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To Our Shareholders and Investors


We would like to express our sincerest gratitude to our shareholders and investors for their continuous support. Since we have finished the first half of FY2017 (from April 2017 to September 2017), we will report on the overview.

Business environment for the first half of FY2017

In Japanese building HVAC business of the Green Technology System Division, substantial demand has continued since the previous fiscal year in redevelopment and renewal in central Tokyo, and construction of hotels in anticipation of an increase in the number of foreigners coming to Japan. In the industrial HVAC business, investments by manufacturers of smartphones and electronic parts for automobile electrical components continued to be active.

However, in overseas markets such as Thailand, investments by Japanese customers remained sluggish. Meanwhile, in the Paint Finishing System Division, although investments continued to be active in the US and China, and expanded in India, the competitive environment is still in a difficult situation.

The achievements of the first half of FY2017

Consolidated orders-received in the first half of FY2017 was 4.4 billion yen higher than the original forecasts due to domestic performance with compensating for unachieved overseas. Sales exceeded the original forecasts even overseas, and consolidated sales exceeded the original forecasts by 2.8 billion yen.
Ordinary income exceeded the original forecasts, due to favorable performance of the Green Technology System Division in Japan, but the results of whole business have not been reached the original forecasts due to the loss of the automobile painting project of the Paint Finishing System Division in North America.

Future efforts

The Green Technology System Division takes the improvement of profitability of businesses in overseas as the biggest issue and will promote strengthening overseas competitiveness and expansion of the business areas. In Japan, the amount of order-received is moving at a high level with the brisk market environment. For that reason, we will respond with “Work Style Reform” such as reducing overtime works and securing human resources as a top priority.
Meanwhile, the Paint Finishing Systems Division, where unprofitable projects occurred in this period, is already working on strengthening review focused on profitability before orders-received. Furthermore, the Paint Finishing Systems Division will aim for the improvement of profitability in the US and China markets where the competitive environment is in a difficult situation, and will endeavor to expand business areas for non-automobiles and into adjacent areas such as conveyor systems.
We will continue to do our utmost to achieve management goals so that we can obtain high trust and evaluation from all our stakeholders.
We appreciate the continued support and guidance in the years to come.

Toshiaki Shiba

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