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Message from the President

Yoshitake Ito
President and CEO

For the consolidated fiscal year ended March 31, 2017, the shipment volume of LED lights (including fixtures and lamps) in the Lighting sector of the Iwasaki Electric Group increased while the sales amount did not expand as initially planned as market prices decreased and orders from the public sector were stagnant. Sales of HID lights decreased from the previous fiscal year. We expected this decline as market demand has been shifting to LED lights. The sales volume of the Applied Optics and Environment Business remained almost the same as in the previous fiscal year. However, the sales amount decreased because we had fewer curing projects in overseas subsidiaries than in the previous year, and operating income also decreased due to the recording of a loss on inventory valuation and other factors. Consequently, combined with the effect of the stronger yen during the year, the net sales, operating income and ordinary income of the Group decreased from the previous fiscal year.

The Iwasaki Electric Group has established a three-year Medium-Term Management Plan starting from the year ended March 2017. In accordance with this plan, the Group will continue to focus on the three core corporate strategies of "expanding the LED lighting business through the pursuit of added value," "developing new business in the Applied Optics and Environment Business," and "promoting business through strategic product launches targeting key overseas markets."

Effective as of April 1, 2017, the Company restructured its organizational structure to integrate the operational processes of product planning, product development, procurement and sales, in order to pursue added value and expand the LED lighting business. The conventional organization of the Company was divided into production and procurement, product planning and development and sales units. This functional division was replaced by a business-unit type organization that enables accelerated product development and flexible pricing. The Lighting Solution Business Unit includes the private sector sales division and the global sales division, for instance. With the new organizational structure, we can make better proposals to the market and customers.

The Applied Optics and Environment Business launched low-cost compact EB testing equipment in the environmental testing field, and low-cost compact light irradiation equipment targeting the weather resistant test market. The UV curing business works on fast development and sale of products that meet market needs, including launching high-intensity UV-LED radiators that realize the strongest light intensity in the industry. The sector will focus on the development of new markets and the development of applications, to further strengthen its business and increase orders from customers.

In the Overseas Business sector, we continued to follow the policy of expanding our business in key regions, mainly North America and Southeast Asia, by introducing strategic products. In the South East Asia region, we launched LED products for outdoor lighting. We also established a subsidiary in Malaysia as a local sales base.

To achieve the quantitative performance goals set for the year ending March 31, 2019, we will strategically develop our businesses and strive for improvement of our corporate value and business performance.

We hope to have your continued support and patronage of the Iwasaki Electric Group.

June 2017

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