Annual Report
April 1, 2012 - March 31, 2013

2-13-8, Hatchobori, Chuo-ku, Tokyo 104-8510 TEL. 03-3555-7211 FAX. 03-3555-7079

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

This report was printed using an
eco-friendly vegetable oil ink.

Message from the CEO
I hope that all of our shareholders are doing well and I would
like to express my appreciation for your loyal support.
In October of last year, Tokyo Boeki celebrated the 65th
anniversary of our founding. Our longevity is entirely due tothe support of our shareholders and many other people, andI would like to oﬀer my heartfelt gratitude.
I would like to take this opportunity to deliver ourcompany's 93rd term annual report (April 1, 2012 - March
31, 2013), as well as to give a brief message regarding thestatus of our company.
Regarding the global economy in ﬁscal year 2012 ,
economic slowdown continued due to concern regarding
the ﬁscal and ﬁnancial crises in Europe. The overall global
economy was weak. Conversely, although the outlook for
the Japanese economy remains uncertain a series of policies
for economic recovery have been implemented since the
new government administration started in December 2012.
Results have begun to appear in the form of correction for
yen appreciation, rising stock prices, and increased business
conﬁdence among corporations and consumers. The future
outlook is rapidly improving every day.
Amidst this management environment, the Tokyo Boeki
Group (TB-G) has taken action in our 4 groups of “Energy
Machinery Industry,” “Technology, Automobiles andInformation Industry,”“Resource, Metal and Materials
Industry,” and“Medical, Life and Science Industry” to maximize

Financial Highlights for fiscal year 2012 (April 1, 2012 to March 31, 2013)
our corporate value and to realize continuing growth. We areachieving our goals through the provision of highly-specialized
and unique business and services which are integrated frommarketing to manufacturing, sales and maintenance.
Although net sales for the 93rd term have slightly decreased
to 44,791 million yen, we successfully realized proﬁts of
3,038 million yen, our highest ever.
This termʼs dividend amount will be ¥ 13 per stock.
Furthermore, to celebrate the start of Tokyo Boeki Holdings
Corporation in July 2013, a commemorative dividend of ¥3
per stock will be added to bring the total dividend to ¥16
per stock. This amount realizes distribution to shareholders
in a continuous and stable manner, even as our company
secures the internal funding necessary for active investment
in existing businesses and new businesses.
As we move towards our groupʼs ambitious goals as deﬁned inthe 30-Year Vision formulated in 2007, we will change ourcompany name from Tokyo Boeki Ltd. to Tokyo Boeki
Holdings Corporation and increase the capital to 3 billion yen
in July of this year. Under this new name, our entire group shallpush forward and make unceasing eﬀorts to establish the
TB-G federated management system which is unwavering
under any circumstances.
I would like to ask all of our shareholders for your continued
support and encouragement in the future.
June, 2013

□ Net Sales(Million yen)2012

44,791

2012

2011

46,2362011

2010

46,2782010□ Operating Income(Million yen)

2011

2010

(yen)

340.99260.47
180.76

2010(Million yen)

□ Total Assets / Net Assets

3,038

2011

1,352
971

2011

2,810

2012

1,715

2012

1,883

□ Ordinary Income(Million yen)

□ Earnings Per Share

2,995

2012

2010

□ Net Income

28,832

2012

13,074

2011

2,897
2,022

Upper Bar:Total Assets(Million yen) Lower Bar:Net Assets

28,193

10,923

2010

28,974

9,812

Tokyo Boeki Group founding spirit = TOMAS spirit
2010

2011

2012

April 1, 2010 – March 31, 2011

April 1, 2011 – March 31, 2012

April 1, 2012 – March 31, 2013

Net Sales (Million yen)

46,27846,23644,791

Operating Income (Million yen)

1,883

2,810

2,995

Ordinary Income (Million yen)

2,022

2,897

3,038

971

1,352

1,715

Earnings Per Share (yen)180.76260.47340.99Total Assets (Million yen)

28,97428,193

28,832

Net Assets (Million yen)

9,812

10,923

13,074

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

Net Income (Million yen)Management Ideals and Values of the Tokyo Boeki GroupThe Tokyo Boeki Group aims to be an inspirational company
that allows employees to realize their dreams through theirwork. Each employee will take pride in themselves andcontribute to the global company.
1

Hiroshi Machida

Tokyo Boeki Group Chairman and CEO

2

Segment Information
En e r g y Machinery Indu s try Gro up

Net Sales

Operating Income

Ratio of sales

Net Sales

Operating Income

Ratio of sales

12,936 Million yen

2,174 Million yen

29％

15,764 Million yen

164 Million yen

35％

In the Energy Machinery Industry Group, demand for thermal powerand LNG increased significantly as a result of the debate regarding
nuclear power. On the other hand, restructuring of the oil industry has
continued through the Law Concerning Sophisticated Methods ofEnergy Supply Structures. Although appreciation of the yen started to
improve from the second half of the 93 rd period, cost competition
with foreign companies remains fierce. Although business remained
strong based on trusting relationships with customers established overmany years, both revenue and profit decreased for our group.

Technology, Automobiles and Information Industry Group3

In the Resource, Metal and Materials Industry Group, profits increased in the
resource business due to large contracts. The metal industry continued to sufferfrom decreased competitiveness of Japanese-manufactured products due to ahistorically high yen. Even so, profits increased thanks to securing newcustomers in the Southeast Asian market. In the materials business, there was
fierce competition for market share of refractory materials due to businessmergers between major corporations in the steel industry. However, profits
increased due to a shift from a rising yen to a falling yen in the exchange
markets. Although the construction materials business worked to reduce costs
and streamline operations as the yen began to fall in the second half of the 93rd
period, the business still incurred a significant decrease in both revenues andprofits. Overall, our group recorded increased revenues and decreased profits.

Domestic Group

Domestic GroupTOKYO BOEKI MACHINERY LTD.
NIIGATA LOADING SYSTEMS, LTD.
TOKYO BOEKI MECHANICS LTD.

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

Overseas GroupNet Sales

Operating Income

Ratio of sales

Net Sales

Operating Income

Ratio of sales

6,547 Million yen

948 Million yen

14％

9,848 Million yen

776 Million yen

22％

In the Technology, Automobiles and Information Industry Group, theshare of Japanese cars in the Chinese market fell sharply due todeteriorating Japan-China relations. However, the appreciating yen
caused automotive manufacturers to actively invest overseas, resulting
in an increased overseas sales ratio for our main automobile
related-equipment such as 3D measuring devices. Furthermore, sales
continued to increase for markets other than the automotive industry,
with the ratio among total sales steadily increasing. In the informationindustry, there were almost no large-scale development projects such as
development of core systems. Even so, our group succeeded in realizing
increased revenues and profits.

Resource, Metal and Materials Industry Group

Medical, Life and Science Industry GroupIn the Medical, Life and Science Industry Group, the security businessexperienced a major shift in security camera systems from analog to IP.
Even so, the overall market for security cameras increased only slightly.
Amidst such conditions, the business succeeded in achieving significant
increases in revenues and profits by greatly expanding sales throughenhancement of total services at domestic sales centers. In the medical
instrument business, sales of the main product BiOLiS decreased below
the number of units sold during the previous fiscal year. This decrease
was due to a stagnant global economy and the effect of exchange rates.
Nonetheless, the business achieved increased profits by streamlining
costs. In the scientific instrument business, both revenues and profits
decreased due to slow orders for scientific instruments in the Russian
market. Overall, our group recorded increased revenues and profits.

Domestic Group

Overseas Group

Domestic Group

Overseas GroupTOKYO BOEKI TECHNO-SYSTEM LTD.
T-BICS INC.
T. B. TECH CO., LTD.

TOKYO BOEKI NORTH AMERICA, INC.
TBTS (THAILAND) CO., LTD.
TTS (GUANGZHOU) CO., LTD.

TB-eye LTD.
TOKYO BOEKI TECHNOLOGY LTD.
TOKYO BOEKI MEDISYS INC.

TOKYO BOEKI (RUS) LTD.
TOKYO BOEKI (U.S.A.), INC.
MONITOR PRODUCTS, INC.
4

The future prospects

Director, Executive Vice President
Responsible for new business strategy of the group
President of Tokyo Boeki Machinery Ltd.

Hideya Goami

Director, Executive Vice President
Responsible for new products andnew technology strategy of the group
President of Niigata Loading Systems, Ltd.

Director, Executive Vice President
Responsible for new management systemstrategy of the group
President of Tokyo Boeki Techno-System Ltd.

Takao Iguchi

Toshiaki Ueda

Masayoshi Tanaka

Constructing new business of TB-G

Realizing group synergy

Constructing the new management system “TIS”

Expansion into overseas markets

I am responsible for the new business strategy of the Tokyo Boeki Group(TB-G). As such, I seek to increase sales and income for TB-G within our
3rd Three-Year Business Plan, and to construct new business based on themarketing capability of TB-G. The field of new business will focus on themachinery field in which TB-G has many years of experience. ThroughM&A with development and manufacturing companies that possess
technological capability both domestically and overseas, I seek to develop
business which create a synergistic effect with TB-G and have the potential
for sales of 10 billion yen as a single business. The medical business of thegroup company Tokyo Boeki Medisys Inc. started as a new business in1999 . Currently, the business has grown into an outstanding future
prospect, with the main product of blood analyzers being exported tomore than 70 countries and more than 5 , 500 units sold. As part ofachieving our 30-Year Vision, I will work my hardest to contribute to theimprovement of TB-G through the development of new business.

The Tokyo Boeki Group (TB-G) is composed of 4 groups: Energy
Machinery Industry;Technology, Automobiles and Information Industry;Resource, Metal and Materials Industry; and Medical, Life and Science
Industry. We have strived to expand our business by providing products
and services with high added value. In order to achieve further growth, wemust continue to provide new products and technology which meet theneeds of customers. The majority of product and technology development
at TB-G has been conducted completely within group companies. TB-G has
integrated the management of development plans for each company inorder to provide the group with feedback and useful information. This has
enabled group companies to share useful information, as well as topromote and support the development of new products and newtechnology in each company. I will improve the synergy within our group.

I am responsible for the new management system strategy for our group.
I am constructing a new system which can be implemented horizontally
throughout the group to improve the overall management system of TB-G.
Specifically, I am implementing the following 5 items.

Since its founding in 1947, Tokyo Boeki has led other companies in using
its unique market strategy to expand overseas in markets including China,
Russia and Australia. As of today, we conduct business in 72 countries
throughout the world. We are steadily expanding our network of overseas
offices in India, Indonesia, Vietnam, Mexico and China; specificallyShanghai, Beijing and the growing city of Guangzhou. One of our priority
markets is Asia, which is forecasted to experience economic growth in the
future. In particular, we are focusing on Thailand, which is growing as thecenter of the automobile industry in Asia; China, which boasts the worldʼssecond-largest GDP; India, which possess a huge market that will lead theglobal economy in the future; Myanmar, which is expected to experience
economic growth due to democratization; and Indonesia, which has a highgrowth rate even among ASEAN countries (due to its internal demand).
Another priority market is North, South and Central America with a focus
on Mexico, which is adjacent to the vast US market and continuous, stable
growth through manufacturing of automobiles and home appliances. We
shall utilize this network throughout our entire group and further enhancehiring and education programs for our global personnel. Furthermore, wewill provide Japanʼs high quality products in the fields of Energy Machinery
Industry;Technology, Automobiles and Information Industry; Resource,
Metal and Materials Industry; and Medical, Life and Science Industry. At
the same time, we will expand businesses which contribute to theprosperity of each region.

Energy Machinery
Industry

Technology, Automobiles
and Information Industry

Resource, Metal andMaterials Industry◎ Development of a system which will improve user functions and achievea direct link with management for TIS, a core system which horizontallyconnects sales, accounting, human resources, payroll and assets forcompanies in TB-G.
◎ Construction of a system for management analysis tools which use
Business Intelligence (BI).
◎ Implementation of groupware which uses a computer network to share
information throughout our entire group, in order to improve overall
administrative efficiency.
◎ Establishment of a robust backup server
from the perspective of business
continuity in the event of a disaster.

Group synergy

5

Director, Executive Vice President
Responsible for overseas market strategy of the group
President of Tokyo Boeki Steel & Materials Ltd.

◎ Promotion of the acquisition of ISO
14000 (environmental management
system), in order to standardize andincrease the efficiency of administrative
tasks headed by Tokyo Boeki Holdings.

Medical, Life and Science
Industry

TB-G New Management System

Main system
Business analysis
Intelligence sharing

Environmental Management System
ISO140006Group Topics
Technology, Automobiles and Information Industry Group

Energy Machinery Industry Group
Domestic GroupTOKYO BOEKI MACHINERY LTD.

Domestic Group

Development of “COMET ROBOT,”a non-contact automatic measurement device

Market launch for first product with commercial use of PowerNES
PowerNES (a power module composed of a solar panel and lithium ion battery) has maderemote surveillance possible using a revolutionary independent power source, similar tooperating a web camera and mobile phone router. In March 2013, the first product was
sold in Mie Prefecture as a surveillance tool for the river-mouth closings and floodgates ofrivers. The ability to confirm surveillance images at a remote computer makes the system
ideal for surveillance of rivers and landsides during times of disaster. Furthermore,demand is forecasted from the broadcasting industry as a response to the request by lastyearʼs Cabinet and Ministry of General Affairs for “operation of broadcasting devices
within 3 days after power outages caused by earthquake.”
Domestic Group

Remote surveillancesystemNIIGATA LOADING SYSTEMS, LTD.

Responding to increased LNG demand
Demand for LNG has rapidly increased due to the shift from nuclear power to thermal
power as an energy source for generating electricity. In order to respond to thissignificant increase in demand, the expansion and construction of related shipping
and receiving terminals is forecasted for the near future. Accordingly, we expect
increased demand for our products such as LNG loading arms and low-temperaturebutterfly valves. The photograph shows a customer watching the shop erection test
conducted last year for an LNG loading arm at our companyʼs Nagaoka Factory.

Domestic GroupThe manufacturing industry has become increasingly automated in recent years. Our
company has developed COMET ROBOT, a combination of a robot and thenon-contact measurement camera COMET which we import from Germany. Simply
by placing the object to be measured on an automatic rotating table, the COMET
camera attached to the robot conducts fully automatic measurement using an offline
teaching program (instructing the robotʼs movement via computer) developed by ourcompany. In this way, we provide systems which combine our companyʼs unique
technology with overseas products. In addition to being consistent with ourcompanyʼs goal to increase our ratio of in-house products, such systems possess highadded value. COMET ROBOT received high acclaim from customers at private showsheld in Atsugi and Toyota. We expect sales to increase in the future.

Domestic GroupCOMET ROBOT system

T-BICS INC.

Full-scale operation of group-wide core system “TIS”

Shop erection test of
LNG loading arm

Full scale operation has begun for TIS, a core system shared by all companies in TB-G.
T-BICS is seeking to further improve the systemʼs functions through connection withconsolidated accounting systems and construction of a BI system for efficientutilization of management analysis data. We are also working to enable access frommobile devices such as smartphones and tablets. Furthermore, we are utilizing thelatest information technology to contribute to the construction of a group federation
management system which incorporates groupware.

TIS server

TOKYO BOEKI MECHANICS LTD.
Domestic Group

Development of clean energy devices
In the 2012 fiscal year, the prototype for a hydrogen separation membrane wasdeveloped for the research center of a joint development partner in the coal industry.
The prototype is now in the demonstration test stage. Commercialization isscheduled after approximately 2 years of demonstration testing. Furthermore, as partof the governmentʼs “hydrogen highway concept,” hydrogen stations will be built in
100 locations throughout Japan by fiscal year 2015 . In preparation, we arecooperating with corporations in the coal industry and plan to sell hydrogencompressors. As we seek to spread new forms of clean energy, we will conduct
further development and sales of related devices.
7

TOKYO BOEKI TECHNO-SYSTEM LTD.

Installation work for hydrogen
separation membrane

Source: HySUT homepage
HX Suginami Hydrogen Station

T.B. TECH CO., LTD.

Increasing the product competitiveness of our analytical softwarefor 3D measurement devices
We have developed functions for the new 2012 version. New functions include abest-fit function, a curvature thinning function, a wizard editing function, andlightweight polygon data. Adding these new functions has further increased the
production competitiveness of our software. Starting in May 2013, the new functions
will be introduced at update seminars, which we will hold for our customers withcooperation from Tokyo Boeki Techno-System Ltd.

[One-Point Explanation: What is thinning?]
Thinning refers to using a large amount of point
cloud data as a base for reducing the amount ofdata while maintaining the characteristic shape.
Thinning methods include regular-interval
thinning and curvature thinning.

8Group Topics
Resource, Metal and Materials Industry Group

Technology, Automobiles and Information Industry Group
Overseas GroupTOKYO BOEKI NORTH AMERICA, INC.

Domestic Group

Establishing company and expanding in Mexican market

Strategic partnership agreement with Indiaʼs Himadri

In 2012, nearly 14.5 million automobiles were sold in the US, the highest number since
the Lehman Shock. In 2013, sales are expected to remain strong and the number of
automobiles sold is forecasted to exceed 15 million. There is active investment in the
Mexican market for automotive-related products. TBNA has received many orders forthe construction and expansion of factories owned by Honda, Nissan, Mazda and their
suppliers. We have decided to establish a local company in order to further expand ourbusiness in the Mexican market. We are currently preparing to open the company in July.

Our company has entered a strategic partnership agreement with Indiaʼs Himadri
Chemicals and Industries Ltd., a manufacturer of carbon chemical products such ascarbon black, coal tar pitch and anode materials for lithium ion batteries. We havestarted handling Himadriʼs products and are working to expand into new businesses. In
the strategic market of Asia and Oceania, we will utilize our overseas bases in China,
Australia, Indonesia, Vietnam and India to achieve further business expansion.

Overseas Group

TBTS (THAILAND) CO., LTD.

Rapid growth of automobile supplier market
The Thai automotive industry has grown rapidly since the second half of 2012, after
recovering from severe flooding. In response to this strong demand, existing suppliers
have all begun adding new facilities in order to increase production. The supplier market
is rapidly expanding due to the presence of new competitors from other industries, aswell as to full-scale participation by local suppliers who have been promoted to Tier 1. In
addition to increased production capability, demand is starting to diversify due to some
corporations seeking to expand the operations of their local subsidiaries into R&D, as
well as the establishment of regional headquarters in preparation for ASEAN integrationin 2015. The rapidly growing automotive market is forecasted to become an even more
appealing market in the future.

Education of personnel at Mexican office.
Maintenance training for automobile part
automatic measurement system scheduled fordelivery in JuneFirst contract for the CCD
non-contact system COMET
with Shin-ei, a Japanese diecast
manufacturer which is a newparticipant from the IT applianceindustry and seeks to become a
Tier 1 supplier in the automobile
industryFirst contract for non-contact
Vectoron System for panel
measurement with the local
corporation TAT

Overseas GroupTTS (GUANGZHOU) CO., LTD.

TOKYO BOEKI (AUSTRALIA) PTY. LTD.

In addition to our conventional business style between Japan and Australia, we areusing Australiaʼs business in Asia and Oceania to expand our business throughout all ofAsia. We are strengthening partnerships with overseas subsidiaries and overseas offices
in our group. Some examples include the Indonesian power business which uses lignite
processing technology from Australia; the fertilizer business in the Australian, theSoutheast Asian and the Japanese markets; and the graphite business connecting
Australia, India and Japan. We will continue our efforts for growth in the Asia andOceania region.

Factory for manufacturing coal briquettes

TOKYO BOEKI (CHINA) LTD.

Expanding sale of steel products to the resource industry

Trends in new R&D facilities by foreign automobile manufacturers
China is now the worldʼs largest producer of automobiles. In addition to establishingproduction centers, foreign automobile manufacturers are developing vehicles which meetthe needs of local Chinese consumers. Accordingly, these manufacturers are establishing
R&D centers, thus creating a great business opportunity for our company. We alreadydeliver large amounts of 3D measurement devices and clay model processing machinery
manufactured by Tokyo Boeki Tecno-System to Japanese automobile manufacturers. In
the future, we plan to expand our sales to include western manufacturers.

Factory of Himadri Chemicals and Industries Ltd.

Shifting from Australia to entire Asian market

Overseas Group
Overseas Group

9TOKYO BOEKI STEEL & MATERIALS LTD.

Clay model processing device
used in design

There is steady growth in our sales of steel products to the resource industry, a business
which we have conducted for some time now. As “the worldʼs factory", China isexporting a large amount of equipment for the resource industry. Our company sells
Japanʼs high-quality steel products to Chinaʼs equipment manufacturers. Even within an
unstable international economic environment, the demand for resources continues togrow. We forecast that demand will remain strong in the future for steel products usedin the resource industry. Our company will continue to increase our sales through our
high-quality steel products and comprehensive customer service.

High-quality Japanese steel products

10Group Topics
Resource, Metal and Materials Industry Group
Overseas GroupTOKYO BOEKI (BEIJING) LTD.

Domestic GroupTOKYO BOEKI TECHNOLOGY LTD.

Acquired exclusive distribution rights to Japan for coke oven bricks

Increasing sales in the field of resources and energy

In our core business of refractory materials, while supplying Chinese refractory bricks,
we have also developed bricks manufactured in Luoyang for hot repair of coke ovens.
Furthermore, we acquired exclusive distribution rights to Japan for these bricks. We arealso working to supply functional refractory materials and other high added-value
products to a wide range of customers. Our companyʼs development division has
developed oxidized chrome and pitch, and has created a casting product for use in
brake boxes of trains in Russia. We are making every effort to establish these newdevelopments as core businesses.

From June 16th to 20th, 2012, we exhibited in cooperation with a local dealer at a
welding exhibition held in the city of Novy Urengoy (Russia, Northwest Siberia), the basefor Gazprom Company, which is the worldʼs largest producer and supplier of natural gas.
Also participating in the exhibition was the manufacturer Denyo Co., Ltd., a business
partner of our company. Visitors were impressed by our display and demonstration ofmachinery with special Russian specifications. In the future, increased demand isforecasted in the Russian resources and energy field for engine welding machinery usedin pipeline repairs. We seek to expand sales in this field.

Hot repair bricks

Welding display at our companyʼs booth

Medical, Life and Science Industry Group
Domestic GroupTB-eye LTD.

Overseas Group

Establishing a manufacturer trading company

Opening ceremony for Kazan Techno Park

In order to establish a total-service manufacturer trading company, our company isexpanding into the fields of digital signage and digital intercom systems, based on ourcore security business. Through our partnership with Koreaʼs Samsung Techwin, we
contribute to the safety and security of society through our business. From 2012, oursecurity business launched our own TB-eye brand camera into the Japanese market,
bringing us one step closer towards realizing our goal .

On November 27th, 2012, the open ceremony was held for Kazan Techno Park IDEA, locatedin Kazan City, Republic of Tatarstan, Russia. This techno park was established for the promotionof industry, an area which is the focus of national policy in Russia. Last year, our company
delivered scientific instruments manufactured by Nihon Denshi, Nikon and Rigaku to thetechno park. We introduced these products at the parkʼs opening ceremony, which wasattended by many important individuals from political, business and scientific circles, including
the President of the Republic of Tatarstan and the President of Rusnano Corporation, ajoint-stock company created and owned by the government of Russia. The ceremony was awonderful opportunity to introduce advanced technology and products from Japan.

Samsung Techwin security products

TB-eye brand camera

Domestic GroupTOKYO BOEKI MEDISYS INC.

Overseas Group

Selling new products in the BiOLiS series of biochemical
automatic analyzers
We started sales of the BiOLiS 50i Superior and the BiOLiS 15i Neo, products whichhave inherited the key concepts of “compact functionality” and “high quality” from the
BiOLiS series, which has sold a total of more than 5,300 units. Through our lineup of
3 machines, we will further heighten brand recognition, broaden our customer base andexpand our medical business.

* BiOLiS 15i Neo: Compact machine targeting mainly clinics and other private hospitals.

At the opening ceremony

TOKYO BOEKI (U.S.A.), INC.

Social contribution through environmentally-friendly energy business

BiOLiS 50i Superior* BiOLiS 50i Superior: Latest mid-sized machine for blood analysis at hospitals,
which are mainly in the intermediate class or larger.

11

TOKYO BOEKI (RUS) LTD.

BiOLiS 15i Neo

In response to recent rising energy prices and environmental issues, our company
seeks to expand our business through sales expansion existing heating equipment andby starting new businesses, such as proposal of partial air conditioning throughhigh-efficiency cooling and heating equipment, as well as proposals for using clean
energy such as wind and solar power. Furthermore, we are taking advantage of our
location in the U.S. and cooperating with companies in TB-G in order to realize global
expansion of businesses related to facilities, equipment and material for the gas
energy market, a field for which growth is forecasted in the U.S.

Wind power

Heat pump (air conditioning)

12Financial Review

Company Outline / Stock Information
units:thousands of yen

Consolidated Statements of Income
Account Item

Net Sales
Cost of sales
Gross Profit
Selling, general & administrative expenses
Operating Income
Other income
Other expenses
Ordinary Income
Extraordinary loss
Income before Income Taxes for the Fiscal Year
Corporate, inhabitant and enterprise taxes
Corporate tax adjustments
Minority interests in income
Net Income

2012

2011

April 1, 2012 – March 31, 2013

April 1, 2011 – March 31, 2012

44 , 791 , 763
33 , 434 , 142
11 , 357 , 620
8 , 361 , 978
2 , 995 , 642
224 , 062
180 , 841
3 , 038 , 862

46 , 236 , 485
34 , 480 , 420
11 , 756 , 064
8 , 945 , 117
2 , 810 , 946
199 , 509
112 , 985
2 , 897 , 471
30 , 477
2 , 866 , 993
1 , 897 , 496△ 383 , 335
528
1 , 352 , 304

ー
3 , 038 , 862
887 , 977
399 , 014
36 , 450
1 , 715 , 421

units:thousands of yen

Consolidated Balance Sheets
Account Item2012

As of March 31, 20132011

As of March 31, 2012

Non-current assets
Total Assets

22 , 188 , 865
6 , 643 , 886
28 , 832 , 751

21 , 672 , 815
6 , 520 , 408
28 , 193 , 224[Liabilities]
Current liabilities
Non-current liabilities
Total Liabilities

Executives of Tokyo Boeki Group (As of June 28, 2013)<Tokyo Boeki Group>Tokyo Boeki and 19 member companies<Board of Directors>
Representative director, Chairman and CEO

Hiroshi Machida<Established>
October 30, 1947

Director, Executive Vice President
Responsible for new business strategy of the group

Hideya Goami<Shareholdersʼ Equity>¥13.3 billion

Director, Executive Vice President
Responsible for new products and new technology strategy of the group

Takao Iguchi<Employees>

Director, Executive Vice President
Responsible for new management system strategy of the group

Toshiaki Ueda

Director, Executive Vice President
Responsible for overseas market strategy of the group

Masayoshi Tanaka

Senior Managing Director
Responsible for promoting group management functions

Hisashi Urushizaki

Director
Responsible for complianceToshiro Kawata

911<Head Office(Operating holding company) >TOKYO BOEKI LTD.
2-13-8, Hatchobori, Chuo-ku, Tokyo 104-8510 Japan<Board of Corporate Auditors>

Stock Information<Total Number of Authorized Shares>
38,519,920 shares

13 , 570 , 321
2 , 187 , 504
15 , 757 , 825

16 , 394 , 889
874 , 993
17 , 269 , 882

13 , 362 , 561△ 358 , 296
70 , 661
13 , 074 , 925
28 , 832 , 751

11 , 635 , 966△ 713 , 153
529
10 , 923 , 342
28 , 193 , 224

Standing corporate auditor

Toshihiko Kezuka

Corporate auditor

Yoshimi Ito

Corporate auditor

Yasuhiro Numata<Total Number of Stock Issued>
5,045,165 shares

Our Group Homepage<The Number of Shareholders>[Assets]
Current assets

Company Outline (As of March 31, 2013)

121

www.tokyo-boeki.co.jp<Major Corporate Shareholders>Name of Shareholder

Number of stocks held

Ratio of Shareholding

Tokyo Boeki Employee Share Holding Commission

806,000 shares

15.98％

Tokyo Marine & Nichido Fire Insurance Co., Ltd.

498,000 shares

9.87％

The Toa Reinsurance Company, Limited.

408,000 shares

8.08％

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

249,000 shares

4.93％

Nippon Life Insurance Company

120,000 shares

2.37％[Net Assets]
Shareholdersʼ equity
Other comprehensive income (total)
Minority interests
Net Assets
Liabilities and Net Assets
13

14

Annual Report
April 1, 2012 - March 31, 2013

2-13-8, Hatchobori, Chuo-ku, Tokyo 104-8510 TEL. 03-3555-7211 FAX. 03-3555-7079

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

This report was printed using an
eco-friendly vegetable oil ink.