Management Message

Corporate Vision

Creating excitement andpeace of mind
for the people of the world
Management Principles
Creating value through Monozukuri
Building a corporate culture that adapts and embraces change
Investing in people to strengthen capabilities and push boundaries

Aiming to Enhance Sustainable
Corporate Value and to Be
an Excellent Company

Change for Growth
The business environment surrounding our company is changing more quickly than anyone could have expected. In
addition to the emergence of new business models brought about by digital transformation (DX) that utilizes newtechnologies such as AI and the IoT, corporate management is required to take the perspective of ESG and SDGs inorder to realize a sustainable society.
The pace of these changes has accelerated suddenly as a result of the dramatic shifts in our society and lifestyles causedby the spread of COVID-19. Corporations will be required to further create new values and strengthen their corporate
structures to respond to the fluctuating business environment from here on.
It is against this background that our company has formulated the New Medium-Term Management Plan VISION 2023,
with “Change for Growth” as its basic strategy, in order to break away from the current situation by fundamentally
reviewing our way of thinking and behavior, and to face new challenges. Based on this new management plan, which
incorporates the two goals of “Change” to strengthen the revenue base of our existing business, and “Growth” toexpand our growth business even further through new products and business operations, we will break through thestagnation of COVID-19 and move forward to new success.
Together with the formulation of VISION 2023, we have also reformed our management principles. We will strive toachieve VISION 2023 under the following three new management principles.

Management Principles
Creating value through Monozukuri
Monozukuri is the foundation of our company’s business. Often translated as “manufacturing” or “making of things,”
the word Monozukuri does not only refer to technology but includes all elements ranging from planning, development
design, design, branding, production, quality, costs, and user experience (UX). No matter how our business models mayvary according to transitions in new technology and the business environment, we intend to continue to focus on ourcore, staying true to our spirit as a Monozukuri company.

4 Values

ChangeCreateEarning
Power

Connect

Change for Growth

Building a corporate culture that adapts and embraces change
Looking back on the past few years, and particularly the previous year in which we were confronted by the COVID-19
pandemic, worldwide trends and movements have shifted more quickly than we ever imagined, and have almost
entered an entirely new dimension. For corporations from here on, flexibility and resilience to grow while responding
quickly and adapting successfully to changes occurring before them will be essential. We believe that the ability to react
to such changes will be a powerful source of corporate growth, and so we hope to face change with a bold stanceand positive attitude.

Investing in people to strengthen capabilities and push boundaries
For Monozukuri companies like ourselves to achieve “Change for Growth,” personnel who are both highly creative andeager to take on new challenges will be required, and innovation can only be born from the combination of multiple
element technologies. These are not limited only to core technologies, but also include knowledge and experience, diversity,
art, skills, and business models. Therefore, even if individual employees may have outstanding technical skills, ideas, orinsights, without organizational integration it will be difficult to apply them and lead to innovation as a Monozukuri
company. In order to encourage the creation of new values by our employees for the society, we will carry out humanresource development, organizational design, and management that will make it easier for innovation to be attained.
Under the promotion of the New Medium-Term Management Plan VISION 2023 and our new management principles,
we will attempt to enhance our sustainable corporate value and to be an excellent company with both strength andtoughness as we strive to achieve our Corporate Vision: “Creating excitement and peace of mind for the people of the world.”

Representative Director of the Board,
President and CEO

EGUCHI Shoichiro

JVCKENWOOD
Company Profile1

Business Areas
OthersThe JVCKENWOOD Group aims to provide
products, services, and solutions that realize
its corporate vision of “Creating excitement
and peace of mind for the people of theworld” in the three business sectors: Mobility& Telematics Service Sector*1, Public Service
Sector, and Media Service Sector.

2.0%

22.3%
Revenue
Composition
Ratio by%Business Sector*2(FYE3/’21)

57.4*1 Effective July 1, 2021, the Telematics Business of the Digital
Transformation (DX) Business Division, which was included in
the Others segment, was incorporated into the Automotive
Sector and renamed the Mobility & Telematics Service Sector.
The revenue composition ratio by business sector is calculated
based on the new field classification for the fiscal year ended
March 2021.
*2 Rounded to the first decimal place

18.3%

Mobility & Telematics Service Sector

Public Service Sector
The Public Service Sector consists of Communications
Systems Business and Professional Systems Business. We
provide products, services, and solutions that contributeto people's lives, livelihoods, and the creation of safe andsecure cities through professional radio systems, wirelessbroadband solutions, security systems, professional broadcasting
systems, and medical image display monitors.

Main Products

The Mobility & Telematics Service Sector consists of the OEM Business, which
provides car navigation systems, dashcams, and other related products to customers
through automobile manufacturers and dealers, and the Aftermarket Business,
which provides products to customers through mass merchandisers and distributors.
We are also developing the Telematics Service Business for automobile insurancesby equipping dashcams, which boast top-class performance in the industry, with
communication functions. Furthermore, by expanding our business areas to thedata service business as an IoT platform business, we aim to provide solution
services that contribute to a safer and more secure mobility.

Professional radio system

Security system

Medical image display monitor

Main Products

Media Service Sector

Car navigation system
Telematics service

Dashcam

Display audio system

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JVCKENWOOD
Company Profile

Car audio system

In the Media Service Sector, we develop a wide range of productsthat respond to the stay-at-home demand due to the increasein time spent at home and the growing awareness of natural
disasters and pandemics. We also aim to expand the business
related to next-generation optical communications for the 5G
and 6G era. In the Entertainment Business, with a number of
popular artists, we are working to expand the share of the
packaged and distributed music business and to strengthen
the non-music business.

Main Products

In-vehicle amplifier/Antenna/Speaker

Headphones/Earphones

Portable power station

Music and video content

JVCKENWOOD
Company Profile3

Developing the Three Brands Familiar to Customers
The JVCKENWOOD Group promotes a multi-brand strategy with multiple product brands under the corporate umbrella. Our
three product brands, KENWOOD, JVC, and Victor have long been popular with customers. Even today, when AI and the IoT havebecome cutting-edge technologies, we flexibly respond to the changing times while developing products and services that meetand exceed our customers’ expectations. The three brands will continue to evolve through manufacturing.

Our Sustainability Initiatives
Basic concept
The JVCKENWOOD Group promotes sustainability in business and society by providing products, services, and solutions thatsolve a variety of social issues through its business activities. In addition, we will further focus on initiatives for sustainability
management as a key theme in VISION 2023, which is based on “profitable growth” and “solving social issues on a global
scale.” While building a deep trust with all stakeholders, including customers, we will strive to sustainably enhance corporate
value and contribute to the Sustainable Development Goals (SDGs).

Materiality and the SDGs

The KENWOOD brand, with its red triangle brand logo that represents innovation, sharpness, and high quality, develops products
based on audio and communication technologies. To push the limits of technology, we also provide wireless systems andin-vehicle cameras for the world of motorsports, where speed, temperature, vibration, and noise environments are all extreme.
We are currently expanding our range of in-vehicle products and services, including dashcams (installed and communication types)
to make driving safer and more comfortable, with the aim of further developing the Mobility and Telematics Service Sector thatwill lead our company into a new era.

The JVC brand expands globally in a wide range of fields
from audio and visual products to healthcare systems. In
addition to its presence in the BtoB areas, we focus on
people's lifestyles in the BtoC areas, proposing products
and services that are closely related to people’s lives suchas a wide range of headphones and portable power
stations, for which the needs have been expanding inrecent years.

Of the 17 goals in the SDGs, we have selected eight goals that have strong relevance to our business and that we believe wecan contribute to solving as the high-priority issues to be addressed, and have set qualitative and quantitative targets. We havealso clarified the themes of social issues (society, labor, environment, quality, economy, safety, governance, and value creation)for each goal. In this way, we aim to create value in the form of products, services, and solutions to resolve these issues, andthereby realize the corporate vision and ensure the sustained growth of our company.

The Victor brand is familiar with the dog Nipper depictedin “His Master's Voice.” Inheriting the philosophy of“Closer to the Musical Truth,” we have developed EXOFIELD,
a unique out-of-head localization sound processing
technology that reproduces the speaker sound field of alistening room with headphones, and WOOD CONE, anaudio system that uses wood for the speaker diaphragm.
We will continue to think outside the box and pursue
technologies and products that are appropriate for the times.

Contributing to a safe and secure transportationsociety through car navigation systems, dashcams,
and telematics services

Broadband wireless systems
that support safe and secureurban development

Portable power stations and solar
panels that contribute to disasterprevention and mitigation

Please visit our company website for more informationon our sustainability activities.

• Sustainability website
https://www.jvckenwood.com/en/sustainability.html

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JVCKENWOOD
Company Profile

Sustainability
websiteJVCKENWOOD
Company Profile

5

Facilities (Japan) As of July 1, 2021

Facilities (Overseas) As of July 1, 2021

Business Centers and R&D Facilities
Names

Locations

Manufacturing Companies

Main R&D

Names

Locations

Main Products

Malaysia

Communications equipment

Head Office & Yokohama Business Center

Yokohama, Kanagawa

Mobility & telematics equipment, projectors, video cameras, audio equipment, and medical
equipment, etc.

JVCKENWOOD Electronics Malaysia Sdn. Bhd.
JVCKENWOOD Electronics (Thailand) Co., Ltd.

ThailandMedia equipment and professional products

Hachioji Business Center

Hachioji, Tokyo

Mobility & telematics equipment

JVCKENWOOD Optical Electronics (Thailand) Co., Ltd.

Thailand

Mobility & telematics equipment

PT. JVC Electronics Indonesia

Indonesia

Mobility & telematics equipment

Shanghai Kenwood Electronics Co., Ltd.

China

Mobility & telematics equipment

Beijing JVCKENWOOD AV Equipment Co., Ltd.

China

Professional radio systems

Hakusan Business Center

Yokohama, Kanagawa

Radio communication devices, video surveillance equipment, etc.

Kurihama Business Center

Yokosuka, Kanagawa

D-ILA devices, laser diodes, etc.

Major Production Bases and Production Companies

Sales & Marketing Companies: Americas

Sales & Marketing Companies: EMEA (Europe, Middle East and Africa)

Names

Locations

Main Products

Names

Locations

Names

Locations

Head Office & Yokohama Business Center

Yokohama, Kanagawa

Optical components

JVCKENWOOD USA Corporation

U.S.A.

JVCKENWOOD U.K. Limited

U.K.

Kurihama Business Center

Yokosuka, Kanagawa

Optical components and projectors

JVCKENWOOD Canada Inc.

CanadaJVCKENWOOD Deutschland GmbHGermany

CD and DVD discs (prerecorded)

JVCKENWOOD Latin America, S.A.

PanamaJVCKENWOOD Europe B.V.

Netherlands

JVCKENWOOD Italia S.p.A.

Italy

JVCKENWOOD RUS Limited Liability Company

RussiaJVCKENWOOD Gulf Fze

U.A.E.

Yokosuka Business Center

Yokosuka, Kanagawa

JVCKENWOOD Yamagata Corporation

Tsuruoka, Yamagata

Communications equipment and professional products

JVCKENWOOD Nagano Corporation

Ina, Nagano

Mobility & telematics equipment

JVCKENWOOD Nagaoka Corporation

Nagaoka, Niigata

Medical equipment, medical image display monitors and in-vehicle substrates

Sales & Marketing Companies: APAC (Asia Pacific)
Major Affiliated Companies
Names

Sales & Marketing Companies: China

Names

Locations

Names

Locations

JVCKENWOOD Singapore Pte. Ltd.

Singapore

JVCKENWOOD (China) Investment Co., Ltd.

China

Locations

Main Operations

JVCKENWOOD Malaysia Sdn. Bhd.

Malaysia

Yokosuka, Kanagawa

Development, manufacture and sales of recorded optical disks, and manufacture andsales of medical machinery and appliances

JVCKENWOOD Hong Kong Ltd.

China

JVCKENWOOD (Thailand) Co., Ltd.

Thailand

JVCKENWOOD Trading (Shanghai) Co., Ltd.

China

JVCKENWOOD Victor Entertainment
Corporation

Shibuya-ku, Tokyo

Planning, production and sales of audio and video software, live concert business,game business, studio business, etc.

PT. JVCKENWOOD Indonesia

Indonesia
Australia

Shibuya-ku, Tokyo

Production, editing, localizing and sales of audio and video products, studio operation,and event planning and operation

JVCKENWOOD Australia Pty. Ltd.

JVCKENWOOD Video Tech Corporation
JVCKENWOOD Public & Industrial Systems
Corporation

Yokohama, Kanagawa

Development, manufacture, sales, installation, construction and maintenance ofprofessional imaging, audio and communications equipment and system solutions

Names

Locations

Main Operations

JVCKENWOOD Service Corporation

Yokosuka, Kanagawa

After-sales services of audio and imaging equipment

EF Johnson Technologies, Inc.

U.S.A.

Development, manufacture and sales of professional radio systems

JVCKENWOOD Partners Corporation

Yokohama, Kanagawa

Undertaking of welfare program, general, personnel, accounting and other affairs,
sales of goods, tour business, and building construction and contract

ASK Industries S.p.A.

Italy

Development, manufacture, and sales of mobility & telematics equipment

Radio Activity S.r.l.

Italy

Development and sales of professional radio systems

JVCKENWOOD Engineering Corporation

Yokohama, Kanagawa

Development and design of software and hardware

Rein Medical GmbHGermany

Development, sales and implementation of operating room imaging solutions

JVCKENWOOD Design Corporation

Setagaya-ku, Tokyo

Planning and production of designs
JVCKENWOOD Hong Kong Holdings Limited

China

Manufacture and sales of mobility & telematics equipment
Contract manufacturing service of electronics devices

JVCKENWOOD Technologies Singapore Pte. Ltd.

Singapore

Design and evaluation of mobility & telematics equipment and communications equipment

JVCKENWOOD Creative Media Corporation

Head Office &Yokohama Business Center

6

JVCKENWOOD
Company Profile

Major Affiliated Companies

Hachioji Business Center

Hakusan Business Center

Kurihama Business Center

JVCKENWOOD Victor Entertainment
Corporation (Victor Studio)

JVCKENWOOD Electronics
Malaysia Sdn. Bhd.

JVCKENWOOD Optical Electronics(Thailand) Co., Ltd.

PT. JVC Electronics Indonesia

JVCKENWOOD Yamagata Corporation

JVCKENWOOD Nagano Corporation

JVCKENWOOD Nagaoka Corporation

JVCKENWOOD Design Corporation

Shanghai Kenwood Electronics Co., Ltd.

EF Johnson Technologies, Inc.

ASK Industries S.p.A.

JVCKENWOOD
Company Profile

7

Developing the Next-Generation

Corporate Profile

The JVCKENWOOD Group recognizes human resources as irreplaceable management resources that are thesource of corporate competitiveness, and fosters human resources that are highly sensitive, self-reliant,and capable of taking action with integrity. We will also strive to realize corporate vision and sustainable
development to ensure that the skill, capabilities, motivation and health of all our employees remain freshand are maintained at a high level.

Company Name

JVCKENWOOD Corporation

Business Segments

Develop business in the Mobility & Telematics Service Sector, the Public Service Sector, and the Media Service
Sector, and manage business by holding shares or equity interests in companies engaged in equivalent business

Representative Director

EGUCHI Shoichiro, Representative Director of the Board, President and Chief Executive Officer (CEO)We also believe that when people with diverse ideas and values respect and stimulate each other, innovativeideas are generated, and we can meet the diverse needs of our customers around the world. To this end,
we conduct internal educational activities and recruit, train, and promote diverse human resources.

Date of Incorporation

October 1, 2008

Capital13,645,825,000 yen (as of March 31, 2021)

Number of Employees

16,956 (as of March 31, 2021)

Total Assets

264,326 million yen (as of March 31, 2021)

Total Equity

68,523 million yen (as of March 31, 2021)

Fiscal Year-End

March 31

Head Office

3-12, Moriyacho, Kanagawa-ku, Yokohama-shi, Kanagawa 221-0022

Revenue

Operating Profit

Management of employee health
Based on the JVCKENWOOD Health Policy Statement, all levels of the company are working together toimplement health management, employee health management, and workplace environment improvement
initiatives. As a result, the company has been recognized as a Certified Health and Productivity
Management Organizations for four consecutive years. We will continue to promote various measures
to further realize health management.

Promotion of diversity & inclusion
Fostering diversity mindset and understanding by promoting various initiatives.
• In 2018, obtained the highest rank of “Eruboshi” certification under the Act on the Promotion of
Female Participation and Career Advancement in the Workplace.
• Held the company-wide event “SDGs Forum 2020” and conducted online seminars on themes suchas gender equality.
• Conducted training to support employees in balancing work with childcare and nursing care, andcreated “Childcare/Nursing Care: A Handbook for a Healthy Balance (Japanese).” Also posted stories
of male employees taking childcare leave on the official company website and company intranet.
• Awarded the highest ranking "Gold" in the PRIDE Index, an evaluation index for initiatives related tosexual minorities for three consecutive years.
• Holds ongoing internal training on the knowledge and approach required to work with employeeswith disabilities.

(Billion yen)

Ratio of Profit Attributable to
Owners of the Parent Company(Billion yen)(%)

291 Highlights (FYE 3/’21) Graphs based on the International Financial Reporting Standards (IFRS).
Financial
6.0
4.0
3.6
274

300

4.9

Eruboshi certification logo

200
Revenue(Billion yen)
PRIDE Index Gold Award logo

Management Team

Operating Profit

291

300
100

3.0

4.1

4.0

274

Ratio of Profit Attributable to2.0Owners of the Parent Company(Billion yen)

(%)

6.0
2.0

4.0

4.9
200
0

FYE 3/ ’20

FYE 3/ ’21

FYE 3/ ’20

FYE 3/ ’21

Directors of the Board

IWATA Shinjiro
EGUCHI Shoichiro

External Director of the Board, Chairman of the Board

NOMURA Masao

Representative Director of the Board, Senior Managing Executive Officer, COO Mobility & Telematics Service Sector,
In Charge of Information Technology Department, In Charge of Business Reform

MIYAMOTO Masatoshi
SUZUKI Akira

Representative Director of the Board, Senior Managing Executive Officer, Chief Financial Officer (CFO)KURIHARA Naokazu

Director of the Board, Managing Executive Officer, Head of Administrative Division (Human Resources Department,
General Administration Department, Secretary Office, Sustainability Management Office), COO EMEA (Europe, Middle East and Africa)

SONODA Yoshio

Director of the Board, Managing Executive Officer,
Chief Technology Officer (CTO), In Charge of the Prospective Creation Research Laboratory, In Charge of Engineering Innovation Department,
In Charge of Intellectual Property Department, In Charge of Legal Affairs Department, In Charge of Procurement & Logistics Department

HAMASAKI Yuji
ONITSUKA Hiromi

External Audit & Supervisory Board Member
External Audit & Supervisory Board Member
External Audit & Supervisory Board Member

Executive Officers

TAKADA ShinichiManaging Executive Officer, Assistant to Head of Administrative Division (Corporate Communication Department),
General Manager of Corporate Strategy Department

TERADA Akihiko
HAYASHI Kazuyoshi
MURAOKA Osamu
SEKIYA Naoki
IWASAKI Hatsuhiko
SATO Katsuya

Executive Officer, COO China

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JVCKENWOOD
Company Profile0

FYE 3/ ’20

FYE 3/ ’21

Revenue Composition Ratio
by Business Sector

0

FYE 3/ ’20

Executive Officer, Assistant to COO Mobility & Telematics Service Sector, In Charge of DX Business Development Department
Executive Officer, COO Americas, COO APAC (Asia Pacific), In Charge of Overseas Business Expansion

OthersOthersExecutive Officer, General Executive of Communications Systems Division, Public Service Sector

FYE 3/ ’21

1.6

2.7%

0

FYE 3/ ’20

FYE 3/ ’21

Revenue Composition Ratio
by Region
Others2.7%

2.0%
EuropeMedia Service
SectorRevenue
Composition
Ratio
18.3
%
by Business Sector
Public Service
OthersSector

2.022.3%%

Media Service
SectorMobility &Telematics Service
Sector

57.4%

18.3%

Japan

8.5% 13.7%

Production Ratio by Region
China

2.7%%
32.5

OthersEurope

8.5%

General Executive of Aftermarket Business Division, Mobility & Telematics Service, General Executive of Domestic Business Marketing Division
Executive Officer, COO Media Service Sector, General Executive of Media Business Division, Media Service Sector

FYE 3/ ’21

Production Ratio by Region

External Director of the Board, Chairman of the Nomination and Remuneration Advisory Committee

Audit & Supervisory Board Member (Fulltime Audit)

FYE 3/ ’20

2.0

1.0

Director of the Board, Senior Managing Executive Officer, COO Public Service Sector, General Manager of Management Base Reform Office

External Director of the Board0

2.0

Representative Director of the Board, President and Chief Executive Officer (CEO)Audit & Supervisory Board Members

IMAI Masaki
SAITO Katsumi
KURIHARA Katsumi
FUJIOKA Tetsuya

100

3.6

1.0
3.0

4.1

4.0
0

1.6

Southeast Asia

42.7%
13.7%
Japan

China

Asia/China

12.4%

Revenue Composition Ratio
by Region
EuropeJapan

17.02.7% %Others45.5%

AmericasAsia/China

22.5
12.4
% %

Europe

Japan

17.0

45.5%

Mobility &*Rounded to the first decimal place
Public Service
Telematics
Service*Effective July 1, 2021, the Telematics
Businessof the Digital Transformation (DX) Business
Division, which was included in the Others segment,%%
Sector
Sectorwas incorporated into the Automotive
Sector and renamed the Mobility & Telematics ServiceSoutheast
Sector. The Asia
revenue composition ratio by businesssector is calculated%based on the new field classification for the fiscal year ended March 2021.

32.5

22.3

57.4%

42.7%

Americas22.5%

JVCKENWOOD
Company Profile

9