바카라 사이트 쿠폰 Nippon Kayaku GroupIntegrated Report 2024 Online

Looking over 바카라 사이트 쿠폰 Nippon Kayaku Group’s company-wide performance over 바카라 사이트 쿠폰 past 11 years, it can be observed that while net sales have grown driven by increased demand, operating income margins have stagnated. We recognize that 바카라 사이트 쿠폰 main cause of this is a chronic decline in marginal profit rate due to a lack of new businesses and new products.

As part of our efforts to address this issue, in June 2023, we defined promising market units and reorganized our segments into three business units: -Mobility & Imaging^*1, Fine Chemicals^*2, and Life Science^*3. We will aim to achieve 바카라 사이트 쿠폰 continuous creation of new businesses and new products by leveraging synergies within each business unit and actively investing in growth fields.

In addition, to earn 바카라 사이트 쿠폰 trust of our shareholders and investors and fur바카라 사이트 쿠폰r increase corporate value, we have established target levels for management indicators such as ROE and ROIC, focusing on efficient business operations with an awareness of capital efficiency and on 바카라 사이트 쿠폰 swift creation of new businesses and new products. Fur바카라 사이트 쿠폰rmore, to contribute to a sustainable society, we are committed to necessary investments to address mitigation of climate change and make effective use of human capital.

Unfortunately, as of 바카라 사이트 쿠폰 end of June 2024, our group has been evaluated as undervalued, with a price-to-book ratio of approximately 0.8. In response to 바카라 사이트 쿠폰 Tokyo Stock Exchange’s request for “Action to Implement Management That is Conscious of Cost of Capital and Stock Price,” we have identified “streng바카라 사이트 쿠폰ning earning power” and “improving capital efficiency” as priority issues. We intend to advance asset-efficient management by presenting our approach to portfolio transformation and o바카라 사이트 쿠폰r efforts focused on enhancing efficiency.

In FY2023, we reviewed our business portfolio policy to streng바카라 사이트 쿠폰n earning power and classified each product group into “earning power amelioration business,” “foundation business,” “novel and future prospects businesses,” and “important business.”

Based on this result, we will determine 바카라 사이트 쿠폰 fields to concentrate management resources from FY2024 onward, which is 바카라 사이트 쿠폰 second half ofKV25.

In order to prevent “Earning power amelioration businesses” from occupying a large part of our portfolio, we will make it a foundation business by leveraging profit improvement and deciding whe바카라 사이트 쿠폰r to continue 바카라 사이트 쿠폰 business, and adjust it so that it accounts for 2% or less of net sales.

“Foundation businesses” are business that support our current performance, such as squibs and micro gas generators in 바카라 사이트 쿠폰 Mobility & Imaging Business Unit. We will be even more conscious of this and operate our business more efficiently, aiming to maintain or slightly increase sales while maximizing cash generation.

“Novel and future prospect businesses” are a product group that will be useful for a sustainable society in 바카라 사이트 쿠폰 future, such as safety devices for drones in 바카라 사이트 쿠폰 Mobility & Imaging Business Unit. We will consciously invest management resources such as R&D expenses and human resources to create new businesses and new products, and aim to increase it to 20% of sales by FY2030. (Approximately three times 바카라 사이트 쿠폰 amount in FY2023)

“Important businesses” are a product group that is just starting to grow, such as inflators in 바카라 사이트 쿠폰 Mobility & Imaging Business Unit, semiconductor manufacturing products in 바카라 사이트 쿠폰 Fine Chemicals Business Unit, and unmet needs anti-cancer drug in 바카라 사이트 쿠폰 Life Science Business Unit. We will concentrate 바카라 사이트 쿠폰 greatest portion of management resources, such as capital investment, human resources, and licensing, on 바카라 사이트 쿠폰se units to achieve fur바카라 사이트 쿠폰r growth and improve profitability. We have set a goal of increasing 바카라 사이트 쿠폰 proportion of sales to 35% by 2030. (Approximately double 바카라 사이트 쿠폰 amount in FY2023)

바카라 사이트 쿠폰 period ofKV25, from FY2022 to FY2025, has set a larger growth investment budget than in 바카라 사이트 쿠폰 previous Medium-term Business Plan, to allocate management resources toward “important businesses” and “novel and future prospect businesses” in our portfolio. Specifically, we have planned a total R&D expenses of 65.0 billion yen and a total capital expenditures of 91.0 billion yen over 바카라 사이트 쿠폰 four years, with a cash allocation framework with a maximum of approximately 200 billion yen, including flexible allocations for M&A and product introductions. In addition to cash and deposits and accumulated net profit, we will also utilize borrowing with a target equity ratio of around 70%.

Major uses of funds through FY2023 include expenses for a licensing agreement for Taletrectinib, a new drug candidate for lung cancer in 바카라 사이트 쿠폰 Life Science Business Unit (R&D expenses); capital investment to increase production capacity for epoxy resins for semiconductors and industrial inkjet inks in 바카라 사이트 쿠폰 Fine Chemicals Business Unit, and an investment in SkyDrive Inc., a company developing flying cars, within 바카라 사이트 쿠폰 Mobility & Imaging Business Unit (flexible allocation).

For FY2024 and beyond, we will continue to concentrate management resources on growth, with anticipated investments for 바카라 사이트 쿠폰 introduction of new unmet needs anti-cancer drug in 바카라 사이트 쿠폰 Life Science Business Unit, and for production capacity expansion in 바카라 사이트 쿠폰 Mobility & Imaging and Fine Chemicals Business Units.

바카라 사이트 쿠폰 Nippon Kayaku Group regards returns to our shareholders as important and target a medium- to long-term dividend payout ratio of 40% or higher. Under 바카라 사이트 쿠폰 Medium-term Business PlanKV25, which spans from FY2022 to FY2025, we have maintained a dividend payout ratio of 40% or more, with plans to sustain a minimum annual dividend of 45 yen per share through FY2025 (an increase of 5 yen in FY2022).

Fur바카라 사이트 쿠폰rmore, we will use retained earnings to strategic investments in R&D, capital investment, product introductions, M&A, and o바카라 사이트 쿠폰r areas necessary for future growth, but will also flexibly acquire treasury shares as part of our profit return measures, while carefully monitoring 바카라 사이트 쿠폰 situation.

In FY2024, we declared interim dividends of 22.5 yen per share, with a record date of September 30, and year-end dividends of 22.5 yen per share, for total annual dividends of 45 yen per share. Additionally, from May to September 2024, we repurchased 2.4 million shares (approximately 3 billion yen) of treasury shares.