TOKYO RADIATOR MFG. CO., LTD.
Mid-Term Business PlanTRS Vision-2025
FY2021～FY2025
2021 June
Securities Code：7235© TOKYO RADIATOR MFG.CO.,LTD.2021. All rights reserved

Table of Contents
1. Business / Mission

2. Business Environmental Changes and Business
Opportunities
3. Mid-Term Business Plan “TRS Vision-2025”

4. “Five” Strategies
5. Capital Policy
6. ESG / SDGs
2

© TOKYO RADIATOR MFG.CO.,LTD.2021. All rights reserved

１．Business / Mission

3© TOKYO RADIATOR MFG.CO.,LTD.2021. All rights reservedCompany Profile, Corporate Philosophy, etc.
TRS = TOKYO RADIATOR MFG（Seizo）. CO., LTD.
A specialized manufacturer of heat exchangers for trucks and industrial
construction machinery with a history of more than 80 years<Corporate Philosophy>
Create new values based on respect for mankind, andcontribute to the realization of an eco-friendly society as a trusted company.
<Corporate Vision>
Aspire to be a corporation that delivers the world’s best products andcontinue to grow with all stakeholders.
TOKYO RADIATOR MFG. CO., LTD.
（Tokyo Stock Exchange 2nd Section, Securities Code : 7235）

Date ofEstablishment

October 15, 1938（83years since the foundation)＊Established in Shibaura, Minato-ku, Tokyo.

Paid-in Capital

JPY 1,317.6 million (End of March 2021)

Sales

JPY 25,996 million (FY 2020 ended March 2021)

Representative

President and CEO

No. of Employees

886（Consolidated）（End of March 2021）

Address

2002-1 Endo, Fujisawa-City, Kanagawa Prefecture

Overseas Bases

China, Indonesia, Thailand

Hisao Ochiai

4© TOKYO RADIATOR MFG.CO.,LTD.2021. All rights reserved

Products Information
Since established in 1938, TRS has made numerous achievements and won
customers’ trust as a specialized manufacturer of heat exchangers (radiators) fortrucks and industrial construction machinery through its long history over 80 years.

Radiator: A device that dissipates heat from liquids and gases= one of heat exchangers

Cooling Module
for construction machinery
SCR tank
EGR cooler
Cooling Module
for large trucks
Oil pan

SCR Tank
Oil panFuel tank
Oil cooler
EGR cooler【for more products information】
http://www.tokyo-radiator.co.jp/products/products/

5© TOKYO RADIATOR MFG.CO.,LTD.2021. All rights reserved

２．Business Environmental Changes
and Business Opportunities

6© TOKYO RADIATOR MFG.CO.,LTD.2021. All rights reserved

Mobility transformation and our Business Opportunities
Our main business areas= automobiles / industrial machinery / agricultural machinery
Automobile industry (CASE, etc.)
in a once-in-a-century transformation period

Changes in Mobility Society
such as Correspondence to carbon neutral

Core technology = “heat exchange” technology
for Evolution of current products andDevelopment of environmentally friendly products

Create new corporate value andAchieve sustainable growth
7© TOKYO RADIATOR MFG.CO.,LTD.2021. All rights reservedCreating new value with our strengths
Demonstrate our strengths in NEV NEV：New Energy Vehicles
Development capabilities as amanufacturer specialized in"heat exchange" technology＋Customers’ trust andachievements generated
though our long history
over 80 years

We are a specialized manufacturer of heat exchange equipment using"heat exchange" technology.
Since its establishment in 1938, it has specialized in heat exchange equipment mainly for trucks andconstruction machinery.

A wave of major changes such as CASE in Mobility Society has arrived.
“Heat exchange" technology is necessary for NEV

Major business environmental changes are to be
our business opportunities using our core technology "heat exchange“.

Our commitment to products development and mass productions
for NEV under the Mid-Term Business Plan
8© TOKYO RADIATOR MFG.CO.,LTD.2021. All rights reserved

３．Mid-Term Business Plan “TRS Vision-2025”

9© TOKYO RADIATOR MFG.CO.,LTD.2021. All rights reservedPurpose and Key Points of our Mid-Term Business Plan
Mid-Term Business Plan
“TRS Vision-2025”
Background & Purpose
・Major changes in the automobile market based on carbon neutrality (CASE, etc.)
・Prompt and accurate response to major business environmental changes,
the first time in our company history of more than 80 years

Key Point
Target for 2030
“Top-level manufacturing ability in the industry”

Vision for “2025”

We will ”Change" "Respond" "Enhance"＋”Five Strategies”
for realization of the Mid-Term Business Plan Vision

10© TOKYO RADIATOR MFG.CO.,LTD.2021. All rights reserved

"TRS Vision-2025" Vision and “Five Strategies”<Target for 2030>“Top-level manufacturing ability in the industry”

TRS will Change, Respond, Enhance
1.Productsstrategy

2.Global strategy

3.Growthstrategy

Business strategy

4.Smart Factory strategy
Production strategy

5.Human Resource strategy
Organization strategy
11© TOKYO RADIATOR MFG.CO.,LTD.2021. All rights reserved

“TRS Vision‐2025” Vision

TRS will Change, Respond, EnhanceAiming to be “Top-level manufacturing ability in the industry” in2030, we have set the following 3 items as our Vision

Change: Aiming to be “Top-level manufacturing ability in theindustry” in 2030,
we are actively working on self-transformation
Respond: Company that is always selected as a partner
by responding to demands of the times andmeeting customer expectations.
Enhance: Highly profitable company with enhancing
manufacturing abilities
12© TOKYO RADIATOR MFG.CO.,LTD.2021. All rights reserved

“TRS Vision‐2025” Visions and Strategies
VisionsStrategies

ChangeRespondEnhanceAiming to be “Top-level
manufacturing ability inthe industry” in 2030,
we are actively working
on self-transformation

Company that is always
selected as a partner
by responding to
demands of the times
and meeting customer
expectations

Highly profitablecompany withenhancing
manufacturing abilities

ProductEnhance competitiveness of current products

GlobalEnhance overseas businesses

GrowthRespond to demands timely with newproducts

Smart Factory

Enhance manufacturing abilities

HumanResource

Enhance Engagement13© TOKYO RADIATOR MFG.CO.,LTD.2021. All rights reserved

“TRS Vision‐2025” Targets
Consistently invest in growth area and continuously improve
corporate value＋10 billion yen

Sales 33.5billion yen（OP 5%）

Sales 23.5 billion yen（OP 0.5%）

FY20

FY21

FY22

FY23

Domestic
国内

FY24

FY25

Overseas
海外＊ Sales: ASBJ Statement No. 29 Accounting Standard for Revenue Recognition

14© TOKYO RADIATOR MFG.CO.,LTD.2021. All rights reserved

４．”Five” Strategies

15© TOKYO RADIATOR MFG.CO.,LTD.2021. All rights reserved

”TRS Vision-2025” “Five” Strategies
1.Products

2.Global3.Growth

Enhance competitiveness of
our products

Enhance overseas businesses

Respond to demands timely withnew products

 New products launches New markets approach FY22

 New Products

FY22～

 Global BCP Establishment FY22

Prototypes delivery completion FY23

 Performance improvement

 Overseas sales ratio

Start mass productions delivery FY25

 Cost improvement

above 30％ FY25

 Products portfolio transformation
FY25～

4.Smart FactoryEnhance manufacturing abilities

Smart Logistics：Rectification and synchronization of information and goods
Smart Technology ：IOT and technology innovations
Smart “Genba”：Strong shop floor management

5.Human Resource
Enhance Engagement

Fostering human resources to realize the Mid-Term Business Plan
Improving employee engagement
Evolving action guidelines

16© TOKYO RADIATOR MFG.CO.,LTD.2021. All rights reserved

“TRS Vision-2025” Products Strategy
EGR Cooler

Evolution ofour products

Cooling Module
for construction machinery

New Inter Cooler

Heat Exchanger
for EV

Products Strategy

FY25

Oil pan
FY23
SCR Tank

New Radiator
New EGR Cooler

SCR Tank

EGR cooler
Cooling Module
for large trucks

Fuel tank
Oil cooler
Oil pan【Further evolution of our products】 Formulating and executing product strategies based on the products axis
(project director) system Enhance product competitiveness and expanding sales in collaboration withour overseas bases and head office functional axes

17©©TOKYOTOKYORADIATOR
RADIATORMFG.CO.,LTD.2021.
MFG.CO.,LTD.2021.All
Allrights
rightsreserved
reserved

“TRS Vision-2025” Global Strategy
Global businessexpansions
Oversea sales ratio
above 30%
Overseas production
occupancy rate 85% or more

FY2025FY25

FY23

New Markets
approach
Global BCP
establishment

Overseas
海外

Domestic
国内

FY2020Overseas
海外

Domestic
国内【Enhance overseas business】
By taking a full advantage of our overseas production capacity,
improving the competitiveness of the existing markets

Entering into new Markets
18© TOKYO RADIATOR MFG.CO.,LTD.2021. All rights reserved

“TRS Vision-2025” Growth Strategy
New products
launch
Products portfoliotransformation
Mass productionsdeliveryPrototypes delivery
completion

FY25

FY23

Collaborations withcustomers and othercompanies

Strategy planning,
Basic development【New products development for mobilities of a new era】
 Toward realization of carbon-neutral society,we will develop heat exchanger products for NEV,
as pillars of next generation businesses
19© TOKYO RADIATOR MFG.CO.,LTD.2021. All rights reserved

“TRS Vision-2025” Smart Factory Strategy
Fascinating
Factory
Zero-line
realization

FY25

Realization ofinnovative lines
Warehouse management
system introduction

FY23

Visualization by
IOT introduction
Process guarantees
without workers

Clean and clear
factories【”Zero Line” which target to fully prevent incidents, breakdowns, defects, inventories, and wastes】
 Smart Logistics（Rectification and synchronization of information and goods）
 Smart Technology（IOT and technology innovation）
 Smart “Genba”（Strong shop floor management)by above, enhance manufacturing abilities

20© TOKYO RADIATOR MFG.CO.,LTD.2021. All rights reserved

”TRS Vision-2025” Human Resource Strategy
High Engagement
FY25

Engagement
improvement
Evolution ofaction guidelines

FY23Engagement
improvement measures
New engagement
survey introduction【Enhance Engagement】
 Sharing the vision of our Mid-Term Business Plan with all group
employees, and enhance employee engagement
for the Vision achievement
21© TOKYO RADIATOR MFG.CO.,LTD.2021. All rights reserved

５．Capital Policy

22© TOKYO RADIATOR MFG.CO.,LTD.2021. All rights reserved

Capital Policy
Mid-Term Business Plan『TRS Vision-2025』
Image of cash allocations
Cash-inCash-out

Capital investment
Growth investment

Operatingcash flows

for the Mid-Termbusiness plan
『TRS Vision-2025』

Cashes and deposits
Shareholders return＋External funding

Retained earnings

Investing to realize the “TRS Vision-2025” strategies
23© TOKYO RADIATOR MFG.CO.,LTD.2021. All rights reserved

６．ESG / SDGs

24

© TOKYO RADIATOR MFG.CO.,LTD.2021. All rights reserved

”TRS Vision-2025” & ESG/SDGs
Realization of Sustainable Society
Environment（E）
Target and activities
for FY25Society（S）
Activities related todiversity, communityand society

Governance（G）
Compliance Initiatives[Diversity]●2050 carbon neutral● Diversity improvement●Timely disclosures

・ Reduction of CO2 emissions● Work-life balance improvement●Compliance:

related to productions
FY25 ▲ 20% compared to FY18

【Community/Society】

Maintain 0 violation● Serious incident: Maintain 0● Serious environmental incident:

Maintain 0 leakage

FY30 ▲ 35% compared to FY18

Maintain 0・ Use of clean energies● Supply chain management

・ Manufacturing and sales ofenvironmental products● Information security:● Quality improvement● Continuously certified as an excellent

health management corporation

25© TOKYO RADIATOR MFG.CO.,LTD.2021. All rights reserved

“TRS Vision-2025” Summary

Increasing Corporate Value for Sustainable Growth26© TOKYO RADIATOR MFG.CO.,LTD.2021. All rights reserved

[Disclaimer]
The forecasts, plans, outlooks, etc. for the current period and the future described in thismaterial are based on the information currently available and are judged to be reasonable
by the Company.
Actual business results may differ significantly from the forecasts, plans and outlooks
stated due to changes in various factors.
Such factors include fluctuations in economic conditions and product demand in major
markets, fluctuations in exchange rates, various domestic and international regulations,and changes in accounting standards, practices, regulatory laws and other changes.
Please be aware that TOKYO RADIATOR will not be responsible for any damages you may
suffer as a result of making an investment decision based on the information contained inthis document.
[Copy Right]
TOKYO RADIATOR or the original rights holders retain copying and other rights associatedwith these materials. Copying and otherwise reusing these materials in any way without
prior consent is prohibited.

<Contact>

TOKYO RADIATOR MFG. Co., Ltd.
Corporate Planning Office
TEL：+81-466-87-1183
FAX：+81-466-87 -1404
Mail：trs@tokyo-radiator.co.jp
27© TOKYO RADIATOR MFG.CO.,LTD.2021. All rights reserved