Summary of Consolidated Financial Results of Fiscal Year 2021 Ended March 31, 2022
April 28, 2022
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SEKISUI KASEI Co., Ltd.
Tokyo Stock Exchange4228
https://www.sekisuikasei.com
Mr. Masato Kashiwabara, President
Mr. Katsumi Sasaki, Senior Managing Executive Officer
Head of Corporate Strategic Headquarters
TEL: +81-3- 3347-9618
June 23, 2022
June 24, 2022
June 24, 2022
Yes
Yes (For securities analysts and institutional investor fund managers)

Scheduled General Meeting of Shareholders:
Scheduled date for payment of dividends:
Scheduled date for submission of financial statement:
Earnings supplementary explanatory documents:
Earnings results briefing:(Figures rounded down to the nearest million yen)
1. Consolidated Business Results for FY 2021 (April 1, 2021 to March 31, 2022)(1) Consolidated Business Results(% figures represent changes from the previous year.)
Net Income
Net Sales
Operating Income
Ordinary Income
Attributable to
Owners of the Parent
millions of yen% millions of yen%
millions of yen%
millions of yen%
FY 2021
117,567
1,463
-30.0
1,401
-28.4
-5,917FY 2020
118,851
-12.7
2,091
-43.9
1,956
-42.3
1,126
-51.5
(Note) Comprehensive Income March 31, 2022: -11,433million yen (-%), March 31, 2021: 4,712million yen (190.9%)
Net Income
Attributable to
Owners of the Parent
per Share

Net Income
Attributable to
Owners of the parent
per Share (Diluted)

Net Income to
Equity Ratio

Ordinary Income toTotal Assets Ratio

Operating Income
Ratio

yen
yen
%
%
%
FY 2021-130.99
-9.3
0.9
1.2
FY 2020
24.86
1.7
1.3
1.8
(Note) Share of profit of entities accounted for using equity method FY2021: -million yen, FY2020: -9million yen(Note) The Group has adopted the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020) and relevant ASBJ
regulations from the beginning of the fiscal year ending March 31, 2022.
(2) Consolidated Financial Position
Total Assets

Equityto Total Assets

Net Assets

millions of yen
millions of yen
FY 2021
143,308
58,242
FY 2020
158,439
70,657(Note) Equity: March 31, 2022: 57,525million yen, March 31, 2021: 69,955million yen

Net Assets
per Share
%

yen

40.1
44.2

1,272.86
1,549.84(3) Consolidated Cash Flows
Operating Activities

Investing Activities

Millions of yen
3,831
6,428

FY 2021
FY 2020

Financing Activities

Millions of yen-3,186-3,007

Millions of yen-2,573-632

Cash and cash equivalents
At end of period
Millions of yen
10,503
12,498

2. Dividend Status
Dividend per Share
(Date of Record)

At the end

At the end

At the end

of 1Q

of 2Q
yen
4.00
5.00
3.00

of 3Q
yen
-

yen
FY 2020
FY 2021
FY 2022 (outlook)-Year-end

Full year

yen
17.00
7.00
9.00

yen
21.00
12.00
12.00

Total Dividend
Payment(full year)
Millions of yen
948
542

Payout Ratio(consolidated)
%
84.5
60.3

Dividend toequity ratio(consolidated)
%
1.4
0.9

3. Consolidated Outlook for FY2022 (April 1, 2022-March 31, 2023)(% figures represent changes from the same period of the previous year.)
Net Sales

Mid-term
Full Year

Millions of yen
60,000125,000

Operating Income
%
1.0
6.1

millions of yen
%
400
-38.8
1,800
23.0

Ordinary Income
millions of yen
300
1,600

%
-60.0
14.1

Net Income
Attributable to
Owners of the Parent
millions of yen
100
900

%
-70.3
-

Net Income
Attributable to
Owners of the
Parent per Share
yen
2.21
19.91

Note: Other(1) Significant change of subsidiary companies during the term (change of specified subsidiaries that affected the scope of consolidated
reporting): No(2) Changes to the accounting policy, changes or restatements of the accounting estimatesa) Changes caused by revisions to accounting principles: Yesb) Changes other than a): Noc) Amendments to accounting estimates: Nod) Restatements: No(3) Number of shares outstanding (common stock)a) Number of shares outstanding at the end of term (including treasury stock)
FY2021 46,988,109 shares
FY2020 46,988,109 sharesb) Treasury stock at end of term
FY2021 1,794,266 shares
FY2020 1,850,959 sharesc) Average outstanding shares in the period
FY2021 45,176,402 shares
FY2020 45,299,849 shares(Reference information) Summary of Non-consolidated financial results
1. Non-consolidated financial results for FY 2021 (April 1, 2021 to March 31, 2022)(1) Non-Consolidated Business Results
Net Sales
FY 2021
FY 2020

Millions of yen
62,86966,647

Operating Income%-6.3

Millions of yen
3,107
3,124

%
-0.5
33.2

(% figures represent changes from the previous year.)Ordinary Income
Millions of yen
4,249
3,972

Net Income
%
7.0
32.7

Millions of yen-10,212
3,749

%
79.6

Net Income
per Share

Net Income
per Share (Diluted)
yenyen
FY 2021-226.06
FY 202082.73(Note) The Group has adopted the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020) and relevant ASBJ
regulations from the beginning of the fiscal year ending March 31, 2022.
(2) Non-Consolidated Financial Position
Total Assets

Net Assets

EquityTo Total Assets

Millions of yen
Millions of yen
FY 2021
121,418
50,99542.0
FY 2020
134,959
66,52449.3(Note) Shareholders’ Equity: March 31, 2022: 50,995million yen, March 31, 2021: 66,524million yen

Net Assets
per Share%yen
1,128.38
1,473.84

Note: Execution chart for audit procedures
The Financial instruments and Exchange Law does not require this brief announcement of the most recent financial statements to be subject
to audit review.
Note: Remarks on appropriate use of forecasted results of operation and other special matters
The earnings forecasts and other forward-looking statements presented in this report are based on information available at the time of its
issue and on certain assumptions that the Company considers reasonable. Forward-looking statements in no capacity represent a guaranteethat the Company will achieve the stated amounts. Various factors can cause actual results to differ materially from the forecasts.

1.

Summary of Business Results(1) Summary of Business Results for FY2021
1) Business Results for FY2021
During the fiscal year under review, the global economy continued to operate under conditions of
uncertainty, with novel coronavirus infectious disease (COVID-19) infections first falling as aresult of vaccinations, then going through repeated expansions following the emergence of more
infectious variants. In addition, the surge in raw material and fuel prices, and the invasion of
Ukraine by Russia spurred further worldwide disruption in supply chains, resulting in moves
towards higher prices across a wide range of industries. In the automotive industry, in addition to
the impact of shortages of semiconductors and other parts that had felt since the summer of theprevious year, the situation in Ukraine has also affected production activities. On the other hand,in the home appliances and IT fields, demand for personal computers (PCs) and other devices
remained strong, driven by the way telework has spread and become entrenched. Although theJapanese economy showed similar improvements to those in the global economy as a result ofvaccinations, the impact of variants led to a continued lack of clarity in relation to a resolution of
the pandemic. In addition, responses to environmental issues, such as reductions in greenhouse gas
emissions, are becoming increasingly important.
In Japan's foamed plastics industry, the spread of COVID-19 has resulted in firm demand for foodcontainer-related products, but the emergence of new problems, such as the situation in Ukraine,
has prevented a full-fledged demand recovery for various parts, transport materials, and packaging
materials. These factors, together with ongoing rises in costs caused by sharp increases in fuel andraw materials, have led to continued uncertainty regarding the outlook.
Under these difficult business conditions, with regard to the spread of COVID-19 the Group placed
the highest priority on the safety and health of employees of business partners and of the Group,and took steps to avoid related risks as much as possible. At the same time the Group implemented
the “business portfolio transformation” and “execution of strategy to strengthen earnings structure”
from the basic policy featured in the “Make Innovations Stage-II” three-year mid-term
management plan, which was in its final year.
In addition, the Company is working to further strengthen SKG-5R(*) in preparation for achieving
the targets set in the “SKG-5R STATEMENT” announced in July 2020, in order to cement its
position as a leading environmental company. In terms of creating and growing environmentallyfriendly products (Sustainable Star Products*), the Sekisui Kasei Group is particularly aware of
the issue of resource recycling. It has set a target of switching 50% of its product raw materials to
those derived from recycling or biomass by FY2030, and has set up ReNew+* and BIOCellular*
respectively as category brands, which it is working to strengthen. The Japanese government has
declared its intention to become carbon neutral by 2050, and is working on initiatives to achieve
those goals.
As a result of the above factors, consolidated net sales for the fiscal year under review came to¥117,567 million (year-on-year comparison not applicable), with operating income of ¥1,463
million (down 30.0% year on year), and ordinary income of ¥1,401 million (down 28.4% year onyear). The Company recorded an extraordinary loss of ¥6,407 million in relation to European
subsidiary, Proseat Group, posting an impairment loss related to non-current assets, and to goodwill,1

etc. After recording extraordinary income of ¥445 million following the disposal of part of its
investment securities, this resulted in a net loss attributable to owners of the parent of ¥5,917
million (year-on-year comparison not applicable).
Furthermore, the Company began applying the “Accounting Standard for Revenue Recognition”(ASBJ Statement No. 29; March 31, 2020), etc. at the start of the fiscal year under review. This led
to a decrease in consolidated net sales for the fiscal year under review of ¥12,305 million comparedto net sales before the application of this standard, but there was no impact on profits. For thisreason, in our explanations of results for the consolidated fiscal year under review, we do notpresent year-on-year changes for consolidated net sales, either for the amount or in percentage
terms.
* The “SKG” in “SKG-5R” represents the Sekisui Kasei Group, and the “5R” stands for Reduce, Reuse, Recycle,
Replace and Re-create.
* “Sustainable Star Products” are products that take into account finite resources and reduced environmental
impacts over their entire life-cycle, from procurement of raw materials, through manufacturing, supply, anddisposal, to recycling.
* ReNew+ is the Company’s line of products that use recycled raw materials.
* BIOCellular is the Company’s line of products that use biodegradable plastics or plastics derived from biomass.

2) Summary by Business<Human Life Segment>
Net sales in the Human Life segment reached 49,530 million (no year-on-year figure available*),with segment profit of ¥3,376 million (down 10.1% year on year).
In food containers, demand related to tourism, including inbound tourism, remained sluggish due
to COVID-19. With the tendency to voluntarily not go out showing signs of weakening, demand
related to home meals and home-meal replacements has remained stable but has started to slow
compared to the previous year. Despite robust shipments in agriculture at the beginning of theperiod, the impact of long periods of rainfall and the like resulted in it being unchanged from theprevious year, while fishery-related shipments remained depressed due to the weakness in therestaurant industry. In civil engineering, we made progress in winning projects by leveraging the
AQUAROAD material used in measures to deal with road flooding and to process rainwater, andthe FJ-Ring used in sewer construction.
Sales volume of ESLEN Sheets, our mainstay product, declined overall relative to the strong
performance of the previous year. Despite strength in take-out containers driven by a certain levelof continued stay-at-home demand, demand for fresh food trays used in supermarkets, etc. began
to slow. Sales volume of ESLEN Beads (pre-expanded polystyrene beads) posted a strong
performance due to continued solid demand in life goods applications, such as cushion beads,
arising from consumers spending more time at home. In the construction materials field, we also
saw progress in major orders for embankment blocks, leading to an overall increase year on year.
With raw material prices soaring, we made efforts to reduce costs, cut fixed expenses, and pass on
price increases, but were unable to avoid a decline in profits.
* The Company began applying the “Accounting Standard for Revenue Recognition,” etc. at the beginning of
the consolidated fiscal year ended March 31, 2022. The effect on net sales for the fiscal year under review
was a decrease of 8,432 million compared to the same item before the application of the standard, etc.

2

<Industry Segment>
Net sales in the Industry segment reached ¥68,036 million (no year-on-year figure available*), witha segment loss of ¥1,777 million, compared to a loss of ¥957 million for the previous fiscal year.
In automotive-related products, parts packaging material applications for electrical components
recorded growth in sales, but automotive parts applications were hit by the decline in production
at auto manufacturers caused by the shortage of semiconductors and by delays in parts procurement
and so on following the spread of COVID-19. These factors resulted in sluggish sales of
PIOCELAN (polystyrene/polyolefin hybrid resin foam). At the Proseat Group in Europe,
continued disruption of the supply chain, which can be traced back to COVID-19, surging prices
for the raw materials and fuel used in its mainstay products of automotive parts and materials
products, and shortages of semiconductors, led to a significant reduction in orders from European
auto manufacturers, and to a deterioration in earnings.
In the home appliances and IT fields, sales of PIOCELAN used in panel transport materials andpackaging materials were strong in the first half of the fiscal year, but weakened in the second half
due to inventory corrections of LCD panels and the reuse of panel transport materials. Sales of
TECHPOLYMER (polymer particles) used in light diffusion applications for LCD panels, etc.
were steady, due to demand for PCs and monitors as a result of people working at home.
In the medical and health care fields, sales of ELASTIL (a thermoplastic elastomeric foam) for use
in running-shoe midsoles in Europe and the United States grew, and sales of ST-gel (a functional
polymer gel) and TECHPOLYMER for cosmetics applications were also robust.
In terms of profits, we worked to raise productivity and cut fixed expenses, but we were unable tooffset the decline in marginal profits caused by the increase in raw material prices, supply chain
disruptions, and other factors, and this resulted in a loss. The Proseat Group also recorded an
impairment loss in relation to certain non-current assets, leading to the posting of an extraordinaryloss.
* The Company began applying the “Accounting Standard for Revenue Recognition,” etc. at the beginning of
the consolidated fiscal year ended March 31, 2022. The effect on net sales for the fiscal year under review
was a reduction of ¥3,872 million compared to the same item before the application of the standard, etc.

3) Other Important Items<Global Expansion>
The Group is moving forward to expand its business globally, primarily in industrial fields such as
automotive, home appliances and IT.
With the move towards carbon neutrality by 2050 progressing around the world, in the auto
industry, the shift toward EVs (electric vehicles) is expected to accelerate, and the market for
products of the Company that contribute to lighter vehicle bodies is expected to expand. In orderto respond to the automotive industry’s need for parts and packaging materials that utilize foamed
plastics, the Sekisui Kasei Group is proceeding with a global expansion of its business. It is steadily
capturing demand for automotive parts and packaging materials in North America, including theUnited States and Mexico, as well as moving forward with initiatives to further extend its trackrecord in China, where demand is recovering rapidly. In February 2019 the Group also acquired
European auto parts manufacturer Proseat Group as a stepping stone towards expanding thebusiness in Europe, and is building a structure to allow it to respond quickly to the shift towards
electric vehicles that originated in Europe. Since the acquisition performance has deteriorated, but
we are working on strengthening competitiveness while withdrawing from unprofitable operations,putting in place a stronger foundation for business, and moving forward with the expected goals of3

product development and customer base expansion.
In areas such as home appliances and IT, the information industry and medical and health care, wewill develop new material technologies with reduced environmental impacts, including foam
plastics, polymer particles, and BIOCellular, and strive to achieve efficient production and toincrease sales of these products. Note that overseas sales for the consolidated fiscal year underreview came to ¥46,374 million (39.4% of consolidated net sales).
<CSR Initiatives>
The Sekisui Kasei Group’s CSR declaration is as follows: “By practicing our corporate philosophy,
we will fulfill our social responsibility to all stakeholders, including the global environment, andcontribute to the sustainable growth of societies worldwide.” The CSR activities conducted by theGroup are founded on the three themes of “manufacturing with consideration for the environment,
safety and quality,” “sincere management activities focusing on compliance” and “practice of Zenin Keiei.”
With regard to the environment, one of the high-priority policies in the current mid-term
management plan is “contributing to a sustainable society,” and we place environmental
management at the center of our business activities. The recently formulated mid-term management
plan also designates “Shifting to businesses that resolve environmental and social issues” as oneof its priority policies, and we will strengthen these initiatives even further. To that end, in April
2022 we established the GX Development Department as an organization to centralize operations
related to the environment across the Group as a whole.
With regard to compliance, rather than restricting ourselves to the perspective of conformance withlaws and regulations, we are working on a general and wide-ranging strengthening of governance,
including taking measures to enhance the effectiveness of the Board of Directors, and rebuilding
the committee structure of the Company.
In terms of “practice of Zen-in Keiei,” we will focus on work style reforms and diversity as
initiatives to bolster human resources, and strengthen frameworks to ensure that employees withenthusiasm and ability can participate.
(2) Summary of Financial Position for FY2021
1) Assets, Liabilities and Net Assets
As of the end of the consolidated fiscal year under review, assets totaled ¥143,308 million (adecrease of ¥15,130 million from the end of the previous year).
In assets, increases in items such as notes and accounts receivable, contract assets, andelectronically recorded monetary claims-operating resulted in current assets rising by ¥1,027
million. Non-current assets decreased by ¥16,157 million, due mainly to declines in the evaluationof investments in securities and the processing of impairment losses at a consolidated subsidiary.
In liabilities, increases in items such as short-term loans and electronically recorded obligationsoperating resulted in current liabilities rising by ¥7,409 million. Decreases in long-term loans anddeferred income taxes led to a reduction of ¥10,125 million in long-term liabilities.
The decrease in retained earnings caused by impairment losses and the decline in net unrealized
gains on securities led to net assets falling by ¥12,415 million.
2) Cash FlowsThe balance of cash and cash equivalents (hereafter “net cash”) at the end of the consolidated fiscal
4year under review decreased by ¥1,995 million compared to the end of the previous fiscal year, to¥10,503 million.
<Cash flows from operating activities>
Cash flow from operating activities saw decrease by ¥2,596 million, resulting in ¥3,831 million in
net cash provided in operating activities, due mainly to the decrease in net income before income
taxes.
<Cash flows from investing activities>
Cash flow from investing activities saw decrease by ¥179 million, resulting in ¥3,186 million in
net cash used in financing activities, due to declines in proceeds from sales of investments insecurities.
<Cash flows from financing activities>
Net cash used in financing activities was ¥2,573 million, a decline of ¥1,940 million from theprevious fiscal year due mainly to repayment of long-term loans.
(Reference) Change in cash flow-related indices
FY2017FY2018FY2019FY2020

FY2021Equity ratio

49.9

42.5

44.1

44.2

40.1

Equity ratio on a market value basis

43.4

27.2

17.6

17.7

13.8

Interest-bearing debt to cash flow ratio

3.3

4.9

5.5

5.8

10.9

Interest coverage ratio

35.5

38.8

15.0

17.1

10.7

(Notes)Equity ratio: Shareholders’ equity/Total assets
Equity ratio on a market value basis: Market capitalization/Total assets
Interest-bearing debt to cash flow ratio: Interest-bearing debt/cash flow
Interest coverage ratio: Cash flow/interest payments*All figures are calculated on a consolidated basis.
*Market capitalization is calculated based on the number of shares outstanding excluding treasury stock.
*Interest-bearing debt includes all debt in the consolidated balance sheet for which interest is paid.

(3) Outlook
With respect to the outlook going forward, there are expectations that the COVID-19 situation isheading towards a resolution as a result of measures taken in countries around the world to suppress
infections, such as progress in vaccination. However, attention must also be paid to factors such as
the deterioration and prolongation of the situation in Ukraine, exchange rate volatility, and soaring
prices for raw materials and fuel.
The Sekisui Kasei Group expects a partial recovery in demand for recreation and tourism-relatedmaterials as a result of the easing of restrictions on activities, such as the lifting of key measurestaken to prevent proliferation of COVID-19. In addition, it expects stay-at-home demand to become
entrenched in the form of supermarket food trays and restaurant take-out containers, and projects
that it will remain firm going forward. For the Industry segment, in which we are operating businessglobally, in addition to concerns about the impact of COVID-19 and unstable supply of parts, suchas semiconductors, on the automotive industry, the situation in Ukraine could lead to new risks forthe supply chain, and the state of the recovery in parts and packaging applications is expected to5remain uncertain. In home appliances and IT, we expect the strong demand for PCs generated by
the COVID-19 pandemic to slow, but we predict growth in general LCD-related applications.
As a result, for the fiscal year ending March 31, 2023, we forecast consolidated net sales of ¥125.0
billion, operating income of ¥1.8 billion, ordinary income of ¥1.6 billion and net income
attributable to owners of the parent of ¥0.9 billion.
The impact on earnings of the fire that broke out at Sekisui Kasei Oita Co., Ltd. on April 22, 2022,
is currently being scrutinized. In the event that we judge it likely to have a material effect onearnings, we will make prompt disclosure to that effect.
(4) Basic Policy Regarding Profit Distribution and Dividends for FY2021 and FY2022
The Company’s position is that the return of profits to shareholders is an important management
issue. While securing internal reserves in preparation for the development of future businesses andenhancement of the management structure, our basic policy is to return profits to shareholders in a
way that reflects consolidated financial performance, and with an emphasis on stable dividends. In
terms of dividend policy, the Company’s goal is a consolidated dividend payout ratio of 30%-40%.
Due to impairment losses related to non-current assets and to goodwill, etc., we posted large losses
for the fiscal year under review, but in order to maintain a stable dividend for shareholders we
propose to pay a year-end dividend of 7 yen per share.
Note that with the 5-yen per share interim dividend paid at the end of the second quarter, the annual
dividend for FY2021 will be 12 yen per share. An annual dividend of 12 yen per share is planned
for FY2022.
2. Management Policy
Mid- to Long-term Management Strategy, Targets for Management Indices
The Sekisui Kasei Group has created a new “Spiral-up 2024” mid-term management plan, whichbegan in April 2022. In accordance with the <Basic Policy> below, all our members will participate
in this plan, with their efforts centered on <Priority Policies>.
(1) Basic policy for “Spiral-up 2024”
In preparation for contributing to a sustainable society and sustainable enhancing corporate value,
we will establish a robust earnings base on the foundation of ESG management(2) Priority policies for “Spiral-up 2024”(i) Strengthening profitability
1) Rebuilding the business portfolio*Target business areas (5 priority fields)“Food,” “Electronics,” “Mobility,” “Medical/Healthcare,” “Civil engineering/Energy”
2) Building a high- profitability business at Proseat3) Strengthening cost competitiveness through production innovations
4) Making development products profitable early on(ii) Shifting to businesses that resolve environmental and social issues
1) Expanding environmentally-friendly products through circular businesses
2) Taking on the challenge of achieving carbon neutrality(iii) Strengthening the management foundation
1) Strengthening initiatives for materialities (important management issues)2) Strengthening our financial condition
6

(3) “Spiral-up 2024” numerical targets
Consolidated targets
Net Sales
Operating income(operating income ratio)

Ordinary Income
Net income
attributable toowners of the parent
ROE

FY2021(results)

FY2022(planned)

FY2024(planned)

3-year average
growth rate

¥117.5 billion¥1.4 billion(1.2%)¥1.4 billion¥125.0 billion¥1.8 billion(1.4%)¥1.6 billion¥135.0 billion¥5.0 billion(3.7%)¥4.8 billion

5.0%¥-5.9 billion¥0.9 billion¥3.0 billion

-%

(－%)

(1.5%)(3.0%)

50%
50%(Amounts of less than ¥100 million are not shown)

In terms of management indicators, management will emphasize net sales, operating income, andnet income attributable to owners of the parent, and strive to improve return on equity (ROE).
3. Basic Approach to the Selection of Accounting Standards
Taking into account comparability between reporting periods and between companies in its
consolidated financial statements, for the time being the Group’s policy is to prepare its
consolidated financial statements based on Japanese GAAP. With regards to the application ofinternational financial reporting standards (IFRS), the Group will respond appropriately, taking
into account various conditions both domestically and overseas.

7

4.Consolidated Financial Statements and Notes to Consolidated Financial Statement(1) Consolidated Balance Sheets
FY2020
As of March 31, 2021
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable, trade
Notes receivable
Accounts receivable
Contract assets
Electronically recorded monetary claims-operating

Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
LandConstruction in progress
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Software
Other
Total intangible assets
Investments and other assets
Investments in securities
Deferred income taxes
Assets for retirement benefits
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

8(Millions of Yen)FY2021
As of March 31, 2022

12,531
28,301
－
－
－
5,220
7,670
1,481
4,172
3,426
(59)
62,744

10,510－4,335
23,565
1,092
6,526
8,633
1,785
4,756
2,617
(52)
63,771

48,112(31,812)
16,30088,910(73,157)
15,752
21,306
1,978
20,391(14,295)
6,095
61,432

48,614(33,165)
15,44889,839(76,102)
13,737
21,413
1,743
18,664(15,354)
3,309
55,652

1,236
587
1,549
3,373

－
665
465
1,131

21,350
808
7,772
1,007
(49)
30,88995,694
158,439

14,849
822
6,155
973
(47)
22,752
79,536
143,308

FY2020
As of March 31, 2021
Liabilities
Current liabilities
Notes and accounts payable
Electronically recorded obligations-operating
Short-term loans
Accrued expenses
Accrued income and enterprise taxes
Contract liabilities
Accrued consumption taxes
Provision for bonuses to employees
Provision for bonuses to directors andaudit and supervisory board members
Provision for loss on discontinuation ofoperations of subsidiary
Notes payable -facilities
Electronically recorded obligations -non-operating
Other
Total current liabilities
Long-term liabilities
Bonds payable
Long-term loans
Deferred income taxes
Deferred income taxes for land revaluation
Provision for product warranty
Liabilities for retirement benefits
Other
Total long-term liabilities
Total liabilities
Net assets
Shareholders’ equity
Common stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Net unrealized gains on securities
Surplus arising from land revaluation
Translation adjustments
Retirement benefits liability adjustments
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

9(Millions of yen)
FY2021
As of March 31, 2022

15,471
7,009
9,185
4,481
1,213
－
773
1,054
59

16,065
9,145
16,252
3,357
767
405
259
1,046
6

919

446

82
644
2,409
43,305

71
691
2,200
50,7157,000
20,900
7,261
1,596
131
3,590
3,995
44,47587,781

7,000
13,863
4,410
1,596
108
3,608
3,763
34,34985,065

16,533
16,51523,523(1,493)55,077

16,533
16,503
16,602(1,448)48,19011,859
1,479
11
1,527
14,877702
70,657
158,439

7,442
1,479
745
(332)
9,334
717
58,242
143,308

(2) Consolidated Statement of Income and Statement of Comprehensive Income(Consolidated Statement of Income)(Millions of yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Foreign exchange gain, net
Subsidy income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Equity in losses of affiliates
Loss on sales and retirement of non-current
assetsForeign exchange loss
Commission fee
Compensation expenses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of investments in securities
Total extraordinary income
Extraordinary loss
Loss on sales of investment securities
Loss on valuation of investments in securities
Loss on liquidation of subsidiaries
Loss on discontinuation of operations ofsubsidiary
Impairment loss
Total extraordinary losses
Net income (loss) before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Net income (loss)
Net income (loss) attributable to non-controllinginterests
Net income (loss) attributable to owners of theparent10

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

FY2021(From April 1, 2021
to March 31, 2022)

118,851
92,451
26,39924,308
2,091

117,567
92,831
24,73523,271
1,463

17
311
－
289
243
862

13
328
288
58
330
1,019

373
9
139
97
58
－
317
997
1,956

386
－
214
－
57
114
309
1,082
1,401

857
857

445
445

37
2
2

－
－
－

901

－

－
943
1,870
1,564
(3)
1,560
309
(816)

6,407
6,407
(4,560)
1,436
(120)
1,316
(5,876)41

1,126(5,917)

Consolidated Statement of Comprehensive Income(Millions of yen)
End of FY2020(From April 1, 2020
to March 31, 2021)
Net income (loss)
Other comprehensive income
Net unrealized gains on securities
Translation adjustments
Retirement benefits liability adjustments
Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to ownersof the parent
Comprehensive income attributable to noncontrolling interests

11

End of FY2021(From April 1, 2021
to March 31, 2022)

309(5,876)

2,633
640
1,128
4,402
4,712

(4,417)720(1,860)(5,557)(11,433)

5,584(11,460)

(872)

27

(3) Consolidated Statement of Changes in Net Assets
FY2020 (April 1, 2020 to March 31, 2021)(Millions of yen)
Shareholders’ equity
Common stock
Balance at April 1, 2020

Capital surplus

16,533Retained earnings

16,532

Total shareholders’equityTreasury stock

23,524(1,426)55,164

Changes of items during period
Dividend of surplus

(951)

(951)

Net income attributable toowners of the parent

1,126

1,126
(141)

(141)

57

40

(176)

16

(160)

Acquisition of treasury stock(17)

Disposal of treasury stock
Change in the scope ofequity method
Net changes of items otherthan shareholders’ equity
Total changes of items during
periodBalance at March 31, 2021

－

(17)

(1)

(67)

(86)

16,533

16,51523,523(1,493)55,077

Accumulated other comprehensive income

Balance at April 1, 2020

Net
unrealized
gains onsecurities

Surplusarising fromland
revaluation

Translation
adjustments

9,226

1,479

(583)

Total
Retirement
accumulated
benefitsotherliability
comprehensiv
adjustmentse income
399

10,520Noncontrollinginterests

1,531

Total net
assets67,217

Changes of items during period
Dividend of surplus(951)

Net income attributable toowners of the parent

1,126

Acquisition of treasury stock(141)

Disposal of treasury stock40

Change in the scope ofequity method(160)

Net changes of items otherthan shareholders’ equity

2,633

－

594

1,128

4,356

(829)

3,527

Total changes of items during
period

2,633

－

594

1,128

4,356

(829)

3,440

Balance at March 31, 2021

11,859

1,479

11

1,527

14,877702

70,65712

FY2021 (April 1, 2021 to March 31, 2022)(Millions of yen)
Shareholders’ equity
Common stock

Capital surplus

16,533

Balance at April 1, 2021

Retained earnings

16,515

Total shareholders’equityTreasury stock

23,523(1,493)55,077

Changes of items during period
Dividend of surplus(1,002)(1,002)

Net income attributable toowners of the parent(5,917)(5,917)

Acquisition of treasury stock(12)

Disposal of treasury stock

(0)

(0)

45

33

Change in the scope of equity
methodNet changes of items otherthan shareholders’ equity
Total changes of items during
periodBalance at March 31, 2022

－

(12)

(6,920)45(6,886)

16,533

16,503

16,602(1,448)48,190

Accumulated other comprehensive income

Balance at April 1, 2021

Net
unrealized
gains onsecurities

Surplusarising fromland
revaluation

Translation
adjustments

11,859

1,479

11

Total
NonRetirement
accumulated
controlling
benefits
otherinterests
liability
comprehensive
adjustments
income1,527

14,877702

Total net
assets70,657

Changes of items during period
Dividend of surplus(1,002)

Net income attributable toowners of the parent(5,917)

Acquisition of treasury stock(0)

Disposal of treasury stock

33

Change in the scope ofequity method
Net changes of items otherthan shareholders’ equity(4,417)－734(1,860)(5,543)14(5,528)

Total changes of items during
period(4,417)－734(1,860)(5,543)

14(12,415)

Balance at March 31, 2022

7,442

1,479

745

(332)

9,334

717

58,24213

(4) Consolidated Statement of Cash FlowsFY2020(From April 1, 2020
to March 31, 2021)
Cash flows from operating activities
Net income (loss) before income taxes
Depreciation and amortization
Amortization of goodwill
Impairment loss
Increase (decrease) in allowance for doubtful accounts
Interest and dividend income
Interest expenses
Equity in (earnings) losses of affiliates
Increase (decrease) in provision for bonuses to
employees
Increase (decrease) in provision for product warranty
Increase (decrease) in net liabilities for retirement
benefits
Loss (gain) on sales of investments in securities
Loss (gain) on valuation of investments in securities
Loss (gain) on sales and retirement of property, plantand equipment
Subsidy income
Loss on discontinuation of operations of subsidiary
Decrease (increase) in notes and accounts receivable
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable
Other, net
SubtotalInterest and dividends received
Interest paid
Proceeds from casualty insurance claims
Proceeds from subsidy income
Income taxes (paid) refunded
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchases of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchases of investments in securities
Proceeds from sales of investments in securities
Increase in short-term and long-term loans receivableCollection of short-term and long-term loans
receivable
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term loans
Proceeds from long-term loans
Repayment of long-term loans
Purchases of treasury stock
Dividends paid
Dividends paid to non-controlling shareholders
Other, net
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 the beginning of the year
Cash and cash equivalents at the end of the quarter

14(Millions of yen)
FY2021(From April 1, 2021
to March 31, 2022)

1,870
6,217
168
－
(4)
(328)
373
9
15
(26)
(332)
(820)
2

(4,560)
6,176
128
6,407
(11)
(342)
386
－
(9)
(23)
(1,058)
(445)
－

138

210

(289)
901
(868)
699
(596)
(496)
6,633
328
(377)
105
289
(552)
6,428

(58)
－
(892)
(1,544)2,209(1,041)
5,530
342
(357)
157
58
(1,899)
3,831

(23)
－
(3,987)
13
(5)
1,113
(3)
2
(115)
(3,007)－26(3,700)
37
(4)
581
(7)
17
(137)
(3,186)851
4,989(4,943)
(141)
(953)
(2)
(433)
(632)

2,243
2,751
(5,570)
(0)
(993)
(2)
(1,002)(2,573)

177
2,965
9,532
12,498(67)(1,995)
12,49810,503

(5) Notes to Consolidated Financial Statements(Note regarding assumption of going concern)
Not applicable.
(Significant matters that serve as the basis of preparation of consolidated financial statements)(Matters related to scope of consolidation)
Consolidated subsidiaries 39
Major subsidiaries:
Sekisui Kasei Hokkaido Co., Ltd., Sekisui Kasei Kansai Co., Ltd., Sekisui Kasei Toubu Co., Ltd.,Sekisui Kasei Seibu Co., Ltd., Sekisui Kasei Chubu Co., Ltd., Sekisui Kasei Yamakyu Co., Ltd.,Sekisui Kasei Europe B.V., Proseat Europe GmbH, Sekisui Kasei U.S.A., Inc., Sekisui Kasei
Mexico S.A. de C.V., Sekisui Kasei Korea Co., Ltd., Sekisui Kasei Taiwan Co., Ltd., Sekisui Kasei(Shanghai) International Trading Co., Ltd., Sekisui Kasei (Thailand) Co., Ltd., PT. Sekisui Kasei
Indonesia(Changes in accounting policies)(Application of Accounting Standard for Revenue Recognition, etc.)
The Company began applying the “Accounting Standard for Revenue Recognition” (ASBJ
Statement No. 29; March 31, 2020) (“the revenue recognition standard”), etc. at the beginning of
the fiscal year under review. Accordingly, at the point that control of a promised good or service
is transferred to the customer, the Company recognizes revenue equivalent to the amount it expects
to receive in exchange for said good or service. The main changes resulting from this are as follows.
(1) Revenue recognition associated with agency transactions
In the case of transactions in which the total amount of the consideration received from thecustomer was previously recognized as revenue, for those in which the role of the Sekisui Kasei
Group in providing the good or service was equivalent to that of an agent, the revenue recognizedshall be the net amount received from the customer from which the amount paid to the supplier has
been deducted.
(2) Revenue recognition associated with transaction commission
For transactions that previously were recorded as selling, general and administrative expenses, incases where the Sekisui Kasei Group makes a payment to the customer and the consideration paid
to the customer is not paid in relation to an individual good or service provided by the customer,
the consideration shall be deducted from the transaction price before the revenue is recognized.
As a result of the application of the revenue recognition standard, consolidated net sales for the
fiscal year under review were reduced by ¥12,305 million, cost of sales was reduced by ¥11,832
million, and selling, general and administrative expenses were reduced by ¥473 million, but there
was no impact on operating income, ordinary income, or net income before income taxes.
With regard to the application of the revenue recognition standard, etc., in accordance with thetransitional measures set forth in the proviso to paragraph 84 of the Accounting Standard for
Revenue Recognition, the cumulative effect of retroactively applying the new accounting policy
prior to the beginning of the fiscal year under review, has been added to or subtracted from retained15

earnings at the beginning of the fiscal year under review, and the new accounting policy has been
applied from the start of this period, but there was no impact on the opening balance.
Due to the application of the revenue recognition standard, etc., beginning with the fiscal year
under review the “Notes and accounts receivable, trade” shown in the “Current assets” section of
the balance sheet for the previous fiscal year is included and shown in “Notes receivable” and“Accounts receivable,” and “Contract assets” included in “Other” is included and shown in“Contract assets,” while “Contract liabilities” included in the “Accrued expenses” shown in the“Current liabilities” section is included and shown in “Contract liabilities.” In accordance with thetransitional measures set out in paragraph 89-2 of the revenue recognition standard, figures for theprevious fiscal year have not been restated to reflect this new method of presentation.
(Application of Accounting Standard for Fair Value Measurement)
The Company began applying the “Accounting Standard for Fair Value Measurement” (ASBJ
Statement No. 30; July 4, 2019) (“the fair value measurement standard”), etc. at the start of the
fiscal year under review, and in accordance with the transitional measures set forth in paragraph
19 of that standard, and the transitional measures set forth in paragraph 44-2 of the “AccountingStandard for Financial Instruments” (ASBJ Statement No. 10; July 4, 2019), going forward it will
apply the new policy determined in the fair value measurement standard, etc. going forward. Thesechanges have no material effect.

16

(Segment Information, etc.)(Segment Information)
1. Outline of reported segments
The reportable segments of the Company are components for which discrete financial information
is available, and whose operating results are regularly reviewed by the Board of Directors to makedecisions about resource allocation and to assess performance.
The Company’s business revolves mainly around plastics. The Company has established businessdivisions based on product markets and applications for global development in the two fields of
Human Life and Industry. Each division works closely with subsidiaries to plan overall strategies
and operate its business.
Accordingly, the Group consists of segments by product market and application on the basis of thedivisions and has two reportable segments “Human Life” and “Industry.”
The Human Life segment primarily manufactures and sells boxes and trays for agricultural andfishery products, food containers, and housing and civil engineering materials, etc. The main
products for the Industry segment include automobile components, digital consumer electronics
components, packaging materials and other related products.
2. Methods used for calculating sales, income (or loss), assets and other items of each reportablesegment
The accounting policies of the segments are the same as those stated in “Significant matters thatserve as the basis of preparation of consolidated financial statements.”
Segment income is based on ordinary income. Inter-segment sales and transfers are based onprevailing market prices.

17

3. Information on sales, income (or loss), assets and other items of each reportable segment
FY2020 (April 1, 2020 to March 31, 2021)(Millions of yen)
Reportable Segments

Net sales:
Sales to third parties
Intersegment sales and transfers
Total
Segment income (loss)

Human Life

Industry

53,470549
54,0203,754
70,626

65,381
115
65,496(957)
65,630Total

118,851665
119,516
2,797
136,257

Adjustments andeliminations (*1)

－
(665)
(665)
(840)
22,182

Total (*2)

118,851－
118,851
1,956
158,439

Segment assets
Other items
Depreciation and amortization
1,869
3,642
5,511
705
6,217
Amortization of goodwill
－
168
168
－
168
Equity in earnings (losses) of
(9)
－
(9)
－
(9)
affiliates
Increase in property, plant and
1,220
3,538
4,759
618
5,377
equipment and intangible assets(Notes)1. Adjustments and eliminations in the preceding table were as follows:(1) Segment income in the amount of (840) million yen includes elimination of inter-segment transactions in theamount of 1 million yen and unallocated corporate expenses of (842) million yen.
(2) Segment assets in the amount of 22,182 million yen consisted primarily of investments in securities andassets related to administrative departments and the Central R&D Laboratory owned by the Company.
(3) Depreciation and amortization in the amount of 705 million yen include amortization of long-term pre-paid
expenses, and consisted primarily of depreciation of assets related to administrative departments and theCentral R&D Laboratory owned by the Company.
(4) For interest expenses, an interest amount is allocated internally in relation to the assets owned by segment.
The interest expense adjustment amount consists of the difference between actual interest paid and theinterest amount allocated internally to segment.
(5) Increase in property, plant and equipment and intangible assets in the amount of 618 million yen consisted
primarily of assets related to the Central R&D Laboratory owned by the Company.
2. Segment income was adjusted for ordinary income in the consolidated statement of income.
3. Names of major products belonging to each segment- Human Life Segment: ESLEN Beads, ESLEN Sheets, ESLEN Wood, INTERFOAM, other foamed / molded products
using these materials, ES Dan Mat, ESLEN Block, etc.
- Industry Segment: PIOCELAN, LIGHTLON, NEOMICROLEN, CELPET, TECHPOLYMER, ST-gel, TECHEATER,
ELASTIL, FOAMAC, ST-LAYER, ST-Eleveat, other foamed/molded products using these materials, etc.

18

FY2021 (April 1, 2021 to March 31, 2022)(Millions of yen)
Reportable Segments
Human Life
Net sales:
Sales to third parties
Intersegment sales and transfers
Total
Segment income (loss)

Industry

49,530611
50,141
3,376
66,05068,036
133
68,170(1,777)59,708

Total

117,567745
118,312
1,598
125,758

Adjustments andeliminations (*1)

－
(745)
(745)
(196)
17,549Total (*2)

117,567－
117,567
1,401
143,308

Segment assets
Other items
1,903
3,535
5,438
738
6,176
Depreciation and amortization
－
128
128
－
128
Amortization of goodwill
Equity in earnings (losses) of
－
－
－
－
－
affiliates
Increase in property, plant and
1,229
1,856
3,086
739
3,825
equipment and intangible assets(Notes)1. Adjustments and eliminations in the preceding table were as follows:(1) Segment income in the amount of (196) million yen includes elimination of inter-segment transactions in theamount of 1 million yen and unallocated corporate expenses of (198) million yen.
(2) Segment assets in the amount of 17,549 million yen consisted primarily of investments in securities and assets
related to administrative departments and the Central R&D Laboratory owned by the Company.
(3) Depreciation and amortization in the amount of 738 million yen include amortization of long-term pre-paid
expenses, and consisted primarily of depreciation of assets related to administrative departments and the Central
R&D Laboratory owned by the Company.
(4) Increase in property, plant and equipment and intangible assets in the amount of 739 million yen consisted
primarily of assets related to the Central R&D Laboratory owned by the Company.
2. Segment income was adjusted for ordinary income in the consolidated statement of income.
3. Names of major products belonging to each segment- Human Life Segment: ESLEN Beads, ESLEN Sheets, ESLEN Wood, INTERFOAM, other foamed / molded products
using these materials, ES Dan Mat, ESLEN Block, etc.
- Industry Segment: PIOCELAN, LIGHTLON, NEOMICROLEN, CELPET, TECHPOLYMER, ST-gel, TECHEATER,
ELASTIL, FOAMAC, ST-LAYER, ST-Eleveat, other foamed/molded products using these materials, etc.

19

(i) Information on changes in reportable segments(Application of Accounting Standard for Revenue Recognition, etc.)
The Company began applying the “Accounting Standard for Revenue Recognition” (ASBJ
Statement No. 29; March 31, 2020), etc. at the start of the fiscal year under review. This led toreductions in consolidated net sales for the Human Life segment and the Industry segment of¥8,432 million and ¥3,872 million respectively compared to the same items before the applicationof this standard, but there was no impact on profits.
(ii) Information concerning impairment loss on non-current assets or goodwill, etc. for eachreportable segment(Significant impairment losses related to non-current assets)
In the Industry segment, the Proseat Group, a consolidated European subsidiary that manufacturesand sells automotive parts and materials, etc., has been hit by sharp increases in raw material prices
and by the impact of reductions in production by automotive manufacturers affected bysemiconductor shortages and other issues. Based on such factors as the trend in the spread of
COVID-19 going forward, we have revised our view of the timing of the recovery of the European
market, and as a result we have recorded an impairment loss. The amount of impairment loss
recorded, including goodwill, etc., was ¥6,407 million in the consolidated fiscal year under review.
(Significant changes in the amount of goodwill)
Due to the Proseat Group in the Industry segment recording an impairment loss for goodwill, theamount of goodwill has decreased. The decrease in goodwill as a result of this event in the
consolidated fiscal year under review was ¥1,142 million.

20

(Related information)
FY2020 (April 1, 2020 to March 31, 2021)
1. Information by product and service
Omitted as information is categorized the same as for the reportable segments.
2. Information by region(1) Net salesJapan
78,589Europe26,352

Asia
11,6062,303(Millions of yen)Total
118,851

1,949(Millions of yen)Total
61,432

Other(Note) Net sales are categorized by region based on customer location.

(2)

Property, plant and equipment
Japan
46,679Europe
8,331

Asia

Other
4,471

3. Information by major customer
Customer or individual nameFP Corporation

Net sales(Millions of yen)
Related segment
15,546 Human LifeFY2021 (April 1, 2021 to March 31, 2022)
1. Information by product and service
Omitted as information is categorized the same as for the reportable segments.
2. Information by region(1) Net sales
Japan
71,193

Europe30,254

Asia
13,6982,420(Millions of yen)Total
117,567

1,970(Millions of yen)Total
55,652

Other(Note) Net sales are categorized by region based on customer location.

(2) Property, plant and equipment
Japan
45,016

Europe
4,159

Asia

Other
4,506

(3) Information by major customer
Customer or individual nameFP Corporation

Net sales

21(Millions of yen)
Related segment
15,467 Human Life

(Information concerning impairment loss on non-current assets in each reportable segment)
FY2020 (April 1, 2020 to March 31, 2021)
Not applicable.
FY2021 (April 1, 2021 to March 31, 2022)(Millions of yen)
Human Life
Impairment loss

Corporate/
Eliminations－

Industry

－

6,407

Total
6,407

(Information regarding amortization of goodwill and unamortized balance of goodwill by eachreportable segment)
FY2020 (April 1, 2020 to March 31, 2021)(Millions of yen)
Corporate/
Human Life
Industry
Total
Eliminations
Amortization of goodwill
－
168
－
168
－

Unamortized balance of goodwill

－

1,236

1,236

FY2021 (April 1, 2021 to March 31, 2022)(Millions of yen)Amortization of goodwill－

128

Corporate/
Eliminations－

Unamortized balance of goodwill

－

－

－

Human Life

Industry

Total
128
－

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

FY2021(From April 1, 2021
to March 31, 2022)

Net assets per share

1,549.84 yen

1,272.86 yen

Net income per share

24.86 yen(130.99) yen(Notes)1. Diluted net income per share has not been presented as there are no potentially dilutive shares.
2. Basis for computation of net assets per share is as follows.

FY2020

FY2021(As of March 31, 2021)(As of March 31, 2022)

70,65758,242

702

717

(702)

(717)

Net assets related to common stock at the fiscal year-end (million yen)

69,95557,525

Number of shares of common stock outstanding (thousands)

46,98846,988

1,850

1,794

45,13745,193

Total net assets (million yen)Amounts deducted from total net assets (million yen)(of which, equity of non-controlling interests (million yen))

Number of shares of treasury stock (thousands)
Number of shares of common stock at fiscal year-end used in computing net assets
per share (thousands)
22

3. Basis for computation of net income per share is as follows.

FY2020

FY2021(From April 1,2020
to March 31, 2021)(From April 1, 2021
to March 31, 2022)

Net income per share
Net income attributable to owners of the parent (million yen)Amount not attributable to common shareholders (million yen)
Net income related to common stock attributable to owners of the parent(million yen)
Average number of shares during the period (thousands)(Subsequent events)
Not applicable.

23

1,126

(5,917)

－

－

1,126

(5,917)45,29945,176