Active all over the world.

TOKYO BOEKI GROUP
Annual Report
April 1, 2015 – March 31, 2016

Active all over the world.
Carrying on the “Three founding spirits (TOMAS spirit)” and “Management philosophy and Mission”
of the Tokyo Boeki Group, we are promoting “Tokyo Boeki Group Federated Management”
as an independent, business-creating corporate group.

Three founding spirits = TOMAS spirit

Management philosophy and Mission

1.	Mindset to overcome any obstacle and tonever reduce our efforts
2. Mindset of a pioneer
3. Mindset of management among all employees

The Tokyo Boeki Group aims to be an company thatallows employees to realize their dreams through theirwork. Each employee will take pride in themselves andcontribute to the global company.

Generating synergistic effects“Tokyo Boeki Group Federated Management”
Energy Machinery Industry Group
ENERGYHTOKYO BOEKI MACHINERY LTD.
TOKYO BOEKI ENGINEERING, LTD.
TOKYO BOEKI MECHANICS LTD.

HEADQUARTERS
Tokyo Boeki Holdings Corporation

Technology, Automobiles and Information Industry GroupTOKYO BOEKI TECHNO-SYSTEM LTD.
T-BICS INC.
TECHNOLOGY T.B. TECH CO., LTD.
TOKYO BOEKI NORTH AMERICA, INC.
TBTS (THAILAND) CO., LTD.
TTS (GUANGZHOU) CO., LTD.

Medical, Life and Science Industry GroupSCIENCETB-eye LTD.
TOKYO BOEKI MEDISYS INC.
TOKYO BOEKI TECHNOLOGY LTD.
TOKYO BOEKI (RUS) LTD.

Resource, Metal and Materials Industry GroupRESOURCE

1TOKYO BOEKI STEEL & MATERIALS LTD.
TOKYO BOEKI (AUSTRALIA) PTY. LTD.
TOKYO BOEKI (CHINA) LTD.
TOKYO BOEKI (BEIJING) LTD.

Message to stakeholders
I hope that all of our shareholders are doing well andI would like to express my appreciation for your loyal
support.
I would like to take this opportunity to deliver ourcompany’s 96th term annual report (April 1, 2015 March 31, 2016), as well as to give a brief message
regarding the status of our company.
Regarding the global economy in fiscal year 2015,s h a ke n b y e xpect ati ons of an int erest r ate hike in
the United States and the downswing in the Chinese
economy, the economy saw pronounced stagnation.
Although the United States economy remained firm
mainly in personal consumption, there were signs ofadjustments in the corporate sector particularly inthe manufacturing industry. Euro zone economies
also sustained a moderate recovery trend, althougha sense of uncertainty lingered as investment was
cu r b e d a m id pol i t i c al r isks i nclud ing the ser ies o fterrorist attacks that occurred in France. Meanwhile,as the slowdown in the Chinese economy became evident, reduced imports to China led to lower prices forresources including crude oil, putting downward pressure on emerging economies, particularly the BRICs.
Despite an element of uncertainty with respect to
global economic trends, the Japanese economy wason a moderate recovery trend, as corporate earnings
were firm against the backdrop of ongoing economic
measures and monetary policies by the government
and the Bank of Japan.
Amidst this management environment in Japan andoverseas, TB-G strove to maximize corporate value andrealize continuous growth and development throughthe provision of specialized proprietary businesses

Down 2.8%
44,756 million yen (year-on-year)
Down 7.3%
Operating Income 2,998 million yen (year-on-year)
Down 11.0%
Ordinary Income 2,916 million yen (year-on-year)

and services with consistently high standards in areas
ranging from marketing to manufacturing, sales andmaintenance for our four groups of “Energy Machinery
Industry,” “Technology, Automobiles and Information
Industry,” “Medical, Life and Science Industry,” and“Resource, Metal and Materials Industry.”
For the 96th term, which we approached under a
new management structure starting in April 2015, regrettably revenues and profits declined compared tothe previous fiscal year. Net sales were 44,756 million
yen (down 2.8% from the previous fiscal year), ordinary income was 2,916 million yen (down 11.0% fromthe previous fiscal year), and net income attributable
to o w n e r s o f pa r e n t a m o u n te d to 1 ,8 4 8 m i l l i o n yen(down 17.1% from the previous fiscal year).
T h is te r m ’s div ide n d a m o u n t w ill be 1 8 y e n p er
stock, in order to realize the basis of distribution toshareholders in a continuous and stable manner, evenas our company secures the internal funding necessary for active investment in existing businesses andnew businesses.
Tokyo Boeki Group formulated VISION 2020 as webegan the second year of our new management structure in April 2016. With a view to the year 2020, we willobserve compliance and strive for high quality management, while increasing the value of the Group’sbusinesses and embracing the challenge of sustainable development.
I would like to express my sincere appreciation to
all our shareholders for your support throughout theyears, and ask for your continued guidance.
June 2016

Net Sales

Net Income Attributableto Owners of Parent

1,848(Down 17.1%
million yen year-on-year)

Hideya Goami
Director, Chairman,
President & CEO
2

Segment Information(Percentage represents ratio of sales)

Business Description

28%

Energy Machinery Industry GroupThe Energy Machinery Industry Group is engaged in development, manufacturing, and sales of fluid loading equipment and related devices, various
kinds of gas-related machinery, power generation-related devices andequipment, environment-related devices and others for the energy-relatedindustries including electric power, gas, oil, and petrochemistry. For fluid
loading machinery, the core product, superior products are offered to users
around the world under the integrated system of manufacturing and sales ofTokyo Boeki Machinery Ltd. and Tokyo Boeki Engineering, LTD., which havegained a high reputation.

Business Condition

Sales

12,507 million yen 88% year-on-year
1,080 million yen 50% year-on-year

Operating
Income16%

Technology, Automobiles andInformation Industry Group

Orders were sluggish, reflecting a marked trend among energy-relatedcompanies, who are major trading partners of the Group, to postpone or reduce capital investment due to the impact of the prolonged decline in crude
oil prices, among other factors. Despite a saturated domestic market, thecore loading arms business worked to capture orders by updating existingloading arms and actively making proposals for Emergency Release Systems(ERS). However, the Group was forced to post decreased revenues and profits owing to a substantial allowance recorded as a result of problems withorders overseas.

Business Description
3D measurement instruments, the core product, provide integrated measurement and data processing for a series of processes, from development andmodeling to manufacturing, testing and completion, for a variety of products,
mainly contributing to automobile manufacturers in improvements of product development capabilities. 3D measurement instruments have evolved to
become automated, refined and diversified, and have gained a global reputation.

Business Condition

Sales
Operating
Income37,328 million yen 94% year-on-year
937 million yen 82% year-on-year

Automobile-related companies, the Group’s main users, continued to see favorable conditions mainly overseas, while in Japan, capital investment was
not as strong as expected, reflecting weak sales of new cars partly due to theimpact of the light vehicle tax hike, in addition to uncertainty in the foreignexchange rate. Furthermore, exposure to intensified price competition withother manufacturers with respect to sales of the core products, 3D measurement-related instruments, resulted in decreased revenues and profits for theGroup.

Medical, Life andScience Industry Group30%

Business Description
The Medical, Life and Science Industry Group is engaged in the development, manufacturing and sales of wide range of products, including security
devices, medical devices and scientific instruments. In particular, the security business provides security equipment, mainly surveillance cameras fromoverseas, to the domestic market under rigorous quality control, along witha full line of services ranging from on-site surveys to system design, proposals and estimates, construction, and repairs and maintenance. In addition,compact automated analyzers for use in clinical examinations are being soldin 80 countries around the world and boast an outstanding track record in
the medical device field.

Business Condition

Sales

13,356 million yen 109% year-on-year
1,887 million yen 203% year-on-year

Operating
IncomeResource, Metal andMaterials Industry Group26%

In Japan, security-related equipment needs are high, due to increased security-consciousness among companies resulting from the threat of terrorism,
diversified measures against crime, and the implementation of the Social
Security and Tax Number System, and the Group has been able to link this tosignificant growth in sales. In the medical-related field, sales stagnated due
to a reduction in medical fees in the United States, a major export country, in
addition to the emergence of low-priced analyzers. With regard to scientificinstruments-related transactions, there was no significant recovery in orders, owing to stagnation in the Russian economy as a result of the impact of
economic sanctions by Western countries, the low price of crude oil, and theweak ruble. Nevertheless, revenues and profits increased for the Group due
to robust performance in the security business.

Business Description
Under a unique business model, raw materials and auxiliary raw materials
for steel-making and refractory bricks are imported and supplied for use
in steel-making to the steel industries. In addition, various kinds of steel
materials including steel plates for use in automobiles are indispensable
materials for overseas automobile manufacturers. Refractory bricks for use
in steel-making are manufactured by a joint venture business in China, andare an important import product for the Group.

Business Condition

Sales

11,776 million yen 97% year-on-year
241 million yen 166% year-on-year

Operating
IncomeIn the materials business, sales of refractory bricks were sluggish due tostagnation in production volume of crude steel in the steel-making industry,a major trading partner, in addition to intensified competition with domestic
products due to yen depreciation. The resource and metal businesses stagnated due to a worldwide drop in resource prices and the eased balance between demand and supply for steel materials resulting from overproductionin China. Although revenues for the Group decreased, we were able to secure
increased profits as a result of restructuring of unprofitable transactions andrationalization of businesses.

4

Consolidated Companies
Domestic Group Companies
TOKYO BOEKI MACHINERY LTD.

President: Hideshige Tsubouchi
Business Description: Sales of fluid loading equipment and related devices, andvarious plant-related devices

TOKYO BOEKI ENGINEERING, LTD.

President: Hiroshi ImaiBusiness Description: Development, design, manufacture, sales, and after-sales
service for fluid loading equipment

TB-eye LTD.

President: Sanshiro KatoBusiness Description: Import and sales of CCTV system devices; Development,
manufacture, and sales of CCTV system peripheral devices;
Design, installation, and after-sales service of CCTV system

TOKYO BOEKI TECHNO-SYSTEM LTD.

President: Katsuhiko Masuda
Business Description: Development, design, and manufacture of 3D measurement
instruments, various measurement devices, various testing
devices, and related software; Sales, import/export, andmaintenance of 3D measurement instruments and related
softwareTOKYO BOEKI STEEL & MATERIALS LTD.

President: Hiroshi Shigezumi
Business Description: Business development and import/export related to resources, metals, and materials

TOKYO BOEKI MECHANICS LTD.

President: Koji Nakayama
Business Description: Sales and maintenance of gas-related devices

TOKYO BOEKI MEDISYS INC.

President: Hideya Goami
Business Description: Development, manufacture, and sales of automated analyzers used in clinical examinations for hospitals and medical
testing facilities

T-BICS INC.

President: Hiromu SugiuraBusiness Description: Software development and sales, information processing
service business and information providing service business,
non-life insurance agency business, life insurance agency
business, temporary staffing

Overseas Group Company■ USA

TOKYO BOEKI NORTH AMERICA, INC. (CINCINNATI)

President: Masaaki Sugihara
Business Description: Sales and service of 3D measurement instruments and related software■ AUSTRALIATOKYO BOEKI (AUSTRALIA) PTY. LTD. (MELBOURNE)

Managing Director: Hiroshi Shigezumi
Business Description: Business development and import/export related to resources, metals, materials, construction materials and machinery■ CHINATOKYO BOEKI (CHINA) LTD. (SHANGHAI)

President: Hirofumi Yanagawa
Business Description: Business development and import/export related to resources, metals, and materials

TOKYO BOEKI (BEIJING) LTD. (BEIJING)

President: Hirofumi Yanagawa
Business Description: Business development and import/export related to resources, metals, and materials

TTS (GUANGZHOU) CO., LTD. (GUANGZHOU)

President: Masaaki Sugihara
Business Description: Sales and service of 3D measurement instruments and related software■ THAILAND

TBTS (THAILAND) CO., LTD. (BANGKOK)Managing Director: Yasuki Inoyama
Business Description: Sales and service of 3D measurement instruments and related software■ CIS

TOKYO BOEKI (RUS) LTD. (MOSCOW)

General Director: Keiji Takigawa
Business Description: Import/export and sales of scientific instruments for educational and science and technology-related facilities in the CIS
nations

T.B. TECH CO., LTD.

President: Toshiharu SaburiBusiness Description: Contract development of software and packaged software,building network systems, system outsourcing, consultancy
services, temporary staffing

TOKYO BOEKI TECHNOLOGY LTD.

President: Keiji Takigawa
Business Description: Export trading of scientific instruments for educational andscience and technology-related facilities mainly in the CIS
nations(As of June 24, 2016)5Group Topics
Domestic GroupTOKYO BOEKI MACHINERY LTD.

Domestic GroupTOKYO BOEKI ENGINEERING, LTD.

Acquisition of the Adsorption Chiller Business
TOKYO BOEKI MACHINERY and TOKYO BOEKI ENGINEERING have thus far built and integrated a sales system for energy-related equipment focused on loading arms, and have provided high quality products and services to customers in Japan and abroad.
This time, the Company turned its attention to adsorption Chiller, which show promise for affinity with technology cultivated inexisting businesses, and sales mainly in emerging countries. In March 2016, TOKYO BOEKI ENGINEERING received the business transfer and TOKYO BOEKI MACHINERY acquired sales rights from UNION TECHNO CO., LTD., which formerly conducted
development and manufacturing of adsorption Chiller. Moving forward, the Company will proceed with further research anddevelopment and enhancement of our sales ability, and cultivate this into a core product of our energy machinery business,following our loading arms-related business.

TOKYO BOEKI ENGINEERING, LTD

Achieving significant weight reduction of ERS
The Company’s core product, Marine Loading Arms, are distinguished by their ability to perform stable loadingby floating its arms along with the movement of tankers coming from the effect of waves on the sea surface. Especially since the Great East Japan Earthquake, damage to the arms themselves and the risk of cargo washing away
due to tsunamis or strong winds has gained close attention.
With regard to the ERS (Emergency Release System) mounted to the tip of the arms as damage countermeasures
for the connecting portion, the Company has received requests to reduce weight, as the weight would require
additional embankment construction. The Company has now completed a prototype that possesses the samefunctionality at half the weight of conventional models, and it has received great praise in tours for customers.
The Company will link this to updating equipment of existing arms, and continuously contribute to a stable supply of energy.

Domestic Group

Conducting product tours in the Nagaoka Works

Energy Machinery Industry Group

Domestic Group

Adsorption chiller received by business transfer

TOKYO BOEKI MECHANICS LTD.

Start of demonstration tests
for 3 stage large-capacity diaphragm compressor for hydrogen
In Japan, work is underway to diversify energy resources through cooperation between the public and private
sectors, where there are particularly high expectations for hydrogen as a source of clean energy.
Under such circumstances, the Company, which is focusing on the hydrogen-related business as a new business,has jointly developed a 3 stage large-capacity diaphragm compressor for hydrogen with PDC Machines (USA)for use in hydrogen stations, and has started demonstration tests of prototypes at the Hydrogen Energy Test andResearch Center (Acronym: HyTReC). Moving forward, the Company plans to conduct tours of the prototype forcustomers in tandem.
In order to contribute to a stable supply of hydrogen energy, the sales and technology development divisions willunite as one to work on the hydrogen business.

3 stage large-capacity diaphragm compressor for hydrogen
under demonstration test

6

Group Topics
Domestic GroupTOKYO BOEKI TECHNO-SYSTEM LTD.

Promoting automation in the measurement field
In order to respond to demands from our customers in automobile manufacturing to shorten the time of measurement and analysis for automobile bodies and panels, the Company is working to automate measurement work using
existing products, and has developed a new system featuring no-contact measurement equipment mounted torobotic arms. This system has enabled measurement times to be reduced to within 1/3 of what they once were. This
new system has been set for early delivery, and in the future, the Company will advance development and improvement of the product, while seeking sales to various customers.

Technology, Automobiles and Information Industry Group
7

Automatic measurement equipment that uses a robotic arm

Overseas GroupTTS (GUANGZHOU) CO., LTD.

Designers’ Night held in Guangzhou, China
In developed countries and emerging economies alike, vehicles that match the sensibilities and preferences of end
users have gained popularity in automobile sales. Particularly in emerging economies, with the growth of an affluent class, there is an increasing interest in design as well as function.
Following this trend, the Company obtained the sponsorship of its business partners and held an exhibition andsocial gathering titled Designers’ Night in Guangzhou, China.
The Company greeted many visitors on the day of the event, raising interest in car design while simultaneously enhancing the branding of TOKYO BOEKI TECHNO-SYSTEM and the Company in the field of design and measurement.

Designers’ Night held in Guangzhou, China

Domestic Group

T.B. TECH CO., LTD.

Exhibit at the 1st Design Engineering & Manufacturing Solutions Expo (DMS Nagoya)
The Company participated in the “1st Design Engineering & Manufacturing Solutions Expo (DMS Nagoya)” held in the
Tokai Region this spring. The Company used the keywords “IoT” and “3D printer” to conduct promotional efforts in the“Next-Generation Factory Zone” of the expo, aimed at customers primarily from the Chubu Region involved in design anddevelopment, manufacturing and production technology, and information systems in the manufacturing industry. Our newly
developed “production management system,” “equipment maintenance system,” and “after marketing system” share thetraits of easy installation for a low price and flexible customization to match our customers’ businesses.
The Company also exhibited the 3D printer “K-ZO” developed by its group company, TOKYO BOEKI ENGINEERING, whichcomes with conversion software for house model design developed by the Company, “Assist call” which uses the TB-eye’s
Wi-Fi intercom system. The exhibit also included partner company products, and we were able to receive a variety of inquiries and demands, making the expo an opportunity for high quality business meetings.

The Design Engineering & Manufacturing Solutions Expo held forthe first time in the Tokai Region

Domestic GroupTB-eye LTD.

Party celebrating 20 years since our founding held

Domestic GroupTBH executives also took part in the commemorative ceremony

TOKYO BOEKI MEDISYS INC.

Market introduction started for new product “BiOLiS 30i”
Following the “BiOLiS 24i,” the first model of the BiOLiS series launched in 2001, the Company enhanced its
automatic clinical analyzer lineup with the more compact 12i, 15i, and mid-sized 50i models, while steadily raisingawareness in the market. In particular, the “BiOLiS 24i” series boasts compact size and highly functional processing
power, as well as comfortable operability. Because its running cost is heavily reduced, it also boasts a sales recordof over 6,300 units in 80 countries around the world as a long seller product. In February 2016, the long awaited
successor, “BiOLiS 30i,” was introduced to the market. The Company aims to expand sales channels even further,using the BiOLiS 30i, which is the same size as before but with upgraded performance as its strength. The Company
will aim to improve the BiOLiS series brand, while working to support customers through unified sales, development and service engineers.
New product launched in February 2016: “BiOLiS 30i”

Domestic Group
Overseas GroupTOKYO BOEKI TECHNOLOGY LTD.
TOKYO BOEKI (RUS) LTD.

Medical, Life and Science Industry GroupThe Company’s security business was launched as an in-house venture within Tokyo Boeki, initially importing andselling surveillance cameras. Currently, it has established a business style that offers total service from on-site
surveys to system design, proposals, estimates, construction, repairs, and maintenance. It has also succeeded in
improving customer satisfaction with the introduction of new products including OEM products, and is steadily
improving its performance. On the other hand, the digital wireless intercom developed internally as a new commercial product has gained the attention of a diverse range of customers from the amusement industry to medicine andnursing facilities, hotels, and factories, and the Company is uncovering further new demand using the traits of its
product.
The Company continues to grow, and in celebration of its 20th anniversary in October 2015, the Company showed
its gratitude to its customers and held a party in recognition of its employees’ services, who work hard day to day.

Contracting export orders for new products, oxygen generators
TOKYO BOEKI TECHNOLOGY and TOKYO BOEKI (RUS), having developed business for many years in Russia and the CIS,
have been contracted by a major Russian zinc production company to deliver a large-scale oxygen generator, which is critical to the non-ferrous metal refining process. Currently, the economic environment of the Russian market is severe, but themarket is changing drastically with the promotion of domestic Russian industry and the internal production of formerly imported products, giving rise to the potential for new economic cooperation between Japan and Russia in various fields. The
Company sees these changes as a new business opportunity, and will further expand its business foundation by cultivating
new commercial products of various high tech devices and industrial devices, in addition to its existing products such as
electron microscopes and welding machines. To establish our unwavering status in the Russia/CIS market, the Company
will devote its full strength to sales and marketing activities in this market.

Aiming for further brand improvement in Russia

8Group Topics“20th Regular Joint Meeting” of the Japan-China Investment Promotion Organization (JCIPO)Group Supreme Advisor Machida participating as Director
The 20th Japan-China Regular Joint Meeting was held in Beijing, China on
March 18, with Group Supreme Advisor Machida from Tokyo Boeki Group in
attendance as Director of the JCIPO. This meeting is held every year jointly
by investment promotion organizations in Japan and China for the purpose of
establishing an environment for investing in China by Japanese companies
and solving problems in business. This year, a total of about 130 members attended, led by Chairman Shoichiro Toyoda on the Japanese side and Minister
Gao Hucheng of the Ministry of Commerce of the People’s Republic of China
on the Chinese side. An inaugural ceremony was held at the Hotel New Otani
Chang Fu Gong in Beijing the day before the meeting, with greetings given by
Chairman Toyoda and Ambassador Masato Kitera, and closing words given
by Group Supreme Advisor Machida.

Top Conversation*J apan-China Investment Promotion Organization: Established in
March 1991 under the support of the Japanese and Chinese governments for the purpose of contributing to a sound and stable economic
relationship between the two countries through the expansion of
investment in China by Japanese companies. As of June 2016,
Shoichiro Toyoda serves as the Chairman of the organization.

Group Supreme Advisor Machida delivering his closing speech

20th Regular Joint Meeting

Chairman Goami and President Takigawa of TOKYO BOEKI TECHNOLOGY talkwith Russian Ambassador Evgeny Afanasiev
Talks were held between Chairman Goami, President Takigawa of TOKYO
BOEKI TECHNOLOGY (and TOKYO BOEKI (RUS)) and Ambassador Evgeny
Afanasiev on February 3. Since establishing a Moscow representative officein 1959, the Tokyo Boeki Group has made efforts in its Russian business for
57 years and has developed a deep relationship with the Russian Embassyin Japan.
In the talks, Ambassador Afanasiev explained the current state of politics
and the economy in Russia, gave valuable advice on specific projects, andpromised his full support for the Group in the future, making for a friendly
and forward-looking meeting.
Front row, left: TTL/TB (RUS) President Takigawa; center: Chairman Goami;
right: Ambassador Afanasiev

9

Close-up

Formulation of Tokyo Boeki Group “VISION 2020”

With the aim of ensuring compliance and performing high quality management, the Tokyo
Boeki Group formulated “VISION 2020 To Realize Future Dream & Sustainable Development.”

2020
ustainable Development”

Tokyo Boeki Group aims to ensure complianceand perform high quality management.
We will strive to improve group corporate value and sustainable development.
We will realize the happiness of our employees and their families.
We will work to improve the satisfaction of our customers.
We will perform group management with responsibility to our shareholders,and contribute to a global society.

Hideya Goami
Chairman, President & CEO

10

Close-up

New Business

Expansion and outlook of adsorption chiller business
An adsorption chiller is a chiller system that uses silica gel as an adsorbent and water as a coolant, and is capable of generating cold
water using low temperature waste heats. It has high energy utilization efficiency and as the environmental burden of the medium
used for adsorption and desorption is small, research and development of this product is advancing from the perspective of energy
conservation and utilization of clean energy.
The TOKYO BOEKI MACHINERY corporate body has conducted research of new businesses and products using existing equipment andtechnology. Amidst the issues of global warming, which are advancing worldwide, and based on the societal situation of promoting energy
conversion and energy conservation to reduce CO2, the Company has focused on adsorption chiller and at the same time explored thedevelopment potential of this product. As a result, the Company decided to acquire an adsorption chiller business, because of the expected
needs of emerging economies, primarily in ASEAN countries, and expected expansion of sales channels for other products. Finally, thisspring the Company received a business transfer from Illustration: A pair of adsorbers repeat the adsorption/desorption process (batch operation)
UNION TECHNO CO., LTD. which was engaged in the
Adsorption Process
Desorption Processdevelopment and manufacturing of existing adsorption
chiller. TOKYO BOEKI ENGINEERING took over produc- 1) Water drawn into the evaporator maintained at a 1) Waste heats generated during factory operation
tion equipment and drawings, and is now capable ofnear vacuum state evaporates at low temperature.
is captured, and the adsorbent is regenerated
developing and manufacturing new adsorption chiller.
With the latent heat of evaporation (*), it’s possi(dried) by desorbing moisture adsorbed by the
Meanwhile, TOKYO BOEKI MACHINERY acquired sales
ble to take out cold water for cooling.
adsorber.
rights to this product.
2) Evaporated water is adsorbed by the adsorbent in 2) Water vapor desorbed by the adsorber is liqMoving forward, the Company will make further
the adsorber, generating adsorption heat.
uefied and returned to the liquid layer by theefforts in research and development as well as sales 3) Adsorption heat must be removed in order for the condenser, and then carried into the evaporator
adsorbent to continuously adsorb water vapor,by a pump.
force enhancement, in order to raise this businessand cooling water (lukewarm 30°C water) is used
into a core business of the Energy Machinery Indusfor this process.
try Group.
Switch at set time

*Latent heat: Heat needed to change states between liquid, gas and solid.

To the cooling tower

To the cooling tower
Condenser

Adsorption
Coolant

Cold water

11

Adsorption
heat exchanger

Condenser

Adsorption Desorption
Desorption Adsorption
heat exchanger
heat exchanger
Hot water
Hot water(waste heats) (waste heats)

Evaporator

Cold water

Adsorption Adsorption
heat exchanger

Evaporator

Coolant

Financial Review
Financial Highlights■ Net Sales

46,2362011(Million yen)

44,791

2012

48,7802013

46,0312014■ Ordinary Income

2015

3,038

(Million yen)

2,995

2,810

2011

(Million yen)

3,470
2,897

44,756■ Operating Income

2012

3,233

3,233

2013

2014

2,998

2015

■ Net Income Attributable to Owners of Parent

3,279

2,229

2,146

2,916

(Million yen)

1,848

1,715
1,352

2011

2012

2013

2014

2015

■ Earnings Per Share

2011
(Yen)

2012

402.73340.9928,193

28,832

31,03132,45533,777337.94

10,923

13(Million yen)

16,913

2012

2015

Net Assets

260.4720112014■ Total Assets / Net Assets
Total Assets

426.61

2013

2013

2014

2015

2011

19,43920,266

13,074

2012

2013

2014

2015

Consolidated Financial Statements■ Consolidated Balance Sheets
Account Item

(Million yen)

2015

2014

As of March 31, 2016

As of March 31, 2015

Assets■ Consolidated Statements of Income
Account Item

(Million yen)

2015

2014

April 1, 2015 –March 31, 2016

April 1, 2014 –March 31, 2015

Net sales

44,75646,031

Current assets

26,79325,157

Cost of sales

32,521

33,630Non-current assets

6,984

7,298

Gross profit

12,234

12,401

2,386

2,393

Selling, general & administrative expenses

9,236

9,167

423

585

Operating income

2,998

3,233

4,173

4,319

Non-operating income

237

217

33,77732,455Non-operating expenses

319

172

2,916

3,279

Property, plant and equipment
Intangible assets
Investments and other assets
Total assets

Ordinary income

Liabilities

Current liabilities
Non-current liabilities
Total liabilities

12,685

11,885Extraordinary income

20

70

826

1,129

Extraordinary loss

19

42

13,511

13,015

Income before income taxes

2,917

3,307

Income taxes

1,066

1,053

1,850

2,254

Net assets

Shareholders’ equity

19,894

18,481

Net income

Capital stock

5,000

5,000

Net income attributable to non-controlling interests

224

Retained earnings

15,227

13,673

Net income attributable to owners of parent

1,848

2,229

(332)

(191)

Accumulated other comprehensive income

232

801

Non-controlling interests

139

156

Total net assets

20,266

19,439Total liabilities and net assets

33,77732,455

Treasury stock

14

Company Outline /Stock Information■ Company Outline (As of March 31, 2016)■ Stock Information (As of March 31, 2016)

Tokyo Boeki Group Tokyo Boeki Holdings Corporationand 17 group companies

Total Number of Authorized Shares
Total Number of Stocks Issued

Established

October 30, 1947

Capital Stock

5.0 billion yen(Shareholders’ equity: 19.8 billion yen)

Number of Shareholders

38,519,920 shares
Common Stock 4,716,815 shares(Excludes treasury stock)
Class A Preferred Stock 1,700,000 shares
114

Employees

969Tokyo Boeki Ltd.

Ratio of
Numbers ofstocks held Shareholding
1,700,000 shares
26.49%

Head Office(Pure holding company)

Tokyo Boeki Holdings Corporation
2-13-8 Hatchobori, Chuo-ku, Tokyo 104-8510 JapanTokyo Boeki Employee Share Holding Commission

662,000 shares

10.32%

Tokyo Marine & Nichido Fire Insurance Co., Ltd.

498,000 shares

7.76%

The Toa Reinsurance Company, Limited

408,000 shares

6.36%

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

249,000 shares

3.88%

Nippon Life Insurance Company

120,000 shares

1.87%■ Executives of Tokyo Boeki Holdings Corporation (As of June 24, 2016)

Name of Shareholder* 1,700,000 shares of Tokyo Boeki Ltd. are Class A Preferred Stock.

Board of Directors / Operating Officers
Director, Group Supreme Advisor

Hiroshi Machida

Our Group Website

Director, Chairman, President & CEO

Hideya Goami

Director, Executive Vice President

Sanshiro Kato

A variety of contents are available on the website, including the latest news from the Company and an introduction to our business.

Director&Senior Managing Operating Officer

Ikuro Kida

Operating Officer

Tsunetoshi Sakai

Board of Corporate Auditors
Standing Audit & Supervisory Board Member

Mitsutaka Aoki

Audit & Supervisory Board Member

Yasuhiro Numata

Audit & Supervisory Board Member

Hideyuki Maeno

TOKYO BOEKI GROUP
2-13-8, Hatchobori, Chuo-ku, Tokyo 104-8510 Japan
TEL: 03-3555-7211 FAX: 03-3555-7079

http://www.tokyo-boeki.co.jp/