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Annual Report https://www.teijin.com ALWAYS EVOLV NG 2017 INTEGRATED REPORT Year ended March 31, 2017 This Integrated Report uses environmentally friendly FSCTM-certified paper. It is printed using a vegetable-based ink by a waterless printing method. Issued 2017.8 The Keystones of the Teijin Group Ceaseless Evolution and Ambition For People’s Life and Society Endeavoring to Provide New Solutions Teijin advances CSR activities that are strongly rooted in That Contribute to Enhancing the Quality of Life for All our corporate philosophy in order to realize better lives for people and a better society. The Teijin Group upholds its brand statement “Human Chemistry, Human Solutions” as its promise to society and its The basic goals of the Teijin Group’s Corporate Social Responsibility (CSR) are articulated by our corporate philosophy of customers. Guided by this statement, we are globally expanding our businesses in materials, healthcare, and IT, as well “Enhancing the Quality of Life,” “In Harmony with Society,” and “Empowering Our People.” as in their respective overlapping domains. In line with our corporate philosophy, we continue striving to enhance the To realize better lives for people and a better society, we have formulated the CSR Basic Policy and are advancing CSR quality of life of people everywhere. activities that are strongly rooted in our corporate philosophy under the leadership of the Chief Social Responsibility Officer. We will continue to focus on technological innovation and to create and deliver unique solutions, i.e., value, in response to various global issues and needs. In doing so, the Teijin Group aims to be “an enterprise that is essential to tomorrow’s society,” and also to be a prominent, globally admired corporate group. Teijin Group Corporate Philosophy CSR Basic Policy (FY2017–FY2019) 1. Basic Stance: Sustainable Development of Business and Society Work positively and proactively on important issues related to corporate social responsibility such as the environ- Enhancing ment, society and governance (CSR materiality) with high sensitivity to aim for sustainable development of business the Quality of Life and society as “an enterprise that is essential to tomorrow’s society.” The Teijin Group’s purpose is to 2. Contribute to Society through Business enhance the quality of life Proactively grasp those problems that society needs to solve related to the environment, safety/security/disaster mitigation and health, and provide sustainable solutions to such problems through business. through a deep insight into In Harmony with Society human nature and needs, Empowering Our People 3. Appropriately Respond to Various Risks Manage various risks related to business activities appropriately such as corporate ethics and compliance, envi- together with the application of ronmental impacts, quality assurance, occupational safety, etc., and demonstrate strong resilience even when our creative abilities risks actualize. 4. Dialogue with Society to Improve Continuously Maintain positive dialogue with society and continuously improve these recognitions and practices. At the same time, contribute to gaining and maintaining social recognition as a “CSR advanced enterprise” globally. Brand Statement UN Global Compact Since 2011 the Teijin Group has endorsed and been a member of the UN Global Compact, Human Chemistry, Human Solutions which sets voluntary principles concerning human rights, labor, the environment and anti-corruption, to promote and practically implement high-quality CSR management as a Our promise is to keep delivering real value through the development of chemical technologies global company engaged in business. that are friendly to both people and the global environment, and through the provision of solutions that society and our customers expect. Editorial Policy Materiality and Comprehensiveness The Teijin Group Integrated Report 2017 was prepared as an The Teijin Group Integrated Report 2017 provides reporting Desired Communication Points CONTENTS integrated report to ensure that all stakeholders, including on highly material issues for the Teijin Group and society as a in Each Chapter The keystones of the Teijin Group shareholders and investors, are able to obtain and understand whole. For more comprehensive and detailed information, the Teijin Group’s financial information, such as business results please refer to Teijin’s corporate website in conjunction with and strategies, as well as non-financial information about the this report. social and environmental aspects of the Group. TEIJIN TODAY 4 Financial and Non-Financial Information Reporting Period 6 The Teijin Group’s Businesses This section clearly presents our key financial and non- Unless otherwise specified, this report covers the period from Large Small financial data, business activities and global operating 8 The Teijin Group’s April 2016 to March 2017. However, some activities in or after regions, so that readers are able to quickly gain an under- Global Business Network April 2017 are also included. Corporate Profi le standing of the Teijin Group. Reporting Organizations base reader Targeted The report covers the entire Teijin Group (Teijin Limited and 58 SECTION domestic Group companies, and 111 overseas Group companies). Integrated Report OUR STORY Guidelines Referred To Regarding Disclosing Non-Financial Information Teijin website Environmental Report Guidelines 2012 (Japan’s Ministry of the The Management Team Presents 12 CEO Message Environment) Teijin’s Value Creation Story 20 Value Creation Model The Sustainability Reporting Guidelines (Fourth Edition, Global In this section, the CEO presents Teijin’s vision and the 21 Feature: Establish New Businesses to Reshape the Future and the Reporting Initiative (GRI)) Outline and image Content Details and data aspirations embodied therein, with a focus on the new This report contains standard disclosures from the GRI medium-term management plan for 2017–2019, “ALWAYS Supporting Management Base Sustainability Reporting Guidelines. EVOLVING.” Management also discusses strategies for Transformation Strategy Envisioned the future transformation of the Teijin Group. by Management Financial Information Non-Financial Information SECTION BUS NESS REV EW Review of Operations and Growth Strategies 32 Materials Business Field This section highlights the market presence of each busi- 37 Healthcare Business Field ness underpinning the Teijin Group’s core earnings and 40 IT Business performance in fiscal 2016, along with presenting strate- 41 R&D For Investors Corporate Social Responsibility Research & Development gies for achieving further growth based on the new https://www.teijin.com/ir/ (CSR) https://www.teijin.com/rd/ medium-term management plan for 2017–2019. https://www.teijin.com/csr/ SECTION External Evaluations ESG N ACT ON Status of inclusion in SRI indices (as of July 2017) The Teijin Group was evaluated about its initiatives for the environment and CSR, and for its Aiming For A Higher State of ESG 44 CSR Management transparency as regards information disclosure. As a result, we continue to be included in the The Teijin Group introduces the CSR issues that the Group 46 CSR Materiality following leading socially responsible investment (SRI) indices. considers important (CSR materiality) for the sustainable 48 Environment development of business and society, together with its 50 Society Dow Jones Sustainability Indices FTSE Blossom Japan Index associated initiatives. 52 Non-Financial Data Sheet 53 Governance FTSE4Good Index SeriesMSCI ESG Leaders Indexes MSCI Japan ESG Select Leaders Index 58 Overview of Directors Ethibel Investment Register MSCI Japan Empowering Women Index (WIN) FACT DATA 60 Financial Highlights and Consolidated 11-Year Summary To help you know more about the Teijin Group, we have 62 Management’s Discussion and Analysis summarized our financial information together with other management information. 72 Consolidated Financial Statements 114 Independent Auditor’s Report 115 Independent Assurance Report Disclaimer Regarding Forward-Looking Statements 116 Corporate Data Any statements in this Integrated Report, other than those of historical fact, are forward-looking statements about the future performance of the Teijin Group, which are based on management’s assumptions and beliefs in light of information currently available and involve risks and uncertainties. Actual results may differ materially from these forecasts. 2 TEIJIN LIMITED INTEGRATED REPORT 2017 TEIJIN LIMITED INTEGRATED REPORT 2017 3 TE J N TODAY Financial and Non-Financial Information Financial Information Non-Financial Information 2 Net Sales (Billions of yen) Operating Income (Billions of yen) Profit (Loss) Attributable to Owners of Parent (Billions of yen) Greenhouse Gas Emissions from Manufacturing Chemical Substance Emissions* (Tons) Freshwater Consumption and Total 1 1 3 Operating Margin (%) Return on Equity (ROE)* (%) Operations* (Total) (Million tons-CO2) Water Discharged* (Millions of Tons) 1,000 80 12 60 18 2.5 3,000 200 800 10 40 12 2.0 60 150 8 2,000 600 20 6 1.5 40 6 100 400 0 0 1.0 4 1,000 20 50 –20 –6 200 2 0.5 0 0 0 –40 –12 0 0 0 ’12 ’13 ’14 ’15 ’16 (FY) ’12 ’13 ’14 ’15 ’16 (FY) ’12 ’13 ’14 ’15 ’16 (FY) ’12 ’13 ’14 ’15 ’16 (FY) ’12 ’13 ’14 ’15 ’16 (FY) ’12 ’13 ’14 ’15 ’16 (FY) (Left scale) (Right scale) (Left scale) (Right scale) Domestic Overseas Freshwater consumption Total water discharged Operating income Operating margin Profit (Loss) attributable to ROE owners of parent ROIC (based on operating
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