MITSUBA Corporation Business Report FY ended Mar. 2014

Business Highlights

Financial Overview

(in million JPY)
  FY ended Mar. 31, 2014 FY ended Mar. 31, 2013 Rate of
change (%)
Sales 272,543 225,605 20.8 -
Operating income 17,054 9,032 88.8 -
Ordinary income 20,441 12,169 68.0 -
Net income 7,028 6,473 8.6 -
Transportation equipment components
Sales 261,005 214,960


-Both sales and income increased year-on-year, thanks to the launch of new products and increased vehicle sales in Japan, which were driven by last-minute, new-car buying demand before the consumption tax increase went into effect; and the continued, robust sales of automobiles in North America.
Operating income 16,275 8,666 87.8

Mid-term Management Plan

-The Company has announced its 10th mid-term business plan for a three-year period ending March 2017 (FY 2016). Its major goal is to achieve annual sales of JPY 320 billion, which will be an 11.7 percent increase from the result in FY 2013. The Company is poised to meet its target by strengthening support for automakers that are stepping up local production and sales on a global scale. (From an article in the Nikkan Jidosha Shimbun on May 10, 2014)

Outlook for FY ending Mar. 31, 2015

(in million JPY)
  FY ending Mar. 31, 2015
FY ended Mar. 31, 2014
(Actual Results)
Rate of Change
Sales 280,000 272,543 2.7
Operating income 18,000 17,054 5.5
Ordinary income 18,000 20,441 (11.9)
Net income 9,000 7,028 28.1

-The Company forecast its sales for fiscal year that ends March 2015 will increase by 2.7% compared to the result of FY ended March 2014, due to the increase of product sales to Honda and Renault-Nissan group.

>>>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
Overall 683 387 411

R&D Structure

-In Japan, R&D activities at the Group are mainly conducted at the Mitsuba Technical Center in Kiryu, Gunma Prefecture; and at the Yokohama Technical Center.

-Outside Japan, the Company has technical centers in the U.S.A., Italy, Germany, Thailand, the Philippines, India, Vietnam, and China. These centers work in close collaboration with the centers in Japan while continuing to globalize the Company's R&D capacities.

-In further developing advanced technologies, the Company collaborates with external organizations such as universities, the Tsukuba office of the National Institute for Materials Science, and others, conducting joint R&D activities.

R&D Activities

-The Company is conducting R&D activities on new actuators, which form the basis of its core technology in the areas of motor technology and control technology; and on keys, which form the basis of component technology. Also, the Company is working on developing new systems in which advanced control technology, new sensor technology, and drive principles have been incorporated.

-The Company launched production of the following products during the fiscal year that ended March 2014.
  • Front wiper system
  • Rear wiper system
  • Window washer system
  • Door  mirrors
  • Horns
  • Power window motor
  • Seat motor
  • Sun roof motor
  • Door lock actuator
  • Power sliding door system
  • Fan motor
  • Electric Power Steering motor
  • Starter motor for four-wheel vehicle
  • AC generator
  • Controller
-Currently, the Company is conducting joint R&D activities in the area of component technology to raise product reliability, researching next-generation systems and actuators.

Product Development

Actuator for active force pedal
-The Company has placed actuator for active-force pedals on the market. This actuator, by applying counter force/reactive force, prevents drivers from applying too much pressure on the gas pedal and improves fuel consumption. In addition, working together with a body sensor, this product is capable of conveying all sorts of information to the driver through the pedal, such as approaching vehicles. This product, because it is the world’s first differently designed actuator for a gas pedal, has excellent properties in terms of layout and versatility. And its design lends it to being installed on vehicles afterward. It is currently being installed on mass-marketed hybrid cars launched in December 2013.

>>>Product which was showcased at Tokyo Motor Show 2013

Technology Licensing-in Agreement

(As of Mar. 31, 2014)
Name of
other party
Agreement Details Contract Period
Corporacion Mitsuba de Mexico, S.A. de C.V. Ichikoh Industries
Exercising the usage of patents and expertise in manufacturing automotive components in Mexico. Apr. 2002 - Mar. 2015
The Company Donnelly
License agreement on rearview mirror systems fixed on the body, including turn signal light. Oct. 2005 - Mar. 2024


Technology Licensing-out Agreement

(As of Mar. 31, 2014)
Partner Agreement Details Contract Period
Shihlin Electric & Engineering Corp.
Production technology license and operational license for motorcycles / automobiles electric parts From Aug. 1998
(automatic renewal)
Armstrong Auto Parts Sdn. Bhd.
Production technology license and operational license for motorcycles / automobiles electric parts From May 1992
(automatic renewal)
(South Africa)
Licensing of manufacturing technology for wiper motors for automobiles From Mar. 1979
(automatic renewal)
APM Automotive Holdings Berhad
Licensing of technology for wiper motors and washers etc. for automobiles Apr. 2007 - Apr. 2017

Investment Activities

Capital Expenditure

(in million JPY)
  FY ended Mar. 31, 2014 FY ended Mar. 31, 2013 FY ended Mar. 31, 2012
Overall 17,536 18,093 12,236
-Transportation equipment components 17,043 17,874 12,141

-During FY ended March 2014, the Company mainly invested in power-window motors and wiper motors four-wheel vehicles.

Investment outside Japan

-The Company will beef up production capacity at its manufacturing subsidiary, Mitsuba Philippines Corporation. The subsidiary currently produces horns and motors for power windows, wipers, seats and electronically-controlled throttles at its three existing plants in the Philippines. The Company has begun constructing a new plant at an adjacent site to the No.2 plant, which currently produces motor components. At the same time, the three existing plants will boost production capacity by improving the equipment layout. (From an article in the Nikkan Jidosha Shimbun on October 4, 2013)

Planned Capital Investments

(As of Mar. 31, 2014)
Name Facility type Planned investment amount
(in million JPY)
Planned completion
The Company
R&D Center R&D facilities 555 Apr.
Akagi Plant Machinery to manufacture new products 287 Apr.
Onishi Plant Machinery to manufacture new products 162 Apr.
Niisato Plant Machinery to manufacture new products 736 Apr.
Tone Plant Machinery to manufacture new products 365 Apr.
Tomioka Plant Machinery to manufacture new products 95 Apr.
Fukushima Plant Machinery to manufacture new products 26 Apr.
Niigata Plant Machinery to manufacture new products 183 Apr.