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  5. Sawafuji Electric Co., Ltd. Business Report FY ended Mar. 2015

Sawafuji Electric Co., Ltd. Business Report FY ended Mar. 2015

Financial Overview

(in millions of JPY)
FY ended Mar. 31, 2015 FY ended Mar. 31, 2014 Rate of
change (%)		 Factors
Overall
Sales 29,746 28,280 5.2 -
Operating income 329 220 49.5 -
Ordinary income 432 328 31.7 -
Net income 152 220 (30.9) -
Electrical Component Business
Sales 13,166 12,426 6.0 -Even though sales were lower outside Japan such as in Thailand, Indonesia and China, sales in Japan remained steady and strong.
Operating income 1,015 970 4.6 -

Management Policies

-The Company's main growth strategies and major challenges are as follows:
1) Strengthening technological capabilities:

  • Launch operations in new business areas: respond to the growing EV and HV requirements for commercial vehicles
  • Develop products that reflect customer opinions.

2) Redevelop the Niita Plant operating structure

  • Rebuild the plant to where it can compete on a global level and remain viable.

3) Strength the sales structure

4) Develop human resources

5) Based on TQM activities, ensure complete and thorough implementation of two fundamental corporate concepts: "Customer is No. 1" and "Quality is No. 1".

R&D Expenses

(in millions of JPY)
FY ended Mar. 31, 2015 FY ended Mar. 31, 2014 FY ended Mar. 31, 2013
Overall 723 969 948
-Electrical Component Business 278 496 491

R&D Activities

Electrical Component
-Currently developing small and light, and high-powered electrical components that are in compliance with new regulations on mid-to-large-sized diesel-powered vehicles.

Capital Expenditure

(in millions of JPY)
FY ended Mar. 31, 2015 FY ended Mar. 31, 2014 FY ended Mar. 31, 2013
Overall 261 1,042 1,068


-The Company made investments in equipment mainly for improving profitability and streamlining production operation.

Data

Mar. 2015 Mar. 2014 Mar. 2013
Electrical Component Business 487 464 452
Power Generators 254 231 190
Refrigerators 102 143 129
Others 40 40 45
Corporate (In Common) 37 43 44
Total 920 921 860

Sales by Segment

(in millions of 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
Electrical Component 13,166 1,015 12,426 970 12,087 1,023
Generator 9,863 (472) 9,124 (410) 10,953 (116)
Refrigerator 6,119 829 6,176 763 5,643 621
Others 596 48 552 31 495 11
Adjustment - (1,091) - (1,135) - (1,137)
Total 29,746 329 28,280 220 29,179 403

Sales by Geographic Area

(in millions of JPY)
FY ended Mar. 31, 2015 FY ended Mar. 31, 2014 FY ended Mar. 31, 2013
Japan 19,766 19,448 20,232
Asia 4,752 3,823 3,839
Oceania 4,224 4,190 3,840
Others 1,002 818 1,265
Total 29,746 28,280 29,179

(Note) Sales are based on customer locations, categorized by country or region.

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) 27,479 29,200 29,179 28,280 29,746
Income from ordinary business activities (million yen) 906 944 684 328 432
Net income (million yen) 663 1,040 1,468 220 152
Comprehensive income (million yen) 513 1,171 1,939 422 889
Net assets (million yen) 4,589 5,720 7,691 7,688 8,350
Total assets (million yen) 15,856 17,307 18,871 19,985 20,270
Book value per share (yen) 207.66 259.25 345.83 344.81 383.43
EPS (yen) 30.72 48.20 68.05 10.21 7.04
Diluted EPS (yen) - - - - -
Net asset ratio (%) 28.3 32.3 39.5 37.2 40.8
ROE (%) 15.7 20.6 22.5 3.0 1.9
PER 10.0 5.3 4.4 21.3 35.5
Cash flow from operating activity (million yen) 1,374 1,230 275 (374) 704
Cash flow from investment activity (million yen) (493) (353) (825) (613) (736)
Cash flow from financial activity (million yen) (799) (245) 354 182 (211)
Balance at the term-end of cash and cash equivalent (million yen) 1,255 1,863 1,794 1,106 826
Number of employees 860 854 860 921 920

 

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) 25,796 27,314 27,795 27,204 28,066
Income from ordinary business activities (million yen) 919 853 737 388 483
Net income (million yen) 698 1,052 1,448 248 271
Paid-in Capital (million yen) 1,080 1,080 1,080 1,080 1,080
Number of stock outstanding (thousand) 21,610 21,610 21,610 21,610 21,610
Net assets (million yen) 4,010 5,170 6,864 7,077 7,630
Total assets (million yen) 14,860 16,889 18,263 18,228 18,264
Book value per share (yen) 185.83 239.58 318.08 327.95 353.60
Dividend per share (yen) 3 3 6 3 3
EPS (yen) 32.38 48.77 67.12 11.53 12.56
Diluted EPS (yen) - - - - -
Net asset ratio (%) 27.0 30.6 37.6 38.8 41.8
ROE (%) 18.8 22.9 24.1 3.6 3.7
PER 9.5 5.2 4.5 18.8 19.9
Payout ratio (%) 9.3 6.2 8.9 26.0 23.9
Number of employees 764 754 748 746 734