Manufacturing excitement through innovation Annual Report 2019 Year ended March 31, 2019

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1 Manufacturing excitement through innovation Annual Report 2019 Year ended March 31, 2019

2 Profile プロフィール Contents 01 Consolidated Financial Highlights 02 Business Overview 04 Interview with the President 11 Corporate Governance Environmental Initiatives 15 CORPORATE PHILOSOPHY 16 Review of Operations: 16 Electronics and Semiconductor 17 Transportation 18 Machinery 19 Stone and Construction 20 Risk Factors to Our Business 21 Financial Section 66 Board of Directors, Audit & Supervisory Board Members and Executive Officers 66 Corporate Organization 67 Investor Information 67 Network 目次 01 連結財務ハイライト 02 事業概要 04 ステークホルダーの皆さまへ 11 コーポレート ガバナンス環境への取り組みについて 15 経営理念 16 営業概況 : 16 電子 半導体 17 輸送機器 18 機械 19 石材 建設 20 事業等のリスク 21 財務セクション 66 役員及び執行役員 66 組織図 67 投資家情報 67 ネットワーク Asahi Diamond Group designs and manufactures diamond and cubic boron nitride (CBN) tools for a wide range of industries of electrics and semiconductor, transportation, machinery, stone and construction, and others, while supporting their business and industrial developments with its tools used in their production processes mainly of Cutting, Grinding, Polishing, and Drilling. We celebrate the 82nd anniversary in October 2019 since being established in 1937, and our Group has over 2,000 employees working today at manufacturing and sales networks in thirteen countries. We, Asahi Diamond, all endeavor to augment our corporate value as a manufacturing enterprise with global reach, and we would like to share the growth together with our local communities around the world. 旭ダイヤモンドグループは 最も硬い素材とされるダイヤモンド及び CBNを使用した工具を製造しており 電子 半導体 輸送機器 機械 石材 建設などの幅広い業界において 切る 削る 磨く 穿つなどの生産工程に用いられているダイヤモンド工具の総合メーカーであります 当社は1937 年に創業し今年で 82 年目を迎え グループとしては 2,000 名以上の従業員と共に世界 13ヶ国で製造 販売を行っております 当社グループは 企業価値をより一層向上させ グローバルダイヤモンド工具メーカー にふさわしい存在として各国 各地域社会の皆さまと発展を分かち合ってまいります Presentation of amounts: All amounts presented in this annual report are rounded down to the nearest unit. Therefore, sums of the amounts may not be equal to the total amounts indicated in the tables. Disclaimer Regarding Forward-Looking Statements: This annual report contains estimates and forecasts pertaining to the future plans and business results of the Asahi Diamond Group. Such statements are based on information available at the time of the report s production and include potential risks and uncertainties. Actual results may differ from estimates and forecasts contained herein. Major factors that could potentially affect the Group s business performance include economic conditions relevant to its businesses, as well as foreign exchange rates and international conflicts. 記載金額について : 本アニュアルレポートに記載されている金額は単位未満を切り捨てて表示しているため 内訳金額の合計が合計欄の金額と一致しない場合があります 将来見通しに関する注記事項 : 本アニュアルレポートには当社グループの将来についての計画及び業績に関する予想及び見通しの数値が含まれています これらは現時点で入手可能な情報から判断したものであり 潜在的なリスクや不確実性を含んでいます そのため 実際の業績は これらの予想及び見通しとは異なる可能性があります なお 実際の業績に影響を与えうる重要な要素には 当社グループの事業領域を取り巻く経済情勢 為替レート 競争状況などがあります

3 Consolidated Financial Highlights 連結財務ハイライト Asahi Diamond Industrial Co., Ltd. and Consolidated Subsidiaries (Years ended March 31, 2017, 2018 and 2019) 旭ダイヤモンド工業株式会社及び連結子会社 ( 年 3 月 31 日に終了した各事業年度 ) Percent change 対前年比 (%) Thousands of U.S. dollars (Note) 千米ドル ( 注記 ) / For the Year: 会計年度 : Net sales: 売上高 : 42,024 45,458 41,046 (9.7) $369,783 Domestic 国内売上高 18,919 20,480 21, ,171 Overseas 海外売上高 23,105 24,978 19,825 (20.6) 178,603 Net sales breakdown by industry: 業界別売上高 : Electronics and Semiconductor 電子 半導体 18,323 19,257 13,626 (29.2) 122,756 Transportation 輸送機器 8,481 9,300 9, ,684 Machinery 機械 8,805 9,884 10, ,666 Stone and Construction 石材 建設 4,818 5,353 5,158 (3.6) 46,468 Other その他 1,595 1,662 1, ,180 Operating Profit 営業利益 2,645 4,640 2,563 (44.8) 23,090 Profit attributable to owners 親会社株主に of parent 帰属する当期純利益 2,487 1,614 2, ,909 At Year-End: 会計年度末 : Net assets 純資産額 57,288 59,708 59,028 (1.1) $531,783 Total assets 総資産額 70,682 74,678 73,047 (2.2) 658,081 Yen 円 Percent change 対前年比 (%) U.S. dollars (Note) ドル ( 注記 ) Per Share Data: 1 株当たりデータ : Net assets 純資産額 1, , , (0.8) $9.37 Profit attributable to owners 親会社株主に of parent 帰属する当期純利益 Cash dividends 配当金 Key Ratios: 主な財務指標 : Operating Profit ratio 売上高営業利益率 Return on assets (ROA) 総資産利益率 Return on equity (ROE) 自己資本利益率 Shareholders equity ratio 自己資本比率 (%) Note: U.S. dollars amounts are translated, for convenience only, at U.S.$1= 111, the rate prevailing on March 31, 注記 : 米ドル金額は 便宜上 2019 年 3 月 31 日現在の東京外国為替市場での円相場 1 米ドル=111 円で換算しています Consolidated Financial Highlights 連結財務ハイライト 1

4 Business Overview 事業概要 Electronics and Semiconductor 電子 半導体 Composition Ratio 売上比率 33.2 % Major Products Diamond wheels Diamond cutting wheels Electroplated diamond wire Diamond band saws CMP conditioners Diamond dies ID blades Scribers Precision grinding wheels 主要製品 各種ダイヤモンドホイール 各種カッティングホイール 電着ダイヤモンドワイヤ ダイヤモンドバンドソー CMP コンディショナ ダイヤモンドダイス ID ブレード スクライバ 精密研削砥石 Transportation 輸送機器 Composition Ratio 売上比率 24.2 % Major Products Diamond wheels CBN wheels Diamond cutting wheels Diamond dressers Diamond roller dressers Turning tools Drills End mills Reamers Precision grinding wheels 主要製品 各種ダイヤモンドホイール 各種 CBN ホイール 各種カッティングホイール 各種ダイヤモンドドレッサ ダイヤモンドロータリドレッサ バイト ドリル エンドミル リーマ 精密研削砥石 Machinery 機械 Composition Ratio 売上比率 25.6 % Major Products Diamond wheels CBN wheels Diamond dressers Diamond roller dressers Diamond wire guide dies Diamond water jet nozzles Wear resistant tools Precision grinding wheels Super-finishing grinding stones 主要製品 各種ダイヤモンドホイール 各種 CBN ホイール 各種ダイヤモンドドレッサ ダイヤモンドロータリドレッサ ワイヤガイドダイス ウォータジェットノズル 耐摩耗工具 精密研削砥石 超仕上砥石 Stone and Construction 石材 建設 Composition Ratio 売上比率 12.6 % Major Products Diamond saw blades Diamond portable cutters Diamond wire saws Diamond polishing wheels Diamond core drills Diamond bits 主要製品 ダイヤモンドソーブレード ポータブルカッタ ダイヤモンドワイヤソー ダイヤモンド研磨工具 ダイヤモンドコアドリル ダイヤモンドビット Other その他 Composition Ratio 売上比率 4.4 % Major Products Jewelry Diamond powder 主要製品 各種宝飾品 ダイヤモンドパウダ 2 Business Overview 事業概要

5 Electronic components and semiconductors are essential ingredients in the products of diverse industries. The lifecycles of products made by the electronics and semiconductor industries tend to be extremely short. Technological advances are so rapid that a one-year-old technology may be considered redundant. To keep apace with this technological progress, the Asahi Diamond Group continually develops and modifies high-precision, highly efficient tools, while promoting application development. 電子部品や半導体は 現在 幅広い産業に使用され その中核を担う重要な部品となっているものも数多くあります 電子 半導体業界は製品ライフサイクルが非常に短く 一年前の技術はもう過去のものと言われるほど技術の進歩が早い分野です 当社グループでは その技術の進歩に対応する 高精度かつ高能率な工具の開発 改良を続けると同時に用途開発も進めています The automobile industry, which has sustained Japan s development over the years, is one of the bulwarks of the country s economy. Industries in the automotive sector seek lower costs through the establishment of automated massproduction systems characterized by high performance, high precision, and high efficiency. The Asahi Diamond Group meets the needs of these industries through the development and stable supply of high-quality products. 今日の日本の経済発展を支えてきた自動車は 日本を代表する産業の一つです 自動車を取り巻く産業では 高性能化 高精度化 高能率化が要求され 自動化による大量生産システムが確立し コストダウンが図られています 当社グループでは これらのニーズに対して常に高品質な製品を開発し 安定的に供給しています The machine tool, tool, die, and other sectors that support the competitiveness of Japan s manufacturing industry have utilized their technological capabilities to build an industrial base of their own. The Asahi Diamond Group develops a broad spectrum of tools that enable these sectors to carry out the high-precision processing of various materials. 日本の製造業の競争力を支える工作機械 工具 金型産業などが 蓄積した技術力を活かし 独自の産業基盤を築いています これらの産業においては 様々な素材に対して高精度な加工を行わなければなりません 当社グループでは あらゆる素材の加工を可能にするため 多種多様な工具を開発しています Used in a wide range of applications, diamond tools play an important role in preventing excessive noise and protecting the environment. They are used for dismantling buildings and bridges, seismic strengthening, upgrading infrastructure, and the processing of headstones. The use of diamond tools for boring and other processes in the mining industries ensures efficient operations. As a manufacturer of a comprehensive range of diamond tools, the Asahi Diamond Group meets the needs of diverse industrial sectors. ビルや橋脚の解体工事 耐震補強工事 インフラ整備 墓石の加工など 幅広い分野で騒音 環境対策としてダイヤモンド工具が使用され 活躍しています また ダイヤモンド工具を用いれば 鉱物資源探査においてのボーリング等でも効率的に作業を行うことができます 当社グループでは ダイヤモンド工具の総合メーカーとしてあらゆるニーズに対応しています The Group has also earned the confidence of customers in other business sectors where it cultivates durable relationships. In particular, our jewelry business renowned for high-quality diamonds draws strength from the trust and the track record we have accumulated over the years. Our high-precision cutting technology is also greatly respected. 当社グループは上記業界だけでなく その他の業界でもお客様から高い信頼と評価をいただいております とりわけ宝飾品においては 永年にわたる信用と実績から 高品質なダイヤモンドを用いた商品を提供しています また 高精度カット技術においても絶大な信頼をいただいております Business Overview 事業概要 3

6 Interview with the President ステークホルダーの皆さまへ Kazuki Kataoka President and Representative Director 片岡和喜代表取締役社長 GO Polish Up Asahi We will implement the reforms outlined in the medium- and long-term management issues and reap the rewards. 中長期経営課題 が示す変革を実行し 成果を確実に刈り入れていきます 4 Interview with the President ステークホルダーの皆さまへ

7 GO Polish Up Asahi Q A Please give us a review of fiscal Operating profit decreased significantly due to a contraction in sales of electroplated diamond wires for solar cells. For fiscal 2018 (the fiscal year ended March 31, 2019), sales decreased sharply, mainly in China, due to the downturn in orders for electroplated diamond wires for solar cells that has continued since the second half of the previous fiscal year. This decrease is in line with our initial assumptions. We have already changed course to reduce our handling of electroplated diamond wires for solar cells in view of changes in the market for solar power generation, which is being influenced by trends in subsidies in China, and the decline in unit sales prices due to the market entry by our competitors. On the other hand, sales of related tools in the transportation segment and the machinery segment remained favorable, and sales grew. Sales of related tools in the electronics and semiconductor segment also remained firm, other than sales of electroplated diamond wires for solar cells, which caused a drop in revenue. However, as a result of the decreased revenue of electroplated diamond wires, which make up a large portion of the Group s sales, overall net sales decreased by approximately 10% compared with the previous fiscal year, and operating profit also declined significantly. In addition, the ratio of overseas sales fell from 54.9% in the previous fiscal year to 48.3%. In terms of detailed information by segment, in the electronics and semiconductor segment, although production of memories and various sensors increased and sales of related tools rose, sales of tools used in the production of portable device-related components decreased due to a decline in production of portable devices, etc. In addition, as outlined above, net sales in the electronics and semiconductor segment fell by approximately 30% due to the reduction in sales of electroplated diamond wires for solar cells. In the transportation segment, sales of high-precision tools for gear machine processing, cutting tools, and CBN wheels grew against a backdrop of increases in automotive production in Japan, Asia and India, resulting in increased revenue. In the machinery segment as well, production of bearings for automobiles and motorcycles remained strong, and expanded sales of related tools amidst increased production of machine tools in Japan and overseas also contributed to increased revenue. In the stone and construction segment, sales of related tools failed to grow due to the continued decline in both public and private construction volumes, while sales of stone-related tools also remained sluggish, resulting in Q A 2018 年度を振り返り レビューをお聞かせください 太陽電池向け電着ダイヤモンドワイヤの売上縮小が響き 営業利益は大幅減益となりました 2018 年度は 前期後半から続く太陽電池向け電着ダイヤモンドワイヤの受注減少を受け 中国向けを中心に売上が大きく減少しました この減少については 当初より想定していた結果です 中国における補助金の動向に左右される太陽光発電市場の変化と 競合先の参入による販売単価の下落を受け 当社はすでに太陽電池向け電着ダイヤモンドワイヤの取り扱いを縮小する方向に舵を切っています 一方 輸送機器業界 機械業界向けの関連工具は好調に推移し 売上を伸ばしました 電子 半導体業界向け関連工具も 減収を招いた太陽電池向け電着ダイヤモンドワイヤ以外は 堅調を維持しています しかしながら 売上構成比が大きい電着ダイヤモンドワイヤの減収に伴い 全体の売上高は前期比で約 1 割減少し 営業利益も大幅な減益となり ました また海外売上高比率は 前期の54.9% から48.3% に低下しました 業界別の詳細を述べますと 電子 半導体業界では メモリーや各種センサーの生産が増加し 関連工具が販売を伸ばしたものの 携帯端末等の生産減により関連部品製造用工具の販売が減少しました 加えて前述の通り 太陽電池向け電着ダイヤモンドワイヤの売上が縮小したことから 電子 半導体業界向け売上高は 約 3 割の減収となりました 輸送機器業界においては 国内及びアジア インドにおける自動車生産台数の増加を背景に 高精度歯車加工用工具や切削工具 CBNホイールの販売を伸ばし 増収となりました また機械業界でも 自動車 二輪車向け生産が好調に推移し 国内外で工作機械等の生産が増加する中 関連工具の拡販が成果を上げ 増収となりました 石材 建設業界では 公共 民間ともに工事量の減少が続く中で 関連工具の販売が伸びず 石材関連工具も低調に推移したことから 減収となりました 結果として連結業績は 売上高 41,046 ( 前期比 9.7% 減 ) 営業利益 2,563 ( 同 44.8% 減 ) となりました Interview with the President ステークホルダーの皆さまへ 5

8 decreased revenue. As a result, for the consolidated operating results, net sales decreased by 9.7% year on year to 41,046 million, operating profit fell by 44.8% to 2,563 million, Profit attributable to owners of parent increased by 43.7% to 2,321 million due to the recording of extraordinary losses in the previous fiscal year. Q A Please tell us about the medium- and long-term management issues and current initiatives. We clarified the medium- and long-term direction we should take, and are seeking to make a transition through restructuring of our manufacturing and development structure and strategic overseas expansion. Our business development is entering a difficult phase in the short term due to the slump in electroplated diamond wires for solar cells, which have been driving growth in recent years. In addition to this, the business environment surrounding the Company is changing drastically, not only as a result of the deterioration of the solar cell market and price reductions on silicon wafers but also due to the impact of EV conversion of automobiles and the international situation, as evidenced by the trade disputes between the U.S. and China. In the midst of these changes, the Company announced the medium- and long-term management issues consisting of three themes, in order to clarify the medium- to longterm direction we should take prior to formulating the new mid-term business plan. In order to achieve sustainable growth going forward, we will move away from our reliance on specific fields, identify the present time as the time to change our business structure and corporate structure, and steadily move ahead with reforms based on each issue. The first of these issues is the establishment of a new manufacturing and development structure. While increasing production capacity for products whose demand is expected to expand in the future, we will restructure our manufacturing and development structure and seek overall optimization by reviewing the roles of our manufacturing and development bases and transitioning our product lineup and research and development operations. The second is strategic overseas expansion. We will firstly identify the gap between the market needs of each region and the current structure of our overseas bases, and then clarify the role of each base and broaden their functions in order to close this gap. Specifically, we will designate India, Europe, and North America, where the automotive-related market is expected to expand, as future priority regions, and proceed with preparations for efficient sales 親会社株主に帰属する当期純利益は 前期に特別損失を計上したことから 2,321 ( 同 43.7% 増 ) となりました Q A 中長期経営課題 と現在の取り組みについてご説明願います 進むべき中長期の方向性を明確化 製造 開発体制の再構築と戦略的な海外展開による転換を図ります 当社の事業展開は 近年の成長を牽引してきた太陽電池向け電着ダイヤモンドワイヤの低迷により 短期的に厳しい局面を迎えています また 太陽電池市場の悪化やシリコンウェーハ価格の下落のみならず 自動車のEV 化や米中貿易摩擦に見られる国際情勢の影響など 当社を取り巻く事業環境は激しく変化しています そうした変化の中で当社は 新たな中期経営計画の策定に先立ち 進むべき中長期的な方向性を明確化すべく 三つのテーマから成る 中長期経営課題 を公表しました これからの持続的成長に向けて 特定分野への依存から脱却し 事業構造及び企業体質を転換していく時期と位置付け 各課題にもとづく変革を確実に進めてまいります 課題の一つ目は 新たな製造 開発体制の構築 です 今後の需要拡大が見込まれる製品の生産能力を増強する一方 製造 開発拠点の役割を見直し 生産品目や研究 開発業務のシフトを実施することで 製造 開発体制を再構築し 全体の最適化を図ります 二つ目は 戦略的な海外展開 です 地域ごとの市場ニーズと現在の海外拠点体制のギャップを認識した上で これを合致させるべく 各拠点の役割を明確化し 機能の拡充を図ります 特に自動車関連市場の拡大が見込めるインド 欧州及び北米については今後の重点地域と定め 効率的な拡販 6 Interview with the President ステークホルダーの皆さまへ

9 GO Polish Up Asahi expansion. At the same time, we will strengthen management related to internal control of overseas subsidiaries, and enhance governance in our Group management. The third issue we are promoting is human resource development and efficient personnel placement, which are required to solve these management issues. In tandem with initiatives based on these medium- and long-term management issues, the Company will formulate a new mid-term business plan and build a growth strategy. Q A How will you proceed with restructuring the manufacturing and development structure? We will transfer functions among bases, with a focus on the new factory. We will increase efficiency by transitioning our product lineup and research and development operations. In October 2018, the Company acquired approximately 80,000 m 2 of land in Sodegaura City, Chiba Prefecture as a factory site. We are currently working on the construction of the new factory on the site, and aim to start operations in fiscal The new factory, large-scale production base, will introduce the latest facilities, which will focus on tools for transportation equipment such as automobiles and aircraft, but which will also encompass the manufacture of tools for machinery and tools for electronics and semiconductors. In line with the startup of operations at the new factory, we will work on restructuring the domestic manufacturing and development structure by partially transferring production functions from other factories to the new factory, and by relocating our product lineup and research and development functions among bases. The new factory will handle the production of some products transferred from the Chiba Tsurumai Factory and the Tamagawa Factory, while maintaining responsibility for the production of high-quality, high-precision tools for the transportation segment and the machinery segment. The items to be transferred from the Tamagawa Factory are mainly some products for the transportation segment and the machinery segment, while products for the electronics and semiconductor segment will be transferred from the Chiba Tsurumai Factory. In addition, the Mie Factory has already transferred production of products for the machinery segment to Yamanashi Asahi Diamond Industrial Co., Ltd. in order to focus on production of products for the electronics and semiconductor segment. From fiscal 2020, we will strengthen our product supply capabilities and improve efficiency in response to growing demand through the full-scale operation of our new manu- のための整備を進めていきます 同時に 海外子会社の内部統制に関する管理を強化し グループ経営におけるガバナンスの拡充を図ります そして三つ目に これらの課題解決に求められる 人材の育成 効率的な人員配置 を進めていきます 当社は この 中長期経営課題 にもとづく取り組みと並行して 新中期経営計画 を策定し 成長戦略を構築してまいります Q A 製造 開発体制の再構築はどのように進めていきますか? 新工場を中心に拠点間で機能を移管 生産品目と研究 開発業務をシフトし 効率を高めていきます 2018 年 10 月 当社は千葉県袖ケ浦市に約 8 万m2の工場用 地を取得しました 同地では現在 新工場の建設を進めており 2020 年度中の稼働を目指しています 大規模な生産拠点となる新工場は 自動車や航空機など輸送機器向け工具を中心に 機械向け工具や電子 半導体向け工具の製造もカバーすべく最新設備を導入し 生産能力の増強を図ります そして新工場の稼働に合わせて 他の工場から生産機能の一部を新工場に移管し 拠点間で生産品目や研究 開発業務のシフトを実施することで 国内における製造 開発体制の再構築を進めていきます 新工場は輸送機器業界 機械業界向けの高品質 高精度工具の生産を担いつつ 千葉鶴舞工場と玉川工場から一部製品の生産を移管します 移管品目は 玉川工場からは 主に輸送機器業界 機械業界向けの一部製品ですが 千葉鶴舞工場からは電子 半導体業界向け製品が移管されます また 三重工場では 電子 半導体向け製品の生産を中心とするべく 山梨旭ダイヤモンド工業に機械業界向け製品 Interview with the President ステークホルダーの皆さまへ 7

10 facturing and development structure, which will lead to improved business results. Q A What are the key points for future overseas expansion? We converted our agency in India to a subsidiary. We will expand our overseas sales network through a business alliance with the TYROLIT Group. In India, which is positioned as one of the priority areas, further growth is anticipated in the automotive-related market. The Company will convert SOLWAY INTERNATIONAL, a sales agency, to a subsidiary with the aim of expanding sales of diamond tools in India. Since its foundation in 2007, the sales agency has increased its handling of the Company s products and earned a strong reputation and trust from local customers. By welcoming the company to our Group and commencing its function as a sales and service base in India, the Company intends to accelerate new development and sales expansion in India s automotive-related market while building even closer relationships with local customers. In October 2018, as another new initiative for overseas expansion, the Company entered into a business alliance with the TYROLIT Group, a global manufacturer and provider of grinding and dressing tools, and is expanding our global sales network through the mutual supply of products. At present, the two companies have established a system for sales cooperation that includes technology exchanges. The Company has added TYROLIT Group products to its product lineup and sells them in Japan, while the TYROLIT Group, which is based in Austria, is selling the Company s products through its sales offices located throughout Europe. Going forward, we will expand our efforts in the Asian and North American markets and make full use of both companies overseas networks to advance our collaborative expansion. Q A Please tell us about the outlook and policies for fiscal Sales and profits will continue to fall. We will take a moment to step back and improve our business foundation in order to achieve a business recovery from a medium- and long-term perspective. In fiscal 2019, as with the previous fiscal year, we will reduce the volume of handling of electroplated diamond wires for solar cells as we proceed to change our business structure. As a result, we expect business results to continue to be greatly affected by the decline in sales of these products. の生産をすでに移管しております 当社は2020 年度以降 新たな製造 開発体制の本格稼働によって 需要の拡大に対応した製品供給力の強化と効率向上を果たし 業績改善につなげていきます Q A 今後の海外展開における注力ポイントは何でしょうか? インドでは代理店を子会社化 チロリットグループとの提携を通じ 海外販売ネットワークを拡大します 重点地域の一つと位置付けるインドでは 自動車関連市場のさらなる成長が見込まれています 当社は インドにおけるダイヤモンド工具の販売拡大に向けて 販売代理店 SOLWAY INTERNATIONALを子会社化する予定です 同社は2007 年の創業以来 当社製品の取扱高を増加させ 現地の顧客から高い評価と信頼を獲得してきた販売代理店です 同社をグループに迎え インドにおける営業 サービス拠点として機能させることで 当社は現地顧客とのより緊密な関係を築きながら インドの自動車関連市場を舞台に新規開拓及び拡販を加速していく考えです もう一つ 海外展開の新たな取り組みとして 当社は 2018 年 10 月 研削砥石及び関連製品の製造 販売を世界展開するチロリットグループとの業務提携を行い 製品の相互供給を通じたグローバル販売ネットワークの拡大を進めております 現在は 両社間で技術交流を含む営業協力体制を敷き 当社がチロリットグループ製品をラインナップに加え 日本国内で販売する一方 オーストリアを本拠地とするチロリットグループは 欧州に拡がる営業拠点を通じて当社製品を販売しています 今後は アジア市場及び北米市場に取り組みを拡げ 双方の海外ネットワークをフル活用し 8 Interview with the President ステークホルダーの皆さまへ

11 GO Polish Up Asahi With regard to related tools for the electronics and semiconductor segment, we will strive to capture the growing AI and IoT-related demand in semiconductors and electronic components, while expanding sales of electroplated diamond wires for use in non-solar cell magnetic materials and ceramics, in an effort to maintain sales. In the transportation segment, we expect sales to remain firm, led by high-precision tools for automobiles. In the machinery segment, we anticipate an increase in sales of cemented carbide tools, but expect sales of bearings to decline. In the stone and construction segment, while sales in Japan are expected to increase slightly, sales of goods are likely to decrease overseas. Based on the above assumptions, regarding the consolidated operating results for fiscal 2019, we forecast net sales to decrease by 4.5% year on year to 39,200 million, operating profit to decrease by 41.1% to 1,510 million, and profit attributable to owners of parent to decrease by 48.3% to 1,200 million. The year ahead will be one where we take a moment to step back and improve our business foundation in order to achieve a business recovery from a medium- and long-term perspective. However, we will steadily implement each theme in our medium- and long-term management issues while working on development projects with a view to the next stage of growth. Q A What are your thoughts on ESG management? As well as promoting ESG management, we will resolutely implement reforms that are more than an extension of our present strategy in order to change our corporate structure. In recent years, the promotion of ESG (Environmental, Social, and Governance) management has become a prerequisite for the sustainable growth of corporate entities. In order for us to survive as a company that is needed by society, we must govern ourselves by broadening our corporate governance while linking this to environmental conservation and social contribution from the perspective that our business activities will resolve social issues. I believe that these initiatives will become increasingly important going forward. In terms of social contribution, it may be said that our business makes a broad contribution to providing value in many industries such as electronics and semiconductors, automobiles, aircraft, and more. In order to further increase our corporate value while continuing to contribute to the environment 協業展開を発展させてまいります Q A 2019 年度の見通しと方針をお聞かせください 引き続き減収減益 中長期的視点で業績回復を実現するために 身を屈めて事業基盤を整備していきます 2019 年度は 昨年と同様に太陽電池向け電着ダイヤモンドワイヤの取り扱いを縮小し 事業構造を転換していく途上にあるため 業績においては 引き続き同製品の販売減少による影響を大きく受ける見通しです 電子 半導体業界向けの関連工具は 太陽電池以外の磁性材料やセラミックスへ電着ダイヤモンドワイヤの用途拡販を進めながら 半導体及び電子部品向けにおいてAI IoT 関連の需要増加などを捉え 売上の維持に努めます 輸送機器業界向けは 自動車用の高精度工具を中心に堅調を保つ見込みです 機械業界向けは 超硬工具用の販売増加が期待できますが 軸受用は販売減少を予想しています 石材 建設業界向けは 日本国内の販売が微増となる一方 海外の流通商品の販売が減少するものと見ています 以上を前提に2019 年度の連結業績は 売上高 39,200 ( 当期比 4.5% 減 ) 営業利益 1,510 ( 同 41.1% 減 ) 親会社株主に帰属する当期純利益 1,200 ( 同 48.3% 減 ) を予想しています 中長期的視点で業績回復を実現していくために 身を屈めて事業基盤を整備する1 年となりますが 次の成長を見据えた開発案件にも取り組みつつ 中長期経営課題 の各テーマを着実に遂行してまいります Interview with the President ステークホルダーの皆さまへ 9

12 GO Polish Up Asahi and society through these types of business, the Company is working to establish effective corporate governance. In particular, going forward, as we stated in the explanation of our medium-term management issues, our policy is to strengthen management related to internal control at our overseas subsidiaries, and expand governance in our Group management. Together with promoting ESG management described above, in order to change our corporate structure, the Company will resolutely implement reforms that are more than an extension of our present strategy, and we will achieve a leap forward in the future by reaping the rewards. We hereby request for the continued support of our stakeholders in all our endeavors. Q ESG 経営についてどのように考えていますか? A ESG 経営の推進とともに 企業体質の転換に向けて従来の延長線上にない改革を断行していきます 近年 企業における ESG( 環境 社会 ガバナンス ) 経営の 推進は 持続的成長の必須条件とされています 当社においても 世の中に必要とされる企業として存続していくためには 事業活動を社会課題の解決という視点で捉え 環境保全や社会貢献に紐付けながら コーポレートガバナンスの拡充により自らを統治する姿勢が求められ その取り組みは今後ますます重要になるだろうと感じています 環境保全については 環境方針 にもとづき有害物質の削減やエネルギー使用量の低減を目指す活動は当然のこと ダイヤモンド工具以外の工具に比べて省資源化 廃棄物削減への寄与度が高い当社製品を通じて 顧客企業によるエコロジー志向の ものづくりを支えていると自負しています また社会貢献については 電子 半導体 自動車 航空機など多くの産業分野で 幅広く価値提供に資する事業であると言えるでしょう そうした事業による環境 社会への貢献を持続しながら 企業価値をさらに拡大するために 当社は実効的なコーポレートガバナンスの確立に努めています 特に今後は 中期経営課題 のご説明にて述べました通り 海外子会社の内部統制に関する管理を強化し グループ経営におけるガバナンスの拡充を図っていく方針です ここに挙げたESG 経営の推進とともに 当社は企業体質の転換に向けて 従来の延長線上にない改革を断行し その成果を確実に刈り入れていくことで 未来における飛躍を実現してまいります ステークホルダーの皆さまには 引き続き一層のご支援を賜りますようお願い申し上げます 10 Interview with the President ステークホルダーの皆さまへ

13 Corporate Governance コーポレート ガバナンス Corporate Governance Basic Policy The Asahi Diamond Group considers enhancing corporate value and upgrading corporate governance to be important management responsibilities. We recognize that we must work hard to earn the trust of all stakeholders, achieve swift and accurate decision-making group-wide, ensure management transparency, clearly define management responsibilities, strengthen oversight functions, and raise the efficiency of business execution. Masami Koura Executive Officer Administration Division Director 小浦雅美執行役員管理本部長 コーポレート ガバナンスに関する基本方針 当社は 企業価値の向上とコーポレート ガバナンスの充実を経営の重要課題と位置づけ すべてのステークホルダーに信頼され 経営全般の的確な意思決定の迅速化 経営の透明性の確保 経営責任の明確化 経営監視機能の強化 業務執行の効率性の強化に努める事が必要であると考えております Overview of Corporate Governance Structure コーポレート ガバナンスの体制の概要 Shareholders Meeting 株主総会 Appoint 選任 Report 報告 Appoint 選任 Report 報告 Internal Control Committee 内部統制委員会 Information Disclosure Committee 情報開示委員会 Compliance Committee コンプライアンス委員会 Internal Audit Committee 内部監査委員会 Privacy Data Protection Committee 個人情報保護委員会 Internal Audits 内部監査 Board of Directors 取締役会 Nine Directors (Including Two External Directors) 取締役 9 名 ( うち社外取締役 2 名 ) Selection and Supervision 選定 監督 Representative Directors 代表取締役 Management 監督 (President, Managing Director) ( 社長 常務 ) Meeting of the Executive Council 役員会 Operating Audits 監査役監査 Accounting Audits 会計監査 Audit & Supervisory Board 監査役会 Three Audit & Supervisory Board Members (Including Two External Audit & Supervisory Board Members) 監査役 3 名 ( うち社外監査役 2 名 ) Audit & Supervisory Board Office 監査役室 Tie-up 連携 Independent Accounting Auditors 会計監査人 Appoint 選任 Business Divisions/Group Companies 各事業本部 / グループ会社 Advice 助言 Legal Advisers 顧問弁護士 Corporate Governance コーポレート ガバナンス 11

14 Overview of Corporate Governance Structure Board of Directors and Executive Council As of June 27, 2019, the Company s Board of Directors is chaired by President and Representative Director Kazuki Kataoka, and consists of nine Directors (two of whom are External Directors), with other members being Directors; Kazuo Kogawa, Ming-Shong Lan, Kazuaki Taniguchi, Toshimasa Hagiwara, Hideo Abe, and Tomohiko Hara, and External Directors; Osamu Koyama and Shinichi Nagata. The Company s Board of Directors meets regularly, and also holds ad hoc meetings when necessary. The Board makes important management decisions and supervises business execution. During the fiscal year ended March 31, 2019, the Board of Directors met eleven times. Audit & Supervisory Board The Company adopts an Audit & Supervisory Board Member system. As of June 27, 2019, the Audit & Supervisory Board consists of three Audit & Supervisory Board Members (two of whom are External Audit & Supervisory Board Members), with members being Audit & Supervisory Board Member; Morio Kayama, and External Audit & Supervisory Board Members; Yukio Otaka and Masahito Kawashima. The Company s Audit & Supervisory Board meets regularly, and Audit & Supervisory Board Members also attend meetings of the Board of Directors and the Executive Council, where they monitor decision-making and the execution of duties by Directors. During the fiscal year ended March 31, 2019, the Audit & Supervisory Board met ten times. Audit & Supervisory Board Office The Company has established an Audit & Supervisory Board Office with four concurrently assigned members which operates independently of management under the Audit & Supervisory Board. In addition to ensuring legal compliance, the Audit & Supervisory Board Office is responsible for assisting the Audit & Supervisory Board in its duties, which include auditing of the design and operation of the Company s internal control, corporate governance, and risk management system. Executive Officer System The Company adopts an Executive Officer system. The system speeds up business processes by clarifying the separation of roles between management and job execution, and ensuring the appropriate execution of duties. As of June 27, 2019, the Company is served by ten Executive Officers. コーポレート ガバナンスの体制の概要 取締役会及び役員会当社の取締役会は 2019 年 6 月 27 日現在において 代表取締役社長片岡和喜が議長を務めており その他のメンバーとして取締役粉川和勇 取締役藍敏雄 取締役谷口和昭 取締役萩原利昌 取締役阿部英夫 取締役原智彦 社外取締役小山修 社外取締役永田新一の取締役 9 名 ( うち社外取締役 2 名 ) で構成されております また 当社の取締役会は 定例取締役会を開催するほか 必要に応じて臨時取締役会を開催し 経営に関する重要事項の意思決定を行うとともに 業務執行の状況を監督しております なお 当期の取締役会は11 回開催されております 監査役会当社は 監査役制度を採用しております 当社の監査役会は 2019 年 6 月 27 日現在において 監査役香山盛夫 社外 監査役大高由紀夫 社外監査役川嶋誠人の監査役 3 名 ( うち社外監査役 2 名 ) で構成され 定例監査役会を開催するとともに 取締役会 役員会などに出席し 取締役の意思決定や職務遂行の監査を行っております なお 当期の監査役会は 10 回開催されております 監査役室当社は 監査役会のもとに監査役室 ( 兼任スタッフ4 名 ) を設置し 適法性監査に留まらず 経営陣から独立した立場で内部統制の整備 運用状況 コーポレート ガバナンスの状況 リスクマネジメントなどの監査役監査の補佐を行える体制を整えております 執行役員制度当社は 執行役員制度を導入して 経営と業務執行の役割分担を明確にし 業務執行の適正化を図り 経営の迅速化を進めております 執行役員は 2019 年 6 月 27 日現在において10 名であります 12 Corporate Governance コーポレート ガバナンス

15 Executive Council The Company holds a meeting of the Executive Council, which is attended by seven Directors (excluding External Directors) and ten Executive Officers as well as two President Directors and one Full-time Audit & Supervisory Board Member of Company subsidiaries in Japan, after each Board meeting to ensure that decision-making matters are extensively communicated throughout the Company. Basic Policy for Appointment of External Directors and External Audit & Supervisory Board Members The Company shall appoint a person as an Independent External Director/Audit & Supervisory Board Member who meets the requirements for outside directors/ auditors prescribed by the Company Law, the requirements for independent directors/auditors prescribed by the Tokyo Stock Exchange, and the independence criteria of the Company and has experience and knowledge required for fulfilling the role and responsibilities expected of an Independent External Director/Audit & Supervisory Board Member. Internal Control System The Company has an Internal Control Committee, which is chaired by Asahi Diamond s president and representative director. Under this committee, four subcommittees have been established; the Information Disclosure Committee, Compliance Committee, Internal Audit Committee, and the Privacy Data Protection Committee, in order to ensure a system in conformity with laws and regulations and the Company s Articles of Incorporation. In addition, as an internal reporting system concerning compliance, we have also established a helpline both inside and outside the Company with the aim of strengthening our compliance system. In accordance with the internal auditing provisions, the Internal Audit Committee is tasked with carrying out activities related to the establishment, design, assessment, and improvement of the Company s internal control system. The Internal Audit Committee submits reports to the Internal Control Committee when problems are identified. 役員会当社は 社外取締役を除く取締役 7 名 執行役員 10 名 国内子会社の取締役社長 2 名 及び常勤監査役 1 名をメンバーとする役員会を 取締役会終了後に開催し 意思決定事項の周知徹底を図っております 社外取締役及び社外監査役の選定に関する基本方針 当社は 社外取締役及び社外監査役の独立性について 会社法が定める社外役員の要件 東京証券取引所が定める独立役員の要件及び当社独立性判断基準を満たし 独立社外役員に期待される役割 責務を発揮するために必要な経験と知見を有する者を 独立社外役員として選定します 内部統制システムの整備状況 当社の内部統制システムについては 代表取締役社長を 委員長とする 内部統制委員会 を設置し この下部組織に 情報開示委員会 コンプライアンス委員会 内部監査委員会 個人情報保護委員会 の 4つの組織を設け 法令 定款に適合した体制の確保を図ります さらにコンプライアンスに関する内部通報制度として 社内と社外の ヘルプライン窓口 を整備し コンプライアンス体制を強化します また 内部統制システムの構築 整備 評価 改善等の活動は 内部監査規程に従って 主に内部監査委員会を中心に行っており 問題点等があれば内部統制委員会へ報告する体制を整えております 監査の状況 監査役監査の状況当社の監査役監査は 常勤監査役 1 名及び非常勤監査役 2 名が 監査方針及び監査計画に基づき 取締役会に出席し 意思決定及び業務執行状況に対しての監査を実施するとと Corporate Governance コーポレート ガバナンス 13

16 Audits Audits by Audit & Supervisory Board Members With regard to the Company s audits by Audit & Supervisory Board Members, one full-time Audit & Supervisory Board Member and two part-time Audit & Supervisory Board Members attend meetings of the Board of Directors and conduct audits of decision-making and business execution based on auditing policy and auditing plans. They also conduct business audits and accounting audits by auditing the matters such as the inspection of important approval documents and the status of internal control. Internal Audits In accordance with the internal auditing provisions, the Internal Audit Committee with fifteen concurrently assigned members conducts internal audits in addition to assessment of the internal control system. In addition, Independent Accounting Auditors and the Internal Audit Committee explain auditing policy and auditing plans to the Audit & Supervisory Board, and give the Board reports on the results of audits. Close interaction is sought also through methods such as exchanging opinions on issues and being in attendance when audits are taking place. Accounting Audits Certified public accountants engaged in the Company s accounting audits were Mr. Masataka Asano, Mr. Hidetoshi Atsuumi, and Mr. Toshizo Kamiyama, all of whom belong to ALT Tsukiji Audit LLC. Five certified public accountants are involved in the accounting audit of the Company s assistants. Selection of Auditing Firm The Company s Audit & Supervisory Board has established a Policy for Determining the Appointment of Independent Accounting Auditor in order to appropriately select a successor to an Independent Accounting Auditor in the event that the Audit & Supervisory Board dismisses or fails to reappoint an independent accounting auditor, or in the event that an Independent Accounting Auditor resigns. In addition, Audit & Supervisory Board Members and the Audit & Supervisory Board assess the auditing firm. This assessment is based on the Assessment Criteria for Independent Accounting Auditor established by the Audit & Supervisory Board. Based on the results of the assessment for the fiscal year ended March 31, 2019, it was deemed appropriate to reappoint ALT Tsukiji Audit LLC as the Independent Accounting Auditor. もに 重要な決裁書類の閲覧 内部統制に関わる状況などの監査を通じて 業務監査 会計監査を実施しております 内部監査当社の内部監査は 内部監査委員会 ( 兼任スタッフ15 名 ) が 内部監査規程に従って 主に内部統制の評価と兼ねて内部監査を行っております また 監査役会においては 会計監査人及び内部監査委員会から 監査方針 監査計画の説明や監査結果の報告を受けており そのほか 問題点に関する意見交換や実地監査への立会い等を通じて 相互の連携を高めております 監査法人の選定当社の監査役会は 会計監査人を解任又は不再任とする場合 若しくは会計監査人が辞任した場合 後任となる会計監査人を適切に選定するため 会計監査人の選任の決定の方針 を定めております また 当社の監査役及び監査役会は 監査法人に対して評価を行っております この評価については 監査役会が定めた 会計監査人の評価基準 に基づいております 当期の評価結果に基づき あると築地有限責任監査法人を会計監査人として再任することは適当であると判断しました 会計監査の状況当社の会計監査業務を執行した公認会計士は 浅野昌孝氏 厚海英俊氏及び神山敏蔵氏の3 名であり あると築地有限責任監査法人に所属しております なお 当社の会計監査業務に係る補助者は 公認会計士 5 名であります 14 Corporate Governance コーポレート ガバナンス

17 Environmental Initiatives 環境への取り組みについて Adhering to its basic principle of Manufacturing friendly to the environment and people by ensuring efficient use of limited resources, the Asahi Diamond Group is tackling environmental issues as one of the important management responsibilities. We have environmental management systems (EMS) in place and all of our factories in Japan and Asahi Diamond Industrial Europe are ISO certified. Diamond tools, our mainstay products, are environmentally friendly. In particular, EcoMEP electroplated diamond wire greatly contributes to environmental protection because greenhouse gas (CO 2 ) emissions 当社グループは 限りある資源を大切に 環境 人に配慮したものづくりをしよう を基本理念として掲げ 経営の最重要課題の一つとして環境に取り組んでおります EMS( 環境マネジメントシステム ) を構築し 国内全工場並びに海外子会社である旭ダイヤモンドヨーロッパで ISO14001 の認証を取得しております 当社の主力製品であるダイヤモンド工具は 環境にやさしい工具として広く採用されています 中でも電着ダイヤモンドワイヤ EcoMEP は 従来の遊離砥粒方式と比較して 使用時の温室 during use are far less than those in the case of using the conventional loose-abrasive grain method. EcoMEP is widely used in manufacturing processes for solar panels, sapphire substrates for LEDs, and other products. The Green Procurement Guidelines support our efforts to create environmentally friendly products. We are implementing environmental protection measures over the medium to long term. For example, we are making a Group-wide effort to reduce greenhouse gas emissions. We provide environmental education for our employees and are working to raise their awareness of the importance of environmental protection. 効果ガス (CO2) 排出量を大幅に削減できます ソーラーパネル LED 用サファイア基板などの環境対応製品の製造工程で広く採用され 環境に大きく貢献しています また グリーン調達ガイドライン を通じて環境に優しい製品づくりを進めています さらに 温室効果ガス (CO2) 排出量削減にも全社で取組み 従業員に対しても環境教育や啓蒙活動を行うなど中長期的な環境対策に努めております CORPORATE PHILOSOPHYs 経営理念 At Asahi Diamond Industrial Group we are committed to making the impossible possible. We contribute to excellence in manufacturing across all industries, and support the development of society. In the world of manufacturing, where the pace of technological progress is ever accelerating, tackling complex problems is a daily challenge. Every solution starts with innovation Our unique technologies and solutions are continuously emerging. This is sparked by the excitement that comes from imagining advancements in the future. Together with our customers, we strive to enhance manufacturing processes, contributing to the development of society. 旭ダイヤモンド工業グループは できないをできる に変え あらゆる産業のモノづくりに貢献し 社会の発展を支えてきました テクノロジーの進化が加速しているモノづくりの現場では 日々困難な問題に取り組んでいます 解決の糸口は ユニークな技術やソリューションは 未来の大きな進歩に夢を馳せるワクワク感から いつも生まれてきます 私たちは お客様と共に モノづくりをもっと面白く し 社会の発展に貢献していきます Vision 目指す姿 Values 行動指針 Environmental Initiatives 環境への取り組みについて 15

18 Review of Operations 営業概況 Electronics and Semiconductor 電子 半導体業界 Consolidated Sales (Millions of Yen) 売上高 ( ) 21,170 20,133 18,323 19,257 13,626 12, (est.) ( 予想 ) Diamond Wheels for LCD glass Chamfering 液晶ガラス加工用ホイール Performance In the electronics and semiconductor segment, sales throughout the industry fell sharply due to a significant decrease in orders for electroplated diamond wire used for solar cells in the second half of the previous year. Amidst these circumstances, sales of memory and sensor-related tools exceeded those of the previous year as a result of increased production of memory and various sensors in the semiconductor sector. However, sales in the semiconductor segment remained on par with the previous year due to declining sales of tools for the manufacture of mobile phone terminal-related components owing to a decrease in the production of mobile phone terminals, etc. As a result, consolidated sales in the electronics and semiconductor segment decreased 5,630 million, or 29.2%, year on year to 13,626 million. Prospects For EcoMEP, electroplated diamond wire used for solar cells, improvements to the fixed-abrasive grain method have allowed the wire to be applied in the processing of semiconductor materials, which had previously not been possible. This resulted in a significant reduction in processing time compared with the conventional loose-abrasive grain method, leading to an expectation to make a contribution to the semiconductor market where production is continuing to expand. Forecast 2020 In line with the decline in sales of diamond wire used for solar cells, we forecast segment sales of 12,440 million for the fiscal year ending March 31, 2020, a decrease of 8.7% year on year. 営業概況電子 半導体業界では 前期後半から太陽電池向け電着ダイヤモンドワイヤの受注が大幅に減少したことから 業界全体の売上高は大きく減少しました その中で 半導体市場においてはメモリーや各種センサーの生産増に伴って これら関連工具は前期を上回る販売となりましたが 携帯端末等の生産減により関連部品製造用工具の販売が減少したことから 半導体業界向け売り上げは前期同等の売上高となりました これらの結果 当業界向けの売上高は 13,626 と前期と比べ5,630 (29.2%) の減収となりました 今後の展開太陽電池分野で使用されている電着ダイヤモンドワイヤ ( 商品名 EcoMEP( エコメップ ) ) において 砥粒固定化方法を改善することにより これまで対応できなかった半導体材料の加工に適用できるようになりました 従来の遊離砥粒方式と比較して大幅な加工時間の短縮が可能となり 生産の拡大が続く半導体市場への寄与が期待されます 次期予想太陽電池用ダイヤモンドワイヤの売上減少に伴い 次期の売上高は当期の8.7% 減の12,440 を想定しております 16 Review of Operations 営業概況

19 Transportation 輸送機器業界 Consolidated Sales (Millions of Yen) 売上高 ( ) 9,955 9,970 9,300 8,439 8,481 7, (est.) ( 予想 ) Electroplated Dressers for Gear Grinding 歯車研削用電着ドレッサ Performance In the automotive-related sector, production in India and Asia exceeded the previous year s production level, despite a decrease in production in China, while production volume in Japan also increased. Although global production volume fell slightly from the previous year, sales of automotive-related tools increased significantly as a result of expanded sales of high-precision tools for gear machining, the development of which we have been focusing on, and increased sales of compact tools and CBN wheels. As a result, consolidated sales in the transportation segment increased 655 million, or 7.0%, year on year to 9,955 million. Prospects We succeeded in significantly extending the life of dressers for gear machining by fundamentally reviewing the abrasive layer. Furthermore, we are now able to propose combinations with general grinding stones, backed by our processing technology which we improved in-house. Forecast 2020 Owing to above measures, we forecast segment sales of 9,970 million for the fiscal year ending March 31, 2020, an increase of 0.1% year on year. 営業概況自動車業界では 中国では生産減となったものの インド アジアなどで前期を上回る生産になり 国内においても生産台数が増加しました 世界全体での生産台数は前期より若干下がったものの 当社は開発に注力してきた高精度歯車加工用工具の拡販 また コンパクト工具 CBNホイールの増販により 自動車関連工具の販売は大きく増加しました これらの結果 当業界向けの売上高は 9,955 と前期と比べ 655 (7.0%) の増収となりました 今後の展開歯車加工用ドレッサでは 砥粒層の根本的な見直しにより寿命を大幅に伸ばす事に成功しました さらに 自社でブラッシュアップした加工技術を裏付けにして 一般砥石とのマッチングも提案できるようになりました 次期予想上記の施策により 次期の売上高は当期の0.1% 増の 9,970 を想定しております Review of Operations 営業概況 17

20 Machinery 機械業界 Consolidated Sales (Millions of Yen) 売上高 ( ) 10,508 9,884 10,330 9,350 9,368 8, (est.) ( 予想 ) Metal Bond Diamond Wheels ダイヤモンドメタルホイール Performance Sales of tools used for manufacturing bearing products and industrial machinery increased significantly as a result of strong production of automotive and motorcycles as well as efforts in strengthening sales, such as expansion of new sales and existing sales. Overall sales of the machinery segment increased significantly, owing to firm production of transportation equipment for automotive, etc. in the cemented carbide tools sector as well as increased production in the machine tools sector both in Japan and overseas, leading to growth in sales of related products for which the Company has worked to expand sales. As a result, consolidated sales in the machinery segment increased 623 million, or 6.3%, year on year to 10,508 million. Prospects We expanded the product lineup of SENCIA THREE series, wheels for the grinding of sintered body tools for the use of PCD, PCBN, and other tools. Optimizing the sintering materials for each tool application achieves excellent performance that meets a variety of requirements, such as cutting quality, surface roughness, life expectancy, and precision. Forecast 2020 Owing to the decline in sales of products for machine tools, we forecast segment sales of 10,330 million for the fiscal year ending March 31, 2020, a decrease of 1.7% year on year. 営業概況軸受や産業機械業界では 自動車や二輪車向けの生産が好調に推移し 当社は既存販売に加え 新規拡販を進めるなど販売強化に努めた結果 関連工具の販売は大きく増加しました 超硬工具業界では 自動車等の輸送機器向けの生産が堅調に推移し 工作機械業界でも国内外ともに生産が増加し 当社は拡販に努めてきた関連製品の販売が伸張し 機械業界全体の売上高は大きく増加しました これらの結果 当業界向けの売上高は 10,508 と前期と比べ 623 (6.3%) の増収となりました 今後の展開 PCD PCBNといった焼結体工具研作用ホイール ( 商品名 SENCIA THREE( センシアスリー ) ) のラインナップを拡充しました 工具用途別に焼結材を最適化する事により 切れ味 面粗さ 寿命 精度といったさまざまな要求に対して優れた性能を発揮します 次期予想工作機械向け等の売上減少により 次期の売上高は当期の1.7% 減の10,330 を想定しております 18 Review of Operations 営業概況

21 Stone and Construction 石材 建設業界 Consolidated Sales (Millions of Yen) 売上高 ( ) 5,296 5,541 4,818 5,353 5,158 4, (est.) ( 予想 ) Saw Blades for Asphalt アスファルト用ソーブレード Saw Blades for Concrete コンクリート用ソーブレード Performance In the construction industry in Japan, both public and private construction volumes continued to fall, and sales of related tools decreased, despite an increase in sales owing to the launch of new products. In addition, overall sales fell below the previous year due to a decrease in sales of stone-related products. As a result, consolidated sales in the stone and construction segment decreased 194 million, or 3.6%, year on year to 5,158 million. Prospects We developed and launched a thin-wall bit capable of dry drilling concrete structures with high bar reinforcement ratio. Furthermore, in the area of asphalt-cutting blades, we renewed and broadened our lineup of general purpose products for professionals. In addition, we are developing a lineup of blades for concrete dry cutting. Forecast 2020 In line with the long-term deterioration of the industry, we forecast segment sales of 4,730 million for the fiscal year ending March 31, 2020, a decrease of 8.3% year on year. 営業概況国内の建設業界では公共 民間ともに工事量の減少が続き 新製品の市場投入による増販はありましたが 関連工具の販売は減少しました また 石材関連製品の売上が減少したことから全体では前期を下回る売上高となりました これらの結果 当業界向けの売上高は 5,158 と前期と比べ 194 (3.6%) の減収となりました 今後の展開高配筋コンクリート構造物を乾式で穿孔するシンウォールビットを開発し市場に投入しました また アスファルト切断用ブレードにおきましては プロ業者向けの汎用タイプの製品をリニューアルしラインナップの拡充を図りました その他に コンクリートを乾式で切断するブレードのラインナップ化を進めています 次期予想業界の長期低落傾向に伴い 次期の売上高は当期の 8.3% 減の 4,730 を想定しております Review of Operations 営業概況 19

22 Risk Factors to Our Business 事業等のリスク The Asahi Diamond Group s performance can potentially be affected by business conditions, as well as by external and internal factors. These include risks in procurement of raw materials, economic trends, competition with other companies, losses due to quality problems, and various risks pertaining to overseas operations. Continuity of Product Trading The Group has not entered into long-term contracts with major customers regarding quantity and price. In the future, if orders are not sufficiently secured, the Group s financial position and business performance may be adversely affected. Procurement of Raw Materials The Group uses natural and artificial diamonds and many kinds of metals and resins as main raw materials for production. In the future, the Group may be unable to procure these raw materials owing to the suspension of operations or reduced supply capacity on the part of suppliers, or such, and the Group s performance may be adversely affected. Economic Trends The Group accords priority to the development of highly competitive products and supplies diamond tools to a wide range of industries. In the future, the Group may be unable to secure sufficient profitability due to changes in economic conditions affecting its customers of the industries and the Group s performance may be adversely affected. Competition with Other Companies The Group strives to enhance product quality, shorten delivery times, and upgrade its technical service capabilities while competing with other companies in terms of technology, delivery times, price, etc. In the future, the Group may be unable to secure sufficient profitability if it does not keep pace with competitors and the Group s performance may be adversely affected. Quality Problems Although the Group adheres to quality control standards in manufacturing, the Group cannot guarantee that all products will be free of defects or that product-related claims will not be incurred. In the future, the advent of large claims may impose major costs on the Group and the Group s performance may be adversely affected. Impairment of Non-current Assets The Group is tackling the reorganization of domestic factories. Furthermore, the Group is reviewing the manufacturing structure at overseas subsidiaries that have manufacturing sites, and moving forward with the partial transfer of manufacturing from domestic factories to overseas subsidiaries. In the future, impairment of existing production facilities may occur as the result of this reorganization. If it is judged that the assets do not generate sufficient cash flows, and impairment is recognized, the Group s financial position and business performance may be adversely affected. Overseas Business The Group has manufacturing sites in France, Taiwan, China, Indonesia and Thailand, and conducts overseas operations mainly in Asia, Oceania, Europe, and North America regions. Overseas sales account for approximately 50% of consolidated sales by geographic region. In the future, unexpected problems may arise, including but not limited to political instability, changes in regulations, exchange rate volatility, financial instability, rise in wages, trade wars, and acts of terror or war, in regions where the Group operates and the Group s performance may be adversely affected. Risks Relating to Business Alliances and Corporate Acquisitions The Group recognizes that business alliances with other companies and corporate acquisitions are indispensable for securing future growth potential and profitability. The Group will give careful consideration to the implementation of such activities but if it is unable to achieve the synergies anticipated in the initial business plan, the Group s financial position and business performance may be adversely affected. Natural Disasters The Group strives to mitigate damage to manufacturing sites in Japan and overseas as a result of natural disaster, including but not limited to an earthquake, a storm, or flooding, damage to the Group s production facilities, shortages of electricity and/or shortages of materials from suppliers owing to destruction of infrastructure may adversely affect the Group s performance. Information Security The Group can collect personal and classified information on customers and business partners through its business activities. Furthermore, the Group also has its own classified information regarding marketing and technology. Although the Group strives for stringent management of such information, unexpected problems such as computer viruses and unauthorized access may arise, resulting in the leak or loss of information, as well as the destruction or tampering of significant data, which may adversely affect the Group s financial position and business performance. 当社の業績は様々な経営環境及び外的 内的要因によって影響を受ける可能性があります その大きな要因は原材料の調達におけるリスク 景気動向 他社との競合 品質問題発生による損失 海外事業における様々なリスクなどです 製品の取引の継続性当社グループは その主要取引先等に対しては 納入数量 価格等に関する長期的な契約を締結しておりません 今後 十分な受注が確保できなくなった場合 当社グループの財政状態及び経営成績に影響を及ぼす可能性があります 原材料の調達当社グループは 主な原材料として天然 人工ダイヤモンドや金属及び樹脂類を多数使用しております 今後 これらの調達において 供給元の操業停止又は供給能力の制約などにより 必要な原材料の調達ができなくなり 業績に影響を与える可能性があります 景気動向当社グループは 広範囲の業界を対象に 競争力の高い製品を作る事を最優先に製品開発を行い ダイヤモンド工具を供給しております 今後 景気の変動が各業界の取引先へ影響を与え 十分な収益性が確保できなくなり 業績に影響を与える可能性があります 他社との競合当社グループは 競合他社との技術 納期 価格競争などが日々行われるなか 高品質化 短納期化 技術サービスの充実化などに努めております 今後 競合他社との競争に対して 迅速かつ適切に応えられず 十分な収益性が確保できなくなり 業績に影響を与える可能性があります 品質問題当社グループは 品質管理基準に従って製造活動を行っておりますが 全ての製品について欠陥がなく クレームが発生しないという保証はありません 今後 大規模なクレームの発生により 多額の費用が発生した場合 業績に影響を与える可能性があります 固定資産の減損当社グループは 国内工場の再編に取り組んでいます また 製造拠点がある海外子会社の生産体制を見直し 国内工場から海外子会社への一部製造移管も進んでおります これらの再編に伴い 既存の生産設備の中には 今後 減損の兆候が発生する可能性があります 当該資産が十分なキャッシュ フローを生み出さないと判断し 減損を認識する事となった場合 当社グループの財政状態及び経営成績に影響を及ぼす可能性があります 海外事業当社グループは フランス 台湾 中国 インドネシア タイに製造拠点を有し アジア オセアニア 欧州 北米地区を中心とした海外事業を展開しており 連結地域別売上高のおよそ半分は海外向けの売上となっております 今後 政情不安 法的規制の変更 急激な為替レートの変動 金融不安 賃金上昇 貿易戦争 テロ 戦争の勃発など予期しない様々な問題が生じた場合 業績に影響を与える可能性があります 業務提携 企業買収に関するリスク当社グループは 他社との業務提携や企業買収が 将来の成長性 収益性等を確保するために必要不可欠な要素であると認識しております その実施に際しては十分な検討を行いますが 当初想定した事業計画通りのシナジー効果を得ることができない場合 当社グループの財政状態及び経営成績に影響を及ぼす可能性があります 自然災害当社グループは 国内外に有する製造拠点において 日々災害防止に努めております 今後 大地震 暴風雨 洪水などが発生し 当社グループの生産設備への被害や 社会インフラの損壊による電力供給不足 取引先からの材料の供給不足等が発生した場合 業績に影響を与える可能性があります 情報セキュリティ当社グループは 事業活動を通して当社グループ及び顧客 取引先などについての個人情報や機密情報を入手する事があります また 当社グループの営業上 技術上の機密情報を保有しています 当社グループでは これらの情報の厳格な管理に努めていますが コンピュータウィルスへの感染 不正アクセス その他不測の事態などにより 情報の漏えい 紛失 重要データの破壊 改ざんなどが起きた場合 当社グループの財政状態及び経営成績に影響を及ぼす可能性があります 20 Risk Factors to Our Business 事業等のリスク

The Japanese economy in FY2015 suffered from sluggish growth in individual consumption, while the foreign exchange market remained unstable with high volatility. Even in such an economic environment, MSF

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