Corporate Information

Financial Highlight s (C o n s o l i d a t e d)

（As of April 1, 2024）

Corporate Profile
CompanyName

OAT Agrio Co., Ltd.

Head Office

8th Floor, NBF Ogawa-machi Bldg.
1-3-1 Kanda Ogawa-machi,
Chiyoda-ku, Tokyo 101-0052, Japan
TEL +81-3-5283-0251
FAX +81-3-5283-0258

Establishment

September 28, 2010

Capital461.9 Million Yen

President

CEO Hisashi Oka

Business
DomainResearch and development,
manufacture and sale ofagrochemicals and fertilizers

Number of585(112) , as of December 31, 2023
Employees on * The numbers in parentheses
consolidated
are the average number of
temporary employees
basis

Business Location
SapporoSales Office

East Japan
Branch Office

East Japan
Branch /Sendai Office
NagoyaSales OfficeWest Japan
Branch Office

11th Floor, FUJIFILM Sapporo Bldg.,
6-1, Odori Nishi, Chuo-ku,
Sapporo-shi, 060-0042, Japan
TEL +81-11-200-5151
8th Floor, NBF Ogawa-machi Bldg.
1-3-1 Kanda Ogawa-machi,
Chiyoda-ku, Tokyo 101-0052, Japan
TEL +81-3-5283-0260
M.BALANCE Sendai Ichibancho 13F,
1-2-33 Ichibancho, Aoba-ku, Sendai,
Miyagi 980-0811, Japan
TEL +81-22-302-4770
6F Marunouchi One Building, 1-9-16
Marunouchi, Naka-ku, Nagoya, Aichi
460-0002, Japan
TEL +81-52-253-7137
9th Floor, Honmachi Takeda Bldg.
3-1-29 Kyutaro-machi, Chuo-ku,
Osaka-shi, Osaka 541-0056, Japan
TEL +81-6-6125-5355

Shikoku Sales
Office12-1 Shimokubo, Himeda,
Oasa-cho, Naruto-shi, Tokushima
779-0301, Japan
TEL +81-88-684-4451

KyushuSales Office

2-4-52 Shinhoka, Higashi-ku,
Kumamoto-shi, Kumamoto
862-0921, Japan
TEL +81-96-360-5577

NarutoFactory

615 Hanamen, Satoura,
Satoura-cho, Naruto-shi, Tokushima772-0021, Japan
TEL +81-88-684-0210

Research &Development
Division

615 Hanamen, Satoura,
Satoura-cho, Naruto-shi, Tokushima772-0021, Japan
TEL +81-88-684-0201

Cultivation
ResearchCenter12-1 Shimokubo, Himeda,
Oasa-cho, Naruto-shi, Tokushima
779-0301, Japan
TEL +81-88-685-2890

Cultivation
Research Center
Miyazaki farm2034-2 Minashiro, Shintomi-cho,
Koyu-gun, Miyazaki 889-1402, Japan

Board of Directors
President, CEO

Hisashi Oka

Director, Board Member, Senior Executive Officer Satoshi Kitaguchi
Director, Board Member, Senior Executive Officer Wataru Okumura
Director, Board Member, Executive Officer

Hiroki Takase

Director, Board Member, Executive Officer

Izumi Suemura

Director, Board Member, Executive Officer

Corporate Planning Section, Production
Control Division, and Research &Development Division
Overseas Business Headquarters
General Affairs Division, Accounting Division,
Intellectual Property & Legal Section
Domestic Business Headquarters

Itoko Watanabe

Personnel Division, DX

Minoru Kimura(Outside Director)

Director

Jun Ogawa(Outside Director)

Director

Motonori Araki(Outside Director)

Executive Officer

Toshiyuki Shigeuchi LIDA Plant Research,S.L. Secretary and a

Executive Officer

Yoshihiro Fujimoto

Executive Officer

Kei Hidaka

Director（Audit & Supervisory Committee Member）(Audit & Supervisory Committee Member)(Audit & Supervisory Committee Member)

Executive Officer

Taku Ogasawara

Executive Officer

Tomoko Moriyama

member of the Board of Directors

Chairman of Runhe (Zhoushan) Plant
Science Co., Ltd.
Domestic Business Headquarters,
Marketing & Technical Promotion Division,
Fertilizer and BS Development Group andRepresentative Director of Asahi Chemical
Manufacturing Co., Ltd
General Manager, Sales Department,
Overseas Sales Headquarters
Quality Assurance Section Manager

Associated Companies
Asahi Chemical
Manufacturing Co., Ltd

Establishment
Address
Main Domain

Drip Fertigation
Research Co., Ltd.

Establishment
Address
Main Domain

February 9, 1952
500 Takayasu, Ikaruga-cho, Ikoma-gun, Nara
TEL +81-745-74-1131 FAX +81-745-74-1961
Manufacturing, sales, export/import of fertilizers and other products used inhorticulture and agriculture
September 1, 2004
3-4-13, Higashi Ishioka, Ishioka-shi, Ibaraki
TEL +81-299-56-6752 FAX +81-299-56-6753
Sales of hydroponic cultivation systems and related products such as fertilizers

Inplanta Innovations Inc. Establishment
Address
Main Domain

March, 2003
4-5-11, Namamugi, Tsurumi-ku, Yokohama-shi, Kanagawa
Research and development of genetic engineering, and contracted research ofplants, etc.

OAT&IIL India
Laboratories
Private Limited

Establishment
Address
Main Domain

March, 2013
E-423, RIICO Industrial Area, Chopanki Bhiwadi -301707
Rajasthan, India
Research and development of new crop protection products

Asahi Chemical Europe
s. r. o.

Establishment
Address
Main Domain

February, 2010Lužná 716/2, 160 00 Praha 6 - Vokovice, Czech Republic
Import and sales of crop protection products

PT. OAT MITOKU AGRIO Establishment
Address

January, 2016
Jl. Taman Bendungan Asahan Ⅱ No.8
Jakarta Pusat 10210, Indonesia
Manufacturing and sales of agrochemicals and fertilizers

Main Domain
Runhe (Zhoushan)
Plant Science Co., Ltd.

Establishment
Address
Main Domain

LIDA Plant Research, S.L. Establishment
Address
Main Domain
Blue Wave Holding B.V.

Establishment
Address
Main Domain

May, 2016
Ruotiao Village, Xiushan Island, Daishan County,
Zhoushan City, Zhejiang Province, P.R. of China.
Manufacturing and sales of drip fertigation systems and fertilizers
1987
Parque Industrial, Juan Carlos I Calle Granja,
12, 46440 Almussafes, Valencia, Spain
Development, manufacturing, and sales of nutritional products andbiostimulants and distribution of plant protection products2014 (establishment of holding company)
Gooimeer 7, 1411 DD Naarden P.O. Box.5300,1410 AH Naarden, The Netherlands
Development, manufacturing and sale of post-harvest flower and plant caresolutions

History

Sales Promotion
Ｄivision1950 Otsuka Pharmaceutical Factory divested the organic
chemicals business to Otsuka Chemicals andPharmaceuticals Co., Ltd.

Marketing & Technical
Promotion Ｄivision

1952 Started manufacturing and sales of agrochemicals

Sapporo Sales
Oﬃce

1953 Started selling a tobacco sucker inhibitor (OMH+30)

Domestic Business
Headquarters

1963 Started selling gravel culture fertilizer

East Japan BranchOﬃce

1976 Started selling the herbicide Parazet

Nagoya Sales
Oﬃce

1979 Started selling the agricultural material disinfectant
IchibanWest Japan BranchOﬃce

1980 Started selling the fungicide Unitekt

Shikoku Sales
Oﬃce

1984 Changed the company name to Otsuka Chemical Co., Ltd.

Sales Support
Section1992 Started selling the insecticide Oleate and the calcium
supplement Calplus

Europe & the Americas
Group

1995 Started selling the insecticide Sted Granules
1996 Started selling the insecticide Ondaia
Sales & Marketing
Ｄivision

1998 Started selling Misaki for extending the life of cut flowers
Started nationwide sales of the Drip Fertigation System

General Shareholders
MeetingAsahi Chemical
Europe s.r.o.
OAT&IIL India Laboratories
Private Limited
PT. OAT MITOKUAGRIOBoard of Directors

Business Development
Division

Audit and Supervisory
Committee

Runhe (Zhoushan) Plant
Science Co.,Ltd.
LIDA Plant
Research, S.L.

Net sales

21,90920,28822,67826,96028,988Gross profit

9,389

9,464

10,707

12,66013,947

Operating income

1,077

1,512

2,001

3,346

3,766

4

837

1,456

2,261

2,488

Total assets

29,724

28,84828,34631,00934,000Net assets

6,807

7,632

9,096

11,94914,872Gross proﬁt

30,00015,00024,00012,00018,0009,000

12,000

6,000

6,000

3,000

F a c tB o o k2 0 2 30

2019/122020/122021/122022/122023/12

Operating income0

2019/122020/122021/122022/122023/12

Profit attributable to owners of parent

4,000

3,000

Blue Wave
Holding B.V.

President

Procurement Group2012 Acquired Asahi Chemical Manufacturing Co., Ltd. as a
100% subsidiary

3,000
2,000

Purchasing Group
Production Control
Division

Naruto Factory

2,000

Production EngineeringGroup2014 Changed the company name to OAT Agrio Co., Ltd.
Listed on the Second Section of Tokyo Stock Exchange

Logistics Group2015 Listed on The First Section of Tokyo Stock Exchange

1,000
1,000

Product Marketing andDevelopment Group

2016 Established PT. OAT MITOKU AGRIO
Established Runhe (Zhoushan) Plant Science Co., Ltd.
Established OAT Agri Frontier Co., Ltd.

2018 Established Japan Biostimulant Association as a founder
Established H-New Corporation
Acquired LIDA Plant Research, S.L. and CAPA
Ecosystems, S.L.
Acquired Inplanta Innovations Inc. as a 100% subsidiary
Acquired Blue Wave Holding B.V including Chrysal andtheir associated companies

2023/12SCM Group

Overseas Business
Headquarters

2010 Established Otsuka AgriTechno Co., Ltd. and became
independent from Otsuka Chemical Co., Ltd. by way of MBO

2017 Participate in establishment of Japan GenericAgrochemicals Association
Started selling a new drip fertigation system“TT series”
Acquired ISO 9001:2015 certification

Development
Group
Business Development
Group1999 Started selling Otsuka Judge Box Granules, an insecticideand fungicide specifically for rice seedling boxes

2013 Established OAT&IIL India Laboratories Private Limited
based on an agreement with Insecticides (India) Limited
Launched the fungicide Gatten in Japan

2022/12Asia Group

1997 Started selling the turf coloring agent Greenway

2011 Started the manufacturing and sales of the rice paddy
herticides Benfuresate and Benzofenap which were acquired
from the German company Bayer Crop Science AG

2021/12Net sales
SCM Team

1993 Started selling the insecticide Orion2007 Otsuka Chemical started selling the acaricide Danisaraba

2020/12

Kyushu Sales
Oﬃce

1986 Started selling the herbicide Myzet and the insecticide
Oncol

2002 Otsuka Chemical Co., Ltd. was newly established toreceive the chemical products and agrochemicals andfertilizer businessStarted selling the insecticide Hachi-Hachi EC

2019/12

Profit attributable to owners ofparentEast Japan Branch /Sendai Oﬃce

1964 Started selling the foliar fertilizer Samppi

2000 Started selling the insecticides Grand Oncol, Oncol
Micro Capsules, Ondaia Ace and Deraus Oncol
Started selling the fungicide Alshine（Unit: ¥ million）

Organization

Synthesis Group0

Biological ScienceGroup
Research & Development
Division

Biostimulant Discovery
Group

Personnel Division

Formulation Group

General Aﬀairs
Division

Regulatory Aﬀairs
GroupIntellectual Property &Legal Section

Fertilizer and BS
Development GroupAccounting Division

Cultivation ResearchCenter2019 Obtained EU pesticide registration approval for Flutianil
Obtained GLOBAL GAP certificate

2019/122020/122021/122022/122023/12

Total assets0

2019/122020/122021/122022/122023/122020/122021/122022/122023/12

Net assets

40,00015,00030,00010,00020,000Miyazaki farm2020 Obtained California pesticide registration approval in USA

Drip Fertigation Research
Co.,Ltd.

2022 Due to the revision of the market classification of
the Tokyo Stock Exchange, Shifted from the First
Section to Prime Market.

Corporate Planning
SectionAsahi Chemical
Manufacturing Co.,Ltd.

2023 Shifted from the Prime Market to the Standard
Market of the Tokyo Stock Exchange
OAT Pakistan Private Limited was excluded fromour subsidiary company due to stock transfer.

Quality Assurance
SectionInplanta Innovations
Inc.

Internal Audit
SectionBusiness PlanningGroup
IT Management
Group
Chinese Business
Development Group

5,000
10,0000

2019/122020/122021/122022/122023/120

2019/12

M anagement Indicators (C o n s o l i d a t e d)

Financial Statement s (C o n s o l i d a t e d)Profitability

Productivity（Unit: ％）Gross proﬁt ratio

Operating income ratio

Net income ratio

Net sales per employee

60

15

12

50

40

10

8

Operating income per employee

520

2019/122020/122021/122022/1202023/122019/122019/122020/122021/122022/122020/122023/1202021/122019/122020/122021/122022/122022/12

42.9

46.6

47.2

47.0

48.1

Operating income ratio

4.9

7.5

8.8

12.4

13.0

0.0

4.1

6.4

2019/122020/122021/122022/12

8.4

8.6

0

2023/122019/122020/122021/122022/1202023/122019/122020/122021/122022/122023/122019/122020/122021/122022/122023/12Net sales per employee

39.9

37.1

41.5

47.6

49.9

Operating income per employee

2.0

2.8

3.7

5.9

6.5

Net income per employee

0.0

1.5

2.7

4.0

Number of employees（persons）

556

537

556

(Average number of part time employees）

112

92

92

2023/12Gross profit ratio

Net income ratio

2023/120Cash and deposits

1

Total asset turnover
1.5

6

1.0

3

4

Free cash ﬂow
4,000

2

500
400

3,000
0.5

2

1

0

0

0

2019/122020/122021/122022/122023/122019/122020/122021/122022/122023/122019/122020/122021/122022/122023/12

Total asset turnover2020/120.73

2021/120.69

2022/120.79

2023/12

0.91

3.87

4.20

4.80

4.56

4.12

Fixed assets turnover

1.39

1.37

1.61

1.93

2.03

Stability
Liquidity ratio

Fixed assets ratio

50

300

250

40
200

0

2023/122019/122020/122021/122022/1202023/122022/122019/122020/122021/122022/122023/12

1,928

1,679

3,824

847

1,204

375

184

288

381

404

1,484

1,412

1,416

1,484

1,673

Other Investment Indicators/Indicators per share
Return on equity（ROE）／Return on assets（ROA）

Net income per share

30

300

ROE

ROA

（Unit: ％/yen）

Net assets per share

20

200

1,000

10

100

500

2019/122020/122020/122021/122022/122023/122021/120

2019/122020/122022/122021/122022/122023/120

2019/122020/122021/122023/122022/1202023/122019/122019/122020/122021/122020/122022/1202023/122021/122019/122020/122022/122021/122022/122023/122023/12

29.2

35.6

40.9

Return on equity（ROE）
（％）

0.06

12.91

19.22

23.43

19.97

Liquidity ratio

121.3

133.6

139.7

145.6

128.6

Return on assets（ROA）
（％）

2.77

4.60

6.96

11.41

11.69

96.9

Net income per share（yen）

0.43

77.38

135.36214.12236.45

Net assets per share（yen）

562.06635.71784.57

1,043.37

1,350.69

152.1

117.9

646

572

Insurance claim income

△39

△0

Interest and dividend income

△19

△48

16,92019,586

1,176

1,184

745

797

1,090

1,164

Leased assets, net

462

509

Other, net

303

323

3,779

3,979

Notes1: Shareholder’s equity and total assets are calculated using the average of the figures at the beginning and end of the period.
Notes2: Net income per share and net assets per share are retrospectively adjusted according to two for one stock split for shares of common stock on March 1, 2022.

Provision for bonuses

37

38

Provision for loss oncompensation for damage

23

26

128

166

1,275

1,674

Refund liabilities
Other
Total current liabilities

11,617

15,233

Non-current liabilities

5,951

2,355

Retirement benefit liability

282

233

Deferred tax liabilities

883

948

Other

324

357

Total non–current liabilities
Total liabilities

5,960

5,915

7,442
19,060

3,893
19,127

Net assets

184

209

2,650

2,694

382

411

9,177

9,230

Capital stock
Capital surplus

461
2,410

461
2,425

Retained earnings

7,906

9,918

Treasury shares

△408

△973

Total shareholders’equity10,371

11,832

Accumulated other comprehensive income

428

522

Valuation difference on available–
for–sale securities

72

130

Shares of subsidiaries
and associates

82

88

Deferred tax assets

313

310

Remeasurements of defined
benefit plans

△44

△8

307

282

Total accumulated othercomprehensive income

660

2,056

1,132

1,204

Non-controlling interests

917

983

Total investments and otherassetsTotal non–current assets
Total assets

14,08914,41431,00934,000Total net assets
Total liabilities and net assets

390Foreign exchange gains

153

194

3

1

Share-based remuneration expenses

32

49

Foreign exchange losses (gains)

△0

△49

Interest expenses

182

207

Non-operating expenses

Increase (decrease) in net defined benefit liability

120

△4

Interest expenses

Increase (decrease) in allowance for doubtful accounts

188

Increase (decrease) in refund liability

22

35

Increase (decrease) in provision for bonuses

30

Decrease (increase) in trade receivables△306△1,412

Decrease (increase) in inventories△1,698△75

Increase (decrease) in trade payables

△216

△895

△43

△93

Share of profit of entities accounted for using equity method
Other
Total non–operating income

Commission for purchase of treasury shares
Other

632

1,934

21

19

237

263

182

207

0

4

16

18

198

230

3,385

3,800

Gain on sales of non-current assets

173

Total extraordinary income

17

3

4

2

Impairment loss

19

4

Total extraordinary losses

24

7

3,378

3,796

Income taxes–current

1,194

1,288

Income taxes–deferred

△184

△52

Total income taxes

1,009

1,235

ProfitOrdinary income
Extraordinary income

Extraordinary losses
Loss on retirement of non-current assets

Profit before income taxes

2,369

2,561

Profit attributable to non-controlling interests

107

73

Profit attributable to owners of parent

2,261

2,488

Increase (decrease) in accounts payable–other
Other, net

△330

262

Subtotal

2,575

3,538

Interest and dividends received
Interest paid
Income taxes paid
Proceeds from insurance income
Net cash provided by (used in) operating activities

Consolidated Statements of Comprehensive Income （Unit: ¥ million）

3

37

△153

△213

△1,048△1,574

39

0

1,416

1,789

Cash flows from investing activities
Payments into time deposits

△106

△80

Purchase of property, plant and equipment

△288

△397

Proceeds from sales of property, plant and equipment

19

6

△120

△122

△73

△0

Purchase of intangible assets
Purchase of sales of investment securities
Other, net
Net cash provided by (used in) investing activities

△1

8

△569

△585
1,614

Cash flows from financing activities

ProfitForeign currency translation
adjustment

Other

Insurance fee income

Total non–operating expenses

Long-term loans payable

Shareholders’equityIntangible assets

Investment securities

23.9

188.8

Income taxes payable

Investments and other assets

20.5

224.6

4
△1

△156

Total intangible assets

Shareholders’equity ratio

Fixed assets ratio

19

△60

Other

1,500

△3

△3

Allowance for doubtful accounts

Customer relation assets△17

Share of loss (profit) of entities accounted for using equity method

1,056

Software2

Loss (gain) on sales of non–current assets
Impairment loss

750

Goodwill

3,766

4

6

Other

Total property, plant andequipment

3,346

682

Loss on sales of non-current assets

40

Non–current assets

2023/12

Operating income

991

620

5

112

2021/12

Amortization of goodwill

13

102

2020/12

10,1803,796

864

Dividend income

Property, plant and equipment

2019/12

9,314

Selling, general and administrative expenses

3,378Interest income

2,332

Note: Free cash flow= cash flows from operating activities + cash flows from investing activities

50

2022/122019/12

Depreciation

617

2,345

Land

13,947686

Raw materials and supplies

100

10

2021/1202023/12

Depreciation and amortization

150

100

2020/122022/12

Capital expenditure200

2019/122021/12（Unit: ％）Shareholders equity ratio

0

2020/12

Free cash flow

Note: The amount of total assets, inventory and fixed assets are calculated using the average of the figures at the beginning and end of the period.

20

2019/120.89

Inventory turnover

30

100

12,660Accounts payable - other

585

500

Profit before income taxes

Gross profit

Cash flows from operating activities

Non-operating income

576

Machinery, equipment
and vehicles, net

15,041

43

1,613

1,000

200

1,000
0

2019/12

300

2,000

28,98814,29962

1,071

Buildings and structures, net

26,960

Cost of sales

2023/12

9,949

Work in process

1,500

Net sales

2022/12

5,865

4.3

2,000

2,189

2023/12

Short-term loans payable

3,265

Depreciation and amortization

2,954

2022/12

638

3,443

Total current assets

Notes and accounts payable –tradeConsolidated Statements of Cash Flows （Unit: ¥ million）

452

Merchandise and finished goods（Unit: ¥ million）

Capital expenditure

4,056

6,736

Cash Flows

Fixed assets turnover

3,614

5,239

（Unit: times）

Inventory turnover

Electronically recorded monetaryclaims - operating

Current liabilities

Accounts receivable - trade

Note: Net sales per employee, operating income per employee and net income per employee are calculated using the average number of employees during the period.

Efficiency

Notes receivable - trade

2023/12

Liabilities

Current assets

2

2

10
0

3

Consolidated Statements of Income （Unit: ¥ million）（Unit: ¥ million）

2022/122023/12

Assets44202022/12

5

6

30

4

Net income per employee

840

Consolidated Balance Sheets（Unit: ¥ million）

2022/122023/12

2,369

2,561

756

1,474

Valuation difference on available–
for–sale securities

△11

58

Foreign currency translation
adjustment

858

1,380

Remeasurements of defined benefit
plans, net of tax

△89

35

3,126

4,035

Other comprehensive income

Comprehensive income
Comprehensive income
attributable to11,94914,872Comprehensive income attributableto owners of parent

31,00934,000Comprehensive income attributable tonon-controlling interests

2,966

3,884

160

151

Net increase (decrease) in short–term loans payable

811

Proceeds from long-term borrowings

1,678

9

Repayments of long-term borrowings△3,045△1,333

Repayments of lease obligations

△171

△196

Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Other, net
Net cash provided by (used in) financing activities

△0

△600

△237

△474

△64

△89

－

18

△1,029△1,052
193

Effect of exchange rate change on cash and cash equivalents

38

Net increase (decrease) in cash and cash equivalents

△143

344

Cash and cash equivalents at beginning of period

3,514

3,371

Cash and cash equivalents at end of period

3,371

3,716