Integrated
Report2023

www.furuno.co.jp/en/

FURUNO ELECTRIC CO., LTD.
9-52 Ashihara-cho, Nishinomiya City, Hyogo
662-8580, Japan◎The information in this report is current as of October 1, 2023.
◎Companies and product names in this report are generally registered trademarks.
Catalog No. CA000002234

FURUNO contributes to the realization of a safe, secure, andcomfortable society by “making the invisible visible” such as“conditions under the sea and around ships,” “crustal deformation,”and “people’s health conditions.”

Editorial Policy• Publication of this Integrated Report
This report summarizes financial and non-financial
information from FY 2022, to help stakeholders
understand our growth and corporate values. It will berevised as necessary by responding to the valuable
opinions and requests from our stakeholders.

• Scope
The FURUNO Group (33 consolidated companies), butsome data covers only Japanese group companies.

• Disclosure
Financial Information

Non-financial Information

Integrated Report
Investor Relations Site

CSR / Environment Site

(Annual securities reports, financial
statements, etc.)

Social, environmental, andgovernance information.

https://www.furuno.co.jp/en/ir/

https://www.furuno.co.jp/en/csr/• Period
March 1, 2022 to February 28, 2023, with updates after March 2023.

• Publication Date

• For inquiries

June 2023

FURUNO ELECTRIC CO., LTD. / 9-52 Ashihara-cho, Nishinomiya City, Hyogo
662-8580, Japan

CO N TEN TS
02 CEO MESSAGE
06 HISTORY OF FURUNO

01

05

Get to Know FURUNO

Together with Society

08
12
16
17
18
20

50 With the Local Community
53 We Want You to Know FURUNO
54 For Those Who Take on Challenges

Zero Accidents at Sea!
Always with Marine Customers!
We Protect the Seafood Culture!
FURUNO: Always Here for Fishermen!
On Land and in New Fields
Where Value Co-creation Begins

02

For Future Growth
22 FURUNO’s Materiality and Sustainable
Management
26 Mid-term Management Plan

03

06

Financial and Non-financial
Data
56
58
60
61

11 Years of Data
Financial Statements
Corporate Profile / Stock Information
Global Network
Main Domestic Offices /Main Overseas Offices

Business Strategy
28 Business Overview /FURUNO’s Strengths
29 Marine Business32 Industrial Business
33 Defense Equipment BusinessWireless LAN Systems Business
Disaster Prevention and Surveillance
Solutions Business
34 Our Technologies / Product Quality

04

Governance, Social andEnvironmental Reports
36 ①Governance Report
43 ②Social Report
46 ③Environmental Report<About the FURUNO logo>

A fairly deep blue was selected as the corporate
color. It represents the color of the Earth andexpresses an image of the business field across theentire world.

<About the FURUNO mark>Our corporate mark represents:
1. The first letter of the company name
“F (f).”
2. The directional pattern of theultrasonic transducer of our original
Fish Finder.
3. Two fish with their tailfins intertwined.

01CEO M ESSA G E

To Continue to Serve Our
Customers Now and Beyond
A company exists to serve society
Since the world’s first successfulcommercialization of a Fish Finder in
1948, we have promoted the revolution of
the fishing industry.
Immediately after World War II, Japan
faced a situation of food shortage. At thetime, it was common knowledge that“ultrasonic waves do not reflect fish.”
However, inspired by the words of afisherman, “where there are fish, there arebubbles,” we turned that common
knowledge on its head, leading to thepractical application of the Fish Finder.
The revolution of various aspects of thefishing industry not only changed the wayof operation, which had previously reliedsolely on intuition and experience, butalso developed fishing into a majorindustry. This trend became thefoundation for the efficient fishing industry
of today.
FURUNO has also developed a fullproduct lineup to solve customers’ issues
and has expanded in the face of changes
in the external environment and fierce
competition from overseas companies.
This was possible thanks to our founder’s
attitude of listening to customers’ voices
and delivering products that make people“happy to sell and happy to buy.” This is02

the starting point of the strength in ourbusiness model.
FURUNO is also proud that “the practicalapplication of the world’s first Fish Finder”
was selected, in 2014, as one of the “100Best Innovations in Postwar Japan.”
Around 2000, we expanded our productlineup to the merchant vessel andpleasure boat markets. Around the sametime, we increased our share in the global
merchant vessel market with the GMDSS
wireless rack system, a mandatory pieceof equipment in accordance withinternational safety standards.
At the same time, China’s shipbuilding
and shipping industries were rapidly
expanding, and we were quick toestablish a subsidiary in China tostrengthen our service quality and salesorganization. These efforts were wellreceived not only by Chinese shipyards
but also by customers around the worldand helped boost our presence in themerchant vessel market.
Our strengths come from comprehensive
product capabilities, service capabilities
to respond to customers at any port, andworldwide customer support.
Today, we offer a wide range of products,from radar for merchant vessels, with a
41% global share, to the Electronic Chart
Display and Information System (ECDIS),to integrated bridge systems that canhandle one-man bridge operations.
We have also established our own
satellite communication business toprovide comprehensive services from
communication lines to applications andworldwide services.
The vessel environment is changing
rapidly, with needs to remotely monitor
the operational status of equipment on
vessels, leading to the “Ship of the
Future” autonomous vessel initiative.
We will continue to be “indispensable” notonly for our customers but also forsociety.

Yukio Furuno
President and CEO

03

Mid-term Management Plan for
Future Growth
Review of Phase 1
From FY 2020 to FY 2022, we have been striving toprocure resources and improve our businessstructure. This was greatly affected by the external
environment, including COVID-19 and the worldwide
shortage of semiconductors. Sales activities werelimited due to lockdowns issued in many countries,
and production activities were reduced due to the

1. A company exists toserve societyManagement
Principles

2. Its management must be creative
3. The happiness of its employees
comes with the growth of a company
We, FURUNO Group, feel it our role tocontribute to society by creating new values,
which is clearly stipulated in our management
principles, and this is regarded as our focal
value to observe.

global shortage. Despite that, we opened a new
R&D building, “SOUTH WING.” We also promoted
efforts in new business areas, including autonomous
navigation support, smart fisheries, and aquaculture

As society becomes more decarbonized, ship

support, as well as the weather and disastertypes, engines, and fuels are undergoing major

prevention and construction technology businesses.

changes in the shipping industry, with the goal of

I want to express my gratitude to all employees

zero emissions by 2050. The ship newbuild market

fighting in this environment.

is also expected to expand again around 2030, as
new demand increases in preparation for the
carbon-neutral revolution. The implementation oftechnologies such as efficient operation andautomated operations will also begin. We, too, must
make major changes to respond to this newenvironment.
Moreover, the drastic decrease in fish catches andchanges due to global warming are becoming areality. The trend towards managed fisheries will
not stop, and the shift to aquaculture will continue.
Change is a great business opportunity, and we will
listen to our customers and provide solutions andinnovations that are useful to society.

Initiatives for Phase 2

On the other hand, we believe that the promotion of

From FY 2023 to FY 2025, we will take action

DX is the key to understanding more about what is

towards building a more profitable structure.

happening in the market. We will promote internal

We will promote sales expansion and sustainable

DX to visualize more clearly areas that are not

management, while improving profitability.

currently visible, especially the status of

To improve profitability, we will complete the efforts

management. In addition, we will promote externalof Phase 1, improving our structure. To expand

DX to provide customers with solutions thatsales, we will provide high-quality services throughcombine hardware and software.

remote management, promote marine digitaltransformation (DX), invest resources in businesses
with growth potential, and measure further resource
generation for investment in growth.

04

are in line with our values inherited since

FURUNO’s Sustainable
Management

FURUNO’s founding, and are consistent with
our vision of society.

While economic development has madeWe have decided to engage in sustainable

society more convenient, the world ismanagement starting in FY 2023 to continue

becoming unsustainable, especially withto be of service to society for all time.

climate change.

Safe navigation to achieve zero marine

The Sustainable Development Goals (SDGs),

accidents and resource-managed fisheries

adopted by the United Nations in 2015,

to achieve sustainable fisheries andwhich aim to realize a sustainable society,aquaculture are our pillars.

DX Initiatives in the Marine Field
As the work of seafarers is difficult anddangerous, fewer young people areinterested in it. In addition, manpower
shortages have increased the risk of humanerror in vessel operation.
Vessel navigation is also affected by various
conditions at sea. Even experienced
operators have difficulty navigating in bad
weather or at night.
Technologies to support ship operations arebeing developed to eliminate human error
and improve safety and efficiency. In
addition, navigation and operations inhazardous waters can be carried out without
risk to human life by building an environment

Face the future

ActionGuidelines

While looking firmly
ahead to the future andclarifying our ideal and vision,
strive to realize them.

that allows unmanned ship operation andremote control.
FURUNO is leading the way with its AR
Navigation System, as well as its Unmanned

weStrive to be the best
We seek to achieve the highest level ofquality at all times in all our corporate
activities.

Be persistently originalSince the inception of our company,
creativity has been regarded as corecomponent of our identity. We shallfurther strengthen our stance on creativity
in all business segments.

Vessel Operation System, which does not
require a crew member on board. AR
technology will help solve the shortage of
seafarers and enable safer and more efficientnavigation.
FURUNO will continue to contribute to the
DX of the marine field.

Be sincere
We engage with society with utmost
sincerity.

05

HISTORY OF
FURUNO
1970s

1980s

1938
Global Recognition of
FURUNO

Establishment andCommercialization of Practical
Fish Finders

In 1972, FURUNO wasawarded the National Marine
Electronics Association Best
Product Award in the fish
finder category in the U.S.,and established its firstoverseas subsidiary in Norway
in 1974.

In 1938, Kiyotaka Furuno founded
FURUNO ELECTRIC SHOKAI LTD. Whileoutfitting electronics onboard vessels, hefelt a strong urge to modernize fisheries,
which led to his venture into developing
fish finders. He successfullycommercialized the world’s first practicalfish finder in 1948.

FURUNO’s Electronic
Equipment that Led to the
Discovery of the Battleship
YamatoIn 1985, FURUNO cooperated in the“Search for the Battleship Yamato,” aproject conducted to “repose the soulsof the dead at sea 40 years after thewar.” FURUNO’s role was to reconfirm
the location of the Yamato’s sinking,and to conduct preliminary researchon its shape, sinking conditions, andseabed topography.

Net Sales(100M yen)

1,000

<Financial Results>

1990
FURUNO FRANCE
S.A.S. established1987

Net sales (non-consolidated)
800

Net sales (consolidated)

FURUNO (UK)LTD. established◆Miki Factorycompleted◆

Ordinary income(non-consolidated)
600

Ordinary income(consolidated)

FURUNODANMARK A/Sestablished◆FURUNOSVERIGE AB
established
◆

1979

1978
FURUNO U.S.A.,
INC. established

400

1974
200

1964
Headquarters
relocated to
NishinomiyaFirst overseas
subsidiary: FURUNONORGE A/S established

0

99

91
19 0

1 9
8
19 8
8
19 7
8
19
86
19 5
8
19
84
19 3
8
19
82
19 1
8
19 0

8
19

97

-200

79
19
78
19 7
7
19 6
7
19
75
19 4
7
19 3
7
19
72
19 1
7
19 0

96

1 9
6
19 8
6
19
67
19 6
6
19
65
19 4
6
19
63
19 2
6
19 1
6
19 0

1 9
5
19
58
19 7
5
19
56
19 5
5
19

06

2000s

1990s

Challenge New Fields of Business

Full-scale Entry into New Markets andFieldsUtilizing its own ultrasound and radio wave
technologies, FURUNO started making inroads
into the fields of healthcare as well as Intelligent
Transport System (ITS).

FURUNO entered the Merchant Vessels market anddeveloped the GMDSS (Global Maritime Distress andSafety System) and the IBS (Integrated Bridge
System), which integrates all of a vessel’s engine
control equipment, communication equipment, andother equipment to enable all information to be
managed and operated from a single location.

2009
2006

2005

FURUNO HELLAS S.A.
established (Greece)

2013
FURUNO KOREA CO.,LTD. established

FURUNO EUROPE
B.V. established in
the Netherlands

2014
FURUNO ITALIA
S.R.L. established

FURUNO DEUTSCHLAND
GmbH established

Ordinary
Income(10M yen)

2016

2003

FURUNO CHINA CO.,LIMITED established

FURUNO FINLAND OY
established

1,000
900

1992

800

FURUNO ESPAÑA
S.A. established

2021
SOUTH WING opened

700
600
500
400
300
200
100
0

02

22
20 1
2
20 0

01

2 9
1
20 8
1
20 7
1
20
16
20 5
1
20
14
20 3
1
20
12
20 1
1
20 0

00

2 09
20
08
20 7
0
20
06
20 5
0
20
04
20 3
0
20
02
20 1
0
20 0

2 9
9
19
98
19 7
9
19
96
19 5
9
19 4
9
19
93
19 2
9
19

-100
-200

07

01

Get to Know FURUNO

1

Get to Know
FURUNO

Zero

Accidents at Sea!
We want to help people
working on ships!

Maritime accidents and manpower shortage
Today, Japan is facing a declining birthrate,
an aging and shrinking population, and a shortage of labor in all fields.
Seafarers in coastal shipping, of which more than half are over 50 years
old, are no exception.
Furthermore, human error is said to be responsible for approximately 70
to 80% of maritime accidents.
We believe that unmanned vessels can be one of the solutions to thesesocietal issues.

08

01

Get to Know FURUNO

The Future

02

For Future Growth03

Business Strategy

04

Governance, Social and Environmental Reports

05

Together with Society

06

Financial and Non-financial Data

Digital Transformationof the Marine Industry

Autonomous navigation
advancements in marine electronics and communications
technologies, FURUNO is developing new technologicalinnovations to achieve safer and more efficient autonomousship operations.

Over the last few years, the shipping industry has seen arapid increase in the use of cutting-edge digital technology
to visualize operational status, on-board and off-board
navigation, and engine systems. Based on the most recent

The Future of Digitalization

Autonomous
VesselObjective:
Zero Maritime Accidents
Analysis andJudgement

Condition
Detection

Situational
Awareness

Recognition Support

Ship Operational
SupportDecision Support

Towards autonomous vessels“Challenge the Invisible” is also
FURUNO’s business theme. To
contribute to the automatic
operation of vessels, FURUNO isdeveloping two types of support:

Support 1

Support 2

A Recognition Support system, whichmakes use of marine electronicequipment and unique sensor technology
to provide a better understanding of thesurrounding situation.

A Decision Support system thatanalyzes collected data andhelps the operator avoid
dangerous objects based onenhanced situational awareness.

Towards remote management
Essential communications between ships and shore are
becoming faster and more affordable, and marine
electronics are more sophisticated and digital than everbefore. FURUNO builds communication
infrastructures between shore andonboard ships with a view to the
future digital shift of the entire
Data
Info Service
maritime industry. We offer awide range of ICT/IoT
IoT Infrastructure
solutions that meet theneeds of our customers.
ICT Infrastructure

AR Navigation System, using AR to assist the recognition of surroundings.

For more information, visit our website
https://www.furuno.com/en/marine-dx/

09Get to Know FURUNO | 1 | Zero Accidents at Sea!

Co-creation
with
Partners

Providing Even
More ValueMEGURI 2040:
Fully autonomous ship program

Reduction ofCrew Burden

Towards Zero
Accidents

This project aims to improve the circulation of
distribution, people, costs, and traffic, and to have
50% of the vessels running in Japan unmanned by
2040. FURUNO joined the following consortiums.
Unmanned Vessel Project

Designing the future of full autonomous shipping

Consortium

1

More than 30 Japanese companies are working together to develop a
fully autonomous navigation system for container ships. The
consortium is taking an open-innovation approach with the aim ofpractical implementation.

Container ship

Verification testing of fully autonomous technologies

Consortium2

The consortium is developing fully autonomous navigation systems forcontainer ships and ferries. This will include an automated navigation
function for within the harbor, including automated berthing andunberthing, etc.

Sunflower Shiretoko

Successful unmanned vessel operation
FURUNO conducted a demonstration test
simulating the actual operation of a future
unmanned vessel on a 790km round trip between
the ports of Tokyo and Tsu-Matsusaka. The vessel
was connected via satellite and groundcommunication lines to a land-based support
center equipped with functions to remotely operate
the vessel from land, including a function to predictmechanical abnormalities.

Tokyo Baywith Uraga waterway

Tsu-Matsusaka PortIse Bay with Irago waterway

Round trip
About 790km

Unmanned operation system fora series of voyages

10Emergency response system

01

Get to Know FURUNO

02

For Future Growth

Let’s

03

Business Strategy

04

Governance, Social and Environmental Reports

05

Together with Society

06

Financial and Non-financial Datachange the oceans!

To contribute to our business vision “Achieve better safety, security and comfort,”
we launched the Autonomous Navigation System Development Department in 2019
to resolve maritime issues.

FURUNO to protect oceans!
Thanks to the efforts of our members, the Nippon Foundation, andcollaboration with other companies, we are now seeing thepractical application of the autonomous navigation system. I
would like to see FURUNO technology used not only in Japan but
also in ships around the world to realize safety and security at sea.

Towards achieving objectives
My team participated in a consortium of 30 companies that realized
the unmanned operation of a container ship. FURUNO oversaw
information collection and integration for autonomous navigation,action planning, and the development of a land-based emergency
response system. Working with other companies was a great
experience to see our work as cooperative yet competitive, with thesame goal of protecting the safety of seafarers.

Collaborating with other companies
Our team collaborated with other companies and succeeded in theunmanned operation experiments. We oversaw recognizing thesurrounding conditions during the operation. It was meaningful for us
to collaborate with other companies to create a new system and to talkwith the ship’s crew, which allowed us to take a fresh look at
FURUNO’s technologies.

11

2

Get to Know
FURUNO

Always with Marine
Customers!
For fishermen and shipping companies
around the world!

From Japan to the WorldFURUNO has been striving to expand its electronic equipment for the fishing industry around the world.
To assure proper equipment training and support, FURUNO has established its own subsidiaries, both inJapan and overseas.
In the merchant vessels market as well, service support at major bases around the world is
indispensable, and so FURUNO has developed its own bases.
Today, with sales offices in more than 80 countries around the world, we are a leading manufacturer ofmarine electronics equipment and are expanding our business worldwide.

FURUNO

Around the World

Latest smart bridges on fishing boats(left: Turkey, above: Norway)

Two types of marine radar installed on
pleasure boats

Large fishing boat bridge in EU

Subsidiaries and Representative Offices
Affiliated Companies
National Distributors
Sailing yacht in France

12

01

Get to Know FURUNO

02

For Future Growth03

Business Strategy

04

Governance, Social and Environmental Reports

05

Together with Society

06

Financial and Non-financial Data

Coverage of Europe
Europe is home to many of the world’s leading merchant shipping and fishing nations, and FURUNO hasestablished many subsidiaries in these countries. Here are some of them.
FURUNO ITALIA (Italy)
Italy is the world’s largest builder of luxury yachts.
Together with France, famous for its sailing yachts,
Italy forms a major production center for pleasureboats. FURUNO ITALIA S.R.L. was established in
Italy in 2014, and together with FURUNO FRANCE
S.A.S., plays a key role as an important base in theEuropean pleasure boat market.

FURUNO NORGE (Norway)
Norway, a country with territorial waters six times
the size of its land, catches and cultivates 2.7 million
tonnes of marine products annually. FURUNO firstsold products to Norway in 1959 and established its
first overseas subsidiary, FURUNO NORGE A/S, in
1974.

FURUNO HELLAS (Greece)
Greece is the largest shipping country in the worldin terms of number of shipping companies andnumber of ships they own. FURUNO HELLAS S.A.
was established in 2009 to strengthen local sales
activities, improve technical services, and further
enhance customer satisfaction.

FURUNO CYPRUS (Cyprus)
Cyprus has been attracting shipping and ship
management companies as a national policy and is
now one of the world’s major hubs. FURUNOCYPRUS LTD. was established in 2012 and isalways striving to increase customer satisfaction.

13

Get to Know FURUNO | 2 | Always with Marine Customers!

FURUNO Employees Work
Globally!
FURUNO has 60% of its sales overseas, offices in 85 countries, and 35% of its employees atoverseas bases. Many overseas employees help local operations run smoothly.

Marcela Ureta
Marketing Manager

FURUNO FRANCE S.A.S.

Multilingual in five languages. I also worked in Spainand South America. For almost 20 years, I have built
my career mainly in marketing. Currently in charge ofmarketing activities in France, Italy, and Spain.

Enjoy change and keep challenging yourself
The goal in life is to keep learning. I have always
been open to learning new things, whether it begetting a master’s degree or learning video
production. Since joining the company, I have been
given many new projects, all of them started fromscratch. That’s why we can try different
approaches.

14

FURUNO is a very attractive place to work because
it gives you the possibility to grow and learn. The
work-from-home, flexible hours and the support ofothers make it possible to balance work and home
life.

01

Get to Know FURUNO

02

For Future Growth03

Business Strategy

04

Governance, Social and Environmental Reports

05

Together with Society

06

Financial and Non-financial Data

Jon Closson
Product Manager for Fishing Vessels

FURUNO U.S.A., INC.

I’m in charge of sales for fishing boats in the U.S. andCanada. I was so fascinated with fish that I wanted to
become a biologist and have conducted research onriver ecology. I’m a fishing and outdoor expert and a
big fan of FURUNO products.

I want to bring the excitement of being in contact with nature through fishing
I have loved fishing and marine sports since I was achild, and I still often go fishing on my days off. In
my daily sales activities, I am more than happy toshare even the smallest ideas and insights with thedevelopment team, give them shape, and help

satisfy customers’ expectations. I feel very fortunate
to be at FURUNO because I can combine what I
love with world-class technology and work withpeople who are boldly pushing forward towards
their goals.

Chae Woo Lee
Assistant Service Manager

FURUNO KOREA CO., LTD.

Expert with experience in engineering work at Korean
shipyards, including repair and performance verification of merchant ships equipment. I’m committed tocustomer-oriented services.

It’s a lifetime asset to meet people worldwide!
I wanted to work for a global company, so I decided
to join FURUNO. I make at least one business trip a
week to understand what customers are looking forand build relationships of trust. I keep myexplanations brief and simple, which is the secret to

improving customer satisfaction. I am working on a
global stage, being in contact with teams at theheadquarters and other overseas subsidiaries,
which is very rewarding.

15

We Protect the
Seafood Culture!

3

Get to Know
FURUNO

Delicious Fish Forever!
For a sustainable fish-eating culture
There is a need for a sustainable and stable supply of fish andfood, and aquaculture is one of the solutions. However,aquaculture is facing challenges, such as management
pressure due to feeding costs and the lack of successors,which has led to concerns about a decline in the industry.

The aquaculture support
business
FURUNO aims to create a service so that evennewcomers to the aquaculture business can start
immediately. In 2020, FURUNO launched the Fish
Farming Management Support Service to contributeto reducing feeding costs. FURUNO will continue todevelop new services that are close to customers
and created together with them.

GES
M E S SA
Shigeru Asaumi
Aquaculture Business Support &Development Office
Marine Electronic Products Division
Office Manager

Fish weight estimation camera
Measurement and weight estimation using AI
automatic analysis.

Camera in the fishtank

Recording bluefin tuna

Co-creation with partners
The measurement results (fish weight, tailstock
length, etc.) can be viewed. More than 20
customers including Nissui and Maruha Nichiro
are using this service.

It has been about four years since I first imagined the aquaculture
support business, and we are finally at the starting line. But it’s only
the beginning. I will continue to focus on getting closer to customers
and assure they are satisfied with our services.

Wataru Sato
Aquaculture Business Support &Development Office
Marine Electronic Products Division
When I joined this business as a new graduate, I was a little
apprehensive, but with encouragement from customers and company
members, I was able to tackle my work with a positive attitude. I willcontinue to work hard to provide services one step ahead of thecompetition!

16

Joint R&D in Norway
With its subsidiary in
Norway, FURUNO isdeveloping cutting-edge
R&D, promoting fieldtests and informationexchange in a huge fish
tank.

01

Get to Know FURUNO

02

For Future Growth03

Business Strategy

04

Governance, Social and Environmental Reports

05

Together with Society

06

Financial and Non-financial Data

FURUNO: Always
Here for Fishermen!

4

Get to Know
FURUNO

The industry is in trouble due tothe pandemic
COVID-19 has affected various industries in many
ways. In the fisheries industry, fishermen suffered
greatly because the marine products they haveworked so hard to catch had no place to go.
FURUNO wanted to do something about it, so welaunched a website to introduce fishermen topotential business partners.

To bring you delicious fish
From North to South, there are many rare fish andseafood products that can expand your experience.
FURUNO hopes that many people will be able toenjoy delicious fish.

TOPIC

Employees and fishermen
who helped with the website

It strengthened ourrelationship with ourcustomers.

Let’s work together tomake the industry more
prosperous.

It was rewarding to get
thanks from fishermen!

The website will
promote fishermen!

17

5

Get to Know
FURUNOFURUNO is not just boats and fish!

On Land and in New
FieldsMedical equipment
Biochemical analyzers andreagents
These devices measure a wide range of items, fromthe familiar to trace elements such as tumor
markers. FURUNO provides high-quality,
high-performance instruments and reagents inSoutheast Asia, and contributes to the improvementof the medical environment.

Biochemical analyzer at Chayapmuram Hospital (Thailand)

GNSS timing
Time synchronization
GNSS receivers for time synchronization provide
time information comparable to atomic clocks using
signals from satellites. FURUNO’s high-precisiontime synchronization technology contributes to theoperation and maintenance of critical infrastructure.

5G mobile base station

Wireless LAN
Access points
The Tsukuba City Board of Education has beenworking since the mid-2000s to create an ICT
environment to enable classes to use learningterminals. Currently, access points have been
installed in regular and special classrooms,
including gymnasiums, of about 750 classes in 45
schools in the city, and a network has been
constructed.
Tsukuba City Board of Education wireless network

18

Note: From the Tsukuba City Board of Education case study on the
FURUNO SYSTEMS website.

01

Get to Know FURUNO

02

For Future Growth03

Business Strategy

04

Governance, Social and Environmental Reports

05

06

Together with Society

Financial and Non-financial Data

New Challenges: FURUNO’s New Business
Construction techGE
M E S SA

Shotaro Ishino
Research Department 2
Research and Innovation
Center

Wi-Fi system for construction

The construction industry is facing many problems, andthere is no time to spare to reform the way of working
through DX. We are finally establishing “connections” withcustomers and distributors, and we hope to continue
proposing solutions that will please the field.

FURUNO released a system that creates a Wi-Fi
environment throughout an entire tunnel
construction site where cell phones cannot be
connected. This system is used to improve
construction efficiency.
Hop-width LAN

OfficeAccess point
Wired/wireless LAN connection

Offshore wind power generationGE
M E S SA

Coexistence of safe and secure
offshore wind power generation
projects with the fishing industry
Offshore wind power is expected to become a major
source of renewable energy. FURUNO provides total
support, from the provision of equipment forassessment prior to construction to the managementof offshore areas after operation begins.

Kiyoshi Furuno
Executive Officer
Marketing Head Office
General Manager and Domestic
Marketing Department
General Manager
Marine Electronic Products Division

We had to participate in the offshore wind power
generation project in Japan, which is now 20 years behind
Europe, because the key word was “offshore.” At first, we
assumed we would provide surveillance radar andoffshore civil engineering support, but in fact, our activity
lied in symbiotic measures with the fishermen operating inthe surrounding areas, as we have been close to thefishing industry.

FURUNO’s Offshore Wind Power Solutions
Surveillance Radar

GNSS Satellite

Internet
GNSS Reference Point

Surveillance Radar

GNSS Measurement Sensor

GNSS Timing
Synchronization

GNSS
Measurement

Bird Detection

Surveillance Radar

GNSS
Measurement

Marine Sensor

Multi-Beam Sonar
Seafloor Topography
SurveyGNSS Measurement Sensor

Coastal Data
Collection

Wave Height
Detection

Detection of
Suspicious Vessels

Fixed Shore Trap

19

6

Get to Know
FURUNO

Where Value Co-creation
BeginsNew R&D building “SOUTH WING”

SOUTH WING, completed in November 2021, is a basefor R&D that combines an experiment area with an
office area, where we can take on the challenge ofinnovation. We can meet and connect with a wide rangeof people, and together we can create new value.

Blending with the residential area
SOUTH WING was built on the south side of theheadquarters. The exterior of the building blends inwith the surrounding residential complex, and thestreet trees surrounding the site provide a lush
green landscape.

20

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Get to Know FURUNO

02

For Future Growth03

Business Strategy

04

Governance, Social and Environmental Reports

05

Together with Society

06

Financial and Non-financial Data

SOUTH WING was created with the concept of “a place where people and information naturally gather
and connect.”

Connect and be creative
The office floor consists of common areas such as
meeting rooms and refreshment areas gathered in
the center, surrounded by desks and workspaces.
The single floor, which has no walls between
departments, creates a flat environment forinteraction. Having a variety of meeting spaces justa short walk from any seat is a strong benefit. They
can be used casually and are perfect for quick
gatherings. Solo workspaces are also available.
Being able to choose a place to work can improve
performance in an environment that suits every
employee.

TOPIC

Received Kinki New Office
Promotion Award

Co-creation with external
parties
The lobby on the first floor is an open space foractively promoting interaction not only within thecompany but also with people outside the company.
It can be used for lectures, seminars, and otherevents for more than 100 people.

SOUTH WING received the Kinki New Office Promotion
Award, which is given to offices that have been createdwith the following criteria in mind: what is important to thecompany, where it aims to go from here, what kind of work
style it wants to achieve, whether the office can serve as aplace where people can enjoy a comfortable lifestyle inaddition to working, and whether the office is considerateof the global environment and local community.

21

02

For Future Growth
FURUNO’s Materiality and Sustainable Management

Materiality (Important Issues)
To continue to serve society, FURUNO has identified materiality that should be addressed to contributeto a sustainable society through its business and to enhance corporate value. The materiality identified
will be reviewed and revised as necessary based on changes in the business environment and thedemands of social issues, as well as advice received through dialogue with our stakeholders.

Materiality Identification Process
FURUNO identified the 169 targets of the SDGs and social issues in the fisheries and marinetransportation industries. FURUNO then selected issues to be addressed for a sustainable growthconsistent with its management philosophy and Global Vision NAVI NEXT 2030.

Sustainable Management
FURUNO has grown by creating new innovations that contribute to solving social issues and providing
value that combines social and economic values. FURUNO will continue to use its management capitalto create further innovations and provide even more value, contributing to its sustainable management.

INPUT

FURUNO’s Sustainable Management■Financial Capital
Good financials (assets: ¥52.5B)
Equity ratio: 49.0%■Intellectual CapitalCore technologies (see P.34)
Overseas R&D: 4 companies■Human Capital

Solving social issues throughbusiness

A company exists toserve society

Global human resources

Value
Creation

Consolidated employees: 3,310(Japan: 1,794 overseas: 1,516)■Manufacturing CapitalSocial Value
Economic Value

Production bases: Japan, China
Capital investment: ¥2.2B, experimental boats: 3■Social and Relationship Capital
Sales in over 80 countries
Offices: 5 in Japan, 31 overseas
Service locations: 39 locations worldwide

Pursuit of innovation

Its management must
be creative■Natural Capital
Marine resources

Circulation of Management Capital

The happiness of its employees comes22

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For Future Growth03

Business Strategy

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Governance, Social and Environmental Reports

05

Together with Society

06

Financial and Non-financial Data

FURUNO’s Materiality for a Sustainable GrowthMateriality

Elements

Marine andglobalenvironmental
conservation

Communityand human
resource
development

Initiatives

Prevention of marine accidents
and pollution• Avoid collisions through autonomous navigation• Prevent pollution caused by maritime accidents

Protection of fishery resources andresponse to increasing food demand• Support for managed fisheries using catch information• Support for increasing aquaculture fish production

Environment-friendly production• Create products based on the preservation of the global environment, formationof a recycling-oriented society, and maintenance of biodiversity

Aging staff and manpower
shortages• Reduce workload with unmanned vessels, providing support for vessel operation
with remote management• Support the realization of smart fisheries using types of data that do not rely on
intuition and experience

Coexistence and co-prosperity• Support fishermen with sustainable fisheries• Contribute to local communities in areas such as cultural promotion andenvironmental preservation

Diversity and inclusion promotion• Develop diverse human resources and more productive work styles

Utilization of DX

Preservation
and utilizationof management
infrastructure
for businesspromotion• Promote DX to create new businesses, such as marine DX

Utilization of intellectual assets• Strengthen corporate competitiveness by acquiring and utilizing intellectual
property

Corporate governance• Implement governance that pursues legality, appropriateness, efficiency, and risk
management, while being accountable to stakeholders

Sustainable procurement
promotion• Share strategies with business partners to deepen mutual understanding• Promote CSR activities throughout the supply chain

Thorough security export
control• Comply and transact based on relevant laws and regulations, international
economic sanctions, etc.

OUTPUTOUTCOME

Main Business: Marine Business
FURUNO ensures safety, peace of mind, and higher efficiency
for a wide variety of ships

New Challenges: New Business
Provide value to new fields with our core technologies

Realization of the Mid-term Management PlanFY 2020 - 2022

Phase

1

FY 2023 - 2025

Phase

2

Achieve better safety, security andcomfort to bring about a society and sea
navigation that considers the needs ofpeople and the environment
Economic value targets for 2030

Net sales: ¥120B Operating margin: 10%
New business composition ratio: 30%
Social Value

A sustainable earth and society

FY 2026 - 2030

Phase

3

Advance

Connect

Transform

Procure resources andstrengthen our capabilities
by improving the structureof our businesses

Act towards building a
profitable structure and thepillars of our technologies
and businesses

Realize an appropriate
corporate scale, profitability,and business structurewith the growth of a company
23

Sustainable Growth
Corporate Vision

FURUNO GLOBAL VISION “NAVI NEXT 2030”

While respecting the Management Principles and Action Guidelines as universal values, we have clearlystated the vision we aim to achieve by 2030 as a new management vision consisting of a Business Vision anda Vision for Human Resources and Corporate Culture, and we intend to continuously and progressively
increase both customer value and corporate value by developing various activities to realize this vision.

Suppliers

Customers

Local
Community

Employees

Management Principles• A company exists to serve society• Its management must be creative• The happiness of its employees comes with the growth of a company

Business Theme

Action Guidelines• Challenge the Invisible• Face the future• Strive to be the best
• Be persistently original • Be sincere

Achieve better safety, security and comfort to bring about asociety and sea navigation that considers the needs of people
and the environment
This business vision expresses the priority that all businesses in the
FURUNO Group place on working to bring about safety, security andcomfort on the sea and land, as the basis for achieving a society and sea
navigation that considers the needs of people and the environment. We
have expanded the focus of the FURUNO Group’s business activities fromoffering the values of safety, security and environmental consciousness toalso include comfort and humanity. This is a new marker for us as we move
forward in providing customers with greater value in our existing
businesses and cultivate new businesses in associated fields.
Since the time of our inception in 1948, when we commercialized theworld’s first practical Fish Finder, the FURUNO Group has been fulfilling its
mission of solving social issues through our businesses.
Meanwhile, international society has gained a shared awareness of theUnited Nation’s Sustainable Development Goals (SDGs), and companies are
now being called on to contribute to realizing the SDGs through their businessactivities. The FURUNO Group will also actively incorporate SDGs into our
corporate management and basic policy for business activities, while
carefully preserving the values we have cultivated since our foundation.
FURUNO GLOBAL VISIONNAVI NEXT

2020

Environment

Human Resources andCorporate Culture Vision

Business Vision

24

Shareholders

VALUE through GLOBALIZATION and SPEED
This is our key proposal for the focused strengthening andassessment of human resources, a valuable resource incorporate management, and corporate culture to achieve
our business vision. It comprises the following three points.

Value - Creating greater value together
We will cultivate a deep understanding of our vision andadopt a highly autonomous approach to achieving it. We will
work together with every FURUNO Group stakeholder tocreate even greater value in society.

Globalization - Comprehensive globalization
We will foster a global mindset in our organization, andensure the optimal and maximum use of our internal andexternal resources to achieve our vision, irrespective of
their affiliated division, region, country, etc.

Speed - Quick and agile decisions and action
We will not falter in the face of change, as we strive tocontinue creating a new era.

2030

Mid-term Management Plan

01

Get to Know FURUNO

02

For Future Growth

FY

03

Business Strategy

04

05

Governance, Social and Environmental Reports

Together with Society

06

Financial and Non-financial Data

2030

All Phases Completed
Growth Targets for FY 2030

120B
Operating Margin: 10%

Consolidated Net Sales: ¥New Business
Composition Ratio:

30%

Phase

3

Transform
FY 2026 - 2030

2026

Phase

2023

Realize an appropriate corporate
scale, profitability and businessstructure2

See details on

Connect
FY 2023 - 2025

Phase

1

Advance
FY 2020 - 2022

Procure resources and strengthen
our capabilities by improving thestructure of our businesses

Take action towards building a
profitable structure and thepillars of our technologies andbusinesses.26

P

Targets for FY 2025
•ROE (based on
ordinary income)10% or higher*•Payout Ratio

30% or higher*Average ROE (based on ordinary income) for FY 2009 - 2017 of 6%

See details on.27

P

Targets for FY 2022
•ROE (based on
operating income)10% or higher*•Payout Ratio

30% or higher*Average ROE (based on operating income) for FY 2009 - 2017 of 5%

The realization of NAVI NEXT 2030 will be
divided into the above three phases.

25

Mid-term Management PlanPhase

2 “Connect”

of Mid-term Management Plan

In February 2023, FURUNO formulated the Mid-term Management Plan (Phase 2) for the three-year period
from FY 2023 to FY 2025. In Phase 2, we will complete the measures that were not achieved in Phase 1 toimprove profitability, and at the same time, we will secure profits by expanding sales. We will also promote
investments for future growth to enhance corporate value. In addition, we will strive to improve the ratio of
ordinary income to shareholders’ equity.

Key Performance Indicators (KPI)In FY 2025, FURUNO will build a management foundation that will enable it to sustain the following.

ROE (based on ordinary income)Targets for
FY 2025

10%or higher*

Payout Ratio

30%

or higher*Average ROE (based on ordinary income) for FY 2009 - 2017 of 6%

Main Measures

1 Improvement in Profitability
Complete the measures of Phase 1, focusing on improving profitability by increasing thequality level, optimizing inventories, and optimizing the product development function and thecomprehensive manufacturing function.

2 Expansion of Sales
Provide high-quality services through remote management, promote DX for the marine field
focusing on digitalization, and invest resources in businesses with growth potential to further
generate resources for investment in growth.

3 Implementation of Sustainable Management
Aim to realize sustainable management by expressing a long-term policy that will guide our
future business, strengthening business creation through strategic investments, promptly
commercializing new and expanding businesses, investing in human resources, andpromoting diversity.

26

01

Get to Know FURUNO

02

For Future Growth

Review of Phase

03

Business Strategy

04

Governance, Social and Environmental Reports

1 “Advance”

05

Together with Society

06

Financial and Non-financial Dataof the Mid-term Management Plan

We have been working on Phase 1, which covers the three-year period from FY 2020 to FY 2022. In FY 2022,
the ROE was 3.0% and the dividend payout ratio was 58.5%.
*Average ROE (based on operating income) for FY 2009 - 2017 of 5%

Strengthening Capabilities and Improving Structure

1 Stronger Inventory Control and Appropriate Inventory Levels
Expenses due to inventory disposal and write-downs decreased by ¥617M with the optimized
production volume and tighter inventory control. However, inventories increased significantly due
to difficulties in parts procurement, causing production delays.

2 Further Increase in Quality Level
With the promotion of quality improvement activities and other initiatives across business units,
quality loss costs decreased by ¥433M compared to before the start of Phase 1. The number ofcomplaints also decreased, leading to improved customer satisfaction.

3 Optimization of Product Development Functions
In addition to cost reduction activities for current models, a cumulative cost reduction of ¥399M
was achieved during Phase 1, by streamlining development operations, including the use ofcommon design in new product development.

4 Optimization of Comprehensive Manufacturing Functions
FURUNO has worked to optimize production and purchased parts and materials at domestic andoverseas factories, and to automate production processes to establish a system to produce andship necessary goods at the necessary time and in the necessary quantity. However, production
delays caused by difficulties in obtaining parts have inconvenienced our customers.

5 New Strategic Investment Quota
FURUNO developed new businesses (aquaculture support business and construction techbusiness), invested in R&D, and worked on expanding current businesses. FURUNO also madeaggressive investments in M&A to strengthen its product development capabilities overseas andin the establishment of a new R&D building to consolidate its R&D departments.

27

03

Business Strategy

Business Overview<Business Vision> Achieve better safety, security and comfort to bring about asociety and sea navigation that considers the needs of people and theenvironment
Making full use of our core technological expertise, namely, sensing, processing and communication,
FURUNO strives to bring about safety and efficiency in vessels’ operation, sustainable fishery with thoroughresource management, safe healthcare and the pleasant society filled with safety and peace of mind.

Consolidated Sales

120,000(Million yen)

120,000

100,000
80,00083,066 82,255 84,783

91,325

Corporate
Vision Goal

Sales by Region(Unit: 100 million yen)

Others5.8%
53

60,00040,00020,000
0

2019

2020

2030 (FY)2021 2022

Overseas
64.3%
587

Japan
35.7%
325

Asia
21.0%
191
Europe26.6%
243

Americas
10.9%
99

FURUNO’s Strengths

MarineFURUNO offers equipment for awide variety of ships, from large
merchant vessels, to fishingboats and recreational boats.

Land-based

FURUNO has
expanded into newfields, including
medical equipment and ICT devices, such as GPS
and ITS products, to realize a comfortable society
with greater safety and peace of mind.

Global Share for
Merchant Vessels

Others59%

FURUNO

41%**Radar for Merchant Vessels(data from 2019)

Global Share for
Fishing Vessels

Others51%

FURUNO

49%**Based on sales data fromother companies

28

Communications

Medical

VehicleManage- Education
ment

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02

For Future Growth03

Business Strategy

04

Governance, Social and Environmental Reports

MarineBusiness

05

Together with Society

06

Financial and Non-financial Data

• Related SDGs

Since successfully commercializing the world’s
first Fish Finder in 1948, FURUNO has met
customer needs by developing and marketing
various types of navigation and communications
equipment. Today, we offer equipment to ensure
safety, peace of mind, and higher efficiency for awide variety of ships, from large merchantvessels, to fishing boats and recreational boats.

Kazuma Waimatsu

Marine Electronic Products Division General Manager

For Merchant Vessels
For safe and efficient navigation
As part of our mission to contribute to safe and efficient navigation,
FURUNO offers a variety of navigation and communications equipment.
These products are designed for all types and sizes of merchantvessels, carrying both people and goods. With regards to newly-built
vessels, we have built up a track record and global networkcommensurate with our top market share. Leveraging these assets, ourbusiness spans from new vessel construction to upkeep and lifecycle
maintenance and retrofitting.

Selected in the Global Niche Top Companies Selection 100 with
our radar for Merchant Vessels
FURUNO was recognized for its “41%* global market
share with its Radar for Merchant Vessels,” “products
capabilities that enable FURUNO to offer acomprehensive range of electronic equipment
necessary for ship navigation,” “service capabilities
that enable FURUNO to respond to requests from
customers at any port without stopping their ships as
they sail around the world,” and “a global sales
network enabling customers to use its FURUNO withpeace of mind.”* based on the number of radars installed on vessels built at Japanese, Chinese and Korean shipyards, from January to December 2019.

29

For Fishing Vessels
For safe fishing and sustainable use of fisheryresources
Since our founding, FURUNO has offered electronic fishing equipment
to modernize and improve the efficiency of commercial fishing.
FURUNO is working to develop fisheries with resource management,
through the fishery consulting capability that we have previously
cultivated in countries around the world, and by providing products andservices that are both innovative and optimally suited for the market.

Towards the Realization of Smart Fishery
The fishing industry is now in a transitional stage of change,from intuition- and experience-based industry, to a more
efficient industry based on data. FURUNO, with its newtechnologies, such as applications for utilizing past operational
data or 3D sonars, is helping to realize a smarter fishingindustry, one step further.
Fishing vessel with the latest Smart Bridge(Turkey)

For Pleasure Boats
For safe and comfortable boating
FURUNO offers high-quality products for users of all types ofrecreational boats, including sport fishing boats, sailboats, and yachts.
While continuing to supply innovative and highly reliable products to ourusers, we are expanding our efforts to enhance customer value.

FURUNO brand alongside the largest North American pleasure boat market
Marine equipment sales for the pleasure boat market areapproximately ¥170 billion, with half of these sales being in the
United States. Sport fishing boats also have professional scanning
Sonar and Fish Finder for targeting fish and Multibeam Sonar for
habitat monitoring. This is where the NavNet TZtouch series, ahigh-end model for pleasure boats, is installed. It displays various
information making it an indispensable item for users who aspire
to high-end sport fishing.

30

Targeting high-speed fishing withmulti-beam sonar

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02

For Future Growth03

Business Strategy

04

Governance, Social and Environmental Reports

05

Together with Society

06

Financial and Non-financial Data

For Workboats
For the safety and security of maritime operations
FURUNO contributes to the safety, security, and comfort of its
customers while continuously providing innovative and reliable products
to users of government ships and port marine and work vessels.

For the safety of the largest high-speed
ferry in the United States
Seastreak’s Courageous is a high-speed ferry with the largest
capacity in the United States. Two large, award-winning
FURUNO radars are installed on board, and an intuitive andpowerful new interface also simplifies operation. FURUNO
contributes to the safety of passengers by providing
high-quality marine electronics.

FURUNO radars installed on Seastreak’s
Courageous ferry

For Maintenance Services
To ensure that products are useful to customers
FURUNO provides world-class technical services and statutory
inspections in a timely and accurate manner, using its global service
network to ensure that its products perform and maintain their best
performance anytime, anywhere.

Global service system for peace of mind
The Merchant Vessel Division, which has customers allover the world, has implemented an online system called
services. SMS is a web-based database that stocks
information such as product support history, failure
prevention measures, service progress and result reports.

North-East Asia

Europe“SMS” (Service Management System) to provide efficient

FURUNO
EuropeFURUNO
Service CenterJapan

Middle East,
AfricaFURUNO
Singapore
South-East Asia,
South Asia, Oceania

Central andSouth America
Service centers
Subsidiaries supporting
merchant vessels

Any problems or findings are fed back to the sales,

Service agencies formerchant vessels
Spare parts distribution
network

service, development, and quality departments to help
improve quality of operations.

North America
FURUNO
U.S.A.

FURUNO Service Network

31

Industrial
Business• Related SDGs

Based on technology developed for marine
electronic equipment, FURUNO has expanded
into new fields, including medical equipment and
ICT devices, such as GPS and ITS products. Our
aim is to realize a comfortable society withgreater safety and peace of mind.

Yukio Nobuhiro
System Products Division General Manager

ETC2.0/ETC on-board equipment
These terminals are familiar at toll booths on expressways and are used toautomatically pay the toll and pass through without having to stop the vehicle.
ETC2.0 on-board equipment linked to GPS can provide voice and otherinformation necessary for avoiding traffic congestion and safe driving.

Vehicle access control service FLOWVIS
Vehicles are reliably identified by hybrid authentication that combines ETC
authentication technology with camera-based vehicle number reading. The
system also contributes to logistics DX as a solution to the “2024 problem”
facing the logistics industry by reducing truck drivers’ waiting time for cargo bydispatching vehicles on premises according to berth conditions at each location.
Vehicle management solutions

Dual-band GNSS receiver chip eRideOPUS 9This receiver chip receives signals from GNSS satellites orbiting the earth andoutputs highly accurate position information. It is the world’s first automotive
receiver to achieve a positioning accuracy of 50 cm. The system is also highlyrobust, contributing to V2X and automated driving, which require accuracy andstability.

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Get to Know FURUNO

02

For Future Growth03

Business Strategy

04

Governance, Social and Environmental Reports

05

Together with Society

06

Financial and Non-financial Data

• Related SDGs

Defense Equipment
Business

Using its core technologies in marine electronics, FURUNO iscommitted to R&D for the Ministry of Defense, to provide safety
and security for the people in Japan.

Underwater acoustic technologies
The division has begun to study low power consumption,compactness, light weight, and strong resilience against
voltage of the transmitter and receiver, with a view to installing
UUVs or USVs.

Takeshi Miyazaki
Avionics and Defense Electronics Division
General Manager• Related SDGs

Wireless LAN Systems
Business
FURUNO provides wireless LAN access points and wirelessnetwork management systems for better Internet access. We arealso developing communication systems for the IoT field that canbe used in social infrastructures.

11ah access point for IoT
gateway support
IEEE802.11ah-compliant access points cancommunicate over long distances with a radius ofapproximately 1km. It is expected to play a role insupporting social infrastructure.

Disaster Prevention
and Surveillance
Solutions Business

Satoshi Nakatani
FURUNO SYSTEMS Co., Ltd. President• Related SDGs

FURUNO is providing system solutions to support everyday
safety and peace of mind by offering systems that predict
meteorological and geological events.

Water resources management
FURUNO’s compact weather radar contributes toefficient storage and utilization of rainfall andmitigation of damage from flooding and urban
inundation through highly accurate precipitation
forecasting.

Takuo Kashiwa
System Solution Business Unit General Manager

33

Our Technologies
Challenge the Invisible
FURUNO looks thoroughly into the field and solves

see before, you can also see new possibilities. There is

problems with the appropriate technology. The world’s

no end to FURUNO’s challenge of the invisible.

first Fish Finder was born from this attitude.

FURUNO will continue to create encounters with theWhat FURUNO offers is not just a product for

invisible while staying close to people’s lives.

visualization. When you can see what you could not

FURUNO’s Core Technologies

01
Underwater
Acoustics
The distance from a school of fish isdetermined using the linear property ofultrasonic waves, by measuring theround-trip time when they are reflectedto their original location.

02
Satellite
Positioning
Positioning is essential for ships navigating
the oceans. We also measure and use
highly accurate heading and the precise
time of day provided by GNSS satellites.

03
Wireless
Communication
Radio waves are essential for maritime
communications. They are indispensable
for safe navigation by detecting obstacles
at sea as well as the movements of othervessels.

34

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Get to Know FURUNO

02

For Future Growth03

Business Strategy

04

Governance, Social and Environmental Reports

05

Together with Society

06

Financial and Non-financial Data

Product Quality

To build a relationship of trust with our customers, all divisions are committed to providing higher
quality products and services by listening to customers around the world.

Providing safety and security through quality control
Based on the philosophy that “the quality of our
products is created by the quality of our work,”
FURUNO aims to provide products and services thatsatisfy our customers. Specifically, FURUNO maintains
and controls quality at every stage, from design,development, procurement, and production, based on
its quality management system (ISO 9001), andincorporating its own appropriate quality standards
and reliability evaluation methods at each development
stage to ensure that its products are suitable even inharsh environments.
*Testing for electromagnetic interference that is known to affectother equipment and the human body

In-house EMC* testing environment

Maintaining and improving product quality
The Miki Factory (Japan) has established a traceability

and inspection standards for each manufacturingsystem that clearly defines manufacturing methods

process and manages production and inspection
histories. In addition, the factory conducts strict quality
checks, as well as prior inspections of local
manufacturers’ quality control systems and locallymanufactured products. In the manufacturing
processes, a high level of reliability is assured with
100% inspection.

Environmental testing
FURUNO strives to further improve product quality byconducting various tests, such as electromagnetic
environment tests, vibration/shock tests, andtemperature/humidity tests.

35

04

1 Governance Report

Basic Policy

Dealing with the CG CodeFURUNO’s management basis is to continuously

To strengthen its corporate governance, FURUNO

improve corporate value to meet the expectations

believes it is necessary to improve its actualand trust of all stakeholders, pursuing legality,

aspects, and to continually make improvements toappropriateness, and efficiency in its

achieve its management strategy.

management activities.

Corporate Governance Structure
FURUNO has established a voluntary Nomination and Compensation Advisory Committee andCompliance Committee and is working to avoid risks and prevent misconduct by building anorganizational structure that allows governance to function. FURUNO is also strengthening its system byseparating management and execution, focusing on the decision-making and supervisory functions of theBoard of Directors.

Corporate Governance Structure (as of May 31, 2023)
General Meeting of Shareholders
ReportElection / Dismissal

Board of Directors
ReportElection /Dismissal

Report

Audit

Audit & Supervisory Board Audit

Election /Dismissal

Coordinate

Inquiry
Agenda / ReportSupervision /Selection / Dismissal

ReportAudit

Coordinate

Audit

President and CEO
ReportInternal
ControlCommittee

Research

ReportManagement
Meetings

management
Briefings

Each businessexecution division/
Group company

Audit

Investigation

36

Coordinate

Compliance
Committee

Coordinate

ReportReportReportBusiness Execution

Internal Audit
OfficeLegal Office
FURUNO Hotline

Coordinate

General Counsel

Risk
Management
Committee

Monitoring

ReportDecision
MakingAccounting Auditor

Nominating and Compensation
Advisory Committee

01

Get to Know FURUNO

02

For Future Growth03

Business Strategy

04

05

Governance, Social and Environmental Reports

Together with Society

06

Financial and Non-financial Data

Effectiveness of the Board of Directors
FURUNO conducts an annual evaluation of theeffectiveness of the Board of Directors to identify
issues and areas for improvement. In FY 2022,
FURUNO conducted a questionnaire survey of
directors and corporate auditors regarding theoperation and agenda of the management
committees and the evaluation of the management
secretariat for each management committee. The
overall evaluation was high, as in the previous year,

as the agenda was improved by reducing thenumber of regular reporting subjects, and because
the secretariat made improvements in the
management of the meetings. FURUNO also
recognizes that the effectiveness of the Board of
Directors has been ensured based on theconstructive discussions that take place at theBoard of Directors meetings.

Effectiveness of audits by corporate auditors
FURUNO has adopted a company-with-auditors
system, and corporate auditors conduct objective
and rational audits by attending Board of Directors

meetings and other important meetings, inspecting
important documents, visiting subsidiaries, andinterviewing directors and general managers.

Directors’ skills matrix
including two outside auditors. One of the fourinternal directors is a mid-career employee and has
experience working for other companies. The twooutside directors have experience as managers atother listed companies.

Effective March 1, 2021, FURUNO has decided toseparate management and execution. Management
is practiced by four full-time directors and twooutside directors, for a total of six directors, andmanagement oversight is ensured by three auditors,

Skills matrix of directors, auditors, etc.
◎ Main Skills/Experience ○ Secondary Skills/Experience (up to 3 in total)
Finance /Accounting

Compliance /Risk Management

Human
Resources○○

Yukio Furuno◎

Vice President
and Executive Officer and CMO

Muneyuki Koike○

Director
Managing Executive Officer and CTO

Shinji Ishihara

Director
Managing Executive Officer and CFO

Yutaka Wada○

External Director

Hideo Higuchi

◎

○

○

External Director

Shingo Kagawa

◎

○

○

Position
President
and CEO

Senior Executive Officer

Kazuma Waimatsu

Senior Executive Officer

Satoshi Ohya

Position

Name

Audit & Supervisory Board Member

Shigenori Ametani

External Audit& Supervisory Board Member

Toru Muranaka

External Audit& Supervisory Board Member

Shogo Yamada

Sales /
Marketing

R&D /Industrial

Name

Company
Management

◎
○
◎

◎
○

Finance /Accounting

Compliance /Risk Management

◎

○
○

○

Sales /
MarketingInternational
Experience○◎

Company
Management

IT / DX○◎International
Experience
○

◎
○

◎

○

37

Executives’ compensation
Basic policy on directors’ remuneration
FURUNO’s basic policy is to link the remuneration of directors to shareholders’ profits so that it fully
functions as an incentive to sustainably increase corporate value, and to set the remuneration ofindividual directors at an appropriate level based on their respective positions and responsibilities.

Compensation Composition
Remuneration

Directors

Compensation Overview

Auditors

InsideOutside

Fixed

○

○

○

• Amount within framework approved at the Shareholders Meeting• Monthly remuneration based on position and responsibility

Performancebased

○

×

×

• Based on KPI achievement to raise performance awareness• Calculation: 3% of net income (previous FY)• Based on level of responsibility, KPI achievement of division under control, etc.

Stock-based

○

×

×

• Share risks and benefits of stock price fluctuations with shareholders andimprove corporate value• Based on a percentage of total amount of previous year compensation

Governance data
FY 2018

FY 2019

FY 2020

FY 2021

FY 2022

Directors

11

11

10

6

6

Outside directors

2

2

2

2

2

Board meetings

12

13

12

12

13

Attendance rate (%)

99.3

96.5

91.7

100.0

92.0

Average years in office

9.2

10.2

10.8

13.2

14.2

Auditors

3

3

3

3

3

Outside auditors

2

2

2

2

2

Auditors’ meetings

14

14

14

14

14

Attendance rate (%)

100.0

97.6

97.6

100.0

100.0

6

6

6

6

6

Directors’ remuneration (millions of yen)

201

159

232

235

234

Auditors’ remuneration (millions of yen)

39

39

39

39

38

Unlisted stocks

8

8

8

8

9

Stocks other than unlisted stocks

15

14

14

12

12

Board of Directors

Audit & Supervisory Board

Nominating and Compensation Advisory Committee
Members

Cross-shareholdings (number of stocks)

38

01

Get to Know FURUNO

02

For Future Growth03

Business Strategy

04

Governance, Social and Environmental Reports

05

Together with Society

06

Financial and Non-financial Data

Compliance
The Compliance Committee, chaired by the president and including outside members (lawyers), has been
established, and the FURUNO Group Code of Conduct is our ethical standard.

Compliance education and awarenessTo raise compliance awareness, FURUNO conducts

available to employees at overseas locations for use

compliance education for executives and employees

in compliance education and other activities.

through various level-specific training programs,
theme-specific training, and e-learning.
Opportunities are also provided for workplace study
sessions where employees at each workplace freely
exchange opinions on compliance. In addition, in
revising the Compliance Handbook, which is
distributed exclusively to FURUNO Group
employees in Japan, an English version was also
produced. The English version of the handbook isCompliance Handbook in English

Risk management
To properly manage risks that could have a significant impact on management, FURUNO has established a
Risk Management Committee chaired by the president. It evaluates company-wide risks, determines theimportance of each risk, and appoints a department and subcommittee in charge of each risk
countermeasure to reduce it.

Proper trade control
To maintain proper trade, FURUNO has establishedconducts internal notifications and e-learning

an export control system with the president as chieftraining, as well as annual internal audits to verify theofficer. To ensure that its employees understand thestatus of voluntary control.

importance of export control for security, FURUNO

Information security measures
FURUNO is working on improving employee security
Systematic measures(multi-level defense)

awareness and vigilance through e-learning
education and the publication of in-housenewsletters. The CSIRT also continuously monitors,
collects information, and responds to incidents toprevent damage from spreading and to calm thesituation as soon as possible.

CSIRT system forearly detection
and prevention

Information
Security
Measures

Increase
employee security
awareness andattention

39

Directors

Yukio Furuno
President and CEO
Mar. 1971 Joined TEIJIN LIMITED
Sep. 1984 Joined FURUNO
Mar. 1987 General Manager, Administration Division
May 1987 Director
May 1990 Managing Director
May 1999 Managing Director and General Manager, Tokyo Office
Mar. 2007 President
Mar. 2021 President and CEO (current)

Director
Vice President and Executive Officer and CMO
Apr. 1985 Joined FURUNO
Mar. 2002 General Manager, International Marketing Department, Marine
Electronic Products Division
May 2005 Director
Mar. 2009 Divisional Vice General Manager, Marine Electronic Products Division
May 2009 Managing Director
Mar. 2012 Divisional General Manager, Marine Electronic Products Division
May 2016 Senior Managing Director
Mar. 2021 Director, Vice President and Executive Officer and CMO (current)

Shinji Ishihara

Yutaka Wada

Director
Managing Executive Officer and CTO

Director
Managing Executive Officer and CFO

Apr. 1985 Joined FURUNO
Feb. 2006 General Manager, Research & Development Department, Marine
Electronic Products Division
May 2007 Director
May 2016 Managing Director
Mar. 2018 Integration Chief Manager, Product Designing, Development &Value-engineering Head Office, Marine Electronic Products Division
Mar. 2021 Director, Managing Executive Officer and CTO (current)

40

Muneyuki Koike

Apr. 1982 Joined FURUNO
Mar. 2003 General Manager, Merchant Marine Marketing Department, Marine
Electronic Products Division
May 2007 Director and General Manager, Merchant Marine Marketing Department,
Marine Electronic Products Division
Mar. 2015 Director and Divisional Vice General Manager, Marine Electronic Products
Division
Sep. 2015 Director, Divisional Vice General Manager, Marine Electronic Products
Division; General Manager, Head of Tokyo Office
May 2016 Managing Director, General Manager, Head of Tokyo Office; Secretary toGeneral Manager, Marine Electronic Products Division
May 2018 Audit & Supervisory Board Member
May 2023 Director, Managing Executive Officer and CFO (current)

01

Get to Know FURUNO

02

For Future Growth03

Business Strategy

04

Governance, Social and Environmental Reports

05

Together with Society

06

Financial and Non-financial Data

External Directors

Hideo Higuchi
External Director

Jun. 2004 Executive Officer and Senior General Manager, Operational Reform HQ, OMRONCorporation
Jun. 2007 Managing Executive Officer and Senior General Manager, Business Process
Innovation HQ
Dec. 2008 Managing Executive Officer; Senior General Manager, Business Process Innovation
HQ and Senior General Manager, Corporate Strategic Planning HQMar. 2009 Managing Executive Officer and Senior General Manager, Corporate Strategic
Planning HQ
Nov. 2011 Outside Director, SOLOEL Co., Ltd.
Mar. 2012 Director
Jun. 2012 Outside Audit & Supervisory Board Member, Toyo Business Engineering Corporation(currently Business Engineering Corporation)
May 2016 External Director, FURUNO (current)
Jun. 2016 Outside Director, Toyo Business Engineering Corporation (currently BusinessEngineering Corporation) (current)

ShingoKagawaExternal Director

Apr. 1981 Joined FUJITSU LIMITED
Apr. 2012 Corporate Executive Officer; Group President, Network Service Business Unit; Headof Image Internet Service Business DivisionJun. 2012 Corporate Executive Officer; Group President, Outsourcing Business Unit; Head of
Image Internet Service Business Division
Apr. 2015 Corporate Executive Officer; Vice President, Integration Services Business; Group
President, Network Service Business Unit
Apr. 2016 Corporate Executive Officer; Chief Technology Officer; Head of Digital Services
Business
Apr. 2018 President and Representative Director, FUJITSU RESEARCH INSTITUTE
Apr. 2020 Special Adviser, APAMAN Co., Ltd.
May 2020 External Director, FURUNO (current)
Oct. 2020 President and Representative Director, DigiIT Corporation (currently SS Technologies
Corporation)
Oct. 2021 Chairman of the Board, SS Technologies Corporation
May 2022 Outside Director, MINISTOP Co., Ltd. (current)
Jan. 2023 Outside Director, H.I.S. Co., Ltd. (current)

Auditors

Shigenori
Ametani
Auditor

Apr. 1984 Joined FURUNO
Mar. 2009 General Manager, International Marketing Department, Marine Electronic Products DivisionJun. 2016 Administration Officer; General Manager, International Marketing Department, Marine
Electronic Products Division
Mar. 2021 Deputy General Manager, Management Planning & Intelligence Department
Feb. 2023 Assistant to Audit & Supervisory Board Members
May 2023 Audit & Supervisory Board Member (current)

Toru Muranaka

Shogo Yamada

External Auditor

External Auditor

Apr. 1995 Registered as an attorney (Osaka Bar Association) (current)
Apr. 2007 Teacher, Doshisha Law School
May 2014 Audit & Supervisory Board Member, FURUNO (current)
Jun. 2015 Outside Audit & Supervisory Board Member, SUZUKEN CO., LTD.
Jun. 2016 Outside Audit & Supervisory Board Member, CAPCOM CO., LTD. (current)

Apr. 1996 Registered as a Certified Public Accountant (current)
Jul. 2013 President, Shogo Yamada Certified Public Accountant Office (current)
Mar. 2014 Outside Audit & Supervisory Board Member, TOYO TANSO CO., LTD.
Mar. 2015 Outside Director, TOYO TANSO CO., LTD.
Jun. 2015 Outside Director, CONTEC CO., LTD.
Jan. 2020 Director and COO, TOMOE VALVE INDUSTRY PTE LTD (current)
Jan. 2022 Director, TOMOE VALVE INDUSTRY PTE LTD (current)
May 2022 Audit & Supervisory Board Member, FURUNO (current)

41

Executive Officers

Kazuma
Waimatsu

Satoshi Ohya

Senior Executive Officer

Senior Executive Officer

In charge of Marine Electronic Products
Division
Marine Electronic Products Division
General Manager

Human Resources & General Affairs
Department General Manager

Koji Tokuda

Takanori
UemuraExecutive Officer

Executive Officer

Marine Electronic Products Division
Product Designing, Development &Value-engineering Head Office General
ManagerMarine Electronic Products Division
Miki Factory General Manager

Kiyoshi Furuno

Tsutomu
Okada

Executive Officer

Executive Officer

Marine Electronic Products DivisionMarketing Head Office General Manager
and Domestic Marketing Department
General Manager

In charge of Research and Innovation
CenterResearch and Innovation Center General
Manager

Kenichi Mori

Atsushi Takagi

Executive Officer

Executive Officer

Marine Electronic Products Division
Service Management & Commanding
Department General Manager

Corporate Planning Department
General Manager

Yukio
Nobuhiro
Executive Officer
In charge of System Products Division,
Avionics and Defense Electronics
Division
System Products Division General
Manager42

04

2 Social Report

Human resource strategy
Development of human resources
FURUNO aims to develop autonomous humanresources who think and act on their own
initiative, by improving the career development
and management skills of each employee. For
R&D personnel, FURUNO provides technicaleducation based on an annual plan to improvetheir technical skills. In addition, FURUNO
promotes job rotation according to the career
path of each position to develop humanresources who can realize our businessstrategies through workplace revitalization andnew challenges.

OJT

training

Off-JT
group
trainingSD

selfdevelopment

Development of global human resources
FURUNO has established a worldwide sales
and service network. With more than 60% ofsales coming from overseas and approximately
35% of employees working at overseas
subsidiaries, FURUNO requires humanresources who can respond to global business.
Young employees are dispatched to overseas

subsidiaries to acquire a broad international
perspective and business knowledge throughwork experience. FURUNO strives to develop
excellent human resources who can work
globally.

Diversity & inclusion
Ensure diversity of core human resources
It is essential to secure diversity in humanresources, which are the source of innovationand new value creation. FURUNO will continue
to improve the workplace to create a corporate
culture in which all human resources withdiverse skills and personalities can grow andflourish. There is still room for improvementfrom a gender-free perspective, so FURUNO
has launched a project with selected members
and established a working group under the
direct supervision of the president, called the

Smile Project. The project will help ensure
diversity throughout the FURUNO Group,
including overseas subsidiaries.
FY 2020

FY 2021

FY 2022% of female employees

28.5 %

28.8 %

28.8 %

Avg. years employed(female)13.3 yrs

13.4 yrs

13.9 yrs

Female ratio in new
graduates

20.0 %

9.4 %

13.2 %% of females inmanagement

2.9 %

3.3 %

4.4 %

*Non-consolidated FURUNO (as of February 28)

43Development of management human resources
FURUNO conducts a one-year group action
learning program on the theme of solving
management issues, with the aim of helping
employees acquire their role awareness andlogical thinking skills required when they arepromoted to management positions. FURUNO
is actively developing next-generation
management candidates through exchanges
with excellent human resources not only within

the company but also at other companies. Also,
the Human Resource Development Committee
meets on a regular basis to consider anddecide on the assignment of human resourcesthat will lead to the expansion of perspectives
and experience for each target group. FURUNO
is promoting the development of future
managerial human resources while improving
labor productivity.

Develop and secure core human resources
Implementation of specific measures such as instructor OJT training system, etc.
In order to develop core human resources, newgraduates are individually assigned a dedicatedinstructor after their assignment (instructor OJT
training system). In addition, in the third year of
employment, the Human Resources
Department conducts individual hearings for all
new employees to eliminate any
post-employment gaps and to take stock ofand reflect on their careers as members ofsociety. Moreover, to secure core humanresources, FURUNO has adopted referral hiring
as a career recruiting method, to improve thematching rate with FURUNO’s corporate culture
and increases employee engagement throughemployee participation in recruiting activities.
FURUNO is also working to resolve concernsand questions about the work environment,
work learning status, and daily life issues as
early as possible.

Improving the workplace and job satisfaction
Male maternity leave
FURUNO’s Childcare Leave System allows
employees to take leave for a desired period
until the child turns 1 year old (up to 2 years old
with conditions). FURUNO has also introduced
systems such as Father-Mother Childcare
Leave Plus and Postpartum Father-Childcare
Leave to encourage male employees to takechildcare leave.

Percentage of male employees taking
maternity leave

48%

50%

42%

40%
30%
20%
10%
0%

24%
11%

13％

14％

2020

2021

7％

2019

FURUNO
Nationwide average in Japan

44

17％

2022 (FY)01

Get to Know FURUNO

02

For Future Growth03

Business Strategy

04

Governance, Social and Environmental Reports

05

Together with Society

06

Financial and Non-financial Data

Health management
FURUNO wants each employee to have a healthy mind and body. We established the FURUNO Health
Declaration in March 2018 and are strengthening our health management system and promoting
initiatives to raise employees’ health awareness. In September 2022, FURUNO also formulated the HealthManagement Strategy Map which systematically organizes how the various health measures we are
implementing will lead to solutions to issues in health management.

Health management initiatives
Exercise support measures include holding
walking events and distributing FURUNO’s
original One Minute Stretch Exercise. In
addition, FURUNO has introduced a smoking
cessation support program, stress checks andself-care e-learning programs. In recognition ofthese efforts, FURUNO has been recognized
for five consecutive years since FY 2019 as oneof the White 500 Corporations for Excellent
Health Management. FURUNO has also beenrecognized annually as a Sports Yell Company.
FURUNO will continue to engage in strategic
health management to ensure its sustainablegrowth.

Annual paid leave taken
Usage rate

FY 2020

FY 2021

FY 2022

72.1%

79.4%

83.6%

Avg. monthly overtime / employee(non-consolidated) *FURUNO(non-consolidated)

FY 2020

FY 2021

FY 2022

13.6h

15.1h

16.0h

*For regular, contract and temporary employees

Respect for Human Rights
FURUNO is committed to treating others withrespect and deference, and hopes that its
employees can devote themselves to their workwith peace of mind in a healthy andcomfortable work environment that is free fromharassment. FURUNO will continue to conduct

educational activities to eliminate discrimination
against people with disabilities, foreign
nationals, LGBTQ, and other groups, and torealize a prosperous society where they cancoexist with each other.

45

04

3 Environmental Report

Environmental Policy
FURUNO recognizes that environmental considerations are one of the most important management
issues and aims to realize a sustainable society by reducing the environmental impact of its businessactivities.

Sustainable Society

Preservationof the Global
Environment• Risk management ofchemical substances• Compliance with regulations• Contribution to sustainablefisheries and marine
environment conservation

Maintenanceof Biodiversity

Formation of
RecyclingOriented
Society• Energy saving• Resource
conservation• Greenhouse gas
emissions reduction• Reduction of waste• Reuse of resources• Promotion ofrecycling

Towards the preservation of the environment
FURUNO is working on environmental
preservation and complying with the Energy
Conservation Law,* and since 2010, it has beenworking to reduce CO2 emissions with the midto long-term goal of a 1% reduction from theprevious fiscal year.
*Law concerning the rational use of energy

Towards a recycling-oriented society
FURUNO continuously measures and monitors
the amount of waste disposed of and recycled.
All business sites are committed to complying
with the Waste Disposal and Public Cleansing

Law by concluding waste disposal contracts
with government-licensed contractors andthoroughly managing industrial waste
management slips.

Towards sustaining biodiversity
Among the various activities that are effective inmaintaining biodiversity, FURUNO believes it isimportant to eliminate hazardous substancesfrom the products and their production

46

processes, and to contribute to the
management of marine resources using its
products.

01

Get to Know FURUNO

02

For Future Growth03

Business Strategy

04

Governance, Social and Environmental Reports

05

Together with Society

06

Financial and Non-financial Data

Compliance with regulations on chemical substances
The RoHS Directive, which regulates the use ofchemical substances in electrical andelectronic equipment enforced in the EU, began
to regulate 10 substances in July 2019, and
FURUNO has have been complying with thedirective for applicable equipment. In addition,
the introduction of chemSHERPA (common
scheme for communicating information on
chemical substances contained in products)
has been completed.

Ship Recycling Convention
In May 2009, the Ship Recycling Convention

environment and human health. It is expected

was adopted as an international treaty toaddress the possibility that ships dismantled for
scrapping may contain hazardous substancesthat could have a negative impact on thethat substantial action will be taken, as the Ship
Recycling Regulations with the equivalentcontent of the Convention began to be appliedin the EU in December 2018.

Chemical risk assessment
The implementation of risk assessment forchemical substances is mandatory under the
Industrial Safety and Health Law. It must be
conducted in accordance with the GHS*

classification categories, taking into
consideration the impact on the global
environment as well as workers’ healthmanagement.

*The GHS (Globally Harmonized System of Classification and Labelling of Chemicals) is a set of rules that harmonize the classification criteria andthe content of labels and safety data sheets for each hazardous property of chemical products.

TOPIC

Environmentally Conscious Products
FURUNO has established environmental standards in the design process and set
specific targets while complying with environmental laws and regulations.
Environmentally Friendly Design

2

3

4

5

Product
Planning

Requirements

Basic Design

Detailed
DesignValidation

Final
Check

Manufacture

1

Environmental goal setting and design assessment

47

Reduction of impact in business activities
Overall environmental impact
FURUNO strives to reduce the environmental impact of each process by understanding the inputs
and outputs of its activities.
OUTPUTINPUTElectricity

7.17 GWh

Gas (city gas, LPG)

180 dam3

R&D

Greenhouse gas (CO2)2,535 temissions
Water discharge

32 dam3

Waste discharge

313 t

Amount recycled

258 tSales &

Recycling rate

82 %Service

Final waste disposal

55 tProcurement

Fuel (diesel, gasoline) 63 kl

Manufacturing

32 dam3

Water

15 t

Copying paper*Total includes headquarters (Nishinomiya), Miki Factory, Furuno INT Center*Period: March 1, 2022 - February 28, 2023

Protection of the global environment
business site, FURUNO is working to improveenergy consumption per unit of production,centered on productivity improvement, and arecontinuing to promote energy-saving air
conditioning and the use of LED lighting.

FURUNO has been working to reduce CO2
emissions since 2010 in response to the revised
Energy Conservation Law,* with the mid- tolong-term goal of a 1% reduction from theprevious fiscal year. In the activities of each

*Law concerning the rational use of energy

Power Consumption, CO2 Emissions and Basic Unit
(kt- CO 2)(t-CO 2 /100 million yen)

(10 MWh)

1,000
800

10

709

710

700

8

717

686

600

6
5.7

400
200

3.4

5.1
2.8

5.5

5.2

2.8

2.9

4.0

2.5

0

4
2
0

2018

2019

2020

2021

2022 (FY)Electric power (10 MWh)
Total CO 2 equivalent emissions (KEPCO coefficient) (kt-CO 2)
Basic unit of production (excluding BOJ corporate goods price index) (t-CO 2 /100 million yen)

48

01

Get to Know FURUNO

02

For Future Growth03

04

Governance, Social and Environmental Reports

Business Strategy

05

Together with Society

06

Financial and Non-financial Data

Effects of COVID-19
In FY 2021, electric power consumption
decreased by 3.4% from the previous year due
to external factors such as the response to

COVID-19 and parts shortage. The emissions of
CO2 per unit of production decreased by 7.3%
from the previous fiscal year.

Towards a recycling-oriented society
To ensure thorough separation of waste
generated by its business activities, FURUNO
continuously measures and monitors theamount of waste disposed of and recycled.
FURUNO also conducts on-site inspections ofcontracted waste disposal companies at eachof our business sites nationwide as appropriate,
to ensure that proper management is being
carried on.

Recycling Trend
(t)

(%)

400

100.0

300

200

53
85.0

50

68

89

84.3

55

90.0

82.4

80.0

78.0
73.7

100

70.0

302

271

245

248

258

2018

2019

2020

2021

2022 (FY)0

60.0
Amount recycled (t)Amount of waste disposed (t)Recycling rate (%)

Climate change initiatives
In 2015, the Financial Stability Board (FSB)

FURUNO is committed to complying with theestablished the Task Force on Climate-related
Financial Disclosures (TCFD). The TCFD
published its final report in June 2017
recommending disclosure of items related toclimate-change-related risks and opportunities.

TCFD by establishing the most appropriate
structure and personnel to collect and analyze
the necessary data on the impact ofclimate-change-related risks and opportunities
on its business activities.

49

05

Together with Society

Connect with society through sustainable activities
FURUNO believes that one of its major missions is to contribute to the sea and “connect the sea to the
future.” In Nishinomiya city, where its headquarters is located, FURUNO is building opportunities for its
employees to connect with the local community. FURUNO also supports round-the-world yachting
challenges, trans-Pacific sailing, and student races.

With the Local Community
Work experience program to support marine safety and security
FURUNO is participating in a program filled withmany learning opportunities, such as living withthe sea, protecting the environment, andreceiving blessings from the sea, and is having

Children and employees who
participated in the eventchildren experience work related to the sea.
During the summer vacation, FURUNO also
held a challenge to solve the marine debris
problem with technologies to see the invisible.

Looking at a merchant ship simulator

Experiment in a large water tankLet’s connect Nishinomiya’s Sea to the future - What kind of sea is Nishinomiya’s sea?
With the aim of making people feel morefamiliar with the sea as a company nurtured by
the sea, we held an event together with
Nishinomiya Hankyu (Hankyu Department

Store) and Sakana no Oniisan Kawachan, aradio DJ and announcer. The event was entitled“Let’s connect Nishinomiya’s sea to the future.”

FURUNO’s young
employee providing
support
Delivering a message about the ocean,fish, and environmental issues

50Children participating in
the quizColorful patterns on fish
illustrations

01

Get to Know FURUNO

02

For Future Growth03

Business Strategy

04

Governance, Social and Environmental Reports

05

Together with Society

06

Financial and Non-financial Data

Delivery of classes for the next generation
FURUNO participates in the MUKOJO Mirai☆
Labo organized by Mukogawa Women’s
University. In this program, women with science

Seido Junior High School (Ashiya City)

backgrounds share why they chose theircareers, the content of their current jobs, andthe satisfaction they find in their work.

Students asked so many questions they losttrack of time!

Support for students taking exams
To make people aware and feel more familiar
with the company, FURUNO is running a
corporate commercial. During the entrance
exam season, FURUNO posts original
messages for students preparing for entrance
exams at Hankyu Nishinomiya-Kitaguchi
Station, the closest station to our headquarters.
Poster in Hankyu Nishinomiya-Kitaguchi Station

Connecting the ocean to the future through food and learning
FURUNO wants to bring the charm of the sea
to as many people as possible. At the Miyakko
Opening Festival, FURUNO served seafood
paella as an activity to encourage people toFish lecture by Sakana no Oniisan
Kawachanlove fish. A talk show by Sakana no Oniisan
Kawachan was also held at the same time,
conveying the appeal of the sea in terms ofboth food and learning.

Fish dismantling show by employees

Seafood paella feast

51

Morning Cafe Project, where people
naturally connect
A morning cafe project is being implemented in
front of the new R&D building, SOUTH WING.
Kitchen cars operated by restaurants in the
Nishinomiya area are set up to provide a place
where people can naturally gather and connect.
Kitchen Car in front of SOUTH WING

Trash picking & jogging “Plogging"“Plogging” is a new fitness activity originating in
Sweden that is a combination of trash pickup
and jogging. Running is healthy, picking up

trash is eco-friendly, and it provides a newopportunity for interaction among residents andemployees!

Plogging for a healthy mind and body!

Tongs in the right hand and a garbage bag in the left. His dream is to make Nishinomiya City a city of plogging!

52

01

Get to Know FURUNO

02

For Future Growth03

Business Strategy

04

Governance, Social and Environmental Reports

05

Together with Society

06

Financial and Non-financial Data

We Want You to Know FURUNO: Corporate Commercials
FURUNO produced a series of corporate
commercials titled “We want you to know FURUNO”
and aired them at stations near our Nishinomiya
headquarters and other locations. In addition, as a
new initiative in FY 2022, the commercials weredisplayed at Hankyu Nishinomiya Gardens and were

My father works at FURUNO

also broadcast on all screens of TOHO Cinemas
Nishinomiya OS for about six months. FURUNO willcontinue our efforts to realize a safe, secure,comfortable, human- and eco-friendly society andvoyage, as well as to enhance our brand value.

Global company at Nishinomiya

We want you to know FURUNO
We finally made these corporate commercials!

Broadcast at Hankyu
Nishinomiya-Kitaguchi Station

Gate pavilion vertical signage broadcast

TOHO Cinemas Nishinomiya OS
broadcast53

For Those Who Take on Challenges
Round-the-world challenge: MILAI I0I
FURUNO supported Team MILAI, which
participated in GLOBE 40, a double-handed
round-the-world yacht race, sharing MILAI’s

desire to pass on to the next generation thebeauty of challenging the world.

GLOBE 40
GLOBE 40 is a round-the-world yacht race in which two people aboard a yacht sail around theworld. The race started in June 2022 from Tangier, Morocco, and competitors returned to thestarting point after eight legs (total distance of about 55,000 km).

World’s oldest person to cross the Pacific Ocean alone: Kenichi HorieAfter 69 days of sailing from San Francisco, Kenichi Horie
became the world’s oldest person (83 years old) to complete
a solo crossing of the Pacific Ocean on a yacht. FURUNO
provided him with a satellite-based tracking system thatenabled him to monitor his voyage in real time. FURUNO willcontinue to support Mr. Horie, a “lifelong challenger.”
Kenichi Horie

Off the coast of Nishinomiya, the final goal. The FURUNO
MARU boat alongside Mr. Horie’s Suntory Mermaid III.

54

Welcome event for Mr. Horie at FURUNO headquarters

01

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04

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05

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06

Financial and Non-financial Data

All Japan Student Yacht Championship
In November 2022, FURUNO sponsored the87th All Japan Student Yacht Championship(Lake Biwa), where top university student
sailors from all over Japan gather to decide thepinnacle of sailing. FURUNO decided tosupport this event empathizing the strong
desire of students to challenge the unknown
sea.

Hyogo Junior Open Championship
The Hyogo Junior Open Championship (Ashiya
City, Hyogo) is for elementary and junior highschool sailors in Hyogo Prefecture who havehigh hopes for the future. FURUNO sponsors
this event because it shares the desire toprovide a place to learn about, love, andchallenge the sea.

Umi no Koshien
Umi no Koshien is a nationwide yacht race
combining the Youth Sailing Cup (for junior highand high school students) and the Nishinomiya
Sailing Cup (for the general public) and is held

off the coast of Nishinomiya. As a company
nurtured by the sea, FURUNO considers it its
role to support this valuable event.

55

06

Financial and Non-financial Data
11 Years of Data

Profit and Loss (millions of yen)

FY 2012FY 2013

FY 2014

FY 2015

Net sales

71,60575,66685,96689,720Operating income

1,218

1,492

1,799

2,911

Ordinary income

2,142

2,396

2,840

3,362

Net income attributable to owners of the parent

1,564

(660)

(909)

2,624

Total assets

72,67280,074

83,79578,464

Interest-bearing debt

11,916

15,477

13,663

16,736

Net assets

34,69738,01137,30536,581

Cash flows from operating activities

770

1,209

2,913

1,258

Cash flows from investing activities(2,384)(2,793)(3,974)(2,612)

Cash flows from financing activities(1,802)

3,229(2,227)2,811

Net income

49.6(20.9)(28.9)

83.3

Dividend

7.0

8.0

8.0

10.0

1,069.8

1,163.5

1,169.7

1,148.2

Operating income to net sales ratio

1.7

2.0

2.1

3.2

Return on equity

4.9

(1.9)

(2.5)

7.2

Equity ratio

46.4

45.8

44.0

46.1

Financial Condition (millions of yen)

Cash Flow (millions of yen)

Per Share Data (yen)Net assets
Key Financial Indicators (%)

R&D, Capital Expenditures and Depreciation (millions of yen)
R&D investment costs

4,332

5,237

4,539

4,786

Capital expenditure

2,846

2,649

3,060

3,521

Depreciation and amortization

1,582

2,038

2,586

2,721

FY 2012FY 2013

FY 2014

FY 2015

Consolidated number of employees

2,803

2,815

2,930

2,905

Non-consolidated number of employees

1,691

1,695

1,745

1,740

Non-consolidated percentage of female employees (%)

28.6

27.8

28.4

28.4

Non-consolidated percentage of female managers (%)

1.5

1.8

1.8

2.0

Number of directors (outside directors)

10 (0)

10 (0)

11 (1)

12 (2)

Number of auditors (outside auditors)

3 (2)

3 (2)

3 (2)

3 (2)

Consolidated number of patents

562

670

763

849

CO2 emissions from main locations* (1,000 t-CO2)

3.9

4.6

4.6

4.3

Total amount of waste generated from main locations*2 (t)

380

373

364

332

Non-financial Data2

*1: Average exchange rate for FY 2022: $1 = ¥129.32 *2: Scope: Headquarters (Nishinomiya), Miki Factory, INT Center

56

01

Get to Know FURUNO

02

For Future Growth03

Business Strategy

04

Governance, Social and Environmental Reports

05

Together with Society

06

Financial and Non-financial Data

FY 2016

FY 2017

FY 2018

FY 2019

FY 2020

FY 2021

FY 2022

Millions of
Dollars*1

78,67479,05082,10883,06682,25584,78391,325

706.2

1,534

1,992

4,771

2,411

3,740

2,532

1,523

11.8

1,458

1,857

5,112

2,702

4,779

3,717

2,593

20.1

1,262

1,236

4,026

2,041

3,946

2,814

1,348

10.4

75,724

76,773

79,22376,13382,24885,973

106,396

822.7

14,881

13,706

12,982

9,906

9,956

9,602

19,317149.4

36,321

38,55941,53942,24445,69247,88052,503

406.0

6,417

5,142

4,903

8,041

8,512

6,193

(6,492)(50.2)(4,152)(3,404)(2,912)(3,175)(4,553)(4,389)(3,027)(23.4)(2,201)(1,542)(1,251)(4,194)(850)(3,518)

8,263

63.9

40.1

39.3

127.8

64.8

125.2

89.2

42.7

0.3

8.0

10.0

25.0

20.0

40.0

40.0

25.0

0.2

1,141.8

1,212.3

1,307.2

1,330.5

1,438.9

1,518.0

1,651.0

12.8

1.9

2.5

5.8

2.9

4.5

3.0

1.7

3.5

3.3

10.1

4.9

9.0

6.0

2.7

47.5

49.8

52.0

55.1

55.1

55.7

49.0

4,253

4,470

4,707

4,266

5,303

5,458

5,694

44.0

3,863

3,036

2,595

3,245

4,235

4,670

2,207

17.1

2,924

3,225

3,093

3,246

3,160

3,161

3,061

23.7

FY 2016

FY 2017

FY 2018

FY 2019

FY 2020

FY 2021

FY 2022

2,894

2,920

2,957

2,926

2,978

3,065

3,310

1,731

1,713

1,712

1,729

1,722

1,765

1,794

28.5

28.9

29.1

28.7

28.5

28.8

28.8

2.4

2.1

3.1

3.0

2.9

3.3

4.4

12 (2)

11 (2)

11 (2)

10 (2)

10 (2)

6 (2)

6 (2)

3 (2)

3 (2)

3 (2)

3 (2)

3 (2)

3 (2)

3 (2)

1,020

1,185

1,198

1,190

1,232

1,302

1,313

4.2

4.2

3.4

2.8

2.8

2.9

2.5

316

375

355

321

312

336

313

57

Financial Statements
Consolidated Balance Sheets(Unit: Millions of yen)

FY 2021

FY 2022

FY 2021

FY 2022

Notes and accounts payable trade

4,049

6,435

Electronically recorded monetary obligations

8,458

9,693

2

8,009

AssetsLiabilities

Current assets

Current liabilities

Cash on hand and in banks

14,35015,376

Notes and accounts receivable trade

15,080––21,537

Short-term borrowings

Electronically recorded monetary claims

1,617

1,076

Current portion of long-term borrowings

1,300

202

Merchandise and finished goods

14,255

19,705

Accrued income taxes

332

912

Work in progress

3,955

4,229

Contract liabilities

–

2,756

Raw materials and supplies

9,482

16,759Accrued bonuses

2,026

2,193

Others

3,574

3,872

Allowance for product warranties

1,098

872

Allowance for doubtful accounts

(306)

(277)

Others

7,755

6,448

62,01082,280Total current liabilities

25,02337,525Long-term borrowings

8,300

11,106

Deferred tax liabilities

536

363

Liabilities for retirement benefits

2,942

3,154

Others

1,288

1,744

Total long-term liabilities

13,06816,368

Total liabilities

38,09253,893

Notes, accounts receivable and contract assets

Total current assets
Fixed assets

Long-term liabilities

Tangible fixed assets
Buildings and structures (net)

6,804

6,895

Machinery and vehicles (net)

897

897

3,598

3,596

Construction in progress

304

95

Others (net)

1,794

2,428

Total tangible fixed assets

13,40013,914Land

Net assets
Shareholders’ equity

Intangible assets
Goodwill

778

819

Common stock

7,534

7,534

Software

3,436

3,121

Capital surplus

9,295

9,289

Others60

93

Retained earnings

32,15233,375

4,276

4,034

Treasury stock

(187)

(175)

48,79550,023

Total intangible assets
Investments and other assets

Total shareholders’ equity

Investments in securities

3,180

3,087

Assets related to retirement benefits

1,447

1,100

Net unrealized gain or loss on securities, net of tax 654

975

Deferred tax assets

240

412

Cumulative translation adjustments(1,169)

1,974

1,433

1,584

Accumulated adjustments for retirement benefits (399)(860)

Allowance for doubtful accounts

(15)

(17)

(914)

2,089

Total investments and other assets

6,286

6,167

–

389

23,96324,116

Total net assets

47,88052,50385,973

106,396

Total liabilities and net assets

85,973

106,396

OthersTotal fixed assets
Total assets

58(Unit: Millions of yen)

Total accumulated other comprehensive income

Total accumulated other comprehensive income
Non-controlling interests

01

Get to Know FURUNO

02

For Future Growth03

Business Strategy

Consolidated Income Statement
Net sales

04

Governance, Social and Environmental Reports(Unit: Millions of yen)

05

Together with Society

06

Financial and Non-financial Data

Consolidated Cash Flow Statement (Unit: Millions of yen)

FY 2021

FY 202284,78391,325

Cash flow from operating activities

FY 2021

FY 2022

Cost of sales

53,14556,947

Net income before income taxes

3,735

2,443

Gross profit

31,63834,377

Depreciation and amortization

3,161

3,061

Selling, general and administrative expenses

29,10532,853

Impairment loss

39

24

Operating income

2,532

1,523

Increase (decrease) in allowance for doubtful accounts

(112)

(18)

Increase (decrease) in accrued bonuses

(48)

91

Interest income

2054Increase (decrease) in liabilities for retirement benefits for employees

(26)

1

Dividend income

129

125

Increase (decrease) in assets for retirement benefits for employees

(49)

(61)

Equity gains of affiliated companies

89

86

Increase (decrease) in allowance for product warranties

(17)

(238)

Insurance cash value

28

56

Interest and dividend income

(149)

(180)

Exchange gain

114

366

Interest expenses

81

104

Subsidy income

682

228

Decrease (increase) in accounts receivable trade

Others

289

345

Total

1,355

1,263

Non-operating income

Non-operating expenses
Interest expense

81

104

Loss on retirement of fixed assets

19

18

Others

69

70

Total

170

193

3,717

2,593

Ordinary income
Special gains
Gain from sale of investment securities

3–

Gain from sale of fixed asset

35

12Gain on redemption of investment securities

34–

Others

0

1

Total

73

13

Special losses
Loss on sales of shares of subsidiaries–

86

Loss from sale of fixed asset–

2

Loss on redemption of investment securities

17

43

Impairment loss

39

24

Others–6

Total
Net income before income taxes
Income taxes-current

56

163

3,735

2,443

612

1,496

Income taxes-deferred

281

(469)

Total

893

1,027

2,841

1,416

Profit attributable to non-controlling interests

27

67

Net income attributable to owners of the parent

2,814

1,348

Net income

Consolidated Comprehensive Income Statement(Unit: Millions of yen)

Net income

FY 2021

FY 2022

2,841

1,416

180

321

Cumulative translation adjustments

1,672

3,064

Adjustments for retirement benefits

118

(460)

Share of other comprehensive income of entities accounted forusing equity method

88

45

2,059

2,970

4,901

4,386

Owners of the parent

4,873

4,282

Non-controlling interests

27

104

Total other comprehensive income
Comprehensive income––(1,769)Decrease (increase) in inventories(3,015)(13,155)

Decrease (increase) in notes and accounts payable - trade

1,285

2,507

Decrease (increase) in consumption taxes receivable

(396)

(109)

Decrease (increase) in contract liabilities–

464

Decrease (increase) in paid-in transactions related liabilities–

712

Others(477)

243

Subtotal

7,422(5,879)Interests and dividends received

205

238

(91)

(86)

Decrease (increase) in accounts receivable trade and contract assets

Interests paid
Income taxes paid or refunded(1,343)(765)

Net cash provided by operating activities

6,193(6,492)

Payments into time deposits

(0)

(100)

Proceeds from withdrawal of time deposits

69

76(3,133)(1,616)

Cash flows from investing activities

Payments for acquisition of tangible fixed assets
Proceeds from sales of tangible fixed assets

45

23

Payments for acquisition of intangible assets(1,361)(963)

Payments for sales of shares of subsidiaries resulting in change
in scope of consolidation

–

(191)

Others(9)(253)(4,389)(3,027)

Cash flow from investing activities
Cash flow from financing activities

–

8,007

400

3,000

Repayments of long-term borrowings(760)(1,308)Dividends paid by parent company(1,576)(946)

Payments from changes in ownership interests in subsidiaries
that do not result in change in scope of consolidation(1,245)–

Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings

Others

(335)

(489)

Cash flow from financing activities(3,518)

8,263

774

1,397

Effect of exchange rate change on cash and cash equivalents

(940)

141

14,804

13,864

Increase in cash and cash equivalents from newly consolidated
subsidiary–

575

Increase in cash and cash equivalents resulting from merger
with unconsolidated subsidiaries–

102

13,864

14,683

Net change in cash and cash equivalents
Cash and cash equivalents at beginning of year

Other comprehensive income
Net unrealized gain or loss on securities

3,414

Cash and cash equivalents at end of year

Comprehensive income attributable to59Corporate Profile as of February 28, 2023
Corporate Outline
Company NameFURUNO ELECTRIC CO., LTD.

Incorporated

May 23, 1951

Headquarters

9-52 Ashihara-cho, Nishinomiya City, Hyogo. 662-8580, Japan

Capital7,534 million yen

Number of Companies

Consolidated Subsidiaries 33
Unconsolidated Subsidiary 1
Affiliated Companies 2

Number of Employees

Consolidated
3,310
Non-consolidated 1,794

Stock Information as of February 28, 2023
Securities code: 6814
Stock exchange listing:Tokyo Stock Exchange, Prime Section

Shareholders
Furuno Kosan Co., Ltd.

4,186

13.26

Shareholder Register Manager:
Mizuho Trust & Banking Co., Ltd.

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

3,179

10.07

Number of authorized shares:
120,000,000 shares

Furuno Electric Business Partner
Shareholding Association

1,110

3.52

Number of shares outstanding:
31,894,554 shares

Custody Bank of Japan, Ltd.
(Trust Account)

1,106

3.51

Treasury stock: 331,818 shares

The Dai-ichi Life Insurance Company,
Limited

1,000

3.17

992

3.14

942

2.98

Custody Bank of Japan, Ltd.
(Trust Account 4)

809

2.56

Echo Kosan, Ltd.

560

1.77

DFA INTL SMALL CAP VALUE
PORTFOLIO

480

1.52

Number of shareholders: 7,447 shareholders

MUFG Bank, Ltd.
Mizuho Trust & Banking Co., Ltd.
as trustee for Retirement Benefit

Individuals
and Others(including
treasury stocks)
10,192,518 shares(31.96%)
ForeignCompanies, etc.
4,907,749 shares(15.39%)60

Number of shares Shareholdheld (Thousands
ing ratioof shares)(%)

Number ofsharesoutstanding
31,894,554

Financial
Institutions
10,304,911 shares(32.31%)
Securities
Companies
449,986 shares(1.41%)
Other Domestic
Companies
6,039,390 shares(18.94%)

Trust of Mizuho Bank, Ltd.
(Custody Bank of Japan, Ltd.)

01

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02

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04

Governance, Social and Environmental Reports

05

06

Financial and Non-financial Data

Together with Society

Global Network
Subsidiaries and Representative Offices
Affiliated Companies
National Distributors

Asiaand Oceania

12 companies(11 consolidated)Japan
FURUNO ELECTRIC CO., LTD. and619
employees

Europe5 companies(4 consolidated)

2,132

17 companies

employees

Americas

2 companies(2 consolidated)(16 consolidated)

102

457

employees

employees

EuropeAsia / Oceania
FURUNO SHANGHAI CO., LTD.
FURUNO (DALIAN) TECHNOLOGY CO., LTD.
FUNOTEC (DALIAN) CO., LTD.
FURUNO CHINA CO., LIMITEDFURUNO DONGGUAN CO., LTD.
FURUNO HONG KONG CO., LTD.

Japan
MARISAT COMMUNICATION SERVICE INC.
FURUNO SYSTEMS CO., LTD.
FURUNO LIFEBEST CO., LTD.
FURUNO SOFTECH CO., LTD.
LABOTECH INTERNATIONAL CO., LTD.

Americas

Net Sales by Region(100 million yen)
1,000
800
600
400
200
0

2018 2019 2020 2021 2022 (FY)Japan

Main Domestic Offices

Americas

EuropeAsia

OthersMain Overseas Offices

Headquarters(Nishinomiya, Hyogo)

FURUNO U.S.A., INC.
(United States)

FURUNO started in Nagasaki, and in

The company serves as a sales base1961 moved to Nishinomiya, where it

for North America, Latin America andhas been for more than 60 years.

Caribbean waters.

Miki Factory(Miki, Hyogo)

FURUNO NORGE A/S(Norway)

The Miki Factory is responsible for 70%

Established in 1974 as the firstof the marine electronic equipment

overseas subsidiary, supporting the

production, including navigational andactivities of various vessels.

fishing equipment.

FURUNO INT Center(Nishinomiya, Hyogo)

FURUNO HELLAS S.A.
(Greece)

INT Center is the facility handling

The company provides a wide range ofindustrial electronic equipment, withsales and support for boats in the

R&D, manufacturing, and sales.

Mediterranean and Aegean seas.

61

Integrated
Report2023

www.furuno.co.jp/en/

FURUNO ELECTRIC CO., LTD.
9-52 Ashihara-cho, Nishinomiya City, Hyogo
662-8580, Japan◎The information in this report is current as of October 1, 2023.
◎Companies and product names in this report are generally registered trademarks.
Catalog No. CA000002239