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Annual Report2014 NAGASE &CO., ANNUAL LTD. REPORT 2014 Annual Report 2014 Year ended March 31, 2014 A technology- and intelligence-oriented Company that turns wisdom into business. http://www.nagase.co.jp/english/ Osaka Head Offi ce: 1-1-17, Shinmachi, Nishi-ku, Osaka City, Osaka 550-8668, Japan Tel: (81) 6-6535-2114 Tokyo Head Offi ce: 5-1, Nihonbashi-Kobunacho, Chuo-ku, Tokyo 103-8355, Japan Tel: (81) 3-3665-3021 Nagoya Branch Offi ce: 3-14-18, Marunouchi, Naka-ku, Nagoya City 460-8560, Japan Tel: (81) 52-963-5615 Printed in Japan 長長瀬14_英文_表紙_入稿.indd瀬14_英文_表紙_入稿.indd H4-H1H4-H1 22014/08/15014/08/15 115:235:23 Contents 2 To Our Stakeholders 42 Nagase ChemteX Corporation 4 Our History - Evolving Business Model 44 Hayashibara Co., Ltd. NAGASE: 6 Our Strategy - Nagase Group Businesses 46 Nagase R&D Center Major Production/ Past, Present, 8 Our Business Model - Much More than a Trading Firm 47 Nagase Application Workshop R&D Functions and Future 9 NAGASE's Strengths [1] Manufacturing and Processing Functions / Research and Development Functions 10 NAGASE's Strengths [2] Global Network 11 Message from the President 16 13-Year Financial Highlights 18 NAGASE's Strengths [3] Financial Foundation Supporting Business Growth 19 Business Report 48 Nagase Group Sustainability 20 Functional Materials 48 Organization Governance 24 Advanced Materials & Processing 52 Four Questions for NAGASE Outside Directors Performance by Corporate Social 28 Electronics 54 Human Rights, Employment Practices Segment Responsibility 32 Automotive & Energy 56 Training Global Business Leaders 36 Life & Healthcare 59 Environment 61 Fair Business Practices 64 Consumer Issues 65 Community Involvement 40 Greater China 66 Six-Year Summary 77 Consolidated Statements of Changes in Net Assets 41 ASEAN and the Middle East 67 Management’s Discussion and 78 Consolidated Statements of Cash Flows Financial and Analysis of Operations and Finances 79 Notes to Consolidated Financial Statements Regional Corporate 74 Consolidated Balance Sheets 97 Independent Auditor’s Report Overview Information 76 Consolidated Statements of Income 98 Consolidated Subsidiaries, Affiliates and Offices 76 Consolidated Statements of 102 Corporate Information Comprehensive Income 103 Investor Information Forward-Looking Statements Non-historic information contained in this annual report related to NAGASE & CO., LTD. and Nagase Group revenue and profit plans, strategies, presumptions, etc. are forward-looking statements that include elements of risk and uncertainty. Actual earnings may differ significantly from forecasts due to changes in these elements. Accordingly, the reader is cautioned to refrain from placing undue reliance on such future forecasts contained in this document. Elements that could impact earnings results are not necessarily limited to those explicitly noted in this document. NAGASE & CO., LTD. Annual Report 2014 1 To Our Stakeholders Outside Director Director and Executive Officer Director and Executive Officer Representative Director and Managing Executive Officer Representative Director, President and CEO Representative Director and Senior Managing Representative Director and Managing Director and Executive Officer Director and Executive Officer Outside Director Yasuo Nishiguchi Mitsuro Naba Hiroshi Hanamoto Kenichi Matsuki Hiroshi Nagase Executive Officer Executive Officer Osamu Morishita Kenji Asakura Hidenori Nishi Reiji Nagase Toshiro Yamaguchi “Maintain Good and Further, our efforts to encourage cooperative business among segments have begun to pay off in tangible ways. We believe that this structure is what will ensure sustain- Fair Business Practices” able growth for NAGASE, unshaken by the market changes that come and go. We will walk that good and fair path, managing our business according to the numbers and We are not satisfied with our fiscal 2013 earnings. turning those numbers into earnings success. We thank you and ask for your contin- However, we are seeing major changes in our businesses—particularly in those ued support. businesses we have identified as core markets. Our employees are dedicated to creating new and exciting opportunities in pursuit of our management philosophy: to July 2014 maintain good and fair business practices. The Directors of NAGASE & CO., LTD. 2 NAGASE & CO., LTD. Annual Report 2014 NAGASE & CO., LTD. Annual Report 2014 3 Our History - Evolving Business Model 1990 NAGASE has been in business for 182 years. The Nagase Group began a specialized sales agent company repre- • ‌Established Sofix Corp. • ‌Set up the Nagase R&D Center in Kobe senting the gold standard in the chemicals business, securing exclusive contracts to sell industry-leading products • ‌Established joint venture Nagase Wahlee Plastics Corp. 2014 from around the world. Over the years, we leveraged our technology and information gathering expertise, as well (Taiwan) 1997 as our global network, to transform our business into a hybrid offering superior manufacturing, processing, and • ‌Established Nagase Philippines Corp. Nagase R&D Center • ‌Established Shanghai Nagase Trading Co., Ltd. R&D functions as well as trading company services. We continue to contribute to our customers as a technology- • ‌Established Nagase Engineering Service Korea Co., Ltd. 2014 1998 • ‌NAGASE Global and intelligence-oriented company that turns wisdom into business. • ‌Established P.T. Nagase Impor-Ekspor Indonesia HRD Center • ‌Established Shanghai Hua Chang Trading Co., Ltd. 2012 1832 1980 • ‌Nagase founded in Kyoto as a dyestuffs trading concern • ‌Established Nagase Chemicals, Ltd. Sales of dyestuffs, starches and funori seaweed • ‌Established Nagase (Europa) GmbH 1982 • ‌Established Nagase (Malaysia) Sdn. Bhd. 1985 • ‌Established Seoul branch office Engineered Materials Systems Inc. 1988 2012 • ‌Established Nagase (Taiwan) Co., Ltd. • ‌Acquired stock of Engineered Materials Systems Inc., U.S.-based maker of formulated epoxy resins 1989 • ‌Acquired stock of (Okayama, Japan) • ‌Established Nagase (Thailand) Co., Ltd. Hayashibara Co., Ltd. 2005 • ‌Established local entity in Brazil • ‌Established Nagase Science and Technology Foundation • ‌Tokyo branch office became a head office; adoption of Osaka/ Tokyo two head office system 1970 • ‌Established Nagase-CIBA Ltd. (now Nagase ChemteX Corporation) jointly with Ciba-Geigy Ltd. 2000 • ‌Listed Company shares on the Tokyo Stock Exchange Hayashibara Co., Ltd., Functional sac- charide manufacturing plant 1971 2005 • ‌Established Totaku Industries Suzhou Co., Ltd. 1898 • ‌Established Nagase (Hong Kong) Ltd. and Nagase America Corp. 1990 • ‌Established Nagase Electronics Technology Co., Ltd. Head office moved to Osaka • ‌Established Engineering Plastics, Ltd. jointly with General Electric Co. • ‌Established Nagase Philippines International Services Corp. 1972 1900 • ‌Established Nagase Medicals Co., Ltd. 2006 • ‌Acquired stock of semiconductor manufacturing equipment maker Pac Tech-Packaging Technologies GmbH • ‌Established business ties with Basel Chemical Co. 1975 • ‌Established Nagase India Private Ltd. of Switzerland (now Ciba Specialty Chemicals Ltd.) • ‌Established Nagase Singapore (Pte) Ltd. 2007 1901 1977 • ‌Established Nagase Application Workshop • ‌Opened office in Lyon to work directly with Ciba • ‌Established Nagase Biochemicals, Ltd. 1980 Specialty Chemicals Ltd. 2008 • ‌Established Sakai Sales Office 1970 • ‌Established Nagase Vietnam Co., Ltd. 1960 2009 • ‌Established Dubai branch office Nagase Application Workshop Nagase ChemteX Corporation, Harima Plant 1930 2000 1920 1964 • ‌Changed the name of Nagase-CHIBA, Ltd. to Nagase ChemteX Corporation • ‌Listed Company shares on the 2001 1910 1930 Osaka Securities Exchange • Nagase‌ ChemteX, Nagase Chemicals, Teikoku Chemical Industries, and 1900 • ‌Concluded an exclusive Nagase Biochemicals, merged to Nagase ChemteX Corporation 1923 1968 1832 distributorship agree- • ‌Closed the Seoul branch office and established Nagase Korea Corp. • ‌Established business • ‌Concluded an exclusive distrib- Chemical Recycling Plant within Sakai Display ment with Union Carbide • ‌Established Nagase FineChem Singapore (Pte) Ltd. utorship agreement with Products Corporation ties with Eastman and Carbon Corp. of the 1911 General Electric Co. of the 2002 Kodak Co. of the United States • ‌Established Tokyo United States United States • ‌Established Guangzhou Nagase Trading Ltd. branch office 1938 • ‌Established Nagase ChemteX (Wuxi) Corporation • Established‌ Teikoku 1913 2004 Chemical Industries • ‌Opened offices in London, New York • ‌Established NWP International Trading (Shenzhen) Co., Ltd. Co., Ltd. 1917 • ‌Established Nagase Shoten Company (from sole proprietor to corporation) Overseas Expansion (emerging from an export-only business model) Evolving Business Model Trading Business + Manufacturing Company/Research and Development (revenue source: brokerage fees + high-value-added business creation) Founded as Master Distributor License Business (revenue source: brokerage fees) a dyestuffs wholesaler 4 NAGASE & CO., LTD. Annual Report 2014 NAGASE & CO., LTD. Annual Report 2014 5 Our Strategy - Nagase Group Businesses Advanced Materials & Functional Materials Processing Electronics Automotive & Energy Life & Healthcare Net salesNet sales 23.523.5% % Net salesNet salesNet sales23.523.5%Net23.5% salesNet% sales 33.133.1% % Net salesNet salesNet sales33.1Net33.1 sales%Net33.1 %sales% 18.198.% 9% Net salesNet salesNet sales18.Net19 8.sales%Net19 8.sales% 9% 13.13.8% 8% Net salesNet salesNet sales13.Net13.8 sales%Net13.8 sales% 8%10.710.7%
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