Asmo Co., Ltd. Business Report FY ended Mar. 2015
Business Highlights
Financial Overview |
(in million JPY) |
| FY ended Mar. 31, 2015 | FY ended Mar. 31, 2014 | Rate of Change (%) |
|
| Sales | 378,238 | 348,478 | 8.5 |
| Operating income | 15,868 | 17,506 | (9.4) |
| Ordinary income | 16,856 | 18,689 | (9.8) |
| Net income | 20,446 | 17,473 | 17.0 |
-An asset securities report for FY ended March 2015 is not available, as the Company was exempted from submitting asset securities reports, effective April 2015.
-According to the consolidated financial report for April-September 2014, sales were JPY 181,272 million, an increase of 8.3% y/y due to increased vehicle production and a weak yen. Operating profit was JPY 6,719 million, a decline of 26.0% y/y. Gains from positive factors such as rationalization initiatives and higher operating levels due to larger sales were more than offset by negative factors, which included a rise in labor costs and increased amortization costs in connection with higher capital spending. Ordinary profit was JPY 7,080 million, a fall of 26.3% y/y, and net profit was JPY 7,233 million, a fall of 24.6% y/y.
New Plant in Mexico
-The Company established Asmo Manufacturing de Mexico, S.A. de C.V. in Guanajuato in July 2014, and began constructing its plant in November 2014. The plant is scheduled to be completed in August 2015 and operations are expected to begin in April 2016. Approximately 500 people will be hired at the plant, which will have 99,000 square meters of land area and 22,700 square meters of building area. It will produce wiper arms, power seats, power windows, washer tanks, and other products.
New Products
-The Company began producing brushless electric water pumps that can cool hybrid vehicle inverters. The water pump is a compact and lightweight unit due to a control-circuit-integrated motor and an original coil structure. The high-performance pump uses less power and helps improve vehicle fuel efficiency.
-The Company began mass-producing wiper blades with a new design that prevent blocking of the driver's and occupants' view.
-The Company began producing a new motor for use in electric parking brakes that feature a brake-pad pressing device integrated with a motor. The new motor is lighter and smaller than conventional products due to the adoption of high-performance magnets.
-The Company began producing high-power motors with optimized magnetic circuits for electronic stability control systems.
Awards
-March 2015: Received Global Contribution Award and the Effective Quality Management Award from Hino Motors.
Outlook for FY ending Mar. 31, 2016 |
(in million JPY) |
| FY ending Mar. 31, 2016 (Forecast) |
FY ending Mar. 31, 2015 (Actual Results) |
Rate of Change (%) |
|
| Sales | 380,000 | 378,238 | 0.5 |
| Operating income | 12,000 | 15,868 | (24.4) |
| Ordinary income | 10,000 | 16,856 | (40.7) |
| Net income | 6,500 | 20,446 | (68.2) |
R&D Expenditure |
(in millions JPY) |
| FY ended Mar. 31, 2014 | FY ended Mar. 31, 2013 | FY ended Mar. 31, 2012 | |
| Overall | 13,913 | 13,172 | 12,237 |
-R&D spending for FY ended March 31, 2015 onward is undisclosed.
-During the six-month period between April and September 2014, the Company spent JPY 7,109 million on R&D. All R&D activities are promoted in Japan.
R&D Activities
-In developing products for the future, the Company is working on brushless motors and drive-control technology that can respond to new systems equipped on vehicles. In addition, the Company is developing motor technology that further pursues making motors smarter, more compact, more efficient, and less resource-reliant by creating single-unit motors.
-The Company and the Toyohashi University of Technology signed a comprehensive agreement to collaborate on R&D activities, and are promoting joint research programs.
Capital Expenditure |
(in millions JPY) |
| FY ended Mar. 31, 2014 | FY ended Mar. 31, 2013 | FY ended Mar. 31, 2012 | |
| Japan | 12,552 | 6,362 | 7,034 |
| North America | 4,737 | 1,424 | 596 |
| ASEAN | 5,700 | 2,808 | 2,623 |
| China | 3,284 | 5,053 | 1,442 |
| Others | 1,080 | 982 | 342 |
| Consolidated elimination | (737) | (71) | (360) |
| Overall | 26,617 | 16,559 | 11,678 |
-Capital Expenditure for FY ended March 31, 2015 onward is undisclosed.
Planned Capital Investments |
(As of Sep. 30, 2014) |
| Company name | Location | Type of facility | Planned total investment (million USD) |
From | To |
| Asmo Manufacturing de Mexico, S.A. de C.V. | Guanajuato, Mexico |
Plant building, equipment to produce small motors | 52.4 | Jul. 2014 | Jun. 2015 |
Sales Ratio to Major Customer |
(%) |
| FY ended Sep. 30, 2014 | FY ended Mar. 31, 2014 | FY ended Mar. 31, 2013 | FY ended Mar. 31, 2012 | |
| Denso Corporation | 42.7 | 45.7 | 51.9 | 52.4 |
| Denso International America | 13.6 | 12.2 | 10.1 | 9.2 |
Number of Employees
| Sep. 2014 | Mar. 2014 | Mar. 2013 | Mar. 2012 | |
| Japan | 6,672 | 6,604 | 6,557 | 6,576 |
| North America | 1,245 | 1,215 | 1,211 | 1,148 |
| ASEAN | 3,867 | 3,860 | 3,525 | 3,259 |
| China | 1,488 | 1,501 | 1,243 | 1,192 |
| Others | 807 | 766 | 491 | 469 |
| Total | 14,079 | 13,946 | 13,027 | 12,644 |
Sales by Geographic Area |
(in millions JPY) |
| FY ended Mar. 31, 2014 | FY ended Mar. 31, 2013 | FY ended Mar. 31, 2012 | ||||
| Sales | Operating Profit |
Sales | Operating Profit |
Sales | Operating Profit |
|
| Japan | 201,230 | 18,063 | 197,714 | 10,020 | 183,527 | (3,588) |
| USA | 70,537 | 1,111 | 51,445 | 959 | 41,381 | 468 |
| ASEAN | 32,908 | 251 | 27,383 | 1,262 | 19,510 | 783 |
| China | 26,955 | (1,932) | 17,021 | (898) | 17,986 | 113 |
| Others | 16,845 | (122) | 9,532 | (316) | 8,956 | (31) |
| Consolidated elimination | - | 135 | - | 273 | - | 607 |
| Total | 348,478 | 17,506 | 303,097 | 11,300 | 271,361 | (1,645) |
Others: Includes business activities at its local entities in Europe and Korea.
-Sales and operating profit by region for FY ended March 31, 2015 onward is undisclosed.
-Asset securities report after FY ended March 2015 is not available, as the Company was exempted from submitting asset securities reports, effective April 2015.
Consolidated
| FY ended Mar. 31, 2010 | FY ended Mar. 31, 2011 | FY ended Mar. 31, 2012 | FY ended Mar. 31, 2013 | FY ended Mar. 31, 2014 | |
| Sales (million yen) | 258,951 | 273,210 | 271,361 | 303,097 | 348,478 |
| Income from ordinary business activities (million yen) | 1,737 | 3,640 | (1,645) | 11,713 | 18,689 |
| Net income (million yen) | (24,658) | 1,466 | 3,935 | 922 | 17,473 |
| Comprehensive income (million yen) | - | (249) | 3,255 | 3,820 | 21,383 |
| Net assets (million yen) | 76,279 | 72,495 | 75,356 | 79,132 | 103,571 |
| Total assets (million yen) | 169,996 | 159,818 | 170,490 | 177,610 | 227,029 |
| Book value per share (yen) | 3,789.96 | 4,069.69 | 4,286.97 | 4,542.23 | 6,025.69 |
| EPS (yen) | (1,369.89) | 88.29 | 248.46 | 58.22 | 1,103.10 |
| Diluted EPS (yen) | - | - | - | - | - |
| Net asset ratio (%) | 40.13 | 40.34 | 39.83 | 40.51 | 42.04 |
| ROE (%) | (30.51) | 2.21 | 5.95 | 1.32 | 20.88 |
| PER | - | - | - | - | - |
| Cash flow from operating activity (million yen) | 14,500 | 20,721 | 5,062 | 2,895 | 24,045 |
| Cash flow from investment activity (million yen) | (7,534) | (8,638) | (12,504) | (15,756) | (22,712) |
| Cash flow from financial activity (million yen) | (4,918) | (4,478) | 1,959 | 6,712 | 9,337 |
| Balance at the term-end of cash and cash equivalents (million yen) | 27,122 | 33,336 | 27,946 | 25,494 | 37,273 |
| Number of employees | 11,792 | 12,576 | 12,644 | 13,027 | 13,946 |
Non Consolidated
| FY ended Mar. 31, 2010 | FY ended Mar. 31, 2011 | FY ended Mar. 31, 2012 | FY ended Mar. 31, 2013 | FY ended Mar. 31, 2014 | |
| Sales (million yen) | 202,150 | 208,349 | 210,855 | 235,095 | 256,840 |
| Income from ordinary business activities (million yen) | 1,430 | 1,038 | (3,215) | 11,138 | 19,030 |
| Net income (million yen) | (23,327) | 174 | 2,891 | (4,078) | 17,755 |
| Paid-in Capital (million yen) | 4,500 | 4,500 | 4,500 | 4,500 | 4,500 |
| Number of stock outstanding (thousand) | 18,000 | 15,840 | 15,840 | 15,840 | 15,840 |
| Net assets (million yen) | 61,732 | 58,187 | 60,787 | 56,654 | 81,733 |
| Total assets (million yen) | 132,585 | 125,686 | 132,578 | 124,610 | 153,446 |
| Book value per share (yen) | 3,429.56 | 3,673.36 | 3,837.50 | 3,576.53 | 5,159.75 |
| Dividend per share (yen) | 20.00 | 20.00 | 15.00 | 20.00 | 30.00 |
| EPS (yen) | (1,295.95) | 10.48 | 182.56 | (257.47) | 1,120.87 |
| Diluted EPS (yen) | - | - | - | - | - |
| Net asset ratio (%) | 46.56 | 46.30 | 45.85 | 45.46 | 53.26 |
| ROE (%) | (31.72) | 0.29 | 4.86 | (6.95) | 25.66 |
| PER | - | - | - | - | - |
| Payout ratio (%) | - | 190.8 | 8.2 | - | 2.6 |
| Number of employees | 5,126 | 5,084 | 5,084 | 5,128 | 5,158 |