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Changing Gear—Accelerating Innovation, Globalization and Structural Reforms to Secure Long-Term Growth Mitsubishi Chemical Holdings Corporation Mitsubishi Chemical Holdings Corporation Changing Gear—Accelerating innovation, globalization and structural reforms to secure long-term growth Annual Report 2012 Annual Report 2012 This annual report is printed on FSC mixed-source paper, using vegetable oil ink certified by the Japan Printing Ink Makers Association and a waterless method that generates no harmful wastewater in the printing process. Annual Report 2012 Printed in Japan 2012.08 Fiscal Year Ended March 31, 2012 Profile Mitsubishi Chemical Holdings Corporation (MCHC) was established in October 2005. Its four core operating companies are Mitsubishi Chemical Corporation (MCC), Mitsubishi Tanabe Pharma Corporation (MTPC), Mitsubishi Plastics, Inc. (MPI), and Mitsubishi Rayon Co., Ltd. (MRC) MCHC’s five principal business segments are electronics applications, designed materials, health care, chemicals, and polymers. At the end of March 2012, the MCHC Group comprised 341 consolidated companies and 63 equity- method affiliates employing a total of 53,979 people around the world. MCHC is undertaking APTSIS 15, a five-year management plan through fiscal 2015 that will orchestrate the Group’s strengths to grow, innovate, and leap ahead. MCHC is putting the infinite potential of Good Chemistry to work in pursuing KAITEKI Management—enhancing economic value, advancing technology management, and attaining sustainability—so it can swiftly capitalize on opportunities to secure long-term growth. Disclaimer This annual report contains forward-looking statements based on the Company’s current assumptions and beliefs in light of the information currently available to it, and are subject to risks and uncertainties that may be beyond Company control. Actual results could differ largely due to numerous factors, including but not limited to the following: Group companies engage in businesses across many different fields, such as petrochemicals, carbon and inorganic products, information and electronics, pharmaceuticals, and polymers and processed products, and these businesses are subject to influences such as global demand, exchange rates, price and procurement volume of crude oil and naphtha, trends and market speed in technology innovation, National Health Insurance price revisions in Japan, product liabilities, lawsuits, and laws and regulations. Product names, brand names, and service names used in this Annual Report are denoted in italics and are trademarks or registered trademarks of the MCHC Group in Japan and/or overseas. Other product names, brand names, and service names may also be protected. Changing Gear—Accelerating innovation, globalization and structural reforms to secure long-term growth Globalize What’s changing is how we’ll reach our goals Differentiate and Overcoming innovate Our APTSIS 15 goals all challenges Restructuring Embrace speed Contents Key Figures 2 To Our Stakeholders 3 Maintaining a Highly Competitive Business Portfolio 8 Innovating for Today and Tomorrow 14 KAITEKI Management 20 Review of Operations 24 Performance Products Domain 24 Health Care Domain 26 Industrial Materials Domain 28 Research & Development 30 Corporate Governance 32 Compliance 34 Risk Management 35 Board of Directors, Corporate Auditors, and Executive Officers 36 Financial Section 37 Consolidated Financial Summary 38 Segment Information 39 Management’s Discussion and Analysis 41 Business Risks 47 Consolidated Financial Statements 50 Notes to Consolidated Financial Statements 58 Independent Auditor’s Report 85 Corporate Data 87 Corporate Information 89 Mitsubishi Chemical Holdings Corporation 1 Key Figures Years ended/as of March 31 Net Sales EBITDA Operating Income (Billions of yen) (Billions of yen) (Billions of yen) 387.3 3,166.7 3,208.1 226.4 2,929.8 2,909.0 2,515.0 288.6 234.7 204.2 125.0 130.5 136.9 66.3 8.1 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Income (Loss) before Income Taxes Net Income (Loss) R&D Expenditures (Billions of yen) (Billions of yen) (Billions of yen) 217.7 136.8 138.5 127.8 130.8 169.5 164.0 112.0 127.4 83.5 43.3 35.4 12.8 (44.0) (67.1) 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Total Assets Capital Expenditures Return on Assets (ROA) (Billions of yen) (Billions of yen) (%) 3,355.0 170.0 3,294.0 3,173.9 2,765.8 2,740.8 139.0 8.5 119.0 117.8 116.1 5.1 3.9 1.4 (1.5) 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Return on Equity (ROE) Net Income (Loss) per Share Cash Dividend per Share (%) (Yen) (Yen) 21.3 16.00 119.51 12.00 11.6 10.00 10.00 58.72 8.00 4.6 24.06 1.9 9.32 (48.81) (8.9) 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Notes: 1. In this annual report, fiscal year refers to the period beginning April 1 and ending March 31. Fiscal 2011 (FY2011) refers to the year ended March 31, 2012. 2. ROA is calculated as income before income taxes and minority interests in consolidated subsidiaries divided by average total assets. 3. ROE is calculated as net income divided by average shareholders’ equity. 4. EBITDA (earnings before interest, taxes, depreciation, and amortization) is calculated as operating income plus depreciation and amortization plus amortization of goodwill. 2 Mitsubishi Chemical Holdings Corporation To Our Stakeholders Changing Gear—Accelerating innovation, globalization and structural reforms to secure long-term growth Yoshimitsu Kobayashi President & Chief Executive Officer Mitsubishi Chemical Holdings Corporation 3 Overviewing Fiscal 2011 Results 1.3% to ¥3,208.1 billion. Plunging second-half demand in those domains caused operating income Fiscal 2011, ended March 31, 2012, although effect to drop 42.3% to ¥130.5 billion. Net income was of the Great East Japan Earthquake lingered, the down 57.5% to ¥35.4 billion, owing to these factors domestic economy headed toward a gradual and partial reversals of deferred tax assets and recovery as companies progressed in restoring liabilities pursuant to the promulgation of the 2011 their supply chains and corporate production and Reform Amendment Tax Law and the Special personal consumption picked up. At the same time, Restoration Tax Law. the yen continued to appreciate, while a slowdown in global economies induced by Europe’s sovereign debt Changing Gear: Accelerating Innovation, crisis and the impact of floods in Thailand caused the Globalization and Structural Reforms to nation’s economy to turn severe again in the second Secure Long-Term Growth half of fiscal 2011. Key factors affecting the MCHC Group were the Great East Japan Earthquake, the APTSIS 15 Goals continued appreciation of the yen, and demand Under APTSIS 15, our medium-term management slumps in global markets, such as the People’s plan, we are targeting ¥400 billion in operating Republic of China (PRC), from summer 2011. It income, a return on assets of at least 8%, and a net should be noted that the Health Care domain, debt-to-equity ratio of 1.0 by fiscal 2015, generating nonetheless to the difficult situation due to the at least 45% of net sales outside Japan. Although the earthquake, still makes profits out of its businesses global business environment climate was extremely based on steady market demand. adverse in fiscal 2011, the first year of APTSIS 15. The MCHC Group responded to these challenges in numerous ways. For example, through continuous Management Initiatives efforts, Mitsubishi Chemical Corporation (MCC) As president of MCHC, I am focusing even more restarted ethylene production at Kashima after on initiatives to reinforce Group governance and operations there were suspended in the wake of the portfolio management and thereby make the earthquake. The MCHC Group also slashed costs MCHC brand even more valuable. and reviewed capital spending throughout the year. We already have drawn on this new setup by These endeavors and additional sales that starting specific initiatives to accelerate Group some global subsidiaries posted after changing synergies. For example: their accounting periods enabled us to offset Renewed leaderships of core operating companies, lower demand in the Performance Products and MCC, Mitsubishi Plastics, Inc. (MPI) and Mitsubishi Industrial Materials domains, increasing net sales Rayon Co., Ltd. (MRC) to promote the generation of FY2011 FY2012 FY2015 Initial Progress and Targets Results Forecast Targets Economic Indexes Operating income ¥130.6 billion ¥160 billion ¥400 billion Growth and innovation strategies ¥330 billion Leaping ahead (M&A) ¥ 70 billion ROA* 3.9 % ≥8 % Net debt-to-equity ratio 1.22 1.0 Overseas sales ratio 36.9 % ≥45 % *ROA is calculated as income before income taxes and minority interests in consolidated subsidiaries divided by average total assets. 4 Mitsubishi Chemical Holdings Corporation synergy effects from integration, including personnel taxes, strong yen, delays in free trade agreements, interchange. restrictions on the use of temporary workers in Appointed core operating company presidents as manufacturing, environmental restrictions (25% mission coordinators. Their roles are to formulate reduction commitment of greenhouse gas, etc.) and groupwide strategic plans for business areas and to guide and advise on those business operations. increased electricity charges. The seventh woe for Relocated the head offices of our Groups to a single MCHC and other chemical companies is hikes office building in Tokyo. Having the senior executives in materials costs. of all these businesses and integrating general affairs We are exploring ways to change gear and for Group operations at the same site is already more nimbly tackle dramatic changes in the proving effective. operating climate. We are continuing to transform Established the Health Care Solutions Office to our operational portfolio, focusing on promising further strengthen the Group healthcare strategy and advanced areas of our Next-Generation Growth promote the commercialization of new healthcare and Growth Businesses.
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