Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2019
<Under Japanese GAAP>

February 5, 2019

These financial statements have been prepared for reference only in accordance with accounting principles and practices generally accepted in Japan.

Stock exchange listing: Tokyo (First Section)
NAGASE & CO., LTD.
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 8, 2019
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, 2019
(April 1, 2018 to December 31, 2018)(Percentages represent changes compared with same period of the previous fiscal year.)(1) Consolidated Operating Results
Net sales
For the third quarter ended
December 31, 2018
December 31, 2017

Millions of yen(Notes) Comprehensive income

Operating income%

616,466
593,564

Millions of yen

3.9
10.5

%

20,92820,319Profit attributable toowners of the parent

Ordinary income

3.0
74.2

Millions of yen

22,214
22,119

%

0.4
73.6

Millions of yen%

16,103
14,637

10.0
65.3

Third quarter ended December 31, 2018: ¥ 6,869 million (74.7% decrease)
Third quarter ended December 31, 2017: ¥ 27,104 million (39.5%)
Earnings per share

For the third quarter ended
December 31, 2018
December 31, 2017

Yen
128.73116.06

Earnings per share (diluted)
Yen−−(2) Consolidated Financial Position
Total assets
December 31, 2018
March 31, 2018
(Reference) Equity capital

Net assets

Millions of yen

Shareholders’equity ratio

Millions of yen

581,011569,456

Net assets per share%

307,686
308,804

52.1
53.3

Yen

2,442.31
2,424.97

As of December 31, 2018: ¥ 302,875 million
As of March 31, 2018:¥ 303,636 million

2. Dividends
1Q
For the year ended (or ending)
Yen
March 2018−
March 2019−
March 2019 (estimate)(Note) Revisions to the latest projected dividends: Yes

2Q

Annual Dividends per Share
3Q
Fiscal year end
Yen

17.00
18.00

Yen

−
−
−

Annual

Yen

Yen

23.00

40.00

22.00

40.00

See Notice Concerning Revision of Dividend Forecast for the Fiscal Year Ending March 2019 announced today(February 5, 2019) for more about the revision to dividend forecasts.

3. Projected Consolidated Results for the Fiscal Year Ending March 31, 2019
(April 1, 2018 to March 31, 2019)(Percentages represent changes compared with the corresponding periods of the previous fiscal year.)Net sales
Full fiscal year

Millions of yen

828,000

Operating income% Millions of yen

5.6

25,500% Millions of yen

5.7

Profit attributable toowners of the parent

Ordinary income
27,500% Millions of yen

5.8

18,600Earnings per
share

%

8.3

Yen

149.99(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): No
New: ― (Company name:)
Excluded: ― (Company name:)(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: No
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(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, 2018
127,408,285 shares March 31,2018
127,408,285 shares
ii.

iii.

Number of treasury stock as of the fiscal period end
December 31, 2018
3,396,314 shares

March 31, 2018

Average number of shares during the period
December 31, 2018
125,092,087 shares

December 31, 2017

2,195,966 shares

126,116,626 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” onpage 4 of this document.

NAGASE & CO., LTD. (8012)
Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2019

Attachments
1. Qualitative Information

2(1) Business Performance2(2) Financial Position

4(3)Qualitative Information Related to Consolidated Earnings Forecasts

4

2. Quarterly Consolidated Financial Statements and Notes

5(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, 2018 and 20177

Quarterly Consolidated Statements of Comprehensive Income
Nine-month periods ended December 31, 2018 and 2017(3) Notes related to Quarterly Consolidated Financial Statements

89(Assumption for Going Concern)

9(Significant Fluctuations in Shareholders’ Equity)

9(Additional Information)

9(Segment Information, etc.)

10

3. Supplementary Information

12(1) Overseas Sales

12

－

1 －

NAGASE & CO., LTD. (8012)
Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2019

1. Qualitative Information(1) Business Performancea. General Summary of Results
The Japanese economy remained strong throughout the cumulative consolidated third quarter, supported by corporate earnings.
However, signs have indicated an impact of growing uncertainty on the global economy. Although corporate earnings in the
United States and other indicators have underpinned a strong global economy, U.S.-China trade friction, national fiscal
policies, exchange rate trends, and other emerging risk factors have given rise to concerns about the future direction of theworld economy.
In this environment, the Company recorded domestic sales of ¥313.07 billion (+5.4% year on year) for the cumulative
consolidated third quarter. Overseas sales amounted to ¥303.39 billion (+2.3%). In total, the Company recorded ¥616.46 billion(+3.9%) in net sales for the nine months ended December 2018.
The Company recorded gross profit of ¥80.89 billion (+3.8%) in conjunction with higher global sales and improved
profitability among manufacturing subsidiaries. Operating income amounted to ¥20.92 billion (+3.0%), while ordinary income
amounted to ¥22.21 billion (+0.4%) and profit attributable to owners of the parent amounted to ¥16.1 billion (+10.0%).

b. Segment Summary
The following section describes segment earnings for the period.
The Company reclassified certain reportable segments in the first quarter of the current consolidated fiscal year. The Company
has reclassified reportable segment classifications for the cumulative consolidated third quarter of the prior fiscal year forcomparative purposes.

Functional Materials
The Functional Materials segment recorded higher sales in both domestic and overseas markets.
The Performance Chemicals business recorded higher sales year on year, mainly due to improved sales of coating raw
materials and urethane materials, spurred by strong automotive production in Japan and overseas, as well as naphtha priceincreases. Another contributing factor was the additional sales of the U.S. distributor acquired in the second quarter of the priorfiscal year, reflected for an entire cumulative consolidated third quarter in the current fiscal year.
The Specialty Chemicals business recorded higher sales overall. Despite a slight decline in sales overseas, sales of electronics
chemicals and plastic materials/plastic additives for the semiconductor and other related electronics industries in Japan.
As a result, the Functional Materials segment recorded sales of ¥136.44 billion for the first nine months of the fiscal year, a¥6.93 billion (+5.4%) increase year on year. Operating income for the segment was ¥4.22 billion, an increase of ¥240 million(+6.2%).

－

2 －NAGASE & CO., LTD. (8012)
Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2019

Advanced Materials & Processing
The Advanced Materials & Processing segment recorded higher sales in both domestic and overseas markets.
The Colors & Advanced Processing business recorded higher sales as a whole, driven by growth in Japan for plastic resins forindustrial and packaging applications and dyes/additives, as well as growth in digital print processing materials in both Japanand overseas.
The Polymer Global Account business mainly sells plastics to the office equipment, appliance, and video game device markets.
The sales of those business were higher overall, driven by growth in Japan, Greater China, and ASEAN.
As a result, the Advanced Materials & Processing segment recorded sales of ¥211.63 billion for the cumulative consolidated
third quarter, a ¥10.42 billion (+5.2%) increase year on year. Operating income grew ¥1.22 billion (+21.8%), reaching ¥6.8
billion. This increase was mainly due to profitability improvements at domestic and overseas manufacturing subsidiaries.

Electronics
The Electronics segment recorded lower sales in both domestic and overseas markets.
Despite ongoing strength in formulated epoxy resins sales to the semiconductor industry, lower photolithography material andequipment-related sales resulted in a decline in sales for the Electronic Chemicals business.
The Electronic Materials business recorded lower sales due to decreases in display-related products, despite strong
performance in our business for abrasives used in interim processing in semiconductors.
As a result, sales for the segment amounted to ¥94.68 billion, which was a ¥6.04 billion (-6.0%) decrease. Segment operating
income fell ¥1.08 billion (-14.9%) to ¥6.19 billion for the cumulative consolidated third quarter.

Automotive & Energy
The Automotive Solutions business recorded higher sales, driven by strong performance in our resins business in Japan,
Greater China, and ASEAN. Sales growth for car electronics-related products was another positive factor.
As a result, sales for the segment amounted to ¥105.5 billion, which was a ¥9.02 billion (+9.4%) increase year on year.
Segment operating income grew ¥340 million (+16.4%), reaching ¥2.46 billion for the cumulative consolidated third quarter.

Life & Healthcare
The Life & Healthcare segment recorded higher sales in both domestic and overseas markets.
Sales of TREHA™ and other products in the food ingredients field in the Life & Healthcare Products business rose overseas
and were slightly higher in Japan. Sales of AA2G™ to customers in the skin care and toiletries sectors were higher both inJapan and overseas. In the medical and pharmaceutical fields, sales of pharmaceutical raw materials and intermediates andmedical materials were higher. As a result, the business recorded higher sales compared to the prior year.
The Beauty Care Products business, which includes sales of cosmetics and health foods, recorded lower sales, driven down due
to weak performance across all product categories.
As a result, sales for the segment amounted to ¥67.74 billion, which was a 2.55 billion (+3.9%) increase year on year.
Operating income rose ¥160 million (+4.8%) to ¥3.7 billion for the period.

Other
No special matters to disclose.

－

3 －NAGASE & CO., LTD. (8012)
Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2019

(2) Financial Position
As of the end of the consolidated third quarter, current assets amounted to ¥377.08 billion. This represents an increase of¥23.76 billion compared to the end of the prior consolidated fiscal year, mainly due to an increase in accounts receivable andinventories. Non-current assets amounted to ¥203.92 billion, down ¥12.2 billion. This decrease was mainly due to decreases in
the fair value of shares retained. As a result, total assets increased ¥11.55 billion to ¥581.01 billion as of the end of theconsolidated third quarter.
Liabilities amounted to ¥273.32 billion, a ¥12.67 billion increase compared to the end of the prior consolidated fiscal year. This
increase was mainly due to increases in accounts payable and loans.
Net assets amounted to ¥307.68 billion, down ¥1.11 billion. While the Company recorded ¥16.1 billion in profit attributable toowners of the parent, a decrease in net unrealized holding gain on securities contributed to this result.
As a result, the Company recorded a shareholders’ equity ratio of 52.1%, down 1.2 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 May 7, 2018.

－

4 －NAGASE & CO., LTD. (8012)
Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2019

2. Quarterly Consolidated Financial Statements and Notes(1) Quarterly Consolidated Balance Sheets
Prior Consolidated Fiscal Year
(March 31, 2018)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
Deferred tax assets
Other
Less allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets－

5 －(Millions of yen)
Third Quarter, Current
Consolidated Fiscal Year
(December 31, 2018)

43,303225,999
67,681
1,883
4,106
10,953(602)
353,325

43,037
240,61475,101
2,393
5,041
11,260(359)
377,089

67,22568,93625,478
12,215
3,396
41,09024,323
11,033
2,877
38,233

100,403
109
2,409
4,992
(101)
107,813
216,130
569,456

89,643
256
2,133
4,808
(89)
96,751
203,921581,011

NAGASE & CO., LTD. (8012)
Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2019

Prior Consolidated Fiscal Year
(March 31, 2018)
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
Net defined 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－

6 －(Millions of yen)
Third Quarter, Current
Consolidated Fiscal Year
(December 31, 2018)

118,028
31,934
11,067
5,000
1,738
5,451
274
19,500
192,996

123,784
40,215
10,187
10,00010,000
1,976
3,180
212
19,393218,949

20,00017,906
14,42014,518809
67,655
260,651

10,00018,40911,676
13,482807
54,375273,325

9,699
11,158232,534(3,114)250,278

9,699
10,658
243,504(5,070)258,791

50,773
(15)
2,917
(317)
53,3585,168
308,804
569,456

41,368
2
2,855
(142)
44,084
4,810
307,686
581,011

NAGASE & CO., LTD. (8012)
Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2019(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive
Income(Quarterly Consolidated Statements of Income)Nine-month periods ended December 31, 2018 and 2017

(Millions of yen)
Nine-month period ended
December 31, 2017

Nine-month period ended
December 31, 2018

(April 1, 2017 - December 31, 2017) (April 1, 2018 - December 31, 2018)

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
Foreign exchange gain
Other
Total non-operating income
Non-operating expenses
Interest expenses
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
Gain on negative goodwill
Total extraordinary gains
Extraordinary losses
Loss on sales of non-current assets
Loss on disposal of non-current assets
Impairment loss
Loss on sales of investments securities
Loss on valuation of investments securities
Loss on sales of shares of subsidiaries and affiliates
Loss on business withdrawal
Loss on step acquisitions
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－

7 －593,564
515,654
77,90957,59020,319616,466
535,568
80,89859,97020,928

152
1,479
203
690
114
311
2,951

145
1,624
199
618
475
3,063

900
250
1,151
22,119

1,249
235
291
1,777
22,214

28
8
229
267

136
321
6
464

24
66
259
3
0
457
294
1,105
21,280
4,748
1,588
6,336
14,944307
14,637

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

NAGASE & CO., LTD. (8012)
Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2019

(Quarterly Consolidated Statements of Comprehensive Income)Nine-month periods ended December 31, 2018 and 2017

(Millions of yen)
Nine-month period ended
December 31, 2017

Nine-month period ended
December 31, 2018

(April 1, 2017 - December 31, 2017) (April 1, 2018 - December 31, 2018)

Profit for the period
Other comprehensive income
Net unrealized holding gain (loss) on securities
Deferred (loss) gain on hedges
Translation adjustments
Remeasurements of defined benefit plans
Share of other comprehensive income 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－

8 －14,944

16,319

9,333
(8)
2,494
162

(9,394)
18
(179)
172

177

(66)

12,16027,104(9,449)6,869

26,531
572

6,829
39

NAGASE & CO., LTD. (8012)
Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2019(3) Notes Related to Quarterly Consolidated Financial Statements(Assumption for Going Concern)
No matters to report.

(Significant Fluctuations in Shareholders’ Equity)
At a meeting held November 28, 2018, the Company’s board of directors resolved to purchase outstanding Company sharesaccording to Article 156 of the Companies Act applied mutatis mutandis from the provisions of Article 165.3 of the same act.
Pursuant to this resolution, the Company acquired 1,200,000 shares of outstanding Company stock.
As a result, treasury stock increased ¥1,956 million during the cumulative consolidated third quarter, amounting to ¥5,070 million
as of the end of the consolidated third quarter.
The Company concluded purchases of treasury stock pursuant to this resolution on November 29, 2018.

(Additional Information)
At the beginning of the consolidated first quarter, the Company adopted the Partial Amendment to the Accounting Standard forTax Effect Accounting (ASBJ Statement No.28, February 16, 2018). Under this standard, the Company now classifies deferred tax
assets under investments and other assets, while deferred tax liabilities are classified under long-term liabilities for presentation.

－

9 －NAGASE & CO., LTD. (8012)
Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2019

(Segment Information, etc.)
Segment Information
I Nine-month period ended December 31, 2017 (consolidated)
1. Information related to net sales and income (loss) by reportable segment(Millions of yen)
Reportable Segments
Advanced
Functional
Automotive
Life &
Materials & Electronics& Energy Healthcare
Materials
Processing

Total

Other
(Note) 1

Total

Corporate Adjustments(Note) 2(Note) 3

To Quarterly
Consolidated
Financial
Statements(Note) 4

Net sales
Sales tocustomers
Intersegment
sales/transfers

129,506

201,210

100,732

96,47965,193593,121442

593,564--593,564

1,819

1,698

1,557

2,094

360

7,530

3,512

11,043-(11,043)-

Total

131,326

202,909102,289

98,57365,554600,652

3,954

604,607-(11,043)593,564

Segment income(loss)

3,978

5,587

7,283

2,122

3,538

22,510255

22,766(2,775)328

20,319(Note) 1. Other is a business segment consisting of businesses not included in reportable segments, and includes logistics services,
information processing services, and professional services.
2. Corporate segment income (loss) represents expenses not allocated to reportable segments or Other.
3. Adjustments are eliminations of intersegment transactions.
4. The sum of Segment income (loss), Corporate, and Adjustments is equivalent to operating profit as presented in the
consolidated statements of income.
II 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
Functional
Automotive
Life &
Materials & Electronics& Energy Healthcare
Materials
Processing

Total

Other
(Note) 1

Total

Corporate Adjustments(Note) 2(Note) 3

To Quarterly
Consolidated
Financial
Statements(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. Other is a business segment consisting of businesses not included in reportable segments, and includes logistics services,
information processing services, and professional services.
2. Corporate segment income (loss) represents expenses not allocated to reportable segments or Other.
3. Adjustments are eliminations of intersegment transactions.
4. The sum of Segment income (loss), Corporate, and Adjustments is equivalent to operating profit as presented in the
consolidated statements of income.

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10 －

NAGASE & CO., LTD. (8012)
Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2019

2. Changes in Reportable Segments(Changes in Business Classifications)
Beginning in the consolidated first quarter, the Company reclassified Fitz Chem LLC under the Functional Materials and the Life
& Healthcare segments. In the prior consolidated fiscal year, Fitz Chem LLC was classified under the Functional Materials
segment. This change is in response to a change in business unit management.
Segment information for the prior cumulative consolidated third quarter has been prepared under this new classification method,reported under 1. Information related to net sales and income (loss) by reportable segment.
The following describes the major products and services handled by each reportable segment.
The Functional Materials segment is engaged in the sales of materials for paints/inks, urethane materials, auxiliaries, plastic
materials, plastic additives, industrial oil solutions, surfactants, fluorochemicals, encapsulant materials, silicone materials, andmore for the paints/inks, resins, urethane foam, organic synthesis, surfactants, and semiconductor industries.
The Advanced Materials & Processing segment is engaged in sales of dyestuffs, dyes, functional dyes, digital print processing
materials, thermoplastic resins, thermosetting resins, automobile refinish paints, conductive coatings, synthetic rubber, inorganic
materials, plastics products, and resins molding tools/dies for the dye/additive, digital print processing material, fiber processing,raw resin material, resin molding, functional film and sheet, construction, and other industries.
The Electronics segment is engaged in the sales of pre-processing materials and devices for LCD/semiconductors, materials fordisplay panels, materials and devices for semiconductor assembly, low-temperature/vacuum equipment, high-function epoxy
resins, precision electronics abrasives, and more for the display, touch panel, semiconductor, hard disk drive, electronic
components, and heavy electrical industries.
The Automotive & Energy segment is engaged in the sales of plastic products, thermoplastic resins, thermosetting resins, silicone
products, resin molding tools/dies, high-function car electronics materials and components, battery materials, solar cell/secondary
battery materials and more for the automotive, automotive component, and energy industries.
The Life & Healthcare segment is engaged in the sales of pharmaceutical/agricultural chemicals and materials, research products,
in vitro diagnostics, enzymes, food additives, additives for cosmetics, feeds, and surfactants for the pharmaceutical, food, andcosmetics industries. The segment offers radiation measurement as one of its main services. In addition, this segment sells
cosmetics, health foods, and beauty foods directly to consumers.

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11 －

NAGASE & CO., LTD. (8012)
Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2019

3. Supplementary Information(1) Overseas Sales
I Nine-month period ended December 31, 2017 (consolidated)
GreaterChina
I Overseas sales(Millions of yen)

ASEAN

160,727

Americas81,901

26,820EuropeOther

10,967

Total

16,086

II Consolidated sales（Millions of yen)

296,503593,564

III Ratio of overseas sales toconsolidated sales (%)

27.2

13.8

4.5

1.8

2.7

50.0

II Nine-month period ended December 31, 2018 (consolidated)
GreaterChina
I Overseas sales(Millions of yen)

ASEAN

160,734

Americas89,63728,660EuropeOther

11,404

Total

12,953

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

303,391
616,466

26.1

14.5

4.6

1.9

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, Singapore(3) Americas.............U.S., Mexico(4) Europe.................Germany(5) Other....................Korea

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12 －

49.2