Fact Fact Fact Book Book Book 2015 May 2015
2 2 CONTENTS I. FINANCIAL HIGHLIGHTS II. COMMON STOCK INFORMATION III. FINANCIAL SUMMARY IV. CONSOLIDATED FINANCIAL STATEMENTS V. SEGMENT INFORMATION VI. PRODUCTION CAPACITY *Each Fiscal year is from April 1 st to March 31 st. 413311
I. FINANCIAL HIGHLIGHTS Unit (Consolidated) Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Net sales 270,383 262,842 250,763 296,427 307,524 Operating income 35,295 32,123 23,696 29,901 28,245 Ordinary income 33,623 31,487 25,212 32,561 31,098 Net income 18,303 19,127 14,750 19,650 19,080 Total assets 290,596 311,925 350,508 370,872 399,512 Net Assets 118,767 135,480 162,057 181,414 215,631 Net sales Consolidated Operating income Consolidated 23
II. COMMON STOCK INFORMATION Common Stock & Net Assets Stocks Major Shareholders Issued Stocks Common Stocks Tokyo (First Section) As of Mar. 31, 2015 2015331 Number of Stocks Issued Unit Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Common Stock 24,211 24,211 24,211 24,211 24,211 Net Assets 118,767 135,480 162,057 181,414 215,631 As of Mar. 31, 2015 2015331 Number of Holding Shares Shareholder (thousand) Rate (%) (%) Yokohama Rubber Co.,Ltd. 22,682 10.00 Japan Trustee Services Bank, Ltd. (Trust Account) 11,340 5.00 Mizuho Bank, Ltd 11,310 4.99 NORTHERN TRUST CO. (AVFC) RE 15PCT TREATY ACCOUNT NORTHERN TRUST CO. (AVFC) RE 15PCT TREATY ACCOUNT 8,806 3.88 The Master Trust Bank of Japan, Ltd. (Trust Account) 7,965 3.51 Asahi Mutual Life Insurance Company 7,679 3.39 National Mutual Insurance Federation of Agricultural Cooperatives 7,450 3.28 Asahi Kasei Chemicals Corp. 6,438 2.84 Japan Trustee Services Bank, Ltd. (Trust Account 9) 5,125 2.26 CMBL S.A. RE MUTUAL FUNDS CMBL S.A. RE MUTUAL FUNDS 4,333 1.91 * Treasury stocks (15,286 thousand shares) are not included in the above list. 15,286 224
II. COMMON STOCK INFORMATION Distribution of Stock Ownership As of Mar. 31, 2015 2015331 Financial Institutions 39.1% 39.1% UnitJPY Changes in Stock Prices & Stock Market Turnovers Stock Price UnitJPY, 1000shares Securities Companies 1.4% 1.4% Other corporate bodies 23.9% 23.9% Individuals & Others 16.4% 16.4% Foreign corporate bodies 19.2% 19.2% Stock Market Turnovers & The Nikkei Average Stock Market Turnovers ZEON s Stock Price The Nikkei Average 25
III. FINANCIAL SUMMARY Financial Indicator Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Stock Price (JPY,) 767 767 974 934 1,110 EPS(JPY,) 78.8 82.7 63.8 85.2 84.1 (Earnings Per Share) -/) PER(X,) 9.7 9.3 15.3 11.0 13.2 (Price Earnings Ratio) /EPS CFPS(JPY,) 169.7 168.8 142.2 159.1 169.8 (Cash Flow Per Share) P/CF(X,) 4.5 4.5 6.8 5.9 6.5 (Cash Flow Ratio) /1 BPS(JPY,) 497 573 686 783 931 (Book-value Per Share) -/) PBR(X,) 1.54 1.34 1.42 1.19 1.19 (Price Book-value Ratio) /BPS Number of Employees UnitEmployees Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Consolidated 2,836 2,857 3,163 3,186 3,216 226
III. FINANCIAL SUMMARY Capital Expenditures Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 10,329 22,995 23,489 27,111 28,516 Consolidated Depreciation & Amortization Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 21,125 19,885 18,122 17,068 19,439 Consolidated Research and Development Expenses Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 9,532 11,106 11,895 12,661 13,627 Consolidated 27
IV. CONSOLIDATED FINANCIALS STATEMENTS Consolidated Results Unit Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Net sales 270,383 262,842 250,763 296,427 307,524 Operating income 35,295 32,123 23,696 29,901 28,245 Income before income taxes 30,244 31,404 23,423 32,528 29,791 Net income 18,303 19,127 14,750 19,650 19,080 Net income per Share 78.77 82.75 63.81 85.15 84.13 ROE (%) (%) 16.7 15.5 10.1 11.7 9.8 Total assets 290,596 311,925 350,508 370,872 399,512 Net assets 118,767 135,480 162,057 181,414 215,631 Equity Ratio (%) (%) 39.5% 42.5% 45.2% 47.9% 52.9% Net assets per share 497.1 573.0 685.6 783.1 931.3 228
IV. CONSOLIDATED FINANCIALS STATEMENTS Consolidated Statements of Income Unit Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Net Sales 270,383 262,842 250,763 296,427 307,524 Cost of sales 192,690 186,296 180,624 213,307 224,887 Gross profit 77,692 76,546 70,139 83,120 82,636 SG&A 42,397 44,423 46,442 53,219 54,391 Operating income 35,295 32,123 23,696 29,901 28,245 Non operating income 1,551 1,796 3,949 4,430 4,297 Non operating expenses 3,224 2,432 2,434 1,770 1,443 Ordinary income 33,623 31,487 25,212 32,561 31,098 Extraordinary gains 70 1,279 605 544 1,126 Extraordinary losses 3,448 1,362 2,394 577 2,434 Income before income taxes 30,244 31,404 23,423 32,528 29,791 Income taxes 11,321 11,589 8,257 12,535 10,375 18,923 19,815 15,166 19,992 19,416 Minority interest in income of consolidated subsidiaries 621 688 416 343 337 Net Income 18,303 19,127 14,750 19,650 19,080 29
22 IV. CONSOLIDATED FINANCIALS STATEMENTS Consolidated Balance Sheets Unit Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Assets Current assets 156,741 169,244 175,656 178,396 176,609 Fixed assets 133,855 142,680 174,852 192,476 222,903 Deferred charges - - - - - Total assets 290,596 311,925 350,508 370,872 399,512 Liabilities Current liabilities 105,137 120,312 134,560 133,668 119,174 Long-term liabilities 66,691 56,133 53,891 55,789 64,707 Total Liabilities 171,828 176,444 188,451 189,457 183,881 Net Assets Total shareholder's equity 121,715 138,340 150,312 162,467 178,273 Accumlated Other Comprehensive Income -6,840-5,889 8,182 15,136 32,943 Stock acquisition right 234 228 262 266 304 Minority interests 3,659 2,801 3,301 3,545 4,111 Total net assets 118,767 135,480 162,057 181,414 215,631 Total Liabilities and net assets 290,596 311,925 350,508 370,872 399,512 10
V. SEGMENT INFORMATION Segment Information (Current fiscal year From April 1, 2014 to March 31, 2015) I. Sales and operating income Elastomer Business Specialty Materials Business Sub Total Others Total Eliminations and corporate Unit Consolidated Sales (1) Sales to third parties 187,044 70,875 257,919 49,605 307,524-307,524 (2) Inter-group sales and transfers 1,785-1,785 444 2,229-2,229 - Total Operating income 188,829 70,875 259,704 50,049 309,753-2,229 307,524 16,818 9,446 26,264 2,017 28,281-36 28,245 Elastomer Business Synthetic rubbers, Synthetic latices, Chemicals(C5 Petroleum resins, Thermoplastic elastomers, etc),packaging and Logistics materials C5 Specialty Materials Business Others Specialty chemicals (Synthetic aroma chemicals, Industrial chemicals, etc), Information materials (Electronic materials, Polymerized toners, etc), Specialty plastics (Cyclo-olefin polymers, Optical materials) Medical products RIM formulations, RIM Products,Paints Technology of the GPB process, etc RIMRIM On the basis of medium-term management plan, Packaging and Logistics Materials are reported as part of Elastomer Business and the Medical Products are reported as part of Specialty Material Business segment. Previously, both segments were reported as Other Business segment. However, reported results in previous fiscal 2010 do not reflect these segment changes. 211
22 V. SEGMENT INFORMATION Sales Unit Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Elastomer Business 173,434 177,547 164,028 184,351 188,829 Specialty Materials Business 49,790 48,134 51,411 64,154 70,875 Others 48,494 39,057 37,508 50,798 50,049 Eliminations and corporate assets -1,336-1,896-2,185-2,876-2,229 Consolidated 270,383 262,842 250,763 296,427 307,524 Operating income Unit: Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Elastomer Business 28,186 30,166 19,595 19,322 16,818 Specialty Materials Business 6,445 491 2,613 9,121 9,446 Others 587 1,435 1,489 1,488 2,017 Eliminations and corporate assets 77 30-1 -31-36 Consolidated 35,295 32,123 23,696 29,901 28,245 Total assets Unit 12 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Elastomer Business 147,173 168,409 179,797 192,704 196,115 Specialty Materials Business 73,647 72,973 71,878 76,687 78,754 Others 23,468 20,056 29,199 28,021 26,919 Eliminations and corporate assets 46,308 50,486 69,634 73,460 97,723 Consolidated 290,596 311,925 350,508 370,872 399,512 On the basis of medium-term management plan, Packaging and Logistics Materials are reported as part of Elastomer Business and the Medical Products are reported as part of Specialty Material Business segment. Previously, both segments were reported as Other Business segment. However, reported results in previous fiscal 2010 do not reflect these segment changes.
V. SEGMENT INFORMATION Depreciation & Amortization Unit Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Elastomer Business 7,880 7,313 6,681 7,378 8,902 Specialty Materials Business 11,342 11,028 9,720 7,380 8,144 Others 410 69 73 324 278 Eliminations and corporate assets 1,493 1,476 1,648 1,985 2,114 Consolidated 21,125 19,885 18,122 17,068 19,439 Capital expenditures Unit: Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Elastomer Business 3,617 12,152 15,333 12,788 13,906 Specialty Materials Business 5,433 8,968 5,040 12,053 9,650 Others 316 140 433 386 355 Eliminations and corporate assets 963 1,735 2,683 1,884 4,605 Consolidated 10,329 22,995 23,489 27,111 28,516 On the basis of medium-term management plan, Packaging and Logistics Materials are reported as part of Elastomer Business and the Medical Products are reported as part of Specialty Material Business segment. Previously, both segments were reported as Other Business segment. However, reported results in previous fiscal 2010 do not reflect these segment changes. 213
22 V. SEGMENT INFORMATION Elastomer Business Sales Operating income Total assets Depreciation & Amortization Capital expenditures 14 On the basis of medium-term management plan, Packaging and Logistics Materials are reported as part of Elastomer Business and the Medical Products are reported as part of Specialty Material Business segment. Previously, both segments were reported as Other Business segment. However, reported results in previous fiscal 2010 do not reflect these segment changes.
V. SEGMENT INFORMATION Specialty Materials Business Sales Operating income Total assets Depreciation & Amortization Capital expenditures On the basis of medium-term management plan, Packaging and Logistics Materials are reported as part of Elastomer Business and the Medical Products are reported as part of Specialty Material Business segment. Previously, both segments were reported as Other Business segment. However, reported results in previous fiscal 2010 do not reflect these segment changes. 215
22 V. SEGMENT INFORMATION Others Sales Operating income Total assets Depreciation & Amortization Capital expenditures 16 On the basis of medium-term management plan, Packaging and Logistics Materials are reported as part of Elastomer Business and the Medical Products are reported as part of Specialty Material Business segment. Previously, both segments were reported as Other Business segment. However, reported results in previous fiscal 2010 do not reflect these segment changes.
VI. PRODUCTION CAPACITY Production Capacity by product and location (a) Total capacity of Tokuyama and Kawasaki Plants. NBR (b) Total capacity of Kawasaki and Kurashiki Plants. ACM Unit /y / Tokuyama Kawasaki Kurashiki Takaoka Mizushima USA UK Singapore Thailand Total Monomer Butadiene 180,000 157,000 337,000 Isoprene 80,000 80,000 Synthetic Rubbers ESBR 80,000 80,000 SSBR 55,000 35,000 90,000 BR 65,000 65,000 NBR 60,000 (a) 15,000 15,000 90,000 HNBR 500 4,000 5,000 9,500 IR 40,000 40,000 ACM 8,500 (b) 8,500 17,000 Others 10,000 10,000 Synthetic Latices 92,500 (a) 92,500 Chemicals C5 fraction resin C5 40,000 40,000 80,000 DCPD resin DCPD 10,000 10,000 SIS 42,000 42,000 Specialty Chemicals Synthetic aroma 3,000 3,000 Specialty solvents 8,000 8,000 Cyclo-olefin Polymer 31,000 31,000 Polymerized toner 5,400 5,400 Optical Films Unit million /y / Takaoka Himi Tsuruga Total 35 105 10 150 217
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References *Each Fiscal year is from April 1 st to March 31 st. 413311 19 2
22 References Production for Major Petrochemicals(Japan) Basic Products Synthetic Rubbers Plastics (Source: Japan Petrochemical Industry Association) (Notes) ( Ethylene Propylene Butadiene Styrene Acrylonitrile Low-density Polyethylene Polystyrene Petroleum Resin Styrene-Butadiene Rubber(SBR) Butadiene Rubber(BR) Acrylonitrile-Butadiene Rubber(NBR) Polychloroprene Rubber(CR) Ethylene-Propylene Terpolymer(EPDM) Others Sub-Total The subjects of major petrochemicals are based on Chemical Industry Statistics from Ministry of Economy, Trade and Industry of Japan. Unit/y 2009 2010 2011 2012 2013 Quantity Quantity Quantity Quantity Quantity 6,912,627 7,017,554 6,689,349 6,145,182 6,695,723 5,590,487 5,985,539 5,624,736 5,239,333 5,646,978 871,038 977,175 933,786 904,849 963,384 2,996,462 2,938,613 2,739,045 2,392,007 2,592,035 601,700 662,998 732,834 553,908 517,869 527,438 670,447 665,192 651,598 655,630 254,230 294,094 274,789 290,362 302,617 85,628 115,007 109,369 107,180 115,001 88,584 129,554 135,324 122,507 125,841 148,852 192,717 196,871 217,916 202,479 195,611 193,425 229,664 237,803 242,050 1,300,343 1,595,244 1,611,209 1,627,366 1,643,618 1,604,820 1,704,076 1,664,221 1,477,334 1,539,314 High-density Polyethylene 985,767 1,015,260 934,800 927,796 907,938 Polypropylene 2,410,807 2,709,023 2,448,358 2,390,256 2,248,199 GP-HI 689,920 698,113 653,963 588,559 632,767 FS 114,067 123,560 125,143 112,316 111,038 SAN 92,394 108,925 77,885 85,171 89,726 ABS Resin ABS 348,369 454,109 418,479 381,656 355,539 112,055 119,903 121,466 106,643 104,440 20
References Changes in Consumption of Rubber; Ratio of Synthetic Rubber(Japan) Unit/y / Rubber Manufactures Tires 1,179,050 1,190,780 1,160,070 1,140,260 1,135,400 Industrial use 242,740 233,980 242,020 240,130 240,090 Footwear 1,369 1,100 1,050 1,050 1,080 Others 15,041 15,540 16,760 16,760 17,130 Sub-Total 1,438,200 1,441,400 1,419,900 1,398,200 1,393,700 Other Products 299,400 275,100 270,100 266,050 266,700 Total 1,737,600 1,716,500 1,690,000 1,664,250 1,660,400 Change(%) (%) 118.4 98.8 98.5 98.5 99.8 Synthetic Rubbers 987,200 963,100 956,600 953,700 951,400 Rate of Usage(%) (%) 56.8 56.1 56.6 57.3 57.3 (Source: The Japan Rubber Manufactures Association) Changes in Consumption of Raw Material for Tire and Tubes(Japan) (Source: The Japan Automobile Tyre Manufacturers Association, Inc.) Changes in Domestic Naphtha Prices UnitJPY/KL /KL Unit:/y New Rubber (A) 1,162,731 1,193,901 1,110,980 1,100,255 1,098,786 507,153 512,333 479,669 478,045 480,042 43.62 42.91 43.18 43.45 43.69 (Source: Trade Statistics of Japan.) 221
22 References Domestic Capacity of Japan's Synthetic Rubber Manufacturers SBR EPM/ NBR BR IR IIR CR SBC Solid EPDM Solid Unit1000/y / JSR Corporation JSR 210 72 41 36 35 394 Japan Buthyl 178 178 KRATON JSR ELASTOMERS 46 46 (JSR Group) JSR 210 72 41 36 178 35 46 618 Total ZEON CORPORATION 135 65 40 64 40 344 Asahi Kasei Chemicals 70 35 60 165 Sumitomo Chemical 40 40 Ube Industries 126 126 Mitsubishi Chemical 65 65 Mitsui Chemicals 95 95 DENKA 100 100 Japan Elastomer 19 16 25 60 TOSOH 34 34 Showa Denko 20 20 Kuraray 7 23 30 Total 499 314 88 171 178 99 154 194 1,697 (Source: International Institute of Synthetic Rubber Producers / Worldwide Rubber Statistics 2014(table3-F)) International Institute of Synthetic Rubber Producers / Worldwide Rubber Statistics 2014 (table3-f) 22
References Synthetic Rubber Production Volume by Country (Source: The Japan Rubber Manufacturers Association.) Unit 1000/y / USA 2,322 2,498 2,311 2,234 2,312 UK 238 230 240 199 143 Germany 809 850 838 875 874 France 568 611 578 616 571 Russia 1,379 1,460 1,398 1,469 1,328 China 3,100 3,490 3,820 4,090 5,314 Japan 1,595 1,616 1,622 1,638 1,599 Total 14,082 15,115 15,094 15,495 16,715 223
22 References Synthetic Rubber Consumption by Country (Source: The Japan Rubber Manufacturers Association.) Unit 1000/y / USA 1,732 1,859 1,766 1,698 1,855 UK 148 161 152 160 140 Germany 563 612 555 576 585 France 306 319 280 257 251 Russia 697 712 754 673 574 China 4,442 4,464 5,039 5,471 6,646 Japan 987 950 957 929 956 Total 14,086 14,926 14,925 15,483 16,769 24
References Capacity of Major World Synthetic Rubber Manufacturers Lanxess Brazil, Germany, France, Belgium, Netherlands, U.S.A., Canada, Singapore U.S.A. 1,751 (Source: International Institute of Synthetic Rubber Producers / Worldwide Rubber Statistics 2014(table19)) International Institute of Synthetic Rubber Producers / Worldwide Rubber Statistics 2014 (table19) Unit 1000/y / ESBR BR EPM/EPDM IIR NBR CR SSBR SBC Goodyear Tire & Rubber 725 SSBR BR IR ESBR ExxonMobil Chemical U.S.A., France, U.K. 736 EPDM IIR Versalis S.p.A. Italy, U.K. 518 BR SSBR EPDM NBR ESBR SBC JSR Corporation Japan, Thailand SSBR IIR SBC BR EPDM IR ESBR JSR 645 NBR ZEON CORPORATION Japan, U.S.A., U.K., Singapore 414 ESBR BR IR NBR SSBR SBC Dow Chemical U.S.A. 140 EPDM Styron Germany 370 BR ESBR SSBR Karbochem South Africa 95 SSBR BR IR ESBR Kumho Petrochemical Korea 1,198 ESBR BR NBR SSBR SBC EPDM SINOPEC China 1,445 ESBR BR IIR IR SSBR SBC Petro China China 1,236 BR SBC SSBR ESBR EPDM NBR Firestone Polymers LLC U.S.A. 319 SSBR BR DuPont Performance Elastomers U.S.A. 100 CR American Synthetic Rubber Co. U.S.A. 170 SSBR BR 225
22 References Global Automobile Production Unit thousand/y / Japan 9,626 8,399 9,943 9,630 9,775 Korea 4,272 4,657 4,558 4,521 4,525 China 18,265 18,419 19,272 22,117 23,722 U.S.A. 7,761 8,654 10,329 11,046 11,661 Canada 2,071 2,135 2,464 2,380 2,394 Mexico 2,345 2,680 3,002 3,070 3,365 Brazil 3,648 3,406 3,343 3,451 3,146 Germany 5,910 6,311 5,611 5,649 5,908 France 2,228 2,295 1,968 1,797 1,817 England 1,393 1,349 1,577 1,586 1,599 Italy 857 790 672 511 698 Spain 2,388 2,354 1,979 1,941 2,403 Others 16,846 18,615 19,387 16,373 18,736 Total 77,610 80,064 84,141 84,072 89,747 (Source: ORGANISATION INTERNATIONALE DES CONSTRUCTEURS D'AUTOMOBILES) OICA 26
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