Fiscal Period Beginning April 1, 20 15 and Ending March 31, … · Fiscal Period Beginning April 1,...

101st

Annual Report

101st

Annual Report

101st Term

Annual Report

Term

Annual Report

Term 2015Fiscal Period Beginning April 1, 20Ending March 31, 20

Annual Report

15 Fiscal YearFiscal Period Beginning April 1, 20Ending March 31, 20

Annual Report

Fiscal Year Fiscal Period Beginning April 1, 20Ending March 31, 2016

Moriroku Holdings Company, Ltd.

Fiscal Period Beginning April 1, 2016


Fiscal Period Beginning April 1, 2015 and


and



M

the Moriroku Group. At the same time, I would also like to express my deepest Kumamoto Earthquake, and pray sincerely that the region recovers as soon as possible.

longthat makes social contributions through unique technologies.” From there, we initiated our 10th MediumPlan (Fiscal 2013conducted “aggressive” business measures in the form of allocating priority management resources to growth sectors and regions and implementing proactive group strategies. We then initiated ou2016businesses, accelerating the expansion of our “monozukuri” (shopnew products.

constitutes the final year of our 10th Mediumbusiness during that term.

In the global economy during the term under review,

while slowdown in the growth

falling resources prices intensified uncertain outlooks in

emerging countries and resource

economy as a whole experienced continued moderate

growth buoyed by the brisk ongoing expansion of the U.S.

econom

sector enjoyed a moderate recovery, the lack of dynamism

behind personal consumption has perpetuated the

leveling

1 ● 101st Term Annual Report

M essage

I would like to begin by extending my sincere gratitude for your ongoing support of our business operations here at the Moriroku Group. At the same time, I would also like to express my deepest Kumamoto Earthquake, and pray sincerely that the region recovers as soon as possible.

In our 2013 fiscal long-term management vithat makes social contributions through unique technologies.” From there, we initiated our 10th MediumPlan (Fiscal 2013conducted “aggressive” business measures in the form of allocating priority management resources to growth sectors and regions and implementing proactive group strategies. We then initiated ou2016-2018) this April as the second such step, through which we will place a particular focus on strengthening our global businesses, accelerating the expansion of our “monozukuri” (shopnew products.

As the 101constitutes the final year of our 10th Mediumbusiness during that term.

Business Environment and Endeavors by Moriroku Holdings







economy. In Japan, while capital investment in the private



leveling-off state of that nation’s economy.

President, CEO & Executive Officer

Shigenobu Miwa

101st Term Annual Report

essage to Our Sh


In our 2013 fiscal yeterm management vision in the form of “The company we want to be ten years from now: a global corporate group

that makes social contributions through unique technologies.” From there, we initiated our 10th MediumPlan (Fiscal 2013-2015) as our first step towarconducted “aggressive” business measures in the form of allocating priority management resources to growth sectors and regions and implementing proactive group strategies. We then initiated ou

2018) this April as the second such step, through which we will place a particular focus on strengthening our global businesses, accelerating the expansion of our “monozukuri” (shop

As the 101st Term of Moriroku Holdings (fiscal period beginning April 1, 2015 and ending March 31, 2016), which constitutes the final year of our 10th Mediumbusiness during that term.








y. In Japan, while capital investment in the private



off state of that nation’s economy.


Shigenobu Miwa


to Our Sh


year, the year we commemorated the 350th anniversary of our founding, we set forth our sion in the form of “The company we want to be ten years from now: a global corporate group

that makes social contributions through unique technologies.” From there, we initiated our 10th Medium2015) as our first step towar

conducted “aggressive” business measures in the form of allocating priority management resources to growth sectors and regions and implementing proactive group strategies. We then initiated ou


Term of Moriroku Holdings (fiscal period beginning April 1, 2015 and ending March 31, 2016), which constitutes the final year of our 10th Medium



while slowdown in the growth of the Chinese economy and


emerging countries and resource-rich nations, the global






off state of that nation’s economy.


Shigenobu Miwa


areholders


, the year we commemorated the 350th anniversary of our founding, we set forth our sion in the form of “The company we want to be ten years from now: a global corporate group

that makes social contributions through unique technologies.” From there, we initiated our 10th Medium2015) as our first step towards becoming a company with a 400



Term of Moriroku Holdings (fiscal period beginning April 1, 2015 and ending March 31, 2016), which constitutes the final year of our 10th Medium-Term Plan, has concluded, allow me to provide the below s



of the Chinese economy and


rich nations, the global






reholders



that makes social contributions through unique technologies.” From there, we initiated our 10th Mediumds becoming a company with a 400



Term of Moriroku Holdings (fiscal period beginning April 1, 2015 and ending March 31, 2016), which Term Plan, has concluded, allow me to provide the below s

Endeavors by Moriroku Holdings


of the Chinese economy and


rich nations, the global






The Management Principles of

We at the Moriroku Group will jointly create high levels

of value by applying our forward

superior technological prowess, and contribute to

global society across multiple generations as we do.

Compliance

Contribution to Society

Net Sales/Overseas Net Sales Ratio

(Unit: ’00 million yen)



that makes social contributions through unique technologies.” From there, we initiated our 10th Mediumds becoming a company with a 400

conducted “aggressive” business measures in the form of allocating priority management resources to growth sectors and regions and implementing proactive group strategies. We then initiated our 11th Medium

2018) this April as the second such step, through which we will place a particular focus on strengthening our global businesses, accelerating the expansion of our “monozukuri” (shop-floor) operations, and reinf


The Management Principles of the Moriroku Group





Compliance

Contribution to Society



98th Term (FY2012)

I would like to begin by extending my sincere gratitude for your ongoing support of our business operations here at the Moriroku Group. At the same time, I would also like to express my deepest sympathies to the victims of the recent Kumamoto Earthquake, and pray sincerely that the region recovers as soon as possible.


that makes social contributions through unique technologies.” From there, we initiated our 10th Mediumds becoming a company with a 400-year history, through which we

conducted “aggressive” business measures in the form of allocating priority management resources to growth sectors and r 11th Medium

2018) this April as the second such step, through which we will place a particular focus on strengthening our global floor) operations, and reinf







Respect for Life and Dignity

Progressive Spirit



Term 99th Term FY2012) (FY2013)

I would like to begin by extending my sincere gratitude for your ongoing support of our business operations here at sympathies to the victims of the recent


that makes social contributions through unique technologies.” From there, we initiated our 10th Mediumyear history, through which we

conducted “aggressive” business measures in the form of allocating priority management resources to growth sectors and r 11th Medium-Term Business Plan (Fiscal

2018) this April as the second such step, through which we will place a particular focus on strengthening our global floor) operations, and reinforcing the development of




of value by applying our forward-looking creativity and



Respect for Life and Dignity

Progressive Total Cooperation


Term 100th Term (FY2013) (FY2014)



that makes social contributions through unique technologies.” From there, we initiated our 10th Medium-Term Business year history, through which we

conducted “aggressive” business measures in the form of allocating priority management resources to growth sectors and Term Business Plan (Fiscal

2018) this April as the second such step, through which we will place a particular focus on strengthening our global orcing the development of

Term of Moriroku Holdings (fiscal period beginning April 1, 2015 and ending March 31, 2016), which Term Plan, has concluded, allow me to provide the below summary of our



looking creativity and



Customer Satisfaction

Total Cooperation

101st Term (FY2015)



Term Business year history, through which we

conducted “aggressive” business measures in the form of allocating priority management resources to growth sectors and Term Business Plan (Fiscal

2018) this April as the second such step, through which we will place a particular focus on strengthening our global orcing the development of

Term of Moriroku Holdings (fiscal period beginning April 1, 2015 and ending March 31, 2016), which ummary of our


looking creativity and

Customer Satisfaction

Total Cooperation

Within such an economy, the Moriroku Group expanded the global operations under its chemical business through

inter-business cooperation and conducted investment in its resin-treated products business for the sake of building infrastructure for forward business development with a view to the future. The latter involved the building of a new plant for the purpose of integrating the three plants in Japan’s Kanto region, the start-up of our second plant in India, and the expansion of the capability of our production bases in North America, China and Asia.

Additionally, we have formulated our 11th Medium-Term Business Plan, under which our basic policy for the Moriroku Group is to “build a formidable management foundation by challenging new things and realizing change.” While establishing an infrastructure for sustainable growth with the aim of becoming a company with a 400-year history, we will continue our pursuit of becoming a corporate group that grows with each successive era.

As a result of these endeavors, for our business performance for the term under review, net sales came to 172.2 billion yen (a year-on-year increase of 6.9%) and operating income to 6.3 billion yen (a year-on-year increase of 5.1%) due largely to growth in orders received in North America. At the same time, the impact of currency exchange rates resulting from progression in the appreciation of the Japanese yen and the retirement of noncurrent assets that accompanied the integration of certain plants of ours in Japan brought ordinary income to 6.0 billion yen (a year-on-year decrease of 2.4%) and net income attributable to the owners of the parent to 3.3 billion yen (a year-on-year decrease of 15.5%).

Initiatives and Consolidated Business Performance Forecast for 2016 Fiscal Year

Where our future economic environment is concerned, while there are bearish tendencies surrounding personal spending in Japan, the situation surrounding exports and production is in the process of looking up, with a moderate upswing envisioned for the nation’s economy. Overseas, the upswing in the U.S. economy driven by brisk personal spending is expected to continue, with a moderate recovery expected for the European market as well. Meanwhile, there are concerns that economic conditions in China will continue to decelerate, and that the sense of economic slowdown in other emerging countries will be increasingly pronounced. We are therefore forced to draw the conclusion that the environment surrounding our business will continue to be characterized by a harsh, uncertain climate.

Within this environment, the Moriroku Group has adopted “Moriroku Innovation 400: Realize changed aimed at becoming a company with a 400-year history” as the slogan for our newly-initiated 11th Medium-Term Business Plan and “building a formidable management foundation by challenging new things and realizing change” as the basic policy of that plan. Moreover, we have established the transformation of our business structure, the creation of value-added and the transformation of our management constitution as our three basic strategies under the plan. We have positioned the next three years as an extremely vital period that will serve as the foundation of our sustainable growth as we take on the challenge of enacting new transformations and building a formidable management infrastructure.

We at the Moriroku Group hope to benefit from your special understanding and ongoing support with respect to these endeavors.

Ordinary Income


98th Term 99th Term 100th Term 101st Term (FY2012) (FY2013) (FY2014) (FY2015)

Net Income Attributable to Owners of Parent



Dividends per Share/Total Dividends

Ordinary dividends


Commemorative dividends

Total dividends

(Unit: Yen) (Million yen)

101st Term Annual Report ● 2

B usiness-Specific Review

Chemical Business

Net sales: 67.3 billion yen (-1.2% YoY)

Operating income: 1.1 billion yen (+7.9% YoY)

Review of Fiscal Year

In emerging markets overseas and other areas

anticipated to show medium-term growth, we expanded

upon our global operations through sector and area

strategies, materialized our entry in “monozukuri”

(shop-floor) operations within the fine chemical and resin

formation sectors through proposing the use of technologies,

and endeavored to shift our business structure.

Conversely, in the electric/electronic materials field,

the weak performance of smartphones and intensified price

wars caused our chief customers in the LED and sensor

sectors to experience considerable sluggishness. This,

combined with the poor performance of major household

appliances, created in a grim situation in this field.

Looking at business performance on a per-location

basis, we experienced weak performance all around in

Japan due to the shift of our customers to overseas ones and

the fall in domestic spending. In China and the remainder of

Asia, although our business dealings in inland China

expanded, we experienced a drop in sales of raw resin

materials in Guangzhou and Shanghai, and were also

impacted by the recession in South Korea, the considerable

depreciation of the Korean won, and weak automobile

production in Thailand.

As a result of the above, net sales came to 67.3 billion

yen (a year-on-year decrease of 1.2%) and operating

income came to 1.1 billion yen (a year-on-year increase of

7.9%) in our Chemical Business.

Future Initiatives In Moriroku’s 11th Medium-Term Business Plan that commenced in our 2016 fiscal year, we established the basic policy under our Chemical Business as: “Endeavoring to realize innovation through actions backed with the will to change things and the courage to change ourselves,” and our guidelines for conduct as: “Shifting from the individual to organizational strength” and “Realizing speedy and timely initiatives.” As for our predominant basic strategy, we will continue to realize high levels of value-added and pursue the restructuring of our business foundation through proposing the use of technologies in the fine chemical and resin formation sectors and reinforcing our “monozukuri” operations. Additionally, through our sector strategies centered on China and the remainder of Asia and our area strategies based on cooperation among our businesses, we will further promote our global operations. Simultaneously, we will deploy measures that link to the growth of our employees both within and outside of Japan in order to give our human resource development efforts a further boost going forward.

Business-specific net sales composition ratio Net Sales/Overseas Net Sales Ratio




Resin-Treated Products Business

Net sales: 104.8 billion yen (+12.8% YoY)

Operating income: 5.0 billion yen (+3.5% YoY)

Review of Fiscal Year

In order to cope with changes in our business environment, we conducted an organizational reinforcement of overseas activities under our development and production functions.

More specifically, in the domain of development technologies, we organized our four R&D bases in Japan, North America, Asia and China while enhancing our Japan-based mother functions in design and development through providing development assistance for new models. In doing so, we further enhanced the speediness and independence of our local development capability, and reinforced our development competitiveness in turn.

In the production domain, we accelerated the establishment of production lines with higher cycles and reduced manpower through the automation of manufacturing processes, and promoted the expanded use of new-technology products. Meanwhile, in China (Wuhan/Guangzhou) and Canada, we updated and expanded on our exterior coating lines.

Looking at business performance on a per-location basis, although we suffered a drop in revenues in Japan due to sluggish sales of new automobiles and the increasing shift to light vehicles, sales of automobiles in North America were brisk as a whole due in part to falling gasoline prices. Also, while growth in the Chinese market slowed down, tax breaks helped keep that market on an expansionary path.

As a result of the above, net sales came to 104.8 billion yen (a year-on-year increase of 12.8%) and operating income came to 5.0 billion yen (a year-on-year increase of 3.5%) in our Resin-Treated Products Business.

Future Initiatives

In Moriroku’s newly-commenced 11th Medium-Term Business Plan, we set forth the basic policy of this business as: “Expediting the transformation of our business constitution to accommodate changes in our greater business environment and becoming a true global enterprise that rises above the competition through our organizational strength and QCDD (Quality, Cost, Delivery and Development).” We will first tackle that policy by doing our utmost to promptly address measures for our existing customers as well as gain the trust of new customers by establishing a production constitution that rivals that of our competitors through QCDD while leveraging our organizational strength to the fullest.

In the domain of development technologies, we will establish a development framework aimed at acquiring new customers while simultaneously setting a timeline for entering product areas that constitute new domains and striving to achieve mass-production in those areas. In production domains, we will evolve upon our approach towards light vehicles, realize the automation of our manufacturing processes, and proceed to establish production lines with higher cycles and reduced manpower in which quality is guaranteed. Furthermore, we have commenced the consolidation of our three plants in the Kanto area with the aim of building a bottom-up production constitution in Japan, and aim to complete that consolidation during our 2016 fiscal year.

Business-specific net sales composition ratio Net Sales/Overseas Net Sales Ratio




11

enter effect starting from our 2016 fiscal year

with a 400up to this point yet also aggressively tackle the challenge of new things, and proceed to firmly builinks to the future.


11th Medium

We at the Moriroku Group have formulated our “11th Mediumenter effect starting from our 2016 fiscal year

It has been 353 years since the Moriroku Group was founded. In order for us to with a 400-year history even within a rapidlyup to this point yet also aggressively tackle the challenge of new things, and proceed to firmly builinks to the future.

Positioning of Plan

In our 2013 fiscal year, the year we commemorated the 350th anniversary of our founding, we set forth our longmanagement vision in the form of “The company we want to be ten years from now: a contributions through unique technologies.” Our 11th Mediumvision, beyond which is the milestone of becoming a company with a 400

Thank you

Long

Becoming a global enterprise that is capable of conto society through the “monozukuri” (shopconducted through its chemical business

Slogan

Basic Policy

Building a formidable realizing change

Endeavoring to realize innovation through actions backed with the will to change things and the courage to change ourselves


Medium


It has been 353 years since the Moriroku Group was founded. In order for us to year history even within a rapidly

up to this point yet also aggressively tackle the challenge of new things, and proceed to firmly builinks to the future.

Positioning of Plan

In our 2013 fiscal year, the year we commemorated the 350th anniversary of our founding, we set forth our longmanagement vision in the form of “The company we want to be ten years from now: a global corporate group that makes social contributions through unique technologies.” Our 11th Medium-Term Business Plan is the second phase of realizing that vision, beyond which is the milestone of becoming a company with a 400-year history.

Thank you

Long-Term Management Vision

Chemical Business


Slogan

Basic Policy

Building a formidable realizing change

Chemical Business

Endeavoring to realize innovation through actions backed with the will to change things and the courage to change ourselves


Medium-Term


It has been 353 years since the Moriroku Group was founded. In order for us to year history even within a rapidly

up to this point yet also aggressively tackle the challenge of new things, and proceed to firmly bui

Positioning of Plan

In our 2013 fiscal year, the year we commemorated the 350th anniversary of our founding, we set forth our longmanagement vision in the form of “The company we want to be

global corporate group that makes social contributions through unique technologies.” Our 11th

Term Business Plan is the second phase of realizing that vision, beyond which is the milestone of becoming a company

10th Medium-Business Plan

Term Management Vision

The Ideal Shape that the Moriroku Group Seeks to Achieve

A global corporate group that contributes to society with its proprietary technology

Chemical Business


Building a formidable management foundation by tackling the challenge of new things and realizing change

Chemical Business

Endeavoring to realize innovation through actions backed with the will to change things and the courage to change


Term Business Plan

We at the Moriroku Group have formulated our “11th Mediumenter effect starting from our 2016 fiscal year.

It has been 353 years since the Moriroku Group was founded. In order for us to year history even within a rapidly-changing environment, we will carry on the legacy that we have cultivated


In our 2013 fiscal year, the year we commemorated the 350th anniversary of our founding, we set forth our long-term management vision in the form of “The company we want to be

global corporate group that makes social contributions through unique technologies.” Our 11th


-Term Business Plan

11th MediumBusiness

Term Management Vision



Chemical Business

Becoming a global enterprise that is capable of contributing to society through the “monozukuri” (shop-floor) operations conducted through its chemical business

management foundation by tackling the challenge of new things and

Chemical Business


Business Plan

We at the Moriroku Group have formulated our “11th Medium

It has been 353 years since the Moriroku Group was founded. In order for us to changing environment, we will carry on the legacy that we have cultivated


In our 2013 fiscal year, the year we commemorated the 350th

management vision in the form of “The company we want to be global corporate group that makes social


11th Medium-Term Business Plan

12th MediumBusiness Plan



tributing floor) operations

Realizing true globalization and evolving upon our proprietary technology and “monozukuri” (shopbecome our customers’ “go



Expediting the transformation of our business constitution to accommodate changes in our greater business environment and becoming a true global enterprise that rises above the competition through our organizational strength and QC(Quality, Cost, Delivery and Development)

Business Plan

We at the Moriroku Group have formulated our “11th Medium-Term Business Plan” to serve as our new guidelines to

It has been 353 years since the Moriroku Group was founded. In order for us to changing environment, we will carry on the legacy that we have cultivated


12th Medium-Term Business Plan



Resin -Treated Products Business

Realizing true globalization and evolving upon our proprietary technology and “monozukuri” (shopbecome our customers’ “go

: Realize change aimed at becoming a company with a 400


Resin -Treated Products Business


Term Business Plan” to serve as our new guidelines to

It has been 353 years since the Moriroku Group was founded. In order for us to remain a victor as the next company changing environment, we will carry on the legacy that we have cultivated


Sustainable growth



Treated Products Business

Realizing true globalization and evolving upon our proprietary technology and “monozukuri” (shop-floor) operations to become our customers’ “go-to” company

Realize change aimed at becoming a company with a 400-year history





remain a victor as the next company changing environment, we will carry on the legacy that we have cultivated

up to this point yet also aggressively tackle the challenge of new things, and proceed to firmly build an enterprise that

Sustainable


Realizing true globalization and evolving upon our proprietary floor) operations to

to” company

Realize change aimed at becoming a company



Expediting the transformation of our business constitution to accommodate changes in our greater business environment and becoming a true global enterprise that rises above the competition through our organizational strength and QCDD (Quality, Cost, Delivery and Development)



ld an enterprise that

Realizing true globalization and evolving upon our proprietary

Realize change aimed at becoming a company


Expediting the transformation of our business constitution to accommodate changes in our greater business environment and becoming a true global enterprise that rises above the

DD



ld an enterprise that

Basic Strategy/Main Priority Measures

Topics

Further evolution in

In orderarea (our Kanto Plant, Meiwa Plant and mold production plant) to create a single highcompleted construction on our new Kanto Plant in Gunma Prefecture’s

By consolidating Moriroku’s three plants that currently dot the Kanto area, we will aim to establish a highframework backed by various measures that include reinforcing cooperation among multiple business functions and autThis consolidation will not only serve to eliminate the various losses caused by the lack of centralization of those plants, but will also present numerous advantages to us in areas such as reinforcing the hiring and development of human resources

Expansion of global operations

For the purpose of further accelerating the global development of our business and striving to establish both a competitive manufacturing constitution and parts to the North and South American markets, in April 2016, we established our new fourMexican State of Guanajuato.

This facility constitutes a new configuration of plant for us in that iwill be operated through coBusiness and Resinthat that it will serve as a launch point for the expansion of global operations under our Chemical Business. In Indonesia as weare in the process of conducting local initiatives that include following up on customers and procuring raw materials through facilitating cooperation among our businesses.


Fortification of global

operations

Topics

Further evolution in

In order to consolidate our existing three plants in Japan’s Kanto area (our Kanto Plant, Meiwa Plant and mold production plant) to create a single highcompleted construction on our new Kanto Plant in Gunma Prefecture’s Ota City.



For the purpose of further accelerating the global development of our business and striving to establish both a competitive manufacturing constitution and parts to the North and South American markets, in April 2016, we established our new fourMexican State of Guanajuato.

This facility constitutes a new configuration of plant for us in that iwill be operated through coBusiness and Resinthat that it will serve as a launch point for the expansion of global operations under our Chemical Business. In Indonesia as weare in the process of conducting local initiatives that include following up on customers and procuring raw materials through facilitating cooperation among our businesses.


Fortification of global

operations

Further evolution in “ monozukuri

to consolidate our existing three plants in Japan’s Kanto area (our Kanto Plant, Meiwa Plant and mold production plant) to create a single high-efficiency production plant, this April, we completed construction on our new Kanto Plant in Gunma

Ota City.



For the purpose of further accelerating the global development of our business and striving to establish both a competitive manufacturing constitution and bases for supplying automobile parts to the North and South American markets, in April 2016, we established our new four-wheeled vehicle parts plant in the Mexican State of Guanajuato.

This facility constitutes a new configuration of plant for us in that iwill be operated through co-creation efforts between our Chemical Business and Resin-Treated Products Business. We anticipate that that it will serve as a launch point for the expansion of global operations under our Chemical Business. In Indonesia as weare in the process of conducting local initiatives that include following up on customers and procuring raw materials through facilitating cooperation among our businesses.


Transformation of business

structure

monozukuri ” (shop

to consolidate our existing three plants in Japan’s Kanto area (our Kanto Plant, Meiwa Plant and mold production plant) to

efficiency production plant, this April, we completed construction on our new Kanto Plant in Gunma

By consolidating Moriroku’s three plants that currently dot the Kanto area, we will aim to establish a high-efficiency production framework backed by various measures that include reinforcing cooperation among multiple business functions and autThis consolidation will not only serve to eliminate the various losses caused by the lack of centralization of those plants, but will also present numerous advantages to us in areas such as reinforcing the hiring and development of human resources


For the purpose of further accelerating the global development of our business and striving to establish both a competitive

bases for supplying automobile parts to the North and South American markets, in April 2016, we

wheeled vehicle parts plant in the

This facility constitutes a new configuration of plant for us in that icreation efforts between our Chemical

Treated Products Business. We anticipate that that it will serve as a launch point for the expansion of global operations under our Chemical Business. In Indonesia as weare in the process of conducting local initiatives that include following up on customers and procuring raw materials through facilitating cooperation among our businesses.


Transformation of business

structure

Creation of value

Transformation of management

constitution

(shop -floor) operations


efficiency production plant, this April, we completed construction on our new Kanto Plant in Gunma

By consolidating Moriroku’s three plants that currently dot the efficiency production

framework backed by various measures that include reinforcing cooperation among multiple business functions and automation. This consolidation will not only serve to eliminate the various losses caused by the lack of centralization of those plants, but will also present numerous advantages to us in areas such as reinforcing the hiring and development of human resources.

For the purpose of further accelerating the global development of our business and striving to establish both a competitive


wheeled vehicle parts plant in the

This facility constitutes a new configuration of plant for us in that icreation efforts between our Chemical

Treated Products Business. We anticipate that that it will serve as a launch point for the expansion of global operations under our Chemical Business. In Indonesia as weare in the process of conducting local initiatives that include following up on customers and procuring raw materials through facilitating cooperation among our businesses.

Creation of value -added

Transformation of management

constitution Development

floor) operations


efficiency production plant, this April, we

By consolidating Moriroku’s three plants that currently dot the efficiency production

framework backed by various measures that include reinforcing omation.

This consolidation will not only serve to eliminate the various losses caused by the lack of centralization of those plants, but will

Exterior of new Kanto Plant

For the purpose of further accelerating the global development of


This facility constitutes a new configuration of plant for us in that it creation efforts between our Chemical

Treated Products Business. We anticipate that that it will serve as a launch point for the expansion of global operations under our Chemical Business. In Indonesia as well, we are in the process of conducting local initiatives that include following up on customers and procuring raw materials through

Exterior of Mexico Plant

Accelerated expansion of “monozukuri” (shopoperations

Development of human resources

floor) operations




Accelerated expansion of “monozukuri” (shop -floor) operations






C


7 ●

C onsolidated Financial Statements

Consolidated Balance Sheet (Summary)

Item

(Assets)

Current assets

Noncurrent assets

Total assets

(Liabilities)

Current liabilities

Noncurrent liabilities

Total Liabilities

(Net Assets)

Shareholdersequity

Valuation and translation adjustments

Non-controlling interests

Total net assets

Total liabilities and net assets

98th Term (2012

Total Assets/Equity Ratio



onsolidated Financial Statements


Fiscal 201

March 31, 2016

Current assets

Noncurrent assets

(Liabilities)

Current liabilities

tal Liabilities

(Net Assets)

Shareholders ’

Valuation and

adjustments

controlling

Total net assets

tal liabilities and

Total assets

Term 99th Term12) (2013)






Fiscal 2015 (Ending

March 31, 2016)

54,120

57,985

112,105

43,388

16,839

60,227

43,309

7,484

1,084

51,878

112,105

Total assets

Term 100th Term) (2014)




Consolidated Balance Sheet (Summary) (Unit: Million yen)

Fiscal 201(Ending

March 31, 2015

56,092

55,545

111,637

42,177

17,314

59,491

40,270

10,866

1,008

52,146

11,637

Equity ratio

Term 101st Term (2015)


(Unit: Million yen)

Fiscal 2014 (Ending

2015)

56,092

55,545

111,637

42,177

17,314

59,491

40,270

10,866

1,008

52,146

11,637

Consolidated Statement of Income (Summary)

Net sales

Cost of sales

Selling, general and administrative expenses

Non

Nonexpenses

Extraordinary income

Extraordinary loss

Income taxes

Net income attributable to noninterests

Term

onsolidated Financial Statements Consolidated Statement of Income (Summary)

Item

Net sales

Cost of sales

Gross profit

Selling, general and administrative expenses

Operating income

Non-operating income

Non-operating expenses

Ordinary income


Extraordinary loss

Net income before income taxes

Income taxes

Net income

Net income attributable to non -controlling interests

Net income attributable to owners of parent

Operating income


98th Term (2012


Item Beginning April 1, 20March 31, 20

Gross profit

Selling, general and administrative

Operating income

operating income

operating

Ordinary income


Extraordinary loss

Net income before income taxes

Net income

attributable to controlling

Net income attributable to owners of parent

Operating income


Term 99th Term12) (2013


Fiscal 2015 (Fiscal Period

Beginning April 1, 2015 and Ending March 31, 2016)

172,224

151,436

20,788

14,485

6,303

602

829

6,076

59

570

5,565

2,164

3,401

80

3,320

Operating income

Term 100th Term13) (2014

Consolidated Statement of Income (Summary)(Unit: Million yen)

Fiscal 201(Fiscal Period

Beginning April 1, 2014 and Ending March 31, 20

161,170

141,275

19,894

13,895

5,999

839

613

6,224

50

248

6,026

2,038

3,988

60

3,928

Term 101st Term14) (2015


(Unit: Million yen)

Fiscal 2014 Fiscal Period

Beginning April 1, Ending

March 31, 2015)

161,170

141,275

19,894

13,895

5,999

839

613

6,224

50

248

6,026

2,038

3,988

60

3,928

Term 15)

Fiscal Year Highlights ■Consolidated Balance Sheet

Under total assets, property, plant and equipment increased due largely to the construction of the Company’s new Kanto

Plant and enhancements made to resin molding and treatment equipment, and investment securities decreased in line with a

fall in the market value of shares held by the Company. These and other factors brought total assets to 112.1 billion yen (a

year-on-year increase of 0.4 billion yen).

Total liabilities came to 60.2 billion yen (a year-on-year increase of 0.7 billion yen) due to an increase in short-term loans

payable and other factors.

Under total net assets, retained earnings increased due to the posting of net income attributable to the owners of the parent,

foreign currency translation adjustments decreased, and the valuation difference on available-for-sale securities decreased.

These and other factors brought total net assets to 51.8 billion yen (a year-on-year decrease of 0.2 billion yen). Moreover, the

Company’s shareholders’ equity ratio came to 45.3%, a year-on-year decrease of 0.5 points.

■Consolidated Profit and Loss Statement

Net sales came to 172.2 billion yen (a year-on-year increase of 6.9%) in line with an increase in sales under the

Resin-Treated Products Business in the North American region, among other factors. The Company’s overseas net sales ratio

increased year on year by 4.2 points to 64.9%.

With respect to income, the increase in net sales brought operating income to 6.3 billion yen (a year-on-year increase of

5.1%). Due largely to the posting of foreign exchange losses, ordinary income came to 6.0 billion yen (a year-on-year

decrease of 2.4%). As a result of the posting of losses on the retirement of noncurrent assets and other factors, net income

attributable to the owners of the parent came to 3.3 billion yen (a year-on-year decrease of 15.5%).

■Consolidated Statement of Cash Flows

Cash flows from operating activities came to 12.9 billion yen (an increase of 6.5 billion yen in income year on year). This

was due to 5.5 billion yen in income before income taxes and 7.7 billion yen in depreciation, which combined with the

payment of income taxes.

Cash flows from investing activities came to minus 14.6 billion yen (an increase of 6.5 billion yen in expenditure year on

year). This was chiefly due to the construction of the Company’s new Kanto Plant and enhancements made to resin molding

and treatment equipment.

Cash flows from financing activities came to 2.2 billion yen (a decrease of 0.6 billion yen in income year on year). This

was chiefly due to income from short-term loans payable and long-term loans payable.

Consolidated Statement of Cash Flows (Summary) (Unit: Million yen)

Item Fiscal 2015

(Fiscal Period Beginning April 1, 2015

and Ending March 31, 2016)

Fiscal 2014 (Fiscal Period Beginning April 1, 2014

and Ending March 31, 2015)

Cash flows from operating activities 12,993 6,412

Cash flows from investing activities (14,610) (8,020)

Cash flows from financing activities 2,297 2,976

Effect of exchange rate changes on cash and cash equivalents (292) 273

Cash and cash equivalents at beginning of year 7,185 1,641

Amount of increase in cash and cash equivalents following change in scope of consolidation

- 277

Cash and cash equivalents at end of year 7,573 7,185


C orporate Data & Status of Shares

■ Company Outline (As of March 31, 2016) Trade Name: Moriroku Holdings Company, Ltd.

Date of Founding: 1663

Date of Establishment: March 1916

Capital: 1,640,100,000 JPY

No. of Employees (Consolidated): 3,829

Primary Business Activities: The control and management of the business activities below through share-based ownership of the companies conducting said activities

Chemical Business

Manufacture, Distribution, Importing and Exporting of Chemical and

Synthetic Resin Products

Resin-Treated Products Business

Manufacture and Distribution of Resin Molding Parts for 4-Wheeled

and 2-Wheeled Vehicles and High-Performance Components

■ Status of Shares (As of March 31, 2016)

Total No. of Shares Authorized to Be Issued 30,000,000

Total No. of Outstanding Shares 8,480,000 (includes 1,076,351 shares of treasury stock)

No. of Shareholders 252

Principal Shareholders (Top 10)

Name of Shareholder No. of Shares Held

Shareholding Ratio (%)

Moriroku Employee Shareholding Plan 923,677 12.47

Mitsui Chemicals, Inc. 708,000 9.56

Mitsui & Co., Ltd. 564,000 7.61

Shigeru Mori 554,280 7.48

Honda Motor Co., Ltd. 396,000 5.34

Sumitomo Mitsui Banking Corporation 265,000 3.57

Resona Bank Ltd. 265,000 3.57

Toshitake Mori 263,072 3.55

The Awa Bank, Ltd. 263,000 3.55

Toshiko Izome 262,238 3.54 (Notes) 1. While the Company has 1,076,351 treasury stocks in its possession, it has excluded itself

from the above principal shareholders. 2. Treasury stocks have been deducted in calculations of shareholding ratios.


■ Members of the Board of Directors, Auditors and Executive Officers (As of June 29, 2016)


President, CEO & Executive Officer Shigenobu Miwa

Director and Executive Officer Mikio Sunaga

Director and Executive Officer Kazuhiko Tsuda

Director Senior Executive Advisor

Shigeru Mori

Director and Executive Officer Mariko Yoneima (maiden name: Mariko Mori)

Corporate Auditor (Full-Time) Ryuuichi Akatani

Corporate Auditor (Full-Time) Kouichi Tada

Corporate Auditor Tadashi Kawashima

Corporate Auditor Mitsumaru Kajiya

Executive Officer Shunji Shitasako

Executive Officer Kouichi Tanaka

Moriroku Chemical Company, Ltd.


Shigenobu Miwa

Director and Executive Officer Hiroyuki Miyagoshi

Director and Executive Officer Takashi Kurita

Director and Executive Officer Kazuhiko Tsuda

Director and Executive Officer Hidehito Monji

Director Shigeru Mori

Corporate Auditor Ryuuichi Akatani

Executive Officer Taiji Kinowaki

Executive Officer Yasushi Furusawa

Moriroku Technology Company, Ltd.

Chairman of Directors Shigenobu Miwa


Mikio Sunaga

Director and Executive Officer Yoichi Okazaki

Director and Executive Officer Masaru Hayakawa

Director and Executive Officer Hiroshi Negishi

Director Shigeru Mori

Corporate Auditor Ryuuichi Akatani

Executive Managing Officer Masayuki Kaneko

Executive Officer Hiroaki Ono

Executive Officer Kazuhiro Hashimoto

Executive Officer Hideo Tsukai

Executive Officer Akira Yamazaki

Executive Officer Kazuyuki Morita

M emo to Shareholder

Fiscal Year Beginning April 1and ending March 31 the following year

Record Date

Voting rights at Annual General Meeting of Shareholders March 31

Fiscal Year-End Dividends March 31

Interim Dividends (when conducted) September 30

Official notice shall be issued in advance for any other relevant items.

Annual General Meeting of Shareholders

June

Method of Notification

Electronic notification will be conducted via postings on Moriroku Group’s official website (http://www.moriroku.co.jp).

Should an accident or other unavoidable circumstances not permit notification through electronic means, Moriroku Holdings will issue official notification through the Nihon Keizai Shinbun (Nikkei) newspaper.

Minimum Share Trading Unit 100 shares

Shareholder Registry Administrator

The Sumitomo Mitsui Trust Bank, Limited

1-4-1 Marunouchi, Chiyoda-ku, Tokyo, Japan

Other Points of Contact The Sumitomo Mitsui Trust Bank, Limited

All branches nationwide

Questions Administrative Procedures


Stock Office Supervisor Administrative Group Administrative Div.

Shin-Aoyama Bldg. East Annex, 18th Floor, 1-1-1 Minami-Aoyama, Minato-ku, Tokyo, Japan

TEL: 81-3-3403-6102 (switchboard) FAX: 81-3-3403-6157

Email: [email protected]

Point of Contact for Mailing of Items or Confirmation by

Phone

The Sumitomo Mitsui Trust Bank, Limited

Securities Agent Department

2-8-4 Izumi, Suginami-ku, Tokyo, 168-0063 Japan

TEL: 81-120-782-031 (Monday through Friday 9:00 AM-5:00 PM)

101st Term Annual Report ●10

Information regarding Moriroku Group can be found on the following websites:


Moriroku Holding


Moriroku Holding s Company, Ltd.


Company, Ltd.



Moriroku Group Websites






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