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Objectives To investigate the prevalence of chronic comorbidities and the use of comedications in people living with HIV (PLWH) and on antiretrovirals in Japan, by using a hospital claims database.
Design Observational, retrospective, cross-sectional study.
Setting A hospital claims database of Japanese hospitals that have advanced medical treatment capabilities (ie, advanced treatment hospitals, general hospitals, acute care hospitals), which include those providing acute and chronic care (excluding nursing homes or hospices).
Participants A total of 1445 PLWH aged ≥18 years and with a prescription record of antiretrovirals between January 2010 and December 2015 were identified from the database.
Outcome measures The number and types of chronic comorbidities, as well as the number and types of comedications, in different age groups of the PLWH.
Results The median (range) age of patients was 45 (18–90) years, and 90.4% were men. Of the 1445 patients, 972 (67.3%) had at least one chronic comorbidity. Common chronic comorbidities included lipid disorders (31.6%), diabetes (26.8%), hypertension (18.2%) and hepatitis B/C coinfection (18.2%). Patients in the older age groups had greater numbers of chronic comorbidities. The most common chronic comorbidities in the older age groups were hypertension, diabetes and lipid disorders. The majority of patients used at least one comedication, and those in the older age groups used greater numbers of comedications. The most common therapeutic category of comedication included antacids, antiflatulents and antiulcerants (31.7%). Of 151 malignancies reported in 117 patients, 84 were AIDS-defining cancers and 67 were non-AIDS-defining cancers.
Conclusions Chronic comorbidities and comedications were common among PLWH in Japan taking antiretrovirals; particularly among older patients, who more frequently used comedications. This suggests the need for giving special attention to the appropriate management of this patient population.
- comorbidity
- epidemiology
- Japan
- infectious disease
- polypharmacy
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Strengths and limitations of this study
This is the first study to examine chronic comorbidities and comedications in people living with HIV in Japan taking antiretrovirals, using a large-scale hospital claims database.
Patients were stratified into small age groups, which provided a clear picture of patients' comorbidity and comedication profiles by age.
The cross-sectional study design prevented inference of causality between HIV infection and chronic comorbidities or comedications.
This study has limitations inherent in the use of a hospital claims database, such as poorly recorded or missing information, which may result in misclassification.
The generalisability of the study results may be limited because data contained in the database were collected from Japanese hospitals that can provide advanced medical treatment to patients, not from all the hospitals providing HIV treatment in Japan.
Improvements in antiretroviral therapy (ART) over the last 15–20 years have prolonged the life expectancy of people living with HIV (PLWH). Life expectancy of PLWH is now reportedly similar to that of people without HIV.1 However, in addition to HIV-related conditions, age-associated chronic comorbidities negatively affect the mortality rates of PLWH, as shown in various studies.2–6 Considering their extended lifespans, some chronic comorbidities among older PLWH may be partly attributed to normal age-related changes in physiological functioning,7 as with older people in general. Moreover, a longer duration of ART, which leads to increased toxicity, and HIV-induced persistent immunodeficiency and inflammation may also contribute to the increased number of comorbidities or higher prevalence of certain comorbidities among older PLWH.8–11 Chronic inflammation and immune system changes by HIV infection were also found potentially involved in the mechanisms for possible premature ageing in PLWH.12
Studies have shown that over half of all HIV deaths are caused either by coinfection or age-associated non-infectious chronic comorbidities, including vascular diseases, hypertension, lipid disorders, diabetes mellitus, kidney diseases, malignancies and bone disorders.13 14 Such age-associated chronic comorbidities in PLWH have presented a new challenge for HIV treatment, especially in an ageing society such as Japan, which is among the countries with the longest life expectancy, for both sexes.15 In Japan, more than 10% of newly diagnosed people with HIV in 2015 were aged ≥50 years,16 indicating a number of PLWH are relatively older. Although the majority of newly diagnosed people with HIV were aged 20‒49 years (88.2%),16 these people are also able to live to old age through appropriate management with antiretrovirals. Thus, in line with the trends in other countries, in which the proportions of PLWH aged ≥50 years have increased,17 the number of older PLWH may also be increasing in Japan. Because of the potentially long lifespans of PLWH in Japan, it is important to obtain real-world data regarding the comorbidity profiles of these people.
Despite the importance of the association of chronic comorbidities with mortality rates among PLWH, only a few small studies on chronic comorbidities among PLWH in Japan have been published to date,18 19 and there have been no large multicentre epidemiological studies of chronic comorbidities in this population. Therefore, in this study to better understand a patient population, we examined the frequency and type of chronic comorbidities of interest and the use of comedications in different age groups of PLWH in Japan taking antiretrovirals and who were aged ≥18 years, using a Japanese hospital claims database.
Study design
This was an observational, retrospective, cross-sectional database study. Study data were extracted from a hospital claims database of acute care hospitals in Japan, compiled by Medical Data Vision (MDV, Tokyo, Japan). This electronic record-based hospital claims database contained information from approximately 17 million patients in 288 acute care hospitals (as of January 2017) in Japan (https://www.mdv.co.jp/press/2017/detail_743.html); accounting for approximately 17% of all acute care hospitals in Japan that use the diagnosis procedure combination/per-diem payment system. It should be noted, however, that 'acute care hospitals' included in this database are not merely acute care-only or emergency hospitals. It describes hospitals with advanced medical treatment capabilities (ie, advanced treatment hospitals, general hospitals, acute care hospitals), so that hospitals providing both acute and chronic care (excluding nursing homes or hospices) are also included in the database. Because this terminology is highly specific to Japan, it may be confusing for readers outside Japan or not familiar with the MDV database. Therefore, we refer to these hospitals included simply as 'hospitals' hereinafter. We used this database because in Japan PLWH usually receive treatment at regional hospitals for HIV/AIDS treatment, and such designated hospitals are generally large and provide advanced medical treatment for patients with acute and chronic diseases. The majority of patients in the database are aged 15–64 years (51.5%), followed by ≥65 years (34.2%) and 0–14 years (14.3%). The database contains both inpatient and outpatient data from any department; these data include age, sex, department visited, date of medical service, diagnosis codes, hospitalisation (if any), medical procedures and prescriptions.
Study population
PLWH, aged ≥18 years, with a diagnosis record of HIV, and with a prescription record of antiretrovirals between January 2010 and December 2015 (study period) were included in the study. A person with any diagnosis record of HIV was identified by the presence of at least one record of the International Classification of Diseases, 10th Revision (ICD-10) codes B20–24: HIV disease resulting in infectious and parasitic diseases (B20), malignant neoplasms (B21), other specified diseases (B22), other conditions (B23) and unspecified HIV disease (B24). The patients were required to have at least one prescription record of any of the following antiretrovirals anytime during the study period: nucleoside reverse transcriptase inhibitors (NRTIs), non-NRTIs (NNRTIs), protease inhibitors (PIs), integrase strand transfer inhibitors and entry inhibitors. This was for the purpose of examining polypharmacy in PLWH that could induce a potential drug–drug interaction (DDI) between antiretrovirals and comedications, as well as to exclude people with uncertain HIV status, such as those poorly recorded or intentionally recorded for the purpose of a claim.
The data on patients who met these criteria (n=1445) during the study period were extracted from the database. The patients were grouped based on their age at the time of their last hospital visit, as follows: 18–29, 30–39, 40–49, 50–59, 60–69 and ≥70 years.
Definitions of measures
The following patient data during the study period were extracted from the database: demographic characteristics (age, sex), diagnoses of AIDS-defining conditions, hospital admission, diagnoses of chronic comorbidities, prescriptions of antiretrovirals and prescriptions of comedications.
The AIDS-defining conditions were identified using the ICD-10 codes, which included the following: AIDS (B24), AIDS-related complex (B24), cytomegalovirus disease (B20.2/B25 except for B25.1), candidiasis (B20.4/B37.1), encephalopathy (B22.0), wasting syndrome (B22.2), coccidioidomycosis (B38.3‒38.9), cryptococcosis (B45.1‒45.9), cryptosporidiosis (A07.2), herpes simplex infections (B00), histoplasmosis (B39.3‒39.9), isosporiasis (A07.3), pulmonary mycobacterial infection (A31.0), tuberculosis (A15‒19/B20.0), mycobacterial infections (A31.8), pneumocystosis (B59, B20.6), recurrent pneumonia (J12‒18/B01.2),progressive multifocal leukoencephalopathy (A81.2), salmonella septicaemia (A02.1), toxoplasma meningoencephalitis (B58.2), Burkitt lymphoma (B21.1/C83.7), Kaposi sarcoma (B21.0/C46), non-Hodgkin's lymphoma (B21.2/C82‒85 except for C83.7/C91.5) and cancer of the cervix uteri (C53).
The chronic comorbidities were identified by the presence of relevant ICD-10 codes for particular diseases defined below. If the code was recorded at least once during the study period, the patients were considered to have that corresponding chronic comorbidity. These codes are recorded as disease records when patients receive diagnoses and any medical procedures, treatment or prescriptions for the disease. The chronic comorbidities in this study included type II diabetes (E11–14), hypertension (I10–15, except for I11/I13), lipid disorders (hypercholesterolaemia/hyperlipidaemia (E78.0–78.5)), vascular diseases (hypertensive heart and renal diseases (I11/I13), angina pectoris (I20), myocardial infarction (I22), stroke (I64)), kidney failure (N18–19), malignancies (B21.0‒21.2/C00–97), psychiatric disorders (dementia (F01/F03), psychosis (F20–29), mania and depression (F30–32), anxiety (F40–41), insomnia (F51)), osteoporosis (M80–81) and hepatitis B/C coinfection (B18). Presence of two or more chronic comorbidities in a patient was defined as multimorbidity.
Although all malignancies were considered as one category of chronic comorbidity, we classified malignancies into two groups to further analyse them in terms of their types: (1) AIDS-defining cancers defined as Burkitt lymphoma (B21.1/C83.7), Kaposi sarcoma (B21.0/C46), non-Hodgkin's lymphoma (B21.2/C82‒85 except for C83.7/C91.5) and cancer of the cervix uteri (C53) and (2) non-AIDS-defining cancers defined as all other malignancies.
Comedication was defined as a non-antiretroviral medication prescribed for use for ≥30 days total during the study period. All medications other than antiretrovirals were considered in accordance with classification based on the therapeutic subgroups (second level) of the Anatomical Therapeutic Chemical codes.20 To focus on the medications probably used for chronic treatment, or at least used for many days, instead of those used for only a short time, we set the minimum prescription days (ie, total number of days for which the particular medication was supplied irrespective of whether it was prescribed continuously or intermittently during the study period) as 30.
All data on diseases and medications during the study period were considered as data pertaining to the PLWH and thus were counted regardless of whether they were recorded before or after the diagnosis record of HIV. This was because it was considered from a clinical perspective that the comorbidities developed before the HIV infection were persistent over the whole study period.
Patient and public involvement
This was a hospital claims database study exclusively using pre-existing, de-identified claims data and patient recruitment was not carried out specifically for this study. Thus, no patient involvement existed in this study.
Statistical analysis
Demographic data were descriptively summarised using the median and range for continuous variables or the number and percentage (%) of patients for categorical variables. Chronic comorbidities and comedications were descriptively summarised by age group. The 95% CIs were calculated using the exact binomial method proposed by Clopper and Pearson.21 All statistical analyses were performed using SAS V.9.4 (SAS Institute) software.
Patient characteristics
Of 3155 patients with a diagnosis record of HIV, 1445 (45.8%) also had a prescription record of antiretrovirals, and were therefore included in this study. They had a median (range) age of 45 (18–90) years, and 90.4% were men (table 1). Of these patients, 915 (63.3%) had an AIDS-defining condition at some point during the study period. The majority of patients (77.6%) had only outpatient data, and 22.4% had at least one record of hospital admission for any reason during the study period (see online supplementary table 1 for a full list of non-AIDS-defining illnesses that led to hospital admission in patients who had hospital admission only for non-AIDS-defining conditions). Figure 1 shows the age and sex distribution of patients. The majority were aged 40–49 years, followed by 30–39, 50–59, 60–69, 18–29 and ≥70 years.
Supplemental material
Chronic comorbidities
Overall, 1923 chronic comorbidities were reported in 972 (67.3%) PLWH, and 523 (36.2%) patients had multimorbidity (two or more chronic comorbidities). The most common chronic comorbidities were lipid disorders (31.6%; 95% CI 29.2% to 34.0%), followed by diabetes (26.8%; 95% CI 24.5% to 29.1%), hypertension (18.2%; 95% CI 16.2% to 20.3%) and hepatitis B/C coinfection (18.2%; 95% CI 16.2% to 20.3%) (table 1) (see online supplementary table 2 for the breakdown of prevalence of each disease, classified under vascular diseases and psychiatric disorders).
Supplemental material
Figure 2A shows the number of chronic comorbidities by age. Although 58.0% (58/100) of patients aged 18–29 years had no chronic comorbidity, the proportions with no chronic comorbidity decreased in the older age groups. More patients in the older age groups had multimorbidity: 21.0% (65/309) of those aged 30–39 years, 44.1% (113/256) of those aged 50–59 years and 70.7% (58/82) of those aged ≥70 years. No patients aged 18–29 years had four or more chronic comorbidities, while 24.4% (20/82) of those aged ≥70 years did.
Figure 2B shows the prevalence of different types of chronic comorbidities by age group. The prevalence of most chronic comorbidities tended to be higher in the older age groups, but such trends were not observed for psychiatric disorders (prevalence range: 12.0%‒17.8%; p=0.3271, Cochran-Armitage trend test) and hepatitis B/C coinfection (17.1%‒20.4%, p=0.4501, Cochran-Armitage trend test). The most common chronic comorbidities in the older age groups were hypertension, diabetes and lipid disorders. Hypertension was the most common chronic comorbidity in the ≥70 years group (52.4%; 95% CI 41.1% to 63.6%), diabetes in the 60–69 years group (46.3%; 95% CI 39.0% to 53.7%) and lipid disorders in the 50‒59 years group (35.9%; 95% CI 30.1% to 42.1%). The prevalence of vascular diseases, kidney failure, malignancies or osteoporosis in the ≥70 years group was 11.0%–18.3%, which was approximately 10%–15% higher than its counterpart in the 18‒29 years group (0%–4.0%) (p<0.0001 for all four comorbidity types, Cochran-Armitage trend test).
Of the 1445 PLWH, 1086 (75.2%) used at least one comedication and 342 (23.7%) used five or more, apart from antiretrovirals. Figure 3A shows the number of comedications (excluding antiretrovirals) by age group. The proportions of patients who used at least one comedication were 53.0% (53/100) in the 18–29 years group, 76.1% (388/510) in the 40–49 years group and 86.6% (71/82) in the ≥70 years group. More patients in the older age groups used greater numbers of comedications: 11.0% (34/309) of patients in the 30–39 years group, 29.3% (75/256) in the 50–59 years group and 47.6% (39/82) in the ≥70 years group used five or more comedications.
The 10 most common therapeutic categories were antacids, antiflatulents and antiulcerants (A02) (31.7%), systemic antibacterials (J01) (22.2%), psycholeptics (N05) (22.0%), systemic antihistamines (R06) (18.5%), lipid-regulating/antiatheroma preparations (C10) (17.2%), anti-inflammatory and antirheumatic products (M01) (15.5%), antidiarrhoeals, oral electrolyte replacers and intestinal anti-inflammatories (A07) (12.1%), agents acting on the renin–angiotensin system (C09) (11.1%), vitamins (A11) (10.2%); and cough and cold preparations (R05) (9.6%). Regarding the top five most common comedications, the proportions of patients who took respective comedications by age group are shown in figure 3B. Antacids, antiflatulents and antiulcerants were the most common in most of the age groups, notably in the ≥70 years group (52.4%). The proportions of patients taking systemic antibacterials, psycholeptics or systemic antihistamines were similar across all age groups. Lipid-regulating agents were used more commonly in the older age groups: notably in 25%–30% of patients aged ≥50 years.
In this study, 151 malignancies were reported in 117 PLWH, including 84 AIDS-defining cancers and 67 non-AIDS-defining cancers. Figure 4 shows the proportions of patients with AIDS-defining cancers and those of patients with non-AIDS-defining cancers among patients with any malignancies within each age group. The figure illustrates that AIDS-defining cancers were more common in people <60 years, whereas non-AIDS-defining cancers were more frequent in people aged ≥60 years. Table 2 shows the proportions of patients who had respective cancer types in these 117 PLWH with any malignancies. Non-Hodgkin's lymphoma was the most common type of AIDS-defining cancer (52.1%), and bronchus or lung cancers were the most common types of non-AIDS-defining cancers (6.8%).
This is the first study to investigate the prevalence of chronic comorbidities and the use of comedications in PLWH in Japan taking antiretrovirals, using a large hospital claims database. The study found that chronic comorbidities were common in PLWH in Japan, particularly hypertension, diabetes and lipid disorders among older patients. In terms of burden by age group, this study revealed that older patients had greater numbers of chronic comorbidities and also used greater numbers of comedications than younger patients did.
Greater numbers of comorbidities in older people with HIV were also reported in previous international studies.2 3 22 Additionally, older people with HIV in Switzerland and the USA were more likely to have diabetes mellitus, cardiovascular diseases, non-AIDS-defining malignancies, osteoporosis or liver diseases than younger patients.3 22 Similar to those studies, in the present study, diabetes mellitus, vascular diseases and osteoporosis were more common in older PLWH. Kidney failure was also more common in older patients, as suggested by a previous study reporting that both HIV infection and increased age were associated with an increased risk of kidney diseases in PLWH.23 Previous studies also showed PLWH had a greater number of age-associated comorbidities at earlier ages than those living without HIV, suggesting premature ageing in PLWH.2 6 This is a topic we plan to examine in our future research using a control group of people without HIV.
Despite the decreased incidence of non-Hodgkin's lymphoma and Kaposi sarcoma, owing to antiretrovirals,24 25 AIDS-defining cancers remain a great concern in PLWH in North America.26 However, in the present study, these cancers were not commonly observed (non-Hodgkin's lymphoma, 4.2% (61/1445); Kaposi sarcoma, 1.1% (16/1445)). Although direct comparison is not appropriate because of different study methods (ie, different study populations, different antiretroviral eras), the prevalence was much lower than that reported in a previous Japanese study in which non-Hodgkin's lymphoma and Kaposi sarcoma were present in 37.9% and 15.2%, respectively, of autopsied people with HIV and having received antiretrovirals from 1985 to 2012.27 Another interesting finding of the present study was that non-AIDS-defining cancers, which accounted for 44.4% of all malignancies, seemed more frequent in patients in older age groups, being observed in >60% of PLWH aged ≥60 years who had any malignancies. A previous study showed that age-related cancers, such as lung, prostate, colorectal and breast cancers, were common among older PLWH.28 Another study also reported an increase in non-AIDS-defining cancers among the HIV population as a consequence of ageing of the AIDS population.24 In light of these previous findings, our results highlight the importance of non-AIDS-defining cancers among PLWH because of their extended lifespans. However, in the present study, it was difficult to illuminate any trends in the prevalence of malignancies by age group because of the small number of patients with malignancies. Thus, the prevalence of malignancies by age and cancer type should be interpreted carefully, and examined further in future studies.
Our results indicated that use of comedications was common among older PLWH, although the proportions of patients with five or more comedications in those aged ≥50 years were smaller (33.7%) compared with a previous study (54%),29 suggesting the management of older PLWH may be complicated because of DDIs attributed to increased use of comedications.30 31 Moreover, in our study the use of comedications was common even in younger PLWH, and over half of patients aged 18–29 years used at least one comedication. These results suggest the importance of potential DDIs among the older PLWH and the younger ones. For instance, DDIs between PIs or NNRTIs and comedications (eg, cardiovascular agents, antiplatelet agents, psychotropics, antidepressants, analgesics and methadone) can be common in PLWH.30 31 The common use of lipid-regulating agents and agents acting on the renin–angiotensin system in the present study probably reflected the high prevalence of lipid disorders and hypertension, especially in older patients, for some of whom antiretrovirals may be partly responsible for changes in lipid metabolism,32 33 although its underlying mechanisms in PLWH are complex. Psycholeptics were also commonly used irrespective of age, which was consistent with previous studies,30 31 and probably due to HIV disease progression and treatment with antiretrovirals associated with psychiatric disorders.34 35 The most common use, of antacids, antiflatulents and antiulcerants (31.7%), may partly reflect the common presence of gastric ulcers in hospitalised older Japanese patients,36 although not all of our study population had hospitalisation. Because antacids can reduce serum concentrations of several antiretrovirals by altering the acid environment,37 38 Japanese physicians need to pay careful attention when prescribing antiretrovirals to patients using them.
The present study has some limitations. Because it was a cross-sectional study, chronic comorbidities/comedications were not examined against the timing of a diagnosis of HIV infection. It should be noted that chronic comorbidities/comedications in this study included those coded before a diagnosis record of HIV infection. This study is limited in its ability to draw valid conclusions about possible causality between HIV infection and chronic comorbidities/comedications; therefore, causality should be confirmed through more rigorous studies. Other limitations include those inherent to observational studies using a hospital claims database, such as poorly recorded or missing information, which may result in misclassification. For example, because the database is hospital based, medical/treatment history recorded at different hospitals could not be obtained, meaning that patients may have received comedications for other diseases at different hospitals. Acute conditions may be misclassified into chronic comorbidities, as these were defined only by the presence of one relevant ICD-10 code. Comedications only for treating acute condition may contaminate comedications prescribed only for chronic medical conditions, although medications prescribed for <30 days were excluded from comedications in this study. Additionally, the study results may not be generalisable to the overall population living with HIV and taking antiretrovirals in Japan. This is because PLWH in this database who require acute care at hospitals covered in the database may be more ill than other PLWH who do not require acute care, or those who receive HIV treatment at non-acute care hospitals not covered in the database. In addition, the study results, particularly results on comedications, may not accurately represent comorbidity and comedication profiles in the general population living with HIV. This is because this study did not investigate these profiles for inpatients separately from those for outpatients. Online supplementary table 3 shows comedication lists by patients with or without a hospital admission record during the study period. Comedication results may also over-represent drugs used by PLWH who sought hospital care, which may differ from those of PLWH who do not seek hospital care. HIV treatment choices in these included hospitals may not be representative of those made in other hospitals (ie, hospitals not providing advanced medical treatment). This study excluded patients without a record of antiretrovirals, who represent PLWH not taking antiretrovirals. However, we might have excluded some PLWH with ART because PLWH in this database may have received antiretrovirals at hospitals not covered in the database. Finally, because detailed data regarding HIV infection status were not available, we could not analyse the potential relationships between chronic comorbidities and CD4 count, HIV-RNA or ART duration.
Supplemental material
In conclusion, chronic comorbidities and comedications were common among PLWH in Japan taking antiretrovirals, especially among older patients, who more frequently used comedications. This suggests the need for special treatment and attention by physicians. Although our results, particularly the types of comedications, may not necessarily be extrapolated to a different patient population, they will help remind Japanese physicians of the importance of being aware of such complicated medical profiles of PLWH, especially patients who seek treatment at a hospital, so as to treat these people while mindful of potential DDIs. Application of our results can support the development of optimal healthcare strategies for this growing population.
Medical writing and statistical supports were provided by Tetsumi Toyoda and Yuri Haga of Clinical Study Support. We are particularly grateful for the assistance given by Noriyo Ihara of MSD K.K.
Contributors DJR contributed to the study design. DJR, KI and KT contributed to the data analysis and interpretation. DJR, KI, KT and TN revised the manuscript draft critically and approved the final version of the manuscript to be published.
Funding This study was supported by MSD K.K., Tokyo, Japan.
Competing interests DJR, KI and KT are employees of MSD K.K., Tokyo, Japan. TN has received no funding for this study but received lecture fees from MSD K.K., Tokyo, Japan.
Patient consent Not required.
Ethics approval The requirement for informed consent was waived because this was an observational study using de-identified claims data and the Japanese Ethical Guidelines for Medical and Health Research Involving Human Subjects do not apply to a study exclusively using de-identified data.
Provenance and peer review Not commissioned; externally peer reviewed.
Data sharing statement No additional data are available.


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J.D. Solomon
The Top Five Sites For Evaluating Your Hurricane Risks
Understanding your risks relative to an uncertain future usually involves some type of model. When it comes to uncertainty, forecasts, and developing an understanding of my risks, I have found these publicly available sites as the most helpful to me during hurricane season:
#1 https://www.nhc.noaa.gov/ because NOAA is the best source of data and the updates are the most timely interpretations of the most current data.
#2 https://www.tropicaltidbits.com/ because Levi Cowan is simply the best at his trade.
#3 http://trackthetropics.com/ because just about every piece of data and every model, including all of the spaghetti models, are quickly accessible here.
#4 https://www.wunderground.com/ because it was the best source of locally connected weather information during the early 2000s when I was racing sailboats for leisure and helping clients respond to storms as part of the business. I think it is still the best commercial product, even though I am still in denial that the Weather Channel now owns it.
#5 https://fiman.nc.gov/ because all risk is personal and local flood inundation impacts me in many ways. I am hoping South Carolina soon gets a site as powerful as the one in North Carolina.


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We are living in the era of personalization. And frankly with all the data out there and different channels to connect with clients, there's no excuse for not taking the steps to enhance consumer experience.
That's why just a few years ago, 94% of businesses said that personalization was crucial to their success.
When it comes to personalization opportunities, the possibilities are abundant: search, social, content, email, display, and digital! However, today we're going to place our focus on one category in particular—email.
The Power of Personalization in Sales Emails
We should take a moment to point out that we know personalizing every cold email (beyond a name) isn't always feasible and it's certainly not scalable. But there are some helpful tips to follow in personalizing, as well as making the decision when or when not to personalize.
First, check out our recent blog on sales emails here.
Then, read on to learn some of our expert advice on crafting more efficient cold sales emails through personalization.
Take a look at your own inbox, how many mass messages and emails do you have?
How many do you send to the trash folder without ever opening?
Face it, your prospects have the same scenario: inboxes chock full of annoying messages they don't have time to sort through.
Increase your chances of breaking through and getting a response by following these tips:
Don't Overdo It
Personalization teeters a fine line between charming and creepy.
While you should do your research and certainly tailor messages to the prospect, you want to be wary of including too many personal details. Overstep this line and you won't just get your message sent to the spam folder, but you could even come off as creepy and will scare away customers.
Timing Is Everything
Your prospects are likely across different time zones and they certainly have different routines and preferences. Make sure you're sending your email at an optimal hour in your prospect's time zone to increase the chances of reply.
Personalize Your Business
The power of personalization isn't centered solely on your prospects. Tailor your message to your prospect and their problem—how does your product or service solve their needs?
Focusing on the problem your brand can solve requires a plan for each decision-maker, as they all have different needs.
Target the Subject Line
Experiment with putting a prospect's name in the subject line or choosing different subject lines for different segmented audiences. Doing so will show that you know who you are emailing and will make it feel less mass-produced.
Do Research
Check out their LinkedIn profile; what are your common interests or perhaps events? Use common interests and events as a reference point in your emails.
We Can Help
These are just a few of the stepping stones to great sales habits and building a foundation for sustainable growth. If you want to learn more about how your company can smash sales records and achieve lasting success, let's talk!
Schedule your FREE consultation with our team here and follow our blog for other resources!


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"M" is for Magical Monarchs!!!
Today Bug came to the house wanting to do Fairy School. 🙂 So I ran with it. I had some peg people and some butterfly cut outs that I was going to have them paint. So I decided that I would tell a story about the Monarch Fairies while we painted. I gave them orange, black, and white paint and the wooden objects. Then, with a hope and a prayer, I made up a little story! Here I will re tell it more or less the way I did for them! 🙂
"Every year the Monarch butterflies fly up from their warm winter home in Mexico. They fly miles and miles over mountains and water to come up here to our area so that they can lay little eggs that become new caterpillars. These butterflies fly about looking for just the right milkweed plant to lay their eggs on. Who do you think helps the butterflies find the perfect place? {Bunny at this point said "Jesus" so I had to think a little quickly! 🙂 I love my spiritual little girl! } That's right Jesus does tell them, but he uses some little helpers! The Monarch Fairies are there to guild each little butterfly to a perfect plant! Then the butterfly can lay the eggs safely. Then they fly off. The Monarch fairies then take care of the baby caterpillars and stay with them until they turn into new butterflies!!! These fairies are black and orange just like the butterflies and so such beautiful little things but they are very hard to see. The like to stay hidden! Sometimes when you see small little orange butterflies, look very close, they maybe fairies!"
This is more or less the same story I told the girls! It may not win any prizes. but the girls lived it! They painted their Butterfly and their fairy. Then when they dried, I hot glued some orange wool roving wings on the fairies. I also cut a green felt leaf for them to play with. It was good project! 🙂


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The Perfect Nomad… Almost
An invitation to the Concours de' Elegance of America says it all.
My love affair with the 1957 Chevrolet started in 1959 at age 6, when my older brother bought a 210 and painted it candy apple red. With a mother who worked evenings and a sister at college, my brother was often asked to babysit me – which occasionally included cruising our hometown in his '57.
One early November evening, he decided to test a freshly-resurfaced red clay road. I took my place, perched in the front seat aside my big brother. He hit the gas, fishtailing from side to side, then losing control and sliding into a large pile of dirt by the side of the road. As few 1957s had seatbelts, I flew headlong into the dash. I still have memories of the radium dial and hands on the car's rectangular dash clock as we met. The car stalled in the dark with the only light coming from the dash gauges. My brother's first instinct was to check on me. In the dim light he could see dark liquid with small white pieces coming from my mouth. He feared the worst, but quickly discovered it was actually Halloween candy corn that I'd been eating. He warned me if I told anyone about this our mother wouldn't let me ride with him again. It was years before either of us spoke of the incident.
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Most of us can't help but get into the funRead more
Mimo tego, że z pewnością jest to trudne do uwierzeniaRead more
If there's one thing that we immediately noticed when weRead more
Erin and Ben Napier are growing their family! "We're havingRead more
https://www.instagram.com/p/CNdL4uhlEUI/https://www.instagram.com/p/CNdL4uhlEUI/https://www.instagram.com/p/CNdL4uhlEUI/ Alex Morgan is spending some quality time with herRead more
Mandy Moore is celebrating one month as a mother toRead more
Despite a two decade-long successful acting career — which includesRead more
https://www.youtube.com/embed/z_6T9r30P5o Khloé Kardashian is opening up about her potential forRead more
The skin is the largest organ of the body. ItRead more
Khloé Kardashian could be expanding her family soon. A source tellsRead more


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Fumihiko Maki, Guest House, Kurobe, Toyama, 1980
Fumihiko Maki, Guest House, Kurobe, Toyama, 1980
A major figure in Japanese architecture since the late 1950s,Fumihiko Makiis recognized for his architectural and urban design work as well as his contributions to architectural theory. Fumihiko Maki's work is characterized by his critical development of the modern model, his desire to create a contemporary urban architecture and spaces of public appearance, and his attempt to fuse design concepts of the Hast and West. Fumihiko Maki is known for Fumihiko Maki's rational approach, intelligent combination of technology with craftsmanship, and delicate details, all of which are illustrated in projects for cultural, residential, commercial, educational as well as office, convention, and sports facilities.
The National Museum of Modern Art has been called the most nearly classical of Maki's works. The exterior of the museum is an opaque gray, but in the atrium, wall surfaces of rough and polished marbles provide a reflection of light patterns coming from above. The lobby is an extraordinary example of the power of an empty space. The Iwasaki Museum for a private collection of art was completed in 1979. This modern acropolis is built atop a hill in southern Kyushu. YKK Guest House, built to provide lodging for visitors to one of the world's largest fastener manufacturers, is a perfect example of what was cited by Bill Lacy, writing in Space Design, as an
example of a great architect's understanding that "stone and steel, glass and concrete are not what architecture is made of-they are only the means by which light is allowed to create form and space."
"Announcement: Fumihiko Maki | The Pritzker Architecture Prize". 2017. Pritzkerprize.Com. http://www.pritzkerprize.com/1993/announcement.
Reviewed March 2017 by:
Yue Shang
Xiaolin Lu
Lizhongyang Zhou
Adelina Muntean


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Gangster Invisible Shock Leader Fluorocarbon Jigging Fishing Line 30M
Fluoro Carbon / Fluorocarbon line? Fluorocarbon is virtually invisible under water making them the best leader line for fishing sensitive species. From Jigging, fly-lining a live bait, dropper loop fishing, yo-yo fishing, or trolling, have 5~10 feet of fluorocarbon leader is proven to drastically increase action and versus monofilament / braid lines. The bait fish, jig, or bait simply looks much more natural without the visible line! FC is also UV resistant, chemical resistant, non-absorbant, high-density and impervious to cold conditions.
Material: 100% Japanese Fluoro Carbon
Length: 30 Meters / ~33 Yards / ~100 Feet
Pound Test: 40 lbs
Size: #8
Color: Seawater / Invisible. Clear / Transparent.
Manufacture: Jigging Master


text: A gardening thread Sept 8, 2016 19:45:34 GMT Quote Select PostDeselect PostLink to PostMemberGive GiftBack to Top Post by Deleted on Sept 8, 2016 19:45:34 GMT Sept 8, 2016 19:39:29 GMT Beerfish said:I would give you multi likes if I could Vella I've thought about putting the pear in bottle trick most years. One had to find just the right branch to try it on. I always chicken out or forget about it until the pears are too big. I think I'll try next year, if there's any pears. I was a bit surprised how big my pears grew, because I'm practically on the survival limit of the pear trees here. Sweet tasting pear cultivars don't survive here so mine is some cultivar meant for jams and maybe ciders too?Well the growing season is pretty much over here. Next thing is assembling protecting fences for the fruit trees so that the rabbits wont eat them during winter.


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Italian Potato Salad Recipe – this easy vegan potato salad is bursting with antipasti flavor from artichokes, sun dried tomatoes, roasted red peppers, and basil!
This is a no mayo potato salad – it is tossed in olive oil, not mayonnaise, so it is vegan, stores easily, and is perfect for potlucks!
If you love antipasti flavors – roasted red pepper strips, basil, lemon juice, Italian herbs, and artichokes – you're going to love this super easy potato salad.
You can serve this dish warm or chilled – so it's perfect anytime you have a craving.
This potato salad is mayonnaise free and uses oil, so it is vegetarian and vegan.
Potato salad is naturally gluten free, and we've made sure to use ingredients that work in a gluten free diet.
We hope you love this delicious and easy Italian Potato Salad as much as we do!
You can find our web story for this recipe here.
Don't want all the extras in a recipe post? We provide a skip to recipe button in the top left corner, as well as a clickable table of contents, just below, to help make this page easier to navigate.
Table of contents
What Potatoes To Use For Potato Salad
Picking the right type of potato for your potato salad is important – you want your potato to hold it's shape when boiled, and to keep a firmer texture when chopped up and tossed in oil.
We're not making mashed potatoes – and still want some toothy bite to the potatoes.
We reccomend the following types of potatoes for potato salad:
- Yellow Finn
- Yukon Gold
- Red Potatoes
- Fingerling Potatoes
- Small Boiler Potatoes
Easy Italian Dressing
This recipe relies on a fresh-made Italian Dressing for it's flavor – you can use storebought, but we think the fresh flavors really shine when making your own quick dressing.
- 1/3 cup olive oil
- 3 tablespoons red wine vinegar
- 1 teaspoon dried thyme
- 1 teaspoon fine sea salt
- 1/2 teaspoon freshly-cracked black pepper
- 2 tablespoons fresh lemon juice
- 2 teaspoons Dijon mustard, optional
In a small bowl or jar, mix all ingredients and set aside to drizzle over potato salad.
How To Boil Potatoes
This recipe relies on boiled potatoes for their delicious flavor – the potatoes should be cooked, but not fall-apart soft, for the perfect texture.
Make sure to drain potatoes well after cooking, and let all water shake off of potatoes.
Toss in oil quickly after cooking to prevent potatoes from drying out – they will dry out quickly after boiling, so it is best to assemble ingredients for the salad while potatoes boil, so you can immediately toss the salad when they are done.
Other Easy Potato Recipes
If you love rich, delicious potato recipes, find some of our favorites below:
You can find our complete potato recipe index here.
What to Serve With Italian Potato Salad
This recipe is truly great with a variety of dishes – from baked pork tenderloin or broiled lobster, whole roasted chicken, salmon, and even cauliflower steaks – or it is perfect for a cookout, potluck, or other big meal!
You can find some of our favorite grilled meaty recipes that pair perfectly with potato salad here:
You can find the rest of our favorite BBQ style recipes here.
Recipe FAQs
This dish can be kept in an airtight container in the refrigerator for up to four days.
Pick a potato that will hold it's shape after boiling – we recommend yellow finn, yukon gold, fingerling, or red potatoes for potato salad.
Italian Potato Salad Recipe
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Italian Potato Salad Recipe
Italian Potato Salad Recipe - this easy vegan potato salad is bursting with antipasti flavor from artichokes, sun dried tomatoes, roasted red peppers, and basil!
- 2.5 pounds Yukon gold or red potatoes
- 1 (12-ounce) jar artichoke hearts, drained and chopped
- 1 (12 ounce) jar roasted red pepper strips, drained and chopped
- 1/4 cup sundried tomato strips (dried or canned, but drain well if canned)
- 1/3 cup finely-chopped fresh basil leaves
- Italian Dressing Ingredients:
- 1/3 cup olive oil
- 2 tablespoons fresh lemon juice
- 3 tablespoons red wine vinegar
- 2 teaspoons Dijon mustard
- 1 teaspoon dried thyme
- 1 teaspoon fine sea salt
- 1/2 teaspoon freshly-cracked black pepper
- Bring a large pot of water to boil.
- Clean potatoes well, rinsing off any dirt.
- Slice in half.
- Boil until soft to the touch, about 10 minutes.
- As potatoes cook, add Italian dressing ingredients to a small bowl and mix well.
- When soft, drain potatoes well and place in large bowl.
- Add red pepper strips, basil, artichokes, sundried tomatoes, basil and dressing and toss well to mix.
- Serve immediately, warm - or chill and serve later.
Nutrition Information
Serving Size1
Amount Per Serving Calories 345Total Fat 13gSaturated Fat 2gTrans Fat 0gUnsaturated Fat 11gCholesterol 0mgSodium 453mgCarbohydrates 53gFiber 6gSugar 4gProtein 7g
Nutrition is automatically calculated by Nutritionix - please verify all nutrition information independently and consult with a doctor or nutritionist for any and all medical and diet advice.


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|Nippon Piston Ring (6461)
Nippon Piston Ring Co., Ltd.
Code No.
TSE First Section
Machinery (Manufacturing)
Akira Yamamoto
HQ Address
5-12-10, Honmachi Higashi, Chuo-ku, Saitama City, Saitama, Japan
*The share price is the closing price on November 22, 2018. The number of shares outstanding and BPS were taken from the latest brief financial report.
ROE is the value for the previous term.
*The definition for net income is net income attributable to owners of parent (Hereinafter the same apply).
*EPS has been adjusted to reflect the reverse stock split of 1 for 10 conducted on October 1, 2015.
*A commemorative dividend of ¥1.00 per share in addition to the normal dividend of ¥5.00 was conducted to commemorate the 80th year of Nippon Piston Ring's operations in FY 2014.
*Estimates are those of the Company. The Company paid 30.00 yen per share as an interim dividend in FY 2019.
|Key Points
|Company Overview
Nippon Piston Ring manufactures and sells piston rings and valve seat inserts which are important functional parts for automobile engines. The Company boasts of a market share just under 30% of piston rings and just under 40% of valve seat inserts supplied to Japanese automobile manufacturers. It supplies its products not only to all Japanese automobile manufacturers but also to many prominent non-Japanese automobile manufacturers. Nippon Piston Ring boasts of strengths in metallic materials, surface quality improvement and precision processing technologies. Development of new products and business expansion to non-automobile engine parts realms such as METAMOLD (metal injection molding products) and medical products are being strengthened. <Corporate History> Nippon Piston Ring was founded by Tomonori Suzuki in 1931 in Kawaguchi City, Saitama Prefecture just prior to the start of mass domestic production of automobiles by manufacturers such as Toyota and Nissan, following the Government program for "establishment of an automobile industry" adopted in August 1935. The company name Nippon Piston Ring Co., Ltd. was officially adopted along with the establishment of the factory in Kawaguchi City in 1934. During the Second World War, the Company began mass production of chrome plated piston rings for airplanes. At the end of the War in 1945, the factory was temporarily closed, but the Company began operations along with the listing of its shares on the Tokyo Stock Exchange in 1949. Nippon Piston Ring's earnings expanded rapidly along with the rapid expansion in Japanese automobile exports, and the strong demand for vehicles due to economic growth in the post-war reconstruction within Japan. Beginning to provide products to German and American automobile manufacturers in the 1970s, the Company has continued organizing a global manufacturing and sales structure, establishing production bases in Thailand, Indonesia, United States, China and India since 2000. The metal injection molding products business and dental implants business were acquired in 2014 as part of the strategy of expanding its product lineup outside of the automobile engine parts realm, and the Company has started to operate the business by its own facility since 2015. <Corporate Philosophy> <Market Environment> ◎Global Automobile Production Volume The global production volume of vehicles of less than six tons in gross weight is expected to continue to increase from 95 million in 2017 to 110 million in 2025. Looking at the details of these estimates, vehicles of less than six tons manufactured in Europe, North America, Japan and other developed economic regions are expected to see the same level. However, the share of vehicles of less than six tons manufactured in China, ASEAN countries, South America, India and other developing economic regions is expected to continue to expand from 51% in 2017 to 59% in 2025. ◎Production Volume by Powertrain (Drive System) It is projected, regarding the production volume forecast by powertrain (drive system), that the growing environmental awareness will result in a reduction in the share of gasoline and diesel engines, while the share of hybrid vehicles (PHEVs, HEVs) will increase significantly, mainly in developing economic regions. Electric vehicles (EVs), which don't require engines, will account for only 8% in 2025, which means that demand for piston rings and valve seat inserts is expected to continue to show healthy growth. There are three publicly traded companies in Japan that manufacture piston rings, including Nippon Piston Ring, and these companies are operating other businesses respectively. Riken Corporation (6462) boasts of a top share of the piston ring market of close to 50%, but TPR Co., Ltd. (6463) boasts of much larger scale, earnings and market capitalization than the other two companies. The share price of Nippon Piston Ring (6461) is relatively low, but only this company is expected to increase both sales and income. Their future business operation as well as further increase in its profitability is being watched. <Business Description> ◎Main Products As reflected in the Company name, piston rings are one of the main products manufactured. In addition, valve seat inserts and various other automobile parts are manufactured and sold. In fiscal year 2017, automobile related parts accounted for 86.8% of total sales. At the same time, development of new product and business expansion to non-automobile engine parts realms such as METAMOLD (metal injection molding products) and medical products including dental implant products, which were acquired in 2014 are being strengthened. <Product Sales Composition> <Engine Cutaway Diagram> <Piston Rings> Piston rings are fitted in grooves that run around the circumference of pistons and have spring-like characteristics to act as a seal for ideal combustion within the combustion chamber of the engine cylinders and control lubrication of the piston and cylinder walls by forming precise circles. Moreover, three piston rings are normally used, to form a seal to prevent leakage of oil, allow heat to escape and reduce both friction wear and baking. Smooth movement of pistons will be impeded and fuel consumption will be negatively impacted should the tensional force of the piston ring placed on pistons be too high. Conversely, loss of power and increased oil consumption will result if the tensional force of the piston ring placed on pistons is too low Consequently, optimization of the tensional forces of piston rings is crucial in ensuring the optimum performance of internal combustion piston engines. An oil film is formed between the cylinder wall and pistons to reduce friction wear and baking, which could be caused by the high-speed movement of pistons within a high-heat condition of cylinders. However, it's not thicker the better; piston oil rings need to be designed to ensure that an optimal thickness of oil film is formed. Piston rings are required to provide wear resistance, material strength, heat resistance, heat conductivity, and oil retention capacity to ensure the optimal performance and durability of engines. In recent years, with the rapid rise in awareness of environment issues, a swift response is vital to adjust to a system that certifies vehicles with low output levels of nitrous oxides and hydrocarbons, and regulations to enforce reductions in a carbon dioxide emission. Consequently, the need for high-performance piston rings that respond to these developments and the need for improvements in fuel consumption are on the rise. With regards to the characteristics required to piston rings, development of piston rings with low friction construction, thinner width, new surface treatment processes, highly durable and low-cost materials is being conducted. At the same time, development and proposal of optimal design technologies using its tuning technic are also being promoted. Nippon Piston Ring is one of only few companies that have the ability to stably manufacture and supply piston rings, which, as you may see, require extremely advanced technological capabilities, and are able to consistently develop revolutionary technologies. <Valve Seat Inserts> Valve seat inserts are parts which are press-fitted into the valve seating portion of cylinder heads. Valve seat inserts are a very important part made from sintered alloys that boast of high resistance to wear and deterioration under high heat conditions and ensure that a tight seal is formed for clean and efficient combustion. Nippon Piston Ring boasts of quality valve seat inserts that meet the needs of automobile manufacturers at a high level, using a wide range of material variation, leveraging its superior materials development capabilities. Consequently, the Company boasts of a top share of slightly less than 40% of valve seat inserts provided to Japanese automobile manufacturers and it is further expanding its sales to both Japanese and overseas motor vehicle manufacturers. <Camshafts> Camshafts are a part designed to open and close the valves for each cylinder in piston engines. Nippon Piston Ring has the original technology for a special camshaft called assembled sintered camshafts, which are lightweight, highly resistant to contact pressure and capable of adopting a wide variety of designs. They are used by SUBARU in all of its self-manufactured engines, as well as used by truck manufacturers, which require highly durable products. <METAMOLD (Metal injection molding products)> In recent years, various processing technologies and methods, including machine processing, precision casting (lost wax), die casting, and press sintering, have been selected and used for molding metallic parts based on functions and costs required for parts. "METAMOLD," which was developed as a completely new 5th-generation processing technology, is a resource-saving and energy-saving technology that was developed based on the metallurgical technology that the Company has cultivated over years. It has made it possible to manufacture the same complicated shape as plastic products and die-cast products. The Company has expanded the lineup of product groups by strengthening its material and manufacturing technology and expanded its business to not only automobile engine parts but also non-automobile engine parts including industrial mahcinery and office automation parts. Especially, demand for circulation piece for ball screws is increasing. ◎Customers Nippon Piston Ring supplies piston rings and valve seat inserts to all Japanese automobile manufacturers. The products supplied by the Company are extremely important in improving the performance of engines and require high levels of technical expertise. In recent years, the need to improve fuel consumption and to seek alternative fuels due to the growing importance of environmental issues has contributed to expanded sales to non-Japanese automobile manufacturers such as European, American and Chinese local automobile manufacturers. <Production and Sales Bases> <Japan> Nippon Piston Ring maintains four production bases and seven sales bases (Tokyo [head office: Saitama City], Nagoya, Osaka, Hiroshima, Fukuoka, Sendai, Sapporo) within Japan. <Overseas> Nippon Piston Ring maintains both manufacturing and sales bases for piston rings, valve seat inserts and other products in the United States, China, ASEAN countries, and India. The Company has sales bases in Germany, Singapore and Malaysia , too. <Characteristics and Strengths> Nippon Piston Ring's highly advanced technologies and ability to consistently supply highly reliable functional automobile parts maintained throughout its history over 80 years of operations has allowed it to become the choice of both Japanese and overseas automobile manufacturers. In recent years, development of major products, which can contribute to reductions in exhaust gases, low output levels of carbon dioxides and the achievement of "over 50% thermal efficiency rates" in internal combustion engines, is being conducted. With regards to product development, the ability to combine the said technologies and its simulation technologies applied to engines is one of Nippon Piston Ring's strengths. In addition, automobile manufacturers, to whose business the Company's high levels of technological expertise are critical, are what the Company calls its "client assets," which are an important part of its corporate value. ROE decreased 0.8% between fiscal year 2016 and fiscal year 2017. Despite a rise in total asset turnover, net profit margin and leverage declined. We would like to expect ROE to grow, as profitability improves.
|First Half of the Fiscal Year 2018 Earnings Overview
Sales and income grew, exceeding their respective initial forecasts. The net sales were 28.5 billion yen, up 3.7% compared with the same period of the last year, marking a record high in the first half for two consecutive years. As for the performance of each product, strong sales toward non-Japanese automobile manufacturers increased the sales of piston rings and valve seat inserts, which are core products, by 1.4% and 4.5%, respectively, compared with the same period of the last year, and the sales of METAMOLD significantly grew 24.9% compared with the same period of the last year. Domestic sales were 11.7 billion yen, nearly unchanged from the same period of the last year. Overseas sales were 16.9 billion yen, up 6.6% compared with the same period of the last year. Overseas sales ratio rose 1.5% compared with the same period of the last year to 59%. Operating income increased 37.1% compared with the same period of the last year to 2,070 million yen. A rise in raw material costs, an increase in personnel expenses, etc. were offset by the effects of the increased production, cost reduction, etc. Ordinary income rose 23.9% compared with the same period of the last year to 2,084 million yen, marking a record high in the first half for two consecutive years like net sales. Net income rose 3.3% compared with the same period of the last year to 1,194 million yen. Both sales and income exceeded their respective initial forecasts. Note: Product classification was changed from the report released in July 2018. (The classification for piston rings for marine engine that were included in "Piston Ring" were reviewed and moved to "Others." In addition, "METAMOLD (Metal injection molding products)," which was previously included in "Others" is now separately shown because its importance has increased.) For both piston rings and valve seat inserts, the number of orders from non-Japanese automobile manufacturers was favorable. As for METAMOLD, whose business was transferred to the Company in fiscal year 2014, sales grew 24.9% compared with the same period of the last year, because of the increase of orders for the product for industrial machinery. Current assets rose 1.2 billion yen from the end of the previous fiscal year, due to the rise in trade receivables, etc. As property, plant and equipment decreased, non-current assets declined 0.6 billion yen and total assets grew 0.5 billion yen to 66.6 billion yen. Total liabilities augmented 0.9 billion yen to 34.5 billion yen, as long-term interest-bearing debts decreased, but trade payables augmented. Total interest-bearing debts declined 0.5 billion yen to 15.8 billion yen. Net assets decreased 0.3 billion yen to 32.1 billion yen, as retained earnings rose, but foreign currency translation adjustment went negative. As a result, equity ratio declined 1.1% to 47.0% from the end of the previous term. Interest-bearing debts, net interest-bearing debts and net Debt/Equity ratio fell below those at the end of the previous term The surplus of operating CF expanded due to the increase in trade payables, etc. Since the purchase of property, plant and equipment decreased, the deficit of investing CF shrank, and then free CF became positive with a significant surplus. Since the increment of short-term debts decreased compared with the same period of the last year, financing CF went negative, but the cash position improved. (4) Topics ◎Establishment of Shanghai Sales Office In order to enhance sales activities in China, the Company established Shanghai Sales Office in Aug. 2018. Since the Company founded NPR Auto Parts Manufacturing (Yizheng) Co., Ltd. (Yizheng, Jiangsu, China), which manufactures and sells piston rings, in 2005, it has been expanding the scale of production and promoting sales to automobile manufacturers doing business in China. With Shanghai Sales Office, the Company aims to enrich technical services for existing customers and gain new customers. ◎Completion of partial transfer of shares of a subsidiary in Germany The Company completed the procedure for transferring 30% equity share of its consolidated subsidiary: NPR of Europe GmbH (NOE, location: Germany) to Daido Metal Co., Ltd. (7245). Both companies determined that the tighter co-operation through capital alliance in NOE would help increase their European sales to OEM makers, and contribute to the stronger market presence in Europe, and also to enhanced business foundation and corporate value of both companies. Consequently, both companies had been performing the procedure for transferring 30% equity share of NOE to Daido Metal, with whom the Company had developed a cooperative relation in the European market, and completed the procedures on Oct. 1, 2018.
|Fiscal Year 2018 Earnings Forecast
No revision to the earnings forecast. Sales and income will increase. There is no revision to the earnings forecast. Net sales are estimated to be 57.0 billion yen, up 1.9% year on year. Although domestic sales will decrease 1.7% year on year, overseas sales will be up 4.6% year on year and pull up the total sales. Overseas sales ratio will rise 1.5% to 58.5%. The foreign exchange rates are assumed to be 105 yen/US dollar and 128 yen/euro. Operating income is forecasted to be 4.1 billion yen, up 5.4% year on year. A rise in raw material costs, an increase in personnel expenses, unit price fluctuations, etc. are expected to be absorbed by the effect of cost reduction, the increased production output, etc. Ordinary income is estimated to be 4.1 billion yen, down 2.1% year on year due to decrease of gain on foreign exchange. Net income is estimated to be 2.4 billion yen, up 5.0% year on year. In order to improve opportunities for returning profits to shareholders, the Company started paying an interim dividend (Record date: September 30, 2018) from this fiscal year. The dividend amount is projected to be a total of 75 yen per share (30 yen for the interim and 45 yen for the year-end), up 5 yen per share from the previous year. Payout ratio is estimated to be 25.7%.
|Interview with President Yamamoto
We asked President Yamamoto about the review of the performance in the first half and the Company's initiatives. Q: "Could you summarize the business results for the first half of the fiscal year 2018?" A: "Both sales and operating income in the first half have virtually hit a record high. We will continue to steadily capture demand by promoting sales that is oriented to making and using technical proposals." The growth rate of the global production volume of vehicles was approximately 2%, but our sales increased by 3.7% compared with the same period of the last year exceeding the initial forecast and marking a record high for the first half. The operating income in the first half marked the second highest record after that in the first half of fiscal year 2010, however, due to the impact of the bankruptcy of Lehman Brothers, personnel expenses were curtailed in fiscal year 2010, thus, it can be said that the first half of this term has virtually witnessed the highest record. I think we managed to achieve a satisfactory result by steadily capturing demand, and offsetting the increase in personnel expenses and the steep rise in raw material costs. We were able to steadily obtain orders from non-Japanese automobile manufacturers, not only thanks to customers' recognition of the superb quality of our products, but also due to technical exchange sessions and technical presentations. We not only hold one-sided presentations about our products, but also provide comprehensive technical services by asking customers about their problems and concerns, devising solutions for them, and performing verifications by actual engine test and so on. This contributed to raising the satisfaction level of customers. We will further conduct such "sales that is oriented to making and using technical proposals." Q: "It seems that the METAMOLD business is broadly expanding. Please tell us about the progress of the new products business including METAMOLD products." A: "The METAMOLD business has started to steadily contribute to our business results. We are pushing forward towards mass production of components of medical devices, and we are utilizing Open Innovation to progress with the development of Motor Core." METAMOLD (metal injection molding products) accounted for 0.1 billion yen out of the 1 billion yen of increase in sales in the first half of fiscal year 2018. The scale of sales is not large yet, but it has started to steadily contribute to our business results. In order to avoid price competition, we are conducting development while focusing on fields that require high technological capabilities, which are unique to us and cannot be copied by other companies, and we are aiming to expand the scope of application. Since METAMOLD has enabled complex shaped products to be formed as a single unit, like plastic products and die-cast products, and therefore, costs can be reduced, we receive positive responses at exhibitions, etc. We acquired this business about 4 years ago, and we have been steadily gaining new customers, and we will continue to make efforts toward increasing orders from existing customers and cultivating new customers by using an integrated manufacturing-sales-development structure. As for the medical field, we are on track towards mass production of electrode materials made from titanium tantalum alloys (Ti-Ta alloys) used in treating Parkinson's disease. Ti-Ta alloys have a high affinity for the medical field, not only thanks to its high biocompatibility, which allows it to reside inside the body for a long time, but also because it is non-magnetic, which makes it suitable for magnetic resonance imaging (MRI) diagnosis, etc. We are going to continue the initiatives towards expanding the scope of its applications as medical equipment. As for dental implants, we have improved its ease of use from the viewpoint of dentists and re-released it as a new brand in October 2018. Currently, we are conducting marketing, for example, by providing samples to dentists, clinics, universities, etc. We are focusing our efforts on acquiring peripheral technologies needed to proceed with the development of the Motor Core aimed at the power electronics market. From the viewpoints of development speed and the pursuit of expertise, we are utilizing Open Innovation and having various styles of debate such as industry-academia and business-to-business to build a database of knowledge while identifying issues. While nurturing this new products business, I feel that we have attained thinking and behavior for marketing, which has never been one of our strong points by any means. Additionally, the fact that we receive fresh stimulus from outside of the company by Open Innovation will probably bring great benefit to our company in the future. Q: "Please tell us about the progress of cultivating human resources initiatives, which is one of the missions you give the most importance." A: "We are holding discussions about a more fundamental part for pursuing a company that has a comfortable work environment. Also, we will proactively continue the operation of our `internal college for manufacturing,' which plays a massive role in cultivating human resources as a significant institution for development of human resources, which contributes to the forming and fostering of corporate culture. " We are holding discussions about a more fundamental part for pursuing "a company that has a comfortable work environment." Deepening understanding about our products among not only the employees but also their families and neighborhoods is considered the first step, thus, as one of the initiatives to achieve that, we displayed a demonstration racing car equipped with our products in our 3 domestic plants and their surrounding facilities. We hope that such initiatives can help raise job satisfaction and motivation of the employees, and we will be increasing the chances to do them in the future. Moreover, our "internal college for manufacturing," which plays a massive role in cultivating human resources, has been open for 17 terms, and has produced nearly 100 graduates. Now many graduates are placed at each manufacturing bases including overseas. We will proactively continue its operation as a significant institution for development of human resources, which not only passes down technical skills but also contributes to the forming and fostering of corporate culture.
In the first half of fiscal year 2018, the Company increased sales and income from the same period of the last year, but recognizes a decline in operating margin in the second quarter as an issue to be improved. This decline is because its productivity dropped temporarily as the number of orders exceeded the initial forecasts, the prices of raw materials skyrocketed, and so on. Accordingly, the Company took measures for the second half, to improve them. Profit rate has been increasing, owing to their continuous cost reduction efforts, etc. The Company is making efforts to achieve an operating margin 7.5% or more in fiscal year 2020, which is the final year of the Seventh Mid-Term Business Plan, and the plan is progressing steadily.
|<Reference1: Overview of the Seventh Mid-Term Business Plan>
◎Overview of the Seventh Mid-Term Business Plan (FY 2018 to FY 2020) The basic policy, main initiatives and targets of the Seventh Mid-Term Business Plan, which is the 3-year plan starting this fiscal year, are as follows: The foreign exchange rates are set at 105 yen/US dollar and 128 yen/euro, and the net sales target for fiscal year 2020 is set at 58.0 billion yen or more. In addition, the target of overseas sales ratio is 61%, and sales to non-Japanese automobile manufacturers are expected to increase. Regarding profit, the Company aims to achieve an operating margin of 7.5% or more by promoting cost reduction activities including innovative manufacturing. The sales ratio of piston ring and valve seat insert, which are the Company's core products and are sold globally, to non-Japanese automobile manufacturers will continue to increase. In addition, sales of METAMOLD other than automobile engine parts will also expand. Capital investment will be focused on increase production capacity, and maintenance & renewal, streamlining. The production capacity of piston rings in fiscal year 2020 will be further expanded at all production bases compared with fiscal year 2017, and that of valve seat inserts will increase in Japan, India and Thailand.
|<Reference: Corporate Governance>
◎Corporate Governance Report Last modified: December 21, 2018. The Company appreciates the need for foreign investors to understand the business models better and continues to plan to proceed with more active publishing in English.
DisclaimerThis report is intended solely for information purposes, and is not intended as a solicitation for investment. The information and opinions contained within this report are made by our company based on data made publicly available, and the information within this report comes from sources that we judge to be reliable. However, we cannot wholly guarantee the accuracy or completeness of the data. This report is not a guarantee of the accuracy, completeness or validity of said information and opinions, nor do we bear any responsibility for the same. All rights pertaining to this report belong to Investment Bridge Co., Ltd., which may change the contents thereof at any time without prior notice. All investment decisions are the responsibility of the individual and should be made only after proper consideration.
Copyright (C) 2018 Investment Bridge Co., Ltd. All Rights Reserved.


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Yahoo Is Now Part Of Oath
02 Oct 2018 07:40
Most people rank private finance as their number one particular stressor, normally since they really feel powerless. Pressure not only shortens lives, it also drives folks to habits like smoking, drinking, or bingeing on food. Keep some income in a particular bank account, protected from your lust for a new tv, and you will establish an emotional comfort zone with key overall health advantages. It is at this point, prior to the menopause and just before powerful symptoms kick in, that professionals now advocate stepping in. Final Saturday, World Menopause Day, was marked by their call to see the perimenopause as a time of excellent health-related opportunity, and not the uncomfortable and slightly embarrassing life stage which it's so often regarded as.Losing weight is tough for every person. In addition to cardiovascular workout, weightlifting is also important for women of all ages. 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Across the road from the main complex, near to the statue of St. Gobnat, is St. Gobnat���s well. It has a stone lined opening that looks very old. I don���t often taste the water at wells, but here the water is very nice.
As with all the monuments here there are crosses scratched into the surrounding stones.
The well is just in front of St. Gobnat���s House, a circular stone built structure with a great door formed from large upright slabs. These too are scratched with crosses.
This is an explanation of (and a bit of a disclaimer for) the coordinates I provide.
Where a GPS figure is given this is the master for all other coordinates. According to my Garmin these are quite accurate.
Where there is no GPS figure the 6 figure grid reference is master for the others. This may not be very accurate as it could have come from the OS maps and could have been read by eye. Consequently, all other cordinates are going to have inaccuracies.
The calculation of Longitude and Latitude uses an algorithm that is not 100% accurate. The long/lat figures are used as a basis for calculating the UTM & ITM coordinates. Consequently, UTM & ITM coordinates are slightly out.
UTM is a global coordinate system - Universal Transverse Mercator - that is at the core of the GPS system.
ITM is the new coordinate system - Irish Transverse Mercator - that is more accurate and more GPS friendly than the Irish Grid Reference system. This will be used on the next generation of Irish OS maps.


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The most stylish Compact SUV – Tata NEXON, now launched in Sri Lanka
August 21 2018: Tata Motors, along with its distributor, Diesel & Motors Engineering PLC (DIMO) announced the launch of its most stylish compact SUV, Tata Nexon in Sri Lanka, today. The Tata NEXON is a revolutionary design of "breaking the box" with an aerodynamic silhouette. This enhances its sporty character and marks an evolution in SUV design by combining the functionality of an SUV with style of a sports coupe.
Tata Motors has also introduced the much-appreciated NEXON with HyprDrive Self-Shift Gears, the AMT version of the vehicle. The Nexon in Sri Lanka will be available in six variants (XE, XM, XT, XZ, XZ+, XZA+) and six colours (Etna Orange, Vermont Red, Moroccan Blue, Seattle Silver, Glasgow Grey, and Calgary White). It will be for sale in 15 outlets across Colombo. Launched at a price of Rs. 1.99 Mn for Petrol and Rs. 4.6 Mn for Diesel(Permit Holder Prices) for the XZA+ (Top Variant), the Tata Nexon is one of the most loved vehicles from the Company's passenger vehicle stable. Setting a new benchmark in safety, the Nexon recently bagged a 4-star adult safety rating by the Global New Car Assessment Programme (Global NCAP), the highest adult safety score (13.56/17.00) amongst all the models tested by Global NCAP in India.
Speaking at the launch, Mr. Mayank Pareek, President, Passenger Vehicle Business Unit, Tata Motors, "Combining contemporary design with best-in-class technology and advance features, the Tata NEXON is meant for those who like to make a unique style statement. Since its launch in India, the Tata NEXON has set new benchmarks in compact SUV segment. It has been one of the most loved products from our PV portfolio. We are elated to introduce the manual and the AMT variants in Sri Lanka today. With the introduction of this entire range, we aim to tap a larger market and increase our market share in not only the Compact SUV segment but also the AMT segment."
Unveiling the Tata NEXON, Mr. Ranjith Pandithage, Chairman & Managing Director, DIMO, said, "This is our first big step into the Compact SUV segment with Tata Motors. Continuing our long standing relationship with the Company, we are proud and confident to launch this product in our country and look forward to introduce many more such fantastic products."
The Tata NEXON flaunts two new engines, the 1.2L Turbocharged Petrol from the Revotron series and the 1.5L Diesel engine from the Revotorq series, mated to a 6-speed transmission for class leading fuel efficiency. A first-in-segment feature, NEXON's best in class AMT with Multi-Drive modes (Eco, City and Sport) ensure that the vehicle delivers performance as per the driver's requirement – Sport mode is for more spirited driving delivering 260 Nm torque (Diesel), City mode is for cruising swiftly in an urban environment. The Tata NEXON comes with a standard warranty of 100,000km / 3 Years, whichever is earlier.


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© Sanket Bhale, WWF India
Noyyal and Bhavani Basin
Collective action in the Noyal and Bhavani Basin, India
WWF's work in the Noyyal-Bhavani basin was launched in 2018 with a desire to take an integrated a landscape approach to basin water stewardship efforts.
The Noyyal and Bhavani sub-basins are critical for the water security of the region and home to unique wildlife in the still relatively pristine upper water source areas. As the rivers continue downstream, they enable much of the agricultural and industrial economy of the region.
The textile and garment industry has long been a crucial sector to the economy and is a major factor in the livelihoods of people in the basin. The textile industry clusters are predominantly located in the middle Noyyal region, in the cities of Coimbatore and Tiruppur. According to recent data, approximately 29,000 units are involved in various stages of textile production in the middle Noyyal region.
The water stewardship project in the Noyyal Bhavani Basin has the ambition was to address shared basin challenges and has a strong foundation of science-based actions, test pilots to help inform policy making in the region and clear key performance indicators, which will measure the impact on the landscape.
Stories from the Noyyal and Bhavani basin
© S. Arunvenkatesh / WWF India
The song of grass and water
Learn about the unique Shola and montane grassland ecosystem in the upper reaches of the Western Ghats Nilgiris landscape and the work that WWF's Sanket Bhale and his team are doing to restore and protect the grassland and waters of the Bhavani river basin.Read here