MIRA INFORM REPORT
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Report Date : |
12.04.2013 |
IDENTIFICATION DETAILS
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Name : |
MORINAGA MILK INDUSTRY CO., LTD. |
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Registered Office : |
Morinaga Plaza Bldg. Bekkan, 5-33-1, Shiba, Minato-Ku, 108-8384 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
13.04.1954 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
manufacture
and sale of dairy products |
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No. of Employees : |
5639 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Japan |
A2 |
A2 |
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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
Morinaga Milk Industry Co., Ltd.
Morinaga Plaza Bldg. Bekkan
5-33-1, Shiba
Minato-Ku, 108-8384
Japan
Tel: 81-3-37980111
Fax: 81 (3) 3798-0101
synthesis
Employees: 5,639
Company Type: Public Parent
Corporate Family: 24
Companies
Traded: Tokyo
Stock Exchange: 2264
Incorporation Date:
13-Apr-1954
Auditor: Ernst & Young
ShinNihon LLC
Financials in: USD
(Millions)
Fiscal Year End:
31-Mar-2012
Reporting Currency: Japanese
Yen
Annual Sales: 7,323.8 1
Net Income: 58.4
Total Assets:
4,444.8 2
Market Value: 774.7 (29-Mar-2013)
Business Description
Morinaga Milk Industry Co., Ltd. is a company mainly engaged in the manufacture and sale of dairy products. The Company operates in two business segments. The Food segment is involved in the processing, manufacture and sale of milk, dairy products, ice creams, beverages and other food products. The Others segment is engaged in the purchase and sale of feeds and pet food, the design and construction of plant equipment, the leasing of real estate, as well as the provision of transportation and warehousing services. As of March 31, 2012, the Company had 66 subsidiaries and nine associated companies. For the nine months ended 31 December 2012, Morinaga Milk Industry Co., Ltd. revenues increased 2% to Y460.79B. Net income applicable to common stockholders increased 16% to Y5.81B. Revenues reflect Food Business segment increase from Y136.07B to Y444.5B, Other segment increase from Y5.32B to Y16.29B. Net income benefited from Food Business segment income increase from Y3.67B to Y14.8B, Other segment income increase from Y709M to Y2.69B.
Industry
Industry Food Processing
ANZSIC 2006: 1131 - Milk and
Cream Processing
NACE 2002: 1511 - Production
and preserving of meat
NAICS 2002: 311511 - Fluid
Milk Manufacturing
UK SIC 2003: 15511 - Liquid
milk and cream production
UK SIC 2007: 10511 - Liquid
milk and cream production
US SIC 1987: 2026 - Fluid Milk
Key Executives
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Name |
Title |
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President, Representative Director |
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Senior Managing Director, Senior Managing Executive Officer, Director
of Finance |
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Senior Managing Director, Senior Managing Executive Officer, Chief
Director of 1st Sales |
|
|
Katsushige Machida |
Head of Accounting in Finance Unit |
|
Yoshikazu Kihara |
Chief Director, Production |
Significant Developments
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* number of significant developments within the last 12 months
News
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Financial
Summary
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Stock
Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 78.96121
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 82.38536
Corporate Overview
Location
Morinaga Plaza Bldg. Bekkan
5-33-1, Shiba
Minato-Ku, 108-8384
Japan
Tel: 81-3-37980111
Fax: 81 (3) 3798-0101
Quote Symbol - Exchange
2264 - Tokyo Stock
Exchange
Sales JPY(mil): 578,299.0
Assets JPY(mil): 366,190.0
Employees: 5,639
Fiscal Year End: 31-Mar-2012
Industry: Food
Processing
Incorporation Date: 13-Apr-1954
Company Type: Public
Parent
Quoted Status: Quoted
President,
Representative Director:
Michio Miyahara
Industry Codes
ANZSIC 2006 Codes:
1131 - Milk and Cream Processing
1132 - Ice Cream Manufacturing
3609 - Other Grocery Wholesaling
3319 - Other Agricultural Product Wholesaling
5309 - Other Warehousing and Storage Services
1211 - Soft Drink, Cordial and Syrup Manufacturing
6712 - Non-Residential Property Operators
3020 - Non-Residential Building Construction
NACE 2002 Codes:
1511 - Production and preserving of meat
1552 - Manufacture of ice cream
5121 - Wholesale of grain, seeds and animal feeds
5138 - Wholesale of other food including fish, crustaceans and
molluscs
7020 - Letting of own property
1598 - Manufacture of mineral waters and soft drinks
6312 - Storage and warehousing
4521 - General construction of buildings and civil engineering
works
NAICS 2002 Codes:
311511 - Fluid Milk Manufacturing
236210 - Industrial Building Construction
424910 - Farm Supplies Merchant Wholesalers
424490 - Other Grocery and Related Products Merchant Wholesalers
531120 - Lessors of Nonresidential Buildings (except Miniwarehouses)
312111 - Soft Drink Manufacturing
311520 - Ice Cream and Frozen Dessert Manufacturing
531130 - Lessors of Miniwarehouses and Self-Storage Units
US SIC 1987:
2026 - Fluid Milk
6512 - Operators of Nonresidential Buildings
2086 - Bottled and Canned Soft Drinks and Carbonated Waters
5191 - Farm Supplies
4225 - General Warehousing and Storage
5149 - Groceries and Related Products, Not Elsewhere Classified
2024 - Ice Cream and Frozen Desserts
1541 - General Contractors-Industrial Buildings and Warehouses
UK SIC 2003:
15511 - Liquid milk and cream production
1552 - Manufacture of ice cream
5121 - Wholesale of grain, seeds and animal feeds
5138 - Wholesale of other food including fish, crustaceans and
molluscs
70209 - Other letting of own property
1598 - Manufacture of mineral waters and soft drinks
45212 - Construction of domestic buildings
63129 - Other storage and warehousing not elsewhere classified
UK SIC 2007:
10511 - Liquid milk and cream production
1052 - Manufacture of ice cream
4638 - Wholesale of other food, including fish, crustaceans and
molluscs
4621 - Wholesale of grain, unmanufactured tobacco, seeds and
animal feeds
52103 - Operation of warehousing and storage facilities for land
transport activities of division 49
41202 - Construction of domestic buildings
1107 - Manufacture of soft drinks; production of mineral waters
and other bottled waters
68209 - Letting and operating of own or leased real estate (other
than Housing Association real estate and conference and exhibition services)
n.e.c.
Business
Description
Morinaga Milk
Industry Co., Ltd. is a company mainly engaged in the manufacture and sale of
dairy products. The Company operates in two business segments. The Food segment
is involved in the processing, manufacture and sale of milk, dairy products,
ice creams, beverages and other food products. The Others segment is engaged in
the purchase and sale of feeds and pet food, the design and construction of
plant equipment, the leasing of real estate, as well as the provision of
transportation and warehousing services. As of March 31, 2012, the Company had
66 subsidiaries and nine associated companies. For the nine months ended 31
December 2012, Morinaga Milk Industry Co., Ltd. revenues increased 2% to
Y460.79B. Net income applicable to common stockholders increased 16% to Y5.81B.
Revenues reflect Food Business segment increase from Y136.07B to Y444.5B, Other
segment increase from Y5.32B to Y16.29B. Net income benefited from Food
Business segment income increase from Y3.67B to Y14.8B, Other segment income
increase from Y709M to Y2.69B.
More Business
Descriptions
Processing of milk
and production of yogurt, cheese and milk-based drinks; manufacture of chilled desserts,
chilled drinks, ice cream and frozen products; general products including tofu;
powdered baby foods
Holding Company;
Milk Production, Dairy Products & Non-Dairy Beverages Mfr & Distr
Morinaga Milk
Industry Co., Ltd. (Morinaga) manufactures and markets dairy products beverages
and other food products. The product portfolio of the company includes
desserts, baby food, juice and nondairy beverages and other foods. The company
markets products through its own brands and also offers brands of affiliating
companies. It principally operates in Germany, Japan, China, the US and
Indonesia. The company divides its offerings in two categories, namely,
International Products and Products in Japan.The company through its
International division offers various milk products and ingredients. The
company categorizes International Products in two divisions, namely,
Nutritional Foods and Functional Ingredients. The company under Nutritional
Foods offers infant formula through Chil-kid brands. Morinaga markets its products
through partner companies and exports in various countries such as Indonesia,
Pakistan, Afghanistan, Vietnam and various European Countries. The company
through Tofu brand export its products to over 30 countries such as United
States and countries in Asia, Europe and Oceania. Under Functional Ingredients,
Morinaga supplies functional ingredients for food products, pharmaceuticals and
supplements to manufacturers to over 30 countries across the world. The
company’s offerings comprise Probiotics, Lactoferrin, Milk Peptides and
Lactulose.Morinaga through Products in Japan category offers dairy products
consisting milk, yogurts, milk-based beverages and puddings through Pikna and
other brands; ice cream products through Pino, PARM and MOW brands; Powdered
Products through Creap and other brands. The company through technological
partnership with Kraft Foods offers food and sliced cheese and cream cheese;
through partnership with Lipton it offers Ready to drink chilled cup, in leaf
form or in other form; through partnership with Sunkist it offers juices,
jellies and frozen desserts.The company operates 16 fully-equipped production
facilities in Japan. It manages nine sales offices across Japan. The company
also undertakes the purchase and sale of feeds, the provision of
transportation, the leasing of real estate, the design and construction of
plant equipment and warehousing services. Morinaga principally operates in
Japan. China, Germany, Indonesia and the US. In Los Angeles, the company has a
wholly owned subsidiary, Morinaga Nutritional Foods, Inc, which carries out
marketing of Mori-nu Tofu produced at its facility in the US. Morinaga
Nutritional Foods Deutschland Gmbh in Germany coordinates with European
business operations of the company. It also markets Morinaga products in the
European Union and other nearby regions. Pacific Nutritional Foods Inc, which
is a joint venture of Morinaga Nutritional Foods Inc. and Pacific Foods of
Oregon Inc, undertakes aseptic processing and packaging products. Harbin Morinaga
Milk Ltd, a a joint venture between Morinaga, Mitsui & Co., Harbin
Comprehensive Dairy produces powdered milk and infant formula. The company
also entered into strategic alliances with various international companies such
as Lipton, Kraft, PT. Sanghiang Perkasa, Sunkist Growers, Inc. and others to
offer wide range of products to its customers..The company operates various
research facilities such as nutritional science laboratory, product evaluation
center, biochemical research laboratory, food research and development
laboratory, analytical research center and engineering research center.
Morinaga Milk
Industry Co., Ltd. (Morinaga), formerly Nippon Rennyu Co., Ltd., is a food
products manufacturing company. The company carries out the processing,
manufacture and sale of dairy products, and beverages such as milk, yogurt,
powdered milk, butter, custard, condensed milk, cheese, juice, tea, coffee and
ice creams. It offers products through various brands such as Chil kid, Tofu,
Pino, Parm, Mow, Creap and others. Morinaga also markets products of Kraft,
Lipton and Sunkist. The company also carries out the purchase and sale of
animal feeds and pet food, the design and construction of plant equipment. The
company operates over 16 plants and nine sales branches in Japan. The company
along with its subsidiaries and affiliate companies operates in Japan, China,
Germany, Indonesia and the US. Morinaga is headquartered in Tokyo, Japan.The
company reported revenues of (Yen) JPY 578,299.00 million during the fiscal
year ended March 2012, a decrease of 0.81% from 2011. The operating profit of
the company was JPY 8,222.00 million during the fiscal year 2012, a decrease of
28.02% from 2011. The net profit of the company was JPY 4,610.00 million during
the fiscal year 2012, a decrease of 25.24% from 2011.
Dairy Cattle and Milk Production
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Corporate Family |
Corporate
Structure News: |
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Morinaga
Milk Industry Co., Ltd. |
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Morinaga Milk Industry Co., Ltd. |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Minato-Ku |
Japan |
Food Processing |
7,323.8 |
5,639 |
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Subsidiary |
Meguro-Ku, Tokyo |
Japan |
Food Processing |
348.6 |
290 |
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Subsidiary |
Leutkirch Im Allgäu, Baden-Württemberg |
Germany |
Food Processing |
135.8 |
200 |
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Subsidiary |
Ayase, Kanagawa |
Japan |
Food Processing |
200.8 |
130 |
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Subsidiary |
Hiroshima, Hiroshima |
Japan |
Food Processing |
95.2 |
98 |
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Subsidiary |
Sunto-Gun, Shizuoka |
Japan |
Food Processing |
120.4 |
85 |
|
|
Subsidiary |
Otaru, Hokkaido |
Japan |
Food Processing |
98.9 |
58 |
|
|
Subsidiary |
Tokachi-Gun, Hokkaido |
Japan |
Food Processing |
96.1 |
27 |
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Subsidiary |
Vezelise |
France |
Food Processing |
3.3 |
14 |
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Subsidiary |
Torrance, CA |
United States |
Crops |
3.2 |
12 |
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Subsidiary |
Stuttgart |
Germany |
Food Processing |
|
2 |
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Subsidiary |
Minato-Ku, Tokyo |
Japan |
Food Processing |
1,363.6 |
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Subsidiary |
Minato-Ku, Tokyo |
Japan |
Trucking |
57.5 |
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Subsidiary |
Minato-Ku, Tokyo |
Japan |
Food Processing |
35.7 |
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Subsidiary |
Minato-Ku, Tokyo |
Japan |
Food Processing |
527.0 |
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Subsidiary |
Minato-Ku, Tokyo |
Japan |
Chemical Manufacturing |
140.7 |
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Subsidiary |
Koto-Ku, Tokyo |
Japan |
Food Processing |
139.9 |
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Subsidiary |
Sendai, Miyagi |
Japan |
Food Processing |
139.4 |
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Subsidiary |
Kumamoto, Kumamoto |
Japan |
Food Processing |
95.1 |
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Subsidiary |
Nakagami-Gun, Okinawa |
Japan |
Food Processing |
74.5 |
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Subsidiary |
Hiroshima, Hiroshima |
Japan |
Miscellaneous Capital Goods |
45.5 |
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Subsidiary |
Meguro-Ku, Tokyo |
Japan |
Real Estate Operations |
39.8 |
|
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Subsidiary |
Aomori, Aomori |
Japan |
Food Processing |
25.3 |
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Subsidiary |
Taipei |
Taiwan |
Food Processing |
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Competitors Report
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Company Name |
Location |
Employees |
Ownership |
|
Ajinomoto Co., Inc. |
Chuo-Ku, Japan |
28,245 |
Public |
|
Dean Foods Co |
Dallas, Texas, United States |
21,915 |
Public |
|
Groupe Lactalis SA |
Laval, France |
14,500 |
Public |
|
KATO SANGYO CO., LTD. |
Nishinomiya-Shi, Japan |
2,024 |
Public |
|
MEGMILK SNOW BRAND Co Ltd |
Shinjuku-Ku, Japan |
4,951 |
Public |
|
Meiji Co Ltd |
Tokyo, Japan |
11,269 |
Private |
|
MEIJI Holdings Co Ltd |
Chuo-Ku, Japan |
15,338 |
Public |
|
Mondelez International Inc |
Deerfield, Illinois, United States |
110,000 |
Public |
|
Nestle SA |
Vevey, Switzerland |
339,000 |
Public |
|
Snow Brand Milk Products Co., Ltd. |
Tokyo, Japan |
2,870 |
Private |
|
Yakult Honsha Co., Ltd. |
Minato-Ku, Japan |
18,563 |
Public |
|
YAMAZAKI BAKING CO., LTD. |
Chiyoda-Ku, Japan |
24,304 |
Public |
Executive report
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Board
of Directors |
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Chairman of the Board, Representative
Director |
Chairman |
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Director |
Director/Board Member |
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Managing Executive Officer, Chief Director
of Production, Director |
Director/Board Member |
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Managing Director, Managing Executive
Officer, Chief Director of External Affairs |
Director/Board Member |
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Senior Managing Director, Senior Managing
Executive Officer, Director of Finance |
Director/Board Member |
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President, Representative Director |
Director/Board Member |
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Senior Managing Director, Senior Managing Executive
Officer, Chief Director of 1st Sales |
Director/Board Member |
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Director |
Director/Board Member |
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Managing Executive Officer, Director of
Dairy, Director |
Director/Board Member |
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Managing Director |
Director/Board Member |
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Executives |
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President, Representative Director |
President |
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Chief Director, Production |
Managing Director |
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Managing Director, Managing Executive
Officer, Chief Director of External Affairs |
Managing Director |
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Senior Managing Director, Senior Managing
Executive Officer, Director of Finance |
Managing Director |
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Senior Managing Director, Senior Managing
Executive Officer, Chief Director of 1st Sales |
Managing Director |
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Managing Director |
Managing Director |
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Head of Accounting in Finance Unit |
Other |
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Significant Developments
R&I Affirms Morinaga Milk Industry Co Ltd's Rating at "A-"; Rating Outlook Stable Sep 19, 2012
Rating and Investment Information, Inc. (R&I) announced that it has affirmed the rating on Morinaga Milk Industry Co Ltd at "A-". The rating outlook is stable.
MORINAGA MILK INDUSTRY CO.,LTD. Announces Officer Changes May 14, 2012
MORINAGA MILK INDUSTRY CO.,LTD. announced that it has appointed Michio Miyahara, who will replace Koichi Furukawa, as the new President of the Company effective June 28, 2012.
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 ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
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Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Net Sales |
7,323.8 |
6,803.7 |
6,295.6 |
5,811.0 |
5,134.2 |
|
Revenue |
7,323.8 |
6,803.7 |
6,295.6 |
5,811.0 |
5,134.2 |
|
Total Revenue |
7,323.8 |
6,803.7 |
6,295.6 |
5,811.0 |
5,134.2 |
|
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|
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|
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Cost of Revenue |
5,063.0 |
4,650.0 |
4,361.3 |
4,116.5 |
3,642.6 |
|
Cost of Revenue, Total |
5,063.0 |
4,650.0 |
4,361.3 |
4,116.5 |
3,642.6 |
|
Gross Profit |
2,260.8 |
2,153.7 |
1,934.2 |
1,694.4 |
1,491.5 |
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|
|
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Selling/General/Administrative Expense |
1,762.2 |
1,630.4 |
1,479.3 |
1,327.0 |
1,198.1 |
|
Labor & Related Expense |
270.3 |
245.7 |
220.9 |
205.9 |
182.8 |
|
Total Selling/General/Administrative Expenses |
2,032.6 |
1,876.0 |
1,700.2 |
1,532.9 |
1,380.9 |
|
Research & Development |
61.3 |
56.9 |
50.0 |
46.8 |
42.4 |
|
Restructuring Charge |
11.4 |
- |
- |
- |
- |
|
Impairment-Assets Held for Use |
23.0 |
0.7 |
1.4 |
0.8 |
0.0 |
|
Impairment-Assets Held for Sale |
0.9 |
55.3 |
0.0 |
0.4 |
- |
|
Other Unusual Expense (Income) |
27.5 |
31.5 |
17.5 |
23.9 |
18.8 |
|
Unusual Expense (Income) |
62.8 |
87.5 |
18.9 |
25.0 |
18.8 |
|
Other Operating Expense |
0.0 |
- |
- |
- |
- |
|
Other Operating Expenses, Total |
0.0 |
- |
- |
- |
- |
|
Total Operating Expense |
7,219.7 |
6,670.4 |
6,130.4 |
5,721.3 |
5,084.7 |
|
|
|
|
|
|
|
|
Operating Income |
104.1 |
133.3 |
165.1 |
89.7 |
49.5 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-22.0 |
-22.0 |
-18.8 |
-17.6 |
-15.8 |
|
Interest Expense, Net Non-Operating |
-22.0 |
-22.0 |
-18.8 |
-17.6 |
-15.8 |
|
Interest Income - Non-Operating |
1.0 |
1.1 |
1.1 |
1.7 |
1.5 |
|
Investment Income -
Non-Operating |
7.3 |
6.6 |
2.9 |
4.3 |
12.0 |
|
Interest/Investment Income - Non-Operating |
8.2 |
7.7 |
4.0 |
6.0 |
13.4 |
|
Interest Income (Expense) - Net Non-Operating Total |
-13.8 |
-14.4 |
-14.8 |
-11.7 |
-2.4 |
|
Gain (Loss) on Sale of Assets |
-4.6 |
-6.5 |
-9.8 |
-5.6 |
-3.8 |
|
Other Non-Operating Income (Expense) |
13.8 |
12.3 |
10.9 |
8.8 |
9.7 |
|
Other, Net |
13.8 |
12.3 |
10.9 |
8.8 |
9.7 |
|
Income Before Tax |
99.5 |
124.8 |
151.4 |
81.2 |
53.1 |
|
|
|
|
|
|
|
|
Total Income Tax |
38.7 |
52.5 |
64.1 |
39.2 |
34.5 |
|
Income After Tax |
60.8 |
72.3 |
87.4 |
42.0 |
18.5 |
|
|
|
|
|
|
|
|
Minority Interest |
-2.4 |
-0.3 |
-1.1 |
0.4 |
-0.5 |
|
Net Income Before Extraord Items |
58.4 |
72.0 |
86.3 |
42.4 |
18.1 |
|
Net Income |
58.4 |
72.0 |
86.3 |
42.4 |
18.1 |
|
|
|
|
|
|
|
|
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 |
58.4 |
71.9 |
86.3 |
42.3 |
18.1 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
58.4 |
71.9 |
86.3 |
42.3 |
18.1 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
250.6 |
250.9 |
252.3 |
252.7 |
253.0 |
|
Basic EPS Excl Extraord Items |
0.23 |
0.29 |
0.34 |
0.17 |
0.07 |
|
Basic/Primary EPS Incl Extraord Items |
0.23 |
0.29 |
0.34 |
0.17 |
0.07 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
58.4 |
71.9 |
86.3 |
42.3 |
18.1 |
|
Diluted Weighted Average Shares |
251.3 |
251.4 |
252.7 |
253.1 |
253.2 |
|
Diluted EPS Excl Extraord Items |
0.23 |
0.29 |
0.34 |
0.17 |
0.07 |
|
Diluted EPS Incl Extraord Items |
0.23 |
0.29 |
0.34 |
0.17 |
0.07 |
|
Dividends per Share - Common Stock Primary Issue |
0.09 |
0.08 |
0.08 |
0.06 |
0.05 |
|
Gross Dividends - Common Stock |
22.2 |
20.5 |
18.9 |
15.1 |
13.3 |
|
Interest Expense, Supplemental |
22.0 |
22.0 |
18.8 |
17.6 |
15.8 |
|
Depreciation, Supplemental |
218.8 |
200.5 |
179.5 |
164.9 |
157.0 |
|
Total Special Items |
66.5 |
93.0 |
31.5 |
28.8 |
21.1 |
|
Normalized Income Before Tax |
166.0 |
217.8 |
183.0 |
110.0 |
74.1 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
26.2 |
39.6 |
12.1 |
14.8 |
7.9 |
|
Inc Tax Ex Impact of Sp Items |
64.9 |
92.1 |
76.2 |
54.0 |
42.4 |
|
Normalized Income After Tax |
101.1 |
125.7 |
106.8 |
56.0 |
31.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
98.6 |
125.4 |
105.7 |
56.3 |
31.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.39 |
0.50 |
0.42 |
0.22 |
0.12 |
|
Diluted Normalized EPS |
0.39 |
0.50 |
0.42 |
0.22 |
0.12 |
|
Amort of Acquisition Costs, Supplemental |
-1.0 |
-0.9 |
2.9 |
-1.9 |
-1.5 |
|
Rental Expenses |
20.6 |
24.4 |
23.3 |
23.2 |
22.6 |
|
Advertising Expense, Supplemental |
865.0 |
- |
- |
- |
- |
|
Research & Development Exp, Supplemental |
61.3 |
56.9 |
50.0 |
46.8 |
42.4 |
|
Reported Operating Profit |
167.0 |
220.8 |
184.0 |
114.7 |
68.3 |
|
Reported Ordinary Profit |
167.0 |
218.8 |
183.1 |
111.8 |
73.6 |
|
Normalized EBIT |
167.0 |
220.8 |
184.0 |
114.7 |
68.3 |
|
Normalized EBITDA |
384.8 |
420.3 |
366.4 |
277.8 |
223.8 |
|
Current Tax - Total |
29.4 |
- |
- |
- |
- |
|
Current Tax - Total |
29.4 |
- |
- |
- |
- |
|
Deferred Tax - Total |
9.3 |
- |
- |
- |
- |
|
Deferred Tax - Total |
9.3 |
- |
- |
- |
- |
|
Income Tax - Total |
38.7 |
- |
- |
- |
- |
|
Interest Cost - Domestic |
4.5 |
4.2 |
4.0 |
3.9 |
3.7 |
|
Service Cost - Domestic |
19.2 |
16.8 |
16.2 |
16.5 |
12.7 |
|
Prior Service Cost - Domestic |
0.3 |
0.1 |
- |
- |
- |
|
Expected Return on Assets - Domestic |
-1.4 |
-1.3 |
-1.1 |
-1.3 |
-1.5 |
|
Actuarial Gains and Losses - Domestic |
7.6 |
6.7 |
6.5 |
5.0 |
3.0 |
|
Other Pension, Net - Domestic |
2.9 |
- |
- |
- |
- |
|
Domestic Pension Plan Expense |
33.2 |
26.4 |
25.6 |
24.2 |
17.9 |
|
Total Pension Expense |
33.2 |
26.4 |
25.6 |
24.2 |
17.9 |
|
Discount Rate - Domestic |
2.30% |
2.30% |
2.30% |
- |
- |
|
Expected Rate of Return - Domestic |
2.30% |
2.30% |
2.30% |
- |
- |
|
Total Plan Interest Cost |
4.5 |
4.2 |
4.0 |
3.9 |
3.7 |
|
Total Plan Service Cost |
19.2 |
16.8 |
16.2 |
16.5 |
12.7 |
|
Total Plan Expected Return |
-1.4 |
-1.3 |
-1.1 |
-1.3 |
-1.5 |
|
Total Plan Other Expense |
2.9 |
- |
- |
- |
- |
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 ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
202.6 |
126.2 |
138.2 |
42.2 |
48.7 |
|
Cash and Short Term Investments |
202.6 |
126.2 |
138.2 |
42.2 |
48.7 |
|
Accounts Receivable -
Trade, Gross |
659.8 |
579.5 |
531.9 |
500.0 |
634.2 |
|
Provision for Doubtful
Accounts |
-10.1 |
-12.1 |
-12.6 |
-8.8 |
-10.1 |
|
Trade Accounts Receivable - Net |
649.7 |
567.4 |
519.3 |
491.2 |
624.2 |
|
Total Receivables, Net |
649.7 |
567.4 |
519.3 |
491.2 |
624.2 |
|
Inventories - Finished Goods |
337.5 |
298.8 |
293.0 |
276.2 |
234.4 |
|
Inventories - Work In Progress |
13.9 |
9.5 |
10.4 |
6.2 |
14.5 |
|
Inventories - Raw Materials |
85.3 |
80.2 |
74.8 |
72.9 |
75.8 |
|
Total Inventory |
436.7 |
388.5 |
378.3 |
355.3 |
324.8 |
|
Deferred Income Tax - Current Asset |
45.8 |
55.3 |
48.5 |
42.6 |
41.8 |
|
Other Current Assets |
158.1 |
115.3 |
100.6 |
107.2 |
68.3 |
|
Other Current Assets, Total |
203.9 |
170.5 |
149.0 |
149.9 |
110.1 |
|
Total Current Assets |
1,493.0 |
1,252.7 |
1,184.8 |
1,038.6 |
1,107.7 |
|
|
|
|
|
|
|
|
Buildings |
1,748.7 |
1,774.5 |
1,559.9 |
1,439.9 |
1,343.0 |
|
Land/Improvements |
896.2 |
873.4 |
767.6 |
727.7 |
728.5 |
|
Machinery/Equipment |
2,979.7 |
2,896.5 |
2,519.2 |
2,248.9 |
2,183.5 |
|
Construction in
Progress |
65.1 |
86.5 |
61.9 |
65.7 |
118.8 |
|
Other
Property/Plant/Equipment |
262.5 |
258.8 |
226.7 |
238.5 |
186.8 |
|
Property/Plant/Equipment - Gross |
5,952.2 |
5,889.7 |
5,135.3 |
4,720.7 |
4,560.6 |
|
Accumulated Depreciation |
-3,373.3 |
-3,313.6 |
-2,820.0 |
-2,549.0 |
-2,440.2 |
|
Property/Plant/Equipment - Net |
2,578.9 |
2,576.0 |
2,315.2 |
2,171.6 |
2,120.4 |
|
Goodwill, Net |
- |
13.5 |
13.0 |
2.0 |
- |
|
Intangibles, Net |
66.3 |
51.7 |
46.0 |
41.9 |
38.1 |
|
LT Investment - Affiliate Companies |
42.4 |
39.9 |
- |
- |
- |
|
LT Investments - Other |
132.6 |
130.0 |
152.5 |
156.0 |
161.4 |
|
Long Term Investments |
175.0 |
169.9 |
152.5 |
156.0 |
161.4 |
|
Note Receivable - Long Term |
6.5 |
6.9 |
6.9 |
4.3 |
4.5 |
|
Deferred Income Tax - Long Term Asset |
35.7 |
41.8 |
26.3 |
27.3 |
25.4 |
|
Other Long Term Assets |
89.5 |
90.9 |
85.3 |
82.6 |
93.6 |
|
Other Long Term Assets, Total |
125.2 |
132.8 |
111.5 |
110.0 |
119.0 |
|
Total Assets |
4,444.8 |
4,203.5 |
3,830.0 |
3,524.4 |
3,551.2 |
|
|
|
|
|
|
|
|
Accounts Payable |
705.9 |
676.0 |
635.3 |
633.0 |
628.9 |
|
Accrued Expenses |
364.4 |
359.3 |
319.5 |
277.3 |
269.0 |
|
Notes Payable/Short Term Debt |
115.4 |
106.0 |
73.5 |
117.3 |
108.0 |
|
Current Portion - Long Term Debt/Capital Leases |
202.6 |
84.7 |
181.4 |
64.7 |
156.0 |
|
Security Deposits |
291.0 |
160.6 |
- |
- |
- |
|
Income Taxes Payable |
- |
46.5 |
38.7 |
29.3 |
7.2 |
|
Other Current Liabilities |
117.2 |
118.1 |
228.6 |
222.0 |
264.7 |
|
Other Current liabilities, Total |
408.2 |
325.3 |
267.3 |
251.2 |
271.9 |
|
Total Current Liabilities |
1,796.5 |
1,551.2 |
1,477.1 |
1,343.5 |
1,433.7 |
|
|
|
|
|
|
|
|
Long Term Debt |
1,012.0 |
1,062.2 |
996.9 |
973.9 |
914.4 |
|
Capital Lease Obligations |
43.3 |
35.2 |
32.0 |
24.6 |
0.0 |
|
Total Long Term Debt |
1,055.3 |
1,097.4 |
1,028.9 |
998.5 |
914.4 |
|
Total Debt |
1,373.3 |
1,288.1 |
1,283.9 |
1,180.4 |
1,178.3 |
|
|
|
|
|
|
|
|
Minority Interest |
13.7 |
15.4 |
19.1 |
18.0 |
20.5 |
|
Reserves |
3.7 |
4.3 |
0.0 |
- |
- |
|
Pension Benefits - Underfunded |
138.5 |
136.7 |
124.9 |
119.0 |
121.2 |
|
Other Long Term Liabilities |
67.9 |
82.9 |
90.0 |
76.3 |
99.8 |
|
Other Liabilities, Total |
210.1 |
223.9 |
214.9 |
195.3 |
221.0 |
|
Total Liabilities |
3,075.6 |
2,888.0 |
2,740.0 |
2,555.3 |
2,589.7 |
|
|
|
|
|
|
|
|
Common Stock |
263.4 |
261.9 |
232.3 |
219.7 |
218.1 |
|
Common Stock |
263.4 |
261.9 |
232.3 |
219.7 |
218.1 |
|
Additional Paid-In Capital |
238.2 |
236.4 |
209.6 |
197.9 |
196.2 |
|
Retained Earnings (Accumulated Deficit) |
860.2 |
820.2 |
679.8 |
576.3 |
546.9 |
|
Treasury Stock - Common |
-15.1 |
-14.9 |
-12.1 |
-5.4 |
-4.2 |
|
Unrealized Gain (Loss) |
27.2 |
16.0 |
-19.2 |
-19.8 |
3.8 |
|
Translation Adjustment |
-4.7 |
-4.1 |
-0.4 |
0.3 |
0.8 |
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Other Equity, Total |
-4.7 |
-4.1 |
-0.4 |
0.3 |
0.8 |
|
Total Equity |
1,369.3 |
1,315.5 |
1,090.0 |
969.1 |
961.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
4,444.9 |
4,203.5 |
3,830.0 |
3,524.4 |
3,551.2 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
250.6 |
250.7 |
251.0 |
252.5 |
252.9 |
|
Total Common Shares Outstanding |
250.6 |
250.7 |
251.0 |
252.5 |
252.9 |
|
Treasury Shares - Common Stock Primary Issue |
3.3 |
3.3 |
3.0 |
1.4 |
1.0 |
|
Employees |
5,639 |
5,627 |
5,653 |
5,739 |
5,799 |
|
Number of Common Shareholders |
23,783 |
24,079 |
24,562 |
25,303 |
26,164 |
|
Total Long Term Debt, Supplemental |
1,290.9 |
1,131.1 |
1,168.1 |
1,032.3 |
1,070.3 |
|
Long Term Debt Maturing within 1 Year |
183.4 |
69.0 |
171.2 |
58.4 |
156.0 |
|
Long Term Debt Maturing in Year 2 |
306.8 |
181.9 |
61.4 |
157.6 |
56.5 |
|
Long Term Debt Maturing in Year 3 |
218.0 |
299.1 |
160.2 |
155.6 |
151.8 |
|
Long Term Debt Maturing in Year 4 |
147.7 |
217.4 |
264.2 |
147.5 |
143.5 |
|
Long Term Debt Maturing in Year 5 |
141.7 |
146.8 |
191.4 |
246.2 |
140.0 |
|
Long Term Debt Maturing in 2-3 Years |
524.8 |
481.0 |
221.6 |
313.2 |
208.3 |
|
Long Term Debt Maturing in 4-5 Years |
289.5 |
364.2 |
455.7 |
393.8 |
283.5 |
|
Long Term Debt Matur. in Year 6 & Beyond |
293.2 |
216.9 |
319.6 |
266.8 |
422.5 |
|
Total Capital Leases, Supplemental |
62.5 |
51.0 |
42.3 |
30.8 |
- |
|
Capital Lease Payments Due in Year 1 |
19.2 |
15.7 |
10.2 |
6.2 |
- |
|
Capital Lease Payments Due in Year 2 |
16.6 |
13.7 |
10.3 |
6.2 |
- |
|
Capital Lease Payments Due in Year 3 |
11.4 |
10.0 |
9.6 |
6.2 |
- |
|
Capital Lease Payments Due in Year 4 |
7.6 |
6.1 |
7.4 |
6.0 |
- |
|
Capital Lease Payments Due in Year 5 |
4.3 |
3.0 |
3.0 |
3.1 |
- |
|
Capital Lease Payments Due in 2-3 Years |
28.1 |
23.7 |
19.9 |
12.4 |
- |
|
Capital Lease Payments Due in 4-5 Years |
11.9 |
9.0 |
10.3 |
9.1 |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
3.4 |
2.5 |
1.8 |
3.1 |
- |
|
Pension Obligation - Domestic |
248.0 |
247.3 |
222.7 |
222.2 |
234.7 |
|
Plan Assets - Domestic |
96.1 |
87.2 |
83.6 |
76.7 |
97.3 |
|
Funded Status - Domestic |
-151.9 |
-160.2 |
-139.1 |
-145.5 |
-137.4 |
|
Total Funded Status |
-151.9 |
-160.2 |
-139.1 |
-145.5 |
-137.4 |
|
Discount Rate - Domestic |
2.30% |
2.30% |
2.30% |
2.30% |
2.30% |
|
Expected Rate of Return - Domestic |
2.30% |
2.30% |
2.30% |
2.30% |
2.30% |
|
Prepaid Benefits - Domestic |
20.4 |
19.3 |
18.9 |
16.9 |
15.0 |
|
Accrued Liabilities - Domestic |
-138.5 |
-136.7 |
-124.9 |
-119.0 |
-121.2 |
|
Other Assets, Net - Domestic |
33.7 |
42.7 |
33.1 |
43.3 |
31.2 |
|
Net Assets Recognized on Balance Sheet |
-84.5 |
-74.7 |
-72.8 |
-58.8 |
-75.1 |
|
Total Plan Obligations |
248.0 |
247.3 |
222.7 |
222.2 |
234.7 |
|
Total Plan Assets |
96.1 |
87.2 |
83.6 |
76.7 |
97.3 |
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 ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
99.5 |
124.8 |
151.4 |
81.1 |
53.1 |
|
Depreciation |
218.8 |
200.5 |
179.5 |
164.9 |
157.0 |
|
Depreciation/Depletion |
218.8 |
200.5 |
179.5 |
164.9 |
157.0 |
|
Amortization of Acquisition Costs |
-1.0 |
-0.9 |
2.9 |
-1.9 |
-1.5 |
|
Amortization |
-1.0 |
-0.9 |
2.9 |
-1.9 |
-1.5 |
|
Unusual Items |
25.1 |
61.8 |
14.2 |
6.8 |
1.7 |
|
Equity in Net Earnings (Loss) |
-0.7 |
-1.6 |
-1.5 |
0.0 |
-0.6 |
|
Other Non-Cash Items |
13.7 |
8.5 |
5.3 |
5.0 |
30.8 |
|
Non-Cash Items |
38.1 |
68.7 |
17.9 |
11.8 |
31.9 |
|
Accounts Receivable |
-80.9 |
18.9 |
3.2 |
136.8 |
68.4 |
|
Inventories |
-48.1 |
33.0 |
13.7 |
-28.2 |
-17.2 |
|
Accounts Payable |
68.8 |
-11.8 |
-40.0 |
-3.8 |
- |
|
Accrued Expenses |
3.1 |
-0.9 |
26.2 |
6.4 |
- |
|
Payable/Accrued |
- |
- |
- |
- |
-43.8 |
|
Other Liabilities |
135.0 |
14.0 |
- |
- |
- |
|
Other Operating Cash Flow |
-137.3 |
-85.6 |
-37.7 |
-55.2 |
-56.3 |
|
Changes in Working Capital |
-59.5 |
-32.3 |
-34.4 |
56.1 |
-48.9 |
|
Cash from Operating Activities |
295.9 |
360.7 |
317.3 |
312.1 |
191.5 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-194.1 |
-185.5 |
-158.3 |
-257.6 |
-225.1 |
|
Capital Expenditures |
-194.1 |
-185.5 |
-158.3 |
-257.6 |
-225.1 |
|
Sale of Fixed Assets |
3.6 |
1.8 |
5.2 |
13.6 |
41.7 |
|
Sale/Maturity of Investment |
17.4 |
0.1 |
0.0 |
1.9 |
5.0 |
|
Investment, Net |
- |
0.0 |
-0.2 |
0.0 |
- |
|
Purchase of Investments |
-8.4 |
-19.0 |
-17.3 |
-23.2 |
-31.5 |
|
Other Investing Cash Flow |
1.5 |
-0.3 |
2.9 |
6.3 |
3.1 |
|
Other Investing Cash Flow Items, Total |
14.0 |
-17.4 |
-9.4 |
-1.4 |
18.3 |
|
Cash from Investing Activities |
-180.1 |
-202.9 |
-167.7 |
-259.0 |
-206.8 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-0.1 |
0.0 |
-0.1 |
-0.1 |
-0.1 |
|
Financing Cash Flow Items |
-0.1 |
0.0 |
-0.1 |
-0.1 |
-0.1 |
|
Cash Dividends Paid - Common |
-22.2 |
-20.5 |
-16.4 |
-15.1 |
-13.3 |
|
Total Cash Dividends Paid |
-22.2 |
-20.5 |
-16.4 |
-15.1 |
-13.3 |
|
Sale/Issuance of
Common |
0.0 |
0.0 |
0.1 |
0.3 |
0.1 |
|
Repurchase/Retirement
of Common |
-0.1 |
-1.6 |
-6.5 |
-1.6 |
-0.6 |
|
Common Stock, Net |
-0.1 |
-1.6 |
-6.4 |
-1.3 |
-0.5 |
|
Issuance (Retirement) of Stock, Net |
-0.1 |
-1.6 |
-6.4 |
-1.3 |
-0.5 |
|
Short Term Debt, Net |
-53.6 |
25.2 |
-75.0 |
6.1 |
-2.5 |
|
Long Term Debt Issued |
137.0 |
16.0 |
227.8 |
108.0 |
215.8 |
|
Long Term Debt
Reduction |
-97.5 |
-205.3 |
-181.2 |
-157.2 |
-182.6 |
|
Long Term Debt, Net |
39.4 |
-189.3 |
46.7 |
-49.3 |
33.2 |
|
Issuance (Retirement) of Debt, Net |
-14.2 |
-164.1 |
-28.4 |
-43.1 |
30.7 |
|
Cash from Financing Activities |
-36.6 |
-186.2 |
-51.2 |
-59.6 |
16.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.3 |
-0.4 |
0.0 |
0.8 |
0.4 |
|
Net Change in Cash |
78.9 |
-28.8 |
98.4 |
-5.6 |
1.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
127.9 |
146.7 |
36.7 |
39.5 |
32.9 |
|
Net Cash - Ending Balance |
206.9 |
117.9 |
135.1 |
33.9 |
34.8 |
|
Cash Interest Paid |
22.0 |
22.4 |
18.3 |
17.4 |
14.8 |
|
Cash Taxes Paid |
83.1 |
71.9 |
52.4 |
18.1 |
43.8 |
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
ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
7,323.8 |
6,803.7 |
6,295.6 |
5,811.0 |
5,134.2 |
|
Total Revenue |
7,323.8 |
6,803.7 |
6,295.6 |
5,811.0 |
5,134.2 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Restructuring loss factory |
11.4 |
- |
- |
- |
- |
|
Cost of Sales |
5,063.0 |
4,650.0 |
4,361.3 |
4,116.5 |
3,642.6 |
|
Other Selling/General/Admin. Expense |
302.1 |
- |
- |
- |
- |
|
Sales expanding costs |
865.0 |
806.6 |
717.0 |
627.3 |
577.8 |
|
Delivering and storage costs |
575.2 |
526.2 |
480.7 |
449.7 |
402.5 |
|
Provision for doubtful accounts(SGA)(1) |
-0.7 |
1.0 |
3.2 |
- |
- |
|
Salaries And Bonuses(Selling General) |
172.6 |
- |
- |
- |
- |
|
Salaries And Bonuses(Admini Exp) |
97.7 |
- |
- |
- |
- |
|
Salaries & Bonuses (Selling Exp.) |
- |
141.3 |
130.4 |
122.2 |
109.6 |
|
Salaries & Bonuses (General & Admin.) |
- |
104.4 |
90.5 |
83.7 |
73.2 |
|
Rental, Lease, and Insurance Expense |
20.6 |
24.4 |
23.3 |
23.2 |
22.6 |
|
Research and Development Expense(in SGA) |
61.3 |
- |
- |
- |
- |
|
R & D expense |
- |
56.9 |
50.0 |
46.8 |
42.4 |
|
Other SGA |
- |
272.1 |
255.1 |
226.8 |
195.3 |
|
SP Revers Doubt.Acct. |
0.0 |
-3.6 |
0.0 |
- |
- |
|
SP L on Negative Goodwill |
-2.8 |
-3.7 |
0.0 |
- |
- |
|
Subsidy |
-3.2 |
-3.5 |
-4.4 |
0.0 |
- |
|
SP Compensation for relocation |
-1.3 |
0.0 |
-0.5 |
0.0 |
- |
|
SP Other Special Gain |
-1.2 |
-0.1 |
0.0 |
-0.5 |
-1.5 |
|
SP Contrib. Hikari Fund |
21.2 |
20.0 |
18.4 |
17.0 |
14.8 |
|
SP Prov. for doubtful acts |
- |
- |
0.0 |
1.2 |
3.1 |
|
SP Loss Valuation of Inventory |
- |
- |
- |
- |
0.0 |
|
Loss on cancellation of lease contracts |
0.2 |
0.2 |
0.6 |
1.0 |
0.0 |
|
SP Impairment Loss |
23.0 |
0.7 |
1.4 |
0.8 |
0.0 |
|
SP L on adjunt for chges of acc. assets |
0.0 |
3.1 |
0.0 |
- |
- |
|
SP Exps of reorg. on factory |
- |
0.0 |
- |
- |
- |
|
SP Loss val Inv.Secs. |
0.9 |
55.3 |
0.0 |
0.4 |
- |
|
SP Loss on disaster |
13.6 |
19.2 |
0.0 |
- |
- |
|
SP Other Special Loss |
0.9 |
0.0 |
3.4 |
5.1 |
2.5 |
|
Total Operating Expense |
7,219.7 |
6,670.4 |
6,130.4 |
5,721.3 |
5,084.7 |
|
|
|
|
|
|
|
|
NOP Interest Income |
1.0 |
1.1 |
1.1 |
1.7 |
1.5 |
|
NOP Dividend Income |
6.6 |
4.9 |
4.4 |
4.3 |
10.3 |
|
Other Non-Operating Income (Expense) |
0.0 |
- |
- |
- |
- |
|
NOP Rent Income |
6.2 |
5.8 |
5.4 |
4.8 |
4.1 |
|
NOP Equity Earning |
0.7 |
1.6 |
1.5 |
0.0 |
0.6 |
|
Miscellaneous income |
13.8 |
10.9 |
9.9 |
9.8 |
8.7 |
|
NOP Interest Expense |
-22.0 |
-22.0 |
-18.7 |
-17.0 |
-15.2 |
|
NOP Int. Comm. Paper |
0.0 |
0.0 |
-0.1 |
-0.6 |
-0.6 |
|
NOP Disp. Inventory |
- |
- |
- |
0.0 |
-1.1 |
|
NOP Equity Loss |
- |
- |
0.0 |
0.0 |
0.0 |
|
Miscellaneous loss |
-6.2 |
-4.3 |
-4.4 |
-5.8 |
-3.0 |
|
SP Gain Sale Fix.Asset |
1.3 |
0.9 |
0.4 |
6.0 |
8.5 |
|
SP Gain Sale Inv.Secs. |
- |
- |
- |
0.0 |
1.7 |
|
SP Disp. Fixed Asset |
-6.0 |
-7.4 |
-10.1 |
-11.6 |
-11.1 |
|
SP Loss Invest. Secs. |
- |
0.0 |
-3.0 |
0.0 |
-0.7 |
|
Net Income Before Taxes |
99.5 |
124.8 |
151.4 |
81.2 |
53.1 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
38.7 |
52.5 |
64.1 |
39.2 |
34.5 |
|
Net Income After Taxes |
60.8 |
72.3 |
87.4 |
42.0 |
18.5 |
|
|
|
|
|
|
|
|
Minority interests in income |
-2.4 |
-0.3 |
-1.1 |
0.4 |
-0.5 |
|
Net Income Before Extra. Items |
58.4 |
72.0 |
86.3 |
42.4 |
18.1 |
|
Net Income |
58.4 |
72.0 |
86.3 |
42.4 |
18.1 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
- |
- |
- |
- |
|
Earning Adjustment |
- |
0.0 |
- |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
58.4 |
71.9 |
86.3 |
42.3 |
18.1 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
58.4 |
71.9 |
86.3 |
42.3 |
18.1 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
250.6 |
250.9 |
252.3 |
252.7 |
253.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.23 |
0.29 |
0.34 |
0.17 |
0.07 |
|
Basic EPS Including ExtraOrdinary Item |
0.23 |
0.29 |
0.34 |
0.17 |
0.07 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
58.4 |
71.9 |
86.3 |
42.3 |
18.1 |
|
Diluted Weighted Average Shares |
251.3 |
251.4 |
252.7 |
253.1 |
253.2 |
|
Diluted EPS Excluding ExtraOrd Items |
0.23 |
0.29 |
0.34 |
0.17 |
0.07 |
|
Diluted EPS Including ExtraOrd Items |
0.23 |
0.29 |
0.34 |
0.17 |
0.07 |
|
DPS-Common Stock |
0.09 |
0.08 |
0.08 |
0.06 |
0.05 |
|
Gross Dividends - Common Stock |
22.2 |
20.5 |
18.9 |
15.1 |
13.3 |
|
Normalized Income Before Taxes |
166.0 |
217.8 |
183.0 |
110.0 |
74.1 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
64.9 |
92.1 |
76.2 |
54.0 |
42.4 |
|
Normalized Income After Taxes |
101.1 |
125.7 |
106.8 |
56.0 |
31.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
98.6 |
125.4 |
105.7 |
56.3 |
31.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.39 |
0.50 |
0.42 |
0.22 |
0.12 |
|
Diluted Normalized EPS |
0.39 |
0.50 |
0.42 |
0.22 |
0.12 |
|
Selling General And Administrative Expen |
865.0 |
- |
- |
- |
- |
|
Interest Expense |
22.0 |
22.0 |
18.7 |
17.0 |
15.2 |
|
Interest Expense on Commercial Paper |
0.0 |
0.0 |
0.1 |
0.6 |
0.6 |
|
Amortization of Goodwill - footnote |
1.6 |
- |
- |
- |
- |
|
Amort of Neg Goodwill-Supplemental FTN |
-2.6 |
- |
- |
- |
- |
|
Amort of negative goodwill |
- |
-2.4 |
-2.1 |
-2.0 |
-1.5 |
|
Amort of goodwill |
- |
1.5 |
4.9 |
0.1 |
- |
|
Rental, Lease, and Insurance Expense |
20.6 |
24.4 |
23.3 |
23.2 |
22.6 |
|
Research and Development Expense(in SGA) |
61.3 |
- |
- |
- |
- |
|
Research and Development |
- |
56.9 |
50.0 |
46.8 |
42.4 |
|
Amort of Tangible Assets-Current Portion |
218.8 |
- |
- |
- |
- |
|
Depreciation |
- |
200.5 |
179.5 |
164.9 |
157.0 |
|
Income taxes-current |
29.4 |
- |
- |
- |
- |
|
Current Tax - Total |
29.4 |
- |
- |
- |
- |
|
Income taxes-deferred |
9.3 |
- |
- |
- |
- |
|
Deferred Tax - Total |
9.3 |
- |
- |
- |
- |
|
Income Tax - Total |
38.7 |
- |
- |
- |
- |
|
Reported operating profit |
167.0 |
220.8 |
184.0 |
114.7 |
68.3 |
|
Reported ordinary profit |
167.0 |
218.8 |
183.1 |
111.8 |
73.6 |
|
premium severance pay |
2.9 |
- |
- |
- |
- |
|
Service cost |
19.2 |
16.8 |
16.2 |
16.5 |
12.7 |
|
Interest cost |
4.5 |
4.2 |
4.0 |
3.9 |
3.7 |
|
Expected return on plan assets |
-1.4 |
-1.3 |
-1.1 |
-1.3 |
-1.5 |
|
Actuarial gains and losses |
7.6 |
6.7 |
6.5 |
5.0 |
3.0 |
|
Amortization of Prior Service Cost |
0.3 |
- |
- |
- |
- |
|
Prior service cost |
- |
0.1 |
- |
- |
- |
|
Domestic Pension Plan Expense |
33.2 |
26.4 |
25.6 |
24.2 |
17.9 |
|
Total Pension Expense |
33.2 |
26.4 |
25.6 |
24.2 |
17.9 |
|
Discount Rate(MIN)-Retirement Cost(Domes |
2.30% |
- |
- |
- |
- |
|
Discount rate |
- |
2.30% |
2.30% |
- |
- |
|
Expected return on assets(MIN)-Retiremen |
2.30% |
- |
- |
- |
- |
|
Expected rate of return |
- |
2.30% |
2.30% |
- |
- |
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 ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Deposit |
202.6 |
126.2 |
138.2 |
42.2 |
48.7 |
|
Notes and accounts receivable-trade |
659.8 |
579.5 |
531.9 |
500.0 |
634.2 |
|
Merchandise & finished goods |
337.5 |
298.8 |
293.0 |
276.2 |
234.4 |
|
Inventories - work-in-process |
13.9 |
9.5 |
10.4 |
6.2 |
14.5 |
|
Inventories - raw materials & supplies |
85.3 |
80.2 |
74.8 |
72.9 |
75.8 |
|
Deferred Tax |
45.8 |
55.3 |
48.5 |
42.6 |
41.8 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other |
158.1 |
115.3 |
100.6 |
107.2 |
68.3 |
|
Allow Doubt.Act. |
-10.1 |
-12.1 |
-12.6 |
-8.8 |
-10.1 |
|
Total Current Assets |
1,493.0 |
1,252.7 |
1,184.8 |
1,038.6 |
1,107.7 |
|
|
|
|
|
|
|
|
Buildings&structures |
1,748.7 |
1,774.5 |
1,559.9 |
1,439.9 |
1,343.0 |
|
Accum Dep & Impairment Loss of Buildings |
-930.5 |
-931.9 |
-784.6 |
-710.7 |
-662.0 |
|
Machinery, equipment and vehicles |
2,979.7 |
2,896.5 |
2,519.2 |
2,248.9 |
2,183.5 |
|
Acc. Depre&Impair-Machine,Equip&Vehicle |
-2,263.1 |
-2,199.0 |
-1,876.3 |
-1,667.3 |
-1,629.5 |
|
Land |
896.2 |
873.4 |
767.6 |
727.7 |
728.5 |
|
Lease assets |
77.5 |
62.0 |
43.6 |
65.5 |
0.0 |
|
Accum Dep & Impair Loss of Lease Assets |
-29.6 |
-21.0 |
-9.4 |
-31.7 |
0.0 |
|
Constr. in Prog. |
65.1 |
86.5 |
61.9 |
65.7 |
118.8 |
|
Other PP&E |
185.0 |
196.8 |
183.1 |
173.0 |
186.8 |
|
Accumulated Depreciation of Other Deprec |
-150.2 |
-161.8 |
-149.8 |
-139.3 |
-148.6 |
|
Other |
66.3 |
- |
- |
- |
- |
|
Intangibles |
- |
- |
- |
- |
38.1 |
|
Goodwill |
- |
13.5 |
13.0 |
2.0 |
- |
|
Other intangibles |
- |
51.7 |
46.0 |
41.9 |
- |
|
Other LT Investments (Held for Sale / He |
131.5 |
- |
- |
- |
- |
|
Invest. Secs. |
- |
128.8 |
150.4 |
138.3 |
143.9 |
|
Invt Secs Noncons, Asc, Affd Cos |
42.2 |
- |
- |
- |
- |
|
Invts in Capital Noncons, Ascd, Affd Cos |
0.2 |
- |
- |
- |
- |
|
Invest. Secs.-Noncon. sub.&affi. |
- |
39.8 |
- |
- |
- |
|
Investment in closely-held capital |
- |
0.2 |
- |
- |
- |
|
Investment Fund |
1.1 |
1.1 |
2.1 |
17.7 |
17.5 |
|
Long-term loans receivable |
6.5 |
6.9 |
6.9 |
4.3 |
4.5 |
|
Deferred tax assets |
35.7 |
41.8 |
26.3 |
27.3 |
25.4 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other Other Long Term Assets(1) |
91.9 |
- |
- |
- |
- |
|
Other Other Long Term Assets |
0.0 |
- |
- |
- |
- |
|
Other Asset |
- |
93.3 |
89.5 |
93.7 |
106.6 |
|
Allow.Doubt.Secs |
-2.4 |
-2.4 |
-4.3 |
-11.1 |
-13.0 |
|
Other Buildings, Net |
0.0 |
- |
- |
- |
- |
|
Other Other Tangible Fixed Assets, Net |
0.0 |
- |
- |
- |
- |
|
Other Total PPE,Net |
0.0 |
- |
- |
- |
- |
|
Total Assets |
4,444.8 |
4,203.5 |
3,830.0 |
3,524.4 |
3,551.2 |
|
|
|
|
|
|
|
|
Notes and accounts payable-trade |
705.9 |
676.0 |
635.3 |
633.0 |
628.9 |
|
Rounding adjustment Liability |
0.0 |
- |
- |
- |
- |
|
Electric Data Liability |
- |
18.8 |
- |
- |
- |
|
Electronically recorded obligations-oper |
61.5 |
- |
- |
- |
- |
|
Short-term loans payable |
53.9 |
106.0 |
73.5 |
66.6 |
67.8 |
|
Current portion of long-term loans payab |
62.0 |
69.0 |
64.2 |
53.4 |
50.5 |
|
Commercial Paper |
- |
- |
0.0 |
50.6 |
40.2 |
|
Current Portion-Corporate Bond |
121.4 |
0.0 |
107.0 |
5.1 |
105.5 |
|
Lease liab, current |
19.2 |
15.7 |
10.2 |
6.2 |
0.0 |
|
Corp. Tax Pay. |
- |
46.5 |
38.7 |
29.3 |
7.2 |
|
Accrued Liab. |
364.4 |
359.3 |
319.5 |
277.3 |
269.0 |
|
Deposits received(1) |
291.0 |
- |
- |
- |
- |
|
Deposits received |
- |
160.6 |
- |
- |
- |
|
Other current liabilities |
117.2 |
99.3 |
228.6 |
222.0 |
264.7 |
|
Total Current Liabilities |
1,796.5 |
1,551.2 |
1,477.1 |
1,343.5 |
1,433.7 |
|
|
|
|
|
|
|
|
Corporate Bond |
728.3 |
723.9 |
642.1 |
608.5 |
608.8 |
|
Long-term loans payable |
283.7 |
338.2 |
354.7 |
365.4 |
305.5 |
|
Lease liab |
43.3 |
35.2 |
32.0 |
24.6 |
0.0 |
|
Total Long Term Debt |
1,055.3 |
1,097.4 |
1,028.9 |
998.5 |
914.4 |
|
|
|
|
|
|
|
|
Asset retirement obligations |
3.7 |
4.3 |
0.0 |
- |
- |
|
Res.Acrd.Retire. |
138.5 |
136.7 |
124.9 |
119.0 |
121.2 |
|
Other Long Term Liabilities |
0.0 |
- |
- |
- |
- |
|
Negative goodwill |
- |
- |
27.7 |
23.2 |
- |
|
Other |
67.9 |
82.9 |
62.4 |
53.1 |
99.8 |
|
Minority Int. |
13.7 |
15.4 |
19.1 |
18.0 |
20.5 |
|
Total Liabilities |
3,075.6 |
2,888.0 |
2,740.0 |
2,555.3 |
2,589.7 |
|
|
|
|
|
|
|
|
Common Stock |
263.4 |
261.9 |
232.3 |
219.7 |
218.1 |
|
Total capital surpluses |
236.0 |
234.6 |
208.1 |
196.8 |
195.4 |
|
Total retained earnings |
860.2 |
820.2 |
679.8 |
576.3 |
546.9 |
|
Treas. Stock |
-15.1 |
-14.9 |
-12.1 |
-5.4 |
-4.2 |
|
Valuation difference on available-for-sa |
27.2 |
16.0 |
-19.6 |
-20.0 |
3.6 |
|
Deferred hedge gain/loss |
0.0 |
0.0 |
0.4 |
0.2 |
0.2 |
|
Trans. Adjust. |
-4.7 |
-4.1 |
-0.4 |
0.3 |
0.8 |
|
Stock right |
2.2 |
1.8 |
1.5 |
1.1 |
0.8 |
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Total Equity |
1,369.3 |
1,315.5 |
1,090.0 |
969.1 |
961.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
4,444.9 |
4,203.5 |
3,830.0 |
3,524.4 |
3,551.2 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
250.6 |
250.7 |
251.0 |
252.5 |
252.9 |
|
Total Common Shares Outstanding |
250.6 |
250.7 |
251.0 |
252.5 |
252.9 |
|
T/S-Common Stock |
3.3 |
3.3 |
3.0 |
1.4 |
1.0 |
|
Full-Time Employees |
5,639 |
5,627 |
5,653 |
5,739 |
5,799 |
|
Total Number of Shareholders |
23,783 |
- |
- |
- |
- |
|
Number of Common Shareholders |
- |
24,079 |
24,562 |
25,303 |
26,164 |
|
Bond Redemption Amounts within A Year |
121.4 |
- |
- |
- |
- |
|
Long Term Debt Maturing Within 1 Year |
62.0 |
69.0 |
171.2 |
58.4 |
156.0 |
|
Bond Redemp Amts over a Yr within 2 Yrs |
182.1 |
- |
- |
- |
- |
|
Lns Pble Maturing over a Yr within 2 Yrs |
124.7 |
- |
- |
- |
- |
|
Long Term Debt Maturing Within 2 Year |
- |
181.9 |
61.4 |
157.6 |
56.5 |
|
Bond Redemp Amts over 2 Yrs within 3 Yrs |
182.1 |
- |
- |
- |
- |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
36.0 |
- |
- |
- |
- |
|
Long Term Debt Maturing Within 3 Year |
- |
299.1 |
160.2 |
155.6 |
151.8 |
|
Bond Redemp Amts over 3 Yrs within 4 Yrs |
121.4 |
- |
- |
- |
- |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
26.3 |
- |
- |
- |
- |
|
Long Term Debt Maturing Within 4 Year |
- |
217.4 |
264.2 |
147.5 |
143.5 |
|
Bond Redemp Amts over 4 Yrs within 5 Yrs |
121.4 |
- |
- |
- |
- |
|
Lns Pble Maturg over 4 Yrs within 5 Yrs |
20.4 |
- |
- |
- |
- |
|
Long Term Debt Maturing Within 5 Year |
- |
146.8 |
191.4 |
246.2 |
140.0 |
|
Other Interest Bearing Remaining |
95.5 |
- |
- |
- |
- |
|
Bond Redemption Remaining |
121.4 |
- |
- |
- |
- |
|
Loans Payable Remaining |
76.4 |
- |
- |
- |
- |
|
Long Term Debt Remaining Maturities |
- |
216.9 |
319.6 |
266.8 |
422.5 |
|
Total Long Term Debt, Supplemental |
1,290.9 |
1,131.1 |
1,168.1 |
1,032.3 |
1,070.3 |
|
Lease payment due within year 1 |
19.2 |
15.7 |
10.2 |
6.2 |
- |
|
Cap Lease Maturg over a Yr within 2 Yrs |
16.6 |
- |
- |
- |
- |
|
Lease payment due within year 2 |
- |
13.7 |
10.3 |
6.2 |
- |
|
Cap Lease Maturg over 2 Yr within 3 Yrs |
11.4 |
- |
- |
- |
- |
|
Lease payment due within year 3 |
- |
10.0 |
9.6 |
6.2 |
- |
|
Cap Lease Maturg over 3 Yr within 4 Yrs |
7.6 |
- |
- |
- |
- |
|
Lease payment due within year 4 |
- |
6.1 |
7.4 |
6.0 |
- |
|
Cap Lease Maturg over 4 Yr within 5 Yrs |
4.3 |
- |
- |
- |
- |
|
Lease payment due within year 5 |
- |
3.0 |
3.0 |
3.1 |
- |
|
Capital Lease Remaining |
3.4 |
- |
- |
- |
- |
|
Lease payment remaining maturity |
- |
2.5 |
1.8 |
3.1 |
- |
|
Total Capital Leases |
62.5 |
51.0 |
42.3 |
30.8 |
- |
|
Pension obligation |
248.0 |
247.3 |
222.7 |
222.2 |
234.7 |
|
FV of plan assets |
96.1 |
87.2 |
83.6 |
76.7 |
97.3 |
|
Funded status |
-151.9 |
-160.2 |
-139.1 |
-145.5 |
-137.4 |
|
Total Funded Status |
-151.9 |
-160.2 |
-139.1 |
-145.5 |
-137.4 |
|
Discount rate |
2.30% |
2.30% |
2.30% |
2.30% |
2.30% |
|
Expected rate of return |
2.30% |
2.30% |
2.30% |
2.30% |
2.30% |
|
Unrecognized Prior Service Cost |
4.6 |
- |
- |
- |
- |
|
Unrecognized acturrial gains and losses |
29.0 |
37.8 |
33.1 |
43.3 |
31.2 |
|
Unrecognized Prior Service Cost |
- |
4.9 |
- |
- |
- |
|
Prepaid pension benefits |
20.4 |
19.3 |
18.9 |
16.9 |
15.0 |
|
Reserve for accrued retirement benefits |
-138.5 |
-136.7 |
-124.9 |
-119.0 |
-121.2 |
|
Net Assets Recognized on Balance Sheet |
-84.5 |
-74.7 |
-72.8 |
-58.8 |
-75.1 |
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 ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income Bf. Tax |
99.5 |
124.8 |
151.4 |
81.1 |
53.1 |
|
Depreciation |
218.8 |
200.5 |
179.5 |
164.9 |
157.0 |
|
Impairment Loss |
23.0 |
0.7 |
1.4 |
0.8 |
0.0 |
|
Amort.goodwill and negative goodwill |
- |
- |
- |
- |
-1.5 |
|
Amort of goodwill |
1.6 |
1.5 |
4.9 |
0.1 |
- |
|
L on Negative Goodwill |
-2.8 |
-3.7 |
0.0 |
- |
- |
|
Amort of negative goodwill |
-2.6 |
-2.4 |
-2.1 |
-2.0 |
- |
|
Increase (decrease) in provision for ret |
1.1 |
-3.3 |
-3.9 |
-3.1 |
-3.3 |
|
Increase (decrease) in allowance for dou |
-2.1 |
-4.4 |
-4.1 |
-3.3 |
-0.9 |
|
Loss (gain) on valuation of investment s |
0.9 |
55.3 |
0.0 |
0.4 |
0.7 |
|
Int. & Div. Income |
-7.5 |
-6.0 |
-5.5 |
-6.0 |
-11.8 |
|
Interest Expense |
22.0 |
22.0 |
18.7 |
17.0 |
15.2 |
|
Foreign exchange losses (gains) |
0.3 |
0.2 |
0.1 |
0.0 |
-0.4 |
|
Equity in (earnings) losses of affiliate |
-0.7 |
-1.6 |
-1.5 |
- |
-0.6 |
|
Loss Equity |
- |
- |
- |
0.0 |
- |
|
Loss (gain) on sales of noncurrent asset |
-1.3 |
-0.9 |
-0.4 |
-6.0 |
-8.5 |
|
Loss (gain) on disposal of noncurrent as |
6.0 |
7.4 |
10.1 |
11.6 |
11.1 |
|
Gain Sale Inv.Secs. |
- |
- |
- |
- |
-1.7 |
|
Loss on adjut for changes of acc. assets |
0.0 |
3.1 |
0.0 |
- |
- |
|
Loss (gain) on sales of investment secur |
-0.7 |
0.0 |
3.0 |
0.0 |
0.1 |
|
Decrease (increase) in notes and account |
-80.9 |
18.9 |
3.2 |
136.8 |
68.4 |
|
Decrease (increase) in inventories |
-48.1 |
33.0 |
13.7 |
-28.2 |
-17.2 |
|
Payable &Acrd. Liab. |
- |
- |
- |
- |
-43.8 |
|
Increase (decrease) in notes and account |
68.8 |
-11.8 |
-40.0 |
-3.8 |
- |
|
Increase (decrease) in accrued expenses |
3.1 |
-0.9 |
26.2 |
6.4 |
- |
|
Increase (decrease) in deposits received |
135.0 |
- |
- |
- |
- |
|
Deposits received |
- |
14.0 |
- |
- |
- |
|
Increase In Cash And Cash Equivalents Re |
0.3 |
- |
- |
- |
- |
|
Other Operating Cash Flow |
0.0 |
- |
- |
- |
- |
|
Other, net |
-40.9 |
2.6 |
23.0 |
-26.6 |
-10.3 |
|
Int. & Div. Received |
8.5 |
6.2 |
10.0 |
6.9 |
12.6 |
|
Interest Paid |
-22.0 |
-22.4 |
-18.3 |
-17.4 |
-14.8 |
|
Income taxes paid, cash basis |
-83.1 |
-71.9 |
-52.4 |
-18.1 |
-43.8 |
|
Subsidiary Decreased |
- |
- |
- |
0.0 |
-0.1 |
|
Newly Consolidated |
- |
- |
- |
0.0 |
32.2 |
|
Merger |
- |
- |
- |
0.3 |
0.0 |
|
Adjustment |
- |
- |
-0.1 |
- |
- |
|
Cash from Operating Activities |
295.9 |
360.7 |
317.3 |
312.1 |
191.5 |
|
|
|
|
|
|
|
|
Purch.Mark. Secs. |
- |
- |
0.0 |
-0.7 |
-7.3 |
|
Sale Mark. Secs. |
- |
- |
0.0 |
1.9 |
2.0 |
|
Capital Expenditure |
-194.1 |
-185.5 |
-158.3 |
-257.6 |
-225.1 |
|
Sale Fixed Asset |
3.6 |
1.8 |
5.2 |
13.6 |
41.7 |
|
Purch. Invest. Secs. |
-8.4 |
-19.0 |
-5.6 |
-22.5 |
-24.3 |
|
Sale Invest. Secs. |
17.4 |
0.1 |
0.0 |
0.1 |
2.9 |
|
Purch. Contrib.Inv. |
- |
- |
0.0 |
0.0 |
0.0 |
|
Sale Contrib. Inv. |
- |
- |
0.0 |
0.0 |
0.1 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Loans Made |
-72.0 |
-98.7 |
-73.2 |
-44.6 |
-79.6 |
|
Loans Collected |
73.5 |
98.6 |
71.8 |
50.8 |
82.7 |
|
Purch. subsidiaries' securities |
- |
0.0 |
-11.7 |
0.0 |
- |
|
Sale subsidiaries' securities |
- |
0.0 |
-0.2 |
0.0 |
- |
|
Other, net |
0.0 |
-0.1 |
4.4 |
0.0 |
- |
|
Cash from Investing Activities |
-180.1 |
-202.9 |
-167.7 |
-259.0 |
-206.8 |
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term lo |
-53.6 |
25.2 |
-21.3 |
-3.8 |
15.0 |
|
Comm. Paper, Net |
- |
0.0 |
-53.8 |
10.0 |
-17.5 |
|
Proceeds from long-term loans payable |
11.1 |
16.0 |
14.0 |
108.0 |
85.3 |
|
Repayment of long-term loans payable |
-77.5 |
-75.2 |
-56.9 |
-49.3 |
-47.0 |
|
Issuance Corp. Bond |
125.9 |
0.0 |
213.9 |
0.0 |
130.5 |
|
Redemp. Corp. Bond |
0.0 |
-116.7 |
-114.1 |
-104.5 |
-135.6 |
|
Sale Treas. Stock |
0.0 |
0.0 |
0.1 |
0.3 |
0.1 |
|
Purch. Treas. Stock |
-0.1 |
-1.6 |
-6.5 |
-1.6 |
-0.6 |
|
Dividends Paid |
-22.2 |
-20.5 |
-16.4 |
-15.1 |
-13.3 |
|
Minority Dividends |
-0.1 |
0.0 |
-0.1 |
-0.1 |
-0.1 |
|
Finance Lease payment |
-20.0 |
-13.4 |
-10.2 |
-3.5 |
0.0 |
|
Cash from Financing Activities |
-36.6 |
-186.2 |
-51.2 |
-59.6 |
16.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.3 |
-0.4 |
0.0 |
0.8 |
0.4 |
|
Net Change in Cash |
78.9 |
-28.8 |
98.4 |
-5.6 |
1.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
127.9 |
146.7 |
36.7 |
39.5 |
32.9 |
|
Net Cash - Ending Balance |
206.9 |
117.9 |
135.1 |
33.9 |
34.8 |
|
Cash Interest Paid |
22.0 |
22.4 |
18.3 |
17.4 |
14.8 |
|
Cash Taxes Paid |
83.1 |
71.9 |
52.4 |
18.1 |
43.8 |
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.54.53 |
|
UK Pound |
1 |
Rs.83.59 |
|
Euro |
1 |
Rs.71.33 |
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.