AND SanwaHD Integrated Report en 2017.pdf

SANWA HOLDINGS CORPORATION
For the year ended March 31, 2017
INTEGRATED REPORT 2017
VALUE
CREATI N,
GL BAL
EXPANSI N

Value Creation,
Global Expansion
Message from the Chairman..................... 2
A History of Value Creation....................... 4
Value Creation Model............................... 6
The Sanwa Group in Our Lives.................. 8
Worldwide Value...................................... 10
Quantitative Value of the Sanwa Group...... 12
Introduction
P2
Mid-Term Management Plan..................... 14
Message from the President..................... 16
Strategies
P14
Contents

INTEGRATED REPORT 2017 1
Japan........................................... 20
North America............................... 24
Europe.......................................... 27
Asia.............................................. 30
Initiatives by Region
P20
Forward-looking statements:
This report includes forward-looking statements pertaining
to expectations, plans, strategies, management goals, future
performance, expenses, revenues, income and other forecasts
formulated on past experiences. Forward-looking statements
necessarily entail some degree of uncertainty, and the content
conveyed in the results as well as underlying factors identified in
the report may differ materially from actual results depending on
changes in those factors.
Reporting period:
Fiscal years are years ended March 31 of the following calendar
year. For example, fiscal 2016 is the year ended March 31, 2017.
Editorial policy:
To present the Sanwa Group’s management and corporate
activities, we have published this Integrated Report. It includes
non-financial information such as corporate social responsibility
activities in addition to information on management direction and
strategy and review of operations. In editing this report, we have
referred to the “International Integrated Reporting Framework”
proposed by the International Integrated Reporting Council (IIRC).
Corporate Governance................... 38
Messages from Outside Directors.... 45
Management Team........................ 46
Management
P38
12-Year Summary............................. 48
Financial Section
P48
The Foundation
Supporting Growth
P32
Corporate Data
P76
Convenience
Safety
Security
The Sanwa Group is committed
to offering products and services
that provide safety, security and
convenience to further contribute
to the prosperity of society.

Toshitaka Takayama
Representative Director, Chairman & CEO
Message from the Chairman
As a major global player
in the access systems industry,
we will promote globalization
and multi-product sales
initiatives and earn the trust of
customers to realize safety,
security and convenience
worldwide.
2

Introduction
The Foundation
Supporting Growth Financial Section
Strategies Initiatives by Region Management Corporate Data
Safety, Security and Convenience through Access Systems
Access systems, the product of the Sanwa Group, are typically made to
order, and they only demonstrate their value by moving as expected when
required. Therefore, rather than simply developing, producing and selling
products, we need to provide customized installation and after-sales
service to realize safety, security and convenience. This is why the Sanwa
Group has set up an extensive sales and installation network throughout
Japan and takes great care in delivering products to our customers. We
also introduced a 24-hour full-time service (FTS) system ahead of other
players in the industry to handle customer requests 365 days a year and
increase customer satisfaction.
Our business takes dedication and is extremely time-consuming, and
although it may appear inefficient, these efforts have led to increases in
customer trust and have been the driving force behind the Sanwa Group’s
growth. This trust is also the key for further growth as the leading company
in Japan and a major global player, and we will continue to provide safety,
security and convenience worldwide in all of our activities including
installation and after-sales service.
Accelerating Value Creation through the PDCA Cycle
The Sanwa Group has promoted globalization and multi-product sales
initiatives to become a major global player in the access systems industry.
We are proud that our policies were correct and plan to accelerate our
efforts in the future.
The key for achieving this is “PDCA.” All employees value the PDCA
cycle in their work above all else, and I myself continue to stress its
importance in both business and the life plans of our employees. I believe
that our Group companies overseas have also built a solid foundation for
growth due to the integration of the PDCA cycle.
We will continue to work at being a major global player in the access
systems industry, maintaining an open and friendly corporate culture, and
accelerating the PDCA cycle. We will also make further improvements and
realize safety, security and convenience worldwide. We will earn the trust of
our customers and all our stakeholders including shareholders, in order to
improve corporate value through these value creation activities.

4
Ordinary Income
¥7.5 billion
FY1986
The Beginning of the Shutter Industry
1960s-1970s
Sanwa Shutter Manufacturing Co.,Ltd. began manufacturing
lightweight shutters in 1956 near the Sanwa Market in
Amagasaki, Hyogo. It encompassed both manufacturing and
sales, and business grew from the beginning. We established
a leading position in the shutter
industry in 1965. Our
production capacity grew to a
world-class level with the
construction of six factories.
Increasing the Value of Access Systems as a
Comprehensive Construction Materials Company
1980s
The Sanwa Group became a
major player in four markets:
shutters, doors, residential
construction materials and
partitions. We deployed 24-
hour full-time service (FTS)
throughout Japan so that
customers would be able to
use our products with greater
peace of mind. We also began
entering overseas markets,
starting with Hong Kong.
We acquired Overhead Door Corporation, a major U.S.
door manufacturer after deepening ties over many years,
including a licensing agreement concluded in 1974.
Through the addition of new businesses boasting leading
shares in the United States, we proceeded with collaborative
product development and sales, as well as expansion into
new markets.
1983
“White,” a residential front door
Expanding Business with a Stronger Presence
in Overseas Markets
1990s
1990 “Big Door,” a large-door for large openings
1968 Grille shutters
Net Sales ¥224.4 billion
Ordinary Income
¥16.3 billion
Ordinary Income
¥1.9 billion
FY1996
FY1996
FY1986
FY1976
FY1976
FY1966
Net Sales
Ordinary Income
Photo of the Company at
the time of its founding
1996 Acquisition of
Overhead Door Corporation
1982 FTS poster
Ordinary Income
¥0.2 billion
FY1966
The Sanwa Group’s DNA
Manji Takayama founded Sanwa Shutter
with a fundamental ethos of passion,
trust and diligence. We have earned the
trust of society by not taking the easy
road as we steadily build the foundation
of the Company.
The Sanwa Group formulated its mission, corporate philosophy and
behavior guidelines in 2002 in light of its corporate growth and
business expansion. We are focusing on safety, security and
convenience in providing products and services that satisfy customers.
The Sanwa Group celebrated its 60th year in business in April 2016. Guided by our mission of offering products and services
that provide safety, security and convenience to further contribute to the prosperity of society, we will implement a new
global strategy to generate additional growth.
A History of Value Cre

Introduction
The Foundation
A Structure for
One-Stop Solutions
Global Network
PDCA Cycle Integration
Responding to Diverse Lifestyles and Needs
through Multi-Product Development
2000s-2010s
In 2003, the Novoferm Group, which has a large
presence in Europe, joined the Sanwa Group.
We will grow into a leading global brand by pursuing
business and regional diversification, in addition to
expanding and growing our core businesses through the
development of multiple product types. Realizing Safety, Security and
Convenience Worldwide
We formulated our long-term management vision,
Sanwa Global Vision 2020, in fiscal 2013. We will
increase corporate value with the aim of providing
safe, secure and convenient products and services to
customers worldwide as a major global player in the
access systems industry.
Net Sales
FY2017
Net Sales
¥353.9 billion
FY2016
Ordinary Income
¥19.0 billion
FY2006
Ordinary Income ¥25.2 billion
FY2016
Ordinary Income
¥29.7 billion (Forecast)
FY2017
Product Lineup
Installation Capabilities
Strengths Developed
2006 “Ifudodo” aluminum
garage door
2009 Sanwa Group Test
Center completed
ation
FY2006
¥383.0 billion (Forecast)

6
Promote global management
from the initial phase to the
leaping stage
1. Become definite No. 1 brand
in Japan, the U.S. and Europe
2. Establish a business model for
service business
3. Expand shutter & door business
in emerging markets, spotlighting
Asia, and make them grow to be
top brands
4. Promote realization of Group
synergy in global markets
Goals
Sanwa
Global Vision
2020
To offer products and services that provide
safety, security and convenience as a major
global player in the access systems industry.
The Sanwa Group’s Business
Process and Strategies
Strengths Developed
Our expansive product lineup that meets the
diverse needs of customers and society has a
strong reputation.
Product Lineup
With an integrated system from product
development to sales, manufacturing, installation
and maintenance, we have established a
comprehensive solutions structure.
A Structure for One-Stop Solutions
A system and culture of rigorously following the
PDCA cycle with respect to every issue we face
is well established in the Sanwa Group.
PDCA Cycle Integration
We hire and train installation technicians, and
currently have a nationwide network of more
than 3,600 installers to maintain and enhance
product value. This allows us to provide
expert installation services nationwide.
Installation Capabilities
With operations in 24 countries and regions and
nearly 60 production bases, we are building a
position as a major global player.
Global Network
Value Creation Model
The Sanwa Group creates value to fulfill its mission of offering products and services that provide safety, security and
convenience to further contribute to the prosperity of society and resolve global social issues.

The Sanwa Group’s Mission
Offer products and services
that provide safety, security and
convenience to further contribute
to the prosperity of society
Safe living with protection
from disaster
Secure living with protection
from crimes against people
and property
Comfortable living through
easy-to-use access systems
Reliable Management
A sincere corporate culture that earns the
trust of society through safety, security,
absolute compliance and other features
Reliable Business
Performance
Major progress by enhancing
competitiveness with a focus on
Japan, North America and Europe
For Strategies, see p. 14
For Initiatives by Region, see p. 20
For The Foundation Supporting
Growth, see p. 32
For Management, see p. 38
Introduction
The Foundation
The Sanwa
Group’s Business
Process
Development
Manufacturing Design
Sales
Maintenance
Services
Procurement
Installation

1
2
4
3
6
5
We provide overhead sliding
type, rolling shutter type
and detached garage doors,
in addition to flexible design
models with a wood grain or
flat aluminum finish. Our
garage doors are locally
produced and sold in Japan,
North America and Europe.
We offer a range of mail
boxes for offices and
housing complexes.
Designed to provide beauty
in both form and function,
our mail boxes are an
aesthetically pleasing
addition to any building
entrance.
Garage doors
Mail boxes
1
4
Japan: ★★
Japan: ★★
North America: ★★★
Europe: ★★★
We manufacture and sell
garage door and commercial
overhead door openers.
These products are mainly
handled by the Overhead
Door Corporation in North
America and Novoferm in
Europe.
Door openers
2
Automatic doors are
installed in commercial
facilities and condominium
entrances to enable safe
and smooth access. Another
major security feature is
their ability to prevent
trespassers from entering.
Automatic doors
5
Japan: ★★
North America: ★★
We provide anti-crime and
safety steel doors for installation
in the entrance ways of
condominium buildings. Some
of these doors are also
customized for ventilation
devices and salt damage
prevention. These doors also
have a high degree of design
ﬂexibility, with attention paid to
their surface materials in
addition to their color.
Condominium doors
3
Japan: ★★★
These are the doors and
windows installed at the
entrances of buildings,
which make up the facade
of the building. They require
both design flexibility and
functionality.
Aluminum/stainless steel facades
6
Japan: ★★★
Note: The number of stars (★) indicates the market size of each product. In addition, ranking indicates market position of each product.
(Market size and market position are Company estimates.)
No.3
No.2
No.3
No.1
Japan: ★★
Europe: ★★
No.1
No.2
No.2
No.2
No.2
The Sanwa Group in
As a major global player in the access systems industry, the Sanwa Group supports the safety, security and convenience of
society. The Sanwa Group’s products are used in a wide variety of locations, including homes, stores, large buildings,
factories, medical facilities and public facilities, and we are working to further increase their value.
8

8
12
7
9
11
10
Shutters can be installed in a
wide variety of applications,
such as factories, warehouses,
garages and shops.These
shutters provide crime prevention
performance, and we offer a wide
variety of products that have fire
prevention and smoke prevention
characteristics, as well as
decorative window shutters that
make a pleasant addition to
residential living spaces.
These lightweight and
convenient hanger-type doors
open smoothly and easily, and
provide high security. Since the
floor surface remains flat,
wheelchairs can safely pass
through. This supports patient
care at medical facilities.
Shutters
Sliding doors for medical/welfare facilities
7
10
Japan: ★★★
Japan: ★
North America: ★★★
We provide steel doors for
installation in the entrances of
offices, commercial facilities
and medical facilities, including
products with a high degree
of design flexibility. In addition
to their inherent security and
functionality, these doors offer
the fireproof and soundproof
performance required in urban
development.
Steel doors
8
Japan: ★★★
Europe: ★★★
Industrial sectional doors are
installed for storage
applications, and enable a
panel to be slid along a guide
rail. We offer insulated
sectional doors to retain heat
and cold, and a wide range of
functionality and panel types
to handle various applications.
Industrial sectional doors
11
Japan: ★
Europe: ★★★
Our partitions enable
various types of panels to
be combined according to
the requirements of each
location and application. They
allow our customers to freely
change the layout of spaces
and also provide fireproof and
soundproof performance.
Partitions
(for schools, offices and toilet booths)
9
Japan: ★★★
Also known as “shutter
curtains,” they feature resin
sheets that cover the opening.
When installed in conjunction
with a heavy-duty shutter in
the loading dock of a factory
or warehouse, they can open
at a speed of 2.5 meters per
second, and they can also
increase the effectiveness of
air conditioning.
High-speed sheet shutters
12
Japan: ★★
Europe: ★★
No.1
No.1
No.1
No.2
No.1 No.1
No.1
No.2
No.1
Our Lives
Introduction
The Foundation

Worldwide
Value
Since we established Sanwa Shutter Hong Kong in 1986, the
Sanwa Group has been pursuing global expansion ahead of
other Japanese companies in the industry. As a major global
player in the access systems industry, we conduct business in
24 countries and regions worldwide, with a particularly strong
presence in our three major regions of Japan, North America and
Europe.
We acquired Novoferm, the number-two door and garage-door
manufacturer in Europe, in 2003. Germany accounts for about
half of Novoferm’s sales, followed by France, Italy, the
Netherlands and other countries. With our acquisition of Alpha
Deuren International B.V. in 2014, we also have the number-two
market share in the European industrial sectional door market.
Number of Countries
24
countries & regions
44.4%
Overseas Sales Ratio
Number of Production Bases
60sites
¥53.4billion
Net Sales
Europe
NO.2
■ Garage doors
Major Products
■ Hinged doors
■ Industrial sectional doors
10

Introduction
The Foundation
Sanwa Shutter Corporation holds the top market share for both heavy-duty and
lightweight shutters, as well as steel doors. In addition, virtually all of its shutters and
doors are made to order. With more than 3,600 installers across the country, it has
built a robust sales and installation network that allows it to respond to customers
with a high degree of ﬂexibility and expertise. For steel doors, Sanwa Shutter is
solidifying its position as a comprehensive access systems manufacturer by
cultivating products to follow its partitions, automatic doors and other shutters and
doors with heavy-duty steel doors, primarily individual front doors for condominium
buildings, doors for medical and welfare facilities, and ﬁre doors for commercial
facilities and other buildings as part of its multi-product sales initiatives.
In 1996, we acquired Overhead Door Corporation of the U.S., an
industry pioneer established in 1921. This company has as
many as 450 authorized distributors throughout the U.S., and its
customers include access systems dealers, major home
improvement stores, large commercial facilities nationwide,
construction companies, and installation companies that provide
installation services directly to households. The company has
maintained a leading market share in the garage door and
commercial door industries since we acquired it.
¥206.7billion
Net Sales ¥103.8billion
Net Sales
Japan North America
NO.
1 NO.
1
■ Shutters
■ Steel doors
Major Products
■ Garage doors products
■ Commercial doors
Major Products
■ Stainless steel products
■ Aluminum store fronts
■ Commercial
shutters
Note: Regional net sales include inter-segment sales.

In fiscal 2016, which was the first year of our Second Three-Year Plan, sales and operating income decreased, the
operating income ratio improved and Sanwa Value Added (SVA) declined slightly. However, net income attributable to
owners of the parent company reached a record high and ROE was up 1.3% year on year due to improved
extraordinary income/loss and a reduced effective tax rate. Dividends per share increased for the fifth consecutive
fiscal year to ¥25, with a payout ratio of 33.5% (target ratio of 35%). The debt/equity ratio improved slightly, while free
cash flow increased substantially.
Although operating income decreased, ROE and other financial indicators improved,
and dividends increased for the fifth consecutive fiscal year.
Financial Indicators
Operating Income Operating Income Ratio Net Income Attributable to Owners
of the Parent Company
ROE
Cash Dividends per Share Payout Ratio
10
10
13
13
16
16
23*
23*
36.5
33.4
30.7
29.6
0.63
0.63 0.61
0.61
0.54
0.54
2012 2013 2014 2015
2012 2013 2014 2015
0.53
0.53
2016 2012 2013 2014 2015
*Our unique indicator of added value.
((Net operating profit after tax (NOPAT) ò Invested capital ×
Weighted average cost of capital (WACC) (6%)) *Includes special 60th anniversary dividend (¥3)
5,410
5,410
12,857
12,857
(Millions of yen / %)
2016(FY) (FY)
25
25
33.5
33.5
2016 (FY)
(FY) 2012 2013 2014 2015 2016 (FY)
(Yen / %)
(Millions of yen)
(Times)
7.9
7,181
7,181
10,161
10,161
9.6
10.7
2016
17,070
17,070
12.7
12.7
8,290
8,290
8,057
8,057
1,870
1,870
11.4
14,627
14,627
7,770
7,770
0.70
0.70
Net Income Attributable to Owners
of the Parent Company & ROE
2006 2007 2008 2009 2011 2012 2013 2015
2014
2010
7.5
7.5
26,440
26,440
7.3
7.8
6.6
3.6
5.3
1.9
2.4
3.0
5,624
5,624
4,562
4,562
8,855
8,855
18,575
18,575
8,070
8,070
26,870
26,870
15,887
15,887
20,649
20,649
26,334
26,334
5.5
4.9
14,174
14,174
Operating Income & Operating Income Ratio
Sanwa Value Added* (SVA)
Debt/Equity Ratio
Cash Dividends per Share &
Payout Ratio
(Millions of yen / %)
Quantitative Value of the Sanwa Group
12

Due to business expansion, the number of employees has now
surpassed 9,000. The number of installers at Sanwa Shutter totaled
more than 3,600 as new construction work is anticipated for offices and
other projects and Sanwa Shutter is adding new installers each year to
handle the new mandatory inspections for fire prevention equipment.
CO2 emissions fluctuate in accordance with sales numbers, but we are
enhancing our efforts to reduce emissions at Group companies.
We are steadily strengthening our foundation for growth
and working to improve our long-term corporate value.
Non-financial Indicators
Japan Overhead Door Corporation Novoferm
2012 2013 2014 2015
(4,776)
(4,776)
25,660
25,660
2016
15,664
15,664
(FY)
(Millions of yen) (Tons)
2012 2013 2014 2015
22,003
22,003
8,302
8,302
25,245
25,245
Note: CO2 emissions are calculated from the
consumption amounts of electricity, gas,
gasoline, diesel fuel and kerosene.
9,542
9,542
4,293
4,293
7,116
7,116
7,727
7,727
2012 2013 2014 2015
(Millions of yen)
8,127
8,127
2016(FY)
8,096
8,096
29,757
29,757 29,081
29,081
2016 (FY)
(FY)
27,946
27,946
2007 2008 2009 2010 2012 2013 2014 2015
2011 2016(FY)
8,737
8,737
4,000
4,000
3,500
3,500
2012 2013 2014 2015 2016
9,051
9,051
8,790
8,790
8,546
8,546
8,372
8,372
8,387
8,387
8,521
8,521
8,330
8,330
8,793
8,793
7,905
7,905
CO2 Emissions (Japan)
Capital Expenditures Number of Employees (Consolidated)
Free Cash Flow Number of Installers (Sanwa Shutter)
Introduction
The Foundation

Strategies
Three years to strengthen our competitiveness
as a “Major Global Player.”
１ Strengthen our competitiveness and establish top brands in
Japan, the U.S. and Europe
2 Strengthen our service segments and expand our business model
3 Strengthen our Asian business base
4 Realize a competitive advantage through our global operations
5 Maintain and improve our corporate culture to earn the trust
of society
Status of the Second Three-Year Plan (FY2016-FY2018)
2020
2016
2013
2018
1956
Leaping
FY2013-FY2015
Sanwa Global Vision 2020
To offer products and services that provide
safety, security and convenience as a
“Major Global Player”
in the access systems industry.
Three years to establish basis for becoming a
“Major Global Player”
Status of the First Three-Year Plan
Challenge
Mid-Term Management Plan
Main objective of the Second Three-Year Plan (FY2016 – FY2018) is to enhance our industrial competitiveness as a “Major Global
Player” in the access systems industry.
FY2018 Plan
Net sales ¥410.0 billion
Operating income ¥37.0 billion
Operating income ratio 9.0%
ROE 15.0%
SVA ¥12.8 billion
Shareholders’ equity ratio 42.0%
Debt/equity ratio 0.40 times
Numerical Targets in FY2018
Both sales and profits expected to continue to hit record highs.
Set the operating income ratio target of 9% and improve the earnings
base to reach 10% in FY2020.
Set the ROE target of 15% while maintaining a stable financial base
such as a debt/equity ratio of 0.4 times.
１
2
3
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
43.1% 42.1% 36.9% 38.1% 43.3% 41.0% 39.3% 41.7% 43.9% 44.7% 44.4% 44.4% 44.5%
(Billions
of yen)
(Billions
of yen)
36.7%
Overseas Sales Ratio
Overseas OI Ratio 38.1% 26.7% 25.6% 53.9% 48.4% 33.2% 28.8% 29.7% 30.1% 37.9% 37.0% 36.9%
Overseas Sales (left scale)
Domestic Sales (left scale)
Operating Income (right scale)
Net Income Attributable to Owners of the Parent Company (right scale)
(FY)
(5)
0
5
10
15
20
25
30
35
40
0
50
100
150
200
250
300
350
400
450
Sanwa Global Vision 2020
Second Three-Year Plan
Forecast for FY2017 and FY2018
Reliable Business Performance
14

Introduction
The Foundation
Status of the Second Three -Year Plan (FY2016-FY2018)
Expand our core business and achieve growth
by reinforcing our business base
Shift from the stage of establishing the business
base to the stage of increasing profitability
1
2
3
Grow and strengthen our core business
(doors and door openers)
Promote forward integration strategy
Expand international business
Maintain the profitability of core products and achieve
growth through multi-product sales initiatives
1
2
3
4
Strengthen existing business
Grow the business by enhancing multi-product
sales initiatives
Business enhancement/expansion through Group
cooperative activities
Respond to new periodic inspection reporting
system for fire prevention equipment
“NF3.0” strategy to establish a base for
profitable growth focused on core products
1
2
3
4
Improve Novoferm corporate management
Expand fireproof doors to all EU markets
Expand industrial door business
Gain market share of sectional garage doors
1
2
3
4
Aim to become the top-share manufacturer
in key markets
Further promote localization
Strengthen cooperation activities among
Group companies
Increase sales opportunities through
cross-border cooperation
Global Synergy
Expand Group procurement activities Conduct corporate management
with integrity
Enhance global sales network
Product development targeting the
global market
1 1
2
3
Strengthen corporate governance
Promote compliance and
improvement of quality and safety
2
3
Service
Strengthen our service segments and
expand our business model
Provide services that meet customer
needs in each market
1
2
Acquire new customers and expand
installation and service business
3
Compliance
Japan
Europe
North America
Asia
Three years to strengthen our competitiveness as a “Major Global Player”

Yasushi Takayama
Representative Director,
President & COO
I am Yasushi Takayama, and I became president and
COO of Sanwa Holdings on April 1, 2017.
After working at a financial institution, I joined Sanwa
Shutter Corporation (now Sanwa Holdings) 10 years
ago and was involved in work that included product
development, procurement restructuring and overseas
business. After that, I helped formulate the mid-term
management plan as the executive in charge of
corporate planning, and have had many opportunities
to talk with our shareholders and investors as the
person responsible for IR. This valuable experience has
enabled me to learn firsthand what stakeholders want
and expect from the Sanwa Group.
I would like to talk about my approach to
management as president. Although it is a very
abstract concept and may seem obvious, I believe
that a company must bring happiness to its
stakeholders. This includes the customers that
ultimately use our products, but also our more than
9,000 employees, associated companies, installers
and other business partners. It also includes the
shareholders and investors who have expectations for
our company. I strongly believe that we must increase
our corporate value and maximize returns in order to
make all stakeholders happy, offer safety, security and
convenience to our customers, provide meaningful
employment and personal growth to our employees,
and meet the expectations of our shareholders and
investors. Therefore, continuing to increase profit from
a long-term perspective is a major responsibility. Based
on this philosophy, the Sanwa Group seeks to create
value by increasing two kinds of reliability: reliable
business performance and reliable management,
which includes compliance and corporate
governance.
I do not feel a need to drastically change existing
policies regarding the direction of the Group. We will
continue our numerous innovations to advance
Promoting “Sanwa Global Vision 2020” to offer
safety, security and convenience through
products and services that meet the needs of
our customers worldwide is the Sanwa Group’s
approach to value creation.
We will continue our efforts to become a major
Message from the President
We will increase profit and growth from a
long-term perspective for the happiness of
our stakeholders.
From the New President
16

globalization and multi-product sales initiatives as we
grow into a major global player in the access systems
industry. On the other hand, the social landscape and
the views of our customers are changing, and
employee values are diversifying. So we also need to
maintain a corporate environment that is quick to
respond to external changes and able to fully utilize
human resources. I believe that my role is to create
such an organization.
“Sanwa Global Vision 2020” aims to bring our global
group management to a new phase of growth. I was
heavily involved in its formulation as the executive
responsible for corporate planning, and placed
importance on sharing the process with our employees.
The Second Three-Year Plan, which we are
currently implementing with the aim of enhancing our
competitiveness as a major global player, contains five
priority goals based on the theme “Leaping.”
First, it involves consolidating our position as a top
brand by further enhancing the competitiveness of our
core business in Japan, North America and Europe by
promoting multi-product sales initiatives and
reconfiguring our businesses. In order to expand the
business model we cultivated in Japan, which features
vertical integration from production to installation and
after-sale service, we will also establish and strengthen
the foundations of our downstream businesses and
service operations outside Japan. In support of global
expansion, we will strengthen our business base in Asia,
which will become our fourth key market, and pursue
global synergy in areas such as procurement and
product development. Finally, we will strive to improve
corporate governance in order to maintain and improve
a corporate culture that earns the trust of society.
We must focus on the ability of our employees to
execute the above strategies. As indicated by the
aforementioned “two kinds of reliability,” our corporate
culture is extremely goal-oriented, and is defined by
its seriousness in focusing on the PDCA cycle.
However, because the future will be characterized by
rapid change and employees will need to act more
proactively, we are now in the process of evolving our
organizational management to ensure that all
employees can work with a full understanding of and
commitment to our strategies. In particular, we plan to
focus on cultivating the abilities of middle
management since it is important that they can fulfill
their potential and lead the organization.
In fiscal 2016, the first year of our Second Three-Year
Plan, although we worked Group-wide to accomplish
tasks, our performance was not satisfactory because
of unexpectedly difficult conditions in the Japanese
market due to changes in demand.
Net sales decreased by 3.2% compared with the
previous fiscal year to ¥353.9 billion and operating
income decreased by 1.6% to ¥26.4 billion. By
contrast, net income attributable to owners of the
parent company increased by 16.7% to a record ¥17.0
billion as other expenses were less than expected.
Dividends per share increased by ¥2 from fiscal 2015,
as planned, to ¥25 (a payout ratio of 33.5%).
Reviewing our business performance in fiscal
2016, sales decreased because a temporary drop in
construction activity in Japan resulted in relatively few
housing completions and property deliveries, which
had a significant impact. On the other hand,
performance in our partition business and
maintenance and service business remained solid. In
the United States, sales increased in our mainstay
door business, backed by a strong residential market.
The automatic door and installation and service
businesses also achieved sales growth. Sales in the
United States increased on a local currency basis, but
decreased when translated into yen due to the effect
of the strong yen. In Europe, the recovery of the
European market overall and the consolidation of
Norsud Gestion S.A.S, which we acquired in June
2016, led to a substantial increase in sales. Operating
income in Europe increased both on a local currency
basis and in yen.
The progress we have made in our various
strategies indicates that the PDCA cycle is basically
operating smoothly. Progress in fiscal 2016 and our
future plans are outlined on the following pages.
Our Second Three-Year Plan aims to enhance
our competitiveness as a major global player.
We are focusing on advancing strategies with the
understanding and commitment of our employees.
Long-Term Management Vision and
Second Three-Year Plan
Despite struggling with changes in the operating
environment in Japan during fiscal 2016, we made
steady progress with our overall reforms. We will now
accelerate the advancement of our priority goals.
Progress with the Second
Three-Year Plan
Introduction
The Foundation

Net Sales and Forecast by Sector
Forecast
FY2015
YoY
Change
FY2016
YoY
Change
FY2017
YoY
Change
Net sales 365.6 +26.6 353.9 -11.7 383.0 +29.1
Operating
income
26.87 +0.54 26.44 -0.43 30.3 +3.86
Net income
attributable to
owners of the
parent company
14.63 +1.77 17.07 +2.44 19.2 +2.13
Cash dividends
(yen)
23* +7 25 +2 30 +5
FY2017 Forecast
*Includes special 60th anniversary dividend (¥3)
(Billions of yen)
Japan
Completion of large-scale projects in Japan is expected
to return to a normal pace, and looking at the balance
of outstanding orders, sales should begin to recover
in the second half of the fiscal year. However, in the
current environment of rising global steel prices, a key
issue will be how we reflect these higher costs in our
sales prices. Due to the enactment of the periodic
inspection reporting system for fire prevention
equipment we must continue to increase and train
employees and installers to make the most of our
strengths in the installation and service business.
In the partition business, which is expected to be a
new growth driver that will advance our multi-product
strategy, and the waterproof product business, which
has received a positive response outside the Group
and is significant in terms of social contribution, we
will continue to promote expansion and invest in the
infrastructure that supports these businesses.
North America
In our operations in North America, which are now
on a steady growth track, we will continue our efforts
to strengthen the door business. Overhead Door
Corporation has three sales channels – distributors,
dealers (outlets that also offer products from other
companies), and sales centers established by
Overhead Door Corporation that have installation
and service functions. The distributor channel,
which covers all of the United States, is relatively
underdeveloped in urban areas, so we plan to
enhance sales operations in these areas where
increased demand is expected. As for our own
sales channels, we will focus on accelerating the
expansion of our installation and service business
in line with our forward integration strategy in order
to deliver the value of access systems that the
Sanwa Group is known for.
Steel prices have also increased sharply in North
America, so we will work to absorb higher costs by
adjusting our sales prices and improving production
efficiency.
Europe
In Europe, the structural reforms of the “NF3.0”
strategy have enabled us to rapidly strengthen our
business foundation. We have improved our
performance with increased sales of hinged doors
and expanded our market share for sectional garage
doors. In this way and others, the expansion of our
industrial door business has been very strong. The
acquisition of Alpha Deuren International B.V. in 2014
has had a large and noticeable impact, and synergy
with Norsud Gestion S.A.S, which we acquired in
2016, is expected to add further momentum.
Measures we will execute include boosting the
production capacity of Alpha Deuren plants, and
building a new factory to bring production of dock
products for distribution centers in-house. We will
work to expand our market share by linking these
measures to orders for large-scale projects. Our
increased share of the industrial door market is
expected to lead to growth in sales of other products
and improve our brand value. We will therefore
continue to strongly advance the “NF3.0” strategy.
18
Eliminations & others
Overhead Door
Corporation (U.S.)
Sanwa Shutter
Novoferm (Europe)
Domestic subsidiaries
(Billions of yen)
(FY)
(Forecast)
(YoY)
53.4
53.4
53.3
53.3
110.1
110.1
30.8
30.8
180.2
180.2
339.0
339.0
50.0
50.0
98.5
98.5
29.1
29.1
169.4
169.4
103.8
103.8
30.5
30.5
176.2
176.2
(10.0)
(10.0)
(8.8)
(8.8)
(8.0)
(8.0)
+8.2%
+8.2%
+11.0%
+11.0%
+6.9%
+6.9%
+16.7%
+16.7%
+7.6%
+7.6%
2014 2015 2016 2017
(50)
0
50
100
150
200
250
300
350
400
353.9
353.9
59.3
59.3
110.9
110.9
35.6
35.6
189.6
189.6
(12.4)
(12.4)
383.0
365.6
365.6

〜
〜
2015 Sales
volume
Material
price
Sales
price
adjustment
Cost Foreign
exchange
impact
Others 2016 (FY)
(Billions of yen)
-1.00
-1.00
0
25
30
35
0.01
0.01 26.44
26.87 0.27
0.27
1.54
1.54
0.58
0.58 -1.83
-1.83
〜
〜
(FY)
2016 Sales
volume
Material
price
Sales
price
adjustment
Cost Foreign
exchange
impact
Goodwill Others 2017
(Billions of yen)
26.44
6.63
6.63 -4.86
-4.86 4.75
4.75 -2.44
-2.44
-0.20
-0.20 0.03
0.03 -0.05
-0.05 30.30
0
25
30
35
(Forecast)
FY2016 Results
Factors Increasing / Decreasing Operating Income
FY2017 Forecast
Factors Increasing / Decreasing Operating Income
Asia
We face many challenges in the Asian market, but will
deal with them steadily and patiently. In fiscal 2016, our
six major subsidiaries combined turned a profit. Although
it has taken some time, solving our challenges one by
one has enabled us to strengthen our business base
and prepare for moving on to the next stage, which is
securing the profitability of each company.
Through these efforts, we are anticipating record
sales and income in fiscal 2017. A recovery in demand
will lead to increased sales in Japan, while continuing
on from last year our business in the European and
North American markets is expected to remain brisk
and generate operating income breaking the ¥10.0
billion mark. Specifically, we expect net sales of
¥383.0 billion, an increase of 8.2% compared with the
previous fiscal year, operating income of ¥30.3 billion,
an increase of 14.6%, and net income attributable to
owners of the parent company of ¥19.2 billion, an
increase of 12.5%. To further enhance returns to
shareholders, we repurchased approximately ¥5.0
billion of our own stock. We plan to increase the
dividend per share for fiscal 2017 by ¥5 compared
with fiscal 2016 to ¥30 (a payout ratio of 35%).
Taking a look at our long-term prospects for value
creation, we will continue to provide products and
services that fit customer needs in each region in
an unwavering commitment to safety, security and
convenience. This must be our imperative for the
reasons that access systems are made to order to suit
specific buildings and are used for an extended period
of time, and they need to satisfy various customers
with different cultures, climates and lifestyles.
On the other hand, the Sanwa Group holds a
strong position, placing top in Japan and the United
States, and second in Europe, for respective product
markets. As such, it is also our mission to create
greater value on a global scale. We are working on
developing common products for the Japanese, U.S.,
European and Asian markets, but from a longer-term
perspective, we want to focus on safety. Security and
convenience are more subjective qualities, whereas
safety is measured with objective standards. If we can
give close scrutiny to the various regional standards
and regulations, and provide safer products globally,
we will help to raise the level of safety for people around
the world. This is no easy task, of course, but we
want to strengthen our capabilities and presence so
that we can contribute to setting the bar for standards.
In conclusion, the Sanwa Group will continue its
efforts to be a major global player in the access
systems industry. We will continue to engage in
dialogue with our shareholders and investors to keep
them informed about the Sanwa Group and the
challenges it faces, in order to deepen mutual
understanding. We ask for your continued support.
We aim to use the unique position of the Sanwa
Group to create even greater value as we
continue our drive to be a major global player
in the access systems industry.
Long-term Value Creation
Introduction
The Foundation

Net Sales (left scale) Operating Income (right scale)
Net Sales & Operating Income
0
50
100
150
200
250
0
5
10
15
20
25
198.5 211.0
225.2
225.2
21.2
21.2
206.7
206.7
17.8
17.8
19.2
19.2
14.8
2013 2014 2015 2016 2017 (FY)
(Forecast)
20.4
189.1
(Billions of yen) (Billions of yen)
0
20
40
60
2012 2013 2015
2014 2016
Sales by Product (Core Products)
2017 (FY)
Building & condominium doors Lightweight shutters
Heavy-duty shutters Window shutters
(Billions of yen)
(Forecast)
Sales by Product (Other Products)
Maintenance & service
Exterior products
Aluminum store fronts
Stainless steel products Partitions
(Billions of yen)
10
20
30
0
2012 2013 2015
2014 2016 2017 (FY)
(Forecast)
Note: Net sales and operating income are before elimination of
inter-segment transactions.
Maintain the profitability of
core products and achieve
growth through multi-product
sales initiatives
■ Construction activity for large-scale projects is
currently experiencing a temporary slowdown, causing
a delay in completing projects
■ Rising prices for raw materials such as steel and
insufficient labor
■ Housing starts are decreasing, and the non-residential
construction market is entering a period of expansion
■ The periodic inspection reporting system for fire
prevention equipment of the Building Standards Act
was enacted from June 2016
■ Number-one share in Japan (shutters and steel doors)
■ Almost completely made to order, with strengths
including our ability to provide diverse products
and installation
■ Reflect raw material price changes in sales prices and
reduce costs
■ Secure labor for the peak demand period and
enhance training system
External Environment and Risks
Strengths and Challenges
Japan
Meiji Takayama
Sanwa Shutter Corporation,
Representative Director and
President
Building & condominium
doors
Lightweight shutters Heavy-duty shutters Partitions
Stainless steel products
Aluminum store fronts
20

Introduction
The Foundation
Promoting multi-product sales initiatives
We hold the number-one share of the shutter and steel
door market in Japan, but cultivating new products is
essential to ensure the growth of the Sanwa Group.
To promote our multi-product sales initiatives, we will
expand our partition business through the newly acquired
consolidated subsidiary Sanwa Spindle Co., Ltd.
In addition, we will expand our lineup of disaster-prevention
products to strengthen our response to the issue of flood
damage.
Developing infrastructure
In order to establish our key strategy of promoting multi-
product sales initiatives, production and installation
control is important. We are developing the infrastructure
that will enable us to meet deadlines, with rapid response
to various product and regional demands. This includes
redeveloping the site of the former Osaka plant (planned
operation from fiscal year 2018), and renovating painting
lines in door production at the Ota door plant and
Hiroshima plant. In addition, we enhanced the adaptability
of our installation training centers and renovated the
showroom at Sanwa Shutter head office.
Supporting the periodic inspection
reporting system
Due to the start of the periodic inspection reporting
system for fire prevention equipment (hereinafter, the
periodic inspection reporting system) enacted in June
2016, we will increase the number of qualified inspectors
to 2,000 during fiscal 2018. This is a great opportunity,
and Sanwa Shutter will reinforce its training system to
enable it to deliver flawless support as a company that
provides safety and security to its customers.
Environment
The shutter industry is an oligopoly, with Sanwa Shutter
and three other companies controlling the markets for
both heavy-duty and lightweight shutters. The Japanese
market environment in fiscal 2016, the first year of the
Second Three-Year Plan, was unexpectedly severe.
The completion of projects was delayed due to a
temporary slowdown in construction activities, which
impacted our performance. However, construction is
expected to recover in the second half of fiscal 2017.
Strategies
The main policy for the Japanese market in the Second
Three-Year Plan is to “Maintain the profitability of core
products and achieve growth through multi-product sales
initiatives.” The first year of the Second Three-Year Plan
was sluggish, but we will now focus on the following fields
to achieve a steady recovery.
Initiatives for core products
In our case, sales are normally accounted for only after the
majority of the project is completed. Therefore, complying
with deadlines and ascertaining construction progress is
key in determining the performance of the Sanwa Group.
Insufficient labor is a challenge for the industry and also a
serious problem for the Sanwa Group. In order to increase
sales, we plan to continuously recruit more employees for
future peak demand periods. Specifically, in fiscal 2017 we
plan to increase the total number of employees of Sanwa
Shutter by about 100 compared with the previous fiscal
year, and to increase the number of installers from 3,600 to
approximately 3,700.
Furthermore, steel costs are expected to continue to
rise, so we will reflect this increase in sales prices to
ensure appropriate pricing. We will also leverage our
installation capabilities, a Sanwa Group strength, to
complete construction on the numerous projects for
which we have received orders, which will contribute to
sales recovery.
Key Products and News
As part of our product diversification strategy, we acquired the construction
material business of Nihon Spindle Manufacturing Co., Ltd., which is a pioneer in
wooden school partitions. We now have the top share in the market for both
wood and steel school partitions. The name of the company was changed to
Sanwa Spindle Co., Ltd., and it will expand the partition business as a
consolidated subsidiary.
Acquiring the construction material business of
Nihon Spindle Manufacturing Co., Ltd.

Initiatives for Fiscal 2017
Return to a normal pace after the temporary
slowdown with substantial increases in sales
and income expected
In fiscal 2017, in addition to working to reduce costs, we
must strive to reflect higher raw material prices in sales
prices. On the other hand, the periodic inspection
reporting system enacted in June 2016 is expected to
increase demand related to service businesses.
Furthermore, in fiscal 2017 we will enhance efforts to
return to a normal pace after the temporary slowdown
faced in the inaugural year of the Second Three-Year
Plan. Specifically, we are increasing the proportion of core
products, further expanding growth with multi-product
sales initiatives, strengthening production capabilities with
infrastructure development and supporting the periodic
inspection reporting system. We also aim for further
expansion in the partition business through our newly
acquired consolidated subsidiary Sanwa Spindle Co., Ltd.
Net sales for fiscal 2017 are forecast to increase by
8.9% compared with the previous fiscal year to ¥225.2
billion. Operating income is forecast to increase by 18.9%
due to an increase in production volume to ¥21.2 billion.
Review of Fiscal 2016
Lower sales of core products led to a
decrease in sales and income
In fiscal 2016, the promotion of multi-product sales
initiatives led to robust sales of partitions, and sales
increased in the maintenance and service business.
However, the non-residential market including office and
stores failed to grow and sales decreased for core
products such as heavy-duty shutters and building and
condominium doors. Sales in Japan decreased by 2.0%
compared with the previous fiscal year to ¥206.7 billion.
Despite efforts to restrain costs, lower sales also
impacted operating income, which decreased by 12.7%
to ¥17.8 billion.
Sales and income decreased at Sanwa Shutter mainly
due to lower sales of core products. Sales dropped at
Sanwa Tajima, a subsidiary that manufactures stainless
steel construction materials, significantly affecting the
Group’s performance overall.
The head office showroom of Sanwa Shutter has been renovated to provide
customers with hands-on experience of the various products of the Sanwa
Group, including entrance products such as shutters and doors, and garage
doors for outside use. The showroom lets customers check the feeling, texture
and performance of products in a way that a catalog is unable to do.
Showroom renovated at Sanwa Shutter head office
22

Value Creation
Strengthening our installation and service business and supporting the
periodic inspection reporting system
Strengthening our service business and
enhancing our business model is an important
part of the Second Three-Year Plan. We are
therefore reinforcing our installation and service
business, not only because of the large
contribution it makes to business performance,
but because it provides satisfactory value to
customers. As a manufacturer, we can utilize
our expertise to provide services from
installation to repair and service after a project is
completed, which increases the value we
provide to end users in addition to general
contractors and builders.
The strongest feature of the Sanwa Group in
Japan is its network of installers at sales bases
nationwide. As many as 3,600 installers support
our business on the frontline. In order to further
enhance this important management resource,
we are focusing on education and skill training
at our installation training centers, and we will
enhance efforts to further expand the value
we provide.
Regarding the periodic inspection reporting
system for fire prevention equipment that was
enacted in June 2016, Sanwa Shutter played a
central role over the preceding two years laying
the groundwork in preparation for the legislation’s
introduction. We are encouraging employees to
acquire fire prevention equipment inspection
certification, a national qualification. We are also
securing our own base of inspectors, and are
providing training to improve their skills.
Inspectors will be systematically trained before
the end of fiscal 2018. Senior installers will be
assigned as maintenance service personnel and
inspectors of fire prevention equipment. We will
effectively utilize our current human resources
through a system that enables employees to
demonstrate their skills. In the future, we plan to
increase the number of personnel, adopt an
inspection information management system, and
improve work efficiency by centralizing
management of work history.
The Sanwa Group’s efforts toward providing
further safety, security and convenience for
customers will protect people and social
infrastructure from disasters such as fires and
make the reporting system more reliable.
Introduction
The Foundation

(Forecast)
0
300
600
900
1,200
0
50
25
75
100
890 925 910
1,008
1,008
78
78
948
948
72
72
59
59
50
2013 2014 2015 2016 2017 (FY)
53
(Millions of U.S. dollars) (Millions of U.S. dollars)
Net Sales by Product
200
600
1,000
800
400
Doors (left scale) Door openers (left scale)
Automatic doors (right scale) Truck & trailer doors (right scale)
(Millions of U.S. dollars)
2012 2013 2015
2014 2016 2017 (FY)
20
60
100
80
40
(Millions of U.S. dollars)
0
0
(Forecast)
Door openers Truck & trailer
doors
Automatic doors
Doors
Environment
The construction market environment during the Second
Three-Year Plan (fiscal 2016 to fiscal 2018) is expected to
see robust housing starts and a strong non-residential
construction market.
The door business (i.e. residential garage doors,
commercial sectional doors and commercial shutters) is
expected to be solid in the housing market and recovery
is forecast in the commercial door market, which is
closely related to capital investment. Demand is also brisk
in the market for automatic doors. However, demand
slowed for door openers (both residential and commercial
market), especially at home improvement retailers in fiscal
2016. Demand for truck and trailer doors (overhead
doors for freight vehicles) experienced fluctuations, and
although market recovery is expected, it may take time.
Strategies
The main policy for North America in the Second Three-
Year Plan is to expand our core business and achieve
growth by reinforcing our business base.
Performance in the first year of the Second Three-Year
Plan was mostly steady due to the firm construction
environment. The Installation and Service Division
established in 2016 to strengthen the service business has
performed favorably due to proactive direct sales activities
in the U.S. We will further strengthen our competitiveness
as we aim to achieve our fiscal 2018 targets.
■ Personal consumption and housing investment are
expected to drive moderate economic growth in the
United States
■ Business opportunities due to increased demand for
train platform doors
■ Rising prices for raw materials such as steel
■ Impact of policies of the new U.S. administration
■ Impact of exchange rates
■ Business in the United States, Canada and Mexico
(A powerful brand and top-tier market share)
■ A sales network of about 450 distributors and a direct
sales system
■ Expansion and growth strategies for our core door
business
reduce costs
Expand our core business
and achieve growth by
reinforcing our business base
Dennis Stone
Overhead Door Corporation,
President & CEO
North America
24

Introduction
The Foundation
Sales and income increased on a local currency
basis, with favorable performance in residential
garage doors and installation and services for
automatic doors
In fiscal 2016, income increased in our core door business,
and the automatic door business and installation and
service business remained strong, which led to a 4.2%
increase in sales on a local currency basis. However, due
to the strong yen, net sales decreased 5.7% compared
with the previous fiscal year to ¥103.8 billion.
Due to increased income and reduced material costs,
operating income increased by 22.7% (an increase of
35.6% on a local currency basis) to ¥7.8 billion.
The market will continue to be robust and
increases in sales and income are forecast
due to higher volume and prices
In fiscal 2017, we will enhance and expand our core
businesses and aggressively promote our forward
integration strategy. We expect stable and steady growth.
We will continue to focus on automatic door services,
which experienced double-digit growth in fiscal 2016. We
will also enhance customer support, and expect
increased sales due to expansion of sales of services and
parts. Although the garage door opener market
experienced a slump in fiscal 2016, we will work for a
recovery in retail sales and focus on expanding sales to
professional sales channels. We are assuming an
exchange rate of ¥110.00 to the U.S. dollar.
Net sales in fiscal 2017 are forecast to increase by
6.9% compared with the previous fiscal year to ¥110.9
billion, or a 6.3% increase on a local currency basis.
Operating income will increase by 9.6% to ¥8.6 billion
due to the impact of higher volume in each business and
the fact that rises in the prices of raw materials can be
absorbed by adjusting sales prices.
Initiatives in the door business
We face three challenges in the door business. The first is
reinforcing our sales channels with the aim of strengthening
our distributors and sales system for urban areas. For
residential garage doors used in renovation, we will
increase our support of independent distributors with only
a low portion of sales to the residential market, and
improve sales promotion tools and training. We will also
expand our lineup of residential doors used in renovation.
For commercial doors, we will strengthen our support for
large properties such as distribution facilities and also plan
to expand our lineup of high-performance doors.
The second challenge is to adjust our prices to deal
with the rising cost of raw materials. Specifically, in
fiscal 2017, we are actively implementing measures to
deal with the issue of reflecting the rising cost of steel in
sales prices.
The third challenge is to adopt a new Enterprise
Resource Planning system to improve operations and
customer service. This has already been adopted in
divisions other than the door business, and we plan for its
introduction in this core business in 2021.
Promoting the forward integration strategy
Sales have increased in the Installation and Service
Division due to robust demand in the U.S. residential
market. Strengthening our service business is central to
the growth strategy for Overhead Door Corporation, and
in fiscal 2017 we will focus on commercial and service
businesses to further expand operations.
Expansion in the platform door business
Horton Automatics, which has a strong track record for
the manufacture, sale, installation and maintenance of
automatic doors, received an order for subway platform
doors in Lima, Peru in fiscal 2016. A total of 2,000
platform doors are scheduled to be installed at 35
stations by 2021. By ensuring quality control and
deadline compliance, we can expand overseas sales
based on results like this.
Overhead Door Corporation released the “Impression Steel Collection” steel
garage door in October 2016. These doors feature large windows that provide a
striking visual impact. They also feature foamed-in-place, polyurethane insulation
that provides thermal efficiency.
“Impression Steel Collection” garage door released

Value Creation
Reinforcing sales channels in the door business
Our North American business focuses on sales
to distributors and dealers. Distributors only
handle Overhead Door Corporation’s products,
and play an important role in creating growth for
the Sanwa Group. In particular, Overhead Door
Corporation, with a business history of 96 years,
has a dedicated sales network of as many as
450 distributors in the U.S. known as “Ribbon
Distributors.” Ribbon Distributors are often
managed by couples and families, and they
support our door business in North America
with strong ties to local communities and a
brand built up over many years. Overhead Door
Corporation strives to continuously improve
relations with distributors by reflecting feedback
from periodic dialogue and information sharing
back into new product development and the
improvement of product quality.
Ribbon Distributors also say that they are
proud to be members of the community, enjoy
having opportunities to interact with other
distributors during training, and believe their job
is challenging and worthwhile. At a Ribbon
Distributor meeting held in 2017, approximately
540 customers and family members were in
attendance.
Under the Second Three-Year Plan, we will
enhance our sales efforts primarily in low-share
regions of metropolitan areas. We will also
develop our sales activities over a broad range
of areas. For residential products, we will
reinforce our support for distributors with a low
ratio of residential sales, and for commercial
doors we will focus on large-scale projects such
as distribution facilities. By strengthening our
relationships with Ribbon Distributors and
thereby making our network stronger, we will
contribute to safety, security and convenience.
26

(Forecast)
0
100
300
200
400
500
0
5
10
20
15
25
328
399
443
443
11
11
2013 2014 2015 2016 2017 (FY)
8
13
22
22
356
(Millions of euro) (Millions of euro)
18
18
494
494
Hinged doors
Garage doors
Industrial sectional doors
50
150
200
100
(Forecast)
2012 2013 2015
2014 2016 2017
0
Net Sales by Product
(FY)
(Millions of euro)
Environment
The construction environment has experienced continued
growth in completed housing projects in Germany during
the Second Three-Year Plan. Construction and capital
investments throughout Europe are expected to drive
slow but steady economic recovery.
The hinged door business is expected to remain
strong, driven by the unification of product standards for
fire-resistance and safety throughout the EU. The
garage door market is also recovering moderately, with
continued strong demand for industrial sectional doors
for non-residential use. Our dock business for distribution
warehouses is also showing vitality.
Strategies
In this robust market environment, we will accelerate our
“NF3.0” strategy for structural reforms to establish a base
for profitable growth focused on core products. In
Europe, we acquired Norsud Gestion S.A.S in fiscal
2016, which enabled us to reinforce our installation and
service business for industrial sectional doors in France.
The acquisition of Alpha Deuren International B.V. and
Norsud Gestion S.A.S has led to increases in sales in
Europe and sales are expected to remain robust during
fiscal 2017. The results of the “NF3.0” strategy will enable
us to accelerate our business expansion.
Rainer Schackmann
Novoferm Group, CEO
Hinged doors Garage doors Industrial sectional doors
■ Improved environment for construction and equipment
investments, with slow but steady economic recovery
■ Impact of the U.K. leaving the EU and policies of the
new U.S. administration
■ Rising prices for raw materials such as steel
■ Impact of exchange rates
■ Business in France, Italy and the Netherlands in
addition to the key market of Germany
■ Increased competitiveness in the industrial door
market with the acquisition of Alpha Deuren
International B.V. and Norsud Gestion S.A.S
■ Implement the “NF3.0” strategy for structural reforms
reduce costs
“NF3.0” strategy to establish
a base for profitable growth
focused on core products
Europe

Expanding hinged door sales by strengthening
project sales
We are also focusing on expanding hinged door sales in
fiscal 2017. Specifically, we will strive to specify our
products to architect offices and increase the assignment
of dedicated sales representatives to major clients. In
addition, we will focus on products that respond to the
unification of product standards for fire-resistance and
safety, which partially came into effect in November 2016,
to ensure that Novoferm leads the industry.
Expanding our industrial door business with
improved supply capabilities for Alpha Deuren
products and dock products
Cross-sales between Novoferm and Alpha Deuren
International B.V. have been steadily increasing. In light of
its solid performance, Alpha Deuren International B.V. has
greatly expanded its production capacity for sectional
doors. Novoferm Door Sp. z o o. in Poland has
completed construction of a new factory for docking
solutions and started in-house manufacturing of docking
products from March 2017 to increase its market share.
Norsud Gestion S.A.S in France plans to close its
sectional door factory and sell products from Alpha
Deuren International B.V. It will also strengthen upstream
sales to design offices and government agencies in order
to expand orders for large-scale projects.
Expansion in the U.K. and differentiation
through products and customer service
Novoferm established Novoferm UK Limited in 2012 as a
joint venture with a local partner for garage doors.
In January 2017, Novoferm UK Limited was made a wholly
owned subsidiary. This will enable us to further strengthen
our base of business in Europe and create synergy.
We also plan to withdraw from or scale back
unprofitable businesses. This will involve our intention to
partially withdraw from the single garage door business,
which will enable us to allocate management resources
to other businesses. In Germany, the new door openers
released by Novoferm Tormatic GmbH have been well
received and sales are steadily expanding.
These products feature stylish designs, and we aim to
increase our share of the sectional garage door market.
Operating income has increased significantly
and we are reinforcing our business base
through acquisitions
In fiscal 2016, sales at our companies in Europe
increased significantly due to robust sales of new hinged
doors, recovery in the garage door market, and
significant increases in sales of industrial sectional doors
with relation to the acquisition of Norsud Gestion S.A.S.
Although net sales increased 11.0% on a local currency
basis, net sales in yen only increased by 0.2% compared
with the previous fiscal year to ¥53.4 billion due to the
impact of the strong yen. Operating income was ¥2.2
billion, an increase of 30.3% (an increase of 44.4% on a
local currency basis), as we were able to absorb rising
costs due to increases in sales.
Substantial increases in sales and income are
forecast due to the progress of the “NF3.0” strategy
Substantial increases in sales and income are forecast for
fiscal 2017 due to progress of the “NF3.0” strategy and
continuation of the robust market environment. A stronger
industrial sectional door business, expanded sales of
fireproof doors throughout Europe, and efforts to expand
market share for sectional garage doors, combined with
stronger management at Novoferm UK Limited, which
has been made a wholly owned subsidiary, will enable us
to establish a base for growth and create synergy.
Net sales in fiscal 2017 are expected to increase by
11.0% compared with the previous fiscal year to ¥59.3
billion, an increase of 11.5% on a local currency basis.
Operating income is also forecast to increase by 20.7%
to ¥2.6 billion, due to higher sales volume and the fact
that increases in raw material prices can mostly be
absorbed by adjusting sales prices. We are assuming an
exchange rate of ¥120 to the euro.
The “Novo Porta Plano” fireproof door was released to respond to the unification
of product standards for fire-resistance and safety throughout the EU. We will
release new variations in the “Novo Porta” series, which was first released in
January 2015, including a wide range of optional colors and designs.
Release of the “Novo Porta Plano” fireproof door
28

Value Creation
Expanding the industrial door business and the fireproof door business
with improved supply capabilities
Novoferm is reorganizing its production bases,
which cover eight countries in Europe, to
improve the efficiency of the production system.
This involves reducing production of hinged
doors at the Haldern plant in Germany, in
response to the oligopolistic market for hinged
doors. The Novoferm plant in the Netherlands
also closed as its functions had become
redundant and production of industrial sectional
doors will be consolidated with a factory of
Alpha Deuren International B.V., also in the
Netherlands. The systemized production and
sales method of Alpha Deuren International B.V.
has achieved high-cost competitiveness. We will
take this opportunity to install a 20-meter-high
storage tower that can automatically load and
unload preprocessed panels and an aluminum
machining device at the Didam plant of Alpha
Deuren International B.V. Further increasing
production efficiency will enable us to increase
annual door production by 70% compared with
2014 by the end of 2017, for a total of 70,000
units per year.
In order to respond to increased demand for
distribution warehouses in Europe, Novoferm in
Poland has constructed a facility at their door
plant for manufacturing the dock levelers used in
the receiving docks of distribution warehouses.
We will propose these dock levelers to design
offices in combination with doors to strengthen
upstream sales promotion and to expand orders
for large-scale projects.
We will utilize our diverse lineup of energy-
saving and other products, such as fireproof
doors that respond to the unification of product
standards for fire-resistance and safety, to
provide sales, production, and service and
maintenance functions to the entire European
region and to establish our presence as a major
Introduction
The Foundation

Vina-Sanwa
(Vietnam)
Sun Metal
(Thailand)
Sanwa Shutter (H.K.)
Sanwamas Metal Industry (Indonesia)
Novoferm (Shanghai)
Shanghai Baosteel-
Sanwa Door
An-Ho
Metal Industrial (Taiwan)
Dongbang
Novoferm (Korea)
Equity-method affiliates
Other affiliated companies
■ In China, growth is slowing but construction demand
remains stable
■ Continued economic growth in Vietnam
■ Weakening Taiwanese economy, and decreasing
number of Japanese-operated projects
■ Economic slump in Hong Kong due to decreased
tourist numbers
■ Slowdown in the Korean economy
■ Lineup of high-quality products that utilize Japanese
technologies
■ Closer cooperation with Shanghai Baosteel-Sanwa
Door Co., Ltd. and Novoferm (Shanghai) Co., Ltd.;
resolution of license issue at Novoferm (Shanghai)
Co., Ltd.
■ Dongbang Novoferm Inc. obtained certification for
fireproof/heat-resistant doors
■ Shift from the stage of establishing the business base
to the stage of increasing profitability
Strategies
We have adopted four main strategies for Asia: capturing the
top share in key markets, further promoting localization,
strengthening synergy activities among Group companies,
and increasing sales opportunities through cross-border
cooperation. Our goal for fiscal 2018, the final year of the
Second Three-Year Plan, is sales of ¥9.7 billion and
operating income of ¥460 million.
Although we still face challenges in Asia, the businesses
of our six major companies are becoming more established
in the region, and we plan to shift from the stage of establishing
the business base to the stage of increasing profitability.
Novoferm (Shanghai) Co., Ltd. is strengthening sales
cooperation with Shanghai Baosteel-Sanwa Door Co., Ltd.
The latter is expected to receive orders for large-scale
projects, which will lead to substantial increases in income
and profit. Dongbang Novoferm Inc. obtained certification
for fireproof/heat-resistant doors, and exports have
remained steady. It is anticipated that it will play an
important role as a supply base for doors to the Asian
market. The business outlook is favorable for Vina-Sanwa
Company Liability Ltd. in Vietnam, where the economy is
expected to continue to grow, and An-Ho Metal Industrial
Co., Ltd., which has expanded its production capabilities
through capital investment.
In fiscal 2017, we forecast net sales of ¥9.3 billion, a
27.4% increase compared with the previous fiscal year, and
operating income of ¥250 million.
Sales in fiscal 2016 were ¥7.3 billion, which was on par
with fiscal 2015, and operating income was ¥10 million
(loss of ¥170 million in fiscal 2015). Orders at Novoferm
(Shanghai) decreased substantially due to the temporary
suspension of its fireproof door license. However, we
regained profitability due to the steady performance of the
other companies. This included year-on-year growth of
148% in distribution-related products in China, a significant
increase in sales at Dongbang Novoferm in Korea due to
exports, and increases in sales at Vina-Sanwa in Vietnam,
An-Ho Metal Industrial in Taiwan, and Sanwa Shutter (H.K.)
in Hong Kong.
Shift from the stage of
establishing the business
base to the stage of
increasing profitability
30
Asia

Value Creation
Promoting Japanese quality in local markets
Vietnam has the third largest population among
ASEAN countries, at approximately 92.7 million
(as of 2016), and is a young and vibrant country
with an average age under 30. In recent years,
there has been an increase in the number of
foreign residents due to the entry of foreign
companies, population inflow from rural areas to
urban areas, improvements to the previously
underdeveloped transportation infrastructure
and further construction of apartments in urban
areas. Also, due to stable economic growth,
there is a growing trend for consumers to
choose quality and safety over price.
Vina-Sanwa Company Liability Ltd., which
manufactures and sells shutters and doors in
Vietnam, has shifted its business model from
one based on price competition to one that
appeals to customers with the concept of
“Japanese quality.” The goal is to target the
market segment that wants quality products
even if they are at a higher price. This is not a
simple task, but the company has been building
brand recognition through exhibitions, its
website and magazine articles, and by focusing
on upstream selling to owners and design
offices in order to achieve its goal of providing
safety, security and convenience. The company
has also launched steel condominium entrance
doors, which had previously been made of wood.
Steel doors are highly fireproof, durable against
humidity and temperature, environmentally
friendly and do not contribute to deforestation,
and are supported by consumers who value
quality. Vina-Sanwa will continue to promote the
benefits of quality over price to expand its sales.
The e-commerce market in China has now
overtaken the United States to become the
largest in the world. It also has the fastest rate of
growth, and large-scale distribution centers are
being rapidly constructed to accommodate this
trend. Shanghai Baosteel-Sanwa Door Co., Ltd.
is developing overhead doors that incorporate
Japanese technology to respond to the demand
for high quality.
Introduction
The Foundation

Our CSR Vision is to achieve our mission of offering
products and services that provide safety, security and
convenience to further contribute to the prosperity of
society, and to raise our corporate value to enable
sustainable growth.
To achieve our vision, it is essential that we share our
values as well as coordinate and cooperate with various
stakeholders. In particular, we must deepen the
understanding of each employee involved in our CSR
activities. The Sanwa Group conducts human-centered
management in implementing these activities, while
seeking to raise corporate value. We deﬁne themes and
core challenges from the perspective of stakeholder
satisfaction and ensure that all departments work
together toward these goals.
For details on our CSR initiatives, please visit our
website. (http://www.sanwa-hldgs.co.jp/english/csr/)
Five Pillars of CSR
Thorough
compliance
Promotion of
work-life balance
Risk management
Improvement of
product quality
Environmental
and social
contribution
activities
Five Pillars of CSR
To ensure that it continues to earn the trust of society, the Sanwa Group will maintain and enhance its CSR activities
and take a proactive approach to sustainably coexist with society.
CSR Policy
The Sanwa Group’s CSR
The Foundation Supporting Growth
Reliable Management
32
Further improving reliability
through corporate activities based
on good faith and transparency
Vitalizing employees, suppliers
and installation technicians
Enhancing satisfaction for
customers and society
CSR Vision
We will contribute to the prosperity of society and raise our corporate value by
offering products that provide safety, security and convenience.
Theme 1 Theme 2 Theme 3

The Sanwa Group works to increase its corporate value.
In order to grow and develop, highly transparent
management is required for corporate governance to
function effectively. Compliance supports the foundation
for doing so. We therefore work to strengthen our internal
system for ensuring safety and legal compliance.
Compliance Code of Conduct
We have established our Compliance Code of Conduct
to support our internal compliance system for promoting
sincere and transparent corporate activities. We work to
ensure that all employees understand the concepts of
this code.
We thoroughly inculcate the Compliance Code of
Conduct by distributing a manual of case studies from
each division titled The Compliance Code of Conduct and
Case Studies to all directors and employees, as well as
collecting their signed declarations to uphold the code.
Compliance training
We enhance compliance awareness and prevent legal
and regulatory violations by conducting training for Group
company managers throughout Japan. This training is
designed to enhance compliance awareness and to
increase knowledge of business-related laws.
Until now, this training was held once every three
years at each location, but
from ﬁscal 2017 it will be
held once every two years to
further enhance compliance
awareness.
November is designated as Compliance Month, during which employees’ awareness of
and conduct based on compliance are raised through various activities.
To enhance our compliance system and prevent misconduct and legal violations, we
established the Corporate Ethics Hotline as a whistleblower system in October 2006.
In January 2016, Sanwa Shutter adopted a new attendance management system,
which makes it possible to check the status of overtime and violations of the Article 36
employee-employer agreement (based on Article 36 of the Labor Standards Act), in order
to thoroughly ensure adherence to labor laws.
Compliance training
Thorough Compliance
Booklets distributed to employees
(From left to right) The Compliance Code of Conduct and Case Studies
(front cover, sample page), Working Hour Handbook, Antitrust Law
Guidebook
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⊂༨⚗Ṇἲ䜺䜲䝗䝤䝑䜽㻌
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Sanwa Group Compliance Code of Conduct
Basic Principles and Intent
The Sanwa Group prioritizes the safety of the products and
services it provides when conducting business activities.
The Sanwa Group does not pursue proﬁt through actions
that violate the Compliance Code of Conduct.
All directors and managers of the Sanwa Group take the
lead in complying with the Compliance Code of Conduct
and set an example for employees through their actions.
1
2
3
Compliance Month
Whistleblower System
New Attendance
Management System
Other Initiatives
(Fiscal 2014 to 2016)
19 / 1,276
Compliance Training
Locations / Participants
The Sanwa Group builds trust in its management foundation and
increases corporate value by implementing highly transparent
management that ensures strict compliance.
Vision Statement and
Role in Supporting
Growth
Improving Awareness of Compliance
Introduction
The Foundation
Reliable Management

Sanwa Group companies prevent risks by anticipating
them and performing simulations of countermeasures in
advance.
The number of computer viruses that target corporations
is on the rise. To protect against such viruses, the
Sanwa Group has multilayered countermeasures that
enhance information security for all PCs at Group
companies in Japan.
A business continuity plan (BCP) has been formulated
for Group companies that have their head offices in
metropolitan Tokyo, including Sanwa Shutter. The BCP
assumes risks from an earthquake with its epicenter
directly beneath metropolitan Tokyo.
We introduced new initiatives such as establishing a safety awareness training system to eliminate
installer workplace accidents.
Due to an increasing number of automobile accidents involving our sales employees, we hold safe
driving workshops for employees who have been in an accident and offer a “driving habit check-up”
for all employees who drive, in order to prevent traffic accidents.
Sanwa Shutter takes the following measures to eliminate workplace and traffic accidents.
Risk Management
Promoting Risk Management
for the Sanwa Group
Enhancing Information Security Measures
Business Continuity Plan
Efforts to Eliminate
Accidents
Other Initiatives
Procedure for Implementing Risk Management
Unknown Virus Detection and Prevention
Main Measures in the BCP
• Establishment of rules and a manual aimed at the rapid resumption of
business operations
• Stockpiling of water, food and other supplies, measures to prevent
equipment from falling, and introduction of a system for quickly
confirming the safety of employees
• Annual drills conducted by the emergency headquarters assuming an
earthquake directly beneath metropolitan Tokyo
• Arrangement of alternate means of procuring materials and parts, such
as a dual sourcing system
• Relocation of servers for core internal systems to a data center designed
to withstand an earthquake of upper 6 on the Japanese seismic intensity
scale of 7
Email,
browsing the
Internet
Internet virus
server
Unknown malware detection system
Unauthorized
program
Virus download
request
Virus not
downloaded
1
2
Multilayered Antivirus Countermeasures
Conducting virus checks on individual PCs
Providing education and training for employees
regarding scam emails
Introducing solutions to prevent infection of computers by
unknown viruses
Strengthening company systems to enable rapid recovery
1
2
3
4
Infection
prevented
Blocked
Blocked
Identify risks at each company (Plan)
Plan and implement countermeasures (Do)
Select risks with a high level of importance (Plan)
Monitor (Check)
Correct and improve (Action)
Note: The above initiatives are implemented at each company, and the
Group CSR Promotion Council conducts progress management and
evaluations. From fiscal 2017, we will look into implementing these
risk management initiatives at overseas Group companies.
This cycle is
repeated annually
to identify and
reevaluate risks.
To handle diversifying risks, the Sanwa Group implements
Company-wide risk management to gain the trust of stakeholders
and to achieve sustainable growth.
Role in Supporting
Growth
34

The Sanwa Group is involved in environmental protection
in all aspects of its business activities. Reducing waste
materials is one example.
Improving coating efficiency to substantially
reduce coating material waste
Sanwa Shutter has implemented large-scale renovations
of the coating lines at its Ota and Hiroshima plants, which
are major door production centers.
These renovations improved coating efﬁciency to
substantially reduce coating material waste and the
environmental impact it entails. The plants have also
installed heating and cooling equipment in coating booths
to improve temperature management in summer and
winter. Moving forward we will pursue further measures to
improve the work environment.
Eliminating harmful zinc from coating wastewater
We ourselves developed and installed a system for
removing zinc from powder coating wastewater at
Overhead Door Corporation’s (ODC) Lewistown plant,
which handles shutter manufacturing. This system makes
possible the efﬁcient removal of zinc to stricter standards
than those mandated by the U.S. Environmental Protection
Agency. It is also easy to operate.
Social Contribution Club
The Sanwa Group Social Contribution Club donates
money to selected causes, with funds contributed by
member employees matched by the Company.
As of March 31, 2017, it had donated a total of more
than ¥43.8 million to 25 organizations.
Engaging with local communities
ODC participates in the activities of Boys Girls Clubs of
America all over the United States.
Final coating line at the Ota plant Coating wastewater treatment system
at the Lewistown plant, ODC
Environmental and Social Contribution Activities
Environmental data and results for Sanwa Shutter (Tons)
Reducing Environmental Impact
Contributing to Society
FY2014 FY2015 FY2016
CO2 emissions 29,757 29,081 27,946
Total waste material emitted
(manufacturing division)
1,934 2,104 2,063
Works made in an Easter egg decoration contest were auctioned off and the
proceeds donated
Other Initiatives
Sanwa Shutter donated restroom
booths featuring doors made
with Tokushima cedar dyed with
indigo produced in Tokushima
Prefecture to the Tokushima
Prefectural Government.
Donating Products Made
Using Local Goods to the
Community
TODCO, the automobile door
business division of ODC,
donated WeatherTite doors to
Marion County, Ohio for
installation in food transport
vehicles.
Supporting Local
Communities
Novoferm supports Mission
Lifeline, an organization which
conducts sea rescue activities
in the Mediterranean Sea.
Supporting Sea Rescue
Activities
Sanwa Holdings and Sanwa
Shutter donated 1 million yen in
relief funds to the city of Asakura,
Fukuoka Prefecture to aid the
disaster area and those who
suffered losses.
Aid for Victims of
Torrential Rains in
Northern Kyushu
The Sanwa Group conducts its business activities in coexistence
with the environment and the local community. As a good corporate
citizen, we contribute to a sustainable, affluent society.
Role in Supporting
Growth
Introduction
The Foundation
Reliable Management

The Sanwa Group has acquired ISO 9001, the international standard for quality
management systems, at main Group companies, and ensures the quality of its
products through meticulous checks performed by respective departments at
each stage from product development, to manufacturing, sales and installation.
Improvement of Product Quality
The Sanwa Group aims to protect precious lives and achieve a more
affluent and convenient society by offering products and services
that provide safety, security and convenience to customers all over
the world.
Our Absolute Commitment to Safety
Improving Quality throughout
the Product Lifecycle
We have designated March 26, the day that the revolving door accident
occurred at Roppongi Hills Mori Tower in Minato-ku, Tokyo, as Safety
Pledge Day, and have focused on various initiatives to ensure safety in
order to prevent such an accident from occurring again.
Example Products with Safety Measures
• Device to prevent sudden drops as standard (Broad series, heavyweight
shutters)
• Optical sensors for garage shutters set as standard (countermeasures for
obstruction accidents)
• Finger guard mechanisms (condominium doors)
• Restroom booths for kindergarten children (Peter Pan and Pansy series),
school partitions
• ST Guard series (automatic door safety frame; Sanwa Tajima, Showa Kensan)
• SF×PD series (automatic doors, hinged doors, floor hinged doors; Showa Front)
• Increased safety by improving the strength of garage door tracks/rails (ODC, Kohler VRP9510, etc.)
• Increased safety by redesigning the interior lite frame of garage doors (ODC, Model 6600)
In addition to evaluating the
quality, performance and safety
of Sanwa Group products
and products procured both
inside and outside Japan,
the Test Center evaluates
manufacturing technologies
and conducts testing on behalf
of external parties.
Test Center
We began establishing
specialist training facilities
in 2008 with the purpose of
strengthening education for
installers, and are working to
improve installation quality
and related skills.
Installation
Training Centers
In fiscal 2017 we established
the Maintenance Training
Center to focus on cultivating
the human resources
and knowledge required
to handle the periodic
inspection reporting system
for fire prevention equipment.
Maintenance
Training Center
Other Initiatives
Mar. 2004
Mar. 2005
Apr. 2007
Mar. 2009
Sep. 2004
Dec. 2005
Apr. 2008
Revolving door accident occurs at Roppongi Hills
Designated March 26 as Safety Pledge Day
Donated entrapment prevention devices for fireproof shutters to
elementary and junior high schools in Itabashi-ku, Tokyo
Opened the Test Center
Implemented additional safety measures for existing products
Preserved the revolving door involved in the accident in working
order
Opened the first Installation Training Center
Mar. 2014 Ten years after the revolving door accident, created an instructional
DVD and safety pledge pamphlet
1,507
Fiscal 2016
Installation Trainees (Japan)
463
Fiscal 2016
Testing Contracts
Test Center
Installation training
36
Role in Supporting
Growth
Development
(1) We have developed “flame-free installation”
products that can be installed without welding.
(2) Comprehensive reviews are conducted by multiple
departments from the product planning stage.
Procurement
(1) We visit suppliers and conduct on-site quality
inspections (156 companies during fiscal 2016).
(2) We are eliminating chrome from main materials
(almost fully as of fiscal 2016).
Maintenance Services
(1) Sanwa Shutter operates full-time service (FTS),
which accepts repairs 24 hours a day, 365 days
a year.
(2) Showa Front operates Front Rescue 365, which
accepts repairs 365 days a year.
Manufacturing
(1) Novoferm began in-house manufacturing of dock
levelers at its Polish plant (improved quality,
shortened delivery time).
(2) We completely overhauled our coating lines
(Ota and Hiroshima plants, Sanwa Shutter).
Installation
(1) Our installation training centers contribute to
improving installation expertise.
(2) We have 3,600 installers at locations throughout
Japan.
Sales
We operate roughly 250 sales offices throughout
Japan, and do business in the United States, Canada,
13 countries in Europe, and eight countries in Asia.
Sales
Installation
Business Process
Development
Maintenance
Services
Procurement
Manufacturing Design

The Sanwa Group promotes a human resource system
that generates self-reliant employees who can think and
act by themselves.
In accordance with our promotion of global business
expansion, we have been accelerating the cultivation of
global human resources through the establishment of a
global personnel planning department and a core of
programs including overseas training (e.g. placing
employees at ODC), overseas language training and
domestic language training.
In order to promote human resource exchanges
between Group companies, approximately 30 Japanese
employees have been dispatched to ODC, Novoferm
and Group companies in Asia. Already 13 employees
are playing an active role following their return to Japan,
having beneﬁted from language training in the United
States and overseas training on placement at ODC.
We are enhancing diversity initiatives such as employing
foreign nationals, based on our belief that diverse human
resources are essential to advancing global business.
We also actively encourage the work of senior
employees and support the careers of female employees
as part of our response to social changes such as
Japan’s shrinking workforce.
Sanwa Shutter’s workplace
measures include aiming to
triple the number of female
managers compared with
ﬁscal 2015 and a system for
supporting employees trying to
balance work and childcare.
Sanwa Shutter has introduced
childcare assistance measures
such as extending the childcare
leave period until the child is
two years old and extending the
reduced working hour period
until the child reaches the third year of elementary
school, so that female employees can work while raising
children. We also pursue efforts to reduce work hours in
the belief that eliminating long work hours is essential for
ensuring that female employees and excellent human
resources can thrive.
Human Resources and Work-Life Balance
The Sanwa Group understands that employees are the driving force
of value creation, and therefore aims to create a lively workplace
where the skills and expertise of each employee can flourish.
Accelerating the Cultivation of Global Human
Resources Based on Our Growth Strategy
Aiming to Create a Diverse Workplace
Sanwa Shutter hired cyclist Ryo Chikatani
as an employee in April 2015 and provides
support for his cycling activities. In
addition, Sanwa Shutter hired wheelchair
basketball player Miho Arikawa in July
2017. Through support and assistance
for athletic activities, we aim to further
build a sense of unity among employees.
Three female sales managers are thriving on the frontlines at An-Ho Metal
Industrial Co., Ltd. in Taiwan. They have been achieving great results,
including securing new contracts with general contractors.
Supporting Athletes Female Sales Managers in Taiwan
Other Initiatives
Trainees at ODC
19
Fiscal 2016
International Recruits
175
Fiscal 2016
Number of Senior
Employees
90.0%
Fiscal 2016
Childcare leave return
ratio (Japan)
Reliable Management
Introduction
The Foundation
Improving Work-Life Balance
Role in Supporting
Growth

General Meeting of Shareholders
Group Companies
⑦ Group PDCA Council
⑧ Regional PDCA Councils
(Japan, U.S., Europe and Asia)
① Board of Directors
④ Global Strategy Meeting
⑤ Group Personnel Committee
⑥ Group CSR Promotion Council
Representative Director
and Chairman
Executive Officers
The Sanwa Group’s Corporate Governance Structure
Basic Approach to Corporate Governance
Sanwa Holdings Corporation (the “Company”) is a global
enterprise with Group companies in the United States, Europe
and Asia. To continuously raise our corporate value through
fair and equitable business transactions in a business
environment characterized by intense global competition, we
need a highly transparent management system that allows us
to efficiently achieve our corporate vision.
Therefore, we have adopted an executive officer
system. By separating the management decisions of the
Board of Directors from the business execution of executive
officers, we strengthen the efficiency of management and
the role of directors in monitoring the business execution of
executive officers.
In 2007, we shifted to a holding company structure with
three purposes: 1) to improve Group-level governance, 2) to
strengthen the competitiveness of operating companies and
3) to reinforce Group-level strategic functions.
In 2016, which marked the 60th anniversary of the
Company’s establishment, we shifted to the structure of a
“company with an Audit Supervisory Committee” as
defined in the Companies Act of Japan. The purpose of this
change was to reinforce corporate governance in order to
create a trusted corporate culture suitable for a “Major
Global Player.”
With the shift to the Audit Supervisory Committee
structure, certain significant decisions on business
execution, excluding matters prescribed by law, were
delegated to a special director (CEO) from the standpoint of
expediting managerial decision-making. In addition, the
Corporate Governance
38
• Makes decisions on important matters related to Group
management and plays a role in management and
oversight of the business execution of the overall Group.
• Consists of nine directors (including three directors who
are Audit Supervisory Committee members), of whom
one-third are designated as independent outside directors.
• Meets at least once every three months in principle.
① Board of Directors
• The Audit Supervisory Committee, which consists of
directors serving as Audit Supervisory Committee
members, supervises the status of business execution by
directors who are not Audit Supervisory Committee
members and executive officers, and reports and expresses
its opinions on the results. In this way, efforts are made to
ensure legal and appropriate company management.
• The Audit Supervisory Committee consists of three directors,
of whom two are designated independent outside directors.
② Audit Supervisory Committee
• Conducts consultation on matters concerning global
strategy and promotion of global synergy to realize a
competitive advantage through global operations.
• Consists of directors who are not Audit Supervisory
Committee members, directors serving as full-time Audit
Supervisory Committee members, executive officers, and
other senior executives.
• Meets once every three months in principle.
④ Global Strategy Meeting
• Discusses and advises on important matters to enhance
the flexibility of decision-making and business execution of
the representative director and chairman (CEO).
• Consists of directors, executive officers, the representative
director of Sanwa Shutter Corporation, and others.
• Meets at least once a month in principle.
③ Management Conference
Management
Reliable Management

AND SanwaHD Integrated Report en 2017.pdf

AND SanwaHD Integrated Report en 2017.pdf

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AND SanwaHD Integrated Report en 2017.pdf