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Integrated Report 2017 1 Value Creation Process Sustainable Growth: The Road Ahead Integrated Report Year Ended March 31, 2017 2017 Philosophy “Market-driven collaborative innovation: Improving the future through gases” Guiding Principles Slogan Progressive, united in creativity, forward looking We pledge to listen to the views of stakeholders Striving tirelessly to fulfill our potential as and to contribute—through both our gas industrial gas professionals and as the technologies and collaboration with partners global leader in this field in terms of both in other industries—to the creation market position and expertise. of a spiritually and materially wealthy society. Corporate Symbol Taiyo Nippon Sanso’s corporate logo represents the seamless integration of state-of-the- art technology and nature, as well as the Company’s business domain, founded on its advanced technologies for controlling oxygen, nitrogen, argon and other gases. The logo also evokes the Company’s resolve to achieve growth through superior quality and transparency and to ensure a future that is clean, safe and healthy. CONTENTS Our Businesses Our Foundation Value Creation Process ..............................................2 Corporate Governance ............................................ 22 Members of the Board of Directors, Our Strategies Members of the Audit & Supervisory Board Ortus Stage 2 ............................................................ 4 and Executive Offi cers ........................................... 25 A Message to Stakeholders ....................................... 6 Working with Stakeholders ...................................... 26 Special Features 1 and 2 ......................................... 10 Environmental Protection Initiatives .......................... 28 Our Performance Financial and Corporate Information Strategic Perspectives ............................................. 14 Six-Year Summary ................................................... 30 Management’s Analysis of Operating Results and Financial Position ...................................................31 Consolidated Financial Statements .......................... 34 Investor Information ................................................. 39 Corporate Data ........................................................ 40 Editorial Policy The Taiyo Nippon Sanso Group’s Relations with Stakeholders* Effective from fi scal year 2017, Taiyo Nippon Sanso has combined its Annual Report and its Environmental and Social Responsibility Report into a single integrated report. The purpose of this report is to provide fi nancial information Relations with suppliers such as that related to corporate strategies and operations, and nonfi nancial information, including that related to environmental protection, social contribu- Value partnerships and ensure fairness and tion initiatives and corporate governance, with the aim of giving readers an impartiality in selecting suppliers and seeking to accurate overall picture of Taiyo Nippon Sanso Corporation and the companies expand opportunities for market entry. of the Taiyo Nippon Sanso Group. Relations with Scope of Reporting Relations with shareholders In principle, this report covers the activities of Taiyo Nippon Sanso and its customers and investors Group companies. For some nonfi nancial information, however, the scope is limited to the domestic activities of Taiyo Nippon Sanso. Accordingly, entities Fulfill our responsibility Establish solid relation- covered by individual graphs are specifi ed in notes. To the extent possible, to customers, placing ships built on trust by the highest priority on ensuring the appropriate information is for the entire global Taiyo Nippon Sanso Group. our pledge to guaran- distribution of profits tee safe and stable and maintaining open, Period Covered supplies of gas. robust communications. Data in this report is for fi scal year 2017, ended March 31, 2017, although some activities from fi scal year 2018 and future tasks and goals are also featured. Relations with society Relations with employees Disclosure Format Work to ensure harmony with local Respect human rights and strive to The integrated report aims to provide information of particular importance to communities and to contribute to enhance working environments and stakeholders. Other nonfi nancial information can be found on the corporate regional prosperity. ensure appropriate working conditions. website. Guidelines Used The report was prepared in accordance with Environmental Reporting Guidelines (2012 Edition), published by Japan’s Ministry of the Environment, and Sustainability Reporting Guidelines (2006), published by the Global * Stakeholders are individuals, groups and organizations, such as those indicated in this Reporting Initiative (GRI). chart, that have an interest in, and can be affected by the actions of, Taiyo Nippon Sanso. Taiyo Nippon Sanso Corporation | Integrated Report 2017 1 Value Creation Process In line with our philosophy, “Market-driven collaborative innovation: Improving the future through gases,” we continue to allocate a variety of management resources to grow our operations, which are currently divided into six segments. By applying our state-of-the-art gas technologies, we will continue working to support the businesses of customers in different industries, contribute to the realization of a sustainable society and increase our corporate value. Allocation of Philosophy Management Resources “Market-driven collaborative innovation: Improving the future through gases” Natural capital Long-Term Vision Manufactured capital Plant and Engineering We are a leading global manufacturer of air separation units. Intellectual Industrial Gases Electronics-Related capital We provide stable supplies of industrial gases to customers Products in Japan and overseas, We provide cutting-edge thereby helping to support the solutions to leaders in the efforts of customers in a electronics industry. diverse range of industries. Social capital Taiyo Nippon Sanso’s Businesses Other Businesses Medical (Housewares) We supply a variety of crucial medical equipment for use in We respond to society’s calls hospitals and home healthcare. Human capital for modern lifestyles that We also provide products for contribute to sustainability. diagnostics and medical care. Liquid Petroleum Gas (LPG) We provide environment- Financial friendly clean energy that capital is a familiar presence in daily life. Corporate Governance 2 Taiyo Nippon Sanso Corporation | Integrated Report 2017 Contribution to Principal Industrial Sectors We Serve Sustainability Energy Rechargeable batteries, renewable energy, solar cells, other alternative energy choices Chemicals Creation of new Petrochemicals, chemical industry (biorefi neries), rubber, plastics, organic materials energies Environmental protection Life Sciences Healthcare, pharmaceuticals, biotechnology Effi cient use of resources A safe and secure Fabrication society Manufacturing (processing and assembly of materials in automobile manufacturing, shipbuilding and bridge Industrial and construction and other areas) and processing (surface coating of metal, ceramics and functional materials, technological advances among others) Healthy lifestyles Materials Steel, nonferrous metals, glass, ceramics, cement, paper, other materials Improved QOL Realization of more sophisticated medical Agriculture treatments, early Farming, fi sheries, forestry, other primary industries detection of illnesses Food safety and quality Food Food production, food processing Taiyo Nippon Sanso Corporation | Integrated Report 2017 3 Ortus Stage 2 In fi scal year 2018, we embarked on a new, four-year medium-term management plan, Ortus Stage 2, the second step in our drive to attain our long-term vision. Guided by our new “Total TNSC” concept, the entire Taiyo Nippon Sanso Group will implement a variety of measures designed to achieve the targets set forth under Ortus Stage 2 with the aim of ensuring sustainable growth. Yujiro Ichihara President and CEO Notes: 1. “Ortus” is a Latin word meaning “beginning” or “birth.” 2. The “Total TNSC” concept calls for optimizing the entire Taiyo Nippon Sanso Group by augmenting collaboration among Group companies. 4 Taiyo Nippon Sanso Corporation | Integrated Report 2017 Formulating Ortus Stage 2 Medium-Term Financial Targets (Billions of yen) Years ended/ending March 31 2017 (Actual) 2021 (Projection) Revenue ¥581.5 ¥800.0 Core operating income 54.7 76.0 Core operating income margin 9.4% 9.5% Overseas revenue ratio 40.8% 45.0% ROCE 8.4% 9.0% Investment Plan Investment plan (four years) ¥340.0 billion Net cash provided by operating Strategic investments: 70% activities over four years ¥325.0 billion Ordinary investments: 30% Basic Policies Reinforce operating Reinforce safety, quality and Strengthen corporate Advance R&D strategy foundation compliance efforts functions Expand domestic gas Implement growth strategies Promote globalization business Core Strategies Transformation Innovation Globalization M&A Maximize Group Promote innovation by Enhance governance Seek promising M&A power by capitalizing on external • Strengthen the functions of the opportunities to augmenting resources and IoT Global Operations Division ensure sustainability and collaboration • Innovation in R&D • Reinforce the functions of accelerate growth • Strengthen collaboration in sales • Innovation in engineering regional holding companies • Expand business reach and and marketing functions • Innovation in sales approaches strengthen operational density • Integrate engineering
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