MIRA INFORM REPORT
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Report Date : |
09.06.2012 |
IDENTIFICATION DETAILS
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Name : |
YAMAHA CORPORATION |
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Registered Office : |
10-1 Nakazawa-cho, Naka-ku, Hamamatsu-Shi, 430-8650 |
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
12.10.1897 |
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Legal Form : |
Public Branch Company |
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Line of Business : |
Subject is a manufacturing company engaged in music instruments segment, the audio and video (av) and information technology (it) segment and the electronic components segment |
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No. of Employees : |
19,462 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
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NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name & address
YAMAHA CORPORATION
10-1 Nakazawa-cho
Naka-ku
Hamamatsu-Shi, 430-8650
Japan
Tel: 81-53-4602141
Fax: 81 (53) 460-2802
Web: www.yamaha.com
Synthesis
Employees: 19,462
Company Type: Public Branch
Corporate Family: 159
Companies
Ultimate Parent: Yamaha Corporation
Traded:
Over The Counter: YAMCY
Incorporation Date:
12-Oct-1897
Auditor: Ernst & Young LLP
Financials in: USD
(Millions)
Fiscal Year End:
31-Mar-2012
Reporting Currency: Japanese
Yen
Annual Sales: 4,516.3 1
Net Income: (372.1)
Total Assets: 4,449.8 2
Market Value: 1,670.2
(25-May-2012)
Business Description
YAMAHA CORPORATION is a Japan-based manufacturing company engaged in
four business segments. The Music Instruments segment is engaged in the
manufacture and sale of musical instruments, the operation of music school and
music popularization activities, as well as music publishing, distribution,
production businesses and record business. The Audio and Video (AV) and
Information Technology (IT) segment is involved in the manufacture and sale of
audio equipment and information communication equipment. The Electronic
Components segment offers electronic components. The Others segment operates
accommodation facilities and sports facilities, as well as manufactures and
sells golf products, automobile interior parts, among others. For the six
months ended 30 September 2011, YAMAHA CORPORATION's revenues decreased 4% to
Y176.63B. The Company's net income decreased 44% to Y2.82B. Revenues reflect
lower sales due to the unfavorable market demand and decreased customer need.
Net income also suffered from higher percentage of cost of sales, the absence
of reversal gain on restructuring of business, as well as the decreased
dividend income.
Industry
Industry Recreational Products
ANZSIC 2006: 2599 - Other
Manufacturing Not Elsewhere Classified
NACE 2002: 3630 - Manufacture
of musical instruments
NAICS 2002: 339992 - Musical
Instrument Manufacturing
UK SIC 2003: 3630 - Manufacture
of musical instruments
US SIC 1987: 3931 - Musical
Instruments
Key Executives
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Name |
Title |
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Mitsuru Umemura |
President, Representative Director |
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Yoshihiro Doi |
Senior Executive Officer |
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Katsuhiko Kishida |
Chairman & CEO |
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Hirohiko Ikeda |
Corporate Auditor |
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Kiyotaka Hasegawa |
Executive Officer |
Significant Developments
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Topic |
#* |
Most Recent Headline |
Date |
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Negative Earnings Pre-Announcement |
2 |
Yamaha Corporation Lowers Consolidated Full-year Outlook for FY 2012;
Announces Merger between Subsidiaries |
2-Feb-2012 |
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Equity Investments |
1 |
Yamaha Corporation Purchases Additional Shares of Jeugia Corporation |
24-May-2012 |
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Positive Earnings Pre-Announcement |
2 |
Yamaha Corporation Amends Consolidated Full-year Outlook for FY 2012 |
26-Apr-2012 |
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Debt Ratings |
1 |
R&I Affirms Yamaha Corporation's Rating at "A"; Rating
Outlook Stable |
11-Oct-2011 |
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* number of significant developments within the last 12 months
News
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Title |
Date |
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Crossover Classical Music Sensation
2CELLOS Play Yamaha |
7-Jun-2012 |
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QUIZ 1 From which club |
7-Jun-2012 |
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The Ten Best Outdoor speakers |
7-Jun-2012 |
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Brunswick Corporation at B. Riley & Co
Investor Conference - Final |
6-Jun-2012 |
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Kilgore News Herald, Texas, Bill Woodall
column |
6-Jun-2012 |
Financial Summary
As of 31-Mar-2012
Key Ratios Company Industry
Current Ratio (MRQ) 2.59 2.35
Quick Ratio (MRQ) 1.54 1.56
Debt to Equity (MRQ) 0.06 1.67
Sales 5 Year Growth -8.31 1.23
Net Profit Margin (TTM) % -8.16 6.79
Return on Assets (TTM) % -7.68 6.00
Return on Equity (TTM) % -13.18 12.68
Stock Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 78.96121
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 82.38536
Corporate Overview
Location
10-1 Nakazawa-cho
Naka-ku
Hamamatsu-Shi, 430-8650
Japan
Tel: 81-53-4602141
Fax: 81 (53) 460-2802
Web: www.yamaha.com
Quote Symbol - Exchange
7951 - Tokyo Stock
Exchange
Sales JPY(mil): 356,616.0
Assets JPY(mil): 366,601.0
Employees: 19,462
Fiscal Year End: 31-Mar-2012
Industry: Recreational
Products
Incorporation Date: 12-Oct-1897
Company Type: Public
Branch
Quoted Status: Quoted
President,
Representative Director: Mitsuru
Umemura
Company Web Links
Corporate History/Profile
Financial Information
Home Page
Investor Relations
News Releases
Products/Services
Contents
Industry Codes
Business Description
Financial Data
Market Data
Shareholders
Subsidiaries
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
2463 - Machine Tool and Parts Manufacturing
9113 - Sports and Physical Recreation Venues, Grounds and
Facilities Operation
2599 - Other Manufacturing Not Elsewhere Classified
2429 - Other Electronic Equipment Manufacturing
NACE 2002 Codes:
9261 - Operation of sports arenas and stadiums
3210 - Manufacture of electronic valves and tubes and other
electronic components
3630 - Manufacture of musical instruments
3230 - Manufacture of television and radio receivers, sound or
video recording or reproducing apparatus and associated goods
2941 - Manufacture of portable hand held power tools
NAICS 2002 Codes:
334310 - Audio and Video Equipment Manufacturing
333991 - Power-Driven Hand Tool Manufacturing
334419 - Other Electronic Component Manufacturing
713910 - Golf Courses and Country Clubs
334411 - Electron Tube Manufacturing
339992 - Musical Instrument Manufacturing
US SIC 1987:
3679 - Electronic Components, Not Elsewhere Classified
7992 - Public Golf Courses
3931 - Musical Instruments
3671 - Electron Tubes
3651 - Household Audio and Video Equipment
3546 - Power-Driven Handtools
UK SIC 2003:
3210 - Manufacture of electronic valves and tubes and other
electronic components
3230 - Manufacture of television and radio receivers, sound or
video recording or reproducing apparatus and associated goods
92619 - Operation of other sports arenas and stadiums not elsewhere
classified
2941 - Manufacture of portable hand held power tools
3630 - Manufacture of musical instruments
Business Description
Yamaha
Corporation, incorporated on October 12, 1897, is focusing on musical
instruments, audio-visual products, Yamaha music schools and other products and
services related to sound and music. The Company operates in five segments:
Musical Instruments, AV/IT, Electronic Devices, Lifestyle-Related Products and
Others. During the fiscal year ended March 31, 2009 (fiscal 2009), the Company
launched a number of new products, such as digital musical instruments,
acoustic guitars, electronic drums, and audio/video (AV) amplifiers. During the
fiscal 2009, it acquired NEXO S.A., manufacturer and seller of sound
reinforcement loudspeakers.
The Company’s
Musical Instruments segment includes pianos, digital musical instruments, wind
instruments, string instruments, percussion instruments, educational musical
instruments, PA equipment, soundproof rooms, music schools, English language
schools, music entertainment business and piano tuning. Its digital musical
instruments include digital pianos, Electone, portable keyboards and
synthesizers. The Company’s wind instruments include trumpets, flutes and
saxophones. Its string instruments include guitars and violins. Its percussion
instruments include drums, timpani and marimbas. Its educational musical
instruments include recorders and Pianica. The Company’s PA equipment
consists of mixers and power amplifiers. Its soundproof rooms include AVITECS.
The Company’s
AV/IT segment includes audio products, commercial online karaoke equipment,
routers and conferencing systems. Its audio products include AV receivers,
speaker systems, Digital Sound Projector and desktop audio systems. Its
Electronic Devices segment includes semiconductors. Its lifestyle-Related
Products segment includes system kitchens, system bathrooms and washstands. Its
Others segment includes golf products, automobile interior wood components,
factory automation (FA) equipment, metallic molds and components, recreation
More Business Descriptions
YAMAHA CORPORATION
is a Japan-based manufacturing company engaged in four business segments. The
Music Instruments segment is engaged in the manufacture and sale of musical
instruments, the operation of music school and music popularization activities,
as well as music publishing, distribution, production businesses and record
business. The Audio and Video (AV) and Information Technology (IT) segment is
involved in the manufacture and sale of audio equipment and information
communication equipment. The Electronic Components segment offers electronic
components. The Others segment operates accommodation facilities and sports
facilities, as well as manufactures and sells golf products, automobile interior
parts, among others. For the six months ended 30 September 2011, YAMAHA
CORPORATION's revenues decreased 4% to Y176.63B. The Company's net income
decreased 44% to Y2.82B. Revenues reflect lower sales due to the unfavorable
market demand and decreased customer need. Net income also suffered from higher
percentage of cost of sales, the absence of reversal gain on restructuring of
business, as well as the decreased dividend income.
Manufacture of
musical instruments and audio products; operation of music schools and various
cultural educational facilities
Musical
Instruments, Professional Audio Equipment & Home Audio & Video System
Mfr & Distr
Yamaha Corporation
(Yamaha) is a Japan based manufacturing company. The company's involved in
diversified businesses including manufacturing and marketing musical
instruments, audio and information technology equipment, electronic devices and
others segment operates accommodation facilities and sports facilities, as well
as manufactures and sells golf products, automobile interior parts. Yamaha also
operates music schools and other music related facilities. The company operates
with four business segments, namely, Musical Instruments, AV and information
technology equipment, Electronic Devices and Others. The company's Musical
instrument segment offers musical instruments such as guitars, pianos,
soundproof rooms, PA equipment, educational musical instruments, digital
musical instruments, string instruments, percussion instruments and wind
instruments. The company also operates music schools and English language
schools under this segment. In the year 2011, the digital pianos and affordable
priced pianos sales were high in all regions. Lower priced products became
increasingly popular. Sales of portable keyboards were strong, especially in
Europe. The wind instrument sales increased on a local currency basis in all
regions. In string and percussion instruments, electric acoustic guitar sales
were high in North America and Europe. In the product category, pianos sales
were 14.5%, followed by digital musical instrument sales with 23.1%, wind and
educational musical instrument sales with 11.1%, string and percussion
instrument sales with 7.09%, professional audio equipment sales with 10.7% and
music schools with 33.69%. The company's musical instrument sales through Japan
region contributed 44.9% , followed by the regions North America with 15.3%,
Europe with 17.9%, China with 6.1% and Other regions with 15.8%. In the fiscal
year 2011, the company reported revenue of JPY271,124m for the musical
instrument segment, contributing 72.52% of the total revenue. Through its Audio
and Video (AV)/ Information Technology (IT) segment, the company provides AV
receivers, speaker systems, digital sound projectors, desktop audio systems and
digital home theater system with cinema DSP technology. It also offers
commercial online karaoke equipment, routers, audio products and conferencing
systems. Yamaha has production facilities in Japan, Malaysia, Indonesia and
China. The audio products, front surround system and flat-panel TV, sales grew
along with the demand in Japan. Sales of routers and conferencing system surged
after new products began shipping in volume. The higher sales of commercial
online karaoke equipment and increased production contributed to dramatic
increase in earnings. In the fiscal year 2011, the company reported revenue of
JPY57,023m for the audio and video/ information technology segment,
contributing 15.25% of the total revenue.The Electronic Devices segment of the company
offers digital amplifiers and semiconductors. Its products include
sound-generating LSI, digital amplifiers and LSI chips. However, the sales of
graphics controllers used in amusement equipment and magnetic sensors for
smartphones, the demand has been increased. The year on year increase in
earnings results in higher revenue and lower manufacturing costs. In the fiscal
year 2011, the company reported revenue of JPY20,610m for the electronic
devices segment, contributing 5.51% of the total revenue.Under the Others
segment, the company is involved in manufacturing and sale of factory
automation (FA) equipment, golf products, automobile interior wood components,
factory automation equipment and metallic molds and components, such as
magnesium parts and plastic parts, as well as manages resort and golf clubs.
The segment also covers management of sports and accommodation facilities. The
company expanded its market share of golf products in Japan and abroad, as the
sales increased in the overseas market, especially in South Korea. The sales in
automobile interior wood components business and factory automation (FA)
business were solid on the back of strong corporate capital investments in
China. However, The year on year increase in earnings result in lower manufacturing
costs and higher golf products. In the fiscal year 2011, the company reported
revenue of JPY25,108m for the others segment, contributing 6.72% of the total
revenue. In the year 2010, the company's Lifestyle-Related Products segment was
transferred by the company to a limited investment partnership managed and
operated by Japan Industrial Partners, Inc and the other investors.
Yamaha Corporation
(Yamaha) is a manufacturing company. The company's engaged in four business
segments, such as musical instruments, audio and information technology
equipment, electronic devices and other segments golf products and factory
automation equipment. Yamaha also has music schools and also manages sports and
accommodation facilities. The Music Instruments segment is engaged in the
manufacture and sale of musical instruments. The Audio and Video (AV) and
Information Technology (IT) segment is involved in the manufacture and sale of
audio equipment and information communication equipment. The Electronic
Components segment offers electronic components. The Others segment operates
accommodation facilities and sports facilities, as well as manufactures and
sells golf products, automobile interior parts. It operates in Japan, North
America, Europe and Asia and Oceania. Yamaha is headquartered at Naka-ku in
Hamamatsu Shizuoka, Japan.The company reported revenues of (Yen) JPY 373,866.00
million during the fiscal year ended March 2011, a decrease of 9.87% from 2010.
The operating profit of the company was JPY 8,607.00 million during the fiscal
year 2011, an increase of 178.09% over 2010. The net profit of the company was
JPY 5,081.00 million during the fiscal year 2011, whereas the company reported
a net loss of JPY 4,919.00 million during 2010.
Yamaha Corp
(Japan) manufactures and markets musical instruments, music production,
professional audio, consumer audio and video equipment, semiconductors,
computer peripherals and software.
Security Systems
Services
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Strategic Initiatives
Sales and Distribution
Thus, the expansion
of the company's operations in emerging markets in the coming years will help
it boost its sales, strengthen its financial base, increase its online presence
in emerging and growth markets.Strategical Expansion PlanThe The company's
strategical expansion plan will help the company to tap new opportunities. Its
plan YMP125 will cover the fiscal year 2011 to 2013. Yamaha plans to take the
opportunities of continued growth in sales of TV peripherals. It also plans to
strengthen Yamaha’s cost competitiveness. The company also predicted an
increase in sales of electronic devices and improvement in profitability in the
future.
Its plan YMP125 will
cover the fiscal year 2011 to 2013. Yamaha plans to take the opportunities of
continued growth in sales of TV peripherals. It also plans to strengthen
Yamaha’s cost competitiveness. The company also predicted an increase in
sales of electronic devices and improvement in profitability in the future. It
plans to launch new products and reduce manufacturing cost for its electronic
device business.
It also plans to
strengthen Yamaha’s cost competitiveness. The company also predicted an
increase in sales of electronic devices and improvement in profitability in the
future. It plans to launch new products and reduce manufacturing cost for its
electronic device business. Yamaha also projected recovery in sales of the
factory automation (FA) business. Such opportunities will help the company to
grow its business and improve its profitability.Intellectual Property
RiskYamaha faces a risk of Intellectual Property protection since the company
can not fully protect intellectual property (IP) due to the limitations of
legal systems in certain regions.
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Helpful |
Harmful |
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Internal Origin |
Strengths |
Weaknesses |
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External Origin |
Opportunities ·
Initiatives in New Growth
Fields |
Threats |
Overview
Yamaha Corporation
(Yamaha) is one of the leading companies in musical instruments business. The
company’s strong foothold in the music industry and diversified business
portfolio provides it with its much needed strength. Also, expansion in
emerging markets and strategical expansion plan bring new opportunities to the
company. However, litigations, declining market shares and operating margins
could be an area of concern. In addition, high intense competition and technological
obsolescence may affect the company's growth in the coming days.
Strengths
Strong Foothold in Music Instrument Industry
Yamaha is one of the
leading musical instruments companies in the world. Its musical instruments
portfolio includes pianos, digital pianos, keyboards, guitars, amps &
effects, drums, wind instruments, string instruments, percussion instruments
and Tenori-on. The company has expanded its presence in to North, Central and
Latin America, Europe, Asia and Oceania. Yamaha has Yamaha Musical Schools
Overseas in Los Angeles. The company operates 6,000 schools with more than
700,000 students in over 40 different countries and regions. It has significant
market share in different businesses ranging from musical instruments and audio
& video products to music education and resort facilities. Yamaha generated
52% of its revenues from overseas market. The company’s significant market
share in multi-category product line provides it with the capability to attract
new customers and easy venture into new businesses.
Strong Liquidity Position
The company's
current ratio was 2.6 at the end of fiscal year 2011. This was above the
S&P 500 companies average* of 1.46. A higher than S&P 500 companies
average* current ratio indicates that the company is in a strong financial
position and is more capable of meeting its short term obligations than other
companies in the S&P 500 index.
Diversified Business Portfolio
Yamaha's diversified
business portfolio provides it with varied income sources. The company's
business includes from manufacturing and selling of musical instruments, audio
and video products, computer and network related products to electronic
devices. Yamaha is also engaged in operating music schools and other music
related facilities. In addition, the company also has English teaching schools.
Yamaha also provides lifestyle related products including system kitchens,
system bathrooms and washstands. In addition, it also offers sports and
recreation facilities. The company operates golf club and accommodation
facility. Yamaha's diversified business portfolio helps it to mitigate the
business risk related to single businesses and earn better margins.
Weaknesses
Declining Market Share in Sector
The company's
compounded annual growth rate (CAGR) for revenue was -9.21% during 2007-2011.
This was below the S&P 500 companies average* of 12.74%. A lower than
S&P 500 companies average* revenue CAGR may indicate that the company has
underperformed the average S&P 500 companies growth and lost market share
over the last four years. The company's underperformance could be attributed to
a weak competitive position or inferior products and services offering or lack
of innovative products and services.
Litigation
Yamaha is involved
in lawsuits and litigations and this has a detrimental effect on its goodwill
and reputation. The company filed a lawsuit against Axell Corporation. The
lawsuits was filed in the Tokyo District Court and alleged that Axell’s sound
large-scale integration and multifunctional LSI products infringe on five
Japanese patents owned by the company for sound data reproduction and
synthesizing technologies. The court orderded prohibiting Axell from
manufacturing and sales of these devices and pay to the damages. The five
patents were divided into two groups that are technologically related, and
separate lawsuits were filed for the infringement of these two groups of
patents. Yamaha has endeavored to settle this matter amicably through
discussions with Axell for 550,000,000 as compensation. But, since no
settlement has been reached, Yamaha has decided to take legal action. The
company's intellectual property as valuable assets and going forward, will take
a strict stand against activities that infringe on its intellectual property
and take measures to protect such property.
Limited Operating Margin
The company's
operating margin was 2.3% for the fiscal year 2011. This was below the S&P
500 companies average* of 7.26%. A lower than S&P 500 companies average*
operating margin may indicate inefficient cost management or a weak pricing
strategy by the company. However, the company's operating margin has increased
155 bps over 2010 which may indicate that the management has been focusing on
profitability.
Opportunities
Initiatives in New Growth Fields
The company's
initiative in new growth fields will help the company to tap new opportunities.
The company has recognized new growth fields such as audio equipment fields for
professional use; video equipment fields; home recording fields based on
computer music in addition to musical instrument fields, with major a focus on
keyboard instruments, percussion instruments, and guitar-related equipment.
Yamaha is focused on the expansion of its sales in these new growth fields. In
the growing field of digital audio and video equipment for professional use,
the company continues to provide one-stop audio and video solutions,
integrating from concerts and other live performances to recording, editing,
and production. Also, the company is committed to cultivating new demand,
through providing package solutions where the hardware and software are fused
to make it easy to produce music with high-quality audio.
Expansion in Emerging Markets
The world of
electronics has undergone drastic changes over the past few years and is
expected to grow much more rapidly. Most of the large markets are growing
economies such as China. The musical instrument market in mainland China is
valued at JPY 60 billion, with acoustic pianos accounting for almost two-thirds
of the total market. Currently, electronic musical instruments manufactured in
China are exported to almost 110 countries, contributing a large proportion to
export values. According to the industry estimates, the revenue from the
musical instrument manufacturing industry in China will grow with an annualized
rate of 7.8%, totaling USD 3.72 billion in 2015. The other emerging markets
include Central and Eastern Europe, Russia, Ukraine and Central Asia, the
Middle East and Africa, Turkey and the ASEAN zone. In the emerging markets, the
fast growing middle class wants smart products and solutions tailored to their
needs to improve quality of life. The company anticipates the clear need for
both state-of-the-art equipment and value-added products. Thus, the expansion
of the company's operations in emerging markets in the coming years will help
it boost its sales, strengthen its financial base, increase its online presence
in emerging and growth markets.
Strategical Expansion Plan
The The company's
strategical expansion plan will help the company to tap new opportunities. Its
plan YMP125 will cover the fiscal year 2011 to 2013. Yamaha plans to take the
opportunities of continued growth in sales of TV peripherals. It also plans to
strengthen Yamaha’s cost competitiveness. The company also predicted an
increase in sales of electronic devices and improvement in profitability in the
future. It plans to launch new products and reduce manufacturing cost for its
electronic device business. Yamaha also projected recovery in sales of the
factory automation (FA) business. Such opportunities will help the company to
grow its business and improve its profitability.
Threats
Technological Obsolescence
The company’s
products are highly technology-centric, and any advancement to a particular
technology or emergence of new technology could make its products obsolete. As
companies offering electronic products are increasing focused on developing new
technologies, there has been a drastic drop in the life-cycle of a technology.
To stay afloat, the company not only has to develop new technologies but also
keep abreast of the emerging technologies that could impact its product lines.
Intellectual Property Risk
Yamaha faces a
risk of Intellectual Property protection since the company can not fully
protect intellectual property (IP) due to the limitations of legal systems in
certain regions. Even the misuse of the IP by the third parties cannot be
prevented in some instances. Due to which some products of other companies may
appear in the market that are similar to or are copies of those of company's
products. Such things will impaired sales for the company. Further, Yamaha may
be subjected to claims, by third parties, in regards to the infringement of IP
which in turn will result in delay of the product releases until the issues
raised have been resolved. Such things may lead to loss of profit and hamper
the company's financial growth in future.
Highly Competitive Market
Yamaha faces
competition from large multi-national corporations in various regions of the
world. The company faces competitive challenges such as speed of innovation,
fast-moving market trends, rapid technological change, evolving standards, shortening
product life cycles, cyclical nature of certain sectors and price erosion. It
also expects additional competition as they are planning to address new markets
and new competitors will also enter its existing markets. To survive this
intense competition, companies may be forced to lower their prices or if demand
for services decreases, the business and financial condition would be adversely
affected. The company is engaged in the manufacture of electronic musical
instruments, audio and video euqipments and electronic components that compete
with products sold by an increasing number of competitors on the basis of many
factors including price. Therefore, Roland must continue to develop superior
technology, anticipate consumer tastes and continue to rapidly develop
attractive products that cater to changing and increasingly diverse consumer
preferences.
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Corporate
Family |
Corporate
Structure News: |
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YAMAHA CORPORATION |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Hamamatsu |
Japan |
Miscellaneous Fabricated Products |
5,182.8 |
19,485 |
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Branch |
Hamamatsu-Shi |
Japan |
Recreational Products |
4,516.3 |
19,462 |
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Subsidiary |
Iwata-Shi |
Japan |
Recreational Products |
16,012.4 |
54,677 |
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Subsidiary |
Jakarta Timur |
Indonesia |
Miscellaneous Capital Goods |
744.0 |
3,890 |
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Subsidiary |
Karawang, West Java |
Indonesia |
Auto and Truck Parts |
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3,638 |
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Subsidiary |
Chungli |
Taiwan |
Auto and Truck Manufacturers |
1.0 |
1,750 |
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Subsidiary |
Newnan, GA |
United States |
Auto and Truck Parts |
300.0 |
1,000 |
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Affiliates |
Bekasi, West Java |
Indonesia |
Miscellaneous Capital Goods |
8.0 |
750 |
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Subsidiary |
Rouvroy |
France |
Recreational Products |
275.8 |
681 |
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|
Subsidiary |
Kakegawa, Shizuoka Pref |
Japan |
Miscellaneous Capital Goods |
|
665 |
|
|
Subsidiary |
Guarulhos, SP |
Brazil |
Recreational Products |
295.0 |
600 |
|
|
Subsidiary |
Manaus |
Brazil |
Miscellaneous Transportation |
75.0 |
400 |
|
|
Subsidiary |
Yatsushiro, Kumamoto |
Japan |
Miscellaneous Capital Goods |
216.2 |
435 |
|
|
Subsidiary |
Cypress, CA |
United States |
Aerospace and Defense |
521.5 |
375 |
|
|
Subsidiary |
Kilgore, TX |
United States |
Water Transportation |
29.0 |
250 |
|
|
Branch |
Kennesaw, GA |
United States |
Miscellaneous Capital Goods |
165.2 |
175 |
|
|
Branch |
Bridgeport, AL |
United States |
Retail (Specialty) |
2.8 |
6 |
|
|
Branch |
Kent, WA |
United States |
Retail (Specialty) |
1.5 |
3 |
|
|
Branch |
Blue Bell, PA |
United States |
Personal Services |
|
2 |
|
|
Subsidiary |
Wetherill Park, NSW |
Australia |
Auto and Truck Manufacturers |
68.0 |
250 |
|
|
Subsidiary |
Bang Sao Thong, Samutprakarn |
Thailand |
Recreational Products |
713.4 |
200 |
|
|
Subsidiary |
Muang, Chon Buri |
Thailand |
Auto and Truck Parts |
|
1,200 |
|
|
Subsidiary |
Hamamatsu, Shizuoka |
Japan |
Miscellaneous Capital Goods |
23.1 |
170 |
|
|
Subsidiary |
Toronto, ON |
Canada |
Retail (Specialty) |
102.5 |
150 |
|
|
Subsidiary |
Athina |
Greece |
Auto and Truck Manufacturers |
54.8 |
129 |
|
|
Subsidiary |
Iwata, Shizuoka |
Japan |
Miscellaneous Fabricated Products |
42.3 |
127 |
|
|
Subsidiary |
Greater Noida |
India |
Auto and Truck Manufacturers |
1.0 |
120 |
|
|
Subsidiary |
Schiphol |
Netherlands |
Auto and Truck Manufacturers |
1,771.3 |
110 |
|
|
Subsidiary |
Palau De Plegamans, Barcelona |
Spain |
Recreational Products |
354.4 |
478 |
|
|
Subsidiary |
Calderara di Reno, BO |
Italy |
Miscellaneous Capital Goods |
115.0 |
400 |
|
|
Subsidiary |
Saint Ouen l'Aumône |
France |
Auto and Truck Manufacturers |
422.6 |
180 |
|
|
Subsidiary |
Gerno di Lesmo, MI |
Italy |
Auto and Truck Manufacturers |
341.6 |
158 |
|
|
Subsidiary |
Lesmo, Monza E Brianza |
Italy |
Business Services |
22.5 |
107 |
|
|
Subsidiary |
Farsta, Stockholm |
Sweden |
Retail (Specialty) |
181.4 |
62 |
|
|
Subsidiary |
Alfragide |
Portugal |
Auto and Truck Manufacturers |
28.2 |
40 |
|
|
Subsidiary |
Schiphol-Rijk, Noord-Holland |
Netherlands |
Retail (Specialty) |
45.2 |
30 |
|
|
Subsidiary |
Schiphol-Rijk, North Holland |
Netherlands |
Retail (Specialty) |
312.8 |
|
|
|
Subsidiary |
Neuss, Nordrhein-Westfalen |
Germany |
Auto and Truck Manufacturers |
140.7 |
75 |
|
|
Subsidiary |
Weybridge |
United Kingdom |
Retail (Specialty) |
125.2 |
68 |
|
|
Subsidiary |
Budapest |
Hungary |
Auto and Truck Manufacturers |
8.0 |
50 |
|
|
Subsidiary |
Singapore |
Singapore |
Auto and Truck Manufacturers |
511.7 |
36 |
|
|
Subsidiary |
Kosai, Shizuoka |
Japan |
Miscellaneous Capital Goods |
54.8 |
32 |
|
|
Subsidiary |
Taipei City, Taipei |
Taiwan |
Auto and Truck Manufacturers |
|
25 |
|
|
Subsidiary |
Lesmo, Monza E Brianza |
Italy |
Business Services |
10.1 |
10 |
|
|
Subsidiary |
Ota-Ku, Tokyo |
Japan |
Retail (Specialty) |
480.3 |
|
|
|
Subsidiary |
Surajpur, Uttar Pradesh |
India |
Recreational Products |
364.2 |
|
|
|
Subsidiary |
Saint-Quentin Cedex |
France |
Miscellaneous Transportation |
350.0 |
|
|
|
Subsidiary |
Shuchi-Gun, Shizuoka |
Japan |
Auto and Truck Parts |
206.2 |
|
|
|
Subsidiary |
Bekasi, West Java |
Indonesia |
Recreational Products |
|
380 |
|
|
Subsidiary |
Iwata, Shizuoka |
Japan |
Business Services |
117.7 |
|
|
|
Subsidiary |
Hamamatsu |
Japan |
Auto and Truck Parts |
115.8 |
|
|
|
Subsidiary |
Hamamatsu, Shizuoka |
Japan |
Aerospace and Defense |
98.5 |
|
|
|
Subsidiary |
Aspropirgos |
Greece |
Retail (Specialty) |
67.9 |
|
|
|
Subsidiary |
Sofia |
Bulgaria |
Auto and Truck Manufacturers |
|
5 |
|
|
Subsidiary |
Athens |
Greece |
Auto and Truck Manufacturers |
|
|
|
|
Subsidiary |
Bucharest |
Romania |
Auto and Truck Manufacturers |
|
|
|
|
Subsidiary |
Iwata, Shizuoka |
Japan |
Software and Programming |
64.0 |
|
|
|
Subsidiary |
Shuchi-Gun, Shizuoka |
Japan |
Auto and Truck Parts |
57.5 |
|
|
|
Subsidiary |
Iwata, Shizuoka |
Japan |
Engineering Consultants |
53.7 |
|
|
|
Subsidiary |
Hamamatsu, Shizuoka |
Japan |
Miscellaneous Capital Goods |
50.9 |
|
|
|
Subsidiary |
Iwata, Shizuoka |
Japan |
Computer Services |
15.0 |
|
|
|
Subsidiary |
Jakarta |
Indonesia |
Auto and Truck Manufacturers |
|
|
|
|
Subsidiary |
Bekasi, West Java |
Indonesia |
Recreational Products |
|
5,000 |
|
|
Branch |
New Delhi, Delhi |
India |
Auto and Truck Manufacturers |
|
|
|
|
Subsidiary |
Hangzhou, Zhejiang |
China |
Recreational Products |
71.2 |
2,000 |
|
|
Subsidiary |
Bekasi |
Indonesia |
Recreational Products |
1.0 |
2,000 |
|
|
Subsidiary |
Suzhou, Jiangsu Province |
China |
Audio and Video Equipment |
141.1 |
1,114 |
|
|
Subsidiary |
Jakarta |
Indonesia |
Recreational Products |
132.0 |
1,000 |
|
|
Subsidiary |
Hamamatsu, Shizuoka |
Japan |
Recreational Activities |
|
1,000 |
|
|
Subsidiary |
Jakarta |
Indonesia |
Recreational Products |
46.0 |
800 |
|
|
Subsidiary |
Ipoh, Perak |
Malaysia |
Audio and Video Equipment |
115.0 |
765 |
|
|
Subsidiary |
Taipei |
Taiwan |
Miscellaneous Capital Goods |
1.0 |
500 |
|
|
Subsidiary |
Buena Park, CA |
United States |
Recreational Products |
625.0 |
450 |
|
|
Subsidiary |
Kilgore, TX |
United States |
Recreational Products |
|
150 |
|
|
Subsidiary |
Buena Park, CA |
United States |
Appliance and Tool |
130.0 |
50 |
|
|
Subsidiary |
Buena Park, CA |
United States |
Recreational Products |
|
5 |
|
|
Subsidiary |
New York, NY |
United States |
Recreational Products |
0.9 |
4 |
|
|
Branch |
Buena Park, CA |
United States |
Schools |
|
3 |
|
|
Subsidiary |
Grand Rapids, MI |
United States |
Recreational Products |
|
|
|
|
Subsidiary |
New York, NY |
United States |
Recreational Products |
|
|
|
|
Subsidiary |
Zhejiang |
China |
Recreational Products |
45.6 |
400 |
|
|
Subsidiary |
Singapore |
Singapore |
Miscellaneous Capital Goods |
44.0 |
400 |
|
|
Subsidiary |
Hamamatsu, Shizuoka |
Japan |
Appliance and Tool |
193.4 |
378 |
|
|
Yamaha Fine
Technologies Co., Ltd. - Automotive Component Division |
Division |
Hamamatsu |
Japan |
Auto and Truck Parts |
|
|
|
Yamaha Fine
Technologies Co., Ltd. - Factory Automation Division |
Division |
Hamamatsu, Shizuoka |
Japan |
Appliance and Tool |
|
|
|
Subsidiary |
Rellingen |
Germany |
Recreational Products |
474.2 |
274 |
|
|
Subsidiary |
Shanghai |
China |
Miscellaneous Capital Goods |
1.0 |
200 |
|
|
Subsidiary |
Milton Keynes |
United Kingdom |
Miscellaneous Capital Goods |
108.9 |
184 |
|
|
Subsidiary |
Vienna |
Austria |
Recreational Products |
16.4 |
180 |
|
|
Subsidiary |
Lungtan Hsiang, Taoyuan Hsien |
Taiwan |
Recreational Products |
|
180 |
|
|
Subsidiary |
Guangzhou |
China |
Recreational Products |
11.7 |
155 |
|
|
Subsidiary |
Iwata, Shizuoka |
Japan |
Business Services |
|
150 |
|
|
Subsidiary |
Tokyo |
Japan |
Audio and Video Equipment |
|
140 |
|
|
Subsidiary |
Petaling Jaya, Selangor |
Malaysia |
Miscellaneous Capital Goods |
19.4 |
100 |
|
|
Subsidiary |
Jakarta |
Indonesia |
Miscellaneous Capital Goods |
13.0 |
100 |
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Miscellaneous Capital Goods |
59.9 |
90 |
|
|
Subsidiary |
Tokyo |
Japan |
Recreational Products |
57.5 |
90 |
|
|
Yamaha
Music Trading Corporation - Musician Support Goods Division |
Division |
Tokyo |
Japan |
Recreational Products |
|
|
|
Yamaha
Music Trading Corporation - Wind & Educational Instruments Division |
Division |
Tokyo |
Japan |
Recreational Products |
|
|
|
Division |
Tokyo |
Japan |
Recreational Products |
|
|
|
|
Yamaha
Music Trading Corporation - VISCOUNT & Wenger Division |
Division |
Tokyo |
Japan |
Recreational Products |
|
|
|
Division |
Tokyo |
Japan |
Recreational Products |
|
|
|
|
Subsidiary |
Scarborough, ON |
Canada |
Miscellaneous Capital Goods |
|
90 |
|
|
Subsidiary |
Southbank, VIC |
Australia |
Miscellaneous Capital Goods |
67.3 |
75 |
|
|
Subsidiary |
Göteborg |
Sweden |
Appliance and Tool |
55.2 |
55 |
|
|
Subsidiary |
Lainate, Milan |
Italy |
Miscellaneous Capital Goods |
75.0 |
54 |
|
|
Subsidiary |
Croissy-Beaubourg, Cedex |
France |
Motion Pictures |
|
50 |
|
|
Subsidiary |
Gurgaon, Haryana |
India |
Miscellaneous Capital Goods |
|
40 |
|
|
Subsidiary |
Dubai |
United Arab Emirates |
Miscellaneous Capital Goods |
|
35 |
|
|
Subsidiary |
London |
United Kingdom |
Recreational Products |
|
35 |
|
|
Subsidiary |
Sao Paulo |
Brazil |
Miscellaneous Capital Goods |
|
30 |
|
|
Subsidiary |
Tokyo |
Japan |
Printing and Publishing |
|
25 |
|
|
Subsidiary |
Panama |
Panama |
Miscellaneous Capital Goods |
|
23 |
|
|
Subsidiary |
Watford |
United Kingdom |
Motion Pictures |
|
15 |
|
|
Subsidiary |
Neu-Isenburg |
Germany |
Recreational Products |
1.0 |
6 |
|
|
Subsidiary |
Tokyo |
Japan |
Motion Pictures |
|
4 |
|
|
Subsidiary |
Paris |
France |
Retail (Specialty) |
|
4 |
|
|
Subsidiary |
London |
United Kingdom |
Business Services |
|
2 |
|
|
Subsidiary |
Pasuruan, Jawa Timur |
Indonesia |
Recreational Products |
1.0 |
|
|
|
Subsidiary |
Tianjin |
China |
Recreational Products |
1.0 |
|
|
|
Subsidiary |
Bangkok |
Thailand |
Retail (Specialty) |
|
|
|
|
Subsidiary |
Mexico |
Mexico |
Retail (Specialty) |
|
|
|
|
Subsidiary |
Beijing |
China |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Buena Park, CA |
United States |
Recreational Products |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Software and Programming |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Recreational Activities |
|
|
|
|
Subsidiary |
Kakegawa, Shizuoka |
Japan |
Recreational Products |
|
|
|
|
Subsidiary |
Hirakata, Osaka |
Japan |
Audio and Video Equipment |
|
|
|
|
Subsidiary |
Hamamatsu, Shizuoka |
Japan |
Retail (Specialty) |
|
|
|
|
Subsidiary |
Hamamatsu, Shizuoka |
Japan |
Business Services |
|
|
|
|
Subsidiary |
Nagoya, Aichi |
Japan |
Recreational Activities |
|
|
|
|
Subsidiary |
Toyonaka, Osaka |
Japan |
Recreational Activities |
|
|
|
|
Subsidiary |
Fukuoka |
Japan |
Recreational Activities |
|
|
|
|
Subsidiary |
Kagoshima |
Japan |
Semiconductors |
|
|
|
|
Subsidiary |
Sendai, Miyagi |
Japan |
Recreational Activities |
|
|
|
|
Subsidiary |
Niigata |
Japan |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Kitaakita, Akita |
Japan |
Recreational Products |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Recreational Activities |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Recreational Products |
|
|
|
|
Subsidiary |
Buenos Aires |
Argentina |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Business Services |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Motion Pictures |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Printing and Publishing |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Recreational Activities |
|
|
|
|
Subsidiary |
Fukuroi, Shizuoka |
Japan |
Audio and Video Equipment |
|
|
|
|
Subsidiary |
Iwata, Shizuoka |
Japan |
Recreational Products |
|
|
|
|
Subsidiary |
Hamamatsu, Shizuoka |
Japan |
Personal Services |
|
|
|
|
Subsidiary |
Hiroshima |
Japan |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Sapporo, Hokkaido |
Japan |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Hamamatsu, Shizuoka |
Japan |
Recreational Products |
|
|
|
|
Subsidiary |
Madrid |
Spain |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Wanchai |
Hong Kong |
Rental and Leasing |
|
|
|
|
Subsidiary |
Rellingen, Schleswig-Holstein |
Germany |
Recreational Products |
694.6 |
808 |
|
|
Subsidiary |
Hamburg, Hamburg |
Germany |
Audio and Video Equipment |
21.9 |
85 |
|
|
Subsidiary |
Hamamatsu, Shizuoka |
Japan |
Miscellaneous Capital Goods |
32.8 |
70 |
|
|
Subsidiary |
Plailly |
France |
Audio and Video Equipment |
31.2 |
55 |
|
|
Subsidiary |
São Paulo |
Brazil |
Miscellaneous Fabricated Products |
|
30 |
|
|
Subsidiary |
Singapore |
Singapore |
Electronic Instruments and Controls |
1.0 |
6 |
|
|
Subsidiary |
Kakegawa, Shizuoka |
Japan |
Hotels and Motels |
39.1 |
|
Competitors Report
|
Company Name |
Location |
Employees |
Ownership |
|
Baldwin Piano, Inc. |
Nashville, Tennessee, United States |
1,500 |
Private |
|
Kawai Musical Instruments Manufacturing |
Hamamatsu-Shi, Japan |
2,830 |
Public |
|
Matth. Hohner AG |
Trossingen, Germany |
342 |
Public |
|
Roland Corporation |
Hamamatsu-Shi, Japan |
3,115 |
Public |
|
Samick Musical Instruments Co |
Eumseong, Korea, Republic of |
79 |
Public |
|
Steinway Musical Instruments, Inc. |
Waltham, Massachusetts, United States |
1,677 |
Public |
Executive report
|
Board of
Directors |
|
|
|
|
||||||
|
Chairman & CEO |
Chairman |
|
||||||
|
Independent Director |
Director/Board Member |
|
||||||
|
|||||||||
|
Managing Executive Officer, Director |
Director/Board Member |
|
|
|||||
|
|||||||||
|
Managing Executive Officer, Director |
Director/Board Member |
|
|
|||||
|
|||||||||
|
President, Representative Director |
Director/Board Member |
|
|
|||||
|
|||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||
|
|||||||||
|
Executives |
|
|
|
|
||||||
|
Chairman & CEO |
Chief Executive Officer |
|
||||||
|
President, Representative Director |
President |
|
||||||
|
|||||||||
|
Managing Director |
Managing Director |
|
|
|||||
|
Managing Director |
Managing Director |
|
|
|||||
|
Corporate Auditor |
Accounting Executive |
|
|
|||||
|
Corporate Auditor |
Accounting Executive |
|
|
|||||
|
Corporate Auditor |
Accounting Executive |
|
|
|||||
|
Corporate Auditor |
Accounting Executive |
|
|
|||||
|
Executive Officer |
Other |
|
|
|||||
|
Senior Executive Officer |
Other |
|
|
|||||
|
Director |
Other |
|
|
|||||
|
Executive Officer |
Other |
|
|
|||||
|
Director |
Other |
|
|
|||||
|
Executive Officer |
Other |
|
|
|||||
|
Executive Officer |
Other |
|
|
|||||
|
Executive Officer |
Other |
|
|
|||||
|
President & Representative Director |
Other |
|
|
|||||
|
Executive Officer |
Other |
|
|
|||||
|
Senior Executive Officer |
Other |
|
|
|||||
|
Executive Officer |
Other |
|
|
|||||
|
Senior Executive Officer |
Other |
|
|
|||||
|
Senior Executive Officer |
Other |
|
|
|||||
|
Executive Officer |
Other |
|
|
|||||
|
Executive Officer |
Other |
|
|
|||||
|
Senior Executive Officer |
Other |
|
|
|||||
|
Executive Officer |
Other |
|
|
|||||
Significant Developments
Yamaha Corporation
Purchases Additional Shares of Jeugia Corporation May 24, 2012
Yamaha Corporation
announced that it has purchased 1,426,000 shares of Jeugia Corporation, which
is engaged in the sale of musical instrument, scores, CD, DVD, as well as the
operation of music classrooms and culture classrooms in Kyoto, Japan, at the
price of JPY 112 per share, on May 24, 2012. As a result, the Company holds a
32.04% stake in Jeugia Corporation , up from 14.73%.
Yamaha Corporation
Amends Consolidated Full-year Outlook for FY 2012 Apr 26, 2012
Yamaha Corporation
announced that it has raised the consolidated full-year outlook for revenue
from JPY 354,000 million to JPY 356,600 million, operating profit from JPY
7,500 million to JPY 8,100 million, ordinary profit from JPY 6,000 million to
JPY 7,300 million, but has lowered the consolidated full-year outlook for net
profit (loss)from JPY 0 to JPY (29,400 million) and earning (loss) per share
from JPY 0 to JPY (151.83) the fiscal year ended March 31, 2012. The positive
outlook for revenue, operating profit and ordinary profit is mainly due to good
sales condition of instruments, audio video and information technology
business. The negative profit outlook is mainly due to liquidation of deferred
tax asset.
Yamaha Corporation
Lowers Consolidated Full-year Outlook for FY 2012; Announces Merger between
Subsidiaries Feb 02, 2012
Yamaha Corporation
announced that it has lowered the consolidated full-year outlook for revenue
from JPY 369,000 million to JPY 354,000 million, operating profit from JPY
12,500 million to JPY 7,500 million, ordinary profit from JPY 10,500 million to
JPY 6,000 million, net profit from JPY 4,000 million to JPY 0 and earning per
share from JPY 20.66 to JPY 0 for the fiscal year ending March 31, 2012. The
negative outlook is mainly due to decrease of sale in its semiconductor
business, as well as the impact of high exchange rate and flood in Thailand.
According to I/B/E/S Estimates, analysts on average were expecting the Company
to report full-year revenue of JPY 368.15 billion, operating profit of JPY
12.48 billion and net income of JPY 5.71 billion. The Company also announced
that its wholly owned subsidiary, Yamaha Corporation of America, engaged in
sale of instrument and operation of music classes, will be merging with a
wholly owned sub-subsidiary Yamaha Electronics Corporation, USA, engaged in
importing and sale of audio visual product, effective April 1, 2012. After
this, Yamaha Corporation of America will be the surviving company and Yamaha
Electronics Corporation, USA will be dissolved.
Yamaha Corporation
Amends FY 2012 Outlook Dec 19, 2011
Yamaha Corporation
announced that it has reaffirmed its consolidated full-year outlook for revenue
of JPY 369,000 million, operating profit of JPY 12,500 million, ordinary profit
of JPY 10,500 million, but lowered its consolidated full-year outlook for net
profit from JPY 6,500 million to JPY 4,000 million and earning per share from
JPY 33.57 to JPY 20.66 for the fiscal year ending March 31, 2012.
R&I Affirms Yamaha Corporation's Rating at "A"; Rating
Outlook Stable Oct 11, 2011
Rating and Investment Information, Inc. (R&I) announced that it has
affirmed the rating on Yamaha Corporation at "A". The rating outlook
is stable.
Yamaha Corporation Raises Consolidated Mid-year and Full-year Outlook
for FY Ending March 31, 2012 Aug 01, 2011
Yamaha Corporation announced that it has raised its consolidated
mid-year outlook for revenue from JPY 174,000 million to JPY 180,500 million,
operating profit from JPY 2,500 million to JPY 5,500 million, ordinary profit
from JPY 2,000 million to JPY 5,000 million, net profit from JPY 0 million to
JPY 2,500 million and earning per share from JPY 0.00 to JPY 12.91 for the
fiscal year ending March 31, 2012. The Company also raised its consolidated
full-year outlook for revenue from JPY 370,000 million to JPY 378,000 million,
operating profit from JPY 10,000 million to JPY 12,500 million, ordinary profit
from JPY 8,000 million to JPY 10,500 million, net profit from JPY 5,000 million
to JPY 6,500 million and earning per share from JPY 25.82 to JPY 33.57 for the
same fiscal year. According to I/B/E/S Estimates, analysts on average are
expecting the Company to report full-year revenue of JPY 374.45 billion and net
profit of JPY 7.02 billion.
Annual Income Statement
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
|
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
4,516.3 |
4,362.9 |
4,463.2 |
4,570.7 |
4,800.9 |
|
Revenue |
4,516.3 |
4,362.9 |
4,463.2 |
4,570.7 |
4,800.9 |
|
Total Revenue |
4,516.3 |
4,362.9 |
4,463.2 |
4,570.7 |
4,800.9 |
|
|
|
|
|
|
|
|
Cost of Revenue |
2,933.8 |
2,769.4 |
2,887.6 |
2,889.8 |
3,006.8 |
|
Cost of Revenue, Total |
2,933.8 |
2,769.4 |
2,887.6 |
2,889.8 |
3,006.8 |
|
Gross Profit |
1,582.5 |
1,593.5 |
1,575.5 |
1,680.9 |
1,794.1 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
1,479.8 |
532.8 |
552.1 |
599.8 |
585.2 |
|
Labor & Related Expense |
- |
676.0 |
713.7 |
677.4 |
628.4 |
|
Advertising Expense |
- |
187.5 |
195.1 |
227.4 |
254.0 |
|
Total Selling/General/Administrative Expenses |
1,479.8 |
1,396.2 |
1,460.9 |
1,504.7 |
1,467.6 |
|
Depreciation |
- |
43.7 |
41.2 |
38.4 |
39.1 |
|
Depreciation/Amortization |
- |
43.7 |
41.2 |
38.4 |
39.1 |
|
Restructuring Charge |
0.0 |
-3.7 |
-1.2 |
48.4 |
-2.3 |
|
Impairment-Assets Held for Use |
5.9 |
36.5 |
29.5 |
161.5 |
7.6 |
|
Impairment-Assets Held for Sale |
5.0 |
20.4 |
9.7 |
37.2 |
3.4 |
|
Other Unusual Expense (Income) |
0.6 |
0.1 |
2.1 |
-1.8 |
4.6 |
|
Unusual Expense (Income) |
11.5 |
53.2 |
40.2 |
245.4 |
13.4 |
|
Other, Net |
- |
- |
- |
0.0 |
0.0 |
|
Other Operating Expenses, Total |
- |
- |
- |
0.0 |
0.0 |
|
Total Operating Expense |
4,425.2 |
4,262.5 |
4,429.9 |
4,678.3 |
4,526.9 |
|
|
|
|
|
|
|
|
Operating Income |
91.2 |
100.4 |
33.3 |
-107.6 |
274.0 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-3.8 |
-4.1 |
-4.9 |
-6.1 |
-9.3 |
|
Interest Expense, Net Non-Operating |
-3.8 |
-4.1 |
-4.9 |
-6.1 |
-9.3 |
|
Interest Income -
Non-Operating |
5.8 |
3.9 |
3.5 |
7.3 |
10.5 |
|
Investment Income -
Non-Operating |
6.0 |
-4.6 |
-22.1 |
18.6 |
285.8 |
|
Interest/Investment Income - Non-Operating |
11.8 |
-0.7 |
-18.6 |
25.9 |
296.3 |
|
Interest Income (Expense) - Net Non-Operating Total |
7.9 |
-4.8 |
-23.4 |
19.8 |
287.0 |
|
Gain (Loss) on Sale of Assets |
8.0 |
2.9 |
8.6 |
5.1 |
14.5 |
|
Other Non-Operating Income (Expense) |
-18.8 |
-19.2 |
-20.6 |
-38.3 |
-28.5 |
|
Other, Net |
-18.8 |
-19.2 |
-20.6 |
-38.3 |
-28.5 |
|
Income Before Tax |
88.3 |
79.4 |
-2.1 |
-121.0 |
546.9 |
|
|
|
|
|
|
|
|
Total Income Tax |
456.9 |
15.9 |
46.8 |
86.7 |
194.8 |
|
Income After Tax |
-368.6 |
63.5 |
-48.9 |
-207.7 |
352.1 |
|
|
|
|
|
|
|
|
Minority Interest |
-3.5 |
-4.2 |
-4.0 |
2.6 |
-6.0 |
|
Net Income Before Extraord Items |
-372.1 |
59.3 |
-52.9 |
-205.1 |
346.1 |
|
Net Income |
-372.1 |
59.3 |
-52.9 |
-205.1 |
346.1 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Adjustments to Net Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Available to Common Excl Extraord Items |
-372.1 |
59.3 |
-52.9 |
-205.2 |
346.1 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
-372.1 |
59.3 |
-52.9 |
-205.2 |
346.1 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
193.6 |
196.1 |
197.2 |
198.7 |
206.3 |
|
Basic EPS Excl Extraord Items |
-1.92 |
0.30 |
-0.27 |
-1.03 |
1.68 |
|
Basic/Primary EPS Incl Extraord Items |
-1.92 |
0.30 |
-0.27 |
-1.03 |
1.68 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-372.1 |
59.3 |
-52.9 |
-205.2 |
346.1 |
|
Diluted Weighted Average Shares |
193.6 |
196.1 |
197.2 |
198.7 |
206.3 |
|
Diluted EPS Excl Extraord Items |
-1.92 |
0.30 |
-0.27 |
-1.03 |
1.68 |
|
Diluted EPS Incl Extraord Items |
-1.92 |
0.30 |
-0.27 |
-1.03 |
1.68 |
|
Dividends per Share - Common Stock Primary Issue |
0.13 |
0.12 |
0.08 |
0.22 |
0.26 |
|
Gross Dividends - Common Stock |
24.5 |
22.8 |
58.3 |
83.4 |
90.2 |
|
Interest Expense, Supplemental |
3.8 |
4.1 |
4.9 |
6.1 |
9.3 |
|
Depreciation, Supplemental |
151.6 |
149.5 |
152.1 |
178.3 |
177.5 |
|
Total Special Items |
5.4 |
52.0 |
33.4 |
254.4 |
3.6 |
|
Normalized Income Before Tax |
93.7 |
131.4 |
31.2 |
133.4 |
550.5 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
1.2 |
10.0 |
11.1 |
84.1 |
-0.4 |
|
Inc Tax Ex Impact of Sp Items |
458.1 |
25.9 |
57.9 |
170.8 |
194.4 |
|
Normalized Income After Tax |
-364.5 |
105.5 |
-26.6 |
-37.4 |
356.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-368.0 |
101.2 |
-30.7 |
-34.8 |
350.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-1.90 |
0.52 |
-0.16 |
-0.18 |
1.70 |
|
Diluted Normalized EPS |
-1.90 |
0.52 |
-0.16 |
-0.18 |
1.70 |
|
Amort of Acquisition Costs, Supplemental |
1.8 |
1.7 |
1.8 |
14.2 |
4.7 |
|
Rental Expenses |
- |
40.5 |
50.4 |
46.3 |
40.6 |
|
Advertising Expense, Supplemental |
- |
187.5 |
195.1 |
227.4 |
254.0 |
|
Research & Development Exp, Supplemental |
- |
261.6 |
233.9 |
231.1 |
217.5 |
|
Reported Operating Profit |
102.7 |
153.6 |
73.5 |
137.8 |
287.4 |
|
Reported Ordinary Profit |
91.9 |
128.0 |
52.8 |
119.2 |
285.1 |
|
Normalized EBIT |
102.7 |
153.6 |
73.5 |
137.8 |
287.4 |
|
Normalized EBITDA |
256.2 |
304.9 |
227.4 |
330.2 |
469.6 |
|
Interest Cost - Domestic |
- |
30.3 |
31.5 |
29.2 |
26.2 |
|
Service Cost - Domestic |
- |
51.7 |
55.4 |
48.8 |
46.5 |
|
Prior Service Cost - Domestic |
- |
-2.3 |
-1.7 |
-1.6 |
-1.4 |
|
Expected Return on Assets - Domestic |
- |
-32.0 |
-30.6 |
-40.4 |
-41.1 |
|
Actuarial Gains and Losses - Domestic |
- |
66.2 |
76.0 |
48.3 |
28.2 |
|
Other Pension, Net - Domestic |
- |
7.1 |
8.7 |
15.4 |
12.3 |
|
Domestic Pension Plan Expense |
- |
121.0 |
139.4 |
99.7 |
70.8 |
|
Total Pension Expense |
- |
121.0 |
139.4 |
99.7 |
70.8 |
|
Discount Rate - Domestic |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
- |
3.50% |
3.50% |
4.00% |
4.00% |
|
Total Plan Interest Cost |
- |
30.3 |
31.5 |
29.2 |
26.2 |
|
Total Plan Service Cost |
- |
51.7 |
55.4 |
48.8 |
46.5 |
|
Total Plan Expected Return |
- |
-32.0 |
-30.6 |
-40.4 |
-41.1 |
|
Total Plan Other Expense |
- |
7.1 |
8.7 |
15.4 |
12.3 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.385362 |
82.88 |
93.44 |
98.77 |
99.535 |
|
Auditor |
|
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
632.4 |
690.3 |
635.8 |
418.9 |
739.6 |
|
Short Term Investments |
57.0 |
23.6 |
7.2 |
13.0 |
313.5 |
|
Cash and Short Term Investments |
689.5 |
713.9 |
642.9 |
431.8 |
1,053.1 |
|
Accounts Receivable -
Trade, Gross |
553.9 |
560.9 |
523.4 |
525.8 |
690.0 |
|
Provision for Doubtful
Accounts |
-14.1 |
-16.9 |
-16.0 |
-14.2 |
-35.7 |
|
Trade Accounts Receivable - Net |
539.8 |
544.0 |
507.4 |
511.7 |
654.3 |
|
Total Receivables, Net |
539.8 |
544.0 |
507.4 |
511.7 |
654.3 |
|
Inventories - Finished Goods |
624.5 |
571.4 |
514.6 |
572.8 |
509.4 |
|
Inventories - Work In Progress |
167.2 |
164.3 |
133.7 |
136.9 |
162.3 |
|
Inventories - Raw Materials |
144.7 |
128.8 |
95.6 |
107.2 |
95.0 |
|
Total Inventory |
936.4 |
864.6 |
744.0 |
817.0 |
766.6 |
|
Deferred Income Tax - Current Asset |
22.5 |
101.3 |
80.3 |
110.4 |
177.2 |
|
Other Current Assets |
105.3 |
125.5 |
93.6 |
175.2 |
119.2 |
|
Other Current Assets, Total |
127.9 |
226.8 |
173.9 |
285.6 |
296.4 |
|
Total Current Assets |
2,293.5 |
2,349.4 |
2,068.3 |
2,046.1 |
2,770.4 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
1,297.0 |
1,306.3 |
1,244.5 |
1,292.0 |
1,402.3 |
|
Goodwill, Net |
0.7 |
2.4 |
3.7 |
3.1 |
13.1 |
|
Intangibles, Net |
31.9 |
32.0 |
30.6 |
33.3 |
11.7 |
|
LT Investment - Affiliate Companies |
- |
16.2 |
26.7 |
- |
- |
|
LT Investments - Other |
748.8 |
900.7 |
835.4 |
578.4 |
1,104.6 |
|
Long Term Investments |
748.8 |
916.8 |
862.1 |
578.4 |
1,104.6 |
|
Note Receivable - Long Term |
4.3 |
4.4 |
5.0 |
4.4 |
2.7 |
|
Deferred Income Tax - Long Term Asset |
12.7 |
44.1 |
31.3 |
96.9 |
20.7 |
|
Other Long Term Assets |
61.0 |
60.3 |
58.3 |
86.4 |
103.2 |
|
Other Long Term Assets, Total |
73.7 |
104.4 |
89.6 |
183.2 |
123.9 |
|
Total Assets |
4,449.8 |
4,715.8 |
4,303.7 |
4,140.6 |
5,428.6 |
|
|
|
|
|
|
|
|
Accounts Payable |
270.2 |
292.0 |
233.2 |
259.4 |
351.8 |
|
Accrued Expenses |
356.9 |
346.1 |
347.8 |
344.4 |
417.6 |
|
Notes Payable/Short Term Debt |
120.0 |
79.6 |
94.3 |
143.9 |
144.9 |
|
Current Portion - Long Term Debt/Capital Leases |
11.1 |
46.6 |
11.3 |
15.0 |
44.9 |
|
Customer Advances |
2.8 |
7.4 |
10.6 |
14.0 |
18.5 |
|
Income Taxes Payable |
23.4 |
27.8 |
20.3 |
21.2 |
149.9 |
|
Deferred Income Tax - Current Liability |
3.2 |
0.0 |
0.1 |
0.6 |
0.1 |
|
Other Current Liabilities |
96.3 |
103.3 |
86.9 |
113.1 |
79.7 |
|
Other Current liabilities, Total |
125.8 |
138.6 |
117.9 |
148.9 |
248.1 |
|
Total Current Liabilities |
884.0 |
902.9 |
804.6 |
911.7 |
1,207.3 |
|
|
|
|
|
|
|
|
Long Term Debt |
6.1 |
16.6 |
55.4 |
35.3 |
21.6 |
|
Capital Lease Obligations |
- |
- |
3.1 |
- |
- |
|
Total Long Term Debt |
6.1 |
16.6 |
58.5 |
35.3 |
21.6 |
|
Total Debt |
137.1 |
142.8 |
164.1 |
194.3 |
211.3 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
339.2 |
177.2 |
169.7 |
171.1 |
309.5 |
|
Deferred Income Tax |
339.2 |
177.2 |
169.7 |
171.1 |
309.5 |
|
Minority Interest |
37.8 |
35.4 |
30.5 |
28.8 |
34.0 |
|
Pension Benefits - Underfunded |
503.5 |
453.7 |
360.4 |
279.7 |
254.3 |
|
Other Long Term Liabilities |
206.6 |
209.3 |
186.0 |
193.0 |
189.6 |
|
Other Liabilities, Total |
710.1 |
663.0 |
546.4 |
472.7 |
443.9 |
|
Total Liabilities |
1,977.1 |
1,795.1 |
1,609.6 |
1,619.6 |
2,016.3 |
|
|
|
|
|
|
|
|
Common Stock |
346.3 |
344.3 |
305.4 |
288.9 |
286.7 |
|
Common Stock |
346.3 |
344.3 |
305.4 |
288.9 |
286.7 |
|
Additional Paid-In Capital |
486.2 |
483.3 |
428.7 |
405.5 |
402.4 |
|
Retained Earnings (Accumulated Deficit) |
1,676.9 |
2,049.9 |
1,793.8 |
1,789.4 |
2,303.8 |
|
Treasury Stock - Common |
-44.8 |
-44.5 |
-0.4 |
-0.3 |
-3.3 |
|
Unrealized Gain (Loss) |
537.4 |
589.5 |
535.5 |
386.7 |
643.1 |
|
Translation Adjustment |
-529.4 |
-501.7 |
-368.9 |
-349.2 |
-220.4 |
|
Other Equity, Total |
-529.4 |
-501.7 |
-368.9 |
-349.2 |
-220.4 |
|
Total Equity |
2,472.7 |
2,920.7 |
2,694.1 |
2,521.0 |
3,412.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
4,449.8 |
4,715.8 |
4,303.7 |
4,140.6 |
5,428.6 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
193.6 |
193.6 |
197.2 |
197.2 |
206.3 |
|
Total Common Shares Outstanding |
193.6 |
193.6 |
197.2 |
197.2 |
206.3 |
|
Treasury Shares - Common Stock Primary Issue |
3.6 |
3.6 |
0.0 |
0.0 |
0.2 |
|
Employees |
- |
19,462 |
19,275 |
20,068 |
19,785 |
|
Number of Common Shareholders |
- |
23,916 |
21,485 |
22,173 |
15,053 |
|
Deferred Revenue - Current |
- |
7.4 |
10.6 |
14.0 |
18.5 |
|
Total Long Term Debt, Supplemental |
- |
64.0 |
67.1 |
50.4 |
66.5 |
|
Long Term Debt Maturing within 1 Year |
- |
47.4 |
11.7 |
15.0 |
44.9 |
|
Long Term Debt Maturing in Year 2 |
- |
10.4 |
44.7 |
10.1 |
13.0 |
|
Long Term Debt Maturing in Year 3 |
- |
6.2 |
10.2 |
23.6 |
7.6 |
|
Long Term Debt Maturing in Year 4 |
- |
0.0 |
0.5 |
1.2 |
0.6 |
|
Long Term Debt Maturing in Year 5 |
- |
0.0 |
0.0 |
0.5 |
0.4 |
|
Long Term Debt Maturing in 2-3 Years |
- |
16.6 |
54.9 |
33.7 |
20.6 |
|
Long Term Debt Maturing in 4-5 Years |
- |
0.0 |
0.5 |
1.6 |
0.9 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Capital Leases, Supplemental |
- |
3.4 |
3.4 |
5.6 |
- |
|
Capital Lease Payments Due in Year 1 |
- |
0.4 |
0.4 |
0.5 |
- |
|
Capital Lease Payments Due in Year 2 |
- |
0.3 |
0.3 |
0.5 |
- |
|
Capital Lease Payments Due in Year 3 |
- |
0.2 |
0.3 |
0.4 |
- |
|
Capital Lease Payments Due in Year 4 |
- |
0.2 |
0.2 |
0.4 |
- |
|
Capital Lease Payments Due in Year 5 |
- |
0.2 |
0.2 |
0.3 |
- |
|
Capital Lease Payments Due in 2-3 Years |
- |
0.5 |
0.6 |
1.0 |
- |
|
Capital Lease Payments Due in 4-5 Years |
- |
0.4 |
0.3 |
0.7 |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
- |
2.2 |
2.1 |
3.4 |
- |
|
Pension Obligation - Domestic |
- |
1,590.1 |
1,442.3 |
1,519.8 |
1,513.9 |
|
Plan Assets - Domestic |
- |
891.9 |
840.6 |
833.1 |
1,031.8 |
|
Funded Status - Domestic |
- |
-698.3 |
-601.7 |
-686.7 |
-482.0 |
|
Total Funded Status |
- |
-698.3 |
-601.7 |
-686.7 |
-482.0 |
|
Discount Rate - Domestic |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
- |
3.50% |
3.50% |
4.00% |
4.00% |
|
Prepaid Benefits - Domestic |
- |
0.0 |
0.0 |
1.4 |
5.1 |
|
Accrued Liabilities - Domestic |
- |
-453.7 |
-360.4 |
-279.7 |
-254.3 |
|
Other Assets, Net - Domestic |
- |
244.6 |
241.3 |
408.4 |
232.9 |
|
Net Assets Recognized on Balance Sheet |
- |
-209.1 |
-119.1 |
130.1 |
-16.2 |
|
Total Plan Obligations |
- |
1,590.1 |
1,442.3 |
1,519.8 |
1,513.9 |
|
Total Plan Assets |
- |
891.9 |
840.6 |
833.1 |
1,031.8 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
|
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
88.3 |
79.4 |
-2.2 |
-121.0 |
546.9 |
|
Depreciation |
151.6 |
149.5 |
152.1 |
178.3 |
177.5 |
|
Depreciation/Depletion |
151.6 |
149.5 |
152.1 |
178.3 |
177.5 |
|
Amortization of Acquisition Costs |
1.8 |
1.7 |
1.8 |
14.2 |
4.7 |
|
Amortization |
1.8 |
1.7 |
1.8 |
14.2 |
4.7 |
|
Unusual Items |
3.6 |
50.4 |
59.0 |
242.9 |
-257.0 |
|
Equity in Net Earnings (Loss) |
0.0 |
0.0 |
0.0 |
0.1 |
-1.3 |
|
Other Non-Cash Items |
31.7 |
45.4 |
67.4 |
10.0 |
-36.5 |
|
Non-Cash Items |
35.3 |
95.8 |
126.5 |
253.0 |
-294.8 |
|
Accounts Receivable |
-0.2 |
4.7 |
-24.1 |
133.7 |
27.1 |
|
Inventories |
-81.7 |
-59.2 |
126.2 |
-88.2 |
-33.6 |
|
Accounts Payable |
-20.0 |
41.4 |
11.7 |
-94.9 |
-15.7 |
|
Other Operating Cash Flow |
-37.4 |
-49.1 |
37.0 |
-289.3 |
-86.9 |
|
Changes in Working Capital |
-139.3 |
-62.2 |
150.8 |
-338.7 |
-109.2 |
|
Cash from Operating Activities |
137.8 |
264.3 |
429.0 |
-14.3 |
325.1 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-122.8 |
-155.4 |
-151.8 |
-204.2 |
-221.9 |
|
Capital Expenditures |
-122.8 |
-155.4 |
-151.8 |
-204.2 |
-221.9 |
|
Sale of Business |
7.3 |
10.6 |
-4.9 |
0.0 |
- |
|
Sale of Fixed Assets |
11.8 |
14.3 |
19.1 |
13.9 |
55.3 |
|
Sale/Maturity of Investment |
0.1 |
16.0 |
5.0 |
30.6 |
600.1 |
|
Investment, Net |
-5.0 |
-1.2 |
0.0 |
4.2 |
-2.6 |
|
Purchase of Investments |
-5.3 |
-0.4 |
-9.2 |
-96.2 |
-47.0 |
|
Other Investing Cash Flow |
0.0 |
2.5 |
5.1 |
-7.0 |
-16.3 |
|
Other Investing Cash Flow Items, Total |
8.8 |
41.7 |
15.0 |
-54.5 |
589.4 |
|
Cash from Investing Activities |
-114.0 |
-113.7 |
-136.8 |
-258.7 |
367.5 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-6.5 |
-5.1 |
-7.8 |
-7.3 |
-84.8 |
|
Financing Cash Flow Items |
-6.5 |
-5.1 |
-7.8 |
-7.3 |
-84.8 |
|
Cash Dividends Paid - Common |
-24.5 |
-40.3 |
-63.7 |
-105.3 |
-67.7 |
|
Total Cash Dividends Paid |
-24.5 |
-40.3 |
-63.7 |
-105.3 |
-67.7 |
|
Repurchase/Retirement
of Common |
0.0 |
-42.7 |
0.0 |
-179.5 |
-0.3 |
|
Common Stock, Net |
0.0 |
-42.7 |
0.0 |
-179.5 |
-0.3 |
|
Issuance (Retirement) of Stock, Net |
0.0 |
-42.7 |
0.0 |
-179.5 |
-0.3 |
|
Short Term Debt, Net |
38.8 |
-23.5 |
-50.7 |
1.8 |
1.7 |
|
Long Term Debt Issued |
0.0 |
5.3 |
29.9 |
27.4 |
19.4 |
|
Long Term Debt
Reduction |
-48.8 |
-11.3 |
-13.9 |
-46.0 |
-37.2 |
|
Long Term Debt, Net |
-48.8 |
-6.1 |
16.0 |
-18.6 |
-17.9 |
|
Issuance (Retirement) of Debt, Net |
-10.1 |
-29.5 |
-34.7 |
-16.8 |
-16.2 |
|
Cash from Financing Activities |
-41.1 |
-117.6 |
-106.2 |
-308.9 |
-169.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-9.2 |
-42.2 |
0.9 |
-36.5 |
-21.0 |
|
Net Change in Cash |
-26.5 |
-9.2 |
186.9 |
-618.5 |
502.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
734.7 |
691.3 |
450.4 |
1,028.7 |
401.8 |
|
Net Cash - Ending Balance |
708.2 |
682.1 |
637.3 |
410.2 |
904.4 |
|
Cash Interest Paid |
3.9 |
4.2 |
4.8 |
6.3 |
9.4 |
|
Cash Taxes Paid |
59.5 |
48.9 |
-40.6 |
235.3 |
76.3 |
Annual Income Statement
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
|
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net sales |
4,516.3 |
4,362.9 |
4,463.2 |
4,570.7 |
4,800.9 |
|
Total Revenue |
4,516.3 |
4,362.9 |
4,463.2 |
4,570.7 |
4,800.9 |
|
|
|
|
|
|
|
|
Cost of Sales |
2,933.8 |
2,769.4 |
2,887.6 |
2,889.8 |
3,006.8 |
|
Unrealized Profits |
- |
- |
- |
0.0 |
0.0 |
|
SGA Total |
1,479.8 |
- |
- |
- |
- |
|
Sales Commission |
- |
15.8 |
15.4 |
16.1 |
20.7 |
|
Shipping Expenses |
- |
124.9 |
139.5 |
160.1 |
151.9 |
|
Advertisement Exp. |
- |
- |
- |
- |
254.0 |
|
Advert. exp. & Sales promotion |
- |
187.5 |
195.1 |
227.4 |
- |
|
Prov. for Doubtful Acct. (SGA) |
- |
1.2 |
2.2 |
0.2 |
1.5 |
|
Reserve for Products Warranty |
- |
19.3 |
15.3 |
17.9 |
13.1 |
|
Prov. for Dir's Bonuses |
- |
- |
- |
0.0 |
1.0 |
|
Reserve for Retire. Benefits |
- |
61.8 |
76.5 |
49.0 |
36.9 |
|
Labor Expenses |
- |
614.2 |
637.2 |
628.4 |
590.4 |
|
Rental Expenses |
- |
40.5 |
50.4 |
46.3 |
40.6 |
|
Depreciation |
- |
43.7 |
41.2 |
38.4 |
39.1 |
|
Other SGA |
- |
330.9 |
329.3 |
359.3 |
357.4 |
|
SP G on reversal of restructuring res. |
0.0 |
-3.7 |
-1.2 |
0.0 |
-2.3 |
|
Reversal of Products Guarantee Reserves |
0.0 |
-1.7 |
-4.1 |
-2.7 |
-2.5 |
|
Loss Retire Fix Asset |
3.8 |
5.1 |
8.4 |
9.0 |
7.6 |
|
Loss on liquidation of investment securi |
0.1 |
0.0 |
- |
- |
- |
|
Loss Val. Inv.Secs. |
0.2 |
18.2 |
5.1 |
2.8 |
2.3 |
|
Loss Val Affil. Stk. |
0.0 |
2.1 |
4.6 |
1.6 |
0.6 |
|
Impairment Loss |
2.1 |
31.4 |
21.1 |
152.5 |
0.0 |
|
Loss on disaster |
0.6 |
0.9 |
0.0 |
- |
- |
|
Loss on adjustment for changes of accoun |
0.0 |
0.9 |
0.0 |
- |
- |
|
SP L on val. of inv't in affili. equity |
4.7 |
0.0 |
0.0 |
32.9 |
0.6 |
|
Restructuring Exp. |
- |
- |
0.0 |
48.4 |
0.0 |
|
Special Retire Bnft. |
- |
- |
0.0 |
1.0 |
7.1 |
|
Duty Deferment - Prior |
- |
0.0 |
6.2 |
0.0 |
- |
|
Total Operating Expense |
4,425.2 |
4,262.5 |
4,429.9 |
4,678.3 |
4,526.9 |
|
|
|
|
|
|
|
|
Gain Sale Fix.Asset |
2.4 |
2.7 |
8.7 |
2.8 |
14.5 |
|
Gain Sale Inv.Secs. |
0.0 |
3.1 |
0.0 |
0.0 |
6.7 |
|
SP G on sale of affiliated securities |
- |
- |
- |
0.0 |
260.3 |
|
Gain-Liquidate Sub. |
5.7 |
0.2 |
0.1 |
2.3 |
0.0 |
|
Loss Sale Affil.Stk. |
- |
- |
- |
0.0 |
-6.1 |
|
SP Loss Sale Inv.Secs. |
-0.1 |
-1.5 |
-0.2 |
0.0 |
- |
|
SP Loss-liquidation of affiliates |
-0.1 |
0.0 |
-0.1 |
0.0 |
- |
|
SP L on sale of affiliated contr. inv. |
- |
0.0 |
-23.2 |
0.0 |
-0.2 |
|
NOP Interest Income |
5.8 |
3.9 |
3.5 |
7.3 |
10.5 |
|
NOP Dividend Income |
14.5 |
7.9 |
4.9 |
18.6 |
23.8 |
|
NOP Compensation for transfer |
5.5 |
6.0 |
0.0 |
- |
- |
|
NOP Government subsidies |
- |
1.2 |
2.7 |
0.0 |
- |
|
Equity Gain |
- |
- |
- |
0.0 |
1.3 |
|
Other Income |
8.5 |
9.5 |
15.4 |
12.5 |
18.5 |
|
Interest Expenses |
-3.8 |
-4.1 |
-4.9 |
-6.1 |
-9.3 |
|
Sales Discount |
-27.3 |
-27.4 |
-30.2 |
-34.0 |
-35.9 |
|
Exchange Loss |
-8.4 |
-14.1 |
-3.7 |
- |
- |
|
Other Expenses |
-5.6 |
-8.4 |
-8.5 |
-16.8 |
-11.2 |
|
Net Income Before Taxes |
88.3 |
79.4 |
-2.1 |
-121.0 |
546.9 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
456.9 |
15.9 |
46.8 |
86.7 |
194.8 |
|
Net Income After Taxes |
-368.6 |
63.5 |
-48.9 |
-207.7 |
352.1 |
|
|
|
|
|
|
|
|
Minority Interests |
-3.5 |
-4.2 |
-4.0 |
2.6 |
-6.0 |
|
Net Income Before Extra. Items |
-372.1 |
59.3 |
-52.9 |
-205.1 |
346.1 |
|
Net Income |
-372.1 |
59.3 |
-52.9 |
-205.1 |
346.1 |
|
|
|
|
|
|
|
|
Earning Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
-372.1 |
59.3 |
-52.9 |
-205.2 |
346.1 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-372.1 |
59.3 |
-52.9 |
-205.2 |
346.1 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
193.6 |
196.1 |
197.2 |
198.7 |
206.3 |
|
Basic EPS Excluding ExtraOrdinary Items |
-1.92 |
0.30 |
-0.27 |
-1.03 |
1.68 |
|
Basic EPS Including ExtraOrdinary Item |
-1.92 |
0.30 |
-0.27 |
-1.03 |
1.68 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-372.1 |
59.3 |
-52.9 |
-205.2 |
346.1 |
|
Diluted Weighted Average Shares |
193.6 |
196.1 |
197.2 |
198.7 |
206.3 |
|
Diluted EPS Excluding ExtraOrd Items |
-1.92 |
0.30 |
-0.27 |
-1.03 |
1.68 |
|
Diluted EPS Including ExtraOrd Items |
-1.92 |
0.30 |
-0.27 |
-1.03 |
1.68 |
|
DPS-Common Stock |
0.13 |
0.12 |
0.08 |
0.22 |
0.26 |
|
Gross Dividends - Common Stock |
24.5 |
22.8 |
58.3 |
83.4 |
90.2 |
|
Normalized Income Before Taxes |
93.7 |
131.4 |
31.2 |
133.4 |
550.5 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
458.1 |
25.9 |
57.9 |
170.8 |
194.4 |
|
Normalized Income After Taxes |
-364.5 |
105.5 |
-26.6 |
-37.4 |
356.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-368.0 |
101.2 |
-30.7 |
-34.8 |
350.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-1.90 |
0.52 |
-0.16 |
-0.18 |
1.70 |
|
Diluted Normalized EPS |
-1.90 |
0.52 |
-0.16 |
-0.18 |
1.70 |
|
Advertising Expense |
- |
- |
- |
- |
254.0 |
|
Advert. exp. & Sales promotion |
- |
187.5 |
195.1 |
227.4 |
- |
|
Rental Expense |
- |
40.5 |
50.4 |
46.3 |
40.6 |
|
Interest Expense |
3.8 |
4.1 |
4.9 |
6.1 |
9.3 |
|
Amort of Goodwill |
1.8 |
1.7 |
1.8 |
14.2 |
4.7 |
|
Depreciation |
151.6 |
149.5 |
152.1 |
178.3 |
177.5 |
|
R&D Costs |
- |
261.6 |
233.9 |
231.1 |
217.5 |
|
Reported Operating Profit |
102.7 |
153.6 |
73.5 |
137.8 |
287.4 |
|
Reported Ordinary Profit |
91.9 |
128.0 |
52.8 |
119.2 |
285.1 |
|
Service Cost |
- |
51.7 |
55.4 |
48.8 |
46.5 |
|
Interest Cost |
- |
30.3 |
31.5 |
29.2 |
26.2 |
|
Expected Return on Plan Assets |
- |
-32.0 |
-30.6 |
-40.4 |
-41.1 |
|
Prior Service Cost |
- |
-2.3 |
-1.7 |
-1.6 |
-1.4 |
|
Actuarial Gains and Losses |
- |
66.2 |
76.0 |
48.3 |
28.2 |
|
Nonrecurr. additional retire. benefits |
- |
7.1 |
8.7 |
15.4 |
12.3 |
|
Domestic Pension Plan Expense |
- |
121.0 |
139.4 |
99.7 |
70.8 |
|
Total Pension Expense |
- |
121.0 |
139.4 |
99.7 |
70.8 |
|
Discount Rate |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return |
- |
3.50% |
3.50% |
4.00% |
4.00% |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.385362 |
82.88 |
93.44 |
98.77 |
99.535 |
|
Auditor |
|
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Deposits |
632.4 |
690.3 |
635.8 |
418.9 |
739.6 |
|
Acc.& Note Rcvbl |
553.9 |
560.9 |
523.4 |
525.8 |
690.0 |
|
Mktbl. Secs. |
57.0 |
23.6 |
7.2 |
13.0 |
313.5 |
|
Inventories - merchandise & fin. goods |
624.5 |
571.4 |
514.6 |
572.8 |
509.4 |
|
Inventories - work-in-process |
167.2 |
164.3 |
133.7 |
136.9 |
162.3 |
|
Inventories - raw mate. & supp. |
144.7 |
128.8 |
95.6 |
107.2 |
95.0 |
|
Deferred Inc.Tax |
22.5 |
101.3 |
80.3 |
110.4 |
177.2 |
|
Other Cur. Asset |
105.3 |
125.5 |
93.6 |
175.2 |
119.2 |
|
Allow Doubt Acc. |
-14.1 |
-16.9 |
-16.0 |
-14.2 |
-35.7 |
|
Total Current Assets |
2,293.5 |
2,349.4 |
2,068.3 |
2,046.1 |
2,770.4 |
|
|
|
|
|
|
|
|
Buildings |
445.4 |
459.8 |
451.2 |
393.7 |
428.0 |
|
Machinery |
139.3 |
141.7 |
133.3 |
134.4 |
186.8 |
|
Tool & Equipment |
95.0 |
95.4 |
94.9 |
100.5 |
131.8 |
|
Land |
593.0 |
595.4 |
542.1 |
574.0 |
614.2 |
|
Lease assets, net |
3.0 |
3.3 |
3.3 |
5.3 |
0.0 |
|
Const in Prog. |
21.3 |
10.7 |
19.7 |
84.2 |
41.5 |
|
Goodwill, Net |
0.7 |
2.4 |
3.7 |
3.1 |
13.1 |
|
Other Intangible |
31.9 |
32.0 |
30.6 |
33.3 |
11.7 |
|
Investment Secs. |
748.8 |
900.7 |
835.4 |
578.4 |
1,104.6 |
|
Inv. Securities.affiliates&sub. |
- |
10.0 |
21.2 |
- |
- |
|
LT Loans |
4.3 |
4.4 |
5.0 |
4.4 |
2.7 |
|
Deferred Inc Tax |
12.7 |
44.1 |
31.3 |
96.9 |
20.7 |
|
Security & guaranteed deposits |
58.2 |
57.1 |
56.2 |
63.1 |
62.9 |
|
Inv't partnership-nonconsol.affil.&sub. |
- |
6.1 |
5.4 |
- |
- |
|
Other Assets |
11.8 |
11.4 |
10.8 |
34.9 |
49.3 |
|
Allow Doubt Acc. |
-9.0 |
-8.1 |
-8.6 |
-11.7 |
-9.1 |
|
Adjustment |
- |
- |
-0.1 |
0.0 |
- |
|
Total Assets |
4,449.8 |
4,715.8 |
4,303.7 |
4,140.6 |
5,428.6 |
|
|
|
|
|
|
|
|
Acc.& Note Payab |
270.2 |
292.0 |
233.2 |
259.4 |
351.8 |
|
Short-Term Debts |
120.0 |
79.6 |
94.3 |
143.9 |
144.9 |
|
Cur.Port.LT Debt |
11.1 |
46.6 |
10.9 |
15.0 |
44.9 |
|
Lease |
- |
- |
0.4 |
- |
- |
|
Accrued Expenses |
356.9 |
345.8 |
347.8 |
344.4 |
416.4 |
|
Inc. Tax Payable |
23.4 |
27.8 |
20.3 |
21.2 |
149.9 |
|
Advance |
2.8 |
7.4 |
10.6 |
14.0 |
18.5 |
|
Deferred Taxes |
3.2 |
0.0 |
0.1 |
0.6 |
0.1 |
|
Allow Products |
33.6 |
34.4 |
26.7 |
34.2 |
37.7 |
|
Allow. Dir's Bonuse |
- |
0.3 |
0.0 |
0.0 |
1.2 |
|
Allow Return |
1.5 |
2.3 |
1.9 |
1.6 |
1.0 |
|
Reserve for loss on construction contrac |
0.5 |
0.0 |
0.1 |
0.0 |
- |
|
Allow-Restructuring Loss |
- |
0.0 |
9.9 |
32.0 |
0.0 |
|
Unrlzd Profits |
- |
- |
- |
0.0 |
0.1 |
|
Other Cur. Liabs |
60.6 |
66.6 |
48.3 |
45.2 |
41.0 |
|
Total Current Liabilities |
884.0 |
902.9 |
804.6 |
911.7 |
1,207.3 |
|
|
|
|
|
|
|
|
Long-Term Debt |
6.1 |
16.6 |
55.4 |
35.3 |
21.6 |
|
Lease |
- |
- |
3.1 |
- |
- |
|
Total Long Term Debt |
6.1 |
16.6 |
58.5 |
35.3 |
21.6 |
|
|
|
|
|
|
|
|
Deferred Taxes |
186.3 |
2.4 |
9.9 |
1.3 |
140.6 |
|
Reval-Dfrd. Tax |
152.9 |
174.8 |
159.8 |
169.8 |
168.9 |
|
Accrued Retire. |
503.5 |
453.7 |
360.4 |
279.7 |
254.3 |
|
LT Deposits |
188.3 |
191.3 |
172.8 |
169.3 |
171.2 |
|
Other LT Liabs. |
18.3 |
18.1 |
13.2 |
23.7 |
18.4 |
|
Minority Int. |
37.8 |
35.4 |
30.5 |
28.8 |
34.0 |
|
Total Liabilities |
1,977.1 |
1,795.1 |
1,609.6 |
1,619.6 |
2,016.3 |
|
|
|
|
|
|
|
|
Common Stock |
346.3 |
344.3 |
305.4 |
288.9 |
286.7 |
|
Paid-In Capital |
486.2 |
483.3 |
428.7 |
405.5 |
402.4 |
|
Retained Earning |
1,676.9 |
2,049.9 |
1,793.8 |
1,789.4 |
2,303.8 |
|
Treasury Stock |
-44.8 |
-44.5 |
-0.4 |
-0.3 |
-3.3 |
|
Unrlzd. on Secs. |
331.8 |
404.9 |
363.9 |
200.6 |
491.7 |
|
Dfrd. Hedge Gain/Loss |
-4.5 |
-3.0 |
-1.8 |
-4.0 |
2.1 |
|
Land Revaluation |
210.0 |
187.6 |
173.4 |
190.0 |
149.3 |
|
Translation Adj. |
-529.4 |
-501.7 |
-368.9 |
-349.2 |
-220.4 |
|
Total Equity |
2,472.7 |
2,920.7 |
2,694.1 |
2,521.0 |
3,412.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
4,449.8 |
4,715.8 |
4,303.7 |
4,140.6 |
5,428.6 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
193.6 |
193.6 |
197.2 |
197.2 |
206.3 |
|
Total Common Shares Outstanding |
193.6 |
193.6 |
197.2 |
197.2 |
206.3 |
|
T/S-Common Stock |
3.6 |
3.6 |
0.0 |
0.0 |
0.2 |
|
Deferred Revenue - Current |
- |
7.4 |
10.6 |
14.0 |
18.5 |
|
Full-Time Employees |
- |
19,462 |
19,275 |
20,068 |
19,785 |
|
Number of Common Shareholders |
- |
23,916 |
21,485 |
22,173 |
15,053 |
|
LT Debts Maturing within 1yr. |
- |
47.4 |
11.7 |
15.0 |
44.9 |
|
LT Debts Maturing within 2yr. |
- |
10.4 |
44.7 |
10.1 |
13.0 |
|
LT Debts Maturing within 3yr. |
- |
6.2 |
10.2 |
23.6 |
7.6 |
|
LT Debts Maturing within 4yr. |
- |
0.0 |
0.5 |
1.2 |
0.6 |
|
LT Debts Maturing within 5yr. |
- |
0.0 |
0.0 |
0.5 |
0.4 |
|
Remaining |
- |
- |
0.0 |
0.0 |
0.0 |
|
Total Long Term Debt, Supplemental |
- |
64.0 |
67.1 |
50.4 |
66.5 |
|
Capital Lease Payments Due within 1 Year |
- |
0.4 |
0.4 |
0.5 |
- |
|
Capital Lease Payments Due in Year 2 |
- |
0.3 |
0.3 |
0.5 |
- |
|
Capital Lease Payments Due in Year 3 |
- |
0.2 |
0.3 |
0.4 |
- |
|
Capital Lease Payments Due in Year 4 |
- |
0.2 |
0.2 |
0.4 |
- |
|
Capital Lease Payments Due in Year 5 |
- |
0.2 |
0.2 |
0.3 |
- |
|
Captial Lease-Remaining Maturities |
- |
2.2 |
2.1 |
3.4 |
- |
|
Total Capital Leases |
- |
3.4 |
3.4 |
5.6 |
- |
|
Pension Obligation |
- |
1,590.1 |
1,442.3 |
1,519.8 |
1,513.9 |
|
Fair Value of Plan Assets |
- |
891.9 |
840.6 |
833.1 |
1,031.8 |
|
Funded Status |
- |
-698.3 |
-601.7 |
-686.7 |
-482.0 |
|
Total Funded Status |
- |
-698.3 |
-601.7 |
-686.7 |
-482.0 |
|
Discount Rate |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return |
- |
3.50% |
3.50% |
4.00% |
4.00% |
|
Unrecognized Actuarial Gains and Losses |
- |
272.0 |
267.7 |
433.2 |
259.0 |
|
Unrecognized Prior Service Cost |
- |
-27.4 |
-26.4 |
-24.7 |
-26.1 |
|
Prepaid Pension Benefits |
- |
0.0 |
0.0 |
1.4 |
5.1 |
|
Reserve for Accrued Retirement Benefits |
- |
-453.7 |
-360.4 |
-279.7 |
-254.3 |
|
Net Assets Recognized on Balance Sheet |
- |
-209.1 |
-119.1 |
130.1 |
-16.2 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
|
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income Bf. Tax |
88.3 |
79.4 |
-2.2 |
-121.0 |
546.9 |
|
Depreciation |
151.6 |
149.5 |
152.1 |
178.3 |
177.5 |
|
Impairment Loss |
2.1 |
31.4 |
21.1 |
152.5 |
0.0 |
|
Amort Goodwill |
1.8 |
1.7 |
1.8 |
14.2 |
4.7 |
|
Allow Doubt Acc. |
-1.7 |
-1.8 |
0.2 |
-1.2 |
-3.2 |
|
Loss on valuation of investments in capi |
4.7 |
0.0 |
- |
- |
- |
|
Loss Val Affil.Stk. |
0.0 |
2.1 |
4.6 |
1.6 |
0.6 |
|
Loss Sale Affil.Stk. |
- |
0.0 |
23.2 |
0.0 |
6.1 |
|
Loss on sale of affiliated equity |
- |
- |
- |
0.0 |
0.2 |
|
Loss on val. of inv't in affili. equity |
- |
- |
0.0 |
32.9 |
0.6 |
|
Gain/Loss Liquid Subsid. |
-5.6 |
-0.2 |
0.1 |
-2.3 |
0.0 |
|
Loss Val Inv.Secs. |
0.2 |
18.2 |
5.1 |
2.8 |
2.3 |
|
Loss (gain) on liquidation of investment |
0.1 |
0.0 |
- |
- |
- |
|
Gain/Loss Sale Inv.Secs. |
0.1 |
-1.6 |
0.1 |
0.0 |
-6.7 |
|
Accrued Retire Bnft. |
49.2 |
47.0 |
69.6 |
24.4 |
-11.2 |
|
Int. & Div. Income |
-20.2 |
-11.8 |
-8.5 |
-25.9 |
-34.3 |
|
Interest Expense |
3.8 |
4.1 |
4.9 |
6.1 |
9.3 |
|
Exchange Loss/Gain |
0.6 |
7.9 |
1.1 |
-1.4 |
3.4 |
|
Equity Gain/Loss |
0.0 |
0.0 |
0.0 |
0.1 |
-1.3 |
|
Sale of affiliated securities |
- |
- |
- |
0.0 |
-260.3 |
|
Gain Sale Fix.Asset |
-2.4 |
-2.7 |
-8.7 |
-2.8 |
-14.5 |
|
Loss Retire Fix Asset |
3.8 |
5.1 |
8.4 |
9.0 |
7.6 |
|
Structual Improve |
- |
- |
0.0 |
48.4 |
0.0 |
|
Rev. for restructuring expenses |
0.0 |
-3.7 |
-1.2 |
0.0 |
- |
|
Special Retire. Benefits |
- |
- |
0.0 |
1.0 |
7.1 |
|
Duty Deferment - Prior |
- |
0.0 |
6.2 |
0.0 |
- |
|
Loss on disaster |
0.6 |
0.9 |
0.0 |
- |
- |
|
Loss on adjustment for changes of accoun |
0.0 |
0.9 |
0.0 |
- |
- |
|
Acct. & Note Rcvbl. |
-0.2 |
4.7 |
-24.1 |
133.7 |
27.1 |
|
Inventories |
-81.7 |
-59.2 |
126.2 |
-88.2 |
-33.6 |
|
Acct. & Note Pybl. |
-20.0 |
41.4 |
11.7 |
-94.9 |
-15.7 |
|
Other |
6.0 |
-7.5 |
-7.4 |
-74.0 |
-35.3 |
|
Int. & Div. Received |
20.0 |
11.5 |
8.5 |
26.4 |
34.2 |
|
Interest Paid |
-3.9 |
-4.2 |
-4.8 |
-6.3 |
-9.4 |
|
Income Tax Paid/Refund |
-59.5 |
-48.9 |
40.6 |
-235.3 |
-76.3 |
|
Newly Consolidated |
- |
- |
- |
11.0 |
0.4 |
|
Exclusion of Subsid. |
- |
- |
- |
-3.1 |
-0.9 |
|
Adjustment |
- |
- |
0.1 |
- |
- |
|
Cash from Operating Activities |
137.8 |
264.3 |
429.0 |
-14.3 |
325.1 |
|
|
|
|
|
|
|
|
Time Deposit, Net |
-5.0 |
-1.2 |
0.0 |
4.2 |
-2.6 |
|
Capital Expenditures |
-122.8 |
-155.4 |
-151.8 |
-204.2 |
-221.9 |
|
Sale of PPE |
11.8 |
14.3 |
19.1 |
13.9 |
55.3 |
|
Purchase of subs.' securities |
- |
- |
0.0 |
-80.3 |
0.0 |
|
Sale of subsi. securities-conso. change |
- |
0.0 |
-13.3 |
0.0 |
- |
|
Purch. of Inv. Secs. |
-5.0 |
0.0 |
0.0 |
-1.0 |
-0.7 |
|
Proceeds from liquidation of investment |
0.5 |
0.0 |
- |
- |
- |
|
Sale/redempt.LT inv't in sec. |
0.1 |
16.0 |
0.1 |
30.0 |
7.1 |
|
Purchase of affiliated securities |
-0.3 |
-0.4 |
-9.1 |
-6.3 |
-19.8 |
|
Sale of affiliated securities |
- |
- |
0.0 |
0.6 |
593.0 |
|
Inv't partnership-nonconsol.affil. made |
- |
- |
0.0 |
-8.6 |
-26.4 |
|
Liquidation of affiliated companies |
7.3 |
10.6 |
8.4 |
0.0 |
- |
|
Capital decrease-affiliated companies |
- |
0.0 |
4.9 |
0.0 |
- |
|
Dec. due to sale affli.(un-consol.) stk. |
- |
- |
- |
0.0 |
0.0 |
|
Payments for investments in capital |
- |
0.0 |
-0.1 |
0.0 |
0.0 |
|
Loans Made |
-3.9 |
-5.8 |
-10.4 |
-8.9 |
-20.2 |
|
Loans Collected |
4.2 |
8.6 |
11.9 |
2.3 |
3.9 |
|
Other |
-0.8 |
-0.3 |
3.6 |
-0.4 |
0.0 |
|
Cash from Investing Activities |
-114.0 |
-113.7 |
-136.8 |
-258.7 |
367.5 |
|
|
|
|
|
|
|
|
ST Debts, Net |
38.8 |
-23.5 |
-50.7 |
1.8 |
1.7 |
|
Proceed from LT Debt |
0.0 |
5.3 |
29.9 |
27.4 |
19.4 |
|
Repayment of LT Debt |
-48.8 |
-11.3 |
-13.9 |
-46.0 |
-37.2 |
|
Member Dep. Proceed |
0.0 |
0.0 |
0.0 |
0.2 |
0.1 |
|
Member Dep. Redempt |
-4.7 |
-3.5 |
-6.3 |
-4.8 |
-83.0 |
|
Purch. of Treasury |
0.0 |
-42.7 |
0.0 |
-179.5 |
-0.3 |
|
Dividend Paid |
-24.5 |
-40.3 |
-63.7 |
-105.3 |
-67.7 |
|
Dividend Paid to Minority |
-1.6 |
-1.2 |
-1.6 |
-2.3 |
-2.0 |
|
Other |
-0.3 |
-0.4 |
0.1 |
-0.4 |
0.0 |
|
Cash from Financing Activities |
-41.1 |
-117.6 |
-106.2 |
-308.9 |
-169.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-9.2 |
-42.2 |
0.9 |
-36.5 |
-21.0 |
|
Net Change in Cash |
-26.5 |
-9.2 |
186.9 |
-618.5 |
502.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
734.7 |
691.3 |
450.4 |
1,028.7 |
401.8 |
|
Net Cash - Ending Balance |
708.2 |
682.1 |
637.3 |
410.2 |
904.4 |
|
Cash Interest Paid |
3.9 |
4.2 |
4.8 |
6.3 |
9.4 |
|
Cash Taxes Paid |
59.5 |
48.9 |
-40.6 |
235.3 |
76.3 |
Financial Health
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
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Ratio Comparisons
|
Traded: |
Financials in:
USD (actual units) |
|
Industry: Recreational
Products |
As of
25-May-2012 |
|
Sector: Consumer Cyclical |
|
|
|
Company |
Industry |
Sector |
S&P 500 |
|
Valuation Ratios |
||||
|
P/E Excluding Extraordinary (TTM) |
- |
26.61 |
24.19 |
19.68 |
|
P/E High Excluding Extraordinary - Last 5 Yrs |
36.41 |
33.06 |
29.06 |
32.79 |
|
P/E Low Excluding Extraordinary - Last 5 Yrs |
9.94 |
10.95 |
9.37 |
10.71 |
|
Beta |
1.40 |
1.57 |
1.71 |
1.00 |
|
Price/Revenue (TTM) |
0.37 |
1.70 |
1.29 |
2.57 |
|
Price/Book (MRQ) |
0.64 |
4.95 |
3.76 |
3.67 |
|
Price to Tangible Book (MRQ) |
0.66 |
5.70 |
6.82 |
5.21 |
|
Price to Cash Flow Per Share (TTM) |
- |
24.57 |
15.89 |
14.22 |
|
Price to Free Cash Flow Per Share (TTM) |
- |
17.29 |
22.86 |
26.26 |
|
|
|
|
|
|
|
Dividends |
||||
|
Dividend Yield |
1.49% |
2.04% |
1.69% |
2.26% |
|
Dividend Per Share - 5 Yr Avg |
16.00 |
2.48 |
1.64 |
1.99 |
|
Dividend 5 Yr Growth |
-14.97% |
-6.61% |
-29.80% |
0.08% |
|
Payout Ratio (TTM) |
- |
19.08% |
13.41% |
25.98% |
|
|
|
|
|
|
|
Growth Rates (%) |
||||
|
Revenue (MRQ) vs Qtr 1 Yr Ago |
-2.80% |
8.22% |
17.88% |
15.58% |
|
Revenue (TTM) vs TTM 1 Yr Ago |
-4.61% |
20.31% |
15.15% |
17.69% |
|
Revenue 5 Yr Growth |
-8.31% |
1.23% |
1.89% |
8.97% |
|
EPS (MRQ) vs Qtr 1 Yr Ago |
-557.29% |
0.47% |
-0.73% |
19.49% |
|
EPS (TTM) vs TTM 1 Yr Ago |
-695.25% |
64.16% |
48.61% |
32.55% |
|
EPS 5 Yr Growth |
- |
-1.78% |
0.58% |
9.86% |
|
Capital Spending 5 Yr Growth |
-15.77% |
-4.12% |
-1.26% |
-2.04% |
|
|
|
|
|
|
|
Financial Strength |
||||
|
Quick Ratio (MRQ) |
1.54 |
1.56 |
1.36 |
1.24 |
|
Current Ratio (MRQ) |
2.59 |
2.35 |
2.26 |
1.79 |
|
LT Debt/Equity (MRQ) |
0.00 |
1.45 |
0.52 |
0.64 |
|
Total Debt/Equity (MRQ) |
0.06 |
1.67 |
0.65 |
0.73 |
|
Interest Coverage (TTM) |
- |
7.49 |
7.89 |
13.80 |
|
|
|
|
|
|
|
Profitability Ratios (%) |
||||
|
Gross Margin (TTM) |
35.04% |
42.54% |
26.74% |
45.21% |
|
Gross Margin - 5 Yr Avg |
36.31% |
41.72% |
29.20% |
44.91% |
|
EBITD Margin (TTM) |
5.50% |
12.49% |
8.96% |
24.43% |
|
EBITD Margin - 5 Yr Avg |
5.52% |
13.18% |
9.28% |
22.84% |
|
Operating Margin (TTM) |
2.14% |
10.78% |
6.73% |
20.63% |
|
Operating Margin - 5 Yr Avg |
1.83% |
10.54% |
5.31% |
18.28% |
|
Pretax Margin (TTM) |
1.96% |
9.57% |
6.58% |
17.95% |
|
Pretax Margin - 5 Yr Avg |
2.97% |
9.84% |
5.03% |
17.10% |
|
Net Profit Margin (TTM) |
-8.16% |
6.79% |
4.89% |
13.65% |
|
Net Profit Margin - 5 Yr Avg |
-0.41% |
6.63% |
3.66% |
12.10% |
|
Effective Tax Rate (TTM) |
517.38% |
28.53% |
24.56% |
28.45% |
|
Effective Tax rate - 5 Yr Avg |
113.81% |
30.88% |
31.05% |
29.92% |
|
|
|
|
|
|
|
Management Effectiveness (%) |
||||
|
Return on Assets (TTM) |
-7.68% |
6.00% |
5.40% |
8.54% |
|
Return on Assets - 5 Yr Avg |
-0.40% |
7.99% |
5.11% |
8.40% |
|
Return on Investment (TTM) |
-9.64% |
5.70% |
5.61% |
7.90% |
|
Return on Investment - 5 Yr Avg |
-0.51% |
7.28% |
4.46% |
8.27% |
|
Return on Equity (TTM) |
-13.18% |
12.68% |
13.72% |
19.72% |
|
Return on Equity - 5 Yr Avg |
-0.76% |
18.35% |
15.21% |
20.06% |
|
|
|
|
|
|
|
Efficiency |
||||
|
Revenue/Employee (TTM) |
- |
448,931.38 |
495,155.30 |
927,613.77 |
|
Net Income/Employee (TTM) |
- |
33,728.44 |
35,593.51 |
116,121.92 |
|
Receivables Turnover (TTM) |
7.96 |
9.61 |
7.92 |
13.25 |
|
Inventory Turnover (TTM) |
3.11 |
9.95 |
12.48 |
14.53 |
|
Asset Turnover (TTM) |
0.94 |
0.93 |
1.11 |
0.93 |
|
Annual Ratios
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
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Stock Report
Stock Snapshot
Traded:
As of 25-May-2012 US Dollars
Recent Price $673.00 EPS $-150.05
52 Week High $959.00 Price/Sales 0.37
52 Week Low $663.00 Dividend
Rate $10.00
Avg. Volume (mil) 1.05 Price/Book 0.64
Market Value (mil) $132,752.60 Beta 1.40
Price % Change Rel S&P 500%
4 Week -13.61% -3.78%
13 Week -13.83% -0.44%
52 Week -25.39% -14.55%
Year to Date -4.67% -3.81%
Stock History
|
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Annual Income Statement
Standardized
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
|
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
4,516.3 |
4,362.9 |
4,463.2 |
4,570.7 |
4,800.9 |
|
Revenue |
4,516.3 |
4,362.9 |
4,463.2 |
4,570.7 |
4,800.9 |
|
Total Revenue |
4,516.3 |
4,362.9 |
4,463.2 |
4,570.7 |
4,800.9 |
|
|
|
|
|
|
|
|
Cost of Revenue |
2,933.8 |
2,769.4 |
2,887.6 |
2,889.8 |
3,006.8 |
|
Cost of Revenue, Total |
2,933.8 |
2,769.4 |
2,887.6 |
2,889.8 |
3,006.8 |
|
Gross Profit |
1,582.5 |
1,593.5 |
1,575.5 |
1,680.9 |
1,794.1 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
1,479.8 |
532.8 |
552.1 |
599.8 |
585.2 |
|
Labor & Related Expense |
- |
676.0 |
713.7 |
677.4 |
628.4 |
|
Advertising Expense |
- |
187.5 |
195.1 |
227.4 |
254.0 |
|
Total Selling/General/Administrative Expenses |
1,479.8 |
1,396.2 |
1,460.9 |
1,504.7 |
1,467.6 |
|
Depreciation |
- |
43.7 |
41.2 |
38.4 |
39.1 |
|
Depreciation/Amortization |
- |
43.7 |
41.2 |
38.4 |
39.1 |
|
Restructuring Charge |
0.0 |
-3.7 |
-1.2 |
48.4 |
-2.3 |
|
Impairment-Assets Held for Use |
5.9 |
36.5 |
29.5 |
161.5 |
7.6 |
|
Impairment-Assets Held for Sale |
5.0 |
20.4 |
9.7 |
37.2 |
3.4 |
|
Other Unusual Expense (Income) |
0.6 |
0.1 |
2.1 |
-1.8 |
4.6 |
|
Unusual Expense (Income) |
11.5 |
53.2 |
40.2 |
245.4 |
13.4 |
|
Other, Net |
- |
- |
- |
0.0 |
0.0 |
|
Other Operating Expenses, Total |
- |
- |
- |
0.0 |
0.0 |
|
Total Operating Expense |
4,425.2 |
4,262.5 |
4,429.9 |
4,678.3 |
4,526.9 |
|
|
|
|
|
|
|
|
Operating Income |
91.2 |
100.4 |
33.3 |
-107.6 |
274.0 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-3.8 |
-4.1 |
-4.9 |
-6.1 |
-9.3 |
|
Interest Expense, Net Non-Operating |
-3.8 |
-4.1 |
-4.9 |
-6.1 |
-9.3 |
|
Interest Income -
Non-Operating |
5.8 |
3.9 |
3.5 |
7.3 |
10.5 |
|
Investment Income -
Non-Operating |
6.0 |
-4.6 |
-22.1 |
18.6 |
285.8 |
|
Interest/Investment Income - Non-Operating |
11.8 |
-0.7 |
-18.6 |
25.9 |
296.3 |
|
Interest Income (Expense) - Net Non-Operating Total |
7.9 |
-4.8 |
-23.4 |
19.8 |
287.0 |
|
Gain (Loss) on Sale of Assets |
8.0 |
2.9 |
8.6 |
5.1 |
14.5 |
|
Other Non-Operating Income (Expense) |
-18.8 |
-19.2 |
-20.6 |
-38.3 |
-28.5 |
|
Other, Net |
-18.8 |
-19.2 |
-20.6 |
-38.3 |
-28.5 |
|
Income Before Tax |
88.3 |
79.4 |
-2.1 |
-121.0 |
546.9 |
|
|
|
|
|
|
|
|
Total Income Tax |
456.9 |
15.9 |
46.8 |
86.7 |
194.8 |
|
Income After Tax |
-368.6 |
63.5 |
-48.9 |
-207.7 |
352.1 |
|
|
|
|
|
|
|
|
Minority Interest |
-3.5 |
-4.2 |
-4.0 |
2.6 |
-6.0 |
|
Net Income Before Extraord Items |
-372.1 |
59.3 |
-52.9 |
-205.1 |
346.1 |
|
Net Income |
-372.1 |
59.3 |
-52.9 |
-205.1 |
346.1 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Adjustments to Net Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Available to Common Excl Extraord Items |
-372.1 |
59.3 |
-52.9 |
-205.2 |
346.1 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
-372.1 |
59.3 |
-52.9 |
-205.2 |
346.1 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
193.6 |
196.1 |
197.2 |
198.7 |
206.3 |
|
Basic EPS Excl Extraord Items |
-1.92 |
0.30 |
-0.27 |
-1.03 |
1.68 |
|
Basic/Primary EPS Incl Extraord Items |
-1.92 |
0.30 |
-0.27 |
-1.03 |
1.68 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-372.1 |
59.3 |
-52.9 |
-205.2 |
346.1 |
|
Diluted Weighted Average Shares |
193.6 |
196.1 |
197.2 |
198.7 |
206.3 |
|
Diluted EPS Excl Extraord Items |
-1.92 |
0.30 |
-0.27 |
-1.03 |
1.68 |
|
Diluted EPS Incl Extraord Items |
-1.92 |
0.30 |
-0.27 |
-1.03 |
1.68 |
|
Dividends per Share - Common Stock Primary Issue |
0.13 |
0.12 |
0.08 |
0.22 |
0.26 |
|
Gross Dividends - Common Stock |
24.5 |
22.8 |
58.3 |
83.4 |
90.2 |
|
Interest Expense, Supplemental |
3.8 |
4.1 |
4.9 |
6.1 |
9.3 |
|
Depreciation, Supplemental |
151.6 |
149.5 |
152.1 |
178.3 |
177.5 |
|
Total Special Items |
5.4 |
52.0 |
33.4 |
254.4 |
3.6 |
|
Normalized Income Before Tax |
93.7 |
131.4 |
31.2 |
133.4 |
550.5 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
1.2 |
10.0 |
11.1 |
84.1 |
-0.4 |
|
Inc Tax Ex Impact of Sp Items |
458.1 |
25.9 |
57.9 |
170.8 |
194.4 |
|
Normalized Income After Tax |
-364.5 |
105.5 |
-26.6 |
-37.4 |
356.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-368.0 |
101.2 |
-30.7 |
-34.8 |
350.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-1.90 |
0.52 |
-0.16 |
-0.18 |
1.70 |
|
Diluted Normalized EPS |
-1.90 |
0.52 |
-0.16 |
-0.18 |
1.70 |
|
Amort of Acquisition Costs, Supplemental |
1.8 |
1.7 |
1.8 |
14.2 |
4.7 |
|
Rental Expenses |
- |
40.5 |
50.4 |
46.3 |
40.6 |
|
Advertising Expense, Supplemental |
- |
187.5 |
195.1 |
227.4 |
254.0 |
|
Research & Development Exp, Supplemental |
- |
261.6 |
233.9 |
231.1 |
217.5 |
|
Reported Operating Profit |
102.7 |
153.6 |
73.5 |
137.8 |
287.4 |
|
Reported Ordinary Profit |
91.9 |
128.0 |
52.8 |
119.2 |
285.1 |
|
Normalized EBIT |
102.7 |
153.6 |
73.5 |
137.8 |
287.4 |
|
Normalized EBITDA |
256.2 |
304.9 |
227.4 |
330.2 |
469.6 |
|
Interest Cost - Domestic |
- |
30.3 |
31.5 |
29.2 |
26.2 |
|
Service Cost - Domestic |
- |
51.7 |
55.4 |
48.8 |
46.5 |
|
Prior Service Cost - Domestic |
- |
-2.3 |
-1.7 |
-1.6 |
-1.4 |
|
Expected Return on Assets - Domestic |
- |
-32.0 |
-30.6 |
-40.4 |
-41.1 |
|
Actuarial Gains and Losses - Domestic |
- |
66.2 |
76.0 |
48.3 |
28.2 |
|
Other Pension, Net - Domestic |
- |
7.1 |
8.7 |
15.4 |
12.3 |
|
Domestic Pension Plan Expense |
- |
121.0 |
139.4 |
99.7 |
70.8 |
|
Total Pension Expense |
- |
121.0 |
139.4 |
99.7 |
70.8 |
|
Discount Rate - Domestic |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
- |
3.50% |
3.50% |
4.00% |
4.00% |
|
Total Plan Interest Cost |
- |
30.3 |
31.5 |
29.2 |
26.2 |
|
Total Plan Service Cost |
- |
51.7 |
55.4 |
48.8 |
46.5 |
|
Total Plan Expected Return |
- |
-32.0 |
-30.6 |
-40.4 |
-41.1 |
|
Total Plan Other Expense |
- |
7.1 |
8.7 |
15.4 |
12.3 |
Interim Income Statement
Standardized
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
|
Period Length |
3 Months |
3 Months |
3 Months |
3 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
79.208816 |
77.302742 |
77.752043 |
81.605269 |
82.241044 |
|
|
|
|
|
|
|
|
Net Sales |
1,085.4 |
1,216.2 |
1,140.8 |
1,077.5 |
1,075.4 |
|
Revenue |
1,085.4 |
1,216.2 |
1,140.8 |
1,077.5 |
1,075.4 |
|
Total Revenue |
1,085.4 |
1,216.2 |
1,140.8 |
1,077.5 |
1,075.4 |
|
|
|
|
|
|
|
|
Cost of Revenue |
744.3 |
777.6 |
731.8 |
682.5 |
721.0 |
|
Cost of Revenue, Total |
744.3 |
777.6 |
731.8 |
682.5 |
721.0 |
|
Gross Profit |
341.1 |
438.6 |
409.0 |
395.0 |
354.5 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
377.3 |
201.5 |
189.5 |
184.2 |
216.3 |
|
Labor & Related Expense |
- |
176.6 |
178.4 |
172.7 |
176.7 |
|
Total Selling/General/Administrative Expenses |
377.3 |
378.1 |
367.9 |
356.9 |
393.1 |
|
Restructuring Charge |
0.0 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Impairment-Assets Held for Use |
0.8 |
0.6 |
1.7 |
0.7 |
1.1 |
|
Impairment-Assets Held for Sale |
0.0 |
1.4 |
2.4 |
1.0 |
2.2 |
|
Other Unusual Expense (Income) |
2.5 |
-5.7 |
0.2 |
0.5 |
33.2 |
|
Unusual Expense (Income) |
3.3 |
-3.6 |
4.3 |
2.1 |
36.5 |
|
Total Operating Expense |
1,124.9 |
1,152.0 |
1,104.0 |
1,041.5 |
1,150.5 |
|
|
|
|
|
|
|
|
Operating Income |
-39.5 |
64.2 |
36.8 |
35.9 |
-75.0 |
|
|
|
|
|
|
|
|
Interest Income -
Non-Operating |
1.3 |
1.7 |
1.4 |
1.4 |
1.3 |
|
Investment Income -
Non-Operating |
8.8 |
-0.2 |
-7.0 |
0.6 |
0.0 |
|
Interest/Investment Income - Non-Operating |
10.1 |
1.4 |
-5.6 |
2.0 |
1.3 |
|
Interest Income (Expense) - Net Non-Operating Total |
10.1 |
1.4 |
-5.6 |
2.0 |
1.3 |
|
Gain (Loss) on Sale of Assets |
3.4 |
3.0 |
1.5 |
0.3 |
1.6 |
|
Other Non-Operating Income (Expense) |
-1.6 |
-14.3 |
-2.6 |
-6.1 |
-4.0 |
|
Other, Net |
-1.6 |
-14.3 |
-2.6 |
-6.1 |
-4.0 |
|
Income Before Tax |
-27.6 |
54.3 |
30.2 |
32.1 |
-76.1 |
|
|
|
|
|
|
|
|
Total Income Tax |
377.7 |
54.0 |
-1.0 |
25.3 |
-17.2 |
|
Income After Tax |
-405.3 |
0.3 |
31.2 |
6.8 |
-59.0 |
|
|
|
|
|
|
|
|
Minority Interest |
0.0 |
-1.5 |
-1.4 |
-0.6 |
-0.5 |
|
Net Income Before Extraord Items |
-405.3 |
-1.2 |
29.8 |
6.2 |
-59.5 |
|
Net Income |
-405.3 |
-1.2 |
29.8 |
6.2 |
-59.5 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Total Adjustments to Net Income |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Income Available to Common Excl Extraord Items |
-405.3 |
-1.2 |
29.8 |
6.2 |
-59.5 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
-405.3 |
-1.2 |
29.8 |
6.2 |
-59.5 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
193.6 |
193.6 |
193.6 |
193.6 |
193.9 |
|
Basic EPS Excl Extraord Items |
-2.09 |
-0.01 |
0.15 |
0.03 |
-0.31 |
|
Basic/Primary EPS Incl Extraord Items |
-2.09 |
-0.01 |
0.15 |
0.03 |
-0.31 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-405.3 |
-1.2 |
29.8 |
6.2 |
-59.5 |
|
Diluted Weighted Average Shares |
193.6 |
193.6 |
193.6 |
193.6 |
193.9 |
|
Diluted EPS Excl Extraord Items |
-2.09 |
-0.01 |
0.15 |
0.03 |
-0.31 |
|
Diluted EPS Incl Extraord Items |
-2.09 |
-0.01 |
0.15 |
0.03 |
-0.31 |
|
Dividends per Share - Common Stock Primary Issue |
0.06 |
0.00 |
0.06 |
0.00 |
0.06 |
|
Gross Dividends - Common Stock |
12.2 |
0.0 |
12.4 |
0.0 |
11.8 |
|
Depreciation, Supplemental |
41.0 |
39.4 |
36.9 |
34.4 |
41.8 |
|
Total Special Items |
-0.1 |
-6.7 |
2.8 |
1.8 |
34.9 |
|
Normalized Income Before Tax |
-27.7 |
47.6 |
33.0 |
33.9 |
-41.3 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
-2.3 |
1.0 |
0.6 |
12.2 |
|
Inc Tax Ex Impact of Sp Items |
377.7 |
51.6 |
0.0 |
25.9 |
-5.0 |
|
Normalized Income After Tax |
-405.4 |
-4.0 |
33.0 |
8.0 |
-36.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-405.4 |
-5.5 |
31.6 |
7.4 |
-36.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-2.09 |
-0.03 |
0.16 |
0.04 |
-0.19 |
|
Diluted Normalized EPS |
-2.09 |
-0.03 |
0.16 |
0.04 |
-0.19 |
|
Reported Operating Profit |
-36.2 |
60.5 |
41.1 |
38.0 |
-38.6 |
|
Reported Ordinary Profit |
-27.7 |
53.3 |
33.0 |
33.9 |
-40.9 |
|
Normalized EBIT |
-36.2 |
60.5 |
41.1 |
38.0 |
-38.6 |
|
Normalized EBITDA |
4.7 |
99.9 |
78.1 |
72.5 |
3.2 |
Annual Balance Sheet
Standardized
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.385362 |
82.88 |
93.44 |
98.77 |
99.535 |
|
Auditor |
|
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
632.4 |
690.3 |
635.8 |
418.9 |
739.6 |
|
Short Term Investments |
57.0 |
23.6 |
7.2 |
13.0 |
313.5 |
|
Cash and Short Term Investments |
689.5 |
713.9 |
642.9 |
431.8 |
1,053.1 |
|
Accounts Receivable -
Trade, Gross |
553.9 |
560.9 |
523.4 |
525.8 |
690.0 |
|
Provision for Doubtful
Accounts |
-14.1 |
-16.9 |
-16.0 |
-14.2 |
-35.7 |
|
Trade Accounts Receivable - Net |
539.8 |
544.0 |
507.4 |
511.7 |
654.3 |
|
Total Receivables, Net |
539.8 |
544.0 |
507.4 |
511.7 |
654.3 |
|
Inventories - Finished Goods |
624.5 |
571.4 |
514.6 |
572.8 |
509.4 |
|
Inventories - Work In Progress |
167.2 |
164.3 |
133.7 |
136.9 |
162.3 |
|
Inventories - Raw Materials |
144.7 |
128.8 |
95.6 |
107.2 |
95.0 |
|
Total Inventory |
936.4 |
864.6 |
744.0 |
817.0 |
766.6 |
|
Deferred Income Tax - Current Asset |
22.5 |
101.3 |
80.3 |
110.4 |
177.2 |
|
Other Current Assets |
105.3 |
125.5 |
93.6 |
175.2 |
119.2 |
|
Other Current Assets, Total |
127.9 |
226.8 |
173.9 |
285.6 |
296.4 |
|
Total Current Assets |
2,293.5 |
2,349.4 |
2,068.3 |
2,046.1 |
2,770.4 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
1,297.0 |
1,306.3 |
1,244.5 |
1,292.0 |
1,402.3 |
|
Goodwill, Net |
0.7 |
2.4 |
3.7 |
3.1 |
13.1 |
|
Intangibles, Net |
31.9 |
32.0 |
30.6 |
33.3 |
11.7 |
|
LT Investment - Affiliate Companies |
- |
16.2 |
26.7 |
- |
- |
|
LT Investments - Other |
748.8 |
900.7 |
835.4 |
578.4 |
1,104.6 |
|
Long Term Investments |
748.8 |
916.8 |
862.1 |
578.4 |
1,104.6 |
|
Note Receivable - Long Term |
4.3 |
4.4 |
5.0 |
4.4 |
2.7 |
|
Deferred Income Tax - Long Term Asset |
12.7 |
44.1 |
31.3 |
96.9 |
20.7 |
|
Other Long Term Assets |
61.0 |
60.3 |
58.3 |
86.4 |
103.2 |
|
Other Long Term Assets, Total |
73.7 |
104.4 |
89.6 |
183.2 |
123.9 |
|
Total Assets |
4,449.8 |
4,715.8 |
4,303.7 |
4,140.6 |
5,428.6 |
|
|
|
|
|
|
|
|
Accounts Payable |
270.2 |
292.0 |
233.2 |
259.4 |
351.8 |
|
Accrued Expenses |
356.9 |
346.1 |
347.8 |
344.4 |
417.6 |
|
Notes Payable/Short Term Debt |
120.0 |
79.6 |
94.3 |
143.9 |
144.9 |
|
Current Portion - Long Term Debt/Capital Leases |
11.1 |
46.6 |
11.3 |
15.0 |
44.9 |
|
Customer Advances |
2.8 |
7.4 |
10.6 |
14.0 |
18.5 |
|
Income Taxes Payable |
23.4 |
27.8 |
20.3 |
21.2 |
149.9 |
|
Deferred Income Tax - Current Liability |
3.2 |
0.0 |
0.1 |
0.6 |
0.1 |
|
Other Current Liabilities |
96.3 |
103.3 |
86.9 |
113.1 |
79.7 |
|
Other Current liabilities, Total |
125.8 |
138.6 |
117.9 |
148.9 |
248.1 |
|
Total Current Liabilities |
884.0 |
902.9 |
804.6 |
911.7 |
1,207.3 |
|
|
|
|
|
|
|
|
Long Term Debt |
6.1 |
16.6 |
55.4 |
35.3 |
21.6 |
|
Capital Lease Obligations |
- |
- |
3.1 |
- |
- |
|
Total Long Term Debt |
6.1 |
16.6 |
58.5 |
35.3 |
21.6 |
|
Total Debt |
137.1 |
142.8 |
164.1 |
194.3 |
211.3 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
339.2 |
177.2 |
169.7 |
171.1 |
309.5 |
|
Deferred Income Tax |
339.2 |
177.2 |
169.7 |
171.1 |
309.5 |
|
Minority Interest |
37.8 |
35.4 |
30.5 |
28.8 |
34.0 |
|
Pension Benefits - Underfunded |
503.5 |
453.7 |
360.4 |
279.7 |
254.3 |
|
Other Long Term Liabilities |
206.6 |
209.3 |
186.0 |
193.0 |
189.6 |
|
Other Liabilities, Total |
710.1 |
663.0 |
546.4 |
472.7 |
443.9 |
|
Total Liabilities |
1,977.1 |
1,795.1 |
1,609.6 |
1,619.6 |
2,016.3 |
|
|
|
|
|
|
|
|
Common Stock |
346.3 |
344.3 |
305.4 |
288.9 |
286.7 |
|
Common Stock |
346.3 |
344.3 |
305.4 |
288.9 |
286.7 |
|
Additional Paid-In Capital |
486.2 |
483.3 |
428.7 |
405.5 |
402.4 |
|
Retained Earnings (Accumulated Deficit) |
1,676.9 |
2,049.9 |
1,793.8 |
1,789.4 |
2,303.8 |
|
Treasury Stock - Common |
-44.8 |
-44.5 |
-0.4 |
-0.3 |
-3.3 |
|
Unrealized Gain (Loss) |
537.4 |
589.5 |
535.5 |
386.7 |
643.1 |
|
Translation Adjustment |
-529.4 |
-501.7 |
-368.9 |
-349.2 |
-220.4 |
|
Other Equity, Total |
-529.4 |
-501.7 |
-368.9 |
-349.2 |
-220.4 |
|
Total Equity |
2,472.7 |
2,920.7 |
2,694.1 |
2,521.0 |
3,412.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
4,449.8 |
4,715.8 |
4,303.7 |
4,140.6 |
5,428.6 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
193.6 |
193.6 |
197.2 |
197.2 |
206.3 |
|
Total Common Shares Outstanding |
193.6 |
193.6 |
197.2 |
197.2 |
206.3 |
|
Treasury Shares - Common Stock Primary Issue |
3.6 |
3.6 |
0.0 |
0.0 |
0.2 |
|
Employees |
- |
19,462 |
19,275 |
20,068 |
19,785 |
|
Number of Common Shareholders |
- |
23,916 |
21,485 |
22,173 |
15,053 |
|
Deferred Revenue - Current |
- |
7.4 |
10.6 |
14.0 |
18.5 |
|
Total Long Term Debt, Supplemental |
- |
64.0 |
67.1 |
50.4 |
66.5 |
|
Long Term Debt Maturing within 1 Year |
- |
47.4 |
11.7 |
15.0 |
44.9 |
|
Long Term Debt Maturing in Year 2 |
- |
10.4 |
44.7 |
10.1 |
13.0 |
|
Long Term Debt Maturing in Year 3 |
- |
6.2 |
10.2 |
23.6 |
7.6 |
|
Long Term Debt Maturing in Year 4 |
- |
0.0 |
0.5 |
1.2 |
0.6 |
|
Long Term Debt Maturing in Year 5 |
- |
0.0 |
0.0 |
0.5 |
0.4 |
|
Long Term Debt Maturing in 2-3 Years |
- |
16.6 |
54.9 |
33.7 |
20.6 |
|
Long Term Debt Maturing in 4-5 Years |
- |
0.0 |
0.5 |
1.6 |
0.9 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Capital Leases, Supplemental |
- |
3.4 |
3.4 |
5.6 |
- |
|
Capital Lease Payments Due in Year 1 |
- |
0.4 |
0.4 |
0.5 |
- |
|
Capital Lease Payments Due in Year 2 |
- |
0.3 |
0.3 |
0.5 |
- |
|
Capital Lease Payments Due in Year 3 |
- |
0.2 |
0.3 |
0.4 |
- |
|
Capital Lease Payments Due in Year 4 |
- |
0.2 |
0.2 |
0.4 |
- |
|
Capital Lease Payments Due in Year 5 |
- |
0.2 |
0.2 |
0.3 |
- |
|
Capital Lease Payments Due in 2-3 Years |
- |
0.5 |
0.6 |
1.0 |
- |
|
Capital Lease Payments Due in 4-5 Years |
- |
0.4 |
0.3 |
0.7 |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
- |
2.2 |
2.1 |
3.4 |
- |
|
Pension Obligation - Domestic |
- |
1,590.1 |
1,442.3 |
1,519.8 |
1,513.9 |
|
Plan Assets - Domestic |
- |
891.9 |
840.6 |
833.1 |
1,031.8 |
|
Funded Status - Domestic |
- |
-698.3 |
-601.7 |
-686.7 |
-482.0 |
|
Total Funded Status |
- |
-698.3 |
-601.7 |
-686.7 |
-482.0 |
|
Discount Rate - Domestic |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
- |
3.50% |
3.50% |
4.00% |
4.00% |
|
Prepaid Benefits - Domestic |
- |
0.0 |
0.0 |
1.4 |
5.1 |
|
Accrued Liabilities - Domestic |
- |
-453.7 |
-360.4 |
-279.7 |
-254.3 |
|
Other Assets, Net - Domestic |
- |
244.6 |
241.3 |
408.4 |
232.9 |
|
Net Assets Recognized on Balance Sheet |
- |
-209.1 |
-119.1 |
130.1 |
-16.2 |
|
Total Plan Obligations |
- |
1,590.1 |
1,442.3 |
1,519.8 |
1,513.9 |
|
Total Plan Assets |
- |
891.9 |
840.6 |
833.1 |
1,031.8 |
Interim Balance Sheet
Standardized
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.385362 |
76.94 |
77.08 |
80.76 |
82.88 |
|
|
|
|
|
|
|
|
Cash & Equivalents |
632.4 |
691.5 |
721.4 |
651.1 |
690.3 |
|
Short Term Investments |
57.0 |
3.9 |
5.2 |
5.0 |
23.6 |
|
Cash and Short Term Investments |
689.5 |
695.4 |
726.6 |
656.0 |
713.9 |
|
Accounts Receivable -
Trade, Gross |
553.9 |
681.5 |
610.7 |
550.9 |
560.9 |
|
Provision for Doubtful
Accounts |
-14.1 |
-16.2 |
-15.6 |
-17.1 |
-16.9 |
|
Trade Accounts Receivable - Net |
539.8 |
665.3 |
595.1 |
533.8 |
544.0 |
|
Total Receivables, Net |
539.8 |
665.3 |
595.1 |
533.8 |
544.0 |
|
Inventories - Finished Goods |
624.5 |
634.3 |
640.2 |
613.6 |
571.4 |
|
Inventories - Work In Progress |
167.2 |
206.8 |
194.5 |
186.5 |
164.3 |
|
Inventories - Raw Materials |
144.7 |
137.3 |
142.8 |
141.8 |
128.8 |
|
Total Inventory |
936.4 |
978.4 |
977.4 |
941.8 |
864.6 |
|
Other Current Assets |
127.9 |
186.1 |
209.7 |
189.1 |
226.8 |
|
Other Current Assets, Total |
127.9 |
186.1 |
209.7 |
189.1 |
226.8 |
|
Total Current Assets |
2,293.5 |
2,525.1 |
2,508.8 |
2,320.8 |
2,349.4 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
1,297.0 |
1,371.3 |
1,374.4 |
1,324.0 |
1,306.3 |
|
Intangibles, Net |
32.6 |
33.5 |
32.9 |
33.8 |
34.5 |
|
LT Investments - Other |
748.8 |
696.3 |
738.2 |
946.2 |
910.7 |
|
Long Term Investments |
748.8 |
696.3 |
738.2 |
946.2 |
910.7 |
|
Other Long Term Assets |
78.0 |
236.7 |
222.0 |
118.6 |
115.0 |
|
Other Long Term Assets, Total |
78.0 |
236.7 |
222.0 |
118.6 |
115.0 |
|
Total Assets |
4,449.8 |
4,863.0 |
4,876.3 |
4,743.4 |
4,715.8 |
|
|
|
|
|
|
|
|
Accounts Payable |
270.2 |
283.3 |
288.9 |
287.8 |
292.0 |
|
Notes Payable/Short Term Debt |
120.0 |
204.7 |
208.1 |
95.1 |
79.6 |
|
Current Portion - Long Term Debt/Capital Leases |
11.1 |
21.4 |
21.8 |
36.0 |
46.6 |
|
Income Taxes Payable |
23.4 |
21.0 |
20.6 |
17.7 |
27.8 |
|
Other Payables |
356.9 |
321.4 |
345.4 |
275.7 |
345.8 |
|
Other Current Liabilities |
102.3 |
129.7 |
115.6 |
135.5 |
111.1 |
|
Other Current liabilities, Total |
482.7 |
472.1 |
481.6 |
428.9 |
484.7 |
|
Total Current Liabilities |
884.0 |
981.5 |
1,000.4 |
847.8 |
902.9 |
|
|
|
|
|
|
|
|
Long Term Debt |
6.1 |
7.4 |
8.1 |
8.5 |
16.6 |
|
Total Long Term Debt |
6.1 |
7.4 |
8.1 |
8.5 |
16.6 |
|
Total Debt |
137.1 |
233.5 |
238.1 |
139.6 |
142.8 |
|
|
|
|
|
|
|
|
Minority Interest |
37.8 |
38.5 |
36.3 |
35.1 |
35.4 |
|
Pension Benefits - Underfunded |
503.5 |
527.3 |
513.0 |
478.4 |
453.7 |
|
Other Long Term Liabilities |
545.8 |
388.4 |
412.1 |
393.9 |
386.5 |
|
Other Liabilities, Total |
1,049.3 |
915.7 |
925.0 |
872.3 |
840.2 |
|
Total Liabilities |
1,977.1 |
1,943.1 |
1,969.8 |
1,763.7 |
1,795.1 |
|
|
|
|
|
|
|
|
Common Stock |
346.3 |
370.9 |
370.2 |
353.3 |
344.3 |
|
Common Stock |
346.3 |
370.9 |
370.2 |
353.3 |
344.3 |
|
Additional Paid-In Capital |
486.2 |
520.6 |
519.6 |
496.0 |
483.3 |
|
Retained Earnings (Accumulated Deficit) |
1,676.9 |
2,212.9 |
2,222.6 |
2,095.9 |
2,049.9 |
|
Treasury Stock - Common |
-44.8 |
-48.0 |
-47.9 |
-45.7 |
-44.5 |
|
Unrealized Gain (Loss) |
537.4 |
516.1 |
501.0 |
615.0 |
589.5 |
|
Translation Adjustment |
-529.4 |
-652.6 |
-659.2 |
-534.7 |
-501.7 |
|
Other Equity, Total |
-529.4 |
-652.6 |
-659.2 |
-534.7 |
-501.7 |
|
Total Equity |
2,472.7 |
2,919.9 |
2,906.4 |
2,979.7 |
2,920.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
4,449.8 |
4,863.0 |
4,876.2 |
4,743.4 |
4,715.8 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
193.6 |
193.6 |
193.6 |
193.6 |
193.6 |
|
Total Common Shares Outstanding |
193.6 |
193.6 |
193.6 |
193.6 |
193.6 |
|
Treasury Shares - Common Stock Primary Issue |
3.6 |
3.6 |
3.6 |
3.6 |
3.6 |
|
Employees |
- |
- |
- |
- |
19,462 |
Annual Cash Flows
Standardized
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
|
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
88.3 |
79.4 |
-2.2 |
-121.0 |
546.9 |
|
Depreciation |
151.6 |
149.5 |
152.1 |
178.3 |
177.5 |
|
Depreciation/Depletion |
151.6 |
149.5 |
152.1 |
178.3 |
177.5 |
|
Amortization of Acquisition Costs |
1.8 |
1.7 |
1.8 |
14.2 |
4.7 |
|
Amortization |
1.8 |
1.7 |
1.8 |
14.2 |
4.7 |
|
Unusual Items |
3.6 |
50.4 |
59.0 |
242.9 |
-257.0 |
|
Equity in Net Earnings (Loss) |
0.0 |
0.0 |
0.0 |
0.1 |
-1.3 |
|
Other Non-Cash Items |
31.7 |
45.4 |
67.4 |
10.0 |
-36.5 |
|
Non-Cash Items |
35.3 |
95.8 |
126.5 |
253.0 |
-294.8 |
|
Accounts Receivable |
-0.2 |
4.7 |
-24.1 |
133.7 |
27.1 |
|
Inventories |
-81.7 |
-59.2 |
126.2 |
-88.2 |
-33.6 |
|
Accounts Payable |
-20.0 |
41.4 |
11.7 |
-94.9 |
-15.7 |
|
Other Operating Cash Flow |
-37.4 |
-49.1 |
37.0 |
-289.3 |
-86.9 |
|
Changes in Working Capital |
-139.3 |
-62.2 |
150.8 |
-338.7 |
-109.2 |
|
Cash from Operating Activities |
137.8 |
264.3 |
429.0 |
-14.3 |
325.1 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-122.8 |
-155.4 |
-151.8 |
-204.2 |
-221.9 |
|
Capital Expenditures |
-122.8 |
-155.4 |
-151.8 |
-204.2 |
-221.9 |
|
Sale of Business |
7.3 |
10.6 |
-4.9 |
0.0 |
- |
|
Sale of Fixed Assets |
11.8 |
14.3 |
19.1 |
13.9 |
55.3 |
|
Sale/Maturity of Investment |
0.1 |
16.0 |
5.0 |
30.6 |
600.1 |
|
Investment, Net |
-5.0 |
-1.2 |
0.0 |
4.2 |
-2.6 |
|
Purchase of Investments |
-5.3 |
-0.4 |
-9.2 |
-96.2 |
-47.0 |
|
Other Investing Cash Flow |
0.0 |
2.5 |
5.1 |
-7.0 |
-16.3 |
|
Other Investing Cash Flow Items, Total |
8.8 |
41.7 |
15.0 |
-54.5 |
589.4 |
|
Cash from Investing Activities |
-114.0 |
-113.7 |
-136.8 |
-258.7 |
367.5 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-6.5 |
-5.1 |
-7.8 |
-7.3 |
-84.8 |
|
Financing Cash Flow Items |
-6.5 |
-5.1 |
-7.8 |
-7.3 |
-84.8 |
|
Cash Dividends Paid - Common |
-24.5 |
-40.3 |
-63.7 |
-105.3 |
-67.7 |
|
Total Cash Dividends Paid |
-24.5 |
-40.3 |
-63.7 |
-105.3 |
-67.7 |
|
Repurchase/Retirement
of Common |
0.0 |
-42.7 |
0.0 |
-179.5 |
-0.3 |
|
Common Stock, Net |
0.0 |
-42.7 |
0.0 |
-179.5 |
-0.3 |
|
Issuance (Retirement) of Stock, Net |
0.0 |
-42.7 |
0.0 |
-179.5 |
-0.3 |
|
Short Term Debt, Net |
38.8 |
-23.5 |
-50.7 |
1.8 |
1.7 |
|
Long Term Debt Issued |
0.0 |
5.3 |
29.9 |
27.4 |
19.4 |
|
Long Term Debt
Reduction |
-48.8 |
-11.3 |
-13.9 |
-46.0 |
-37.2 |
|
Long Term Debt, Net |
-48.8 |
-6.1 |
16.0 |
-18.6 |
-17.9 |
|
Issuance (Retirement) of Debt, Net |
-10.1 |
-29.5 |
-34.7 |
-16.8 |
-16.2 |
|
Cash from Financing Activities |
-41.1 |
-117.6 |
-106.2 |
-308.9 |
-169.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-9.2 |
-42.2 |
0.9 |
-36.5 |
-21.0 |
|
Net Change in Cash |
-26.5 |
-9.2 |
186.9 |
-618.5 |
502.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
734.7 |
691.3 |
450.4 |
1,028.7 |
401.8 |
|
Net Cash - Ending Balance |
708.2 |
682.1 |
637.3 |
410.2 |
904.4 |
|
Cash Interest Paid |
3.9 |
4.2 |
4.8 |
6.3 |
9.4 |
|
Cash Taxes Paid |
59.5 |
48.9 |
-40.6 |
235.3 |
76.3 |
Interim Cash Flows
Standardized
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
|
Period Length |
12 Months |
9 Months |
6 Months |
3 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
78.871359 |
79.672811 |
81.605269 |
85.691434 |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
88.3 |
116.1 |
62.3 |
32.1 |
79.4 |
|
Depreciation |
151.6 |
110.7 |
71.3 |
34.4 |
149.5 |
|
Depreciation/Depletion |
151.6 |
110.7 |
71.3 |
34.4 |
149.5 |
|
Amortization of Acquisition Costs |
1.8 |
- |
- |
- |
1.7 |
|
Amortization |
1.8 |
- |
- |
- |
1.7 |
|
Unusual Items |
3.6 |
- |
- |
- |
54.1 |
|
Equity in Net Earnings (Loss) |
0.0 |
- |
- |
- |
0.0 |
|
Other Non-Cash Items |
31.7 |
- |
- |
- |
41.7 |
|
Non-Cash Items |
35.3 |
- |
- |
- |
95.8 |
|
Accounts Receivable |
-0.2 |
-120.1 |
-51.2 |
18.3 |
4.7 |
|
Inventories |
-81.7 |
-102.0 |
-109.4 |
-62.8 |
-59.2 |
|
Accounts Payable |
-20.0 |
-11.1 |
0.5 |
-5.0 |
41.4 |
|
Other Operating Cash Flow |
-37.4 |
-7.2 |
4.6 |
-37.1 |
-49.1 |
|
Changes in Working Capital |
-139.3 |
-240.5 |
-155.5 |
-86.5 |
-62.2 |
|
Cash from Operating Activities |
137.8 |
-13.7 |
-22.0 |
-20.0 |
264.3 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-122.8 |
-85.5 |
-59.9 |
-27.0 |
-155.4 |
|
Capital Expenditures |
-122.8 |
-85.5 |
-59.9 |
-27.0 |
-155.4 |
|
Sale of Business |
7.3 |
- |
- |
- |
10.6 |
|
Sale of Fixed Assets |
11.8 |
9.1 |
7.5 |
4.5 |
14.3 |
|
Sale/Maturity of Investment |
0.1 |
0.0 |
0.0 |
0.0 |
16.0 |
|
Investment, Net |
-5.0 |
- |
- |
- |
-1.2 |
|
Purchase of Investments |
-5.3 |
0.0 |
- |
- |
-0.4 |
|
Other Investing Cash Flow |
0.0 |
-2.3 |
-4.2 |
-2.5 |
2.5 |
|
Other Investing Cash Flow Items, Total |
8.8 |
6.8 |
3.3 |
2.1 |
41.7 |
|
Cash from Investing Activities |
-114.0 |
-78.7 |
-56.6 |
-24.9 |
-113.7 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-6.5 |
-5.1 |
-3.5 |
-2.5 |
-5.1 |
|
Financing Cash Flow Items |
-6.5 |
-5.1 |
-3.5 |
-2.5 |
-5.1 |
|
Cash Dividends Paid - Common |
-24.5 |
-24.5 |
-12.1 |
-11.9 |
-40.3 |
|
Total Cash Dividends Paid |
-24.5 |
-24.5 |
-12.1 |
-11.9 |
-40.3 |
|
Repurchase/Retirement
of Common |
0.0 |
0.0 |
0.0 |
0.0 |
-42.7 |
|
Common Stock, Net |
0.0 |
0.0 |
0.0 |
0.0 |
-42.7 |
|
Issuance (Retirement) of Stock, Net |
0.0 |
0.0 |
0.0 |
0.0 |
-42.7 |
|
Short Term Debt, Net |
38.8 |
123.4 |
127.0 |
11.8 |
-23.5 |
|
Long Term Debt Issued |
0.0 |
0.0 |
0.0 |
- |
5.3 |
|
Long Term Debt
Reduction |
-48.8 |
-38.0 |
-36.4 |
-21.0 |
-11.3 |
|
Long Term Debt, Net |
-48.8 |
-38.0 |
-36.4 |
-21.0 |
-6.1 |
|
Issuance (Retirement) of Debt, Net |
-10.1 |
85.3 |
90.6 |
-9.2 |
-29.5 |
|
Cash from Financing Activities |
-41.1 |
55.7 |
75.0 |
-23.6 |
-117.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-9.2 |
-33.3 |
-33.8 |
-6.3 |
-42.2 |
|
Net Change in Cash |
-26.5 |
-70.0 |
-37.3 |
-74.8 |
-9.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
734.7 |
735.6 |
728.2 |
713.6 |
691.3 |
|
Net Cash - Ending Balance |
708.2 |
665.6 |
690.8 |
638.8 |
682.1 |
|
Cash Interest Paid |
3.9 |
- |
- |
- |
4.2 |
|
Cash Taxes Paid |
59.5 |
44.4 |
29.7 |
23.2 |
48.9 |
Annual Income Statement
As Reported
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
|
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net sales |
4,516.3 |
4,362.9 |
4,463.2 |
4,570.7 |
4,800.9 |
|
Total Revenue |
4,516.3 |
4,362.9 |
4,463.2 |
4,570.7 |
4,800.9 |
|
|
|
|
|
|
|
|
Cost of Sales |
2,933.8 |
2,769.4 |
2,887.6 |
2,889.8 |
3,006.8 |
|
Unrealized Profits |
- |
- |
- |
0.0 |
0.0 |
|
SGA Total |
1,479.8 |
- |
- |
- |
- |
|
Sales Commission |
- |
15.8 |
15.4 |
16.1 |
20.7 |
|
Shipping Expenses |
- |
124.9 |
139.5 |
160.1 |
151.9 |
|
Advertisement Exp. |
- |
- |
- |
- |
254.0 |
|
Advert. exp. & Sales promotion |
- |
187.5 |
195.1 |
227.4 |
- |
|
Prov. for Doubtful Acct. (SGA) |
- |
1.2 |
2.2 |
0.2 |
1.5 |
|
Reserve for Products Warranty |
- |
19.3 |
15.3 |
17.9 |
13.1 |
|
Prov. for Dir's Bonuses |
- |
- |
- |
0.0 |
1.0 |
|
Reserve for Retire. Benefits |
- |
61.8 |
76.5 |
49.0 |
36.9 |
|
Labor Expenses |
- |
614.2 |
637.2 |
628.4 |
590.4 |
|
Rental Expenses |
- |
40.5 |
50.4 |
46.3 |
40.6 |
|
Depreciation |
- |
43.7 |
41.2 |
38.4 |
39.1 |
|
Other SGA |
- |
330.9 |
329.3 |
359.3 |
357.4 |
|
SP G on reversal of restructuring res. |
0.0 |
-3.7 |
-1.2 |
0.0 |
-2.3 |
|
Reversal of Products Guarantee Reserves |
0.0 |
-1.7 |
-4.1 |
-2.7 |
-2.5 |
|
Loss Retire Fix Asset |
3.8 |
5.1 |
8.4 |
9.0 |
7.6 |
|
Loss on liquidation of investment securi |
0.1 |
0.0 |
- |
- |
- |
|
Loss Val. Inv.Secs. |
0.2 |
18.2 |
5.1 |
2.8 |
2.3 |
|
Loss Val Affil. Stk. |
0.0 |
2.1 |
4.6 |
1.6 |
0.6 |
|
Impairment Loss |
2.1 |
31.4 |
21.1 |
152.5 |
0.0 |
|
Loss on disaster |
0.6 |
0.9 |
0.0 |
- |
- |
|
Loss on adjustment for changes of accoun |
0.0 |
0.9 |
0.0 |
- |
- |
|
SP L on val. of inv't in affili. equity |
4.7 |
0.0 |
0.0 |
32.9 |
0.6 |
|
Restructuring Exp. |
- |
- |
0.0 |
48.4 |
0.0 |
|
Special Retire Bnft. |
- |
- |
0.0 |
1.0 |
7.1 |
|
Duty Deferment - Prior |
- |
0.0 |
6.2 |
0.0 |
- |
|
Total Operating Expense |
4,425.2 |
4,262.5 |
4,429.9 |
4,678.3 |
4,526.9 |
|
|
|
|
|
|
|
|
Gain Sale Fix.Asset |
2.4 |
2.7 |
8.7 |
2.8 |
14.5 |
|
Gain Sale Inv.Secs. |
0.0 |
3.1 |
0.0 |
0.0 |
6.7 |
|
SP G on sale of affiliated securities |
- |
- |
- |
0.0 |
260.3 |
|
Gain-Liquidate Sub. |
5.7 |
0.2 |
0.1 |
2.3 |
0.0 |
|
Loss Sale Affil.Stk. |
- |
- |
- |
0.0 |
-6.1 |
|
SP Loss Sale Inv.Secs. |
-0.1 |
-1.5 |
-0.2 |
0.0 |
- |
|
SP Loss-liquidation of affiliates |
-0.1 |
0.0 |
-0.1 |
0.0 |
- |
|
SP L on sale of affiliated contr. inv. |
- |
0.0 |
-23.2 |
0.0 |
-0.2 |
|
NOP Interest Income |
5.8 |
3.9 |
3.5 |
7.3 |
10.5 |
|
NOP Dividend Income |
14.5 |
7.9 |
4.9 |
18.6 |
23.8 |
|
NOP Compensation for transfer |
5.5 |
6.0 |
0.0 |
- |
- |
|
NOP Government subsidies |
- |
1.2 |
2.7 |
0.0 |
- |
|
Equity Gain |
- |
- |
- |
0.0 |
1.3 |
|
Other Income |
8.5 |
9.5 |
15.4 |
12.5 |
18.5 |
|
Interest Expenses |
-3.8 |
-4.1 |
-4.9 |
-6.1 |
-9.3 |
|
Sales Discount |
-27.3 |
-27.4 |
-30.2 |
-34.0 |
-35.9 |
|
Exchange Loss |
-8.4 |
-14.1 |
-3.7 |
- |
- |
|
Other Expenses |
-5.6 |
-8.4 |
-8.5 |
-16.8 |
-11.2 |
|
Net Income Before Taxes |
88.3 |
79.4 |
-2.1 |
-121.0 |
546.9 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
456.9 |
15.9 |
46.8 |
86.7 |
194.8 |
|
Net Income After Taxes |
-368.6 |
63.5 |
-48.9 |
-207.7 |
352.1 |
|
|
|
|
|
|
|
|
Minority Interests |
-3.5 |
-4.2 |
-4.0 |
2.6 |
-6.0 |
|
Net Income Before Extra. Items |
-372.1 |
59.3 |
-52.9 |
-205.1 |
346.1 |
|
Net Income |
-372.1 |
59.3 |
-52.9 |
-205.1 |
346.1 |
|
|
|
|
|
|
|
|
Earning Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
-372.1 |
59.3 |
-52.9 |
-205.2 |
346.1 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-372.1 |
59.3 |
-52.9 |
-205.2 |
346.1 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
193.6 |
196.1 |
197.2 |
198.7 |
206.3 |
|
Basic EPS Excluding ExtraOrdinary Items |
-1.92 |
0.30 |
-0.27 |
-1.03 |
1.68 |
|
Basic EPS Including ExtraOrdinary Item |
-1.92 |
0.30 |
-0.27 |
-1.03 |
1.68 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-372.1 |
59.3 |
-52.9 |
-205.2 |
346.1 |
|
Diluted Weighted Average Shares |
193.6 |
196.1 |
197.2 |
198.7 |
206.3 |
|
Diluted EPS Excluding ExtraOrd Items |
-1.92 |
0.30 |
-0.27 |
-1.03 |
1.68 |
|
Diluted EPS Including ExtraOrd Items |
-1.92 |
0.30 |
-0.27 |
-1.03 |
1.68 |
|
DPS-Common Stock |
0.13 |
0.12 |
0.08 |
0.22 |
0.26 |
|
Gross Dividends - Common Stock |
24.5 |
22.8 |
58.3 |
83.4 |
90.2 |
|
Normalized Income Before Taxes |
93.7 |
131.4 |
31.2 |
133.4 |
550.5 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
458.1 |
25.9 |
57.9 |
170.8 |
194.4 |
|
Normalized Income After Taxes |
-364.5 |
105.5 |
-26.6 |
-37.4 |
356.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-368.0 |
101.2 |
-30.7 |
-34.8 |
350.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-1.90 |
0.52 |
-0.16 |
-0.18 |
1.70 |
|
Diluted Normalized EPS |
-1.90 |
0.52 |
-0.16 |
-0.18 |
1.70 |
|
Advertising Expense |
- |
- |
- |
- |
254.0 |
|
Advert. exp. & Sales promotion |
- |
187.5 |
195.1 |
227.4 |
- |
|
Rental Expense |
- |
40.5 |
50.4 |
46.3 |
40.6 |
|
Interest Expense |
3.8 |
4.1 |
4.9 |
6.1 |
9.3 |
|
Amort of Goodwill |
1.8 |
1.7 |
1.8 |
14.2 |
4.7 |
|
Depreciation |
151.6 |
149.5 |
152.1 |
178.3 |
177.5 |
|
R&D Costs |
- |
261.6 |
233.9 |
231.1 |
217.5 |
|
Reported Operating Profit |
102.7 |
153.6 |
73.5 |
137.8 |
287.4 |
|
Reported Ordinary Profit |
91.9 |
128.0 |
52.8 |
119.2 |
285.1 |
|
Service Cost |
- |
51.7 |
55.4 |
48.8 |
46.5 |
|
Interest Cost |
- |
30.3 |
31.5 |
29.2 |
26.2 |
|
Expected Return on Plan Assets |
- |
-32.0 |
-30.6 |
-40.4 |
-41.1 |
|
Prior Service Cost |
- |
-2.3 |
-1.7 |
-1.6 |
-1.4 |
|
Actuarial Gains and Losses |
- |
66.2 |
76.0 |
48.3 |
28.2 |
|
Nonrecurr. additional retire. benefits |
- |
7.1 |
8.7 |
15.4 |
12.3 |
|
Domestic Pension Plan Expense |
- |
121.0 |
139.4 |
99.7 |
70.8 |
|
Total Pension Expense |
- |
121.0 |
139.4 |
99.7 |
70.8 |
|
Discount Rate |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return |
- |
3.50% |
3.50% |
4.00% |
4.00% |
Interim Income Statement
As Reported
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
|
Period Length |
3 Months |
3 Months |
3 Months |
3 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
79.208816 |
77.302742 |
77.752043 |
81.605269 |
82.241044 |
|
|
|
|
|
|
|
|
Net sales |
1,085.4 |
1,216.2 |
1,140.8 |
1,077.5 |
1,075.4 |
|
Total Revenue |
1,085.4 |
1,216.2 |
1,140.8 |
1,077.5 |
1,075.4 |
|
|
|
|
|
|
|
|
Cost of Sales |
744.3 |
777.6 |
731.8 |
682.5 |
721.0 |
|
Total SGA expenses |
377.3 |
- |
- |
- |
- |
|
Provision for doubtful accounts(SGA) |
- |
- |
- |
0.1 |
- |
|
Reserve of product warranty |
- |
- |
- |
5.3 |
10.8 |
|
Prov. for retire. benefits reserve |
- |
15.1 |
15.7 |
14.5 |
16.8 |
|
Labor Expenses |
- |
161.5 |
162.7 |
158.2 |
160.0 |
|
Other SGA |
- |
201.5 |
189.5 |
178.9 |
205.5 |
|
SP Reversal of product warranty |
0.0 |
0.0 |
- |
- |
-1.3 |
|
SP Rev of provision for business struc. |
0.0 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
SP Loss Retire Fix Asset |
0.8 |
0.6 |
1.7 |
0.7 |
1.1 |
|
SP L on val. of investment securities |
- |
1.4 |
2.4 |
1.0 |
- |
|
SP Loss Val. Affil. Stk. |
0.0 |
0.0 |
- |
- |
2.2 |
|
SP Other Special Loss |
2.5 |
0.0 |
0.2 |
0.5 |
34.5 |
|
Compensation for transfer |
0.0 |
-5.7 |
- |
- |
- |
|
Total Operating Expense |
1,124.9 |
1,152.0 |
1,104.0 |
1,041.5 |
1,150.5 |
|
|
|
|
|
|
|
|
NOP Interest Income |
1.3 |
1.7 |
1.4 |
1.4 |
1.3 |
|
NOP Dividend Income |
8.8 |
2.0 |
0.1 |
3.5 |
0.3 |
|
NOP Other Income |
5.2 |
- |
7.1 |
2.2 |
8.8 |
|
NOP Sales Discount |
-6.8 |
-7.8 |
-6.8 |
-6.0 |
-7.7 |
|
NOP Foreign exchange losses |
- |
-2.2 |
-7.1 |
-3.0 |
- |
|
NOP Other Expenses |
- |
-6.6 |
-2.9 |
-2.3 |
-5.1 |
|
SP Gain Sale Fix.Asset |
0.2 |
0.5 |
1.5 |
0.3 |
1.6 |
|
SP Gain Sale Inv.Secs. |
0.0 |
0.0 |
- |
- |
0.4 |
|
SP Gain on liquid. of subsi. and affi. |
3.2 |
2.5 |
- |
- |
- |
|
SP Loss Sale Inv.Secs. |
- |
- |
- |
- |
-0.7 |
|
Net Income Before Taxes |
-27.6 |
54.3 |
30.2 |
32.1 |
-76.1 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
377.7 |
54.0 |
-1.0 |
25.3 |
-17.2 |
|
Net Income After Taxes |
-405.3 |
0.3 |
31.2 |
6.8 |
-59.0 |
|
|
|
|
|
|
|
|
Minority Interests |
0.0 |
-1.5 |
-1.4 |
-0.6 |
-0.5 |
|
Net Income Before Extra. Items |
-405.3 |
-1.2 |
29.8 |
6.2 |
-59.5 |
|
Net Income |
-405.3 |
-1.2 |
29.8 |
6.2 |
-59.5 |
|
|
|
|
|
|
|
|
Earning Adjustment |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
-405.3 |
-1.2 |
29.8 |
6.2 |
-59.5 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-405.3 |
-1.2 |
29.8 |
6.2 |
-59.5 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
193.6 |
193.6 |
193.6 |
193.6 |
193.9 |
|
Basic EPS Excluding ExtraOrdinary Items |
-2.09 |
-0.01 |
0.15 |
0.03 |
-0.31 |
|
Basic EPS Including ExtraOrdinary Item |
-2.09 |
-0.01 |
0.15 |
0.03 |
-0.31 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-405.3 |
-1.2 |
29.8 |
6.2 |
-59.5 |
|
Diluted Weighted Average Shares |
193.6 |
193.6 |
193.6 |
193.6 |
193.9 |
|
Diluted EPS Excluding ExtraOrd Items |
-2.09 |
-0.01 |
0.15 |
0.03 |
-0.31 |
|
Diluted EPS Including ExtraOrd Items |
-2.09 |
-0.01 |
0.15 |
0.03 |
-0.31 |
|
DPS-Common Stock |
0.06 |
0.00 |
0.06 |
0.00 |
0.06 |
|
Gross Dividends - Common Stock |
12.2 |
0.0 |
12.4 |
0.0 |
11.8 |
|
Normalized Income Before Taxes |
-27.7 |
47.6 |
33.0 |
33.9 |
-41.3 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
377.7 |
51.6 |
0.0 |
25.9 |
-5.0 |
|
Normalized Income After Taxes |
-405.4 |
-4.0 |
33.0 |
8.0 |
-36.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-405.4 |
-5.5 |
31.6 |
7.4 |
-36.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-2.09 |
-0.03 |
0.16 |
0.04 |
-0.19 |
|
Diluted Normalized EPS |
-2.09 |
-0.03 |
0.16 |
0.04 |
-0.19 |
|
Depreciation |
41.0 |
39.4 |
36.9 |
34.4 |
41.8 |
|
Reported Operating Profit |
-36.2 |
60.5 |
41.1 |
38.0 |
-38.6 |
|
Reported Ordinary Profit |
-27.7 |
53.3 |
33.0 |
33.9 |
-40.9 |
Annual Balance Sheet
As Reported
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.385362 |
82.88 |
93.44 |
98.77 |
99.535 |
|
Auditor |
|
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Deposits |
632.4 |
690.3 |
635.8 |
418.9 |
739.6 |
|
Acc.& Note Rcvbl |
553.9 |
560.9 |
523.4 |
525.8 |
690.0 |
|
Mktbl. Secs. |
57.0 |
23.6 |
7.2 |
13.0 |
313.5 |
|
Inventories - merchandise & fin. goods |
624.5 |
571.4 |
514.6 |
572.8 |
509.4 |
|
Inventories - work-in-process |
167.2 |
164.3 |
133.7 |
136.9 |
162.3 |
|
Inventories - raw mate. & supp. |
144.7 |
128.8 |
95.6 |
107.2 |
95.0 |
|
Deferred Inc.Tax |
22.5 |
101.3 |
80.3 |
110.4 |
177.2 |
|
Other Cur. Asset |
105.3 |
125.5 |
93.6 |
175.2 |
119.2 |
|
Allow Doubt Acc. |
-14.1 |
-16.9 |
-16.0 |
-14.2 |
-35.7 |
|
Total Current Assets |
2,293.5 |
2,349.4 |
2,068.3 |
2,046.1 |
2,770.4 |
|
|
|
|
|
|
|
|
Buildings |
445.4 |
459.8 |
451.2 |
393.7 |
428.0 |
|
Machinery |
139.3 |
141.7 |
133.3 |
134.4 |
186.8 |
|
Tool & Equipment |
95.0 |
95.4 |
94.9 |
100.5 |
131.8 |
|
Land |
593.0 |
595.4 |
542.1 |
574.0 |
614.2 |
|
Lease assets, net |
3.0 |
3.3 |
3.3 |
5.3 |
0.0 |
|
Const in Prog. |
21.3 |
10.7 |
19.7 |
84.2 |
41.5 |
|
Goodwill, Net |
0.7 |
2.4 |
3.7 |
3.1 |
13.1 |
|
Other Intangible |
31.9 |
32.0 |
30.6 |
33.3 |
11.7 |
|
Investment Secs. |
748.8 |
900.7 |
835.4 |
578.4 |
1,104.6 |
|
Inv. Securities.affiliates&sub. |
- |
10.0 |
21.2 |
- |
- |
|
LT Loans |
4.3 |
4.4 |
5.0 |
4.4 |
2.7 |
|
Deferred Inc Tax |
12.7 |
44.1 |
31.3 |
96.9 |
20.7 |
|
Security & guaranteed deposits |
58.2 |
57.1 |
56.2 |
63.1 |
62.9 |
|
Inv't partnership-nonconsol.affil.&sub. |
- |
6.1 |
5.4 |
- |
- |
|
Other Assets |
11.8 |
11.4 |
10.8 |
34.9 |
49.3 |
|
Allow Doubt Acc. |
-9.0 |
-8.1 |
-8.6 |
-11.7 |
-9.1 |
|
Adjustment |
- |
- |
-0.1 |
0.0 |
- |
|
Total Assets |
4,449.8 |
4,715.8 |
4,303.7 |
4,140.6 |
5,428.6 |
|
|
|
|
|
|
|
|
Acc.& Note Payab |
270.2 |
292.0 |
233.2 |
259.4 |
351.8 |
|
Short-Term Debts |
120.0 |
79.6 |
94.3 |
143.9 |
144.9 |
|
Cur.Port.LT Debt |
11.1 |
46.6 |
10.9 |
15.0 |
44.9 |
|
Lease |
- |
- |
0.4 |
- |
- |
|
Accrued Expenses |
356.9 |
345.8 |
347.8 |
344.4 |
416.4 |
|
Inc. Tax Payable |
23.4 |
27.8 |
20.3 |
21.2 |
149.9 |
|
Advance |
2.8 |
7.4 |
10.6 |
14.0 |
18.5 |
|
Deferred Taxes |
3.2 |
0.0 |
0.1 |
0.6 |
0.1 |
|
Allow Products |
33.6 |
34.4 |
26.7 |
34.2 |
37.7 |
|
Allow. Dir's Bonuse |
- |
0.3 |
0.0 |
0.0 |
1.2 |
|
Allow Return |
1.5 |
2.3 |
1.9 |
1.6 |
1.0 |
|
Reserve for loss on construction contrac |
0.5 |
0.0 |
0.1 |
0.0 |
- |
|
Allow-Restructuring Loss |
- |
0.0 |
9.9 |
32.0 |
0.0 |
|
Unrlzd Profits |
- |
- |
- |
0.0 |
0.1 |
|
Other Cur. Liabs |
60.6 |
66.6 |
48.3 |
45.2 |
41.0 |
|
Total Current Liabilities |
884.0 |
902.9 |
804.6 |
911.7 |
1,207.3 |
|
|
|
|
|
|
|
|
Long-Term Debt |
6.1 |
16.6 |
55.4 |
35.3 |
21.6 |
|
Lease |
- |
- |
3.1 |
- |
- |
|
Total Long Term Debt |
6.1 |
16.6 |
58.5 |
35.3 |
21.6 |
|
|
|
|
|
|
|
|
Deferred Taxes |
186.3 |
2.4 |
9.9 |
1.3 |
140.6 |
|
Reval-Dfrd. Tax |
152.9 |
174.8 |
159.8 |
169.8 |
168.9 |
|
Accrued Retire. |
503.5 |
453.7 |
360.4 |
279.7 |
254.3 |
|
LT Deposits |
188.3 |
191.3 |
172.8 |
169.3 |
171.2 |
|
Other LT Liabs. |
18.3 |
18.1 |
13.2 |
23.7 |
18.4 |
|
Minority Int. |
37.8 |
35.4 |
30.5 |
28.8 |
34.0 |
|
Total Liabilities |
1,977.1 |
1,795.1 |
1,609.6 |
1,619.6 |
2,016.3 |
|
|
|
|
|
|
|
|
Common Stock |
346.3 |
344.3 |
305.4 |
288.9 |
286.7 |
|
Paid-In Capital |
486.2 |
483.3 |
428.7 |
405.5 |
402.4 |
|
Retained Earning |
1,676.9 |
2,049.9 |
1,793.8 |
1,789.4 |
2,303.8 |
|
Treasury Stock |
-44.8 |
-44.5 |
-0.4 |
-0.3 |
-3.3 |
|
Unrlzd. on Secs. |
331.8 |
404.9 |
363.9 |
200.6 |
491.7 |
|
Dfrd. Hedge Gain/Loss |
-4.5 |
-3.0 |
-1.8 |
-4.0 |
2.1 |
|
Land Revaluation |
210.0 |
187.6 |
173.4 |
190.0 |
149.3 |
|
Translation Adj. |
-529.4 |
-501.7 |
-368.9 |
-349.2 |
-220.4 |
|
Total Equity |
2,472.7 |
2,920.7 |
2,694.1 |
2,521.0 |
3,412.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
4,449.8 |
4,715.8 |
4,303.7 |
4,140.6 |
5,428.6 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
193.6 |
193.6 |
197.2 |
197.2 |
206.3 |
|
Total Common Shares Outstanding |
193.6 |
193.6 |
197.2 |
197.2 |
206.3 |
|
T/S-Common Stock |
3.6 |
3.6 |
0.0 |
0.0 |
0.2 |
|
Deferred Revenue - Current |
- |
7.4 |
10.6 |
14.0 |
18.5 |
|
Full-Time Employees |
- |
19,462 |
19,275 |
20,068 |
19,785 |
|
Number of Common Shareholders |
- |
23,916 |
21,485 |
22,173 |
15,053 |
|
LT Debts Maturing within 1yr. |
- |
47.4 |
11.7 |
15.0 |
44.9 |
|
LT Debts Maturing within 2yr. |
- |
10.4 |
44.7 |
10.1 |
13.0 |
|
LT Debts Maturing within 3yr. |
- |
6.2 |
10.2 |
23.6 |
7.6 |
|
LT Debts Maturing within 4yr. |
- |
0.0 |
0.5 |
1.2 |
0.6 |
|
LT Debts Maturing within 5yr. |
- |
0.0 |
0.0 |
0.5 |
0.4 |
|
Remaining |
- |
- |
0.0 |
0.0 |
0.0 |
|
Total Long Term Debt, Supplemental |
- |
64.0 |
67.1 |
50.4 |
66.5 |
|
Capital Lease Payments Due within 1 Year |
- |
0.4 |
0.4 |
0.5 |
- |
|
Capital Lease Payments Due in Year 2 |
- |
0.3 |
0.3 |
0.5 |
- |
|
Capital Lease Payments Due in Year 3 |
- |
0.2 |
0.3 |
0.4 |
- |
|
Capital Lease Payments Due in Year 4 |
- |
0.2 |
0.2 |
0.4 |
- |
|
Capital Lease Payments Due in Year 5 |
- |
0.2 |
0.2 |
0.3 |
- |
|
Captial Lease-Remaining Maturities |
- |
2.2 |
2.1 |
3.4 |
- |
|
Total Capital Leases |
- |
3.4 |
3.4 |
5.6 |
- |
|
Pension Obligation |
- |
1,590.1 |
1,442.3 |
1,519.8 |
1,513.9 |
|
Fair Value of Plan Assets |
- |
891.9 |
840.6 |
833.1 |
1,031.8 |
|
Funded Status |
- |
-698.3 |
-601.7 |
-686.7 |
-482.0 |
|
Total Funded Status |
- |
-698.3 |
-601.7 |
-686.7 |
-482.0 |
|
Discount Rate |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return |
- |
3.50% |
3.50% |
4.00% |
4.00% |
|
Unrecognized Actuarial Gains and Losses |
- |
272.0 |
267.7 |
433.2 |
259.0 |
|
Unrecognized Prior Service Cost |
- |
-27.4 |
-26.4 |
-24.7 |
-26.1 |
|
Prepaid Pension Benefits |
- |
0.0 |
0.0 |
1.4 |
5.1 |
|
Reserve for Accrued Retirement Benefits |
- |
-453.7 |
-360.4 |
-279.7 |
-254.3 |
|
Net Assets Recognized on Balance Sheet |
- |
-209.1 |
-119.1 |
130.1 |
-16.2 |
Interim Balance Sheet
As Reported
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.385362 |
76.94 |
77.08 |
80.76 |
82.88 |
|
|
|
|
|
|
|
|
Cash & Deposits |
632.4 |
691.5 |
721.4 |
651.1 |
690.3 |
|
Acc.& Note Rcvbl |
553.9 |
681.5 |
610.7 |
550.9 |
560.9 |
|
Mktbl. Secs. |
57.0 |
3.9 |
5.2 |
5.0 |
23.6 |
|
Inventories - merchandise & fin. goods |
624.5 |
634.3 |
640.2 |
613.6 |
571.4 |
|
Inventories - work-in-process |
167.2 |
206.8 |
194.5 |
186.5 |
164.3 |
|
Inventories - raw mate. & supp. |
144.7 |
137.3 |
142.8 |
141.8 |
128.8 |
|
Other Cur. Asset |
127.9 |
186.1 |
209.7 |
189.1 |
226.8 |
|
Allowance for doubtful accounts |
-14.1 |
-16.2 |
-15.6 |
-17.1 |
-16.9 |
|
Total Current Assets |
2,293.5 |
2,525.1 |
2,508.8 |
2,320.8 |
2,349.4 |
|
|
|
|
|
|
|
|
Buildings & structures, net |
445.4 |
470.0 |
476.9 |
462.0 |
459.8 |
|
Machineries, equipment, &vehicles, net |
139.3 |
146.1 |
142.9 |
139.4 |
141.7 |
|
Tools, furniture, & fixtures, net |
95.0 |
94.8 |
95.4 |
96.4 |
95.4 |
|
Land, net |
593.0 |
637.8 |
636.8 |
610.4 |
595.4 |
|
Lease assets, net |
3.0 |
3.2 |
3.3 |
3.3 |
3.3 |
|
Const in Prog., net |
21.3 |
19.3 |
19.0 |
12.5 |
10.7 |
|
Intangible assets |
32.6 |
33.5 |
32.9 |
33.8 |
34.5 |
|
Investment Secs. |
748.8 |
696.3 |
738.2 |
946.2 |
910.7 |
|
Other |
86.9 |
244.5 |
229.9 |
126.9 |
123.1 |
|
Allowance for doubtful accounts |
-9.0 |
-7.8 |
-7.8 |
-8.3 |
-8.1 |
|
Total Assets |
4,449.8 |
4,863.0 |
4,876.3 |
4,743.4 |
4,715.8 |
|
|
|
|
|
|
|
|
Acc.& Notes Payable |
270.2 |
283.3 |
288.9 |
287.8 |
292.0 |
|
Short-Term Debts |
120.0 |
204.7 |
208.1 |
95.1 |
79.6 |
|
Cur.Port.LT Debt |
11.1 |
21.4 |
21.8 |
36.0 |
46.6 |
|
Other Payables&Accrued Expenses |
356.9 |
321.4 |
345.4 |
275.7 |
345.8 |
|
Income Tax Payable |
23.4 |
21.0 |
20.6 |
17.7 |
27.8 |
|
Allowances |
- |
34.7 |
35.5 |
40.6 |
37.1 |
|
Other current liabilities |
102.3 |
95.0 |
80.0 |
94.9 |
74.1 |
|
Total Current Liabilities |
884.0 |
981.5 |
1,000.4 |
847.8 |
902.9 |
|
|
|
|
|
|
|
|
Long-Term Debt |
6.1 |
7.4 |
8.1 |
8.5 |
16.6 |
|
Total Long Term Debt |
6.1 |
7.4 |
8.1 |
8.5 |
16.6 |
|
|
|
|
|
|
|
|
Accrued Retire. |
503.5 |
527.3 |
513.0 |
478.4 |
453.7 |
|
Other liabilities |
545.8 |
388.4 |
412.1 |
393.9 |
386.5 |
|
Minority Int. |
37.8 |
38.5 |
36.3 |
35.1 |
35.4 |
|
Total Liabilities |
1,977.1 |
1,943.1 |
1,969.8 |
1,763.7 |
1,795.1 |
|
|
|
|
|
|
|
|
Common Stock |
346.3 |
370.9 |
370.2 |
353.3 |
344.3 |
|
Paid-In Capital |
486.2 |
520.6 |
519.6 |
496.0 |
483.3 |
|
Retained earnings |
1,676.9 |
2,212.9 |
2,222.6 |
2,095.9 |
2,049.9 |
|
Treasury Stock |
-44.8 |
-48.0 |
-47.9 |
-45.7 |
-44.5 |
|
Reserve by val. of investment sec. |
331.8 |
289.5 |
292.7 |
423.2 |
404.9 |
|
Deferred hedge gain/loss |
-4.5 |
1.7 |
7.2 |
-0.2 |
-3.0 |
|
Reserve by valuation of land |
210.0 |
224.9 |
201.1 |
191.9 |
187.6 |
|
Cumulative translation adjustments |
-529.4 |
-652.6 |
-659.2 |
-534.7 |
-501.7 |
|
Total Equity |
2,472.7 |
2,919.9 |
2,906.4 |
2,979.7 |
2,920.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
4,449.8 |
4,863.0 |
4,876.2 |
4,743.4 |
4,715.8 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
193.6 |
193.6 |
193.6 |
193.6 |
193.6 |
|
Total Common Shares Outstanding |
193.6 |
193.6 |
193.6 |
193.6 |
193.6 |
|
T/S-Common Stock |
3.6 |
3.6 |
3.6 |
3.6 |
3.6 |
|
Full-Time Employees |
- |
- |
- |
- |
19,462 |
Annual Cash Flows
As Reported
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
|
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income Bf. Tax |
88.3 |
79.4 |
-2.2 |
-121.0 |
546.9 |
|
Depreciation |
151.6 |
149.5 |
152.1 |
178.3 |
177.5 |
|
Impairment Loss |
2.1 |
31.4 |
21.1 |
152.5 |
0.0 |
|
Amort Goodwill |
1.8 |
1.7 |
1.8 |
14.2 |
4.7 |
|
Allow Doubt Acc. |
-1.7 |
-1.8 |
0.2 |
-1.2 |
-3.2 |
|
Loss on valuation of investments in capi |
4.7 |
0.0 |
- |
- |
- |
|
Loss Val Affil.Stk. |
0.0 |
2.1 |
4.6 |
1.6 |
0.6 |
|
Loss Sale Affil.Stk. |
- |
0.0 |
23.2 |
0.0 |
6.1 |
|
Loss on sale of affiliated equity |
- |
- |
- |
0.0 |
0.2 |
|
Loss on val. of inv't in affili. equity |
- |
- |
0.0 |
32.9 |
0.6 |
|
Gain/Loss Liquid Subsid. |
-5.6 |
-0.2 |
0.1 |
-2.3 |
0.0 |
|
Loss Val Inv.Secs. |
0.2 |
18.2 |
5.1 |
2.8 |
2.3 |
|
Loss (gain) on liquidation of investment |
0.1 |
0.0 |
- |
- |
- |
|
Gain/Loss Sale Inv.Secs. |
0.1 |
-1.6 |
0.1 |
0.0 |
-6.7 |
|
Accrued Retire Bnft. |
49.2 |
47.0 |
69.6 |
24.4 |
-11.2 |
|
Int. & Div. Income |
-20.2 |
-11.8 |
-8.5 |
-25.9 |
-34.3 |
|
Interest Expense |
3.8 |
4.1 |
4.9 |
6.1 |
9.3 |
|
Exchange Loss/Gain |
0.6 |
7.9 |
1.1 |
-1.4 |
3.4 |
|
Equity Gain/Loss |
0.0 |
0.0 |
0.0 |
0.1 |
-1.3 |
|
Sale of affiliated securities |
- |
- |
- |
0.0 |
-260.3 |
|
Gain Sale Fix.Asset |
-2.4 |
-2.7 |
-8.7 |
-2.8 |
-14.5 |
|
Loss Retire Fix Asset |
3.8 |
5.1 |
8.4 |
9.0 |
7.6 |
|
Structual Improve |
- |
- |
0.0 |
48.4 |
0.0 |
|
Rev. for restructuring expenses |
0.0 |
-3.7 |
-1.2 |
0.0 |
- |
|
Special Retire. Benefits |
- |
- |
0.0 |
1.0 |
7.1 |
|
Duty Deferment - Prior |
- |
0.0 |
6.2 |
0.0 |
- |
|
Loss on disaster |
0.6 |
0.9 |
0.0 |
- |
- |
|
Loss on adjustment for changes of accoun |
0.0 |
0.9 |
0.0 |
- |
- |
|
Acct. & Note Rcvbl. |
-0.2 |
4.7 |
-24.1 |
133.7 |
27.1 |
|
Inventories |
-81.7 |
-59.2 |
126.2 |
-88.2 |
-33.6 |
|
Acct. & Note Pybl. |
-20.0 |
41.4 |
11.7 |
-94.9 |
-15.7 |
|
Other |
6.0 |
-7.5 |
-7.4 |
-74.0 |
-35.3 |
|
Int. & Div. Received |
20.0 |
11.5 |
8.5 |
26.4 |
34.2 |
|
Interest Paid |
-3.9 |
-4.2 |
-4.8 |
-6.3 |
-9.4 |
|
Income Tax Paid/Refund |
-59.5 |
-48.9 |
40.6 |
-235.3 |
-76.3 |
|
Newly Consolidated |
- |
- |
- |
11.0 |
0.4 |
|
Exclusion of Subsid. |
- |
- |
- |
-3.1 |
-0.9 |
|
Adjustment |
- |
- |
0.1 |
- |
- |
|
Cash from Operating Activities |
137.8 |
264.3 |
429.0 |
-14.3 |
325.1 |
|
|
|
|
|
|
|
|
Time Deposit, Net |
-5.0 |
-1.2 |
0.0 |
4.2 |
-2.6 |
|
Capital Expenditures |
-122.8 |
-155.4 |
-151.8 |
-204.2 |
-221.9 |
|
Sale of PPE |
11.8 |
14.3 |
19.1 |
13.9 |
55.3 |
|
Purchase of subs.' securities |
- |
- |
0.0 |
-80.3 |
0.0 |
|
Sale of subsi. securities-conso. change |
- |
0.0 |
-13.3 |
0.0 |
- |
|
Purch. of Inv. Secs. |
-5.0 |
0.0 |
0.0 |
-1.0 |
-0.7 |
|
Proceeds from liquidation of investment |
0.5 |
0.0 |
- |
- |
- |
|
Sale/redempt.LT inv't in sec. |
0.1 |
16.0 |
0.1 |
30.0 |
7.1 |
|
Purchase of affiliated securities |
-0.3 |
-0.4 |
-9.1 |
-6.3 |
-19.8 |
|
Sale of affiliated securities |
- |
- |
0.0 |
0.6 |
593.0 |
|
Inv't partnership-nonconsol.affil. made |
- |
- |
0.0 |
-8.6 |
-26.4 |
|
Liquidation of affiliated companies |
7.3 |
10.6 |
8.4 |
0.0 |
- |
|
Capital decrease-affiliated companies |
- |
0.0 |
4.9 |
0.0 |
- |
|
Dec. due to sale affli.(un-consol.) stk. |
- |
- |
- |
0.0 |
0.0 |
|
Payments for investments in capital |
- |
0.0 |
-0.1 |
0.0 |
0.0 |
|
Loans Made |
-3.9 |
-5.8 |
-10.4 |
-8.9 |
-20.2 |
|
Loans Collected |
4.2 |
8.6 |
11.9 |
2.3 |
3.9 |
|
Other |
-0.8 |
-0.3 |
3.6 |
-0.4 |
0.0 |
|
Cash from Investing Activities |
-114.0 |
-113.7 |
-136.8 |
-258.7 |
367.5 |
|
|
|
|
|
|
|
|
ST Debts, Net |
38.8 |
-23.5 |
-50.7 |
1.8 |
1.7 |
|
Proceed from LT Debt |
0.0 |
5.3 |
29.9 |
27.4 |
19.4 |
|
Repayment of LT Debt |
-48.8 |
-11.3 |
-13.9 |
-46.0 |
-37.2 |
|
Member Dep. Proceed |
0.0 |
0.0 |
0.0 |
0.2 |
0.1 |
|
Member Dep. Redempt |
-4.7 |
-3.5 |
-6.3 |
-4.8 |
-83.0 |
|
Purch. of Treasury |
0.0 |
-42.7 |
0.0 |
-179.5 |
-0.3 |
|
Dividend Paid |
-24.5 |
-40.3 |
-63.7 |
-105.3 |
-67.7 |
|
Dividend Paid to Minority |
-1.6 |
-1.2 |
-1.6 |
-2.3 |
-2.0 |
|
Other |
-0.3 |
-0.4 |
0.1 |
-0.4 |
0.0 |
|
Cash from Financing Activities |
-41.1 |
-117.6 |
-106.2 |
-308.9 |
-169.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-9.2 |
-42.2 |
0.9 |
-36.5 |
-21.0 |
|
Net Change in Cash |
-26.5 |
-9.2 |
186.9 |
-618.5 |
502.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
734.7 |
691.3 |
450.4 |
1,028.7 |
401.8 |
|
Net Cash - Ending Balance |
708.2 |
682.1 |
637.3 |
410.2 |
904.4 |
|
Cash Interest Paid |
3.9 |
4.2 |
4.8 |
6.3 |
9.4 |
|
Cash Taxes Paid |
59.5 |
48.9 |
-40.6 |
235.3 |
76.3 |
Interim Cash Flows
As Reported
Financials in: USD
(mil)
Except for share
items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
|
Period Length |
12 Months |
9 Months |
6 Months |
3 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
78.871359 |
79.672811 |
81.605269 |
85.691434 |
|
|
|
|
|
|
|
|
Net Income Bf. Tax |
88.3 |
116.1 |
62.3 |
32.1 |
79.4 |
|
Depreciation |
151.6 |
110.7 |
71.3 |
34.4 |
149.5 |
|
Impairment Loss |
2.1 |
- |
- |
- |
31.4 |
|
Amort of Goodwill |
1.8 |
- |
- |
- |
1.7 |
|
Allow Doubt Acc. |
-1.7 |
- |
- |
- |
-1.8 |
|
Loss on valuation of investments in capi |
4.7 |
- |
- |
- |
0.0 |
|
Loss Val Affil.Stk. |
0.0 |
- |
- |
- |
2.1 |
|
Loss on sale of affiliated equity |
- |
- |
- |
- |
0.0 |
|
Gain Liquid Subsid. |
-5.6 |
- |
- |
- |
-0.2 |
|
Loss Val Inv.Secs. |
0.2 |
- |
- |
- |
18.2 |
|
Loss (gain) on liquidation of investment |
0.1 |
- |
- |
- |
0.0 |
|
Gain Sale Inv.Secs. |
0.1 |
- |
- |
- |
-1.6 |
|
Accrued Retire Bnft. |
49.2 |
- |
- |
- |
47.0 |
|
Int. & Div. Income |
-20.2 |
- |
- |
- |
-11.8 |
|
Interest Expense |
3.8 |
- |
- |
- |
4.1 |
|
Exchange Gain/Loss |
0.6 |
- |
- |
- |
7.9 |
|
Equity Gain/Loss |
0.0 |
- |
- |
- |
0.0 |
|
Gain Sale Fix.Asset |
-2.4 |
- |
- |
- |
-2.7 |
|
Loss Retire FixAsset |
3.8 |
- |
- |
- |
5.1 |
|
Reserve for restructuring expenses |
0.0 |
- |
- |
- |
-3.7 |
|
Duty Deferment - Prior |
- |
- |
- |
- |
0.0 |
|
Loss on disaster |
0.6 |
- |
- |
- |
0.9 |
|
Loss on adjustment for changes of accoun |
0.0 |
- |
- |
- |
0.9 |
|
Acct. & Note Rcvbl. |
-0.2 |
-120.1 |
-51.2 |
18.3 |
4.7 |
|
Inventories |
-81.7 |
-102.0 |
-109.4 |
-62.8 |
-59.2 |
|
Acct. & Note Pybl. |
-20.0 |
-11.1 |
0.5 |
-5.0 |
41.4 |
|
Income Tax Paid/Refund |
-59.5 |
-44.4 |
-29.7 |
-23.2 |
-48.9 |
|
Other operating activities |
6.0 |
37.2 |
34.3 |
-13.9 |
-7.5 |
|
Int. & Div. Received |
20.0 |
- |
- |
- |
11.5 |
|
Interest Paid |
-3.9 |
- |
- |
- |
-4.2 |
|
Cash from Operating Activities |
137.8 |
-13.7 |
-22.0 |
-20.0 |
264.3 |
|
|
|
|
|
|
|
|
Time Deposit, Net |
-5.0 |
- |
- |
- |
-1.2 |
|
Capital Expenditures |
-122.8 |
-85.5 |
-59.9 |
-27.0 |
-155.4 |
|
Sale of PPE |
11.8 |
9.1 |
7.5 |
4.5 |
14.3 |
|
Sale of subsi. securities-conso. change |
- |
- |
- |
- |
0.0 |
|
Purch. of Inv. Secs. |
-5.0 |
- |
- |
- |
- |
|
Proceeds from liquidation of investment |
0.5 |
- |
- |
- |
0.0 |
|
Sale/redempt.LT inv't in sec. |
0.1 |
0.0 |
0.0 |
- |
16.0 |
|
Sale of Inv. Secs. |
- |
- |
- |
0.0 |
- |
|
Purchase of affiliated securities |
-0.3 |
0.0 |
- |
- |
-0.4 |
|
Liquidation of affiliated companies |
7.3 |
- |
- |
- |
10.6 |
|
Capital decrease-affiliated companies |
- |
- |
- |
- |
0.0 |
|
Payments for investments in capital |
- |
- |
- |
- |
0.0 |
|
Loans Made |
-3.9 |
- |
- |
- |
-5.8 |
|
Loans Collected |
4.2 |
- |
- |
- |
8.6 |
|
Other investing activities |
-0.8 |
-2.3 |
-4.2 |
-2.5 |
-0.3 |
|
Cash from Investing Activities |
-114.0 |
-78.7 |
-56.6 |
-24.9 |
-113.7 |
|
|
|
|
|
|
|
|
ST Debts, Net |
38.8 |
123.4 |
127.0 |
11.8 |
-23.5 |
|
Proceed from LT Debt |
0.0 |
0.0 |
0.0 |
- |
5.3 |
|
Repayment of LT Debt |
-48.8 |
-38.0 |
-36.4 |
-21.0 |
-11.3 |
|
Member Dep. Proceed |
0.0 |
- |
- |
- |
0.0 |
|
Member Dep. Redempt |
-4.7 |
- |
- |
- |
-3.5 |
|
Purch. of Treasury |
0.0 |
0.0 |
0.0 |
0.0 |
-42.7 |
|
Dividend Paid |
-24.5 |
-24.5 |
-12.1 |
-11.9 |
-40.3 |
|
Dividend Paid to Minority |
-1.6 |
- |
- |
- |
-1.2 |
|
Other financing activities |
-0.3 |
-5.1 |
-3.5 |
-2.5 |
-0.4 |
|
Cash from Financing Activities |
-41.1 |
55.7 |
75.0 |
-23.6 |
-117.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-9.2 |
-33.3 |
-33.8 |
-6.3 |
-42.2 |
|
Net Change in Cash |
-26.5 |
-70.0 |
-37.3 |
-74.8 |
-9.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
734.7 |
735.6 |
728.2 |
713.6 |
691.3 |
|
Net Cash - Ending Balance |
708.2 |
665.6 |
690.8 |
638.8 |
682.1 |
|
Cash Interest Paid |
3.9 |
- |
- |
- |
4.2 |
|
Cash Taxes Paid |
59.5 |
44.4 |
29.7 |
23.2 |
48.9 |
Geographic Segments
Financials in: As Reported (mil)
|
Annual |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Geographic Segments
Financials in: As Reported (mil)
|
Interim |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments
Financials in: As Reported (mil)
|
Annual |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments
Financials in: As Reported (mil)
|
Interim |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.36 |
|
UK Pound |
1 |
Rs.85.64 |
|
Euro |
1 |
Rs.69.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.