Company Profile&
The 2nd QT of Fiscal Year ending March 2019(2019 April-September)Business Results

November 2019

Corporate Outline■ Establishment︓September 27, 1954

Top
■ Management︓

Yujin Kimura, President■ Paid-In Capital︓ 1,618 Million yen（As of March 31, 2019）■ Net Sales︓

18,183 Million yen（for the year ended March 31, 2019）■ Employees︓656（As of March 31, 2017）■ Listed Market︓

Tokyo Stock Exchange JASDAQ Market■ Securities Code︓ 4970
2

Site Map

Tokyo
Hyogo
Awaji Plant

Head office

Chiba・Chiba Plant

Osaka・Ichikawa Plant
・Takahama Chemical
Tank Terminal
・Aroma Plant
・R&D CenterWest Japan Sales
office(Shin-Osaka)
3Origin of company name
Differences between those possessed and those not possessed = Science andtechnology and strategy in Reconstruction of Japan after world war II.
“Our founder wanted to start a business that contributes globally from Asia
based on chemical technology”, then he named it “Toyo Gosei Kogyo”.

A scene of Ichikawa City's Baraki in 1966 (Showa 41). Rice
harvesting.
Under the environment, our founder did self-study about
distillation technology, designed and made distillation tower
and boiler.
Source : City Ichikawa Nature Museum

4Management Policy
1. Make what is needed in the times
2. Making something that other companies
cannot make (Global niche top)
3. Research & Development and technology
at the core in the business4. Don't give up, do it simply honestly andsincerely5•Our Business History•Since established in 1954, the Company expanding business in the functional chemicals field byleveraging our strengths in organic synthesis and purification technologies.
•Always estimate market’s need to expand business

1950

1970

Photosensitive
Materials Segment

1990
Organicsynthesis

1954
Company
foundedPhotosensitive
materials
business

Chemicals Segment

Functional
chemicals
business (aroma
chemicals)
Fine chemicals
business (highpurity solvents)
Logistics
business

1970

1989

•R&D activities
launched

Chiba Plant
opened2003
Highpurification& synthesis
technology•Distillation /refining
technologies

1963•Ichikawa Plant
opened•Liquid chemicalstoragetechnologies

2019•Continuously
expanding production
capacity and capability•Aroma chemicals
business division
set upMay 2012•Aroma Chemical
Plant starts
operations•Synthesis
technologies•April 2013
•Awaji Plant
completed1971•Takahama Chemical
Tank Terminal opened

Others

1982
R&D

2010

•Photosensitive
Materials ResearchCenter•opened•Water soluble
2008
photopolymer•Photosensitivetechnologies •Cell-able 3D cell
Materials
cultureResearch Centersystem developed
relocated(life sciences field)

1996

6

Business portfolio• 80% sales from IC/FPD/Electronic application
ロジスティック
Logistic

外側︓対⾯市場
内側︓当社の売上⽐率

⾹料材料
Aroma materials
2020 Mar end
2Q revenue
12,189million yen

ChemicalSegment
41%

Outside: market
Inside: Our sales ratio

Photosensitive
materials
segment 59%

IC・FPD・
Other electronic
application

7

Photosensitive materials products,
Electronic materials products
High-purity solvents

Inside of IC Chip
• Intelʼs IC Chip: Photo of CPU(Central Processing Unit)
1nm=0.000001mm

Line width︓700nm〜20nm
Production Technology︓
65nm node、8 layers Cu wire
# of Transistors︓1.3 billion
Chip area︓435㎟
Level 2 cache︓1MB
Level 3 cache︓16MB
Operating frequency︓3.4GHz
Power-supply voltage︓1.25V
power consumption︓150W（peak）
110W（average）

http://www.eos.ncsu.edu/e115/text.php?ch=6&p=processors

Intelʼs Xeon (Tulsa), Processerʼs function structure(Present on Aug 2006, FSB: 800MHz)

9

Photolithography in Semiconductor and FPD• High definition FPD ＝ Minimum line width• Performance of CPU/Memory（IC）＝ Minimum line width
１．Coating photoresist on the substrate

２．Exposure via photomask astransferring image to coatedphotoresist
Light source

４．Developing by developer to get thepattern

Photomask(circuit diagram)
Projection lensPhotoresist
substrate

３．Chemical reaction on the
exposure area

10Composition of photoresist• Toyo Goseiʼs photosensitive materials are a critical component inphotoresists used to make semiconductors and FPDs.
Commonphotoresist
composition
ratio

Additives

Potosensitive materials
PAG: Photo Acid Generator
PAC: Photo Acid Compound
Total 100%

Photoresist (liquid form)*Blended with other materials by photoresist makers

Several% to several tens% for polymer

Polymer（Resist resin、Basepolymer) 〜10％

•Our main products

High-purity organic solvent(PGMEA, EL etc.)11Business Overview Photosensitive Materials/Chemicals (Solvents)
Toyo Gosei supplies photosensitive materials to customers worldwide. These materials play a key role indetermining the performance of semiconductors and FPD.
Semiconductors’ application is diversifying in growing market such as IoT, which is driving growth inphotosensitive material demand.
•Mobile phones•Semiconductors•Photoresists•VR
devices•Photosensitive
materials•Automobiles•Semiconductor makers
TGC•Photoresist
makers•PC

Finishedproduct makers

Retailers

ConsumersPanelmakers•LCD panels,
TVs•LED bulbs•Digital signage

12Business Overview high-purity solvents
Toyo Gosei’s high-purity solvents are used in various stages of the semiconductor
manufacturing process.

•Wafercleaning•UV light
exposure•Photoresist
coating•Enlargedview•Silicon wafer•Photoresist applied byspin coating, baked dry•Exposureon Photoresist•露光機でパターン露光
patterning•Developer•Removing
residue by striper•〜7nm•Complete circuit afteremoving photoresist and otherprocess•Etching pattern using
photoresist pattern as the mask

•Develop the exposed
area
13

Semiconductor Market Development & Projection
World IC Market Sales

2017 result 21.6% growth
2018 result 13.7% growth（WSTS ）2019 projection -13.3% down（WSTS 2019.8）
2020 projection 4.8% growth（WSTS 2019.8）• IC market had big growth in 2017 &
2018, then slow down from 2018
autumn• Logic IC keep steadily growth• As medium and long term projection,
IC market continuous growing underAI, IoT, CASE, 5G application
expanding
Source: WSTS & Fuji Chimera Research Institute, Inc

For 2019-2030 as Projection

14

Lithography Technology Down Sizing• Semiconductor Node (Line Width) continues to be down size to 7 nm as mas production
at Year 2018
• Suppose to be down size to 2 nm level in 2025
• In accordance with line width down size, 3D structure, severe quality control forprocess materials, surging need more high purity photosensitive materials

Current

Sub 3nm
Next
generation
EUV?

14-10nmArF Multi
Patterning
20nm
ArF Double
Patterning

10nm
14nm

20nm

7nm

5nm

3nm

2nm

14Å

7nm EUV
3D Structure Device

28nm
2011

2013

2015

2017

2019

2021

2023

2025

年
Source : IMEC

15

Photoresist Market Development• EUV photoresist: trial to mass production in 2018, after 2019 volume sale will start• EUV photoresist will overtake KrF photoresist market size in 2021 and ArF photoresist
market size in 2023.
年平均成⻑率100 million yen

CAGR rate

Current

EUV Photoresist︓65.6%
ArF Photoresist︓5.9%

KrF Photoresist︓2.5%

ResultEstimation

Projection Projection Projection

Projection Projection Projection

Source: Fuji Chimera Research Institute, Inc「Å（オングストローム）半導体プロセス材料／技術の展望調査（2018年7⽉）」より当社作成

Projection

16

FPD Market Trend
Demand outlook for FPDs (surface area)(Million m2)
OLED
LCD

LCD total
2021→2020
LCD 4K&8K CAGR︓0.8%→Projection•New big FPD plants in China has been
completed, now over-supply market

LCD total
2015→2020
CAGR︓5.1%

LCD（4K&8K）
CAGR︓2.9%•FPD demand as surface are has 5%
CAGR till 2020, then slow down
afterwards•Slow down as area demand, but higher
definition demand is growing as 4K8K・
OLED and etc. growth

LCD（4K&8K）
CAGR︓33.6%
OLED
CAGR︓33.6%•For 2017-2018, LCD FPD productions
shifted South Korea to China

OLED
CAGR︓12.2%• FPD application will diversifying tohome applicants, car, signage display
and etc. in addition to PC, smart phone
and tablet PC.

Source︓IHS Marketing17Key demand driver for Photosensitive Materials/ EL Solvent
Demand for photosensitive materials will be driven by market growth, and by the need for new types ofmaterials as semiconductor and display technologies become more advanced.

•TV
•LCDs
•Display
applications•OELDs•Smartphones•Smartphones•Flash•Photosensitiv
e material
demand•Memory•Semiconductor
applications•Higher resolution(multilayer)

•SSDs

•DRAM

•Logic•Multiple core /multiple layer•Sensors•IoT

18

Outlooks: Photosensitive materials Application, Wave length and Line Width• Continue down size of photoresist line width need EUV process• Started mass production supply for EUV materials in 2019
• TGC continue to improve quality of photosensitive materials and diversifying product line up to＝stagnantsatisfy customerʼs needs＝growing
FPD
g＋ｈ＋
ｉline

I lineIC
G lineI line

KrF

ArF

Node

〜
〜
〜700nm 〜200nm 〜110nm 〜65nm
2,000nm 1,000nm

Application

Small & Mid
size Panel

TV, PC

Smart phoneand etc.

MarketStagnant

Stagnant
andgradually
growth

IGBT、LCD driver、
LED

Immersion

ArF
DP

〜45nm

〜22nm

ArF

DRAM/NAND memory（recovery in 2020 as projection）

Back-end process materials
Advanced logic LSI⇒ steady
CMOS sensor
Gradually
growthexpanding

TGC
Poducts

Photo Active Compound (PAC）
EL high purity solvents

stagnant steady

expanding

ArF
MP
EUV
〜7nm

〜5nm

〜2nm︖

New generation DRAM
（2020〜）
New Generation Logic LSIStart EUV process in production

CAPEX in progress

R&D

Photo acid generator（PAG）
Polymer
EL Ultra high purity solvents

19

Photosensitive Materials Capacity Up Investment•On going capacity up project to meet market demand increasing•Completed capacity up project for the existing plant as plan. After customersʼ qualification process,starting products shipment from new line accordingly.
• New production plant construction to be completed in 2020 as on going in the planed schedule.

Current
FY2018.3

Photosensitive
Materials for FPD（PAC）

Advanced polymer

Advanced
Photosensitive
Materials（PAG）

New Plant（New Productionbuilding）

FY2019.3

1H

1H

Construction

Qualification &
Training

Construction

FY2020.3
2H

Qualification &
Training

FY2021.3

1H

2H

Qualification &
Training

Operation
start

1H

FY2022.3
2H

1H

2H

Operation
start

Operation
startConstruction

Design & Construction

Qualification &
Training

Operation
start

20

Photosensitive Materials (Chiba Plant）Construction status• For meeting to medium term demand growth, new production building construction is on-going asplan to be completed in 2020 summer.
•After customer qualification (taking about 6 months), we plan to start product shipment in spring
The drawing of new production building at completion

Construction status as of Oct 31 201921

Aroma chemicals products,
Chemicals logistics
and storage services

Aroma Chemicals Market
Aroma Chemicals Market share• The global aroma chemicals market is expanding at
CAGR 3-4% steadily• The top six suppliers dominate 70% of the global market.
• Major suppliers is activity doing the M&A to
increase their global market share, which is lead tooligopolization.
• TGC is a few selected aroma chemical key materials
to mainly major global aroma chemicals companies.
Our market share is estimated around 30-40% in
our segment• Global niche top position

出所︓Leffingwell & Associates

23Business Overview Chemicals (Aroma Chemicals)
Aroma chemical flow from raw materials through to finished products•Rawmaterials•Process•Plants,
flowers,
seeds, fruit,
leaves, bark,resin, etc.

•Press•Extract•Distil•Animals•Dairy, meat,fish•Refine•Synthetic
raw materials•Pulp- andalcoholbasedmaterials, etc.

•Synthesize•Base material•Refine•Naturalaromatics•Isolate•Refine•Process•Processing•Solubilization•Powderization•Emulsification•Products•Applications•Flavors•(Foodflavorings)•Confectionary•Beverages•Frozendesserts•Snacks•Ham•Sausages•Tooth paste•Cigarettes,
etc.

•Fragrances•(Cosmetic
fragrances)•Perfume•Cologne•Cosmetics•Soap•Detergent•Shampoo•Air freshener•Solvents, etc.

•Blend•Synthetic
aromatic•Ourbusinessdomain24

Logistic Business (Advantage of Takahama Chemical Oil terminal)• Toyo Goseiʼs chemical logistics terminal distributes
liquid chemicals made in Japan or overseas toplants across the Kanto region-biggest chemicals
distribution hub as largest shipment volume inTokyo bay area
• Only chemical tank terminal run by chemicals
company and handling variety of package, own
certified analytical laboratory for the high-quality
storage management as providing service for wide
rage chemicals
Terminal has 65 bonded storage tanks with various volumes,
capable of holding chemicals with different grades and properties• Prime location close to expressway network (abouta few minutes from Chidoricho IC) shorted delivery
time to northern Kanto area where are major
chemical users located. Possible to three rounddelivery a day is appreciated by customers inshortage of tank lorry driver.

• Strict regulations in the Fire Service Act make it
difficult for new competitors to establish new
Receives 70 vessels per month •Largest shipment volume inoperations in the Tokyo Bay area
the Kanto region: 80-100 Tank
lorry car per day

25

Logistic Business model①Liquid chemicals made in Japan oroverseas coming to Takahama bychemical tanker② Transfer chemical totank from tanker③ Storage at tank

④ Transfer chemicals to tank lorry
and other package from tanks⑤Deliver to users in Tokyo
metropolitan area

26

Completion of New Expressway contribute turnover rate
• Completion of Tokyo-Gaikan Expressway in 2018 further improved transport access to northern Kanto area asshortening delivery time
• # of Round trip per day increased which contribute higher operation rate at Takahama chemical oil terminal

27

Business Results for the 2nd QT of FY2020(2019 April-September)

Business Highlight for the 2nd QT of FY2020• Revenue increased to 12,189million yen（YOY+1,012million yen,+9.1%）• Although depreciation and labor cost increasing for expanding production capacity of photosensitive
materials, advanced products sales growth well rather than compensated cost increase• Operation profit increased +45.7% YOY、Ordinary profit increased +26.4% YOY、Net profit
increased +26.0％ YOY（Million yen）

Previous Year
Same Period
ResultRevenue

11,177 12,500 12,189 +1,012

FY2020 2Q
Projection

FY2020 2Q

ResultI/D%Comparison with
Projection
I/D
I/D
Amount%+9.1%△311 △2.5%

YOY
I/D
AmountOperating
Profit801 1,000 1,168+366 +45.7%+168 +16.8%

Ordinary
profit842

900 1,064+222 +26.4%+164 +18.2%

Net profit

550

600

693

+142 +26.0%+93 +15.5%

FX Rate¥113/$¥107/$¥107/$
29

The summary of the Business Result FY2020 1H■Revenue 12,189million yen（YOY+1,012milion yen,+9.1%）
 Photosensitive Materials Segment: Sales growth mainly thanks to advanced
product including new EUV generation products.
Chemicals Segment: Solvent sales for Electronic application decreased
mainly due to stagnant sales in conventional application, but sales in highend application keep growth. Aroma chemicals sales increased. Logistic
business kept high operation.
■Operation profit
 1,168million yen（YOY+366million yen、+45.7%）
 Although investment cost (labor, depreciation etc.) for the capacity
improvement in photosensitive materials segment increased, the profit
increases as contribution of sales expansion mainly from high-end
application both in photosensitive materials and EL solvents.
■Ordinary profit
 1,064million yen（YOY+222million yen、+26.4%）
 JPY appreciation against USD kept compared to as of 2019 March end , no
FX impact was counted into the statement.
■Net profit
 693million yen（YOY+142million yen、+26.0%）30

Quarterly Sales & Operating profit trend• Quarterly sales & operating profit steadily increasing
Quarterly Revenue & Operating profit

Average sales

Average sales
Average sales

4Q→3Q sales
shift due toplant maint. &expansion
works

Profit level
increaseaccording tosales
expansion

31

Operating profit, factors for increase/decrease• Sales growth more than compensates capacity up investment
Labor /depreciation cost up in
expenditure, bring profit increase
capacity expansion
Deceased ascomparison to YOY（Million yen
円）

+147
+512

+52

△319

Inventory
Revaluation

Operation
improvement△25
Expenditure
increase

801

2019.3 2Q

Previous 2Q end︓¥113/$
This 2Q end︓¥107/$

1,168

FX impact to
FX

+367
Sales
growth2020.3 2Q
32

Photosensitive Materials segment
Million yen
Revenue
Operating profit

Revenue︓7,177Million yen
Million yen （YOY+1,126million、+18.6%）• Products for Logic application andhigh-end semiconductor application（
ArF、EUV generation）keep good sales• Sales with new products（back-end
semiconductor process) increase• Impact from stagnant market situation
in memory IC and FPD
Operating profit︓837million yen（YOY+215million yen、+34.7％）• Although investment cost (labor,
depreciation etc.) for the capacity
improvement increased, the profit
increases as contribution of sales
expansion
33

Chemicals Segment
million yen

Revenue & Operating profit
Revenue
Operating profit

million yen

Revenue︓5,011million yen（YOY△114millon、△2.2％）• Stagnant memory IC market andcommodity EL solvent impact tosales decrease• EL solvent sales for high-end
semiconductor process increase• Aroma sales for mainly oversea
increase• Logistic business keep highoperation
Operation profit︓331 million yen（YOY+151million yen、+83.9％）• Valued add product sales contributeto profit improvement
34

Profit & Loss Statement• Revenue +12,189 million yen,+1,012millon yen,+9.1％ on YOY• High-end product sales contributed to gross & operating profit higher growth rate, resulted as gross profit+17％, operating profit +45.7％ on YOY• Ordinary profit contained no FX gain (previous year FX gain 71million yen), FX loss in this term as 51million
yen
FY2019Mar ending
2Q

FY2020March ending
2Q

Revenue

11,177

12,189

1,012

9.1%

COGS

8,866

9,485

619

7.0%

Gross Profit

2,310

2,703

393

17.0%

1,509

1,535

26

1.8%

801

1,168

366

45.7%

Non-Op Profit

107

34

△72

△68.0%

Non-Op Exp.

66

137

71

206.8%

Ordinary profit

842

1,064

222

26.4%

Extraordinary P&L

0

△33

△33

―

Profit before Tax

842

1,031

188

22.4%

Tax

291

337

45

15.7%

Net Profit

550

693

142

26.0%

（Million yen）

Selling Exp.
Ope. Profit

I/D
AmountI/D Rate［Gross profit +393、Ope Profit+366］
Revenue growth（+9.1%）
COGS（+7.0%）、
Selling Exp.（+1.8％）
Well controlled COGS &Selling Exp resulted in higher
Ope profit growth［Non-Op profit △48、
Non-Op loss +51］
No FX gain, but FX loss inthis term

35

Balance Sheet• Execution of the payment for capacity up investments in photosensitive materials
segment brought cash △2,177million yen, tangible asset +989million yen• Share holdersʼ equity resulted in +653millon yen thanks to net profit increase（million yen）
Current asset

I/D amt（million）

14,810 △2,418

Liabilities

2019.3 end 2019.9 end

17,2282019.3 end 2019.9 end I/D amt

28,02425,907 △2,117

Cash

5,412

3,234

△2,177

Account payable

3,094

2,750

△344

Account receivable

4,314

4,250

△64

Interest-bearing debt

17,984

17,591△393

Inventories

6,822

7,162

340

Others

6,945

5,566

△1,379

679

162

△516

19,637

20,612975

Net assets

8,841

9,515

674

tangible assets

18,566

19,555989

Shareholdersʼ equity

8,830

9,483

653

Intangible assets

417

393

△23

Revaluation & others

11

31

20

Invest/others

653

662

9

OthersFixed assets

Assets total

36,86535,422 △1,442［Cash △2,177］［Tangible asset 989］
* because of photosensitive Materials
segment CAPEX payment

Liabilities & Net assets
total

36,86535,422 △1,442［Equity ratio］
26.9%（YOY+2.9pt）

36

Cash Flows Statement• CF of operating activities︓1,645million yen thanks to WIC improvement activities well on-going• CF of investing activities︓△3,293million yen due to CAPEX payment for capacity expanding
activates in photosensitive materials segment• CF of financing activities︓△499million yen because of Interest-bearing debt partial refund
2019.3 end
2Q

2020.3 end
2Q

656

1,645

989

Profit before income taxes

842

1,031

188

Depreciation

930

1,063

133

△447

64

511

△593

△340

253

Accounts payable variance (+ means increase）

△55

△344

△288

Other

△18

172

191

△1,749△3,293△1,543△1,093△1,647△554

CF of financing activities

615

△499

1,115

Effect of FX rate change on cash andcash equivalents

27

△30

△58

Net variance in cash and cash equivalents△449△2,177△1,728Cash and cash equivalents at end of period

1,663

2,822

1,158

Million yen
CF of operating activities

Account receivable variance(+ means decrease）

Inventories Variance (+ means decrease)

CF of investing activities
Free Cash Flows

I/D Amt［Acc. Receivable decrease,inventories decrease, acc. Payabaledecrease］
Mainly controlling inventories level
contributed to WIC management
improvement［CAPEX CF △3,293］
CAPEX payment for capacity
expanding activates inphotosensitive materials segment

37

FY2020 Mar ending Projection• Sales growth continue in 2H and YOY revenue growth as plan
• 2H Profit will decrease due to expenditure for regular plant maintenance and labor cost increase for
new production under constriction as total cost up 350million yen compared to 1H.
• Original planned FX rate is ¥107/$（1H result107/$, 2H plan ¥105/$）• FX sensitivity ︓¥1 /USD depreciation impact to revenue 65million yen/year, Operation profit
30million yen/year（Million yen）

FY2020 Mar end 2020 Mar end
Original projection
2Q Result

Progress Rate

25,50012,18947.8%

Operating profit

1,800

1,168

64.9%

Ordinary profit

1,700

1,064

62.6%

Net profit

1,600

693

43.3%

Revenue38

Shareholder Return• In FY2019, annual dividend 10 yen→20yen as plan
• Stable dividend is shareholder return policy, which will count alsofinancial condition and future business development
yenAnnual dividend trend（FY）（Plan）

39

Capital Investment & Depreciation History
million yen
Capital Investment & Depreciation
CAPEX Amount
Depreciation Amount

Investment at FF &Awaji Plant for
Aroma & EL solvent（⾒込）Projection40Medium Term Plan TGC300（2018 Aug 10 realese）
 Concept
Usage of Electronic Device in Daily life continue to expand, in line with minimizing device structure and improving
performance, more high purity and functionality materials are being required more in market.
More improving ultra high purification technology as TGCʼs historical advantage and enhancing stable supply
system to satisfy customerʼs quality requirement, which will realize innovative talent, organization and businessdevelopment

 Vision of TGC300
Sincerely proving solution for customerʼs agenda and technical issue
by unique approach, become world #1 “DANTOTSU”(ultra outstanding )company in high quality and productivity.

 Target for FY2023 March ending
2018 Mar end result
Revenue: 20.5billion yen
Ordinary profit︓1 billion yen
Ordinary profit %︓5.3%

2023 Mar end target
Revenue: ≧ 30 billion yen
Ordinary profit: ≧ 3 billion yen
Ordinary profit %: ≧10％
Capital investment: 12 billion yen（Strategic investment for 5yrs)

41

TGC300 progress• Medium-term management plan “TGC300” is on going as we planed• 1st year resulted as beyond plan
（Revenue+2％、ordinary profit+16％）

ordinary profit %• 2nd year as FY2020 Mar end 1H
resulted in 2% less sales and 15%
better profit compared original
projection in this year

Revenue mio yen
Ordinary profit mio yen•Medium-term management plan is on
going as we planed（Plan）（Plan）

Medium term plan42

For the future
In about half a century from the dawn of semiconductors
industry, through technology to meet the needs of the world, wealways work earnestly for developing unique high-purity
technology, synthetic technology and manufacturing technology,
then we reached the current competitive position in the market.
With the widespread use of high-speed communicationworldwide, the connection of all electronic devices require dataprocess on time, and AI technology is now being applied forvariety of applications. The demand for electronic materials isincreasing rapidly with our sophisticated and variety of
products. Under such social changing, we are moving forward toachieve the goals of the medium-term business plan “TGC300”.
We commit to meeting the expectations of our customers,
financial institutions, investors and other stakeholders who aresupporting us by working together to realize a future better
society and improve our corporate value.
We highly appreciate your continued support to TGC.
43

独創的な視点で世界へ
Individual Development, to the global Chemical（⾒通しに関する注意事項）
本資料の業績予想は、現時点において⾒積もられた⾒通しであり、これまでに⼊⼿可能な情報から得られた判断に基づいております。
従いまして、実際の業績は、様々な要因やリスクにより、この業績予想とは⼤きく異なる結果となる可能性があり、いかなる確約や保証を⾏うものではありません。