We are the world's largest supplier of essential components and systems for automobiles, including air conditioners, fuel injection systems, starters, alternators, meters, and filters, among others.

Our sales and earnings thus tend to track trends in the automobile industry overall. That's what happened in the past fiscal year. Strong growth in sales and earnings in the Americas and Europe offset weakness in Japan and in other nations of Asia. Altogether, after-tax earnings were flat on a small increase in net sales.

We want to do better than "the automobile industry overall." So, we are focusing our product portfolio on high value-added technologies, especially in fast-growing applications for protecting the environment--our passport to the 21st century. And we are looking beyond traditional product categories: We are developing business in intelligent transport systems and even in non-automotive sectors, like cellular telephones.

How are we doing that?

In a word, with technology.

We dedicate this report to the technologies that will power our future.


July 1998


Tsuneo Ishimaru, Chairman


Hiromu Okabe, President & C.E.O.




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