business plan · thailand factory establishment of manufacturing/sales company in china...

2nd Medium-term Business Plan (FY2015-FY2017)

Step-up ～ Leap and Expand

1

28 May, 2015

１.Changes in external environment

２.Review of 1st Medium-term Business Plan

３.Outline of 2nd Medium-term Business Plan

2

Changes in external environment

3

Changes in external environment ＤＡＩＯＰＡＰＥＲＣＯＲＰＯＲＡＴＩＯＮ

0.0

5.0

10.0

15.0

20.0

0.0

50.0

100.0

150.0

2009

Apr

Sep 2010

Apr

Sep 2011

Apr

Sep 2012

Apr

Sep 2013

Apr

Sep 2014

Apr

Sep 2015

Mar

Dubai crude oil price(USD/barrel_left axis)

Coal(USD/ton_left axis)

Coal(yen/㎏_right axis)

Price of coal and crude oil

(Source: The Nikkei､GCI-NC)

10.0

12.0

14.0

16.0

18.0

20.0

100.0

150.0

200.0

250.0 USA N-chip(US$/BDU_left axis) Australia L-chip(A$/BDT_left axis)

USA N-chip(yen/㎏_right axis) Australia L-chip(yen/㎏_right axis)

Price of imported woodchip

(Source: In-house investigation)

77.6

120.2

50.0

75.0

100.0

125.0

JPY/USD(TTM) Exchange rate at end of FY

→1st MTBP announced

14.6

23.4

13.2

19.9

10

15

20

25Old newspapers,over-the-counter price(yen/㎏)

Old corrugated containers,over-the-counter price(yen/㎏)

Old newspapers, export(yen/kg)

Old corrugated containers, export(yen/kg)

Price of recovered paper

(Source: Ministry of Finance Japan Statistics, Paper Recycling Promotion Center)

4

Note: N-chip are softwood chip, while L-chip are hardwood chip.

Changes in external environment ＤＡＩＯＰＡＰＥＲＣＯＲＰＯＲＡＴＩＯＮ

Trends of prices of major products

（Apr 2009＝100）

(Source: The Nikkei, SRI data) 80.0

85.0

90.0

95.0

100.0

105.0

110.0

Apr

2009

Sep Apr

2010

Sep Apr

2011

Sep Apr

2012

Sep Apr

2013

Sep Apr

2014

Sep Mar

2015

Facial tissue

Toilet tissue

Kraft liner

Coated paper (A2 grade)

5

→1st MTBP announced

Review of 1st Medium-term Business Plan

6

（In this document, figures are rounded down to the nearest hundred million, unless stated otherwise.）

Review of 1st Medium-term Business Plan ＤＡＩＯＰＡＰＥＲＣＯＲＰＯＲＡＴＩＯＮ

(Unit：Billion yen, ％, times)

Business

Results

FY2011

Results

FY2012

Results

FY2013

Results

FY2014

Results

Variance

(vs FY2011)

1st MTBP Goal

(FY2014)

Variance(vs FY2014 Results)

Result

Net sales 408.9 407.3 430.0 450.2 41.3 450.0 0.2 ○

Ordinary income 4.7 6.6 11.2 21.7 17.0 22.5 △ 0.8 ×

Sales ratio 1.2 1.6 2.6 4.8 3.6 5.0 △ 0.2 ×

Interest-bearing

debt458.2 449.7 417.6 375.0 △ 83.2 400.0 △ 25.0 ○

(Ref)Net interest-

bearing debt348.2 363.5 331.8 292.4 △ 55.8

Equity ratio 14.0 14.7 17.0 23.7 9.7 17.0 6.7 ○

D/E ratio 4.8 4.6 3.8 2.4 △ 2.4 3.8 △ 1.4 ○

(Ref) Net D/E ratio 3.7 3.7 3.0 1.9 △ 1.8

※Exchange rate（Yen/USD）： 79.1 82.9 100.2 109.8 30.7 83.0 26.8

※Dubai crude oil (USD/barrel）： 110 107 105 84 △ 26 122 △ 38

※Interest-bearing debt and net interest-bearing debt of FY2011 are estimated with the scope of consolidation that comprises thirty-nine companies.

7

1st MTBP

Note: Under Japanese GAAP, ordinary income or loss is calculated by adding and deducting non-operating income and expenses of a recurring nature (e.g. interest and dividend income and interest expense and foreign exchange gain or loss) to and from operating income.

Breakdown of Increase/Decrease of Consolidated Ordinary Income

〒 17.0 billion yen （ FY2011: 4.7 billion yen → FY2014: 21.7 billion yen）

Amount 　　Main factors

Cost reduction 21.1 Depreciation and amortization cost (+5.4), yield rate/composition (+4.1), energy-saving (+3.9),

chemicals (+2.9), production increase (+1.8), others (+3.0)

Increase in sales volume 3.5 Paper&Paperboard (△0.6), H&PC (+4.1)

Change in scope of consolidation 5.9 Increase of consolidated subsidiaries, merger of consolidated subsidiaries and non-consolidated subsidiaries, inclusion of overseas subsidiaries in scope of consolidation

Subsidy income, etc. 3.0 Mainly due to subsidy granted to Iwaki Daio Paper Corporation

Others 3.0 Decrease in interest expenses due to reduction of interest-bearing debt, others

Increase in price of raw materials/fuels △ 12.6 Woodchip (△5.5), recovered paper (△3.4), chemicals (△0.8), pulp and others (△2.9)

Decrease in product price △ 4.1 Paper&Paperboard (△3.3), H&PC (△0.8)

Amortization of goodwill △ 2.8Increase/decrease of ordinary income, total 17.0

21.1

3.5 5.9

3.0 3.0 12.6

4.1 2.8

21.7

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

FY2011 FY2014

Increase factors, total: 36.5 billion yen Decrease factors, total:

19.5 billion yen

Cost reduction

Change in scope of

consolidation

Increase in sales volume

Decrease in product price

Increase in price of raw

materials/fuels

4.7

Subsidy income, etc.

Others

Amortization of goodwill

（Billion

yen）

ＤＡＩＯＰＡＰＥＲＣＯＲＰＯＲＡＴＩＯＮ

8

Implementation of strategies of 1st Medium-term Business Plan ＤＡＩＯＰＡＰＥＲＣＯＲＰＯＲＡＴＩＯＮ

○…Implemented and reaped effects during 1st MTBP ●…Commenced during 1st MTBP, and projected to reap effects from 2nd MTBP △…Considered but not implemented

1st MTBP’s principal strategies and implementation status

9 In blue are strategies that are added after the initial plan.

1) Rebuild of business foundation under new group structure① Establishment of governance structure, and integrated ○

management and operation of production and sales② Achievement of higher efficiency through merger of ○

organization and group companies③ Restructure of R&D framework ○④ Improvement of financial strength

Selection and concentration of investment activities, ○sale of assetsCompression of inventories & trade accounts ○receivableImplementation of Cash Management System ○(Group Finance)Capital increase through public offering and ○third-party allotmentImplementation of Consolidated Tax Return ○

2) Improvement of profitability of Paper Division through thorough

cost reduction and structural shift of product mix

Move manufacturing of some types of paper to the ○cost-competitive Mishima mill

Reduction of pulp costs by improving kraft pulp facilities ○Shift of procurement source of import L-chips to Asia ○Structural shift of product mix to more profitable types ○Cut-down of transportation and warehousing cost ○Increase of profitability with the involvement of every ○member of the Company via the implementation of an

original profit management system

Comprehensive technological alliance agreement with ○Hokuetsu Kishu Paper

Raise of product price ○

3) Strengthening of Containerboard and Corrugated Container Business

Merger of corrugated container subsidiaries ○

Installation of a new machine at Iwaki Daio Paper ●

Raise of product price ●

Establishment of corrugated container business near △

H&PC overseas factories

4) Expansion of H&PC Business

① Improvement of profitability of paper products

Shift to higher value-added products ○

Consideration of installation of new tissue machine ●

Strengthening of alliance with Tokushu Tokai Ecology ○

Raise of price of products ○

② Strengthening of domestic absorbent products business

Installation of new adult diaper facilities ○

Increase and strengthening of product lineup via R&D ○

Increase of production and sales of baby diapers ○

Consideration of installation of absorbent product ●

manufacturing facilities at Iwaki

③ Strengthening of overseas (Asia region) disposable diapers

business

Strengthening of export sales ○

Expansion of sales distribution in Asia region ○

Installation of additional manufacturing facilities at ○

Thailand factory

Establishment of manufacturing/sales company in China ○

Establishment of sales company/manufacturing company ●

in Indonesia

*Absorbent products refer to disposable diapers, feminine care products, and

light incontinence products.

Outline of 2nd Medium-term Business Plan

10

【FY2017 Business Goals】

Net sales

Ordinary income

Sales ratio

Net interest-bearing debt

Equity ratio

Net Ｄ/Ｅ ratio

2nd Medium-term Business Plan ＤＡＩＯＰＡＰＥＲＣＯＲＰＯＲＡＴＩＯＮ

11

【Assumptions】 US dollar : 122yen/$ Dubai crude oil: 80USD/barrel

500 billion yen

25 billion yen

5％

Under 250 billion yen

28％

1.5 times

1st MTBP 2nd MTBP 12

2nd MTBP Business Goals

407.3 430.0

200.0

300.0

400.0

500.0

FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 Goal

Record high

＜Net sales＞

408.9

450.2 470.0

500


465.8 (FY2008)

(Billion yen)

2nd MTBP Business Goals

13


4.7 6.6

11.2

21.7 20.0

25.0

1.2 1.6

2.6

4.8 4.3

5.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

0.0

10.0

20.0

30.0


Ordinary income（left axis）

Sales ratio（right axis）

＜Ordinary income＞ (Billion yen) (％)

Record high: 29.9 billion yen (FY2003)

1st MTBP 2nd MTBP

〒 3.3 billion yen （ FY2014: 21.7 billion yen → FY2017: 25.0 billion yen）

Amount 　　Major factors

Cost reduction 4.5 Production increase (+3.0), chemical (+0.3), yield rate/composition (+0.3), energy-saving (+0.2), others (+0.7)

Increase in sales volume 9.0 Paper&Paperboard (+1.0), H&PC (+8.0)

Raise of product price 3.0 Paper&Paperboard (+5.0), H&PC (△2.0)

Increase in price of raw materials/fuels △ 7.5 Woodchip (△5.0), chemicals (△1.0), recovered paper (△0.7), purchased pulp and others (△0.8)

Subsidy income, etc. △ 3.0 Inclusion of subsidy income (Iwaki Daio) in FY2014

Others △ 2.7 Mainly due to increase in logistics cost and advertising cost from increase in sales in H&PC Business

Increase/decrease of ordinary income, total 3.3

21.7

4.5

9.0

3.0

7.5 3.0

2.7

25.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

FY2014 FY2017

Increase factors, total: 16.5 billion yen

Decrease factors, total: 13.2 billion yen

Cost reduction

Increase in sales volume

Raise of product price

Increase in price of raw

materials/fuels

Subsidy income, etc.

Others

（Billion yen)

14

Breakdown of Increase/Decrease of Consolidated Ordinary Income ＤＡＩＯＰＡＰＥＲＣＯＲＰＯＲＡＴＩＯＮ

15

2nd MTBP Financial Goals ＤＡＩＯＰＡＰＥＲＣＯＲＰＯＲＡＴＩＯＮ

FY 2011 2012 2013 2014 2017 Goal

Depreciation cost,

3-year cumulative

Billion yen

29.5

26.4

26.4

27.2 80.0

85

Capital expenditures,

3-year cumulative

Billion yen

18.2

21.7

24.9

31.5 78.1

70

Net interest-bearing debt

Billion yen 348.2 363.5 331.8 292.4

Under 250

(Ref)Interest-bearing debt

Billion yen

458.2 449.7 417.6 375.0 310

Equity ratio ％ 14.0 14.7 17.0 23.7 28

Net D/E ratio times 3.7 3.7 3.0 1.9 1.5

(Ref)D/E ratio times 4.8 4.6 3.8 2.4 1.8

1st MTBP 2nd MTBP ＜Investment/Financial Data＞

※Net interest-bearing debt and interest-bearing debt for FY2011 are estimated with the scope of consolidation that comprises thirty-nine companies.

Structural shifting of Paper Business

Strengthening Containerboard & Corrugated Container Business

Further growth and acceleration of H&PC Business

Thorough cost reduction

Pursuing efficiency and diversity in human resource utilization

Further improvement of financial strength

16


＜Principal strategies＞

80

90

100

110

2011 2012 2013 2014 2015 2016 2017

Structural shifting of Paper Business ＤＡＩＯＰＡＰＥＲＣＯＲＰＯＲＡＴＩＯＮ

Trend in Domestic Demand and Company Sales Volume

（Year 2011 figures extrapolated to 100%）

※ Both Domestic Demand and Company Sales Volume represent total of that in the period of Jan through Dec of each respective year.

17

Domestic demand decreasing 2.4% per annum.

Domestic Demand

Company Sales

Total of All Paper Types


80

90

100

110

2011 2012 2013 2014 2015 2016 2017


18

Coated Paper

80

90

100

110

120

130

2011 2012 2013 2014 2015 2016 2017

80

100

120

140

160

2011 2012 2013 2014 2015 2016 2017

80

90

100

110

120

130

2011 2012 2013 2014 2015 2016 2017

Wrapping Paper Communication Paper

Uncoated Printing Paper

Domestic demand decreasing 3％ per annum

3% decrease

1.0％ decrease

0.5％ decrease




Domestic Demand

Company Sales


19

＜Specific strategies＞

Further shift of product mix to profitable paper types to improve the profitability of the Paper Business

• Shift to sale of higher value-added product types

• Strengthen sales of uncoated paper, with focus on woodfree paper, PPC paper, etc.

• Expand sales of wrapping paper

Further concentration of manufacturing of different product types at the highly cost-competitive Mishima Mill and maintaining full-capacity operation of paper machines at Mishima Mill to achieve greater profits



Wrapping paper/

Functional material

Communication

paper

Uncoated

printing paper

Coated

paper

Newsprint

0%

20%

40%

60%

80%

100%


20


＜Change in product mix of paper sales volume＞

1st MTBP 2nd MTBP

90

100

110

120

130

140

2011 2012 2013 2014 2015 2016 2017

21

Oct 2014: Start of operation of Iwaki No.3 new machine

90

100

110

120

130

2011 2012 2013 2014 2015 2016 2017

Containerboard

Corrugated Container

Domestic demand 1.0% increase per annum

Domestic demand 0.7% increase per annum




Domestic Demand

Company Sales

Strengthening Containerboard & Corrugated Container Business ＤＡＩＯＰＡＰＥＲＣＯＲＰＯＲＡＴＩＯＮ

22

＜Specific strategies＞

Maintain production and sales at full capacity for Iwaki No. 3 new machine that begun operation in Oct 2014

Expand Corrugated Container Business by strengthening the total capability of Daio Package

• Strengthening of manufacturing and sales framework by leveraging on Daio Package’s nationwide 13-factory network

• Implementation of strategic capital expenditures of 12 billion yen to achieve higher quality and shift of product mix to higher value-added corrugated containers

Feb 2015: Addition of flexo folder gluer at Shiga factory. Subsequent addition/renewal of corrugator, flexo folder gluer, platen die cutters, and printing facilities at each factory.

• Reap benefits from the “1 company, 13 factories” synergy that resulted from merger


Tochigi factory

Nagano factory

Kikugawa factory

Shizuoka factory

Saitama factory

Ibaraki factory

Shiga factory

Hanshin factory

Fukuoka factory

Kansai factory

Aichi factory

Okayama factory

Kumamoto factory

23

Nationwide network of Daio Package’s 13 factories


80

90

100

110

120

2011 2012 2013 2014 2015 2016 2017

24

Facial tissue

80

90

100

110

120

130

2011 2012 2013 2014 2015 2016 2017

Toilet tissue

Domestic demand 1.6％ increase per annum

Domestic demand 0.4％ increase per annum

＜Paper products＞



Domestic Demand

Company Sales

Further growth and acceleration of H&PC Business ＤＡＩＯＰＡＰＥＲＣＯＲＰＯＲＡＴＩＯＮ

80

100

120

140

160

2011 2012 2013 2014 2015 2016 2017

25

Adult disposable diapers

80

100

120

140

160

2011 2012 2013 2014 2015 2016 2017

70

90

110

130

150

2011 2012 2013 2014 2015 2016 2017

80

130

180

230

280

2011 2012 2013 2014 2015 2016 2017

Wet tissue and wipes Feminine hygiene products

Baby disposable diapers

Domestic demand increasing 1.5％ per annum

Domestic demand fluctuating 0.3％ per annum



＜Absorbent products＞



Domestic Demand

Company Sales


26

＜Domestic business＞

FY2017: Achieve goal of net sales 200 billion yen

Expand business of adult disposable diapers (Attento) for which market demand is projected to rise, and improve market position of baby disposable diapers (GOO.N) and feminine hygiene products (elis)

Achieve No.1 in category share across all paper products, and increase competitiveness and promote sales of higher value-added products

Strengthen production and sales of wet tissue and wipes.


【Major capital expenditures】

・Strengthen absorbent products facilities 2016/1~ Elleair Product Iwaki Factory

・Install new household paper machine 2015/9~ Kani Mill

・Increase and strengthen wet tissue and wipes 2015/3~ Elleair Product Mishima Factory

With the establishment of Elleair Product Iwaki Factory, a multi location production system, which already exists for paper product, is achieved for absorbent products.

Elleair Product HQ (Mishima)

Factory

Elleair Product Fuji & Kitayama Factory

Elleair Product Kitsuregawa

Factory

Elleair Product New Iwaki Factory

・Adult diapers ・Feminine hygiene products ・Wet tissue and wipes

・Adult diapers ・Feminine hygiene products

・Baby diapers ・Adult diapers ・Feminine hygiene products

・Baby diapers ・Adult diapers ・Wet tissue and wipes

27


28

＜Overseas business＞ Achieve net sales (overseas) of 50 billion yen (10% of

consolidated net sales 500 billion yen) in FY2017

Advance into new markets(Middle East, etc.) and increase categories of products offered overseas

Turn Indonesia factory into a profitable business early after commencement of production


【Major capital expenditures】

China 2015/8 Increase baby diaper manufacturing facilities, expand warehousing capacity

2016/8 Increase baby diaper manufacturing facilities

Indonesia 2015/12 Start production at manufacturing factory, increase baby diaper manufacturing facilities


Thailand 2015/10 Expand warehousing capacity


【3rd production factory following Thailand, China】

Location : West Java Province, Bekasi Regency,

Bekasi International Industrial Estate （30km east of capital, Jakarta on Java island）

Capital : 160 billion IDR（1.52 billion yen）※1 IDR ＝ 0.0095yen

Date Established: 27th Nov, 2014

Site area: Around 39,000㎡

Commence Production: Dec 2015 (projected)

Commence Shipping: Jan 2016 (projected)

EIMI（PT.Elleair International Manufacturing Indonesia）

29


Draw the dots, connect the dots, and add dimensions: a 3D approach to the expansion of production and sales

Japan

Thailand

Indonesia 30

Next step, advance into Middle East!!

Expand within China

Russia, Korea, Taiwan, etc. : Increase exports and increase product categories sold in each country

Turn manufacturing factory into profitable business early

As ASEAN’s hub factory, increase product categories manufactured

Korea

China


China

Korea

Thailand,

Indonesia,

others(ASEAN)

Russia,

Taiwan,

others

FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 Goal

0.0

10.0

20.0

30.0

40.0

50.0

FY2017 Goal for Net Sales (Overseas Business): 50 billion yen

31

10.7

13.1

50

22.2

7.1

Unit: Billion yen

1st MTBP 2nd MTBP


32

Feb 2015 Installed new flexo folder

gluer at Shiga factory

May 2015～ Implemented new installation and/or

renewal of facilities (corrugator, flexo folder gluer, platen die cutters, printing machines, cutters, production control apparatus) at Daio Package’s 13 factories subsequently

Containerboard and Corrugated Board Business H&PC Business

Capital expenditures: 12 billion yen Capital expenditures: 37 billion yen

32

Breakdown of capital expenditures in growth areas ＤＡＩＯＰＡＰＥＲＣＯＲＰＯＲＡＴＩＯＮ

【Domestic】

Mar 2015~ Strengthen wet tissue and wipes facilities at EPR Mishima

Sep 2015 Increase facial tissue manufacturing capacity at Kani Mill

Jan 2016~ Start operation of new Iwaki Factory, installation of new absorbent product facilities

【Overseas】

Aug 2015~ Expansion of China warehouse, increase baby diapers manufacturing capacity

Oct 2015 Expansion of Thailand warehouse

Dec 2015 Start operation of new Indonesia Factory

Jan 2016 Increase baby diapers manufacturing capacity in Indonesia

Aug 2016 Increase baby diapers manufacturing capacity in China

Jan 2017 Increase baby diapers manufacturing capacity in Thailand

Thorough cost reduction ＤＡＩＯＰＡＰＥＲＣＯＲＰＯＲＡＴＩＯＮ

Production division is implementing a “Matrix Organization” structure that strengthens cooperation in order to carry out thorough cost reduction

工場を運営

33

For 2nd MTBP "Autonomous Management"

From work to business

→To be able to confront and resolve impending

problems (turn them into revenue).

However, only accomplished when instructed

by management.

To autonomous management

→To be able to assess and carry out plans

autonomously, and recognize problems

　and achieve goals independently.

Further enliven organization through Diversity Management

• Promotion of women’s active participation in the

workforce (FY2014 “Nadeshiko Brand”）

• Boost of ratio of women in managerial positions and

managerial career path (as opposed to clerical career)

• Boost of rate of acquisition of annual paid leave; cut-down of total working hours

Promote globalization measures for the purpose of expanding overseas business • Open recruitment for global talents cultivation programs and overseas

assignment

• Employment of non-Japanese personnel in executives-to-be positions

Carry out capability development programs to strengthen leadership skills

Sophisticate and optimize headquarters operations, and seek opportunities for BPO (Business Process Outsourcing)

Promote “a healthy management” (good workplace environment, lifestyle habit, and mental healthcare) to improve productivity

34

Pursue efficiency and diversity in HR utilisation ＤＡＩＯＰＡＰＥＲＣＯＲＰＯＲＡＴＩＯＮ

Governance • Increase number of wholly owned subsidiaries to strengthen

group management • Implement Consolidated Tax Return • Take charge of subsidiaries’ financing to implement group

finance functions

Improve financial strength, secure stable financing • Improve fund operation efficiency by implementing Cash Management

System(CMS)

• Sale of non-core assets

• Cut down working capital

• Issuance of new shares(Jun 2014)

Cut down interest-bearing debt • Reduce interest-bearing debt by securing positive free cash flow for each

fiscal period

Strengthen cash management, etc. in overseas business

Jul 2014: R&I credit rating promoted to BBB- Nov 2014: JCR credit rating promoted to BBB

35

1s

t MTBP

2nd MTBP

Further improvement of financial strength ＤＡＩＯＰＡＰＥＲＣＯＲＰＯＲＡＴＩＯＮ

Further improvement of financial strength

36

＜Finance Strategy＞

Decrease interest-bearing debt by ensuring positive free cash flow • Decrease working capital • Improve intra-group funds efficiency with the development of its cash management system

Suppression of financing cost, and achieve stable financing • Improve credit rating • Diversify methods of financing through utilizing direct means etc. such as issues of bonds and CP.

Selection and concentration of investments • Manage investments within limit of depreciation • Proactive investment in growth areas and early fruition of investment benefits


Building foundations of new businesses ～ towards 3rd MTBP

37

Development of new raw material Cellulose nano-fibre: currently supplying samples, taking part in forums, etc.

Expansion of engineering business Leverage pulp and paper manufacturing know-how to provide operational and maintenance advice to both domestic and overseas manufacturing companies

Expansion of energy business Expand sales of electricity, set up power plant

Effective use of forestry business Create new business opportunities that effectively make use of the land and tree plantations of Forestal Anchile LTDA., located in Chile.


【FY2017 Business Goals】

Net sales

Ordinary income

Sales ratio

Net interest-bearing

debt

Equity ratio

Net Ｄ/Ｅ ratio


38

500 billion yen

25 billion yen

5％

Under 250 billion yen

28％

1.5 times

Cautions

Forward-looking statements such as projections and forecasts on business results included in this document are derived by Daio Paper Corporation (the “Company”) based on beliefs as well as assumptions made using information currently available to it at the time of the release of the original Japanese document (28 May 2015), and are subject to contingencies, risks and uncertainties.

As such, actual future performance and results could differ materially from the statements included herein as a result of latent risks, factors not yet known to the Company or not currently considered material to the Company and its subsidiaries by the Company.

Cautions regarding forward-looking statements

※

End


business plan · thailand factory establishment of manufacturing/sales company in china...

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