[Company analysis] GS Yuasa Corporation (ジーエス・ユアサ コーポレーション)

「GS Yuasa Corporation (ジーエス・ユアサ コーポレーション)」is a global battery manufacturer, and has the top share in Japan for automobile and motorcycle batteries. This company was formed by business integration between「Japan Storage Battery Co., Ltd.(日本電池)」and「Yuasa Corporation(ユアサ コーポレーション)」 in 2004. The number of consolidated employees is approximately 14,415.

 

1. Company Profile

2. Summary and Features

3. Major Business

4. Financial Information

 

 

 

1. Company Profile

 

※Unit is JPY million, as of 2019

Company name	GS Yuasa Corp.
Company name (Japanese)	ジーエス・ユアサ コーポレーション
Date of establishment	1895
Headquarters location	〒601-8520 京都府京都市南区吉祥院西ノ庄猪之馬場町1番地
Capital	33,000
Consolidated sales	413,089
Consolidated operating profit	22,654
Consolidated total assets	384,243
Consolidated capital	207,708
Capital adequacy ratio	54.1%
Consolidated number of employees	14,415

 

 

 

2. Summary and Features

 
「Yuasa」has been producing storage batteries since 1915. Then, they started manufacturing Japan's first automobile battery. Now they are focusing on relatively large power supply devices such as automobile batteries, industrial batteries, special batteries and fuel cells. They have the second largest share in the world for automobile storage batteries and the world's top share in motorcycle lead storage batteries. 「GS Yuasa」is the first company who succeed in massproduction of Lithium-ion batteries, which are often used in electric vehicles and have relatively small environmental bad impact.

By that,「GS Yuasa」is known for its battery business, but they also have backup power supply system business or uninterruptible power supplies business and those are also top class in Japan. In addition, they have been supplying batteries to the F1 team "McLaren" headquartered in the UK since 1991, and have also expanded into the aerospace field by supporting batteries for satellites and space stations.

From FY2016, they integrated the lead acid battery business with「Panasonic Corporation(パナソニック)」, and sales in this field have expanded further. Sales of lead-acid batteries for idling stop automobiles, which have been rapidly increasing recently in Japan and overseas. In this way, they have a high market share in the automotive battery business with stable profits.


It is expected that the lithium-ion battery market will expand, not the lead battery. However, in the lithium ion battery business,「GS Yuasa」does not manufacture the "cell" that is the core component, but only assembles it. So their cost competitiveness is relatively weak. From now on, there will be a high possibility that overseas competitors, who are using the low price as a weapon, may enter the lithium-ion battery market. To counter this,「GS Yuasa」has also started operation of its automotive lithium-ion battery plant in Hungary in October 2019.

 

 

 

3. Major Business

 

■ Storage battery
They also handle special batteries such as lead batteries for automobiles / motorcycles / industrial vehicles, lithium-ion batteries for EV / HEV / PHEV / aerospace and seawater batteries.

■ Power supply device
They handle emergency power supplies and solar power generation systems.

■ Other business
They develop and manufacture sewage treatment equipment and UV survey system.

 

 

 

4. Financial information

 

※Unit is JPY million

		2016	2017	2018
Consolidated sales		359,605	410,951	413,089
Consolidated operating profit		23,106	21,920	22,654
Consolidated total assets		370,508	391,324	384,243
Consolidated net assets		188,155	205,638	207,708
Breakdown of sales	Storage batter for vehicles (Japan)	67,598	89,240	91,460
	Storage batter for vehicles (Overseas)	170,613	187,625	187,111
	Industrial power supply device	72,765	72,187	69,984
	Lithium-ion batteries for vehicle	39,305	44,784	45,585
	Others	9,323	17,113	18,947