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Annual Report2019
Disclaimer for Forward-Looking Statements
Information concerning industry or market trends, or matters such as economic conditions, contained in this Annual Report was prepared based on data available at the time of preparation of such information. The Company makes no warranties regarding the authenticity, accuracy, reasonableness and comprehensiveness of posted information. Information on the Group’s plans, estimates, forecasts, and expectations, as well as all other information concerning the future, is solely the expression of the Company’s judgment or opinions at the time of preparation of such information. Actual business performance, financial conditions, and other results may differ significantly from information in this Annual Report or conclusions drawn from such information, because of changes in personal consumption or other economic conditions in Japan or elsewhere, currency exchange conditions, trends in smartphone or other electronic device markets, the management orientation of key customers, fluctuations in raw material prices, or other factors.
JDI develops, manufactures and delivers displays to the global market that are essential in creating a visual interface capable of transmitting large
amounts of information instantaneously and linking people to the world at large. JDI’s products are used in a wide range of applications including
smartphones and other mobile devices, automotive electronics, which are becoming increasingly intelligent, digital cameras and other consumer
electronics, medical equipment and industrial equipment. Display products JDI produces have a worldwide reputation for their high quality and
innovative technology.
By fully capitalizing on its advanced technological capabilities to address needs and resolve issues in rapidly changing markets, development
capabilities to innovate and create new markets, production knowhow, and other management resources, JDI aims to fulfill its purpose while evolving
as an enterprise indispensable for people worldwide.
About Japan Display Inc. (JDI)
Introduction
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Table of Contents
1 Introduction
3 Consolidated Financial Data
6 Overview by Application Category
8 Topics
9 Financial Measures
Securing financial stability through large-scale capital injection & refinancing
10 ESG Activities Conducted by JDI
11 Corporate Governance
16 Environmental Activities
18 Financial Data
20 Corporate Profile
21 Stock Information
Introduction
With fresh perspectives and advancing technologies, we work constantly to realize a world that is inspiring and free of stress.
We shape our future with every movement we make.We create multisensory realities that transform into extraordinary moments you can see, hear, touch, smell, and taste.
1. We welcome challenge,and always bring customer tasks to completion.
2. We move quickly with unconventional ideas,and strive to exceed expectations.
3. We adapt to, enjoy, and drive positive change.
Our Purpose
Our Vision
OurBehaviors
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Major Performance Indicators 2015.3 2016.3 2017.3 2018.3 2019.3
Net sales 769,304 989,115 884,440 717,522 636,661
Gross profit (loss) 55,717 76,839 68,405 (2,629) 16,305
Operating profit (loss) 5,147 16,710 18,502 (61,749) (30,989)
Operating profit (loss) margin (%) 0.7 1.7 2.1 (8.6) (4.9)
Ordinary profit (loss) 1,864 (12,934) (8,871) (93,658) (44,153)
Net profit (loss) attributable to owners of the parent (12,270) (31,840) (31,664) (247,231) (109,433)
Comprehensive income (loss) (1,211) (37,478) (36,321) (244,547) (110,029)
Total assets 831,622 813,861 915,631 614,644 545,376
Interest-bearing debt 83,513 77,325 135,199 188,063 185,843
Net assets 402,626 365,249 327,085 82,046 7,023
Cash flow from operating activities 73,320 151,442 112,004 (754) (6,142)
Cash flow from investing activities (96,346) (181,156) (142,592) (53,161) (37,864)
Cash flow from financing activities (24,971) (6,098) 55,663 52,864 31,756
Free cash flow (23,026) (29,714) (30,588) (53,916) (44,007)
Ending balance, cash and cash equivalents 94,643 55,077 82,247 80,866 68,988
Net assets per share (yen) 666.92 603.83 540.16 133.58 5.91
Net profit (loss) per share (yen) (20.42) (52.94) (52.65) (411.09) (131.84)
Shareholders’ equity ratio (%) 48.2 44.6 35.5 13.1 0.9
ROA (Return on Assets) (%) (1.5) (3.9) (3.7) (32.3) (18.9)
ROE (Return on Equity) (%) (3.0) (8.3) (9.2) (122.0) (256.5)
EBITDA 75,708 93,661 100,836 19,587 14.078
Consolidated Financial Data
(Millions of yen)
Note: Figures are rounded down to the nearest million yen.
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Consolidated Financial Data
Net sales: Net sales in FY2018 ended March 31, 2019, decreased
11.3% YoY to ¥636.7 bn. Although sales increased in the
Automotive Category, where the market continues to expand,
and in the Non-Mobile Device Category, where sales of wearable
devices and displays for high-end notebook PCs increased, the
decline in total net sales were largely due to the slowdown in the
smartphone market, which accounts for more than 70% of net
sales in the Mobile Device Category, and intensified competition
with other companies, including OLED display manufacturers.
Operating profit: Despite efforts to reduce fixed costs by
approximately ¥50 bn annually thanks to the effects of structural
reforms implemented in FY2017, the improvement in profit for
the FY2018 was limited due to a sales decline and intensified price
competition, resulting in an operating loss of ¥31.0 bn.
Ordinary profit: Ordinary loss totaled ¥44.2 bn in FY2018 mainly
due to the recording of share of loss of entities accounted for
using the equity method related to JOLED Inc., of ¥8.9 bn and
interest expenses of ¥2.8 bn both as non-operating expenses.
Net profit attributable to owners of the parent:
Net loss attributable to owners of the parent in FY2018 amounted
to ¥109.4 bn due to impairment losses of ¥75.2 bn.
As the profitability of smartphone manufacturing assets (such
as Hakusan Plant) declined, the book value of these assets were
reduced down to the recoverable amount. (109.4)
(247.2)
(12.3)(31.8) (31.7)
(Billions of yen)
Net profit (loss) attributable to owners of the parent
2019.32015.3 2016.3 2017.3 2018.3
(44.2)
(93.7)
1.9
(12.9) (8.9)
(Billions of yen)
Ordinary profit (loss)
2019.32015.3 2016.3 2017.3 2018.3
(31.0)
(61.7)
5.1
16.7 18.5
(Billions of yen)
Operating profit (loss)
2019.32015.3 2016.3 2017.3 2018.3
169.8151.0 155.8154.3 153.4
466.9615.1
838.1728.6
564.1
636.7
989.1884.4
769.3717.5
Mobile Device Category
Automotive and Non-Mobile Category
(Billions of yen)
Net sales
2019.32015.3 2016.3 2017.3 2018.3
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Total assets/Net assets: Total assets at the end of FY2018
were ¥545.4 bn, down ¥69.3 bn from a year earlier. This was
mainly due to the sale of assets related to the Nomi Plant and the
recording of impairment losses on assets related to Hakusan Plant.
Net assets decreased by ¥75.0 bn from the previous fiscal year end to
¥7.0 bn because of the recording of net loss attributable to owners
of the parent of ¥109.4 bn, despite an increase in shareholders’
equity of ¥35 bn due to issuance of new shares. As a result, the
shareholder’s equity ratio was 0.9%.
Cash flow: Net cash used in operating activities was ¥6.1 bn
mainly due to the recording of ¥106.7 bn in loss before income
taxes, while non-cash income included ¥43.9 bn in depreciation
and ¥75.2 bn in impairment losses. Net cash used in investing
activities totaled ¥37.9 bn reflecting ¥45.0 bn Capex and ¥19.1 bn
proceeds from the sale of the Nomi Plant. As a result, free cash flow
in FY2018 was negative at ¥44.0 bn.
Capital expenditures/Depreciation and amortization:
Capex in FY2018 amounted to ¥45.0 bn mainly for OLED pre-
production line at the Mobara Plant and for overseas back-end
production facilities. Depreciation and amortization decreased by
¥45.3 bn to ¥45.9 bn mainly due to fixed assets Mobara write-
down of ¥103.8 bn in FY2017 and completion of depreciation
for some assets in the Mobara Plant J1 line was fully depreciated
during FY2018.
R&D expenses: R&D expenses in FY2018 decreased ¥4.1 bn
from the previous fiscal year to ¥15.1 bn. Major R&D activities
included the development of OLED displays, oxide semiconductors
which realizes low power consumption and glass-based capacitive
fingerprint sensors.
Consolidated Financial Data
7.0
831.6
402.6 365.2
813.9
327,1
915.6
545.4
82.0
614.6
Total assets
Net assets
(Billions of yen)
Total assets/Net assets
2019.32015.3 2016.3 2017.3 2018.3
(96.3)
(37.9)
(142.6)
(53.2)
(6.1)
151.4112.0
73.3
(0.8)
Operating cash flow
Investing cash flow
(Billions of yen)
Cash flow
2019.32015.3 2016.3 2017.3 2018.3
(181.2)
45.049.5
80.990.2
70.9
186.4
133.4
108.4
45.9
91.2
Capital expenditure
Depreciation and amortization
(Billions of yen)
Capital expenditure/Depreciation and amortization
2019.32015.3 2016.3 2017.3 2018.3
15.1
19.2
23.3
13.916.0
(Billions of yen)
R&D expenses
2019.32015.3 2016.3 2017.3 2018.3
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Overview by Application Category
FY2018Sales ratio
73.3%Mobile Device CategoryDisplays for smartphones and tablets
9.0%Automotive CategoryLCD modules for car navigation, instrument panels, and rear sheet monitors
615.1
838.1728.6
2019.32015.3 2016.3 2017.3 2018.3
466.9564.1
(Billions of yen)
Mobile DeviceCategorySales
2019.32015.3 2016.3 2017.3 2018.3
169.8153.4
112.357.5
151.0 155.8154.3
Non-Mobile CategoryDisplays for consumer electronics (such as digital cameras and wearable
devices), industrial devices (such as medical equipment monitors), and
income from patents and other sources.
1 7.7%As of FY2018 the heretofore “Automotive & Non-Mobile Device Category” has been separated into the “Automotive Category” and the “Non-Mobile Category.”
(Billions of yen)
Automotive and Non-MobileCategorySales
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A global slump in the smartphone market that was seen to be the result of an economic slowdown in China and the prolongation of the smartphone life cycle, and fiercer competition due to production expansion by Chinese competitors, greater usages of OLED displays for smartphones and other factors, meant that this category remained surrounded by a tough business environment. While the shipment volume of slim bezel display FULL ACTIVE™ saw a substantial increase, the sales volume in this category fell significantly below JDI’s initial expectations, resulting in a 17.2% YoY decline in net sales to 466.9 billion yen.
Faced with a decline in profitability because of price competition in this category, in June 2019 JDI announced a downsizing of its mobile business and the suspension of operations at the Hakusan Plant.
Although new emission test standards in Europe and the economic slowdown in China slowed down sales of new cars, JDI’s net sales in this category increased 4.3% YoY to 112.3 billion yen against the backdrop of an increase in the number of displays and the size of displays installed in vehicles. As the integration of displays with the interior design of vehicles is growing, mainly in luxury cars, JDI’s curved LCD was used for the first time in the world for mass-produced cars in fiscal year 2018.
▶Mobile Device Category
▶Automotive Category
Overview by Application Category
Sales of displays for digital still cameras, the largest application in the non-mobile category, declined due to a shrinking market. Also, a production halt due to a Mobara V3 line closure led to the disappearance of display sales for game consoles. However, net sales in this category increased 25.7% YoY owing to higher sales of displays for new applications, such as wearable devices, high-end notebook PCs and VR devices.
In fiscal year 2018 JDI started sales of VRHMD “VRM-100”, its first B2C product, equipped with the Company’s high-resolution LCD panels.
▶Non-Mobile Category
Our Performance in Fiscal Year 2018 Main Application● Smartphone and tablets
● Instrument cluster
Head Up Display (HUD)
Center Stack Display (CSD)
Digital mirror
● Digital cameras
Wearable devices
High-end notebook PCs
Medical monitors
Income from patents
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JDI developed a flexible fingerprint sensor that
is thin, light, and does not fracture when bent
by integrating its capacitive-type glass-based
fingerprint sensor technology and flexible display
technology. A very thin plastic substrate for the
sensor, only several tens of microns thick, enables
development of unique design products and
prevents fracturing of the substrate when subject
to shock from dropping, making the sensor
suitable for portable devices. In addition, the size
of JDI’s flexible fingerprint sensor can be enlarged,
which is not possible with a silicon fingerprint
sensor, to make it easier to authenticate multiple
fingerprints simultaneously to enhance security.
No fracturing when bent
Flexible Fingerprint Sensor Developed
SID DISPLAY WEEK 2019
Display Application of the Year Award
JDI launched sales of its high-definition virtual
reality (VR) head-mounted display (HMD) “VRM-
100” to domestic developers of content for VR
devices. The VR display unit is equipped with
JDI’s 615ppi LCD panel exclusively developed
for VR applications and a gyro sensor that
enables experiencing a sophisticated sense of
immersion. VRM-100 is JDI’s first direct sale to
end-users. It is expected to be used in a wide
range of areas including education, training,
business demonstrations, etc. and will be utilized
as a marketing tool to get close to the end-user
market.
High-definition VR head-mounted displays
Sales launch of VRM-100
JDI received the “Display Application of the Year
Award” for its curved TFT LCD application, the
world’s first curved display used for automotive
dashboards, at the SID DIPLAY WEEK 2019 held
by the Society for Information Display, the most
prestigious international display forum. This is
SID’s highest honor, given only to the best display
products or applications introduced to the market
during the previous year. The award commends
JDI’s ongoing commitment to innovation and
helping shape the future of display performance
and solutions.
TopicsIntroduction of New Products
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Financial Measures
Securing financial stability through large-scale capital injection & refinancingHaving considered that a large-scale injection of capital funds is necessary to solve the
deterioration of its financing and secure net assets for stable business continuity, JDI on
April 12, 2019 entered into the CAPITAL AND BUSINESS ALLIANCE AGREEMENT with Suwa
Investment Holdings, LLC (“Suwa”) and resolved to raise funds by way of issuance of new
shares and bonds with stock acquisition rights through third-party allotment to Suwa. JDI
also agreed to receive continuous support from its largest shareholder and creditor INCJ
Ltd. (“INCJ”). In addition, JDI entered into a MOU toward formulating and implementing a
business alliance with Harvest Tech Investment Management Col, Ltd. (“Harvest Tech”) with
respect to a plan for the mass production of evaporation OLED.
*Suwa is a company that the Suwa Consortium established to make investment in JDI. Harvest Tech, a Chinese investment company and a member of Harvest Group, and Oasis Management Company Ltd., Hong Kong’s investment company, are the members of Suwa Consortium and will become investors of Suwa prior to the implementation of the third-party allotment.
Alliance with Suwa/MOU with Harvest Tech Refinancing by INCJ
Third-party allotment to Suwa
1st Closing(Notes 1,2)
Common stock(Note 3)
(1) Gross proceeds: 42.0 billion yen(2) New shares to be issued: 840 million shares(3) Issue price: 50 yen per share
2nd seriesCBs
(Note 3,4)
(1) Gross proceeds: 8.0 billion yen(2) Total no.of stock acquisition rights: 80(3) Fully diluted new shares: 160 million shares(4) Conversion price: 50 yen per share
Evaporation OLED Business Alliance MOU with Harvest Tech
The goal is to become a leading company in the design, manufacture and sales of OLED displays combining the Company’s technology and Harvest Tech's funding capacity.
Secure financial stability through large-scale capital injection (maximum ¥80 bn) & refinancing (¥152 bn)Improve corporate value through medium to long-term business growth
1. Refinancing into long-term loan and convertible preferred shares
Total of ¥152 bn support: ¥50 bn long-term loan (5yr) & ¥102 bn preferred shares through third party allotment
Use above to repay or buy-back
Subordinated loan (¥30 bn)
1st series unsecured subordinated CBs (¥25 bn)
Short-term loan (¥20 bn)
Commitment line(joint & several guarantee by INCJ)
(Maximum: ¥107 bn)
Bridge loan (¥20 bn)
As of end of March 2019 1st closing (Note 1)
Subordinated loan (approx.¥3.7 bn)
Convertible preferred shares(¥102 bn)
Payment in Substitutes (¥26.3 bn)
Long-term loan (¥50 bn)
Payment in Substitutes (¥20 bn)
2. Bridge loan and short term loans provided by INCJ
INCJ to provide a bridge loan until the 1st closing and short term loan
Bridge Loan (¥20 bn) and part of Subordinate Loan (about ¥26.3 bn) are to be repaid, as a result of substitute performance by the transfer of JOLED stocks (about ¥46.3 bn)
Short-term loan (¥40 bn)
The capital and business alliance agreement with SuwaNote 1. 1st closing : whichever comes later
(i) October 31, 2019, (ii) the fifth business day following the day on which all the CPs are satisfied, or (iii) any other date as JDI and Suwa separately agree.
Note 2. It is possible that the total amount of the issue price of (i) the 2nd series CBs will increase, and (ii) the 3rd series CBs will decrease, with an upper limit of ¥10 bn, respectively, by a resolution of the board of directors meeting. (The total amount of the issue price of the 2nd and the 3rd series CBs will be ¥38 bn).
Note 3. (1) Payment period: August 29, 2019 to August 28, 2020. (2) Completion of payment may be delayed depending on the status of Japanese/overseas government permissions & approvals.
Note 4. (1) Coupon: Zero (2) Maturity date: After 5 years from the date of allotment of the 2nd series CBs (3) Exercise period: 5 years starting from 6 months after the allotment date of the 2nd series CBs
Note 5. Issuance is on condition that Suwa has completed raising the fund.
3rd seriesCBs
(Note 3,4)
(1) Gross proceeds: 30.0 billion yen(2) Total no.of stock acquisition rights: 300(3) Fully diluted new shares: 600 million shares(4) Conversion price: 50 yen per share
*JDI to determine the necessity of the issuance based on the funding needs (Note 5)
Short-term loan
Long-term loan
Capital
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ESG Activities Conducted by JDI
JDI has established JDI Code of Ethics, a set of specific guidelines to which all officers and employees are required to adhere in order to practice
management in compliance with laws and regulations and corporate ethics. JDI believes engaging in activities related to Environment, Social and
Governance based on the Code of Ethics will form the foundation of sustainable growth.
Foundation for sustainable
growth● Respect for human rights
● Human resource development
● Respect for diversity
● Occupational safety and health promotion
● Responsibility for local community
● Quality control
● Fair and transparent system of governance
● Compliance
● Risk management
● Prompt and appropriate information disclosure
Corporate Governance
Environment Information
Relationship with Society
● Reducing the environmental burden of business activities.
● Reducing the environmental burden of our products
● Engaging in activities for conservation of biodiversity and environmental activities at local communities.
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Corporate Governance
1 In order to pursue sustainable growth and increase corporate value over the medium to long term through the implementation of our corporate principles, JDI has established a Corporate Governance Basic Policy that outlines our corporate governance, the framework for that governance and action policies.
2 In order to ensure transparent, fair, swift, and decisive decision-making in accordance with the interests of shareholders, customers, employees, local communities and other stakeholders, JDI is making continuous efforts to enhance corporate governance in accordance with the following principles: 1. Secure the rights and equal treatment of shareholders.2. Cooperate as appropriate with all stakeholders.3. Disclose information as appropriate in accordance with laws and regulations and other corporate information to
ensure transparency.4. Ensure the effectiveness of the Board of Directors’ decision-making process on important matters concerning
business execution and oversight functions that pertains to persons responsible for business execution (Directors who hold concurrent positions as executive officers and Executive Officers) in accordance with JDI's fiduciary responsibility and accountability to shareholders, and as a company with a Board of Company Auditors
5. Engage in constructive dialogue with shareholders so as to obtain helpful contributions to the Group’s sustainable growth and increased corporate value over the medium to long term.
Basic Policy
JDI is a company with a Board of Company Auditors. Accordingly, the Board of Directors
of the Company makes decisions on important management issues and oversees
business execution, and the Company Auditors and the Board of Company Auditors
audit the status of business execution and other business actions independently of the
Board of Directors. Also, JDI has adopted an Executive Officers system in order to make
prompt decisions related to business execution and has established committees such as
an Executive Committee to discuss important business execution matters. Furthermore,
JDI has voluntary advisory committees created pursuant to resolutions of the Board of
Directors to ensure management transparency, and which deliberate on and decide
matters delegated by the Board of Directors.
Corporate Governance System
Corporate Governance and Internal Control System
Appointment/dismissal
Cooperation
Independent Auditor
Board ofCompany Auditors
Board of Directors/ Directors
Executive Officerin Charge ofCompliance
Internal AuditDivision
Individual in-house companies, divisions and sections, subsidiaries
Executive Officers
Management Committee
RepresentativeDirectorsPresident (CEO),
Senior Managing Representative Director (COO)
ComplianceCommittee
Nominating andCompensation Advisory
Committee
General Meeting of Shareholders
Appointment/dismissal
Appointment/dismissal
Cooperation
Audit
Audit/guidance
Cooperation
Audit/advice
Seekingadvice
Recommendation
Policy
Guidance/awareness raising
Cooperation
Appointment/dismissal
Appointment/dismissal
Instructions/oversight
Instructions/oversight
Submit mattersto bedeliberated
Recommendation
Appointment /dismissal/oversight
Reporting
Instructions
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Corporate Governance
The Board of Directors is entrusted by shareholders with the responsibility of
enabling JDI to achieve sustainable growth and maximize corporate value over the
medium to long term through the realization of efficient and effective corporate
governance. At present, the Board of Directors consists of five Directors whose terms
of office are each one year. Outside Directors constitute a majority of the Board of
Directors, as three are Outside Directors, two of which are Independent Outside
Directors. JDI has put in place a system to enable the opinions of Directors, all of
whom have abundant experience and knowledge in global corporate management,
to be reflected in the Company’s management. In principle, the Board of Directors
meets once a month to conduct multi-faceted and sufficient examinations of
proposals concerning important matters and engage in constructive discussion
conducive to the sustainable growth and increased corporate value of JDI over the
medium to long term.
Acting from an independent and objective standpoint, the role and responsibility of
the Auditors and the Board of Company Auditors includes auditing the performance
of Directors in their duties and exercising its authority to appoint and dismiss the
Independent Auditor and determining the Independent Auditor’s compensation.
Standing Company Auditors acquire an understanding of the status of the
realization of corporate governance mainly by attending meetings of the Executive
Committee and other important meetings related to business execution at JDI and
collecting necessary information through interviews with business divisions
(in-house companies) and functioning departments within company Headquarters.
The information they obtain is shared with Outside Company Auditors at
meetings of the Board of Company Auditors, which in principle are held once every
month.
Through these activities, JDI ensures that the Board of Company Auditors
functions in a highly effective manner.
Board of Directors
Board of Company Auditors
In order to make swift business execution decisions, JDI has instituted an Executive
Officers system. Matters concerning business execution not resolved by the Board
of Directors are delegated to the President and Representative Director, the Senior
Managing Representative Director and Executive Officers. Each Executive Officer
executes business in his or her area of responsibility under the oversight of the
President and Representative Director, and Senior Managing Representative Director.
Executive Officers
❶ Nominating and Compensation Advisory Committee
The Nominating and Compensation Advisory Committee is an advisory body
to the Board of Directors that deliberates on important matters and policies
pertaining to the nomination and compensation of Directors and Executive
Officers. Outside Directors constitute a majority of the Committee, with an
Independent Outside Director serving as chair, to assure transparency and
objectivity
❷ Compliance Committee
JDI has established a Compliance Committee to enable the prevention and early
detection of compliance breaches and improve the flexibility of self-policing
procedures. The Committee ensures full compliance within the Group, including
subsidiaries, and establishes compliance-related rules. An Executive Officer in
charge of compliance is appointed by the Board of Directors to assume the
chairperson role and to improve the compliance system. The Executive Officer
in charge of compliance oversees the Whistleblower System, which has both
an external and in-house point of contact to enable the prevention and early
detection of lawbreaking or other compliance violations.
Voluntary Committees
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Corporate Governance
JDI has established a Corporate Governance Basic Policy and regularly implements
measures to enhance corporate governance in order to achieve sustainable growth
and enhance medium to long term corporate value. An analysis and evaluation
of the effectiveness of the Board of Directors performance as a whole in fiscal
year 2018 is shown below. In assessing the Board's performance, a questionnaire
prepared by the secretariat of the Board of Directors was used in a review of all
Directors and Company Auditors. The results of the questionnaire were submitted to
the Board of Directors for its deliberation.
As a result, it was recognized and confirmed that the Board of Directors overall
functions effectively. However, it was also determined that certain areas require
improvement and need to be resolutely addressed. The following is a summary of
the results of the evaluation.
Evaluation of Effectiveness of the Board of Directors
Initiatives
The Nominating and Compensation Advisory Committee evaluates the suitability
of candidates for selection to the Board of Directors. In particular, the Committee
evaluate candidates for Outside Directors from the perspective of independence
and diversity and submits the results of evaluations to the Board of Directors. In
selecting candidates for Executive Officers, the Nominating and Compensation
Advisory Committee evaluates their suitability and recommends persons with
superior character and insightful expertise who are selected based on their ability
to perform their duties as members of the Board of Directors. The Nominating and
Compensation Advisory Committee conducts inquiries into whether to dismiss an
Executive Officer from the standpoint of performance, faithful and loyal execution
of duties or health complications, in the event that problems arise in fulfilling the
duties of the Executive Officer, and reports its findings to the Board of Directors.
Process for Appointments and Removals of Directors and Executive Officers
❶ Matters highly regardedOutside Directors constitute a majority of the Board of Directors of JDI and Outside Company Auditors account for half of Company Auditors. Discussions at the Board of Directors meetings are deepened by providing prior explanation of Board of Director meeting agenda to Outside Directors, reports and conducting reports and deliberations on important matters before they are presented to the Board of Directors meetings, and exchanging opinions at informal meetings. In addition, confirmation, discussion and ensuring of appropriate procedures in regard to capital financing policy and transactions that may involve conflict of interest were highly regarded.
❷ Comments received from multiple Directors and Company Auditors
Regarding formulation and review of the “medium-term management plan and the business plan”, some comments noted the necessity of devoting more time to discussion of matters related to risk analysis and risk assessment and the importance of timely review of the plan in response to changes in the business environment. Also noted was the necessity of periodical confirmation of measures related to corporate governance and conducting more in-depth discussions about executive personnel, including matters pertaining to the “appointment and removal of executive officers” and “making plans to prepare successor candidates”. While implementing corrective measures to take action on the findings and considering concrete proposals based on the results of the evaluation, JDI will continue to make efforts to further enhance the effectiveness of the Board of Directors.
Fiscal year Items
Number of Directors Number of Company Auditors
InternalOutside
(IndependentDirectors)
InternalOutside
(Independent Company Auditors)
2012 Establishment of the Basic Policy on the Internal Control SystemEstablishment of the Compliance CommitteeEstablishment of the Basic Policy on Severing Relationships with Antisocial ForcesEstablishment of the JDI Ethics
2 7 1 2
2014 Partial revision to the JDI EthicsPartial revision to the Regulations of the Board of Directors (tightening of the criteria for matters to be submitted to the Board of Directors meeting for deliberation)
2 4(3)
2 2(2)
2015 Partial revision to the Basic Policy on the Internal Control System(response to the revised Companies Act, such as the widening of the scope to cover the Group)Establishment of the Management PhilosophyEstablishment of the Corporate Governance Policies
2 4(3)
2 2(2)
2016 Evaluation of the effectiveness of the Board of DirectorsChange of the structure of the Compliance Committee(change of the chairperson)
2 4(3)
2 2(2)
2017 Establishment of the Nominating and Compensation Advisory Committee 2 5(3)
2 2(2)
2018 Evaluation of the effectiveness of the Board of DirectorsEstablishment of Our Purpose through renewal of the Management PhilosophyChange of the structure of the Compliance Committee (change of the chairperson)Partial revision to the Corporate Governance Basic Policy
2 4(3)
2 2(2)
2019 Evaluation of the effectiveness of the Board of Directors 2 3(2)
2 2(2)
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Corporate Governance
In formulating the annual business plan and the medium-term business plan, JDI
analyzes risks in the formulation process and incorporates risk countermeasures
into the plans. Furthermore, in Business Continuity Planning (BCP), the Company
anticipates risk-event scenarios (natural disasters, public health emergencies,
information and communication difficulties, accidents, etc.), estimates their impact
with regard to customers, suppliers and other aspects of JDI’s supply chain, and
implements countermeasures and other preparations in advance to minimize the
impact and to enable a rapid recovery.
JDI has identified eight risk categories: natural disaster and accident risks, legal
(litigation) risks, financial risks, economic risks, labor risks, political risks, social risks
and business activity risks. The Group performs assessment of assumed risks in
terms of their probability of occurrence and their impact if they were to materialize,
considers and formulates countermeasures for risks that rise above a certain
level, and announces those countermeasures throughout the Group following a
management review. The Group reviews risk evaluation items and content (and sets
the degree of importance of particular risks) each year.
JDI has prepared necessary rules and systems to prevent risks from materializing
and to minimize the impact if a risk event occurs. The Company uncovers and
ascertains risk factors in the course of daily information sharing and reporting
business execution. It also verifies the status of the implementation of measures to
prevent risks from materializing and seeks to minimize the impact of risk events.
Risk Management System
JDI has introduced stock options as compensation for Directors, excluding Outside
Directors, to enhance their motivation toward improving JDI’s performance and
corporate value over the medium to long term. For the short term, compensation is
designed to reflect the results of JDI’s performance. The overall limit of compensation
is determined at the General Meeting of Shareholders. The Nominating and
Compensation Advisory Committee reviews compensation in line with an evaluation
of the Company’s financial performance for each fiscal year as well as matters
concerning the granting of stock options. Compensation for Outside Directors is a
fixed amount in view of their roles and independence. Appropriate compensation
amounts are calculated by taking into consideration the degree of difficulty of
acquiring human resources, hours of duty, the degree of participation in committee
activities and other factors to enhance transparency and objectivity.
The Nominating and Compensation Advisory Committee deliberates on and decides
policies that determine the amount of compensation for each Executive Officers and
the granting of stock options.
Compensation for Company Auditors is a fixed amount in view of their role and
independence. The total amount of compensation is approved by the General Meeting
of Shareholders following discussions among the Company Auditors.
Compensation for Directors and Company Auditors
Natural disasterand accident risks
Legal (litigation)risks Financial risks Economic risks
Labor risks Political risks Social risks Business activityrisks
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Corporate Governance
In accordance with the Basic Policy for Compliance, JDI has instituted a Compliance
Committee to serve as a forum where representatives from different divisions of
the Company meet to deliberate on and implement measures for establishing
and inculcating compliance promotion systems and programs. A compliance
administrator is assigned in each division to ensure awareness of compliance
measures among the employees in each division. The Compliance Committee is
supervised by a chairperson appointed by the Board of Directors and the Committee
membership consists of representatives from different company divisions who
prepare compliance-related measures. In principle the Committee meets once every
half-year.
JDI has instituted a Whistleblower System to enable the prevention and early
detection of compliance violations, to increase the flexibility of the self-policing
process and to correct compliance violations and, in so doing, to ensure public trust
in JDI. Employees and other persons who have discovered compliance violations
or suspected violations can use the Whistleblower System to seek consultation
and report problems. Given this set-up, the System helps to instill compliance
awareness among employees and others involved with the Company. Under the
Whistleblowing System, JDI has created both external and in-house points of
contact. Also, in accordance with JDI’s regulations, the System explicitly prohibits
any prejudicial treatment of whistleblowers and takes due measures to protect
whistleblowers, such as managing whistleblowing information in strict confidence.
Compliance
Whistleblower System
JDI has established the Policies on Information Security and other rules to avoid the
risk of leakage of information handled by the JDI Group. The Company takes steps
to ensure all officers the Company and employees are familiar with the rules and
that they are properly implemented. In addition, an Information Security Committee
has been created to implement groupwide information security-related procedures.
This Committee conducts risk assessment and risk management and engages in
continuous activities to prevent the loss, leakage or theft of confidential information.
The Committee also supervises the safeguarding of information assets and the
establishment of information management systems in response to actual conditions
in each field of business.
JDI recognizes information disclosure as one of its management responsibilities
and actively conducts public relations and investor relations activities that
emphasize fairness and transparency to earn the trust of all stakeholders, including
shareholders and investors, customers, suppliers, and the communities in which JDI
operates. Further, in recognition of the importance of maintaining active dialogue
with shareholders at all times and reflecting their opinions and requests in its
management in order to promote sustainable growth and increased corporate
value over the medium to long term, JDI is dedicated to improving its IR structure
and abilities to respond to inquiries from shareholders and investors, by organizing
channels of dialogue and other means of communication. JDI has established a set
of “Information Disclosure Policies” and under its responsibility as a listed company
discloses corporate information important for shareholder and investor decisions on
investment in JDI in an easy-to-understand, prompt, precise, and fair manner, while
endeavoring to facilitate deeper understanding and appropriate evaluation of JDI
among shareholders and investors.
Information Security System
Information Disclosure Policies
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Environmental Activities
Environmental Policy
JDI continually improves its environmental management system to reduce the environmental burden, considering the lifecycle of our display products.
JDI complies with domestic and foreign legal requirements and other voluntarily accepted requirements.
JDI sets environmental objectives on the following priority themes and promote activities for their achievement in order to conserve the environment.
JDI reduces the environmental burden of business activities.
● —1 Promote measures to mitigate global warming, for energy conservation and in the efficient use of water;
● —2 Thoroughly manage chemical substances and promote their reduction and substitution;
● —3 Promote 3R (Reduce, Reuse, Recycle) activities in waste management.
JDI reduces the environmental burden of our products.
● —1 Promote the development of environmentally conscious products;● —2 Thoroughly manage chemical substances contained in products;● —3 Promote green procurement.
JDI engages in activities for conservation of biodiversity and environmental activities at local communities.
Basic policy
Priority themes
Recognizing that global environmental conservation is one of the most important challenges for humanity, we at Japan Display Inc. Group respect people and the environment, and aim to contribute to a sustainable society.
Environmental Targets JDI has set eight company-wide environmental targets in accordance with JDI’s environmental policy and is striving to achieve continuous improvement.
JDI’s FY2018 results in relation to environmental targets are shown in the table below.
FY2018
Item Indicator Target value Actual value Evaluation*5
Reduce emissions of energy-derived CO₂*1Reduction amount (t-CO²) 3,545 or more 10,756
Absolute amount (t-CO²) 546,007 or less 507,314
Reduce total water consumptionReduction amount (m³) 288,000 or more 135,000 ×*6
Absolute amount (m³) 24,548,000 or less 21,012,000
Reduce emissions of priority controlled chemical substances*2
Reduction amount (t) 2,337 or more 2,629
Absolute amount (t) 30,129 or less 21,400
Implement thorough management of chemical substances, reduce their use, and promote use of alternatives
No deviation in terms of use of chemical substances Operated properly
Continue biodiversity conservation activities and environmental activities in local communities Implemented as planned Implemented as planned
Supply Eco-products that take product life cycles into consideration
Proportion of Eco-products*4
(excluding causes attributable to customers) 100%
Confirm chemical substances contained in products in the development process
Appropriate management of judgments on contained chemical substances
All cases appropriate
Promote environmentally conscious procurement activities
Revision of Green Procurement Guidelines in response to legal and customers’ requirements.
Revision completed
FY2019JDI’s FY2019 environmental targets are show in the table below. Items - were revised, reflecting the reduction measures.
Scope: Items - cover plants in Japan (Tottori, Higashiura, Ishikawa, Hakusan, Mobara). [Mobara V3 line was outside the scope but under observation.] *1 The CO2 emissions coefficient for electricity is 0.476 t-CO2/MWh (receiving-end CO2 emissions basic unit for FY2011 announced by the Federation of Electric Power Companies of
Japan). The other conversion factors are from the Act on the Rational Use of Energy and the Act on Promotion of Global Warming Countermeasures. *2 Total water consumption = Received water + Recycled water + Reused water. *3 Waste, etc. = General waste + Industrial waste + Valuables *4 Proportion of Eco-products =
Number of Eco-products/Number of total products developed *5 The achieved targets are shown by . *6 The water reduction target was not achieved due to cancellations of some actions (reduced number of equipment) despite JDI’s recovery efforts.
(Items with absolute amount are being monitored.)
(Items with absolute amount is being monitored.)
Item Indicator Target value
Reduce emissions of energy-derived CO₂Reduction amount (t-CO²) 5,639 or more
Absolute amount (t-CO²) 531,733 or less
Reduce total water consumption20,000 or moreReduction amount (m³)
Absolute amount (m³) 19,173,000 or less
Reduction amount (t) Reduce emissions of waste, etc.
64 or more
Absolute amount (t) 18,424 or less
Implement thorough management of chemical substances, reduce their use, and promote use of alternatives No deviation in terms of use of chemical substances
Continue biodiversity conservation activities and environmental activities in local communities Implemented as planned
Supply Eco-products that take product lifecycles into consideration Proportion of Eco-products (excluding causes attributable to customers)100%
Confirm chemical substances contained in products in the development process Appropriate management of judgments on contained chemical substances
Promote environmentally conscious procurement activities Revision of Green Procurement Guidelines in response to legal and customers’ requirements.
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ReuseReusing shipping boxes
Global EnvironmentSustainable Society
Before Simplification
Before After increasing
ReduceSimplifying packaging
Efficient DeliveryIncreasing numbers of product In its tray
CustomerJDI
Production activities
Energy
Electricity(purchased power)
Japan 1,066,129 MWh
Overseas 88,365 MWh
Electricity(solar power)
Japan 113 MWh
Overseas 0 MWh
City gas Japan 13.114 million m3
Overseas 0.091 million m3
Heavy fuel oil Japan 3,455 kL
Overseas 122 kL
LPG Japan 3,517 t
Overseas 14 t
LNG Japan 786 t
Overseas 0 t
Diesel oil Japan 0 kL
Overseas 134 kL
INPUT
Amount of water received
Japan 13.108 million m3
Overseas 1.016 million m3
Amount of priority controlled chemicalsubstances*1 used
Japan 16,938 t
Overseas 111 t
CO2
Energy-derived
CO₂*2
Japan 556,000 t-CO₂
Overseas 43,000 t-CO₂
Greenhouse gases*3 Japan 70,000 t-CO₂
Overseas 0 t-CO₂
OUTPUT
Wastewater
Japan 12.066 million m3
Overseas 0.759 million m3
Amount of priority controlled chemicalsubstances*1 emitted
Japan 195 t
Overseas 13 t
Amount of total waste (including valuables) released
Total waste, etc. Japan 22,296 t
Overseas 3,754 t
Industrial waste Japan 14,359 t
Overseas 822 t
Valuables Japan 7,763 t
Overseas 1,458 t
General waste
Japan 174 t
Overseas 1,474 t
*1 The priority controlled chemical substances are 38 substances designated by JDI as priority control targets.*2 The CO₂ emissions coefficient from electricity in Japan is 0.476t-CO₂/MWh (receiving-end CO₂ emissions basic unit for FY2011 announced by the Federation
of Electric Power Companies of Japan). The other conversion factors are from the Act on the Rational Use of Energy and the Act on Promotion of Global Warming Countermeasures. Local emissions coefficients for China, Taiwan, and the Philippines were used for the CO₂ emissions coefficients from electricity in other countries.
*3 Among substances covered in the Act on Promotion of Global Warming Countermeasures, JDI uses the term “greenhouse gases” to refer to these seven substances: PFC (CF₄, c-C₄F₈), HFC (CHF₃, C₂HF₅), SF₆, NF₃, N₂O. JDI uses AR4 for the global warming potential.
*4 Within Japan, this refers to emissions of the 38 priority controlled chemical substances designated by JDI, and overseas it refers only to emissions of VOC.
Environmental Burden JDI’s business activities involve inputting energy and resources to produce products and emitting CO2, waste, etc. These inputs and outputs are regarded as environmental aspects in ISO 14001.
An overview of this is shown in the figure below (covers all domestic plants + overseas manufacturing subsidiaries in FY2018). The basis of our environmental improvement activities lies in reducing the amount of inputs and outputs, and we work to address such activities by determining these items for each area in a detailed manner.
Control of chemical substance contained in product
JDI has established the Green Procurement Guideline based on the RoHS Directive, the ELV Directive, the REACH Regulation and other laws and regulations as well as on requests from customers.Cooperating together with our suppliers, we manage chemical substances contained in procured items such as parts and material, related to our products.
Before shipping them to our customers, we examine chemical substances contained in our products.
We dedicate ourselves to managing chemical substances contained in our products.
Customer
Laws andRegulation
JDISupplier
Customers’Requests
RoHSDirective
Establishment and disclosure of Green Procurement Guideline
REACHRegulation
Confirmation that the product meets laws, regulations
and customers’ requests
Sampling procured items and
screening chemical substances
contained in them
Sharing information about chemical
substances contained in procured items
Establishment of management system for
chemical substances contained in
procured items
ELVDirective
Environmentally friendly productsJDI is engaged in global warming prevention through improvement of efficiency in delivery of its products to customers with the understanding and cooperation of customers. JDI repeatedly reuses shipping boxes for product deliver to customers and simplifies packaging to reduce waste.
Working together with its customers, JDI will continue to promote the preservation of the global environment and contribute to a sustainable society.
(JDI’s Input and Output in Fiscal 2018)
*4
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FY2017(March 31, 2018)
FY2018(March 31, 2019)
AssetsCurrent assets
Cash and deposits 80,866 68,988Accounts receivable - trade 82,863 92,225Other receivables 42,766 49,699Merchandise and finished goods 17,427 29,106Work in process 27,381 23,236Raw materials and supplies 13,358 18,746Other 6,283 8,980Allowance for doubtful accounts (167) (103)Total current assets 270,779 290,880
Non-current assetsProperty, plant and equipment
Building and structures 224,396 196,025Accumulated depreciation (91,898) (90,233)Building and structures, net 132,498 105,792
Machinery, equipment and vehicles 541,270 443,543Accumulated depreciation (430,057) (376,910)Machinery, equipment and vehicles, net 111,212 66,632
Land 14,238 12,073Lease assets 24,150 1,590
Accumulated depreciation (16,504) (1,590)Lease assets, net 7,645 0
Construction in progress 28,940 19,886Other 48,845 44,111
Accumulated depreciation (41,580) (39,386)Other, net 7,265 4,724
Total property, plant and equipment 301,801 209,110Intangible assets
Goodwill, net 13,832 8,716Other 5,148 3,561Total intangible assets 18,981 12,278
Investments and other assetsInvestment securities 12,253 24,395Deferred tax assets 735 361Other 13,571 8,932Allowance for doubtful accounts (3,478) (581)Total investment and other assets 23,081 33,107
Total non-current assets 343,865 254,496Total assets 614,644 545,376
(Millions of yen)Consolidated Balance Sheets
FY2017(March 31, 2018)
FY2018(March 31, 2019)
Liabilities
Current liabilities
Accounts payable - trade 117,830 175,592
Electronically recorded obligations-operating — 2,817
Short-term borrowings 99,082 130,843
Lease obligations 13,980 0
Income tax payable 943 1,489
Provision for bonuses 4,596 4,345
Advance received 128,288 101,923
Other 59,378 35,945
Total current liabilities 424,099 452,957
Non-current liabilities
Bonds with share acquisition rights 45,000 25,000
Long-term borrowings 30,000 30,000
Lease obligations 0 —
Net defined benefit liability 24,063 20,052
Other 9,435 10,344
Total noncurrent liabilities 108,498 85,396
Total liabilities 532,598 538,353
Net assets
Shareholders’ equity
Capital stock 96,863 114,362
Capital surplus 213,648 231,148
Retained earnings (233,281) (342,714)
Treasury shares - 0
Total shareholders’ equity 77,229 2,796
Accumulated other comprehensive income
Valuation difference on available-for-sale securities — (1)
Foreign currency translation adjustments 10,838 8,957
Remeasurements of defined benefit plans (7,731) (6,754)
Total accumulated other comprehensive income 3,106 2,200
Share acquisition rights 47 53
Non-controlling interests 1,662 1,972
Total net assets 82,046 7,023
Total liabilities and net assets 614,644 545,376
(Millions of yen)
Financial Data More detailed financial data is available.
Download financial information (PDF). JDI Website
Note: Figures are rounded down to the nearest million yen.
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FY2017 FY2018
Net sales 717,522 636,661
Cost of sales 720,152 620,355
Gross profit (loss) (2,629) 16,305
Selling, general and administrative expenses 59,119 47,295
Operating profit (loss) (61,749) (30,989)
Non-operating income
Interest income 124 146
Foreign exchange gains — 1,765
Subsidy income 1,426 832
Rent income 500 487
Fiduciary obligation fee 1,695 1,239
Other 790 1,425
Total non-operating income 4,538 5,896
Non-operating expenses
Interest expense 2,511 2,789
Share of loss of entities accounted for using equity method 14,162 8,862
Foreign exchange losses 3,219 —
Depreciation 9,903 831
Other 6,649 6,577
Total non-operating expenses 36,447 19,060
Ordinary profit (loss) (93,658) (44,153)
Extraordinary income
Gain on change in equity — 12,656
Total extraordinary income — 12,656
Extraordinary losses
Business structure improvement expense 142,260 —
Provision of allowance for doubtful accounts 1,467 —
Impairment loss — 75,189
Total extraordinary losses 143,728 75,189
Income (loss) before income taxes (237,386) (106,686)
Income tax - current 2,734 2,654
Income tax - deferred 7,124 218
Total income taxes 9,858 2,436
Net income (loss) (247,245) (109,123)
Less: net income (loss) attributable to non-controlling interests (14) 309
Net income (loss) attributable to owners of the parent (247,231) (109,433)
(Millions of yen)Consolidated Statements of Income
FY2017 FY2018
Cash flow from operating activitiesIncome (loss) before income taxes (237,386) (106,686)Depreciation 89,169 43,909Amortization of goodwill 2,070 1,990Impairment losses — 75,189Increase (decrease) in allowance for doubtful accounts 1,302 (2,807)Increase (decrease) in net defined benefit liability (2,141) (3,027)Interest expense 2,511 2,789Foreign exchange losses (gains) 3,370 (2,749)Subsidy received (1,426) (832)Share of (profit) loss of entities accounted for using equity method 14,162 8,862Gain on change in equity — (12,656)Loss on reduction of non-current assets 669 432Business structure improvement expense 142,260 —Decrease (increase) in trade receivable 42,996 (6,544)Decrease (increase) in accounts receivable - other 50,690 (10,152)Decrease (increase) in inventories 42,550 (13,532)Decrease (increase) in consumption tax refund receivable (206) (3,081)Increase (decrease) in trade payable (82,305) 64,285Increase (decrease) in accounts payable - other 3,386 (28)Increase (decrease) in accrued expenses (14,407) (10,521)Increase (decrease) in advances received (51,108) (26,344)Other, net (749) 246Subtotal 5,411 (1,260)Dividend income received 125 147Interest paid (2,500) (2,783)Income taxes paid (3,829 (2,414)Income taxes refunded 38 169Net cash provided by (used in) operating activities (754) (6,142)
Cash flow from investing activitiesPurchase of non-current assets (49,494) (45,043)Proceeds from sales of non-current assets 3,021 19,134Purchase of investment securities (6,500) (8,413)Payments for sales of shares of subsidiaries resulting in change in scope of consolidation (1,289) (4,931)Subsidies received 1,026 1,232Other, net 74 156Net cash provided by (used in) investing activities (53,161) (37,864)
Cash flow from financing activitiesNet increase in short-term borrowings 73,383 31,776Redemption of bonds — (20,000)Proceeds from issuance of shares — 34,999Payments for treasury shares — (0)Repayment of lease obligations (20,519) (13,980)Repayments of installment payables — (1,038)Net cash provided by (used in) financing activities 52,864 31,756
Effect of exchange rate change on cash and cash equivalents (329) 373Net increase (decrease) in cash and cash equivalents (1,381) (11,877)Cash and cash equivalents at beginning of period 82,247 80,866Cash and cash equivalents at end of period 80,866 68,988
(Millions of yen)Consolidated Statements of Cash Flows
Financial Data More detailed financial data is available.
Download financial information (PDF). JDI Website
Note: Figures are rounded down to the nearest million yen.
( )from April 1, 2017to March 31, 2018 ( )from April 1, 2018
to March 31, 2019 ( )from April 1, 2017to March 31, 2018 ( )from April 1, 2018
to March 31, 2019
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Manufacturing plants
MobaraPlant G6 LTPS
IshikawaSite
Ishikawa Plant G4.5 LTPS
Hakusan Plant G6 LTPS
HigashiuraPlant G3.5 LTPS
TottoriPlant G4 a-Si
Landic 2nd Bldg., 3-7-1, Nishi-shinbashi, Minato-ku, Tokyo
Headquarters
Western Japan OfficeNissay Shin-Osaka Minamiguchi Bldg., 5-14-5, Nishi-Nakajima, Yodogawa-ku, Osaka
Sales Office
Ebina R&D Center
Ebina Prime Tower, 2-9-50, Chuo, Ebina-shi,Kanagawa Prefecture
Design and Development Office
a-Si :Plants adopting amorphous silicon technologyLTPS:Plants adopting low-temperature polycrystalline
silicon technology
OverseasSalesSubsidiaries
OverseasManufacturingSubsidiaries
JDI Display America, Inc. San Jose, CA, USA
JDI Europe GmbH München, Germany
JDI China Inc. Shanghai, PRC
JDI Hong Kong Limited Kowloon, Hong Kong
JDI Taiwan Inc. Taipei, Taiwan
JDI Korea Inc. Seoul, Korea
Suzhou JDI Electronics Inc. Suzhou, PRC
Nanox Philippines Inc. Pampanga, Philippines
Kaohsiung Opto-Electronics Inc. Kaohsiung, Taiwan
Domestic Sites
Corporate Profile
Board of Directors (as of June 18, 2019)
Directors
President, Representative Director Yoshiyuki Tsukizaki
Senior Managing Representative Director Sadahiro Numazawa
Outside Director Takahisa Hashimoto
Outside Director Nobuyuki Nakano
Outside Director Ryosuke Kuwada
Company Auditors
Standing Company Auditor Takao Yasuda
Standing Company Auditor Kazuo Kawasaki
Outside Company Auditor Youichi Etou
Outside Company Auditor Toshiaki Kawashima
Overseas Business Locations
Outline
Company name Japan Display Inc.
Business start April 1, 2012
Capital 114.4 billion yen (as of March 31,2019)
Employees 10,085 (consolidated, as of March 31,2019)
Business Development, design, production and sale of small/medium display devices and related products
Headquarters 7-1, Nishi-shinbashi 3-chome, Minato-ku, Tokyo 105-0003, Japan
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180
0
90
1,200,000
600,000
02018/04 05 06 07 08 10 11 12 2019/01 0209 03 04 05 06
Trading volume (thousand shares) Share price(yen)
Basic Stock Information
Total number of authorized shares 1,840,000,000
Total number of shares issued* 846,165,800
Number of shareholders 83,017
Number of shares per unit 100
*JDI plans to propose to the extraordinary meeting of shareholders, scheduled to be held in September 2019, the amendment of the Articles of Incorporation to: (a) increase the total number of authorized shares to 3.38 billion shares, and (b) to enable class A preferred shares to be issued. Assuming the proposal is approved, JDI also plans to issue new common shares (840 million shares), 2nd series bonds with stock acquisition rights and preferred shares; JDI will also determine the necessity of issuing 3rd series bonds with stock acquisition rights.
Major Shareholders
Name of shareholders Number of shares Shareholding ratio (%)
Innovation Network Corp of Japan. 214,000,000 25.3
GOLDMAN SACHS INTERNATIONAL 66,142,200 7.8
Nichia Corp. 34,965,000 4.1
Sony Corp. 10,700,000 1.3
MLI FOR CLIENT GENERAL OMNI NON COLLATERAL NON TREATY-PB 9,810,600 1.2
Japan Trustee Services Bank,Ltd. (Trust Account 9) 9,443,400 1.1
Japan Trustee Services Bank,Ltd. (Trust Account 5) 9,298,500 1.1
Haneda Turtle Service Co., Ltd. 8,227,000 1.0
Akio Utsumi 7,861,200 0.9
The Master Trust Bank of Japan, Ltd. (Trust account) 7,034,300 0.8
Shareholding by Ownership
Category Number of shareholders Number of shares held Shareholding ratio (%)
Japanese individuals and others 81,733 360,041,080 42.5
Japanese financial institutions 17 48,745,800 5.8
Other Japanese corporations 788 290,109,000 34.3
Foreign institutions and individuals 433 127,254,942 15.0
Japanese securities firms 46 20,014,978 2.4
Ownership and Distribution of Shares
Japanese securities firms20,014,978 shares
2.4%
Foreign institutions and individuals127,254,942 shares
15.0%
Other Japanese corporations290,109,000 shares
34.3%Japanese financial institutions48,745,800 shares
5.8%
Japanese individuals and others360,041,077 shares
42.5%
Share price and trading volume (Month-end share price)
Stock Information(as of March 31, 2019)
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top related