Befreiender Konzernabschluss Zum Geschäftsjahr Vom 01.01.2021 Bis Zum 31.12.2021 - Resonac Europe GmbH (vormals: Showa Denko Europe GmbH)Gersthofen
| Published date | 30 January 2023 |
| Section | Accounting / financial reports |
| Issuer | Resonac Europe GmbH (vormals: Showa Denko Europe GmbH)Gersthofen |
Resonac Europe GmbH (vormals: Showa Denko Europe GmbH)
Gersthofen
Befreiender Konzernabschluss zum Geschäftsjahr vom 01.01.2021 bis zum 31.12.2021
Showa Denko K.K.
Tokio/Japan
SHOWA DENKO FINANCIAL REPORT 2021
Corporate Philosophy
Purpose
Change society through the power of chemistry
Contribute to the sustainable development of global society by creating functions required of the times as an advanced material partner
Values
Passionate & Results Driven
By taking pride and passion to our work, By focusing our strengths and performance, We will became a globally recognized top player.
Agile & Flexible
By learning through trial-and-error, By thinking flexibly and acting swiftly, We will transform into a dynamic organization.
Open Minds & Open Connections
By showing mutual trust and respect, By collaborating openly beyond boundaries, We will co-create new value with all stakeholders.
Solid Vision & Solid Integrity
We truly recognize the power and potential of chemistry, We prioritize sustainability for future generations, We commit to upholding our values of integrity to all stakeholders and ethics in developing chemical technologies.
Profile
Showa Denko K.K. (SDK) was founded in 1939. Ranked as one of Japan's leading chemical companies, SDK operated in seven major segments until December 2021: petrochemicals, chemicals, electronics, inorganics, aluminum, Showa Denko Materials, and others. From January 2022, SDK introduces new segments for information disclosure which are in line with the new management system: semiconductor and electronic materials, mobility, innovation enabling materials, and chemicals.
The Showa Denko Group noticed high potential for abundant hydro power, a major resource in Japan. The Group began by focusing on the promising future of the electrochemical industry, which can make the most of hydroelectric power, and expanded business domains to cover inorganic chemicals, organic chemicals, and metallic materials. Today, the Group is a unique chemical manufacturer that supplies petrochemicals, chemicals, electronics, inorganics, and aluminum.
In 2020, the Group brought Hitachi Chemical Company, Ltd. (currently Showa Denko Materials Co., Ltd. (Showa Denko Materials)) into a member of the Group.
SDK has formulated "Long-term Vision (2021-2030) for Newly Integrated Company" (Long-term Vision) following integration with Showa Denko Materials.
Showa Denko and Showa Denko Materials are committed to providing new functions and value as an integrated company in the chemicals industry where global competition and changes in market structure are expected to intensify, in this way we will contribute the realization of a sustainable society.
| Please visit our website | |
| Sustainability site | Integrated reports |
| https://www.sdk.co.jp/english/csr.html | https://www.sdk.co.jp/english/csr/report/csr_report.html |
Contents
1
Our Strengths
2
Consolidated 11-Year Summary
4
Showa Denko at a Glance
5
Management's Discussion and Analysis
8
Risk Factors
10
Financial Data
43
Corporate Data
Our Strengths
Showa Denko has many products maintaining high world market shares.
Here we would like to introduce semiconductor materials where the Showa Denko Group has a special advantage.
The semiconductor materials market is expected to continue growing rapidly due partly to the spread of 5G, IoT, increase in the xEVs' share of the car market, and more investment in data centers. The Showa Denko Group is one of leading manufacturers of semiconductor materials in the world, and our annual sales of semiconductor materials comes to about ¥200 billion. The Group manufactures and sells a wide range of semiconductor materials from wafer process to packaging process, including high purity gases and solvents for electronics, CMP slurries, copper clad laminates, photosensitive films, and epoxy molding compounds.
The Group will continue developing leading-edge products by making the most of our technological strengths which have grown through the integration of Showa Denko and Showa Denko Materials, and responding to customers' expectations by providing one-stop solutions, in this way achieving growth of our semiconductor materials business that exceeds the expansion of the market.
| Manufacturing process for semiconductors | Key products of the Showa Denko Group | • Showa Denko •Showa Denko Materials | |
| Wafer Prozess | Film formation Photoresist application Exposure | High-purity gases and solvents for electronics | 85% of sales of semiconductor materials is earned by products with global top-three market share World No. 1 it High-purity gases |
| Etching Photoresist removal | High-purity gases for electronics | High-purity solvents | |
| CMP Cleaning | CMP slurries | Ceria slurry World No. 1 CMP slurries | |
| Packing Prozess | Substrate Rewiring layer formation Dicing | Copper clad laminates Photosensitive films Solder resist | Packaging substrate materials World No. 1 Copper clad laminates |
| Die bonding Wire bonding | Die bonding materials | World No. 1 Photosensitive films World No. 1 Die bonding materials | |
| Molding | Epoxy molding compounds | World No. 2 Epoxy molding compounds |
Consolidated 11-Year Summary
Financial Highlights
| Showa Denko K.K. and Consolidated Subsidiaries | Millions of yen | |||||
| December 31 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 (Note 2) |
| For the year | ||||||
| Net sales | ¥854,158 | ¥739,675 | ¥847,803 | ¥872,785 | ¥775,732 | ¥671,159 |
| Petrochemicals | 250,396 | 190,939 | 286,732 | 281,400 | 231,288 | 185,783 |
| Chemicals | 130,203 | 127,252 | 130,402 | 138,695 | 142,292 | 134,529 |
| Electronics | 165,011 | 163,306 | 136,548 | 138,537 | 131,492 | 120,461 |
| Inorganics | 77,564 | 65,573 | 65,919 | 67,557 | 63,476 | 50,870 |
| Aluminum | 124,280 | 92,194 | 90,369 | 97,946 | 100,756 | 98,575 |
| Showa Denko Materials (Note 4) | - | - | - | - | - | - |
| Others | 150,583 | 135,280 | 176,516 | 191,610 | 147,233 | 128,740 |
| Adjustments | (43,879) | (34,870) | (38,684) | (42,959) | (40,805) | (47,800) |
| Operating income | 47,357 | 28,108 | 25,953 | 20,551 | 33,508 | 42,053 |
| Petrochemicals | 3,484 | (977) | 4,398 | (4,930) | 10,543 | 20,690 |
| Chemicals | 2,035 | (875) | 2,559 | 5,460 | 10,707 | 13,824 |
| Electronics | 30,242 | 32,311 | 21,940 | 25,770 | 17,472 | 15,015 |
| Inorganics | 9,640 | 2,954 | (838) | (300) | (1,249) | (5,758) |
| Aluminum | 6,212 | 1,581 | 5,845 | 2,999 | 2,563 | 4,416 |
| Showa Denko Materials (Note 4) | - | - | - | - | - | - |
| Others | 1,860 | 89 | (626) | (1,041) | 1,329 | 623 |
| Adjustments | (6,116) | (6,975) | (7,324) | (7,406) | (7,857) | (6,758) |
| Net income attributable to owners of the parent | 16,980 | 9,368 | 9,065 | 2,929 | 921 | 12,305 |
| Net cash provided by operating activities | 69,437 | 53,310 | 63,565 | 66,996 | 61,170 | 68,949 |
| Net cash provided by (used in) investing activities | (38,671) | (41,741) | (55,203) | (46,876) | (42,497) | (53,754) |
| Free cash flow | 30,766 | 11,569 | 8,362 | 20,120 | 18,674 | 15,195 |
| R&D expenditures | 21,597 | 20,633 | 20,435 | 20,362 | 20,289 | 17,313 |
| Capital expenditures | 38,794 | 42,503 | 44,370 | 47,318 | 44,059 | 39,276 |
| Depreciation and amortization | 49,413 | 46,232 | 39,779 | 40,673 | 42,137 | 38,761 |
| At year-end | ||||||
| Total assets | 941,303 | 933,162 | 985,771 | 1,009,843 | 940,494 | 932,698 |
| Total net assets | 295,745 | 314,966 | 345,811 | 319,087 | 308,142 | 311,231 |
| Interest-bearing debt | 347,308 | 342,262 | 353,686 | 383,124 | 368,835 | 359,929 |
| Debt/equity ratio (to FY2018, gross; from FY2019, net) (times) (Note 5) | 1.17 | 1.09 | 1.02 | 1.20 | 1.20 | 1.16 |
| Yen | ||||||
| Per share (Note 6) | ||||||
| Net income-primary (Note 7) | ¥11.35 | ¥6.26 | ¥6.06 | ¥1.99 | ¥6.45 | ¥86.27 |
| Net income-fully diluted (Note 7) | 11.20 | 6.26 | 6.06 | 1.99 | 6.45 | 86.27 |
| Net assets | 168.33 | 182.24 | 201.27 | 209.76 | 2,076.05 | 2,080.85 |
| Cash dividends (applicable to the period) (Note 8) | 3.00 | 3.00 | 3.00 | 3.00 | 3.00 | - |
| Number of employees at year-end | 11,542 | 9,890 | 10,234 | 10,577 | 10,561 | 10,146 |
Notes:
1. Yen amounts have been translated into U.S. dollars, for convenience only, at the rate of ¥115.02 to US$ 1.00, the approximate rate of exchange at December 31, 2021.
2. Changing the segmentationLIB materials was transferred from "Others" to "Electronics" from the year ended December 31, 2017. The segment information for the year ended December 2016 in the above table are based on the new segmentation. SiC epitaxial wafers for power devices was also transferred from "Others" to "Electronics" from the year ended December 31, 2019. The segment information for the year ended December 2018 in the above table are based on the new segmentation.
3. The tentative accounting policy applied to calculation of 2017 financial results due to consolidation of former SGL GE Holding GmbH was finalized when the Company settled accounts for the third quarter of 2018. Accordingly, the amounts of depreciation and amortization and some other costs for the year ended December 2017 were changed. The amounts in the above table include those retroactively changed numbers for the year ended December 2017.
4. Showa Denko K.K. started on July 1, 2020 to incorporate Showa Denko Materials' sales figures and incomes/losses into its financial statements as "Showa Denko Materials segment."
Net Sales by Segment
(Billions of yen)
Operating Income by Segment
(Billions of yen)
Net Income Attributable to Owners of the Parent
(Billions of yen)
| Showa Denko K.K. and Consolidated Subsidiaries | Millions of yen | Thousands of U.S. dollars (Note 1) | ||||
| December 31 | 2017 (Note 3) | 2018 (Note 2) | 2019 | 2020 | 20 | 21 |
| For the year | ||||||
| Net sales | ¥780,387 | ¥992,136 | ¥906,454 | ¥973,700 | ¥1,419,635 | $12,342,508 |
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