Corporate Report 2020

Top Message

Table of Contents
02

Top Message

03

Mission05

History07

About Us

09

Long-Term Management Plan: VISION 2023

10

Rubber Business Unit

11

Chemical Business Unit

12

Industrial Products Business Unit No.1 & No.2

13

Machinery & Environmental Business Unit

14

Scientific Instruments Business Unit

15

Important Tasks for Achieving Sustainable Development (Materiality)

17

Transition to Environmentally Friendly Materials

19

Establishing Recycling-based Society by Using Domestic Wood Pellet

20

Mining, Lifting and Recovery of Rare-Earth Elements from the Deep Ocean

21

Working on Social Issues

23

Reinforcing Corporate Governance25

Highlights of Financial Information

26

Corporate Data

01

Being a Company Contributing the Sustainable Development of Our Society
by Developing Our Business Based on Our Management Missions“With an unwavering and enterprising spirit and a free andopen corporate culture, we will supply the best solutions in a
flexible and timely fashion, working to realize a process of“co-creation” by which we contribute both to the sustainable
development of the international community and the happiness of our employees.” This is the mission of Sanyo Trading
Co., Ltd. Since its foundation in 1947, we have contributed
for more than 70 years to improvements in people’s living
standards and the development of industry, both in Japanand abroad, centered on the import and marketing of avariety of superior quality raw materials, machinery andinstruments to Japanese industry.
Currently in the Sanyo Trading group, the six businessgroups, Rubber, Chemicals, Industrial Products No.1 & No.2,
Machinery & Environmental Business and Scientific Instruments are running their businesses based on each of their
missions, and they and our subsidiaries both in Japan andabroad, provide products adapted to the needs of the market.
Currently, we are working on our long-term development
and improvement of our fundamentals, through initiatives forreinforcing our corporate culture and revenue base based on
the long-term business plan “VISION2023”.

Meanwhile, for future sustainable development of us as anindependent trading company with its business based on
chemicals, responding to environmental problems, which areconsidered as social issues nowadays, has become increasingly important. Our group is actively taking part in preservation of the global environment, and continue our maximum
effort for sustainable development of the society throughhealthy business activities.
Important themes we are working on include proactive
sales of environmentally-friendly products and equipment,
promotion of reducing waste and recycling, promotion ofenergy saving and resource saving, and promotion of green
purchasing etc.
In the recent situation where business development andglobalization has progressed, we also focus on improving
education systems and workplace environments even more,in order to let diverse human resources respect each other’svalues, and work at their full capacity.

President & CEO

Masanobu Shintani

02

MissionManagement Mission
Shown below is the philosophy system diagram of Sanyo Trading Co., Ltd., which indicates the shared values
among us.
In the diagram, “Management Mission”, which is the superordinate concept, is broken down into “Credo”, whichshows guidelines for our business activities. Also, the Slogan in this diagram sums up what is written in it. This
diagram helps all employees of Sanyo Trading Co., Ltd. to embody the philosophy of the company.

With an unwavering and enterprising spirit, and a free and open corporate culture,
we will supply the best solutions in a flexible and timely fashion,
working to realize a process of “co-creation” by which we contribute both to the sustainable
development of the international community and the happiness of our employees.

Business Mission

Management Mission
Existence value and meaning

SloganBusiness Mission
Business mission and values

Challenging ourselves for
the BEST solution

Rubber Business Unit

With the trust that we have won and the results that we have achieved over thecourse of our history as our foundation, we will contribute to the development of
the global rubber industry through a pioneering spirit and timely service.

Chemical Business Unit

Through the provision of the best solutions based on wide-ranging technologicalknowledge and the handling of niche specialty products, in addition to the active
pursuit of investment initiatives, we will contribute to the development of the finechemicals field.

Industrial Products Business Working agilely and with sure knowledge, through our just-in-time system we will
Unit No.1 & No.2
deliver advanced technologies able to transform society to our customers, contributing to the development of society with a focus on the mobility field.
Machinery & Environmental
Business Unit

We will contribute to food safety and the advancement of renewable energies by
seeking out and supplying the best technologies and equipment from around theworld in the powder processing and woody biomass fields.

Scientific Instruments Business Unit

We will contribute to the evolution of science and the realization of increased
health through the provision of instruments that aid the development of science,
medicine, and industry.

Credo
Guidelines for business activities

Credo[Integrity] We comply with laws and regulations, and act with integrity
The Slogan is made for expressing our philosophy system starting from the Management Mission with single phrase.
We, Sanyo Trading Co., Trading, are a complex and specialized trading company, and it is our mission to solve social issues by providing
various products and technologies.
To do so, “finding the BEST solution for our customers” is what we will always required to do, and also what we should always pursue
doing.
Also, we constantly need to make “challenges” for finding the BEST solution.
We are required to pursue the BEST solution by not only utilizing the existing knowledge and resources, but also flexibly expanding ourideas to utilize new fields and technologies.

03[Spirit of challenge] We aim towards a future of development and creativity[Speed] We make decisions and act on them quickly and accurately[Innovation] We understand the trends of the time and anticipate change

04History

2012

Sanyo Trading Co., Ltd. renewed its Mission and Slogan in 2018, and embarked on new era.

Listing on the stock exchange

We have developed our business region worldwide, and established 4 offices in Japan and 15 foreign subsidiaries

ure

fut

o

df

ea
dh

e
r th

an
2020

and its branches around the globe.
Our spirit of challenge, which we have cultivated in our history of more than 70 years, is still inherited to our employees, and becomes the driving force of our development and growth.

1947

2012

Foundation

Start of automobile parts business

Head Office: Ikuta Ward, Kobe City
Business: Import and export of synthetic
rubbers (Polysar Limited)2018
Renewal of Mission and Slogan

Synthetic rubbers (Polysar Limited)

1954

1997

2008
Completion of the new Head Office building

Challenging ourselves for the BEST solution

Establishment of a representative
office in New York

1948

1965

Establishment of ahead office in Tokyo
1955

1947

Overseas subsidiaries and its branches

05

1965-96

1997-20112012-20

Period of diversifying our businesses

Period in which our group structure was established

Period of selection and concentration

Period for ascending to the higher stage● Establishing a position in the industry through the importing andexporting of synthetic rubbers andother businesses● Start of establishing group structure● Scientific Instruments Business Unit was separated from the Chemical Business Unit

● Decisive execution of business reorganization, withdrawal from agricultural andfisheries business● Listing on the Tokyo Stock Exchange, First
Section● Start of chemical pesticides sales(Rohm & Haas Company)● Start of sales of feed equipment
and products related to agriculture
and fisheries, etc.

1947-54

1955-64

Founding period● Establishment of a local corporationin North America, start of overseas
sales● Reinforcing profitability of main businesses● Reinforcing internal management system (systemization and management functions)● Start of automobile parts business● Acceleration of globalization(India, Mexico, ASEAN)● Transition to divisional system● Promotion of M&A

Present day● Start of handling environmentally friendly
products

06About Us
Profitability

Let us explain the current status of our business portfolio,

Improving steadily

and changes in fundamentals.

■ Net sales ■ Ordinary income

Business portfolio(millions of yen)

100,000

Overseas Subsidiaries

Overseas Subsidiaries

24.0

15.2

%

Covid-19 Recession■ Net sales ■ Ordinary income

83,230(millions of yen)%

78,45080,000100,000

Chemicals

24.5
Net sales

40.2

76,08735.8

60,00080,000(Fiscal year ended in September, 2020)%

Financial Crisis
53,447

Fiscal year ended in September, 2020
Sales results per segment(millions of yen)%

Chemicals

30,508Chemicals

1,353

Machinery & Industrial Products

27,205

Machinery & Industrial Products

3,333

Overseas Subsidiaries

18,227

Others114

Overseas Subsidiaries

839

Others72

0
20,000Machinery & Industrial Products Segment
Industrial Products Business Unit No.1 & No.2

Machinery & Environmental Business Unit

Chem-Inter Corporation, Sanyo Life Material Co., Ltd

60,672

59,90851,075

2,366

2,772

3,516

4,110

4,274

5,575

6,075

1,472

1,810

5,270

5,271

665

2008/92009/92010/92011/92012/92013/92014/92015/92016/92017/92018/92019/92020/9

2,772

3,516

4,110

4,274

6,075

1,472

2,366

5,575

5,271

665

1,810

5,270

1,433

2012/92015/92016/9Net
D/E ratio2013/9(ratio of net2014/9
interest-bearing
debt toequity)2017/92018/92019/92020/9Financial
structure0■ Amount of interest-bearing
2009/92010/92011/92008/9debt ■
Equity capital(millionsof yen)250,000

We develop various business at home and abroad, with the below-mentioned 3 segments as the pillars of our business.
*Numbers related to Subsidiary Companies are shown on a consolidated basis.

Domestic Subsidiary Companies

67,7381,433

30,62928,955■ Amount of interest-bearing debt ■ Equity capital

Chemical Business Unit

76,087

Transitioning
stably0.59
300,000

Segment classifications

Rubber Business Unit

78,450(millions of yen)

*Adjustment amounts not included in the reportable segment is excluded.

Chemicals Segment

48,07083,23059,90840,33320,00040,000(millions of yen)

48,79060,67251,07558,61847,463Fiscal year ended in September, 2020
Operating income results per segment

48,07053,447

Machinery & Industrial Products

60.3

48,79040,33340,00060,000

millions of yen%

58,61847,463

4,791

millions of yen

Machinery & Industrial Products

67,738%Operating income

Chemicals(Fiscal year ended in September, 2020)

76,087

Scientific Instruments Business Unit

300,000

Net D/E ratio (ratio of net interest-bearing debt to equity)

28,9550.43
20,350200,000
250,000

0.34

9,512

5,624
50,000100,000

9,512

9,244

14,9000.34
10,1640.23

11,862
0.21

10,936

5,624
2008/916,433
14,9000.23
11,8620.21
3,934
10,164
3,461
9,244
10,936 2,517
2,551

2009/93,934

2010/93,461

0

2008/92009/92010/92011/92012/9

2,551

2,517

2011/920,35018,796

2012/9

0.15
0.09

0.06
831

0
50,00023,807

16,4330.43

150,000
200,000

100,000
150,000

26,417

18,796

2013/90.06
831

Overseas Subsidiaries Segment

30,62923,8070.59

Domestic Subsidiary Companies
Cosmos Shoji Co., Ltd., Sanyo Machinery Co., Ltd, YPTECH Co., Ltd.,
Nihon Rufuto Co., Ltd., Freeman (Japan) Co., Ltd.

26,417

2013/9

0.06
1,441
0.09
2014/91,085
2015/9
0.06

1,441

1,085

2014/92015/90.04
846
2016/90.04
846
2016/9

0.07

0.07

1,656

1,906

2017/90.07

2018/9
0.07

1,656

1,906

2017/92018/90.05
1,309
2019/9
0.05

4,543
0.15
4,543
2020/91,309
2019/92020/9USA, Mexico, China, Thailand, Vietnam, Indonesia
07

08

Long-Term Management Plan

Sanyo Trading Co., Ltd. aims to become a company which can increase added value for its products andshows its presence in niche markets, by providing the best solutions to our customers.
VISION2023 is our long-term management plan for conducting business succession in a healthy company,

Rubber Business Unit

with 2023 as its milestone year.
With the Management Mission as our golden rule, we will put our Slogan,Business Mission and Credo into practice, and pursue continuous improvement of our corporate value.

VISION 2023

Management Mission

Purpose
1. Challenging group providing the BEST solution
2. Continuous profit growth

A broad-array of high-performance products---The emblem of 60-years experience in the rubber industry
Our Rubber Business Unit became the sole agent of Polysar
Limited in Canada in 1952, which made us the 1st company tointroduce synthetic rubber and its processing technologies on alarge scale in Japan. The rubber division of Polysar was takenover by ARLANXEO, the largest synthetic rubber manufacturer inthe world, in 2016, via Bayer A.G which acquired Polysar in 1990
and LANXESS, which spun off from Bayer in 2005. For 70 years,
our company has worked as one of the main distributors ofvarious synthetic rubbers made by ARLANXEO or companies
which acquired it, and contributed to the development of therubber industry in Japan. Meanwhile, we have also been expanding a variety of products sold for Japanese companies overseas
every year.
Our Rubber Business Unit has also served as the primary
distributor of major synthetic rubber manufacturers in Japan,
including Mitsui Chemicals, Dow Toray, Tosoh, Kuraray, Osaka
Soda and 3M Japan, to supply various specialty synthetic rubbers to the domestic rubber market, while importing a wide rangeof rubber auxiliary materials from overseas. As with the synthetic
rubber materials of ARLANXEO, we stock such materials in 8
depositing warehouses in Japan, and supply them to consumer
companies. These rubber products are used in various fields ofindustry, including automobile components and tires, electricalequipment, electronics, OA, building materials and medical
equipment.
In recent years, products are required to have functions suchas flame retardant properties, heat-resistance and heat dissipation, and they tend to become lighter as well. At the same time,
products are also required to be environmentally-friendly materials. In such situations, our rubber business unit is increasing thenumber of varieties of high-performance fillers they are handling,
as well as expanding the variety of next-generation materials
including environmentally-friendly plasticizers, fillers derived fromwood biomass, and epoxidized natural rubbers.
Recently, the number of foreign production facilities of Japanese companies is increasing, and so is the demand for materials
from those countries. In order to respond to such demand, in
addition to our existing foreign corporations in Detroit, Shanghai,
Guangzhou, and Bangkok, our new foreign corporations that weestablished after 2010 in Ho Chi Ming, Hanoi, Jakarta, Gurgaon(India), Irapuato (Mexico), Hong Kong and Singapore, are also
conducting inventory sales, exporting and importing. Furthermore, we are working hard on increasing communication between our Japanese office and foreign corporations, as well as
improving services provided by them.

Main trading products

Basic strategy
Reinforcing corporate structure
StrategyA

Challenging ourselves for theBEST solution

Reinforcing profit foundation
StrategyD

Strategy
Strategy

B

StrategyC

Reinforcing corporate foundation

E

Strategy

F

Investing on human resources

StrategyG

Deepening business fields• Synthetic rubbers of ARLANXEO (NBR, PNBR, HNBR, IIR, H-IIR, EPDM, EVM, CR etc.)• Functional, domestically produced synthetic rubbers including silicon rubber, fluororubber, epichlorohydrin rubber, acrylic rubber, ethylene-pro-pylene rubber etc.
• Environmentally-friendly plasticizers (LANXESS/Germany)• Functional inorganic fillers (KaMin/USA, Huber Engineered Materials/USA, NIPPON STEEL Chemical & Material etc.)• Carbon derived from wood biomass (CarbonNeat/USA)• Others: additives related to rubber and resin, as well as equipment

Opening new businesses
Acceleration of global development
Promoting new investment projects
Epoxidized natural rubber

09

Functional filler (closeup picture)

Synthetic rubber manufacturing process10Chemical Business Unit

Industrial Products Business Unit No.1 & No.2

Developing Markets and Serving Customers with
Expertise and Creativity

Development and importing of high-value added automotive
parts and components for automotive seating and interior

The Chemical Business Unit is involved in the import, domestic

In domestic sales, the Unit handles a wide range of distinctive

Industrial Products Business Unit No.1 & No.2 specializes in sales

In recent years, we started to handle new products and ser-sales, export and tripartite trade of high-value added chemicals.

products from major domestic manufactures for various indus-

activities of high-functional parts for automobile seats and interior.

vices, including the competitive assessment method using 3D

The Unit also recently focuses on developing products related totries including paint, ink and adhesives.

Handles wide range of products, and the main products in-

CAD data obtained by high energy x-ray scan of Caresoft (USA),growing fields including pharmaceutical products, food, energy

In its export business, the Unit exports various industrial

clude: Genuine leathers of GST/Seton AutoLeather (USA); lumbar

gas springs of SUSPA (Germany), spatter shields of Funaboriand environment, as well as expanding trade with rising nations

chemicals, special resin, processing aids, additives, plastic films,

supports of Leggett & Platt Automotive group, including Schukra(Japan), and ultra fine bubble generators of Shibata Co., Ltd.

such as Vietnam, India and Indonesia.

electronics components and other products to North America,

of North America Co. (Canada) and Wuxi Leggett & Platt -(Japan).

Europe, China and Southeast Asia.

Huaguang Automobile Parts Co., Ltd. (China); Suspension matsBusiness offices are not only located in Japan but all over the

In recent years, the Unit has focused on the life science field,of Pullmaflex Benelux N. V. (Belgium), Flex-O-Lators (USA) andworld, mainly in China, USA, Mexico and Thailand. There are also

manufacturers of paint, ink, plastics, ceramics, electronics

and started to handle pharmaceutical materials and food addi-

Wuxi Leggett & Platt - Huaguang Automobile Parts Co., Ltd.

offices in South East Asia and Europe.

components, food, cosmetics and adhesives. The Unit has close

tives. The Unit also began to sell environmentally-friendly prod-(China); seat adjuster motors of GZ L & V Co., Ltd. (China); cables

cooperative ties with many major chemical suppliers mainly from

ucts, such as products using naturally-derived materials orof L & C Changsha Cable Industries Ltd. (China); seat heaters andrelated to automobile parts and systems for environmental-

North America, Europe and Asia. Through these ties, the Unit has

recycled materials.

ventilation systems, and ECUs of Gentherm Inc. (USA); seat belt

ly-friendly vehicle such as EV.

In its import business, the Unit imports various high-quality
resins, additives and other functional chemicals for marketing toaccess to information on foreign research and development

reminder, occupant detection system and various sensors of IEE

trends, and on developments in markets.

S.A (Luxembourg).

Main trading products

The Unit is currently working on developing new businesses

Main trading products• Fine powder waxes for paint and ink, cosmetics, lubricants, waxes for engineering plastics (Shamrock Technologies/USA)• Leather for seating, doors and consoles, seat heaters, lumbar supports, small motors, seat sensors, suspension mats, caresoft• Plasticizer for polyvinyl chloride and rubber (Paraplex, Plasthall) (The HallStar/USA)• Clays for paint and ink (Polygloss, KaMin Clay) (KaMin LLC/USA)■• Surfactants (The Dow Chemical Company/USA)

Affiliated companies
Freeman (Japan) Co., Ltd.

• Gaskets for aerosol (Avon Engineered Rubber/Britain)• Flame retardants (ICL/Israel)• Thiocyanate thickeners and cellulose thickeners (Nouryon/Netherlands)• Ceramics-related products, boron compound (3M/Germany)• Pharmaceutical materials (drug substance and intermediate)• Hot melt products (guns, applicators, adhesives)■

Affiliated companies
Chem-Inter Corporation
Sanyo Life Material Co., Ltd
Global Trading Co., Ltd
Paint

11

Chemical materials

Seat Leather

Seat heater

Lumbar support

Seat sensor

Caresoft

12

Machinery & Environmental Business Unit

Scientific Instruments Business Unit

We engage in pellet production of various kinds of materials for feed and fuel,as well as combined heat and power plants using wood pellets

Contributing to the development of advanced materials and life sciences,with the latest scientific instruments.

The Powder Processing & Biomass Groups have been represent-

and thus contributing to make renewable energy more wide-

The Scientific Instruments Business Unit imports broad-ranging

concentration and isotopic ratio), bio-process sensors, SPF

ing California Pellet Mill (CPM), the world’s leading supplier of

spread in Japan.

analytical instruments and testing equipment from overseas

analyzers, IR/Raman based systems and accessories, andhigh-tech leading manufacturers, and markets to government

vacuum-related equipment.

process equipment, since 1956, and established a sales record

Our subsidiary company Cosmos Shoji Co., Ltd., has suppliedof 1,000 pelletizers in 2012. We also handle equipment for mixing

mining equipment for Deep Earth Exploration’s scientific Drilling

institutes, universities, and research and control divisions of the

Sanyo Technos Co., Ltd. was established to provide services

and blending, drying and cooling, sifting and particle size reduc-

Vessel “Chikyu” in the past, and handles equipment for develop-

various industries such as chemical, petrochemical, pharmaceuti-

including maintenance services, modification of equipment andtion. Customers are manufacturers of wood biomass, feed foring marine resources such as rare-earth elements. Also handles

cal, food, machinery, automobile and energy.

manufacturing of specially customized equipment, mainly forlivestock animals and aquatic species, chicken manure pellets

geothermal mining equipment, thus taking part in the develop-

and RDF/RPF pellets. Groups introduce excellent foreign technol-

ment of renewable energy.

To appropriately respond to requests from customers, sales

equipment handled in the Scientific Instruments Business Unit.

and application professionals with expert knowledge are confi-

The Customer Support Department can provide a prompt andflexible response to the customers various requests.

YPTECH Co., Ltd. handles functional feed that is friendly todently able to provide consultations in the level of fundamental

animals, humans, as well as the environment. Its products areoperations to in-depth know-how of the analytical instruments

heat and power plants (CHP). They are made by Burkhardt

provided to the dairy and livestock industry as products that are

and testing equipment.

GmbH, Germany, and use wood pellets as fuel source. Anticipat-

safe and secure, and can improve productivity.

ogies to Japan, thus contributing to food safety.
The Biomass Group handles wood gasifiers with combined

The specialized products are extended range scientific equip-

ing large market growth, we are currently enlarging our productment such as tribology-related equipment (test devices andportfolio in biomass even further. The group introduces advanced

analyzers for maintenance), weathering testers, surface physicaltechnologies related to renewable energy from Europe to Japan,

properties testers, elemental analyzers, WS-CRDS analyzers (gasMain trading products

Affiliated companies
Sanyo Machinery Co., Ltd
Cosmos Shoji Co., Ltd.
YPTECH Co., Ltd.

13

thus contributing to human health and safety.

•Bio Process Sensor/Bio Reactor/Handheld XRF, LIBS, Atomic Emission/NIR, MIR Spectroscopy/Handlheld Raman Spectroscopy/Thin Filmcoolers, hammer mills, extruders (for aqua feed, pet food, etc.), twin paddle mixers, roll mills (for milling, flaking and crumbling of grain)• Cosmos Shoji Co., Ltd.: Equipment for developing natural gas, geothermal heat and marine resources• YPTECH Co., Ltd.: Palm oil fatty acid calcium, oil cake made from enzymatically treated and peeled soy, active yeast

Thickness Measurement System/CRDS Gas Analyzer/SPF Analyzer/Plasma Cleaner/Hyperspectral Sensors/Glow Discharge Mass Spectrometer/Quadrupole Mass Spectrometer/Surface tension, Contact angle, Foam analyzer/Dispersion Stability analyzer/Glossmeter/Weathering
Testing Equipment, Cyclic Corrosion Tester/Friction & Wear tester/Tribology equipment/X-ray SAXS/WAXS analyzer■

Pellet millsuch as oxygen concentrators and fetal movement monitors,

Main trading products•P ellet mills (for wood, feed, fertilizer, RDF, RPF, etc.), wood pellet gasifiers with CHP, low temperature belt dryers for wood biomass, dry■

Also, our subsidiary company Nihon Rufuto Co., Ltd. handles
products that can improve QOL in the coming aging society,

Wood pellet gasifiers with combined
heat and power plants (CHP)

Equipment for developing marine
resources

Oil cake made from enzymaticallytreated and peeled soy

Affiliated companies
Sanyo Technos Co., Ltd.
Nihon Rufuto Co., Ltd.
Shin-Toyo Kikai Kogyo Co.,Ltd.
Test Materials Co., Ltd.

Oil analysis system

Bio reactor

Foam analyzer

Fetal movement monitor
14

Important Tasks for Achieving Sustainable Development (Materiality)

Effects on stakeholders
To establish important tasks, we evaluated the effects
on our stakeholders based on SDGs which covers
many of the social issues, action plans of thegovernment and evaluation items of an ESG evaluation
agency.

Initiatives forenvironmental load
reduction

Very highEffects on stakeholders

Important tasks

Importanttasks

Very highEffects on the business of our group

Overview

Main initiatives∙ Transition from petroleum-derived materials
to environmental load-reducing materials andnaturally-derived materials∙ Plasticizers without phthalic acid
∙ Carbon black derived from biomass∙ Materials for UV ink/UV coating∙ C ontributing to establishing a sustainable
society through providing services andproducts related to renewable energy∙ Sales and maintenance of wood pellet
gasifiers with combined heat and power
plants (CHP)∙ Supplying geothermal development machines

Contribution for
acquiring scarce
resources∙ C ontributing to establish technologies forlifting and recovery of rare-earth elements∙ Procuring and supplying of pipes for lifting
and recovery, and buoyancy bodies fordemonstration experiment of lifting andrecovery of rare-earth elements.

Enhancing workplaceenvironment∙ Improving education systems and workplaceenvironments even further∙ Overseas training system∙ Establishing a system for remote work
∙ Universal Manners Test

∙ Reinforcing corporate governance systems∙ Establishing a corporate governance system∙ Increase ratio of Outside Directors to all
Directors to more than one third∙ Establishing the Nomination and Compensation Committee

Initiatives forsustainability

Reinforcing corporate
governance

Effects on the business of our group
We evaluated the effects on the business of our groupby considering the management mission of our group,
solutions of our business units, our long-term businessplan “VISION2023” and our environmental objectives
for ISO 14001.

15

Business Unit

Business Mission

Rubber Business Unit

With the trust that we have won and the results that we have achieved over the course of our history
as our foundation, we will contribute to the development of the global rubber industry through apioneering spirit and timely service.

Chemical Business Unit

Through the provision of the best solutions based on wide-ranging technological knowledge andthe handling of niche specialty products, in addition to the active pursuit of investment initiatives, wewill contribute to the development of the fine chemicals field.

Management
MissionIndustrial Products
Business Unit No.1 &No.2

Working agilely and with sure knowledge, through our just-in-time system we will deliver advanced
technologies able to transform society to our customers, contributing to the development of society
with a focus on the mobility field.

Business
MissionMachinery &Environmental BusinessUnit

We will contribute to food safety and the advancement of renewable energies by seeking out andsupplying the best technologies and equipment from around the world in the powder processing
and woody biomass fields.

Credo

Scientific Instruments
Business Unit

We will contribute to the evolution of science and the realization of increased health through theprovision of instruments that aid the development of science, medicine, and industry.

Challenging ourselves for
the BEST solution

16

Transition to Environmentally Friendly Materials

Solve issues related to endocrine disruptors with Mesamoll
Plasticizer adds flexibility to rubber and synthetic resin, etc.
Many plasticizers are phthalic acid type and considered as
containing endocrine disruptors. Our Mesamoll is a safe
plasticizer without phthalic acid, and we have been working
hard on expanding its sales. This product contributes toreducing endocrine disruptors in automobile parts, household
consumer products and medical supplies.

Initiatives for environmental load reduction with new products
We started from import and sales of synthetic rubbers
and chemicals, and over the history of 70 years, we have
expanded the realm of our business. We will continue work as
a complex and specialized trading company, with materials as
our main business field.
Chemical materials can improve convenience aroundthe world, but at the same time is considered a cause ofenvironmental issues, and regulations against them havebeen becoming tighter every year. Our company must adapt
to such situations. We are actively working on transition
from petroleum-derived materials to their substitutes suchas environmentally-friendly materials and naturally-derived
materials, and aim to contribute to reducing environmentalload with new products.

Examples of our environmentally-friendly products

Our products

Characteristics

Existing products

Mesamoll

Safe plasticizer without issues related to endocrine
disruptors. Can be applied to a variety of applications,
including automobile parts, household consumer products
and medical supplies.

Plasticizer with phthalic acid, which hasconcerns as an endocrine disruptor

Carbon neat
(Carbon black derived from biomass)

By utilizing its properties such as high carbon purity, low
specific gravity and being fine particles, we market thisproduct for rubber reinforcement, black pigment, ink, metal
reducing agents and substitute for charcoal.

Carbon black derived from petroleum

PTFE wax

Wax with less than 25ppb of PFOA. Additive used forprinting ink and coating agents.

Wax with dozens of ppm of PFOA

Materials for UV ink/UV coating

UV-cured paint can be cured with less energy in comparison
with thermosetting paint, thus contributing to reducing CO2.
Does not emit VOC, a hazardous substance.

Paint with volatile solvents

Epoxidized natural rubber

Can apply functions such as low resilience resilient, heatresistance, abrasion-resistance and adhesiveness. We
market this product for various applications including tires,
hoses and synthetic leather.

Synthetic rubbers

Cellulose fiber

Naturally-derived cellulose product made from wood. Can beused as a thickener of water-based paint and adhesives, etc.

Additive derived from petroleum

Surfactants

Environmentally friendly surfactant with excellent
biodegradability. Can be used for detergents which require
environmentally-friendliness.

Surfactant derived from petroleum and with low
biodegradability

Aluminum hydroxide
Magnesium hydroxide (flame retardant)

Can apply flame retardant properties to rubber and resin.
When burnt, it does not emit harmful halogen gas, so it can beapplied for automobile parts, electrical wires and cables, etc.

Flame retardant with halogens such as bromine
compound and chlorine compound

17

Reduce environmental burden with carbon black derived from biomass
Our carbon black derived from bio-mass is made only fromthe core of pine trees with the bark stripped off. The carbon
black is produced by carbonizing these pine tree cores with
low temperatures and over a long time. While this can reduce
the environmental burden, it also has unique properties suchas high carbon purity, low specific gravity and fine particles.
With these properties, it is expected to become a raw material
substituting existing carbon black derived from petroleum
and coal, and be used for a variety of applications including
rubber reinforcement, black pigment and ink, as well as metal
reducing agents and substitute for charcoal.

New PTFE wax contributes to reducing PFOAPFOA stands for perfluorooctanoic acid, and is used asa surfactant for various products. However, people areconcerned about its persistence in the environment, andits bio-accumulation potential, and regulations against it
will become tighter globally, so it is expected that import,
production and use of PFOA will be restricted in future. Our
existing PTFE contains PFOA as an impurity. We will develop
new, fine powder PTFE wax with considerably less PFOA
in it, and start its import and sales to contribute to reducing
environmental burden and making ecosystems sustainable.

Materials for UV ink/UV coating contributes to reducing VOC
VOC stands for Volatile Organic Compounds, and is used inpaints for automobiles, construction and building materials,
as well as solvents (organic solvents) for printing ink etc. This
organic solvent was the most common to be used for paintand ink. However, due to environmental concerns, VOC
is now restricted. Our company sells photopolymerization
initiators for UV ink/UV coating that can contribute to reducing
VOC.

18

Establishing a Recycling-based Society by Using Domestic Wood Pellets

Our initiatives for wood bio-mass

Mining and Lifting and Recovery of Rare-Earth Elements from the Deep Ocean

Initiatives of our subsidiary Cosmos Shoji Co., Ltd. for developing marine resources

Recently, spread of renewable energy is considered to bepressing as a measure against global warming. Our company
is working on spreading “wood pellet gasifiers with combined
heat and power plants (CHP)”, which create electricity andthermal energy from wood pellets.
Many countries in Europe efficiently utilize wood bio-mass
as a source of renewable energy. We have received highreputation for introducing equipment of Burkhardt GmbH
(Germany), the most trusted manufacturer of “wood pellet
gasifiers with CHP” in Europe, to Japan.

On the sea bottom at a depth of 6,000m, located within
the exclusive economic zone (EEZ) around MinamitorishimaIsland, the existence of rich rare-earth elements has been
confirmed, and “the Cross-ministerial Strategic Innovation
Promotion Program” led by the Cabinet Office aims to establish the technology for lifting and recovery of these elements.
Our subsidiary company Cosmos Shoji Co., Ltd., has supplied mining equipment for Deep Earth Exploration’s scientific
Drilling Vessel “Chikyu” in the past, and for the demonstration
experiment of lifting and recovery of rare earth elements using
the same vessel, the company procures and supplies 3,000m
of pipes for lifting and recovery of rare-earth elements.

Japanese exclusive economic zone (EEZ)

Minamitorishima Island

The location of rich rare-earth elements

Equipment of Burkhardt GmbH in Europe

Meaning of lifting and recovery of rare-earth elements

Meaning of initiatives for wood biomass
Fossil fuels such as coal and petroleum, which promote
global warming, are imported from overseas. Meanwhile, if weturn our eyes to Japan, we can find abundant environmentally-friendly forest resources.
Recently, there is a trend of importing biomass material
from overseas, but we stick to the idea of utilizing domestic resources. In Japan, where 70% of its land is covered inforest, thinned woods have not been fully utilized for a longtime, and left abandoned in many cases. We are working on
spreading a system that can generate energy from them inJapan.
“Wood pellet gasifiers with CHP” we introduce are not large
power generators. We aim to achieve local production ofenergy for local consumption by utilizing local forest resources, thus establishing a recycling society and revitalizing local
economy in towns and villages.
“We want to propose an idea that energy should not besomething to be procured from outside of the local community, but something that can be generated within it, by people
who live there. We also want to make a contribution to maintenance of forests and development of local economies withenvironmentally friendly systems.”
We would like to achieve these wishes.

19

Amount of rare-earth elements in the 2,500km2-wide sea
bottom around Minamitorishima Island is evaluated as morethan 16 million tons, which is the equivalent of global demand
for such elements for the next few hundreds years. Rare-earth
elements are essential for cutting-edge technologies such as
strong magnets used for hybrid cars, electric cars and windturbine generators, fluorescent material for LED, and strong
solid lasers. However, its supply has been very much dependent on China, which is considered as a problem. Therefore,
if lifting and recovery of rare-earth elements from near Japan’s
EEZ Japan succeeds, that can not only contribute to theprogress of deep sea resources development technologies
and development of cutting edge industries such as electronics and medical equipment, but also greatly contribute to
the resource security of our country by resolving the issue ofsupply instability due to dependency on a particular country.

Power generation facility in Shimokawa Town, Hokkaido

20

Working on Social Issues

Initiatives for employees

Initiatives for the society

As a trading company, we treasure each of our employees as a most valuable asset. In order to makesure that all of our employees can continuously advance their careers and work at ease, we focus onestablishing various education systems and improving working environments.

We conducted an examination of the Universal Manners Test in our company on July, 2020, and more thanhalf of our employees acquired Grade 3 of the test. Our company also supports children of orphanages
who are trying to start lives of their own. We will continue working on such social contribution activities.

Education system

Universal Manners Test

● New employee training
New employees take 2 weeks of training after entering the company. The
training includes understanding the overall picture of Sanyo Trading suchas its vision and roles of each business unit, and learning basic businessmanners including business card exchange and how to answer phone
calls. New employees are also sent to places where products are actuallyhandled, such as customs and warehouses, in order to deepen theirunderstanding about import and export.

● Overseas training system● Short-term training in New York.

We send young employees on the managerial track to our offices in USA,
China, Thailand and Vietnam, etc. to have training for a year. Members arechosen from applicants of in-house recruit system. In 2019, 2 members
were sent to China (Shanghai). During their stay overseas, they work in ourforeign office, and are given strong support from us to fully utilize their 1
year period for developing themselves, such as taking classes in language
schools as necessary.

We select several people from applicants from employees on the
managerial track to take a 3-month training in New York. They takelanguage training and work in the local office to learn language skills andbusiness acumen, in order to become an international player.

● Outside training and e-learning● Stratified training

We invite professionals of various fields from outside of our company
to provide training to our employees. For instance, we invited a former
national soccer player to give a lecture. We also provide more than 100
e-learning programs so that employees can learn a skill they want.

We continue supporting our new employees even after the 2nd yearof their career. We provide stratified training for them to learn skills andmind required for their respective length of service and position, such as
leadership and management skills.

Working conditions in Sanyo Trading data
We have created a working environment where every employee can work without forcing oneself, regardlessof occupation or gender.
Here is the data of working conditions in Sanyo Trading.
● Prescribed working hours

7● Monthly average overtime

working hours

Hours per day

9.2● Annual paid leave inthe first year

Hours per month

20©Japan Universal Manners Association

Universal Manners Test is actually a lecture conducted by
Japan Universal Manners Association for learning “mindand actions (=universal manner) for communicating withpeople different from oneself”, such as elderly people,
disabled people, people who push strollers, and foreigners
etc. The curriculum of the lecture is supervised by the Japan
Universal Manners Association so that people who takes
the lecture can understand more about perspectives andthoughts of those who are communicated to in the universal
manner. Although in the year of the Covid-19 pandemic, we
provided our employees with training about how to work onsocial contribution activities by organizing seminars using

Bridge for SmileDays per year
(Average number of used paid leave: 10.5 days)● Retention rate of

new employees
in the past 3
years

100 %

● Rate of returning

to work after
taking maternity
leave

100 %

● Number of employees

overseas(In the past 5 years)

28person(FY 2019 results)©Bridge for Smile

Benefit system● Refresh leave● In-house club activities

Employees who are in their 10th, 20th and 30th year in the company cantake this leave. These employees can take 5 consecutive days paid leavein addition to their annual paid leave.

In-house clubs such as baseball, futsal, tennis, running and golf are
actively doing their activities.

● Employee stock ownership association● Right to use membership resort hotels

This association supports employees to acquire shares in our company inorder to assist their asset accumulation.

Employees can use resort hotels of Tokyu Harvest Club at membershipdiscount pricing.

21

means such as online seminar etc., and teaching them with
examples related to mind and actions, such as ways ofthinking and attitudes concerning universal manners, and how
to communicate with various people.
Members of our group vary in gender, nationality and age,and they are also people with different backgrounds andvalues. As diversification and globalization of our businesses
progresses, in order to achieve the mission of Sanyo Trading,which is “With an unwavering and enterprising spirit anda free and open corporate culture, we will supply the bestsolutions in a flexible and timely fashion, working to realize aprocess of “co-creation” by which we contribute both to thesustainable development of the international community andthe happiness of our employees”, it is required that various
employees respect each other’s values, and perform at one’s
full potential.
As a trading company, we treasure each of our employee
as the most valuable asset, and we consider cherishingdiversity as an important corporate strategy.
In order to make sure that all of our employees cancontinuously advance in their careers and work at ease, ourgroup continues to focus on establishing various education
systems and improving working environments.

Our company has been making donation to Bridge for Smile,a specified nonprofit corporation which supports children oforphanages trying to start lives of their own. We agree with
their idea of “It is a responsibility of the entire society to create
an environment where children can start their own lives in oursociety easily, and live with dream, hope and smiles”, andmake donations to children who are a treasured part of oursociety.

Our donations are used as a supporting fund for children
who participate in “Sudachi (leaving the nest) Project” tostart their lives independently. “Sudachi (leaving the nest)
Project” is an activity to support children by providing themwith what they need after leaving an orphanage so they
can live independently in society, including opportunities
to learn knowledge and skills needed for living alone, anddaily essentials. If children can have bare minimum of what
they need even in the period when they lose support froman orphanage and tend to become unstable, they can feel
supported and reassured. As such, our company actively
working on social contribution through supporting children oforphanages who are trying to start lives of their own.

22Reinforcing Corporate GovernanceOur corporate philosophy is “Aim to be a company that has an international perspective, creates
new value and contributes to society, using our strong information gathering and technologicalcapabilities.” To achieve this mission and thus improve our corporate value, we work hard on
improving and reinforcing our corporate governance.

Business execution and supervision structure

Compliance● Board of Directors● Audit and Supervisory Committee

The Board of Directors consists of six Directors who are notmembers of the Audit and Supervisory Committee, including
one Outside Director, and three Directors who are also
members of the Audit and Supervisory Committee, including
two Outside Directors. The Board of Directors makes
decisions on important matters in Group management. It
also audits and supervises business execution. The Boardof Directors holds a regular monthly meeting, as well as
extraordinary meetings for any urgent matters. The term ofoffice of Directors who are not members of the Audit andSupervisory Committee is one year. The term of office of
Directors who are also members of the Audit and Supervisory
Committee is two years.

The Company has established an audit and supervisorycommittee to strengthen its functions to audit and supervise
the Board of Director’s execution of duties, and to increase
agility and speed in decision making by separating auditing
and supervision from business execution. The committee
consisted of three Directors (a full-time Director and two
Outside Directors). These Directors audit and supervise
the legality and adequacy of the execution of duties of the
Directors who are not members of the Audit and Supervisory
Committee. Each member of the Audit and Supervisory
Committee follows the policies set by the committee
and requests Directors etc. who are not members of the
Audit and Supervisory Committee to provide reports andconduct investigations as needed. They audit and supervise
management in cooperation with the Internal Audit Section
and accounting auditor.

● Committee of Executive Officers

The Company introduced an executive officer system in 2003.
The committee currently consists of nine members (including
five Directors). The Committee of Executive Officers meets
monthly to share information. Each Executive Officer strives toimprove day-to-day operations in their area of responsibility.
Representatives of domestic and overseas subsidiaries
participate in meetings of the committee and report on theirrespective situations.

● Nomination and Compensation Committee

We established the Nomination and Compensation
Committee, in which more than half of its members are
independent Outside Directors, in order to reinforce
independence, objectiveness and accountability of functionsof the Board of Directors related to appointment and dismissalof CEO and Directors with special titles, and adequacy of
reward of Directors etc.

The Company has established Sanyo Trading Group’s Codeof Conduct Manual, a code specifying how the officers andemployees of the Company and its subsidiaries should act
in accordance with the Group’s mission and in compliancewith laws and regulations and the Articles of Incorporation.
To ensure the effectiveness of the manual, the President
appoints a Director responsible for compliance. In addition,
the Company has established the Compliance Committee
under its Compliance Regulations and has built a system
where the committee supervises compliance company-wide.
The committee periodically reports the status of complianceto the Board of Directors.
The Group has a system where the subsidiaries reporttheir situation periodically to the Board of Directors and thedivisions in charge, and may report their situation regularly
by participating in meetings of the Committee of Executive
Officers or by other means under the Subsidiary Management
Regulations and the Standards for Decision-Making Authority.
Depending on the matters stipulated by related regulations,the Company guarantees compliance by making a final
decision at the headquarters’ Board of Directors.

The Internal Audit Section audits whether the businessactivities of the Company and its subsidiaries are efficient andcomply with laws and regulations, internal regulations andtrade practices etc., and reports the audit results to the Boardof Directors.
Regarding whistleblower hotlines for reporting acts that
violate laws and regulations or social norms, or acts at riskof violating them, the Company has an internal Compliance
Committee and external third party (lawyer) externally. The
Company has established internal regulations to prohibit theunfair treatment of informants and protect them.

● Structure of our Corporate GovernanceRisk Management

General Meeting of Shareholders
Appointment,
Appointment,
Reporting
Dismissal
Dismissal
Auditing,
Supervising
Audit and Supervisory Cooperation
Board of Directors

Reporting

Nomination andCompensation Committee

Deliberation,
Offering opinion

Committee

Auditing

Cooperation

Compliance Committee
Selection,
Dismissal,
Supervision
Appointment,
Dismissal,
Supervision

Supervision

23

President & CEO

Risk Management
Committee

Executive Officers

Internal Audit Section
Auditing

Business Unit,
Administration Unit

Accounting Auditor

Cooperation

ReportingAppointment,
Dismissal

Accounting
auditsThe Company identifies, as much as possible, a variety
of risks caused by business execution using standards
that are consistent, and aims to have a comprehensive
risk management while ensuring sound management andmaximizing shareholder value.
Specifically, under the Risk Management Regulations, theCompany clarifies its risk management system, specifying thedivisions responsible for different types of risks and managing
risks exhaustively and comprehensively. The President
appoints a Director responsible for risk management. The
Company has the Risk Management Committee, whichmonitors various risks attributable to the Company’s
operations and risks that the Company should avoid forbusiness continuity, and promptly responds to changes. The
committee regularly provides to the Board of Directors an

overview of risk management, including countermeasures
to be taken if risks to be avoided occur. The Company has
established a system where it prepares for losses at its
subsidiaries through interviews with the representatives ofthe subsidiaries etc. as needed, under the Risk Management
Regulations.

24Highlights of Financial Information

Corporate Data

Corporate date (as of September 30, 2020)

Fiscal year ended in Fiscal year ended in Fiscal year ended in Fiscal year ended in Fiscal year ended in
September, 2016
September, 2017
September, 2018
September, 2019
September, 2020

Company Name: Sanyo Trading Co., Ltd.
Establishment: May 28, 1947
Head Office:	2-11, Kanda Nishiki-cho, Chiyoda-ku Tokyo,
101-0054 Japan
TEL: 81-3-3518-1111
Capital:¥1,006,587,450
Employees:
413● Fiscal Year (millions of yen)
Net sales

59,90867,73878,45083,23076,087Gross income

10,017

12,264

13,41014,883

14,206

Operating income

4,052

4,938

5,263

5,871

4,791

Ordinary income

4,274

5,270

5,575

6,075

5,271

Profit attributable to parent company shareholders

2,757

3,351

3,635

4,018

3,013

Ordinary income to net sales ratio

7.1

7.8

7.1

7.3

6.9

ROE

14.1

15.2

14.5

14.5

10.1

ROA

13.6

14.8

13.9

14.2

11.6

Equity ratio

62.7

61.1

63.5

66.2

64.9

● Financial indicators (%)

Profit per share

96.40

117.10127.00140.37105.22

Net assets per share

711.17831.88922.67

1,011.32

1,069.41

Yearly dividend per share

24.5

29.5

32.0

37.0

37.5

32,455

Total assets

38,98741,60643,731

6,165

7,586

7,694

7,355

7,738

Interest-bearing debt

844

1,655

1,906

1,309

4,543

Net assets

20,95424,60026,75629,34331,03880,00080,00080,000
60,00060,00060,000

Masanobu Shintani

Director & Executive Officer

Hiroto Nakamura

Director & Executive Officer

Hiroshi Shirai

Director & Executive Officer

Kenichi Shindo

Director & Executive Officer

Toshiaki Mizusawa

Outside Director

Yukio Miyajima

Director & Audit and Supervisory
Committee Member

20,00020,00020,000000Profit attributable to parent company
shareholders (millions of yen)

6,000 6,000 6,000
5,000 5,000 5,000
4,000 4,000 4,000

2016/92016/92017/92016/92017/92018/92017/92018/92019/92018/92019/92020/92019/92020/92020/9Total assets (millions of yen)
50,00050,000
40,00040,000

2,000 2,000 2,000
1,000 1,000 1,000000

2016/92016/92017/92016/92017/92018/92017/92018/92019/92018/92019/92020/92019/92020/92020/9Net assets (millions of yen)
35,00035,000

20,00020,000

29,007,708

5,000 5,000 5,000

50,00050,00050,000

4,000 4,000 4,000

40,00040,00040,000

Executive Officer

3,000 3,000 3,000

30,00030,00030,000

Executive Officer

2,000 2,000 2,000

20,00020,00020,000

1,000 1,000 1,000

10,00010,00010,000

002016/92016/92017/92016/92017/92018/92017/92018/92019/92018/92019/92020/92019/92020/92020/9

0

0

0

15.8%

1.3%

Treasury Shares

Major Stockholders

Yasuhiko Nishimura

Name of stockholders

numberof stocks Shareholding
held
ratio
(Thousand(%)
shares)Custody Bank of Japan, Ltd. (Trust account)

3,004

10.49

Toagosei Co., Ltd.

1,497

5.23

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

1,409

4.92

Susumu Tamaki

1,150

4.02

MUFG Bank, Ltd.

1,137

3.97

Sumitomo Mitsui Banking Corporation

1,137

3.97

Sumitomo Mitsui Trust Bank, Limited

1,136

3.97

30,00030,00030,000

BOT Lease Co., Ltd.

1,128

3.94

Masahide Horiuchi

25,00025,00025,000

Mitsui Sumitomo Insurance Co., Ltd.

849

2.97

Yasushi Komiya

Meiji Yasuda Life Insurance Company

675

2.36

35,00035,00035,000

Kunihiko Hama

20,00020,00020,000(Note) The shareholding ratio is calculated by subtracting the treasury shares (366,320).

15,00015,00015,000
10,00010,00010,000
Stock price changes
5,000 5,000 5,000

Share turnover (share)0

Other corporations

Securities companies 0.9%

Mitsuyasu Hirasawa

Executive Officer

37.5%

Foreign corporations etc. 4.8%

(shares)● Executive Officers
Senior Executive Officer

Individuals etc.

04,000,000

2016/92016/92017/92016/92017/92018/92017/92018/92019/92018/92019/92020/92019/92020/92020/90

Stock price changes (yen)

0

2,000

2016/92016/92017/92016/92017/92018/92017/92018/92019/92018/92019/92020/92019/92020/92020/93,200,000

1,600

2,400,000

1,200

1,600,000

800

800,000

400

30,00030,000
25,00025,000

30,00030,000

Total number of outstanding shares

Outside Director & Audit and Supervisory
Asako Hasegawa
Committee Member

3,000 3,000 3,000
40,00040,00040,000

Financial institutions 39.7%

Outside Director & Audit and Supervisory
Yonosuke Yamada
Committee Member

Value per share is calculated after considering the effect of the 2-for-1 stock split conducted on February 1, 2020.

Operating income (millions of yen)

President & CEO● Directors who are also members of the Audit and Supervisory Committee

47,230Non-current assets

Breakdown of Stocks by Type of Stockholder● Directors (excluding members of the Audit and Supervisory Committee)● End of fiscal year (millions of yen)

100,000
100,000
100,000

Stock Listing:		First Section of the Tokyo
Stock Exchange
Security code:		
3176
Shareholder registry administrator:	Tokyo Securities Transfer
Agent Co., Ltd.
Total number of authorized shares: 40,000,000
Total number of outstanding shares: 29,007,708
Total number of stockholders:
4,834

Board of Directors (as of December 22, 2020)● Per share (yen)Net sales (millions of yen)

Stock status (as of September 30, 2020)

20,00020,000
15,00015,000
10,00010,000

10,00010,000
0

020/9

0

2016/92016/92017/92017/92018/92018/92019/92019/92020/92020/925

5,000 5,000002016/92016/92017/92017/92018/92018/92019/92019/92020/92020/9

0

10

11 12
2018

1

2

3

4

5

6
7
2019

8

9

10

11

12

1

2

3

4

5
2020

6

7

8

0

9 （月）

*The Company conducted 2-for-1 stock split of common shares on February 1, 2020. Changes of stock price and share turnover are retrospectively revised by considering the effect of the stock split.

26

2-11, Kanda Nishiki-cho, Chiyoda-ku Tokyo, 101-0054 Japan
Tel:+81-3-3518-1111 Fax:+81-3-3518-1230
www.sanyo-trading.co.jp
Date of issue: December 22, 2020

Selected for FY 2020