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5. Mikuni Corporation Business Report FY ended Mar. 2015

Mikuni Corporation Business Report FY ended Mar. 2015

Long-term Business Strategy　"Vision2023"

Objectives for the fiscal year ending March 2024

• Consolidated Sales: JPY 20 billion and more
• Consolidated operating margin: 10% and more
• ROE: 10% and more

- In the fiscal year that ended in March 2015, motorcycle/special-vehicle operations accounted for 60% of automotive products sales, while automobile operations accounted for 40%. However, the Company's long-term strategic objective for the fiscal year ending in March 2024 is for motorcycle/special-vehicle operations to account for 40% and automobile operations to account for 60% of sales, the opposite of the current sales breakdown.

-Main focuses are:
① Create products compatible with 2020 exhaust-gas-emission regulations.
② Further expand customer base.
③ Establish R&D structure and infrastructure that will make it possible to quickly respond to customer needs in four regions: Japan, China, ASEAN Region including India, and Europe.

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

*Starting from this report, issued in 2015, Group-wide R&D expenses have been changed to include expenses also for improving and dealing with existing products.

-For FY ending March 2016, R&D expenditure is planned to be JPY 4,400 million as overall.

R&D Facilities

-The Company's Odawara Plant is in charge of conducting overall R&D activities and developing new business sectors.

R&D Activities

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.

-As of the end of March 2015, the Company was conducting the following 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 new axle pedal modules
• Development of new 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 a new electric vacuum pumps
• Development of a new-type of oil pump
• Development of a new-type of electric 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

-For FY ended March 2015, 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. Plant building expansions in India and Mexico were completed, enabling the Company to respond to increased demand in production in both of the two regions.

-For FY ending March 2016, the Capital expenditure is planned to be JPY 6,000 million as overall.