Always Growing Stronger. Always Evolving.

56 Pages·2008·2.31 MB·English

EBARA CORPORATION
A n n u a l R e p o r t 2 0 0 8
For the Year Ended March 31, 2008
Always Growing Stronger.
Always Evolving.
Outline
Founded in 1912, EBARA CORPORATION is one of the world’s princi- program, in response to conditions in the matured market for domes-
pal manufacturers of transfer machinery for fluids and gaseous sub- tic public works construction. In the Precision Machinery business
stances, with particularly strong positions in pumps, compressors, segment, EBARA endeavored to improve profitability by lowering pro-
fans, and chillers. The Company is also a prominent contractor for curement costs and substantially tightening manufacturing manage-
environmental engineering and equipment, including water treatment ment and controls in order to make further improvements in the
systems and solid waste processing and utilization plants. profit margins of core products, including dry pumps and chemical
EBARA is a leading supplier of precision machinery to the semi- mechanical polishing systems.
conductor device manufacturing industry. Key products in this sector To grow together with all its stakeholders, the Company will
include chemical mechanical polishing systems, dry vacuum pumps, remain true to its traditions of offering products and services of the
and other equipment, such as wafer plating systems that assist the high quality expected of the EBARA brand, backed by a long and dis-
industry in meeting the demands of manufacturing the next genera- tinguished accumulation of technology and experience.
tion of semiconductor devices.
The EBARA Group, in the fiscal year ended March 31, 2008, in its Outline of the EBARAGroup
Fluid Machinery & Systems business segment, moved forward with
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tom pumps, compressors and fans, and standard pumps, and contin-
ued to strengthen its manufacturing systems. In the Environmental
Engineering business segment, EBARA focused especially on improv-
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ing profitability. These activities included reallocating its manage-
ment resources, including personnel, and taking steps to lower fixed
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Contents
Operating Highlights.....................................................................................................................................................1
Financial Highlights.......................................................................................................................................................2
Message from the Management....................................................................................................................................4
Dialogue with Investors.................................................................................................................................................8
At a Glance................................................................................................................................................................13
Review and Outlook
Fluid Machinery & Systems Company....................................................................................................................14
Environmental Engineering Company.....................................................................................................................16
Cautionary Statement with Regard toForward-
Looking Statements Precision Machinery Company...............................................................................................................................18
Certain of the statements made in this annual
report are forward-looking statements, which Governance Structure and Management Systems.........................................................................................................20
involve certain risks and uncertainties that could
cause actual results to differ materially from those Corporate Social Responsibility....................................................................................................................................24
projected. Readers are cautioned not to place
Financial Section........................................................................................................................................................26
undue reliance on these forward-looking state-
ments, which are valid only as of the date thereof. EBARA Global Network................................................................................................................................................50
EBARA undertakes no obligation to republish
revised forward-looking statements to reflect events EBARA History—Resolute Commitment to Research and Development..........................................................................52
or circumstances after the date thereof or to reflect
the occurrence of unanticipated events. Corporate Data...........................................................................................................................................................53
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Operating Highlights
topurchase new sites for purification facilities, shorten the time needed
Additional Capacity Comes Online at the Sodegaura Plant
forinstallation, and lower costs over the life cycle of the equipment.
The Elliott Group has expanded capacity and
installed large-scale machining centers at the EBARA’s Receives Order for Providing Long-Term Operating
Sodegaura Plant in response to recent strong and Management Services on a Subcontract Basis
demand for compressors and turbines in the The EBARA Group has been focusing on expanding its after-installation
booming oil and gas markets. All these new services for various types of facilities. One successful example was the
facilities were in operation at the end of Expansion and strengthening of receipt of an order from Kashiwa City for pro-
facilities at the Sodegaura Plant
March 2008, resulting in an increase of viding long-term operating and management
about 30% in manufacturing capacity. services for that city’s municipal waste pro-
cessing facilities. This is a major order, val-
EBARA Decided to Relocate the Haneda Plant ued at approximately ¥10 billion, that will
to the New Futtsu Plant involve the provision of operating services EBARA will provide operating
services on a subcontracting
EBARA has decided to relocate the Haneda Plant—which thus far has been over a 14-year period for an existing munici- basis for this waste processing
the principal manufacturing center for engineered pumps—to a new facility pal waste processing facility. facility in Kashiwa City, Chiba
Prefecture.
located in Futtsu City, Chiba Prefecture, by September 2010. The new plant
to be built in Futtsu will have world-class product development, design, and EBARA Began Volume Production of a Unique
manufacturing capabilities and will be positioned as the mother factory in Gas Abatement System for Reducing PFC Emissions
EBARA’s global production network. Now, In the Component Division of the Precision Machinery Company, EBARA
EBARA is designing the new factory that will has completed the development and field testing of an “F (fluoride) gas
specialize in producing internationally compet- captured abatement system (FDS) series” to efficiently treat PFC gases*
itive, high-value-added products, while con- used in the semiconductor manufacturing process.
sidering reducing the effects on the Because the FDS series does not generate waste-
An architect’s drawing of environment. EBARA is also aiming to position water and captured materials in this system can be
EBARA’s new manufacturing
the new Futtsu Plant as a center of its infor- reused for several purposes, this system contributes
center to be located in Futtsu,
Chiba Prefecture, which will be mation network that will lead and support the tominimizing the environmental burden.
positioned as the mother facility
in EBARA’s global production activities of the EBARA Group’s production EBARA started sales of this system this year as a
network.
sites in Japan and overseas. second volume production system followed by the EBARA’s FDS series
will contribute to the
combustion-type scrubber, such as the GDC and the
reduction of PFC emis-
EBARA Receives an Order for a Filtration Membrane G5. sions and wastewater
treatment loads in the
System Utilizing a Reverse Osmosis Process * CF, SF, etc. semiconductor manu-
4 6
facturing factories.
for a Water Purification Plant
EBARA received an order from Toyooka City for a membrane water filtration
EBARA Announces New Medium-Term Management Plan
system that will make use of the largest size osmosis process currently
available. One of the key features of EBARA’s osmosis Beginning in April 2008, EBARA has launched a new three-year management
filtration system is that it can supply high-quality drink- plan. EBARA has defined this three-year period as a time for “restructuring
ing water even from water taken from rivers that have the Group’s management foundation.” During the period of the plan, EBARA
been muddied because of special conditions in Japan, will focus on preparing for the implementation of subsequent medium-term
including the heavy seasonal rainfall in early summer plans that will usher in a “period for taking up the challenge of business
and during the times of typhoons. Inaddition, EBARA’s expansion.” Under the current plan, EBARA will aim to attain consolidated
osmosis systems can beinstalled in existing concrete netsales of ¥590 billion, operating income of ¥35 billion, and net income of
structures. These systems are well suited to the Reverse osmosis ¥14 billion by the final year of the plan, which will end on March 31, 2011.
membrane filtration
upgrading ofwater purification systems in medium- system for water (For further details, please refer to the section Dialogue with Investors.)
sized to large cities as they make it unnecessary purification plants
EBARACORPORATION ANNUALREPORT2008 1
Financial Highlights
EBARA CORPORATIONand Consolidated Subsidiaries Thousands of
Millions of yen U.S. dollars*
Years ended March 31 2008 2007 2006 2008
Net sales ¥567,191 ¥538,098 ¥514,957 $5,661,153
Operating income 6,017 13,249 10,902 60,056
Net income 7,609 5,446 3,350 75,946
Depreciation and amortization 15,316 12,842 12,450 152,870
Capital expenditures 22,381 17,917 14,838 223,386
Total shareholders’ equity** 151,237 151,242 153,695 1,509,502
Total net assets 155,263 154,970 — 1,549,686
Total assets 607,007 625,033 592,631 6,058,559
Interest-bearing debt ¥184,459 ¥213,349 ¥192,140 $1,841,092
Ratio of shareholders’ equity and net assets to
total assets (%) 24.9 24.2 25.9
Ratio of dividends to shareholders’equity (%) 41.6 58.2 82.3
Free cash flow 25,454 (1,006) (13,872) 254,057
Per share data:
Net income (yen and U.S. dollars) ¥ 18.01 ¥ 12.89 ¥ 9.11 $0.180
Cash dividends (yen and U.S. dollars) 7.50 7.50 7.50 0.075
Net assets and shareholders’ equity (yen and U.S. dollars) 358.01 357.97 363.68 3.573
Debt/equity ratio 1.22 1.41 1.25
ROE (%)*** 5.0 3.6 2.6
ROA (%) 1.2 0.9 0.6
* The U.S. dollar amounts are included solely for convenience and have been translated as a matter of arithmetical computation only at the rate of ¥100.19=US$1,
therate of exchange prevailing on March 31, 2008.
** The EBARA Group has applied “Accounting Standards for Presentation of Net Assets on the Balance Sheets” (ASBJ Statement No. 5, issued on December 9, 2005)
and “Guidance on Accounting Standards for Presentation of Net Assets on the Balance Sheets” (ASBJ Guidance No. 8, issued on December 9, 2005) from the fiscal
year ended March 31, 2007. The amount corresponding to total shareholders’ equity, according to the previous method of presentation, is ¥151,237 million for the
fiscal year 2008 and ¥151,242 million for the fiscal year 2007.
*** ROE: Net income/Average total shareholders’ equity of the beginning and end of the fiscal year.
From fiscal year 2007, total shareholders’ equity substitutes for total net assets in the calculation.
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Net Sales Net Income (Loss) Net Income (Loss) per Share
(Billions of yen) (Billions of yen) (Yen)
600 10 20
500 5
0
400 0
-20
300 -5
-40
200 -10
-60
100 -15
0 -20 -80
’04 ’05 ’06 ’07 ’08 ’04 ’05 ’06 ’07 ’08 ’04 ’05 ’06 ’07 ’08
Total Shareholders’ Equity Free Cash Flow Net Assets and Shareholders’ Equity
ROE/ROA (Billions of yen) per Share
(Billions of yen, %) (Yen)
180 10 30 400
150 5
20
300
120 0
10
90 -5 200
0
60 -10
100
-10
30 -15
0 -20 -20 0
’04 ’05 ’06 ’07 ’08 ’04 ’05 ’06 ’07 ’08 ’04 ’05 ’06 ’07 ’08
Total Shareholders’ Equity
ROA (right scale)
ROE (right scale)
EBARACORPORATION ANNUALREPORT2008 3
Message from the Management
“Re-generating Our
Preparing to Enter
1) Review of the Fiscal Year the impact of rising energy and raw material
During the consolidated fiscal year under prices as well as a decline in construction
review, the world economy as a whole contin- starts. On the other hand, conditions in the
ued to experience steady growth conditions, but public sector remained lackluster throughout
during the latter half of the fiscal year, signs of thefiscal year.
an economic slowdown began to appear as a Amid this operating environment, the EBARA
result of increases in prices of energy resources Group (the Group), in its Fluid Machinery &
and raw materials and spreading credit uncer- Systems (FMS) business, moved forward with
tainty in international financial markets. In the initiatives to strengthen its sales network in
U.S. economy, as a result of turmoil in financial global markets for custom pumps, compressors
markets resulting from the emergence of the and fans, and standard pumps, and continued
subprime housing loan issue, the decline in to strengthen its manufacturing systems. In
housing construction activity, and other factors, addition, the Group made the decision to move
the economy slowed. In the European econ- its Haneda Plant to a newly constructed facility
omies also, growth slowed as a consequence located in Futtsu City in Chiba Prefecture, with
ofinstability in financial markets. On the other the objectives of improving production efficiency
hand, in the newly emerging economies, cen- and reducing the emissions load on the environ-
tered around South America, East Europe, ment. In the Environmental Engineering (EE)
Asia, and the Middle East, economic business, EBARA focused especially on improv-
expansion generally continued. ing profitability. These activities included reallo-
In the Japanese economy, cating its management resources, including
signs of a recovery trend were personnel, and taking steps to lower fixed costs
in evidence as a result of through the implementation of a preferential
increases in private capital early retirement program, in response to condi-
investment and other develop- tions in the matured market for domestic public
ments following the improve- works construction. EBARA also adopted mea-
ment in corporate profitability; sures that included strengthening its capabilities
however, during the latter half of for making proposal-based sales and providing
the fiscal year, stronger signs of operation and maintenance (O&M) services,
aslowdown in private-sector which are areas where demand is expected to
demand appeared as a result of grow. In the Precision Machinery (PM) business,
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Business Platform,
Our Second Century”
EBARA endeavored to improve profitability by currency exchange rates and a decline in sales guarantees. Due to the registering of such
lowering procurement costs and substantially of standard pumps and blowers owing to a drop extraordinary items and the valuation reserve for
tightening manufacturing management and con- in the number of construction starts resulting deferred tax assets, consolidated net income
trols in order to make further improvements in from the implementation of a revision of Japan’s amounted to ¥7.6 billion, representing an
the profit margins of core products, including building code. In the EE business, additional increase of 39.7% over the previous fiscal year.
dry pumps and chemical mechanical polishing costs were reported in connection with the
2) Outlook and Strategies for the
(CMP) systems. Group’s decision to withdraw from the overseas
Fiscal Year Ending March 31,
The Group continued activities to restructure market for new orders for solid waste process-
2009
its business portfolio and organization. These ing facilities, and the profitability of work for the
included the sale of shares held in former con- domestic public sector declined as a result of The outlook for the overall market environment
solidated subsidiaries Matsubo Company, Ltd., more-intense price competition. In the PM busi- is for the world economy to show a decelerating
and Elliott Energy Systems, Inc.; the liquidation ness, sales declined as a result of requests from trend, as the United States and Europe continue
of Ebara Environmental International Co., Ltd.; customers for delays of equipment deliveries in to experience declining growth because of the
and measures to reorganize other associated the face of stagnant conditions in the semicon- influence of uncertainties in financial markets.
companies in the environment business. ductor market. The economies of Asia outside Japan, which
As the previously mentioned measures were As a result of these various developments, have reported high economic growth in recent
implemented, the Group reported an increase in the Group reported consolidated net sales of years, are forecast to show slower rates of
sales of the FMS business, supported mainly by ¥567.1 billion, 5.4% higher than for the previ- expansion as a consequence of the influence of
robust capital investment activities in overseas ous fiscal year; operating income of ¥6.0 billion, deceleration in the economies of the advanced
markets; a decline in sales of the EE business 54.6% below that of the prior year; and recur- countries. For the Group, conditions in the oil
because of increased competition for projects in ring income of ¥2.7 billion, 73.5% lower than and gas industries as well as the electric power
the domestic public sector; and a decline in for the previous fiscal year. Among extraordinary industry in the Middle East and Asia outside
sales of the PM business owing to lackluster items, the Group reported extraordinary gains Japan are expected to continue to be robust,
market conditions in the second half of the fiscal totaling ¥74.5 billion, including a ¥72.4 billion while public-sector demand in the wind power
year. As a result of these trends by segment, gain on the sale of tangible fixed assets. generation equipment business is also expected
total consolidated net sales increased over the Extraordinary losses amounted to ¥43.7 billion, to remain strong. On the other hand, a challeng-
previous fiscal year. Operating income posted a including a loss of ¥9.8 billion on the suspension ing market environment is forecast to continue
substantial decline from the previous year. The of specific projects, ¥13.6 billion in provisions to in the engineering business in Japan as condi-
principal factors accounting for this follow. In the reserve for losses on specific construction tions in the public sector remain difficult. In the
the FMS business, performance was adversely projects, and ¥5.2 billion in provisions to the precision machinery and electronics businesses,
affected by sudden fluctuations in foreign reserve for losses on construction completion concern remains regarding the trend among
EBARACORPORATION ANNUALREPORT2008 5
customers toward restraining capital investment sector market, which is the principal market NAND-type flash memories and microproces-
because of the weakness in the semiconductor forthe EE business’s services. However, within sors, but, if the current weakness in semicon-
product market. this market, demand for services to renew and ductor prices prevails for some time, memory
In the FMS business, although there is con- extend the useful lifetimes of environmental manufacturing plants, mainly in Asia, will con-
cern regarding foreign currency exchange risk in facilities is expected to expand. In addition, tinue to restrain their capital investment. Amid
overseas transactions, demand for compressors there is a trend among public-sector entities to these conditions, the PM business will aggres-
and various types of process pumps in the oil subcontract facilities maintenance, manage- sively introduce CMP equipment, for the most-
and gas industries in East Asia, the Middle East, ment, and operating services to private-sector advanced 45nm plants, which feature superior
and elsewhere is forecast to remain at a high companies, and steady growth is expected in productivity, while adopting the key phrases of
level. In addition, the market for infrastructure the after-sales services business for such public “energy conservation” and “reducing the load
improvement projects, including electric power facilities. In response to these trends in the on the environment” and working to expand
generation and seawater desalination, is expect- business environment, the EE business is offer- sales of emission-control systems, focusing
ed to expand, while demand for standard ing proposals for solutions to meet public-sector especially on dry vacuum pumps and emission-
pumps, principally in China, the Middle East, customer needs, building on its strengths, processing equipment. In addition, the PM busi-
and Southeast Asia, is likely to continue to be which include an extensive record of accom- ness will work to strengthen its product support
robust. In the domestic private-sector market, plishments in constructing and installing public- systems and improve efficiency to achieve high-
even though there are some concerns, including sector facilities as well as its capabilities for er levels of customer satisfaction.
possible delays in recovery of the construction offering O&M services through its nationwide Based on the previously mentioned policies
market owing to the impact of revisions in network. In addition, in response to customer and initiatives, the Group has set the objective
Japan’s building code, demand is expected to needs related to the sharp rise in oil prices and of reaching consolidated net sales of ¥560 bil-
continue for services to maintain and renew global warming, the EE business is strengthen- lion and ¥13.0 billion in operating income in the
facilities in the steel, petrochemical, and other ing its proposals for supplying methanol fermen- fiscal year ending March 31, 2009.
industries. Moreover, demand linked to the tation facilities using biomass as a basic
movement of domestic customers into overseas material, biomass boilers, and facilities combin- 3) Management Policies
markets is also expected to continue to be firm. ing methanol production facilities and boilers. GoingForward
On the other hand, demand in the public sector Toenhance its efficiency and price competitive- For the Group to attain the goals of its New
is expected to remain low. Amid these condi- ness, the EE business is also working to stan- Medium-Term Management Plan, which began
tions, in overseas markets the Group will work dardize its technology and designs, develop and in fiscal 2008 (ending March 31, 2009),
to expand its business activities in the electric promote packages of services, and promote strengthening the Group’s management founda-
power generation and infrastructure sectors, cost reduction both in manufacturing and con- tion has been positioned as a priority issue. The
and, working with its overseas subsidiaries, struction. As a result of these measures, the EE Group is, therefore, exercising selectivity and
business is working to restructure its earnings
implement various policies to capture demand concentration in the allocation of resources by
base by simultaneously achieving recoveries in
of Japan-affiliated companies. In the domestic withdrawing from unprofitable businesses and
orders and sales as well as reducing fixed costs,
public sector, the Group will further strengthen investing resources in businesses that have the
with the goal of achieving the breakeven point in
its marketing activities, drawing on its techno- potential of attaining high levels of profitability.
operating profit.
logical capabilities and, in the domestic private In the EE business especially, the Group is
In the PM business, the outlook for the semi-
sector, will substantially improve its after-sales focusing on profitability and is making changes
conductor manufacturing equipment market in
service systems and capabilities to bolster its in organizations and systems as well as reduc-
the fiscal year ending March 31, 2009, is for
earnings base. ing personnel to lower fixed costs.
cutting-edge customers to continue strategic
In the EE business, challenging conditions In addition, to achieve improved financial
capital investments, mainly in equipment for
areforecast to continue in the domestic public- soundness, the Group is implementing initiatives
6 EBARACORPORATION ANNUALREPORT2008
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Message from the Management
to reduce interest-bearing debt, increase share- from an independent evaluation committee
holders’ equity, and secure sufficient liquidity, composed of knowledgeable persons and is
as well as taking other measures to address determining legal responsibilities while also
financial issues. working to recover damages. Although a consid-
Regarding the compensation that the Group erable portion of damages has been recovered,
is seeking because of the notice of cancellation the Group is taking legal measures to recover
of a gasification incinerator construction project the remainder. In parallel with these activities, to
received from the Malaysian Housing and prevent a recurrence of such issues, the Group
Autonomy Ministry, negotiations are in progress has formed an independent committee of
to recover the Group’s claim for compensation. knowledgeable persons and is making prepara-
In addition, the Group is working to reduce addi- tions to implement the preventive policies that
tional costs that may arise in connection with will be decided. To ensure that such unethical
the InfraServe Hoechst project in Germany and behavior does not recur, the Group will
projects for which provisions have been made to strengthen its corporate governance and
the reserve for construction losses. endeavor to create a corporate culture that
We regret that, regarding the Group’s viola- emphasizes compliance.
tion of Japan’s Antimonopoly Act in fiscal 2006 We want to express our deepest regret to the
in connection with bidding for sludge-reprocess- many people who have been adversely affected
ing facilities, the Group was cited in September by these issues and to call on our shareholders
2007 by the Ministry of Land, Infrastructure and for their increased support and cooperation.
Transport for violation of Japan’s Construction
Law and received an order to cease certain July 2008
operations. In addition, judicial proceedings
were still ongoing regarding the Group’s viola-
tions of the Antimonopoly Act in connection with
sewage pump construction work for the Sewage Natsunosuke Yago
Commission of the City of Tokyo, which led to President and Representative Director
the Group’s exclusion from certain activities in
2003, and, in April 2008, the Group received a
decision requesting exclusion from certain activ-
ities. In view of these circumstances, the Group
made the decision not to engage in activities in
violation of the Antimonopoly Act. Moreover, the
Group has created a checking system for day-
to-day activities and is monitoring activities on a
continuing basis.
Regarding the improper use of Group funds
by former members of management, the Group
is investigating factual information and confirm-
ing the amount of damages involved. In addi-
tion, the Group has received recommendations
EBARACORPORATION ANNUALREPORT2008 7
Dialogue with Investors
Q1 How have you positioned your medium-term Q2 When you formulated your medium-term plan you
management plan E-Plan2010? emphasizedcertain “concerns.” Could you explain
A We prepared and issued our E-Plan2010 three-year medium-term what your concerns are?
management plan in November 2007 and began to implement it at A That is correct, when we formulated E-Plan2010 and, now, as
the beginning of fiscal 2008. Over the past 15 years, the EBARA Group has weare implementing it, we have four concerns that I would like to
taken on the challenge of aggressively entering new business fields, but, explain to you. The first of these is our “concern as a manufacturing enter-
asa consequence, has strained its financial position. That is why we have prise.” We believe that manufacturing and marketing superior “hardware”
defined the period covered by E-Plan2010, which goes through the end of and providing top-quality support for our products is the core that drives
fiscal 2010, as a time for aggressively restructuring our management foun- the business development of the EBARA Group. Therefore, we are going
dation. By that, we mean that this will be a time for reviewing our business towork to further polish our capabilities in areas where we are strong and
portfolio, strengthening our financial position, and addressing other man- aim to be a top-level, international manufacturer of industrial machinery.
agement issues. In addition, we have defined the period of the next busi- The second of these is our “concern for improving the environment.” We
ness plan that will begin in fiscal 2011 as a time of “preparation for plan to continue to provide products and services that conserve energy and
business expansion.” For this reason, under the current medium-term plan, help to preserve the natural environment. By doing this, we want to lend a
we plan to maintain the following three basic postures as regards our busi- hand in contributing to improvement in the earth’s environment and hand-
ness portfolio. First, in our existing businesses, where we have strengths, ing it over in good condition to the next generation. At the same time, we
we will work to increase profitability, but in those businesses where we also want to improve our own workplace environment, which is where we
cannot increase profitability, we plan to withdraw at an early date. Second, can experience self-fulfillment.
we will allocate our limited human resources to give priority to increasing The third is “concern for internal control systems and operating efficien-
profitability. Third, we will use our management resources effectively and cy.” The EBARA Group is working to enhance its internal control systems
allocate them on a priority basis to businesses that are profitable. At the with the goal of creating a corporate culture that emphasizes compliance.
same time, we will also use our resources as necessary to withdraw from This will not only increase the transparency of management but also, at
unprofitable businesses. thesame time, enable us to continue to improve operating efficiency.
Our fourth concern is expressed in our motto “EBARA walking with its
customers.” By having concern for our customers, we have been able to
grow as a company and as individuals. The EBARA Group will continue to
strive to have an accurate and future-oriented grasp of the needs of its
customers, which are changing with the times. By responding to customer
needs, we will aim to enhance customer satisfaction and, at the same time,
work toward the further development of the Group.
Of these four concerns, I would like to emphasize especially “concern
asa manufacturing enterprise” and “EBARA walking with its customers.”
In2012, we will mark the 100th anniversary of our founding as a company.
Over the century-long history of EBARA, the driver of our growth, I feel cer-
tain, has been “quickly providing our customers with the industrial machin-
ery they want.” However, somewhere along the way, we may have strayed
Chief Concerns in Implementing This Plan
1. The Groupís Concern as a Manufacturing Enterprise
2. Concern for Improving the Environment
3. Concern for Internal Control Systems and Operating Efficiency
4. Concern for Our Motto, “EBARA Walking with Its Customers”
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