Mikuni Corporation Business Report FY ended Mar. 2018

Financial Overview

(in millions of JPY)
FY ended Mar. 31, 2018 FY ended Mar. 31, 2017 Rate of Change (%) Factor
Sales 103,772 94,787 9.5 -
Operating income 4,117 3,453 19.2 -
Ordinary income 4,070 3,469 17.3 -
Profit for the year attributable to owners of the parent 2,547 2,685 (5.1) -


-Sales of products delivered to four-wheel vehicles were strong in Japan, the ASEAN region, and India.

-The slump in the motorcycle market in developing countries bottomed out, so the Company sold more products.

-In addition to the increases mentioned above, production efficiencies helped raise the operating profit margin, from 4.2% to 5.4%.


Recent Business Developments

ーThe Company announced that its subsidiary, Mikuni India (MID), held a ceremony to commemorate completion of its third plant building on MID premises in the state of Rajasthan, India. MID produces and sales motorcycle and automotive parts at the production site of 45,000 square meters. With the new plant in operation, its production capacity will be significantly increased, and MID will also be able to stably supply automobile parts like fuel injection systems. (From a press release on March 28, 2018)

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 2018, the sales breakdowns in the automotive division were as follows: products for motorcycles and specialty vehicles for 60% of sales, and products for four-wheel vehicles accounted for 40%. By the fiscal year that ends in March 2021, the Company aims to have motorcycle/specialty vehicles account for 55% of sales and for automobiles to account for 45% of sales.

-The Company has set a policy under its mid-term business plan to respond to advances in internal combustion engines and electrification. With the automotive industry entering a historical turning point, the Company is working to develop technologies to raise efficiencies in the fields of advanced internal-combustion engines, electrification, and thermal management. The Company is focusing its attention on the two areas mentioned above, responding to PHEVs and BEVs.

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

R&D Expenditure

(in millions of JPY)
FY ended Mar. 31, 2018 FY ended Mar. 31, 2017 FY ended Mar. 31, 2016
Overall *1 5,281 4,831 4,322
-Automotive products 4,910 4,465 3,972

*1: Includes improving and applying existing products throughout the Group.

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 2018, 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, 2018 FY ended Mar. 31, 2017 FY ended Mar. 31, 2016
Overall 5,855 5,872 5,434
-Automotive products 5,162 5,367 4,981

Planned Capital Investments (Automotive segment)

(As of Mar. 31, 2018)
Company/Plant Location Estimated amount
of investment
(in millions of JPY)
Period of the project
From To
Odawara Plant Kanagawa Pref., Japan 586 Apr. 2018 Mar. 2019
Morioka Plant Iwate Pref., Japan 373 Apr. 2018 Mar. 2019
Kikugawa Plant Shizuoka Pref., Japan 739 Apr. 2018 Mar. 2019
Mikuni American Corporation California, USA 1,335 Jan. 2018 Dec. 2018
Mikuni (Thailand) Co., Ltd. Ayutthaya, Thailand 802 Jan. 2018 Dec. 2018
Mikuni India Private Limited Rajasthan,India 2,044 Apr. 2018 Mar. 2019
PT. MIKUNI INDONESIA(MKI) Bekasi, Indonesia 791 Jan. 2018 Dec. 2018