65
2016 Ǧ 12 ɻ 13 ɦ SMC (6273): òΓ®ÉTw{ ǷcƘ} ˻ʏĂь 4,484 - JPY15,145 Ĩт51%-85% ÐͱúƋ) Άɨ o SMC ¶cY·(p£Iª±À³>«À½¿¼¢´¿9´³z  À o v$¸v4p&=o¶{&=$¸4p¶v 0ª¶¶iªB^µ½¿SMC ·/P#f$¸cY¶ 1$¸Qµ°±¶qa걤®³z À o JH²¦°¢¶ SMC 4pµ¡§Àkm%a]{&=R»± iªB^µÀDÃnª®£¨Á·[:¶µ¥´³z  À o vK³ª±A· SMC ·1S´P#f¶"¶$¸1;´ ~¶Wô¦©ÁÀ³@«À o ¨Á¾¶F¶'|?ÃO«À³SMC £>«À-¶,Qkb ·6µ·NZµ¶²·´¢³¶iÂÁÀ o (pS¶pµ³¯±·8S°²¿t\rµÂ¯®u XÃIª±ÀlL^Ãgªy§±À¨³·SMC ¶lL.*H$¸ ~·g²¤´³¶A¶iÃ_»±À o JH²·SMC ¶h£IM<¶1!β·´µ¬½Ïÿ´ }µ7ª±CEª±ª¹¯±ÀÀ£A·¶£Fµ Wµg©Á±À'|?£)5²¤´³z ±À o ´2Tjsd³+¶ÀQG·Qw¶V3³ÅÍ ÊËÍÇÄÉÈÌƶU|Ãeº+`£o¶¹¹xy©ÁÀ ¨³Ãª±¤® ğνʅЩ: Ƞ@jέʍŝnƒŲɸk>Ìhı˫ťgĢЉȔƒ>ƼƋέʍ>έʍŝnĬʉϩϠt ]Ʌΰŝn˔hƑbk>Ƞ@jȗΈͿɫu~xjdu 1 . 1 ğνʅЩġɞk>ɺШpś˝ÐTc? Well Investments Research www.wellinvestmentsresearch.com [email protected] Director of Research: Yuki Arai

SMC (6273) - Well Investments Research · 6 • @k .500 hiecSMC k l ç e ²q wc ýj V Á ê B î Cec 5ò j ©Ä §|k>ck z vhki oec>sc dh> Ü [ Ypj É ¯ÀËy ±ò j ÿ r xs

  • Upload
    dohanh

  • View
    213

  • Download
    0

Embed Size (px)

Citation preview

2016 12 13 SMC(6273):

w

c 4,484-JPY15,145 51%-85% )

o SMC ¶c��Y�·�(p£�Iª±�À³�>«À½¿¼¢´¿9´�³z À�

o �v$¸��v4�p�&=���o¶��{�&=�$¸4�p¶�v0ª­¶¶iª�B^µ½¿�SMC ·�/��P#�f$¸c��Y�¶�1���$¸�Qµ°�±¶qaÃ���ª±¤®³z À�

o JH²�¦°¢¶ SMC 4�pµ¡§À�km%a]���{�&=�R»±iª���B^µ�À�DÃn�ª®£�¨Á·[:¶��µ�¥´�³z

 À�o vK³ª±�A�· SMC ·1�S´P#�f¶�"¶��$¸1;´���~¶�WÃ��´¦©ÁÀ³�@«À�

o ¨Á¾¶��F�¶'|?Ã�O«À³�SMC £�>«À-�¶,Q�kb·�6�µ·NZµ �¶²·´�¢³¶iÂÁÀ�

o (p�S¶�pµ³¯±·8�S�°� �²�¿�t�\rµ�¯®uXÃIª±�ÀlL^Ã�gªy§±�À¨³·�SMC ¶lL.*H$¸���~·�g²¤´�³¶A�¶i�Ã_»±�À�

o JH²·�SMC ¶�h��£�IM<¶1!Î��²·´�µ¬½Ïÿ­´�}µ7ª±C�E�ª±ª¹¯±�À�À£�A�·­¶��£��F�µ

�Wµ�g©Á±�À'|?£)5²¤´�³z ±�À�o ��´�2�Tjsd³+�¶�À�QG�·��Q��w�¶V3³ÅÍÊËÍÇÄÉÈÌƶU|��Ãeº���+�`£��o¶¹¹xy©ÁÀ

¨³Ã�ª±¤®�

:t

k u u1. 1 p c

Well Investments Research www.wellinvestmentsresearch.com [email protected] Director of Research: Yuki Arai

2

P

P (

82 P

P )

82 P -

h s c c P

82 P (

h sc P -

P .

u ig g P (

P (

P )

P )

P ).

0/ P

1/ P )

2/ P -

3/ 82

P

4/ P (

P )

3

g c c

s f

d u82 (

SMC 6273 ’ 2 FA

b s

SMC s c

s i f SMCs s c o sc

SMC h s c c

cd o s

sc ( ) 1000SMC h g c h

k b 85%4500 e c u

c c c

h u k

Well Investments Research s

u o k u u

f s c 3 SMC h s c b

k i b SMC h s c

• SMC 4620 n 72 1 8000

e e b SMCi v

u o wv hb

c cd s c sg

s 2016 7 vg 16 sg h

f v s c

k b v d g

2 http://www.smcworld.com/docs/company/ja/Corporate_Activities_J.pdf 3 http://www.wellinvestmentsresearch.com/ja/%e3%83%9b%e3%83%bc%e3%83%a0/

4

c s c cd

c • SMC g s c

SMC t f

4 b 6273 SMC eb

e dg • f SMC

u 4u u o

h b sgs SMC d wv h

i

c c o SMC f ÷

s c k

d i c • u i SMC s s s c

cdo b

l cd g b h

hs c gg v h

c cd k u

c dg SMC hb

s h c

e 2012 h

427 s fc

h c v SMC dcd g

ECL s c

• SMC k h

f od

f v o

h f 82

s u c c c c

sc u e

c

• SMC SMC s c

h c b

h u

fc

5

h SMC b s s

c ) o %% h c o

u h o h

c c • SMC b b

u

n w e • h

c c o s h o

o u e

h t

• 817 s c hb e

c 2014 s SMC u

i w SMC ’ 25u 817 i c c

• 2014 SMC SMC h

ig o h g

g c s f h SMCb 1900 h

c g h s co • SMC ÷

c 494 c c r c e c

2016 s c

b g

vg % ( s c b sgs

g (

s f RT c c r

c • SMC g ch h

s c o h c h

b e

SMC s c h c

4 s http://www.kabupro.jp/edp/20090128/S0002B8M.pdf

6

• 500 h i e c SMC

e c

ck h k i

o e c s c

d h s

10 53 190 910 h

c io h c

h t uj

• SMC 2013 )%

SMC s

o c d i c g

v v

s c g

• SMC %%% c

c SMC h s % ( h h

u SMC h % %

d b v

u hb g c b

s

• SMC 46 sg s c c

c c

c sgs o

SMC o

s s s s

c o SMCb s r c

h u

• SMC s h i .% e

s c c

7

• 82

h SMC g i―lo u

i e

• SMC h u o

SMC k Sjoerd Nauta h s c o SMCs 4T OP BN 2 NS BM AB OTR s

c o h c

h c

85 u i

• u

SMC h e

d u i e c • b h SMC

c hi

SMC u

u h i c e c • h s u

h b SMC c o b

- h hb c

SMC 1987 c c

k ( ) u d

SMC h c w

e c c SMC g s c co

d

2011 2 c

b h h s

8

s ― s c 5 o SMC o k

h s s c 2016 7u 16

13 sg g

SMC sc c c SMC i bug 4514

’ 500 SMC 3.0 v sg c h

SMC g 5800’ 2 SMC 13

’ 140 9 c o SMC u i k

h c g t w SMCe k h

c g w SMC h

SMC s c c s c o h

b cd h g

SMC ÷

d h s c g

sc

g

c d e

5 s SSP/ VVV LL SBLBD O P NU RSO EODR % % ( EOT PEG

SSP/ L LBCTP O P SRP % % )% % % %( ) PEG

9

FOI FOI 2009 11

sgs IPO g c

d s c o h s

FOI 2009 3 119 s c h

o vg2 6

ss c FOIn s g b g

hb g d wg c o s

b b h s g d c

o s g b c u o h i g

e h s o n g g s

b FOI g g e

kc e FOI h 1 s h

81 c o 2009 4 g 129 2.3 u

1 i u n

1 h c h u

cdo b c FOI o s

h s c

o h s wr k

h h SMC ― s c

FOI 1 b h

k 2009 4840 h

h s c sc

c s o 7

e

s c

6 http://pressrelease-jp.com/blog2_2010_05_page3.html 7 http://www.accessjournal.jp/modules/weblog/details.php?blog_id=4153

10

s - c.

g ods u i c c v

72 u b SMC h i

ds t dg

M&A – g

% cd s

h e c

) )

u 2008 g 2014 656 s s c o h s 10 o

hu o u h

2008

2014 11 sk FOI o

s s 3 s

c

s 82

w c c d c

( ( % ) 82

( u o h t kc

i o u s

c h u

e o sc

8 http://www.kabupro.jp/edp/20100326/S0005EHT.pdf 9 https://www.jicpa.or.jp/cpa_search/ms_detail.php?regid_100=3010188 10 http://www.riso-kyoikugroup.com/ir/pdf/2014/20140210.pdf 11 http://www.fsa.go.jp/news/26/sonota/20141029-1.html 12 http://www.seiyo.or.jp/contact/

11

FOI s o

u c cg s ch k 3 sc

cg i g SMC d

h i c dg cd c

SMC b o h SMC b o

h SMC b o s

ng

e SMC h t s c o c

s c o u

c

sgs 3 hb gg v

c c o g

hc c d

s o SMC c

cdo

12

SMC 1990s SMC 1990 10

s 1991 3 g 2003 6 SMC CFOh h i―c

d

co t g h s c

NSM b

c h c o

13

h t c o g

u i b d

d u i b c SMC u

i 1. SMC b h SMC

b g h s c

c g 2. SMC h SMC t b

c h c c g 3. c c b h g 4. g s o h

c s o s c

g

SMCc h c k

wv s c 13

o h o o s s u

o sks c h SMC g k

c o u i h

c s SMC u t w c o

k io ch h c s

e c

13 B

14

6 SMC 4 og s

ul u cdo s i 14 s k g

s

e • SMC KPMG g Sison Corillo

Parone & Co. s • SMC

KPMG s s • 2012 3 SMC PWC g

BTF s • 2010 3 SMC ÷

g RT LLP ( LTC cd )s LTC hw g

c • SMC b

g ECL s

ECLs sgs ECL dcd g

o

c c b h o 2006

u

ods g i b d b c

b Norwich Pharmacal court order15

s s u o h i

d c SMC s f o d

‘ u u o h

g c c dg

c h d 4s BTF Sison Corillo Parone & Co. d

k c c u o u

dg e d c

g SMC s c SMC c

o 4 s o hb

c v

14 E 15 https://en.wikipedia.org/wiki/Norwich_Pharmacal_Order

15

ds c w

c g c SMC c h

s c c s co h

c SMC s c c SMC k

c h s c c SMC o 2 cv g w c

dg h s u

h

o SMC o c d

÷ h SMC hcg f

u o h b o k s c

o 570 SMC 2c c 10 c c gg v

SMC ÷ RT LLP. SMC SEA Pte. h s c

s o h 13 d

SMC 2015 SMC ÷ 490

16

s c h o SMC 12 u o

SMC h c g dg

h c gw o

hc k c h

h s f o

s c

2010 3 c h o

LTC RT LLP

RT b k i c

÷ s

o b RT LTC c g s c 2010 LTC b

s c h p gs

2009 s c b o r

k 16 RT 2015 ÷

(CSCF:SP) cd

h 4 g s g gg v 2016 8h h u s

h t hb

2016 9 ÷

h b s

i g o RT h c SMC ÷

g SMC10 13 k s c o d e

i dg k

b ic

s n cdo u i

16 http://www.sammyboy.com/archive/index.php/t-49666.html

17

÷ o hb o

i SMC ÷ b

h d

b o h b g s c17 2016 7 RT LLP

SMC

h b

b gw

h c

s c cd o h SMC÷ SMC h sc b ods o

u i e cg SMCSMC s

÷ d o h i sk c d

d

o u c c

17 https://www.linkedin.com/in/rnjagtiani

18

E&Y h 900o u u 18

SMC k c c

h u SMC u c u i

b %%. %%- .

h s u SMC (-( %%

s s o g s . o

SMC c co

c h g g g g h

c c

c t co

s c

i c chb g

s u hb

5 s c h c

s g dg

g c ��+��*����)-&'�.�,��($'�#0'!/�

�"�����* 11����$%+��/ �" /(��$'!/�b c hb u

h SMC h s s s i

c e SMC SMCb k

SMC s s c 20

h 2013 4g 12 39 2700 s o s c o

1 c s

c sgs s

h s c d 2013 12 18 https://www.bloomberg.com/news/articles/2016-09-19/ernst-young-pays-9-million-for-inappropriate-client-relations 19 http://www.kabupro.jp/edp/20090128/S0002B8M.pdf 20 http://www.kabupro.jp/edp/20051220/005GC8D0.pdf

19

SMC 37.8 145 sg s s c g h 2014340 s

2008 2009 2010 2011 2012 2013 2014

145 145 145 145 145 145 3443500

82

37.8% 37.8% 37.8% 37.8% 37.8% 37.8% 100%

:

d 2013 12

145 s o c sgs 2014 122015 12 344 3500 s

f o h g k SMCu c c

: % (

: % )

h co g

s c

1. h sc g

2. s h s %%-

%% s s c g s

h s % )

s s c c g o

u v

3. s h sc

s g

4. h s c

d s i g

5. o c g

c c d

20

6. SMC b g

b c g

7. b c SMC

s g s d h k c s g

b h g SMC

s o c e c

21

817

SMC u s h

i i w 817i c c o h s c c h

c s c

g g d SMC SMC SMC SMCi g ce s

2014

95,643

M 41,01037,253

M 23,59819,62813,0558,4654,9413,5362,6032,5141,1541,137336

S S ��

��

��

��

4,764

��

2,8072,607

��

C C 1,185

��

715603116

267,667349,354 81,687

2 4 3 2 21 0

22

f o h e 817 d s c

n g e kc:

1. SMC gw

g s h c c e

s

c 2. SMC s c c

2 3 dt c 3. SMC c g h 6 5000

7500 7 10 5000 h 500800 7000 1 1000 cg

c o w c 4. 21 SMC 2016 8300

c 2016 14.3%)u 1200 14 o

u h c o SMC k 817 s c

e c s o i g

c SMC SMC÷ h c cdo s

o h s c cd u h SMC

8.4 SMC

1.0 c o g ’ f 61h 54 sg c22 o 551880 u h

0.4 o s c o ’ u vg 16 sgf v

s c d i

c s h s c h

b o e SMC h c

k ko c

21 2016 11 25 ÷ 22 2014 3 SMC ’ s f

s c c sgs vg SMC o

’ e

23

: 2014 3 SMC , SAIC

SMC SMC g c e c

k i c fk h

s c 8316 b h g vg 116 e

c d SMC 2.5 os c o

SMC c s

b c sg s c c

h s b u 1000hb

24

SMC 2009 g s

c h u ’ 1.5 b g

g t b s c h

o u o ’ 11 h cdo d

SMC o b h sgs h

o k d fc 2003

fc i PWC 43 w 23 o

ods h s g h

c c g s i s i o

e k i

SMC %%( (

fc h― s f

2 s 90 h 20123 g 40 c s i o SMCh s c o u

5 3 s c d

23 2003 72,219,307W 166,076,733 43.49%

25

SMC UK % (

h c w o

1/4 i

o 1 s 10 i co h g g

c s h

h c s g g d 2013 g

s c h c c o

u c 52 h b d SMC h

i g o

u hb SMC 5 11.6s o h 24 sc i h

h c ods g u SMC s 190 g

910 hb

h 550 e c

24

http://english.yonhapnews.co.kr/news/2015/01/20/0200000000AEN20150120008800320.html

26

c c h u k SMC

g vc hb d 2013 3 SMC ÷

1.8 ÷ cd c h

b u b h SMCu s c

cg e s d b

SMC ÷ % ( ( o k c b h 1.8

÷ g b SMC

÷ 2010 3 g 2013 3o k h 100 b

o 50 g c b

27

SMC ÷

2014 3 s s

s k c h o

2015 3 k h 2014 s g 428,480 (2014 734,137 )s ÷ s

s c

3 t b o e

SMC ÷ 2s o dg o 2014 3h s u b o

s c 2015 3s b o u h

u n o s c o d SMC ÷ 2015 3

s 2/3 s b s co

2016 3 s

SMC ÷

s b

28

s s n i

s e h i b

g u h k b d

o o h c

s c e s SMC sc

1.8 ÷ u hb

g s d s c b dg

SMC k s

c 2003 08 cg h

1900 ÷ s o

s b c

g b ff h

c g b

c o d k

i s n c

d o h g

29

1. t wcg

sgs c b

e kc

2. ss w

c s h k

cg b hods b c

s v b

SMC SMC h k

2013 3 SMC i

g s c

66-80 s c SMC100 s SMC

: 2004 3 g 2013 3 SMC

2004 3 g 2013 3 SMCh SMC u SMC u c c o

s c o d h SMCh

SMC

SMC f :

30

o ; u s

u d sgs SMC u

70 c 20 u s c

v b R&I SMC AA s

c ) SMC t

u SMC s c h t

g dg h― s s c o o

h 1 k ― s

h s c

SMC2 6841SMC c h

7 5000 c

31

: SMC u 2015

o h u 250

k SMC 1 s

k iuj o h

cg

c

: 2016

s SMC u h s 330

u o 2016 3 ’ 10

32

u h 300 s f 110 c i ce gg v

o SMC c c

2008 s h SMC o o

e c g o nr e

c o d h d s SMC

g u b

c d 1 u i hb

100 g s c o sgs

h

ods u h c

s h

h s c SMC h

c u g SMC

SMC s c g

dg 1. og s c g

2. o g e g b c

b e c g 3. d s 82

g

4. 82 o u % ( (

g

5. o k s c g s

d b

6. 82 82 h k k

s c k u

t c g

SMC ho d c b

b k b k sg

e c e u hb r

c h s b u u

o h k c u g

ck g chb dh 50 hb u o h

33

cdo c b d

h 20-50 h i

h c c ce

h c sgs h SMC h

b g g b s

c b h sgs SMC s c

k sg ei s c c

b o fc h o

cg e c

SMC h d e i

g s f s i 39 s

SMC ÷ SMC

o s c e

u o

h d c g k o h i k s c

b o k i c

2016 3

THK (6481: ) 1 CKD (6407: ) 1

(6268: ) 0

SMC (6273: ) 39

34

o s c h s

g s n c h c e c

h s c u h

s c c sgs h SMCS.p.A s c e

s

o h i

2016 3 1 h h

2012 3 g 2015 3 6 n c

o o 911 h

c o s c c dg

h o c g u o SMC h 20133 g s g

sk SMC17 sg o h i c b e h

ckg o u i c b

SMC ÷ 2016 3

o h b er c

SMC h s c s

h e SMC , BV PT SMC

d b c k k i hb

g b SMC w

o h i g s ch h g c

h 5 b 2012 3 b Advanced Pressure Technology, SMC (N.Z.), SMC (

) Pty., SMC ( ), SMC Industrial Automation CZ s.r.o b dg

35

SMC s c c cd

i b CKD, THKs c s o

h c THK 2016 3 SMC k t

c h 2016 3 u

s c

h k b hi l

g ehb s

k h b c hb g

g c b

SMC h d u g u

o h

c g c o c

u o h e c

SMC SMC SMC o

h SMC hcg sk

d g s c d SMC 2004 3b h g

SMC 2003 3

PHP153.7 353.5 PHP96.3 221.5s c

sgs h o 2003 3 10 SMC

s s

h SMC f

b s c h 3 2003 4 1 SMC SMC s h

SMC 13 g 2004 3 s g

o 13 g SMC SMC s co

s SMCs s

fc b

SMC s i g h o

b k 1-2 hb sg i

e c h g

36

s cd d

o

c h k ds

h s c cdo

h b dg

PTSMC PT SMC SMC2007 3 g u h c cd g

f SMCb SMC (SEA) PTE LTD SMC

÷ 100 b u s

c ho

g s o 2011 3 SMC ÷ SMC

c gg v e

c g b h b SMC÷ h SMC c 2.9

÷ d 60 ÷ uo

s b

SMC ÷ 2011 3

s c h c w u sc

SMC ÷ 2012 3 100 ÷

s h h sc

g c g b 2016 130÷ g s h o SMC

h s s c b

ods h sc e k o

SMC h s o

s u o hcg g

cdo s c e

k SMC ÷ fc

h 2012 3 s 16 c o

37

h s c d h SMC÷ g o h g

g b sgs h k o h

s c o s c

SMC ÷

s u 30 k gg v SMCb u c

h i u

ck c

h c c SMCs SMC h

u SMAC CEO c

u

h h h s

c o h s c e k h s

82 s

h c

s c k k e

c c t c

38

i si SMC 1920 h

k u vc c 25 Vorkers

sg w d b s

― f v h c

h d ck gh k e c 26 :

o o c s

u

e b o s c

h s a cd k

c t w

i u h

h c :

25 http://www.vorkers.com/company_answer.php?m_id=a0910000000FrIX&q_no=10&sort_key=1&sort_val=-1#report_list_top 26 https://en-hyouban.com/company/00005824495/5/ 27 https://www.glassdoor.com/Reviews/SMC-Corporation-Reviews-E40742_P3.htm

39

:

: Currentnoblesville.com

SMC o h

s c o i o o g SMC2 h e

u h c

i GPS

40

s o i ou

c • CFO b h

b c a hb cd • SMC f

h sk u o s c cd

• c o k

puo c

c

• SMCb Flodraulic Group Chief

Operating Officer b o h u hb o d h

hb

g

• SMC s c • k n c kg

g s c ÷ c h

gs c h s g sc

o h c t co • ck g hb g ho

c do c • g ce h

t ― s c h c “

SMC s c ik o

b SMCGPS s h s k

c c c cd o s

SMC c f cv i

d e c SMCs f b h

c d c cd

o

s g i h SMC b

c h b g

s u SMC cdo o d

u w c h

41

sc c c h

i c e c

SMC h b h

g k s s c

v hb u u b

4 : 409 249 07 A0 46: 4( ECW)h e c ECW o k n s s

SMC u hb d

SMC d SMC N.V./S.A

SMC SMC B.V. SMC ECW SMC cd b d SMC

28 19 hb g g b

d k hb

28 http://www.smcworld.com/catalog/SMC-HP-en/mpv/e01-11-guide/pageview.html#page_num=19

42

SMC

sgs h o c

SMC SMC k

ECW Nauta Holdings B.V Nauta Group h u

s c c

29 Nauta Groupb Sjoerd Nauta 1960 g SMChb

Rami Yokota

Nauta Holdings B.V. De Ruyter Kade 120, 1011AB

s c • Aquapro B.V. SMC SMC • SMC B.V. (SMC , Nauta Group ) • B.V. SMC

2 Nauta 3u o

• BV SMC 100 2007 32006 3 SMC

• •

SMC

29 https://www.rami-yokota.com/en/company/strategy

43

SMC / Sjerd Nauta Nauta SMC

b s o SMC

c c cd h s SMC s c g o ck g c

c cd b

B.L. van Zuilen , , SMC s

s c 30 Nauta b SMC SMC b

g c

30 https://www.linkedin.com/in/bas-van-zuilen-9314a911

44

SMC SMC SMC k o

s SMC b

d

sgs h s c Sjoerd NautaBas van Zuilen SMC t SMC

SMCh Nauta Group c

o SMC Corp Nauta Group g b o s

c sgs h SMC o

c b

o h g i e

k c ECW SMC h d c g s d u

45

EUROPEANCENTRALWAREHOUSE ECW)82 b

42A h c s

82 d c

SMC 31

82 b 9BTSB 5 OTP b 82

h c b cd k 82

7OH RS DR U D 4T OP 9 cd 82 h c

cd fc

82 d

b O E 9BTSB h 82 7OH RS D U D 4T OP

c

31 http://www.smcworld.com/sguide/ja/page.do?id=P40

46

SMC Logistics Service Europe 2015

SMC Logistic Service EuropeECW t b k 2006 3 SMCb d b sgs h SMCSMC Logistic Service Europe h b h c

SMC Logistics Service Europe 2006 3

c d d SMC Logistic Service Europe SMC b

h SMC b

c

47

SMC SMC Logistic Service Europe h gb c

b h h c g

g b o d f g SMC Logistic Service Europe

d c g SMC Logistic Service Europe 4 c

e g

ck g g o hb e c 1. Sjoerd Nauta SMC SMC Logistics Europe s

c h o o h g s c b o s

c

SMC

2. ECW SMC URL(ecw-smc.com smcpneumatics.be) DNS

o SMC k Nauta Group100 SMC s c

R. Van de Pal h Nauta Group ITd b 32

32 https://www.linkedin.com/in/r0001

48

www.checkdomain.com o o ECW s c SMC k SMC Belgium b

o k s c ECM SMCb SMC Belgium b c c g

SMC b g ECW e g h SMC

s c c g s c SMC o g u hb d 3. ECW / b u

o d g d d

ECW o h Nauta Group SMC h SMC Logistics Europe s c o h c o o

o s c

49

ho s c o h e ECW

b d d ds SMC Logistics Europe NV 2013 Nauta h s c

s dg

SMC hcg s c g u

51 g 85 i 4,484 g

15,145 h cd

k 82 hb

sc hb

u hcg scg cdo s c b

sgs o i

0 SMC 2 ’ PER 25 EBITDA12 c

iv c g b

1 ÷ s sk s c c

50

os s

hb g u b

2005 2100 b s c 4s

s c 33 3 h34 75 k s o

h

s c 117780 s

( 1510 ss c

h 60 s

g c

) IHI 2007 3 158 g

46 60 s

1998 40s c o h g 70 s

25 s

c c

n c o h s

4 g 90 s

h b d

PwC h c h s 35

fc k 70 s

o

85.4 b d o SMC4,484

33 http://www.taipeitimes.com/News/biz/archives/2006/05/14/2003308162 34 http://www.telegraph.co.uk/finance/2945147/Former-PwC-accountants-guilty-of-conspiracy.html 35 http://www.japantimes.co.jp/news/2005/09/14/national/four-cpas-arrested-over-kanebo-scandal/#.WC5wKC2GOUk

51

SMC u 15 u h

s c d ch h c

c SMC 2017 3 h

c c u 6903 490

c 25 cd SMCc e f 21 490

15,145 h g 50 h

b e f o c

s c o s fod

52

A:

1926 8 20

u 901950 SMC

v

c

SMC 12u

1958 6 6

u

SMC

CFO

1943 8 20

b

SMC b

1993 SMC

SMC

SMC÷ sc

1951 9 19

2014 SMC2005 2

SMC

h

TO DO TO DO 2000 SMC s

SMCCFO SMC

SMCs

ods

h l

2 o u 2000 3 21 SMC

e

2002 SMC

82

53

2004s 2007 s 1996

s c

SMC 1 b

1

54

B:

SMC ÷ c u

APA fko h b d APA c

b c s c o

b h e s h

u o u b

c

i cd b ÷ c

13 SMC ÷ ÷

k s c

**** 2004 3 SMC ÷

h APA 2003 3 s v ÷

h s o g s SMC÷ h u h c

g b o SMC ÷

1992 3 31 g 2001 3 31 h 59.6÷ o s o

o s de g s sgs h

h 2.5 ÷ g 62.1 ÷ u

hb o b

v g e g

c b

e b d

hb h

c b o

s h c d w

cg g s c

55

SMC ÷

c SMC ÷

2008 3 g s ÷ f g APA

f c 2002 3 31 g 2010 3 31sg k d d

SMC ÷ 2008 3

ch f

c h / h 11.4 ÷ g

103.1 ÷ s / 432.9÷ g 355.7 ÷

56

o u o SMC ÷

g k b c o h

h ch g g b cdo

c dg o c i SMC b o fc

÷ i hb o

h g o c cs g c b d

÷ s

c u o i c s

s g b u b

o n c o SMC ÷ APA

s c 2011 3d c

t 2011 3 28 2011 3 31g 2015 3 31 APA s

SMC ÷

k k e

cdo b 2016 3 SMC÷ APA

i h c c

e APA f

g h s c g o u

b d

57

SMC ÷

SMC s s i c d 2016 666 16 c s c

SMC h h 4 do

u k sc SMC u

o u i b s ― s

hb g b *****

58

C: g c c u

c b

o h i

SMC s ―

c

k h ECL Howard Watson Smith cd h 20093 s c

2009 3 2011 32.25 ÷ 10 2.25 ÷

h o o SMCu t w

2010 3 ECL

2010 3 2011 3 h

Baker Tilly h SMC UK s 20123 Baker Tilly ECL g

10 s o k h k e

g ÷ b Baker TillyECL hb s c

u i ECL h 25 ik

h s o b s c dg

b h sc

59

SMC UK

2011 3 ECL

2009 3 2010 3 h

2012 3 Baker Tilly b

SMC ÷ h b o

h SMC b gg v o

― s h c

c SMC UK c c

h b o u f i b d a) o h 2011 3 ECL g Baker Tilly

e i h s c b) 2014 3 fc o Baker Tilly

60

s u u s c

c o SMC UK 2015 3ECL Howard Watson Smith sc

25,000 ÷ 2011 3 42,760 ÷

b uo s h

sgs c dh c b d

o h Companies Houseu c s s

2006 u b o hul

h e c c g

h u o

s o u g s c

d so h d

s i dg ds SMC c u

s c dg

61

D:SMC 1. SMC 2003−2016 1990-2016, 1987 IPO 1996 56th & 57th AGM,

2016 ÷ 2. 2009 1 28 2008-2014,

3. 4. 5. : Sjoerd Nauta , GJ Holding, SJ Trading6. : 2008 – 2015, 2011 7. SMC : 2011 – 2015 8. SMC : 2005-2015 9. SMC : SAIC Filings 2012-2015 10. SMC SAIC Filings 2012-2015 11. SMC : SAIC Filings 2012-2015 12. SMC : 2015 13. SMC : 2009-2015, 2010 14. SMC : 2012-2016 15. Exploitatiemaatschappij Rami : 2008-2014 16. SMC : 2007-2016 17. SMC : 2007-2016 18. SMC : 2007-2015, 2012 2011-2012

19. SMC 2014-2016, PWC 2004,

2009, 2016, Register of Charge, SMC 20. ÷ SMC : 2006-2016 21. SMC : 2011-2015, + 2006-2008,2010 22. SMC : 2005-2016, Special Resolution 2007, McCann & Co. 2012, 2016, 2016, 2016, MOA 23. SMC : 2012-2016 24. : 2016, 2016,

2016 25. SMC : 2006-2016 26. SMC : 2010-2015, :

: 2010-2015, NK : : 2014-2015 27. SMC 28. SMC 29. SMC 30. . Nauta Holding BV : 2008-2014, Nauta Holdings 31. SMC : 2008-2015,

62

32. : 2009-2015,

33. SMC : 2003-2006 34. SMC ( ) : 2011-2015 35. SMC 36. : 2008-2015, , Warehouse History 37. : : 2009-2015, 38. : 2010-2015, , 2015

39. SMC ÷ : 2005-2015 40. SMC ÷ : 1998-2006, 2009-2016, 41. SMC Logistics Service Europe ( ) : 2006-2015 42. SMC : 2011-2015, 45. SMC 2015-2016, 2002-2014 46. SMC : 2013

63

�� E:��������

64

����ÓÏ �µ��³ė.ēË�+&���*�Oď�vî�č�pľ²��ß

ïI7N=�s×ĵþ.IJ��®�øėĂ����&���+�ÓÏ��$

,+o��²� �µ��Ð��čz�"k¯�����÷��ãùT�k

ѱ��+&�������+� ãùT�kѱ��+�k�+pľ²�

çŇb��rĹČ'ÓÏ�Ě��,��+ĻÙ�_ß�ŀijČ��+� ñ

ĒČ�£���ĜČĩ^� ý¢j¾Ċ~.Ĩ���+Č� ��Čň)

�®��&����µ� �µ��³ė.ĕ\ +ãù±'�o±.®+|

z.���*�ĝİ��o�����ģ��k¯.¾���+�«ġ²�

�Ëúó��,ņúó��,���+ÿń�jğ&\�����Ãú�

,��+&���+�Well Investments Research �"��ŀijČ �Ëúó��,ņúó��,�«ġ²�� ÓÏ�vî.IJ��®�ąØ�ŀ���

��ãù±�Í�±�� �o±�������+ēËjğ&�+&��

���ÓÏ�ĤČ �Well Investments Research .ëĎ�I:6����vî�+����³�+&���+���+������&�Well Investments Research ÓÏĝİ�²�����í��õ¿�"Ŀ¿��ªÄ�����ĩ^.Ĩ-���Well Investments Research ���+æ��&¹ī{ĚČ���òļ�,�����ÓÏ �ğx��ª�����¹ī

{Ě�Àđ� �Ģ.ēË�+&�� ���µ��³ė.¸uó�Þě��

¹īuÇ.Ē�y��ĤČëĎ�ĥÚ�s×.Ē�#���+�ĤČĎį�

Û©�ª�ŀ�� �Û©�¤Ľ �{Ě.å%+#���+� ÓÏ�ñĒÉì������Well Investments Research��"µ��Ņ��"ʼn� ¹ī  �ÓÏ�Ě��,��+ĻÙ�Û©Ň�"ʼn� 4E8H

L�:K>E�"��[�«ġĻÙ�Û©�ŀ�+@IC?0Dň.Ā�*

���+�č±�+���­���«ġĻÙ� 5CN�ªĻÙ�Û©�

� 4E8HL�gÜ�RÊ� SĐ�(*�ö«�vô�ì�+�č±

�+���ð³�,���µ� �ÓÏ�Ě��,�`û�ğx.ćĈó

��ª�+�č±�*�ÓÏ�ĝİ�,�µ��«t�ėĘ�ŀ-)��

µ� �ñĒc������ªF98HL.�Ī���*�5CN�ª�

F98HL�¬©� �Ĭ��Î.Ē��č±�+� ÓÏ ���+ğx����·Ğ�ĭn�·Ğ����&���Well Investments Research �Ó71A�"Ó71AR�ÓÏ.IJ�����+Č��Ŀ�&�ğx��Ī'·Ğ.Ē�&�� ���Well Investments Research ���+æ�����&¹ī{ĚČ���òļ�,�Č� ���ÓÏ�ĤČ �ÓÏ�Þě�,��+ğx�����¹īuÇ.�+y

��ëĎ�ĥÚ�"@GN@I93L:.Ē�����³��&���+�

ÓÏ�ĤČ �Well Investments Research �£���ÓÏĝİ�²��s×�"³ė.¸uó�Ġg�+��s�¹īøė.Ñ�+Č��+��.ēË

jğ�+&���+� µ� �Ďį�³ė.¬´�+áv.Ñ��«ġ³ė.pľ���ēË�+

áv.Ñ�+�µ� �ĥÚ��pľ`û�����³ė.ēËMñĒ�+

�� pq�vô�ķ�&��ùk���+�Well Investments Research �

65

ÓÏ�ÓÏ�Ě��,+R�_ß�(+p§�ãùT�ķÍ�²�ľú.

iĴ�+&���+�ċ�+�+p§�ãùT�ķÍ�²�ľú �É

Ó�īÓ¦�����«ġ_ßÛU�"¹ī �£��Ĩ���+Ċ~�

�+�ÓÏ�"ÓÏ�ĝİ�,�o��ēË �Well Investments Research�³ė�����X��ēË� ���ĤČ �ÓÏ.d´�+é�µ�

f½��� ÓÏ�ªî��ğ½�£���p�/6;:�+����+�

o��³ėēË �IJø�+�����Î�,+�č±�*�Well Investments Research �ÓÏ��$,+²��s×�"³ė������'²�.ÎÈ���Ėl�+��.jğ�+&�� ��� Ó71A�ĤČ �Well Investments Research �ĥÚ�vî �Ďį�I:6������,+&���+����³��&���+�Ó71A�ĤČ

���+���&�Ó71AR�²��Į��+õ¿� Ŀ¿��ªÄ

����� Well Investments Research� ��ŀijČ�ĩ^.Ĩ-���&���+�Î��ĤČ �Ó71A�ĝİ�,�ğx�ŀ�+��+¹ī

uÇ.�+y��ëĎ�ĥÚ�"@GN@I93L:.Ē�����³��

&���+�Ó71A�ĤČ �Well Investments Research �£���Ó71A�"ÓÏĝİ�²��s×�"³ė.¸uó�Ġg�+��s�¹īø

ė.Ñ�+Č��+��.ēËjğ�+&���+�Î��Ó71A�ĤČ

�ÓmĩÕłĝİ�Õł�¼Ô�,+����³���āQČ�£���

ÓÏ�r¡����aĶ�������³��&���+� ÓÏ.<2LJNB�ľº�+���(*�ĤČ �³ħó�T�ëĎ�³

°��(i) ÓÏ��o�Ć��,�µ��23D71AR�Âú�,�vîÕł.ĸ��+���(ii) ÓÏ�vî� ÓÏ�ªî�,�īÆ.ė���)í����+æóĄW����&�»ęæÕł.Ł��ÉÓæ�è½��

(iii) ÉÓ�ÖYĺ�¶��+ăıĔu¶�ZóT�¤¥ăı�Ò��[�æ��"ķîæ�h+áv.ÅÝ��T�(iv) ��+ö��+w�æ� æ�&ŀ-)��Ó23D71A� ����$,+īÆ�vî)í�+�

� ŀij��í�+Ħå� æóÁĉ �«ġĦå� æóÁĉ.Ē��

) 1 ¨]r�Ē-� ,!�)���������� äV�üâ�,+����³��&���+�Well Investments Research ÓmĩÕłR�áv� Õł.Ēe��Ē�������&�«ġáv� Õł�ÅÝ.à´

�+&�� ���PO�ÓmĩÕł���,ăı.Ñ�+æ��Ĕ

u¶�(��ê}��+�uÇ�,�������&�«XČ �«ġĔu

¶ÓmĩÕł��Ì�,�«XČ�³��£��}z.\�(�|%+#

�����"ÓmĩÕł���[�Õł��*- «ġè½æ�"ăı�Õ

ł �o�Ñ}�$$��+����³�+�