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    4631   JP3493400000

DIC CORPORATION

(4631)
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DIC : Consolidated Financial Results for the Three Months Ended March 31, 2021 (Japan GAAP)

05/14/2021 | 11:27am EDT

ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT

This is a translation of the original Japanese-language document and is provided for convenience only. In all cases, the Japanese-language original shall take precedence.

Analysis of Results of Operations

(1) Overview of Operating Results

(Billions of yen)

Three months

Three months

Change

Change (%)

ended

ended

(%)

Local currency basis

March 31, 2020

March 31, 2021

Net sales

181.7

190.3

4.7%

4.2%

Operating income

9.9

14.0

40.7%

40.4%

Ordinary income

8.3

14.8

78.6%

-

Net income attributable

4.6

10.2

121.4%

-

to owners of the parent

EBITDA*

14.4

21.4

48.9%

-

¥/US$1.00 (Average rate)

108.72

106.17

-2.3%

-

¥/EUR1.00 (Average rate)

119.68

127.88

6.9%

-

* EBITDA = Net income attributable to owners of the parent + Total income taxes + (Interest expenses - Interest income) + Depreciation and amortization

In the three months ended March 31, 2021, consolidated net sales rose 4.7%, to ¥190.3 billion. Despite the persistent spread of the COVID-19 pandemic, the global economy picked up, led by the United States and the People's Republic of China (PRC). In Japan, economic activity recovered in multiple areas, notably automobile manufacturing, as a result of which shipments of a variety of high-value-added products, including materials for use in semiconductor devices, electrical and electronics equipment, and automobiles, rallied. Shipments of materials for use in daily necessities such as food packaging were also firm, particularly in overseas markets.

Operating income, at ¥14.0 billion, was up 40.7%. In addition to expanded shipments of high-value-added products, the sharp increase in operating income reflected broad-based efforts to curb costs and successful efforts to address elevated raw materials costs, particularly in the Americas and Europe, by adjusting sales prices.

Ordinary income climbed 78.6%, to ¥14.8 billion, owing to a decline in non-operating expenses, among others.

Net income attributable to owners of the parent soared 121.4%, to ¥10.2 billion, bolstered by extraordinary income from a gain on sales of subsidiaries' and affiliates' securities.

Earnings before interest, taxes, depreciation and amortization (EBITDA) advanced 48.9%, to ¥21.4 billion.

1

ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT

This is a translation of the original Japanese-language document and is provided for convenience only. In all cases, the Japanese-language original shall take precedence.

(2) Segment Results

(Billions of yen)

Net sales

Operating income (loss)

Change

Change

Three months

Three months

Change

(%)

Three months

Three months

Change

(%)

ended

ended

Local

ended

ended

Local

(%)

(%)

March 31, 2020

March 31, 2021

currency

March 31, 2020

March 31, 2021

currency

basis

basis

Packaging &

99.3

102.4

3.1%

3.0%

4.0

5.4

34.7%

36.7%

Graphic

Color & Display

29.5

28.8

-2.6%

-2.2%

2.7

3.0

9.2%

8.6%

Functional

61.2

66.6

8.9%

7.6%

4.8

7.6

58.6%

56.6%

Products

Others,

Corporate and

(8.4)

(7.6)

-

-

(1.6)

(2.0)

-

-

eliminations

Total

181.7

190.3

4.7%

4.2%

9.9

14.0

40.7%

40.4%

Packaging & Graphic

Three months

Three months

Change (%)

ended

ended

Change (%)

Local currency basis

March 31, 2020

March 31, 2021

Net sales

¥99.3

billion

¥102.4

billion

3.1%

3.0%

Operating income

¥4.0

billion

¥5.4

billion

34.7%

36.7%

Segment sales rose 3.1%, to ¥102.4 billion. In the area of materials for food packaging, sales of packaging inks escalated in Asia-underpinned by a steep increase in shipments, particularly in the PRC, which saw an unequivocal economic recovery-and were firm in the Americas and Europe, but decreased in Japan, owing to sluggish shipments. Sales of publication inks, which center on publishing inks and news inks, flagged in Japan as a second state-of-emergency declaration hindered demand for commercial printing, including advertisements and catalogs, but were essentially level overall thanks to robust market conditions in Asia and expanded shipments in the Americas and Europe. Sales of jet inks for digital printing were up significantly, buttressed by more robust shipments, as demand for industrial applications such as outdoor signage, posters and banners rebounded after flagging in the previous fiscal year, and by the positive impact of the June 2020 acquisition of a U.S. business of jet inks for digital printing on textiles.

Segment operating income advanced 34.7%, to ¥5.4 billion. Contributing factors included elevated shipments of packaging inks and publication inks overseas, and stronger sales of jet inks, which are high-value-added offerings, as well as successful efforts to address elevated raw materials costs, particularly in the Americas and Europe, by adjusting sales prices.

2

ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT

This is a translation of the original Japanese-language document and is provided for convenience only. In all cases, the Japanese-language original shall take precedence.

Color & Display

Three months

Three months

Change (%)

ended

ended

Change (%)

Local currency basis

March 31, 2020

March 31, 2021

Net sales

¥29.5

billion

¥28.8

billion

-2.6%

-2.2%

Operating income

¥2.7

billion

¥3.0

billion

9.2%

8.6%

Segment sales edged down 2.6%, to ¥28.8 billion. In the area of color materials, a recovery in shipments of pigments for cosmetics was delayed amid continued mask wearing and restrictions on the movement of people worldwide as a result of COVID-19, while sales of pigments for use in inks decreased. Sales of display materials also declined, despite firm sales of pigments for color filters, as shipments of thin-film transistor liquid crystals (TFT LCs) fell. In pigments for specialty applications, sales of effect pigments increased, bolstered by higher demand in Europe for autoclaved aerated concrete for construction-related applications.

Segment operating income, at ¥3.0 billion, was up 9.2%. This was despite the overall decline in sales and was attributable to steady shipments of high-value-added products such as pigments for color filters and effect pigments.

Functional Products

Three months

Three months

Change (%)

ended

ended

Change (%)

Local currency basis

March 31, 2020

March 31, 2021

Net sales

¥61.2

billion

¥66.6

billion

8.9%

7.6%

Operating income

¥4.8

billion

¥7.6

billion

58.6%

56.6%

Segment sales increased 8.9%, to ¥66.6 billion. Shipments of epoxy resins, the principal application for which is semiconductor devices, remained brisk overall for use as sealing materials in onboard and electronics equipment. Shipments of industrial-use tapes, used primarily in smartphones, were also firm. Sales of all environment- friendly resins* advanced, led by waterborne, polyurethane and other resins for automotive applications. Shipments of polyphenylene sulfide (PPS) compounds-uses for which continue to multiply, underpinned by the trend toward lighter and more electrified vehicles-rose sharply in all regions, buttressed by a recovery in the number of vehicles sold.

Segment operating income climbed 58.6%, to ¥7.6 billion, largely as a result of expanded shipments of epoxy resins and other high-value-added products.

  • DIC uses the term "environment-friendly resins" to describe strategic resins designed to improve both environmental performance and functionality. These include waterborne, ultraviolet (UV)-curable, polyester, acrylic and polyurethane resins.

3

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

DIC Corporation published this content on 14 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2021 15:26:07 UTC.


© Publicnow 2021
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