| I. Developments in the 1st Half of the Fiscal Year Ending March 31, 2002 |
New Subsidiary -
Yamatake Europe N.V. was established at Brussels, Belgium in April to enhance
Yamatake's natural gas business in Europe.
New Business - |
| 1. |
Yamatake made a capital investment in ESD Co., Ltd. in September
to enter the agricultural market, where the demand in advanced management
of production and logistics is expected to grow. |
| 2. |
The Environmental Business Development Center was set up in April
to promote businesses related to environmental conservation and new
energy, such as fuel cells and micro gas turbines. |
| 3. |
Utilizing Fujisawa Factory's energy monitoring system as a model,
Yamatake has begun consultation in energy-saving solutions for customers'
facilities. |
|
Research & Development -
A new micro device technology was developed for use in photo-acoustic CO2 sensors.
Production - |
| 1. |
All production departments were consolidated under the Production
Headquarters. |
| 2. |
A production facility for mass flow meters was constructed at the
Shonan Factory. |
|
Environmental Activities -
Yamatake formulated the Yamatake Group Environmental Charter, a set of environmental
guidelines to govern the entire corporate group. |
II. Market Conditions and Results by Business Segment |
Building Automation -
In the new buildings market, sales in the Tokyo metropolitan area continued its
bullish trend, thanks to large-scale developments. In areas outside of Tokyo,
however, sales declined. As a result, sales in Japan as a whole were slightly
lower compared to the first half of the last fiscal year.
Sales in the existing buildings market increased, due to the growing number of
renewals and energy-saving measures for office buildings, hospitals, etc.
Overseas, sales fell slightly compared to the same term last year, caused by
slackening demand in the electronic and semiconductor manufacturing sectors in
China and Asia, our main overseas markets for building automation.
Sales were 37,132 million yen, down 0.9% from the first half of the previous
year. Operating income was 2,330 million yen, a 23.4% decline from the same term
last year.
Industrial Automation -
In the electric and electronic markets, orders fell due to sluggish demand in
the IT sector.
In the oil refinery market, orders and sales increased, boosted by the start
of large-scale revamping and renewal projects.
Orders and sales in the energy market also expanded, mainly in LNG-related projects
of small to mid-sized gas companies.
Sales in the pharmaceutical and food and beverage markets grew, thanks to greater
investment in safety measures.
Sales in the chemical market held firm.
In the public sector markets, orders for monitoring and control systems for water
filtration plants and dioxin-preventing garbage incinerators increased.
Overseas, orders grew for new, mid-sized Japanese transplants in the petroleum
and chemical markets in Southeast Asia and China. However, with sales of large-scale
projects in the first half shifting to the latter half of the fiscal year, sales
in this half term were lower compared to the same period in the previous year.
Sales rose 13.8% to 24,453 million yen compared to the first half of last year.
Operating loss was 561 million yen, a substantial reduction from a loss of 1,688
million yen posted in the same term last year.
Control Products -
Business conditions for control products were especially severe, impacted by
depressed investment in the private sector, mainly IT-related equipment.
The industrial sector markets were hit by shrinking investment in equipment since
the beginning of 2001, mainly in semiconductors, electric/electronic, and machine
tools. As a result, orders and sales of key products, such as sensors and instrumentation & control
equipment, fell sharply compared to the same period last year.
Sales expanded in gas flow control components incorporating Yamatake's unique
micro flow sensor technology.
In the residential market, while sales of air cleaners grew, overall sales remained
flat.
In overseas markets, orders and sales tumbled, due to shrinking investment in
IT-related equipment worldwide.
Sales were 13,560 million yen, falling 19.8% from the first half of the previous
year. An operating loss of 670 million yen was recorded. |
III. Non-consolidated Financial Results and Interim Dividend |
| 1) Yamatake Corporation (non-consolidated): |
| (change from 1st half
of last fiscal year) |
| |
Sales |
|
27,197 million |
|
-3,857 million |
|
-12.4% |
| |
Op. Income |
|
-1,483 million |
|
-2,083 million |
|
 |
| |
Net Income |
|
321 million |
|
724 million |
|
|
| 2) Interim Dividend: 6.0 yen per share |
|
|
