Fact Data
11-Year Financial Summary

Medium-Term Management Plan
Medium-Term Management

CHORI CO., LTD. and Group Companies

Medium-Term Management

PlanPlanMedium-Term Management

Yakushin 2016

Yakushin 2013

Chori Innovation Plan
2022

Plan

9

Chori Innovation Plan 201(Millions of yen)
FY2011FY2012FY2013

FY2014FY2015FY2016FY2017FY2018FY2019FY2020

FY2021

Net sales*1

217,825

221,847

244,286

248,396

291,578

270,908

311,705

356,537

329,360

216,233

284,096

Gross profit

20,02019,77021,53022,157

24,79925,14926,40028,58528,31026,35730,650

Selling, general and administrative expenses

14,103

14,66516,037

16,604

19,42918,701

19,174

20,53820,091

22,693

21,321

Operating income

5,916

5,105

5,492

5,552

5,369

6,448

7,226

8,047

8,219

3,663

9,328

Ordinary income

6,118

5,466

5,831

5,966

5,518

6,967

7,499

8,660

8,685

4,656

10,274

Net income attributable to owners of the parent

3,497

2,944

3,715

4,153

4,297

4,780

4,730

5,630

6,101

1,247

6,811

Total assets

67,46571,851

78,221

84,28998,736

97,983

119,055

118,499

114,400

110,591

134,121

Net assets

28,69831,38536,417

41,47342,882

46,34351,15353,89757,27958,83165,096

Net interest-bearing debt*2(6,650)(7,491)(8,820)(10,703)(8,029)(6,824)(11,134)(10,887)(11,962)(15,547)(6,939)Operating Results:

Financial Position (As of March 31):

Cash Flows:
Cash flows from operating activities (A)

(263)

5,792

1,716

3,320

4,992

625

6,653

3,196

2,857

5,889

(2,330)Cash flows from investing activities (B)(1,153)(2,980)

(208)

(813)

(4,442)58821(1,421)8(357)

197

Free cash flows (A+B)(1,417)

2,812

1,508

2,507

550

683

7,474

1,774

2,866

5,532

(2,133)(318)(1,641)

(506)

(840)

(1,510)(1,363)(2,352)(4,350)(1,899)(887)(4,015)

Cash flows from financing activities
Per Share Data*3 (Yen):
Net income per share

145.91117.57151.54169.40175.31

195.00192.74229.28248.4650.73

276.82

Net assets per share

1,131.43

1,275.84

1,481.00

1,688.74

1,746.27

1,887.37

2,079.84

2,191.45

2,328.79

2,390.06

2,643.55

Dividends per share*4

29.00

24.00

33.00

34.00

36.00

40.00

59.00

60.00

63.00

37.00

84.00

Ordinary income to net sales

2.8

2.5

2.4

2.4

1.9

2.6

2.4

2.4

2.6

2.2

3.6

5

Return on assets (ROA)*

9.3

7.8

7.8

7.3

6.0

7.1

6.9

7.3

7.5

4.1

8.4

Return on equity (ROE)*6

12.9

9.8

11.0

10.7

10.2

10.7

9.7

10.7

11.0

2.2

11.0

Equity ratio

42.4

43.5

46.4

49.1

43.4

47.2

42.9

45.4

50.0

53.2

48.5

Consolidated dividend payout ratio19.9

20.4

21.8

20.1

20.5

20.5

30.6

26.2

25.4

72.9

30.3

Price earnings ratio

7.0

9.1

7.4

10.9

8.3

9.9

10.9

6.8

6.2

33.2

6.4

Price book-value ratio

0.9

0.8

0.8

1.1

0.8

1.0

1.0

0.7

0.7

0.7

0.7

Stock price at end of March (yen)*3

1,020

1,066

1,124

1,851

1,457

1,939

2,097

1,556

1,537

1,685

1,759

Number of employees (consolidated)

1,084

1,286

1,292

1,091924

939

991

1,023

1,014

969

1,322

Number of consolidated subsidiaries

2326272527272929293033

Key Indicators (%):

Other Data:*1 In the first quarter of fiscal 2020, Chori adopted the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, issued on March 30, 2018).
*2 Net interest-bearing debt = Interest-bearing debt – (Cash and deposits + Deposits paid to subsidiaries and associates)*3 The Company carried out a 1-for-10 reverse stock split of common shares on October 1, 2012. Net income per share and net assets per share were provisionallycalculated at the beginning of fiscal 2011 based on this reverse stock split. Dividends per share and stock price at year-end for fiscal years prior to the reverse stock
split have been retroactively adjusted to reflect its impact.

61

CHORI CO., LTD.

*4 Dividends per share in fiscal 2017 include a commemorative dividend of ¥10 for the Company’s 70th anniversary.
*5 Return on assets (ROA) = Ordinary income / Total assets (Avg. of beginning and end of fiscal year) x 100*6 Return on equity (ROE) = Net income attributable to owners of the parent / Total equity (Avg. of beginning and end of fiscal year) x 100

Tsumugu Report 2022

62Fact Data

Chori’s Global Network (As of July 1, 2022)
Major Overseas Subsidiaries
and Affiliates 

After the end of World War II, Chori recommenced the full-scale development of its overseas business in 1949,
when private foreign trade resumed. Today, Chori boasts a global network consisting of subsidiaries and offices
located in various regions of the world. As we move forward, we will step up the pace of our globalization efforts
while addressing the needs of our customers.

QINGDAO RED BUTTERFLY PRECISION MATERIALSCO., LTD. (China)

Production and sale of inorganic chemicals

U.S.A. and Central America

Beijing Chostar Equipment Engineering Technology Co., Ltd.

Subsidiary

Import and export of equipment and materials for

CHORI AMERICA, INC. (Jersey City)

chemical plants

CHORI COMERCIAL DE MEXICO, S.A. DE C.V.

Europe(Mexico City)

Subsidiary(China)CHORI Analysis & Technology Service (Suzhou) CO., LTD.
(China)Chori Europe GmbH

Analysis and research and development of chemicals(Neu‐Isenburg)

MCC Industry COMPANY LIMITED (Hong Kong)

Sale of textile products
MEGACHEM LIMITED (Singapore)

Trading company specializing in chemicals
PT. MATSUOKA INDUSTRIES INDONESIA (Indonesia)

Sewing of textile products

Middle EastSubsidiary
Chori Middle East FZE (Dubai)
Representative office

Major Domestic Subsidiaries
and Affiliates Jeddah

South America
Asia

Representative officeASADA U CO., LTD.

Subsidiaries

Santiago

Sale of interior and packaging materials

CHORI (CHINA) CO., LTD. (Shanghai)

CHORI KOREA CO., LTD. (Seoul)

CHORI MODA CO., LTD.

CHORI (SHANGHAI) CO., LTD. (Shanghai)

THAI CHORI CO., LTD. (Bangkok)

Planning of fashion apparel

CHORI (TIANJIN) CO., LTD. (Tianjin)

PT. CHORI INDONESIA (Jakarta)

CHORI (DALIAN) TRADING CO., LTD. (Dalian)

CHORI SINGAPORE PTE LTD (Singapore)

CHORI (DALIAN) COMMERCIAL IMPORT EXPORT CO., LTD. (Dalian)

CHORI TRADING (MALAYSIA) SDN. BHD. (Puchong, Selangor)

CHORI CO., (HONG KONG) LTD. (Hong Kong)

CHORI VIETNAM CO., LTD. (Ho Chi Minh City)TAIWAN CHORI MERCHANDISE COOPERATION LTD. (Taipei)

CHORI TRADING INDIA PRIVATE LIMITED (Mumbai)

STX Co., Ltd.

Trading company specializing in textiles(apparel, raw materials, etc.)
Miyako Kagaku Co., Ltd.

Trading company specializing in chemicals

Representative offices
Beijing, Qingdao, Nantong, Wuhan, Ruian, Guiyang, Shenzhen; Ho Chi Minh City; Manila; Dhaka

Subsidiary

Representative office(Japan: 4 locations Overseas: 30 locations)

CHORI CO., LTD.

KOZAKURA SHOKAI CO., LTD.

Trading company specializing in chemicals

Domestic Offices 63

CHORI GLEX CO., LTD.

Trading company specializing in chemicals

Chori Machinery Co., Ltd.

Tokyo Head OfficeOsaka Head Office

Hokuriku Branch

Okayama Liaison Office

Trading company specializing in transportation equipmentTower C, Shinagawa Intercity,
2-15-3, Konan, Minato-ku, Tokyo
108-6216, Japan
Tel: +81-3-5781-6200

Nittochi Sakaisuji Bldg.,
1-7-3, Awajimachi, Chuo-ku, Osaka
540-8603, Japan
Tel: +81-6-6228-5000

15F Visage Office Zone,
16-1, Showa-machi, Kanazawa
920-8676, Japan
Tel: +81-76-232-3521

10F Okayama
Fukokuseimei-ekimae Bldg.,
1-6, Ekimotomachi,
Kita-ku, Okayama
700-0024, Japan
Tel: +81-86-224-6188

Business Anchor Corporation

Outsourcing of administrative workTsumugu Report 202264

Fact Data

Corporate Information (As of March 31, 2022)

Securities CodeCompany Overview
CHORI CO., LTD.

Company NameTokyo Head Office
2-15-3, Konan, Minato-ku, Tokyo
108-6216, Japan
Tel: +81-3-5781-6200

Headquarters

Breakdown of Shareholders byInvestor Type

Investor Information

Osaka Head Office (Main Headquarters)
1-7-3, Awajimachi, Chuo-ku, Osaka
540-8603, Japan
Tel: +81-6-6228-5000

Capital¥6.8 billion

Date of Incorporation

September 2, 1948 (Founded in 1861)

Closing Date

March 31

Number of Employees

Consolidated: 1,322
Nonconsolidated: 416(Including 76 employees dispatched to other companies)Corporate Website

https://www.chori.co.jp/english/

Total Number of Shares
Authorized to Be Issued

55,000,000

Total Number of Shares
Outstanding

25,303,478

Number of Shareholders

5,546

Trading Unit

100

Shareholder Register Agentfor Common Stock

Mizuho Trust & Banking Co., Ltd.

Accounting Auditor

Deloitte Touche Tohmatsu LLC

Brokerages
1.09%

sharesIndividuals
and others
8.98%

Number of shares held

Percentage of shares held(Thousand shares)(%)

TORAY INDUSTRIES, INC.

12,96752.69

BBH FOR FIDELITY PURITAN TR: FIDELITY SR INTRINSIC OPPORTUNITIES FUND1,566

6.37

The Master Trust Bank of Japan, Ltd. (Trust Account)

1,488

6.05

Hurex Co., Ltd.

735

2.99

Custody Bank of Japan, Ltd. (Trust Account)

588

2.39

Logistics Dept. (Textile)

Wacoal Corporation

548

2.23

Fiber Raw Materials Dept.

BBH FOR FIDELITY LOW-PRICED STOCK FUND (PRINCIPAL ALL SECTOR SUBPORTFOLIO)

479

1.95

Automotive Materials andFabrics Dept.

STATE STREET BANK AND TRUST CLIENT OMNIBUS ACCOUNT OM02 505002

325

1.32

Technical Textiles Dept.

MLI FOR CLIENT GENERAL OMNI NON COLLATERAL NON TREATY-PB

296

1.20

Textile-Fabric Dept.

HSBC PRIVATE BANK (SUISSE) SA GENEVA, CLIENT ACCOUNT

204

0.83

Career Apparel &Workwear Dept.

Notes: 1
 . In addition to the above, the Company owns 694,400 shares (2.74%) of treasury stock.
2. The percentages of shares held exclude the 694,400 shares of treasury stock.
3. All shares held by the Master Trust Bank of Japan, Ltd. (Trust Account) and Custody Bank of Japan, Ltd. (Trust Account) are related to trust services.

Business Administration Sec.
(Synthetic Fiber)
Business Administration Sec.
(Technical Material & Garments)

Technical Material& Garments
Business Dept.

Japanese
corporations
58.42%

25,303,478

Financialinstitutions
10.85%

Shareholder name

Synthetic Fiber
Business Dept.

Treasuryshares2.74%

Foreigninstitutions
andindividuals
17.92%

Major Shareholders

Organization (As of June 16, 2022)

Textile Division8014 (Prime Market of the Tokyo Stock Exchange)(As of April 4, 2022)

Apparel Dept.
Performance Apparel Dept.
Material Development Team

General Meetingof Shareholders

GovernanceCommittee

Executive
Committee

Board ofDirectors

President,
CEO & COO

Audit &Supervisory
Committee

Business Administration Sec.
(Chemicals)

ExpertCommittees

Logistics Dept. (Chemicals)

Chemicals
Division

Chemical &Materials
Business Dept.
Life & Fine
Chemicals
Business Dept.

Internal Auditing
Dept.

Performance Chemicals Dept.

Total Shareholder Return(TSR)
300

Fine Chemicals Dept.
Life Science Dept.

FY2016FY2017FY2018FY2019FY2020

FY2021

1,939
40

2,097
59

1,556
60

1,537
63

1,685
37

1,759
84

—59

119

182

219

303

111.2
115.9

86.4
110.0

88.7
99.6

98.2
141.5

106.3
144.3

* TSR is based on investments carried out at the closing price on March 31, 2017.

Corporate Management Dept.

Legal Compliance
Committee

Stock price at year-end (yen)Dividends per share (yen)Total dividends per share (yen)(from fiscal 2017)
Chori
TSR (%)TOPIX (incl. dividends)

Inorganic Fine Materials Dept.
Industrial Chemicals Dept.

Total Shareholder Return (TSR)-Related Data

200

Affiliate Business Dept.

Corporate Planning
Division

Human Resources &General Affairs Dept.
Information System Dept.
Pharmacovigilance &Quality Assurance Office
Executive Chief
Representative for China

100

Hokuriku Branch
Okayama Liaison Office
Overseas Representative
Offices0Overseas Subsidiaries

Chori65

CHORI CO., LTD.

2018/4

2019/42020/42021/42022/3TOPIX 
Note: Based on closing price on March 31, 2018 as 100

Tsumugu Report 202266