GS Yuasa Corporation Corporate Office

GS Yuasa Corporation 2 0 1 2 Annual Report 2012 Annual ReportFor the year ended March 31, 2012 Additional copies of this annual report and other information may be obtained from: GS Yuasa Corporation Corporate Office 1, Inobanba-cho, Nishinosho, Kisshoin, Minami-ku, Kyoto 601-8520, Japan URL (English Version.): http://www.gs-yuasa.com/us GS Yuasa Corporation Profile of the GS Yuasa Group The GS Yuasa Group consists of 69 subsidiaries and 34 affiliates in countries Contents throughout the world, with holding ©JAMSTEC 02 Key Figures company GS Yuasa Corporation (GYC) coordinating the GS Yuasa Group’s 03 Consolidated Financial Highlights activities. GYC was founded in April 04 2004 through the merger of two companies Message from the that laid the foundations for storage President battery manufacturing in Japan: Japan Storage Battery Co., Ltd. (GS) and 10 Special Feature: Yuasa Corporation. Since its founding in 1895, the GS Yuasa Motorization in Asia and Group has continually contributed to ©JAXA GS Yuasa economic development and the Building Robust Supply Systems to Meet Rapidly Expanding Market Needs improvement of living standards through the development and manufacture of 15 Business Review batteries, power supply systems and 18 Year in Review lighting equipment. We are a major force in the market as one of the world’s leading 20 CSR Information From the deep sea to outer space. manufacturers of automotive and 22 Corporate Governance motorcycle batteries. As a supplier of 23 Risk Management high-performance power supply systems, we also help to ensure the reliability of social 24 Board of Directors and Auditors infrastructure. Another field in which we 25 Financial Section are responding to today’s increasingly 52 Corporate History sophisticated needs is lithium-ion battery technology, which has attracted intense 53 Corporate/Stock Information interest as a next-generation energy system. Our extensive range of lithium-ion batteries encompasses those not only for vehicles but also for products in a vast range of fields, from deep sea to aerospace, to meet the ever more sophisticated needs of the times. Throughout its long history, the GS Yuasa Group has worked to create innovative technology. This commitment serves as the foundation for our continuing efforts to explore new possibilities in the field of electrical energy Disclaimer: Descriptions concerning future plans and performance in this annual report are based on the current economic situation and business environment and under a corporate vision expressed in the words are subject to change depending upon various factors including, but not limited to, future trends of the Japanese economy and securities markets, changes in legal and “ Innovation and Growth.” other systems, and development of new services and information technology. 1 Key Figures Consolidated Financial Highlights Results for the Year Ended March 31, 2012 GS Yuasa Corporation and Consolidated Subsidiaries in net sales (up 4.7% year on year) Years Ended March 31 million Thousands of U.S. dollars ¥285,434 Millions of yen (Note 2) 2012 2011 2010 2009 2008 2012 Net sales ¥285,434 ¥272,514 ¥247,225 ¥283,421 ¥303,728 $3,480,902 in operating income (down 8.9% year on year) Costs and operating expenses 269,404 254,925 235,704 269,145 291,837 3,285,415 ¥16,031million Other income (expenses), net 291 (3,286) (1,210) (7,098) (8,611) 3,549 Operating income 16,031 17,589 11,521 14,276 11,891 195,500 Income before income taxes and minority interests 16,322 14,303 10,311 7,178 3,280 199,049 with an 8%* share of Net income 11,733 11,723 6,488 4,229 1,460 143,085 the global automotive battery market 3rd place Per share of common stock (yen) Net income (Note 1) 28.42 28.39 16.32 11.52 3.97 0.35 Total assets 278,426 247,447 236,804 213,585 260,392 3,395,439 with a 27%* share of Total equity 136,221 122,311 111,859 66,049 78,119 1,661,232 the global motorcycle battery market Notes: 1. Computation of net income per share is based on the weighted average number of common shares outstanding. 1st place 2. The U.S. dollar amounts represent translations of Japanese yen at the approximate exchange rate on March 31, 2012 of ¥82 to $1. with an 18%* share of the Asian automotive battery market 1st place Net sales (Millions of yen) Gross profit (Millions of yen) Operating income (Millions of yen) Operating income ratio (%) 303,728 17,589 283,421 285,434 272,514 63,875 64,535 65,625 65,440 16,031 59,687 with a 27%* share of 247,225 14,276 6.5 11,891 11,521 the Asian motorcycle battery market 5.6 1st place *Estimated value by GYC 5.0 4.7 3.9 Years ended March 31 (Millions of yen) 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 11,964 17,521 2011 58,888 65,944 118,197 Net income (Millions of yen) Total assets (Millions of yen) Total equity (Millions of yen) 278,426 136,221 11,723 11,733 260,392 247,447 122,311 Well‒balanced(% of net sales salesby segment) 236,804 111,859 2012 58,785 68,465 120,906 20,975 213,585 16,303 78,119 Domestic Automotive Overseas Operations 6,488 66,049 Batteries 4,229 42.4% 20.6% Domestic Industrial Batteries Lithium-ion Other 1,460 and Power Supplies Batteries 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 24.0% 7.3% 5.7% 2 3 Message from the President Q1: How would you sum up the business environment and your business Net sales (Millions of yen) Years ended March 31 In response to rapid growth in market demand, the GS performance in the year ended March 31, 2012? Yuasa Group is actively investing management resources 303,728303,728 285,434285,434 A1: We achieved year-on-year growth 283,421283,421 272,514272,514 to enhance production capacity and further improve the 247,225247,225 performance of lithium-ion batteries. in both revenues and income. In the year ended March 31, 2012, which was the second year of the second Mid-Term Management Plan, We faced significant challenges in the business environment. The world the GS Yuasa Group worked to improve the economy slowed under the impact of the European debt crisis, and earning performance of its existing business activities many of our major customers in the motor vehicle and machinery in Japan by expanding sales of high-added-value manufacturing industries suffered major damage from a series of 2008 2009 2010 2011 2012 products including batteries for idle-stop vehicles. natural disasters, notably the Great East Japan Earthquake and the We also focused on responding in a timely manner to flooding in Thailand. reconstruction demand resulting from the Great Despite these challenges in the business environment, we recorded East Japan Earthquake, and on further expanding our excellent results for the year ended March 31, 2012, including Operating income (Millions of yen) overseas operations, especially in Asia. In addition, consolidated net sales of ¥285,434 million, consolidated operating Years ended March 31 we took steps to ensure our ability to supply quality income of ¥16,031 million, and consolidated net income of 17,58917,589 products reliably to the rapidly growing market for ¥11,733 million. These results reflected the fact that our core 16,03116,031 lithium-ion batteries by boosting our production capacity products, automotive and motorcycle batteries, were relatively 14,27614,276 11,89111,891 and undertaking research and development projects unaffected by economic fluctuations, as well as the fact that our 11,52111,521 targeting further improvements in performance. customers in manufacturing industries made a swift recovery from the These efforts were reflected in our financial results damage caused by the natural disasters. for the year under review. We achieved growth in both revenue and income and set new records for ordinary income as well as net income, despite a business Q2: What progress did you make under the second Mid-Term 2008 2009 2010 2011 2012 environment that remained very challenging because of Management Plan? the impact of the earthquake, the European debt crisis A2: We completed the second year of the and the rising value of the yen. Management policy and The GS Yuasa Group is developing the infrastructure plan, seeing progress in line with the main strategic tasks needed to support the growth of the lithium-ion battery schedule set down in it. business as a future core business segment. In December Management policy 2011, we commenced phase II of construction of The GS Yuasa Group is currently implementing its second Lithium Energy Japan’s (LEJ’s) Ritto Plant. When this Mid-Term Management Plan, which covers three years (the years Form a high-profit global business group facility is completed, we will have the largest production ended March 31, 2011 and 2012, and the year ending March 31, capacity in the world. We are also working to raise 2013). Our basic policy under the plan is to expand earnings from Promote lithium-ion battery business as awareness of our brand and inform potential users about our existing business activities and overseas operations, and to core business the value of our lithium-ion batteries through a range of build our next-generation core business by reinvesting these strategies. For example, we are the official supplier of earnings in the lithium-ion battery business. Our numerical targets Main strategic tasks battery technology to the F1 Powerhouse Racing Team for the final year of the plan are net sales of ¥310,000 million, Vodafone McLaren Mercedes.

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