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MITSUBA Corporation Overview of Business Activities

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MITSUBA Corporation Overview of Business Activities Briefing on Business Results for FY Mar 2019 May 31, 2019 MITSUBA Corporation Overview of Business Activities 1. Industry Trends 2. Results for FY03/2019 3. Forecast for FY03/2020 * Results for FY03/2018 represent the 12-month closing figures in this report. <3> ■Summary of Business Results for FY03/2019 Sales and Income decreased due to a decline in passenger car sales in the North American market, as well as the high cost of dealing with quality defects and the impact of additional tariffs imposed as a result of the U.S.–China trade dispute. Consolidated Sales and Operating Income (JPY Bln) (JPYBln) Sales Operating Income Sales(1H) Sales(2H) Operating Income(Full Year) Operating Income(1H) 400.0 30.0 327.9 338.0 333.2 335.0 25.0 300.0 22.6 20.0 168.7 175.0 168.8 171.0 200.0 15.0 14.4 12.0 10.6 10.9 10.0 100.0 6.8 6.1 5.0 5.0 159.2 163.0 164.4 164.0 0.0 0.0 FY03/2017 FY03/2018 FY03/2019 FY03/2020 (Forecast) <4> 1. Industry Trends (1) Global automobile production volume forecast The Chinese market is expected to recover due to the government's subsidy policy, leading to a rebound in overall production. Unit: million cars 100.0 95.2 92.8 93.7 2.6 2.4 2.4 9.2 9.3 9.2 13.2 13.4 13.7 20.4 20.3 20.5 50.0 22.3 21.6 21.5 27.5 25.8 26.4 0.0 FY03/2018 FY03/2019 FY03/2020 China Europe Americas Asia Japan Others <5> 1. Industry Trends (2) Global motorcycle production volume forecast Overall production volume is expected to drop slightly due to slowing down sales in India caused by rising vehicle prices. 80.0 Unit: million cars 58.6 60.7 60.2 60.0 6.8 6.8 1.0 6.6 1.0 0.9 13.0 13.1 40.0 15.8 14.4 14.5 13.1 20.0 22.0 25.5 25.0 0.0 FY03/2018 FY03/2019 FY03/2020 India ASEAN China Brazil Others <6> 2. Results for FY03/2019 ■Consolidated Operating Results for FY03/2019 (JPY Bln) FY03/2018 FY03/2019 Changes Rate of change FY03/2020 Consolidated (A) (B) (B)-(A) (B)/(A) Forecast Net sales 338.0 333.2 ▲4.7 ▲1.4% 335.0 Operating income 14.4 10.9 ▲3.4 ▲24.1% 12.0 Ordinary income 15.2 10.7 ▲4.5 ▲29.9% 12.0 Profit attributable to ▲9.2 ▲7.0 2.2 24.1% 3.5 owners of parent Outline (JPY Bln) Non-operating income JPY3.2 (Interest income JPY0.7 Equity in earnings of affiliates JPY0.9) Ordinary income Non-operating expenses JPY▲3.5 (Interest expenses ▲JPY1.6 Foreign exchange losses JPY▲0.9) Profit attributable Extraordinary income/loss JPY▲6.8 (Settlement package and provision for settlement JPY▲4.8) to owners of parent Income taxes JPY▲8.7 Profit attributable to non-controlling interests JPY▲2.0 <7> ■ Factor Analysis of Changes in Consolidated Ordinary Income for FY03/2019 Effect of (JPY Bln) FY03/2018 Decrease in exchange (Actual) added value, rates 15.2 etc. Cost-cutting fluctuations Increase in labor ▲4.7 measures ▲0.1 costs and expenses +2.7 ▲1.6 Others FY03/2019 ▲1,1 (Actual) 10.7 USD: JPY111.43 -> JPY110.93 EUR: JPY129.63 -> JPY128.50 RMB: JPY16.69 -> JPY16.54 Depreciation of emerging market currencies Indonesian Rupiah, Vietnamese Dong Increase in foreign exchange losses "Foreign currency asset valuation/Deposit rate difference" ▲0.7 Others ▲0.0 ▲4.5 <8> ■Sales Composition (by Car Maker Group) for FY03/2019 Sales of EPS to Honda in North America and sales to Nissan slumped in North America. FY03/2018 (JPY Bln) 321.9 316.3 18.3% 3.5% 58.8 60.1 11.3 4.6% 48.9% 9.8 14.6 13.4 6.3% 20.3 21.1 18.4% 59.2 56.9 FY03/2019 19.0% 3.1% 157.5 154.7 4.3% 48.9% 6.7% 18.0% FY03/2018 FY03/2019 Honda Renault-Nissan-Mitsubishi SUBARU VW Gr. Toyota Gr. Others * Figures represent only the Transportation Equipment Business domain under the summary of financial results. <9> ■Sales Composition (by Business) for FY03/2019 Sales decreased in Third Business due to the discontinuation of EPS- mounted cars and Fourth Business due to sluggish sales in India. FY03/2018 (JPY Bln) 321.9 316.3 16.4% 51.9 34.2% 49.7 23.5% 74.3 64.3 25.1% FY03/2019 79.4 81.6 16.1% 35.9% 20.9% 108.1 110.5 26.5% FY03/2018 FY03/2019 First Business Second Business Third Business Fourth Business Fifth Business (Field-of-vision systems) (Convenience and comfort systems) (Engine auxiliary / Drive controle systems) (Motorcycles) (Others) * Figures represent only the Transportation Equipment Business domain under the summary of financial results. <10> ■Top Selling Products and Products Showing Strong Growth (JPY Bln) Rate of FY03/2018 FY03/2019 Product change (A) (B) (B)/(A) Windscreen wiper 43.3 44.4 102.4% Power window motor 31.9 30.8 96.6% Top- Selling Wiper arm & blade 29.8 29.8 99.9% Products Roof motor 18.0 22.2 123.4% Automobile starters 22.1 21.4 96.5% Roof motor 18.0 22.2 123.4% High Interior and exterior lamps 5.6 6.8 120.4% Sales Growth Door mirror 6.9 7.6 109.8% Products Fan motor 19.1 20.7 108.3% Rear wiper 10.9 11.7 107.2% <11> ■Major Vehicle Models Released During FY03/2019 (2H) and Our Products mounted in these Models (Automobile) Date of Mitsuba’s Products announcement and Manufacturer Vehicle Models mounted in these Models release Rear wiper November 2018 BMW X7 NEW Mahindra Rear wiper February 2019 & XUV300 Mahindra Windscreen wiper, Washer, Power window motor, October 2018 Nissan Altima Roof motor, Seat motor, Horn, Fan motor Rear wiper, November 2018 BMW X5 Power window motor Rear wiper November 2018 Suzuki Ertiga FMC Exterior lamp November 2018 LEXUS UX Rear wiper, Roof motor December 2018 Mercedes-Benz GLE * Photos are reprinted from each company's web catalogues, PR materials and others. Products shown in red: New product/New entry <12> ■Major Vehicle Models Released During FY03/2019 (2H) and Our Products mounted in these Models (Automobile) Date of Mitsuba’s Products announcement and Manufacturer Vehicle Models mounted in these Models release Windscreen wiper, Washer, December 2018 HONDA INSIGHT Horn, Fan motor, ETC motor, Relay Rear wiper, December 2018 Mercedes-Benz B-Class Roof motor Windscreen wiper (BLM) January 2019 Porsche 911 Power window motor February 2019 TOYOTA Corolla FMC Windscreen wiper, Rear wiper, Nissan DAYZ March 2019 Washer, Power window motor, Mitsubishi eK wagon Fan motor, Relay Windscreen wiper (BLM), Rear wiper, Splash-free washer, March 2019 Mazda Mazda 3 Exterior lamp, Roof motor, Fan motor Power window motor, March 2019 BMW 3 series Roof motor * Photos are reprinted from each company's web catalog, PR materials and others. Products shown in red: New product/New entry <13> ■Major Vehicle Models Released During FY03/2019 (2H) and Our Products mounted in these Models (Motorcycle) Date of Mitsuba’s Products announcement Manufacturer Vehicle Models mounted in these Models and release Starter, Relay November 2018 YAMAHA NIKEN NEW LED blinker lamp February 2019 Kawasaki Z400 ACG starter, Relay October 2018 HONDA VISION 110 AC generator November 2018 BMW S1000 RR FMC AC generator, Starter, CBR650R LED blinker lamp, Relay March 2019 HONDA CB650R * Photos are reprinted from each company's web catalog, PR materials and others. Products shown in red: New product/New entry <14> 3. Forecast for FY03/2020 (JPY Bln) Sales are expected to remain flat as a decline in sales in China region will be offset by sales in other Asian regions. Aim to secure an operating profit margin of 3.5% or higher by improving cost of dealing with quality defects. Profit is expected to be in the black as the issue of extraordinary losses such as settlement packages comes to an end. Forecast for Rate of FY03/2019 Changes Consolidated FY03/2020 change (A) (B)-(A) (B) (B)/(A) Sales 333.2 335.0 1.7 0.5% Operating Income 10.9 12.0 1.0 9.5% Ordinary income 10.7 12.0 1.2 12.0% Profit attributable to owners of ▲7.0 3.5 10.5 ー parent <15> ■Effect of Foreign Exchange Rates on Operating Income (JPY) FY03/2019 FY03/2020 Foreign exchange (Actual exchange (Assumed exchange sensitivity rate for yen) rate for yen) (JPY mln per yen) USD 110.93 110.00 200 EUR 128.50 125.00 50 RMB 16.54 16.00 250 Current exchange rates: Calculated based on the 15-month average rate from January to March ■Capital Expenditures, Depreciation and Development Cost (JPY Bln) FY03/2019 FY03/2020 Changes Actual (A) Forecast (B) (B)-(A) Capital (*1)24.4 25.6 1.1 Expenditures Depreciation (*1)17.9 (*3)17.4 ▲0.5 Development Cost (*2)18.2 17.0 ▲1.2 (*1) Increase due to newly consolidated (*2) Change in calculation method of (*3) Change in depreciation method subsidiaries development cost The depreciation method will be changed from the Capital expenditures + JPY0.5 Bln From FY03/2019, costs for production declining-balance method to the straight-line method Depreciation + JPY0.4 Bln technology-related and quality-related from FY03/2020.
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