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To Our Shareholders

We will establish the corporate governance system which is adapted to the further globalization of our business.


We would like to take this opportunity to express our gratitude for the continued support of our shareholders and investors.
Given the conclusion of the 71th fiscal year (from April 2015 to March 2016), I would like to report our operation results.


Business climate of the fiscal year

During the fiscal year ended March 31, 2016, the global economy basically followed an expansive undertone, reflecting favorable consumer spending as represented by the U.S. economy with positive signs such as record high sales volume of automobiles. Europe saw several signs of an economic pickup mainly due to steady consumer spending. Meanwhile, the economies of the emerging countries lacked strong momentum, reflecting the slowed growth rate of the Chinese economy and the fall in resource prices worldwide. The Japanese economy followed a track to gradual recovery, supported by an increase in capital investment mainly due to the improvement of corporate profits and by the recovery of consumer spending against a backdrop of the improvement of the employment and income environments.


Achievements of the fiscal year

Given such circumstances, the Taikisha Group’s orders received totaled ¥221,764 million (an 18.4% year-on-year increase), of which overseas orders received increased by 29.0% year on year to ¥120,428 million, mainly due to overseas orders for large-scale projects in the paint finishing systems category, which were received in the United States and China, as well as an increase in orders received in Japan thanks to the expansion of capital investment in the industrial HVAC category.
Net sales of completed construction contracts totaled ¥212,424 million (a 15.7% year-on-year increase), of which overseas net sales were ¥117,881 million, a 16.3% year-on-year increase, mainly due to increases in the sales of construction contracts in Japan and Thailand.
In terms of profits, the gross profit ratio improved 0.5 percentage point year on year, primarily supported by a year-on-year increase of ¥28,776 million in net sales of completed construction contracts and efforts to address profitability-focused order-receiving and cost-cutting activities. As a result, gross profit on completed construction contracts increased by ¥5,352 million to ¥32,570 million. Operating income totaled ¥12,734 million (a year-on-year increase of ¥4,065 million) and ordinary income totaled ¥12,343 million (a year-on-year increase of ¥2,764 million). As a result, for the fiscal year ended March 31, 2016, profit attributable to owners of parent was ¥7,084 million (a year-on-year increase of ¥1,000 million) on a consolidated basis.



At Taikisha, we have decided to offer a consolidated dividend payout ratio of 30% in principle as we return our profits to our shareholders with dividend of profits as one of the most important policies.
Increasing our target consolidated dividend payout ratio from 30% to 32.8%, the year-end dividend will be 42 yen per share. As a result, the annual dividend will be 67 yen per share after adding the interim dividend of 25 yen per share. Moreover, the next annual dividend is planned to be 70 yen after adding the interim dividend of 25 yen and the year-end dividend of 45 yen.


Future outlook and business policy

The Company has set the Taikisha Group Mid-term business plan for over three years from the fiscal year ending March 2017 to the fiscal year ending March 2019.
Under our policy “Customers First”, our business will expand with a focus on energy, air and water-based environmentally friendly technologies on a global scale, aiming for stable and sustainable growth.
We are making our utmost efforts to achieve our business goals and meet our shareholders' expectations.


We would appreciate your further support and patronage in the future.


Satoru Kamiyama

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