Financial Overview

(in million JPY)

	FY ended Mar. 31, 2014	FY ended Mar. 31, 2013	Rate of Change (%)	Factors
Overall
Sales	4,095,925	3,580,923	14.4	-
Operating income	377,696	262,376	44.0	-
Ordinary Income	419,571	296,017	41.7	-
Net Income	287,388	181,682	58.2	-
Japan
Sales	1,896,447	1,808,850	4.8	-Sales increased due to higher vehicle production volumes and favorable currency translation resulting from the low evaluation of the yen.
Operating income	283,340	170,676	66.0	-Income grew due to higher operating levels, favorable currency translation resulting from the low evaluation of the yen and rationalization initiatives of cost.
North America
Sales	799,423	624,974	27.9	-Sales increased due to higher vehicle production volumes and favorable currency translation resulting from the low evaluation of the yen.
Operating income	14,657	13,429	9.1	-Income grew due to higher operating levels.
Europe
Sales	470,515	348,769	34.9	-Sales increased due to the economic recovery and favorable currency translation resulting from the weaker yen.
Operating income	12,361	3,910	216.1	-Income increased due to higher operating levels.
Asia/Oceania
Sales	855,448	734,525	16.5	-Sales grew due to higher vehicle production volumes in China and favorable currency translation resulting from the low evaluation of the yen.
Operating income	71,231	73,696	(3.3)	-Operating income decreased year-on-year due to an increase in labor costs and expenses for establishing new plants and technical centers that are expected to increase the Company's competitiveness.

Factor
Sales by customer
-Sales to the Toyota Group: The domestic car production level slightly decreased from the previous year, and it resulted in a decrease in its share.

-Sales to non-Toyota Group companies: All sales increased due to the following factors;

• Honda: Increase in car production mainly in China
• Suzuki: Increase in sales of lithium battery packs
• Mazda: Increase in sales of gasoline direct injection and diesel common rail system for SKYACTIV
• Nissan: Increase in sales of gasoline direct injection products and IVI (In-vehicle Infotainment) system
• GM: Increase in sales of common rail system
• Hyundai-Kia: Increase in sales of instrument cluster products
• Ford: Increase in sales of car air conditioners

Sales by products
-Powertrain Control products: Thanks to an increase of sales in gasoline direct injection products and lithium battery packs, sales increased mainly in Japan and North America.

-Thermal products: Due to an increase of sales in car air conditioner products, sales increased mainly in North America and Europe.

Business Policy

-The Company established its "Global Mid-term Policy" in April 2012 to achieve following three goals:

• Advanced technology development
• Innovation in "Monozukuri"
• Development of aftermarket and new business

-The Company achieved the target of JPY 4,000 billion and operating margin of 8% in FY ended Mar. 2014. And then the Company will also establish next mid-term policy which is aiming FY ending Mar. 2019.

-Major initiatives are (1) Developing new technologies (Fuel saving products and Driving assist and safety products), (2) Strengthening cost competitiveness, (3) Expanding global production network, and (4) Creating new business.

<Developing new technologies>
Powertrain product technology
-The Company plans to refine its powertrain parts and achieve 10% improvement in fuel efficiency of gasoline-and diesel-powered vehicles by 2020. The Company aims to achieve the target improvement ratio by improving its leading parts and technology: intake, fuel supply, ignition, and exhaust systems.

-The Company will complete initial development stage of its silicon carbide (SiC) inverters for hybrid and electric vehicles by the end of FY 2015. Thereafter, the Company will start development of the SiC inverters for mass production in FY 2016.

Information & Safety Systems
-The Company aims to expand sales of its information and safety systems, including pre-crash safety systems, to JPY 800 billion by FY2022. In its global mid-term management plan through FY2015, the Company says that it will boost sales of radars, cameras, and head-up displays. Over the next ten years, the firm has set a goal to develop technologies for autonomous driving in downtown areas. The Company believes that efforts toward achieving this goal will further improve its technological prowess for automotive components. The firm hopes to make information and safety systems part of its core businesses by actively developing and selling these technologies. (From an article in the Nikkan Jidosha Shimbun on August 5, 2013)

<Expansion of global production network>
Production of compressor for car air conditioner in China
-The Company and Toyota Industries Corporation announced that they have jointly established Yantai Shougang TD Automotive Compressor Co., Ltd., in Yantai, Shandong Province, China to produce car air-conditioning compressors. The new company already commenced operations in December 2013. It is capitalized at JPY 3.68 billion, of which 50.1 percent was invested by Toyota Industries, 29.9 percent by the Shougang Group, and 20.0 percent by Denso (China) Investment. The joint venture currently has 750 employees. The plant's annual production capacity is expected to reach 2 million sets by 2015.

Beginning production at TD Automotive Compressor Indonesia
-TD Automotive Compressor Indonesia (TACI), a joint venture between Toyota Industries Corporation, PT. Astra Otoparts Tbk, Toyota Tsusho Indonesia, and the Company started to build their own factory. Since 2011 TACI has been producing compressors in the Denso Indonesia's plant, and gradually will move its activities to their factory until 2018. The plant which will be built on 10 ha land area is planned to start operating in October 2014 and targeted to produce 3.5 million units compressor in 2015, where, previously, it produced approximately 1.75 million units. In this new factory, TACI invests JPY 6.5 billion investment or approximately IDR 747 billion and targeted to recruit approximately 500 new workers.  It is expected that TACI's compressor business develops well, TACI will supply compressor not only for domestic and ASEAN markets but also European and American markets. (From a press release on December 4, 2013)

Expansion of instrument cluster business in India
-The Company has set up a new joint venture Pricol Components Limited with Pricol Limited, a local automotive parts manufacturer and its longtime partner in an effort to expand its instrument cluster business. Over the years, the Company has been offering technical assistance to Pricol, in which Denso owned a 12.5% share.

Production of new standard HVAC unit for vehicle air-conditioning systems in North America
-The Company is planning to produce its new standard HVAC unit for vehicle air-conditioning systems at its global facilities. The Company will initially start manufacturing the product in North America as early as fiscal year 2015. The new HVAC unit can be used in various vehicle segments ranging from compact to luxury cars. It can also be installed on non-Toyota vehicles. Delivery for the Toyota Harrier and the Noah/Voxy has just started. In expectation of orders from automakers other than Toyota, the Company is poised to establish an efficient supply system for the product by transferring its manufacturing know-how from its mother plant in Nishio, Aichi Prefecture to North American facilities. Through the launch of mass production outside Japan, the Company hopes to achieve a significant cost reduction by leveraging economies of scale. (From an article in the Nikkan Jidosha Shimbun on February 17, 2014)

Production of core components of hybrid system in U.S.
-The Company will expand its business in hybrid vehicle parts. The Company currently supplies inverters, a core component of hybrid systems, to Toyota Motor Corporation, Hino Motors, Ltd. and Mazda Motor Corporation. Furthermore, the Company has also received a new medium term order from an unspecified automaker. In order to cope with an increase in orders, the Company will start production of hybrid parts outside Japan by setting up an inverter assembly line at its plant Tennessee, U.S. The line will be operational during the fiscal year ending March 2015. The Company hopes to strengthen its hybrid parts business in all stages of development and production, and increase its competitiveness in the field. (From an article in the Nikkan Jidosha Shimbun on December 16, 2013)

Production of new common rail systems with an injection pressure of 2,500 bar in Hungary and Thailand
-The Company will launch overseas production of its new common rail systems with an injection pressure of 2,500 bar as early as 2015. The new common rail systems, which improve exhaust gas purification performance and fuel efficiency, are currently manufactured at Denso's Nishio Plant and Zenmyo Plant in Aichi Prefecture, Japan. The Company plans to start producing the new systems also at its two facilities in Hungary and Thailand during the period from 2015 to 2016. Denso is poised to facilitate the local production in the regions where demand for diesel engine vehicles is high, while establishing a decentralized production system for stable supply. By developing the competitive supply structure which comprises of the three regions, the Company aims to catch up to Germany-based Robert Bosch GmbH that holds the largest share in the global market. (From an article in the Nikkan Jidosha Shimbun on September 19, 2013)

Expansion of production capacity for exhaust gas sensor and spark plug
-The Company will expand its global capacity to produce exhaust gas sensors and spark plugs. It plans to integrate its production operations for ceramic parts used in sensors and plugs into its Daian Plant in Mie Prefecture, Japan, while adding some material plants and firing furnaces by FY 2015. Plans are to boost its worldwide sales of sensors by 35 percent to about 70 million units and those of plugs by 17 percent to about 290 million units by FY 2015 from the levels in FY 2012.

Construction plans:

• Exhaust gas sensor plants: new plants are scheduled to be set up in China and Vietnam by March 2016
• Spark plug plants: nickel spark plug production line is scheduled to be constructed at a new plant in Indonesia, which will be operational in 2014

Contracts

-Major contracts in FY ended Mar. 2014:

Product	OEM	Vehicle model/Engine
Inverter	Mazda	Axela
	Nissan	Pathfinder (USA)
Engine management ECU	Mazda	Axela
Laser radar for crash prevention system	Daihatsu	Mira e:S
		TanTo
Driver status monitor	Hino	Profia
		S'ELEGA
Highly standardized automotive climate control unit	Toyota	Harrier
		Noah/Voxy
Engine control system	Volvo	"DRIVE-E" engine

-Other than major contracts listed above, Anden Co., Ltd., a subsidiary of the Company, is rapidly expanding the supply of its electric vehicle warning sound systems. The system generates sound to alert pedestrians of a nearby electric vehicle. Anden currently produces 1.2 million electric vehicle warning sound systems per year. The company is currently the exclusive supplier of these systems for Toyota and Honda hybrid vehicles and has recently received new orders for the system from both GM and Subaru. Subaru will release an electric vehicle in North America during the summer of 2014 which features the sound system. As automakers expand their electric vehicle lineups, sales of Anden's electric vehicle warning sound system are expected to increase past 2.4 million units per year in the medium term.

Outlook for FY ending Mar. 31, 2015

(in billion JPY)

	FY ending Mar. 31, 2015 (Forecast)	FY ended Mar. 31, 2014 (Actual Results)	Rate of change (%)
Sales	4,140.0	4,095.9	1.1
Operating income	350.0	377.7	(7.3)
Ordinary income	378.0	419.6	(9.9)
Net income	248.0	287.4	(13.7)

-Overall sales are expected to increase by 1.1 percent year-on-year. Sales are projected to rise in all regions outside Japan, especially in Europe and Asia/Oceania where double-digit growth is expected. Sales in Japan, however, are forecast to fall.

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

R&D Expenditure

(in million JPY)

	FY ended Mar. 31, 2014	FY ended Mar. 31, 2013	FY ended Mar. 31, 2012
Japan	315,064	294,357	263,813
North America	18,804	13,577	12,482
Europe	11,621	7,855	7,934
Asia/Oceania	21,703	19,009	12,918
Other	1,540	662	1,215
Total	368,732	335,460	298,362

-Out of the total R&D expenses the Company incurred during the fiscal year that ended March 2014, R&D expenses outside Japan accounted for around 15%. In line with the Company's reorganization of its R&D framework, this percentage is anticipated to increase in the future.

-For the fiscal year ending March 2015, the Company plans to increase its R&D expenses by 5.8% year-on-year, to 390 billion yen.

R&D Structure

-As a means to quickly grasp customer needs in each region and respond to those needs with new product developments, the Company is strengthening its R&D capabilities in China, India and Brazil, as well as in the U.S.A, Europe, and Oceania/Asia. In doing this, the Company will build an R&D framework based on seven technical centers, including the one in Japan. This will promote closer collaboration among them.

Region	Core technical center	Satellites
Japan	Aichi Pref., Japan	Group companies in Japan; Korea
North America	Michigan, USA	Tennessee, USA, California, USA
Europe	Aachen, Germany	UK, Italy, Czech Republic, Sweden
Asia/Oceania	Bangkok, Thailand	Vietnam, the Philippines, Australia and other
China	Shanghai, China	North China, Xian, South China, Taiwan
India	Delhi, India	-
South America	Santa Barbara, Brazil	-

<Korea>
-The Company announced that its new R&D center in Korea has been completed. The Company invested USD 56 million in this 7,397-square-meter-facility located on 20,586 square meters in Uiwang, Gyeonggi-do. By utilizing this local development base, the Company aims to enhance business with the Hyundai Kia Automotive Group. (From a press release, October 1, 2013)

<Germany>
-In September 2013, the Company announced to expand its two engineering centers in Germany by 2015. Its subsidiary, Denso Automotive Deutschland GmbH (DNDE) will build new office buildings at both engineering centers in Wegberg and Eching. DNDE will also add new testing facilities and hire more people. This expansion will allow Denso to reinforce its capabilities to develop safety and environmental technologies and promote future use of the advanced technologies invented in Europe. A total of JPY 2.7 billion will be invested in the construction of the new facilities. The combined workforce of the two centers will be increased by 85 to approximately 500 workers by 2015.

• The Aachen Engineering Center in Wegberg: Mainly responsible for product development in areas of powertrain, electronics and hybrid technologies.
• The Munich Engineering Center in Eching: Responsible for engineering and testing thermal products and compact motors.

<Japan>
-The Company announced that it will establish a new facility in Tokyo to design and develop semiconductor circuits used in automotive safety and fuel-saving technologies. The development center is scheduled to open in July 2014. This is the first time for the Company to locate a development base in the Kanto region. The establishment will make it easier for the Company to hire skilled engineers. It will also facilitate its access to universities and other research organizations. The Tokyo development center will serve as one of Denso's major research bases in the area of automotive semiconductor circuits, following the Company's headquarters, the Kota Plant and Denso Research Laboratories, which are all located in Aichi Prefecture. The Tokyo facility will hire about 30 people by July 2015 with a plan to expand its workforce to approximately 100 by 2020.

Technological Alliance

Acquisition and technical alliances
-The Company will acquire a 50 percent stake in ADASENS Automotive GmbH by the end of 2013. ADASENS is a group company of Ficosa International, S.A., a Spanish parts manufacturer. ADASENS develops image recognition technologies using cameras to detect obstacles around vehicles. With ADASENS' expertise, the Company will accelerate its development of technologies that reduce a driver's workload and enhance active safety features to avoid potential collisions.

-The Company said that Denso and Sharp Corporation have agreed to build new cooperative relations. The two companies will collaborate to create new systems that improve the comfort, safety and convenience of vehicles by integrating Denso's expertise on automotive equipment with Sharp's technologies on home electronic appliances. The Company will also respond to Sharp's request to acquire shares of the company, which is currently in the process of business reconstruction. On September 18, the Company signed an agreement with Sharp to purchase JPY 2.5 billion worth of Sharp's new shares. (From an article in the Nikkan Jidosha Shimbun on September 19, 2013)

Technological Alliance with NEC regarding Big data
-In 2013, the Company and NEC Corporation are considering joint development of advanced safety technologies for automobiles by combining the Company's expertise in automotive parts with NEC's expertise in big data. Big data refers to a collection of large and complex data sets. Various enterprises and research institutes are actively utilizing big data for marketing and academic research. The Company regards big data as an effective tool alongside innovations such as sensor and cruise control technologies to enhance automotive safety performance. However, a large amount of investment and time is required for Denso to develop safety technologies which utilize big data. Therefore, the Company fears that it may lag behind European suppliers in this area. The collaboration with NEC enables Denso to integrate big data into its safety systems quickly. (From an article in the Nikkan Jidosha Shimbun on December 27, 2013)

Technological Alliance with Yahoo for expansion of telematics service
-The Company will cooperate with Yahoo Japan Corporation, the operator of a major Internet search engine, to expand the ARPEGGiO telematics service. The ARPEGGiO is an application that operates a smartphone on the car navigation display. Starting in December 2013, the two companies will combine Arpeggio with Yahoo's Voice Assist voice recognition application. If a driver downloads the two applications on a smartphone, the driver can operate the smartphone as well as carry out a voice recognition search on the Internet via the car navigation display. (From an article in the Nikkan Jidosha Shimbun on September 26, 2013)

Product Development

<Powertrain>
EGR valve unit
-The Company has developed the world's first exhaust gas recirculation (EGR) valve unit that integrates an air intake throttle valve and an EGR valve. An EGR valve is a component in the EGR system of a diesel engine. Conventionally, an air intake throttle valve and an EGR valve are separately installed in an EGR system. By integrating the two valves into one unit, the Company combined the ducts and reduced the number of connectors, thereby succeeded in reducing the size to half of the previous model. In addition, conventional models require a motor for valve opening and closing, paired with a sensor to detect the valve opening and closing angle, for both the air intake throttle valve and the EGR valve. However, as the Denso's new unit integrates the two valves, only one motor and one sensor are required. This led to a 20% cost reduction. The Company will start supplying the new unit to automakers for their new diesel-fueled passenger car models which will be released in Europe in summer 2014. The unit will be produced at the Company's plant in Hungary. The Company initially plans to supply 600,000 units annually in the fiscal year ending March 2016. The Company aims to increase the number to 1 million units per year.

Common rail system
-The Company announced that it has developed a new diesel common rail system with the world's highest injection pressure of 2,500 bar. The Company redesigned the fuel injectors, fuel pumps, and the common rail to generate a higher fuel injection pressure. The increased fuel injection pressure improves ignition and combustion efficiency, resulting in cleaner exhaust emissions with particulate matter and nitrogen oxides reduced by up to 50 percent and 8 percent, respectively. The new diesel common rail system is already produced at the Company's Nishio Plant and the Zenmyo Plant in Aichi Prefecture. Production will be carried out also at plants in Hungary and Thailand, starting in  2015-2016.

Field test of wireless battery charging system
-In February 2014, the Company will begin a field test of its wireless battery charging system in Toyota City, Aichi Prefecture, Japan. The field test uses one delivery truck of Yamato Transport Co., Ltd. The truck will be equipped with a power receiver that will wirelessly receive the electricity from a power transmission pad located on the ground. The electricity charged in the truck's lithium-ion battery is then used to power the refrigeration system on the truck. The Company has been developing the wireless charging system independently with the goal to commercialize it in the latter half of 2010s. The Company aims to commercialize the system to charge batteries of plug-in hybrid vehicles and electric vehicles. (From an article in the Nikkan Jidosha Shimbun on February 21, 2014)

<Climate Control>
Highly standardized automotive climate control unit
-The Company has developed the world's first automotive HVAC unit that can be used across vehicle segments. The unit's size and weight have been reduced by 30% and 20% respectively, compared to those of Denso's conventional model. The new HVAC unit's design enabled the components to be standardized. It can be installed on front-wheel-drive vehicles in the B, C and D segments. The evaporator and the heater core are replaceable to enable installation on cars with a start/stop system, hybrid vehicles and electric vehicles without changing the design. The Company will also propose the new unit to other carmakers to achieve mass production and 30% cost reduction. By the fiscal year ending March 2021, the Company will increase production and sales of the unit to 10 million units a year. It will be produced at its Nishio Plant in Nishio City, Aichi Prefecture. (From an article in the Nikkan Jidosha Shimbun on January 22, 2014)

Car air-conditioner filter
-The Company has released its new car air-conditioner filter with high dust-removing capabilities. The filter, which uses a new coating agent, is capable of filtering out approximately 90 percent of PM 2.5, particulate matter that is less than 2.5 micrometers in diameter. This is a significant improvement from existing products which are only capable of trapping about 60 percent of PM 2.5. The filter can also remove allergens, such as pollen, while providing high levels of antiviral, antibacterial and deodorizing properties. The Company expects that the filter can be an effective solution in dealing with the problem of PM 2.5 coming from China. Denso is accelerating efforts to extend its product lineup to support 98 percent of all Japanese vehicles by the end of 2013. (From an article in the Nikkan Jidosha Shimbun on December 7, 2013)

<Driving Safety>
Laser radar
-The Company developed a new laser radar, which is smaller and more cost-effective and can be loaded on mini-vehicles. It is used as a sensor for the system to avoid collision, "Smart Assist System" of the Daihatsu Move, which was released in the Japanese market in 2012. The features of the newly developed laser radar are as follow:

• Simpler laser beam generation mechanism, setting the area and the distance scanned for low-speed driving on the street roads and traffic congestion
• Electronic control unit is integrated into the signal processing boards, which were typically separated
• The size of the radar is 132mm in width, 134mm in height, and 46mm in depth, with its depth reduced to two-thirds of the previous model

Development of next generation cockpit
-The Company will speed up development of a next-generation cockpit which will reduce a driver's workload. Under the Company's concept of "eyes on the road and hands on the wheel", the Company plans to release the cockpit around 2020. Meanwhile, the Company has been conducting joint research with U.S. universities including the Massachusetts Institute of Technology to identify situations where a driver's workload increases. The research will be completed in FY 2014. By utilizing the research results, the Company will redesign the display and operational systems of the cockpit including head-up displays. It hopes that the Company's efforts will contribute towards the advancement of human machine interface technologies. (From an article in the Nikkan Jidosha Shimbun on November 14, 2013)

Driver status monitor
-The Company developed driver status monitor, which contribute to prevent accidents by detecting driver's inattention or drowsiness and alerting driver to focus on driving. Utilizing near infrared camera, Driver status monitor calculates facial direction and percentage of eyelid closure and judge if driver is inattention or feeling drowsy. This product is installed on Hino Motors' large-sized truck and large-sized bus.

Capital Expenditure

(in million JPY)

	FY ended Mar. 31, 2014	FY ended Mar. 31, 2013	FY ended Mar. 31, 2012
Japan	155,994	124,322	103,054
North America	43,253	20,451	12,195
Europe	27,935	19,144	18,667
Asia/Oceania	88,645	2,584	38,225
Other	8,298	4,090	7,210
Total	324,125	230,591	179,351

-The Company invested in predominantly in R&D facilities in order to respond to production increases, prepare for next-generation products, be able to switch over to new products, and develop new products.

Investments in Japan

-Denso Kyushu Co., Ltd. will develop a new production line to conduct high-mix, small-volume manufacturing of common-rail injectors by the fiscal year ending 2016. Up until now, the Company's Kitakyushu unit in southern Japan has been manufacturing injectors by utilizing the same automatic production lines as the Nishio Plant in central Japan. Using the new production line will allow the plant to flexibly meet the requirements of its customers, including those in China. As automakers are upgrading their fuel injection technologies, sales of next-generation injectors are rapidly growing in the industry. Meanwhile, the Company is projecting that demand for existing types of injectors will also remain stable mainly from emerging counties. (From an article in the Nikkan Jidosha Shimbun on July 22, 2013)
 
-In April 2013, the Company announced that it will expand its subsidiary Denso Fukushima Corporation. Investing JPY 8.7 billion, Denso Fukushiima will expand its plant in order to start producing engine cooling module along with car air conditioner which is already manufactured. Expansion project will be completed in May 2014. In line with this expansion, the number of employees will be increased from 110 to 220 in FY ending Mar. 2017.

Investments Outside Japan

Americas
<Mexico>
-The Company announced an expansion project for Denso Mexico's new third plant. The plant, located in Silao, Guanajuato has commenced operations in October 2013 and initially manufactured car air-conditioning systems. It will also produce radiators and washer systems for General Motors, Ford, and Honda, starting in January 2014. In order to deal with alternator orders that it won from Japanese and U.S. automakers operating in the country, the Company will invest about JPY 5.1 billion in an additional new factory and production lines to make alternators. Alternators produced at this plant will be supplied to Toyota, Ford, and Chrysler.

Asia
<Korea>
-Denso Korea Automotive Corporation will expand the production capacity at its Hwaseong Plant. Having been awarded a new program from the Hyundai Motor Group, the Company will invest approximately USD 45 million to build a new plant adjacent to its existing facility. (From a press release, July 19, 2013)

-Denso Korea Electronics Corporation has acquired 82,803 square meters of land in Changwon City for KRW 41.2 billion. The new facilities will consist of an electronic parts factory (42,800 square meters), an R&D facility (6,000 square meters), and an office building (7,200 square meters). Construction work is scheduled to start in July 2013 and be completed by June 2014, when production is slated to begin. (From a press release, May 23, 2013)

<Indonesia>
-The Company announced that PT. Denso Indonesia will establish its third plant in 2014. The new facility will be located in Bekasi District, West Java Province. The Company is investing approximately JPY 9.4 billion in the new plant to produce engine control products, including engine ECUs, variable cam timing (VCT) control systems, starters and alternators from February 2014. While Denso Indonesia's existing facilities have been engaged in production of climate control and heat-exchange devices, the new plant will expand the Company's product lineup in the growing Indonesian market where the Company is accelerating its localization efforts. Construction of the new plant with a land area of 200,000 square meters and a building area of 24,000 square meters has started in December 2012 and is expected to be completed by November 2013. The Company is planning to hire approximately 1,300 employees by March 2016.

<India>
-In 2013, with the investment amount of approximately JPY 4.2 billion, the Company has established the second plant of Denso Haryana Pvt. Ltd., its wholly owned subsidiary in India. The news factory, which has 12,000 square meters of building area,  produces small motors for windshield wipers, power window as well as engine cooling modules.

Capital Expenditure for FY ending Mar. 31, 2015

(in million JPY)

	FY ending Mar. 31, 2015 (Forecast)	FY ended Mar. 31, 2014 (Actual Results)	Rate of change (%)
Japan	157,000	155,994	0.6
North America	36,500	43,253	(15.6)
Europe	22,000	27,935	(21.2)
Asia/Oceania	78,000	88,645	(12.0)
Other	4,500	8,298	(45.8)
Total	298,000	324,125	(8.1)