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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Taikisha Ltd.    1979   JP3441200007

TAIKISHA LTD.

(1979)
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Taikisha : Financial Report for the Third Quarter of the Fiscal Year ending March 31, 2020

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02/10/2020 | 07:33am EDT

Financial Report for the Third Quarter of the Fiscal Year ending March 31, 2020

February 10, 2020

The following statements are an English translation of the original Japanese document.

(All financial information has been prepared in accordance with accounting principles generally accepted in Japan.)

Name of company… Taikisha Ltd.

Stock Exchange…… First Section of Tokyo Stock Exchange

Code………………

1979

Representative……

Koji Kato, President and Representative Director

Contact……………

Masanori Nakagawa, Director, Managing Corporate Officer, Administrative Management

Headquarters Chief Executive

TEL………………

(03)5338 - 5052

URL……………… https://www.taikisha.co.jp/

Scheduled date to submit Quarterly report

February 14, 2020

Scheduled date to commence dividend payments

Supplemental materials prepared for financial results

No

Briefing session of financial results

No

(Round down to one million yen)

1. Consolidated Operating Performance (April 1, 2019 through December 31, 2019)

(1) Consolidated operating results (Cumulative)

(% indicates increase ratio over previous year)

Sales

Operating income

Ordinary income

Profit attributable

to owners of parent

Nine months ended

million yen

%

million yen

%

million yen

%

million yen

%

December 31, 2019

158,696

2.6

10,852

34.1

11,249

28.7

7,761

91.2

December 31, 2018

154,603

(4.7)

8,091

28.0

8,744

26.6

4,058

(0.9)

(Note) Comprehensive

income

Nine months

ended December 31, 2019

8,599 million yen

440.8 %

Nine months ended December 31, 2018

1,590 million yen

(85.2) %

Profit attributable to

Profit attributable to

owners of parent per

owners of parent per

share

share (Diluted)

Nine months ended

yen

yen

December 31, 2019

227.81

December 31, 2018

119.13

(2) Consolidated financial position

Total assets

Net assets

Equity capital ratio

As of

million yen

million yen

%

December 31, 2019

218,936

116,126

50.9

March 31, 2019

223,080

113,649

48.8

(Note) Shareholders' Equity

As of December 31, 2019

111,510 million yen

2. Dividends

As of March 31, 2019

108,787 million yen

Dividend per share

1Q

2Q

3Q

Year End

Total

(annually)

Year ended

yen

yen

yen

yen

yen

March 31, 2019

25.00

66.00

91.00

March 31, 2020

30.00

Year ending March 31,

2020 (Forecast)

70.00

100.00

(Note) Revisions to forecast of dividends : None

3. Consolidated Earnings Forecast for Fiscal Year Ending March 31, 2020 (April 1, 2019 through March 31, 2020)

(% indicates increase ratio over previous year)

Profit attributable

Profit attributable

Sales

Operating income

Ordinary income

to owners of parent

to owners of parent

per share

million yen

%

million yen

%

million yen

%

million yen

%

yen

Full year

239,000

6.0

14,600

4.0

15,300

1.4

9,700

9.7

284.72

(Note) Revisions to forecast of earnings : None

―1―

4. Others

  1. Changes in significant subsidiaries during the period

(Changes in specified subsidiaries accompanying changes in scope of consolidation)

: None

(2)

Adoption of particular accounting treatments for quarterly consolidated financial statements

: None

(3)

Changes in accounting policies, changes in accounting estimates and restatements

(i)

Changes in accounting policies due to revisions of accounting standards etc.

: None

(ii)

Changes in accounting policies other than (i)

: None

(iii)

Changes in accounting estimates

: None

(iv)

Restatements

: None

  1. Number of shares issued (common shares)
    1. Number of shares issued at end of period (including treasury shares)

As of December 31, 2019

35,082,009

shares

As of March 31, 2019

35,082,009

shares

  1. Number of treasury shares at end of period

As of December 31, 2019

1,013,516

shares

As of March 31, 2019

1,013,293

shares

  1. Average number of shares during the period

Nine months ended December 31, 2019

34,068,661

shares

Nine months ended December 31, 2018

34,068,939

shares

(Note) The Company has introduced the "Board Benefit Trust (BBT)" as its performance-linked and share-based compensation plan since second quarter of the fiscal year ending March 31, 2020 and its own shares remaining in the Trust are included as treasury shares. The number of treasury shares at the end of period is 136,400 and average number of shares during the period is 68,200.

  • Notice of status of implementation for quarterly review procedures
    This financial report is not subject to quarterly review procedures by certified public accountants or auditing firms.
  • Explanation about the proper use of consolidated forecasts and other notes
    Data and forward-looking statements disclosed herein are based on current information as of today, and may change depending upon various factors. The data and assumptions do not mean guaranteeing accomplishment of goals and projections, and may be changed at any time without notice. Consequently, the Company ask you to use this information at your discretion based upon your own judgment and information you may obtain through other sources. The company will not be liable for any damages that result from the use of this information.

―2―

1 Consolidated Financial Statements

(1) Consolidated Balance Sheets

Millions of yen

As of March 31, 2019

As of December 31,

2019

Assets

Current assets

Cash and deposits

52,107

41,737

Notes receivable, accounts receivable from completed construction

104,705

101,038

contracts and other

Securities

1,000

Costs on uncompleted construction contracts

2,807

3,895

Raw materials and supplies

396

477

Other

8,379

17,472

Allowance for doubtful accounts

(428)

(238)

Total current assets

168,968

164,382

Non-current assets

Property, plant and equipment

10,333

10,119

Intangible assets

Goodwill

1,332

1,206

Other

3,318

2,976

Total intangible assets

4,650

4,183

Investments and other assets

Investment securities

29,378

30,132

Net defined benefit asset

5,912

6,434

Other

3,891

3,692

Allowance for doubtful accounts

(53)

(7)

Total investments and other assets

39,128

40,251

Total non-current assets

54,111

54,554

Total assets

223,080

218,936

Liabilities

Current liabilities

Notes payable, accounts payable for construction contracts and other

55,835

50,795

Short-term loans payable

10,892

5,953

Income taxes payable

2,711

226

Advances received on uncompleted construction contracts

14,778

16,093

Provision for bonuses

4,306

Provision for warranties for completed construction

787

638

Provision for loss on construction contracts

407

466

Provision for directors' bonuses

154

42

Other

13,225

13,453

Total current liabilities

98,791

91,978

Non-current liabilities

Long-term loans payable

3,076

1,693

Provision for directors' retirement benefits

62

47

Provision for share-based remuneration for directors

42

Net defined benefit liability

1,370

1,625

Other

6,127

7,423

Total non-current liabilities

10,638

10,831

Total liabilities

109,430

102,809

―3―

Millions of yen

As of March 31, 2019

As of December 31,

2019

Net assets

Shareholders' equity

Capital stock

6,455

6,455

Capital surplus

7,244

5,058

Retained earnings

84,984

89,471

Treasury shares

(2,476)

(2,593)

Total shareholders' equity

96,208

98,390

Accumulated other comprehensive income

Valuation difference on available-for-sale securities

11,842

12,549

Deferred gains or losses on hedges

(0)

(0)

Foreign currency translation adjustment

164

(101)

Accumulated remeasurements of defined benefit plans

572

672

Total accumulated other comprehensive income

12,578

13,119

Non-controlling interests

4,862

4,616

Total net assets

113,649

116,126

Total liabilities and net assets

223,080

218,936

―4―

  1. Consolidated Income Statements and Consolidated Statements of Comprehensive Income Consolidated Income Statements

Millions of yen

Nine months ended

Nine months ended

December 31, 2018

December 31, 2019

Apr. 1, 2018 - Dec. 31, 2018

Apr. 1, 2019 - Dec. 31, 2019

Net sales of completed construction contracts

154,603

158,696

Cost of sales of completed construction contracts

130,774

131,663

Gross profit on completed construction contracts

23,828

27,032

Selling, general and administrative expenses

15,737

16,180

Operating income

8,091

10,852

Non-operating income

Interest income

235

250

Dividend income

509

525

Dividend income of insurance

189

123

Real estate rent

78

84

Reversal of allowance for doubtful accounts

0

Other

280

151

Total non-operating income

1,292

1,135

Non-operating expenses

Interest expenses

197

134

Rent expenses on real estates

19

18

Foreign exchange losses

172

286

Provision of allowance for doubtful accounts

0

Share of loss of entities accounted for using equity method

170

181

Other

79

116

Total non-operating expenses

639

737

Ordinary income

8,744

11,249

Extraordinary income

Gain on disposal of non-current assets

11

26

Gain on sales of investment securities

51

447

Total extraordinary income

63

474

Extraordinary losses

Loss on disposal of non-current assets

191

53

Impairment loss

116

0

Loss on sales of investment securities

0

Loss on valuation of investment securities

0

Amortization of goodwill

1,819

Total extraordinary losses

2,128

53

Profit before income taxes

6,679

11,669

Income taxes-current

2,829

2,554

Income taxes-deferred

(398)

907

Total income taxes

2,430

3,461

Profit

4,248

8,208

Profit attributable to non-controlling interests

190

447

Profit attributable to owners of parent

4,058

7,761

―5―

Consolidated Statements of Comprehensive Income

Millions of yen

Nine months ended

Nine months ended

December 31, 2018

December 31, 2019

Apr. 1, 2018 - Dec. 31, 2018

Apr. 1, 2019 - Dec. 31, 2019

Profit

4,248

8,208

Other comprehensive income

Valuation difference on available-for-sale securities

(2,159)

707

Deferred gains or losses on hedges

10

0

Foreign currency translation adjustment

(461)

(382)

Remeasurements of defined benefit plans

(20)

94

Share of other comprehensive income of entities accounted for using equity

(28)

(28)

method

Total other comprehensive income

(2,658)

390

Comprehensive income

1,590

8,599

Comprehensive income attributable to :

Owners of parent

1,524

8,301

Non-controlling interests

65

297

―6―

(Additional information)

(Introduction of the Board Benefit Trust (BBT))

The Company has introduced the "Board Benefit Trust (BBT)" as its performance-linked and share-based compensation plan (hereinafter referred to as the "Plan") for the Company's Board Members (excluding Outside Board Members) (hereinafter referred to as the "Board Members"), starting from the second quarter, pursuant to the resolution of the 74th Ordinary General Shareholders' Meeting held on June 27, 2019.

The purpose of the Plan is to promote the motivation of Board Members in contributing to the improvement of business performance and corporate value over the medium to long term by making the linkage between their compensation and the Company's business performance and shareholder value even clearer and having Board Members share not only the benefits from higher stock prices, but also the risk of a drop in stock prices, with shareholders.

The gross method has been used for the accounting treatment under the Plan in accordance with "Practical Solution on Transactions of Delivering the Company's Own Stock to Employees, etc., through Trusts" (Practical Issues Task Force No. 30 of March 26, 2015).

(1) Overview of Transactions

The Plan is a scheme whereby money contributed by the Company is used as financial resources to acquire the Company's shares through a trust (the trust established under the Plan shall be hereinafter referred to as the "Trust"), and the Company's shares and money in the amount of monetary equivalence of the Company's shares measured at fair value (hereinafter referred to as "the Company's Shares, etc.") are provided to Board Members through the Trust in accordance with the "Share Benefit Regulations for Directors" stipulated by the Company.

The time when the Company's Shares, etc., are provided to Board Members shall be, in principle, the date of the retirement from the Company.

(2) The Company's Own Shares Remaining in the Trust

The Company recognizes its own shares remaining in the Trust as treasury shares under the category of net assets, using the carrying amount in the Trust (excluding the amount of ancillary expenses). The carrying amount of such treasury shares as of the end of the third quarter is 449 million yen, and the number of such shares is 136,400.

―7―

(Segment information)

Nine months ended December 31, 2018 (April 1, 2018 - December 31, 2018) 1. Sales and profits or losses by reportable segments

Millions of yen

Reportable segments

Eliminations/

Amount recorded in

Green Technology

Paint Finishing

Total

Corporate

the consolidated

System Division

System Division

financial statements

Sales

Sales to customers

105,170

49,432

154,603

154,603

Intersegment

0

0

(0)

Total

105,170

49,433

154,603

(0)

154,603

Segment profit (loss)

9,372

(742)

8,629

114

8,744

(Note) 1. The amount of Eliminations/ Corporate is as follows:

Eliminations/ Corporate of Segment profit (loss) of 114 million yen includes non-allocatable common profits (net amount of common profit and loss) of 112 million yen and other adjustments of 1 million yen.

Non-allocatable common profit and loss are mainly general and administrative expenses and dividend income etc. those are not attributed to any reportable segments.

2. Segment profit (loss) is adjusted in the ordinary income of the consolidated income statement.

2. Impairment loss on non-current assets or goodwill etc. by reportable segment

In the Paint Finishing System Division, one-time amortization of goodwill related to Geico S.p.A. ("Geico") is recognized as extraordinary loss in the consolidated financial statements. In the third quarter of the consolidated fiscal year, the decrease in goodwill related to Geico due to the said amortization etc. is 1,819 million yen.

Nine months ended December 31, 2019 (April 1, 2019 - December 31, 2019) 1. Sales and profits or losses by reportable segments

Millions of yen

Reportable segments

Eliminations/

Amount recorded in

Green Technology

Paint Finishing

Total

Corporate

the consolidated

System Division

System Division

financial statements

Sales

Sales to customers

113,744

44,952

158,696

158,696

Intersegment

3

3

(3)

Total

113,747

44,952

158,699

(3)

158,696

Segment profit

10,165

1,391

11,557

(307)

11,249

(Note) 1. The amount of Eliminations/ Corporate is as follows:

Eliminations/ Corporate of Segment profit of minus 307 million yen includes non-allocatable common profits (net amount of common profit and loss) of minus 310 million yen and other adjustments of 3 million yen. Non-allocatable common profit and loss are mainly general and administrative expenses and dividend income etc. those are not attributed to any reportable segments.

2. Segment profit is adjusted in the ordinary income of the consolidated income statement.

2. Impairment loss on non-current assets or goodwill etc. by reportable segment

Not applicable.

―8―

(Supplementary information)

1. Statement for orders-received during this period, net sales of completed construction contracts during this period, and construction carried forward by division (consolidated)

Millions of yen

Nine months ended

Nine months ended

December 31, 2018

December 31, 2019

Increase (decrease)

(Apr. 1, 2018 - Dec. 31, 2018)

(Apr. 1, 2019 - Dec. 31, 2019)

Amounts

%

Amounts

%

Amounts

%

Orders-received

Green Technology System Division

Building HVAC

39,717

21.3

32,230

19.3

(7,487)

(18.9)

Industrial HVAC

87,783

47.1

82,285

49.3

(5,498)

(6.3)

Total

127,501

68.4

114,515

68.6

(12,985)

(10.2)

[Overseas]

[

28,331

]

[

15.2

]

[

28,108

]

[

16.9

]

[

(222)

]

[

(0.8)

]

Paint Finishing System Division

59,027

31.6

52,245

31.4

(6,782)

(11.5)

[Overseas]

[

48,521

]

[

26.0

]

[

40,858

]

[

24.5

]

[

(7,662)

]

[

(15.8)

]

Total

186,529

100.0

166,760

100.0

(19,768)

(10.6)

[Overseas]

[

76,852

]

[

41.2

]

[

68,966

]

[

41.4

]

[

(7,885)

]

[

(10.3)

]

Net sales of completed construction

contracts

Green Technology System Division

Building HVAC

30,192

19.5

38,989

24.6

8,796

29.1

Industrial HVAC

74,977

48.5

74,754

47.1

(222)

(0.3)

Total

105,170

68.0

113,744

71.7

8,573

8.2

[Overseas]

[

29,297

]

[

19.0

]

[

26,609

]

[

16.8

]

[

(2,687)

]

[

(9.2)

]

Paint Finishing System Division

49,432

32.0

44,952

28.3

(4,480)

(9.1)

[Overseas]

[

41,775

]

[

27.0

]

[

34,880

]

[

22.0

]

[

(6,895)

]

[

(16.5)

]

Total

154,603

100.0

158,696

100.0

4,093

2.6

[Overseas]

[

71,072

]

[

46.0

]

[

61,490

]

[

38.8

]

[

(9,582)

]

[

(13.5)

]

Construction carried forward

Green Technology System Division

Building HVAC

61,764

32.3

46,054

25.4

(15,710)

(25.4)

Industrial HVAC

63,736

33.3

67,131

37.1

3,395

5.3

Total

125,501

65.6

113,186

62.5

(12,315)

(9.8)

[Overseas]

[

22,297

]

[

11.7

]

[

25,354

]

[

14.0

]

[

3,056

]

[

13.7

]

Paint Finishing System Division

65,778

34.4

68,004

37.5

2,225

3.4

[Overseas]

[

57,998

]

[

30.3

]

[

59,801

]

[

33.0

]

[

1,803

]

[

3.1

]

Total

191,280

100.0

181,190

100.0

(10,089)

(5.3)

[Overseas]

[

80,295

]

[

42.0

]

[

85,155

]

[

47.0

]

[

4,859

]

[

6.1

]

(Note) 1.The amounts of orders received, net sales of completed construction contracts, and carried forward are the transacted amount with external customers.

  1. In the previous consolidated cumulative third quarter, there is no difference between net sales of completed construction contracts and total sales in the segment information by the Green Technology System Division.
    There is 0 million yen difference between net sales of completed construction contracts of 49,432 million yen and total sales of 49,433 million yen in the segment information by the Paint Finishing System Division.
    Above difference is due to intersegment sales.
  2. In the consolidated cumulative third quarter, there is 3 million yen difference between net sales of completed construction contracts of 113,744 million yen and total sales of 113,747 million yen in the segment information by the Green Technology System Division. Above difference is due to intersegment sales.
    There is no difference between net sales of completed construction contracts and total sales in the segment information by the Paint Finishing System Division.

―9―

2. Statement for orders-received during this period, net sales of completed construction contracts during this period, and construction carried forward by division (Non-consolidated)

Millions of yen

Nine months ended

Nine months ended

December 31, 2018

December 31, 2019

Increase (decrease)

(Apr. 1, 2018 - Dec. 31, 2018)

(Apr. 1, 2019 - Dec. 31, 2019)

Amounts

%

Amounts

%

Amounts

%

Orders-received

Green Technology System Division

Building HVAC

37,380

32.5

29,397

30.5

(7,983)

(21.4)

Industrial HVAC

59,042

51.3

54,495

56.6

(4,546)

(7.7)

Total

96,422

83.8

83,892

87.1

(12,530)

(13.0)

[Overseas]

[

95

]

[

0.1

]

[

396

]

[

0.4

]

[

300

]

[

316.4

]

Paint Finishing System Division

18,684

16.2

12,453

12.9

(6,231)

(33.3)

[Overseas]

[

9,798

]

[

8.5

]

[

4,030

]

[

4.2

]

[

(5,768)

]

[

(58.9)

]

Total

115,107

100.0

96,346

100.0

(18,761)

(16.3)

[Overseas]

[

9,894

]

[

8.6

]

[

4,426

]

[

4.6

]

[

(5,467)

]

[

(55.3)

]

Net sales of completed construction

contracts

Green Technology System Division

Building HVAC

28,548

32.7

37,120

38.1

8,572

30.0

Industrial HVAC

45,236

51.7

48,177

49.4

2,941

6.5

Total

73,784

84.4

85,297

87.5

11,513

15.6

[Overseas]

[

84

]

[

0.1

]

[

107

]

[

0.1

]

[

22

]

[

26.9

]

Paint Finishing System Division

13,626

15.6

12,251

12.5

(1,374)

(10.1)

[Overseas]

[

7,390

]

[

8.5

]

[

4,757

]

[

4.9

]

[

(2,632)

]

[

(35.6)

]

Total

87,410

100.0

97,549

100.0

10,138

11.6

[Overseas]

[

7,474

]

[

8.6

]

[

4,864

]

[

5.0

]

[

(2,609)

]

[

(34.9)

]

Construction carried forward

Green Technology System Division

Building HVAC

60,569

52.1

44,415

45.8

(16,154)

(26.7)

Industrial HVAC

41,460

35.7

42,064

43.4

603

1.5

Total

102,030

87.8

86,479

89.2

(15,551)

(15.2)

[Overseas]

[

31

]

[

0.0

]

[

295

]

[

0.3

]

[

264

]

[

853.7

]

Paint Finishing System Division

14,131

12.2

10,399

10.8

(3,731)

(26.4)

[Overseas]

[

7,194

]

[

6.2

]

[

3,770

]

[

3.9

]

[

(3,424)

]

[

(47.6)

]

Total

116,161

100.0

96,879

100.0

(19,282)

(16.6)

[Overseas]

[

7,225

]

[

6.2

]

[

4,065

]

[

4.2

]

[

(3,159)

]

[

(43.7)

]

―10―

3. Sales by regions

Nine months ended December 31, 2018 (April 1, 2018 - December 31, 2018)

Millions of yen

North

Southeast Asia

East Asia

Japan

India

Other

Total

America

Thailand

Other Southeast

China

Other East

Asia

Asia

83,530

13,849

18,653

13,014

9,272

1,246

6,388

8,647

154,603

Nine months ended December 31, 2019 (April 1, 2019 - December 31, 2019)

Millions of yen

North

Southeast Asia

East Asia

Japan

India

Other

Total

America

Thailand

Other Southeast

China

Other East

Asia

Asia

97,206

9,115

13,861

15,097

8,352

936

7,300

6,827

158,696

―11―

Disclaimer

Taikisha Ltd. published this content on 10 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 February 2020 11:32:04 UTC


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All news about TAIKISHA LTD.
10/04TAIKISHA : Partial corrections regarding The 75th Annual Shareholders' Meeting o..
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09/29TAIKISHA LTD. : Ex-dividend day for interim dividend
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08/11TAIKISHA : Announcement of Earnings Forecasts and Dividend Forecasts for the Fis..
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08/11TAIKISHA : Financial Report for the First Quarter of the Fiscal Year ending Marc..
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05/19TAIKISHA LTD. : annual earnings release
03/30TAIKISHA LTD. : Ex-dividend day for final dividend
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02/10TAIKISHA : Financial Report for the Third Quarter of the Fiscal Year ending Marc..
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2019TAIKISHA : Financial Report for the Second Quarter of the Fiscal Year ending Mar..
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2019TAIKISHA LTD : Ex-dividend day for interim dividend
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2019TAIKISHA LTD : Ex-dividend day for final dividend
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More news
Financials
Sales 2021 208 B 1 982 M 1 982 M
Net income 2021 8 393 M 80,2 M 80,2 M
Net cash 2021 55 176 M 527 M 527 M
P/E ratio 2021 11,4x
Yield 2021 3,32%
Capitalization 95 732 M 914 M 914 M
EV / Sales 2021 0,20x
EV / Sales 2022 0,17x
Nbr of Employees 4 783
Free-Float 66,5%
Chart TAIKISHA LTD.
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Taikisha Ltd. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends TAIKISHA LTD.
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 6
Average target price 3 334,00 JPY
Last Close Price 2 810,00 JPY
Spread / Highest target 31,7%
Spread / Average Target 18,6%
Spread / Lowest Target 6,76%
EPS Revisions
Managers
NameTitle
Koji Kato Executive President & Representative Director
Junichi Murakawa Director & Senior Manager-Technology
Nobutaka Inagawa Director & Managing Executive Officer
Hiroshi Mukai Representative Director & Executive Vice President
Kazuhide Hayakawa Director & Senior Managing Executive Officer
Sector and Competitors
1st jan.Capitalization (M$)
TAIKISHA LTD.-27.86%914
CHINA NATIONAL CHEMICAL ENGINEERING CO., LTD.-14.91%4 043
SAMSUNG ENGINEERING CO., LTD.-42.45%1 916
NICHIAS CORPORATION-13.72%1 521
FLSMIDTH & CO-34.10%1 396
AME ELITE CONSORTIUM8.51%210