Consolidated Financial Results for the Three Months Ended June 30, 2015
(JPGAAP)
August 5, 2015
Stock Exchange: Tokyo
Name of listed company: NISSAN CHEMICAL INDUSTRIES, LTD.
URL: http://www.nissanchem.co.jp/
Code Number: 4021
Representative: Kojiro Kinoshita, President
Inquiry to: Hironori Yoshida, Executive Officer and Director of Finance and Accounting Department Tel. +81 3 3296 8356
Scheduled dividend payment date: Supplemental information: Yes
Financial results meeting: None
( Amounts rounded down to the nearest million yen)(% indicates the rate of increase/decrease year on year)

1. Consolidated Financial Results for the Three Months Ended June 30, 2015 (From April 1, 2015 to June 30, 2015)(1) Consolidated Operating Results(Millions of Yen)

Net Sales

Operating
IncomeOrdinary
IncomeProfit Attributable to
Owners of Parent

Three Months Ended June 30, 2015

45,190

+6.4%

9,426

+5.8%

10,240+10.2%

7,208+14.0%

Three Months Ended June 30, 2014

42,491

+5.6%

8,910

+32.4%

9,293+22.1%

6,325+22.4%(Note) Comprehensive Income:Three Months Ended June 30, 2015: 8,082 million yen (+17.1%)
Three Months Ended June 30, 2014: 6,904 million yen (+1.8%)

Net Income
per Share (Yen)

Diluted Profit
Attributable to
Owners of Parent
per Share (Yen)Three Months Ended June 30, 2015

45.85

－

Three Months Ended June 30, 2014

39.42

－

(2) Consolidated Financial Position(Millions of Yen)

Total Assets

Net Assets

Equity Ratio

As of June 30, 2015

213,812150,414

69.7%

As of March 31, 2015

223,854

151,263

66.9%(Reference) Shareholders' equity: As of June 30, 2015: 148,956 million yen As of March 31, 2015: 149,782 million yen

2. Cash Dividends
Cash Dividends per Share
First
Quarter

SecondQuarter

Third
QuarterYear Ended March 31, 2015－

14.00 yen－

22.00 yen 36.00 yen

Year Ending March 31, 2016－
18.00 yen－

22.00 yen 40.00 yen

Year Ending March 31, 2016
(Forecast)Year-end

Annual(Note) Revision of the latest released dividend forecast: None

3. Forecast of Consolidated Financial Results for the Fiscal Year Ending March 31, 2016 (From April 1, 2015 to March 31, 2016)(Millions of Yen)(% indicates the rate of increase/decrease against the same period of the previous year)
Net Sales

Operating
IncomeOrdinary
IncomeProfit Attributable to
Owners of Parent

Net Income
per share

Six Months
Ending September 30, 2016

85,000+6.4%

12,900+3.1%

13,600+6.8%

10,100+14.1%

64.94

Year Ending March 31, 2016

181,000+5.7%

26,500+4.5%

27,600+4.6%

20,600+13.2%

132.46(Note) Revision of the latest released forecast of financial results: None
Net Income per share for the current consolidated fiscal year is calculated in consideration of repurchase and cancellation of treasury stock implemented by July 31,
2015.

4. Notes(1) Changes in significant consolidated subsidiaries(changes in specified subsidiaries involving changes in scope of consolidation): None(2) Adoption of special accounting methods of preparation of quarterly financial statements: :None
None(3) Changes of accounting policies and accounting estimates, and restatement
1. Changes of accounting policies due to revisions of accounting standards: Yes

2. Changes of accounting policies other than the above: None3. Changes in accounting estimates: None4. Restatements: None(4) Number of shares outstanding (common stock)
1. Number of shares outstanding (including treasury stock)
as of June 30, 2015; 158,000,000 shares
as of March 31, 2015; 158,000,000 shares
2. Number of shares of treasury stock
as of June 30, 2015; 2,083,837 shares
as of March 31, 2015; 286,679 shares
3. Average number of shares outstanding(cumulative first year)
as of June 30, 2015; 157,214,729 shares
as of June 30, 2014; 160,477,948 shares* Implementation status about the review
This financial release is not subject to audit procedures based on Financial Instruments and Exchange Law in Japan.
Audit procedures of financial statements based on Financial Instruments and Exchange have not been completed at the time of disclosure.
* Statement regarding appropriate use of forecasts and other notes
The forecast contained in this report is based on information available at the time of disclosure.
Actual operating results may differ materially from the forecast due to various factors.
For supplemental information, please refer to our website.

Table of Contents for Attached Materials
1. Qualitative Information on Quarterly Results(1) Business Performance........................................................................................................2..............................................................................................................................2(2) Financial Position .....................................................................................................................................3(3) Forecast of Consolidated Business Results and Other Forward-looking Information
2. Items concerning Summary Information (Notes)..................................................3................................................................................................... 4(1) Changes of Accounting Policies and Accounting Estimates, Restatement ...............................................................4
3. Consolidated Financial Statements...................................................................................................................5(1) Consolidated Balance Sheets ......................................................................................................................5(2) Consolidated Statements of Income and Statements of Comprehensive Income(3) Consolidated Statements of Cash Flows......................................................7........................................................................................................9(4) Notes to Consolidated Financial Statements.................................................................................................10(Notes on Assumption of Going Concern)................................................................................................10(Notes on Significant Changes in Shareholders' Equity) ...............................................................................10(Segment Information)........................................................................................................................10(Significant Subsequent Events)..............................................................................................................10-1-

1. Qualitative Information on Quarterly Results(1) Explanation of Operating Results
During the year ended June 30, 2015 (from April 1, 2015 to June 30, 2015), the domestic economy was on thegradual recovery trend under the weaker yen and the improvement of corporate earnings.
With regard to our group business, Chemicals Segment was benefited by lower price fuels. As for
Performance Materials Segment, especially Display Materials remained favorable. As for Agricultural Chemicals
Segment, sales of agrochemicals grew significantly both in Japan and overseas. As for Pharmaceutical Segment,
domestic “LIVALO” (anti-cholesterol drug) sales decreased due to the influence of generic products.
As a result, the sales for this term were 45,190 million yen (an increase of 2,698 million yen from the same
term of the previous year). Operating income was 9,426 million yen (an increase of 516 million yen). Ordinary
income was 10,240 million yen (an increase of 947 million yen). Profit attributable to owners of parent was 7,208
million yen (an increase of 883 million yen).
Explanations by segments are as below.
Chemicals
As for Basic Chemicals, the sales volume of melamine (adhesive agent for particle board) increased inoverseas. As for Fine Chemicals, the sales of “HI-LITE” (chlorinated isocyanuric acid for sterilizing) exceeded
previous year in overseas.
As a result, the sales of this segment were 8,670 million yen (an increase of 193 million yen from the same
term of the previous year). Operating income was 1,462 million yen (an increase of 499 million yen).
Performance Materials“SUNEVER” (LCD alignment coating) for TV and smartphone had healthy sales. The sales of bottom
anti-reflective coating (ARC® coating) increased due to steady demand for semiconductors. The sales of“SNOWTEX” (silica sol for polishing electronic materials and non-polishing materials) exceeded previous year for
non-polishing materials.
As a result, the sales of this segment were 12,960 million yen (an increase of 1,117 million yen from the same
term of the previous year). Operating income was 3,370 million yen (an increase of 38 million yen).
*ARC® is registered trade mark of Brewer Science, Inc. Bottom anti-reflective coating and multi-layer materials beneath a
photoresist are included in the registered trade mark.

Agricultural Chemicals
With regard to domestic sales, the sales volume of “ALTAIR” (paddy rice herbicide) increased. With regard tooverseas sales, “TARGA” (crop herbicide) and Fluralaner (the active substance of veterinary medical product)
had healthy sales.
As a result, the sales of this segment were 13,599 million yen (an increase of 1,264 million yen from the same
term of the previous year). Operating income was 4,396 million yen (an increase of 415 million yen).
Pharmaceuticals
Export “LIVALO” had healthy sales. Domestic “LIVALO” continued to face a tough situation. As somedeliveries were behind the original schedule, the sales of “Custom Chemicals” (custom manufacturing andprocess researching services for pharmaceutical companies) decreased.
As a result, the sales of this segment were 2,051 million yen (a decrease of 419 million yen from the same
term of the previous year). Operating income was 384 million yen (a decrease of 373 million yen).
Trading
The sales of agricultural chemicals products increased.
As a result, the sales of this segment were 14,745 million yen (an increase of 618 million yen from the same termof the previous year). Operating income was 465 million yen (a decrease of 19 million yen).
Others
The sales of this segment were 4,109 million yen (an increase of 291 million yen from the same term of theprevious year). Operating loss was 31 million yen (an improvement of 77 million yen).
-2-(2) Financial Position(Position of Assets, Liabilities and Net Assets)
Total assets as of June 30, 2015 were 213,812 million yen for a 10,041 million yen decrease from March 31, 2015. It is mainly due
to the decrease of cash and deposits.
Also, total liabilities as of June 30, 2015 were 63,398 million yen for a decrease of 9,192 million yen from March 31, 2015. It ismainly due to the decrease of liabilities with interest.
Net Assets as of June 30, 2015 were 150,414 million yen for a decrease of 849 million yen from March 31, 2015. As a result,equity ratio was 69.7%, an increase of 2.8% from March 31, 2015.

(Position of Cash Flow)
Deducting income taxes paid from income before income taxes and minority interests, depreciation and gain and loss on working
capital, net cash provided by operating activities for the three months ended June 30, 2015 were 10,553 million yen (6,590 million
yen for the same term of the previous year).
Due to the investment on plant and equipment, net cash used in investing activities for the three months ended June 30, 2015
were 1,934 million yen (1,013 million yen for the same term of the previous year).
Due to the decrease in borrowings and dividends payment, net cash used in financing activities for the three months ended June30, 2015 were 17,839 million yen (12,834 million yen for the same term of the previous year).
As a result, cash and cash equivalents at the end of this term were 22,243 million yen, reflecting 60 million yen effect of exchange
rate changes and 61 million yen increase from newly consolidated subsidiaries. It decreased by 9,160 million yen from March 31,
2015 (23,455 million yen for the same term of the previous year).

(3) Forecast of Consolidated Business Results and Other Forward-looking Information
There is no change in the forecast of consolidated business results for the six months ending September 30, 2015 and the fiscal
year ending March 31, 2016 from the statement announced on May 12, 2015.

-3 -2. Items concerning Summary Information (Notes)(Changes in Accounting Policies)

Effective from the beginning of the first quarter of current consolidated fiscal year, the Company adopted
the "Revised Accounting Standard for Business Combinations"(Accounting Standards Board ofJapan(ASBJ) Statement No.21, issued on September 13, 2013, hereinafter referred to as the "AccountingStandard for Business Combinations"), "Revised Accounting Standard for Consolidated Financial
Statements"(ASBJ Statement No.22, issued on September 13, 2013, hereinafter referred to as the"AccountingStandard

for

Consolidation")

and"RevisedAccountingStandard

forBusiness

Divestitures"(ASBJ Statement No.7, issued on September 13, 2013, hereinafter referred to as the"Accounting Standard for Business Divestitures").
In applying these revised accounting standards, the Company records any difference arising fromchanges in equity interest in subsidiaries as capital surplus when the control over its subsidiaries maintains
and the corresponding acquisition-related costs are recognized as expenses when incurred. Also,
regarding business combinations conducted after the beginning of the first quarter of current consolidated
fiscal year, the disclosure method was revised to reflect the retrospective adjustment of purchase priceallocation after determination of provisional accounting method in the quarterly consolidated financial
statements of the fiscal period in which the business combination occurred. In addition, presentation
method of net income is amended and also, the presentation of "minority interests" is changed to"non-controlling interests". To reflect these changes in presentation, the quarterly consolidated financial
statements and consolidated financial statements in the previous fiscal year have been reclassified.
Concerning the application of the Accounting Standard for Business Combinations and others, theCompany is subject to the transitional treatment set out in Section 58-2(4) of the Accounting Standard forBusiness Combinations, in Section 44-5(4) of the Accounting Standard for Consolidation and in Section
57-4(4) of the Accounting Standard for business Divestitures, and these changes are effective from the
beginning of the first quarter of current consolidated fiscal year. Also, these changes have no effect on profit
and loss.

-4-

3. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of Yen)

As of
March 31, 2015

As ofJune 30, 2015

AssetsCurrent assets
Cash and deposits

31,34322,243

Notes and accounts receivable-trade58,13355,335Merchandise and finished goods

28,12328,491

59367

Raw materials and supplies

7,885

8,401

Other

7,931

7,557

-29

-30

133,448

122,366

Buildings and structures, net

22,70222,757

Other, net

24,426

23,634

Total property, plant and equipment

47,12846,391

Goodwill

4

485

Other

669

4,672

Total intangible assets

674

5,158

Investment securities

38,71135,939

Other

4,079

4,135

Allowance for doubtful accounts

-187

-179

Total investments and other assets

42,60339,896

Total noncurrent assets

90,40691,445

Total assets

223,854

213,812Work in process

Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment

Intangible assets

Investments and other assets-5-

(Millions of Yen)
As of
March 31, 2015

As ofJune 30, 2015

Liabilities
Current liabilities
Notes and accounts payable-trade

15,077

14,684

Short-term loans payable

26,041

17,776

Income taxes payable

3,807

2,522

Provision for bonuses

1,827

593

Provision for directors' bonuses

24

5

Provision for environmental measures

315

314

Other

8,940

9,476

Current liabilities

56,03445,372

9,060

9,060

Provision for business structure improvement

704

704

Net defined benefit liability

174

158

Other

6,618

8,103

Total noncurrent liabilities

16,55618,025

Total liabilities

72,59063,398

Capital stock

18,942

18,942

Capital surplus

13,611

13,611Retained earnings

105,602108,841-584-5,469137,572

135,925

10,676

11,175

Foreign currency translation adjustment

894

1,235

Remeasurements of defined benefit plans

639

618

Total accumulated other comprehensive income

12,21013,030Non-controlling interests

1,481

1,458

Total net assets

151,263

150,414

Total liabilities and net assets

223,854

213,812

Noncurrent liabilities
Long-term loans payable

Net assets
Shareholders' equity

Treasury stock
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities-6-(2) Consolidated Statements of Income / Consolidated Statements of Comprehensive Income- Consolidated Statements of Income(Millions of Yen)
Three Months Ended
June 30, 2014

Three Months Ended
June 30, 2015

Net sales

42,49145,190

Cost of sales

24,20125,643Gross profit

18,29019,547

Selling, general and administrative expenses

9,380

10,120Operating income

8,910

9,426

Interest income

52

Dividends income

273

235

-

203

Foreign exchange gains

224

314

Other

158

225

Total non-operating income

662

981

Interest expenses

77

62

Other

202

104

Total non-operating expenses

279

167

9,293

10,240Extraordinary income--

Extraordinary loss--

Income before income taxes and non-controlling interests

9,293

10,240

Income taxes-current

2,232

2,315

Income taxes-deferred

703

666

Total income taxes

2,936

2,982

Net income

6,357

7,257

31

48

6,325

7,208

Non-operating income

Equity in earnings of affiliates

Non-operating expenses

Ordinary income

Profit attributable to non-controlling interests
Profit attributable to owners of parent-7-

- Consolidated Statements of Comprehensive Income(Millions of Yen)
Three Months Ended
June 30, 2014

Three Months Ended
June 30, 2015

6,357

7,257

Valuation difference on available-for-sale securities

366

498

Foreign currency translation adjustment

195

347

Remeasurements of defined benefit plans, net of tax

-13

-20

Share of other comprehensive income ofassociates accounted for using equity method-00Total other comprehensive income

547

825

6,904

8,082

6,852

8,028

52

54

Net income
Other comprehensive income

Comprehensive income（Breakdown）
Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests-8-(4) Consolidated Statements of Cash Flows(Millions of Yen)
Three Months Ended
June 30, 2014

Three Months Ended
June 30, 2015

Income before income taxes and non-controlling interests

9,293

10,240Depreciation

1,788

2,140

Interest and dividends income

-278

-237

Interest expenses

77

62

Loss (gain) on disposal of noncurrent assets

33

33

Decrease (increase) in notes and accounts receivable-trade

1,673

2,870

Decrease (increase) in inventories-1,802-1,143

Increase (decrease) in notes and accounts payable-trade

-675

-472

Other

-230

421

Subtotal

9,878

13,915Interest and dividends income received

278

298

Interest expenses paid

-37

-33

Income taxes paid

-3,529-3,624

Net cash provided by (used in) operating activities

6,590

10,554Purchase of investment securities-1,210-3

Proceeds from sales of investment securities

3,025

105

Purchase of property, plant and equipment-2,587-1,813

Payments for retirement of property, plant and equipment

-31

-34

Net decrease (increase) in short-term loans receivable

-136

-37

Other

-73

-151

-1,013-1,934

Net increase (decrease) in short-term loans payable-10,204-8,288Cash dividends paid

-2,567-3,469-50-70

Purchase of treasury stock of subsidiaries in consolidation--4,885

Setting up the trust for purchase of treasury stock--1,115-12-10-12,834-17,839-44

58

Net increase (decrease) in cash and cash equivalents-7,302-9,160Cash and cash equivalents at beginning of period

30,75731,343-

61

23,45522,243

Net cash provided by (used in) operating activities

Net cash provided by (used in) investing activities

Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities

Cash dividends paid to non-controlling shareholders

Other
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents

Increase in cash and cash equivalents from newly consolidated
subsidiary
Cash and cash equivalents at end of period-9-(4) Notes to Consolidated Financial Statements(Notes on Assumption of Going Concern)
Not applicable.
(Notes on Significant Changes in Shareholders' Equity)
Repurchase of the Company's Own Share under the provisions of Articles of Incorporation pursuant to Article 165, Paragraph 3 of the Companies Act.
the Company, at the board of director's meeting held on May 12, 2015, has decided to repurchase its shares in the market under Article 156 of theCompanies Act, as applied pursuant to Article 165, Paragraph 3 of the Companies Act. As a result, treasury stock at the end of first quarter of current fiscal
year is 5,469 million yen (4,885 million yen increase).
(5) Segment Information
1. Information Regarding Sales, Income (Loss) of Reportable Segments
1) For the Three Months Ended June 30, 2014 (From April 1, 2014 to June 30, 2014)
Performance Agricultural
PharmaChemicals
Materials
Chemicalsceuticals

Trading

Others

Total(Millions of Yen)
Adjustment Consolidated
(1)
Total

Sales
Sales to outside customers

6,102

10,41011,4992,471

10,215

1,792

42,491－

Intersegment Sales

2,374

1,433

835

－

3,910

2,025

10,580-10,580－

8,477

11,843

12,3352,471

14,126

3,817

53,072-10,580

42,491

962

3,332

3,981

758

485

-109

9,411

-500

8,910

Total Sales
Segment income or loss
(Operating Income or Loss)

42,491

Notes: (1) The negative 500 million yen adjustment in segment income includes 60 million yen in intersegment eliminations andnegative 440 million yen of corporate expenses not attributable to any reportable segment.
The corporate expenses are mainly group administrative expenses which do not belong to segments.
2) For the Three Months Ended June 30, 2015 (From April 1, 2015 to June 30, 2015)
Performance Agricultural
Chemicals
Materials
Chemicals

Pharmaceuticals(Millions of Yen)
Trading

Others

Total

Adjustment Consolidated
(1)
Total

Sales
Sales to outside customers

6,336

11,45012,415

2,051

11,156

1,780

45,190－Intersegment Sales

2,334

1,510

1,183

－

3,588

2,328

10,946-10,946－

Total Sales

8,670

12,96013,5992,051

14,745

4,109

56,137-10,946

45,190

Segment income or loss
(Operating Income or Loss)

1,462

3,370

4,396

384

465

-31

10,049

-622

9,462

Notes: (1) The negative 622 million yen adjustment in segment income includes negative 89 million yen in intersegment eliminations andnegative 533 million yen of corporate expenses not attributable to any reportable segment.
The corporate expenses are mainly group administrative expenses which do not belong to segments.
(Significant Subsequent Events)
The Company, at the board of Director’s meeting held on July 14, 2015, has decided a cancellation of treasury stock pursuant to Article 178of the Companies Act.
1.Class of cancelled shares : Common shares of the company
2.Number of cancelled shares: 2,000,000 shares(1.27% of issued shares prior to cancellation)
3.Date of cancellation:
July 31, 2015
Reference:
Number of issued shares subsequent to cancellation(including treasury shares): 156,000,000 shares- 10 -

45,190