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Carbon Fiber Composite Materials 42.7 45.7 +3.0 (+7.0%) 5.7 3.1 -2.6 (-45.7%)

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Carbon Fiber Composite Materials 42.7 45.7 +3.0 (+7.0%) 5.7 3.1 -2.6 (-45.7%) Announcement of Business Results for the First Quarter Ended June 30, 2018 (April – June, 2018) August 6, 2018 Toray Industries, Inc. 0 Contents I. Consolidated Business Results for the 1Q Ended June 30, 2018 (P3-17) II. Business Forecast for the Fiscal Year Ending March 2019 (P19-21) (Consolidated Basis) III. Reference (P23-28) Copyright © 2018 Toray Industries, Inc. 1 I. Consolidated Business Results for the 1Q Ended June 30, 2018 (April – June, 2018) 2 Summary of Consolidated Business Results For the 1Q Ended June 30, 2018 Billion yen FY Mar/18 FY Mar/19 Changes 1Q 1Q Net Sales 508.1 550.8 +42.7 (+8.4%) Exchange Rate FY Mar/18 1Q → FY Mar/19 1Q Cost of Sales 397.7 438.9 +41.2 (+10.4%) <Yen/US$> Gross Profit 110.4 111.9 +1.5 (+1.3%) Average ： 111.1 → 109.1 End of the Term ： 112.0 → 110.5 (Gross Profit to Net Sales) 21.7% 20.3% -1.4 points <Yen/Euro> Operating Income 38.9 33.9 -5.0 (-12.8%) Average ： 122.2 → 130.1 End of the Term ： 128.0 → 127.9 (Operating Income to Net Sales) 7.6% 6.1% -1.5 points Non-operating Income and Expenses, net 0.9 1.3 +0.4 Ordinary Income 39.7 35.2 -4.6 (-11.5%) Special Credits and Charges, net ▲ 0.8 ▲ 0.5 +0.3 Income before Income Taxes 38.9 34.7 -4.2 (-10.9%) Net Income Attributable to Owners of Parent 26.1 22.8 -3.3 (-12.5%) Copyright © 2018 Toray Industries, Inc. 3 Non-operating Income and Expenses Billion yen FY Mar/18 FY Mar/19 Changes 1Q 1Q Non-operating Income 6.7 7.5 +0.8 Interest and Dividend Income 2.1 2.8 +0.7 Equity in Earnings of Affiliates 2.9 2.3 -0.5 Others 1.7 2.3 +0.6 Non-operating Expenses ▲ 5.8 ▲ 6.2 -0.4 Interest Expenses ▲ 1.3 ▲ 1.4 -0.2 Costs related to Start-up of New Facilities ▲ 1.4 ▲ 1.8 -0.4 Costs related to Idle Facilities ▲ 1.3 ▲ 1.3 +0.0 Others ▲ 1.8 ▲ 1.7 +0.1 Non-operating Income and Expenses, net 0.9 1.3 +0.4 Interest and Dividend Income, Interest Expenses, net 0.8 1.4 +0.6 * Positive numbers : Income, Negative numbers （▲） : Expenses Copyright © 2018 Toray Industries, Inc. 4 Special Credits and Charges Billion yen FY Mar/18 FY Mar/19 Changes 1Q 1Q Special Credits 0.2 0.4 +0.2 Gain on Sales of Property, Plant and Equipment 0.2 0.0 -0.1 Gain on Sales of Investment Securities 0.0 0.3 +0.3 Special Charges ▲ 1.0 ▲ 0.9 +0.2 Loss on Sales and Disposal of Property, Plant and Equipment ▲ 1.0 ▲ 0.7 +0.3 Others ▲ 0.1 ▲ 0.1 -0.1 Special Credits and Charges, net ▲ 0.8 ▲ 0.5 +0.3 * Positive numbers : Income, Negative numbers （▲） : Expenses Copyright © 2018 Toray Industries, Inc. 5 Assets, Liabilities, and Net Assets Billion yen End of Mar/18 End of Jun/18 Changes Total Assets 2,575.9 2,601.0 +25.1 Current Assets 1,127.0 1,147.7 +20.7 Tangible Assets 927.0 940.6 +13.6 Intangible Assets 68.6 69.3 +0.7 Investment and Other Assets 453.2 443.4 -9.8 End of Mar/18 End of Jun/18 Changes Total Liabilities 1,406.7 1,416.7 +10.0 Current Liabilities 676.5 675.5 -1.0 Other Liabilities 730.2 741.2 +11.0 Total Net Assets 1,169.2 1,184.3 +15.1 Owner's Equity 1,090.7 1,105.5 +14.8 Equity Ratio 42.3% 42.5% +0.2 points Interest-bearing Debts 816.3 836.8 +20.5 D/E Ratio 0.75 0.76 +0.01 Copyright © 2018 Toray Industries, Inc. 6 Capital Expenditures, Depreciation and R&D Expenses Billion yen FY Mar/18 FY Mar/19 Changes 1Q 1Q Capital Expenditures* 32.7 30.5 -2.1 Toray 3.3 3.8 +0.5 Consolidated Subsidiaries 29.4 26.8 -2.6 Depreciation* 23.0 25.0 +1.9 Toray 7.7 8.2 +0.5 Consolidated Subsidiaries 15.3 16.8 +1.4 R&D Expenses 15.8 17.6 +1.7 Toray 12.2 13.0 +0.8 Consolidated Subsidiaries 3.7 4.6 +1.0 * Total of tangible assets and intangible assets (excluding goodwill) Major Capital Expenditure Projects : Zoltek Companies, Inc. ： Large tow carbon fiber ZOLTEKTM production facilities Toray Battery Separator Film Korea Limited ： Battery separator film SETELA® production facilities Toray BSF Coating Korea Limited ： Battery separator film SETELA® coating facilities Alcantara S.p.A. ： Alcantara® production facilities Copyright © 2018 Toray Industries, Inc. 7 Income Variance Factor Analysis Net change Difference from in price Difference in Cost variance, foreign currency quantity etc. translation of Billion yen overseas subsidiaries’ results 50 +5.2 -3.2 45 38.9 -7.2 40 +0.3 33.9 35 30 25 20 15 10 5 0 FY Mar/18 FY Mar/19 1Q -5.0 1Q Copyright © 2018 Toray Industries, Inc. 8 Net Sales and Operating Income by Segment Billion yen Net Sales Operating Income FY Mar/18 FY Mar/19 FY Mar/18 FY Mar/19 Changes Changes 1Q 1Q 1Q 1Q Fibers & Textiles 201.1 221.0 +19.8 (+9.9%) 17.6 18.5 +0.9 (+4.9%) Performance Chemicals 191.2 212.4 +21.2 (+11.1%) 16.6 17.2 +0.6 (+3.4%) Carbon Fiber Composite Materials 42.7 45.7 +3.0 (+7.0%) 5.7 3.1 -2.6 (-45.7%) Environment & Engineering 56.9 54.9 -2.0 (-3.5%) 4.3 1.9 -2.4 (-56.7%) Life Science 12.2 12.6 +0.4 (+3.6%) 0.8 0.2 -0.7 (-81.8%) Others 4.0 4.1 +0.2 (+4.2%) 0.2 0.2 -0.0 (-6.0%) Total 508.1 550.8 +42.7 (+8.4%) 45.3 41.0 -4.3 (-9.5%) Adjustment ▲ 6.4 ▲ 7.1 -0.7 Consolidated 508.1 550.8 +42.7 (+8.4%) 38.9 33.9 -5.0 (-12.8%) Copyright © 2018 Toray Industries, Inc. 9 Business Results by Segment (Fibers & Textiles) Net Sales / Operating Income Billion yen Business Performance FY Mar/18 FY Mar/19 Changes 1Q 1Q Toray 46.7 50.4 +3.7 (+7.9%) Overall - Affected by the increase in raw materials prices. Japanese (+12.1%) Subsidiaries 91.0 102.0 +11.0 Overseas - Demand for industrial applications such as automobiles Net Sales (+14.5%) Japan Subsidiaries 135.3 154.9 +19.6 was strong as a whole, while shipment of apparel Adjustment ▲ 71.9 ▲ 86.3 -14.5 applications remained weak partly due to unseasonable Total 201.1 221.0 +19.8 (+9.9%) weather. Against this background, Toray Group not only Toray 6.0 4.8 -1.2 (-19.7%) strived to expand sales in both apparel and industrial Japanese applications but also worked to expand the business 1.8 2.3 +0.4 (+24.1%) Subsidiaries format that integrates fibers to textiles to final products Operating Overseas (+8.9%) Income Subsidiaries 11.9 12.9 +1.1 while focusing on strengthening cost competitiveness. Adjustment ▲ 2.1 ▲ 1.6 +0.5 - Business performance of some subsidiaries in Southeast Total 17.6 18.5 +0.9 (+4.9%) Overseas Asia remained slow. On the other hand, materials Changes in Operating Income for automotive applications and hygiene products remained Billion yen strong in general. +1.9 -1.4 +0.0 +0.3 18.5 - The Group expanded the integrated business for apparel 17.6 applications. Topics +0.9 - May 2018: “ULTRASUEDE ® nu”, an ultra-microfiber non-woven fabric with suede texture, was adopted for the “Mazda Atenza.” - June 2018: Construction of Toray’s new textile and garment FY Mar/18 Difference Net change Cost Difference from FY Mar/19 development base “TECHNORAMA GIII” has been in quantity in price* variance, foreign currency 1Q etc. translation of overseas 1Q completed. subsidiaries’ results * Difference in selling price and raw materials’ cost and fuel prices of petrochemical-based products, etc. (net) Copyright © 2018 Toray Industries, Inc. 10 Business Results by Segment (Performance Chemicals) Net Sales / Operating Income Billion yen Business Performance FY Mar/18 FY Mar/19 Changes 1Q 1Q Resin Business Toray 58.8 65.5 +6.6 (+11.3%) Japanese (+14.1%) - Expanded sales of ABS and PPS resins while passing on rise in Subsidiaries 108.6 124.0 +15.3 Overseas raw material prices to the sales price. Net Sales (+13.4%) Subsidiaries 126.9 143.9 +17.0 Adjustment ▲ 103.1 ▲ 120.9 -17.8 Film Business Total 191.2 212.4 +21.2 (+11.1%) - Shipment of battery separator films for lithium-ion Toray 5.7 5.2 -0.6 (-9.8%) secondary batteries increased reflecting demand growth. Japanese (+16.1%) Subsidiaries 3.3 3.8 +0.5 Operating Overseas (+3.9%) Electronic & Information Materials Income Subsidiaries 8.3 8.6 +0.3 Adjustment ▲ 0.7 ▲ 0.4 +0.3 - Affected by the slowing demand for OLED related materials. Total 16.6 17.2 +0.6 (+3.4%) Changes in Operating Income Billion yen Topics +3.7 -0.6 -2.5 16.6 +0.0 17.2 - April 2018: Decided to construct a new nylon resin and PBT resin compound production facility in India. - May 2018: Decided to enhance the production capacity of +0.6 polyolefin foam TORAYPEF ® at Toray Shiga plant.
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