MIRA
INFORM REPORT
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Report Date : |
26.09.2012 |
IDENTIFICATION DETAILS
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Name : |
FUJIKURA LTD |
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Registered Office : |
1-5-1 Kiba Koto-ku |
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
18.03.1910 |
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Legal Form : |
Public Parent |
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Line of Business : |
Manufacture of electricity distribution and control apparatus |
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No. of Employees : |
50,463 |
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RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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.
Source
: CIA
Company name and address
Fujikura Ltd
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Business
Description
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Fujikura Ltd. is a Japan-based manufacture company. The Company
operates in five business segments. The Information and Communications
segment offers optical fibers, optical cables, communication parts, optical
parts, optical equipment and network equipment. The Electronics and Electric
Equipment segment offers printed circuits, electronic wires, membrane
switches, connectors, hard disc components and automobile wiring harnesses.
The Cable and Machinery segment offers power cables, communication cables, coated
wires, aluminum wires, open wires and affiliated products. The Real Estate
segment is engaged in the leasing of real estate. The Others segment is
involved in the warehousing and transportation business. As of March 31,
2012, the Company had 102 subsidiaries and 23 associated companies. For the
six months ended 30 September 2011, Fujikura Ltd.'s revenues increased 6% to
Y268.29B. The company's net income decreased 79% to Y1.02B. Revenues reflect
increased sales of the Company's products due to positive effect of the
increased market need. Net income was offset by the higher percentage of cost
of sales, as well as the presence of special loss on business restructure
expense. |
Industry
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Industry |
Electronic Instruments and Controls |
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ANZSIC 2006: |
2431 - Electric Cable and Wire
Manufacturing |
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NACE 2002: |
3120 - Manufacture of electricity
distribution and control apparatus |
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NAICS 2002: |
335931 - Current-Carrying Wiring Device
Manufacturing |
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UK SIC 2003: |
3120 - Manufacture of electricity
distribution and control apparatus |
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UK SIC 2007: |
2712 - Manufacture of electricity
distribution and control apparatus |
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US SIC 1987: |
3643 - Current-Carrying Wiring Devices |
Key Executives
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Significant
Developments
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* number of significant developments within the last 12 months |
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News
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Financial
Summary
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Stock Snapshot
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1 - Profit &
Loss Item Exchange Rate: USD 1 = JPY 78.96121
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 82.38536
Corporate Overview
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Fujikura Ltd The Strategic Initiatives report is created using technology to
extract meaningful insights from analyst reports about a company's strategic
projects and investments. More about Strategic Initiatives
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Partnerships |
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This growth in Asian automobile industry
is set to offer opportunities of growth for the company.Strategic
Partnerships and AgreementsFujikura's focus on strategic agreements could
create significant growth opportunities for the company. In June 2011, the
company collaborated with FlipChip International, LLC of Phoenix. This
collaboration will help the company to development and commercialization next
generation semiconductor packaging including flexible substrate based
embedded die, Fan-Out packages, and high density 3D interposer technologies.
In July 2010, the company entered in to a joint venture agreement with
Shanghai Grandway Telecom Tech. Co. |
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Product |
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Going forward, the company’s exposure to
rapid technological changes and regulations may impact its performance.
However, growing auto mobile industry in China and India and New subsidiary
establishment could present new growth opportunities for the company.Strong
Research & Development OperationsA strong R&D arm provides the
company an edge over its competitors while launching innovative products in
the markets. The company’s R&D strategy focuses on the integration of
optical/wireless and electronics. It devotes R&D efforts to
next-generation product development for the information and
telecommunications fields of NGN, FTTx, optical interconnection, photonics
and Medicare application technologies, as well as the electronics and
electronic component fields of precision circuit, multilayer FPC or board,
precision connector, membrane switch module, switch module assembling,
thermal solution and light guided illumination technologies. During the
fiscal 2011, the company invested JPY 7830.00 million in research and
development. |
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Overview
Fujikura Ltd. (Fujikura) engaged in manufacturing electric wire and
cables. The company’s products include optical transmission systems, network
systems, electronics materials, power systems, coated wires, magnet wires,
electronic materials for equipment, metallic materials and others. The
company’s strong research and development activities and its diversified
product lines are its major strengths, even as the legal proceedings remains an
area of concern. Going forward, the company’s exposure to rapid technological
changes and regulations may impact its performance. However, growing auto
mobile industry in China and India and New subsidiary establishment could
present new growth opportunities for the company.
Strengths
Strong Research & Development Operations
A strong R&D arm provides the company an edge over its competitors
while launching innovative products in the markets. The company’s R&D
strategy focuses on the integration of optical/wireless and electronics. It
devotes R&D efforts to next-generation product development for the
information and telecommunications fields of NGN, FTTx, optical
interconnection, photonics and Medicare application technologies, as well as
the electronics and electronic component fields of precision circuit, multilayer
FPC or board, precision connector, membrane switch module, switch module
assembling, thermal solution and light guided illumination technologies. During
the fiscal 2011, the company invested JPY 7830.00 million in research and
development. The company's strong R & D efforts helped it to develop one of
world’s most miniaturized absolute pressure sensors which contain a signal
conditioning circuit with temperature compensation. The extensive R&D
efforts help the company increase its productivity and innovate new products
and ensure a new source of revenues.
Fujikura reported strong financial performance for the fiscal year ended
March 2011, reflecting its ability to fulfill operational and business
expansion needs. The company reported revenue of JPY52,1832m for the fiscal
year ended March 2011, indicating an increase of 3.6% over revenue in 2010. The
company posted operating profit of JPY1275m for the fiscal year ended March
2011, reflecting an increase of 45.5% over operating profit in 2010. The
company recorded net profit of JPY9383m during the fiscal year ended 2011,
indicating an increase of 265% over net profit in 2010. The increase in the
operating and net profit improved the company’s profitability. The operating
margin of the company increased to 2% in 2011 from 1% in 2010. The company’s
return on equity increased to 5% in 2011 from 1% in 2010. Its return on assets
and return on fixed assets increased to 1% and 5% in 2011 from 0% and 3%
respectively in 2010. The company’s return on capital employed increased to
4% in 2011 from 2% in 2010. Substantial increase in profitability ratios
indicates that the company performed well and would be able to deliver value as
expected by its shareholders. Such a strong financial performance would enhance
the company’s expansion plans and growth.
The company boasts of wide product portfolio that helps it cater to the
needs of a diversified customer base. Fujikura is engaged in manufacturing
optical transmission systems, network systems, electronics materials, power
systems, coated wires, magnet wires, electronic materials for equipment,
metallic materials and others. The company’s Telecommunications segment
offers Optical fiber and optical fiber cables, optical connectors and
connection components, optical devices, optical fusion splicers, optical
network monitoring systems, optical transmission equipment, optical wiring
systems and telecommunications-related installation projects. The Electronics
& Auto segment is engaged in offering FPCs, connectors, automotive wire
harnesses, automotive components, sensors, electronic wiring, HDD components,
micro heat pipes and heat sinks. The Metal Cable & Systems segment offers
Industrial cables, metal telecommunications cables, overhead power transmission
cables, distribution cables, ultra-high-voltage power cables, magnet wires,
various cable accessory products and cable installation works. During the
fiscal 2011, the telecommunication segment contributed 21% to the total sale,
electronics and auto 36%, metal cable and systems 37%, real estate
contributed2% and others 2%. The wide product portfolio helps the company serve
various industries and thus, reduce the impact of market instability.
Weaknesses
Legal proceedings incur additional costs to the company, and if proven
guilty will result in huge penalties that will adversely affect its
profitability. The company is subject to certain lawsuits and regulatory
proceedings. In January 2010, VISCAS Corporation, an equity method affiliate of
Fujikura Ltd. received a cease and desist order and surcharge payment order
from Japan Fair Trade Commission on a charge of violation of Antimonopoly Law
regarding the case of power cable trades. These kind of litigation against the
company will dent its reputation and could also affect its future business.
Opportunities
Fujikura established a new subsidiary, Fujikura Electronics Thailand
Ltd. (FETL) which could create significant growth opportunities for the
company. The company established new subsidiary by the merger of six
subsidiaries, namely, Fujikura (Thailand) Ltd., PCTT Ltd., LTEC Ltd., Fujikura
Engineering (Thailand) Ltd., FMOT Ltd., and Fujikura Shoji (Thailand)Co., Ltd.
This merger will help the company to have major manufacturing facilities and
also to strengthen competitive edge of its technologies and cost controls in
the electronics and automotive businesses.
Growth in Asian Automobile Industry
The automobile industry in Asia is expected to witness enormous growth.
The Indian automotive industry is predicted to grow at 13% per annum totaling
about USD 120-159 billion by 2016. It is also expected that there will be an
increase in terms of volume and it would reach 31.96 million units by 2015. In
addition, passenger vehicles’ sales are projected to grow to 2.65 million
vehicles by 2015 According to The World Bank, overall global GDP is projected
at 2.7% in 2011, with 5.2% growth rate in developing economies. This growth in
Asian automobile industry is set to offer opportunities of growth for the
company.
Strategic Partnerships and Agreements
Fujikura's focus on strategic agreements could create significant growth
opportunities for the company. In June 2011, the company collaborated with
FlipChip International, LLC of Phoenix. This collaboration will help the
company to development and commercialization next generation semiconductor
packaging including flexible substrate based embedded die, Fan-Out packages,
and high density 3D interposer technologies. In July 2010, the company entered
in to a joint venture agreement with Shanghai Grandway Telecom Tech. Co., Ltd.
for optical wiring equipment for optical networks, including equipment for
FTTH, mainly targeting the Chinese market, and recently signed an agreement to
that effect. This joint venture will help the company to expand optical wiring
equipment business in Chinese market. In the same month the company entered in
to a joint venture agreement with FiberHome Telecommunication Technologies Co.,
Ltd. for optical cables. This joint venture will help the company to expand
optical cable business across the world. These agreements would enhance the
company's offerings as well as helps in market penetration and market
development.
Threats
Fujikura operates in highly competitive and fragmented markets, which
may affect its market position and operations. The competitive factors in the
industry include the price, quality, service, and product innovation. Fujikura competes
with major industries such as Sumitomo Electric Industries, Ltd., Matsushita
Electric Works, Ltd., Hitachi, Ltd. and others, which enjoy greater sales,
assets and financial resources. If the company is not able to maintain the
product quality and consumer loyalty, this intense competition could reduce the
sales volume of the company, and thereby hamper its market position. Hence, the
company should take timely measures to improve its manufacturing capabilities
while reducing costs, and continue to focus on streamlining its operating
system to raise the market positioning in overseas markets, in order to survive
the competition.
The company's offerings are characterized by rapid technology changes,
which may affect its business operations. To compete effectively with its
peers, the company should continually introduce new products that meet and
exceed the customers’ requirements. The introduction of products using new
technologies or the adoption of new industry standards can make existing
products, or products under development, obsolete or unmarketable. Inability to
study the evolving technological landscape may impact the company’s
competitive position.
Risks Associated with International Business
The company operates its business across several sectors, namely,
Telecommunications, Electronics & Auto, Metal Cable & Systems, Real
Estate and Others. Also, Fujikura has its operations in various regions apart
from Japan including America, Asia (excluding Japan) and Europe. Its business
could be exposed to several risks including changes in laws, regulatory
changes, and also on industry-specific and region-specific changes. Since the
majority of Fujikura’s offerings are targeted at end-user goods, and systems
used in infrastructure, fluctuations in consumer spending would have an adverse
affect on its business.
The changing environmental regulations could have major impact on the
company’s business. The company’s operations are subjected to the Kyoto
Protocol treaty. The treaty is intended to achieve reduction of greenhouse gas
concentrations in the atmosphere at a level that would prevent dangerous
anthropogenic interference with the climate system. Japan is subjected to the daunting
task of cutting down the greenhouse gases by 14% till 2012. This emission
target for Japan was 6% and 8% for European Union. The emission target was
increased to 8% for Japan from the base year 1990. If these regulations become
more stringent in the near future, then the operations of the company will be
adversely affected.
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Corporate
Structure News
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Total Corporate
Family Members: 103 |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Tokyo |
Japan |
Electronic Instruments and Controls |
6,447.2 |
50,463 |
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Subsidiary |
Pathumthani |
Thailand |
Electronic Instruments and Controls |
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26,000 |
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Fujikura Electronics (Thailand) Ltd. - Prachinburi
Factory 1 |
Facility |
Prachin Buri |
Thailand |
Electronic Instruments and Controls |
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Subsidiary |
A Klongluang, Pathum Thani |
Thailand |
Miscellaneous Capital Goods |
190.0 |
4,500 |
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Subsidiary |
Duncan, SC |
United States |
Miscellaneous Fabricated Products |
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2,000 |
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Unit |
Duncan, SC |
United States |
Miscellaneous Fabricated Products |
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450 |
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Subsidiary |
Franklin, TN |
United States |
Electronic Instruments and Controls |
926.7 |
3,500 |
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Branch |
Belmont, NH |
United States |
Miscellaneous Fabricated Products |
19.3 |
60 |
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Subsidiary |
Birmingham, AL |
United States |
Business Services |
8.3 |
45 |
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Subsidiary |
Tukwila, WA |
United States |
Electronic Instruments and Controls |
7.4 |
35 |
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Subsidiary |
North Grafton, MA |
United States |
Miscellaneous Fabricated Products |
9.6 |
30 |
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Branch |
Irvine, CA |
United States |
Communications Services |
3.9 |
9 |
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Branch |
Jackson, NJ |
United States |
Communications Services |
0.4 |
1 |
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Branch |
Bloomfield, CT |
United States |
Construction Services |
0.2 |
1 |
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Subsidiary |
Duncan, SC |
United States |
Communications Services |
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Branch |
Newark, DE |
United States |
Construction Services |
11.5 |
70 |
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Branch |
Duluth, GA |
United States |
Communications Services |
12.9 |
30 |
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Branch |
Afton, NY |
United States |
Communications Services |
11.2 |
26 |
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Branch |
Irmo, SC |
United States |
Communications Services |
8.6 |
20 |
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Branch |
New York, NY |
United States |
Electronic Instruments and Controls |
12.1 |
12 |
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Branch |
Davie, FL |
United States |
Business Services |
2.1 |
12 |
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Branch |
Monroe, NC |
United States |
Business Services |
1.4 |
12 |
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Branch |
Harpursville, NY |
United States |
Communications Services |
4.7 |
11 |
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Branch |
Ridgeland, MS |
United States |
Engineering Consultants |
2.1 |
10 |
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Branch |
Columbia, SC |
United States |
Construction Services |
1.6 |
10 |
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Branch |
Dallas, TX |
United States |
Communications Services |
3.9 |
9 |
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Branch |
Melville, NY |
United States |
Communications Services |
3.9 |
9 |
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Branch |
Columbia, SC |
United States |
Communications Services |
3.9 |
9 |
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Branch |
Sparks, NV |
United States |
Communications Services |
3.0 |
7 |
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Branch |
Las Vegas, NV |
United States |
Communications Services |
1.5 |
7 |
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Branch |
Creve Coeur, MO |
United States |
Communications Services |
1.5 |
7 |
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Branch |
The Woodlands, TX |
United States |
Retail (Technology) |
1.9 |
6 |
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Branch |
Duncan, SC |
United States |
Construction Services |
1.0 |
6 |
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Branch |
Birmingham, AL |
United States |
Communications Services |
2.1 |
5 |
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Branch |
Columbus, MS |
United States |
Communications Services |
1.7 |
5 |
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Branch |
Sacramento, CA |
United States |
Electronic Instruments and Controls |
4.0 |
4 |
|
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Branch |
West Unity, OH |
United States |
Construction Services |
0.7 |
4 |
|
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Branch |
Winchester, KY |
United States |
Construction Services |
0.7 |
4 |
|
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Branch |
Warrenton, VA |
United States |
Business Services |
0.6 |
3 |
|
|
Branch |
Tualatin, OR |
United States |
Retail (Technology) |
0.6 |
2 |
|
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Branch |
Washington, DC |
United States |
Retail (Technology) |
0.6 |
2 |
|
|
Branch |
Southampton, PA |
United States |
Construction Services |
0.2 |
1 |
|
|
Branch |
Interlochen, MI |
United States |
Business Services |
0.1 |
1 |
|
|
Unit |
Swindon |
United Kingdom |
Miscellaneous Fabricated Products |
19.7 |
77 |
|
|
Subsidiary |
Swindon |
United Kingdom |
Construction Services |
16.5 |
101 |
|
|
Subsidiary |
Swindon |
United Kingdom |
Communications Services |
|
|
|
|
Subsidiary |
Swindon |
United Kingdom |
Communications Services |
|
|
|
|
Subsidiary |
Swindon |
United Kingdom |
Communications Services |
|
|
|
|
Unit |
Belmont, NH |
United States |
Miscellaneous Fabricated Products |
|
70 |
|
|
Subsidiary |
Tokyo |
Japan |
Chemical Manufacturing |
652.5 |
875 |
|
|
Subsidiary |
Evansville, IN |
United States |
Chemical Manufacturing |
76.1 |
390 |
|
|
Subsidiary |
Westland, MI |
United States |
Chemical Manufacturing |
|
20 |
|
|
Subsidiary |
Chuo-Ku, Tokyo |
Japan |
Chemical Manufacturing |
181.7 |
|
|
|
Subsidiary |
Chuo-Ku, Tokyo |
Japan |
Chemical Manufacturing |
83.0 |
|
|
|
Subsidiary |
Osaka, Osaka |
Japan |
Chemical Manufacturing |
33.0 |
|
|
|
Subsidiary |
Tangerang |
Indonesia |
Miscellaneous Fabricated Products |
144.6 |
577 |
|
|
Subsidiary |
Butterworth, Penang |
Malaysia |
Miscellaneous Fabricated Products |
95.7 |
490 |
|
|
Subsidiary |
Akita, Akita |
Japan |
Electronic Instruments and Controls |
96.5 |
470 |
|
|
Subsidiary |
Uthai, Phra Nakhon Si Ayutthaya |
Thailand |
Computer Peripherals |
|
350 |
|
|
Subsidiary |
Macedonia, OH |
United States |
Fabricated Plastic and Rubber |
21.8 |
200 |
|
|
Subsidiary |
Tumbol Klongnueng, Pathum Thani |
Thailand |
Miscellaneous Capital Goods |
21.0 |
200 |
|
|
Subsidiary |
Kamikita-Gun, Aomori |
Japan |
Miscellaneous Fabricated Products |
37.8 |
187 |
|
|
Subsidiary |
Shah Alam, Selangor |
Malaysia |
Construction - Supplies and Fixtures |
|
125 |
|
|
Joint Venture |
Jakarta Selatan |
Indonesia |
Miscellaneous Capital Goods |
2.0 |
100 |
|
|
Subsidiary |
Ichikawa, Chiba |
Japan |
Communications Equipment |
88.0 |
76 |
|
|
Subsidiary |
Koto-Ku, Tokyo |
Japan |
Construction Services |
57.2 |
71 |
|
|
Subsidiary |
Yamaga, Kumamoto |
Japan |
Communications Equipment |
72.5 |
65 |
|
|
Subsidiary |
Shinshiro, Aichi |
Japan |
Miscellaneous Fabricated Products |
150.4 |
56 |
|
|
Subsidiary |
Singapore |
Singapore |
Electronic Instruments and Controls |
137.4 |
49 |
|
|
Subsidiary |
Hickory, NC |
United States |
Miscellaneous Fabricated Products |
8.4 |
43 |
|
|
Subsidiary |
Bangkok |
Thailand |
Miscellaneous Fabricated Products |
1.0 |
42 |
|
|
Subsidiary |
Duncan, SC |
United States |
Communications Equipment |
14.0 |
40 |
|
|
Subsidiary |
Chessington |
United Kingdom |
Electronic Instruments and Controls |
82.5 |
37 |
|
|
Subsidiary |
Puebla De Alfinden, Zaragoza |
Spain |
Construction Services |
47.9 |
142 |
|
|
Joint Venture |
Bridgewater, NJ |
United States |
Communications Services |
8.3 |
25 |
|
|
Subsidiary |
Shanghai, Pudong |
China |
Advertising |
72.0 |
20 |
|
|
Subsidiary |
Singapore |
Singapore |
Construction - Supplies and Fixtures |
1.0 |
15 |
|
|
Subsidiary |
Petaling Jaya, Selangor |
Malaysia |
Retail (Technology) |
51.5 |
10 |
|
|
Subsidiary |
Eagan, MN |
United States |
Miscellaneous Capital Goods |
7.6 |
8 |
|
|
Subsidiary |
Santa Clara, CA |
United States |
Electronic Instruments and Controls |
|
7 |
|
|
Branch |
Raleigh, NC |
United States |
Electronic Instruments and Controls |
2.0 |
2 |
|
|
Subsidiary |
Santa Clara, CA |
United States |
Communications Equipment |
|
4 |
|
|
Subsidiary |
Chuo-Ku, Tokyo |
Japan |
Personal and Household Products |
639.8 |
|
|
|
Subsidiary |
Yonezawa, Yamagata |
Japan |
Auto and Truck Parts |
492.7 |
|
|
|
Subsidiary |
Koto-Ku, Tokyo |
Japan |
Electronic Instruments and Controls |
479.9 |
|
|
|
Subsidiary |
Chuo-Ku, Tokyo |
Japan |
Electronic Instruments and Controls |
364.7 |
|
|
|
Subsidiary |
Mooka, Tochigi |
Japan |
Electronic Instruments and Controls |
286.3 |
|
|
|
Branch |
Tokyo |
Japan |
Electronic Instruments and Controls |
250.0 |
8,000 |
|
|
Subsidiary |
Amsterdam, Noord-Holland |
Netherlands |
Miscellaneous Financial Services |
165.3 |
|
|
|
Subsidiary |
Koto-Ku, Tokyo |
Japan |
Real Estate Operations |
132.6 |
|
|
|
Subsidiary |
Sakura, Chiba |
Japan |
Electronic Instruments and Controls |
89.4 |
|
|
|
Subsidiary |
Koto-Ku, Tokyo |
Japan |
Miscellaneous Transportation |
69.2 |
|
|
|
Subsidiary |
Kumagaya, Saitama |
Japan |
Computer Hardware |
60.3 |
|
|
|
Subsidiary |
Koto-Ku, Tokyo |
Japan |
Electronic Instruments and Controls |
33.3 |
|
|
|
Subsidiary |
Koto-Ku, Tokyo |
Japan |
Software and Programming |
24.9 |
|
|
|
Subsidiary |
Zhuhai |
China |
Electronic Instruments and Controls |
1.0 |
|
|
|
Subsidiary |
Shanghai |
China |
Miscellaneous Fabricated Products |
1.0 |
|
|
|
Subsidiary |
Thuan An District, Binh Duong Province |
Viet Nam |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Kowloon |
Hong Kong |
Retail (Technology) |
|
|
|
|
Subsidiary |
Wolfsburg |
Germany |
Auto and Truck Parts |
|
|
|
|
Subsidiary |
Ben Cat, Binh Duong |
Viet Nam |
Electronic Instruments and Controls |
|
|
|
|
Subsidiary |
Dusseldorf |
Germany |
Electronic Instruments and Controls |
|
|
|
|
Facility |
Mooka, Tochigi |
Japan |
Electronic Instruments and Controls |
|
|
|
Executives Report
|
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Significant Developments
|
|
|
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 |
Arata Auditing
Firm |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
6,447.2 |
6,089.7 |
5,417.7 |
5,708.9 |
5,769.6 |
|
Revenue |
6,447.2 |
6,089.7 |
5,417.7 |
5,708.9 |
5,769.6 |
|
Total Revenue |
6,447.2 |
6,089.7 |
5,417.7 |
5,708.9 |
5,769.6 |
|
|
|
|
|
|
|
|
Cost of Revenue |
5,425.4 |
5,096.7 |
4,495.6 |
4,949.0 |
4,901.2 |
|
Cost of Revenue, Total |
5,425.4 |
5,096.7 |
4,495.6 |
4,949.0 |
4,901.2 |
|
Gross Profit |
1,021.8 |
993.0 |
922.1 |
759.9 |
868.5 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
415.8 |
366.9 |
340.3 |
389.0 |
202.2 |
|
Labor & Related Expense |
347.3 |
317.0 |
287.1 |
284.9 |
232.1 |
|
Total Selling/General/Administrative Expenses |
763.1 |
683.9 |
627.5 |
674.0 |
434.4 |
|
Research & Development |
89.2 |
91.4 |
82.1 |
83.6 |
70.8 |
|
Depreciation |
- |
20.6 |
19.5 |
- |
184.9 |
|
Depreciation/Amortization |
- |
20.6 |
19.5 |
- |
184.9 |
|
Restructuring Charge |
26.3 |
2.2 |
6.9 |
17.9 |
3.2 |
|
Impairment-Assets Held for Use |
41.9 |
9.6 |
17.4 |
117.5 |
19.5 |
|
Impairment-Assets Held for Sale |
- |
15.2 |
8.2 |
11.5 |
5.6 |
|
Other Unusual Expense (Income) |
101.1 |
21.6 |
66.4 |
-37.1 |
0.1 |
|
Unusual Expense (Income) |
169.3 |
48.6 |
98.9 |
109.7 |
28.4 |
|
Total Operating Expense |
6,447.1 |
5,941.2 |
5,323.6 |
5,816.3 |
5,619.8 |
|
|
|
|
|
|
|
|
Operating Income |
0.2 |
148.5 |
94.1 |
-107.4 |
149.9 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-43.1 |
-34.5 |
-31.3 |
-37.6 |
-32.8 |
|
Interest Expense, Net Non-Operating |
-43.1 |
-34.5 |
-31.3 |
-37.6 |
-32.8 |
|
Interest Income -
Non-Operating |
3.4 |
2.3 |
3.6 |
5.2 |
6.7 |
|
Investment Income -
Non-Operating |
30.9 |
50.7 |
42.6 |
62.5 |
42.3 |
|
Interest/Investment Income - Non-Operating |
34.3 |
53.0 |
46.2 |
67.6 |
49.1 |
|
Interest Income (Expense) - Net Non-Operating Total |
-8.9 |
18.5 |
14.9 |
30.0 |
16.3 |
|
Gain (Loss) on Sale of Assets |
0.2 |
18.1 |
0.4 |
1.6 |
2.6 |
|
Other Non-Operating Income (Expense) |
-33.7 |
-16.5 |
-19.6 |
-19.8 |
-23.9 |
|
Other, Net |
-33.7 |
-16.5 |
-19.6 |
-19.8 |
-23.9 |
|
Income Before Tax |
-42.2 |
168.6 |
89.8 |
-95.6 |
144.8 |
|
|
|
|
|
|
|
|
Total Income Tax |
30.7 |
59.7 |
57.4 |
103.6 |
109.8 |
|
Income After Tax |
-72.9 |
108.9 |
32.4 |
-199.2 |
35.0 |
|
|
|
|
|
|
|
|
Minority Interest |
-6.0 |
0.6 |
-4.7 |
10.0 |
4.5 |
|
Net Income Before Extraord Items |
-78.9 |
109.5 |
27.6 |
-189.3 |
39.4 |
|
Net Income |
-78.9 |
109.5 |
27.6 |
-189.3 |
39.4 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Total Adjustments to Net Income |
0.0 |
- |
0.0 |
0.0 |
0.0 |
|
Income Available to Common Excl Extraord Items |
-78.9 |
109.5 |
27.6 |
-189.3 |
39.4 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
-78.9 |
109.5 |
27.6 |
-189.3 |
39.4 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
360.5 |
360.6 |
360.6 |
360.6 |
367.1 |
|
Basic EPS Excl Extraord Items |
-0.22 |
0.30 |
0.08 |
-0.52 |
0.11 |
|
Basic/Primary EPS Incl Extraord Items |
-0.22 |
0.30 |
0.08 |
-0.52 |
0.11 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-78.9 |
109.5 |
27.6 |
-189.3 |
39.4 |
|
Diluted Weighted Average Shares |
360.5 |
360.6 |
360.6 |
360.6 |
367.1 |
|
Diluted EPS Excl Extraord Items |
-0.22 |
0.30 |
0.08 |
-0.52 |
0.11 |
|
Diluted EPS Incl Extraord Items |
-0.22 |
0.30 |
0.08 |
-0.52 |
0.11 |
|
Dividends per Share - Common Stock Primary Issue |
0.06 |
0.07 |
0.05 |
0.07 |
0.09 |
|
Gross Dividends - Common Stock |
22.8 |
25.2 |
19.4 |
26.9 |
32.0 |
|
Interest Expense, Supplemental |
43.1 |
34.5 |
31.3 |
37.6 |
32.8 |
|
Depreciation, Supplemental |
24.4 |
302.2 |
283.9 |
298.1 |
258.2 |
|
Total Special Items |
175.8 |
35.1 |
102.2 |
119.5 |
34.4 |
|
Normalized Income Before Tax |
133.6 |
203.7 |
192.0 |
23.9 |
179.2 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
59.2 |
10.8 |
34.5 |
37.8 |
9.0 |
|
Inc Tax Ex Impact of Sp Items |
89.9 |
70.5 |
91.9 |
141.5 |
118.9 |
|
Normalized Income After Tax |
43.7 |
133.2 |
100.1 |
-117.6 |
60.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
37.7 |
133.8 |
95.3 |
-107.6 |
64.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.10 |
0.37 |
0.26 |
-0.30 |
0.18 |
|
Diluted Normalized EPS |
0.10 |
0.37 |
0.26 |
-0.30 |
0.18 |
|
Amort of Acquisition Costs, Supplemental |
6.7 |
4.6 |
3.7 |
11.4 |
8.6 |
|
Research & Development Exp, Supplemental |
184.7 |
162.5 |
145.2 |
149.2 |
122.4 |
|
Reported Operating Profit |
169.5 |
197.1 |
193.0 |
2.3 |
178.3 |
|
Reported Ordinary Profit |
116.0 |
191.3 |
177.8 |
-34.9 |
140.4 |
|
Normalized EBIT |
169.5 |
197.1 |
193.0 |
2.3 |
178.3 |
|
Normalized EBITDA |
200.6 |
503.9 |
480.6 |
311.9 |
445.0 |
|
Interest Cost - Domestic |
15.3 |
14.6 |
13.4 |
12.5 |
10.7 |
|
Service Cost - Domestic |
28.1 |
25.8 |
23.2 |
24.1 |
18.5 |
|
Prior Service Cost - Domestic |
-3.2 |
-2.8 |
-2.5 |
-2.3 |
-2.0 |
|
Expected Return on Assets - Domestic |
-8.1 |
-7.8 |
-6.5 |
-11.1 |
-9.4 |
|
Actuarial Gains and Losses - Domestic |
33.2 |
29.2 |
29.8 |
23.1 |
11.1 |
|
Other Pension, Net - Domestic |
- |
- |
-0.5 |
- |
- |
|
Domestic Pension Plan Expense |
65.4 |
59.0 |
56.9 |
46.4 |
28.9 |
|
Total Pension Expense |
65.4 |
59.0 |
56.9 |
46.4 |
28.9 |
|
Discount Rate - Domestic |
1.90% |
1.90% |
1.90% |
1.90% |
1.90% |
|
Expected Rate of Return - Domestic |
1.60% |
1.60% |
1.60% |
2.50% |
2.50% |
|
Total Plan Interest Cost |
15.3 |
14.6 |
13.4 |
12.5 |
10.7 |
|
Total Plan Service Cost |
28.1 |
25.8 |
23.2 |
24.1 |
18.5 |
|
Total Plan Expected Return |
-8.1 |
-7.8 |
-6.5 |
-11.1 |
-9.4 |
|
Total Plan Other Expense |
- |
- |
-0.5 |
- |
- |
|
|
|
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 |
Arata Auditing
Firm |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
724.5 |
548.5 |
543.2 |
616.3 |
292.6 |
|
Cash and Short Term Investments |
724.5 |
548.5 |
543.2 |
616.3 |
292.6 |
|
Accounts Receivable -
Trade, Gross |
1,413.5 |
1,479.8 |
1,278.0 |
1,198.6 |
1,624.5 |
|
Provision for Doubtful
Accounts |
-16.7 |
-14.2 |
-11.8 |
-14.2 |
-17.5 |
|
Trade Accounts Receivable - Net |
1,396.8 |
1,465.6 |
1,266.2 |
1,184.4 |
1,607.0 |
|
Total Receivables, Net |
1,396.8 |
1,465.6 |
1,266.2 |
1,184.4 |
1,607.0 |
|
Inventories - Finished Goods |
225.6 |
229.4 |
163.7 |
155.4 |
244.9 |
|
Inventories - Work In Progress |
201.6 |
212.1 |
172.9 |
140.8 |
176.5 |
|
Inventories - Raw Materials |
217.6 |
201.0 |
166.2 |
141.1 |
166.3 |
|
Total Inventory |
644.8 |
642.6 |
502.8 |
437.3 |
587.7 |
|
Deferred Income Tax - Current Asset |
49.4 |
50.6 |
44.3 |
37.3 |
60.1 |
|
Other Current Assets |
240.3 |
257.8 |
230.1 |
196.7 |
222.9 |
|
Other Current Assets, Total |
289.7 |
308.4 |
274.4 |
234.0 |
283.0 |
|
Total Current Assets |
3,055.7 |
2,965.1 |
2,586.6 |
2,472.0 |
2,770.3 |
|
|
|
|
|
|
|
|
Buildings |
2,157.7 |
2,132.2 |
1,643.5 |
1,535.6 |
1,533.3 |
|
Land/Improvements |
226.9 |
232.5 |
207.6 |
192.1 |
194.4 |
|
Machinery/Equipment |
2,552.0 |
2,484.8 |
2,192.2 |
2,050.7 |
2,063.4 |
|
Construction in
Progress |
87.3 |
94.4 |
303.4 |
112.6 |
40.1 |
|
Other
Property/Plant/Equipment |
973.4 |
1,030.0 |
892.9 |
824.0 |
840.4 |
|
Property/Plant/Equipment - Gross |
5,997.3 |
5,973.9 |
5,239.6 |
4,715.1 |
4,671.6 |
|
Accumulated Depreciation |
-4,205.5 |
-4,174.5 |
-3,582.3 |
-3,221.5 |
-3,086.0 |
|
Property/Plant/Equipment - Net |
1,791.8 |
1,799.4 |
1,657.4 |
1,493.5 |
1,585.6 |
|
Goodwill, Net |
- |
- |
- |
13.6 |
76.5 |
|
Intangibles, Net |
68.3 |
58.9 |
51.7 |
32.9 |
30.7 |
|
LT Investment - Affiliate Companies |
368.9 |
361.2 |
338.4 |
- |
- |
|
LT Investments - Other |
223.6 |
288.5 |
294.3 |
525.8 |
647.7 |
|
Long Term Investments |
592.4 |
649.7 |
632.7 |
525.8 |
647.7 |
|
Pension Benefits - Overfunded |
288.2 |
289.0 |
258.4 |
249.7 |
181.6 |
|
Deferred Income Tax - Long Term Asset |
48.6 |
33.7 |
33.0 |
25.7 |
42.6 |
|
Other Long Term Assets |
96.3 |
25.0 |
21.4 |
61.6 |
64.6 |
|
Other Long Term Assets, Total |
433.0 |
347.7 |
312.8 |
337.0 |
288.8 |
|
Total Assets |
5,941.3 |
5,820.7 |
5,241.2 |
4,874.8 |
5,399.6 |
|
|
|
|
|
|
|
|
Accounts Payable |
906.1 |
877.2 |
798.1 |
653.3 |
943.5 |
|
Accrued Expenses |
- |
0.0 |
0.4 |
0.3 |
0.2 |
|
Notes Payable/Short Term Debt |
585.3 |
607.2 |
526.0 |
798.4 |
692.0 |
|
Current Portion - Long Term Debt/Capital Leases |
121.4 |
217.7 |
34.5 |
34.2 |
- |
|
Income Taxes Payable |
23.5 |
21.2 |
24.2 |
19.9 |
26.6 |
|
Other Current Liabilities |
483.3 |
338.2 |
468.7 |
292.6 |
419.9 |
|
Other Current liabilities, Total |
506.8 |
359.3 |
492.9 |
312.5 |
446.5 |
|
Total Current Liabilities |
2,119.6 |
2,061.3 |
1,851.9 |
1,798.7 |
2,082.2 |
|
|
|
|
|
|
|
|
Long Term Debt |
1,336.6 |
1,162.0 |
1,068.4 |
933.4 |
769.9 |
|
Total Long Term Debt |
1,336.6 |
1,162.0 |
1,068.4 |
933.4 |
769.9 |
|
Total Debt |
2,043.3 |
1,986.8 |
1,628.9 |
1,766.0 |
1,461.9 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
2.6 |
21.8 |
23.5 |
21.3 |
51.2 |
|
Deferred Income Tax |
2.6 |
21.8 |
23.5 |
21.3 |
51.2 |
|
Minority Interest |
144.2 |
137.8 |
126.3 |
94.6 |
109.7 |
|
Reserves |
1.4 |
0.9 |
0.5 |
0.3 |
0.2 |
|
Pension Benefits - Underfunded |
90.6 |
90.1 |
73.7 |
67.7 |
59.2 |
|
Other Long Term Liabilities |
154.2 |
159.0 |
153.6 |
136.4 |
118.7 |
|
Other Liabilities, Total |
246.2 |
250.0 |
227.9 |
204.5 |
178.2 |
|
Total Liabilities |
3,849.3 |
3,632.9 |
3,298.0 |
3,052.4 |
3,191.2 |
|
|
|
|
|
|
|
|
Common Stock |
644.2 |
640.4 |
568.0 |
537.4 |
533.2 |
|
Common Stock |
644.2 |
640.4 |
568.0 |
537.4 |
533.2 |
|
Additional Paid-In Capital |
667.1 |
663.1 |
588.2 |
556.4 |
552.1 |
|
Retained Earnings (Accumulated Deficit) |
1,027.9 |
1,121.9 |
912.4 |
855.4 |
1,075.4 |
|
Treasury Stock - Common |
-1.9 |
-1.9 |
-1.5 |
-1.2 |
-1.0 |
|
Unrealized Gain (Loss) |
2.4 |
4.2 |
21.3 |
3.9 |
115.6 |
|
Translation Adjustment |
-247.7 |
-239.9 |
-145.1 |
-129.5 |
-67.0 |
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Other Equity, Total |
-247.6 |
-239.9 |
-145.1 |
-129.5 |
-67.0 |
|
Total Equity |
2,092.0 |
2,187.8 |
1,943.3 |
1,822.4 |
2,208.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
5,941.3 |
5,820.7 |
5,241.2 |
4,874.8 |
5,399.5 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
360.5 |
360.5 |
360.6 |
360.6 |
360.7 |
|
Total Common Shares Outstanding |
360.5 |
360.5 |
360.6 |
360.6 |
360.7 |
|
Treasury Shares - Common Stock Primary Issue |
0.3 |
0.3 |
0.3 |
0.3 |
0.2 |
|
Employees |
50,463 |
53,289 |
50,639 |
46,466 |
49,448 |
|
Number of Common Shareholders |
29,340 |
28,705 |
28,143 |
31,186 |
29,165 |
|
Total Long Term Debt, Supplemental |
1,367.1 |
1,449.3 |
1,163.7 |
967.6 |
899.3 |
|
Long Term Debt Maturing within 1 Year |
335.1 |
217.7 |
34.5 |
34.2 |
129.4 |
|
Long Term Debt Maturing in Year 2 |
295.4 |
333.7 |
176.4 |
29.2 |
35.3 |
|
Long Term Debt Maturing in Year 3 |
85.5 |
288.0 |
278.6 |
113.3 |
32.8 |
|
Long Term Debt Maturing in Year 4 |
226.1 |
70.8 |
245.0 |
262.3 |
115.7 |
|
Long Term Debt Maturing in Year 5 |
364.7 |
226.9 |
60.6 |
180.6 |
261.4 |
|
Long Term Debt Maturing in 2-3 Years |
380.9 |
621.6 |
455.1 |
142.5 |
68.1 |
|
Long Term Debt Maturing in 4-5 Years |
590.8 |
297.7 |
305.7 |
442.9 |
377.0 |
|
Long Term Debt Matur. in Year 6 & Beyond |
60.3 |
312.4 |
368.5 |
348.0 |
324.8 |
|
Total Capital Leases, Supplemental |
6.7 |
8.6 |
10.9 |
10.3 |
- |
|
Capital Lease Payments Due in Year 1 |
3.1 |
3.9 |
4.0 |
3.4 |
- |
|
Capital Lease Payments Due in Year 2 |
2.0 |
2.6 |
3.3 |
3.1 |
- |
|
Capital Lease Payments Due in Year 3 |
0.9 |
1.5 |
2.1 |
2.2 |
- |
|
Capital Lease Payments Due in Year 4 |
0.5 |
0.4 |
1.1 |
1.0 |
- |
|
Capital Lease Payments Due in Year 5 |
0.2 |
0.1 |
0.2 |
0.4 |
- |
|
Capital Lease Payments Due in 2-3 Years |
2.9 |
4.1 |
5.5 |
5.3 |
- |
|
Capital Lease Payments Due in 4-5 Years |
0.7 |
0.5 |
1.3 |
1.4 |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.2 |
- |
|
Pension Obligation - Domestic |
778.7 |
796.0 |
718.4 |
688.9 |
682.6 |
|
Plan Assets - Domestic |
521.3 |
526.9 |
477.5 |
419.1 |
474.9 |
|
Funded Status - Domestic |
-257.4 |
-269.1 |
-240.9 |
-269.8 |
-207.6 |
|
Total Funded Status |
-257.4 |
-269.1 |
-240.9 |
-269.8 |
-207.6 |
|
Discount Rate - Domestic |
1.90% |
1.90% |
1.90% |
1.90% |
1.90% |
|
Expected Rate of Return - Domestic |
1.60% |
1.60% |
1.60% |
2.50% |
2.50% |
|
Prepaid Benefits - Domestic |
288.2 |
289.0 |
258.4 |
249.7 |
181.6 |
|
Accrued Liabilities - Domestic |
-90.1 |
-89.2 |
-72.9 |
-67.1 |
-58.7 |
|
Other Assets, Net - Domestic |
455.6 |
468.8 |
426.5 |
452.3 |
330.6 |
|
Net Assets Recognized on Balance Sheet |
653.8 |
668.6 |
612.0 |
634.9 |
453.5 |
|
Total Plan Obligations |
778.7 |
796.0 |
718.4 |
688.9 |
682.6 |
|
Total Plan Assets |
521.3 |
526.9 |
477.5 |
419.1 |
474.9 |
|
|
|
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 |
Arata Auditing
Firm |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-42.2 |
168.6 |
89.8 |
-95.6 |
144.7 |
|
Depreciation |
308.1 |
302.2 |
283.9 |
298.1 |
258.2 |
|
Depreciation/Depletion |
308.1 |
302.2 |
283.9 |
298.1 |
258.2 |
|
Amortization of Acquisition Costs |
6.7 |
4.6 |
3.7 |
11.4 |
8.6 |
|
Amortization |
6.7 |
4.6 |
3.7 |
11.4 |
8.6 |
|
Unusual Items |
-54.4 |
4.7 |
25.3 |
95.5 |
-3.2 |
|
Equity in Net Earnings (Loss) |
-10.8 |
-22.1 |
-20.3 |
-5.8 |
-9.6 |
|
Other Non-Cash Items |
59.6 |
-35.3 |
62.0 |
21.8 |
15.8 |
|
Non-Cash Items |
-5.6 |
-52.8 |
67.0 |
111.6 |
3.0 |
|
Accounts Receivable |
81.6 |
-54.1 |
3.6 |
383.6 |
-100.1 |
|
Inventories |
-53.2 |
-78.6 |
-33.5 |
128.5 |
-51.5 |
|
Accounts Payable |
24.5 |
-15.2 |
104.6 |
-253.5 |
41.9 |
|
Other Operating Cash Flow |
152.1 |
-73.4 |
-47.1 |
-71.0 |
-102.7 |
|
Changes in Working Capital |
205.0 |
-221.2 |
27.6 |
187.7 |
-212.5 |
|
Cash from Operating Activities |
472.1 |
201.3 |
472.0 |
513.2 |
202.1 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-315.5 |
-393.3 |
-265.2 |
-328.6 |
-315.7 |
|
Capital Expenditures |
-315.5 |
-393.3 |
-265.2 |
-328.6 |
-315.7 |
|
Acquisition of Business |
-12.9 |
-12.0 |
-18.6 |
-27.5 |
0.0 |
|
Sale of Fixed Assets |
15.3 |
27.8 |
12.9 |
12.1 |
14.3 |
|
Sale/Maturity of Investment |
- |
0.0 |
0.8 |
73.7 |
41.3 |
|
Purchase of Investments |
-19.7 |
-15.4 |
-14.4 |
-114.8 |
-30.0 |
|
Other Investing Cash Flow |
-36.5 |
22.2 |
10.5 |
-17.3 |
-10.9 |
|
Other Investing Cash Flow Items, Total |
-53.7 |
22.6 |
-8.7 |
-73.8 |
14.6 |
|
Cash from Investing Activities |
-369.3 |
-370.7 |
-273.9 |
-402.4 |
-301.1 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-2.7 |
-3.1 |
-2.3 |
-3.5 |
1.9 |
|
Financing Cash Flow Items |
-2.7 |
-3.1 |
-2.3 |
-3.5 |
1.9 |
|
Cash Dividends Paid - Common |
-27.4 |
-21.0 |
-19.4 |
-35.9 |
-32.4 |
|
Total Cash Dividends Paid |
-27.4 |
-21.0 |
-19.4 |
-35.9 |
-32.4 |
|
Repurchase/Retirement
of Common |
-0.1 |
-0.2 |
-0.2 |
-0.4 |
-53.0 |
|
Common Stock, Net |
-0.1 |
-0.2 |
-0.2 |
-0.4 |
-53.0 |
|
Issuance (Retirement) of Stock, Net |
-0.1 |
-0.2 |
-0.2 |
-0.4 |
-53.0 |
|
Short Term Debt, Net |
-244.0 |
28.7 |
-330.0 |
184.0 |
105.6 |
|
Long Term Debt Issued |
523.6 |
181.9 |
107.6 |
202.6 |
367.6 |
|
Long Term Debt
Reduction |
-228.0 |
-47.7 |
-28.0 |
-136.8 |
-216.0 |
|
Long Term Debt, Net |
295.5 |
134.2 |
79.6 |
65.9 |
151.6 |
|
Issuance (Retirement) of Debt, Net |
51.5 |
162.9 |
-250.4 |
249.8 |
257.2 |
|
Cash from Financing Activities |
21.4 |
138.5 |
-272.3 |
210.0 |
173.7 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.8 |
-34.6 |
-6.0 |
-7.4 |
-16.7 |
|
Net Change in Cash |
125.0 |
-65.5 |
-80.3 |
313.4 |
58.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
623.3 |
639.9 |
657.8 |
286.1 |
193.5 |
|
Net Cash - Ending Balance |
748.3 |
574.3 |
577.5 |
599.4 |
251.5 |
|
Cash Interest Paid |
44.9 |
34.1 |
29.5 |
37.2 |
33.4 |
|
Cash Taxes Paid |
76.2 |
67.7 |
44.0 |
37.8 |
65.6 |
|
|
|
|
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 |
Arata Auditing
Firm |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
6,447.2 |
6,089.7 |
5,417.7 |
5,708.9 |
5,769.6 |
|
Total Revenue |
6,447.2 |
6,089.7 |
5,417.7 |
5,708.9 |
5,769.6 |
|
|
|
|
|
|
|
|
Cost of finished goods sold |
5,425.4 |
5,096.7 |
4,495.6 |
4,949.0 |
4,901.2 |
|
Other Selling/General/Admin. Expense |
0.0 |
- |
- |
- |
- |
|
Shipping |
205.9 |
181.1 |
162.0 |
162.2 |
157.8 |
|
Selling Expense |
- |
- |
- |
41.9 |
44.4 |
|
Personal Expenses |
347.3 |
- |
- |
- |
- |
|
Periodic retirement benefit costs |
- |
29.0 |
29.2 |
- |
- |
|
Reserve for officers retirement |
- |
0.2 |
0.2 |
- |
0.1 |
|
Provision for directors' bonuses |
- |
0.0 |
0.4 |
- |
0.2 |
|
Other Labor Expense |
- |
287.8 |
257.4 |
- |
231.8 |
|
Labor Expense |
- |
- |
- |
284.9 |
- |
|
Research Expense |
89.2 |
91.4 |
82.1 |
83.6 |
70.8 |
|
Depreciation expenses |
- |
20.6 |
19.5 |
- |
184.9 |
|
Provision for doubtful accounts(SGA) |
- |
2.8 |
0.7 |
- |
- |
|
Other SGA |
210.0 |
183.1 |
177.5 |
184.9 |
- |
|
Other |
-1.3 |
- |
- |
- |
- |
|
Insurance income |
-196.0 |
- |
- |
- |
- |
|
Provision for the administrative fine |
21.3 |
- |
- |
- |
- |
|
SP Revision gain-pension plan |
- |
0.0 |
-0.5 |
0.0 |
- |
|
SP Reversal Doubtful Accounts |
- |
-0.4 |
-0.3 |
-0.8 |
0.0 |
|
SP G on establ.act for retire.benefits |
- |
- |
0.0 |
-38.9 |
0.0 |
|
SP National Subsidy Gain |
- |
- |
- |
- |
0.0 |
|
SP Impairment Gain |
- |
- |
- |
- |
0.0 |
|
SP Insurance income |
- |
0.0 |
- |
- |
- |
|
SP Other Special Gain |
- |
-0.1 |
0.0 |
-0.3 |
-1.2 |
|
SP Loss Val. Inv.Secs |
- |
14.4 |
0.2 |
9.9 |
3.5 |
|
SP Impairment Loss |
30.9 |
2.1 |
3.4 |
101.9 |
8.5 |
|
Provision of surcharge |
14.9 |
11.7 |
47.3 |
0.0 |
- |
|
SP Loss on disaster |
249.3 |
6.3 |
0.0 |
- |
- |
|
SP Business restructuring losses |
26.3 |
2.2 |
6.9 |
17.9 |
3.2 |
|
SP L on adjust. Changes of Acc. Assets |
0.0 |
0.9 |
0.0 |
- |
- |
|
SP L on val. of stock of related company |
- |
0.7 |
4.0 |
0.4 |
2.1 |
|
SP L on val. of Contri. Inv't in affili. |
- |
0.0 |
3.9 |
1.2 |
- |
|
SP Retirement F.Assets |
- |
0.0 |
3.8 |
0.0 |
- |
|
SP Remove/Maintain Fixed Asset Fee |
- |
0.0 |
18.2 |
0.0 |
- |
|
SP Other Special Loss |
12.9 |
3.3 |
1.7 |
3.0 |
1.3 |
|
NOP Loss Retire Fixed Assets |
11.0 |
7.6 |
10.3 |
15.6 |
11.1 |
|
Total Operating Expense |
6,447.1 |
5,941.2 |
5,323.6 |
5,816.3 |
5,619.8 |
|
|
|
|
|
|
|
|
NOP Interest Income |
3.4 |
2.3 |
3.6 |
5.2 |
6.7 |
|
NOP Dividend Income |
13.5 |
14.5 |
12.5 |
14.1 |
13.6 |
|
NOP Equity Gain |
10.8 |
22.1 |
20.3 |
5.8 |
9.6 |
|
Other Non-Operating Income (Expense) |
0.0 |
- |
- |
- |
- |
|
Provision for customer''s complaint |
-13.8 |
- |
- |
- |
- |
|
NOP Exchange Gain |
6.6 |
13.9 |
9.7 |
10.8 |
0.0 |
|
NOP Other Non-Op.Inc. |
11.6 |
17.0 |
11.9 |
14.0 |
10.5 |
|
NOP Interset Expense |
-43.1 |
-34.5 |
-31.3 |
-37.6 |
-32.8 |
|
NOP Products Repair Cost |
- |
- |
- |
0.0 |
-14.9 |
|
NOP Other Non-Op. Exp. |
-31.5 |
-33.4 |
-31.5 |
-33.9 |
-19.6 |
|
SP Gain Sales F.Asset |
0.2 |
17.4 |
0.2 |
1.6 |
2.6 |
|
SP Gain Sale Inv. Secs |
- |
0.2 |
0.1 |
31.9 |
19.1 |
|
SP Gain Liqudation Affiliate |
- |
0.7 |
0.2 |
0.0 |
- |
|
Net Income Before Taxes |
-42.2 |
168.6 |
89.8 |
-95.6 |
144.8 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
30.7 |
59.7 |
57.4 |
103.6 |
109.8 |
|
Net Income After Taxes |
-72.9 |
108.9 |
32.4 |
-199.2 |
35.0 |
|
|
|
|
|
|
|
|
Minority interest |
-6.0 |
0.6 |
-4.7 |
10.0 |
4.5 |
|
Net Income Before Extra. Items |
-78.9 |
109.5 |
27.6 |
-189.3 |
39.4 |
|
Net Income |
-78.9 |
109.5 |
27.6 |
-189.3 |
39.4 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Director's Bonus |
- |
- |
0.0 |
0.0 |
0.0 |
|
Adjustment |
- |
- |
0.0 |
- |
0.0 |
|
Income Available to Com Excl ExtraOrd |
-78.9 |
109.5 |
27.6 |
-189.3 |
39.4 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-78.9 |
109.5 |
27.6 |
-189.3 |
39.4 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
360.5 |
360.6 |
360.6 |
360.6 |
367.1 |
|
Basic EPS Excluding ExtraOrdinary Items |
-0.22 |
0.30 |
0.08 |
-0.52 |
0.11 |
|
Basic EPS Including ExtraOrdinary Item |
-0.22 |
0.30 |
0.08 |
-0.52 |
0.11 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-78.9 |
109.5 |
27.6 |
-189.3 |
39.4 |
|
Diluted Weighted Average Shares |
360.5 |
360.6 |
360.6 |
360.6 |
367.1 |
|
Diluted EPS Excluding ExtraOrd Items |
-0.22 |
0.30 |
0.08 |
-0.52 |
0.11 |
|
Diluted EPS Including ExtraOrd Items |
-0.22 |
0.30 |
0.08 |
-0.52 |
0.11 |
|
DPS-Common Stock |
0.06 |
0.07 |
0.05 |
0.07 |
0.09 |
|
Gross Dividends - Common Stock |
22.8 |
25.2 |
19.4 |
26.9 |
32.0 |
|
Normalized Income Before Taxes |
133.6 |
203.7 |
192.0 |
23.9 |
179.2 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
89.9 |
70.5 |
91.9 |
141.5 |
118.9 |
|
Normalized Income After Taxes |
43.7 |
133.2 |
100.1 |
-117.6 |
60.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
37.7 |
133.8 |
95.3 |
-107.6 |
64.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.10 |
0.37 |
0.26 |
-0.30 |
0.18 |
|
Diluted Normalized EPS |
0.10 |
0.37 |
0.26 |
-0.30 |
0.18 |
|
Research & Development Exp(SGA) |
89.2 |
91.4 |
82.1 |
83.6 |
70.8 |
|
Research & Development (COGS) |
95.5 |
71.1 |
63.1 |
65.5 |
51.6 |
|
Interest expense, supplemental |
43.1 |
34.5 |
31.3 |
37.6 |
32.8 |
|
Amortization of Goodwill - footnote |
6.7 |
- |
- |
- |
- |
|
Amortization of goodwill, supplemental |
- |
4.6 |
3.7 |
11.4 |
8.6 |
|
Amort of Tangible Assets-Current Portion |
24.4 |
- |
- |
- |
- |
|
Depreciation, supplemental |
- |
302.2 |
283.9 |
298.1 |
258.2 |
|
Reported Operating Profit |
169.5 |
197.1 |
193.0 |
2.3 |
178.3 |
|
Reported Ordinary Profit |
116.0 |
191.3 |
177.8 |
-34.9 |
140.4 |
|
Service Cost |
28.1 |
25.8 |
23.2 |
24.1 |
18.5 |
|
Interest Cost |
15.3 |
14.6 |
13.4 |
12.5 |
10.7 |
|
Expected return on plan assets |
-8.1 |
-7.8 |
-6.5 |
-11.1 |
-9.4 |
|
Prior service cost |
-3.2 |
-2.8 |
-2.5 |
-2.3 |
-2.0 |
|
Actuarial G&L |
33.2 |
29.2 |
29.8 |
23.1 |
11.1 |
|
Revision gain on pension plan |
- |
- |
-0.5 |
- |
- |
|
Domestic Pension Plan Expense |
65.4 |
59.0 |
56.9 |
46.4 |
28.9 |
|
Total Pension Expense |
65.4 |
59.0 |
56.9 |
46.4 |
28.9 |
|
Discount Rate(MIN)-Retirement Cost(Domes |
1.90% |
- |
- |
- |
- |
|
Discount Rate |
- |
1.90% |
1.90% |
1.90% |
1.90% |
|
Expected return on assets(MIN)-Retiremen |
1.60% |
- |
- |
- |
- |
|
Expected Rate of Return |
- |
1.60% |
1.60% |
2.50% |
2.50% |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.385362 |
82.88 |
93.44 |
98.77 |
99.535 |
|
Auditor |
Arata Auditing
Firm |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash&Deposit |
724.5 |
548.5 |
543.2 |
616.3 |
292.6 |
|
Notes and accounts receivable-trade |
1,413.5 |
1,479.8 |
1,278.0 |
1,198.6 |
1,624.5 |
|
Merchandise and finished goods |
225.6 |
229.4 |
163.7 |
155.4 |
244.9 |
|
Work in process |
201.6 |
212.1 |
172.9 |
140.8 |
176.5 |
|
Raw materials and supplies |
217.6 |
201.0 |
166.2 |
141.1 |
166.3 |
|
Drfd. Tax Assets |
49.4 |
50.6 |
44.3 |
37.3 |
60.1 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other Assets |
240.3 |
257.8 |
230.1 |
196.7 |
222.9 |
|
Doubtful Account |
-16.7 |
-14.2 |
-11.8 |
-14.2 |
-17.5 |
|
Total Current Assets |
3,055.7 |
2,965.1 |
2,586.6 |
2,472.0 |
2,770.3 |
|
|
|
|
|
|
|
|
Build./Structure |
2,157.7 |
2,132.2 |
1,643.5 |
1,535.6 |
1,533.3 |
|
Accumulated depreciation |
-1,136.1 |
-1,095.1 |
-921.7 |
-840.0 |
-812.0 |
|
Accumulated impairment loss |
-106.3 |
-33.4 |
-29.5 |
-28.6 |
-30.6 |
|
Machinery, equipment and vehicles |
2,552.0 |
2,484.8 |
2,192.2 |
2,050.7 |
2,063.4 |
|
Accumulated depreciation |
-2,079.7 |
-2,102.5 |
-1,814.8 |
-1,617.2 |
-1,541.1 |
|
Accumulated impairment loss |
-37.7 |
-39.0 |
-41.3 |
-40.7 |
-23.6 |
|
Land |
226.9 |
232.5 |
207.6 |
192.1 |
194.4 |
|
Lease Assets, gross |
37.3 |
21.5 |
18.6 |
17.5 |
0.0 |
|
Accumulated depreciation |
-15.4 |
-11.7 |
-7.9 |
-5.3 |
0.0 |
|
Accumulated impairment loss |
0.0 |
-0.7 |
-0.6 |
-4.2 |
0.0 |
|
Const in Prog. |
87.3 |
94.4 |
303.4 |
112.6 |
40.1 |
|
Other PPE |
936.1 |
1,008.5 |
874.3 |
806.5 |
840.4 |
|
Depreciation-Other PPE |
-817.5 |
-881.1 |
-755.7 |
-674.1 |
-670.6 |
|
Accumulated impairment loss |
-12.8 |
-10.9 |
-10.8 |
-11.5 |
-8.2 |
|
Goodwill |
- |
- |
- |
13.6 |
76.5 |
|
Other intangible assets |
68.3 |
58.9 |
51.7 |
32.9 |
30.7 |
|
Invt Secs Noncons, Asc, Affd Cos |
298.0 |
- |
- |
- |
- |
|
Invts in Capital Noncons, Ascd, Affd Cos |
70.8 |
- |
- |
- |
- |
|
Equity secs.-nonconsolidated affil. |
- |
304.0 |
290.2 |
- |
- |
|
Other LT investmen |
223.6 |
- |
- |
- |
- |
|
Investment Secs |
- |
288.5 |
294.3 |
525.8 |
647.7 |
|
Prepaid Pension Exp. |
288.2 |
289.0 |
258.4 |
249.7 |
181.6 |
|
Deferred tax assets |
48.6 |
33.7 |
33.0 |
25.7 |
42.6 |
|
Inv't partnership-nonconsol.affil. |
- |
57.2 |
48.2 |
- |
- |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other |
125.8 |
46.4 |
37.9 |
76.0 |
79.5 |
|
Allw.Doubt.Acct |
-18.0 |
-18.0 |
-15.3 |
-14.4 |
-13.6 |
|
Reserve Investment Loss |
-11.5 |
-3.3 |
-1.2 |
0.0 |
-1.3 |
|
Adjustment |
- |
0.0 |
-0.1 |
-0.1 |
- |
|
Other Buildings, Net |
0.0 |
- |
- |
- |
- |
|
Other Plant/machinery, Net |
0.0 |
- |
- |
- |
- |
|
Ohter PPE, net |
0.0 |
- |
- |
- |
- |
|
Total Assets |
5,941.3 |
5,820.7 |
5,241.2 |
4,874.8 |
5,399.6 |
|
|
|
|
|
|
|
|
Notes and accounts payable-trade |
906.1 |
877.2 |
798.1 |
653.3 |
943.5 |
|
Short-term loans payable |
585.3 |
607.2 |
526.0 |
656.6 |
692.0 |
|
Current Portion of LT Borrowings |
- |
97.0 |
34.5 |
34.2 |
- |
|
Commercial Paper |
- |
- |
0.0 |
141.7 |
0.0 |
|
Current Portion of Corporate Bond |
121.4 |
120.7 |
0.0 |
0.0 |
- |
|
Income Tax Pay. |
23.5 |
21.2 |
24.2 |
19.9 |
26.6 |
|
Reserve for directors' bonuses |
- |
0.0 |
0.4 |
0.3 |
0.2 |
|
Rounding adjustment Liability |
0.0 |
- |
- |
- |
- |
|
Other Provisions - Current Liabilities |
20.4 |
- |
- |
- |
- |
|
Provision for Antitrust |
- |
0.0 |
- |
- |
- |
|
Res./surcharge |
- |
0.0 |
47.1 |
0.0 |
- |
|
Other |
462.9 |
338.2 |
421.6 |
292.6 |
419.9 |
|
Total Current Liabilities |
2,119.6 |
2,061.3 |
1,851.9 |
1,798.7 |
2,082.2 |
|
|
|
|
|
|
|
|
Corporate Bond |
606.9 |
241.3 |
321.1 |
303.7 |
301.4 |
|
Long-term loans payable |
729.7 |
920.7 |
747.3 |
629.7 |
468.5 |
|
Total Long Term Debt |
1,336.6 |
1,162.0 |
1,068.4 |
933.4 |
769.9 |
|
|
|
|
|
|
|
|
Deferred Tax |
2.6 |
21.8 |
23.5 |
21.3 |
51.2 |
|
Rounding adjustment Liability |
0.0 |
- |
- |
- |
- |
|
Rsrv-Accr.Retire |
90.1 |
89.2 |
72.9 |
67.1 |
58.7 |
|
Provision for directors'' retirement ben |
0.6 |
0.8 |
0.8 |
0.6 |
0.5 |
|
Repairment Exp. |
0.4 |
0.4 |
0.3 |
0.3 |
0.2 |
|
Reserve for L. on liabilities for guar. |
1.0 |
0.5 |
0.2 |
0.0 |
- |
|
Other |
154.2 |
159.0 |
153.6 |
136.4 |
118.7 |
|
Min. Interest |
144.2 |
137.8 |
126.3 |
94.6 |
109.7 |
|
Total Liabilities |
3,849.3 |
3,632.9 |
3,298.0 |
3,052.4 |
3,191.2 |
|
|
|
|
|
|
|
|
Common Stock |
644.2 |
640.4 |
568.0 |
537.4 |
533.2 |
|
Total capital surpluses |
667.1 |
663.1 |
588.2 |
556.4 |
552.1 |
|
Total retained earnings |
1,027.9 |
1,121.9 |
912.4 |
855.4 |
1,075.4 |
|
Treasury Stock |
-1.9 |
-1.9 |
-1.5 |
-1.2 |
-1.0 |
|
Valuation difference on available-for-sa |
5.6 |
0.5 |
21.4 |
6.3 |
110.9 |
|
Unrealized Gaub in Hedge |
-3.2 |
3.7 |
-0.1 |
-2.4 |
4.7 |
|
Translation Adj. |
-247.7 |
-239.9 |
-145.1 |
-129.5 |
-67.0 |
|
Rounding adjustment Equity |
0.0 |
- |
- |
- |
- |
|
Total Equity |
2,092.0 |
2,187.8 |
1,943.3 |
1,822.4 |
2,208.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
5,941.3 |
5,820.7 |
5,241.2 |
4,874.8 |
5,399.5 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
360.5 |
360.5 |
360.6 |
360.6 |
360.7 |
|
Total Common Shares Outstanding |
360.5 |
360.5 |
360.6 |
360.6 |
360.7 |
|
T/S-Common Stock |
0.3 |
0.3 |
0.3 |
0.3 |
0.2 |
|
Full-Time Employees |
50,463 |
53,289 |
50,639 |
46,466 |
49,448 |
|
Total Number of Shareholders |
29,340 |
- |
- |
- |
- |
|
Number of Common Shareholders |
- |
28,705 |
28,143 |
31,186 |
29,165 |
|
Within One Year |
121.4 |
- |
- |
- |
- |
|
Other LT Debt |
0.8 |
- |
- |
- |
- |
|
Long Term Debt Maturing witin 1 Yr |
212.9 |
217.7 |
34.5 |
34.2 |
129.4 |
|
Over One Year And Within Two Years |
0.0 |
- |
- |
- |
- |
|
Lns Pble Maturing over a Yr within 2 Yrs |
295.4 |
- |
- |
- |
- |
|
Long Term Debt Maturing witin 2 Yr |
- |
333.7 |
176.4 |
29.2 |
35.3 |
|
Over Two Years And Within Three Years |
0.0 |
- |
- |
- |
- |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
85.5 |
- |
- |
- |
- |
|
Long Term Debt Maturing witin 3 Yr |
- |
288.0 |
278.6 |
113.3 |
32.8 |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
226.1 |
- |
- |
- |
- |
|
Long Term Debt Maturing witin 4 Yr |
- |
70.8 |
245.0 |
262.3 |
115.7 |
|
Bond Redemp Amts over 4 Yrs within 5 Yrs |
242.8 |
- |
- |
- |
- |
|
Lns Pble Maturg over 4 Yrs within 5 Yrs |
122.0 |
- |
- |
- |
- |
|
Long Term Debt Maturing witin 5 Yr |
- |
226.9 |
60.6 |
180.6 |
261.4 |
|
Division And End Of Current Period Remai |
60.3 |
- |
- |
- |
- |
|
Long Term Debt Maturing thereafter |
- |
312.4 |
368.5 |
348.0 |
324.8 |
|
Total Long Term Debt, Supplemental |
1,367.1 |
1,449.3 |
1,163.7 |
967.6 |
899.3 |
|
Capital Lease Within 1 Year |
3.1 |
3.9 |
4.0 |
3.4 |
- |
|
Cap Lease Maturg over a Yr within 2 Yrs |
2.0 |
- |
- |
- |
- |
|
Capital Lease Within 2 Years |
- |
2.6 |
3.3 |
3.1 |
- |
|
Cap Lease Maturg over 2 Yr within 3 Yrs |
0.9 |
- |
- |
- |
- |
|
Capital Lease Within 3 Years |
- |
1.5 |
2.1 |
2.2 |
- |
|
Cap Lease Maturg over 3 Yr within 4 Yrs |
0.5 |
- |
- |
- |
- |
|
Capital Lease Within 4 Years |
- |
0.4 |
1.1 |
1.0 |
- |
|
Cap Lease Maturg over 4 Yr within 5 Yrs |
0.2 |
- |
- |
- |
- |
|
Capital Lease Within 5 Years |
- |
0.1 |
0.2 |
0.4 |
- |
|
Other Cap. Lease |
0.0 |
- |
- |
- |
- |
|
Capital Lease remaining |
- |
0.0 |
0.0 |
0.2 |
- |
|
Total Capital Leases |
6.7 |
8.6 |
10.9 |
10.3 |
- |
|
Pension Obligation |
778.7 |
796.0 |
718.4 |
688.9 |
682.6 |
|
Fair value of plan assets |
521.3 |
526.9 |
477.5 |
419.1 |
474.9 |
|
Funded Status |
-257.4 |
-269.1 |
-240.9 |
-269.8 |
-207.6 |
|
Total Funded Status |
-257.4 |
-269.1 |
-240.9 |
-269.8 |
-207.6 |
|
Discount Rate |
1.90% |
1.90% |
1.90% |
1.90% |
1.90% |
|
Expected rate of return |
1.60% |
1.60% |
1.60% |
2.50% |
2.50% |
|
Unrecog.actuarial G&L |
268.6 |
281.6 |
259.7 |
315.6 |
232.4 |
|
Unrecog.Prior service Cost |
-28.4 |
-31.3 |
-30.5 |
-28.6 |
-29.7 |
|
Pension Retirement Trust |
215.4 |
218.6 |
197.2 |
165.3 |
127.9 |
|
Prepaid pension Benefits |
288.2 |
289.0 |
258.4 |
249.7 |
181.6 |
|
Reserve for Accrued Retirement Benefits |
-90.1 |
-89.2 |
-72.9 |
-67.1 |
-58.7 |
|
Net Assets Recognized on Balance Sheet |
653.8 |
668.6 |
612.0 |
634.9 |
453.5 |
|
|
|
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 |
Arata Auditing
Firm |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income Bf. Tax |
-42.2 |
168.6 |
89.8 |
-95.6 |
144.7 |
|
Depreciation |
308.1 |
302.2 |
283.9 |
298.1 |
258.2 |
|
tana messitu |
55.2 |
- |
- |
- |
- |
|
Insurance income |
-196.0 |
- |
- |
- |
- |
|
Assets impairmet losses |
30.9 |
0.0 |
3.4 |
101.9 |
8.5 |
|
Inventory loss |
- |
0.0 |
- |
- |
- |
|
Amort. of goodwill |
6.7 |
4.6 |
3.7 |
11.4 |
8.6 |
|
Increase (decrease) in provision |
33.4 |
11.0 |
46.8 |
3.5 |
3.4 |
|
Insurance income |
- |
0.0 |
- |
- |
- |
|
Int. & Div. Income |
-16.9 |
-16.8 |
-16.0 |
-19.2 |
-20.3 |
|
Interest Expense |
43.1 |
34.5 |
31.3 |
37.6 |
32.8 |
|
Equity in (earnings) losses of affiliate |
-10.8 |
-22.1 |
-20.3 |
-5.8 |
-9.6 |
|
Gain Sale Inv.Secs |
- |
0.0 |
-0.1 |
-31.9 |
-19.1 |
|
L on Val. of Inv. Secs. |
- |
14.4 |
0.2 |
9.9 |
3.5 |
|
L on val. of stock of related company |
- |
0.0 |
4.0 |
0.4 |
2.1 |
|
Loss on reval. of Contr.invest /affila. |
- |
0.0 |
3.9 |
1.2 |
- |
|
Loss on retirement of property, plant an |
55.7 |
7.6 |
14.1 |
15.6 |
4.4 |
|
Loss (gain) on sales of property, plant |
-0.2 |
-17.4 |
-0.2 |
-1.6 |
-2.6 |
|
Decrease (increase) in notes and account |
81.6 |
-54.1 |
3.6 |
383.6 |
-100.1 |
|
Decrease (increase) in inventories |
-53.2 |
-78.6 |
-33.5 |
128.5 |
-51.5 |
|
Increase (decrease) in notes and account |
24.5 |
-15.2 |
104.6 |
-253.5 |
41.9 |
|
Decrease of cash and cash equivalents du |
-0.9 |
- |
- |
- |
- |
|
Increase In Cash And Cash Equivalents Fr |
4.1 |
- |
- |
- |
- |
|
Proceeds from insurance income |
196.0 |
- |
- |
- |
- |
|
Other, net |
51.6 |
-2.9 |
4.5 |
-21.4 |
-27.1 |
|
Int. & Div. Rcvd. |
22.2 |
31.3 |
21.9 |
25.4 |
23.3 |
|
Interest Paid |
-44.9 |
-34.1 |
-29.5 |
-37.2 |
-33.4 |
|
Proceeds from insurance income |
- |
0.0 |
- |
- |
- |
|
Surcharge paid |
0.0 |
-64.0 |
0.0 |
- |
- |
|
Income taxes (paid) refund |
-76.2 |
-67.7 |
-44.0 |
-37.8 |
-65.6 |
|
FY end change of consol.subsidiaries |
- |
- |
- |
- |
0.0 |
|
Newly Consolidated |
- |
- |
- |
- |
0.0 |
|
Adjustment |
- |
-0.1 |
- |
- |
- |
|
Cash from Operating Activities |
472.1 |
201.3 |
472.0 |
513.2 |
202.1 |
|
|
|
|
|
|
|
|
Purchase of property, plant and equipmen |
-315.5 |
-393.3 |
-265.2 |
-328.6 |
-315.7 |
|
Proceeds from sales of property, plant a |
15.3 |
27.8 |
12.9 |
12.1 |
14.3 |
|
Redem. Inv.Secs |
- |
- |
- |
0.0 |
8.7 |
|
Sale Invest Secs |
- |
0.0 |
0.8 |
73.7 |
32.5 |
|
Purch. Invest Secs |
- |
-2.9 |
-6.1 |
-111.7 |
-30.0 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Loans made |
-30.4 |
-17.5 |
-17.0 |
-33.9 |
-14.7 |
|
Loans collected |
19.2 |
22.5 |
23.0 |
27.6 |
13.6 |
|
Purch. subs.' sec.-change consl. scope |
-12.9 |
-12.0 |
0.0 |
-16.4 |
0.0 |
|
Purch. subs.' sec |
- |
- |
0.0 |
-3.1 |
0.0 |
|
Purchase of business |
- |
0.0 |
-18.6 |
-11.1 |
0.0 |
|
Payments/Closely-held invest. in affili. |
-19.7 |
-12.5 |
-8.3 |
0.0 |
- |
|
Other, net |
-25.3 |
17.2 |
4.5 |
-11.0 |
-9.8 |
|
Cash from Investing Activities |
-369.3 |
-370.7 |
-273.9 |
-402.4 |
-301.1 |
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term lo |
-244.0 |
28.7 |
-179.4 |
44.6 |
149.3 |
|
Commercial Paper |
- |
0.0 |
-150.6 |
139.3 |
-43.7 |
|
Proceeds From Issuance Of Bonds |
504.3 |
- |
- |
- |
- |
|
Proceeds from long-term loans payable |
19.3 |
181.9 |
107.6 |
202.6 |
192.7 |
|
Redemption Of Bonds |
-126.6 |
- |
- |
- |
- |
|
Repayment of long-term loans payable |
-101.4 |
-47.7 |
-28.0 |
-37.2 |
-41.1 |
|
Redemption Bonds |
- |
- |
0.0 |
-99.5 |
-175.0 |
|
Proceeds from issuance of bonds |
- |
0.0 |
- |
0.0 |
175.0 |
|
Purch. Treasury |
-0.1 |
-0.2 |
-0.2 |
-0.4 |
-53.0 |
|
Cash Dividends |
-27.4 |
-21.0 |
-19.4 |
-35.9 |
-32.4 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Other, net |
-2.6 |
-3.1 |
-2.3 |
-3.5 |
1.9 |
|
Cash from Financing Activities |
21.4 |
138.5 |
-272.3 |
210.0 |
173.7 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.8 |
-34.6 |
-6.0 |
-7.4 |
-16.7 |
|
Net Change in Cash |
125.0 |
-65.5 |
-80.3 |
313.4 |
58.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
623.3 |
639.9 |
657.8 |
286.1 |
193.5 |
|
Net Cash - Ending Balance |
748.3 |
574.3 |
577.5 |
599.4 |
251.5 |
|
Cash Interest Paid |
44.9 |
34.1 |
29.5 |
37.2 |
33.4 |
|
Cash Taxes Paid |
76.2 |
67.7 |
44.0 |
37.8 |
65.6 |
Financial Health
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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Financials in: USD (mil) |
|
|
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.53.53 |
|
|
1 |
Rs.86.82 |
|
Euro |
1 |
Rs.69.03 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial condition
(40%) Ownership background
(20%) Payment record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.