MIRA INFORM REPORT
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Report Date : |
17.10.2012 |
IDENTIFICATION DETAILS
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Name : |
SUMITOMO BAKELITE COMPANY LIMITED |
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Registered Office : |
Tennozu Parkside Bldg., 2-5-8, Higashi-Shinagawa, Shinagawa-ku, Tokyo, 140-0002 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
25.01.1932 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
manufacturer
of Chemical |
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No. of Employees : |
6,997 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
Sumitomo Bakelite Company Limited
Tennozu Parkside Bldg.
2-5-8, Higashi-Shinagawa, Shinagawa-ku
Tokyo, 140-0002
Japan
Tel: 81-3-54624111
Fax: 81-3-54624873
Web: www.sumibe.co.jp
Synthesis
Employees: 6,997
Company Type: Public Parent
Corporate Family: 23
Companies
Traded: Tokyo
Stock Exchange: 4203
Incorporation Date:
25-Jan-1932
Auditor: KPMG AZSA LLC
Financials in: USD
(Millions)
Fiscal Year End:
31-Mar-2012
Reporting Currency: Japanese
Yen
Annual Sales: 2,345.9 1
Net Income: 32.0
Total Assets:
2,443.6 2
Market Value: 949.9
(05-Oct-2012)
Business Description
Sumitomo Bakelite Company Limited is a Japan-based chemical manufacturer operating in five business segments. The Semiconductor-related Materials segment provides epoxy molding materials for semiconductor encapsulation, liquid resins for semiconductor uses, carrier tapes for semiconductor assembly and adhesive tapes for semiconductor chips. The Circuit Products segment offers phenolic and epoxy laminated sheets, phenolic and epoxy copper-clad laminates, electrolytic copper foil and flexible printed circuit boards. The High-Functional Plastic segment provides phenolic molding materials, industrial phenolic resins, precision molding products and synthetic resin-based adhesives, among others. The Quality of Life Product-related segment offers medical equipment, thermoplastic resins, vinyl resin sheets and melamine resin decorated sheets. The Others segment is engaged in the fundamental research for electronic materials and the leasing of land. For the three months ended 30 June 2012, Sumitomo Bakelite Company Limited revenues decreased 3% to Y45.44B. Net income decreased 57% to Y843M. Revenues reflect Semiconductor and Display Materials segment decrease of 9% to Y12.03B, Circuits and Electronic Component Materials segment decrease of 9% to Y3.64B, High Performance Plastics segment decrease of 1% to Y14.94B. Net income also reflects Semiconductor and Display Materials segment income decrease
Industry
Industry Chemicals - Plastics and Rubber
ANZSIC 2006: 1821 - Synthetic
Resin and Synthetic Rubber Manufacturing
NACE 2002: 2416 - Manufacture
of plastics in primary forms
NAICS 2002: 325211 - Plastics
Material and Resin Manufacturing
UK SIC 2003: 2416 - Manufacture
of plastics in primary forms
UK SIC 2007: 2016 - Manufacture
of plastics in primary forms
US SIC 1987: 2821 - Plastics
Materials, Synthetic Resins, and Nonvulcanizable Elastomers
Key Executives
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Name |
Title |
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Shigeru Hayashi |
President, Executive President, Representative Director |
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Shigeki Muto |
Managing Executive Officer, Chief Director of Information
Communication Material Sales, Director |
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Tamotsu Yahata |
Executive Vice President, Chief Director of Accounting Planning,
Representative Director |
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Sumitoshi Asakuma |
Executive Officer |
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Hideaki Ezaki |
Co-Auditor |
Significant
Developments
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* number of significant developments within the last 12 months
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 78.96121
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 82.38536
Corporate Overview
Location
Tennozu Parkside Bldg.
2-5-8, Higashi-Shinagawa, Shinagawa-ku
Tokyo, 140-0002
Japan
Tel: 81-3-54624111
Fax: 81-3-54624873
Web: www.sumibe.co.jp
Quote Symbol - Exchange
4203 - Tokyo Stock
Exchange
Sales JPY(mil): 185,237.0
Assets JPY(mil): 201,315.0
Employees: 6,997
Fiscal Year End: 31-Mar-2012
Industry: Chemicals
- Plastics and Rubber
Incorporation Date: 25-Jan-1932
Company Type: Public
Parent
Quoted Status: Quoted
President,
Executive President,
Representative Director: Shigeru
Hayashi
Company Web Links
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:
1821 - Synthetic Resin and Synthetic Rubber Manufacturing
3323 - Industrial and Agricultural Chemical Product Wholesaling
1522 - Paper Bag Manufacturing
2429 - Other Electronic Equipment Manufacturing
1915 - Adhesive Manufacturing
1812 - Basic Organic Chemical Manufacturing
NACE 2002 Codes:
2416 - Manufacture of plastics in primary forms
2522 - Manufacture of plastic packing goods
5155 - Wholesale of chemical products
2462 - Manufacture of glues and gelatine
3210 - Manufacture of electronic valves and tubes and other
electronic components
2414 - Manufacture of other organic basic chemicals
NAICS 2002 Codes:
325211 - Plastics Material and Resin Manufacturing
334412 - Bare Printed Circuit Board Manufacturing
325520 - Adhesive Manufacturing
424690 - Other Chemical and Allied Products Merchant Wholesalers
326111 - Plastics Bag Manufacturing
325199 - All Other Basic Organic Chemical Manufacturing
US SIC 1987:
2821 - Plastics Materials, Synthetic Resins, and Nonvulcanizable
Elastomers
5169 - Chemicals and Allied Products, Not Elsewhere Classified
2891 - Adhesives and Sealants
3672 - Printed Circuit Boards
2673 - Plastics, Foil, and Coated Paper Bags
2869 - Industrial Organic Chemicals, Not Elsewhere Classified
UK SIC 2003:
2416 - Manufacture of plastics in primary forms
2462 - Manufacture of glues and gelatine
5155 - Wholesale of chemical products
3210 - Manufacture of electronic valves and tubes and other
electronic components
2414 - Manufacture of other organic basic chemicals
2522 - Manufacture of plastic packing goods
UK SIC 2007:
2016 - Manufacture of plastics in primary forms
2222 - Manufacture of plastic packing goods
2611 - Manufacture of electronic components
4675 - Wholesale of chemical products
2014 - Manufacture of other organic basic chemicals
2052 - Manufacture of glues
Business
Description
Sumitomo Bakelite
Company Limited is a Japan-based chemical manufacturer operating in five
business segments. The Semiconductor-related Materials segment provides epoxy molding
materials for semiconductor encapsulation, liquid resins for semiconductor
uses, carrier tapes for semiconductor assembly and adhesive tapes for
semiconductor chips. The Circuit Products segment offers phenolic and epoxy
laminated sheets, phenolic and epoxy copper-clad laminates, electrolytic copper
foil and flexible printed circuit boards. The High-Functional Plastic segment
provides phenolic molding materials, industrial phenolic resins, precision
molding products and synthetic resin-based adhesives, among others. The Quality
of Life Product-related segment offers medical equipment, thermoplastic resins,
vinyl resin sheets and melamine resin decorated sheets. The Others segment is
engaged in the fundamental research for electronic materials and the leasing of
land. For the three months ended 30 June 2012, Sumitomo Bakelite Company
Limited revenues decreased 3% to Y45.44B. Net income decreased 57% to Y843M.
Revenues reflect Semiconductor and Display Materials segment decrease of 9% to
Y12.03B, Circuits and Electronic Component Materials segment decrease of 9% to
Y3.64B, High Performance Plastics segment decrease of 1% to Y14.94B. Net income
also reflects Semiconductor and Display Materials segment income decrease
More Business Descriptions
Processing of
laminated products and synthetic resins. The product range includes phenolic
moulding compounds and phenolic resin
Chemicals, Resins
& Plastics Mfr
Sumitomo Bakelite
Company Limited (Sumitomo) engages in the production of various equipments and
products based on high precision and flexible plastic. The company, through its
subsidiaries offers various forms of Precision molded products, resin
multilayer materials, printed circuit boards and many more for use in
electronic industry. Its products are widely used in the production of cell
phone and computing devices body, LCD screens, DVD’s and bluray, and many
more allied and varied uses. Sumitomo operates its business in four segments,
namely, Semiconductors and Display Materials; Circuit Products; High-Performance
Plastics; and Quality of Life Products.Under the Semiconductor and Display
Material segment, the company engages in the production and distribution of
assortment of epoxy molding materials for semiconductor encapsulation, liquid
resins for semiconductor uses and adhesive tapes for semiconductor chips, epoxy
resin coating powder for electrical insulation, molded products and many
more.The Circuit Products segment offers phenolic laminated sheets, epoxy
laminated sheets, electrolytic copper foil and printed circuit boards. The
company’s products are sold under the brand of Sumiliteresin, Sumilite and
others.Sumitomo, through its High-Function Plastic, offers products such as
phenolic molding materials, Engineering plastics molding compounds, synthetic
resin-based adhesives, precision molding products and industrial phenolic
resins, thermoplastic resins and others.Under the Quality of Life Products
segment, offers products such as percutaneous endoscopic gastrostomy (PEG)
buttons and the ORCA CV, vinyl resin films, multilayered films, polycarbonate
resin plates, vinyl resin plates, sunloid lumiking acrylic resin light guide
panels for signboards melamine resin decorative, fireproof laminates and
others.The company has undertaken research and development into sheet
waterproofing systems and the production of sheet and steel plate components.
The group company Tsutsunaka Sheet Waterproof System Co., Ltd. is into
waterproofing business, which includes development of waterproof materials,
waterproof system design, to final construction and installation.Sumitomo,
under its group portfolio owns and operates more than eight production bases
and 10 plus Research Laboratories, established independently as well as at
production plants. The company also owns and operates18 domestic and 26
international subsidiaries held directly and indirectly. Some of the key
subsidiaries of the company include Akita Sumitomo Bakelite Co., Ltd., Neopreg
AG, Sumitomo Bakelite North America, Inc., P.T. SBP Indonesia, SNC Industrial
Laminates Sdn. Bhd., N.V. Sumitomo Bakelite Europe S.A., S.B. Recycle Co.,
Ltd., Tsutsunaka Sheet Waterproof Systems Co., Ltd. The company has operations
in three geographic regions, namely, Asia, Europe and North America.In December
2011, Shionogi & Co., Ltd., a pharmaceutical company acquired the remaining
stake in Ezose Sciences Inc. from the company.
Sumitomo Bakelite
Company Limited (Sumitomo) engages in the business of production and
commercialization of base raw materials in Electronic Industry. Sumitomo,
together with its subsidiaries produces plastic sheets for varied uses. Its
product portfolio consists of products such as printed circuit boards, phenolic
and epoxy laminated sheets, resins, and various plastic molded products. The
company also engages in the production of various kinds of electronic medical
equipments such as chest drainage vac, compact drain unit, ileus-aid system and
tube series and many more. It offers its medical equipment under the brand name
of ‘Sumius’. The company under its group portfolio holds eight production
plants in Japan and several dedicated state of the art Research Laboratories.
Sumitomo is headquartered in Shinagawa-ku, Tokyo, Japan.The company reported
revenues of (Yen) JPY 185,237.00 million during the fiscal year ended March
2012, a decrease of 3.00% from 2011. The operating profit of the company was
JPY 2,381.00 million during the fiscal year 2012, a decrease of 71.27% from
2011. The net profit of the company was JPY 2,526.00 million during the fiscal
year 2012, a decrease of 51.04% from 2011.
Sumitomo Bakelite
Co (Japan) manufactures resins and resin products for a wide range of
applications in the electric and electronic, information communications,
automobile, medical equipment, packaging and housing fields.
Resin and
Synthetic Rubber Manufacturing
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Strategic Initiatives
Sales and
Distribution
The Company will strive to expand sales of LaZ® while reinforcing its production structure for these products in Japan. Also, the Company has promoted R&D for various new products, including optical-electrical composite substrates, plastic film substrates to replace glass substrates, hard carbon anode materials for lithium-ion rechargeable batteries and a micro active catheter for embolotherapy. The Company plans to launch these innovative products while consistently providing next-generation solutions that preemptively accommodate customer needs. Through the promotion of these basic policies, the Sumitomo Bakelite Group aims to fulfill its medium-term targets. The year 2011 marks the 100th anniversary of Japan’s plastics industry, and as a pioneer in the plastics industry, Sumitomo Bakelite continues to contribute to advances in society by creating and adding new functions to plastics.
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Corporate Family |
Corporate
Structure News: |
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Sumitomo
Bakelite Company Limited |
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Sumitomo Bakelite Company Limited |
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Company Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Tokyo |
Japan |
Chemicals - Plastics and Rubber |
2,345.9 |
6,997 |
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Subsidiary |
Hanoi |
Viet Nam |
Miscellaneous Capital Goods |
|
1,013 |
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Subsidiary |
Singapore |
Singapore |
Fabricated Plastic and Rubber |
174.7 |
248 |
|
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Subsidiary |
Pasir Gudang, Johor |
Malaysia |
Miscellaneous Capital Goods |
41.4 |
180 |
|
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Subsidiary |
Bekasi, West Java |
Indonesia |
Fabricated Plastic and Rubber |
|
160 |
|
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Subsidiary |
Noogata, Fukuoka |
Japan |
Electronic Instruments and Controls |
108.3 |
158 |
|
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Subsidiary |
Genk |
Belgium |
Chemicals - Plastics and Rubber |
126.9 |
141 |
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Subsidiary |
Akita, Akita |
Japan |
Medical Equipment and Supplies |
89.5 |
139 |
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Subsidiary |
Gent |
Belgium |
Chemicals - Plastics and Rubber |
59.9 |
110 |
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Subsidiary |
Manchester, CT |
United States |
Chemicals - Plastics and Rubber |
150.8 |
140 |
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Subsidiary |
Novi, MI |
United States |
Chemicals - Plastics and Rubber |
|
135 |
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Branch |
Niagara Falls, NY |
United States |
Chemicals - Plastics and Rubber |
107.7 |
100 |
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Branch |
Kenton, OH |
United States |
Chemicals - Plastics and Rubber |
86.2 |
80 |
|
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Branch |
Santa Clara, CA |
United States |
Retail (Specialty) |
49.8 |
12 |
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Branch |
Cleveland, OH |
United States |
Electronic Instruments and Controls |
7.1 |
7 |
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Subsidiary |
Jakarta Pusat |
Indonesia |
Miscellaneous Capital Goods |
|
100 |
|
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Subsidiary |
Singapore |
Singapore |
Fabricated Plastic and Rubber |
23.1 |
90 |
|
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Subsidiary |
Singapore |
Singapore |
Chemicals - Plastics and Rubber |
36.4 |
65 |
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Subsidiary |
Fort Erie, ON |
Canada |
Business Services |
60.1 |
42 |
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Subsidiary |
Tsim Sha Tsui East, Kowloon |
Hong Kong |
Electronic Instruments and Controls |
8.1 |
15 |
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Subsidiary |
Tsim Sha Tsui East, Kowloon |
Hong Kong |
Fabricated Plastic and Rubber |
|
5 |
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Subsidiary |
Higashi-Osaka, Osaka |
Japan |
Chemical Manufacturing |
38.8 |
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Subsidiary |
Shinagawa-Ku, Tokyo |
Japan |
Chemical Manufacturing |
14.2 |
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Competitors Report
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Company
Name |
Location |
Employees |
Ownership |
|
KUREHA CORPORATION |
Tokyo, Japan |
4,032 |
Public |
|
MANAC INCORPORATED |
Fukuyama-Shi, Japan |
327 |
Public |
|
Nippon Fine Chemical Co., Ltd. |
Osaka-Shi, Japan |
593 |
Public |
|
NIPPON KAYAKU CO., LTD. |
Tokyo, Japan |
4,583 |
Public |
|
NIPPON SHOKUBAI CO., LTD. |
Osaka-Shi, Japan |
3,779 |
Public |
|
Nippon Soda Co., Ltd. |
Tokyo, Japan |
2,507 |
Public |
|
Nissan Chemical Industries,
Ltd. |
Tokyo, Japan |
2,283 |
Public |
|
NOF CORPORATION |
Tokyo, Japan |
3,799 |
Public |
|
Sekisui Chemical Co., Ltd. |
Tokyo, Japan |
20,855 |
Public |
|
Showa Denko K.K. |
Tokyo, Japan |
11,542 |
Public |
|
Sumitomo Chemical Co Ltd |
Tokyo, Japan |
29,839 |
Public |
Executive report
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Board of
Directors |
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Chairman of the Board, Representative Director |
Chairman |
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President, Executive President, Representative Director |
Director/Board Member |
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Managing Executive Officer, Director |
Director/Board Member |
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Senior Managing Executive Officer, Director of LaZ Business, Director |
Director/Board Member |
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Board Member |
Director/Board Member |
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Managing Executive Officer, Chief Director of Information
Communication Material Sales, Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Board Member |
Director/Board Member |
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Senior Managing Executive Officer, Chief Director of Procurement,
Director |
Director/Board Member |
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Executive Vice President, Chief Director of Accounting Planning,
Representative Director |
Director/Board Member |
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Managing Executive Officer, Chief Director of High Functional Plastic
Product Business, Director |
Director/Board Member |
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Executives |
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President, Executive President, Representative Director |
President |
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Managing Executive Officer |
Managing Director |
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Managing Executive Officer-Planning |
Managing Director |
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Managing Executive Officer |
Managing Director |
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Executive Officer |
Operations Executive |
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Co-Auditor |
Finance Executive |
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Co-Auditor |
Finance Executive |
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Corporate Auditor |
Accounting Executive |
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Corporate Auditor |
Accounting Executive |
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Standing Corporate Auditor |
Accounting Executive |
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Standing Corporate Auditor |
Accounting Executive |
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Executive Vice President, Chief Director of Accounting Planning,
Representative Director |
Accounting Executive |
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Managing Executive Officer, Chief Director of Information
Communication Material Sales, Director |
Sales Executive |
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Executive Officer |
Other |
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Executive Officer |
Other |
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Executive Officer, Director of S Biotechnology Development |
Other |
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Executive Officer |
Other |
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Executive Officer |
Other |
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Executive Officer |
Other |
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Co-Executive Officer-Business |
Other |
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Executive Officer |
Other |
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Managing Executive Officer, Dir of SBPS Promotion |
Other |
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Co-Executive Officer-Business |
Other |
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Deputy Chief Director of Accounting Planning |
Other |
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Co-Executive Officer-Business |
Other |
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Executive Officer |
Other |
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Significant Developments
Sumitomo Bakelite Co Ltd Lowers Consolidated Mid-year Forecast for FY 2013; Amends Mid-year Dividend and Year-end Dividend Forecasts for FY 2013 Sep 21, 2012
Sumitomo Bakelite Co Ltd announced that it has lowered the consolidated mid-year forecast for revenue from JPY 96,000 million to JPY 92,000 million, operating profit from JPY 5,000 million to JPY 4,200 million, ordinary profit from JPY 5,300 million to JPY 4,500 million, net profit from JPY 3,300 million to JPY 2,300 million and earning per share from JPY 13.70 to JPY 9.55 for the fiscal year ending March 31, 2013. The Company lowered the consolidated mid-year outlook due to decreased orders and slumping in economy environment. The Company has also lowered the mid-year dividend forecast from JPY 7.50 per share to JPY 5.00 per share and amended the year-end dividend forecast from JPY 7.50 per share to an undetermined value, for the fiscal year ending March 31, 2013.
Sumitomo Bakelite Co., Ltd. to Sell Subsidiary to Sumitomo Electric Industries, Ltd.; Expects Extraordinary Loss for FY 2012 Mar 30, 2012
Sumitomo Bakelite Co., Ltd. announced that it has decided to sell all the stake in a wholly owned subsidiary, Sumitomo Bakelite Vietnam Co., Ltd., to Sumitomo Electric Industries, Ltd., in September 2012. Due to this development, the Company is expecting an extraordinary loss of approximately JPY 1.8 billion, for the fiscal year ending March 31, 2012.
Sumitomo Bakelite Co., Ltd. Lowers Consolidated Full-year Outlook and Year-end Dividend Forecast for FY 2012
Mar 30, 2012
Sumitomo Bakelite Co., Ltd. announced that it has lowered the consolidated full-year outlook for revenue from JPY 190,000 million to JPY 185,000 million, operating profit from JPY 8,500 million to JPY 4,700 million, ordinary profit from JPY 10,000 million to JPY 5,900 million, net profit from JPY 4,800 million to JPY 2,700 million and earning per share from JPY 19.92 to JPY 11.21 for the fiscal year ending March 31, 2012. The negative outlook is mainly due to the sluggish market circumstance. The Company has also lowered the year-end dividend forecast from JPY 7.5 per share, disclosed on May 10, 2011, to JPY 5 per share, for the fiscal year ending March 31, 2012.
R&I Affirms Rating on Sumitomo Bakelite Co., Ltd. at "A"; Rating Outlook Stable Jan 30, 2012
Rating and Investment Information, Inc. (R&I) announced that it has affirmed the rating on Sumitomo Bakelite Co., Ltd. at "A" and the rating outlook is stable.
Sumitomo Bakelite Co., Ltd. Lowers Consolidated Full-year Outlook for FY 2012 Nov 07, 2011
Sumitomo Bakelite Co., Ltd. announced that it has lowered the consolidated full-year outlook for revenue from JPY 200,000 million to JPY 190,000 million, operating profit from JPY 13,500 million to JPY 8,500 million, ordinary profit from JPY 14,300 million to JPY 10,000 million, net profit from JPY 8,000 million to JPY 4,800 million and earning per share from JPY 33.20 to JPY 19.92 for the fiscal year ending March 31, 2012. The negative outlook is mainly due to the impact of high exchange rate, as well as price increase of raw material. According to I/B/E/S Estimates, analysts on average were expecting the Company to report full-year revenue of JPY 198.00 billion, operating profit of JPY 12.85 billion and net income of JPY 7.93 billion.
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
KPMG AZSA LLC |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
2,345.9 |
2,228.6 |
1,838.2 |
2,113.9 |
1,970.7 |
|
Revenue |
2,345.9 |
2,228.6 |
1,838.2 |
2,113.9 |
1,970.7 |
|
Total Revenue |
2,345.9 |
2,228.6 |
1,838.2 |
2,113.9 |
1,970.7 |
|
|
|
|
|
|
|
|
Cost of Revenue |
1,711.5 |
1,588.1 |
1,313.2 |
1,641.4 |
1,456.8 |
|
Cost of Revenue, Total |
1,711.5 |
1,588.1 |
1,313.2 |
1,641.4 |
1,456.8 |
|
Gross Profit |
634.5 |
640.4 |
525.0 |
472.4 |
513.9 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
128.9 |
120.3 |
232.2 |
251.8 |
110.8 |
|
Labor & Related Expense |
242.0 |
209.8 |
172.2 |
207.3 |
179.7 |
|
Advertising Expense |
- |
- |
4.7 |
4.7 |
4.2 |
|
Total Selling/General/Administrative Expenses |
370.9 |
330.1 |
409.0 |
463.8 |
294.7 |
|
Research & Development |
165.1 |
145.2 |
- |
- |
112.9 |
|
Depreciation |
38.6 |
34.6 |
34.8 |
32.2 |
27.3 |
|
Amortization of Acquisition Costs |
-7.4 |
-9.6 |
-9.2 |
-13.4 |
-10.0 |
|
Depreciation/Amortization |
31.2 |
25.1 |
25.7 |
18.8 |
17.3 |
|
Restructuring Charge |
28.1 |
8.1 |
24.2 |
31.0 |
3.7 |
|
Impairment-Assets Held for Use |
1.5 |
6.0 |
1.9 |
15.1 |
0.2 |
|
Impairment-Assets Held for Sale |
7.4 |
3.7 |
9.4 |
41.5 |
10.3 |
|
Other Unusual Expense (Income) |
0.0 |
25.6 |
8.9 |
11.6 |
28.2 |
|
Unusual Expense (Income) |
37.1 |
43.3 |
44.5 |
99.2 |
42.5 |
|
Other Operating Expense |
0.0 |
- |
- |
- |
- |
|
Other Operating Expenses, Total |
0.0 |
- |
- |
- |
- |
|
Total Operating Expense |
2,315.8 |
2,131.9 |
1,792.4 |
2,223.3 |
1,924.2 |
|
|
|
|
|
|
|
|
Operating Income |
30.2 |
96.7 |
45.8 |
-109.4 |
46.5 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-4.2 |
-4.0 |
-4.2 |
-4.5 |
-4.1 |
|
Interest Expense, Net Non-Operating |
-4.2 |
-4.0 |
-4.2 |
-4.5 |
-4.1 |
|
Interest Income -
Non-Operating |
1.8 |
1.3 |
1.2 |
6.5 |
9.6 |
|
Investment Income - Non-Operating |
11.6 |
10.6 |
7.1 |
7.1 |
-4.7 |
|
Interest/Investment Income - Non-Operating |
13.4 |
11.8 |
8.3 |
13.6 |
4.9 |
|
Interest Income (Expense) - Net Non-Operating Total |
9.3 |
7.9 |
4.2 |
9.0 |
0.8 |
|
Gain (Loss) on Sale of Assets |
8.6 |
-6.1 |
-6.2 |
-14.2 |
-36.2 |
|
Other Non-Operating Income (Expense) |
-1.3 |
-1.3 |
-0.5 |
0.2 |
-1.4 |
|
Other, Net |
-1.3 |
-1.3 |
-0.5 |
0.2 |
-1.4 |
|
Income Before Tax |
46.7 |
97.2 |
43.2 |
-114.3 |
9.7 |
|
|
|
|
|
|
|
|
Total Income Tax |
13.0 |
35.0 |
6.4 |
-34.3 |
-10.0 |
|
Income After Tax |
33.7 |
62.1 |
36.8 |
-80.0 |
19.7 |
|
|
|
|
|
|
|
|
Minority Interest |
-1.7 |
-1.9 |
-1.2 |
1.4 |
-0.5 |
|
Net Income Before Extraord Items |
32.0 |
60.2 |
35.6 |
-78.7 |
19.2 |
|
Net Income |
32.0 |
60.2 |
35.6 |
-78.7 |
19.2 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Total Adjustments to Net Income |
0.0 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Income Available to Common Excl Extraord Items |
32.0 |
60.1 |
35.6 |
-78.7 |
19.2 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
32.0 |
60.1 |
35.6 |
-78.7 |
19.2 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
240.9 |
240.9 |
241.0 |
248.8 |
261.0 |
|
Basic EPS Excl Extraord Items |
0.13 |
0.25 |
0.15 |
-0.32 |
0.07 |
|
Basic/Primary EPS Incl Extraord Items |
0.13 |
0.25 |
0.15 |
-0.32 |
0.07 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
32.0 |
60.1 |
35.6 |
-78.7 |
19.2 |
|
Diluted Weighted Average Shares |
240.9 |
240.9 |
241.0 |
248.8 |
261.0 |
|
Diluted EPS Excl Extraord Items |
0.13 |
0.25 |
0.15 |
-0.32 |
0.07 |
|
Diluted EPS Incl Extraord Items |
0.13 |
0.25 |
0.15 |
-0.32 |
0.07 |
|
Dividends per Share - Common Stock Primary Issue |
0.16 |
0.18 |
0.11 |
0.15 |
0.13 |
|
Gross Dividends - Common Stock |
38.1 |
42.2 |
25.9 |
36.7 |
34.2 |
|
Interest Expense, Supplemental |
4.2 |
4.0 |
4.2 |
4.5 |
4.1 |
|
Depreciation, Supplemental |
38.6 |
128.5 |
128.8 |
129.9 |
102.5 |
|
Total Special Items |
21.0 |
39.9 |
41.5 |
100.0 |
68.7 |
|
Normalized Income Before Tax |
67.8 |
137.1 |
84.7 |
-14.3 |
78.4 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
7.9 |
17.8 |
7.5 |
39.7 |
27.5 |
|
Inc Tax Ex Impact of Sp Items |
20.9 |
52.9 |
13.9 |
5.4 |
17.6 |
|
Normalized Income After Tax |
46.9 |
84.2 |
70.9 |
-19.7 |
60.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
45.1 |
82.2 |
69.6 |
-18.4 |
60.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.19 |
0.34 |
0.29 |
-0.07 |
0.23 |
|
Diluted Normalized EPS |
0.19 |
0.34 |
0.29 |
-0.07 |
0.23 |
|
Amort of Acquisition Costs, Supplemental |
-7.4 |
-9.6 |
-9.2 |
-13.4 |
-10.0 |
|
Rental Expenses |
7.2 |
7.4 |
7.7 |
9.4 |
7.9 |
|
Advertising Expense, Supplemental |
- |
- |
4.7 |
4.7 |
4.2 |
|
Research & Development Exp, Supplemental |
165.2 |
145.2 |
135.2 |
130.2 |
112.9 |
|
Reported Operating Profit |
59.9 |
130.5 |
81.1 |
-16.3 |
79.0 |
|
Reported Ordinary Profit |
75.1 |
146.0 |
93.0 |
4.9 |
85.2 |
|
Normalized EBIT |
67.2 |
140.1 |
90.3 |
-10.2 |
88.9 |
|
Normalized EBITDA |
98.4 |
259.0 |
209.9 |
106.3 |
181.5 |
|
Current Tax - Total |
21.0 |
- |
- |
- |
- |
|
Current Tax - Total |
21.0 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-8.0 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-8.0 |
- |
- |
- |
- |
|
Income Tax - Total |
13.0 |
- |
- |
- |
- |
|
Interest Cost - Domestic |
10.1 |
9.5 |
9.2 |
8.6 |
6.4 |
|
Service Cost - Domestic |
13.4 |
13.3 |
13.0 |
13.3 |
10.9 |
|
Prior Service Cost - Domestic |
-0.8 |
-0.8 |
-0.8 |
6.7 |
-0.7 |
|
Expected Return on Assets - Domestic |
-6.0 |
-6.4 |
-1.7 |
-6.2 |
-6.3 |
|
Actuarial Gains and Losses - Domestic |
16.7 |
-1.1 |
-25.4 |
40.4 |
38.7 |
|
Domestic Pension Plan Expense |
33.4 |
14.5 |
-5.7 |
62.9 |
48.9 |
|
Total Pension Expense |
33.4 |
14.5 |
-5.7 |
62.9 |
48.9 |
|
Discount Rate - Domestic |
1.85% |
2.43% |
2.29% |
2.25% |
2.00% |
|
Discount Rate - Foreign |
4.10% |
5.50% |
6.00% |
6.70% |
6.80% |
|
Expected Rate of Return - Domestic |
2.10% |
2.50% |
0.00% |
2.10% |
2.80% |
|
Total Plan Interest Cost |
10.1 |
9.5 |
9.2 |
8.6 |
6.4 |
|
Total Plan Service Cost |
13.4 |
13.3 |
13.0 |
13.3 |
10.9 |
|
Total Plan Expected Return |
-6.0 |
-6.4 |
-1.7 |
-6.2 |
-6.3 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.385362 |
82.88 |
93.44 |
98.77 |
99.535 |
|
Auditor |
KPMG AZSA LLC |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
327.2 |
467.8 |
352.7 |
410.1 |
464.4 |
|
Cash and Short Term Investments |
327.2 |
467.8 |
352.7 |
410.1 |
464.4 |
|
Accounts Receivable -
Trade, Gross |
416.8 |
411.3 |
376.5 |
298.2 |
481.1 |
|
Provision for Doubtful
Accounts |
-0.8 |
-2.2 |
-4.3 |
-4.2 |
-5.0 |
|
Trade Accounts Receivable - Net |
416.1 |
409.1 |
372.2 |
294.1 |
476.2 |
|
Notes Receivable - Short Term |
96.7 |
78.1 |
71.4 |
72.4 |
109.4 |
|
Total Receivables, Net |
512.8 |
487.2 |
443.6 |
366.5 |
585.6 |
|
Inventories - Finished Goods |
119.5 |
105.1 |
84.2 |
104.0 |
129.8 |
|
Inventories - Work In Progress |
41.0 |
38.1 |
31.5 |
31.4 |
40.9 |
|
Inventories - Raw Materials |
120.6 |
110.1 |
87.4 |
101.1 |
122.6 |
|
Total Inventory |
281.0 |
253.3 |
203.1 |
236.6 |
293.2 |
|
Deferred Income Tax - Current Asset |
52.4 |
44.8 |
25.6 |
16.5 |
22.6 |
|
Other Current Assets |
42.3 |
31.7 |
30.0 |
41.6 |
69.6 |
|
Other Current Assets, Total |
94.7 |
76.5 |
55.6 |
58.1 |
92.2 |
|
Total Current Assets |
1,215.7 |
1,284.9 |
1,055.0 |
1,071.2 |
1,435.4 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
907.3 |
883.1 |
842.2 |
817.8 |
904.0 |
|
Goodwill, Net |
58.1 |
63.4 |
63.9 |
64.0 |
75.9 |
|
Intangibles, Net |
18.9 |
13.6 |
14.8 |
16.2 |
27.5 |
|
LT Investment - Affiliate Companies |
16.9 |
18.0 |
- |
- |
- |
|
LT Investments - Other |
161.4 |
133.7 |
152.8 |
129.2 |
193.4 |
|
Long Term Investments |
178.2 |
151.7 |
152.8 |
129.2 |
193.4 |
|
Note Receivable - Long Term |
59.3 |
64.2 |
64.1 |
43.6 |
49.4 |
|
Deferred Income Tax - Long Term Asset |
15.9 |
18.8 |
34.8 |
47.0 |
8.0 |
|
Other Long Term Assets |
-9.8 |
-5.3 |
-9.8 |
-3.6 |
-6.9 |
|
Other Long Term Assets, Total |
6.2 |
13.5 |
25.0 |
43.4 |
1.2 |
|
Total Assets |
2,443.6 |
2,474.4 |
2,218.0 |
2,185.3 |
2,686.6 |
|
|
|
|
|
|
|
|
Accounts Payable |
281.4 |
303.3 |
259.5 |
196.6 |
358.1 |
|
Accrued Expenses |
30.0 |
32.2 |
24.9 |
21.7 |
30.2 |
|
Notes Payable/Short Term Debt |
98.4 |
94.1 |
91.4 |
102.4 |
137.1 |
|
Current Portion - Long Term Debt/Capital Leases |
10.9 |
10.9 |
26.8 |
9.1 |
- |
|
Income Taxes Payable |
11.8 |
14.5 |
9.9 |
8.8 |
16.8 |
|
Deferred Income Tax - Current Liability |
- |
- |
0.0 |
0.0 |
0.0 |
|
Other Current Liabilities |
313.6 |
275.9 |
151.8 |
231.9 |
215.7 |
|
Other Current liabilities, Total |
325.4 |
290.4 |
161.7 |
240.8 |
232.5 |
|
Total Current Liabilities |
746.1 |
730.8 |
564.2 |
570.5 |
757.8 |
|
|
|
|
|
|
|
|
Long Term Debt |
128.7 |
138.8 |
132.7 |
150.9 |
108.6 |
|
Total Long Term Debt |
128.7 |
138.8 |
132.7 |
150.9 |
108.6 |
|
Total Debt |
238.0 |
243.7 |
250.8 |
262.4 |
245.7 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
13.6 |
14.7 |
13.2 |
11.9 |
42.1 |
|
Deferred Income Tax |
13.6 |
14.7 |
13.2 |
11.9 |
42.1 |
|
Minority Interest |
12.4 |
13.2 |
12.0 |
10.4 |
25.4 |
|
Reserves |
4.1 |
8.6 |
14.9 |
35.7 |
5.3 |
|
Pension Benefits - Underfunded |
85.1 |
81.1 |
88.4 |
113.3 |
59.2 |
|
Other Long Term Liabilities |
21.3 |
28.1 |
28.6 |
31.3 |
42.2 |
|
Other Liabilities, Total |
110.5 |
117.8 |
131.8 |
180.3 |
106.6 |
|
Total Liabilities |
1,011.3 |
1,015.3 |
854.0 |
924.1 |
1,040.6 |
|
|
|
|
|
|
|
|
Common Stock |
450.8 |
448.2 |
397.5 |
376.1 |
373.2 |
|
Common Stock |
450.8 |
448.2 |
397.5 |
376.1 |
373.2 |
|
Additional Paid-In Capital |
429.2 |
426.6 |
378.4 |
358.0 |
355.2 |
|
Retained Earnings (Accumulated Deficit) |
947.4 |
954.9 |
811.7 |
771.4 |
926.6 |
|
Treasury Stock - Common |
-144.8 |
-143.9 |
-127.5 |
-120.6 |
-59.6 |
|
Unrealized Gain (Loss) |
2.7 |
-2.6 |
22.5 |
-1.5 |
12.7 |
|
Translation Adjustment |
-253.1 |
-224.1 |
-118.6 |
-122.1 |
37.9 |
|
Other Equity, Total |
-253.1 |
-224.1 |
-118.6 |
-122.1 |
37.9 |
|
Total Equity |
1,432.3 |
1,459.1 |
1,364.0 |
1,261.3 |
1,646.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
2,443.6 |
2,474.5 |
2,218.0 |
2,185.3 |
2,686.6 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
240.9 |
240.9 |
241.0 |
241.0 |
258.2 |
|
Total Common Shares Outstanding |
240.9 |
240.9 |
241.0 |
241.0 |
258.2 |
|
Treasury Shares - Common Stock Primary Issue |
22.0 |
22.0 |
22.0 |
22.0 |
7.6 |
|
Employees |
6,997 |
7,724 |
7,537 |
8,071 |
8,833 |
|
Number of Common Shareholders |
17,808 |
18,097 |
18,207 |
18,436 |
18,809 |
|
Total Long Term Debt, Supplemental |
285.2 |
149.6 |
159.5 |
160.0 |
122.7 |
|
Long Term Debt Maturing within 1 Year |
156.6 |
10.9 |
26.8 |
9.1 |
14.1 |
|
Long Term Debt Maturing in Year 2 |
71.6 |
10.9 |
9.6 |
25.3 |
6.1 |
|
Long Term Debt Maturing in Year 3 |
17.0 |
71.2 |
9.6 |
9.1 |
22.2 |
|
Long Term Debt Maturing in Year 4 |
40.1 |
16.9 |
63.1 |
9.1 |
6.1 |
|
Long Term Debt Maturing in Year 5 |
- |
39.8 |
15.0 |
59.7 |
6.0 |
|
Long Term Debt Maturing in 2-3 Years |
88.6 |
82.0 |
19.3 |
34.4 |
28.2 |
|
Long Term Debt Maturing in 4-5 Years |
40.1 |
56.7 |
78.1 |
68.8 |
12.1 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
0.0 |
35.3 |
47.6 |
68.3 |
|
Total Capital Leases, Supplemental |
- |
- |
0.2 |
0.2 |
0.0 |
|
Capital Lease Payments Due in Year 1 |
- |
- |
0.1 |
0.1 |
0.0 |
|
Capital Lease Payments Due in Year 2 |
- |
- |
0.1 |
0.1 |
- |
|
Capital Lease Payments Due in Year 3 |
- |
- |
0.0 |
0.1 |
- |
|
Capital Lease Payments Due in Year 4 |
- |
- |
0.0 |
0.0 |
- |
|
Capital Lease Payments Due in Year 5 |
- |
- |
0.0 |
- |
- |
|
Capital Lease Payments Due in 2-3 Years |
- |
- |
0.1 |
0.1 |
- |
|
Capital Lease Payments Due in 4-5 Years |
- |
- |
0.0 |
0.0 |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
- |
- |
0.0 |
0.0 |
- |
|
Pension Obligation - Domestic |
335.0 |
325.0 |
307.7 |
294.1 |
298.8 |
|
Plan Assets - Domestic |
249.5 |
244.0 |
219.5 |
181.1 |
239.9 |
|
Funded Status - Domestic |
-85.4 |
-81.0 |
-88.2 |
-113.0 |
-58.9 |
|
Total Funded Status |
-85.4 |
-81.0 |
-88.2 |
-113.0 |
-58.9 |
|
Discount Rate - Domestic |
1.85% |
2.43% |
2.29% |
2.25% |
2.00% |
|
Discount Rate - Foreign |
4.10% |
5.50% |
6.00% |
6.70% |
6.80% |
|
Expected Rate of Return - Domestic |
2.10% |
2.50% |
0.00% |
2.10% |
2.80% |
|
Prepaid Benefits - Domestic |
0.0 |
- |
- |
- |
- |
|
Accrued Liabilities - Domestic |
-84.9 |
-80.9 |
-88.1 |
-113.0 |
-58.7 |
|
Other Assets, Net - Domestic |
0.5 |
0.2 |
0.1 |
0.0 |
0.2 |
|
Net Assets Recognized on Balance Sheet |
-84.4 |
-80.7 |
-88.0 |
-113.0 |
-58.4 |
|
Total Plan Obligations |
335.0 |
325.0 |
307.7 |
294.1 |
298.8 |
|
Total Plan Assets |
249.5 |
244.0 |
219.5 |
181.1 |
239.9 |
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 with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
46.7 |
97.1 |
43.2 |
-114.4 |
9.7 |
|
Depreciation |
132.5 |
128.5 |
128.8 |
129.9 |
102.5 |
|
Depreciation/Depletion |
132.5 |
128.5 |
128.8 |
129.9 |
102.5 |
|
Unusual Items |
23.7 |
31.3 |
24.7 |
92.3 |
70.3 |
|
Other Non-Cash Items |
-5.2 |
-19.9 |
-31.9 |
39.2 |
-7.3 |
|
Non-Cash Items |
18.6 |
11.4 |
-7.2 |
131.5 |
63.0 |
|
Accounts Receivable |
-31.3 |
-2.4 |
-59.2 |
186.0 |
65.6 |
|
Inventories |
-35.9 |
-39.8 |
49.0 |
22.7 |
-1.6 |
|
Prepaid Expenses |
- |
- |
- |
0.0 |
42.3 |
|
Other Assets |
-4.8 |
4.8 |
0.4 |
44.4 |
9.9 |
|
Accounts Payable |
-13.3 |
15.0 |
44.5 |
-152.0 |
-35.3 |
|
Other Liabilities |
0.6 |
4.2 |
-1.6 |
-25.7 |
-5.8 |
|
Other Operating Cash Flow |
-27.9 |
-28.9 |
-32.8 |
-17.7 |
-90.9 |
|
Changes in Working Capital |
-112.6 |
-47.0 |
0.2 |
57.7 |
-15.8 |
|
Cash from Operating Activities |
85.2 |
190.1 |
165.0 |
204.7 |
159.4 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-160.2 |
-115.4 |
-94.6 |
-133.3 |
-80.6 |
|
Capital Expenditures |
-160.2 |
-115.4 |
-94.6 |
-133.3 |
-80.6 |
|
Acquisition of Business |
- |
- |
- |
0.0 |
-2.8 |
|
Sale of Business |
- |
- |
- |
- |
0.0 |
|
Sale of Fixed Assets |
9.4 |
3.7 |
8.8 |
5.4 |
3.6 |
|
Sale/Maturity of Investment |
- |
- |
0.0 |
0.5 |
29.0 |
|
Purchase of Investments |
-20.0 |
0.0 |
-0.5 |
-1.6 |
-41.0 |
|
Other Investing Cash Flow |
1.8 |
-13.1 |
4.7 |
-2.7 |
-37.3 |
|
Other Investing Cash Flow Items, Total |
-8.7 |
-9.4 |
13.0 |
1.7 |
-48.4 |
|
Cash from Investing Activities |
-168.9 |
-124.8 |
-81.6 |
-131.7 |
-129.0 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-2.0 |
-1.9 |
-10.8 |
-17.3 |
-7.6 |
|
Financing Cash Flow Items |
-2.0 |
-1.9 |
-10.8 |
-17.3 |
-7.6 |
|
Cash Dividends Paid - Common |
-45.8 |
-35.1 |
-32.4 |
-37.9 |
-34.5 |
|
Total Cash Dividends Paid |
-45.8 |
-35.1 |
-32.4 |
-37.9 |
-34.5 |
|
Repurchase/Retirement
of Common |
- |
0.0 |
-0.1 |
-79.9 |
-24.8 |
|
Common Stock, Net |
- |
0.0 |
-0.1 |
-79.9 |
-24.8 |
|
Issuance (Retirement) of Stock, Net |
- |
0.0 |
-0.1 |
-79.9 |
-24.8 |
|
Short Term Debt, Net |
9.2 |
91.3 |
-106.5 |
27.2 |
-54.1 |
|
Long Term Debt Issued |
- |
- |
0.0 |
49.8 |
0.0 |
|
Long Term Debt
Reduction |
-11.4 |
-29.2 |
- |
- |
0.0 |
|
Long Term Debt, Net |
-11.4 |
-29.2 |
0.0 |
49.8 |
0.0 |
|
Issuance (Retirement) of Debt, Net |
-2.2 |
62.1 |
-106.5 |
77.0 |
-54.1 |
|
Cash from Financing Activities |
-49.9 |
25.1 |
-149.8 |
-58.1 |
-120.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-5.7 |
-27.1 |
5.8 |
-58.8 |
-7.4 |
|
Net Change in Cash |
-139.3 |
63.4 |
-60.6 |
-43.8 |
-97.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
479.1 |
378.2 |
409.3 |
431.7 |
477.4 |
|
Net Cash - Ending Balance |
339.8 |
441.5 |
348.7 |
387.9 |
379.5 |
|
Cash Interest Paid |
4.2 |
4.8 |
3.5 |
4.4 |
4.0 |
|
Cash Taxes Paid |
22.6 |
20.2 |
8.5 |
13.4 |
61.0 |
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 with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net sales |
2,345.9 |
2,228.6 |
1,838.2 |
2,113.9 |
1,970.7 |
|
Total Revenue |
2,345.9 |
2,228.6 |
1,838.2 |
2,113.9 |
1,970.7 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Cost of Sales |
1,711.5 |
1,588.1 |
1,313.2 |
1,634.2 |
1,456.8 |
|
Salaries & Bonuses |
168.8 |
155.0 |
139.1 |
136.0 |
112.1 |
|
Advertising Expenses |
- |
- |
4.7 |
4.7 |
4.2 |
|
Other Selling/General/Admin. Expense |
4.9 |
- |
- |
- |
- |
|
Packing & freight-out costs |
92.4 |
87.3 |
75.3 |
84.0 |
72.7 |
|
Traveling & communication exp. |
24.5 |
23.3 |
19.5 |
22.0 |
19.1 |
|
Allowance for Bonuses |
19.0 |
18.5 |
14.2 |
11.9 |
14.0 |
|
Legal Welfare |
33.7 |
29.9 |
26.7 |
26.8 |
21.1 |
|
Reserve for retirement benefits |
20.5 |
6.4 |
-7.9 |
32.5 |
32.3 |
|
Director Retirement Benefits |
- |
- |
0.1 |
0.1 |
0.1 |
|
Rental Expenses |
7.2 |
7.4 |
7.7 |
9.4 |
7.9 |
|
Taxes, other than income taxes |
- |
- |
6.0 |
6.4 |
5.5 |
|
Depreciation |
38.6 |
34.6 |
34.8 |
32.2 |
27.3 |
|
Provision for doubtful accounts(SGA) |
- |
- |
0.9 |
2.3 |
2.1 |
|
Research and Development Expense(in SGA) |
165.1 |
- |
- |
- |
- |
|
Research & Development |
- |
145.2 |
- |
- |
112.9 |
|
Other SGA |
- |
2.3 |
122.8 |
127.7 |
3.4 |
|
Reversal Of Provision For Retirement Ben |
-3.8 |
- |
- |
- |
- |
|
Insurance income |
-4.3 |
- |
- |
- |
- |
|
Reversal of provision for loss on disast |
-2.6 |
- |
- |
- |
- |
|
SP Gain-Prior Period |
- |
- |
- |
0.0 |
-3.9 |
|
SP Insurance income |
- |
0.0 |
- |
- |
- |
|
Rev. of res. for retirement benef. |
- |
0.0 |
- |
- |
- |
|
Rev. of res. for L on disaster |
- |
0.0 |
- |
- |
- |
|
SP Other special gains |
0.0 |
-0.1 |
0.0 |
- |
- |
|
SP Val.Loss-Invest.Sec |
7.4 |
3.7 |
9.4 |
24.6 |
10.3 |
|
SP Expense-Restructure |
28.1 |
8.1 |
24.2 |
31.0 |
3.7 |
|
SP Disaster loss |
0.0 |
15.7 |
0.0 |
- |
- |
|
SP Impairment Loss-Goodwill |
- |
- |
- |
15.1 |
0.2 |
|
SP Impairment loss |
1.5 |
6.0 |
1.9 |
- |
- |
|
SP Loss-Prior Period Adjustment |
- |
0.0 |
1.4 |
0.0 |
- |
|
SP Valuation Loss-Affiliate Co.'s Equity |
- |
- |
0.0 |
17.0 |
0.0 |
|
SP Val.Loss-Membership |
- |
- |
- |
0.0 |
0.0 |
|
SP Res-Doubt.Acct.-Golf |
- |
- |
- |
0.0 |
1.8 |
|
SP Allowance for Doubtful Accounts |
- |
- |
- |
- |
0.0 |
|
SP Past Yr.Svc.-Pension |
- |
- |
0.0 |
7.5 |
0.0 |
|
SP L on val. of inventories |
- |
- |
0.0 |
7.3 |
0.0 |
|
SP Expense-Business Purchase |
- |
- |
- |
- |
0.0 |
|
SP Expense-Lawsuit Settlement Related |
8.6 |
6.9 |
7.4 |
0.0 |
26.8 |
|
SP Environmental Allowance |
0.0 |
0.9 |
0.0 |
3.7 |
0.0 |
|
SP Merger Related Cost |
- |
- |
- |
0.0 |
3.5 |
|
SP L on adj. for chgs. of acc. assts. |
0.0 |
0.9 |
0.0 |
- |
- |
|
SP Other special losses |
2.2 |
1.3 |
0.1 |
0.3 |
0.0 |
|
NOP Amort. of negative goodwill |
-7.4 |
-9.6 |
-9.2 |
-13.4 |
-10.0 |
|
Total Operating Expense |
2,315.8 |
2,131.9 |
1,792.4 |
2,223.3 |
1,924.2 |
|
|
|
|
|
|
|
|
SP Sale Gain-Fixed Asst |
10.4 |
2.9 |
1.1 |
4.0 |
2.7 |
|
SP Sale Gain-Invest.Sec |
- |
0.0 |
0.0 |
0.4 |
1.1 |
|
Gain on sales of subsidiaries and affili |
4.7 |
0.0 |
2.1 |
0.0 |
0.0 |
|
SP Asset Retired & Sold |
-6.5 |
-8.3 |
-6.6 |
-7.6 |
-9.0 |
|
SP Loss Sale Affiliate Stock |
- |
- |
- |
- |
0.0 |
|
SP L on business liquidations |
- |
0.0 |
-2.0 |
-9.6 |
-27.9 |
|
NOP Interest Income |
1.8 |
1.3 |
1.2 |
6.5 |
9.6 |
|
NOP Dividend Income |
6.4 |
7.2 |
3.8 |
4.6 |
3.4 |
|
Other Non-Operating Income (Expense) |
0.1 |
- |
- |
- |
- |
|
NOP Rent Income |
0.8 |
1.0 |
1.5 |
1.4 |
1.4 |
|
NOP Exchange Gain |
5.0 |
2.7 |
1.4 |
4.9 |
0.0 |
|
NOP Gain-Equity Method |
0.1 |
0.7 |
1.9 |
0.0 |
- |
|
NOP Other Non-op. Income |
2.4 |
2.8 |
3.2 |
4.2 |
4.3 |
|
NOP Interest Expense |
-4.2 |
-4.0 |
-4.2 |
-4.5 |
-4.1 |
|
NOP Disposal-Inventory |
0.0 |
-0.7 |
-0.9 |
-1.0 |
-2.0 |
|
NOP Cost of Rent Assets |
-0.7 |
-0.8 |
-0.9 |
-0.6 |
-0.9 |
|
NOP Loss-Equity Method |
- |
- |
0.0 |
-2.8 |
-6.1 |
|
NOP Exchange Loss |
- |
- |
- |
0.0 |
-3.2 |
|
NOP Other Non-op.Expense |
-3.9 |
-4.3 |
-4.4 |
-4.8 |
-6.3 |
|
Net Income Before Taxes |
46.7 |
97.2 |
43.2 |
-114.3 |
9.7 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
13.0 |
35.0 |
6.4 |
-34.3 |
-10.0 |
|
Net Income After Taxes |
33.7 |
62.1 |
36.8 |
-80.0 |
19.7 |
|
|
|
|
|
|
|
|
Minority interests in income |
-1.7 |
- |
- |
- |
- |
|
Minority Interest |
- |
-1.9 |
-1.2 |
1.4 |
-0.5 |
|
Net Income Before Extra. Items |
32.0 |
60.2 |
35.6 |
-78.7 |
19.2 |
|
Net Income |
32.0 |
60.2 |
35.6 |
-78.7 |
19.2 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Earning Adjustment |
- |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
32.0 |
60.1 |
35.6 |
-78.7 |
19.2 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
32.0 |
60.1 |
35.6 |
-78.7 |
19.2 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
240.9 |
240.9 |
241.0 |
248.8 |
261.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.13 |
0.25 |
0.15 |
-0.32 |
0.07 |
|
Basic EPS Including ExtraOrdinary Item |
0.13 |
0.25 |
0.15 |
-0.32 |
0.07 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
32.0 |
60.1 |
35.6 |
-78.7 |
19.2 |
|
Diluted Weighted Average Shares |
240.9 |
240.9 |
241.0 |
248.8 |
261.0 |
|
Diluted EPS Excluding ExtraOrd Items |
0.13 |
0.25 |
0.15 |
-0.32 |
0.07 |
|
Diluted EPS Including ExtraOrd Items |
0.13 |
0.25 |
0.15 |
-0.32 |
0.07 |
|
DPS-Common Stock |
0.16 |
0.18 |
0.11 |
0.15 |
0.13 |
|
Gross Dividends - Common Stock |
38.1 |
42.2 |
25.9 |
36.7 |
34.2 |
|
Normalized Income Before Taxes |
67.8 |
137.1 |
84.7 |
-14.3 |
78.4 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
20.9 |
52.9 |
13.9 |
5.4 |
17.6 |
|
Normalized Income After Taxes |
46.9 |
84.2 |
70.9 |
-19.7 |
60.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
45.1 |
82.2 |
69.6 |
-18.4 |
60.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.19 |
0.34 |
0.29 |
-0.07 |
0.23 |
|
Diluted Normalized EPS |
0.19 |
0.34 |
0.29 |
-0.07 |
0.23 |
|
Advertisement |
- |
- |
4.7 |
4.7 |
4.2 |
|
Rent Expense |
7.2 |
7.4 |
7.7 |
9.4 |
7.9 |
|
Research And Development Expense |
165.1 |
145.2 |
135.2 |
130.2 |
112.9 |
|
Research & Development Exp, Supplemental |
0.1 |
0.0 |
- |
- |
- |
|
Selling General And Administrative Expen |
38.6 |
- |
- |
- |
- |
|
Depreciation |
- |
128.5 |
128.8 |
129.9 |
102.5 |
|
Amort of negative goodwill |
-7.4 |
-9.6 |
-9.2 |
-13.4 |
-10.0 |
|
Interest Expense |
4.2 |
4.0 |
4.2 |
4.5 |
4.1 |
|
Income taxes-current |
21.0 |
- |
- |
- |
- |
|
Current Tax - Total |
21.0 |
- |
- |
- |
- |
|
Income taxes-deferred |
-8.0 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-8.0 |
- |
- |
- |
- |
|
Income Tax - Total |
13.0 |
- |
- |
- |
- |
|
Reported Operating Profit |
59.9 |
130.5 |
81.1 |
-16.3 |
79.0 |
|
Reported Ordinary Profit |
75.1 |
146.0 |
93.0 |
4.9 |
85.2 |
|
Service Cost |
13.4 |
13.3 |
13.0 |
13.3 |
10.9 |
|
Interest Cost |
10.1 |
9.5 |
9.2 |
8.6 |
6.4 |
|
Expected Return on Plant Assets |
-6.0 |
-6.4 |
-1.7 |
-6.2 |
-6.3 |
|
Actuarial Gains and Losses |
16.7 |
-1.1 |
-25.4 |
40.4 |
38.7 |
|
Pror Service Cost |
-0.8 |
-0.8 |
-0.8 |
6.7 |
-0.7 |
|
Domestic Pension Plan Expense |
33.4 |
14.5 |
-5.7 |
62.9 |
48.9 |
|
Total Pension Expense |
33.4 |
14.5 |
-5.7 |
62.9 |
48.9 |
|
Discount Rate(MIN)-Retirement Cost(Domes |
1.85% |
- |
- |
- |
- |
|
Discount Rate-Domestic |
- |
2.43% |
2.29% |
2.25% |
2.00% |
|
Discount Rate(MIN)-Retirement Cost(Forei |
4.10% |
- |
- |
- |
- |
|
Discount Rate-Foreign |
- |
5.50% |
6.00% |
6.70% |
6.80% |
|
Expected return on assets(MIN)-Retiremen |
2.10% |
- |
- |
- |
- |
|
Expected rate of return |
- |
2.50% |
0.00% |
2.10% |
2.80% |
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 with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash and Deposit |
327.2 |
467.8 |
352.7 |
410.1 |
464.4 |
|
Notes receivable-trade |
96.7 |
78.1 |
71.4 |
72.4 |
109.4 |
|
Accounts receivable-trade |
416.8 |
411.3 |
376.5 |
298.2 |
481.1 |
|
Merchandise & finished goods |
119.5 |
105.1 |
84.2 |
104.0 |
129.8 |
|
Semi-finished goods |
32.7 |
31.0 |
23.0 |
21.9 |
26.2 |
|
Inventories - work-in-process |
8.3 |
7.0 |
8.5 |
9.5 |
14.7 |
|
Raw materials & supplies |
120.6 |
110.1 |
87.4 |
101.1 |
122.6 |
|
Dfrd. Tax Asset |
52.4 |
44.8 |
25.6 |
16.5 |
22.6 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other Curr.Asset |
42.3 |
31.7 |
30.0 |
41.6 |
69.6 |
|
Doubtful Account |
-0.8 |
-2.2 |
-4.3 |
-4.2 |
-5.0 |
|
Total Current Assets |
1,215.7 |
1,284.9 |
1,055.0 |
1,071.2 |
1,435.4 |
|
|
|
|
|
|
|
|
Other PPE |
0.0 |
- |
- |
- |
- |
|
Buildings and structures, net |
352.6 |
364.9 |
349.1 |
337.1 |
372.4 |
|
Machinery, equipment and vehicles, net |
288.5 |
291.7 |
297.5 |
288.5 |
340.9 |
|
Tools, furniture and fixtures, net |
22.6 |
21.8 |
20.5 |
22.3 |
27.8 |
|
Land |
127.0 |
128.9 |
117.5 |
115.3 |
124.2 |
|
Lease assets, net |
0.8 |
0.2 |
0.1 |
0.0 |
- |
|
Construction |
115.7 |
75.6 |
57.6 |
54.5 |
38.6 |
|
Goodwill |
58.1 |
63.4 |
63.9 |
64.0 |
75.9 |
|
Other Intangible |
18.9 |
13.6 |
14.8 |
16.2 |
27.5 |
|
Investment Sec |
161.4 |
133.7 |
152.8 |
129.2 |
193.4 |
|
Equity secs.-nonconsolidated affil. |
16.9 |
18.0 |
- |
- |
- |
|
Long-term loans receivable |
59.3 |
64.2 |
64.1 |
43.6 |
49.4 |
|
Deferred tax assets |
15.9 |
18.8 |
34.8 |
47.0 |
8.0 |
|
Other Assets/Investments |
34.9 |
40.6 |
35.7 |
33.9 |
27.5 |
|
Other Long Term Assets |
0.0 |
- |
- |
- |
- |
|
Other Other Long Term Assets |
0.0 |
- |
- |
- |
- |
|
Doubtful Account |
-44.7 |
-45.9 |
-45.5 |
-37.5 |
-34.4 |
|
Total Assets |
2,443.6 |
2,474.4 |
2,218.0 |
2,185.3 |
2,686.6 |
|
|
|
|
|
|
|
|
Notes payable-trade |
50.7 |
42.7 |
42.1 |
47.5 |
55.1 |
|
Accounts payable-trade |
281.4 |
303.3 |
259.5 |
196.6 |
358.1 |
|
Short-term loans payable |
47.7 |
51.4 |
49.3 |
54.9 |
82.0 |
|
LT borrowings (current) |
10.9 |
10.9 |
26.8 |
9.1 |
- |
|
Commercial Paper |
145.7 |
132.7 |
32.1 |
116.4 |
80.4 |
|
Tax Payable |
11.8 |
14.5 |
9.9 |
8.8 |
16.8 |
|
Dfrd. Tax Liab. |
- |
- |
0.0 |
0.0 |
0.0 |
|
Accrued Bonus |
30.0 |
32.2 |
24.9 |
21.7 |
30.2 |
|
Provision for loss on disaster |
0.0 |
- |
- |
- |
- |
|
Rounding adjustment Liability |
0.0 |
- |
- |
- |
- |
|
Provision for cost of business restructu |
26.7 |
- |
- |
- |
- |
|
Reserve for business restructuring |
- |
0.0 |
- |
- |
- |
|
Res. for disaster |
- |
12.5 |
0.0 |
- |
- |
|
Other Curr. Liab |
141.3 |
130.7 |
119.7 |
115.5 |
135.3 |
|
Rounding adjustment Liability |
0.0 |
- |
- |
- |
- |
|
Total Current Liabilities |
746.1 |
730.8 |
564.2 |
570.5 |
757.8 |
|
|
|
|
|
|
|
|
Long-term loans payable |
128.7 |
138.8 |
132.7 |
150.9 |
108.6 |
|
Total Long Term Debt |
128.7 |
138.8 |
132.7 |
150.9 |
108.6 |
|
|
|
|
|
|
|
|
Dfrd. Tax Liabs. |
13.6 |
14.7 |
13.2 |
11.9 |
42.1 |
|
Res-Accr.Retire |
84.9 |
80.9 |
88.1 |
113.0 |
58.7 |
|
Provision for directors'' retirement ben |
0.1 |
0.2 |
0.3 |
0.3 |
0.5 |
|
Environmental Allowance |
2.1 |
2.2 |
1.1 |
1.0 |
1.0 |
|
Other Long Term Liabilities |
0.1 |
- |
- |
- |
- |
|
Reserve for business liquidations |
2.0 |
2.1 |
1.9 |
12.5 |
4.3 |
|
Reserve for business restructure. |
0.0 |
4.4 |
11.8 |
22.2 |
0.0 |
|
Negative goodwill |
2.5 |
9.5 |
17.2 |
24.9 |
34.8 |
|
Other Liability |
18.7 |
18.6 |
11.4 |
6.3 |
7.4 |
|
Minor. Interest |
12.4 |
13.2 |
12.0 |
10.4 |
25.4 |
|
Total Liabilities |
1,011.3 |
1,015.3 |
854.0 |
924.1 |
1,040.6 |
|
|
|
|
|
|
|
|
Common Stock |
450.8 |
448.2 |
397.5 |
376.1 |
373.2 |
|
Total capital surpluses |
429.2 |
426.6 |
378.4 |
358.0 |
355.2 |
|
Total retained earnings |
947.4 |
954.9 |
811.7 |
771.4 |
926.6 |
|
Treasury Stock |
-144.8 |
-143.9 |
-127.5 |
-120.6 |
-59.6 |
|
Valuation difference on available-for-sa |
26.4 |
15.5 |
22.5 |
-1.5 |
12.7 |
|
Translate Adjust |
-253.1 |
-224.1 |
-118.6 |
-122.1 |
37.9 |
|
Post retirement liability adjustments fo |
-23.6 |
-18.1 |
0.0 |
- |
- |
|
Total Equity |
1,432.3 |
1,459.1 |
1,364.0 |
1,261.3 |
1,646.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
2,443.6 |
2,474.5 |
2,218.0 |
2,185.3 |
2,686.6 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
240.9 |
240.9 |
241.0 |
241.0 |
258.2 |
|
Total Common Shares Outstanding |
240.9 |
240.9 |
241.0 |
241.0 |
258.2 |
|
T/S-Common Stock |
22.0 |
22.0 |
22.0 |
22.0 |
7.6 |
|
Full-Time Employees |
6,997 |
7,724 |
7,537 |
8,071 |
8,833 |
|
Total Number of Shareholders |
17,808 |
- |
- |
- |
- |
|
Number of Common Shareholders |
- |
18,097 |
18,207 |
18,436 |
18,809 |
|
Division And End Of Current Period Remai |
145.7 |
- |
- |
- |
- |
|
Long Term Debt Maturing Within 1 Year |
10.9 |
10.9 |
26.8 |
9.1 |
14.1 |
|
Lns Pble Maturing over a Yr within 2 Yrs |
71.6 |
- |
- |
- |
- |
|
Long Term Debt Maturing Within 2 Year |
- |
10.9 |
9.6 |
25.3 |
6.1 |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
17.0 |
- |
- |
- |
- |
|
Long Term Debt Maturing Within 3 Year |
- |
71.2 |
9.6 |
9.1 |
22.2 |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
40.1 |
- |
- |
- |
- |
|
Long Term Debt Maturing Within 4 Year |
- |
16.9 |
63.1 |
9.1 |
6.1 |
|
Long Term Debt Maturing Within 5 Year |
- |
39.8 |
15.0 |
59.7 |
6.0 |
|
Long Term Debt Remaining Maturities |
- |
0.0 |
35.3 |
47.6 |
68.3 |
|
Total Long Term Debt, Supplemental |
285.2 |
149.6 |
159.5 |
160.0 |
122.7 |
|
Capital Leases Maturing within 1 year |
- |
- |
0.1 |
0.1 |
0.0 |
|
Capital Leases Maturing within 2 years |
- |
- |
0.1 |
0.1 |
- |
|
Capital Leases Maturing within 3 years |
- |
- |
0.0 |
0.1 |
- |
|
Capital Leases Maturing within 4 years |
- |
- |
0.0 |
0.0 |
- |
|
Capital Lease Payments Due in Year 5 |
- |
- |
0.0 |
- |
- |
|
Remaining Maturities |
- |
- |
0.0 |
0.0 |
- |
|
Total Capital Leases |
- |
- |
0.2 |
0.2 |
0.0 |
|
Pension Obligation |
335.0 |
325.0 |
307.7 |
294.1 |
298.8 |
|
Fair Value of Plan Assets |
249.5 |
244.0 |
219.5 |
181.1 |
239.9 |
|
Funded Status - Total/No Break-down |
-85.4 |
- |
- |
- |
- |
|
Funded Status |
- |
-81.0 |
-88.2 |
-113.0 |
-58.9 |
|
Total Funded Status |
-85.4 |
-81.0 |
-88.2 |
-113.0 |
-58.9 |
|
Discount Rate-Domestic |
1.85% |
2.43% |
2.29% |
2.25% |
2.00% |
|
Discount Rate-Foreign |
4.10% |
5.50% |
6.00% |
6.70% |
6.80% |
|
Expected Rate of Return |
2.10% |
2.50% |
0.00% |
2.10% |
2.80% |
|
Unrecognized Actuarial Gains and Losses |
0.5 |
0.1 |
0.1 |
0.0 |
0.3 |
|
Unrecognized Prior Service Cost |
0.0 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Prepaid Pension Expense |
0.0 |
- |
- |
- |
- |
|
Accrued Pension Benefit |
-84.9 |
-80.9 |
-88.1 |
-113.0 |
-58.7 |
|
Net Assets Recognized on Balance Sheet |
-84.4 |
-80.7 |
-88.0 |
-113.0 |
-58.4 |
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 with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Income Before Tax |
46.7 |
97.1 |
43.2 |
-114.4 |
9.7 |
|
Depreciation |
132.5 |
128.5 |
128.8 |
129.9 |
102.5 |
|
Impairment Loss |
1.5 |
6.0 |
1.9 |
15.1 |
0.2 |
|
Increase (decrease) in provision for ret |
-1.1 |
-15.4 |
-31.0 |
45.7 |
1.7 |
|
Prepaid Pension |
- |
- |
- |
0.0 |
42.3 |
|
Loss (gain) on sales and retirement of n |
-3.9 |
5.4 |
5.4 |
3.6 |
6.2 |
|
Int. and Div. Income |
-8.3 |
-8.4 |
-5.0 |
-11.1 |
-13.1 |
|
Interest Expense |
4.2 |
4.0 |
4.2 |
4.5 |
4.1 |
|
Sale Gain-Invest.Sec |
- |
- |
0.0 |
-0.4 |
-1.1 |
|
Loss (gain) on valuation of investment s |
7.4 |
3.7 |
9.4 |
24.6 |
10.3 |
|
Gain Sale Affiliate Stock |
- |
0.0 |
-2.1 |
0.0 |
0.0 |
|
L on business liquidations |
- |
0.0 |
0.2 |
9.6 |
27.9 |
|
Valuation Loss-Affiliated Co.'s Equity |
- |
- |
0.0 |
17.0 |
0.0 |
|
Business restructuring expenses |
27.4 |
3.4 |
9.9 |
22.9 |
0.0 |
|
Disaster Loss |
-8.7 |
12.8 |
0.0 |
- |
- |
|
Exp-Lawsuit Settled |
- |
- |
- |
0.0 |
26.8 |
|
Decrease (increase) in notes and account |
-31.3 |
-2.4 |
-59.2 |
186.0 |
65.6 |
|
Decrease (increase) in inventories |
-35.9 |
-39.8 |
49.0 |
22.7 |
-1.6 |
|
Decrease (increase) in other current ass |
-4.8 |
4.8 |
0.4 |
44.4 |
9.9 |
|
Increase (decrease) in notes and account |
-13.3 |
15.0 |
44.5 |
-152.0 |
-35.3 |
|
Increase (decrease) in other current lia |
0.6 |
4.2 |
-1.6 |
-25.7 |
-5.8 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Other, net |
-9.4 |
-12.3 |
-25.9 |
-2.9 |
-1.4 |
|
Int. and Div. Rcvd. |
8.3 |
8.4 |
5.1 |
11.1 |
13.7 |
|
Interest Paid |
-4.2 |
-4.8 |
-3.5 |
-4.4 |
-4.0 |
|
Litigation rcvd./paid (cash basis) |
- |
- |
- |
- |
0.0 |
|
Settlement charges(cash basis) |
- |
- |
- |
-8.1 |
-38.3 |
|
Income tax refund |
- |
1.1 |
7.8 |
9.7 |
0.0 |
|
Taxes Paid |
-22.6 |
-21.3 |
-16.3 |
-23.2 |
-61.0 |
|
Adjustment |
- |
- |
0.0 |
- |
- |
|
Cash from Operating Activities |
85.2 |
190.1 |
165.0 |
204.7 |
159.4 |
|
|
|
|
|
|
|
|
Purchase of property, plant and equipmen |
-160.2 |
-115.4 |
-94.6 |
-133.3 |
-80.6 |
|
Proceeds from sales of property, plant a |
9.4 |
3.7 |
8.8 |
5.4 |
3.6 |
|
Purch-Invest.Sec |
-20.0 |
0.0 |
-0.5 |
-1.6 |
-41.0 |
|
Sale-Invest.Sec |
- |
- |
0.0 |
0.5 |
13.3 |
|
Sale Affiliate Stock |
- |
- |
- |
0.0 |
15.7 |
|
Purch of Subsidiary Stock-Consol. Change |
- |
- |
- |
0.0 |
-2.8 |
|
Income-Sale subsidiaries' securities |
- |
- |
- |
- |
0.0 |
|
LT Loan Extended |
- |
-1.3 |
-7.5 |
-3.4 |
-29.7 |
|
Other, net |
1.8 |
-11.8 |
12.2 |
0.6 |
-7.6 |
|
Cash from Investing Activities |
-168.9 |
-124.8 |
-81.6 |
-131.7 |
-129.0 |
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term lo |
-3.5 |
-2.0 |
-15.1 |
-7.6 |
-10.3 |
|
Increase (decrease) in commercial papers |
12.7 |
93.4 |
-91.5 |
34.8 |
-43.7 |
|
Issued-LT Debt |
- |
- |
0.0 |
49.8 |
0.0 |
|
Repayment of long-term loans payable |
-11.4 |
- |
- |
- |
- |
|
Repaid-LT Debt |
- |
-29.2 |
- |
- |
- |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Dividend Paid |
-45.8 |
-35.1 |
-32.4 |
-37.9 |
-34.5 |
|
Div.Paid to Minority |
-1.5 |
-1.6 |
-1.0 |
-3.2 |
0.0 |
|
Purchase of Treasury Stock |
- |
0.0 |
-0.1 |
-79.9 |
-24.8 |
|
Convertible Bond Made |
- |
- |
- |
- |
0.0 |
|
Convertible Bond Redemption |
- |
- |
- |
- |
0.0 |
|
Other, net |
-0.4 |
-0.2 |
-9.8 |
-14.0 |
-7.6 |
|
Cash from Financing Activities |
-49.9 |
25.1 |
-149.8 |
-58.1 |
-120.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-5.7 |
-27.1 |
5.8 |
-58.8 |
-7.4 |
|
Net Change in Cash |
-139.3 |
63.4 |
-60.6 |
-43.8 |
-97.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
479.1 |
378.2 |
409.3 |
431.7 |
477.4 |
|
Net Cash - Ending Balance |
339.8 |
441.5 |
348.7 |
387.9 |
379.5 |
|
Cash Interest Paid |
4.2 |
4.8 |
3.5 |
4.4 |
4.0 |
|
Cash Taxes Paid |
22.6 |
20.2 |
8.5 |
13.4 |
61.0 |
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.52.82 |
|
UK Pound |
1 |
Rs.84.96 |
|
Euro |
1 |
Rs.68.61 |
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.