Tokyo Radiator Mfg. 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 | 30,775 | 28,028 | 9.8 | 1) |
| Operating income | 1,873 | 1,631 | 14.8 | 2) |
| Ordinary income | 2,103 | 1,905 | 10.4 | |
| Net income | 1,345 | 1,181 | 13.9 | |
Factors
1) Sales
-Sales in Japan increased year-on-year due to higher sales in the truck industry. Sales outside Japan also increased year-on-year due to higher sales of EGR coolers at a subsidiary in China and the launch of production at a subsidiary in Indonesia.
2) Profits
-Profits were higher year-on-year due to the Company's efforts to reduce expenses and the cost of goods, even though prices for fuel and raw materials rose.
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 (%) |
|
| Overall | |||
| Sales | 31,000 | 30,775 | 0.7 |
| Operating income | 1,900 | 1,873 | 1.4 |
| Ordinary income | 1,900 | 2,103 | (9.7) |
| Net income | 1,200 | 1,345 | (10.8) |
>>>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 | 114 | 121 | 115 |
-During the fiscal year ended March 2015, the Company spent a total of JPY 114 million on R&D activities. The majority of the amount was spent on developing heat exchanger products 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 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 developed compact and high-performance EGR coolers that will help improve fuel efficiency of hybrid vehicles and gasoline engine cars.
-The Company is developing heat-transfer analysis, structural analysis, and fluidity analysis technologies as fundamental technologies to lower emissions and improve fuel economy. At the same time, it is developing systems based on heat management, working to introduce advanced simulation and testing technologies that make it possible to create optimum systems proposals.
Technology Licensing-out Agreement
|
(As of Mar. 31, 2015) |
| 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, 2016 |
| PT. Selamat Sempurna (Indonesia) |
Manufacturing technology for radiators and fuel tanks | Apr. 11, 1979 - Apr. 10, 2016 |
Capital Investment |
(in million JPY) |
| FY ended Mar. 31, 2015 | FY ended Mar. 31, 2014 | FY ended Mar. 31, 2013 | |
| Japan | 838 | 687 | 582 |
| China | 861 | 617 | 518 |
| Asia | 33 | 222 | 276 |
| Total | 1,733 | 1,526 | 1,377 |
Planned Capital Investment |
(As of Mar. 31, 2015) |
| 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. | 932 | Apr. 2015 |
Mar. 2016 |
- |
| Chongqing Tokyo Radiator Co., Ltd | Chongqing, China | Installing and upgrading equipment at manufacturing facility producing heat exchangers and press dies. | 129 | Jan. 2015 |
Dec. 2015 |
- |
| Wuxi TRS Heat Exchanger Co., Ltd. | Wuxi, China | Installing and upgrading equipment at manufacturing facility producing heat exchangers and press dies. | 597 | Jan. 2015 |
Dec. 2015 |
- |
Data
| Mar. 2015 | Mar. 2014 | Mar. 2013 | |
| Japan | 536 | 545 | 556 |
| China | 311 | 278 | 258 |
| Asia | 68 | 64 | 23 |
| Total | 915 | 887 | 837 |
Sales by Geographic Area |
(in million JPY) |
| FY ended Mar. 31, 2015 | FY ended Mar. 31, 2014 | FY ended Mar. 31, 2013 | ||||
| Sales | Operating income | Sales | Operating income | Sales | Operating income | |
| Japan | 24,129 | 977 | 23,191 | 1,171 | 22,448 | 1,305 |
| China | 4,449 | 906 | 3,501 | 562 | 3,002 | 560 |
| Asia* | 2,195 | 77 | 1,335 | (95) | - | (83) |
| Adjustment | - | (87) | - | (7) | - | 2 |
| Total | 30,775 | 1,873 | 28,028 | 1,631 | 25,450 | 1,785 |
*Asia (Indonesia, Thailand): TR Asia Co., Ltd., which is owned 49 percent by the Company, was added to the Group's consolidated financial statements in the fiscal year ended March 2014, because the Company effectively gained control over this company in June 2013.
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 (Thousand yen) | 26,836,422 | 29,385,590 | 25,450,987 | 28,028,163 | 30,775,380 |
| Income from ordinary business activities (Thousand yen) | 2,241,929 | 2,533,718 | 2,052,104 | 1,905,155 | 2,103,919 |
| Net income (Thousand yen) | 1,470,452 | 1,497,053 | 1,232,487 | 1,181,944 | 1,345,273 |
| Comprehensive income (Thousand yen) | 1,493,918 | 1,777,102 | 1,737,140 | 2,068,174 | 2,313,915 |
| Net assets (Thousand yen) | 12,249,277 | 13,812,212 | 15,449,008 | 17,483,662 | 19,619,818 |
| Total assets (Thousand yen) | 21,152,902 | 23,097,943 | 24,116,689 | 26,320,224 | 30,642,927 |
| Book value per share (yen) | 811.32 | 917.20 | 1,017.55 | 1,138.17 | 1,268.59 |
| EPS (yen) | 102.20 | 104.05 | 85.66 | 82.15 | 93.50 |
| Diluted EPS (yen) | - | - | - | - | - |
| Net asset ratio (%) | 55.2 | 57.1 | 60.7 | 62.2 | 59.6 |
| ROE (%) | 13.3 | 12.0 | 8.9 | 7.6 | 7.8 |
| PER | 5.9 | 5.2 | 5.3 | 5.9 | 7.5 |
| Cash flow from operating activity (Thousand yen) | 3,529,553 | 1,385,750 | 3,713,172 | 1,235,135 | 2,107,920 |
| Cash flow from investment activity (Thousand yen) | (615,732) | (608,321) | (1,295,560) | (1,787,849) | (1,436,332) |
| Cash flow from financial activity (Thousand yen) | (272,377) | (216,072) | (155,594) | 194,557 | 319,104 |
| Balance at the term-end of cash and cash equivalents (Thousand yen) | 3,598,861 | 4,150,092 | 6,448,816 | 6,313,521 | 7,305,648 |
| Number of employees | 789 | 797 | 837 | 887 | 915 |
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 (Thousand yen) | 24,733,181 | 26,520,046 | 23,280,987 | 24,166,815 | 26,044,616 |
| Income from ordinary business activities (Thousand yen) | 1,720,286 | 2,060,967 | 1,375,776 | 1,064,361 | 946,064 |
| Net income (Thousand yen) | 1,250,585 | 1,342,785 | 925,896 | 715,671 | 652,046 |
| Paid-in Capital (Thousand yen) | 1,317,600 | 1,317,600 | 1,317,600 | 1,317,600 | 1,317,600 |
| Number of stock outstanding | 14,400,000 | 14,400,000 | 14,400,000 | 14,400,000 | 14,400,000 |
| Net assets (Thousand yen) | 10,547,241 | 11,920,025 | 12,809,101 | 13,443,697 | 14,146,482 |
| Total assets (Thousand yen) | 18,680,967 | 20,523,252 | 20,084,248 | 20,644,216 | 22,376,353 |
| Book value per share (yen) | 733.04 | 828.45 | 890.25 | 934.36 | 983.21 |
| Dividend per share (yen) | 6.00 | 6.75 | 7.50 | 7.50 | 7.50 |
| EPS (yen) | 86.92 | 93.32 | 64.35 | 49.74 | 45.32 |
| Diluted EPS (yen) | - | - | - | - | - |
| Net asset ratio (%) | 56.5 | 58.1 | 63.8 | 65.1 | 63.2 |
| ROE (%) | 12.6 | 12.0 | 7.5 | 5.5 | 4.7 |
| PER | 6.9 | 5.7 | 7.0 | 9.7 | 15.5 |
| Payout ratio (%) | 6.9 | 7.2 | 11.7 | 15.1 | 16.5 |
| Number of employees | 556 | 549 | 548 | 537 | 529 |