Financial Overview

(in million JPY)

	FY ended Mar. 31, 2012	FY ended Mar. 31, 2011	Rate of Change (%)	Remarks
Overall
Sales	16,199	16,062	0.9	-
Operating income	1,451	1,803	(19.5)	-
Ordinary income	1,594	1,764	(9.6)	-
Net income	780	936	(16.7)	-
Automotive parts production business
Sales	15,316	15,131	1.2	-Operating revenue remained almost flat year-on-year due to several negative factors, including the Great East Japan Earthquake that caused a slump in the economy. This is in spite of positive factors such as the increase in automotive production due to the recovery in the supply chain, the re-introduction of the eco-car sales-incentive program, and the rise in product demand mainly occurring in Asia.
Operating income	1,342	1,601	(16.2)	-

Business Plan

-For its fiscal year ending March 2013, the Company will follow the policies outlined below in order to drive further growth and greater profits.

• Strengthen its competitive advantages in terms of quality; ensure safe operations at plants
• Make the Shizuoka Plant Redevelopment Plan a reality.
• Increase sales at Fuji Valve (Guangdong) Corporation, and work to establish its next operations overseas.
• Expand business and create appealing products.

R&D Expenses

(in million JPY)

	FY ended Mar. 31, 2012	FY ended Mar. 31, 2011	FY ended Mar. 31, 2010
Overall	170	182	192

R&D Facility

-The OOZX Technical Center, located within the Shizuoka Plant premises, conducts R&D activities.

R&D Activities

-The Company worked to research and develop light-weight parts and highly abrasion-resistant materials, to establish technology for manufacturing valves with high-strength materials and to enhance its research system.

Technical Agreements

(As of Mar. 31, 2012)

1) Mutual Technical Assistance Agreements

Partner (Country)	Items	Contents	Period
TRW Automotive U.S. LLC (USA)	Engine valves	Approval for non-Exclusive rights for manufacturing, sales and use	Jan. 1 1996 - (Automatic renewal)
TRW Automotive GmbH (Germany)	Engine valves	Approval for non-Exclusive rights for manufacturing, sales and use	Jan. 1 1996 - (Automatic renewal)

2) Technology Licensing-out Agreements

Partner (Country)	Items	Contents	Period
Shin Han Valve Ind. Co., Ltd. (Korea)	Engine valves	Approval for exclusive rights for manufacturing, sales of technology	Sep. 29, 2011 - Sep. 28, 2014
TRW Fuji Serina Co., Ltd. (Thailand)	Engine valves	Approval for non-exclusive rights for manufacturing, sales and use of technology	Jan. 1, 2011 - Dec. 31, 2015
TRW Fuji Valve Inc. (USA)	Engine valves, Valve adjusters, Cotters, Valve seats	Approval for non-exclusive rights for manufacturing, sales and use of technology	Sep. 15, 1988 - dissolution of JV
Shriram Pistons & Rings (India)	Engine valves	Approval for non-exclusive rights for manufacturing, sales and use of technology	Dec. 5, 2005 - Dec. 4, 2012
Fuji Valve (Guangdong) Corporation (China)	Engine valves, Cotters, Retainers	Approval for non-exclusive rights for manufacturing, sales and use of technology	Oct. 1, 2010 - Sep. 30, 2013

Capital Expenditure

(in million JPY)

	FY ended Mar. 31, 2012	FY ended Mar. 31, 2011	FY ended Mar. 31, 2010
Overall	636	567	224
Automotive parts business	633	536	60

-For the fiscal year ending March 2013, the Company plans to invest in engine-valve production facilities at its automotive parts division.

Planned Capital Investments

(As of Mar. 31, 2012)

Facility (Location)	Facility type	Planned Investment Amount (in million JPY)	Start	Scheduled Completion
Shizuoka Factory (Shizuoka Pref., Japan)	Production facilities to manufacture engine valves	179	Mar. 2012	Mar. 2013
	Maintenance and renewal	167	Mar. 2012	Mar. 2013