During the consolidated fiscal year under review (January 1, 2023, to December 31, 2023), global inflation and monetary tightening continued, and geopolitical risks remained high, giving a sense of tension.
In the electronics industry, inventory adjustment of electronic devices such as personal computers and smartphones appears to have progressed and bottomed out. However, the recovery speed was slow, and demand remained sluggish against a backdrop of weak consumer spending. In addition, in data centers responding to advances in cloud computing, the IoT, and AI, investments in cutting-edge fields have been prioritized over traditional fields.
The electronic substrate and component industries, with which the Group has strong ties, is generally affected by the electronics industry. And related orders for the Company’s products remained low. Although inventory adjustments in the industry have progressed and appear to have entered a recovery phase, the recovery has been slow.
Sales
The CZ Series of ultra-roughening adhesion improvers, which has a high share in the market for package substrates equipped with semiconductors, were affected by the electronics industry and declined, but are on a gradual but steady recovery trend.
As a result, net sales for the consolidated fiscal year under review amounted to 14,020 million yen (down 2,309 million yen, or 14.1%, compared to the previous period).
Operating income
Operating income was 2,492 million yen (down 1,511 million yen, or 37.7%, compared with the previous period).
Net income
Net income was 2,304 million yen (down 759 million yen, or 24.8%, compared with the previous period).
