MIRA INFORM REPORT

 

 

Report Date :

14.06.2012

 

IDENTIFICATION DETAILS

 

Name :

HOSHIZAKI ELECTRIC CO.,LTD.

 

 

Registered Office :

3-16, Minamiyakata, Sakae-cho, Toyoake-Shi, 470-1194

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

05.02.1947

 

 

Legal Form :

Public Parent Company

 

 

Line of Business :

research, development, manufacture and sale of kitchen instruments and the provision of related maintenance service

 

 

No. of Employees :

10,195

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Good

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

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

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Company name & address 

 

HOSHIZAKI ELECTRIC CO.,LTD.

3-16, Minamiyakata, Sakae-cho

Toyoake-Shi, 470-1194

Japan

Tel:       81-562-972111

Fax:      (81) 562961145

Web:    www.hoshizaki.co.jp

           

 

Synthesis

 

Employees:                  10,195

Company Type:            Public Parent

Corporate Family:          40 Companies

Traded:                         Tokyo Stock Exchange: 6465

Incorporation Date:         05-Feb-1947

Auditor:                        Deloitte & Touche LLP   

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2011

Reporting Currency:       Japanese Yen

Annual Sales:               2,124.2  1

Net Income:                   90.6

Total Assets:                 2,408.1  2

Market Value:               1,770.1 (01-Jun-2012)

 

 

Business Description     

 

HOSHIZAKI ELECTRIC CO., LTD. is a Japan-based company mainly engaged in the research, development, manufacture and sale of kitchen instruments and the provision of related maintenance service. It is engaged in the research, development, manufacture and sale of ice makers, including fully-automatic and large-scale ice makers; freezing and refrigeration equipment, including fridge-freezers for business use and frozen refrigerator showcases; cleaning machines, including dish washers; hygiene management equipment, including electrolysis water generating devices and sterilizing cabinets; cooking appliances, including electromagnetic cookers, electronic frying equipment and microwaves; drinking service equipment, including dispensers, as well as food service equipment and freshness management equipment, among others. As of December 31, 2011, the Company had 46 subsidiaries. On March 5, 2012, it established a Shanghai-based wholly owned subsidiary, Hoshizaki (China) Holdings Co., Ltd. For the nine months ended 30 September 2011, HOSHIZAKI ELECTRIC CO., LTD.'s revenues decreased less than 1% to Y130.30B. The Company's net income decreased 8% to Y7.06B. Revenues reflect lower sales especially from Europe and Asia markets. Net income also suffered from a higher percentage of selling, general & administrative expense, the absence of received settlement charges, as well as the presence of loss on disaster.

Industry             

Industry            Miscellaneous Capital Goods

ANZSIC 2006:    2499 - Other Machinery and Equipment Manufacturing Not Elsewhere Classified

NACE 2002:      2924 - Manufacture of other general purpose machinery not elsewhere classified

NAICS 2002:     333999 - All Other Miscellaneous General Purpose Machinery Manufacturing

UK SIC 2003:    2924 - Manufacture of other general purpose machinery not elsewhere classified

US SIC 1987:    3569 - General Industrial Machinery and Equipment, Not Elsewhere Classified

 

           

Key Executives   

 

Name

Title

Yukihiko Suzuki

President, Representative Director

Satoru Maruyama

Director of Sales in Main Sales Unit, Director

Hideki Kawai

Director of Central Research Institute, Director

Yasuhiro Kobayashi

Director of Accounting, Director

Tomohiko Yanagisawa

Director-Information & Finance

 

 

Significant Developments  

 

Topic

#*

Most Recent Headline

Date

New Business / Unit / Subsidiary

2

HOSHIZAKI ELECTRIC CO.,LTD. Establishes New Wholly Owned Subsidiary

12-Mar-2012

Other Pre-Announcement

1

HOSHIZAKI ELECTRIC CO.,LTD. Amends Consolidated Mid-year Outlook for FY Ending December 2011

29-Jul-2011

Positive Earnings Pre-Announcement

1

HOSHIZAKI ELECTRIC CO.,LTD. Amends FY 2011 Outlook

11-Nov-2011

Dividends

1

HOSHIZAKI ELECTRIC CO.,LTD. Announces Dividend Payment for FY Ended December 2011

10-Feb-2012

 

* number of significant developments within the last 12 months

 

 

Financial Summary    

 

As of 31-Mar-2012

Key Ratios                               Company         Industry

Current Ratio (MRQ)                   2.26                  1.95

Quick Ratio (MRQ)                     2.00                  1.03

Debt to Equity (MRQ)                 0.0000              0.45

Sales 5 Year Growth                  14.30                6.22

Net Profit Margin (TTM) %           4.60                  7.96

Return on Assets (TTM) %          4.21                  8.48

Return on Equity (TTM) %           6.97                  17.58

 

 

Stock Snapshot    

 

 

Traded: Tokyo Stock Exchange: 6465

 

As of 1-Jun-2012

   Financials in: JPY

Recent Price

1,924.00

 

EPS

121.62

52 Week High

1,990.00

 

Price/Sales

0.82

52 Week Low

1,600.00

 

Dividend Rate

30.00

Avg. Volume (mil)

0.07

 

Price/Earnings

17.83

Market Value (mil)

138,767.10

 

Price/Book

1.21

 

 

 

Beta

0.20

 

Price % Change

Rel S&P 500%

4 Week

-1.59%

10.07%

13 Week

8.03%

27.66%

52 Week

18.77%

38.35%

Year to Date

6.42%

9.37%

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 79.69823

2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 76.94

 

 

Corporate Overview

 

Location

3-16, Minamiyakata, Sakae-cho

Toyoake-Shi, 470-1194

Japan

Tel:       81-562-972111

Fax:      (81) 562961145

Web:    www.hoshizaki.co.jp

           

Quote Symbol - Exchange

6465 - Tokyo Stock Exchange

Sales JPY(mil):              169,297.0

Assets JPY(mil):            185,277.0

Employees:                   10,195

Fiscal Year End:            31-Dec-2011

Industry:                        Miscellaneous Capital Goods

Incorporation Date:         05-Feb-1947

Company Type:             Public Parent

Quoted Status:              Quoted

President, Representative Director:          Yukihiko Suzuki

 

Company Web Links

Home Page

Products/Services

 

Contents

Industry Codes

Business Description

Financial Data

Market Data

Shareholders

Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

9429     -          Other Machinery and Equipment Repair and Maintenance

2499     -          Other Machinery and Equipment Manufacturing Not Elsewhere Classified

2419     -          Other Professional and Scientific Equipment Manufacturing

2452     -          Fixed Space Heating, Cooling and Ventilation Equipment Manufacturing

 

NACE 2002 Codes:

2924     -          Manufacture of other general purpose machinery not elsewhere classified

2923     -          Manufacture of non-domestic cooling and ventilation equipment

3320     -          Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment

5274     -          Repair not elsewhere classified

 

NAICS 2002 Codes:

811310  -          Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance

336391  -          Motor Vehicle Air-Conditioning Manufacturing

334512  -          Automatic Environmental Control Manufacturing for Residential, Commercial, and Appliance Use

333999  -          All Other Miscellaneous General Purpose Machinery Manufacturing

332999  -          All Other Miscellaneous Fabricated Metal Product Manufacturing

 

US SIC 1987:

3599     -          Industrial and Commercial Machinery and Equipment, Not Elsewhere Classified

3585     -          Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment

3569     -          General Industrial Machinery and Equipment, Not Elsewhere Classified

7699     -          Repair Shops and Related Services, Not Elsewhere Classified

3822     -          Automatic Controls for Regulating Residential and Commercial Environments and Appliances

 

UK SIC 2003:

5274     -          Repair not elsewhere classified

3320     -          Manufacture of instruments and appliances for measuring, checking, testing, navigating and other purposes, except industrial process control equipment

2924     -          Manufacture of other general purpose machinery not elsewhere classified

2923     -          Manufacture of non-domestic cooling and ventilation equipment

 

Business Description

HOSHIZAKI ELECTRIC CO., LTD. is a Japan-based company mainly engaged in the research, development, manufacture and sale of kitchen instruments and the provision of related maintenance service. It is engaged in the research, development, manufacture and sale of ice makers, including fully-automatic and large-scale ice makers; freezing and refrigeration equipment, including fridge-freezers for business use and frozen refrigerator showcases; cleaning machines, including dish washers; hygiene management equipment, including electrolysis water generating devices and sterilizing cabinets; cooking appliances, including electromagnetic cookers, electronic frying equipment and microwaves; drinking service equipment, including dispensers, as well as food service equipment and freshness management equipment, among others. As of December 31, 2011, the Company had 46 subsidiaries. On March 5, 2012, it established a Shanghai-based wholly owned subsidiary, Hoshizaki (China) Holdings Co., Ltd. For the nine months ended 30 September 2011, HOSHIZAKI ELECTRIC CO., LTD.'s revenues decreased less than 1% to Y130.30B. The Company's net income decreased 8% to Y7.06B. Revenues reflect lower sales especially from Europe and Asia markets. Net income also suffered from a higher percentage of selling, general & administrative expense, the absence of received settlement charges, as well as the presence of loss on disaster.

 

More Business Descriptions

Manufacture and sale of commercial kitchen equipment specialising in ice machines and refrigeration products around the world

 

Commercial Refrigeration Products Mfr

 

Electrical Equipment Manufacturing

 

 

Financial Data

Financials in:

JPY(mil)

 

Revenue:

169,297.0

Net Income:

7,222.0

Assets:

185,277.0

Long Term Debt:

0.0

 

Total Liabilities:

70,948.0

 

Working Capital:

61.1

 

 

 

Date of Financial Data:

31-Dec-2011

 

1 Year Growth

0.0%

-18.7%

2.2%

Market Data

Quote Symbol:

6465

Exchange:

Tokyo Stock Exchange

Currency:

JPY

Stock Price:

1,924.0

Stock Price Date:

06-01-2012

52 Week Price Change %:

18.8

Market Value (mil):

138,767,104.0

 

SEDOL:

B3FF8W8

ISIN:

JP3845770001

 

Equity and Dept Distribution:

12/10/2008, anticipated IPO 11,522,900 shares @ Y750 per share by Nomura Securities Co., Ltd. All shares prior to IPO are based on Pro-Forma.

 

 

Shareholders

 

 

Major Shareholders

Hoshizaki Green Foundation (8%); Group Employees' Stockholding (6.3%)

 

 

 

Key Corporate Relationships

itor:

Deloitte & Touche LLP

 

Auditor:

Deloitte & Touche LLP

 

 

 

 

 

 

 

 

 

Corporate Family

Corporate Structure News:

 

HOSHIZAKI ELECTRIC CO.,LTD.

HOSHIZAKI ELECTRIC CO.,LTD. 
Total Corporate Family Members: 40 

 

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

HOSHIZAKI ELECTRIC CO.,LTD.

Parent

Toyoake-Shi

Japan

Miscellaneous Capital Goods

2,124.2

10,195

Hoshizaki Tokai K.K.

Subsidiary

Nagoya

Japan

Miscellaneous Capital Goods

 

640

Hoshizaki Kitakyu K.K.

Subsidiary

Fukuoka

Japan

Miscellaneous Capital Goods

 

400

Hoshizaki America, Inc.

Subsidiary

Peachtree City, GA

United States

Food Processing

175.0

350

Lancer Corporation

Subsidiary

San Antonio, TX

United States

Miscellaneous Capital Goods

124.2

1,188

Lancer International Sales Inc

Branch

San Antonio, TX

United States

Construction - Supplies and Fixtures

146.2

420

Lancer Corp

Branch

Roswell, GA

United States

Construction - Supplies and Fixtures

2.4

7

Hoshizaki America Inc

Branch

Griffin, GA

United States

Business Services

76.5

150

Hoshizaki America Inc

Branch

Cleveland, OH

United States

Business Services

2.6

5

Hoshizaki America Inc

Branch

Las Vegas, NV

United States

Business Services

0.6

5

Hoshizaki America Inc

Branch

Bohemia, NY

United States

Business Services

2.0

4

Lancer Corp

Branch

Eagle Pass, TX

United States

Miscellaneous Transportation

0.3

2

Gram Commercial A/S

Subsidiary

Vojens

Denmark

Miscellaneous Capital Goods

52.2

200

Gram Deutschland GmbH

Subsidiary

Sarstedt

Germany

Miscellaneous Capital Goods

11.2

200

Gram (UK) Ltd.

Subsidiary

Swanley

United Kingdom

Miscellaneous Capital Goods

4.6

15

Gram Commercial BV

Subsidiary

Almelo

Netherlands

Miscellaneous Capital Goods

 

 

Hoshizaki Europe B.V.

Subsidiary

Amsterdam

Netherlands

Miscellaneous Capital Goods

 

100

Hoshizaki Europe Ltd.

Subsidiary

Telford

United Kingdom

Personal Services

18.2

62

Hoshizaki Lancer Pty Ltd.

Subsidiary

Newington , NSW

Australia

Miscellaneous Capital Goods

12.6

60

Hoshizaki Europe Holdings B.V.

Subsidiary

Amsterdam

Netherlands

Miscellaneous Financial Services

 

20

Lancer Europe, S.A.

Subsidiary

Zaventem

Belgium

Beverages (Non-Alcoholic)

 

8

Gram Nederland B.V.

Subsidiary

Almelo, Overijssel

Netherlands

Construction and Agriculture Machinery

 

7

Hoshizaki Singapore Pte Ltd.

Subsidiary

Singapore

Singapore

Miscellaneous Capital Goods

 

7

Hoshizaki Shonan Co., Ltd.

Subsidiary

Yokohama, Kanagawa

Japan

Miscellaneous Capital Goods

94.0

 

Hoshizaki USA Holdings Inc.

Subsidiary

Peachtree City, GA

United States

Investment Services

 

 

Hoshizaki Kanto K.K.

Subsidiary

Tokyo

Japan

Miscellaneous Capital Goods

 

 

Sansei Electronics Co., Ltd.

Subsidiary

Tokyo

Japan

Electronic Instruments and Controls

 

 

Hoshizaki Hokushinetsu K.K.

Subsidiary

Kanazawa

Japan

Miscellaneous Capital Goods

 

 

Hoshizaki Tokyo K.K.

Subsidiary

Tokyo

Japan

Appliance and Tool

 

 

Hoshizaki Hokkaido K.K.

Subsidiary

Sapporo

Japan

Miscellaneous Capital Goods

 

 

Hoshizaki Kitakanto Co Ltd.

Subsidiary

Saitama

Japan

Miscellaneous Capital Goods

 

 

Hoshizaki Keihan K.K.

Subsidiary

Osaka

Japan

Miscellaneous Capital Goods

 

 

Hoshizaki Shikoku K.K.

Subsidiary

Takamatsu

Japan

Miscellaneous Capital Goods

 

 

Hoshizaki Nankyu K.K.

Subsidiary

Kagoshima

Japan

Miscellaneous Capital Goods

 

 

Hoshizaki Okinawa Co Ltd.

Subsidiary

Naha

Japan

Miscellaneous Capital Goods

 

 

Hoshizaki Suzhou Co., Ltd.

Subsidiary

Suzhou

China

Miscellaneous Capital Goods

 

 

Hoshizaki Tohoku K.K.

Subsidiary

Sendai, Miyagi

Japan

Appliance and Tool

 

 

NESTOR CO., LTD

Subsidiary

Obu

Japan

Appliance and Tool

 

 

Gram Commercial

Subsidiary

Malmo

Sweden

Appliance and Tool

 

 

Hoshizaki Shanghai Co., Ltd.

Subsidiary

Shanghai

China

Appliance and Tool

 

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Seishi Sakamoto

 

Chairman of the Board, Representative Director

Chairman

 

Biography

Mr. Seishi Sakamoto has been serving as Chairman of the Board and Representative Director in HOSHIZAKI ELECTRIC CO., LTD. since March 2011. He joined the Company in March 1959. His previous titles include Senior Managing Director and President in the Company. He used to serve as Chairman of the Board, President and Representative Director in a subsidiary that is under the new name, Nestor, Representative Director in other five subsidiaries, Managing Director in other three subsidiaries, including HOSHIZAKI EUROPE LIMITED, HOSHIZAKI SINGAPORE PTE LTD and Hoshizaki Europe Holdings B.V., and Chairman of the Board in two China-based subsidiaries, as well as Representative Director in other two companies.

 


Age: 75

 

Sumio Aoi

 

Board Member

Director/Board Member

 

 

Masami Hongo

 

Managing Director

Director/Board Member

 

 

Biography

Mr. Masami Hongo has been serving as Managing Director in HOSHIZAKI ELECTRIC CO., LTD. since March 2007. He joined the Company in May 2006. His previous titles include Chief Director of Administration and Director in the Company. He used to work for Eiden Co.,Ltd.

 


Age: 59

 

Hideki Kawai

 

Director of Central Research Institute, Director

Director/Board Member

 

 

Biography

Mr. Hideki Kawai has been serving as Director of Central Research Institute and Director in HOSHIZAKI ELECTRIC CO., LTD. since February 2012. He joined the Company in April 2009 and previously served as Director of 1st Design in the Company. He used to work for Panasonic Corporation.

 


Age: 57

 

Yasuhiro Kobayashi

 

Director of Accounting, Director

Director/Board Member

 

 

Biography

Mr. Yasuhiro Kobayashi has been Director of Accounting and Director in HOSHIZAKI ELECTRIC CO.,LTD. since March 2012. He joined the Company in September 2008 and previously served as Manager of Business Planning Office in the Company. He used to work for Alpen Co., Ltd.

 


Age: 45

 

Satoru Maruyama

 

Director of Sales in Main Sales Unit, Director

Director/Board Member

 

 

Biography

Mr. Satoru Maruyama has been serving as Director of Sales in Main Sales Unit and Director in HOSHIZAKI ELECTRIC CO., LTD. since March 2009. He is also serving as Representative Director in four subsidiaries. He used to serve as Representative Director in other two subsidiaries and work for another company, RECRUIT Co., Ltd.

 


Age: 51

 

Nobutaka Naruse

 

Senior Managing Director, Chairman of Subsidiaries

Director/Board Member

 

 

Biography

Mr. Nobutaka Naruse has been serving as Senior Managing Director in HOSHIZAKI ELECTRIC CO., LTD., as well as Chairman of the Board in two China-based subsidiaries, since May 2007. He joined the Company in March 1963. His previous titles include Manager of Central Research Institute, Manager of Headquarters Plant and Managing Director in the Company.

 


Age: 67

 

Eijiro Ogawa

 

Board Member

Director/Board Member

 

 

Keijiro Ogawa

 

Executive Director

Director/Board Member

 

 

Biography

Mr. Keijiro Ogawa has been serving as Executive Director in HOSHIZAKI ELECTRIC CO., LTD since March 2009. He is also in charge of Group Administration Unit in the Company. He joined the Company in April 1977. He used to work for other two companies.

 


Age: 58

 

Yukihiko Suzuki

 

President, Representative Director

Director/Board Member

 

 

Biography

Mr. Yukihiko Suzuki has been serving as President and Representaitve Director in HOSHIZAKI ELECTRIC CO., LTD. since March 2011. His previous titles include Vice President, Managing Director and Senior Managing Director in the Company. He used to serve as President, Chief Executive Officer and Director in two subsidiaries, HOSHIZAKI AMERICA,INC. and HOSHIZAKI USA HOLDINGS,INC., Chairman of the Board in other two subsidiaries, LANCER CORPORATION, GRAM COMMERCIAL A/S and a China-based subsidiary, Managing Director in other three subsidiaries, Hoshizaki Europe Holdings B.V., HOSHIZAKI EUROPE LIMITED and HOSHIZAKI SINGAPORE PTE LTD, Director in a subsidiary, LANCER CORPORATION and another company, LANCER ICE LINK, L.L.C., as well as Managing Director in another company. He obtained his Bachelor's degree in Foreign Language from the Nanzan University in March 1976.

 


Age: 58

 


Education:

Nanzan University, B (Foreign Languages)

 

Tsutomu Takahashi

 

Senior Director of Chain Store, Director

Director/Board Member

 

 

Biography

Mr. Tsutomu Takahashi has been serving as Senior Director of Chain Store and Director in HOSHIZAKI ELECTRIC CO., LTD. since June 2009. He previously served as Representative Director in a subsidiary, HOSHIZAKI TOKYO CO.,LTD. He used to work for another company.

 


Age: 56

 

Koichi Tokutome

 

Director

Director/Board Member

 

 

Yasuhiro Urata

 

Senior Managing Director

Director/Board Member

 

 

Biography

Mr. Yasuhiro Urata has been serving as Senior Managing Director in HOSHIZAKI ELECTRIC CO., LTD. since March 2007. He is also serving as Representative Director in six subsidiaries. He previously served as Managing Director in the Company. He used to serve as Representative Director in other eight subsidiaries, as well as Senior Managing Director in another company, and work for another company..

 


Age: 63

 

Haruo Watanabe

 

Executive Director

Director/Board Member

 

 

Biography

Mr. Haruo Watanabe has been serving as Executive Director in HOSHIZAKI ELECTRIC CO., LTD since May 2011. He is also in charge of Shimane Plant in the Company. He joined the Company in September 1969 and previously served as Director of Ice Maker Plant in the Company. He used to work for another company.

 


Age: 63

 

 

Executives

 

Name

Title

Function

 

Yukihiko Suzuki

 

President, Representative Director

President

 

Biography

Mr. Yukihiko Suzuki has been serving as President and Representaitve Director in HOSHIZAKI ELECTRIC CO., LTD. since March 2011. His previous titles include Vice President, Managing Director and Senior Managing Director in the Company. He used to serve as President, Chief Executive Officer and Director in two subsidiaries, HOSHIZAKI AMERICA,INC. and HOSHIZAKI USA HOLDINGS,INC., Chairman of the Board in other two subsidiaries, LANCER CORPORATION, GRAM COMMERCIAL A/S and a China-based subsidiary, Managing Director in other three subsidiaries, Hoshizaki Europe Holdings B.V., HOSHIZAKI EUROPE LIMITED and HOSHIZAKI SINGAPORE PTE LTD, Director in a subsidiary, LANCER CORPORATION and another company, LANCER ICE LINK, L.L.C., as well as Managing Director in another company. He obtained his Bachelor's degree in Foreign Language from the Nanzan University in March 1976.

 


Age: 58

 


Education:

Nanzan University, B (Foreign Languages)

 

Noboru Fuchigata

 

Managing Director-Business Development

Managing Director

 

 

Masami Hongo

 

Managing Director

Managing Director

 

 

Biography

Mr. Masami Hongo has been serving as Managing Director in HOSHIZAKI ELECTRIC CO., LTD. since March 2007. He joined the Company in May 2006. His previous titles include Chief Director of Administration and Director in the Company. He used to work for Eiden Co.,Ltd.

 


Age: 59

 

Nobutaka Naruse

 

Senior Managing Director, Chairman of Subsidiaries

Managing Director

 

 

Biography

Mr. Nobutaka Naruse has been serving as Senior Managing Director in HOSHIZAKI ELECTRIC CO., LTD., as well as Chairman of the Board in two China-based subsidiaries, since May 2007. He joined the Company in March 1963. His previous titles include Manager of Central Research Institute, Manager of Headquarters Plant and Managing Director in the Company.

 


Age: 67

 

Yoji Oikawa

 

Director-General Affairs

Managing Director

 

 

Yukihiko Urata

 

Managing Director

Managing Director

 

 

Yasuhiro Urata

 

Senior Managing Director

Managing Director

 

 

Biography

Mr. Yasuhiro Urata has been serving as Senior Managing Director in HOSHIZAKI ELECTRIC CO., LTD. since March 2007. He is also serving as Representative Director in six subsidiaries. He previously served as Managing Director in the Company. He used to serve as Representative Director in other eight subsidiaries, as well as Senior Managing Director in another company, and work for another company..

 


Age: 63

 

Makoto Tomita

 

Auditor

Finance Executive

 

 

Tomohiko Yanagisawa

 

Director-Information & Finance

Finance Executive

 

 

Hiromichi Kitagaito

 

Director-Accounting

Accounting Executive

 

 

Yasuhiro Kobayashi

 

Director of Accounting, Director

Accounting Executive

 

 

Biography

Mr. Yasuhiro Kobayashi has been Director of Accounting and Director in HOSHIZAKI ELECTRIC CO.,LTD. since March 2012. He joined the Company in September 2008 and previously served as Manager of Business Planning Office in the Company. He used to work for Alpen Co., Ltd.

 


Age: 45

 

Satoshi Hara

 

Director-Logistics & Sales

Sales Executive

 

 

Satoru Maruyama

 

Director of Sales in Main Sales Unit, Director

Sales Executive

 

 

Biography

Mr. Satoru Maruyama has been serving as Director of Sales in Main Sales Unit and Director in HOSHIZAKI ELECTRIC CO., LTD. since March 2009. He is also serving as Representative Director in four subsidiaries. He used to serve as Representative Director in other two subsidiaries and work for another company, RECRUIT Co., Ltd.

 


Age: 51

 

Yamashita Kaz

 

Director-International Marketing

International Executive

 

 

Chikai Aoi

 

Director-Technology & Quality

Engineering/Technical Executive

 

 

Hideki Kawai

 

Director of Central Research Institute, Director

Research & Development Executive

 

 

Biography

Mr. Hideki Kawai has been serving as Director of Central Research Institute and Director in HOSHIZAKI ELECTRIC CO., LTD. since February 2012. He joined the Company in April 2009 and previously served as Director of 1st Design in the Company. He used to work for Panasonic Corporation.

 


Age: 57

 

Yoshiak Kondo

 

Director-Quality

Quality Executive

 

 

 

 

Significant Developments

 

HOSHIZAKI ELECTRIC CO.,LTD. Establishes New Wholly Owned Subsidiary Mar 12, 2012

 

HOSHIZAKI ELECTRIC CO.,LTD. announced that it has completed the establish procedures of the Shanghai-based wholly owned subsidiary, Hoshizaki (China) Holdings Co., Ltd., which will be engaged in the investment management, business expansion and support in China market, on March 5, 2012.

 

HOSHIZAKI ELECTRIC CO.,LTD. Announces Dividend Payment for FY Ended December 2011 Feb 10, 2012

 

HOSHIZAKI ELECTRIC CO.,LTD. announced that it will issue dividend of JPY 30.00 per share, or JPY 2,163 million in total, effective March 14, 2012, in line with a forecast of JPY 30.00 per share announced on November 11, 2011, from retained earnings to shareholders as of December 31, 2011.

 

HOSHIZAKI ELECTRIC CO.,LTD. Amends FY 2011 Outlook Nov 11, 2011

 

HOSHIZAKI ELECTRIC CO.,LTD. announced that it has reaffirmed its consolidated full-year outlook for revenue of JPY 169,000 million, and raised its consolidated full-year outlook for operating profit from JPY 12,000 million to JPY 13,000 million, ordinary profit from JPY 12,600 million to JPY 12,800 million, net profit from JPY 7,200 million to JPY 7,300 million and earning per share from JPY 99.92 to JPY 101.29 for the fiscal year ending December 31, 2011. This is due to the increased sale of refrigerator for business use, as well as the decreased selling and general administrative expenses, and the cost prices. According to I/B/E/S Estimates, analysts on average are expecting the Company to report full-year revenue of JPY 169.00 billion and net profit of JPY 8.70 billion.

 

HOSHIZAKI ELECTRIC CO.,LTD. Amends Consolidated Mid-year Outlook for FY Ending December 2011 Jul 29, 2011

 

HOSHIZAKI ELECTRIC CO.,LTD. announced that it has lowered its consolidated mid-year outlook for revenue from JPY 85,000 million to JPY 84,450 million, and raised its consolidated mid-year outlook for operating profit from JPY 6,500 million to JPY 7,400 million, ordinary profit from JPY 6,700 million to JPY 7,550 million, net profit from JPY 3,800 million to JPY 4,250 million and earning per share from JPY 52.74 to JPY 58.97 for the fiscal year ending December 2011. This is due to the influence of earthquake, as well as the decreased selling and general administrative expenses.

 

HOSHIZAKI ELECTRIC CO.,LTD. to Establish New Wholly Owned Subsidiary Jul 15, 2011

 

HOSHIZAKI ELECTRIC CO.,LTD. announced that it will establish a new wholly owned subsidiary, which will be engaged in the investment management, business expansion and support in China market, in Shanghai, China, in December 2011.

 

 

 

Annual Income Statement

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
30-Jun-2008

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

79.698224

87.789317

93.619712

103.395546

117.767199

Auditor

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

2,124.2

1,929.4

1,712.2

1,646.9

1,514.7

Revenue

2,124.2

1,929.4

1,712.2

1,646.9

1,514.7

Total Revenue

2,124.2

1,929.4

1,712.2

1,646.9

1,514.7

 

 

 

 

 

 

    Cost of Revenue

1,305.1

1,194.2

1,078.1

1,048.9

979.6

Cost of Revenue, Total

1,305.1

1,194.2

1,078.1

1,048.9

979.6

Gross Profit

819.2

735.2

634.1

598.0

535.0

 

 

 

 

 

 

    Selling/General/Administrative Expense

313.5

280.7

263.8

250.4

223.8

    Labor & Related Expense

306.6

275.2

256.2

237.7

209.3

Total Selling/General/Administrative Expenses

620.1

555.9

520.0

488.1

433.2

Research & Development

25.8

21.6

20.7

19.3

18.9

    Litigation

0.0

-14.1

0.0

-

-

    Impairment-Assets Held for Use

0.8

1.6

6.1

1.9

2.2

    Impairment-Assets Held for Sale

0.0

2.6

1.8

1.0

0.0

    Other Unusual Expense (Income)

2.2

0.1

-1.5

0.4

13.8

Unusual Expense (Income)

2.9

-9.8

6.4

3.3

16.0

Total Operating Expense

1,953.9

1,761.9

1,625.2

1,559.6

1,447.7

 

 

 

 

 

 

Operating Income

170.3

167.5

86.9

87.2

67.0

 

 

 

 

 

 

        Interest Expense - Non-Operating

-

-

-

-

0.0

    Interest Expense, Net Non-Operating

-

-

-

-

0.0

        Interest Income - Non-Operating

3.2

2.8

2.4

4.1

3.7

        Investment Income - Non-Operating

-5.5

-13.3

2.5

-28.3

-5.6

    Interest/Investment Income - Non-Operating

-2.3

-10.5

4.9

-24.2

-2.0

Interest Income (Expense) - Net Non-Operating Total

-2.3

-10.5

4.9

-24.2

-2.0

Gain (Loss) on Sale of Assets

0.1

0.0

0.1

0.1

1.4

    Other Non-Operating Income (Expense)

1.6

1.5

2.7

2.7

2.0

Other, Net

1.6

1.5

2.7

2.7

2.0

Income Before Tax

169.7

158.6

94.7

65.9

68.4

 

 

 

 

 

 

Total Income Tax

79.2

57.4

42.4

25.2

38.3

Income After Tax

90.5

101.2

52.3

40.7

30.1

 

 

 

 

 

 

    Minority Interest

0.1

0.0

0.0

-

-

Net Income Before Extraord Items

90.6

101.2

52.3

40.7

30.1

Net Income

90.6

101.2

52.3

40.7

30.1

 

 

 

 

 

 

    Miscellaneous Earnings Adjustment

0.0

0.0

0.0

-

-

Total Adjustments to Net Income

0.0

0.0

0.0

-

-

Income Available to Common Excl Extraord Items

90.6

101.2

52.3

40.7

30.1

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

90.6

101.2

52.3

40.7

30.1

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

72.1

72.1

72.1

64.0

61.6

Basic EPS Excl Extraord Items

1.26

1.40

0.73

0.64

0.49

Basic/Primary EPS Incl Extraord Items

1.26

1.40

0.73

0.64

0.49

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

90.6

101.2

52.3

40.7

30.1

Diluted Weighted Average Shares

72.2

72.1

72.1

64.0

61.6

Diluted EPS Excl Extraord Items

1.26

1.40

0.73

0.64

0.49

Diluted EPS Incl Extraord Items

1.26

1.40

0.73

0.64

0.49

Dividends per Share - Common Stock Primary Issue

0.38

0.34

0.21

0.19

0.17

Gross Dividends - Common Stock

27.1

24.6

15.4

13.9

10.8

Interest Expense, Supplemental

-

-

-

-

0.0

Depreciation, Supplemental

52.6

48.9

45.1

37.8

34.6

Total Special Items

20.9

8.8

24.7

19.5

29.2

Normalized Income Before Tax

190.6

167.3

119.4

85.3

97.6

 

 

 

 

 

 

Effect of Special Items on Income Taxes

1.3

-3.5

2.8

1.2

8.2

Inc Tax Ex Impact of Sp Items

80.5

53.8

45.2

26.4

46.4

Normalized Income After Tax

110.1

113.5

74.2

58.9

51.2

 

 

 

 

 

 

Normalized Inc. Avail to Com.

110.1

113.5

74.2

58.9

51.2

 

 

 

 

 

 

Basic Normalized EPS

1.53

1.58

1.03

0.92

0.83

Diluted Normalized EPS

1.53

1.57

1.03

0.92

0.83

Amort of Acquisition Costs, Supplemental

18.1

18.6

18.4

16.2

14.6

Research & Development Exp, Supplemental

44.4

39.5

37.0

35.3

18.9

Reported Operating Profit

173.3

157.7

93.3

90.6

83.0

Reported Ordinary Profit

172.5

148.7

101.0

69.1

82.9

Normalized EBIT

173.3

157.7

93.3

90.6

83.0

Normalized EBITDA

244.0

225.2

156.8

144.6

132.2

Interest Cost - Domestic

5.2

4.5

5.4

4.6

3.8

Service Cost - Domestic

16.3

14.4

16.9

15.8

13.5

Prior Service Cost - Domestic

-3.4

-3.1

-0.7

0.0

-

Expected Return on Assets - Domestic

-2.4

-2.0

-1.7

-0.6

-0.5

Actuarial Gains and Losses - Domestic

5.8

5.1

4.8

3.2

2.7

Transition Costs - Domestic

-

-

-1.6

-

-

Domestic Pension Plan Expense

21.5

19.0

23.1

23.1

19.5

Defined Contribution Expense - Domestic

8.4

5.4

2.0

-

-

Total Pension Expense

29.9

24.3

25.2

23.1

19.5

Discount Rate - Domestic

2.00%

2.00%

2.00%

2.00%

2.00%

Expected Rate of Return - Domestic

2.50%

2.50%

2.50%

1.00%

1.00%

Total Plan Interest Cost

5.2

4.5

5.4

4.6

3.8

Total Plan Service Cost

16.3

14.4

16.9

15.8

13.5

Total Plan Expected Return

-2.4

-2.0

-1.7

-0.6

-0.5

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
30-Jun-2008

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate

76.94

81.105

93.095

90.65

111.715

Auditor

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

1,058.2

872.6

717.5

668.1

532.9

    Short Term Investments

83.3

106.6

35.3

3.1

2.4

Cash and Short Term Investments

1,141.5

979.1

752.8

671.2

535.3

        Accounts Receivable - Trade, Gross

221.8

202.3

159.2

175.8

163.7

        Provision for Doubtful Accounts

-1.1

-1.1

-1.5

-1.5

-1.5

    Trade Accounts Receivable - Net

220.8

201.2

157.6

174.3

162.2

Total Receivables, Net

220.8

201.2

157.6

174.3

162.2

    Inventories - Finished Goods

79.8

75.4

59.3

76.0

-

    Inventories - Work In Progress

24.3

23.9

21.0

20.2

-

    Inventories - Raw Materials

63.1

56.1

46.9

51.6

-

Total Inventory

167.2

155.3

127.2

147.9

131.1

    Deferred Income Tax - Current Asset

30.3

28.1

26.0

22.3

16.0

    Other Current Assets

27.7

29.3

33.0

41.9

39.3

Other Current Assets, Total

58.0

57.4

59.0

64.3

55.3

Total Current Assets

1,587.5

1,393.1

1,096.6

1,057.7

884.1

 

 

 

 

 

 

        Buildings

455.7

432.2

380.6

374.9

313.6

        Land/Improvements

201.7

191.7

166.6

170.2

138.6

        Machinery/Equipment

504.3

487.3

438.3

437.1

359.5

        Construction in Progress

16.6

8.0

6.4

13.0

5.4

        Leases

2.0

1.6

0.5

0.0

-

    Property/Plant/Equipment - Gross

1,180.3

1,120.8

992.3

995.3

817.1

    Accumulated Depreciation

-702.8

-659.4

-569.1

-556.4

-452.3

Property/Plant/Equipment - Net

477.5

461.3

423.1

438.9

364.8

Goodwill, Net

98.8

119.9

128.1

153.1

126.7

Intangibles, Net

79.4

81.7

74.7

67.8

28.7

    LT Investments - Other

0.0

22.5

40.1

21.1

19.6

Long Term Investments

0.0

22.5

40.1

21.1

19.6

Note Receivable - Long Term

-

0.0

0.7

0.7

0.7

    Deferred Income Tax - Long Term Asset

77.9

82.7

70.9

74.7

50.4

    Restricted Cash - Long Term

-

-

-

-

0.0

    Other Long Term Assets

87.0

73.5

60.0

100.3

85.0

Other Long Term Assets, Total

164.9

156.1

130.8

175.0

135.4

Total Assets

2,408.1

2,234.6

1,894.2

1,914.3

1,559.9

 

 

 

 

 

 

Accounts Payable

123.3

123.6

101.9

113.4

96.7

Accrued Expenses

28.7

27.5

21.1

22.6

19.9

Notes Payable/Short Term Debt

0.0

0.0

0.1

0.1

2.3

Current Portion - Long Term Debt/Capital Leases

-

0.0

0.1

0.0

-

    Customer Advances

192.6

188.4

169.6

181.6

150.3

    Income Taxes Payable

34.1

24.1

22.8

10.9

15.0

    Other Payables

129.9

118.1

86.2

95.8

84.4

    Deferred Income Tax - Current Liability

-

-

-

0.0

0.0

    Other Current Liabilities

168.8

158.6

153.0

159.6

130.2

Other Current liabilities, Total

525.4

489.2

431.5

447.8

380.0

Total Current Liabilities

677.4

640.3

554.6

583.9

499.0

 

 

 

 

 

 

    Long Term Debt

-

0.0

0.0

0.1

4.7

    Capital Lease Obligations

-

0.0

0.4

0.0

-

Total Long Term Debt

0.0

0.0

0.4

0.1

4.7

Total Debt

0.0

0.0

0.6

0.2

7.1

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

39.4

38.9

36.9

35.9

33.6

Deferred Income Tax

39.4

38.9

36.9

35.9

33.6

Minority Interest

1.5

1.6

-

-

-

    Reserves

3.5

3.2

2.6

0.0

-

    Pension Benefits - Underfunded

174.1

159.6

135.6

175.2

141.4

    Other Long Term Liabilities

26.2

32.6

36.5

5.2

4.5

Other Liabilities, Total

203.8

195.4

174.6

180.4

145.8

Total Liabilities

922.1

876.3

766.6

800.3

683.2

 

 

 

 

 

 

    Common Stock

101.5

95.9

83.5

85.7

42.4

Common Stock

101.5

95.9

83.5

85.7

42.4

Additional Paid-In Capital

186.3

176.3

153.5

157.7

100.8

Retained Earnings (Accumulated Deficit)

1,301.9

1,172.7

941.7

928.9

727.5

Unrealized Gain (Loss)

-2.3

-0.7

-1.2

-1.7

0.5

    Translation Adjustment

-101.5

-85.7

-49.9

-56.7

5.5

Other Equity, Total

-101.5

-85.7

-49.9

-56.7

5.5

Total Equity

1,486.0

1,358.4

1,127.5

1,114.0

876.7

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

2,408.1

2,234.6

1,894.1

1,914.3

1,559.9

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

72.1

72.1

72.1

72.1

63.4

Total Common Shares Outstanding

72.1

72.1

72.1

72.1

63.4

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

-

Employees

10,195

10,238

9,861

10,298

9,775

Number of Common Shareholders

3,089

3,298

3,805

7,912

-

Deferred Revenue - Current

192.6

188.4

169.6

181.6

150.3

Total Long Term Debt, Supplemental

-

0.0

0.1

0.2

4.8

Long Term Debt Maturing within 1 Year

-

0.0

0.1

0.1

0.1

Long Term Debt Maturing in Year 2

-

-

0.0

0.1

4.6

Long Term Debt Maturing in Year 3

-

-

0.0

0.0

0.1

Long Term Debt Maturing in Year 4

-

-

0.0

0.0

0.0

Long Term Debt Maturing in 2-3 Years

-

-

0.0

0.1

4.7

Long Term Debt Maturing in 4-5 Years

-

-

0.0

0.0

0.0

Long Term Debt Matur. in Year 6 & Beyond

-

0.0

0.0

0.0

0.0

Total Capital Leases, Supplemental

1.5

1.4

0.5

-

-

Capital Lease Payments Due in Year 1

0.5

0.4

0.1

-

-

Capital Lease Payments Due in Year 2

0.4

0.3

0.1

-

-

Capital Lease Payments Due in Year 3

0.4

0.3

0.1

-

-

Capital Lease Payments Due in Year 4

0.2

0.2

0.1

-

-

Capital Lease Payments Due in Year 5

0.0

0.1

0.1

-

-

Capital Lease Payments Due in 2-3 Years

0.8

0.6

0.2

-

-

Capital Lease Payments Due in 4-5 Years

0.2

0.3

0.2

-

-

Cap. Lease Pymts. Due in Year 6 & Beyond

0.1

0.0

0.0

-

-

Pension Obligation - Domestic

282.8

256.0

214.4

280.9

213.4

Plan Assets - Domestic

109.1

101.3

82.0

76.7

56.8

Funded Status - Domestic

-173.7

-154.7

-132.4

-204.2

-156.5

Total Funded Status

-173.7

-154.7

-132.4

-204.2

-156.5

Discount Rate - Domestic

2.00%

2.00%

2.00%

2.00%

2.00%

Expected Rate of Return - Domestic

2.50%

2.50%

2.50%

1.00%

1.00%

Accrued Liabilities - Domestic

-168.0

-154.5

-131.5

-170.7

-138.0

Other Assets, Net - Domestic

5.7

0.1

0.9

33.4

18.6

Net Assets Recognized on Balance Sheet

-162.3

-154.4

-130.5

-137.3

-119.4

Total Plan Obligations

282.8

256.0

214.4

280.9

213.4

Total Plan Assets

109.1

101.3

82.0

76.7

56.8

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
30-Jun-2008

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

79.698224

87.789317

93.619712

103.395546

117.767199

Auditor

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

169.7

158.6

94.6

65.9

68.4

    Depreciation

52.6

48.9

45.1

37.8

34.6

Depreciation/Depletion

52.6

48.9

45.1

37.8

34.6

    Amortization of Acquisition Costs

18.1

18.6

18.4

16.2

14.6

Amortization

18.1

18.6

18.4

16.2

14.6

    Unusual Items

0.0

-19.7

2.9

-2.4

16.7

    Equity in Net Earnings (Loss)

-

-

-

-

0.0

    Other Non-Cash Items

1.5

-2.2

-32.7

-3.3

3.9

Non-Cash Items

1.5

-21.9

-29.7

-5.7

20.5

    Accounts Receivable

-10.9

-24.1

12.8

21.6

-4.0

    Inventories

-7.5

-17.2

18.1

6.4

-9.5

    Accounts Payable

-5.7

22.6

19.8

-16.5

-2.9

    Accrued Expenses

1.6

1.4

-1.8

-1.2

0.0

    Taxes Payable

0.0

1.8

0.0

-

-

    Other Operating Cash Flow

-56.9

-43.2

-28.9

-38.6

-44.2

Changes in Working Capital

-79.4

-58.8

20.1

-28.4

-60.7

Cash from Operating Activities

162.6

145.3

148.5

85.8

77.5

 

 

 

 

 

 

    Purchase of Fixed Assets

-34.7

-25.9

-37.5

-32.5

-31.1

    Purchase/Acquisition of Intangibles

-5.4

-11.2

-18.0

-11.9

-1.9

Capital Expenditures

-40.2

-37.1

-55.5

-44.4

-33.1

    Acquisition of Business

0.0

-5.1

0.0

-78.3

0.0

    Sale of Fixed Assets

1.2

1.0

0.0

4.5

0.7

    Sale/Maturity of Investment

850.6

962.0

477.6

275.4

240.7

    Investment, Net

18.7

-25.1

-28.2

3.7

1.9

    Purchase of Investments

-907.9

-1,007.9

-619.5

-237.6

-255.0

    Other Investing Cash Flow

0.0

-1.1

0.2

-0.5

-0.9

Other Investing Cash Flow Items, Total

-37.4

-76.2

-169.9

-32.8

-12.6

Cash from Investing Activities

-77.5

-113.3

-225.3

-77.2

-45.7

 

 

 

 

 

 

    Other Financing Cash Flow

-0.1

1.3

-0.1

0.0

-

Financing Cash Flow Items

-0.1

1.3

-0.1

0.0

-

    Cash Dividends Paid - Common

-27.0

-16.4

-15.4

-12.3

-5.2

Total Cash Dividends Paid

-27.0

-16.4

-15.4

-12.3

-5.2

        Sale/Issuance of Common

-

-

0.0

57.8

21.1

    Common Stock, Net

-

-

0.0

57.8

21.1

    Options Exercised

1.0

0.0

-

-

-

Issuance (Retirement) of Stock, Net

1.0

0.0

0.0

57.8

21.1

    Short Term Debt, Net

-

-

0.0

-3.5

-0.4

        Long Term Debt Issued

-

-

-

-

0.0

        Long Term Debt Reduction

-0.5

0.0

0.0

-5.1

-1.0

    Long Term Debt, Net

-0.5

0.0

0.0

-5.1

-1.0

Issuance (Retirement) of Debt, Net

-0.5

0.0

0.0

-8.6

-1.5

Cash from Financing Activities

-26.6

-15.1

-15.5

37.0

14.4

 

 

 

 

 

 

Foreign Exchange Effects

-2.7

2.1

2.0

4.1

6.4

Net Change in Cash

55.7

18.9

-90.4

49.7

52.5

 

 

 

 

 

 

Net Cash - Beginning Balance

385.3

330.9

400.7

313.1

222.3

Net Cash - Ending Balance

441.0

349.8

310.3

362.8

274.9

Cash Interest Paid

0.0

0.1

0.2

0.2

0.5

Cash Taxes Paid

61.6

59.4

32.6

45.9

45.5

 

 

Annual Income Statement

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
30-Jun-2008

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

79.698224

87.789317

93.619712

103.395546

117.767199

Auditor

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net sales

2,124.2

1,929.4

1,712.2

1,646.9

1,514.7

Total Revenue

2,124.2

1,929.4

1,712.2

1,646.9

1,514.7

 

 

 

 

 

 

    Costs of goods sold

1,305.1

1,194.2

1,078.1

1,048.9

979.6

    Employee payrolls & bonuses

293.0

263.3

245.1

230.0

202.7

    Technique expenses

-

-

-

-

18.9

    Provision for bonuses

12.5

11.0

10.2

6.9

6.0

    Reserve for officers retirement

1.1

0.9

0.9

0.8

0.7

    Reserve for product warranty

9.7

9.3

11.5

9.1

8.7

    Provision for doubtful accounts(SGA)

-

-

1.0

0.5

0.7

    R & D expenses

25.8

21.6

20.7

19.3

-

    Other SGA expenses

303.8

271.4

251.3

240.8

214.5

    SP G on prior period adjustments

-

-

-

0.0

-2.2

    SP Reversal of product warranty

0.0

-3.0

-0.7

-0.1

-0.6

    SP G on reversal of directors' retire.

-

-

0.0

0.0

0.0

    SP Products warranties compens. received

-

-

-

0.0

-1.3

    SP Gains on settlements

0.0

-14.1

0.0

-

-

    SP Gain on end of retire. pension system

-

0.0

-1.6

0.0

-

    SP Other special gains

0.0

-0.2

-0.1

-0.1

-0.5

    SP L. on prior year's adjustment

-

-

-

0.0

1.8

    SP L. on retire. of fixed assets

0.8

1.0

0.9

1.5

2.2

    SP Assets impairment losses

-

0.6

5.2

0.4

0.0

    SP L on val. of LT inv't. secs.

0.0

2.6

1.8

1.0

0.0

    SP Reserve for contract loss

-

-

-

0.0

16.1

    SP Loss on disaster

1.8

0.0

-

-

-

    SP Lease assets withdrawal expense

0.0

3.1

0.0

-

-

    SP Other special losses

0.4

0.3

0.8

0.7

0.4

Total Operating Expense

1,953.9

1,761.9

1,625.2

1,559.6

1,447.7

 

 

 

 

 

 

    SP G on sale of fixed assets

0.1

0.0

0.1

0.1

0.0

    SP G on liquid. of liabilities

-

-

-

0.0

1.4

    NOP Interest income

3.2

2.8

2.4

4.1

3.7

    NOP Dividends received

-

-

-

-

0.0

    NOP Foreign exchange gains

-

0.0

2.5

0.0

0.0

    NOP Other non-operating income

5.0

4.3

5.1

6.2

4.1

    NOP Interest expenses

-

-

-

-

0.0

    NOP Donations

-

-

-

-

0.0

    NOP Equity losses

-

-

-

-

0.0

    NOP Foreign exchange losses

-5.5

-13.3

0.0

-28.3

-5.6

    NOP Contribution exp.

-

0.0

-0.6

-0.3

-

    NOP Other non-operating expenses

-3.4

-2.8

-1.8

-3.2

-2.1

Net Income Before Taxes

169.7

158.6

94.7

65.9

68.4

 

 

 

 

 

 

Provision for Income Taxes

79.2

57.4

42.4

25.2

38.3

Net Income After Taxes

90.5

101.2

52.3

40.7

30.1

 

 

 

 

 

 

    Minority interests in loss

0.1

0.0

0.0

-

-

Net Income Before Extra. Items

90.6

101.2

52.3

40.7

30.1

Net Income

90.6

101.2

52.3

40.7

30.1

 

 

 

 

 

 

    Adjustment

0.0

0.0

0.0

-

-

Income Available to Com Excl ExtraOrd

90.6

101.2

52.3

40.7

30.1

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

90.6

101.2

52.3

40.7

30.1

 

 

 

 

 

 

Basic Weighted Average Shares

72.1

72.1

72.1

64.0

61.6

Basic EPS Excluding ExtraOrdinary Items

1.26

1.40

0.73

0.64

0.49

Basic EPS Including ExtraOrdinary Items

1.26

1.40

0.73

0.64

0.49

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

90.6

101.2

52.3

40.7

30.1

Diluted Weighted Average Shares

72.2

72.1

72.1

64.0

61.6

Diluted EPS Excluding ExtraOrd Items

1.26

1.40

0.73

0.64

0.49

Diluted EPS Including ExtraOrd Items

1.26

1.40

0.73

0.64

0.49

DPS-Common Stock

0.38

0.34

0.21

0.19

0.17

Gross Dividends - Common Stock

27.1

24.6

15.4

13.9

10.8

Normalized Income Before Taxes

190.6

167.3

119.4

85.3

97.6

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

80.5

53.8

45.2

26.4

46.4

Normalized Income After Taxes

110.1

113.5

74.2

58.9

51.2

 

 

 

 

 

 

Normalized Inc. Avail to Com.

110.1

113.5

74.2

58.9

51.2

 

 

 

 

 

 

Basic Normalized EPS

1.53

1.58

1.03

0.92

0.83

Diluted Normalized EPS

1.53

1.57

1.03

0.92

0.83

Depreciation Expense

52.6

48.9

45.1

37.8

34.6

Amortization of goodwill

18.1

18.6

18.4

16.2

14.6

Interest Expense

-

-

-

-

0.0

Research & Development Exp.(SGA)

25.8

21.6

20.7

19.3

18.9

Research & Development Exp.(COGS)

18.6

17.9

16.3

16.0

-

Reported Operating Profit

173.3

157.7

93.3

90.6

83.0

Reported Ordinary Profit

172.5

148.7

101.0

69.1

82.9

Service Cost

16.3

14.4

16.9

15.8

13.5

Interest Cost

5.2

4.5

5.4

4.6

3.8

Expected Return on Plan Assets

-2.4

-2.0

-1.7

-0.6

-0.5

Actuarial Gains and Losses

5.8

5.1

4.8

3.2

2.7

Prior Service Cost - Domestic

-3.4

-3.1

-0.7

0.0

-

Transition Costs

-

-

-1.6

-

-

Domestic Pension Plan Expense

21.5

19.0

23.1

23.1

19.5

Defined Contribution Expense

8.4

5.4

2.0

-

-

Total Pension Expense

29.9

24.3

25.2

23.1

19.5

Discount Rate

2.00%

2.00%

2.00%

2.00%

2.00%

Expected Rate of Return

2.50%

2.50%

2.50%

1.00%

1.00%

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
30-Jun-2008

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate

76.94

81.105

93.095

90.65

111.715

Auditor

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & deposits

1,058.2

872.6

717.5

668.1

532.9

    Accounts & notes receivable, gross

221.8

202.3

159.2

175.8

163.7

    Marketable securities

83.3

106.6

35.3

3.1

2.4

    Inventories

-

-

-

-

131.1

    Inventories - merchan. & finished goods

79.8

75.4

59.3

76.0

-

    Inventories - work-in-process

24.3

23.9

21.0

20.2

-

    Inventories - raw materials & supplies

63.1

56.1

46.9

51.6

-

    Deferred income taxes (current)

30.3

28.1

26.0

22.3

16.0

    Current assets other

27.7

29.3

33.0

41.9

39.3

    Allow.doubt.accounts (current)

-1.1

-1.1

-1.5

-1.5

-1.5

Total Current Assets

1,587.5

1,393.1

1,096.6

1,057.7

884.1

 

 

 

 

 

 

    Buildings & structures, gross

455.7

432.2

380.6

374.9

313.6

    Accum. depr - bldg&struc

-270.1

-246.2

-206.9

-202.2

-161.1

    Machineries, equip., & vehicle, gross

278.8

273.9

248.0

247.8

208.2

    Accum. depr - machin&vehicles

-229.0

-222.1

-196.0

-193.8

-162.7

    Tools, furniture, & fixtures, gross

225.4

213.5

190.3

189.3

151.3

    Accum. depr - tools, furn, fixtur

-203.0

-190.9

-166.3

-160.4

-128.5

    Land

201.7

191.7

166.6

170.2

138.6

    Lease assets, gross

2.0

1.6

0.5

0.0

-

    Accum. depr - lease assets

-0.6

-0.3

0.0

0.0

-

    Construction-in-progress

16.6

8.0

6.4

13.0

5.4

    Goodwill

98.8

119.9

128.1

153.1

126.7

    Other intangible assets

79.4

81.7

74.7

67.8

28.7

    Long-term investment in securities

0.0

22.5

31.3

12.0

10.7

    Money held in trusts

-

0.0

8.7

9.0

8.9

    Long-term loans

-

0.0

0.7

0.7

0.7

    Deferred inc. taxes (non-current)

77.9

82.7

70.9

74.7

50.4

    LT deposit

-

-

-

-

0.0

    Other Assets

89.0

75.6

62.1

102.4

87.2

    Allow.doubt.accounts (non-current)

-2.0

-2.1

-2.1

-2.1

-2.2

    Adjustment

-

-

-

0.0

-

Total Assets

2,408.1

2,234.6

1,894.2

1,914.3

1,559.9

 

 

 

 

 

 

    Trade accounts & notes payable

123.3

123.6

101.9

113.4

96.7

    Short-term borrowings

-

0.0

0.1

0.1

2.3

    Other accounts payable

129.9

118.1

86.2

95.8

84.4

    Current, lease liability

-

0.0

0.1

0.0

-

    Income taxes payable

34.1

24.1

22.8

10.9

15.0

    Consumption taxes payable

-

-

-

-

0.0

    Deferred tax liabilities (current)

-

-

-

0.0

0.0

    Advanced received

192.6

188.4

169.6

181.6

150.3

    Reserve for bonuses

28.7

27.5

21.1

22.6

19.9

    Reserve for directors' bonuses

-

-

-

-

0.0

    Reserve for product warranties

11.3

10.4

12.6

10.8

9.2

    Reserve for contract loss

-

0.0

10.6

15.1

15.6

    Other current liabilities

157.5

148.2

129.8

133.7

105.4

Total Current Liabilities

677.4

640.3

554.6

583.9

499.0

 

 

 

 

 

 

    Straight bonds

-

-

-

0.0

4.5

    Lease liability

-

0.0

0.4

0.0

-

    LT borrowings

-

0.0

0.0

0.1

0.2

Total Long Term Debt

-

0.0

0.4

0.1

4.7

 

 

 

 

 

 

    Deferred tax liabilities (non-current)

39.4

38.9

36.9

35.9

33.6

    Reserve for accrued retirement benefit

168.0

154.5

131.5

170.7

138.0

    Reserve for officers' retirement

6.1

5.0

4.1

4.4

3.4

    Reserve for product warranty

3.5

3.2

2.6

0.0

-

    Negative goodwill

-

0.0

0.7

1.1

1.2

    Impairment for Leased Asset Account

-

0.0

0.2

0.3

0.5

    Other LT liabilities

26.2

32.6

35.6

3.8

2.8

    Minority interests

1.5

1.6

-

-

-

Total Liabilities

922.1

876.3

766.6

800.3

683.2

 

 

 

 

 

 

    Common stock

101.5

95.9

83.5

85.7

42.4

    Capital surplus

186.3

176.3

153.5

157.7

100.8

    Retained surplus

1,301.9

1,172.7

941.7

928.9

727.5

    Reserve by val. of investment sec.

-2.3

-0.7

-1.2

-1.7

0.5

    Cumulative translation adjustments

-101.5

-85.7

-49.9

-56.7

5.5

Total Equity

1,486.0

1,358.4

1,127.5

1,114.0

876.7

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

2,408.1

2,234.6

1,894.1

1,914.3

1,559.9

 

 

 

 

 

 

    S/O-Common Stock

72.1

72.1

72.1

72.1

63.4

Total Common Shares Outstanding

72.1

72.1

72.1

72.1

63.4

T/S-Common Stock

0.0

0.0

0.0

0.0

-

Advanced received

192.6

188.4

169.6

181.6

150.3

Full-Time Employees

10,195

10,238

9,861

10,298

9,775

Number of Common Shareholders

3,089

3,298

3,805

7,912

-

Long term debt & bond maturing < 1 year

-

0.0

0.1

0.1

0.1

Long term debt & bond maturing < 2 years

-

-

0.0

0.1

4.6

Long term debt & bond maturing < 3 years

-

-

0.0

0.0

0.1

Long term debt & bond maturing < 4 years

-

-

0.0

0.0

0.0

Long term debt & bond maturing > 5 years

-

-

0.0

0.0

0.0

Long term remaining maturities

-

-

0.0

0.0

-

Total Long Term Debt, Supplemental

-

0.0

0.1

0.2

4.8

Capital Lease Payments Due within 1 Year

0.5

0.4

0.1

-

-

Capital Lease Payments Due within 2 Year

0.4

0.3

0.1

-

-

Capital Lease Payments Due within 3 Year

0.4

0.3

0.1

-

-

Capital Lease Payments Due within 4 Year

0.2

0.2

0.1

-

-

Capital Lease Payments Due within 5 Year

0.0

0.1

0.1

-

-

Capital Leases - Remaining

0.1

0.0

0.0

-

-

Total Capital Leases, Supplemental

1.5

1.4

0.5

-

-

Pension Obligation

282.8

256.0

214.4

280.9

213.4

Fair Value of Plan Assets

109.1

101.3

82.0

76.7

56.8

Funded Status

-173.7

-154.7

-132.4

-204.2

-156.5

Total Funded Status

-173.7

-154.7

-132.4

-204.2

-156.5

Discount Rate

2.00%

2.00%

2.00%

2.00%

2.00%

Expected Rate of Return

2.50%

2.50%

2.50%

1.00%

1.00%

Unrecognized Actuarial Gains and Losses

33.3

29.6

29.6

33.4

18.6

Unrecognized Prior Service Cost

-27.6

-29.5

-28.6

0.0

0.0

Reserve for Accrued Retirement Benefits

-168.0

-154.5

-131.5

-170.7

-138.0

Net Assets Recognized on Balance Sheet

-162.3

-154.4

-130.5

-137.3

-119.4

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
30-Jun-2008

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

79.698224

87.789317

93.619712

103.395546

117.767199

Auditor

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income Before Tax

169.7

158.6

94.6

65.9

68.4

    Depreciation

52.6

48.9

45.1

37.8

34.6

    Impairment losses on assets

-

0.0

5.2

0.0

0.0

    Amortization of goodwill

18.1

18.6

18.4

16.2

14.6

    Equity gains/loss

-

-

-

-

0.0

    Reserve for retirement benefits

4.9

3.4

-34.6

0.6

9.4

    Reserve for bonuses

0.0

3.3

0.0

-1.2

0.0

    Reserve for dir.'s retire. bonuse

-

-

-

-

0.0

    Reserve for products guarantees

0.0

-2.6

4.5

0.2

-2.0

    Reserve for doubtful accounts

-

-

-

-

0.0

    Reserve for contract loss

0.0

-11.2

-4.0

-3.7

14.8

    Reversal of int.& dividends rcvd.

-3.3

-3.0

-2.6

-4.2

-3.8

    Reversal of interest expenses

-

-

0.0

0.2

0.3

    G/L on the sale of fixed assets

-

-

-

-

0.0

    Loss on retire. of fixed assets

-

-

0.0

1.5

2.2

    G/L on val. of LT inv't secs.

0.0

2.6

1.8

0.0

-

    G-Impairment for Leased Asset Account

-

-

0.0

-0.2

-0.3

    Settlement charge received

0.0

-14.1

0.0

-

-

    Lease assets withdrawal expense

0.0

3.1

0.0

-

-

    (Inc) Dec accounts receivable

-10.9

-24.1

12.8

21.6

-4.0

    (Inc) Dec inventories

-7.5

-17.2

18.1

6.4

-9.5

    Inc (Dec) in acts & notes payable

-4.7

13.1

-7.0

-9.1

-7.9

    Inc (Dec) other payables

5.9

16.8

-4.4

-7.4

5.0

    Inc (Dec) accrued expenses

1.6

-1.9

-1.8

0.0

-

    Inc (Dec) sales tax payables

0.0

1.8

0.0

-

-

    Inc (Dec) LT other payables

-6.9

-7.3

31.2

0.0

-

    Other operating activities

1.2

2.1

1.3

3.5

-2.0

    Int & div.received(cash basis)

3.6

3.2

2.7

4.1

3.8

    Interest paid (cash basis)

0.0

-0.1

-0.2

-0.2

-0.5

    Settlement charge received

0.0

14.1

0.0

-

-

    Lease assets withdrawal expense

0.0

-3.1

0.0

-

-

    Income taxes paid

-61.6

-59.4

-32.6

-45.9

-45.5

    Increase due to newly consol. subs.

-

-

-

-

0.0

    Adjustment

-

0.0

-

-

0.0

Cash from Operating Activities

162.6

145.3

148.5

85.8

77.5

 

 

 

 

 

 

    Time deposit made

-862.6

-958.3

-598.1

-237.6

-255.0

    Time deposit matured

783.8

939.2

477.6

275.4

240.7

    Marketable secs., net

18.7

-25.9

-32.0

0.0

-

    Capital expenditure

-34.7

-25.9

-37.5

-32.5

-31.1

    Sale of PPE

1.2

1.0

0.0

4.5

0.7

    Purchase of intangible assets

-5.4

-11.2

-18.0

-11.9

-1.9

    Purchase of LT inv't in sec.

-45.3

-49.6

-21.4

0.0

-

    Purchase of subs.' securities

-

-

0.0

-78.3

0.0

    Redempt.LT inv't in sec.

66.9

22.8

0.0

-

-

    Trust rights

0.0

0.9

3.9

3.7

1.9

    Purchase of business

0.0

-5.1

0.0

-

-

    Other investment activities

0.0

-1.1

0.2

-0.5

-0.9

Cash from Investing Activities

-77.5

-113.3

-225.3

-77.2

-45.7

 

 

 

 

 

 

    Change in short-term debt, net

-

-

0.0

-3.5

-0.4

    LT debts, repaid

-

-

0.0

-0.3

-1.0

    Bond issued

-

-

-

-

0.0

    Bond redemption

-

-

0.0

-4.8

0.0

    Repayments of lease obligations

-0.5

0.0

-

-

-

    Stocks issued

-

-

0.0

57.8

21.1

    Cash dividends paid

-27.0

-16.4

-15.4

-12.3

-5.2

    Exercise of stock option

1.0

0.0

-

-

-

    Proceed from minorities' payment

0.0

1.5

0.0

-

-

    Other, net

-0.1

-0.3

-0.1

0.0

-

Cash from Financing Activities

-26.6

-15.1

-15.5

37.0

14.4

 

 

 

 

 

 

Foreign Exchange Effects

-2.7

2.1

2.0

4.1

6.4

Net Change in Cash

55.7

18.9

-90.4

49.7

52.5

 

 

 

 

 

 

Net Cash-Beginning Balance

385.3

330.9

400.7

313.1

222.3

Net Cash-Ending Balance

441.0

349.8

310.3

362.8

274.9

    Cash Interest Paid

0.0

0.1

0.2

0.2

0.5

    Cash Taxes Paid

61.6

59.4

32.6

45.9

45.5

 

 

Financial Health

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

Key Indicators USD (mil)

 

Quarter
Ending
31-Mar-2012

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2011

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

542.0

5.04%

2,124.2

-0.05%

-0.19%

14.30%

Research & Development1

-

-

25.8

8.65%

1.01%

14.23%

Operating Income1

45.5

27.70%

170.3

-7.68%

14.59%

30.07%

Income Available to Common Excl Extraord Items1

31.0

37.56%

90.6

-18.73%

19.71%

30.07%

Basic EPS Excl Extraord Items1

0.43

37.45%

1.26

-18.76%

15.04%

25.99%

Capital Expenditures2

40.2

-1.81%

40.2

-1.81%

-11.32%

11.55%

Cash from Operating Activities2

162.6

1.58%

162.6

1.58%

13.45%

30.89%

Free Cash Flow

126.8

2.75%

126.8

2.75%

31.58%

45.04%

Total Assets3

2,320.0

4.23%

2,408.1

2.23%

2.21%

1.92%

Total Liabilities3

911.8

3.01%

922.1

-0.17%

-0.74%

-1.22%

Total Long Term Debt3

0.0

-

0.0

-

-

-

Employees3

-

-

10195

-0.42%

-0.33%

1.00%

Total Common Shares Outstanding3

72.1

0.07%

72.1

0.09%

0.03%

3.25%

1-ExchangeRate: JPY to USD Average for Period

79.208816

 

79.698224

 

 

 

2-ExchangeRate: JPY to USD Average for Period

79.698224

 

79.698224

 

 

 

3-ExchangeRate: JPY to USD Period End Date

82.385362

 

76.940000

 

 

 

Key Ratios

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Profitability

Gross Margin

38.56%

38.10%

37.03%

36.31%

35.32%

Operating Margin

8.02%

8.68%

5.08%

5.30%

4.42%

Pretax Margin

7.99%

8.22%

5.53%

4.00%

4.51%

Net Profit Margin

4.26%

5.25%

3.05%

2.47%

1.99%

Financial Strength

Current Ratio

2.34

2.18

1.98

1.81

1.77

Long Term Debt/Equity

0.00

0.00

0.00

0.00

0.01

Total Debt/Equity

0.00

0.00

0.00

0.00

0.01

Management Effectiveness

Return on Assets

3.94%

4.97%

2.80%

2.42%

2.07%

Return on Equity

6.43%

8.26%

4.75%

4.23%

3.71%

Efficiency

Receivables Turnover

10.17

10.93

10.52

10.04

9.93

Inventory Turnover

8.17

8.58

7.99

7.73

8.11

Asset Turnover

0.92

0.95

0.92

0.98

1.04

Market Valuation USD (mil)

P/E (TTM)

17.61

.

Enterprise Value2

654.9

Price/Sales (TTM)

0.81

.

Enterprise Value/Revenue (TTM)

0.31

Price/Book (MRQ)

1.20

.

Enterprise Value/EBITDA (TTM)

2.70

Market Cap as of 01-Jun-20121

 

.

 

 

1-ExchangeRate: JPY to USD on 1-Jun-2012

 

 

 

 

2-ExchangeRate: JPY to USD on 31-Mar-2012

82.385362

 

 

 

 

 

Annual Ratios

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Financial Strength

Current Ratio

2.34

2.18

1.98

1.81

1.77

Quick/Acid Test Ratio

2.01

1.84

1.64

1.45

1.40

Working Capital1

910.1

752.8

542.0

473.8

385.1

Long Term Debt/Equity

0.00

0.00

0.00

0.00

0.01

Total Debt/Equity

0.00

0.00

0.00

0.00

0.01

Long Term Debt/Total Capital

0.00

0.00

0.00

0.00

0.01

Total Debt/Total Capital

0.00

0.00

0.00

0.00

0.01

Payout Ratio

29.95%

24.33%

29.43%

30.40%

34.74%

Effective Tax Rate

46.67%

36.19%

44.74%

38.19%

55.97%

Total Capital1

1,486.0

1,358.4

1,128.1

1,114.2

883.8

 

 

 

 

 

 

Efficiency

Asset Turnover

0.92

0.95

0.92

0.98

1.04

Inventory Turnover

8.17

8.58

7.99

7.73

8.11

Days In Inventory

44.68

42.54

45.66

47.22

45.00

Receivables Turnover

10.17

10.93

10.52

10.04

9.93

Days Receivables Outstanding

35.90

33.40

34.70

36.36

36.76

Revenue/Employee2

215,829

203,984

174,607

182,409

163,349

Operating Income/Employee2

17,305

17,708

8,867

9,663

7,227

EBITDA/Employee2

22,653

22,876

13,465

13,848

10,960

 

 

 

 

 

 

Profitability

Gross Margin

38.56%

38.10%

37.03%

36.31%

35.32%

Operating Margin

8.02%

8.68%

5.08%

5.30%

4.42%

EBITDA Margin

10.50%

11.21%

7.71%

7.59%

6.71%

EBIT Margin

8.02%

8.68%

5.08%

5.30%

4.42%

Pretax Margin

7.99%

8.22%

5.53%

4.00%

4.51%

Net Profit Margin

4.26%

5.25%

3.05%

2.47%

1.99%

R&D Expense/Revenue

1.22%

1.12%

1.21%

1.17%

1.25%

COGS/Revenue

61.44%

61.90%

62.97%

63.69%

64.68%

SG&A Expense/Revenue

29.19%

28.81%

30.37%

29.64%

28.60%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

3.94%

4.97%

2.80%

2.42%

2.07%

Return on Equity

6.43%

8.26%

4.75%

4.23%

3.71%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

1.76

1.62

1.30

0.66

0.74

Operating Cash Flow/Share 2

2.33

2.18

2.07

1.36

1.29

1-ExchangeRate: JPY to USD Period End Date

76.94

81.105

93.095

90.65

111.715

2-ExchangeRate: JPY to USD Average for Period

76.94

81.105

93.095

90.65

111.715

 

Current Market Multiples

Market Cap/Earnings (TTM)

17.61

Market Cap/Equity (MRQ)

1.20

Market Cap/Revenue (TTM)

0.81

Market Cap/EBIT (TTM)

9.67

Market Cap/EBITDA (TTM)

6.95

Enterprise Value/Earnings (TTM)

6.85

Enterprise Value/Equity (MRQ)

0.47

Enterprise Value/Revenue (TTM)

0.31

Enterprise Value/EBIT (TTM)

3.76

Enterprise Value/EBITDA (TTM)

2.70

 

 

 

 

Annual Income Statement

Standardized

 

Financials in: USD (mil)                                                                

Except for share items (millions) and per share items (actual units)  

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
30-Jun-2008

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

79.698224

87.789317

93.619712

103.395546

117.767199

Auditor

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

2,124.2

1,929.4

1,712.2

1,646.9

1,514.7

Revenue

2,124.2

1,929.4

1,712.2

1,646.9

1,514.7

Total Revenue

2,124.2

1,929.4

1,712.2

1,646.9

1,514.7

 

 

 

 

 

 

    Cost of Revenue

1,305.1

1,194.2

1,078.1

1,048.9

979.6

Cost of Revenue, Total

1,305.1

1,194.2

1,078.1

1,048.9

979.6

Gross Profit

819.2

735.2

634.1

598.0

535.0

 

 

 

 

 

 

    Selling/General/Administrative Expense

313.5

280.7

263.8

250.4

223.8

    Labor & Related Expense

306.6

275.2

256.2

237.7

209.3

Total Selling/General/Administrative Expenses

620.1

555.9

520.0

488.1

433.2

Research & Development

25.8

21.6

20.7

19.3

18.9

    Litigation

0.0

-14.1

0.0

-

-

    Impairment-Assets Held for Use

0.8

1.6

6.1

1.9

2.2

    Impairment-Assets Held for Sale

0.0

2.6

1.8

1.0

0.0

    Other Unusual Expense (Income)

2.2

0.1

-1.5

0.4

13.8

Unusual Expense (Income)

2.9

-9.8

6.4

3.3

16.0

Total Operating Expense

1,953.9

1,761.9

1,625.2

1,559.6

1,447.7

 

 

 

 

 

 

Operating Income

170.3

167.5

86.9

87.2

67.0

 

 

 

 

 

 

        Interest Expense - Non-Operating

-

-

-

-

0.0

    Interest Expense, Net Non-Operating

-

-

-

-

0.0

        Interest Income - Non-Operating

3.2

2.8

2.4

4.1

3.7

        Investment Income - Non-Operating

-5.5

-13.3

2.5

-28.3

-5.6

    Interest/Investment Income - Non-Operating

-2.3

-10.5

4.9

-24.2

-2.0

Interest Income (Expense) - Net Non-Operating Total

-2.3

-10.5

4.9

-24.2

-2.0

Gain (Loss) on Sale of Assets

0.1

0.0

0.1

0.1

1.4

    Other Non-Operating Income (Expense)

1.6

1.5

2.7

2.7

2.0

Other, Net

1.6

1.5

2.7

2.7

2.0

Income Before Tax

169.7

158.6

94.7

65.9

68.4

 

 

 

 

 

 

Total Income Tax

79.2

57.4

42.4

25.2

38.3

Income After Tax

90.5

101.2

52.3

40.7

30.1

 

 

 

 

 

 

    Minority Interest

0.1

0.0

0.0

-

-

Net Income Before Extraord Items

90.6

101.2

52.3

40.7

30.1

Net Income

90.6

101.2

52.3

40.7

30.1

 

 

 

 

 

 

    Miscellaneous Earnings Adjustment

0.0

0.0

0.0

-

-

Total Adjustments to Net Income

0.0

0.0

0.0

-

-

Income Available to Common Excl Extraord Items

90.6

101.2

52.3

40.7

30.1

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

90.6

101.2

52.3

40.7

30.1

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

72.1

72.1

72.1

64.0

61.6

Basic EPS Excl Extraord Items

1.26

1.40

0.73

0.64

0.49

Basic/Primary EPS Incl Extraord Items

1.26

1.40

0.73

0.64

0.49

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

90.6

101.2

52.3

40.7

30.1

Diluted Weighted Average Shares

72.2

72.1

72.1

64.0

61.6

Diluted EPS Excl Extraord Items

1.26

1.40

0.73

0.64

0.49

Diluted EPS Incl Extraord Items

1.26

1.40

0.73

0.64

0.49

Dividends per Share - Common Stock Primary Issue

0.38

0.34

0.21

0.19

0.17

Gross Dividends - Common Stock

27.1

24.6

15.4

13.9

10.8

Interest Expense, Supplemental

-

-

-

-

0.0

Depreciation, Supplemental

52.6

48.9

45.1

37.8

34.6

Total Special Items

20.9

8.8

24.7

19.5

29.2

Normalized Income Before Tax

190.6

167.3

119.4

85.3

97.6

 

 

 

 

 

 

Effect of Special Items on Income Taxes

1.3

-3.5

2.8

1.2

8.2

Inc Tax Ex Impact of Sp Items

80.5

53.8

45.2

26.4

46.4

Normalized Income After Tax

110.1

113.5

74.2

58.9

51.2

 

 

 

 

 

 

Normalized Inc. Avail to Com.

110.1

113.5

74.2

58.9

51.2

 

 

 

 

 

 

Basic Normalized EPS

1.53

1.58

1.03

0.92

0.83

Diluted Normalized EPS

1.53

1.57

1.03

0.92

0.83

Amort of Acquisition Costs, Supplemental

18.1

18.6

18.4

16.2

14.6

Research & Development Exp, Supplemental

44.4

39.5

37.0

35.3

18.9

Reported Operating Profit

173.3

157.7

93.3

90.6

83.0

Reported Ordinary Profit

172.5

148.7

101.0

69.1

82.9

Normalized EBIT

173.3

157.7

93.3

90.6

83.0

Normalized EBITDA

244.0

225.2

156.8

144.6

132.2

Interest Cost - Domestic

5.2

4.5

5.4

4.6

3.8

Service Cost - Domestic

16.3

14.4

16.9

15.8

13.5

Prior Service Cost - Domestic

-3.4

-3.1

-0.7

0.0

-

Expected Return on Assets - Domestic

-2.4

-2.0

-1.7

-0.6

-0.5

Actuarial Gains and Losses - Domestic

5.8

5.1

4.8

3.2

2.7

Transition Costs - Domestic

-

-

-1.6

-

-

Domestic Pension Plan Expense

21.5

19.0

23.1

23.1

19.5

Defined Contribution Expense - Domestic

8.4

5.4

2.0

-

-

Total Pension Expense

29.9

24.3

25.2

23.1

19.5

Discount Rate - Domestic

2.00%

2.00%

2.00%

2.00%

2.00%

Expected Rate of Return - Domestic

2.50%

2.50%

2.50%

1.00%

1.00%

Total Plan Interest Cost

5.2

4.5

5.4

4.6

3.8

Total Plan Service Cost

16.3

14.4

16.9

15.8

13.5

Total Plan Expected Return

-2.4

-2.0

-1.7

-0.6

-0.5

 

 

 

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 
31-Mar-2012

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

79.208816

77.302742

77.752043

81.605269

82.241044

 

 

 

 

 

 

    Net Sales

542.0

504.5

588.9

534.6

497.0

Revenue

542.0

504.5

588.9

534.6

497.0

Total Revenue

542.0

504.5

588.9

534.6

497.0

 

 

 

 

 

 

    Cost of Revenue

336.4

320.5

353.8

319.6

311.8

Cost of Revenue, Total

336.4

320.5

353.8

319.6

311.8

Gross Profit

205.7

184.0

235.2

215.0

185.2

 

 

 

 

 

 

    Selling/General/Administrative Expense

160.1

54.5

86.9

83.2

78.7

    Labor & Related Expense

-

114.8

81.1

75.7

71.6

Total Selling/General/Administrative Expenses

160.1

169.3

168.0

158.9

150.3

    Litigation

-

0.0

-

0.0

-

    Impairment-Assets Held for Use

0.1

0.5

0.1

0.0

0.2

    Impairment-Assets Held for Sale

-

0.0

0.0

-

-

    Other Unusual Expense (Income)

0.0

0.4

0.1

1.1

0.5

Unusual Expense (Income)

0.1

0.9

0.2

1.1

0.6

Total Operating Expense

496.6

490.7

522.0

479.7

462.7

 

 

 

 

 

 

Operating Income

45.5

13.9

66.9

54.9

34.3

 

 

 

 

 

 

        Interest Expense - Non-Operating

0.0

-

0.0

0.0

0.0

    Interest Expense, Net Non-Operating

0.0

-

0.0

0.0

0.0

        Interest Income - Non-Operating

0.7

0.9

0.9

0.8

0.6

        Investment Income - Non-Operating

7.0

1.5

-6.2

-3.1

2.3

    Interest/Investment Income - Non-Operating

7.7

2.4

-5.4

-2.3

3.0

Interest Income (Expense) - Net Non-Operating Total

7.7

2.4

-5.4

-2.4

2.9

Gain (Loss) on Sale of Assets

0.0

0.0

0.1

0.0

0.0

    Other Non-Operating Income (Expense)

0.8

1.0

-0.7

1.1

0.2

Other, Net

0.8

1.0

-0.7

1.1

0.2

Income Before Tax

53.9

17.3

60.9

53.6

37.5

 

 

 

 

 

 

Total Income Tax

23.0

15.3

25.4

22.8

15.7

Income After Tax

31.0

2.0

35.5

30.8

21.7

 

 

 

 

 

 

    Minority Interest

0.0

0.0

0.1

0.0

0.0

Net Income Before Extraord Items

31.0

2.0

35.6

30.8

21.7

Net Income

31.0

2.0

35.6

30.8

21.7

 

 

 

 

 

 

    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

31.0

2.0

35.5

30.8

21.7

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

31.0

2.0

35.5

30.8

21.7

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

72.1

72.1

72.1

72.1

72.1

Basic EPS Excl Extraord Items

0.43

0.03

0.49

0.43

0.30

Basic/Primary EPS Incl Extraord Items

0.43

0.03

0.49

0.43

0.30

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

31.0

2.0

35.5

30.8

21.7

Diluted Weighted Average Shares

72.2

72.2

72.2

72.2

72.1

Diluted EPS Excl Extraord Items

0.43

0.03

0.49

0.43

0.30

Diluted EPS Incl Extraord Items

0.43

0.03

0.49

0.43

0.30

Dividends per Share - Common Stock Primary Issue

0.00

0.39

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

28.0

0.0

0.0

0.0

Interest Expense, Supplemental

0.0

-

0.0

0.0

0.0

Depreciation, Supplemental

12.8

14.5

13.0

12.7

12.5

Total Special Items

4.6

5.1

4.8

5.7

5.2

Normalized Income Before Tax

58.6

22.4

65.7

59.3

42.6

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.3

0.1

0.5

0.3

Inc Tax Ex Impact of Sp Items

23.0

15.6

25.5

23.3

16.0

Normalized Income After Tax

35.5

6.8

40.2

36.0

26.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

35.6

6.8

40.3

36.1

26.6

 

 

 

 

 

 

Basic Normalized EPS

0.49

0.09

0.56

0.50

0.37

Diluted Normalized EPS

0.49

0.09

0.56

0.50

0.37

Amort of Acquisition Costs, Supplemental

4.5

4.2

4.6

4.6

4.6

Reported Operating Profit

45.6

14.8

67.2

56.0

34.9

Reported Ordinary Profit

54.0

18.2

61.1

54.7

38.0

Normalized EBIT

45.6

14.8

67.2

56.0

34.9

Normalized EBITDA

62.9

33.5

84.8

73.3

52.0

 

 

Annual Balance Sheet

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
30-Jun-2008

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate

76.94

81.105

93.095

90.65

111.715

Auditor

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

1,058.2

872.6

717.5

668.1

532.9

    Short Term Investments

83.3

106.6

35.3

3.1

2.4

Cash and Short Term Investments

1,141.5

979.1

752.8

671.2

535.3

        Accounts Receivable - Trade, Gross

221.8

202.3

159.2

175.8

163.7

        Provision for Doubtful Accounts

-1.1

-1.1

-1.5

-1.5

-1.5

    Trade Accounts Receivable - Net

220.8

201.2

157.6

174.3

162.2

Total Receivables, Net

220.8

201.2

157.6

174.3

162.2

    Inventories - Finished Goods

79.8

75.4

59.3

76.0

-

    Inventories - Work In Progress

24.3

23.9

21.0

20.2

-

    Inventories - Raw Materials

63.1

56.1

46.9

51.6

-

Total Inventory

167.2

155.3

127.2

147.9

131.1

    Deferred Income Tax - Current Asset

30.3

28.1

26.0

22.3

16.0

    Other Current Assets

27.7

29.3

33.0

41.9

39.3

Other Current Assets, Total

58.0

57.4

59.0

64.3

55.3

Total Current Assets

1,587.5

1,393.1

1,096.6

1,057.7

884.1

 

 

 

 

 

 

        Buildings

455.7

432.2

380.6

374.9

313.6

        Land/Improvements

201.7

191.7

166.6

170.2

138.6

        Machinery/Equipment

504.3

487.3

438.3

437.1

359.5

        Construction in Progress

16.6

8.0

6.4

13.0

5.4

        Leases

2.0

1.6

0.5

0.0

-

    Property/Plant/Equipment - Gross

1,180.3

1,120.8

992.3

995.3

817.1

    Accumulated Depreciation

-702.8

-659.4

-569.1

-556.4

-452.3

Property/Plant/Equipment - Net

477.5

461.3

423.1

438.9

364.8

Goodwill, Net

98.8

119.9

128.1

153.1

126.7

Intangibles, Net

79.4

81.7

74.7

67.8

28.7

    LT Investments - Other

0.0

22.5

40.1

21.1

19.6

Long Term Investments

0.0

22.5

40.1

21.1

19.6

Note Receivable - Long Term

-

0.0

0.7

0.7

0.7

    Deferred Income Tax - Long Term Asset

77.9

82.7

70.9

74.7

50.4

    Restricted Cash - Long Term

-

-

-

-

0.0

    Other Long Term Assets

87.0

73.5

60.0

100.3

85.0

Other Long Term Assets, Total

164.9

156.1

130.8

175.0

135.4

Total Assets

2,408.1

2,234.6

1,894.2

1,914.3

1,559.9

 

 

 

 

 

 

Accounts Payable

123.3

123.6

101.9

113.4

96.7

Accrued Expenses

28.7

27.5

21.1

22.6

19.9

Notes Payable/Short Term Debt

0.0

0.0

0.1

0.1

2.3

Current Portion - Long Term Debt/Capital Leases

-

0.0

0.1

0.0

-

    Customer Advances

192.6

188.4

169.6

181.6

150.3

    Income Taxes Payable

34.1

24.1

22.8

10.9

15.0

    Other Payables

129.9

118.1

86.2

95.8

84.4

    Deferred Income Tax - Current Liability

-

-

-

0.0

0.0

    Other Current Liabilities

168.8

158.6

153.0

159.6

130.2

Other Current liabilities, Total

525.4

489.2

431.5

447.8

380.0

Total Current Liabilities

677.4

640.3

554.6

583.9

499.0

 

 

 

 

 

 

    Long Term Debt

-

0.0

0.0

0.1

4.7

    Capital Lease Obligations

-

0.0

0.4

0.0

-

Total Long Term Debt

0.0

0.0

0.4

0.1

4.7

Total Debt

0.0

0.0

0.6

0.2

7.1

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

39.4

38.9

36.9

35.9

33.6

Deferred Income Tax

39.4

38.9

36.9

35.9

33.6

Minority Interest

1.5

1.6

-

-

-

    Reserves

3.5

3.2

2.6

0.0

-

    Pension Benefits - Underfunded

174.1

159.6

135.6

175.2

141.4

    Other Long Term Liabilities

26.2

32.6

36.5

5.2

4.5

Other Liabilities, Total

203.8

195.4

174.6

180.4

145.8

Total Liabilities

922.1

876.3

766.6

800.3

683.2

 

 

 

 

 

 

    Common Stock

101.5

95.9

83.5

85.7

42.4

Common Stock

101.5

95.9

83.5

85.7

42.4

Additional Paid-In Capital

186.3

176.3

153.5

157.7

100.8

Retained Earnings (Accumulated Deficit)

1,301.9

1,172.7

941.7

928.9

727.5

Unrealized Gain (Loss)

-2.3

-0.7

-1.2

-1.7

0.5

    Translation Adjustment

-101.5

-85.7

-49.9

-56.7

5.5

Other Equity, Total

-101.5

-85.7

-49.9

-56.7

5.5

Total Equity

1,486.0

1,358.4

1,127.5

1,114.0

876.7

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

2,408.1

2,234.6

1,894.1

1,914.3

1,559.9

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

72.1

72.1

72.1

72.1

63.4

Total Common Shares Outstanding

72.1

72.1

72.1

72.1

63.4

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

-

Employees

10,195

10,238

9,861

10,298

9,775

Number of Common Shareholders

3,089

3,298

3,805

7,912

-

Deferred Revenue - Current

192.6

188.4

169.6

181.6

150.3

Total Long Term Debt, Supplemental

-

0.0

0.1

0.2

4.8

Long Term Debt Maturing within 1 Year

-

0.0

0.1

0.1

0.1

Long Term Debt Maturing in Year 2

-

-

0.0

0.1

4.6

Long Term Debt Maturing in Year 3

-

-

0.0

0.0

0.1

Long Term Debt Maturing in Year 4

-

-

0.0

0.0

0.0

Long Term Debt Maturing in 2-3 Years

-

-

0.0

0.1

4.7

Long Term Debt Maturing in 4-5 Years

-

-

0.0

0.0

0.0

Long Term Debt Matur. in Year 6 & Beyond

-

0.0

0.0

0.0

0.0

Total Capital Leases, Supplemental

1.5

1.4

0.5

-

-

Capital Lease Payments Due in Year 1

0.5

0.4

0.1

-

-

Capital Lease Payments Due in Year 2

0.4

0.3

0.1

-

-

Capital Lease Payments Due in Year 3

0.4

0.3

0.1

-

-

Capital Lease Payments Due in Year 4

0.2

0.2

0.1

-

-

Capital Lease Payments Due in Year 5

0.0

0.1

0.1

-

-

Capital Lease Payments Due in 2-3 Years

0.8

0.6

0.2

-

-

Capital Lease Payments Due in 4-5 Years

0.2

0.3

0.2

-

-

Cap. Lease Pymts. Due in Year 6 & Beyond

0.1

0.0

0.0

-

-

Pension Obligation - Domestic

282.8

256.0

214.4

280.9

213.4

Plan Assets - Domestic

109.1

101.3

82.0

76.7

56.8

Funded Status - Domestic

-173.7

-154.7

-132.4

-204.2

-156.5

Total Funded Status

-173.7

-154.7

-132.4

-204.2

-156.5

Discount Rate - Domestic

2.00%

2.00%

2.00%

2.00%

2.00%

Expected Rate of Return - Domestic

2.50%

2.50%

2.50%

1.00%

1.00%

Accrued Liabilities - Domestic

-168.0

-154.5

-131.5

-170.7

-138.0

Other Assets, Net - Domestic

5.7

0.1

0.9

33.4

18.6

Net Assets Recognized on Balance Sheet

-162.3

-154.4

-130.5

-137.3

-119.4

Total Plan Obligations

282.8

256.0

214.4

280.9

213.4

Total Plan Assets

109.1

101.3

82.0

76.7

56.8

 

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 
31-Mar-2012

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate

82.385362

76.94

77.08

80.76

82.88

 

 

 

 

 

 

    Cash & Equivalents

941.1

1,058.2

1,007.5

921.7

814.5

    Short Term Investments

89.8

83.3

83.4

77.2

83.7

Cash and Short Term Investments

1,030.9

1,141.5

1,091.0

998.9

898.2

        Accounts Receivable - Trade, Gross

266.1

221.8

256.0

258.7

237.2

        Provision for Doubtful Accounts

-1.1

-1.1

-1.2

-1.2

-1.1

    Trade Accounts Receivable - Net

264.9

220.8

254.9

257.5

236.1

Total Receivables, Net

264.9

220.8

254.9

257.5

236.1

    Inventories - Finished Goods

84.1

79.8

76.4

79.7

84.1

    Inventories - Work In Progress

25.5

24.3

24.6

26.3

25.8

    Inventories - Raw Materials

63.8

63.1

63.3

60.6

56.9

Total Inventory

173.4

167.2

164.3

166.6

166.7

    Other Current Assets

68.1

58.0

81.4

92.0

67.1

Other Current Assets, Total

68.1

58.0

81.4

92.0

67.1

Total Current Assets

1,537.3

1,587.5

1,591.6

1,515.0

1,368.1

 

 

 

 

 

 

    Property/Plant/Equipment - Gross

-

1,180.3

1,174.8

1,126.1

1,099.5

    Accumulated Depreciation

-

-702.8

-697.1

-665.2

-646.8

Property/Plant/Equipment - Net

457.0

477.5

477.6

461.0

452.8

Goodwill, Net

91.5

98.8

102.4

106.9

110.9

Intangibles, Net

72.2

79.4

81.4

80.0

81.8

    Other Long Term Assets

161.9

164.9

221.1

204.7

199.0

Other Long Term Assets, Total

161.9

164.9

221.1

204.7

199.0

Total Assets

2,320.0

2,408.1

2,474.2

2,367.6

2,212.5

 

 

 

 

 

 

Accounts Payable

152.5

123.3

139.1

129.8

140.8

Accrued Expenses

55.1

28.7

70.7

31.6

54.1

Notes Payable/Short Term Debt

0.0

0.0

0.0

0.0

0.0

    Income Taxes Payable

36.1

34.1

53.6

62.3

27.6

    Other Current Liabilities

437.2

491.3

483.3

512.0

424.4

Other Current liabilities, Total

473.3

525.4

536.9

574.3

452.0

Total Current Liabilities

680.9

677.4

746.7

735.7

646.9

 

 

 

 

 

 

Total Long Term Debt

0.0

0.0

0.0

0.0

0.0

Total Debt

0.0

0.0

0.0

0.0

0.0

 

 

 

 

 

 

Minority Interest

1.5

1.5

1.5

1.6

1.7

    Reserves

8.5

9.6

9.2

8.6

8.1

    Pension Benefits - Underfunded

157.9

168.0

166.7

157.9

152.5

    Other Long Term Liabilities

63.0

65.6

70.9

70.2

70.7

Other Liabilities, Total

229.4

243.2

246.9

236.8

231.4

Total Liabilities

911.8

922.1

995.0

974.1

879.9

 

 

 

 

 

 

    Common Stock

94.8

101.5

101.0

96.4

93.9

Common Stock

94.8

101.5

101.0

96.4

93.9

Additional Paid-In Capital

174.0

186.3

185.6

177.1

172.6

Retained Earnings (Accumulated Deficit)

1,219.4

1,301.9

1,297.6

1,204.1

1,143.0

Treasury Stock - Common

0.0

0.0

0.0

0.0

0.0

Unrealized Gain (Loss)

-1.1

-2.3

-1.9

-1.1

-1.1

    Translation Adjustment

-78.9

-101.5

-103.3

-83.1

-75.8

Other Equity, Total

-78.9

-101.5

-103.3

-83.1

-75.8

Total Equity

1,408.2

1,486.0

1,479.1

1,393.4

1,332.6

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

2,320.0

2,408.1

2,474.1

2,367.5

2,212.5

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

72.1

72.1

72.1

72.1

72.1

Total Common Shares Outstanding

72.1

72.1

72.1

72.1

72.1

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

-

10,195

10,147

10,272

10,195

 Annual Cash Flows

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
30-Jun-2008

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

79.698224

87.789317

93.619712

103.395546

117.767199

Auditor

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

169.7

158.6

94.6

65.9

68.4

    Depreciation

52.6

48.9

45.1

37.8

34.6

Depreciation/Depletion

52.6

48.9

45.1

37.8

34.6

    Amortization of Acquisition Costs

18.1

18.6

18.4

16.2

14.6

Amortization

18.1

18.6

18.4

16.2

14.6

    Unusual Items

0.0

-19.7

2.9

-2.4

16.7

    Equity in Net Earnings (Loss)

-

-

-

-

0.0

    Other Non-Cash Items

1.5

-2.2

-32.7

-3.3

3.9

Non-Cash Items

1.5

-21.9

-29.7

-5.7

20.5

    Accounts Receivable

-10.9

-24.1

12.8

21.6

-4.0

    Inventories

-7.5

-17.2

18.1

6.4

-9.5

    Accounts Payable

-5.7

22.6

19.8

-16.5

-2.9

    Accrued Expenses

1.6

1.4

-1.8

-1.2

0.0

    Taxes Payable

0.0

1.8

0.0

-

-

    Other Operating Cash Flow

-56.9

-43.2

-28.9

-38.6

-44.2

Changes in Working Capital

-79.4

-58.8

20.1

-28.4

-60.7

Cash from Operating Activities

162.6

145.3

148.5

85.8

77.5

 

 

 

 

 

 

    Purchase of Fixed Assets

-34.7

-25.9

-37.5

-32.5

-31.1

    Purchase/Acquisition of Intangibles

-5.4

-11.2

-18.0

-11.9

-1.9

Capital Expenditures

-40.2

-37.1

-55.5

-44.4

-33.1

    Acquisition of Business

0.0

-5.1

0.0

-78.3

0.0

    Sale of Fixed Assets

1.2

1.0

0.0

4.5

0.7

    Sale/Maturity of Investment

850.6

962.0

477.6

275.4

240.7

    Investment, Net

18.7

-25.1

-28.2

3.7

1.9

    Purchase of Investments

-907.9

-1,007.9

-619.5

-237.6

-255.0

    Other Investing Cash Flow

0.0

-1.1

0.2

-0.5

-0.9

Other Investing Cash Flow Items, Total

-37.4

-76.2

-169.9

-32.8

-12.6

Cash from Investing Activities

-77.5

-113.3

-225.3

-77.2

-45.7

 

 

 

 

 

 

    Other Financing Cash Flow

-0.1

1.3

-0.1

0.0

-

Financing Cash Flow Items

-0.1

1.3

-0.1

0.0

-

    Cash Dividends Paid - Common

-27.0

-16.4

-15.4

-12.3

-5.2

Total Cash Dividends Paid

-27.0

-16.4

-15.4

-12.3

-5.2

        Sale/Issuance of Common

-

-

0.0

57.8

21.1

    Common Stock, Net

-

-

0.0

57.8

21.1

    Options Exercised

1.0

0.0

-

-

-

Issuance (Retirement) of Stock, Net

1.0

0.0

0.0

57.8

21.1

    Short Term Debt, Net

-

-

0.0

-3.5

-0.4

        Long Term Debt Issued

-

-

-

-

0.0

        Long Term Debt Reduction

-0.5

0.0

0.0

-5.1

-1.0

    Long Term Debt, Net

-0.5

0.0

0.0

-5.1

-1.0

Issuance (Retirement) of Debt, Net

-0.5

0.0

0.0

-8.6

-1.5

Cash from Financing Activities

-26.6

-15.1

-15.5

37.0

14.4

 

 

 

 

 

 

Foreign Exchange Effects

-2.7

2.1

2.0

4.1

6.4

Net Change in Cash

55.7

18.9

-90.4

49.7

52.5

 

 

 

 

 

 

Net Cash - Beginning Balance

385.3

330.9

400.7

313.1

222.3

Net Cash - Ending Balance

441.0

349.8

310.3

362.8

274.9

Cash Interest Paid

0.0

0.1

0.2

0.2

0.5

Cash Taxes Paid

61.6

59.4

32.6

45.9

45.5

 

 

 

Interim Cash Flows

Standardized

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

Period Length

12 Months

9 Months

6 Months

3 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

79.698224

80.506255

81.907322

82.241044

87.789317

 

 

 

 

 

 

Net Income/Starting Line

169.7

151.4

91.0

37.4

158.6

    Depreciation

52.6

38.2

25.2

12.5

48.9

Depreciation/Depletion

52.6

38.2

25.2

12.5

48.9

    Amortization of Acquisition Costs

18.1

13.8

9.2

4.6

18.6

Amortization

18.1

13.8

9.2

4.6

18.6

    Unusual Items

0.0

0.0

0.0

-

-19.7

    Other Non-Cash Items

1.5

1.6

1.2

1.2

-2.2

Non-Cash Items

1.5

1.6

1.2

1.2

-21.9

    Accounts Receivable

-10.9

-44.6

-54.2

-37.5

-24.1

    Inventories

-7.5

-5.6

-10.1

-12.1

-17.2

    Accounts Payable

-5.7

7.9

-3.9

-1.4

22.6

    Accrued Expenses

1.6

45.6

68.7

31.0

1.4

    Taxes Payable

0.0

-0.2

-1.5

0.0

1.8

    Other Operating Cash Flow

-56.9

-65.3

-41.7

-39.0

-43.2

Changes in Working Capital

-79.4

-62.1

-42.7

-59.0

-58.8

Cash from Operating Activities

162.6

142.8

83.8

-3.3

145.3

 

 

 

 

 

 

    Purchase of Fixed Assets

-34.7

-26.5

-17.5

-9.5

-25.9

    Purchase/Acquisition of Intangibles

-5.4

-3.9

-2.0

-1.7

-11.2

Capital Expenditures

-40.2

-30.4

-19.5

-11.2

-37.1

    Acquisition of Business

0.0

0.0

-

-

-5.1

    Sale of Fixed Assets

1.2

0.7

-

-

1.0

    Sale/Maturity of Investment

850.6

530.8

325.9

157.6

962.0

    Investment, Net

18.7

8.4

12.0

20.6

-25.1

    Purchase of Investments

-907.9

-624.8

-424.9

-171.9

-1,007.9

    Other Investing Cash Flow

0.0

-0.4

0.3

1.2

-1.1

Other Investing Cash Flow Items, Total

-37.4

-85.2

-86.6

7.5

-76.2

Cash from Investing Activities

-77.5

-115.6

-106.1

-3.8

-113.3

 

 

 

 

 

 

    Other Financing Cash Flow

-0.1

-0.1

0.0

0.0

1.3

Financing Cash Flow Items

-0.1

-0.1

0.0

0.0

1.3

    Cash Dividends Paid - Common

-27.0

-26.7

-26.3

-26.1

-16.4

Total Cash Dividends Paid

-27.0

-26.7

-26.3

-26.1

-16.4

    Options Exercised

1.0

0.3

0.2

0.2

0.0

Issuance (Retirement) of Stock, Net

1.0

0.3

0.2

0.2

0.0

        Long Term Debt Reduction

-0.5

-0.3

-0.2

-0.1

0.0

    Long Term Debt, Net

-0.5

-0.3

-0.2

-0.1

0.0

Issuance (Retirement) of Debt, Net

-0.5

-0.3

-0.2

-0.1

0.0

Cash from Financing Activities

-26.6

-26.8

-26.3

-26.0

-15.1

 

 

 

 

 

 

Foreign Exchange Effects

-2.7

0.7

3.5

1.8

2.1

Net Change in Cash

55.7

1.1

-45.1

-31.2

18.9

 

 

 

 

 

 

Net Cash - Beginning Balance

385.3

381.4

374.9

373.4

330.9

Net Cash - Ending Balance

441.0

382.5

329.7

342.1

349.8

Cash Interest Paid

0.0

0.1

0.1

0.0

0.1

Cash Taxes Paid

61.6

58.9

33.5

25.3

59.4

 

 

Annual Income Statement

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
30-Jun-2008

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

79.698224

87.789317

93.619712

103.395546

117.767199

Auditor

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net sales

2,124.2

1,929.4

1,712.2

1,646.9

1,514.7

Total Revenue

2,124.2

1,929.4

1,712.2

1,646.9

1,514.7

 

 

 

 

 

 

    Costs of goods sold

1,305.1

1,194.2

1,078.1

1,048.9

979.6

    Employee payrolls & bonuses

293.0

263.3

245.1

230.0

202.7

    Technique expenses

-

-

-

-

18.9

    Provision for bonuses

12.5

11.0

10.2

6.9

6.0

    Reserve for officers retirement

1.1

0.9

0.9

0.8

0.7

    Reserve for product warranty

9.7

9.3

11.5

9.1

8.7

    Provision for doubtful accounts(SGA)

-

-

1.0

0.5

0.7

    R & D expenses

25.8

21.6

20.7

19.3

-

    Other SGA expenses

303.8

271.4

251.3

240.8

214.5

    SP G on prior period adjustments

-

-

-

0.0

-2.2

    SP Reversal of product warranty

0.0

-3.0

-0.7

-0.1

-0.6

    SP G on reversal of directors' retire.

-

-

0.0

0.0

0.0

    SP Products warranties compens. received

-

-

-

0.0

-1.3

    SP Gains on settlements

0.0

-14.1

0.0

-

-

    SP Gain on end of retire. pension system

-

0.0

-1.6

0.0

-

    SP Other special gains

0.0

-0.2

-0.1

-0.1

-0.5

    SP L. on prior year's adjustment

-

-

-

0.0

1.8

    SP L. on retire. of fixed assets

0.8

1.0

0.9

1.5

2.2

    SP Assets impairment losses

-

0.6

5.2

0.4

0.0

    SP L on val. of LT inv't. secs.

0.0

2.6

1.8

1.0

0.0

    SP Reserve for contract loss

-

-

-

0.0

16.1

    SP Loss on disaster

1.8

0.0

-

-

-

    SP Lease assets withdrawal expense

0.0

3.1

0.0

-

-

    SP Other special losses

0.4

0.3

0.8

0.7

0.4

Total Operating Expense

1,953.9

1,761.9

1,625.2

1,559.6

1,447.7

 

 

 

 

 

 

    SP G on sale of fixed assets

0.1

0.0

0.1

0.1

0.0

    SP G on liquid. of liabilities

-

-

-

0.0

1.4

    NOP Interest income

3.2

2.8

2.4

4.1

3.7

    NOP Dividends received

-

-

-

-

0.0

    NOP Foreign exchange gains

-

0.0

2.5

0.0

0.0

    NOP Other non-operating income

5.0

4.3

5.1

6.2

4.1

    NOP Interest expenses

-

-

-

-

0.0

    NOP Donations

-

-

-

-

0.0

    NOP Equity losses

-

-

-

-

0.0

    NOP Foreign exchange losses

-5.5

-13.3

0.0

-28.3

-5.6

    NOP Contribution exp.

-

0.0

-0.6

-0.3

-

    NOP Other non-operating expenses

-3.4

-2.8

-1.8

-3.2

-2.1

Net Income Before Taxes

169.7

158.6

94.7

65.9

68.4

 

 

 

 

 

 

Provision for Income Taxes

79.2

57.4

42.4

25.2

38.3

Net Income After Taxes

90.5

101.2

52.3

40.7

30.1

 

 

 

 

 

 

    Minority interests in loss

0.1

0.0

0.0

-

-

Net Income Before Extra. Items

90.6

101.2

52.3

40.7

30.1

Net Income

90.6

101.2

52.3

40.7

30.1

 

 

 

 

 

 

    Adjustment

0.0

0.0

0.0

-

-

Income Available to Com Excl ExtraOrd

90.6

101.2

52.3

40.7

30.1

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

90.6

101.2

52.3

40.7

30.1

 

 

 

 

 

 

Basic Weighted Average Shares

72.1

72.1

72.1

64.0

61.6

Basic EPS Excluding ExtraOrdinary Items

1.26

1.40

0.73

0.64

0.49

Basic EPS Including ExtraOrdinary Items

1.26

1.40

0.73

0.64

0.49

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

90.6

101.2

52.3

40.7

30.1

Diluted Weighted Average Shares

72.2

72.1

72.1

64.0

61.6

Diluted EPS Excluding ExtraOrd Items

1.26

1.40

0.73

0.64

0.49

Diluted EPS Including ExtraOrd Items

1.26

1.40

0.73

0.64

0.49

DPS-Common Stock

0.38

0.34

0.21

0.19

0.17

Gross Dividends - Common Stock

27.1

24.6

15.4

13.9

10.8

Normalized Income Before Taxes

190.6

167.3

119.4

85.3

97.6

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

80.5

53.8

45.2

26.4

46.4

Normalized Income After Taxes

110.1

113.5

74.2

58.9

51.2

 

 

 

 

 

 

Normalized Inc. Avail to Com.

110.1

113.5

74.2

58.9

51.2

 

 

 

 

 

 

Basic Normalized EPS

1.53

1.58

1.03

0.92

0.83

Diluted Normalized EPS

1.53

1.57

1.03

0.92

0.83

Depreciation Expense

52.6

48.9

45.1

37.8

34.6

Amortization of goodwill

18.1

18.6

18.4

16.2

14.6

Interest Expense

-

-

-

-

0.0

Research & Development Exp.(SGA)

25.8

21.6

20.7

19.3

18.9

Research & Development Exp.(COGS)

18.6

17.9

16.3

16.0

-

Reported Operating Profit

173.3

157.7

93.3

90.6

83.0

Reported Ordinary Profit

172.5

148.7

101.0

69.1

82.9

Service Cost

16.3

14.4

16.9

15.8

13.5

Interest Cost

5.2

4.5

5.4

4.6

3.8

Expected Return on Plan Assets

-2.4

-2.0

-1.7

-0.6

-0.5

Actuarial Gains and Losses

5.8

5.1

4.8

3.2

2.7

Prior Service Cost - Domestic

-3.4

-3.1

-0.7

0.0

-

Transition Costs

-

-

-1.6

-

-

Domestic Pension Plan Expense

21.5

19.0

23.1

23.1

19.5

Defined Contribution Expense

8.4

5.4

2.0

-

-

Total Pension Expense

29.9

24.3

25.2

23.1

19.5

Discount Rate

2.00%

2.00%

2.00%

2.00%

2.00%

Expected Rate of Return

2.50%

2.50%

2.50%

1.00%

1.00%

 

 

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 
31-Mar-2012

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

79.208816

77.302742

77.752043

81.605269

82.241044

 

 

 

 

 

 

    Net sales

542.0

504.5

588.9

534.6

497.0

Total Revenue

542.0

504.5

588.9

534.6

497.0

 

 

 

 

 

 

    Costs of goods sold

336.4

320.5

353.8

319.6

311.8

    Total SGA

160.1

-

-

-

-

    Employee payrolls & bonuses

-

114.8

62.0

60.7

57.3

    Provision for bonuses

-

-

19.1

15.1

14.3

    Reserve for product warranty

-

8.2

1.8

-

-

    Other SGA expenses

-

46.3

85.1

83.2

78.7

    SP Reversal of product warranty

-

-

-

-

0.0

    SP Settlement charges received

-

0.0

-

0.0

-

    SP Other special gains

0.0

-

-

0.0

0.0

    SP L. on retire. of fixed assets

0.1

0.5

0.1

0.0

0.2

    SP Impairment loss

-

-

-

0.0

-

    SP L on val. of LT inv't. secs.

-

0.0

0.0

-

-

    SP Provision of allow. for doubt. acc.

-

-

-

-

0.0

    SP Loss on disaster

0.0

0.2

0.1

1.0

0.4

    SP Other Loss

0.0

0.2

0.0

0.1

0.0

Total Operating Expense

496.6

490.7

522.0

479.7

462.7

 

 

 

 

 

 

    SP Gain on sales of noncurrent assets

0.0

0.0

0.1

0.0

0.0

    NOP Interest income

0.7

0.9

0.9

0.8

0.6

    NOP Dividends received

0.0

-

0.0

0.1

0.0

    NOP Exchange gains

7.0

1.5

-

-

2.3

    NOP Other Gains

1.0

1.6

0.9

1.4

1.0

    NOP Interest Expenses

0.0

-

0.0

0.0

0.0

    NOP Exchange losses

-

-

-6.2

-3.2

-

    NOP Contribution exp.

-

-

-

-

-0.4

    NOP Commission fee

-

-

-

-

-0.2

    NOP Other Losses

-0.3

-0.5

-1.6

-0.3

-0.2

Net Income Before Taxes

53.9

17.3

60.9

53.6

37.5

 

 

 

 

 

 

Provision for Income Taxes

23.0

15.3

25.4

22.8

15.7

Net Income After Taxes

31.0

2.0

35.5

30.8

21.7

 

 

 

 

 

 

    Minority interests in loss

0.0

0.0

0.1

0.0

0.0

Net Income Before Extra. Items

31.0

2.0

35.6

30.8

21.7

Net Income

31.0

2.0

35.6

30.8

21.7

 

 

 

 

 

 

    Adjustment

0.0

0.0

0.0

-

0.0

Income Available to Com Excl ExtraOrd

31.0

2.0

35.5

30.8

21.7

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

31.0

2.0

35.5

30.8

21.7

 

 

 

 

 

 

Basic Weighted Average Shares

72.1

72.1

72.1

72.1

72.1

Basic EPS Excluding ExtraOrdinary Items

0.43

0.03

0.49

0.43

0.30

Basic EPS Including ExtraOrdinary Items

0.43

0.03

0.49

0.43

0.30

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

31.0

2.0

35.5

30.8

21.7

Diluted Weighted Average Shares

72.2

72.2

72.2

72.2

72.1

Diluted EPS Excluding ExtraOrd Items

0.43

0.03

0.49

0.43

0.30

Diluted EPS Including ExtraOrd Items

0.43

0.03

0.49

0.43

0.30

DPS-Common Stock

0.00

0.39

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

28.0

0.0

0.0

0.0

Normalized Income Before Taxes

58.6

22.4

65.7

59.3

42.6

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

23.0

15.6

25.5

23.3

16.0

Normalized Income After Taxes

35.5

6.8

40.2

36.0

26.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

35.6

6.8

40.3

36.1

26.6

 

 

 

 

 

 

Basic Normalized EPS

0.49

0.09

0.56

0.50

0.37

Diluted Normalized EPS

0.49

0.09

0.56

0.50

0.37

Interest Expenses

0.0

-

0.0

0.0

0.0

Amortization of goodwill

4.5

4.2

4.6

4.6

4.6

Depreciation Expense

12.8

14.5

13.0

12.7

12.5

Reported Operating Profit

45.6

14.8

67.2

56.0

34.9

Reported Ordinary Profit

54.0

18.2

61.1

54.7

38.0

 

 

Annual Balance Sheet

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
30-Jun-2008

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate

76.94

81.105

93.095

90.65

111.715

Auditor

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & deposits

1,058.2

872.6

717.5

668.1

532.9

    Accounts & notes receivable, gross

221.8

202.3

159.2

175.8

163.7

    Marketable securities

83.3

106.6

35.3

3.1

2.4

    Inventories

-

-

-

-

131.1

    Inventories - merchan. & finished goods

79.8

75.4

59.3

76.0

-

    Inventories - work-in-process

24.3

23.9

21.0

20.2

-

    Inventories - raw materials & supplies

63.1

56.1

46.9

51.6

-

    Deferred income taxes (current)

30.3

28.1

26.0

22.3

16.0

    Current assets other

27.7

29.3

33.0

41.9

39.3

    Allow.doubt.accounts (current)

-1.1

-1.1

-1.5

-1.5

-1.5

Total Current Assets

1,587.5

1,393.1

1,096.6

1,057.7

884.1

 

 

 

 

 

 

    Buildings & structures, gross

455.7

432.2

380.6

374.9

313.6

    Accum. depr - bldg&struc

-270.1

-246.2

-206.9

-202.2

-161.1

    Machineries, equip., & vehicle, gross

278.8

273.9

248.0

247.8

208.2

    Accum. depr - machin&vehicles

-229.0

-222.1

-196.0

-193.8

-162.7

    Tools, furniture, & fixtures, gross

225.4

213.5

190.3

189.3

151.3

    Accum. depr - tools, furn, fixtur

-203.0

-190.9

-166.3

-160.4

-128.5

    Land

201.7

191.7

166.6

170.2

138.6

    Lease assets, gross

2.0

1.6

0.5

0.0

-

    Accum. depr - lease assets

-0.6

-0.3

0.0

0.0

-

    Construction-in-progress

16.6

8.0

6.4

13.0

5.4

    Goodwill

98.8

119.9

128.1

153.1

126.7

    Other intangible assets

79.4

81.7

74.7

67.8

28.7

    Long-term investment in securities

0.0

22.5

31.3

12.0

10.7

    Money held in trusts

-

0.0

8.7

9.0

8.9

    Long-term loans

-

0.0

0.7

0.7

0.7

    Deferred inc. taxes (non-current)

77.9

82.7

70.9

74.7

50.4

    LT deposit

-

-

-

-

0.0

    Other Assets

89.0

75.6

62.1

102.4

87.2

    Allow.doubt.accounts (non-current)

-2.0

-2.1

-2.1

-2.1

-2.2

    Adjustment

-

-

-

0.0

-

Total Assets

2,408.1

2,234.6

1,894.2

1,914.3

1,559.9

 

 

 

 

 

 

    Trade accounts & notes payable

123.3

123.6

101.9

113.4

96.7

    Short-term borrowings

-

0.0

0.1

0.1

2.3

    Other accounts payable

129.9

118.1

86.2

95.8

84.4

    Current, lease liability

-

0.0

0.1

0.0

-

    Income taxes payable

34.1

24.1

22.8

10.9

15.0

    Consumption taxes payable

-

-

-

-

0.0

    Deferred tax liabilities (current)

-

-

-

0.0

0.0

    Advanced received

192.6

188.4

169.6

181.6

150.3

    Reserve for bonuses

28.7

27.5

21.1

22.6

19.9

    Reserve for directors' bonuses

-

-

-

-

0.0

    Reserve for product warranties

11.3

10.4

12.6

10.8

9.2

    Reserve for contract loss

-

0.0

10.6

15.1

15.6

    Other current liabilities

157.5

148.2

129.8

133.7

105.4

Total Current Liabilities

677.4

640.3

554.6

583.9

499.0

 

 

 

 

 

 

    Straight bonds

-

-

-

0.0

4.5

    Lease liability

-

0.0

0.4

0.0

-

    LT borrowings

-

0.0

0.0

0.1

0.2

Total Long Term Debt

-

0.0

0.4

0.1

4.7

 

 

 

 

 

 

    Deferred tax liabilities (non-current)

39.4

38.9

36.9

35.9

33.6

    Reserve for accrued retirement benefit

168.0

154.5

131.5

170.7

138.0

    Reserve for officers' retirement

6.1

5.0

4.1

4.4

3.4

    Reserve for product warranty

3.5

3.2

2.6

0.0

-

    Negative goodwill

-

0.0

0.7

1.1

1.2

    Impairment for Leased Asset Account

-

0.0

0.2

0.3

0.5

    Other LT liabilities

26.2

32.6

35.6

3.8

2.8

    Minority interests

1.5

1.6

-

-

-

Total Liabilities

922.1

876.3

766.6

800.3

683.2

 

 

 

 

 

 

    Common stock

101.5

95.9

83.5

85.7

42.4

    Capital surplus

186.3

176.3

153.5

157.7

100.8

    Retained surplus

1,301.9

1,172.7

941.7

928.9

727.5

    Reserve by val. of investment sec.

-2.3

-0.7

-1.2

-1.7

0.5

    Cumulative translation adjustments

-101.5

-85.7

-49.9

-56.7

5.5

Total Equity

1,486.0

1,358.4

1,127.5

1,114.0

876.7

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

2,408.1

2,234.6

1,894.1

1,914.3

1,559.9

 

 

 

 

 

 

    S/O-Common Stock

72.1

72.1

72.1

72.1

63.4

Total Common Shares Outstanding

72.1

72.1

72.1

72.1

63.4

T/S-Common Stock

0.0

0.0

0.0

0.0

-

Advanced received

192.6

188.4

169.6

181.6

150.3

Full-Time Employees

10,195

10,238

9,861

10,298

9,775

Number of Common Shareholders

3,089

3,298

3,805

7,912

-

Long term debt & bond maturing < 1 year

-

0.0

0.1

0.1

0.1

Long term debt & bond maturing < 2 years

-

-

0.0

0.1

4.6

Long term debt & bond maturing < 3 years

-

-

0.0

0.0

0.1

Long term debt & bond maturing < 4 years

-

-

0.0

0.0

0.0

Long term debt & bond maturing > 5 years

-

-

0.0

0.0

0.0

Long term remaining maturities

-

-

0.0

0.0

-

Total Long Term Debt, Supplemental

-

0.0

0.1

0.2

4.8

Capital Lease Payments Due within 1 Year

0.5

0.4

0.1

-

-

Capital Lease Payments Due within 2 Year

0.4

0.3

0.1

-

-

Capital Lease Payments Due within 3 Year

0.4

0.3

0.1

-

-

Capital Lease Payments Due within 4 Year

0.2

0.2

0.1

-

-

Capital Lease Payments Due within 5 Year

0.0

0.1

0.1

-

-

Capital Leases - Remaining

0.1

0.0

0.0

-

-

Total Capital Leases, Supplemental

1.5

1.4

0.5

-

-

Pension Obligation

282.8

256.0

214.4

280.9

213.4

Fair Value of Plan Assets

109.1

101.3

82.0

76.7

56.8

Funded Status

-173.7

-154.7

-132.4

-204.2

-156.5

Total Funded Status

-173.7

-154.7

-132.4

-204.2

-156.5

Discount Rate

2.00%

2.00%

2.00%

2.00%

2.00%

Expected Rate of Return

2.50%

2.50%

2.50%

1.00%

1.00%

Unrecognized Actuarial Gains and Losses

33.3

29.6

29.6

33.4

18.6

Unrecognized Prior Service Cost

-27.6

-29.5

-28.6

0.0

0.0

Reserve for Accrued Retirement Benefits

-168.0

-154.5

-131.5

-170.7

-138.0

Net Assets Recognized on Balance Sheet

-162.3

-154.4

-130.5

-137.3

-119.4

 

 

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 
31-Mar-2012

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate

82.385362

76.94

77.08

80.76

82.88

 

 

 

 

 

 

    Cash & deposits

941.1

1,058.2

1,007.5

921.7

814.5

    Accounts & notes receivable, gross

266.1

221.8

256.0

258.7

237.2

    Marketable securities

89.8

83.3

83.4

77.2

83.7

    Inventories - merchan. & finished goods

84.1

79.8

76.4

79.7

84.1

    Inventories - work-in-process

25.5

24.3

24.6

26.3

25.8

    Inventories - raw materials & supplies

63.8

63.1

63.3

60.6

56.9

    Other

68.1

58.0

81.4

92.0

67.1

    Allow.doubt.accounts (current)

-1.1

-1.1

-1.2

-1.2

-1.1

Total Current Assets

1,537.3

1,587.5

1,591.6

1,515.0

1,368.1

 

 

 

 

 

 

    Total PPE, net

457.0

-

-

-

-

    Total PPE, gross

-

1,180.3

1,174.8

1,126.1

1,099.5

    Depreciation-PPE

-

-702.8

-697.1

-665.2

-646.8

    Goodwill

91.5

98.8

102.4

106.9

110.9

    Other intangible

72.2

79.4

81.4

80.0

81.8

    Total LT investment.& other assets

-

-

-

-

199.0

    Other assets

163.8

166.9

223.3

206.7

-

    Allow.doubt.accounts (non-current)

-1.9

-2.0

-2.1

-2.0

-

Total Assets

2,320.0

2,408.1

2,474.2

2,367.6

2,212.5

 

 

 

 

 

 

    Trade accounts & notes payable

152.5

123.3

139.1

129.8

140.8

    Income Tax Payable

36.1

34.1

53.6

62.3

27.6

    Reserve for bonuses

55.1

28.7

70.7

31.6

54.1

    Other provision

10.5

11.3

11.2

10.6

10.9

    Other

426.7

480.0

472.1

501.4

413.5

Total Current Liabilities

680.9

677.4

746.7

735.7

646.9

 

 

 

 

 

 

    Reserve for accrued retirement benefit

157.9

168.0

166.7

157.9

152.5

    Other provision

8.5

9.6

9.2

8.6

8.1

    Other Liabilities

63.0

65.6

70.9

70.2

70.7

    Minority interest

1.5

1.5

1.5

1.6

1.7

Total Liabilities

911.8

922.1

995.0

974.1

879.9

 

 

 

 

 

 

    Common stock

94.8

101.5

101.0

96.4

93.9

    Capital surplus

174.0

186.3

185.6

177.1

172.6

    Retained surplus

1,219.4

1,301.9

1,297.6

1,204.1

1,143.0

    Treasury stock

0.0

0.0

0.0

0.0

0.0

    Reserve by val. of investment sec.

-1.1

-2.3

-1.9

-1.1

-1.1

    Cumulative translation adjustments

-78.9

-101.5

-103.3

-83.1

-75.8

Total Equity

1,408.2

1,486.0

1,479.1

1,393.4

1,332.6

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

2,320.0

2,408.1

2,474.1

2,367.5

2,212.5

 

 

 

 

 

 

    S/O-Common Stock

72.1

72.1

72.1

72.1

72.1

Total Common Shares Outstanding

72.1

72.1

72.1

72.1

72.1

T/S-Common Stock

0.0

0.0

0.0

0.0

0.0

Full-Time Employees

-

10,195

10,147

10,272

10,195

 

 

 

Annual Cash Flows

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
30-Jun-2008

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

79.698224

87.789317

93.619712

103.395546

117.767199

Auditor

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income Before Tax

169.7

158.6

94.6

65.9

68.4

    Depreciation

52.6

48.9

45.1

37.8

34.6

    Impairment losses on assets

-

0.0

5.2

0.0

0.0

    Amortization of goodwill

18.1

18.6

18.4

16.2

14.6

    Equity gains/loss

-

-

-

-

0.0

    Reserve for retirement benefits

4.9

3.4

-34.6

0.6

9.4

    Reserve for bonuses

0.0

3.3

0.0

-1.2

0.0

    Reserve for dir.'s retire. bonuse

-

-

-

-

0.0

    Reserve for products guarantees

0.0

-2.6

4.5

0.2

-2.0

    Reserve for doubtful accounts

-

-

-

-

0.0

    Reserve for contract loss

0.0

-11.2

-4.0

-3.7

14.8

    Reversal of int.& dividends rcvd.

-3.3

-3.0

-2.6

-4.2

-3.8

    Reversal of interest expenses

-

-

0.0

0.2

0.3

    G/L on the sale of fixed assets

-

-

-

-

0.0

    Loss on retire. of fixed assets

-

-

0.0

1.5

2.2

    G/L on val. of LT inv't secs.

0.0

2.6

1.8

0.0

-

    G-Impairment for Leased Asset Account

-

-

0.0

-0.2

-0.3

    Settlement charge received

0.0

-14.1

0.0

-

-

    Lease assets withdrawal expense

0.0

3.1

0.0

-

-

    (Inc) Dec accounts receivable

-10.9

-24.1

12.8

21.6

-4.0

    (Inc) Dec inventories

-7.5

-17.2

18.1

6.4

-9.5

    Inc (Dec) in acts & notes payable

-4.7

13.1

-7.0

-9.1

-7.9

    Inc (Dec) other payables

5.9

16.8

-4.4

-7.4

5.0

    Inc (Dec) accrued expenses

1.6

-1.9

-1.8

0.0

-

    Inc (Dec) sales tax payables

0.0

1.8

0.0

-

-

    Inc (Dec) LT other payables

-6.9

-7.3

31.2

0.0

-

    Other operating activities

1.2

2.1

1.3

3.5

-2.0

    Int & div.received(cash basis)

3.6

3.2

2.7

4.1

3.8

    Interest paid (cash basis)

0.0

-0.1

-0.2

-0.2

-0.5

    Settlement charge received

0.0

14.1

0.0

-

-

    Lease assets withdrawal expense

0.0

-3.1

0.0

-

-

    Income taxes paid

-61.6

-59.4

-32.6

-45.9

-45.5

    Increase due to newly consol. subs.

-

-

-

-

0.0

    Adjustment

-

0.0

-

-

0.0

Cash from Operating Activities

162.6

145.3

148.5

85.8

77.5

 

 

 

 

 

 

    Time deposit made

-862.6

-958.3

-598.1

-237.6

-255.0

    Time deposit matured

783.8

939.2

477.6

275.4

240.7

    Marketable secs., net

18.7

-25.9

-32.0

0.0

-

    Capital expenditure

-34.7

-25.9

-37.5

-32.5

-31.1

    Sale of PPE

1.2

1.0

0.0

4.5

0.7

    Purchase of intangible assets

-5.4

-11.2

-18.0

-11.9

-1.9

    Purchase of LT inv't in sec.

-45.3

-49.6

-21.4

0.0

-

    Purchase of subs.' securities

-

-

0.0

-78.3

0.0

    Redempt.LT inv't in sec.

66.9

22.8

0.0

-

-

    Trust rights

0.0

0.9

3.9

3.7

1.9

    Purchase of business

0.0

-5.1

0.0

-

-

    Other investment activities

0.0

-1.1

0.2

-0.5

-0.9

Cash from Investing Activities

-77.5

-113.3

-225.3

-77.2

-45.7

 

 

 

 

 

 

    Change in short-term debt, net

-

-

0.0

-3.5

-0.4

    LT debts, repaid

-

-

0.0

-0.3

-1.0

    Bond issued

-

-

-

-

0.0

    Bond redemption

-

-

0.0

-4.8

0.0

    Repayments of lease obligations

-0.5

0.0

-

-

-

    Stocks issued

-

-

0.0

57.8

21.1

    Cash dividends paid

-27.0

-16.4

-15.4

-12.3

-5.2

    Exercise of stock option

1.0

0.0

-

-

-

    Proceed from minorities' payment

0.0

1.5

0.0

-

-

    Other, net

-0.1

-0.3

-0.1

0.0

-

Cash from Financing Activities

-26.6

-15.1

-15.5

37.0

14.4

 

 

 

 

 

 

Foreign Exchange Effects

-2.7

2.1

2.0

4.1

6.4

Net Change in Cash

55.7

18.9

-90.4

49.7

52.5

 

 

 

 

 

 

Net Cash-Beginning Balance

385.3

330.9

400.7

313.1

222.3

Net Cash-Ending Balance

441.0

349.8

310.3

362.8

274.9

    Cash Interest Paid

0.0

0.1

0.2

0.2

0.5

    Cash Taxes Paid

61.6

59.4

32.6

45.9

45.5

 

 

 

Interim Cash Flows

As Reported

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

Period Length

12 Months

9 Months

6 Months

3 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
31-Dec-2010

Filed Currency

JPY

JPY

JPY

JPY

JPY

Exchange Rate (Period Average)

79.698224

80.506255

81.907322

82.241044

87.789317

 

 

 

 

 

 

Net Income Before Tax

169.7

151.4

91.0

37.4

158.6

    Depreciation

52.6

38.2

25.2

12.5

48.9

    Amortization of goodwill

18.1

13.8

9.2

4.6

18.6

    Impairment losses on assets

-

-

-

-

0.0

    Reserve for retirement benefits

4.9

4.0

2.7

1.2

3.4

    Reserve for bonuses

0.0

40.1

3.9

27.3

3.3

    Inc (dec) in provision for product

0.0

-

-

-

-2.6

    Reserve for contract loss

0.0

0.0

0.0

-

-11.2

    Reversal of int.& dividends rcvd.

-3.3

-2.4

-1.5

-

-3.0

    G/L on val. of LT inv't secs.

0.0

0.0

-

-

2.6

    Settlement charge received

0.0

0.0

0.0

-

-14.1

    Lease assets withdrawal expense

0.0

-

-

-

3.1

    (Inc) Dec accounts receivable

-10.9

-44.6

-54.2

-37.5

-24.1

    (Inc) Dec inventories

-7.5

-5.6

-10.1

-12.1

-17.2

    Inc (Dec) in acts & notes payable

-4.7

10.6

4.5

17.8

13.1

    Inc (Dec) other payables

5.9

-1.9

-8.4

-19.2

16.8

    Inc (Dec) accrued expenses

1.6

5.5

64.9

3.6

-1.9

    Inc (Dec) sales tax payables

0.0

-0.2

-1.5

0.0

1.8

    Inc (Dec) LT other payables

-6.9

-0.8

-

-

-7.3

    Other, net

1.2

-8.4

-9.7

-14.0

2.1

    Int & div.received(cash basis)

3.6

2.1

1.6

0.3

3.2

    Settlement charge received(cash basis)

0.0

0.0

0.0

-

14.1

    Lease assets withdrawal expense

0.0

-

-

-

-3.1

    Interest paid (cash basis)

0.0

-0.1

-0.1

0.0

-0.1

    Income taxes paid

-61.6

-58.9

-33.5

-25.3

-59.4

    Adjustment

-

-

-

-

0.0

Cash from Operating Activities

162.6

142.8

83.8

-3.3

145.3

 

 

 

 

 

 

    Time deposit made

-862.6

-591.2

-400.4

-147.5

-958.3

    Time deposit matured

783.8

504.7

310.1

156.4

939.2

    Marketable secs., net

18.7

9.9

13.4

19.5

-25.9

    Capital expenditure

-34.7

-26.5

-17.5

-9.5

-25.9

    Sale of PPE

1.2

0.7

-

-

1.0

    Purchase of intangible assets

-5.4

-3.9

-2.0

-1.7

-11.2

    Purchase of LT inv't in sec.

-45.3

-33.6

-24.5

-24.4

-49.6

    Redempt.LT inv't in sec.

66.9

26.1

15.9

1.2

22.8

    Trust rights

0.0

-1.5

-1.4

1.1

0.9

    Purchase of business

0.0

0.0

-

-

-5.1

    LT loans made

-

-

-0.7

-

-

    Other, net

0.0

-0.4

1.0

1.2

-1.1

Cash from Investing Activities

-77.5

-115.6

-106.1

-3.8

-113.3

 

 

 

 

 

 

    Repayments of lease obligations

-0.5

-0.3

-0.2

-0.1

0.0

    Cash dividends paid

-27.0

-26.7

-26.3

-26.1

-16.4

    Proceeds from minority

0.0

0.0

-

-

1.5

    Exercise of stock option

1.0

0.3

0.2

0.2

0.0

    Other, net

-0.1

-0.1

0.0

0.0

-0.3

Cash from Financing Activities

-26.6

-26.8

-26.3

-26.0

-15.1

 

 

 

 

 

 

Foreign Exchange Effects

-2.7

0.7

3.5

1.8

2.1

Net Change in Cash

55.7

1.1

-45.1

-31.2

18.9

 

 

 

 

 

 

Cash at beginning of year

385.3

381.4

374.9

373.4

330.9

Cash and cash equivalents at end of year

441.0

382.5

329.7

342.1

349.8

    Cash Interest Paid

0.0

0.1

0.1

0.0

0.1

    Cash Taxes Paid

61.6

58.9

33.5

25.3

59.4

 

 

 

Geographic Segments

 

Financials in: As Reported (mil)

Annual  

           

 

External Revenue   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Japan

1,659.7

78.1 %

1,490.8

77.3 %

1,348.0

78.7 %

1,276.9

77.5 %

1,159.6

76.6 %

North & central America

355.2

16.7 %

343.4

17.8 %

237.6

13.9 %

270.3

16.4 %

268.4

17.7 %

Europe/Asia

109.3

5.1 %

95.2

4.9 %

126.5

7.4 %

99.7

6.1 %

86.7

5.7 %

Segment Total

2,124.2

100 %

1,929.4

100 %

1,712.1

100 %

1,646.9

100 %

1,514.7

100 %

Eliminations/Corporate

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Consolidated Total

2,124.2

100 %

1,929.4

100 %

1,712.1

100 %

1,646.9

100 %

1,514.7

100 %

Exchange Rate: JPY to USD

79.698224

 

87.789317

 

93.619712

 

103.395546

 

117.767199

 

Intersegment Revenue   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Japan

40.2

75.5 %

35.1

71.8 %

26.7

49.1 %

27.1

47.5 %

25.8

47 %

North & central America

4.1

7.7 %

5.0

10.3 %

17.4

32 %

21.7

38 %

24.4

44.5 %

Europe/Asia

8.9

16.8 %

8.8

18 %

10.2

18.9 %

8.3

14.5 %

4.7

8.5 %

Segment Total

53.3

100 %

48.9

100 %

54.3

100 %

57.0

100 %

54.9

100 %

Eliminations/Corporate

-53.3

-100 %

-48.9

-100 %

-54.3

-100 %

-57.0

-100 %

-54.9

-100 %

Consolidated Total

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Exchange Rate: JPY to USD

79.698224

 

87.789317

 

93.619712

 

103.395546

 

117.767199

 

 

Total Revenue   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Japan

1,699.9

78.1 %

1,525.8

77.1 %

1,374.7

77.8 %

1,304.0

76.5 %

1,185.4

75.5 %

North & central America

359.3

16.5 %

348.5

17.6 %

255.0

14.4 %

292.0

17.1 %

292.8

18.7 %

Europe/Asia

118.3

5.4 %

103.9

5.3 %

136.8

7.7 %

108.0

6.3 %

91.3

5.8 %

Segment Total

2,177.5

100 %

1,978.2

100 %

1,766.4

100 %

1,703.9

100 %

1,569.6

100 %

Eliminations/Corporate

-53.3

-2.4 %

-48.9

-2.5 %

-54.3

-3.1 %

-57.0

-3.3 %

-54.9

-3.5 %

Consolidated Total

2,124.2

97.6 %

1,929.4

97.5 %

1,712.1

96.9 %

1,646.9

96.7 %

1,514.7

96.5 %

Exchange Rate: JPY to USD

79.698224

 

87.789317

 

93.619712

 

103.395546

 

117.767199

 

Depreciation   USD (mil)

 

31-Dec-11

31-Dec-10

Japan

35.5

75.3 %

31.7

71.8 %

North & central America

8.5

18.1 %

9.4

21.2 %

Europe/Asia

3.1

6.5 %

3.1

7 %

Segment Total

47.1

100 %

44.1

100 %

Eliminations/Corporate

5.5

11.8 %

4.8

10.8 %

Consolidated Total

52.6

111.8 %

48.9

110.8 %

Exchange Rate: JPY to USD

79.698224

 

87.789317

 

 

Total Operating Expense   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Japan

1,320.0

75.3 %

1,213.6

76.4 %

1,155.9

75.5 %

1,050.8

74.6 %

North & central America

274.5

15.7 %

236.1

14.9 %

269.0

17.6 %

268.8

19.1 %

Europe/Asia

159.0

9.1 %

138.1

8.7 %

107.1

7 %

88.2

6.3 %

Segment Total

1,753.5

100 %

1,587.9

100 %

1,532.0

100 %

1,407.7

100 %

Eliminations/Corporate

18.2

1 %

30.9

1.9 %

24.4

1.6 %

24.0

1.7 %

Consolidated Total

1,771.7

101 %

1,618.8

101.9 %

1,556.3

101.6 %

1,431.7

101.7 %

Exchange Rate: JPY to USD

87.789317

 

93.619712

 

103.395546

 

117.767199

 

Operating Income/Loss   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Japan

135.1

69.8 %

116.5

65 %

161.1

90.2 %

148.1

86.1 %

134.6

83.2 %

North & central America

50.3

26 %

53.4

29.8 %

18.8

10.6 %

23.0

13.4 %

24.0

14.9 %

Europe/Asia

8.3

4.3 %

9.4

5.2 %

-1.4

-0.8 %

0.9

0.5 %

3.2

2 %

Segment Total

193.7

100 %

179.2

100 %

178.6

100 %

172.0

100 %

161.8

100 %

Eliminations/Corporate

-20.4

-10.5 %

-21.6

-12 %

-85.2

-47.7 %

-81.4

-47.3 %

-78.9

-48.7 %

Consolidated Total

173.3

89.5 %

157.7

88 %

93.3

52.3 %

90.6

52.7 %

83.0

51.3 %

Exchange Rate: JPY to USD

79.698224

 

87.789317

 

93.619712

 

103.395546

 

117.767199

 

 

Operating Margin (%)  

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Japan

7.9

-

7.6

-

11.7

-

11.4

-

11.4

-

North & central America

14.0

-

15.3

-

7.4

-

7.9

-

8.2

-

Europe/Asia

7.0

-

9.0

-

-1.0

-

0.8

-

3.5

-

Segment Total

8.9

-

9.1

-

10.1

-

10.1

-

10.3

-

Eliminations/Corporate

38.3

-

44.2

-

157.0

-

142.7

-

143.7

-

Consolidated Total

8.2

-

8.2

-

5.5

-

5.5

-

5.5

-

Total Assets   USD (mil)

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Japan

2,258.8

86.8 %

2,094.7

87 %

1,686.3

79.8 %

1,690.5

78.8 %

1,320.3

77.2 %

North & central America

258.3

9.9 %

237.4

9.9 %

248.7

11.8 %

273.1

12.7 %

283.2

16.6 %

Europe/Asia

83.7

3.2 %

76.5

3.2 %

179.1

8.5 %

182.1

8.5 %

107.4

6.3 %

Segment Total

2,600.9

100 %

2,408.5

100 %

2,114.1

100 %

2,145.7

100 %

1,710.9

100 %

Eliminations/Corporate

-192.7

-7.4 %

-173.9

-7.2 %

-219.9

-10.4 %

-231.4

-10.8 %

-150.9

-8.8 %

Consolidated Total

2,408.1

92.6 %

2,234.7

92.8 %

1,894.2

89.6 %

1,914.4

89.2 %

1,560.0

91.2 %

Exchange Rate: JPY to USD

76.940000

 

81.105000

 

93.095000

 

90.650000

 

111.715000

 

 

Operating Return on Assets (%)  

 

31-Dec-11

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Japan

6.2

-

6.0

-

9.6

-

10.0

-

10.7

-

North & central America

20.2

-

24.3

-

7.6

-

9.6

-

9.0

-

Europe/Asia

10.2

-

13.3

-

-0.8

-

0.6

-

3.1

-

Segment Total

7.7

-

8.1

-

8.5

-

9.1

-

10.0

-

Eliminations/Corporate

11.0

-

13.4

-

39.0

-

40.1

-

55.1

-

Consolidated Total

7.5

-

7.6

-

5.0

-

5.4

-

5.6

-

Purchase of Fixed Assets   USD (mil)

 

31-Dec-11

31-Dec-10

Japan

25.8

64.3 %

24.8

66.6 %

North & central America

10.8

27 %

10.1

27.1 %

Europe/Asia

3.5

8.6 %

2.3

6.3 %

Segment Total

40.1

100 %

37.2

100 %

Eliminations/Corporate

0.0

0 %

4.1

11 %

Consolidated Total

40.1

100 %

41.3

111 %

Exchange Rate: JPY to USD

79.698224

 

87.789317

 

 

 

Geographic Segments

 

Financials in: As Reported (mil)

 

Interim  

           

 

External Revenue   USD (mil)

 

31-Mar-12

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

Japan

429.2

79.2 %

393.3

77.9 %

464.8

78.9 %

415.4

77.7 %

387.1

77.9 %

North & central America

86.6

16 %

85.4

16.9 %

94.2

16 %

89.4

16.7 %

86.2

17.3 %

Europe/Asia

26.2

4.8 %

25.9

5.1 %

30.0

5.1 %

29.8

5.6 %

23.7

4.8 %

Segment Total

542.0

100 %

504.6

100 %

588.9

100 %

534.6

100 %

497.0

100 %

Eliminations/Corporate

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Consolidated Total

542.0

100 %

504.6

100 %

588.9

100 %

534.6

100 %

497.0

100 %

Exchange Rate: JPY to USD

79.208816

 

77.302742

 

77.752043

 

81.605269

 

82.241044

 

Intersegment Revenue   USD (mil)

 

31-Mar-12

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

Japan

9.6

72.3 %

8.8

72 %

9.5

75.5 %

11.4

81.5 %

10.5

72.6 %

North & central America

1.0

7.7 %

1.0

8.2 %

1.0

7.6 %

1.1

7.9 %

1.0

7.1 %

Europe/Asia

2.7

20.1 %

2.4

19.8 %

2.1

16.9 %

1.5

10.6 %

2.9

20.3 %

Segment Total

13.3

100 %

12.2

100 %

12.5

100 %

14.0

100 %

14.5

100 %

Eliminations/Corporate

-13.3

-100 %

-12.2

-100 %

-12.5

-100 %

-14.0

-100 %

-14.5

-100 %

Consolidated Total

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Exchange Rate: JPY to USD

79.208816

 

77.302742

 

77.752043

 

81.605269

 

82.241044

 

 

Total Revenue   USD (mil)

 

31-Mar-12

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

Japan

438.8

79 %

402.0

77.8 %

474.3

78.8 %

426.7

77.8 %

397.6

77.7 %

North & central America

87.6

15.8 %

86.4

16.7 %

95.1

15.8 %

90.5

16.5 %

87.2

17.1 %

Europe/Asia

28.9

5.2 %

28.3

5.5 %

32.1

5.3 %

31.3

5.7 %

26.6

5.2 %

Segment Total

555.4

100 %

516.7

100 %

601.5

100 %

548.6

100 %

511.5

100 %

Eliminations/Corporate

-13.3

-2.4 %

-12.2

-2.4 %

-12.5

-2.1 %

-14.0

-2.5 %

-14.5

-2.8 %

Consolidated Total

542.0

97.6 %

504.6

97.6 %

588.9

97.9 %

534.6

97.5 %

497.0

97.2 %

Exchange Rate: JPY to USD

79.208816

 

77.302742

 

77.752043

 

81.605269

 

82.241044

 

Operating Income/Loss   USD (mil)

 

31-Mar-12

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

Japan

40.0

78 %

9.6

47.2 %

55.2

77.4 %

44.8

72.6 %

25.3

63.3 %

North & central America

9.7

18.9 %

10.0

49 %

12.8

18 %

13.9

22.6 %

13.4

33.5 %

Europe/Asia

1.6

3.1 %

0.8

3.8 %

3.3

4.6 %

2.9

4.8 %

1.3

3.2 %

Segment Total

51.3

100 %

20.3

100 %

71.3

100 %

61.7

100 %

40.0

100 %

Eliminations/Corporate

-5.7

-11.2 %

-5.5

-27.3 %

-4.1

-5.8 %

-5.6

-9.1 %

-5.0

-12.6 %

Consolidated Total

45.6

88.8 %

14.8

72.7 %

67.2

94.2 %

56.0

90.9 %

34.9

87.4 %

Exchange Rate: JPY to USD

79.208816

 

77.302742

 

77.752043

 

81.605269

 

82.241044

 

 

Operating Margin (%)  

 

31-Mar-12

31-Dec-11

30-Sep-11

30-Jun-11

31-Mar-11

Japan

9.1

-

2.4

-

11.6

-

10.5

-

6.4

-

North & central America

11.1

-

11.5

-

13.5

-

15.4

-

15.3

-

Europe/Asia

5.6

-

2.7

-

10.3

-

9.4

-

4.8

-

Segment Total

9.2

-

3.9

-

11.9

-

11.2

-

7.8

-

Eliminations/Corporate

43.1

-

45.6

-

33.1

-

40.4

-

34.9

-

Consolidated Total

8.4

-

2.9

-

11.4

-

10.5

-

7.0

-

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.85

UK Pound

1

Rs.86.88

Euro

1

Rs.69.88

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.