2021202220212022235.921.6¥ BillionPrinting and Industrial Materials Products +16.7Operating ResultsIn the fiscal year ended March 31, 2022, the global economy was characterized by sharply higher resource and energy prices, as well as supply chain disruptions. Even so, progress with COVID-19 vaccinations prompted a trend toward general recovery. In Japan, personal consumption was sluggish as a result of the pandemic, but corporate earnings rebounded, partly thanks to the impact of yen depreciation. Against this backdrop, consolidated net sales rose 8.9% year on year, to ¥256.8 billion, buoyed by favorable demand for semiconduc-tor- and electronic component-related products. Demand for other products also recovered compared with the previous year, which had been significantly affected by the pandemic, leading to generally solid performance. Operating income increased 26.7%, to ¥21.6 billion, on substantially higher sales of Electronics and Optical Products and a move to profitability in Printing and Industrial Materials Products. Profit before income taxes expanded 39.6%, to ¥23.2 billion, owing to the rise in operating income, foreign exchange gains, and a gain on bargain purchase stemming from the acquisi-tion of a U.S. manufacturer. Income taxes following the application of tax effect accounting was ¥6.5 billion, and profit attributable to owners of parent increased 45.9%, to ¥16.6 billion. Net income per share was ¥232.12, up from ¥157.81 in the previ-ous fiscal year, and ROE increased from 5.9% to 8.2%.Performance by Business SegmentPrinting and Industrial Materials ProductsIn Printing & Variable Information Products Operations, overall results in Japan were solid for both adhesive paper and adhesive film, although sales of adhesive products for labels were sluggish for cosmetics and beverage campaigns, but demand from food and online sales businesses was higher. Overseas, sales rose substan-tially due to favorable performance in Asia, including China and the ASEAN region, and as the result of an acquisition in the U.S.Paper and Converted Products Electronic and Optical Products +1.8+2.4(Fiscal years ended March 31)¥ BillionMaterials Products In Industrial & Material Operations, demand for window film and automobile-use adhesive products recovered in Japan and overseas. Also, sales of decorative film and machines for online sales were favorable. As a result, segment sales totaled ¥132.4 billion (up 14.4% year on year) and operating income was ¥1.4 billion.Electronic and Optical ProductsIn Advanced Materials Operations, stronger demand related to 5G smartphones and car electronics, and for PCs due to the rise in teleworking, led to brisk sales of semiconductor-related adhesive tape and equipment, as well as multilayer ceramic capacitor-related tape. In Optical Products Operations, sales of optical display-related adhesive products were solid for use in large-size TVs, PCs, and smartphones. In this business operation, sales were down substan-tially year on year due to the application of the Accounting Standard for Revenue Recognition. Accordingly, segment sales were ¥91.4 billion (up 2.7% year on year) and operating income was ¥19.2 billion (up 27.3% year on year).Paper and Converted ProductsIn Fine & Specialty Paper Products Operations, demand for main-stay color paper for envelopes was firm. Also, demand recovered for industrial specialty paper used in clean rooms and other applica-tions, as did oil- and water-resistant paper for use with fast food. remained largely unchanged from the previous year. However, demand for casting paper for synthetic leather recovered for use in vehicles. Furthermore, demand for casting paper for carbon fiber composite materials for use in sports and leisure increased, resulting in steady sales. As a result, sales in this segment came to ¥33.0 billion (up 5.9% year on year), and operating income was ¥1.0 billion (down 54.6%).In Converted Products Operations, sales of release paper 256.817.0Paper and Converted Products –1.2Electronic and Printing and Industrial Optical Products +4.1+1.6Adjustment +0.1(Fiscal years ended March 31)70Net SalesOperating IncomeManagement’s Discussion and Analysis
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