, increased grain production, extended food

Carbon Neutrality Project in September. Tasked with

expiration dates, and more, thus contributing to comfortable,

promoting a circular economy and supporting Japan’s goal ofenvironmentally friendly lifestyles.

carbon neutrality by 2050, the Project will not only seek toKureha will realize sustained corporate value growth by

reduce greenhouse gas and waste emissions within thedeveloping such product groups using technologies that otherGroup, but also develop and commercialize selectedcompanies do not possess, differentiate them in the market

technological themes.

with high functionality and high quality, and grow them into

Kureha’s future will be shaped by a range of environmental,social, and economic changes, such as Japan’s move toward

Kureha Group’s Value Creation

take pride in their work as professionals.

global businesses.
Together with our employees, we will follow through on the
final stage of the Kureha’s Challenge extension plan andrecycling society, the marine plastics problem, global

complete the Group’s foundation for future sustainable growth.

Growth Strategy

carbon neutrality in 2050, the transition to a resourcepopulation growth, demographic aging, and more. While all of

Status and Future of PVDF and PGA, the Main Products of the Advanced
Materials Segment

As electric vehicles become more common, it is vital that we
expand the production capacity of PVDF to meet growing

Plant is constructing an upstream process (scheduled for

While expanding the frac plug-centered PGA business, we

can be flexibly leveraged in consideration of the given

completion in spring 2022), and a third PVDF plant

will continue R&D into this material with a view to expanding

financial situation. We have also set a return on equity (ROE)(production capacity 10,000 tons/year) in Changshu, China

usage to applications that can help resolve environmental

target of 8% to raise capital profitability, effective from ourwill start commercial production in 2024. These additions

issues, such as marine plastic pollution.

previous mid-term management plan. In the future, we will

will almost double Kureha’s PVDF production capacity.

Meeting the Expectations of All Stakeholders

also begin managing businesses and investments based on

Prefecture) and started commercial production. The

In October 2016, we established Kureha Energy Solutions

discern what will come post-corona. Even so, we see

manufacturing facility in Changshu, China increased its

LLC (Houston, United States) and started direct sales ofgovernments, companies, schools, societies, and individuals

production of in-vehicle LiB binders last year. We are now

PGA frac plugs used in hydraulic fracturing during shale oilworking steadily toward the transition to a circular economy

selling to major battery manufacturers in South Korea

and gas extraction. Sales grew steadily until FY2019, but

and global decarbonization, as outlined in the UN

and China.

FY2020 saw decreased revenue as US shale oil and gas

Sustainable Development Goals.

In Q1 FY2020, the pandemic triggered inventory
adjustments of electric vehicles and in-vehicle LiBs.

production halved due to the sharp drop in crude oil prices
and the pandemic curtailed energy demand.

overseas, the pandemic is not yet over, and it is difficult toKureha Group is committed to doing its part. We are an
enterprise that leverages talented employees and proprietary

However, from Q2 the industry started to recover in China

With US demand for gasoline and aviation fuel now

and Europe, and revenue and operating profit from PVDF

regaining its pre-corona strength, we aim to grow revenue by

reduce environmental impacts and contribute to agrew significantly as governments and automobile

strengthening sales activities in response to the recovery insustainable society. Through profit growth, we strive to raise

manufacturers announced carbon neutrality goals andshale oil and gas production, with a view to returning toour corporate value and meet the expectations ofoutlined shifts from gasoline-powered vehicles to electric

profitability in 2023. Our PGA plugs stand out due to theirstakeholders.

vehicles, which prompted major battery manufacturers todegradability and require less post-treatment after fracking than

Regarding shareholder returns, our basic policy is toexpand production.

conventional metal plugs, saving energy and labor for miners.

strengthen our corporate structure to achieve medium- to

PGA is a hydrolytic and biodegradable resin with higher

long-term growth, enhance internal reserves in preparation

We will continue to strengthen our production system tomeet the demands of the growing LiB market. The Iwaki

Kureha Corporation Business Report 2021

strength and gas barrier properties than existing engineering

technologies to provide products and services that can

the rate of return on invested capital (ROIC).
As per the revised Corporate Governance Code published
June 11, 2021, we recognize the need to enhance ESG
information disclosure and promote dialogue withstakeholders. To this end, we have renewed our website’s
CSR section in line with the Global Reporting Initiative (GRI)
and strengthened Kureha’s sustainability reporting. Business
Report 2021, which you are now reading, includes mydiscussion with outside directors about the Board of
Directors and the governance of the Company.
Kureha Group is committed to full information disclosure

Data Section

Although vaccinations are progressing in Japan andthe expansion of the Iwaki Plant (Iwaki City, Fukushima

Solidifying the Foundation of the PGA
Business for a Return to Profitability in 2023

demand for in-vehicle LiBs. In February 2019, we completed

07

continuous dividends. We will acquire treasury stock that
Foundation for Value Creation

 Expanding the PVDF Business		
Revenue of 18 Billion Yen in FY2020(+37% Year on Year)plastics, and we expect it to be widely used in the future.

and will continue to maintain an open dialogue withstakeholders and listen to their views, while maintaining
sustained corporate value growth.
We thank you for your investment and confidence in us
and look forward to your continued support.

for future business development, and pay stable andKureha Corporation Business Report 202108

Kureha Group’s Value Creation

Kureha’s History

A Proud History of Developing Original,
Innovative Technology
1939

1960

Showa Jinken Co., Merged with KurehaLtd., the predecessor Spinning Co., Ltd.
company, wasestablished.

1944 Establishment

Kureha Chemical Industry Co., Ltd. was established.
Produced monochlorobenzene, caustic soda,
chlorobenzene, chloronaphthalene, etc.

1987

2003

	

Withdrew from the commodities
business under a program ofPlant of KUREHA (CHANGSHU)
selection and concentration. This FLUOROPOLYMERS CO., LTD.
restructuring aimed at expanding
the scope of our specialty
business, with a focus on advanced
materials, pharmaceuticals andagrichemicals, and high-barrier
packaging materials.

1975

nt
展e開
pm
loル
バ
e
v
ー
e
ロ
d
l
lobaグ

Fortron KPS

1977
Kureha Chemical Industry Nishiki Plant

Launched sales of anticancer agent Krestin.

Original design of Krewrap

1954

Listed on the Tokyo
Stock Exchange.

zationutililorine

ch
h用
H度ig利
高
素
塩

1953

1958 

Received the 8th
Deming Prize.

1962

The Nishiki Plant Research Center(now the Central Research Center)
was established.

1965

Construction of the new head
office building (in Tokyo’s
Nihonbashi Horidome-cho) wascompleted.

1969

2012

1991

1986

Launched sales of therapeutic agent forchronic renal failure Kremezin .

The Ibaraki ResearchLaboratory (now thePolymer Processing
Research Laboratories)
was established.

1989

1993



Launched sales of agricultural fungicide
Metconazole, Ipconazole , negativeelectrode material for lithium-ion
secondary batteries CARBOTRON P
and binder for electrodes KF Polymer.

Released New Krewrap in which the package
design was changed to a fresh-fruit patternwith functional improvements.

Started commercial
production of thepolyglycolic acid (PGA)
U.S.A. plant.

2005



In 2005, the company name was changed
from Kureha Chemical Industry to Kureha
Corporation. This rebranding was part of aneffort to expand our business and achieve
global growth, without being bound by theimage of a chemical company. Kureha
continues to provide beneficial products that
help improve the global environment and livesof people around the world.

Data Section
Following World War II, Kureha began exploring highdegree applications for chlorine produced withcaustic soda. One of the first products to emerge
from this R&D was polyvinylidene chloride,developed through Kureha’s own efforts without
reliance on foreign technologies. We later made useof our original technologies in such areas as organic
synthesis and polymeric chemistry to develop an
extensive lineup of chemicals and plastics.

cess
pro開
l
a
発
c
i
em
セス
oc学h・
プnロ
Pe油tr化t
石evelopme
d

ation
nt向
志
e
i
ィ
r
o
テ
y
t
ャl リ
シia
ec
S
スpペ

Foundation for Value Creation

1949

The Tokyo Research Center (now theCentral Research Center) was established.

G

Growth Strategy

The Food ResearchLaboratory (now thePolymer Processing
Research Laboratories)
was established.

Started commercial
production of the PVDF
China plant.



Focused on developing unique and specialty
products and various products for the world.
Launched sales of engineering plastic Fortron
KPS in 1987.



Kureha developed the world’s first crude oilpyrolysis technique. The technology derived
from this project formed the cornerstone forthe creation of carbon products and Kremezin,a therapeutic agent for chronic renal failure. In
1960 Kureha also developed Krewrap , the firsthousehold plastic wrap in Japan, and in 1977
KRESTIN (an anticancer agent).

2015

Launched sales of
Kremesin fine grain.

Kureha Group’s Value Creation

1934

2000



Developed the world’s first
technology for crude oil cracking.

Corporate brand logo

Launched sales of carbon fiber
Kreca .

New Krewrap

Sausage ligature process using a stamping machine09

Kureha Corporation Business Report 2021

Kureha Corporation Business Report 2021

10

Kureha Group’s Value Creation

Major Main Business, Products and Services, and Features
Specialty Plastics

Construction and Other Operations

Advanced Materials include a variety of plastic andcarbon products. Polyphenylene sulfide (PPS), an
engineering plastic with heat resistance and otherfeatures, is used in automobile parts and electronic
housing. Polyvinylidene fluoride (PVDF) is used inbinders for lithium-ion (LiB) secondary batteries,
industrial valves and other products such as fishing lines,
speakers and sensors that are handled by the Group.
Polyglycolic acid (PGA), which boasts high gas barrier
performance in addition to biodegradability, is expected todevelop as a material for shale gas and oil downhole tools.
Carbon products include carbon fiber and sphericalactivated carbon. Carbon fiber is mainly used as a heatinsulating material in high-temperature heat treatment
furnaces, and spherical activated carbon contributes tosociety in the fields of gas adsorption and water purification.
In addition, Kureha Microspheres, which arethermally expandable microcapsules, are used as aresin additive to reduce the weight of automobile partsand soles and to provide heat insulation.

Specialty Chemicals include agrochemicals,
pharmaceuticals, and basic industrial chemicals. There
are two kinds of agrochemicals, the fungicide
Metconazole used for wheat and corn, and the seeddisinfectant Ipconazole. As the world’s population
grows and food demand increases, we are contributing
to solving social issues.
In pharmaceuticals, we handle the therapeutic agent
for chronic renal failure KREMEZIN and the therapeutic
agent for chronic renal failure in cats COVALZIN.
As for basic industrial chemicals, we sell inorganic
chemicals such as caustic soda and hydrochloric acidproduced at the Kureha Iwaki Plant, andchlorobenzenes produced only by Kureha in Japan.

Household products include the home-use wrap film
New Krewrap, which uses a plastic cutter that anyone
can cut easily. Because it is made from PVDC film that is
resistant to oxygen and water vapor, it is possible topreserve food while maintaining freshness and moisture.
In addition, the Kichinto-San series, which makes
kitchen activities fun and convenient, aims to makeeveryday housework more comfortable from thecustomer’s point of view in the areas of cooking, hygieneand preservation.
Krehalon Film, a food packaging material forcommercial use, is made from PVDC, which is the sameraw material as New Krewrap. Because it can besterilized at high temperatures and pressures, Krehalon
Film is mainly used for packaging retort sausages,
enabling them to be stored at room temperature.
In leisure-related products, we have launched theworld’s first fluorocarbon fishing line Seaguar to support
fishing activities for customers.

Construction and Other Operations mainly consist of
businesses of Kureha Group companies. Construction
businesses include construction and civil engineering by
the Kurehanishiki Construction Group, which
contributes to local communities in and around
Fukushima Prefecture.
Other businesses include the environment,
transportation and hospital businesses. We operate
Kureha Ecology Management Co., Ltd., which
specializes in the treatment of hazardous waste, in theenvironmental business; Kureha Unyu Co., Ltd., which
specializes in the transportation of chemical products, inthe transportation business; and Kureha General
Hospital (Kureha-kai Medical Corporation), which is acore hospital in the southern part of Iwaki City, in thehospital business.

Products

Products

Products

Products

Major applications

Major applications

Agrochemicals
Metconazole
Agricultural fungicide active ingredient for wheat,corn, rapeseed, and soybean, etc.

NEW Krewrap
Home-use wrap film

PVDF

Ipconazole
Seed treatment fungicide active ingredient forrice (Japan)
Seed disinfectants for corn, wheat, soybean, etc.
(Overseas)

Kichinto-San series• Cooking
Foil sheet, cooking sheet, draining garbage
bag, storage container

KF Piezo
Sensors, violin pickups, speakers

Pharmaceuticals
KREMEZIN
Therapeutic agent for chronic renal failure

Microsphere
KUREHA Microsphere
Interior material, weather strip, glass run channel,sole, wallpaper

Challenges Solved by Products and Services

Challenges Solved by Products and Services⃝Protectes crops from harmful insects, improvies productivity
and ensures production volume (Metconazole)⃝Is effective with low-dose agrochemicals against crop disease(Ipconazole)⃝Supports the healthy lives of people and cats (KREMEZIN, COVALZIN)⃝Promotes effective use of limited raw materials through electrolysis
of industrial salts (chlorine, caustic soda, chlorobenzene)• Fishing line
Seaguar series• Packaging material for commercial use
Film for sausage

Challenges Solved by Products and Service⃝Reduces waste (New Krewrap)⃝Provides customers with a more comfortable routine ofhousework (Kichinto-San series)⃝Enables long-term preservation of fish and meat sausages(Krehalon Film)⃝Supports fishing life (Seaguar)

Kurehanishiki Construction Co., Ltd.

Providing safe, secure, and comfortable living
environments related to construction, civilengineering, housing, and plants

Kureha Engineering Co., Ltd.

Maintenance and management of Kureha’s plant

Kureha Ecology Management Co., Ltd.
Appropriate treatment and disposal of industrial
waste

Kureha Special Laboratory Co., Ltd.

Environmental and physiochemical testing andanalysis

Challenges Solved by Products and Service⃝Provides safe, secure and comfortable living environments (Kurehanishiki
Construction Co., Ltd.)⃝Enables proper management and treatment of industrial waste and use ofwaste heat (Kureha Ecology Management Co., Ltd.)⃝Supports research in the field of environmental protection andpharmaceuticals (Kureha Special Laboratory Co., Ltd.)⃝Provides logistics aiming for safety, reliability and efficiency (Kureha Unyu
Co., Ltd.)⃝Contributes to industrial development in response to needs from a wide
range of chemical fields (Kureha Trading Co., Ltd.)⃝Contributes to local communities through medical care and provision ofhigh-quality medical care (Kureha General Hospital)

Sustainable social development and contribution to the SDGs

Sustainable social development and contribution to the SDGs

Sustainable social development and contribution to the SDGs

Sustainable social development and contribution to the SDGs

▶Mitigates global warming by saving resources andreducing greenhouse gas emissions		
▶Secures safe water and cleaning of the global environment▶Contributes to industrial infrastructure and technologicalinnovation		▶Increases food productivity and secure food production
volume▶Reduces food loss

▶Realizes a low-carbon society▶Ensures safe and stable food

▶Ensures the health of all people

Kureha Corporation Business Report 2021

▶Supports the healthy lives of people▶Promotes efficient use of natural resources

Data Section⃝Improves fuel efficiency and reduces CO2 emissions by making
vehicles lighter (PPS)⃝Reduces CO2 emissions by promoting electric vehicles
equipped with LiBs (PVDF)⃝Develops industry and creates new products by popularizing
semiconductor products (carbon products)⃝Refines wastewater and cleaning exhaust (carbon products)⃝Promotes securing energy resources efficiently (PGA)

COVALZIN
Therapeutic agent for chronic renal failure in cat

Household products

Major applications

Foundation for Value Creation

PPS
Fortron KPS
Bag filter, engine room parts, electrical/electronicparts, water mixer taps

KF Polymer
Lithium-ion secondary battery, filter, guitar string,chemical valve

11

Major applications

Growth Strategy

Specialty Chemicals

Kureha Group’s Value Creation

Advanced Materials▶Promotes environmental conservation and energy 		
conservation through industrial waste treatment

Kureha Corporation Business Report 2021

12

Kureha Group’s Value Creation

Growth Driver

Alongside current businesses, Kureha is pushing the limits of core technologies in organic synthesis,

Kureha Hold Some 40% of the World Market for In-Vehicle PVDF Binder Materials
LiBs are secondary batteries that charge and discharge by

The binder, which is an adhesive, connects them to themoving lithium ions (Li +) between positive and negative

current collectors. The adhesiveness of the binder, anelectrodes. The main components are electrodes, aimportant characteristic, determines battery performance. It

separator that separates and insulates between the positive

must be able to firmly adhere the active substances to eachpolymers, carbon control, evaluation, and process engineering. Looking to the society of the future, weelectrode and the negative electrode, and an electrolytic

other, as well as the active substances to the current

have positioned the environment, energy, life science, electronics, and mobility as priority areas forsolution. As a binder material, Kureha’s vinylidene fluoride

collector. However, the binder also has an internal resistancefuture R&D. Through fusion with other technologies, we will create growth drivers enabling Kureha toresin (PVDF) is critical to the functioning of LiBs.

that affects conductivity, so it should exhibit as little

The electrodes function as "active substances" that

resolve social issues.

adhesiveness as possible.

transfer electrons (e-) and stores and releases lithium ions.

Active substance

Kureha Group’s Value Creation

Resolving Social Issues with Technologies
and Values That Connect Present and Future

BinderExpanding Demand for In-Vehicle Lithium-Ion Batteries for a Carbon-Free Society
electrification. Most electric vehicles use lithium-ion batteries

full swing, and environmental regulations are being tightened(LiBs) due to their light weight, high energy density, and low

across the world.

capacity deterioration from repeated charging andCurrent collector

discharging.

The European Commission will virtually ban the sale ofvehicles with internal combustion engines in 2035. US

There is now strong demand for resolving remaining LiB

President Joe Biden has signed an executive order thatissues such as improving reliability, increasing capacity toincludes the goal of maximizing the ratio of zero-emission

extend mileage, increasing output to improve driving

vehicles to 50% in 2030. Similarly, China has announced

performance, achieve high-speed charging and discharging,

substances, electrical stability across a wide potential range,technologies, we can continuously raise the performancethat by 2035 all new vehicles sold will be environmentally

reducing battery costs, and improving charging equipment.

and high permeability for lithium ions. It meets all

and quality of our products and respond promptly to theperformance aspects required of a binder.

needs of customers and society.

*1 BEV: An electric vehicle powered by a battery charged using an external
power source.

We can thus expect the electric vehicle proportion of
global automobiles sales to increase rapidly in the future.
In-vehicle batteries are a key technology enabling this shift toin-vehicle LiBs globally. By upgrading and innovating unique

Kureha’s PVDF exhibits high adhesion to active*2 FCV: An electric vehicle that uses an on-board fuel cell for electricity 		
generation and is powered by an electric motor.

Predictions

In particular, the PVDF grade known as special polymer

now constructing new facilities to increase production

and is sold as a binder for ternary LiBs. Demand for using

capacity from the current 11,000 tons (Japan and China) tosuch batteries in electric vehicles is expanding due to their

21,000 tons by summer 2024. To reduce environmental

high capacity, high energy density, and high safety.

impact and costs, we will also work to raise production
efficiency.

To manufacture PVDF, Kureha uses a method calledsuspension polymerization, which enables high functionality⃝ Open innovation
 echnology⃝T

introduction

Past
Kureha Corporation Business Report 2021

manufacture PVDF in this way, as it requires special

development of solid-state battery technology for next-

polymers. Due to the high quality of Kureha’s special

generation vehicles.

Value provided
by Kureha’s current
technologies

Present

EnergyLife science

Electronics

Mobility

and more…

Used as a binder material for in-vehicle lithium-ion batteries

Resolution ofsocial issues

FutureData Section

Technology value

Organic synthesis
Polymer
Carbon control
Evaluation technology
Process engineering

anticipate the needs of the times and support the(Growth driver)
Environmental

Proprietary technologies
cultivated sincecompany founding

Furthermore, as a pioneer of LiB binders, we willthrough a special form of polymerization. Few companies

polymers and solid track record, our PVDF is widely used in

Required technology and values⃝O utsourcing

13

Connecting present
and future

To meet growing demand for in-vehicle LiBs, Kureha isexhibits high adhesive performance even in a small amountFoundation for Value Creation

friendly, with half being either BEVs*1 and FCVs*2.

Growth Strategy

The global momentum toward carbon-neutral societies is in

PVDF

Kureha holds around a 40% share of the worldwide market
for automotive PVDF binders.
Kureha Corporation Business Report 2021

14

Growth Strategy

Mid-Term Management Plan

After completing the final year of Kureha’s Challenge 2020, which was an extension of the Kureha’s
Challenge 2018 mid-term management plan, we formulated Kureha’s Challenge 2022, an extension foranother two years. We will follow through to resolve issues and aim to fulfill our vision of what Kureha
wants to be.

The top priority during the final stage of the Kureha’s
Challenge extension plan is to enhance a corporate culture of“following through” while communicating our commitmentoriented stance to stakeholders.

Heading
towards adesirable future
Action(following
through)

While “following through” the resolution of existing issues
during the final stage of the Kureha’s Challenge extension
whose main markets are the shale oil/gas industry and theautomobile industry, fell short of the target due to thenegative impact of COVID-19 on the domestic andoverseas economies from the beginning of the fiscal year.
Accordingly, operating profit was 17.3 billion yen, downslightly from the previous fiscal year, primarily due to an
impairment loss in the PGA business. Except for (2)strengthen the PVDF business for further expansion, we
recognize that we are still halfway to achieving four of thestated management goals.
Below is an outline of the results for each management
goal.

Achieved profit target and began construction of a new facility at the Iwaki Factory to increase
production capacity. Construction plans for an additional factory are also under consideration.
The home products business achieved its profit target and the transfer (company split) of the blowbottle business was completed. Profit growth was slow in the PPS business, while commercial-use
packaging materials business was sluggish.

Promoted collaboration with multiple start-up firms.
(4) Explore and develop new
businesses in Japan and overseas Invested resources in the development of new agrochemical and PVDF products.
(5) Strengthen our management
Achieved cost reduction targets and promoted digitalization and operational efficiency.
foundations
Depreciation and Amortization

R&D Expenses(Billions of yen)(Billions of yen)

12.1

11.7

6.0

11.7

5.6

6.1

(Billions of yen)

37.3
29.5

・Solidify the foundation of the PGA business by expanding
the market share of existing products and launching/expanding sales of new products
・Expand profits from the PVDF business and start
construction of a new factory
・Improve profitability in the PPS business by strengthening
cooperation with business partners② Optimize existing businesses

Interest-Bearing Debt
(Billions of yen)

① Expand the Advanced Materials businesses

30.2

・Review business strategies and measures in responseto changes in the business environment
・Develop new applications for existing products(FY2021 Plan)

Areas we can offer solutions to:・Mobility market: lightweight, high performance and low carbon solutions
・Materials to reduce environmental load
・Carbon neutrality
・Zero emission
・Sustainable food production
・Food loss reduction
・Chemical recycling

Environment

EnergyLife③ Identify and develop new businesses

・Develop and commercialize environmental load
reduction technology to contribute to society ★
・Accelerate ongoing product development
・Create new businesses through collaborations that bring
together in-house technology and external technologies④ Strengthen the management foundations

・Introduce and disseminate a new personnel system (further
emphasize roles and performance orientation and extend
the retirement age) ★
・Continue to strengthen production technology and costcompetitiveness・Advance digitalization and strengthen IT-related humanresources
・Strengthen ESG management with an eye toward SDGs
and carbon neutrality ★

Data Section

17.0
14.3

・Commit to achieving four management goals
・Achieve quantitative goals set ona year-by-year basis reflecting theimpact of COVID-19(★ indicates new priority measures)

Decreased sales led to increased losses. There were also delays in new product development.

(3) Optimize the business models of
existing businesses

Backcasting(Management Goals and Priority Measures)

Results for two years(1) Expand the PGA business andgenerate earnings(2) Strengthen the PVDF business forfurther expansion

Food shortages
Globalizationand polluted
waterand diversity
resources Accelerating
Globaltransition to
population
Increasing
zero waste
geopolitical growth & aging Climate
societysocietyconflicts
change(trade wars)
Changing
individual
Carbonlife styles neutrality
Digitalization
Kureha’s
and social
Challenge
network Improved living
standards andMarine2022
advanced
plastic
medical carepollution

Kureha aspires to become a highvalue-added enterprise that develops differentiated products in thefield of specialty chemicals andcontinually contributes to society

Foundation for Value Creation

Management goals

Action plan
to fulfill our
future vision

Environment &Social Trends

Growth Strategy

The two-year period of Kureha’s Challenge 2020 (KC2020)
was designated as “a period to lay the foundation for future
expansion.” During this time, Kureha’s operations wereguided by the following management goals: (1) expand the
PGA business and generate earnings, (2) strengthen the
PVDF business for further expansion, (3) optimize thebusiness models of existing businesses, (4) explore anddevelop new businesses in Japan and overseas, and (5)strengthen our management foundations.
In FY2020, the final year of KC2020, earnings in the
Advanced Materials segment and Other Operations
expanded, but earnings in the Specialty Plastics segment,

14.9① Instilling a “follow through” attitude in our corporate
cultureplan, we will also set specific goals and action plans toachieve sustainable growth into the future.

②    Establishing the future vision of the Kureha Groupand formulating an action plan from a medium tolong-term perspective

Review of FY2020

Capital Expenditure(Basic Stance)

Kureha Group’s Value Creation

Establishing Kureha’s Challenge 2022 with
the Re-Extended “Kureha’s Challenge”

Summary of the Mid-Term Management Plan: Kureha’s Challenge 2022 (the Final
Stage of Kureha’s Challenge Extension Plan)

Quantitative targets
2019

2020

2021 (FY)(Initial forecast)

ROE

2019

2020

2021 (FY)(Initial forecast)

ROIC

8.4

7.7

2020

2021 (FY)(Initial forecast)

ROA

6.3

6.5

2019

2020

2021 (FY)(Initial forecast)Given that the impact of COVID-19 on the domestic and overseas economies remains unclear, the plan outlines quantitative targets
to be achieved on a year-by-year basis.

Debt Equity Ratio

(%)

(%)

9.0

2019

(%)

7.1

6.1

7.3

7.0

FY2020 results

(%)

0.24

0.23
0.16

Revenue (Billions of yen)

144.6

150.0

Operating profit (Billions of yen)
Operating margin (%)

17.3
11.9

15.0
10.0

Profit attributable to the owners of parent (Billions of yen)

13.5

10.7

691.33548.22

Earnings per share (Yen)
2019

2020

2021 (FY)(Initial forecast)

2019

2020

2021 (FY)2019(Initial forecast)

2020

2021 (FY)(Initial forecast)

2019

2020

2021 (FY)(Initial forecast)

FY2021 plan

(Presumptions) Currency exchange rates: US$1=¥107, €1=¥128, CHN¥=¥16.5; Crude oil prices: $60/bbl (1st half year), $55/bbl (2nd half year)

Note: The figures in FY2021 are the planned figures for the mid-term management plan KC2020.

15

Kureha Corporation Business Report 2021

Kureha Corporation Business Report 2021

16

Growth Strategy

Review of Operations

Pick Up
機能製品事業
Advanced Materials

Current Status
and Strategy （PGA）
of the Polyglycolic
Acid (PGA) Business
ポリグリコール酸
事業の現状と戦略
Kureha is the only company in the world to successfully

In the advanced plastics business, revenue increased as a result of

mass-produce PGA, a biodegradable resin with high gas

higher sales of polyvinylidene fluoride (PVDF) for binders for lithium-ion

barrier properties. The material is shaped into so-called frac

(LiB) rechargeable batteries, although sales of polyphenylene sulfide

plugs, which are used in shale oil and gas extraction in(PPS) and processed polyglycolic acid (PGA) for shale oil and gas

North America.

drilling applications decreased. Operating profit remained unchanged

In FY2020, the market shrank to less than half due todue to a rise in operating losses in the PGA business and a decrease in

crude oil price fluctuations caused by the pandemic. Al-

earnings from U.S. joint ventures accounted for by the equity method.

though oil prices have gradually recovered since then, theIn the carbon products business, revenue and operating profit fell due
to a decrease in sales of carbon fibers for sliding materials forautomotive parts and insulation materials for high-temperature furnaces.

Operating profit(Billions of yen)

6

60
50

5

40

4

20

2

10

1

0

0

FY2020(Results)

FY2021(Initial forecast)have low underground temperatures, which has required us

percent of the total frac plug market and is in the phase of

to develop a new ultra-low temperature grade in addition toincreasing its share among conventional metal frac plugs.

existing grades.

Amid a gradual recovery in the shale oil and gas drilling market, we aim

To increase the attractiveness of our product, we have

Although the development of this new grade has been

to expand sales of PGA in existing markets (mid- and high-temperature

moved away from the conventional strategy emphasizing

delayed from the initial plan, we are proceeding with resin

added value to one based on quantity-based, flexible pric-

modifications and design adjustments to the frac plug toing. We have also opened five service centers to quickly

improve degradability. Through such refinement, we aim toreflect end-user feedback in our products. Such fine-increase our market share in the Permian Basin.

wells) through flexible pricing and design improvements in existingproducts, which we initiated in the second half of 2020. Demand for
PVDF binders for automotive LiBs is growing due to the rapid expansion
production capacity. Sales of PPS are expected to rise due to thecontribution of the new 5,000-ton plant completed in January 2021.
Based on the above, we expect revenue and operating profit to increase

FY2019(Results)

conditions, our PGA plug still only accounts for a few

tuning to specific needs in combination with speedy

Our goal of expanding and generating profit from the PGA

delivery has led our PGA plug to enjoy a very high level ofbusiness was not met during the previous mid-term man-customer satisfaction.

agement plan, Kureha’s Challenge 2020. However, we are

To expand our presence, we are also developing new frac

determined to succeed during the final stage of the Kureha's

plug grades. Underground conditions, such as temperature,

Challenge extension plan (2021 to 2022). By 2023, we aimin the previous fiscal year, due to a time lag before orders are placed,vary widely across shale oil and gas wells. Many wells in theto return to profitability by increasing the share of PGA fracalthough some customers, such as those using carbon fiber for

Permian Basin, which is the largest market in North America,

plugs in North America.

in the advanced plastics business.
Shipments of carbon fiber are forecast to remain at the same level as

insulation materials, are operating well. Revenue and operating profit in
the carbon products business are expected to decline due to soaring
raw material prices and differences in the product mix.

Foundation for Value Creation

3

While Kureha faces headwinds due to current market

FY2021 Forecastof the electric vehicle market, but sales growth will slow reflecting limited30

return to pre-corona levels is expected to take time.

Growth Strategy

Revenue

Kureha Group’s Value Creation

FY2020 Results

Shale Oil and Gas Extraction Process

Data Section

Polyphenylene sulfide (PPS)
Kureha’s PPS has excellent mechanicalstrength, heat resistance, chemical resistanceand flame resistance, and is highly regarded
worldwide as a super engineering plastic.

Key products• Polyphenylene sulfide (PPS)• Polyvinylidene fluoride (PVDF)• Polyglycolic acid (PGA)• Carbon fibers• Bead-shaped activated carbon
17

Kureha Corporation Business Report 2021

Kuredux(PGA frac plug)

Polyvinylidene fluoride (PVDF)
PVDF is a super engineering plastic
with an excellent balance of chemical
resistance and moldability, used insuch fields as electronic materials andwater treatment membranes.

Carbon products
Kureha’s carbon products have excellent heat
resistance and offer a wide variety of productshapes such as thread, felt, sheet andcylindrical shape.

Kureha Corporation Business Report 2021

18

Growth Strategy

Review of Operations

機能製品事業Specialty Chemicals

機能製品事業Specialty Plastics
FY2020 Results

Sales of KREMEZIN, a therapeutic agent for chronic renal failure,In the consumer goods business, revenue and operating profit

decreased, but sales of Metconazole and Ipconazole, agriculture andincreased as a result of higher sales of New Krewrap home-use wrap

horticulture fungicides, increased due to the relatively peaceful global

film and Seaguar fluorocarbon fishing lines. In the food packaging

climate and favorable grain planting. Accordingly, revenue and operating

materials business, revenue and operating profit fell due to a decrease

profit in the pharmaceutical and agrochemical business increased. In

in sales of heat-shrink multilayer films and the transfer of the blow bottle

the industrial chemicals business, both revenue and operating profit

business in the previous fiscal year.

decreased due to lower sales of inorganic and organic chemicals as aresult of a drop in domestic industrial production caused by COVID-19.

FY2021 Forecast

Kureha Group’s Value Creation

FY2020 Results

Sales of home products are expected to decline slightly as a result of a

FY2021 Forecast
Although National Health Insurance (NHI) drug prices are scheduled toOperating profit
3.0

25

2.5

20

2.0
1.5

10

1.0

5

0.5

FY2019(Results)

FY2020(Results)

FY2021(Initial forecast)operating profit in the consumer goods business are expected to decline(Billions of yen)

50

10

due to higher raw material prices and higher expenses.

40

8market is forecast to recover from the COVID-19 pandemic, but sales of

30

6

20

4

10

2

With regard to heat-shrink multilayer films, the European restaurant

gradually due to intensified competition with other products. Revenue
and operating profit are expected to decline in the pharmaceutical andpackaging materials for business use are expected to decline andagrochemical business, partly due to an increase in development costs
for new agrochemicals. In the industrial chemicals business, revenue
and operating profit are expected to rise reflecting a recovery indomestic industrial production.

00

FY2019(Results)

FY2020(Results)

FY2021(Initial forecast)operating profit is forecast to remain flat due to a decrease in sales of
PVDC films for Southeast Asia.
Foundation for Value Creation

15

sales of agricultural and horticultural fungicides are forecast to decline

to remain at the same level as in the previous fiscal year. Revenue andOperating profit

expansion of sales of KREMEZIN tablets in Japan and overseas, while(Billions of yen)30of recovery from the COVID-19 pandemic. Sales of fishing lines are forecast

Revenuebe revised in Japan, sales are expected to increase due to the

Growth Strategy

Revenue0

rebound in stay-at-home demand in the previous fiscal year in anticipation

0

NEW Krewrap•Home-use wrap film

Metconazole•Agriculture and horticulture fungicide

Ipconazole• Agricultural and horticulture fungicide• Therapeutic agent for chronic 		

•Agricultural and horticultural seed treatment fungicide

19

Kureha Corporation Business Report 2021

Seaguar•Fishing lines•Household wrap film
•Draining bag for sink
•Food plastic containers andrenal failure• Caustic soda
• Hydrochloric acid• Sodium hypochlorite• Monochlorobenzene• Para-Dichlorobenzene• Ortho-Dichlorobenzene

Key products

Data Section

Key products

cooking sheet

KREMEZIN ® Tablets 500 mg•Therapeutic agent for chronic renal failure•PVDF fishing lines•Polyvinylidene chloride (PVDC) film
•Heat-shrink multilayer film
•Machinery for auto-seal food packaging

Krehalon ML•Packaging of block ham, meat and cheese
Kureha Corporation Business Report 2021

20

Growth Strategy

Growth Strategy

Review of Operations

Special Feature

機能製品事業
Construction and Other Operations
FY2020 Results
decreased as private construction projects were suspended or
postponed due to the impact of COVID-19, although public works
projects remained unchanged from the previous fiscal year. In theenvironmental business, revenue and operating profit increased due to arise in the disposal of low-concentration polychlorinated biphenyl (PCB)
waste and the disposal and treatment of disaster waste generated
temporarily. In the transportation business, revenue and operating profit

As expressed by our corporate philosophy, which states that “Wecontribute to society by developing beneficial products,” we continue to strive toward resolving social issues through R&D.
Our mid-term management plan, Kureha’s Challenge 2022, aims
to realize this goal and further strengthen our R&D. Key measures
include using research to thoroughly differentiate our existing businesses as well as exploring new business opportunities in Japanand overseas. The most important thing is to complete the tasks
that were not achieved in the previous mid-term management
plan, Kureha’s Challenge 2020. Furthermore, we will tackle newtasks in response to changes in social conditions.

Central Research Center / Safety
Research Center

Kureha Group’s Value Creation

In the construction-related business, revenue and operating profit

Kureha’s R&D

were unchanged from the previous year. In the hospital business,revenue decreased and the operating loss increased.

Operating profit

Other Operations

Polymer Processing ResearchLaboratories

FY2021 Forecast
In the construction-related business, revenue and operating profit are(Billions of yen)

40

8.0

32

6.4

24

4.8

Contribute to
PGA businessexpansion

expected to decline due to a drop in orders for private construction
work and a rise in construction costs due to the impact of COVID-19. In

3.2

8

1.6

0

FY2019(Results)

FY2020(Results)

FY2021(Initial forecast)Other Operations, although revenue in the transportation business andThoroughly
differentiate
existing businesses
2 and enhancecompetitiveness1

hospital business are expected to increase slightly, revenue andoperating profit are expected to decline due to a decrease in the

Explore new
businessthemes 6

disposal and treatment of disaster waste in the environmental business.

To achieve these goals, wewill not only make maximum use of the resources
within Kureha but also
tackle the goals from a
broad perspective, including collaborative creation
within the Kureha Group,
cooperation with externalorganizations, and the useof digital technology.

“Niche” & “Global”

No. 1

0

5
Create anddevelop new
businesses

3 Strengthen

resin processing
technology

4
Developtechnologies toreduce CO2
emissions

Kurehanishiki Construction Co., Ltd.
FY2020 construction results: Wood pellet and PKS storage facility for AWEP
Onahama Biomass Power Generation Project▪Existing areas: ❶ ❷ ❸▪Existing/New areas: ❹▪New areas: ❺ ❻(Millions of yen)
8,000

environmental-related treatment
facilities

6,000

4,000

2,000

• Transport and warehousing

Kureha Corporation Business Report 2021

5,561

3.8

3.6

ment, testing and inspection

21

5,270

464

6

Total
1,527

0

Himeyuri Sogyo Co., Ltd. (Industrial waste final disposal plant)

4

2

2018

2019

2020 (FY)■ Advanced Materials■ Pending

4.2• Physicochemical analysis, measure• Medical care services

(%)
8

5,995

IP in Business Segments

IP Held by Kureha GroupR&D Expenditure/Ratio of R&D
Expenditure to Revenue

applications■ Registeredpatents■ Specialty Plastics

311■ Specialty Chemicals

Total
1,527

90

■ Others

817

patents

patents

1,063

Data Section

Key products• Civil engineering and construction• Plant engineering and maintenance• Industrial waste treatment andFoundation for Value Creation

16

Growth Strategy

RevenueConstruction

Six Priority Issues

309

0■ R&D Expenditure
Ratio of R&D Expenditure to Revenue

Kureha Corporation Business Report 2021

22

Foundation for Value Creation

Corporate Governancesecure relationships of trust with stakeholders, and fulfill its corporate social responsibility and achieve

General Meeting of Shareholders

sustainable growth. We will also work to enhance the effectiveness of corporate governance in the Group.
Appoints

Basic Policy on Corporate Governance
Kureha aims to enhance its internal control functions,

Corporate Governance Guidelines. In this way, we aim toincluding the implementation of compliance, to conduct fairachieve sustainable growth and enhance the Group’s

and transparent management, and to enhance thecorporate value over the medium to long term.

Corporate Governance Structure

Consultation

regarding audit plans and the status of audits to ensure

making and business execution in the Group’s management,

mutual cooperation.

Audit & Supervisory Board(Maximum of 4 members,
including 2 or more
external members)

Audit
LiaiseLiaiseLiaiseCompliance Committee

To strengthen corporate governance and expedite decision-

Board of Directors(Maximum of 10 directors, including
2 or more external directors)

Appoints

LiaisePresident &Chief Executive Officer

Trade Control (Export/Import) Committee
Labeling and Trade Promotions Committee
Antitrust Committee
Personal Information Protection Committee

Executive
Committee

Independent
AuditorGrowth Strategy

effectiveness of corporate governance based on the

Nomination Advisory
Committee
Remuneration Advisory
Committee(Non-mandatory)

Appoints

Kureha Group’s Value Creation

Based on the Corporate Governance Guidelines, Kureha strives to enhance management transparency,

Internal Control and
Auditing Department

we will clarify management oversight and execution
responsibilities.

Kureha has appointed Ernst & Young ShinNihon LLC as its
independent auditor and has been subjected to fair and

The Board of Directors, which is limited in size to a maximum

impartial accounting audits by properly providingof 10 directors, of whom at least two should be independent

management information.

outside directors who do not concurrently serve as executive
officers, makes decisions on important management issues■ Internal Control and Auditing Department

and supervises execution. Independent outside directors are

The Internal Control and Auditing Department, which acts

appointed based on standards that take into account theindependently of other departments, assesses and verifies

requirements for independence stipulated by financial

the suitability and effectiveness of internal management

instruments exchanges.

control systems, makes suggestions and recommendations■ Executive Committee

Information Management
Committee
Information Disclosure Committee
Information Security Committee

system that contributes to improving management efficiency
and public trust in Kureha.

Audit
Kureha Group companies

Risk Management Committee

Internal Control ofFinancial Reporting Committee■ Assessment of the Effectiveness of the Boardfor external directors, the roles of Audit & Supervisory Board

concerning the appointment and dismissal of the President &To enhance the functions of the Board of Directors, Kureha

members, and (5) the relationship with stakeholders. As a

CEO, representative directors and directors, as well as

analyzes and assesses its effectiveness annually and discloses

candidates to succeed the President & CEO and relevant

a summary of the results.

dated Executive Committee also exchanges views on man-■ Nomination Advisory Committee (Non-mandatory)

agement policies and business strategies to strengthen

The Nomination Advisory Committee deliberates on matters

consolidated management.

The Audit & Supervisory Board consists of four or fewer Audit

succession plans, and examines the content of proposals to& Supervisory Board members, including two or more

the Board of Directors.

independent outside Audit & Supervisory Board members,of Directors

members, and the expectations for Audit & Supervisory Board

Data Section

the Company’s important management issues. The consoli-

result, we confirmed the proper implementation of all items
and the effectiveness of the Board of Directors as a whole.

Since FY2019, we have conducted a questionnaire surveyof all directors and Audit & Supervisory Board members on the“Assessment of the Effectiveness of the Board of Directors”■ Remuneration Advisory Committee (Non-mandatory)

and conducted a review based on the results of the

The Remuneration Advisory Committee deliberates on

assessment at the regular meetings of the Board of Directors.

deliberation processes of board’s resolutions and reports andmatters related to the system and policies regarding remu-

Specifically, we assessed (1) the composition of the Board ofaudit the execution of duties. In addition, Audit & Supervisory

neration for directors and executive officers and examines

Directors, (2) the management of the Board of Directors, (3)Board members exchange opinions with the independent

the content of proposals to the Board of Directors.

the agenda of the Board of Directors, (4) a system of support

The Audit & Supervisory Board members monitor the

Audit

the Board of Directors and others. By doing so, we ensure a

CEO and executive officers as key members, deliberates onand has appropriate knowledge of finance and accounting.

Audit

All divisions ofKureha Corporation

regarding improvements, and reports the results of audits to

The Executive Committee, which consists of the President &■ Audit & Supervisory Board

CSR Committee
Energy Management Committee

Foundation for Value Creation■ Board of Directors■ Independent Auditor■ Corporate Governance Report
The information on Kureha’s corporate governance is alsopresented on the website.
WEB

https://www.kureha.co.jp/en/csr/governance/corp_
governance.html

auditor and the Internal Control and Auditing Department

23

Kureha Corporation Business Report 2021

Kureha Corporation Business Report 2021

24

Foundation for Value Creation

Corporate GovernanceInternal Control System
The Board of Directors has adopted a resolution on the

As for internal control of financial reports to ensure theirreliability, we have established basic rules and implement

Group complies with laws and regulations and conducts ourmanagement’s assessment and certified public accountant’sbusiness operations in an appropriate manner, we areauditing of the effectiveness of the internal control of financial

working to establish various committees, develop internalreports, as stipulated in the Financial Instruments andrules, and respond to laws and regulations. We also review

Exchange Law. At the same time, under the responsibility ofthe performance of internal control systems every year and

the President & CEO, we publish Internal Control Reports.

publish a summary of the review in our Business Report.

Policies on Determination of the Amount and Calculation Method of
Executive Remuneration

the annual amount of fixed remuneration for Audit &are not paid allowances.

Supervisory Board Members (maximum of 4 members) is

General Meeting of Shareholders (held on June 27, 2007),

Total Amount of Remuneration by Executive Officer Classification, Total Amount by Remuneration Type, and Number
of Eligible Executive Officers
Total remuneration amount by type (million yen)
Executive officerclassification

Total remuneration(million yen)

Basic remuneration

Performance-based
remuneration

Non-monetary
remuneration

Number of eligible
executive officers

Directors (excluding external
directors)

215

127

70

18

3

Audit & Supervisory Board members(excluding Outside Audit &Supervisory Board members)

18

18

—

—

1

Remuneration Advisory Committee to ensure the objectivity

Outside directors

30

30

—

—

3

The Board of Directors determines the remuneration forand transparency of the remuneration amount.

Outside Audit & Supervisory Board
members

29

29

—

—

2

・ The total amount of “remuneration in the form of stock

mance, while considering enhancement of medium to long-acquisition rights as stock options” is resolved at the Generalterm corporate value, and in accordance with the remunera-

Meeting of Shareholders, and the individual amount for eachtion structure and levels appropriate to the roles anddirector is determined based on an evaluation by the Presi-

responsibilities required of each executive for securing anddent & CEO on the business execution status of each director

maintaining appropriate human resources.

and the degree of their contribution to the business perfor-

Total Consolidated Remuneration for Each Executive Officer

Namemance in the relevant fiscal year. The result of the evaluation isdeliberated on by the Remuneration Advisory Committee to(Directors)

amount. The fair value of stock options is calculated based on

・The remuneration for directors consists of “monthly remuneration” as fixed remuneration, “bonus,” which is performance-based, and “remuneration in the form of stockacquisition rights as stock options.” The remuneration for
external directors consists solely of “monthly remuneration.”・The total amount of “monthly remuneration” is resolved at theGeneral Meeting of Shareholders, and individual amounts are
determined by the Board of Directors based on the amountdetermined according to their position and rank. In principle,
the remuneration package for both full-time and part-time
directors only includes a fixed amount, and does not include
Ordinary General Meeting of Shareholders (held on June 27,2007) and the 103rd Ordinary General Meeting of Shareholders (held on June 24, 2016), the annual amount of fixed
remuneration for directors (maximum of 10 directors) is 440
million yen or less (of which the amount paid to external
directors is 60 million yen or less).

118

Company
category

Directors

Submitting
companyBasicremuneration

Performancebased
remuneration

67

40

Non-monetary
remuneration
11

Note: This only shows the figures for those whose total consolidated remuneration is 100 million yen or more.

the Black-Scholes model and other reasonable grounds anddetermined by the Board of Directors. In accordance with theresolution of the 94th Ordinary General Meeting of Shareholders (held on June 27, 2007), the annual amount of
remuneration in the form of stock acquisition rights as stock
options for directors (maximum of 10 directors) is 40 million
yen or less, which is separate from the fixed remuneration.
External directors are not eligible for stock options.
・ The Remuneration Advisory Committee deliberates onmatters related to policies concerning the remuneration
structure and system for directors and executive officers andexamines the content of proposals submitted to the Boardof Directors. During the current fiscal year, the Remuneration
Advisory Committee met twice to review the remuneration
structure and system for directors.
・ No indicator goals for performance-based remuneration
have been set for the current fiscal year.

Shareholding Status
Criteria and Approach for Classification of
Investment Shares

pure investment are held for the purpose of receiving profits

Investment Shares held for Purposes other than Pure
Investment
Policy on shareholdings, method for verifying thereasonableness of shareholdings, and details of
verification of appropriateness of shareholdings foreach stock conducted by the Board of Directors

from fluctuations in the value of shares or dividends from theKureha holds the shares of its business partners if it is judged

shares. The shares classified as shares for purposes otherthat doing so will contribute to current business as well as thethan pure investment are held based on the assumption thatsustainable and medium and long-term enhancement of

they will contribute to current business as well as the sustain-

corporate value. The Board of Directors verifies the signifi-

able and medium to long-term enhancement of corporate

cance of holding shares for purposes other than pure invest-

value. Kureha does not hold shares for the purpose of pure

ment by examining whether the purpose of shareholdings isinvestment. As for internal control of financial reports to ensure

appropriate and whether the benefits and risks of holding thetheir reliability, we have established basic rules and implement

stock are commensurate with the cost of capital.

Kureha holds shares either for the purpose of pure investment
or for purposes other than pure investment and classifies themaccording to this difference. The shares classified as shares for

management’s assessment and certified public accountant’s

We will reduce stocks that are deemed no longer necessary(Audit & Supervisory Board Members)

auditing of the effectiveness of the internal control of financial

in stages, taking into account a comprehensive range of・The remuneration for Audit & Supervisory Board Members

reports, as stipulated in the Financial Instruments andfactors, including dialogue with business partners, the impact

consists solely of “monthly remuneration” as fixed

Exchange Law. At the same time, under the responsibility ofon the market, and whether capital is being used effectively. In

individual amount for each director is determined based on

remuneration. The total amount is resolved at the General

the President & CEO, we publish Internal Control Reports.

fiscal 2020, we decided to reduce 5 stocks based on the

an evaluation by the President & CEO, who is entrusted byMeeting of Shareholders, and the individual amount for eachresults of the examination at the Board of Directors meeting

the Board of Directors.

Audit & Supervisory Board Member is determined throughheld on May 15, and as of the end of March 2021 we held 53

discussion by Audit & Supervisory Board Members at astocks. (Sold all shares of three out of five stocks we held)

・The amount of “bonus” is based on the profit attributable toowners of parent for each fiscal year. The total amount is
resolved at the General Meeting of Shareholders, and the		 The result of the evaluation is deliberated on by the

Kureha Corporation Business Report 2021

Data Section

allowances, etc. In accordance with the resolution of the 94th

ensure the objectivity and transparency of the remuneration

Yutaka Kobayashi

Total remuneration amount by type (million yen)
Executive officerclassification

Foundation for Value Creation

Executive Remuneration Package and Determination
Process

Total
consolidated
remuneration(million yen)

Growth Strategy

Basic Policies on Executive Remuneration
directors and executive officers based on corporate perfor-

25

120 million yen or less.

		 In accordance with the resolution of the 94th Ordinary

Kureha Group’s Value Creation“Basic Policy on Internal Control Systems.” To ensure that themeeting of the Audit & Supervisory Board. In principle, they

Kureha Corporation Business Report 2021

26

Foundation for Value Creation

Corporate GovernanceRisk Management / Information Management
Information Security Measures

In May 2014, we developed and strengthened countermea-

Securing safe and reliable controls for appropriate sharing andsures to large-scale disasters such as earthquakes and formu-

utilizing of all business-related information is one of our most

lated a Business Continuity Plan (BCP). In FY2019, we started

important management issues.

updating our BCP to include countermeasures to storm andWe collect a wide range of data related to information

flood damage, which have been increasingly severe in recent

security and continually implement the following measures:

Furthermore, we have introduced a cloud-based system for

Our Enterprise System and electronic file systems operate ininternal emails so that emails can be sent within the company

robust data centers in Japan. As a disaster countermeasure,even in the event of a disaster.

we also have duplicated data stored in a cloud-based system.

Complianceyears. As for the head office, if a large-scale flooding fromrivers in and around Tokyo metropolitan area or its suburbs,(1) Take countermeasures to cyberattacks

employee is aware of the importance of compliance.

Compliance System

Our system to detect and block external cyberattacks is

We established the Kureha Group Ethical Charter as a code ofcome to the head office for a considerable period of time due

kept in stable operation by a 24/7 year-round monitoring

conduct for directors and employees of the Kureha Group. The

direct control of the President, evaluates and verifies theto damage to each employee and paralysis of transportation.

service provided by a cybersecurity vendor.

Compliance Committee, chaired by a director, provides training

appropriateness and effectiveness of internal control systems,

and other education through the Compliance Handbook, which

including compliance, in internal audits.

In order to continue operations under these circumstances,
sites or at home.

(2) Assess risk of information assets

contains the Compliance Code of Conduct, so that each

We are reducing risk by systematically assessing theWe will continue to review the ever-changing natural disaster

Outline of the Kureha Group Ethical Chartersecurity risks of our information assets and implementing

scenarios to establish and further enhance the BCP.

countermeasures.

Organization/System

Recently, due to the global COVID-19 pandemic, we have
set up task forces and teams at all sites (head office, factories,
domestic and overseas group companies), which work in● Compliance Rules ● Hotline (whistleblowing system)

We have a security vendor regularly carry out diagnostics
to confirm that overall security remains at a high level.

Kureha Group
Ethical Charter(4) Educate and train about information security
Code of Conduct

We continually provide information security education to allCompliance Education

Overseas Crisis Management System

employees. We also conduct simulations of targeted● Compliance Code of Conduct● Introductory Education  ● Continuing Education  

Kureha and group companies have formulated a manual for

threats so that employees learn what to do when they

● Manual● New Employee Training ● Moreexpatriates and business travelers to use in crises to ensure

receive suspicious emails.

employee safety and minimize damage in the event of an
emergency overseas. We are also providing a medical assis-(5) Fight the spread of COVID-19 (by remote

Foundation for Value Creationeach region and site, and discussing/implementing counterees against infection from COVID-19.

● Compliance Committee ● Conformation/Verification(3) Prevent information leaks

tandem by sharing policies and information on the status of
measures to various issues to ensure the safety of our employ-

Growth Strategy

consideration is being given to business execution at other

Initiatives for Compliance Education and Awareness

Whistleblowing System⃝ Conducting compliance awareness surveys (including group

We also have a hotline (whistleblowing system) employees cantance service run by a crisis management company for ouraccess tools for business continuity)

employees while they are overseas.

During this pandemic, we are working to ensure that⃝ Introductory training for new employees

are unsure of how to handle something. Internal rules prohibit

employees are aware of the information security risks ofby providing crisis management information, timely alerts,⃝ Group training for promoted executives

people from being treated detrimentally for reporting or

using remote access tools while working from home by

instructions on travel restrictions, etc.

⃝ E-learning (for promoted executives and new employees)

consulting on the hotline.

establishing oaths and encouraging their thorough⃝ Information exchange meeting between Kureha and group

We also support our expatriates and overseas employees

It is our social responsibility to protect all personal information
provided to us. Therefore, we acquire and manage all personal

Kureha’s Basic Information Security Policy is posted on
its website.

information in accordance with our policies for the protectionof personal information and specific personal information.

Kureha Corporation Business Report 2021

companies)

companies on education and case study⃝ Internal audits on security trade management⃝ Reviews on antitrust, personal information protection, etc.
⃝ Revision of the Compliance Code of Conduct manual

use if they discover a compliance problem, have a question, orData Section

implementation.

Protection of Personal Information

27

The Internal Control and Auditing Department, under thethere may be a situation where employees are not able to

Kureha Group’s Value Creation

Business Continuity Plan (BCP)Countermeasures to Information System Disasters

Fiscal year

2018

2019

2020

The number of reports*

5

2

10

* Includes domestic group companies⃝ Revision of the Kureha Group Ethical Charter (clarification ofWEB

https://www.kureha.co.jp/en/csr/governance/risk.html#risk06

the human rights policy for FY2020)

Kureha Corporation Business Report 2021

28

Foundation for Value Creation

Corporate Governance

Board of Directors

President & Chief Executive
Officer

Yutaka Kobayashi(December 25, 1951)

Apr. 2008
Jun. 2009
Apr. 2010
Jun. 2010
Apr. 2012
Sep. 2012
Apr. 2013
Apr. 1984
Apr. 2006
Jan. 2011
Apr. 2012
Jan. 2013
Apr. 2013
Apr. 2015
Jun. 2015
Apr. 2017

Michihiro Sato

Apr. 2021(June 21, 1960)

Joined the Company
General Manager of Home Products Marketing & Development Department
General Manager of Household Goods Marketing Department
Deputy General Manager of Home Products Division
Deputy General Manager of Plastics Processing Factory, Manufacturing Sector
Vice President; General Manager of Plastics Processing Factory, Manufacturing Sector
Senior Vice President; General Manager of Research & Development Division
Member of the Board; Senior Vice President; General Manager of Research & Development Division
Member of the Board; Senior Vice President; General Manager of Manufacturing & Technology Division; General Manager of Research &Development Division
Member of the Board; Senior Vice President; Managing Director of PGA Business; Managing Director of Research & Development; General
Manager of Manufacturing & Technology Division
Member of the Board; Executive Vice President; Managing Director of PGA Business; Managing Director of Research & Development;
General Manager of Environment, Occupational Health and Safety, and Quality Assurance Division; Project Manager of New Business
Creation Project (current position)

Apr. 1980
Apr. 1992
Apr. 1994
Apr. 1997

Audit & Supervisory Board
memberApr. 2001
Jan. 2004
Apr. 2007
Apr. 2013
Apr. 2016
Jan. 2018
Jun. 2019

Masaru Kiriyama

Joined The Yasuda Mutual Life Insurance Company (currently Meiji Yasuda Life Insurance Company)
Associate Manager, International Investment Dept., The Yasuda Mutual Life Insurance Company,
seconded to Yasuda Life America Capital Management, Ltd. (currently Meiji Yasuda America Incorporated)
Manager, International Investment Dept. International Business Div., Yasuda Mutual Life Insurance Company
Manager, Asset Management Head Office, Yasuda Mutual Life Insurance Company,
seconded to Yasuda Investment Advisory Company (currently Meiji Yasuda Asset Management Company Ltd.)Group Manager, Securities Investment Dept. Fixed Income Investment Group, Yasuda Mutual Life Insurance Company
Manager, Risk Management Control Dept., Meiji Yasuda Life Insurance Company
Internal Auditor, Internal Audit Dept., Meiji Yasuda Life Insurance Company
Deputy General Manager, Human Resources Dept., Meiji Yasuda Life Insurance Company
Senior Internal Auditor, Internal Audit Dept., Meiji Yasuda Life Insurance Company
Specially appointed Senior Internal Auditor, Internal Audit Dept., Meiji Yasuda Life Insurance Company
Retired from Meiji Yasuda Life Insurance Company
Audit & Supervisory Board member, the Company (current position)(January 16, 1958)

Apr. 1981
Apr. 2003
Apr. 2012
Apr. 2016
Jun. 2016

Joined the Company
General Manager of Accounting Department, the Company
Vice President; General Manager of Accounting Center
Adviser to General Manager of Corporate Planning, Finance & Accounting Division
Audit & Supervisory Board member, the Company (current position)

Oct. 2002
Apr. 2011
Aug. 2014
Sep. 2014
Jun. 2015
Dec. 2015

Joined Nagashima Ohno & Tsunematsu
Seconded to Ricoh Company, Ltd.
Resigned from Nagashima Ohno & Tsunematsu
Partner, SHIBATA, SUZUKI & NAKADA (current position)
Audit & Supervisory Board Member (Outside), JP-HOLDINGS, INC.
Outside Member, Risk Management and Compliance Committee,
ORIX Asset Management Corporation (current position)
Resigned as Audit & Supervisory Board Member (Outside), JP-HOLDINGS, INC.
Outside Auditor, FUJI SOFT INCORPORATED (current position)
Audit & Supervisory Board member, the Company (current position)
Outside Audit and Supervisory Board Member, CMK Corporation
Retired from CMK Corporation

Growth Strategy

Apr. 2020

Executive Vice President

Joined the Company
General Manager of Human Resources Department in Iwaki Factory
Chief Executive Officer of Kureha Chemicals (Singapore) Pte. Ltd.
General Manager of Related Companies Administration Department
General Manager of Corporate Strategies Division
General Manager of Chemicals and Agrochemicals Division
Director; General Manager of Chemicals and Agrochemicals Division
Senior Vice President; General Manager of Chemicals and Agrochemicals Division(Position changed due to introduction of Executive Officer System)
Senior Vice President; General Manager of Chemicals and Agrochemicals Division and New Business Division
Member of the Board; Senior Vice President; General Manager of Chemicals & Agrochemicals Division and New Business Division
Member of the Board; Senior Vice President; General Manager of PGA Division; General Manager of Chemicals & Agrochemicals Division;
Managing Director of New Business Division
Member of the Board; Senior Vice President; General Manager of PGA Division; General Manager of Chemicals & Agrochemicals Division
Member of the Board; Senior Executive Vice President; Chief Sales & Marketing Officer; General Manager of PGA Division
Member of the Board; Chief Executive Officer; General Manager of PGA Division
Member of the Board; Chief Executive Officer (current position)

Audit & Supervisory Board
memberToru Yoshida(May 13, 1958)

Apr. 1981
Jun. 2001
Jan. 2007
Apr. 2011
Apr. 2012
Apr. 2013
Apr. 2014
Jun. 2015

Senior Vice President

Apr. 2017

Yoshio Noda

Jun. 2017(January 19, 1959)
Apr. 2018
Apr. 2019
Apr. 2021

Apr. 1971
Mar. 1994
Jul. 1999
Jun. 2001
Apr. 2002
Jun. 2003

Apr. 2005

Outside Director

Osamu Tosaka(December 11, 1946)

Jun. 2005
Jun. 2007
Jun. 2011
Jun. 2014
Jun. 2016

Apr. 1980
Mar. 2006
Apr. 2008
Apr. 2009
Apr. 2010
May 2010
Apr. 2011
May 2011

Outside Director

Kazunari Higuchi(January 3, 1957)

29

Mar. 2016
Apr. 2016
Jun. 2016
Jun. 2020

Joined The Fuji Bank, Limited (currently Mizuho Bank, Ltd.)
General Manager, Kabutocho Corporate Banking and Securities Business Division, Mizuho Corporate Bank, Ltd. (currently Mizuho Bank, Ltd.)
General Manager, Settlement & Clearing Services Division, Mizuho Corporate Bank, Ltd. (currently Mizuho Bank, Ltd.)
Executive Officer, General Manager, Internal Audit Division, Mizuho Corporate Bank, Ltd. (currently Mizuho Bank, Ltd.)
Resigned from Mizuho Bank, Ltd.
Adviser, Mizuho Research Institute Ltd. (currently Mizuho Research & Technologies)
Managing Executive Officer, Mizuho Research & Technologies
Resigned from Managing Executive Officer, Mizuho Research & Technologies
President and CEO, UC Card Co., Ltd.
Director, Qubitous Co., Ltd. (currently Credit Saison Co., Ltd.)
Resigned from Director, Qubitous Co., Ltd. (currently Credit Saison Co., Ltd.)
Adviser, UC Card Co., Ltd.
Resigned from Adviser, UC Card Co., Ltd.
Audit & Supervisory Board Member, Taiyo Nippon Sanso Corporation (currently NIPPON SANSO HOLDINGS)
Resigned from Audit & Supervisory Board Member, NIPPON SANSO HOLDINGS
Outside Director, The Michinoku Bank, Ltd. (current position)
Outside Director, the Company (current position)

Kureha Corporation Business Report 2021

Yukako Oshimi(August 11, 1976)

Executive Officers
Senior Vice President

Naomitsu Nishihata

President, Kureha America Inc.; Deputy Managing Director, PGA Business;
Duputy Project Manager, New Business Creation Project

Senior Vice President

Koji Suyama

General Manager, Home Products & Packaging Materials Division

Senior Vice President

Hiroyuki Tanaka

General Manager, Iwaki Factory, Manufacturing & Technology Division;
Project Manager, Carbon Neutrality ProjectVice President

Katsuhiro Natake

General Manager, Advanced Products Division

Vice President

Satoshi Yonezawa

General Manager, Chemicals Division

Vice President

Masahiro Namikawa

General Manager, Corporate Planning & Strategy Division

Vice President

Hiroyuki Sato

General Manager, Research & Development Division

Kureha Corporation Business Report 2021

Data Section

Jul. 2004

Joined Ajinomoto Co., Inc.
Vice President, Ajinomoto Heartland, Inc. (USA)General Manager of Institute of Fermentation Technologies, Ajinomoto Co., Inc.
Member of the Board; General Manager of Kyushu Plant, Ajinomoto Co., Inc.
Member of the Board and General Manager of Corporate Kyushu Office; General Manager of Kyushu Plant, Overseas Food and Amino Acid
Company, Ajinomoto Co., Inc.
Member of the Board; Corporate Vice President; General Manager of Kyushu Office; General Manager of Kyushu Plant, Overseas Food andAmino Acid Company, Ajinomoto Co., Inc.
Member of the Board; Corporate Vice President; General Manager of Kawasaki Office; Vice President of Seasoning and Food Company; General
Manager of Kawasaki Plant I, Overseas Food and Amino Acid Company, Ajinomoto Co., Inc.
Member of the Board; Corporate Vice President; Vice President of Food Company; General Manager of Kawasaki Office, Food Company,
Ajinomoto Co., Inc.
Representative Director; Corporate Senior Vice President of Ajinomoto Co., Inc.
Representative Director; Member of the Board; Corporate Executive Deputy President of Ajinomoto Co., Inc.
Advisor of Ajinomoto Co., Inc.
Retired from Ajinomoto Co., Inc.
Outside Director, the Company (current position)

Outside Audit & Supervisory
Board member

Oct. 2018
Mar. 2019
Jun. 2019
Dec. 2020
Jun. 2021

Foundation for Value Creation

Apr. 2016

Joined the Company
General Manager of Finance Department
General Manager of Corporate Strategies Department
Deputy General Manager of Chemicals & Agrochemicals Division
Vice President; General Manager of Chemicals & Agrochemicals Division
Vice President; General Manager of Corporate Planning Division; Project Manager of Promotion of Corporate Managerial Reform
Senior Vice President; General Manager of Corporate Planning Division; Project Manager of Promotion of Corporate Managerial Reform
Member of the Board; Senior Vice President; General Manager of Corporate Planning Division; Project Manager of Promotion of Corporate
Managerial Reform
Member of the Board; Senior Vice President; General Manager of Corporate Planning, Finance & Accounting Division; Project Manager of Promotionof Corporate Managerial Reform
Member of the Board; Senior Vice President; General Manager of Corporate Planning, Finance & Accounting Division; General Manager of CSR
Division; Project Manager of Promotion of Corporate Managerial Reform
Member of the Board; Senior Vice President; Managing Director of Administration Division; Managing Director of Internal Control and Auditing; General
Manager of Corporate Planning, Finance & Accounting Division; General Manager of CSR Division; Project Manager of Promotion of Corporate
Managerial Reform
Member of the Board; Senior Vice President; Managing Director of Internal Control and Auditing; General Manager of Finance & Accounting Division;
General Manager of Administration Division; General Manager of CSR Division; Project Manager of Promotion of Corporate Managerial Reform
Member of the Board; Senior Vice President; Managing Director of Internal Control and Auditing; Managing Director of Quality Assurance; General
Manager of Finance & Accounting Division; General Manager of Administration Division; Project Manager of Promotion of Corporate Managerial Reform
Member of the Board; Senior Vice President; Managing Director of Internal Control and Auditing; General Manager of Finance & Accounting Division;
General Manager of Administration Division; Project Manager of Project for Promotion of Corporate Managerial Reform (current position)

Kureha Group’s Value Creation

Apr. 1974
Jan. 1998
Jun. 2000
Jan. 2003
Apr. 2004
Apr. 2005
Jun. 2005
Jun. 2007

Audit & Supervisory Board

30

Foundation for Value Creation

Special Feature

Dialogue with Outside Directors

Governance Appropriate for Kureha asa Innovation-Driven Company

Management Perspectivenote is “Kobayashi-juku,” which is an academy hosted by the
President and aimed at providing hands-on training to next
generation management and mid-level executive candidates.

Kobayashi: After appointing Mr. Tosaka as Director, I wanted

Kobayashi: I have hosted a training program for five years in

to welcome someone with a management perspective on

which I gathered about ten candidates for executive officers ingroup governance to join our company as an external director.

their fifties, and held an overnight two day camp every month for

Higuchi: I have experience working as a top executive at aa year and presented the final report to the executive officers at

subsidiary of a group company. I heard that you also tookthat time. In addition, I also hosted “Shin-Kobayashi-juku” fornote of my experience working overseas.

employees in their forties for three years. It was a handmade

Kobayashi: Yes, that’s right. As you have experience as ahuman resource development and executive training program in

corporate auditor at a major company, I believed that you

which each participant deepened the themes they came up withwould be able to make up for our company’s shortfalls.

while listening to my experience face to face.

Higuchi: Our company is enthusiastic about nurturing

Higuchi: It’s a really wonderful effort to provide your own

employees and developing human resources. Of particular

hands-on training to employees.

Kureha Group’s Value Creation

We held a three-party roundtable discussion among President Kobayashi, who has been pushing forward with businessreforms and business restructuring, including the Reform Promotion Project, since assuming the position of CEO in
September 2012, and Directors Tosaka and Higuchi, who have been committed to strengthening
corporate governance as external directors, and asked them to talk about Kureha’s Board of Directors and governance.

D riving the Entire Company from a

THEME

Preparing for the Worst Scenario
Tosaka: I have a lot of experience in managing companies in

Outside director

Yutaka Kobayashi

Kazunari Higuchi

advice to the Kureha Group from the viewpoint of not

Higuchi: In my view, at normal times, external directors must

breaking up the company and providing monitoring andclosely monitor the management team while focusing onsupervision to prevent mistakes.

THEME

providing as much support as possible.

Kobayashi: Director Tosaka’s idea of preparing for the worst

Tosaka: At the Kureha Group, the President and all the01

31

Welcome to Kureha

scenario was something our company did not have.

employees are taking a rigorous hands-on approach to

Tosaka: Things don’t always turn out well. The idea of

workplace management and corporate management while

preparing for the worst scenario is important for a company’s

keeping in mind the basics. I also believe that our workplacesurvival. Because things don’t always go well, it’s also impor-

is the reflection of truth.

tant to have the courage to accomplish what we have started.

Higuchi: President Kobayashi is taking a hands-on approach

Higuchi: It is important to prepare for the worst scenario

for various businesses and is deeply involved in them undereven in the process of optimizing the business portfolio. The

your control.

mindset of deciding on, evolving, and changing the composi-

Kobayashi: When I became an executive officer, there wastion of our business portfolio is also relevant to our manage-

an atmosphere of a vertical divisional structure, and discus-

ment strategy.

sions at the Executive Committee were sluggish. When I

Kobayashi: We thoroughly reviewed our strategic scenarios

assumed the position of President, I wanted to appoint

corporate stability and sustainability for making our stake-Aiming to Make Kureha an Even
Better Company

company, I wanted to hear your honest opinions on how you

Tosaka: When I met Mr. Kobayashi, I vividly remember that the

nologies and products do not come into being.

first thing you as President said was, “I want to make Kureha aTosaka: Kureha is a company with a very serious corporate

better company and I want my employees to be happy.” After

culture. Moreover, top management is not arrogant andhearing your enthusiasm, I decided to bet my life here.

humbly listens to the opinions and suggestions of external

for key businesses. We have been discussing ways that thesomeone with a vision to achieve overall corporate optimiza-

Kobayashi: At that time, the Board of Directors felt that there

directors. The reason I work so hard is because I sincerely feelGroup can survive and amending our business strategy totion to the position of an executive officer or a director.

was insufficient discussion about what direction our com-that Kureha can become an even better company.

ensure its survival.

So, I decided to take the initiative to nurture human resources

pany’s technology should be headed. While explaining that

Kobayashi: Our company celebrated its 77th anniversary in

Higuchi: All operating companies take appropriate risks in theirand get myself directly involved in various things.

situation, I asked for your help.

2021. By the 100th anniversary, I hope to transform our com-relationships with the market and customers and control those

Higuchi: Our company has been managing diversified

Tosaka: You, as President, said to me that you are not reallypany into a company group that is needed by the general publicrisks to generate profits. The worst scenario is what we need tobusinesses with various profit pillars by taking advantage of its

familiar with technical fields.

and can further enhance its value. That’s why I want to hear yourconsider in risk management amid the rapid changes in thehistorical strengths.

Kobayashi: As you have a lot of experience in the responsible

frank opinions about how the general public views our company

business environment caused by the COVID-19 pandemic.

Kobayashi: Diversified business management is what makes

position as the head of technology at a major manufacturing

so that we can actively reform what needs to be changed.

Kobayashi: Had our company not been prepared for theour company attractive, so we will continue to advance it.

worst scenario, we might have faced a serious situation in the

However, we must make sure that the Board of Directors andKureha Corporation Business Report 2021

view Kureha and what are our weaknesses. In addition, I
wanted to change the atmosphere in which innovative tech-

Kureha Corporation Business Report 2021

Data Section

holders happy. The management team has also been giving

closed. Our management team plays a role in ensuring

Foundation for Value Creation

Osamu Tosaka

President & CEO

advice, we were able to take early action.

 Providing Appropriate Support by
Closely Monitoring the Management
Team at Normal Timesfinancial difficulties and running businesses that needed to be

Outside director

fiscal year ended March 31, 2021. Thanks to your frankGrowth Strategy

02

Roles of Outside Directors

32

Foundation for Value Creation

Special Feature Dialogue with Outside Directors

Board of Directors and Management by making full use of the

Higuchi: So, after learning a lesson from such experience,and comment on issues of other divisions with a vision tounique networks that external directors have. It is also impor-

you decided to make sure that information is disclosed andachieve overall corporate optimization. For this reason, wetant to make comments and suggestions from an indepen-

shared thoroughly. Information materials for Executive Com-

have been reforming the Board of Directors and the Executive

dent perspective and, in recent years, it has also been impor-mittee meetings and technical meetings, which are held

Committee to allow for deep and serious discussion with atant to respond to ESG and environmental issues, as well as

before meetings of the Board of Directors, can be viewed

small number of members.

market restructuring by the Tokyo Stock Exchange.

online, and it is also possible to visit the Iwaki Factory andKobayashi: I strongly believe that management is about

interview executive officers. Kureha’s Board of Directors is Invigorating Discussions with an Open
Mind and Unique Perspective

people. As you two have said, I need people who can discuss

open-minded and has in-depth discussions, unlike that of any

things from the same perspective as I do with an open andother listed company.

Tosaka: I think the best form of defense is to be open-

Higuchi: So, that’s why you have started working on devel-

minded. What we must do is to disclose information properly

oping human resources.

and ensure that the Board of Directors and the Executive

Kobayashi: I have been involved in various duties in a shortCommittee have open-minded discussions. To this end, it isindependent mindset.

period of time, developing and devising my own approaches,

Tosaka: I voluntarily participate as an observer in technicalopinions.

important to consider improvement measures by monitoringovercoming crises, and fulfilling my role. I implement job

meetings in which research laboratories and manufacturing

Kobayashi: As part of efforts to develop successors to thevarious information and the workplace.

rotation because I want mid-level executives, executive officer

divisions participate. Technical terms confuse me a little at

Nomination Advisory Committee, two or three executive officers

Higuchi: The important role of external directors is to reflectand director candidates, and executive officers to have atimes, but since the basic idea for research and manufactur-and group companies’ presidents from Japan and overseas

the viewpoints of various stakeholders in the meetings of thediverse work experience background like I do.

ing in the manufacturing industry is the same, I give sugges-

participate as special members in our company’s Board oftions and opinions that make people think that Kureha may

Directors meetings and report on the execution of duties.

not have common sense in light of basic principles.

Higuchi: We are also required to give our suggestions andKobayashi: We value the suggestions and opinions of

opinions from various viewpoints, so we need to do a lot of

Director Tosaka’s as a starting point for discussing whether

preparations for meetings of the Board of Directors, and we12

the technology is appropriate in the eyes of the public. Before

discuss things very seriously in the tense atmosphere. I think

10

learning a lesson from bitter experience in a project, I think thethat executive officers and group company presidents who

Executive Committee and the Board of Directors used to passattend as special members also need to have a high level ofresolutions based on our internal logic.

concentration like us and have gained valuable experience.

Changes in the Number of Directors and Executive Officers(Number)

14

8

Tosaka: At technical meetings, I also express straightforward

6

THEME

4
2
0

June 2012

June 2013

June 2014

June 2015

June 2016

June 2017

June 2018

June 2019

June 2020■ Executive officers (excluding directors with concurrent posts) ■ Internal directors ■ Independent external directors

THEME

12

10Thorough and in-depth discussions

8Higuchi: Our company’s Board of Directors is exceptionally

6tors, which consists of five directors and three Audit & Supereffective and has in-depth discussions. The Board of Direc-

4visory Board Members, discusses freely and in depth.

2Tosaka: I have never seen or heard of any listed company

that has such a board of directors. I can say for sure that the

0Board of Directors discusses things thoroughly. We receive avariety of information, including information materials for the
Board of Directors, almost every day.
Higuchi: We discuss after fully understanding such information and information materials for the Board of Directors, so

33

Kureha Corporation Business Report 2021

Decisions by Top Management That
Drive Governance Reform

Kobayashi: The current system was established through vari-

Kobayashi: The Kureha Group was also facing the challenge

think the next step we need to take is to further enhance ourto address its inward-looking culture. I believed that the Groupability to enforce governance as required by the revised

would not be able to achieve sustainable growth if many

Corporate Governance Code.

ous processes. We have made considerable progress instrengthening our supervisory functions as the first step. I

directors and executive officers keep making importantnaturally we can discuss deeply. Moreover, the Board of
Directors actively incorporates the opinions and suggestions
we as external directors make and what we discuss into
management practices.
Kobayashi: That’s because once, when I saw the businessplan of an investment project, I had regrets about not discussing it more in depth and not reflecting the opinions frompeople with different viewpoints. Such experience made me
realize the need to strengthen the functions of the Executive
Committee and the Board of Directors. That’s why I haveworked to improve the effectiveness of the Board of Directors
since my appointment as President.

management decisions based on our internal logic.
Tosaka: Governance reform is all about serious decisions

Data Section

03

14

Kureha’s Board of Directors that Makes
Effective Use of External Directors

04

Kureha’s Governance Reform andSuccession Development

Foundation for Value Creation

Higuchi: That is unthinkable now.

Growth Strategy

Board of Directors Appropriate for a
Innovation-Driven Company

Kureha Group’s Value Creation

the Executive Committee have members who can point out

made by top management on the direction of this company.
We cannot take a bottom-up approach to governance reform.
Higuchi: Group governance is what I am focusing on. At the
Kureha Group, director and executive officer candidates areappointed as presidents and directors of subsidiaries, which
are utilized as a place for human resource development. We
have also strengthened group governance integrated with thatof the parent company.
Tosaka: We still have a lot of work to do, but I think we havecome closer to what we want to do step by step.

Kureha Corporation Business Report 2021

34

Foundation for Value Creation

Special Feature Dialogue with Outside Directors

Nomination Advisory Committee that
Identifies Future Management
Candidates

discuss technology properly as a sound innovation-driven

Tosaka: The Nomination Advisory Committee andfor making progress with identifying talent.

Remuneration Advisory Committee were established in June

Tosaka: From now on, we will have to deepen discussions on

2018. In particular, the Nomination Advisory Committee isthe issues of ESG management, the diversity of executive

operated with the aim of identifying internal and external

officers required by the revised Corporate Governance Code,human resources in a transparent manner and appointing

and risk management approaches.

them to management positions.

Higuchi: In the future, we should also focus on IR activities

Higuchi: The Committee meets and has effective discussions

that promote our company to the outside world. I would likewith candidates. Based on such discussions, the Board of

to take part in activities to promote understanding of our

Directors makes a final decision.

company among various stakeholders, such as efforts to

Tosaka: We meet with not only director candidates but also

evolve the CSR Report into an integrated report.

executive officer candidates to evaluate their competence.

Kobayashi: Thank you. We are still in the middle of gover-That makes our company special besides the participation ofnance reform. Let’s carry it through to the end.

company, efforts must be made to increase the number oftechnical human resources, including executive officers. It isalso important that you two external directors provide support
Kureha Group’s Value Creation

special members at the Board of Directors’ meetings.
Growth Strategy

Kobayashi: I believe that, in order to make sure that we

THEME Aiming to Be a High-Value-Added
Company That Continues toContribute to Society

Kobayashi: The question is how our company can add
something extra to the product range that has blossomedfrom the innovative technologies and materials accumulated

Kobayashi: The most recent challenge is to strengthen thewill continue to create an environment in which diverse humanby our predecessors.

foundation of the PGA business. We will carry it through to theresources can play an active role and a system for appropriate

Tosaka: Our company has amazing potential, humanTosaka: We need to shift our mindset to the concept ofend to create a business that can make profit contributions toevaluation.

resources, and technology, and uses great materials formarket-in from the concept of product-out, which is thesome extent. At the same time, we will rigorously promote the

Kobayashi: Recently, we are actively recruiting mid-career

products, but is not fully taking advantage of them. We must

concept of matching our technological strengths to customer

creation of new businesses through collaborations that bring

employees. We aim to become a high-value-added company

confront the challenges facing the Group by viewing themneeds.

together in-house technology and external technologies.

that continues to contribute to society in the specialty

from three perspectives, including long-term, fundamental,

Higuchi: It is also important to consider how we identify the

Higuchi: Every day, all the executive officers under thechemical field, together with those who have professionalism

and holistic perspectives.

needs of overseas customers and apply them to our

President have active discussions on the growth strategies forin a different culture from that of Kureha. Thank you for talking

products. If we can identify the needs for applying our2030. Taking full advantage of the strengths of our manage-with me today.

company products and technologies, we will have more ourment style of information sharing and thorough discussion, weTosaka & Higuchi: Thank you.

Foundation for Value Creation

05

Challenges Abound, but the Future
Is Bright

Data Section

opportunities to grow globally.
Kobayashi: Even materials that have been around for forty or
fifty years have the potential to create new applications andmarkets utilizing existing products and technologies if
researchers make exhaustive efforts to approach the market.
Tosaka: Under our medium term business strategies, we
solidify our foundation, and identify and explore potential
businesses, including new businesses. In order to thoroughly
deepen discussions on such medium term business strategies, we have a challenge to achieve results by ensuring that
we make quick progress in implementing initiatives that are to
be finalized and concentrating our resources.

35

Kureha Corporation Business Report 2021

Kureha Corporation Business Report 2021

36

Foundation for Value Creation

Enhancing Human Capital: Introduction of a New Personnel System

Aiming to Create People and Organizations That Bring About Change

Background to the Introduction of the New Personnel Systemswiftly to changes in the business environment, and ensuring

as AI and IoT, global environment conservation and climate

sustainable enhancement of corporate value as a high-value-change mitigation, the economy, market and society are changing

added company that is technology development oriented.
In Japan, due to the declining of birthrate and aging population,

working styles, carbon neutrality, and sustainability. In order for our

the number of people in the 20 to 64 age group, which represents

company to respond to such rapid changes in the businessthe core of the labor force, is expected to decrease significantly inenvironment and survive global competition, it is essential to

the future (The population is expected to decrease from 69.25

secure and develop human resources who can take leadership in

million in 2019 to 55.43 million in 2040.) Amid the expected

management strategies, research development, and production

contraction of the domestic market and labor shortage, alltechnologies by always having the mindset of making changes

employees, including senior employees aged 60 and over, areand who can play an active role globally. To this end, our company

expected to play a more active role. Therefore, we have decided

introduced a new personnel system on October 1, 2021, with theto gradually extend the retirement age to 65 in a phased manner,

aim of creating a corporate culture in which each employee canstarting from employees who reach 60 in fiscal 2022.

Strengthening performance-based HR management:
Strengthening the system of role- and duty-based compensation
We ensure that compensation is determined based on the roles, duties, andperformance of each employee regardless of age, gender, andwhether an employee is a new graduate or a mid-career employee.

Senior employees playing active roles: Extending retirement age to 65
By ensuring alignment of compensation with roles, duties, and performance as the basis of
our human resource management, we will continue paying compensation to employees
based on their roles, duties, and performance after age 60 until age 65.

Required Mindset and Action

independently and autonomously fulfill their roles and respond

Overview of the New Personnel System
Since 2007, our company has operated a personnel system that

who can take on higher roles and perform their duties bytreats executive employees according to their roles, duties, andunderstanding the current state of their skills and learning

performance. This system will be expanded to all employees as aautonomously and continuously. The line manager who leads the

new concept of human resource management. We will promoteorganization serves as a key person to ensure that all employeeschanges in the awareness and behavior of employees to ensure

understand the purpose of the new system, and thatthat each employee sets a higher goal and plays an active roleorganizational goals are incorporated into the goal setting ofwith a mindset of challenge, speed, and growth.

subordinates, and thereby promotes appropriate evaluation andChallenge

Continuously learn as

Take on new and difficult

professionals and fulfill roles

challenges without being

and duties

caught up in conventional
ideas and methods
Data Section

At the same time, under the slogan of “autonomous career

Growthcareer development through dialogue.

development,” we support employees to become professionals

Before(Current Personnel System)

After(New Personnel System)

2007

2021

Target:Executive employees
Criteria:
Performance-based

Target:All employees
Criteria:
Performance-based

Kureha Corporation Business Report 2021

⃝Autonomous andDialogue
Alignment oforganization andindividual goal
setting

Speed
Promptly collect information,

continuous learning⃝Higher role

Understand thecurrent state of
their skills

37

Professional humanresources

Autonomous careerdevelopment
Each employee

Foundation for Value Creation

significantly, and there has been an increased emphasis on new

Major Shift in the Concept of Human Resource Management

Growth Strategy

In response to rapid progress of technological innovations such

＜ Concept ＞

Kureha Group’s Value Creation

Kureha introduced a new personnel system full scale in October 2021 with the aim to create a corporate culture inwhich each employee can independently and autonomously fulfill their roles and respond swiftly to changes in thebusiness environment by having a sense of challenge, speed, and growth.
Under the new system, we aim to transform Kureha into a company in which employees take pride in their work as
professionals and realize job satisfaction and personal growth, while having a sense of commitment to continuously
practice a challenge, speed, and growth mindset.

make decisions and act, andLine manager

respond to change

Understand the
purpose of the
new system

Kureha Corporation Business Report 2021

38

Foundation for Value Creation

CSR Initiatives

Contributing to a Sustainable Society as a Innovation-Driven Company
CSR activities are an important factor in maintaining and improving corporate value.
The Kureha Group will promote CSR activities based on its corporate philosophy and basic CSR policy to fulfill its
social responsibilities as a corporation and contribute to the development of a sustainable society.

Renovation of CSR Site
as “ESG Data Collection.” Past reports are saved in asite of the Kureha’s website to provide a greater volume ofdownloadable PDF format for printing in the CSR

information and enhance the content of disclosures.

Report Archive.

The CSR site used to provide an overview of the KurehaGroup’s CSR activities and the annual CSR Report in the form

The Paris Agreement was concluded as a world-wide measure
to combat climate change, and Japan along with many otherindependent unit called “Carbon Neutrality Committee” withindeveloped countries have declared the goal of carbon neutrality*

our company. In September, we established a company-wide

by 2050 and are actively promoting measures and technological“Carbon Neutrality Project,” under which we have been

innovations necessary to reduce greenhouse gas (GHG)

considering specific initiatives to further improve reduction

emissions. Fighting climate change and achieving carbon

targets and achieve targets, and developing technologies.

neutrality is one of the most important issues for the Kureha

disposal by reducing the amount of waste generated fromfollowing basic policy:

production activities at its production sites and promoting the* Carbon neutrality: bringing the balance of greenhouse gas

recycling of resources.

absorption/removal from emission, we should reach net zero.

In recent years, companies are expected by stakeholders to

At the Iwaki Plant, we are working to improve the recycling
rate by outsourcing recycling of coal ash, which is a by-productproduced in the coal-fired plant at the site, to a recycling

Basic Policy on Climate Change

disclose information in accordance with global standards forcompany. We are also working to reduce the amount of waste

Fighting climate change is one of the most important issues fortheir corporate evaluation. Therefore, we have decided togenerated at each manufacturing plant by improving production

the Kureha Group. We will work to actively reduce GHG

respond to such expectations by enhancing our CSR site inefficiency, but the amount of industrial waste generated and theemissions related to our business activities in order to fulfill our

addition to issuing our CSR Report in the form of a booklet.

amount of final disposal has remained flat due to increased

corporate social responsibility.

production and expansion. We will work to further reduce waste

In FY2020, we conducted an informational survey on energy

stakeholders based on the GRI Standard, the global standard

use and CO2 emissions for the entire group, our energy

for information disclosure. In addition, the report (“ESGdemand forecasts, the circumstances of the countries andReport”) consists of E (Environment), S (Society) and G

Kureha’s CSR Site

(Governance) content. In addition to such content, various

WEB

https://www.kureha.co.jp/en/csr/

quantitative data related to ESG are disclosed in tabular form

Group Ethical Charter, which was revised in November 2020.

revised in 2017 based on the Guiding Principles on Business

The Kureha Group Ethical Charter was established in 2003, andand Human Rights, the revised Kureha Group Ethical Charter

Kureha has been committed to respecting human rights in allsets forth our company’s new policies concerning respect for

aspects of its corporate activities such as interacting withhuman rights and expresses support for the Guiding Principles

various people, including its employees, consumers, localof the United Nations. As a specific initiative, we have included

communities, business partners, and other stakeholders.

the details of specific initiatives related to respect for humanIn accordance with the Guiding Principles on Business andrights in the Compliance Code of Conduct of Kureha , which is

Human Rights, an international standard for companies toan implementation guideline of the Ethical Charter, and we are

address human rights issues that was approved by the United

working to disseminate them among employees.

Nations in 2011, and the Charter of Corporate Behavior of theKureha Corporation Business Report 2021

At our resin processing sites, we are working proactively to
reduce production losses, develop products that reusecountermeasures for climate change mitigation. We haveproduction losses, and recycle such losses. With the aim offormulated the following CO2 emission reduction target for

reducing to zero the final disposal of polyvinylidene chloride

FY2030 based on that survey.

waste, which accounts for the majority of waste, we changed
the disposal method in FY2020. This has helped us gradually

Kureha Group’s CO2 Emission Reduction Target

reduce the volume of landfill waste and, since February 2021,

The Kureha Group’s CO2 emissions from energy use should be

the amount of final disposal has been zero. As a result, thereduced in phases to a total of 376 thousand tons, a 20%

amount of polyvinylidene chloride waste sent to landfills in

reduction from FY2013, by FY2030. (CO2 emissions fromFY2020 was reduced by approximately 30% as initially planned,

energy use were 470 thousand tons in FY2013)

and the amount of final disposal is expected to be reduced to

To achieve this target, we will curb the operation of thecoal-fired power plant at the Iwaki Factory, switch to

Data Section

Japan Business Federation (Nippon Keidanren), which wasprocesses, and introducing new recycling technologies.

regions where each Group company is located, and various

Revision of the Kureha Group Ethical Charter
The recently redesigned CSR site also contains the Kureha

by promoting stable plant operations, developing high-efficiency

Foundation for Value Creation

improve the content of information on CSR activities and

The recently redone site is designed to target various

39

The Kureha Group is working to reduce the amount of final

Group, toward which we will make a united effort under theemissions overall to zero. In other words, by subtractingof a booklet.

At the same time, in April 2021, we established an

Growth Strategy

On Wednesday, September 1, 2021, we redesigned the CSR

Initiatives for Climate Change Mitigation

Kureha Group’s Value Creation

As corporate activities become more global, stakeholders are demanding more corporate social responsibility (CSR).

zero in and after FY2021.
Promoting resource recycling and reducing the amount of

renewable energy as the main power source at other Kureha

final disposal is also an important issue for our company, andoffices and Kureha Group companies, and improve efficiency

we will therefore continue promote zero emission of industrial

when replacing large-scale facilities and equipment, andwaste by setting targets.

promote various energy-saving activities in line with the plan.

Kureha Corporation Business Report 2021

40

Data Section

Financial and Non-Financial Highlights
Unit

Financial Information (Japanese GAAP)FY2011FY2012FY2013

FY2014FY2015¥128,358¥130,550¥148,124¥150,182¥142,549

FY2016FY2017FY2018FY2019FY2020Million yen¥ 132,294¥ 147,329¥ 148,265¥ 142,398¥ 144,575

Unit

Financial Information (IFRS)For the year:

For the year:

Net sales:

Million yen

Revenue:

Million yen

97,461

98,269105,588

103,943

96,025

Domestic

Million yen

97,630107,145

103,862

102,718

100,678

Million yen

30,89732,281

42,536

46,23946,524

Overseas

Million yen

34,66440,184

44,40339,68043,897

Advanced Materials

Million yen

31,25327,65032,81536,18736,536

Advanced Materials

Million yen

33,36941,64045,74941,842

44,465Specialty Chemicals

Million yen

30,182

32,83336,61535,53531,182

Specialty Chemicals

Million yen

25,866

26,17627,30924,331

23,543Specialty Plastics

Million yen

37,67240,90045,291

46,51944,210Specialty Plastics

Million yen

42,79145,39745,14843,47342,352

Construction

Million yen

16,30014,967

17,23816,721

16,201

Construction

Million yen

13,934

17,354

12,415

14,457

13,919Other Operations

Million yen

12,95014,197

16,163

15,21814,418Other Operations

Million yen

16,332

16,76017,643

18,293

20,294

Revenue by segment:

Net sales by segment:

Million yen

8,472

8,458

11,902

14,551

12,600Operating profit

Million yen

9,255

12,973

17,172

18,041

17,263

Net income attributable to owners of parent Million yen

1,460

3,212

7,365

9,195

7,342

Profit attributable to owners of parent

Million yen

7,001

9,697

13,933

13,71913,493

Capital expenditure

Million yen

14,36019,984

16,46817,557

12,139

Capital expenditure

Million yen

10,304

9,768

13,174

14,92814,322

Depreciation and amortization

Million yen

9,580

8,882

9,096

8,261

9,877

Depreciation and amortization

Million yen

10,191

9,898

10,31012,11011,672

Research and development expenses

Million yen

4,978

4,885

Research and development expenses

Million yen

4,734

4,962

5,270

5,995

5,561

Operating income

5,080

4,389

4,586

Million yen

12,144

10,246

14,05812,533

14,045

Cash flows from operating activities

Million yen

12,35020,17823,37715,15026,704

Cash flows from investing activities

Million yen(14,169)(19,595)(20,444)(18,766)(6,026)

Cash flows from investing activities

Million yen(1,071)(9,698)(8,363)

5,483(3,876)

Cash flows from financing activities

Million yen

370

10,264

4,673

5,042

(9,328)(10,415)(15,478)(19,353)

CO2 Emission Volume

Millionyen
Cash flows fromfinancing
Energysources activities
Non-energy
sources(11,727)（1,000 t-C02）

500

Year-end:

Year-end:

Energy Use(12,516)（1,000 KL）

200

Million yen¥186,223¥205,284¥224,459¥249,697¥236,633

Total375
assetsMillion yen¥ 234,907

150¥ 242,281¥ 247,352¥ 246,890¥ 256,923

Net assets

Million yen

88,55496,211

106,190

120,624

119,274

Total250
equity attributable to owners of parent Million yen

124,297100
150,193

160,551

164,990

183,830

Interest-bearing debt

Million yen

56,68368,44877,22586,636

79,685Interest-bearing
debt
125

71,00748,08950

39,01837,31729,506

Yen¥ 407.38¥ 507.48

Yen

7,232.89

7,271.67
Waste Generation7,922.58

Amounts0 per share:

Amounts per share:
Net income—basic

Yen

Net assets

Yen

Cash dividends¥

8.51
510.37
10.00

Yen

¥

18.71

¥

546.6942.87¥

604.00

10.00

53.53
687.80

11.00

12.00

¥

Million yen

42.73

Basic profit FY2018
per share

686.06

COOwners’
Volumeper share
2 Emissionequity

11.00

FY2019FY2020

Scope
Cash dividends
per 1share Scope 2
600

0

Yen

Ratios:Ratios:450

Operating income to net sales

%

6.6%

6.5%

8.0%

9.7%

8.8%

Operating profit to revenue

Net income to net sales

%

1.1

2.5

5.0

6.1

5.2

Return on equity%

Return on assets

%

4.3

3.4

5.7

Equity ratio

%

47.0

45.7

46.2

1.7

3.5

7.5

110.00*（1,000 t-C02）

FY2018¥ 679.55

125.008060FY2019FY2020¥ 692.61¥ 691.33

8,453.07

9,418.64

165.00170.00170.00（1,000 t）

%

7.0%

8.8%

11.6%

12.7%

11.9%

Profit attributable to owners of parent to revenue

%

5.3

6.6

9.4

9.6

9.3

6.2

150 on equity
Return

%

5.8

7.120

9.0

8.4

7.7

6.5

4.9

Return0 on assets

47.3

49.8

Owner’s equity ratio

8.3

300

FY2018FY2019FY2020

40

%

3.8

5.3 0

%

52.9

62.0

FY20187.1

64.9

FY2019

7.3

7.0

66.8

71.6

FY2020Foundation for Value Creation

Total assets

Growth Strategy

Cash flows from operating activities

Kureha Group’s Value Creation

Domestic
Overseas* Translation is based on the ratio of the reverse stock split of 10 common shares to 1 common share as of October 1, 2016.

Non-Financial Information (Social Data)

Non-Financial Information (Environment-Related Data)
CO2 Emission Volume
Non-energy sources（1,000 t-C02）（1,000 KL）

200

（％）

100

15

375

150

250

100

50

10

125

50

25

5

FY2018FY20190

FY2020CO2 Emission Volume600

Scope 1

Scope 2FY2018FY20190

FY2020FY20190

FY2020（1,000 t）

80

（％）

20

3

450

60

300

40

10

2

150

20

5

1

FY2018FY2019FY2020Kureha Corporation Business Report 2021

0

FY2018FY2019FY20200FY2018FY2019FY2020FY2019FY2020

（％）

4

15

0

FY2018

Employment rate of People with Disabilities

Percentage of Employees Taking Parental Leave

Waste Generation（1,000 t-C02）

FY2018（h / month）

20

75

0

41

Average Monthly Overtime Hours

Percentage of Paid Holidays Taken

Energy Use

Data Section

500

Energy sources0

FY2018FY2019FY2020Kureha Corporation Business Report 2021

42

Data Section

Consolidated Statements of Financial Position

Consolidated Statements of Profit or Loss

Kureha Corporation and Consolidated Subsidiaries
As of March 31, 2020 (FY2019) and 2021 (FY2020)

Kureha Corporation and Consolidated Subsidiaries
For the fiscal years ended March 31, 2020 (FY2019) and 2021 (FY2020)

Millions of yen

FY2019FY2019FY2020ASSETS¥142,398¥144,575

Current liabilities:

Cost of sales

100,265

101,702

Gross profit

42,13242,872

Selling, general and administrative expenses

28,10525,438

Share of profit of entities accounted for using equity method

1,998

1,472

Other income

13,447872

Other expenses

11,4312,516

Trade and other payables

28,32728,212

Bonds and loans payable

2

3

Inventories

38,24036,452Other current assets

5,173

3,735

Total current assets

79,011

86,237

Trade and other receivables
Other financial assets¥ 19,424¥ 19,221

15,549

7,841

Other financial liabilities

1,582

1,724

Accrued income taxes

4,750

2,587

Provisions

6,339

6,379

Operating profit

18,041

17,263

Other current liabilities

6,473

7,110

Finance income

545

703

Total current liabilities

54,121

44,865

Finance costs
Profit before tax

Non-current assets:

120,171

842

2,202

Investments accounted forusing equity method

13,12014,042Other financial assets

24,574

22,407

Deferred tax assets

2,599

1,569

Intangible assets, net

Non-current liabilities:
Bonds and loans payable

18,64819,014

Other financial liabilities

2,580

2,145

Deferred tax liabilities

1,221

1,795

Provisions

1,465

1,388

Net defined benefit liability

295

291

Other non-current assets

6,958

10,292Other non-current liabilities

1,932

1,900

Total non-current assets

167,879

170,686

Total non-current liabilities

26,144

26,536¥246,890¥256,923

80,266

71,402

Total assets

Total liabilities

642

219

17,944

17,748

Income tax expense

4,117

4,136

Profit for the year

13,827

13,611

13,71913,493

Profit attributable to:
Owners of parent

108

118

¥ 13,827¥ 13,611

Basic¥ 692.61¥ 691.33

Diluted

692.03690.51

Non-controlling interests
Total
Profit per share (in Yen):

Shareholders’ equity:

18,16918,169

Capital surplus

15,044

14,897(8,693)(8,697)

135,918

154,166

Other components of equity

4,551

5,294

Total equity attributable toowners of parent

164,990

183,830

1,633

1,690

Less: Treasury stock, at cost
Retained earnings

Non-controlling interests
Total equity

43

Kureha Corporation Business Report 2021

166,623

185,521¥246,890¥256,923

Data Section

Total liabilities and equity

Foundation for Value Creation

Equity:Capital stock, no par value

Growth Strategy

119,782

Property, plant and equipment, net

FY2020

Revenue¥ 17,834¥

FY2019LIABILITIES AND EQUITY

7,268

Cash and cash equivalents

FY2020Kureha Group’s Value Creation

Current assets:

Millions of yen

Millions of yen

Kureha Corporation Business Report 2021

44

Data Section

Consolidated Statements of Changes in Equity
Kureha Corporation and its Consolidated Subsidiarie

連結株主資本等変動計算書
FY2019 (From April 1, 2019 to March 31, 2020)

Millions of yen

FY2020 (From April 1, 2020 to March 31, 2021)

Millions of yen

Total equity attributable to owners of parent

Total equity attributable to owners of parent

Capital,no par value
BALANCE—APRIL 1, 2019¥18,169

CapitalsurplusTreasurystock, at cost

¥15,044

Retainedearnings¥(3,689)¥122,363

18,16915,044(3,689)¥63¥(3,686)

122,349

63

—

—

—

(3,686)—

Acquisition of treasury stock(1,172)

Share-based payment transaction¥15,044¥(8,693)

3,457

Total transactions with owners——(5,003)

(150)

17

—

BALANCE—MARCH 31, 2020

¥18,169¥15,044¥ (8,693)¥135,918¥80¥(4,858)

¥ 80

—

—

13,493—29(3,318)
(146)
8,073

Total transactions with owners

—

(146)

(3)

4,755

29

—

BALANCE—MARCH 31, 2021

¥18,169¥14,897¥(8,697)¥154,166¥110¥(3,161)

Millions of yen

Total equity attributable to owners of parent

Total equity attributable to owners of parent¥ 8,664—(13)

12,286

—

8,664

824

(325)

824

(325)

¥160,551

Total equity¥1,616¥162,167

160,537

1,616

162,153—

13,719108

13,827

(672)

(672)

(35)

(707)

72

(13)

BALANCE—APRIL 1, 2020

Non-controllinginterests

Total¥ 4,551¥164,990¥1,633¥166,623—

13,493

118

13,611

5,068

2,021

8,786

8,786

121

8,908

5,068

2,021

240

22,520¥8,786

22,280Acquisition of treasury stock—(3)

Comprehensive income

Total equity—¥ 9,326

Profit for the period
Other comprehensive income

Capital,no par value(3)

13,046

13,119

Share-based payment transaction

29

29

—

(5,003)(5,003)

Dividends—(3,318)(56)(3,374)

Share-based payment transaction

17

17

17

—

(146)

(126)

(273)

(3,608)(54)(3,663)—

Dividends

Equity transactions with non-controllinginterests

Equity transactions with non-controllinginterests

—

0

(0)

0

(8,073)—

Reclassification from other components ofequity to retained earnings(3,782)325(3,457)—

Total transactions with owners(3,782)325(3,439)(8,594)(55)(8,649)BALANCE—MARCH 31, 2020

¥ 9,329¥ —¥ 4,551¥164,990¥1,633¥166,623

Kureha Corporation Business Report 2021—

Reclassification from other components ofequity to retained earnings(6,052)

Total transactions with owners(6,052)BALANCE—MARCH 31, 2021

¥ 8,345(2,021)¥29—(2,021)(8,044)(3,439)(183)(3,623)—¥ 5,294¥183,830¥1,690¥185,521

Kureha Corporation Business Report 2021

Data Section(672)

Acquisition of treasury stock

Comprehensive income

45

Non-controllinginterests

Total

¥ —

Profit for the period
Other comprehensive income

Capital,no par value¥12,286

Cumulative effect of accounting change
Restated balance—April 1, 2019

Other components of equity
Financial assets
measured at fair
Remeasurements
value throughof definedotherbenefit planscomprehensive
incomeFoundation for Value Creation

Other components of equity

BALANCE—APRIL 1, 2019

1,696

(3)

Millions of yen

Financial assets
measured at fair
Remeasurements
value throughof definedotherbenefit planscomprehensive
income¥(4,858)
1,696—

Reclassification from other components ofequity to retained earnings

0¥135,918

Exchange differenceson translating foreign
operations

Growth Strategy

Equity transactions with non-controllinginterests

StockacquisitionrightsRetainedearnings

13,493Equity transactions with non-controllinginterests(3,608)

Reclassification from other components ofequity to retained earnings

Treasurystock, at cost

Dividends

17

Share-based payment transaction
Dividends¥18,169

Capitalsurplus

Other comprehensive income(1,172)(5,003)Acquisition of treasury stock

BALANCE—APRIL 1, 2020

Comprehensive income

Other comprehensive income

13,719

Capital,no par value

Profit for the period

13,719Profit for the period

Comprehensive income

Other components of equity

Exchange differenceson translating foreign
operations(13)

Cumulative effect of accounting change
Restated balance—April 1, 2019

StockacquisitionrightsKureha Group’s Value Creation

Other components of equity

46

Data Section

Data Section

Consolidated Statements of Cash Flows

Corporate Data and Stock Information

Kureha Corporation and Consolidated Subsidiaries
For the fiscal years ended March 31, 2020 (FY2019) and 2021 (FY2020)

Millions of yen

FY2019FY2020

Corporate Data (March 31, 2021)

Cash flows from operating activities:
Depreciation and amortization
Impairment loss
Gain on bargain purchase
Gain on sale of businesses
Finance income
Finance costs
Share of (profit) loss of entities accounted for using equity method(Profit) loss on disposal and sale of property, plant and equipment, and intangible assets(Increase) decrease in trade and other receivables(Increase) decrease in inventories
Increase (decrease) in trade and other payables
Increase (decrease) in provision
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Cash flows from operating activities¥ 17,748
11,672
1,624
—
—
(469)
211
(1,472)
402
428
2,286
753
(47)
(469)
1,902
33,063
1,475(218)(7,615)26,704

Cash flows from investing activities:

23(12,878)
9,582
(13)

Proceeds from purchase of shares of subsidiaries that result in change
in scope of consolidation

1,409

—

Proceeds from sale of businesses

1,677
79
(381)
5,483

—
—
(590)
(3,876)(3,608)
(54)
1,293
6,000
(9,250)(7,000)(3,318)(56)(6,889)1,965(2,603)
—

—

(318)

(5,003)(1,729)(19,353)
(1)
1,278
5,989
¥ 7,268(3)(1,291)(12,516)254
10,566
7,268¥ 17,834

Payments for purchases of property, plant and equipment, and intangible assets
Proceeds from sales of investment securities
Purchase of investment securities

Proceeds from government grants
Other, net
Cash flows from investing activities

Kureha Corporation

President & CEO

Yutaka Kobayashi

Establishment

June 21, 1944

Headquarters

3-3-2, Nihonbashi-Hamacho,
Chuo-ku, Tokyo 103-8552, Japan
Tel: 81-3-3249-4666
Fax: 81-3-3249-4744

Paid-in Capital¥18,169 million

Business Outline

Manufacturing and sales of functional
materials, specialty chemicals and plastics

Number of Employees

4,293 (Consolidated)

Group Companies

28 consolidated subsidiaries and 2 equitymethod affiliates

Major Overseas Bases

United States, Germany, the Netherlands,
France, Belgium, UK, Australia, China andVietnam

Stock Information (March 31, 2021)
Security Code4023

Number of Shares ofCommon Stock Issued

19,517,755 shares

Number of Shareholders

10,740Stock Exchange Listings

Tokyo Stock Exchange

Fiscal Term

April 1– March 31

Ordinary General
Meeting of Shareholders

June

Transfer Agent

Mizuho Trust & Banking Co., Ltd.
3-3, Marunouchi 1-chome, Chiyoda-ku, Tokyo

Independent Auditor

Ernst & Young ShinNihon LLC

Shares held
(thousands)

Shareholding
Ratio (%)

Custody Bank of Japan, Ltd. (Trust Account)

2,031

10.4

The Master Trust Bank of Japan Ltd. (Trust account)

1,603

8.2

Meiji Yasuda Life Insurance Company

1,374

7.0

Japan Trustee Service Bank, Ltd. (Trust account 9)

787

4.0

Tokio Marine & Nichido Fire Insurance Co., Ltd.

550

2.8

Mizuho Bank, Ltd.

400

2.0

J.P. MORGAN BANK LUXEMBOURG S.A. 380578

333

1.7

Mizuho Trust & Banking

266

1.4

Custody Bank of Japan, Ltd. (Trust Account 5)

258

1.3

Custody Bank of Japan, Ltd. (Trust Account 4)

249

1.3

Name of shareholder

Note: Number of shares held is rounded down to the nearest thousand share.
The percentage of shareholding is calculated excluding treasury stock.

Shareholder Composition (Shareholding Ratio)
Treasury Stock

Securities Corporations

6.2%

1.0%

Other Domestic
Corporations

5.6%

Individuals

11.7%

Total
19,517,755
sharesForeignInvestors

Financial
Institutions

48.5%

27.0%

Foundation for Value Creation

10,826(13,649)
6,146
(624)

Proceeds from sales of property, plant and equipment, and intangible assets

Corporate Name

Growth Strategy

Increase (decrease) in net defined benefit asset and liability¥ 17,944
12,1105,218(1,460)(1,200)(544)
312(1,998)(9,585)2,427(419)(3,410)
(55)
(457)
(197)
18,684
1,757(274)(5,016)15,150Kureha Group’s Value Creation

Profit before tax

Major Shareholders (March 31, 2021)

Cash flows from financing activities:
Dividends paid
Dividends paid to non-controlling interests
Net increase (decrease) in commercial paper and short-term loans payable
Proceeds from non-current loans payable
Repayments of bonds
Payments from changes in ownership interests in subsidiaries that do not result inchange in scope of consolidation
Acquisition of treasury stock
Other, net
Cash flows from financing activities
Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year

Trading Volume

Stock Price(Thousands of shares)

(Yen)
8,000
Trading volume（Left scale）
Kureha’s stock price (Closing)(Right scale）
6,000

4,000

4,000

2,000

2,000

0

47

Kureha Corporation Business Report 2021

April
2019

April
2020

March
2021

Data Section

Repayments of non-current loans payable

Stock Prices Movement

0

Kureha Corporation Business Report 2021

48