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Sumitomo Chemical’S Semiconductor Materials Business, Which Is Expected to Grow on the Back of Digital Transformation

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Sumitomo Chemical’S Semiconductor Materials Business, Which Is Expected to Grow on the Back of Digital Transformation Change and Innovation Create New Value Current Priority Management Issues and Business Strategy Masakazu Tokura President November 27, 2018 Current Priority Management Issues and Business Strategy 1-1- Contents Create New Value Performance Trends 3-6 Progress on Corporate Business Plan (Overall) 7-18 Business Strategy and Topics (by Sector) 19-39 Direction of Future Business Strategy 40-59 Current Priority Management Issues and Business Strategy 2-2- Performance Trends Current Priority Management Issues and Business Strategy 3 Create New Value FY2018 1H vs. FY2017 1H (Billions of yen) FY2017 FY2018 Change 1H 1H Sales Revenue 1,040.3 1,122.1 +81.8 Core Operating Income 127.0 102.1 -24.9 Operating Income (IFRS) 136.1 91.9 -44.2 Net Income Attributable to Owners of the Parent 77.1 61.5 -15.6 Naphtha Price ¥37,600/kl ¥51,100/kl Exchange Rate ¥111.04/$ ¥110.26/$ Current Priority Management Issues and Business Strategy 4 Create New Value FY2018 1H Core Operating Income by Sector vs. FY2017 1H (Billions of yen) FY2017 FY2018 1H 1H Change Reasons for Change Specialty Chemicals 85.9 69.4 -16.5 Energy & Functional Materials 10.3 12.8 +2.5 Sales increase of separators IT-related Chemicals Sales increase of 9.0 14.8 +5.8 polarizing films Health & Crop Sciences Loss on equity method in 8.4 2.5 -5.9 Nufarm Temporary gains on Pharmaceuticals 58.1 39.3 -18.9 the transfer of business in FY2017 Bulk Chemicals 41.9 35.4 -6.5 Petrochemicals & Implementation of periodical Plastics 41.9 35.4 -6.5 maintenance shutdowns in FY2018 Others -0.7 -2.7 -2.0 Core Operating Income 127.0 102.1 -24.9 Current Priority Management Issues and Business Strategy 5 Create New Value Dividend Policy We consider shareholder return as one of our priority management issues andhavemadeitapolicy to maintain stable dividend payment, giving due consideration to our business performance and a dividend payout ratio for each fiscal period, the level of retained earnings necessary for future growth, and other relevant factors. Interim dividend (left axis) Year-end dividend (left axis) (¥) Commemorative dividend (left axis) Net income attributable to owners of the parent (right axis) (¥Billion) 25 200 20 12 11 160 133.8 130.0 15 120 2 90.7 93.9 85.5 6 81.5 10 64.5 80 7 63.1 3 7 2 6 3 3 0 3 6 52.2 5 333 6 10 11 40 34.3 3 6 24.4 66 666 37.0 6 6 7 30.2 31.1 4 5 3333 14.7 3 5.6 0 0 0 -5 -40 -51.1 -59.2 -10 -80 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 (FY) (Forecast) J-GAAP IFRS * J-GAAP used through FY2016, IFRS adopted from FY2017. Current Priority Management Issues and Business Strategy 6 Progress on Corporate Business Plan (Overall) Current Priority Management Issues and Business Strategy 7 Create New Value Corporate Business Plan: Basic Policy Last 10 Years Where We Are Where We Are Going Enhance financial strength Further improve business portfolio Rigorously Improve Allocate Improve Identify areas of select asset resources to profitability strength Pave the way for investments efficiency prioritized areas future growth (Tackle three priority management issues) Restructure businesses Generate more cash flow Increase Make Streamline profit active and Implemented Rabigh Project Exit Improve balance above cost disciplined underperforming business sheet businesses portfolio of capital investments Launched DSP and acquired Sepracor/BBI Established and expanded IT-related Chemicals Sector Accelerate the launch of next-generation businesses Environment Life Sciences ICT Crossover areas and Energy Globalization Promote globally integrated management Ensure full and strict compliance, establish and maintain safe and stable operations Current Priority Management Issues and Business Strategy 8 Create New Value FY2018 Forecast vs. FY2018 Target (Billions of yen) FY2018 FY2018 Change Forecast Target Sales Revenue 2,490.0 2,540.0 -50.0 Core ± Operating Income 240.0 240.0 0 Operating Income (IFRS) 205.0 190.0 +15.0 Net Income attributable to owners of the parent 130.0 110.0 +20.0 Naphtha Price ¥47,000/kl ¥45,000/kl Exchange Rate ¥110.00/$ ¥120.00/$ * Forecast and target both based on IFRS Current Priority Management Issues and Business Strategy 9 Create New Value Corporate Business Plan: Medium- to Long-term vs. FY2018 Performance Targets FY2018 FY2018 Medium- to Forecast Corporate Long-term Targets Business Plan Consistently achieve the following targets: ROE 13.4% 12% over 10% ROI 7.4% 7% over 7% D/E Ratio approx. 0.7 times 0.6-0.7 times* approx. 0.7 times Dividend Payout Ratio 28% - approx. 30% Profit Growth - - over 7% per year * Including the effects of strategic M&A investments Current Priority Management Issues and Business Strategy 10 Create New Value Capital Expenditure and Investment Forecast for FY2016-FY2018 (decision-making basis) (¥ Billion) Capital expenditure and investment Strategic M&A 800 700 More than half of 600 the planned expenditure and investment for Up to 500 FY2016-FY2018 ¥300 billion decided during FY2016 400 300 200 100 0 FY2016 FY2017 FY2018 FY2016-2018 Total FY2016-2018 Total (Forecast) (Forecast) (Corporate Business Plan) Current Priority Management Issues and Business Strategy 11 Create New Value Capital Expenditure and Investment Plan for FY2016-FY2018 (decision-making basis) Energy & Functional Materials Pharmaceuticals □ Expand separator production capacity □ Acquired Parkinson’s disease treatment □ Entered cathode materials business □ Acquired a leukemia treatment, among others General Capital expenditure and Petrochemicals investment plan for & Plastics FY2016-FY2018 Specialty chemicals (decision-making basis) account for: 75% Approx. ¥690bn Health & Crop Sciences □ Increase methionine IT-related Chemicals production capacity □ Expanded touchscreen □ Acquired Indian agrochemicals panel production capacity company, Excel Crop Care Ltd. □ Built and expanded □ Acquired insecticidal compounds semiconductor materials manufacturer Botanical Resource production capacity Australia Group □ Flexible display materials □ Expanded R&D Current Priority Management Issues and Business Strategy 12 Create New Value Research and Development Expenses Plan for FY2016-FY2018 Energy & Functional Materials □ Battery materials Petrochemicals & Plastics General IT-related Chemicals Estimated R&D Expenses for Specialty chemicals □ Flexible display FY2016-FY2018 account for: 90% materials □ Compound Approx. bn semiconductors ¥490 Pharmaceuticals Health & Crop Sciences □ Napabucasin / Amcasertib （Cancer stemness inhibitor） □ Next-generation blockbuster □ Dasotraline crop protection chemicals （Treatment for attention-deficit hyperactivity □ New rice varieties disorder (ADHD)/binge eating disorder (BED)） □ Active ingredients for □ LONHALA® MAGNAIR® nucleic acid medicines （Treatment for chronic obstructive pulmonary disease (COPD)） Current Priority Management Issues and Business Strategy 13 Create New Value Major Investments and Commercialization Schedule (Overall) Corporate Business Plan Corporate Business Plan Investments for FY2016 to FY2018 for FY2019 to FY2021 Investment Total 2016 2017 2018 2019 2020 2021 Growth in a wide range of industries, Rabigh Phase II Project $9.1 billion USD (PRC’s total investment) particularly in Asia Building and expansion of Approx. Growth of the electric vehicle and heat-resistant separator 25 billion yen energy storage system markets plants (Expansion) Expansion of Growing demand for aircraft and automotive structural materials polyethersulfone A few billion yen and high performance membranes production capacity Expansion of Approx. flexible touchscreen panel Shift of smartphone screens to OLED and flexible screens production facilities 9 billion yen New plants for high-purity A few billion yen semiconductor chemicals Growth of the semiconductor market (Xi’an and Changzhou, China) each Increase of stake in Chinese polarizing film manufacturing (Non-disclosure) Growing demand for polarizing film in China subsidiary Growing methionine demand Expansion of methionine Approx. (increasing global population/ production capacity 50 billion yen growing demand for meat) ■ Petrochemicals & Plastics ■ Energy & Functional Materials ■ IT-related Chemicals ■ Health & Crop Sciences ■ Pharmaceuticals : Investment decision made Current Priority Management Issues and Business Strategy 14 Create New Value Major Investments and Commercialization Schedule (Overall) Corporate Business Plan for FY2016 to FY2018 Corporate Business Plan for FY2019 to FY2021 Investment Total 2016 2017 2018 2019 2020 2021 Research and development Approx. Accelerating discovery and development of facilities （Brazil, North America, and Takarazuka） 10 billion yen new crop protection chemicals Construction of new LNG Approx. Reducing environmental burden through *1 thermal power plant 35 billion yen fuel and raw material conversion Construction of regenerative Approx. Building a GMP production framework/ medicine and cell therapy Manufacturing allogeneic iPS cell-derived products manufacturing plant 3.6 billion yen Acquisitions Acquisition of Approx. High growth in India’s agrochemicals market Excel Crop Care 13.9 billion yen (Expansion of food production driven by population growth) Acquired Growing demand for insecticides for crop protection and Botanical Resources undisclosed Australia Group household, vector control applications. Acquisition of Approx. Improved convenience for patients Cynapsus Theruapeutics 66 billion yen (film formulation to replace administration by injection) Approx. Acquisition of Providing options for treatment of 23.6
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