Medium-term Management Program

In the medium-term management program, “Project AP-G 2022” (AP-G 2022), Toray Group will work on basic strategies of "global expansion in growth business fields," “strengthening competitiveness,“ and newly added the concept, “strengthening the management foundation, ” in order to increase cash flow and improve asset efficiency.
We will maximize the value we create in the medium- to long-term and will build a structure that will enable us to achieve sustainable growth in the future.

Basic strategies of “Project AP-G 2022”

Basic Strategy 1Global expansion in growth business fields

Utilizing its advanced materials and core technologies to contribute to solving social issues on a global scale, Toray Group will expand its business not only by meeting rising demand, but also by creating new demand. Through a group-wide project, we will promote GR businesses, which help solve global environmental, resource and energy issues, as well as LI businesses, which contribute to better medical care and longevity, foster public health, and support personal safety.

1. Expansion of Green Innovation (GR) businesses :    Sales Revenue Target in FY 2022    1 trillion yen

Contribute to solving global environmental, resource and energy issues

Toray Group will implement the GR Project as a group-wide project. We will actively expand business by prioritizing resource use for capital expenditures and R&D to large-scale initiatives such as lightweight materials, biomass-origin materials, recycling materials, lithium-ion battery separator films, large tow carbon fiber for wind turbine blades, water treatment membranes, and materials related to hydrogen and fuel cells.

Revenue from Green Innovation Businesses

In FY 2021, revenue increased from the previous fiscal year due to the growth in carbon fibers for wind turbine blades, water treatment membranes, etc., while carbon fibers for aircraft continued to be sluggish. Overall, Green Innovation Business is on the track to recovery from the impact of COVID-19.

Main business domains in Green Innovation businesses

Energy conservation

  • Lightweight materials such as carbon fiber for aircrafts, resins for automobiles
  • Materials related to energy-saving displays such as OLED
  • Warm innerwear, Cool innerwear etc.

New energy

  • Carbon fiber for wind-turbine blades
  • Battery separator film for lithium-ion batteries
  • Materials related to fuel cells and hydrogen infrastructure etc.

Low Environmental Impact

  • Non-fluorine water-repellent material
  • Toray Waterless Plate™ etc.

Water Treatment

  • RO, MBR, MF/UF membranes etc.


  • Fiber recycling
  • Film recycling etc.

Air Purification

  • Dust collecting filter / Air filter etc.

FY 2021 Revenue of Green Innovation Businesses Breakdown by Business field

2. Expansion of Life Innovation (LI) businesses :    Sales Revenue Target in FY 2022    300 billion yen

Contribute to better medical care and longevity, foster public health, and support personal safety

In addition to the conventional concepts of contributing to health maintenance and longevity and improving the quality of medical care, will broaden the definition to include products for “personal safety” to respond to threats on society such as recently increasing natural disasters and extreme weather, and aim for business expansion through a group-wide approach.

Revenue from Life Innovation Businesses

In FY 2021, revenue increased from the previous fiscal year due to increase in shipment of non-woven fabrics for hygiene applications and sports related materials.

Main business domains in Life Innovation businesses

Support health and longevity

  • Non-woven fabric for hygiene productsNonwoven fabric for hygiene products
  • Materials for facilitating accessMaterials for facilitating access
  • Sportswear fabricsSportswear fabrics
  • Home water purifiersHome water purifiers
  • etc.

Improve quality of medical care, Ease burdens on medical professionals

  • DialyzersDialyzers
  • CatheterCatheter
  • Medical-use hitoeMedical-use hitoe™
  • PharmaceuticalsPharmaceuticals
  • etc.

Support personal safety

  • Heat-shielding/light shielding/UV protective SUMMER SHIELDHeat-shielding/light shielding/UV protective SUMMER SHIELD™
  • Non-woven fabric with flame-shielding property, GULFENGNonwoven fabric with flame-shielding property, GULFENG™
  • Protective clothing LIVMOAProtective clothing LIVMOA™
  • etc.

FY 2021 Revenue of Life Innovation Businesses Breakdown by Business field

Initiatives for Supporting Future Growth

Toray Group will proactively implement capital investment, work on research and technological development, and create new businesses, in order to pursue business expansion in growth business fields.

Capital Investment
  • Proactively implement growth investments in growth business domains
Research & Technological Development
  • Invest resources to future large scale themes, contribute to the realization of the Sustainability Vision
  • Further leverage comprehensive capabilities by integrating fundamental technologies with original technologies
New Business Creation

Future TORAY-2020s Project (FT Project)

  • Continue to promote the group-wide "FT Project” under “AP-G 2022,” to generate revenue sources that will drive the next growth stage
  • Will invest resources selectively to large scale themes for the next growth stage, and accelerate product development and the establishment of business models, with the aim to achieve total sales of around 1 trillion yen in the 2020s

Examples of themes in “AP-G 2022” 

Hydrogen-fuel cell related materials

Biomass-utilization products and processing technologies

Environmentally-friendly printing solutions

Hygiene, Health-care products

Sensing devices related materials

Basic Strategy 2Strengthening Competitiveness

Toray Group will continue with the group-wide project “total cost reduction,” and will add specific measures of “business advancement, high-added value creation,” and “enhancing workplace competency in sales & marketing and production.”

1. Total Cost Reduction

2. Business Advancement / High Added-value Creation

  • Achieve advancement in products
  • Add high-value by integrating and combining products and services
  • Create new value in collaboration with external partners
  • Pursue innovation in the value chain using Information and Communication Technology (ICT)

3. Enhancing Workplace Competency in Sales & Marketing and Production

  • Lead the maximization of value-adding by strengthening the ability of the sales force to gather information, provide supply chain insight, the ability to make comprehensive sales proposals, and the ability to resolve issues
  • Continually improve labor productivity by strengthening the ability to maintain equipment, resolve onsite problems, and the ability to resolve issues in order to meet customer requirements

Basic Strategy 3Strengthening the Management Foundation

To expand cash flow and enhance asset efficiency, Toray Group will strengthen its financial structure by improving capital efficiency, and conduct business structure and organizational structure reforms of low-growth and low-profitability businesses.

1. Strengthening financial structure by improving cash efficiency

2. Business structure reform of low-growth and low-profitability businesses

  • Conduct business structure and organizational structure reforms of low-growth and low-profitability businesses
  • Will consider options including reducing or withdrawal from businesses with low market growth potential or where it would be difficult to make the most of Toray Group’s strengths in the future

Determine once a year of target businesses and companies that fall below boundary value for “sales growth” and “profitability”, and conduct business structure and organizational structure reforms

Revenue Targets in FY 2022

Billion yen

FY 2020 Actual FY 2021 Actual FY 2022 Forecast FY 2022 Target
Revenue 1,883.6 2,228.5 2,510.0 2,600.0
Core Operating Income 90.3 132.1 100.0 180.0
Core Operating Margin 4.8% 5.9% 4.0% 7%
ROE 3.9% 6.4% about 5% about 9%
ROA 3.2% 4.5% about 3% about 7%
Free Cash Flow 113.7 81.1 Aim to secure
positive CF
120 billion yen
or more (total of 3 years)
D/E Ratio 0.79 0.67 Management in accordance with the guideline (around 0.8) around 0.8
Dividend Payout Ratio 31% 30% 40% about 30%

Exchange rate for “AP-G 2022” target : 105 yen / US$
ROA = Core Operating Income / Total Assets
ROE = Net profit Attributable to Owners of Parent / Owners’ Equity

Sustainability Targets in FY 2022

  FY 2013 Actual
(baseline year)
FY 2020 Actual
(compared with FY 2013)
FY 2021 Actual
(compared with FY 2013)
FY 2022 Target
(compared with FY 2013)
GR Net sales / Revenue 463.1 billion yen 711.8 billion yen
(1.5 fold)
832.2 billion yen
(1.8 fold)
1,000.0 billion yen
(2.2 fold)
LI Net sales / Revenue 119.6 billion yen 276.6 billion yen
(2.3 fold)
308.4 billion yen
(2.6 fold)
300.0 billion yen
(2.5 fold)
Avoided CO2 emissions 38.4 million tons 6.4 fold 8.0 fold 5.3 fold
Contributed Annual water filtration throughput 27.23 million tons/day 2.0 fold 2.2 fold 2.4 fold
Greenhouse gas emissions per unit of sales in production activities 3.37 thousand tons /billion yen 2.90 thousand tons /billion yen
(14% reduction)
2.67 thousand tons /billion yen
(21% reduction)
20% reduction
Water consumption per unit of sales in production activities 152 thousand tons /billion yen 125.2 thousand tons /billion yen
(18% reduction)
109 thousand tons /billion yen
(28% reduction)
25% reduction