fy2019 2q april 1 to september 30, 2019) financial results briefing · 2019-11-05 · 1 making your...

Making your dreams come true

FY2019 2Q（April 1 to September 30, 2019)

October 28, 2019

Forecasts for operational performances, as well as future predictions described in this document, wereprepared based on information available as of the day on which this document was released. Thisdocument in no way guarantees the contents and operational performances of the company in the future.

Financial Results Briefing

1


CHORI CO.,LTD.

Contents

P.15Progress on Mid-Term Management PlanⅡ

Ⅰ FY2019 2Q Financial Results Summary P. 2

AppendixⅢ P.24

2


CHORI CO.,LTD.

FY2019 2Q Financial Results SummaryⅠ

3


CHORI CO.,LTD.


Key Points of the Summary

Business Results Summary (YoY Comparison)

ProfitabilityAll segments enhanced profitability and increased profitsROA: 8.5% (+1.2% YoY)ROE: 11.8% (+1.1% YoY)

Financial BaseEquity ratio: 50.4% Maintained at a high level

Shareholder returnsImplemented an interim dividend payment of ¥31 per share (Continued increased payment. Interim dividend payment in previous fiscal year was ¥26 per share)Forecast year-end dividend ¥62 per share (forecast seventh consecutive increase in dividend)

OtherStarted rolling out the chemical fertilizers business in Nigeria, Africa. Issued news release titled “Participation in Chemical Fertilizers Production Project in Nigeria” on October 25, 2019.

Net sales : Although sluggish on a standalone basis, essentially secured a level on a par with the previous fiscal year

Earnings : Profitable at each level of income and increased profitsOrdinary income, the Company’s standard profit, recorded a record high for the second consecutive 1HThe rate of progress for the full-year profit forecast remained steady

4


CHORI CO.,LTD.


Business Results Breakdown (YoY Comparison)

Unit: billions of yen

FY2018

Apr.-Sep.

FY2019

Apr.-Sep.Difference Ratio

Net Sales 173.2 164.4 -8.8 -5.1%

Gloss Profit 14.1 14.4 +0.3 +2.4%

Selling, general and

administrative expenses10.0 9.8 -0.2 -1.8%

Operating income 4.1 4.6 +0.5 +12.3%

Ordinary income 4.5 4.9 +0.3 +7.6%

Net income attributable to

owners of the parent3.0 3.2 +0.3 +9.3%

●Net sales: Decreased revenue in the Chemicals Business, mainly in the organic chemicals sector, but expansion in the Machinery Business ensured results were comparable with the previous fiscal year

●Each level of income: Increased income due to enhanced profitability in the Fibers, Textiles and Garments Business and Chemicals Business, and the effect of increased revenue in the Machinery Business

P O I N T

5


CHORI CO.,LTD.


●Ordinary income increased atop improved profitability across all segments: +¥0.3 billion

FY2018 Apr.-Sep. FY2019 Apr.-Sep.

＋0.2＋0.3

4.5 4.9

△0.2

Gross profit

Forex gain (loss)

Cost cutting

＋0.3

●FTG: +¥0.1bn●Chemicals: +¥0bn ●Machinery: +0.2bn

●Logistics cost

Year-on-year change in ordinary income

P O I N T

Fibers, Textiles and Garments (FTG): +¥0.1 billion, Chemicals: +¥0.2 billion, Machinery: +¥0.1 billion

(Unit: billions of yen)

6


CHORI CO.,LTD.


Segment Results

■ Fibers, Textiles and Garments■Chemicals■Machinery ■Others

Fibers, Textiles and Garments…Decreased sales and increased profit

Chemicals …Decreased sales and increased profit

Machinery…Increased sales and profit

Net sales

Ordinary income

Overseas base materials

Fine chemicalsInorganic chemical materialsLife sciences

Organic chemical materials

Vehicles

Domestic fibers, textiles, and garments


FY2018

Apr.-Sep.

FY2019

Apr.-Sep.Difference

Fibers, Textiles

and Garments57.1 55.6 -1.6

Chemicals 86.0 77.5 -8.5

Machinery 30.0 31.3 +1.3

Others 0.0 0.0 +0.0

Total 173.2 164.4 -8.8 30.0 31.3

86.0 77.5

57.1 55.6

FY2018

Apr.-Sep.

FY2019

Apr.-Sep.

0.5 0.4

0.2 0.32.0 2.2

1.9 1.9

FY2018

Apr.-Sep.

FY2019

Apr.-Sep.

■ Fibers, Textiles and Garments■Chemicals■Machinery ■OthersUnit: billions of yen

FY2018

Apr.-Sep.

FY2019

Apr.-Sep.Difference

Fibers, Textiles

and Garments1.9 1.9 +0.1

Chemicals 2.0 2.2 +0.2

Machinery 0.2 0.3 +0.1

Others 0.5 0.4 -0.0

Total 4.5 4.9 +0.3

* Adjusted amounts for “Other” are included.

S t e a d y

S t e a d y

Sluggish

S t e a d y

Improvement

7


CHORI CO.,LTD.


P O I N T

Imp r o ve me n t

S t e a d y

Domestic fibers, textiles, and garments

Overseas base materials

Fibers, Textiles and Garments Business


FY2018

Apr.-Sep.

FY2019

Apr.-Sep.Difference

Net sales 57.1 55.6 -1.6

Ordinary income（Segment Profits） 1.9 1.9 +0.1

●Higher profit on lower sales compared with the same period last year.●We posted a decrease in net sales mainly due to reduced revenue in

(standalone) domestic business. Segment profits rose on the back of firm profit in the overseas base materials sector, as well as improved profitability in the apparel sector.

8


CHORI CO.,LTD.


Organic chemical materials

Fine chemicals, Inorganic chemical materials, Life sciences

Chemicals Business

P O I N T


FY2018

Apr.-Sep.

FY2019

Apr.-Sep.Difference

Net sales 86.0 77.5 -8.5


●Higher profit on lower sales compared with the same period last year.●We posted a decrease in net sales centered on bulk products in the organic

chemical materials sector. Segment profits rose, supported by steady growth in the fine chemicals, inorganic chemicals, and life sciences sectors.

S t e a d y

S l u g g i s h

9


CHORI CO.,LTD.


P O I N T

Vehicles

Machinery Business


FY2018

Apr.-Sep.

FY2019

Apr.-Sep.Difference

Net sales 30.0 31.3 +1.3


●Higher profit on higher sales compared with the same period last year.●We posted steady growth in the vehicles business for Central and South

America. There was also increased transaction volume in new markets such as Africa and Southeast Asia.

S t e a d y

10


CHORI CO.,LTD.


64.1 63.9

19.0 14.9

38.0 38.0

52.147.6

FY2018 Apr.-Sep. FY2019 Apr.-Sep.

Net Sales by Operation

-4.5

-4.1

-0.0

-0.2


P O I N T

Overseas transactions

Amount of domestic salesDomestic sales

Amount of net sales from overseas to Japan

Import sales

Amount of net sales from Japan to overseas

Export sales

Amount of net sales from overseas transactions

Overseas sales

■Domestic■Import■Export■Overseas

Net sales 173.2 Net sales 164.4 Net sales -8.8

121.1 116.8 -4.3

（Trade ratio） (69.9%) （Trade ratio） (71.0%) （Trade ratio） (+1.1%)

Overseas

transactions

Overseas

transactions

Overseas

transactions

●Trade ratio：71.0%(+1.1% YoY)Domestic sales：Decreased sales centered on the Fibers, Textiles and Garments

BusinessExport sales：Decreased sales centered on the Chemicals Business

11


CHORI CO.,LTD.


Financial Position — Summary

Unit: billions of yen Unit: ％ Financial soundness

Profitability/Capital efficiency

-10

0

10

20

30

40

50

60

70

80

90

100

-20

-10

0

10

20

30

40

50

60

70

80

90

100

110

120

130

31-Mar-19 30-Sep-19

Total assets Net interest-bearing debtTotal equity Equity ratio


31-Mar-19 30-Sep-19 Difference

Total assets 118.5 110.9 -7.6

Net interest-bearing debt -10.9 -10.0 +0.9

Total equity 53.8 55.9 +2.1

Equity ratio 45.4% 50.4% +5.0%

31-Mar-19 30-Sep-19(*) Difference

ROA

(Ordinary income basis)7.3% 8.5% +1.2%

ROA

（Net income basis）4.7% 5.6% +0.9%

ROE

（Net income basis）10.7% 11.8% +1.1%

* Annual basis

12


CHORI CO.,LTD.


Cash Flows

FY2018

Apr.-Sep.

FY2019

Apr.-Sep.Difference

Cash flows from operating activities -1.0 1.3 +2.3

Cash flows from investing activities -1.1 -1.3 -0.2

Cash flows from financing activities -1.7 -0.8 +0.9

Effect of exchange rate change on cash and

cash equivalents-0.1 -0.1 +0.0

Net change in cash and cash equivalents -3.9 -0.9 +3.0

Cash and cash equivalents at end of period 10.9 11.2 +0.3


● Cash flows from operating activities: Provided ¥1.3 billion due to decreases in notes and accounts receivable and inventories

● Cash flows from investing activities: Used ¥1.3 billion due to payments, etc. for business investments

● Cash flows from financing activities: Used ¥0.8 billion due to payments, etc. for dividends

P O I N T

13


CHORI CO.,LTD.


FY2019 Business Results Forecast (1)

P O I N T


FY2018

Result

FY2019

ForecastDifference Ratio

FY2019

Apr.-Sep.

Result

FY2019

Forecast

Progress

Net Sales 356.5 370.0 +13.5 +3.8% 164.4 44.4%

Operating income 8.1 8.3 +0.3 +3.1% 4.6 55.6%

Ordinary income 8.7 9.0 +0.3 +3.9% 4.9 54.2%

Net income attributable to

owners of the parent5.6 5.8 +0.2 +3.0% 3.2 55.8%

●We have implemented various measures laid out in the Mid-Term Management Plan “Chori Innovation Plan 2019.” As a result, we have made steady strides toward achieving the targets for the plan’s final year.

●Progress toward achieving the full-year business results forecast was steady in the FY2019 Apr.-Sep. period, with profits at each level around 55% of the forecast→ There have been no revisions to the full-year forecast.

●The dividend forecast for FY2019 remains unchanged from the initial forecast at ¥62 per share (interim dividend of ¥31 per share + year-end dividend of ¥31 per share).

14


CHORI CO.,LTD.


18年度

（実績）

19年度

（予想）

FY18

(Result)

FY19

(Result)

18年度

（実績）

19年度

（予想）

FY18

(Result)

FY19

(Result)

FY2019 Business Results Forecast (2)(for the Second Half and Full Year)

P O I N T

8.79.0

First half Second half

Net sales Ordinary income

First half Second half

173.2

356.5

4.5164.4

370.0

205.6183.4

4.9

18年度

（実績）

19年度

（予想）

4.14.1

18年度

（実績）

19年度

（予想）

●Net sales (forecast): up 3.8% for the full year and up 12.1% for the second half (YoY)

●Ordinary income (forecast):up 3.9% for the full year, while down 0.1% for the second half (YoY)

Full year Full year

Down 5.1% YoY

(Unit: billions of yen) (Unit: billions of yen)

FY18(Result)

FY19(Result)

FY18(Result)

FY19(Result)

FY18(Result)

FY19(Forecast)

FY18(Result)

FY19(Forecast)

FY18(Result)

FY19(Forecast)

FY18(Result)

FY19(Forecast)

Down 0.1% YoY

Up 12.1% YoY

Up 3.8% YoY

UP 7.6% YoY

Up 3.9% YoY

15


CHORI CO.,LTD.

Progress on Mid-Term Management Plan Ⅱ

16


CHORI CO.,LTD.

Ⅱ Progress on Mid-Term Management Plan

「Chori Innovation Plan 2019」M i d - Te r m

C o r p o r a t e g r o u p c o n t i n u e s t o e v o l v e a n dc h a n g e o n a g l o b a l s c a l e , b u i l t o n o u t s t a n d i n g

c a p a b i l i t i e s a n d e x p e r t i s e

Strategy

ConsolidatedManagement

New Development ･Business Investment

and M&A

CorporateGovernance

Human Resource

Management Plan

17


CHORI CO.,LTD.


9.7 10.7 10.3

6.9 7.3 7.5

ROE（Net income basis）ROA（Ordinary income basis）上期

% % %

% % %

Mid-Term Management Plan—Business Performance Trends (FY2017-2019)

FY2017 FY2018 FY2019（Forecast）

311.7356.5 7.5

8.79.0

Ordinary incomeNet sales

370.0

FY17-18 Result / FY19 Forecast (cumulative): ¥25.2bnFY17-19 Plan (cumulative): ¥23.5bn

Note: ■ PlanNote: ■ Plan

7.2 7.8 8.5280.0 300.0

330.0




18


CHORI CO.,LTD.


25 27 27 29 29

59.8

108.8 101.8

167.3

208.7

0

100

200

2014年度 2015年度 2016年度 2017年度 2018年度

Consolidated Management

Enlargement of group companies (trend in subsidiaries’ net sales)

FY2014 FY2015 FY2016 FY2017 FY2018

Parent 208.4 201.2 188.2 165.1 169.2

Subsidiaries 59.8 108.8 101.8 167.3 208.7

Adjustment on consolidation -19.8 -18.4 -19.1 -20.7 -21.3

Total net sales (consolidated) 248.4 291.6 270.9 311.7 356.5

人的基盤強化

P O I N T

●Enlarge group companies based on one of the basic policies of Chori Innovation Plan 2019: “Enlargement of group companies”

(FY14→FY18) Subsidiaries’ net sales ¥59.8 billion → ¥208.7 billion⇒ (Consolidated) net sales ¥248.4 billion → ¥356.5 billion

(Consolidated) ordinary income ¥6.0 billion → ¥8.7 billion

companies

Number of subsidiaries



19


CHORI CO.,LTD.


Business Strategy

20


CHORI CO.,LTD.


Business Strategy(Fibers, Textiles and Garments (FTG) Business)

● Chori Mexico launches full-scale operations (car seat sector) FY17

● Chori Vietnam launches full-scale operations (textiles sector) FY17● Taiwan Chori Merchandise Co., Ltd. became an overseas subsidiary

(general FTG and Chemicals businesses) FY18● Invested in PT. MATSUOKA INDUSTRIES INDONESIA (general FTG Business) FY18 ● M&A of Asada U Corporation (expansion of base fabric materials in Japan and overseas)

FY18● Expansion of recycled pellet sales business with Utsumi Recycle Systems Inc.

(textiles sector) FY19

Fibers, Textiles and Garments

Business

Textiles Collective Strength Enhancement Project

Business strategy

Accelerate global expansion “Global One Stop CHORI”

Strengthen planning and solution services

ⅰ

ⅱ

ⅲ

21


CHORI CO.,LTD.

Ⅱ Progress on Mid-Term Management PlanNew Development, Business Investment and M&A (Fibers, Textiles and Garments Business: Example of Business Investment)

Recycled polyester yarn ECO BLUE®

●Chori’s new initiative to address increasingly serious environmental problems such as marine pollution caused by plastic debris

●Loaned a recycled-pellet extruder to Utsumi Recycle Systems Inc. (total investment: approx. ¥0.9 billion)●Generate new textiles from the reuse of waste PET bottles, with the aim of building a recycling-oriented society

About 650,000 tons of PET bottles collected annually in Japan

YarnWeaving and knitting

Develop products for a variety of applications

Flakes (Cut bottles into 8 mm2 pieces)

Chips (granular)

Bottle-to-bottle recyclingRedevelop into products such as textiles and molded materials, etc.

Compress, package and export Recycle finite

resources

Waste PET bottlesSort, clean, pulverize

* Reference: https://www.chori.co.jp/wp/wp-content/uploads/2019/10/News20190924utsumi.pdf

Collection, cleaning, pulverizing, pellet production Integrated supply chain from fiber materials upstream to final products downstream

Utsumi Recycle Systems Chori

Enable the collection of highly transparent domestic PET bottlesEnsure the stable supply of high-quality recycled raw materials

Aims of joint business development

Japan

Overseas Stricter import/export regulations

22


CHORI CO.,LTD.


Business Strategy（Chemicals and Machinery Business）

● Chori Machinery Co., Ltd. established through company split-up (Machinery Business) FY17● M&A of Kozakura Shokai Co., Ltd. starts contributing to earnings

(organic chemicals sector) FY18● Additional investment in SUZHOU FEILO ELECTRONIC COMPONENT Co., Ltd.

(electronic materials sector) FY18● Additional investment in QINGDAO RED BUTTERFLY PRECISION MATERIALS Co., Ltd.

(inorganic chemicals sector) FY18● Participation in chemical fertilizers production project in Nigeria

(inorganic chemicals sector) FY19

Chemicals and Machinery Business

Shift from trading business model to business investing and converting business model

Business Strategy

Promote further globalization

Enlargement of group companies

ⅰ

ⅱ

ⅲ

23


CHORI CO.,LTD.


Planned plant construction site (Map of Nigeria and surrounding area)

New Development, Business Investment and M&A(Chemicals and Machinery Businesses: Example of Business Investment)

人的基盤強化

Initiatives in the African market

Nigeria: The country has Africa’s largest population (190 million), and agricultureis one of its main industries. Further population growth and development ofagriculture are expected in the future.

Leveraging our network, which has been developed over many years, we willsupply raw materials for chemical fertilizers to the chemical fertilizers blendingplant.

Key Points

Machinery Business (vehicles sector)

Chemicals Business (chemical fertilizers sector)

In FY2017, we started to conduct transactions in the vehicles sector in the West Africa region. Vehicle transaction volume in this region has been steady.

We have participated in a chemical fertilizers production project in Nigeria.We provided financing for part of the construction funds for a chemical fertilizers blending plant. (News release issued on October 25, 2019)

■Outlook for the African marketThe African region is expected to see further population increases and market growth in the agricultural sector.We will work to accelerate the expansion of the Machinery and Chemicals businesses in the region, with the aimof achieving a transaction volume of ¥10.0 billion.

24


CHORI CO.,LTD.

AppendixⅢ

25


CHORI CO.,LTD.

Ⅲ Appendix

248.4

291.6

270.9

311.7

356.5 370.0

6.0 5.5

7.0 7.5

8.7 9.0

0

2

4

6

8

10

12

14

16

0

50

100

150

200

250

300

350

400

FY2014 FY2015 FY2016 FY2017 FY2018 FY2019(Forecast)

Business Performance Trends (Net Sales and Ordinary Income)

(Unit: billions of yen) (Unit: billions of yen)

Yakushin2016 Chori Innovation Plan 2019

■ Net sales (left scale) ■ Ordinary income (right scale)

26


CHORI CO.,LTD.

Ⅲ Appendix

Financial Position Trends (Total Assets, Net Assets, Equity Ratio)

84.3

98.7 98.0

119.1 118.5

41.5 42.946.3

51.253.9

49.1%43.4%

47.2%42.9% 45.4%

0

20

40

60

80

100

120

140

FY2014 FY2015 FY2016 FY2017 FY2018


■ Total assets ■ Net assets Equity ratio

27


CHORI CO.,LTD.

Ⅲ Appendix

Cash Flow Trends

■ Cash flows from operating activities ■ Cash flows from investing activities Free cash flow

3.3 5.0

0.6

6.7

3.2

△ 0.8

△ 4.4

0.1 0.8△ 1.4

2.5

0.6 0.7

7.5

1.8

△ 6

△ 3

0

3

6

9

12

FY2014 FY2015 FY2016 FY2017 FY2018

Cash flows from operating

activities3.3 5.0 0.6 6.7 3.2

Cash flows from investing

activities△0.8 △4.4 0.1 0.8 △1.4

Free cash flow 2.5 0.6 0.7 7.5 1.8


28


CHORI CO.,LTD.

Ⅲ Appendix

¥24

¥33 ¥34 ¥36 ¥40

¥49

¥60 ¥62 ¥10

¥118

¥152

¥169 ¥175

¥195 ¥193

¥229 ¥236

FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19(Forecast)

業績予想の修正に伴い、年間配当は２円増配とし54円(予想)とします。

(Forecast)

(21%)

(22%) (20%)

(20%)

(21%)

(31%) (26%)(26%)

Dividend Trends

( )Includes commemorative dividend of ¥10

Dividend Basic Policy

■Dividends ( ) Payout ratio●EPS : Net income per share

Trends in per-share dividend

We seek to make performance-based dividends based on net income levels for the current term from theperspective of motivational profit distribution and ensuring stable management finances with enough internal fundsfor business development reserved (dividend payout ratio of 25% or more).

29


CHORI CO.,LTD.

Ⅲ Appendix

Foreign exchange rateNote: As of March 31 (Unit: yen) ●USD (left scale) ●RMB (right scale)

Oil pricesNote: New York crude oil: USD/barrel as of March 31; Naphtha: USD/ton, single-month average for March

●New York crude oil (left scale) ●Naphtha (imports) (right scale)

７

Stock Price Note: As of March 31 (Unit: yen) ●Chori (left scale) ●Nikkei Stock Average (right scale)Source: Yahoo! JAPAN Finance

Source: Rate as of the Company’s term-end

Sources: Nihon Keizai Shimbun (digital edition), Company research

Market Trends

14,828 19,207

16,759 18,909 21,454 21,206 21,756

1,124 1,851 1,457

1,939 2,097 1,556 1,705

0

1,200

2,400

3,600

2014 2015 2016 2017 2018 2019 2019(2Q)0

10,000

20,000

30,000

16.7 19.4 17.4 16.3 16.9 16.5 15.1

102.9 120.2 112.7 112.2 106.2 111.0 107.9

0

50

100

150

2014 2015 2016 2017 2018 2019 2019(2Q)0

10

20

30

927.4 527.5 367.9 470.1 579.1 552.9 495.7

101.6

47.6 38.3 50.6 64.9 60.1 61.4 0

60

120

180

2014 2015 2016 2017 2018 2019 2019(2Q)0

250

500

750

1,000

30


CHORI CO.,LTD.

Ⅲ Appendix

NameSegment

RemarksFTG Chemicals Machinery

Asada U Corporation ● Became a subsidiary through M&A in July 2017

Tokyo Shirayurikai Co., Ltd. ● Became a subsidiary through M&A in April 2014

Miyako Kagaku Co., Ltd. ● Became a subsidiary through M&A in March 2015

Chori GLEX CO., Ltd. ●Became a subsidiary through M&A in March 2013 and renamed in October 2018

Kozakura Shokai Co., Ltd. ● Became a subsidiary through M&A in January 2018

Chori Machinery Co., Ltd. ● Established through an incorporation-type company split in April 2017

CHORI AMERICA, INC. ● ●

Chori (China) Co., Ltd. ● ● Critical overseas business site

Chori (Dalian) Trading Co., Ltd. ●

CHORI CO.,(HONG KONG) LTD. ● ● Office relocated in April 2018

THAI CHORI CO., LTD. ● ● Main ASEAN business site

PT.CHORI INDONESIA ● ● Main ASEAN business site

CHORI VIETNAM CO.,LTD. ● Newly established in May 2016

CHORI COMERCIAL DE MEXICO S.A. DE C.V.

● Newly established in June 2016

Taiwan Chori Merchandise Co., Ltd. ● ● Newly established in January 2018

14 other companies, for a total of 29 companies

Main subsidiaries

Scope of Consolidation (FY2019 Apr.-Sep. — Scope of Consolidation)

FY2018

Subsidiary 29Equity-method

affiliate 9

Total 38

FY2019

Subsidiary 29Equity-method

affiliate 11

Total 40

Difference +2

31


CHORI CO.,LTD.

Ⅲ Appendix

Apr. Held the FY2018 full-year financial results briefing (Tokyo)

May Held the Hokuriku Chorikai meeting (Kanazawa)

Participated in WFP Walk the World (A charity walk held by the United Nations World Food Programme (WFP))

Jun.

Held the 72nd Annual General Meeting of Shareholders (Tokyo)

Became a special sponsor of 7th Japan Dance Convention 2019 (for senior high school students)

Held the 20SS CHORI Exhibition, a textiles business convention (Tokyo)

Sep.Natural dye (plant dyeing) event to support recovery efforts from the Great East Japan Earthquake(Held for 8 straight years since FY2011)

Exhibited at Première Vision (PV) Paris (France)

Oct.

Exhibited at the Hokuriku Yarn Fair (Fukui) Exhibited at Elderly Care & Nursing Expo (Tokyo)

Exhibited at Food Development Exhibition 2019 (Tokyo)

Held the FY2019 2Q financial results briefing (Tokyo)

Nov. Scheduled to hold the 20AW CHORI Exhibition, a textiles business convention (Tokyo)

Dec.Pay out interim dividend

Scheduled to participate in a meeting for individual investors / Nomura Investor Relations Co., Ltd. (Osaka)

Mar. Scheduled to participate in a meeting for individual investors / Daiwa Investor Relations Co., Ltd. (Tokyo)

FY2019 Main Topics (IR and CSR Activities)

CSR

CSR

CSR

IR

IR

IR

IR

IR

32


CHORI CO.,LTD.

M a k i n g y o u r d r e a m s c o m e t r u e

fy2019 2q april 1 to september 30, 2019) financial results briefing · 2019-11-05 · 1 making your...

Documents