MIRA
INFORM REPORT
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Report Date : |
26.11.2012 |
IDENTIFICATION DETAILS
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Name : |
JGC CORPORATION |
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Registered Office : |
6F, New Otemachi Bldg., 2-2-1, Ote-machi, Chiyoda-ku, Tokyo, 100-0004 |
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
27.10.1928 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
Subject is engaged in the engineering business |
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No. of Employees : |
6524 employees |
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 : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 (31.03.2012) |
Current Rating (30.06.2012) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
japan - ECONOMIC OVERVIEW
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 Japan develop a technologically advanced economy.
Two notable characteristics of the post-war economy were the close interlocking
structures of manufacturers, suppliers, and distributors, known as keiretsu,
and the guarantee of lifetime employment for a substantial portion of the urban
labor force. Both features are now eroding under the dual pressures of global
competition and domestic demographic change. Japan's industrial sector is
heavily dependent on imported raw materials and fuels. A tiny agricultural
sector is highly subsidized and protected, with crop yields among the highest
in the world. Usually self-sufficient in rice, Japan imports about 60% of its
food on a caloric basis. Japan maintains one of the world's largest fishing
fleets and accounts for nearly 15% of the global catch. For three decades,
overall real economic growth had been spectacular - a 10% average in the 1960s,
a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed
markedly in the 1990s, averaging just 1.7%, largely because of the after
effects of inefficient investment and an asset price bubble in the late 1980s
that required a protracted period of time for firms to reduce excess debt,
capital, and labor. Measured on a purchasing power parity (PPP) basis that
adjusts for price differences, Japan in 2011 stood as the fourth-largest
economy in the world after second-place China, which surpassed Japan in 2001,
and third-place India, which edged out Japan in 2011. A sharp downturn in
business investment and global demand for Japan's exports in late 2008 pushed
Japan further into recession. Government stimulus spending helped the economy
recover in late 2009 and 2010, but the economy contracted again in 2011 as the
massive 9.0 magnitude earthquake in March disrupted manufacturing. Electricity
supplies remain tight because Japan has temporarily shut down almost all of its
nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled
by the earthquake and resulting tsunami. Estimates of the direct costs of the
damage - rebuilding homes, factories, and infrastructure - range from $235
billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister
Yoshihiko NODA has proposed opening the agricultural and services sectors to
greater foreign competition and boosting exports through membership in the
US-led Trans-Pacific Partnership trade talks and by pursuing free-trade
agreements with the EU and others, but debate continues on restructuring the
economy and reining in Japan's huge government debt, which exceeds 200% of GDP.
Persistent deflation, reliance on exports to drive growth, and an aging and
shrinking population are other major long-term challenges for the economy.
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Source : CIA |
Company name & address
JGC CORPORATION
6F, New Otemachi Bldg.
2-2-1, Ote-machi, Chiyoda-ku
Tokyo, 100-0004
Japan
Tel: 81-3-32795441
Fax: 81-3-32738047
Web: www.jgc.co.jp
Synthesis
Employees: 6,524
Company Type: Public Parent
Corporate Family: 35
Companies
Traded:
Tokyo Stock Exchange: 1963
Incorporation Date:
27-Oct-1928
Auditor: KPMG AZSA LLC
Financials in: USD
(Millions)
Fiscal Year End:
31-Mar-2012
Reporting Currency: Japanese
Yen
Annual Sales: 7,053.7 1
Net Income: 495.3
Total Assets:
6,386.7 2
Market Value: 8,607.3 (09-Nov-2012)
Business Description
JGC CORPORATION is
a Japan-based company mainly engaged in the engineering business. The Company has
three business segments. The Integrated Engineering segment is engaged in the
planning, design, procurement, construction and testing of equipment,
appliances and facilities for petroleum, petroleum processing, petrochemistry,
gas, liquefied natural gas (LNG), general chemistry, nuclear energy, metal
smelting, biotechnology, food, pharmaceutical, logistics, information
technology (IT), environment protection and pollution prevention industries, as
well as the related investment activities. The Catalyst and Fine segment is
involved in the manufacture and sale of catalyst agents, functional materials,
deodorants and enzymatic filters, electronic materials and high-performance
ceramic products, as well as next-generation energy related products. The Others
segment is involved in the information processing business, consulting
business, water and power generation business and others. For the three months
ended 30 June 2012, JGC CORPORATION revenues increased 10% to Y138.67B. Net
income increased 13% to Y10.98B. Revenues reflect Total engineering segment
increase of 14% to Y126.46B, Other segment increase of 7% to Y1.63B. Net income
benefited from Total engineering segment income increase of 13% to Y14.46B,
Eliminations or corporate segment income totaling Y25M vs. loss of Y42M.
Industry
Industry Construction Services
ANZSIC 2006: 3109 - Other Heavy
and Civil Engineering Construction
NACE 2002: 4521 - General
construction of buildings and civil engineering works
NAICS 2002: 23621 - Industrial
Building Construction
UK SIC 2003: 45213 -
Construction of civil engineering constructions
UK SIC 2007: 4221 -
Construction of utility projects for fluids
US SIC 1987: 1629 - Heavy
Construction, Not Elsewhere Classified
Key Executives
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Name |
Title |
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President, Representative Director |
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Chief Financial Officer, Vice President, Chief Senior Director of
Operation, Director |
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Senior Managing Director, Chief Director of Sales |
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Manager of Planning Liaison Office, Director |
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Takashi Yasuda |
Chief Technology Officer, Executive Officer, Chief Director of
Technology Development |
Significant Developments
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Topic |
#* |
Most Recent Headline |
Date |
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2 |
8-Aug-2012 |
* number of significant developments within the last 12 months
News
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Financial
Summary
As of 30-Jun-2012
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Key Ratios |
Company |
Industry |
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Current Ratio (MRQ) |
1.74 |
1.90 |
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Quick Ratio (MRQ) |
1.52 |
1.42 |
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Debt to Equity (MRQ) |
0.03 |
0.51 |
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Sales 5 Year Growth |
-1.76 |
4.38 |
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Net Profit Margin (TTM) % |
7.12 |
1.44 |
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Return on Assets (TTM) % |
8.20 |
2.80 |
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Return on Equity (TTM) % |
14.51 |
4.41 |
Stock Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 78.96121
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 82.38536
Corporate Overview
Location
6F, New Otemachi Bldg.
2-2-1, Ote-machi, Chiyoda-ku
Tokyo, 100-0004
Japan
Tel: 81-3-32795441
Fax: 81-3-32738047
Web: www.jgc.co.jp
Quote Symbol - Exchange
1963 - Tokyo Stock
Exchange
Sales JPY(mil): 556,966.0
Assets JPY(mil): 526,169.0
Employees: 6,524
Fiscal Year End: 31-Mar-2012
Industry: Construction
Services
Incorporation Date: 27-Oct-1928
Company Type: Public
Parent
Quoted Status: Quoted
President,
Representative Director:
Koichi Kawana
Company Web Links
Company Contact/E-mail
Corporate History/Profile
Executives
Financial Information
Home Page
Investor Relations
News Releases
Products/Services
Contents
Industry Codes
Business Description
Financial Data
Market Data
Shareholders
Subsidiaries
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
3109 - Other Heavy and Civil Engineering Construction
6999 - Other Professional, Scientific and Technical Services Not
Elsewhere Classified
6923 - Engineering Design and Engineering Consulting Services
3020 - Non-Residential Building Construction
696 - Management and Related Consulting Services
1899 - Other Basic Chemical Product Manufacturing Not Elsewhere
Classified
6720 - Real Estate Services
NACE 2002 Codes:
4521 - General construction of buildings and civil engineering
works
7414 - Business and management consultancy activities
7487 - Other business activities not elsewhere classified
7420 - Architectural and engineering activities and related
technical consultancy
7031 - Real estate agencies
2466 - Manufacture of other chemical products not elsewhere
classified
NAICS 2002 Codes:
23621 - Industrial Building Construction
561990 - All Other Support Services
236210 - Industrial Building Construction
541330 - Engineering Services
531210 - Offices of Real Estate Agents and Brokers
561110 - Office Administrative Services
325998 - All Other Miscellaneous Chemical Product and Preparation
Manufacturing
US SIC 1987:
1629 - Heavy Construction, Not Elsewhere Classified
6531 - Real Estate Agents and Managers
7389 - Business Services, Not Elsewhere Classified
8711 - Engineering Services
1541 - General Contractors-Industrial Buildings and Warehouses
8741 - Management Services
2899 - Chemicals and Chemical Preparations, Not Elsewhere
Classified
UK SIC 2003:
45213 - Construction of civil engineering constructions
74204 - Engineering consultative and design activities
45212 - Construction of domestic buildings
7031 - Real estate agencies
7487 - Other business activities not elsewhere classified
7414 - Business and management consultancy activities
2466 - Manufacture of other chemical products not elsewhere
classified
UK SIC 2007:
4221 - Construction of utility projects for fluids
2059 - Manufacture of other chemical products n.e.c.
8299 - Other business support service activities n.e.c.
6831 - Real estate agencies
41202 - Construction of domestic buildings
71129 - Other engineering activities (not including engineering
design for industrial process and production or engineering related scientific
and technical consulting activities)
7022 - Business and other management consultancy activities
Business
Description
JGC CORPORATION is
a Japan-based company mainly engaged in the engineering business. The Company
has three business segments. The Integrated Engineering segment is engaged in
the planning, design, procurement, construction and testing of equipment,
appliances and facilities for petroleum, petroleum processing, petrochemistry,
gas, liquefied natural gas (LNG), general chemistry, nuclear energy, metal
smelting, biotechnology, food, pharmaceutical, logistics, information
technology (IT), environment protection and pollution prevention industries, as
well as the related investment activities. The Catalyst and Fine segment is
involved in the manufacture and sale of catalyst agents, functional materials,
deodorants and enzymatic filters, electronic materials and high-performance ceramic
products, as well as next-generation energy related products. The Others
segment is involved in the information processing business, consulting
business, water and power generation business and others. For the three months
ended 30 June 2012, JGC CORPORATION revenues increased 10% to Y138.67B. Net
income increased 13% to Y10.98B. Revenues reflect Total engineering segment
increase of 14% to Y126.46B, Other segment increase of 7% to Y1.63B. Net income
benefited from Total engineering segment income increase of 13% to Y14.46B,
Eliminations or corporate segment income totaling Y25M vs. loss of Y42M.
More Business
Descriptions
Engineering and construction services
Engineering & Construction Contractor
JGC Corporation
(JGC), through its subsidiaries undertakes engineering and construction
projects. It is provides services such as, design, procurement, construction,
operation and maintenance of plants and facilities, as well as develops its own
process technologies for various types of plants. The company’s projects
include, petroleum refining projects, oil and gas development projects, power
generation, nuclear power and new energy projects, and other chemical projects.
Till 2011, the company completed around 2000 projects. JGC operates business in
three segments, namely, Total Engineering Business; and Catalysts and Fine
Chemical Product and Others.The company mainly operates in Indonesia, Iraq,
Italy, Japan, Kazakhstan, Nigeria, Philippines, Qatar, Republic of Korea, Saudi
Arabia, Singapore, United Arab Emirates, United States, Venezuela, Vietnam,
Algeria, Australia, China and France. The company’s major services include
consulting, planning, basic and detailed design; materials and equipment
procurement; construction, commissioning, operation and maintenance services
for various plant and facilities; technology development services as well as
investment in oil and gas field development projects and utility business. JGC
focuses on clean energy development and power generation from alternate energy
sources. The company currently in the process of construction of Dimethyl Ether
plant. JGC constructs the Integrated Gasification Combined Cycle power plant
that gasifies residual oil and reforms it into a clean power generation fuel to
generate power. In the power generation field, JGC has constructed the
large-scale combined cycle power generation plants. Besides, JGC emphasizes on
biomass slurry fuel as a clean power generation fuel, reformed from wood
biomass. JGC carries out the development of several plants and facilities in
Japan and overseas in industries such as pharmaceutical and food processing
plants, various industrial plants, research laboratories, medical and welfare
facilities, and commercial facilities, and facilities for environmental
conservation. Additionally, the company conducts research and development
activities. JGC, jointly with Japan Oil, Gas and Metals National Corporation
(JOGMEC) and Osaka Gas Corporation, conducts research and development on a new
synthetic gas manufacturing process called Advanced-Auto Thermal Gasification
Process (A-ATG) which is an essential process in GTL plants. JGC also carries
out various social development and environmental protection projects. It offers
design, construction supervision, and project management services for
establishing various medical facilities. Total Engineering Business includes
oil and gas development projects; petroleum refining projects; LNG projects;
chemical; power generation, nuclear power and new energy; living and general
production; environmental protection, social development and IT; and others.
For the fiscal year ended March 2012, the company generated revenue of
JPY506,177m, from Total Engineering segment. Major activities in the catalysts
and fine products business include manufacturing and distribution of chemical
and catalyst products (FCC catalysts,hydrotreating catalysts, deNOx catalysts,
petrochemical catalysts, etc.), and new functional material products. For the
fiscal year ended March 2012, Catalyst and Fine Products segment of the company
generated revenue of JPY42,044m. The company classifies its business into six
geographical segments, namely, Japan, East and Southeast Asia, Middle East,
Africa, Oceania and others. For the fiscal year ended March 2012, the revenue
generated from the Middle East segment accounted for 36.9% of the company’s
total revenues followed by 27.9% from Japan, 12.9% from oceania, 11% from
Southeast Asia, 8% from Africa and 3.3% from others. In August 2012, JGC
Corporation secured a contract from Osaki CoolGen Corporation for engineering,
procurement and construction (EPC) services of the core facilities for an
Integrated Coal Gasification Combined Cycle (IGCC) demonstration plant. In
August 2012, JGC Corporation will be joining Japan's largest-scale mega-solar
photovoltaic power generation project , located in the seaside industrial
district of Oita City, Oita Prefecture. This is the first domestic solar power
project JGC has taken part in, and when the plant begins to produce electricity
for the commercial power grid, it will be the largest capacity mega-solar plant
in Japan. In May 2012, JGC Corporation completed construction of a
demonstration plant for the production of a liquid-type new fuel called JGC
Coal Fuel in Indonesia. The plant has a capacity of approximately ten thousand
tons/year.
JGC Corporation
(JGC) is a Japanese engineering and construction company. The company through
its subsidiaries carries out engineering contracts and projects in the areas of
oil and gas development, petroleum refining, natural gas processing,
petrochemicals, clean energy and power generation. JGC provides environment
conservation and pollution control services. The company also manufactures and
distributes catalyst products and new functional material products. JGC invests
in various areas such as resource development, oil-related projects,
alternative fuels, and water and power generation. The company completed more
than 20,000 projects in approximately 70 countries in Asia, Africa, South
America, Eastern Europe, and the Middle East. JGC is headquartered in Tokyo,
Japan. The company's strategy is to enter into the shale gas development
business. In line with strategy, the company recently acquired 40%
participating interest in the shale gas projects in the Horn River, Cordova and
Liard basins from Nexen Inc. This project helps the company to grab a new
opportunity to develop technology and know-how in the shale gas development and
management sector.The company reported revenues of (Yen) JPY 556,966.00 million
during the fiscal year ended March 2012, an increase of 24.54% over 2011. The
operating profit of the company was JPY 65,929.00 million during the fiscal
year 2012, an increase of 55.64% over 2011. The net profit of the company was
JPY 39,112.00 million during the fiscal year 2012, an increase of 53.48% over
2011.
JGC Corporation
(Japan) is a global engineering construction company that designs and builds
plants and other projects for a wide range of industries including petroleum
refining, gas processing, petrochemicals and nuclear energy. More than 70% of
JGC’s revenues are derived from overseas projects managed by remote offices
and the company manages multiple large-scale projects worldwide. Many projects
are joint ventures between JGC and its partners, often involving personnel from
at least 10 countries.
Engineering
Services
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Strategic Initiatives
Partnerships
This project is
the first mega-solar project in Japan to be financed through a project finance
scheme. Construction work for this plant will be undertaken by a consortium of JGC's
subsidiary JGC Plant Solutions and Yonden Engineering Co., Inc. In addition,
JGC Plant Solutions will take charge of facilities maintenance for the plant,
making this project a major internal collaboration of the JGC Group. In 2010,
JGC invested in two 100,000kW concentrating solar power plants in Spain, which
came into commercial operation in February 2012. JGC has also been testing
solar photovoltaic technology at a demonstration plant in Saudi Arabia since
2011.
In August 2012,
the company in a joint venture with Inpex Corporation acquired 40% interest in
a mining area owned by Nexen Inc. In February 2012, in a joint venture with JGC
and Chiyoda Corporation, KBR, Inc. entered into a contract for engineering,
procurement and construction (EPC) activities on the Ichthys LNG Project in
Northern Australia. In June 2011, JGC announced that it invested approximately
$65m in order to acquire a 10% interest in US resources firm Chesapeake Energy
Corporation shale oil operations in the state of Texas. These strategic
initiatives adopted by the company are expected to fuel the company’s
operational and strategic growth.Growth Prospects: Middle EastConstruction
activities in the Middle East region provide opportunities for JGC to improve
its revenue and business. A massive volume of infrastructure and real estate
projects in the Middle East countries such as Bahrain, Kuwait, Oman, Qatar,
Saudi Arabia and UAE turned the region into one of the largest construction and
real estate markets in the world. Population growth and surging oil revenues
are the key factors stimulating both public and private sector investment in
construction projects.
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Helpful |
Harmful |
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Internal Origin |
Strengths |
Weaknesses |
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External Origin |
Opportunities |
Threats |
Overview
JGC Corporation (JGC)
is an engineering and construction company, based in Japan. The company
undertakes engineering contracts and projects in the areas of oil and gas
development, petroleum refining, natural gas processing, petrochemicals, clean
energy and power generation. In addition, JGC provides environment conservation
and pollution control services. The company's wide range of operations and
diversified geographic presence gives it an edge over its competitors. However,
intense competition in the industry, risks inherent to operations could affect
the company's future growth prospects.
Strengths
Strong Operational Performance
The company
exhibited strong financial performance during fiscal the fiscal year ended
March 2012, which will be helpful in fueling its operational needs and business
expansion initiatives. For the fiscal year ended March 2012, the company's
generated revenues of JPY556966m. The net income of the company increased to
JPY 39112m in fiscal year ended March 2012 from JPY 25483m in March 2011 and the
operating income increased to JPY65929m in March 2012 from JPY42360m in March
2011. The improved operational performance was due to sound cost management and
efficient utilization of assets in 2011 over 2010. The company reduced its
operating cost as percentage of sales from 95% in 2010 to 93% in 2011.
Similarly, the administration cost as percentage of sales also decreased from
12.6% in 2010 to 11.4% in 2011. The company's operating margin increased to
11.8% from 9.4%. The return on equity also increased to 13.4% for the fiscal
year ended March 2012 as compared to 9.6% for the fiscal year ended March 2011,
which may indicate management's high focus on improving profitability. The
strong operational performance could lead to increase profitability which the
company could utilize to fulfill the short term and long term goals of the
company.
Wide Range of Operations
JGC's wide range
of operations provides it a varied customer base. The company operates through
three reportable business segments, namely, Total Engineering Business; and
Catalysts and Fine Chemical Product and Others. Its Total Engineering Business
segment undertakes projects in areas such as oil and gas development; petroleum
refining; LNG; chemical, power generation, nuclear power and new energy; living
and general production facility; and environmental protection, social
development and IT; and enterprise investment. In addition, the company
operates projects in areas such as power and desalination, emission trading
(CDM), new energy, water, resource development, power plant O&M and other
businesses. Through these segments, JGC is involved in the design, procurement,
construction, operation and maintenance of plants and facilities. Besides, the
company has also started focusing on clean energy development and power
generation from alternate energy sources. For the fiscal ending March 2012, the
contribution by the three business segments of the company to its total revenue
was 90%, 8% and 2% respectively. Wide range of operations helps the company to
meet the varied needs of its customers.
Diversified Geographic Presence
JGC's diversified
business operations mitigate its business risk. The company has operations
spread across Asia, Europe, the Middle East, and Africa. Some of the important
projects of JGC in China include Juhua HFC23 recovery and decomposition CDM,
Alternative cement raw material CDM (Inner Mongolia), Cement plant residual
heat recovery and generation CDM, Coal mine methane power generation CDM, and
China: Seawater desalination business. In Japan, the important projects of the
company are DME promotion business, Matsuzawa Hospital PFI business, Investment
in Ebara Engineering Services, and Pharma Services business. In the US, the
company is engaged in oil and gas field production and sales business. In
Philippines, JGC has bioethanol production and power supply operations. In
Australia, it is involved in water and sewage business. Its projects in the UAE
and Saudi Arabia are Taweelah B&A2 IWPP; and Rabigh IWSPP respectively. In
Algeria, the company has operations in Power plant and O&M business. JGC is
engaged in solar thermal generation business in Spain. The company operates
through six geographic segments, namely, Japan, South East Asia, Middle East,
Africa, Oceania, and Others. For the fiscal ending March 2012, the contribution
by these segments to the total revenue was 27.9%, 11%, 36.9%, 8%, 12.9% and
3.3% respectively. Diversified geographic presence enables the company to
exploit the opportunities offered by the different regions.
Weaknesses
Declining Market Share in Sector
The company's
compounded annual growth rate (CAGR) for revenue was 0.27% during 2008-2012.
This was below the Construction Contractors sector average* of 18.9%. A lower than
sector average* revenue CAGR may indicate that the company has underperformed
the average sector growth and lost market share over the last four years. The
company's underperformance could be attributed to a weak competitive position
or inferior products and services offering or lack of innovative products and
services.
Highly Leveraged
The company’s
high leverage could affect its ability to raise additional capital to fund its
operations, limit its ability to react to changes in the economy or its industry,
expose it to interest rate risk to the extent of its variable rate debt and
prevent the company from meeting its debt obligations. As of March 2012, the
company recorded net debt of HKD 88711.40m, as compared to HKD 60608.70m in
2011. Its long-term debt stood at HKD 67845.80m in 2012, as compared to HKD
38849.90m in 2011. Such substantial debt requires the company to dedicate a
significant portion of its cash flow from operations to service interest and
principal payments. Reduction in revenue and operating cash flows could hinder
the company’s ability to repay interest and principal, resulting in defaults.
Such huge debt burden could lead to credit crisis and affect the financial
health of the company in the long run.
Opportunities
Strategies Initiatives
The company seeks
for both organic and inorganic growth strategies in order to achieve
operational and strategic growth. In August 2012, the company in a joint
venture with Inpex Corporation acquired 40% interest in a mining area owned by
Nexen Inc. In February 2012, in a joint venture with JGC and Chiyoda
Corporation, KBR, Inc. entered into a contract for engineering, procurement and
construction (EPC) activities on the Ichthys LNG Project in Northern Australia.
In June 2011, JGC announced that it invested approximately $65m in order to
acquire a 10% interest in US resources firm Chesapeake Energy Corporation shale
oil operations in the state of Texas. These strategic initiatives adopted by
the company are expected to fuel the company’s operational and strategic
growth.
Growth Prospects: Middle East
Construction
activities in the Middle East region provide opportunities for JGC to improve
its revenue and business. A massive volume of infrastructure and real estate
projects in the Middle East countries such as Bahrain, Kuwait, Oman, Qatar,
Saudi Arabia and UAE turned the region into one of the largest construction and
real estate markets in the world. Population growth and surging oil revenues
are the key factors stimulating both public and private sector investment in
construction projects. According to industry estimates, 3,339 projects, worth
approximately $2.8 trillion, are underway in the region, with the majority in
the UAE and Saudi Arabia. Saudi Arabia is one of the most active construction
markets in the world, with projects valued at $1.1 trillion followed by UAE
(construction projects valued at $931 billion); Kuwait ($274 billion); Qatar
($205 billion); Oman ($103 billion); and Bahrain ($61 billion). Governments in
these regions have sufficient resources to embark on long-planned improvements
and expand infrastructure, real estate, transportation, power and energy and
water utilities projects. According to industry projections, Saudi Arabia has
plans to spend $400 billion in next five years on construction and
infrastructure. In the UAE, the majority of infrastructure spending will be in
Abu Dhabi, with projects worth $275 billion in pipeline for the next five
years. Considering the growth prospects in the region and the volume of upcoming
projects coupled with the presence of the company in these regions through its
offices in Abu Dhabi and Dubai, could provide further opportunities for the
company to grow.
Growth Prospects: Emerging Markets
The growing
markets of India and China provide huge opportunity for the company. As
population and industries grow in India and China, so does the demand. The pace
of industrialization in China and India and other Asian countries is expected
to keep global demand for the commodities high in the future. Increasing
investments in emerging markets, particularly in China and India, provide
growth opportunities. With a population of more than 1 billion each, China and
India’s infrastructure needs are massive. China and India are expected to
spend close to $803.5 billion on infrastructure projects by 2012. According to
Asian Development Bank, China will spend approximately $4.37 trillion on
infrastructure until 2020. The country will invest in building and upgrading
energy infrastructure, telecommunications, transport, and water and sanitation
infrastructure. In March 2011, China's 12th Five-Year Plan (2011-2015) was
released. Some of the major infrastructure related reports include the
development of strategic industries, construction of large-scale hydropower
plants; expansion of the length of high-speed railway to 45,000 km; length of
highway network to 83,000 km; and construction of a new airport in Beijing with
the total number of airport to be increased from 175 to 220; and construction
of 36 million affordable apartments for low-income people. The Indian
government aims at investing 8% of GDP in infrastructure. Infrastructure
spending is expected to account for 10% of GDP by the end of the government’s
12th Five Year Plan in 2017, up from 5% in the 2002–2007 Plan. The Indian
Prime Minister declared an investment of $1 trillion on infrastructure during
India’s 12th Five Year Plan (2012-17). The share of expenditure on
transportation (roads, railways, ports and airports), which stood at 33% of
total infrastructure spend in the 11th Plan, is expected to double in the 12th
plan, and could be approximately $1,000 billion, as against $500 billion.
Brazil is expected to spend approximately $900 billion in the next few years on
infrastructure development. In 2011, Brazil began a four-year Growth
Acceleration Programme to invest over $500 billion in logistics (including
transportation), energy and social development. Thus, strong economic growth
prospects and requirement enable the company to enhance its market position in
these growing markets.
Threats
Fixed Price
Contracts
JGC runs its
business under fixed-price contracts, which could lead to losses for the
company, if there is any cost overrun involved. Most of the company's contracts
are on a fixed-price basis. The contractual terms cause the company to receive
a fixed price irrespective of the actual costs incurred. Any costs incurred in
excess of the fixed price are absorbed by the company, which reduces its
margins. The company is subject to contract-ceiling amounts in case of cost
reimbursement contracts. In case of costs exceeding the contract ceiling, the
company is not allowed to obtain reimbursements from the customer. Therefore,
the company is subject to unfavorable financial outcome in case of poor control
over costs. Besides, such cost overruns could also affect the company’s
ability to obtain future contract awards.
Intense Competition
The company
operates in highly competitive in infrastructure and construction industry,
characterized by competition from a large number of local contractors in each
region as well as other large public and private companies. The company
operates in different segments and could face competition from companies that
specialize in particular segments. In recent years, competition intensified
considerably due to highly maturing and saturating markets. It faces stiff
competition from various domestic and international players. The other
competitive factors that could affect the company’s operations include
ability to control project costs; safety record; relationships with customers;
cost structure; geographic diversity; and adequate working capital. Such highly
competitive market could impact the company's revenue and earnings in the long
run.
Cost Overruns
JGC‘s business
could be adversely affected in case of cost overruns. Contract prices are
established based, in part, on cost estimates that are subject to a number of
assumptions, including future economic conditions, third party costs, estimated
schedule to complete the work, availability of labor and materials. If these
estimates prove inaccurate or circumstances change, cost overruns result, and
have a material adverse effect on its business and results of operations. For
instance, any delay by subcontractors in completing their portion of the
project, or any failure by a subcontractor to satisfactorily complete its
portion of the project, may result in delay in the overall progress of the
project or result in additional costs, or both. This would affect the overall
profitability of the project. Rising raw material prices also contribute
significantly to cost overruns. Thus, it is important for JGC to be thorough in
selecting third party subcontractors and suppliers, be proactive in monitoring
the project schedules and budgets, and managing its operating costs
efficiently.
|
Corporate
Family |
Corporate
Structure News: |
|
|
JGC
CORPORATION |
|
JGC CORPORATION |
|
|
|
|
|
Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Tokyo |
Japan |
Construction Services |
7,053.7 |
6,524 |
|
|
Subsidiary |
Jakarta |
Indonesia |
Engineering Consultants |
30.0 |
2,000 |
|
|
Subsidiary |
Muntinlupa, NC |
Philippines |
Oil and Gas Operations |
|
800 |
|
|
Subsidiary |
Yokohama |
Japan |
Engineering Consultants |
|
700 |
|
|
Subsidiary |
Kawasaki, Kanagawa |
Japan |
Chemical Manufacturing |
1.0 |
502 |
|
|
Subsidiary |
Yokohama |
Japan |
Computer Networks |
|
395 |
|
|
Subsidiary |
Singapore |
Singapore |
Engineering Consultants |
49.9 |
300 |
|
|
Subsidiary |
Yokohama |
Japan |
Business Services |
|
245 |
|
|
Subsidiary |
Sendai, Miyagi |
Japan |
Construction - Supplies and Fixtures |
|
200 |
|
|
Subsidiary |
Jakarta, Selatan |
Indonesia |
Engineering Consultants |
|
200 |
|
|
Subsidiary |
Tokyo |
Japan |
Engineering Consultants |
|
150 |
|
|
Subsidiary |
Metro Manila |
Philippines |
Office Equipment |
2.0 |
100 |
|
|
Subsidiary |
Abu Dhabi |
United Arab Emirates |
Construction Services |
|
100 |
|
|
Subsidiary |
Yokohama |
Japan |
Business Services |
|
100 |
|
|
Subsidiary |
Yokohama |
Japan |
Oil and Gas Operations |
79.9 |
26 |
|
|
Subsidiary |
Houston, TX |
United States |
Miscellaneous Capital Goods |
|
17 |
|
|
Subsidiary |
Greenford |
United Kingdom |
Engineering Consultants |
4.3 |
5 |
|
|
Subsidiary |
Hague |
Netherlands |
Engineering Consultants |
|
5 |
|
|
Subsidiary |
Houston, TX |
United States |
Oil Well Services and Equipment |
|
3 |
|
|
Subsidiary |
Yokohama, Kanagawa |
Japan |
Engineering Consultants |
714.4 |
|
|
|
Subsidiary |
Yokohama, Kanagawa |
Japan |
Communications Services |
161.0 |
|
|
|
Subsidiary |
Setagaya-Ku, Tokyo |
Japan |
Engineering Consultants |
98.7 |
|
|
|
Subsidiary |
Shinjuku-Ku, Tokyo |
Japan |
Business Services |
40.9 |
|
|
|
Subsidiary |
Kawasaki |
Japan |
Chemical Manufacturing |
40.0 |
|
|
|
Subsidiary |
Lagos |
Nigeria |
Oil and Gas Operations |
|
|
|
|
Subsidiary |
Tehran |
Iran |
Construction Services |
|
|
|
|
Subsidiary |
Doha |
Qatar |
Construction Services |
|
|
|
|
Subsidiary |
La Castellana, Caracas |
Venezuela |
Construction Services |
|
|
|
|
Subsidiary |
Perth, WA |
Australia |
Construction Services |
|
|
|
|
Subsidiary |
Alger |
Algeria |
Construction Services |
|
|
|
|
Subsidiary |
Yokohama |
Japan |
Engineering Consultants |
|
|
|
|
Subsidiary |
Aomori |
Japan |
Construction Services |
|
|
|
|
Subsidiary |
Shanghai |
China |
Engineering Consultants |
|
|
|
|
Subsidiary |
Yokohama, Kanagawa |
Japan |
Electric Utilities |
|
|
|
|
Joint Venture |
Lahore |
Pakistan |
Engineering Consultants |
|
|
Competitors
Report
|
CompanyName |
Location |
Employees |
Ownership |
|
Aker Solutions ASA |
Fornebu, Norway |
25,157 |
Public |
|
Austin Industries, Inc. |
Dallas, Texas, United States |
5,412 |
Private |
|
CHIYODA CORPORATION |
Yokohama-Shi, Japan |
4,530 |
Public |
|
Kumagai Gumi Co., Ltd. |
Tokyo, Japan |
3,531 |
Public |
Executive report
|
Board of
Directors |
|
|
|
|
|||||||||
|
Chairman Emeritus |
Chairman |
|
|||||||||
|
Chairman of the Board, Representative Director |
Chairman |
|
|||||||||
|
||||||||||||
|
Vice Chairman & CFO |
Vice-Chairman |
|
|
||||||||
|
Board Member |
Vice-Chairman |
|
|
||||||||
|
Senior Managing Director, Director of Ichthys Business |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Board Member |
Director/Board Member |
|
|
||||||||
|
Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Senior Managing Director, Chief Director of Sales |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Director of America, Asia and Africa Sales in Main Sales Unit,
Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Chief Director of Business Promotion Project, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Vice President, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
President, Representative Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Managing Director, Chief Director of Engineering |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Managing Director, Director of Barzun On-shore Project |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Chief Financial Officer, Vice President, Chief Senior Director of
Operation, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Manager of Planning Liaison Office, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Board Member |
Director/Board Member |
|
|
||||||||
|
Senior Managing Director, Chief Director of International Project |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Executives |
|
|
|
|
|||||||||
|
President, Representative Director |
President |
|
|||||||||
|
||||||||||||
|
Co-Executive Officer |
Division Head Executive |
|
|
||||||||
|
Co-Executive Officer |
Division Head Executive |
|
|
||||||||
|
Co-Executive Officer |
Division Head Executive |
|
|
||||||||
|
Co-Executive Officer |
Division Head Executive |
|
|
||||||||
|
Senior Managing Director, Director of Ichthys Business |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Senior Managing Director, Chief Director of Sales |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Director-No.1 Project |
Managing Director |
|
|
||||||||
|
Managing Director, Chief Director of Engineering |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Director, Director of Barzun On-shore Project |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Senior Managing Director, Chief Director of International Project |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Chief Financial Officer, Vice President, Chief Senior Director of
Operation, Director |
Operations Executive |
|
|
||||||||
|
||||||||||||
|
Executive Officer |
Administration Executive |
|
|
||||||||
|
Executive Officer |
Administration Executive |
|
|
||||||||
|
Co-Auditor |
Finance Executive |
|
|
||||||||
|
Co-Auditor |
Finance Executive |
|
|
||||||||
|
Vice Chairman & CFO |
Finance Executive |
|
|
||||||||
|
Director-Finance & Accounting |
Finance Executive |
|
|
||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Senior Executive Officer-Project Services |
Customer Service Executive |
|
|
||||||||
|
Director of America, Asia and Africa Sales in Main Sales Unit,
Director |
Sales Executive |
|
|
||||||||
|
||||||||||||
|
Executive Officer-Project Sales & Marketing |
Sales Executive |
|
|
||||||||
|
Senior Executive Officer-Marketing |
Marketing Executive |
|
|
||||||||
|
Senior Executive Offcr.-Planning, Business Promotion & Marketing |
Marketing Executive |
|
|
||||||||
|
Executive Vice President & CMO |
Marketing Executive |
|
|
||||||||
|
Chief Director of Business Promotion Project, Director |
Advertising Executive |
|
|
||||||||
|
||||||||||||
|
Executive Officer-Engineering & Technology |
Information Executive |
|
|
||||||||
|
Chief Technology Officer, Executive Officer, Chief Director of
Technology Development |
Engineering/Technical Executive |
|
|
||||||||
|
Senior Executive Officer-No.1 Project |
Planning Executive |
|
|
||||||||
|
Director-No.1 Project |
Planning Executive |
|
|
||||||||
|
Senior Executive Officer-Domestic Project |
Planning Executive |
|
|
||||||||
|
Manager of Planning Liaison Office, Director |
Planning Executive |
|
|
||||||||
|
||||||||||||
|
Director-Legal Affairs & Compliance |
Legal Executive |
|
|
||||||||
|
Executive Officer |
Other |
|
|
||||||||
|
Executive Officer |
Other |
|
|
||||||||
|
Executive Officer |
Other |
|
|
||||||||
|
Executive Officer, President of Subsidiary |
Other |
|
|
||||||||
|
Executive Officer, Manager of China Business Development Office |
Other |
|
|
||||||||
|
Executive Officer |
Other |
|
|
||||||||
|
Executive Officer, Director of Gasco IGD Project in Main International
Project Unit |
Other |
|
|
||||||||
|
Executive Officer |
Other |
|
|
||||||||
|
Executive Officer |
Other |
|
|
||||||||
|
Executive Officer, Project Director of Manifa Project |
Other |
|
|
||||||||
|
Executive Officer, Chief Director of Engineering Work |
Other |
|
|
||||||||
|
Executive Officer |
Other |
|
|
||||||||
|
Executive Officer, Senior Manager of Legal Affairs & Compliance Office |
Other |
|
|
||||||||
|
Executive Officer |
Other |
|
|
||||||||
|
Executive Officer, Director of NSRP Project in Main International
Project Unit |
Other |
|
|
||||||||
|
Executive Officer |
Other |
|
|
||||||||
|
Executive Officer, President of Subsidiary |
Other |
|
|
||||||||
|
Executive Officer |
Other |
|
|
||||||||
|
Executive Officer, Deputy Project Director of Gasco IGD Project |
Other |
|
|
||||||||
Significant Developments
INPEX CORPORATION Acquires Stake in Mining Area from Nexen Inc. through Joint Venture with JGC Corporation Aug 08, 2012
INPEX CORPORATION announced that it has completed to acquire a 40% stake in a mining area owned by Nexen Inc., through a joint venture established with JGC Corporation on August 8, 2012.
KBR, Inc. And Joint Venture Partners JGC Corporation And Chiyoda Corporation Signs Contract For EPC Activities For Ichthys LNG Project, Australia Feb 09, 2012
KBR, Inc. announced that its joint venture with JGC Corporation and Chiyoda Corporation, the JKC JV, has signed the formal contract for engineering, procurement and construction (EPC) activities on the Ichthys LNG Project in Northern Australia. The JKC JV partners signed this EPC contract, valued at $15 billion, with the Ichthys LNG Project owners, INPEX and Total. The Ichthys LNG Project is a Joint Venture between INPEX (76%, the Operator) and Total (24%). Gas from the Ichthys Field in the Browse Basin, approximately 200 kilometers offshore of Western Australia, will undergo preliminary processing offshore to remove water and extract condensate. The gas will then be exported to onshore processing facilities in Darwin via an 889 kilometer subsea pipeline. The Ichthys Project is expected to produce 8.4 million tonnes of LNG and 1.6 million tonnes of LPG per annum, along with approximately 100,000 barrels of condensate per day at peak.
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
KPMG AZSA LLC |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
7,053.7 |
5,219.0 |
4,457.2 |
4,487.4 |
4,821.1 |
|
Revenue |
7,053.7 |
5,219.0 |
4,457.2 |
4,487.4 |
4,821.1 |
|
Total Revenue |
7,053.7 |
5,219.0 |
4,457.2 |
4,487.4 |
4,821.1 |
|
|
|
|
|
|
|
|
Cost of Revenue |
5,955.2 |
4,269.1 |
3,807.9 |
3,771.2 |
4,263.8 |
|
Cost of Revenue, Total |
5,955.2 |
4,269.1 |
3,807.9 |
3,771.2 |
4,263.8 |
|
Gross Profit |
1,098.5 |
949.9 |
649.3 |
716.2 |
557.3 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
109.2 |
91.8 |
84.9 |
84.9 |
76.5 |
|
Labor & Related Expense |
79.0 |
63.9 |
62.7 |
60.3 |
48.2 |
|
Total Selling/General/Administrative Expenses |
188.2 |
155.7 |
147.6 |
145.2 |
124.7 |
|
Research & Development |
50.4 |
45.5 |
37.5 |
36.9 |
- |
|
Depreciation |
10.7 |
7.0 |
8.8 |
8.5 |
32.7 |
|
Amortization of Acquisition Costs |
0.0 |
-0.1 |
4.2 |
7.6 |
6.4 |
|
Depreciation/Amortization |
10.7 |
6.9 |
13.0 |
16.1 |
39.1 |
|
Litigation |
- |
239.4 |
0.0 |
- |
- |
|
Impairment-Assets Held for Use |
15.0 |
1.4 |
40.0 |
1.3 |
1.6 |
|
Impairment-Assets Held for Sale |
- |
2.3 |
0.0 |
21.4 |
-1.2 |
|
Other Unusual Expense (Income) |
-0.8 |
4.4 |
-2.8 |
2.8 |
0.3 |
|
Unusual Expense (Income) |
14.2 |
247.5 |
37.2 |
25.5 |
0.7 |
|
Total Operating Expense |
6,218.7 |
4,724.6 |
4,043.2 |
3,994.8 |
4,428.3 |
|
|
|
|
|
|
|
|
Operating Income |
835.0 |
494.3 |
414.0 |
492.5 |
392.8 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-6.4 |
-7.7 |
-7.4 |
-8.0 |
-4.9 |
|
Interest Expense, Net Non-Operating |
-6.4 |
-7.7 |
-7.4 |
-8.0 |
-4.9 |
|
Interest Income -
Non-Operating |
13.7 |
7.6 |
7.3 |
30.2 |
49.6 |
|
Investment Income -
Non-Operating |
51.4 |
117.2 |
6.3 |
40.4 |
-17.5 |
|
Interest/Investment Income - Non-Operating |
65.1 |
124.7 |
13.6 |
70.5 |
32.1 |
|
Interest Income (Expense) - Net Non-Operating Total |
58.8 |
117.1 |
6.2 |
62.5 |
27.2 |
|
Gain (Loss) on Sale of Assets |
1.0 |
0.2 |
-0.3 |
0.4 |
0.0 |
|
Other Non-Operating Income (Expense) |
10.5 |
4.3 |
-12.6 |
-63.3 |
-9.5 |
|
Other, Net |
10.5 |
4.3 |
-12.6 |
-63.3 |
-9.5 |
|
Income Before Tax |
905.2 |
615.9 |
407.3 |
492.1 |
410.4 |
|
|
|
|
|
|
|
|
Total Income Tax |
403.8 |
315.2 |
116.8 |
178.7 |
147.6 |
|
Income After Tax |
501.4 |
300.6 |
290.5 |
313.4 |
262.9 |
|
|
|
|
|
|
|
|
Minority Interest |
-6.1 |
-3.3 |
1.3 |
0.6 |
-0.2 |
|
Net Income Before Extraord Items |
495.3 |
297.4 |
291.8 |
314.0 |
262.7 |
|
Net Income |
495.3 |
297.4 |
291.8 |
314.0 |
262.7 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
-0.1 |
0.0 |
-0.1 |
-0.1 |
|
Total Adjustments to Net Income |
0.0 |
-0.1 |
0.0 |
-0.1 |
-0.1 |
|
Income Available to Common Excl Extraord Items |
495.3 |
297.3 |
291.7 |
313.9 |
262.6 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
495.3 |
297.3 |
291.7 |
313.9 |
262.6 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
252.5 |
252.7 |
252.8 |
252.8 |
253.7 |
|
Basic EPS Excl Extraord Items |
1.96 |
1.18 |
1.15 |
1.24 |
1.04 |
|
Basic/Primary EPS Incl Extraord Items |
1.96 |
1.18 |
1.15 |
1.24 |
1.04 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
495.3 |
297.3 |
291.7 |
313.9 |
262.6 |
|
Diluted Weighted Average Shares |
252.5 |
252.7 |
252.8 |
252.8 |
253.7 |
|
Diluted EPS Excl Extraord Items |
1.96 |
1.18 |
1.15 |
1.24 |
1.04 |
|
Diluted EPS Incl Extraord Items |
1.96 |
1.18 |
1.15 |
1.24 |
1.04 |
|
Dividends per Share - Common Stock Primary Issue |
0.49 |
0.35 |
0.23 |
0.30 |
0.18 |
|
Gross Dividends - Common Stock |
123.1 |
88.4 |
57.1 |
75.5 |
46.5 |
|
Interest Expense, Supplemental |
6.4 |
7.7 |
7.4 |
8.0 |
4.9 |
|
Depreciation, Supplemental |
98.7 |
87.7 |
98.3 |
69.5 |
53.2 |
|
Total Special Items |
13.2 |
247.3 |
41.7 |
32.7 |
7.1 |
|
Normalized Income Before Tax |
918.4 |
863.2 |
449.0 |
524.8 |
417.5 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
5.9 |
126.6 |
10.8 |
9.1 |
0.2 |
|
Inc Tax Ex Impact of Sp Items |
409.7 |
441.8 |
127.6 |
187.9 |
147.8 |
|
Normalized Income After Tax |
508.7 |
421.3 |
321.5 |
337.0 |
269.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
502.6 |
418.0 |
322.7 |
337.5 |
269.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.99 |
1.65 |
1.28 |
1.33 |
1.06 |
|
Diluted Normalized EPS |
1.99 |
1.65 |
1.28 |
1.33 |
1.06 |
|
Amort of Acquisition Costs, Supplemental |
0.0 |
-0.1 |
4.2 |
7.6 |
6.4 |
|
Research & Development Exp, Supplemental |
63.9 |
58.3 |
53.9 |
53.1 |
41.9 |
|
Reported Operating Profit |
849.2 |
741.7 |
451.0 |
517.5 |
392.8 |
|
Reported Ordinary Profit |
918.8 |
739.8 |
439.3 |
491.5 |
409.8 |
|
Normalized EBIT |
849.2 |
741.8 |
451.2 |
518.0 |
393.5 |
|
Normalized EBITDA |
947.9 |
829.5 |
553.7 |
595.1 |
453.1 |
|
Interest Cost - Domestic |
8.8 |
8.2 |
7.6 |
7.4 |
6.5 |
|
Service Cost - Domestic |
21.1 |
19.7 |
17.8 |
19.0 |
15.3 |
|
Prior Service Cost - Domestic |
-2.7 |
-2.5 |
-1.2 |
-2.6 |
-2.3 |
|
Expected Return on Assets - Domestic |
-4.9 |
-4.5 |
-4.0 |
-4.3 |
-3.9 |
|
Actuarial Gains and Losses - Domestic |
11.9 |
11.9 |
14.4 |
13.1 |
8.4 |
|
Other Pension, Net - Domestic |
0.0 |
0.0 |
0.2 |
0.2 |
0.2 |
|
Domestic Pension Plan Expense |
34.1 |
32.9 |
34.9 |
32.8 |
24.1 |
|
Defined Contribution Expense - Domestic |
1.8 |
1.2 |
0.9 |
1.1 |
- |
|
Total Pension Expense |
35.9 |
34.1 |
35.8 |
33.9 |
24.1 |
|
Discount Rate - Domestic |
1.50% |
1.50% |
1.50% |
1.50% |
1.50% |
|
Expected Rate of Return - Domestic |
1.50% |
1.50% |
1.50% |
1.50% |
1.50% |
|
Total Plan Interest Cost |
8.8 |
8.2 |
7.6 |
7.4 |
6.5 |
|
Total Plan Service Cost |
21.1 |
19.7 |
17.8 |
19.0 |
15.3 |
|
Total Plan Expected Return |
-4.9 |
-4.5 |
-4.0 |
-4.3 |
-3.9 |
|
Total Plan Other Expense |
0.0 |
0.0 |
0.2 |
0.2 |
0.2 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.385362 |
82.88 |
93.44 |
98.77 |
99.535 |
|
Auditor |
KPMG AZSA LLC |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
2,367.6 |
1,591.4 |
891.6 |
1,192.5 |
940.5 |
|
Short Term Investments |
333.8 |
362.0 |
433.4 |
572.0 |
713.3 |
|
Cash and Short Term Investments |
2,701.4 |
1,953.4 |
1,325.0 |
1,764.5 |
1,653.9 |
|
Accounts Receivable -
Trade, Gross |
1,059.0 |
1,312.9 |
937.8 |
733.6 |
684.5 |
|
Provision for Doubtful
Accounts |
-1.3 |
-1.2 |
-1.0 |
-0.6 |
-5.3 |
|
Trade Accounts Receivable - Net |
1,057.7 |
1,311.7 |
936.8 |
733.0 |
679.1 |
|
Other Receivables |
166.8 |
87.3 |
125.7 |
60.5 |
115.1 |
|
Total Receivables, Net |
1,224.6 |
1,398.9 |
1,062.5 |
793.5 |
794.3 |
|
Inventories - Finished Goods |
68.3 |
63.7 |
50.4 |
78.3 |
53.2 |
|
Inventories - Work In Progress |
336.2 |
195.8 |
318.5 |
510.3 |
604.3 |
|
Inventories - Raw Materials |
42.9 |
34.3 |
25.9 |
41.7 |
32.1 |
|
Inventories - Other |
- |
- |
- |
0.0 |
1.0 |
|
Total Inventory |
447.4 |
293.8 |
394.9 |
630.2 |
690.6 |
|
Deferred Income Tax - Current Asset |
139.8 |
123.5 |
130.4 |
139.1 |
91.8 |
|
Other Current Assets |
52.9 |
84.9 |
121.7 |
66.6 |
30.8 |
|
Other Current Assets, Total |
192.6 |
208.5 |
252.1 |
205.7 |
122.5 |
|
Total Current Assets |
4,566.0 |
3,854.5 |
3,034.4 |
3,393.9 |
3,261.3 |
|
|
|
|
|
|
|
|
Buildings |
710.3 |
709.3 |
605.9 |
562.0 |
550.8 |
|
Land/Improvements |
315.6 |
319.2 |
283.2 |
268.9 |
266.4 |
|
Machinery/Equipment |
609.1 |
559.1 |
478.4 |
448.2 |
435.2 |
|
Construction in
Progress |
29.5 |
9.9 |
18.4 |
8.6 |
1.0 |
|
Leases |
10.5 |
10.4 |
8.7 |
1.9 |
0.0 |
|
Other
Property/Plant/Equipment |
20.1 |
18.0 |
18.7 |
0.0 |
- |
|
Property/Plant/Equipment - Gross |
1,695.1 |
1,626.0 |
1,413.3 |
1,289.7 |
1,253.4 |
|
Accumulated Depreciation |
-907.5 |
-846.2 |
-706.4 |
-616.3 |
-565.7 |
|
Property/Plant/Equipment - Net |
787.6 |
779.8 |
706.9 |
673.4 |
687.7 |
|
Goodwill, Net |
0.0 |
0.0 |
0.0 |
4.1 |
12.2 |
|
Intangibles, Net |
126.1 |
56.0 |
58.3 |
28.4 |
25.4 |
|
LT Investment - Affiliate Companies |
448.1 |
436.1 |
342.1 |
- |
- |
|
LT Investments - Other |
363.5 |
361.6 |
317.8 |
523.7 |
479.2 |
|
Long Term Investments |
811.7 |
797.7 |
660.0 |
523.7 |
479.2 |
|
Note Receivable - Long Term |
208.0 |
211.1 |
203.5 |
283.5 |
245.5 |
|
Deferred Income Tax - Long Term Asset |
54.5 |
124.3 |
115.0 |
113.8 |
62.2 |
|
Other Long Term Assets |
-167.2 |
-170.8 |
-174.4 |
-158.1 |
-83.9 |
|
Other Long Term Assets, Total |
-112.7 |
-46.4 |
-59.4 |
-44.3 |
-21.7 |
|
Total Assets |
6,386.7 |
5,652.7 |
4,603.7 |
4,862.5 |
4,689.5 |
|
|
|
|
|
|
|
|
Accounts Payable |
999.9 |
853.8 |
635.6 |
816.1 |
728.1 |
|
Accrued Expenses |
86.5 |
84.7 |
73.9 |
73.2 |
70.0 |
|
Notes Payable/Short Term Debt |
18.2 |
0.3 |
0.3 |
7.7 |
7.6 |
|
Current Portion - Long Term Debt/Capital Leases |
- |
173.9 |
12.8 |
- |
- |
|
Customer Advances |
801.5 |
311.5 |
500.5 |
825.1 |
1,124.8 |
|
Income Taxes Payable |
178.0 |
225.7 |
82.1 |
147.7 |
94.1 |
|
Other Payables |
- |
304.9 |
0.0 |
- |
- |
|
Deferred Income Tax - Current Liability |
- |
- |
- |
0.0 |
0.4 |
|
Other Current Liabilities |
413.7 |
148.0 |
168.8 |
236.2 |
158.5 |
|
Other Current liabilities, Total |
1,393.1 |
990.2 |
751.3 |
1,209.1 |
1,377.8 |
|
Total Current Liabilities |
2,497.7 |
2,102.9 |
1,473.9 |
2,106.1 |
2,183.5 |
|
|
|
|
|
|
|
|
Long Term Debt |
92.1 |
79.9 |
234.6 |
235.4 |
173.8 |
|
Capital Lease Obligations |
- |
- |
5.7 |
- |
- |
|
Total Long Term Debt |
92.1 |
79.9 |
240.3 |
235.4 |
173.8 |
|
Total Debt |
110.3 |
254.1 |
253.4 |
243.2 |
181.4 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
47.3 |
48.6 |
41.0 |
39.1 |
38.7 |
|
Deferred Income Tax |
47.3 |
48.6 |
41.0 |
39.1 |
38.7 |
|
Minority Interest |
7.6 |
6.0 |
3.4 |
6.1 |
2.8 |
|
Pension Benefits - Underfunded |
166.2 |
176.4 |
168.2 |
164.3 |
162.9 |
|
Other Long Term Liabilities |
50.7 |
53.7 |
46.0 |
44.8 |
45.6 |
|
Other Liabilities, Total |
216.9 |
230.1 |
214.2 |
209.1 |
208.5 |
|
Total Liabilities |
2,861.6 |
2,467.5 |
1,972.9 |
2,595.8 |
2,607.3 |
|
|
|
|
|
|
|
|
Common Stock |
285.4 |
283.7 |
251.6 |
238.0 |
236.2 |
|
Common Stock |
285.4 |
283.7 |
251.6 |
238.0 |
236.2 |
|
Additional Paid-In Capital |
310.8 |
308.9 |
274.0 |
259.2 |
257.1 |
|
Retained Earnings (Accumulated Deficit) |
3,099.1 |
2,706.9 |
2,185.1 |
1,909.0 |
1,610.6 |
|
Treasury Stock - Common |
-75.9 |
-74.4 |
-61.4 |
-57.4 |
-55.6 |
|
Unrealized Gain (Loss) |
-50.8 |
-8.4 |
13.3 |
-52.0 |
18.1 |
|
Translation Adjustment |
-43.5 |
-31.5 |
-31.9 |
-30.0 |
15.8 |
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Other Equity, Total |
-43.5 |
-31.5 |
-31.9 |
-30.0 |
15.8 |
|
Total Equity |
3,525.1 |
3,185.1 |
2,630.8 |
2,266.8 |
2,082.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
6,386.7 |
5,652.7 |
4,603.7 |
4,862.5 |
4,689.5 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
252.5 |
252.5 |
252.8 |
252.8 |
252.9 |
|
Total Common Shares Outstanding |
252.5 |
252.5 |
252.8 |
252.8 |
252.9 |
|
Treasury Shares - Common Stock Primary Issue |
6.6 |
6.5 |
6.3 |
6.3 |
6.2 |
|
Employees |
6,524 |
5,826 |
5,795 |
5,739 |
4,723 |
|
Number of Common Shareholders |
6,715 |
8,091 |
9,908 |
9,343 |
8,887 |
|
Deferred Revenue - Current |
801.5 |
311.5 |
500.5 |
825.1 |
1,124.8 |
|
Total Long Term Debt, Supplemental |
104.1 |
253.8 |
245.6 |
242.9 |
180.4 |
|
Long Term Debt Maturing within 1 Year |
12.0 |
173.9 |
11.0 |
7.5 |
6.6 |
|
Long Term Debt Maturing in Year 2 |
69.5 |
11.6 |
158.3 |
6.8 |
6.2 |
|
Long Term Debt Maturing in Year 3 |
3.4 |
64.3 |
11.1 |
9.1 |
5.6 |
|
Long Term Debt Maturing in Year 4 |
1.0 |
3.0 |
61.2 |
149.2 |
150.2 |
|
Long Term Debt Maturing in Year 5 |
- |
1.0 |
3.0 |
58.3 |
6.8 |
|
Long Term Debt Maturing in 2-3 Years |
72.9 |
75.9 |
169.4 |
15.9 |
11.8 |
|
Long Term Debt Maturing in 4-5 Years |
1.0 |
4.0 |
64.2 |
207.5 |
157.0 |
|
Long Term Debt Matur. in Year 6 & Beyond |
18.2 |
0.0 |
1.0 |
12.0 |
5.0 |
|
Total Capital Leases, Supplemental |
4.8 |
7.0 |
7.5 |
1.6 |
0.0 |
|
Capital Lease Payments Due in Year 1 |
2.1 |
2.2 |
1.8 |
0.4 |
0.0 |
|
Capital Lease Payments Due in Year 2 |
1.9 |
2.1 |
1.8 |
0.4 |
- |
|
Capital Lease Payments Due in Year 3 |
0.7 |
1.8 |
1.6 |
0.4 |
- |
|
Capital Lease Payments Due in Year 4 |
0.1 |
0.7 |
1.5 |
0.2 |
- |
|
Capital Lease Payments Due in Year 5 |
0.0 |
0.1 |
0.6 |
0.1 |
- |
|
Capital Lease Payments Due in 2-3 Years |
2.6 |
4.0 |
3.5 |
0.8 |
- |
|
Capital Lease Payments Due in 4-5 Years |
0.1 |
0.8 |
2.1 |
0.3 |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.0 |
- |
0.1 |
0.1 |
- |
|
Pension Obligation - Domestic |
540.1 |
542.3 |
496.0 |
482.4 |
490.2 |
|
Plan Assets - Domestic |
334.5 |
319.8 |
287.3 |
256.8 |
283.4 |
|
Funded Status - Domestic |
-205.7 |
-222.4 |
-208.7 |
-225.7 |
-206.8 |
|
Total Funded Status |
-205.7 |
-222.4 |
-208.7 |
-225.7 |
-206.8 |
|
Discount Rate - Domestic |
1.50% |
1.50% |
1.50% |
1.50% |
1.50% |
|
Expected Rate of Return - Domestic |
1.50% |
1.50% |
1.50% |
1.50% |
1.50% |
|
Prepaid Benefits - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Accrued Liabilities - Domestic |
-162.2 |
-172.3 |
-164.3 |
-159.2 |
-157.7 |
|
Other Assets, Net - Domestic |
43.5 |
50.1 |
44.4 |
66.5 |
49.1 |
|
Net Assets Recognized on Balance Sheet |
-118.7 |
-122.2 |
-119.9 |
-92.7 |
-108.7 |
|
Total Plan Obligations |
540.1 |
542.3 |
496.0 |
482.4 |
490.2 |
|
Total Plan Assets |
334.5 |
319.8 |
287.3 |
256.8 |
283.4 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
KPMG AZSA LLC |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
905.2 |
615.8 |
407.2 |
492.0 |
410.4 |
|
Depreciation |
98.7 |
87.7 |
98.3 |
69.5 |
53.2 |
|
Depreciation/Depletion |
98.7 |
87.7 |
98.3 |
69.5 |
53.2 |
|
Amortization of Acquisition Costs |
0.0 |
-0.1 |
4.2 |
7.6 |
6.4 |
|
Amortization |
0.0 |
-0.1 |
4.2 |
7.6 |
6.4 |
|
Unusual Items |
13.8 |
-120.1 |
34.7 |
-3.4 |
0.5 |
|
Equity in Net Earnings (Loss) |
-14.9 |
-25.1 |
-27.5 |
-21.3 |
-44.4 |
|
Other Non-Cash Items |
5.6 |
-13.7 |
-26.1 |
52.3 |
-25.3 |
|
Non-Cash Items |
4.5 |
-158.8 |
-18.9 |
27.6 |
-69.2 |
|
Accounts Receivable |
202.7 |
-196.9 |
-220.9 |
16.1 |
109.1 |
|
Inventories |
-154.0 |
145.3 |
273.0 |
71.1 |
-79.1 |
|
Accounts Payable |
122.6 |
133.6 |
-236.8 |
90.6 |
-243.0 |
|
Other Liabilities |
486.4 |
-244.4 |
-373.7 |
-317.5 |
102.1 |
|
Other Operating Cash Flow |
-382.3 |
180.4 |
-203.3 |
-74.2 |
-37.0 |
|
Changes in Working Capital |
275.5 |
18.0 |
-761.7 |
-213.9 |
-147.8 |
|
Cash from Operating Activities |
1,284.0 |
562.6 |
-270.9 |
382.8 |
253.0 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-102.0 |
-38.0 |
-51.3 |
-60.1 |
-56.8 |
|
Purchase/Acquisition of Intangibles |
-97.5 |
-13.7 |
-27.3 |
-12.1 |
-8.7 |
|
Capital Expenditures |
-199.5 |
-51.7 |
-78.6 |
-72.2 |
-65.5 |
|
Sale of Fixed Assets |
9.3 |
0.7 |
1.3 |
1.9 |
1.2 |
|
Sale/Maturity of Investment |
5.6 |
160.3 |
10.1 |
53.7 |
4.8 |
|
Purchase of Investments |
-50.5 |
-101.0 |
-134.4 |
-214.2 |
-33.9 |
|
Other Investing Cash Flow |
-2.3 |
-7.0 |
-11.7 |
-32.5 |
-38.1 |
|
Other Investing Cash Flow Items, Total |
-37.9 |
53.1 |
-134.7 |
-191.1 |
-66.0 |
|
Cash from Investing Activities |
-237.4 |
1.4 |
-213.3 |
-263.3 |
-131.5 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-7.6 |
-2.9 |
-5.5 |
-0.4 |
-0.1 |
|
Financing Cash Flow Items |
-7.6 |
-2.9 |
-5.5 |
-0.4 |
-0.1 |
|
Cash Dividends Paid - Common |
-95.9 |
-61.8 |
-81.5 |
-52.8 |
-33.3 |
|
Total Cash Dividends Paid |
-95.9 |
-61.8 |
-81.5 |
-52.8 |
-33.3 |
|
Repurchase/Retirement
of Common |
-1.1 |
-5.0 |
-0.7 |
-1.3 |
-13.1 |
|
Common Stock, Net |
-1.1 |
-5.0 |
-0.7 |
-1.3 |
-13.1 |
|
Issuance (Retirement) of Stock, Net |
-1.1 |
-5.0 |
-0.7 |
-1.3 |
-13.1 |
|
Short Term Debt, Net |
6.8 |
- |
0.0 |
-0.7 |
-20.9 |
|
Long Term Debt Issued |
20.3 |
- |
0.0 |
68.1 |
9.2 |
|
Long Term Debt
Reduction |
-182.5 |
-15.6 |
-7.9 |
-8.0 |
-5.9 |
|
Long Term Debt, Net |
-162.3 |
-15.6 |
-7.9 |
60.0 |
3.3 |
|
Issuance (Retirement) of Debt, Net |
-155.4 |
-15.6 |
-7.9 |
59.3 |
-17.6 |
|
Cash from Financing Activities |
-260.1 |
-85.4 |
-95.7 |
4.7 |
-64.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-18.2 |
-34.2 |
24.6 |
-28.0 |
-11.9 |
|
Net Change in Cash |
768.2 |
444.4 |
-555.3 |
96.2 |
45.5 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
2,050.3 |
1,444.8 |
1,887.4 |
1,638.2 |
1,394.6 |
|
Net Cash - Ending Balance |
2,818.5 |
1,889.3 |
1,332.1 |
1,734.4 |
1,440.2 |
|
Cash Interest Paid |
8.5 |
6.5 |
10.0 |
7.7 |
4.0 |
|
Cash Taxes Paid |
373.4 |
144.7 |
208.9 |
182.7 |
109.6 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
KPMG AZSA LLC |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
7,053.7 |
5,219.0 |
4,457.2 |
4,487.4 |
4,821.1 |
|
Total Revenue |
7,053.7 |
5,219.0 |
4,457.2 |
4,487.4 |
4,821.1 |
|
|
|
|
|
|
|
|
Cost of Sales |
5,955.2 |
4,269.1 |
3,807.9 |
3,771.2 |
4,263.8 |
|
Other Selling/General/Admin. Expense |
0.1 |
- |
- |
- |
- |
|
Salaries |
53.2 |
41.0 |
42.1 |
39.6 |
30.7 |
|
Bonus Allow. |
15.8 |
14.4 |
12.3 |
12.4 |
10.3 |
|
Dir's Bonus Allow. |
2.2 |
2.1 |
1.9 |
1.5 |
2.2 |
|
Periodic retirement benefit costs |
6.8 |
5.4 |
5.6 |
5.7 |
4.2 |
|
Allowance Director Retirement Bonus |
1.0 |
1.0 |
0.8 |
1.2 |
0.8 |
|
Communication & Travel |
17.9 |
14.6 |
12.7 |
14.2 |
12.6 |
|
Doubtful Accts. |
- |
- |
- |
- |
7.3 |
|
Depreciation |
10.7 |
7.0 |
8.8 |
8.5 |
32.7 |
|
Amortization of Goodwill (SGA) |
0.0 |
0.0 |
4.3 |
8.0 |
7.1 |
|
Research & Develop. |
50.4 |
45.5 |
37.5 |
36.9 |
- |
|
Other SGA |
91.3 |
77.3 |
72.2 |
70.7 |
56.6 |
|
State Bounty Income |
-1.3 |
- |
- |
- |
- |
|
SP Reversal-Doubt Debt |
0.0 |
-0.5 |
-0.2 |
0.0 |
-0.5 |
|
SP Reversal of employee pension |
- |
- |
- |
0.0 |
- |
|
SP G on revision of retir. benefit plan |
- |
0.0 |
-4.6 |
- |
- |
|
SP Gain-Termination of Pension Plan |
- |
- |
- |
- |
0.0 |
|
SP Exting. G on cross-holding stock |
- |
- |
- |
0.0 |
-1.4 |
|
SP Government subsidies |
- |
0.0 |
- |
- |
- |
|
SP Other Special Gains |
-0.1 |
-0.5 |
-0.1 |
-0.3 |
-0.3 |
|
SP Write Off Fixed Assets |
9.7 |
1.4 |
0.7 |
1.3 |
1.6 |
|
SP Reval.-Inv. Security |
- |
2.3 |
0.0 |
21.4 |
0.2 |
|
SP Periodic Retire. Expense |
- |
0.0 |
1.5 |
0.0 |
0.0 |
|
SP Impairment Loss |
5.3 |
0.0 |
39.3 |
0.0 |
- |
|
SP Settlement package exp. |
- |
239.4 |
0.0 |
- |
- |
|
SP Office relocation expense |
- |
- |
- |
0.0 |
0.9 |
|
SP Other Special Losses |
0.6 |
5.5 |
0.7 |
3.1 |
0.3 |
|
NOP Amort of Negative Goodwill |
- |
-0.1 |
-0.1 |
-0.4 |
-0.6 |
|
Total Operating Expense |
6,218.7 |
4,724.6 |
4,043.2 |
3,994.8 |
4,428.3 |
|
|
|
|
|
|
|
|
NOP Interest income |
13.7 |
7.6 |
7.3 |
30.2 |
49.6 |
|
NOP Dividend Income |
45.6 |
23.6 |
12.2 |
9.4 |
8.1 |
|
Other Non-Operating Income (Expense) |
0.0 |
- |
- |
- |
- |
|
NOP Asset Rental Income |
8.3 |
7.8 |
8.8 |
6.7 |
5.8 |
|
NOP Equity in Affiliate |
14.9 |
25.1 |
27.5 |
21.3 |
44.4 |
|
NOP Other Income |
9.1 |
2.8 |
1.1 |
2.9 |
2.2 |
|
NOP Interest Expenses |
-6.4 |
-7.7 |
-7.4 |
-8.0 |
-4.9 |
|
NOP Currency Losses |
-8.7 |
-54.9 |
-38.9 |
-16.0 |
-71.3 |
|
NOP Asset Rental Costs |
-4.2 |
-4.2 |
-3.6 |
-4.4 |
-3.1 |
|
NOP Doubt Debt Allow |
- |
0.0 |
-16.3 |
-66.1 |
-13.0 |
|
NOP Other Expenses |
-2.8 |
-2.0 |
-2.6 |
-2.3 |
-1.5 |
|
SP Gain-Fix Asset Sold |
1.4 |
0.3 |
0.0 |
0.4 |
0.0 |
|
SP Gain Sale Investment Securities |
0.2 |
123.6 |
5.6 |
25.6 |
1.3 |
|
SP Loss-Fix Asset Sold |
-0.4 |
-0.1 |
-0.4 |
0.0 |
0.0 |
|
SP Loss-Sale Inv. Secs. |
-0.6 |
-0.2 |
-0.1 |
0.0 |
0.0 |
|
SP Loss- Withdrawal from Affiliate |
- |
- |
- |
- |
0.0 |
|
Net Income Before Taxes |
905.2 |
615.9 |
407.3 |
492.1 |
410.4 |
|
|
|
|
|
|
|
|
Total income taxes |
403.8 |
315.2 |
116.8 |
178.7 |
147.6 |
|
Net Income After Taxes |
501.4 |
300.6 |
290.5 |
313.4 |
262.9 |
|
|
|
|
|
|
|
|
Minority interests in income |
-6.1 |
-3.3 |
1.3 |
0.6 |
-0.2 |
|
Net Income Before Extra. Items |
495.3 |
297.4 |
291.8 |
314.0 |
262.7 |
|
Net Income |
495.3 |
297.4 |
291.8 |
314.0 |
262.7 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Rounding Adjustment |
- |
-0.1 |
0.0 |
-0.1 |
-0.1 |
|
Income Available to Com Excl ExtraOrd |
495.3 |
297.3 |
291.7 |
313.9 |
262.6 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
495.3 |
297.3 |
291.7 |
313.9 |
262.6 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
252.5 |
252.7 |
252.8 |
252.8 |
253.7 |
|
Basic EPS Excluding ExtraOrdinary Items |
1.96 |
1.18 |
1.15 |
1.24 |
1.04 |
|
Basic EPS Including ExtraOrdinary Item |
1.96 |
1.18 |
1.15 |
1.24 |
1.04 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
495.3 |
297.3 |
291.7 |
313.9 |
262.6 |
|
Diluted Weighted Average Shares |
252.5 |
252.7 |
252.8 |
252.8 |
253.7 |
|
Diluted EPS Excluding ExtraOrd Items |
1.96 |
1.18 |
1.15 |
1.24 |
1.04 |
|
Diluted EPS Including ExtraOrd Items |
1.96 |
1.18 |
1.15 |
1.24 |
1.04 |
|
DPS-Common Stock |
0.49 |
0.35 |
0.23 |
0.30 |
0.18 |
|
Gross Dividends - Common Stock |
123.1 |
88.4 |
57.1 |
75.5 |
46.5 |
|
Normalized Income Before Taxes |
918.4 |
863.2 |
449.0 |
524.8 |
417.5 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
409.7 |
441.8 |
127.6 |
187.9 |
147.8 |
|
Normalized Income After Taxes |
508.7 |
421.3 |
321.5 |
337.0 |
269.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
502.6 |
418.0 |
322.7 |
337.5 |
269.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.99 |
1.65 |
1.28 |
1.33 |
1.06 |
|
Diluted Normalized EPS |
1.99 |
1.65 |
1.28 |
1.33 |
1.06 |
|
Research & Development Exp(SGA) |
50.4 |
- |
- |
- |
- |
|
Research & Development Exp(COGS) |
13.4 |
- |
- |
- |
- |
|
Research & Development Exp |
- |
45.5 |
37.5 |
36.9 |
32.7 |
|
Research & Development Exp(COGS) |
- |
12.8 |
16.4 |
16.1 |
9.2 |
|
Interest Expense |
6.4 |
7.7 |
7.4 |
8.0 |
4.9 |
|
Amort of Goodwill |
- |
- |
4.2 |
7.6 |
6.4 |
|
Amort of Negative Goodwill |
- |
-0.1 |
- |
- |
- |
|
Dep. of Tangible Assets-Current Portion |
98.7 |
- |
- |
- |
- |
|
Amort of Goodwill |
0.0 |
- |
- |
- |
- |
|
Depreciation |
- |
87.7 |
98.3 |
69.5 |
53.2 |
|
Reported Operating Profit |
849.2 |
741.7 |
451.0 |
517.5 |
392.8 |
|
Reported Ordinary Profit |
918.8 |
739.8 |
439.3 |
491.5 |
409.8 |
|
Service Costs |
21.1 |
19.7 |
17.8 |
19.0 |
15.3 |
|
Interest Costs |
8.8 |
8.2 |
7.6 |
7.4 |
6.5 |
|
Expected Return on Plan Assets |
-4.9 |
-4.5 |
-4.0 |
-4.3 |
-3.9 |
|
Pension Exp. due to Acct. Changes |
0.0 |
0.0 |
0.2 |
0.2 |
0.2 |
|
Actuarial Gains and Losses |
11.9 |
11.9 |
14.4 |
13.1 |
8.4 |
|
Prior Service Cost |
-2.7 |
-2.5 |
-1.2 |
-2.6 |
-2.3 |
|
Domestic Pension Plan Expense |
34.1 |
32.9 |
34.9 |
32.8 |
24.1 |
|
Defined contribution expense |
1.8 |
1.2 |
0.9 |
1.1 |
- |
|
Total Pension Expense |
35.9 |
34.1 |
35.8 |
33.9 |
24.1 |
|
Discount Rate(MIN)-Retirement Cost(Domes |
1.50% |
- |
- |
- |
- |
|
Discount Rate |
- |
1.50% |
1.50% |
1.50% |
1.50% |
|
Expected return on assets(MIN)-Retiremen |
1.50% |
- |
- |
- |
- |
|
Expected Rate of Return |
- |
1.50% |
1.50% |
1.50% |
1.50% |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.385362 |
82.88 |
93.44 |
98.77 |
99.535 |
|
Auditor |
KPMG AZSA LLC |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Deposit |
2,367.6 |
1,591.4 |
891.6 |
1,192.5 |
940.5 |
|
Notes receivable, accounts receivable fr |
1,059.0 |
1,312.9 |
937.8 |
733.6 |
684.5 |
|
Short-term investment securities |
333.8 |
362.0 |
433.4 |
572.0 |
713.3 |
|
Constr In Progr |
312.0 |
176.4 |
301.0 |
496.1 |
587.7 |
|
Inventories - merchandise&finished goods |
68.3 |
63.7 |
50.4 |
78.3 |
53.2 |
|
Inventories - work-in-process |
24.2 |
19.5 |
17.5 |
14.2 |
16.6 |
|
Inventories - raw materials&supplies |
42.9 |
34.3 |
25.9 |
41.7 |
32.1 |
|
Other Inventory |
- |
- |
- |
0.0 |
1.0 |
|
Defer. Tax Asset |
139.8 |
123.5 |
130.4 |
139.1 |
91.8 |
|
Accounts receivable-other |
166.8 |
87.3 |
125.7 |
60.5 |
115.1 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other Current |
52.8 |
84.9 |
121.7 |
66.6 |
30.8 |
|
Doubt Debt Allow |
-1.3 |
-1.2 |
-1.0 |
-0.6 |
-5.3 |
|
Total Current Assets |
4,566.0 |
3,854.5 |
3,034.4 |
3,393.9 |
3,261.3 |
|
|
|
|
|
|
|
|
Bldg & Structure |
710.3 |
709.3 |
605.9 |
562.0 |
550.8 |
|
Machinery, vehicles, tools, furniture an |
609.1 |
559.1 |
478.4 |
448.2 |
435.2 |
|
Land |
315.6 |
319.2 |
283.2 |
268.9 |
266.4 |
|
Lease |
10.5 |
10.4 |
8.7 |
1.9 |
0.0 |
|
Constr In Progr |
29.5 |
9.9 |
18.4 |
8.6 |
1.0 |
|
Other, prop., plants, & equip., gross |
20.1 |
18.0 |
18.7 |
0.0 |
- |
|
Depreciation |
-907.5 |
-846.2 |
-706.4 |
-616.3 |
-565.7 |
|
Goodwill |
0.0 |
- |
- |
- |
- |
|
Goodwill |
- |
0.0 |
0.0 |
4.1 |
12.2 |
|
Software |
32.4 |
35.5 |
29.4 |
27.3 |
24.2 |
|
Other Intangible |
93.7 |
20.5 |
28.9 |
1.1 |
1.2 |
|
Other LT Investments |
363.5 |
- |
- |
- |
- |
|
Investm Security |
- |
361.6 |
317.8 |
523.7 |
479.2 |
|
Invt Secs Noncons, Asc, Affd Cos |
448.1 |
- |
- |
- |
- |
|
Equity secs.-nonconsol affil.&sub. |
- |
436.1 |
342.1 |
- |
- |
|
Long-term loans receivable |
208.0 |
211.1 |
203.5 |
283.5 |
245.5 |
|
Deferred tax assets |
54.5 |
124.3 |
115.0 |
113.8 |
62.2 |
|
Other Long Term Assets |
0.0 |
- |
- |
- |
- |
|
Other Other Long Term Assets |
0.0 |
- |
- |
- |
- |
|
Other |
29.2 |
27.1 |
25.5 |
23.4 |
24.0 |
|
Doubt Debt Allow |
-196.4 |
-197.8 |
-199.9 |
-181.5 |
-107.9 |
|
Other Total PPE,Net |
0.0 |
- |
- |
- |
- |
|
Total Assets |
6,386.7 |
5,652.7 |
4,603.7 |
4,862.5 |
4,689.5 |
|
|
|
|
|
|
|
|
Notes payable, accounts payable for cons |
999.9 |
853.8 |
635.6 |
816.1 |
728.1 |
|
Short-term loans payable |
18.2 |
- |
- |
- |
- |
|
Short Term Debt |
- |
0.3 |
0.3 |
7.7 |
7.6 |
|
LT borrowings (current) |
- |
173.9 |
11.0 |
- |
- |
|
Current Lease |
- |
- |
1.8 |
- |
- |
|
Other accounts payable |
- |
304.9 |
0.0 |
- |
- |
|
Income Tax Pybl. |
178.0 |
225.7 |
82.1 |
147.7 |
94.1 |
|
Construc Advance |
801.5 |
311.5 |
500.5 |
825.1 |
1,124.8 |
|
Rounding adjustment Liability |
0.0 |
- |
- |
- |
- |
|
Constr Allowance |
26.4 |
3.8 |
4.9 |
4.7 |
7.0 |
|
Allowance for Construction Loss |
61.8 |
6.3 |
1.6 |
18.6 |
26.2 |
|
Bonus Allowance |
84.2 |
82.4 |
71.9 |
71.1 |
67.1 |
|
Provision for directors'' bonuses |
2.3 |
2.3 |
2.0 |
2.1 |
2.9 |
|
Deferred Tax Liabilities-Current |
- |
- |
- |
0.0 |
0.4 |
|
Other current liabilities |
325.4 |
137.9 |
162.3 |
212.9 |
125.3 |
|
Total Current Liabilities |
2,497.7 |
2,102.9 |
1,473.9 |
2,106.1 |
2,183.5 |
|
|
|
|
|
|
|
|
Long-term loans payable |
92.1 |
79.9 |
234.6 |
235.4 |
173.8 |
|
Lease |
- |
- |
5.7 |
- |
- |
|
Total Long Term Debt |
92.1 |
79.9 |
240.3 |
235.4 |
173.8 |
|
|
|
|
|
|
|
|
Accrued Retirem |
162.2 |
172.3 |
164.3 |
159.2 |
157.7 |
|
Provision for directors'' retirement ben |
4.1 |
4.1 |
3.9 |
5.1 |
5.2 |
|
Other Long Term Liabilities |
0.0 |
- |
- |
- |
- |
|
Negative Goodwill |
- |
0.0 |
0.1 |
0.2 |
0.6 |
|
Deferred Tax |
2.5 |
3.0 |
0.5 |
0.8 |
0.7 |
|
Valuation-Deferred Tax |
44.8 |
45.6 |
40.5 |
38.3 |
38.0 |
|
Other LT Liab. |
50.7 |
53.7 |
45.9 |
44.6 |
44.9 |
|
Min Interest |
7.6 |
6.0 |
3.4 |
6.1 |
2.8 |
|
Adjustment |
- |
- |
- |
- |
0.0 |
|
Total Liabilities |
2,861.6 |
2,467.5 |
1,972.9 |
2,595.8 |
2,607.3 |
|
|
|
|
|
|
|
|
Rounding adjustment Equity |
0.0 |
- |
- |
- |
- |
|
Common Stock |
285.4 |
283.7 |
251.6 |
238.0 |
236.2 |
|
Total capital surpluses |
310.8 |
308.9 |
274.0 |
259.2 |
257.1 |
|
Land Revaluation |
-79.4 |
-79.1 |
-70.1 |
-66.7 |
-66.2 |
|
Total retained earnings |
3,099.1 |
2,706.9 |
2,185.1 |
1,909.0 |
1,610.6 |
|
Valuation difference on available-for-sa |
28.1 |
40.3 |
54.4 |
25.1 |
80.9 |
|
Currency Adjustm |
-43.5 |
-31.5 |
-31.9 |
-30.0 |
15.8 |
|
Unrealized Gain/Loss on Hedge |
0.5 |
30.4 |
29.0 |
-10.4 |
3.3 |
|
Treasury Stock |
-75.9 |
-74.4 |
-61.4 |
-57.4 |
-55.6 |
|
Total Equity |
3,525.1 |
3,185.1 |
2,630.8 |
2,266.8 |
2,082.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
6,386.7 |
5,652.7 |
4,603.7 |
4,862.5 |
4,689.5 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
252.5 |
252.5 |
252.8 |
252.8 |
252.9 |
|
Total Common Shares Outstanding |
252.5 |
252.5 |
252.8 |
252.8 |
252.9 |
|
T/S-Common Stock |
6.6 |
6.5 |
6.3 |
6.3 |
6.2 |
|
Construction Advance |
801.5 |
311.5 |
500.5 |
825.1 |
1,124.8 |
|
Full-Time Employees |
6,524 |
5,826 |
5,795 |
5,739 |
4,723 |
|
Total Number of Shareholders |
6,715 |
- |
- |
- |
- |
|
Number of Common Shareholders |
- |
8,091 |
9,908 |
9,343 |
8,887 |
|
LT Debt Maturing within 1 Year |
12.0 |
173.9 |
11.0 |
7.5 |
6.6 |
|
Lns Pble Maturing over a Yr within 2 Yrs |
69.5 |
- |
- |
- |
- |
|
LT Debt Maturing within 1-2 Year |
- |
11.6 |
158.3 |
6.8 |
6.2 |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
3.4 |
- |
- |
- |
- |
|
LT Debt Maturing within 2-3 Year |
- |
64.3 |
11.1 |
9.1 |
5.6 |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
1.0 |
- |
- |
- |
- |
|
LT Debt Maturing within 3-4 Year |
- |
3.0 |
61.2 |
149.2 |
150.2 |
|
LT Debt Maturing within 4-5 Year |
- |
1.0 |
3.0 |
58.3 |
6.8 |
|
Loans Payable Remaining |
18.2 |
- |
- |
- |
- |
|
LT Debt Remaining Maturities |
- |
0.0 |
1.0 |
12.0 |
5.0 |
|
Total Long Term Debt, Supplemental |
104.1 |
253.8 |
245.6 |
242.9 |
180.4 |
|
Capital lease payment due 1 year |
2.1 |
2.2 |
1.8 |
0.4 |
0.0 |
|
Cap Lease Maturg over a Yr within 2 Yrs |
1.9 |
- |
- |
- |
- |
|
Capital lease payment due 2 years |
- |
2.1 |
1.8 |
0.4 |
- |
|
Cap Lease Maturg over 2 Yr within 3 Yrs |
0.7 |
- |
- |
- |
- |
|
Capital lease payment due 3 years |
- |
1.8 |
1.6 |
0.4 |
- |
|
Cap Lease Maturg over 3 Yr within 4 Yrs |
0.1 |
- |
- |
- |
- |
|
Capital lease payment due 4 years |
- |
0.7 |
1.5 |
0.2 |
- |
|
Cap Lease Maturg over 4 Yr within 5 Yrs |
0.0 |
- |
- |
- |
- |
|
Capital lease payment due 5 years |
- |
0.1 |
0.6 |
0.1 |
- |
|
Other Capital Leases |
0.0 |
- |
- |
- |
- |
|
Capital lease Remaining |
- |
- |
0.1 |
0.1 |
- |
|
Total Capital Leases |
4.8 |
7.0 |
7.5 |
1.6 |
0.0 |
|
Pension Obligation |
540.1 |
542.3 |
496.0 |
482.4 |
490.2 |
|
Fair Value of Plan Assets |
334.5 |
319.8 |
287.3 |
256.8 |
283.4 |
|
Funded Status |
-205.7 |
-222.4 |
-208.7 |
-225.7 |
-206.8 |
|
Total Funded Status |
-205.7 |
-222.4 |
-208.7 |
-225.7 |
-206.8 |
|
Discount Rate |
1.50% |
1.50% |
1.50% |
1.50% |
1.50% |
|
Expected Rate of Return |
1.50% |
1.50% |
1.50% |
1.50% |
1.50% |
|
Expense Unrecog. for Acct. Changes |
0.2 |
0.2 |
0.2 |
0.4 |
1.5 |
|
Unrecognized Actuarial Gains and Losses |
56.6 |
66.2 |
62.2 |
85.7 |
69.6 |
|
Unrecognized Prior Service Cost |
-13.3 |
-16.3 |
-18.0 |
-19.6 |
-22.1 |
|
Prepaid Pension Expense |
0.0 |
- |
- |
- |
- |
|
Prepaid Pension Benefits |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Reserve for Accrued Retirement Benefits |
-162.2 |
-172.3 |
-164.3 |
-159.2 |
-157.7 |
|
Net Assets Recognized on Balance Sheet |
-118.7 |
-122.2 |
-119.9 |
-92.7 |
-108.7 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
KPMG AZSA LLC |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income Bf. Tax |
905.2 |
615.8 |
407.2 |
492.0 |
410.4 |
|
Depreciation |
98.7 |
87.7 |
98.3 |
69.5 |
53.2 |
|
Impairment Loss |
5.3 |
0.0 |
39.3 |
0.0 |
- |
|
Amortization of goodwill and negative go |
0.0 |
-0.1 |
4.2 |
7.6 |
6.4 |
|
Increase (decrease) in allowance for dou |
-2.6 |
-26.5 |
8.4 |
66.5 |
12.4 |
|
Increase (decrease) in provision for los |
57.9 |
4.4 |
-18.2 |
-7.7 |
-21.0 |
|
Increase (decrease) in provision for ret |
-12.1 |
-12.3 |
-4.0 |
-0.1 |
-8.1 |
|
Interest & Dividend Income |
-59.3 |
-31.2 |
-19.5 |
-39.6 |
-57.7 |
|
Interest Expenses |
6.4 |
7.7 |
7.4 |
8.0 |
4.9 |
|
Foreign exchange losses (gains) |
15.3 |
44.2 |
-0.2 |
6.6 |
43.8 |
|
Equity in (earnings) losses of affiliate |
-14.9 |
-25.1 |
-27.5 |
-21.3 |
-44.4 |
|
Loss (gain) on sales of investment secur |
-0.2 |
-123.6 |
-5.6 |
-25.6 |
-1.3 |
|
Reval.-Inv. Security |
- |
2.3 |
0.0 |
21.4 |
0.2 |
|
Gain-Fix Asset Sold |
- |
-0.2 |
- |
-0.4 |
0.0 |
|
Fixed Asset Retired |
9.7 |
1.4 |
0.7 |
1.3 |
1.6 |
|
Loss (gain) on sales of noncurrent asset |
-1.0 |
- |
0.3 |
- |
0.0 |
|
Loss-Withdrawal fr. Affili. |
- |
- |
- |
- |
0.0 |
|
Decrease (increase) in notes and account |
284.1 |
-249.1 |
-161.1 |
-41.2 |
107.6 |
|
Decrease (increase) in inventories |
-154.0 |
145.3 |
273.0 |
71.1 |
-79.1 |
|
Decrease (increase) in accounts receivab |
-81.4 |
52.2 |
-59.8 |
57.3 |
1.5 |
|
Increase (decrease) in notes and account |
122.6 |
133.6 |
-236.8 |
90.6 |
-243.0 |
|
Increase (decrease) in advances received |
486.4 |
-244.4 |
-373.7 |
-317.5 |
102.1 |
|
Increase In Cash And Cash Equivalents Fr |
44.8 |
- |
- |
- |
- |
|
Other Operating Cash Flow |
0.0 |
- |
- |
- |
- |
|
Other, net |
-115.2 |
252.5 |
-36.6 |
49.9 |
-0.3 |
|
Interest & Dividend |
70.1 |
79.1 |
52.2 |
66.3 |
77.0 |
|
Interest Paid |
-8.5 |
-6.5 |
-10.0 |
-7.7 |
-4.0 |
|
Income taxes paid, cash basis |
-373.4 |
-144.7 |
-208.9 |
-182.7 |
-109.6 |
|
Newly Consolidated |
- |
- |
- |
18.6 |
0.0 |
|
Increase due to mergers in subsid. |
- |
- |
- |
0.0 |
0.4 |
|
Cash from Operating Activities |
1,284.0 |
562.6 |
-270.9 |
382.8 |
253.0 |
|
|
|
|
|
|
|
|
Purchase of property, plant and equipmen |
-102.0 |
-38.0 |
-51.3 |
-60.1 |
-56.8 |
|
Proceeds from sales of property, plant a |
9.3 |
0.7 |
1.3 |
1.9 |
1.2 |
|
Intangibles Bought |
-97.5 |
-13.7 |
-27.3 |
-12.1 |
-8.7 |
|
Inv. Security Bought |
-50.5 |
-101.0 |
-134.4 |
-214.2 |
-33.9 |
|
Inv. Security Sold |
5.6 |
160.3 |
10.1 |
53.7 |
4.8 |
|
Decrease (increase) in short-term loans |
0.4 |
0.8 |
0.3 |
-0.8 |
2.6 |
|
LT Loan Made |
- |
-9.3 |
-5.7 |
-33.6 |
-45.8 |
|
LT Loan Returned |
- |
0.7 |
1.8 |
0.6 |
5.7 |
|
Other, net |
-2.7 |
0.9 |
-8.2 |
1.2 |
-0.6 |
|
Cash from Investing Activities |
-237.4 |
1.4 |
-213.3 |
-263.3 |
-131.5 |
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term lo |
6.8 |
- |
- |
- |
- |
|
Short Term Debt, Net |
- |
- |
0.0 |
-0.7 |
-20.9 |
|
Proceeds from long-term loans payable |
20.3 |
- |
- |
- |
- |
|
LT Debt Proceed |
- |
- |
0.0 |
68.1 |
9.2 |
|
Repayment of long-term loans payable |
-182.5 |
-15.6 |
-7.9 |
-8.0 |
-5.9 |
|
Purch.Treasuty Stock |
-1.1 |
-5.0 |
-0.7 |
-1.3 |
-13.1 |
|
Dividend Paid |
-95.9 |
-61.8 |
-81.5 |
-52.8 |
-33.3 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Minority Dividend |
-4.5 |
-0.2 |
-0.2 |
-0.1 |
-0.1 |
|
Other, net |
-3.2 |
-2.7 |
-5.3 |
-0.3 |
0.0 |
|
Cash from Financing Activities |
-260.1 |
-85.4 |
-95.7 |
4.7 |
-64.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-18.2 |
-34.2 |
24.6 |
-28.0 |
-11.9 |
|
Net Change in Cash |
768.2 |
444.4 |
-555.3 |
96.2 |
45.5 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
2,050.3 |
1,444.8 |
1,887.4 |
1,638.2 |
1,394.6 |
|
Net Cash - Ending Balance |
2,818.5 |
1,889.3 |
1,332.1 |
1,734.4 |
1,440.2 |
|
Cash Interest Paid |
8.5 |
6.5 |
10.0 |
7.7 |
4.0 |
|
Cash Taxes Paid |
373.4 |
144.7 |
208.9 |
182.7 |
109.6 |
Financial Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.34 |
|
UK Pound |
1 |
Rs.88.30 |
|
Euro |
1 |
Rs.71.37 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.