Mikuni Corporation Business Report FY2012

Business Highlights

Financial Overview

(in millions of JPY)
  FY ended Mar. 31, 2012 FY ended Mar. 31, 2011 Rate of Change (%) Factor
Sales 82,704 79,762 3.7 -Demand recovered, after the Company waited for market improvements in Japan and Asia.
Operating income 2,572 2,678 (4.0) -Although the Company worked at cost-reduction activities such as eliminating sundry expenses and raising the efficiency of production operations, the Company’s results were nevertheless lower year-on-year because of the high evaluation of the yen, and rising wages in emerging-market countries.
Ordinary income 2,051 2,088 (1.8) -
Net income 1,602 939 70.6 -
Automotive Components Division
Sales 58,780 56,942 3.2 -The Company waited for the recovery after the immediate drop in demand right after the Great East Japan Earthquake and hoped that that demand, which was supposed to be triggered by eco-car buying programs designed to stimulate sales, would be enough to prevent the Company from posting lower performance year-on-year. Through the year, the Company faced worsening market conditions due to the high evaluation of the yen, and other factors.
Operating income 2,390 2,336 2.3

Joint Ventures

-In April 2012, Pierburg Pump Technology GmbH, a subsidiary of the KSPG Group, has set up together with the Company another joint venture in Shanghai, China. The new company, Pierburg Mikuni Pump Technology (Shanghai) Corp., will be a 100-percent subsidiary of the joint venture Pierburg Mikuni Pump Technology Corporation, which was established in 2010. Pierburg Pump Technology GmbH holds an indirect 51-percent stake in the new venture, which will be capitalized at 14 million Chinese yuan, approximately 168 million yen. Through a jointly held company, the partners intend to develop, produce and market electric water pumps and variable oil pumps for the Chinese market. The market launch of the joint venture is scheduled for April 2012. (From a press release on April 2, 2012)

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


R&D Expenditure

(in millions of JPY)
  FY ended Mar. 31, 2012 FY ended Mar. 31, 2011 FY ended Mar. 31, 2010
Overall 3,373 3,149 3,160
Automotive products 1,151 912 881

Automotive Products
-The Company is promoting R&D of control technology, actuator technology, sensing technology and material technology for computerized control fuel injection systems and engine components.
-The Company is making technological developments for CO2 reduction, as well as for reducing fuel consumption and vehicle electrification.

R&D Activities

-Development of air intake module for four-wheel vehicles and development of a new resin intake manifold.
-Development of a new electronically-controlled throttle body for four-wheel vehicles.
-Development of axle pedal modules .
-Development of continuously variable transmission systems.
-Development of variable valve-timing transmission (VVT), and new generation VVT.
-Development of new engine exhaust gas control valve.
-Development of an electric vacuum pumps for electric vehicles.
-Development of a new-type of oil pump.
-Development of new coolant circulation pumps and coolant controlling valves.
-Development of flow control valves and hydrogen sensors for fuel cell vehicles.
-Development of new pressure sensors and new position sensors.
-Development of new type of fuel valve for common-rail fuel-injection systems designed for diesel-engines.

Investment Activities

Investment Expenditure

(in millions of JPY)
  FY ended Mar. 31, 2012 FY ended Mar. 31, 2011 FY ended Mar. 31, 2010
Overall 4,991   3,290 3,787
Automotive products 4,446 2,888 3,231

-The automotive division focused its investment activities on building new plant facilities, developing new products, strengthening basic studies, launching production of new models, and streamlining operations.

New Equipment Installment (Automotive segment)

(As of Mar. 31, 2012)
Company/Plant Location Estimated amount
of investment
(in millions of JPY)
Period of the project
From To
Odawara Plant Kanagawa Pref., Japan 220 Apr. 2012 Mar. 2013
Morioka Plant Iwate Pref., Japan 530 Apr. 2012 Mar. 2013
Kikugawa Plant Shizuoka Pref., Japan 622 Apr. 2012 Mar. 2013
Mikuni (Thailand) Co., Ltd. Ayutthaya, Thailand 1,109 Jan. 2012 Dec. 2012
PT. Mikuni Indonesia Bekasi, Indonesia 1,054 Jan. 2012 Dec. 2012
Mikuni India Private Limited Rajasthan,India 464 Apr. 2012 Mar. 2013
Mikuni (Shanghai) Co., Ltd. Shanghai, China 258 Jan. 2012 Dec. 2012
Mikuni Partec Co., Ltd. Shizuoka Pref., Japan 215 Apr. 2012 Mar. 2013