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Medium-Term Management Program

Project AP-G 2025
Innovation and Resilience Management —
Value Creation for New Momentum

The new Medium-Term Management Program, Project AP-G 2025 (AP-G 2025) covers the three-year period from fiscal 2023 to fiscal 2025. It takes the Toray Philosophy as its starting point and is designed to ensure the Toray Group achieves sound, sustainable growth by helping to solve global issues arising from the need to balance development and sustainability, as indicated in the Toray Group Sustainability Vision. Under AP-G 2025, we will focus on creating value to fuel this growth strategy and enhance our human resource base to support it. We will strengthen our management foundation to enable investment in growth driven by efficiently invested capital, financial strength, and human resources.

Under AP-G 2025, our five basic strategies are: sustainable growth; ultimate value creation; product and operational excellence; enhancement of people-centric management; and risk management and governance. We will work to expand our growth fields of Sustainability Innovation (SI) Business and Digital Innovation (DI) Business, while pursuing business advancement and high-added-value creation as well as enhancing quality strength and cost competitiveness. At the same time, in order to maintain financial soundness, we will focus across our business operations on balancing profit, cash flow, and asset efficiency. Furthermore, in order to create a new growth trajectory, we will expand high-growth, high-profitability businesses while implementing structural reforms in low-growth, low-profitability businesses.

Long-Term Corporate Vision TORAY VISION 2030

KPIs for Fiscal 2025

1. Financial Targets

FY 2022 Actual FY 2025 Target
Revenue 2,489.3 billion yen 2,800.0 billion yen
Core operating income 96.0 billion yen 180.0 billion yen
Core operating margin 3.9% 6%
ROIC*1 2.7% About 5%
ROE*2 5.0% About 8%
Free cash flow 237.3 billion yen
(3-year cumulative total)
(3-year cumulative total)
D/E ratio 0.62 0.7 or lower

Exchange rate assumption for AP-G 2025: 125 yen per US dollar

*1. ROIC = Core operating income after tax / Invested capital (average of the balances at beginning and end of the period)
*2. ROE = Net profit attributable to owners of parent / Average equity attributable to owners of parent

2. Sustainability Targets

FY 2013 Actual
FY 2022 Actual
FY 2025 Target
Revenue from Sustainability Innovation (SI) Business 562.4 billion yen 1,282.8 billion yen
1,600.0 billion yen
CO2 emissions avoided in value chain 38 million tons 9.5-fold 15.0-fold
Water filtration throughput contribution by Toray’s water treatment membranes 27.23 million tons/day 2.5-fold 2.9-fold
Greenhouse gas emissions per unit of revenue in production activities 337 tons/100 million yen 35% reduction*1 40% reduction
Greenhouse gas emissions of Toray Group in Japan 2.45 million tons 21% reduction*1 20% reduction
Water usage per unit of revenue in production activities 15,200 tons/100 million yen 32% reduction*1 40% reduction

*1. The calculation of the figure for the baseline of FY 2013 includes data for companies that joined the Toray Group in FY 2014 or later.