157 4Qe - ADEKA
2018A D E K A C O R P O R AT I O NFull-year Consolidated Financial ResultsMay 28, 2019Briefings on Financial Resultsof the FY20181
Financial Results OverviewFY2018April 1, 2018 – March 31, 2019President and Chief Operating OfficerHidetaka Shirozume2
Contents1.FY2018 Consolidated Performance2.FY2019 Prospective Performance andBusiness Strategy3.Progress of medium-term management planBEYOND 3004.For Your ReferenceFY2018 Consolidated Financial Results3
FY2018Consolidated Performance4
FY2018 Consolidated PerformanceSeven consecutive years of increase in sales and profitsConsolidatedRecord highfour consecutive yearsNet salesIncrease/decreaseFY2018FY2017Unit: 100 million yenIncrease/decrease ratio : %2,3962,99359724.9Operating profit2132665324.9Ordinary profit2232664219.1Profit attributable toowners of parent1531701711.1149.2165.816.639456Net profit per share- yen/share Dividend- yen/share Sales increased after both chemicals and food products attained brisk sales.Operating profit grew overall, following favorable sales of electronics and IT materials, although profit wassignificantly affected by higher raw material costs, as well as by increased fixed costs due to active capitalinvestment for future growth of both chemicals and food products.Note : Figures are expressed in units of 100 million yen and have been rounded off.FY2018 Consolidated Financial Results5
Analysis of Operating ProfitUnit: 100 million yenThe increase in operating profit 53300339347200 17 222662131000FY2017Net PricingOther（Fixed cost etc）Sales Volume Newly consolidated Unification of（NIHON NOHYAKU）financial periodExchangeFY2018Note : Figures are expressed in units of 100 million yen and have been rounded off.FY2018 Consolidated Financial Results6
Impact of newly consolidated and unification of financial periodConsolidation of NIHON NOHYAKU, etc. Added the performance of NIHON NOHYAKU and its ninesubsidiaries to ADEKA‘s consolidated performance fromthe 3rd quarter of FY2018.・NIHON NOHYAKU・Nichino America・Nichino Ryokka・Taiwan Nihon Nohyaku・Nichino Service・Nichino India・Nihon Ecotech・Nichino Chemical India・AgriMart・Sipcam Nichino BrasilUnit: 100 million yenInfluence amountNet salesOperating profit34433Unification of financial period FY-end of the three consolidated subsidiaries waschanged from the December to March. The 15-month performance of the three companieswas added to the consolidated performance of FY2018.Unit: 100 million yenInfluence amount・ADEKA KOREANet sales・ADEKA FOODS (ASIA)Operating profit・ADEKA POLYMER ADDITIVES で EUROPEFY2018 Consolidated Financial Results9897
Trends in Consolidated PerformanceSales:100 million yenNet salesOperating 02,396266200213140FY2014Operating profit:100 million yen100FY2015FY2016FY2017FY20180Note : Figures are expressed in units of 100 million yen and have been rounded off.FY2018 Consolidated Financial Results8
The FY2018Consolidated Performance - By segment Unit: 100 million ncrease/decrease ratio : %2,3962,99359724.91,5851,80722114.0Polymer additives82594612014.7Electronics and IT materials2323016929.7Functional 211.32132665324.9197215189.5Polymer additives7369 4 5.7Electronics and IT materials52822956.3Functional chemicals7164 6 9.21312 1 9.3－3333－24299.2ChemicalsFood productsLife scienceOtherOperating profitChemicalsFood productsLife scienceOtherNote : Figures are expressed in units of 100 million yen and have been rounded off.FY2018 Consolidated Financial Results9
Segmental InformationPolymer additives : Increase in sales/decrease in profitConsolidated1. Additives for polyolefins, which are mainly used in automobiles, electrical appliances and foodpackaging and containers, sales expanded in Europe, the Middle East and South America,resulting in a strong sales trend of general-purpose antioxidants and other related products.In addition, sales of light stabilizers increased for automobile components in Europe.2. Flame retardants for engineering plastics used in electrical appliance housing and cases, businessexpanded with the strength of stable supply, reflecting strong sales, particularly in China.3. PVC stabilizers and plasticizers, sales of plasticizers for rubber used in automobile componentswere strong, whereas sales of stabilizers for PVC used in building materials and others wereweak due to intensified competition in North America. Overall, sales fell slightly below the levelof the previous year. Polymer additives overall, due to the increased fixed costs caused by the impact of higher rawmaterial prices and active capital investment, profits declined overall.Unit: 100 million yenFY2018FY2017SalesOperating profitIncrease/decrease8259461207369 4Note : Figures are expressed in units of 100 million yen and have been rounded off.FY2018 Consolidated Financial Results10
Segmental InformationElectronics and IT materials : Increase in both sales and profitConsolidated1. Information media materials, along with the trend of higher-definition, large LCDs,sales of photo (light) curing resins, which increase the adherence of substrates in optical films,and sales of photoinitiators, which contribute to achieving high optical sensitivity andtransparency in photoresists, trended strongly.In addition, sales of materials for semiconductor photolithography including photoacidgenerators grew throughout the period.2. Electronic materials, despite slow demand for memory in data centers and other locationsafter the 4th quarter, sales of dielectric constant materials used in DRAM and 3D-NAND grewstrongly throughout the year.In addition, sales of etching chemicals and other products for LCD-related items showed a firm rise.Unit: 100 million yenFY2018FY2017SalesOperating profitIncrease/decrease23230169528229Note : Figures are expressed in units of 100 million yen and have been rounded off.FY2018 Consolidated Financial Results11
Segmental InformationFunctional Chemicals : Increase in sales/decrease in profitConsolidated1. In surface specialties, lubricant additives that contribute to improving fuel efficiency and reducingCO2 emissions in automobiles showed strength in Japan and overseas.Sales of special surfactants for cosmetics were strong, especially outside Japan.2. In functional polymers, sales of waterborne resins used for paints and others remained robust.Moreover, sales of epoxy resin-related products used for adhesion in electronics, which are installed inautomobiles and others, were strong.3. In industrial chemicals, sales of propylene glycols for daily necessities such as toiletries andcosmetics remained firm.In addition, sales of peroxygen chemicals showed underlying strength, remaining at the level ofthe previous year. Functional chemicals overall, due to the increased fixed costs caused by the impact of higher rawmaterial prices and active capital investment, profits declined overall.Unit: 100 million yenFY2018FY2017SalesOperating profitIncrease/decrease528559317164 6Note : Figures are expressed in units of 100 million yen and have been rounded off.FY2018 Consolidated Financial Results12
Segmental InformationFood Products : Increase in sales/decrease in profitConsolidated1. In Japan, the focus on sales of strategic products contributed to the firm sales of products such asfunctional margarine for use in bakery products and confectioneries, which helps to improve textureand flavor and is also labor saving.However, sales of cream products used for daily items were sluggish due to factors such as theimpact from natural disasters and increasing awareness of food waste.2. Overseas, the company achieved strong sales of margarine and shortening for use in bakeryproducts and confectioneries in China and Southeast Asia by strengthening its sales system anddeveloping products that meet local needs. The food business as a whole, despite efforts to rectify profitability, profits declined as a result ofrising prices for raw materials such as milk ingredients.Unit: 100 million yenFY2018FY2017SalesOperating profitIncrease/decrease698717181312 1Note : Figures are expressed in units of 100 million yen and have been rounded off.FY2018 Consolidated Financial Results13
Segmental Information :Life ScienceConsolidated1. In agrochemicals, the company achieved robust sales especially with DANIKONG, a key miticideproduct in Japan, and PARADE, a new fungicide product for gardening.2. Overseas, sales in South America were firm, following increasing demand due to recovery in theBrazilian market. However, sales in Asia were weak due to customers' prolonged inventoryadjustments caused by factors such as unseasonable weather in the previous year.3. Income from agrochemical-related technical know-how fees was on the rise due to an increase insales of the applicable items in out-licensing destinations.4. In pharmaceuticals, sales of Luliconazole, an antifungal agent for external application, grewstrongly in the trichophytosis unguium field.Unit: 100 million ating profit－3333Note 1 : Figures are expressed in units of 100 million yen and have been rounded off.Note 2 : Life Science segment established in the second quarter of FY 2018.FY2018 Consolidated Financial Results14
FY2019Prospective Performanceand Business Strategy15
The FY2019Prospective PerformanceUnit: 100 million yenConsolidatedFY20191st half- Forecast -Sales2st half- Forecast -Whole FY- Forecast -FY2018Increase/decreaseIncrease/decreaseratio : %1,6101,7903,4002,99340613.6Operating profit10616126726600.2Current 0165.81.2242448453Profit attributable toowners of parentNet profit per share- yen/share Dividend- yen/share -1st half FY2019 PrerequisiteExchange ratesNaphthaFY2018 ／ 110.00110.90 ／ 128.00128.40 ／KL47,00049,400Note : Figures are expressed in units of 100 million yen and have been rounded off.FY2018 Consolidated Financial Results16
The FY2019Prospective Performance - By segment Unit: 100 million yenConsolidatedFY2019Increase/Decrease（a b-c）FY2018Increase/decreaseratio : %the 1st half（a）the 2nd ,807 7 0.4Polymer additives466464930946 16 1.7Electronics and IT materials15016031030182.7Functional chemicals27828256055900.0Food products366402768717507.0Life science290420710344365106.36062122123 1 1.610616126726600.299110209215 6 3.2Polymer additives33336669 3 4.5Electronics and IT materials3845838201.1Functional chemicals28326064 4 7.37132012759.0 236343302.32244 0 13.2SalesChemicalsOtherOperating profitChemicalsFood productsLife scienceOther（a b）（c）Note : Figures are expressed in units of 100 million yen and have been rounded off.FY2018 Consolidated Financial Results17
The FY2019Business Strategy - Polymer additives Target marketAutomobilePriority measures Expand sales of nucleating/clarifying agents,which have been enhanced in facilitiesPackaging related・Food packaging・Container etc. Further expand sales of general‐purposeantioxidants and flame retardants to meetstrong demandIT,Home appliances,Building materialsForexample Strengthen sales of PVC stabilizers andplasticizers by developing low‐price productsNuclating agent, Light stabilizers : PanelPlasticizers, PVC stabilizers : Dashboard, SheetPackaging relatedBuilding material, etc.AutomobileNuclating agent, Light stabilizers :BumperPlasticizers, PVC stabilizers :Undercoating, Rubber partsClarifying agents, Light stabilizers,Antioxidants : Food container etc.FY2018 Consolidated Financial ResultsFlame retardants :Stadium chair etc.18
The FY2019Business Strategy - Electronics and IT materials Target marketDisplayPriority measures Expand sales of photo (light) / thermal curingresins for optical filmsSemiconductor Stably supply products for semiconductormemory and launch new productsElectronic parts・circuit board etc.ForexampleLCDPhotoinitiators :Color filterSemiconductorPhoto (Light) / thermal curingmaterials : Optical filmALD/CVD precursors :MemoryEtching materials :Circuit boardEtching materials :Circuit boardFY2018 Consolidated Financial Results19
The FY2019Business Strategy - Functional chemicals Target marketCosmetics,toiletriesLubricantPriority measures Expand sales of engine oil additives in the U.S.and China Strengthen the promotion of cosmetic ingredientsand expand sales in Europe and AsiaCoating,adhesion related Expand sales of epoxy resins for automobilesand other applicationsForexampleAutomobileFunctional polymers :Cushion, SheetCosmetics - Ingredients -Glycol for cosmetics :Moisturizing agentsLubricant additives :Engine oilGelling agent :Cosmetic baseFunctional polymers :Undercoating, Paint, Structural adhesivePropylene glycol : Moisturizing agentsFY2018 Consolidated Financial Results20
The FY2019Business Strategy - Food products Target marketBakingPriority measures Strengthen the business' foundations in Japan– Expand sales of new and strategic products –Confectionery Accelerate business development outside Japan– Increase production capacityand strengthen the sales system in China –Westernconfectionery,dessertForexample Product example using processed fats and oils : Margarine, Shortening etc. Product example using processed food : Cream etc.FY2018 Consolidated Financial Results21
The FY2019Business Strategy - Life science Target marketAgrochemicalsPharmaceuticalsRegenerative medicine,Preventive medicine,Improvement of the quality of lifeForexampleFungicide for paddy rice,Plant Growth RegulatorFUJI-ONE- Launched in 1975 -Priority measures Strengthen the agrochemicals and pharmaceuticalsbusines's foundations and expand the business scaleNIHON NOHYAKU Group Promote the commercialization of regenerativemedicine materials by acquiring ISO 13485certificationLife Science Materials Laboratory, Kashima Plant-West* ISO 13485 ：Active ingredient for Topicalantifungal agent・Lanoconazole・LuliconazoleInternational standard concerning QC system for medical devices.This involves specifying rules concerning the design,development, manufacturing, maintenance and other relatedproducts, with a purpose of stably supplying a certain quality.FY2018 Consolidated Financial Results Medical Material Research Laboratory- Kashima Plant-West -22
Progress of medium-termmanagement plan BEYOND 30023
The mid-term management planProgress of "BEYOND 300"FY2018FY2019FY20201st year of BEYOND 3002nd year of BEYOND 300Final-year of BEYOND 300Consolidated sales299.3 billion yen340.0 billion yenOrganic growth255.0 billion yen269.0 billion yenOperating income margin8.9％7.9％10％ROE8.5％8.4％10%36.2 billion yen／year－100 billion yen／3 years17.4 billion yen／year16.0 billion yen／year50 billion yen／3 years18.8 billion yen execution－50 billion yen／3 yearsDividend payout ratioDividend payout ratio27.1%28.7%Investment and financeCapital investmentM&A fundsOver 300 billion yen- Via organic growth -Dividend payout ratioDividend 30%(Target for the final year of the planafter incremental increases)Achieved favorable progress and strengthened confidence for the final-year management targets.In FY 2018, forged ahead with the expansion of business scale through active capital investment,the strengthening of alliances and the development of new domains through M&A.＊ Organic growth：Aims to reach sales exceeding 300 billion yen with business growth from polymer additives, chemicals and food products.- Excluding contributions from M&A FY2018 Consolidated Financial Results24
Create synergy with NIHON NOHYAKUADEKA's additional acquisition of up to 51% of shares converted NIHON NOHYAKU into a consolidated subsidiaryWe promotes activities such as exchange among human resources, mutual benefits in the R&D andshared use of sales channels, manufacturing technologies and bases, and other ionOthers Search for collaborative research themesespecially in the life science field Aim to transfer our products to agrochemicaladjuvants and started considering the transferthickening or gelling agents to spreading agents. Started searching for new cosmetic ingredients usingNIHON NOHYAKU's compound database.- Approx. 230,000 compounds - Establish the entrusting manufacture systembetween both companies Share technical information about entrustingcandidate products with NIHON NOHYAKU, andstarted to confirm the availability and viability ofmanufacturing. Reduce costs with such measures as jointlypurchasing common ingredients etc. Selected items applicable to these joint purchases.Promptly establish joint purchase schemes and takemeasures to reduce costs. Link management accounting systems Made plans with a view to integrate managementaccounting systems within five years.FY2018 Consolidated Financial Results25
Basic strategies：Global expansion of three main businessesCapital investment for growthFood productsPolymer additives The Mie Plant increases the production capacity of additivesfor polyolefins (e.g. light stabilizers) and commencescommercial operation.【Mar. 2018】 China-based ADEKA FINE CHEMICAL (ZHEJIANG) CO., LTD. isconstructing a new plant for chemicals such as polymeradditives. 【Scheduled to be completed in summer 2019】 The Mie Plant is enhancing facilities for the production ofadditives for polyolefins (e.g. nucleating/clarifying agents andantioxidants). 【Scheduled to be completed in july 2019】 China-based ADEKA FOODS (CHANGSHU) CO., LTD. increasesthe production capacity of processed foods and commencescommercial operation.【Oct. 2018】 The Kashima Plant-west increases the production capacityof whipping cream and commences commercial operation.【Mar. 2019】 ADEKA FOODS (CHANGSHU) CO., LTD. is enhancing facilitiesfor the production of processed fats and oils.【Scheduled to be completed in Aug. 2019】Chemicals The Chiba Plant increases the production capacity of functionalcosmetic Ingredients and commences commercial operation.【Oct. 2018】 Kashima Plant and ADEKA KOREA CORP. plan to sequentiallyenhance facilities for the production of dielectric constantmaterials for semiconductors. At ADEKA KOREA CORP., the R&D center for materials such assemiconductor materials is planned to be expanded.【Scheduled to be completed in Oct. 2019】 The Soma Plant is enhancing facilities for the production oflubricant additives.【Scheduled to be completed in Aug. 2019】 The Chiba Plant is enhancing facilities for the production ofwater-borne polyurethane.【Scheduled to be completed in July 2019】 At ADEKA (CHINA) CO.,LTD., a new development center forproducts including water-borne resins is planned to be built.【Scheduled to be completed in July 2019】 Plant of ADEKA FINE CHEMICAL (ZHEJIANG) CO., LTD. under construction-Business operation planned to start in 2020 - As of Sep. 2017FY2018 Consolidated Financial Results As of Mar. 201926
Basic strategies：Global expansion of three main businessesNew product development - Polymer additives Flame retardant for engineering plastics, which realizes thin, non-flammable and strong plastics“ADK STAB FP-900L"Innovation - new value creation -When thinning the resinWith an accelerating trend of thinner and lighter electrical appliances,automobiles etc., even thinner housing and cases are also in demand.Although it was difficult to add a flame retardant property to thin resinswhile maintaining their strength using conventional technologies,it was enabled through ADK STAB FP-900L.Impact of developmentFP-900LConventionalproductNo additiveFlameretardanceHeat resistance- Strength -〇〇 〇 or 〇 For finished product makers:TVs, PCs and automobiles with thin and non-flammable properties. For component makers:Achieved thin components used for housing and cases etc.- From thin plate to film levels - Contributes to an affluent, comfortable and safe society.No flameretardant burnAdd FP-900L disappearsin 5 sec.Characteristic High flame retardant:Reached the highest classification of V-0 in UL-94V testing** The most common flame retardancy test in the world Improved heat resistance:Adding FP-900L does not decrease the characteristics of resins Environmentally Friendly: Bisphenol-A free Flame retardant test on Polycarbonate ABS／UL-94VFY2018 Consolidated Financial Results27
Basic strategies：Global expansion of three main businessesNew product development - Chemicals and Food products ChemicalsFood productsPeople- and eco-friendly, brand-new photo curing materialSupporting delicious tastes and solutionsto issues faced by the food industrya water-soluble UV curing materialPlacing new RISU BRAND productsDevelopment backgroundDevelopment backgroundVolatile organic compounds (VOCs) emitted mainly from organic solventscan cause air pollution and adversely affect the human body, resulting inthe global tightening of VOC emissions.Accordingly, there is increasing demand for organic, solvent-free materialsfor UV ink, coating agents etc.Due to a decrease in the labor force, progress on work-style reform andother factors, food manufacturers are facing a variety of demands suchas labor saving, work efficiency and cost reduction.Characteristic In addition to pursuing delicious tastes by using excellent-qualityingredients, our new products offer functions such as contributing toimproved production efficiency. Our new products enable efficient, stable manufacturing of highquality finished products.Characteristic Not using organic solvents minimizes risks to operators’ health andenvironmental burdens such as air pollution. There is no need for organic solvents for photo curing materialswith ADEKA's unique, water-soluble molecular structure design.EZ Margarine CP - compound margarine Features a natural butter flavor.It can be used after being taken out of the refrigerator and kneadedinto dough quickly, reducing work time.Main applicationPrinting ink, Coating agents, Photoresist materials, Circuit materials,Paints, Adhesives etc.Use : Bakery, confectioneries, sweets sold as souvenirs.Received the Publicity Prize from the PublicRelations Committee of the Society of PolymerScience, Japan at the 27th Polymer Materials Forum【Nov. 2018】The society, renowned as an authority on polymerchemistry in Japan, certified this material as anexcellent product. Out of 181 entrants, 10 includingADEKA received awards. Patterning on plastic using inkcontaining the developed productFY2018 Consolidated Financial Results Example of finished products inwhich the ADEKA product is used28
Basic strategies：Entering new domainsNew product development - Environment and Energy For next-generation rechargeable batteries Providing samples of rare-metal-free active material SPANWhat is SPANMaterial that can contribute to the light weight, resource saving, high safety, and long-life characteristics ofbatteries, when used as an active material (electrode material) for next-generation rechargeable batteries.Development background Rechargeable batteries are indispensable for our lives as represented by smart devices and electric vehicles.As demand for more sophisticated batteries grows in terms of reduced size, higher energy density, longer life. Rare metals are used for electrodes on LIB. Accordingly, as demand for it grows, resource depletion and risingcosts are becoming serious concerns.Although research on alternative materials is in progress, extensive application has not yet been found.Characteristic Rare-metal-free Weight reduction and resource saving (cost reduction) for batteries Confirmed that cell temperature rise was inhibited in safety tests High safety of batteries With its sound charge-discharge cycles, stable performance can be achieved for a long time Long battery lifeMain applicationEnergy storage systems, rechargeable batteries for electric vehicles,next-generation rechargeable batteries, all-solid-state batteries.- Aiming to commercialize this product in 2020 -FY2018 Consolidated Financial Results Rare-metal-free active materials SPAN29
Basic strategies：Enhancing our management foundationPromote CSR activities toward sustainable growth Strengthen our CSR promotion system Identify ADEKA’s priority challenges from existing social challengesNew CSR Promotion System CSR Committee :Consists of the president as chairperson and the board directors as committee members.- Examining and deciding policies, plans and other key matters- Supervising and checking the status of the activities. CSR Promotion Subcommittee :-Implements company-wide CSR measures and controls the progress.Provides internal education concerning CSR.Initiatives for Promoting CSR Activities Identifying priority challenges :As a 1st step, Selecting priority challenges that should be taken from various social challenges.- Scheduled in 1st half of 2019 - Enriching disclosed information on ESG :Actively disclose information concerning initiatives taken for social challenges such as climate changeand governance.FY2018 Consolidated Financial Results30
For Reference31
Overseas Sales - For reference -Unit: 100 million verseas salesDomestic salesOverseas sales 271,30741.5%2,234FY20171,0121,38342.3%2,396FY 20181,4051,58846.9%2,9931,0000Note : Figures are expressed in units of 100 million yen and have been rounded off.FY2018 Consolidated Financial Results32
The FY2018Supplemental Documents forFinancial Results OverviewDirector and Operating OfficerYouji ShigaⅠ.Supplementary Data for consolidated Closing of AccountsⅡ.Management indexes, etc.Ⅲ.For information purposes: Overview of non-consolidated and consolidated closing accounts Overview of ADEKA Group Core products of each business segments33
Ⅰ. Supplementary Data for consolidated Closing of Accounts1.Consolidated Balance SheetConsolidatedUnit: million yenAs of Mar 31, 2018As of Mar 31, 2019increase/decreaseUnit: 100 million yenAssetsCurrent assets ①Fixed assetsTangible fixed assetsIntangible fixed assetsInvestment and other assetsTotal 2613,515 2,378102,397LiabilitiesCurrent liabilities ②Long-term liabilitiesTotal 31,34031,64562,985178,36322,94419,985135,988 55418,256190,77222,94420,023148,630 82513,80712,409－3812,642 271 4,44812,0024,2764,34610,0984,2531,867 1,904 22 2,478Net assetsShareholders’ equityCapital stockCapital surplusRetained earningsTreasury stockAccumulated other comprehensive incomeValuation difference onavailable-for-sale securitiesReserve for land revaluationTranslation adjustmentAdjustments for retirementBenefitsMinority interestsTotal net assetsTotal liabilities and net assets 2,368 2,4118,46839,919205,088244,500312,152414,549Note : Figures are expressed in units of 100 million yen and have been rounded off.POINT①Increase in total assetsIncrease due to NIHON NOHYAKUbecoming a consolidated subsidiary1,0231,104POINT②Increase in total liabilities629Increase due to NIHON NOHYAKUbecoming a consolidated subsidiary498Increase due to the first issuance ofstraight bonds （Mar. 2019)100 4331,45139,412102,397FY2018 Consolidated Financial Results34
Ⅰ. Supplementary Data for the Consolidated Closing of Accounts2. Cash Flow StatementConsolidatedUnit: million yenFY2017from April 1, 2017 to March 31, 2018Cash flows from operating activities ①Cash flows from investing activitiesCash flows from financing activities ②Cash and cash equivalents at the beginningof period18,331 19,139 18,258 5,8258,995883 1,465 1,8607,60250,76248,902－―48,90256,504Cash and cash equivalents from newly consolidatedsubsidiariesCash and cash equivalents at the end of periodfrom April 1, 2018 to March 31, 201922,221Effect of exchange-rate changes on cashand cash equivalentsNet increase/decrease in cash and cash equivalents increase)FY2018POINT① The main factor for the decrease in cash provided by operating activities is an increase in trade receivables.POINT② The main factor of the increase of the cash provided by financing activities was the income gained throughthe issuance of corporate bonds in this consolidated FY year.Note : Figures are expressed in units of 100 million yen and have been rounded off.FY2018 Consolidated Financial Results35
Ⅱ. Management Indexes, etc.1. PS（ ）ROEROAFY2015FY2016FY2017FY2018Forecast forFY2019 128.4 149.0 149.2 165.8 8 Consolidated Financial Results0%36
Ⅱ. Management Indexes, etc.2. Dividend payout ratio and dividendsConsolidatedmillion nd（ ）Total DividendDividend payout ratioFY2015FY2016FY2017FY2018Forecast forFY2019 30 35 39 45 7%20%Note 1: Dividends in FY2016 include a commemorative dividend of 5 yen in commemoration of the 100th anniversary of our founding.Note 2: Figures are expressed in units of million yen and have been rounded off.FY2018 Consolidated Financial Results37
Ⅱ. Management Indexes, etc.3. Research and development costsConsolidatedmillion yen15,00010%12,0008%9,0006%6,0004%3,0002%0R&D costRate of R&D cost to 273.9%11,8294.0%Forecast forFY201914,7004.3%0%Note : Research and development expense are expressed in units of million yen and have been rounded off.FY2018 Consolidated Financial Results38
Ⅱ. Management Indexes, etc.4. Capital investmentConsolidatedmillion iationcostsFY2015FY2016FY2017FY2018Forecast ,66611,65913,50
Full-year Consolidated Financial Results May 28, 2019 ADEKA CORPORATION Briefings on Financial Results of the FY2018 1. 2 . 2st half - Forecast-Whole FY - Forecast-Sales. 1,610. 1,790. 3,400. 2,993. 406: 13.6. Operating profit. 106. 161: 267. 266. 0. 0.2: . / thermal curing resins for o
ADEKA SUPER TEOS PRODUCT NAME Si(OC 2H5)4 CHEMICAL FORMULA APPLICATION Dielectric film/Semiconductor ADEKA HIGH-PURITY TEOP PO(OC 2H5)3 Dopant/Semiconductor ADEKA HIGH-PURITY TEB B(OC 2H5)3 Dopant/Semiconductor ADEKA HIGH-PURITY TiCl4 TiCl4 Electrode/Semiconductor ADEKA SUPER TMA Al(CH 3)3 High-k material/Semiconductor ADEKA ORCERA TDMAH Hf[N(CH 3)2]4 High-k material/Semiconductor
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A-Level Business Studies Question and Answers 2020/2021 All copyright and publishing rights are owned by S-cool. First created in 2000 and updated in 2013, 2015 & 2020. 2 Contents People in the Workplace (Questions) . 3 People in the Workplace (Answers) . 4 Budgeting, Costing and Investment (Questions). 6 Budgeting, Costing and Investment (Answers) . 7 Business Objectives and .
