SIIX Corporation

Integrated
ReportGlobal Business Organizer

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Knowing SIIX

Knowing SIIX

Value Creation Story of SIIX Business Overview of SIIX

ESG of SIIX

Financial Information

SIIX Principles (Corporate Philosophy)
INDEX
Knowing SIIX
SIIX Principles (Corporate Philosophy)

1

History of Value Creation

3

Global Network

5

SIIX in Numbers [financial and non-financial highlights]

7

Corporate

Corporate

Theme

Mission

The Corporate Theme is the SIIX
business concept.

The Corporate Mission is the mission
SIIX should try to achieve in terms ofsociety.

Value Creation Story of SIIX

We contribute to the activation of thesocial system and the progress ofhumankind by pursuit of the effective
use of the world’s resources.

Provide the best merit forbusiness through the best
business organizing.

Message from the Chairman

9

Value Creation Process

13

Message from the President

15

Feature Article: Reflection of the 1st Year of the Medium-TermBusiness Plan (2021 - 2023)

19

Message from the Chief Accounting Officer

21

Business Overview of SIIX

Corporate

Corporate

TargetStyle

The Corporate Target is the vision ofan extremely high-level corporation
which we strive to be.

We will become a company that organizes
customer needs in all fields around theworld to give all stakeholders a sense ofaffinity and charm as a “global businessorganizer” that creates business.

Value Chain

23

Automotive equipment / Industrial equipment / Electric home appliances /Information devices / Machines, others, general electronics

25

ESG of SIIX
Corporate Governance29

The Corporate Style is what our company
should always consider very important as
to how we should be as a corporation.

Dialogue Between External Director and Audit & Supervisory Board Member

33

Message from Director

37

Environmental Conservation

39

1st filter:
Challenging, Speedy and Fair

Society43

2nd filter:
Sophisticated, Creative and Simple

Consolidated Financial Summary

47

Consolidated Financial Statements

49

Corporate Data

54

Financial Information

Editorial policy

Disclaimer

Period and scope

We have issued the 2022 Integrated Report to explain in aneasy-to-understand way the financial and non-financial aspectsof SIIX’s business strategy and management foundation to ourstakeholders. Please refer to our official website for detailed
information.
https://www.siix.co.jp/en/
Going forward, we will continue to work toward the realizationof a sustainable and global co-creation society through our
main business.

Business forecasts, outlooks, strategies and targets stated inthis report, except for those relating to the past or present facts,are forward-looking statements and based on information
currently available to the company and plans, expectations andjudgments based on certain assumptions deemed reasonable.
Accordingly, please understand that actual results may differ
from the disclosed business forecasts, etc. due to variablefactors with various uncertainties such as economic conditions.

Period: FY2021(January 2021 to December
2021)*Some sections of this report
include information during
and after December 2021.
Scope: SIIX and its subsidiaries andaffiliates

Information disclosure and communication
Financial information

Non-financial information
Integrated report

Annual securities report Consolidated Financial Results Financial results briefing materials

Shareholder report

Corporate governance report

WebsiteTop page

IR information (Investor Relations)Sustainability

https://www.siix.co.jp/en/

https://www.siix.co.jp/en/ir/

https://www.siix.co.jp/en/sustainability/23

Knowing SIIX

Knowing SIIX

Value Creation Story of SIIX Business Overview of SIIX

ESG of SIIX

Financial Information

History of Value Creation

History of SIIX

The company was founded on July 1, 1992, when major ink-maker Sakata Inx Corporation’s Overseas Business Department, in charge of trading, became independent. We marked the 30th anniversary in 2022. As a “global businessorganizer” that connects various needs and seeds in the world, we have created and offered different types of new value without being bound by industry or field boundaries. The company has the willingness to take on new challenges
under the slogan of “Make an !mpact,” as well as to work closely with all stakeholders under the spirit of “We care.” We will thus respond swiftly to our customers’ needs.

From 1957

From 1979

From 1992

From 2010

Commenced trading
activities overseas

Commenced EMS business

Expanded businessmainly in Asia

Expansion of global network

The foundation of the company traces back to when an export section was createdin the trading division of Sakata Shokai Co., Ltd (currently Sakata Inx Corporation),
the ink-maker that was the company’s predecessor, and exports of electronic
components to the Philippines began. The company has constructed its businessmodel with a focus on “overseas business” since the initial stages of its founding.

EMS (Electronics Manufacturing In 1979, when the term
EMS (electronics manufacturing services) did not exist,
SIIX started this business overseas (Singapore) andbecame a pioneer in the Japanese EMS industry.

The company spun off from Sakata Inx and changed its
name to SIIX Corporation. Supported by the increasing
global demand for electronics manufacturing services, SIIX
established production and sales bases in China, ASEAN
countries, and Europe, thereby expanding its business.

SIIX further expanded its network of bases to respond to
the needs of a larger number of customers. The company
also focuses on Joint Design Manufacturing (JDM) toconnect needs and seeds around the world as a global
business organizer.

1957 The company’s founder Murai who was in charge of1979 Established a joint venture company in Singapore to

1992 Spun off from Sakata Inx and established Sakata Inx International

2010 Established the company’s first domestic manufacturingexport in the trading division of Sakata Shokai (currently
Sakata Inx Corporation) set his eyes on the future
prospects of the electronic components market andstarted exporting electronic components made inJapan to the Philippines (founding of the company)

start the circuit board mounting business
Became a pioneer of SIIX’s
EMS business2012 Established a manufacturing subsidiary in Shanghai
Established a sales subsidiary in Indonesia

1982 Became a sales distributorof Panafacom and started
sales of computersoverseas, mainly in Europe
Commenced overseas salesof CRT monitors under the
Sakata brandsubsidiary in Sagamihara City, Kanagawa Prefecture
Established a manufacturing subsidiary in Jakarta, Indonesia

2013 Established a manufacturing subsidiary in the Philippines
Established a manufacturing subsidiary in Mexico
Achieved sales of 200 billion yen

1993 Commenced circuit board mounting business with a joint venture in

Guangdong Province, China (leading to the current Dongguan Factory))

1988 Commenced circuit board mounting business in
1960s Invested in an electronic musical instruments

Thailandmanufacturer and became an exporter of its products
Commenced the export of motorcycles, chemical
products, transport machinery, etc. to the Philippines
Established the company’s first joint-venture company
in the Philippines to strengthen sales of motorcycles
and chemical products

1974 Commenced assembly and production of motorcycles
with Kawasaki Heavy Industries, Ltd. using local capital(leading to the current Batam Factory)

1996 Commenced sales of components to major Japanese manufacturers ofautomotive equipment
After making a full-fledged entry into the field of automotive equipment, thecompany started receiving outsourcing contracts for materials
procurement, circuit board mounting, assembly, and other processes froma variety of customers around the world, allowing it to expand and grow the
automotive equipment sector into the main business area of the company

1970 Commenced full-fledged OEM production and export ofelectronic organs
Established Hammond International Japan Inc jointlywith Hammond Inc in the U.S.

1994 Commenced circuit board mounting business in Batam, Indonesia

1997 Commenced production of LCD modules for European mobile phone manufacturers
1998 Company name changed to SIIX Corporation
1990 Established a joint venture company in the Philippinesand commenced production of wire harnesses forautomobiles

2000 Established a semiconductor design anddevelopment company and commenced
development and manufacture of LCD driver
ICs for mobile phones (sold in March 2005)
Achieved sales of 100 billion yen

2014 Established the company’s first joint venture company for plastic

molding and die manufacturing in the Philippines
Established Nagoya Sales Department in Sakae, Naka-ku, Nagoya City

2015 Established a joint venture company with GD MIDEA HEATING &VENTILATING EQUIPMENT CO., LTD.
Established a joint venture company with a medical device
development company in Singapore and entered the robotics field

2016 Established the Detroit Branch in the U.S.

Established a manufacturing subsidiary in Hungary

2017 Established a second joint venture company with GD MIDEAHEATING & VENTILATING EQUIPMENT CO., LTD.
Established a manufacturing subsidiary in Hubei Province, China
Established a sales subsidiary in Hanoi, Vietnam

2001 Established a joint venture company in Shanghai, China and commenced the

EMS business
Established a joint venture company in Slovakia and commenced the EMS business
Commenced VMI service for major Japanese manufacturers of automotive
electronic components

2002 Commenced EMS business for automotive equipment at the Thai Factory
1977 Started trilateral trade in Singapore which was
groundbreaking in its time2005 Listed in the First Section of the Tokyo Stock Exchange and the Osaka Securities Exchange
2007 Opened a logistics center in Thailand

2019 Established a sales subsidiary in Kuala Lumpur, Malaysia
2022 Listed in the Prime Market of the Tokyo Stock Exchange
Marked the 30th anniversary45

Knowing SIIX

Knowing SIIX

Value Creation Story of SIIX Business Overview of SIIX

ESG of SIIX

Financial Information

Global Network

Global deployment with 50 basesin 14 countries worldwide

Meeting domestic demand in
China in the future

The ability to provide a variety of outsourcing options to ourChinacustomers through our extensive and organic network of overseas
bases is one of the strengths of SIIX. We have established bases

Sales and distribution of electronic
components, etc.
Sales of electronic components, etc.

60,80648,318Main businesses

Circuit board mounting, assembly andprocessing of devices and components(million yen)

Branch office / representative officeassist in the global business development of our customers, from*★ indicates a non-consolidated subsidiary

FY2021● SIIX HUBEI Co., Ltd.

★

Preparations to expand
domestic production in Japan● SIIX TWN Co., Ltd.

❶❷

EuropeFY2020226,795

ASEAN

China

64,953 million yen

60,806 million yen

14,673 (million yen)

42,106

48,748FY2020

FY2021❸ ❹(million yen)❺❻❼

● SIIX Corporation❶

FY2021

26.8%*Other than the above, consolidated net sales of 226,833 million yen include 37 million yen that
does not belong to any reportable segment.

Japan

Contact for major
European corporations

9,749

Net sales

28.6%● SIIX EMS (DONG GUAN) Co., Ltd.

❾

Europemillion yen● SIIX EMS (Shanghai) Co., Ltd.

● SIIX H.K. Ltd.

48,748 million yen

37,613 million yen

14,673 million yen● SIIX (Shanghai) Co., Ltd.

● SIIX (Dongguan) Co., Ltd.

21.5%

16.6%
6.5%

materials procurement to manufacturing and distribution.
(As of the end of December 2021)

Japan

Americas

Plastic molding and die manufacturing

in approximately 50 locations in 14 countries worldwide that can
FY2020● Composition of sales by segment● SIIX Electronics Co., Ltd.
❷❾ SIIX Europe GmbH
SIIX EMS Slovakia s.r.o.
SIIX Hungary kft.

Construction and renovation
works at the Thai Factory
At our Thai Factory, construction and renovation
works for a new building have been underway
since 2022. The purpose is to renovate thestructure and use the production area more
efficiently, so that the company can address strong
demand from automotive related companies inThailand and Malaysia.
The works are carried out in two phases.
After the completion in February 2023 and June
2024, the factory will be able to accommodate 60
production lines at the maximum. We will continue
to support manufacturing for customers in Thailand
and Malaysia, where growing demand is expected.

New building construction at the Thai Factory

Support for decentralized
production needs, coordination
with cutting-edge technologies

ASEAN
51,865❽64,953(million yen)

Expansion of the Mexico Factory
FY2020

FY2021● Thai SIIX Co., Ltd.

● SIIX Vietnam Company Limited● SIIX Malaysia Sdn.Bhd★

● SIIX Phils., Inc.

● SIIX Logistics Phils, Inc.

● SIIX EMS PHILIPPINES, INC.

★

● SIIX COXON PRECISION PHILS., INC.
● SIIX Singapore Pte. Ltd.

● PT SIIX Electronics Indonesia● PT. SIIX EMS INDONESIA● PT. SIIX Trading Indonesia

Our Mexico Factory has acquired land for a
new factory building to address strong demand
from automotive related companies in North
America. Construction of the new factorybuilding will be completed by the end of 2024.
We will continue to support manufacturing
for customers in North America, where
growing demand is expected.

Enhanced support for western
corporations in Mexico

Americas29,51337,613

FY2020

FY2021(million yen)

● SIIX U.S.A. Corp.
❸● SIIX U.S.A. Corp. Detroit Branch❹● SIIX U.S.A. Corp. Irvine Branch❺● SIIX MEXICO, S.A DE C.V. ★
❻Land acquisition for the Mexico Factory● SIIX EMS MEXICO, S. de R.L de C.V.
❼
● SIIX do Brasil Ltda. ★
❽

6

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Knowing SIIX

Knowing SIIX

Value Creation Story of SIIX Business Overview of SIIX

ESG of SIIX

Financial Information

SIIX in Numbers [financial and non-financial highlights]

Financial data
Net sales / Operating income /Operating income margin

Profit attributable to owners of parent /Net income per share (EPS)

Capital-to-asset ratio

D/E ratio■ Net sales (million yen) ■ Operating income (million yen)
● Operating income margin (%)■ Profit attributable to owners of parent (million yen)

● Capital-to-asset ratio (%)● D/E ratio

Operating income margin

242,804

233,153

226,833

223,037

5,506

3.6

2019

2.5

2020

■ Operating CF (million yen)
● Financing CF (million yen)

(8,106)

million yen

4,536

8,945

(9,211)

2017

2018

(9,602) (6,034)

2019

2020

(8,106)

1,724

2018

2019

2020

2021

2018

38.8

38.8

2019

2020

2021

2017

2018

2019

2020

2021

■ Dividend per share (yen)

EBITDA

11,084Return on equity

million yen

12,861
7,483

13.1
10,983
9,082

10,49811,084

7.5%

2017

2018

2019

2020

Payout ratio

6.5

2017

31.1%
79.5

3.1

2018

2019

2020

27.0

26.0

7.5

6.5
4.0

2021

● Payout ratio (%)

11.4

8.8

9,516

5,573

● Return on equity (%)

28.0

29.0

18.1

2021

2017

30.0
31.1

35.8

3.8

3.0

2021

653,434t

40.3● Rate of ordinary income to total assets (%)■ Capital investment (million yen)

(7,765)

Total CO2 emissions (Scope1, 2, 3)(479,301t in 2020)

40.5

0.3

2017

Non-financial data

2021

43.9

0.8

■ EBITDA (million yen)

6,167
(6,515)

4,561
96.53

0.8

Dividend per share / Payout ratio

869

1,291

3,695
78.21

0.7

0.6

0.8

Rate of ordinary income to total assets /Return on equity

13,1702,923

966

D/E ratio

EBITDA / Capital investment

13,2807,991

131.452017■ Investing CF (million yen)

38.8%

36.48

2021

Operating cash flow / Investing cash flow /Financing cash flow

Capital-to-asset ratio

6,414

144.01

4,954
2.2

4,452

2.5

2018

6,410

million yen

7,093

8,625

4.2

Operatingcash flow

4,561

Profitattributableto ownersof parent

181,598

9,705

2017

2.2%

● Net income per share (yen)

20.5

2018

2019

2020

2021

Please refer to the Society section (p.43) for detailed information on our initiatives in social issues.

Actual solar panel power generation

2021

2,010,790kWh*Solar power generation started in Shanghai
Factory in FY2021.

Ratio of women in management positions*

2021

32.4%
(31.1% in 2020)

Ratio of local employees in management
positions*

2021

77.3%
(78.9% in 2020)*Management position: job level above the rank of a manager in each consolidated company

8

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Value Creation Story of SIIX

Knowing SIIX

Value Creation Story of SIIX Business Overview of SIIX

ESG of SIIX

Financial Information

Message from the Chairman
I established SIIX because I wanted
to take on a challenge of a businessin a market with no limits to growth

the starting point of our work of opening up
markets around the world.
Eventually, the age of the mobile phone arrived,
and at one stage, we became involved in the

Pursuing
limitlesspossibilities
by movingwith thetimes

As I cast my eyes across the world, my impression

development of liquid crystal drivers. However, inis that, these days, nothing that happens would be a

the course of pursuing the mobile world of thinner,

surprise anymore. Bewildering developments

lighter, shorter, and smaller, I started to sense a

continue in areas such as disputes between nations

limit to that work. I felt that, if we were to undertakeand the state of the economy. Even in the world ofwork in which the winners and losers in competitionbusiness, product life cycles have become shorter,are determined by price, our growth as SIIX would

and product development and replacement are

be uncertain.

progressing at a pace and intensity that cannot be

Hence, in the course of responding to diverse

measured by our conventional concepts. In an age

customer requirements, I next set my focus onof competition for change, with countries that wereautomobiles. This was in the 10th year after I

previously considered to be developing nations now

founded SIIX. At the time, the company’s senior

being counted among the developed nations, it

executives were unanimously opposed to myseems to me that there is a demand for initiatives

management decision to move away from thethat go far beyond conventional ideas.

mobile field, which had shown remarkable growth,

SIIX was founded when it was spun off fromand start developing the car electronics business

Sakata Inx Corporation, but it was originally one offrom scratch, given that this was a field in which we

Sakata Inx’s business divisions that began by

had little experience. However, I had resolved fromexporting ink. At the time, the global ink market was

the beginning that if we did this, we would become

worth around 2 trillion yen, but when I realized that,the leading company in the automotive sector. And

no matter how hard we tried and even if we were toso it came to be that SIIX is now one of the top

achieve a 100% share of that market, the market

companies in the world in the automotive EMS

had a limit of 2 trillion yen, it occurred to me that, if I

sector. In addition, the automotive market

was to take on a challenge, I wanted that challenge

continues to grow today, with markets into be in a market whose limit was a long way off.

developing countries expanding alongside the

Ideally, I wanted to take on the challenge of adeveloped nations. Having said that, I am notmarket that had no limit at all. That was when I set

saying that this sector has no limit. Chasing justmy eyes on the electronics industry, particularly theone single thing will never result in eternal peace.

business of electronic components. That was in mythird year with Sakata Inx, about 70 years ago.
I founded SIIX in the year that I retired as an
executive officer of Sakata Inx at the age of 63. Not

Shiro Murai Chairman

True management means removing
and transcending constraints

wanting the business that I had personally built up
to end there, I started developing work in the

The area that I currently have my sights set on, in

electronics field in earnest, but the starting point ofaddition to the automotive sector, is the medical

my idea to expand the business was, in fact, ink.

sector. If you look at the portfolios of the major

Printing requires on-site adjustments to suit the

EMS companies in the West, you can see that theambient temperature and humidity. Amid thismedical sector occupies a reasonable share. SIIX,

constant need to achieve consistent results inon the other hand, has not yet made progress indiffering conditions, ink fulfills a role as an interface.

developing customers in this sector. I believe that,

Seeing this, I decided that, in expanding ourif we want to firmly establish our status in the top

business, just like ink, we would fulfill that same

10 in the EMS industry, we really should developrole of an interface in all industries. This became

the medical sector as well.

10

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Value Creation Story of SIIX

Knowing SIIX

Value Creation Story of SIIX Business Overview of SIIX

ESG of SIIX

Financial Information

Message from the Chairman
In addition, so we can open up new markets, I am

Required growth at a pace that
outstrips the speed of market growth

Speaking of recent circumstances, due to city-

a growing number of requests for audits. We have awide lockdowns during the pandemic and to supply

responsibility to be able to make the same thing

concept of “chemitronics,” a fusion of chemical andchain disruptions triggered by the conflict in Ukrainewith the same quality anywhere in the world. Byelectronics. For example, taking advantage of ourIn the expansion of our business, the stage ofand other factors, procurement of components has

fulfilling this responsibility with certainty, we will

experiences from when we were in the ink

competition in our company has started to change.

not proceeded as well as we hoped, resulting inenhance the value of the company’s existence andbusiness, we are looking to adapt the technologies

We must now re-examine what the best choices

instabilities in our end customers’ production

establish a steadfast position.

in ink for cans and use it in soldering processes.

are for corporate management. We must also

circumstances. In this and other ways, the SIIX

What always strikes me in the manufacturing

We are also pursuing the development of

devote serious debate to what is lacking in theGroup has been impacted both directly andindustry is that manufacturers are able to judge

technologies that make use of conductive fibers, ascompany and what order of priority we should giveindirectly. However, instead of using negative

things on their own values. In contrast, EMS mustwell as using ink to draw electronic circuits. Theseto our responses to augment those insufficiencies.

factors in the external environment as excuses,

not make judgments with their own values alone.

As a leading company in automotive EMS, we willcompanies must consider ways of extending their

Whether it be quality or delivery times, we must

be competing against powerful global rivals. As I

top line even in difficult circumstances. In somealways consider all factors in accordance with thementioned in the beginning, we are in an era whereindustries, the market is predicted to double in sizevalues of our customers. That is the destiny of thecompanies from regions once considered to bein the next three years. If the market is running at

EMS. If we cannot share our customers’ values, we

explore the next new business concurrently. I hopedeveloping have become formidable rivals. To

such a great speed, companies need to run at an

cannot be a manufacturing service.

that our employees will actively take on theanswer the question of how to secure aeven faster pace. People are only given 24 hours inchallenge of developing new fields. Creating newcompetitive advantage against them will require

a day. That is the same, wherever we are in the

major global companies speed up, we will further

value from zero is the real thrill and appeal of work.

new thinking, not conventional ideas.

world. We are all competing for the top under the

expand our business capacity. A certain customer

same conditions, so speed is critical to gain ancommended us saying, “We would not mind if you

exploring the idea of developing markets with theare just some of the various new technologies that
SIIX is working on today.
Our efforts are currently focused on theautomotive sector, but it is vital that we continue to

It also presents major business opportunities. It is

In economic development, it is important to learn

From FY2022 onward, as our transactions with

my belief that it is by nurturing a culture of

from history. On a past family trip to China, one

advantage over competitors. That means being thedescribed your relationship with our company as

challenge at SIIX and continuing to open up newplace that I definitely wanted to visit was thefirst to gather useful information, take action, andan ‘alliance.’” In addition to our feelings of gratitude

museum in Xian. What caught my eye when I was

capture business opportunities. For this reason, itthat we have been recognized not as a mere

there was a 3,000-year-old wheel. To mywould be no exaggeration to say that those who

subcontractor but as an alliance, I also feel keenly

astonishment, I learned that, even that long ago,rule time rule the competition.

once more the gravity of our mission. With thesemarkets that will enable us to achieve sustainablegrowth.
Resting on the laurels of current prosperity would
mark the beginning of our decline as a company.

chrome-plated wheels already existed. I had

kinds of feelings in our hearts, we will push forward

Industries and society are constantly moving

thought that plating technology was first invented

in our aim to provide services that meet andforward, so if we do not move forward step-by-around the 19th century, but in fact, similar

step ourselves, eventually, we will be left behind. In

technology had existed long before then. What thiscorporate management, there is a tendency toshows is that we learn from the past, imitating it onplace limits on oneself, such as “Our company is inoccasion, and feel as though we are working on

this range” or “We can’t do that because we don’t

something new. (Note: A recently publishedIn terms of the expansion of transactions with major

have X.” However, true management means

scientific paper provides a new theory that the

global companies, which is one of the goals in theremoving and transcending constraints.

technology differed from modern chrome plating.)

medium-term business plan, we are starting to doTranscending business boundaries and stepping

In any event, the fact remains that there are many,business with a succession of major companies

forward into new fields. Transcending national

many sophisticated technologies in history thatthat are positioned at Tier 1 in the automotive

borders and opening up new markets andhave not yet been elucidated, and when we reflect

industry. It has taken time for us to reach that stage,

production regions. Recruiting new people,

on the modern age, we will need to understandbut it will start to appear as concrete numbers ingrowing them, and putting them to use. I havecalmly whether what we are doing is truly

FY2022 and beyond. I believe that one reason why

always believed that these are the jobs ofsomething new or merely an imitation of the past.

it has taken this long is that the customers havemanagement and that is what I have practiced.

For the development and expansion of business as

been calmly watching SIIX’s change over time.

Now that SIIX is operating businesses around thewell, we need to accurately acknowledge ourManagement is not a matter of single moments.

world, this is precisely the time for us to detect thepresent strengths and weaknesses before devising

Continuity is key, and I believe that the world’s

issues in our current situation and pursue our goal

and implementing strategies. We need to share amajor companies were watching to see whetherof being a corporate group that shares a spirit ofsense of crisis across the entire organization that, if

SIIX has been able to ensure that continuity. Having

discovery and of changing things with our own

we do not do this, our eventual fate will be to bedone so, as if judging the time to be right as thehands.

driven from the market.

COVID-19 situation has subsided, we have received

Sharing customers’ values among all
locations worldwide and fulfilling our
mission as a “global business organizer”

exceed our customers’ expectations.

12

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Value Creation Story of SIIX

Knowing SIIX

Value Creation Story of SIIX Business Overview of SIIX

ESG of SIIX

Financial Information

Value Creation Process

Social issues

Materiality

Managerial resources (INPUT)

1

Human capitalCompetence

OUTPUT

Social value (OUTCOME)

Geopolitical risks

Abnormal weather

Measures against
climate change

Adapt products andservices to socialchangesOrganization

Loss of biodiversity

Environmental
destruction
by humans
Natural resources
crisis2Strong governanceAchieve a sustainableglobal environment(decarbonized society,recycle-oriented society)

Manufacturing

Human rights issues

3

Social division

Manage talented
and diverse humanresources

Supply chain
management

Financial foundationand investment toachieve value creation
Information
Customer and sales
networks established
as a trading
company “Trust”

Livelihood crisis

Changes in customer
needs due tosocial changes

Production systemthat can respond to
all types of needs

Producing the best
added value by
understandingneeds andcombining seeds
around the world

4
Build a strong
governance system

Intellectual property
New plans andtechnologies based oncooperation withtechnology partners

1

Contribution to economic
development throughbusiness activities

Medium-term business plangoals, initiatives, and progress

Businessorganizing

Medium-Term Business Plan p.19

SpiritWe care.

SIIX Principles
Guidelines for action

Make an !mpact

Finance

Decrease in working
population

Spread ofinfectious diseases

Global and diverse
human resources who
can engage in businessacross the world

Social issues being addressed
through business activities

Discovery, creation,
and active use of
new resources

Active use of
globalnetwork
EMS, trading,design anddevelopment,
procurement,
assembly andproduction,
logistics

Shedding light onunknown resources andexpanding new
possibilities

Strengthen management foundationand governanceCorporate philosophy “Corporate Ideals”

Product and service fields

2

Environmental conservationin business activities

Automotive equipment;
industrial equipment;
electric home appliances;
information devices; machines,
others, general electronics
Business Overview p.25

3

Creation of a workplacewith high levels of job
satisfaction

Social issues being
addressed through overall
corporate activities
・Measures against climatechange・Human rights, occupational
health and safety
・Diversity management
・Risk management
Environmental (E), Social (S),and Governance (G)p.29

4Creation of sustainablecorporate value

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Value Creation Story of SIIX

Knowing SIIX

Value Creation Story of SIIX Business Overview of SIIX

ESG of SIIX

Financial Information

Message from the President

The true worth of a “global business organizer”
amid a torrent of procurement
stability issues on a global scale
Koji Yanase President“Expansion of transactions with major
global companies” is progressing
steadily with the deep faith of ourcustomers around the worldfactories, we have launched an initiative in which
we outsource manufacturing to the Group’s
accredited factories for delivery directly to thefinished vehicle manufacturers. In Indonesia, we are
expanding our business model of mounting

In FY2021, the first year of our medium-term

electronic circuit boards, assembling thebusiness plan, although net sales reached thecomponents as finished products, and deliveringtarget of 210.0 billion yen, operating income fellthem even complete with quality guarantees.

short of our initial plan for the fiscal year by close to

Looking ahead, we will strengthen our response to

2.0 billion yen. On this point, with skyrocketingthe acceleration of similar moves due to thelogistics costs expected to become the norm forelectrification and automation of automobiles,

the next several years, I believe we need to rebuild

including EVs.

our global procurement.
On the other hand, regarding “expansion oftransactions with major global companies,” one of
our three goals in the medium-term business plan,

New development and market
cultivation in the medical field

as we work toward identical quality worldwide andAs an example of our goal of “expansion ofstrengthen BCP response, business with bothtransactions with major global companies,” weJapanese and non-Japanese customers has

collaborate with technology partners to develop

steadily increased, and transactions with major Tier

solutions that are useful on the frontline of medical

1 companies (primary suppliers) in Europe inpractice.

particular are expanding steadily.

In terms of development directions, in addition to

I consider that the single biggest reason why soconventional medical equipment, we are focusing

many customers choose the SIIX Group would beon solutions that utilize the Internet of Things (IoT).

the fact that we have established manufacturing

In addition to devices that alleviate the burden on

bases all over the world. Indeed, one of ourfrontline healthcare workers, another development

customers has said that they will certify all of SIIX’s

target is products that will assist in nursing careprocurement capabilities and close cooperative

factories as their group’s accredited factories.

settings. One achievement in this area to date has

relationships with various suppliers that we have

When supply chains are unconnected, the greatest

been an order from the Singapore Government

cultivated as a trading company over many years,

concern for customers is the risk of being unable toTechnology Agency for the development of aall of SIIX’s global locations banded together andtake BCP action in an emergency. In that respect,

wireless alert system, which we delivered in the

My assessment of FY2021 was that, to put it simply,

worked hard to ensure that deliveries to ourfor the past several years, the SIIX Group has kept

form of an emergency call system to be installed init was a year in which we worked exceptionally hardcustomers were not disrupted, and we somehow

operating, even in circumstances where a factory

housing for the elderly.

on global procurement. No containers to carrymanaged to weather the storm.

has had to shut down, by immediately shifting

Pursuing the mission of EMS,
namely, to keep our customers’
production lines running

Other technologies we are developing include, as

materials and products. Sea freight that usually

In this way, we strived to respond earnestly to a

production to another factory in the Group. The

a response to needs that have emerged in the

takes 30 days taking 90 days. Forced to use air

succession of external pressures, but although we

fact that we have secured manufacturing bases all

COVID-19 pandemic, a system for confirming

freight, but there are no available slots. Skyrocketingachieved year-on-year increases in both net sales

over the world and established a system for

antigen and antibody testing results and for the

prices of shipping containers, and major increases

and profit for FY2021, unfortunately, we fell short ofappropriate BCP response has, I believe, led to us

initial diagnosis of infectious diseases and otherin the costs of raw materials and labor. And on andthe plans made at the beginning of the fiscal year.

earning the deep trust of our customers, including

illnesses and a system that uses technologies suchon, this vicious circle continued at all steps of the

These experiences gave me a renewed awarenessmajor Tier 1 suppliers around the world.

as facial recognition, ID card scanning, and edge

logistics process. Procurement difficulties caused bythat it is precisely when unforeseen situations arise

The harsh procurement environment caused bycomputing for the swift, accurate display of test

a shortage of semiconductor chips were alsothat we need to demonstrate our true worth as amaterials shortages will continue in the short term,

results. We are working on these developments

severe, and for the entire year, it was impossible to“global business organizer” who continues to

but in the medium to long term, looking toward

together with our technology partners.

procure many components, including

provide new value by connecting the various needs

2030, it is obvious that demand for electrical

The SIIX Group will continue to leverage oursemiconductor chips, all over the world. Ourand seeds that exist around the world, which is ourcomponents will rise sharply as electric vehicles

extensive track record in EMS and the networks

customers were forced to switch to production

vision. In FY2022, we will reinforce our systems for(EV) become more popular. My sense is that ourthat we have built up in the electronics field overusing alternatives, and from around autumn 2021,

the stable procurement of electronic components

advantage in being able to procure components

the years to further promote our businessone by one, automobile manufacturers announced

and respond to our customers around the world infrom our closer proximity to the market has a value

development in the medical field. In addition,

cuts in production. However, under these

the spirit of “We Care.”greater than the price for our customers. Also, in

combining elemental technologies for wearable

regions where customers do not have their own

devices, etc. that use the printed electronics

circumstances, taking advantage of our

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Value Creation Story of SIIX

Knowing SIIX

Value Creation Story of SIIX Business Overview of SIIX

ESG of SIIX

Financial Information

Message from the President
To be a corporate group that sharesthe values of a “global businessorganizer” across the entire group

technology being pursued by Sakata Inx

for environmentally friendly air conditioners incentered on circuit board mounting, in recent

Corporation will expand the potential for many

Europe and other markets from the perspective ofyears, we have embarked on module production

different solutions. We hope, therefore, to aligndecarbonization. The SIIX Group is currently

that involves the combination of various

those solutions up with our customers’ wide-

deliberating on the expansion of our production

components. We also anticipate major growth inranging needs and engage in extensive businesscapacity to meet the sharp rise in demand. During

this area. We have excellent relationships with theWhenever I visit the Group’s manufacturing bases

development.

the period of our medium-term business plan, “airmajor electronic components manufacturers thatthat are scattered around the globe, the sight ofconditioners” may become an important keyword

have continued for several decades. Sometimes

our employees engaging so passionately in theirin terms of business growth.

purchasing components from them, sometimes

work never fails to move me. I believe that it is thetaking on part of their production—thesemission of the Group to accelerate our promotion

Our business areas will expand markedly withthe progress in IoT in daily life and industry

relationships have been mutually beneficial for us

of women’s advancement and the development

and those manufacturers. These companies will

and promotion of local human resources, which arebecome the main players in xEV in coming years,

goals of our medium-term business plan, and to

our efforts on battery-related business in particular.

In terms of our medium-term business plan, forso we will strengthen our relationships with themoffer them opportunities for growth andThrough SIIX-ORIENT TECHNOLOGY PTE. LTD, a

FY2022, the second year of the plan, we have set

further in our efforts to expand our businessadvancement. I also believe that it is essential forjoint-venture company in the battery pack businesstargets of 240.0 billion yen in consolidated net

opportunities.

the company to respond to our outstandingthat we established in Singapore in 2021, we aresales and 8.0 billion yen in consolidated operating

examining the supply of battery packs that offer

income. Although our business performancecost benefits. The battery-related businesstrended strongly in the first quarter, we have been

encompasses a wide-range of sectors, fromheld back in the second quarter by the lockdown inelectronics to industrial machinery and even

Shanghai and semiconductor chip shortages. For

transport equipment. The global battery market ispredicted to grow at a rate of 30% a year, so we

Promotion of battery-related businesses,
which are expected to grow in future
New moves are emerging in areas other than theautomotive and medical sectors. We are focusing

people, who are filled with the ambition to grow,

Climate change action for sustainable growth
Acceleration of initiatives to reduce CO2
emissionsand this will lead to the sustainable growth of thethis reason, our honest position is that the day-by-

The SIIX Group is engaged in the reduction of CO2

responsibilities toward our employees, customers

day changes in the automobile manufacturers’

emissions across the entire group, with theand suppliers, shareholders and investors, and theare expecting the business to expand. Within the

production plans are making it difficult to makeSustainability Committee playing the central role. At

local and global communities.

battery category, design specifications will differ

projections. This external environment that is

this stage, we are working toward a target of

Although the tumultuous circumstances continue

greatly depending on application and conditions ofhindering forecasts is expected to continue for

reducing the Group’s CO2 emissions by 42%

around the world in FY2022, the entire SIIX Group

use. For this reason, we will actively pursue

some time, but by leveraging our experience incompared with FY2021 levels by 2030. Achieving

will press forward, unfazed by any adverse winds,

proposal activities that take advantage of SIIX-

BCP response and our on-site responseboth the enhancement of manufacturing capacity

to achieve both continued business expansion and

ORIENT’s technologies to gain a foothold toward

capabilities we have cultivated to deal flexibly withresulting from business expansion and thesocial contributions with a medium- to long-term

capturing a share of this market for the SIIX Group.

changes in the environment, the entire Group will

reduction of CO2 emissions will be no easy task,

outlook. I therefore earnestly ask for your continued

join forces and work steadily to achieve the targets

but we have declared this as our highest priority

warm support.

in our initial plan for the fiscal year.

challenge.

To capture electrification demandwith certainty

Although there are many negative externalities

Our current focus is on measures such as thepressing upon us in the immediate term, if we lookuse of renewable energy, with individual factories

Regarding the second goal of our medium-term

toward the medium and long term, theproceeding with the installation of solar panels. In

business plan, “contribution to a decarbonized

semiconductor industry is predicted to

conjunction with this, we will negotiate with thesociety through businesses,” given the sharp rise inapproximately double in size by 2030. With thepower utilities in each country for the procurement

inquiries from various countries around the world

recognition that the semiconductor chip shortagesof green electricity. Further, in terms of materials

related to xEV (electrical vehicles such as EV, HV,

are temporary, this industry sector is taking steps

procurement, following the CSR Procurement

PHV, and FCV), a growing percentage of ourto expand, and the SIIX Group also intends to

Guidelines set forth by SIIX, we will promote CO2components are contributing to CO2 reductions.

press forward toward the expansion ofemissions reduction activities through dialogues

Specifically, we are starting to handle more products

transactions.

with our suppliers.

related to inverters, onboard chargers, and ADAS

The penetration of IoT in daily life and industry

As issues such as carbon taxes and carbon(advanced driver assistance systems). In addition,

will progress rapidly going forward. Just in

pricing become a reality around the world, we will

we also expect there to be significant growth inautomobiles and homes, the day will soon comestrive to respond so that we will not be left behindbattery-related areas, as mentioned above.

when there are sensors everywhere andthe times. In the near future, when customers makeautomation and electrification are completelytransaction decisions, the extent of CO2 emissions

for energy-savings in industrial machinery is also

normal. As such, the sustainable growth of the SIIX

will become just as important a criterion as price. I

accelerating, so we can also expect this sector toGroup’s businesses of trading and EMS of

believe it is important that we be quick to identify

grow. In particular, in terms of air conditioning

electronic components is virtually assured.

changes in the times and take concrete action inThis trend is not limited to automobiles. The needequipment, we anticipate sharp growth in demand

In addition, although our business previously

response.

Group. Looking ahead, along with our corporate
growth, we must not forget that we have a role toplay in society, and we will firmly fulfil our

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Knowing SIIX

Value Creation Story of SIIX Business Overview of SIIX

ESG of SIIX

Financial Information

Reflection of the 1st Year of the Medium-Term Business Plan (2021-2023)
In February 2021, the SIIX Group announced a three-year Medium-Term Business Plan (2021-2023) ending 2023. These pages
present the policies and goals of this medium-term business plan and the outcomes and progress made in the plan’s first year.

Results and Progress

Our Vision

Goals

Continue to provide merit to the world as a business organizer

Pursue the effective use of the world’s resources＋

Effective use of existing resources
Global network
One-stop solutions

Discovery, creation, and active useof new resources(collaboration with technology partners)

Expansion oftransactions
with major global
companies●Business performance trends
Performance targets for the final year of 2023

Consolidated net sales
billion yen

250.0

Consolidated operating income
billion yen(Operating income margin 4.2%)

10.5

2018-2020
Advance investment andsupply chain development

300,000■ Net sales (million yen)Exchange rate

Consolidated
operating income

12,00010,500 million yen

250,000

8,913

9,705

9,134

10,000
8,000

6,233
5,506

150,000

4,452

6,000

4,954

Consolidated
net sales

100,000

4,000

250,000 million yen

0

Expansion of transactions with
non-Japanese customers

25% of consolidated
net sales

Strengthening alliances withtechnology partners

Consolidated net sales
5.0 billion yen

Major increase in orders for Singapore
government, leading to achievement of
numerical target. Orders also increasing
in other various sectors.

Consolidated net sales
5.0 billion yen

Results on par with previous year due toimpact of COVID-19 pandemic. Aim for
future expansion of transactions byfocusing efforts on development of new
products.

Strengthening of
non-commodity sector(automotive + industrial
equipment)

85% of consolidated
net sales

Ratio of sales in non-commodity sector:
74.6% (as of FY2021)
Low sales to some customers due toimpact of COVID-19 pandemic, but sales
increasing steadily toward 85% target.

Expansion of CASE-relatedtransactions

Consolidated net sales
35.0 billion yen

Business with European customers inparticular expanding steadily.
Responding to increased EV-relatedorders in China and Americas areas.

Expansion of battery-relatedtransactions

Consolidated net sales
10.0 billion yen

Steady increase in business of assemblyof battery packs for power tools. Circuitboard mounting business for battery
peripherals also increasing in automotive
equipment sector.

Improving the ratio of local
employees in management
positions

Local employees inmanagement positions
as a percentage of all
managers: 80%

77.3% (as of FY2021)
Progress being made in active
participation in management by local
executives, particularly in Southeast Asia
and China areas.

Improving the ratio of womenin management positions

Women in management
positions as apercentage of all
managers: 50%

32.4% (as of FY2021)
Progress being made in promotion of
women, e.g., female president ofoverseas subsidiary and female factory
manager.

8,625

200,000

50,000

Numerical Targets (2023) Results/performance and future initiatives
Sales to non-Japanese customers as a percentage
of consolidated net sales: 15.6% (as of FY2021)
Steady progress in mass production in businesswith non-Japanese customers, primarily in Europe.
Increase in business talks with new customers for
future transactions.

Expansion of transactions in
the medical device field

USD:103 yen

2021~2023
Winning trust with the world’s
number one quality and service
Acceleration of outsourcing● Operating income (million yen)

KPIs

209,755

235,035

212,768

233,153

242,804

223,037

181,598

226,833

2014

2015

2016

2017

2018

2019

2020

2021

2,000

2023

Contribution toa decarbonizedsociety throughbusinesses

0●Non-commodity ratio
300.0■ Automotive equipment ■ Industrial equipment ■ Electric home appliances■ Information devices ■ General electronics, machines, others (Billion yen)

250.0
200.0

14.3(6.3%)
20.5(9.1%)
22.7(10.0%)

150.0

41.8(18.5%)

226.8

0

250.0

35.3(14.1%)

100.0
50.0

5.7(2.3%)
15.0(6.0%)
16.9(6.8%)

Non-commodity sector

171.1(70.8%)85%127.3(56.1%)

2021

2023

Non-commodity sector: Automotive
equipment and industrial equipment sectors
As these products’ characteristics call for
extremely high product quality, the barriers toentry to these sectors are relatively high, andthey are not easily exposed to environments
dominated by cost competition. Leveraging theexperience, global networks, and high productquality we have cultivated over the years tobuild relationships of trust with our customers,
we will focus our efforts on expanding ourbusiness in non-commodity sectors.

Promotion ofdiversity
management

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Value Creation Story of SIIX Business Overview of SIIX

ESG of SIIX

Financial Information

Message from the Chief Accounting Officer
We will support the progress of the medium-termbusiness plan through flexible financial
strategies, including responses tofunding demands on a global scale.
& Executive Officer
Seiji Ono Director
General Manager, Finance &Accounting Department

Strive to secure stable inventories
while balancing them with
optimization of inventory volumes
Last fiscal year, to deal with the impact of
COVID-19 and the accompanying turmoil in the
supply chain, I made increasing ready liquidity my
top priority as chief financial officer andimplemented a variety of measures. In addition, I
worked on the optimization of inventory volumes,
which is an issue for the Group as it moves to cut
down on interest-bearing liabilities.
However, as semiconductor chip shortages andturmoil in logistics impacted on our customers’
production plans, even though we had
manufactured our products, modules from othercompanies would fail to arrive, leaving us unable todeliver to our customers as scheduled. To be frank,
the cancellation of orders just before delivery has
resulted in an accumulation of inventory. In
addition, the protraction of logistics lead times fromJapan and Asia to North American markets has
also led to an accumulation of inventory in transit.
Faced with these external factors, from theperspective of not disrupting our customers’
production, we positioned the securing of stable
inventories as our mission, while also focusing
efforts on the optimization of inventory volumes atthe same time. We have also had to arrange
relatively generous working capital. Specifically, interms of commitment lines, in addition to setting up
a syndicated loan of 10 billion yen, we haveestablished a credit liquidity scheme of 50 million
dollars in North America. In these and other ways,
we have made firm arrangements to ensure that
we have sufficient funds to enable us to deal withany situation. Our company’s strength lies in ourability to shift flexibly to another base in the event of
trouble occurring at one production base. For thisreason, there are times when investments are
duplicated, leading to a temporary increase incosts. However, we see this as a critical function
from the perspective of safeguarding ourcustomers’ production. To support these moves,
we respond flexibly as the circumstances demand,
including expanding our credit facilities with local
financial institutions when necessary.
In FY2021, skyrocketing prices of marinetransport and costs of raw materials and fuel haveincreased logistics expenses, putting pressure on
profits. Amid the turmoil in the supply chain, there
were multiple occasions in which we were forced
to use air transport for urgent deliveries. Freight
prices and raw materials and fuel costs havestayed high, but as previously mentioned, by taking
steps to optimize inventory volumes, we have beenable to reduce the use of air freight and have
improved our logistics costs little by little from theprevious year. On the other hand, power costs
have ballooned at our European factories due tothe situation in Ukraine, so we are keeping a close
watch on developments there.
It will also be crucial to respond to movements inthe forex markets caused by policy interest rate
rises in the United States. Because interest rate
movements are influenced by exchange rate
fluctuations, we are monitoring developments
closely and striving to respond flexibly. In particular,
given that our functional currency is the US dollar,
envisaging further rises in USD interest rates, weare currently implementing various finance schemes
designed to fix interest rates.

Deploying financial strategies in response
to funding demands in each region in linewith the “expansion of transactions withmajor global companies”
In terms of the state of progress of the mediumterm business plan, with the steady progress in the“expansion of transactions with major global
companies,” I am dealing with funding demands as
chief financial officer. Regarding our production
bases in Mexico, Hungary, and Hubei, which will
support our core markets such as North America,
Europe, and China, it will take some years for themto reach full-scale operation, including the run-up
period to launch. As such, it is probably
unavoidable that earning a return on ourinvestments in those bases will take time.
Thankfully, orders have been strong in Mexico, andwith the increase in new customers, we are
currently planning to expand our facilities bypurchasing a new site and building a new factory.
In light of the growing tensions between the West
and China, our customers have a strong desire tosecure stable procurement routes in North America
or nearby countries. To meet those expectations,
the SIIX Group will continue to invest in Mexico.
Our Hungary operation is less stable due to theimpact of the situation in Ukraine. However,
because we are able to provide products of highquality at our bases around the world, as well as
alternative production at other bases, we willcontinue to deal with these unpredictable
circumstances with the sharing of information andcooperation among the Group.
In China, we are strengthening our cooperation
with the three production bases in Dongguan,
Shanghai, and Hubei, including meeting their funding
demands. In doing so, amid continued restrictions
on the procurement of foreign currencies, we areresponding to funding demands in accordance withthe circumstances in the different regions. They are
Dongguan, where transactions are primarily inforeign currencies, Shanghai, which has an even
distribution of foreign currency and Chinese Yuan
denominated transactions, and Hubei, where mosttransactions are in the local currency.

Strive for a better financial position
through visualization of goods andmoney in all bases around the world
In terms of financial challenges in FY2022, as

already mentioned, interest rates are in an upward
phase, so reducing our interest-bearing liabilities isa priority. To achieve this, we will implement
measures to reduce inventories to an optimal levelas soon as possible. One specific initiative is theconsignment inventory method. We will work
together with our suppliers to manage inventories
so we can reduce our inventory levels. In addition,
for some customers, payment terms can be quite
long, so we are in the process of negotiations with
our suppliers in this regard as well. We are
implementing a variety of measures, including
advance payment guarantees for products thatcannot be shipped due to circumstances on thecustomer’s side and receiving from customers
payments that are commensurate with the costs ofinventory.
We are also continuing to work on the
improvement of fund efficiency and will deploy
financial strategies with a view to the contraction of
the cash conversion cycle. We have introduced
SAP’s ERP system into the SIIX Group, whichallows us to grasp real-time trends of inventories
and capital worldwide. We will strive for a better
financial position by optimizing inventories throughvisualization of financial status and prediction ofdemand.
In recent months, interest rates have been on therise, and with large fluctuations in the forex market,
we need to monitor trends in the financial markets
going forward. We also recognize the burden of
inventory interest needed to ensure stable
inventories as a major challenge. With logistics
costs remaining high, through negotiations withcustomers, we will consider the possibility ofpassing these costs onto prices in an appropriatemanner as a way to secure profits.
Business performance in the first quarter of
FY2022 trended according to plan. However, theimpact of the lockdowns in Shanghai in China has
been tremendous, and this is likely to have a further
impact in the second quarter and beyond.
Nevertheless, the SIIX Group will strive to keep that
impact to a minimum.
Finally, in terms of shareholder returns, we haveincreased our dividends for the 15th consecutive
fiscal year. In light of the vigorous demand for funds
for capital investments, we are aiming for a payout
ratio of around 20%. We will continue in our efforts
to increase dividends, while maintaining a healthyfinancial position and taking the balance withinvestment into account.

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Value Creation Story of SIIX Business Overview of SIIX

ESG of SIIX

Financial Information

Value Chain

Provide materials procurement, manufacturing, and logistics services as a one-stop service

Planning and proposal

Stock control and logistics (Trading)

When customers request for or consult with us aboutmaterials procurement or manufacturing contracts, we
propose services with high added value, such as
replacement with cost-competitive components.

Materials procurement

Strengths●

Global production and sales systems●

Strong relationships of trust with major electronic
components manufacturers

JDM(Joint Design Manufacturing)

Development and design
By cooperating with technology partner companies thathave cutting-edge development and design capabilities,
we, as a “global business organizer,” propose new plans
and technologies and support our customers’ productcreation needs.

ReceiveordersFinalize
specifications

Strengths
Collaboration with technology partners invarious countries around the world● Coverage of various fields including opticalcomponents and sensors, communications
and IoT, robotics, raw materials and othermaterials, energy management● New technology using conductive inks and
IH reflow technology, which makes it possible
to mount electronic components on a range ofmaterials previously unfeasible (Chemitronics)●

IssuesTaking advantage of theexperience and networks of a
trading company handlingelectronic components for morethan 60 years, we procure allnecessary electronic components
on behalf of our customers’purchasing departments.

Strengths●

Long years of experience inhandling electronic components●

Strong relationships of trustwith major electronic
components manufacturers●

Strong purchasing power forJapanese components●

Materials procurement function
for circuit board mounting
instead of just procurement asa trading company(factory procurement)

We support customers’ inventory management with alogistics menu that includes kitting, which delivers kitsof necessary components specific to eachmanufacturing lot; Vendor Managed Inventory (VMI);
and Just In Time (JIT).

Strengths●

Materials management service in various countries
around the world

Value provision
Trading
Approx.

20%

Circuit board mounting and assembly (EMS)
Based on our mounting experience in diverse
business fields, we offer high-quality circuit board
mounted products to our customers.

Strengths
High-quality, high precision mounting capabilities at
global bases● Factory area with adequate room for expansion(can be expanded from the current 166 lines to 300 lines)● Provision of services to customers in diverse businessfields by focusing on versatility●

Breakdownof net sales(at the end of FY2021)

EMS
Approx.

Plastic molding (Molding)
We have added plastic molding functions to existing EMS
plants, so that we can deliver more complex and modularized
products to reduce logistics costs borne by customers.

We provide a one-stop
service including materials
procurement and logistics.

Strengths●

80%

Deployment of molding operations in the area adjacentto the circuit board mounting area

Responses●

Enhancement of handling of European and Americancomponents, cultivation of customers in the medical field

We have been advancing relevant activities in relation to “expansion of transactions with major global companies,” one of the goals in the medium-term business plan. As we work toward identical quality worldwide
and strengthen BCP response, we have expanded transactions with both Japanese and non-Japanese customers, especially major Tier 1 (primary) suppliers in Europe. In the medical field, we collaborate withtechnology partners to develop solutions that are useful on the frontline of medical practice. Solutions that use IoT have been proposed and delivered to the frontlines of medical practice and nursing care.

●

Further improvement in mounting quality and precision,
expansion of the scope of information shared between bases

Since 2020, all bases across the world have been using a company-wide cloud system called the Siix Manufacturing Platform System (SMAPS). SMAPS enables us to share real-time information
on quality, manufacturing technologies, and facilities with all bases. We will continue to operate and develop the system.

●

Work reform to reduce inventory, enhancement of stock
management in real time

To reduce inventories to an optimal level, we have reviewed how we place orders and promoted local procurement. In addition, we ask for our suppliers’ cooperation in adopting the consignment inventory
method to manage inventories. Other measures taken include reducing dead stock by having our customers guarantee the collection of products that cannot be shipped due to circumstances on their side.
Meanwhile, we have introduced SAP’s ERP system, which allows us to grasp real-time trends of inventories and capital worldwide. We will strive for a better financial position by optimizing inventories throughvisualization of financial status and prediction of demand.

●

Search for merchandise over a wide range without being
restricted to just electronic components

We also focus on Joint Design Manufacturing (JDM) to achieve our vision of becoming a “global business organizer,” who continues to provide new value by connecting the various needs and seeds that exist aroundthe world. By cooperating with technology partners that have cutting-edge development and design capabilities, we propose new plans and technologies and support our customers’ product creation needs.
Cooperation with technology partners takes place in a range of fields including optical components and sensors, communications and IoT, robotics, raw materials and other materials, and energy management.

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Business Overview of SIIX

Knowing SIIX

Value Creation Story of SIIX Business Overview of SIIX

ESG of SIIX

Financial Information

Business Overview of SIIX
Machines, others, general electronics

30th term

14,319 million yen 6.3%

December 2021

Information devices

20,565 million yen 9.1%

Net sales

226,833 million yen

Automotive equipment

127,316 million yen 56.1%

Electric home appliances

Composition of sales

22,782 million yen 10.0%

Net sales

226,833

Operating income

4,954 million yen

million yen

Industrial equipment

41,849 million yen 18.5%

Profit attributable to owners of parent

4,561 million yen

Automotive equipment(million yen)

112,168

127,316
98,359Overview
Amid the lingering impact of the COVID-19 pandemic from the previous fiscal year, our business performance wassignificantly affected by a substantial increase in transportation costs caused by surges of unit prices for transport
containers since the beginning of the year. In addition, prolonged supply shortages of electronic components affected
our customers’ production plans. This forced us to take emergency measures, such as air shipment, and accelerated
the increase in logistics costs. Consolidated net sales amounted to 226.8 billion yen, a year-on-year increase of 45.2
billion yen, thanks to the project for the Singapore government and strong shipment of automotive equipment at the
Mexico Factory. Meanwhile, consolidated operating income amounted to 4.9 billion yen, a year-on-year increase of
0.5 billion yen. Overall, we did not see a significant year-on-year recovery of profit due to heavy cost burdens.

2019

2020

2021

Automotive electronic components(automotive exteriors, meters, ECU,
switches, quasi-millimeter wave
radars, ABS, cameras, battery
sensors, etc.), car multimedia, etc.

Sales of most products increased from the previous fiscal year,
recovering from the COVID-19 pandemic. Sales of someproducts, however, decreased year on year due to the production
adjustment caused by electronic component shortages taking
place since the end of the previous fiscal year. As a result, overallsales of automotive equipment increased by 28.9 billion yen to127.3 billion yen compared to the previous fiscal year.

Issues and countermeasures
As we trade with customers from various business fields in different areas of the world, the number of customers tradingin multiple areas at the same time is increasing. Products and services provided are thus required to have the same quality
even if the area or factory is different. We will support the global development needs of our customers promptly andprecisely by making use of cloud services to share production know-how, quality information, etc. in real time within the
SIIX Group. In addition, we will endeavor to expand our business from customers based on our abundant capacity at
global sites and our local response capabilities.
Our medium-term business plan aims to expand transactions with non-Japanese customers. In terms of businesssectors, we will focus mainly on actively expanding the medical device sector, while tackling the development of new
products and the enhancement of mounting quality as future issues. Additionally, we will also aim not only to expand the
EMS business, our current mainstay business, but also leverage our functions as a trading company and collaborate with
our technology partners to supply customers with products from around the world.
We will also actively expand our participation in businesses in the fields of IoT and CASE, based on the perspective ofcontributing to decarbonized society through our businesses.
In response to the ongoing surge of logistics costs, we intend to promote “local production for local consumption” torein in the costs. Simultaneously, we will take advantage of our global network and offer services that meet our customers’
needs, such as proposing diversification of production sites as part of our customers’ BCPs to cope with contingencies.

Industrial equipment(million yen)

38,4872019

34,533

2020

41,8492021

Engine ignition device for power
tools, battery packs, aircraft-borne
electronic devices, inverters, medical
devices, smart meters, industrial
sewing machines, etc.

We saw robust production and sales of IoT equipment forgovernment organizations, as well as sales of servomotors,
chainsaws, and electric tools, although sales ofcomponents for aircraft-borne AV devices decreased year
on year due to sluggish demand for aircrafts. As a result,overall sales of industrial equipment increased by 7.3 billion
yen to 41.8 billion yen compared to the previous fiscal year.

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Business Overview of SIIX

Knowing SIIX

Value Creation Story of SIIX Business Overview of SIIX

ESG of SIIX

Financial Information

Business Overview of SIIX

Electric home appliances

New initiatives with Sakata Inx Corporation
Collaboration with Sakata Inx Corporation and Wonder Future Corporation(million yen)

36,6642019

22,93022,7822020

2021

Digital appliances, air conditioners,
refrigerators, educational toys,
healthcare equipment, electronic
musical instruments, etc.

Sales of educational toys and kitchen appliances
decreased year on year due to the prolonged impact of
the COVID-19 pandemic, although sales of air
conditioners were strong. As a result, overall sales ofelectric home appliances decreased by 0.1 billion yen to22.7 billion yen compared to the previous fiscal year.

SIIX Corporation
Development, manufacturing, andsales of mass production technology

The use of IH reflow technology andconductive inks makes it possible tomount electronic components on low
heat resistance base materials suchas paper and cloth, as well as onhigh heat dissipation base materials
such as glass, and is expected to be
applied in a variety of fields.

Establishing mass production
technologies by incorporating
new technologies into highreliability production technologies
Materials for printed electronics

Information devices

Wonder Future
Corporation

Mounting on low heat resistancebase materials

Damage-free component
mounting using IH reflow
technology(million yen)

22,623

Sakata Inx Corporation
Development of power distribution
materials and joining materials

Miniaturization and weight
reduction of products

20,565
16,318

Mounting on high heat dissipationbase materials

Showcasing the three-way collaboration at exhibitions
2019

2020

2021

Office equipment, OA equipment,
projectors, etc.

Shipments of the new model for office equipment
established in the previous fiscal year were strong. As aresult, overall sales of information devices increased by
4.2 billion yen to 20.5 billion yen compared to theprevious fiscal year.

With an eye to commercialize the collaboration
initiatives, the three companies jointly exhibitedat the JPCA Show, FINETECH JAPAN (electronic
display trade show), and INTERNEPCON JAPAN.
We introduced new materials and engineering
methods to visitors from a variety of industries,
who showed a great interest. We will continue toactively seek new opportunities in the printed
electronics field.

▲ JPCA Show
(October 2021)▲ FINETECH JAPAN electronic ▲ INTERNEPCON JAPAN
display trade show
(January 2022)(December 2021)

Machines, others, general electronics
Battery-related businesses(million yen)

14,31913,094
9,457

2019

2020

2021

Automobile wire harness,
motorcycles, ink, and other electronic
components, etc.

Shipments of wire harnesses, motorcycles, and otherproducts were robust. As a result, overall sales increased
by 4.8 billion yen to 14.3 billion yen compared to theprevious fiscal year.

Amid growing attention to environmental friendliness, a rapidly increasing number of
products are powered by electricity and batteries.
To contribute to a decarbonized society through businesses, our medium-term businessplan aims to expand battery-related businesses, and we operate every day to achieve this.
As part of relevant initiatives, we will accelerate the battery management business by
establishing a joint venture with Orient Technology, a technology partner in Singapore thathas know-how in battery pack design, development, and manufacturing technology.
Batteries are used in a wide range of products, including automotive equipment,
industrial equipment, electric home appliances, and transport machinery. In some projects,
we have already made proposals to customers and concrete discussions are underway for
adoption in products. Going forward, we strongly expect business expansions into a variety
of fields and a significant increase in demand.
Battery pack mockup ▶

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ESG of SIIX

Knowing SIIX

Value Creation Story of SIIX Business Overview of SIIX

ESG of SIIX

Financial Information

Corporate GovernanceWe believe that our directors need to possess knowledge and experience on a global basis to conduct diverse
businesses in various countries around the world, and we ensure that a sufficient balance of the knowledge andexperience required is reflected in the composition of our Board of Directors. Specifically, besides experience related
to corporate management, directors having practical skills in sales strategy, manufacturing knowledge, high level ofawareness of compliance issues, knowledge of financial strategy and capital policies, etc. are nominated. External
directors are nominated mainly for the purpose of strengthening financial and capital policies, M&A, and compliance.
Regarding the size of the Board of Directors, we believe this is the minimum level required to achieve such an objective.

Corporate governance system
Annual General Shareholder’s Meeting〈Nomination and Remuneration Advisory Committee〉〈Management Committee〉

Report &Consultation〈Sustainability Committee〉

Audit & Supervisory
Board Member〈Board of Directors〉

Consultation

Cooperation

Appointment &Dismissal

ReportChairman

Recommendation

President

Cooperation
Audit

ReportInternal Audit Office

Management & Supervision〈Compliance
Committee〉

Appointment &Dismissal〈Audit & Supervisory Board〉
Audit

Basic policy on corporate governanceThe company has developed the SIIX Principles as its corporate philosophy for the conduct of corporate activities by allits officers and employees, and also established the SIIX Group Code of Conduct based on this. Based on the principleof being “fair” under the SIIX Principles, we are aware that strengthening corporate governance to govern our corporate
activities is an important management duty, and so we work to build and establish an appropriate and effective corporate
governance system for this purpose.

Appointment &Dismissal

Appointment & Dismissal〈Environmental
Management Committee〉

Direction

Auditor29

Cooperation〈Executive Officer
Committee〉〈GENPO Meeting〉

History of our corporate governance system

Executive Officer
Guidance &Supervision

2005

●

Introduced an executive officer system

2006

●

Established the SIIX Group Code of Conduct

2015

●

Nominated one external director

2016

●

Started to assess the effectiveness of the Board of Directors●●

Nominated two external directors
Issued stock options (share acquisition rights)

2018

●

Changed the term of office of directors to one year

2019

●

Established the Nomination and Remuneration Advisory Committee

2021

●

Nominated three external directors, constituting more than one-third of all directors●

Introduced a restricted stock compensation system
Established the Sustainability Committee

2017

2022

●

25%

Audit

Departments & Subsidiaries●Transition of the number of officers

Being a company with audit & supervisory board members, SIIX has built a system to monitor and supervise the business from an
objective and neutral position by nominating two external audit & supervisory board members besides the internal audit & supervisoryboard members in the composition of the Audit & Supervisory Board. The Board of Directors is composed of eight directors. Three outof the eight directors are external directors and monthly meetings are conducted with the three audit & supervisory board members (outof which two are external audit & supervisory board members). During the meetings, issues on human resources, investments, capital
policies, budgeting and planning, etc. that are important for management purposes are deliberated and resolutions are adopted fromthe perspective of improving corporate value and managing risk. Based on the standards for independence of independent directors/
auditors as stipulated by Tokyo Stock Exchange, Inc., we have designated all external directors and audit & supervisory board members
who fulfill the qualifications of an independent director/auditor as independent directors and audit & supervisory board members.

2021
External directors came
to constitute more than
one-third of all directors

2015
Nominated one
external director

Direction

40%

38%

2017
Appointed two
external directors

7

38%

8

29%

8

Proportion of
external directors■ Management Committee■ GENPO Meeting

The company has established the Management Committee, which iscomposed of internal and external directors, executive officers, full-time
audit & supervisory board members, and others. The committee
operates an advisory body with which the Board of Directors consult
before important decision making. Matters deliberated by thecommittee include matters subject to Board of Directors resolutions
and prior deliberation, important company policies, and important
topics such as large-scale new transactions and investments.

Each subsidiary holds monthly meetings of GENPO
Meeting to ensure the appropriateness of business
operations at subsidiaries and work toward thoroughrisk management. Officers from the headquarters,
executive officers, officers of local subsidiaries, andothers attend the meetings to keep track of the state ofmanagement of subsidiaries and discuss specific topics.

Director

5
4
3

3

2

2006

0%

2

External director

3

3

1

2015

2

3

3
2

2017

2

2

2020

2

3
3

2021

2

3

2022

(Present)

Audit & supervisoryboard member
External audit &supervisory board
member■ Sustainability Committee
The company has recently established the Sustainability Committee to drive forward sustainability management, thereby
contributing to social issues through business activities and achieving a sustainable corporate growth. Chaired by the
President, the committee consists of directors and executive officers. It formulates the Group’s sustainability policies,
discusses important issues, sets indicators and other targets, and monitors activities. What is discussed will be reported
to the Board of Directors regularly and reflected in the committee’s recommendations.

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ESG of SIIX

Knowing SIIX

Corporate Governance

3

7

4

6

5

8

1

2

●Directors’ skill matrix
Areas in which the company has particular expectations for directors

1

2

3

4

5

6

7

8

Corporate management,
Finance, capital
Sales strategy
management strategy
policyChairman

Shiro Murai
President

Koji Yanase
Director & Executive Officer

Seiji Ono

Director & Executive Officer

Toru Maruyama

Director & Executive Officer

Hiroaki Takagi
External Director

Shinsuke Takatani
External Director

Susumu Omori
External Director

Nao Yoshizawa

M&A

Manufacturing

Compliance,internal control

Globalexperience

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

Financial Information

●

●

●

[1] Composition of the Board of Directors
Feedback pointed out that the scale of the Board of Directors is appropriate and its members have sufficientexpertise. In addition, the skill matrix showed a well-balanced composition.
[2] Operation of the Board of Directors
External directors frequently contributed to the discussions, which suggests an atmosphere allowing free exchange ofviews. Responses also indicated that meetings were chaired properly. The survey thus confirmed an atmosphere thatfacilitates active discussions.
[3] Role and responsibility of the Board of Directors
Responses indicated that external directors effectively expressed their views based on expertise and a wealth ofexperience. Meanwhile, feedback pointed out that despite some progress, risk assessment still has room for improvement.
This was due to insufficient analysis with regard to risk identification and impact in some cases. There was also a call forenhanced discussions, including those on the establishment of appropriate systems, about the analysis of legal andenvironmental risks, including supply chain security; assessment of and responses to cyberattacks; and strategies for the
medical and other new fields. In addition, the whistle-blowing system was pointed out to be still insufficient, although it isfunctioning with a record of reports. Further efforts are needed to raise awareness. Going forward, the company will
advance discussions and strengthen the systems with regard to necessary and important issues.
[4] Quality of the decision-making process of the Board of Directors
Despite improvements, cases were found where last■ Process for effectiveness assessment
minute distribution of deliberation materials resulted ininsufficient prior analysis of the contents or higher levels(February 25, 2022)
of discussions were needed on ROI, credit decisions,(December 2021)(January 26, 2022)
Reported at theinvestment recovery, and other matters. The time spent
Distributed theCollected theBoard of Directors
surveyresults
on deliberation was pointed out to be appropriate. Going
meeting
forward, the company will improve the deadline foragenda submission and contents of deliberation.
[5] Support system for external directors
All respondents gave positive answers, which indicates appropriate communication. Meanwhile, feedback pointed outthat setting separate occasions to take time to discuss individual topics would be desirable. Going forward, the company
will enhance communication with external directors on occasions other than the Board of Directors meetings as well.
[6] Interaction with investors and shareholders
Feedback pointed out that while the website relaunch and other IR activities made progress, it is preferable to takemore time to hear investors’ views on reports to the Board of Directors. Feedback also urged further participation of
external officers in IR activities. The company will discuss how we can make improvements.
[7] Nomination and Remuneration Advisory Committee
Contents of deliberation and frequency of meetings were pointed out to be appropriate. The company will continue
working on improvements.

Risk management
A number of external factors have considerably affected theExternal●

External●

External

ESG of SIIX

Analysis and assessment of the effectiveness of the Board of Directors

Introduction of Directors

Director

Value Creation Story of SIIX Business Overview of SIIX

●

●

●

●

●

●

●

●

●

●

●

●

●

●

*The above table does not show all of the knowledge and experience that the Directors have.

Policy for nomination of directors

company’s business activities in recent years. Those factors■ Examples of BCP

include the US-China trade conflict, spread of COVID-19,● Transfer production sites from China to Southeast Asia

supply shortages of semiconductors and other electronic
components, and surges of transportation costs. The company,
however, has responded promptly to such emergencies forearly recovery and accumulated BCP know-how. We willcontinue to work on BCP initiatives and develop a strong

and Mexico for products delivered to North America● Encourage internal web meetings with bases around the world● Promote automation of factories (Smart Factory)● Operate a company-wide system that supports

manufacturing, technology, and quality (Siix
Manufacturing Platform System (SMAPS))

corporate system resistant to all kinds of emergencies.

Directors are nominated based on international perspective necessary for global business, career in business, character, and other factors.

Compliance
Remuneration of officers (Nomination and Remuneration Advisory Committee)
For the purpose of improving the transparency of the decision-making process with regard to the nomination and remuneration of
the directors, we have established the Nomination and Remuneration Advisory Committee to deliberate on the nomination andremuneration of the directors. The said committee is composed of three or more members nominated by the Board of Directors, withthe majority of them being independent external directors to ensure its independence as an advisory body to the Board of Directors.

The company has established the Compliance Committee as an organization that reports, deliberates, and decides onmatters concerning compliance. The committee sets the Group activity policy once a year, makes the policy known andraises awareness at a company-wide meeting, and regularly monitors and follows up on all bases. In addition, thecommittee sets out and implements rules on whistle-blowing methods and whistle-blower protection to find misconduct
and violation of laws and regulations early and take appropriate action.

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Value Creation Story of SIIX Business Overview of SIIX

ESG of SIIX

Financial Information

Dialogue Between External Director and Audit & Supervisory Board Member
opinions, so I am highly conscious of sharing
information promptly and in a timely manner.
My own personal sense is that the external
directors and the audit & supervisory board
members are sailing in the same boat.

Shinsuke Takatani

Masayuki Tomoda

External Director

Audit & Supervisory Board
MemberWe are working to further strengthen corporate governance structure as
global management makes progress, including responding to growing risks.
—— What is your assessment of SIIX’s

corporate governance structure andsystems and their implementation?

Takatani SIIX’s corporate governance structure has,of course, made steady progress comparedwith when I assumed my position in 2015.
As well as the election of directors from theengineering area, which was a pressing
matter when I was first appointed, the sizeof the Board of Directors has increased fromfive directors in 2015 to eight today. Five of
those are internal directors and three areexternal directors, which is a good balance.
There are now five external officers in total,
including audit & supervisory board
members. Each of us has our own areas ofexpertise to ensure that there is no
duplication of career background.
		 Further, with the establishment of theNomination and Remuneration Advisory
Committee, of which I am a member, we
now also receive reports about senior
management personnel matters. Also, alongwith the full-time audit & supervisory board
member, I am a contact for internal
whistleblowing, so in essence, thecompany’s whistleblowing arrangements aremonitored by an external eye. We also holdregular meetings with the representative
directors, along with the audit & supervisoryboard members.
Tomoda In terms of the management environment,
for a company that is extending its businessglobally, the past few years have been atime of dizzying change, when precedents
do not apply and BCP has had difficulty
functioning. The company is being called on
to steer through these difficult
circumstances as it moves to strengthen its
corporate governance structure.
		 I became an audit & supervisory board
member in 2017. At that time, my duties
were more as a defensive auditor
independent from management. However,the current auditing standards for audit &supervisory board members state that our
duty is “to establish a corporate governancestructure of good quality through sound andsustainable growth in consideration of theinterests of stakeholders.” For this reason, in
my auditing duties, I am striving to shift fromauditing that is centered on questions oflegality toward auditing of management as awhole.
		 The external directors and audit &supervisory board members have a close
relationship, and we regularly exchange—— What measures are necessary toenhance the effectiveness of thecorporate governance structure?
Takatani My view is that one element needed for theexternal directors to demonstrate theircapabilities is information. As well as
information from the executive side, we alsoneed live information that includes the voicesof the people on the front lines. What is
important is to have a greater diversity of
information sources. In addition, securing
the supply of that information is alsoessential. In general terms, external directors
tend to be isolated due to a lack of
information. For this reason, I believe thatfurther deepening the sharing of informationand cooperation with the Audit &Supervisory Board and the Internal Audit
Office will be key to enhancing theeffectiveness of the corporate governancestructure. In that respect, the full-time audit& supervisory board member acts as a kindof “node” connecting the executive with theexternal directors to further deepen
cooperation with the external directors andshare information about importantmanagement issues and risks. Mr. Tomoda
is doing an excellent job in that respect.
		 One other key is the development of
mechanisms for effectively conducting thekind of debate that should, by rights, be
conducted in the Board of Directors. I would
suggest that the Board of Directors decideon the topics for debate about six months inadvance, for example, and coordinate with
the Audit & Supervisory Board to organize
the information so that such debate can be
conducted effectively. This would help toenhance the effectiveness of governanceeven further. Initiatives of this kind areparticularly necessary for major themes suchas investment strategies and personnel
policies.
Tomoda One particularly important aspect of SIIX’s
corporate governance structure is its Group
governance, which brings together theGroup’s approximately 20 overseas
subsidiaries. When performing overseas
audits, one thing that strikes me is that,even with the existence of the headquarters’
rules and reporting lines, there is a need forstrong on-site capabilities to make sure thatgovernance actually works. SIIX has

developed locations overseas, but for thecompany with a small number of Japaneseemployees, it needs to increase the numberof local senior management and raise their
quality. In other words, diversity-oriented
management is essential.
		 On the other hand, as an auditing issue,
over the two years of the COVID-19
pandemic, we have been unable to perform
on-site audits at overseas locations, so thequestion of how to conduct effective audits
and control is an issue. While online
conferences and meetings and themebased audits based on data allow us toflexibly obtain a great deal of information,
they are not adequate for confirming on-site
control.
Takatani Regarding the diversity that Mr. Tomoda
mentioned, SIIX currently has over 12,000
employees worldwide, so to makegovernance work on a global base, strong
on-site capabilities are essential. Therefore,
having local senior management personnel
who will support the local organizations iskey. SIIX is in the process of promoting
diversity, including the promotion of women.
This is also a KPI in the medium-termbusiness plan, so as an external director, I
am monitoring progress in this area overtime. Currently, Japanese executive officers
are temporarily transferred to the major
overseas subsidiaries to serve as theirpresidents, but I believe that the ideal would
be to have local talent take on those roles in
the future.

—— What is your assessment of theinitiatives for reinvigorating theBoard of Directors?
Takatani Looking back over the past year, one major
agenda item has been the strategic
investments in Indonesia, Thailand, andMexico. As an external director, I am obliged
to state my agreement or opposition toagenda items, so I am always conscious of
the weight of my responsibility. Of course,
the external directors also attend regularmeetings of the Management Committee
twice a month, so we are across the detailsof the proposals prior to the Board
meetings. In that respect, I do believe thatthe company gives us enough to makemanagement decisions.
Tomoda Recently, in addition to governance, mattersrelated to financial results, investment andother proposals, we have more opportunities
to receive reports and exchange opinions
about cybersecurity, quality issues, andemergency responses such as BCP during

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Value Creation Story of SIIX Business Overview of SIIX

ESG of SIIX

Financial Information

Dialogue Between External Director and Audit & Supervisory Board Member
the pandemic. For each matter, the external
directors express their views, and the chairof the meeting seeks out their opinions andshows a serious willingness to actively
accept their advice. For this reason, Boardof Directors meetings are always lively
events.
		 SIIX’s style is that the Board of Directors
and the Management Committee, whichmeets beforehand for discussions, are run
as one, and through the proposals put toeach of these meetings, we discusscompany-wide strategies, risk management,
and issues. Although the audit & supervisoryboard members are not in a position to votefor or against proposals in Board of
Directors meetings, the corporate culture
makes it easy for us to ask questions andexpress our opinions freely. I therefore strive
to state my opinions about the agenda items
from my position as audit & supervisoryboard member.

—— What will be the business opportunities
and risks for the company’s
management going forward?
Takatani In terms of business opportunities, demand
for semiconductor chips is forecast to
double in the next 10 years, and EMS
needs, including for automotive equipment,
will also increase dramatically in direct
proportion to that growth in demand. In
addition, the buds of new businesses aresprouting, such as collaborations with
Sakata Inx Corporation and entry into the

OSAT (Outsourced Semiconductor
Assembly and Test) business. In that
respect, there are strong tailwinds blowing
for SIIX’s businesses.
		 While business opportunities will increase
greatly on the one hand, risks will also growin a similar fashion. One such area of risk is
the risks associated with climate change.
On this point, I believe that disclosures
based on TCFD cannot wait. The company
has also established a Sustainability
Committee, and has just started making
efforts toward decarbonization. It would be
no exaggeration to say that the effectivenessor otherwise of this committee will be thedeciding factor in the sustainability of thecompany’s business. For this very reason, I
hope that it will devote its efforts to being acompany that is trusted both by its suppliers
and the market.
		 In addition, for the EMS business, whose
fate is decided by advance investments,
control of the balance sheet is the most
crucial issue. I hope that the company willtake to heart the importance of considering
the hurdle rate with ROIC (return on invested
capital) from the investors’ viewpoint inmind. Responding to the problem of
inventories, which carries the greatest
weight on the balance sheet, and theaccompanying increase in burden is amatter of the utmost urgency.
		 In addition, the company needs toconcentrate its efforts on strengthening
information security as a defense against
cyberattacks and on responding to thedemand for zero-defect quality in theautomotive sector. For all of thesechallenges, it is essential to formulate actionplans that have defined timeframes.
Tomoda From the perspective of auditing in general,against the background of the pandemic, I
believe that there is high risk of accounting
misconduct, quality fraud, and cybersecurity incidents at the overseas
subsidiaries. For this reason, as audit &supervisory board member, I am monitoring
internal control at these subsidiaries,
particularly the state of risk management
and compliance. Further, recently, progresshas been made in the formulation ofinternational rules regarding issues such as
climate change action, human rights, andtheir disclosures. It is also a time when softlaws and things like the SIIX Principles arealso becoming rules, so I believe that weneed to expand the purview of our audits.
		 In the automotive sector, the EMS
business is expanding, but operations for

global customers require a high degree ofmanagement precision. My sense is that
control of quality risks and the like will not beeasy. Moreover, this business requiresconsiderable capital expenditure on
equipment, so there needs to be firm
analysis of matters such as returns on
assets and environmental footprint todetermine just how much those equipment
assets will contribute to corporate value.

—— What is your assessment of the progressof the Medium-Term Business Plan (20212023) and do you have any suggestions?
Takatani From where I stand, I believe that theachievement of the medium-term businessplan is an absolute must. In promoting theplan, management at the individual locations
will also need to maintain a multifacetedview that includes issues such as diversityand decarbonization. This is in addition to
profit-loss issues such as net sales andincome, and the improvement of balancesheet KPIs, such as inventory turnover, andOEE (Overall Equipment Effectiveness).
		 Further, because there are major regional
differences in the situations at the overseas
subsidiaries, meticulous growth strategies
will be needed. However, instead of leaving
it entirely up to the individual locations, it isimportant to consider adopting themanagement of subsidiaries where the planis being executed smoothly as best practiceand promoting that best practice powerfully
across the other locations, with theheadquarters taking the lead.
Tomoda I agree that global management with theheadquarters taking the lead is an important
perspective. The current management teamprovides a visualization of the state ofmanagement according to the medium-termbusiness plan, manages the degree ofachievement, and aims to solve problems. It
follows this cycle quite seriously on amonthly basis. Management andadministration based on accurate, timely
figures and information at all times are
crucial.

—— What are the important factors
for sustainable growth over the
medium to long term?
Takatani Sustainability is believed to be the realizationof a sustainable organization or society as aresult of the actions of people andorganizations. Ultimately, it is people who
are the main players in sustainability.

Therefore, to be a sustainable company, themost important thing is to strengthen thefoundations of its human resources. Of
particular importance are education
programs for young employees andinitiatives to foster a good corporate culture.
At SIIX, the promotion of women and local
senior management is extremely important.
For example, the promotion of Filipino
human resources, which is being rolled out
globally recently, is something that I hope
will help reinforce company-wideorganizational strengths.
Tomoda I am of the same opinion as Mr. Takatani, inthat I am also certain that people are the key
to governance. It is important that all
employees understand the connection
between the SIIX Principles, which are thefounding spirit of the company, andsustainability, and that they strive toenhance corporate value by balancing
corporate efficiency and rationality withsocial responsibility.
		 Further, from the perspective ofsustainable growth over the medium to longterm, the quality of risk management will
also contribute to the enhancement ofcorporate value. As one of audit &supervisory members, I think that we should
communicate that viewpoint.
		 The activities of the Sustainability
Committee, which was established in April
2022, will drive ESG-oriented management,so as an audit & supervisory board member,
I plan to confirm the policies and details of
those activities.

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ESG of SIIX

Financial Information

Message from Director

Based on the SIIX Principles, which we have treasured for
30 years since our foundation, we will press forward with theenhancement of corporate value in SIIX’s own unique ways.
Toru Maruyama Director & Executive Officer
looking ahead, we will build up governance systems of
the high standard required of a company worthy of a
Prime Market listing, including the requirements ofshareholders and investors.

Fulfilling our mission as befits thePrime Market

Three years of efforts devoted to theestablishment of sustainability-oriented
management
In April 2022, SIIX made the transition to the Tokyo
Stock Exchange’s Prime Market. I would like to thankour shareholders for their support, which has madethis transition possible. In addition, over the past three
years leading up to that transition, we have madesteady progress in our responses to the revision of theCompanies Act and the Corporate Governance Code.
Specifically, we established a Nominating &Compensation Advisory Committee, enhanced our
Notices of Annual General Shareholder’s Meeting, andreviewed the composition of our corporate officers.
Through these and other actions, we have strived tostrengthen our corporate governance, which isessential to sustainability-oriented management.
Whereas we used to deal with management issues
separately, we are now able to organically combine
and systematize all issues from the perspective ofsustainability management. This is the outcome of ourefforts over the past three years. Having achieved this,One of our major initiatives in FY2022 was, firstly, theestablishment of a new Investor & Public Relations
Department. This was the result of our primary focus
on further enhancing our investor relations and public
relations functions and elevating our presence incapital markets. In deploying marketing activities incapital markets, while taking the outcomes of the last
three years of initiatives into account, we will strive toenhance disclosures of both financial and non-financial
information, based on the essence of ESG-oriented
management, in the roll-out of future investor andpublic relations activities.
We also launched the Sustainability Committee, with
the President as Chair. This committee formulates
sustainability policies, discusses important issues, sets
indicators and other targets, and monitors activities.
As well as firming up the shape of our organization, we
intend to promote sustainability-oriented management
by responding to many different issues into the future.
We have selected those issues that are material to thecompany and organized them after considering theorder of priority. Through these kinds of initiatives, wehave been able to establish clear targets and deadlines
within the company for the issues that we need toaddress in and after FY2022.
As a result of the above initiatives, I believe we have
now arrived at the starting line of sustainability-oriented
management.

Setting decarbonization as a top priority
management issue and accelerating initiatives
As efforts to strengthen corporate governanceaccelerate, awareness has increased dramatically, notonly among corporate officers but also among our
employees on a global basis. In the course of
discussions in the Board of Directors about

decarbonization, the endorsement of the TCFD
recommendations for decarbonization came to be
seen unanimously as a matter of course, and theentire company shares the same values in this regard.
As a company that services some of the top
companies in a variety of industries worldwide, we
recognize the reduction of greenhouse gases as agoal that must be achieved.
As an example, all investments and loans proposedto the Board of Directors are deliberated in advance in
the Management Committee. Various risk factors are
discussed, including recoupment of investment,
returns, credit risk, procurement costs, and countryrisk. We also now have a system for incorporating
discussion of concrete measures for the reduction of
CO2 in those deliberations. In this way, I believe that
we have made tremendous strides forward incorporate governance at SIIX. Going forward, we willconcentrate our efforts on educating and raisingawareness among employees so we can share ourawareness across the entire SIIX Group.

SIIX Principles lie at the heart ofcorporate governanceThe company established the SIIX Principles morethan 20 years ago as its corporate philosophy for the
conduct of corporate activities by all officers andemployees. Based on the fundamental spirit of the SIIX
Principles, we have strived to build and establish an
appropriate and effective corporate governancesystem.
In that respect, we can certainly say that the answers
to all the issues that we must currently address can befound in the SIIX Principles. We always teach new
recruits the significance of the SIIX Principles in theirinduction training, and we also strive to share theimportance of acting on the basis of the SIIX Principles
at our overseas locations. The SIIX Principles will takeon even more important value as we promotesustainability-oriented management in the years ahead.

Steady promotion of initiatives tosolve various ESG issues
In terms of the current state of ESG initiatives in the
SIIX Group, firstly regarding “E” (Environment), we will
urgently compile specific measures for achieving theCO2 emissions reduction targets set by the
Sustainability Committee and pursue initiatives to meetthose targets. The challenge of reducing CO2
emissions while simultaneously expanding our
production capacity will be a difficult one, but we will

steadily work toward this goal through measures suchas installing solar panels and converting to renewableenergy.
In terms of “S” (Society), we are implementing
measures to achieve the targets set out in our KPIs,
that is, to have women account for 50% of senior
management positions and for local employees to
occupy 80% of senior management positions in ouroverseas subsidiaries. In addition, communications
with employees tended to be inadequate during the
pandemic, so we are conducting interviews with every
single employee at all of our locations both in Japanand overseas. This is important from the perspectiveof retention planning, but it also has another major
purpose of identifying potential senior managers of the
future.
Further, for the future sustainable growth of the SIIX
Group, we are promoting initiatives to strengthen thefoundations of our human resources. Incidentally, we
have seven female Japanese employees temporarily
assigned to overseas locations, all of whom share ahigh awareness of their duties. We are pursuing
diversity and inclusion, which treats all outstanding
employees suitably, regardless of gender, nationality,
or other attributes.
Finally, as an example of our initiatives in “G”(Corporate Governance), the Nominating &Compensation Advisory Committee convened ninetimes in the previous fiscal year. The external directors
are also extremely proactive in expressing theiropinions and asking questions in Board of Directors
meetings. They are making outstanding efforts toenhance SIIX’s corporate value and to help build asound corporate management system.

Strengthening approaches to key issues
for the sustainable growth of the company
To consolidate the SIIX Group’s position at the top of
the EMS industry, in addition to expanding the scale
and performance of our business on a global basis,
we recognize that we must address the many different
ESG issues at an even greater speed than before.
As a corporate group operating businesses acrossthe world, the issues that we need to address areconstantly changing. They include decarbonization,
addressing geopolitical risks, the promotion of diversity
and inclusion, cyber security responses, and theestablishment of anti-corruption systems. We willaddress these issues in cooperation with our external
directors, who possess high levels of expertise in theirrespective fields. We look forward to your continued
support for SIIX Corporation.

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ESG of SIIX

Financial Information

Environmental Conservation
As the SIIX Group continues to expand its business globally, we attach importance to sustainability initiatives as afoundation for sustainable growth. To promote such initiatives, we established the Sustainability Committee in April

Response to climate change risks and opportunities

2022. The committee formulates sustainability policies, discusses important issues, sets indicators and other targets,■ Support for TCFD

and monitors activities. The Environmental Management Committee, under the Sustainability Committee’s guidelines,

In July 2022, SIIX declared its support for the Recommendations of the Task Force on Climate-related Financial

takes the lead in deploying eco-leaders to manage environmental problems and eco-officers to manage environment-

Disclosures (TCFD)*, the TCFD’s June 2017 final report. Based on the TCFD recommendations, we will appropriately

related policies in the bases of each country around the world, promoting activities as a group to resolve issues

disclose information on climate change risks and opportunities that affect our business.

related to the environment. As environmental problems such as climate change and exhaustion of resources become
more severe, the SIIX Group will fulfill its responsibility as a corporation and actively contribute to the conservation of*A task force established by the Financial Stability Board (FSB) in 2015, at the request of G20. The final report recommends companies to disclose information around four coreelements of how organizations operate (governance, strategy, risk management, and metrics and targets), so that climate change risks and opportunities can be assessed andrated appropriately.

the global environment by conducting its business activities in an environmentally friendly manner. The SIIX Group is
currently involved in the following initiatives.

■ Governance
SIIX strives to protect natural resources and maintain and conserve theInitiatives to reduce GHG emissions●Corporate governance system

global environment. To this end, we comply with environment-related laws

The SIIX Group conducts business activities in 14 countries worldwide and works to reduce GHG emissions at eachbase. We conventionally measured CO2 emitted indirectly from energy use (Scope 2). From FY2021, we also started
to measure direct CO2 emissions from fuel burning and other activities (Scope 1) and indirect supply chain CO2emissions from material procurement to manufacturing, logistics, and sales (Scope 3). Going forward, not only Scope
2 emissions but GHG emissions from the entire supply chain will be monitored. The total CO2 emissions (Scopes 1,
2, and 3) in FY2021 were approximately 650 thousand tons. Despite activities to reduce CO2, the total CO2 emissions
from the entire supply chain, including indirect emissions, increased due to a year-on-year production increase. The
intensity of Scope 2 emissions was 0.31 tons per million yen of net sales, a decrease from the previous fiscal year.
To reduce CO2 emissions, our policy is to, wherever possible, replace the electricity used at our production basesaround the world with renewable energy. As a first step, we installed solar panels on the roof of the Shanghai Factoryin China, which began operation in FY2021. In FY2022, solar panels were installed at the Mexico Factory and began
operation in May. This is expected to cover approximately

and regulations, international agreements, and other rules, in accordancewith the corporate philosophy, CSR policy, and SIIX Group Code of Conduct.
The SIIX Group conducts business activities at approximately 50 bases in 14

Chairmancountries worldwide. We are working to first reduce indirect CO2 emissions

President

from our business activities.
In April 2022, we established the Sustainability Committee chaired by the
President. The committee formulates strategies and resolve issues
concerning sustainability, including climate change. Committee meetings areheld at least twice a year, where the status of activities is monitored, issues
are reviewed, and directions of initiatives are decided. Decisions on importantmanagerial themes are made after deliberations by the Board of Directors.
In FY2022, new GHG reduction targets for FY2030 were set in May, and asystem was developed to monitor the progress.

10% of the electricity used at the Mexico Factory. In thisBoard of Directors

ReportRecommendation

Sustainability Committee
Management & Supervision

Environmental Management Committee
Guidance & Supervision

Executive Officer
Direction

Departments & Subsidiaries

fiscal year, we are planning to install and operate solar■ Risk management

panels at the Karawang Factory and Batam Factory inIndonesia and the Dongguan Factory in China. We will

The Sustainability Committee takes the lead in monitoring changes in the external and internal environments caused

continue to accelerate renewable energy use and energy-

by climate change and going over climate change risks and opportunities that affect our business. The risks andsaving activities globally.

opportunities are assessed and analyzed based on the degree of impact on the company and other factors. Risks
Mexico Factoryand opportunities that have high degrees of impact are identified and, after deliberation by the Board of Directors (orthe Management Committee), incorporated into business risks and opportunities.

■ CO2 emissions (Scopes 1, 2, and 3)
Scope 1: Direct GHG emissions from the company (fuel burning, industrial processes)
Scope 2: Indirect emissions associated with the use of electricity, heat, and steam
supplied from other companies
Scope 3: Indirect emissions other than Scopes 1 and 2 (emissions from other companies
related to the company’s activities, procurement and use of products, etc.
manufactured and sold by the company, employee business travel, etc.)

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ESG of SIIX

Financial Information

Environmental Conservation■ Strategy■ Targets

The SIIX Group analyzed potential risks and opportunities related to climate change, with reference to the 1.5°C and 4°C

In May 2022, SIIX set GHG reduction targets for FY2030. They have been set as science-based targets (SBTs). To

scenarios.

achieve the GHG reduction targets, we will continue advancing various initiatives and assess the achievement status.

The analysis resulted in an assessment that transition to a decarbonized society (policies, laws and regulations/markets/
reputation) would entail impacts from future events and climate change would entail physical (acute/chronic) impacts.

We will accelerate initiatives to address global warming by considering them as opportunities for growth, instead ofrestrictions on or costs for growth.

To address such risks, we will review our business plans and position response to climate change as a priority.

SIIX’s GHG reduction targets for FY2030 (from FY2021 baseline)■ Scenario analysis●CO2 emissions ( t )In identifying and assessing risks and opportunities related to climate change, we set the following scenarios.
The scenarios referred to the following materials:● 1.5°C scenario: A scenario in which the world(1) Scenario in which physical impacts manifest: Intergovernmental
Panel on Climate Change (IPCC) Fifth Assessment Report, IPCC
Special Report “Global Warming of 1.5°C”(2) Scenario in which the world rapidly achieves a decarbonizedsociety: International Energy Agency (IEA) World Energy Outlook
2018 Sustainable Development Scenario (SDS), IEA Energy
Technology Perspectives 2017 Beyond 2°C Scenario (B2DS)

makes a transition into a decarbonized society(transition scenario)● 4°C scenario: A scenario in which physical impacts
manifest

42%reduction

Scope 1 & 2

25%reduction

Scope 3

■ Scope1 ■ Scope2 ■ Scope3

873

61,549416,879924

69,484

583,0262020

479,301

2021

653,434

Achievements
SIIX started calculating Scopes 1, 2, and 3 GHG emissions from FY2020.

Scenario analysis( t-CO2)

Step (1): Major environmental changes caused by average temperature increase
A successfully decarbonized society where

4°C increase temperature increase has taken place

Average temperature increase causes more frequentand intense natural disasters● New
technologies with low GHG emissions aredeveloped and adopted
● Stricter
regulations on GHG emissions make large
fossil fuel consumers stranded assets●●

FY2020 GHG
emissions

FY2021 GHG
emissions

Scope1873

924

Scope2

61,54969,484

Scope1+2

62,42270,408An insufficiently decarbonized society where

1.5°C increase temperature increase has been limited

Average temperature increase causes even more
frequent and intense natural disasters than the 1.5°C
increase scenario● Sea level rise causes more frequent flood damage, etc.
in coastal areas● Changes in precipitation patterns and typhoon routes
cause more frequent and intense damage from riverflooding, etc. and alter which areas are affected● More frequent and intense natural disasters damage
corporate assets and lower corporate value

Scope and method of calculation

Scope 3breakdown(%)

Scope3Category

1

Purchased goods and services

For major suppliers, calculated the intensity based on figures disclosed
by each company. Applied the weighted average to other suppliers.

376,981525,157

90%

Category2

Capital goods

Calculated by multiplying the amount of capital expenditureby the coefficient set by the Ministry of the Environment.

16,77528,6405%Category

3

Fuel- and energy-related activities
not included in Scope 1 or Scope 2

Estimated from the annual consumption of each typeof energy.

7,098

7,970

1%

Category

4

Upstream transportationand distribution

Calculated based on the ton-kilometer method.

7,276

10,5632%

Category

5

Waste generated in operations

－

－

－

Category

6

Business travel

Calculated by multiplying the number of employees by
the coefficient set by the Ministry of the Environment.

1,463

1,606

0%

Category

7

Employee commuting

Calculated by multiplying the number of employees by
the coefficient set by the Ministry of the Environment.

4,693

5,137

1%

Category

8

Upstream leased assets(Not applicable)－－

Category

9

Downstream transportationand distribution

－

－

－

Category 10

Processing of soldproducts－－－

Category 11

Use of sold products

Estimated GHG emissions from the use of scanner
products (for five years).

2,049

2,275

Step (2)-2: Physical impacts of average temperature increase on SIIX

Category 12

End-of-life treatment ofsold products

－

－

－

Physical impacts of average temperature increase Scenario in which physical impacts manifest

Category 13

Downstream leased assets(Not applicable)－－

Category 14

Franchises(Not applicable)－－

Category 15

Investments

Included equity method affiliates, investments inwhich are considered important.

544

1,678

416,879

583,026

Scenario analysis

Step (2)-1: Impacts of transition to a low-carbon or decarbonized society on SIIX

Impact due to transition to a low-carbon or decarbonized society Scenario in which the world rapidly achieves
Impact of mainly 1.5°C to 2°C increasea decarbonized society
Identified risks
Taxation on carbon increases material and fuelprocurement costs● Shiftto electricity derived from renewable energy
increases fuel costs
● Insufficientenvironmental initiatives result in thefollowing consequences:• Decrease in new orders• Cancellation of existing contracts• Loss of customers due to increased reputation risks●

Scenario analysis

Possible opportunities
Demand for energy-saving products increases● Needs for shift to energy-saving products increase● IoT use facilitates more efficient electricity use●

Relatively larger impacts of 4°C increase

Identified risks
Torrential rains, typhoons, etc. damage facilities andincrease recovery costs● Valuechain disruption suspends products and services● Fuelcosts increase● Avoiding extremely hot hours lowers productivity●Possible opportunities
Abnormal weather increases needs for new products● Facilities are upgraded to high-efficiency equipment● Digital transformation is facilitated and remote work
becomes more commonplace●

Scope 3 total

0%

0%

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Value Creation Story of SIIX Business Overview of SIIX

ESG of SIIX

Financial Information

Diversity and inclusion

As initiatives for the development of a sustainable society are spreading around the world, we will contribute to solving social
issues through our business activities, and as a company with a global business presence, we will firmly root ourselves ineach region and be involved in the development of local communities. Moreover, in order to actively accept diverse humanresources for the realization of a society in which everyone can participate, we will promote initiatives related to new work
styles and create an environment in which human resources can grow and play an active role. In the supply chain, we will
fulfill our social responsibility to ensure that we are not involved in human rights abuses through our procurement activities.

We believe that creating an environment where human resources with diverse backgrounds can demonstrate theirindividualities and abilities invigorates and develops the entire organization.
By also developing systems that support employees’ work-life balance to allow all of them to work energetically, we will
strive to contribute to the realization of a society where everyone can play an active role.

■ Promoting the active involvement of local human resources in the workplace
In order to expand our business globally, we have established offices around the world and many local staff members
support our business in each region. By training many local executives in management at each location, we aim to

Respect for human rights
The SIIX Group has established a code of conduct to be observed by all employees of SIIX, and in particular, respect forhuman rights is an important issue for SIIX to fulfill its social responsibility as a public entity of society.
Standard 5

Fostering a Healthy Workplace Environment

We will respect the personality and individuality of each employee. Based on this mutual respect and understanding, we will strive tomaintain a safe and satisfying workplace environment.
5-3 Respect for Human Rights
1. We will respect the fundamental human rights and the dignity of the individual, and will avoid speech or conducts such as harassment, defamation,
insults, verbal abuse or unreasonable coercion that take advantage of our official or business position.
2. We will not discriminate any personnel according to nationality, race, ethnic origin, belief, religion, sex, age, physical or mental disability or any otherlegally protected status.
3. We will not engage in actions that may constitute sexual harassment.
4. We will take no part in, nor sanction, child labor or forced labor.

The SIIX Group prohibits child employment and forced labor at all locations in its Code of Conduct, and regularly inspects
all locations to control and prevent such occurrences.
In addition, working hours and wages are appropriately managed at each site, and all sites are regularly surveyed.
With regard to harassment, we have established harassment prevention rules separate from the Code of Conduct, andare working to prevent not only gender-based harassment but also sexual harassment, power harassment, andincrease each executive’s loyalty to the company, which will lead to improved business performance and corporate value
for each company.
Local executives accounted for 77.3% of all executives in FY2021.
From the perspective of further delegation of authority, we will identify outstanding local employees and actively
promote them to the executive level.
We already have non-Japanese employees in management and other key positions at our local subsidiaries.

■ Promoting the active involvement of women in the workplace
We are promoting diversity so that employees with diverse backgrounds can play an active role, and increasing the ratio of
women in management positions is one of the issues we need to address. We support the Japan Business Federation's(Keidanren's) “Challenge Initiatives for 30% of Executives to be Women by 2030,” which aims to “increase the ratio of
female executives to at least 30% by 2030,” and have been promoting the appointment of female employees who areplaying an active role. Our medium-term business plan by 2023 aims for a 50% ratio of women in management positions.
SIIX was certified as an “Osaka city female employees leading company” (certification level★★) on March 1 of 2018.

Number of employee in management positions & gender ratio by area
●Male

●Femaleharassment related to pregnancy, childbirth, childcare leave, and nursing care leave.
22.6%

Lectures on power harassment, sexual harassment, and trends in regulations and risks are given by external directors
to all executives, managers, and assistant managers.

12.3%

39.3%

18.2%

Europe

Asia

Japan

Americas

31 people

280 people

57 people

33 people

77.4%

Safety and health

60.7%

87.7%

81.8%

■ Safety and health policy

Ratio of women in management positions

At SIIX, in accordance with our Code of Conduct, we take appropriate measures to ensure that all employees can work

Currently, there are no female members of the Board of Directors, although the company

safely regardless of nationality, race, ethnicity, creed, religion, gender, age, disability, medical history, etc., in accordance

has female executive officers. In the future, we will consider appointing female board

with the ordinances and culture of each country and region where we operate.

members from the perspective of diversity. We already have female employees inStandard 5

Fostering a Healthy Workplace Environment

We will respect the personality and individuality of each employee. Based on this mutual respect and understanding, we
will strive to maintain a safe and satisfying workplace environment.
Standard 6

Harmony with the Community

management and other key positions at our local subsidiaries, and the percentage of female
executives in all management positions is 32.4% for FY2021. We will further promote the

Ratio of local
employees inmanagement
positions for FY2021

77.3%

Target ratio of
local employees inmanagement
positions for FY2023

80.0%

Ratio of womenin management
positions for
FY2021

32.4%

Target ratio of
women inmanagement
positions for FY2023

50.0%

employment of women who are active in the field to raise this figure to 50% by FY2023.

■ Systems to support diverse work styles

We will mutually respect the culture and practices of different countries or regions, and will engage in contributions to the

SIIX has introduced a range of support systems to help employees demonstrate their abilities while balancing work and personal life.

development of the local community through corporate activities rooted in our respective regional area of operations.

Examples of support
systems

Examples of initiatives

Countermeasures against infectious diseases (distribution of masks, installation of disinfectant and acrylic
panels, etc.), implementation of health checkups, stress checks, vaccinations, collaboration with industrial
physicians, implementation of health and safety education, etc.

Program for childcare/nursing care leave, promotion of shortened working hours, welcome backprogram, program for working from home, vaccine leave, etc.

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ESG of SIIX

Financial Information

Measures to strengthen manufacturing technology and quality
To be able to respond to future requests for Digital Transformation (DX), SIIX has been focusing on mounting andSocial initiatives in the supply chain

manufacturing technology and factory environment creation.
In addition, we have been strengthening quality governance and developing group-wide information sharing systems.

■ Supply chain management
With the globalization of corporate activities and the complexity of the supply chain, SIIX respects human rights andcomplies with laws and regulations throughout the supply chain. We thus actively work on CSR, “Corporate Social
Responsibility,” to realize a sustainable society.

In particular, we have established a cloud system called the Siix Manufacturing Platform System (SMAPS) to share anduse all kinds of information in real time across the world. Furthermore, the Global Engineering Department, key membersof each base, and staff in the Philippines support each other to strengthen the technology and quality support system
between bases around the world. Going forward, we will further strengthen the support system.

Establishment of the SIIX Group CSR Procurement Guidelines●Standardization and sharing information of manufacturing, technology, quality

We have established the SIIX Group CSR Procurement Guidelines as
one of the means to promote our activities in the supply chain.

SMAPS (Siix Manufacturing Platform System)

Major suppliers have agreed with the guidelines, which are posted

We share and use a variety of information in real time across the Group worldwide.

on our website.
Going forward, we will inspect our suppliers regularly to monitor

https://www.siix.co.jp/en/sustainability/social/compliance and keep track of the status.

In operation

2022–
New technology
information

Partially in operation
Manufacturing
technology information

Quality information

In operation

Quality
In order to ensure identical quality worldwide, we will develop more efficient and high-quality production systems byadvancing information sharing, automation, and labor-saving. As a company engaged in manufacturing, we are

In operation

Standard manual/
Procedure manual

SMAPS
D/B
-Cloud-In operationcommitted to complying with environmental laws and regulations to conduct production activities in an environmentally⃝We will establish quality and environmental management

customer, we will strive to exceed customers’

systems on a global basis with ISO 9001, IATF 16949 and

expectations by fulfilling customer satisfaction, capturing

ISO 14001, and implement their operations based on the

future needs and meeting their requirements.

corporate philosophy of the SIIX Group.

Instruction material
Check sites online
Facilitate improvement checks

perspective of ensuring transparency in our supply chain.

⃝As a global company with a primary focus on

In operation

Know-how for
improvement

friendly manner. In our activities for materials procurement, we will strive to fulfill our social responsibility, emphasizing the(1) Quality and environmental policy

Equipment information

SMAPS enables us to utilize the real-time data of manufacturing technology on site

■ Responsible sourcing of minerals“Responsible Sourcing of Minerals” is defined as “striving to avoid the use of minerals that have possibility of involvement⃝In addition to strictly complying with relevant laws and⃝Aiming to contribute to sustainable economic

in human rights abuses from a CSR perspective.” In accordance with the Dodd-Frank Wall Street Reform and Consumer

regulations, as well as regulatory requirements, we aim

development, we will promote environmental

Protection Act and EU regulations, we conduct annual surveys on conflict minerals to ensure transparency in our supply

to be a company that contributes to society through ourconservation by preventing environmental pollution andbusiness activities, environmental activities, andpromoting energy and resource conservation for

chain. We will continue to promote the elimination of conflict minerals by proactively conducting surveys in order to fulfill

business continuity activities.

continuous environmental impact reduction.

our social responsibility with our business partners.
Minerals subject to the policy(2) Quality assurance system

Tantalum, tin, tungsten, and gold (3TG)

Global network & management
Realization of a manufacturing, technology, and quality platform that connects 12 manufacturing bases

We advance initiatives in accordance with international certifications and guidelines on sustainability.

Global Engineering Department (Sagamihara, Japan)
Quality control andimprovement

Standardization
promotion

Mounting andmanufacturing technology

Factory support

Certifications, standards, etc.
ISO 9001: International standards for quality management systems

Automation promotion

ISO 14001: International standards for environmental management systems
ISO 27001: International standards for information security management systems (ISMS)ICTI (International Council of Toy Industries)

Strengthen cooperation among SIIX manufacturing bases
SEI
Indonesia

SEK
Indonesia

SET
Thailand

SHU
HungarySES
Slovakia

SEJ
Japan

SED
Dongguan, China

SJC
Shanghai, China

SHB
Hubei, China

SEM
MexicoSEP
Philippines

SCP
Philippines

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Financial Information

Knowing SIIX

Value Creation Story of SIIX Business Overview of SIIX

ESG of SIIX

Financial Information

Consolidated Financial Summary

FY2011FY2012FY2013

FY2014FY2015FY2016FY2017FY2018FY2019FY2020

FY2021

Financial Information
Net sales

Million yen

167,825

190,692

207,009

209,755

235,035

212,768

233,153

242,804

223,037

181,598

226,833

Operating income

Million yen

4,027

4,647

5,011

6,233

8,913

9,134

9,705

8,625

5,506

4,452

4,954

Ordinary income

Million yen

4,582

4,973

5,427

6,460

9,002

9,146

10,513

8,717

5,634

4,444

5,934

Profit attributable to owners of parent

Million yen

2,723

3,076

3,321

4,131

6,717

6,698

7,093

6,414

3,695

1,724

4,561

Selling, general and administrative expenses

Million yen

6,113

6,671

8,072

8,889

10,802

11,067

12,922

12,01012,155

11,697

15,165

Depreciation and amortization

Million yen

1,972

2,404

2,916

3,166

3,805

3,271

3,465

4,235

5,477

6,046

6,129

Total assets

Million yen

59,471

74,70389,204103,429

109,957

109,695

130,526

137,350

143,391

144,436

169,921

Net assets

Million yen

20,12625,45333,18541,49749,73951,57357,60956,01658,24956,49866,369Equity capitalMillion yen

19,70025,27732,98541,31049,58551,33257,25255,65557,84656,08465,879Interest-bearing debt

Million yen

16,865

16,511

18,546

19,128

12,614

11,45819,55332,96938,66747,471

51,350Net cash provided by (used in) operating activities

Million yen

163

7,546

3,438

2,374

7,996

6,333

4,536

966

8,945

13,280(8,106)

Net cash provided by (used in) investment activities

Million yen(3,851)(4,598)(3,216)(2,827)(5,113)(5,450)(9,211)(6,515)(9,602)(6,034)(7,765)

Net cash provided by (used in) financing activities

Million yen

2,608(1,932)(105)(1,286)

3,352(4,171)

6,410

7,991

2,923

1,291

869

Cash and cash equivalents at end of period

Million yen

4,450

6,263

7,518

6,497

12,473

8,776

10,574

12,813

15,03522,9689,315

Free cash flow

Million yen(3,687)

2,947

222

(453)

2,883

882

(4,674)(5,549)

(656)

7,246

(15,872)

Capital expenditure

Million yen

4,085

3,463

1,134

2,857

3,764

4,528

6,167

7,483

9,082

5,573

9,516

Net income per share (EPS)

Yen

57.71

65.19

70.37

87.53

137.94133.81144.01131.45

78.21

36.48

96.53

Net assets per share (BPS)

Yen

417.39535.55698.87875.24986.35

1,042.20

1,162.33

1,178.04

1,224.26

1,186.71

1,393.92

Dividends per share

Yen

14.0

15.0

16.0

17.0

21.0

25.0

26.0

27.0

28.0

29.0

30.0

Million yen

5,999

7,051

7,927

9,399

12,71912,406

13,17012,861

10,983

10,49811,084

%

33.1

33.8

37.0

39.9

45.1

46.8

43.9

40.5

40.3

38.8

38.8

Times

0.9

0.7

0.6

0.5

0.3

0.2

0.3

0.6

0.7

0.8

0.8

Per-share Data**A two-for-one stock split was conducted on April 1, 2018. The above per-share data have been adjusted retroactively to reflect the effect of this stock split.

Key Indicators
EBITDA(Operating income + depreciation and amortization)

Capital-to-asset ratio(Equity capital / Total assets (fiscal year-end))

Debt-to-equity ratio(Interest-bearing debt / Equity capital (fiscal year-end))

Return on equity(Profit attributable to owners of parent / Average equity capital during the period)

%

13.9

13.7

11.4

11.1

14.8

13.3

13.1

11.4

6.5

3.0

7.5

Rate of ordinary income tototal assets(Ordinary income / Average total assets during the period)

%

7.5

7.4

6.6

6.7

8.4

8.3

8.8

6.5

4.0

3.1

3.8

Payout ratio((Interim dividends + Year-end dividends) / Profit attributable to owners of parent)

%

24.3

23.0

22.7

19.4

15.2

18.7

18.1

20.5

35.8

79.5

31.1

Number of
employees

8,301

9,029

8,641

9,545

10,352

10,82011,65913,632

12,721

11,257

12,354

Employees

48

49

Financial Information

Knowing SIIX

Value Creation Story of SIIX Business Overview of SIIX

ESG of SIIX

Financial Information

Corporation and its consolidated subsidiaries
Consolidated Financial Statements SIIX
Fiscal years ended December 31, 2020 and 2021

Consolidated Balance Sheets
Assets(Million yen)

As of December 31, 2020

Liabilities

As of December 31, 2021

Current assets(Million yen)

As of December 31, 2020

As of December 31, 2021

Current liabilities

Cash and deposits

23,1309,484

Accounts payable-trade

27,48137,298Notes and accounts receivable - trade

37,05747,278

Short-term loans payable

23,81031,561

Merchandise and finished goods

19,274

22,261

Income taxes payable

1,710

1,667

Work in process

1,376

1,903

Other

6,852

9,306

Raw materials and supplies

15,88034,075

Other

7,574

7,845

59,85579,833(39)(50)

104,254

122,797

Bonds with subscription rights to shares

10,00010,000Noncurrent assets

Long-term loans payable

12,061

8,446

Property, plant and equipment

Liabilities for retirement benefits

751

668

Allowance for doubtful accounts
Total current assets

Total current liabilities
Noncurrent liabilities

Buildings and structures

21,93927,673

Deferred tax liabilities

3,265

2,848

Accumulated depreciation(8,387)(10,286)

Other

2,004

1,754

Buildings and structures, net

13,551

17,386

Total noncurrent liabilities

28,082

23,718

Total liabilities

87,937

103,551

Machinery, equipment and vehicles

39,09545,858

Accumulated depreciation(28,520)(33,427)

Machinery, equipment and vehicles, net

10,575

12,431Tools, furniture and fixtures

3,508

3,977

Accumulated depreciation(2,667)(3,079)

840

897

Land

3,815

3,893

Construction in progress

1,021

981

Other

3,398

3,322

Accumulated depreciation(1,135)(1,149)Other, net

2,262

2,173

32,06637,764Tools, furniture and fixtures, net

Total property, plant and equipment
Intangible assets

1,581

2,075

839

514

2,421

2,590

Investment securities

2,101

2,385

Investments in capital

958

957

Long-term loans receivable

62

63

Assets for retirement benefits

360

430

Deferred tax assets

1,554

2,058

Other

1,178

976

Allowance for doubtful accounts(523)

Total investments and other assets

5,693

Software
Other
Total intangible assets
Investments and other assets

Net assets(Million yen)

As of December 31, 2020

As of December 31, 2021

Shareholders’ equity
Capital stock

2,144

2,144

Capital surplus

5,631

5,630

Retained earnings

53,98057,074

Treasury stock(5,949)(5,945)55,80658,902

Valuation difference on available-for-sale securities

90

528

Foreign currency translation adjustment

323

6,404

Adjustment for retirement benefits

Total shareholders’ equity
Accumulated other comprehensive income

(136)

44

Total accumulated other comprehensive income

277

6,976

(102)

Share acquisition rights

59

77

6,768

Non-controlling interests

354

412

Total noncurrent assets

40,181

47,123

Total net assets

56,49866,369Total assets

144,436

169,921

Total liabilities and net assets

144,436

169,92150

51

Financial Information

Knowing SIIX

Consolidated Statements of Income

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income(Million yen)

For the year ended
December 31, 2020

For the year ended
December 31, 2021

181,598
165,448
16,15011,697
4,452

226,833
206,712
20,12015,165
4,954

142
49
－
221
205
167
254
1,041

26
191
286
201
328
172
373
1,579

Non-operating income
Interest income
Dividends income
Foreign exchange gains
Subsidy income
Gain on sales of goods
Gain on sales of scraps
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity method
Foreign exchange losses
Purchase of goods
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on reversal of share acquisition rights
Total extraordinary income
Extraordinary losses
Losses related to novel coronavirus infections
Total extraordinary losses
Income before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Net income
Profit attributable to non-controlling interests
Profit attributable to owners of parent

373
63
25
153
433
1,049
4,444

284
33
－
148
133
599
5,934

2
2

0
0

1,683
1,683
2,763
690
342
1,032
1,730
6
1,724

－
－
5,935
2,273
(908)
1,364
4,570
8
4,561

Value Creation Story of SIIX Business Overview of SIIX

For the year ended December 31, 2020

(Million yen)

Shareholders’ equity
Capitalstock

Balance at beginning of
period2,144

CapitalsurplusRetainedearnings

5,630

Net income
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Share of other comprehensive income of entities accounted forusing equity method

1,730

4,570

156
(3)
(2,302)
6

439
－
6,060
167

(35)

87

Total other comprehensive income
Comprehensive income(2,178)
(447)

6,754
11,324(458)
11

11,26657

Comprehensive income attributable to:Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests

Total(5,968)53,57955,386

Shareacquisitionrights

Noncontrollinginterests

2,460

60

342

Total net
assets58,249Dividends from surplus(1,323)(1,323)(1,323)

Profit attributable to ownersof parent

1,724

1,724

1,724

－

－

19

19

－

－

Purchase of treasury stock0

Disposal of treasury stock

18

Change of scope of
consolidation
Net changes in items otherthan shareholders’ equity
Total changes of items
during the period
Balance at end of period(2,182)(0)

11(2,171)

－

0

401

18

420

(2,182)(0)

11(1,751)

2,144

5,631

53,980(5,949)55,806

277

59

354

56,498For the year ended December 31, 2021

(Million yen)

Shareholders’ equity
Capitalstock

Balance at beginning of
period2,144

Capitalsurplus

5,631

Retainedearnings

53,980Treasury
stock

Total

(5,949)55,806

Accumulated
othercomprehensive
incomeShare
acquisitionrights

Noncontrollinginterests

277

59

354

Total net
assets56,498Changes of items during
the period
Dividends from surplus(1,417)(1,417)(1,417)

Profit attributable to ownersof parent

4,561

4,561

4,561

(0)

(0)

(0)

3

2

2

(1)

Disposal of treasury stock

For the year ended
December 31, 2021

Treasurystock

Accumulated
othercomprehensive
incomeChanges of items during
the period(Million yen)

For the year ended
December 31, 2020

Financial Information

Consolidated Statements of Changes in Net Assets

Purchase of treasury stock

Consolidated Statements of Comprehensive Income

ESG of SIIX

Change of scope of
consolidation

(50)

(50)

Net changes in items otherthan shareholders’ equity
Total changes of items
during the period
Balance at end of period

(5)

(55)

6,704

17

57

6,780

－

(1)

3,093

3

3,095

6,699

17

57

9,870

2,144

5,630

57,074(5,945)58,902

6,976

77

412

66,36952

53

Financial Information

Knowing SIIX

Consolidated Statements of Cash Flows(Million yen)

For the year ended
December 31, 2020

For the year ended
December 31, 2021

Value Creation Story of SIIX Business Overview of SIIX

ESG of SIIX

Financial Information

Corporate Data
Corporate Outline

Net cash provided by (used in) operating activities
Income before income taxes

2,763

5,935

Company name

SIIX Corporation

Depreciation and amortization

6,046

6,129

Established

July 1, 1992

Increase (decrease) in allowance for doubtful accounts

(18)

(420)

Paid-up capital

2,144 million yen (as of December 31, 2021)

Interest and dividends income

(192)

(217)

LocationInterest expenses

373

284

Osaka
SIIX BLDG, 1-4-9, Bingo-machi, Chuo-ku,
Headquarters: Osaka 541-0051 JAPANForeign exchange losses (gains)

67

(904)

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

63

33

Decrease (increase) in trade receivables(553)(7,428)Decrease (increase) in inventories

4,385(18,110)Decrease (increase) in consumption taxes refund receivable

(269)

(109)

Increase (decrease) in trade payables

824

7,794

Tokyo
SIIX BLDG, 2-3-25, Kudanminami, Chiyoda-ku,
Headquarters: Tokyo 102-0074 JAPAN
Nagoya Sales 2F SIIX BLDG, 3-2-11, Meieki, Nakamura-ku,
Department: Nagoya, Aichi 450-0002 JAPANNet sales

226,833 million yen (FY2021: consolidated)

Number of employees

Non-consolidated: 215, consolidated: 12,354 (as of December 31, 2021)

Increase (decrease) in advances received

(738)

(137)

Other

2,166

1,597

Stock and Shareholder Information (as of December 31, 2021)

Subtotal

14,919(5,554)■ Stock information

Interest and dividends income received

208

238

Interest expenses paid

(380)

(294)

(1,467)(2,496)

Income taxes paid

■ Shareholding by typeof shareholder

Total number of
160,000,000 sharesauthorized shares
Total number of
50,400,000 sharesshares issued
Number of shareholders 22,642 shareholders
at fiscal year-end

Treasury stock
6.23%

Securities
companies
1.16%

Individuals
and others
18.11%

Financial
institutions
30.39%

Foreigncorporations, etc.
17.01%

Other
corporations
27.10%■ Number of shareholders
by type of shareholder
Financial institutions
0.10%
Other corporations
0.72%

Securities companies
0.12%
Treasury stock
0.00%

13,280(8,106)(5,394)(7,443)94

40

Purchase of intangible assets

(742)

(688)

Proceeds from sale of investment securities

110

119

Payments of loans receivable

(49)

(31)

Collection of loans receivable

23

30

Sakata Inx Corporation

10,812

21.45

(213)

(1)

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

6,172

12.25

2,200

4.37

Net cash provided by (used in) operating activities
Net cash provided by (used in) investment activities
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment

Purchase of shares of subsidiaries and affiliates

Major shareholders

Foreigncorporations,
etc.
0.97%

Number of shares held
(in thousands)

Shareholder nameIndividuals andothers98.09%

Shareholding ratio (%)

Proceeds from subsidy income

200

163

Forty Six Ltd.

Other

(62)

45

Resona Bank, Limited

2,170

4.31

(7,765)

Sumitomo Mitsui Banking Corporation

2,160

4.29

Shiro Murai

1,400

2.78

1,138

2.26

1,042

2.07

Net cash provided by (used in) investment activities(6,034)

Net cash provided by (used in) financing activities
Net increase (decrease) in short-term loans payable(4,863)

5,732

Custody Bank of Japan, Ltd. (trust account)

Proceeds from long-term loans payable

10,211

2,591

Custody Bank of Japan, Ltd. (trust account 9)

Repayment of long-term loans payable(6,270)(5,584)

THE BANK OF NEW YORK MELLON 140051

987

1.96

MUFG Bank, Ltd.

720

1.43

Proceeds from issuance of bonds

9,949

－

Redemption of bonds with share acquisition rights(5,948)－－(0)(1,324)(1,417)

Other

(463)

(452)

Net cash provided by (used in) financing activities

1,291

869

Purchase of treasury stock
Cash dividends paid

Effect of exchange rate change on cash and cash equivalents

(605)

1,309

Net increase (decrease) in cash and cash equivalents

7,932(13,693)

Cash and cash equivalents at beginning of period

15,03522,968－40

22,968

9,315

Increase in cash and cash equivalents from newly consolidated subsidiary
Cash and cash equivalents at end of period*Aside from the above, SIIX owns 3,137,933 shares of treasury stock.

Website of SIIX

Refer to the website of SIIX for the latest company, IR, and CSR information.
SIIX Corporation

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https://www.siix.co.jp/