Basic Chemicals Division
In the Industrial Chemicals category, while demand for liquid Chlorine and Aluminum Chloride Anhydrous remained stagnant, sales increased from the previous year pushed by the upswing in Potassium Carbonate, Sodium Alcoholates and Phosphorus Oxychloride. In the Eco-Business category, increased demand for the water treatment agent NISSO HI-CHLON bolstered sales from the year before.

* Effective from this fiscal term, resin products were categorized in the "Other Business" segment. This resulted in a decrease of 6,114 million yen in sales for the Specialty & Performance Chemicals Division.

Specialty & Performance Chemicals Division
Sales of feed additive Methionine posted a year-over-year decrease due to the fall in sales volume. Sales in the Specialty Products category increased from the previous year, supported by the increased sales of IT-related products such as VP-POLYMER, semiconductor photo-resist material and ITO coated glass in addition to the steady demand for NISSO-PB. The Dye Stuff Chemicals category marked a year-over-year increase in sales, as color former for thermal paper remained strong in demand. The business of treatment system by dechlorination for PCBs began contributing to the profit base as a result of aggressive marketing activity for inducing orders.

Agro Products Division
Domestic sales increased from the preceding year, pushed by strong demand for fungicides such as TOPSIN-M and TRIFMINE while sales of insecticide MOSPILAN were comparable to the results of the year earlier. Exports declined from the previous year despite the launch of a new acaricide TITARON, due to the drop in demand for acaricide NISSORUN and herbicide NABU.

Pharmaceuticals Division
While sales of pharmaceutical additive NISSO-HPC increased from the previous year, those of base antibiotic FAROPENEM-Sodium declined. Sales of pharmaceutical intermediates marked a year-over-year increase, supported by the upswing in AOSA and MAP.

Other Business
Sales in the Transportation and Warehousing category were comparable to those of the previous year despite the overall slowdown in freight flow. Sanwa Soko Co., Ltd. in order to enhance operating efficiency of warehousing business closed offices at Tsunashima and Daikokufuto as of March-end 2003 with functions transferred to Nakayama and Kawasaki offices while selling off the land of the former Tsunashima office. Plant Construction and Civil Engineering businesses continued to face tough market conditions as in the preceding year. Environmental development improved from the prior year, supported primarily by incremental collection volume and rising processing prices.