Annual Report

2018Year Ended March 31, 2018

Securities Identification Code : 6482

Message from the President
Let me extend my wishes to you for your health and prosperity.
We respectfully appreciate for your continued support to our business.
We would like to present you an overall view of our company's 45th year of operations, the fiscal year from April 1st,

Impossible mark the starting point of a challenge.

2017 to March 31st, 2018.
July 2018
Mayumi Kotani
President andRepresentative Director

Susumu Kotani, Yushin’s FounderBusiness Results
Regarding the global economy
during the consolidated fiscal
year under review, the moderate
economic expansion continued
in the United States, reflecting
robust personal consumption.
The economy recovered inEurope due to improvements inthe corporate sector, particularlyin the manufacturing industry,and personal consumption. In
the Asian region, including China,
the economy was firm, and world
economy remained steadyoverall.
In these circumstances, Yushin
Group has strived to develop
new products and to obtain newworld-class customers.
Regarding the results for the
consolidated fiscal year underreview, consolidated net sales
increased by 7.9% year on year
to 20,878 million yen as a resultof strong sales of take-out
robots. Operating income
increased by 11.6% year on year
to 2,358 million yen due to theincrease in sales and theefficiency improvement led by
the production start at the newhead office factory although
there was an increase indepreciation expenses at the
new headquarters factory anddistribution cost due to anincrease in the number of1Medium and Long-Term Management Strategies
production shipments. Ordinary
income increased by 18.2% year
on year to 2,432 million yen,and net income attributable toshareholders of the parent
company increased by 17.9%
year on year to 1,626 million
yen.
Outlook for Fiscal Year 2019(Year ending March 31, 2019)
Regarding the global
economy during year ending
March 31,2019, the economic
recovery is expected tocontinue as a whole, but there
are many uncertain factors
including problems of trade
policies in the US and China,
and the outlook for the
economy will continue to be
uncertain.
Under these circumstances,
the Yushin Group will strive tofurther strengthen its productstrength and global
deployment capabilities, andwill continue to develop andsell products that capture
customer needs. In the
take-out robot, we will expand
sales of new products with new
functions and work to improve
our brand power. With
custom-ordered equipment, we
will continue to expand sales byreceiving automation needs

that are increasing in Japan andoverseas. Also, we will provide
high-quality technical services byutilizing AI and also work on
predictive maintenance. We willfurther improve productivity,
work efficiency and cost
reduction activities.
Yushin forecasts its businessperformance for the fiscal year
ending March 31, 2019 based on
the current information available,
as follows.
(Millions of yen)

Consolidated
Net sales

22,000(Y/Y 5.4%)

Operating income

2,600(Y/Y 10.2%)

Ordinary income

2,600(Y/Y 6.9%)

Net income
attributable toshareholders of theparent company

1,800(Y/Y 10.6%)

Yushin has set themedium-term managementtargets of net sales of 30,000
million yen and ordinary incomeof 5,000 million yen.
Company strategy
Yushin strengthens andconducts business even moreaggressively in the global market,
and works on developing
superior cost-effective productswith its quality and performance
to meet our customer needs. And
Yushin will also attract newcustomer for the take-out robots
while promoting receiving orders
for custom-ordered equipment in
a new business area. In addition,
Yushin continues to improve
productivities and promote
operational efficiencies utilizing a
new headquarters and factory
which was opened in December
2016.

customers in emerging countries
where labor costs are highly risingand develop world-class humanresources who can sustain for
expanding our presence aroundthe world.
Product strategy
Yushin will continuously offer thedefinitely-differentiated product byappealing the performancesuperiority such as high-speed
motion, vibration suppression andpower-saving. In order to establish
multiple core businesses, Yushinmust develop and bring new
products to the market in thebusiness area where Yushin canmanifest technological and/or sales
synergies.

Market strategy
Yushin has developed a sales
and service network for take-out
robots in the U.S, Asia, andEurope. Yushin will continuously
expand and strengthen the
network in areas where businessis expected to grow to develop a
global business that canadequately respond to worldwide
customer purchases. Especially,
Yushin aims to develop new
2

Outline of Yushin Precision Equipment Co., Ltd.
Our name “Yushin”, means to be both conscientious and trustworthy in Japanese. As these terms suggest, ourConsolidated Financial Highlights
YUSHIN PRECISION EQUIPMENT CO., LTD. and Subsidiaries
Years Ended March 31

goal is to be a company that earns and deserves the trust of customers. This is why we work constantly todevelop products and systems based on what we call “Heartful Technology”, that reaches heart to heart.
Since 1973, we have been striving to make the molding process more efficient, focusing on the development
and manufacturing of take-out robots for plastic injection molding products. To us, the words “impossible” or“it can’t be done” mark the starting point of a challenge.
To be successful, we must continue to introduce innovative products, for instance, ultra-high speed robots
and factory automation systems for bringing new capabilities into the customers.
As an innovator in the plastic molding process, Yushin intends to continue developing equipment that will
improve quality, and simplify the molding new types of products. Taking advance with automation for plastic
molding plants, Yushin has been expanding its service network throughout the world.
Yushin also conducts its business so as to live up to the trust and expectations of its customers, shareholders,
suppliers, employees, local communities and all other stakeholders.

Thousands of
U.S. Dollars

Millions of Yen
For the year:
Net sales ・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Operating income ・・・・・・・・・・・・・・・・・・
Income before income taxes ・・・・・
Net income attributable to ownersof the parent ・・・・・・・・・・・・・・・・・・
R&D Expenses ・・・・・・・・・・・・・・・・・・・・・

2018

2017

2016

2015

2014

2018

￥ 20,878
2,358
2,438

￥ 19,346
2,112
2,009

￥ 21,148
3,086
2,858

￥ 17,799
2,304
2,566

￥ 17,909
2,792
3,163

$ 196,968
22,252
23,001

1,626
598

1,380
619

1,908
510

1,683
472

1,893
448

15,346
5,647

32,572
26,47230,76125,451

29,40924,71529,463
23,97026,252
21,875

307,291
249,736

At Year end:
Total assets ・・・・・・・・・・・・・・・・・・・・・・・・・
Equity ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Per share of common stock:
Net income ・・・・・・・・・・・・・・・・・・・・・・・・・・
Cash dividends ・・・・・・・・・・・・・・・・・・・・・
Equity ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

Yen￥ 46.51
33.00
750.37

Equity ratio:
Return on assets ・・・・・・・・・・・・・・・・・・・
Return on equity ・・・・・・・・・・・・・・・・・・・・

%

4.6 %
5.6

5.1 %
6.3

￥ 48.1330.00
678.68￥ 54.57
36.00
700.77￥ 39.4636.00
722.196.5 %7.9

U.S. Dollars$ 0.440.31￥ 54.1230.00
621.94

6.0 %
7.4

7.6 %
9.1

Notes: The computation of net income per share is based on the weighted average number of shares of common stock outstanding during each year, retroactively adjusted for stock splits,
including those stock splits made after year-end.
Cash dividends per share are dividends applicable to the respective years including dividends to be paid after the end of the year.
The computation of equity per share is based on the number of shares of common stock outstanding each end of year, retroactively adjusted for stock splits, including those stock splits
made after year-end.
Translations of Japanese Yen amounts into U.S. dollar amounts are made at the rate of ¥106 to $1.

(millions of yen)

Net Sales
2014

17,9092014

2015

17,7992015
21,148

2016

0

5,000

10,00015,00020,000

1,908

2017

20,878

2018

1,893
1,683

2016

19,3462017(millions of yen)

Net Income

25,000

1,380

1,626

2018
30,0000Total Assets(millions of yen)

Equity2014

26,252

2014

500

1,000

1,500

2,000

2,500

(millions of yen)
21,875

2015

29,463

2015

23,9702016

29,4092016

24,7152017

30,761

2017

25,451

2018

26,472

32,5722018
0

10,00020,00030,00040,0003,000

010,00020,00030,00040,000Estimates, Forecasts, and Plans

The performance estimates, forecasts of the business environment, and business plans contained in this publication are based on the information available at the time of compilation.
Statements herein regarding these performance estimates, forecasts of the business enviorment,and business plans may contain inaccurate elements. In addition, there is a possibility of unknown
risks, uncertainties, and contingencies emerging that may invalidate these performance estimates, forecasts of the business environment, and business plans. As a result, the reader is requested tounderstand that actual results / performance, the business environment and business plans in the future may differ materially from the content of this publication.

Serving society through developing plastics industry

3

4

Review of Operations
Take-out Robots
Net sales of take-out robots
increased by 2,039 million yen(15.2%) from the previous FY to15,449 million yen since sales offlagship take-out robots grewsteadily.
Performance of Geographic Segments
Net Sales
8,974

12,736

2015

9,304

13,092

2016

9,564

2017

13,923

8,689

2018
4,000
Overseas sales<North America>
Net sales decreased by 2.6% from the previous FY to 3,200 million yen and operating income decreased
by 25.2% to 260 million yen.

13,4109,704
0<Japan>Net sales increased by 7.6% from the previous FY to 16,724 million yen and operating income increasedby 10.2% from the previous FY to 1,409 million yen.

(millions of yen)

2014

15,4498,000

12,00016,000

Custom-ordered Equipment<Asia>Net sales increased by 17.1% from the previous FY to 5,593 million yen and operating income increasedby 29.4% to 607 million yen.

Net sales of custom-ordered
equipment decreased by 627
million yen (22.2%) from theprevious FY to 2,204 million yen.

<Europe>Net sales increased by 76.0% from the previous FY to 698 million yen and operating income increased by
1,811.3% from the previous FY to 130 million yen.

Net Sales

Overseas Sales(millions of yen)

2014

1,914

2015

1,063

2,626

2016

2,947

2017

1,095

2018

3,997
2,832

947
0

Overseas sales simply indicate Yushin’s world sales to countries and areas other than Japan. Overseas
sales increased by 10.1% year on year to 12,543 million yen from the previous fiscal year. And the ratio ofoverseas sales to the total net sales was 60.1%.

1,794

2,204

2,000
Overseas sales

4,000

6,000

Sales Composition by Region
21,148610(millions of yen)Parts and Maintenance Service
Net sales of parts andmaintenance service increased by
120 million yen (3.9%) from theprevious FY to 3,223 million yen.

Net Sales
2014
2015

1,668

2016

1,929

2017
2018
0

5

(millions of yen)

1,324

Parts andmaintenance service
15.4%
Custom-ordered
Equipment
10.6%

2,911
3,227
3,103

1,701

3,223
4,000

6,000

17,909
484
2,917
1,352
4,721

FY2018

17,799
395
2,628
959
4,982

3,665
2,163
4,781
3,220

3,573

687

Europe4,594

Other Asia

3,468

China / Taiwan

8,335

Japan

693
4,200
2,477

2,738

3,069

Take-out Robots
74.0%

5,694

5,762

6,707

7,955

20,878FY2014FY2015FY2016FY2017

2,547

1,606
2,000
Overseas sales

Sales Composition by Products

19,346445

20,878620
3,172(millions of yen)

Other
North America

FY2018
6

Board of Directors, Auditors and Officer
As of June 30, 2018

4. Yasuharu Odachi (July 31, 1958)
December 2004

Joined the Company

February 2005

General Manager ofJune 2014(To the present)
March 2015

Production Technology Dept.
March 2005
October 2005

General Manager of

Outside Director of the Company
Chairman and CEO of Socionext Inc.
(Retired in March 2018)

June 2016

Outside Director of

Research & Development Dept.

YAMADA Consulting Group Co., Ltd.

Head of Research & Development Dept.

(To the present)

and Quality Assurance Dept.
April 2006

Executive Officer
and Head of Research & Development H.Q.
and Quality Assurance Dept.

April 2008

Directorand Head of Research & Development H.Q.

June 2011

June 1976

at Kyoto University
October 1987

Assistant professor

April 1994

Professor(transferred to graduate school of department

Managing Directorof Mechanical Engineering and Science by aand Head of Research & Development H.Q.
(To the present)

5. Tomohiro Inano (December 13, 1962)

11

10

12

9

6

3

1

2

4

5

7

8

13

June 1989

Joined the Company

August 2003

General Manager of Yushin Precision

reorganization in 1995)
April 2012
June 2014
June 2016

Equipment Trading (Shenzhen) Co., Ltd.

Directors

Assistant to General Manager of Sales H.Q.

February 2010

Deputy General Manager of Sales H.Q.
General Manager of Sales H.Q.

1. Mayumi Kotani (January 12, 1947)

3. Yasushi Kitagawa (August 12, 1958)

March 2011

October 1973

Joined the Company

September 2007 Joined the Company

March 2014

October 1982

Director

November 2007 Deputy Head of Manufacturing Dept.

February 1989

Executive Vice President and Director

April 2008

March 1993

Executive Vice President and Director,
Head of Sales H.Q.

Deputy Head of Manufacturing Dept.

April 2009

Deputy Head of Manufacturing H.Q.

April 2006

President and Head of Sales

and Head of Quality Assurance Dept.

March 2011

President andRepresentative Director (To the present)

Executive Officer, Head of Manufacturing H.Q.
and Head of Quality Assurance Dept.

June 2010

Director and Head of Manufacturing H.Q.
and Head of Quality Assurance Dept.

2. Satoshi Kimura (April 1, 1954)
April 2005
October 2005

Executive Officer and Head of Purchase Dept.

April 2006

Senior Executive Officer
and Head of Purchase H.Q.

June 2006
June 2008

June 2013

Managing Director and Head of Purchase H.Q.

Managing Directorand Head of Manufacturing H.Q.

Joined the Company as Executive Officer
and General Manager of Purchase Dept.

June 2017

and Head of Quality Assurance Dept.
June 2017

Director and General Manager of Sales H.Q.
(To the present)

Executive Managing Directorand Head of Manufacturing H.Q.
and Head of Quality Assurance Dept.
(To the present)

Outside Corporate Auditor of(Retired in June 2018)

8. Reiko Nakayama (April 2, 1959)
April 1983

Joined Japan Associated Finance Co., Ltd.
(currently JAFCO Co., Ltd)

January 1997

Joined Marusan Securities Co., Ltd.

March 2000

General Manager of Investment information

October 2004

General Manager of Underwriting

October 2008

Part-time Director of LivTech, Inc.

February 2009

Director and Head of Administrative H.Q. of
LivTech, Inc.

Executive Officer,

President and Representative Director
August 2009

Executive Officer
and General Manager of Sales H.Q.

and Head of Quality Assurance Dept.

December 2002

and Customer Service H.Q.

7

July 2009

Outside Director of the Company

Technology Seed Incubation Co., Ltd.

General Manager of Chinese Area
and General Manager of Yushin Precision

Professor emeritus at Kyoto University(To the present)

Equipment Trading (Shenzhen) Co., Ltd.
April 2008

Research Assistant of school ofprecision engineering in Faculty of Engineering

Executive Officer
and Head of Research & Development H.Q.

June 2008

7. Hiroshi Matsuhisa (August 5, 1947)(Retired in March 2013)

6. Yasuo Nishiguchi (October 9, 1943)

March 2015

March 1975

March 2016

Joined Kyoto Ceramic Co., Ltd.
(currently Kyocera Corporation)

June 1987

Director

June 1992

Senior Managing Director

Outside Director of LUCKLAND CO.,LTD
Director of LUCKLAND CO.,LTD(Audits Committee) (To the present)

June 2018

Outside Director of the Company(To the present)

and Representative Director
June 1997

Executive Vice president
and Representative Director

June 1999
June 2003

President and Representative Director
President and Representative Director
and President and Executive Officer

June 2005

Chairman of the Board
and Representative Director,

Executive Managing Director

and Chief Executive Officer

and Head of Purchase H.Q.

April 2006

Advisor and Director(To the present)

June 2009Retired from the office of Director
8

ESG - Governance
Officer

Auditors
9. Yoshihisa Nakanishi (June 5, 1959)
March 2008

Joined the Company

April 2008

General Manager of Personnel Affairs Section

June 2008

General Manager of Accounting Department

July 2015

General Manager of Internal Audit Office

July 2017

Corporate Auditor of the Company(To the present)

10. Yasuhiro Orita (September 30, 1944)
April 1975
May 1985

Lawyer registration
Established Orita Law Office(currently KEYAKI LAW OFFICE)(To the present)

June 1994

Basic Views on Corporate Governance

13. Masahito Fukui (June 30, 1960)
October 2013

Joined the Company as General Manager ofInternal Audit Office

July 2015

General Manager of Accounting Department

July 2017

Executive Officer andGeneral Manager of Accounting Department(To the present)

The Company aims at achieving sustainable growth and maximizing the enterprise value for medium- andlong-term under the management philosophy with obtaining credibility from all stakeholders surrounding Yushin
including shareholders. We strive to strengthen corporate governance with the basic policy of following fiveitems.
1. The Company respects the rights of shareholders and ensures equality, as well as strives to improve theenvironment for executing rights appropriately and protect rights.
2. The Company strives to sincerely cooperate with stakeholders excluding our shareholders with good sense.
3. The Company strives to ensure the transparency by appropriately making disclosure according to laws andregulations and voluntarily providing information excluding the disclosure.
4. The Board of Directors strives to execute its roles and duties appropriately for transparent/fair and flexible
decision-making.
5. The Company strives to positively communicate with shareholders after sharing the direction of its stable
growth for long-term.

Outside Corporate Auditor of the Company(To the present)

Chart of Corporate Governance System

11. Hiroho Kamakura (January 27, 1947)

General Meeting of Shareholders

November 1971 Joined Tohmatsu Aoki & Co.

Appointment / Dismissal(currently “Deloitte Touche Tohmatsu LLC” )May 1973

Registered as CPA

July 2012

Outside Corporate Auditor of

Appointment / Dismissal

Outside Corporate Auditor of the Company(To the present)
Outside Corporate Auditor of(To the present)

12. Michitoshi Morimoto (August 9, 1957)
April 1981

Joined FUJITEC Co., Ltd.

February 1982

Joined Osaka Research Institute ofIndustrial Science and Technology

February 1987

Management
Supervision（Panasonic Corporation）

Joined Nomura Research Institute, Ltd.

January 2016

Joined Human Holdings Co., Ltd.
Executive officer (CIO)

November 2016 Retired from the Human Holdings Co., Ltd.

Committee ofInternal Control

Training /Supervision

Audit / Supervision
Sales HQ
R&D HQ
Production HQ
Purchase HQ
Administrative Dept.
Quality Assurance Dept.
Corporate Planning
Product Planning and Marketing Dept.

Audit

Subsidiaries

Outside Corporate Auditor of the Company(To the present)

9Management
Meeting

Cooperation
Internal Audit Office

ReportSupervision /Instruction

Audit

Joined Matsushita Electric Industrial Co., Ltd.

October 1990

July 2017

Accounting Auditor

FUJIO FOOD SYSTEM CO., LTD.

Representative
Director

Supervision /Instruction

Board of Corporate Auditors(Corporate Auditor/ Outside Corporate Auditors)(To the present)

March 2013

Appointment / Dismissal

Board of Directors (Directors/ Outside Directors)

Trusco Nakayama Corporation
July 2012

Appointment / Dismissal

Cooperation

10

ESG - Environment and Social
Organization Chart(As of June 30, 2018)

Continued development of energy-saving products
General Meeting of
Shareholders

Board of Directors

Yushin continues to develop energy-saving products, such as adopting the optimal design technology
jointly studied with Kyoto University for the first time in the world as an extraction robot.
The YC series saves electricty by using lighter-weight moving components, and with its economizing
vacuum-grip system, greatly reduces its usage of compressed air, and awarded “the Japan Machinery
Federation’ s Energy Efficient Machine” in 2012.

Board ofCorporate Auditors

President

Uses

26%

Internal
Audit Office

Corporate
Planning

Product Planningand Marketing Dep.

Quality
Assurance Dep.

Sales & Customer
service H.Q

Research &Development H.Q

Sales Dep.

Customer
Service Dep.

Production H.Q

Purchase H.Q

GeneralAffairs Dep.

Uses

75%

less electricity thanless air thanconventional model

conventional modelManagement
Administration Dep.

Progress of Board of Directors
Under rapidly changing business environment and advancement of globalization, the Company appoints
candidates of Directors with a focus on balance among knowledge, experience and expertise, diversity and global
viewpoints. Now eight Directors, including three Outside Directors (more than one third of the Board of Directors)
who are all independent Directors, take office. The Company will keep the number of the board members that
immediate decision-making can be conducted with each member providing his or her expertise and exchanging
opinions each other.
Board of Directors
Board of Auditors
Outside Directors now analyze and evaluate whole ofpeoples8
4 peoplesthe Board of Directors. To further improve the functionsof the Board of Directors, analysis and evaluation of
Independent
Independent
effectiveness of the whole Board including their
Directors
Auditors
methods are currently examined.

3 peoples

3 peoples

Promotion of work-life balance- Child-care leave / Short-time work system
Yushin has adopted a child-care leave and short-time work system more than the law requires.
Yushin supports all employees raising their children.
- Working Support TeamWorking Support Team has been set up to promote the health of employees and the creation of acomfortable working environment. There is full-time public health nurse as a member of the team.
- YUSHIN Coming Day
YUSHIN Coming Day is an event that gives employees’ families opportunities to visit the H.Q. and factoryand deepen interaction and connection. Through such events, YUSHIN seeks to promote employee
work-life balance, and continue to revitalize our internal communication.

Message from New Outside Director - Reiko Nakayama
I have contacted the Japanese technology through the venture capitaland stock analyst duties, and have been hoping to contribute throughmy duties although I am not an engineer. Now I got the opportunity as
an outside director of the Company. I would like to meet the
expectations of all stakeholders by being conscious of compliance froma global perspective and building a clear long-term growth strategy of
the company.

1112Global Network (As of June 30, 2018)

USA

Headquarters & Factory

Korea

Malaysia

TaiwanThailandUK

China (Shenzhen)

China (Shanghai)VietnamChina (Guangzhou)

Headquarters & Factory
555 Kuzetonoshiro-cho, Minami-ku, Kyoto, Japan 612-8205
TEL: +(81)75-933-9555

UK <Birmingham>
Korea <Seoul>■■ Netherlands <Ede>
Korea <Daegu>
China <Shanghai> China<Tianjin>
Canada <Toronto>■■ Turkey <Istanbul>■■
USA <Rhode Island>■
USA <Ohio> ■China <Guangzhou>■■ Japan <Kyoto>■ USA <North Carolina>■■
USA <California>
China <Shenzhen> ■USA <Texas> ■■ Taiwan <Taipei>■
India <Gurgaon> ■■■Taiwan <Taichung>
■
■
■
India
<Chennai>
Mexico <Guanajuato>■ Philippines <Manila>■■
Vietnam <Hanoi>■ Malaysia <Johor Bahru>
Thailand <Bangkok >Malaysia <Kuala Lumpur>

Vietnam <Ho Chi Minh>■

Chubu General Sales Office
Nagoya-Nishi Sales Office

YUSHIN KOREA CO., LTD. <Seoul>
Tawon Techno-town F-101, 98 Okuchundong-Ro, Siheung-Shi,
Gyeonggi-Do, 15097, Korea
TEL: +(82)31-433-9655~6■ China

YUSHIN PRECISION EQUIPMENT TRADING (SHANGHAI) CO., LTD.
Unit J1, 17/Floor, No.1800 Zhongshan West Road, Shanghai, 200235 China
TEL: +(86)21-6440-1586~7
YUSHIN PRECISION EQUIPMENT TRADING (SHENZHEN) CO., LTD.
13F Tower 1, Yang Guang Hua Yi Building NO.3003,
Nan Hai Ave, Nan Shan District, Shenzhen, 518052, China
TEL: +(86)755-8358-0139■ Taiwan■Technical Center■ KoreaIndonesia<Jakarta>■

Australia<Melbourne>

Headquarters & Factory

Subsidiaries (Sales office)■ Indonesia

PT. YUSHIN PRECISION EQUIPMENT INDONESIA <Jakarta>
RUKO KALIMAS Jl. Chairil Anwar No. A15 RT.006 RW.017,
Margahayu, Bekasi Timur - Kota Bekasi, Jawa Barat 17112, Indonesia
TEL：+(62)21-8835-8185■ Vietnam

YUSHIN PRECISION EQUIPMENT (VIETNAM) CO., LTD. <Hanoi>
Room No.101, 1st Floor, Schmidt Tower, 239 Xuan Thuy Street,
Dich Vong Hau Ward, Cau Giay Dist, Hanoi, 100000, Vietnam
TEL: +(84)43-767-3844■ Malaysia

YUSHIN PRECISION EQUIPMENT SDN. BHD. <Kuala Lumpur>
Unit No.C-03A-5, Setiawalk, Persiaran Wawasan,
Pusat Bandar Puchong, 47610 Puchong, Selangor Darul Ehsan, Malaysia
TEL：+(60)3-5880-5445■ Thailand

YUSHIN PRECISION EQUIPMENT (THAILAND) CO., LTD. <Bangkok>
179/346 Supalai Place 1st Floor, Soi, Sukhumvit 39, Sukhumvit Road,
Klongton Nua, Wattana, Bangkok 10110, Thailand
TEL: +(66)2-662-2580■ India

YUSHIN PRECISION EQUIPMENT (INDIA) PVT. LTD. <Chennai>
Plot No.7, 4th Floor, Dr.Kannan Tower, Lakshmi Nagar Extension,
Arcot Road Porur Chennai 600116, Tamil Nadu, India
TEL: +(91)44-4231-8005■ UK

YUSHIN AUTOMATION LIMITED <Birmingham>
Unit 15-16 Aston Fields Industrial Estate, Aston Road,
Bromsgrove, Worcestershire B60 3EX, United Kingdom
TEL: +(44)1527-558-218■ USA

YUSHIN AMERICA, INC. <Rhode Island>
35 Kenney Drive, Cranston, RI 02920 U.S.A.
TEL: +(1)401-463-1800

New Zealand<Auckland>

Toyama Sales Office
Nagano Sales Office

Nishi-Nihon General Sales Office
Hiroshima Sales Office

Iwate Satellite Office

Fukuoka Sales Office

Tohoku Sales Office
Higashi-Nihon General Sales Office

Ohita Satellite Office

Tsukuba Sales Office
Shizuoka Sales Office
Nishi-Kanto Sales Office

Chubu General Sales Office

13

YUSHIN PRECISION EQUIPMENT (TAIWAN) CO., LTD. <Taipei>
10F., No.45, Sec.1, Minquan E. Rd., Zhongshan District,Taipei City 10452, Taiwan (R.O.C.)
TEL: +(886)2-2585-0507

Technical Center

487 Kuzetsukiyama-cho, Minami-ku, Kyoto, Japan 601-8203
TEL: +(81)75-933-9555

Subsidiary (Factory)■ China

GUANGZHOU YUSHIN PRECISION EQUIPMENT CO., LTD.
No.2 Chuangli Road, XiangShan street, Zengcheng
Economic & Technological Development District,
Guangzhou City, Guangdong Province, China
TEL: +(86)20-8269-0091

Representative offices■ PHILIPPINES REPRESENTATIVE OFFICE <Manila>

2nd Foor RAHA Sulayman Building (Annex) 108 Benavidez
Street, Legaspi Village, Makati City, 1229, Philippines
TEL: +(63)2-893-7546

Sole Agents■ New Zealand

TASMAN MACHINERY LTD. <Auckland>
14-16 Auburn Street, Grafton, Auckland 1023, New Zealand
TEL: +(64)9-379-5716■ Australia

TASMAN MACHINERY PTY. LTD. <Melbourne>
Unit 2/ 84-90 Lakewood Boulevard Braeside3195, Victoria
Australia
TEL: +(61)3-8587-8200■ Turkey

MAR PLASTIK METAL KALIP SAN.VE TIC. LTD. STI. <Istanbul>
Istanbul Anadolu Yakasi Org. San. Bol. 9. Sokak, No:6 34953
Tuzla, Istanbul, TURKEY
TEL: +(90)216-593-20-01■ The Netherlands

POLYMAC-ROBOTICS B.V. <Ede>
Morsestraat 20 Ede 6716 AH EDE, The Netherlands
TEL: +(31)318-648615■ Canada

EN-PLAS, INC. <Toronto>
1395 Morningside Avenue Scarborough, (Toronto) Ontario
M1B 3J1, Canada
TEL: +(1)416-286-3030

Higashi-Nihon General Sales Office14

Topics

Financial Review

YUSHIN PRECISION EQUIPMENT CO., LTD. and Subsidiaries
Year ended March 31, 2018

1. NET SALESNet sales increased by 7.9% year on year to 20,878
million yen as a result of strong sales of take-out
robots.

Chinaplas 2018 & NPE 2018
Asia's largest plastic and rubber industry trade fair
"Chinaplas 2018 Exhibition" was held in Shanghai,
China in April 2018. During the period, there weremore than 180,000 visitors from all over the world.
Yushin exhibited five new take-out robot "FRA",
which introduced the latest technology including"active vibration control" the industry's first vibration
control function , "INTU LINE" our proprietary IoT
service, and a new type of controller designed basedon ergonomics.
It was a good opportunity to appeal our
technological advantage to many visitors.

2. OPERATING INCOME

Chinaplas 2018

3. FINANCIAL CONDITIONIn May 2018, in Florida, USA one of the world's
three largest plastic fairs "NPE 2018" was held. We
exhibited the take-out robot "FRA" here too, andmonitored the operation status of five FRA operated
at the exhibition site and two FRA operated in Japanthrough our proprietary IoT service "INTU LINE",
appealing robot improvement for higher factory
productivity.

<Assets>
Total assets increased by 1,811 million yen from theend of the previous fiscal year to 32,572 million yen.
This was mainly due to increase of 1,363 million yen in
Raw materials and supplies.

NPE 2018

Trouble Cause Estimation System Utilizing AI
More than 100,000 take-out robots sold by Yushin
are currently operated worldwide. In order tomaintain these robots, the technical service staff<Estimating root cause> responds to customer inquiries every day, and thehuge trouble case data is accumulated in our service
department.
Trouble sympton
This time, we have succeeded in analyzing thesedata with the latest AI (artificial intelligence)technology and estimating the cause of the trouble.
This trouble cause estimation system realizes accurate
and prompt service provision which is not influenced
Correct and quick service
by the experience of the service staff when trouble
occurs at the customer's factory.
We will promote the use of AI technology furthermore and develop business that leads to productivity
improvement of customers’ factories.

<Detecting the error>

15

Operating income increased by 11.6% year on year
to 2,358 million yen due to the increase in sales andthe efficiency improvement led by the production startat the new head office factory although there was anincrease in depreciation expenses at the newheadquarters factory and distribution cost due to anincrease in the number of production shipments.

<Liabilities>
Total liabilities increased by 790 million yen from theend of the previous fiscal year to 6,100 million yen.
This was mainly due to increase of 570 million yen in
Advances received.

4. CASH FLOWThe balance of cash and cash equivalents on March
31, 2018 decreased by 1,927 million yen from the endof the previous fiscal year to 3,763 million yen. Main
reasons are as follows.
<Cash flow from operating activities>
Income before income taxes was 2,438 million yen.
After deducting 402 million yen in Income taxes paid,
cash flow from operating activities for the fiscal year
ended March 31, 2018 was a net inflow of 1,223 million
yen (it was a net inflow of 1,626 million yen in theprevious fiscal year).
<Cash flow from investment activities>
Due to 1,846 million yen in Deposit of time deposit,
cash flow from investment activities for the fiscal year
ended March 31, 2018 was a net outflow of 2,511
million yen (it was a net outflow of 471 million yen in
the previous fiscal year).
<Cash flow from financing activities>
Due to Cash dividends paid of 629 million yen, cash
flow from financing activities for the fiscal year ended
March 31, 2018 was a net outflow of 659 million yen (itwas a net outflow of 678 million yen in the previous
fiscal year).

<Net assets>
Net assets increased by 1,020 million yen from theend of the previous fiscal year to 26,472 million yen
due to increase of Retained earnings by 997 million
yen.

16

Consolidated Balance SheetYUSHIN PRECISION EQUIPMENT CO., LTD. and Subsidiaries
March 31, 2018ASSETS

Millions of Yen

Short-term investments (Notes 9) ・・・・・・・・・・・・・・・・・・・・・・・・・・・

2017

2018

CURRENT ASSETS:
Cash and cash equivalents (Note 9) ・・・・・・・・・・・・・・・・・・・・・・・・・

Thousands of
U.S. Dollars(Note 1)

￥

3,763
1,891

￥

2018

5,690

$

43

LIABILITIES AND EQUITY

Millions of Yen

17,8472018

Payables (Note 9) :Trade notes ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Trade accounts

Receivables (Note 9) :

2017

2018

CURRENT LIABILITIES:

35,502Thousands of
U.S. Dollars(Note 1)

￥

58

￥

83

$

548

・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

2,847

2,908

26,859Trade notes ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

1,866

1,184

17,608Construction and other ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

505

750

4,767

Trade accounts ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

5,176

5,295

48,834

Advances from customers ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

1,175

604

11,093

Allowance for doubtful receivables ・・・・・・・・・・・・・・・・・・・・・・・・

(20)

(21)

(190)

・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

608

100

5,741

Inventories (Note 4) ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

5,485

3,833

51,748

Accrued expenses

・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

485

451

4,575

Deferred tax assets (Note 7) ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

436

431

4,114

Warranty reserve ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

145

122

1,370

Other current assets ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

764

890

7,211

Other current liabilities (Note 7)・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

79

77

752

Total current assets ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

19,363

17,348

182,676

Total current liabilities ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

5,905

5,100

55,710

Income taxes payable (Note 9)

LONG-TERM LIABILITIES:
Liability for retirement beneﬁts to directors (Note 5) ・・・・・

66

66

630

Land ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

6,133

5,784

57,862

Liability for retirement beneﬁts (Note 5) ・・・・・・・・・・・・・・・・・・・

51

53

485

Buildings and structures ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

8,794

8,816

82,968Deferred tax liabilities (Note 7) ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

25

29

236

Machinery and equipment ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

561

559

5,301

Other ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

52

59

492

Furniture and fixtures ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

1,511

1,465

14,257

Total long-term liabilities ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

195

209

1,844

Construction in progress ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

4

5

45

Total ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

17,006

16,631

160,436

Accumulated depreciation ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・(5,122)(4,376)(48,328)

Net property, plant and equipment ・・・・・・・・・・・・・・・・・・・

11,883

12,255

112,107

35,638,066 shares in 2018 and 2017* ・・・・・・・・・・・・・・・・・・・・・・

1,985

1,985

18,732

Capital surplus ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

2,023

2,023

19,093Retained earnings ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

22,27021,273210,099

(354)

(353)

(3,347)PROPERTY, PLANT AND EQUIPMENT:

Common stock, authorized, 80,000,000 shares; issued,

Treasury stock - at cost:

INVESTMENTS AND OTHER ASSETS:
Investment securities (Notes 3 and 9) ・・・・・・・・・・・・・・・・・・・・・・・

276

220

2,607

663,964 shares in 2018 and 663,430 shares in 2017* ・・・・・・

Insurance funds ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

131

119

1,243

Accumulated other comprehensive income:

Asset for retirement benefits (Note 5) ・・・・・・・・・・・・・・・・・・・・・・・

274

292

2,588

Unrealized gains on available-for-sale securities ・・・・・・・・・・

97

58

916

Deferred tax assets (Note 7) ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

138

20

1,306

Foreign currency translation adjustments ・・・・・・・・・・・・・・・・・

164

203

1,550

Other assets ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

504

503

4,762

Defined retirement benefit plan ・・・・・・・・・・・・・・・・・・・・・・・・・・・

56

67

537

Total investments and other assets ・・・・・・・・・・・・・・・・・・・・

1,325

1,157

12,506

Total ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

26,24325,258247,581

Noncontrolling interests ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

228

193

2,154

Total equity ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

26,47225,451

249,736

TOTAL ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・￥ 32,572￥ 30,761

TOTAL ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

See notes to consolidated financial statements.

17

EQUITY (Notes 6 and 12):

￥ 32,572￥ 30,761$

307,291$

307,291* Shares have been restated, as appropriate, to reflect a two-for-one stock split effected April 1, 2018.
See notes to consolidated financial statements.

18

Consolidated Statement of Changes in Equity

Consolidated Statement of Income
YUSHIN PRECISION EQUIPMENT CO., LTD. and Subsidiaries
Year Ended March 31, 2018YUSHIN PRECISION EQUIPMENT CO., LTD. and Subsidiaries
Year Ended March 31, 2018

Thousands of U.S. Dollars(Note 1)Millions of Yen

2018

2017

NET SALES ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
COST OF SALES ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Gross profit ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・￥ 20,878
12,417
8,461￥ 19,346
11,6807,666

SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES (Note 8) ・・・・・・・・・・・・・・・・・・・・
Operating income ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

6,102
2,358

5,553
2,112

57,571
22,252

10
(54)

99
(512)

123
79
2,438

10
(129)
0
14
(103)
2,009

1,161
749
23,001

896
(141)
755
1,682

503
94
598
1,411

8,459
(1,333)
7,125
15,875

56

31

529

OTHER INCOME (EXPENSES):Interest and dividend income ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Foreign exchange loss ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Gain on sale of investment securities ・・・・・・・・・・・・・・・・・・・・・・・・
Other-net ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Other income (expenses) - net ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
INCOME BEFORE INCOME TAXES ・・・・・・・・・・・・・・・・・・・・・・・・・・
INCOME TAXES (Note 7):
Current ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Deferred ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Total income taxes ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
NET INCOME ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
NET INCOME ATTRIBUTABLE TONONCONTROLLING INTERESTS ・・・・・・・・・・・・・・・・・・・・・・・・・・・
NET INCOME ATTRIBUTABLE TO OWNERS OF
THE PARENT ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

￥

1,626

￥

1,380

Yen
PER SHARE OF COMMON STOCK (Notes 2.o, 11, and 12):Net income* ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Cash dividends applicable to the year* ・・・・・・・・・・・・・・・・・・・・・・

￥

46.51
33.00

$

$

196,968
117,144
79,824

15,346

￥

39.46
36.00

$

￥

OTHER COMPREHENSIVE INCOME (LOSS) (Note 10) :Unrealized gains on available-for-sale securities ・・・・・・・・・・・・
Foreign currency translation adjustments ・・・・・・・・・・・・・・・・・・・
Defined retirement benefit plan ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Total other comprehensive loss ・・・・・・・・・・・・・・・・・・・・・・・・・・・・

See notes to consolidated financial statements.

19

CapitalSurplus

Unrealized
ForeignDefinedGains onCurrency Retirement
Retained Treasury Available-for- Translation
Benefit
Earnings
Stock Sale Securities Adjustments
Plan

34,975 ￥ 1,985 ￥ 2,023 ￥ 20,502 ￥ (352) ￥BALANCE, APRIL 1, 2016 ・・・・・・・・・・(as restated)

34,975

1,985

2,023

(352)

1,682

33

24,53034,975

1,985

2,023

21,273

(353)

(629)

(629)

(1)

(1)

(63)

17

(21)

(12)

(33)

58

203

67

25,258193

25,451

1,626

1,626

(629)

(629)

(0)

(0)

(0)

34,974 ￥ 1,985 ￥ 2,023 ￥ 22,270 ￥ (354) ￥24,736
1,380

(629)
(0)

205

24
1,626

Cash dividends, ￥ 36 per share* ・

20

1,380
(1)

Net income ・・・・・・・・・・・・・・・・・・・・・・・

Net change in the year ・・・・・・・・・・・
BALANCE, MARCH 31, 2018 ・・・・・・・

50

(629)
(0)

Net change in the year ・・・・・・・・・・・

Purchase of treasury stock ・・・・・・・

266

1,380

Cash dividends, ￥ 36 per share* ・BALANCE, MARCH 31, 2017 ・・・・・・・・

50 ￥24,509 ￥ 205 ￥ 24,715
20

20,522

Net income ・・・・・・・・・・・・・・・・・・・・・・・
Purchase of treasury stock ・・・・・・・

33 ￥ 266 ￥Noncontrolling Total
Interests
Equity

Total

20

38
(38)
97 ￥ 164 ￥

(10)
(11)
35
23
56 ￥ 26,243 ￥ 228 ￥ 26,472

Thousands of U.S. Dollars (Note 1)
Accumulated Other
Comprehensive Income
CapitalSurplusRetained
Earnings

Unrealized
ForeignDefinedGains onCurrency Retirement
Available-for- Translation
BenefitSale Securities Adjustments
Plan$ 18,732 $ 19,093 $ 200,691 $ (3,339) $Net income ・・・・・・・・・・・・・・・・・・・・・・・

15,346

Cash dividends, $0.34 per share*・(5,939)Purchase of treasury stock ・・・・・・・

Treasury
Stock

Thousands of U.S. Dollars(Note 1)

2017
￥

1,411

1,917 $

363
$ 18,732 $ 19,093 $210,099 $ (3,347) $(367)

916 $ 1,550 $Noncontrolling
Interests

Total

638 $ 238,286 $

(101)

Total
Equity1,823 $ 240,110

15,346

15,346(5,939)(5,939)

(8)

(8)

(104)

330

225

537 $ 247,581 $ 2,154 $249,736

2018
$

24
(59)
17
(17)

38
(31)
(10)
(3)

BALANCE, MARCH 31, 2018 ・・・・・・・

552 $

(8)

Net change in the year ・・・・・・・・・・・・

2018

TOTAL COMPREHENSIVE INCOME
ATTRIBUTABLE TO :Owners of the parent ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Noncontrolling interests ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

Accumulated Other
Comprehensive Income

Cumulative effect ofaccounting change ・・・・・・・・・・・・

BALANCE, MARCH 31, 2017 ・・・・・・・

Millions of Yen

・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

BALANCE, MARCH 31, 2016 ・・・・・・・(April 1, 2016, as previously reported)

CommonStockYUSHIN PRECISION EQUIPMENT CO., LTD. and Subsidiaries
Year Ended March 31, 2018

COMPREHENSIVE INCOME

Outstanding
Number of
Shares ofCommon Stock* Common
Stock(Note 12)

0.44
0.31

Consolidated Statement of Comprehensive Income
・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

Millions of Yen

U.S. Dollars (Note 1)*Net income has been restated, as appropriate, to reflect a two-for-one stock split effected April 1, 2018.
Dividends per share have not been restated to reflect the two-for-one stock split.
See notes to consolidated financial statements.

NET INCOME

Thousands

2018

15,875
363
(292)
(101)
(30)

￥

1,679

￥

1,393

$

15,845

￥

1,615
64

￥

1,359
34

$

15,241603* Shares have been restated, as appropriate, to reflect a two-for-one stock split effected April 1, 2018.
Dividends per share have not been restated to reflect the two-for-one stock split.
See notes to consolidated financial statements.

20

Consolidated Statement of Cash Flows

Notes to Consolidated Financial Statements

YUSHIN PRECISION EQUIPMENT CO., LTD. and Subsidiaries
Years Ended March 31, 2018

Thousands of
U.S. Dollars(Note 1)Millions of Yen

2017

2018
OPERATING ACTIVITIES:
Income before income taxes ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Adjustments for:
Income taxes - paid ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Depreciation and amortization ・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Increase (decrease) in provision for doubtful receivables ・・
Changes in assets and liabilities:
Increase in trade receivables ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Increase in inventories・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・(Decrease) increase in trade payables ・・・・・・・・・・・・・・・・・・・
Other - net ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Total adjustments ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Net cash provided by operating activities・・・・・・・・・・・・・
INVESTING ACTIVITIES:
Increase in short-term investments ・・・・・・・・・・・・・・・・・・・・・・・・・・
Purchases of property, plant and equipment ・・・・・・・・・・・・・・・・
Proceeds from sales of property, plant and equipment ・・・・・
Purchases of investment securities ・・・・・・・・・・・・・・・・・・・・・・・・・・
Proceeds from sales of investment securities ・・・・・・・・・・・・・・・
Other - net ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Net cash used in investing activities ・・・・・・・・・・・・・・・・・・・
FINANCING ACTIVITIES:Dividends paid ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Dividends paid to noncontrolling interests・・・・・・・・・・・・・・・・・・・
Purchase of treasury stock ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Other - net ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Net cash used in financing activities ・・・・・・・・・・・・・・・・・・・

YUSHIN PRECISION EQUIPMENT CO., LTD. and Subsidiaries
Years Ended March 31, 2018

2018

2,009

$ 23,001

(402)
935
19

(958)
479
(8)

(3,797)
8,828
179

(536)
(1,661)(111)
542(1,214)

(482)
(213)
890
(89)
(383)

(5,064)(15,671)(1,048)
5,114(11,459)

1,223

1,626

11,541￥ 2,438

￥

(3)
(356)
4
(0)
0
(117)
(471)

(1,846)
(572)
53
(0)
(147)
(2,511)(17,417)(5,398)509(1)(1,387)(23,696)(5,937)
(273)
(8)

(659)

(629)
(50)
(1)
3
(678)

EFFECT OF EXCHANGE RATE CHANGES ON
CASH AND CASH EQUIVALENTS ・・・・・・・・・・・・・・・・・・・・・・・・・

20

(84)

190

NET (DECREASE) INCREASE IN CASH AND CASH
EQUIVALENTS ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・(1,927)392(18,182)

CASH AND CASH EQUIVALENTS,
BEGINNING OF YEAR ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

5,690

5,297

53,685

CASH AND CASH EQUIVALENTS,
END OF YEAR ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・￥ 3,763

5,690$ 35,502

(629)
(28)
(0)

￥

(6,218)

1. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS
The accompanying consolidated financial statements have been preparedin accordance with the provisions set forth in the Japanese Financial
Instruments and Exchange Act and its related accounting regulations andin accordance with accounting principles generally accepted in Japan("Japanese GAAP"), which are different in certain respects as to theapplication and disclosure requirements of International Financial
Reporting Standards.
In preparing these consolidated financial statements, certain
reclassifications and rearrangements have been made to the consolidated
financial statements issued domestically in order to present them in a form
which is more familiar to readers outside Japan. In addition, certain
reclassifications have been made in the 2017 consolidated financial
statements to conform to the classifications used in 2018.
The fiscal year end dates of all consolidated subsidiaries except for Yushin
Precision Equipment (India) Pvt. Ltd. are different from that of the21

The consolidated financial statements are stated in Japanese yen, thecurrency of the country in which Yushin Precision Equipment Co., Ltd. (the"Company") is incorporated and operates. The translations of Japanese
yen amounts into U.S. dollar amounts are included solely for theconvenience of readers outside Japan and have been made at the rate of¥106 to $1, the approximate rate of exchange at March 31, 2018. Suchtranslations should not be construed as representations that the Japanese
yen amounts could be converted into U.S. dollars at that or any other rate.
Amounts less than one million yen and one thousand U.S. dollars arerounded down, except for per-share data. Therefore, total or subtotal
amounts may not correspond with the aggregation of such accountbalances.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESa. Consolidation - The consolidated financial statements as of March
31, 2018, include the accounts of the Company and all of its
subsidiaries (together, the "Group").
Under the control concept, those companies in which the Company isable to directly exercise control over operations are fully
consolidated.
All significant intercompany balances and transactions have been
eliminated in consolidation. All material unrealized profit included in
assets resulting from transactions within the Group is also eliminated.
b. Unification of Accounting Policies Applied to Foreign
Subsidiaries for the Consolidated Financial Statements - Under
Accounting Standards Board of Japan ("ASBJ") Practical Issues Task
Force ("PITF") No. 18, "Practical Solution on Unification of Accounting
Policies Applied to Foreign Subsidiaries for the Consolidated Financial
Statements," the accounting policies and procedures applied to aparent company and its subsidiaries for similar transactions andevents under similar circumstances should in principle be unified forthe preparation of the consolidated financial statements. However,financial statements prepared by foreign subsidiaries in accordancewith either International Financial Reporting Standards or generally
accepted accounting principles in the United States of America(Financial Accounting Standards Board Accounting Standards
Codification) tentatively may be used for the consolidation process,except for the following items which should be adjusted in the
consolidation process so that net income is accounted for inaccordance with Japanese GAAP, unless they are not material: (a)amortization of goodwill; (b) scheduled amortization of actuarial gainor loss of pensions that has been recorded in equity through othercomprehensive income; (c) expensing capitalized development costsof R&D; and (d) cancellation of the fair value model of accounting forproperty, plant and equipment and investment properties andincorporation of the cost model of accounting.
c. Cash Equivalents - Cash equivalents are short-term investments thatare readily convertible into cash and exposed to insignificant risk ofchanges in value. Cash equivalents include time deposits whichmature or become due within three months of the date ofacquisition.

See notes to consolidated financial statements.

consolidated balance sheet date of March 31. They are dated December
31, and the financial statements of these subsidiaries as of the provisional
closing date of March 31 are used for consolidation purposes.

available-for-sale securities, which are not classified as either trading
securities or held-to-maturity debt securities, and are reported at fairvalue, with unrealized gains and losses, net of applicable taxes, reported
in a separate component of equity. The cost of securities sold isdetermined based on the moving-average method. For
other-than-temporary declines in fair value, investment securities are
reduced to net realizable value by a charge to income.
f. Property, Plant and Equipment - Property, plant and equipment arestated at cost. Depreciation of property, plant and equipment of theGroup is principally computed by the declining-balance method at rates
based on the estimated useful lives of the assets. The range of useful
lives is principally from 13 to 40 years for buildings and structures andfrom 5 to 12 years for machinery and equipment.
g. Long-Lived Assets - The Group reviews its long-lived assets for
impairment whenever events or changes in circumstance indicate thecarrying amount of an asset or asset group may not be recoverable. An
impairment loss is recognized if the carrying amount of an asset or asset
group exceeds the sum of the undiscounted future cash flows expected
to result from the continued use and eventual disposition of the asset or
asset group. The impairment loss would be measured as the amount bywhich the carrying amount of the asset exceeds its recoverable amount,which is the higher of the discounted cash flows from the continued use
and eventual disposition of the asset or the net selling price at
disposition.
h. Warranty Reserve - In order to provide for future warranty expenses
for the Group's products, a warranty reserve is estimated and recorded
principally on the basis of the Company's historical experience.
i. Retirement Benefits - The Company has a funded defined benefit
pension plan and a funded defined contribution pension plan covering
substantially all of its employees. Certain subsidiaries have an unfunded
defined benefit plan or an unfunded defined contribution plan.

d. Inventories - Inventories are principally stated at the lower of cost,
determined by the specific identification method for finishedproducts and work in process, and by the average method for raw
materials and supplies, or net selling value.

The Company accounts for the liability for retirement benefits based on
the projected benefit obligations and plan assets at the balance sheet
date. The projected benefit obligations are attributed to periods on abenefit formula basis. Actuarial gains and losses that are yet to berecognized in profit or loss are recognized within equity (accumulated
other comprehensive income), after adjusting for tax effects and arerecognized in profit or loss over 10 to 16 years, no longer than the
expected average remaining service period of the employees. The
discount rate is determined using a single weighted-average discountrate reflecting the estimated timing and amount of benefit payment.

e. Securities - Securities are investment securities in the consolidatedbalance sheet. All investment securities are classified as

Retirement benefits to directors are provided at the estimated amountwhich would be required if all directors retired at the balance sheet date.
22

The Company terminated its retirement benefit plan for directors on
June 29, 2006, and no additional provisions have been recorded sincethen. As of March 31, 2018 and 2017, the balance of the liability for
retirement benefits to directors was ¥66 million ($630 thousand), and¥66 million provided in proportion to the term that present directors had
been in place before June 29, 2006.
j. Research and Development Costs - Research and development costs
are charged to income as incurred.
k. Bonuses to Directors - Bonuses to directors are accrued at the
year-end to which such bonuses are attributable.
l. Income Taxes - The provision for income taxes is computed based on
the pretax income included in the consolidated statement of income.
The asset and liability approach is used to recognize deferred tax assets
and liabilities for the expected future tax consequences of temporary
differences between the carrying amounts and the tax bases of assets
and liabilities. Deferred taxes are measured by applying currently
enacted income tax rates to the temporary differences.
m. Foreign Currency Transactions - All short-term and long-termmonetary receivables and payables denominated in foreign currencies
are translated into Japanese yen at the exchange rates at the balance
sheet date. The foreign exchange gains and losses from translation arerecognized in the consolidated statement of income to the extent thatthey are not hedged by forward exchange contracts.
n. Foreign Currency Financial Statements - The balance sheet accountsof the consolidated foreign subsidiaries are translated into Japanese yenat the current exchange rate as of the balance sheet date except for
equity, which is translated at the historical rate. Differences arising fromsuch translation are shown as "Foreign currency translation adjustments"
under accumulated other comprehensive income in a separate
component of equity. Revenue and expense accounts of consolidated
foreign subsidiaries are translated into Japanese yen at the averageexchange rate.
o. Per-Share Information - Basic net income per share is computed by
dividing net income attributable to common shareholders by theweighted-average number of common shares outstanding for theperiod.
Diluted net income per share is not disclosed as there are no
outstanding potentially dilutive securities.
Cash dividends per share presented in the accompanying consolidated
statement of income are dividends applicable to the respective fiscal
years, including dividends to be paid after the end of the year.
On April 1, 2018, the Company effected a two-for-one stock split basedon the resolution of the Board of Directors meeting held on March 7,
2018. All prior year share and per share figures excluding dividends per
share have been restated to reflect the impact of the stock split, and toprovide data on a basis comparable to the year ended March 31, 2018.
Such restatements include calculations regarding the Company's
weighted-average number of common shares, and basic net income pershare.
p. Accounting Changes and Error Corrections - Under ASBJ Statement
No. 24, "Accounting Standard for Accounting Changes and Error
Corrections," and ASBJ Guidance No. 24, "Guidance on AccountingStandard for Accounting Changes and Error Corrections," accounting
treatments are required as follows: (1) Changes in Accounting Policies When a new accounting policy is applied following revision of an
accounting standard, the new policy is applied retrospectively unless therevised accounting standard includes specific transitional provisions, inwhich case the entity shall comply with the specific transitional
provisions. (2) Changes in Presentation - When the presentation offinancial statements is changed, prior-period financial statements arereclassified in accordance with the new presentation. (3) Changes in
Accounting Estimates - A change in an accounting estimate is accounted
for in the period of the change if the change affects that period only, andis accounted for prospectively if the change affects both the period of23

the change and future periods. (4) Corrections of Prior-Period Errors When an error in prior-period financial statements is discovered, thosestatements are restated.
q. New Accounting Pronouncements - On March 30, 2018, the ASBJ
issued ASBJ Statement No. 29, " Accounting Standard for Revenue
Recognition" and ASBJ Guidance No. 30, " Implementation Guidance on
Accounting Standard for Revenue Recognition. " The core principle ofthe standard and guidance is that an entity recognizes revenue to depict
the transfer of promised goods or services to customers in an amountthat reflects the consideration to which the entity expects to be entitledin exchange for those goods or services. An entity should recognize
revenue in accordance with that core principle by applying the following
steps:
Step 1: Identify the contract(s) with a customer
Step 2: Identify the performance obligations in the contract
Step 3: Determine the transaction price
Step 4: Allocate the transaction price to the performance obligations in
the contract
Step 5: Recognize revenue when (or as) the entity satisfies a
performance obligation
The accounting standard and guidance are effective for annual periods
beginning on or after April 1, 2021. Earlier application is permitted forannual periods beginning on or after April 1, 2018. The Company is in theprocess of determining the period from which the Company will apply
the accounting standard and guidance. The Company is currently
evaluating the effect that the adoption of the accounting standard andguidance will have on its consolidated financial statements.

3. SECURITIES(1) Investment Securities
The costs and aggregate fair values of investment securities as of March 31, 2018 and 2017, were as follows:
Millions of Yen

2017

2018

Securities classified as:
Cost
Available-for-sale:
Equity securities ・・・・・・・・・・・・・ ￥ 136

Unrealized Unrealized
Gains
LossesFair Value
￥

139

￥

0

Cost
￥ 136

￥ 276

Unrealized Unrealized
Gains
LossesFair Value
84

￥

￥

0

￥ 220

Thousands of U.S. Dollars

2018

Securities classified as:
Cost
Available-for-sale:
Equity securities ・・・・・・・・・・・・・ $ 1,289

Unrealized Unrealized
Gains
LossesFair Value$ 1,318$$ 2,6070(2) Proceeds and realized gains and realized losses of the available-for-sale securities which were sold during the years ended
March 31, 2017, were as follows:
March 31, 2017
Available-for-sale :Equity securities ・・・・・・・・・・・・・・・・・・・

Millions of Yen
Proceeds￥

Realized Gains

0

￥

0

For the year ended March 31, 2018, the proceeds, realized gains, and realized losses are not disclosed since there was noavailable-for-sale securities sold during the year ended March 31, 2018.

4. INVENTORIESInventories at March 31, 2018 and 2017, consisted of thefollowing:Thousands of
U.S. Dollars

Millions of Yen

2017

2018

2018

Finished products ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Work in process ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Raw materials and supplies ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

￥

825
1,117
3,542

￥

769
884
2,179

$

7,786
10,53833,423

Total

￥

5,485

￥

3,833

$

51,748・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

5. RETIREMENT AND PENSION PLANS
The Company has severance payment plans for employees. Under most circumstances, employees terminating their employment
are entitled to retirement benefits determined based on the rate of pay at the time of termination, years of service and certain
other factors. Such retirement benefits are made in the form of a lump-sum severance payment or annuity payments from atrustee.
The Company has a funded defined benefit pension plan and a funded defined contribution pension plan for employees which
cover approximately 50% each of their benefits. Certain subsidiaries have an unfunded defined contribution plan.

24

(1) The changes in defined benefit obligations for the years ended March 31, 2018 and 2017, were as follows:
Millions of Yen

2017

2018
Balance at beginning of year (as previously reported) ・・・
Current service cost ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Interest cost ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Actuarial losses (gains) ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Benefits paid ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Other ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・￥

Balance at end of year ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・￥

Thousands of
U.S. Dollars

597
56
2
(0)
(10)
(6)

￥

638

￥

2018
552
55
1
(3)
(8)
0

$

597

$

(2) The changes in plan assets for the years ended March 31, 2018 and 2017, were as follows:

6,022

Thousands of
U.S. Dollars

Millions of Yen

2017

2018

5,640
534
20
(6)
(102)
(64)

2018

Actuarial losses (gains) ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

Unrecognized actuarial gains・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

￥

774
7
21
40
(7)

$

7,896
78
(157)
378
(71)

Balance at end of year ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

￥

861

￥

836

$

8,124

Total

2017

Funded defined benefit obligations ・・・・・・・・・・・・・・・・・・・・・
Plan assets ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Total ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Unfunded defined benefit obligations ・・・・・・・・・・・・・・・・・・・￥

Net assets arising from defined benefit obligations ・・・・・

￥

586
(861)
(274)
51

￥

(222)

￥

$

(239)

$

5,536
(8,124)(2,588)
485(2,102)Thousands of
U.S. Dollars

Millions of Yen

2017

2018

2018

Liability for retirement benefits ・・・・・・・・・・・・・・・・・・・・・・・・・・・
Asset for retirement benefits ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

￥

51
(274)

￥

53
(292)

$

485
(2,588)

Net assets arising from defined benefit obligations ・・・・・・

￥

(222)

￥

(239)

$

(2,102)(4) The components of net periodic benefit costs for the years ended March 31, 2018 and 2017, were as follows:
Millions of Yen
Service cost ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Interest cost ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Expected return on plan assets ・・・・・・・・・・・・・・・・・・・・・・・・・・
Recognized actuarial gains ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・￥

Net periodic benefit costs ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・￥

Thousands of
U.S. Dollars

2017

2018
56
2
(8)
(0)

￥

49

￥

・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

2018
55
1
(7)
(0)

$

49

$

534
20
(78)
(6)
469

(145)

2017
81

￥

￥

2018
97

$

773

2018

2017

0.0 %
16.9
6.2
23.1
3.4
50.4

0.1 %
17.2
7.8
25.8
3.2
45.9

100.0 %

100.0 %

Others mainly consists of short-term funds and alternative.
b. Method of determining the expected rate of return on plan assets
The expected rate of return on plan assets is determined considering the long-term rates of return
which are expected currently and in the future from the various components of the plan assets.
(8) Assumptions used for the years ended March 31, 2018 and 2017, were set forth as follows:

2018

544
(836)
(292)
53

$

(7) Plan assets
a. Components of plan assets
Plan assets as of March 31, 2018 and 2017, consisted of the following:

836
8
(16)
40
(7)

2018

25

￥

2018

￥

Thousands of
U.S. Dollars

(15)

￥

2018

(6) Amounts recognized in accumulated other comprehensive income (before income tax effect) in respect of defined retirement
Thousands ofbenefit plan as of March 31, 2018 and 2017, were as follows:
Millions of Yen
U.S. Dollars

Balance at beginning of year ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Expected return on plan assets ・・・・・・・・・・・・・・・・・・・・・・・・・
Actuarial gains (losses) ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Contributions from the employer ・・・・・・・・・・・・・・・・・・・・・・・
Benefits paid ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

Millions of Yen

2017

2018

Domestic debt investments ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Domestic equity investments ・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Foreign debt investments ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Foreign equity investments ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
General accounts ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Others ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・(3) Reconciliations between the liability recorded in the consolidated balance sheet and the balances of defined benefit
obligations and plan assets as of years ended March 31, 2018 and 2017, were as follows:

25(5) Amounts recognized in other comprehensive income (before income tax effect) in respect of defined retirement beneit plan
Thousands offor the years ended March 31, 2018 and 2017, were as follows:
Millions of Yen
U.S. Dollars

Discount rate ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Expected rate of return on plan assets ・・・・・・・・・・・・・・・・・・・

2018

2017

0.3 %
1.0

0.4 %
1.0

(9) Defined contribution plans
The contributions to the defined contribution pension plan of the Company and the defined contribution plan of certain subsidiarywere ¥56 million ($532 thousand) and ¥52 million for the years ended March 31, 2018 and 2017, respectively.

6. EQUITY
Japanese companies are subject to the Companies Act of Japan (the"Companies Act"). The significant provisions in the Companies Act that affectfinancial and accounting matters are summarized below:
a. Dividends
Under the Companies Act, companies can pay dividends at any time
during the fiscal year in addition to the year-end dividend upon resolution
at the shareholders’ meeting. Additionally, for companies that meetcertain criteria including (1) having a Board of Directors, (2) having
independent auditors, (3) having an Audit & Supervisory Board, and (4) theterm of service of the directors being prescribed as one year rather than
the normal two-year term by its articles of incorporation, the Board of
Directors may declare dividends (except for dividends-in-kind) at any time
during the fiscal year if the company has prescribed so in its articles ofincorporation. The Company meets all the above criteria and, accordingly,
the Board of Directors may declare dividends (except for
dividends-in-kind) at any time during the fiscal year.
The Companies Act permits companies to distribute dividends-in-kind(noncash assets) to shareholders subject to a certain limitation andadditional requirements.
Semiannual interim dividends may also be paid once a year upon

resolution by the Board of Directors if the articles of incorporation of thecompany so stipulate. The Companies Act provides certain limitations on
the amounts available for dividends or the purchase of treasury stock. The
limitation is defined as the amount available for distribution to theshareholders, but the amount of net assets after dividends must be
maintained at no less than ¥3 million.
b. Increases/Decreases and Transfer of Common Stock, Reserve andSurplus
The Companies Act requires that an amount equal to 10% of dividends
must be appropriated as a legal reserve (a component of retained
earnings) or as additional paid-in capital (a component of capital surplus)
depending on the equity account charged upon the payment of such
dividends until the aggregate amount of legal reserve and additional
paid-in capital equals 25% of the common stock. Under the Companies
Act, the total amount of additional paid-in capital and legal reserve may bereversed without limitation. The Companies Act also provides that
common stock, legal reserve, additional paid-in capital, other capitalsurplus and retained earnings can be transferred among the accounts
within equity under certain conditions upon resolution of the shareholders.
c. Treasury Stock and Treasury Stock Acquisition Rights
The Companies Act also provides for companies to purchase treasury stockand dispose of such treasury stock by resolution of the Board of Directors.
26

The amount of treasury stock purchased cannot exceed the amountavailable for distribution to the shareholders, which is determined by aspecific formula. Under the Companies Act, stock acquisition rights arepresented as a separate component of equity. The Companies Act also
provides that companies can purchase both treasury stock acquisitionrights and treasury stock. Such treasury stock acquisition rights arepresented as a separate component of equity or deducted directly fromstock acquisition rights.
On April 1, 2018, the Company made a two-for-one stock split by way of afree share distribution based on the resolution of the Board of Directors
meeting held on March 7, 2018.

The Company is subject to Japanese national and local income taxes which, in the aggregate, resulted in a normal effective
statutory tax rate of approximately 30.8% each for the years ended March 31, 2018 and 2017.
The tax effects of significant temporary differences which resulted in deferred tax assets and liabilities at March 31, 2018 and 2017,
were as follows:
Thousands of
U.S. Dollars

Millions of Yen

2017

2018
￥

￥
￥

￥
￥

270
194
176
29

￥

78
25
20
67
862

￥

167
58
42
25
26
320
541

￥

￥
￥

$

157
59
24
29
37
308
414

$

Millions of Yen

￥

436
138
(7)
(25)
541

$

$
$

￥

￥

431
20
(7)
(29)
414

2,551
1,830
1,664
279
736
244
192
640
8,138
1,584
553
402
235
251
3,027
5,110

(1) Group policy for Financial Instruments
The Group does not use financial instruments for speculative purposes based on its capital financing plan. Cash surpluses, if any, areinvested in low-risk financial assets, including short-term time deposits. Funds on hand are used to fund its ongoing operations.
Derivatives are not used for speculative purposes, but to manage exposure to financial risks.
(2) Nature and Extent of Risks Arising from Financial Instruments
Receivables, such as trade notes and trade accounts, are exposed to customer credit risk. Receivables in foreign currencies are
exposed to the market risk of fluctuation in foreign currency exchange rates. Investment securities are exposed to the risk of market
price fluctuations. Payment terms of payables, such as trade notes and trade accounts, are primarily less than four months. Payment
terms of income taxes payable and payables – construction and other are primarily less than one year.
(3) Risk Management for Financial Instruments
Credit risk management
Credit risk is the risk of economic loss arising from a counterparty's failure to repay or service debt according to the contractual terms.
The Group manages its credit risk from receivables on the basis of internal guidelines, which include monitoring of payment terms andbalances of major customers by each business administration department to identify the default risk of customers at an early stage.
Investment securities are managed by monitoring market values and financial position of issuers on a regular basis.

(4) Fair Value of Financial Instruments
Millions of Yen
Carrying
AmountMarch 31, 2018
Cash and cash equivalents ・・・・・・・・・
Short-term investments ・・・・・・・・・・・・・
Receivables ・・・・・・・・・・・・・・・・・・・・・・・・・
Investment securities ・・・・・・・・・・・・・・・

￥

3,763
1,891
7,042
276

Fair Value￥

Thousands of
U.S. Dollars

Total ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・￥ 12,974

2018

Payables ・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Income taxes payable ・・・・・・・・・・・・・・

￥

3,410
608

￥

Total ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

￥

4,019

￥

2017

2018
￥

2018

249
94
133
1
40
77
27
20
78
723

Deferred tax assets (liabilities) are included in the consolidated balance sheets as follows:

Current assets - Deferred tax assets ・・・・・・・・・・・・・・・・・・・・・・・・・
Investments and other assets - Deferred tax assets ・・・・・・・・・・・・
Current liabilities - Other current liabilities ・・・・・・・・・・・・・・・・・・・
Long-term liabilities - Deferred tax liabilities ・・・・・・・・・・・・・・・・・
Net deferred tax assets ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

Research and development costs charged to income were ¥598 million ($5,647 thousand) and ¥619 million for the years ended
March 31, 2018 and 2017, respectively.

9. FINANCIAL INSTRUMENTS AND RELATED DISCLOSURES

7. INCOME TAXES

Deferred tax assets:
Inventories ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Building depreciation ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Software ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Enterprise tax payable ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Advances received ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Accrued bonuses
・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Warranty reserve ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Retirement benefits to directors ・・・・・・・・・・・・・・・・・・・・・・・・・
Other ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Total ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Deferred tax liabilities:
Undistributed earnings of foreign subsidiaries・・・・・・・・・・
Asset for retirement benefits ・・・・・・・・・・・・・・・・・・・・・・・・・・・
Unrealized gains on available-for-sale securities ・・・・・・・
Defined retirement benefit plan ・・・・・・・・・・・・・・・・・・・・・・・・
Other ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Total ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Net deferred tax assets

8. RESEARCH AND DEVELOPMENT COSTS

$

$

4,114
1,306
(73)
(236)
5,110

3,763
1,891
7,042
276

￥ 12,974

Thousands of U.S. Dollars
Unrealized
Gains/Losses

Carrying
Amount$35,502
17,84766,442
2,607

Fair Value$

Unrealized
Gains/Losses

35,502
17,84766,442
2,607$ 122,400$ 122,400

3,410
608

$

32,175
5,741$

32,175
5,741

4,019

$

37,917$37,917For the years ended March 31, 2018 and 2017, a reconciliation is not disclosed since the difference of the normal effective statutory
tax rate and actual effective tax rate is less than 5.0% of the normal effective statutory tax rate.

27

28

10. OTHER COMPREHENSIVE INCOME (LOSS)
Millions of Yen

Carrying
AmountMarch 31, 2017
Cash and cash equivalents ・・・・・・・・・
Short-term investments ・・・・・・・・・・・・・
Receivables ・・・・・・・・・・・・・・・・・・・・・・・・・
Investment securities ・・・・・・・・・・・・・・・

￥

5,690
43
6,479
220

The components of other comprehensive income (loss) for the years ended March 31, 2018 and 2017, were as follows:

Unrealized
Fair Value Gains/Losses
￥

5,690
43
6,479
220

Total ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・￥ 12,435

Payables ・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Income taxes payable ・・・・・・・・・・・・・・

￥

3,743
100

￥

3,743
100

Total ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

￥

3,843

￥

3,843

Unrealized gains on available-for-sale securities:
Amount arising during the year ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Reclassification adjustments to profit or loss ・・・・・・・・・・・・・・・・・・
Amount before income tax effect ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Income tax effect ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Total ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・￥ 12,435

Cash and Cash Equivalents, Short-Term Investments, Receivables and Payables, and Income Taxes Payable
The carrying values of cash and cash equivalents, short-term investments, receivables and payables, and income taxes payable
approximate fair value because of their short maturities.
Investment Securities
The fair values of investment securities are measured at the quoted market price of the stock exchange for the equity instruments.
Fair value information for investment securities by classification is included in Note 3.
(5) Maturity Analysis for Financial Assets with Contractual Maturities
Millions of Yen
Due in 1 Yearor Less
March 31, 2018
Cash and cash equivalents ・・・・・・・
Short-term investments ・・・・・・・・・・
Receivables ・・・・・・・・・・・・・・・・・・・・・・
Total ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・￥￥

Due after 1 Yearthrough 5 Years

Due after 5 Years
through 10 Years

Due after
10 Years￥

Total ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・￥

Due after 1 Yearthrough 5 Years

Due after 5 Years
through 10 Years

Due after
10 Years

Total ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

29$

12,21435,502
17,84766,442$ 119,792

Year Ended March 31, 2018:
Basic EPS
Net income available to commonshareholders・・・・・・・・・・・・・・・・・・・・・・・・・・
Year Ended March 31, 2017:
Basic EPS
Net income available to commonshareholders・・・・・・・・・・・・・・・・・・・・・・・・・・

5,690
43
6,479

Due in 1 Yearor Less

・・・・・・・・・・・・・・・・・・

￥

￥

￥
￥

55
0
55
(16)
38

￥

(31)
(31)
(31)

￥

￥

(16)
0
(15)
4
(10)

￥

(3)

￥

￥

￥

￥

2018

36
(0)
35
(10)
24

$

(59)
(59)
(59)

$

25
(0)
25
(7)
17

$

$

(151)
6
(145)
44
(101)

(17)

$

(30)

$

$

523
0
523
(159)
363

(292)
(292)
(292)

11. NET INCOME PER SHARE

12,698

Thousands of U.S. Dollars

March 31, 2018
Cash and cash equivalents ・・・・・・・
Short-term investments ・・・・・・・・・・
Receivables ・・・・・・・・・・・・・・・・・・・・・・

Deﬁned retirement beneﬁt plan:
Adjustments arising during the year・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Reclassification adjustments to profit or loss ・・・・・・・・・・・・・・・・・・
Amount before income tax effect ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Income tax effect ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Total ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

2017

2018

Details of the basic net income per share (EPS) for the years ended March 31, 2018 and 2017, were as follows:

Millions of Yen

March 31, 2017
Cash and cash equivalents ・・・・・・・
Short-term investments ・・・・・・・・・・
Receivables ・・・・・・・・・・・・・・・・・・・・・・

Foreign currency translation adjustments:
Adjustments arising during the year・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Amount before income tax effect ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Total ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

Total other comprehensive loss

3,763
1,891
7,042

Due in 1 Yearor Less

Thousands of
U.S. Dollars

Millions of Yen

Due after 1 Yearthrough 5 Years

Due after 5 Years
through 10 Years

Due after
10 YearsMillions of Yen

Thousands ofSharesNet Income

WeightedAverage Shares￥ 1,626

34,974

￥

46.51

1,380

34,975

￥

39.46

￥

U.S.
Dollars

Yen
EPS$ 0.44

Diluted net income per share is not disclosed as there are no outstanding potentially dilutive securities.
The Company implemented a two-for-one stock split on April 1, 2018. The Company calculated net asset value per shareassuming that the Company implemented a stock split as of the consolidated fiscal year beginning April 1, 2017.

12. SUBSEQUENT EVENTS
Stock Split and Amendment of Articles of Incorporation
The Board of Directors resolved to make a two-for-one stock split and amended the part of the articles of incorporation at themeeting on March 7, 2018.

30

(1) Purpose of the Stock Split
The purpose of the stock split was to increase the liquidity of shares and broaden investor base in the market by improving
the investment environment.
(2) Details of the Stock Splita. Method of stock split
The Company made a two-for-one stock split for each one common share owned by shareholders who are recorded on the
final list of shareholders at the end of the fiscal year.
b. Increase in the number of shares after the stock split
Total number of outstanding shares before the split:
Increase in the number of shares after the split:
Total number of outstanding shares after the split:
The total number of authorized shares after the split:c. Schedule
Record date announcement:
Record date:
The effective date:

17,819,033 shares
17,819,033 shares
35,638,066 shares
80,000,000 shares

The Company carries out the development, production, sales, and after-sales maintenance of take-out robots forinjection-molded products and peripheral equipment, including labor-saving systems. In the domestic market, these
operations are handled by the Company; overseas markets – U.S.A., Asia (South Korea, Taiwan, China, Indonesia, Vietnam,
Malaysia, Thailand, and India) and Europe (UK) – are serviced by local subsidiaries, including Yushin America Inc. (U.S.A.), Yushin
Korea Co., Ltd. (Asia), and Yushin Automation Limited (Europe). The local subsidiaries are independently managed units, withseparately drafted strategies and activities.

d. Impact on per share after the stock split
See notes to net income per share information (Note 11).
(3) Amendment of the Articles of Incorporationa. Purpose of the amendment of the article of incorporation
Effective April 1, we changed the total number of authorized shares in accordance with Companies Act 184.2. The total numberof authorized shares is prescribed by Provision 5 in the articles of incorporation.
b. Details of amendment of articles of incorporation

Total Number of Authorized Shares

Articles of Incorporation before Amendment

Articles of Incorporation after Amendment

Accordingly, the Company's operations, based on its production, sales, and after-sales maintenance setups, are geographicallygrouped into four reportable segments: Japan, Asia, Europe, and the U.S.A.
(2) Methods of Measurement for the Amounts of Sales, Profit (Loss), Assets, and Other Items for Each Reportable Segment
The accounting procedure for the reportable segments is described in Note 2, "Summary of significant accounting policies."
Segment profit by reportable segment is calculated based on operating income.
Intersegment sales and transfers are based on a realized market price basis.
(3) Information about Sales, Profit, Assets and Other Items is as Follows:
Millions of Yen

Article 5: The total number of authorized shares of
the Company shall be 80,000,000 shares.

c. Schedule
The effective date: Sunday, April 1, 2018b. Since the stock split will be effective as of April 1, year-end dividend as of March 31, 2018 is calculated by the number of shares
before the stock split.
Appropriation of Retained Earnings
The following appropriation of retained earnings at March 31, 2018, was approved at the Company's Board of Directors meeting heldon May 10, 2018:
Thousands ofMillions of Yen
U.S. Dollars
・・・・・・・・・・・・・・・・・・・・・・・・

2018
Reportable Segment
Japan
Asia
EuropeU.S.A.
Total
Reconciliations Consolidated
Sales:
Sales to external customers
・・・・・・・・・・ ￥ 11,736 ￥ 5,286 ￥696 ￥ 3,159 ￥ 20,878￥ 20,878
Intersegment sales or transfers ・・・・・・・・
4,987
306
2
41
5,338 ￥ (5,338)
Total ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ ￥ 16,724 ￥ 5,593 ￥698 ￥ 3,200 ￥ 26,216 ￥ (5,338) ￥ 20,878(4) Othersa. Change in the amount of capital stock
The amount of capital stock has not been changed after the stock split.

Year-end cash dividends, ¥ 18 ($ 0.17 ) per share

Under ASBJ Statement No. 17, "Accounting Standard for Disclosures about Segments of an Enterprise and Related Information"
and ASBJ Guidance No. 20, "Guidance on Accounting Standard for Disclosures about Segments of an Enterprise and RelatedInformation," an entity is required to report financial and descriptive information about its reportable segments. Reportablesegments are operating segments or aggregations of operating segments that meet specified criteria. Operating segments arecomponents of an entity about which separate financial information is available and for which such information is evaluatedregularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Generally,
segment information is required to be reported on the same basis as is used internally for evaluating operating segment
performance and deciding how to allocate resources to operating segments.
(1) Description of Reportable Segments
Segments used for financial reporting are the Company's constituent units for which separate financial information is available
and for which the Board of Directors performs periodic studies for the purposes of determining the allocation of resources andevaluating performance.

Wednesday, March 14, 2018
Saturday, March 31, 2018
Sunday, April 1, 2018

Article 5: The total number of authorized shares of
the Company shall be 40,000,000 shares.

13. SEGMENT INFORMATION￥ 314

Segment profit ・・・・・・・・・・・・・・・・・・・・・・・・・・・・ ￥ 1,409 ￥Segment assets ・・・・・・・・・・・・・・・・・・・・・・・・・・・
23,310
Other:
Depreciation ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
845
Increase in property, plant andequipment and intangible assets ・・・・・
612

607 ￥
4,327

130 ￥
1,552

260 ￥ 2,408 ￥
2,172
31,363

24

17

38

924

15

4

19

652

(49) ￥ 2,358
1,209
32,57211935
652$ 2,969

The Company implemented a two-for-one stock split on April 1, 2018. The Company calculated dividends per share based on the
total number of shares before the stock split.

31

32

Millions of Yen

Millions of Yen

2017

2017

Reportable Segment
Sales:
Sales to external customers ・・・・・・・・・・・・・・
Intersegment sales or transfers ・・・・・・・・・・・
Total ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Segment profit ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Segment assets ・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Other:
Depreciation ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Increase in property, plant andequipment and intangible assets ・・・・・・・

Japan

Asia

EuropeU.S.A.

Total

11,163 ￥4,381￥ 15,545 ￥

4,512 ￥
264
4,776 ￥

395 ￥
1
396 ￥

3,274 ￥ 19,346
10
4,658 ￥
3,285 ￥ 24,004 ￥￥ 19,346(4,658)(4,658) ￥ 19,346

1,279 ￥
21,654

469 ￥
3,758

6 ￥
943

348 ￥ 2,104 ￥2,122
28,479

8￥
2,112
2,282
30,761

404

19

12

37

474

459

16

45

25

546

￥

￥

Take-Out
RobotsReconciliations Consolidated

5479

Sales to external customers

13,410￥・・・・・・・・・・・・

Custom-Ordered
Equipment
2,832￥

Parts and
Maintenance
Services
3,103

￥

Total
￥

19,346

Thousands of U.S. Dollars

2018
Take-Out
RobotsSales to external customers$

・・・・・・・・・・・・

Custom-Ordered
Equipment

Parts and
Maintenance
Services$$

145,752

20,80130,414

Total$

196,968546(5) Information about Geographical Areas

Thousands of U.S. Dollars

a. Sales2018

Millions of Yen

Reportable Segment
Sales:
Sales to external customers ・・・・・・・・・・・
Intersegment sales or transfers ・・・・・・・・
Total ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Segment profit ・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Segment assets ・・・・・・・・・・・・・・・・・・・・・・・・・・・
Other:
Depreciation ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Increase in property, plant andequipment and intangible assets ・・・・・

Japan

Asia

EuropeU.S.A.

Total

Reconciliations Consolidated$ 110,720 $
47,055$ 157,776 $

49,875 $2,890
52,765 $6,568 $
21
6,590 $

29,803 $ 196,968$ 196,968
393
50,361 $ (50,361)
30,197 $ 247,329 $ (50,361) $ 196,968

13,292 $219,909

5,735 $
40,8291,235 $
14,6492,458 $ 22,721 $(469) $ 22,252
20,495295,884
11,406307,291

7,971

228

165

358

8,724

5,775

147

43

186

6,152

$

103

8,828

(4) Information about Products and Services

2018
Take-Out
Robots

33

￥

3,468

￥

Europe

4,594

￥

687

North America
￥

3,172

Other
￥

620

Total
￥ 20,878

Millions of Yen
Japan
￥

7,955

2017

China
Taiwan￥2,477

Other Asia￥

Europe

4,200

￥

693

North America
￥

3,573

Other
￥

445

Total
￥

19,346

Thousands of U.S. Dollars
Japan$

78,6352018

China
Taiwan$32,717

Other Asia$

43,344

Europe$6,485

North America$

29,930

Other
$

5,855

Total
$

196,968

Note: Sales are classified by country or region based on the location of customers.
b. Property, plant and equipment
Information is omitted because property, plant, and equipment in Japan accounted for over 90% of property, plant, andequipment on the consolidated balance sheet.

(6) Information about Major Customers
Millions of Yen

・・・・・・・・・・・・

8,335

Other Asia

6,152

Note 1: Reconciliations for the year ended March 31, 2018, are as follows:(1) Reconciliations to segment profit of ¥(49) million ($(469) thousand) include eliminations for intersegment
transactions of ¥36 million ($346 thousand) and inventory reconciliation of ¥(86) million ($(816) thousand).
(2) Reconciliations to segment assets of ¥1,209 million ($11,406 thousand) include eliminations for intersegment
transactions of ¥(3,199) million ($(29,427) thousand) and operating funds of surplus assets held by the Company(cash and deposits and others) of ¥4,328 million ($40,834 thousand) and others.
(3) Reconciliations to depreciation of ¥11 million ($103 thousand) include eliminations for equipment related toresearch and development activities that do not belong to the reportable segments.
Note 2: Segment profit is reconciled to be consistent with operating income shown in the consolidated statements ofincome.

Sales to external customers

Japan
￥

2018

China
Taiwan￥15,449Custom-Ordered
Equipment￥

2,204

Information is omitted because there were no customers that accounted for 10% or more of total net sales recorded in the
consolidated statements of income.

Parts and
Maintenance
Services

￥

3,223

Total
￥

20,87834

Independent Auditor’s ReportCompany Profile(As of March 31, 2018)

Company Name : YUSHIN PRECISION EQUIPMENT CO., LTD.
Establishment: October 1973

Capital: 1,985 million yen

Head Office: 555 Kuzetonoshiro-cho, Minami-ku, Kyoto, Japan 601-8205
Phone : +(81)75-933-9555 Fax : +(81)75-934-4033

Number of Employees : 683 (Including consolidated subsidiaries) and 403 (Yushin Precision Equipment Co., Ltd. only)
Number of Shareholders : 3,370
Listed Stock Exchange : First Section, Tokyo
Securities Identification Code : 6482

Major Shareholders(As of March 31, 2018)

Number of Shares held
(thousand)

Percentage ofShares held (%)

Yushin Industry Co., Ltd. ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

5,996

34.3

The Master Trust Bank of Japan, Ltd. (Trust Account) ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

1,164

6.7

The Nomura Trust and Banking Co., Ltd. (Trust Account 3071019) ・・・・・・・・・・・・・・・・・・・・・・・・・・

774

4.4

The Master Trust Bank of Japan, Ltd. (Retail Trust Account 620021158) ・・・・・・・・・・・・・・・・・・・

774

4.4

The Kyoto Chuo Shinkin Bank, Ltd. ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

544

3.1

Mayumi Kotani

526

3.0

・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

Japan Trustee Service Bank, Ltd. (Trust Accounts 9) ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

473

2.7

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

424

2.4

Japan Trustee Service Bank, Ltd. (Trust Account ) ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

389

2.2

The Bank of Kyoto, Ltd.

352

2.0

・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

Note: “Percentage of Shares held (%)” is calculated after deducting the number of treasury stock (331,982 shares).

Distribution of ownership among shareholders
Others: 0.8%
Treasury stock:
1.9%
Individuals:
11.2%

Foreign corporations and others:
17.0%

Financial
institutions:35.1%

Financial institutions: 0.9%
Foreign corporations
and others: 4.5%

Total
17,819,033
sharesTotal
3,370
persons

Other
corporations:
34.8%

35

Individuals:
93.8%

36

555 Kuzetonoshiro-cho, Minami-ku, Kyoto
601-8205 JAPANhttp://www.yushin.com

2018.08