Annual Report

2019Year Ended March 31, 2019

Securities Identification Code : 6482

Outline of YUSHIN PRECISION EQUIPMENT
Our name “YUSHIN”, means to be both conscientious and trustworthy in Japanese. As these terms suggest,

our goal is to be a company that earns and deserves the trust of customers. This is why we work constantly todevelop products and systems based on what we call “Heartful Technology”, that reaches heart to heart.

Since 1973, we have been striving to make the molding process more efficient, focusing on the development

and manufacturing of Take-out robots for plastic injection molding products. To us, the words “impossible” or“it can’t be done” mark the starting point of a challenge.

To be successful, we must continue to introduce innovative products, for instance, ultra-high speed robots

and factory automation systems for bringing new capabilities into the customers.

As an innovator in the plastic molding process, YUSHIN intends to continue developing equipment that will

improve quality, and simplify the molding new types of products. Taking advance with automation for plastic
molding plants, YUSHIN has been expanding its service network throughout the world.

YUSHIN also conducts its business so as to live up to the trust and expectations of its customers,

shareholders, suppliers, employees, local communities and all other stakeholders.

Impossible mark the starting point of a challenge.

Susumu Kotani, YUSHIN’s FounderServing society through developing plastics industry
12Message from the President

Consolidated Financial Highlights
YUSHIN PRECISION EQUIPMENT CO., LTD. and Subsidiaries
Years Ended March 31

Through the ongoing creation of innovative technology,
we make a far-reaching contribution
to sosiety on a global scale.
"Attempting the impossible is the starting
point for all new technology" is the motto thatYUSHIN PRECISION EQUIPMENT adheres to,based on our founder - Susumu Kotani's
philosophy. Following this philosophy has led
the company to consistently develop
innovative technologies at the forefront of
global industry.
Now, YUSHIN sets its medium-term
management goal of sales of 30 billion yen
and ordinary income of 5 billion yen or more.

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

Mayumi Kotani
President andRepresentative Director

2016

3

￥ 17,799
2,304
2,566

$ 196,697
24,87225,077

1,903
413

1,626
598

1,380
619

1,908
510

1,683
472

17,1483,722

33,197
27,11732,572
26,47230,76125,451

29,40924,71529,463
23,970299,074
244,301

Yen

%

5.1 %
6.3

5.8 %
7.2

￥ 54.57
36.00
700.77￥ 39.4636.00
722.19￥ 46.51
33.00
750.37￥ 54.5417.00
783.03

4.6 %
5.6

U.S. Dollars$ 0.490.15￥ 48.1330.00
678.68

6.5 %
7.9

6.0 %
7.4

2017

20,878diversified and sophisticated needs of our2016

10,00020,0002015

30,00040,0002018

Equity29,463

2015

30,76120172019
10,00020,00030,000

500

1,000

1,500

40,000

1,903

2,000

2,500

3,000

(millions of yen)
23,9702016

33,19700(millions of yen)

32,572

1,908

1,626

2019

29,409

2017

1,380

2018

21,833

2019

1,683

2016

19,3462018

Net Income attributable to owners of the parent (millions of yen)
2015

21,148

Total Assets

support.

￥ 21,148
3,086
2,858

17,7992015

developing products rapidly to meet the

We would appreciate for your continued￥ 19,346
2,112
2,009

(millions of yen)

Net Sales

0

August 2019

￥ 20,878
2,358
2,438

2019

Notes: The computation of net income per share is based on the weighted average number of shares of common stock outstanding during each year, retroactively adjusted for stock splits,
including those stock splits made after year-end.
Cash dividends per share are dividends applicable to the respective years including dividends to be paid after the end of the year.
The computation of equity per share is based on the number of shares of common stock outstanding each end of year, retroactively adjusted for stock splits, including those stock splits
made after year-end.
Translations of Japanese Yen amounts into U.S. dollar amounts are made at the rate of ¥111 to $1.

company in the Take-out robot industry,

customers.

2015￥ 21,833
2,760
2,783

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

2017

YUSHIN aims to develop further as a leading

2016

2018

Per share of common stock:
Net income ・・・・・・・・・・・・・・・・・・・・・・・・・・
Cash dividends ・・・・・・・・・・・・・・・・・・・・・
Equity ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

Thousands of
U.S. Dollars

2017

2019

At Year end:
Total assets ・・・・・・・・・・・・・・・・・・・・・・・・・
Equity ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

Millions of Yen

24,71525,451

2018

26,472

27,1172019
0

10,00020,00030,00040,000Estimates, Forecasts, and Plans

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

4

Financial Review

Review of Operations

YUSHIN PRECISION EQUIPMENT CO., LTD. and Subsidiaries
Year ended March 31, 2019

1. Net Sales
Net sales increased by 4.6% year on year to a record
high of 21,833 million yen.
The main reason for the increase in sales is that sales
in the Custom-ordered Equipment increased by 30.6%
from the previous fiscal year. In Japan, sales remained
strong on the background of automation needs, andoverseas sales increased mainly for medical products.
Sales of Take-out Robots increased by 0.4% from theprevious fiscal year due to strong sales in Japan, North
America, etc. despite the slowing in China.
By end user categories, sales to automotive andmedical products were strong. On the other hand,electronic parts and optical instruments sales weresluggish mainly in countries such as China and Korea.
2. Operating Income
Operating income increased by 17.0% year on year
to 2,760 million yen, owing to reductions in
depreciation expenses and normalization ofdevelopment costs that was concentrated to new
product development etc. although there waspurchase price increase due to difficulties in procuringparts in the first half.

4. Cash Flow
The balance of cash and cash equivalents on March
31, 2019 increased by 905 million yen from the end of
the previous fiscal year to 4,669 million yen. Main
reasons are as follows.
<Cash flow from operating activities>
Income before income taxes was 2,783 million yen.
After deducting 933 million yen in Income taxes paid,
cash flow from operating activities for the fiscal year
ended March 31, 2019 was a net inflow of 2,291 million
yen (it was a net inflow of 1,223 million yen in theprevious fiscal year).
<Cash flow from investment activities>
Due to Purchase of property, plant and equipmentby 193 million yen, cash flow from investment activities
for the fiscal year ended March 31, 2019 was a net
outflow of 61 million yen (it was a net outflow of 2,511
million yen in the previous fiscal year).
<Cash flow from financing activities>
Due to Purchase of treasury stock by 684 million yen
and Cash dividends paid of 594 million yen, cash flowfrom financing activities for the fiscal year ended
March 31, 2019 was a net outflow of 1,316million yen (itwas a net outflow of 659 million yen in the previous
fiscal year).

<Liabilities>
Total liabilities decreased by 21 million yen from theend of the previous fiscal year to 6,079 million yen.
<Net assets>
Net assets increased by 645 million yen from theend of the previous fiscal year to 27,117 million yen
due to increase of Retained earnings by 1,308 million
yen.

Net sales of Take-out Robots
increased by 62 million yen (0.4%)
from the previous FY to 15,512
million yen.

Net Sales

5. Shareholder Returns
Regarding policy on shareholder returns, our basic
policy is to pay dividends, taking into consideration
business results, company conditions and internal
reserves. We have set a target payout ratio of at least
30% of consolidated net income. In the FY2019, we
paid an annual dividend of 17 yen per share, with apayout ratio of 30.9%.
In addition, in February 2019, we decided to executea share repurchase of common stock (up to 1 million
shares, up to 1 billion yen). This is intended to improve
capital efficiency, enhance shareholder returns, andimplement flexible capital policies.

9,304

2016

9,564

2017

13,092
13,923

8,689

13,410

2018

9,704

15,449

2019

9,256

15,5120

4,000
Overseas sales

8,000

12,00016,000

Custom-ordered Equipment
Net sales of Custom-ordered
Equipment increased by 675
million yen (30.6%) from theprevious FY to 2,880 million yen.
Net Sales(millions of yen)

1,063

1,794
2,947

2016
2017

1,095

2018

947

2019

0

3,997
2,832

2,204

1,375

2,000
Overseas sales

2,880

4,000

6,000

Parts and Maintenance Service
Net sales of Parts andMaintenance Service increased by
216 million yen (6.7%) from theprevious FY to 3,440 million yen.
Net Sales(millions of yen)

1,668

2015

1,929

2016

5

(millions of yen)

2015

2015

3. Financial Condition<Assets>
Total assets increased by 624 million yen from theend of the previous fiscal year to 33,197 million yen.
This was mainly due to increase of 707 million yen in
Cash and deposits.

Take-out Robots

3,227

1,606

3,103

2018

1,701

3,223

2019

1,810

2,000
Overseas sales

Parts andmaintenance service
15.8%
Custom-ordered
Equipment
13.2%

FY2019

2,911

2017

0

Sales Composition by Products

3,440
4,000

Take-out Robots
71.0%
6,000

21,833(millions of yen)6

Outlook for Fiscal Year 2020
Regarding the future global economy, uncertainty is
increasing, because there are many uncertain factors
such as trade friction between United States and China
and political instability in Europe.

Performance of Geographic Segments<Japan>Net sales increased by 4.5% from the previous FY to 17,474 million yen and operating income increased by
45.2% from the previous FY to 2,045million yen.
<North America>
Net sales increased by 7.5% from the previous FY to 3,441 million yen and operating income increased by
17.9% from the previous FY to 307 million yen.
<Asia>Net sales decreased by 7.0% from the previous FY to 5,200 million yen and operating income decreased by
12.3% from the previous FY to 533 million yen.
<Europe>Net sales increased by 31.4% from the previous FY to 917 million yen and operating income decreased by
37.4% from the previous FY to 81 million yen.
Overseas Sales
Overseas sales simply indicate YUSHIN’s world sales to countries and areas other than Japan. Overseas sales
decreased by 0.1% year on year to 12,528 million yen from the previous fiscal year. And the ratio of overseas
sales to the total net sales was 57.4%.
Sales Composition by Region(millions of yen)

17,799
395
2,628
959
4,982
3,069

7

21,148
610
3,665
2,163
4,781
3,220

19,346
445
3,573
693

4,200
2,477

21,833
663
3,233
939

Other
North America

4,594

4,876

Other Asia

3,468

2,816

China / Taiwan

9,304

Japan

20,878
620
3,172
687

5,762

6,707

7,955

8,335

FY2015FY2016FY2017FY2018EuropeUnder these circumstances, YUSHIN Group will strive
to expand sales of differentiated Take-out Robots andimprove brand value. In addition, by establishing a
European subsidiary, we will expand sales channels
and expand our service in Europe. In Custom-ordered
Equipment business, we will continue to expand sales
and develop new businesses to meet the growing
automation needs in and outside Japan. Furthermore,
we will strengthen collaboration among divisions toimprove productivity, work styles, and accelerate cost
reduction activities.

The forecast for the current fiscal year ending March
2020 is as follows.
(Millions of yen)

Consolidated
Net sales
Operating income
Net income attributable toshareholders of the parent

22,000(Y/Y 0.8%)

2,800(Y/Y 1.4%)

1,950(Y/Y 2.4%)

Medium and Long-Term Management Strategies
YUSHIN has set the medium-term management targets of net sales of 30 billion yen and ordinary income of 5billion yen or more.
<Company strategy>
YUSHIN strengthens and conducts business even more aggressively in the global market, and works on
developing superior cost-effective products with its quality and performance to meet our customer needs. And
YUSHIN will also attract new customer for the Take-out Robots while promoting receiving orders for
Custom-ordered Equipment in a new business area. In addition, YUSHIN continues to improve productivities andpromote operational efficiencies utilizing a new headquarters and factory which was opened in December, 2016.
<Market strategy>
YUSHIN has developed a sales and service network for Take-out robots in the U.S, Asia, and Europe. YUSHIN
will continuously expand and strengthen the network in areas where business is expected to grow to develop a
global business that can adequately respond to worldwide customer purchases. Especially, YUSHIN aims todevelop new customers in emerging countries where labor costs are highly rising and develop world-classhuman resources who can sustain for expanding our presence around the world.
<Product strategy>
YUSHIN will continuously offer the definitely-differentiated product by appealing the performance superiority
such as high-speed motion, vibration suppression and power-saving. In order to establish multiple corebusinesses, YUSHIN must develop and bring new products to the market in the business area where YUSHIN canmanifest technological and/or sales synergies.

FY20198

Global Network (As of June, 2019)

USA

Headquarters & Factory

Korea

Malaysia

TaiwanThailandUK

China (Shenzhen)

China (Shanghai)VietnamChina (Guangzhou)● Headquarters & Factory
555 Kuzetonoshiro-cho, Minami-ku, Kyoto, Japan 612-8205
TEL: +(81)75-933-9555 FAX: +(81)75-934-4033

China
UK <Birmingham>■<Shanghai> Korea <Seoul>■ Netherlands <Ede>
USA <Ohio>■
China
Germany <Munich> China<Guangzhou><Tianjin> Korea <Daegu>
Canada <Toronto>■■ Turkey■■■
USA <Rhode Island> Spain
China
■
■
■
<Istanbul>
Japan <Kyoto>■ USA <North Carolina><Shenzhen>■■<Valencia>
USA <California>
■
■
■
India
<Gurgaon>
USA<Geogia>■■ Taiwan <Taipei>■■
USA <Texas>■
India <Pune>■■Taiwan <Taichung>■■■India <Chennai>
Mexico <Guanajuato>■ Philippines <Manila>■■
Vietnam <Hanoi>■ Malaysia <Johor Bahru>
Thailand <Bangkok >Malaysia <Kuala Lumpur>■■South Korea■ChinaVietnam <Ho Chi Minh>■■ YUSHIN KOREA CO., LTD.
TEL: +(82)31-433-9655~6 FAX: +(82)31-433-9663■Germany■ YUSHIN EUROPE GMBH
TEL: +49 (0)89-89-796-713■ DAEGU BRANCHTEL: +(82)53-951-9442■UK■ YUSHIN AUTOMATION LIMITEDTEL: +(44)-1527-558-218 FAX: +(44)-1527-558-219■U.S.A.

■ YUSHIN AMERICA, INC.
TEL: +(1)401-463-1800 FAX: +(1)401-463-1820■ YUSHIN PRECISION EQUIPMENT TRADING (SHANGHAI) CO., LTD.

TEL: +(86)21-6440-1586~7■ YUSHIN AMERICA, INC. NORTH CAROLINA OFFICE■ YUSHIN PRECISION EQUIPMENT TRADING (SHENZHEN) CO., LTD.

■ YUSHIN AMERICA, INC. GEOGIA OFFICE

Technical Center

Nagoya-Nishi Sales Office

Nishi-Nihon General Sales OfficeToyama Sales Office
Nagano Sales OfficeNiigata Satellite Office

Hiroshima Sales Office

Iwate Satellite Office

Fukuoka Sales Office

Tohoku Sales Office

TEL: +(86)20-8269-0091■ Taiwan■ YUSHIN PRECISION EQUIPMENT (TAIWAN) CO., LTD.
TEL: +(886)2-2585-0507 FAX: +(886)2-2585-0527■Vietnam■ YUSHIN PRECISION EQUIPMENT(VIETNAM) CO., LTD.
TEL: +(84)243-767-3844 FAX: +(84)243-767-3845■Malaysia■ YUSHIN PRECISION EQUIPMENT SDN. BHD.

TEL: +(60)3-5880-5445

FAX: +(60)3-5879-3151■ JOHOR BAHRU BRANCHTEL: +(60)7-598-5450■Thailand

Shizuoka Sales Office9

FAX: +(886)4-2265-2602■ YUSHIN PRECISION EQUIPMENT(VIETNAM) CO., LTD.
HO CHI MINH REPRESENTATIVE OFFICE
TEL: +(84)283-899-0662 FAX: +(84)283-899-0648

Nishi-Kanto Sales Office■IndiaHigashi-Nihon General Sales Office■ YUSHIN AMERICA, INC. TEXAS NORTH OFFICE■ YUSHIN AMERICA, INC. TEXAS OFFICE

FAX: +(86)20-8269-0001■ PT.YUSHIN PRECISION EQUIPMENT INDONESIATEL: +(62)21-8835-8185 FAX: +(62)21-8835-8186

Tsukuba Sales Office

Chubu General Sales Office

FAX: +(86)755-8358-0159■Indonesia

Higashi-Nihon General Sales Office

Ohita Satellite Office■ YUSHIN AMERICA, INC. OHIO OFFICE■ GUANGZHOU YUSHIN PRECISION EQUIPMENT CO., LTD.

TEL: +(886)4-2265-8155

Chubu General Sales Office

FAX: +(86)21-6440-1806

FAX: +49 (0)89-89-743-737■ YUSHIN PRECISION EQUIPMENT TRADING（SHANGHAI）CO., LTD.
TIANJIN BRANCHTEL: +(86)22-8823-8713 FAX: +(86)22-8823-8517■ TAICHUNG BRANCH

Headquarters & Factory

FAX: +(82)53-951-9443

TEL: +(86)755-8358-0139■

New Zealand<Auckland>

487 Kuzetsukiyama-cho, Minami-ku, Kyoto, Japan 601-8203
TEL: +(81)75-933-9555 FAX: +(81)75-922-3151■Subsidiaries

Indonesia <Jakarta>

Australia<Melbourne>● Technical Center

FAX: +(60)7-598-0102■ YUSHIN AMERICA, INC. CALIFORNIA OFFICE(MEXICO)■Philippines

FAX: +(52)477-761-2696■ YUSHIN PRECISION EQUIPMENT CO., LTD.

PHILIPPINES REPRESENTATIVE OFFICE
TEL: +(63)2-893-7546 FAX: +(63)2-856-9616■Agent■New Zealand■ TASMAN MACHINERY LTD.

■Australia■ TASMAN MACHINERY PTY LTD.

■Turkey■ TEKKAN PLASTIK SAN. ve TIC. A.S.

■Netherlands■ YUSHIN PRECISION EQUIPMENT (INDIA) PVT. LTD.

TEL: +(91)44-4231-8005

FAX: +(91)44-4231-8006■Spain■ GURGAON BRANCHTEL: +(91)124-474-8229

FAX: +(91)124-474-8230■CanadaFAX: +(66)2-662-2583

TEL: +(52)477-761-2696■Representative office■ YUSHIN PRECISION EQUIPMENT (THAILAND) CO., LTD.

TEL: +(66)2-662-2580■ YUSHIN AMERICA, INC. MEXICO BRANCHTEL: +(64)9-379-5716

FAX: +(64)9-379-9915

TEL: +(61)3-8587-8200

TEL: +(90)216-593-20-01

FAX: +(90)216-593-00-36■ POLYMAC-ROBOTICS B.V.

TEL: +(31)318-648600■ OLMAQ,S.L.

FAX: +(31)318-648610

TEL: +(34)961-212-772

FAX: +(34)961-212-772■ EN-PLAS, INC.
TEL: +(1)416-286-3030

FAX: +(1)416-286-5963■ PUNE OFFICE

10

Topics

ESG

The new top model of Take-out robot "FRA"
received four prominent awards.
I. In March 2019, the "Development of Take-out
robot for injection molding machine equippedwith an active vibration control device" received
an award of "The Japan Society of MechanicalEngineers Medal for New Technology in 2018"
awarded by the Japan Society of MechanicalEngineers. The originality and progressivenessof the device were appraised.
II. In March 2019, FRA received “Red Dot Award:
Product Design 2019” . Red Dot Award isrecognized as one of the three most prestigions
awards in the world.
I.

II.

The Japan Society of
Mechanical Engineers Medal
for New Technology

III.

IV.

The JMF's Energy-Efficient
Machinery Award

Uses

E

Environment

Uses

26%

less electricity thanconventional model

75%

less air thanconventional modelHigh End Take-out Robot - FRA
III. In July 2018, FRA won the “the Japan Robot
Industry Association Award in the 48th MACHINEDESIGN AWARD” sponsored by the Nihon
Industrial Newspaper and the Ministry of Economy,
Trade and Industry. The high performance of the
FRA's IoT function, user friendliness, and "active
vibration control" that can be expected to improve
productivity and product quality were evaluated. In
addition, the beautiful design based on the "Design
Optimization" was also highly rated.
IV. In January 2019, FRA received “the Japan
Machinery Federation's Energy-Efficient MachineryAward. YUSHIN received the award for the second
time following Take-out robot YC series. The
continuous energy saving efforts of YUSHIN,
including "Design Optimization" was evaluated.

Standard Take-out Robot - YC
- Promotion of environmental management system (ISO14001)< Working Style Reform of Customer Factories >- Providing factory automation system

S

SocialGerman Subsidiary EstablishedIn May 2019, we established a local subsidiary YUSHIN EUROPE GMBH near Munich, Germany, with a
100% stake. There are manufacturing bases for many companies around Munich, and it has good access toEastern Europe.
YUSHIN has provided services to customers in the European region through local subsidiaries in the
United Kingdom and distributors in the Netherlands and Turkey.
In the future, we will use the German subsidiary as a base to control our business in Europe and expand
sales channels in the European market. Also, in order to establish the YUSHIN brand in the European
market, we will provide high-end customers with high-performance Take-out robots that can differentiatethemselves from European manufacturers. In addition, we will expand our technical support system, which
has been highly evaluated in other area in the world, to the European market.

11

RelatedSDGs Items< Environmental Load Reduction >- Development of energy - saving products(Won the JMF’s Energy-Efficient Machinery Award)

Take-out Robot "FRA" Won Many Awards< Safety and Security>- Sale of the world's highest safety standard equipped robot< Improvement of Working Environment >- Working style support team- System of maternity leave and shorter working hours(more than statutory)< Strengthen the Governance System >- Of the 7 directors, 3 are external directors
Governance - Improvement of board of directors by effectiveness evaluation

G

12

ESG - Governance
Basic Views on Corporate Governance

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

Chart of Corporate Governance System

Internal Director / Auditor
External Director / Auditor

General Meeting of Shareholders
Appointment
Dismissal

Appointment
Dismissal

Board of Corporate
Auditors

Organization Chart

Auidit(As of June, 2019)

General Meeting of
Shareholders

Board of Directors

Corporate
Planning Office

Product Planning &Marketing Dvelopment
OfficeProgress of Board of Directors

Quality
Assurance Dep.

Board ofCorporate Auditors

Proposal / Report
Representative Director

Cooperation
Proposal / Report

Sales
Division

R&D
Division

Sales Dep.

Service
Management Dep.

Manufacturing
Division

Cooperation

Purchasing
Division

Supervision
Instruction

ReportSupervision
Instruction

Executive Meeting
Management Supervision

GeneralAffairs Dep.

Corporate
Management Dep.

Under rapidly changing business environment and advancement of globalization, the Company appoints
candidates of Directors with a focus on balance among knowledge, experience and expertise, diversity and global
viewpoints. Now seven Directors, including three External Directors (more than one third of the Board of
Directors) and two of them are independent Directors, take office. The Company will keep the number of theboard members that immediate decision-making can be
Board of Directors
Board of Auditors
conducted with each member providing his or her
peoples7
3 peoples
expertise and exchanging opinions each other.
External Directors now analyze and evaluate whole of
the Board of Directors. To further improve the functions
Independent
Independentof the Board of Directors, analysis and evaluation of
Auditors
Directors
effectiveness of the whole Board including their
2 peoples
2 peoples
methods are currently examined.

13

Board of Directors

Appointment / Dismissal /Supervision

PresidentInternal
Audit OfficeAppointment
Dismissal

Cooperation
Accounting
AuditorInternal
Audit OfficeInternal
Audit

Sales Division

R&D Division

Manufacturing
Division

Purchasing
Division

Administrative Dept.

Dept. under the
Direct control of
President

AuiditCommittee ofInternal Control Training
Supervision

Subsidiaries

14

Board of Directors, Auditors and Officer
As of June 30, 2019

3. Yasushi Kitagawa

September 2007 Joined the Company

November 2007 Deputy General Manager of Manufacturing
April 2008
April 2009

August 2009

June 2010

June 2013

June 2017

June 2005

Division

April 2006

Division and Quality Assurance Department

June 2014

Deputy General Manager of Manufacturing
Executive Officer,

Deputy General Manager of Manufacturing

Division and Quality Assurance Department
Executive Officer,

General Manager of Manufacturing Division
and Quality Assurance Department
Director andGeneral Manager of Manufacturing Division
and Quality Assurance Department
Managing Director andGeneral Manager of Manufacturing Division
and Quality Assurance Department
Executive Managing Director andGeneral Manager of Manufacturing Division

and Quality Assurance Department

June 2009

March 2015
June 2016

March 2018

June 1989

August 2003
April 2008

13

14

7

5

2

1

3

4

6

11

12

July 2009

February 2010
March 2011
March 2014
June 2017

Directors

June 1976

October 1987
April 1994

October 1982

February 1989
March 1993

December 2002
April 2006

March 201115

General Manager of Yushin Precision

Joined the Company
Director

2. Satoshi Kimura
April 2005

Executive Vice President and Director

October 2005

General Manager of Sales Division

April 2006

President and Representative Director

June 2006

President and Representative Director

June 2008

Executive Vice President and Director,

President and Representative Director

and General Manager of Sales Division(To the present)

Joined the Company as Executive Officer

and General Manager of Purchase Dept.

Executive Officer

and General Manager of Purchase Dept.
Senior Executive Officer

June 1987
June 1992

and General Manager of Purchasing Division

June 1997

and General Manager of Purchasing Division

June 1999

Managing Director

Executive Managing Director

and Managing Director of Purchasing Division(To the present)

June 2003

June 2014

and Yushin Precision Equipment Trading

June 2018(Shenzhen) Co., Ltd.

Assistant to General Manager of Sales Division

Deputy General Manager of Sales Division
General Manager of Sales Division
Executive Officer

April 1983

January 1997

and General Manager of Sales Division

October 2004

Director

Advisor and Director

Retired from the office of Director
External Director of the Company(To the present)

Chairman and CEO of Socionext Inc.
External Director of

YAMADA Consulting Group Co., Ltd.
(To the present)

Retired from Chairman

and CEO of Socionext Inc.

Research Assistant of school ofprecision engineering in Faculty of Engineering
at Kyoto University

Assistant professor

Professor(transferred to graduate school of department
reorganization in 1995)

Professor emeritus at Kyoto University
External Director of the Company(To the present)

External Corporate Auditor ofTechnology Seed Incubation Co., Ltd.

Retired from External Corporate Auditor ofTechnology Seed Incubation Co., Ltd.

7. Reiko Nakayama

and General Manager of Sales Division

March 2000

October 2008

Joined Japan Associated Finance Co., Ltd.

(currently JAFCO Co., Ltd)

Joined Marusan Securities Co., Ltd.

General Manager of Investment information
General Manager of Underwriting
Part-time Director of LivTech, Inc.

February 2009

Director and Head of Administrative H.Q.

Joined Kyoto Ceramic Co., Ltd.

March 2013

Retired from the office of Director

Director

March 2015

5. Yasuo Nishiguchi
March 1975

April 2012

June 2016

General Manager of Chinese Area

and Chief Executive Officer

of Mechanical Engineering and Science by aEquipment Trading (Shenzhen) Co., Ltd.

(To the present)

1. Mayumi Kotani
October 1973

Joined the Company

and Representative Director,

6. Hiroshi Matsuhisa(To the present)

4. Tomohiro Inano

Chairman of the Board(currently Kyocera Corporation)
Senior Managing Director

and Representative Director

March 2016

Executive Vice president

June 2018

President and Representative Director

June 2019

and Representative Director

President and Representative Director

and President and Executive Officerof LivTech, Inc.
of LivTech, Inc.

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

External Director of Mandam Corporation(To the present)

16

Messages from New Officers
8. Yoshihisa Nakanishi

March 2008

Joined the Company

April 2008

General Manager of Personnel Affairs Section

July 2015

General Manager of Internal Audit Office

June 2008
July 2017

General Manager of Accounting Department

Corporate Auditor of the Company

11. Masahito Fukui
October 2013
July 2015
July 2017

April 2008

May 1973

April 2009

July 2012
March 2013

Registered as CPA

External Corporate Auditor of

Trusco Nakayama Corporation(To the present)

External Corporate Auditor of the Company

10. Michitoshi Morimoto
April 1981

Joined FUJITEC Co., Ltd.

February 1982

Joined Osaka Research Institute of

February 1987

Joined Matsushita Electric Industrial Co., Ltd.

October 1990
January 2016

Executive officer (CIO)

November 2016 Retired from the Human Holdings Co., Ltd.
July 2017

Executive Officer andJune 2019

External Corporate Auditor of the Company(To the present)

General Manager of R&D Department

General Manager of R&D Department
Executive Officer andGeneral Manager of R&D Division(To the present)

13. Naoki Tsuji

September 2015 Joined the Company
May 2016

April 2019

Manager of Product Planning and

To help bring about sustainable growth for the company, I will strive toimprove our product and staff and promote the YUSHIN brand indifferent ways. Further, I want to strengthen YUSHIN's brand value sothat the entire YUSHIN group benefits. Currently, I'm helping customers
improve their molding operations with INTU LINE, YUSHIN's IoT service.
I am working hard to make INTU LINE an intelligent ecosystem uponwhich the modern plastics industry can build.

Marketing Development Office
Executive Officer andGeneral Manager of Product Planning and(To the present)

14. Kota Oda

October 2015
April 2019

Joined the Company as General Manager ofGeneral Affairs Department
Executive Officer andGeneral Manager of General Affairs
Department(To the present)

17

Naoki Tsuji - <Product Planning Dept.>

Marketing Development Department（Panasonic Corporation）

Joined Human Holdings Co., Ltd.

Joined the Company

April 2019

Industrial Science and Technology

Joined Nomura Research Institute, Ltd.

General Manager of Accounting Department

Manager of R&D Section

External Corporate Auditor of(To the present)

Executive Officer andOctober 2008

(To the present)

FUJIO FOOD SYSTEM CO., LTD.

General Manager of Accounting Department

I want to deliver a product that makes our customers at manufacturing
plants around the world say “Wow, thank goodness for YUSHIN!” and I
will be devoting all my energy into the research & development
necessary for that aim. My plan is to contribute to YUSHIN's continuous
growth by mastering new technology each day, thinking adaptably whilesetting R&D targets, and completing all tasks with careful attention todetail.

12. Takayo Kotani

November 1971 Joined Tohmatsu Aoki & Co.

(currently “Deloitte Touche Tohmatsu LLC” )Joined the Company as General Manager ofInternal Audit Office(To the present)(To the present)

9. Hiroho Kamakura

July 2012

Takayo Kotani, Dr.Eng. - <R&D Division>

Officer

Auditors

Kota Oda - <General Affairs>
YUSHIN will celebrate the 50th anniversary of its founding in 2023. Togrow our business even further and accomplish breakthroughs beyond,
it is important to learn wisdom and experiences of our foremen in thecompany's history. Also, for the purpose of sustainable growth, it is vitalto build capabilities through organizational change and to improve theability of the organization's people.
I would like to contribute to create an environment where ourmembers can collaborate actively and work productively with a feelingof greater enrichment.

18

A Conversation between Directors
President Kotani and External Director Nishiguchi discuss

YUSHINʼs opportunities, strengths, growth and governance.
About YUSHINʼs Strengths and Growth Opportunities
Nishiguchi : YUSHIN’s core business is providing stable andhigh-speed take-out of injection-molded parts to manufacturers in
a diverse range of industries like electronics, medical goods, andfood packaging. That diversity is one of our strengths.

Yasuo Nishiguchi<External Director><Contents>

Kotani : The automotive industry is one of our main customers,
but as automakers develop more electric vehicles, weight reduction
will grow in importance and most components will become plastic.
That should mean more opportunities for us in the plastics industry.

・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 21
Consolidated Balance Sheet ・Nishiguchi : I believe that there will be plenty of room for growth
as the field of take-out robots follows market changes.
Furthermore, if we look beyond just take-out of injection molded
parts, I think there is potential for growth in part-handling in
general, of various types of products. And incorporating AI into
take-out robots will expand the possibilities even further.

Consolidated Statement of Comprehensive Income ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 23

About YUSHINʼs Growth

Consolidated Statement of Income ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 23

Consolidated Statement of Changes in Equity ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 24
Consolidated Statement of Cash Flows ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 25
Notes to Consolidated Financial Statements ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 26

Nishiguchi : YUSHIN has launched a project to strengthen
collaboration among departments. Our goal is to strengthen
company management by deepening discussions acrossdepartmental lines. I expect the improved dialogue will benefit theentire YUSHIN organization.

Independent Auditor's Report ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 38
Company Profile・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 39
Major Shareholders ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 39

About YUSHINʼs Governance
Kotani : Over the years, the number of external directors has
increased, the company’s scope has grown, and people inside thecompany have changed, too. Currently, our Board includes 3
external directors and 2 external corporate auditors. It’s a diverse
group that includes large company presidents like you, Mr.
Nishiguchi, along with mechanical engineers, institutional investors,
CPAs, and IT professionals. It’s a well-informed body anddiscussions are always lively and productive.
Nishiguchi : Over a period of several years we have been
carrying out a corporate goal of increasing YUSHIN’s scale and thequality of management. I think that as this growth is happening,
we have been developing the appropriate corporate governance.
Kotani : And I expect the addition of young new executive
officers this fiscal year will further invigorate the company.

Mayumi Kotani<President and Representative Director>
19

20

Consolidated Balance SheetYUSHIN PRECISION EQUIPMENT CO., LTD. and Subsidiaries
March 31, 2019ASSETS

2019

CURRENT ASSETS:
Cash and cash equivalents (Note 9) ・・・・・・・・・・・・・・・・・・・・・・・・・
Short-term investments (Note 9)・・・・・・・・・・・・・・・・・・・・・・・・・・・￥

Millions of Yen

4,669
1,693

￥

Thousands of
U.S. Dollars(Note 1)

2018

2019

3,763

$

1,891

2019

CURRENT LIABILITIES:

42,063
15,260Receivables (Note 9) :Payables (Note 9) :Trade notes ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・￥

Millions of Yen

92

￥

2018

2019

58

$

835

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

2,274

2,847

20,491

Construction and other ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

492

505

4,434

1,755

1,175

15,815Trade accounts

Trade notes ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

1,824

1,866

16,436

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

5,020

5,176

45,227

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

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

(18)

(20)

(165)

・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

523

608

4,719

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

6,033

5,485

54,354・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

505

485

4,557

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

742

764

6,686

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

147

145

1,329

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

19,96418,927

179,863

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

67

71

610

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

5,860

5,897

52,793Liability for retirement beneﬁts to directors (Note 5) ・・・・・

66

66

601

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

65

51

592

Deferred tax liabilities (Note 7) ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

37

32

336

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

49

52

449

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

219

203

1,979

35,638,066 shares in 2019 and 2018* ・・・・・・・・・・・・・・・・・・・・・・

1,985

1,985

17,888

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

2,023

2,023

18,233Retained earnings ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

23,57922,270212,426(1,039)(354)(9,360)

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

56

97

511

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

184

164

1,665

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

69

56

628

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

26,861

26,243241,994

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

256

228

2,306

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

27,117

26,472

244,301

TOTAL ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・￥ 33,197￥ 32,572

PROPERTY, PLANT AND EQUIPMENT:Land ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Buildings and structures ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Machinery and equipment ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Furniture and fixtures ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Construction in progress ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Total ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Accumulated depreciation ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Net property, plant and equipment ・・・・・・・・・・・・・・・・・・・

6,130

6,133

55,231

8,899

8,794

80,172

572

561

5,154

1,537

1,511

13,8518

4

77

17,14817,006

154,487(5,739)(5,122)(51,708)

11,408

11,883

102,778

Accrued expenses

EQUITY (Notes 2.o. and 6):
Common stock - authorized, 80,000,000 shares; issued,

Treasury stock - at cost,

Investment securities (Notes 3 and 9) ・・・・・・・・・・・・・・・・・・・・・・・

218

276

1,964

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

143

131

1,294

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

294

274

2,648

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

705

574

6,354

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

462

504

4,169

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

1,823

1,761

16,431TOTAL ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・￥ 33,197￥ 32,572

See notes to consolidated financial statements.

Income taxes payable (Note 9)

LONG-TERM LIABILITIES:INVESTMENTS AND OTHER ASSETS:

21

LIABILITIES AND EQUITY

Thousands of
U.S. Dollars(Note 1)$

299,074

1,333,548 shares in 2019 and 663,964 shares in 2018*・・・・・・
Accumulated other comprehensive income:$

299,074* Shares have been restated, as appropriate, to reflect a two-for-one stock split effected April 1, 2018.
See notes to consolidated financial statements.

22

Consolidated Statement of Changes in Equity

Consolidated Statement of Income
YUSHIN PRECISION EQUIPMENT CO., LTD. and Subsidiaries
Year Ended March 31, 20192019

Millions of Yen

2018

NET SALES ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
COST OF SALES ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Gross profit ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・￥ 21,833
13,092
8,741￥ 20,878
12,4178,461

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

5,980
2,760

6,102
2,358

OTHER INCOME (EXPENSES):Interest and dividend income ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Foreign exchange loss ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Other-net ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Other income (expenses) - net ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
INCOME BEFORE INCOME TAXES ・・・・・・・・・・・・・・・・・・・・・・・・・・

10
(77)
89
22
2,783

INCOME TAXES (Note 7):
Current ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Deferred ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Total income taxes ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
NET INCOME ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
NET INCOME ATTRIBUTABLE TONONCONTROLLING INTERESTS ・・・・・・・・・・・・・・・・・・・・・・・・・・・
NET INCOME ATTRIBUTABLE TO OWNERS OF
THE PARENT ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

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

Thousands of U.S. Dollars(Note 1)$

196,697
117,947
78,74953,877
24,872
94
(697)
808
205
25,077

930
(110)
819
1,963

896
(141)
755
1,682

8,381
(995)
7,385
17,692

60

56

544

1,903

￥

1,626

54.54
17.00

$

￥

46.51
33.00

$

NET INCOME

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

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

・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

TOTAL COMPREHENSIVE INCOME
ATTRIBUTABLE TO :Owners of the parent ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Noncontrolling interests ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
See notes to consolidated financial statements.

23

￥

(40)
26
12
(1)

1,682

CapitalSurplus

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

BALANCE, MARCH 31, 2018 ・・・・・・・・

34,974

Net change in the year ・・・・・・・・・・・
Net income ・・・・・・・・・・・・・・・・・・・・・・・
Cash dividends, ￥ 17 per share* ・Purchase of treasury stock ・・・・・・・

Net change in the year ・・・・・・・・・・・
BALANCE, MARCH 31, 2019 ・・・・・・・

0.49
0.15

58 ￥ 203 ￥

(629)

1,985

2,023

22,270
1,903

(594)

(669)

Noncontrolling Total
Interests
EquityTotal

67 ￥ 25,258 ￥

1,626
(0)

193 ￥ 25,451

1,626

1,626

(0)

(0)

(629)

(0)
(354)

(629)

38

(38)

(10)

(11)

35

23

97

164

56

26,243228

26,472

1,903

(594)

(684)

34,304 ￥ 1,985 ￥ 2,023 ￥ 23,579￥(1,039) ￥

1,903

(594)

(684)

(684)

12
(6)
27
20
69 ￥ 26,861 ￥ 256 ￥ 27,117(40)
20
56 ￥ 184 ￥Thousands of U.S. Dollars (Note 1)
Accumulated Other
Comprehensive Income

BALANCE, MARCH 31, 2018 ・・・・・・・
Net income ・・・・・・・・・・・・・・・・・・・・・・・

Net change in the year ・・・・・・・・・・・・

2018

Accumulated Other
Comprehensive Income

34,975 ￥ 1,985 ￥ 2,023 ￥ 21,273 ￥ (353) ￥Purchase of treasury stock ・・・・・・・

Purchase of treasury stock ・・・・・・・

Millions of Yen

1,963

Cash dividends, ￥ 36 per share* ・Cash dividends, $0.15 per share* ・

YUSHIN PRECISION EQUIPMENT CO., LTD. and Subsidiaries
Year Ended March 31, 2019

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

U.S. Dollars (Note 1)

Consolidated Statement of Comprehensive Income
2019

BALANCE, APRIL 1, 2017 ・・・・・・・・・・

Millions of Yen

17,148*Net income has been restated, as appropriate, to reflect a two-for-one stock split effected April 1, 2018.
Dividends per share have not been restated to reflect the two-for-one stock split.
See notes to consolidated financial statements.

￥

Thousands

2019

10
(54)
123
79
2,438

Yen
￥

YUSHIN PRECISION EQUIPMENT CO., LTD. and Subsidiaries
Year Ended March 31, 2019

BALANCE, MARCH 31, 2019 ・・・・・・・

CommonStockCapitalSurplusRetained
Earnings

Treasury
Stock

Unrealized
ForeignDefinedGains onCurrency Retirement
Available-for- Translation
BenefitSale Securities Adjustments
Plan$ 17,888 $ 18,233 $ 200,635 $ (3,196) $874 $1,480 $

Noncontrolling
Interests

513 $ 236,429 $

17,148(5,356)

Total

2,057 $ 238,486

17,148(6,163)$ 17,888 $ 18,233 $212,426 $ (9,360) $17,148(5,356)(362)

185

511 $ 1,665 $

114(6,163)(62)

Total
Equity(5,356)249(6,163)186

628 $ 241,994 $ 2,306 $244,301

Thousands of U.S. Dollars(Note 1)$

2019

17,692
(362)
234
114
(13)

38
(31)
(10)
(3)

￥

1,962

￥

1,679

$

17,678

￥

1,896
65

￥

1,615
64

$

17,085593* Shares have been restated, as appropriate, to reflect a two-for-one stock split effected April 1, 2018.
Dividends per share have not been restated to reflect the two-for-one stock split.
See notes to consolidated financial statements.

24Consolidated Statement of Cash Flows

Notes to Consolidated Financial Statements

YUSHIN PRECISION EQUIPMENT CO., LTD. and Subsidiaries
Years Ended March 31, 20192019
OPERATING ACTIVITIES:
Income before income taxes ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Adjustments for:
Income taxes - paid ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Depreciation and amortization ・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Increase (decrease) in provision for doubtful receivables ・・
Changes in assets and liabilities:
Decrease (Increase) in trade receivables・・・・・・・・・・・・・・・・・
Increase in inventories・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Decrease in trade payables・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Other - net ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Total adjustments ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

Millions of Yen

2018

YUSHIN PRECISION EQUIPMENT CO., LTD. and Subsidiaries
Years Ended March 31, 2019

Thousands of
U.S. Dollars(Note 1)

2019

2,438

$ 25,077

(933)
782
(1)

(402)
935
19

(8,412)
7,048
(15)

175
(540)
(518)
544
(492)

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

1,578(4,866)(4,673)
4,905(4,435)

Net cash provided by operating activities・・・・・・・・・・・・・

2,291

1,223

20,642INVESTING ACTIVITIES:
Increase in short-term investments ・・・・・・・・・・・・・・・・・・・・・・・・・・
Decrease in short-term investments ・・・・・・・・・・・・・・・・・・・・・・・・
Purchases of property, plant and equipment ・・・・・・・・・・・・・・・・
Proceeds from sales of property, plant and equipment ・・・・・
Purchases of investment securities ・・・・・・・・・・・・・・・・・・・・・・・・・・
Other - net ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Net cash used in investing activities ・・・・・・・・・・・・・・・・・・・(1,653)
1,850
(193)
8
(0)
(73)
(61)

(1,846)(14,893)
16,666(1,741)
77
(0)
(666)
(556)

￥ 2,783

￥

(572)
53
(0)
(147)
(2,511)FINANCING ACTIVITIES:Dividends paid ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Dividends paid to noncontrolling interests・・・・・・・・・・・・・・・・・・・
Purchase of treasury stock ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Net cash used in financing activities ・・・・・・・・・・・・・・・・・・

(594)
(38)
(684)
(1,316)

(629)
(28)
(0)
(659)

(5,355)(343)(6,163)(11,862)

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

(7)

20

(63)

NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

905(1,927)

8,159

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

5,690

3,763
￥ 4,669￥

3,763

33,903$ 42,063

1. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS
The accompanying consolidated financial statements have been preparedin accordance with the provisions set forth in the Japanese Financial
Instruments and Exchange Act and its related accounting regulations andin accordance with accounting principles generally accepted in Japan(“Japanese GAAP”), which are different in certain respects as to theapplication and disclosure requirements of International Financial
Reporting Standards.
In preparing these consolidated financial statements, certain
reclassifications and rearrangements have been made to the consolidated
financial statements issued domestically in order to present them in a form
which is more familiar to readers outside Japan. In addition, certain
reclassifications have been made in the 2018 consolidated financial
statements to conform to the classifications used in 2019.
The fiscal year-end dates of all consolidated subsidiaries except for Yushin
Precision Equipment (India) Pvt. Ltd. are different from that of the25

The consolidated financial statements are stated in Japanese yen, thecurrency of the country in which Yushin Precision Equipment Co., Ltd. (the“Company”) is incorporated and operates. The translations of Japanese
yen amounts into U.S. dollar amounts are included solely for theconvenience of readers outside Japan and have been made at the rate of¥111 to $1, the approximate rate of exchange at March 31, 2019. Suchtranslations should not be construed as representations that the Japanese
yen amounts could be converted into U.S. dollars at that or any other rate.
Amounts less than one million yen and one thousand U.S. dollars arerounded down, except for per-share data. Therefore, total or subtotal
amounts may not correspond with the aggregation of such accountbalances.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESa. Consolidation - The consolidated financial statements as of March
31, 2019, include the accounts of the Company and all of its
subsidiaries (together, the "Group").
Under the control concept, those companies in which the Company isable to directly exercise control over operations are fully
consolidated.
All significant intercompany balances and transactions have been
eliminated in consolidation. All material unrealized profit included in
assets resulting from transactions within the Group is also eliminated.
b. Unification of Accounting Policies Applied to Foreign
Subsidiaries for the Consolidated Financial Statements - Under
Accounting Standards Board of Japan (“ASBJ”) Practical Issues Task
Force (“PITF”) No. 18, “Practical Solution on Unification of Accounting
Policies Applied to Foreign Subsidiaries for the Consolidated Financial
Statements,” the accounting policies and procedures applied to aparent company and its subsidiaries for similar transactions andevents under similar circumstances should in principle be unified forthe preparation of the consolidated financial statements. However,financial statements prepared by foreign subsidiaries in accordancewith either International Financial Reporting Standards or generally
accepted accounting principles in the United States of America(Financial Accounting Standards Board Accounting Standards
Codification) tentatively may be used for the consolidation process,except for the following items, which should be adjusted in the
consolidation process so that net income is accounted for inaccordance with Japanese GAAP, unless they are not material:(a) amortization of goodwill; (b) scheduled amortization of actuarial
gain or loss on pensions that has been recorded in equity throughother comprehensive income; (c) expensing capitalized development
costs of R&D; and (d) cancellation of the fair value model ofaccounting for property, plant and equipment and investment
properties and incorporation of the cost model of accounting.
c. Cash Equivalents - Cash equivalents are short-term investments thatare readily convertible into cash and exposed to insignificant risk ofchanges in value. Cash equivalents include time deposits whichmature or become due within three months of the date ofacquisition.

See notes to consolidated financial statements.

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

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

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

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

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

Retirement benefits to directors are provided at the estimated amountwhich would be required if all directors retired at the balance sheet date.
26

The Company terminated its retirement benefit plan for directors on
June 29, 2006, and no additional provisions have been recorded sincethen. As of March 31, 2019 and 2018, the balance of the liability for
retirement benefits to directors was ¥66 million ($601 thousand), and ¥66
million provided in proportion to the term that present directors had
been in place before June 29, 2006.
j. Research and Development Costs - Research and development costs
are charged to income as incurred.
k. Bonuses to Directors - Bonuses to directors are accrued at the
year-end to which such bonuses are attributable.
l. Income Taxes - The provision for income taxes is computed based on
the pretax income included in the consolidated statement of income.
The asset and liability approach is used to recognize deferred tax assets
and liabilities for the expected future tax consequences of temporary
differences between the carrying amounts and the tax bases of assets
and liabilities. Deferred taxes are measured by applying currently
enacted income tax rates to the temporary differences.
On February 16, 2018, the ASBJ issued ASBJ Statement No. 28, "Partial
Amendments to Accounting Standard for Tax Effect Accounting," which
requires deferred tax assets and deferred tax liabilities to be classified as
investments and other assets and long-term liabilities, respectively.
Deferred tax assets were previously classified as current assets andinvestments and other assets, and deferred tax liabilities were previouslyclassified as current liabilities and long-term liabilities under the previous
accounting standard. The revised accounting standard is effective forannual periods beginning on or after April 1, 2018. The Company
retrospectively applied the revised accounting standard effective April 1,
2018, and deferred tax assets of ¥436 million and deferred tax liabilitiesof ¥7 million which were previously classified as current assets andcurrent liabilities, respectively, as of March 31, 2018, have been
reclassified as investments and other assets and long-term liabilities,
respectively, in the accompanying consolidated balance sheet.
m. Foreign Currency Transactions - All short-term and long-termmonetary receivables and payables denominated in foreign currencies
are translated into Japanese yen at the exchange rates at the balance
sheet date. The foreign exchange gains and losses from translation arerecognized in the consolidated statement of income to the extent thatthey are not hedged by forward exchange contracts.
n. Foreign Currency Financial Statements - The balance sheet accountsof the consolidated foreign subsidiaries are translated into Japanese yenat the current exchange rate as of the balance sheet date except for
equity, which is translated at the historical rate. Differences arising fromsuch translation are shown as “Foreign currency translation adjustments”
under accumulated other comprehensive income in a separate
component of equity. Revenue and expense accounts of consolidated
foreign subsidiaries are translated into Japanese yen at the averageexchange rate.
o. Per-Share Information - Basic net income per share is computed by
dividing net income attributable to common shareholders by theweighted-average number of common shares outstanding for theperiod.
Diluted net income per share is not disclosed as there are no
outstanding potentially dilutive securities.

p. Accounting Changes and Error Corrections - Under ASBJ Statement
No. 24, “Accounting Standard for Accounting Changes and Error
Corrections,” and ASBJ Guidance No. 24, “Guidance on AccountingStandard for Accounting Changes and Error Corrections,” accounting
treatments are required as follows: (1) Changes in Accounting Policies –When a new accounting policy is applied following revision of an
accounting standard, the new policy is applied retrospectively unless therevised accounting standard includes specific transitional provisions, inwhich case the entity shall comply with the specific transitional
provisions. (2) Changes in Presentation – When the presentation offinancial statements is changed, prior-period financial statements arereclassified in accordance with the new presentation. (3) Changes in
Accounting Estimates – A change in an accounting estimate is accounted
for in the period of the change if the change affects that period only,
and is accounted for prospectively if the change affects both the periodof the change and future periods. (4) Corrections of Prior-Period Errors– When an error in prior-period financial statements is discovered, thosestatements are restated.
q. New Accounting Pronouncements - On March 30, 2018, the ASBJ
issued ASBJ Statement No. 29, “Accounting Standard for Revenue
Recognition,” and ASBJ Guidance No. 30, “Implementation Guidance on
Accounting Standard for Revenue Recognition.” The core principle ofthe standard and guidance is that an entity recognizes revenue to depict
the transfer of promised goods or services to customers in an amountthat reflects the consideration to which the entity expects to be entitledin exchange for those goods or services. An entity should recognizes
revenue in accordance with that core principle by applying the following
steps:
Step 1: Identify the contract(s) with a customer
Step 2: Identify the performance obligations in the contract
Step 3: Determine the transaction price
Step 4: Allocate the transaction price to the performance obligations in
the contract
Step 5: Recognize revenue when (or as) the entity satisfies a
performance obligation
The accounting standard and guidance are effective for annual periods
beginning on or after April 1, 2021. Earlier application is permitted forannual periods beginning on or after April 1, 2018. The Company is in
the process of determining the period from which the Company will
apply the accounting standard and guidance. The Company is currently
evaluating the effect that the adoption of the accounting standard andguidance will have on its consolidated financial statements.

3. SECURITIES(1) Investment Securities
The costs and aggregate fair values of investment securities as of March 31, 2019 and 2018, were as follows:

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

Millions of Yen

2019

Unrealized Unrealized
Gains
LossesFair Value
81

￥

￥

0

￥

2018

Cost

218

￥ 136

Unrealized Unrealized
Gains
LossesFair Value
139

￥

￥

0

￥ 276

Thousands of U.S. Dollars
Securities classified as:
Cost
Available-for-sale:
Equity securities ・・・・・・・・・・・・・ $ 1,228

2019

Unrealized Unrealized
Gains
LossesFair Value
$

736

$

$ 1,9640(2) Proceeds and realized gains on available-for-sale securities which were sold during the year ended March 31, 2019,were as follows:
March 31, 2019
Available-for-sale :Equity securities ・・・・・・・・・・・・・・・・・・・

Proceeds￥

Millions of Yen

Realized Gains

0

￥

0

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

4. INVENTORIESInventories at March 31, 2019 and 2018, consisted of thefollowing:

2019

Millions of Yen

2018

Thousands of
U.S. Dollars

2019

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

￥

717
1,696
3,619

￥

825
1,117
3,542

$

6,463
15,28032,611

Total

￥

6,033

￥

5,485

$

54,354・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

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

Cash dividends per share presented in the accompanying consolidated
statement of income are dividends applicable to the respective fiscal
years, including dividends to be paid after the end of the year.

27

On April 1, 2018, the Company effected a two-for-one stock split basedon the resolution of the Board of Directors meeting held on March 7,
2018. All prior year share and per share figures excluding dividends per
share have been restated to reflect the impact of the stock split, and toprovide data on a basis comparable to the year ended March 31, 2019.
Such restatements include calculations regarding the Company’s
weighted-average number of common shares and basic net income pershare.

28

(1) The changes in defined benefit obligations for the years ended March 31, 2019 and 2018, were as follows:

2019
Balance at beginning of year (as previously reported) ・・・
Current service cost ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Interest cost ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Actuarial losses (gains) ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Benefits paid ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Other ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・￥

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

Millions of Yen

638
63
1
10
(4)
4

￥

714

￥

2018

2019

597
56
2
0
(10)
(6)

$

638

$

(2) The changes in plan assets for the years ended March 31, 2019 and 2018, were as follows:

2019

Millions of Yen

Thousands of
U.S. Dollars
5,750
569
15
98
(37)
40
6,436

Thousands of
U.S. Dollars

2018

2019

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

￥

861
8
35
41
(4)

￥

836
8
(16)
40
(7)

$

7,758
77
318
377
(37)

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

￥

942

￥

861

$

8,493

(3) Reconciliations between the liability recorded in the consolidated balance sheet and the balances of defined benefit
obligations and plan assets as of March 31, 2019 and 2018, were as follows:

2019
Funded defined benefit obligations ・・・・・・・・・・・・・・・・・・・・・
Plan assets ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Total ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Unfunded defined benefit obligations ・・・・・・・・・・・・・・・・・・・￥

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

Millions of Yen

648
(942)
(294)
65

￥

(228)

￥

2019

Millions of Yen

Thousands of
U.S. Dollars

2018
586
(861)
(274)
51

$

(222)

$

(2,056)

Thousands of
U.S. Dollars

2018

2019

65
(294)

￥

51
(274)

$

592
(2,648)

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

￥

(228)

￥

(222)

$

(2,056)(4) The components of net periodic benefit costs for the years ended March 31, 2019 and 2018, were as follows:

29

5,844
(8,493)(2,648)
592

￥

2019
Service cost ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Interest cost ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Expected return on plan assets ・・・・・・・・・・・・・・・・・・・・・・・・・・
Recognized actuarial gains ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・￥

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

￥

63
1
(8)
6

￥

62

￥

2019

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

2018

Thousands of
U.S. Dollars

2019

56
2
(8)
(0)

$

49

$

569
15
(77)
54
562

2018

18

￥

2019

(15)

￥

$

165

(6) Amounts recognized in accumulated other comprehensive income (before income tax effect) in respect of defined retirement
Thousands ofbenefit plan as of March 31, 2019 and 2018, were as follows:
Millions of Yen
U.S. Dollars

2019

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

100￥(7) Plan assets
a. Components of plan assets
Plan assets as of March 31, 2019 and 2018, consisted of the following:

2018

￥

2019

81

2019

2018

Domestic debt investments ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Domestic equity investments ・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Foreign debt investments ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Foreign equity investments ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
General accounts ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Others ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

0.0 %
17.3
8.2
28.4
3.1
43.0

0.0 %
16.9
6.2
23.1
3.4
50.4

Total

100.0 %

100.0 %

・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・$

904

Others mainly consists of short-term funds and alternative.
b. Method of determining the expected rate of return on plan assets
The expected rate of return on plan assets is determined considering the long-term rates of return
which are expected currently and in the future from the various components of the plan assets.
(8) Assumptions used for the years ended March 31, 2019 and 2018, were set forth as follows:2019

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

Millions of Yen(5) Amounts recognized in other comprehensive income (before income tax effect) in respect of defined retirement benefit plan
Thousands offor the years ended March 31, 2019 and 2018, were as follows:
Millions of Yen
U.S. Dollars

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

2019

2018

0.2 %
1.0 %

0.3 %
1.0 %

(9) Defined contribution plans
The contributions to the defined contribution pension plan of the Company and the defined contribution plan of certain subsidiarywere ¥60 million ($548 thousand) and ¥56 million for the years ended March 31, 2019 and 2018, respectively.

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

resolution by the Board of Directors if the articles of incorporation of thecompany so stipulate. The Companies Act provides certain limitations on
the amounts available for dividends or the purchase of treasury stock. The
limitation is defined as the amount available for distribution to theshareholders, but the amount of net assets after dividends must be
maintained at no less than ¥3 million.
b. Increases/Decreases and Transfer of Common Stock, Reserve andSurplus
The Companies Act requires that an amount equal to 10% of dividends
must be appropriated as a legal reserve (a component of retained
earnings) or as additional paid-in capital (a component of capital surplus)
depending on the equity account charged upon the payment of such
dividends until the aggregate amount of legal reserve and additional
paid-in capital equals 25% of the common stock. Under the Companies
Act, the total amount of additional paid-in capital and legal reserve may bereversed without limitation. The Companies Act also provides that
common stock, legal reserve, additional paid-in capital, other capitalsurplus, and retained earnings can be transferred among the accounts
within equity under certain conditions upon resolution of the shareholders.
c. Treasury Stock and Treasury Stock Acquisition Rights
The Companies Act also provides for companies to purchase treasury stockand dispose of such treasury stock by resolution of the Board of Directors.
30

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

The Company is subject to Japanese national and local income taxes which, in the aggregate, resulted in a normal effective
statutory tax rate of approximately 30.5% each for the years ended March 31, 2019 and 2018.
The tax effects of significant temporary differences which resulted in deferred tax assets and liabilities at March 31, 2019 and 2018,
were as follows:

Deferred tax liabilities:
Undistributed earnings of foreign subsidiaries・・・・・・・・・・
Asset for retirement benefits ・・・・・・・・・・・・・・・・・・・・・・・・・・・
Unrealized gains on available-for-sale securities ・・・・・・・
Defined retirement benefit plan ・・・・・・・・・・・・・・・・・・・・・・・・
Other ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Total ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Net deferred tax assets ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

2019Millions of Yen

$

￥

167
58
42
25
26
320

$

1,608
532
224
275
199
2,840

￥

541

$

6,018

￥

￥

178
59
24
30
22
315

￥

668

￥

￥
￥

2019

￥

Millions of Yen

705
(37)
668

2019

$

￥

￥

Thousands of
U.S. Dollars

270
194
176
29
78
25
20
67
862

340
255
159
27
83
26
20
70
983

￥

2018

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

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

Research and development costs charged to income were ¥413 million ($3,722 thousand) and ¥598 million for the years ended
March 31, 2019 and 2018, respectively.

9. FINANCIAL INSTRUMENTS AND RELATED DISCLOSURES

7. INCOME TAXES

Deferred tax assets:
Inventories ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Depreciation ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Software ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Enterprise tax payable ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Accrued bonuses ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Warranty reserve ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Retirement benefits to directors ・・・・・・・・・・・・・・・・・・・・・・・
Other ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Total ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

8. RESEARCH AND DEVELOPMENT COSTS

￥
￥

2018

574
(32)
541

$

3,063
2,304
1,433
251
755
234
183
633
8,859

Thousands of
U.S. Dollars
$
$

2019

6,354
(336)
6,018

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

March 31, 2019

Carrying
AmountFair Value

Cash and cash equivalents ・・・・・・・・・
Short-term investments ・・・・・・・・・・・・・
Receivables ・・・・・・・・・・・・・・・・・・・・・・・・・
Investment securities ・・・・・・・・・・・・・・・￥

Total ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・￥ 13,425

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

￥

2,859
523

￥

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

￥

3,383

￥

4,669
1,693
6,844
218

￥

4,669
1,693
6,844
218

￥ 13,425

Thousands of U.S. Dollars
Unrealized
Gains/Losses

Carrying
Amount$42,063
15,26061,663
1,964

Fair Value$

Unrealized
Gains/Losses

42,063
15,26061,663
1,964$ 120,952$ 120,952

2,859
523

$

25,7604,719$

25,760
4,719

3,383

$

30,480$30,480For the years ended March 31, 2019 and 2018, a reconciliation is not disclosed since the difference of the normal effective
statutory tax rate and actual effective tax rate is less than 5.0% of the normal effective statutory tax rate.

31

32

March 31, 2018

Cash and cash equivalents ・・・・・・・・・
Short-term investments ・・・・・・・・・・・・・
Receivables ・・・・・・・・・・・・・・・・・・・・・・・・・
Investment securities ・・・・・・・・・・・・・・・

Carrying
Amount
￥10. OTHER COMPREHENSIVE INCOME (LOSS)

Millions of Yen

3,763
1,891
7,042
276

The components of other comprehensive income (loss) for the years ended March 31, 2019 and 2018, were as follows:

Unrealized
Fair Value Gains/Losses

￥

3,763
1,891
7,042
276

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

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

￥

3,410
608

￥

3,410
608

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

￥

4,019

￥

4,019

Unrealized gains on available-for-sale securities:
Amount arising during the year ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Reclassification adjustments to profit or loss ・・・・・・・・・・・・・・・・・・
Amount before income tax effect ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Income tax effect ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Total ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・￥ 12,974

Cash and Cash Equivalents, Short-Term Investments, Receivables and Payables, and Income Taxes Payable
The carrying values of cash and cash equivalents, short-term investments, receivables and payables, and income taxes payable
approximate fair value because of their short maturities.
Investment Securities

The fair values of investment securities are measured at the quoted market price of the stock exchange for the equity instruments.
Fair value information for investment securities by classification is included in Note 3.
(5) Maturity Analysis for Financial Assets with Contractual Maturities
Millions of Yen
March 31, 2019

Cash and cash equivalents ・・・・・・・
Short-term investments ・・・・・・・・・・
Receivables ・・・・・・・・・・・・・・・・・・・・・・
Total ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

Due in 1 Yearor Less￥￥

Due after 1 Yearthrough 5 Years

Due after 5 Years
through 10 Years

Due after
10 Years

4,669
1,693
6,844

Cash and cash equivalents ・・・・・・・
Short-term investments ・・・・・・・・・・
Receivables ・・・・・・・・・・・・・・・・・・・・・・
Total ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・￥￥

Due after 1 Yearthrough 5 Years

Due after 5 Years
through 10 Years

Due after
10 Years

12,69833

Cash and cash equivalents ・・・・・・・
Short-term investments ・・・・・・・・・・
Receivables ・・・・・・・・・・・・・・・・・・・・・・$

Total ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・$ 118,987

42,063
15,26061,663・・・・・・・・・・・・・・・・・・

￥

￥
￥

(58)
0
(57)
17
(40)

￥

26
26
26

￥

￥

24
(6)
18
(5)
12

￥

(1)

￥

￥

￥

￥

2019

55
0
55
(16)
38

$

(31)
(31)
(31)

$

(16)
0
(15)
4
(10)

$

$

220
(54)
165
(50)
114

(3)

$

(13)

$

$

(524)
2
(522)
159
(362)
234
234
234

11. NET INCOME PER SHARE

Basic EPS
Net income available to commonshareholders・・・・・・・・・・・・・・・・・・・・・・・・・・
Basic EPS
Net income available to commonshareholders・・・・・・・・・・・・・・・・・・・・・・・・・・

Thousands of U.S. Dollars
March 31, 2019

Total other comprehensive loss

￥

2018

Millions of Yen

Thousands ofSharesNet Income

WeightedAverage Shares￥ 1,903

34,901

￥

54.54

1,626

34,974

￥

46.51

Yen

U.S.
Dollars

EPS$ 0.49Year Ended March 31, 2018:

3,763
1,891
7,042

Due in 1 Yearor Less

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

Year Ended March 31, 2019:

Millions of Yen
March 31, 2018

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

2019

Details of the basic net income per share (EPS) for the years ended March 31, 2019 and 2018, were as follows:

13,207Due in 1 Yearor Less

Thousands of
U.S. Dollars

Millions of Yen

Due after 1 Yearthrough 5 Years

Due after 5 Years
through 10 Years

Due after
10 Years￥

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

12. SUBSEQUENT EVENTSAppropriation of Retained Earnings
The following appropriation of retained earnings at March 31, 2019, was approved at the Company's Board of Directors meeting
held on May 10, 2019:34

Millions of Yen
Year-end cash dividends, ¥ 9 ($ 0.08 ) per share￥ 308

・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

Thousands of
U.S. Dollars$ 2,781Millions of Yen

2018

Sales:
Sales to external customers ・・・・・・・・・・・・・・
Intersegment sales or transfers ・・・・・・・・・・・
Total ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

13. SEGMENT INFORMATION
Under ASBJ Statement No. 17, "Accounting Standard for Disclosures about Segments of an Enterprise and Related Information"
and ASBJ Guidance No. 20, "Guidance on Accounting Standard for Disclosures about Segments of an Enterprise and RelatedInformation," an entity is required to report financial and descriptive information about its reportable segments. Reportablesegments are operating segments or aggregations of operating segments that meet specified criteria. Operating segments arecomponents of an entity about which separate financial information is available and for which such information is evaluatedregularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Generally,
segment information is required to be reported on the same basis as is used internally for evaluating operating segment
performance and deciding how to allocate resources to operating segments.
(1) Description of Reportable Segments
Segments used for financial reporting are the Company's constituent units for which separate financial information is available
and for which the Board of Directors performs periodic studies for the purposes of determining the allocation of resources andevaluating performance.
The Company carries out the development, production, sales, and after-sales maintenance of take-out robots forinjection-molded products and peripheral equipment, including labor-saving systems. In the domestic market, these
operations are handled by the Company; overseas markets – U.S.A., Asia (South Korea, Taiwan, China, Indonesia, Vietnam,
Malaysia, Thailand, and India) and Europe (UK) – are serviced by local subsidiaries, including Yushin America Inc. (U.S.A.), Yushin
Korea Co., Ltd. (Asia), and Yushin Automation Limited (Europe). The local subsidiaries are independently managed units, withseparately drafted strategies and activities.
Accordingly, the Company's operations, based on its production, sales, and after-sales maintenance setups, are geographicallygrouped into four reportable segments: Japan, Asia, Europe, and the U.S.A.
(2) Methods of Measurement for the Amounts of Sales, Profit (Loss), Assets, and Other Items for Each Reportable Segment
The accounting procedure for the reportable segments is described in Note 2, "Summary of significant accounting policies."
Segment profit by reportable segment is calculated based on operating income.
Intersegment sales and transfers are based on a realized market price basis.
(3) Information about Sales, Profit, Assets and Other Items is as Follows:
Millions of Yen

2019

Segment profit ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Segment assets ・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Other:
Depreciation ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Increase in property, plant andequipment and intangible assets ・・・・・・・

Japan

11,736 ￥4,987￥ 16,724 ￥Reportable Segment

Asia

U.S.A.

Total

5,286 ￥
306
5,593 ￥

696 ￥
2
698 ￥

1,409 ￥
23,310

607 ￥
4,327

130 ￥
1,552

845

24

17

38

924

612

15

4

19

652

￥

￥

EuropeReconciliations Consolidated

3,159 ￥ 20,878
41
5,338 ￥
3,200 ￥ 26,216 ￥￥ 20,878(5,338)(5,338) ￥ 20,878

260 ￥ 2,408 ￥
2,172
31,363(49) ￥ 2,358
1,209
32,57211935
652

Thousands of U.S. Dollars

2019

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

Japan

Asia

18,426 $204,363

4,802 $
35,927738 $
18,486

6,325

228

148

309

7,012

1,900

181

162

66

2,310

$ 113,349 $
44,075$ 157,425 $$Reportable Segment

44,366 $2,483
46,849 $Europe8,236 $
33
8,269 $U.S.A.

Total

Reconciliations Consolidated

30,744 $ 196,697$ 196,697
259
46,851 $ (46,851)
31,003 $ 243,549 $ (46,851) $ 196,697
2,767 $ 26,734 $ (1,862) $ 24,872
19,455278,232
20,841
299,074
36

7,048
2,310

Note 1: Reconciliations for the year ended March 31, 2019, are as follows:(1) Reconciliations to segment profit of ¥(206) million ($(1,862) thousand) include eliminations for intersegment
transactions of ¥25 million ($229 thousand) and inventory reconciliation of ¥(232) million ($(2,092 thousand).
(2) Reconciliations to segment assets of ¥2,313 million ($20,841 thousand) include eliminations for intersegment
transactions of ¥(2,774) million ($(24,992) thousand) and operating funds of surplus assets held by the Company(cash and deposits and others) of ¥5,087 million ($45,834 thousand) and others.
(3) Reconciliations to depreciation of ¥4 million ($36 thousand) include eliminations for equipment related toresearch and development activities that do not belong to the reportable segments.
Note 2: Segment profit is reconciled to be consistent with operating income shown in the consolidated statements ofincome.

Reportable Segment

Japan
Asia
EuropeU.S.A.
Total
Reconciliations Consolidated
Sales:
Sales to external customers ・・・・・・・・・・・・・・・・ ￥ 12,581 ￥ 4,924 ￥914 ￥ 3,412 ￥ 21,833￥ 21,833
Intersegment sales or transfers ・・・・・・・・・・・・・
4,892
275
3
28
5,200 ￥ (5,200)
Total ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ ￥ 17,474 ￥ 5,200 ￥917 ￥ 3,441 ￥ 27,033 ￥ (5,200) ￥ 21,833
Segment profit ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ ￥ 2,045 ￥Segment assets ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
22,684
Other:
Depreciation ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
702
Increase in property, plant andequipment and intangible assets ・・・・・・・・
210

35

533 ￥
3,987

81 ￥
2,051

307 ￥ 2,967 ￥
2,159
30,883

25

16

34

778

20

18

7

256

(206) ￥ 2,760
2,313
33,1974782(4) Information about Products and Services
Millions of Yen
Take-Out
RobotsSales to external customers ・・・・・・・・・・・・・・・・・￥

15,5122019

Custom-Ordered
Equipment￥

2,880

Parts and
Maintenance
Services

￥

3,440

Total
￥

21,833256

36

Independent Auditor’s Report
Millions of Yen

2018

Take-Out
RobotsSales to external customers

15,449￥・・・・・・・・・・・・・・・・

Custom-Ordered
Equipment
2,204￥

Parts and
Maintenance
Services
3,223

￥

Total
￥

20,878

Thousands of U.S. Dollars

2019

Take-Out
RobotsSales to external customers$

・・・・・・・・・・・・・・・・

Custom-Ordered
Equipment

Parts and
Maintenance
Services$$

139,753

25,95230,991

Total$

196,697(5) Information about Geographical Areasa. SalesMillions of Yen
Japan
￥

9,304

2019

China
Taiwan￥2,816

Other Asia￥

Europe

4,876

￥

939

North America
￥

3,233

Other
￥

663

Total
￥ 21,833

Millions of Yen
Japan
￥

8,335

2018

China
Taiwan￥3,468

Other Asia￥

Europe

4,594

￥

687

North America
￥

3,172

Other
￥

620

Total
￥

20,878

Thousands of U.S. Dollars
Japan$

83,8262019

China
Taiwan$25,370

Other Asia$

43,931

Europe$8,464

North America$

29,130

Other
$

5,973

Total
$

196,697

Note: Sales are classified by country or region based on the location of customers.
b. Property, plant and equipment
Information is omitted because property, plant and equipment in Japan accounted for over 90% of property, plant and equipmenton the consolidated balance sheet.
(6) Information about Major Customers
Information is omitted because there were no customers that accounted for 10% or more of total net sales recorded in the
consolidated statement of income.

37

38

Company Profile(As of March 31, 2019)

Company Name

: YUSHIN PRECISION EQUIPMENT CO., LTD.

Establishment: October 1973

Head Office: 555 Kuzetonoshiro-cho, Minami-ku, Kyoto, Japan 601-8205

Capital: 1,985 million yen

Phone : +(81)75-933-9555 Fax : +(81)75-934-4033

Number of Employees : 683 (Including consolidated subsidiaries) and 412 (Yushin Precision Equipment Co., Ltd. only)
Listed Stock Exchange : First Section, Tokyo
Securities Identification Code : 6482

Major Shareholders(As of March 31, 2019)

Number of Shares held
(thousand)

Percentage ofShares held (%)

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

11,99235.0

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

1,549

4.5

1,088

3.2

The Master Trust Bank of Japan, Ltd. (Trust Account) ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
The Master Trust Bank of Japan, Ltd. (Retail Trust Account 620021158) ・・・・・・・・・・・・・・・・・・・
The Kyoto Chuo Shinkin Bank, Ltd. ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Mayumi Kotani

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

Japan Trustee Service Bank, Ltd. (Trust Accounts) ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
MUFG Bank, Ltd. ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
The Bank of Kyoto, Ltd. ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
SMBC Trust Bank Ltd. (Sumitomo Mitsui Banking Corporation,

Retirement and severance benefit trust account) ・・・・・・・・・・・・・・・・・・

2,499
1,549
1,054

933

7.3

4.5
3.1

2.7

849

2.5

684

2.0

704

2.1

Note: “Percentage of Shares held (%)” is calculated after deducting the number of treasury stock (1,333,548 shares).

Distribution of ownership among shareholders
Treasury stock:
3.74%

Securities firms:
0.50%

Individuals and others:
12.79%
Foreign investors:
13.52%

Total
35,638,066
sharesOther
domestic
companies:
34.85%

Financial
institutions:34.60%

39

Other domestic
companies:
45 persons

Securities firms: 30 persons

Foreign investors:
111 persons

Treasury stock: 1 person

Financial institutions: 27 persons

Total
4,307
persons
Individuals and others:
4,093 persons

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

2019.08