most recent annual report - TABUCHI ELECTRIC CO., LTD. · 1 TABUCHI ELECTRIC CO., LTD. 90 ... Korea...

4 Key Numbers of Tabuchi Electric Group

1 TABUCHI ELECTRIC CO., LTD.

90 years Contribution to the public with our core technology

Since founded in May 1925 with the business of silicon steel press-

ing, our business has been expanding through transformers, power

supplies, and inverters. Consistently sticking to technology-oriented

management as an engineering company, we have been contributing

to the better energy management for the society.


2 ANNUAL REPORT Year ended March 2015

In the endeavor from silicon steel pressing to PV solar inverters in this 90years, we have been manufac-

turing various type of transformers in multiple product categories: ranging from low frequency to high

frequency models, for consumer products to industrial applications, as well as customer-specific and

custom transformers. Our technologies in transformers are the fundamental base of our business and

still evolving to the better management of electric power to a safer and greener future.

And since 1976, we also have been offering custom-designed power supplies for various types of electri-

cal equipment. Today, we are actively developing power supply units for next-generation lighting and in

particular, special power supply equipment for medical and nursing applications.

All these are strongly contributing to our current and future business development to the next stage.

1.52 GW Installation of PV solar inverters in FY2014

Japan’s market of FY2014, PV solar installation expanded to

approximately 9GW led by the rapid growth of commercial

utilities. Our inverter business went through strongly with

the full lineup from for residential use, small & mid range

utilities, to mega-solar field.



Three-phase 25kW PV solar inverter

1,000,000 Accumulated shipping of PV solar inverters

Accumulated shipping of our PV solar inverters reached 1 million

pieces in December 2014, which has been surely seeding for our fu-

ture business in the various fields, and continuously increasing on.



PCS

10,000

4.4 tons

Yearly production amount of aluminum wires

Aluminum wires, used as materials for transformers that realize

lighter weight and lower cost than ones of coppers, are produced 10

thousand tons/year in Yantai Dongshan Electric Co., Ltd.* This figure

is the 3rd largest in China and one of our competences for transform-

er business as regard to strong and stable material procurement.


* Affiliated company with our strategic partner, Korea Transformer Co., Ltd.



Contents Table of

1

7

8

9

10

11

12

13

15

16


Message from the Top Management

Company Overview

Management Team

Group Organization Chart

Our Products

Global Networks

Financial Highlights

Mid-term Business Plan

90 Years History of Tabuchi Electric Group



TABUCHI ELECTRIC CO., LTD. 7


In 1925, Tabuchi Electric was founded in Osaka as a silicon steel pressing company. We

have been expanding our business with our philosophy “Contributing to the public

through manufacturing high quality products with customer first mind.” After the silicon

steel pressing business, we proceeded our business to transformer and power supply

unit. Especially for the home appliances we have been providing our products worldwide.

Furthermore, with our technology of transformers and power supply units we proceeded

to power electronics business. And in 1995, we have started to develop PV solar invert-

ers. With the booming demand of Japan’s solar market, we have been expanding our

product lineup mainly for the residential market, including our own brand “EneTelus”.

Today, our product line up is still expanding. In order to provide “Total Energy Solution”

we are currently working on to expand our products such as “Solar Inverter for Mega-

Solar Solutions” and “Hybrid Inverter with Battery”. Our mission is to provide “Efficient

Energy Use” to customer with our product, which will contribute to realize the greener

society and enrich people’s lives in the world. And in the future, we are going to step into

the new field such as automobile, industrial, and medical/healthcare by combining our

core technologies and the latest technologies. Tabuchi Electric will never stop developing.

President and

Chief Executive Officer

Toshihiro Kaihoshi

Management Philosophy Contributing to the public through manufacturing

high quality products with customer first mind

Mission Statement To enrich people’s lives and environment in the world by delivering

the best energy solutions through its power-electronics technology.

Chairman and

Chief Executive Corporate Director

Teruhisa Tabuchi

8

Company Overview

Company name

Global Headquarters

Fiscal year end

Chairman

President

Founded

Incorporated

Business lineup

Capital

Sales

Number of employees

Business facilities

Product lineup

Stock listing

Tabuchi Electric Co., Ltd.

Osaka, Japan

March 31

Teruhisa Tabuchi

Toshihiro Kaihoshi

May 1925

December 1935

Manufacture and sales of transformers for electronic equipment,

power supply units for electronic equipment

3,357 million yen (Paid capital as of March 2015)

53,299 million yen (Fiscal year 2014 result, Consolidation)

3,751 (as of March 2015, Consolidation)

Osaka, Tokyo, Aichi, Tochigi, Shanghai, Hong Kong, Dongguan,

Hanoi, Bangkok, San Jose, Toronto

Transformer business

Low-frequency transformers, High-frequency transformers, Trans-

formers for magnetrons, High-voltage transformers, Reactors for

improving the power factor, Magnet wires

Power supply business

PV solar inverters, Hybrid inverters for PV and Battery, Switching

power supply units, AC adaptors, Battery chargers, Electronic bal-

lasts for lamps, Inverters for magnetrons, Power supply units for

LED lightning, and much more various equipment

1st section of the Tokyo Stock Exchange

Company Overview

ANNUAL REPORT Year ended March 2015


Management Team

Management Team

The Board Members

Chairman of the Board, and

Chief Executive Corporate Director

President, and Chief Executive Officer

Corporate Director

Corporate Director

Corporate Director (External)



Corporate Auditor

Corporate Auditor (External)

Corporate Auditor (External)

Corporate Officers

Chief Executive Officer

Executive Vice President (Chief Technical Officer)

Vice President (Chief Financial Officer)

Vice President (Head of Power Electronics Business)

Corporate Officer (President of Dongguan Tabuchi Electric)

Corporate Officer (President of Vietnam Tabuchi Electric)

Corporate Officer (Head of Procurement Division)

Corporate Officer (Head of Sales and Marketing Division)

Corporate Officer (President of Thai Tabuchi Electric)

Corporate Officer (Business Strategy)

Corporate Officer

(Head of Electromagnetic Device Business)

Corporate Officer (Head of Quality Control)

Corporate Officer (Business Strategy and CSR)

Teruhisa Tabuchi

Toshihiro Kaihoshi

Shigekazu Sakabe

Masao Sasano

Seiji Shiotsu

Toshihito Hayano

Noboru Saito

Toshiaki Ozaki

Hidemi Yoneda

Hiroshi Hayashi

Toshihiro Kaihoshi

Shigekazu Sakabe

Masao Sasano

Yukitaka Sakamoto

Takuji Yoshihara

Tsuyoshi Idama

Yutaka Marumoto

Masahiko Kurohiji

Junnosuke Sugitani

Kenji Ota

Munekazu Sato

Norio Nadaguchi

Mitsuhito Takada

10





Our Products

Our Products

From for consumer products to industrial fields and high power electronics

with our spiral lineup from devices to modules and products

Hybrid Solar Inverter with battery storage

An effective way to use solar electricity is to

store the power in storage batteries. This is how

“cutting peak demand is put into practice.

Batteries can also be charged from the grid, and

electricity in storage batteries does not flow

back into the grid.

Hybrid systems consisting of solar cells and

storage battery charge/discharge device

Outdoor installation

Equipped with function to prevent backflow

of power from storage batteries into the grid

Bidirectional inverters can also be used to

facilitate charging from the grid

Transformers

Power Supplies

PV Solar Inverters

Technical superiority of our transformers

Typical reactors are made of copper wire, however,

we have developed Aluminum Wire which is a lighter

and more affordable that enables us to offer high-

quality custom products of guaranteed long-term

reliability. Tabuchi Electric has become the leading

manufacturer of compact harmonic reactors for in-

verter air conditioners, and our products are widely

used by manufacturers in China as well as Japan.

Years of research have culminated in our patented

terminal technology for joining aluminum wire to

dissimilar metals. Also, our production at group

affiliate “Yantai Dongshan Electric” give us a com-

petitive cost edge. These transformer technologies

are maintained since Tabuchi Electric was founded,

which has been one of our core technologies.

12

Global Networks

Global Networks

Tabuchi Electric Co., Ltd. -Head Office (Osaka, Japan)

-Tokyo Branch (Tokyo, Japan)

-Chubu Office (Aichi, Japan)

Tabuchi Electronics Industry Co., Ltd. -Factory and Head Office (Tochigi, Japan)

Shanghai Tabuchi Transformer Co., Ltd. -Factory and Head Office

(Shanghai, China)

Tabuchi Electric Hong Kong Ltd. -Head Office (Hong Kong)

Jiangxi-Bicai Tabuchi Transformer Co., Ltd. -Factory and Head Office (Jiangxi, China)

Thai Tabuchi Electric Co., Ltd. -Factory and Head Office

(Chachoengsao, Thailand)

-Bangkok Office (Bangkok, Thailand)

Dongguan Tabuchi Electric Co., Ltd. -Factory and Head Office

(Guangdong Province, China)

Vietnam Tabuchi Electric Co., Ltd. -Factory and Head Office

(Bac Ninh Province, Vietnam)

Korea Transformer Co., Ltd. -Factory and Head office (Seoul, Korea)

Yantai Dongshan Electric Co., Ltd. -Factory and Head Office (Shandong, China)

Tabuchi Electric Company of America, Ltd. -Head Office (San Jose, CA)

-Toronto Office (Ontario, Canada)




Net Sales Operating Profit (Loss) Net Profit (Loss)

Operating Result for the Year:

Net Sales 31,070 42,803 53,299

Operating Profit 1,220 5,499 11,061

3.9% 12.8% 20.8%

Ordinary Profit 1,005 5,561 11,506

3.2% 12.9% 21.6%

Net Profit 578 4,100 7,695

1.8% 9.5% 14.4%

Net Profit

per Share JPY14.30 JPY101.44 JPY190.40

FY2012 FY2013 FY2014

Cash Flows:

Net Cash Flows from

Operating Activities 1,197 4,224 8,726

Net Cash Flows from

Investing Activities (1,466) (1,719) (2,566)

Free Cash Flows (269) 2,505 6,160

Net Cash Flows from

Financial Activities 404 (2,037) (1,815)

Foreign Exchange Adjst. 94 41 227

Net Cash Flows 230 508 4,572

Net Sales by Segment:

Power Supply Business 23,413 33,810 44,150

Transformer Business 7,656 8,992 9,148

Total 31,070 42,803 53,299


14


Equity Ratio Net Cash Equity per Share (JPY)

(Millions of Japanese Yen)

Financial Position at the end of Fiscal Year:

Cash and Equivalents 1,787 2,296 6,868

Account Receivables 5,009 9,080 15,408

Inventories 4,409 4,717 5,229

Others 623 927 1,527

Current Asset 11,831 17,021 29,304

Non-current Asset 5,945 6,950 8,765

Deferred Asset 5 5 2

Asset Total 17,782 23,977 37,802

2013/3/31 2014/3/31 2015/3/31

Capital 3,611 3,611 3,611

Capital Surplus 416 - -

Retained Earnings (1,025) 3,490 10,777

Treasury Stock (13) (16) (21)

Accml. Other Comprehensive Income (Loss) (608) (445) 293

Minority Interest 105 239 -

Equity Total 2,484 6,880 14,661

Account Payables 6,399 6,943 8,085

Short-term Debt 4,620 2,915 2,090

Others 1,444 3,469 7,594

Short-term Liabilities 12,465 13,328 17,770

Long-term Debt 2,000 2,225 2,006

Others 832 1,542 3,365

Long-term Liabilities 2,832 3,768 5,371

Liabilities Total 15,297 17,097 23,141




In this mid-term business plan, we define the term of 2015 to 2017 as the first stage and 2018 to

2020 as the second stage, and set income target for each. On the first stage, our target is 75 Bil-

lionJPY of sales and 12 BillionJPY of operating profit on consolidation, and 100 BillionJPY of sales

for the second stage, by aiming at achievement of “Global Power-Solution Company” as our core

strategy.

1. Business Domain

With “specialized devices” and “cutting-edge products” customized by advanced power electron-

ics technologies, we expand our business into 4 domains below.

-Energy Industry

-Industrial Equipment

-Health care and Medical Equipment

-Automotive Business

2. Product Development

Strong attitude toward “what’s never existed” and “what others never tried”, we invest our re-

sources focusing into advanced technologies. And by “3 phases marketing”, which are focused

each on Short, Mid, and Long-term, we strengthen product development management for sus-

tainable growth. Additionally, we aim at 1000 engineers of organization (R&D, engineering and

designing, and production professionals) in 2020 to strengthen our value as technology-oriented

company.

3. Operating Foundation

To achieve business actions above, we strengthen our operation mainly on the items below.

-Cash-flow operation

-Renovation of organization (Globalization, Diversification, Strong leadership with small teams...)

-Branding (Product quality comes first, Global utilization...)


16

90 Years History of Tabuchi Electric Group

1925

1935

1940

1949

1958

1966

1967

1972

1976

1979

1985

1986

1987

1991

1995

1997

2000

2001

2007

2011

2012

2013

2014

2015

The company has founded as a private business by Shigeru Tabuchi in Osaka, Japan.

The company was incorporated.

The Electrical Equipment Division was established to create a transformer manufacturing business.

Manufacture of transformers commenced and the products were given the brand name ZEBRA.

Began to provide custom-designed transformers to home appliances manufactures.

Tabuchi factory recognized as JIS (Japanese Industrial Standards) authorized manufacturer.

Tabuchi Electronics Industry Co., Ltd. (current mother plant) built new factory in Tochigi, Japan.

Korea Transformer Co., Ltd. (joint venture) was established in Seoul, South Korea.

Commenced manufacture of power supply units.

Tabuchi Electric Company of America was established in Tennessee, U.S.A.

(Production ceased in 1988)

Tabuchi Electric U.K. Ltd. was established in Cleveland, U.K. (Closed in 2004)

Tabuchi Electric Co., Ltd. listed on the Second Section of the Osaka Securities Exchange.

Tabuchi Electric de mexico, S.A. de C.V. was established in Tijuana, Mexico. (Closed in 2009)

Thai Tabuchi electric Co., Ltd. was established in Chachoengsao, Thailand.

Sanda manufacturing facility was opened in Hyogo, Japan, and production stared.

(Production ceased in 2002)

Shanghai Tabuchi Transformer Co., Ltd. Was established in Shanghai, China.

Commenced manufacture of PV solar inverters.

Tabuchi electric Hong Kong Ltd. was established in Kowloon, Hong Kong.

Dongguan Tabuchi Electric Factory opened.

Korea Transformer Co., Ltd. began to produce magnet wires in Yantai, China.

Vietnam Tabuchi electric Co., Ltd. was established in Bac Ninh Province, Vietnam.

EneTelus, the PV solar brand was launched.

Jiangxi Bicai Tabuchi Transformer Co., Ltd. (joint venture) was established.

Tokyo branch office relocated to Kanda, Tokyo.

The head office of Tabuchi Electric Company of America was moved to San Jose, California.

Headquarters relocated to Nissay Shin-Osaka Bldg., Osaka, Japan.

Chubu office was opened in Toyohashi, Japan.

Tabuchi electric Hong Kong Ltd. was relocated its head office.

Bangkok office was opened in Bangkok, Thailand.

Tabuchi Electric Co., Ltd listed on the First Section of the Tokyo Stock Exchange.

Tabuchi Electric Company of America, Toronto was opened in Ontario, Canada.

90 Years History of

Tabuchi Electric Group


2015 07

most recent annual report - TABUCHI ELECTRIC CO., LTD. · 1 TABUCHI ELECTRIC CO., LTD. 90 ... Korea...

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