Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2020
<Under Japanese GAAP>
February 5, 2020
These financial statements have been prepared for reference only in accordance with accounting principles and practices generally accepted in Japan.

NAGASE & CO., LTD.
Stock exchange listing: Tokyo (First Section)
Code number:8012
URL (https: //www.nagase.co.jp/english/)Representative:
Kenji Asakura, Representative Director and President
Contact:
Akira Takami, Executive Officer, General Manager, Accounting Division TEL: +81-3-3665-3103
Filing of quarterly report (scheduled): February 10, 2020
Start of distribution of dividends (scheduled): Supplementary documents of quarterly financial results: Yes
Quarterly investors' meeting: No(Note: Amounts have been rounded down to the nearest million yen.)

1. Consolidated Results for the Third Quarter of the Fiscal Year Ending March 31, 2020
(April 1, 2019 to December 31, 2019)(1) Consolidated Operating Results
Net sales
For the third quarter ended
December 31, 2019
December 31, 2018

Operating income(% = year-on-year change)

Profit attributable toowners of the parent

Ordinary income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

601,721616,466(2.4)
3.9

15,05320,928(28.1)
3.0

15,70922,214(29.3)
0.4

12,04916,103(25.2)
10.0(Notes) Comprehensive income

Third quarter ended December 31, 2019: ¥14,866 million (116.4%)
Third quarter ended December 31, 2018: ¥6,869 million (74.7% decrease)
Earnings per share

For the third quarter ended
December 31, 2019
December 31, 2018

Yen
97.16
128.73

Earnings per share (diluted)Yen(2) Consolidated Financial Position
Total assets
December 31, 2019
March 31, 2019
(Reference) Equity capital

Net assets

Shareholders’equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

641,646567,346

324,032
312,60949.4
54.2

2,554.37
2,481.01

As of December 31, 2019: ¥316,772 million
As of March 31, 2019:¥307,674 million

2. Dividends
1Q
For the year ended (or ending)
Yen
March 2019
March 2020March 2020 (estimate)(Note) Revisions to the latest projected dividends: No

2Q

Annual Dividends per Share
3Q
Fiscal year end

Annual

Yen

Yen

Yen

Yen

18.00
22.00




24.00

42.00

22.00

44.00

3. Projected Consolidated Results for the Fiscal Year Ending March 31, 2020
(April 1, 2019 to March 31, 2020)(% = year-on-year change)

Net sales
Millions of yen

Full fiscal year

820,000

Operating income% Millions of yen

1.5

21,500

Profit attributable toowners of the parent

Ordinary income% Millions of yen(14.8)

22,000% Millions of yen(17.4)

17,300Earnings per
share

%

Yen

(14.1)

139.50(Note) Revisions to the latest projected consolidated results: No* Notes(1) Changes in major subsidiaries during the period (changes in specified subsidiaries accompanying changes in thescope of consolidation): Yes
New: 1 (Company name:Nagase Holdings America Corporation) ([FOXGHGʊ &RPSDQ\ name:)(Note)
Please refer to 2. Quarterly Consolidated Financial Statements and Notes (3) Notes Related to Quarterly
Consolidated Financial Statements, (Changes in Significant Subsidiaries During the Period) on P.9 ofthis document.
(2) Application of special accounting methods to the preparation of quarterly financial statements: No(3) Changes of accounting principles, changes in accounting estimates, and restatement of prior period financial
statements after error correctionsi.
Changes in accordance with revisions to accounting and other standards: Yes
ii. Changes in items other than (i) above: Noiii. Changes in accounting estimates: No
iv. Restatement of prior period financial statements after error corrections: No(Note)
Please refer to 2. Quarterly Consolidated Financial Statements and Notes (3) Notes Related to Quarterly
Consolidated Financial Statements, (Change in Accounting Policy) on P.9 of this document.
(4) Number of shares issued and outstanding (common stock)i.
Number of shares issued and outstanding as of the fiscal period end (including treasury stock)
December 31, 2019
127,408,285 shares March 31,2019
127,408,285 shares
ii.

iii.

Number of treasury stock as of the fiscal period end
December 31, 2019
3,396,548 shares

March 31, 2019

Average number of shares during the period
December 31, 2019
124,011,848 shares

December 31, 2018

3,396,352 shares

125,092,087 shares* Quarterly financial statements are not subject to quarterly review.
* Cautionary Statement with Respect to Forecasts of Consolidated Business Results
The earnings forecasts presented in this document are based upon currently available information and assumptions
deemed rational. A variety of factors could cause actual results to differ materially from forecasts.
Please refer to 1. Qualitative Information (3) Qualitative Information Related to Consolidated Earnings Forecasts on P.4of this document.

NAGASE & CO., LTD. (8012)
Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2020

Attachments
1. Qualitative Information

2(1) Business Performance2(2) Financial Position

3(3) Qualitative Information Related to Consolidated Earnings Forecasts

45

2. Quarterly Consolidated Financial Statements and Notes(1) Quarterly Consolidated Balance Sheets

5(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income

7

Quarterly Consolidated Statements of Income
Nine-month periods ended December 31, 2019 and 20187

Quarterly Consolidated Statements of Comprehensive Income
Nine-month periods ended December 31, 2019 and 20188(3) Notes Related to Quarterly Consolidated Financial Statements

9(Assumption for Going Concern)

9(Significant Fluctuations in Shareholders’ Equity)9(Changes in Significant Subsidiaries During the Period)

9(Change in Accounting Policy)

9(Segment Information, etc.)

911

3. Supplementary Information

11(1) Overseas Sales㸫 1 㸫

NAGASE & CO., LTD. (8012)
Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2020

1. Qualitative Information(1) Business Performancea. General Summary of Results
Although employment continues to improve, the Japanese economy experienced stagnant manufacturing and capital
investment during the cumulative consolidated third quarter. Despite a push from strong corporate earnings in the UnitedStates, the slowdown in the Chinese economy due to an extended period of U.S.-China trade frictions, as well as more
immediate concerns that the spread of the novel coronavirus will impact the economy, has resulted in increasing uncertainty as
to the overall future direction of the global economy.
In this environment, the Company recorded domestic sales of ¥304.92 billion (-2.6% year on year) for the cumulative
consolidated third quarter. Overseas sales amounted to ¥296.79 billion (-2.2%). In total, the Company recorded ¥601.72 billion(-2.4%) in net sales.
The Company recorded gross profit of ¥77.82 billion (-3.8%) in conjunction with lower sales. Lower sales together with higher
general and administrative expenses led to operating income of ¥15.05 billion (-28.1%). Ordinary income amounted to ¥15.7
billion (-29.3%), while profit attributable to owners of the parent amounted to ¥12.04 billion (-25.2%).

b. Segment Summary
Functional Materials
The Functional Materials segment recorded lower sales in both domestic and overseas markets.
The Performance Chemicals business recorded lower sales due to lower sales in coating raw materials and urethane materials,
as a result of lower automotive production in Japan and overseas.
The Speciality Chemicals business recorded lower sales overall, from decreased sales of both electronics chemicals for thesemiconductor and other related electronics industries in Japan and overseas, and of industrial oil solutions.
As a result, sales for the segment amounted to ¥129.91 billion, which was a ¥6.52 billion (-4.8%) decrease compared to the
cumulative consolidated third quarter of the prior fiscal year. Operating income fell ¥130 million (-3.2%) to ¥4.09 billion forthe cumulative consolidated third quarter.

Advanced Materials & Processing
The Advanced Materials & Processing segment recorded slightly lower sales in both domestic and overseas markets.
The Colors & Advanced Processing business recorded higher sales as a whole, driven by growth in sales of digital print
processing materials both in Japan and overseas, despite reduced sales in Japan of plastic resins for industrial and packaging
applications and conductive materials.
The Polymer Global Account business mainly sells plastics to the office equipment, appliance, and video game device markets.
Sales in these businesses were lower overall, caused by decreases in Japan, Greater China, and ASEAN.
As a result, sales for the segment amounted to ¥207.35 billion, which was a ¥4.28 billion (-2.0%) decrease compared to the
cumulative consolidated third quarter of the prior fiscal year. Operating income was ¥6.96 billion, an increase of ¥150 million(+2.3%) year on year, mainly due to improved profitability among the Company’s manufacturing subsidiaries in Japan.

㸫 2 㸫

NAGASE & CO., LTD. (8012)
Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2020

Electronics
Despite increased sales of photolithography materials, the Electronics segment recorded lower net sales overall driven by levelsales of formulated epoxy resins to the semiconductor industries and lower sales of precision processing-related, equipmentrelated, and display-related materials used in connection with intermediate processing in semiconductors.
As a result, sales for the segment amounted to ¥87.32 billion, which was a ¥7.35 billion (-7.8%) decrease compared to the
cumulative consolidated third quarter of the prior fiscal year. Operating income fell ¥2.05 billion (-33.2%) to ¥4.14 billion forthe cumulative consolidated third quarter.

Mobility & Energy
The Mobility Solution business recorded lower sales both in Japan and overseas, mainly due to lower sales in car electronicsrelated products in Japan as well as lower sales in the resins business in Japan and overseas.
As a result, sales for the segment amounted to ¥98.02 billion, which was a ¥7.48 billion (-7.1%) decrease compared to the
cumulative consolidated third quarter of the prior fiscal year. Operating income fell ¥900 million (-36.8%) to ¥1.56 billion forthe cumulative consolidated third quarter.
(Note) As of the consolidated first quarter, the name of the former Automotive & Energy Segment has been changed to the
Mobility & Energy Segment.

Life & Healthcare
Despite slightly lower domestic sales, the Life & Healthcare segment recorded higher sales due to materially higher overseas
sales.
Sales of TREHA™ and other products in the food ingredients field in the Life & Healthcare Products business were higher
overseas and level in Japan. Further, due to the addition of sales from the Prinova Group, newly-acquired by the Company inthe consolidated second quarter of the fiscal year, Overseas sales materially increased. Sales of AA2G™ to customers in theskin care and toiletries sectors were lower in Japan. However, overseas sales were higher due to favorable sales primarily inEurope. In the medical and pharmaceutical field, though sales in the pharmaceutical business decreased, sales ofpharmaceutical raw materials and intermediates as well as medical materials increased, driving increased sales for the businessas a whole.
The Beauty Care Products business, which includes sales of cosmetics and health foods, recorded lower sales due to weak
performance across all product categories.
As a result, sales for the segment amounted to ¥78.71 billion, which was a ¥10.97 billion (+16.2%) increase compared to the
cumulative consolidated third quarter of the prior fiscal year. Operating income decreased ¥1.07 billion (-29.1%) to ¥2.62
billion, mainly due to weaker profitability among the Company’s manufacturing subsidiaries in Japan.

Other
No special matters to disclose.

(2) Financial Position
As of the end of the consolidated third quarter, current assets amounted to ¥390.37 billion. This represents an increase of¥24.54 billion compared to the end of the prior consolidated fiscal year, mainly due to an increase in assets related to the newconsolidation of subsidiaries, despite decreases in cash and deposits, inventories, etc. among existing group companies. Noncurrent assets amounted to ¥251.27 billion, up ¥49.75 billion from the end of the prior consolidated fiscal year. This increase
was mainly due to an increase of assets and the recording of goodwill and other intangible assets related to the newconsolidation of subsidiaries, as well as an increase in investments in securities stemming from a rise in the fair value of stock
owned by the Company. As a result, total assets increased ¥74.29 billion compared to the end of the prior consolidated fiscal
year to ¥641.64 billion.
Liabilities amounted to ¥317.61 billion, an increase of ¥62.87 billion compared to the end of the prior consolidated fiscal year.
㸫 3 㸫

NAGASE & CO., LTD. (8012)
Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2020

This increase was mainly due to increases in commercial paper, long-term loans, and bonds.
Net assets amounted to ¥324.03 billion, up ¥11.42 billion compared to the end of the prior consolidated fiscal year. This
increase was mainly due to the recording of profit attributable to owners of the parent in the amount of ¥12.04 billion, as wellas an increase in net unrealized holding gain on securities.
As a result, the Company recorded a shareholders’ equity ratio of 49.4%, down 4.8 points compared to the end of the priorconsolidated fiscal year.

(3) Qualitative Information Related to Consolidated Earnings Forecasts
The Company has made no changes to the full-year consolidated earnings forecasts announced on November 1, 2019.

㸫 4 㸫

NAGASE & CO., LTD. (8012)
Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2020

2. Quarterly Consolidated Financial Statements and Notes(1) Quarterly Consolidated Balance Sheets
Prior Consolidated Fiscal Year
(March 31, 2019)ASSETS
Current assets
Cash and time deposits
Notes and accounts receivable
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Less allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Intangible fixed assets
Goodwill
Technology-based assets
Other
Total intangible fixed assets
Investments and other assets
Investments in securities
Long-term loans receivable
Retirement benefit asset
Deferred tax assets
Other
Less allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets㸫 5 㸫(Millions of yen)
Third Quarter, Current
Consolidated Fiscal Year
(December 31, 2019)

44,068230,459
74,471
1,847
4,683
10,651(355)
365,827

38,351
245,936
85,052
1,707
7,667
12,408(753)
390,370

66,46774,42423,866
10,6392,772
37,27933,4239,458
27,88670,767

90,263
243
109
2,290
4,959
(92)
97,771
201,518
567,346

96,602
454
1,907
2,147
5,057
(85)
106,083
251,275
641,646NAGASE & CO., LTD. (8012)
Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2020

Prior Consolidated Fiscal Year
(March 31, 2019)
LIABILITIESCurrent liabilities
Notes and accounts payable
Short-term loans
Current portion of long-term loans
Commercial paper
Current portion of bonds
Accrued income taxes
Accrued bonuses for employees
Accrued bonuses for directors
Other
Total current liabilities
Long-term liabilities
Bonds
Long-term loans
Deferred tax liabilities
Retirement benefit liability
Other
Total long-term liabilities
Total liabilities
NET ASSETS
Shareholders’ equity
Common stock
Capital surplus
Retained earnings
Less treasury stock, at cost
Total shareholders’ equity
Accumulated other comprehensive income
Net unrealized holding gain on securities
Deferred (loss) gain on hedges
Translation adjustments
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets㸫 6 㸫(Millions of yen)
Third Quarter, Current
Consolidated Fiscal Year
(December 31, 2019)117,256
34,964949
12,00010,000
3,594
5,355
287
17,457
201,866

123,271
29,360933
33,000
1,899
3,114
149
22,230213,958

10,00017,577
12,075
12,461757
52,870254,737

30,00042,19315,366
13,811
2,283
103,654
317,613

9,699
10,647
247,617(5,070)262,892

9,699
10,646254,030(5,071)
269,306

41,857
(7)
3,224
(292)
44,781
4,934
312,609567,346

45,668
12
1,922
(136)
47,466
7,260
324,032
641,646NAGASE & CO., LTD. (8012)
Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2020

(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive
Income(Quarterly Consolidated Statements of Income)Nine-month periods ended December 31, 2019 and 2018
(Millions of yen)
Nine-month period ended
December 31, 2018

Nine-month period ended
December 31, 2019

(April 1, 2018 - December 31, 2018) (April 1, 2019 - December 31, 2019)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Rent income
Equity in earnings of affiliates
Other
Total non-operating income
Non-operating expenses
Interest expenses
Equity in losses of affiliates
Foreign exchange losses
Other
Total non-operating expenses
Ordinary income
Extraordinary gains
Gain on sales of non-current assets
Gain on sales of investment securities
Gain on sales of shares of subsidiaries and affiliates
Subsidy income
Total extraordinary gains
Extraordinary losses
Loss on sales of non-current assets
Loss on disposal of non-current assets
Impairment losses
Loss on sales of investment securities
Loss on valuation of investment securities
Loss on business withdrawal
Total extraordinary losses
Income before income taxes and non-controlling interests
Income taxes - current
Income taxes - deferred
Total income taxes
Profit for the period
Profit attributable to non-controlling interests
Profit attributable to owners of the parent㸫 7 㸫616,466
535,568
80,89859,97020,928

601,721523,899
77,821
62,767
15,053

145
1,624
199
618
475
3,063

107
1,865
199
314
2,487

1,249
235
291
1,777
22,214

1,078
156
130
466
1,831
15,709

136
321
6
464

20
3,763
27
3,810

70
155
17
2
202
187
635
22,043
4,321
1,402
5,723
16,319215
16,103

43
146
1,041
22
1,254
18,266
4,585
1,365
5,950
12,315266
12,049

NAGASE & CO., LTD. (8012)
Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2020

(Quarterly Consolidated Statements of Comprehensive Income)Nine-month periods ended December 31, 2019 and 2018
(Millions of yen)
Nine-month period ended
December 31, 2018

Nine-month period ended
December 31, 2019

(April 1, 2018 - December 31, 2018) (April 1, 2019 - December 31, 2019)

Profit for the period
Other comprehensive income
Net unrealized holding (loss) gain on securities
Deferred gain on hedges
Translation adjustments
Remeasurements of defined benefit plans
Share of other comprehensive loss of affiliates
accounted for by the equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to:Shareholders of the parent
Non-controlling interests㸫 8 㸫16,31912,315(9,394)
18
(179)
172

3,811
20
(1,287)
155

(66)

(149)

(9,449)
6,869

2,550
14,8666,829
39

14,740126

NAGASE & CO., LTD. (8012)
Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2020

(3) Notes Related to Quarterly Consolidated Financial Statements(Assumption for Going Concern)
No matters to report.

(Significant Fluctuations in Shareholders’ Equity)
No matters to report.

(Changes in Significant Subsidiaries During the Period)
The Company established Nagase Holdings America Corporation in the U.S. on April 1, 2019, including Nagase Holdings
America Corporation within the scope of consolidation from the consolidated first quarter. Subsequently, the Company made acapital increase in Nagase Holdings America Corporation on August 2, 2019, making it a specified subsidiary.

(Change in Accounting Policy)
Beginning from the consolidated first quarter, the Company has applied IFRS 16 Leases for overseas consolidated subsidiaries
that have adopted International Financial Reporting Standards. The impact of this accounting standard on quarterly consolidated
financial statements is minor.

(Segment Information, etc.)
Segment Information
I Nine-month period ended December 31, 2018 (consolidated)
1. Information related to net sales and income (loss) by reportable segment(Millions of yen)
Reportable Segments
Advanced
Mobility &FunctionalLife &
Materials & Electronics
EnergyMaterials
Healthcare
Processing(Note) 1

Total

Others(Note) 2

Total

Corporate Adjustments Consolidated(Note) 3(Note) 5(Note) 4

Net sales
Sales tocustomers
Intersegment
sales/transfers

136,441

211,638

94,686

105,50767,747616,022444

616,466--

616,466

2,329

1,843

1,269

2,118

301

7,863

4,118

11,982-(11,982)-

Total

138,770

213,482

95,956

107,626

68,048623,885

4,563

628,448-(11,982)

616,466

Segment income(loss)

4,224

6,807

6,198

2,469

3,707

23,407286

23,694(3,151)

385

20,928(Note) 1. As of the consolidated first quarter, the name of the former Automotive & Energy Segment has been changed to the
Mobility & Energy Segment.
2. “Others” is a business segment consisting of businesses not included in Reportable Segments, and includes logistics
services, information processing services, and professional services.
3. Corporate segment income (loss) represents expenses not allocated to Reportable Segments or Others.
4. Adjustments are eliminations of intersegment transactions.
5. The sum of segment income (loss) Total, Corporate, and Adjustments is equivalent to operating profit as presented in“Consolidated”.

㸫 9 㸫

NAGASE & CO., LTD. (8012)
Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2020

II Nine-month period ended December 31, 2019 (consolidated)
1. Information related to net sales and income (loss) by reportable segment(Millions of yen)
Reportable Segments
Advanced
Mobility &FunctionalLife &
Materials & Electronics
EnergyMaterials
Healthcare
Processing(Note) 1

Total

Others(Note) 2

Total

Corporate Adjustments Consolidated(Note) 3(Note) 5(Note) 4

Net sales
Sales tocustomers
Intersegment
sales/transfers

129,917

207,356

87,32998,02078,718601,341379

601,721--

601,721

1,374

1,666

1,428

2,211

370

7,051

4,113

11,164-(11,164)-

Total

131,291

209,02288,757100,231

79,089608,392

4,492

612,885-(11,164)

601,721

Segment income(loss)

4,090

6,961

4,140

1,561

2,628

19,381

164

19,546(4,793)301

15,053(Note) 1. As of the consolidated first quarter, the name of the former Automotive & Energy Segment has been changed to the
Mobility & Energy Segment.
2. “Others” is a business segment consisting of businesses not included in Reportable Segments, and includes logistics
services, information processing services, and professional services.
3. Corporate segment income (loss) represents expenses not allocated to Reportable Segments or Others.
4. Adjustments are eliminations of intersegment transactions.
5. The sum of segment income (loss) Total, Corporate, and Adjustments is equivalent to operating profit as presented in“Consolidated”.
2. Information about assets for each reportable segment(Significant increases in assets due to acquisition of subsidiaries)
During the consolidated second quarter, the Company acquired equity in Prinova Group, LLC, adding a total of 18
companies including Prinova Group, LLC and its subsidiaries to the scope of consolidation. In connection with thistransaction, assets of the Life & Healthcare segment as of the end of the consolidated third quarter of this fiscal year
increased ¥73,000 million compared to the end of the prior consolidated fiscal year.
3. Information about impairment loss of non-current assets or goodwill, etc. for each reportable segment(Significant impairment losses of non-current assets)
In the Electronics segment, as a result of worsening profitability of the thin processing business for glass substrate,
the carrying amounts of the related business assets were reduced to their recoverable amounts. The recorded loss on
impairment of fixed assets in this instance was ¥1,039 million in the cumulative consolidated third quarter.
(Significant changes in goodwill)
During the consolidated second quarter, the Company acquired equity in Prinova Group, LLC, adding a total of 18
companies including Prinova Group, LLC and its subsidiaries to the scope of consolidation. In connection with thistransaction, the Company recorded ¥10,856 million in goodwill within the Life & Healthcare segment.
The allocation of acquisition costs has not been completed. Accordingly, the amount of goodwill stated here
represents a provisional calculation based on obtainable, reasonable information.

㸫 10 㸫

NAGASE & CO., LTD. (8012)
Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2020

3. Supplementary Information(1) Overseas Sales
I Nine-month period ended December 31, 2018 (consolidated)
GreaterChina
I Overseas sales (Millions of yen)

ASEAN

160,734

Americas89,637

Europe28,660Other

11,404

Total

12,953

II Consolidated sales (Millions of yen)

303,391
616,466

III Ratio of overseas sales toconsolidated sales (%)

26.1

14.5

4.6

1.9

2.1

49.2

II Nine-month period ended December 31, 2019 (consolidated)
GreaterChina
I Overseas sales (Millions of yen)

ASEAN

151,279

Americas83,863

Europe34,170Other

14,702

Total

12,775

II Consolidated sales (Millions of yen)
III Ratio of overseas sales toconsolidated sales (%)

296,791
601,721

25.2

13.9

5.7

2.4

2.1

(Note) 1. Overseas sales consist of net sales of the Company and consolidated subsidiaries in other countries or regions.
2. Countries/regions are determined by geographical proximity.
3. Major countries in each region(1) Greater China......China, Hong Kong, Taiwan(2) ASEAN...............Thailand, Vietnam(3) Americas.............U.S., Mexico(4) Europe.................Germany(5) Other....................Korea㸫 11 㸫

49.3