Future 15 L N G 19 195 1961 2 471 178 38% 293 62% 3 6 7 1 13 15 17 19 21 24 25 26 1 2
1 8 9 7 6 5 4 3 2 1 25 26 27 28 29 21 211 212 213 214 215 22 1 215 22 CompactGTL 22 21416 214 LufthansaMRO 214 LNG 4713 4.7 6315 215M&A 221, 922 8 21416 5145 7 214 SPP Thermal Products 1 21555 QCD 2 3 4
215 MRJHondaJet 214 D o r n i e r AirbusA33neoRolls Royce 4713 159 145 2 ROE EHA 21 56,236 5,26 2. 4,81 211 52,295 4,193 1.2 6,694 212 4,17 43 1.1 262 213 45,31 963 2.1 585 214 47,135 1,597 3.4 1,45 215 55, 2, 3.6 1, 22 FCF 215ROIC 8,95 35. 9.8 8 72,62 45.6 126.37 8 75,584 44.1 4.96 7 79,948 41. 11.5 7 81,898 42.4 27.39 7 87,1 41.3 18.89 7 7, 1, 1 9, 9 87,1 6, 15 5, 4, 4,346 5,15 49,92 48,85 42,766 56,236 52,295 4,17 47,135 45,31 55, 1 8, 7, 6, 67,293 65,165 72,362 81,282 8,95 77,673 81,898 79,948 75,584 72,62 8 7 6 3, 5, 5 2, 4.1 6.3 6.1 3.4 3.6 5 4, 3, 43.8 44.1 39.8 34.2 29.4 35. 45.6 44.1 41. 42.4 41.3 4 3 1,.6 2. 1.2 1.1 2.1 2, 1, 2 1 1.7 1, 2.5 25 26 27 28 29 21 211 212 213 214 215 25 26 27 28 29 21 211 212 213 214 215 211SPP Process Technology SystemsSPTS)3 5 6
1957T33 8 1997Menasco BombardierCRJ7 15%MRJ9 1933 2156 Tier1 MRO HondaJetMRJ214 Dornier Tier1 MROMaintenanceRepairOverhaul 5, 4, 3, 2, 1, 1, 213 3,435 21433 3,58 2, 3, 2,615 299 233 4,328 CRJ1 BombardierHP CRJ7/9/1 CRJ7/9/1 ondaet ANAMROLufthansa MRO Tier1 MRO 21113 HondaJetHJ SPPCA CFN MRO SPPNECO Lufthansa MRJ RollOut 21416 () Tier2 Tier1 22 217 1 Rolls Royce HS 1 SACOC QT 1 FOHE CX Rolls Royce198 5 4 3 2 1 267 HJ 281 MRJ 21412 DornierSeastar 2124 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 117 95 12 85 128 9 176 9 29 84 24 1 22 Tier1 Tier1 / Tier2 7 8
2 1 4 1.1293268.4 135 21534 135 4, 3, 2, 1, 2932 135 21,181 21,85 2,493 29,329 26,638 34, 21 211 212 213 214 215 1,5 1, 5 594 85 1,356 1,35 125 11 21 211 212 213 214 215 ICT LNG LNG6 1% 23% 1% ICTMEMS 9% TOPICS 21411SPP Canada Aircraft, Inc. SPPCADornier Seawings GmbH Seastar CD2 SPPCATier1 1 Tier1 LNG MEMS SPTS Technologies 2154Rolls Royce Trent7 Trent7Airbus A33neoA33 217 2156SPP Canada Aircraft, Inc. CFN Precision Ltd. S P P C A Tecnickrome Aéronautique Inc.Tecnickrome SPPCA213 Tecnickrome AOP 9 1
LNG 2156SPTS Thermal Products LNG 2143.2 17853.524 215 2165 TOPICS 4, 35,54 31,82 3, 2, 1, 178 24 5, 4,91 4, 3, 21, 18,36518,39317,86 2, 1, 4,181 164 21 211 212 213 214 215 1, 21 211 212 213 214 215 211SPP Process Technology SystemsSPTS 3 157 241 65 SPPThermal Products LNG LNG 5 4 3 2 1 3.5% 21 2 34 22 16 43 2.4% 9 18 33.9% 13 18 3 1.3% 9 18 27 3.1% 2 35 35 25 25 4. 3. 2. 1.. 2142COVE POINT 2153 LNG 2 1 5 6 S P P SPTSPTS Technologies UK Limited SPT 113 19 123 123 124 12 Thermal ProductsThermal Products.9% 21 211 212 213 214 215 184 178 21 22 5 1. SPT1%SPT Microtechnologies USA, Inc. MEMS 11 12
1 CSR 13 14
264CSR CSRCSR CSR CSR CSR 7 5 11 2 2 1 215 SOSHMS 3 2 3 4 1 1 223 21544121424 334 215 215 1 1 1 7 1 1 2 214 2214 227 15 16
: JAXA http://www.aero.jaxa.jp/research/ecat/fquroh/ OFF JAXAFQUROH 29 21 211 212 213 214 5 CO2 CO2NO LNG CompactGTL CompactGTL CO2 4 QT HS O 2 e e H2 H2O O2 17 18 1 2 3 4 5 6.2.4.6.8 1. 1.2
4,346 5,15 49,92 48,85 42,766 56,236 52,295 4,17 45,31 47,135 24,483 27,887 32,148 27,367 23,79 25,439 26,572 24,942 24,611 24,99 5,855 9,598 7,71 7,326 6,23 9,153 9,843 6,976 1,749 11,642 4,17 5,786 5,258 4,961 7,58 8,916 7,187 3,629 3,744 3,171 5,653 6,778 4,672 8,853 5,524 12,557 7,366 4,432 5,757 8,28 184 99 122 296 27 17 1,326 19 168 192 19,941 21,892 23,53 2,643 19,122 21,181 2,493 21,85 26,638 29,329 2,44 28,257 26,372 28,162 23,643 35,54 31,82 18,365 18,393 17,86 1,764 2,941 1,32 464 799 5,26 4,193 43 963 1,597 691 283 37 34 269 316 482 779 997 1,59 511 511 1,413 1,512 1,13 1,229 761 358 58 1,83 1,944 2,713 259 1,672 1,66 4,113 3,913 85 1,38 2,23 1,944 2,713 125 1,672 3,31 3,837 9,981 773 1,38 2,531 1,16 1,469 359 1,7 2,818 4,81 6,694 262 585 1,45 5,319 5,945 67 1,55 2,52 4.4 5.9 2.6 1. 1.9 8.9 8. 1.1 2.1 3.4 3.2 4.1.4 2.2 2.1 5.1 5.1 1.1 1.8 2.5 4. 5. 1.2 3.6 11.2 18.5 21.9.8 1.8 4.3 2.85 27.7 6.72 19. 53.18 9.8 126.37 4.96 11.5 27.39 1,291 2,896 4,34 6,96 7,8 1,64 2,18 2,411 4,754 2,261 1,499 1,532 2,5 2,421 3,195 2,818 2,356 2,92 2,13 2,461 1,374 1,368 1,632 1,499 1,695 1,74 1,45 1,142 1,97 1,145 65,165 67,293 72,362 77,673 81,282 8,95 72,62 75,584 79,948 81,898 19,484 18,876 25,59 33,79 4,196 35,716 27,1 27,256 28,361 29,619 28,543 29,86 28,779 26,573 23,914 28,22 33,385 33,617 33,231 35,41 43.8 44.1 39.8 34.2 29.4 35. 45.6 44.1 41. 42.4 538.11 559.57 542.77 51.25 451.28 528.92 625.4 628.7 618.45 655.91 687 3,754 1,81 2,784 26 11,371 2,963 1,233 757 2,28 1,467 2,415 3,64 5,623 8,572 2,182 7,889 1,933 2,48 4,81 3,999 1,581 6,136 1,164 5,684 4,12 7,627 237 36 87 6,28 6,55 6,872 7,888 4,766 9,914 13,379 12,761 9,832 8,967 19 2
45,31 35,255 9,776 8,813 963 11 57 761 2 47 997 26 16 163 6 79 58 1,38 1,38 396 28 677 72 117 585 47,135 36,39 1,826 9,228 1,597 33 45 691 89 379 1,59 273 248 281 279 1,83 2,23 57 57 2,531 1,29 335 954 1,576 126 1,45 72 75 179 98 353 1,55 876 179 1,576 291 21 373 76 943 2,52 2,344 175 33,947 7,921 15,156 1,922 47 5,398 223 1,171 1,744 12,768 1,198 288 74 1,72 13 337 46,716 33,428 1,311 11,332 11,876 92 684 44 34 1,54 487 33,231 79,948 31,49 7,881 13,69 2,382 78 3,49 1,155 1,39 1,942 15,78 13,11 262 759 742 133 79 46,488 34,514 1,311 11,332 12,964 94 29 696 193 68 686 35,41 81,898 54,858 9,85 19,669 4,59 1,159 7,353 783 2,458 7 25,89 19,276 9,631 3,734 4,229 321 1,17 342 68 175 433 5,25 3,384 949 621 495 185 6 79,948 56,978 8,985 19,795 5,412 11,678 8,551 1,67 1,495 9 24,92 19,524 9,576 4,549 4,682 298 68 348 87 158 711 4,525 3,897 24 399 227 22 81,898 21 22
1,38 2,13 17 17 117 6 6 2 168 26 264 2 16 68 2,746 1,511 178 414 244 96 261 7 354 757 2,531 2,461 19 283 29 16 2 349 273 25 89 57 248 511 2,997 314 82 298 2,475 355 256 44 412 2,28 1,169 14 128 77 319 33 131 2,48 842 2,336 2,32 245 37 217 5 1 36 4,452 118 21 6 31 511 545 59 4,81 1,599 5,28 1,922 376 37 2 21 1 87 2 2,929 12,761 9,832 18 957 9,832 93 8,967 23 24
21,394 4.41 1,14 972 88 859 676 1.92 1.84 1.66 1.62 1.28 621 543 1.17 1.3 http://www.spp.co.jp 54.95 5.94 25 26