Financial Overview

(in millions of JPY)

	FY ended Mar. 31, 2013	FY ended Mar. 31, 2012	Rate of Change (%)	Factors
Overall
Sales	25,450	29,385	(13.4)	-In Japan and Southeast Asia, demand increased in the truck sector, the major sector the Company delivers to; while in China demand fell due to the slowdown in the economy.
Operating income	1,785	2,515	(29.0)	-
Ordinary income	2,052	2,533	(19.0)	-
Net income	1,232	1,497	(17.7)	-

Business Overview

Launched Gasoline-engine EGR Cooler Business
-The Company is developing exhaust gas recirculation (EGR) coolers for gasoline-powered passenger vehicles, aiming to start supplying them for vehicles produced in Japan in 2013. The Company has already been manufacturing and selling EGR coolers for heavy-duty vehicles, but this is the first time for it to enter into the passenger vehicle market. The new products for passenger vehicles will be produced on a new, dedicated production line at the company's existing EGR cooler plant in China. Production volume is expected to reach about 250,000 units a year initially. Since use of EGR systems, which help improve fuel efficiency, is forecast to increase not only in gasoline fueled passenger cars, but also for hybrid vehicle applications, the Company will leverage its technology to expand its sales network targeting passenger vehicle manufacturers. (From an article in the Nikkan Jidosha Shimbun on Jun. 20, 2012) 

Outlook for FY ending Mar. 31, 2014

(in millions of JPY)

	FY ending Mar. 31, 2014 (Forecast)	FY ending Mar. 31, 2013 (Actual Results)	Rate of Change (%)
Overall
Sales	25,500	25,450	0.2
Operating income	1,800	1,785	0.8
Ordinary income	1,850	2,052	(9.8)
Net income	1,050	1,232	(14.8)

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

R&D Expenditure

(in millions of JPY)

	FY ended Mar. 31, 2013	FY ended Mar. 31, 2012	FY ended Mar. 31, 2011
Overall	115	138	120

-The majority of R&D expenses for the year will be directed toward developing heat exchangers. R&D expenses totaled 115 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 achieved enhancing the performance and reliability, while cutting the costs of, EGR coolers that comply with diesel-engine exhaust-gas regulations and respond to lower fuel-consumption requirements; intercoolers and SCR tanks (urea tanks).

-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.

Product Development

EGR Coolers for Gasoline-Engines
-The Company is developing exhaust gas recirculation (EGR) coolers for gasoline-powered passenger vehicles, aiming to start supplying them for vehicles produced in Japan in 2013. The Company has already been manufacturing and selling EGR coolers for heavy-duty vehicles, but this is the first time for it to enter into the passenger vehicle market. The new EGR coolers are designed to be smaller and lighter than competitors' products, while offering a significantly higher level of heat exchanging performances. (From an article in the Nikkan Jidosha Shimbun on Jun. 20, 2012) 

Technology Licensing-out Agreement

(As of Mar. 31, 2013)

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, 2014
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, 2013	FY ended Mar. 31, 2012	FY ended Mar. 31, 2011
Overall	1,377	771	590

-The Company added radiator production facilities, installed new equipment to produce EGR coolers, revamp and upgrade current facilities, and enhance productivity, investing the following amounts by region:

• Japan: 582 million JPY
• China: 518 million JPY
• Asia: 276 million JPY
  

Planned Capital Investment

(As of Mar. 31, 2013)

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 heat exchangers and press dies.	675	Apr. 2013	Apr. 2014	-
Chongqing Tokyo Radiator Co., Ltd	Chongqing, China	Installing at manufacturing facility producing heat exchangers	285	Jan. 2013	Dec. 2013	-
Wuxi TRS Heat Exchanger Co., Ltd.	Wuxi, China	Installing at manufacturing facility producing heat exchangers	415	Jan. 2013	Dec. 2013	-
PT. Tokyo Radiator Selemat Sempurna	Kota Tangerang, Indonesia	Installing at manufacturing facility producing heat exchangers	150	Apr. 2013	Mar. 2014	-