Post on 05-Apr-2018
4 Key Numbers of Tabuchi Electric Group
1 TABUCHI ELECTRIC CO., LTD.
90 years Contribution to the public with our core technology
Since founded in May 1925 with the business of silicon steel press-
ing, our business has been expanding through transformers, power
supplies, and inverters. Consistently sticking to technology-oriented
management as an engineering company, we have been contributing
to the better energy management for the society.
4 Key Numbers of Tabuchi Electric Group
2 ANNUAL REPORT Year ended March 2015
In the endeavor from silicon steel pressing to PV solar inverters in this 90years, we have been manufac-
turing various type of transformers in multiple product categories: ranging from low frequency to high
frequency models, for consumer products to industrial applications, as well as customer-specific and
custom transformers. Our technologies in transformers are the fundamental base of our business and
still evolving to the better management of electric power to a safer and greener future.
And since 1976, we also have been offering custom-designed power supplies for various types of electri-
cal equipment. Today, we are actively developing power supply units for next-generation lighting and in
particular, special power supply equipment for medical and nursing applications.
All these are strongly contributing to our current and future business development to the next stage.
1.52 GW Installation of PV solar inverters in FY2014
Japan’s market of FY2014, PV solar installation expanded to
approximately 9GW led by the rapid growth of commercial
utilities. Our inverter business went through strongly with
the full lineup from for residential use, small & mid range
utilities, to mega-solar field.
3 TABUCHI ELECTRIC CO., LTD.
4 Key Numbers of Tabuchi Electric Group
Three-phase 25kW PV solar inverter
1,000,000 Accumulated shipping of PV solar inverters
Accumulated shipping of our PV solar inverters reached 1 million
pieces in December 2014, which has been surely seeding for our fu-
ture business in the various fields, and continuously increasing on.
4 ANNUAL REPORT Year ended March 2015
4 Key Numbers of Tabuchi Electric Group
PCS
10,000
4.4 tons
Yearly production amount of aluminum wires
Aluminum wires, used as materials for transformers that realize
lighter weight and lower cost than ones of coppers, are produced 10
thousand tons/year in Yantai Dongshan Electric Co., Ltd.* This figure
is the 3rd largest in China and one of our competences for transform-
er business as regard to strong and stable material procurement.
5 TABUCHI ELECTRIC CO., LTD.
* Affiliated company with our strategic partner, Korea Transformer Co., Ltd.
4 Key Numbers of Tabuchi Electric Group
6 ANNUAL REPORT Year ended March 2015
Contents Table of
1
7
8
9
10
11
12
13
15
16
4 Key Numbers of Tabuchi Electric Group
Message from the Top Management
Company Overview
Management Team
Group Organization Chart
Our Products
Global Networks
Financial Highlights
Mid-term Business Plan
90 Years History of Tabuchi Electric Group
7 TABUCHI ELECTRIC CO., LTD.
Message from the Top Management
TABUCHI ELECTRIC CO., LTD. 7
Message from the Top Management
In 1925, Tabuchi Electric was founded in Osaka as a silicon steel pressing company. We
have been expanding our business with our philosophy “Contributing to the public
through manufacturing high quality products with customer first mind.” After the silicon
steel pressing business, we proceeded our business to transformer and power supply
unit. Especially for the home appliances we have been providing our products worldwide.
Furthermore, with our technology of transformers and power supply units we proceeded
to power electronics business. And in 1995, we have started to develop PV solar invert-
ers. With the booming demand of Japan’s solar market, we have been expanding our
product lineup mainly for the residential market, including our own brand “EneTelus”.
Today, our product line up is still expanding. In order to provide “Total Energy Solution”
we are currently working on to expand our products such as “Solar Inverter for Mega-
Solar Solutions” and “Hybrid Inverter with Battery”. Our mission is to provide “Efficient
Energy Use” to customer with our product, which will contribute to realize the greener
society and enrich people’s lives in the world. And in the future, we are going to step into
the new field such as automobile, industrial, and medical/healthcare by combining our
core technologies and the latest technologies. Tabuchi Electric will never stop developing.
President and
Chief Executive Officer
Toshihiro Kaihoshi
Management Philosophy Contributing to the public through manufacturing
high quality products with customer first mind
Mission Statement To enrich people’s lives and environment in the world by delivering
the best energy solutions through its power-electronics technology.
Chairman and
Chief Executive Corporate Director
Teruhisa Tabuchi
8
Company Overview
Company name
Global Headquarters
Fiscal year end
Chairman
President
Founded
Incorporated
Business lineup
Capital
Sales
Number of employees
Business facilities
Product lineup
Stock listing
Tabuchi Electric Co., Ltd.
Osaka, Japan
March 31
Teruhisa Tabuchi
Toshihiro Kaihoshi
May 1925
December 1935
Manufacture and sales of transformers for electronic equipment,
power supply units for electronic equipment
3,357 million yen (Paid capital as of March 2015)
53,299 million yen (Fiscal year 2014 result, Consolidation)
3,751 (as of March 2015, Consolidation)
Osaka, Tokyo, Aichi, Tochigi, Shanghai, Hong Kong, Dongguan,
Hanoi, Bangkok, San Jose, Toronto
Transformer business
Low-frequency transformers, High-frequency transformers, Trans-
formers for magnetrons, High-voltage transformers, Reactors for
improving the power factor, Magnet wires
Power supply business
PV solar inverters, Hybrid inverters for PV and Battery, Switching
power supply units, AC adaptors, Battery chargers, Electronic bal-
lasts for lamps, Inverters for magnetrons, Power supply units for
LED lightning, and much more various equipment
1st section of the Tokyo Stock Exchange
Company Overview
ANNUAL REPORT Year ended March 2015
9 TABUCHI ELECTRIC CO., LTD.
Management Team
Management Team
The Board Members
Chairman of the Board, and
Chief Executive Corporate Director
President, and Chief Executive Officer
Corporate Director
Corporate Director
Corporate Director (External)
Corporate Director (External)
Corporate Director (External)
Corporate Auditor
Corporate Auditor (External)
Corporate Auditor (External)
Corporate Officers
Chief Executive Officer
Executive Vice President (Chief Technical Officer)
Vice President (Chief Financial Officer)
Vice President (Head of Power Electronics Business)
Corporate Officer (President of Dongguan Tabuchi Electric)
Corporate Officer (President of Vietnam Tabuchi Electric)
Corporate Officer (Head of Procurement Division)
Corporate Officer (Head of Sales and Marketing Division)
Corporate Officer (President of Thai Tabuchi Electric)
Corporate Officer (Business Strategy)
Corporate Officer
(Head of Electromagnetic Device Business)
Corporate Officer (Head of Quality Control)
Corporate Officer (Business Strategy and CSR)
Teruhisa Tabuchi
Toshihiro Kaihoshi
Shigekazu Sakabe
Masao Sasano
Seiji Shiotsu
Toshihito Hayano
Noboru Saito
Toshiaki Ozaki
Hidemi Yoneda
Hiroshi Hayashi
Toshihiro Kaihoshi
Shigekazu Sakabe
Masao Sasano
Yukitaka Sakamoto
Takuji Yoshihara
Tsuyoshi Idama
Yutaka Marumoto
Masahiko Kurohiji
Junnosuke Sugitani
Kenji Ota
Munekazu Sato
Norio Nadaguchi
Mitsuhito Takada
11 TABUCHI ELECTRIC CO., LTD.
Our Products
Our Products
From for consumer products to industrial fields and high power electronics
with our spiral lineup from devices to modules and products
Hybrid Solar Inverter with battery storage
An effective way to use solar electricity is to
store the power in storage batteries. This is how
“cutting peak demand is put into practice.
Batteries can also be charged from the grid, and
electricity in storage batteries does not flow
back into the grid.
Hybrid systems consisting of solar cells and
storage battery charge/discharge device
Outdoor installation
Equipped with function to prevent backflow
of power from storage batteries into the grid
Bidirectional inverters can also be used to
facilitate charging from the grid
Transformers
Power Supplies
PV Solar Inverters
Technical superiority of our transformers
Typical reactors are made of copper wire, however,
we have developed Aluminum Wire which is a lighter
and more affordable that enables us to offer high-
quality custom products of guaranteed long-term
reliability. Tabuchi Electric has become the leading
manufacturer of compact harmonic reactors for in-
verter air conditioners, and our products are widely
used by manufacturers in China as well as Japan.
Years of research have culminated in our patented
terminal technology for joining aluminum wire to
dissimilar metals. Also, our production at group
affiliate “Yantai Dongshan Electric” give us a com-
petitive cost edge. These transformer technologies
are maintained since Tabuchi Electric was founded,
which has been one of our core technologies.
12
Global Networks
Global Networks
Tabuchi Electric Co., Ltd. -Head Office (Osaka, Japan)
-Tokyo Branch (Tokyo, Japan)
-Chubu Office (Aichi, Japan)
Tabuchi Electronics Industry Co., Ltd. -Factory and Head Office (Tochigi, Japan)
Shanghai Tabuchi Transformer Co., Ltd. -Factory and Head Office
(Shanghai, China)
Tabuchi Electric Hong Kong Ltd. -Head Office (Hong Kong)
Jiangxi-Bicai Tabuchi Transformer Co., Ltd. -Factory and Head Office (Jiangxi, China)
Thai Tabuchi Electric Co., Ltd. -Factory and Head Office
(Chachoengsao, Thailand)
-Bangkok Office (Bangkok, Thailand)
Dongguan Tabuchi Electric Co., Ltd. -Factory and Head Office
(Guangdong Province, China)
Vietnam Tabuchi Electric Co., Ltd. -Factory and Head Office
(Bac Ninh Province, Vietnam)
Korea Transformer Co., Ltd. -Factory and Head office (Seoul, Korea)
Yantai Dongshan Electric Co., Ltd. -Factory and Head Office (Shandong, China)
Tabuchi Electric Company of America, Ltd. -Head Office (San Jose, CA)
-Toronto Office (Ontario, Canada)
ANNUAL REPORT Year ended March 2015
13 TABUCHI ELECTRIC CO., LTD.
Financial Highlights
Net Sales Operating Profit (Loss) Net Profit (Loss)
Operating Result for the Year:
Net Sales 31,070 42,803 53,299
Operating Profit 1,220 5,499 11,061
3.9% 12.8% 20.8%
Ordinary Profit 1,005 5,561 11,506
3.2% 12.9% 21.6%
Net Profit 578 4,100 7,695
1.8% 9.5% 14.4%
Net Profit
per Share JPY14.30 JPY101.44 JPY190.40
FY2012 FY2013 FY2014
Cash Flows:
Net Cash Flows from
Operating Activities 1,197 4,224 8,726
Net Cash Flows from
Investing Activities (1,466) (1,719) (2,566)
Free Cash Flows (269) 2,505 6,160
Net Cash Flows from
Financial Activities 404 (2,037) (1,815)
Foreign Exchange Adjst. 94 41 227
Net Cash Flows 230 508 4,572
Net Sales by Segment:
Power Supply Business 23,413 33,810 44,150
Transformer Business 7,656 8,992 9,148
Total 31,070 42,803 53,299
Financial Highlights
14
Financial Highlights
Equity Ratio Net Cash Equity per Share (JPY)
(Millions of Japanese Yen)
Financial Position at the end of Fiscal Year:
Cash and Equivalents 1,787 2,296 6,868
Account Receivables 5,009 9,080 15,408
Inventories 4,409 4,717 5,229
Others 623 927 1,527
Current Asset 11,831 17,021 29,304
Non-current Asset 5,945 6,950 8,765
Deferred Asset 5 5 2
Asset Total 17,782 23,977 37,802
2013/3/31 2014/3/31 2015/3/31
Capital 3,611 3,611 3,611
Capital Surplus 416 - -
Retained Earnings (1,025) 3,490 10,777
Treasury Stock (13) (16) (21)
Accml. Other Comprehensive Income (Loss) (608) (445) 293
Minority Interest 105 239 -
Equity Total 2,484 6,880 14,661
Account Payables 6,399 6,943 8,085
Short-term Debt 4,620 2,915 2,090
Others 1,444 3,469 7,594
Short-term Liabilities 12,465 13,328 17,770
Long-term Debt 2,000 2,225 2,006
Others 832 1,542 3,365
Long-term Liabilities 2,832 3,768 5,371
Liabilities Total 15,297 17,097 23,141
ANNUAL REPORT Year ended March 2015
15 TABUCHI ELECTRIC CO., LTD.
Mid-term Business Plan
In this mid-term business plan, we define the term of 2015 to 2017 as the first stage and 2018 to
2020 as the second stage, and set income target for each. On the first stage, our target is 75 Bil-
lionJPY of sales and 12 BillionJPY of operating profit on consolidation, and 100 BillionJPY of sales
for the second stage, by aiming at achievement of “Global Power-Solution Company” as our core
strategy.
1. Business Domain
With “specialized devices” and “cutting-edge products” customized by advanced power electron-
ics technologies, we expand our business into 4 domains below.
-Energy Industry
-Industrial Equipment
-Health care and Medical Equipment
-Automotive Business
2. Product Development
Strong attitude toward “what’s never existed” and “what others never tried”, we invest our re-
sources focusing into advanced technologies. And by “3 phases marketing”, which are focused
each on Short, Mid, and Long-term, we strengthen product development management for sus-
tainable growth. Additionally, we aim at 1000 engineers of organization (R&D, engineering and
designing, and production professionals) in 2020 to strengthen our value as technology-oriented
company.
3. Operating Foundation
To achieve business actions above, we strengthen our operation mainly on the items below.
-Cash-flow operation
-Renovation of organization (Globalization, Diversification, Strong leadership with small teams...)
-Branding (Product quality comes first, Global utilization...)
Mid-term Business Plan
16
90 Years History of Tabuchi Electric Group
1925
1935
1940
1949
1958
1966
1967
1972
1976
1979
1985
1986
1987
1991
1995
1997
2000
2001
2007
2011
2012
2013
2014
2015
The company has founded as a private business by Shigeru Tabuchi in Osaka, Japan.
The company was incorporated.
The Electrical Equipment Division was established to create a transformer manufacturing business.
Manufacture of transformers commenced and the products were given the brand name ZEBRA.
Began to provide custom-designed transformers to home appliances manufactures.
Tabuchi factory recognized as JIS (Japanese Industrial Standards) authorized manufacturer.
Tabuchi Electronics Industry Co., Ltd. (current mother plant) built new factory in Tochigi, Japan.
Korea Transformer Co., Ltd. (joint venture) was established in Seoul, South Korea.
Commenced manufacture of power supply units.
Tabuchi Electric Company of America was established in Tennessee, U.S.A.
(Production ceased in 1988)
Tabuchi Electric U.K. Ltd. was established in Cleveland, U.K. (Closed in 2004)
Tabuchi Electric Co., Ltd. listed on the Second Section of the Osaka Securities Exchange.
Tabuchi Electric de mexico, S.A. de C.V. was established in Tijuana, Mexico. (Closed in 2009)
Thai Tabuchi electric Co., Ltd. was established in Chachoengsao, Thailand.
Sanda manufacturing facility was opened in Hyogo, Japan, and production stared.
(Production ceased in 2002)
Shanghai Tabuchi Transformer Co., Ltd. Was established in Shanghai, China.
Commenced manufacture of PV solar inverters.
Tabuchi electric Hong Kong Ltd. was established in Kowloon, Hong Kong.
Dongguan Tabuchi Electric Factory opened.
Korea Transformer Co., Ltd. began to produce magnet wires in Yantai, China.
Vietnam Tabuchi electric Co., Ltd. was established in Bac Ninh Province, Vietnam.
EneTelus, the PV solar brand was launched.
Jiangxi Bicai Tabuchi Transformer Co., Ltd. (joint venture) was established.
Tokyo branch office relocated to Kanda, Tokyo.
The head office of Tabuchi Electric Company of America was moved to San Jose, California.
Headquarters relocated to Nissay Shin-Osaka Bldg., Osaka, Japan.
Chubu office was opened in Toyohashi, Japan.
Tabuchi electric Hong Kong Ltd. was relocated its head office.
Bangkok office was opened in Bangkok, Thailand.
Tabuchi Electric Co., Ltd listed on the First Section of the Tokyo Stock Exchange.
Tabuchi Electric Company of America, Toronto was opened in Ontario, Canada.
90 Years History of
Tabuchi Electric Group
ANNUAL REPORT Year ended March 2015