Supplemental Information
Financial Results
For FY 2024 2Q
2024/7/30

SHIKOKU KASEI HOLDINGS CORPORATION（Tokyo Stock Exchange Prime Market 4099）

11. Consolidated Financial Results

2

Financial highlights

Both net sales and profits increased to record highs on the backsof strong sales overseas and the depreciation in the yen
Million yen
FY2023
2Q
Net Sales

30,880

FY20242Q
35,225

Change／Rate+4,345+14.1％

Remarks

・Chemicals operations increased due to increased sales
overseas and the depreciation in the yen
・Housing Materials operations decreased due to a
deterioration in the detached houses market

Operating profit

3,786

4,835

+1,048+27.7％

Ordinary profit

4,720

5,936

+1,216

・Increased sales in Chemicals and a weaker yen
absorbed the higher costs (transportation and SG&A
costs), yielding higher profits
・Foreign exchange gains 737 (YoY+182)
・Interest income 148 (YoY+44)+25.8％
Profit attributable toowners of parent

Exchange rate

3,212

4,032

+820

・Loss on sale of investment securities ▲47 （YoY+47）+25.5％

・Loss on retirement of non-current assets ▲5 （YoY▲47）・Foreign exchange impact on PL included in the change fromthe previous year (total of Chemicals and Housing Materials)

1USD 134 JPY

1USD 150 JPY

Net Sales

１EUR 144 JPY
１RMB 19.4 JPY

１EUR 164 JPY
１RMB 20.9 JPY+17 billion yen
Operating Profit+10 billion yen

Only the impact of exchange rate fluctuations on foreign currency transactions is shown.
Many yen-denominated transactions are also substantially affected by changes inforeign exchange rates; however, they are not included.

3

Trends in Net sales and Operating profit (ＹＴＤ)
Net sales increased in Chemicals (+4.41B) but decreased in Housing Materials (-110M), resulting in a companywide increase in sales (+4.34B)
100.0
Total operating profit increased (+1.04B) due to increased profits in Chemicals(+1.19B) and decreased profits in Housing Materials (-160M)

20.0

18.0

90.0
YoY
+43.4

Net sales+14.1%

307.1
255.5

98.3

267.2

108.1

250.0

102.5

94.6

264.4
93.6

YoY▲1.1

13.7

14.0

12.5
12.0YoY
+10.4

60.0

48.4

50.0

42.8

94.8

40.0

208.2
143.7

13.1

+27.7%

95.7

252.4
155.9

14.2

13.9

Housing
Materials

30.0

154.0

16.0

14.5
Ratio
%
70.0

308.8

16.2

Operating profit
80.0

352.3

100 Million yen

208.3

1-6

1-6

1-6

1-6

2Q

2Q

2018

2019

2020

2021

2022

FY2023

FY2024

13.3

8.5

37.9

0.0

5.5

8.0
Housing
Materials

7.2

YoY▲1.6
6.0

16.4

20.0

10.0

1-6

12.1

35.5

40.2

15.8

Chemicals

YoY+44.1

162.6

35.4

38.6

10.0

40.9
28.7

30.9

29.0

4.0

Chemicals

YoY+11.9

23.0

22.5

1-6

1-6

1-6

1-6

1-6

2Q

2Q

2018

2019

2020

2021

2022

FY2023

FY20242.0

18.4* Results before FY2022 were recalculated for the same period of the current year (January to June).

0.0

4

YoY Changes in Operating profit
Increased sales in Chemicals and a weaker yen absorbed the increased costs intransportation, SG&A and other areas, yielding higher profits overall

・Increased sales of highly profitablefine chemicals products (such as
GliCAP)

Million yen
Increase in grossprofit margin(Housing Materials
operations)

Increase in gross Increase in Decrease in profit
profit margin logistics costs accompanying
decrease in net(Chemicals(Chemicals
sales (Housing
operations)operations)
Materials

Decrease inlogistics
costs(Housing
Materials
operations)

Decrease in
R&D expenses(companywide)

operations)・Rise in the ratio oflandscape exterior

Increase in profit
accompanying
increase in net sales(Chemicals
operations)

Increase in other
SG&A expenses(companywide)・Impact of FX fluctuations
Decrease in profit of approximately 120 million yen(related to purchase of aluminum raw materials)
・Increased labor cost due to pay raise:approx. +150 million yen
・Increased tax burden due to a shift to aholding company (business tax): approx.
+350 million yen

・Impact of FX fluctuations: Increase in profit of approximately 1.08 billion yen→Net positive effect of increase in sales in foreign currency and negative effectof increase in purchase and transportation costs in foreign currency
FY2023 2Q
Operating profit

FY2024 2Q
Operating profit

5Trends in Net sales and Operating profit (ＱＴＤ)
・Total operating profit increased by 1.05 billion yen YoY. Chemicals operations increased
significantly by 1.11 billion yen due to increased sales and a weaker yen. Housing Materials
operations decreased by 80 million yen due to soaring prices of aluminum and other raw
materials, as well as increased SG&A costs.
・Operating profit increased by 20 million yen QoQ. Chemicals operations increased by 840
million yen due to increased sales and the sales mix of organic chemical products(increasing proportion of products produced in-house). Housing Materials operations
decreased by 840 million yen due to decreased sales and soaring prices of aluminum andother raw materials.

・Total sales increased by 1.67 billion yen YoY. Chemicals operations achieved growth of 1.66
billion yen due to increased sales of organic chemical products and fine chemicals and aweaker yen. Housing Materials operations remained unchanged (+20 million yen), withnonresidential fields covering for sluggish performance in the detached housing market.
・Sales increased by 510 million yen QoQ. In Chemicals operations, sales increased by 1.56
billion yen due to robust performance in organic chemical products (including seasonal
factors). Sales of Housing Materials operations decreased by 980 million yen due to theabsence of seasonal factors from 1Q.

Net sales

149.1

158.0 155.0

152.7

139.6
41.7

124.0

QoQ
+5.1

YoY
+16.7

+2.9%

+10.3%

173.6

Operating profit

178.7

161.9 159.1 163.3

Ratio %

42.4

146.9
42.2

42.6

Housing
Materials

52.2
43.5

100 Million yen

47.9

16.3

16.9

YoY+0.2
QoQ▲9.8

14.7

51.9

8.5

11.6

23.6
20.3

134.0
113.3

110.0

95.0

117.5
100.5

112.7

112.3

118.4

Chemicals

22.4

4.7
7.0

4.1

17.8

+0.8%

+76.3%

24.1
20.9
5.3

24.1

23.4
3.5

7.8

1.5

YoY+16.6
QoQ+15.6

90.8

3.1

QoQ
+0.2

YoY
+10.5

26.0

15.8

18.5
14.9

16.0

FY2021

2Q 7-9 3Q 10-12 1Q 1-3
FY2022

2Q 4-6

3Q 7-9 4Q 10-12 1Q 1-3

FY20232Q 4-6FY20242Q 7-9 3Q 10-12 4Q 1-3
FY2021

1Q 4-6

Housing
Materials

6.9

YoY▲0.8
QoQ▲8.4

4.4

13.8

24.7
18.9
15.1

15.4

13.6

-0.6
1Q 4-6

24.3

18.9

22.6

2Q 7-9 3Q 10-12 4Q 1-3

13.6

53.5

41.2

90.9

13.9

13.7

11.2

49.2

45.7

80.2

16.4

16.7
15.0

2Q 7-9 3Q 10-12 1Q 1-3
FY2022

15.9

Chemicals

16.2

YoY+11.1
QoQ+8.4-1.5

2Q 4-6 3Q 7-9 4Q 10-12 1Q 1-3 2Q 4-6
FY2023
FY2024

6

Operating results by segment: Chemicals (ＱＴＤ)
・Sales of inorganic chemicals increased by 270 million yen YoY while decreasing by 80 million
yen QoQ. The YoY change was positive due to the progress of sales expansion of insoluble
sulfur to North America, while the QoQ change was negative due to the impact ofconcentrated shipment (first-out) in 1Q.
・In terms of organic chemical products (Neo-Chlor), sales increased by 820 million yen YoY
and 1.91 billion yen QoQ as the cargo movement showed a sign of recovery after inventory
adjustment in the North American market, but the profit margin is trending downward due toslackening supply and demand.
・Fine chemicals sales increased by 570 million yen YoY while decreasing by 270 million yen
QoQ. Sales of functional materials and electronic chemicals are showing a gradual recovery inmarket conditions, but the QoQ change was negative due to misalignments in the timing ofproduction and shipping, among other factors. In addition, sales of the newly developed
product GliCAP (for server boards) were launched.
・The impact of foreign exchange was +990 million yen YoY (JPY/USD: 136→156) and +390
million yen QoQ (148→156).

Net sales

QoQ
+15.6

YoY
+16.6

+13.2%

134.0+14.1%

113.3

90.9
80.2

95.0

117.5
110.0
21.3

100.5

22.4

Operating profit

19.7

20.5

20.3

18.4

Fine
chemicals

54.7
45.2

41.1

29.5

2Q 7-9 3Q 10-12 4Q 1-3
FY2021

1Q 4-6

29.9

43.5

50.5

+82.0%

Organic
chemicals

YoY+8.2
QoQ+19.1

2Q 7-9 3Q 10-12 1Q 1-3
FY2022

24.7

22.6

38.2

37.4

１USD
13６JPY

１USD
148JPY

１USD
156JPY

2Q 4-6

3Q 7-9 4Q 10-12 1Q 1-3

2Q 4-634.7

32.1

FY2023+51.8%

YoY
+11.1

36.6

33.1

13.7

31.9

18.9

18.5

34.8

11.5

15.1

15.8
36.1

14.2

QoQ
+8.4

29.7

61.4
48.4

16.8

14.2

YoY+5.7
QoQ▲2.7

69.6
54.8

33.7

17.0

15.7

Ratio %

23.0

29.5

100 Million yen

21.1

28.0

27.7

27.0

25.4

24.4

29.2

25.9

90.8

26.9

112.7 112.3

118.4

・Operating profit increased by 1.11 billion yen YoY. The weaker yen contributed to a profit
increase of about 560 million yen.
Profits increased overall due to an increase in sales volume, mainly of highly profitable finechemicals, and the weaker yen.
・QoQ profit increased by 840 million yen. The increase in sales volume of organic chemical
products due to seasonal factors contributed to the higher profit.
In addition, although the profit margin of organic chemical products decreased in 1Q due to changes inthe sales mix (decreasing proportion of products produced in-house), profits increased again in 2Q due tothe normalization of the proportion of products produced in-house.

36.9

FY2024

14.9

16.0

15.1

15.4

13.6

15.9

16.2

Inorganic
chemicals

YoY+2.7
QoQ▲0.8

１USD
13６JPY

2Q 7-9 3Q 10-12 4Q 1-3
FY2021

1Q 4-6

2Q 7-9 3Q 10-12 1Q 1-3
FY2022

１USD
148JPY

１USD
156JPY

2Q 4-6 3Q 7-9 4Q 10-12 1Q 1-3 2Q 4-6
FY2023
FY2024

7

Operating results by segment: Housing Materials (ＱＴＤ)

・Housing Materials operations total sales increased by 20 million yen YoY.
・Sales of interior, exterior finished, and paving materials remained weak, withdecreases of 20 million yen YoY and 40 million yen QoQ.
・Sales of exterior products increased by 40 million yen YoY. Sales of housing
exteriors were low due to sluggish performance in new housing styles (detachedhouses), but they were covered by increasing sales in landscape exteriors.
・Sales decreased by 980 million yen QoQ, including seasonal factors for landscapeexteriors (reduction in end-March demand).

・In Housing Materials operations, total operating profit decreased by 80 million yen
YoY.
・Sales of interior, exterior finished, and paving materials failed to recover, remaining
sluggish.
・In exteriors, profitability came under pressure from both a decrease in the sales
volume and the soaring costs of aluminum ingots.
・In addition, SG&A costs (personnel and operating expenses) increased, resulting in
the expansion of operating losses.
・Operating profit decreased by 840 million yen QoQ due to seasonal factors inlandscape exteriors.

Operating profit

Net sales

100 Million yen

YoY
▲1.3
QoQ
+4.2

▲2.5%

Ratio %

+8.9%

53.5

51.9

52.2

49.2

40.8

41.7

41.2

42.6

42.2

10.0

3.5

43.5

13.3

10.7

10.3
7.1

47.9

45.7

14.6

13.5

9.2

7.3

-1.5

YoY
▲0.9

Exterior
Products

48.2
37.3

38.0

42.2

45.6
38.3

50.3

39.5

39.1

40.3

44.7

48.9

▲11.1%

1Q 4-6

3.2

3.5

3.7

2Q 7-9 3Q 10-12 4Q 1-3
FY2021

3.4
1Q 4-6

3.1

3.6

3.2

2Q 7-9 3Q 10-12 1Q 1-3
FY2022

3.1
2Q 4-6

3.1

3.3

3.3

3Q 7-9 4Q 10-12 1Q 1-3

FY2023

FY2024QoQ+2.5+56.6%

YoY▲1.4
QoQ+4.2

7.8

7.0

3.5

8.1

Interior, exterior
finishes

YoY+0.1
QoQ+0.0

2.9
1Q 4-6

4.1

4.7
3.1
1.5

2Q 7-9 3Q 10-12
FY2021

6.9

5.3

4Q 1-3

1Q 4-6-0.6
2Q 7-9 3Q 10-12
FY2022

1Q 1-3

3.5

2Q 4-6
3Q 7-9FY2023

4.4
4Q 10-12

1Q 1-3
FY20248

2. Financial Forecast

for the Fiscal Year Ending 2024

9

Forecast of Consolidated Financial Results
The full-year financial forecast was revised upwards, as progress in the first half of the
fiscal year exceeded initial forecasts
Million yen

Comparison of initial and revised forecast
Forecast of the
beginning of period
Net Sales

Net sales
Revisions of the forecast（released July 30, 2024）

Change／Rate

64,00068,000+4,000（Chemicals）43,500（Chemicals）48,000+6.3％（Housing Materials）19,500（Housing Materials）19,000

Operating profit

7,800

8,200

+400

（Chemicals）6,300（Chemicals）7,200+5.1％（Housing Materials）1,300（Housing Materials）800

8,200

9,500

Ordinary profit

100 Million yen+1,300RemarkHousing
Materials

・Sales of Chemicals operations are expected to increase due to the expansion of overseas sales
in the first half of the fiscal year and a revision of the forecasted exchange rate (weaker yen)in the second half.
・Expected sales of Housing Materials operations are being revised downward due to weakmarket conditions.

・Operating profit of Chemicals operations is being revised upwards, as the positive effects of
the weak yen in the first half of the fiscal year will cover for the negative effects of rising raw
materials costs in the second half.
・Operating profit of Housing Materials operations are being revised downward to reflect the
recent sharp rise in aluminum ingot prices in the plan.
・Ordinary profit is being revised upward due to foreign exchange gains, etc., accompanying the
weak yen in the first half of the fiscal year (foreign exchange gains +737)

Chemicals+15.9％
Profit attributable toowners of parent

5,500

7,900

+2,400・Profit attributable to owners of parent is being revised upward due to expected gain on sale ofinvestment securities in the second half of the fiscal year

+43.6％

Exchange rate

1USD 140JPY

1USD 150JPY

１EUR 150JPY
１RMB 19.0JPY

１EUR 160JPY
１RMB 20.0JPY

・One yen change against the US dollar has a positive impact of approximately 180 million yen insales and 110 million yen in operating profit.

Comparison of previous year and revised forecast
Revisions of the forecast（released July 30, 2024）

FY2023
Net Sales

Operating profit

Ordinary profit

63,117

Change／Rate

68,000+4,883（Chemicals）43,332（Chemicals）48,000+7.7%（Housing Materials）18,712（Housing Materials)19,000

8,019

8,200

+181

（Chemicals）6,381（Chemicals）7,200+2.2%（Housing Materials）1,508（Housing Materials）800

9,280

9,500

+220

Remark・In Chemicals operations, net sales are expected to increase due to higher sales of organic
chemical products and fine chemicals, as well as sustaining the positive growth in the firsthalf of the fiscal year on the back of the weaker yen.
・In Housing Materials operations, the Company aims for increased sales amid weak market
conditions.

Operating profit

Housing
Materials

・Increased operating profit is expected in Chemicals operations due to increased sales and theimpact of the weak yen.
・In Housing Materials operations, the profit margin is expected to decline due to the significant
impact of soaring aluminum ingot prices.

・Ordinary profit is expected to increase due to foreign exchange gains (+182).
Chemicals+2.4%
Profit attributable toowners of parent

7,853

7,900

+47
+0.6%

Exchange rate

1USD 140JPY

1USD 150JPY

１EUR 148JPY
１RMB 19.8JPY

１EUR 160JPY
１RMB 20.0JPY

・The yen is expected to depreciate by +10 yen/USD YoY.

10

Capital investment and Depreciation
No significant changes from the plan at the beginning of the period;
conducting capital investment in accordance with the plan

100 Million yen[Major capital investment in FY2023]

 2,230 million yen for the construction of a new plant for insoluble sulfur
 800 million yen for the construction to accommodate the increased production of Neo-Chlor (scheduled to start
operating in the autumn of 2024)
 180 million yen to add a solar power generation facility to the Marugame plant[Major capital investment in FY2024]

 2,550 million yen for the construction of a new plant for insoluble sulfur (scheduled to start in the winter of 2024
and start full-scale operation in 2026)
 380 million yen for the construction to accommodate increased production of Neo-Chlor
 540 million yen for production and surface treatment facilities for the Neo-Chlor tablet

11

Dividend and Share buyback Trends
Added a shareholder return policy and introduced a DOE indicator to determine
dividend amounts
New shareholder return policy

DOE

3%＝ROE 10％×100 Million yen

dividend payout ratio

30％

・A DOE indicator was introduced to realize stable dividends
conforming to the existing shareholder return policy(dividend payout ratio of 30%) and the Challenge 1000
profitability target (ROE 10%) as well as to increase
predictability
・Both business profitability and capital efficiency will be
improved to achieve ROE targets early and sustainably. （*See
15 cut ROIC tree）

102.2

Total return ratio

54.9

56.6
51.1

59.1
54.1

46.4

Total return

37.8
31.8
23.8
19.5

12.9

17.9

12.9

Share buyback

29.4
16.1

27.0

32.2

24.7
13.3
22.4

Total dividends

Dividends per Share

12.9

12.9

13.9

13.4

13.0

13.8

14.2

22yen

22yen

24yen

24yen

24yen

26yen

28yen

50yen

FY2017FY2018FY2019FY2020

FY2021

FY2022

FY2023

FY2024（PLAN）[New (added) shareholder return policy]
・The Company aims to achieve “a dividend payout ratio of 30% and a
total return ratio of 50% based on consolidated financial results” underthe “Challenge 1000” long-term vision for 2030.
・In addition, a dividend on equity* (DOE) ratio of 3% has been
established as an indicator for determining dividend amounts, andprogressive dividends will be paid while taking both the dividend payout
ratio and DOE indicators into consideration.
*Consolidated shareholders' equity (Consolidated net assets Accumulated other comprehensive income)・At the same time, special shareholder benefits will be abolished.
[FY2024 Shareholder Return Policy (incl. plan)]
・Dividend will be increased to 50 yen per share (25 for interim
dividend, 25 for year-end dividend)
・Repurchased Company shares of 10,220 million yen (5,891,100
shares) in total in February 2024 through ToSTNet-3. It was done as adissolution of cross-holdings with financial institutions.
・Dividends will be 2.24 billion yen including expected year-end
dividends and total shareholder returns will be 12.46 billion yen at thispoint.
・The expected payout ratio against projected year-end earnings isaround 29%. The total return ratio is expected to be around 158%.

12

3. Action to Implement Managementthat is Conscious of Cost of Capitaland Stock Price13

Analysis of current situation and policies for the present[Future earnings to be acquired (FCF)]

While ROIC by business increased for Chemicals, it decreased for Housing Materials.
ROIC/ROE increased companywide due to the reduction of net assets resulting fromthe share buyback carried out in February.

(Internal reserve)
Prioritize investments in growth andhuman capital as risk capital

Consolidated Balance Sheets (as of 6/30/2024)

FY2023末

69.8bnFY2024 2Q

68.8bnFinancialincomeCash and deposits
Securities
Investment grade bondscheduled to be redeemedwithin one year

29.9bn24.1bn17.5bn18.0bn7.0bn
15.3bn11.2bn15.4bnInvestment securities
Investment grade bond
Cross-Shareholdings

FY20230.69bn(▲0.98bn from the beginning of
the year )（内訳）[Group capital invested][Excess capital][Financial assets]

FY2024 2Q

0.38bn(Risk buffer retention policy)
Retain 1/3 of annual net sales(Allocable funds)
Consider shareholder returns, with the amount excluding
risk buffers as the capital that can be reduced if there isno urgent demand for funds.
In particular, the reduction of cross-shareholdings isprioritized while working on creating business synergies
with companies of cross-shareholdings.

[Business assets][Investment capital]

Trade receivables
Inventories
Property, plant, and equipment/ Intangible assets(Profit indicators to be compared)
Operating profit after tax by business → ROIC by business(Profit indicators to be compared)
Profit after tax (operating profit + financial
revenue) → Group ROIC
(Target ROIC)
Set to WACC as a hurdle rate of ROIC, andaim to achieve WACC of 6% or less by
reducing the cost of equity through leverage.
(Current status)
There is a gap between business ROIC andGroup ROIC, and the return on invested
capital as a whole is declining due to excess
capital with low yields.
Aims to improve the return on Group ROIC by
reducing excess capital to an appropriate
amount.

【Chemicals】

ROIC by business【Housing

43.1bnFY2024 2Q

44.2bn(+1.1bn from the beginning of the year)【Housing
Materials】

14.4bn14.8bn(Profit indicators to be compared)
Profit → ROE

30.1bnFY2024 2Q

32.2bnMaterials】
ROIC by business【Group】

15.2%
8.1bn

18.4%
8.4bn

12.0%
39.2bn9.2%
41.6bnMaintain ROE and net asset levels thatexceed the cost of capital at all times
through balance sheet management tosecure both aggressive growthstrategies and capital efficiency.

(Assumed cost of shareholders’ equity)
6-8%(Target ROE)
Set to 8% as a hurdle rate in the short term,
and aim to exceed 10% in the future bycapital reduction

FY2023

FY2024 2Q

86.1bn80.5bn9.4%

9.7%[Interest-bearing debt](Basic policy on leverage)

FY2023(+0.3bn from the beginning of the year)(+2.4bn from the beginning of the year)[Future net assets](▲5.6bn from the beginning of
the year)(+2.1bn from the beginning of the year)

FY2023[Net assets in carrying amount]

ROE

FY2023【Chemicals】(Shareholder return)
Carry out promptly, targeting 50% of
profitGroup
ROIC

FY2024 2Q

109.0bn

110.5bn

5.8%

6.7%

(▲1.4 bn from the beginning of
the year)・Actively utilize low-cost funds to the extent
that the credit rating can be maintained・Set D/E ratio to the 30% level

FY202322.2bnFY2024 2Q

29.2bn(+7.0bn from the beginning of
the year)(+0.4bn from the beginning of the year)【Group】

61.1bn63.0bn(+1.8bn from the beginning of the year)[Business liabilities]

Trade payable
Labor liabilities and provisions* Quarterly ROIC・ROE is converted to the annual rate, and in 1Q, returns are divided by 2.

14

Analysis of ROIC Tree

Both Chemicals and Housing Materials operations maintained high capital turnover due to high added value
based on low cost ratio and high ROS arising from their niche business areas and R&D capabilities as well
as a lower investment burden on production facilities.
Chemicals

ROIC

18.4%

/ 15.2%

Ratio of operating
profit to sales

Turnover ofinvested capital

Housing
Materials

ROIC

9.2%

/ 12.0%

Ratio of operating
profit to sales

Turnover ofinvested capital

16.2%

1.56

5.8%

2.24

/ 14.7%

/

/

/

1.44

8.1%

2.31

Ratio of cost to sales

62.2%/ 64.9%Ratio of SG&A to sales

21.6%/ 20.4%

Ratio of R&D to sales

2.5%

/

3.2%

Ratio of transportation
cost to sales

9.3%

/

8.3%

Turnover ofworking capital

3.01

/

2.96

Receivables turnover

3.69

/

3.69

Fixed asset turnover(tangible/intangible)

2.51

/

2.01

Inventory turnover

5.72

/

4.71

Payables turnover

8.81

/

6.88

Ratio of R&D to
sales

2.1%

/

1.9%

Ratio of transportation
cost to sales

9.6%

/

9.8%

Ratio of cost to sales

56.9%/ 57.8%

Ratio of SG&A to sales

37.3%

/

34.1%

Turnover ofworking capital

2.90

/

2.81

Receivables turnover

3.29

/

3.34

Fixed asset turnover(tangible/intangible)

5.47

/

3.99

Inventory turnover

4.46

/

4.57

Payables turnover

5.46

/

6.16

* Quarterly ROIC is converted to the annual rate, and in 1Q, returns are divided by 2.

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Disclaimer

 This material is intended to help shareholders, investors, etc., understand pertinent information such as the Company’s
management policy, plans, and financial status, and it does not solicit investment such as purchasing or selling stocks in the
Company.
 The information contained in this document has been presented with the utmost care, but there is no guarantee as to whether
the content is accurate or currently up to date. Additionally, the Company assumes no responsibility for any damage ordisability arising out of or in connection with this document, such as published information or errors, regardless of the reason.
 Among the Company’s current plans, forecasts, and strategies as presented in this material, those that are not historical facts
are forward-looking statements or projections based on the judgment of the Company’s management according to theinformation that was available at the time of the relevant decision; hence, risks and uncertainties are involved. Actual
performance and business results may differ greatly from these prospects due to various factors.
 If you understand the above and are interested in exploring investment opportunities, please peruse additional materials suchas the Company’s securities report and make your investment decision at your own discretion.

Contact information
SHIKOKU KASEI HOLDINGS CORPORATION, Corporate Planning Dept.
TEL: +81-(0)877-21-4119
https://www.shikoku.co.jp

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