Financial Resultsfor
1H FY2021.3(April 1, 2020 ~ September 30, 2020)

Asahi Holdings, Inc.
These forecast performance figures are based on information currently available to the company’s management and certain
assumptions judged rationally. Accordingly, there might be cases in which actual results materially differ from forecasts of this report.
Copyright © Asahi Holdings, Inc. All rights reserved.

Business Performance1Key Points of 1H FY2021.3 Financial Results
Business Performance
1H FY2021.3
Financial results

Operating income: ¥11.8 billion (YoY increase of ¥4.9 billion)* ¥1.1 billion increase from 1H forecast of ¥10.8 billon

Management Policies and Topics
Impact of COVID-19

The impact of COVID-19 remained slight in comparison with forecasts at the
beginning of the financial year for both the precious metal and the environmental
preservation businesses.
*Precious metal: Consumption contracted as many people refrained from going out; theautomobile industry in Japan remained sluggish; the volume of collection from computersand game consoles was high, backed by an increase in demand for stay-at-home goods;
product processing and marketing and financial transactions in North America remained solid.
*Environmental preservation: Industrial production remained slow overall; the volume ofcollection from the semiconductor industry for computers and games as well as the chemicalindustries related to disinfectants remained high.

Shareholder returns*Dividend payout ratio:
50% or more
*Stable dividend payment

Change in accounting
policy*From FY2021.3 financial results

Upgrading the incinerator at
Kitakyushu Office

Annual divided: ¥160
*Increase of ¥30 from previous fiscal year

Change in the classification for recording interest on borrowing for metal
procurement in North American business* Financial expenses→Cost of sales* The figures in FY2020.3 financial results are changed for comparison purpose
Upgrading the incinerator at Kitakyushu Office of Asahi Pretec Corp.
* Contributing to the preservation of global environment and creation of recycling
society through thermal recycling.
2

Copyright © Asahi Holdings, Inc. All rights reserved.

• Operating income for the first half of FY2021.3 was ¥11.8 billion, increased
substantially by ¥4.9 billion over the same period of the previous year.
• The impact of COVID-19 remained slight in comparison with forecasts at the
beginning of the financial year for both the precious metal and theenvironmental preservation businesses.
• The annual dividend in FY2020 will be ¥160, an increase of ¥30 from FY2019.
• Starting with the FY2021.3 financial results, the classification for recording
interest on borrowing for metal procurement in North American business will bechanged from financial expenses to cost of sales. The figures before theaccounting policy change are shown here for reference to improvecomparability with the FY2020.3 financial results.
• Updated the incinerator at the Asahi Pretec Corp. Kitakyushu Office.
Processing capacity per day of the new incinerator is 90 tons. By installing
power generation facility which utilizes waste heat generated through industrial
waste incineration, contribute to the preservation of global environment andcreation of recycling society through thermal recycling.

2

Impact of COVID-19■Precious Metals Business
The precious metal recycling business in Japan and Asia was affected by the contraction of consumption activities, as many people refrained
from going out, and by the slowdown of the domestic automobile industry. However, the volume of collection from manufacturing-related sectors,
including computers and games, remained high, backed by an increase in demand for stay-at-home goods.

Business Field

Impact on our business

Dentistry

The volume of collection declined due to a drop in the number of patients as more people chose to stay at home.

Jewelry

The volume of collection of new jewelry increased in line with the stagnation of other businesses in distribution andpurchases as well as the slowdown of the reuse trade, despite a contraction in manufacturing and distribution.

Catalyst

The volume of collection in Japan declined as people refrained from purchasing new automobiles. However, thevolume of collection of automobile catalyst production in the Asian region remained solid.

Electronics

The volume of collection from vehicle-mounted devices dropped while the volume of collection in manufacturingrelated sectors including computers, game consoles and smartphones remained high.

North American
Refining

The volume of product processing, marketing and financial transactions increased.

■Environmental Preservation BusinessIndustrial production remained slow overall but the volume of collection from semiconductor industry for computers and games as well as
chemical industries related to disinfectants remained high.

Industry

Impact on our business

Education/ Research
institutions

Despite the stagnation of activities at universities and public institutions, a certain volume of collection was secured
with the cleanout disposal of waste reagents and other factors.

Construction

The volume of collection of sludge, saw dust, glass, etc. dropped due to a stagnation of housing-related production
and new construction demand.

Automobiles

The volume of liquid waste collected from semiconductor factories for vehicle-mounted devices declined due to a
decline in new automobile sales.

Foods

The volume of residue and glass bottles collected from restaurants dropped due to stagnation of the food service
industry.

Electronics

The volume of collection related to semiconductor manufacturing involving computers and games increased.

Chemicals

The volume of collection from disinfectant-related businesses remained high.

3

Copyright © Asahi Holdings, Inc. All rights reserved.

• The impact of COVID-19 differed by each business field and industry.
• In the precious metals recycling business in Japan and Asia, the volume of
precious metals collected from the dental field decreased as a result of thecontraction in consumption activities as people chose to stay at home after thedeclaration of a state of emergency. The volume of collection of vehiclemounted devices decreased on account of stagnation of the domestic
automotive industry. On the other hand, the volume of collection for new
jewelry increased, and the electronics sector performed well as a result of brisk
production of computers, game consoles, smartphones and other products,
backed by a surge in demand for stay-at-home goods.
• In the North American refining business, product processing and marketing aswell as trading and other financial transactions increased, thanks to a rise inprecious metal prices and to other factors.
• In the environmental protection business, industrial production remained
generally sluggish due to restraints in corporate activities and other factors, but
the volume of collection from the manufacture of semiconductors related tocomputers and game consoles and from the chemical industry related todisinfectants remained strong.

3Consolidated Results<Results for 1H FY2021.3>
Precious Metals Business is strong, driving results → Significant increase in revenue and profit<Forecast for full-year FY2021.3>
Operating performance is expected to remain solid, centered on the Precious Metals BusinessExpected to be fourth straight year of record setting profit[Unit: ¥ billion]
FY2020.3
1H
Results*1

FY2021.3
1H
Results

FY2021.3
Full-year (forecast)

ChangeForecast

Previousyear

ChangeRevenue

61.0

79.1

18.1

165.0

135.6

29.4

Operatingincome

6.9

11.8

4.9

21.0

18.0

3.0

11.4%

14.9%

3.6%

12.7%

13.3%

(0.6%)

Profit before tax

6.7

11.9

5.1

20.8

17.7

3.1

Profit *2

4.5

8.2

3.7

14.0

9.8

4.2

Capitalinvestment

1.4

2.9

1.4

Depreciation

1.4

1.2

(0.2)

Operatingincome ratio*1 Starting with the FY2021.3 financial results, the classification for recording interest on borrowing for metal procurement in North
American business is changed from financial expenses to cost of sales. The figures in FY2020.3 financial results are changed
for comparison purpose.
*2 Profit attributable to owners of parent.
4

Copyright © Asahi Holdings, Inc. All rights reserved.

• In 1H FY2021.3, the Precious Metals Business was strong and drove
consolidated results, resulting in a significant increase in revenue andoperating income compared to the same period of the previous year.
• Operating income increased ¥4.9 billion year on year to ¥11.8 billion. The
forecast of operating income for the full year of FY2021.3 is ¥21.0 billion,
which is expected to be fourth straight year of record setting profit.
• Full-year forecast of FY2021.3 remains unchanged since impact on economy
caused by re-expansion of COVID-19 infection such as Americas and Europe
is uncertain.

4

Consolidated Results (by Business Segment)<Results for 1H FY2021.3>
Precious Metals Business: Significant increase in revenue and operating income
Environmental Preservation Business: Decrease in revenue and operating income due to reduction in volume of industrial
waste processing<Forecast for full-year FY2021.3>
Precious Metals Business: Operating performance is expected to remain solid.
Environmental Preservation Business: Gradually recovering, but operating income is expected to decrease year on year
[Unit: ¥ billion]

FY2020.3
1H
Results *Revenue

Precious Metals

Operating income
Income ratio
Revenue

Environmental
Preservation

Operating income
Income ratio
Revenue

Consolidated

Operating income
Income ratio

FY2021.3
1H
Results

FY2021.3
Full-year (forecast)

ChangeForecast

Previousyear

Change

49.9

70.0

20.1

143.3

113.8

29.5

6.2

11.4

5.2

19.9

15.9

4.0

12.3%

16.2%

3.9%

13.9%

14.0%

(0.1%)

10.0

9.1

(0.9)

21.7

20.7

1.0

1.8

1.7

(0.1)

4.0

4.4

(0.4)

18.2%

18.7%

(0.5%)

18.4%

21.0%

(2.6%)

61.0

79.1

18.1

165.0

135.6

29.4

6.9

11.8

4.9

21.0

18.0

3.0

11.4%

14.9%

3.6%

12.7%

13.3%

(0.6%)* Starting with the FY2020 financial results, the classification for recording interest on borrowing for metal procurement in North American businessis changed from financial expenses to cost of sales. The figures in FY2020.3 financial results are changed for comparison purpose.
5

Copyright © Asahi Holdings, Inc. All rights reserved.

<Results for 1H FY2021.3>• Looking at the performance by business segment, revenue and operating
income increased significantly in the Precious Metals Business, while revenue
and operating income decreased in the Environmental Preservation Business.
• In Precious Metals Business, both precious metal recycling business in Japanand Asia and the refining business in North America performed well, resulting
in a significant increase in revenue and operating income.
• In Environmental Preservation Business, Revenue and operating income
decreased due to a decrease in industrial waste disposal caused by sluggish
business activities.
<Forecast for full-year FY2021.3>• In Precious Metals Business, Operating performance is expected to remain
solid in 2H 2021.3. The full-year earnings forecast are for higher revenue andoperating income compared to the previous year.
• In Environmental Preservation Business, as the economy is gradually
recovering, revenue is expected to increase year on year. However, operating
income is expected to decline year on year so far.

5

Precious Metals Business
Precious Metals Recycling Business (Japan and Asia):<Results for 1H FY2021.3>
 Revenue and operating income increased due to the increase of the amount of precious metal recovered and risingprecious metal prices.
<Forecast for full-year FY2021.3>
 Operating performance is expected to remain solid.
Refining Business in North America:<Results for 1H FY2021.3>
 Although incoming raw materials decreased, revenue and operating income increased thanks to the increase of
product processing/sales and financial transactions.
<Forecast for full-year FY2021.3>
 Operating performance is expected to remain solid.
[Unit: ¥ billion]
Precious
Metals

FY2020.3
1H

Results *FY2021.3
1H
Results

FY2021.3
Full-year (forecast)

ChangePreviousyear

Forecast

ChangeRevenue

49.9

70.0

20.1

143.3

113.8

29.5

Operatingincome

6.2

11.4

5.2

19.9

15.9

4.0

12.3%

16.2%

3.9%

13.9%

14.0%

0.1%

Operatingincome ratio* Starting with the FY2021.3 financial results, the classification for recording interest on borrowing for metal procurement inNorth American business is changed from financial expenses to cost of sales. The figures in FY2020.3 financial results arechanged for comparison purpose.
6

Copyright © Asahi Holdings, Inc. All rights reserved.

<Precious Metals Recycling Business (Japan and Asia)>• In reference to the performance of precious metals recycling business in Japanand Asia in 1H FY2021.3, the amount of palladium recovered decreasedslightly from the same period of the previous year, but the amount of otherprecious metals recovered including gold increased. As for precious metal
prices, gold and palladium rose significantly. Therefore, revenue and operating
income increased significantly compared to the same period of the previous
year.
• As for 2H 2021.3, the operating performance is expected to remain strong.
<Refining Business in North America>• In reference to incoming raw materials, gold stayed almost flat while silver
decreased from the same period of the previous year. On the other hand,product processing/sales of coins and small bars, and financial transactions
such as advance trading increased. As a result, revenue and operating income
increased significantly compared to the same period of the previous year.
• As for 2H 2021.3, the operating performance is expected to remain strong.

6Reference: Changes in the Volume of Precious Metals Collected and Precious Metal Prices[Amount Collected for Precious Metal Recycling]
FY2020.3
1H Results[Unit: kg]

FY2021.3
Q1 Results

Change

Gold

8,239

9,065

826

Palladium

3,452

3,384

(68)

Silver

34,81835,270451

Platinum

1,946

2,098

152

[Precious Metal Prices (per gram) ]FY2020.3
1H Mid-term average
price[Unit: Yen]FY2021.3
Q1 Mid-term
average price

Change

Gold

4,884

6,249

1,366

Palladium

5,145

7,185

2,040

Silver

57.1

71.3

14.2

Platinum

3,104

3,000

(104)
7

Copyright © Asahi Holdings, Inc. All rights reserved.

• The table shows changes in the price of precious metals and amount ofprecious metals collected by precious metals recycling business.
• The amount collected in 1H FY2021.3 increased for gold, silver and platinum,
while slightly reduced for palladium.
• Prices of gold, palladium and silver rose in 1H FY2021.3, with a significant
increase for gold and palladium compared with 1H FY2020.3.

7

Environmental Preservation Business<Results for 1H FY2021.3>
 Revenue and operating income decreased due to a decrease in industrial waste disposal causedby sluggish manufacturing activities including automobile industry.
<Forecast for 1H and full-year FY2021.3>
 Although the economy is gradually recovering because of the restart of industrial production,
operating income is expected to decline year on year.
[Unit: ¥ billion]

Environmental
Preservation

FY2020.3
1H
Results

FY2021.3
1H
Results

FY2021.3
Full year (forecast)

ChangeForecast

Previousyear

ChangeRevenue

10.0

9.1

(0.9)

21.7

20.7

1.0

Operatingincome

1.8

1.7

(0.1)

4.0

4.4

(0.4)

18.2%

18.7%

0.5%

18.4%

21.0%

(2.6%)

Operatingincome ratio

8

Copyright © Asahi Holdings, Inc. All rights reserved.

• In reference to 1H FY2021.3 performance of Environmental Preservation
Business, both revenue and operating income decreased due to a decrease inindustrial waste disposal caused by sluggish manufacturing activities including
automobile industry.
• Regarding 2H FY20201.3, the amount of industrial waste disposal is gradually
recovering because of the restart of industrial production. Moreover, businessperformance is showing a recovery because of price increase of unit
processing cost which continues from previous fiscal year. As a result, revenue
is expected to increase, while operating income is expected to slightly decline
year on year due to the increase in depreciation expenses, etc.

8Financial Position[Unit: ¥ billion]
March 31,2020

September 30,
2020

ChangeRemarks

Current assets
Trade receivables

187.6
119.8

193.4
133.1

5.8
13.4 Approx. 90% of balance and increase of trade receivables

Inventories

37.7

47.5

9.7 Most of the inventories are collected raw materials that

OthersNon-current assets
Total assets
Liabilities
Bonds and loans

30.1
42.4
230.0
160.8
126.8

12.8
44.7
238.1
165.0
118.6

(17.3)
2.3
8.2
4.3(8.2) Approx. 90% of balance and most increase of bonds andOthersCapital
Total equity and liabilities

34.0
69.2
230.0

46.4
73.1
238.1

12.4
3.9
8.2

are receivables that constitute borrowings to match metal
procurement in North American business. For details, see
the remarks column in “Bonds and loans”.

contain precious materials, works-in-progress and finishedproducts in the precious metal recycling business. Risks
associated with price fluctuations and quality degradation
remain minimal because the precious metal content isanalyzed before making a purchase and the precious
metal prices are hedged on the futures market at the timeof purchase.

loans are loans for metal procurement in North Americanbusiness. Risks associated with price fluctuations and bad
debts remain minimal because, in principle, loans aretaken out within the scope of the precious metal content
analysis conducted on incoming raw materials andprecious metal prices are hedged on the futures market atthe time of loan.

9

Copyright © Asahi Holdings, Inc. All rights reserved.

•

Total assets as of September 30, 2020 increased ¥8.2 billion from the end of the previous
fiscal year to ¥238.1 billion. Among assets, trade receivables and inventories increased, andamong liabilities, loans increased.

•

Approx. 90% of the balance of bonds and loans is attributed to loans for metal procurement inNorth American refining business. Approx. 90% of the balance of trade receivables stems froma matching increase in loans.

• Aggressive efforts are being made to promote financial transactions, which constitute one ofthe pillars of earnings for North American business. A typical example of financial transactions
is the “Advance Trading," shown in slide number 15 of the reference material. While it generally
takes about a week for raw materials for refining received from mining customers are finishedin the product form, some clients prefer to have the products returned in the product form
before they are finished. In such cases, precious metal is purchased with loans from a bankand the advance return is made in exchange for interest payment based on the term ofadvance delivery shortened.
•

The precious metal content of raw materials received is analyzed before making an advancedelivery so that deliveries would not exceed the content. This means that the transactions aresubstantially free from bad-debt risks. They also avoid risks associated with price fluctuations
because precious metal prices are hedged on the futures market at the time of the borrowing.

•

Most of the Group’s inventory is raw materials, works-in-progress, and products in the precious
metal recycling business. The precious metal content of these items are analyzed at the time ofcollection. Regarding fluctuations in precious metal prices, hedging in the futures market isemployed to eliminate risks. In addition, since the inventory assets are precious metals ormaterials that contain precious metal, they are free from the risk of quality degradation, andthey can be cashed in the market once they are converted into products.

• The increase in borrowings, matching claims and inventories has inflated the balance sheet butthat has not necessarily compromised the integrity of finance.

9Cash Flow
[Unit: ¥ billion]

1H FY2021.3
Operating CF

Remarks(3.6)

Change ininventories

Of the changes, (9.6) billion yen are attributable to changes in the collected raw
materials that contain precious materials, works-in-progress and finished products
in precious metal recycling business. Risks associated with price fluctuations and(9.7)
quality degradation remain minimal because the precious metal content isanalyzed before making a purchase and the precious metal prices are hedged on
the futures market at the time of purchase.

Change in tradereceivables, etc.

Of the changes, (10.9) billion yen are matching claims for loans for metal
procurement in North American business. Regarding loans, risks associated withprice fluctuations and bad debts remain minimal because, in principle, loans are(10.0)
taken out within the scope of the analysis of precious metal content conducted on
incoming raw materials and precious metal prices are hedged on the futures
market at the time of loan.

Others16.1

Investment CF(1.4)

Financing CF(13.4)

Changes in shortterm loans(10.5)

Dividends(2.8)

Others(0.2)

Changes in cash
deposits(18.6)
10

Copyright © Asahi Holdings, Inc. All rights reserved.

• The operating cash flow ended in the deficit of ¥3.6 billion. This is primarily attributed
to an increase in inventories and trade receivables.
• Most of the inventories are collected raw materials that contain precious materials,
works-in-progress and finished products from precious metal recycling business andare free from risks associated with quality degradation and price fluctuations are
avoided by hedging. Raw materials and works-in-progress can be cashed in themarket once they are finished. In this sense, these items are something akin to cash.
• Trade receivables are mainly composed of claims that match the borrowing for metal
procurement in North American business and are extremely low-risk assets free fromthe risks associated with bad-debts or price fluctuations.
• The operating cash flow excluding the increase in those safe assets is in the positiveof over ¥15.0 billion.

10

Dividend
Basic policy: Approximately 50% or more of the consolidated net income
FY2021.3: Annual dividend of ¥160
*Increased by ¥30 from the previous year’s results of ¥130
FY2016.3
Earnings Per Share（yen）

FY2017.3

FY2018.3

FY2019.3

270.77

FY2020.3

228.14FY2021.3(Forecast)

87.48(37.24)

Annual Dividend（yen）

250.24355.79

60

60

63

120

130

160

Dividend Payout Ratio (%)

68.6

-

23.3

52.6

52.0

45.0

355.79270.77250.24228.14

160
120

130

FY2019.3

FY2020.3

87.48
60

63

FY2017.3

FY2018.3

60

FY2016.3(37.24)

Earnings Per Share (yen)FY2021.3(FORECAST)

Annual Dividend（yen）

11

Copyright © Asahi Holdings, Inc. All rights reserved.

• The annual dividend for FY2021.3 will be ¥160 per year.
• The company seeks to continuously realize a stable dividend payment.

11Reference
Materials

12Changes in Accounting Policy (From FY2021.3 Financial Statements)
 Starting with the financial statements for FY2021.3, interest on borrowing for metal procurement inNorth American business is recorded as “cost of sales”, which was recorded as “financial expenses”
until FY2020.3. (The figures in FY2020.3 financial results are also changed for comparison purpose.) As a result of this change, expenses for income from financial services in North America isappropriately processed and operating income is more reflective of the actual conditions.
[Unit: ¥ billion]△

1H 2020.3

BeforechangeRevenue
Cost of sales

Change inaccounting
policy61.0(49.7)(1.1)

1H 2021.3

AfterchangeBeforechange61.0

79.1(50.8)△63.6

Change inaccounting
policyAfterchange
79.1

△0.5

△64.1

11.3

10.2

15.5

15.0

(3.3)

(3.3)

△3.2

△3.2

Operating income

8.0

6.9

12.3

11.8

Financial income

0

0

0.1

0.1

△0.1

△0.5

Gross operating profit
Selling, general andadministrative expenses

Financial expenses
Profit before tax
Corporate income tax
Profit attributable to owners of parent

(1.2)

+1.1

△0

+0.5

6.7

6.7

11.9

11.9

(2.6)

(2.6)

△3.6

△3.6

4.5

4.5

8.2

8.2
13

Copyright © Asahi Holdings, Inc. All rights reserved.

13

Main Revenue Elements of Precious Metals Business
Precious Metals Recycling Business:
 Income from yield differential is added to refining fees, which is a stable source of fixed income.
Refining Business in North America: Refining fees are a stable source of income. In financial revenue, earning opportunities increase inline with the growth in incoming raw materials.
Business
Segment

Category

Impact on Revenue

Precious
MetalsRecycling

Refining fees

Refining fees increase in line with the expansion of the amount collected.
The unit price for refining fees is higher for those that require difficult preprocessing, which means the average unit price rises when the
proportion of items that require difficult processing is higher.

Yield differential (differential
between actual yield andcontracted yield = free metal)

The volume of free metal expands when the actual yield climbs on
account of improvements in technical capabilities and processes.
Income from free metal increases in line with a hike in prices.

Refining feesRefining inNorth America
Yield differential (differential
between actual yield andcontracted yield = free metal)

Financial revenue









The amount of fees expands when the volume of incoming raw materials(dore) increases.
The unit fee cost does not change over short term because contracts are
long-term.
The volume of free metal expands when the actual yield climbs on
account of improvements in technical capabilities and processes.
Income from free metal increases in line with a hike in prices.
Income opportunities for financial transactions increase when a larger
amount of raw materials is received.
Income increases when the interest rate for advanced delivery is
improved in contracts with mines.
Income increases when the period of advanced delivery is extended.
Financial revenue increases when metal procurement costs fall, and theinterest rate spread expands.
14

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14

“Advance Trading” in North American Business We provide “Advance Trading” service in North American business that we return thegold promptly after arrival of raw materials by shortening the delivery time.
 By providing this service, we receive "interest for the number of days delivered inadvance" from the client, while the risk is contained since “Advance Trading” isperformed after receiving raw materials from the client.
Financial
Institutions

Clients(Mining Companies)(1) Arrival of raw
materials(3) Delivery inadvance(2) Loan(4) Finishing(5) Repayment

The financial service in North American business is a safe model to realize
profits founded on the refining business
15

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15

Upgrading the Incinerator / Constructing a New Power Generation Facility
 Asahi Pretec Corp. upgraded incinerator at Kitakyushu Office(processing capacity: 90 ton/day) By installing power generation facility which utilizes waste heat generated through industrial waste
incineration, we contribute to the preservation of global environment and creation of recycling society
through thermal recycling.

16

Copyright (c) Asahi Holdings, Inc. All rights reserved.

16

Trend in Metal Prices (Au, Ag)(Unit: JPY per gram)

Gold
FY2019.3

FY2021.3

FY2020.3

7,000
6,500
6,000
5,500
5,000
4,500
4,000
2018/10

2019/01

2019/04

2019/07

2019/102020/01

2020/04

2020/07

2020/10

Silver
FY2019.3

FY2021.3

FY2020.3

100
90
80
70
60
50
40
2018/10

2019/01

2019/04

2019/07

2019/102020/01

2020/04

2020/07

2020/1017

Copyright © Asahi Holdings, Inc. All rights reserved.

17

Trend in Metal Prices (Pd, Pt)(Unit: JPY per gram)

Palladium10,000FY2019.3

FY2021.3

FY2020.3

9,000
8,000
7,000
6,000
5,000
4,000
3,000
2018/10

2019/01

2019/04

2019/07

2019/102020/01

2020/04

2020/07

2020/10

Platinum
4,000

FY2019.3

FY2021.3

FY2020.3

3,500

3,000

2,500

2,000
2018/10

2019/01

2019/04

2019/07

2019/102020/01

2020/04

2020/07

2020/1018

Copyright © Asahi Holdings, Inc. All rights reserved.

18

Trend in Prices (Gold <USD/Toz>, EXC <USD/JPY>)
Gold USD/Toz
2,100

FY2019.3.

FY2021.3

FY2020.3

2,000
1,900
1,800
1,700
1,600
1,500
1,400
1,300
1,200
1,100
2018/10

2019/01

2019/04

2019/07

2019/102020/01

2020/04

2020/07

2020/10

Exchange Rate USD/JPY115

FY2019.3

FY2021.3

FY2020.3

110

105

100
2018/10

2019/01

2019/04

2019/07

2019/102020/01

2020/04

2020/07

2020/1019

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