Table of Contents for Attached Materials......................................................................................................... 2

Long Ter m Financial Perfor mance Trend
Financial Review........................................................................................................................................ 3

Overview by segments................................................................................................................................. 5

Consolidated Balance Sheets........................................................................................................................ 7

Consolidated Statements of Income and Statements of Comprehensive Income
Consolidated Statements of Changes in Net Assets
Consolidated Statements of Cash Flow s........................................................................................... 11......................................................................................................... 14

Notes to Consolidated Financial Statements.................................................................................................... 15

1. Basis for presenting Consolidated Financial Statements
2. Summary of Significant Accounting Policies
3. U.S. dollar A mounts.......................................................... 9............................................................................... 15.............................................................................................. 15........................................................................................................................... 16

4. Significant accounting estimates............................................................................................................ 16

5. Unapplied Accounting Standards........................................................................................................... 17............................................................................................................................... 17

6. Reclassifications

7. Collateral Assets and Liabilities............................................................................................................. 17

8. Research and Development Expenses
9. Comprehensive Income
10. Common Shares....................................................................................................................... 18.............................................................................................................................. 18........................................................................................................................ 18

11. Investment securities

12. Short-ter m Debt and Long-ter m Debt
13. Retirement Benefits
14. Income Taxes.................................................................................................... 17..................................................................................................... 19.......................................................................................................................... 19................................................................................................................................. 20

15. Business combination....................................................................................................................... 21

16. Segment Infor mation......................................................................................................................... 22

17. A mounts per Share.......................................................................................................................... 231

Long Term Financial Performance Trend(Billions of Yen)

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Sales

154.2

148.6

153.8

163.7

171.2

176.9

180.3

193.4

204.9

206.8

209.1

Operating Profit

19.8

15.5

19.5

22.2

25.3

28.6

31.4

35.0

37.1

38.6

42.5

Ordinary Income

19.4

15.9

20.5

23.7

26.4

29.5

31.7

36.2

39.1

40.0

43.9

Net Income

13.0

11.0

13.9

16.7

18.2

22.4

24.0

27.1

29.4

30.8

33.5

EBITDA

30.3

25.9

29.1

30.8

33.8

38.3

40.3

45.5

48.0

49.2

53.0

OP Margin

12.9%

10.4%

12.7%

13.6%

14.8%

16.2%

17.4%

18.1%

18.1%

18.7%

20.3%

ROE

11.9%

9.5%

11.4%

12.7%

12.7%

14.6%

15.1%

16.1%

16.6%

16.9%

17.5%

EPS( /share)

75.94

64.52

83.74 102.11 113.99 143.37 156.97 180.30 197.67 210.09 231.73

24

24

26

30

36

44

52

68

82

90

104

Dividend Payout Ratio 31.6%

37.2%

31.0%

29.4%

31.6%

30.7%

33.1%

37.7%

41.5%

42.8%

44.9%

2.8

-

5.0

5.0

6.0

9.0

9.0

9.0

9.0

10.0

10.0

Total Assets

183.4

190.1

199.2

208.0

223.9

228.2

231.7

246.0

247.0

249.5

265.5

Net Assets

112.4

119.6

126.7

137.8

151.3

156.9

163.7

176.4

182.1

185.5

200.6

Cash

21.1

27.9

31.9

30.8

31.3

35.3

35.7

37.7

36.2

30.6

32.4

Liabilities with Interest

39.9

38.9

38.1

36.1

35.1

33.1

30.8

28.6

26.6

24.6

22.7

Dividend( /share)
Share Repurchase

Equity Ratio

60.7%

62.4%

63.0%

65.7%

66.9%

68.1%

69.9%

71.0%

73.0%

73.7%

74.9%

Capex

9.6

8.3

7.9

8.8

9.8

10.2

14.3

13.7

9.9

15.7

15.8

Depreciation

10.4

10.5

9.5

8.5

8.5

9.7

8.9

10.5

10.9

10.5

10.4

R&D Expenses

12.6

13.6

13.7

14.2

15.0

15.8

16.1

17.2

17.8

17.2

16.5

R&D Expenses/Sales

8.2%

9.2%

8.9%

8.7%

8.7%

8.9%

8.9%

8.9%

8.7%

8.3%

7.9%

2

FINANCIAL REVIEW
Financial Review of the Year Ended March 31, 2021
Overview
In the current fiscal year(April 1, 2020 to March31, 2021), the domestic economy recorded significant
negative growth due to the spread of the COVID-19.Though exports have been partially picked up towards
the latter half of the year, the severe situation continued such as prolonged stagnation of consumer spending.
Under these circumstances, sales of Basic Chemicals decreased in the Chemicals Segment. In the
Performance Materials Segment, Display Materials and Semiconductor Materials performed well. Sales of
the Agricultural Chemicals Segment were unchanged from the previous fiscal year. In the Pharmaceuticals
Segment, although sales of "Custom Chemicals" (custom manufacturing and process researching services
for pharmaceutical companies) increased, sales of drug discovery decreased.

Operating Results
As a result, the Company's results for the current fiscal year were net sales 209,121 million yen (an increaseof 2,283 million yen), operating income 42,530 million yen (an increase of 3,883 million yen) and ordinary
income 43,893 million yen (an increase of 3,889 million yen), and net income attributable to owners of parent
33,470 million yen (an increase of 2,690 million yen). Operating and ordinary income achieved record highs
for the seventh consecutive year and net income attributable to owners of parent for the eighth consecutive
year, exceeding the earnings outlook announced in November.
ROE was 17.5% and we have achieved the Mid-Term Plan Stagetarget (maintain above 16%) in thecurrent fiscal year.
Dividend was 104 yen and dividend payout ratio became 44.9%. We have repurchased share of 10.0 billion
yen and total payout ratio was 74.6%.

Financial Position
Total assets as of March 31, 2021 were 265,509 million yen (an increase of 15,987 million yen from theprevious year). It is mainly due to the increase of merchandise and finished goods, intangible assets, andinvestment securities.
Total liabilities as of March 31, 2021 were 64,947 million yen (an increase of 953 million yen). It is mainly
due to the increase of deferred tax liabilities.
Net assets as of March 31, 2021 were 200,562 million yen (an increase of 15,033 million yen).
As a result of these factors, equity ratio was 74.9% (an increase of 1.2% from March 31, 2020).

3

Position of Cash Flow
Deducting income taxes paid from income before income taxes and non-controlling interests,
depreciation and changes in working capital, net cash provided by operating activities for the consolidated
fiscal year ended March 31, 2021 was 39,939 million yen (35,550 million yen for the previous year).
Due to investments on plant and equipment, net cash used in investing activities for the consolidated
fiscal year ended March 31, 2021 was 12,854 million yen (15,624 million yen for the previous year).
Due to share repurchase, payment for dividends and repayment of long-term loans payable, net cashused in financing activities for the consolidated fiscal year ended March 31, 2021 was 25,629 million yen(25,186 million yen for the previous year).
As a result of these factors, cash and cash equivalents for the consolidated fiscal year ended March 31,
2021 were 32,380 million yen (30,639 million yen for the previous year), reflecting exchange of 284 million
yen. It increased by 1,741 million yen compared to the previous fiscal year.

4Overview by segments
The Chemicals Segment
In Basic Chemicals, although sales of high purity sulfuric acid (agent used for cleaning
semiconductor) increased, shipments of melamine (adhesives agent for particle board)declined. In Fine Chemicals, sales of "TEPIC" (powder coating agent for paint, sealants, etc.)
were basically unchanged from the previous fiscal year, while sales of environmental
chemicals (sterilizing and disinfecting agents for pools and septic tanks, etc.) decreased.
As a result, sales of this segment were 31,908 million yen (a decrease of 2,427 million yen)and operating income was 1,482 million yen (an increase of 186 million yen). Compared tothe outlook, net sales were above 0.2 billion yen and operating income was above 0.3 billionyen.
As outlook of business result for the next term, we assume net sales will be 34.6 billion yen
and operating income will be 2.4 billion yen.
The Performance Materials Segment
In Display Materials, sales of "SUNEVER" (LCD alignment coating) for tablets and notebook
PCs performed well. In Semiconductor Materials, sales of anti-reflection coating materials forsemiconductors (ARC®*) and multilayer materials (OptiStack®*) increased, reflecting thestrong operation of customers. In Inorganic materials, sales of Organo / Monomer sol(various kinds of coating materials, resin additive) decreased, while sales of "SNOWTEX" forpolishes for electronic materials were firm.
As a result, sales of this segment were 71,648 million yen (an increase of 6,187 million yen)and operating income was 22,416 million yen (an increase of 5,429 million yen). Comparedto the outlook, net sales were above 1.8 billion yen and operating income was above 1.8
billion yen.
As outlook of business result for the next term, we assume net sales will be 75.8 billion yen
and operating income will be 23.8 billion yen.
* ARC® and OptiStack® are registered trademarks of Brewer Science, Inc.
The Agricultural Chemicals Segment
Sales of Fluralaner (active ingredients for veterinary pharmaceuticals) decreased due tothe impact of inventories of customers. In the domestic segment, sales of "ALTAIR" (paddy, acquired in the third quarter of FY 2020,
contributed to sales. On the other hand, sales of "ROUNDUP"(non-selective leaf treatment
herbicide) were firm, and shipments of "GRACIA" (insecticide) declined due to moderate

5insect pests outbreaks. In the overseas segment, sales of "GRACIA", "ALTAIR" and"PERMIT" (herbicide) were robust.
As a result, sales of this segment were 63,848 million yen (a decrease of 189 million yen)and operating income was 18,202 million yen (a decrease of 1,050 million yen). Comparedto the outlook, net sales were below 0.8 billion yen and operating income was below 0.5
billion yen.
As outlook of business result for the next term, we assume net sales will be 66.2 billion yen
and operating income will be 17.6 billion yen.
The Pharmaceuticals Segment
Sales of "LIVALO" (anti-cholesterol drug) decreased, due to an increase in sales of genericdrugs. In "Custom Chemicals", sales of active pharmaceutical ingredients (generics)
increased.
As a result, sales of this segment were 6,652 million yen (a decrease of 310 million yen)and operating income was 357 million yen (a decrease of 575 million yen). Compared to theoutlook, net sales were below 0.1 billion yen and operating income was below 0.2 billion yen.
As outlook of business result for the next term, we assume net sales will be 6.1 billion yen
and operating income will be 0.3 billion yen.
Trading
Sales of this segment were 69,820 million yen (an increase of 1,912 million yen) andoperating income was 2,498 million yen (an increase of 385 million yen). Compared to theoutlook, net sales were above 0.7 billion yen and operating income was above 0.4 billion yen.
As outlook of business result for the next term, we assume net sales will be 70.1 billion yen
and operating income will be 2.2 billion yen.
OthersSales of this segment were 23,763 million yen (an increase of 1,369 million yen) andoperating income was 831 million yen (an increase of 146 million yen).
As outlook of business result for the next term, we assume net sales will be 23.4 billion yen
and operating income will be 0.7 billion yen.

6

Consolidated Balance Sheets(Millions of Yen)FY2019(Thousands of
U.S. dollars)
FY202032,38073,937
33,77423
12,853
2,534
1,223
2,892
(31)
159,588

30,63972,50933,131
153
10,590
2,765
2,045
2,387
(26)
154,196

292,449
667,784
305,040
208
116,086
22,887
11,046
26,120(280)
1,441,366

68,438(43,601)
24,837140,790(128,053)
12,736
39,775(36,742)
3,033
8,996
2,233
51,837

67,110(42,260)
24,850135,476(123,035)
12,44039,625(35,829)
3,796
8,995
1,499
51,581

618,118(393,795)
224,323
1,271,586(1,156,548)
115,029359,240(331,846)
27,393
81,25020,168468,181548
11,581
12,129

566
6,812
7,379

4,949
104,597
109,547

35,894
205
2,478
3,485
(110)
41,953105,921265,50930,873
721
1,609
3,244
(84)
36,364
95,325249,522

324,187
1,852
22,381
31,476(993)
378,911956,656
2,398,022

FY2020AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Accounts receivable - other
Short-term loans receivable
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation and impairment loss
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation and impairment loss
Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation and impairment loss
Tools, furniture and fixtures, net
LandConstruction in progress
Total property, plant and equipment
Intangible assets
Software
Other
Total intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Net defined benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

7

(Millions of Yen)FY2019(Thousands of
U.S. dollars)
FY2020

16,29820,937
552
7,113
2,250
7
12,58559,744

16,87622,898
640
6,167
2,151
26
11,25460,015147,200
189,099
4,986
64,243
20,322
63
113,665
539,595

1,184
1,310
171
91
249
2,196
5,202
64,947

1,076
76
284
309
46
208
1,976
3,978
63,993

10,694
11,832
1,544
822
2,249
19,834
46,983
586,588

18,942
13,613
161,708(7,340)186,923

18,942
13,613
146,997(2,470)177,082

171,080
122,950
1,460,513(66,293)
1,688,250

11,35981463
11,904
1,733
200,562
265,509

7,782
(896)
(51)
6,834
1,610
185,528
249,522

102,592
732
4,182
107,514
15,652
1,811,434
2,398,022

FY2020Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term loans payable
Current portion of long-term loans payable
Income taxes payable
Provision for bonuses
Provision for directors' bonuses
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Deferred tax liabilities
Provision for business structure improvement
Provision for loss on business of subsidiaries and affiliates
Provision for share awards for directors (and other officers)
Net defined benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

8Consolidated Statements of Income

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Equity in earnings of affiliates
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on disposal of non-current assets
Plant stop losses
Foreign exchange losses
Other
Total non- operating expenses
Ordinary income
Extraordinary income
Gain on sales of investment securities
Total extraordinary income
Extraordinary losses
Licensing arrangement fee
Total extraordinary losses
Income before income taxes and non-controlling interests
Income taxes - current
Income taxes - deferred
Total income taxes
Net income
Net income attributable to non-controlling interests
Net income attributable to owners of parent

9

FY2020209,121
121,376
87,74545,21442,530(Millions of Yen)FY2019206,837
122,379
84,45845,81038,647(Thousands of
U.S. dollars)
FY20201,888,737
1,096,243
792,495
408,363384,122

16
981
1,123
668
2,790

26
785
945
852
2,609

145
8,860
10,143
6,033
25,199

69
696
177
52
431
1,427
43,893

123
443
298
235
151
1,252
40,003

623
6,286
1,599
470
3,893
12,888396,432

1,588
1,588

1,834
1,834

14,342
14,34245,481
12,037(50)
11,98633,49525
33,470834
834
41,003
10,102
36
10,13830,86484
30,779410,775
108,716(452)
108,255
302,520226
302,294

Consolidated Statements of Comprehensive Income(Millions of Yen)FY2020FY201933,49530,864

Net income
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted forusing equity method
Total other comprehensive income
Comprehensive income(Comprehensive income attributable to)
Owners of parent
Non-controlling interests

3,575
1,075
514

10

(2,851)
(976)
(309)

(Thousands of
U.S. dollars)
FY2020302,520

32,289
9,709
4,642

1

(0)

9

5,167
38,663(4,137)
26,726

46,667349,196

38,540122

26,733(6)

348,085
1,102

Consolidated Statements of Changes in Net Assets

For FY2020(Millions of Yen)
Total shareholders' equity

Balance at beginning of current
periodCapital stock

Capital surplus¥18,942¥13,613Retainedearnings

Treasury shares

Total
shareholders'equity(¥2,470)¥177,082¥146,997

Changes of items during period
Dividends of surplus(13,629)(13,629)

Net income attributable to ownersof parent

33,47033,470Share repurchase
Disposal of treasury shares
Cancellation of treasury shares(10,002)(10,002)1

1(5,130)5,130-

Net changes of items other thanshareholders' equity
Total changes of items during period
Balance at end of current period--

14,710(4,870)9,840¥18,942¥13,613¥161,708(¥7,340)¥186,923

Accumulated other comprehensive income
Total
Valuation
Foreign currency Remeasurements
accumulateddifference ontranslationof defined benefit
otheravailable-for-saleadjustment
planscomprehensive
securities
incomeBalance at beginning of current
period¥7,782(¥896)(¥51)¥6,834Non-controllinginterests¥1,610Total
net assets¥185,528

Changes of items during period
Dividends of surplus(13,629)

Net income attributable to ownersof parent

33,470Share repurchase(10,002)

Disposal of treasury shares

1

Cancellation of treasury shares-

Net changes of items other thanshareholders' equity

3,577

978

514

5,070

123

5,193

Total changes of items during period

3,577

978

514

5,070

123

15,033¥11,359¥81¥463¥11,904¥1,733¥200,562

Balance at end of current period

11For FY2019(Millions of Yen)
Total shareholders' equity

Balance at beginning of current
periodCapital stock

Capital surplus¥18,942¥13,613Retainedearnings

Treasury shares

Total
shareholders'equity(¥6,291)¥169,464¥143,200

Changes of items during period
Dividends of surplus(12,360)(12,360)

Net income attributable to ownersof parent

30,77930,779

Share repurchase(10,801)(10,801)

(0)

0

0

(14,622)

14,622-

Disposal of treasury shares
Cancellation of treasury shares
Net changes of items other thanshareholders' equity
Total changes of items during period
Balance at end of current period

-

-

3,797

3,821

7,618

¥18,942¥13,613¥146,997(¥2,470)¥177,082

Accumulated other comprehensive income
Total
Valuation
Foreign currency Remeasurements
accumulateddifference ontranslationof defined benefit
otheravailable-for-saleplansadjustment
comprehensive
securities
incomeBalance at beginning of current
period¥10,634

(¥11)

¥258

¥10,880

Non-controllinginterests¥1,728Total
net assets¥182,074

Changes of items during period
Dividends of surplus(12,360)

Net income attributable to ownersof parent

30,779

Share repurchase(10,801)

Disposal of treasury shares

0Cancellation of treasury shares-

Net changes of items other thanshareholders' equity(2,851)

(884)

(309)

(4,046)(117)(4,164)

Total changes of items during period(2,851)

(884)

(309)

(4,046)

(117)

3,454

Balance at end of current period¥7,782(¥896)(¥51)¥6,834¥1,610¥185,52812

For FY2020(Thousands of U.S. dollars)
Total shareholders' equity
Capital stock

Balance at beginning of current
periodCapital surplus$171,080$122,950

Retainedearnings

Treasury shares$1,327,646($22,309)

Total
shareholders'equity$1,599,368

Changes of items during period
Dividends of surplus(123,094)(123,094)

Net income attributable to ownersof parent

302,294

302,294

Share repurchase(90,336)(90,336)99(46,333)

46,333-

Disposal of treasury shares
Cancellation of treasury shares
Net changes of items other thanshareholders' equity
Total changes of items during period
Balance at end of current period--

132,858(43,985)

88,873$171,080$122,950$1,460,513($66,293)$1,688,250

Accumulated other comprehensive income
Total
Valuation
Foreign currency Remeasurements
accumulateddifference ontranslationof defined benefit
otheravailable-for-saleplansadjustment
comprehensive
securities
incomeBalance at beginning of current
period$70,285($8,092)($461)$61,723

Non-controllinginterests$14,541Total
net assets$1,675,650

Changes of items during period
Dividends of surplus(123,094)

Net income attributable to ownersof parent

302,294

Share repurchase(90,336)

Disposal of treasury shares

9

Cancellation of treasury shares-

Net changes of items other thanshareholders' equity

32,307

8,833

4,642

45,791

1,111

46,902

Total changes of items during period

32,307

8,833

4,642

45,791

1,111

135,775$102,592$732$4,182$107,514$15,652$1,811,434

Balance at end of current period

13Consolidated Statements of Cash Flows(Millions of Yen)FY2019(Thousands of
U.S. dollars)
FY202045,481
10,34678(997)(1,588)69696(1,016)(2,398)(842)(671)
49,1591,925(69)(11,076)
39,93941,003
10,51628(811)(1,834)123443(3,656)(2,352)(715)(263)
42,481
1,565(123)(8,373)35,550410,775
93,443704(9,005)(14,342)623
6,286(9,176)(21,658)(7,605)(6,060)443,994
17,386(623)(100,036)
360,721

(159)
3,063
(1,209)(8,254)(598)(688)(5,384)
522
(222)
77
(12,854)

(657)
3,206
(330)
(8,904)(391)(285)(6,335)(1,538)(645)
256(15,624)(1,436)
27,664(10,919)(74,548)(5,401)(6,214)(48,627)
4,715(2,005)695(116,095)(2,017)660(640)(13,629)(10,002)(25,629)284
1,741
30,63932,380(653)
600(1,860)(12,360)(111)(10,801)
0(25,186)(283)(5,544)36,18330,639(18,217)
5,961(5,780)(123,094)(90,336)(231,476)
2,565
15,724
276,725
292,449

FY2020Cash flows from operating activities
Income before income taxes and non-controlling interests
Depreciation and amortization
Amortization of goodwill
Interest and dividend income
Loss (gain) on sales of investment securities
Interest expenses
Loss (gain) on disposal of non-current assets
Decrease (increase) in notes and accounts receivable - trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable - trade
Other
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of investment securities
Proceeds from sales of investment securities
Purchase of shares of subsidiaries
Purchase of property, plant and equipment
Payments for retirement of property, plant and equipment
Purchase of intangible assets
Payments for transfer of businessNet decrease (increase) in short-term loans receivable
Purchase of long-term prepaid expenses
Other
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayments of long-term loans payable
Cash dividends paid
Dividends paid to non-controlling interests
Share repurchase
Other
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period(Note 2)The consolidated financial statements are expressed in Japanese yen as of and for the year ended March 31, 2021 after being
converted from the currency of the country in which the Company operates. The translation of Japanese yen amounts toUnited States dollar amounts is included solely for the convenience of the readers outside Japan, and has been made at the rateof 110.72 to US $1, which is the approximate closing exchange rate reported by the Tokyo Foreign Exchange Market on
March 31, 2021. This translation should not be construed to indicate that the Japanese yen amounts shown can be converted
to United States dollars at the above rate.

14Notes to Consolidated Financial Statements
1. Basis for presenting Consolidated Financial Statements
The accompanying consolidated financial statements have been prepared in accordance with the provisions set forth in the Japanese Financial Instruments andExchange Act, the related accounting regulations, and the accounting principles generally accepted in Japan ("J-GAAP"), which differ in certain aspects from theapplication and disclosure requirements of the accounting principles generally accepted in the United States of America ("US-GAAP") and International Financial
Reporting Standards ("IFRS").
In preparing these consolidated financial statements, certain reclassification and rearrangements have been made to the consolidated financial statements issued
in Japan in order to present them in a form that is more familiar to readers in other countries.
2. Summary of Significant Accounting Policies
a. Consolidation
The consolidated financial statements as of March 31, 2021 include the account of Nissan Chemical Corporation. (the "Company") and its eight main(eight in FY2020) subsidiaries (together, the "Companies"). The Company does not consolidate other subsidiaries due to their immateriality in termsof consolidated total assets, net sales, net income, and retained earnings.
Under the control or influence concept, those companies in which the Company, either directly or indirectly, is able to exercise control over operations
are fully consolidated. Those companies over which the Company has the ability to exercise significant influence are accounted for by the equity method.
Investments in two affiliated companies (two in FY2020) are accounted for by the equity method.
The assets and liabilities of the newly consolidated subsidiaries are stated at fair value as of the respective dates on which they were acquired.
All significant inter-company balances and transactions have been eliminated in consolidation.
All material unrealized profits included in assets resulting from transactions within the Companies are eliminated.
b. Securities

securities are excluded from earnings. Instead, they are reported as a separate component of other comprehensive income until realized.
Realized gains and losses for securities are included in earnings, and are derived using the moving average method for determining the cost of securities sold.
Non-marketable securities in companies over which the Company is incapable of exercising significant influence are stated at cost and reviewed
periodically for impairment.
c. Inventories
Inventories are stated at the lower of cost or net realizable value. The cost is determined by the weighted average method.
d. Property, Plant and Equipment (excluding Leased Assets)
Property, plant and equipment are stated at cost. In general, the depreciation of property, plant and equipment is computedby the declining-balance method over the estimated useful lives of these assets.
The estimated useful life ranges are 2 years to 50 years for buildings and structures, and 2 years to 12 years formachinery and equipment.

e. Goodwill and other Intangible Assets
Goodwill is amortized by the straight-line method within 20 years. Other intangible assets are also amortized using the straight-line method.
The main useful lives of major intangible assets are as follows:
Software
Other intangible assets

5

5 year16 yearf. Leased Assets
Leased assets arising from finance lease transactions which do not transfer ownership to the lessee are depreciatedby the straight-line method with no residual value, using the contract term as the useful life.
g. Allowance for Doubtful Accounts

such as when customers files for bankruptcy or when the its operating results or financial position deteriorates.
If the customer's circumstances change, estimates of the recoverability of receivables are further adjusted.
h. Provision for Bonuses
The Companies provide accrued bonuses for employees based on the estimated amounts to be paid for the fiscal year.
i. Provision for Directors' Bonuses
The Companies provide accrued bonuses for members of the Board of Directors based on the estimated amounts to be paid for the fiscal year.
j. Provision for share-based remuneration for directors (and other officers)
The Company provides for the estimated amount of share benefit obligations as of the end of the current consolidated fiscal year to cover the benefitof shares to the Company's directors, etc., in accordance with the regulations for the delivery of shares to directors, etc.,
k. Provision for Business Structure Improvement
The Company provides a reserve at the estimated amount to cover the expenses and losses to be incurred in association with structural improvement.
l. Provision for Loss on Business of Subsidiaries and Affiliates
The Company provides a reserve at the estimated amount to cover the losses on business of subsidiaries and affiliates in consideration of their financial position.
m. Provision for Retirement Benefits
The Company has a defined benefit plan and a retirement plan that substantially covers all of its employees.
The method for calculating the estimated amount of all retirement benefits to be paid at future retirement dates is based on the benefit formula.
Actuarial gains and losses are primarily amortized using the declining-balance method over the average of the estimated remaining service years (16 years)
commencing from the period which the gains and losses occurred.
Certain consolidated subsidiaries use a simplified method for calculating retirement benefits.
In this method, the retirement benefit obligation is the same amount as the necessary payment related to retirement benefits.

15

n. Translation of Foreign Currency

sheet date. Revenue and expense items are translated at the prevailing average exchange rates for the year. Gains and losses resulting from foreign currencytransactions are included in other income (deductions), and those resulting from the translation of financial statements are excluded from the statements of income.
Instead, they are accumulated in net assets as a component of accumulated other comprehensive income (loss).
o. Derivatives and Hedge Accounting
The Company enters into interest rate swap contracts to hedge the risk of changes in interest rates over borrowings.
Derivatives are carried at fair value with all changes in unrealized gains and losses charged to income, except for those which meet the criteria for deferral
hedge accounting under which unrealized gains or losses, net of the applicable income taxes, are reported as components of accumulated othercomprehensive income (loss).
If interest rates swap contracts meet certain criteria, the net amount to be paid or received under the interest rate swap contract is added to or deductedfrom the interest on the assets or liabilities for which the swap contract is executed.
p. Cash and Cash Equivalent
The Companies consider cash equivalents include all highly fluid investments, which have been purchased with original maturities of three months or less.
3. U.S. dollar Amounts
The accompanying consolidated financial statements are expressed in Japanese yen as of and for the year ended March 31, 2021 after being converted
from the currency of the country in which the Company operates. The translation of Japanese yen amounts to United States dollar amounts is included
solely for the convenience of the readers outside Japan, and has been made at the rate of 110.72 to US $1, which is the approximate closing exchange
rate reported by the Tokyo Foreign Exchange Market on March 31, 2021. This translation should not be construed to indicate that the Japanese yenamounts shown can be converted to United States dollars at the above rate.
4. Significant accounting estimatesa. Provision for retirement benefits(1) Amount recorded in the consolidated financial statements for the fiscal year ended March 31, 2021

Net defined benefit asset
Net defined benefit liability(Thousands of U.S.
dollars)$22,381$2,249(Millions of Yen)
¥2,478¥249(2) Information on the nature of significant accounting estimates for identified items
Calculation method
In order to prepare for the payment of future retirement benefits, the Group records retirement benefits based on the estimated amount of retirement benefit obligations andpension assets at the end of the current fiscal year, which are primarily calculated based on actuarial assumptions.These assumptions include discount rates,
future salary levels, retirement rates, mortality rates, etc. Each of these conditions has been calculated using methods that are currently considered sufficiently reasonable.
Certain consolidated subsidiaries have adopted the simplified method for the calculation of liabilities for retirement benefits and retirement benefit expenses, using
the method of treating the amount payable at the end of the term for retirement benefits as the retirement benefit obligation.
Main assumptions
The expected rate of return is assumed to be 2.0% and the discount rate is assumed to be 0.8% per annum.
Effect on the consolidated financial statements for the following fiscal year
The Company believes that if actual results differ from the assumptions, or if the assumptions are changed, it may have a material impact on the consolidated financial
statements for the next and subsequent fiscal years, as it may affect the costs and liabilities recognized in future periods.
b. Business Combinations(1) Amount recorded in the consolidated financial statements for the fiscal year ended March 31, 2021
he fungicide "Quinoxyfen" business

Intangible fixed assets and others (Product registration right)
Intangible fixed assets and others (Non-competition agreement)
Goodwill
Total(Millions of Yen)
Amount¥4,415588
233¥5,236

Amortization Period
9 year
6 year
5 year(Thousands of
U.S. dollars)
Amount$39,875
5,311
2,104$47,290

he fungicide "Manzeb" business

Intangible fixed assets and others (Sales rights)
Intangible fixed assets and others (Trademarks)
Goodwill
Total(Millions of Yen)
Amount¥3,936
1,155
171¥5,263

Amortization Period
16 year16 year
5 year(Thousands of
U.S. dollars)
Amount$35,549
10,432
1,544$47,534(2) Information on the nature of significant accounting estimates for identified items
Calculation method
Business combinations are accounted for using the purchase method. Under the purchase method, all assets acquired are recognized and measured based on
their fair value at the date of acquisition of control. The determination of fair value involves significant estimates, including projections of future cash flows, discountrates and perpetual growth rates.
Main assumptions
The main assumptions underlying the determination of fair value are discounted future cash flows, discount rate and perpetual growth rate.
Effect on the consolidated financial statements for the following fiscal year
Although we believe that the estimates used to calculate the fair value in processing the business combination are reasonable, unpredictable changes in the assumptions
on which the estimates are based could result in revisions to the fair value, which could lead to the recording of impairment losses on the acquired assets in the future.

16

c. Loss on valuation of inventories(1) Amount recorded in the consolidated financial statements for the fiscal year ended March 31, 2021
(Thousands of U.S.
dollars)$3,197(Millions of Yen)
¥354

Loss on valuation of inventories(2) Information on the nature of significant accounting estimates for identified items
Calculation method
In valuing inventories at the end of the fiscal year, if the net selling price is lower than the book value, the book value is reduced to the net selling price, andthe amount of the reduction is recorded as a loss on valuation of inventories.
Main assumptions
For finished goods and merchandise, the net realizable value is estimated based on historical experience of sales deductions and transportation costs from total sales.
For raw materials, the net realizable value is estimated based on the last purchase price.
Effect on the consolidated financial statements for the following fiscal year
In estimating valuation losses, the Company makes judgments based on past purchasing and shipping records, information available at the time of valuation,and other factors considered reasonable. However, if the market environment deteriorates more than expected and the net selling price declines, it may be necessary
to record additional valuation losses.
5. Unapplied Accounting Standards
a. Revenue Recognition
Accounting Standards Board of Japan released "Accounting Standard for Revenue Recognition" and "Implementation Guidanceon Accounting Standard for Revenue Recognition" on March 31, 2020.
The above standard and guidance are scheduled to be applied in the fiscal year ending in March 31, 2022.
The impact on consolidated financial statements is under evaluation as well.
b. Fair Value Measurement
Accounting Standards Board of Japan released "Accounting Standard for Fair Value Measurement", "Accounting Standard for Measurement of Inventories",
Accounting Standard for Financial Instrumentsand , "Implementation Guidance on Disclosures about Fair Value of Financial Instruments"on March 31, 2020.
The above standard and guidance are scheduled to be applied in the fiscal year ending in March 31, 2022.
The impact on consolidated financial statements is under evaluation as well.

6.Reclassifications(Application of the "Accounting Standard for Disclosures about Accounting Estimates")
The "Accounting Standard for Disclosures about Accounting Estimates"(ASBJ Statement No. 31, March 31, 2020) has been applied to the consolidated financial statements
for the fiscal year ended March 31, 2021, and notes regarding significant accounting estimates are included in the consolidated financial statements.
However, in the notes to the consolidated financial statements, in accordance with the transitional treatment prescribed in the proviso of the relevant accounting standard
No. 11, the details related to the previous consolidated fiscal year are not described.
(Notes to Consolidated Statements of Cash Flows)
In the previous fiscal year, "Purchase of shares of subsidiaries" which was included in "Other" under " Cash flows from investing activities"
has increased in importance, it is presented as a separate item from the current fiscal year.In order to reflect this change in presentation,
the consolidated financial statements for the previous fiscal year have been reclassified.
As a result, (73) million yen presented as "Other" under "Cash flows from investing activities has been reclassified as "Purchase of shares of subsidiaries"of (73) million yen in the consolidated statement of cash flows for the previous fiscal year.

7. Collateral Assets and Liabilities
Collateral assets and liabilities as of FY2020 and FY2019 were as follows:

Investment securities
Accounts payable(Thousands of U.S.
dollars)
FY2020$1,852(Millions of Yen)FY2020FY2019
¥205
¥126
¥257

¥282

$2,321

8. Research and Development Expenses
Research and development expenses included in selling, general and administrative expenses for FY2018 and FY2017 were as follows:(Thousands of U.S.
dollars)
FY2020$148,654(Millions of Yen)FY2020FY2019¥16,459¥17,16117

9. Comprehensive Income(Millions of Yen)FY2020FY2019Valuation difference on available-for-sale securities:
Gains (losses) arising during the year
Reclassification adjustment
Amount before tax effectTax effect
Valuation difference on available-for-sale securities, net of tax
Foreign currency translation adjustment:
Gains (losses) arising during the year
Reclassification adjustment
Amount before tax effectTax effectForeign currency translation adjustment, net of tax¥6,742(1,588)
5,154(1,578)3,575(¥2,275)(1,834)(4,109)1,258(2,851)$60,892(14,342)
46,550(14,252)
32,289

1,075

9,709

1,075

(976)
(976)
(976)

732
9
741
(227)
514

(396)
(49)
(446)
137
(309)

6,611
81
6,693
(2,050)4,642

1¥5,167(0)(¥4,137)

9$46,667

-

1,075
-

Remeasurements of defined benefit plans:
Gains (losses) arising during the year
Reclassification adjustment
Amount before tax effectTax effectRemeasurements of defined benefit plans, net of tax
Share of other comprehensive income ofaffiliates accounted for using equity methods:
Gains (losses) arising during the year
Total other comprehensive income(Thousands of
U.S. dollars)
FY2020

-

9,709
-

9,709

10. Common Shares(1) Dividends
Cash dividends charged to retained earnings for the years ended March 31, 2021 and 2020 represent the dividends paidout during those years. The accompanying consolidated financial statements do not include any provisions for adividend approved by the Annual Shareholders Meeting of 48 yen per share with an aggregate 6,990 million yen
for the year ended March 31, 2020.

(2) Retained Earnings
Retained earnings on a consolidated basis consist of legal reserve and retained earnings. In accordance with
provisions of the Companies Act of Japan, the Company has provided a legal reserve as an appropriation of retained
earnings. The Code states that while neither legal capital surplus nor legal retained earnings are available for dividends,
both may be used to reduce or eliminate a deficit by a resolution of the shareholders' meeting, or may be transferred tostated capital common stock by a resolution of the Board of Directors. Legal reserve in the accompanying consolidated
financial statement includes only that of the Company. Retained earnings of the Company and its consolidated
subsidiaries include a certain special reserve for the purpose of obtaining tax benefits in accordance with the Special
Taxation Law of Japan.
11. Investment securities(Millions of Yen)FY2020FY2019¥24,397¥20,664
8,823
7,604
2,673
2,603
¥35,894¥30,873

Equity securities
Unlisted securities of affiliates
Unlisted securities

18(Thousands of
U.S. dollars)
FY2020$220,349
79,68824,142$324,187

12. Short-term Debt and Long-term Debt
Short-term debt consisting of an unsecured bank overdraft as of March 31, 2021 was 20,937 million yen.
The weighted average interest rate on short-term debt outstanding as of March 31, 2021 was 0.49%.
The weighted average interest rate on long-term debt outstanding as of March 31, 2021 was 0.53%.
The weighted average interest rate on the current portion of long-term debt outstanding as of March 31, 2021 was 0.56%.
Long-term debt as of FY2020 and FY2019 were as follows:

Long-term debt
Less current portion(Millions of Yen)FY2020FY2019¥1,736¥1,716(552)(640)¥1,184¥1,076(Thousands of
U.S. dollars)
FY2020$15,679(4,986)$10,694(Millions of Yen)
¥442
358
252
132
¥1,184(Thousands of
U.S. dollars)$3,992
3,233
2,276
1,192
$10,694

Long-term debt payments due after FY2021 were as follows:Year ending March 31
FY2022
FY2023
FY2024FY2025 and thereafter

13. Retirement Benefits(1) The liability for retirement benefits as of FY2020 and FY2019 were as follows:

Retirement benefit obligation
Plan asset
Unfunded retirement benefit obligation
Net retirement benefit obligation
Net defined benefit liability
Net defined benefit asset
Net retirement benefit obligation(Millions of Yen)FY2020FY2019¥12,771¥12,697(15,249)(14,289)(2,478)(1,592)249
190(2,229)(1,401)249
208(2,478)(1,609)(¥2,229)(¥1,401)(2) Actuarial assumptions
The principal actuarial assumptions as of FY2020 and FY2019 were as follows:
FY2020Discount rate
0.8%
Long-term expected rate of return
2.0%
Expected rate of salary increase (forecast)
3.6 to 9.0%
(Note) Expected rate of salary increase is calculated based on our point system.

19

FY20190.8%
2.0%
3.6 to 9.0%

(Thousands of
U.S. dollars)
FY2020$115,345(137,726)(22,381)
2,249(20,132)
2,249(22,381)($20,132)14. Income Taxes
The Company is subject to a number of taxes based on income. The statutory income tax rates wereapproximately 30.62% for the year ended March 31,2021 and 30.62% for the year ended March 31, 2020.
The tax effects on significant temporary differences which resulted in deferred tax assets and liabilities as of FY2020
and FY2019 were as follows:(Thousands of
U.S. dollars)
FY2020(Millions of Yen)FY2020FY2019Deferred tax assets:
Inventory
Provision for bonuses
Overdepreciation
Prepaid consignment research expenses
Business tax
Other
Gross deferred tax assets
Less: Valuation allowance
Total deferred tax assets
Deferred tax liabilities:
Unrealized gain on securities
Net defined benefit asset
Reserve for advanced
depreciation of non-current assets
Total deferred tax liabilities
Net deferred tax assets$7,018
6,322

¥777
700
693
490
486
2,102
5,250
(120)
5,130

¥757
655
648
520
370
2,143
5,094
(37)
5,057

18,98547,417(1,084)
46,333(5,294)(695)(3,732)(427)(47,814)(6,277)

(244)

(252)

(2,204)(6,234)(¥1,104)(4,412)¥645(56,304)($9,971)

4,426

The differences between the statutory tax rate and the effective tax rate for the years ended FY2020 and FY2019 were as follows:

Statutory tax rate
(Reconciliation)
Elimination of intercompany dividend income
Entertainment and other permanently non-deductible
expenseDifference of tax rate for foreign consolidated
subsidiaries
Equity in earnings of affiliates
Dividend and other items excluded permanently fromtaxable income
Tax credit
Other, net
Effective tax rate

FY202030.62%FY201930.62%

1.35%

2.03%

0.13

(0.30)

0.09

0.10

20

(0.76)(0.71)(1.53)(2.12)(3.73)
0.18
26.35%(4.72)(0.17)
24.73%

15.Business combination(Business combination through acquisition)
The Company has entered into a business transfer agreement dated December 18, 2020 regarding the acquisitionof the fungicide "Mancozeb" business of Corteva Agriscience, Inc. and has taken over the business as of the same date.
a.Overview of business combination(1) Name of company and business description
Name of the partner company: Corteva Agriscience, Inc
Business description: the fungicide "Mancozeb" business(2)Main purpose of the business combination
In addition to drug discovery, we are expanding our fungicide portfolio through acquisitions and in-licensing in order to further develop
our agricultural chemicals business.
(3) Date of business combination
December 18, 2020
(4) Legal form of business combination
Business acquisition with cash as consideration(5) Name of the combined company
There is no change.
(6)Main reason for determining the acquiring company
The Company acquired the business in exchange for cash.
b.Period of the results of the acquired business included in the consolidated financial statements
December 18, 2020 to March 31, 2021
c.Acquisition cost of acquired business and breakdown by type of consideration

Consideration for acquisition Cash
Acquisition cost

(Millions of Yen)
5,384
5,384

(Thousands of
U.S. dollars)$48,627$48,627(Millions of Yen)
14

(Thousands of
U.S. dollars)$126

d.Details and amounts of major acquisition-related costs

Remuneration, fees, etc. for advisory services

e.Amount of goodwill incurred, reason for its occurrence, amortization method and amortization period(1)Amount of goodwill generated(Millions of Yen)
184

(Thousands of
U.S. dollars)$1,662(2)Cause of OccurrenceThis goodwill arose from the future excess earning power expected from future business development.
(3)Amortization method and amortization period
Equal amortization over 5 years
f.Amount of assets received and liabilities assumed on the date of business combination and their major breakdown(Thousands of(Millions of Yen)
U.S. dollars)
Fixed assets
5,384$48,627
Total assets
5,384$48,627
g.Amount allocated to intangible fixed assets other than goodwill, its breakdown by major type,
and weighted average amortization period by major typeType
Product Registration
Non-compete agreements
Total(Millions of Yen)
AmountWeighted average amortization period
4,020
16 year1,180
16 year
5,200
16 year(Thousands of
U.S. dollars)$36,308$10,658$46,965h. Estimated amount and calculation method of the effect on the consolidated statement of income for the current consolidated
fiscal year on the assumption that the business combination was completed as of the beginning of the consolidated fiscal year

As the amount of impact is immaterial, it has been omitted.

2116. Segment Information(1) General Information about reportable segments
In regard to reportable segments, the Company is able to obtain discrete financial data from its component units.
Accordingly, its segments are subject to regular review to help the Board of Directors decide how to allocate managerial resourcesand evaluate business performance.
Divisions by products and services are located at headquarters. Each division works out a comprehensive
strategy applicable to their products and services and carries out their business activities.
Therefore, the Company consists of segments based on the following divisions:

Segment
Chemicals
Performance Materials
Agricultural Chemicals
Pharmaceuticals
Trading
OthersMain Products
Basic chemicals (melamine, sulfuric acid, nitric acid, ammonia, etc.)
Fine chemicals (epoxy compound for LED sealants, flame retardants, chlorinated cyanuric acid for sterilizing, etc.)
Display materials (LCD alignment coating, etc.)
Semiconductor materials (bottom anti-reflective coating for semiconductors, etc.)
Inorganic materials (hard coating materials, electronic information materials, polishing materials, etc.)
Agrochemicals (herbicides, insecticides, fungicides, combination fungicide and insecticide, and plant growth regulators)
Animal health products
LIVALO®(anti-cholesterol drugs), etc.
Finetech®(custom chemicals and process researching services for pharmaceutical companies)
Trading, etc.
Transportation, landscaping, engineering, fertilizer, etc.

(2) Basis for the measurement of reported segment sales, profit or loss, segment assets, liabilities, and other material items
The accounting policies for the reportable segments are consistent with the Company's accounting policies used in
the preparation of its consolidated financial statements.
Intersegment sales and transfers are based on current market prices.

(3) Information on sales, profit (loss), assets, liabilities, and other item amounts by reportable segment
Performance
Materials

Agricultural
ChemicalsMillions of Yen

Consolidated
Adjustments
Trading
Others
FY2019Total(Note)Net sales
Sales to outside customers¥24,893¥57,831¥58,693¥6,905¥48,235¥10,265
13¥206,837
Intersegment sales
9,443
7,629
5,345
56
19,672
12,128(54,276)
Total
34,336
65,46064,038
6,962
67,90722,394(54,262)
206,837
Segment profit(loss)
1,296
16,987
19,253
932
2,113
685
(2,621)38,647
Segment assets
27,71150,17273,90910,55525,243
11,97649,952249,522
Other items
Depreciation and amortization
1,940
5,202
2,296
598
85
187
204
10,516
Amortization of goodwill
127
28
Increase of property, plant andequipment, and intangible assets¥3,134¥3,276¥7,902
¥597
¥104
¥366
¥327
¥15,709
Notes: The adjustments are as follows:(1) The (2,621) million yen adjustments in segment profit includes 275 million yen in intersegment eliminations, 13 million yen sales not allocated to any reporting segments,and (2,909) million yen corporate expenses not allocated to any reportable segments.
The corporate expenses are mainly group administrative expenses which do not belong to segments.
(2) The 49,952 million yen adjustments in segment assets includes (11,924) million yen in intersegment eliminations and 61,877
million yen in corporate assets not allocated to any reportable segments. The corporate assets are mainly group administrative assets
which do not belong to segments.
(3) The 204 million yen adjustments in depreciation and amortization is corporate expenses.
(4) The 327 million yen adjustments in increase of property, plant and equipment and intangible assets is corporate assets. The corporate assets
are mainly group administrative assets which do not belong to segments.

Chemicals

Pharmaceuticals

Millions of Yen
Performance
Agricultural
Consolidated
Adjustments
Trading
OthersChemicals
Pharmaceuticals
FY2020Materials
Chemicals
Total(Note)Net sales
Sales to outside customers¥21,867¥62,600¥57,541¥6,609¥50,833¥9,657
12¥209,121Intersegment sales
10,041
9,047
6,306
43
18,987
14,106(58,533)
Total
31,90871,64863,848
6,652
69,82023,763(58,521)
209,121
Segment profit(loss)
1,482
22,41618,202
357
2,498
831
(3,260)42,530
Segment assets
30,76351,014
82,822
9,646
26,205
12,78952,268265,509
Other items
2,241
4,477
2,527
517
80
311
191
10,346
Depreciation and amortization
77
78
Amortization of goodwill
1
Increase of property, plant and¥4,903¥3,174¥6,426
¥475
¥137
¥388
¥296
¥15,800
equipment, and intangible assets
Notes: The adjustments are as follows:(1) The (3,260) million yen adjustments in segment profit includes 33 million yen in intersegment eliminations, 12 million yen sales not allocated to any reporting segments,and (3,305) million yen corporate expenses not allocated to any reporting segments.
The corporate expenses are mainly group administrative expenses which do not belong to segments.
(2) The 52,268 million yen adjustments in segment assets includes (12,958) million yen in intersegment eliminations and 65,226
million yen in corporate assets not allocated to any reporting segments. The corporate assets are mainly group administrative assets
which do not belong to segments.
(3) The 191 million yen adjustments in depreciation and amortization is corporate expenses.
(4) The 296 million yen adjustments in increase of property, plant and equipment and intangible assets is corporate assets. The corporate assets
are mainly group administrative assets which do not belong to segments.
Thousands of U.S. dollars

Chemicals

FY2020Net sales
Sales to outside customers
Intersegment sales
Total
Segment profit(loss)
Segment assets
Other items
Depreciation and amortization
Amortization of goodwill
Increase of property, plant andequipment, and intangible assets

Performance
Materials

Agricultural
Chemicals

Pharmaceuticals

Trading

OthersAdjustments(Note)

Consolidated
Total$197,498
90,688288,186
13,385
277,845$565,390
81,711
647,110
202,457
460,748$519,698
56,954
576,662
164,397
748,031$59,691
388
60,0793,224
87,121$459,113
171,487
630,600
22,561
236,678$87,220
127,402214,622
7,505
115,508$108(528,658)(528,549)(29,444)472,074$1,888,737

20,240940,43522,823
695

4,669

723

2,809

1,725

93,443704$44,283$28,667$58,038$4,290$1,237$3,504$2,673$142,702

22

1,888,737
384,1222,398,022

Overseas operations, which represent sales to customers outside Japan for FY2020 and FY2019 were as follows:

Millions of Yen
FY2019Net salesJapan¥109,217

China¥22,840

Korea¥19,829

Other Asia
¥24,395

Europe andthe United¥30,554

Consolidated
Total¥206,837

Europe andthe United¥27,544

Consolidated
Total¥209,121

Millions of Yen
FY2020Net salesJapan¥108,443

China¥26,476

FY2020Net salesJapan$979,435

China$239,126

Korea¥21,481

Other Asia
¥25,175

Thousands of U.S. dollars
Korea$194,012

Other Asia
$227,375

Europe and Consolidated
the UnitedTotal$248,772$1,888,737(4) Matters related to changes in reportable segment, etc.
(Change of calculation method for profit (loss) and depreciation and amortization by reportable segment)
From the the current consolidated fiscal year, in order to evaluate and manage the performance of each reportable segment more appropriately, the Company reviewed themethod of adjusting intersegment transactions and has changed the method of calculation for profit or loss and depreciation and amortization of each reportable segment.
Segment information for the previous consolidated fiscal year is based on the revised method.
17. Amounts per Share
Net income per share is based on the weighted average number of shares of common stock outstanding during the year.
Cash dividends per share attributable to the period represent dividends declared as applicable to the year.
Amounts per share of net income and cash dividends for FY2020 and FY2019 were as follows:

Net income
Cash dividends(Yen)
FY2020FY2019¥231.73¥210.09¥104.00¥90.00(U.S. dollars)
FY2020
$2.09
$0.94

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