Business Performance Fluctuations Caused by Market Volatility and Price Competition from Competing Products

「In overseas markets, amid intense competition accompanying the downturn in China, the Company worked to increase its share of the malic acid market and expand in the US. Sales increased mainly in Asia and the US, while sales in Europe remained sluggish.」

「In overseas markets, efforts to increase the share of malic acid resulted in higher sales volumes, particularly in Asia, while intensifying competition caused the selling price per unit to decline.」

「Products in the Life Sciences business may be affected in terms of selling prices and costs by price competition with competing products and fluctuations in domestic and overseas market conditions.」

「In the domestic market, food applications remained firm, but sales of fruit acids declined as demand fell for industrial and household applications. In overseas markets, sales volumes of malic acid declined sharply in Europe and the US despite remaining solid in China.」

「Although demand for food applications in Japan remained firm, domestic fruit acid sales were affected by declining demand for industrial and daily-use applications. In overseas markets, the impact of the sluggish European economy became apparent, demand fell sharply and remained weak, and overseas malic acid sales declined as a result.」

「Malic acid, the Company's main product, was affected by declining demand for industrial applications stemming from the downturn in the semiconductor market, resulting in lower overseas sales. The Japanese market was similarly affected. Demand for industrial applications of other products also remained weak in Japan and overseas.」

「Malic acid, the Company's main product, was affected by declining demand for industrial applications stemming from the downturn in the semiconductor market, resulting in lower overseas sales. The Japanese market was similarly affected. Demand for industrial applications of other products also remained weak in Japan and overseas.」

「Demand for products for industrial applications declined as the impact of the global economic downturn began to emerge from the second half of the current consolidated fiscal year.」

「The impact of the global economic downturn is beginning to emerge and is also affecting demand.」

「Demand in the food sector is generally considered to be relatively insulated from economic fluctuations, but it may fluctuate significantly due to abnormal weather, natural disasters and other factors. The industrial sector faces greater risk from economic fluctuations than the food sector. In all applications, selling prices and costs may be affected by price competition with competing products, including imports, and fluctuations in domestic and overseas market conditions.」

「As COVID-19 spread, inbound demand disappeared in Japan and sales declined in beverage and industrial applications. Overseas markets, including Europe, the United States and China, were also affected by economic deterioration as restrictions on movement and lockdowns caused social activity to stagnate.」

「The impact of the spread of COVID-19 on the performance of the Group during the cumulative third quarter of the current fiscal year was generally limited. However, demand has declined in some industries due to the economic downturn, and the Company will continue to closely monitor developments.」

「Demand in the food sector is generally considered to be relatively insulated from economic fluctuations, but it may fluctuate significantly due to abnormal weather, natural disasters and other factors. The industrial sector faces greater risk from economic fluctuations than the food sector. In all applications, selling prices and costs may be affected by price competition with competing products, including imports, and fluctuations in domestic and overseas market conditions.」