On May 12, 2022 Kureha Corporation reported that FY2021 Financial ReportI (Press release, Kureha Corporation, MAY 12, 2022, View Source [SID1234614277]).
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FY2021 Results (April 1, 2021 – March 31, 2022)
2 Highlights
• Delivered ¥6.5bn growth in core operating profit, driven by Advanced Materials (PVDF, PPS) and Specialty Plastics (wrap film, fishing lines)
• PPS capacity increase of 5000tpa (completed by FY20/4Q) contributing in 2Q onward
• Capacity increase for PVDF specialty polymers completed at the Iwaki Factory in 4Q
• Sales growth of PGA frac plugs below targeted; PGA resin production suspended
• Development of new agrochemicals progressing as scheduled
• Recorded a ¥5.3bn impairment loss on the PGA resin manufacturing plant (USA)Factors attributing to changes in
core operating profit AM: Sales expansion of advanced plastics (PVDF, PPS, PGA), carbon products and other plastic products SC: Higher fuel and raw material costs more than offsetting increased pharmaceuticals and organic industrial chemicals volumes, flat agrochemicals sales
SP: Higher home product and fishing line volumes, recovered sales for packaging materials
CO: Fewer construction projects in both private and public sectors
OO: Absence (completion) of prior year’s post-typhoon waste treatment projectsNotes-Other expenses in FY2020 include an ¥1.6bn impairment loss related to the PGA business
-Other expenses in FY2021 include a ¥5.3bn impairment loss related to the PGA business and a ¥0.3bn loss on revision of retirement benefit plan
Advanced plastics: Revenue and profit up: Higher sales volumes of PVDF LiB binder, PPS and PGA (for shale development) partially offset by impact of suspended production for PGA resins
Carbon products: Revenue and profit up: Sales volume growth of carbon fiber used for high-heat furnace insulation and automotive sliding materials
Other: Revenue and profit up: Sales expansion of other plastic products led by Group companies