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Mid-term Management Plan Current Status
2018年4月27日
ZEON CORPORATIONKimiaki Tanaka
President
April 27, 2018
©ZEON CORPORATION. All rights reserved.
Contents
2
1. FY2017 Results and Business Environment
2. Business Topics
©ZEON CORPORATION. All rights reserved.3
Consolidated ResultsFY2018 Forecast: Elastomers: Raw materials market will settle down and prices will fall. Specialty Materials Business: Grows steadily.
Consolidated Results by SegmentNet salesJPY (Billions)
Operating incomeJPY (Billions)
500
70.9 71.0 75.0 77.0 86.5 85.0
188.8178.9 166.2 168.0
194.6 184.0
Net sales: Others
Net sales: Elastomers
Net sales: Specialty Materials
Operating income: Elastomers
Operating income: Specialty Materials
Operating income: Total
2014Result
2015Result
2016Result
2017Initial
Forecast
2017Result
2018Forecast
2019 2020Target
50
40
30
20
10
0
500
400
300
200
100
0
©ZEON CORPORATION. All rights reserved.
Business Environment
4
Natural Rubber, Synthetic Rubber and BD Markets
Butadiene prices fell from a high in FY2016; NBR spread recovers in FY2017
BD price(US$/t)
Crude oil price(US$/Barrel)
原油
ブタジエン
Natural rubber
NBR market in Southeast Asia (ICIS)
Butadiene
Crude Oil Brent (ICE) Ex
chan
ge ra
te (Y
en/U
S$ o
r Yen
/EU
R)
April2015
Oct.2015
April2016
Oct.2016
April2017
Sept.2017
March2018
Exchange rate (Yen/EUR)
Exchange rate (Yen/US
FY2015 FY2016 FY2017Natural rubber market: Singapore Commodity Exchange contract price for RSS #3 grade rubber (source: Monthly Statistics Report for Synthetic Rubber)NBR market: CFR Southeast Asia (source: ICIS)Spot BD: CFR Southeast Asia (source: IHS)Crude oil (ICE Brent) (source: IHS)
©ZEON CORPORATION. All rights reserved.5
Speed Social ContributionDialogue
Sphere of New Mid-Term Management Plan
Zeon CSR PolicyCorporate Philosophy
Enterprise Blueprint for 2020
Vision
SZ-20(2011–13)
Phase II(2014–16)
Phase III(2017–20)
Key Sense of Value Treasured Characteristics of Zeon
Zeon makes the Future Today through the Power of Chemistry.Zeon will continue to contribute to the realization of customer dreams
and a prosperous society through employees’ individual growth.
Mutual Trust and Confidence among Zeon Members
©ZEON CORPORATION. All rights reserved.6
SZ-20 Phase III: Group-wide Strategy
SZ-20 Phase III: Groupwide Strategy
3. Cultivate a corporate culture that places value on taking proactive action by harnessing diverse ideas and implementing them.
1. Reinforce the combined strengths of the Zeon Group. Explore ways of going beyond boundaries by collaborating with external players to provide solutionsglobally, as a contribution to society.
2. Accelerate the pace of new business creation and product development in key development areas: global environment, smart devices, and health and living.
Growth
Culture
©ZEON CORPORATION. All rights reserved.7
Specialty Materials Business
Elastomer Business• Reinforce competitive businesses by responding globally to
growth markets and improving cost effectiveness.• Explore new opportunities and achieve growth based on
Zeon’s reputation in the market and relationships with customers.
• Expand business in step with the speed of market growth and technological progress through focused investment of resources and stronger collaboration with outside players.
Strategy by Business Segment
Phase III: Strategy by Business Segment
©ZEON CORPORATION. All rights reserved.8
Phase III: Strategy by Business Segment
Specialty Materials Business
Elastomer Business• Reinforce competitive businesses by responding globally to
growth markets and improving cost effectiveness.• Explore new opportunities and achieve growth based on
Zeon’s reputation in the market and relationships with customers.
• Expand business in step with the speed of market growth and technological progress through focused investment of resources and stronger collaboration with outside players.
Strategy by Business Segment
©ZEON CORPORATION. All rights reserved.
ZS Elastomers’ Solution SBR is used by Yokohama Rubber in their latest studless snow tire.
9
Leveraging synergistic effects in technology and production deriving from Sumitomo Chemical and Zeon for creating value;
SSBR: ZS Elastomer
ZS Elastomers is committed to providing products that meet Tire Customers’ requirements such asLow fuel consumption (Low Rolling Resistance)Safety (Good Wet Grip)Longer service life (Good Abrasion Resistance)Cornering stability (Good Mechanical Properties)
100116
138146
2017 2018 2019 2020
S-SBR Sales Forecast
Index: Figures are based on a scale where the actual results for FY2017 is 100.
Explore
©ZEON CORPORATION. All rights reserved.10
Specialty Elastomer: Specialty Cross-linked Zetpol®
Specialty Cross-linked Zetpol®Production Facility(Kawasaki Plant)
■Excellent heat resistance promotes Specialty Cross-linked Zetpol ® to oil seals.■Newly adopted as the material for an automotive blow-by hose.
Determined to make an investment for new drying facility at Kawasaki Plant
Gas
ket h
eat r
esis
tanc
e(°
C)
High
NBR
Conventional Zetpol®
10°C UP
Specialty Cross-linkedZetpol®
Specialty Cross-linked Zetpol®Sales Forecast
100 106 148
249
2016 2017 2018 2019
Index: Figures are based on a scale where the actual results for FY2016 is 100.
©ZEON CORPORATION. All rights reserved.
0
50
100
150
200
250
300
350
2016 2017 2018 2019 2020
Japan
Overseas
0
100
200
300
2016 2017 2018 2019 2020
0
10
20
30
40
2016 2017 2018 2019 2020
その他
PVC
NBR
天然ゴム
5–7% annual growth rate
11
Latex: Expansion Strategy
New products for growing “supported glove” market
Growth of Overseas Sales
Zeon Product Sales Plan for Supported Gloves
Projected annual growth rate of 28%
(Billions of pairs)
(Index)
(Index)(Source: Industrial Marketing Consultants, Co., Ltd.)
Global Market for Supported Gloves
Index: Figures are based on a scale where the FY2017 forecast is 100.
Index: Figures are based on a scale where the Japanese market is 100.
Accelerate new business creation and product development
Others
PVC
NBR
Natural rubber
©ZEON CORPORATION. All rights reserved.
Further growth on Hydrocarbon Resin and SIS business units with product differentiation
SIS/Hydrocarbon Resin: Unique Product Line-up
Hydrogenation system process newly installed at Mizushima Plant
012345
Odor
VOC
ColorThermalstability
Campatibility
Conventional grade
Hydrogenatedgrade
Hydrocarbon Resin SIS
Odor
VOC
100 248
408
648
2017 2018 2019 2020
Sales plan for hydrogenated hydrocarbon resin
Index: Figures are based on a scale where the actual results for FY2017 is 100.100
400
800 820
2017 2018 2019 2020
Reinforce
Sales plan for asymmetric SIS
12
Steady growth on SIS business with Market/Application expansion on asymmetric SIS
©ZEON CORPORATION. All rights reserved.
Powder Slush Compounds (PSC)• PVC-based powder compounds for slush molding • Superior design, moldability, and low-temperature properties
Powder Slush Compounds
13
Japan 2,000 t China 2,400 t Mexico Phase 1: 1,200 t (full-scale production
began in January 2018)Phase 2: 2nd line - 1,200 t (production to
begin in 2020)
Meeting the needs of the expanding market from Japan, China, and Mexico
PSC application: Automotive interior skins
PSC Production Capacity
PSC Sales Plan (Global)
PSC plant in Mexico
Instrumentpanel
Glove box
Consol box
Door upper
100 117
171
212
2017 2018 2019 2020
Solution
Index: Figures are based on a scale where FY2017 is 100.
©ZEON CORPORATION. All rights reserved.14
Phase III: Strategy by Business Segment
Specialty Materials Business
Elastomer Business• Reinforce competitive businesses by responding globally to
growth markets and improving cost effectiveness.• Explore new opportunities and achieve growth based on
Zeon’s reputation in the market and relationships with customers.
• Expand business in step with the speed of market growth and technological progress through focused investment of resources and stronger collaboration with outside players.
Strategy by Business Segment
©ZEON CORPORATION. All rights reserved.
COP: FOUP in Semiconductor Manufacturing
・ Ultra-low amount of out-gassing・ Low water vapor transmission
Semiconductor Investment Trends in China
Reinforce
Characteristics of ZEONEX® and ZEONOR®
for Wafer-Handling Containers (FOUP)
15
Increasing the need for miniaturization and 3D packaging in device processes.
©ZEON CORPORATION. All rights reserved.
0
5
10
15
20
25
Production Volume of HMD Devices
COP: Development of VR/AR Applications
Million units
• Low water absorption• High transparency• Superior optical properties• Precision molding
Ideal as the lens material for Head Mounted Display (HMD) VR/AR devices.
100
165
208
2016 2017 2018
Projected Sales for HMD LensProperties of ZEONEX®
16
Index: Figures are based on a scale where the actual results for FY2016 is 100.
2015 2016 2017 Projection
2018 Forecast
2019 Forecast
Reinforce
Source: Chunichisha FY2018 “Electronic Equipment Yearbook”
©ZEON CORPORATION. All rights reserved.17
ZeonorFilm® series for LCD and OLED display
ZeonorFilm®: Development for Mobile and Tablet
Stack up for OLED(application example of ZeonorFilm®)
PVAZD12U
Encapsulant/Barrier material
λ/4 plate
Sunglass readable
Antireflection
Base film for barrier materialEncapsulation material
Posi-C Viewing angle compensation
OLED
ZF16Film sensor material (Available to use underpolarizer as well)
Polarizer
Reinforce
ZF16
ZD12UPVA
λ/4 platePosi-C
IPS
ZF12PVA
Protect Film
Stack up for IPS-mode LCD(application example of ZeonorFilm®)
Isotropic film
Polarizer
Polarizer
Sunglass readable
Viewing angle compensation
Film sensor material (Available to use underpolarizer as well)
Viewing angle compensation
ZeonorFilm® is being used for both LCD and OLED for display of mobile and tablet.
We will expand our conventional material, and also accelerate developingnew material for OLED.
Developing new flexible films for foldable applications.
Retardation filmRetardation
film
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Specialty Materials for Li-ion Battery
18
Expanding business with a wide product lineup
Lithium-ion battery market growth
(FY)Index: Figures are based on a scale where FY2013 is 100. Source for market data: Report by B3, Inc., December 2016
Result
Net sales (index)
ゼオンの電池材料売上
Estimate
Phase III Target
Sales of Zeon Battery MaterialsZeon Products for Lithium-ion Batteries
Key Benefits of Zeon Products
Solution
Binder for longer life batteries
Better for better lithium-ion conductivity
Binder to suppress lithium
deposition
High capacity
Longevity
Low costSafe
High output
Al foil
Gasket
Sealant
Anode active material
Anode
Negative electrode
binder
Cathode active material
Conductive additive
Cathode
Positive electrode
binder
Copper foil
Separator
Aluminum foil
Active materialsActive materials
Functional layer(heat-resistance separator)
Binder for function layer
©ZEON CORPORATION. All rights reserved.
Specialty Materials: Li-ion Battery Materials
19
Expansion of LiB Binder Sales in South Korea and China 1. Expanded business by developing Binders and expanding sales network for the electrified vehicle market
→ Compared to 2010, sales growth in 2017 significantly exceeded market growth (Zeon sales quadrupled in automotive LiB market)
2. Increased sales in high-growth consumer electronic markets in China and South Korea → Compared to 2010, Zeon sales in China rose by 18.5x (market growth: 9x),
sales in South Korea rose by 7x (market growth: 4.5x)
Index: Figures are based on a scale where FY2010 is 100.Source for market data: Report by B3, Inc., January 2016.
Gro
wth
rate
(ind
ex)
Sales of Zeon LiB Materials by Region Production of LiB Materials by Region
Gro
wth
rate
(ind
ex)
Index: Figures are based on a scale where FY2010 is 100.
0
500
1,000
1,500
2,000
'10 '11 '12 '13 '14 '15 '16 '17
日本
中国
韓国
0
500
1,000
1,500
2,000
'10 '11 '12 '13 '14 '15 '16 '17
日本中国韓国
Japan
China
South Korea
Japan
China
South Korea
©ZEON CORPORATION. All rights reserved.
Expand businesses with FFR* devices, gallstone extraction and gastrointestinal stents
20
Medical Devices
Cardiovascular Business:Advanced accuracy and reliability of pressure measurement resulting in increased market shareAim for 30% of FFR* market share with fiber optic sensing technology by FY2020
Endoscopic Business:Focus on minimally invasive devices
Product launched in FY2017:• Large-diameter balloon catheter
Products to be launched in FY2018:• Next generation balloon catheter for
extracting biliary calculus• New type of biliary stents
Zeon Medical Sales Trend
Cardiovascular Endoscopic
(FY)
Accelerate the pace of new business creation and product development
FFR Market in Japan and Zeon’s Share
Zeon productsProducts of other companies
Index: Figures are based on a scale where sales for FY2016 is 100.
(Index)
*FFR=Fractional Flow Reserve
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Carbon Nanotubes
Results of R&D at the Zeon Sunarrow AIST* CNT Composite Material Research Center(Press release issued by AIST in February 2018)
21
*EMI = Electromagnetic interference
熱界面材料外観
New Application of ZEONANO® SG101
• Combined ZEONANO® SG101 with curable liquid rubber
• The caulking material excels in coating and filling gaps and can be bonded with metals
• Prevents electromagnetic interference through gaps in shielding material. The caulking material absorbs vibration and strain without cracking
Developed caulking material with EMI shielding property based on carbon nanotubes
ZEONANO® SG101 provides EMI isolation and shielding needs for electronic equipment installations.
BA
Newly developed EMI shielding caulking materialA: Before curing B: After curing
Accelerate the pace of new business creation and product development
*AIST=AIST ; National institute of Advanced Industrial Science and Technology
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Strengthening Competitiveness
22
Strengthening cost competitiveness
Developing human resources
Reforming corporate culture
Production Innovation*
Intelligent Manufacturing System
Operation StandardizationField Load Down,Unified Wording
Corporate Culture Reform
*Production Innovation:Daicel Production Innovation
ZΣ Activities★Cost reduction activities★Small group activities
Top-down approach
Bottom-up approach
Continuing efforts forInnovation and Improvement
JPY (Billions)
(FY)
ZΣ Activities - Monetary Effect
©ZEON CORPORATION. All rights reserved.23
SZ-20 Phase III
Enterprise Blueprint for 2020Zeon makes the Future Today
through the Power of Chemistry.Zeon will continue to contribute to the realization of customer dreams
and a prosperous society through employees’ individual growth.
Targeting consolidated net sales ofover 500 billion yen in FY2020
Speed
Mutual trust and confidence among Zeon members
SocialContribution
Dialogue
24
25
Zeon’s plans, forecasts, and other data appearing in this presentation were calculated based on information which was currently available and therefore includes risks and
uncertainties. Actual results may differ depending on various factors.
Department of Corporate Communications, CSR Division
1-6-2 Marunouchi, Chiyoda-ku, Tokyo 100-8246, JapanTel: +81-3-3216-2747, Fax: +81-3-3216-0501
ZEON CORPORATION