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  5. Oiles Corporation Business Report FY ended Mar. 2015

Oiles Corporation Business Report FY ended Mar. 2015

Financial Overview

(in million JPY)
FY ended Mar. 31, 2015 FY ended Mar. 31, 2014 Rate of
Change (%)		 Factors
Overall
Sales 61,897 59,380 4.2 -
Operating income 6,084 6,193 (1.8) -
Ordinary income 6,637 7,119 (6.8) -
Net income 4,300 4,203 2.3 -
Bearing business
Sales 43,057 40,902 5.3 -Automotive products: Sales increased due to more business with non-Japanese OEMs and winning new orders from customers in emerging countries.
Operating income 5,587 5,562 0.4 -

New Mid-term Management Plan (covering the fiscal year ended March 2015 to the fiscal year ending March 2023)

Period Sales (in billion JPY) Profit margin (%) ROE % of sales generated outside Japan
【Phase 1】
Between the fiscal year ended March 2015 and the fiscal year ending March 2017		 72.0 11.0 - -
【Phase 2】
Between the fiscal year ending March 2018 and the fiscal year ending March 2020		 85.0 11.9 - -
【Phase 3】
Between the fiscal year ending March 2021 and the fiscal year ending March 2023		 100.0 15.0 10% or more 50% or more

Initiatives:
-Transact more business in major products with non-Japanese OEMS.
-Develop new uses and materials; expand sales to Japanese OEMs.

Outlook for FY ending Mar. 31, 2016

 (in million JPY)
FY ending Mar. 31, 2016
(Forecast)		 FY ended Mar. 31, 2015
(Actual Results)		 Rate of Change
(%)
Sales 66,000 61,897 6.6
-Bearing business 46,200 43,057 7.3
Operating income 6,800 6,084 11.8
Ordinary income 7,100 6,637 7.0
Net income 4,600 4,300 7.0


>>>Financial Forecast for the Next Fiscal Year (Sales, Operating Income etc.)

R&D Expenditure

 (in million JPY)
FY ended Mar. 31, 2015 FY ended Mar. 31, 2014 FY ended Mar. 31, 2013
Group 2,882 2,491 2,346
-Bearing business 1,886 1,685 1,542

R&D Employees

FY ended Mar. 31, 2015 FY ended Mar. 31, 2014 FY ended Mar. 31, 2013
Total 190 184 177

R&D Facilities

-The Company has a technical center at its Fujisawa Sales Office located in Kanagawa Prefecture.

R&D Activities

Bearings business (automotive sector)
-During the fiscal year ended Mar. 2015, the Company conducted the following R&D activities:.

  • Created new markets by working in cooperation with major OEMs in Europe.
  • Developed materials under the idea of "identical quality/identical costs" throughout the world by making use of the Company's global production operations and R&D network so as to strengthen its cost-competitiveness globally.
  • In Japan, developed bearings that achieve high-performance in oil and damping devices that improve safety and comfort, meeting the needs for improved environmental performance such as improving fuel consumption and making products smaller, lighter, and quieter.

Capital Expenditure

 (in million JPY)
FY ended Mar. 31, 2015 FY ended Mar. 31, 2014 FY ended Mar. 31, 2013
Group 4,045 4,934 4,054
-Bearings business 2,756 4,333 3,313


-Investment during the fiscal year that ended March 2015 was mainly to renew facilities and equipment at plants, and acquire facilities and equipment to streamline operations.

-The Company mainly invested in bearings at its Fujisawa facility.

Planned Capital Investments for Bearing Facilities

 (As of Mar. 31, 2015)
Company or Office Purpose of Investment Planned amount
(in million JPY)		 Construction start Planned completion
Fujisawa Plant
(Kanagawa Pref., Japan)		 Testing and R&D facilities 1,460 Feb.
2013		 Jun.
2016
Production facility 727 May
2014		 Mar.
2016
Shiga Plant
(Shiga Pref., Japan)		 Production facility 846 Feb.
2012		 Mar.
2016
Oita Plant
(Oita Pref., Japan)		 Production facility 372 Aug.
2014		 Apr.
2016
Unipla Corporation
(Saitama Pre., Japan)		 Production facility 149 Jul.
2014		 Mar.
2016
Riko Kihara Co., Ltd.
(Niigata Pref., Japan)		 Production facility 52 Nov.
2014		 Oct.
2015
Luby Corporation
(Fukushima Pref., Japan)		 Production facility 70 Sep.
2014		 Mar.
2016
OK Industries, Ltd.
(Shiga Pref., Japan)		 Production facility 39 Jun.
2015		 Sep.
2015
Oiles America Corporation
(North Carolina, USA)		 Production facility 322 Aug.
2013		 Dec.
2015
Oiles Deutschland GmbH
(Hessen, Germany)		 Test and development facility 146 Apr.
2015		 Dec.
2015
Oiles Czech Manufacturing s.r.o
(Kadan, Czech Republic)		 Production facility 160 Jul.
2014		 Dec.
2015
Shanghai Oiles Bearing Inc.
(Shanghai, China)		 Production facility 123 Feb.
2015		 Sep.
2015
Oiles Suzhou Corporation
(Jiangsu, China)		 Production facility 466 Jul.
2015		 Dec.
2015
Oiles (Thailand) Company Limited
(Rayon, Thailand)		 Production facility 59 Jan.
2015		 Sep.
2015
Oiles India Private Limited
(Haryana, India)		 Production facility 124 Dec.
2014		 Oct.
2015

Data

Division Mar. 31, 2015 Mar. 31, 2014 Mar. 31, 2013
Bearings 1,396 1,299 1,292
Structural Equipment 165 158 160
Construction Equipment 153 144 132
Other 9 10 11
In common 195 194 192
Total 1,918 1,805 1,787

Sales by Segment

 (in million JPY)
  FY ended Mar. 31, 2015 FY ended Mar. 31, 2014 FY ended Mar. 31, 2013
Sales Operating income Sales Operating income Sales Operating income
Bearings 43,057 5,587 40,902 5,562 35,802 4,046
Structural Equipment 11,308 192 10,722 197 10,542 303
Construction Equipment 6,356 293 6,606 428 6,109 339
Others 1,174 11 1,148 4 1,093 13
Total 61,897 6,084 59,380 6,193 53,547 4,702

Sales by Geographic Area

 (in million JPY)
  FY ended Mar. 31, 2015 FY ended Mar. 31, 2014 FY ended Mar. 31, 2013
Japan 40,853 41,124 40,158
North America 6,718 5,958 4,490
Europe 2,473 2,149 1,663
Asia 11,238 9,714 6,993
Others 613 432 241
Total 61,897 59,380 53,547

Consolidated

 >>>Financial Forecast for the Next Fiscal Year (Sales, Operating Income etc.)
  FY ended Mar. 31, 2011 FY ended Mar. 31, 2012 FY ended Mar. 31, 2013 FY ended Mar. 31, 2014 FY ended Mar. 31, 2015
Sales (million yen) 51,715 51,981 53,547 59,380 61,897
Income from ordinary business activities (million yen) 6,316 4,919 5,602 7,119 6,637
Net income (million yen) 3,536 2,957 3,332 4,203 4,300
Comprehensive income (million yen) 3,171 2,552 4,786 6,869 7,415
Net assets (million yen) 49,796 49,860 51,662 56,735 60,210
Total assets (million yen) 63,219 62,149 64,040 71,845 75,322
Book value per share (yen) 1,339.58 1,384.25 1,481.48 1,620.00 1,771.43
EPS (yen) 93.47 81.79 95.31 122.94 128.01
Diluted EPS (yen) - - - - -
Net asset ratio (%) 77.5 78.8 79.0 77.2 78.0
ROE (%) 7.2 6.0 6.7 7.9 7.5
PER 14.25 16.61 15.87 14.96 18.31
Cash flow from operating activity (million yen) 3,740 4,502 6,347 4,407 6,545
Cash flow from investment activity (million yen) (755) (2,871) (4,332) (4,227) (3,827)
Cash flow from financial activity (million yen) (3,572) (2,543) (3,034) (508) (3,787)
Balance at the term-end of cash and cash equivalents (million yen) 13,319 12,280 11,603 11,890 11,196
Number of employees 1,665 1,706 1,787 1,805 1,918

 

Non Consolidated

  FY ended Mar. 31, 2011 FY ended Mar. 31, 2012 FY ended Mar. 31, 2013 FY ended Mar. 31, 2014 FY ended Mar. 31, 2015
Sales (million yen) 38,908 37,843 38,105 40,491 39,650
Income from ordinary business activities (million yen) 5,731 3,648 3,960 4,694 4,103
Net income (million yen) 3,132 2,195 2,709 3,066 2,993
Paid-in Capital (million yen) 8,585 8,585 8,585 8,585 8,585
Number of stock outstanding (thousand) 33,917 31,917 31,917 31,917 36,300
Net assets (million yen) 43,775 43,311 43,511 46,208 46,384
Total assets (million yen) 55,044 53,340 53,198 56,861 56,829
Book value per share (yen) 1,197.37 1,224.90 1,273.81 1,349.67 1,398.90
Dividend par share (yen) 35 40 40 50 50
EPS (yen) 82.79 60.71 77.48 89.66 89.10
Diluted EPS (yen) - - - - -
Net asset ratio (%) 79.5 81.2 81.8 81.3 81.6
ROE (%) 7.1 5.0 6.2 6.8 6.5
PER 16.09 22.37 19.52 20.51 26.31
Payout ratio (%) 35.2 54.9 43.0 46.5 56.1
Number of employees 749 756 757 764 775