Acquisition of Shares in EXCEL CO., LTD. (and Making It a ... · December 2019. KAGA ELECTRONICS...

December 2019KAGA ELECTRONICS CO., LTD.President & COORyoichi Kado

For Institutional Investors/Analysts

Acquisition of Shares in EXCEL CO., LTD.(and Making It a Subsidiary)

http://www.taxan.co.jp/en/http://www.taxan.co.jp/en/

© 2017 KAGA ELECTRONICS CO.,LTD All Rights Reserved.

Overview of the Acquisition

Scheme&

Schedule

December 9, 2019・ Conclude the integrated contract with EXCEL, CI11, and the parent company of CI11, Office Support・ Conclude EXCEL share transfer agreement with CI11

February 14, 2020 ・ EXCEL will hold a shareholders’ meeting.

March 30, 2020 ・ EXCEL will be delisted.

April 1, 2020

・ EXCEL will become a wholly owned subsidiary of CI11.・ EXCEL will pay a dividend in kind to CI11 using a portion of its assets.・ EXCEL will become a wholly owned subsidiary.

Acquisition Price

(estimate)

・ Share of common stock in EXCEL・ Advisory and other fees

Total

: 100 million yen: 250 million yen: 350 million yen

Financing・ Share Acquisition: Plan to finance with self-funding・ Working Capital : Plan to provide financing to EXCEL around

8 billion yen

Financial Impact

・ Approximately 8.2 billion yen of gain on bargain purchase is anticipated in the fiscal year ending March 31, 2021.

1



Purpose of This Acquisition

2

Market share expansion for the trading business

Complement both companies’ offerings and sales channels

• Utilize EXCEL’s domestic and overseas key products in the LCD domain to expand sales to KAGA’s customers

• Strengthen distribution of KAGA’s products to EXCEL’s customer base in China

Expansion in the scale of the EMS

business

Share KAGA’s global network of EMS manufacturing bases with EXCEL

• Reach out to EXCEL’s customer base using KAGA’s EMS business

• Replace EXCEL’s outsourcing partners with KAGA’s own manufacturing base

Acquisition of new businesses

Mobilize the collective strength of the Group to achieve early commercialization

• Bring in EXCEL’s promising new businesses, such as the EV-related business

Further improvement in

profitability

Promote business collaboration between the two companies

• Optimize sales-related organizations

• Share administrative functions of both companies



Outline of EXCEL

3

Company Name ・ EXCEL CO., LTD.

Representative ・ President and CEO: Nobuaki Ohtaki

Locations ・ Headquarters: 3-12-10 Nishi-Shinbashi, Minato-ku, Tokyo, Japan

History

・ 1961: Established as OK Shokai Co., Ltd. ・ 1992: Company name changed to EXCEL CO., LTD. ・ 2002: Listed on the 2nd Section of the Tokyo Stock Exchange (TSE)・ 2004: Transferred company listing to the 1st Section of the TSE

Business Activities

・ Sale, import and export of LCD devices, integrated circuits, semiconductor devices and other electronic components and equipment



Plan to make EXCEL a subsidiary

4

CI11 acquires shares in EXCEL

EXCEL pays dividend in kind to CI11

KAGA acquires shares in EXCEL

CI11 CI11CI11 KAGAELECTRONICS

EXCEL

CI11 makes EXCEL a wholly owned subsidiary Transfer Shares

KAGA makes EXCEL a wholly owned subsidiary

Business Assets

EXCEL EXCEL

Business Assets

Separate EXCEL assets into Business assets and Non-Transferable Assets

STEP-1

STEP-2 STEP-5

STEP-4

STEP

-3

*From EXCEL’s disclosure materials

Tran

sfer

Non

-Tr

ansf

erab

le A

sset

s


5

Recent Performance and Future Outlook of EXCEL *From EXCEL’s disclosure materials

Net Sales Operating Income(billion yen)

140

120

100

20

40

60

80

4

3

2

1

0

-10

2018/3 2019/3 2020/3 2021/3 2022/3 2023/3 2024/3Results Results Forecast Outlook Outlook Outlook Outlook

Net Sales 100,425 67,499 57,000 107,622 125,563 130,285 131,858

Operating Income 1,433 369 -500 151 2,391 2,617 2,748

2,874 569Profit Attributableto Owners of Parent

(million yen)

http://www.taxan.co.jp/en/http://www.taxan.co.jp/en/業績ハイライト改

2018/32019/32020/32021/32022/32023/32024/3

ResultsResultsForecastOutlookOutlookOutlookOutlook

Net Sales100,42567,49957,000107,622125,563130,285131,858

売上原価

Operating Income1,433369-5001512,3912,6172,748

営業外収益

営業外費用

特別損益ソンエキ

税金等調整前当期純利益

法人税及び住民税

法人税等調整額

少数株主利益

Profit Attributableto Owners of Parent2,874569

2017/Mar2018/Mar

ResultResultYoY

Net sales109,659ERROR:#DIV/0!

売上原価0

Gross profit 15,17216,218ERROR:#DIV/0!

Gross Profit Margin（％）13.8%ERROR:#DIV/0!

SG&A11,95911,824ERROR:#DIV/0!

Operating income3,2124,394ERROR:#DIV/0!

営業外収益0

営業外費用0

Ordinary income3,0454,703ERROR:#DIV/0!

特別損益ソンエキ0

税金等調整前当期純利益0

法人税及び住民税0

法人税等調整額0

少数株主利益0

Profit attributable toowners of parent3,1113,516ERROR:#DIV/0!

EPS

Exchange rate (Yen)

USD105.29111.06

THB3.013.28

RMB17.0716.39

HKD13.5814.24

業績事業部門別改

2017/3期2018/3期2018/3期増減の主なポイントゾウゲンオモ

実績ジッセキ前回予想ゼンカイヨソウ実績ジッセキ前年比ゼンネンヒ予想比ヨソウヒ

電子部品デンシブヒン売上高ウリアゲダカ82,78481,00085,9184%6%・遊技機器向けは低調も、電動工具、医療機器、事務機器向けEMS*ビジネスが好調。ユウギキキムテイチョウデンドウコウグイリョウキキジムキキムコウチョウ

セグメント利益リエキ2,3662,1502,89322%35%

情報機器ジョウホウキキ売上高ウリアゲダカ20,52420,50023,44614%14%・住宅向け・商業施設向け関連商材が好調。PC販売も市場厳しい中で健闘。ジュウタクムショウギョウシセツムカンレンショウザイコウチョウハンバイシジョウキビナカケントウ

セグメント利益リエキ5395501,116107%103%

ソフトウェア売上高ウリアゲダカ1,4421,1001,142-21%4%・遊技機器向け案件減少。VR・AR*等の新規分野への開発投資が先行。ユウギキキムアンケンゲンショウナドシンキブンヤカイハツトウシセンコウ

セグメント利益リエキ307120111-64%-8%

その他ホカ売上高ウリアゲダカ4,9094,4006,07524%38%・アミューズメント業界向けゲーム機器事業、ゴルフ用品販売が堅調。ケンチョウ

セグメント利益リエキ▲ 57▲ 120198黒字転換クロジテンカン

合計ゴウケイ売上高ウリアゲダカ109,659107,000116,5826%9%

セグメント利益リエキ3,2122,7004,39437%63%

2017/Mar2018/Mar2018/MarMain points

ResultForecastResultYoYvs Forecast

ElectroniccomponentsNet sales82,78481,00085,9184%6%

Segment income2,3662,1502,89322%35%

InformationEquipmentNet sales20,52420,50023,44614%14%

Segment income5395501,116107%103%

SoftwareNet sales1,4421,1001,142-21%4%

Segment income307120111-64%-8%

OthersNet sales4,9094,4006,07524%38%

Segment income-57-120198Return to surplus

TotalNet sales109,659107,000116,5826%9%

Segment income3,2122,7004,39437%63%

地域別売上高改

2017/3期　　　　キ2018/3期　　　　キ2018/3期キ

実績ジッセキ（構成比）コウセイヒ前回予想ゼンカイヨソウ（構成比）コウセイヒ実績ジッセキ（構成比）コウセイヒ前年比ゼンネンヒ予想比ヨソウヒ

日本ニホン74,15168%71,00065%73,78963%-0%4%

北米ホクベイ3,3623%2,8003%4,5804%36%64%

欧州オウシュウ1,1721%1,2001%1,7792%52%48%

東アジアヒガシ30,98528%32,00029%36,43331%18%14%

合計ゴウケイケイ109,659100%107,00098%116,582100%6%9%

2017/Mar　　　　 2018/Mar　　　　 2018/Mar

ResultCompositionForecastCompositionResultCompositionYoYvs Forecast

Japan74,15168%71,00065%73,78963%-0%4%

North america3,3623%2,8003%4,5804%36%64%

Europe1,1721%1,2001%1,7792%52%48%

East asia30,98528%32,00029%36,43331%18%14%

Total109,659100%107,00098%116,582100%6%9%

BS（資産の部）

2017/3末マツ2018/3末マツ前期末比マエキマツヒ

流動資産リュウドウシサン103,684104,238554

現金及び預金ゲンキンオヨヨキン26,42330,3933,970

受取手形・売掛金ウケトリテガタウリカケキン52,00850,024▲ 1,984

棚卸資産タナオロシシサン19,32419,135▲ 189

その他タ5,9294,686▲ 1,243

固定資産コテイシサン22,06722,966899

有形固定資産ユウケイコテイシサン11,74511,999254

無形固定資産ムケイコテイシサン841754▲ 87

投資等トウシトウ9,47910,211732

資産合計シサンゴウケイ125,751127,2041,453

March 31,2017March 31,2018YoY

Current assets103,684104,238554

Cash and deposits26,42330,3933,970

Notes and AR -trade52,00850,024-1,984

Inventories19,32419,135-189

Others5,9294,686-1,243

Non-current assets22,06722,966899

Property, plant and equipment11,74511,999254

Intangible assets841754-87

Investment and other assets9,47910,211732

Total assets125,751127,2041,453

BS（負債の部）

2017/3末マツ2018/3末マツ前期末比マエキマツヒ

流動負債リュウドウフサイ50,24248,972▲ 1,270

支払手形・買掛金シハライテガタカイカケキン37,55335,512▲ 2,041

短期借入金タンキカリイレキン4,8835,455572

その他タ7,8068,005199

固定負債コテイフサイ9,5769,224▲ 352

長期借入金チョウキカリイレキン4,6033,804▲ 799

その他タ4,9735,420447

負債合計フサイゴウケイ59,81958,197▲ 1,622

株主資本カブヌシシホン64,48166,9772,496

　資本金　　　　シホンキン資本金　　　　シホンキン12,13312,1330

　資本剰余金　　シホンジョウヨキン資本剰余金　　シホンジョウヨキン13,91213,853▲ 59

　利益剰余金　　　リエキジョウヨキン利益剰余金　　　リエキジョウヨキン40,47643,0322,556

自己株式ジコカブシキ▲ 2,040▲ 2,041▲ 1

その他の包括利益累計額合計タホウカツリエキルイケイガクゴウケイ1,3911,958567

非支配株主持分ヒシハイカブヌシモチブン597112

純資産合計ジュンシサンゴウケイ65,93269,0063,074

負債・純資産合計フサイジュンシサンゴウケイ125,751127,2041,453

March 31,2017Mach 31,2018YoY

Current liabilities50,24248,972-1,270

Notes and AP -trade37,55335,512-2,041

Short-term loeans payable4,8835,455572

Others7,8068,005199

Non-current liabilities9,5769,224-352

Long-term loans payable4,6033,804-799

Others4,9735,420447

Total liabilities59,81958,197-1,622

Shareholders' equity64,48166,9772,496

　資本金　　　　シホンキンCapital stock12,13312,1330

　資本剰余金　　シホンジョウヨキンCapital surplus13,91213,853-59

　利益剰余金　　　リエキジョウヨキンRetained earnings40,47643,0322,556

Treasury shares-2,040-2,041-1

Total accumulated other comprehensive income 1,3911,958567

Non-controling interests597112

Total net assets65,93269,0063,074

Total liabilities and net assets125,751127,2041,453

キャッシュフロー

2017/3期実績キジッセキ2018/3期実績キジッセキ

営業活動によるキャッシュフローエイギョウカツドウ7,7235,875

投資活動によるキャッシュフロートウシカツドウ▲ 246▲ 1,345

財務活動によるキャッシュフローザイムカツドウ▲ 2,253▲ 1,265

現金等の四半期末残高ゲンキントウシキマツザンダカ25,68329,387

2017/Mar Result2018/Mar Result

Cash flows from operating activities7,7235,875

Cash flows from investing activities-246-1,345

Cash flows from financing activities-2,253-1,265

Cash and cash equivalents at the end of the period25,68329,387

キャッシュフロー改

2017/3期実績キジッセキ2018/3期実績キジッセキ

営業活動によるキャッシュフローエイギョウカツドウ7,7235,875

投資活動によるキャッシュフロートウシカツドウ▲ 246▲ 1,345

フリーキャッシュフロー7,4774,530

財務活動によるキャッシュフローザイムカツドウ▲ 2,253▲ 1,265

現金等の四半期末残高ゲンキントウシキマツザンダカ25,68329,387

2017/Mar Result2018/Mar Result

Cash flows from operating activities7,7235,875

Cash flows from investing activities-246-1,345

Cash flows from financing activities-2,253-1,265

Cash and cash equivalents at the end of the period25,68329,387

業績予想

2018/3期2018/3期2019/3期

実績ジッセキ期初予想キショヨソウ予想ヨソウ前年比ゼンネンヒ期初予想比キショヨソウヒ

売上高227,209230,000232,0002%1%

売上原価0

売上総利益31,22531,50032,2503%2%

同利益率（％）ドウリエキリツ13.7%13.7%13.9%

販売費及び一般管理費24,34624,50024,7502%1%

営業利益6,8797,0007,5009%7%

営業外収益0

営業外費用0

経常利益7,3437,5008,20012%9%





少数株主利益0

親会社株主に帰属する当期純利益オヤガイシャカブヌシキゾクゾクトウキジュンリエキ6,9755,5006,300-10%15%

ROE（%)7.67.80.2

為替レート（円）カワセエン

USD108.38112.50110.50

THB3.083.203.30

RMB16.3716.3016.30

HKD13.9714.5014.00

2018/Mar2018Mar2019/Mar

ResultForecast (previous)ForecastYoYvs Forecast(previous)

Net sales227,209230,000232,0002%1%

売上原価0

Gross profit 31,22531,50032,2503%2%

Gross Profit Margin（％）13.7%13.7%13.9%

SG&A24,34624,50024,7502%1%

Operating income6,8797,0007,5009%7%

営業外収益0

営業外費用0

Ordinary income7,3437,5008,20012%9%





少数株主利益0

Profit attributable toowners of parent6,9755,5006,300-10%15%

ROE（%)7.67.80.2

Exchange rate (Yen)

USD108.38112.50110.50

THB3.083.203.30

RMB16.3716.3016.30

HKD13.9714.5014.00

業績修正前提

2017/3期2018/3期2018/3期オーガニック下期よりシモキ

（単位：億円）タンイオクエンQ2実績ジッセキQ2期初予想キショヨソウQ2実績ジッセキ差異サイ上振れウエフ前倒しマエダオ

売上高1,0971,0701,166965640

売上原価0

　売上総利益ウリアゲソウリエキ15214716215105

　販管費ハンカンヒ120120118▲ 22

営業利益エイギョウリエキ32274417125

営業外収益0

営業外費用0





少数株主利益0

ROE（%)7.67.67.80.2

2017/3期2018/3期2018/3期下振れシタフ上期へカミキ

（単位：億円）タンイオクエン下期実績シモキジッセキ下期期初予想シモキキショヨソウ下期今回予想シモキコンカイヨソウ差異サイリスク前倒しマエダオ

売上高1,1761,2301,154▲ 76▲ 36▲ 40

売上原価0

　売上総利益ウリアゲソウリエキ161168160▲ 8▲ 3▲ 5

　販管費ハンカンヒ1241251294▲ 4

営業利益エイギョウリエキ374331▲ 12▲ 7▲ 5

営業外収益0

営業外費用0





少数株主利益0

ROE（%)7.67.80.2

2017/Mar2018/Mar2018/Marオーガニック下期よりシモキ

(Billion Yen)2Q ResultQ2 Forecastprevious2Q Resultdifference上振れウエフ前倒しマエダオ

Net sales109.7107.0116.69.65.64.0

売上原価0.0

　Gross profit15.214.716.21.51.00.5

　SG&A12.012.011.8-0.20.2

Operating income3.22.74.41.71.20.5

営業外収益0

営業外費用0





少数株主利益0

ROE（%)7.67.67.80.2

2017/Mar2018/Mar2018/Mar下振れシタフ上期へカミキ

(Billion Yen)2H Result2H Forecastprevious2H Forecastcurrentdifferenceリスク前倒しマエダオ

Net sales117.6123.0115.4-7.6-36.0-40.0

売上原価0.0

　Gross profit16.116.816.0-0.8-3.0-5.0

　SG&A12.412.512.90.4-4.0

Operating income3.74.33.1-1.2-7.0-5.0

営業外収益0

営業外費用0





少数株主利益0

ROE（%)7.67.80.2

業績修正前提改

2017/32018/32018/3期初予想との差異キショヨソウサイ

（単位：億円）タンイオクエンQ2実績ジッセキQ2期初予想キショヨソウQ2実績ジッセキ主な要因オモヨウイン

売上高1,0961,0701,16595・EMSビジネス、情報機器事業の販売好調。・下期計画から上期へ一部前倒し。ジョウホウキキジギョウハンバイコウチョウシモキケイカクカミキイチブマエダオ

　売上総利益ウリアゲソウリエキ15114716215

　販管費ハンカンヒ119120118▲ 2

営業利益エイギョウリエキ32274316

2017/32018/32018/3期初予想との差異キショヨソウサイ

（単位：億円）タンイオクエン下期実績シモキジッセキ下期期初予想シモキキショヨソウ下期今回予想シモキコンカイヨソウ主な要因オモヨウイン

売上高1,1761,2301,154▲ 76・遊技機器関連の法改正に伴う需要減少。ユウギキキカンレンホウカイセイトモナジュヨウゲンショウ

　売上総利益ウリアゲソウリエキ161168160▲ 8

　販管費ハンカンヒ1241251294

営業利益エイギョウリエキ374331▲ 12

2017/Mar2018/Mar2018/Mar

(Billion Yen)2Q ResultQ2 Forecastprevious2Q ResultDifferenceMajor factors

Net sales109.7107.0116.69.6

　Gross profit15.214.716.21.5

　SG&A12.012.011.8-0.2

Operating income3.22.74.41.7

2017/Mar2018/Mar2018/Mar

(Billion Yen)2H Result2H Forecastprevious2H ForecastcurrentDifferenceMajor factors

Net sales117.6123.0115.4-7.6

　Gross profit16.116.816.0-0.8

　SG&A12.412.512.90.4

Operating income3.74.33.1-1.2

配当・ROE予想

2018/3期2018/3期2019/3期

実績ジッセキ期初予想キショヨソウ今回予想コンカイヨソウ前年比ゼンネンヒ期初予想比キショヨソウヒ

1株当たり当期純利益リエキ249.43200.47229.63▲ 19.8029.16

1株当たり年間配当ハイトウ60.0060.0065.00+5.00+5.00

普通配当フツウハイトウ40.0060.0060.00+20.000.00

特別配当トクベツハイトウ20.00-5.00▲ 15.00+5.00

ROE10.0%8.1%9.2%-0.8pp+1.1pp

2018/Mar2018Mar2019/Mar


EPS249.43200.47229.63-19.8029.16

Dividends per share60.0060.0065.00+5.00+5.00

Ordinary dividends40.0060.0060.00+20.000.00

Extraordinary dividends20.00-5.00-15.00+5.00

ROE10.0%8.1%9.2%-0.8pp+1.1pp

事業部門別予想

2018/3期キ2019/3期キ2019/3期キ

実績ジッセキ期初予想キショヨソウ予想ヨソウ前年比ゼンネンヒ期初予想比キショヨソウヒ

電子部品デンシブヒン売上高ウリアゲダカ171,227175,000176,0003%1%

セグメント利益リエキ4,9175,3505,50012%3%

情報機器ジョウホウキキ売上高ウリアゲダカ42,54742,00042,500-0%1%

セグメント利益リエキ1,4911,4001,5001%7%

ソフトウェア売上高ウリアゲダカ3,1593,0002,500-21%-17%

セグメント利益リエキ528450200-62%-56%

その他ソノタ売上高ウリアゲダカ10,27410,00011,0007%10%

セグメント利益リエキ▲ 212▲ 200300--

合計ゴウケイケイ売上高ウリアゲダカ227,209230,000232,0002%1%

営業利益エイギョウリエキ6,8797,0007,5009%7%

2018/Mar2019/Mar2019/Mar


ElectroniccomponentsNet sales171,227175,000-100%-100%

Segment income4,9175,350-100%-100%

InformationEquipmentNet sales42,54742,000-100%-100%

Segment income1,4911,400-100%-100%

SoftwareNet sales3,1593,000-100%-100%

Segment income528450-100%-100%

OthersNet sales10,27410,000-100%-100%

Segment income-212-200-100%-100%

TotalNet sales227,209230,000-100%-100%

Segment income6,8797,000-100%-100%

地域別売上予想

2018/3期　　　　キ2019/3期　　　　キ2019/3期キ

実績ジッセキ（構成比）コウセイヒ期初予想キショヨソウ（構成比）コウセイヒ予想ヨソウ（構成比）コウセイヒ前年比ゼンネンヒ期初予想比キショヨソウヒ

日本ニホン151,91267%152,00066%147,00063%-3%-3%

北米ホクベイ5,9953%5,5002%7,5003%25%36%

欧州オウシュウ2,5181%2,5001%2,5001%-1%0%

東アジアヒガシ66,78329%70,00030%75,00032%12%7%

合計ゴウケイケイ227,209100%230,000100%232,000100%2%1%

2018/Mar　　　　 2019/Mar 　　　　 2019/Mar

ResultCompositionForecast (previous)CompositionForecastCompositionYoYvs Forecast(previous)

Japan151,91267%152,00066%147,00063%-3%-3%

North america5,9953%5,5002%7,5003%25%36%

Europe2,5181%2,5001%2,5001%-1%0%

East asia66,78329%70,00030%75,00032%12%7%

Total227,209100%230,000100%232,000100%2%1%

Sheet1

© 2017 KAGA ELECTRONICS CO.,LTD All Rights Reserved.6

Medium- to Long-Term Vision of the Kaga Electronics Group

Through the establishment and taking hold of “profit-focused management”, we aim to

and furthermore,

to become a competitive “world-class” company.

form Japan’s No.1 corporate groupin the industry,



Positioning of “Medium-Term Management Plan 2021”

Kaga Electronic

Group+

Fujitsu Electronics

Organic Growth

+Further M&A Challenges

(Net Sales)

Toward the realization of becoming “Japan’s No. 1 corporate group in the industry”

Aim to become a competitive “world-class” company

Quantitative expansion of trading

company business

Increased Sales

Qualitative improvementthrough EMS business

IncreasedProfitRatio

Expansion of trading company business

will lead to growth of the EMS business

JPY500 billion

JPY1 trillion

Further expansion of

the EMS business

Enhancement and expansion of

overseas business

Medium- to Long-Term Vision

Medium Term Management Plan 2021 ①Enhancement of Revenue Base ②Stabilization of

Management Base ③Creation of New Business

Acquisitionof EXCEL



FY2018Results

FY2019Forecast

Management Targets FY2021

Net Sales ¥292.8 billion○ ¥442 billion○ ¥500 billion○

Operating Income ¥7.6 billion○ ¥9 billion○ ¥13 billion○

ROE 10.9%○○ 6.4%○○ 8% or higher○

・ Plan forecast： US$1.00＝￥110FOREX

“Medium-Term Management Plan 2021” Management Targets



Industry Positioning

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Reaching industry’s second position in FY ending March 2020 due to full year consolidation of Fujitsu Electronics, andrealizing “500 billion yen corporation” with EXCEL acquisition

Rank Company name Net sales

1 MACNICA FUJI ELECTRONICS 524.2

2 MARUBUN CORPORATION 326.7

3 KAGA ELECTRONICS 292.8

4 RYOSAN 249.7

5 SIIX Corporation 242.8

6 RYODEN CORPORATION 240.3

7 TOMEN DEVICES CORPORATION 217.6

8 UKC Holdings 205.8

9 Elematec Corporation 183.4

10 TACHIBANA ELETECH 182.9

(billion yen)

Rank Company name Net sales

1 MACNICA FUJI ELECTRONICS 540.0

2 KAGA ELECTRONICS 430.0

3 Restar Holdings 410.0

4 MARUBUN CORPORATION 291.5

5 SIIX Corporation 244.0

6 RYOSAN 235.0

7 RYODEN CORPORATION 233.6

8 TOMEN DEVICES CORPORATION 210.0

9 Elematec Corporation 201.0

10 TACHIBANA ELETECH 183.0

March 2019 result base March 2020 forecast base

Note: SIIX figures for FY ended December 2018 and FY ending December 2018Restar Holdings was established in April 2019 through the management integration of UKC and VITEK

※Data Source: Internal study


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＜Notes＞


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＜Notes＞


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＜Notes＞


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＜Notes＞



20 Kandamatsunagacho, Chiyoda-ku, Tokyo 101-8629Contact: Investor Relations & Public Relations OfficeTEL:+81-3-5657-0106 FAX:+81-3-3254-7133E-mail: [email protected] https://www.taxan.co.jp

“Everything we do isfor our customers”

14

■ Forward-looking statements in these materials are based on information available to management at the time this report was prepared and on assumptions that management believes are reasonable. Actual results may differ significantly from these statements for a number of reasons.

■ Display method in this materialNumerical values: Rounded to the nearest unitRatio: After calculation in yen units, first digit of display unit is rounded off

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スライド番号 1スライド番号 2スライド番号 3スライド番号 4スライド番号 5スライド番号 6 Medium- to Long-Term Vision of the Kaga Electronics GroupPositioning of “Medium-Term Management Plan 2021” “Medium-Term Management Plan 2021” Management Targetsスライド番号 10スライド番号 11スライド番号 12スライド番号 13スライド番号 14スライド番号 15スライド番号 16

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