“Imagination & Creation,
Tokyo Boeki”

TOKYO BOEKI GROUP
Annual Report
April 1, 2019 – March 31, 2020

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

Each company of the Tokyo Boeki Group aims to be acompany that allows employees to realize their
dreams through their work. Employees will take pridein themselves and contribute to the global company.

Generating synergistic effects“Tokyo Boeki Group Federated Management”

H

1

TOKYO BOEKI GROUP

ENERGY

Energy Machinery Industry GroupTECHNOLOGYTechnology, Automobiles and Information Industry GroupSCIENCE

Medical, Life and Science Industry GroupRESOURCE

Materials, Resource and Metal Industry GroupHEADQUARTERS
Tokyo Boeki Holdings Corporation

TO OUR SHAREHOLDERS
We hope that all of our shareholders are doing well and wewould like to express our sincere appreciation for your loyal
support.
Firstly, we would like to offer our deepest condolences toall who have suffered from COVID-19, as well as to theirfamilies. We at Tokyo Boeki Group will strive to ensure thesafety of our customers and employees and minimize theimpact of the disease.
Secondly, we would like to take this opportunity to deliver our company’s 100th term annual report (April 1, 2019 Ma rc h 31, 2 0 2 0 ), a s w e ll a s t o gi v e a br i e f m e s s a g e
regarding the status of our company.
The global economy as a whole had entered a gradual
recovery trend in fiscal year 2019. However, the impact of
COVID-19 has stifled economic activities in each country.
The global economy has now rapidly slowed down, and thesituation is very severe.
The U.S. economy had remained strong, backed by rising employment and growth in personal consumption. The
Chinese economy had seen a gradual slowdown trend dueto the U.S.-China trade friction and investment reduction
measures. The European economy had shown signs of a
gradual recovery phase, brought on by sustained job creation and solidly rising wages. However, the global spreadof the COVID-19 pandemic from the start of the new year
has triggered rapid slowdowns in all of these regional economies. With no end in sight, the future of the global economy is now highly uncertain.
The Japanese economy had expected to see the impactof the consumption tax hike lessen as a result of liberal government policies, but was swept into the COVID-19 epidemic. Companies have seen not only their present status
but also their future perceived economic conditions and

Net Sales

performance outlook drastically deteriorate, regardless ofwhether they are in the manufacturing or non-manufacturing industries. We are suffering the unprecedented impactof the disease across all fronts, and the outlook remains extremely uncertain.
Amidst the business environment in Japan and overseas, Tokyo Boeki Group (TB-G) strove to maximize corporate value and realize sustainable growth and development
through the provision of specialized proprietary businesses
and services with consistently high standards in areas ranging from marketing to business planning and development,
manufacturing, sales and after-sales services for our fourgroups of “Energy Machinery Industry,” “Technology, Automobiles and Information Industry,” “Medical, Life and Science and Industry,” and “Materials, Resource and Metal
Industry.”
As a result of these efforts, both revenue and profits increased from the previous year. Net sales were 47,091 million yen (up 6.9% from the previous fiscal year), ordinary
income was 5,338 million yen (up 21.0% from the previous
fiscal year), and net income attributable to owners of parent
amounted to 3,756 million yen (up 25.5% from the previous
fiscal year).
We distributed a year-end dividend of 100 yen per stock,a total of our ordinary dividend of 70 yen and a commemorative dividend of 30 yen to commemorate the milestone ofour 100th term, while retaining an internal reserve for active
investment in existing and new businesses.
We would like to ask for your continued support andguidance.
June 2020

47,091 million yen(Up 6.9% year-on-year)

Operating
Income5,178 million yen

Ordinary
Income5,338 million yen

Net Income
Attributable to
Owners of Parent

3,756 million yen(Up 24.2% year-on-year)(Up 21.0% year-on-year)(Up 25.5% year-on-year)

Representative Director,
Chairman & CEO

Hiroshi Machida

Representative Director,
President

Sanshiro Katoh

TOKYO BOEKI GROUP

2

SEGMENT INFORMATION (Percentage represents ratio of sales)

33%
Sales

Energy Machinery Industry Group

15,559 million yen 112% year-on-year
2,581 million yen 127% year-on-year

Operating
IncomeBusiness Description
The 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 energy-relatedindustries including electric power, gas, oil, and petrochemistry. For fluid
loading machinery, the core product, superior products are offered tousers around the world under the integrated system of manufacturing andsales of TOKYO BOEKI MACHINERY LTD. and TOKYO BOEKI ENGINEERING,
LTD., which have gained a high reputation.

Business Condition
In the core loading arm business, revenue and income both increased as aresult of acquisitions of large-scale projects in Japan, as well as new andpreliminary projects overseas (in South Korea and Russia). In addition,
we are continuously working on advance investments in new-businessinitiatives such as the hydrogen energy business, adsorption chillers, theHydrocurrent TM Organic Rankine Cycle (ORC) 125 EJW shipboard heatrecovery system, and transport support robots. As a result, revenues andprofits of the Group increased.

15%
Sales
Operating
IncomeTechnology, Automobiles andInformation Industry Group

7,089 million yen 96% year-on-year
899 million yen 154% year-on-year

Business Description
3D measurement instruments, the core product, provide integrated
measurement and data processing for a series of processes, from development and modeling to manufacturing, testing and completion, fora 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
In the automobile industry, which comprises most of the Group’s main
customers, domestic manufacturers faced a bleak outlook against a
backdrop that included the U.S.-China trade friction. Amid this situation,
the Group suffered falling revenues mainly due to a drop in the sales of
Vectoron, our core product. On the other hand, profits increased mainly
due to changes made to the calculation methods for retirement benefit
obligations. As a result, the Group’s revenues decreased, but income increased.

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TOKYO BOEKI GROUP

Medical, Life and Science
Industry Group

35%
Sales

16,387 million yen 114% year-on-year
2,606 million yen 119% year-on-year

Operating
IncomeBusiness Description
The Medical, Life and Science Industry Group is engaged in the development, manufacturing and sales of a wide range of products, including
security devices, medical devices and scientific instruments. In particular,
the security system business provides security equipment, mainly surveillance cameras from overseas, to the domestic market under rigorous
quality control, along with a full line of services ranging from onsite surveys to system design, proposals and estimates, construction, and repairs
and maintenance. In addition, compact automated analyzers for use inclinical examinations are sold in about 80 countries around the world andboast an outstanding track record in the medical device field.

Business Condition
In the core security-related business, both sales and profits remained solid,
as we have worked to meet the diversifying market needs. In addition, we
have achieved great results with “TB-eye AI Solution (TAS),” our image analysis system that employs AI technology, which has been adopted by a major
security company and introduced at various facilities. In our Russia and CIS
business, we completed delivery of oxygen generators, and increased thesales volume of industrial machinery. As a result, revenues and profits of theGroup increased.

17%
Sales
Operating
IncomeMaterials, Resource andMetal Industry Group

8,110 million yen 96% year-on-year
346 million yen 80% year-on-year

Business Description
In the materials-related business, we stably supply refractory products
developed and manufactured in our joint venture in China, primarily forthe steel industry. In the resource-related business, we supply materials
for steel making and nonferrous metals, as well as ingredients for fertilizers and feedstuff, to various companies in the steel industry, glassindustry, and agriculture industry. In the steel-related business, we aresupplying various steel products including high-grade steel to overseas,
based on the needs of our customers.

Business Condition
In our core materials business, sales have struggled because the businessperformance of domestic steel manufacturers deteriorated drastically andthe pressure to reduce costs for procured raw materials increased. On
the other hand, the steel business was affected by positive factors suchas the start of exports of stainless steel sheets to India in addition to thicksheets to Vietnam. Despite these developments, revenues and profits of
the Group decreased.

TOKYO BOEKI GROUP

4

CLOSE-UP (1)Tokyo Boeki Group	Formulating the Group Vision: Business-Creating Imaginative & Inventive
Trading Company—“Imagination & Creation, Tokyo Boeki”
Tokyo Boeki Group (TB-G) has formulated the group vision of “Business-Creating Imaginative & Inventive Trading Company—“Imagination & Creation,
Tokyo Boeki.” This vision is infused with the ambition to be a company that creates businesses and continues to provide value to the world. The Japaneseword souzou (想造) is a neologism, taking characters from the homophones souzou (想像) and souzou (創造), which mean “imagination” and “creation”
respectively. We aim for Tokyo Boeki to be a souzou shousha (想造商社), a trading company that can proactively imagine and create value necessary
for the future, in other words, a trading company that can imagine what the world will want and what will make society better in the future, implement theideas, and create business models that can execute this vision.

Position of our vision

Business-creating imaginative &inventive trading company(2019-)

Project-focused business company(1996-2018)
Trading(1947-1995)
T rading company business focusedon tradingS trengthened our foundation, evolvingfrom an intermediary-focused businessto a project-focused business company
S trengthened our management foundation
B uilt our profit structureB uilding a strong profit foundation
D eepening and strengthening ourexisting businessesE stablishing new growth fields andbuilding growth business models
D iversifying our business portfolio
D eveloping management personnel

In addition, by defining the items for each segment, we will aim to be a corporate group capable of perpetual development by foreseeing the society of the
future, rather than being limited to our work at hand.

Energy Machinery Industry Group: Imagine and create the future for a human energy society
Technology, Automobiles and Information Industry Group: Imagine and create the future for ahuman digital-information society
Medical, Life and Science Industry Group: Imagine and create a safe future for human society
Materials, Resource and Metal Industry Group: Imagine and create the future for global resources
TB-G started out as a traditional intermediary-focused business when it was founded in 1947, and has since strengthened its foundation to become aproject-focused business that incorporates most of the value chain into its own business. In the future, each of our group companies will establish a management-type business aimed at promoting the happiness of employees, growth of the company, and social contributions, so that we can be a business-creating imaginative & inventive trading company.
5

TOKYO BOEKI GROUPCLOSE-UP (2)Tokyo Boeki Group

Establishment of “tb innovations LTD.,” Our New Group Company
On March 4, 2020, TB-G established tb innovations LTD., a new group company engaged in strategic investment, consulting, and new business development.
As the name of the company implies, the new company’s mission is to come up with innovations within the Tokyo Boeki Group. It will promote threebusinesses in order to undertake the challenge of creating new businesses while leveraging the Group’s strengths.

Strategic Investment Business

Consulting Business

New Business Development

Corporate Venture Capital(CVC) management
and M&A advice

Formulation of growth strategies,
deepening of businesses,
and support for internal
process reforms and execution

Creation of new business items
and human-resource development
for launching new businesses

Research
Various research activities and marketing for strategic investment, consulting,and new business development, and publication of industry articles, newsletters, and reports

S trategic Investment BusinessWe will mainly invest in Japanese venture capital companies and startups, with the aim of creating cooperative and synergistic effects with ourGroup.
C onsulting BusinessWe will deepen our existing businesses within the Group, find new directions for our businesses in preparation for the future, and make specificproposals on business activities and technical aspects in line with them. Although our focus will be on the group companies for the time being,
we intend to expand operations outside the Group in the future.
N ew Business Development
In addition to fostering and commercializing the venture capital companies that we invest in, we will create new business pillars within theGroup. We aim to develop human resources who can create new businesses within the Group, with the intent of expanding the business not onlyin Japan but also overseas such as China.
R esearchThis work fundamentally supports the three businesses. In addition to contributing to new businesses by collecting and analyzing informationsuch as trends in the industries of the companies we invest in, we will conduct various surveys, including marketing research, in response torequests from the group companies.
tb innovations LTD. will start full-scale operations this fiscal year with the intent of creating a group ecosystem through these businesses, andcontribute to society through coexistence with the Japanese social ecosystem.
TOKYO BOEKI GROUP

6

GROUP TOPICS
Domestic GroupTOKYO BOEKI MACHINERY LTD.

Started mass production of our new product,
the transportation support robot “CoRoCo”
In March 2020, we started mass production of “CoRoCo,” our transportation support robot.
It is the first product for our new SEEDs robotics/transportation support business. Mass production quickly started
after a product-development period of effectively just a year and a half. Our special sensor technology developed
for CoRoCo is highly versatile, and we anticipate that the next model will be developed in a short period of time. It is
expected that we can expand our product lineup to meet the needs of the market.
The business philosophy of the SEEDs Robotics Group is to “realize day-to-day life in which humans and robots ‘coexist’ and pursue ‘true wealth’ together with local people and communities.” TB-G values good communication withcustomers, partner companies, and everyone else involved in our business, and we will carry out activities deeply
rooted in local communities. Furthermore, we plan to create new businesses and co-create value with customers
and partner companies. Starting with CoRoCo, we will build up a track record and earn trust, aiming to make thisthe technology the one customers choose from among many options.

Energy Machinery Industry Group

Domestic Group

Mass production assembly at a production partner’s factory

TOKYO BOEKI MACHINERY LTD. / TOKYO BOEKI ENGINEERING, LTD.

Exhibit at the 19th International Conference & Exhibition
on Liquefied Natural Gas (LNG 2019 Shanghai)
In April 2019, Tokyo Boeki Machinery Ltd. and Tokyo Boeki Engineering Ltd. jointly exhibited the Niigata LNG Loading Arm at the 19th International Conference & Exhibition on Liquefied Natural Gas (LNG 2019 Shanghai), which washeld at the Shanghai World Expo Exhibition and Convention Center. This conference and exhibition is a large-scaleinternational event, held once every three years to highlight research of LNG, from development to utilization, and topromote exchanges. In 2019, the event was held in a grand manner, with more than 15,000 visitors in total coming
to Shanghai, China, which has undergone remarkable growth in terms of importing LNG. Tokyo Boeki Machineryand Tokyo Boeki Engineering introduced achievements they have made in various countries as the only LNG arm
supplier in Asia, and held business talks at their booth with many visitors from not only China but also Far East andSoutheast Asia. Going forward, both companies will continue to cooperate with each other so they can continuously
supply products that contribute to the global energy and LNG industry.

Domestic GroupOur exhibit boothTOKYO BOEKI ENGINEERING, LTD.

Received the Best Research Paper Award
from the Japan Institute of Marine Engineering
Recently, an academic paper on ERS1, a main component of marine loading arms for liquefied hydrogen2, titled “Thermal
Stress Performance of Emergency Release System (ERS) for Liquefied Hydrogen (authored by Akihiko Inomata, Ph.D.
of Kawasaki Heavy Industries, Ltd. and co-authored by Tsutomu Kawai of Development Design Group, Engineering
Department, Tokyo Boeki Engineering Ltd. (hereinafter, “TEN”), et al.)” received the Best Research Paper Award fromthe Japan Institute of Marine Engineering. The content of the paper covers “the structure of ERS for highly adiabaticliquefied hydrogen, and validity evaluation by comparison between thermal stress analysis during the design process
and measured temperatures of a prototype.” The ERS designed and prototyped by TEN has passed various tests usingliquefied hydrogen at the JAXA Noshiro Rocket Testing Center. We will continue advancing research and development
as a pioneer in cargo handling for liquefied hydrogen, which is a CO2-free energy of the next generation.
1. E mergency Release System. This is an emergency release system that safely disconnects from the tanker in a short amount of time,
without damaging the fluid within the loading arm, when an accident occurs.
2. T EN has participated in the “Cross-ministerial Strategic Innovation Promotion Program” sponsored by the Cabinet Office, and succeeded in developing the world’s first marine loading arm for liquefied hydrogen.

7

TOKYO BOEKI GROUP

3D solid element analysis model

Temperature distribution image

TOKYO BOEKI MECHANICS LTD.

Energy Machinery Industry Group

Domestic Group

Simple Fuel delivered to the TOYOTA INDUSTRIES CORPORATION
Takahama Plant
Tokyo Boeki Mechanics Ltd., in response to the needs of TOYOTA INDUSTRIES CORPORATION, which manufactures
fuel cell forklifts, delivered two units of Simple Fuel, a hydrogen generation machine, to its Takahama Plant (Takahama City, Aichi Prefecture). The products are installed facing the front entrance of the company’s plant, so they could
be widely promoted to visitors for the development of a hydrogen society. Four to seven forklifts are refueled withhydrogen per day.
This product is a machine that generates hydrogen through water electrolysis and performs all the work required torefuel fuel cells with hydrogen. It has the distinctive feature of not emitting carbon dioxide (CO2) in the process fromhydrogen generation to refueling. In addition, it can use renewable energy such as solar power for electric power,
making it an environmentally friendly facility.
Including the two units delivered to TOYOTA INDUSTRIES CORPORATION, we have delivered four units of this product in total. We have also delivered a large-scale high-pressure hydrogen compressor for hydrogen stations for fuelcell buses. As a group of professionals in the field of high-pressure gas, we will continue to play a part in the stablesupply of clean energy and contribute to society.

TOKYO BOEKI TECHNO-SYSTEM LTD.

Held a private show commemorating the 25th anniversary
Tokyo Boeki Techno-System Ltd. (TTS) celebrated its 25th anniversary in 2019, and held a private show (in-houseproduct exhibition and briefing) commemorating the 25th anniversary of TTS for four days from July to August at
the Atsugi Technical Center.
Various lectures and demonstrations were held, followed by enthusiastic question and answer sessions.
For the keynote speech, we invited a speaker from the Fraunhofer-Gesellschaft in Germany, the largest applied research institute in Europe, to explain systems that realize highly automated work on aircraft parts by utilizing industrial robots. A total of 403 customers from 152 companies visited TTS despite being in the midst of a hot summer.
Going forward, we will continue to develop and deliver products that meet the world’s needs, and aim for further
growth in step with our customers.

25th anniversary logo

COMET automatic measurement demonstration

Domestic Group

T.B. TECH CO., LTD.

Received the Data Science Award 2019
T.B. Tech Co., Ltd. (TBT) has started an AI education business as a new business. TBT opened the Data Scientist
Training Course for the manufacturing industry in fiscal year 2019, for which it received the Data Science Award2019. This course welcomed many trainees from major automobile manufacturers and their group companies, andwas held at the Toyota School (Toyota City, Aichi Prefecture) for three terms and at the Tokyo School for one term. In
particular, at the Toyota School, which is in a city where there are many major automobile manufacturers and othermanufacturers, we set up a simulated production line facility in the classroom as a training tool, and put efforts into
practical training to analyze problems that occur at manufacturing sites. We have received an increased number ofAI-related inquiries as a result of this activity. We will continue striving to meet customers’ expectations of TBT byfurther improving our AI/IoT technologies.

Technology, Automobiles and Information Industry Group

Domestic Group

Simple Fuel

Training course at the Toyota School

TOKYO BOEKI GROUP

8

Domestic GroupTB-eye Ltd.

Establishment of the SI Laboratory
In January 2020, we opened the SI* Laboratory in Kiba, Koto Ward. There is a growing need for solutions in the fieldof security systems that not only record images clearly and over long periods, but also analyze recorded images
and utilize them to prevent crimes and disasters. The SI Laboratory is equipped with four facilities: a lab into which
equipment is brought in order to check and evaluate systems, a verification room for recording and reading large
amount of video data to enhance the AI, a dark room for evaluating the function and performance of cameras, andan aging room in which systems are assembled before shipment to check long-term operation. TB-eye Ltd. released the image analysis application software, TB-eye AI Solution (TAS), in 2018. In order to meet the ever-growing
needs of society and customers, we will develop new systems using AI algorithms with the aim of being the oneand-only solution provider.

SI Laboratory*Acronym for systems integration.

Medical, Life and Science Industry Group

Domestic Group

Aging Room

TB-eye Ltd.

“License plate authentication” function added to TB-eye AI Solution (TAS)
The image analysis application software, TB-eye AI Solution (TAS), which was released in September 2018, began
to support “license plate authentication” as of December 2019. Combined with the “AI alarm” and “facial recognition,” which perform intrusion detection and people counting, this makes it possible to perform three types of image
analyses on one platform.
Fiscal year 2019 was a very successful year, with TAS being introduced in various fields such as commercial
facilities, public facilities, and transportation agencies, where it has earned high praise. In addition to the standard
features of TAS, we have also earned praise for customizing TAS according to our customers’ requirements, so they
can use it more conveniently and safely.
In the future, we will engage in deeper cooperation with our partner companies and further expand sales of the
product, which has proven useful for automation and labor-saving.

Domestic GroupTAS logo

Sample image of license plate authentication

TOKYO BOEKI MEDISYS INC.

Started import and sales of AFIAS,
an automated fluorescent immunoassay system
In January, Tokyo Boeki Medisys Inc. (TMS) started importing and selling AFIAS, an automated fluorescent immunoassay system made by a South Korean medical device manufacturer. In addition to regulatory approval for PCT(procalcitonin, a sepsis marker) and CRP (C-reactive protein, an inflammation marker), which we have already acquired, we are now aiming to obtain approval for myocardial markers such as D-dimer. We will continue to expand
the range of items that AFIAS can measure.
In addition, TMS is considering expansion into the field of infectious disease-related tests and will continue to meetthe diverse needs of hospitals and clinics, with the aim of contributing to society in the medical field.

9TOKYO BOEKI GROUPAFIAS-6, automated fluorescent immunoassay system

TOKYO BOEKI MACHINERY LTD.

Overseas GroupTOKYO BOEKI (RUS) LTD.

Industrial project business:
Completed our first project to export oxygen generators
The Russia & CIS Marketing Department of Tokyo Boeki Machinery Ltd. and TOKYO BOEKI (RUS) LTD. sold a large
oxygen generator, which is indispensable in the refining process of non-ferrous metals, to a major Russian zinc producer, and completed the final test run in April 2020. We have also received an order for a second project following
this one, with plans to execute it in the next term. Although the Russian market is currently facing a difficult phaseof economic stagnation and a weak domestic currency due to COVID-19, we will firmly maintain our core businesses, including the sales of electron microscopes and welding machines, for which we have steadily conductedsales activities. At the same time, we will expand and strengthen our business foundation by cultivating industrial
project-type businesses, such as our newly added oxygen generator, in order to further boost the presence of Tokyo
Boeki in the Russian and CIS markets.

TOKYO BOEKI MATERIALS LTD.

Materials, Resource and Metal Industry Group

Domestic GroupFirst project: the oxygen generator which has been delivered

Promotion of various businesses includinga Chinese coal-complex project
We are participating in a coal-complex project in China through a Chinese joint venture, and started
commercial production of our core product, coking coal, last year. We plan to reach full production in
two years, which will make us more competitive, and will continue to deepen the cooperation with our
project partners and contribute to the expansion and development of this business through the sales ofcoking coal.
In the materials business, we are working to integrate the business by expanding sales through OEM
production, which will enhance the price competitiveness of our refractory bricks, and promoting continuous order-taking by introducing operations of residual thickness measurement.
Furthermore, in the steel business, we are promoting business development in the Southeast Asia region. In India, our goal is to capture demand for stainless steel, which is expected to grow in the future.
In Indonesia and Vietnam, we will enter the construction business to expand our steel transactions.

Medical, Life and Science Industry Group

Domestic Group

Chinese coal complex project: Chiyu Coal Mine

Tokyo Boeki Group
Started operation of new group core system OBIC7
Until now, Tokyo Boeki Group has used “TIS,” its own in-house core system. In order to realize “operational efficiency” and “optimization of our business management foundation
for the entire group,” we put OBIC7, our new core system, into full operation in the areas of accounting, human resources, and assets, starting in April 2020.
Our basic policy for new ERP construction is to introduce standard packages as much as possible, without adding to the system (add-on). We have selected OBIC7 from amongmajor ERP software options, with the aim of building a system that can seamlessly accommodate changes in the world, including legal compliance and consumption tax hikes.
Using this system, which is both agile and highly flexible, we will further improve the efficiency and the sophistication of our group management.

TOKYO BOEKI GROUP

10

CLOSE-UP
Introduction of Group Companies
Energy Machinery Industry Group

Basic Facts

EstablishedTOKYO BOEKI ENGINEERING LTD. Head OfficeThrough the manufacture of fluid loading equipment,
we contribute to the stable distribution of energy
resources and connect the world.

Factory
Service Centers
Representative
Capital Stock
Number of Employees

November 28, 2002
Kyobashi Edogrand, 2-2-1
Kyobashi, Chuo-ku, Tokyo
Nagaoka City, Niigata Prefecture
Nagaoka, Chiba, Nagoya, Osaka, Fukuoka
Hideshige Tsubouchi, President
400 million yen
216 (March 31, 2020)

Loading arm businessTokyo Boeki Engineering Ltd. (TEN) is engaged in the development, design, manufacture, and after-sales service for fluid loading equipment, including loading arms. A loading arm is a metal
fluid loading equipment used around the world to load and unload
energy resources. Based on a manufacturing and sales system
in cooperation with the group sales company, Tokyo Boeki Machinery Ltd., TEN responds to the requests of customers all over
the world with loading arms that can accommodate all types ofliquids. Our core product, a marine loading arm for LNG (liquefied
natural gas), boasts an overwhelming market share in Japan.
We have delivered more than 300 units to countries across theworld, including Japan.

Loading arms

Transports oil and gas mainly from tanker ships to tanks on shore

Development of the world’s first marine loading arm for liquefied hydrogen!
TEN has participated in the “Development of Cargo Loading/Unloading System for Liquefied Hydrogen and the Relevant Rules for Operation,” which is one of the project1
themes promoted by the Cabinet Office, developing the world’s first marine loading arm for liquefied hydrogen.
Moving forward, TEN will continue to participate in the marine transport demonstration project for liquefied hydrogen, which is part of the NEDO2 project, “The Demonstration Project for Establishment of Mass Hydrogen Marine Transportation Supply Chain Derived from Unused Brown Coal.” In anticipation of future commercialization,
TEN aims to realize a sustainable society by promoting the development of technology to make the marine loading arm for liquefied hydrogen larger and more lightweight.
1: Cross-ministerial Strategic Innovation Promotion Program (SIP)
2: The New Energy and Industrial Technology Development Organization (NEDO)

Loading arms and the hydrogen supply chain
Loading Arm

Loading Arm

LiquefiedHydrogenHydrogen Production
Handling
and Storage Producing Country

11

TOKYO BOEKI GROUP

HandlingJapan

Storage

HydrogenUtilization

Marine loading arm
for liquefied hydrogen

CONSOLIDATED COMPANIESDomestic Group Companies

Overseas Group Companies

TB-eye Ltd.

USA

President: Wonyong Kim
Business Description: Import and sales of security system devices; Development,
manufacture, and sales of peripheral devices for security
systems; Design, installation, and after-sales service of security systems

TOKYO BOEKI NORTH AMERICA, INC. (KENTUCKY)TOKYO BOEKI MACHINERY LTD.
President: Hideshige Tsubouchi
Business Description: Sales of fluid loading equipment and related devices, andvarious plant-related devices; Export trading of scientificinstruments for educational and science and technologyrelated facilities mainly in the CIS nations

TOKYO BOEKI ENGINEERING, LTD.
President: Hideshige Tsubouchi
Business Description: Development, design, manufacture, sales, and after-sales
service for fluid loading equipment

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, and maintenance of 3D measurement instruments
and related software

TOKYO BOEKI MATERIALS LTD.
President: Hiroshi Shigezumi
Business Description: Business development and import/export related to materials,resources, and metals

President: Yasunori Inoyama
Business Description: S ales and service of 3D measurement instruments andrelated software

CHINA

TOKYO BOEKI (CHINA) LTD. (SHANGHAI)
President: Masaaki Sugihara
Business Description: M aterials, resources, steel business, and new businessdevelopment in China

TTS (GUANGZHOU) CO., LTD. (GUANGZHOU)
President: Yukimasa Kuramochi
Business Description: S ales and service of 3D measurement instruments andrelated software

THAILANDTBTS (THAILAND) CO., LTD. (BANGKOK)
President: Taro Nakazato
Business Description: S ales and service of 3D measurement instruments andrelated software

CIS

TOKYO BOEKI (RUS) LTD. (MOSCOW)
General Director: Keiji Takigawa
Business Description: I mport/export and sales of scientific instruments for educational and science and technology-related facilities in
CIS nations

TOKYO BOEKI MECHANICS LTD.
President: Shigeru Moriyama
Business Description: Sales and maintenance of gas-related devices

TOKYO BOEKI MEDISYS INC.
President: Yuta Tanaka
Business Description: Development, manufacture, and sales of automatedanalyzers used in clinical examinations for hospitals andmedical testing facilities

T.B. TECH CO., LTD.
President: Yasuhide Kanai
Business Description: Contract development of software and packaged software, building network systems, system outsourcing,consultancy services, temporary staffing

tb innovations LTD.
President: Hyunmin Go
Business Description: Strategic investment (corporate venture capital), consulting, new business development(As of June 29, 2020)
TOKYO BOEKI GROUP

12

FINANCIAL REVIEW
Financial Highlights
Net Sales

44,756(Million yen)

42,44944,90044,072

Operating Income

47,091

5,178
2,998

2015

2016

2017

2018

Ordinary Income(Million yen)

2019

3,648

2015

(Million yen)

3,970

4,169

2017

2018

2016

2019

Net Income Attributable to Owners of Parent(Million yen)

5,338
3,963

4,162

3,756

4,410

2,916

2015

2016

2017

2018

2019

Earnings Per Share

(Yen)

1,848

2,020

2015

2016

595
337

2015

13

TOKYO BOEKI GROUP

653

2016

33,777

2017

2018

2019

2017

2018

2019

2015

(Million yen)

Net Assets

35,123

20,266394

2,994

Total Assets / Net Assets
Total Assets

832

2,812

37,111

22,445

2016

40,75824,8752017

42,972

27,322

2018

30,5422019

Consolidated Financial Statements
Consolidated Balance Sheets
Account Item

(Million yen)

2019

2018

As of March 31, 2020

As of March 31, 2019

AssetsConsolidated Statements of Income(Million yen)

2019

2018

April 1, 2019 –March 31, 2020

April 1, 2018 –March 31, 2019

Net sales

47,09144,072

Account Item

Current assets

33,78232,308

Cost of sales

30,59428,765

Non-current assets

9,189

8,449

Gross profit

16,49615,307

3,556

3,482

Selling, general & administrative expenses

11,318

11,137743

400

Operating income

5,178

4,169

4,889

4,566

Non-operating income

413

391

42,97240,758Non-operating expenses

253

150

Ordinary income

5,338

4,410

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

Current liabilities
Non-current liabilities
Total liabilities

11,473

12,383

Income before income taxes

5,338

4,410

956

1,051

Income taxes

1,576

1,405

12,43013,435

Net income

3,762

3,004

Net income attributable to non-controlling interests

5

10

Net income attributable to owners of parent

3,756

2,994

Net assets

29,80426,550Capital stock

5,000

5,000

Retained earnings

25,36822,115

(564)

(564)

Accumulated other comprehensive income

549

600

Non-controlling interests

187

171

Total net assets

30,542

27,322

Total liabilities and net assets

42,97240,758

Shareholders’ equity

Treasury stock(Notes) Amounts have been rounded down to the nearest whole unit.

TOKYO BOEKI GROUP

14

COMPANY OUTLINE / STOCK INFORMATION
Company Outline (As of March 31, 2020)
Tokyo Boeki GroupTokyo Boeki Holdings Corporationand 15 group companies

Established

October 30, 1947

Capital Stock

5.0 billion yen(Shareholders’ equity: 29.8 billion yen)
1,118

Employees

Tokyo Boeki Holdings Corporation
Head Office(Pure holding company) KYOBASHI EDOGRAND, 2-2-1 Kyobashi,
Chuo-ku, Tokyo 104-0031 Japan

Executives of Tokyo Boeki Holdings Corporation (As of June 29, 2020)

Stock Information (As of March 31, 2020)
Total Number of Authorized Shares
Total Number of Stocks Issued

Number of Shareholders

38,519,920 shares
Common Stock 4,281,140 shares(Excludes treasury stock)
Class A Preferred Stock 1,700,000 shares
122

Name of Shareholder

Numbers ofRatio of
Stocks Held Shareholding

Tokyo Boeki Ltd.

1,700,000 shares

28.42%

Tokyo Boeki Employee Share Holding Commission

604,000 shares

10.11%

Tokyo Marine & Nichido Fire Insurance Co., Ltd.

498,000 shares

8.33%

The Toa Reinsurance Company, Limited 408,000 shares

6.82%

MUFG Bank, Ltd.

249,000 shares

4.16%

Nippon Life Insurance Company

120,000 shares

2.01%* 1,700,000 shares of Tokyo Boeki Ltd. are Class A Preferred Stock.

Board of Directors / Operating Officers
Representative Director, Chairman & CEO

Hiroshi Machida

Representative Director, President

Sanshiro (Tomihiro) Katoh

Director, Executive Vice President

Hideshige Tsubouchi

Director

Wonyong Kim

Operating Officer

Shingo Nakagawa

Our Group Website
A variety of contents are available on the website, including thelatest news of the Company and an introduction to our business.

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

Board of Corporate Auditors
Standing Audit & Supervisory Board Member

Hideyuki Kikuchi

Audit & Supervisory Board Member

Hideyuki Maeno

Audit & Supervisory Board Member

Miho Numata

TOKYO BOEKI GROUPKYOBASHI EDOGRAND, 2-2-1 Kyobashi, Chuo-ku, Tokyo 104-0031 Japan
TEL: 03-6841-8300 FAX: 03-6841-8388