MIRA
INFORM REPORT
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Report Date : |
06.10.2012 |
IDENTIFICATION DETAILS
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Name : |
ULVAC, INC. |
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Registered Office : |
2500, Hagisono Chigasaki-Shi, 253-8543 |
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Country : |
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Financials (as on) : |
30.06.2012 |
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Date of Incorporation : |
23.08.1952 |
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Legal Form : |
Public Parent |
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Line of Business : |
Manufacture of electronic valves and tubes and other electronic components |
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No. of Employees : |
7,878 |
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RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 |
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.
Source : CIA
Company name and address
ULVAC, Inc.
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Business
Description
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ULVAC, Inc. is a manufacturing company. The Vacuum Machinery segment provides
flat-panel display (FDP) manufacturing equipment, photovoltaic (PV) product
manufacturing equipment, semiconductor and electronic part manufacturing
equipment, as well as components and general industrial machinery, including
sputtering systems, chemical vapor deposition (CVD) systems, etching systems,
vacuum evaporation systems and vacuum heat treatment furnaces, among others.
The Vacuum Application segment offers sputtering target materials, vacuum
evaporation materials, titanium and tantalum processing products, surface
treatment services, Auger electron spectroscopy analyzers, X-ray
photoelectron analyzers, secondary ion mass spectroscopy analyzers, various
industrial machinery control devices, high voltage inverters, power source
converters and uninterruptible power source devices. For the nine months
ended 31 March 2012, ULVAC, Inc. revenues decreased 9% to Y157.05B. Net loss
increased from Y1.18B to Y35.38B. Revenues reflect Vacuum equipment segment
decrease of 9% to Y129.15B, Vacuum application segment decrease of 10% to
Y27.9B. Higher net loss reflects Vacuum equipment segment loss totaling
Y2.57B vs. income of Y3.84B, Eliminations/Other segment loss totaling Y16M
vs. income of Y6M. |
Industry
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Industry |
Electronic Instruments and Controls |
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ANZSIC 2006: |
2429 - Other Electronic Equipment
Manufacturing |
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NACE 2002: |
3210 - Manufacture of electronic valves
and tubes and other electronic components |
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NAICS 2002: |
334419 - Other Electronic Component Manufacturing
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UK SIC 2003: |
3210 - Manufacture of electronic valves
and tubes and other electronic components |
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UK SIC 2007: |
2611 - Manufacture of electronic
components |
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US SIC 1987: |
3679 - Electronic Components, Not
Elsewhere Classified |
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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News
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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 78.60191
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 79.39094
Corporate Overview
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Corporate Structure News
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ULVAC, Inc. |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Chigasaki-Shi |
Japan |
Electronic Instruments and Controls |
2,503.8 |
7,878 |
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Subsidiary |
Aomori |
Japan |
Scientific and Technical Instruments |
|
600 |
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Subsidiary |
Seoul |
Korea, Republic of |
Scientific and Technical Instruments |
|
400 |
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Subsidiary |
Fukuoka |
Japan |
Miscellaneous Capital Goods |
|
393 |
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Subsidiary |
Saito, Miyazaki |
Japan |
Miscellaneous Capital Goods |
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286 |
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Division |
Yokohama, Kanagawa |
Japan |
Miscellaneous Capital Goods |
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200 |
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Subsidiary |
Chichibu, Saitama |
Japan |
Personal and Household Products |
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156 |
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Subsidiary |
T'ainan |
Taiwan |
Semiconductors |
|
100 |
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Subsidiary |
Chigasaki, Kanagawa |
Japan |
Scientific and Technical Instruments |
|
100 |
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Division |
Chanhassen, MN |
United States |
Scientific and Technical Instruments |
7.8 |
80 |
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Division |
Ismaning, Bayern |
Germany |
Scientific and Technical Instruments |
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30 |
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Subsidiary |
Yokohama, Kanagawa |
Japan |
Scientific and Technical Instruments |
|
100 |
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Subsidiary |
Chigasaki, Kanagawa |
Japan |
Miscellaneous Capital Goods |
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80 |
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Subsidiary |
Yokohama, Kanagawa |
Japan |
Electronic Instruments and Controls |
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70 |
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Subsidiary |
Chigasaki, Kanagawa |
Japan |
Miscellaneous Fabricated Products |
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70 |
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Facility |
Chiba |
Japan |
Scientific and Technical Instruments |
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Subsidiary |
Methuen, MA |
United States |
Electronic Instruments and Controls |
10.2 |
50 |
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Subsidiary |
Hsin-chu |
Taiwan |
Appliance and Tool |
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50 |
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Subsidiary |
Tokyo |
Japan |
Business Services |
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35 |
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Subsidiary |
Singapore |
Singapore |
Business Services |
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30 |
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Subsidiary |
Tokyo |
Japan |
Business Services |
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26 |
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Subsidiary |
Seoul |
Korea, Republic of |
Miscellaneous Capital Goods |
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22 |
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Subsidiary |
Garching |
Germany |
Office Equipment |
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20 |
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Subsidiary |
Shah Alam, Selangor |
Malaysia |
Appliance and Tool |
3.6 |
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Subsidiary |
Shanghai |
China |
Investment Services |
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Subsidiary |
Pyeongtaek, Gyeonggi-Do |
Korea, Republic of |
Miscellaneous Capital Goods |
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Subsidiary |
P'aju, Kyonggi-Do |
Korea, Republic of |
Business Services |
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Subsidiary |
Yokohama, Kanagawa |
Japan |
Jewelry and Silverware |
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Subsidiary |
Tokyo |
Japan |
Miscellaneous Capital Goods |
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Subsidiary |
Taipei |
Taiwan |
Scientific and Technical Instruments |
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Subsidiary |
Chigasaki, Kanagawa |
Japan |
Business Services |
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Subsidiary |
Hsinchu City |
Taiwan |
Semiconductors |
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Facility |
Tomisato, Chiba |
Japan |
Miscellaneous Capital Goods |
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Subsidiary |
Suzhou, Jiangsu |
China |
Electronic Instruments and Controls |
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Subsidiary |
Hsin-chu |
Taiwan |
Business Services |
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Subsidiary |
Kowloon |
Hong Kong |
Appliance and Tool |
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Facility |
Kirishima, Kagoshima |
Japan |
Miscellaneous Capital Goods |
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Subsidiary |
Chichibu, Saitama |
Japan |
Appliance and Tool |
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Facility |
Chigasaki, Kanagawa |
Japan |
Scientific and Technical Instruments |
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Subsidiary |
Nagoya |
Japan |
Miscellaneous Capital Goods |
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Subsidiary |
Pyeongtaek, Geyonggi-Do |
Korea, Republic of |
Business Services |
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Subsidiary |
T'ainan |
Taiwan |
Appliance and Tool |
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Facility |
Susono, Shizuoka |
Japan |
Semiconductors |
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Subsidiary |
Chigasaki, Kanagawa |
Japan |
Miscellaneous Capital Goods |
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Subsidiary |
Suzhou |
China |
Miscellaneous Fabricated Products |
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Subsidiary |
Shenyang |
China |
Miscellaneous Capital Goods |
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Subsidiary |
Shanghai |
China |
Business Services |
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Subsidiary |
Taipei |
Taiwan |
Software and Programming |
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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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30-Jun-2012 |
30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
30-Jun-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 |
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Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
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Exchange Rate
(Period Average) |
78.601914 |
83.072254 |
91.59515 |
98.728525 |
110.286762 |
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Auditor |
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PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
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Auditor Opinion |
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Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
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Net Sales |
2,503.8 |
2,793.2 |
2,421.6 |
2,267.1 |
2,187.1 |
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Revenue |
2,503.8 |
2,793.2 |
2,421.6 |
2,267.1 |
2,187.1 |
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Total Revenue |
2,503.8 |
2,793.2 |
2,421.6 |
2,267.1 |
2,187.1 |
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Cost of Revenue |
2,143.1 |
2,252.1 |
1,978.1 |
1,872.1 |
1,792.4 |
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Cost of Revenue, Total |
2,143.1 |
2,252.1 |
1,978.1 |
1,872.1 |
1,792.4 |
|
Gross Profit |
360.7 |
541.1 |
443.4 |
395.0 |
394.8 |
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Selling/General/Administrative Expense |
441.9 |
318.6 |
219.5 |
211.4 |
195.2 |
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Labor & Related Expense |
- |
118.8 |
101.2 |
90.4 |
83.3 |
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Total Selling/General/Administrative Expenses |
441.9 |
437.3 |
320.6 |
301.8 |
278.6 |
|
Research & Development |
- |
68.7 |
56.4 |
50.7 |
44.7 |
|
Depreciation |
- |
12.8 |
13.9 |
14.3 |
12.6 |
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Depreciation/Amortization |
- |
12.8 |
13.9 |
14.3 |
12.6 |
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Restructuring Charge |
314.7 |
- |
- |
0.0 |
3.0 |
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Impairment-Assets Held for Use |
10.5 |
72.2 |
18.2 |
11.1 |
7.9 |
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Impairment-Assets Held for Sale |
- |
- |
0.0 |
3.8 |
1.0 |
|
Other Unusual Expense (Income) |
22.1 |
55.8 |
-14.0 |
3.7 |
-23.5 |
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Unusual Expense (Income) |
347.3 |
128.0 |
4.2 |
18.7 |
-11.7 |
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Total Operating Expense |
2,932.3 |
2,899.0 |
2,373.3 |
2,257.5 |
2,116.6 |
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Operating Income |
-428.5 |
-105.7 |
48.3 |
9.6 |
70.6 |
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Interest Expense -
Non-Operating |
-20.9 |
-18.7 |
-17.8 |
-14.0 |
-11.7 |
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Interest Expense, Net Non-Operating |
-20.9 |
-18.7 |
-17.8 |
-14.0 |
-11.7 |
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Interest Income -
Non-Operating |
2.6 |
1.6 |
1.1 |
1.5 |
1.8 |
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Investment Income -
Non-Operating |
1.1 |
6.1 |
4.3 |
-20.3 |
-2.0 |
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Interest/Investment Income - Non-Operating |
3.8 |
7.7 |
5.4 |
-18.8 |
-0.2 |
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Interest Income (Expense) - Net Non-Operating Total |
-17.1 |
-11.0 |
-12.3 |
-32.9 |
-11.9 |
|
Gain (Loss) on Sale of Assets |
- |
- |
0.0 |
0.2 |
0.0 |
|
Other Non-Operating Income (Expense) |
16.8 |
6.1 |
13.8 |
6.8 |
-0.2 |
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Other, Net |
16.8 |
6.1 |
13.8 |
6.8 |
-0.2 |
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Income Before Tax |
-428.8 |
-110.7 |
49.8 |
-16.2 |
58.5 |
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Total Income Tax |
198.1 |
-5.5 |
33.8 |
-12.9 |
26.8 |
|
Income After Tax |
-626.9 |
-105.1 |
16.0 |
-3.3 |
31.7 |
|
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Minority Interest |
-9.1 |
0.3 |
7.4 |
11.6 |
1.0 |
|
Net Income Before Extraord Items |
-635.9 |
-104.8 |
23.3 |
8.2 |
32.7 |
|
Net Income |
-635.9 |
-104.8 |
23.3 |
8.2 |
32.7 |
|
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|
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|
|
|
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Miscellaneous Earnings Adjustment |
0.0 |
- |
- |
0.0 |
0.0 |
|
Total Adjustments to Net Income |
0.0 |
- |
- |
0.0 |
0.0 |
|
Income Available to Common Excl Extraord Items |
-635.9 |
-104.8 |
23.3 |
8.2 |
32.7 |
|
|
|
|
|
|
|
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Income Available to Common Incl Extraord Items |
-635.9 |
-104.8 |
23.3 |
8.2 |
32.7 |
|
|
|
|
|
|
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Basic/Primary Weighted Average Shares |
49.3 |
49.3 |
45.9 |
42.9 |
42.9 |
|
Basic EPS Excl Extraord Items |
-12.89 |
-2.12 |
0.51 |
0.19 |
0.76 |
|
Basic/Primary EPS Incl Extraord Items |
-12.89 |
-2.12 |
0.51 |
0.19 |
0.76 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-635.9 |
-104.8 |
23.3 |
8.2 |
32.7 |
|
Diluted Weighted Average Shares |
49.3 |
49.3 |
50.1 |
46.5 |
46.2 |
|
Diluted EPS Excl Extraord Items |
-12.89 |
-2.12 |
0.47 |
0.18 |
0.71 |
|
Diluted EPS Incl Extraord Items |
-12.89 |
-2.12 |
0.47 |
0.18 |
0.71 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.23 |
0.21 |
0.19 |
|
Gross Dividends - Common Stock |
- |
0.0 |
11.3 |
9.1 |
8.2 |
|
Interest Expense, Supplemental |
20.9 |
18.7 |
17.8 |
14.0 |
11.7 |
|
Depreciation, Supplemental |
115.7 |
129.0 |
130.5 |
124.8 |
99.1 |
|
Total Special Items |
347.3 |
128.0 |
4.2 |
18.4 |
-11.7 |
|
Normalized Income Before Tax |
-81.5 |
17.3 |
54.0 |
2.2 |
46.8 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
121.6 |
44.8 |
1.5 |
6.4 |
-5.3 |
|
Inc Tax Ex Impact of Sp Items |
319.6 |
39.3 |
35.3 |
-6.4 |
21.4 |
|
Normalized Income After Tax |
-401.1 |
-21.9 |
18.7 |
8.6 |
25.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-410.2 |
-21.6 |
26.1 |
20.2 |
26.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-8.31 |
-0.44 |
0.57 |
0.47 |
0.62 |
|
Diluted Normalized EPS |
-8.31 |
-0.44 |
0.52 |
0.43 |
0.57 |
|
Research & Development Exp, Supplemental |
- |
99.4 |
87.4 |
84.5 |
77.9 |
|
Reported Operating Profit |
-81.2 |
22.3 |
52.5 |
35.3 |
82.3 |
|
Reported Ordinary Profit |
-82.7 |
17.3 |
54.0 |
8.5 |
46.0 |
|
Normalized EBIT |
-81.2 |
22.3 |
52.5 |
28.3 |
58.9 |
|
Normalized EBITDA |
34.5 |
151.3 |
183.0 |
153.1 |
158.1 |
|
Current Tax - Total |
30.6 |
- |
- |
- |
- |
|
Current Tax - Total |
30.6 |
- |
- |
- |
- |
|
Deferred Tax - Total |
167.5 |
- |
- |
- |
- |
|
Deferred Tax - Total |
167.5 |
- |
- |
- |
- |
|
Income Tax - Total |
198.1 |
- |
- |
- |
- |
|
Interest Cost - Domestic |
- |
4.9 |
4.2 |
3.8 |
3.0 |
|
Service Cost - Domestic |
- |
24.4 |
20.7 |
21.5 |
15.0 |
|
Prior Service Cost - Domestic |
- |
-0.3 |
-0.3 |
0.8 |
- |
|
Expected Return on Assets - Domestic |
- |
-1.4 |
-1.7 |
-1.9 |
-1.6 |
|
Actuarial Gains and Losses - Domestic |
- |
2.9 |
2.8 |
2.8 |
2.5 |
|
Transition Costs - Domestic |
- |
- |
3.5 |
3.4 |
3.0 |
|
Other Pension, Net - Domestic |
- |
2.7 |
- |
- |
- |
|
Domestic Pension Plan Expense |
- |
33.2 |
29.2 |
30.4 |
22.0 |
|
Total Pension Expense |
- |
33.2 |
29.2 |
30.4 |
22.0 |
|
Discount Rate - Domestic |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
- |
1.00% |
1.00% |
1.00% |
1.00% |
|
Total Plan Interest Cost |
- |
4.9 |
4.2 |
3.8 |
3.0 |
|
Total Plan Service Cost |
- |
24.4 |
20.7 |
21.5 |
15.0 |
|
Total Plan Expected Return |
- |
-1.4 |
-1.7 |
-1.9 |
-1.6 |
|
Total Plan Other Expense |
- |
2.7 |
- |
- |
- |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
30-Jun-2012 |
30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
30-Jun-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
79.390941 |
80.76 |
88.49 |
96.485 |
106.005 |
|
Auditor |
|
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
357.7 |
449.0 |
354.0 |
238.2 |
166.1 |
|
Cash and Short Term Investments |
357.7 |
449.0 |
354.0 |
238.2 |
166.1 |
|
Accounts Receivable -
Trade, Gross |
816.3 |
996.6 |
1,000.4 |
802.5 |
718.8 |
|
Provision for Doubtful
Accounts |
-8.0 |
-10.6 |
-2.4 |
-3.3 |
-1.7 |
|
Trade Accounts Receivable - Net |
808.3 |
986.1 |
998.1 |
799.2 |
717.1 |
|
Total Receivables, Net |
808.3 |
986.1 |
998.1 |
799.2 |
717.1 |
|
Inventories - Finished Goods |
59.2 |
68.9 |
70.9 |
54.3 |
48.1 |
|
Inventories - Work In Progress |
492.7 |
632.9 |
555.2 |
731.1 |
611.5 |
|
Inventories - Raw Materials |
168.9 |
181.0 |
138.7 |
108.2 |
111.4 |
|
Total Inventory |
720.9 |
882.7 |
764.8 |
893.6 |
771.0 |
|
Deferred Income Tax - Current Asset |
17.1 |
84.4 |
65.8 |
61.8 |
44.4 |
|
Other Current Assets |
76.6 |
86.5 |
68.3 |
72.8 |
61.5 |
|
Other Current Assets, Total |
93.7 |
170.9 |
134.1 |
134.6 |
105.9 |
|
Total Current Assets |
1,980.5 |
2,488.7 |
2,250.9 |
2,065.7 |
1,760.1 |
|
|
|
|
|
|
|
|
Buildings |
963.2 |
953.5 |
840.9 |
761.5 |
601.8 |
|
Land/Improvements |
120.8 |
124.0 |
117.1 |
108.4 |
89.9 |
|
Machinery/Equipment |
906.1 |
1,035.6 |
935.5 |
849.1 |
672.2 |
|
Construction in
Progress |
81.5 |
110.7 |
89.3 |
89.8 |
105.1 |
|
Other
Property/Plant/Equipment |
36.3 |
38.7 |
34.8 |
25.0 |
0.0 |
|
Property/Plant/Equipment - Gross |
2,107.9 |
2,262.6 |
2,017.6 |
1,833.7 |
1,469.0 |
|
Accumulated Depreciation |
-1,176.3 |
-1,184.1 |
-1,005.2 |
-833.1 |
-584.1 |
|
Property/Plant/Equipment - Net |
931.6 |
1,078.5 |
1,012.4 |
1,000.6 |
884.9 |
|
Goodwill, Net |
1.7 |
2.2 |
5.4 |
0.8 |
0.0 |
|
Intangibles, Net |
70.4 |
65.7 |
43.9 |
38.9 |
36.2 |
|
LT Investment - Affiliate Companies |
- |
47.1 |
67.8 |
- |
- |
|
LT Investments - Other |
51.1 |
25.0 |
17.1 |
53.9 |
75.1 |
|
Long Term Investments |
51.1 |
72.0 |
84.9 |
53.9 |
75.1 |
|
Deferred Income Tax - Long Term Asset |
27.2 |
108.5 |
75.0 |
75.8 |
56.3 |
|
Other Long Term Assets |
82.1 |
67.7 |
73.4 |
61.0 |
46.4 |
|
Other Long Term Assets, Total |
109.3 |
176.2 |
148.4 |
136.8 |
102.7 |
|
Total Assets |
3,144.6 |
3,883.3 |
3,546.0 |
3,296.6 |
2,859.0 |
|
|
|
|
|
|
|
|
Accounts Payable |
386.6 |
712.7 |
661.3 |
401.8 |
602.5 |
|
Accrued Expenses |
17.7 |
21.3 |
18.9 |
15.9 |
18.0 |
|
Notes Payable/Short Term Debt |
1,167.4 |
763.1 |
345.6 |
669.5 |
281.2 |
|
Current Portion - Long Term Debt/Capital Leases |
11.4 |
220.7 |
220.1 |
196.8 |
120.6 |
|
Customer Advances |
130.2 |
190.6 |
137.9 |
121.4 |
221.5 |
|
Income Taxes Payable |
9.8 |
21.1 |
12.8 |
7.7 |
15.4 |
|
Deferred Income Tax - Current Liability |
6.1 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Other Current Liabilities |
343.0 |
237.9 |
181.0 |
159.6 |
163.1 |
|
Other Current liabilities, Total |
489.2 |
449.6 |
331.6 |
288.8 |
400.0 |
|
Total Current Liabilities |
2,072.3 |
2,167.4 |
1,577.5 |
1,572.8 |
1,422.3 |
|
|
|
|
|
|
|
|
Long Term Debt |
346.8 |
337.7 |
583.8 |
560.2 |
416.2 |
|
Capital Lease Obligations |
12.1 |
34.8 |
43.3 |
56.7 |
0.0 |
|
Total Long Term Debt |
358.9 |
372.4 |
627.1 |
616.9 |
416.2 |
|
Total Debt |
1,537.7 |
1,356.3 |
1,192.8 |
1,483.2 |
817.9 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
8.7 |
0.3 |
0.0 |
0.0 |
0.0 |
|
Deferred Income Tax |
8.7 |
0.3 |
0.0 |
0.0 |
0.0 |
|
Minority Interest |
52.0 |
47.3 |
47.5 |
62.6 |
35.9 |
|
Reserves |
4.3 |
3.6 |
0.0 |
0.0 |
3.1 |
|
Pension Benefits - Underfunded |
165.9 |
184.0 |
168.4 |
152.6 |
126.2 |
|
Other Long Term Liabilities |
15.8 |
16.0 |
14.6 |
19.9 |
24.7 |
|
Other Liabilities, Total |
186.0 |
203.7 |
183.0 |
172.5 |
154.0 |
|
Total Liabilities |
2,677.8 |
2,791.1 |
2,435.1 |
2,424.8 |
2,028.5 |
|
|
|
|
|
|
|
|
Common Stock |
262.9 |
258.5 |
235.9 |
139.6 |
127.1 |
|
Common Stock |
262.9 |
258.5 |
235.9 |
139.6 |
127.1 |
|
Additional Paid-In Capital |
278.4 |
273.7 |
249.7 |
152.3 |
138.6 |
|
Retained Earnings (Accumulated Deficit) |
10.6 |
629.4 |
686.7 |
620.1 |
559.6 |
|
Treasury Stock - Common |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Unrealized Gain (Loss) |
-0.6 |
-0.2 |
-0.3 |
1.5 |
6.1 |
|
Translation Adjustment |
-84.4 |
-69.0 |
-61.1 |
-41.5 |
-0.8 |
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Other Equity, Total |
-84.4 |
-69.0 |
-61.1 |
-41.5 |
-0.8 |
|
Total Equity |
466.8 |
1,092.2 |
1,110.8 |
871.9 |
830.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
3,144.6 |
3,883.3 |
3,546.0 |
3,296.6 |
2,859.0 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
49.3 |
49.3 |
49.3 |
42.9 |
42.9 |
|
Total Common Shares Outstanding |
49.3 |
49.3 |
49.3 |
42.9 |
42.9 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
- |
7,878 |
7,169 |
6,871 |
6,356 |
|
Number of Common Shareholders |
- |
24,859 |
29,114 |
23,526 |
11,307 |
|
Deferred Revenue - Current |
130.2 |
190.6 |
137.9 |
121.4 |
221.5 |
|
Total Long Term Debt, Supplemental |
- |
538.3 |
786.7 |
741.5 |
536.8 |
|
Long Term Debt Maturing within 1 Year |
- |
200.6 |
202.9 |
181.3 |
120.6 |
|
Long Term Debt Maturing in Year 2 |
- |
158.5 |
337.0 |
156.9 |
117.0 |
|
Long Term Debt Maturing in Year 3 |
- |
114.3 |
131.7 |
275.6 |
84.6 |
|
Long Term Debt Maturing in Year 4 |
- |
51.3 |
81.7 |
80.8 |
193.2 |
|
Long Term Debt Maturing in Year 5 |
- |
13.6 |
33.3 |
43.8 |
21.3 |
|
Long Term Debt Maturing in 2-3 Years |
- |
272.8 |
468.7 |
432.5 |
201.6 |
|
Long Term Debt Maturing in 4-5 Years |
- |
64.8 |
115.0 |
124.6 |
214.6 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
0.0 |
0.0 |
3.1 |
0.0 |
|
Total Capital Leases, Supplemental |
- |
54.9 |
60.5 |
72.2 |
- |
|
Capital Lease Payments Due in Year 1 |
- |
20.1 |
17.2 |
15.5 |
- |
|
Capital Lease Payments Due in Year 2 |
- |
20.1 |
16.4 |
16.2 |
- |
|
Capital Lease Payments Due in Year 3 |
- |
11.8 |
16.6 |
16.4 |
- |
|
Capital Lease Payments Due in Year 4 |
- |
1.5 |
9.5 |
15.1 |
- |
|
Capital Lease Payments Due in Year 5 |
- |
1.2 |
0.3 |
8.2 |
- |
|
Capital Lease Payments Due in 2-3 Years |
- |
31.9 |
33.0 |
32.6 |
- |
|
Capital Lease Payments Due in 4-5 Years |
- |
2.7 |
9.8 |
23.3 |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
- |
0.2 |
0.5 |
0.7 |
- |
|
Pension Obligation - Domestic |
- |
322.2 |
280.2 |
239.1 |
210.5 |
|
Plan Assets - Domestic |
- |
153.7 |
123.6 |
90.0 |
73.6 |
|
Funded Status - Domestic |
- |
-168.5 |
-156.7 |
-149.1 |
-137.0 |
|
Total Funded Status |
- |
-168.5 |
-156.7 |
-149.1 |
-137.0 |
|
Discount Rate - Domestic |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
- |
1.00% |
1.00% |
1.00% |
1.00% |
|
Prepaid Benefits - Domestic |
- |
1.3 |
1.1 |
0.8 |
0.0 |
|
Accrued Liabilities - Domestic |
- |
-173.2 |
-157.6 |
-142.4 |
-118.7 |
|
Other Assets, Net - Domestic |
- |
-3.5 |
0.2 |
7.6 |
18.3 |
|
Net Assets Recognized on Balance Sheet |
- |
-175.5 |
-156.3 |
-134.0 |
-100.4 |
|
Total Plan Obligations |
- |
322.2 |
280.2 |
239.1 |
210.5 |
|
Total Plan Assets |
- |
153.7 |
123.6 |
90.0 |
73.6 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
30-Jun-2012 |
30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
30-Jun-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) |
78.601914 |
83.072254 |
91.59515 |
98.728525 |
110.286762 |
|
Auditor |
|
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-428.8 |
-110.7 |
49.8 |
-16.2 |
58.5 |
|
Depreciation |
115.7 |
129.0 |
130.5 |
124.8 |
99.1 |
|
Depreciation/Depletion |
115.7 |
129.0 |
130.5 |
124.8 |
99.1 |
|
Unusual Items |
325.2 |
72.2 |
16.9 |
14.8 |
8.1 |
|
Equity in Net Earnings (Loss) |
4.1 |
-0.7 |
1.2 |
-0.1 |
-0.3 |
|
Other Non-Cash Items |
48.4 |
49.9 |
-20.5 |
19.5 |
32.4 |
|
Non-Cash Items |
377.7 |
121.4 |
-2.3 |
34.1 |
40.1 |
|
Accounts Receivable |
181.3 |
101.4 |
-141.3 |
24.9 |
91.5 |
|
Inventories |
56.1 |
-50.5 |
202.7 |
-163.1 |
96.2 |
|
Accounts Payable |
-333.5 |
-16.6 |
238.2 |
-245.9 |
-73.3 |
|
Accrued Expenses |
-3.9 |
0.5 |
2.6 |
-4.2 |
-2.6 |
|
Taxes Payable |
12.2 |
2.4 |
2.1 |
0.5 |
3.0 |
|
Other Liabilities |
-59.7 |
38.1 |
5.9 |
-23.1 |
31.7 |
|
Other Operating Cash Flow |
-25.0 |
-1.8 |
-4.3 |
-54.0 |
-40.1 |
|
Changes in Working Capital |
-172.6 |
73.6 |
305.9 |
-465.0 |
106.3 |
|
Cash from Operating Activities |
-108.0 |
213.4 |
483.8 |
-322.3 |
304.1 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-154.6 |
-202.3 |
-95.9 |
-148.9 |
-247.0 |
|
Capital Expenditures |
-154.6 |
-202.3 |
-95.9 |
-148.9 |
-247.0 |
|
Acquisition of Business |
-2.5 |
- |
0.0 |
9.4 |
0.0 |
|
Sale of Fixed Assets |
- |
8.6 |
29.5 |
25.0 |
17.7 |
|
Sale/Maturity of Investment |
4.6 |
34.8 |
7.8 |
7.6 |
18.0 |
|
Purchase of Investments |
-0.5 |
-27.3 |
-59.9 |
-35.8 |
-22.0 |
|
Other Investing Cash Flow |
8.9 |
7.6 |
-0.3 |
0.4 |
-1.8 |
|
Other Investing Cash Flow Items, Total |
10.5 |
23.8 |
-22.8 |
6.6 |
11.8 |
|
Cash from Investing Activities |
-144.1 |
-178.6 |
-118.7 |
-142.3 |
-235.2 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-4.4 |
-3.5 |
0.8 |
-0.3 |
0.2 |
|
Financing Cash Flow Items |
-4.4 |
-3.5 |
0.8 |
-0.3 |
0.2 |
|
Cash Dividends Paid - Common |
0.0 |
-12.4 |
-9.1 |
-9.1 |
-18.3 |
|
Total Cash Dividends Paid |
0.0 |
-12.4 |
-9.1 |
-9.1 |
-18.3 |
|
Sale/Issuance of
Common |
- |
0.0 |
161.7 |
0.0 |
- |
|
Common Stock, Net |
- |
0.0 |
161.7 |
0.0 |
- |
|
Issuance (Retirement) of Stock, Net |
- |
0.0 |
161.7 |
0.0 |
- |
|
Short Term Debt, Net |
186.1 |
361.2 |
-370.7 |
321.8 |
-40.3 |
|
Long Term Debt Issued |
237.2 |
88.2 |
203.5 |
355.3 |
157.9 |
|
Long Term Debt
Reduction |
-258.3 |
-407.4 |
-241.9 |
-147.9 |
-115.4 |
|
Long Term Debt, Net |
-21.1 |
-319.3 |
-38.4 |
207.5 |
42.5 |
|
Issuance (Retirement) of Debt, Net |
164.9 |
42.0 |
-409.1 |
529.3 |
2.2 |
|
Cash from Financing Activities |
160.5 |
26.0 |
-255.7 |
519.9 |
-15.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-4.3 |
0.4 |
-2.2 |
-6.1 |
-4.8 |
|
Net Change in Cash |
-96.0 |
61.3 |
107.2 |
49.1 |
48.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
454.5 |
368.7 |
217.3 |
172.0 |
105.8 |
|
Net Cash - Ending Balance |
358.5 |
430.0 |
324.5 |
221.1 |
153.9 |
|
Cash Interest Paid |
21.0 |
18.3 |
17.7 |
14.2 |
12.1 |
|
Cash Taxes Paid |
42.5 |
25.3 |
19.6 |
24.3 |
61.7 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
30-Jun-2012 |
30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
30-Jun-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) |
78.601914 |
83.072254 |
91.59515 |
98.728525 |
110.286762 |
|
Auditor |
|
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
2,503.8 |
2,793.2 |
2,421.6 |
2,267.1 |
2,187.1 |
|
Total Revenue |
2,503.8 |
2,793.2 |
2,421.6 |
2,267.1 |
2,187.1 |
|
|
|
|
|
|
|
|
Cost of Sales |
2,143.1 |
2,252.1 |
1,978.1 |
1,865.1 |
1,769.0 |
|
Selling Expenses |
193.5 |
- |
- |
- |
- |
|
General And Administrative Expenses |
248.5 |
- |
- |
- |
- |
|
Payroll |
- |
97.4 |
82.4 |
73.7 |
68.5 |
|
Allowance for bonus |
- |
7.4 |
5.5 |
5.1 |
4.1 |
|
Provision for directors' bonuses |
- |
2.1 |
2.2 |
1.6 |
2.8 |
|
Periodic pension cost |
- |
9.2 |
9.0 |
8.5 |
6.5 |
|
Res.dir.'s retire.benefits |
- |
2.8 |
2.0 |
1.6 |
1.5 |
|
Depreciation |
- |
12.8 |
13.9 |
14.3 |
12.6 |
|
Traveling & communication exp. |
- |
17.8 |
14.0 |
14.9 |
15.8 |
|
Commission expenses |
- |
22.4 |
18.8 |
19.8 |
14.0 |
|
Research & Development expense |
- |
68.7 |
56.4 |
50.7 |
44.7 |
|
Provision for doubtful accounts(SGA) |
- |
13.1 |
1.7 |
1.3 |
0.6 |
|
Loss on bad debts |
- |
44.6 |
0.0 |
- |
- |
|
Support fee for sales |
- |
88.8 |
77.7 |
70.0 |
59.5 |
|
Other SGA |
- |
131.8 |
107.3 |
105.4 |
105.3 |
|
SP Rev. Allow. Doubt. Acct. |
0.0 |
-0.3 |
-0.5 |
-0.1 |
-1.1 |
|
Subsidy |
-1.1 |
-2.2 |
-17.2 |
0.0 |
-2.1 |
|
SP Rev. G on business reorganiz. L |
- |
- |
0.0 |
-1.1 |
0.0 |
|
SP Prior year overhead absorbt |
- |
- |
- |
0.0 |
-23.6 |
|
SP Other SP Gains |
-0.2 |
-0.2 |
-0.1 |
-0.6 |
-0.7 |
|
SP L.Retire.Fix Asset |
- |
2.6 |
6.0 |
11.1 |
4.7 |
|
SP L.Val.Inv.Secs. |
- |
- |
0.0 |
3.8 |
1.0 |
|
SP L on deduction fixed assets |
- |
0.0 |
1.3 |
0.0 |
- |
|
SP L.Val.Affil.Secs. |
- |
- |
- |
- |
0.0 |
|
SP Impairment of Fixed Asset |
10.5 |
69.6 |
10.9 |
0.0 |
3.1 |
|
SP L on val. of inventories |
- |
- |
0.0 |
6.4 |
0.0 |
|
Business structure improvement expenses |
314.7 |
- |
- |
- |
- |
|
SP Loss on business reorganization |
- |
- |
- |
0.0 |
3.0 |
|
SP Loss on disaster |
0.0 |
41.2 |
0.0 |
- |
- |
|
SP L on adjustment for changes of accoun |
0.0 |
2.5 |
0.0 |
- |
- |
|
SP Other SP Losses |
23.4 |
14.9 |
3.8 |
5.5 |
3.9 |
|
NOP L.Val.Inventory |
- |
- |
- |
0.0 |
22.1 |
|
NOP L.Retire.Inventory |
- |
- |
- |
0.6 |
1.3 |
|
Total Operating Expense |
2,932.3 |
2,899.0 |
2,373.3 |
2,257.5 |
2,116.6 |
|
|
|
|
|
|
|
|
NOP Interest Income |
2.6 |
1.6 |
1.1 |
1.5 |
1.8 |
|
Gain On Sales Of Investment Securities |
1.1 |
- |
- |
- |
- |
|
NOP Dividend Income |
2.0 |
1.5 |
1.7 |
1.0 |
1.8 |
|
Other Non-Operating Income (Expense) |
0.0 |
- |
- |
- |
- |
|
Commitment fee |
-5.0 |
- |
- |
- |
- |
|
NOP Commission Rcvd. |
- |
0.0 |
1.8 |
1.5 |
2.0 |
|
NOP Rent Income |
- |
0.0 |
2.0 |
1.1 |
1.2 |
|
NOP Equity Gains |
0.0 |
0.7 |
0.0 |
0.1 |
0.3 |
|
NOP Exchange Gains |
2.0 |
3.9 |
3.8 |
0.0 |
0.0 |
|
NOP Oversea Branch Tax Refund |
- |
- |
0.0 |
0.8 |
1.0 |
|
NOP Insurance income÷nd |
5.6 |
4.8 |
0.8 |
2.9 |
0.0 |
|
NOP Subsidy Income |
- |
0.0 |
4.1 |
3.2 |
0.0 |
|
NOP Compensation income |
9.4 |
0.0 |
2.8 |
0.0 |
- |
|
NOP Royalty Income |
- |
- |
- |
- |
0.0 |
|
NOP Other Non-Ops.Income |
14.1 |
11.7 |
9.4 |
6.3 |
6.0 |
|
NOP Interest Exp. |
-20.9 |
-18.7 |
-17.8 |
-14.0 |
-11.7 |
|
NOP Exchange Loss |
- |
- |
0.0 |
-21.6 |
-5.0 |
|
NOP Equity losses |
-4.1 |
0.0 |
-1.2 |
0.0 |
0.0 |
|
NOP Cost of Rent |
- |
- |
- |
0.0 |
-1.0 |
|
NOP Oversea Branch Tax Refund Fee |
- |
- |
- |
- |
0.0 |
|
NOP Other Non-Ops.Exp. |
-7.2 |
-10.4 |
-7.2 |
-9.0 |
-9.4 |
|
SP G.Sale Fix Asset |
- |
- |
0.0 |
0.2 |
0.0 |
|
SP G.Sale Inv.Secs. |
- |
- |
- |
0.1 |
0.8 |
|
Loss before income taxes |
-428.8 |
-110.7 |
49.8 |
-16.2 |
58.5 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
198.1 |
-5.5 |
33.8 |
-12.9 |
26.8 |
|
Loss before minority interests |
-626.9 |
-105.1 |
16.0 |
-3.3 |
31.7 |
|
|
|
|
|
|
|
|
Minority interests in income |
-9.1 |
0.3 |
7.4 |
11.6 |
1.0 |
|
Net Income Before Extra. Items |
-635.9 |
-104.8 |
23.3 |
8.2 |
32.7 |
|
Net loss |
-635.9 |
-104.8 |
23.3 |
8.2 |
32.7 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
- |
- |
- |
- |
|
Earning Adjustment |
- |
- |
- |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
-635.9 |
-104.8 |
23.3 |
8.2 |
32.7 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-635.9 |
-104.8 |
23.3 |
8.2 |
32.7 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
49.3 |
49.3 |
45.9 |
42.9 |
42.9 |
|
Basic EPS Excluding ExtraOrdinary Items |
-12.89 |
-2.12 |
0.51 |
0.19 |
0.76 |
|
Basic EPS Including ExtraOrdinary Items |
-12.89 |
-2.12 |
0.51 |
0.19 |
0.76 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-635.9 |
-104.8 |
23.3 |
8.2 |
32.7 |
|
Diluted Weighted Average Shares |
49.3 |
49.3 |
50.1 |
46.5 |
46.2 |
|
Diluted EPS Excluding ExtraOrd Items |
-12.89 |
-2.12 |
0.47 |
0.18 |
0.71 |
|
Diluted EPS Including ExtraOrd Items |
-12.89 |
-2.12 |
0.47 |
0.18 |
0.71 |
|
DPS-Ordinary Shares |
0.00 |
0.00 |
0.23 |
0.21 |
0.19 |
|
Gross Dividends - Common Stock |
- |
0.0 |
11.3 |
9.1 |
8.2 |
|
Normalized Income Before Taxes |
-81.5 |
17.3 |
54.0 |
2.2 |
46.8 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
319.6 |
39.3 |
35.3 |
-6.4 |
21.4 |
|
Normalized Income After Taxes |
-401.1 |
-21.9 |
18.7 |
8.6 |
25.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-410.2 |
-21.6 |
26.1 |
20.2 |
26.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-8.31 |
-0.44 |
0.57 |
0.47 |
0.62 |
|
Diluted Normalized EPS |
-8.31 |
-0.44 |
0.52 |
0.43 |
0.57 |
|
Research and Development (SGA) |
- |
68.7 |
56.4 |
50.7 |
44.7 |
|
Research and Development (COGS) |
- |
30.6 |
31.0 |
33.9 |
33.1 |
|
Interest Expense |
20.9 |
18.7 |
17.8 |
14.0 |
11.7 |
|
Dep. of Tangible Assets-Current Portion |
115.7 |
- |
- |
- |
- |
|
Depreciation |
- |
129.0 |
130.5 |
124.8 |
99.1 |
|
Income taxes-current |
30.6 |
- |
- |
- |
- |
|
Current Tax - Total |
30.6 |
- |
- |
- |
- |
|
Income taxes-deferred |
167.5 |
- |
- |
- |
- |
|
Deferred Tax - Total |
167.5 |
- |
- |
- |
- |
|
Income Tax - Total |
198.1 |
- |
- |
- |
- |
|
Reported Operating Profit |
-81.2 |
22.3 |
52.5 |
35.3 |
82.3 |
|
Reported Ordinary Profit |
-82.7 |
17.3 |
54.0 |
8.5 |
46.0 |
|
Service Cost |
- |
24.4 |
20.7 |
21.5 |
15.0 |
|
Interest Cost |
- |
4.9 |
4.2 |
3.8 |
3.0 |
|
Expected Return on Plan Assets |
- |
-1.4 |
-1.7 |
-1.9 |
-1.6 |
|
Accouting Changes |
- |
- |
3.5 |
3.4 |
3.0 |
|
Actuarial Gains & Losses |
- |
2.9 |
2.8 |
2.8 |
2.5 |
|
Prior service cost |
- |
-0.3 |
-0.3 |
0.8 |
- |
|
Exp. on change of cacul. of pension cost |
- |
2.7 |
- |
- |
- |
|
Domestic Pension Plan Expense |
- |
33.2 |
29.2 |
30.4 |
22.0 |
|
Total Pension Expense |
- |
33.2 |
29.2 |
30.4 |
22.0 |
|
Discount rate |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected rate of return |
- |
1.00% |
1.00% |
1.00% |
1.00% |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
30-Jun-2012 |
30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
30-Jun-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
79.390941 |
80.76 |
88.49 |
96.485 |
106.005 |
|
Auditor |
|
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Depo. |
357.7 |
449.0 |
354.0 |
238.2 |
166.1 |
|
Notes and accounts receivable-trade |
816.3 |
996.6 |
1,000.4 |
802.5 |
718.8 |
|
Inventories - merchandise&finished goods |
59.2 |
68.9 |
70.9 |
54.3 |
48.1 |
|
Inventories-Work In Process |
492.7 |
632.9 |
555.2 |
731.1 |
611.5 |
|
Inventories-Raw materials&supplies |
168.9 |
181.0 |
138.7 |
108.2 |
111.4 |
|
Dfrd.Income Tax |
17.1 |
84.4 |
65.8 |
61.8 |
44.4 |
|
Other Current |
76.6 |
86.5 |
68.3 |
72.8 |
61.5 |
|
Allow.Doubt.Acct. |
-8.0 |
-10.6 |
-2.4 |
-3.3 |
-1.7 |
|
Total current assets |
1,980.5 |
2,488.7 |
2,250.9 |
2,065.7 |
1,760.1 |
|
|
|
|
|
|
|
|
Buildings & structures, gross |
963.2 |
953.5 |
840.9 |
761.5 |
601.8 |
|
Accum Dep & Impairment Loss of Buildings |
-457.3 |
-416.6 |
-345.7 |
-283.8 |
-204.3 |
|
Machinery, equipment and vehicles |
738.5 |
862.4 |
782.8 |
703.6 |
545.4 |
|
Acc.
Depre&Impair-Machine,Equip&Vehicle |
-546.2 |
-601.5 |
-518.1 |
-435.2 |
-287.5 |
|
Tools, furniture and fixtures |
167.6 |
173.2 |
152.7 |
145.5 |
126.8 |
|
Acc.
Depre&Impair-Tool,Furniture&Fixture |
-146.0 |
-146.9 |
-127.1 |
-112.0 |
-92.4 |
|
Land |
120.8 |
124.0 |
117.1 |
108.4 |
89.9 |
|
Constr.in Progre. |
81.5 |
110.7 |
89.3 |
89.8 |
105.1 |
|
Lease assets, gross |
36.3 |
38.7 |
34.8 |
25.0 |
0.0 |
|
Accumulated depreciation-Lease Assets |
-26.7 |
-19.1 |
-14.3 |
-2.2 |
0.0 |
|
Goodwill |
1.7 |
2.2 |
5.4 |
0.8 |
0.0 |
|
Other |
46.7 |
- |
- |
- |
- |
|
Lease assets, Intangible |
0.9 |
0.1 |
0.2 |
0.1 |
0.0 |
|
Software rights |
22.8 |
25.0 |
12.1 |
13.9 |
14.0 |
|
Other Intangible |
- |
40.6 |
31.7 |
24.9 |
22.2 |
|
Invest.Secs. |
51.1 |
25.0 |
17.1 |
53.9 |
75.1 |
|
Inv't partnership-nonconsol.affil. & sub |
- |
32.0 |
28.8 |
- |
- |
|
Equity secs.-nonconsol affil. & sub. |
- |
15.0 |
39.0 |
- |
- |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other |
63.4 |
- |
- |
- |
- |
|
Sec.Depo. |
24.7 |
24.1 |
21.8 |
18.1 |
16.6 |
|
Deferred tax assets |
27.2 |
108.5 |
75.0 |
75.8 |
56.3 |
|
Other Asset |
- |
51.5 |
55.5 |
46.5 |
32.6 |
|
Allow.Doubt.Acct. |
-5.9 |
-7.9 |
-3.3 |
-3.6 |
-2.8 |
|
Provision for loss on LT investments |
- |
0.0 |
-0.7 |
0.0 |
- |
|
Total Assets |
3,144.6 |
3,883.3 |
3,546.0 |
3,296.6 |
2,859.0 |
|
|
|
|
|
|
|
|
Notes and accounts payable-trade |
386.6 |
712.7 |
661.3 |
401.8 |
602.5 |
|
Short-term loans payable |
1,041.5 |
639.3 |
345.6 |
617.7 |
224.6 |
|
LT borrowings (current) |
- |
200.3 |
200.4 |
181.3 |
120.6 |
|
Cur.Port.Bond |
- |
0.2 |
2.5 |
- |
- |
|
Curr. Lease obligation |
11.4 |
20.1 |
17.2 |
15.5 |
0.0 |
|
Commercial papers |
126.0 |
123.8 |
0.0 |
51.8 |
56.6 |
|
Inc.Tax Pybl. |
9.8 |
21.1 |
12.8 |
7.7 |
15.4 |
|
Advance received |
130.2 |
190.6 |
137.9 |
121.4 |
221.5 |
|
Dfrd.Tax Liab. |
6.1 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Allow.for Bonus |
15.2 |
19.1 |
16.6 |
14.3 |
14.8 |
|
Provision for directors'' bonuses |
2.5 |
2.1 |
2.3 |
1.6 |
3.2 |
|
Product Warranty |
20.5 |
20.1 |
14.1 |
26.5 |
30.1 |
|
provision for disaster |
0.0 |
2.0 |
0.0 |
- |
- |
|
Provision for business structure improve |
0.0 |
4.4 |
0.0 |
- |
- |
|
Provision for loss on order received |
95.1 |
32.2 |
8.4 |
0.0 |
- |
|
Other Current |
227.4 |
179.2 |
158.5 |
133.1 |
132.9 |
|
Total Current Liabilities |
2,072.3 |
2,167.4 |
1,577.5 |
1,572.8 |
1,422.3 |
|
|
|
|
|
|
|
|
Corp.Bond |
0.5 |
0.7 |
0.9 |
2.1 |
1.9 |
|
Bond with stock purchase warrants |
- |
0.0 |
175.2 |
160.6 |
146.2 |
|
Long-term loans payable |
346.3 |
336.9 |
407.7 |
397.5 |
268.1 |
|
Lease obligation |
12.1 |
34.8 |
43.3 |
56.7 |
0.0 |
|
Total Long Term Debt |
358.9 |
372.4 |
627.1 |
616.9 |
416.2 |
|
|
|
|
|
|
|
|
Res.Accru.Retire.Bene. |
155.7 |
173.2 |
157.6 |
142.4 |
118.7 |
|
Asset retirement obligations |
4.3 |
3.6 |
0.0 |
- |
- |
|
Provision for directors'' retirement ben |
10.1 |
10.8 |
10.8 |
10.3 |
7.5 |
|
Deferred tax liabilities |
8.7 |
0.3 |
0.0 |
0.0 |
0.0 |
|
Res. Business reorganization |
- |
- |
- |
0.0 |
3.1 |
|
Other Liab. |
15.8 |
16.0 |
14.6 |
19.9 |
24.7 |
|
Minority Interest |
52.0 |
47.3 |
47.5 |
62.6 |
35.9 |
|
Total Liabilities |
2,677.8 |
2,791.1 |
2,435.1 |
2,424.8 |
2,028.5 |
|
|
|
|
|
|
|
|
Rounding adjustment Equity |
0.0 |
- |
- |
- |
- |
|
Common Stock |
262.9 |
258.5 |
235.9 |
139.6 |
127.1 |
|
Paid in Capital |
278.4 |
273.7 |
249.7 |
152.3 |
138.6 |
|
Retained Earnings |
10.6 |
629.4 |
686.7 |
620.1 |
559.6 |
|
Valuation difference on available-for-sa |
-0.6 |
-0.2 |
-0.3 |
1.5 |
6.1 |
|
Transl.Adjust. |
-84.4 |
-69.0 |
-61.1 |
-41.5 |
-0.8 |
|
Treasury Stock |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Total net assets |
466.8 |
1,092.2 |
1,110.8 |
871.9 |
830.5 |
|
|
|
|
|
|
|
|
Total liabilities and net assets |
3,144.6 |
3,883.3 |
3,546.0 |
3,296.6 |
2,859.0 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
49.3 |
49.3 |
49.3 |
42.9 |
42.9 |
|
Total Common Shares Outstanding |
49.3 |
49.3 |
49.3 |
42.9 |
42.9 |
|
T/S-Ordinary Shares |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Advance |
130.2 |
190.6 |
137.9 |
121.4 |
221.5 |
|
Full-Time Employees |
- |
7,878 |
7,169 |
6,871 |
6,356 |
|
Number of Common Shareholders |
- |
24,859 |
29,114 |
23,526 |
11,307 |
|
LT debt maturing within 1yr |
- |
200.6 |
202.9 |
181.3 |
120.6 |
|
LT debt maturing within 2yr |
- |
158.5 |
337.0 |
156.9 |
117.0 |
|
LT debt maturing within 3yr |
- |
114.3 |
131.7 |
275.6 |
84.6 |
|
LT debt maturing within 4yr |
- |
51.3 |
81.7 |
80.8 |
193.2 |
|
LT debt maturing within 5yr |
- |
13.6 |
33.3 |
43.8 |
21.3 |
|
LT debt Remaing Maturities |
- |
0.0 |
- |
3.1 |
- |
|
Total Long Term Debt, Supplemental |
- |
538.3 |
786.7 |
741.5 |
536.8 |
|
Capital Lease due within 1Yr. |
- |
20.1 |
17.2 |
15.5 |
- |
|
Capital Lease due within 2Yr. |
- |
20.1 |
16.4 |
16.2 |
- |
|
Capital Lease due within 3Yr. |
- |
11.8 |
16.6 |
16.4 |
- |
|
Capital Lease due within 4Yr. |
- |
1.5 |
9.5 |
15.1 |
- |
|
Capital Lease due within 5Yr. |
- |
1.2 |
0.3 |
8.2 |
- |
|
Capital Lease Remaining |
- |
0.2 |
0.5 |
0.7 |
- |
|
Total Capital Leases |
- |
54.9 |
60.5 |
72.2 |
- |
|
Pension Obligation |
- |
322.2 |
280.2 |
239.1 |
210.5 |
|
Fair Value of Plan Assets |
- |
153.7 |
123.6 |
90.0 |
73.6 |
|
Funded Status |
- |
-168.5 |
-156.7 |
-149.1 |
-137.0 |
|
Total Funded Status |
- |
-168.5 |
-156.7 |
-149.1 |
-137.0 |
|
Discount Rate |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Return on Plan Assets |
- |
1.00% |
1.00% |
1.00% |
1.00% |
|
Accounting Change |
- |
- |
- |
3.4 |
6.2 |
|
Unrecognized Actuarial Gains & Losses |
- |
0.4 |
4.0 |
7.9 |
12.1 |
|
Unrecognized prior service cost |
- |
-3.9 |
-3.8 |
-3.7 |
0.0 |
|
Prepaid Plan Assets |
- |
1.3 |
1.1 |
0.8 |
0.0 |
|
Accrued Pension Liabilities |
- |
-173.2 |
-157.6 |
-142.4 |
-118.7 |
|
Net Assets Recognized on Balance Sheet |
- |
-175.5 |
-156.3 |
-134.0 |
-100.4 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
30-Jun-2012 |
30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
30-Jun-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) |
78.601914 |
83.072254 |
91.59515 |
98.728525 |
110.286762 |
|
Auditor |
|
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Loss before income taxes |
-428.8 |
-110.7 |
49.8 |
-16.2 |
58.5 |
|
Depreciation |
115.7 |
129.0 |
130.5 |
124.8 |
99.1 |
|
Business structure improvement expenses |
314.7 |
- |
- |
- |
- |
|
Impairment losses on assets |
10.5 |
69.6 |
10.9 |
0.0 |
3.1 |
|
Increase (decrease) in allowance for dou |
-4.9 |
12.0 |
-1.8 |
2.9 |
-0.7 |
|
Increase (decrease) in provision for bon |
-3.9 |
0.5 |
2.6 |
-4.2 |
-2.6 |
|
Increase (decrease) in provision for ret |
-20.6 |
0.6 |
2.2 |
12.4 |
10.2 |
|
Increase (decrease) in provision for dir |
-0.9 |
-1.1 |
-0.2 |
1.0 |
0.6 |
|
Increase (decrease) in provision for los |
63.0 |
22.1 |
0.0 |
- |
- |
|
Increase (decrease) in provision for pro |
0.5 |
4.6 |
-14.2 |
-5.9 |
3.1 |
|
L.Retire.Fix Asset |
- |
2.6 |
6.0 |
11.1 |
4.7 |
|
G.Sale Inv.Secs. |
- |
- |
0.0 |
-0.1 |
-0.8 |
|
L.Val.Inv.Secs. |
- |
- |
0.0 |
3.8 |
1.0 |
|
L. Val. Inv't in affil. |
- |
- |
- |
- |
0.0 |
|
Int.&Div.Income |
-4.7 |
-3.2 |
-2.8 |
-2.5 |
-3.6 |
|
Interest Expenses |
20.9 |
18.7 |
17.8 |
14.0 |
11.7 |
|
Subsidy Income |
-4.9 |
-3.8 |
-21.3 |
-3.2 |
-2.1 |
|
Equity in (earnings) losses of affiliate |
4.1 |
-0.7 |
1.2 |
-0.1 |
-0.3 |
|
Decrease (increase) in notes and account |
181.3 |
101.4 |
-141.3 |
24.9 |
91.5 |
|
Decrease (increase) in inventories |
56.1 |
-50.5 |
202.7 |
-163.1 |
96.2 |
|
Increase (decrease) in notes and account |
-333.5 |
-16.6 |
238.2 |
-245.9 |
-73.3 |
|
Increase (decrease) in advances received |
-59.7 |
38.1 |
5.9 |
-23.1 |
31.7 |
|
Increase (decrease) in accrued consumpti |
12.2 |
2.4 |
2.1 |
0.5 |
3.0 |
|
Increase in cash and cash equivalents fr |
0.0 |
- |
- |
- |
- |
|
Other Operating Cash Flow |
0.0 |
- |
- |
- |
- |
|
Other, net |
33.7 |
38.5 |
30.0 |
-18.1 |
30.0 |
|
Interest & Div. Income |
4.8 |
3.4 |
3.0 |
2.6 |
3.8 |
|
Interest Paid |
-21.0 |
-18.3 |
-17.7 |
-14.2 |
-12.1 |
|
Income Tax Paid |
-42.5 |
-25.3 |
-19.6 |
-24.3 |
-61.7 |
|
Newly Consolid. |
- |
- |
- |
0.7 |
13.3 |
|
Adjustment |
- |
0.0 |
- |
- |
- |
|
Net cash provided by (used in) operating |
-108.0 |
213.4 |
483.8 |
-322.3 |
304.1 |
|
|
|
|
|
|
|
|
Time Depo.Made |
-0.5 |
-12.1 |
-13.3 |
-18.9 |
-17.5 |
|
Time Depo.Matured |
4.6 |
34.8 |
7.8 |
7.3 |
13.8 |
|
Sale Inv.Secs. |
- |
- |
0.0 |
0.3 |
4.2 |
|
Purch.Inv.Secs. |
0.0 |
-9.4 |
-28.0 |
-0.1 |
-4.0 |
|
Purch.Subsid.Secs. |
0.0 |
-5.8 |
-18.6 |
-16.8 |
-0.5 |
|
Purchase of stocks of subsidiaries and a |
-2.5 |
- |
- |
- |
- |
|
Inflow due to purch. subs.' secs. |
- |
- |
0.0 |
9.4 |
0.0 |
|
Loans Made |
- |
- |
- |
0.0 |
-2.6 |
|
Loans Collected |
- |
- |
- |
0.0 |
2.2 |
|
Purchase of property, plant and equipmen |
-154.6 |
-202.3 |
-95.9 |
-148.9 |
-247.0 |
|
Sale PPE |
- |
8.6 |
29.5 |
25.0 |
17.7 |
|
Proceeds from prefectural government''s |
6.7 |
5.5 |
7.3 |
3.2 |
2.1 |
|
LT Prepaid Purch. |
- |
- |
0.0 |
-4.4 |
-0.3 |
|
Other, net |
2.2 |
2.1 |
-7.6 |
1.6 |
-3.3 |
|
Net cash provided by (used in) investing |
-144.1 |
-178.6 |
-118.7 |
-142.3 |
-235.2 |
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term lo |
186.1 |
240.9 |
-316.1 |
331.9 |
-4.0 |
|
Net increase (decrease) in commercial pa |
0.0 |
120.4 |
-54.6 |
-10.1 |
-36.3 |
|
Proceeds from long-term loans payable |
237.2 |
88.2 |
203.5 |
285.0 |
157.9 |
|
Repayment of long-term loans payable |
-223.5 |
-201.9 |
-221.5 |
-142.6 |
-115.4 |
|
Repayment of finance lease |
-34.8 |
-18.9 |
-20.4 |
-5.3 |
0.0 |
|
Proceed from sale and lease back |
- |
- |
0.0 |
70.3 |
0.0 |
|
Bond Issue |
- |
- |
- |
- |
0.0 |
|
Redemption of bonds with subscription ri |
0.0 |
-186.6 |
0.0 |
- |
- |
|
Issue Stock |
- |
0.0 |
161.7 |
0.0 |
- |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Minority closely-held inv'ts |
- |
- |
- |
0.0 |
0.7 |
|
Dividend Paid |
0.0 |
-12.4 |
-9.1 |
-9.1 |
-18.3 |
|
Minority Div.Paid |
-4.6 |
-0.6 |
-0.3 |
-0.3 |
-0.4 |
|
Other, net |
0.2 |
-2.9 |
1.1 |
0.0 |
0.0 |
|
Net cash provided by (used in) financing |
160.5 |
26.0 |
-255.7 |
519.9 |
-15.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-4.3 |
0.4 |
-2.2 |
-6.1 |
-4.8 |
|
Net increase (decrease) in cash and cash |
-96.0 |
61.3 |
107.2 |
49.1 |
48.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
454.5 |
368.7 |
217.3 |
172.0 |
105.8 |
|
Net Cash - Ending Balance |
358.5 |
430.0 |
324.5 |
221.1 |
153.9 |
|
Cash Interest Paid |
21.0 |
18.3 |
17.7 |
14.2 |
12.1 |
|
Cash Taxes Paid |
42.5 |
25.3 |
19.6 |
24.3 |
61.7 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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|
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.51.62 |
|
|
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.67.17 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.