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Agile Competitive Advantage in Crystal Technology

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Agile Competitive Advantage in Crystal Technology ANNUAL REPORT 2016 Report for the Fiscal Year Ended March 31, 2016 Agile Competitive Advantage in Crystal Technology A LEADER IN THE FIELD OF QUARTZ CRYSTAL ELECTRONIC COMPONENTS NIHON DEMPA KOGYO GLOBAL PRESENCE No. 2 in global market share of crystal devices sales bases Europe 17 3 sales bases Japan/Asia Americas 11 sales bases 3 sales bases 9 R&D centers and production facilities manufacturing plants 7 Global share Overseas sales ratio in automotive products No. 1 80% CONTENTS Forward-Looking Statements 2 Business Overview Statements made in this report with respect to our current plans, estimates, 4 To Our Shareholders strategies, and beliefs and other statements that are not historical facts are forward-looking statements about our future performance. These statements 8 Sales, Manufacturing, and Technologies Strategies are based on management’s assumptions and beliefs in light of information 10 Corporate Governance currently available to it. We caution that a number of important risks and uncer- 11 Messages from NDK’s Outside Directors tainties could cause actual results to differ materially from those discussed in 12 Directors, Audit & Supervisory Board Members, and the forward-looking statements, and therefore you should not place undue Corporate Officers reliance on them. You also should not rely on the belief that it is our obligation 14 Corporate Social Responsibility to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Risks and uncertainties that might 15 Financial Section affect us include, but are not limited to, fluctuation of currency exchange rates, 23 Corporate History/Guide to NDK’s Website overall supply and customer demand in the industry, product development and 24 Overview of the NDK Group/Directory production capacities, performance of affiliated companies, and other risks 25 Investor Information and uncertainties. FREQUENCY CONTROL DEVICES Nihon Dempa Kogyo Co., Ltd. (NDK) was established in 1948 as a company specializing in the manufacturing of quartz crystal devices with a corporate philosophy of “contributing to the prosperity of society and world peace through our service to customers.” Since its establishment, NDK has provided support for the development of the electronics industry. NDK has become the leading company in its industry by accumulating technologies and meeting the diverse needs of its customers through integrated manufacturing, marketing, and innovative technology development. Today, in addition to crystal devices with a wide range of applications, NDK applies its technologies in the development and marketing of new high- value-added products, including SAW devices and sensors. NDK constantly seeks to improve its management soundness and transparency. In 2010, it became the first company in Japan to adopt the International Financial Reporting Standards, and, in 2014, introduced an executive officer system to separate the management oversight functions of the Board of Directors from the functions of the Executive Officers in charge of the conduct of business activities. In 2015, NDK appointed two Outside Directors to the Board to provide an outside perspective in Board discussions and is making further progress in the creation of a sound and transparent management system. NDK will continue to actively address the challenges of creating new business value as a comprehensive manufacturer of frequency-generating devices and, thereby, contribute to the peace of mind, safety, and comfort of society. Product Lineup Crystal Units Crystal Oscillators Crystal Filters/SAW Devices Optical Devices Synthetic Quartz Crystals Frequency Synthesizers Ultrasonic Probes Biosensors ANNUAL REPORT 2016 1 Business OVerView Principal Markets Automotive products Industrial products SAW devices Automotive Electronics Fixed Radio Communications Percentage of Total Sales Medical and Automotive Healthcare Equipment Electronics 9% 40% Audiovisual/ Office Automation 18% Mobile Fixed Radio Communications Communications 20% 13% Number of Crystal Devices Used • Ultralow-priced models: 10 • Mobile phone base stations: • Smartphones (2 to 7 crystal • Tablet computers: 3 to 4 to 20 10 to 100 units and oscillators + SAW • LCD TVs: 2 to 3 • Economy models: 30 to 40 • Optical communications devices using 4 to 30 or more) • Game consoles: 2 to 3 • Luxury models: 70 to 100 devices (each device: 1 to 10 • Digital single-lens reflex cam- or more) eras: 2 and 1 optical filter • IoT bases, Gateway: 2 to 4 Outline of Business Results • ‌Annual sales have increased due • ‌In the mobile phone base stations • As prices had continued to decline, • As a result of the sales drop • Ultrasonic devices: NDK is devel- and Outlook to worldwide robust demand. market, installation of compact NDK emphasized profitability and mainly for TVs, PCs, home elec- oping and selling portable simpli- Also, progress has been made in base stations and spot base refrained from accepting orders tronics and games, and the fied ultrasonic devices looking spreading usage of telecommuni- stations increased in order to for some products. As a result, decrease in demand for optical forward to a demand increase in cations and audiovisual equipment process mass radio waves. NDK is sales were below the level of the products due to the shrinkage of medical and nursing care. aimed for the ADAS (advanced promoting development and sales previous year, but prices have the digital camera market, sales in • Biosensors: NDK makes efforts driver assistance system). expansion of compact and high bottomed out and profitability the AV/OA market decreased to commoditize products for food • ‌Crystal oscillators (TCXOs, ICXOs) accuracy 9 x 7mm high-stability improved. • Crystal devices will assume the inspection that can test for specific and SAW devices are required to OCXOs to meet this demand. • In the smartphone field, the shift function of wireless communica- substances in food products. The meet stringent standards for • ‌In the optical communications from chip sets incorporating tion at IoT. In order to win this production and sales will be col- auto-mounted telecommunica- market, the speed increased to thermistors to chip sets using demand from IoT, NDK is develop- laborated with the partner client of tions and audiovisual equipment 100Gbps, 400Gbps where higher crystal oscillators (TCXOs) has ing and expanding sales of com- this product. (including high temperature frequency is required for oscilla- progressed. As a result, the num- pact products that are price tolerance, durability, etc.), and tors. NDK is promoting develop- ber of crystal oscillators (TCXOs) competitive. NDK has pursued development ment and sales expansion of new per set has increased, and NDK is and design of these devices based products (Multi-function VCXOs responding to the need for in- on the experience accumulated and high frequency XOs) to meet creased production. thus far. the demand. • NDK developed 1612 size com- pact temperature compensated crystal oscillators (TCXOs) for this increased demand and began production for surface acoustic wave (SAW) module manufacturers to capitalize on the growing mobile communications market. Used in • Automobiles • Mobile phone base stations • Smartphones • PCs, tablet computers • Ultrasonic probes • Optical communications devices • Flat-panel TVs • Biosensors • Broadband telecommunica- • Game consoles tions equipment • Single-lens reflex cameras • Digital broadcasting equipment 2 NIHON DEMPA KOGYO Devices for consumer products Sensors SAW devices Medical and Healthcare Mobile Communications Audiovisual/Office Automation Equipment Number of Crystal Devices Used • Ultralow-priced models: 10 • Mobile phone base stations: • Smartphones (2 to 7 crystal • Tablet computers: 3 to 4 to 20 10 to 100 units and oscillators + SAW • LCD TVs: 2 to 3 • Economy models: 30 to 40 • Optical communications devices using 4 to 30 or more) • Game consoles: 2 to 3 • Luxury models: 70 to 100 devices (each device: 1 to 10 • Digital single-lens reflex cam- or more) eras: 2 and 1 optical filter • IoT bases, Gateway: 2 to 4 Outline of Business Results • ‌Annual sales have increased due • ‌In the mobile phone base stations • As prices had continued to decline, • As a result of the sales drop • Ultrasonic devices: NDK is devel- and Outlook to worldwide robust demand. market, installation of compact NDK emphasized profitability and mainly for TVs, PCs, home elec- oping and selling portable simpli- Also, progress has been made in base stations and spot base refrained from accepting orders tronics and games, and the fied ultrasonic devices looking spreading usage of telecommuni- stations increased in order to for some products. As a result, decrease in demand for optical forward to a demand increase in cations and audiovisual equipment process mass radio waves. NDK is sales were below the level of the products due to the shrinkage of medical and nursing care. aimed for the ADAS (advanced promoting development and sales previous year, but prices have the digital camera market, sales in • Biosensors: NDK makes efforts driver assistance system). expansion of compact and high bottomed out and profitability the AV/OA market decreased to commoditize products for food • ‌Crystal oscillators (TCXOs, ICXOs) accuracy 9 x 7mm high-stability improved. • Crystal devices will assume the inspection that can test for specific and SAW devices are required to OCXOs to meet this demand. • In the smartphone field, the shift function of wireless
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