JVC 2012 Annual Report Download - page 12

* Integrating overseas sales companies
We have been promoting the integration of overseas sales companies and operating offices to improve overseas sales efficiency
and enhance competitiveness, for example by integrating the sales companies in emerging markets, as well as the sales
subsidiaries of the former Victor and the former Kenwood in North America, Europe, and Asia.
* Innovating consolidated value chain
The four business groups and a company-wide task force will promote innovation of the consolidated value chain—consisting of
production/procurement, sales/marketing, logistics/services—which will be reconstructed with an emergency response capability.
By doing so, the Group will also reduce inventories and waste, shorten lead times from sales division order placement to factory
shipment, cut procurement costs, and minimize market defect rates.
Furthermore, a system will be established to enable the rapid commencement of production at alternative facilities in the
event of disasters that could disrupt supply chains, which occurred as a result of the Great East Japan Earthquake and the floods
in Thailand.
d. Establishment of JVCKENWOOD brand
Centering on the corporate brands of JVC and KENWOOD as well as the business and product brands of JVC, Kenwood, Victor
Entertainment, Inc., and Teichiku Entertainment, Inc., the Group will make brand strategy investments. These will involve
stepping up sponsorship activities and the promotion of joint brands in collaboration with other companies, and conducting
activities to increase awareness of our business and product brands. These brand investments will also raise the JVCKENWOOD
profile as a worldwide brand.
(3) Policy for distributing profits
JVCKENWOOD regards the provision of stable returns to shareholders as one of its most important managerial issues. Decisions
on the distribution and appropriation of retained earnings are made by comprehensively taking into account profitability and
financial conditions.
To combine both sustainable, continued growth and the provision of stable returns under the new Mid-term Business Plan,
the Group will adhere to the basic policy of using the cash and profits generated to invest in “Profitable Growth,” strengthen its
financial base, and provide shareholders with stable returns. The plan sets the target of achieving a consolidated dividend payout
ratio of 25% for the fiscal year ending in March 2016.
(4) Management targets
In addition to the appreciation of the yen to historic levels, the outlook for the global economy remains uncertain due to
deterioration of the European economy caused by financial uncertainty, the sluggishness of the Middle Eastern economy, and the
slow economic growth in emerging markets. In the electrical equipment industry, among others, the consumer-use AV
equipment sector in particular continued to face a difficult business climate amid intensified international competition in the
progress of digitization and commoditization.
Under such circumstances, JVCKENWOOD has incorporated growth measures, based on its established corporate base and
business structure, to make up for delays resulting from the effects of the Great East Japan Earthquake and floods in Thailand.
B to B 売上構成比 40％→50％
ʼ12 ʼ 1    （   ）
B to B
40%
B to B
50%
08/3期売上構成比 12/3期売上構成比



（）

（1）
  
（1）

（）
カーエレクトロニクス
(33%)
業務用システム
（29%）
エンタテインメント
（11%）
ホーム＆モバイル
エレクトロニクス
（24%） その他
新興国売上構成比 11％→25％
ʼ12 ʼ 1    （   ）
新興国
11% 新興国
25%
新しいモノづくりの考え方「下から上へ」
顧 客のニーズ、地 域 ニーズにマッチした
付加価値をつける󲍻利益率大幅改善


普及価格帯
中級機
高級機
Net sales
Profit
(Billion yen) (Billion yen)
500
0
100
200
300
400
25
0
5
10
15
20
FYE 3/ ’12 FYE 3/ ’16
(Target)
320.9
12.8
6.4
6.0
20.0
17.0
13.5
400.0
SE
HM
PS
CE
Operating income
Ordinary income
Net income
Net sales
Mid-term numerical targets (consolidated)
- Net sales: 400.0 billion yen
- Operating income: 20.0 billion yen
(operating margin: 5%)
- Ordinary income: 17.0 billion yen; net
income: 13.5 billion yen
- Shareholdersʼ equity ratio: 35%
- Net-debt: zero
- ROE: 10%
- Net income per share: 81 yen
- Dividend payout ratio: 25%
(Reference) Earnings trends (consolidated) (Unit: Billion yen)
(For reference)
FYE 3/’12
New Mid-term Business Plan
FYE 3/’16 Target
(Announced in September 2011)
Previous Mid-term Business Plan
FYE 3/’14 Target (Previous)
Net sales 320.9 400 430
Operating income 12.8 20 20
Ordinary income 6.4 17 14
Net income 6.0 13.5 11
10 JVC KENWOOD Corporation
Special Feature: New Mid-term Business Plan