MAHLE Electric Drives Japan Corporation (Formerly Kokusan Denki) Business Report FY ended Dec. 2015

Financial Overview

(in millions of JPY)
FY ended Dec. 31, 2015 FY ended Dec. 31, 2014 Rate of Change
(%)
Factors
Overall
Sales 16,300 17,685 (7.8) -
Operating income - (5) -
Electrical Products Division
Sales - 10,886 -
Operating income - 791 -
Motor Division
Sales - 6,799 -
Operating income - (306) -

Acquisition by Mahle

-In Dec. 2015, the Company announced that it will change its corporate name to MAHLE Electric Drives Japan Corporation on January 1, 2016. (From a press release on December 31, 2015)

-In Jul. 2015, the Company announced that it is slated to be delisted from the Tokyo Stock Exchange on July 24, 2015, in accordance with Mahle Japan's acquisition of Kokusan Denki's shares. Mahle Japan has acquired 90.12% of the shares in Kokusan Denki through a tender offer bid. (From a press release on July 23, 2015)

-In Jun. 2015, Mahle Japan Ltd. announced the results of a tender offer for the common shares of Kokusan Denki Co., Ltd. Mahle Japan will acquire all of 8,583,720 subscribed shares on June 23, 2015, which will increase its ownership in Kokusan Denki to 90.12% from 39.09%. Mahle Japan aims to acquire the remaining Kokusan Denki shares in the future, planning to turn the company into its wholly owned subsidiary. (From an article in the Nikkan Jidosha Shimbun on June 20, 2015)

-On 30 April 2015, Mahle Japan Ltd. will launch a public takeover bid for Kokusan Denki Co., Ltd. The offer is effective for 30 business days from May 1 through June 16, 2015. The proposed price is JPY 370 per share. Mahle Japan is seeking a minimum bid of 11.01% out of all issued shares to increase the company’s shareholding ratio in the target company to more than 50%. Mahle will launch the takeover bid as a step to make Kokusan Denki its fully owned subsidiary. (From an article in the Nikkan Jidosha Shimbun on May 7, 2015)

R&D Expenditure

(in millions of JPY)
FY ended Dec. 31, 2015 FY ended Dec. 31, 2014 FY ended Dec. 31, 2013* FY ended Mar. 31, 2013 FY ended Mar. 31, 2012
Overall - 393 221 251 233
-Electrical Products Division - 132 94 133 142
-Motor Division - 238 118 111 90

*Due to changes made to the Company's accounting term, FY ended Dec. 31, 2013 covers a 9-month period from April 1, 2013 through December 31, 2013 in the Group's financial statements.

R&D Locations

-The Company has a Technical Center in Numazu, Shizuoka Pref. Japan, where the home office is located.

Capital Expenditure

(in millions of JPY)
FY ended Dec. 31, 2015 FY ended Dec. 31, 2014 FY ended Dec. 31, 2013* FY ended Mar. 31, 2013 FY ended Mar. 31, 2012
Overall - 753 426 1,177 909

*Due to changes made to the Company's accounting term, FY ended Dec. 31, 2013 covers a 9-month period from April 1, 2013 through December 31, 2013 in the Group's financial statements.