Jkwd Ar 2014 En Cps Modify.Pdf
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ダミー Contents Corporate Visions / Business Composition ..........1 Overview of the JVCKENWOOD Group ............2 Financial Highlights ............................3 Management Message ..........................4 Specific Actions for the Fiscal Year Ending March 2015 ..........6 Outline of Business .............................8 Special FeatureⅠ|Creating excitement and “peace of mind” for the people of the world ...18 Special FeatureⅡ|Creating “excitement” and peace of mind for the people of the world .....22 Global Brand Strategy .........................24 Corporate Social Responsibility (CSR) About our environmental activity ..............26 Connection with society ......................28 Together with customers .....................30 Together with Business Partners ...............31 Together with Employees .....................32 Supporting career and skill development ........33 Helping support harmony between work and family life ...........................34 Health and safety ...........................35 Corporate Governance .........................36 Risk Management ............................39 Corporate History .............................40 Network (Global) .............................42 Network (Japan) ..............................43 Management Team ...........................44 Corporate Data / Share-Related Information .......45 Corporate Visions Creating excitement and peace of mind for the people of the world. Business Composition Car Electronics Segment Professional Systems Segment ■ Net sales (Billions of yen) ■ Net sales (Billions of yen) ー Operating income ー Operating income 4.1 108.4 107.3 114.0 92.5 93.5 3.6 94.4 7.9 3.2 91.8 97.0 6.5 3.6 2.0 -0.5 FYE FYE FYE FYE FYE FYE FYE FYE 3/'11 3/'12 3/'13 3/'14 3/'11 3/'12 3/'13 3/'14 ■ Major Products ■ Major Products Land Mobile Radio Equipment, Car Audio, Car AV Systems, Video Surveillance Equipment, Audio Equipment, Car Navigation Systems, Video Equipment, Professional Display Equipment, CD and DVD Mechanisms for Car-Mounted Equipment Medical Display Monitor Solutions Optical & Audio Segment Entertainment Software Segment ■ Net sales (Billions of yen) ■ Net sales (Billions of yen) ー Operating income ー Operating income 2.2 1.8 2.0 1.3 0.9 -0.8 40.9 36.4 87.1 1.2 77.5 74.7 42.9 0.6 36.7 100.1 FYE FYE FYE FYE FYE FYE FYE FYE 3/'11 3/'12 3/'13 3/'14 3/'11 3/'12 3/'13 3/'14 ■ Major Products ■ Major Products Camcorders, Home Audio, Planning, Production and Sales of Audio and Video AV Accessories, Projectors, Displays, Content including CDs and DVDs, Optical Pickups for Car-Mounted Equipment Production and Sales of CDs and DVDs (prerecorded) * The Company shifted to a new segment system on June 25, 2013. The graphs for FYE 3/'11 and FYE 3/'12 provide details of results for the old segments. * The graphs for FYE 3/'13 and FYE 3/'14 are based on figures including internal sales or the transfer amount between segments. Disclaimer Forward-looking statements and graphs contained in our documents are based on currently available information and therefore actual results may significantly differ from projected figures depending on various factors. Please do not make any material judgments based on the projections contained herein alone. Our core businesses deal with the rapidly changing electronics sector, and factors including technology, demand, price, competitive environment, changes in economic environment, exchange rate fluctuations and many other factors may adversely impact management results or the financial condition of the Company. JVC KENWOOD Corporation 1 Summary Overview of the JVCKENWOOD Group Overview of the JVCKENWOOD Group Management policies: Management policies: 1) Create excitement and peace of mind as a global manufacturer 1) Create excitement and peace of mind as a global manufacturer specializing in electronic and entertainment products. specializing in electronic and entertainment products. 2) Realize protable growth by concentrating on strong business. 2) Realize protable growth by concentrating on strong business. 3) Be a company that is widely trusted by society. 3) Be a company that is widely trusted by society. Conduct guide EveryConduct individual guide to take charge and strive for never ending reform. Every individual to take charge and strive for never ending reform. (Billions of yen) (Billions of yen) Sales Composition for FYE 3/’14 (Billions of400 yen) Sales and Income Trends (Billions20 of yen) 400 20 Sales Composition for FYE 3/’14 352.7 Sales and IncomeOperating Trends Income Net Income Others 352.7 320.9 Operating Income Net Income Others 316.3 Entertainment 320.9 306.6 300 316.3 10 SoftwareEntertainment Segment 306.6 300 10 Software(12% Segment) (12%) Car Electronics CarSegment Electronics Sales 200 0 Income Optical & Audio Segment(36%) Sales 200 0 Income OpticalSegment & Audio (36%) (Segment20%) 20% ( ) 100 -10 Professional Systems 100 -10 ProfessionalSegment Systems (Segment31%) 0 -20 (31%) 0 FYE FYE FYE FYE -20 3/'11FYE 3/'12FYE 3/'13FYE 3/'14FYE 3/'11 3/'12 3/'13 3/'14 Car Electronics Segment Professional Systems Segment Optical & Audio Segment Entertainment Software Segment Others Operating income net incom Car Electronics Segment Professional Systems Segment Optical & Audio Segment Entertainment Software Segment Others Operating income net incom Production and Sales System Production sites... 7 domestic sites, 11 overseas sites *Production sites... 7 domestic sites, 11 overseas sites *The overseas production ratio is 86% The overseas production ratio is 86% *Overseas sales sites... 28 sites The overseas sales ratio is 58% *Overseas sales sites... 28 sites The overseas sales ratio is 58% Regional Production Composition (FYE 3/’14) Regional Sales Composition (FYE 3/’14) RegionalEurope Production Composition (FYE 3/’14) Regional Sales Composition (FYE 3/’14) (Europe1%) Americas (1%) Japan Americas(4%) Asia & others (Japan14%) (4%) Asia 16%& others (14%) ( ) (16%) Europe Japan Japan42% (Europe16%) ( ) 42% (16%) ( ) Asia (including China) Americas Asia (including China) (81%) Americas27% 81% ( ) ( ) (27%) * Production sites, overseas sales sites as of July 1, 2014 * Overseas Production production sites, overseas ratio, overseassales sites sales as of ratio July are1, 2014 based on FYE 3/'14. Overseas production ratio, overseas sales ratio are based on FYE 3/'14. 2 JVC KENWOOD Corporation Financial Highlights Financial Highlights JVC KENWOOD Corporation and Consolidated Subsidiaries Fiscal years ended March 31 Net sales Operating income Total assets / Equity Interest-bearing debt / Net debt Total assets Interest-bearing debt Equity Net debt Millions Millions Millions Millions of yen of yen of yen of yen 400,000 15,000 300,000 100,000 92,369 267,380 13,105 86,467 241,650 246,735 81,663 320,869 316,343 306,581 12,000 240,000 80,000 300,000 9,761 9,000 180,000 60,000 200,000 6,000 120,000 40,000 4,592 28,706 26,808 26,473 67,518 100,000 60,224 3,000 60,000 57,253 20,000 0 0 0 0 FYE 3/’12 FYE 3/’13 FYE 3/’14 FYE 3/’12 FYE 3/’13 FYE 3/’14 FYE 3/’12 FYE 3/’13 FYE 3/’14 FYE 3/’12 FYE 3/’13 FYE 3/’14 (Millions of yen) FYE 3/ʼ12 FYE 3/ʼ13 FYE 3/ʼ14 Net sales 320,869 306,581 316,343 Operating income 13,105 9,761 4,592 Ordinary income (loss) 6,712 3,263 100 Net income (loss) 6,213 1,243 (6,450) Total assets 241,650 246,735 267,380 Equity 57,253 67,518 60,224 Equity per share (yen) 401.07 475.19 375.89 1 Stockholders' equity ratio (%)* 22.9 26.6 19.4 Retained earnings 24,188 24,687 17,422 Interest-bearing debt 92,369 86,467 81,663 Net debt 26,808 28,706 26,473 Cash flows from operating activities 8,883 9,772 14,944 Cash flows from investing activities (6,498) (13,357) (10,658) Cash flows from financing activities (1,523) (8,609) (9,582) Number of employees 13,594 12,781 19,791*2 *1. (Equity – Minority interests) ÷ Total assets *2. The number of employees increased by 7,010 from the end of the previous fiscal year. This is due to having incorporated our former equity method affiliate Shinwa as a consolidated subsidiary through additional share acquisition. JVC KENWOOD Corporation 3 Management Message The JVCKENWOOD Group was inaugurated on October 1, 2008 through the management integration between the former Victor Company of Japan, Limited and Kenwood Corporation. After that, we have overcome many difficulties, including the Lehman Shock, which occurred immediately before the integration, and structural reforms carried out by the whole company, and posted net income for the fiscal year ended March 2012, starting issuance of dividends. Thus, we had finished our turnaround and Creating excitement have focused on “Profitable Growth” under the and leadership of new CEO. However, we have fallen into very severe financial result for the first half of the fiscal year ended March peace of mind 2014 due to a steep rise in costs of domestic sales, resulting from rapid weakening of the yen, and a drop in sales particularly in the consumer field overseas, for the people caused mainly by competition with smart phones. In response to these difficult conditions, the of the world. entire company has focused on implementing a series of business restructuring measures, which include improving sales scheme and product costs, emergency measures, and structural reforms since the second half of the current fiscal year. As a result, the Group posted a year-on-year increase in operating income for the second half of the current fiscal year, showing clear signs of a business recovery. Shift toward market-oriented operation To make these reforms rapidly lead to restoration, we quickly inaugurated a new management team to carry out market-oriented operation on May 14, 2014. (*For details, refer to Pages 6 through 7.) Haruo Kawahara became CEO in November 2013. As Chairman and CEO, he represents JVCKENWOOD in the areas of group governance, funding, organization, and promoting growth strategies including new innovations under “The Approach of the Company,” the early commercialization of next- generation businesses, and M&As.