industrial systems & general-purpose machinery business ... · transport machinery supplying...

Industrial Systems & General-Purpose

Machinery Business Area Briefing

May 17, 2019

Masafumi Nagano, Board Director and Managing Executive

Officer, President of Industrial Systems & General-Purpose

Machinery Business AreaCopyright © 2019 IHI Corporation All Rights Reserved.

Contents

Copyright © 2019 IHI Corporation All Rights Reserved.

1. Industrial Systems & General-Purpose Machinery Business Area Outline……….….. 3

2. Management Policies Based on Group Management Policies 2019…………….…… 7

3. Industrial Systems & General-Purpose Machinery Business Area Strategies..…….…11

4. Industrial Systems & General-Purpose Machinery Business Area Business Plans………… 18

Vehicular Turbocharger Business Strategies………………………………………………… 19

1. Overview of IHI’s Turbochargers………………………………………………………….. 20

2. Vehicular Turbocharger Business Market Climate…………………………..………….. 26

3. Vehicular Turbocharger Business Strategies……………………………..………..….. 30

4. Consolidated Sales………………………………………………………………..… …….. 32

5. Global Project……………………………………………………………………………….. 33

1. Industrial Systems & General-Purpose Machinery

Business Area Outline

Copyright © 2019 IHI Corporation All Rights Reserved. 3


1. Industrial Systems & General-Purpose Machinery Business Area Outline

Key product lines

Rotating machinery

Heat treatment and surface engineering

Vacuum heat treatment furnaces

PVD/PACVD coating

equipment Logistics and machinery

Parking

Vehicular turbochargers

Turbochargers

Transport machinery

Making things

Moving people

Moving things

4

Process gas turbo

compressors

General-purpose

turbo compressors

Elevator parkingUnderground parking

(Super Square Parking

System)

Continuous

unloadersJib climbing cranes

Automated

storage/retrieval

systems

Air-suspended

conveyors for large

panels

Rotating machineryIHI Rotating Machinery

Engineering Co., Ltd.Developing, designing, and manufacturing compressors, separators, and

other rotating machinery

Vehicular turbochargers Supplying turbochargers for automotive enginesCloverTurbo Co., Ltd.

IHI Turbo

Agricultural machinery and small power systems

IHI Agri-Tech CorporationProviding grass cutters and lawn maintenance machinery and

agricultural machinery


IHI Machinery and Furnace Co., Ltd.

IHI Hauzer Techno Coating B.V.

IHI Ionbond AG

Supplying and processing heat and surface treatment equipment for tools,

automobile parts, and industrial machinery components

Logistics and machinery systems

IHI Logistics &

Machinery Corporation

Designing and and supplying frozen and refrigerated automatic warehouse

facilities, automated warehouses for hazardous goods, and storage and

transport facilities

Transport machinery Supplying jib climbing cranes for building construction and port unloadersIHI Transport Machinery

Co., Ltd.

Directly controlled businesses

Voith IHI Paper Technology Co., Ltd.IHI Packaged Boiler Co.,

Ltd.


Machinery Business AreaSBU

SBU-controlled domestic affiliate

Legend

Main affiliates

Principal affiliates

IHI Technical Training Institution

Business overview

IHI ASIA PACIFIC (Thailand) Co., Ltd. Onahama Higashikou Bulk Terminal LLC.


ParkingDesigning, manufacturing, constructing, and maintaining mechanical and

automated parking systems

IHI Transport Machinery

Co., Ltd.


FY2018 results

Vehicular turbochargers

¥189.5 billion

Parking20%

Rotating machinery

20%


17%Transport machinery

10%

Logistics and machinery systems

15%

Agricultural

machinery and small

power Systems

12%Other7%

Industrial systems

¥251.5 billion

FY2018 sales composition

Industrial systems Overseas sales: 27.8%

After-sales services: 43%



2. Management Policies Based on

Group Management Policies 2019


Energy storage and consumption efficiency, progress in industrial and technology innovation infrastructure, overcrowding and urban traffic

congestion, rising carbon dioxide emissions, pollution, and aging populations in developed nations

Compatibility with CASE* in automotive industry, digital transformations in the industrial machinery sector, structural changes across in logistics

sector, and urban development progress

*CASE: Connected, Autonomous, Shared & Services, Electric

Optimize the people, energy, and assets of society and customers

EnergyUse electrical, thermal, water, and other energy efficiently

Human resourcesProcess Automation and Personnel Saving

AssetsOptimize facilities utilization and balance sheets

8

1. Enhance throughput and reduce costs by conserving labor and

optimizing manufacturing and distribution processes

2. Reduce environmental impact and electricity costs by improving the

efficiency of electrical, thermal, and other energy sources

3. Eliminate traffic accidents by providing a safe, secure, and convenient

mobility infrastructure while helping lower environmental impact,

eliminating mobility issues, and pioneering CASE* initiatives

Prerequisites for maximizing efficiency

Contribute to industrial infrastructure progress by thoroughly optimizing operational

lifecycles with customers

Direction

Addressing social issues

Build new industrial infrastructure that

optimizes operational lifecycles

Seek to create new industrial systems that comprehensively

streamline customers’ human resources, energy, and assets


2. Business Area Management Policies

Strengthen business foundations

9

Strengthen lifecycle businesses to boost customer value and accelerate global development

Leverage strong ties with customers from providing industrial machinery products and services to enhance the

value of customer operations by accelerating efforts to deliver more sophisticated after-service

Starting with Southeast Asia, undertake earnest global efforts to bolster after-service capabilities

Build a robust operational structure

Accelerate preparations for tomorrow

Undertake groupwide structural reforms to create a lean and flexible structure

Push ahead with reforms to shift away from individual business management toward Group management that

makes customers the top priority

Specifically, transition to a lean and flexible organization that generates customer value by integrating responses

to customers within the Group while strengthening customer relationship management capabilities

Develop a new business model to drive industrial infrastructure progress

Connect real and digital spaces for customers and society in manufacturing, logistics, mobility, and other

industrial machinery fields, thereby accelerating the creation of new industrial systems that streamline overall

efficiency for customers’ human resources, energy, and assets


Focuses Over Three Years


Industrial

Systems &

General-Purpose

Machinery

Resources,

Energy &

Environment

Social

Infrastructure

& Offshore

Facilities

Aero

Engine,

Space &

Defense


Corporate Business Development & Solution Headquarters

Intelligent Information Management Headquarters

Global Marketing & Sales Headquarters

Vehic

ula

r

turb

ocharg

er S

BU

Park

ingS

BU

Rota

ting

machin

ery

SB

U

Heat tre

atm

ent

and s

urfa

ce

engin

eerin

g

SB

U

Tra

nsport

machin

ery

SB

U

IHI

Logis

tics a

nd

machin

ery

SB

U

Main roles of key units

Build and reinforce lifecycle business earnings

platforms, and strengthen internal and external

collaboration (Lifecycle Business Development

Group)

Improve Global business expansion primarily in

lifecycle business, centered on Southeast Asia

(Global Business Development Group)

Drive industrial systems advances through digital

transformation (Digital Transformation Group)

Optimize, standardize, and modernize business

area value chain processes (Business Process

Transformation Group)

Plan and deploy business area management

policies

Formulate and deploy business area visions and

strategies and manage risks

Planning and

Control

Strategy

DevelopmentStrategy Development Dept.

Planning & Control Dept.

Agric

ultu

ral

machin

ery

and

sm

all p

ow

er

syste

ms S

BU

Enhance continuous improvement of quality and

coordinate quality assurance in business areas

Undertake environmental activities for business

areas overall

Quality

Assurance

Quality Assurance G.

10


Structure

3. Industrial Systems & General-Purpose Machinery

Business Area Strategies



3. Business Area Strategies

Experiment : Car-sharing services for residents

Developing new elevator parking systems(Time saving ,Noiseless)

Strengths: Market-leading maintenance network

(Realizing customers’ operation safely and efficiently)

Reinforce lifecycle businesses1. Strengthen business fundamentals through after-sales businesses

2. Develop new products, services and create new business models offering higher customer value

leveraged by the expertise from after-sales businesses = a cycle of value increasing across product

and business lifecycles

Parking business

Increasing unit number managed

Securing service expertise

Expand maintenance operations

through business transfers

2016 KYC Machine Industry Co.,

Ltd.

2017 Nabco Door, Ltd.

2018 Orient Industries, Ltd.

Providing IoT platform services

Cultivating SST Business (Security Sharing Technology)

Acquiring

new

knowledge

Collaborating in joint research with universities in automated driving and

parking

Enhance customer value and accelerate global development by reinforcing lifecycle businesses

12

Reinforce lifecycle businesses

http://www.iuk.co.jp/parking/supersquare.html

Building more close ties with

customers• Secure Customers’ Information and

knowledge


3. Business Area Strategies


Rotating machinery

Strengths

Robust delivery record

Customer-centric service network

Wide channels for diverse customersDesign Dept.

Develop more valuable new products and

services

Manufacturing Dept. and back-office units

Realize specific new service options

Process line engineering Dept.

Incorporate related businesses

Through advanced service-

business processes leveraged

by the ICT tools

Further enhance strengths and establish

competitive edge

Transition to lifecycle business model originated by Frontlines’ information

Bolster products’ lineup

Air supply services

Retrofit Business

Demand-follow group

control system

Customer Center

Further reinforce

relationships

Total plant engineering

13

Reinforce lifecycle businesses

0

2000

4000

6000

8000

～2008

2010

2012

2014

2016

2018

Cumulative unit deliveries of

general-purpose turbocompressors

SBU

• Track Records

• Customer

relations

IHI’s extensive

assets

Managing energy

Lowering

environmental impact

Saving labor

Customer issues

surveillance and checks

Group controls

Improvement proposals

Annual maintenance agreements

Subscriptions

IoT monitoring

Asia

n S

olu

tion

s C

en

ter

So

lutio

ns d

eve

lopm

ent

Pro

du

cts

and

pa

rts

Cu

sto

me

r info

rma

tion

Operations and maintenance

Solutions

Service training

Preventive

maintenance

Local business partners

Solutions leader

Solutions team(Sales, Plant management expert and engineers)

National staff members

Local business sites

Custo

me

rs

•Im

pro

ve

cu

sto

me

rs’ s

atis

factio

n th

rou

gh

ou

t

lifecycle

s

•M

axim

ize

va

lue fo

r cu

sto

me

rs

Increasing the value of customer operations

and delivering advanced after-sales services by leveraging solid customer ties

Establishing Asia Solutions Center at IHI ASIA PACIFIC (Thailand) Co., Ltd., which has solid track record, to expand advanced

services throughout Southeast Asia from Thai hub

14

3. Business Area Strategies Global development



Undertake Group management-based reforms to create a lean and flexible structure

Create framework to deliver high added value throughout customer lifecycles

Lean and flexible structure

Core resourcesService network

Customer relationship

Market

needsMarket

needs

New

initiatives

collaborate

with

business

areas

External

technology

External

technology

Expand existing business

earnings

Expand

existing

business

earnings

Expand

existing

business

earningsCollaborate to optimize

overall business area

resources


Machinery Business Area

SBU

SBUSBU


1. Integrated responses across SBUs in line with customer issues

2. Structure to respond swiftly to emerging issues and cater to new

business models

3. Optimization of Group functions, sites, and resources

Lean and flexible3. Business Area Strategies

New

initiatives

collaborate

with

business

areas

Undertake Group management-based reforms to create a lean and flexible structure

Business area’s portfolio management under Group Management Policies 2016

Logistics system and industrial machinery business integration

(2016)

Compact construction machinery business transfer

(2016)

Turkey: Establishment of general-purpose compressor

manufacturing and sales joint venture (2016)

Agricultural machinery and small power systems business

reorganization (2017)Disaster prevention business transfer (2017)

Rotating machinery business integration (2017) Ship machinery business transfer (2017)

China: Establishment of mechanical parking facilities joint venture

(2018)Small power systems business transfer (2018)

Manage portfolio even under Group Management Policies 2019

・Extend involvement to SBU’s business portfolios・Reorganization keeping with the transformation

to lifecycle business changes

Accelerate business area

“Concentration and Selection”


Lean and flexible3. Business Area Strategies

We will cultivate a diverse businesses to resolve customer challenges, such as by virtually shortening and integrating value chains

by effectively linking physical and digital spaces

Dig

ital s

pa

ce

Data analysis and optimization and data usage for services

(Blockchain, etc.)

Data platform

Ph

ys

ica

l sp

ac

e

AssemblyProcessingMaterials

Improve throughput and lowering costs by optimizing manufacturing and

distributing processes

Energy managementEnvironmental improvements

Unit group control

Data links

Production lines

Power, heat, and air supply lines

Energy supplies

Restricted areas:

(ports / railway freight)

Distribution between sites

Advanced mobility

Logistics center warehousing

Delivery site

Lower energy costs and environmental impact by improving power, heat, and air

facilities efficiency

Improve throughput and lower costs by optimizing logistics operations and processes

Pioneering CASE (Connected, Autonomous, Shared/Service, Electric) adoption

ShippingStore

and sortReceiving

LoadUnload

DATA DATA DATA

Factories

Virtual shortening and integration of value chain

Delivery site

Electric

Shared/Service

Autonomous

Connected

Connected

17

Accelerate preparations for the future

3. Business Area Strategies Develop new business model


FY2018 results, FY2019 forecasts, and FY2021 targets

(Billions of yen)

23.1 25.0

32.0

5.2%5.6%

7.3%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

0

5

10

15

20

25

30

35

FY2018 FY2019 FY2021

Operating income (margin %)

4. Industrial Systems & General-Purpose Machinery Business Area Business Plans


(Billions of yen)

441.0 450.0 440.0

0

50

100

150

200

250

300

350

400

450

500

FY2018 FY2019 FY2021

Sales

Industrial SystemsAiming to boost after services contribution from 43% of sales in FY2018, to 50% in FY2021

Vehicular Turbocharger Business Strategies

Yoshinori Kawasaki, Managing Executive Officer, Vice President of

Industrial Systems & General-Purpose Machinery Business Area

General Manager of Vehicular Turbocharger Business Unit

19Copyright © 2019 IHI Corporation All Rights Reserved.

1. Overview of IHI’s Turbochargers


Usage Benefits

Improve fuel efficiency around

20% while maintaining output

and torque

Afford acceleration by light

pedal action

Driving with modest engine

loads

Helping to boost power, fuel saving and purify exhaust gases by delivering highly pressurized air to the engine

Essential devices for diesel engines

To lower fuel consumption, increasingly used by downsizing gasoline engines

Particulate matter

emissions reduced

Helping increase

power output by

recovering thermal

energy discharges

(Normally, around

10%)

Turbochargers are eco-friendly devices

that deliver low fuel consumption and low environmental impact

Air Exhaust gas

Turbocharger

Exhaust gas

Engine

Air Compressor Turbine recovers

exhaust energy

Role of Turbocharger

Compressed Air

21

Gasoline vehicles employing IHI turbochargers

Compact cars

Diesel vehicles employing IHI turbochargers

Passenger cars

Light commercial

vehicles

Construction

and agricultural

machinery

Engine displacement Turbocharger size

Large commercial vehicles

Product lineup



Global development of turbocharger business


ICSI/ICSG/ITY

Developing products

Making and selling parts and components for Europe and

regions

Korea

FIT/WIT

Making and selling turbochargers for local market

IHI Charging

Systems

International

GmbH (ICSI)

(Germany)

IHI Charging Systems

International S.p.A. (ITY) (Italy)

Changchun FAWER-IHI

Turbo Co., Ltd. (FIT)

(Changchun, China)

Wuxi IHI Turbo

Co., Ltd. (WIT)

(China)

IHI TURBO (Thailand)

Co., Ltd. (ITT) (Thailand)

IHI

IHI Turbo Co., Ltd. (ITJ)


International Germany

GmbH (ICSG) (Germany)

Europe

ITA

Making and selling turbochargers

Developing, making, and selling superchargers

North America

IHI Turbo Korea Co.,

Ltd. (ITK) (Korea)

Japan

China

ITK

Selling turbochargers for local market

IHI Vehicular Turbocharger SBU

Overseeing vehicular turbocharger business

Developing turbochargers

Making and selling turbochargers for Japanese market

ITJ

Making turbochargers and parts for Japan and regions

Thailand

ITT

Making and selling turbochargers for Southeast Asian market

Making components and turbochargers for regions

Japan

22

IHI Turbo America Co.

(ITA) (United States)


JapanWorldwide

Competitive environment

1. IHI’s global market share is around 20%

2. IHI accounts for around 50% of the Japanese market

3. Two leading auto parts manufacturers have also entered the market, but their shares

remain low

IHI

Honeywell

Borg Warner

MHI

Others

IHI

Honeywell

Borg Warner

MHI

Others



Customer base

Commercial vehicles

Passenger vehicles

(Japanese automakers)

Agricultural and construction machinery

and small boats

Passenger vehicles

(overseas automakers)



http://ja.wikipedia.org/wiki/%E3%83%95%E3%82%A1%E3%82%A4%E3%83%AB:Audi_logo_detail.svg

http://ja.wikipedia.org/wiki/%E3%83%95%E3%82%A1%E3%82%A4%E3%83%AB:Hyundai_Motor_Company_logo.svg

Key customers

Customers Main models



http://ja.wikipedia.org/wiki/%E3%83%95%E3%82%A1%E3%82%A4%E3%83%AB:Audi_logo_detail.svg

7,030 9,300 15,670

24,090

1,290

6,870

11,390

2,360

4,190

6,590

7,270

5,070

12,820

25,250

11,880

20,090

19,820

18,190

2. Vehicular Turbocharger Business Market Climate

20202012

2,600

20252016

3,160

Others

North America

Japan

China

Europe

Sources: Fuji Chimera Research Institute, Inc., and interviews with experts from KPMG and Takaki Nakanishi of Nakanishi Research Institute

Unit sales of vehicular turbochargers by region

Europe

China

Japan

North

America

Other

+14%

+18%

+15%

+25%

+7%

+0%

+26%

+12%

+14%

-2%

+15%

+2%

+11%

+9%

2012-

2016

Average annual growth rates

2016-

2020

2020-

2025Thousands of units

Given market maturity and a transition to electric vehicles amid tighter regulations, the existing vehicular turbocharger market should shrink

Growth in unit sales of new cars should stop, with unit sales of new vehicle turbochargers languishing

New car sales should decrease, while there should also be a shift to electric vehicles, shrinking the the existing vehicular turbocharger market

Having lagged demand in Japan and Europe, existing vehicular turbocharger demand should remain strong for gasoline engine

New markets to grow

Growth outlook beyond 2025


1. North American and Chinese markets should expand by fiscal 2025

2. After FY2025, the switch to electric vehicles should gradually progress, primarily in mature markets

Regional market outlooks

+21%

1. Overall automotive market

The market should continue to expand through 2030. The proportion of powertrains solely

employing internal combustion engines should trend down overall. Full hybrid penetration

should rise, with demand soaring for 48-volt mild hybrid vehicles

2. Gasoline engine turbochargers

Stronger fuel efficiency (carbon dioxide emissions) regulations in each country have driven

efficiencies through engine turbocharging, with turbocharger installation rates rising in China

and North America. More than 90% of 48-volt mild hybrid models should be equipped with

turbochargers, and demand should keep rising

3. Diesel engine turbochargers

Demand is unlikely to rise because of the costs incurred in complying with increasingly tighter

environmental regulations in developed and emerging nations

4. Markets in which turbocharger demand should continue to grow are:

(1) Gasoline passenger cars in China

(2) Gasoline passenger cars in North America

(3) Gasoline passenger cars in Asia

27


Market analysis


0

20

40

60

80

100

120

140

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Fuel cell electricvehicles

Electric vehicles

Full hybrid vehicles

Mild hybrid vehicles

Turbocharged dieselvehicles

Turbochargedgasoline vehicles

Normally aspiratedpowerplant vehicles

Electrified vehicles



Long-term powertrain forecasts and new product areas (existing turbochargers)

Existing turbocharger product area

(Mill

ion v

ehic

les)

Source: IHS Markit

1. Demand for existing turbochargers should peak in 2025 and continue through 2030

2. Accelerate development of new products in line with growing numbers of hybrid, electrical, and other electrified vehicles thereafter

Target areas for electric turbochargers for

electrified vehicles

• Hybrid vehicle electromotive compressors and

electromotive turbochargers, etc.

0

20

40

60

80

100

120

140

20172018201920202021202220232024202520262027202820292030

1. Supplying electromotive compressors and electric-assist turbochargers for mild hybrid electric vehicles, for which demand is expected to spread in Europe and China

2. Developing next-generation oil-free electromotive turbochargers for supplying air in fuel cell vehicles launched in 2018, catering to full-fledged penetration from 2030

Existing turbocharger

area

REC4 electromotive

compressors(48V)

REF Serieselectric-assist

turbochargers

(48V/high-voltage)

Mild hybrid vehicle turbochargers

Electromotive

turbochargers for FCV

Fuel cell vehicle turbochargers


2. Vehicular Turbocharger Business Market Climate(M

illio

n v

ehic

les)

Long-term powertrain forecasts and new product areas (electrified vehicle products and IHI’s efforts)

Source: IHS Markit

Customer proposal platform

Organization and human resources

Development platform

Production platform

Operational management platform

Mass production turbocharger business

Expand earnings through

regional strategies based

on global value chain

Independent aftermarket

sales

Downgrade product

development

Customer spare parts

Parts supplies

After service business

Forward investments to

develop and accelerate

commercialization of

products for electrified

vehicles

Plug-in hybrid vehicles

Electric vehicles

Fuel cell vehicles

Battery management

New businesses

Contribute to innovations driving

environmental improvements and economy in advanced powertrain systems

FY2026: Operating margin exceeding 10% on sales of ¥300 billion

Create advanced turbos

and lineup with

customers

Technology customers

Technology and cost

balance customers

Low-price customers

Commercial customers

Leverage lineup to

generate earnings

Other passenger vehicle

customers

Industrial engine

manufacturers

Specialty

turbochargers

General-purpose

turbochargers

Transform business from focusing on new turbos supply to centering to the aftermarket for the

automotive and industrial machinery market, and establish a highly profitable, world-class business

Vehicular Turbocharger SBU Goals


3. Vehicular Turbocharger Business Strategies

１．Step up order taking in key markets

(1) Reinforce efforts to secure orders in China and North America (orders confirmed for major North American

project: second plant under construction at IHI Turbo America Co)

(2) Strengthen efforts to generate orders in Europe (orders confirmed for medium-scale project)

２．Launch new models

(1) Start rolling out RHS series

(2) Developing higher-performance RHZ model, and will swiftly commercialize

３．Strengthen procurement

Reinforce centralized purchasing and global supply chain to accelerate cost reductions

４．Set up global production structure (from “local production for local consumption” to global production approach)

Collaborate at each site to build an optimal production structure for global customer project

５．Expand after service business

(1) Reinforce regional activities by increasing one region (CloverTurbo) to three (Asia, Europe, and Americas)

(2) Set up dedicated organization – personnel in each region

６．Develop products for new business areas (to cater to electrification)

(1) E-compressors and electronic automatic transmissions to encompass premium and standard class models

(2) Start shipping electric turbochargers for fuel cell vehicles

31

3. Vehicular Turbocharger Business Strategies

Priorities



(Billions of yen)

*FY2017 figure included impact of accounting period unification

Order strategy

Reinforced European order structure in FY2018

Strengthened after service structure, shifting from one region to three region structure in FY2018

Launch new models for gasoline engine vehicles

4. Consolidated Sales

0

50

100

150

200

250

300

350

FY2017 FY2018 FY2019 FY2020 FY2021 FY2023

ServicesAsiaNorth and Central AmericaChinaJapanEurope

Compound annual growth rate

FY2010 to FY2015: 13.4%

FY2015 to FY2018: 11.9%

FY2010 sales: ¥83.4 billion

FY2015 sales: ¥139.6 billion220.5*

(197.5)

189.5185.0


International GmbH

(Germany)


International S.p.A.

(Italy)

Changchun FAWER-IHI

Turbo Co., Ltd.

(Changchun, China)

IHI TURBO (Thailand) Co., Ltd.

(Thailand)

IHI

IHI Turbo Co., Ltd.

IHI Charging

Systems

International

Germany GmbH

(Germany)

Europe

North

America

Japan

China

ASEAN

IHI Turbo America Co.

(United States) Wuxi IHI Turbo Co., Ltd.

(Wuxi, China)

5. Global Project

RegionFY2026 sales

(billions of yen)

Production

unit

Development

unit

33

60

70

30

110

30


1. Develop in Japan and Europe

2. Establish a lean and flexible global production structure

3. Basic approach to be of final assembly in each region and optimal global supply of key parts

Forward-looking figures shown in this material with respect to IHI’s performance outlooks and other matters are based on

management’s assumptions and beliefs in light of the information currently available to it, and therefore contain risks and

uncertainties. Consequently, you should not place undue reliance on these performance outlooks in making judgments. IHI

cautions you that actual results could differ materially from those discussed in these performance outlooks due to a number

of important factors. These important factors include political environments in areas in which IHI operates, general

economic conditions, and the yen exchange rate including its rate against the US dollar.

industrial systems & general-purpose machinery business ... · transport machinery supplying...

Documents