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Making your dreams come true
Mid-Term Management Plan
Chori Innovation Plan 2019
April 25th, 2017
~Toward New Stage~
FY2017-FY2019
1CHORI CO.,LTD.
Making your dreams come trueIndex
Review of Former Mid-Term Management Plan “Yakushin2016“
1
1.
2.
3.
4.
5.
6.
7.
Vision・Policy
Strategy
Positioning of Mid-Term Management Plan
Business Strategy ~ Fibers, Textiles and Garments ~
Business Strategy ~ Chemicals and Machinery ~
Dividend Policy
Financial Targets of FY2019
Reference: Global Networks3
Mid-Term Management Plan“Chori Innovation Plan 2019”
2
2CHORI CO.,LTD.
Making your dreams come true
Review of FormerMid-Term Management Plan “Yakushin2016“(FY2014-FY2016)
1
3CHORI CO.,LTD.
Making your dreams come true
1
● Ordinary income of FY2016:¥7.0 billion ⇒Highest record(FY2011¥6.1 billion)
● Ordinary income of FY2014-FY2016 in total:
(Plan)…¥20.5 billion (Result)…¥18.5 billion ⇒Achievement rate of 90%
● Profit attributable to CHORI of FY2014-FY2016 in total:
(Plan)…¥13.2 billion (Result)…¥13.2 billion ⇒ Achieved the target plan
P r o f i t
FinancialB a s e
Dividend
Investment
● End of FY2013 equity capital: ¥36.3 billion equity ratio:46%
⇒End of FY2016 equity capital: ¥46.3 billion equity ratio: 47%
● ROA of FY2016 based on ordinary income: 7.1%
● M&A and business investment result for FY2014-FY2016 in total:
¥9.1 billion
●Large-scale M&A, Making Miyako Kagaku Co., Ltd into subsidiary:
invested ¥6.6 billion (May, 2015)
● Dividend ratio of 20%. Dividend increased for last 4 FY
● FY2013: ¥33 per share ⇒FY2016: ¥40 per share
● Resumed paying out interim dividend from FY 2016
Review of FormerMid-Term Management Plan “Yakushin2016“
4CHORI CO.,LTD.
Making your dreams come true
FY2014 FY2015 FY2016
Annual Result Annual Result Plan Annual Result
N e t S a l e s 248.4 291.6 300.0 270.9
Ordinary Income 6.0 5.5 7.5 7.0
Profit attributablet o C H O R I
4.2 4.3 4.8 4.8
Tota l Asse t s 84.3 98.7 94.0 98.0
Equity Capital 41.4 42.8 47.0 46.3
R O A(ord inary income)
7.1% 5.6% 8.0% 7.1%
R O A( n e t i n c o m e )
4.9% 4.4% 5.0% 4.9%
Equ i ty Ra t i o 49% 43% 50% 47%
(Unit: billion yen)
1
P O I N T
:Increased significantly due to M&A of Miyako Kagaku Co., Ltd
:Decreased due to loss of accelerated restructuring of textile business
:Increased by gain on sales of investment securities
:Decreased by reduction of trading business amount due to higher yen
:Record-breaking high
:Achieved the target plan
Review of FormerMid-Term Management Plan “Yakushin2016“
●FY2015(year to year)
●FY2016(year to year)
Net salesOrdinary incomeProfit attributable to CHORI
Net salesOrdinary incomeProfit attributable to CHORI
5CHORI CO.,LTD.
Making your dreams come true
2Mid-Term Management Plan“Chori Innovation Plan 2019”~Toward New Stage~
6CHORI CO.,LTD.
Making your dreams come true
Toward New Stage-Vision of FY2022-
Ordinary Income of 13 billion yen
1.Vision・ Policy
2 Mid-Term Management Plan “Chori Innovation Plan 2019”
Strong Financial Base
Strengthening consolidatedmanagement
Structuring business by investing
Enlargement of group companies
7CHORI CO.,LTD.
Making your dreams come true
Chori Innovation Plan 2019M i d - T e r mManagement Plan
Corporate group cont inues to evo lve andchange on a g loba l sca le , bu i l t on outs tand ing
capab i l i t i es and exper t i se
2.Strategy①
2
Consolidated Management
New Development・Business Investment
and M&A
CorporateGovernance
Human Resource
Mid-Term Management Plan “Chori Innovation Plan 2019”
8CHORI CO.,LTD.
Making your dreams come true2.Strategy②
2
● Promoting consolidated operations
by each business department
● Accelerating further globalization
● Strengthening IT infrastructures and
improving operational efficiency
● Enhancing synergy with Toray Group
Consolidated Management New Development・Business Investment and M&A
● Focusing on investment in growing fields and
areas
● Establish “Business Investment Committee”
● Continue to hold “M&A Promoting
Committee”
● Investment and development of venture
enterprises
● Strengthening internal controlling
system
● Globalized risk management
● CSR・IR
● Improvement in dividend policy
Corporate Governance Human Resource
● Developing globally specialized
personnel
● Design policy on human resources
● Mobilization of employees in Chori Group
● Working-style reforms(reducing overtime
work)
Mid-Term Management Plan “Chori Innovation Plan 2019”
9CHORI CO.,LTD.
Making your dreams come true
7.1 7.2 7.3
7.5
9.0
FY2016 FY2017 FY2018 FY2019 FY2022
Net sales Ordinary Income
271 280
300
330
400
7.0 7.27.8
8.5
13.0
FY2016 FY2017 FY2018 FY2019 FY2022
Recorded everhighest
ordinary income
Breakingour highest record in
ordinary income
(Unit:billion yen)
3.Positioning of Mid-Term Management Plan
2
(Vision)
(Unit:%)ROA(Ordinary income based)
Increasing ROA
(Plan)(Result)
Mid-Term Management Plan “Chori Innovation Plan 2019”
(Plan)(Plan)(Plan)(Result) (Plan) (Plan) (Vision)
10CHORI CO.,LTD.
Making your dreams come true4.Business Strategy ~ Fibers, Textiles and Garments ~
2
Textiles Collective Strength Enhancement Project●Promote integrated business model covering all arrangements from materials to manufacturing
●Reorganize company structure to most optimized management system
(2 operations ⇒3 operations)
1
Strengthen Planning and Solution Services●Transfer apparel business operations to CHORI MODA Co., Ltd.
●Transfer merchandise function to appropriate place and promote direct trading
between overseas countries. (China/Dalian, Vietnam, Thailand, Indonesia)
●Develop and expand sales of original Chori products and environmental products
Accelerate Global Expansion “Global One Stop CHORI”●Establish global framework of six regions (Japan, China, Asia, US, South and Central America,
Europe)
●Improvement in global supply chain management
●Expand business initiated by overseas bases (China, ASEAN)
●Enhance overseas production infrastructure (China・Indonesia)
Net Sales (unit: billion yen)
130.0
111.0
Ordinary Income
4.8
3.9
2
3
Mid-Term Management Plan “Chori Innovation Plan 2019”
(unit: billion yen)
FY2016 Result
FY2019 Plan
FY2016 Result
FY2019 Plan
11CHORI CO.,LTD.
Making your dreams come true5. Business Strategy ~ Chemicals and Machinery ~
2
Promote Further Globalization●Expand overseas business(Focus on ASEAN region, maintain overseas bases)
●Expand China business (Promote collaboration with leading Chinese partners)
Trading Business Model to Business Investing and Converting Business Model●Promoting business investment ⇒ Secure and strengthen procurement sources
(China, Chile, Germany)
●Strengthen and deepen converting function (fine chemicals, condenser materials,processed food)
●Pursue new development (environment related materials, lithium-ion battery materials,
pharmaceutical and agrochemical intermediates)
●Strengthen alliance with subsidiaries after M&A (Miyako Kagaku Co., Ltd., PTI JAPAN LTD)
●Accelerate business cycle of transportation equipment business enabled by company split-up
(Established Chori Machinery Co., Ltd. in April,2017)
Net Sales
200.0
159.9
Ordinary Income
3.7
3.1
1
2
3 Enlargement of Group Companies
Mid-Term Management Plan “Chori Innovation Plan 2019”
(unit: billion yen) (unit: billion yen)
FY2016 Result
FY2019 Plan
FY2016 Result
FY2019 Plan
12CHORI CO.,LTD.
Making your dreams come true
¥36
FY2015(Result)
FY2016(Recent Plan)
FY2017(Plan)
FY2019(Plan)
■■Dividend paid per year(Unit: 1 yen)
Dividend Trends
6.Dividend Policy
2
●Paying performance-linked dividends corresponding to net income attributable to owners of the parent of the year
●Ensuring the flexible return of profits and stability of management and financial affairs
●Maintaining sufficient investment funds for business growth
Dividend Policy
¥40
FY2018(Plan)
Dividend Ratio of 25% or more(FY2017-FY2019)
¥34
FY2014(Result)
¥46
Dividend Ratio of 20%
Mid-Term Management Plan “Chori Innovation Plan 2019”
13CHORI CO.,LTD.
Making your dreams come true
FY2016Annual Result
FY 2019Plan
N e t S a l e s 270.9 330.0
Ord inary Income 7.0 8.5
Profit attributable toC H O R I
4.8 5.5
R O A(Ordinary Income)
7.1% 7.5%
R O A( N e t I n c o m e )
10% 10%Or more
(Unit: billion yen)
7.Financial Targets of FY2019
2 Mid-Term Management Plan “Chori Innovation Plan 2019”
14CHORI CO.,LTD.
Making your dreams come true
Asia(11 bases)
India(1 base)
〈Subsidiary〉・Chori Europe〈Office〉・Moscow
〈Subsidiary〉・Thai Chori・Chori Trading Thailand・Chori Indonesia・Chori Singapore・Chori Malaysia・Chori Korea・Chori Vietnam〈Office〉・Ho Chi Minh・Manila・Dhaka・Cambodia
〈Subsidiary〉・Chori Mexico〈Office〉・Santiago・Lima
〈Subsidiary〉・Chori Iran・Chori Middle East〈Office〉・Istanbul・Jedha
〈Subsidiary〉・Chori India
〈Subsidiary〉・Chori America
〈Office〉・Charlotte
〈Subsidiary〉・Chori China・Chori Shanghai・Chori HongKong・Chori Tianjin・Chori Dalian
〈Office〉・Beijing・Qingdao・Nantong・Wuhan
・Ruian・Guiyang・Shenzhen
Russia・Europe
(2 bases)
Middle East・Africa
(4 bases)
China(13 bases)
North America(2 bases)
South and Central America
(3 bases)
Japan
Reference: Global Networks3
●Subsidiary 18 bases
●Branch・Offices 18 bases
36 bases in total
〈Branch〉・Taipei
Forecasts for operational performances, as well as future predictions
described in this document, were prepared based on information available as
of the day on which this document was released.
This document in no way guarantees the contents and operational
performances of the company in the future.
Making your dreams come true