The Fiscal Year ending March 2021
(2020 April- 2020 June)

Business Results

August 2020

１．Business Results for the 1st QT FY ending 2021 March

２．2021 March ending Projection

2

Business Highlight for FY2021 1QT• The revenue was 6,589million yen（Comparison with previous year +631 million yen、＋11％)• Although labor cost and depression for photosensitive material capacity expansion increased,
advanced products sales growth well more than compensating cost increase, operation profit
increased +128% YOY, ordinary profit increased +47% YOY, net profit increased +48％ YOY
thanks to good electronics materials market.

（Million yen）

Prev. Year1Q
ResultFY20211Q
ResultI/D AMT

YOYI/D %5,958

6,589+631+11％594760+166+28％

531781+249+47％

366542+175+48％

Net profit per share

46.21

68.38

FX Rate（USD）¥108/$¥108/$

Revenue

Operation profit
Ordinary Profit
Net Profit

3

The summary of the Business Result FY2021 1QT■Revenue 6,589million yen（YOY+631milion yen,+11%）
 Photosensitive Materials Segment: Sales growth mainly thanks toadvanced product such as PAG and polymer
Chemicals Segment: Solvent sales for Electronic application andaroma chemical increased. Logistic business kept high tank operation,
but less movement of goods.
■Operation profit
 760million yen（YOY+166million yen, +28%）
 Although fix cost (YOY +64million yen) for the capacity improvementin photosensitive materials segment increased, the profit increases ascontribution from high-end application■Ordinary profit
 781million yen（YOY+249million yen, +47%）
 Non-operating profit: FX impact, insurance income, less interest cost
■Net profit
 542million yen（YOY+175million yen, +48%）
4Operating profit: factors for increase/decrease• Sales growth more than compensating capacity up investment cost andexpenditure, bring profit increase
Labor /depreciation
cost up in capacityexpansion（Million yen）

+326

+77
Portfolio
Improvement

Sales
growth594

Prev.1Q
Result+22 △144
Operation
Improvement

Inventory
Revaluation△73Fix CostIncrease△42FX
Impact+166760

This 1Q
Result5

Quarterly Sales & Operating profit trend• Quarterly sales & operating profit steadily increasing, achieve historical sales & operating
profit record

4Q→3Q sales shiftdue to plant maint.
& expansion works

Investment
coat at Chiba
Plant for capup increased

6

Photosensitive Materials Segment
Million yen

Million yen

Revenue
Operating profit

Revenue︓3,680 Million yen（YOY+185 mio yen、+5%）• high-end semiconductor application
keep good sales• Sales for FPD increase a little
Operating profit︓543Million yen（YOY+154 mio yen、+40％）• Although investment cost (labor,depreciation etc.) for the capacity
improvement increased, the profit
increases as contribution of sales
expansion especially high valued
products

7

Chemicals Segment
million yen

Revenue & Operating profit
Revenue
Operating profit

million yen

Revenue︓2,908 million yen（YOY+445mio yen、+18%）• EL solvent for high-end application
and aroma chemicals keep good sales.
• Logistic business （Chemical TankTerminal）has less movement ofgood, but keep high tank operation.

Operating profit︓217 million yen（YOY+12million yen、+6%）• High valued product kept good sales

8Profit & Loss Statement• Revenue 6,589 million yen（+631million yen、+11％）• Gross profit 1,518 million yen（+175million yen、+13%）thanks to high valued product sales increase as more thancompensating fix cost up for capacity expansion• Op. profit 760 million yen （+166百万円、+28%）thanks to a little selling expense increase (+1%)。
2020.Mar1Q

2021.Mar
1Q

Revenue

5,958

6,589+631+11%

COGS

4,615

5,070+455+10%

Gross Profit

1,342

1,518+175+13%

748

757+9+1%594

760+166+28%

Non-Op profit

2059+39+192%

Non-Op Exp.

8339△44△53%

Ordinary profit

531781+249+47%

Extraordinary P&L△2△11△8△301%

Profit before Tax

528769+241+46%Tax

161

226+65+40%

Net Profit

366

542+175+48%（Million yen)

Selling Exp.
Op. Profit

I/D AMTI/D %［Gross profit +175］
High values product sales
expansion contributed
profitability（22.5%→23.0%）［Non Op profit +39、
Non Op exp △44］
Insurance income +35、FX loss △429Balance Sheet• Tangible asset increased +949 million yen due to capacity up investment forphotosensitive materials• In accordance with investment, interest-bearing debt increased +1,616（millionmillionyen）
yen
2020 Mar end 2020 June end
I/D AMTCurrent
asset
15,503
16,7181,215• 株主資本は+463百万円増加。
CashAccount receivable

Inventories
OthersFixed assets
tangible assets
Intangible assets

Invest/others
Assets total
Liabilities
Account payable
Interest-bearing debt

OtherNet assets
Shareholdersʼ equity
Revaluation & others
Liabilities & Net assets total

3,582
4,654
7,019
246
23,627
22,112407
1,107
39,13028,561
3,000
18,188
7,372
10,56910,563
5
39,130

4,031
4,886
7,111
688
24,56423,062499
1,002
41,28230,245
3,482
19,804
6,957
11,037
11,026
10
41,282449
23192442937
949
91
△104
2,152
1,684
482
1,616
△414467463
42,152［Tangible asset +949］
Increased due toinvestment forphotosensitive materials［Equity ratio］
26.7%（Compared toprevious QT△0.3pt）

10

１．Business Results for the 1st QT FY ending 2021 March

２．2021 March ending Projection

11

FY2021 Mar ending Projection• Raised earnings forecast as consideration of high valued product sales increase and updated business impact by
COVID-19• Original planned FX rate is ¥105/$, dividend keep as 20 yen per share

2Q Cumulative

2020.Sept end
Original（Million yen）

2020.Sept end
RevisedRevenue

12,50012,50000%

Op Profit

1,000

1,150+150+15%

Ordinary Profit

950

1,120+170+18%

Net profit

620

780+160+26%

I/D AMTI/D %Full Year

2021.March end 2021.March end
Original
Revised（Million yen）

I/D AMTI/D %Revenue

25,00025,00000%

Op Profit

1,800

1,950+150+ 8%

Ordinary Profit

1,700

1,870+170+10%

Net profit

1,100

1,260+160+15%
12FY ending 2021 March Business Progress• Keep good progress for original planned 2Q cumulative projectionSept end
June end
for FY 2021 March For FY2021 MarchResult（Million yen） Original projection

Progress %Revenue

12,500

6,589

53%

Op Profit

1,15076066%

Ordinary Profit

1,12078170%

78054270%

Net profit

13

（Ref.）Photosensitive Materials Capacity Up Investment•On going capacity up project to meet market demand increasing•Completed capacity up project in the existing plant for FPD and polymer as 1st stepand advanced photosensitive material as 2nd step
•New production plant construction to be completed in 2020 Sept as on going in theplaned schedule.
Current
2018.March end

Photosensitive
Materials for FPD（PAC）

Advancedpolymer
Advanced
Photosensitive
Materials（PAG）

New Plant（New Productionbuilding）

2019 March end

2 nd Half

1st Half

Construction

Qualification& Training

Construction

Qualification& Training

2 nd Half

2020 March end
1st Half 2 nd Half

2021 March end
1st Half 2 nd Half

Operation
start

Operation
startConstruction

Qualification& Training

Operation
start

Design & Construction

Qualification& Training

Operation
start

14

（Ref.）Capital Investment & Depreciation History• In year 2020, capital investment plan is about 5.5 billion yen as same level of previous year
• Depreciation will return to the level for year 2008.
million yen
CAPEX Amount

Capital Investment & Depreciation

Depreciation Amount（Year）

15

独創的な視点で世界へ
Individual Development, to the global Chemical(Notes regarding projection)
The earnings forecasts in this document are estimation based on the information
currently available and the judgment obtained from the news so far.
Therefore, the actual business results may differ significantly from this business forecast
due to various factors and risks.
There is a possibility that it will be, and we do not make any commitments orguarantees.