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NAGASE &CO., ANNUAL LTD. REPORT 2015 Annual Report 2015 Year ended March 31, 2015 http://www.nagase.co.jp/english/ Osaka Head Offi ce: 1-1-17, Shinmachi, Nishi-ku, Osaka City, Osaka 550-8668, Japan Tel: (81) 6-6535-2114 Tokyo Head Offi ce: 5-1, Nihonbashi-Kobunacho, Chuo-ku, Tokyo 103-8355, Japan Tel: (81) 3-3665-3021 Nagoya Branch Offi ce: 3-14-18, Marunouchi, Naka-ku, Nagoya City 460-8560, Japan Tel: (81) 52-963-5615 Printed in Japan 長長瀬15_E_表紙_入稿.indd瀬15_E_表紙_入稿.indd 11-2-2 22015/08/18015/08/18 113:563:56 The NAGASE Group creates value through Business Model • Nagase ChemteX manufacturing, processing, and R&D functions Manufacturing and Corporation Processing Functions • Hayashibara Co., Ltd. in the chemical value chain. These functions • 46 other companies Purchasing Raw Material allow us to pursue unique business models Supply Business partners Proposal Proposal Customers Trading Company RequestFunction Request beyond the traditional framework of the Manufacturers in Users in Japan Japan and overseas and overseas Purchasing Sales Japanese trading company. Purchasing Proposal Request NAGASE Group (Sales) Sales Application R&D proposal North America Europe and Others 3.9% 2.1% • Nagase R&D Center Research and • Nagase Application Development Functions Workshop Life & Healthcare % Functional 10 .1 Materials Southeast Asia % Unique Functions Automotive & Energy 22.1 % (Fiscal 2014) 16.1 14.5% Consolidated 1 Manufacturing and Processing 2 R&D Net Sales (Fiscal 2014) Japan Share of Net Sales 49.3% The NAGASE Group has captured a large share of the market for many niche Information is an important tool in offering a consultative sales approach. We ¥759.7 by Region products. We offer manufacturing services that meet needs not covered by the take information gathered through research and development activities and then major manufacturers, and we source goods for our customers that can only be work with our departments to propose new businesses and technological appli- Electronics billion located via information captured through our trading company activities. cations. Northeast Asia 19.7% Advanced Materials & Processing 28.6% 33.5% Typical Trading Company Functions 3 Trade 4 Information/Research, 5 Financing Our core trading company functions consist of Market Development Trading companies offer a different kind of leveraging supply/demand and information gaps We use our global network to collect and analyze fi nancing than traditional banking institutions. to promote global trade in goods and services. In information* from a wide range of global markets. For example, trading companies can provide our trading company aspect, we provide (1) In conducting our analysis, what we look for are business partners with credit services and loan logistics (transport, customs, processing, ware- gaps between supply and demand in a market. In guarantees. Changes in the modern economic housing); (2) fi nancing (capital acquisition, man- this way, we are able to create a variety of new environment demand much more of trading agement, settlements, foreign exchange); (3) markets globally, introduce new technologies, fi nd companies in terms of fi nancing complexity and insurance (maritime, import/export, fi re); and (4) customers, and offer sales support for new prod- diversity. legal/screening services. ucts developed by business partners. * Industrial/corporate information, advanced technology infor- mation, market/marketing information, regional information, legal/tax information, etc. NAGASE & CO., LTD. Annual Report 2015 1 長長瀬15本文_E_校正戻し.indd瀬15本文_E_校正戻し.indd cc2-12-1 22015/08/18015/08/18 113:463:46 Our History - Evolving Business Model 1990 NAGASE has been in business for 183 years. The NAGASE Group began as a specialized sales agent • Established Sofi x Corp., a U.S.-based color former production joint venture company representing the gold standard in the chemicals business, securing exclusive contracts to sell • Set up the Nagase R&D Center in Kobe 2015 industry-leading products from around the world. Over the years, we have leveraged our technology and • Established joint venture Nagase Wahlee Plastics Corp. (Taiwan) Nagase R&D Center information gathering expertise—as well as our global network—to transform our business into a hybrid 1997 • Established Nagase Philippines Corp. model offering superior manufacturing, processing, and R&D functions as well as trading company services. • Established Shanghai Nagase Trading Co., Ltd. 2015 • Established Nagase Engineering Service Korea Co., Ltd. We will continue to Identify, Develop, and Expand solutions that contribute to the success of our customers. • Revised Corporate 1998 2014 Philosophy Structure • Established P.T. Nagase Impor-Ekspor Indonesia 1832 1980 • Established Shanghai Hua Chang Trading Co., Ltd. • Nagase founded in Kyoto as a dyestuffs trading concern • Established Nagase Chemicals, Ltd. Sales of dyestuffs, starches and funori seaweed • Established Nagase (Europa) GmbH 2014 1982 • Completion of NAGASE Global • Established Nagase (Malaysia) Sdn. Bhd. HRD Center 1985 • Established Seoul branch offi ce 1988 2012 • Established Nagase (Taiwan) Co., Ltd. 1989 • Established Nagase (Thailand) Co., Ltd. • Established Nagase Science and Technology Foundation • Tokyo branch offi ce became a head offi ce; adoption of Osaka/ Tokyo 2005 two head offi ce system Engineered Materials Systems Inc. 2012 • Acquired stock of Engineered Materials Systems Inc., 1970 U.S.-based maker of formulated epoxy resins • Established Nagase-CIBA Ltd. (now Nagase ChemteX Corporation) jointly with • Acquired stock of Hayashibara Co., Ltd. (Okayama, Ciba-Geigy Ltd. Japan) • Listed Company shares on the Tokyo Stock Exchange • Established local entity in Brazil 1971 2000 • Established Nagase (Hong Kong) Ltd. and Nagase America Corp. Hayashibara Co., Ltd. 1898 2005 Functional Saccharides Manufacturing Plant • Established Engineering Plastics, Ltd. jointly with General Electric Co. • Head offi ce moved to Osaka • Established Totaku Industries Suzhou Co., Ltd. 1972 1990 • Established Nagase Electronics Technology Co., Ltd. • Established Nagase Medicals Co., Ltd. 1900 • Established Nagase Philippines International Services Corp. 1975 • Established business ties with Basel Chemical Co. 2006 • Established Nagase Singapore (Pte) Ltd. of Switzerland (now Ciba Specialty Chemicals Ltd.) • Acquired stock of semiconductor manufacturing equipment maker Pac Tech-Packaging Technologies GmbH 1977 1901 • Established Nagase India Private Ltd. • Established Nagase Biochemicals, Ltd. • Opened offi ce in Lyon 2007 1980 • Established Nagase Application Workshop 2008 • Established Sakai Sales Offi ce 1970 • Established Nagase Vietnam Co., Ltd. 2009 1960 • Established Dubai branch offi ce Nagase Application Workshop Nagase ChemteX Corporation 1930 Harima Plant 1920 1964 2000 • Changed the name of Nagase-CHIBA, Ltd. to Nagase ChemteX Corporation 1910 • Listed Company shares on the Osaka 1930 Securities Exchange 2001 1900 • Concluded an • Nagase ChemteX, Nagase Chemicals, Teikoku Chemical Industries, and 1923 1968 1832 exclusive Nagase Biochemicals, merged to Nagase ChemteX Corporation • Established business ties • Concluded an exclusive distributorship distributorship • Closed the Seoul branch offi ce and established Nagase Korea Corp. Chemical Recycling Plant within Sakai Display with Eastman Kodak Co. agreement with General Electric Co. of the Products Corporation agreement with • Established Nagase FineChem Singapore (Pte) Ltd. 1911 of the United States United States • Established Tokyo branch offi ce Union Carbide and 2002 1913 Carbon Corp. of the • Established Guangzhou Nagase Trading Ltd. • Opened offi ces in London, New United States • Established Nagase ChemteX (Wuxi) Corporation York 1938 2004 1917 • Established Teikoku • Established NWP International Trading (Shenzhen) Co., Ltd. • Established Nagase Shoten Chemical Industries Company (from sole proprietor to Co., Ltd. corporation) Overseas Expansion (emerging from an export-only business model) Evolving Business Model Trading Business + Manufacturing Company/Research and Development (revenue source: Master Distributor License Business (revenue source: brokerage fees) brokerage fees + high-value-added business creation) Founded as a dyestuffs wholesaler 2 NAGASE & CO., LTD. Annual Report 2015 NAGASE & CO., LTD. Annual Report 2015 3 長長瀬15本文_E_校正戻し.indd瀬15本文_E_校正戻し.indd 22-3-3 22015/08/18015/08/18 113:463:46 Contents NAGASE: Major Production/ R&D Financial and Corporate Performance by Segment Regional Overview Sustainability Past, Present, and Future Functions Information 1 Business Model 16 NAGASE Group Business Portfolio 38 NAGASE's Strengths 1 41 NAGASE's Strengths 2 48 NAGASE Group Sustainability 64 NAGASE's Strengths 3 Manufacturing and Processing Financial Foundation 2 Our History Global Network Supporting Business Growth Functions / Research and —Evolving Business Model 18 Functional Materials 39 Greater China Development Functions 49 Corporate Governance 66 Six-Year Summary 6 To Our Stakeholders 40 ASEAN and the Middle East 42 Nagase ChemteX Corporation 54 Human Rights, Employment Practices 67 Management’s Discussion and Analysis of Operations and 8 13-Year Financial Highlights 57 Environment Finances 10 Message from the President 59 Fair Business Practices 74 Consolidated Balance Sheets 62 For Consumer Security and Safety 76 Consolidated Statements of Income 22 Advanced Materials & Processing 76 Consolidated Statements of 44 Hayashibara Co., Ltd. Comprehensive Income 77 Consolidated Statements
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