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Integrated Report 2020 31, 2020 Ended March Year NGK SPARK PLUG CO., LTD. NGK SPARK Integrated Report 2020 NGK SPARK PLUG CO., LTD. 14-18 Takatsuji-cho, Mizuho-ku, Nagoya 467-8525 https://www.ngkntk.co.jp/english/ Public Relations Dept., Corporate Strategy Gr. Phone: 81-52-872-5896 Fax: 81-52-872-5951 NGK SPARK PLUG CO., LTD. Integrated Report 2020 Year ended March 31, 2020 CONTENTS 03 Corporate Message 07 Message from the Chairman 11 Message from the President 1 Morimura Group 17 Morimura Group 2 Stories for Value Creation 21 History of Challenges and Transformations 23 Value Creation Process 25 Businesses Developed over the Years 27 Assets Built over the Years 29 Performance Data 3 Growth Strategies 33 Looking Back on Years under the Long-term Management Plan “NITTOKU SHINKARON” 35 Risks and Opportunities in the External Environment New Long-term Management Plan 37 2030 Long-term Management Plan NITTOKU BX 43 NGK SPARK PLUG’s Innovation 45 The Finance Officer Outlines the Financial Strategy 4 Business Infrastructure to Support Sustainable Growth 51 Sustainability at NGK SPARK PLUG 55 Priority Issues 57 Response to Climate Change and Environmental Management 61 Human Resources Development to Ensure Sustainable Growth 65 Respect for Human Rights 66 Proper Procurement 67 Stakeholder Engagement Corporate Governance 68 Interview with Outside Directors 71 Management System 75 Corporate Governance System 82 Risk Management 84 Information Security Editorial Policy 85 Measures against COVID-19 NGK SPARK PLUG has been issuing an annual integrated report since 2017 with a view to helping all stakeholders deepen their understanding of its medium- 87 Compliance to long-term value creation efforts. This year’s report has been edited with a focus on introducing our newly established long-term plan and vision—2030 Long-Term Management Plan NITTOKU BX and 2040 Vision: “Change drastically beyond the current way”—particularly describing approaches to 5 Business Strategy implementing and realizing them from financial and non-financial viewpoints. This publication is also intended to serve as a tool to respond to various opinions and inquiries we receive from stakeholders through our business and 91 Automotive Components Group Plug business IR activities throughout the year. We look forward to receiving frank opinions from many people. 93 Automotive Components Group Sensor business 95 Technical Ceramics Group Scope and Period Covered NGK SPARK PLUG Communication 97 Other businesses Period covered : FY2019 (From April 1, 2019 to March 31, 2020) Summary Also includes some information about our FY2020 activities. NGK SPARK PLUG Integrated Report Scope covered : NGK SPARK PLUG Group 99 Financial Results Highlights for the Past 11 Years Corporate Governance Also includes some non-consolidated information about NGK Shareholder Newsletter Report 101 Consolidated Statement of Financial Position SPARK PLUG. 102 Consolidated Statement of Profit or Loss Securities Business Results Briefing CSR website and Guidelines for Reference Report Presentation Materials Sustainability Data Book Consolidated Statement of Comprehensive Income The International Integrated Reporting Framework, the Detail 103 Consolidated Statement of Changes in Equity International Integrated Reporting Council (IIRC);Guidance for Integrated Financial information Non-financial information Corporate Disclosure and Company-Investor Dialogues for Collaborative 104 Consolidated Statements of Cash Flows Value Creation, the Ministry of Economy, Trade and Industry https://www.ngkntk.co.jp/english/ 105 Notes to Consolidated Financial Statements Forward-looking statements This report focuses on the information that is essential for the enhancement of our 151 Independent Auditor’s Report This report contains forward-looking statements regarding NGK SPARK PLUG’s corporate value. For details of our technologies, products and financial affairs, please visit 153 Global Network future plans, strategies and performance. Please understand that actual results our website. For detailed information about our corporate social 155 Corporate Profile and Stock Information may differ substantially from these statements. responsibility (CSR), please refer to the webpages on our CSR activities as well as to our CSR reports and the Sustainability Data Books. 156 Independent Verification Report NGK SPARK PLUG CO., LTD. Integrated Report 2020 NGK SPARK PLUG CO., LTD. Integrated Report 2020 01 02 Maintain Our Strengths The Nittoku Way The Nittoku Way refers to a set of philosophies based on business mottos cherished by Morimura Gumi, the founding company of the Morimura Group. The philosophies set forth values to be shared by the entire NGK SPARK PLUG Group and a guide to actions to be taken in line with the values. About the Morimura Group, see ⇒ P.17 Corporate Philosophy At NGK SPARK PLUG, we aim to contribute to people all over the world by Corporate Corporate Message Philosophy linking people to technologies and delivering new values. As a truly global CSR and corporation, we want to build stronger ties not only with customers and Sustainability Charter communities, but also with the local and global environments. We are always working to make our corporate philosophy and our commitments a reality. Long-term Corporate Management Code of Three elements constitute our corporate philosophy. Plan Conduct Medium-term CSR IGNITE Your drive, dreams and SPIRIT Management Basic Policy Plan Slogan Corporate philosophy With established trust and confidence inside and outside Quality Involvement the company, we aim to contribute NGK SPARK PLUG has been a leader in manufacturing for 80 years. products by all to the peoples of the world by creating and putting at their Our desire is to live in a healthier and more beautiful world where all our dreams can come true. disposal new values Basic Traits for the future. Every day, we continue to ignite the passion in our hearts and spark new ideas in our minds Shisei- to focus on achieving our goals for the future. Shinjitsu Dokuritsu- Shikai-Keitei 2 1 3 Our mission is to continue to make the world a better place. Jiei Soshi- Kantetsu We offer a working environment in With full use of the most suitable Ever onward! We will pursue future opportunities and improve which each one of us is encouraged to technology and our accumulated Always mindful of what is the best make full use of his or her personality experience, we continue striving to offer course, we swiftly put it into action. NGK SPARK PLUG’s unique and advanced technologies. Shared Values and capabilities. With all our power we new values to the peoples are dedicated to pursuing management of the world. Our diverse workforce will ignite our company to create new products and based on trust and confidence. to be a leader in innovation. Shared Values CSR and Sustainability Charter We will enhance our competitive advantage by understanding and adapting to global changes. The Four Shared Values of We contribute to developing a sustainable society, thereby improving the Nittoku Way Fueled and motivated by our own drive, NGK SPARK PLUG will continue to our corporate value. IGNITE YOUR SPIRIT, instill passion in your hearts, and deliver cutting-edge Sincerely Shisei-Shinjitsu solutions as a leading manufacturer in the world. do our very best. We build relations of trust with We cocreate and Believe in one’s own ability, our stakeholders provide new value to Dokuritsu-Jiei and take actions by oneself. while making highly solving social transparent decisions issues. Unite efforts with the people and actions. Shikai-Keitei of the world, and utilize each other’s differences. Have cherished desires, We are committed to delivering new value to people all over the world and contributing to society, Soshi-Kantetsu and carry it through till as expressed in our corporate philosophy. the end. This commitment is associated with our concept of sustainability, which is to help solve social issues through business activities. The CSR and Sustainability Charter presents a summary of this concept. NGK SPARK PLUG CO., LTD. Integrated Report 2020 NGK SPARK PLUG CO., LTD. Integrated Report 2020 03 04 Pursue Transformation 2040 Vision Change drastically beyond the current way 2030 Long-term Management Plan Delivering new value in the face of an ever-changing future. 2030 Strategies and Initiatives To meet large-scale global environmental changes, we too must change. Creating an organization comprised of passionate individuals working together to face challenges head-on in order to a better society. We are transcending imagination with technology that transcends boundaries. We are more than just a ceramics and we are going in new directions. About the new long-term management plan, ⇒ P.37 NGK SPARK PLUG CO., LTD. Integrated Report 2020 NGK SPARK PLUG CO., LTD. Integrated Report 2020 05 06 Message from the Chairman From Competition to Cocreation Our goal is to achieve sustainability in both the company’s growth and society through unselfish commitments to helping solve social issues Representative Director Chairman of the Board The “NITTOKU SHINKARON,” our long-term management plan that envisioned the next 10 years for NGK SPARK PLUG from FY2010, ended in FY2019. In this section, Chairman of the Board Shinichi Odo talks about how the company evolved during the last decade and how it will adapt to changes brought about by the COVID-19 pandemic. Impact of “NITTOKU SHINKARON” on the company’s culture The NGK SPARK PLUG Group, established in 1936 with the the plan, to discuss across the company what they should challenging mission of creating Japan’s first spark plugs, has do as members of the Nittoku family. been pursuing the possibilities of ceramics under our In FY2016, ended March 2017, we also developed the principles of “Involvement by all” and “Quality products,” seventh medium-term management plan for the period to which we believe are the foundation of Monozukuri March 2021. I served as both Chairman of the Board and (innovative and quality manufacturing). Through these efforts President from FY2016 to undertake both the management over many years, we have contributed to social development and business execution of the company.
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