All Reports

2018

Q3 Financial results overview

3rd Quarter, Fiscal Year 2018
(July 1, 2018 through September 30, 2018)

Total sales in the third quarter of 2018 continued to be strong driven by solid demand in the automotive sector, up 10.9% when compared to the previous year, at 25,682 million yen.

Profitability also improved because of our strong sales and in addition, prices of raw materials (including copper) falling below expectations also contributed to our boosted profitability.

Third quarter operating profit rose 786 million yen from the previous quarter to 2,085 million yen, up 17.5% year on year. With everyone’s combined efforts at Sumida to overcome the challenges in the remaining fourth quarter, we are focused to ensure that our mid-term business plan stage III gets off to a good start in 2018, the first year of our four-year plan.

Currently, the 2018 edition of Sumida CSR Report is being prepared. In recent years, the concept that three factors in business decision suggested by ESG (Environment, Social and Governance) are vital for a company’s long-term growth, has been widely recognized on a global scale. We at Sumida also consider ESG as a very important basis for our sustainable growth.      

From the aspect of Environment, Sumida continues to fulfill its obligations as a global citizen to protect environment and promote the effective use of natural resources aiming to pass on a rich natural environment to the next generation. We have also been proactively engaged in nature conservation efforts following the requirements set by ISO14001 at our twenty business operations sites located in eight counties.

We target business development in areas which help to tackle the global issues the world faces today. For example, in today’s mobile society where car accidents have become a social problem, Sumida contributes to the reduction of fatal car accidents, as the number of cars equipped with ABS (Anti-Lock Braking System) in which Sumida’s products are used have been increasing. In the medical field, Sumida’s products are used in AED that are said to be able to save twice the number of human lives if they become widely used throughout the world.

In terms of Governance, Sumida shifted into a company with committees’ system in 2003, ahead of any listed company in Japan, aiming to clearly separate supervisory functions from execution to operations. Besides having a high proportion of independent outside directors, Sumida is one of the top listed companies in Japan that maintains a high percentage of non-Japanese directors, bringing local directors onboard from Europe and China where Sumida has solid business bases.

Q2 Financial results overview

2nd Quarter, Fiscal Year 2018
(April 1, 2018 through June 30, 2018)

Sumida group will start working on issuance of a CSR Report (or, Sustainability Report) that declares Sumida’s commitment and actions towards Corporate Social Responsibility to environment and other social issues. We, Sumida group, have always been pursuing business opportunities while addressing issues related to the environment, health and safety and social contribution. Just recently, we have concluded the acquisition of a company in the United States for the first time since 2006 when VOGT joined Sumida group in Germany. With the progress of Sumida’s globalization, we believe that this CSR Report will help all Sumida stakeholders understand our CSR activities as a global corporation.

In the second quarter of 2018, total sales continued to be strong driven by our automotive business, performance was up 9.5% to 23,840 million yen compared to the same period of last year with the newly acquired Pontiac Coil, Inc. included in consolidation for the first time in this quarter (from June). In terms of profit, operating income, which significantly improved, as factors negatively impacted profit in the first quarter have almost been eliminated, increased 822 million yen from the first quarter to 1,281million yen (down 28% year on year).

As you already know, we aim to achieve a major numerical target of 10 billion yen per year in operating income according to the Mid-Term Business Plan III (2018-2021). To achieve this target, we must tackle the most crucial challenges in each of our three businesses. For our flagship automotive business, we must steadily expand new energy related businesses such as electric vehicles etc. For the industry business, we must develop IoT related businesses. For the consumer electronics business, the markets in North America and China must be further expanded. On top of that, a high-quality M&A with maximum synergy effects must be implemented to achieve this difficult target. All employees at Sumida group companies are committed to working together to clear this high hurdle

 

Q1 Financial results overview

1st Quarter, Fiscal Year 2018
(January 1, 2018 through March 31, 2018)

The 63rd Annual General Meeting of Shareholders was held at Odaiba in Tokyo on March 25, where I explained among other things Mid-Term Business Plan Stage III (2018-2021) in details. The shareholders had expressed considerable interest in the plan according to the results of the preliminary questionnaire and they asked many questions at the meeting. One of the questions I had was whether the hurdles to achieving operating income target of 10 billion yen are too high to clear. I responded to that question by saying that we have a great chance of realizing 10 billion-yen operating income during Stage III if income generated from M&A is added to the operating income from existing automotive business, which is expected to continue growing thanks to a quite a few new projects in the pipeline that take at least three years in most cases before putting into production starting from development.

Taking this opportunity, I would like to extend my sincere thanks to the shareholders who gave us good questions in the questionnaire as well as at the meeting.

In the first quarter of 2018, total sales continued strong driven by automotive-related, up 5.1% from the same period of the previous year to 22,701 million yen, record high quarterly sales. On the other hand, profit grew stagnant due to waning productivity at the factories in China with a high worker turnover around the time of Chinese New Year as well as changes of the product groups in production. With M&A-related professional fees putting an additional pressure on profit, operating income ended up with 456 million yen.

As one of the major goals in Mid-Term Business Plan Stage III (2018-2021), we aim to achieve 10 billion-yen operating income with 8.5 billion yen expected to come from organic growth and 1.5 billion yen from M&A. In terms of M&A, we have acquired Pontiac Inc. (“Pontiac”) in the United States in April this year as a first step. Headquartered near Detroit, Michigan in the United States, Pontiac has developed a close relationship with the excellent customers in the auto industry. As not many of Pontiac’s customers are overlapped with Sumida’s, we expect Pontiac’s sales network to bring in new customers for Sumida. Significant synergy effects created from utilizing Pontiac’s two production sites in the U.S. can also be expected to contribute to expansion of Sumida’s local business. In addition to business expansion in the U.S., we are planning to embark on a new project to develop our business in India. First, we will establish a sales office in India this year and eye the possibility of building a technical support center as well as a factory there. As seen above, we will make every effort from the start to achieve Mid-Term Business Plan Stage III.

2017

AGM Annual General Meeting

63rd Annual General Meeting of Shareholders

Overview

Date:  Sunday, March 25, 2018
Venue: Orion, Hilton Tokyo Odaiba (1st Floor), 1-9-1 Daiba, Minato-ku, Tokyo
Start Time:  1:00 p.m.
End Time:  2:14 p.m.
Number of Attended Shareholders:  38

The items reported, the resolutions passed and the enquiries from the shareholders are as follows.


Reports

  • Business Report, consolidated financial statements and reports on the audit results of consolidated financial statements by the independent auditors and the audit committee for the 63rd term (January 1 to December 31, 2017)
  • Non-consolidated financial statements for the 63rd term (January 1 to December 31, 2017)

Resolutions

 

Resolution 1: Election of six (6) directors
Approved as proposed. Messrs. Shigeyuki Yawata, Johji Sato, Pak Hong Auyang, Yukihiro Moroe, Atsushi Kato and Michael Mühlbayer were re-elected.

Resolution 2: Issuance of performance-linked share acquisition rights
Approved as proposed.

 

Inquiries from the Shareholders

  • Work style reform and Corporate Governance
  • Target of the Mid-term Business Plan
  • Impact of copper price fluctuations
  • Reason for the decrease in the operating cash flow
  • Managing currency exposure
  • Impact of import tax reforms in the US
  • Non-coil products

Documents related

 

Links to related information

Financial Results
Fiscal Year 2017 (Financial Results)

Annual General Meeting of Shareholders
63rd Annual General Meeting of Shareholders
Notice of the 63rd Annual General Meeting of Shareholders

General Enquiries:
PR/IR Team
Tel: +81-3-6758-2473

Q4 Financial results overview

4th Quarter, Fiscal Year 2017
(October 1, 2017 through December 31, 2017)

Mid-term Business Plan Stage II (2015-2017) has come to an end and during this period sales significantly grew driven by strong sales in the automotive and industry-related markets.

To summarize our operational achievements: on the production front, low-cost plants such as our no. 2 factory in Vietnam and our Ji’an factory in China were newly established. At the same time, we also focused on expansion of our existing production sites in Europe and Mexico, as well as the automation of production lines for automotive-related products.

In terms of R&D activities, we were successful in significantly strengthening our technological capabilities by hiring many talented engineers both in Japan and overseas. However, the closing of our planned M&A dealings, originally targeted to be completed by the end of this business plan, have been carried over to our next stage of development.

With all these results combined, Mid-term Business Plan Stage II has been extremely successful as our operating income target of 5 billion yen was achieved a year ahead of schedule in FY2016, in addition to our strong growth in sales.

In the fourth quarter of FY2017, Sumida enjoyed a healthy sales increase in the markets of automotive, investment-linked factory automation and smartphones. Total sales for the quarter were up 20.2% year on year to 23,621million yen. As a result, full-year sales for FY2017 grew 11.2% from the previous year to 90,153 million yen, crossing the 90 billion-yen mark for the first time in Sumida history.

Operating income for the fourth quarter declined 12.9% year on year to 1,098 million yen due to an increase in copper prices. Operating income for the twelve-month period in FY2017 was almost the same level as the previous year, down 0.8% to 6,217 million yen.

In Mid-term Business Plan Stage III (2018-2021), the last leg of Sumida’s Master Plan (a 10 year long-term business plan, encompassing three stages of development) we aim at further developing our new energy vehicle-related business (abbreviated to NEV covering Electric Vehicles, Plug-in Hybrid Vehicles and Fuel Cell Vehicles) on top of our current core product groups in the Automotive segment.

For the Industry segment, we will seek out new business opportunities in the IoT-related area, as the market size is anticipated to explode from less than 500 billion yen in 2017 to 1,400 billion yen in 2020 and in the Consumer Electronics segment, we will continue to expand our markets in North America and China as well as in Japan.

Additionally, the realization of a high-quality M&A will be another target of high priority for us during this time. Our final goal will be to achieve more than 10 billion-yen operating income by the end of Stage III.

Summary of Consolidated Financial Results (IFRS)
Summary of Consolidated Financial Results

Q3 Financial results overview

3rd Quarter, Fiscal Year 2017
(July 1, 2017 through September 30, 2017)

The global automotive market has been undergoing an increasingly rapid paradigm shift from traditional combustion engine powered vehicles to new energy vehicles (NEVs) such as hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs) and electric vehicles (EVs).

48V Mild Hybrid Vehicles, an intermediate technology, developed by German automotive makers to fulfil vehicle emission standards which cannot be met by conventional vehicle technology but spares the expense of developing a full hybrid platform, are beginning to prevail throughout Europe. These mild hybrids are estimated to grow at 29% per annum in the global market through to 2023, whilst sales of EVs are expected to increase at 23% per annum over the same period.

Sumida’s current automotive-related business consists mainly of Anti-lock Braking System Coils (ABS coils) and Smart Entry Antennas, in addition to a few other engine-related products. However, as NEVs gain in popularity, so does the market for coils to be used in power control units, battery management systems and on-board chargers, which present many exciting opportunities for Sumida’s automotive-related business in the coming years. Mass production for some of these types of projects have already begun so our NEV-related business has kicked-off well.

Sumida’s operating performance for the 3rd quarter of 2017 continued strong driven by the automotive-related market. Total sales for the nine months ending September 30th, 2017 increased 8.4% year on year to 66,532 million yen. In terms of profit, operating income grew 2.2% year on year to 5,120 million yen thanks to improvement of production efficiency despite the increasing cost of raw materials. Net income through to the end of the third quarter in 2017 was 3,338 million yen, up 13.6% from the previous year.

Mid-term business plan Stage II will end at the end of 2017 and Stage III (2018-2021) business plan will soon be finalized. In Stage III, NEV-related products will be added to the existing main products for core automotive-related business. M&A opportunities, though not materialized in Stage II, will be continuously pursued in Stage III. Finally, we aim to achieve more than 10 billion-yen-operating income in the final year of Stage III, details of which will be disclosed at the earliest possible timing of next year.

Summary of Consolidated Financial Results (IFRS)

Summary of Consolidated Financial Results

Q2 Financial results overview

2nd Quarter, Fiscal Year 2017
(April 1, 2017 through June 30, 2017)

New car unit sales in Europe as well as in Japan continue strong. Economy in China, where Sumida’s major production sites are located, has made a significant recovery since the beginning of this year. One of the major reasons for this recovery is that the Chinese government has strongly promoted factory automation including a use of robots in production to push forward a qualitative shift in manufacturing methods. In 2015, China initiated a master plan called “Made in China 2025” aiming to turn the country into a high-tech superpower within the next few decades. Their efforts seem to have begun to pay off just recently.

In the first half of 2017 ending June 30, Sumida’s total consolidated sales grew 4.4% from the previous year to 43,368 million yen, thanks to steady automotive sales with a central focus on Europe as described above, coupled with a strong demand for FA-related products from Chinese makers. In terms of profit, operating income was up 5.9% from a year earlier to 3,346 million yen due mainly to a further improvement of production efficiency. Net income was 2,106 million yen, up 15.0% year on year.

With only six months remaining in 2017, the final year of Mid-Term Business Plan Stage II (2015-2017), our performance for the first half of this year was reasonably acceptable. For the rest of the year, we will focus on achieving the plan under not-too-bad business environments as well as getting ready for the start of Stage III (2018-2021) through completion of expansions at Ji’an factory in China and factories in Europe. Now that we are in the midst of era of significant changes ranging from politics and economics to the global climate, every employee of the Sumida group has to become acutely sensitive to what is happening in the world to survive this kind of turbulent times.

 Summary of Consolidated Financial Results (IFRS)

performance results

Q1 Financial results overview

1st Quarter, Fiscal Year 2017
(January 1, 2017 through March 31, 2017)

The 62nd Annual shareholders’ meeting of Sumida Corporation was held on March 26, 2017 at the Hilton Tokyo Odaiba with attendance by 119 shareholders. Many good questions were raised during this meeting so I wanted to take this opportunity to share a few of them with you.

Our planned capital investments for 2017, approximately 7.2 billion yen, is the largest ever in Sumida’s history, 58% more than 2016. I was asked to elaborate on how this money would be spent. 1 to 2 billion yen of the total will go towards an expansion of our factories in China and Vietnam, and 80% of the remaining amount will go towards installing new machinery to increase production of automotive-related as well as industry-related products.

I was also questioned about whether Sumida would be affected in any way by the policies of the new U.S. administration. My response was that although we manufacture automotive-related products in Mexico to be exported to the United States, we are not directly affected by the new U.S. policies because these products are sold to a Tier 1 manufacturer located within Mexico.

Thank you to all shareholders who attended our shareholders’ meeting and provided us with valuable talking points about our business.

Moving on, starting from the beginning of this fiscal year Sumida has adopted IFRS accounting standards. From January 1, 2017, all of our financial statements will be disclosed based on these rules.

In the first quarter of 2017, total sales were up 4.8% from the previous year to 21,599 million yen driven by continuously strong sales of automotive products. Our gross margin increased 10.3% to 3,698 million yen thanks to further enhancement of production efficiency. Operating income, income before taxes and net income were up 28.0%, 42.2% and 55.0% respectively year-on-year at 1,566 million yen, 1,398 million yen and 981 million yen. As seen from the above, 2017, the final year of Mid-Term Business Plan Stage II (2015-2017) has got off to a very good start.

As stated earlier, this year we are planning to make the largest-ever capital investment in the history of Sumida.  The investments will be used to expand our productions sites, to strengthen our R&D capabilities, to promote further automation of our automotive-related production lines.

In order to do this, we have increased our capital by way of issuing up to 3.5 million new shares in April this year. With the strengthening of our operations backed up by success in raising capital in this way, we aim to achieve growth outweighing the dilution of equity brought about by the newly-issued shares in order to prepare for our next Mid-Term Business Plan Stage III (2018-2021).

Summary of Consolidated Financial Results (IFRS)

2016

AGM Annual General Meeting

62nd Annual General Meeting of Shareholders

Overview
Date:  Sunday, March 26th, 2017
Venue: Orion, Hilton Tokyo Odaiba (1st Floor), 1-9-1 Daiba, Minato-ku, Tokyo
Start Time:  1pm
End Time:  2:05pm
Number of Attended Shareholders:  119

In the following, we inform you on the items reported, the resolutions passed and the enquiries from the shareholders.

 

Items reported:

1. Business Report, consolidated financial statements and a report on the audit results of consolidated financial statements by the accounting auditors and the audit committee for the 62nd term (January 1 to December 31, 2016)

2. Non-consolidated financial statements for the 62nd term (January 1 to December 31, 2016)

Resolution: 

Agenda item : Election of seven (7) directors
Mr. Shigeyuki Yawata, Mr. Johji Sato, Mr. Pak Hong Auyang, Soichiro Uchida and Mr. Yukihiro Moroe, Mr. Atsushi Kato and Mr. Michael Mühlbayer were elected as proposed.

Inquiries from Shareholders:

  • Breakdown of the 72 billion yen capital investment
  • Progress of the CCC (Cash Conversion Cycle)
  • Impact of the administration under US-President Trump
  • Automotive-related business: alliances with specific customers or make deals with any customers
  • Request to change the venue of the Annual General Meeting of Shareholders
  • Uniformity of the R&D structure spread out in Japan, Germany and China/Hong Kong
  • Transfer of funds from China
  • Reasons for the implementation of IFRS and its impact
  • Measures against increasing copper prices
  • Impact of fluctuating foreign currency exchange
  • Prospect of sales of automobiles in world
  • M&A related risks
  • Selection of candidates of outside directors

Links to related information:

Financial Results
Fiscal Year 2016 (Financial Results)

Annual General Meeting of Shareholders
Information regarding the 62nd Annual General Meeting of Shareholders

Q4 Financial results overview

4th Quarter, Fiscal Year 2016
(October 1, 2015 through December 31, 2016)

2016, the year marking Sumida’s 60th anniversary since formal establishment, has been the most successful year in Sumida’s history.

Global new car sales showed continued growth throughout 2016 driven by the U.S. and European markets. As a result, Sumida enjoyed strong sales in 2016 on a local currency basis. With the aggressive capital investments made to our production capabilities since 2014, productivity enhancements in our factories located in both China and Mexico contributed significantly to our strong sales performance in 2016. In addition, our R&D team was strengthened through a number of new hires around the globe in preparation for the future development of new products.

On a local currency basis, sales for the fourth quarter of 2016 (ended December 31) were 19,651 million yen, up 7.8% when compared to the same period of 2015. However, after consolidation, overall sales were down by 4.3%.

In terms of profit, operating income grew 118.3% from the previous year to 1,145 million yen due to a combination of improved sales performance and productivity. Ordinary income was 935 million yen, an increase 229.7% on a year on year (YoY) basis and net income was 727 million yen, an increase of 268.0% YoY.

On a local currency basis, sales for FY2016 was 81,052 million yen, up 3.5%, however, after consolidation, overall sales were down by 6.0% when compared to the previous year. Operating income, ordinary income and net income were all better than expected, up 34.4% to 5,696 million yen, 45.2% to 4,805 million yen and 51.9% to 3,087 million yen respectively on a YoY basis.

We are pleased to announce that due to the improvement of our profitability, it has been decided to pay a dividend of 34 yen per share, an increase of 8 yen when compared to the previous year, a substantial increase in dividend for a second consecutive year.

Finally, 2017 is the final year of our Mid-term Business Plan (Stage II) 2015 -2017. Although the profit target outlined in the plan has already been exceeded, there is still much work to be done. Besides continuing on our journey to better profitability, several strategic moves are planned for 2017 in preparation for the next stage of our Master Plan, Mid-term Business Plan 2018 - 2021. These include M&A to maximize the effects of building synergies around the globe, improvements to our financial strength and the development of existing and new markets in China and India.

All of us in the Sumida Group, from top management down to our newer colleagues, will put in our best efforts to ensure success in the final year of our Mid-term Business Plan 2015 – 2017.

Summary of Consolidated Financial Results

Q3 Financial results overview

3rd Quarter, Fiscal Year 2016
(July 1, 2016 through September 30, 2016)

Being an important business barometer to measure the world’s economic trends, global new car sales continue to be going strong, with Europe serving as the driving force of this. In addition, new car sales in China have increased more than 20% compared to the previous year. This is due to the government issued tax break which continues to give a reduction in sales tax from 10% to 5% through to the end of this year for small cars with an engine size of 1600-cc or less; this accounts for 70% of total new car sales in China.

Under these circumstances, we exceeded our sales over last year on a local currency basis. Our good performance was driven by strong market demand in the automotive-related area, as well as, for new generations of Smartphones in the area of consumer electronics.
Our overall profit increase was attributed to a weak renminbi (positively affecting our production costs) and low prices of raw materials in addition to the results of our continuous efforts towards cost-cutting/improving efficiency in production.

During the period of July to September 2016, the value of the Japanese yen increased 15.9%, 16.4% and 20.7% against the U.S. dollar, the euro and the renminbi respectively when compared to the same quarter last year. In spite of this rapid appreciation of the yen, our profit structure was not susceptible to the negative effects of these FOREX fluctuations, thanks to our efforts to hedge and carefully manage the currencies we use in our daily business transactions.
In the third quarter of 2016, consolidated sales were down 10.3% to 19,876 million yen due to yen’s rapid appreciation, but they exceeded our figures from the previous year on a local currency basis. In terms of profit, operating income was up 14.9% to 1,706 million yen, ordinary income increased 35.9% to a record high of 1,530 million yen and net income increased by 1.9% to 779 million yen.

For the period of nine months ending September 30th 2016, the second year of the current mid-term business plan 2015-2017, we achieved 69.8% of the annual sales budget for 2016. However, more notably, we achieved 94.8%, 92.3% and 94.4% of our annual budget for operating income, ordinary income and net income respectively. With the exception of our yen-based sales which were negatively affected by the currency’s appreciation during this time period, our total performance was significantly strong throughout the third quarter.

With no negative factors expected in the fourth quarter, we are determined to keep up this momentum of strong growth and achieve our final targets for the current mid-term business plan 2015 – 2017.

Summary of Consolidated Financial Results

Summary of Consolidated Financial Results

Q2 Financial results overview

2nd Quarter, Fiscal Year 2016
(April 1, 2016 through June 30, 2016)

New car sales in Europe have continued to increase for 34 consecutive months on a year-on-year basis thanks to strong sales in Southern Europe countries such as France, Italy and Spain. Sumida’s automotive business has significantly benefited from this trend of growth in Europe. Our profit performed well through good sales, but it was greatly enhanced by cost reduction being achieved through savings in wages due to freezing of wage increase in China and depreciation of renminbi. The low prices of copper and other raw materials related to low oil prices helped to keep the total manufacturing costs down, too. In the meantime, Britain’s vote to exit the EU surprised the world financial markets. We need to closely monitor the aftermath of the UK’s decision since the volatile Euro against the U.S. dollar/yen may affect our business environments in many ways for quite some time to come.

In the second quarter of 2016, automotive-related sales were strong with a focus on Europe. Due to yen’s sharp appreciation, total sales were down 4.7% from the previous year to 20,921 million yen, which, however, were higher than last year’s on a local currency basis. In terms of profit, operating income was up 45.8% from the previous year to 1,785 million yen with ordinary income up 54.9 % to 1,528 million yen and net income up 143.1% to 1,097 million yen, respectively. They were all record-high profits on quarterly basis, thanks to freezing of wage increase in China, depreciation of renminbi and other factors not forgetting our manufacturing team’s overall cost reduction programs. In the last several months, people from mass media and the Ministry of Economy, Trade and Industry visited us to learn about Sumida’s corporate governance. It seems that corporate governance systems at Japanese corporations have attracted a lot of attention these days with Stewardship Code and Corporate Governance Code released from the government. Sumida was the first listed company in Japan that adopted Committee System in 2003. We are determined to continue to seek ideal corporate governance in order to maximize our corporate value.

Summary of Consolidated Financial Results

Q1 Financial results overview

1st Quarter, Fiscal Year 2016
(January 1, 2016 through March 31, 2016)

The 61st annual shareholders meeting of Sumida Corporation was held on March 21, a public holiday in Japan, at the Hilton Tokyo Odaiba with the biggest-ever attendance of 175 shareholders, 33 more shareholders than last year. I would like to take this opportunity to express my heartfelt thanks to those who attended the meeting. During an active question and answer session, one of the shareholders pointed out that I might be too optimistic about prospects for China economy as I presented this year’s business plan with increased sales and profit in spite of the many unforeseeable factors which could threaten the current business environments. However, I responded to him by saying that I felt based on my experience of having lived for more than 30 years in Asia and in China, Sumida’s main production sites that China could still keep a single digit growth although a high growth period of more than 10% might have been over. I also explained to him that Sumida have been dispersing risks by diversifying business into three major markets as well as spreading production sites across the globe in preparation for a sudden deterioration of China economy for any reason.

In the first quarter of 2016, our automotive-related sales were strong as large car sales in the United States increased due to low-priced gasoline and new car sales in Europe continued increasing for 31 consecutive months. However, total sales were down 4.5% to 20,603 million yen on a year-on-year basis. In terms of profit, operating income increased 6.2% to 1,064 million yen tanks to savings of law material costs in addition to improvement of production efficiency. Ordinary income decreased 11.1% to 810 million yen and net income attributable to owners of parent also dropped 21.8% to 483 million yen from a year earlier, which were negatively impacted by foreign exchange rates.

The late Ichiro Yawata started Sumida 60 years ago with a strong determination to establish a company that would never go bankrupt. As 2016 is the 60th anniversary for Sumida, all
Sumida employees are getting excited about many events being planned within Sumida Group. But, I, as CEO of Sumida Group, am planning to visit as many Sumida business locations in the world as possible through the end of this year to convey our founder’s principles and Sumida DNA to the next-generation employees, as well as to ask them what images and directions they have in mind with regards to future development of Sumida Group beyond the third stage of our mid-term business plan (2018-2020), which I think will play an important role in the shaping of my leadership behavior for the coming years.

Summary of Consolidated Financial Results

1Q16 Results Summary

2015

AGM Annual General Meeting

SUMIDA CORPORATION would like to inform you that the 61st Annual General Meeting of Shareholders will be held as outlined below.

Date: Monday, March 21, 2016
Venue: Orion, Hilton Hotel Tokyo (1st Floor), 1-9-1 Daiba, Minato-ku, Tokyo (map)
Agenda:  The election of seven (7) directors 
Start Time: 13:00
End Time: 14:13
Number of Attended Shareholders: 175

In the following, we inform you on the reported items, the resolutions and the enquiries from the shareholders.

 

Reported Items:

  1. Business Report, consolidated financial statements and a report on the audit results of consolidated financial statements by the accounting auditors and the audit committee for the 61st term (January 1 to December 31, 2015)
  2. Non-consolidated financial statements for the 61st term (January 1 to December 31, 2015)

Resolved Items:
Agenda No. 1: Appointment of seven (7) directors
Mr. Shigeyuki Yawata, Mr. Johji Sato, Mr. Pak Hong Auyang, Soichiro Uchida and Mr. Yukihiro Moroe, Mr. Atsushi Kato, and Mr. Michael Mühlbayer were reappointed as proposed.

 


Links to Related Information:

Financial Results for FY2015


General Enquiries:
PR/IR Team
Tel: +81-3-6758-2473

Q4 Financial results overview

4th Quarter, Fiscal Year 2015
(October 1, 2015 through December 31, 2015)

We have enjoyed a quite successful year in 2015, the first year of the Mid-Term Business Plan Stage II (2015-2017). With continuing strong automotive-related sales, our total sales were up 11% from the record-high level of the previous year. During 2015, we focused on expanding production capacity in various parts of the world such as in Romania, Slovenia and Mexico as well as in China and Vietnam. On the sales front, we strengthened our distributor networks in the U.S. and China, and thus preparations for becoming a 100 billion yen sales company have been completed from the aspects of both production and sales.

In 2015, new car sales increased in Europe and the U.S. thanks to a favorable economy and a low-priced gasoline. In addition, with increasing number of electrical systems and devices recently developed for use in automobiles, demand for our automotive-related products has steadily increased. As a result, our total sales grew 11.2% in 2015 over the previous year to 86,237 million yen, marking the second consecutive record-breaking annual sales. In terms of profit, expansion of production capacity in the lower-cost areas, automation of automotive-related production lines and enhancement of production efficiency as well as reduction of law materials costs all contributed to a profit increase. Operating income, ordinary income and net income were up 26.7%, 18.2% and 51.0% respectively from a year earlier, to 4,237 million yen, 3,309 and 2,032 million yen respectively. Linking dividend to the profit increase, total dividend payout for the year of 2015 has been decided to be 26 yen per share, an increase of 6 yen per share from the previous year.

For 2016, we have some concerns about an adverse effect on the world economy from a deteriorating China economy and a substantial decline of oil prices. On the other hand, with the aid of low-priced gasoline as well as of last-minute demand for cars before increase of consumption tax in Japan and termination of automobile acquisition tax reduction in China, the world’s new car sales is expected to increase 3% in 2016 over 2015. On top of that, depreciation of renminbi and a decline in raw materials prices will serve as costs reduction factors for Sumida. Under these circumstances, Sumida’s total sales are expected to grow 2.0% in 2016 to 88 billion yen with operating income of 4.77 billion yen, up 12.6% from 2015. Being the 60th anniversary of Sumida’s foundation, 2016 is a very important year for Sumida to achieve the Mid-Term Business Plan Stage II (2015-2017). Everyone in the Sumida Group will prepare for the final year of 2017 with the utmost efforts during 2016.

Summary of Consolidated Financial Results
Summary of Consolidated Financial Results

Q3 Financial results overview

3rd Quarter, Fiscal Year 2015
(July 1, 2015 through September 30, 2015)

Total sales in fiscal 2015 third quarter ended September 30, 2015 were up 9.1% from the same quarter a year ago to 22,152 million yen due to the continued strong automotive-related sales reflecting the robust new car sales in Europe and the U.S. which are major battle grounds for Sumida.

The third quarter sales have reached an all-time high beating the previous record set in the second quarter of this year.

In terms of profit, operating profit grew 3.4% from the same period last year to 1,484 million yen, which has also hit a record high for the first time in eight years since 2007 third quarter.

Summary of Consolidated Financial Results
3Q15 Financial Results

Q2 Financial results overview

2nd Quarter, Fiscal Year 2015
(April 1, 2015 through June 30, 2015)

Consolidated sales for the second quarter of 2015 was up 15.7% from the same quarter of last year to 21,961 million yen. This was driven by steady automotive-related sales in North America and Europe on the back of increased sales of high-end cars.

Our consolidated quarterly sales for the second quarter in 2015 broke our previous quarterly sales record which was achieved in the first quarter of 2015.

In terms of profit, operating income and ordinary income were up 51.6% to 1,224 million yen and 54.0% to 987 million yen respectively. Net income for the quarter was 451 million yen compared to 440 million yen in the same quarter last year.

Summary of Consolidated Financial Results
2Q15 Financial Results

Q1 Financial results overview

1st Quarter, Fiscal Year 2015
(January 1, 2015 through March 31, 2015)

Consolidated sales for the first quarter of 2015 was 21,585 million yen, up 15.8% when compared to the same period of last year. This result was thanks to steady automotive-related sales in North America and Europe due to increased sales of high-end cars. The Yen’s depreciation against the US dollar also contributed to the sales increase. However, sales to the consumer electronics market was not fully recovered with the exception of smartphones. 

Our consolidated quarterly sales for the first quarter of 2015 was the highest ever recorded and broke our previous record high which we achieved in the third quarter in 2014.

In terms of profit, operating income and ordinary income were up 91.4% to 1,003 million yen and 164.8% to 911 million yen respectively. Net income for the quarter was 618 million yen compared to 246 million yen in the same quarter last year.

 Summary of Consolidated Financial Results

1Q15 Results Summary

2014

AGM Annual General Meeting

60th Annual General Meeting of Shareholders

Overview
Date:  Saturday, March 21st, 2015
Venue:  Orion, Hotel Nikko Tokyo (1st Floor), 1-9-1 Daiba, Minato-ku, Tokyo
Start Time:  12:00 noon
End Time:  1:30 p.m.
Number of Attended Shareholders:  142

In the following, we inform you on the reported items, the resolutions and the enquiries from the shareholders.


Reported Items:

  1. Business Report, consolidated financial statements and a report on the audit results of consolidated financial statements by the accounting auditors and the audit committee for the 60th term (January 1 to December 31, 2014)
  2. Non-consolidated financial statements for the 60th term (January 1 to December 31, 2014)

Resolved Items: 

Agenda No. 1: Appointment of seven (7) directors
Mr. Shigeyuki Yawata, Mr. Johji Sato, Mr. Pak Hong Auyang, Soichiro Uchida and Mr. Yukihiro Moroe were reappointed as proposed. Mr. Atsushi Kato and Mr. Michael Mühlbayer were newly appointed this year as proposed. 

Agenda No. 2: Issuance of performance-linked stock acquisition rights
This resolution item was approved as proposed.

Inquiries from Shareholders:

  • Compliance
  • Efficient control of numerous subsidiaries
  • Reasons for the 100 billion JPY sales target
  • Development of the operating cash-flow
  • Reasons for the share price drop
  • Our strength
  • Performance-linked stock acquisition rights and their impact on existing shareholders
  • Production measures in order to achieve the 100 billion JPY sales target
  • Future thoughts about the location in China

Links to related information

Fiscal Year 2014 Financial Results
Link Icon   Information regarding the 60th Annual General Meeting of Shareholders 

Q4 Financial results overview

4th Quarter, Fiscal Year 2014
(October 1, 2014 through December 31, 2014)

Net sales for the fiscal year 2014 increased by 13,669 million yen (21.4%) from the previous fiscal year to 77,563 million yen, partly attributable to the depreciation of the yen and the appreciation of the U.S. dollar and euro compared to the previous fiscal year.

Despite continued sluggish growth of consumer electronics related products with the exception of those for smartphones and tablet PCs, robust sales of automotive and industrial products drove our performance. In the automotive market, the advance in automotive electrification for safety, environment, comfort technologies as well as strong demand for luxury vehicles in Europe and North America drove growth. In the industrial market, there was strong demand for factory automation equipment and other industrial products.

Operating income increased by 97.0% year on year to 3,345 million yen owing to productivity improvements and price reduction for raw materials as well as revenue increase. Net income was 1,346 million yen (in FY2013, a net loss of 2,008 million yen was posted partly due to the impact of flood damage in Germany and the review of recoverability of deferred tax assets).

Summary of Consolidated Financial Results
4Q14 Results Summary

Q3 Financial results overview

3rd Quarter, Fiscal Year 2014
(July 1, 2014 through September 30, 2014)

The consolidated net sales for the period increased by 19.0% compared to the same period in 2013 to 20,304 million yen. Contributing to this growth were a number of factors: the smartphone market which showed a significant growth in the consumer electric- related business,  the increase in production of vehicles and electrification which boosted the demand for electric devices in the automotive-related business, the growth of industrial instruments in industry-related business, as well as the depreciation of the Japanese yen against the US dollar & Euro through the 3rd quarter FY2014.

With the increase in sales, an operating income amounting to 1,436 million yen (114.1% compared to the same period in 2013) and an ordinary income of 1,378 million yen was achieved (194.6% compared to the same period in 2013). Net income was 650 million yen, which is 70.2% compared to the same period in 2013.

Summary of Consolidated Financial Results
3Q14 Results Summary

 
Q2 Financial results overview

2nd Quarter, Fiscal Year 2014
(April 1, 2014 through June 30, 2014)

Consolidated sales for the second quarter in 2014 were up 18.5% from the same quarter of last year to 18,986 million yen thanks to steady automotive-related sales in North America and Europe. In the automotive industry, increased production and advancing electrification contributed to an increase in demand for electronic components, although in the consumer electronics market sales were not fully recovered. Yen’s depreciation against US dollars and euro also contributed to the sales increase.

In terms of profit, operating income and ordinary income were up 80.0% to 808 million yen and up 92.5% to 641 million yen respectively. An extraordinary loss of 292 million yen due to damages caused by last year’s floods in Germany was offset by extraordinary income from insurance money of 375 million yen. Net income for the quarter was 404 million yen compared to net loss of 2,082 million yen in the same quarter last year.

Summary of Consolidated Financial Results

2Q14 Results Summary

Q1 Financial results overview

1st Quarter, Fiscal Year 2014
(January 1, 2014 through March 31, 2014)

Consolidated sales for the first quarter in 2014 were up 31.1% from the same quarter of last year to 18,647 million yen thanks to steady automotive-related sales in North America and Japan on the back of increased sales of high-end cars, although consumer electronics sales were not fully recovered. Yen’s depreciation against US dollars and euro also contributed to the sales increase.

In terms of profit, operating income and ordinary income were up 117.9% to 524 million yen and 114.2% to 344 million yen respectively. As extraordinary loss of 116 million yen due to damages caused by last year’s floods in Germany was offset by extraordinary income from insurance money of 171 million yen, net income for the quarter was 246 million yen compared to 26 million yen in the same quarter last year.

Summary of Consolidated Financial Results

1Q14 Results Summary

2013

AGM Annual General Meeting

59th Annual General Meeting of Shareholders

Overview
Date:  Friday, March 21st, 2014
Venue:  Apollon, Hotel Nikko Tokyo (1st Floor), 1-9-1 Daiba, Minato-ku, Tokyo
Start Time:  1pm
End Time:  2:28pm
Number of Attended Shareholders:  126

In the following, we inform you on the reported items, resolved items and the inquiries from the shareholders at the meeting.

 

Reported Items:

1. Business Report, consolidated financial statements and a report on the audit results of consolidated financial statements by the accounting auditors and the audit committee for the 59th term (January 1 to December 31, 2013).

2. Non-consolidated financial statements for the 59th term (January 1 to December 31, 2013).

Resolved Items: CEO on Podium

Agenda: Appointment of nine (9) directors
Mr. Shigeyuki Yawata, Mr. Ulrich Ruetz, Mr. Johji Sato and Mr. Pak Hong Auyang were reappointed as proposed. Mr. Soichiro Uchida and Mr. Yukihiro Moroe were newly appointed this year as proposed.

Inquiries from Shareholders:

  • Forecast of labor wage increase in China
  • Sales size of the business which was acquired from Nihon Koden
  • Advantage of the western-style governance system
  • View on replacing manufacturing site in Japan
  • Mid-term business plan
  • View on current share price level
  • Capital Ratio
  • Cash flow statement
  • Communication in the company
  • Forex assumption

 

AGM Venue

 

 

 

 

 

 

 

Q4 Financial results overview

4th Quarter, Fiscal Year 2013

Net sales for the current fiscal year increased by 24.5% from the previous fiscal year to 63,893 million yen, which was partly attributable to the depreciation of the yen against the U.S. dollar and the euro compared to the previous fiscal year.

Operating income decreased by 3.2% year on year to 1,698 million yen because, in spite of stable prices for raw materials such as copper, there were such factors as rising costs due to the further depreciation of the yen against the U.S. dollar and Ordinary income decreased by 3.5% year on year to 1,107 million yen due to foreign exchange losses despite the improvement in non-operating income and expenses due to such factors as an increase in gain on valuation of derivatives and a decrease in interest expenses.

In net income (loss), the Company posted a 2,008 million yen net loss (net income of 725 million yen for the previous fiscal year.) The net loss resulted from such factors as insurance income of 1,426 million yen in extraordinary income due to the impact of floods damage in Germany offset by 1,742 million yen in loss on disaster in extraordinary losses. And, in consideration of the current business environment including the impact of floods, the Company decided to reverse deferred tax assets as the result of a review of recoverability of deferred tax assets and recorded income taxes-deferred of 2,089 million yen.

Summary of Consolidated Financial Results

FY13 Results Summary

Q3 Financial results overview

3rd Quarter, Fiscal Year 2013

In the third quarter of 2013, total consolidated sales was up 29.1% from the same quarter of last year to 17,068 million yen due to steady sales of smart entry system that stimulated new demands in Europe and U.S. as well as in China. New models of smart phones also contributed to the sales increase. In terms of profit, operating income was up 12.9% compared to the previous year to 670 million yen due to earlier-than-expected recovery from the floods in Germany in June on top of the increased revenue.

Summary of Consolidated Financial Results

3Q13 Results Summary

Q2 Financial results overview

2nd Quarter, Fiscal Year 2013

In the second quarter of 2013, total sales increased 20.0% to 16,021 million yen compared to the same period last year thanks to continuous sales expansion in North America with a central focus on automotive sales, and a quick recovery of FA (Factory Automation)-related industrial sales in China as well as weakening exchange rates of yen.

In terms of profit, in addition to not having achieved business plan in local currencies basis, due to 19% significantly higher-than-expected minimum wage increase implemented in May in Guangdong Province in China and yen’s further depreciation against the dollar, operating income was down 20.4% year on year to 449 million yen, which was however 87.1% up from the previous quarter. Along with extraordinary loss of 569 million yen booked for the damages caused by the floods in Germany, a part of deferred taxes had to be reversed as a result of downward revision of earnings forecast for the year to December, making net loss for this quarter 2,082 million yen.

Summary of Consolidated Financial Results

2Q13 Results Summary

Q1 Financial results overview

1st Quarter, Fiscal Year 2013

In the first quarter of 2013, total sales increased 15.0% to 14.2 billion yen compared to the same quarter last year and achieved the highest quarterly sales since the third quarter of 2008 due to increased automotive sales in North America and surging sales of renewable energy-related products in Japan. In terms of profit, operating income was up 14.7% to 240million yen compared to the same quarter last year. Depreciation of the yen against US dollar and euro during the first quarter of 2013, average of which were 89.6 yen per dollar (77.7 yen in 1Q-2012) and 118.9 yen per euro (101.8 yen in 1Q-2012) respectively also contributed to this favorable performance in the first quarter of 2013. 

Summary of Consolidated Financial Results

1Q13 Results Summary

2012

AGM Annual General Meeting

58th Annual General Meeting of Shareholders

Overview
Date:  Wednesday, March 20th, 2013
Venue:  Apollon, Hotel Nikko Tokyo (1st Floor), 1-9-1 Daiba, Minato-ku, Tokyo
Start Time:  1pm
End Time:  1:51pm
Number of Attended Shareholders:  131

In the following, we inform you on the reported items, resolved items and the inquiries from the shareholders at the meeting.

 

Reported Items:
1. Business Report, consolidated financial statements and a report on the audit results of consolidated financial statements by the accounting auditors and the audit committee for the 58th term (January 1 to December 31, 2012).

2. Non-consolidated financial statements for the 58th term (January 1 to December 31, 2012).

Resolved Items:CEO on Podium
Agenda: Appointment of nine (9) directors
Mr. Shigeyuki Yawata, Mr. Kohtaro Miyagi, Mr. Ulrich Ruetz, Mr. Masaru Hattori and Mr. Charles F. Martin, Mr.Nobuyuki Oneda, Mr.Shinji Yoko were reappointed as proposed. Mr.Johji Sato and Mr. Auyang Pak Hong were newly appointed this year as proposed.

Inquiries from Shareholders:

  • Major efforts to reducing cost
  • China Plus 1 and risk management in China

 

AGM Venue

 

 

 

 

 

 

 

Q4 Financial results overview

4th Quarter, Fiscal Year 2012

In 2012 Q4, total sales was 12,358 million yen and operating income was 374 million yen, up 3.7% and 24.5% respectively compared to the same quarter last year. For FY 2012, due to stagnant sales in the consumer electronics, total sales ended up with 51.3 billion yen, down 2.8 % from last year. Operating income was also down 19.1% to 1.7 billion yen compared to the previous year.

Operating income which exceeded last year’s in Q4 could not make up for a decline in the preceding quarters. 

Summary of Consolidated Financial Results

FY12 Results Summary

Q3 Financial results overview

3rd Quarter, Fiscal Year 2012

In terms of financial highlights in Q3 2012, total sales ended up with 13 billion and 221 million yen, down 3.5% from the same quarter last year due to stagnant sales in consumer electronics, although sales in automotive continued to be strong. Yen’s sharp appreciation against euro also contributed to the decreased sales with sales in euro converted to yen.

With regards to profit, operating income was up 9.8% from last year to 582 million yen thanks to the cost-cutting measures and ordinary income increased 396.8% to 408 million yen compared with last year mainly because foreign exchange loss was significantly reduced. 

Summary of Consolidated Financial Results

3Q12 Results Summary

Q2 Financial results overview

2nd Quarter, Fiscal Year 2012

In the second quarter of 2012, total sales ended up with 13.3 billion yen, down 3.8% from a year earlier, but up 7.8% from the previous quarter in spite of yen’s excessive appreciation against euro in this quarter, a negative factor for our sales expressed in yen. Sales for automotive-related products were growing steadily, especially in Europe, but total sales were dragged down by stagnant sales in consumer electronics market.

In terms of profit, operating profit dropped 16.4% to 552 million yen on a year-on-year basis, but improved 179.2% from the previous quarter, primarily reflecting increased sales and the favorable effects on various cost-saving measures that started last year such as transfer of production lines to the lower-costs satellite factories. 

Summary of Consolidated Financial Results

2Q12 Results Summary

Q1 Financial results overview

1st Quarter, Fiscal Year 2012

Total consolidated sales was ¥12,375 million, down 6.7 percent from ¥13,259 million in the prior-year quarter for consumer electronics and industrial related grew weaker. Operating income was ¥197 million down 68.0 percent from ¥618 million in the prior-year quarter from influence of the production adjustment. Ordinary income was ¥164 million, down 75.3 percent from ¥665 million in the prior-year quarter. Quarterly net income was ¥90 million, down 78.5 percent from ¥19 million in the prior-year quarter. 

Summary of Consolidated Financial Results

1Q12 Results Summary

2011

AGM Annual General Meeting

57th Annual General Meeting of Shareholders

Overview
Date:  Tuesday, March 20th, 2012
Venue:  Apollon, Hotel Nikko Tokyo (1st Floor), 1-9-1 Daiba, Minato-ku, Tokyo
Start Time:  2pm
End Time:  3:15pm
Number of Attended Shareholders:  102

In the following, we inform you on the reported items, resolved items and the inquiries from the shareholders at the meeting.

 

Reported Items:
1. Business Report, consolidated financial statements and a report on the audit results of consolidated financial statements by the accounting auditors and the audit committee for the 57th term (January 1 to December 31, 2011).

2. Non-consolidated financial statements for the 57th term (January 1 to December 31, 2011).

Resolved Items:CEO
Agenda: Appointment of nine (9) directors
Mr. Shigeyuki Yawata, Mr. Robert E. Patterson, Mr. Ashok B. Melwani, Mr. Kohtaro Miyagi, Mr. Ulrich Ruetz, Mr. Masaru Hattori and Mr. Charles F. Martin were reappointed as proposed. Mr. Nobuyuki Oneda and Mr. Shinji Yoko were newly appointed this year as proposed.

Inquiries from Shareholders:

  • Reasons for the rise of the cost rate
  • Breakdown of the extraordinary loss/profit
  • Sales of the 4th quarter
  • Strategies how to cope with fluctuating copper prices
  • Fluctuating copper prices and foreign exchange rates
  • Operation of the financial subsidiary
  • Corresponding with rising interest rates
  • Term of office of outside directors

 ホテル日航東京 1階「オリオン」

 

Q4 Financial results overview

4th Quarter, Fiscal Year 2011

We achieved total consolidated sales of 11,913 million yen for the quarter, year-on-year decrease by 5.6%. Operating income fell year-on-year by 25.8% to 300 million yen due to increase of labor cost in China. Ordinary income was 3 million yen and net loss was 196 million yen. 

Summary of Consolidated Financial Results

FY11 Results Summary

Q3 Financial results overview

3rd Quarter, Fiscal Year 2011

Net sales for the first half of FY2011 0.8% decreased over the previous fiscal year to 13,705million yen due to a steady sales performance in Europe, mainly in automotive segment. On the other hand, sales in Asia, especially in Japan, were affected by the earthquake and tsunami in March.

Due to sluggish sales, implementation of production adjustments, price increase of copper and other raw materials, and wage increase for the workers at our Chinese factories, operating income decreased 51.9% compared to the previous fiscal year to 530 million yen.

Ordinary income was 91.5% down from the previous fiscal year to 82 million yen Compared to previous year, due to foreign exchange loss booked in non-operating expenses (as a result of the recent appreciation of the Japanese yen). As a result of the above, net income decreased 99.8% compared to the previous fiscal year to 1million yen. 

Summary of Consolidated Financial Results

3Q11 Results Summary

Q2 Financial results overview

2nd Quarter, Fiscal Year 2011

Net sales for the first half of FY2011 1.6% decreased over the previous fiscal year to 13,880million yen due to a steady sales performance in Europe, mainly in automotive segment. On the other hand, sales in Asia, especially in Japan, were affected by the earthquake and tsunami in March.

Due to price increase of copper and other raw materials, and wage increase for the workers at our Chinese factories, operating income decreased 36.2% compared to the previous fiscal year to 661 million yen. Ordinary income was 21.3% up from the previous fiscal year to 542 million yen.

Compared to previous year where we suffered a foreign exchange loss, we were able to have a foreign exchange gain this year in non-operating income/expense. As a result of the above, net income increased 7.5% compared to the previous fiscal year to 272 million yen.

Summary of Consolidated Financial Results

2Q11 Results Summary

Q1 Financial results overview

1st Quarter, Fiscal Year 2011

We achieved total consolidated sales of 13,259 million yen for the quarter, year-on-year increase by 2.8% owing to steady increase of Automotive and Industrial sales contributed to the overall sales increase.

Operating income fell year-on-year by 39.7% to 618 million yen due to sudden increase of raw material price and increase of labor cost in China. With foreign exchange gain and evaluation profit from derivatives in non-operating income, ordinary income was 665 million yen, year-on-year decrease by 15.4%. We recorded an extraordinary loss for the cost incurred for Japan disaster net income was 419 million yen, year-on-year decrease by 35.7%. 

Summary of Consolidated Financial Results

1Q11 Results Summary

2010

AGM Annual General Meeting

56th Annual General Meeting of Shareholders

Overview
Date:  Saturday, March 19th, 2011
Venue:  Apollon, Hotel Nikko Tokyo (1st Floor), 1-9-1 Daiba, Minato-ku, Tokyo
Start Time:  1pm
End Time:  1:40pm
Number of Attended Shareholders:  55

In the following, we inform you on the reported items, resolved items and the inquiries from the shareholders at the meeting.

 

Reported Items:
1. Business Report, consolidated financial statements and a report on the audit results of consolidated financial statements by the accounting auditors and the audit committee for the 56th term (January 1 to December 31, 2010).

2. Non-consolidated financial statements for the 56th term (January 1 to December 31, 2010).

Resolved Items:
Agenda: Appointment of nine (9) directors
Mr. Shigeyuki Yawata, Mr. Chiu Ka Sheung, Mr. Robert E. Patterson, Mr. Ashok B. Melwani, Mr. Kazuhide Kondo, Mr. Masato Tsuru, Mr. Kohtaro Miyagi, Mr. Ulrich Ruetz, Mr. Masaru Hattori and Mr. Charles F. Martin were reappointed as proposed.

 

Q4 Financial results overview

4th Quarter, Fiscal Year 2010

Net sales of FY2010 4th Quarter ending December 31, 2010 deceased 0.5% to 12,615 million yen compared with the same quarter of the prior year. In terms of profit, operating income was down 53.4% year on year to 404 million yen. With interest expenses and others, ordinary income and net income were 45 million yen and 415 million yen, respectively.

Summary of Consolidated Financial Results

FY10 Results Summary

Q3 Financial results overview

3rd Quarter, Fiscal Year 2010

The business has steadily improved for FY2010 3rd Quarter ended September 30, 2010. Net sales increased 12.2% to 13,829 million yen compared with the same quarter of the prior year. In terms of profit, operating income was up 77.9% year on year to 1,103 million yen, primarily reflecting increased sales, improved business structure through reduction of fixed costs, and streamlined production system. With interest expenses and others, ordinary income and net income were 961 million yen and 889 million yen, respectively.

Summary of Consolidated Financial Results

3Q10 Results Summary

Q2 Financial results overview

2nd Quarter, Fiscal Year 2010

Sales in the 2nd quarter of fiscal 2010 continued to make a good progress and increased 9.3% compared with 1Q this year to 14,107 million yen (up 40.1% year on year).

In terms of profit, due to effects of productivity improvement achieved through streamlined manufacturing as well as the increased sales, operating income grew 1.2% compared with the previous quarter to 1,037 million yen, a significant improvement from a loss of 377 million yen during the same period last year. Although 7% operating income ratio was maintained, ordinary income and net income were 448 million yen and 254 million yen respectively after booking foreign exchange loss due to a sudden depreciation of euro and interest expenses.

Summary of Consolidated Financial Results

2Q10 Results Summary

Q1 Financial results overview

1st Quarter, Fiscal Year 2010

Total consolidated sales for Sumida Group were 12,894 yen million in the 1st quarter of FY2010, up 50.3% compared with the same period last year. Sales increased for the fourth consecutive quarter starting from the 1st quarter of FY2009. A steady recovery in the automotive business and a firm market condition for the consumer electronics business which usually gets weak in the first quarter, contributed to our sales increase.

In terms of profit we achieved operating income of 1,025 million yen compared to a loss of 1,345 million yen in the 1st quarter of the prior year, reflecting not only the increased sales, but also a favorable impact from streamlined manufacturing operations and business restructuring to reduce the fixed costs.

With interest expenses and foreign exchange loss, though partially offset by a gain on derivative financial instruments, ordinary income and net income were 787 million yen and 652 million yen respectively, which, however, improved significantly from prior year period’s ordinary loss of 1,057 million yen and net loss of 1,071 million yen.

Summary of Consolidated Financial Results

1Q10 Results Summary