MIRA
INFORM REPORT
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Report Date : |
09.11.2012 |
IDENTIFICATION DETAILS
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Name : |
NIPPON KAYAKU CO., LTD. |
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Registered Office : |
Tokyo Fujimi Bldg. 1-11-2, Fujimi, Chiyoda-ku Chiyoda-ku |
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Country : |
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Financials (as on) : |
31.05.2012 |
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Date of Incorporation : |
05.06.1916 |
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Legal Form : |
Public Parent |
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Line of Business : |
Manufacture of dyes and pigments |
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No. of Employees : |
4,583 |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
In the years following World War
II, government-industry cooperation, a strong work ethic, mastery of high
technology, and a comparatively small defense allocation (1% of GDP) helped
Source
: CIA
Company name and address
NIPPON KAYAKU CO., LTD.
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Business
Description
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NIPPON KAYAKU CO., LTD. is primarily engaged in the manufacture and
sale of functional chemical products. The Company has four business segments.
The Functional Chemical segment manufactures and sells functional materials,
such as epoxy resin, ultraviolet curable resin and high-performance
chemicals; electronic information materials, including seals for liquid
crystal displays (LCDs), resin for optical discs, pigment for inkjet printers
and films for plasma displays; catalysts, such as catalysts for acrylic and
methacrylic acid manufacturing, as well as coloring materials, such as dyes
and special coloring materials for nonfibrous products, among others. The
Pharmaceutical segment supplies pharmaceutical products, drug substances,
medical intermediates and diagnostic medicines, among others. The Safety
Systems segment provides inflators for airbags and micro gas generators for
seatbelt pretensioners. The Others segment is engaged in the manufacture and
sale of agricultural chemicals. For the three months ended 31 August 2012,
NIPPON KAYAKU CO., LTD. revenues increased 2% to Y37.47B. Net income
increased 39% to Y3.99B. Revenues reflect Chemicals Business segment increase
of 4% to Y18.9B, Business Safety Systems segment increase of 9% to Y5.05B.
Net income benefited from Business Safety Systems segment income increase
from Y292M to Y771M, Chemicals Business segment income increase of 13% to
Y3.93B. |
Industry
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Industry |
Chemical Manufacturing |
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ANZSIC 2006: |
1813 - Basic Inorganic Chemical Manufacturing
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NACE 2002: |
2412 - Manufacture of dyes and pigments |
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NAICS 2002: |
325131 - Inorganic Dye and Pigment
Manufacturing |
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UK SIC 2003: |
2412 - Manufacture of dyes and pigments |
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UK SIC 2007: |
2012 - Manufacture of dyes and pigments |
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US SIC 1987: |
2816 - Inorganic Pigments |
Key Executives
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Significant Developments
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* number of significant developments within the last 12 months |
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Financial Summary
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Stock Snapshot
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1 - Profit &
Loss Item Exchange Rate: USD 1 = JPY 78.69807
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 78.98128
Corporate Overview
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NIPPON KAYAKU
CO., LTD. The Strategic Initiatives report is created using technology to extract
meaningful insights from analyst reports about a company's strategic projects
and investments. More
about Strategic Initiatives
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Key Organizational Changes |
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Its technological base can be divided
under six, namely, explosives technologies, dye technologies, pharmaceutical
technologies, agrochemical technologies, catalyst technologies and resin
technologies. This, robust platform of technologies helped Nippon to expand
its business segments, as in 1916 the company started manufacturing
industrial explosives but it slowly forayed into production of fuses and
detonating caps, gradually developing into a comprehensive explosives
manufacturer. In 1928, the company forayed into dye business with the
acquisition of Teikoku Senryo Seizou by Nihon Kayaku Seizou. While, in 1932,
the company diversified its business segments into pharmaceuticals space by
entering into full fledged production of Asprin and Penicillin. Furthermore,
in 1934 the company entered the Agro-Chemical space by starting the
production of CHLOROPICRIN. |
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Product |
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Furthermore, in 1934 the company entered
the Agro-Chemical space by starting the production of CHLOROPICRIN. Also, in
1959, Nippon joined the Polymer Material R&D Association to begin
production of acetylene and ethylene. Thus, the company followed a strategy
of diversification, when it acquires capabilities in a particular industrial
domain, it moves into other related businesses creating a fusion of the
technological base. This strategy of the company helped it in past to
diversify and helped it to become a well renowned conglomerate.Sturdy
Research and Development ActivitiesNippon has significant research findings
through its focused research and development activities. The company's
research and development expenditure relating to continuing operations were
JPY10. |
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Also, in 1959, Nippon joined the Polymer
Material R&D Association to begin production of acetylene and ethylene.
Thus, the company followed a strategy of diversification, when it acquires
capabilities in a particular industrial domain, it moves into other related
businesses creating a fusion of the technological base. This strategy of the
company helped it in past to diversify and helped it to become a well
renowned conglomerate.Sturdy Research and Development ActivitiesNippon has
significant research findings through its focused research and development
activities. The company's research and development expenditure relating to
continuing operations were JPY10.41bn in 2011, JPY11. |
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Overview
Nippon is a Japanese pharmaceutical, agriculture, and chemical company, involved
in the manufacture and sales of anti-cancer drugs, cardiovascular drugs,
immunosuppressants, and other pharmaceuticals and diagnostics for prescription.
The company leverages its diversified business segments and strong R&D base
for building up strong market presence. However, factors such as market
dynamics, environmental protocols and the ongoing consolidation of the Japanese
chemical industry is likely to impact the company's long term business
operations.
Strengths
Nippon has continuously expanded its core technological base and focused
on technological fusion of its core technologies to create new products and new
business areas to leverage upon. Its technological base can be divided under
six, namely, explosives technologies, dye technologies, pharmaceutical
technologies, agrochemical technologies, catalyst technologies and resin
technologies. This, robust platform of technologies helped Nippon to expand its
business segments, as in 1916 the company started manufacturing industrial
explosives but it slowly forayed into production of fuses and detonating caps,
gradually developing into a comprehensive explosives manufacturer. In 1928, the
company forayed into dye business with the acquisition of Teikoku Senryo Seizou
by Nihon Kayaku Seizou. While, in 1932, the company diversified its business
segments into pharmaceuticals space by entering into full fledged production of
Asprin and Penicillin. Furthermore, in 1934 the company entered the
Agro-Chemical space by starting the production of CHLOROPICRIN. Also, in 1959,
Nippon joined the Polymer Material R&D Association to begin production of
acetylene and ethylene. Thus, the company followed a strategy of
diversification, when it acquires capabilities in a particular industrial
domain, it moves into other related businesses creating a fusion of the
technological base. This strategy of the company helped it in past to diversify
and helped it to become a well renowned conglomerate.
Sturdy Research and Development Activities
Nippon has significant research findings through its focused research
and development activities. The company's research and development expenditure
relating to continuing operations were JPY10.41bn in 2011, JPY11.66bn in 2010,
JPY9.85bn in 2009 and JPY10.20bn in 2008, which accounted for 7-8% of the
company’s total revenue. Its research operations are principally carried out
at its four laboratories, namely: functional chemicals R&D laboratories,
pharmaceuticals research laboratories, safety systems development laboratories,
and agrochemicals laboratories. In the functional chemical business segment,
the company is focused on the development of next generation environmentally
friendly products. While, in the pharmaceutical space, it sells 25 products of
anti-cancer drugs representing 23 product types and its research activities is
focused on developing new treatment options for cancer, heart disease and organ
transplant rejection. Moreover, in the safety system business segments, its
R&D efforts are focused on the development of new technologies and
strengthening its global production system for future requirements. Thus, the
focused research activity incorporated by the company has lead to the
development of a wide range of product portfolio. Nippon is focused on the
constant evaluation of its research activities for developing highly
specialized and functional products.
Nippon leverages its diversified business segments to maintain and
improve its relative competitive edge in the global economy. The company
principally classifies its business operations into four main groups:
functional chemicals group, pharmaceuticals group, safety systems group and
agrochemicals business. The functional chemical segment manufactures and sells
functional materials, such as optical functional films for PDPs (plasma display
panels), resists for semiconductors, MEMS (microelectromechanical systems),
epoxy resin, ultraviolet curable resin and high-performance chemicals;
electronic information materials, including sealants for liquid crystal
displays (LCDs), resin for optical discs, colour for ink-jet printers and
optical films, as well as catalysts, such as catalysts for acrylic and
methacrylic acid manufacturing. The pharmaceutical segment supplies
pharmaceutical products, drug substances, medical intermediates, and diagnostic
medicines, among others. The safety systems segment provides inflators for
airbags and micro gas generators for seatbelt pretensioners. The agrochemicals
segment manufactures and sells agrochemicals. This segment also sells dyes and
special color materials for non-fabrics and manufactures detonating powder,
black gunpowder and pyrotechnic products. Diversified business segments help
the company to increase its customer base, thereby reduce product liability
risk.
Weaknesses
Decline in Financial Performance
Nippon Kayaku reported decline in revenue in the fiscal year ended
December 2011, which has affected its margins. The company’s revenue dropped
from JPY148.8 billion in 2010 to JPY147.1 billion in 2011, reflecting a decline
of 1.2%. A decline in the company’s revenue is mainly attributed to a decline
in sales of its functional materials business and pharmaceutical businesses.
The functional materials business experienced a decline in its sales of its
epoxy resins for semiconductor encapsulation and UV-curing resins. In the area
of pharmaceuticals, sales of active pharmaceutical ingredients experienced a
dip. The company’s safety systems business was hit by great East Japan
earthquake, the effects of flooding in Thailand. Owing a decline in revenue the
company recorded a decline in operating income from JPY225.9 billion in 2010 to
JPY189.1 billion in 2011. A substantial increase in its SGA expenditure, the
company recorded 12.3% decline net income from JPY130 billion in 2010 to JPY114
billion in 2011. The company also recorded a decline in profitability ratios
for the fiscal year 2011 as compared to 2010. The company’s operating margin
and net profit margin declined to 12.8% and 7.7% in 2011, declining from 15.2%
and 8.7% respectively in 2010.
The company's overwhelming dependence on the Japanese market for a
substantial portion of its revenue exposes it to associated risks and drawbacks.
The company has been highly dependent on Japan to drive its revenue growth. The
dependence of the company on third party can be evaluated from the amount of
sales generated through third party, which is JPY141.03bn out of the total
sales, which is JPY152.12bn. During the fiscal year 2011, the company generated
sales worth JPY122.47bn from Japan, which is about 84% of the total revenue
thus the company's financial position can be adversely impacted if there is any
significant change in their purchasing pattern. The company has to
strategically increase its revenue contribution from other geographic segments
so as to sustain its revenue growth and profitability.
Dependence on Third Party Distributors
Dependence on third party distributors has many associated concern with
it, such as termination of contracts and low revenue recognitions, which can
adversely affect the company’s products sales. Following a third party
agreement confines chances of commercialization of product on its own and the
company becomes dependent on the efforts of these distributors for its revenue
generation. Thus, the dependency on third party distributors and inability to
develop its own marketing and distribution network will be a serious cause of
concern for the company.
Opportunities
Nippon Kayaku, which is a diversified company operating in various
segments including functional chemicals, pharmaceuticals safety systems and
several other is expected to find considerable opportunity in Japan’s efforts
to rebuild the economy. During the last year the Japanese economy was badly
affected by major natural disasters including the earthquake in Eastern Japan
and floods in Thailand. Rebounding from the effects of the natural disasters,
production by automobile manufacturers is expected to pick, which in turn is
expected to boost the company’s safety systems business.
The company could benefit from its focus on oncology. Successful
commercialization of the company’s key anti-cancer drugs arterial infusion
IA, Paclitaxel Injection, Bicalutamide injection and Arboplatin Intravenous
Injection. Based on the in-house research, global oncology therapeutics market
increased was worth nearly $33.3 billion in 2010, and is expected to witness
moderate growth of 5.69% during 2010–2017, and is expected to reach $48.8
billion mark by 2017. Within the oncology therapeutics market - breast,
colorectal, lung, prostate, and pancreatic cancers have the largest market in
terms of the number of patients diagnosed. The overall oncology market will
witness moderate growth phase, with prostate cancer and ovarian cancer
therapeutics markets are expected with high growth trajectories during the
forecast period. In addition, indications such as colorectal cancer, breast
cancer, non-Hodgkin's lymphoma (NHL) and non-small cell lung cancer (NSCLC) are
expected to witness moderate growth trends. Furthermore, other factors such as
rapid uptake of targeted therapies in key cancer indications with increased efficacy
and reduced toxicity is expected to contribute to the growth. The prevalence of
cancer is expected to double in the coming two decades owing to the steady
increase in the elderly population. Senior citizens already contribute a great
deal to the sales of drugs for most of the age related cancers such as breast
cancer, prostate cancer, lung cancer, colorectal cancer, non-Hodgkin’s
lymphoma, melanoma, and brain cancer. Nippon Kayaku can leverage this market
potential in oncology to fuel its business growth in future.
The increasing population of people aged above 60, who consume more
medical solutions than the younger population and are more prone to chronic
diseases, holds significant market potential for the company. The United Nations
Population Division estimated that the number of people aged above 60 years
throughout the world will triple to nearly 2 billion by 2050. Globally, the
population of older persons is growing at a rate of 2.6% annually. According to
the United Nations Population Division, people aged 60 are projected to account
for 22% of the total world population by 2050, up from 11% in 2009. In
developed economies such as the US, the UK, France, Germany and Japan, the
percentage of people aged 65 and older is in double digits and is expected to
continue to grow for the next seven years. While developed countries have
managed to slow down their overall population growth, the longevity in the
elderly population will cause concern in the future. Such a situation will increase
the healthcare costs in those countries. The pace of population aging is faster
in developing countries than in developed countries. Due to the large volume of
the overall population in countries such as China and India, the number of
people becoming older is quite high. In 2009, the number of persons aged above
60 increased three and a half times to 737 million globally. There were 12
countries with more than 10 million people aged above 60, including China (160
million), India (89 million), the US (56 million), Japan (38 million), the
Russian Federation (25 million) and Germany (21 million). By 2050, 32 countries
are expected to have over 10 million people aged above 60, including five
countries with more than 50 million older people: China (440 million), India
(316 million), the US (111 million), Indonesia (72 million) and Brazil (64
million). This elderly population is expected to exert increasing pressure on
the healthcare system.
Threats
The technology and communication sector is rapidly growing. Nippon is
providing a broad variety of materials and components, especially film and
molded resin products for flat-panel displays in this sector. The overturn in
industry standards and changes in the supply/demand balance can have the market
environment to undergo radical changes within a short span of time. Market
dynamics such as these, could result in reduced sales , which further can lead
to businesses being forced to downsize or seize operating from a particular
market.
Adverse or inconclusive results from preclinical testing or clinical
trials may substantially delay or halt the development of the company's various
product candidates, consequently affecting its timeliness for profitability.
The outcome of clinical trials is always a subject of uncertainty. After the
discovery of a new compound, substantial amount of money and a great deal of
time need to be invested to successfully launch a new product. Moreover, it may
become necessary to discontinue clinical development if the effectiveness of a
drug is not proven as initially expected, or if serious adverse effects arise.
In addition, pharmaceuticals are subject to legal restrictions in every country
and authorization from regulatory authorities is a prerequisite for a product
launch in every country. It is difficult to accurately foresee when approvals
for a new product could be obtained.
Compliance to environmental protocols is seriously considered among the
industrial countries. The Kyoto Protocol came into the picture during 2005 to
decrease the emission of greenhouse gases by the nations. According to this
protocol by 2012, Japan has to reduce the greenhouse gases by 14%. The
reduction target for Japan is 6%. The government will force the industries in
Japan to reduce the emission of gases. As a result, the company should reduce
the emission of green house gases by implementing new technologies. This may
incur additional expenditures for the company increasing its production costs.
Consolidation of Japanese Chemical Industry
The competition in the Japanese chemical industry is increasing. The
current restructuring between the major players lead to consolidation within the
industry. Some of the major contenders in the Japanese chemical industry
already formed alliances. The major alliances include alliance between Idemitsu
Kosan and Mitsui Chemicals; and the joint venture between Ube-Maruzen
Polyethylene, Maruzen Petrochemicals and Ube Industries. These restructuring
activities resulted in consolidated market position of these major players.
Consolidation of Japanese chemical industry may lead to pricing pressures on
Nippon. It may affect the market position of the company in the chemical sector
in Japan.
Corporate Structure News
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NIPPON KAYAKU
CO., LTD. |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Tokyo |
Japan |
Chemical Manufacturing |
1,869.3 |
4,583 |
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Division |
Tokyo |
Japan |
Biotechnology and Drugs |
295.6 |
1,410 |
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Holding |
White Plains, NY |
United States |
Chemical Manufacturing |
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6 |
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Subsidiary |
Joetsu-Shi |
Japan |
Photography |
271.0 |
776 |
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Subsidiary |
Vsetin |
Czech Republic |
Auto and Truck Manufacturers |
|
500 |
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Subsidiary |
Vsetin |
Czech Republic |
Chemical Manufacturing |
|
500 |
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Division |
Yamaguchi |
Japan |
Chemical Manufacturing |
|
450 |
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Division |
Tokyo |
Japan |
Chemical Manufacturing |
|
400 |
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Subsidiary |
Fukuyama, Hiroshima |
Japan |
Chemical Manufacturing |
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270 |
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Facility |
Yamaguchi |
Japan |
Chemical Manufacturing |
1.0 |
140 |
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Subsidiary |
Adachi-Ku, Tokyo |
Japan |
Chemical Manufacturing |
10.7 |
90 |
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Subsidiary |
Tokyo |
Japan |
Chemical Manufacturing |
112.0 |
50 |
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Division |
Tokyo |
Japan |
Chemical Manufacturing |
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30 |
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Subsidiary |
Tokyo |
Japan |
Real Estate Operations |
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11 |
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Subsidiary |
Newton, MA |
United States |
Miscellaneous Capital Goods |
3.3 |
5 |
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Subsidiary |
Taipei |
Taiwan |
Biotechnology and Drugs |
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3 |
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Subsidiary |
Frankfurt |
Germany |
Biotechnology and Drugs |
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2 |
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Subsidiary |
Sanyoonoda, Yamaguchi |
Japan |
Chemical Manufacturing |
12.7 |
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Subsidiary |
Shanghai |
China |
Chemical Manufacturing |
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Subsidiary |
Fukuyama, Hiroshima |
Japan |
Recreational Activities |
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Subsidiary |
Tokyo |
Japan |
Chemical Manufacturing |
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Subsidiary |
Hollister, CA |
United States |
Miscellaneous Fabricated Products |
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Subsidiary |
Tokyo |
Japan |
Biotechnology and Drugs |
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Subsidiary |
Wuxi, Jiangsu |
China |
Chemical Manufacturing |
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Facility |
Fukuyama, Hiroshima |
Japan |
Chemical Manufacturing |
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Facility |
Takasaki, Gunma |
Japan |
Chemical Manufacturing |
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Facility |
Himeji, Hyogo |
Japan |
Chemical Manufacturing |
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Subsidiary |
Takasaki, Gunma |
Japan |
Food Processing |
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Subsidiary |
Tokyo |
Japan |
Schools |
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Subsidiary |
Takasaki, Gunma |
Japan |
Engineering Consultants |
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Subsidiary |
Shanghai |
China |
Chemical Manufacturing |
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Subsidiary |
Huzhou, ZheJiang |
China |
Chemical Manufacturing |
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Subsidiary |
Tokyo |
Japan |
Biotechnology and Drugs |
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Facility |
Kamisu, Ibaraki |
Japan |
Chemical Manufacturing |
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Subsidiary |
Salinas Victoria, Nuevo Leon |
Mexico |
Oil Well Services and Equipment |
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Division |
Tokyo |
Japan |
Chemical Manufacturing |
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Subsidiary |
Tokyo |
Japan |
Real Estate Operations |
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Subsidiary |
Tokyo |
Japan |
Business Services |
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Executives Report
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Significant Developments
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Annual Income Statement
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Financials in: USD (mil) |
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Except for share items (millions) and per
share items (actual units) |
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31-May-2012 |
31-May-2011 |
31-May-2010 |
31-May-2009 |
31-May-2008 |
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Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
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UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.698065 |
83.931161 |
92.075644 |
99.54541 |
111.586981 |
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Auditor |
Ernst &
Young Shin Nihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
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Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Net Sales |
1,869.3 |
1,773.8 |
1,531.7 |
1,349.7 |
1,298.5 |
|
Revenue |
1,869.3 |
1,773.8 |
1,531.7 |
1,349.7 |
1,298.5 |
|
Total Revenue |
1,869.3 |
1,773.8 |
1,531.7 |
1,349.7 |
1,298.5 |
|
|
|
|
|
|
|
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Cost of Revenue |
1,076.1 |
1,050.5 |
922.9 |
880.5 |
835.0 |
|
Cost of Revenue, Total |
1,076.1 |
1,050.5 |
922.9 |
880.5 |
835.0 |
|
Gross Profit |
793.1 |
723.3 |
608.8 |
469.2 |
463.5 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
208.5 |
185.2 |
157.5 |
148.7 |
145.3 |
|
Labor & Related Expense |
160.6 |
152.2 |
136.6 |
116.9 |
101.1 |
|
Total Selling/General/Administrative Expenses |
369.0 |
337.4 |
294.1 |
265.6 |
246.5 |
|
Research & Development |
158.8 |
124.0 |
126.7 |
98.9 |
91.4 |
|
Depreciation |
19.0 |
13.7 |
14.3 |
15.7 |
14.1 |
|
Amortization of Acquisition Costs |
-1.9 |
-1.8 |
-1.3 |
0.0 |
- |
|
Depreciation/Amortization |
17.1 |
11.9 |
13.0 |
15.7 |
14.1 |
|
Impairment-Assets Held for Use |
- |
0.0 |
25.7 |
0.0 |
0.0 |
|
Impairment-Assets Held for Sale |
3.9 |
2.0 |
23.3 |
20.4 |
0.7 |
|
Other Unusual Expense (Income) |
4.1 |
-21.2 |
6.7 |
0.0 |
0.1 |
|
Unusual Expense (Income) |
8.1 |
-19.2 |
55.7 |
20.4 |
0.8 |
|
Other, Net |
-0.1 |
- |
- |
- |
- |
|
Other Operating Expenses, Total |
-0.1 |
- |
- |
- |
- |
|
Total Operating Expense |
1,628.9 |
1,504.6 |
1,412.4 |
1,281.0 |
1,187.8 |
|
|
|
|
|
|
|
|
Operating Income |
240.3 |
269.2 |
119.3 |
68.7 |
110.8 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-3.7 |
-4.3 |
-5.3 |
-4.6 |
-4.7 |
|
Interest Expense, Net Non-Operating |
-3.7 |
-4.3 |
-5.3 |
-4.6 |
-4.7 |
|
Interest Income -
Non-Operating |
1.1 |
1.1 |
1.6 |
2.1 |
1.7 |
|
Investment Income -
Non-Operating |
4.4 |
-8.2 |
0.5 |
-11.7 |
-8.0 |
|
Interest/Investment Income - Non-Operating |
5.4 |
-7.0 |
2.1 |
-9.5 |
-6.3 |
|
Interest Income (Expense) - Net Non-Operating Total |
1.7 |
-11.3 |
-3.2 |
-14.1 |
-11.1 |
|
Gain (Loss) on Sale of Assets |
-10.8 |
-7.0 |
1.9 |
13.7 |
7.2 |
|
Other Non-Operating Income (Expense) |
2.9 |
3.0 |
2.5 |
1.1 |
6.8 |
|
Other, Net |
2.9 |
3.0 |
2.5 |
1.1 |
6.8 |
|
Income Before Tax |
234.1 |
253.9 |
120.6 |
69.3 |
113.7 |
|
|
|
|
|
|
|
|
Total Income Tax |
77.5 |
87.9 |
8.9 |
35.7 |
48.0 |
|
Income After Tax |
156.7 |
165.9 |
111.7 |
33.7 |
65.7 |
|
|
|
|
|
|
|
|
Minority Interest |
-11.8 |
-11.0 |
-4.5 |
3.7 |
-6.2 |
|
Net Income Before Extraord Items |
144.9 |
154.9 |
107.2 |
37.4 |
59.4 |
|
Net Income |
144.9 |
154.9 |
107.2 |
37.4 |
59.4 |
|
|
|
|
|
|
|
|
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 |
144.9 |
154.9 |
107.2 |
37.3 |
59.4 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
144.9 |
154.9 |
107.2 |
37.3 |
59.4 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
181.3 |
181.4 |
181.5 |
181.6 |
181.6 |
|
Basic EPS Excl Extraord Items |
0.80 |
0.85 |
0.59 |
0.21 |
0.33 |
|
Basic/Primary EPS Incl Extraord Items |
0.80 |
0.85 |
0.59 |
0.21 |
0.33 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
-0.1 |
-0.3 |
|
Diluted Net Income |
144.9 |
154.9 |
107.2 |
37.3 |
59.1 |
|
Diluted Weighted Average Shares |
181.3 |
181.4 |
181.5 |
181.6 |
181.6 |
|
Diluted EPS Excl Extraord Items |
0.80 |
0.85 |
0.59 |
0.21 |
0.33 |
|
Diluted EPS Incl Extraord Items |
0.80 |
0.85 |
0.59 |
0.21 |
0.33 |
|
Dividends per Share - Common Stock Primary Issue |
0.25 |
0.24 |
0.22 |
0.20 |
0.18 |
|
Gross Dividends - Common Stock |
46.1 |
43.2 |
39.4 |
36.5 |
32.6 |
|
Interest Expense, Supplemental |
3.7 |
4.3 |
5.3 |
4.6 |
4.7 |
|
Depreciation, Supplemental |
19.0 |
107.6 |
108.9 |
107.9 |
97.4 |
|
Total Special Items |
17.0 |
-14.0 |
52.5 |
6.7 |
-6.4 |
|
Normalized Income Before Tax |
251.1 |
239.8 |
173.0 |
76.0 |
107.3 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
6.3 |
-4.2 |
4.0 |
3.4 |
-2.7 |
|
Inc Tax Ex Impact of Sp Items |
83.7 |
83.7 |
12.8 |
39.1 |
45.3 |
|
Normalized Income After Tax |
167.4 |
156.2 |
160.2 |
36.9 |
62.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
155.6 |
145.1 |
155.7 |
40.6 |
55.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.86 |
0.80 |
0.86 |
0.22 |
0.31 |
|
Diluted Normalized EPS |
0.86 |
0.80 |
0.86 |
0.22 |
0.31 |
|
Amort of Acquisition Costs, Supplemental |
-1.9 |
-1.8 |
-1.3 |
0.0 |
- |
|
Research & Development Exp, Supplemental |
166.8 |
132.1 |
133.3 |
105.3 |
96.6 |
|
Reported Operating Profit |
246.5 |
248.2 |
173.7 |
94.1 |
111.6 |
|
Reported Ordinary Profit |
253.1 |
241.7 |
174.3 |
81.1 |
102.2 |
|
Normalized EBIT |
248.4 |
250.0 |
175.0 |
89.0 |
111.6 |
|
Normalized EBITDA |
265.5 |
355.8 |
282.6 |
197.0 |
209.0 |
|
Current Tax - Total |
84.8 |
- |
- |
- |
- |
|
Current Tax - Total |
84.8 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-7.3 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-7.3 |
- |
- |
- |
- |
|
Income Tax - Total |
77.5 |
- |
- |
- |
- |
|
Interest Cost - Domestic |
6.8 |
6.3 |
5.7 |
5.2 |
4.8 |
|
Service Cost - Domestic |
16.8 |
15.8 |
14.0 |
13.1 |
11.8 |
|
Prior Service Cost - Domestic |
-3.7 |
-3.5 |
-3.2 |
-2.8 |
-2.5 |
|
Expected Return on Assets - Domestic |
-5.5 |
-4.9 |
-4.3 |
-4.4 |
-3.8 |
|
Actuarial Gains and Losses - Domestic |
5.8 |
7.9 |
7.1 |
2.9 |
0.4 |
|
Domestic Pension Plan Expense |
20.2 |
21.6 |
19.3 |
14.0 |
10.6 |
|
Total Pension Expense |
20.2 |
21.6 |
19.3 |
14.0 |
10.6 |
|
Discount Rate - Domestic |
- |
2.10% |
2.10% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
- |
1.00% |
1.00% |
1.00% |
1.00% |
|
Total Plan Interest Cost |
6.8 |
6.3 |
5.7 |
5.2 |
4.8 |
|
Total Plan Service Cost |
16.8 |
15.8 |
14.0 |
13.1 |
11.8 |
|
Total Plan Expected Return |
-5.5 |
-4.9 |
-4.3 |
-4.4 |
-3.8 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-May-2012 |
31-May-2011 |
31-May-2010 |
31-May-2009 |
31-May-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
78.981276 |
81.24 |
91.035 |
95.455 |
105.565 |
|
Auditor |
Ernst &
Young Shin Nihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
249.6 |
226.8 |
191.4 |
173.2 |
173.3 |
|
Short Term Investments |
231.4 |
283.1 |
203.4 |
195.1 |
36.2 |
|
Cash and Short Term Investments |
481.0 |
509.9 |
394.8 |
368.3 |
209.6 |
|
Accounts Receivable - Trade,
Gross |
594.2 |
577.9 |
518.3 |
461.0 |
461.6 |
|
Provision for Doubtful
Accounts |
-0.5 |
-0.4 |
-1.6 |
-1.3 |
-1.3 |
|
Trade Accounts Receivable - Net |
593.7 |
577.4 |
516.7 |
459.7 |
460.4 |
|
Total Receivables, Net |
593.7 |
577.4 |
516.7 |
459.7 |
460.4 |
|
Inventories - Finished Goods |
213.2 |
191.0 |
179.5 |
157.5 |
149.8 |
|
Inventories - Work In Progress |
27.1 |
25.7 |
21.2 |
16.3 |
20.6 |
|
Inventories - Raw Materials |
83.8 |
86.7 |
75.6 |
72.5 |
61.7 |
|
Total Inventory |
324.1 |
303.4 |
276.3 |
246.2 |
232.1 |
|
Deferred Income Tax - Current Asset |
42.1 |
33.0 |
66.7 |
24.6 |
20.3 |
|
Other Current Assets |
96.2 |
91.9 |
37.0 |
40.2 |
54.4 |
|
Other Current Assets, Total |
138.3 |
124.9 |
103.7 |
64.8 |
74.7 |
|
Total Current Assets |
1,537.1 |
1,515.6 |
1,291.5 |
1,139.0 |
976.8 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
779.0 |
745.3 |
677.0 |
707.7 |
664.7 |
|
Goodwill, Net |
20.5 |
17.5 |
20.2 |
22.1 |
31.4 |
|
Intangibles, Net |
36.1 |
27.7 |
26.8 |
30.4 |
27.7 |
|
LT Investment - Affiliate Companies |
58.6 |
56.4 |
49.0 |
- |
- |
|
LT Investments - Other |
119.7 |
107.6 |
103.6 |
160.6 |
222.8 |
|
Long Term Investments |
178.3 |
164.0 |
152.6 |
160.6 |
222.8 |
|
Note Receivable - Long Term |
8.7 |
22.8 |
25.1 |
24.6 |
8.2 |
|
Deferred Charges |
2.6 |
3.7 |
4.6 |
4.5 |
0.0 |
|
Deferred Income Tax - Long Term Asset |
3.2 |
4.0 |
3.5 |
10.6 |
2.6 |
|
Other Long Term Assets |
25.9 |
23.9 |
24.5 |
37.5 |
29.2 |
|
Other Long Term Assets, Total |
31.7 |
31.6 |
32.6 |
52.5 |
31.8 |
|
Total Assets |
2,591.4 |
2,524.6 |
2,225.9 |
2,137.0 |
1,963.3 |
|
|
|
|
|
|
|
|
Accounts Payable |
161.9 |
175.6 |
159.6 |
127.8 |
170.4 |
|
Accrued Expenses |
72.2 |
66.4 |
54.3 |
44.0 |
45.8 |
|
Notes Payable/Short Term Debt |
79.7 |
66.3 |
70.2 |
83.8 |
27.6 |
|
Current Portion - Long Term Debt/Capital Leases |
- |
68.1 |
63.6 |
55.9 |
50.2 |
|
Income Taxes Payable |
63.7 |
20.1 |
22.6 |
32.2 |
14.3 |
|
Other Payables |
93.7 |
85.1 |
74.5 |
72.1 |
63.9 |
|
Deferred Income Tax - Current Liability |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Other Current Liabilities |
21.4 |
21.7 |
26.9 |
21.8 |
12.5 |
|
Other Current liabilities, Total |
178.8 |
126.9 |
123.9 |
126.1 |
90.7 |
|
Total Current Liabilities |
492.6 |
503.3 |
471.7 |
437.5 |
384.8 |
|
|
|
|
|
|
|
|
Long Term Debt |
87.8 |
137.2 |
128.2 |
167.3 |
111.1 |
|
Total Long Term Debt |
87.8 |
137.2 |
128.2 |
167.3 |
111.1 |
|
Total Debt |
167.5 |
271.5 |
262.1 |
306.9 |
188.9 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
33.7 |
31.9 |
34.4 |
26.0 |
44.1 |
|
Deferred Income Tax |
33.7 |
31.9 |
34.4 |
26.0 |
44.1 |
|
Minority Interest |
112.7 |
99.0 |
81.1 |
121.6 |
119.0 |
|
Reserves |
7.1 |
8.6 |
8.6 |
8.0 |
7.0 |
|
Pension Benefits - Underfunded |
26.2 |
42.5 |
50.8 |
53.3 |
44.8 |
|
Other Long Term Liabilities |
120.4 |
129.5 |
128.0 |
126.9 |
129.9 |
|
Other Liabilities, Total |
153.8 |
180.7 |
187.4 |
188.1 |
181.7 |
|
Total Liabilities |
880.7 |
952.1 |
902.8 |
940.6 |
840.6 |
|
|
|
|
|
|
|
|
Common Stock |
189.1 |
183.8 |
164.0 |
156.4 |
141.4 |
|
Common Stock |
189.1 |
183.8 |
164.0 |
156.4 |
141.4 |
|
Additional Paid-In Capital |
218.6 |
212.5 |
189.6 |
180.8 |
163.6 |
|
Retained Earnings (Accumulated Deficit) |
1,339.1 |
1,206.2 |
973.4 |
863.0 |
781.3 |
|
Treasury Stock - Common |
-10.4 |
-9.8 |
-7.8 |
-6.5 |
-5.5 |
|
Unrealized Gain (Loss) |
0.3 |
1.6 |
5.1 |
0.5 |
26.7 |
|
Translation Adjustment |
-25.9 |
-21.8 |
-1.3 |
2.2 |
15.1 |
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Other Equity, Total |
-25.9 |
-21.8 |
-1.3 |
2.2 |
15.1 |
|
Total Equity |
1,710.7 |
1,572.5 |
1,323.0 |
1,196.4 |
1,122.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
2,591.4 |
2,524.6 |
2,225.8 |
2,137.0 |
1,963.3 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
181.3 |
181.3 |
181.4 |
181.5 |
181.6 |
|
Total Common Shares Outstanding |
181.3 |
181.3 |
181.4 |
181.5 |
181.6 |
|
Treasury Shares - Common Stock Primary Issue |
1.2 |
1.2 |
1.1 |
1.0 |
0.9 |
|
Employees |
4,583 |
4,406 |
4,224 |
4,040 |
4,221 |
|
Number of Common Shareholders |
14,597 |
15,732 |
16,469 |
17,586 |
17,257 |
|
Total Long Term Debt, Supplemental |
188.8 |
256.2 |
245.2 |
223.2 |
161.3 |
|
Long Term Debt Maturing within 1 Year |
60.8 |
68.1 |
63.6 |
55.9 |
50.2 |
|
Long Term Debt Maturing in Year 2 |
56.0 |
61.2 |
60.8 |
60.2 |
36.4 |
|
Long Term Debt Maturing in Year 3 |
26.8 |
53.5 |
42.3 |
48.2 |
35.1 |
|
Long Term Debt Maturing in Year 4 |
21.7 |
25.1 |
35.5 |
12.8 |
24.4 |
|
Long Term Debt Maturing in Year 5 |
6.8 |
20.2 |
10.1 |
36.4 |
8.5 |
|
Long Term Debt Maturing in 2-3 Years |
82.8 |
114.7 |
103.1 |
108.4 |
71.5 |
|
Long Term Debt Maturing in 4-5 Years |
28.5 |
45.3 |
45.6 |
49.2 |
32.9 |
|
Long Term Debt Matur. in Year 6 & Beyond |
16.7 |
28.2 |
32.9 |
9.7 |
6.7 |
|
Total Capital Leases, Supplemental |
2.2 |
2.6 |
2.5 |
1.6 |
- |
|
Capital Lease Payments Due in Year 1 |
0.7 |
0.7 |
0.5 |
0.3 |
- |
|
Capital Lease Payments Due in Year 2 |
0.6 |
0.7 |
0.5 |
0.3 |
- |
|
Capital Lease Payments Due in Year 3 |
0.4 |
0.5 |
0.5 |
0.3 |
- |
|
Capital Lease Payments Due in Year 4 |
0.4 |
0.3 |
0.4 |
0.3 |
- |
|
Capital Lease Payments Due in Year 5 |
0.1 |
0.3 |
0.2 |
0.2 |
- |
|
Capital Lease Payments Due in 2-3 Years |
1.0 |
1.2 |
1.1 |
0.7 |
- |
|
Capital Lease Payments Due in 4-5 Years |
0.5 |
0.6 |
0.6 |
0.5 |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.0 |
0.1 |
0.3 |
0.1 |
- |
|
Pension Obligation - Domestic |
376.7 |
329.7 |
289.2 |
274.3 |
246.1 |
|
Plan Assets - Domestic |
281.1 |
265.1 |
220.7 |
202.0 |
219.0 |
|
Funded Status - Domestic |
-95.6 |
-64.6 |
-68.4 |
-72.3 |
-27.1 |
|
Total Funded Status |
-95.6 |
-64.6 |
-68.4 |
-72.3 |
-27.1 |
|
Discount Rate - Domestic |
1.20% |
2.10% |
2.10% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
1.00% |
1.00% |
1.00% |
1.00% |
1.00% |
|
Prepaid Benefits - Domestic |
1.3 |
1.8 |
2.1 |
2.5 |
2.7 |
|
Accrued Liabilities - Domestic |
-25.8 |
-42.1 |
-50.4 |
-52.8 |
-44.3 |
|
Other Assets, Net - Domestic |
71.2 |
-24.3 |
20.2 |
22.1 |
-14.5 |
|
Net Assets Recognized on Balance Sheet |
46.7 |
-64.6 |
-28.1 |
-28.2 |
-56.0 |
|
Total Plan Obligations |
376.7 |
329.7 |
289.2 |
274.3 |
246.1 |
|
Total Plan Assets |
281.1 |
265.1 |
220.7 |
202.0 |
219.0 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-May-2012 |
31-May-2011 |
31-May-2010 |
31-May-2009 |
31-May-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.698065 |
83.931161 |
92.075644 |
99.54541 |
111.586981 |
|
Auditor |
Ernst &
Young Shin Nihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
234.1 |
253.9 |
120.5 |
69.3 |
113.7 |
|
Depreciation |
126.2 |
107.6 |
108.9 |
107.9 |
97.4 |
|
Depreciation/Depletion |
126.2 |
107.6 |
108.9 |
107.9 |
97.4 |
|
Unusual Items |
14.6 |
-16.6 |
47.1 |
6.7 |
-26.7 |
|
Equity in Net Earnings (Loss) |
-2.0 |
-3.6 |
-1.1 |
-4.7 |
-2.3 |
|
Other Non-Cash Items |
-20.8 |
-10.4 |
5.9 |
30.4 |
6.4 |
|
Non-Cash Items |
-8.3 |
-30.6 |
51.9 |
32.3 |
-22.5 |
|
Accounts Receivable |
-0.3 |
-6.0 |
-31.8 |
48.4 |
-29.3 |
|
Inventories |
-12.7 |
1.8 |
-18.7 |
6.1 |
5.2 |
|
Prepaid Expenses |
0.8 |
-0.5 |
-2.5 |
2.2 |
1.7 |
|
Accounts Payable |
-18.3 |
0.0 |
25.7 |
-55.8 |
22.6 |
|
Payable/Accrued |
2.9 |
0.1 |
8.8 |
-3.6 |
9.7 |
|
Taxes Payable |
- |
- |
- |
- |
0.0 |
|
Other Operating Cash Flow |
-34.9 |
-100.3 |
-42.6 |
-18.0 |
-56.1 |
|
Changes in Working Capital |
-62.5 |
-104.9 |
-61.1 |
-20.7 |
-46.3 |
|
Cash from Operating Activities |
289.6 |
226.0 |
220.3 |
188.8 |
142.2 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-135.2 |
-101.5 |
-76.0 |
-100.0 |
-135.4 |
|
Purchase/Acquisition of Intangibles |
-23.5 |
-3.9 |
-1.1 |
-4.0 |
-2.5 |
|
Capital Expenditures |
-158.7 |
-105.5 |
-77.1 |
-104.1 |
-137.8 |
|
Acquisition of Business |
- |
- |
- |
0.0 |
-18.3 |
|
Sale of Fixed Assets |
0.7 |
4.9 |
10.6 |
7.0 |
37.9 |
|
Sale/Maturity of Investment |
7.1 |
45.5 |
26.6 |
19.6 |
29.0 |
|
Purchase of Investments |
-19.9 |
-35.9 |
-20.9 |
-15.4 |
-38.7 |
|
Other Investing Cash Flow |
8.2 |
5.9 |
-2.4 |
-2.0 |
-32.7 |
|
Other Investing Cash Flow Items, Total |
-3.9 |
20.5 |
13.9 |
9.2 |
-22.8 |
|
Cash from Investing Activities |
-162.6 |
-85.0 |
-63.2 |
-94.9 |
-160.7 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-12.7 |
-3.0 |
-3.8 |
-4.6 |
-4.0 |
|
Financing Cash Flow Items |
-12.7 |
-3.0 |
-3.8 |
-4.6 |
-4.0 |
|
Cash Dividends Paid - Common |
-45.9 |
-43.1 |
-39.3 |
-36.5 |
-32.5 |
|
Total Cash Dividends Paid |
-45.9 |
-43.1 |
-39.3 |
-36.5 |
-32.5 |
|
Repurchase/Retirement
of Common |
-0.4 |
0.0 |
-37.6 |
0.0 |
- |
|
Common Stock, Net |
-0.4 |
0.0 |
-37.6 |
0.0 |
- |
|
Issuance (Retirement) of Stock, Net |
-0.4 |
0.0 |
-37.6 |
0.0 |
- |
|
Short Term Debt, Net |
-45.3 |
-4.1 |
-14.7 |
53.1 |
20.4 |
|
Long Term Debt Issued |
3.8 |
59.6 |
16.3 |
92.8 |
44.8 |
|
Long Term Debt
Reduction |
-70.3 |
-80.8 |
-68.5 |
-59.0 |
-45.6 |
|
Long Term Debt, Net |
-66.4 |
-21.2 |
-52.2 |
33.8 |
-0.8 |
|
Issuance (Retirement) of Debt, Net |
-111.7 |
-25.3 |
-66.9 |
86.8 |
19.7 |
|
Cash from Financing Activities |
-170.8 |
-71.4 |
-147.6 |
45.8 |
-16.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.2 |
-4.2 |
-1.3 |
-5.1 |
0.1 |
|
Net Change in Cash |
-43.6 |
65.4 |
8.2 |
134.6 |
-35.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
524.8 |
426.7 |
380.8 |
217.6 |
229.3 |
|
Net Cash - Ending Balance |
481.3 |
492.1 |
389.0 |
352.2 |
194.1 |
|
Cash Interest Paid |
3.7 |
4.3 |
5.6 |
4.8 |
4.5 |
|
Cash Taxes Paid |
43.1 |
50.1 |
51.1 |
33.0 |
65.7 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-May-2012 |
31-May-2011 |
31-May-2010 |
31-May-2009 |
31-May-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.698065 |
83.931161 |
92.075644 |
99.54541 |
111.586981 |
|
Auditor |
Ernst &
Young Shin Nihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Total net sales |
1,869.3 |
1,773.8 |
1,531.7 |
1,349.7 |
1,298.5 |
|
Total Revenue |
1,869.3 |
1,773.8 |
1,531.7 |
1,349.7 |
1,298.5 |
|
|
|
|
|
|
|
|
Reversal of provision for sales returns |
-0.3 |
- |
- |
- |
- |
|
Provision for sales returns |
0.2 |
- |
- |
- |
- |
|
Total cost of sales |
1,076.1 |
1,050.7 |
922.9 |
875.3 |
835.3 |
|
Reversal Goods Unsold |
- |
-0.5 |
-0.4 |
-0.3 |
-0.5 |
|
Reserve Goods Unsold |
- |
0.3 |
0.5 |
0.4 |
0.3 |
|
Selling General And Administrative Expen |
71.8 |
- |
- |
- |
- |
|
Selling General And Administrative Expen |
30.3 |
- |
- |
- |
- |
|
Selling General And Administrative Expen |
36.4 |
- |
- |
- |
- |
|
Selling General And Administrative Expen |
11.8 |
- |
- |
- |
- |
|
Selling General And Administrative Expen |
2.9 |
- |
- |
- |
- |
|
Salaries(selling) |
- |
67.4 |
60.1 |
56.4 |
50.0 |
|
Bonuses(selling) |
- |
29.4 |
26.5 |
20.3 |
19.5 |
|
Accrued Retirement Benefits(selling) |
7.4 |
7.9 |
7.3 |
4.9 |
3.8 |
|
Selling General And Administrative Expen |
8.6 |
- |
- |
- |
- |
|
Depreciation(selling) |
10.5 |
8.8 |
9.2 |
8.9 |
8.4 |
|
Other Selling/General/Admin. Expense |
139.3 |
- |
- |
- |
- |
|
Other Selling/General/Admin. Expense |
69.2 |
- |
- |
- |
- |
|
Other Selling/General/Admin. Expense |
0.0 |
- |
- |
- |
- |
|
Other Selling Expense |
- |
126.8 |
110.6 |
104.0 |
104.1 |
|
Salaries(gene&admin.) |
- |
34.0 |
29.1 |
26.4 |
20.6 |
|
Bonuses(gene&admin.) |
- |
10.4 |
10.8 |
7.0 |
5.7 |
|
Accrued Retirement Benefits(gene&admin.) |
- |
3.1 |
2.7 |
1.9 |
1.4 |
|
Depreciation(gene&admin.) |
- |
5.0 |
5.1 |
6.8 |
5.7 |
|
Selling General And Administrative Expen |
158.8 |
- |
- |
- |
- |
|
Research & Development(gene&admin.) |
- |
124.0 |
126.7 |
98.9 |
91.4 |
|
Other General & Admin. |
- |
58.4 |
46.9 |
44.7 |
41.2 |
|
Environmental expenses |
4.1 |
- |
- |
- |
- |
|
Loss on evalutation of golf club members |
0.1 |
- |
- |
- |
- |
|
SP Rev.Allow.Doubt.Act. |
- |
- |
- |
- |
0.0 |
|
Other Non Rec. I/E - Non Business Activ. |
0.0 |
-25.6 |
0.0 |
- |
- |
|
SP Loss Reval.Inv.Sec. |
3.8 |
2.0 |
23.3 |
0.0 |
0.7 |
|
SP Loss on Disaster |
0.0 |
3.6 |
0.0 |
- |
- |
|
SP L on Adjust. for Chan. of Acct. Asset |
0.0 |
0.8 |
0.0 |
- |
- |
|
SP Impairment Loss |
- |
0.0 |
25.7 |
0.0 |
0.0 |
|
SP Reserve for affiliated comp' loss |
- |
0.0 |
6.7 |
0.0 |
- |
|
SP Loss Reval.Affi.Stk. |
- |
- |
0.0 |
20.4 |
0.0 |
|
SP L on val. of inventories |
- |
- |
0.0 |
5.1 |
0.0 |
|
SP Allow.Doubt.Act. |
- |
- |
- |
0.0 |
0.1 |
|
SP Land investigation expenses |
- |
- |
- |
- |
0.0 |
|
NOP Amortization of negative goodwill |
-1.9 |
-1.8 |
-1.3 |
0.0 |
- |
|
Total Operating Expense |
1,628.9 |
1,504.6 |
1,412.4 |
1,281.0 |
1,187.8 |
|
|
|
|
|
|
|
|
NOP Interest Income |
1.1 |
1.1 |
1.6 |
2.1 |
1.7 |
|
Gain on sales of subsidiaries and affili |
0.0 |
- |
- |
- |
- |
|
NOP Dividend Income |
4.1 |
3.7 |
3.4 |
3.4 |
2.8 |
|
Idle Real Estate Related Expenses |
-1.3 |
- |
- |
- |
- |
|
Other Non-Operating Income (Expense) |
0.0 |
- |
- |
- |
- |
|
NOP Equity Gain |
2.0 |
3.6 |
1.1 |
4.7 |
2.3 |
|
NOP Exchange Gain |
- |
- |
- |
- |
0.0 |
|
NOP Insurance Dividend |
1.3 |
1.9 |
0.7 |
1.8 |
2.0 |
|
NOP Insurance Received |
- |
- |
0.8 |
2.1 |
0.0 |
|
NOP Charge for development received. |
- |
- |
- |
0.0 |
5.8 |
|
NOP Other Non Op.Income |
9.1 |
11.0 |
7.3 |
5.0 |
6.8 |
|
NOP Interest Expense |
-3.7 |
-4.3 |
-5.3 |
-4.6 |
-4.7 |
|
NOP Loss Disp.Inventory |
- |
- |
- |
0.0 |
-1.2 |
|
NOP Real Estate Related Costs |
- |
- |
- |
0.0 |
-0.9 |
|
NOP Exchange Loss |
-3.1 |
-17.3 |
-4.7 |
-21.6 |
-19.1 |
|
NOP Other Non Op.Expense |
-4.9 |
-8.0 |
-5.6 |
-6.0 |
-4.9 |
|
SP Gain Sale Fix.Asset |
0.5 |
4.7 |
9.2 |
6.2 |
34.4 |
|
SP Gain Sale Inv.Sec. |
- |
- |
- |
0.0 |
3.9 |
|
SP Gain Sale Affiliate Stock |
- |
- |
0.0 |
16.9 |
0.0 |
|
SP Loss Disp.Fix.Asset |
-11.3 |
-11.7 |
-7.3 |
-9.4 |
-10.9 |
|
SP L on disp. of inventories |
- |
- |
- |
0.0 |
-15.1 |
|
Net Income Before Taxes |
234.1 |
253.9 |
120.6 |
69.3 |
113.7 |
|
|
|
|
|
|
|
|
Total income taxes |
77.5 |
87.9 |
8.9 |
35.7 |
48.0 |
|
Income before minority interests |
156.7 |
165.9 |
111.7 |
33.7 |
65.7 |
|
|
|
|
|
|
|
|
Minority interests in income |
-11.8 |
-11.0 |
-4.5 |
3.7 |
-6.2 |
|
Net Income Before Extra. Items |
144.9 |
154.9 |
107.2 |
37.4 |
59.4 |
|
Net Income |
144.9 |
154.9 |
107.2 |
37.4 |
59.4 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Earning Adjustment |
- |
- |
0.0 |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
144.9 |
154.9 |
107.2 |
37.3 |
59.4 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
144.9 |
154.9 |
107.2 |
37.3 |
59.4 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
181.3 |
181.4 |
181.5 |
181.6 |
181.6 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.80 |
0.85 |
0.59 |
0.21 |
0.33 |
|
Basic EPS Including ExtraOrdinary Item |
0.80 |
0.85 |
0.59 |
0.21 |
0.33 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
-0.1 |
-0.3 |
|
Diluted Net Income |
144.9 |
154.9 |
107.2 |
37.3 |
59.1 |
|
Diluted Weighted Average Shares |
181.3 |
181.4 |
181.5 |
181.6 |
181.6 |
|
Diluted EPS Excluding ExtraOrd Items |
0.80 |
0.85 |
0.59 |
0.21 |
0.33 |
|
Diluted EPS Including ExtraOrd Items |
0.80 |
0.85 |
0.59 |
0.21 |
0.33 |
|
DPS-Common Stock |
0.25 |
0.24 |
0.22 |
0.20 |
0.18 |
|
Gross Dividends - Common Stock |
46.1 |
43.2 |
39.4 |
36.5 |
32.6 |
|
Normalized Income Before Taxes |
251.1 |
239.8 |
173.0 |
76.0 |
107.3 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
83.7 |
83.7 |
12.8 |
39.1 |
45.3 |
|
Normalized Income After Taxes |
167.4 |
156.2 |
160.2 |
36.9 |
62.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
155.6 |
145.1 |
155.7 |
40.6 |
55.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.86 |
0.80 |
0.86 |
0.22 |
0.31 |
|
Diluted Normalized EPS |
0.86 |
0.80 |
0.86 |
0.22 |
0.31 |
|
Interest Expense |
3.7 |
4.3 |
5.3 |
4.6 |
4.7 |
|
Total Search And Development Expense |
158.8 |
- |
- |
- |
- |
|
Total Search And Development Expense |
8.1 |
- |
- |
- |
- |
|
R & D Expenses (SGA) |
- |
124.0 |
126.7 |
98.9 |
91.4 |
|
R & D Expenses (COGS) |
- |
8.1 |
6.7 |
6.4 |
5.2 |
|
Amortization of Negetive goodwill |
-1.9 |
-1.8 |
-1.3 |
0.0 |
- |
|
Selling General And Administrative Expen |
8.6 |
- |
- |
- |
- |
|
Selling General And Administrative Expen |
10.5 |
- |
- |
- |
- |
|
Depreciation |
- |
107.6 |
108.9 |
107.9 |
97.4 |
|
Income taxes-current |
84.8 |
- |
- |
- |
- |
|
Current Tax - Total |
84.8 |
- |
- |
- |
- |
|
Income taxes-deferred |
-7.3 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-7.3 |
- |
- |
- |
- |
|
Income Tax - Total |
77.5 |
- |
- |
- |
- |
|
Reported operating profit |
246.5 |
248.2 |
173.7 |
94.1 |
111.6 |
|
Reported ordinary profit |
253.1 |
241.7 |
174.3 |
81.1 |
102.2 |
|
Service cost |
16.8 |
15.8 |
14.0 |
13.1 |
11.8 |
|
Interest cost |
6.8 |
6.3 |
5.7 |
5.2 |
4.8 |
|
Expected return on plan assets |
-5.5 |
-4.9 |
-4.3 |
-4.4 |
-3.8 |
|
Actuarial gains and losses |
5.8 |
7.9 |
7.1 |
2.9 |
0.4 |
|
Prior service cost |
-3.7 |
-3.5 |
-3.2 |
-2.8 |
-2.5 |
|
Domestic Pension Plan Expense |
20.2 |
21.6 |
19.3 |
14.0 |
10.6 |
|
Total Pension Expense |
20.2 |
21.6 |
19.3 |
14.0 |
10.6 |
|
Discount Rate(MIN)-Retirement Cost(Domes |
1.20% |
- |
- |
- |
- |
|
Discount rate |
2.16% |
2.10% |
2.10% |
2.00% |
2.00% |
|
Expected rate of return |
- |
1.00% |
1.00% |
1.00% |
1.00% |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-May-2012 |
31-May-2011 |
31-May-2010 |
31-May-2009 |
31-May-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
78.981276 |
81.24 |
91.035 |
95.455 |
105.565 |
|
Auditor |
Ernst &
Young Shin Nihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Deposit |
249.6 |
226.8 |
191.4 |
173.2 |
173.3 |
|
Notes and accounts receivable-trade |
594.2 |
577.9 |
518.3 |
461.0 |
461.6 |
|
Short-term investment securities |
231.4 |
283.1 |
203.4 |
195.1 |
36.2 |
|
Inventories - merchandise&finished goods |
213.2 |
191.0 |
179.5 |
157.5 |
149.8 |
|
Inventories - work-in-process |
27.1 |
25.7 |
21.2 |
16.3 |
20.6 |
|
Inventories - raw materials&supplies |
83.8 |
86.7 |
75.6 |
72.5 |
61.7 |
|
Deferred Taxes |
42.1 |
33.0 |
66.7 |
24.6 |
20.3 |
|
Rounding adjustment Assets |
0.1 |
- |
- |
- |
- |
|
Other Assets |
96.1 |
91.9 |
37.0 |
40.2 |
54.4 |
|
Allow.Doubt.Act. |
-0.5 |
-0.4 |
-1.6 |
-1.3 |
-1.3 |
|
Total current assets |
1,537.1 |
1,515.6 |
1,291.5 |
1,139.0 |
976.8 |
|
|
|
|
|
|
|
|
Other PPE, net |
0.0 |
- |
- |
- |
- |
|
Buildings and structures, net |
418.7 |
386.2 |
349.3 |
341.2 |
317.9 |
|
Machinery, equipment and vehicles, net |
202.9 |
180.1 |
175.3 |
207.9 |
203.8 |
|
Land |
102.9 |
96.7 |
86.8 |
85.0 |
74.6 |
|
Const.Progress |
28.5 |
59.1 |
43.9 |
47.8 |
42.0 |
|
Other, net |
25.9 |
23.3 |
21.7 |
25.8 |
26.3 |
|
Goodwill |
20.5 |
17.5 |
20.2 |
22.1 |
31.4 |
|
Other |
36.1 |
- |
- |
- |
- |
|
Other Intangible |
- |
27.7 |
26.8 |
30.4 |
27.7 |
|
Other LT Investment |
119.7 |
- |
- |
- |
- |
|
Investment Sec. |
- |
107.6 |
103.6 |
160.6 |
222.8 |
|
Invt Secs Noncons, Asc, Affd Cos |
58.1 |
- |
- |
- |
- |
|
Invts in Capital Noncons, Ascd, Affd Cos |
0.5 |
- |
- |
- |
- |
|
LT Invest. secs. - Affiliate Companies |
- |
56.0 |
48.7 |
- |
- |
|
LT Investment - Affiliate Companies |
- |
0.3 |
0.3 |
- |
- |
|
Long-term loans receivable |
8.7 |
22.8 |
25.1 |
24.6 |
8.2 |
|
Other Long Term Assets |
0.0 |
- |
- |
- |
- |
|
Other Other Long Term Assets |
0.0 |
- |
- |
- |
- |
|
Long-term prepaid expenses |
13.3 |
10.1 |
12.0 |
17.2 |
18.2 |
|
Deferred tax assets |
3.2 |
4.0 |
3.5 |
10.6 |
2.6 |
|
Other Asset |
13.7 |
14.9 |
13.8 |
21.5 |
12.0 |
|
Allow.Doubt.Act. |
-1.1 |
-1.1 |
-1.2 |
-1.3 |
-1.0 |
|
Development stage expenses |
2.6 |
3.7 |
4.6 |
4.5 |
0.0 |
|
Total Assets |
2,591.4 |
2,524.6 |
2,225.9 |
2,137.0 |
1,963.3 |
|
|
|
|
|
|
|
|
Notes and accounts payable-trade |
161.9 |
175.6 |
159.6 |
127.8 |
170.4 |
|
Short-term loans payable |
79.0 |
- |
- |
- |
- |
|
ST Debt |
- |
66.3 |
69.8 |
83.5 |
27.2 |
|
LT borrowings (current) |
- |
68.1 |
63.6 |
55.9 |
50.2 |
|
Accounts payable-other |
93.7 |
85.1 |
74.5 |
72.1 |
63.9 |
|
Accrued Expenses |
69.4 |
63.3 |
52.1 |
42.9 |
44.6 |
|
Income Tax Pay. |
63.7 |
20.1 |
22.6 |
32.2 |
14.3 |
|
Deferred Tax Liabilities |
0.0 |
- |
- |
- |
- |
|
Deferred Tax Liabilities |
- |
0.0 |
0.0 |
0.0 |
- |
|
Rounding adjustment Liability |
0.1 |
- |
- |
- |
- |
|
Res.Goods Return |
0.2 |
0.3 |
0.5 |
0.4 |
0.3 |
|
Res.Rebate |
4.9 |
4.8 |
4.2 |
4.3 |
3.5 |
|
Provision for directors'' bonuses |
2.7 |
3.2 |
2.2 |
1.1 |
1.3 |
|
Res. for loss on Affiliated company |
- |
0.0 |
6.2 |
0.0 |
- |
|
Notes payable-facilities |
0.7 |
0.0 |
0.4 |
0.3 |
0.4 |
|
Other Liability |
16.3 |
16.5 |
16.0 |
17.1 |
8.7 |
|
Total Current Liabilities |
492.6 |
503.3 |
471.7 |
437.5 |
384.8 |
|
|
|
|
|
|
|
|
Long-term loans payable |
87.8 |
137.2 |
128.2 |
167.3 |
111.1 |
|
Total Long Term Debt |
87.8 |
137.2 |
128.2 |
167.3 |
111.1 |
|
|
|
|
|
|
|
|
Deferred Tax |
33.7 |
31.9 |
34.4 |
26.0 |
44.1 |
|
Res.Acd.Retire. |
25.8 |
42.1 |
50.4 |
52.8 |
44.3 |
|
Provision for directors'' retirement ben |
0.4 |
0.4 |
0.5 |
0.5 |
0.5 |
|
Res.Repair |
7.1 |
8.6 |
8.6 |
8.0 |
7.0 |
|
Other Long Term Liabilities |
0.0 |
- |
- |
- |
- |
|
Long-term deposits received |
109.5 |
116.9 |
113.8 |
119.4 |
123.6 |
|
Negative goodwill |
4.3 |
6.0 |
7.1 |
0.0 |
- |
|
Other Liability |
6.6 |
6.6 |
7.1 |
7.5 |
6.2 |
|
Minority Int. |
112.7 |
99.0 |
81.1 |
121.6 |
119.0 |
|
Total Liabilities |
880.7 |
952.1 |
902.8 |
940.6 |
840.6 |
|
|
|
|
|
|
|
|
Common Stock |
189.1 |
183.8 |
164.0 |
156.4 |
141.4 |
|
Total capital surpluses |
218.6 |
212.5 |
189.6 |
180.8 |
163.6 |
|
Total retained earnings |
1,339.1 |
1,206.2 |
973.4 |
863.0 |
781.3 |
|
Treasury Stock |
-10.4 |
-9.8 |
-7.8 |
-6.5 |
-5.5 |
|
Valuation difference on available-for-sa |
0.3 |
1.6 |
5.1 |
0.5 |
26.7 |
|
Translation Adj. |
-25.9 |
-21.8 |
-1.3 |
2.2 |
15.1 |
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Total net assets |
1,710.7 |
1,572.5 |
1,323.0 |
1,196.4 |
1,122.7 |
|
|
|
|
|
|
|
|
Total liabilities and net assets |
2,591.4 |
2,524.6 |
2,225.8 |
2,137.0 |
1,963.3 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
181.3 |
181.3 |
181.4 |
181.5 |
181.6 |
|
Total Common Shares Outstanding |
181.3 |
181.3 |
181.4 |
181.5 |
181.6 |
|
T/S-Common Stock |
1.2 |
1.2 |
1.1 |
1.0 |
0.9 |
|
Full-Time Employees |
4,583 |
4,406 |
4,224 |
4,040 |
4,221 |
|
Total Number of Shareholders |
14,597 |
- |
- |
- |
- |
|
Number of Common Shareholders |
- |
15,732 |
16,469 |
17,586 |
17,257 |
|
Division And End Of Current Period Remai |
3.8 |
- |
- |
- |
- |
|
LT Debts Maturing within 1yr. |
57.1 |
68.1 |
63.6 |
55.9 |
50.2 |
|
Lns Pble Maturing over a Yr within 2 Yrs |
50.1 |
- |
- |
- |
- |
|
Oth Intt Br Dbt Matg ovr a Yr wthn 2 Yr |
5.9 |
- |
- |
- |
- |
|
LT Debts Maturing within 2yr. |
- |
61.2 |
60.8 |
60.2 |
36.4 |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
20.9 |
- |
- |
- |
- |
|
Oth Intt Br Dbt Matg ovr 2 Yr wthn 3 Yr |
5.9 |
- |
- |
- |
- |
|
LT Debts Maturing within 3yr. |
- |
53.5 |
42.3 |
48.2 |
35.1 |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
15.8 |
- |
- |
- |
- |
|
Oth Intt Br Dbt Matg ovr 3 Yr wthn 4 Yr |
5.9 |
- |
- |
- |
- |
|
LT Debts Maturing within 4yr. |
- |
25.1 |
35.5 |
12.8 |
24.4 |
|
Lns Pble Maturg over 4 Yrs within 5 Yrs |
0.9 |
- |
- |
- |
- |
|
Oth Intt Br Dbt Matg ovr 4 Yr wthn 5 Yr |
5.9 |
- |
- |
- |
- |
|
LT Debts Maturing within 5yr. |
- |
20.2 |
10.1 |
36.4 |
8.5 |
|
Other LT Debt |
16.7 |
- |
- |
- |
- |
|
Remaining |
- |
28.2 |
32.9 |
9.7 |
6.7 |
|
Total Long Term Debt, Supplemental |
188.8 |
256.2 |
245.2 |
223.2 |
161.3 |
|
Capital Lease Maturing within 1yr. |
0.7 |
0.7 |
0.5 |
0.3 |
- |
|
Cap Lease Maturg over a Yr within 2 Yrs |
0.6 |
- |
- |
- |
- |
|
Capital Lease Maturing within 2yr. |
- |
0.7 |
0.5 |
0.3 |
- |
|
Cap Lease Maturg over 2 Yr within 3 Yrs |
0.4 |
- |
- |
- |
- |
|
Capital Lease Maturing within 3yr. |
- |
0.5 |
0.5 |
0.3 |
- |
|
Cap Lease Maturg over 3 Yr within 4 Yrs |
0.4 |
- |
- |
- |
- |
|
Capital Lease Maturing within 4yr. |
- |
0.3 |
0.4 |
0.3 |
- |
|
Cap Lease Maturg over 4 Yr within 5 Yrs |
0.1 |
- |
- |
- |
- |
|
Capital Lease Maturing within 5yr. |
- |
0.3 |
0.2 |
0.2 |
- |
|
Other Capital Lease |
0.0 |
- |
- |
- |
- |
|
Remaining |
- |
0.1 |
0.3 |
0.1 |
- |
|
Total Capital Leases |
2.2 |
2.6 |
2.5 |
1.6 |
- |
|
Pension obligation |
376.7 |
329.7 |
289.2 |
274.3 |
246.1 |
|
FV of plan assets |
281.1 |
265.1 |
220.7 |
202.0 |
219.0 |
|
Funded status |
-95.6 |
-64.6 |
-68.4 |
-72.3 |
-27.1 |
|
Total Funded Status |
-95.6 |
-64.6 |
-68.4 |
-72.3 |
-27.1 |
|
Discount Ration |
1.20% |
- |
- |
- |
- |
|
Discount rate |
- |
2.10% |
2.10% |
2.00% |
2.00% |
|
Expected rate of return |
1.00% |
1.00% |
1.00% |
1.00% |
1.00% |
|
Unrecognized actuarial gains and losses |
76.9 |
-33.5 |
31.6 |
36.0 |
0.9 |
|
Unrecognized prior service cost |
-5.7 |
9.2 |
-11.4 |
-13.9 |
-15.4 |
|
Prepaid pension benefits |
1.3 |
1.8 |
2.1 |
2.5 |
2.7 |
|
Reserve for accrued retirement benefits |
-25.8 |
-42.1 |
-50.4 |
-52.8 |
-44.3 |
|
Net Assets Recognized on Balance Sheet |
46.7 |
-64.6 |
-28.1 |
-28.2 |
-56.0 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-May-2012 |
31-May-2011 |
31-May-2010 |
31-May-2009 |
31-May-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.698065 |
83.931161 |
92.075644 |
99.54541 |
111.586981 |
|
Auditor |
Ernst &
Young Shin Nihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income Bf. Tax |
234.1 |
253.9 |
120.5 |
69.3 |
113.7 |
|
Depreciation |
126.2 |
107.6 |
108.9 |
107.9 |
97.4 |
|
Impairment Loss |
- |
0.0 |
25.7 |
0.0 |
0.0 |
|
Increase (decrease) in provision |
-19.5 |
-20.5 |
2.3 |
4.0 |
7.1 |
|
Interest&Div. Income |
-5.1 |
-4.8 |
-5.1 |
-5.6 |
-4.5 |
|
Interest Expense |
3.7 |
4.3 |
5.3 |
4.6 |
4.7 |
|
Foreign exchange losses (gains) |
0.1 |
10.7 |
3.3 |
19.7 |
0.0 |
|
Equity in (earnings) losses of affiliate |
-2.0 |
-3.6 |
-1.1 |
-4.7 |
-2.3 |
|
Loss (gain) on sales of property, plant |
-0.5 |
-4.7 |
-9.2 |
-6.2 |
-34.4 |
|
Loss (gain) on disposal of property, pla |
11.3 |
11.7 |
7.3 |
9.4 |
10.9 |
|
Loss (gain) on sales of investment secur |
0.0 |
0.0 |
0.0 |
0.0 |
-3.9 |
|
Loss (gain) on valuation of investment s |
3.8 |
2.0 |
23.3 |
0.0 |
0.7 |
|
Loss (gain) on sales of stocks of subsid |
0.0 |
-25.6 |
0.0 |
-16.9 |
0.0 |
|
Loss on valuation of affiliated sec. |
- |
- |
0.0 |
20.4 |
0.0 |
|
Decrease (increase) in notes and account |
-0.7 |
-1.4 |
-35.0 |
42.2 |
-21.8 |
|
Decrease (increase) in inventories |
-12.7 |
1.8 |
-18.7 |
6.1 |
5.2 |
|
Decrease (increase) in prepaid expenses |
0.8 |
-0.5 |
-2.5 |
2.2 |
1.7 |
|
Decrease (increase) in accounts receivab |
0.5 |
-4.6 |
3.2 |
6.2 |
-7.5 |
|
Decrease (increase) in advance payments |
-0.8 |
-61.4 |
-0.4 |
- |
- |
|
Increase (decrease) in notes and account |
-18.3 |
0.0 |
25.7 |
-55.8 |
22.6 |
|
Increase (decrease) in accounts payable- |
0.7 |
-1.5 |
1.5 |
3.0 |
8.8 |
|
Sales Tax Payable |
- |
- |
- |
- |
0.0 |
|
Increase (decrease) in accrued expenses |
2.3 |
1.5 |
7.4 |
-6.7 |
0.9 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Other, net |
6.3 |
8.5 |
8.2 |
10.9 |
7.0 |
|
Interest&Div. Rcvd. |
6.4 |
7.0 |
6.3 |
8.9 |
7.1 |
|
Interest Paid |
-3.7 |
-4.3 |
-5.6 |
-4.8 |
-4.5 |
|
Income Taxes Paid |
-44.0 |
-50.2 |
-54.7 |
-33.0 |
-65.7 |
|
Income Taxes Refund |
0.8 |
0.1 |
3.6 |
0.0 |
- |
|
Cash from Non-Consolidated |
- |
- |
- |
0.0 |
-0.9 |
|
Cash to change in consol. scope |
- |
- |
- |
7.7 |
0.0 |
|
Adjustment |
- |
-0.1 |
- |
- |
- |
|
Net cash provided by (used in) operating |
289.6 |
226.0 |
220.3 |
188.8 |
142.2 |
|
|
|
|
|
|
|
|
Time Deposit Made |
-0.6 |
0.0 |
-1.3 |
-0.5 |
-2.5 |
|
Time Depo.Collected |
0.6 |
0.0 |
1.1 |
3.9 |
1.9 |
|
Purchase of property, plant and equipmen |
-132.2 |
-96.6 |
-73.7 |
-96.5 |
-127.5 |
|
Proceeds from sales of property, plant a |
0.7 |
4.9 |
10.6 |
7.0 |
37.9 |
|
Purchase of Intangible Assets |
-23.5 |
-3.9 |
-1.1 |
-4.0 |
-2.5 |
|
Purchase of short-term investment securi |
-6.4 |
-35.7 |
-16.3 |
-2.0 |
0.0 |
|
Sale Mark.Sec. |
- |
- |
0.0 |
2.0 |
0.0 |
|
Redemp.Mark.Sec. |
6.4 |
35.7 |
16.3 |
0.0 |
- |
|
Purch. Inv. Secs. |
-12.7 |
-0.2 |
-0.5 |
-12.9 |
-36.1 |
|
Sale Inv. Secs. |
0.0 |
0.3 |
0.6 |
5.3 |
27.1 |
|
Purch of Consolidation Subsidiary Stock |
- |
- |
- |
0.0 |
-18.3 |
|
Sale of affiliated securities |
0.1 |
9.5 |
8.7 |
8.4 |
0.0 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Collection of long-term loans receivable |
16.3 |
- |
- |
- |
- |
|
Payments of long-term loans receivable |
-3.3 |
0.0 |
-1.0 |
-0.3 |
-9.0 |
|
Purchase of long-term prepaid expenses |
-7.8 |
-0.6 |
-0.9 |
-4.3 |
-1.6 |
|
Removal loss of property,plant and equip |
-3.0 |
-4.9 |
-2.3 |
-3.5 |
-7.9 |
|
Purch. Subsidiary Stock |
-0.2 |
0.0 |
-2.8 |
0.0 |
- |
|
Decrease (increase) in short-term loans |
1.8 |
2.9 |
-1.2 |
-0.8 |
-23.4 |
|
Other, net |
1.2 |
3.6 |
0.7 |
3.4 |
1.3 |
|
Net cash provided by (used in) investing |
-162.6 |
-85.0 |
-63.2 |
-94.9 |
-160.7 |
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term lo |
-45.3 |
-4.1 |
-14.7 |
53.1 |
20.4 |
|
Proceeds from long-term loans payable |
3.8 |
59.6 |
16.3 |
92.8 |
44.8 |
|
Repayment of long-term loans payable |
-70.3 |
-69.0 |
-57.8 |
-49.4 |
-43.5 |
|
Repayment of Cooperation Money |
- |
-11.7 |
-10.7 |
-9.6 |
-2.1 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Payments for Other Financing Activities |
-10.8 |
- |
- |
- |
- |
|
Purchase of treasury stock of subs. |
-0.4 |
0.0 |
-37.6 |
0.0 |
- |
|
Dividends Paid |
-45.9 |
-43.1 |
-39.3 |
-36.5 |
-32.5 |
|
Dividend Paid-Minority |
-1.5 |
-1.4 |
-2.4 |
-3.5 |
-3.4 |
|
Other, net |
-0.4 |
-1.6 |
-1.4 |
-1.1 |
-0.6 |
|
Net cash provided by (used in) financing |
-170.8 |
-71.4 |
-147.6 |
45.8 |
-16.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.2 |
-4.2 |
-1.3 |
-5.1 |
0.1 |
|
Net increase (decrease) in cash and cash |
-43.6 |
65.4 |
8.2 |
134.6 |
-35.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
524.8 |
426.7 |
380.8 |
217.6 |
229.3 |
|
Net Cash - Ending Balance |
481.3 |
492.1 |
389.0 |
352.2 |
194.1 |
|
Cash Interest Paid |
3.7 |
4.3 |
5.6 |
4.8 |
4.5 |
|
Cash Taxes Paid |
43.1 |
50.1 |
51.1 |
33.0 |
65.7 |
FINANCIAL
HEALTH
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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Financials in: USD (mil) |
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Except for share items (millions) and per
share items (actual units) |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
|
UK Pound |
1 |
Rs.87.00 |
|
Euro |
1 |
Rs.69.43 |
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 |
|
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NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.