Johnson Electric Machinery Factory Co., Ltd.（Formerly Johnson Electric Group） Business Report FY ended Mar. 2022
Financial overview |
(USD millions) |
| FY ended Mar. 31, 2022 | FY ended Mar. 31, 2021 | Rate of change (%) | |
| Overall | |||
| Sales | 3,446.06 | 3,156.16 | 9.19 |
| Operating income | 187.48 | 258.49 | (27.47) |
| Ordinary income | 170.11 | 248.38 | (31.51) |
| Net income | 152.20 | 219.19 | (30.56) |
| Automotive Products Group (APG) | |||
| Sales | 2,644.3 | 2,443.44 | 8.22 |
1) Automotive Products Group
-The automotive equipment business, which accounts for the largest percentage of the company's total sales, increased slightly year-on-year to USD 2,644,300 million. Excluding currency effects and the acquisition of E. Zimmermann GmbH, sales increased by 5%.
<Sales by Region>
--Net sales for the fiscal year ending March 31, 2021 increase by 5% company-wide, excluding the impact of exchange rates. By region, sales increased 4% in Asia, 3% in Europe, and 10% in the Americas.
Asia
-Sales increased in multiple product categories, up 4% year over year. Sales of closure systems, steering systems, power transmission systems, and thermal management systems increased, but sales of oil pumps and engine parts decreased due to production adjustments mainly due to semiconductor shortages. Sales were also affected by the lockdown in Shanghai.
Europe
-Sales increased in almost all categories, up 3% year-on-year. Although sales of powder metallurgy products, steering systems, brake systems, and seat adjustments increased, sales of cooling fan products and oil pumps decreased due to production adjustments mainly due to semiconductor shortages.
Americas
-In all regions, almost all product categories increased, up 10% year-on-year. The growth was particularly strong in powder metallurgy parts, including thermal management systems, braking systems, engine management systems, and fuel cell applications. In addition, there were effects of customers’ production adjustments due to shortages of some semiconductors.
Acquisitions
-On May 31, 2021, the German-based automotive machinery company E.Zimmermann GmbH was acquired for USD 24.2 million.
-The Company will invest USD 4 million to establish Lean AI, a joint venture with Cortica Ltd., an autonomous AI technology company in Israel. The joint venture will develop quality inspection software using unsupervised artificial intelligence that can be used for factory automation and other applications. (From the 2022 Annual Report)
Product development trends
Components for autonomous vehicle power steering
-The company announced the development and market launch of a redundant power steering motor platform for highly automated driving functions. The platform uses brushless motors and a lightweight structure. The optimized battery and structure, as well as advanced algorithms, enable high-speed position feedback and high reliability for steering systems in automated driving, according to the company. The interface allows for customer-specific program integration and co-development, and the platform design allows for the production of motors with different outputs on the same production line, significantly reducing development cycles and R&D costs, according to the company. (From a press release dated April 29, 2022)
Components for e-Axles
-The company announced that it has developed a pack for e-Axles for New Energy Vehicles and has started mass production. It integrates a parking lock actuator, a 4WD switching motor, and a resolver for angle detection. (From a press release dated January 14, 2022)
Headlamp condensation management device
-The company announced that it has launched a headlamp condensation prevention device. The product uses motor actuators and humidity management technology to promptly remove the moisture inside of the headlights. It is already in production. (From a press release dated October 18, 2021)
Electric brake booster motor
-The company has announced the launch of a brushless DC motor for smart electric brakes. Small rotor moment of inertia and high output enable realization of quick braking response. A resolver is used for the position sensor to ensure high accuracy, heat resistance, and vibration resistance. Mass production has begun, and the product is being used in electric vehicles (EVs) in North America. (From a press release dated September 23, 2021)
High-powered electric compressor
-The company announced that it has introduced a high-powered electric compressor that reduces heat generation during fast charging of electric vehicles (EVs). The compressor is said to charge an EV with a 70kWh battery capacity from 0% to 80% in 8 minutes. Compared to conventional compressors, the cooling capacity was improved by more than 67%, with a voltage of 900V and an air volume of 57cc. During ultra-fast charging at 6C, it reduces the temperature of the battery to increase the safety of charging. (From a press release dated August 18, 2021)
R&D Structure
-The Company maintains R&D centers in Germany, UK, Italy, Japan, U.S., China, Israel and Switzerland.
-R&D areas include micro-switches, radiator modules, HVAC, seats, engine management systems, transmissions, braking systems, lamps, power windows, door locks and rear-view mirrors.
-As of March 31, 2022, the Company has more than 35,000 employees worldwide in Asia, Europe and the Americas, of whom more than 1,500 are engineers.
Capital investment |
(USD millions) |
| FY ended Mar. 31, 2022 | FY ended Mar. 31, 2021 | FY ended Mar. 31, 2020 | |
| Total | 316.4 | 263.6 | 282.1 |