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Year Ended March 31, 2019

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Year Ended March 31, 2019 Corporate Communications Group Tel: +81-6-4802-9360 Fax: +81-6-6359-3827 E-mail: [email protected] Stock Code: 4536 Contents Financial highlights ■Consolidated financial summary 2 ■Consolidated statement of financial position summary 2 ■Consolidated financial indexes 2 ■Exchange rates 2 ■Consolidated financial summary (Graph) 3 Consolidated information Consolidated statements of income and comprehensive income (IFRS and Core basis) 4 Revenue details 5 ■Revenue by business segment 5 ■Revenue by region 5 ■Overseas profit contribution 5 ■Revenue of major pharmaceuticals 6 ■Revenue by business segment（Graph） 7 Consolidated statement of financial position 8 ■Assets 8 ■Equity and liabilities 8 Consolidated statements of cash flows 9 Other consolidated information 10 ■R&D expenses 10 ■Capital expenditures 10 ■Depreciation and amortization 10 ■Amortization on intangible assets associated with products 10 ■Additional detail of statement of financial position 10 ■Number of employees 10 Reference information Research & development 11 ■Pipelines (Clinical stage) 11 ■Changes from Q3 FY18 (February 5, 2019) 12 Pharmaceutical market in Japan 13 ■Revision of National Health Insurance (NHI) drug prices 13 ■Market shares in prescription ophthalmics 13 ■Market shares by therapeutic area - prescription ophthalmics 13 Stock information 14 ■Stock price (Tokyo Securities Exchange 1st market) 14 ■Major shareholders (top 10) 14 ■Major stock information 14 ■Breakdown of shareholding by number of shares 15 ■Breakdown of shareholding by number of shareholders 15 Consolidated subsidiaries 16 News releases 17 Santen Group has adopted International Financial Reporting Standards (IFRS) from the fiscal year ended March 31, 2015, for the purpose of enhancing the international comparability of its financial information. The company implemented a 5-for-1 stock split on April 1, 2015. Figures in the column 2015.3 are adjusted assuming the new, post-split number of shares for comparison purposes. Forecasts in this report are based on the currently available information. Actual results may differ materially depending on a number of factors including adverse economic conditions, delays in new products launch, currency exchange rate, legislative and regulatory developments. - 1 - Financial highlights ■Consolidated financial summary (Millions of yen) 2020 Year ended March 31 2015 2016 2017 2018 2019 % Change Forecast Revenue 161,831 195,291 199,096 224,942 234,026 4.0 248,000 Operating profit 35,374 80,180 32,479 38,691 45,098 16.6 34,500 Net profit for the year 24,032 53,373 21,724 35,261 31,943 (9.4) 23,200 Dividends per share (yen) 22 25 26 26 26 - 26 Dividend payout ratio (%) 37.8 19.4 49.1 30.0 33.0 3.0pt 44.1 Notes: The company implemented a 5-for-1 stock split on April 1, 2015. Dividends per share have been retrospectively adujusted to reflect the impact of the share split. Core operating profit 39,088 43,067 39,687 45,378 48,230 6.3 51,000 Core net profit for the year 25,948 29,163 29,125 33,458 36,092 7.9 37,700 ■Consolidated statement of financial position summary (Millions of yen) Year ended March 31 2015 2016 2017 2018 2019 % Change Total assets 304,200 355,399 358,906 388,463 391,186 0.7 Total equity 211,779 260,009 255,929 287,557 292,572 1.7 Interest-bearing debt 37,161 22,484 16,963 7,618 4,111 (46.0) ■Consolidated financial indexes Year ended March 31 2015 2016 2017 2018 2019 % Change EPS (yen) 58.18 128.99 52.96 86.73 78.67 (9.3) BPS (yen) 511.14 627.78 628.09 702.54 728.97 3.8 Debt equity ratio (times) 0.2 0.1 0.1 0.0 0.0 (0.0)pt PER (times) 30.1 13.1 30.4 19.8 21.0 1.2pt PBR (times) 3.4 2.7 2.6 2.4 2.3 (0.2)pt ROE (%) 12.0 22.6 8.4 13.0 11.1 (1.9)pt ROA (%) 8.9 16.2 6.1 9.4 8.2 (1.2)pt Equity ratio(%) 69.6 73.2 71.1 73.6 74.4 0.8pt Free cash flows (41,054) 13,433 1,342 32,906 24,562 (25.4) (millions of yen) #1 EBITDA (millions of yen) #2 22,660 38,596 42,832 49,718 53,578 7.8 #1 Free cash flows = (Net cash flows from operating activities)-(Capital expenditures/Payments for acquisition of property, plant and equipment, and intangible assets) #2 EBITDA = (Operating profit) - (Other income) + (Other expenses) + (Interest expense) + (Depreciation and amortization) ■Exchange rates (Yen) 2020 Year ended March 31 2015 2016 2017 2018 2019 Forecast Exchange rate: US dollar 110.14 120.45 108.64 110.94 110.82 110.00 : Euro 139.01 132.46 118.96 129.92 128.38 130.00 : CNY 17.84 19.05 16.14 16.84 16.52 16.00 - 2 - Financial highlights ■Consolidated Financial summary (Graph) - 3 - Consolidated statements of income and comprehensive income ■IFRS (Millions of yen) % Change Year ended March 31 2015 2016 2017 2018 2019 2019/2018 Revenue 161,831 195,291 199,096 224,942 234,026 4.0 Cost of sales (56,373) (72,829) (74,966) (86,378) (90,764) 5.1 (Percent of revenue) 34.8% 37.3% 37.7％ 38.4% 38.8% － Gross profit 105,458 122,463 124,130 138,564 143,262 3.4 (Percent of revenue) 65.2% 62.7% 62.3％ 61.6% 61.2% － Selling, general and administrative expenses (48,893) (59,406) (62,193) (68,788) (71,273) 3.6 (Percent of revenue) 30.2% 30.4% 31.2％ 30.6% 30.5% － Research and development expenses (17,477) (19,990) (22,786) (24,398) (23,759) (2.6) (Percent of revenue) 10.8% 10.2% 11.4％ 10.8% 10.2% － Amortization on intangible assets associated (3,979) (6,205) (6,412) (6,740) (6,988) 3.7 with products (Percent of revenue) 2.5% 3.2% 3.2％ 3.0% 3.0% － Other income 723 44,999 468 417 4,028 865.3 Other expenses (458) (1,681) (728) (364) (172) (52.7) Operating profit 35,374 80,180 32,479 38,691 45,098 16.6 (Percent of revenue) 21.9% 41.1% 16.3％ 17.2% 19.3% － Finance income 768 782 1,105 1,004 901 (10.3) Finance expenses (279) (1,492) (3,529) (434) (2,881) 563.5 Profit before tax 35,863 79,470 30,055 39,261 43,117 9.8 (Percent of revenue) 22.2% 40.7% 15.1％ 17.5% 18.4% － Income tax expenses (11,831) (26,097) (8,331) (4,000) (11,174) 179.4 Net profit for the year 24,032 53,373 21,724 35,261 31,943 (9.4) (Percent of revenue) 14.9% 27.3% 10.9％ 15.7% 13.6% － Profit attributable to Owners of the company 24,032 53,373 21,731 35,247 31,954 (9.3) Non-controlling interests - - (7) 14 (11) (180.3) Net profit for the year 24,032 53,373 21,724 35,261 31,943 (9.4) ROE (%) 12.0 22.6 8.4 13.0 11.1 － ■Core basis (Millions of yen) % Change Year ended March 31 2015 2016 2017 2018 2019 2019/2018 Revenue 161,831 195,291 199,096 224,942 234,026 4.0 Cost of sales (56,373) (72,879) (74,966) (86,378) (90,764) 5.1 (Percent of revenue) 34.8% 37.3% 37.7％ 38.4% 38.8% － Gross profit 105,458 122,463 124,130 138,564 143,262 3.4 (Percent of revenue) 65.2% 62.7% 62.3％ 61.6% 61.2% － Selling, general and administrative expenses (48,893) (59,406) (61,657) (68,788) (71,273) 3.6 (Percent of revenue) 30.2% 30.4% 31.0％ 30.6% 30.5% － Research and development expenses (17,477) (19,990) (22,786) (24,398) (23,759) (2.6) (Percent of revenue) 10.8% 10.2% 11.4％ 10.8% 10.2% － Operating profit 39,088 43,067 39,687 45,378 48,230 6.3 (Percent of revenue) 24.2% 22.1% 19.9％ 20.2% 20.6% － Profit before tax 39,088 43,067 39,687 45,378 48,230 6.3 (Percent of revenue) 24.2% 22.1% 19.9％ 20.2% 20.6% － Income tax expenses (13,140) (13,904) (10,562) (11,920) (12,138) 1.8 Net profit for the year 25,948 29,163 29,125 33,458 36,092 7.9 (Percent of revenue) 16.0% 14.9% 14.6％ 14.9% 15.4% － ROE (%) 13.0 12.4 11.3 12.4 12.5 － - 4 - Revenue details ■Revenue by business segment (Millions of yen) % 2020 Year ended March 31 2015 2016 2017 2018 2019 Change Forecast Prescription pharmaceuticals 152,556 181,550 183,469 206,967 216,030 4.4 225,438 Ophthalmics 136,059 172,545 181,859 205,868 215,302 4.6 224,802 Anti-rheumatics 9,629 3,495 － － － － － Other pharmaceuticals 6,868 5,510 1,610 1,099 728 (33.8) 636 OTC pharmaceuticals 6,706 11,004 12,553 14,594 14,223 (2.5) 15,128 Medical devices 2,313 2,394 2,536 2,583 2,709 4.9 5,408 Others 256 343 537 798 1,065 33.5 2,027 Total 161,831 195,291 199,096 224,942 234,026 4.0 248,000 [Japan] (Millions of yen) % 2020 Year ended March 31 2015 2016 2017 2018 2019 Change Forecast Prescription pharmaceuticals 115,672 128,278 130,018 141,067 142,950 1.3 144,542 Ophthalmics 105,345 124,165 129,594 140,415 142,582 1.5 144,113 Anti-rheumatics 9,568 3,495 － － － － － Other pharmaceuticals 759 617 424 653 368 (43.6) 429 OTC pharmaceuticals 6,638 10,918 12,421 14,301 13,930 (2.6) 14,707 Medical devices 2,269 2,323 2,514 2,527 2,600 2.9 4,953 Others 256 330 404 758 977 28.9 1,896 Total 124,835 141,849 145,358 158,653 160,456 1.1 166,098 (Japan sales/total sales) 77.1％ 72.6％ 73.0％ 70.5% 68.6% － 67.0％ [Overseas] (Millions of yen) % 2020 Year ended March 31 2015 2016 2017 2018 2019 Change Forecast Prescription pharmaceuticals 36,884 53,271 53,451 65,900 73,080 10.9 80,896 Ophthalmics 30,714 48,379 52,265 65,453 72,720 11.1 80,689 Anti-rheumatics 61 － － － － － － Other pharmaceuticals 6,109 4,892 1,186 447 360 (19.4) 207 OTC pharmaceuticals 67 87 132 293 293 (0.1) 421 Medical devices 44 71 22 56 109 95.7 455 Others － 13 132 40 88 121.0 131 Total 36,995 53,442 53,738 66,289 73,570 11.0 81,902 (Overseas sales/total sales) 22.9％ 27.4％ 27.0％ 29.5％ 31.4％ － 33.0％ ■Revenue by region (Millions of yen) % 2020 Year ended March 31 2015 2016 2017 2018 2019 Change Forecast North America 6,169 5,265 1,433 371 533 43.7 740 EMEA#1 14,377 25,674 28,657 35,015 36,156 3.3 38,824 Asia 16,450 22,504 23,647 30,903 36,881 19.3 42,339 China 10,698 13,530 13,471 17,809 21,365 20.0 24,980 Total 36,995 53,442 53,738 66,289 73,570 11.0 81,902 ■Overseas profit contribution (Millions of yen) % 2020 Year ended March 31 2015 2016 2017 2018 2019 Change
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  • The Jump to Organic Agriculture in Japan Lessons from Tea, Denmark, and Grassroots Movements

    The Jump to Organic Agriculture in Japan Lessons from Tea, Denmark, and Grassroots Movements

    The jump to organic agriculture in Japan Lessons from tea, Denmark, and grassroots movements Rural Sociology group/ Shigeru Yoshida (580303980100)/ MSc Organic Agriculture Chair group: Rural Sociology Name: Shigeru Yoshida (580303980100) Study program: MSc Organic Agriculture Specialization: Sustainable food systems Code: RSO80436 Short title: The Jump to organic agriculture in Japan Date of submission: 16/04/2020 Abstract This research aims to clarify the reasons for the slow growth of organic farming in Japan and proposes possible government interventions to accelerate it. First, organic tea farming, which has increased exceptionally, is investigated. Second, a comparison between the organic market and governmental support for organics in Japan and Denmark is made. Denmark has the highest share of organic food relative to conventional food in the world. Finally, local organic markets emerging recently as a grassroots movement in local areas are investigated. This research found that the rapid increase of organic tea production is clearly led by a growing export market that increased the demand for organic products. In contrast, the domestic organic market is small because the Japanese consumers have not a strong motivation to buy organic foods due to the lack of awareness of organic agriculture. On the contrary, the Danish consumers are well aware that organic agriculture provides desired public goods. This is a result of government policies that have intervened at the demand side. The local organic markets in Japan may stimulate supermarkets to handle more organic products and coexist with them. I conclude that the national and local government interventions supporting market sectors, school-lunches, and the local organic market may result in an increase of consumer awareness, expansion of the organic market, and consequently, accelerating an increase in organic practices in Japan.