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Pacific Industrial Co., Ltd. Business Report FY2009
Business Highlights
Financial Overview |
(in millions of JPY) |
| FY2009 | FY2008 | Rate of Change (%) |
Factors | |
| Overall | ||||
| Sales | 78,202 | 80,468 | (2.8) | - |
| Operating income |
3,073 | (437) | - | -Income recovered as a result of the Company's urgent efforts to improve income. These efforts included reducing labor and other costs through improving unit costs, reducing capital investments, and revamping production operations. |
| Ordinary income |
3,595 | (490) | - | |
| Current net income | 2,498 | (355) | - | |
| Stamping/resin product business | ||||
| Sales | 58,610 | 57,049 | 2.7 | - |
| Operating income | 1,609 | (904) | - | - |
| Valve product business | ||||
| Sales | 19,120 | 22,906 | (16.5) | -Sales decreased due to a significant decline in sales of TPMSs (Direct Tire Pressure Monitoring Systems) in the US market, the reduction in automobile production, and inventory adjustment. |
| Operating income | 1,494 | 469 | 218.4 | -Income increased, thanks to a favorable change in material prices and the Company's urgent efforts to improve its income. |
Performance by region
| Japan | -The Company's volume of sales in Japan, especially of stamping and resin products, surpassed that of the previous fiscal year due to increased production volume of eco-cars. |
| Asia | -Sales of stamping and resin products surpassed those of the previous fiscal year due to increased automotive production in China. -Sales of valves were lower than those of the previous fiscal year due to a significant decrease in sales in the first half. -Sales and income increased in Asia on the whole. |
| North America | -Sales and income decreased in North America as a result of customers adjusting their inventories, negative currency translation, and a significant decrease in automobile production. |
Medium-term management plan OCEAN-12
-Period: Fiscal year 2010 through FY2012-Purpose: Achieving results with limited resources, solidifying CSR activities, and establishing and developing technologies
| OCEAN-12 numerical targets | FY2012 (Planned) |
FY2009 (Actual) |
|
| Sales | 80 billion yens | 78.2 billion yens | |
| Ordinary income ratio |
5.0% | 3.2% | |
| Sales in and outside Japan (as percentages of total sales) | In Japan | 74% | 67% |
| Outside Japan | 26% | 33% | |
| Breakdown of sales of functional and non-functional products (as percentages of total sales) | Functional | 43% | 43% |
| Non-functional | 57% | 57% | |
| Sales by product (as a percentage of total sales) | Stamping/resin | 74% | 75% |
| Valve | 14% | 13% | |
| TPMS | 11% | 11% | |
| Others | 1% | 1% | |
>>>Financial Forecast for the Next Fiscal Year (Sales, Operating Income etc.)
R&D
R&D Expense |
(in millions of JPY) |
| FY2009 | FY2008 | FY2007 | |
| Overall | 684 | 757 | 926 |
| Stamping/resin products business | 73 | 141 | 163 |
| Valve products business | 84 | 404 | 518 |
| Common | 518 | 206 | 234 |
R&D Activities
| Business segment |
Major activities |
| Stamping/resin products business | Technology Headquarters: -Stamping products: the Company improved its stamping products designed for hybrid cars. It also researched and developed new stamping methods such as technologies to process aluminum and high-strength steel that will reduce the weight of products. -Resin products: the Company improved non-plated resin products using bright film. It also researched and developed foam molding technology and other technology that will reduce weight and noise. -The Company received the Technology Development Award from its main customer in September 2009 for developing a non-plated handle which utilized the high functionality of bright film. Operation Department No.1/Production Engineering Department: -The Company worked to develop a new method of in-plant recycling of resin materials, as well as develop production processes such as one that reduces the use of paint by improving painting efficiency. |
| Valve products business | Technology Headquarters: -Tire valve products: in response to the European initiative to reduce materials that impact the environment, the Company researched and developed lead-free alternative metals for tire valves. It also conducted a research and development to blend rubber that doesn't contain environmentally harmful materials. - Valve products for car air conditioner: the Company researched and developed valves for air conditioners such as an environmentally friendly new valve to respond to the cooling medium. - TPMSs (Direct Tire Pressure Monitoring Systems): in the hope of increasing presence in the global market in the future, the Company developed a next-generation transmitter that responds to the European environmental regulations. The Company also develop lead-free and energy-saving production methods that are environmentally friendly. Operation Department No.2/Production Engineering Department: -The Company started using a production method that creates zero scrap and improves material yield. As a result, the Company was able to significantly reduce the use of materials as well as reduce waste. -The Company developed methods that streamline its operations. One example is an automated visual check. -The Company developed an aluminum forging method and technology to mold products by utilizing a progressive transfer system in manufacturing high-precision stamping products. As a result, it received orders for more items such as major components used in hybrid cars. |
| Common | Technology Headquarters: -The technology headquarters engaged in the following R&D activities: activities for launching non-plated products to which bright film has been applied. -developing components that respond to leaks in the sealing mechanism in sealing valves -developing components for next-generation TPMSs and components for transmitting and receiving devices, which can be installed on more vehicle models. -developing functional components for use in next-generation hybrid cars. |
Investment Activities
Capital Expenditure |
(in millions of JPY) |
| FY2009 | FY2008 | FY2007 | |
| Overall | 4,359 | 14,194 | 14,343 |
| Stamping/resin products | 3,888 | 13,026 | 13,064 |
| -In Japan | 2,636 | 9,717 | 9,279 |
| -Outside Japan | 1,252 | 3,308 | 3,785 |
| Valve products | 424 | 1,140 | 1,300 |
|
Business segment |
Objective |
| Stamping/resin products | In Japan: -To respond to new products such as molds for new vehicle models, etc. Outside Japan: -To respond to new products in its stamping business in China and North America. |
| Valve products | Production increase and preparation for production of new products |
New Facilities
| Facility (Location) |
Business segment | Purpose | Planned total investment ( in million JPY) |
Start | Planned completion | Production capacity growth after completion |
| The Company Nishi Ogaki Plant (Gifu, Japan) |
Stamped and resin | New products, etc. |
3,414 | Aug. 2009 | Nov. 2012 | None |
| Maintenance and renewal etc. | 953 | Oct. 2009 | April 2011 | None | ||
| The Company Higashi Ogaki Plant (Gifu, Japan) |
Stamped and resin | New products, etc. |
509 | Oct. 2009 | March 2012 | None |
| Automation and rationalization | 491 | Sept. 2009 | March 2011 | None | ||
| The Company Yoro Plant (Gifu, Japan) |
Stamped and resin, etc | Automation and rationalization | 123 | Jan. 2007 | June 2011 | None |
| The Company Kyushu Plant (Fukuoka, Japan) |
Stamped and resin | New products, etc. |
198 | Sept. 2009 | March 2011 | None |
| The Company Tohoku Plant (Miyagi, Japan) |
Stamped and resin | New products, etc. |
478 | Nov. 2009 | Aug. 2011 | None |
| The Company Kita Ogaki Plant (Gifu, Japan) |
Valve | Automation and rationalization | 207 | March 2010 | June 2011 | None |
| New products, etc. |
307 |
Sept. 2009 |
June 2011 | None | ||
| The Company Mino Plant (Gifu, Japan) |
Valve | Automation and rationalization | 120 | Feb. 2010 | Oct. 2011 | None |
| Pacific Industries USA Inc. (Ohio, USA) |
Stamped and resin, Valve |
New products, etc. |
244 | Jan. 2010 | Dec. 2010 | None |
| Pacific Valve (Taiwan) Co., Ltd. (Taichung, Taiwan) |
Stamped and resin, Valve |
New products, etc. |
60 | Jan. 2010 | Dec. 2010 | None |
| Pacific Valve Industrial Co., Ltd. (Yangsan, Korea) |
Valve | New products, etc. |
7 | Jan. 2010 | Dec. 2010 | None |
| Pacific Air Controles Co., Ltd. ( Ah San, Korea) |
Valve | New products, etc. |
232 | Jan. 2010 | Dec. 2010 | None |
| Pacific Industries (Thailand) Co., Ltd. (Chachoengsao, Thailand) |
Valve | New products, etc. |
21 | Jan. 2010 | Dec. 2010 | None |
| Tianjin Pacific Auto Parts Co., Ltd. (Tianjin, China) |
Stamped and resin, | New products, etc. |
528 | Jan. 2010 | Dec. 2010 | None |
Japan
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