Mikuni Corporation Business Report FY ended Mar. 2017
Financial Overview |
(in millions of JPY) |
| FY ended Mar. 31, 2017 | FY ended Mar. 31, 2016 | Rate of Change (%) | Factor | |
| Overall | ||||
| Sales | 94,787 | 97,874 | (3.2) | - |
| Operating income | 3,453 | 3,094 | 11.6 | - |
| Ordinary income | 3,469 | 3,046 | 13.9 | - |
| Profit for the year attributable to owners of the parent | 2,685 | 1,269 | 111.6 | - |
| Automotive Components Division | ||||
| Sales | 59,011 | 60,064 | (1.8) | -Sales of automobile products were on par with those of the previous year because production levels of small cars in Japan remained the same, in spite of the fact that sales were strong outside Japan. -Sales of motorcycle products were lower because of the sluggish motorcycle market in emerging countries, although sales of products for large-size motorcycles increased. |
| Operating income | 2,462 | 2,537 | (3.0) | - |
Long-term Management Plan: Vision 2023 (Management Plan with a Vision toward the Company’s 100th Year Anniversary)
Objectives for the fiscal year ending in March 2024:
- Consolidated sales: JPY 200billion
- Consolidated profit margin: 10%
-In the fiscal year that ended in March 2016, motorcycle and special machinery sales accounted for 58% of companywide sales, while sales of automobile products accounted for 42% percent. However, the Company in the fiscal year that ends in March 2021 aims to have motorcycle and special machinery sales account for 50%, and automobile products account for 50%.
Strategy: Vision 2023 2nd Stage (from fiscal year ending in March 2017-fiscal year ending in March 2019)
-Strengthen engineering services
-Effectively control response and timing
-Develop strategic products on-demand as an added value
-Increase production speed fourfold
-Innovate product creation
-Strengthen global procurement network
-Expand customer base
-Strengthen China and India (2 & 4W) + Japan, Europe, USA, Korea (4W)
-Focus on strategic products
-Develop systems to control gas flow (Europe/USA)
-Strengthen life-support business
-Develop trading business in new markets
Outlook for FY ending Mar. 2018 |
(in millions of JPY) |
| FY ending Mar. 31, 2018 (Forecast) |
FY ended Mar. 31, 2017 (Actual Results) |
Rate of Change (%) |
|
| Sales | 100,000 | 94,787 | 5.5 |
| Operating income | 3,700 | 3,453 | 7.2 |
| Ordinary income | 3,500 | 3,469 | 0.9 |
| Profit for the year attributable to owners of the parent | 2,100 | 2,685 | (21.8) |
>>>Financial Forecast for the Next Fiscal Year (Sales, Operating Income etc.)
R&D Expenditure |
(in millions of JPY) |
| FY ended Mar. 31, 2017 | FY ended Mar. 31, 2016 | FY ended Mar. 31, 2015 | |
| Overall *1 | 4,831 | 4,322 | 4,260 |
| -Automotive products | 4,465 | 3,972 | 3,881 |
*1: Includes improving and applying existing products throughout the Group.
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 2016, the Company was conducting R&D activities on the following products:
- Intake modules and Resin intake manifolds for automobiles
- Thermal management systems
- Electric variable valve timing (VVT)
- Electric exhaust-gas control valves
- Electric vacuum pumps
- Electric oil pumps
Capital Expenditure |
(in millions of JPY) |
| FY ended Mar. 31, 2017 | FY ended Mar. 31, 2016 | FY ended Mar. 31, 2015 | |
| Overall | 5,872 | 5,434 | 4,758 |
| -Automotive products | 5,367 | 4,981 | 4,360 |
Progress on Vision 2023 2nd Stage
- Lab. ZERO launched operations after installing equipment compliant with EURO6 low-temperature driving mode.
-High-speed production line manufacturing vacuum pumps at the Kikukawa Plant launched operations.
-Expanded production plant at Mikuni India Private Limited
-Developed and launched commercial production of the iBeat II system
-Expanded Chicago testing facility at Mikuni American Corporation
-Expanded production plant at Mikuni Mexicana S.A. de C.V.
Planned Capital Investments (Automotive segment) |
(As of Mar. 31, 2017) |
| Company/Plant | Location | Estimated amount of investment (in millions of JPY) |
Period of the project | |
| From | To | |||
| Odawara Plant | Kanagawa Pref., Japan | 762 | Apr. 2017 | Mar. 2018 |
| Morioka Plant | Iwate Pref., Japan | 610 | Apr. 2017 | Mar. 2018 |
| Kikugawa Plant | Shizuoka Pref., Japan | 708 | Apr. 2017 | Mar. 2018 |
| Mikuni American Corporation | California, USA | 857 | Jan. 2017 | Dec. 2017 |
| Mikuni (Thailand) Co., Ltd. | Ayutthaya, Thailand | 492 | Jan. 2017 | Dec. 2017 |
| Mikuni India Private Limited | Rajasthan,India | 1,026 | Apr. 2017 | Mar. 2018 |
| Mikuni (Shanghai) Co., Ltd. | Shanghai, China | 478 | Jan. 2017 | Dec. 2017 |