Ogura Clutch 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 | |
| Sales | 36,998 | 38,044 | (2.7) | - |
| Operating profit | 951 | 993 | (4.2) | - |
| Ordinary profit | 1,041 | 1,132 | (8.0) | - |
| Net profit | 410 | 477 | (14.0) | - |
| Transportation-equipment clutch | ||||
| Sales | 26,311 | 28,639 | (8.1) | -Sales were lower due to political uncertainty and financial concerns in Europe, as well as falling demand in Japan, despite strong sales in North America where the economy was slowly continuing to recover. |
| Operating income | 722 | 1,056 | (31.6) | - |
Business Plan
-The Company plans to raise the Company's sales to JPY 50 billion in the fiscal year to end in March 2019 (FY 2018), an increase of 31.4% over the FY2013 level. The Company plans to increase its revenue by launching new plants in China and India. It also aims to increase the number of orders by improving plant productivity in Japan. To achieve long-term growth, the Company intends to improve its sales to a level before the global financial crisis due to a fall of Lehman Brothers. (From an article in the Nikkan Jidosha Shimbun on June 13, 2014)
-The Company developed new magnetic clutches for automotive air conditioners. The new clutches use permanent magnets instead of electromagnets that are used in conventional clutches. Because permanent magnets do not require a continuous supply of electrical energy to maintain its magnetic field, they enable the clutch to engage without using any electric power while the air conditioner is operating. Such a power-saving feature reduces load on the in-vehicle battery, and indirectly reduces the vehicle's fuel consumption. The Company will introduce these magnetic clutches to automakers and air conditioner suppliers, aiming to win new contracts as soon as possible. (From an article in the Nikkan Jidosha Shimbun on June 29, 2015)
Chinese Business
Zhejiang Production Plant Launches Production
-The Company announced that Ogura Clutch (Changxing) Co., Ltd., its Chinese subsidiary in Zhejiang Province, has started production. The subsidiary, Ogura Clutch's third manufacturing base in China, has a land area of 23,738 square meters and a total floor area of 6,438 square meters. The number of employees is 79. The subsidiary currently manufactures brakes for elevators, servo motors, and general-purpose motors, and plans to start producing brakes for automotive air conditioning systems in 2015. (From a press release on June 10, 2014)
Award
-The Company announced that it has received the Supplier Excellence Award from Mitsubishi Heavy Industries, Ltd. The Company supplies clutches for car air-conditioning systems to the automaker. (From a press release on July 25, 2014)
Outlook for FY ending Mar. 31, 2016 |
(in million JPY) |
| FY ending Mar. 31, 2016 (Forecast) |
FY ended Mar. 31, 2015 (Actual Results) |
Rate of Change (%) |
|
| Sales | 40,000 | 36,998 | 8.1 |
| Operating profit | 1,300 | 951 | 36.7 |
| Ordinary profit | 1,200 | 1,041 | 15.3 |
| Net income* | 750 | 410 | - |
*In regard to the fiscal year ending March 2016, "the year attributable to owners of the parent" is used for net income.
>>>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 | 371 | 374 | 334 |
| -Transportation-equipment clutch | 174 | 178 | 161 |
R&D Activities
Transportation-equipment clutch
-The Company predicts that there will be market demand for its products in connection with forecast changes being made to automobiles in the future, so is working to develop lighter, quieter, energy-efficient, and low-power clutches; torque limiters for external-control compressors; and other products.
Clutches and related products under development
- Super-charger clutches
- Sliding-door clutches
- Power-rear-door clutches
- Power-luggage door clutches
- Diff-lock clutch brakes
- Water-pump clutches
Other products under development
- Superchargers designed for supercharged engines
- Air-pumps for regeneration devices with filters designed to remove diesel-engine exhaust gas.
- Air-pumps and hydrogen pumps for fuel cells
Product Development
Compact non-excitation electromagnetic brake
-The Company has developed a "compact non-excitation electromagnetic brake" with an outside diameter of 15-20 mm by applying proprietary technologies for the previously developed thin non-excitation electromagnetic brakes for small electric vehicles (EVs). This time, the Company succeeded in reducing the overall size of the new brake. The Company intends to commercialize the product promptly, proposing its use in the industrial robot arms that have been increasingly introduced by parts suppliers. Small EVs including electric wheelchairs and conveyance vehicles for carrying parts at manufacturers are equipped with non-excitation electromagnetic brakes. These brakes are actuated when the current in the coil is cut off to prevent a vehicle from reckless movement due to inertia. A few years ago, Ogura Clutch invented the thin non-excitation electromagnetic brake with half the thickness of the company's conventional products. Since then, the Company has been marketing them to motor manufacturers. (From an article in the Nikkan Jidosha Shimbun on July 26, 2014)
Capital Expenditure |
(in million JPY) |
| FY ended Mar. 31, 2015 | FY ended Mar. 31, 2014 | FY ended Mar. 31, 2013 | |
| Transportation-equipment clutch | 469 | 295 | 322 |
Transportation-equipment clutch
-In FY ended Mar. 31, 2015, the Company made capital improvements to its Akabori and Kohbayashi Plant to enhance and rationalize the production facilities and equipment and make them environmentally compliant, in addition to investing in dies needed for its various products.
Planned Capital Investments (Transportation-equipment clutches) |
(As of Mar. 31, 2015) |
| Name (Location) |
Planned total investment (in million JPY) | Starting month | Planned completion | Capacity increase upon completion |
| Akabori Plant (Gumma Pref., Japan) |
378 | Apr. 2015 | Mar. 2016 | Practically none, as this is to improve product quality |
| Kohbayashi Plant (Gumma Pref., Japan) |
150 | Apr. 2015 | Mar. 2016 | Practically none, as this is to improve product quality |
Data
| FY ended Mar. 31, 2015 | FY ended Mar. 31, 2014 | FY ended Mar. 31, 2013 | |
| Transportation-equipment clutch | 1,368 | 1,411 | 1,441 |
| General industrial clutches | 498 | 456 | 427 |
| Other | 5 | 5 | 5 |
| Corporate (In-common) | 73 | 71 | 74 |
| Total | 1,944 | 1,943 | 1,947 |
Sales by Division |
(in million JPY) |
| FY ended Mar. 31, 2015 | FY ended Mar. 31, 2014 | FY ended Mar. 31, 2013 | ||||
| Sales | Operating Profit |
Sales | Operating Profit |
Sales | Operating Profit |
|
| Transportation-equipment clutch | 26,311 | 722 | 28,639 | 1,056 | 26,594 | 327 |
| General industrial clutches | 9,534 | 165 | 8,540 | 7 | 6,810 | (95) |
| Others | 1,152 | 106 | 865 | 65 | 811 | 50 |
| Adjustment | - | (42) | - | (137) | - | (44) |
| Total | 36,998 | 951 | 38,044 | 993 | 34,216 | 239 |
Sales by Geographic Area |
(in million JPY) |
| FY ended Mar. 31, 2015 | FY ended Mar. 31, 2014 | FY ended Mar. 31, 2013 | |
| Japan | 18,941 | 19,618 | 20,333 |
| Asia | 8,577 | 8,174 | 6,027 |
| America | 6,426 | 5,905 | 4,243 |
| Europe | 1,195 | 1,941 | 2,205 |
| South America | 1,744 | 2,314 | 1,069 |
| North & Central America | 99 | 78 | 327 |
| Others | 12 | 10 | 8 |
| Total | 36,998 | 38,044 | 34,216 |
Consolidated |
>>>Financial Forecast for the Next Fiscal Year (Sales, Operating Income etc.) |
| FY ended Mar. 31, 2011 | FY ended Mar. 31, 2012 | FY ended Mar. 31, 2013 | FY ended Mar. 31, 2014 | FY ended Mar. 31, 2015 | |
| Sales (million yen) | 38,797 | 38,196 | 34,216 | 38,044 | 36,998 |
| Income from ordinary business activities (million yen) | 637 | 469 | 294 | 1,132 | 1,041 |
| Net income (million yen) | 799 | 259 | 130 | 477 | 410 |
| Comprehensive income (million yen) | 110 | (254) | 855 | 1,797 | 1,860 |
| Net assets (million yen) | 12,682 | 12,275 | 13,025 | 14,268 | 16,323 |
| Total assets (million yen) | 37,847 | 37,116 | 35,981 | 39,225 | 42,706 |
| Book value per share (yen) | 834.44 | 806.69 | 856.40 | 934.72 | 1,068.43 |
| EPS (yen) | 53.29 | 17.32 | 8.73 | 31.88 | 27.39 |
| Diluted EPS (yen) | - | - | - | - | - |
| Net asset ratio (%) | 33.06 | 32.59 | 35.68 | 35.71 | 37.48 |
| ROE (%) | 6.41 | 2.11 | 1.05 | 3.56 | 2.73 |
| PER | 4.33 | 14.32 | 28.06 | 10.51 | 12.23 |
| Cash flow from operating activity (million yen) | 407 | 452 | 1,633 | 2,158 | 1,834 |
| Cash flow from investment activity (million yen) | (290) | (369) | (768) | (1,476) | (1,233) |
| Cash flow from financial activity (million yen) | (562) | (31) | (693) | (171) | 23 |
| Balance of cash and cash equivalents (million yen) | 4,685 | 4,849 | 4,920 | 5,690 | 6,543 |
| Number of employees | 1,806 | 1,879 | 1,947 | 1,943 | 1,944 |
Non Consolidated
| FY ended Mar. 31, 2011 | FY ended Mar. 31, 2012 | FY ended Mar. 31, 2013 | FY ended Mar. 31, 2014 | FY ended Mar. 31, 2015 | |
| Sales (million yen) | 29,594 | 28,072 | 24,363 | 24,339 | 23,438 |
| Income from ordinary business activities (million yen) | 415 | 438 | 285 | 1,014 | 1,346 |
| Net income (million yen) | 658 | 349 | 234 | 152 | 272 |
| Paid-in Capital (million yen) | 1,858 | 1,858 | 1,858 | 1,858 | 1,858 |
| Number of shares outstanding (thousand) | 15,533 | 15,533 | 15,533 | 15,533 | 15,533 |
| Net assets (million yen) | 11,835 | 11,855 | 12,078 | 12,163 | 12,748 |
| Total assets (million yen) | 32,732 | 31,695 | 28,865 | 29,693 | 30,625 |
| Book value per share (yen) | 789.27 | 790.71 | 805.73 | 811.60 | 851.04 |
| Dividend per share (yen) | 10.00 | 8.00 | 8.00 | 10.00 | 10.00 |
| EPS (yen) | 43.90 | 23.34 | 15.67 | 10.17 | 18.17 |
| Diluted EPS (yen) | - | - | - | - | - |
| Net asset ratio (%) | 36.16 | 37.40 | 41.84 | 40.96 | 41.63 |
| ROE (%) | 5.71 | 2.95 | 1.96 | 1.26 | 2.19 |
| PER | 5.26 | 10.63 | 15.64 | 32.95 | 18.44 |
| Payout ratio (%) | 22.78 | 34.28 | 51.05 | 98.35 | 55.03 |
| Number of employees | 917 | 877 | 813 | 775 | 777 |