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  5. Imasen Electric Industrial Co., Ltd. Business Report FY ended Mar. 2015

Imasen Electric Industrial Co., Ltd. Business Report FY ended Mar. 2015

Financial Overview

(in million JPY)
FY ended Mar. 31, 2015 FY ended Mar. 31, 2014 Rate of change (%) Factors
Overall
Sales 111,998 110,265 1.6 -
Operating income 3,298 4,658 (29.2) -
Ordinary income 4,024 6,104 (34.1) -
Current net income 927 4,680 (80.2) -
Automotive components related business
Sales 107,410 105,982 1.3

-Even though production in Thailand decreased significantly, sales were higher due to favorable currency translation and increased production in North America.
Operating income 3,129 4,564 (31.4) -Operating income was lower due to lower sales in Thailand, as well as increased logistics costs due to the longshoreman strike at U.S. West Coast ports and losses on start-ups.

New Company


-The Company announced that it will establish an auto parts sales company in Indonesia in July 2014. The new company, PT. Imasen Parts Indonesia (tentative name), will be located in Bekasi, West Java. It will be capitalized at IDR 3.2 billion (approximately JPY 30 million), of which 75% will be invested by Imasen Electric and 25% by its existing local subsidiary, Imasen Manufacturing (Thailand) Co., Ltd. The new sales company will address and respond to the needs of customers operating in Indonesia, focusing on its seat adjuster and other seat parts business. Operations are scheduled to begin in January 2015. (From an article in the Nikkan Jidosha Shimbun on April 16, 2014)

Mid-term Business Plan

-Under the mid-term business plan, Dream 2020, consolidated sales of JPY 180.0 billion and a profit margin of 7% are targets set to be achieved by the fiscal year ending in March 2021.

Outlook for FY ending Mar. 2016

(in million JPY)
FY ending Mar. 31, 2016
(Forecast)		 FY ended Mar. 31, 2015
(Actual results)		 Rate of change (%)
Sales 112,000 111,998 0.0
Operating income 3,600 3,298 9.2
Ordinary income 3,700 4,024 (8.1)
Net income 1,500 927 61.7


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

R&D Expenditure

(in million JPY)
FY ended Mar. 31, 2015 FY ended Mar. 31, 2014 FY ended Mar. 31, 2013
Overall 1,626 1,462 1,462

R&D Structure


-The Company announced that it will establish its new research and sales office in Frankfurt, Germany. The new office, which will be tentatively called Imasen Electric Industrial Co., Ltd. Europe Office, will gather information on advanced technologies in the areas of automobiles, medical welfare, and aviation. This will allow the new office to develop new products that meet the demand from its customers and perform sales activities promptly in Europe. Operations are expected to begin in June 2015. (From a press release on February 10, 2015)


-The Company announced that it will establish Imasen Global Development and Training Center in Inuyama, Aichi Prefecture. The company will break ground for the new facility in September, planning to start its operations in April 2015. The center will offer training rooms and accommodations for 30-50 people. It will also have machines and equipment to develop advanced technologies. The three-story building will have a total area of 2,600 square meters on 4,300 square meters of land already owned by Imasen. The total investment including spending on equipment is expected to reach JPY 1 billion. (From an article in the Nikkan Jidosha Shimbun on June 11, 2014)

R&D Activities

Automotive components related business

-The Company developed seat adjusters that are extremely strong, capable of absorbing strong impacts 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.


-The Company is making product proposals based on new architecture that enables products to be made even more compact and lighter in weight.


-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.
-Development of an actuator containing an ECU making use of mechatronics technology to control the angle of a head-up display that can show the vehicle's speed, with the drivers barely needed to change the direction where they are looking.
-Commercialization of a voltage conversion controller ECU to improve fuel efficiency.
-The Company is developing technology for electronic devices for environmentally friendly vehicles (EVs, HEVs), as well as technology that reduces traffic accidents based on image signals sent via onboard cameras, which can determine distances from vehicles ahead, which often go unnoticed by human eyes. These cameras in essence can serve as the actual eyes of pedestrians.


-Development of various types of new LED lamps such as rear-combination lamps, turn signal lamps, and cabin interior lamps.

Capital Expenditure

(in million JPY)
FY ended Mar. 31, 2015 FY ended Mar. 31, 2014 FY ended Mar. 31, 2013
Overall 6,512 7,549 7,708
-Automotive components 6,415 7,393 7,580

-During FY ended March 2015, the Company invested mainly in facilities that produce round reclining adjusters and seat adjusters.

Investment outside Japan


-The Company will establish a supply network for seat parts in Indonesia in early 2015. The Company will secure a local partner in the country and outsource the final assembly of seat adjusters and other parts to the Indonesian partner in order to ensure its cost-competitiveness. The assembled parts will be supplied to Honda Motor Co., Ltd. and Suzuki Motor Corporation. Presently, the Company supplies parts from its plants in Thailand and the Philippines to Indonesia. Although the company considers starting production by itself in Indonesia in the future, the Indonesian automotive market growth is currently stagnating. Therefore, the Company intends to promote its business in the country cautiously to establish its stable business foundation. The Company is stepping up its strategies for emerging markets. In early 2014, the company brought a new plant into operations in Mexico. (From an article in the Nikkan Jidosha Shimbun on July 10, 2014)

Planned Capital Investment (Automotive components related business)

 (As of Mar. 31, 2015)
Company name
(Location)		 Facilities Planned amount of investment
(in million JPY)		 Project period
From To
Nagoya plant
(Inuyama, Aichi Pref., Japan)		 Production equipment 886 Mar. 2015 Mar. 2016
Gifu plant
(Kamo, Gifu Pref., Japan)		 Production equipment 771 Mar. 2015 Mar. 2016
Yaotsu plant
(Kamo, Gifu Pref., Japan)		 Production equipment 405 Mar. 2015 Mar. 2016
Okayama plant
(Kurashiki, Okayama Pref., Japan)		 Production equipment 133 Mar. 2015 Mar. 2016
Kani plant
(Kani-shi, Gifu Pref., Japan)		 Production equipment 60 Apr. 2015 Mar. 2016
Harusato plant
(Kani-shi, Gifu Pref., Japan)		 Production equipment 352 Apr. 2015 Mar. 2016
Hiroshima plant
(Higashi Hiroshima City, Hiroshima Pref., Japan)		 Production equipment 176 Mar. 2015 Mar. 2016
Guangzhou Imasen Electric Industrial Co.,Ltd.
(Guangdong, China)		 Production equipment 588 Jan. 2015 Dec. 2015
Wuhan Imasen Electric Industrial Co., Ltd.
(Hubei, China)		 Buildings and Production equipment 348 Jan. 2015 Dec. 2015
Imasen Bucyrus Technology Inc. Ohaio Plant
(Ohio, USA)		 Production equipment 1,309 Jan. 2015 Dec. 2015
Imasen Bucyrus Technology Inc. Tennessee Plant
(Tennessee, USA)		 Production equipment 182 Jan. 2015 Dec. 2015
Imasen Manufacturing India Pvt. Ltd.
(Rajasthan, India)		 Production equipment 16 Jan. 2015 Dec. 2015
Imasen Manufacturing (Thailand) Co., Ltd.
(Ayutthaya, Thailand)		 Production equipment 800 Jan. 2015 Dec. 2015
Imasen Philippines Mfg. Corp.
(Laguna, Philippines)		 Production equipment 119 Jan. 2015 Dec. 2015
Imasen Mexico Technology S.A. de C.V.
(Guanajuato, Mexico)		 Production equipment 993 Jan. 2015 Dec. 2015