On November 10, 2021 Kuraray reported that (Press release, Kuraray, NOV 10, 2021, https://pdf.irpocket.com/C3405/l3Fa/TF2c/T3bA.pdf [SID1234595213])
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1. Consolidated Financial Results for the Third Quarter of the Fiscal Year Ending December 31, 2021 (January 1, 2020 to September 30, 2021)
(1) Consolidated Operating Results (Percentage changes displayed for net sales, operating income, ordinary income and net income attributable to owners of the parent are comparisons with the corresponding period of the previous fiscal year.)
(2) Consolidated Financial Position
2. Dividends
3. Forecasts of Consolidated Financial Results for the Fiscal Year Ending December 31, 2021 (January 1, 2021 to December 31, 2021) (Percentage changes displayed for net sales, operating income, ordinary income and net income attributable to owners of the parent are comparisons with the corresponding period of the previous fiscal year.)
1. Qualitative Information regarding Business Results
(1) Overview of Consolidated Business Results In the third quarter of fiscal 2021 (January 1, 2021–September 30, 2021), the world economy recovered overall as COVID-19 vaccinations rates continued to rise and economic activities have been invigorated, particularly in advanced countries and China. However, the outlook is currently growing more unclear due mainly to a continued rise in raw material and fuel prices in addition to shortages of semiconductors and other components, prolonged logistics disruptions, and concerns about an economic slowdown in China. Consequently, consolidated operating results for the third quarter of fiscal 2021 are as follows: net sales rose ¥65,380 million, or 16.6%, compared with the previous fiscal year to ¥459,159 million; operating income increased ¥21,790 million, or 67.0%, to ¥54,318 million; ordinary income increased ¥21,178 million, or 71.0%, to ¥51,001 million; and net income attributable to owners of the parent increased ¥13,455 million, or 88.8%, to ¥28,602 million.
The Group’s long-term vision for its 100th anniversary coming up in 2026, "Kuraray Vision 2026", is to become a "Specialty Chemical Company, growing sustainably by incorporating new foundational platforms into its own technologies." We will continue striving to optimize our business portfolio by steadily taking specific measures based on the three basic policies of "Kuraray Vision 2026": pursuing competitive superiority, expanding new business fields and enhancing the comprehensive strengths of the Kuraray Group. In fiscal 2021, we will focus on safe and stable operations amid the pandemic and thoroughly implement various measures decided on during the period of the previous medium-term management plan "PROUD 2020." At the same time, we will move ahead with formulating the next medium-term management plan, which is set to start in fiscal 2022.Results by Business Segment Vinyl Acetate Sales in this segment increased 20.4% year on year to ¥224,861 million, and segment income rose 53.3% year on year to ¥42,926 million.
(1) Sales of PVA resin increased for a wide range of applications as global demand has been recovering, but performance was impacted by high raw material and fuel prices. Sales of optical-use poval film were brisk against a backdrop of robust demand for LCD panels continuing from the second half of the previous fiscal year. The sales volume of PVB film rose year on year but were affected by a decrease in the production of automobiles caused by a shortage of semiconductors in the third quarter. Sales of water-soluble PVA film steadily expanded for use in unit dose detergent packets, including for laundry and dish detergents.
(2) The sales volume of EVAL ethylene vinyl alcohol copolymer (EVOH resin) increased due to a recovery in demand for gas tank applications and solid demand for food packaging applications but were affected by a decrease in the production of automobiles and high raw material and fuel prices in the third quarter.