Financial Overview

(in millions of JPY)

	FY ended Mar. 31, 2012	FY ended Mar. 31, 2011	Rate of Change (%)	Factors
Overall
Sales	29,385	26,836	9.5	-The economic outlook surrounding the truck industry, the Company’s major market of operations, was very uncertain due to numerous factors, beginning with the disruption in the supply chain caused by the Great East Japan Earthquake and the power shortages and flooding in Thailand that impacted production operations. In spite of this situation, the Company posted year-on-year increases, thanks to the rise in product demand attributed to the Earthquake recovery efforts and to a temporary rise in demand triggered by government stimulus packages.
Operating profit	2,515	2,044	23.0	-The Company’s initiatives to increase operating revenue and reduce the cost of goods throughout the Company were successful.
Ordinary income	2,533	2,241	13.0	-
Net profit	1,497	1,470	1.8	-

New Company

-The Company announced that it will establish a new automotive parts manufacturing company in Indonesia in response to increasing demand for automotive heat exchangers in ASEAN. The new company, which will be tentatively called PT. Tokyo Radiator Selamat Sempurna, will be capitalized at 17.2 billion rupiah (approximately 146 million yen). Tokyo Radiator will own 67 percent equity interest and PT. Selamat Sempurna Tbk. will own 33 percent in the new company. The company is expected to be operational in April 2013. The annual sales are estimated to be approximately 1 billion yen in 2013. (From a press release on December 26, 2011)

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

R&D Expenditure

(in millions of JPY)

	FY ended Mar. 31, 2012	FY ended Mar. 31, 2011	FY ended Mar. 31, 2010
Overall	138	120	118

-The majority of R&D expenses for the year will be directed toward developing heat exchangers. R&D expenses totaled 138 million yen in Japan.

R&D Activities

-The Company is continuing to develop products that are in compliance with laws and regulations enacted worldwide, in addition to creating products that meet its customers' needs, carrying out activities that that are eco-friendly and contribute to the enrichment of society. 

-The Company, in addition to developing technology on heat-transfer analysis, structural analysis, and fluidity analysis as fundamental technology, is developing systems based on heat management, working to build facilities that make it possible to create optimum systems proposals.

-The Company conducts market research into the needs of China and other developing countries, actively working to propose specifications for products designed to optimally suit the local needs.

Exported Technology Contracts

(As of Mar. 31, 2012)

Company name	Contract signed on	Contract period
Thai Radiator Mfg, Co., Ltd. (Thailand)	Manufacturing technology for radiators and fuel tanks	May 1, 1982 - Apr. 30, 2013
PT. Selamat Sempurna (Indonesia)	Manufacturing technology for radiators and fuel tanks	Apr. 11, 1979 - Apr. 10, 2013

Capital Investment

(in millions of JPY)

	FY ended Mar. 31, 2012	FY ended Mar. 31, 2011	FY ended Mar. 31, 2010
Overall	771	590	1,044

-In the Japan and China regions, the Company made capital investments in production facilities manufacturing radiators, new facilities to produce EGR coolers, upgrading and renewing current facilities while improving productivity. It invested 771 million yen in total, allotting 689 million yen to Japan and 82 million to China.

New Facilities

(As of Mar. 31, 2012)

Company name	Location	Purpose	Planned investment (in million JPY)	Starting Month	Completing Month	Capacity increase on completion
The Company	Kanagawa Pref. Japan	Installing and upgrading equipment at manufacturing facility producing Press Dies.	201.3	Apr. 2012	Apr. 2013	-
Chongqing Tokyo Radiator Co.,Ltd	Chongqing, China	Installing at manufacturing facility producing heat exchangers etc.	253.2	Apr. 2012	Dec. 2012	-
Wuxi TRS Heat Exchanger Co., Ltd.	Wuxi, China	Installing at manufacturing facility producing heat exchangers etc.	642.4	Apr. 2012	Dec. 2012	Increase in productivity by 27,000 units per month
PT. Tokyo Radiator Selemat Sempurna	Kota Tangerang, Indonesia	Installing at manufacturing facility producing heat exchangers etc.	230.2	Apr. 2012	Dec. 2012	Increase in productivity by 160,000 units per month