Worth reading
56In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
40.7
¥100 million (year-on-year increase in net sales)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationSecond quarter of the fiscal year ending December 202112 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥422.1 hundred million+10.7%
Operating profit¥33.1 hundred million+64.2%
Ordinary income¥35.6 hundred million+67.5%
Net income¥26.2 hundred million+89.9%
Full-year earnings forecast
Net Sales
¥855 hundred million
Operating profit
¥50 hundred million
Ordinary income
¥53.5 hundred million
Profit attributable to owners of the parent
¥32 hundred million
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Net Sales
Synthetic Resins Business¥66 million
New Materials Business¥3,913 million
Building Materials Business¥217 million
Other Related Businesses¥-126 million
Total¥4,071 million
Operating profit
Synthetic Resins Business¥423 million
New Materials Business¥867 million
Building Materials Business¥124 million
Other Related Businesses¥-24 million
Adjustments¥-93 million
Total¥1,296 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Domestic naphtha price, 3Q 2021¥52,000 /KL
Domestic naphtha price, 4Q 2021¥52,000 /KL
Dubai crude oil price
3Q 202172 US$/bbl
4Q 202172 US$/bbl
New initiatives
- Installation of a wide-web printing press for refill pouches (investment of ¥400 million; scheduled to begin operation in 2022)
- Expansion of optical film production capacity for large-screen liquid-crystal panels (total investment of ¥640 million; sales scheduled to begin in September)
- Strengthening of the mass-production system for environmentally friendly formwork (monthly production of 100,000 sheets in 2022; capital investment of ¥200 million)
- Installation of dedicated testing equipment for films used in high-frequency, low-loss substrates (investment of ¥350 million)
- Launch of a project to promote the circular use of plastic resources
- Establishment of the Sustainability Promotion Department in April 2021
Key KPIsA metric the company considers important as a management benchmark.
- Sales of environmentally beneficial products¥4,028 millionYear-on-year (%)7.5
- Environmentally beneficial products as a percentage of net sales in the Synthetic Resins Business16.9 %Year-on-year change (percentage points)1.1
- Equity ratio61.5 %
- Operating Cash Flow¥39.8 hundred million
Segment results
Synthetic Resins Business
Net Sales
¥237.8 hundred million+0.3%
Operating profit
¥27.3 hundred million+18.3%
New Materials Business
Net Sales
¥129.3 hundred million+43.4%
Operating profit
¥12.5 hundred million+221.2%
Building Materials Business
Net Sales
¥33.2 hundred million+7.0%
Operating profit
¥2.8 hundred million+79.3%
Other Related Businesses
Net Sales
¥21.7 hundred million-5.5%
Operating profit
¥0.9 hundred million-20.4%
Medium-term management plan targets
Sixth Medium-Term Management Plan
Three-Year Total Net Sales¥2,700 hundred million
Three-Year Total Operating Income¥123 hundred million
Three-Year Total Capital Investment¥145 hundred million
Comparison with actual results
Three-Year Total Net Sales¥2,518 hundred million
Three-Year Total Operating Income¥130 hundred million
Net Sales vs. Medium-Term Management Plan△6.7%
Operating Income vs. Medium-Term Management Plan＋5.7%
Financial targets
The equity ratio was 61.5% at the end of the second quarter of 2021. Financial targets: not disclosedNumber of stores and locations
6 sales offices and 5 manufacturing sites (as of the end of June 2021). Number of openings and closures during the period: not disclosedNumber of employees
Consolidated2,004 people
Standalone1,060 people
Reference dateEnd of June 2021
Capital expenditures
- ¥4 hundred millionDetailsWide-web printing press compatible with refill pouches
- ¥6.4 hundred millionDetailsExpansion of optical film production capacity for large-screen liquid-crystal panels
- ¥2 hundred millionDetailsEnvironmentally friendly formwork equipment for the Building Materials Business
- ¥3.5 hundred millionDetailsTesting equipment for films used in high-frequency, low-loss substrates
Annual Dividend
2021 forecast¥60 per share
Payout ratio
2021 forecast22.4 %
| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | Second quarter of the fiscal year ending December 2021 |
| Net Sales | ¥422.1 hundred million (YoY +10.7%) |
| Operating profit | ¥33.1 hundred million (YoY +64.2%) |
| Ordinary income | ¥35.6 hundred million (YoY +67.5%) |
| Net income | ¥26.2 hundred million (YoY +89.9%) |
| Full-year earnings forecast | Net Sales ¥855 hundred million / Operating profit ¥50 hundred million / Ordinary income ¥53.5 hundred million / Profit attributable to owners of the parent ¥32 hundred million |
| Segment results | Synthetic Resins Business Net Sales ¥237.8 hundred million (YoY +0.3%) / Operating profit ¥27.3 hundred million (YoY +18.3%) / New Materials Business Net Sales ¥129.3 hundred million (YoY +43.4%) / Operating profit ¥12.5 hundred million (YoY +221.2%) / Building Materials Business Net Sales ¥33.2 hundred million (YoY +7.0%) / Operating profit ¥2.8 hundred million (YoY +79.3%) / Other Related Businesses Net Sales ¥21.7 hundred million (YoY -5.5%) / Operating profit ¥0.9 hundred million (YoY -20.4%) |
| Breakdown of Factors Affecting the Change | Net Sales Synthetic Resins Business ¥66 million / New Materials Business ¥3,913 million / Building Materials Business ¥217 million / Other Related Businesses ¥-126 million / Total ¥4,071 million / Operating profit Synthetic Resins Business ¥423 million / New Materials Business ¥867 million / Building Materials Business ¥124 million / Other Related Businesses ¥-24 million / Adjustments ¥-93 million / Total ¥1,296 million |
| Key KPIs | Indicator name Sales of environmentally beneficial products / Value ¥4,028 million / Year-on-year (%) ¥7.5 million, Indicator name Environmentally beneficial products as a percentage of net sales in the Synthetic Resins Business / Value 16.9 % / Year-on-year change (percentage points) 1.1 %, Indicator name Equity ratio / Value 61.5 % / Year on year against the same period last year Not disclosed, Indicator name Operating Cash Flow / Value ¥39.8 hundred million / Year on year against the same period last year Not disclosed |
| Number of stores and locations | 6 sales offices and 5 manufacturing sites (as of the end of June 2021). Number of openings and closures during the period: not disclosed |
| Number of employees | Consolidated 2,004 people / Standalone 1,060 people / Reference date End of June 2021 |
| Assumptions Underlying the Business Outlook | Domestic naphtha price, 3Q 2021 ¥52,000 /KL / Domestic naphtha price, 4Q 2021 ¥52,000 /KL / Dubai crude oil price 3Q 2021 72 US$/bbl / 4Q 2021 72 US$/bbl |
| Medium-term management plan targets | Sixth Medium-Term Management Plan Three-Year Total Net Sales ¥2,700 hundred million / Three-Year Total Operating Income ¥123 hundred million / Three-Year Total Capital Investment ¥145 hundred million / Comparison with actual results Three-Year Total Net Sales ¥2,518 hundred million / Three-Year Total Operating Income ¥130 hundred million / Net Sales vs. Medium-Term Management Plan △6.7% / Operating Income vs. Medium-Term Management Plan ＋5.7% |
| Financial targets | The equity ratio was 61.5% at the end of the second quarter of 2021. Financial targets: not disclosed |
| Annual Dividend | 2021 forecast ¥60 per share / Interim and Year-End Breakdown Not disclosed |
| Payout ratio | 2021 forecast 22.4 % |
| Capital expenditures | ¥4 hundred million, ¥6.4 hundred million, ¥2 hundred million, ¥3.5 hundred million |
| New initiatives | Installation of a wide-web printing press for refill pouches (investment of ¥400 million; scheduled to begin operation in 2022), Expansion of optical film production capacity for large-screen liquid-crystal panels (total investment of ¥640 million; sales scheduled to begin in September), Strengthening of the mass-production system for environmentally friendly formwork (monthly production of 100,000 sheets in 2022; capital investment of ¥200 million), Installation of dedicated testing equipment for films used in high-frequency, low-loss substrates (investment of ¥350 million), Launch of a project to promote the circular use of plastic resources, Establishment of the Sustainability Promotion Department in April 2021 |
Items this document does not state (12)
Gross Profit MarginOperating profit marginSelling, general and administrative expensesResults for the three months of the current quarterProgress against full-year forecastSelf-assessment against the planUnit price and quantity metricsRisk amount incorporated into the outlookAcquisition of treasury sharesOrders received and order backlogMarket Size / ShareKey points of the Q&A
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The recovery in demand for automotive and industrial applications and optical films for large-screen televisions, increased demand for components for office automation equipment associated with working and studying from home, and higher sales volumes of high-value-added products contributed to results. Meanwhile, the hotel business remained sluggish due to the impact of COVID-19. Higher crude oil and naphtha prices, the semiconductor shortage and soaring lumber prices were cited as factors in the revision of the full-year forecast and as risks.
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