MIRA INFORM REPORT
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Report Date : |
17.10.2012 |
IDENTIFICATION DETAILS
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Name : |
TORAY INDUSTRIES INC |
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Registered Office : |
Nihonbashi Mitsui Tower, 2-1-1, Nihonbashi-Muromachi, Chuo-ku Tokyo, 103-8666 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
12.01.1926 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
Subject is engaged in Textile, Information Communication Materials and Equipment, Carbon Fiber Composite Material, Environment and Engineering, Plastic and Chemical, Life Science segment |
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No. of Employees : |
40,227 employees |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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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
Toray Industries Inc
Nihonbashi Mitsui Tower,
2-1-1, Nihonbashi-Muromachi, Chuo-ku
Tokyo, 103-8666
Japan
Tel: 81-33-2455111
Fax: 81-33-2455054
Web: www.toray.com
Synthesis
Employees: 40,227
Company Type: Public
Parent
Corporate Family: 203
Companies
Traded: Tokyo
Stock Exchange: 3402
Incorporation Date:
12-Jan-1926
Auditor: Ernst & Young Shin Nihon LLC
Financials in: USD
(Millions)
Fiscal Year End:
31-Mar-2012
Reporting Currency: Japanese
Yen
Annual Sales: 20,118.8 1
Net Income: 813.3
Total Assets:
19,196.4 2
Market Value:
9,058.7 (05-Oct-2012)
Business Description
TORAY INDUSTRIES, INC. operates in seven business segments. The Textile segment manufactures, processes and sells textile and apparel products. The Plastic and Chemical segment offers plastic, films and chemical products. The Information Communication Materials and Equipment segment offers plastic, films, copy materials, color filters for liquid crystal and optical fibers. The Carbon Fiber Composite Material segment manufactures and sells carbon fibers and carbon fiber composite materials. The Environment and Engineering segment offers functional film and machines, as well as materials for housing, construction and civil works. This segment is also engaged in real estate, engineering and precision machine manufacturing businesses. The Life Science segment manufactures and sells medical, pharmaceutical and optical products. The Others segment provides various services. On January 31, 2012, its Japan-based joint venture became its wholly owned subsidiary. For the three months ended 30 June 2012, Toray Industries Inc revenues decreased 3% to Y364.09B. Net income decreased 43% to Y10.08B. Revenues reflect Fiber Business segment decrease of 5% to Y135.77B, Equipment Business, Information And Communication Materials segment decrease of 10% to Y58.03B, Plastics & Chemicals Business segment decrease of 6% to Y97.23B. Net income also reflects Equipment Business.
Industry
Industry Textiles - Non Apparel
ANZSIC 2006: 1332 - Rope,
Cordage and Twine Manufacturing
NACE 2002: 1754 - Manufacture
of other textiles not elsewhere classified
NAICS 2002: 313312 - Textile
and Fabric Finishing (except Broadwoven Fabric) Mills
UK SIC 2003: 17549 -
Manufacture of other textiles not elsewhere classified
UK SIC 2007: 1396 - Manufacture
of other technical and industrial textiles
US SIC 1987: 2299 - Textile
goods, Not Elsewhere Classified
Key Executives
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Name |
Title |
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Akihiro Nikkaku |
President, Chief Executive Officer, Chief Operating Officer,
Representative Director |
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Satoru Masuzaki |
Chairman, President |
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Akira Uchida |
Senior Vice President, Board Member, Manager of Finance and
Accounting, President of Subsidiaries |
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Mitsuo Ohya |
Deputy Chief Director of Fibre Business, Manager of Industrial
Material and Clothing Material Business Division, Director |
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Yukichi Deguchi |
Vice President, Chief Director of Research, Manager of Basic Research
Center, Director |
Significant
Developments
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Topic |
#* |
Most Recent Headline |
Date |
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Strategic Combinations |
2 |
TonenGeneral Sekiyu K.K. Discontinues Tie-up with Toray Industries,
Inc. on Battery Separator Film Business |
20-Jan-2012 |
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Business Deals |
1 |
Mitsubishi Tanabe Pharma Corporation Signs Exclusive Development and Sales
Contract with Toray Industries, Inc.-Nikkanyakugyo |
17-Oct-2011 |
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Equity Investments |
1 |
Toray Industries, Inc. to Invest Subsidiary of Mitsui & Co.,
Ltd.-THCHDA |
6-Jan-2012 |
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Debt Ratings |
1 |
R&I Affirms Toray Industries, Inc.'s Rating at "A+";
Rating Outlook Stable |
22-Dec-2011 |
* number of significant developments within the last 12 months
News
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Title |
Date |
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Kyodo news summary -8- |
15-Oct-2012 |
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Industry Brief |
15-Oct-2012 |
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Kyodo Industry Brief (Oct. 15) -2- |
15-Oct-2012 |
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Toray to open new resin compound
production base in Indonesia |
15-Oct-2012 |
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Tokyo Closing Stock Prices(2) |
15-Oct-2012 |
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
Nihonbashi Mitsui Tower,
2-1-1, Nihonbashi-Muromachi, Chuo-ku
Tokyo, 103-8666
Japan
Tel: 81-33-2455111
Fax: 81-33-2455054
Web: www.toray.com
Quote Symbol - Exchange
3402 - Tokyo Stock
Exchange
Sales JPY(mil): 1,588,604.0
Assets JPY(mil): 1,581,501.0
Employees: 40,227
Fiscal Year End: 31-Mar-2012
Industry: Textiles
- Non Apparel
Incorporation Date: 12-Jan-1926
Company Type: Public
Parent
Quoted Status: Quoted
President, Chief
Executive Officer, Chief Operating Officer, Representative Director:
Akihiro Nikkaku
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:
1332 - Rope, Cordage and Twine Manufacturing
2412 - Medical and Surgical Equipment Manufacturing
1522 - Paper Bag Manufacturing
6923 - Engineering Design and Engineering Consulting Services
1821 - Synthetic Resin and Synthetic Rubber Manufacturing
2439 - Other Electrical Equipment Manufacturing
2429 - Other Electronic Equipment Manufacturing
1841 - Human Pharmaceutical and Medicinal Product Manufacturing
NACE 2002 Codes:
1754 - Manufacture of other textiles not elsewhere classified
3162 - Manufacture of other electrical equipment not elsewhere
classified
7420 - Architectural and engineering activities and related
technical consultancy
2112 - Manufacture of paper and paperboard
2442 - Manufacture of pharmaceutical preparations
3210 - Manufacture of electronic valves and tubes and other
electronic components
3310 - Manufacture of medical and surgical equipment and
orthopaedic appliances
2416 - Manufacture of plastics in primary forms
NAICS 2002 Codes:
313312 - Textile and Fabric Finishing (except Broadwoven Fabric)
Mills
334419 - Other Electronic Component Manufacturing
322221 - Coated and Laminated Packaging Paper and Plastics Film
Manufacturing
541330 - Engineering Services
325211 - Plastics Material and Resin Manufacturing
339113 - Surgical Appliance and Supplies Manufacturing
335991 - Carbon and Graphite Product Manufacturing
325412 - Pharmaceutical Preparation Manufacturing
US SIC 1987:
2299 - Textile goods, Not Elsewhere Classified
3624 - Carbon and Graphite Products
8711 - Engineering Services
2671 - Packaging Paper and Plastics Film, Coated and Laminated
2834 - Pharmaceutical Preparations
3679 - Electronic Components, Not Elsewhere Classified
3842 - Orthopedic, Prosthetic, and Surgical Appliances and
Supplies
2821 - Plastics Materials, Synthetic Resins, and Nonvulcanizable
Elastomers
UK SIC 2003:
17549 - Manufacture of other textiles not elsewhere classified
3162 - Manufacture of other electrical equipment not elsewhere
classified
74204 - Engineering consultative and design activities
2112 - Manufacture of paper and paperboard
24421 - Manufacture of medicaments
3210 - Manufacture of electronic valves and tubes and other
electronic components
3310 - Manufacture of medical and surgical equipment and
orthopaedic appliances
2416 - Manufacture of plastics in primary forms
UK SIC 2007:
1396 - Manufacture of other technical and industrial textiles
2611 - Manufacture of electronic components
1712 - Manufacture of paper and paperboard
71129 - Other engineering activities (not including engineering
design for industrial process and production or engineering related scientific
and technical consulting activities)
2016 - Manufacture of plastics in primary forms
3250 - Manufacture of medical and dental instruments and supplies
2790 - Manufacture of other electrical equipment
2120 - Manufacture of pharmaceutical preparations
Business
Description
TORAY INDUSTRIES,
INC. operates in seven business segments. The Textile segment manufactures,
processes and sells textile and apparel products. The Plastic and Chemical
segment offers plastic, films and chemical products. The Information
Communication Materials and Equipment segment offers plastic, films, copy
materials, color filters for liquid crystal and optical fibers. The Carbon
Fiber Composite Material segment manufactures and sells carbon fibers and
carbon fiber composite materials. The Environment and Engineering segment
offers functional film and machines, as well as materials for housing,
construction and civil works. This segment is also engaged in real estate,
engineering and precision machine manufacturing businesses. The Life Science
segment manufactures and sells medical, pharmaceutical and optical products.
The Others segment provides various services. On January 31, 2012, its
Japan-based joint venture became its wholly owned subsidiary. For the three
months ended 30 June 2012, Toray Industries Inc revenues decreased 3% to
Y364.09B. Net income decreased 43% to Y10.08B. Revenues reflect Fiber Business
segment decrease of 5% to Y135.77B, Equipment Business, Information And
Communication Materials segment decrease of 10% to Y58.03B, Plastics &
Chemicals Business segment decrease of 6% to Y97.23B. Net income also reflects
Equipment Business.
More Business
Descriptions
Manufacture of
synthetic fibres, textiles and other polymer products; plastics; chemicals;
engineering and construction products including artificial turf, water
permeable paving materials, home water purifiers; carbon fibres and advanced composite
materials; pharmaceuticals and medical products including artificial kidneys;
electronics and information related products including films and resins for
magnetic recording materials and electronic components
Mfr of Synthetic
Fibers & Textiles, Synthetic Plastics & Chemicals; Real Estate &
Engineering Services; Pharmaceutical & Medical Products; Electronics &
Information Related Products
Toray Industries,
Inc. (Toray) manufactures and sells wide range of chemicals. The company
manufactures processes and sells fibers, polymers, pharmaceutical products,
textile products, plastics, chemicals and other related products. It provides
information processing services, functional film and machines; materials for
housing, construction, and civil works. Toray is involved in real estate,
engineering and precision machine manufacturing businesses. The company's
business operation are classified into seven reportable segments, namely,
Fibers and Textiles, Plastics and Chemicals, IT-related Products, Carbon Fiber
Composite Materials, Environment and Engineering, Life Science, and Others. The
company’s Fibers and Textiles segment carries out the manufacture, processing
and sale of textile and fiber products. The segment manufactures three groups
of synthetic fibers, namely, nylon, polyester and acrylic. The company offers
filament yarns, staple fibers, textiles and garments. These products are used
in apparels, industrial materials, car airbags, seat belts and bag filters.
Toray markets these products under brands such as Torex quup, Lycra Fiber,
Foresse, Torcon, Ecodear, Axtar, Kallight, Torex Artirosa, Teflon, Toraysee and
Kimonos. For the fiscal year ended 2012, the company reported a revenue of
JPY638,375m for the Fibers and Textiles segment, reflecting an increase of
9.29% over the revenue in 2011. The segment accounted for 40.18% of the total
revenue in 2012. The Plastics and Chemicals segment of the company provides
three categories of products, namely, plastic resins, films and chemicals.
Toray has its plastic resins production and compounding facilities in Japan,
the US, Southeast Asia, and China; and film production is based in China,
Korea, Malaysia, Thailand, France and the US. The segments major brands include
Toyolac, Amilan, Toraycon, Lumirror, Torelina, Mictron, Torayblan, Intercat,
Hytrel and Rayfan. For the fiscal year ended 2012, the company reported a
revenue of JPY397,815m for the Plastics and Chemicals segment, reflecting an
increase of 4.06% over the revenue in 2011. The segment accounted for 25.04% of
the total revenue in 2012. The company's IT-related Products segment's product
portfolio include electronics and circuit materials, semiconductor materials,
optical fibers, plastic optical fibers, printing materials, waterless plates,
ceramic materials, liquid crystal materials and processed materials. Its key
brands include, Toretec, Metaloyal, Torayceram, Raytela, Toptical, Torelief,
Siveras, Lumirror, Toretec, RaytelA, Toptical, Torelief and Kapton. For the
fiscal year ended 2012, the company reported a revenue of JPY243,404m for the
IT-related Products segment, reflecting a decrease of 7.11% over the revenue in
2011. The segment accounted for 15.32% of the company's total revenue in 2012.
Toray's Carbon Fiber Composite Materials segment carries out the manufacture
and sale of carbon fibers and carbon fiber composite materials. The company has
manufacturing facilities in Japan, the US and Europe; and it specializes in the
vertical development of prepreg, pellet and mat. The company markets the segments
products under brand name Torayca. For the fiscal year ended 2012, the company
reported a revenue of JPY69,914m for the Carbon Fiber Composite Materials
segment, reflecting an increase of 4.32% over the revenue in 2011. The segment
accounted for 4.4% of the company's total revenue in 2012. The company's
Environment and Engineering segment provides plant engineering business. This
segment operates real estate, engineering and precision machine manufacturing
businesses. It provides water treatment membranes, water treatment systems,
seawater desalination systems, water purifier, materials for housing,
construction and civil works. The segments major brands include Romembra,
TorayfiL, Membray and Torayvino. For the fiscal year ended 2012, the company reported
a revenue of JPY170,247m for the Environment and Engineering segment,
reflecting a decrease of 4.45% over the revenue in 2011. The segment accounted
for 10.72% of the company's total revenue in 2012. Toray’s Life science
segment offers pharmaceuticals and medical products. It provides biotools such
as DNA Chip; medical devices such as contact lenses; amenity product such as
home water purifiers. For the fiscal year ended 2012, the company reported a
revenue of JPY55,554m for the Life science segment, reflecting an increase of
5.96% over the revenue in 2011. The segment accounted for 3.5% of the total
revenue in 2012. The company’s Others segment provides services including,
consulting services, system integration services, e-commerce business, integrated
insurance services, analytical and physical evaluation services, and computer
solution services. For the fiscal year ended 2012, the company reported a
revenue of JPY13,295m for the Others segment, reflecting a decrease of 2.39%
over the revenue in 2011. The segment accounted for 0.84% of the company's
total revenue in 2012. Toray's research and development (R&D) activities
focus on areas such as environment, water-related and energy; information,
telecommunications and electronics; automobiles and aircraft, and life science.
Geographically, the company operates in three regions, namely Japan, Asia; and
North America, Europe and others. For the fiscal year ended 2012, Japan
accounted for 55.16% of the company's total revenue, followed by Asia with 30.71%
and North America, Europe and others with 14.13% revenue. The company's major
subsidiaries include Toray Textiles Europe Ltd., Toray International Europe
GmbH, Toray Textiles Central Europe s.r.o., Toray International America Inc.,
Toray Plastics (America), Inc. and Toray Industries (China) Co., Ltd.In April
2012, the company entered into an agreement with Fresenius Medical Care AG
& Co. KgaA for the exclusive development and marketing of injectable form
of TRK-820 in Europe. In March 2012, the company developed an innovative
anti-thrombogenic material, which contains high blood compatibility by
leveraging its proprietary functional polymer design technology. During the
same month, the company plans to increase its production capacity for carbon
fibers at its four global sites in Japan, the U.S, France and South Korea by
6,000 tons. In February 2012, the company entered into an agreement with
Ajinomoto Co., Inc to conduct joint research for manufacture of the nylon raw
material 1,5-pentanediamine from the amino acid lysine. During the same month,
the company was awarded a order to supply reverse osmosis membrane elements to
the Tuaspring Desalination Plant in Singapore. In January 2012, the company and
its subsidiary Toray Medical Co., Ltd. plans to build a new plant to
manufacture artificial kidneys at Toray Medical (Qingdao) Co., Ltd. During the
same month, the company plans to acquire 20% stake in Mitsui’s wholly-owned
subsidiary MicroBiopharm Japan Co., Ltd.
Toray Industries,
Inc. (Toray) is a chemical manufacturing company. The company's products
include fibers, fashion apparel, plastics, chemicals, IT-related products,
composite materials, life science products, medical, pharmaceutical and optical
products. It provides information processing services, functional film and
machines; as well as materials for housing, construction and civil works. Toray
also operates real estate, engineering and machine manufacturing businesses.
The company markets its products under brands such as Foresse, Axtar, Kallight,
Teflon, Toraysee, Metaloyal, Membray, Lumirror, Toretec, RaytelA, Torelief,
Romembra, TorayfiL, Torayceram and Torayvino. Geographically, the company
operates in various countries across Asia Pacific, North America and Europe.
Toray is headquartered in Chuo-ku, Japan.The company plans to expand its
business to meet the growing demand in the global dialysis market. To this end,
the company and its subsidiary Toray Medical Co., Ltd. plans to build a new
plant to manufacture artificial kidneys at Toray Medical (Qingdao) Co., Ltd.The
company reported revenues of (Yen) JPY 1,588,604.00 million during the fiscal
year ended March 2012, an increase of 3.18% over 2011. The operating profit of
the company was JPY 103,347.00 million during the fiscal year 2012, an increase
of 20.85% over 2011. The net profit of the company was JPY 64,218.00 million
during the fiscal year 2012, an increase of 10.86% over 2011.
Toray Industries
(Japan), though widely diversified, concentrates on its two main divisions:
fibres and textiles and plastics and chemicals. The company's other products
include IT related products, carbon fiber composite Materials, environment and
engineering equipment, medical equipment, pharmaceuticals and electronics.
Artificial and
Synthetic Fibers and Filaments Manufacturing
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Strategic Initiatives
Key Organizational
Changes
In January 2012, the company and its subsidiary Toray Medical Co., Ltd. plans to build a new plant to manufacture artificial kidneys at Toray Medical (Qingdao) Co., Ltd. During the same month, the company plans to acquire 20% stake in Mitsui’s wholly-owned subsidiary MicroBiopharm Japan Co.
plans to build a new plant to manufacture artificial kidneys at Toray Medical (Qingdao) Co., Ltd. During the same month, the company plans to acquire 20% stake in Mitsui’s wholly-owned subsidiary MicroBiopharm Japan Co., Ltd.GlobalData uses a range of research techniques to gather and verify its information and analysis. These include primary research, in-house knowledge and expertise, proprietary databases, and secondary sources such as company websites, annual reports, SEC filings and press releases.
Partnerships
" Chiaki Tanaka, executive vice president and CTO of Toray, said, "Companies today are looking for ways to introduce new products and packaging that helps meet the growing consumer demand for environmentally friendly products while at the same time, contributing to the sustainability goals of their companies. Our partnership with Gevo and our internal progress to date suggest we are on track to help our customers fulfill these needs." The next step in this collaboration between Gevo and Toray is to move from lab-scale "proof of concept" to establishing commercial-scale operations. Gevo is currently working with partners to optimize the process technology needed to produce para-xylene from isobutanol at commercial-scale and competitive economics.GlobalData uses a range of research techniques to gather and verify its information and analysis. These include primary research, in-house knowledge and expertise, proprietary databases, and secondary sources such as company websites, annual reports, SEC filings and press releases.
Product
With expanded production facilities for RO elements at the Ehime Planet in Japan, the company is well positioned to meet the sharp rise in demand for these products. The expansion has resulted in increasing Toray’s total RO membrane production capacity by 1.8 times, to a total of 7.25 million cubic meters per day in terms of desalination plant capacity. In addition, the company is planning to expand its offerings in this segment to include membrane process technologies and systems. It also intends to expand its water treatment business to JPY100 billion by 2015. Thus, the rise in these markets will increase the demand for the company’s products and translate into its top line growth.Launch of New ProductsToray constantly focuses on the research and development of novel products that provide ample growth opportunities.
Resource
Management
Collectively,
these efforts will help Toray Group secure sustained revenue and profit growth.
As the first step in implementing its long-term corporate vision, Toray Group
launched Project AP-G 2013, a three-year medium-term management program
extending from April 2011 through March 2014. Building on the robust business
footing established under IT-II, a project implemented over the past two years,
Toray Group will pursue a growth strategy that prioritizes business expansion
in growth markets and business fields. While leveraging growth opportunities in
Asia and emerging countries elsewhere, we will expand existing businesses and
establish new businesses in four major growing fields: (1) environment,
water-related and energy; (2) information, telecommunications and electronics;
(3) automobiles and aircraft; and (4) life science. In particular, Toray Group
will put comprehensive and potent resources into Green Innovation Businesses
that help resolve increasingly serious global environmental, resource and
energy issues.
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Helpful |
Harmful |
|
Internal Origin |
Strengths ·
Robust Financial Performance ·
Established Technical Expertise ·
Diversified Operations |
Weaknesses ·
Decrease in Cash Position |
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External Origin |
Opportunities ·
Strategic Agreements ·
Growing Market for Water Treatment Technologies ·
Launch of New Products |
Threats ·
Effect of Natural Disasters ·
Rising Cost of Raw Materials ·
Challenge of Environmental Regulations |
Overview
Toray Industries,
Inc. is a diversified group with key interest in the chemical sector. The
company manufactures and sells plastics, chemicals, fibers, textiles,
IT-related products, environment and engineering products, carbon fiber
composite materials, and life science products. This diversified product
portfolio helps the company to minimize the impact of market volatility in one
particular product segment and provides it new growth opportunities. However,
the company’s business operations are subjected to various environmental
regulations which may hamper its growth prospects.
Strengths
Robust Financial Performance
The company
reported strong growth in its revenues and profitability which can be
attributable to the growth in emerging markets and new products. For the fiscal
year ended 2012, the company reported total revenues of JPY 1,588,604m,
reflecting an increase of 3.18%, a compared to JPY 1,539,693m in 2011. This
increase was a result of the robust performance of its key business segments.
Its Fibers and Textiles business segments revenues increased by 8.5%, followed
by Plastics and Chemicals (4%), Carbon Fiber Composite Materials (4.15%), and
Life Science (5.7%). The sound performance of the company was also reflected in
its profitability. In 2012, the company's operating profit increased by 20.29 %
to JPY 102,868m, as compared to JPY 85,520m in 2011. It also reported a net
income of JPY64,218m in 2012, as against a net profit of JPY 57,925m in 2011.
This increase in the profitability was a result of the robust operational
performance of the company. The company's operating cost as a percentage of
total revenues declined to 93.5% in 2012, as compared to 94.4.6% in 2010. This
decline was a result of the company's strong focus towards cost management.
Such sound performance could help the company easily achieve its growth plans.
Established Technical Expertise
Toray’s
technical expertise gives it an advantage in launching new products in the
market. The company has an expertise in four core technologies, which include
organic synthetic chemistry, polymer chemistry, biotechnology, and
nanotechnology. The advanced materials manufactured by the company, such as
fibers and textiles, plastic resins, films, and carbon fibers are widely
employed in automotive applications. Toray has world-class expertise in
membrane technologies. It is one of the few comprehensive membrane
manufacturers in the world, providing all types of high-performance water
treatment separation membranes. The company is also a global manufacturer of
artificial kidneys and manufacturer of drugs for the treatment of chronic
diseases such as hepatitis C compensated cirrhosis and pulmonary arterial
hypertension. The company’s strong technical capabilities are evident from
its innovation. Toray is the first company in the world to start commercial
production of carbon fiber and carbon fiber prepreg. Currently, it is the
world’s leading producer of carbon fiber composite materials in both
qualitative and quantitative measures. Additionally, it is the only RO (Reverse
Osmosis) membrane manufacturer in the world accepting orders for large-scale
seawater desalination plants with capacities to produce 100,000 cubic meters
per day or higher from the Caribbean, the Middle East, and East Asian markets.
This strong technical expertise differentiates Toray from its competitors.
Diversified Operations
Toray has a wide
range of business operations, which mitigates the various risks related to
overdependence on a particular market segment. Toray conducts its business operations
through six reportable segments, namely, Fibers and Textiles, IT-related
Products, Carbon Fiber Composite Materials, Environment and Engineering,
Plastics and Chemicals, and Life Science and Other Businesses. Fibers and
Textiles segment offers nylon, polyester, acrylic fiber, and textile products,
and synthetic suede. IT-related products segment provides films and plastic
products for information and telecommunication related products, color filters
for liquid crystal displays and related materials, materials for plasma display
panels, electronic circuits and semiconductor related materials, and graphic
materials and IT related equipment. Carbon fiber composite materials segment
provides carbon fibers and advanced composite materials. Its Environment and
Engineering segment provides construction and plant engineering services;
besides producing industrial equipment and machinery, and environmental
equipment. The plastics and chemicals segment of Toray provides nylon and ABS
resins, raw materials for synthetic fibers, polyester and polypropylene films,
and fine chemicals. Its Life Science and Other Businesses segment offers
pharmaceuticals and medical products, as well as analysis, physical evaluation
and research related services. In addition to providing it new growth
opportunities, the diversified product portfolio helps Toray to diversify its
business risk.
Weaknesses
Decrease in Cash Position
Toray reported
decreased cash and equivalents in fiscal year 2012. The company had JPY81,398m
in cash and cash equivalents as of March 2012 compared to cash and cash
equivalents of JPY 105,326m in 2011, reflecting a decrease of 22.7%. The
decrease in cash reserves was principally due to the drastic decrease in cash
flows from operating activities. As a result, the company recorded negative net
change in cash of JPY 24,895m during 2012, as compared to a net change in cash
of JPY40,915m in 2011. The decreasing cash reserves indicate the company’s
inability to incur additional debt to finance acquisitions, business
opportunities, capital expenditure or other capital requirements in the future.
Opportunities
Strategic Agreements
Strategic
agreements will help Toray in augmenting and expanding its existing business
operations. In April 2012, the company signed an agreement with Fresenius
Medical Care AG & Co. KGaA, a leading provider of dialysis products and
services, for development and marketing of an innovative antipruritic agent in
Europe. In February 2012, the company entered into an agreement with Ajinomoto
Co., Inc, a global manufacturer of processed foods, beverages, pharmaceuticals
and specialty chemicals, for the joint research and manufacturing of nylon raw
material 1,5-pentanediamine (1,5-PD) from the amino acid lysine. In January
2012, the company signed a technical partnership agreement with the UK-based
with Gordon Murray Design Limited for mutual cooperation in promotion of
iStream, an advanced production process (hybrid system); and in research and
development of materials and techniques related to automotive sector. Such
agreements give an opportunity for the company to expand its product portfolio
and increase its reach into existing and new markets.
Growing Market for Water Treatment Technologies
Toray is likely to
benefit from the growing market for water treatment technologies. The global
water supply and sewage business is currently valued at approximately JPY60
trillion, and is expected to grow to JPY100 trillion by 2025. The regions which
are currently affected by serious water shortages include the Middle East and
North Africa. China, India, Europe, Australia and North America are also
expected to face this problem in future. This would create the need for more
large-scale sea water desalination plants to be built in these regions. Furthermore,
the growing water shortage problem would highlight the need for membrane-based
treatments which can be used to tackle the twin issues of wastewater treatment
and water shortages. Besides, the RO membranes market is expected to grow at an
annual rate of 8% on the back of increasing water shortages globally. With
expanded production facilities for RO elements at the Ehime Planet in Japan,
the company is well positioned to meet the sharp rise in demand for these
products. The expansion has resulted in increasing Toray’s total RO membrane
production capacity by 1.8 times, to a total of 7.25 million cubic meters per
day in terms of desalination plant capacity. In addition, the company is
planning to expand its offerings in this segment to include membrane process
technologies and systems. It also intends to expand its water treatment
business to JPY100 billion by 2015. Thus, the rise in these markets will
increase the demand for the company’s products and translate into its top
line growth.
Launch of New Products
Toray constantly
focuses on the research and development of novel products that provide ample
growth opportunities. In March 2012, the company developed an innovative
anti-thrombogenic material based up on proprietary functional polymer design technology.
In January 2012, Toray developed the world’s first positive-tone
photosensitive polyimide curable at 170°C. It has a residual stress of nearly
13MPa. The company intends to commercialize the new material under the LT
Series, a new line of photosensitive polyimide coating Photoneece. Its
innovative material is widely applicable in next-generation semiconductors
which require low-temperature curing and low residual stress. Furthermore, the
company developed and launched TEEWAVE AR1, a next-generation concept electric
vehicle (EV) that utilizes its green innovation product including advanced
environment friendly materials and technologies.
Threats
Effect of Natural Disasters
Toray’s key
market and manufacturing base is Japan which is prone to several natural
disasters like earthquakes, typhoons, tsunamis, and volcanic activities. It
operates both manufacturing units and research facilities in in Chiba, Tokyo,
Kanagawa, and Ibaraki, which have witnessed high magnitude of earthquakes in
2011. The company's facilities are also vulnerable to accidents, fires, and
other crisis. Any major earthquake in future could cause shutdown of or damage
to the company’s facilities. Such events could interrupt the company's
manufacturing activities, damage equipment, disrupt access to water and
electricity, and cause many problems that could have significant effect on
business and operating results. The threat is higher from the frequency of
earthquakes. Even then, the precautionary measures employed may not be successful
in major disasters. The company needs to scatter its operations over relatively
safer geographical locations to ensure uninterrupted business operations.
Rising Cost of Raw Materials
Increasing raw
material prices is a major risk for the Toray’s operations and future growth.
As result of increasing raw material prices, the company could experience major
financial hurdles. Its acrylic resins, specialty chemicals, ABS resin, PBT
resin and others are manufactured using petroleum-based raw materials. The
prices of these raw materials are subject to constant price fluctuation.
Increase in crude oil prices would simultaneously augment the raw material
costs. Competition limits the option of increasing product prices to compensate
for the higher production costs. In addition, the continuous supply of the raw
materials could be affected by weather conditions, national emergencies,
strikes, governmental controls, natural disasters, supply shortages or other
events. Thus, price fluctuations and non-availability of these raw materials
may have a material effect on the product costs and the operations of the
company.
Challenge of Environmental Regulations
As a provider of
plastics, chemicals, fibers and water treatment membranes, the company could be
affected by the regulations governing the global chemical industry. Toray’s
operations are subject to Industrial Safety and Health Law (ISHL), Japanese
Chemical Substances Control Law (CSCL), Strategic Approach to International
Chemicals Management (SAICM ) and Poisonous and Deleterious Substance Control
Law (PDSCL). It is also subject to environmental regulations such as REACH
(Registration Evaluation and Authorization of Chemicals), in Europe, is an
example of the stringent environmental regulations that impact chemical
producers. REACH regulates the products manufactured and marketed in Europe.
Such regulations could impede the launch of new products as the process is
time-consuming and expensive. It may also result in phasing out many existing
chemicals from the market, which are regarded as toxic and hazardous. REACH
applies directly to over 30,000 different chemical substances that are produced
or sold in Europe and its implementation is expected to cost European chemical
industry about $3 billion. Other countries too are expected to model their
regulations on the principles of REACH. In the US, the company operations are
monitored and regulated by Occupational Safety and Health Administration
(OSHA), Environmental Protection Agency (EPA), Toxic Substances Control Act,
Safe Chemicals Act and others. China has its own version: RoHS (Restriction of
Hazardous Substances), which restricts the use of certain chemicals in the
market. Such tough environmental regulations are expected to become more
stringent in the future, affecting both the existing and new products of the
company.
|
Corporate Family |
Corporate
Structure News: |
|
|
Toray
Industries Inc |
|
Toray Industries Inc |
|
|
|
|
|
Company Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Tokyo |
Japan |
Textiles - Non Apparel |
20,118.8 |
40,227 |
|
|
Subsidiary |
Bangkok |
Thailand |
Apparel and Accessories |
236.4 |
2,448 |
|
|
Subsidiary |
Prai, Penang |
Malaysia |
Textiles - Non Apparel |
137.8 |
2,000 |
|
|
Subsidiary |
Perai, Pulau Pinang |
Malaysia |
Textiles - Non Apparel |
158.3 |
1,698 |
|
|
Subsidiary |
Tokyo, Chuo-ku |
Japan |
Miscellaneous Capital Goods |
317.1 |
1,524 |
|
|
Subsidiary |
Songnam, Kyonggi-Do |
Korea, Republic of |
Miscellaneous Capital Goods |
14.3 |
51 |
|
|
Subsidiary |
Nagoya, Aichi |
Japan |
Construction Services |
169.8 |
|
|
|
Subsidiary |
Otsu, Shiga |
Japan |
Construction Services |
148.8 |
|
|
|
Subsidiary |
Mishima, Shizuoka |
Japan |
Construction Services |
33.8 |
|
|
|
Subsidiary |
Gumi-si, Gyeongsangbuk-do |
Korea, Republic of |
Chemicals - Plastics and Rubber |
1,157.1 |
1,190 |
|
|
Subsidiary |
Osaka-Shi |
Japan |
Textiles - Non Apparel |
2,758.6 |
1,084 |
|
|
Joint Venture |
Bandung |
Indonesia |
Miscellaneous Capital Goods |
|
750 |
|
|
Subsidiary |
Jakarta Selatan |
Indonesia |
Miscellaneous Capital Goods |
|
200 |
|
|
Subsidiary |
Khet Bangrak, Bangkok |
Thailand |
Textiles - Non Apparel |
|
100 |
|
|
Subsidiary |
Shanghai |
China |
Investment Services |
|
90 |
|
|
Subsidiary |
Jersey City, NJ |
United States |
Apparel and Accessories |
|
30 |
|
|
Subsidiary |
Bangkok |
Thailand |
Textiles - Non Apparel |
|
20 |
|
|
Subsidiary |
Dalian |
China |
Apparel and Accessories |
|
20 |
|
|
Subsidiary |
Jakarta |
Indonesia |
Business Services |
|
14 |
|
|
Branch |
Taipei City, Taipei |
Taiwan |
Apparel and Accessories |
|
10 |
|
|
Subsidiary |
Singapore |
Singapore |
Textiles - Non Apparel |
2.0 |
9 |
|
|
Subsidiary |
Kuala Lumpur |
Malaysia |
Textiles - Non Apparel |
1.7 |
5 |
|
|
Subsidiary |
Sydney |
Australia |
Investment Services |
|
3 |
|
|
Subsidiary |
Frankfurt |
Germany |
Textiles - Non Apparel |
|
3 |
|
|
Subsidiary |
Sao Paulo, Sao Paulo |
Brazil |
Apparel and Accessories |
5.4 |
1 |
|
|
Subsidiary |
Tokyo |
Japan |
Apparel and Accessories |
|
|
|
|
Subsidiary |
Yokohama |
Japan |
Electronic Instruments and Controls |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Tianjin |
China |
Textiles - Non Apparel |
|
|
|
|
Subsidiary |
Chongqing, Dazu |
China |
Construction - Supplies and Fixtures |
|
|
|
|
Subsidiary |
Hong Kong |
Hong Kong |
Investment Services |
|
|
|
|
Joint Venture |
Shanghai |
China |
Apparel and Accessories |
|
|
|
|
Joint Venture |
Hangzhou |
China |
Apparel and Accessories |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Apparel and Accessories |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Retail (Apparel) |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Real Estate Operations |
|
|
|
|
Subsidiary |
Kowloon |
Hong Kong |
Investment Services |
|
|
|
|
Subsidiary |
Dalian |
China |
Business Services |
|
|
|
|
Subsidiary |
Prai, Penang |
Malaysia |
Business Services |
|
1,000 |
|
|
Subsidiary |
Nantong, Jiangsu |
China |
Chemicals - Plastics and Rubber |
|
1,000 |
|
|
Subsidiary |
Jakarta |
Indonesia |
Chemicals - Plastics and Rubber |
1.0 |
900 |
|
|
Subsidiary |
Prai, Penang |
Malaysia |
Chemicals - Plastics and Rubber |
|
900 |
|
|
Subsidiary |
Tokyo |
Japan |
Containers and Packaging |
|
860 |
|
|
Subsidiary |
Kaohsiung |
Taiwan |
Photography |
|
|
|
|
Subsidiary |
Mishima, Shizuoka |
Japan |
Containers and Packaging |
|
|
|
|
Facility |
Izunokuni, Shizuoka |
Japan |
Containers and Packaging |
|
|
|
|
Subsidiary |
North Kingstown, RI |
United States |
Fabricated Plastic and Rubber |
75.0 |
800 |
|
|
Branch |
Front Royal, VA |
United States |
Fabricated Plastic and Rubber |
24.6 |
90 |
|
|
Branch |
Granville, OH |
United States |
Retail (Specialty) |
1.2 |
6 |
|
|
Subsidiary |
Zhongshan, Guangdong |
China |
Construction - Supplies and Fixtures |
1.0 |
800 |
|
|
Subsidiary |
Jakarta |
Indonesia |
Chemicals - Plastics and Rubber |
|
800 |
|
|
Subsidiary |
Bangkok |
Thailand |
Apparel and Accessories |
42.1 |
693 |
|
|
Subsidiary |
Nakhon Chaisi, Nakhon Pathom |
Thailand |
Apparel and Accessories |
|
55 |
|
|
Subsidiary |
Milano, MI |
Italy |
Chemicals - Plastics and Rubber |
130.6 |
566 |
|
|
Subsidiary |
Prai, Penang |
Malaysia |
Apparel and Accessories |
152.9 |
557 |
|
|
Subsidiary |
Urayasu, Chiba |
Japan |
Medical Equipment and Supplies |
356.0 |
500 |
|
|
Subsidiary |
Osaka |
Japan |
Textiles - Non Apparel |
192.1 |
497 |
|
|
Subsidiary |
Shanghai |
China |
Textiles - Non Apparel |
|
|
|
|
Subsidiary |
Saint-Maurice-de-Beynost |
France |
Fabricated Plastic and Rubber |
|
450 |
|
|
Subsidiary |
Tokyo |
Japan |
Textiles - Non Apparel |
5,251.0 |
444 |
|
|
Subsidiary |
New York, NY |
United States |
Apparel and Accessories |
|
38 |
|
|
Branch |
Blackstone, MA |
United States |
Containers and Packaging |
5.0 |
15 |
|
|
Branch |
Houston, TX |
United States |
Containers and Packaging |
5.0 |
15 |
|
|
Branch |
San Mateo, CA |
United States |
Containers and Packaging |
1.7 |
5 |
|
|
Branch |
Simpsonville, SC |
United States |
Business Services |
0.2 |
1 |
|
|
Subsidiary |
Osaka, Osaka |
Japan |
Apparel and Accessories |
178.6 |
|
|
|
Subsidiary |
Jiangsu |
China |
Containers and Packaging |
1.0 |
|
|
|
Subsidiary |
Tokyo |
Japan |
Miscellaneous Capital Goods |
190.5 |
441 |
|
|
Subsidiary |
Setagaya-Ku, Tokyo |
Japan |
Construction Services |
41.4 |
|
|
|
Subsidiary |
Jakarta |
Indonesia |
Textiles - Non Apparel |
40.7 |
430 |
|
|
Subsidiary |
Meribel |
France |
Fabricated Plastic and Rubber |
|
423 |
|
|
Subsidiary |
Tokyo |
Japan |
Chemical Manufacturing |
200.9 |
414 |
|
|
Subsidiary |
Tokyo |
Japan |
Security Systems and Services |
76.8 |
400 |
|
|
Subsidiary |
Nantong, Jiangsu |
China |
Chemicals - Plastics and Rubber |
1.0 |
400 |
|
|
Subsidiary |
Urayasu, Chiba |
Japan |
Chemical Manufacturing |
223.2 |
366 |
|
|
Subsidiary |
Jakarta |
Indonesia |
Chemicals - Plastics and Rubber |
1.0 |
300 |
|
|
Subsidiary |
Tacoma, WA |
United States |
Chemicals - Plastics and Rubber |
|
300 |
|
|
Subsidiary |
Penang |
Malaysia |
Chemicals - Plastics and Rubber |
|
297 |
|
|
Subsidiary |
Abidos |
France |
Chemicals - Plastics and Rubber |
256.2 |
285 |
|
|
Subsidiary |
Prai, Penang |
Malaysia |
Chemicals - Plastics and Rubber |
560.2 |
270 |
|
|
Subsidiary |
Prostejov |
Czech Republic |
Chemicals - Plastics and Rubber |
|
260 |
|
|
Subsidiary |
Bangkok |
Thailand |
Chemicals - Plastics and Rubber |
|
200 |
|
|
Subsidiary |
Tokyo |
Japan |
Real Estate Operations |
|
200 |
|
|
Subsidiary |
Okazaki, Aichi |
Japan |
Miscellaneous Fabricated Products |
|
199 |
|
|
Subsidiary |
Sunto-Gun, Shizuoka |
Japan |
Business Services |
29.8 |
191 |
|
|
Subsidiary |
Tokyo |
Japan |
Apparel and Accessories |
|
160 |
|
|
Subsidiary |
Okazaki, Aichi |
Japan |
Business Services |
20.3 |
158 |
|
|
Subsidiary |
Okazaki, Aichi |
Japan |
Chemicals - Plastics and Rubber |
|
150 |
|
|
Subsidiary |
Amsterdam |
Netherlands |
Consumer Financial Services |
|
130 |
|
|
Subsidiary |
Shanghai |
China |
Chemicals - Plastics and Rubber |
1.0 |
120 |
|
|
Subsidiary |
Shenzhen, Guangdong |
China |
Chemicals - Plastics and Rubber |
|
110 |
|
|
Subsidiary |
Jakarta Selatan |
Indonesia |
Miscellaneous Capital Goods |
25.0 |
100 |
|
|
Subsidiary |
Kowloon, Hong Kong |
Hong Kong |
Chemicals - Plastics and Rubber |
|
100 |
|
|
Subsidiary |
Kowloon, Hong Kong |
Hong Kong |
Chemicals - Plastics and Rubber |
|
100 |
|
|
Subsidiary |
Bangrak, Bangkok |
Thailand |
Textiles - Non Apparel |
|
100 |
|
|
Subsidiary |
Kimch'on, Gyungsanbuk Do |
Korea, Republic of |
Chemicals - Plastics and Rubber |
|
85 |
|
|
Subsidiary |
Kowloon |
Hong Kong |
Textiles - Non Apparel |
1.0 |
75 |
|
|
Subsidiary |
Taipei City, Taipei |
Taiwan |
Consumer Financial Services |
1.0 |
75 |
|
|
Subsidiary |
Jakarta |
Indonesia |
Chemicals - Plastics and Rubber |
|
75 |
|
|
Subsidiary |
Neu-Isenburg, Hessen |
Germany |
Fabricated Plastic and Rubber |
215.6 |
60 |
|
|
Subsidiary |
London |
United Kingdom |
Personal and Household Products |
56.6 |
17 |
|
|
Subsidiary |
Milan |
Italy |
Medical Equipment and Supplies |
36.7 |
10 |
|
|
Subsidiary |
Jakarta |
Indonesia |
Chemicals - Plastics and Rubber |
|
50 |
|
|
Subsidiary |
Singapore |
Singapore |
Apparel and Accessories |
|
41 |
|
|
Subsidiary |
New York, NY |
United States |
Electronic Instruments and Controls |
|
40 |
|
|
Subsidiary |
New York, NY |
United States |
Miscellaneous Financial Services |
|
38 |
|
|
Subsidiary |
Decatur, AL |
United States |
Chemicals - Plastics and Rubber |
|
150 |
|
|
Subsidiary |
New York, NY |
United States |
Textiles - Non Apparel |
10.0 |
20 |
|
|
Branch |
Fort Mill, SC |
United States |
Containers and Packaging |
3.6 |
11 |
|
|
Subsidiary |
London |
United Kingdom |
Apparel and Accessories |
|
37 |
|
|
Subsidiary |
Neu-Isenburg |
Germany |
Apparel and Accessories |
|
55 |
|
|
Subsidiary |
Singapore |
Singapore |
Apparel and Accessories |
418.4 |
36 |
|
|
Subsidiary |
Münchenstein, Basle Country |
Switzerland |
Miscellaneous Capital Goods |
|
35 |
|
|
Subsidiary |
Tsim Sha Tsui, Kowloon |
Hong Kong |
Apparel and Accessories |
|
35 |
|
|
Subsidiary |
Taipei |
Taiwan |
Apparel and Accessories |
1.0 |
30 |
|
|
Subsidiary |
Bangkok |
Thailand |
Apparel and Accessories |
|
30 |
|
|
Subsidiary |
Bangkok |
Thailand |
Apparel and Accessories |
154.0 |
550 |
|
|
Subsidiary |
Kowloon |
Hong Kong |
Business Services |
|
28 |
|
|
Subsidiary |
Urayasu, Chiba |
Japan |
Business Services |
|
25 |
|
|
Subsidiary |
Jakarta |
Indonesia |
Chemical Manufacturing |
|
18 |
|
|
Subsidiary |
Singapore |
Singapore |
Business Services |
1.0 |
15 |
|
|
Subsidiary |
Troy, MI |
United States |
Chemicals - Plastics and Rubber |
|
14 |
|
|
Subsidiary |
Jakarta |
Indonesia |
Textiles - Non Apparel |
25.0 |
12 |
|
|
Subsidiary |
Flower Mound, TX |
United States |
Electronic Instruments and Controls |
1.9 |
10 |
|
|
Subsidiary |
Milan |
Italy |
Apparel and Accessories |
|
9 |
|
|
Subsidiary |
Sao Paulo |
Brazil |
Business Services |
|
5 |
|
|
Subsidiary |
Kowloon |
Hong Kong |
Chemicals - Plastics and Rubber |
|
5 |
|
|
Subsidiary |
St Maurice De Beynost |
France |
Fabricated Plastic and Rubber |
239.3 |
3 |
|
|
Subsidiary |
Poway, CA |
United States |
Office Equipment |
|
3 |
|
|
Branch |
Venice, FL |
United States |
Construction Services |
0.6 |
4 |
|
|
Branch |
Bastrop, TX |
United States |
Construction Services |
0.1 |
1 |
|
|
Branch |
Mound, MN |
United States |
Construction Services |
0.1 |
1 |
|
|
Subsidiary |
Urayasu, Chiba |
Japan |
Chemical Manufacturing |
216.0 |
|
|
|
Subsidiary |
Tsim Sha Tsui, Kowloon |
Hong Kong |
Apparel and Accessories |
146.4 |
|
|
|
Subsidiary |
Chuo-Ku, Tokyo |
Japan |
Fabricated Plastic and Rubber |
132.4 |
|
|
|
Subsidiary |
Chuo-Ku, Tokyo |
Japan |
Furniture and Fixtures |
118.4 |
|
|
|
Subsidiary |
Gifu |
Japan |
Personal and Household Products |
117.5 |
|
|
|
Subsidiary |
Gifu, Gifu |
Japan |
Apparel and Accessories |
23.6 |
|
|
|
Subsidiary |
Inazawa, Aichi |
Japan |
Textiles - Non Apparel |
55.2 |
|
|
|
Subsidiary |
Tsim Sha Tsui, Kowloon |
Hong Kong |
Fabricated Plastic and Rubber |
46.2 |
|
|
|
Subsidiary |
Nagoya, Aichi |
Japan |
Business Services |
30.2 |
|
|
|
Subsidiary |
Ishikawa |
Japan |
Chemicals - Plastics and Rubber |
3.0 |
|
|
|
Subsidiary |
Shanghai |
China |
Business Services |
1.0 |
|
|
|
Subsidiary |
Jiangsu |
China |
Textiles - Non Apparel |
1.0 |
|
|
|
Subsidiary |
Tondabayashi, Osaka |
Japan |
Textiles - Non Apparel |
1.0 |
|
|
|
Subsidiary |
Zhongshan, Guangdong |
China |
Fabricated Plastic and Rubber |
1.0 |
|
|
|
Subsidiary |
Guangdong |
China |
Miscellaneous Capital Goods |
1.0 |
|
|
|
Subsidiary |
Osaka |
Japan |
Engineering Consultants |
1.0 |
|
|
|
Subsidiary |
Osaka, Osaka |
Japan |
Real Estate Operations |
33.0 |
|
|
|
Subsidiary |
Ch'onan, Chung-Nam |
Korea, Republic of |
Chemicals - Plastics and Rubber |
1.0 |
|
|
|
Facility |
Matsuyama, Ehime |
Japan |
Chemicals - Plastics and Rubber |
|
|
|
|
Subsidiary |
Otsu, Shiga |
Japan |
Waste Management Services |
|
|
|
|
Subsidiary |
Otsu, Shiga |
Japan |
Trucking |
76.4 |
|
|
|
Subsidiary |
Nishio, Aichi |
Japan |
Textiles - Non Apparel |
|
|
|
|
Subsidiary |
Nishio, Aichi |
Japan |
Business Services |
4.3 |
95 |
|
|
Subsidiary |
Ogaki, Gifu |
Japan |
Apparel and Accessories |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Construction - Supplies and Fixtures |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Personal Services |
|
|
|
|
Subsidiary |
Toyama |
Japan |
Textiles - Non Apparel |
|
|
|
|
Facility |
Shelbyville, IN |
United States |
Chemicals - Plastics and Rubber |
|
|
|
|
Facility |
Otsu, Shiga |
Japan |
Chemical Manufacturing |
|
|
|
|
Facility |
Tokai, Aichi |
Japan |
Chemical Manufacturing |
|
|
|
|
Facility |
Nagoya |
Japan |
Chemicals - Plastics and Rubber |
|
|
|
|
Facility |
Ichihara, Chiba |
Japan |
Chemicals - Plastics and Rubber |
|
|
|
|
Facility |
Gifu |
Japan |
Containers and Packaging |
|
|
|
|
Subsidiary |
Konan, Shiga |
Japan |
Chemicals - Plastics and Rubber |
|
|
|
|
Facility |
Moriyama, Shiga |
Japan |
Computer Peripherals |
|
|
|
|
Subsidiary |
Beijing |
China |
Water Utilities |
|
|
|
|
Subsidiary |
Suzhou |
China |
Chemicals - Plastics and Rubber |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Computer Services |
|
|
|
|
Facility |
Otsu, Shiga |
Japan |
Chemicals - Plastics and Rubber |
|
|
|
|
Subsidiary |
Kyoto |
Japan |
Textiles - Non Apparel |
|
|
|
|
Facility |
Matsuyama |
Japan |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Kakogawa, Hyogo |
Japan |
Containers and Packaging |
|
|
|
|
Facility |
Tokai, Aichi |
Japan |
Chemicals - Plastics and Rubber |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Apparel and Accessories |
|
|
|
|
Subsidiary |
Cheongwon, Chungcheongbuk-do |
Korea, Republic of |
Office Supplies |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Business Services |
|
|
|
|
Subsidiary |
Taipei |
Taiwan |
Apparel and Accessories |
|
|
|
|
Subsidiary |
Kowloon |
Hong Kong |
Fabricated Plastic and Rubber |
|
|
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Textiles - Non Apparel |
|
|
|
|
Joint Venture |
Tangerang, Banten |
Indonesia |
Chemicals - Plastics and Rubber |
|
|
|
|
Subsidiary |
Jakarta |
Indonesia |
Miscellaneous Financial Services |
|
|
|
|
Subsidiary |
Jakarta |
Indonesia |
Personal Services |
|
|
|
|
Subsidiary |
Decatur, AL |
United States |
Textiles - Non Apparel |
|
|
|
|
Facility |
Nagoya |
Japan |
Auto and Truck Parts |
|
|
|
|
Facility |
Okazaki, Aichi |
Japan |
Textiles - Non Apparel |
|
|
|
|
Facility |
Nomi, Ishikawa |
Japan |
Textiles - Non Apparel |
|
|
|
|
Facility |
Ichihara, Chiba |
Japan |
Chemicals - Plastics and Rubber |
|
|
|
|
Subsidiary |
Taichung |
Taiwan |
Chemicals - Plastics and Rubber |
|
|
|
|
Subsidiary |
Ichihara, Chiba |
Japan |
Construction - Raw Materials |
|
|
|
|
Subsidiary |
Kamakura, Kanagawa |
Japan |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Apparel and Accessories |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Software and Programming |
|
|
|
|
Subsidiary |
Urayasu, Chiba |
Japan |
Software and Programming |
|
|
|
|
Subsidiary |
Osaka, Osaka |
Japan |
Software and Programming |
19.9 |
|
|
|
Subsidiary |
Tsuchiura, Ibaraki |
Japan |
Business Services |
|
|
|
|
Subsidiary |
Otsu, Shiga |
Japan |
Appliance and Tool |
|
|
|
|
Subsidiary |
Inazawa, Aichi |
Japan |
Apparel and Accessories |
|
|
|
|
Subsidiary |
Matsuyama |
Japan |
Containers and Packaging |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Miscellaneous Capital Goods |
|
|
|
|
Toray Industries Inc |
Branch |
|
|
|
|
|
|
Subsidiary |
Mansfield |
United Kingdom |
Apparel and Accessories |
21.3 |
161 |
Competitors report
|
Company Name |
Location |
Employees |
Ownership |
|
Asahi Kasei Corporation |
Tokyo, Japan |
25,085 |
Public |
|
Bayer AG |
Leverkusen, Germany |
111,400 |
Public |
|
DENKI KAGAKU KOGYO KABUSHIKI KAISHA |
Tokyo, Japan |
4,921 |
Public |
|
E I Du Pont De Nemours And Co |
Wilmington, Delaware, United States |
70,000 |
Public |
|
KANEKA CORPORATION |
Osaka-Shi, Japan |
8,489 |
Public |
|
Kuraray Co Ltd |
Tokyo, Japan |
6,776 |
Public |
|
LG Chem Ltd |
Seoul, Korea, Republic of |
11,389 |
Public |
|
Marubeni Corporation |
Chiyoda-Ku, Japan |
32,445 |
Public |
|
Mitsubishi Rayon Co Ltd |
Tokyo, Japan |
8,203 |
Public |
|
Mitsui Chemicals, Inc. |
Tokyo, Japan |
12,868 |
Public |
|
Teijin Ltd |
Chuo-ku, Osaka, Japan |
16,819 |
Public |
|
The Dow Chemical Company |
Midland, Michigan, United States |
49,505 |
Public |
|
Toyobo Co Ltd |
Osaka-Shi, Japan |
10,479 |
Public |
|
Unitika Ltd |
Osaka-Shi, Japan |
4,745 |
Public |
Executive report
|
Board of
Directors |
|
|
|
|
|||||||||
|
Chairman, President |
Chairman |
|
|||||||||
|
Chairman of the Board, Representative Director |
Chairman |
|
|||||||||
|
||||||||||||
|
Senior Vice President, Chief Director of Resin and Chemical Business |
Director/Board Member |
|
|
||||||||
|
Vice President, Chief Director of Research, Manager of Basic Research
Center, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Executive Vice President, Manager of Business Planning Office, Manager
of IT Business SBU , Representative Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Manager of Finance and Accounting Division, President of Subsidiaries,
Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Senior Vice President, Board Member, Manager of Human Resources and
Diligent Labors |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Manager of Industrail Material Business Division, Chairman of
Subsidiaries, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Board Member |
Director/Board Member |
|
|
||||||||
|
Senior Vice President, Board Member |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Vice President, Manager of Display Material Business, Chairman of
Subsidiaries, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Executive Vice President, Representative Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Vice President |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Senior Vice President, Chief Director of Medicine and Medical Care
Business |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Senior Vice President, Chief Director of Related Business |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Vice President |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Vice President, Manager of International Business |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Senior Vice President, Chief Director of Electronic Information
Material Business, Manager of Electronic Material Business |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Senior Vice President, Board Member |
Director/Board Member |
|
|
||||||||
|
Senior Vice President |
Director/Board Member |
|
|
||||||||
|
President, Chief Executive Officer, Chief Operating Officer,
Representative Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Senior Vice Preaident, Chief Director of Composite Material Business,
Manager of China Office, Chairman of Subsidiaries |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Vice President, Chief Director of Water Processing & Environment
Business, Chairman of Subsidiary, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Deputy Chief Director of Fibre Business, Manager of Industrial
Material and Clothing Material Business Division, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Senior Vice President, Board Member, Manager of Engineering |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Senior Vice President, Member of Board & Executive Committee |
Director/Board Member |
|
|
||||||||
|
Vice President |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Chief Director of Resin and Chemical Business, Manager of Resin
Business Division, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Executive Vice President, Representative Director |
Director/Board Member |
|
|
||||||||
|
Senior Vice President, Board Member, Chief Director of Production |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Executive Vice President, Chief Technology Officer, Representative
Director |
Director/Board Member |
|
|
||||||||
|
Executive Vice President, Chief Director of Fiber Business, Osaka Business
Plant Manager, Representative Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Senior Vice President, Board Member, Manager of Finance and Accounting,
President of Subsidiaries |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Vice President |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Senior Vice President, Chief Director of Film Business, Chairman of Subsidiary |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Manager of Human Resources and Labor Division, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Vice President |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Executives |
|
|
|
|
|||||||||
|
President, Chief Executive Officer, Chief Operating Officer,
Representative Director |
Chief Executive Officer |
|
|||||||||
|
||||||||||||
|
Chairman, President |
President |
|
|
||||||||
|
Manager of Finance and Accounting Division, President of Subsidiaries,
Director |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Manager of Industrail Material Business Division, Chairman of
Subsidiaries, Director |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Vice President, Manager of Display Material Business, Chairman of
Subsidiaries, Director |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Vice President, Chief Director of Water Processing & Environment
Business, Chairman of Subsidiary, Director |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Deputy Chief Director of Fibre Business, Manager of Industrial Material
and Clothing Material Business Division, Director |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Chief Director of Resin and Chemical Business, Manager of Resin
Business Division, Director |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Managing Director-Film |
Division Head Executive |
|
|
||||||||
|
Manager of Human Resources and Labor Division, Director |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Senior Vice President, Chief Director of Resin and Chemical Business |
Managing Director |
|
|
||||||||
|
Senior Managing Director |
Managing Director |
|
|
||||||||
|
Managing Director |
Managing Director |
|
|
||||||||
|
Senior Vice President, Chief Director of Medicine and Medical Care
Business |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Senior Vice President, Chief Director of Related Business |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Senior Vice President, Chief Director of Electronic Information
Material Business, Manager of Electronic Material Business |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Senior Vice President |
Managing Director |
|
|
||||||||
|
Senior Vice Preaident, Chief Director of Composite Material Business,
Manager of China Office, Chairman of Subsidiaries |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Director-Technology |
Managing Director |
|
|
||||||||
|
Senior Vice President, Board Member, Manager of Engineering |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Senior Vice President, Board Member, Chief Director of Production |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Director-Production |
Managing Director |
|
|
||||||||
|
Senior Vice President, Chief Director of Film Business, Chairman of
Subsidiary |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Senior Managing Director |
Managing Director |
|
|
||||||||
|
Executive Vice President, Manager of Business Planning Office, Manager
of IT Business SBU , Representative Director |
Administration Executive |
|
|
||||||||
|
||||||||||||
|
Co-Auditor |
Finance Executive |
|
|
||||||||
|
Senior Vice President, Board Member, Manager of Finance and
Accounting, President of Subsidiaries |
Finance Executive |
|
|
||||||||
|
||||||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Senior Vice President, Board Member, Manager of Human Resources and
Diligent Labors |
Human Resources Executive |
|
|
||||||||
|
||||||||||||
|
Vice President, Manager of International Business |
International Executive |
|
|
||||||||
|
||||||||||||
|
Executive Vice President, Chief Technology Officer, Representative
Director |
Engineering/Technical Executive |
|
|
||||||||
|
Director of Research, Director of Research and Development Planning,
Director |
Research & Development Executive |
|
|
||||||||
|
||||||||||||
|
Vice President, Chief Director of Research, Manager of Basic Research
Center, Director |
Research & Development Executive |
|
|
||||||||
|
||||||||||||
|
Director-Planning |
Planning Executive |
|
|
||||||||
|
Executive Vice President, Chief Director of Fiber Business, Osaka
Business Plant Manager, Representative Director |
Manufacturing Executive |
|
|
||||||||
|
||||||||||||
|
Director of Accounting |
Other |
|
|
||||||||
|
Vice President & Representative Director |
Other |
|
|
||||||||
|
Vice President & Representative Director |
Other |
|
|
||||||||
Significant Developments
TonenGeneral Sekiyu K.K. Discontinues Tie-up with Toray Industries, Inc. on Battery Separator Film Business
Jan 20, 2012
TonenGeneral Sekiyu K.K. announced that it has decided to discontinue the tie-up with Toray Industries, Inc. on battery separator film business, effective January 31, 2012. The joint venture, which was established by Toray Industries, Inc. and two subsidiaries of TonenGeneral Sekiyu K.K. will become a wholly owned subsidiary of Toray Industries.
Toray Industries, Inc. to Invest Subsidiary of Mitsui & Co., Ltd.-THCHDA Jan 06, 2012
THCHDA reported that Toray Industries, Inc. will acquire a 20% stake in a wholly owned subsidiary of Mitsui & Co., Ltd., MicroBiopharm Japan Co., Ltd., which is engaged in the manufacturing and sale of anticancer drugs and antibiotics. After the acquisition, Toray Industries and Mitsui & Co. will each hold a 20% and 80% stake in MicroBiopharm Japan. The transaction will be conducted on January 6, 2012.
Toray Industries, Inc. Cancels Co-development Alliance with JAPAN TOBACCO INC. and Torii Pharmaceutical Co., Ltd. Dec 22, 2011
Toray Industries, Inc. announced that it has canceled the co-development alliance signed with JAPAN TOBACCO INC. and Torii Pharmaceutical Co., Ltd., for nalfurafine hydrochloride ("TRK-820").
R&I Affirms Toray Industries, Inc.'s Rating at "A+";
Rating Outlook Stable Dec 22, 2011
Rating and Investment Information, Inc. (R&I) announced that it has
affirmed the rating on Toray Industries, Inc. at "A+". The rating
outlook is stable.
Mitsubishi Tanabe Pharma Corporation Signs Exclusive Development and
Sales Contract with Toray Industries, Inc.-Nikkanyakugyo Oct 17, 2011
Nikkanyakugyo reported that Mitsubishi Tanabe Pharma Corporation has
signed an exclusive development and sales contract with Toray Industries, Inc.,
regarding the ex
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 |
Ernst &
Young Shin Nihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst & Young
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
20,118.8 |
17,967.9 |
14,629.0 |
14,644.7 |
14,432.5 |
|
Revenue |
20,118.8 |
17,967.9 |
14,629.0 |
14,644.7 |
14,432.5 |
|
Total Revenue |
20,118.8 |
17,967.9 |
14,629.0 |
14,644.7 |
14,432.5 |
|
|
|
|
|
|
|
|
Cost of Revenue |
15,971.3 |
14,339.6 |
11,996.8 |
12,034.2 |
11,533.8 |
|
Cost of Revenue, Total |
15,971.3 |
14,339.6 |
11,996.8 |
12,034.2 |
11,533.8 |
|
Gross Profit |
4,147.5 |
3,628.3 |
2,632.2 |
2,610.5 |
2,898.7 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
1,330.9 |
1,187.4 |
1,051.6 |
1,122.9 |
1,063.3 |
|
Labor & Related Expense |
747.6 |
677.6 |
603.2 |
597.6 |
528.2 |
|
Total Selling/General/Administrative Expenses |
2,078.5 |
1,865.0 |
1,654.7 |
1,720.5 |
1,591.5 |
|
Research & Development |
641.3 |
534.9 |
488.4 |
487.2 |
390.2 |
|
Depreciation |
63.4 |
60.4 |
57.6 |
56.3 |
50.7 |
|
Depreciation/Amortization |
63.4 |
60.4 |
57.6 |
56.3 |
50.7 |
|
Restructuring Charge |
20.6 |
51.5 |
15.0 |
9.7 |
9.0 |
|
Litigation |
- |
- |
- |
0.0 |
17.0 |
|
Impairment-Assets Held for Use |
2.9 |
25.7 |
33.3 |
122.0 |
65.7 |
|
Impairment-Assets Held for Sale |
2.6 |
40.7 |
24.9 |
137.0 |
4.8 |
|
Other Unusual Expense (Income) |
29.2 |
45.8 |
12.5 |
16.0 |
-1.6 |
|
Unusual Expense (Income) |
55.4 |
163.7 |
85.8 |
284.8 |
94.9 |
|
Total Operating Expense |
18,810.0 |
16,963.6 |
14,283.3 |
14,583.0 |
13,661.1 |
|
|
|
|
|
|
|
|
Operating Income |
1,308.8 |
1,004.3 |
345.7 |
61.7 |
771.4 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-73.0 |
-74.6 |
-96.3 |
-117.7 |
-100.4 |
|
Interest Expense, Net Non-Operating |
-73.0 |
-74.6 |
-96.3 |
-117.7 |
-100.4 |
|
Interest Income -
Non-Operating |
10.8 |
8.5 |
8.1 |
15.4 |
19.1 |
|
Investment Income -
Non-Operating |
97.5 |
110.3 |
-140.2 |
-36.6 |
96.8 |
|
Interest/Investment Income - Non-Operating |
108.3 |
118.9 |
-132.1 |
-21.1 |
115.9 |
|
Interest Income (Expense) - Net Non-Operating Total |
35.3 |
44.3 |
-228.4 |
-138.8 |
15.5 |
|
Gain (Loss) on Sale of Assets |
-57.5 |
-36.1 |
-35.1 |
-63.9 |
-45.5 |
|
Other Non-Operating Income (Expense) |
-6.3 |
-45.2 |
-108.1 |
-55.5 |
-54.0 |
|
Other, Net |
-6.3 |
-45.2 |
-108.1 |
-55.5 |
-54.0 |
|
Income Before Tax |
1,280.3 |
967.3 |
-26.0 |
-196.6 |
687.3 |
|
|
|
|
|
|
|
|
Total Income Tax |
422.1 |
239.6 |
98.8 |
-54.9 |
230.2 |
|
Income After Tax |
858.2 |
727.8 |
-124.7 |
-141.7 |
457.1 |
|
|
|
|
|
|
|
|
Minority Interest |
-44.9 |
-51.8 |
-27.6 |
-20.8 |
-36.6 |
|
Net Income Before Extraord Items |
813.3 |
676.0 |
-152.3 |
-162.5 |
420.5 |
|
Net Income |
813.3 |
676.0 |
-152.3 |
-162.5 |
420.5 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
813.3 |
676.0 |
-152.3 |
-162.5 |
420.5 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
813.3 |
676.0 |
-152.3 |
-162.5 |
420.5 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
1,629.3 |
1,591.0 |
1,399.4 |
1,399.8 |
1,399.7 |
|
Basic EPS Excl Extraord Items |
0.50 |
0.42 |
-0.11 |
-0.12 |
0.30 |
|
Basic/Primary EPS Incl Extraord Items |
0.50 |
0.42 |
-0.11 |
-0.12 |
0.30 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
813.3 |
676.0 |
-152.3 |
-162.5 |
420.5 |
|
Diluted Weighted Average Shares |
1,714.1 |
1,682.6 |
1,399.4 |
1,399.8 |
1,399.7 |
|
Diluted EPS Excl Extraord Items |
0.47 |
0.40 |
-0.11 |
-0.12 |
0.30 |
|
Diluted EPS Incl Extraord Items |
0.47 |
0.40 |
-0.11 |
-0.12 |
0.30 |
|
Dividends per Share - Common Stock Primary Issue |
0.13 |
0.09 |
0.05 |
0.07 |
0.09 |
|
Gross Dividends - Common Stock |
206.5 |
142.7 |
75.3 |
104.5 |
122.5 |
|
Interest Expense, Supplemental |
73.0 |
74.6 |
96.3 |
117.7 |
100.4 |
|
Depreciation, Supplemental |
854.1 |
822.5 |
805.9 |
833.6 |
756.1 |
|
Total Special Items |
111.9 |
199.1 |
119.9 |
346.9 |
145.3 |
|
Normalized Income Before Tax |
1,392.2 |
1,166.4 |
93.9 |
150.3 |
832.7 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
37.2 |
49.5 |
42.3 |
122.0 |
47.0 |
|
Inc Tax Ex Impact of Sp Items |
459.3 |
289.0 |
141.1 |
67.2 |
277.3 |
|
Normalized Income After Tax |
932.9 |
877.3 |
-47.2 |
83.2 |
555.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
888.0 |
825.5 |
-74.8 |
62.4 |
518.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.54 |
0.52 |
-0.05 |
0.04 |
0.37 |
|
Diluted Normalized EPS |
0.52 |
0.49 |
-0.05 |
0.04 |
0.37 |
|
Amort of Acquisition Costs, Supplemental |
-1.0 |
-0.7 |
-1.1 |
-1.8 |
5.0 |
|
Rental Expenses |
112.5 |
107.3 |
103.5 |
103.3 |
84.1 |
|
Research & Development Exp, Supplemental |
651.6 |
543.4 |
497.0 |
497.1 |
400.9 |
|
Reported Operating Profit |
1,364.2 |
1,168.0 |
431.5 |
358.3 |
904.9 |
|
Reported Ordinary Profit |
1,391.2 |
1,154.0 |
96.9 |
204.2 |
800.3 |
|
Normalized EBIT |
1,364.2 |
1,168.0 |
431.5 |
346.4 |
866.3 |
|
Normalized EBITDA |
2,217.4 |
1,989.7 |
1,236.4 |
1,178.2 |
1,627.3 |
|
Current Tax - Total |
236.1 |
- |
- |
- |
- |
|
Current Tax - Total |
236.1 |
- |
- |
- |
- |
|
Deferred Tax - Total |
186.0 |
- |
- |
- |
- |
|
Deferred Tax - Total |
186.0 |
- |
- |
- |
- |
|
Other Tax |
0.0 |
- |
- |
- |
- |
|
Income Tax - Total |
422.1 |
- |
- |
- |
- |
|
Interest Cost - Domestic |
48.9 |
53.8 |
50.9 |
48.8 |
44.7 |
|
Service Cost - Domestic |
72.5 |
71.6 |
69.1 |
60.3 |
61.0 |
|
Prior Service Cost - Domestic |
-37.6 |
-34.5 |
-31.3 |
-28.4 |
-25.1 |
|
Expected Return on Assets - Domestic |
-45.3 |
-48.1 |
-40.6 |
-52.5 |
-59.0 |
|
Actuarial Gains and Losses - Domestic |
86.5 |
76.1 |
78.8 |
41.8 |
-0.7 |
|
Other Pension, Net - Domestic |
- |
- |
- |
- |
-6.9 |
|
Domestic Pension Plan Expense |
125.2 |
118.9 |
127.0 |
70.0 |
14.0 |
|
Defined Contribution Expense - Domestic |
46.3 |
50.7 |
46.2 |
40.1 |
35.5 |
|
Total Pension Expense |
171.5 |
169.5 |
173.2 |
110.0 |
49.4 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
3.00% |
3.00% |
3.00% |
3.00% |
3.00% |
|
Total Plan Interest Cost |
48.9 |
53.8 |
50.9 |
48.8 |
44.7 |
|
Total Plan Service Cost |
72.5 |
71.6 |
69.1 |
60.3 |
61.0 |
|
Total Plan Expected Return |
-45.3 |
-48.1 |
-40.6 |
-52.5 |
-59.0 |
|
Total Plan Other Expense |
- |
- |
- |
- |
-6.9 |
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 |
Ernst &
Young Shin Nihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
988.0 |
1,270.8 |
689.0 |
630.7 |
560.1 |
|
Short Term Investments |
- |
- |
- |
0.0 |
8.6 |
|
Cash and Short Term Investments |
988.0 |
1,270.8 |
689.0 |
630.7 |
568.8 |
|
Accounts Receivable -
Trade, Gross |
3,442.7 |
3,419.4 |
2,771.1 |
2,228.7 |
2,920.0 |
|
Provision for Doubtful
Accounts |
-27.5 |
-30.1 |
-27.1 |
-24.0 |
-28.5 |
|
Trade Accounts Receivable - Net |
3,415.2 |
3,389.3 |
2,744.1 |
2,204.7 |
2,891.6 |
|
Total Receivables, Net |
3,415.2 |
3,389.3 |
2,744.1 |
2,204.7 |
2,891.6 |
|
Inventories - Finished Goods |
1,963.4 |
1,648.9 |
1,509.1 |
1,777.6 |
- |
|
Inventories - Work In Progress |
886.5 |
916.4 |
723.9 |
876.0 |
- |
|
Inventories - Raw Materials |
739.9 |
692.5 |
598.3 |
585.9 |
- |
|
Total Inventory |
3,589.8 |
3,257.8 |
2,831.4 |
3,239.5 |
3,299.8 |
|
Deferred Income Tax - Current Asset |
221.2 |
335.6 |
181.4 |
197.7 |
221.7 |
|
Other Current Assets |
601.0 |
482.8 |
408.5 |
367.9 |
384.3 |
|
Other Current Assets, Total |
822.2 |
818.5 |
589.9 |
565.7 |
606.0 |
|
Total Current Assets |
8,815.1 |
8,736.5 |
6,854.4 |
6,640.5 |
7,366.1 |
|
|
|
|
|
|
|
|
Buildings |
5,517.3 |
5,409.0 |
4,865.0 |
4,576.6 |
4,638.2 |
|
Land/Improvements |
844.7 |
834.6 |
753.1 |
707.3 |
817.8 |
|
Machinery/Equipment |
16,511.2 |
16,155.2 |
14,621.6 |
13,767.9 |
14,341.9 |
|
Construction in
Progress |
934.3 |
499.2 |
589.1 |
630.9 |
927.3 |
|
Other
Property/Plant/Equipment |
959.4 |
1,022.3 |
941.7 |
905.4 |
739.9 |
|
Property/Plant/Equipment - Gross |
24,766.9 |
23,920.3 |
21,770.5 |
20,588.2 |
21,465.1 |
|
Accumulated Depreciation |
-17,946.2 |
-17,506.3 |
-15,559.6 |
-14,551.3 |
-14,623.4 |
|
Property/Plant/Equipment - Net |
6,820.7 |
6,414.0 |
6,210.9 |
6,036.9 |
6,841.7 |
|
Goodwill, Net |
386.7 |
0.0 |
- |
- |
- |
|
Intangibles, Net |
130.6 |
112.0 |
110.9 |
106.5 |
149.6 |
|
LT Investment - Affiliate Companies |
874.2 |
1,457.7 |
1,290.0 |
- |
- |
|
LT Investments - Other |
1,201.1 |
1,220.1 |
1,174.8 |
1,581.3 |
2,014.3 |
|
Long Term Investments |
2,075.3 |
2,677.8 |
2,464.8 |
1,581.3 |
2,014.3 |
|
Note Receivable - Long Term |
15.0 |
17.6 |
17.7 |
12.0 |
12.7 |
|
Deferred Income Tax - Long Term Asset |
413.5 |
397.2 |
516.2 |
489.3 |
215.2 |
|
Other Long Term Assets |
539.5 |
557.4 |
486.1 |
559.2 |
461.9 |
|
Other Long Term Assets, Total |
953.0 |
954.6 |
1,002.2 |
1,048.5 |
677.1 |
|
Total Assets |
19,196.4 |
18,912.5 |
16,660.9 |
15,425.8 |
17,061.6 |
|
|
|
|
|
|
|
|
Accounts Payable |
2,210.0 |
2,198.2 |
1,744.4 |
1,520.3 |
2,232.7 |
|
Accrued Expenses |
199.1 |
203.0 |
165.9 |
152.4 |
184.0 |
|
Notes Payable/Short Term Debt |
1,538.6 |
902.1 |
1,669.7 |
1,500.4 |
1,386.5 |
|
Current Portion - Long Term Debt/Capital Leases |
682.7 |
1,051.3 |
452.0 |
539.7 |
390.5 |
|
Income Taxes Payable |
151.7 |
178.4 |
135.2 |
66.2 |
102.6 |
|
Other Current Liabilities |
1,479.1 |
1,535.5 |
1,333.3 |
886.0 |
1,178.5 |
|
Other Current liabilities, Total |
1,630.8 |
1,713.9 |
1,468.5 |
952.2 |
1,281.1 |
|
Total Current Liabilities |
6,261.2 |
6,068.4 |
5,500.5 |
4,664.9 |
5,474.9 |
|
|
|
|
|
|
|
|
Long Term Debt |
3,592.4 |
3,975.3 |
4,611.8 |
4,618.0 |
4,162.4 |
|
Total Long Term Debt |
3,592.4 |
3,975.3 |
4,611.8 |
4,618.0 |
4,162.4 |
|
Total Debt |
5,813.7 |
5,928.7 |
6,733.4 |
6,658.1 |
5,939.4 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
68.9 |
40.4 |
28.8 |
26.9 |
117.2 |
|
Deferred Income Tax |
68.9 |
40.4 |
28.8 |
26.9 |
117.2 |
|
Minority Interest |
567.5 |
579.7 |
504.1 |
442.9 |
492.3 |
|
Pension Benefits - Underfunded |
819.6 |
861.6 |
762.6 |
720.9 |
718.9 |
|
Other Long Term Liabilities |
271.5 |
233.1 |
211.3 |
205.0 |
136.7 |
|
Other Liabilities, Total |
1,091.1 |
1,094.7 |
973.9 |
925.9 |
855.5 |
|
Total Liabilities |
11,581.0 |
11,758.5 |
11,619.1 |
10,678.8 |
11,102.3 |
|
|
|
|
|
|
|
|
Common Stock |
1,794.9 |
1,784.2 |
1,037.4 |
981.4 |
973.9 |
|
Common Stock |
1,794.9 |
1,784.2 |
1,037.4 |
981.4 |
973.9 |
|
Additional Paid-In Capital |
1,663.2 |
1,649.8 |
918.3 |
868.7 |
862.2 |
|
Retained Earnings (Accumulated Deficit) |
5,223.8 |
4,614.6 |
3,554.2 |
3,576.2 |
3,888.8 |
|
Treasury Stock - Common |
-14.5 |
-14.0 |
-12.2 |
-11.4 |
-10.8 |
|
Unrealized Gain (Loss) |
249.8 |
256.6 |
256.6 |
93.4 |
325.7 |
|
Translation Adjustment |
-1,301.9 |
-1,137.2 |
-712.5 |
-761.4 |
-80.5 |
|
Other Equity, Total |
-1,301.9 |
-1,137.2 |
-712.5 |
-761.4 |
-80.5 |
|
Total Equity |
7,615.4 |
7,154.0 |
5,041.8 |
4,747.0 |
5,959.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
19,196.4 |
18,912.5 |
16,660.9 |
15,425.8 |
17,061.6 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
1,629.3 |
1,629.4 |
1,399.4 |
1,399.4 |
1,399.7 |
|
Total Common Shares Outstanding |
1,629.3 |
1,629.4 |
1,399.4 |
1,399.4 |
1,399.7 |
|
Treasury Shares - Common Stock Primary Issue |
2.2 |
2.1 |
2.1 |
2.1 |
1.8 |
|
Employees |
40,227 |
38,740 |
37,936 |
37,924 |
38,565 |
|
Number of Common Shareholders |
174,112 |
176,978 |
176,902 |
189,041 |
172,851 |
|
Total Long Term Debt, Supplemental |
4,275.1 |
5,026.6 |
5,063.8 |
3,234.0 |
4,552.9 |
|
Long Term Debt Maturing within 1 Year |
682.7 |
1,051.3 |
452.0 |
134.7 |
390.5 |
|
Long Term Debt Maturing in Year 2 |
1,173.2 |
681.2 |
993.9 |
330.1 |
553.6 |
|
Long Term Debt Maturing in Year 3 |
792.9 |
1,163.0 |
754.8 |
228.3 |
490.2 |
|
Long Term Debt Maturing in Year 4 |
630.0 |
728.3 |
1,032.8 |
601.2 |
879.6 |
|
Long Term Debt Maturing in Year 5 |
359.1 |
612.3 |
660.3 |
313.0 |
380.5 |
|
Long Term Debt Maturing in 2-3 Years |
1,966.1 |
1,844.2 |
1,748.7 |
558.4 |
1,043.8 |
|
Long Term Debt Maturing in 4-5 Years |
989.0 |
1,340.6 |
1,693.0 |
914.2 |
1,260.1 |
|
Long Term Debt Matur. in Year 6 & Beyond |
637.2 |
790.5 |
1,170.0 |
1,626.7 |
1,858.5 |
|
Total Capital Leases, Supplemental |
35.7 |
25.8 |
32.0 |
64.1 |
- |
|
Capital Lease Payments Due in Year 1 |
9.7 |
7.3 |
5.2 |
11.9 |
- |
|
Capital Lease Payments Due in Year 2 |
9.8 |
4.7 |
4.8 |
4.7 |
- |
|
Capital Lease Payments Due in Year 3 |
9.6 |
4.7 |
5.4 |
4.7 |
- |
|
Capital Lease Payments Due in Year 4 |
3.3 |
4.4 |
7.0 |
5.5 |
- |
|
Capital Lease Payments Due in Year 5 |
0.4 |
0.5 |
4.6 |
7.2 |
- |
|
Capital Lease Payments Due in 2-3 Years |
19.4 |
9.4 |
10.2 |
9.5 |
- |
|
Capital Lease Payments Due in 4-5 Years |
3.6 |
4.9 |
11.7 |
12.6 |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
3.0 |
4.2 |
4.9 |
30.0 |
- |
|
Pension Obligation - Domestic |
2,314.3 |
2,514.3 |
2,323.2 |
2,287.1 |
2,381.6 |
|
Plan Assets - Domestic |
1,398.0 |
1,567.9 |
1,474.6 |
1,302.6 |
1,822.9 |
|
Funded Status - Domestic |
-916.3 |
-946.4 |
-848.6 |
-984.5 |
-558.7 |
|
Total Funded Status |
-916.3 |
-946.4 |
-848.6 |
-984.5 |
-558.7 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
3.00% |
3.00% |
3.00% |
3.00% |
3.00% |
|
Prepaid Benefits - Domestic |
338.7 |
323.2 |
270.8 |
244.4 |
196.1 |
|
Accrued Liabilities - Domestic |
-797.3 |
-806.9 |
-717.7 |
-677.1 |
-679.5 |
|
Other Assets, Net - Domestic |
457.8 |
462.8 |
401.7 |
551.7 |
75.3 |
|
Net Assets Recognized on Balance Sheet |
-0.8 |
-20.9 |
-45.3 |
119.0 |
-408.2 |
|
Total Plan Obligations |
2,314.3 |
2,514.3 |
2,323.2 |
2,287.1 |
2,381.6 |
|
Total Plan Assets |
1,398.0 |
1,567.9 |
1,474.6 |
1,302.6 |
1,822.9 |
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 |
Ernst &
Young Shin Nihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
1,280.3 |
967.3 |
-26.0 |
-196.6 |
687.3 |
|
Depreciation |
854.1 |
822.5 |
805.9 |
833.6 |
756.1 |
|
Depreciation/Depletion |
854.1 |
822.5 |
805.9 |
833.6 |
756.1 |
|
Amortization of Acquisition Costs |
-1.0 |
-0.7 |
-1.1 |
-1.8 |
5.0 |
|
Amortization |
-1.0 |
-0.7 |
-1.1 |
-1.8 |
5.0 |
|
Unusual Items |
55.1 |
83.2 |
91.8 |
308.7 |
88.9 |
|
Equity in Net Earnings (Loss) |
-65.8 |
-73.6 |
155.7 |
-38.1 |
-50.5 |
|
Other Non-Cash Items |
11.2 |
47.2 |
61.7 |
105.3 |
23.1 |
|
Non-Cash Items |
0.5 |
56.8 |
309.1 |
375.9 |
61.5 |
|
Accounts Receivable |
-29.1 |
-386.9 |
-383.4 |
468.7 |
-41.6 |
|
Inventories |
-331.9 |
-156.5 |
635.7 |
-161.3 |
-252.8 |
|
Prepaid Expenses |
-14.1 |
-17.7 |
-12.4 |
-47.0 |
-82.6 |
|
Other Assets |
-31.7 |
-69.1 |
24.4 |
-1.2 |
59.9 |
|
Accounts Payable |
22.9 |
303.9 |
132.5 |
-565.7 |
124.2 |
|
Other Liabilities |
-202.9 |
32.7 |
410.3 |
-105.2 |
-65.4 |
|
Other Operating Cash Flow |
-212.9 |
-44.3 |
-106.8 |
-216.0 |
-286.0 |
|
Changes in Working Capital |
-799.8 |
-338.0 |
700.4 |
-627.8 |
-544.3 |
|
Cash from Operating Activities |
1,334.0 |
1,507.9 |
1,788.4 |
383.4 |
965.6 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-1,100.7 |
-603.7 |
-619.7 |
-981.5 |
-1,226.0 |
|
Purchase/Acquisition of Intangibles |
-42.7 |
-25.5 |
-29.5 |
-27.1 |
-42.0 |
|
Capital Expenditures |
-1,143.4 |
-629.3 |
-649.1 |
-1,008.6 |
-1,268.0 |
|
Sale of Fixed Assets |
15.7 |
33.0 |
30.8 |
15.5 |
21.7 |
|
Sale/Maturity of Investment |
3.8 |
21.8 |
10.7 |
30.9 |
53.5 |
|
Investment, Net |
- |
- |
- |
0.0 |
-0.3 |
|
Purchase of Investments |
-125.4 |
-19.3 |
-659.5 |
-140.1 |
-224.6 |
|
Other Investing Cash Flow |
-67.8 |
1.7 |
-42.5 |
-25.9 |
-18.4 |
|
Other Investing Cash Flow Items, Total |
-173.7 |
37.2 |
-660.5 |
-119.6 |
-168.1 |
|
Cash from Investing Activities |
-1,317.1 |
-592.1 |
-1,309.7 |
-1,128.3 |
-1,436.1 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-10.1 |
-7.5 |
-38.8 |
-18.2 |
-77.4 |
|
Financing Cash Flow Items |
-10.1 |
-7.5 |
-38.8 |
-18.2 |
-77.4 |
|
Cash Dividends Paid - Common |
-206.3 |
-88.6 |
-75.5 |
-139.2 |
-122.4 |
|
Total Cash Dividends Paid |
-206.3 |
-88.6 |
-75.5 |
-139.2 |
-122.4 |
|
Sale/Issuance of
Common |
0.0 |
1,181.7 |
0.0 |
- |
- |
|
Common Stock, Net |
0.0 |
1,181.7 |
0.0 |
- |
- |
|
Issuance (Retirement) of Stock, Net |
0.0 |
1,181.7 |
0.0 |
- |
- |
|
Short Term Debt, Net |
711.7 |
-872.1 |
54.7 |
298.5 |
139.0 |
|
Long Term Debt Issued |
282.9 |
160.6 |
186.5 |
1,122.5 |
878.7 |
|
Long Term Debt
Reduction |
-1,077.7 |
-759.7 |
-593.4 |
-376.7 |
-474.1 |
|
Long Term Debt, Net |
-794.7 |
-599.0 |
-407.0 |
745.8 |
404.5 |
|
Issuance (Retirement) of Debt, Net |
-83.0 |
-1,471.1 |
-352.3 |
1,044.3 |
543.6 |
|
Cash from Financing Activities |
-299.5 |
-385.6 |
-466.5 |
886.9 |
343.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-21.0 |
-52.8 |
10.7 |
-85.7 |
-9.7 |
|
Net Change in Cash |
-303.5 |
477.5 |
22.9 |
56.2 |
-136.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,333.0 |
750.9 |
669.2 |
562.3 |
630.8 |
|
Net Cash - Ending Balance |
1,029.5 |
1,228.3 |
692.1 |
618.6 |
494.4 |
|
Cash Interest Paid |
74.7 |
76.4 |
104.8 |
119.1 |
93.2 |
|
Cash Taxes Paid |
274.1 |
112.5 |
89.3 |
167.5 |
286.2 |
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 |
Ernst &
Young Shin Nihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst & Young
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
20,118.8 |
17,967.9 |
14,629.0 |
14,644.7 |
14,432.5 |
|
Total Revenue |
20,118.8 |
17,967.9 |
14,629.0 |
14,644.7 |
14,432.5 |
|
|
|
|
|
|
|
|
Cost of sales |
15,971.3 |
14,339.6 |
11,996.8 |
12,022.3 |
11,495.2 |
|
Store & freight expenses |
325.0 |
300.5 |
257.8 |
281.5 |
273.4 |
|
Payroll/Lump-sum |
618.8 |
557.5 |
493.8 |
505.0 |
450.5 |
|
Allow.for bonus |
70.4 |
64.0 |
52.1 |
51.8 |
53.1 |
|
Periodic pension cost |
58.3 |
56.1 |
57.3 |
40.9 |
24.6 |
|
Rent expense |
112.5 |
107.3 |
103.5 |
103.3 |
84.1 |
|
Traveling & communication exp. |
115.9 |
101.1 |
84.3 |
101.0 |
96.5 |
|
Depreciation expense |
63.4 |
60.4 |
57.6 |
56.3 |
50.7 |
|
Research & Develop. expense |
641.3 |
534.9 |
488.4 |
487.2 |
390.2 |
|
Other SGA |
777.5 |
678.5 |
606.1 |
637.1 |
609.3 |
|
Loss on step acquisitions |
12.7 |
- |
- |
- |
- |
|
SP G on rev.of retire. /foreign subsid. |
- |
- |
- |
0.0 |
-6.9 |
|
SP G on legal settlements/foreign subsid |
- |
- |
- |
0.0 |
-6.0 |
|
SP Other Special Gain |
-0.6 |
0.0 |
-0.7 |
0.0 |
-4.5 |
|
SP Impairment loss |
2.9 |
25.7 |
33.3 |
122.0 |
65.7 |
|
SP Loss on disaster |
15.7 |
21.8 |
0.0 |
- |
- |
|
SP Reval.-Inv Security |
2.6 |
40.7 |
24.9 |
137.0 |
4.8 |
|
SP Restructuring Cost |
20.6 |
51.5 |
15.0 |
9.7 |
9.0 |
|
SP L on adj. for changes of acct. asset |
0.0 |
16.5 |
0.0 |
- |
- |
|
SP Loss on step acquisitions |
- |
0.0 |
- |
- |
- |
|
SP Environment Expenses |
- |
0.0 |
10.5 |
0.0 |
- |
|
SP L on val. of inventories |
- |
- |
0.0 |
11.9 |
0.0 |
|
SP L on res. foreign susb.retire.bene. |
- |
- |
- |
- |
0.0 |
|
SP Settlement expenses |
- |
- |
- |
0.0 |
23.0 |
|
SP Other Special Loss |
1.4 |
7.5 |
2.7 |
16.0 |
9.8 |
|
Inventory Reval&Sold |
- |
- |
- |
0.0 |
38.6 |
|
Total Operating Expense |
18,810.0 |
16,963.6 |
14,283.3 |
14,583.0 |
13,661.1 |
|
|
|
|
|
|
|
|
NOP Interest Income |
10.8 |
8.5 |
8.1 |
15.4 |
19.1 |
|
Loss On Business Of Subsidiaries And Aff |
-6.1 |
- |
- |
- |
- |
|
NOP Dividend Income |
29.7 |
23.6 |
17.8 |
23.3 |
18.8 |
|
NOP Equity Gains |
65.8 |
73.6 |
0.0 |
38.1 |
50.5 |
|
NOP Rental Income |
- |
9.9 |
9.5 |
9.5 |
- |
|
NOP Exchange Gain |
- |
- |
- |
- |
0.0 |
|
NOP Other Income |
73.4 |
52.6 |
39.8 |
41.4 |
64.9 |
|
NOP Interest Expenses |
-73.0 |
-74.6 |
-96.3 |
-117.7 |
-100.4 |
|
NOP Equity in losses |
- |
0.0 |
-155.7 |
0.0 |
- |
|
NOP related exp. for assets-disc.ops. |
-19.2 |
-28.3 |
-74.2 |
-10.0 |
- |
|
NOP Exchange Loss |
- |
- |
-0.4 |
-57.7 |
- |
|
NOP Other Expenses |
-60.6 |
-79.3 |
-83.2 |
-96.3 |
-119.0 |
|
SP Gain-Fix Asset Sold |
6.3 |
16.3 |
17.5 |
10.1 |
4.0 |
|
SP Gain-Inv Sec Sold |
2.0 |
19.4 |
1.7 |
16.6 |
21.0 |
|
SP G on sale of affiliated securities |
- |
- |
- |
0.0 |
6.7 |
|
SP Fix Asset Ret & Sold |
-57.7 |
-52.4 |
-52.7 |
-74.0 |
-49.5 |
|
SP Affiliated business losses |
- |
-6.3 |
-3.6 |
-56.9 |
-0.2 |
|
Net Income Before Taxes |
1,280.3 |
967.3 |
-26.0 |
-196.6 |
687.3 |
|
|
|
|
|
|
|
|
Total income taxes |
422.1 |
239.6 |
98.8 |
-54.9 |
230.2 |
|
Net Income After Taxes |
858.2 |
727.8 |
-124.7 |
-141.7 |
457.1 |
|
|
|
|
|
|
|
|
Minority interests in income |
-44.9 |
-51.8 |
-27.6 |
-20.8 |
-36.6 |
|
Net Income Before Extra. Items |
813.3 |
676.0 |
-152.3 |
-162.5 |
420.5 |
|
Net Income |
813.3 |
676.0 |
-152.3 |
-162.5 |
420.5 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
813.3 |
676.0 |
-152.3 |
-162.5 |
420.5 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
813.3 |
676.0 |
-152.3 |
-162.5 |
420.5 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
1,629.3 |
1,591.0 |
1,399.4 |
1,399.8 |
1,399.7 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.50 |
0.42 |
-0.11 |
-0.12 |
0.30 |
|
Basic EPS Including ExtraOrdinary Item |
0.50 |
0.42 |
-0.11 |
-0.12 |
0.30 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
813.3 |
676.0 |
-152.3 |
-162.5 |
420.5 |
|
Diluted Weighted Average Shares |
1,714.1 |
1,682.6 |
1,399.4 |
1,399.8 |
1,399.7 |
|
Diluted EPS Excluding ExtraOrd Items |
0.47 |
0.40 |
-0.11 |
-0.12 |
0.30 |
|
Diluted EPS Including ExtraOrd Items |
0.47 |
0.40 |
-0.11 |
-0.12 |
0.30 |
|
DPS-Common Stock |
0.13 |
0.09 |
0.05 |
0.07 |
0.09 |
|
Gross Dividends - Common Stock |
206.5 |
142.7 |
75.3 |
104.5 |
122.5 |
|
Normalized Income Before Taxes |
1,392.2 |
1,166.4 |
93.9 |
150.3 |
832.7 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
459.3 |
289.0 |
141.1 |
67.2 |
277.3 |
|
Normalized Income After Taxes |
932.9 |
877.3 |
-47.2 |
83.2 |
555.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
888.0 |
825.5 |
-74.8 |
62.4 |
518.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.54 |
0.52 |
-0.05 |
0.04 |
0.37 |
|
Diluted Normalized EPS |
0.52 |
0.49 |
-0.05 |
0.04 |
0.37 |
|
Interest Expense |
73.0 |
74.6 |
96.3 |
117.7 |
100.4 |
|
Depreciation |
854.1 |
- |
- |
- |
- |
|
Depreciation |
- |
822.5 |
805.9 |
833.6 |
756.1 |
|
Amortization of Goodwill - footnote |
-1.0 |
- |
- |
- |
- |
|
Amort of Goodwill |
- |
-0.7 |
-1.1 |
-1.8 |
5.0 |
|
Rental Expenses |
112.5 |
107.3 |
103.5 |
103.3 |
84.1 |
|
Total Search And Development Expense |
651.6 |
- |
- |
- |
- |
|
Research & Development Expenses(SGA) |
- |
534.9 |
488.4 |
487.2 |
390.2 |
|
R&D Expense(COGS) |
- |
8.5 |
8.6 |
10.0 |
10.7 |
|
Income taxes-current |
236.1 |
- |
- |
- |
- |
|
Current Tax - Total |
236.1 |
- |
- |
- |
- |
|
Income taxes-deferred |
186.0 |
- |
- |
- |
- |
|
Deferred Tax - Total |
186.0 |
- |
- |
- |
- |
|
Income taxes for prior periods |
0.0 |
- |
- |
- |
- |
|
Income Tax - Total |
422.1 |
- |
- |
- |
- |
|
Reported operating profit |
1,364.2 |
1,168.0 |
431.5 |
358.3 |
904.9 |
|
Reported ordinary profit |
1,391.2 |
1,154.0 |
96.9 |
204.2 |
800.3 |
|
Service cost |
72.5 |
71.6 |
69.1 |
60.3 |
61.0 |
|
Interest cost |
48.9 |
53.8 |
50.9 |
48.8 |
44.7 |
|
Expected return on plan assets |
-45.3 |
-48.1 |
-40.6 |
-52.5 |
-59.0 |
|
Actuarial G&L |
86.5 |
76.1 |
78.8 |
41.8 |
-0.7 |
|
Prior service cost |
-37.6 |
-34.5 |
-31.3 |
-28.4 |
-25.1 |
|
Reversal of foreign subsid. retirement |
- |
- |
- |
- |
-6.9 |
|
Domestic Pension Plan Expense |
125.2 |
118.9 |
127.0 |
70.0 |
14.0 |
|
Defined Contribution Expense |
46.3 |
50.7 |
46.2 |
40.1 |
35.5 |
|
Total Pension Expense |
171.5 |
169.5 |
173.2 |
110.0 |
49.4 |
|
Discount Rate(MIN)-Retirement Cost(Domes |
2.00% |
- |
- |
- |
- |
|
Discount Rate |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected return on assets(MIN)-Retiremen |
3.00% |
- |
- |
- |
- |
|
Expected Rate of Return |
- |
3.00% |
3.00% |
3.00% |
3.00% |
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 |
Ernst &
Young Shin Nihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Deposit |
988.0 |
1,270.8 |
689.0 |
630.7 |
560.1 |
|
Notes and accounts receivable-trade |
3,442.7 |
3,419.4 |
2,771.1 |
2,228.7 |
2,920.0 |
|
Marketable securities |
- |
- |
- |
0.0 |
8.6 |
|
Inventories |
- |
- |
- |
- |
3,299.8 |
|
Inventories - merchandise/finished goods |
1,963.4 |
1,648.9 |
1,509.1 |
1,777.6 |
- |
|
Inventories - work-in-process |
886.5 |
916.4 |
723.9 |
876.0 |
- |
|
Inventories - raw materials/supplies |
739.9 |
692.5 |
598.3 |
585.9 |
- |
|
Defer Tax Asset |
221.2 |
335.6 |
181.4 |
197.7 |
221.7 |
|
Other Current |
601.0 |
482.8 |
408.5 |
367.9 |
384.3 |
|
Doubt Debt Allow |
-27.5 |
-30.1 |
-27.1 |
-24.0 |
-28.5 |
|
Total Current Assets |
8,815.1 |
8,736.5 |
6,854.4 |
6,640.5 |
7,366.1 |
|
|
|
|
|
|
|
|
Buildings & structures, gross |
5,517.3 |
5,409.0 |
4,865.0 |
4,576.6 |
4,638.2 |
|
Accumulated depreciation |
-3,396.5 |
-3,279.3 |
-2,860.5 |
-2,692.3 |
-2,658.9 |
|
Machinery, equipment and vehicles |
16,511.2 |
16,155.2 |
14,621.6 |
13,767.9 |
14,341.9 |
|
Accumulated depreciation |
-13,775.3 |
-13,385.2 |
-11,939.1 |
-11,138.1 |
-11,339.0 |
|
Land |
844.7 |
834.6 |
753.1 |
707.3 |
817.8 |
|
Accum. depr - Land |
- |
- |
- |
- |
-14.6 |
|
Constr in Progr |
934.3 |
499.2 |
589.1 |
630.9 |
927.3 |
|
Other PPE |
959.4 |
1,022.3 |
941.7 |
905.4 |
739.9 |
|
Accum. depr - Other PPE |
-774.4 |
-841.8 |
-759.9 |
-720.8 |
-610.9 |
|
Other |
130.6 |
- |
- |
- |
- |
|
Total intangible assets |
- |
- |
110.9 |
106.5 |
149.6 |
|
Goodwill |
386.7 |
- |
- |
- |
- |
|
Goodwill |
- |
0.0 |
- |
- |
- |
|
Total intangible assets |
- |
112.0 |
- |
- |
- |
|
Other LT inv't |
1,201.1 |
- |
- |
- |
- |
|
Inv Securities |
- |
1,220.1 |
1,174.8 |
1,581.3 |
2,014.3 |
|
Invt Secs Noncons, Asc, Affd Cos |
743.2 |
- |
- |
- |
- |
|
Invts in Capital Noncons, Ascd, Affd Cos |
131.1 |
- |
- |
- |
- |
|
Inv. Securities.affiliates&sub. |
- |
661.7 |
549.5 |
- |
- |
|
Long-term loans receivable |
15.0 |
17.6 |
17.7 |
12.0 |
12.7 |
|
Deferred tax assets |
413.5 |
397.2 |
516.2 |
489.3 |
215.2 |
|
Inv't partnership-nonconsol.affil.&sub. |
- |
796.0 |
740.5 |
- |
- |
|
Other Other Long Term Assets |
568.5 |
- |
- |
- |
- |
|
Other LT Asset |
- |
588.4 |
516.1 |
588.5 |
493.6 |
|
Doubt Debt Allow |
-29.0 |
-31.0 |
-30.0 |
-29.3 |
-31.6 |
|
Total Assets |
19,196.4 |
18,912.5 |
16,660.9 |
15,425.8 |
17,061.6 |
|
|
|
|
|
|
|
|
Notes and accounts payable-trade |
2,210.0 |
2,198.2 |
1,744.4 |
1,520.3 |
2,232.7 |
|
Short-term loans payable |
1,235.1 |
902.1 |
1,434.2 |
1,297.9 |
1,286.1 |
|
Current portion of long-term loans payab |
561.3 |
206.7 |
345.0 |
134.7 |
290.1 |
|
Commercial Paper |
303.5 |
0.0 |
235.4 |
202.5 |
100.5 |
|
Current Corp Debt |
121.4 |
844.6 |
107.0 |
405.0 |
100.5 |
|
Income Tax Pybl. |
151.7 |
178.4 |
135.2 |
66.2 |
102.6 |
|
Bonus Allowance |
196.9 |
201.1 |
165.8 |
152.2 |
182.2 |
|
Provision for directors'' bonuses |
2.2 |
2.0 |
0.1 |
0.1 |
1.8 |
|
Accrued Expenses |
- |
- |
0.0 |
- |
- |
|
Other Current |
1,479.1 |
1,535.5 |
1,333.3 |
886.0 |
1,178.5 |
|
Total Current Liabilities |
6,261.2 |
6,068.4 |
5,500.5 |
4,664.9 |
5,474.9 |
|
|
|
|
|
|
|
|
Corp Debt |
728.3 |
844.6 |
1,498.3 |
1,518.7 |
1,908.9 |
|
Long-term loans payable |
2,864.1 |
3,130.7 |
3,113.5 |
3,099.3 |
2,253.5 |
|
Total Long Term Debt |
3,592.4 |
3,975.3 |
4,611.8 |
4,618.0 |
4,162.4 |
|
|
|
|
|
|
|
|
Defer Tax Liab |
68.9 |
40.4 |
28.8 |
26.9 |
117.2 |
|
Accrued Retirem. Allow. |
797.3 |
806.9 |
717.7 |
677.1 |
679.5 |
|
Provision for directors'' retirement ben |
22.3 |
54.7 |
44.8 |
43.7 |
39.4 |
|
Other LT Liab |
271.5 |
233.1 |
211.3 |
205.0 |
136.7 |
|
Minority Int. |
567.5 |
579.7 |
504.1 |
442.9 |
492.3 |
|
Total Liabilities |
11,581.0 |
11,758.5 |
11,619.1 |
10,678.8 |
11,102.3 |
|
|
|
|
|
|
|
|
Common Stock |
1,794.9 |
1,784.2 |
1,037.4 |
981.4 |
973.9 |
|
Subscription Rights To Shares |
3.5 |
- |
- |
- |
- |
|
Total capital surpluses |
1,659.8 |
1,649.8 |
918.3 |
868.7 |
862.2 |
|
Total retained earnings |
5,223.8 |
4,614.6 |
3,554.2 |
3,576.2 |
3,888.8 |
|
Valuation difference on available-for-sa |
250.8 |
255.4 |
258.3 |
97.7 |
322.1 |
|
Currency Adjustm |
-1,301.9 |
-1,137.2 |
-712.5 |
-761.4 |
-80.5 |
|
Treasury Stock |
-14.5 |
-14.0 |
-12.2 |
-11.4 |
-10.8 |
|
Hedge |
-0.9 |
1.3 |
-1.7 |
-4.3 |
3.6 |
|
Subscription rights to shares |
- |
0.0 |
- |
- |
- |
|
Total Equity |
7,615.4 |
7,154.0 |
5,041.8 |
4,747.0 |
5,959.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
19,196.4 |
18,912.5 |
16,660.9 |
15,425.8 |
17,061.6 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
1,629.3 |
1,629.4 |
1,399.4 |
1,399.4 |
1,399.7 |
|
Total Common Shares Outstanding |
1,629.3 |
1,629.4 |
1,399.4 |
1,399.4 |
1,399.7 |
|
T/S-Common Stock |
2.2 |
2.1 |
2.1 |
2.1 |
1.8 |
|
Full-Time Employees |
40,227 |
38,740 |
37,936 |
37,924 |
38,565 |
|
Total Number of Shareholders |
174,112 |
- |
- |
- |
- |
|
Number of Common Shareholders |
- |
176,978 |
176,902 |
189,041 |
172,851 |
|
Within One Year |
121.4 |
- |
- |
- |
- |
|
Division And End Of Current Period Remai |
561.3 |
- |
- |
- |
- |
|
LT Debts Maturing within 1yr. |
- |
1,051.3 |
452.0 |
134.7 |
390.5 |
|
Over One Year And Within Two Years |
728.3 |
- |
- |
- |
- |
|
Lns Pble Maturing over a Yr within 2 Yrs |
444.9 |
- |
- |
- |
- |
|
LT Debts Maturing within 2yr. |
- |
681.2 |
993.9 |
330.1 |
553.6 |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
792.9 |
- |
- |
- |
- |
|
LT Debts Maturing within 3yr. |
- |
1,163.0 |
754.8 |
228.3 |
490.2 |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
630.0 |
- |
- |
- |
- |
|
LT Debts Maturing within 4yr. |
- |
728.3 |
1,032.8 |
601.2 |
879.6 |
|
Lns Pble Maturg over 4 Yrs within 5 Yrs |
359.1 |
- |
- |
- |
- |
|
LT Debts Maturing within 5yr. |
- |
612.3 |
660.3 |
313.0 |
380.5 |
|
Loans Payable Remaining |
637.2 |
- |
- |
- |
- |
|
Remaining |
- |
790.5 |
1,170.0 |
1,626.7 |
1,858.5 |
|
Total Long Term Debt, Supplemental |
4,275.1 |
5,026.6 |
5,063.8 |
3,234.0 |
4,552.9 |
|
Capital Lease Payment due in 1 Yr. |
9.7 |
7.3 |
5.2 |
11.9 |
- |
|
Cap Lease Maturg over a Yr within 2 Yrs |
9.8 |
- |
- |
- |
- |
|
Capital Lease Payment due in 2 Yr. |
- |
4.7 |
4.8 |
4.7 |
- |
|
Cap Lease Maturg over 2 Yr within 3 Yrs |
9.6 |
- |
- |
- |
- |
|
Capital Lease Payment due in 3 Yr. |
- |
4.7 |
5.4 |
4.7 |
- |
|
Cap Lease Maturg over 3 Yr within 4 Yrs |
3.3 |
- |
- |
- |
- |
|
Capital Lease Payment due in 4 Yr. |
- |
4.4 |
7.0 |
5.5 |
- |
|
Cap Lease Maturg over 4 Yr within 5 Yrs |
0.4 |
- |
- |
- |
- |
|
Capital Lease Payment due in 5 Yr. |
- |
0.5 |
4.6 |
7.2 |
- |
|
Capital Lease Remaining |
3.0 |
- |
- |
- |
- |
|
Remainings |
- |
4.2 |
4.9 |
30.0 |
- |
|
Total Capital Leases |
35.7 |
25.8 |
32.0 |
64.1 |
- |
|
Pension obligation |
2,314.3 |
2,514.3 |
2,323.2 |
2,287.1 |
2,381.6 |
|
Fair value of plan assets |
1,398.0 |
1,567.9 |
1,474.6 |
1,302.6 |
1,822.9 |
|
Funded Status |
-916.3 |
-946.4 |
-848.6 |
-984.5 |
-558.7 |
|
Total Funded Status |
-916.3 |
-946.4 |
-848.6 |
-984.5 |
-558.7 |
|
Discount rate |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected rate of return |
3.00% |
3.00% |
3.00% |
3.00% |
3.00% |
|
Unrecognized Actuarial Gains and Losses |
726.9 |
766.1 |
701.5 |
860.5 |
410.4 |
|
Unrecognized Prior Service Cost |
-269.1 |
-303.3 |
-299.9 |
-308.8 |
-335.1 |
|
Prepaid Pension Benefits |
338.7 |
323.2 |
270.8 |
244.4 |
196.1 |
|
Reserve for Accrued Retirement Benefits |
-797.3 |
-806.9 |
-717.7 |
-677.1 |
-679.5 |
|
Net Assets Recognized on Balance Sheet |
-0.8 |
-20.9 |
-45.3 |
119.0 |
-408.2 |
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 |
Ernst &
Young Shin Nihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Income before income taxes |
1,280.3 |
967.3 |
-26.0 |
-196.6 |
687.3 |
|
Depreciation |
854.1 |
822.5 |
805.9 |
833.6 |
756.1 |
|
Impairment asset |
2.9 |
25.7 |
33.3 |
122.0 |
65.7 |
|
Amort.-Goodwill |
-1.0 |
-0.7 |
-1.1 |
-1.8 |
5.0 |
|
Increase (decrease) in allowance for dou |
-4.7 |
-5.8 |
1.2 |
-3.8 |
-6.9 |
|
Increase (decrease) in provision for ret |
-14.1 |
2.9 |
-0.6 |
1.8 |
-37.7 |
|
Interest & Dividend |
-40.5 |
-32.1 |
-25.9 |
-38.7 |
-37.9 |
|
Interest Expenses |
73.0 |
74.6 |
96.3 |
117.7 |
100.4 |
|
Foreign exchange losses (gains) |
-2.5 |
7.7 |
-9.4 |
27.5 |
5.3 |
|
Equity in (earnings) losses of affiliate |
-65.8 |
-73.6 |
155.7 |
-38.1 |
-50.5 |
|
Loss (gain) on disposal of property, pla |
51.5 |
36.1 |
35.1 |
63.9 |
45.5 |
|
Loss (gain) on sales and valuation of in |
0.7 |
21.4 |
23.3 |
122.8 |
-22.3 |
|
Decrease (increase) in notes and account |
-29.1 |
-386.9 |
-383.4 |
468.7 |
-41.6 |
|
Decrease (increase) in inventories |
-331.9 |
-156.5 |
635.7 |
-161.3 |
-252.8 |
|
Increase (decrease) in notes and account |
22.9 |
303.9 |
132.5 |
-565.7 |
124.2 |
|
Decrease (increase) in other current ass |
-31.7 |
-69.1 |
24.4 |
-1.2 |
59.9 |
|
Increase (decrease) in other current lia |
-202.9 |
32.7 |
410.3 |
-105.2 |
-65.4 |
|
Increase (decrease) in cash and cash equ |
11.7 |
- |
- |
- |
- |
|
Directors' Bonus Paid |
- |
- |
- |
- |
0.0 |
|
Decrease (increase) in prepaid pension c |
-14.1 |
-17.7 |
-12.4 |
-47.0 |
-82.6 |
|
Other, net |
28.3 |
81.8 |
38.9 |
18.4 |
-1.8 |
|
Interest & Dividend |
95.9 |
80.0 |
48.3 |
78.3 |
95.2 |
|
Interest Paid |
-74.7 |
-76.4 |
-104.8 |
-119.1 |
-93.2 |
|
Arbitral award paid |
0.0 |
-17.1 |
0.0 |
- |
- |
|
Settlement charges |
- |
- |
0.0 |
-26.2 |
0.0 |
|
Taxes Paid |
-274.1 |
-112.5 |
-89.3 |
-167.5 |
-286.2 |
|
Consolidated Cash |
- |
- |
- |
0.7 |
0.0 |
|
Cash from Operating Activities |
1,334.0 |
1,507.9 |
1,788.4 |
383.4 |
965.6 |
|
|
|
|
|
|
|
|
Time Deposit,net |
- |
- |
- |
0.0 |
-0.3 |
|
Securities Bought |
- |
- |
- |
- |
0.0 |
|
Securities Sold |
- |
- |
- |
0.0 |
0.2 |
|
Purchase of property, plant and equipmen |
-1,100.7 |
-603.7 |
-619.7 |
-981.5 |
-1,226.0 |
|
Proceeds from sales of property, plant a |
15.7 |
33.0 |
30.8 |
15.5 |
21.7 |
|
Intangibles Bought |
-42.7 |
-25.5 |
-29.5 |
-27.1 |
-42.0 |
|
Inv Sec Bought |
-69.8 |
-6.9 |
-12.6 |
-138.7 |
-178.8 |
|
Inv Sec Sold |
3.8 |
21.8 |
10.7 |
30.9 |
53.3 |
|
Purchase of subsid.secs. |
-55.6 |
-12.4 |
-0.3 |
-1.4 |
-45.9 |
|
Payments for inv'ts in capital of affi. |
- |
0.0 |
-646.6 |
0.0 |
- |
|
Payments of long-term loans receivable |
-0.5 |
-2.3 |
-2.5 |
-5.7 |
-3.0 |
|
Collection of long-term loans receivable |
2.2 |
3.0 |
1.2 |
2.0 |
2.4 |
|
Other, net |
-69.5 |
1.0 |
-41.2 |
-22.2 |
-17.8 |
|
Cash from Investing Activities |
-1,317.1 |
-592.1 |
-1,309.7 |
-1,128.3 |
-1,436.1 |
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term lo |
395.1 |
-615.3 |
33.2 |
198.9 |
51.5 |
|
Net increase (decrease) in commercial pa |
316.6 |
-256.7 |
21.5 |
99.5 |
87.5 |
|
Proceeds from long-term loans payable |
282.9 |
160.6 |
186.5 |
1,122.5 |
878.7 |
|
Repayment of long-term loans payable |
-191.2 |
-643.0 |
-163.0 |
-277.1 |
-474.1 |
|
Corp Debt Issued |
- |
- |
- |
- |
0.0 |
|
Corp Debt Repaid |
-886.5 |
-116.7 |
-430.4 |
-99.5 |
0.0 |
|
Issuance of stock |
0.0 |
1,181.7 |
0.0 |
- |
- |
|
Dividend Paid |
-206.3 |
-88.6 |
-75.5 |
-139.2 |
-122.4 |
|
Minority Dividend |
-9.8 |
-8.7 |
-15.3 |
-7.2 |
-10.5 |
|
Outflow--extingush. of subsid. Treasury |
- |
- |
- |
0.0 |
-73.2 |
|
Minority Paid-In |
9.5 |
6.7 |
7.9 |
2.8 |
6.9 |
|
Other, net |
-9.8 |
-5.5 |
-31.4 |
-13.8 |
-0.6 |
|
Cash from Financing Activities |
-299.5 |
-385.6 |
-466.5 |
886.9 |
343.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-21.0 |
-52.8 |
10.7 |
-85.7 |
-9.7 |
|
Net increase (decrease) in cash and cash |
-303.5 |
477.5 |
22.9 |
56.2 |
-136.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,333.0 |
750.9 |
669.2 |
562.3 |
630.8 |
|
Net Cash - Ending Balance |
1,029.5 |
1,228.3 |
692.1 |
618.6 |
494.4 |
|
Cash Interest Paid |
74.7 |
76.4 |
104.8 |
119.1 |
93.2 |
|
Cash Taxes Paid |
274.1 |
112.5 |
89.3 |
167.5 |
286.2 |
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.