LIXIL Group Corporation - Goldman Sachs Industrials Conference 2017 Sachio Matsumoto Executive Officer and Executive Vice President Chief ...
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Goldman Sachs Industrials Conference 2017
LIXIL Group Corporation
Sachio Matsumoto
Executive Officer and Executive Vice President
Chief Financial Officer
November 14, 2017
Copyright © LIXIL Group Corporation. All rights reserved.Who is LIXIL?
LIVING × LIFE
2LIXIL Offers Comprehensive Products for Houses
Washstand
Unit Bathrooms Cabinet Units Sanitary Ware Roofing Materials
Housing Sashes
Kitchen Systems
Entrance Doors
Shower-heads, Plumbing Fixtures
Exteriors
(Carport, Fence, Gate)
Interior Furnishing
Materials Exterior Wall Materials, Tiles
Exteriors
(Wood deck) 3Revenue Trend of the LIXIL Group
Sales ratio
(outside of
JPYbn
Japan): 30%
2,000.0
1,800.0
Sales ratio
1,600.0 (outside of
Acquisition of
Japan): 3% American Standard
1,400.0
Acquisition of Brands
1,200.0 Permasteelisa North America
(in 2011) (in 2013)
1,000.0 ⇒Plan to divest in Japan
2017 based on share- Initial Acquisition of Overseas
800.0 transfer agreement GROHE (in 2014)
⇒Full consolidation
600.0 (in 2015)
Acquisition of
American Standard
400.0
Asia Pacific
(in 2009)
200.0
0.0
FYE2010 FYE2011 FYE2012 FYE2013 FYE2014 FYE2015 FYE2016 FYE2017(1)
(IFRS) (IFRS)
JGAAP IFRS
(1) Announced in May 2017
4LIXIL Group Revenue and Core Earnings by Business
Revenue growth and profitable growth are driven mainly by
Water(LWT) and Housing(LHT) Technology
JPYbn Revenue Core earnings(2)
700.0 662.4 (+4%) 1,786.4bn 88.3bn
YoY -5.5% (Like-for-Like: -0.1% (1)) YoY +26.0%
600.0
544.1 (-2%) Margin (%)
JPYbn
500.0 FYE2016 FYE2017
70.0 65.1 12%
400.0 60.0 10%
54.9
10%
50.0
263.6 (-10%) 8%
300.0
39.2 7%
40.0 38.0
172.0 (+2%) 6%
200.0
30.0 7% 4%
114.7 (+2%) 4%
4%
100.0 64.4 (+1%) 20.0
1%
7.2 7.3 2%
0.0 10.0 4.3 3.8 4.4
-5.6 3.8 1.8
LIXIL Water LIXIL LIXIL LIXIL Distribution Housing 0%
0.0
Technology Housing Building Kitchen and Retail and
Technology Technology Technology Business Services -10.0 -2%
LWT LHT Business LIXIL Water LIXIL Housing LIXIL Building LIXIL Kitchen Distribution Housing and
Technology Technology Technology Technology and Retail Services
Business Business
*Line graph shows core earnings margin for FYE2017
(1) Like-for-Like basis excluding impacts of divestment
(2) Equivalent to “Operating Profit” of JGAAP 5
(3) Announced in May, 2017LWT : LIXIL is the Global Market Leader in the Sanitary Industry (1)
Category
Sanitary Unit Washstand Kitchen
Faucet
Ware Bathrooms Cabinet Units Systems
Market Share
in Japan/ 10%
40% 30% 35% 26%
globally(1) globally
No.2 in Japan No.1 No.1 No.1 No.1
Market
No.1 in North globally in Japan in Japan in Japan
Position(1)
America
(1) LIXIL Group Estimates
6LWT : LIXIL is the Global Market Leader in the Sanitary Industry (2)
-Acquisition of Global Brands-
Brand
Business
Global (Headquarters: Germany) North America / Asia
Areas
Products Faucet / No.1 globally Sanitary Ware/ No.1 in North America
/ Share (High-end, Luxury) (Luxury, Mass)
Sanitary Ware,
Unit Bathroom
Faucet
Business
Segment
Shower head
Faucet
7LWT : LIXIL is the Global Market Leader in the Sanitary Industry (3)
Global sanitary sales(1)
FOCUS FOCUS FOCUS
Sales in USDbn
BATHROOM EQUIPMENT SANITARY FITTINGS SANITARY TECHNOLOGY
(ceramics, tubs, shower enclosures) (faucets & showerheads) (installation- & flushing-systems, piping)
6
5 LIXIL WATER TECHNOLOGY
4 TOTO Sanitary Ware(2)
MASCO Plumbing Products (DELTA, HANSGROHE)
3 GEBERIT & SANITEC
KOHLER Kitchen & Bath(3)
2 ROCA
Fortune Brands (MOEN)
1
VILLEROY & BOCH Bath & Wellness
DURAVIT DECA
In front of the wall Behind the wall
0
(1) As of 2015
(2) Share of sanitary ware portfolio estimated at 70% 8
(3) Estimate, privately held companyLHT : LIXIL is the Market Leader in the Housing Material Industry
Category
Interior Wooden
Housing Entrance Building
Exteriors Fabric Furnishing
Sashes Door Sashes
(Curtains etc） Materials
Market Share
in Japan(1) 50% 55% 55% 40% 10% 15%
Market No.1 No.1 No.1 No.1 No.1 No.3
Position(1) in Japan in Japan in Japan in Japan in Japan in Japan
(1) LIXIL Group Estimates
9Key Management
Kinya Seto Sachio Matsumoto
Director, Representative Executive Officer and
Executive Officer, President Executive Vice President,
& Chief Executive Officer, Finance, Treasury, and M&A
LIXIL Group Corporation and Chief Financial Officer,
LIXIL Group Corporation
1983: Began his career with Sumitomo Corporation, a major 1982: Began his career with Fuji Xerox Co., Ltd.
Japanese trading company
1994: Served as Manager,, Xerox Global Headquarters,
2000: Served as CFO, Fuji Xerox Asia Pacific, Singapore
2012: Served as Representative Director and President at 2010: Served as Corporate Vice President and Head of Finance
Granger Asia Pacific, and also as Vice President at W.W. and Treasury at Fuji Xerox Co., Ltd
Granger, Inc.
2013: Joined LIXIL Group Corporation and served as Executive
January 2016: Joined LIXIL Group Corporation and served as Officer and Senior Managing Director
Representative Executive Officer and Chief Operating Officer
2015: Assumed current role of Executive Officer and Executive
June 2016: Assumed current role of Director, Representative Vice President, CFO of LIXIL Group Corporation
Executive Officer, President & Chief Executive Officer of LIXIL
Group Corporation
*He holds 35,000 shares of the Company.
*He holds 99,000 shares of the Company.
10Medium-Term Business Plan (FYE2019-FYE2021)
MTP – Redefining LIXIL to Achieve Long-Term, Sustainable Growth
With an industry leading-global footprint, we are now positioned to drive further
efficiency, synergies, and innovation to achieve sustainable competitiveness
I Ⅱ Ⅲ
FYE2017-FYE2018 FYE2019-FYE2021 FYE2022-
(Establish Growth (Structural Reform for (Growth)
Foundation) Growth)
Simplify & Improve Strengthen Drive Revenue Growth
Balance Sheet
Profitability
12Phase II- Place top priority on Strengthening Profitability
Currency: yen
Core Earnings Ratio ROE
(%) 7.5% (%)
8 15 +10%~
7 5.5% 10 +7.9% +7.3%
6 4.9%
5
5
3.7% 0
4
3 -5 -4.6%
MAR 16 MAR 17 MAR 18 (Fcst) MAR 21 (MTP) MAR 16 MAR 17 MAR 18 (Fcst) MAR 21 (MTP)
Revenues Net debt/EBITDA Ratio of equity attributable to
(tn) (x) 5.3x owners of the parent*1
5 40 (%)
2.0 4.3x 35%
1.89tn 4 3.4x 35
1.9 31%
3Water, Housing & Building are Key Drivers of Future Growth
MTP BM*2 MTP*1 CAGR Change
FYE2018(Forecasts) *3 FYE2021 % pt
JPY: billion
Revenue CE % Revenue CE % Revenue CE
LIXIL Water Technology (LWT) 703.0 67.0 10 830.0 100.0 12
LIXIL Kitchen Technology (LKT) 115.0 5.0 4 110.0 7.0 6
Water 818.0 72.0 9 940.0 107.0 11 4.7 +3
LIXIL Housing Technology (LHT) 537.0 41.5 8 560.0 46.0 8
LIXIL Building Technology (LBT) 109.0 4.0 4 100.0 5.0 5
Housing & Building 646.0 45.5 7 660.0 51.0 8 0.7 +1
Distribution & Retail (D&R) 183.0 9.0 5 208.0 9.5 5
Housing & Services (H&S) 57.0 3.5 6 69.0 4.5 7
Retail/Housing & Services 240.0 12.5 5 277.0 14.0 5 4.9 0
HQ, Conso. adj., Others -24.0 -37.0 - -37.0 -37.0 -
Foreign currency risk*4 - - - -100.0 -5.0 -
Total 1,680.0 93.0 5.5 1,740.0 130.0 7.5 1.2% +2.0
Raise core earnings ratio to 7.5% in FYE 2021
*1 Currency assumption for *3 Some of the breakdown amount was corrected from the announcement on May 8, 2017. The
FYE2019-FYE2021: 1USD=115JPY, forecast of total revenue and CE are not changed from the forecast announced on August 21. 14
1EUR=120JPY (EUR/USD=1.04x) *4 Risks on FX (Change of FX rate from plan rate) are incorporated in a section named
*2 BM: Benchmark “Foreign currency risk”Market Assumptions in the New MTP Developing,
LIXIL grows more than market growth
New MTP (2018/4-2021/3)
• Europe: CAGR +1.9%
Global Building Materials Market • United States: CAGR +2.47%
• Asia: CAGR +6.0%
• New housing starts: 2.6 million (accumulated for 3 years)
Japan Housing Demand • Renovation: CAGR +1.4%
• Non-residential: CAGR -2.6%
• USD1=JPY115, EUR1=JPY120
Foreign Exchange
(EUR/USD=1.04x)
Raw Materials Price • Current commodity price (for both fuel and metals)
New Consumption Tax
• October 2019
(Tax hike)
15Key Drivers to Achieve the Target of the Medium-Term Strategic
Business Plan
Business Segment Key Drivers
- Improve margin by
- Shift to Mid- High, Value Added product mix,
LIXIL Water Technology
- Leveraging synergies within the group
(LWT)
(e.g. technology transfer, platform standardization,
cross-selling, leveraging brands and design power)
LIXIL Kitchen
- Shit to upper-mid products and synergies with LWT/LHT
Technology (LKT)
LIXIL Housing - Improve operational efficiency in a tapering market
Technology (LHT) - standardize platform, reduce SKUs
LIXIL Building
- Improve profitability by selective order intake
Technology (LBT)
HQ and GA expenses - Reducing headquarters’ indirect costs by 7% per annual
16How We Will Achieve Our MTP Targets
Sustainable Growth Will Be Achieved By Leveraging and Further
Developing Our Unique, Competitive Advantages
1 ESTABLISH A PURPOSE-DRIVEN ENTREPRENEURIAL
COMPANY FOR SUSTAINABLE GROWTH
2 DEVELOP ATTRACTIVE AND DIFFERENTIATED
PRODUCTS
3 ACHIEVE COMPETITIVE COSTING
4 STRATEGIC MARKETING TO DRIVE GROWTH
181 ESTABLISH A PURPOSE-DRIVEN ENTREPRENEURIAL COMPANY
FOR SUSTAINABLE GROWTH
Become a Company We Can Be Proud of, Evoking
Respect and Passion
Key Behaviors Will Be a Source of Competitiveness
Consistently Redefine the Business Domain
192 DEVELOPING ATTRACTIVE AND DIFFERENTIATED PRODUCTS
1 Innovation
2 Branding
3 Design
4 Quality
5 Accelerate development, production and sales
202 CASE STUDY: DIGITAL ENABLES GREATER PRODUCT DEVELOPMENT
The Idea… …our Product… …and its Potential
Lack of water security Build GROHE Ondus app
solutions in the market platform to become ‘the
• 54% of consumers in Germany Google of Water’
experienced water damage;
67% would like to purchase a Leverage GROHE’s installer
water security system and base to scale Sense Guard
only 3% own one
• Lack of products combining Contribute to water saving
detection and protection via Monetize collected data
GROHE Sense
shut-off
Smart water sensor to detect
leaked water Exploit Ondus App and cloud
Leverage GROHE brand as modern infrastructure to
credibility in water GROHE Sense Guard further develop other GROHE
management solutions to Smart water controller that
detects burst pipes and
products
enter Smart Home
automatically shuts off the
water supply
Expand GROHE offer to
intelligent, value-adding GROHE Ondus App
services for B2B and B2C Smart App for complete
water control
212 TRANSFORM TO AN ASSET-LIGHT MODEL
Build a structure that supports the launch of differentiated products
in a shorter cycle
CURRENT
ASSET-LIGHT MODEL
ASSET-RICH MODEL
Mass production of limited Allocate more managerial resources
items is only appropriate to design, development, and
for fast-growing markets planning
Differentiate with Differentiate by leveraging design
production capacity and capability, strong IP, and brand power
logistics/sales network
Launch attractive products and
Risk of prioritizing deliver faster to the market
products we can make,
rather than what end users Achieve high profitability
want/need (manufacturer’s Started trialing this approach across
convenience) various locations, e.g. US and Japan
223 ACHIEVE COMPETITIVE COSTING
1 Qualitative Supply Chain Improvement
2 Indirect Department Cost Reduction
3 Reduction of Development Cost
234 STRATEGIC MARKETING TO DRIVE GROWTH
1 Influencers
3 Manufacturer’s
2 End users Mindset
24PHASE III: DRIVE REVENUE GROWTH (FYE2022-)
Phase III – Beyond MTP:
Next Stage to Deliver Sustainable Revenue Growth
Housing and water technology is an industry that
demonstrates significant growth opportunities, in line
with the growing global middle class population
It is also an industry where it remains important to
own the assets rather than being shared services
If we are able to deliver differentiated products and
services, we can expect revenue growth
26Appendix Latest Earnings Results H1 FYE2018.3 and Additional Information
LIXIL Group H1 Key Performance Highlights
Results in line with H1 forecasts
Revenue up 1.7% YoY to JPY809.9bn(1)
Driven by organic growth despite impact from divestment and deconsolidation
LWT overall shows strong performance following Q1. Revenue especially in Japan shows favorable growth both
for new housing and renovation
Core earnings decreased 4.5% YoY to JPY40.7bn(1)
Due to increase in IT-related costs in Japan and increase in marketing and advertising expenses
Marketing activities supported continued strong sales of LWT Japan and LKT Japan
Profit for the quarter attributable to owners of the parent was JPY 12.8bn (-JPY11.3bn YoY)
Due to absence of one-off positive impact from foreign-currency denominated debt conversion recognized in
last year (-JPY11.0bn) and loss for the quarter from discontinued operations
(after tax: -JPY11.0bn)(2) based on a decision making of transfer of shares of Permasteelisa S.p.A
Decrease in interest expense due to debt repayment (+JPY3.0bn)
Impact of IPO of LIXIL VIVA in April 2017 leading to decrease of attributable profits (-JPY1.7bn)
(1) Continuing operations basis
28
(2) Amount of loss after tax recognized by measurement of the assets and liabilities of Permasteelisa S.p.A. and its subsidiaries at fair value and profit/loss from
operations after taxH1 Consolidated Business Results
Results in line with H1 forecasts
(A) (B) (B)-(A) (C) (B)-(C)
H1 H1 H1
JPYbn YoY vs. forecasts
FYE2017 FYE2018 FYE2018
After Amount Forecasts
retroactive Results % (Announced on Amount
restatement Forex (B)-(A) Aug 21)
Revenue 796.3 809.9 9.6 13.6 1.7% 810.0 -0.1
Gross Profit
Operations
Continuing
268.6 276.8 3.3 8.2 3.0% - -
(%) 33.7% 34.2% - +0.4P - - -
(1)
Core Earnings 42.6 40.7 0.7 -1.9 -4.5% 40.0 0.7
(%) 5.3% 5.0% - -0.3P - 5% 0.1
Net Profit including
Discontinued
Operations
Discontinued
Including
Operations(2) 24.1 12.8 - -11.3 -46.8% 12.0 0.8
EPS (Yen) 84 45 - -40 -47.0% 42 3
Operations
EBITDA(3)
Continuing
70.4 71.0 - 0.5 0.8% - -
(%)
8.8% 8.8% - -0.1P - - -
Gross Profit Margin 33.7％→34.2％ (+0.4pt )
・ Focus on further development and sales of mid to high-end products
・ Improvement in production efficiencies and leveraging synergies
EBITDA margin decreased 0.1pt, impacted by SG&A increase due to marketing expense and logistic fee. LWT Japan performed well
with +JPY0.5bn increase in EBITDA YoY
(1) Equivalent to "Operating profit" of JGAAP (4) Transferred to profit/loss for the quarter from discontinued operations (due to
29
(2) Profit for the quarter attributable to owners of the parent the decision of share-transfer of Permasteelisa S.p.A.)
(3) EBITDA: Core earnings+Depreciation (Excluding discontinued operations)LIXIL Group H1 Highlights
Core earnings decreased due to increase in IT-related expenses and investment in marketing
activities
Revenue Core Earnings (CE)
JPYbn
YoY : JPY +13.6bn (+1.7%) JPYbn
On like-for-like basis : JPY +18.6bn (+2.3%) JPY-1.9bn (-4.5%) YoY
870.4
870 43 42.6
850 42
Hivic -8.5
74.1 JIO -6.0 2.7
830 Moritec -0.1 41 40.7
809.9 810.0 5.3%
810
796.3 39.8 40
18.6 40
790 14.6 9.6 5.0%
39
770
750 38
H1 H1 H1 FYE2018 H1 Perma H1 H1 H1 FYE2018
Perma Business Forex Increase H1
FYE2017 Discontinued FYE2017 divestment impacts on FYE2018 Forecasts FYE2017 Discontinued FYE2017 FYE2018 Forecasts
Results Operations Results like-for-like Results (Disclosed on Results Operations Results Results (Disclosed on
(After basis(*) Aug 21) (After Aug 21)
restatement) restatement)
Revenue increase(*) on like-for-like basis due to: Despite increase in gross profit due to gross margin
Growth in LWT (Japan and Overseas) due to active improvement in LWT Japan and LKT Japan, core earnings
marketing investment, introduction of new products decreased due to increase in IT-related expenses and marketing
cost
Positive contributions from LHT and LKT
Japan JPY+1.3bn (+3%), Overseas JPY-1.4bn (-7%)
30LIXIL Group Earnings by Business
Revenue increased by 1.7% YoY and core earnings decreased by JPY 1.9bn (-4.5%) YoY
JPYbn
Revenue(1) JPYbn
Core Earnings(1) Margin (%)
341.8
360 809.9bn (YoY+1.7%) 35 40.7bn (YoY-4.5%) 12%
340 (+7.4%) 32.5
H1 FYE2017 H1 FYE2018
320 30.2
30
300 10%
265.2
280 10%
(-1.8%)
260 25
240 8%
220
19.6
200 20
180 17
6%
160 6%
15 5%
140
120 87.5 5% 4% 4%
100 (+0.4%) 10
80
58.2 4%
51.4
(-1.7%) (+6.5%)
60
40
23.9 5 4.9 4.6 2%
(-25.9%) 2.6
20 1.9 1.9 2.3
1.1
0.8
0
LWT LHT LBT LKT D&R H&S 0 0%
LWT LHT LBT LKT D&R H&S
*Line graph shows core earnings margin for H1 FYE 2018
(1) Revenue and core earnings from Permasteelisa S.p.A and its subsidiaries are not included because these are classified to discontinued operations based on the 31
share-transfer agreementCreating Shareholder Value
Dividend forecasts for FYE2018
Dividend payout ratio of over 30% will be maintained on a consolidated basis
FYE2016 FYE2017 FYE2018
JPY Results Results Forecasts
H1 30 Yen 30 Yen 30 Yen
H2 30 Yen 30 Yen 30 Yen (forecast)
Full year 60 Yen 60 Yen 60 Yen (forecast)
Dividend Payout Ratio - 41% 40%
Share buyback
Share buyback may take place depending on factors such as financial position and share price
Basic policy regarding the company’s decision control
We do not have special anti-takeover provisions in our articles of association since we intend to
increase our corporate value by taking various measures that would gain support from our
shareholders. Our investor and shareholder policy is to have our shares held over the medium to long
term by a large number of shareholders
32External Recognition
FTSE4Good Index Series MSCI Japan Empowering Women Index
Became a constituent of the FTSE4Good Index Series (June 2017) and Selected as a constituent of the MSCI Japan Empowering Women
FTSE Blossom Japan Index (July 2017), created by FTSE Russell Index (WIN), created by MSCI Inc. (July 2017)
Disclaimer
THE INCLUSION OF LIXIL GROUP CORPORATION IN ANY MSCI INDEX, AND THE USE OF MSCI LOGOS, TRADEMARKS, SERVICE
MARKS OR INDEX NAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP, ENDORSEMENT OR PROMOTION OF LIXIL GROUP
CORPORATION BY MSCI OR ANY OF ITS AFFILIATES. THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE
MSCI INDEX NAMES AND LOGOS ARE TRADEMARKS OR SERVICE MARKS OF MSCI OR ITS AFFILIATES.
DJSI Asia Pacific Index 2017 All-Japan Executive Team Rankings
Became an index component of the Dow Jones Sustainability Ranked first for “Best CEO,” second for “Best CFO,” third for “Best IR,”
Indices (DJSI Asia Pacific Index), created by S&P Dow Jones Indices and second for “Best IR Website” in the construction sector of 2017 All-
and RobecoSAM Japan Executive Team rankings from Institutional Investor Magazine
(September 2017) (May 2017)
33LIXIL Group Introduction
Overview Financial Snap Shot (FYE 2017)
Headquarters: LIXIL Group provides a comprehensive product line of living
Sales by Region(3) Sales by Segment(1)(3)
Tokyo, Japan and housing related products and services
Our business is organized through 4 technology business North Europe Others
Established: H&S
Sep. 19, 1949 and 2 domestic business: America 6% 1% D&R
4%
LIXIL Water Technology: Global market leader in 8% 10%
Headcount:
sanitary ware industry with well known brands such as Other Asia LKT
59,248 as of March 2017 LWT
GROHE, American Standard and INAX 5% 7%
Stock Exchange: 40%
-Tokyo Stock Exchange LIXIL Housing Technology: Leader in Japan’s housing China LBT
-Nagoya Stock Exchange and building materials industry, producing a range of 3% 7%
Securities Code:
products including window sashes, doors, interior fabrics,
5938 exteriors, and structure materials
LIXIL Building Technology: Operating commercial
Trading Unit: LHT
architectural project business Japan
100 shares 33%
LIXIL Kitchen Technology: Leader in design and 77%
Key Management:
Kinya Seto manufacturing of kitchen systems in Japan via SUNWAVE
President and CEO brand
Sachio Matsumoto
Distribution & Retail Business: Leading operator of
Executive Vice President and Key Financials (2) – Years ended March 31
CFO Home Centre stores across Japan offering home
decoration and improvement and daily necessity goods
JPYbn FYE2015A FYE2016A FYE2017A(3) Market Value As of Nov 6, 2017
Housing & Services Business: Offering integrated Sales 1,705.4 1,890.5 1,633.2 Share Price (JPY) 3,120
occupant-oriented services (performance assessment, Growth 2.1% 10.8% -13.6% Shares Out. (mn) 288
Core Earnings 51.7 70.1 89.8 Market Cap (mn) 899,471
maintenance, management and real estate brokerage) Core Earnings Margin 3.0% 3.7% 5.5% Net Debt 595,014
LIXIL owns a strong global network in Asia Pacific, Europe, EBITDA 102.1 132.3 656.4 Enterprise Value 1,494,485
North America and South Africa through its acquisition of EBITDA Margin 6.0% 7.0% 40.2%
Net Income 30.9 -25.6 42.5
several overseas brands such as American Standard (Asia Net Margin 1.8% n.m. 2.6%
Pacific and North America), Permasteelisa and GROHE
In FYE2017 overseas sales accounted for roughly 23% of
our group’s total sales
(1) Including the effect of intercompany sales
(2) IFRS basis ; CE (Core earnings) is equivalent to "Operating profit" of JGAAP
(3) After reclassification of Permasteelisa to discontinued business 34Board of Directors and Executive Officers
(After the approval of annual shareholders’ meeting held on June 22, 2017)
Nomination Committee
■Board of Directors (10 members) Hirokazu Yamanashi (Chairperson)
Yoichiro Ushioda Kinya Seto Yoshizumi Kanamori Yoichiro Ushioda
Yoshinobu Kikuchi Keiichiro Ina Tsutomu Kawaguchi Hiroto Yoshimura
Main Kohda Barbara Judge Hirokazu Yamanashi Compensation Committee
Hiroto Yoshimura Barbara Judge (Chairperson)
■Executive Officers (11 members) Main Kohda
Hirokazu Yamanashi
Kinya Seto Ryuichi Kawamoto Sachio Matsumoto
Yoshinobu Kikuchi
Haruo Shirai Kazuhiko Ootsubo Laurence William Bates Keiichiro Ina
Hwa Jin Song Montesano Harumi Matsumura Ryo Nihei
Yugo Kanazawa Yoichiro Ushioda(1) Audit Committee
Tsutomu Kawaguchi (Chairperson)
Yoshizumi Kanamori
Directors who are concurrently serving Outside directors: 5 members Hiroto Yoshimura
as executive officers: 2 members Non-Japanese females:
1 member
Directors / Internal directors /
executive directors outside directors Japanese females: Diversity
1 member
Directors who are not executive officers:
8 members Internal directors: 5 members Japanese males: 8 members
(1) Special mission 35Corporate Responsibility Strategy
Corporate Responsibility Mission
LIXIL to be the most trusted company by enhancing living spaces through innovative responsibility
engagements and initiatives around the world
Promote and enable access to safe hygienic sanitation practices,
Global Hygiene especially for women and girls, while preventing the harmful
& Sanitation transmission of diseases for children
Water
Conserve water, energy, and other natural resources utilized in and
Conservation & by LIXIL products and services, including in procurement,
Environmental production, distribution, end-use and disposal
Sustainability
Embrace the diversity of people in society and within LIXIL
i) Enhancing the quality of life and wellbeing for the elderly and the physically
Diversity &
disabled through LIXIL products and services
Inclusion ii) Harnessing the knowledge and perspectives of our diverse workforce as an
engine for growth and innovation
Measurement Objectives
Enable improved access to sanitation and hygiene for 100 million people by the year 2020
By 2030, achieve a net zero balance between LIXIL’s environmental footprint, and the positive environmental
contributions created through its business processes, products and services
36Cautionary Statements with Respect to Forward-Looking Statements Statements made in these materials with respect to plans, strategies and future performance that are not historical facts are forward-looking statements. LIXIL Group Corporation cautions that a number of factors could cause actual results to differ materially from those discussed in the forward-looking statements.
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