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DIC111 2019–2021 Medium-Term Management Plan

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DIC111 2019–2021 Medium-Term Management Plan DIC111 2019–2021 Medium-Term Management Plan February 14, 2019 Kaoru Ino, Representative Director, President and CEO COPYRIGHT © DIC CORPORATION ALL RIGHTS RESERVED. 1 Content A Message from the President ----- 3 DIC108 Overview ----- 4 Operating Income Trend and Positioning of DIC111 ----- 6 DIC111 Basic Concept ----- 7 This material is intended to provide information only, and is not Framework for realizing Basic Concept ----- 8 to solicit actions of any kind. Basic Strategies: Business Portfolio Transformation to Achieve Growth Statements herein, other than those of historical fact, are forward-looking statements that reflect management’s 1. Value Transformation ----- 9 projections based on information available as of the publication date. Consequently, actual sales and profits may differ 2. New Pillar Creation ----- 10 substantially from the projections stated in this material. DIC Quantitative Targets ----- 11 does not assume any liability for the accuracy and completeness of these forward-looking statements. Strengthening Management Infrastructure ----- 12 The user acknowledges that he/she agrees to exercise his/her own judgment in using this material. DIC shall bear no Cash Flow Management ----- 14 responsibility for any loss arising from investment decisions relying fully on the information herein. Strategic Investments ----- 15 Summary of Plans by Segment ----- 16 Segment Strategies Packaging & Graphic ----- 17 Color & Display ----- 19 Functional Products ----- 21 Plans by Region ----- 23 Supplementary Materials 1: New Segments and Product Mix by ----- 24 Products Division These icons which represent the Sustainable Supplementary Materials 2: Sustainability Strategies ----- 25 Development Goals (SDGs) are used on pages 18, 20, 22 and 25. COPYRIGHT © DIC CORPORATION ALL RIGHTS RESERVED. 2 DIC111 A Message from the President ▶ Transforming our business portfolio to position DIC on ▶ The value that DIC provides to society a new growth trajectory In fiscal year 2018, DIC Corporation celebrated its 110th anniversary. To achieve this image, while formulating DIC111 we promoted This milestone renewed my appreciation for our printing inks extensive debate and discussion internally aimed at better defining business, which has been the core of our operations since our the value that DIC provides to society, identifying the challenges we establishment. In addition to deserving recognition for its must address and determining how best we can continue to further extraordinary resilience, printing inks and key derivative businesses, sustainability through our operations. In addition to enabling us to namely pigments and polymers, continues to account for the greater illuminate the relationship between the social value and economic portion of our income. value we provide with a view to realizing our management vision, this process led us to announce the creation of new business groups At the same time, the global society of today demands that we underpinned by the following key messages: address key imperatives arising from growing environment, health and safety (ESH)-related issues, including marine plastic and food “Packaging materials that bring safety and peace of mind” safety, and from social changes such as the spread of digitization. As “Color and display materials that make life colorful” demonstrated by our performance in fiscal year 2018, this situation has served to expose a business structure that is vulnerable to “Functional products that add comfort” macroenvironmental conditions, including those affecting raw materials, and a limit to our growth potential. Accordingly, while ▶ A loved and respected company maintaining targets for consolidated net sales of ¥1,000 billion, operating income of ¥100 billion and net assets of ¥500 billion, we The efforts in recent years have reconfirmed my belief in the fact that have formulated a new medium-term management plan, “DIC111,” terms such as “corporate governance,” “environment, safety and to clarify strategies for transforming our business portfolio, that is, governance (ESG)” and “sustainability” denote concepts that demand for building a sophisticated portfolio focused on ESH-related issues management direction with a longer timeline that extends into the and social changes by advancing qualitative reforms in existing core future, and that the idea of “doing the right thing and doing it right” businesses and creating new businesses with the potential to become is the true way forward. We pledge to continue working to ensure mainstays. that DIC remains a company that is loved and respected worldwide. ▶ A unique global company that is trusted by society • Possessing a wide range of global No. 1 businesses that evoke our distinctive “Color & Comfort” brand slogan • Realizing corporate value through the promotion of diversity, thereby earning respect and admiration from the global community • Working with employees, customers and shareholders to create value and build an even more attractive DIC brand This is our image of DIC in the future. This image, which we have TOP MESSAGE communicated both internally and externally, encapsulates my hopes Kaoru Ino, Representative Director, President and CEO as CEO for the entire DIC Group in the years ahead. COPYRIGHT © DIC CORPORATION ALL RIGHTS RESERVED. 3 DIC108 Overview Operating result trends (Billions of yen) Overview 2018 2015 2016 2017 2018 Consolidated operating income reached record highs in two Original Actual Actual Actual Actual consecutive years (2016 and 2017), but was significantly below the Target original target in 2018, owing to rising raw materials prices. Net sales 820.0 751.4 789.4 805.5 960.0 Operating income 51.1 54.2 56.5 48.4 65.0 Achievements Net income*1 37.4 34.8 38.6 32.0 40.0 Reorganized production system in line with demand trends in mature ROE 15％ 13% 13% 10% 12% • Ordinary investment markets (publcation inks and polymers) ー 94.8 120.0 (Total for 3 years) • Growth in functional pigments business exceeded target Strategic investment ー 50.2 150.0 (Total for 3 years) • Strengthened foundation of electronics businesses through capital and Around business alliance with Taiyo Holdings Co., Ltd. D/C ratio*2 47% 44% 44% 45% 50% • Realized continuous growth in net sales and record-high income (2017) Around Dividend payout ratio 21% 27% 29% 37% Dividend payout ratio exceeded target, thanks to efforts to 30% • USD/JPY 120.85 109.96 112.33 110.46 120.00 maintain/improve financial balance Trends of operating income and operating margin (Billions of yen) Challenges OI (Target) OI (Actual) 7.2% 7.2% • Reform business structure to offset further demand declines in mature 80 6.8% 8% OI% (Target) 70 markets (publication inks and general processed products) OI% (Actual) 6.2% 60 6.3% 6.0% 6% • Establish robust business foundation that is impervious to fluctuations in 4.9% 6.2% 50 raw materials prices, taking into account the decline in profitability in 40 4% 2018, a consequence of rising raw material prices Create new mainstay businesses to compensate for shrinking demand for 30 65.0 • 54.0 54.2 58.0 56.5 51.1 48.4 publication inks to reposition DIC on a growth trajectory 20 41.1 2% • Steadily implement strategic investments 10 0 0% 2014 2015 2016 2017 2018 *1 Net income attributable to owners of the parent *2 Debt-to-capital (D/C) ratio: Interest-bearing debt / (Interest-bearing debt + Net assets) COPYRIGHT © DIC CORPORATION ALL RIGHTS RESERVED. 4 DIC108 Overview Operating result trends by segment (Billions of yen) Factors behind the difference between segment operating income targets and actual results in 2018 Printing Inks 2018 Row: 2016 2017 2018 • Decline in demand for publication inks accelerated, mainly in developed economies Upper: Net sales Original Actual Actual Actual • Income decreased, particularly in emerging economies, as a result of foreign exchange Middle: Operating income Target Lower: Operating margin losses due to appreciation of the Japanese yen Efforts to offset overall decline by fostering new businesses, including security inks, were 365.2 373.7 380.6 460.9 • Printing Inks 18.4 17.4 13.8 27.6 inadequate 5.0% 4.7% 3.6% 6.0% Fine Chemicals • Fell short of plans to substantially increase liquid crystal materials sales due to 128.2 135.4 132.3 178.4 increasingly competitive environment Fine Chemicals 14.4 17.4 16.4 20.0 • Pigments business significantly exceeded target, led by growth of functional pigments 11.2% 12.8% 12.4% 11.2% • Overall result was significantly shy of target Polymers 180.9 197.9 205.8 214.1 • Achieved robust results for high-value-added products for electronics applications Polymers 19.6 19.6 17.5 18.0 • Planned sales expansion in Asia was not realized 10.9% 9.9% 8.5% 8.4% • Rising raw materials prices prevented achievement of target, despite robust results through 2017 61.1 64.7 65.2 87.0 Compounds Compounds 8.6 5.0 5.0 3.3 • Failed to reach targets for PPS and jet inks, despite steady growth 8.1% 7.7% 4.9% 9.9% • Withdrew from certain commodities businesses that saw greater sales price declines than expected 55.7 56.1 58.5 64.3 • Segment fell short of target, owing to the postponement of planned major projects and a Application Materials 1.9 2.6 3.2 4.5 delayed shift to high-value-added products 3.4% 4.6% 5.5% 7.0% Application Materials USD/JPY* 109.96 112.33 110.46 120.00 • Exceeded targets for competitive products in niche areas, including films and membrane WTI Crude oil (USD/bbl)* 43 51 65 50 modules Fell short of targets for products for construction and
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