Imasen Electric Industrial Co., Ltd. Business Report FY ended Mar. 2013

Business Highlights

Financial Overview

(in millions of JPY)
  FY ended Mar. 31, 2013 FY ended Mar. 31, 2012 Rate of change (%) Factors
Overall
Sales 86,123 78,786 9.3 -
Operating income 2,810 2,810 0 -
Ordinary income 3,609 2,692 34.0 -
Current net income 1,761 1,471 19.7 -
Automotive components related business
Sales 81,585 74,339 9.7

-The deterioration in Japan-China relations led to a sales slowdown in China, but the Company enjoyed an increase in orders in North America and Thailand.

Operating income 2,827 2,827 0 -

Highlights

<By customer>
FY ended Mar. 31, 2013 FY ended Mar. 31, 2012 FY ended Mar. 31, 2011
Honda 41.7% 44.0% 46.7%
Nissan 19.7% 20.7% 19.7%
Mitsubishi motor 13.4% 16.3% 15.1%
Subaru 6.4% 4.4% 3.3%
Mazda 3.3% 3.0% 3.9%
Isuzu 2.9% 1.3% 1.6%
Suzuki 1.5% 0.6% 0.7%
Daihatsu 1.1% 1.6% 1.5%
Hino 0.6% 0.6% 0.4%
Toyota 0.5% 0.6% 0.5%
Yamaha 0.2% 0.3% 0.2%
Others 8.7% 6.6% 6.4%

 

<By product>
FY ended Mar. 31, 2013 FY ended Mar. 31, 2012 FY ended Mar. 31, 2011
Seat adjusters 86.7% 85.0% 85.2%
Lamps 5.5% 7.0% 6.9%
Relays 3.1% 2.8% 3.5%
Horns 1.1% 1.4% 1.6%
Window regulators 0.1% 0.1% 0.2%
Others 3.5% 3.7% 2.6%

Mid-term Business Plans

-The Company is aiming to achieve 100 billion yen in operating revenue on a consolidated basis between March 2013 and March 2015, as the first phase of its management plan.
-The Company is planning to revise its management plan between March 2016 and March 2018, as the second phase of its management plan.
-The Company is aiming to achieve 180 billion yen in consolidated sales and a reasonable amount of profits between March 2019 and March 2021, as the third phase of its management plan.
-The Company made a long-term vision of raising its sales about 2.3 times to 180 billion yen by fiscal 2020 compared with the sales posted during the term ended March 2012. It aims to achieve the top position in the global sales of its mainstay seat adjuster product by enhancing its product competitiveness and technological capabilities. Furthermore, it will fortify the non-automotive sector as well. The Company targets to generate 155 billion yen in sales in the automotive sector, and 25 billion yen in the non-automotive business. The automotive division will accelerate global operations, including expanding in the U.S. and China and making inroads into Indonesia. At the same time, the Company will streamline operations at eleven production facilities in Japan in a bid to achieve a sustainable 7 percent operating profit margin. (From an article in the Nikkan Jidosha Shimbun on July 13, 2012)

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

R&D

R&D Expenditure

(in millions of JPY)
  FY ended Mar. 31, 2013 FY ended Mar. 31, 2012
Overall 1,462 1,421

R&D Activities

Automotive components related business
<Seat adjusters>
 -The Company developed seat adjusters that are extremely strong, capable of absorbing strong impacts, and offers functions to sound an alarm before a collision occurs to protect occupants.
-The Company developed smaller and lighter products by reducing the number of parts, using new materials, and starting a new production process, all of which work to achieve greater fuel efficiency.
- The Company developed lift-up seat devices for welfare vehicles offering improved usability in the growing aging society.
-The Company shortened product development lead time by using CAE analysis technology. Research and development was aimed at improving functionality and improving cost efficiency of seat slide adjusters, seat reclining adjusters, and seat height adjusters.
-The Company has developed power seat adjusters with high performance in terms of lower noise and vibration. It is working on integrating these products with anti-trap electric control units (ECUs) and other ECU systems to enhance control.

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

<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 is also focusing on developing electronic components for electric and hybrid vehicles.

<Lamps>
-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.

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

<Others>
-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)
  FY ended Mar. 31, 2013 FY ended Mar. 31, 2012 FY ended Mar. 31, 2011
Overall 7,708 6,486 4,382
Automotive components 7,580 6,402 3,863

Capital investments in FY ended Mar. 31, 2013
-The Company invested mainly in facilities that produce round reclining adjusters and seat adjusters.

New Investment Projects (Automotive components related business)

(As of Mar. 31, 2013)
Company name
(Location)
Facilities Planned amount of investment
(in million JPY)
Project period
From To
Imasen Electric Industrial Co., Ltd.
Nagoya plant
(Inuyama, Aichi Pref., Japan)
Production equipment 881 Feb. 2013 Mar. 2014
Imasen Electric Industrial Co., Ltd.
Gifu plant
(Kamo, Gifu Pref., Japan)
Production equipment 619 Apr. 2013 Mar. 2014
Imasen Electric Industrial Co., Ltd.
Yaotsu plant
(Kamo, Gifu Pref., Japan)
Production equipment 1,155 Jan. 2013 Mar. 2014
Imasen Electric Industrial Co., Ltd.
Okayama plant
(Kurashiki, Okayama Pref., Japan)
Production equipment 346 Apr. 2013 Mar. 2014
Imasen Electric Industrial Co., Ltd.
Kani plant
(Kani-shi, Gifu Pref., Japan)
Production equipment 266 Apr. 2013 Mar. 2014
Imasen Electric Industrial Co., Ltd.
Harusato plant
(Kani-shi, Gifu Pref., Japan)
Production equipment 77 Apr. 2013 Mar. 2014
Imasen Electric Industrial Co., Ltd.
Hiroshima plant
(Higashi Hiroshima City, Hiroshima Pref., Japan)
Production equipment 253 Apr. 2013 Mar. 2014
Guangzhou Imasen Electric Industrial Co.,Ltd.
(Guangdong, China)
Production equipment 600 Jan. 2013 Dec. 2013
Wuhan Imasen Electric Industrial Co., Ltd.
(Hubei, China)
Buildings and Production equipment 300 Jan. 2013 Dec. 2013
Imasen Bucyrus Technology Inc. Ohaio Plant
(Ohio, USA)
Production equipment 1,300 Jan. 2013 Dec. 2013
Imasen Bucyrus Technology Inc. Tennessee Plant
(Tennessee, USA)
Buildings and Production equipment 400 Jan. 2013 Dec. 2013
Imasen Manufacturing India Pvt. Ltd.
(Rajasthan, India)
Production equipment 180 Jan. 2013 Dec. 2013
Imasen Manufacturing (Thailand) Co., Ltd.
(Ayutthaya, Thailand)
Buildings and Production equipment 900 Jan. 2013 Dec. 2013
Imasen Philippines Mfg. Corp.
(Laguna, Philippines)
Production equipment 100 Jan. 2013 Dec. 2013
Imasen Mexico Technology S.A. de C.V.
(Guanajuato, Mexico)
Buildings and Production equipment 1,000 Jan. 2013 Dec. 2013