Imasen Electric Industrial - Business Report FY2008

Business Highlights

Financial overview ( in millions of JPY )
  FY2008 FY2007 Rate of change (%) Factors
Sales 86,936 91,321 (4.8) While sales were favorable in the first half of the year, sales decreased in the second half due to a substantial decline in orders.
Operating income 3,687 6,676 (44.8) -
Ordinary income 2,759 6,316 (56.3)
Current net income 1,505 3,957 (61.9)
Automotive components related business
Sales 81,615 85,456 (4.5)

Sales and income were strong in the first half of the year, due to brisk sales of the products the Company launched in Japan and the good financial performance at the Company's subsidiaries in Asia. However, sales and income in the latter half of the year decreased due to the rapid decline in automobile production starting from October 2008 and onward.

Operating income 3,346 6,193 (46.0)

Earnings Forecast for the Fiscal Year Ending March 2010 ( in millions of JPY )
  FY2009 (Forecast) FY2008 (Actual) Rate of change (%)
Sales 62,100 86,936 (28.6)
Operating income 1,530 3,687 (58.5)
Ordinary income 1,870 2,759 (32.2)
Current net income 960 1,505 (36.2)
Capital expenditure 3,275 5,731 (42.9)
Depreciation amount 3,988 4,797 (16.9)
Automotive components related business
Sales - 81,615 (30.0)
Operating income - 3,346 (61.0)

New Mid-term Business Plan [Proud 2nd Stage (Recovery 1-2-3)]
  Target Fiscal year Measures
Step 1.
To slim down the Company's organizational structure in order to enable the Company to remain profitable even in a contracted market 2009 Reducing the costs of materials and improving productivity

Improving the efficiency of business operations and reducing labor costs. (An organizational change to this means took place in March 2009.)

Setting up an "S Project Team" as an independent division dedicated to implementing initiatives that achieve improvements
Step 2. Simple To optimize the Company's production operations and business structure 2010 Reorganizing production facilities in Japan, which includes transferring and consolidating production operations
Step 3. Speed To achieve a high level of productivity by improving business operating efficiencies 2011 <Product development>
- Safety improvements: Developing products that mitigate impact to the neck during collisions by using seat adjuster mechanisms.
- Environmental contributions: Reducing product weight as a means to improve fuel efficiency.
- Comfort enhancements
- Developing products that integrate seat adjuster mechanisms with electronics devices such as electronic control units


R&D expenses ( in millions of JPY )
  FY2008 FY2007 FY2006
Overall 136 146 150
Ratio of R&D expenses to sales (%) 0.16 0.16 0.21

Automotive components related business

(1) Structural parts

Seat adjusters:
-The Company shortened product development time by using CAE analysis technology. Research and development was aimed at improving functionality, reducing the size and weight of products, and improving cost efficiency of seat slide adjusters and seat reclining adjusters.

-The Company is working on developing integrated seat adjusters by optmizing the layout of core units such as reclining adjusters, rails, and lock units and analyzing the durability, strength, and structural design.

-The Company has developed power seat adjusters with high performance in terms of lower noise and vibration. The power seat adjusters also offer integrated anti-trap electric control units. The Company is making presentations on this system to carmakers and seat manufactures, and has has already startedjoint development activities with some customers.

Window regulators:
- The Company is conducting R&D activities on solution-based, smaller and lighter window regulators.

(2)Electronic parts

Electronic units:
-In addition to developing and launching integrated control units, which enable simultaneous control of various devices, several equipment, the Company commercialized memory seat ECUs and ECUs for seatbelt pretensioners. It has also developed controlling units for adjusting the positions of seats, mechatronics products that integrate structural and electronics technology.

-The Company has been developing various new lamps such as rear combination lamps and room lamps, etc. using LED elements.

-It is also working on developing modular overhead consoles, which integrates control units, lamps, and lock mechanisms.

-The Company continues its efforts to develop and market high-quality but small and low-cost horns.


-The Company developed new products based on technology in the areas of mechanisms and electrical operations. Specifically, the Company developed actuators, which control the opening and closing of magnetic valves and air conditioning ducts used in ventilation systems. These servos are more compact and lighter in weight. In addition, it conducted research and development activities to modularize clusters of magnetic valves; and developed and commercialized electrically adjustable windscreens and windshields for large motorcycles.

Investment Activities

Capital Expenditure ( in millions of JPY )
  FY2008 FY2007 FY2006
Overall 5,731 7,599 6,395
Automotive components 5,656 7,514 6,331

Capital investment (Automotive components related business)

To enhance its in-house manufacturing facilities at the Gifu Plant and boost production at its subsidiaries overseas, the Company installed additional equipment to manufacture new seat adjusters and round reclining adjusters.

New investment projects (Automotive components related business)

Company name
Facilities Planned amount of investment
(in million JPY)
Project period
From To
Imasen Electric Industrial Co., Ltd.
Gifu plant
(Kamo, Gifu Pref., Japan)
Production equipment 418 Apr., 2009 Mar., 2010
Imasen Electric Industrial Co., Ltd.
Nagoya plant
(Inuyama, Aichi Pref., Japan)
Production equipment 428 Apr., 2009 Mar., 2010
Imasen Electric Industrial Co., Ltd.
Yaotsu plant
(Kamo, Gifu Pref., Japan)
Production equipment 252 Apr., 2009 Mar., 2010
Imasen Electric Industrial Co., Ltd.
Okayama plant
(Kurashiki, Okayama Pref., Japan)
Production equipment 168 Apr., 2009 Mar., 2010
Imasen Electric Industrial Co., Ltd.
Kani plant
(Kani-shi, Gifu Pref., Japan)
Production equipment 209 Apr., 2009 Mar.,2010
Imasen Electric Industrial Co., Ltd.
Harusato plant
(Kani-shi, Gifu Pref., Japan)
Production equipment 189 Apr., 2009 Mar., 2010
Imasen Electric Industrial Co., Ltd.
Hiroshima plant
(Higashi Hiroshima City, Hiroshima Pref., Japan)
Production equipment 53 Apr., 2009 Mar., 2010
Guangzhou Imasen Electric Industrial Co.,Ltd.
(Guangdong, China)
Production equipment 558 Jan., 2009 Dec., 2009
Imasen Bucyrus Technology Inc.
(Ohio, USA)
Production equipment 378 Jan., 2009 Dec., 2009
Imasen Manufacturing India Pvt. Ltd.
(Rajasthan, India)
Land, buildings, production equipment 140 Jan., 2009 Dec., 2009
Imasen Manufacturing (Thailand) Co., Ltd.
(Ayutthaya, Thailand)
Production equipment 258 Jan., 2009 Dec., 2009

Imasen Philippines Mfg. Corp.
(Laguna, Philippines)

Production equipment 53 Jan., 2009 Dec., 2009