6Sources of Value Creation

Maxell, Ltd. Integrated Report 2022
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Introduction

Indispensable technologies that connect the analog to the digital, and realize Monozukuri (manufacturing) in complex and delicate areas thatcannot be achieved by digital technologies alone — Realize delicate and high-quality Monozukuri (manufacturing) that supports the advancement of digital society

What are Analog Core Technologies?

Maxell Group’s Basic Management Policy
Table of Contents and Editorial Policy
History of Innovation

Fine Coating (Coating)Technology for coating at more uniform

Mixing & Dispersion (Mixing)
Technology for mixing more uniformly,
in any size, hardness, or viscosity

At a GlanceTechnology for forming that was cultivatedthrough the manufacture of disks and lenses

Value Creation Process(Forming)

thicknesses, from a few millimeters tonanometers

Realizes new combination of materials

High Precision Molding & Forming

Improves the stability of product performance

Realizes mass-production of components withgreater precision

Sources of Value Creation
Key Maxell products that provide value to society

1 The Path to Realizing Our Vision
Materialities / Action Plans / KPIs

Examples of Products Covered byAnalog Core Technologies

Message from the President

Mixing & Dispersion (Mixing)
Positive electrode pellet

Lithium-ion batteries

ElementalTechnologies

Coated separators
Manganese dioxideElectrodes
All-solid-statebatteries

Heat-resistant coin-type
lithium batteries

Butyl tapes

Cylindrical-type lithium
batteries

Dicing tapes
EMC* countermeasurematerials

Mixing &Dispersion

Monozukuri(Manufacturing)
Strengths

CarbonBinder

ProductStrengths

Example) Positive electrode of
CR battery

High-Precision Molding & Forming (Forming)• Modify surface quality of powders (dry processing, liquid phase processing)• Kneading/Dispersion (bead mill/media-less dispersion)• Making coating materials (precise dilution, defoaming treatment, fluidity control)

Monozukuri that mixes and processes with a highdegree of precision and speed suitable for the materials

Realizes high-capacity, high- and lowtemperature resistant, long life batteries

3D inkCoatedseparator

10µmHigh Precision
Molding &Forming(Forming)

HUDs (Head-up displays)
Aerial Image Display (AFID)
In-car camera lens units
LED headlamp lenses
EF2 (high-precisionelectroforming technology)

100µm

All-solid-statebattery

Coin-type lithium
rechargeablebattery

1mm

100µm

Non-Financial Highlights

2 Value Creation Report

die molding	Special Feature: All-solid-state batteries and the impact
they will have on society in the 3 focus areas

Realizes high-precision lenses with shapecorrecting technology tailored to a varietyof designs	Value Creation Process by Business Segment, andStrategy Progress Report		 The Current Status of the Business Portfolio Shift, and the Future		 Functional Materials Segment

Thermalbarrier heatinsulation film		 Optics & Systems Segment
Example) M olding die for LED headlamp
lenses with 8 cavities

Millimeterwave-capable
EMCcountermeasure
sheet

10µm

1µm

10nm

Fine Coating (Coating)ElementalTechnologies
Polyolefin 90μm
Acrylic adhesive
Release film

Monozukuri(Manufacturing)
Strengths
ProductStrengths

Toward the Creation of New Businesses• Coating (die interior and slit shape design, fluid simulation)• Coated film drying (air flow control, temperature dispersion control, drying simulation)• Precise solution supply (piping, pump design, filter technology, defoaming,
viscosity adjustment)• Base material conveyance (roll shape design, tension control, high-speed running)

Monozukuri that creates a thin layer of dissolved andmixed adhesive, to a thickness of several dozen microns

Realizes tapes with thin layers thatsimultaneously offer a high degree of adhesivestrength and superior releasability

Intellectual Property that Supports New and Existing Businesses

3 Management Foundation Enhancement
Creating Human Resources and Organizations that Generate Value

Particle Size

LCD

Thickness 100μm		 Life Solution Segment
Consolidation and Enhancement of Sales Force

Illustration of Aerial Image Display (AFID) in use
Floating image

Example) Dicing tape (for wafers)* Electromagnetic Compatibility

ProductStrengths

Integrated Monozukuri, from design through toFinancial Highlights		 Energy Segment

10nm1µm(Coating)Monozukuri(Manufacturing)
Strengths

Functional Layer Thickness(Mixing)

Fine CoatingElementalTechnologies• Forming (high-precision technology resulting from uniqueexpertise and flow analysis)• High-performing technology resulting from 40 or more years ofaccumulated expertise• Processing (lens piece polishing technology, high-cycle technology)

Message from the Financial Director

Creating Economic Value through Environmental Activities
Reporting Based on TCFD Recommendations
Strengthening Group GovernanceFreeform mirror

Corporate Governance
Board of Directors

Freeform mirror

Outside Director Roundtable Discussion
Microstructure
Enlargedview

Data Section
Consolidated Financial Information
Maxell Group Network
Corporate Data / Stock Information / External Recognition

7

Value Creation Process

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VISION

Basic Management Policy (MVVSS)MISSION VISION VALUE SPIRIT SLOGAN

The “Future” Maxell wants to realize

Create Maximum Excellence for employees, customers, and society
by leveraging unique Analog Core Technologies

INPUT Capital to be invested and enhanced
Materialities

Maxell, Ltd. Integrated Report 2022

Introduction
Maxell Group’s Basic Management Policy
Table of Contents and Editorial Policy
History of Innovation

Flows back from OUTCOME

At a Glance
Sources of Value Creation
Value Creation Process

03 Creating Human Resources and Organizations that Generate Value / 07 Strengthening Group Governance

Key Maxell products that provide value to society

Financial Capital

Manufacturing CapitalIntellectual Capital

Human CapitalSocial Capital

Natural Capital

1 The Path to Realizing Our Vision

FY2022Net Sales.......................132.8 billion yen
Operating Profit................5.6 billion yen
Operating Profit Ratio..................... 4.2%
ROIC................................................... 3.5%

FY2022
Capital Investment..........3.8 billion yen
Depreciation Cost............4.7 billion yen

FY2022
Research & Development Costs..................6.4 billion yen

FY2022
Consolidated Number of Employees.................................4,111
Ratio of Overseas Employees......... 41%

FY2022
Number of Bases................................. 48
Number of Countries in which
Maxell Operates Businesses.............. 15

FY2022CO2 Emissions (Scope 1 and 2)
Global..................................... 86.7Kt-CO2
Domestic............................... 49.3 Kt-CO2
Total Waste Emissions..................5,238t

Message from the President

FY2023 Targets
Net Sales.......................133.0 billion yen
Operating Profit................ 7.5 billion yenOperating Profit Ratio..................... 5.6%
ROIC................................................... 4.8%

Moving to mass production of growtharea products

FY2026 Targets
Employee Awareness Survey
Improve overall satisfaction ratio: 90%or higher
Formulate human resource portfolio

Build sincere and close relationships
with customers and partner companies
in various industry and businesscategories, and create product value,services, and new markets

FY2030 Targets
Domestic CO2 emissions: 50% reduction(compared to FY2013)
Renewable energy ratio (= Volumeof renewable energy used/totalelectricity): 15%

Example) A ll-solid-state batteries
Investment in production facility
Approximately 2 billion yen

FY2026 Target
Number of Patents related to NextGeneration Development Technologies:
1.5 times compared to the number in
FY2021

Materialities / Action Plans / KPIs
Message from the Financial Director
Financial Highlights
Non-Financial Highlights

2 Value Creation Report	Special Feature: All-solid-state batteries and the impact
they will have on society in the 3 focus areas	Value Creation Process by Business Segment, andStrategy Progress Report		 The Current Status of the Business Portfolio Shift, and the Future		 Energy Segment		 Functional Materials Segment

BUSINESS PROCESS
Materialities

Customer Demands for Solving Social Issues
3 Focus AreasHealthcare

5G / IoT

Mobility

High-precision controlsystems

Highly reliable opticalcomponents

Long life power sources

High-quality adhesives

Safe driving supportsystems		 Life Solution Segment
Toward the Creation of New Businesses
Consolidation and Enhancement of Sales Force

01 Creating Innovation through Unique, Original Technologies

CUSTOMER IN

Intellectual Property that Supports New and Existing Businesses

Analog Core Technologies

Creating Economic Value through Environmental Activities
Reporting Based on TCFD RecommendationsStrengthening Group Governance

Fine Coating(Coating)High Precision
Molding &Forming(Forming)

OPTIMIZATION

3 Management Foundation Enhancement
Creating Human Resources and Organizations that Generate Value

Mixing &Dispersion(Mixing)

Provide optimal products and services by aligningtechnologies at a high level in response to the complex
and delicate demands of each customer
Small-size power sources		 Optics & Systems Segment

Creating high added value through Analog Core Technologies

Differentiated technologies that maximize Maxell’s productand service value in co-creation with partners

Corporate Governance
Board of Directors
Outside Director Roundtable Discussion

Data Section
Consolidated Financial Information
Maxell Group Network
Corporate Data / Stock Information / External Recognition

8OUTPUT Products / Technologies / Business outcomes

Maxell, Ltd. Integrated Report 2022
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Introduction

Materialities

04 Maximization of Customer Value / 05 Creation of Economic Value through Environmental Activities / 06 Strengthening Business Portfolio Management

Maxell Group’s Basic Management Policy
Table of Contents and Editorial Policy

EnergyFunctional Materials

Developing batteries that are safe,and have high capacities and long lives

Optics & Systems

Evolving converting products,
such as adhesive tapes

Life Solution

Developing automotive optical componentsthat support the evolution of mobility

Contributing to the provision ofsafe electrical infrastructure

History of Innovation
At a Glance
Sources of Value Creation
Value Creation Process
Key Maxell products that provide value to society

1 The Path to Realizing Our Vision
Materialities / Action Plans / KPIs
Message from the President

New Businesses New development, including all-solid-state batteries

Message from the Financial Director
Financial Highlights
Non-Financial Highlights

2 Value Creation Report

OUTCOME Generate value and create new markets, centering on the 3 focus areas
Materialities

02 Solving Social Issues through Growth Businesses	Special Feature: All-solid-state batteries and the impact
they will have on society in the 3 focus areas	Value Creation Process by Business Segment, andStrategy Progress Report		 The Current Status of the Business Portfolio Shift, and the Future		 Energy Segment		 Functional Materials Segment

Target Products and Technologies in 3 Focus Areas
Healthcare		 Optics & Systems Segment

Mobility

5G / IoT		 Life Solution Segment
Toward the Creation of New Businesses
Consolidation and Enhancement of Sales ForceIntellectual Property that Supports New and Existing Businesses

Contributions in the advanced
medical care and healthcare fields

Contributing to an advanced
information society

Contributing to a safe and securesociety through high-reliability sensing

For example…

For example…

For example…

3 Management Foundation Enhancement
Creating Human Resources and Organizations that Generate Value
Creating Economic Value through Environmental Activities
Reporting Based on TCFD Recommendations●	 Contributing to the evolution of advanced medical care devices●	 Making monitoring and data memory possible in hitherto

with highly reliable coin-type lithium batteries●	 Improving living environments in developing countries withhigh-function tape for construction and construction materials thatenhance airtightness, along with contributing to improving theglobal environment by enhancing the energy efficiency of homes

impossible high-temperature environments as a result ofdeveloping all-solid-state batteries●	 Realizing permanent power sources by improving the charge anddischarge cycle, and through harvesting technologies●	 Contributing to the wider adoption of next-generation headlamps(ADB*) through the evolution of LED headlamp lenses. Realizing asafe and secure society by preventing traffic accidents at nightStrengthening Group GovernanceCorporate Governance
Board of Directors
Outside Director Roundtable Discussion*Adaptive Driving Beam

Data Section
Consolidated Financial Information
Maxell Group Network

Flows back to INPUT

Corporate Data / Stock Information / External Recognition

9

Key Maxell products that provide value to society
Providing value that benefits lives through a variety
of products, centering on the areas ofHealthcare, 5G/IoT and Mobility

Maxell, Ltd. Integrated Report 2022
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Introduction

Hydraulic tools

Tape for semiconductor
manufacturing processes

Tape for industrialprocesses

All-solid-state batteries

Maxell Group’s Basic Management Policy
Table of Contents and Editorial Policy
History of Innovation
At a Glance

No.1*1

Sources of Value Creation

share in Japan

Value Creation Process
Key Maxell products that provide value to society

Highly-reliable cointype lithium batteries(CR)

1 The Path to Realizing Our Vision
Shavers

Materialities / Action Plans / KPIs

Semiconductor-related embedded systems

Message from the President

Top share*

1

Used in CGM*2 (ContinuousGlucose Monitoring)

Message from the Financial Director

among leading
manufacturers in thesemiconductor
manufacturing
equipment industry

Financial HighlightsNon-Financial Highlights

2 Value Creation Report
Illustration showing uses in a factory	Special Feature: All-solid-state batteries and the impact
they will have on society in the 3 focus areas	Value Creation Process by Business Segment, andStrategy Progress Report		 The Current Status of the Business Portfolio Shift, and the Future		 Energy Segment

Aerial image displays

Illustration showing uses in a home

Head up displays (front monitors)		 Functional Materials Segment

EMC*3
countermeasurematerials

In-car camera lens units		 Optics & Systems Segment		 Life Solution Segment
Toward the Creation of New Businesses

No.1among

Foamed sheet(high-strength,lightweight)*1

Japanesemanufacturers

Cylindrical typelithium batteries

Consolidation and Enhancement of Sales ForceIntellectual Property that Supports New and Existing Businesses

3 Management Foundation Enhancement
Creating Human Resources and Organizations that Generate Value

Smart meters

Reporting Based on TCFD Recommendations
Strengthening Group GovernanceCorporate GovernanceHeat-resistantcoin-type lithiumbatteries

Tape for construction andconstruction materials

No.2

Creating Economic Value through Environmental Activities

Coated separators(insulating material forHEVs and EVs*4)

Board of Directors
Outside Director Roundtable Discussion

LED headlamp lenses*1

share in Japan

No.1

Used in TPMS
(tire pressuremonitoring systems)*1sharein the world*1 Maxell’s research (FY2023 target) *2 Continuous Glucose Monitoring *3 EMC (Electromagnetic Compatibility)*4 HEVs (Hybrid Electric Vehicles), EVs (Electric Vehicles)

Illustration showing
uses in an automobile

No.1

*1
share in the world

Data Section
Consolidated Financial Information
Maxell Group Network
Corporate Data / Stock Information / External Recognition