P A C I F I C R E P O R T Investors Guide
Year ended March 31, 2013
Contents 01 Profile 03 Review from President & CEO 05 Review of Operations 07 Management 09 Performance Highlight Back Cover Company and Stock Information
Profile
PACIFIC GLOCAL VISION 2020
VISION and MISSION
Five meanings of “SHINKA”
As a Global Manufacturer of Technology Components
1 2 3
We will endeavor to develop and enhance technologies and to supply high quality
Deepening
Developing
(Shinka)
products in response to the needs of customers.
Triangle of CSR
(Shinka)
Corporate Brand
Stronger trust
Corporate ethics fulfills CSR
(Shinka)
We value our employees as our essential family members and pledge to provide a place where they enjoy working and creating
Evolution
We will continue to contribute to society, confirming our role in the world as an excellent company as well as an environmentally conscious company.
“Deepening”
(Shinka) Strength to improve
“Evolution”
(Shinka) Strength to innovate
“Developing”
(Shinka) Strength to launch
We Continue to Pursue a Truly Glocal Management
True worth
(Shinka)
new technologies and businesses “True worth”
(Shinka) Strength to enhance
corporate value “Stronger trust” (Shinka) Strength to win stakeholders’ confidence
The Pacific Industrial Group is an automotive parts supplier consisting of 10 companies in different countries. The Group continues to pursue truly “glocal management” in harmony with local communities and the environment. We have two primary core businesses. The first is our tire valve products business, on which Pacific Industrial was founded and which now holds the dominant share of the market. Secondly is our stamping and molding product business, which is highly-reputed as a specialized manufacturer with advanced processing techniques.
T P MS: Contr i b u ti ng to Au tomob i le Safe ty, Secu r i ty, a nd Gl ob a l Wa r mi ng Preve n tio n Va l ve core
Th e Crown e q u i p p e d w i t h t h e Gro u p’s en g in e c ove r, ba tte r y c a s e , e t c . A comprehensive manufacturer of a u t o m o t i v e p re s s e d re s i n p ro d u c t s , including battery cases for hybrid cars, oil pans, wheel caps, and engine covers. With our market leading technology we promote manufacturing that contributes to the realization of a low-carbon society.
The Group has captured 100 percent of the tire valve market in Japan, and over 20 percent of the market globally. We are proud of our ability to produce products known throughout the world as being of the highest quality and technological capacity. We are the only manufacturer in Japan supplying, on an OEM basis, the next generation valve “TPMS” that has become compulsory by law in the United States, Europe, and South Korea.
Currently in place, our Medium-Term Management Plan, known as “OCEAN-15” serves as our concrete action plan. It establishes FY2015 as the pivotal year for accomplishments that will propel us toward our long-term vision “PACIFIC GLOCAL VISION 2020”. OCEAN-15 identifies 3 strategies; 2011 Result
11%
Tire Valve Business
17% 35%
12%
Tire Valve Business
Net sales 795 billion yen
Overseas
1999
PACIFIC INDUSTRIAL CO. (unlimited partnership) was founded to manufacture valve cores for automobiles.
Listed in the TOKYO and NAGOYA STOCK EXCHANGES, 1st Sections. Received TOYOTA SUPERIOR QUALITY CONTROL AWARD from Toyota Motor Corp.
Developed TPMS (T ire Pressure Monitoring System) transmitter.
1946 Started production of metal stamped parts for automobiles as a supplier to Toyota Motor Corp.
01
1984-1989 Expanded the valve business overseas (Taiwan, Korea, USA, Thailand).
1999-2012 Expanded the stamping and molding business overseas (USA and China).
Consolidated ordinary income Rate
Target of 2015
Other 1%
TPMS Business
Other 1%
TPMS Business
“Technology & Overseas”, “Manufacturing is About Developing People” and “CSR & Environment Preservation”. Based on these key themes and by emphasizing the five meanings of SHINKA, we will put into practice a variety of measures to achieve our long-term vision.
2015 Goal
17%
Consolidated sales
Overseas
40% Net sales 950 billion yen
Japan 65%
95
Japan 60%
Stamping and Molding Business
71%
billion yen
Stamping and Molding Business
Oversea sales
Total assets turnover ratio
6
%
40 1.05 Above
%
70%
Net sales
Ordinary income
( ¥ million )
( ¥ million )
100,000
6,000
83,700
80,000
1970
The business environment surrounding the Pacific Industrial Group has been changing dramatically and at an unexpectedly rapid pace. Examples of these changes include: the sudden global structural switch within the automobile industry, global environmental and energy problems, corporate social responsibility, globalization, and technological innovation. Recognizing these changes as a great opportunity, we have decided to make clear our dreams and mission by drawing up our longterm vision known as “PACIFIC GLOCAL VISION 2020”. This plan will serve as a milestone as we approach the 100th anniversary of our foundation in 2030. This “long-term vision”, emphasizes CSR as a most vital management issue as well as ongoing innovation within our business structure. We will practice the “five meanings of ‘SHINKA’” as we shift to “Amalgamated Business Management” in pursuit of improved corporate value.
OCEAN-15
History 1930
Human Resources Development
Manufacturing
(Shinka)
EBITDA
5,372
5,000
( ¥ million )
15,000
11,520
12,000
4,000 60,000
3,000
40,000
2,000
9,000 6,000
1,000 20,000 0
3,000
0 2009
2010
2011
2012
2013
(1,000)
2009
2010
2011
2012
2013
0
2009
2010
2011
2012
2013
Forward-Looking Statements This Report contains information about forward-looking statements related to such matters as the Company’s plans, strategies, and business results. These forward looking statements represent judgments made by the Company based on information available at present and are inherently subject to a variety of risks and uncertainties. The Company’s actual activities and business results could differ materially from those anticipated in these statements.
Pacific Industrial Co.,Ltd. PACIFIC REPORT 2013
02
Review from President & CEO Our President & CEO talks about the Medium-Term Management Plan and its progress
Seeking to be a truly management that
glocal company, we are dedicated to combines quality with “robust energy”.
I would like to express my sincere appreciation for your constant understanding and support for our Group. At this time, we have decided to issue an Investor’s Guide to serve as a reference for investment and to allow investors from other countries to deepen their understanding of the Group. We will continue to actively disclose information, and welcome your frank comments.
Shinya Ogawa President and Chief Executive Officer
Technology & Overseas
The manufacturing SHINKA that create global quality In order to build an automobile society that can sustain both people and the earth, we will continue to manufacture high quality products based on safety, environmental soundness, and comfort. We will press ahead with technological developments to respond to the diverse needs of our customers, while striving for manufacturing and service improvements to achieve the world’s highest quality.
World’s first engine cover utilizing chemical-foam molding and coating-free technology
Pop-up hood hinge designed for collision safety
Dual tub oil pan contributes to improved fuel costs Received “TOYOTA TECHNOLOGY & DEVELOPMENT AWARD” and the “Automotive Component Award” of the “CHO” MONOZUKURI Innovative Parts and Components Award
With these initiatives, we are accelerating the reorganization
on matters including internal control, the business continuity plan
Specific measures for expansion of overseas business include
and expansion of business bases in Japan and overseas while
(BCP), reduction of the environmental load, and emphasis on
commencing production of wheel caps and other resin products
stepping up selection and concentration of various efficient
diversity.
for automobiles at Pacific Industries (Thailand) Co., Ltd. in
business enterprises.
In light of the major earthquake experienced in the Nankai Trough,
Thailand. In addition, by unifying production and strengthening capacity for tire valve products, we intend to expand this base as our No. 2 valve production center after Japan. With the start of local production of TPMS (Tire Pressure
About the Medium to Long-term Management Plan
03
we drew up a business continuity plan (BCP) in FY2012, putting
Manufacturing is About Developing People
in place measures at each base with the goal of being able to restore production within 30 days of sustaining damage in a disaster. Response measures being implemented include back-
Monitoring System) transmitters at Pacific Manufacturing Ohio Inc.
As globalization of our business picks up speed, and in order to
up systems and multiple supply chains at companies overseas.
in the United States, in combination with our Japan operations,
pursue further growth, it is essential to enhance manufacturing
The Group has long been striving to preserve the global
we established a two-base production system. This makes it
capability and to develop the human resources that can make that
environment through efforts to reduce the volume of CO2 and
possible to avoid risks related to exchange rates, natural disasters,
happen.
VOC emissions. As a new initiative, we invested in natural energy
or fluctuations in production. A sales subsidiary was established
With the stimulation of quality control group activities, the
by installing a solar power generation system at the Higashi Ogaki
in Belgium in response to legislation making TPMS compulsory
Group seeks to create a mechanism whereby people develop
Plant in March 2013.
in Europe, and the export and delivery of TPMS produced in the
by exercising their ingenuity at the workplace, thus leading to
With the acceleration of overseas development, pursuit of diversity
Under “OCEAN-15”, we have set targets of consolidated net
United States will begin in 2014.
continuous quality improvement and increased production. In
and an environment in which it is easy to work have become
sales of 95,000 million yen, a ratio of ordinary profit in the 6%
We are also pressing ahead with overseas localization and
the future, we will shift from entry-level “education” to “training”
important elements of employee management. We are engaged
range, and overseas net sales ratio of over 40%, as we seek to be
customer diversification as a means of enhancing our global
in which the contents of the education will be learned through
in workplace activities that emphasize work-life balance and
a “leading parts manufacturer, both globally and locally”. Based on
competitiveness. At Tianjin Pacific Auto Parts Co., Ltd. in China,
experiential methods.
human rights, and are making efforts to create an open company
the keywords “Technology & Overseas”, “Manufacturing is About
the Group sought to improve cost competitiveness through the
Furthermore, as the overseas business expands, development
culture.
Developing People”, and “CSR & Environmental Preservation”,
local procurement of dies and facilities, and this company has
of global human resources is becoming an urgent task. We will
we will put into practice a variety of measures to achieve the long-
started to do business with a local Chinese manufacturer, Great
develop entry level employees by implementing a curriculum
Amid accelerating globalization, and in keeping with our
term vision. We will emphasize the “five meanings of SHINKA:
Wall Motor Company Limited. Furthermore, Changsha Pacific
specifically targeted for global perspectives, including selective
longer term vision, we will dedicate ourselves to “high impact”
Deepening, Evolution, Updating, True Worth, Stronger Trust”.
Hanya Auto Parts Co., Ltd., which was established in Hunan
education and strategic rotation. Meanwhile, by bringing human
management combined with quality, with an emphasis on human
In order to win out against intensifying global competition amid the
Province as our second base in China, has commenced deliveries
resources from overseas companies to Japan, we will cultivate the
resources development and CSR. We would like to ask for your
rise of emerging nations, rapidly declining domestic production,
to GAC Mitsubishi Motors Co., Ltd., and its own plant will be
local leaders of the future.
continuing guidance and support in that endeavor.
and an accelerated trend toward local production for local
completed in January 2014.
consumption, the Group is enacting key action steps. We are
We will further expand the plant and enhance the production
enhancing and expanding overseas operating bases, promoting
infrastructure at Pacific Air Control Co., Ltd. in South Korea, which
customer diversification and localization, and shifting from
developed the first aluminum die casting business within the
In our medium to long-term vision, CSR is positioned as the most
“defensive to offensive” management.
Pacific Industrial Group.
vital management issue, and the Group is promoting initiatives
CSR & Environment Preservation
Shinya Ogawa President and Chief Executive Officer
Pacific Industrial Co.,Ltd. PACIFIC REPORT 2013
04
Review of Operations
Analysis of Financial Results
(663 million yen) as an extraordinary loss.
During the fiscal year under review, despite a temporary trend
The year-end dividend initially had been set at 5 yen per
toward economic recovery following the Great East Japan
share. However, in light of the business results for the fiscal
Earthquake, the business environment remained harsh.
year and other factors, we have decided to make a 1 yen
This is due to factors such as prolonged fiscal uncertainty in
increase in the dividend to 6 yen per share for a full-year
Europe and a slowdown in economic growth in China and
dividend of 11 yen.
Stamping and Molding product business segment Stamping products
71.3%
Molding products
other emerging nations. Relatively positive signs began to appear towards the end of the fiscal year as expectations of the new government’s economic measures led to progress
Outlook for FY 2013
such as correction of the strong yen and recovery of stock
Regarding the economic outlook, although positive signs
prices.
towards a mild recovery began to appear, the situation is
Although the automotive business, the Group’s core business
expected to remain uncertain amid concerns that include the
field, was affected by the elimination of the subsidies for eco-
European debt issue, the trend toward a slowdown in the
friendly cars in Japan, production grew for fuel-efficient cars.
world economy, rising costs for materials such as crude oil,
Sales in the United States rose steadily as the economy
and fluctuations in the exchange rate.
recovered. In China, however, automobile production, by
In the automobile-related industry to which the Group
our main customers, fell compared to the previous fiscal
belongs, although sales can be expected to increase in
year due to the influence of boycotts of Japanese brand
emerging markets, significant growth cannot be anticipated
products. This had considerable impact, as we were forced
in the Japanese market. In addition, competition among
45,000
to temporarily suspend operations and adjust production at
companies is predicted to intensify in the future amid rising
30,000
both subsidiaries in China, in addition to reducing production
levels of quality and safety demands while sales prices
15,000
in Japan.
decline steadily.
In such circumstances, the Group endeavored to improve
In these circumstances, the Group will take all possible
profits by working on technological developments that
measures to ensure safety and quality, and strive to develop
improve quality and cost. New products and new technology
new products and new technology. We will seek to improve
was developed to match customer needs, and to support
our cost structure, raise productivity, and innovate a
our “Cost Innovation 30” activities aimed at bringing down
corporate structure that enhances profitability. Our prime
overall costs.
directive is the realization of the Medium-Term Management
As a result of these efforts, the Group reported net sales of
Plan “OCEAN-15”.
83,700 million yen (up 5.2% year on year), operating income
As a result of the above, we forecast net sales of 85,000
of 4,340 million yen (up 17.3% year on year), and ordinary
million yen (up 1.6% year on year), operating income of 5,000
income of 5,372 million yen (up 29.5% year on year). The
million yen (up 15.2% year on year), ordinary income of 5,500
Group posted an increase in revenue and profit for the first
million yen (up 2.4% year on year), and net income of 3,600
time in two years, and marked a record high for ordinary
million (up 28.2% year on year).
income. Net income amounted to 2,807 million (down 14.8%
An exchange rate of 90 yen to the U.S. dollar is assumed.
Although the boycott of Japanese brand products in China had an impact, automobile
Net sales and operating income Net sales
(¥ million)
75,000
production by our main customers in, our major Japan market, as well as the United
Operating income
59,614 1,449
60,000
(¥ million)
0 2009
2010
2011
2012
States market, recovered after the substantial slump in production caused by the Great East Japan Earthquake. Net sales for the entire business segment surpassed those of the previous fiscal year. As a result, net sales for the segment increased 4.9%
3,000
from the previous fiscal year to 59,614 million yen.
2,000
On the profit front, despite the increase in net sales, the effect of an improved cost
1,000
structure, and a decrease in depreciation expense, the segment posted operating
0
income of 1,449 million yen. This is a decrease of 13.2% year on year, due to the
(1,000)
impact of the rising cost of materials, and initial expenses accompanying the launch of
2013 (Fiscal year)
business in China.
Valve product business segment Tire Valve products
TPMS products
28.4% Control Devices products
year on year), due to the posting of loss on change in equity
Sales of TPMS (Direct-style Tire Pressure Monitoring System) products in the United
Net sales and operating income Net sales by region Japan
North America
Asia
53,436
( ¥ million )
60,000
40,000
17,726 12,537
20,000
0
05
2010
2011
2012
2013
(Fiscal year)
Japan
North America
Asia
3,582
( ¥ million )
4,000
50 40
2,000
30
773
0 (1,000)
2010
2011
2012
2013
(258)
(Fiscal year)
30,000
37.3
(¥ million)
20,000
3,000 2,000
10,000
20
1,000
10 0
States, the major market, increased along with the recovery of sales by Japanese
Operating income
23,747 2,928
(%)
3,000
1,000
Net sales
(¥ million)
Rate of oversea sales
Operating income by region
2010
2011
2012
2013
(Fiscal year)
0
2009
2010
2011
2012
automobile manufacturers. Tire valve and valve core products, and valve-related products also performed strongly. As a result, net sales for the entire business segment were up 6.2% compared to the previous fiscal year to 23,747 million yen. In terms of profit, operating income rose 43.6% from the previous fiscal year to 2,928 million yen, reflecting the growth in net sales and the effect of correction of the strong yen since December.
0 2013 (Fiscal year)
Pacific Industrial Co.,Ltd. PACIFIC REPORT 2013
06
Management
Corporate Governance In order to strengthen our supervision capability and plan for quick response in management operations, Pacific Industrial clearly divides management supervision and management operations into separate functions. The institution of corporate auditors is set up to supervise management. A total of four auditors, including two from outside the company, work closely with the internal auditing department to supervise all business. To speed up decision making and clarify management roles/responsibilities an operations committee system has been introduced. Overall business management is determined by the shareholders’ meeting, board of directors, board of auditors, and accounting auditors. In addition, necessary management requirements and strategies are reviewed and approved at the strategy and management meetings. The board of directors decides the basic direction of management and supervises the business operations. To make this institution most swift and effective, there are a total of 7 board members, each with an appointment term of 1 year. Since June 2010, an external director has been selected to preserve clear and objective management, and provide a third party opinion to decision making.
Stakeholder Management Front Row : Left Side … Board of Directors, Right Side … Corporate Auditors Back Row : Officers
Corporate Directors, Auditors and Officers (as of June 15, 2013) Board of Directors
Officers
Shinya Ogawa Chikashi Suzuki Masaharu Oba Takayuki Ishizuka Katsuya Suzuki Tsunenaga Moshino Hiroshi Kurokawa
President & CEO Vice President Senior Managing Officer Senior Managing Officer Managing Officer Managing Officer Director (outside)
Toshiteru Ando Hisashi Kayukawa Tetsushi Ogawa Kunihiro Yanagihara Terumi Noda Yoshio Mori Harunori Asano Kazuya Hayashi Masataka Kurita
Corporate Auditors
Managing Officer Managing Officer Managing Officer
CSR Policy
Hiroshi Nagata Satoshi Kawai Yukio Manita (outside) Katsuhiro Takahashi (outside)
Customers
Stockholders
Glocalization (Communities)
Placing the utmost importance on “Customer First”, we will work to provide environmentally friendly, high-quality, and safe products and services that are trusted by, and satisfy, our customers.
In order to obtain trust and meet expectations of our stockholders, we will place importance on twoway communication and continuously strive to improve our corporate value by taking a long-term view.
We will strengthen the development of e n v iro nm e n t a ll y f r i e ndl y pro du c t s a nd technology and promote manufacturing that takes environmental conservation and reduction of burdens on the environment into account throughout the entire process.
Business Partners
Employees
Aiming at co-existence and coprosperity based on mutual trust, we will respect our business partners and establish strong positive relationships with them on an equitable and fair basis.
From the perspective of respect for human rights and dignity, we will provide a workplace where all employees can work at ease in an environment that allows them to find work they can be proud of, and encourages them to demonstrate their creativity and spirit of challenge.
Environment
Society
We will be compliant with national and international laws and regulations and social norms and respect culture and custom, while working to contribute to the international society and promoting regional development. Social Contribution
We will be actively engaged in various social contribution activities through close partnership and cooperation with communities to establish ourselves as a good corporate citizen.
General Environmental Policies
Corporate Social Responsibility (CSR) Management The Pacific Industrial Group believes that CSR is the keystone of management for honorable business operations that can be trusted and counted on by society. Through our activities in all regions and countries, we aim to become a “True Glocal Enterprise” that positively contributes to the continuous development of society. To preserve harmony between the economy,
Environmental Philosophy
We shall actively partake in protection of the global environment, and strive to be a “credible high quality company” that earns the respects from our societies.
environment, and society, we place great importance on open and fair communication as well as creating a win-win relationship with all of our stakeholders. Stoc kho lde r
mer sto Cu
CSR Promotion Organization
CSR Philosophy
Technology
Partner
CSR Headquarters CSR Council
Environment Human resources
Quality Cost
Internal control
Environment preservation
Corporate governance
Risk Management Committee
07
Compliance Committee
Disaster Control Committee
Environment Committee
Energy saving
Regional contribution
Information disclosure
Risk management
Compliance
E m pl o y e e
(Community) cal Glo
Safety
Amid many risks and dangers, we try to earn the trust and expectations of our stakeholders as a true global company. To this purpose, we have established the c o re e l e m e n t s o f c o m p l i a n c e , r i s k management, and corporate governance within all of our business activities.
We shall strive to contribute to our societies through the offering of more environment-friendly products, and the implementation of daily activities that consciously reduce the environmental pollutant loads.
We shall always observe the environmental laws, regulations, local ordinances, and industrial guidelines, and actively follow the voluntary protective rules with conviction.
We shall strive to enhance the environmental protection efforts by saving-resources, saving-energy,recycling and setting environmental goals and objectives that may be reflected in our various business activities and conditions.
We are resolved to enhance stability and effectiveness in our environmental management systems, and to strive towards continuous improvements in the environment and towards prevention of pollution. We shall actively propagate these environmental policies to all employees as well as to the public.
Pacific Industrial Co.,Ltd. PACIFIC REPORT 2013
08
Performance Highlights PACIFIC INDUSTRIAL CO., LTD. and Consolidated Subsidiaries, Year Ended March 31
For the year Capital Expenditures
Depreciation Expenses ( ¥ million )
( ¥ million )
1,000
10,000
12,000
7,820
9,000
Net sales
( ¥ million )
12,000
15,000
R&D expenses
6,564
8,000
Operating income
647
800 600 400
4,000
3,000 0
2009
2010
2011
2012
2013
0
Net income (loss) Ratio of net income to sales (%)
200
2,000
2009
2010
2011
2012
2013
Ordinary income Ratio of ordinary profit to sales (%)
6,000 6,000
Ratio of operating profit to sales (%)
0
2009
2010
2011
2012
2013
Net assets
Equity ratio
( ¥ million )
120,000
96,976
100,000
50,969
60,000 50,000
(¥)
900.89
(¥)
60 800
400
2011
2012
2013
11.00
12.00
2010
2011
2012
2013
2009
2010
2011
2012
2013
1.00 0.75
5.7
6.0 4.0
0.50
2.0
0.25
0
2009
2010
2011
2012
2013
(2.0)
2009
2010
2011
2012
2013
ROE/Return on equity (%)
8.0
0.89
5,281
4,147
5,372
57,119
4.6
6.2
5.2
6.4
6.4
2,335
(355)
2,498
2,969
3,297
2,807
29,846
2.6
(0.4)
3.2
3.5
4.1
3.4
3.4
8,930
7,117
6,564
69,793
684
735
603
647
6,879
Millions of yen
2008
Thousands of U.S. dollars
2009
2010
2011
2012
¥100,466
¥85,468
¥93,004
¥81,934
¥90,540
2013 ¥96,976
1,031,111
2013
43,138
35,238
38,797
39,126
42,396
50,969
541,935
40.3
38.2
38.9
44.6
44.1
49.6
49.6
Millions of yen
Thousands of U.S. dollars
2013
2013
2008
2009
2010
2011
2012
Cash flows from operating activities
¥10,472
¥7,520
¥17,850
¥12,695
¥7,041
Cash flows from investing activities
(12,853)
(17,002)
(5,028)
(5,121)
(6,997)
(7,405)
78,735
Cash flows from financing activities
4,186
6,108
(4,562)
(9,624)
3,050
(3,195)
33,971
Cash and cash equivalents at end of year
6,170
2,426
10,693
8,379
11,424
11,501
122,286
Per share data 2008
2009
2010
2011
2012
¥9,934
105,625
yen
dollars
2013
2013
¥757.28
¥611.55
¥677.64
¥684.01
¥748.15
¥900.89
9.58
Net income
43.66
(6.65)
46.74
55.54
61.68
52.57
0.56
Cash dividends
10.00
8.00
7.00
10.00
10.00
11.00
0.12
Major operating ratio
0
ROA/Return on assets (%)
1.25
3,595
(0.6)
10,007
Net assets
2.00
(10)
Total assets turnover ratio (%)
(490)
4.4
757
10.00
10
2009
3,976
4.00
0
09
2010
6.00
20
200
0
2009
8.00
40 30
0
0
50
600
5.2
Cash flows
(¥)
52.57
46,146
5.2
9,211
Total assets
Cash dividends per share
70
4,340
4.6
926
10
1,000
3,699
6.1
7,959
50
EPS
5,151
3.9
83,147
10,000
BPS
3,073
(0.5)
122,488
20,000
2013
(437)
4.1
7,820
20
2012
3,640
11,520
20,000
2011
889,952
6,855
40,000
2010
¥83,700
12,042
Equity ratio (%)
2009
¥79,579
5,065
Net assets
0
¥84,631
13,862
30
2013
¥78,202
4,329
30,000
2012
¥80,468
13,933
60,000
2011
¥89,862
8,815
40
2010
2012
14,194
40,000
2009
2011
14,343
80,000
0
2010
12,130
49.6
60
2013
2009
At year end
(%)
2013
2008
Capital expenditures R&D expenses
Total assets
Thousands of U.S. dollars
EBITDA Depreciation expenses
( ¥ million )
Millions of yen
2009
2010
2011
2012
2013
2008 Total assets turnover ratio (%)
6.4
2010
2011 0.97
0.92
0.89
ROA/Return on assets (%)
4.0
(0.5)
4.0
6.0
4.8
5.7
ROE/Return on equity (%)
5.6
(1.0)
7.3
8.2
8.6
6.4
ESG data 2008 CO2 emissions (kt)
2009
2010
2011
23
24
24
26
Waste generation (t)
909
744
389
376
361
339
VOC emissions (t)
346
277
320
250
165
175
7
8
10
9
0.29
0
0
0.26
1,624
1,600
1,604
Number of people taking childcare leave
7
9
0
Frequency rate of employees leaving due to industrial accident
0.25
0.22
1,643
1,661
1,636
Number of employees 2011
2012
2013
2013
25
2.0
2010
2012
30
4.0
2009
2013
0.88
6.0
(2.0)
2012
0.87
10.0 8.0
2009
0.91
Notes: (1) Calculation formulas for each indices EBITDA = Net income before income tax, etc. + Interest expenses + Depreciation expenses ROA = Ordinary income / (Total assets at the end of previous fiscal year + Total assets at the end of current fiscal year) / 2 ROE = Net income of current fiscal year / (Equity at the end of previous fiscal year + Equity at the end of current fiscal year) / 2 (2) U.S. dollar amounts presented above is calculated at the exchange rate as of March 31, 2013 with Japanese yen amounts to U.S. dollars amounts at ¥94.05 to US $1.00. (3) The emission rate figures of CO2, waste products, and VOC only represent those of domestic locations (excluding affiliates).
Pacific Industrial Co.,Ltd. PACIFIC REPORT 2013
10
Department of General Affairs 100 Kyutoku-Cho, Ogaki City, Gifu Prefecture, 503- 8603 Japan Phone: +81-584-93-0113 Fax: +81-584-92-1804 E-mail:
[email protected] www.pacific-ind.co.jp
Company Profile
State of Shares
Pacific Industrial Co., Ltd. 100 Kyutoku-Cho, Ogaki City, Gifu Prefecture, 503- 8603 Japan TEL 0584−91−1111 (main switchboard) Established: August 8, 1930 Capital stock: 4,320 million yen Number of employees: 1,604 (consolidated: 3,128) Businesses: Manufacturing and sales of automotive parts, electric appliance components,electronic devices and other products Operations in Japan: Seven plants in Japan Name: Head Office location:
Taiheiyo Sangyo Co., Ltd. Pacific Development Co., Ltd. Taiyo Kosan Co., Ltd. PEC Holdings Corporation Pacific Industries USA Inc. Pacific Manufacturing Ohio Inc. Taiwan
Pacific Valve (Taiwan) Co., Ltd.
South Korea
Pacific Valve Industrial Co., Ltd. Pacific Industries (Thailand) Co., Ltd.
China
Pacific Industries China Corporation
Number of shareholders
4,100
Number of shares held Shareholding ratio (thousands of shares) (%)
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
2,679
4.97
Ogaki Kyoritsu Bank, Ltd.
2,671
4.96
The Juroku Bank, Ltd.
2,619
4.86
Nippon Life Insurance Company
2,457
4.56
The Dai-ichi Mutual Life Insurance Company
2,349
4.36
Japan Trustee Services Bank, Ltd. (trust account)
2,184
4.05
PEC Holdings Corporation
1,987
3.69
Giken K. K.
1,891
3.51
Employee stock ownership of Pacific Industrial Co.,Ltd.
1,846
3.43
Employee stock ownership of Pacific Industrial Co., Ltd.
1,794
3.33
Securities companies
Treasury stock
1.4%
Tianjin Pacific Auto Parts Co., Ltd.
0.6%
Individuals and others
Changsha Pacific Hanya Auto Parts Co., Ltd. Belgium
54,646,347
(Note) The shareholding ratio excludes treasury stock.
Pacific Air Controls Co., Ltd. Thailand
Number of shares already issued
Shareholder name
PI System Co., Ltd.
U.S.A.
90,000,000
Principal Shareholders (top 10)
Group Companies JAPAN
Number of shares the Company is authorized to issue
Financial institutions
34.2%
41.3%
Pacific Industries Europe NV/SA Foreign corporations
Other Japanese corporations
8.6%
13.9%
Stock Price Nikkei 225
Pacific ind.
1,000
13,774
750
15,000
727 10,000
500 250
5,000
0
0
5,281,900
Trading Volume
6,000,000 4,000,000 2,000,000 0
20,000
’11/06 07
08
09
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11
12 ’12/01 02
03
04
05
06
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