Integrated Report 2021 - Public Technologies
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Integrated Report 2021
CONTENTS Introduction MEX23 Special Feature Sustainability Corporate Governance Basic Data 1
Contents
Introduction MEX23 Special Feature Corporate Governance
3 60-Year History of Progress Responding to 11 Message from the President 30 Materiality 52 Corporate Governance
the Changing Times 15 Growth Strategies by Segment 57 Directors and Executive
4 About Maxell Group 15 Energy Segment Sustainability Officers
5 Maxell Group Philosophy 17 Functional Materials Segment 58 Message from the Outside
33 Sustainability Management
6 Sources of Value Creation 19 Optics & Systems Segment Directors
34 Stakeholder Engagement
7 Path to Sustainable Growth (Business 21 Life Solution Segment
35 With Customers
Foundation Establishment ➞ Medium-Term 23 Message from the Financial Director
37 With Business Partners Basic Data
Management Plan MEX23) 25 Establishment of a New Company-Wide
40 With Employees
8 Foundation for Sustainable Growth Organization to Improve the Effectiveness 61 History/Consolidated Financial
43 With Shareholders and Investors
9 Maxell Group’s Value Creation Model of New Business Development and Sales Information
45 With Local Communities and Society
Functions 65 Maxell Group Network
47 With the Environment
27 Intellectual Properties (IP) to support new 66 Corporate Data/
48 Accomplishments and Progress
and existing businesses Stock Information
of Environmental Activities
28 Enhancing the Value of the Corporate Brand
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CONTENTS Introduction MEX23 Special Feature Sustainability Corporate Governance Basic Data 2
As of October 1, 2021, Maxell Group has executed an absorption-type merger with Maxell Holdings, Ltd. as the surviving company and Maxell, Ltd. as the absorbed
company, and changed the company name from Maxell Holdings, Ltd. to Maxell, Ltd.
To clarify business responsibilities and growth strategies, in fiscal 2021 the business segments were changed to four segments: Energy, Functional Materials, Optics &
Systems, and Life Solution.
Participation in the United Nations
Editorial Policy Global Compact
Maxell Group supports the United Nations
Global Compact, supporting the 10 princi-
This report is issued for the purpose of sharing information on Maxell Group, Referenced Guidelines Referencing of “Guidance for Collab
ples of human rights, labor, the environment,
whose business is based on harmonious coexistence with society, shareholders, Value Reporting Foundation (VRF) orative Value Creation”
and anti-corruption, and is engaged in
investors, and all other stakeholders. This integrated report details the Group’s The International IR Framework This report refers to the “Guidance
activities in each field.
businesses and financial results as well as its sustainability activities and the GRI Sustainability Reporting Guidelines* for Collaborative Value Creation”
outcomes of these activities. Detailed financial and sustainability related infor- The Ministry of the Environment’s Environmental Reporting Guidelines (2018) prepared by the Ministry of Economy,
mation not published in full in this report is disclosed on the Company’s The Ministry of the Environment’s Guide for Contents to Be Disclosed in an Trade and Industry.
website. Environmental Report, Third Edition (May 2014)
Environmental Consideration Law
Reporting Period ISO26000:2010
This report primarily covers fiscal 2020 (April 1, 2020–March 31, 2021). However,
* International sustainability reporting guidelines compiled by the Global Reporting
it includes some events from fiscal 2021.
Initiative
Issued
November 2021
Support for TCFD (Task Force on
Climate-related Financial Disclosures)
In October 2021, Maxell Group expressed
its support for the recommendations of
the TCFD.
Maxell Group will contribute to the
realization of a sustainable society by
analyzing the risks and opportunities
External Evaluations associated with climate change, and
making efforts to resolve the issues.
Certified as a “2021 2020 Chairman’s Award of Portable power supply “MES-TR470”, Mote-Care Foot, a leg Seven models of Maxell’s ozone antibacterial
Certified Health and the IEC Activities Promotion alkaline dry batteries “VOLTAGE (Voltage)” EMS exercise device, is deodorizers and ozone water generators were
Productivity Management Council (IEC-APC) and alkaline dry batteries “GD (Global certified as a health certified by the Japan Ozone Association by
Organization” Design)” obtained certification as promotion device. July 2021.
Maxell was certified as a “2021 “Recommended products for disaster
Certified Health and Productivity prevention.”
Management Organization” in
the large-scale corporate sector Notes on the statements about
as a corporation that considers the future:
employee health management This report contains statements on our
from a managerial perspective performance outlook, plans, strategies, and
and works with it strategically. other statements, out of which performance
outlook are not historical facts. These forward-
looking statements are based on information
available to the Company as of March 31, 2021
and are subject to a number of risks and
uncertainties. In this regard, please do not rely
* The accreditation system is a system for accrediting
solely on these earnings forecasts in making
manufacturers and products that meet the standards
investment decisions.
independently established by the Japan Ozone
Association.
CONTENTS Introduction MEX23 Special Feature Sustainability Corporate Governance Basic Data 3
60-Year History of Progress Responding to the Changing Times
Maxell Group has been making progress while changing its shape in accordance with the changing times, and celebrated its 60th anniversary since foundation in 1961.
“Analog Core Technologies,” a core competence, is a generic term for “Mixing & Dispersion,” “Fine Coating,” and “High Precision Molding & Forming” technologies
developed from the magnetic tape and dry battery manufacturing processes. We will continue to contribute to a sustainable society by leveraging the technological
capabilities that have been evolved and passed down as Maxell’s unique technologies through the passion and challenges of the people who came before us.
Roots of Maxell, Continue to create and provide “Maximum Value” and
which has created many of the world’s first products contribute to a sustainable society through unique
Analog Core Technologies
“Maximum Capacity Dry Cell”
1961 2021
Mixing &
Dispersion
Fine Coating
Analog Core Technologies High Precision
Molding &
Forming
1961 – 1980 Popularization and miniaturization of 1981 – 2000 Growing popularity of personal com- 2001 – 2021 Increasing interest in electrification and
home appliances puters and increased storage capacity safety performance of automotives
Commercialized the first audio cassette tapes into Commercialized the world’s first rewritable DVD-RAM discs Commercialization of Heat-Resistant Coin-type Lithium Batteries
the Japanese market PCs became popular in earnest in the 1980s. As the volume of data handled has (Heat-Resistant CR)
In the 1960s, high economic growth led to the rapid spread of consumer elec- grown day by day, recording media have also made remarkable progress. In In the 21st century, automotive electronics progressed in order to reduce the
tronics products. While a variety of consumer electronics products greatly 1998, Maxell became the first company in the world to commercialize a rewrit- environmental burden. In addition, interest in safety performance has been
change people’s lives, Maxell became the first company in Japan to commer- able DVD-RAM. It supported the transformation of the age from analog to expanding and various safety functions have been added, including TPMS
cialize cassette tapes. Since then, the company has continued to evolve in digital. Molding die and molding technologies, which are crucial to producing modules (tire pressure monitoring systems) that have been installed to prevent tire
response to the music boom, contributing to the formation of a culture of high-quality DVD-RAM, have led to the manufacturing process of optical burst incidents, particularly in foreign countries. Maxell commercialized Heat-
portable music that continues up to now. components as a “High-Precision Molding Resistant Coin-type Lithium Batteries for
Technologies for applying magnetic & Forming” technology. TPMS modules in 2004. We use the
powder accumulated with cassette “Mixing & Dispersion” technology that we
tapes are now being used in a variety of have accumulated over many years since
products as “Fine Coating” technolo- the development of dry batteries as our
gies through further evolution. founded products, and provide batteries
that can be used safely even in harsh
environments.
CONTENTS Introduction MEX23 Special Feature Sustainability Corporate Governance Basic Data 4
About Maxell Group
Established in 1961, Maxell Group has been aggressively expanding its business overseas since 1969, based on its
refined quality and trust fostered in Japan. We will continue to expand our business in emerging countries and other
countries while strengthening products and services to solve social issues.
Business Segments and Major Group Companies Net Sales by Segment Financial and Non-Financial Highlights
Life Solution Energy Net Sales / Operating Profit Margin Dividend Amount / Dividend Payout Ratio
Energy Functional Materials ¥35.0 billion ¥37.8 billion (millions of yen / %) (¥ / %)
△ 0.00
25% 27% 5.60 5.97
Manufactures and sells primary Manufactures and sells adhesive 268.00
and rechargeable batteries such tapes, including tapes for construc- 148,198 150,584 145,041 139,055
135,116
as lithium primary batteries, silver tion and construction materials, 2.74 35.8
oxide batteries, coin-type lithium functional materials such as ink,
Net sales 3.60 33.2 32.6
rechargeable batteries, and pris- film and coated separators, and
matic lithium-ion batteries, and industrial rubber products. ¥139.1 36.00 44.00 36.00
manufactures and sells battery- billion ‒0.09 0.00
related products such as chargers 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020
and electrode-applied products.
Net sales Operating profit margin Dividend Amount Dividend Payout Ratio
It also is selling electricity through
Optics & Functional
solar power generation. Number of Employees Number of Patent Assets /
Systems Materials
¥38.6 billion ¥27.7 billion (number of employees) Number of Patent Applications
△ 0.00 (cases) △ 0.00
28% 20%
0.00 0.00
Ube Maxell Kyoto Co., Ltd. 5,263 5,108 8,413
7,972 7,863 8,044
Maxell Kureha Co., Ltd. 4,045
4,555 7,592
3,966
Regional Net Sales Breakdown 864
817 784
751 754
Optics & Systems Life Solution Asia and Japan
Others ¥87.1 billion
Manufactures and sells optical Manufactures and sells health care
¥30.7 billion 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020
components, electroforming and and beauty care equipment, small
63%
precision components, semicon-
ductor-related embedded systems,
electrical equipment, audio acces-
sories, recording media, batteries
22% Number of patent applications
Number of patent applications
molding die and plastic molded and chargers, hydraulic tools, and Amount of CO2 Waste Discharged* Waste Emission
products, IC cards, projectors, other products. Net sales
(kt-CO2) (t)
△ 0.00 0.00 △ 0.00 0.00
and video equipment.
Europe ¥139.1
5,676 5,769
¥9.5 billion 103.8 100.7 4,878
5,240 5,033
93.1 91.2 88.3 4,482
billion 3,903
3,670
4,257
7%
3,046 2,981 3,203
2,930 2,686
2,597
United States 279.9 335.3 294.1
200.5 206.7
¥11.8 billion
Maxell Frontier Co., Ltd. Maxell Izumi Co., Ltd. 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020
8% Total emission Recycling
Intermediate treatment Final disposal
* Scope 1: Direct emissions due to fuel incineration, etc. at business sites
Scope 2: Indirect emissions from purchased electricity, etc.
CONTENTS Introduction MEX23 Special Feature Sustainability Corporate Governance Basic Data 5 Maxell Group Philosophy Maxell Group celebrated its 60th anniversary in 2021. While our founding spirit has been passed down, we established MVVSS “MISSION, VISION, VALUE, SPIRIT, SLOGAN” in July 2020 in order to show our new management direction in line with the changes of the times and to share with all employees the direction we aim to achieve. We will share the values within the whole group and will realize our VISION to create Maximum Excellence for our employees, customers and society. As a way to realize VISION, we will provide three VALUEs: “Technological Value,” “Customer Value” and “Social Value” based on our advantage of Analog Core Technologies.
CONTENTS Introduction MEX23 Special Feature Sustainability Corporate Governance Basic Data 6
Sources of Value Creation
Analog Core Technologies
The core of Maxell, the element without which we can- Analog Core Technologies connect the analog to the digital, and play an indispensable
not be who we are, is our Analog Core Technologies. role in realizing Monozukuri manufacturing in complex and delicate fields that cannot
Human senses such as seeing, hearing, and touching be achieved by digital technology alone.
traverse the border between digital and analog, and Mixing & Dispersion technology, Fine Coating technology, and High Precision
lie beyond it. We believe that the analog world has Molding & Forming technology are three technology elements that form the source of
our value creation. We will use these to create unique functions with high quality and
the ability to stimulate these senses and express them
provide completely new products and services.
without limit.
The Meaning of the Analog Core Technologies Icon Dispersion stability High viscosity liquid
We developed an icon to represent a visual impression Technology for mixing materials
Non-solvent adhesive uniform coating Technology for coating adhesives
uniformly, regardless of their size, mixing Coating flow simulation and materials onto wide areas
of the Analog Core Technologies at the root of Maxell’s
hardness, and viscosity. In addition Lithium ion with even thickness, regardless of
Monozukuri manufacturing. The icon is based on our Uniform granulation Fine pattern printing
to uniform mixing and dispersion, process batteries their viscosity. In addition to vari-
corporate color, “Maxell red,” and has a design that includes technologies to make
Thin-film coating ous coatings, includes printing
2D inks Electrodes
symbolizes each technology. materials into a suitable state for Heat-resistant coating and laminating technologies.
Pigment dispersion Coated separators
coating. (Suitable state for coating Uniform compound (This includes drying technology
= viscosity adjustment, etc.) Uniform dispersion of coating for after coating.)
conductive material Striped coating
Analog Core Technologies Value Provided Mechanochemical Intermittent coating Value Provided
processing Adhesive tapes
The soft-cornered triangle symbolizes “Analog Higher performance products Mixing & Multi-layer coating Fine Able to increase the stability of
Dilution Electromagnetic wave
Core Technologies,” forming an “A” motif that can be offered by maximizing the Dispersion absorbers
Antireflective coating Coating performance demanded by
stands for “Analog Core.” Maxell red repre- characteristics of materials (e.g., customers through uniform
sents the power to pioneer the future, while maximizing battery capacity). All-solid-state coating (e.g., provision of tapes
Cylindrical CR batteries Electro fine
blue represents a sincere attitude to technol- batteries forming (EF2) for industrial processes in line
ogy. The gray color used for the three elements Rubber with customer needs, etc.)
Heat-resistant CR sheets In-car camera lenses
offsets the red and blue and provides a coin-type batteries
harmonized image. Light-emitting diode
3D inks (LED) headlamp lenses
Mixing & Dispersion
Pelletization Plating Vulcanizing condi-
An image representing uniform Mixing & Dispersion tion control
Physical foaming Resin flow analysis
of materials of different sizes and Natures
Precision molding Metal mask forming Lead frames
Foam molding Technology for producing ultra-high precision molding die and
Head-up displays Ultra-precision
products precision forming cultivated through manufacturing of optical
Fine Coating (HUDs) molding dies
discs and lenses. In addition to injection molding and other
An image representing fine thick and thin coatings Electron beam (EB) Aspherical molding molding, includes technology for broader definition of forming
on a base material bridge Freeform molding (wiring, filling, bridging). Moreover, includes technology for incor-
porating components that fulfill necessary functions in limited
High Precision Molding & Forming space and machining into product form (cutting and slitting).
Note: Items in red are products and materials.
An image representing a precision molding die Items in black are technologies.
able to mass produce intricate molded objects Value Provided
Able to respond to a variety of requests from customers.
It is also possible to increase the safety of products by
high precision molding (e.g., realization of safe autono-
Link to simpleshow video High Precision Molding mous driving with a high-precision in-car camera lens unit).
https://www2.maxell.co.jp/corporate/analogcore.html & Forming
CONTENTS Introduction MEX23 Special Feature Sustainability Corporate Governance Basic Data 7
Path to Sustainable Growth
(Business Foundation Establishment ➞ Medium-Term Management Plan MEX23)
In June 2020, Keiji Nakamura was appointed as president and representative director,
and had announced to both inside and outside the Company to evolve Maxell Group Path to Sustainable Growth (Business Foundation Establishment ➞ MEX23)
into a “Value Creating Company” that can directly contribute to the realization of a
sustainable society.
To achieve this, in fiscal 2020 we reviewed the past and carried out business reforms FY2020 Phase 1 FY2021–FY2023 Phase 2 –FY2026 Phase 3 –FY2030
and portfolio reforms to establish a business foundation. In fiscal 2021, we started full-
fledged reforms aimed at becoming a “Value Creating Company.” We will divide the
decade into three phases, and in the first phase (fiscal 2021–2023) our medium-term
management plan, MEX23, will realize profit regrowth based on a policy of “Commit
Business foundation
establishment MEX23 New business launch
period
Feature to be realized in
10 years
to Value.”
Medium-Term Management Plan, MEX23 (Maximum Excellence 2023)
Value Provided by Maxell Maximum Excellence
Policy: Commit to Value For Employees
Compensation aligned with value creation, challenging work, and a comfortable place to work:
An attractive company that everyone can challenge toward a higher target
Rather than seeking the business value of the company alone, we will provide value to each High-value-added products and services based on unique technologies:
stakeholder from society to employees, and will aim to become an indispensable company. For Customers
An indispensable company in developing high-value-added products
For the purpose of realizing a sustainable society, we will provide high-value-added Products, services, and solutions for solving social issues:
For Society
products with the support of our customers and shareholders, while providing fulfilling work An indispensable company in realizing a sustainable society
to the employees. Adequate return on investment (stock price appreciation, dividends):
For Shareholders
A company that attracts continuous support through enhancement of Corporate Value
MEX23 Strategy and Management Targets Please refer to “MEX23” on page 10 for details.
MEX23 Strategy MEX23 Three Focus Areas and Growth Businesses
We will carry out the plan by judging the best balance between ➀ a segment growth strategy
centered on businesses and products and ➁ a management foundation enhancement strategy
centered on organization and discipline. Providing spaces
Healthcare
for people’s
Downsizing health and safety Coin-type lithium battery Coin-type Tape for Health care Beauty care
Segment Growth Strategy Management Foundation Enhancement Strategy Long life (High-quality CR) rechargeable construction products products
battery (CLB)
Acceleration of business replacement Promote portfolio management
Strengthen sales and profitability of growth businesses Cross-divisional operation of development and sales Creating New
Concentration on three focus areas Enhance financial discipline Value through the
5G/IoT
linkage of people,
High precision products, and Cylindrical type Dicing tape Tape for Semiconductor Hydraulic tools
Management Targets for Fiscal 2023 High quality information lithium battery (CR) industrial
process
related embed-
ded systems
Rather than prioritizing sales growth, we will establish a strong financial structure, adding indicators
for improvement of earnings growth and ROIC, and promote them while constantly judging the Realize
balance. Mobility
technological
innovations such
Net sales Operating profi Operating profit margin ROIC Highly reliable as automated Heat-resistant coin- LED headlamp lens In-car camera lens unit
¥ 125 billion ¥12.5 billion 10% Over 7% Safety driving and sensing type lithium battery
(heat-resistant CR)
CONTENTS Introduction MEX23 Special Feature Sustainability Corporate Governance Basic Data 8
Foundation for Sustainable Growth
In conjunction with the establishment of MVVSS, we have defined our Corporate Sustainability Vision stating our aim to
increase corporate value over the long term with an emphasis on the relationships with a diverse range of stakeholders.
In 2021, we newly identified the priority issues (materiality) to be addressed by Maxell based on this concept. Going
forward, we will take concrete actions to resolve these priority issues.
Establishment of Formulation of Materiality Seven Materialities for Realizing
MVVSS Sustainability Vision Identification the Corporate Sustainability Vision
Jul. 2020 Aug. 2020 Aug. 2021 Creating Innovation through Unique,
We will work to resolve social We have stated that we will In order to realize our vision of
1 Original Technologies
issues in a unique way of Maxell contribute to the long-term ”Create Maximum Excellence
Group toward our new vision improvement of corporate value for employees, customers and
”Create Maximum Excellence and the achievement of SDGs society,” we have identified priority Solving Social Iissues through
for employees, customers and with an emphasis on the rela- issues that Maxell should focus on. 2 Growth Businesses
society by leveraging unique tionships with a diverse range of
Analog CoreTechnologies.” stakeholders.
2020 2021
Creating Human Resources and
3 Organizations that Generate Value
Maximization of Customer Value
4
Creation of Economic Value
5 through Environmental
Activities
Strengthen of Business Portfolio Management
6
Strengthen Group Governance
7
Please refer to pages 30–1 for details.
CONTENTS Introduction MEX23 Special Feature Sustainability Corporate Governance Basic Data 9
Maxell Group’s Value Creation Model
Maxell Group views society issues as the starting point for value creation. Our employees will make MVVSS, our corporate Value Provided to Stakeholders
philosophy, our backbone and will commit strongly to provide value in the medium-term management plan MEX23 by P34
leveraging our advantage of Analog Core Technologies. We will also continue to be an indispensable company for realizing Shareholders
a sustainable society by strengthening sustainability management.
MVVSS P5
Employees
Resources we
Seven Materialities P8 P30-31
deploy Creating Innovation Solving Social Issues Creating Human Resources
Financial capital P61 1 through Unique, Original
Technologies 2 through Growth
Businesses 3 and Organizations that
Generate Value Customers
Sound equity capital
Sustainability Vision P33
Starting Points for
Intellectual capital P25-27
Value Creation
(Social Issues) R&D and technological Analog Core Technologies P6
capabilities
• Declining birthrate and Implementation
• Accelerate business replacement Management Targets
aging population
• Medical cost increase Manufacturing capital P65 Segment Growth • Strengthen sales and profitability for Fiscal 2023 of the feature
• Fight against infectious Globally expanding production Strategy of growth businesses
Net sales Operating profit
diseases bases • Concentrate on three Focus Areas to be realized
MEX23 125 12.5
• Labor shortage
¥ billion ¥ billion
• Abnormal weather Human capital P4 P40 Management • Promote portfolio management in 2030:
• Natural disasters Operating profit
• Responding to natural Global and diverse human Foundation • Cross-divisional operation of margin ROIC
P7 P11-29
Enhancement development and sales Maximum
resource shortages resources
Strategy • Enhance financial discipline 10% Over 7%
• Coexistence with Excellence
artificial intelligence Social capital P3 P28-29
• Shift to renewable
Trust from society and the
energy
• Aging infrastructure brand power cultivated
over history
Business partners
7 4
Strengthen Group Maximization of
Governance Customer Value
Natural capital P47-50
Environmental resources Creation of Economic
6 5
Strengthen of Business Value through
related to business Portfolio Management Environmental Activities Local communities
activities
Global environment
Continuous enhancement of corporate value
throught the value creation cycleCONTENTS Introduction MEX23 Special Feature Sustainability Corporate Governance Basic Data 10
MEX23
11 Message from the President
15 Growth Strategies by Segment
15 Energy Segment
17 Functional Materials Segment
19 Optics & Systems Segment
21 Life Solution Segment
23 Message from the Financial Director
25 Establishment of a New Company-Wide Organization to
Improve the Effectiveness of New Business Development and
Sales Functions
27 Intellectual Properties (IP) to support new
and existing businesses
28 Enhancing the Value of the Corporate BrandCONTENTS Introduction MEX23 Special Feature Sustainability Corporate Governance Basic Data 11
Message from the President
growth with profits, towards the start of the new we will aim to grow with profits.
medium-term management plan Maximum In fiscal 2020, despite negative impacts such as
Excellence 2023 (“MEX23”) in fiscal 2021. This was lower demand for automotive-related products
Aiming to be a “Value Creation accompanied by decisive implementation of due to the impact of the Novel Corona-Virus
large-scale, painful business reforms, including infectious disease, operating income profits were
Company” that can directly business portfolio reforms and the implementa secured by the positive impact of increased
contribute to the realization of tion of an early retirement support program. In demand for anti-bacterial deodorizers and lithium-
light of the review of the previous medium-term ion batteries supported by Stay-at-Home demand,
a sustainable society management plan, MEX23 has made “Commit as well as enhanced profit governance including
to value” a major policy. In business portfolio thorough profit-and-loss control by individual
strategy, we will thoroughly implement financial model. We believe that we are well prepared for
Keiji Nakamura
discipline and strengthen cross-divisional func- the start of MEX23.
President and
Representative Director tions as an organizational strategy. In this way,
Review of Previous Medium-Term
MEX23
Management Plan
• Short-term perspective • MVVSS
Vision and policy
• Focus on sales • Emphasis on value
• Lack of thorough discipline • Thorough Financial Discipline
Business portfolio
• Sticking to existing businesses • ROIC management
• Dispersion of resources • Concentration of resources
Management
• Vertical division • Cross-divisional functions
Review of the Years until Fiscal 2020 MVVSS: Ideal Feature to Be Realized in 10 Years
Although Maxell was able to secure a certain such as acquiring new technologies that will Under the previous Medium-Term Management As a result, we reaffirmed Maxell’s purpose in
level of business growth under the Medium-Term lead to future business growth and expanding Plan (MG20), the business domain had becoming a company that creates the highest
Management Plan during FY2015–2017 (NMI17), commercial distribution. On the other hand, the expanded too much by obtaining business value in the realization of a sustainable society
based on the management judgment that sus- rapid expansion of our business domains and from outside the company. In order to maxi- through innovation based on our unique Analog
tainable business scale growth centered on the expansion of our product lineup has led to a mize organizational strength in order to Core Technologies, which we have cultivated
existing businesses is difficult, under the previous lack of thorough financial discipline. As a result, maximize corporate value, we considered it over the years amid a situation in which the
Medium-Term Management Plan (FY2018–2020, the achievement of the medium-term manage- necessary to redefine “what company Maxell global environment and economic environment
MG20), we adopted a business growth strategy ment plan has become extremely difficult. In is,” “what we are aiming for,” and “what are change dramatically and society’s sustainability
in which acquiring new businesses from outside addition, in terms of business operations, we the strengths.” Discussions began in summer is being questioned. In response, in July 2020 we
the Group was the driving force. Also, in October think it was regrettable that rapid organizational 2019 with the corporate strategy division, and established a new basic management policy,
2017, we had transitioned to a holding company expansion had led to the dispersion of resources we spent a long time to review them in order to “MVVSS (MISSION, VISION, VALUE, SPIRIT,
structure in order to accelerate the implementa- and abuses caused by sectionalism. build the system of Maxell’s philosophy reflect- SLOGAN,” which sets forth the MISSION as
tion of these business scale expansion plans. Against this backdrop, fiscal 2020 was posi- ing the intentions of top management and the “Contribute to a sustainable society by innovating
Nonetheless, we have achieved some results, tioned as a year for preparing for a return to thoughts of our employees. unique, original technologies.”CONTENTS Introduction MEX23 Special Feature Sustainability Corporate Governance Basic Data 12
Message from the President
Maxell continues to be “an indispensable continue to be the company “The future is Three Focus Areas Extracted from MegaTrends
company” in the realization of a sustainable within” under the slogan.
society, and all employees will work together to Within the major segments of the market mega- can further contribute to this area as well.
trends of “People,” “Environment,” “Industry,” In “Mobility” area, technological develop-
and “Consumption,” we held repeated discus- ment is advancing in autonomous driving and
Value Provided by Maxell sions from the viewpoint of what value our safe driving support systems. In addition to
products and services can create with the heat-resistant coin-type lithium batteries for
I would like to clarify the Maxell’s ideal feature demonstrate. We aim to be a company that can Analog Core Technologies, which are Maxell’s tire pressure monitoring systems and in-car
to be realized in 10 years and what value we will firmly provide value to customers and other strengths, and made “Healthcare,” “5G/IoT,” camera lens units, which boast the world’s top
provide to our stakeholders. stakeholders by developing high-value-added and “Mobility” the three new focus areas. class market share, and LED headlamp lenses,
First, the driving force behind the creation products and services by innovating our unique In “Healthcare” area, we believe that demand we will continue to secure a firm position in
of corporate value is the creation of value for and original technologies. related to health, security, and safety will con- products centered on optical, imaging, and
each and every employee. We want to provide Furthermore, for society, it is natural for tinue as a major trend, even in light of the impact battery technologies by leveraging our Analog
employees with value other than remuneration, Maxell to contribute to society by providing of the Novel Corona Virus infectious disease. Core Technologies, such as head-up displays
such as self-fulfillment and a sense of accom- the Group’s technologies, products, and ser- One of the requirements here is the downsizing (HUDs) that display virtual images to assist safe
plishment through rewarding work, as well as vices to customers who seek to contribute to and prolonging of batteries incorporated into driving and we will strive for continuous growth.
remuneration commensurate with the value the realization of a sustainable society through equipment. Maxell can provide more compact,
they have demonstrated. For example, the our businesses. In this chain, it is our purpose long-life, and reliable batteries by using its
value Maxell provides to its employees is to to become an indispensable company. unique, original Analog Core Technologies. We
provide an open organizational culture and a For our shareholders and investors, in addi- believe that providing safe and long-life batteries
comfortable working environment in order to tion to appropriate dividends and the value for wearable devices that monitor biometric
encourage them to engage in rewarding work. that we naturally have to demonstrate as a information will also contribute to society. Also,
Market Three Focus Areas Maxell
health and beauty care equipments for healthy,
For customers, we want Maxell’s business listed company, such as improving stock prices, megatrends Analog Core
activities to be strongly linked to enhancing the we hope that investors will continue to be able secure, and safe lifestyles such as anti-bacterial Technologies
value that customers provide. The timely provi- to provide support with the sense that they are deodorizers can contribute to the creation of
sion of the high-value-added technologies, making a significant contribution to a sustain- safe, secure, and smart spaces, too. People Healthcare
products, and services that are necessary for this able society through their investment in Maxell. In “5G/IoT” area, we expect medium- to Downsizing
purpose is the greatest value that our Group can long-term growth in demand for semiconduc- Longer life
tors to support higher networking speeds. We
Mixing &
Value Provided by Maxell Maximum Excellence will use our Analog Core Technologies to create Environment
Dispersion
high-precision circuit and control boards, and 5G/IoT
Compensation aligned with value creation, challenging work, and a comfortable place to work:
For Employees adhesive tapes used in semiconductor manu- High accuracy
An attractive company that everyone can challenge toward a higher target
facturing processes to create high-performance High quality
Industry
High-value-added products and services based on unique technologies: Fine Coating
For Customers products. In addition, in recent years, electricity
An indispensable company in developing high-value-added products
Products, services, and solutions for solving social issues: and water meters, which are becoming increas-
For Society ingly smartified, batteries for power supplies are Mobility
An indispensable company in realizing a sustainable society
Consumption Highly reliable High Precision
Adequate return on investment (stock price appreciation, dividends): required to have long-term reliability of more Molding &
For Shareholders Safety Forming
A company that attracts continuous support through enhancement of Corporate Value than about 10 years, and we believe that MaxellCONTENTS Introduction MEX23 Special Feature Sustainability Corporate Governance Basic Data 13
Message from the President
Positioning of MEX23 in the Long-Term Plan and Fiscal 2023 Management Targets Management Targets for Fiscal 2023 (Reference) ROE 10%
Net sales Operating profi Operating profit margin ROIC
Analog Core Technologies Mixing & Dispersion, Fine Coating,
Core competence
and High-Precision Molding & Forming ¥ 125 billion ¥ 12.5 billion 10% Over 7%
Three Focus Areas Healthcare, 5G/IoT, and Mobility Shift from scale-oriented to To expand profit by an average Strengthen profitability through Highly efficient management
profit-oriented of about 50% per year portfolio reforms of invested capital
Dividend payout ratio 30–40%
FY2020 Phase 1 FY2021–FY2023 Phase 2 –FY 2026 Phase 3 –FY2030
Segment Growth Strategy
Establishment of Start-up phase of Ideal feature
business foundation MEX23 new businesses in 10 years
Starting in fiscal 2021, we have changed the busi- ductor manufacturing process.
Preparation of To expand our growth businesses Enhancing the Value of ness segments we disclose externally from three The Optics & Systems segment focuses on
growth businesses Preparation of new businesses for phase 2 Growth Businesses to four. By linking our segments and organiza- rear-view and front-view applications for in-
Seeding for new Contribution of new
businesses
Establishment of a system for profit growth
businesses to earnings
tional structure more closely, we will strengthen vehicle camera lens units, but in the future, we
Business Reform profit governance and ensure transparency. will shift to sensing applications that determine
10% In the Energy segment, we will expand the obstacles in front and back vehicles and sur-
“healthcare” area, where a large number of rounding areas towards autonomous driving,
Operating profit margin
needs for batteries, including primary and sec- which will require more precise optical prod-
ondary batteries, is expected to continue. ucts. Demand for LED headlamp lenses is also
5%
Specifically, we expect growing demand for expected to grow due to further progress in
highly reliable, long life batteries, such as the replacing halogen lamps with LEDs. Enhancing
expansion of the rechargeable hearing aid product competitiveness through Analog Core
Realization of profit regrowth market and the spread of blood glucose meters Technologies, we will expand our business by
Create Maximum Excellence
First step toward the ideal feature in 10 years
that can be monitored 24 hours a day. In capturing this demand.
response to these needs, we will continue to In the Life Solution segment, we will provide
contribute to the development of society and value-appealing products such as anti-bacterial
Basic MEX23 Policy safety by innovating batteries and systems deodorizers and shavers with the keywords of
through Maxell’s original technologies. health, security, and comfort in health and
Reflecting on the emphasis on pursuing busi- billion in fiscal 2021, and the operating profit The Functional Materials segment mainly pro- beauty care equipment. In hydraulic tools, we
ness scale under the previous medium-term margin is 10%. We have clarified our stance of duces tapes for construction and building will expand our business in the U.S. based on
management plan (MG20), under MEX23, we increasing profit without pursuing scale. In materials, adhesive tapes for semiconductor man- our product development capabilities that
will shift from pursuing business scale to a strat- Phase 2, we plan to expand the overall scale of ufacturing processes, and tapes for industrial leverage hydraulic technology and our high
egy of “Commit to value” for profit growth. Our sales, including new products and businesses. processes. We aim to become an excellent sup- domestic market share. This segment, which is
management target for phase 1 (fiscal 2023) We will conduct “seeding” firmly during the plier of converting products by expanding profit in centered on consumer products, is positioned
aimed at realizing the ideal feature in 10 years is MEX23 period. niche and high-value-added fields through highly as a value co-creation business, and we will
net sales of ¥125 billion. This is the same net functional adhesive tapes in response to demand continue to secure a certain level of profit as a
sales as original forecast for fiscal 2021. for housing construction in the U.S. and Southeast business that supports synergies and brands
Operating profit is ¥12.5 billion compared to ¥6 Asia, as well as dicing tapes used in the semicon- both inside and outside the company.CONTENTS Introduction MEX23 Special Feature Sustainability Corporate Governance Basic Data 14
Message from the President
Strategy for Strengthening the Management Foundation management. The Board of Directors also oper- Important Issues for Thorough Pursuit of Value
ates with the awareness that the discussion (Materiality)
should be continued unitl opinions are fully Identified materiality
Under the previous Medium-Term Management As of fiscal 2020, there were approximately
exchanged, and we feel that more enthusiastic Creating Innovation through Unique, Original Technologies
Plan (MG20), the rapid incorporation of various 60 businesses at Maxell, including those with
discussions are taking place and that the Solving Social Issues through Growth Businesses
businesses has made it difficult to create group- small operations. However, we have executed
Company is moving forward in a good direction. Creating Human Resources and Organizations that
wide synergies between the technologies and business replacement by thoroughly imple-
Generate Value
commercial distribution possessed by each busi- menting financial discipline based on the Maximization of Customer Value
ness, as the sectional structure has progressed. review of the previous medium-term manage- Creation of Economic Value through Environmental
Taking advantage of the start of MEX23, we estab- ment plan, and have now narrowed down to Activities
lished the New Business Produce Division and the approximately 40 businesses. Going forward, Strengthen of Business Portfolio Management
Sales & Marketing Division in April 2021 as an we will continue to create rules based on objec- Strengthen Ggroup Governance
organization to promote the optimal allocation of tive figures for decision time and profit, and
resources by sharing market information and sales promote business replacement. Currently, each Message to Our Stakeholders
information across the Group and consolidating business has different life cycles, but the most
the development and sales activities of business important point for Maxell’s sustainable growth
From year-end of fiscal 2019 to fiscal 2020, we we are responding as we make necessary prep-
divisions as a whole. By promoting large-scale is to constantly create new things through dis-
did not pay a dividend due to poor business arations, including the establishment of MVVSS
development projects on a company-wide basis, ciplined management.
performance, and we will first return to a growth and business reform. We will do our utmost to
we aim to achieve sustainable growth through
path from fiscal 2021 so that we can provide our make Maxell an indispensable presence in the
optimal allocation of development resources.
shareholders with essential value. We feel that realization of a sustainable society.
Strengthen Sustainability Management (Identification of Materiality)
Maxell has been committed to sustainability man- employees, customers, and business partners.
agement centered on ESG, and we are striving to It is important to select what to do as mate-
meet the standards demanded by society. The riality, but the important point is to actually do
challenge for the future is to improve communica- what we have set out to do. This requires the
tion with evaluation organizations by strengthening strong will of our management team. On the
information dissemination capabilities. other hand, all employees must feel a sense of
Fiscal 2021 was also a year of restart under reality and practice it in their daily work. We will
MEX23, and in order to rearrange the issues and strive to ensure that front-line employees
initiatives needed to realize our ideal feature to understand that they need to take care of these
be realized in 10 years, we worked to identify things and that they need to improve them.
materiality as a further strengthening of sustain- Regarding governance, members of the
October 2021
ability management. We finally identified this Board of Directors changed in fiscal 2020. In
issue after discussing such matters as the particular, foreign nationals and female directors Keiji Nakamura
weightings of management based on a ques- were appointed as outside directors, and there President and
tionnaire of stakeholders, including executives, were changes from the perspective of diversity in Representative DirectorCONTENTS Introduction MEX23 Special Feature Sustainability Corporate Governance Basic Data 15
Growth Strategies by Segment
Energy Segment
The division manufactures and sells primary and secondary batteries such as
lithium primary batteries, silver oxide batteries, coin-type lithium secondary
batteries, and prismatic-type lithium-ion batteries, and manufactures and
sells battery-related products such as chargers and electrode-applied prod-
ucts. We are also engaged in the business of selling electricity through solar
power generation.
Continue to contribute to the development, safety, and
Vision security of society by innovating batteries and systems
Shinichiro Takao through original, unique technologies
General Manager, Energy Coin-type lithium battery Coin-type lithium rechargeable battery
Division
Business Strengthen and expand small battery businesses in the
strategy healthcare, 5G/IoT and automotive areas
Product List
Classification Major Products
Heat-resistant coin-type lithium battery
Coin-type lithium battery
Primary battery Cylindrical-type lithium battery Heat-resistant coin-type lithium battery Cylindrical-type lithium battery
Silver oxide battery
Air PatchTM Battery
Prismatic-type lithium-ion battery
Secondary battery
Coin-type lithium rechargeable battery
Charger
Battery-related
Battery pack
products, etc.
Electrode application products (oxygen sensors, hydrogen gas generators)
Solar power
Power Sales Business
generation Prismatic-type lithium-ion battery Oxygen sensorCONTENTS Introduction MEX23 Special Feature Sustainability Corporate Governance Basic Data 16
Growth Strategies by Segment
Energy Segment Healthcare 5G/IoT Mobility
Net Sales Operating Profit Situation in Fiscal 2020
(billions of yen) (billions of yen)
Sales of prismatic-type lithium-ion batteries increased more than Operating profit was ¥3.3 billion, mainly due to an increase in
37.8 expected due to continued Stay-at-Home demand due to the impact profits from prismatic lithium-ion batteries.
4.4
32.7
29.3
of the Novel Coronavirus infectious disease.
3.3
On the other hand, sales of heat-resistant coin-type lithium batter-
2.5
ies were significantly affected by the sluggish automotive market, and
the net sales of the Energy segment were ¥37.8 billion.
Growing Businesses that Drive MEX23
2020 2021 2023 2020 2021 2023
Actual Plan Plan Actual Plan Plan
Growth Businesses Market Position Strengths Future Development
Coin-type lithium battery
(highly reliable CR) • Build cooperative relationships
Operating Profit Change (FY2020 to FY2023) “Market Expansion in the Healthcare area” • Materials and sealing technolo-
with medical device
(billions of yen) • Blood glucose meters market expands as gies cultivated in heat-resistant
manufacturers
the number of patients with diabetes CR ensure safety and high
• Build a product management
increases reliability
system for batteries
+ ¥1.1 billion
Heat- Other Coin-type lithium recharge-
resistant 0.8 4.4
CR
able battery (CLB) • Expansion of sales channels in
Prismatic LIB*1, • Contribute to longer product life
etc. 1.2
“Increase our share in the wearable market” the hearing aid market
by high charge/discharge cycle
3.3 –2.8 Cylindrical • Responding to accelerated conversion of • Cost reduction by improving
CR characteristics with original
hearing aids market to secondary batteries production processes and
1.1 stacked electrode structure
increasing production
Highly CLB
reliable
CR 0.5 Cylindrical-type lithium bat- “Increase market share in the expanding
0.3 teries (cylindrical CR) • Leverage the strengths cultivated
smart meter market”
• Realize high energy density in in overseas markets to expand
• Acceleration of IoT feature of smart meters
batteries by original electrode market share in the smart meter
2020 (Actual) 2023 (Target) • Providing high-capacity batteries in
technology. Contributing to market
response to an increase in demand power
miniaturization of products. • Expansion into sensors and IoT
*1 LIB: Lithium ion battery accompanying the adoption of IoT feature
areas
for automated meter reading systems
Heat-resistant coin-type “Global Top Share in TPMS Market*2”
• Maintain and strengthen partner-
lithium battery (heat-resistant • While market expansion will moderate, • Realize miniaturization and
CR) ships with TPMS manufacturers
maintain market position by leveraging ensure high performance in harsh
• Cost reductions in line with
long-term track record as a strength. environments by using original
market conditions
• Maintain a strong relationship with major material and sealing
• Expansion of applications other
manufacturers of the tire pressure monitor- technologies
than TPMS
ing system (TPMS)
*2 Top share of the global market: as of September 2021. According to research by Maxell.CONTENTS Introduction MEX23 Special Feature Sustainability Corporate Governance Basic Data 17
Growth Strategies by Segment
Functional Materials Segment
The division manufactures and sells adhesive tapes, including tapes for con-
struction and construction materials, functional materials such as ink, film
and coated separators, and industrial rubber products.
Vision Aim to be an excellent supplier of converting products
Yukinobu Yamazaki
General Manager, Functional Electronics tape (conductive) Butyl (two-sided) tape
Materials Division Business
Increase earnings in niche and high-value-added fields
strategy
Product List
Classification Major Products
Tape for construction and construction materials
Adhesive tape Tape for semiconductor manufacturing processes
Tape for industrial processes Adhesive tape Dicing tape
Ink
Functional Film
materials
Coated separator
Rubber sheet
Industrial rubber Wear protection materials
products
Precision specialty products, etc.
Rubber sheet Coated separatorCONTENTS Introduction MEX23 Special Feature Sustainability Corporate Governance Basic Data 18
Growth Strategies by Segment
Functional Materials Segment Healthcare 5G/IoT
Net Sales Operating Profit Situation in Fiscal 2020
(billions of yen) (billions of yen)
Sales of coated separators showed signs of recovery from the third Operating profit was ¥1.1 billion due to a decrease in profit from
27.7 28.5 3.3 quarter onward due to the recovery trend in the automotive market, but coated separators and other products.
26.2
declines in sales along with adhesive tapes and other products resulted
in net sales in the Functional Materials segment of ¥27.7 billion.
1.5
1.1
Growing Businesses that Drive MEX23
2020 2021 2023 2020 2021 2023 Growth Businesses Market Position Strengths Future Development
Actual Plan Plan Actual Plan Plan “Develop markets in North America and
Tape for construction and
construction materials Southeast Asia”
• In North America, respond to the expan-
Operating Profit Change (FY2020 to FY2023) • Raise brand awareness by con-
sion of high air-tight housing, and in
(billions of yen) • Utilize technology of mixing and tinuing to introduce new air-tight
Southeast Asia, conduct educational activi-
dispersion of adhesive materials, materials in North America
ties and expansion of waterproofing meth-
and technology of fine coating • Promoting the spread of sheet
Industrial ods for houses and buildings
+ ¥2.2 billion process
Semicon-
• Utilize strengths in the domestic market for
for base materials waterproofing methods in
Southeast Asia
Con- ductor overseas expansion. Aiming to expand
struction 0.3 3.3
Adhesive, 0.2
market share in North America and
base 0.2 Southeast Asia.
Coated 0.4
separator
Tape for semiconductor “Secure market position by introducing
Industrial 0.5
rubber manufacturing processes original products into the expanding semi-
0.6 conductor market” • Utilize technology of mixing and
• Continuous development of
• Expansion of the semiconductor market due dispersion of adhesive materials,
1.1 competitive products in dicing
to higher capacity and wider adoption of technology of fine coating for
tapes for DDF
mobile devices and expansion of data centers base materials, and UV-release
• Expand sales to China and Taiwan
• Further expansion of market position in adhesive technology
dicing tape for DDF*1 and expansion of
2020 (Actual) 2023 (Target)
product lineup and sales of back grind tape
Tape for industrial processes “Expand sales of tapes for eyeglass lens
molding and develop tapes for micro lens
• In addition to utilization of tech-
manufacturing processes”
nology of mixing and dispersion
• Demand for eyeglasses increased mainly in • Early commercialization through
of adhesive materials, and tech-
developing countries, and demand for joint development with WLO lens
nology of fine coating for base
micro lenses increased due to the wide- manufacturers
materials, utilize UV-release
spread use of smartphones. • Introduce high-value-added
adhesive technology cultivated in
• Increase share of tapes for eyeglass lens products and improve
semiconductor manufacturing
molding process productivity
process tapes for WLO manufac-
• Development and new entry of process
turing technology
tapes compatible with WLO*2, a micro lens
manufacturing technology
*1 DDF: Dicing die bonding integrated film * 2 WLO: Wafer Level OpticsCONTENTS Introduction MEX23 Special Feature Sustainability Corporate Governance Basic Data 19
Growth Strategies by Segment
Optics & Systems Segment
In the Optics & Systems segment, we engage in the production and sales
of optical components, electroforming and precision components,
semiconductor related embedded systems, molds and plastic molded
products, RFID systems, IC cards, projectors, and imaging equipment.
Enhance Analog Core Technologies and contribute to peo-
Vision ple’s lives and society with optical and system component
products, shifting from products to services
Hiroyuki Ota
General Manager, Optics & LED headlamp lens Contactless IC cards and IC card reader/
Systems Division Business Transformation and growth from projectors to automotive writers
strategy and semiconductor business fields
Product List
Classification Major Products
In-car camera lens unit
Optical components LED headlamp lens
Single lenses, etc. (lenses for smartphones, eyeglasses for camera lenses, etc.)
Lens mold Semiconductor related embedded system
Molds and plastic Ultra-precision molding dies
molded products Plastic molded products
Semiconductor-related embedded systems
Electronic
Image recognition system
components
Electronic equipment assembly business
Projector Projector
Precision electroform- Masks for organic EL deposition (electroforming), masks for IC package connection,
ing products precision electroformed molds and transfer leads for electronic components)
RFID and IC cards RFID systems, Contactless IC cards and IC card reader/writers
In-car camera lens unit (for viewing) Mask for organic EL deposition
(electroforming)You can also read
