Aica Kogyo Co., Ltd.
Support Data for the Summary of Consolidated Financial Results for the Year Ended March 31, 2025
May 1, 2025
ⒸAica Kogyo Co., Ltd.
Stock code: 4206
＊ "FY" in this material indicates the fiscal year ending March 31 of the succeeding year.
1. Consolidated Financial Results
[JPY million]
FY2023 | FY2024 | ||||||
Results | Profit margin | Forecast | Results | Profit margin | YoY | vs Fcst. | |
Net Sales | 236,625 | - | 250,000 | 248,696 | - | +5.1% | 99.5% |
Operating Profit | 25,286 | 10.7% | 27,200 | 27,408 | 11.0% | +8.4% | 100.8% |
Ordinary Profit | 26,135 | 11.0% | 28,300 | 28,668 | 11.5% | +9.7% | 101.3% |
Net Income * | 15,135 | 6.4% | 16,200 | 16,896 | 6.8% | +11.6% | 104.3% |
[JPY]
ROE | 9.9% | - | 9.6% | 10.1% | - | - | - |
Earnings per share | 236.60 | - | 258.09 | 266.36 | - | - | 102.9% |
Net Sales, Operating Profit, Ordinary Profit, Net Income*：Reached a record high
Operating Profit, Ordinary Profit：Increased 4 consecutive fiscal year
* Profit attributable to owners of parent
ⒸAica Kogyo Co., Ltd.
2
2. Historical Consolidated Results
[JPY million]
242,055 248,696 236,625 214,514 174,628 10,759 18,438 13,117 21,840 15,135 26,135 10,059 22,088 16,896 28,668Net sales Profit 250,000 220,000 190,000 160,000 130,000 100,000 35,000 30,000 25,000 20,000 15,000 10,000 70,000 FY2020 FY2021 FY2022 FY2023 FY2024
Net Sales
5,000
3. Results by Segment
[JPY million]
Net Sales | Operating Profit | ||||||
FY2023 | FY2024 | YoY | FY2023 | FY2024 | YoY | ||
Chemical Products | 130,300 | 138,587 | +6.4% | 9,280 7.1% | 9,331 6.7% | +0.6% ー | Amount Profit margin |
Laminates & Building Materials | 106,325 | 110,109 | +3.6% | 20,339 19.1% | 22,535 20.5% | +10.8% ー | Amount Profit margin |
(Adjustments) | -4,333 | -4,458 | - | Amount | |||
25,286 | 27,408 | +8.4% | Amount | ||||
Total | 236,625 | 248,696 | +5.1% | ||||
10.7% | 11.0% | ー | Profit margin | ||||
4. FY2025 Forecast
[JPY million]
FY2024(Results) | FY2025(Forecast) | |||||
H1 | Full Year | H1 | YoY | Full Year | YoY | |
Net Sales | 120,140 | 248,696 | 126,600 | +5.4% | 265,000 | +6.6% |
Chemical Products | 67,571 | 138,587 | 69,750 | +3.2% | 145,600 | +5.1% |
Laminates & Building Materials | 52,569 | 110,109 | 56,850 | +8.1% | 119,400 | +8.4% |
Operating Profit | 13,147 | 27,408 | 13,600 | +3.4% | 29,000 | +5.8% |
Profit margin | 10.9% | 11.0% | 10.7% | ー | 10.9% | ー |
Ordinary Profit | 14,230 | 28,668 | 14,300 | +0.5% | 30,000 | +4.6% |
Profit margin | 11.8% | 11.5% | 11.3% | ー | 11.3% | ー |
Net Income* | 8,855 | 16,896 | 8,900 | +0.5% | 18,300 | +8.3% |
Profit margin | 7.4% | 6.8% | 7.0% | ー | 6.9% | ー |
5. Medium Term Business Plan Progress(1/2)-Financial Target-
[JPY billion]
Previous Plan | |
FY2022 (Results) | |
Net Sales | 242.0 |
Ordinary Profit | 22.0 |
AS product*1 Sales *2 | 19.3 |
Overseas Sales Ratio | 51.2% |
ROE | 6.9% |
ROIC | 8.1% |
Year1 | Year2 | Year3 | Year4 |
FY2023 (Results) | FY2024 (Results) | FY2025 (Forecast) | FY2026 (Forecast) |
236.6 | 248.6 | 265.0 | 300.0 |
26.1 | 28.6 | 30.0 | 30.0 |
21.7 | 24.1 | 27.0 | 28.0 |
47.8% | 48.0% | 50% or more | |
9.9% | 10.1% | 10% or more | |
8.9% | 9.6% | 8% or more | |
*1 Stands for AICA solution products. Product that resolves social issues *2 Aica Kogyo Non-consolidated
5. Medium Term Business Plan Progress(2/2)-Financial Target by Segment -
[JPY million]
Previous Plan | ||
FY2022 (Results) | ||
Chemical Products | Net Sales | 141,312 |
Operating Profit | 7,494 | |
Profit margin | 5.3% | |
EBITDA | 11,119 | |
EBITDA margin | 7.9% | |
Laminates & Building Materials | Net Sales | 100,743 |
Operating Profit | 16,740 | |
Profit margin | 16.6% | |
EBITDA | 19,910 | |
EBITDA margin | 19.8% |
Year1 | Year2 | Year3 | Year4 | |
FY2023 (Results) | FY2024 (Results) | YoY | FY2025 (Forecast) | FY2026 (Revised Forecast) |
130,300 | 138,587 | +6.4% | 145,600 | 163,000 |
9,280 | 9,331 | +0.6% | 9,900 | 10,500 |
7.1% | 6.7% | ー | 6.8% | 6.4% |
13,406 | 14,202 | +5.9% | 14,939 | 15,800 |
10.3% | 10.2% | ー | 10.3% | 9.7% |
106,325 | 110,109 | +3.6% | 119,400 | 137,000 |
20,339 | 22,535 | +10.8% | 23,900 | 25,000 |
19.1% | 20.5% | ー | 20.0% | 18.2% |
23,254 | 26,460 | +13.8% | 27,493 | 28,900 |
21.9% | 24.0% | ー | 23.0% | 21.1% |
* After consolidation eliminations, before deducting unallocated operating expenses
6. Capital Policy and ROE Target
ROE Trend (Results & Forecast)
Measures
10% or more
9.9%
10.1%
9.4%
6.9%
Cost of Equity Capital
(low 5% to mid 6% range)
FY21
FY22
FY23
FY24
FY25
FY26
Previous Plan
Current Plan
Next Plan
Expansion of Equity Spread
Profit Growth
Strengthening Profitability Structure | Improving profitability by focusing on high value-added products and reviewing unprofitable businesses and products. |
Growth Investment | Enhancing disciplined growth investments aimed at future profit expansion. |
Productivity Improvement | Improving operational efficiency and productivity through the use of digital transformation (DX). |
Improving Capital Efficiency
Asset Efficiency Enhancement | Improving asset efficiency through inventory optimization, reduction of accounts receivable, and management of group companies using ROIC. |
Reduction of Cross-Shareholdings | Reducing cross-shareholdings, with proceeds used for growth investments, capital expenditures, and shareholder returns. |
Optimization of Equity Capital | Pursuing an optimal and flexible capital structure that supports both growth and shareholder returns while maintaining financial discipline. |
Enhanced Shareholder Returns | We will continue a progressive dividend policy while maintaining a shareholder return-focused payout ratio, aiming to return over 10 billion yen through share buybacks under the current plan. |
ROE target in the current plan has been revised
from "around 10%" to "over 10%", reflecting profit growth and capital efficiency.
7. Capital Policy and Cash Allocation (FY23-26)
Non-Operating Assets
Cash Inflow total 110 JPY billion
Cash Outflow total 110 JPY billion
4.0 3.30.7
成長
Sale of Cross-
29.0
Part of unused cash
23.9[JPY billion]
Operating Cash Flow
106.0
51.055.0
Shareholdings, etc
Expansion of High-Value-Added Products
投資
設備投資
自己株式取得
40.0
10.0
may be allocated to
share buybacks.
16.5 6.04.0
M&A, etc
21.518.5
Flexible Share Buybacks
5.1
Plan of Approximately JPY 10 Billion per Year
Results
FY23-24
Plan
FY25-26
Legend
配当
31.0
14.5
Progressive Dividend
Total Cash Inflow (Mid-Term Plan)
Operating Cash Flow
Non-Operating Assets
Total Cash Outflow (Mid-Term Plan)
Dividend Share Buyback Capital Investment
Growth Investment
*A portion of treasury shares will also be utilized for executive and employee compensation
Over the next two years (FY25-26), we plan to expand both shareholder returns and growth investments
8. Capital Policy and Dividends Per Share
[JPY]
140
120
Continue the progressive dividend policy Payout ratio: 47.3% (FY2025)
70
70
103 106
+10 JPY
+14 JPY
107 108 109 112
126 *
136 *
100
92 70*
Year-end
80
60
28
40 30 32 34 36 38
43 46
23 25
85
47 50
56 57 58
58 59 60
70 *(Forecast)
66
66 *
Interim
20 13 15 17 17 19 19
15 15 15 17 17 19 20 21
0
38 42
47 49
49 50 50 52
56 (Forecast)
56
FY2008 FY2010 FY2012 FY2014 FY2016 FY2018 FY2020 FY2022
FY2024
FY2025
FY2024
*The General Meeting of Shareholders officially scheduled for June will determine dividends for FY2024. Dividends for FY2025 are current forecast values
16 consecutive years of dividend increases, and no dividend cuts for 27 consecutive years
(as of FY2025)
【Appendix】 Overseas Sales by Segment
[JPY billion]
FY2023 Results | FY2024 Results | ||||
Net Sales | Overseas Sales Ratio | Net Sales | YoY | Overseas Sales Ratio | |
Chemical Products | 92.79 | 71.2% | 99.50 | +7.2％ | 71.8％ |
Laminates & Building Materials | 20.24 | 19.0% | 19.90 | -1.7％ | 18.1％ |
Total | 113.04 | 47.8% | 119.41 | +5.6％ | 48.0％ |
【Appendix】 Sales Breakdown for Chemical Products
[JPY billion]
FY2023 | FY2024 | ||||
Results | Forecast | Results | vs Fcst. | YoY | |
Adhesives | 91.94 | 97.00 | 95.89 | 98.9% | +4.3% |
[Of which, AAP* Group] | [71.63] | [75.80] | [74.74] | [98.6%] | [+4.3%] |
Construction Resins | 10.31 | 11.00 | 10.97 | 99.7% | +6.3% |
Specialty & Performance Materials | 15.86 | 17.60 | 17.96 | 102.1% | +13.2% |
Other | 12.17 | 12.60 | 13.75 | 109.2% | +13.0% |
Total | 130.30 | 138.20 | 138.58 | 100.3% | +6.4% |
* AAP: AICA Asia Pacific
【 Appendix 】 Results for Chemical Products
Net Sales by Country
[JPY Billion]
China Thailand
Indonesia
Vietnam
Others
Japan
FY22
FY23
FY24
24.40
11.60
16.20
18.40
29.00
38.00
21.09
10.73
17.31 15.23
28.42
37.50
23.10
14.65
15.05
16.87
29.81
39.07
Overseas Group
[JPY billion]
EMC* Group
AAP* Group
*AAP: AICA Asia Pacific *EMC: Evermore Chemical Industry [Before Goodwill Amortization and Consolidation Elimination]
Net Sales
Operating Profit
Net Sales
Operating Profit
80.0
60.0
40.0
20.0
7 13.01
10.67
0.41
0.50
-0.06
81.07
71.63
74.74
5.64
5.43
5.01
12
6
8
5
4
12.46
1.1
0.8
0.5
0.2
0.0
4
FY22 FY23 FY24
Net Sales
0
FY22 FY23 FY24
Net Sales
-0.1
Japanese Sales Breakdown
[JPY Billion]
Adhesives
Construction Resins
Specialty & Performance
Materials
19.85 19.67 20.62
9.81
10.31
10.97
5.30
5.71
6.13
FY22 FY23 FY24 FY22 FY23 FY24 FY22 FY23 FY24
【Appendix】 Sales Breakdown for Laminates & Building Materials
[JPY billion]
FY2023 | FY2024 | ||||
Results | Forecast | Results | vs Fcst. | YoY | |
High Pressure Laminates [HPL] | 34.32 | 37.00 | 35.09 | 94.8% | +2.2% |
Decorative Plywood Boards, Architectural Films | 12.41 | 12.70 | 12.47 | 98.2% | +0.5% |
Melamine Fire Retardant Decorative Panels "CERARL" | 23.25 | 24.30 | 23.77 | 97.8% | +2.2% |
Fire Retardant / Noncombustible Decorative Panels | 7.52 | 7.70 | 7.41 | 96.3% | -1.4% |
Building and Housing Materials | 28.80 | 30.10 | 31.35 | 104.2% | +8.8% |
Total | 106.32 | 111.80 | 110.10 | 98.5% | +3.6% |
【 Appendix 】 Results for Laminates & Building Materials
Net Sales by Country
81.86
18.88
86.08
20.24
90.20
19.90
Japan Overseas
FY22
Overseas Sales by Country
FY22
[JPY billion]
FY23
FY23
FY24 FY24
India
Indonesia
Others
China Thailand Vietnam
5.78 3.51 2.44 2.38 1.63 3.12
5.73
3.52
2.91
2.51 1.48
4.08
4.96
3.69
3.59
2.90 1.16
3.58
Japanese Sales Breakdown
[JPY Billion]
High Pressure Laminates [HPL]
Decorative Polyester Boards, Decorative Films
Melamine Fire Retardant Decorative Panels "CERARL"
Fire Retardant
/ Noncombustible Decorative Panels
Building and Housing Materials
26.48
28.80
21.50
22.41
22.92
13.82
14.92
15.92
12.50
12.41
12.47
7.80
7.52
7.41
31.35
FY22 FY23 FY24 FY22 FY23 FY24 FY22 FY23 FY24 FY22 FY23 FY24 FY22 FY23 FY24
【 Appendix 】 Business Outlook Results
Exchange Rate Japan Naphtha Prices
FY23
FY241USD＝JPY140.54
1USD＝JPY151.43FY23
FY24JPY 67,500/kl
JPY 75,500/klJapanese Construction Market (YoY)
Newly built*Time lag with AICA products demand period has been adjusted
Renovation/RenewalJanuary to December 2024
Residential Non-Residential-3.1 ％ -5.1 ％
(Number of constructions) (Total area of constructions)
+0.5 ％ ＋5.5 ％
(Orders received)
(Orders received)
"FY" in this material indicates the fiscal year ending March 31 of the succeeding year.
This document has been translated from the Japanese original for reference purpose only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
The matters such as current plan, prospect, strategy, or conviction which indicated in this report but not historical fact are only the expectation of the future achievement, and there are the risks or unexpected factors.
This information has made based on the judgment of the manager of Aica Kogyo Co., Ltd. using current available information. The actual result can be difference from the current prospect because of various important elements, so please avoid depending on fully to only this prospect.
This document is not a thing for investment inducement. We request that the decision about the investment will be performed by the judgment of each user.