2019
© Yokogawa Electric Corporation
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Investors' Guide
Security code:6841
Yokogawa Electric Corporation
2019
© Yokogawa Electric Corporation
1
Contents
1. Corporate profileCorporate Data, The Yokogawa Philosophy,Changes of Main Products and Services of Yokogawa,Global Network, Sales/Operating income, Profit Attributable to Owners of Parent, Reform of Business Structure, Business Segments
2. Control businessMeaning of Control, Solution portfolio, Business model, Trend of Global Sales, Sales ratio by region・Recent major projects・Numberof employees, Major Industries, LNG(Energy Supply Chain, Value Chain),Contract-type(MAC), Strengths, Market share, Shake out of industries
3. AppendixOverview of long-term business framework and mid-term business plan,Treasury strategy and capital policy, Shareholder value(TSR),Enhancement of corporate governance, Initiatives for sustainability targets
2019
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Corporate Data
※At the end of March 2019
Founded:
Hitoshi Nara
Company name: Yokogawa Electric Corporation
September 1, 1915
Capital stock: 43.401 billion Yen
President and Chief Exective Officer: Hitoshi Nara
Net Sales: 403.7 billion Yen(Overseas sales ratio:68.3%)
Operating income: 34.6 billion Yen
28.4 billion Yen
R&D expenses/sales ratio:
6.5%
Number of employees: 17,848(Outside Japan 11,363 Japan 6,485)
Shareholder equity ratio: 61.7%
Dividend: 32 Yen (Dividend per share)
Market cap: 536.4 billion Yen *September 30, 2019
Net income:
Corporate Headquarters
2019
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The Yokogawa Philosophy
As a company, our goal is to
contribute to society through
broad-ranging activities in the areas of
measurement, control, and information.
Individually, we aim to combine
good citizenship with the courage
to innovate.
FounderDr. Tamisuke Yokogawa
Quality first
Pioneering spirit
Contribution
to society
Founding Principles
2019
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Changes of Main Products and Services of Yokogawa
Technical innovation in industries
1910s: electrification Analog era Digital era
1980s: microcomputers
1990s: open architecture
2000s: networking
Control systemsIndustrial
instrumentsMeasuring
instruments
Meters
Founding1915
Present
2010s: cyber-physical system
Time fortransformation
-Yokogawa has a 100 year history of continuallytransforming itself.
-Our current IA* business has been achievinggrowth by moving into new countries/regions.
-Now, with the ICT revolution underway, is thetime for transformation.
*Industrial Automation Solution services
2019
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Global Network
Service office
Response center
Service network
Yokogawa China(China)
Yokogawa Europe(The Netherlands)
Yokogawa Electric CIS(Russia)
Yokogawa Electric Korea(Korea)
Yokogawa Corporation of America
(U.S.A.)
Yokogawa Americado Sul
(Brazil)
Yokogawa headquartersTokyo, Musashino City
Yokogawa Middle East & Africa
(Bahrain)
Yokogawa India(India) Yokogawa Electric International
Yokogawa Engineering Asia(Singapore)
Yokogawa's global network of 113 companies spans 60 countries.
※At the end of March 2019
230 service offices in 80 countries2,000 service engineers
2019
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376.5
316.6 325.6 334.7347.9
388.5405.8 413.7
391.4406.6 403.7
420.0
4.7 2.6
11.1
16.6 18.4
25.9
29.8
39.6
31.6 32.7 34.6
40.0
0
5
10
15
20
25
30
35
40
45
50
0
50
100
150
200
250
300
350
400
450
Sales/Operating income
FY09 FY10 FY11 FY12 FY13 FY14 FY15FY08 FY16 FY17
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18FY19
Forecast
US dollar
US ドル(Yen) 100.66 92.61 85.13 78.82 83.33 100.67 110.58 119.99 108.95 110.70 111.70 110.00
ROS (%) 1.3 0.8 3.4 5.0 5.3 6.7 7.3 9.6 8.1 8.0 8.6 9.5
Sales Operating income
Sales
Operating income
(Billion¥)
FY19Forecast
FY18
Record high
2019
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(Million Yen)
(%)
-12
-8
-4
0
4
8
12
-50,000
-30,000
-10,000
10,000
30,000
50,000
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18
Profit Attributable to Owners of Parent 親会社株主に帰属する当期純利益Net Income/Net Sales 売上高当期純利益率
Trend of Profit Attributable to Owners of Parent
Broken away from the deficit for three years (FY08-FY10)
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18Sales
売上高(Million Yen) 376,534 316,606 325,620 334,671 347,899 388,463 405,792 413,732 391,433 406,590 403,711
Income before Tax
税引前当期利益(Million Yen) -9,400 -10,693 -1,025 11,672 20,496 21,750 27,426 41,936 35,523 29,381 38,428
Profit Attributable to Owners of Parent
親会社株主に帰属する当期純利益(Million Yen) -38,446 -14,799 -6,692 5,952 14,688 12,341 17,223 30,161 25,759 21,449 28,446
Profit Attributable to Owners of
Parent/Sales
売上高親会社株主に帰属する当期純利益率 (%)-10.2 -4.7 -2.1 1.8 4.2 3.2 4.2 7.3 6.6 5.3 7.0
2019
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Reform of Business Structure (FY08-FY18)
Transfer MEG* business to Ricoh Company, Ltd.
FY08
Measuring instruments
Life science
Photonics
Advanced stage
Semiconductor testers
Japan System Techniques Co., Ltd
Medical information
Control
Measurement
Other Businesses
FY18
Transfer/Withdrawal
Withdrawal
Transfer/Withdrawal
Spin-off
Kokusai Chart Corporation Transfer
Yokogawa Digital Computer Corporation
Transfer
*MEG= Magnetoencephalograph
IA Systems & Service (SS)
Transfer(Sep.2019)
Transfer
Aviation and Other Businesses
Measurement
IA Products & Service (PS)
Control
YDC Corporation Stock transfer 79.8%(Jan. 2017)
Operating income4.7
29.0
▲25.0
0.7
Operating income34.6
34.0
1.9
▲1.3
Withdrawal from the panel meterBusiness (Mar. 2017)
(Billion ¥)
Premium Solutions & Service (PSS)
(Apr.2016)
NKS Corporation
Yokogawa DenshikikiCorporation
Transfer(Dec.2018)
Acquire(Dec.2018)
2019
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Business Segments
Measurement 22.9 billion yen
5.7%
4.0%
Aviation and
Other Businesses16.0 billion yen
364.8 billion yen
90.3 %
Control
DL850
WT3000
Flat panel displays
CSU-X1
80%@2008
70% @2006
59%@2002
60%@2004
Field instrumentsDCS
403.7Total
Billion yen
FY18 Sales Breakdown
2019
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Meaning of Control
Control:
To get the temperature and flow rate of each step through sensors, and to control equipment to achieve the targeting rate
distributed control system
CENTUM
ISA100 wireless sensors
Transmitter
Gas Analyzer Transmitter
2019
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<Refining>
<Receiving raw materials like crude oil, etc.>
<Petrochemicals & chemical>
<Distributed control system: DCS>
CENTUM VP
<Field equipment>
e.g. Downstream (※)
Transmission of
measurement value
Furnaces & Pipelines, etc.
Measurement of
temperature,
pressure and
flow rate, etc.
Control of
each equipment
※Yokogawa is strongest in downstream industry. Generally, Oil & Gas industry is divided into "the domain of exploration, field development and production" and "the domain of refinery,
transportation and Sales". In oil & gas industry, the former is called upstream, while the latter is called downstream, compared with the flow of the river.
Control and monitor of the entire plant
About Control ~ Image ~
2019
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Solution Portfolio in Control Segment
Consul-ting
Engineering & design
Lifecycle service
Systemintegration
Physical security&
cyber security
Application
Automation
Business
Operations
Strategy
planning
Supply chain
optimization
Asset lifecycle
optimization
Operational
risk management,
Production
management
Asset
managementEnergy
managementQuality
management,
ControlControl
systemsSafety
systemsEdge
controllers
Field
Devices
OT
sensors
IIoT
sensors
Operation Management & Control
Integrated performance managementand process optimization
value
Insights
Analytics
Data
etc.
etc.
From “Automation Supplier” to “Trusted Partner”
2019
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Over entire facility lifecycle, continue to provide support and propose solutions that capitalize on Yokogawa’s strengths.
・Focus on OPEX business over long-term(= OPEX business is cumulative)➡Expand service business while making strategic use of M&A and alliances.
・CAPEX business fluctuates, but plays essential role in generating continuous OPEX business
opportunities. To increase CAPEX orders, we need to keep developing new business areas.
Initial 4 year 8 year 12 year 15 year
OPEX
a. Solution service
b. System upgrade
c. Instrumentation
replacement
d. Annual maintenance
contract
etc.
CAPEX
Digital
transformation
Design
Combined test
FEED
Delivery, start-up
Engineering
Ability to
integrate OT
and IT
Problem-
identifying
capability
Yokogawa’s OPEX business strengths
Business opportunity
(cumulative)
4 years 8 years 12 years 15 years
NEW
Acquired RAP
International
Collaborating with
ExRobotics B.V.
<Yokogawa Business Model>
Sustainable growth by balancing CAPEX and OPEX business (e.g.)
2019
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100.6 99.4 103.5 100.5 97.9 98.1 101.8 105.6 107.0 109.4 112.0
156.2 161.2 173.7 195.2238.4 259.9 264.9 242.5 256.3 255.4
275.0
256.8 260.6277.2
295.7
336.3358.0 366.7
348.1363.3 364.8
387.0
7.7%
6.3%7.2%
6.1%
7.2% 7.6%
10.0%
8.8% 8.4%9.3%
10.1%
34.0
24.2
39.0
30.4
18.0
19.916.5
19.9
30.6
27.1
<Exchange rate>
Operating incometo sales ratio
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18FY19
Forecast
US$ (¥) 92.61 85.13 78.82 83.33 100.67 110.58 119.99 108.95 110.70 111.07 110.0
Sales outside Japan was up more than 70% in 10 years(Billion¥)
FY14FY11FY10 FY13FY12FY09 FY16FY15 FY17 FY19
Forecast
Operating income(Billion¥)
■Outside Japan ■Japan
FY18
Trend of Global Sales in Control Segment
36.7
2019
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Middle EastAfrica12.3%
Europe8.5%
North America
7.9%
China11.6%
⚫ PETRONAS, RAPID PJT⚫ Map Ta Phut Olefins Co., Ltd.
petrochemical plant complex construction PJT⚫ INPEX, Ichthys LNG PJT (Australia)⚫ Chevron, Wheatstone LNG Project (Australia)➢ Approx. 3,100persons
※Destination-basedJapan:JapanSoutheast/Asia:Singapore, Korea, etc.China:ChinaIndia:IndiaEurope:Netherlands, France, U.K.,
Germany, etc.
Japan31.7%
Energy
SoutheastAsia
Far East18.0%
India3.4%
Russia4.5%
South andCentralAmerica
2.1%
⚫ Gazprom SakhalinⅡOil and Natural Cas Development PJT⚫ Yamgaz YAMAL LNG PJT➢ Approx. 500persons
⚫ Bharat Petroleum Corporation, Truckterminal automation PJT
⚫ RajCOMP water informationmanagement system
➢ Approx. 1,600persons
⚫ Shell&CNOOC, Shell Nanhaipetrochemical complex PJT
⚫ PetroChina Control System for Water Source Facilities
➢ Approx. 2,100persons
⚫ TedaguaProvisur AeawaterDesalination PJT
➢ Approx. 400persons
Russia:RussiaNorth America:U.S.A., CanadaMiddle East/Africa :Bahrain, Saudi Arabia, etc.South and Central America:Brazil, etc.
Sales ratio by region (※) ・Major projects・Number of employees
(already disclosed)
⚫ NAM-GLT,GLT-PLUS innovation & upgrade PJT
⚫ BPA,Major Multi-product Fuel Pipeline
Renovation PJT➢ Approx. 2,000persons
⚫ Saudi Aramco and Sumitomo Chemical Co., PETRO Rabigh 1,2 PJT
⚫ SEWA (UAE), Power and Desalination Station
⚫ TAKREER, Abu Dhabi Oil Refining PJT➢ Approx. 900persons
⚫ Industry know-how ⚫ Rich installed base
Environment, Chemical, Oil,Power, Pulp & paper,Iron & steel, Pharmaceutical, food, etc.
➢ Approx. 6,500persons
⚫ Chevron Phillips Chemical Company,USGC petrochemicals PJT
⚫ Shell, Norco chemical re-instrumentation program
⚫ Shintech, Ethylene PJT⚫ Cheniere Energy Partners, Sabine Pass LNG
PJT➢ Approx. 800persons
2019
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Major Industries & Orders Breakdown
Oil, LNG(liquefaction), etc.
Petrochemical, Refinery
LNG(regasification), etc.
Bluk chemical, Specialty chemical, etc.
Foods, Pharmaceuticals, Iron & Steel,
Paper, LNG(carriers) etc.
Power generation, Renewable energy, etc.
Water treatment, etc.
Upstream
Downstream
Chemical
Others
Power
Water
FY18 Control Orders:393.6 billion yen(FY17 Control Orders:359.0 billion yen)
16%4%
4%
35%
39%
5%4%
17%
20%
15%
17%
24%
FY18
FY17
※At the end of March 2019
2019
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<Yokogawa’s LNG>
YOKOGAWA share of LNG
LNG liquefaction LNG transportation
Liquefaction
87trains
LNG Carrier
73vessels
Regasification
50terminals
LNG regasification
LNG carriers
Liquefaction
trains
Regasification
plants
*Source: Company data
We are expanding our OPEX business with customers who are engaged in the natural gas liquefaction, LNG transport, gasification, storage, and delivery processes by providing manufacturing execution system (MES), simulation, energy management, and other solutions that cover the entire value chain.
⚫ Energy management
and optimization⚫ Simulation
64 66 442015
YokogawaYokogawa Yokogawa
2018
2019
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EPC
Contract-type(MAC:Main Automation Contractor)
MAC: Main Automation ContractorEPC: Engineering, Procurement & ConstructionPMC: Project Management Consultant
Definitions
EPC EPC EPCEPC
PMC
CBA
MAC
2002:CSPC’s NanhaiPetrochemical Complex
2012:RabighⅡ2012:Ichthys2013:US Gulf Coast2014:RAPID etc..
MAC Orders
Yokogawa provides a total automation solution,
covering all project phases from initial design
to start-up, in cooperation with the customer.
Customer (E/U)
<Megaproject>
Companies
Scope ofinstrumentation
2019
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Yokogawa’s Strengths
● The four GENs- Professionals who have extensive knowledge of the four GENs:
genba (plant sites), genbutsu (actual things), genjitsu (current status),
and genchika (localization)
- 24/7 support system
● Trust- Reliable products with the same high quality, a long lifespan, and excellent
environmental resistance all over the world
- Ability to optimize processes for both industry and society (engineering)
- Perseverance and persistence (ability to carry through projects)
● Co-creation- Co-creating value with customers and serving as a provider of
holistic solutions spanning everything from management to field operations
- Extensive knowledge of industries, manufacturing processes, and engineering
- Good citizenship (our corporate philosophy), the pursuit of harmony, and
sharing the same goals as our customers
2019
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2018 DCS Market Share
Asian Market share(market size US$4.96bn)
Global market share (market size US$15.04bn)
Source: ARC Distributed Control Systems Global Market 2018-2023
Yokogawa
Yokogawa
Chemical Market share(market size US$3.57bn)
YokogawaYokogawa DCS sales:¥192.5 billion・-¥1.4 billion, -0.7% year on year・53% of total control business (¥364.8 billion)
2019
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Shake out of industries
1990:
27vendors
※ MIV: Main Instrument VendorMAC: Main Automation Contractor
1995:
18vendors
2015:
6vendors
YOKOGAWA
CompanyB
Company A
Company C
Company D
Company E
3 Companiesin China
2 Companiesin Japan
2 Companiesin Europe
YOKOGAWA
Company Band Other 1
Company A
Company Cand Other 3
Company Dand Other 2
Company Eand Other 2
2 Companiesin Europe
2 Companiesin Japan
YOKOGAWAand Other 1
Company Aand Other 1
Company Band Other 4
Company Cand Other 5
Company Dand Other 2
Company Eand Other 3
2 Companiesin Europe
2 Companiesin Japan
GlobalizationSupplier
Downsizing
OpennessMIV(※)MAC(※)
2019
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Appendix
2019
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Appendix: Overview of long-term business framework andmid-term business plan
Phase3: 2020 -Growth to become an even more
profitable company
Phase2: 2018- 2020
Creating opportunity and establishing
foundation for growth
Phase1:2015 - 2017Establishing a foundation for
growth by transforming our
business structure
Long-term business framework
2015 2020 2025 2030 2050
⚫ Customer focus
⚫ New value creation
⚫ Highly efficient global
company
TF2017
Digital Transformation
TF2020
Mid-term business plan
Net-zero emissions Well-being Circular economy
Sustainability targets: Three goals
⚫ Transformation of existing
businesses
⚫ Creation of new businesses
and transformation of
business model
⚫ Improvement of productivity
through Group-wide
optimization
20192018
2019
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Appendix: Treasury strategy and capital policy
Prioritize investments that maximize corporate value over the mid- to long-term.
Also, proactively increase dividends.
Precondition: keep shareholder capital at a level that can maintain an A rating
Organic FCF 85 billion yen or more(3 years, cumulative) Cash+Free cash flow (FCF) Strategic investment+
① Strategic investment cap ② Return to shareholders
M&A, alliances: 70 billion yen Stable and sustainable
dividend payment⚫ Dividend payout ratio:
seek to keep at over 30%
⚫ Prioritize investment in the transformation of existing
businesses and the creation of new businesses.
⚫ Purposes include acquisition of technologies, sales
channels, products and services, customers, human
resources, and know-how.
Even when temporary factors lead to a downturn in
financial results, maintain a stable dividend rate based
on the equity dividend rate.
2019
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Appendix: Shareholder value
Ensure that TSR* exceeds shareholders’ cost of equity while seeking to
maintain a close dialogue with the capital markets (investor relations).
Maximizing the shareholder value over the mid- and long-term
TSR
Capital gain
Growth potential
Profitability
Income gain
Dividend payment
Share buyback
Organic FCF + Cash
Business strategy and investment
Shareholders’
cost of equity <
Return to shareholders
*TSR : Total Shareholders Return
2019
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Appendix: Enhancement of corporate governance
YearAction
Directors Auditors Officers
Inside OutsideOutside
%Inside Outside Japanese Foreigner
2003 Introduced outside directors 7 1 13% 2 2 24 02004 Abolished retirement bonuses for directors 7 1 13% 2 3 24 02005 7 1 13% 2 3 26 0
2006Introduced one year tenure system for directors and revised articles of incorporation to reduce number of directors (25⇒15) 9 1 10% 2 3 27 0
2007Increased number of outside directorsIntroduced takeover defense measures 8 2 20% 2 3 29 0
2008 7 2 22% 2 3 30 0
2009Increased number of outside directorsRenewed takeover defense measures 7 3 30% 2 3 15 0
2010 5 3 38% 2 3 13 1
2011Renewed takeover defense measuresSold shares of a listed affiliate 4 3 43% 2 3 14 1
2012 4 3 43% 2 3 11 12013 4 3 43% 2 3 13 0
2014
Established Nomination and Compensation Committee (voluntary advisory body)
Discontinuation (non-renewal) of takeover defense measuresIntroduced standards to ensure independence of outside directors
6 3 33% 2 3 13 0
2015
Established Nomination Advisory Committee and Compensation Advisory Committee (voluntary advisory bodies)
Conducted outside evaluation of Board of DirectorsEstablished Yokogawa Corporate Governance Guidelines
6 3 33% 2 3 11 0
2016Increased number of outside directorsIntroduced a Restricted Stock Compensation Plan 6 4 40% 2 2 12 0
2017Appointed a woman as an outside member of the Audit & Supervisory BoardAppointed 2 foreign nationals as officers 6 4 40% 2 3 15 2
2018Abolished the Senior Advisor, Advisor, and Honorary Corporate Associate PositionsAppointed an outside director as chairman of the BoardIntroduced new performance-linked stock compensation plan (PSU plan)
5 4 44% 2 3 14 3
2019Selected foreign national as director for the first time Outside director to be appointed for position of chairman of Board of Directors
4 4 50% 2 3 15 3
2019
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Appendix:Initiatives for Achieving Sustainability Goals
■2050年に向けた長期目標(Three goals) 気候変動への対応 すべての人の豊かな生活
Through our business activities, we aim to make the world a better place for future generations.
For the first time, Yokogawa was included in the 2019 Global 100 Most Sustainable Corporatios in the World Index, which is one of the leading sustainability indexes of the world.Yokogawa supports recommendations of the Task Force on Climate-related Financials Disclosures.
Resource efficiency improvement:
1 trillion yen(FY2030)
Mid-term targets for
2030
Business focus areas and overview of value
creation stories
Renewable and low-carbon energyContribute to avoid CO2 emissions through offering
of renewable energy and LNG solutions
Life innovation and safetySupport people’s health and prosperity through
provision of life-innovation solutions assurance of safe and comfortable workplaces
Energy saving and resourcesContribute to sustainability and economic
growth through stable and efficient operation and resource regeneration
●Renewable energy●Low-carbon energy
Supportdevelopment of
drugs andbiopharmaceuticals
Improvementof safety
On-sitemaintenance
solutions
Improvementof water
environment
●Advanced solutions●Consulting to improveproductivity
Avoided CO2 emissions (Cumulative from FY2018)
Amount of productivity improvement of
pharmaceuticals and food customers
(compared to FY2017)
Number of provided drug
discovery systems
(compared to FY2017)
Amount of improvement effect
proposed to customers (compared to FY2017)
Maintenance service sales
amount (compared to
FY2017)
Value creation themes
KPI
Target for 2020 60 million tons 2 times 20 times3,200
systems850 190 2 times 1.3 times
23.98 million tons 1.6 times 1.7 times2,543
systems339 144 The same level 1.1 timesFY2018 results
2020Medium-term targets
comply with the TF2020 business plan
2018review
Vision toward 2050(Three goals)
Stopping climate change Quality life for allCirculation of resources
and efficiency
Avoided CO2 emissions:
1 billion tons (Cumulative from FY2018 to 2030)
Safety and health value creation:
1 trillion yen(FY2030)
Improved productivityin manufacturing/
processing of pharmaceuticals/
foods
Long-termstable
operation ofplant
Number of shipped safety instrumented
system controller units
Number of provided on-site
maintenance solutions
Number of provided water environment improvement
solutions
2019
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Disclaimer
The information pertaining to our business plans and forecasts that has been provided in this presentation and at analyst meetings contains forward-looking statements that are based on our management’s current knowledge and require the making of assumptions about future events.
As such, it cannot be guaranteed that these statements will not differ materially from actual results.
Yokogawa undertakes no obligation to publicly update or revise any forward-looking statements after the issue of this document except as provided for in laws and ordinances.
The copyright to all materials in this document is held by Yokogawa.
No part of this document may be reproduced or distributed without the prior permission of the copyright holder.
The information has not been restated to reflect the revision of the initially allocated acquired costs that was decided upon finalization of the tentative accounting treatment and application of the “Partial Amendments to Accounting Standard for Tax Effect Accounting”.
IR Sec. Treasury & IR DepartmentYokogawa Electric Corporation
Email: [email protected]
Phone: +81-422-52-6845
URL: http://www.yokogawa.com/about/ir/
2019.11.22