Innovation Andgrowth
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Contents Scope of this report Philosophy 1 Introduction Period and content covered Philosophy Innovation and Growth Philosophy 2 Results for fiscal 2019 (April 1, 2019–March 31, 2020) We are committed to people, society and the global environment through Steps Toward Value Creation −A History of Innovation 3 Companies covered innovation and growth of our employees and business entities. −A History of Growth 5 This report covers the GS Yuasa Group, comprised of GS Current Business −By Sector 7 Yuasa Corporation, the holding company; GS Yuasa −By Region 9 International Ltd., the Group’s core operating company; We are committed to delivering security and comfort to our customers Market Outlook 11 and consolidated subsidiaries. Management Vision around the globe through advanced technologies developed Notes are included for data that fall outside the scope of in the field of stored energy solutions. 12 Value Creation Initiatives the companies covered. Value Creation Process −Overall Image 13 Management Policy −Opportunities 15 Date of issue −Risks 17 October 2020 1. GS Yuasa will become the “first call” company based on our “customer first” policy. −Financial Highlights 19 2. GS Yuasa considers quality and safety as most important, 21 About importance and comprehensiveness −Non-Financial Highlights and supplies environmentally conscious products all over the world. External Evaluation 23 This report focuses on particularly important information, presented in such a way as to be easy to read and understand. 3. GS Yuasa will comply with all laws and operate using clear and fair management. 24 Medium- to Long-Term Vision and Strategy The website discloses comprehensive information in order to meet public demands. Message from the President 25 Wide Overview of and Progress with the Mid-Term Creating the Future of Energy Management Plan (Long-Term Vision and Corporate Slogan the Mid-Term Management Plan) 31 Target readership Narrow Website The commitment instilled in this slogan: Message from the Director in Charge of Finance 33 Overview of and Progress with the Mid-Term We pledge to pioneer new modes of futuristic energy (storage batteries), Management Plan (Finance/ESG) 37 engineered to address the constantly changing needs of the times. Report 38 Performance in FY2019 At a Glance 39 Conditions by −Automotive Batteries 41 Business Sector −Automotive Batteries (Japan) 43 Outline/Concepts Contents Detailed Data −Automotive Batteries (Overseas) 45 Preparation of this report −Industrial Batteries and Power Supplies 47 This report has been issued to familiarize our stakeholders −Automotive Lithium-ion Batteries 51 with the management policies and business strategies of the −Others 55 Research and Development 57 GS Yuasa Group. In editing the report, we have referred to the Guidance for Integrated Corporate Disclosure and Company-Investor Dialogues for 60 ESG Collaborative Value Creation Materiality 61 formulated by Japan’s Ministry of Environment 62 Economy, Trade and Industry. We Social 65 Governance 69 have explained the path toward Messages from Outside Directors and medium- to long-term value an Outside Corporate Auditor 77 creation aimed for by our Group, Directors and Auditors 79 with reference to business models List of Items on CSR Website 81 and opportunities and risks, in the hope that readers can deepen 82 Financial Section their understanding of this topic. 11-Year Consolidated Financial Highlights 83 Financial Review 85 Disclaimer This report contains earnings forecasts and other financial information pertaining Risk Information 88 to future business performance. These contents are based on information Financial Statements 91 available at the time of issue and include an element of latent risk and Corporate Information 131 uncertainty related to economic trends, demand, the forex rate, the tax system, Stock Information 132 and other factors. Please understand that actual earnings could diverge greatly from those presented here. 1 GS YUASA Report 2020 GS YUASA Report 2020 2 Introduction Value Creation Initiatives Medium- to Long-Term Vision and Strategy Performance in FY2019 ESG Financial Section Steps Toward Value Creation: A History of Innovation Accumulation of Socially Useful Innovations The GS Yuasa Group began from the lead-acid battery business, developing Japan’s first automotive lead-acid battery. The Group then released numerous innovative products that were hailed as “Japan firsts” and “world firsts.” Our products continue to shine in a wide range of applications and environments, from automobiles to satellites. Assisting the electric vehicle (EV) boom 1970s Development of a high-performance and long-life lead-acid battery Contributing to society through products Supply of new means of mobility 1930s Supply of lead-acid batteries for the first electric bus produced in Japan Contributing to the steady supply of electric power Contributing to the smaller size Supporting the evolution 1900s of motorcycles Manufacture of large-capacity storage of mobile phones Contributing to batteries for auxiliary power 1950s the diffusion of radios Marketing of a small 1990s in ordinary households and light storage battery for motorcycles Development of a small prismatic lithium-ion battery 1920s Supply of storage batteries for radios The founder of Japan Storage Battery Co., Ltd. was Genzo Shimadzu (1869–1951), who GS inherited his father’s business at the young age of 26. Following the motto “Making (Japan Storage Battery) practical use of science,” which meant capitalizing on scientific knowledge in product development, Shimadzu was quick to spot the potential of storage batteries and 1895 1917 1920 1938 1989 1993 contributed to their diffusion and progress. He was a highly creative person who Genzo Shimadzu manufactures Japan Storage Battery Genzo Shimadzu invents Production of alkaline Shinkai 6500, a manned Prismatic lithium-ion acquired 178 patents in his lifetime. Among his accomplishments were the manufacture Japan’s first lead-acid battery Co., Ltd. established the reactive lead oxide batteries begins research submersible batteries developed of Japan’s first lead-acid battery and the invention of the reactive lead oxide production production method equipped with GS batteries, method, which acquired patents in many countries around the world. makes maiden voyage Founder of Japan Storage Battery Co., Ltd. Shimadzu was one of those rare inventors who believed that “passion and tenacity are Genzo Shimadzu the mother of invention.” This inventive spirit continues to be our Group’s driving force. 1895 1900 1920 1940 1960 1980 The founder of Yuasa Corporation was Shichizaemon Yuasa (1877–1943), YUASA the twelfth-generation owner of a business started in 1666. He blew a fresh breeze into (Yuasa Corporation) the Yuasa family, one of the oldest corporate names in Japan, and modernized the business. Newly launching the storage battery business, he procured a large amount of funds to establish the company in 1918. With foresight, pragmatism, and speed, 1915 1918 1920 1941 1966 1998 Yuasa steered the business to success. He was a natural entrepreneur whose principles Shichizaemon Yuasa embarks Yuasa Storage Battery Production of automotive Production of alkaline Dry and charged batteries go Ultra-thin lithium-ion were steadfastness and coexistence and coprosperity and who preached that “business on storage battery manufacture Co., Ltd. established lead-acid batteries begins batteries begins on sale in Japan for the first time polymer secondary is people.” This corporate philosophy has continued to support our Group to this day. batteries marketed Founder of Yuasa Storage Battery Co., Ltd. Shichizaemon Yuasa 3 GS YUASA Report 2020 GS YUASA Report 2020 4 Introduction Value Creation Initiatives Medium- to Long-Term Vision and Strategy Performance in FY2019 ESG Financial Section Steps Toward Value Creation: A History of Growth 2018 Continuing to Respond to Order received for a world-class storage battery facility (to be built in Toyotomi-cho, Hokkaido) to contribute to the the Changing Expectations of the Times amelioration of wind power output fluctuation In 2004 the two companies, with their roots in a rare inventor on the one hand and a natural entrepreneur on the other, came together. Sixteen years after the birth of GS Yuasa Corporation, our Group continues to grow as an energy device company contributing to society. Overseas sales ratio GS Yuasa Corporation 2000s Development of renewable energy storage battery systems 46％ Contributions 2000s 2017 to promoting Demonstration tests clean energy Lithium-ion batteries supplied commence on Overseas sales ratio for the i-MiEV, the world’s first AI-equipped storage 2019 mass-produced EV battery system status New plant for automotive lithium-ion monitoring Ushering in a new EV era batteries begins operations in Hungary 2010 2016 2020 Full-fledged deployment of Transfer of lead-acid Construction of second ％ railway-use lithium-ion battery 33 battery business from plant for Blue Energy Co., 2007 system on hybrid railroad cars Lithium Energy Japan Panasonic Corporation Ltd. decided completed established as a large-size Net sales lithium-ion battery joint venture 2009 by GS Yuasa, Mitsubishi Lithium-ion batteries Corporation, and Mitsubishi Blue Energy Co., Ltd. installed for use on billion 2004 Motors Corporation established with Honda ©JAXA/NASA International Space Station ¥460.0 GS Yuasa Corporation Motor Co., Ltd. 411.0 413.1 established through 395.6 corporate merger 369.8 365.6 359.63,596