results briefingforthefirsthalf ofthefiscalyearendingdecember … · 2 days ago · mfr: sales of...

Securities Code: 6268

The forecast data presented herein reflects assumed results based on conditions that are subject to change. Nabtesco Corporation does not make representations as to, or warrant, in whole or in part, the attainment or realization of any of the forecasted results presented in this document.Numerical figures presented herein are rounded down to the nearest whole unit for monetary value and rounded off to one decimal place for percentage.

Results Briefing for the First Halfof the Fiscal Year Ending December

31, 2020 (FY2020/12 H1)

August 11 , 2020CEO Katsuh i ro TERAMOTO

Agenda

1. Summary

2. Results for FY2020/H1

2

3. Forecasts for FY2020/12

Agenda

1. Summary


3


（JPY billion）

■Sales decreased by 4% on a YoY basis and by 8% compared to the initial plan. Demand decreased in each of the core segments due to COVID-19.

CMP: Component Solutions Segment TRS: Transport Solutions Segment ACB: Accessibility Solutions Segment MFR: Manufacturing Solutions Segment HQ: Corporate or Elimination

Sales

O.P.

Summary of FY2020/12 H1 Results

（JPY billion）

■O.P increased by 14％ on a YoY basis due to SG&A reduction and gain on sales of non-business property although sales declined. O.P was close to the initial plan.

4

142.3 136.5148.0

11.55.8

100.0

125.0

150.0

2019/12/H1 Results 2020/12/H1 Results 2020/12/H1 Initial plan(As of Feb. 7)

CMP -2.3TRS -1.4ACB -2.3MFR +0.1

CMP -3.5TRS -4.8ACB -1.3MFR -1.9

12.0 13.7 14.0

1.7 0.3

0.0

5.0

10.0

15.0

20.0

2019/12/H1 Results 2020/12/H1 Results 2020/12/H1 Initial plan

(As of Feb. 7)

CMP -0.2TRS +0.2ACB +0.1MFR -0.2HQ +1.7

CMP -0.5TRS -0.5ACB +0.3MFR -0.6HQ +1.0

289.8 277.0303.0

26.012.8

200.0

250.0

300.0

350.0

2019/12 Results 2020/12 Revised plan

（As of July 31）

2020/12 Initial plan

(As of Feb. 7)

25.3 25.3 32.00 6.7

0.0

10.0

20.0

30.0

40.0

2019/12 Results 2020/12 Revised plan

（As of July 31）


(As of Feb. 7)

Summary of FY2020/12 Full-year Forecasts (Revised Plan)

5

(JPY Billion)

Sales

O.P.

■Revised downward due to weak demand in each segment, which is caused by negative impacts of COVID-19.

■Revised downward due to a decrease in sales despite the reduction of SG&A.

CMP: Component Solutions Segment TRS: Transport Solutions Segment ACB: Accessibility Solutions Segment MFR: Manufacturing Solutions Segment HQ: Corporate or Elimination

(JPY Billion)

CMP +0.3TRS -6.0ACB -6.8MFR -0.4

CMP -8.5TRS -12.3ACB -2.5MFR -2.7

CMP -0.3TRS +0.3ACB -1.7HQ +1.1

CMP -2.1TRS -4.1ACB -0.6MFR -0.5HQ +0.6

303.0 295.2281.8 279.9 2,753 277.0

1.7 9.510.9

2.5 1.9 2.9

200.0

250.0

300.0

350.0


(As of Feb. 7)

2020/12 Revised

plan

(As of July 31)

6

■Forecast revised mainly due to direct/indirect impact of COVID-19.

CMP TRS ACB MFR

Negative impact of COVID-19: 23.1 billion yen

【Hydraulic/Commercial vehicle equipment】Slow recovery of demandin Southeast Asia

【Aircraft equipment】Prolonged suspension of civil aircraft production

【Hydraulic equipment】Demand increases in Chinese market

【Packaging Machine】- Decrease in demand from food manufacturers- Delays in MRO

Impact of COVID-19 on Sales

【Precision reduction gears】Decrease in capital investment

【Hydraulic equipment】Weaker construction machinery demand in developed countries and in the Southeast Asian market.

【Automatic door】- Delays in business activities- Delays in MRO

(JPY Billion)

【Railroad vehicle equipment】Delays in the Chinese subway project

【Aircraft equipment】Decreases in production volume of civil aircraft

【Commercial vehicle equipment】Decreases in production volume of commercial vehicle

【TRS】Delays in MRO

Impact of COVID-19

7

- Restrictions on movement- Lockdown

- Uncertainty of economy- Worsened business

confidence

- Restrictions on business activities- Decrease in passenger demand - Delay in installation

- Restrictions on capital investment- Extension of product life-cycle

and conservative buying- Decrease in cargo volume IMF World Economic Outlook

GDP 2020 2021

Growthrate

- 4.9% +5.4%

- New normal- Avoid the “Three Cs”(Closed spaces, Crowded places, and Close-contactsettings)

Impact on our businessMatters caused by COVID-19 Our businesses expected to be affected by COVID-19

Our businesses expected to be affected by COVID-19

Risks and opportunities for our businesses under/after COVID-19

Precision reduction

gears

Long term

Short and Medium

term

Aircraftequipment

Automatic door

Packaging machines

Commercial vehicle

equipment

Marine vessel

equipment

MRO

- Economic measures taken by various governments

- Increase of infrastructure investment in China

- Subsidy for EV/HV

＋Hydraulicequipment

- Increase in demand for automation and labor saving at manufacturing sites

- Increase in demand for touchless technology

- Recovery in passenger demand

Precision reduction

gears

Precision reduction

gears

Packaging machines

Automatic door

Aircraftequipment

Agenda

1. Summary


8


Consolidated Results for FY2020/12 H1 (IFRS)

9

■Sales decreased year-on-year and compared to the initial plan (as of Feb. 7) due to COVID-19.

■O.P. improved because of SG&A reduction and gain on sales of non-business property.

*１Selling, general and administrative expenses *21Net profit attributable to owners of the parent

(JPY million)

2019/12 2020/12 2020/12 YOY Plan

H1 result H1 plan As of Feb.7 H1 result Variation Variation

(A) (B) (C) (C-A) (C-B)Sales 142,292 148,000 136,486 -5,806 -11,514

Gross profit 37,593 ー 36,160 -1,433 ーGross profit margin 26.4% ー 26.5% 0.1pt ー

SG&A*1 26,151 ー 24,608 -1,543 ー

O.P. 12,011 14,000 13,669 1,658 -331

Operating profit margin 8.4% 9.5% 10.0% 1.6pt 0.6pt

Profit before tax 13,488 15,000 14,693 1,205 -307Net profit*2 7,706 9,200 9,392 1,686 192

Total basic earningsper share (JPY) 62.11 74.14 75.66

DPS (JPY) 36.00 41.00 (plan) 41.00

CMP: Sales of precision reduction gears remained at the same level due to stagnant capital investment mainly in the automobile industry.Sales of hydraulic equipment decreased due to weak demand in developed countries and in the Southeast Asian market despite recovery of demand in China after March.

TRS: Sales of aircraft equipment decreased due to weak demand for civil aircraft. Sales of commercial vehicle equipment decreased due to weak demand in Japan and Southeast Asia.

ACB: Sales of automatic door decreased further than expected due to weaker demand for OEM/MRO caused by COVID-19 in domestic and overseas markets.

MFR: Sales of packaging machines remained at the same level despite slowdown in new orders received.

Results of sales and O.P. for each segment in 2020/12 /H1

10

<Comparison with 2019/12 H1>

CMP: O.P. remained at the same level as a result of cost reduction.

TRS: O.P. increased due to sales increase driven by the growth of semi-high-speed railway in China and cost reduction in each businesses.

ACB: O.P. increased due to the change of product mix and cost reduction.

MFR: O.P. decreased due to the change of product mix.

HQ: O.P. increased due to the gain on sale of non-business property and cost reduction.

Sales

O.P.

(JPY billion)

(JPY billion)

Overall: Sales decreased YoY

Overall: O.P. increased YoY

53.4 59.8 56.2 53.9

36.7 38.0 40.1 38.7

35.5 36.1 38.2 36.07.6 8.6 7.8 7.9

133.4 142.6 142.3 136.5

2017/12 2018/12 2019/12 2020/12

H1 Result H1 Result H1 Result H1 Result

CMP TRS ACB MFR

10.0 10.6 8.5 8.3

3.9

-2.9

3.0 3.2

2.3

1.53.4 3.5

0.7

1.30.9 0.7

-3.1 -4.0

-3.8 -2.0

13.76.4

12.0 13.7

2017/12 2018/12 2019/12 2020/12

H1 Result H1 Result H1 Result H1 Result

CMP TRS ACB MFR HQ

<Comparison with 2019/12 H1>

12.0 13.7

0.3 0.61.8

1.61.9 0.4

0.3

0.0

10.0

20.0

2019/12H1 result

2020/12H1 result

Analysis of Changes in H1 Operating Profit by Factor(FY2019/12 H1 Result vs. FY2020/12 H1 Results)

11

*1 FOREX sensitivity in O. P. (This represents the effect to be expected on operating profit if the exchange rate fluctuates by one yen):(US$): 61 million yen, (RMB) : 410 million yen, (EUR) : minimal, (CHF) : minimal

*2 Fluctuations in operating profit owing to the increase of sales and SG&A expenses are based on the calculation without FOREX effect.

(JPY billion)

■O.P increased YoY because of the cost reduction and gain on sales of non-business property despite a decrease in sales.

Decrease in sales

（*2） Productivityimprovement

Gain on sales of

non-business property

FOREX impact

Reduction of advertising, R&D andbusiness trip expense

Decrease in SG&Aexpenses

（*2 ）

Decrease in indirect -

expenses of production

（* 3 ）

SG&A +1.5Bn JPY

Increase in depreciation

Forex impact (*1)

19/12 2Q (Result) US$1= ¥109.97 RMB1= ¥16.23 EUR1= ¥124.07 CHF1= ¥110.1220/12 2Q (Result) US$1= ¥108.24 RMB1= ¥15.38 EUR1= ¥119.40 CHF1= ¥112.16

Balance Sheet for FY2020/12 H1 （Relative to Dec. 31, 2019）

12

（JPY million）2019/12 Q4 2020/12 H1

Variation(As of December 31, 2019) (As of June 30, 2020)

Assets 344,558 342,315 -2,242

（Cash and cash equivalents） 58,686 61,655 2,970

（Trade receivable） 70,175 65,120 -5,055

（Inventories） 41,257 42,140 882

（Tangible fixed assets） 87,083 90,988 3,905

Right of use assets 9,004 8,626 -378

Liabilities 145,424 140,168 -5,256

（Bonds and borrowings） 43,936 42,629 -1,306

Total equities 199,133 202,147 3,014

(Non-controlling interests) 11,735 11,330 -405

Equity attributable to owners of parent 187,398 190,817 3,419

Ratio of equity attributable to owners of parent 54.4% 55.7%

■Equity ratio maintained at over 55% for a healthy balance sheet■In order to ensure stable business operations, cash

position equivalent to 2.8-month sales was secured.

Agenda

1. Summary


13


Consolidated Forecasts for FY2020/12

14

*１Net profit attributable to owners of the parent

■Aims to maintain O.P. at the same level as FY2019/12 despite a decrease in sales.The DPS plan has been revised downward from the initial plan (from 82 yen to 75 yen per share).

（Increased by 2 yen relative to FY2019/12）

(JPY million)

2019/12 2020/12 2020/12 YOY Plan

Full year result Full year plan Revised plan Variation Variation

(A) As of Feb.7 (B) As of July 31(C) (C-A) (C-B)

Sales 289,808 303,000 277,000 -12,808 -26,000

O.P. 25,320 32,000 25,300 -20 -6,700

(OPM) 8.7% 10.6% 9.1% 0.4pt -1.4pt

Income before tax 27,979 34,000 27,000 -979 -7,000

Net profit*1 17,931 23,100 17,300 -631 -5,800

ROA 5.3% 6.5% 5.0% -0.3pt -1.5pt

ROE 9.8% 12.0% 9.1% -0.7pt -2.9pt

DPS (JPY) 73.00 82.00 (plan) 75.00 (plan) 2.00 -7.00

Payout ratio 50.5% 44.1% (plan) 53.8% (plan) 3.3pt 9.7pt

Analysis of Changes in Operating Profit by Factor(FY2020/12 initial plan as of Feb. 7 vs. FY2020/12 revised plan as of July 31)

15*2Fluctuations in operating profit owing to the increase of sales and SG&A expenses are based on the calculation without FOREX effect.

■Minimize the negative impact on O.P. caused by sales decrease through SG&A reduction.

32.025.3

0.1 1.0 1.8 0.39.9

0.0

10.0

20.0

30.0

40.0

2020/12Initial plan

(As of Feb. 7)

2020/12Revised plan

(As of July 31)

Decrease of sales（*2）

Decrease in indirect -

Expenses of production

（* 2）

Depreciation Increase

(JPY Billion)

Forex effect

SGA Decrease

（* 2)

Reduction ofR&D andbusiness trip expense

Forex effect (*1)

20/12 Initial plan US$1= ¥105.00 RMB1= ¥15.00 EUR1= ¥115.00 CHF1= ¥105.0020/12 Revised plan US$1= ¥106.62 RMB1= ¥15.19 EUR1= ¥117.20 CHF1= ¥108.58

*1 FOREX sensitivity in O. P. (This represents the effect to be expected on operating profit if the exchange rate fluctuates by one yen):(US$): minimal, (RMB) : 396 million yen, (EUR) : minimal, (CHF) : minimal

2020/12 Full-Year Forecasts by Segment

16

Sales

O.P.(JPY billion)

(JPY billion)

(As of July 31)

Overall: Revised the forecast due to unexpected change to business environment.

CMP: Sales of precision reduction gears will decrease because of slow recovery of capital investment mainly in the automobile industry. Sales of hydraulic equipment will decrease due to weak demand in developed countries and Southeast Asia despite gradual recovery in demand in China.

TRS: Demand for civil aircraft and commercial vehicles will remain stagnant. OVALO’s sales will decrease due to weak demand from AUDI. The demand for MRO is expected to decline.

ACB: Sales of automatic doors will decrease further than expected due to weaker domestic and overseas demand for OEM/MRO.

MFR: Sales of packaging machines will decrease due to weaker demand in the food service industry.

Overall: Aimed to maintain O.P. at the same level as FY2019/12.

CMP: O.P. will decrease due to a decrease in sales, despite reduced capital investment and SG&A.

TRS: O.P. will decrease due to stagnant MRO demand and decrease in sales.

ACB: O.P. will decrease despite cost reduction.

MFR: O.P. will decrease due to decrease in sales.

HQ: O.P. will increase through SG&A reduction.

<Relative to the initial plan>

<Relative to the initial plan>

113.9 119.3 107.2 107.5 116.0

79.1 81.9 84.0 78.0 90.3

72.4 76.0 80.0 73.275.7

17.0 17.5 18.7 18.321.0

282.4 294.6 289.8 277.0303.0

2017/12 2018/12 2019/12 2020/12 2020/12

Result Result Result Revised Plan Initial Plan

CMP TRS ACB MFR

(As of Feb. 7)

20.4 20.2 15.9 16.2 18.3

8.4 2.0 5.8 6.1

10.2

5.24.6 8.6 6.9

7.52.02.5

2.6 2.53.0

-6.5 -7.4 -7.5 -6.4 -7.0

29.5

21.925.3 25.3

32.0

2017/12 2018/12 2019/12 2020/12 2020/12

Result Result Result Revised Plan Initial Plan

CMP TRS ACB MFR HQ

(As of July 31) (As of Feb. 7)

CAPEX, R&D and Depreciation

17

(JPY billion)

2019/12 2020/12 YoY 2019/12 2020/12 2020/12Variation

H1 Result(A)

H1 Result(B)

Variation(B-A)

Full Year Result

Full Year Plan（C）

(As of Feb. 7)

Revised Plan（D）(As of July 31)

（D-C）

CAPEX 7.6 10.3 2.7 16.4 19.3 24.1 -4.8

R&D 4.8 4.4 -0.4 9.9 10.5 11.5 -1.0

Depreciation 6.4 6.7 0.3 13.1 13.2 13.5 -0.3

■Acquired land for a new plant in Hamamatsu (5.6 billion yen, in 1Q), expecting mid- to long-term growth for precision reduction gears. Will continue to selectively make automation and labor-saving investments for sustainable growth.■For R&D expenses, investments were not made as initially planned due to COVID-19. However, we will continue to invest in R&D for future growth.

Appendix

18

8%

43%

25%

24%

New Products

ProductivityImprovement

CAPEX

19

By segmentBy segment

By UsageBy Usage

2020/12 Revised plan

Investment for IT Investment for

environment (Approx. 1.0 bn JPY)

2019/12 /H1 Result

7,623JPY million

CMP63%

TRS26%

ACB6%

MFR2%

HQ3%

2020/12/H1Result

ProductivityImprovement

15%

73%

13%

4%

1% 9%

HQ

CMP

TRSACB

MFR

10,335JPY million 56%

21%

11%

3% 9%HQ

CMP

TRS

ACB

MFR

Precision reduction gears: Purchased land in

Hamamatsu

ProductionIncrease 61%

10,335JPY million

ProductionIncrease

ProductionIncrease

51%

Productivity Improvement

23%

Others (Environment,Renewal and Safety)19%

New Products7%

7,623JPY million

Others (Environment,Renewal and Safety)19%

New Products5%

Others (Environment,

Renewal and Safety)

Precision reduction gears:

Increased capacity in Japan (Building)

19,300JPY Million

19,300JPY Million

Investment for IT Investment for environment

(Approx. 1.6 bn JPY)

19.6 26.5 27.9 26.3

33.733.3 28.3 27.6

53.459.8 56.2 53.9

Precision Reduction Gears Hydraulic Equipment

Component Solutions Segment (CMP)

20

FY2020/12 H1 ResultSales

(JPY billion)

Sales(JPY billion)

FY2020/12 Revised Plan (As of July 31, 2020)

41.3 53.4 52.2 51.3

72.6 65.8 54.9 56.2

113.9 119.3107.2 107.5

Precision Reduction Gears Hydraulic Equipment

2017/12 2018/12 2019/12 2020/12Result Result Result Revised Plan

O.P.(JPY billion) 20.4 20.2 15.9 16.2(OPM) 17.9% 16.9% 14.8% 15.1%

2017/12H1 Result

2018/12H1 Result

2019/12H1 Result

2020/12H1 Result


5.7 2.9 2.9 3.64.4 4.7 5.2 5.25.5 7.1 7.1 6.38.6 8.6 10.2 9.2

12.4 14.6 14.6 14.4

36.7 38.0 40.1 38.7

Railroad Vehicle Equipment Aircraft Equipment Commercial Vehicle Equipment Marine Vessel Equipment Others

Transport Solutions Segment (TRS)

21*For Nabtesco Service, sales in and before 2017/12 are not comparable due to the method of calculation differences .


(JPY billion)

Sales(JPY billion)


12.6 7.8 5.9 6.48.5 9.8 10.8 10.711.0 14.6 14.2 11.7

18.9 18.5 22.8 19.5

27.9 31.2 30.3 29.7

79.1 81.9 84.0 78.0

Railroad Vehicle Equipment Aircraft Equipment Commercial Vehicle Equipment



2017/12 2018/12 2019/12 2020/12H1 Result H1 Result H1 Result H1 Result

O.P.(JPY billion) 3.9 -2.9 3.0 3.2(OPM) 10.6% -7.7% 7.6% 8.3%

35.5 36.1

38.2

36.0

35.536.1

38.2

36.0

Automatic Doors

Accessibility Solution Segment (ACB)

22

Sales(JPY billion)

FY2020/12 H1 Result

Sales(JPY billion)


72.476.0

80.0

73.2

72.4

76.0

80.0

73.2

Automatic Doors





Manufacturing Solutions Segment (MFR)

23


(JPY billion)

Sales(JPY billion)


3.8 2.9 2.6 3.0

13.1 14.6 16.1 15.3

17.0 17.5 18.7 18.3Packaging Machines Others



1.8 1.2 1.2 1.3

5.8 7.4 6.6 6.7

7.68.6

7.8 7.9Packaging Machines Others



Consolidated Cash Flow

24

（JPY Million）

*1 Please note that the estimates for FY2015/12 (Reference) were calculated for the period of 12 months to make comparisons with the result for FY2016/12 under the same conditions.

2010/3 2011/3 2012/3 2013/3 2014/3 2015/3 2015/12*1 2016/12 2017/12 2018/12 2019/12 2020/12H1 Result

2020/12Revised plan

JGAAP IFRS

14,892

27,997

15,10412,952

27,597

19,949

8,746

27,73023,071 24,165

38,433

20,549

27,500

(6,155) (4,419)

(27,464)

(13,693)(8,064) (7,880)

(4,886)

(14,989)(20,186)(21,823)-20,086

(8,849)

(17,500)

8,737

23,578

-12,359

-741

19,533

12,068

3,859

12,740

2,885 2,342

18,347

11,700 10,000

-40,000

-30,000

-20,000

-10,000

0

10,000

20,000

30,000

40,000

50,000 Operating Cash Flow Investment Cash Flow Free Cash Flow

142.3Bn JPY

Sales by regions

25

Japan 56.2%(76.7Bn JPY)

China 18.1%(24.8Bn JPY)

Other Asia5.8% (7.9 Bn JPY)

EU 13.2%(18.1Bn JPY)

North America 5.9%(8.0Bn JPY)

Other 0.7%(1.0Bn JPY)

136.5Bn JPY

Japan 55.9%(79.5 Bn JPY)

China 16.8%(23.9 Bn JPY)

Other Asia5.3% (7.5 Bn JPY)

North America 7.4%(10.6 Bn JPY)

EU 14.1%(20.0 Bn JPY)

Others 0.6%(0.9Bn JPY)

2019/12 H1 Result2019/12 H1 Result 2020/12 H1 Result2020/12 H1 Result

Oversea Sales 62.8 JPY billion Oversea Sales ratio 44.1%

Oversea Sales 59.8 JPY billion Oversea Sales ratio 43.8%

Main Products: Component Solutions Segment (CMP)

26

Precision Reduction Gears

Joints of Medium and Large size industrial Robot

Approx. 60％world market share

No.1

Precision Reduction GearsIndustrial Robots: Fanuc, Yaskawa Electric, KHI, KUKA Roboter (Germany), ABB Robotics (Sweden) Machine Tools: Yamazaki Mazak, Okuma, DMG Mori Seiki

Main Customers

Hydraulic Equipment

Traveling Units for Hydraulic Excavator

Hydraulic EquipmentTraveling Units: Komatsu, Sumitomo Construction Machinery, Kobelco Construction Machinery,

Sany (China), XCMG (China), Liu Gong (China)

Others

Nabtesco25％

Others Nabtesco60％

Approx. 25％world market share

Main Products: Transport Solutions Segment (TRS)

27

Others

Nabtesco 50％No.1

OthersNabtesco 70％

No.1

Railroad Vehicle Equipment

Brake Systems

Door Operating Systems

Approx. 50％ Domestic Market Share


Flight Control Actuation Systems (FCA) One of the four major world players for FCA systems (major FCA supplier to Boeing Company) Expanding business to include engine accessories

and power supply systems in the product lineup Approx. 100％market share for

domestically-produced aircrafts

Nabtesco100％

No.1

Railroad Vehicle EquipmentJR Companies, Private railway companies, KHI, Bullet train and subway projects in China

■Aircraft EquipmentBoeing, KHI, MHI, IHI, Japanese Ministry of Defense, Airline operators

Main Customers

Aircraft Equipment

Main Products: Transport Solutions Segment (TRS)

28

OthersNabtesco 80％ No.1



Commercial Vehicle Equipment

Wedge Chambers

Air Dryers



Marine Vessel Equipment

2ST Main Engine Control SystemsApprox. 50％ Domestic Market Share(Approx. 40％ World Market Share)

Commercial Vehicle EquipmentHino, Isuzu, Mitsubishi Fuso Truck & Bus, UD Trucks

Marine Vessel EquipmentKHI, Makita Corporation, Hitachi Zosen, Mitsui Engineering & Shipbuilding, Japan Engine Corporation, Hyundai Heavy Industries (Korea), HSD Engine Co., Ltd. (Korea), Hudong Heavy Machinery (China), MAN Diesel (Denmark)

Main Customers

Main Products: Accessibility Solution Segment (ACB)

29

Main Customers

Automatic Doors

Automatic DoorsOthers

Nabtesco50％ Approx. 50％

market share for building automatic doors

(top class share in the world)

No.1

Platform Screen DoorsOthers

Nabtesco95％ Approx. 95％

domestic market share(accumulated total)

No.1

Automatic DoorsAutomatic Doors for buildings: Major general contractors, sash manufacturers, hospitals, banks,

public institutions, etc.Platform Doors︓ Subway projects in France and China, others

Main Products: Manufacturing Solutions Segment (MFR)

OthersNabtesco

85％

No.1

Packaging Machines

Main Customers

Packaging Machines for Retort Pouch Foods

Packaging MachinesMitsui Sugar, Ajinomoto, Marudai Food Co., Ltd., ARIAKE Japan, KENKO Mayonnaise, P&G, Kao, Lion,beverage companies in North America, food companies in China

Approx. 85％domestic market share

results briefingforthefirsthalf ofthefiscalyearendingdecember … · 2 days ago · mfr: sales of...

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