annual select 2019 nagano keiki co., ltd....for the fiscal year ended march 31, 2019 annual select®...
TRANSCRIPT
For the Fiscal Year Ended March 31, 2019
Annual Select® 2019
NAGANO KEIKI CO., LTD.
1-30-4 Higashimagome, Ohta-ku, Tokyo, Japan
(Securities Code: 7715)
+81-3-3776-5311
Corporate Profile
Our goal as a company is to deliver safety, security and trust The history of NAGANO KEIKI CO., LTD. (“Nagano Keiki”) is also the history of pressure measurement technology. Since starting operations in 1896, and being incorporated in 1948, Nagano Keiki has defined itself as a “technology-oriented company,” and has consistently developed its business in the field of pressure measurement technology. As the leading company in pressure gauges and pressure sensors, our mission is to create a better future for society by delivering “Safety, Security and Trust” through our pressure measurement technology and products.
The Nagano Keiki Group is also aiming to evolve into a globally competitive and stronger corporate group. In 2006 we acquired Ashcroft Holdings, Inc., a U.S. major manufacturer of pressure measurement instruments, expanding our sales and production network to Europe and Asia. We are actively developing our overseas strategy and making steady progress as a global company.
To fulfill your expectations, all of us at the Nagano Keiki Group will keep on working to rise to the challenge of building a better future of our world.
Corporate Philosophy
World-class expertise rising to the challenge President and Representative Director
Masatsugu Sato
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I. Summary of Selected Financial Data (Consolidated)
93rd fiscal year 94th fiscal year 95th fiscal year 96th fiscal year 97th fiscal year
From April 1, 2014 to March 31, 2015
From April 1, 2015 to March 31, 2016
From April 1, 2016 to March 31, 2017
From April 1, 2017 to March 31, 2018
From April 1, 2018 to March 31, 2019
Net sales (Thousands of yen)
45,867,007 44,949,093 44,199,287 50,448,356 52,059,635
Ordinary profit (Thousands of yen)
1,641,784 2,077,240 1,921,544 3,599,510 2,859,943
Profit attributable to owners of parent
(Thousands of yen) 1,219,953 1,319,101 1,331,891 2,818,502 1,902,327
Comprehensive income (loss) (Thousands of yen)
2,228,743 (287,218) 2,078,711 3,865,086 1,002,524
Net assets (Thousands of yen)
17,190,982 18,262,230 19,936,281 23,565,348 24,028,696
Total assets (Thousands of yen)
43,241,565 42,327,523 44,809,143 47,414,950 46,241,403
Net assets per share (Yen)
991.73 926.17 1,005.98 1,182.42 1,203.50
Basic earnings per share (Yen)
62.88 74.80 68.70 145.38 98.12
Diluted earnings per share (Yen)
– – – – –
Equity ratio (%)
39.2 42.4 43.5 48.3 50.5
Return on equity (ROE) (%)
7.2 7.6 7.1 13.3 8.2
Price earnings ratio (PER) (Times)
11.7 8.6 10.4 8.3 8.2
Net cash provided by (used in) operating activities
(Thousands of yen) 1,587,027 2,599,678 2,717,295 2,574,921 2,873,528
Net cash provided by (used in) investing activities
(Thousands of yen) (1,103,514) (1,031,148) (960,934) (1,147,802) (1,893,490)
Net cash provided by (used in) financing activities
(Thousands of yen) 17,646 (411,585) (1,702,805) (1,659,391) (1,072,594)
Cash and cash equivalents at end of period
(Thousands of yen) 3,885,028 4,927,454 4,910,730 4,711,458 4,560,596
Number of employees [Separately, average number of temporary employees]
(Persons)
2,180 [196]
2,059 [223]
1,997 [209]
2,066 [231]
2,139 [229]
Notes: 1. Net sales do not include consumption taxes (meaning consumption tax and local consumption tax. The same shall apply hereinafter).
2. Diluted earnings per share is not presented because no potential shares exist. 3. The “Partial Amendments to Accounting Standard for Tax Effect Accounting” (ASBJ Statement No. 28, February 16, 2018) and
relevant Guidances have been applied from the beginning of the fiscal year ended March 31, 2019. Accordingly, the figures for the key management indicators, etc. for the previous fiscal year have been adjusted retroactively.
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II. Current Fiscal Year Results and Outlook for Next Fiscal Year
Business Environment for the Nagano Keiki Group
With regard to the global economy in the fiscal year ended March 31, 2019 (the “current fiscal year”), in the U.S., business confidence remained high due to strong domestic demand and industrial production trended upwards. On the other hand, in Europe, although the economy continued to expand, the rate of growth has declined and the pace of export recovery has slowed. Although consumption was steady in China, the economy is on a decelerating trend as a consequence of the slowdown in exports, and the uncertainty resulting from trade friction between the U.S. and China continues to cause concern.
As for the Japanese economy, production activity trended upwards, buoyed by increases in exports, labor-saving investment and other factors. The gentle recovery in consumption continued, backed by solid employment and income conditions, but began to lose strength in the second half of the current fiscal year.
Conditions at the Nagano Keiki Group
The Nagano Keiki Group saw rising demand for products for the industrial machinery and construction machinery industries, as well as for the industrial machinery and process industries in the U.S. On the other hand, there was a decline in die-cast products whose biggest customer is in the automotive industry. As a result, net sales was ¥52,059 million (up 3.2% year on year). With regard to profits and losses, although net sales increased, operating profit was ¥2,932 million (down 13.8% year on year) mainly due to the impact of the rise in cost of sales. Ordinary profit was ¥2,859 million (down 20.5% year on year) due to factors including a decrease in share of profit of entities accounted for using equity method.
Due to factors such as an increase in tax expenses and a recording of profit attributable to non-controlling interests, profit attributable to owners of parent was ¥1,902 million (down 32.5% year on year).
The financial results of NAKAMURA-KANAGATA CO., LTD., which became a Nagano Keiki’s subsidiary on January 31, are reflected only in the consolidated balance sheet.
Net sales (Unit: Millions of yen)
Operating profit (Unit: Millions of yen)
Profit attributable to owners of parent
(Unit: Millions of yen)
44,949 44,199
50,448 52,059
0
10,000
20,000
30,000
40,000
50,000
60,000
94th fiscal year(FY2015)
95th fiscal year(FY2016)
96th fiscal year(FY2017)
97th fiscal year(FY2018)
1,933 1,850
3,401
2,932
0
1,000
2,000
3,000
4,000
94th fiscal year(FY2015)
95th fiscal year(FY2016)
96th fiscal year(FY2017)
97th fiscal year(FY2018)
1,319 1,331
2,818
1,902
0
1,000
2,000
3,000
94th fiscal year(FY2015)
95th fiscal year(FY2016)
96th fiscal year(FY2017)
97th fiscal year(FY2018)
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Earnings Outlook for the Next Fiscal Year
In the pressure gauge business, in the domestic market we expect products for the pneumatic equipment for FA and semiconductor industries to fall slightly after a strong performance in the current fiscal year. However, demand from the industrial machinery and process industries is anticipated to rise, and we also forecast higher sales in the industrial machinery and process industries at our U.S. subsidiary.
In the pressure sensor business, we project higher sales of the products for the construction machinery industry and automotive pressure sensors, in addition to the sales increase by volume production of automotive pressure sensors at our joint venture in Europe.
In the measurement and control equipment business, we project increases in sales for air leakage testers used in the automotive and electronic components-related industries. At the same time, we expect sales decrease of pneumatic equipment for FA, medical equipment, and automation equipment, which were strong in the current fiscal year.
In the die-cast business, we forecast lower sales of die-cast products for the automotive industry, but we expect an increase as a result of the contribution to sales of NAKAMURA-KANAGATA CO., LTD., which became our subsidiary in January 2019.
In other businesses, we forecast steady sales of automotive electrical components to continue.
Amid these conditions, for the Nagano Keiki Group to continue its sustainable growth and to increase its corporate value, we aim to achieve plans by profit increase and higher investment efficiency, and by enhancing our financial foundation.
In our consolidated earnings outlook for the next fiscal year, we anticipate net sales of ¥52,900 million, operating profit of ¥3,110 million, ordinary profit of ¥3,050 million, and profit attributable to owners of parent of ¥2,030 million.
The assumed foreign exchange rates in our earnings outlook are ¥110 to the U.S. dollar and ¥123 to the
euro.
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III. Principal Products
Pressure gauge-related products
In addition to general pressure gauges, there are various
pressure gauge-related products such as duplex pressure
gauges, low differential pressure gauges, and differential
pressure gauges. These gauges measure the pressure by
detecting deformation of pressure sensing element inside
such as Bourdon tube, magnifying and converting the
deformation to rotational motion of pointer using gear
system. The pressure value is displayed by the pointer on
the dial. These gauges have a broad range of applications,
for its simple structure and needlessness of electricity.
Pressure sensors / Pressure control devices
Pressure sensors include pressure transmitters and digital
pressure gauges. Pressure-sensing element is deformed by
receiving pressure. Then, electronic resistance or
capacitance of the sensing element changes accordingly.
This change can be pulled out as voltage or current signal
and transmitted via cable to a remote location. As pressure
can be controlled by processing these transmitted signals
on a computer, these sensors are expected to have a wide
range of applications, including the use in advanced
machineries and equipment to which pressure is applied.
Global Network of the NAGANO KEIKI Group
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IV. Consolidated Financial Statements
(1) Consolidated Balance Sheets
(Thousands of yen)
As of March 31, 2018 As of March 31, 2019
Assets Current assets
Cash and deposits 5,691,771 5,610,668 Notes and accounts receivable - trade 10,399,403 9,104,670 Electronically recorded monetary claims - operating 1,388,337 1,692,153
Merchandise and finished goods 4,630,502 5,346,045 Work in process 2,720,777 2,540,477 Raw materials and supplies 1,672,258 1,870,410 Other 947,294 804,453 Allowance for doubtful accounts (200,513) (185,820) Total current assets 27,249,831 26,783,058
Non-current assets Property, plant and equipment
Buildings and structures 10,815,551 10,946,179 Accumulated depreciation (8,519,530) (8,663,357) Buildings and structures, net 2,296,021 2,282,822
Machinery, equipment and vehicles 18,741,174 19,598,604 Accumulated depreciation (16,482,266) (16,995,507) Machinery, equipment and vehicles, net 2,258,907 2,603,096
Land 4,492,830 4,366,134 Leased assets 843,377 938,964
Accumulated depreciation (359,060) (478,880) Leased assets, net 484,317 460,084
Construction in progress 624,340 618,982 Other 4,127,714 4,241,680
Accumulated depreciation (3,925,039) (3,952,677) Other, net 202,674 289,002
Total property, plant and equipment 10,359,092 10,620,123 Intangible assets
Goodwill 70,917 148,123 Leased assets 141,967 105,499 Other 576,627 532,547 Total intangible assets 789,512 786,169
Investments and other assets Investment securities 7,457,560 6,494,127 Long-term loans receivable 58,120 13,410 Net defined benefit asset 58,449 49,414 Deferred tax assets 503,034 458,859 Other 1,014,399 1,104,511 Allowance for doubtful accounts (75,049) (68,271) Total investments and other assets 9,016,514 8,052,051
Total non-current assets 20,165,119 19,458,344 Total assets 47,414,950 46,241,403
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(Thousands of yen)
As of March 31, 2018 As of March 31, 2019
Liabilities Current liabilities
Notes and accounts payable - trade 5,130,980 4,121,711 Short-term loans payable 5,351,107 5,392,875 Current portion of long-term loans payable 1,359,537 3,190,933 Lease obligations 163,815 181,018 Income taxes payable 554,012 544,100 Provision for bonuses 1,155,497 1,025,113 Other 1,891,795 2,041,748 Total current liabilities 15,606,745 16,497,502
Non-current liabilities Long-term loans payable 4,280,316 1,965,118 Lease obligations 461,543 430,859 Deferred tax liabilities 823,330 664,291 Provision for directors’ retirement benefits 219,150 183,865 Net defined benefit liability 2,328,158 2,322,424 Asset retirement obligations 32,949 32,949 Other 97,406 115,695 Total non-current liabilities 8,242,856 5,715,204
Total liabilities 23,849,602 22,212,706 Net assets
Shareholders’ equity Capital stock 4,380,126 4,380,126 Capital surplus 4,448,737 4,448,737 Retained earnings 11,839,340 13,218,206 Treasury shares (27,081) (27,338) Total shareholders’ equity 20,641,123 22,019,731
Accumulated other comprehensive income Valuation difference on available-for-sale securities 3,165,038 2,628,677
Foreign currency translation adjustment (421,763) (796,404) Remeasurements of defined benefit plans (460,271) (519,582) Total accumulated other comprehensive income 2,283,002 1,312,690
Non-controlling interests 641,222 696,274 Total net assets 23,565,348 24,028,696
Total liabilities and net assets 47,414,950 46,241,403
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(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Consolidated Statements of Income (Thousands of yen)
Fiscal year ended March 31, 2018
Fiscal year ended March 31, 2019
Net sales 50,448,356 52,059,635 Cost of sales 35,713,703 37,608,833 Gross profit 14,734,653 14,450,801 Selling, general and administrative expenses
Packing expenses and haulage expenses 644,150 640,810 Salaries and allowance 4,118,804 4,100,929 Welfare expenses 963,116 1,034,847 Provision for bonuses 257,051 271,046 Retirement benefit expenses 121,369 125,072 Provision for directors’ retirement benefits 32,489 33,466 Provision of allowance for doubtful accounts 20,727 13,785 Depreciation 279,913 345,143 Research and development expenses 1,484,613 1,429,553 Other 3,411,374 3,523,908 Total selling, general and administrative expenses 11,333,609 11,518,564
Operating profit 3,401,043 2,932,237 Non-operating income
Interest income 45,839 30,829 Dividend income 104,152 111,585 Rental income 31,897 18,839 Share of profit of entities accounted for using equity method 217,358 127,393
Other 142,797 130,087 Total non-operating income 542,045 418,736
Non-operating expenses Interest expenses 218,954 225,213 Loss on sales of notes receivable - trade 56,771 55,097 Commission fee 11,490 10,363 Foreign exchange losses 391 114,912 Other 55,971 85,442 Total non-operating expenses 343,579 491,030
Ordinary profit 3,599,510 2,859,943 Extraordinary income
Gain on sales of non-current assets 309 37,063 Gain on sales of investment securities 83,659 1,222 Gain on sales of investments in capital of subsidiaries and associates 47,219 –
Total extraordinary income 131,188 38,286
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(Thousands of yen)
Fiscal year ended March 31, 2018
Fiscal year ended March 31, 2019
Extraordinary losses Loss on sales of non-current assets 15,737 73 Loss on retirement of non-current assets 43,527 29,683 Impairment loss 116,885 108,964 Loss on valuation of investments in capital of subsidiaries and associates 20,771 –
Total extraordinary losses 196,921 138,722 Profit before income taxes 3,533,777 2,759,507 Income taxes - current 405,373 691,133 Income taxes - deferred 98,439 93,011 Total income taxes 503,812 784,145 Profit 3,029,965 1,975,362 Profit attributable to non-controlling interests 211,462 73,035 Profit attributable to owners of parent 2,818,502 1,902,327
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Consolidated Statements of Comprehensive Income
(Thousands of yen)
Fiscal year ended March 31, 2018
Fiscal year ended March 31, 2019
Profit 3,029,965 1,975,362 Other comprehensive income
Valuation difference on available-for-sale securities 898,316 (536,765) Foreign currency translation adjustment (125,671) (332,895) Remeasurements of defined benefit plans, net of tax 33,903 (59,310) Share of other comprehensive income of entities accounted for using equity method 28,571 (43,865)
Total other comprehensive income 835,120 (972,837) Comprehensive income 3,865,086 1,002,524 Comprehensive income attributable to
Comprehensive income attributable to owners of parent 3,646,699 932,431
Comprehensive income attributable to non-controlling interests 218,386 70,093
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(3) Consolidated Statements of Changes in Equity
Fiscal year ended March 31, 2018
(Thousands of yen)
Shareholders’ equity
Capital stock Capital surplus Retained earnings Treasury shares Total shareholders’ equity
Balance at beginning of current period 4,380,126 4,448,737 9,245,995 (26,962) 18,047,896
Changes of items during period
Dividends of surplus (387,750) (387,750)
Profit attributable to owners of parent 2,818,502 2,818,502
Change of scope of consolidation 162,592 162,592
Purchase of treasury shares (118) (118)
Net changes of items other than shareholders’ equity
Total changes of items during period – – 2,593,344 (118) 2,593,226
Balance at end of current period 4,380,126 4,448,737 11,839,340 (27,081) 20,641,123
Accumulated other comprehensive income
Non-controlling interests Total net assets
Valuation difference on
available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined
benefit plans
Total accumulated
other comprehensive
income Balance at beginning of current period 2,268,298 (318,552) (494,175) 1,455,569 432,815 19,936,281
Changes of items during period
Dividends of surplus (387,750)
Profit attributable to owners of parent 2,818,502
Change of scope of consolidation 162,592
Purchase of treasury shares (118)
Net changes of items other than shareholders’ equity
896,740 (103,210) 33,903 827,432 208,407 1,035,840
Total changes of items during period 896,740 (103,210) 33,903 827,432 208,407 3,629,066
Balance at end of current period 3,165,038 (421,763) (460,271) 2,283,002 641,222 23,565,348
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Fiscal year ended March 31, 2019
(Thousands of yen)
Shareholders’ equity
Capital stock Capital surplus Retained earnings Treasury shares Total shareholders’ equity
Balance at beginning of current period 4,380,126 4,448,737 11,839,340 (27,081) 20,641,123
Changes of items during period
Dividends of surplus (523,460) (523,460)
Profit attributable to owners of parent 1,902,327 1,902,327
Purchase of treasury shares (257) (257)
Net changes of items other than shareholders’ equity
Total changes of items during period – – 1,378,866 (257) 1,378,608
Balance at end of current period 4,380,126 4,448,737 13,218,206 (27,338) 22,019,731
Accumulated other comprehensive income
Non-controlling interests Total net assets
Valuation difference on
available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined
benefit plans
Total accumulated
other comprehensive
income Balance at beginning of current period 3,165,038 (421,763) (460,271) 2,283,002 641,222 23,565,348
Changes of items during period
Dividends of surplus (523,460)
Profit attributable to owners of parent 1,902,327
Purchase of treasury shares (257)
Net changes of items other than shareholders’ equity
(536,360) (374,640) (59,310) (970,312) 55,052 (915,260)
Total changes of items during period (536,360) (374,640) (59,310) (970,312) 55,052 463,348
Balance at end of current period 2,628,677 (796,404) (519,582) 1,312,690 696,274 24,028,696
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(4) Consolidated Statements of Cash Flows
(Thousands of yen)
Fiscal year ended March 31, 2018
Fiscal year ended March 31, 2019
Cash flows from operating activities Profit before income taxes 3,533,777 2,759,507 Depreciation 1,252,847 1,213,913 Impairment loss 116,885 108,964 Increase (decrease) in allowance for doubtful accounts 5,584 (23,253)
Increase (decrease) in provision for bonuses 362,016 (124,867) Increase (decrease) in net defined benefit liability (4,722) (43,071) Interest and dividend income (149,992) (142,415) Interest expenses 218,954 225,213 Loss on sales of notes receivable - trade 56,771 55,097 Share of loss (profit) of entities accounted for using equity method (217,358) (127,393)
Loss (gain) on sales of investment securities (83,659) (1,222) Loss (gain) on sales of investments in capital of subsidiaries and associates (47,219) –
Loss on valuation of investments in capital of subsidiaries and associates 20,771 –
Decrease (increase) in notes and accounts receivable - trade (1,190,221) 1,085,748
Decrease (increase) in inventories (1,120,179) (788,171) Increase (decrease) in notes and accounts payable - trade 719,258 (846,380)
Increase (decrease) in accrued consumption taxes (81,197) (64,440) Other, net 46,330 98,212 Subtotal 3,438,646 3,385,441 Interest and dividend income received 206,626 390,632 Interest expenses paid (217,796) (224,677) Payments for sales of notes receivable - trade (56,666) (57,168) Income taxes paid (795,889) (620,699) Net cash provided by (used in) operating activities 2,574,921 2,873,528
Cash flows from investing activities Payments into time deposits (673,548) (617,776) Proceeds from withdrawal of time deposits 546,502 548,017 Purchase of property, plant and equipment (1,545,149) (1,381,280) Proceeds from sales of property, plant and equipment 31,880 60,035 Purchase of investment securities (10,496) (8,349) Proceeds from sales of investment securities 177,095 3,849 Proceeds from sales of investments in capital of subsidiaries and associates 68,356 –
Purchase of shares of subsidiaries resulting in change in scope of consolidation (203,096) (389,339)
Collection of long-term loans receivable 511,183 44,710 Other, net (50,528) (153,356) Net cash provided by (used in) investing activities (1,147,802) (1,893,490)
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(Thousands of yen)
Fiscal year ended March 31, 2018
Fiscal year ended March 31, 2019
Cash flows from financing activities Net increase (decrease) in short-term loans payable (431,906) 56,048 Proceeds from long-term loans payable 876,073 1,507,000 Repayments of long-term loans payable (1,555,783) (1,962,866) Purchase of treasury shares (118) (257) Cash dividends paid (386,753) (524,064) Dividends paid to non-controlling interests (9,979) (15,041) Other, net (150,923) (133,411) Net cash provided by (used in) financing activities (1,659,391) (1,072,594)
Effect of exchange rate change on cash and cash equivalents 33,000 (58,306)
Net increase (decrease) in cash and cash equivalents (199,271) (150,861) Cash and cash equivalents at beginning of period 4,910,730 4,711,458 Cash and cash equivalents at end of period 4,711,458 4,560,596
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V. Company History
December 1948 Established as Nagano Keiki Seisakusho Co., Ltd. when predecessor Tokyo Keiki Seisakusho Co., Ltd. was liquidated and split into the Company and Tokyo Keiki Seizosho Co., Ltd. (now TOKYO KEIKI INC.). Nagano Keiki Seisakusho Co., Ltd. established its headquarters and factory in Komoro Town in Kitasaku County in Nagano Prefecture (present day Komoro City, Nagano Prefecture) and began operation with capital of ¥5 million
December 1966 Completed third stage construction of the Ueda Measurement Instrument Plant in Nagano Prefecture’s Ueda City and moved company headquarters
June 1976 Company headquarters moved to Higashimagome, Ohta-ku, Tokyo
November 1988 Signed pressure sensor technology and marketing agreement with Dresser Industries Inc. of the United States
March 1989 Completed first stage construction of the Maruko Electronic Instrument Plant and began full-fledged production of pressure sensors in Maruko Town in Chiisagata County in Nagano Prefecture (present day Mitakedo, Ueda City, Nagano Prefecture)
Established KOREA NAGANO CO., LTD., as a joint venture for the production and sale of pressure gauges and thermometers
March 1991 Established DRESSER-NAGANO, LTD., as a joint venture with United States’ Dresser Inc. and began production of silicon capacitance sensors
February 1995 Ueda Measurement Instrument Plant and Maruko Electronic Instrument Plant obtained ISO 9001 certification from the Japan Quality Assurance Organization
September 1996 Ueda Measurement Instrument Plant was named Designated Manufacturing Business Operator for aneroid pressure gauges
October 1996 Signed technology transfer and licensing agreement with United States’ Delco Electronics Corporation (now Delphi Automotive Systems) for high-pressure sensing technology
July 1997 Changed company name to NAGANO KEIKI CO., LTD.
September 1998 Signed technology transfer and licensing agreement with Germany’s Robert Bosch GmbH for high-pressure sensing technology
December 1998 Stock registered on over-the-counter market of the Japan Securities Dealers Association
November 2000 Ueda Measurement Instrument Plant and Maruko Electronic Instrument Plant obtained ISO 14001 certification from the Japan Gas Appliances Inspection Association
April 2003 Acquired all shares of FUKUDA CO., LTD., and began full-scale production of flow control devices (mainly air leakage testers)
December 2004 Canceled OTC registration with Japan Securities Dealers Association and listed stock on JASDAQ Securities Exchange
February 2005 Listed on Second Section of Tokyo Stock Exchange
May 2005 Established Nagano Keiki Solutions Support Center (NSSC) in Sachsen, Germany
May 2006 Acquired all shares of Ashcroft Holdings, Inc., and promoted developing global business in pressure gauges and pressure sensors
Changed name of Ashcroft Holdings, Inc. to AN Holdings, Inc., effective May 30
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April 2007 Upgraded to First Section of Tokyo Stock Exchange
Changed name of AN Holdings, Inc. to Ashcroft-Nagano Keiki Holdings, Inc., effective April 25
February 2008 Took equity stake in S3C, Inc., to promote development of pressure sensors
April 2008 Acquired all shares of New-Era Co., Ltd., to promote early commercialization of measurement and control equipment and development of new markets
June 2009 Established New-Era International Co., Ltd., as Thai subsidiary of New-Era Co., Ltd.
November 2013 Signed agreement with Germany’s Elmos Semiconductor AG and Silicon Microstructures, Inc. of the United States on business alliance for joint development and provision of ASIC and MEMS type pressure sensor elements
July 2014 Established joint venture, JADE Sensortechnik GmbH, with Germany’s Intelligente Sensorsysteme Dresden GmbH
April 2017 Established The Silicon Valley Office in California, the United States
July 2017 Made FUTABA SOKKI CO., LTD. a subsidiary
March 2018 Liquidated S3C, Inc.
January 2019 Made NAKAMURA-KANAGATA LTD. a subsidiary
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VI. Company Information
Company Information (as of March 31, 2019)
Trade name: NAGANO KEIKI CO., LTD. Established: December 1948 Listed: December 2004 Business year: From April 1 to March 31 Paid-in capital: 4,380 million yen Number of employees: 2,368 (including temporary employees; on a consolidated basis) Head office: 1-30-4 Higashimagome, Ohta-ku, Tokyo, Japan Telephone: +81-3-3776-5311 Consolidated subsidiaries: New-Era Co., Ltd.
FUKUDA CO., LTD. Nagano Hanyo Keiki Mfg. Co., Ltd. Nagano Co., Ltd. NAGANO KEISO CO., LTD. Yoshitomi-Mahshin, Co., Ltd. FUTABA SOKKI CO., LTD. NAKAMURA-KANAGATA CO., LTD. Epoch Nagano, Co., Ltd. Sun Cast Co., Ltd. Ashcroft-Nagano Keiki Holdings, Inc. Willy Instrumentos de Medicao e Controle Ltda. Ashcroft Instruments (Suzhou) Co., Ltd. JADE Sensortechnik GmbH Other nine (9) companies
Directors and Audit & Supervisory Board Members (as of June 28, 2019)
Chairman and Representative Director Shigeo Yoda President and Representative Director Masatsugu Sato Managing Director Sanji Hirai Managing Director Tetsuo Komatsu Director Toshie Yajima Director Kazuya Yamagishi Director Hiroshi Nagasaka Director Norio Kakuryu Director* Masanori Suzuki Director* Yoshiyuki Terashima Audit & Supervisory Board Member (Standing) Zenji Imai Audit & Supervisory Board Member (Standing) Mamoru Odanaka Audit & Supervisory Board Member** Hideaki Saito Audit & Supervisory Board Member** Hirotoshi Mizusawa
* Outside Director ** Outside Audit & Supervisory Board Member
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Stock Status (as of March 31, 2019)
Total number of authorized shares: 54,840,000 shares Total number of issued shares: 19,432,984 shares Number of shareholders: 3,564 Major shareholders (Top 10)
Shareholder name Number of shares held (Thousands)
Share-holding ratio (excluding treasury
shares) (%) AIR WATER INC. 1,402 7.23 Nagano Keiki Business Partners Shareholders’ Association 1,201 6.20 The Hachijuni Bank, Ltd. 842 4.34 The Master Trust Bank of Japan, Ltd. (Trust Account) 746 3.85 TAIYO NIPPON SANSO CORPORATION 700 3.61 Japan Trustee Services Bank, Ltd. (Trust Account) 645 3.33 Shigeru Miyashita 578 2.98 Naoki Toya 531 2.74 NIDEC SANKYO CORPORATION 521 2.69 Hachijuni Capital Co., Ltd. 505 2.61
Note: In addition to the above, there are 45,778 treasury shares.
* Annual Select is an English-language disclosure format developed by ZAIHON, INC. to increase the level of convenience of investors outside Japan based on Japanese-language statutory disclosure material, timely disclosure material prescribed by securities exchanges and voluntarily disclosed IR material. Annual Select is a registered trademark of ZAIHON, INC. Reproduction or copying without prior permission is prohibited.
* While every best effort has been made to provide a translation meeting the quality standards required of professionals, the Company does not guarantee it is 100% accurate. Therefore, please verify the original Japanese text for any final judgments made based on this information.