|
Report Date : |
13.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
GMO INTERNET INC. |
|
|
|
|
Registered Office : |
11F Cerulean
Tower, 26-1, Sakuragaoka-cho Shibuya-Ku, 150-8512 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
24.05.1991 |
|
|
|
|
Legal Form : |
Public Parent |
|
|
|
|
Line of Business : |
Computer System Design and Related Services |
|
|
|
|
No. of Employees : |
2,449 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit: |
USD 12.285 millions |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
GMO Internet Inc.
|
Credit Limit: USD 12.285 millions |
|
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Business Description
|
GMO internet, Inc. is a Japan-based company
engaged in the provision of Internet services. It has five segments. The Web
Infrastructure and E-commerce (EC) segment is engaged in various business,
including domain acquisition, Web hosting, EC supports, Website construction,
Internet security, credit card settlement, access business and others. The
Internet Media segment is engaged in the development and operation of
Internet advertising media, online search business, Internet advertising sale
business, the provision of Internet research system and the management and
operation of research monitors. The Internet Securities segment is engaged in
the online securities and foreign exchange margin trading business. The
Social Smart Phone-related segment develops and operates social application
and others. The Incubation segment is engaged in investment and loan business
for unlisted companies. On October 29, 2010, it acquired CLICK Securities,
Inc. On July 4, 2011, it acquired DigiRock, Inc. For the fiscal year ended 31
December 2012, GMO Internet Inc. revenues increased 21% to Y74.38B. Net
income applicable to common stockholders increased 5% to Y4.52B. Revenues
reflect Web Infrastructure Business · Ec segment increase of 24% to Y29.7B,
Internet Media Business segment increase of 18% to Y24.69B, Internet
Securities Business segment increase of 12% to Y16.53B. Dividend per share
remained flat at Y12.00. |
|
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Industry
|
Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
|
Significant Developments
|
|
Stock Snapshot
|
|
1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 79.79749
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 85.87
|
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GMO Internet Inc. |
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|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Shibuya-Ku |
Japan |
Computer Services |
932.1 |
2,449 |
|
|
Subsidiary |
Shibuya-Ku |
Japan |
Computer Services |
117.9 |
478 |
|
|
Subsidiary |
Shibuya-Ku |
Japan |
Software and Programming |
47.7 |
194 |
|
|
Subsidiary |
Shibuya-Ku |
Japan |
Business Services |
59.7 |
184 |
|
|
Subsidiary |
Tokyo |
Japan |
Retail (Catalog and Mail Order) |
|
100 |
|
|
Subsidiary |
Tokyo |
Japan |
Printing and Publishing |
|
100 |
|
|
Subsidiary |
Shibuya-Ku |
Japan |
Investment Services |
45.9 |
64 |
|
|
Subsidiary |
Tokyo |
Japan |
Business Services |
|
60 |
|
|
Subsidiary |
Tokyo |
Japan |
Computer Services |
|
50 |
|
|
Subsidiary |
Maidstone |
United Kingdom |
Computer Services |
7.4 |
40 |
|
|
Subsidiary |
Tokyo |
Japan |
Retail (Catalog and Mail Order) |
|
35 |
|
|
Subsidiary |
Tokyo |
Japan |
Business Services |
|
13 |
|
|
Subsidiary |
Tokyo |
Japan |
Software and Programming |
|
10 |
|
|
Subsidiary |
Tokyo |
Japan |
Software and Programming |
|
7 |
|
|
Subsidiary |
Shibuya-Ku, Tokyo |
Japan |
Investment Services |
195.0 |
|
|
|
Subsidiary |
Shibuya-Ku, Tokyo |
Japan |
Communications Services |
33.2 |
|
|
|
Subsidiary |
Tokyo |
Japan |
Investment Services |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Computer Services |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Retail (Catalog and Mail Order) |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Retail (Catalog and Mail Order) |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Computer Services |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Printing and Publishing |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Computer Services |
|
|
|
|
Subsidiary |
Numazu, Shinzyuku |
Japan |
Computer Services |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Investment Services |
|
|
Executives
Report
|
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|
|
|
|
Financials in:
USD (mil) |
|
|
Except for
share items (millions) and per share items (actual units) |
|
|
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-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) |
79.797487 |
79.698224 |
87.789317 |
93.619712 |
103.395546 |
|
Auditor |
Deloitte Touche Tohmatsu LLC |
Deloitte & Touche LLP |
Deloitte Touche Tohmatsu LLC |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
932.1 |
774.1 |
506.7 |
408.0 |
360.2 |
|
Revenue |
932.1 |
774.1 |
506.7 |
408.0 |
360.2 |
|
Total Revenue |
932.1 |
774.1 |
506.7 |
408.0 |
360.2 |
|
|
|
|
|
|
|
|
Cost of Revenue |
387.4 |
304.7 |
225.2 |
185.1 |
176.0 |
|
Cost of Revenue, Total |
387.4 |
304.7 |
225.2 |
185.1 |
176.0 |
|
Gross Profit |
544.6 |
469.3 |
281.5 |
222.9 |
184.2 |
|
|
|
|
|
|
|
|
Selling/General/Administrative
Expense |
238.5 |
203.8 |
112.5 |
88.3 |
74.0 |
|
Labor & Related
Expense |
120.5 |
104.1 |
75.1 |
62.9 |
47.3 |
|
Advertising Expense |
37.2 |
38.0 |
14.9 |
8.4 |
9.6 |
|
Total Selling/General/Administrative
Expenses |
396.1 |
345.8 |
202.4 |
159.7 |
130.9 |
|
Research & Development |
- |
0.0 |
0.1 |
0.4 |
0.4 |
|
Depreciation |
17.6 |
13.6 |
6.6 |
4.0 |
3.8 |
|
Amortization of
Acquisition Costs |
16.2 |
15.5 |
7.1 |
9.2 |
9.1 |
|
Depreciation/Amortization |
33.8 |
29.1 |
13.7 |
13.2 |
12.9 |
|
Impairment-Assets
Held for Use |
3.4 |
4.9 |
2.8 |
17.2 |
7.2 |
|
Impairment-Assets
Held for Sale |
0.2 |
0.8 |
0.6 |
0.2 |
0.7 |
|
Other Unusual
Expense (Income) |
-3.1 |
7.7 |
-0.9 |
-5.2 |
-1.0 |
|
Unusual Expense (Income) |
0.4 |
13.3 |
2.5 |
12.3 |
6.9 |
|
Other Operating
Expense |
0.0 |
- |
- |
- |
- |
|
Other Operating Expenses, Total |
0.0 |
- |
- |
- |
- |
|
Total Operating Expense |
817.8 |
692.9 |
444.0 |
370.6 |
327.1 |
|
|
|
|
|
|
|
|
Operating Income |
114.2 |
81.1 |
62.7 |
37.4 |
33.1 |
|
|
|
|
|
|
|
|
Interest
Expense - Non-Operating |
-4.1 |
-3.6 |
-2.4 |
-2.8 |
-3.0 |
|
Interest Expense,
Net Non-Operating |
-4.1 |
-3.6 |
-2.4 |
-2.8 |
-3.0 |
|
Interest
Income - Non-Operating |
0.1 |
0.1 |
0.3 |
2.9 |
3.3 |
|
Investment
Income - Non-Operating |
5.7 |
-1.2 |
2.7 |
1.1 |
0.7 |
|
Interest/Investment
Income - Non-Operating |
5.7 |
-1.2 |
3.1 |
4.1 |
3.9 |
|
Interest Income (Expense) - Net
Non-Operating Total |
1.6 |
-4.8 |
0.7 |
1.3 |
0.9 |
|
Gain (Loss) on Sale of Assets |
1.9 |
0.7 |
0.0 |
-0.5 |
1.0 |
|
Other Non-Operating
Income (Expense) |
0.7 |
-1.5 |
-0.8 |
0.5 |
-0.7 |
|
Other, Net |
0.7 |
-1.5 |
-0.8 |
0.5 |
-0.7 |
|
Income Before Tax |
118.4 |
75.5 |
62.6 |
38.7 |
34.4 |
|
|
|
|
|
|
|
|
Total Income Tax |
43.4 |
10.3 |
22.4 |
15.3 |
10.7 |
|
Income After Tax |
75.0 |
65.2 |
40.2 |
23.4 |
23.7 |
|
|
|
|
|
|
|
|
Minority Interest |
-18.3 |
-11.4 |
-15.1 |
-8.9 |
-3.3 |
|
Net Income Before Extraord Items |
56.6 |
53.8 |
25.2 |
14.5 |
20.4 |
|
Net Income |
56.6 |
53.8 |
25.2 |
14.5 |
20.4 |
|
|
|
|
|
|
|
|
Miscellaneous
Earnings Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Adjustments to Net Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Available to Common Excl Extraord
Items |
56.6 |
53.8 |
25.2 |
14.5 |
20.4 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord
Items |
56.6 |
53.8 |
25.2 |
14.5 |
20.4 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
117.8 |
113.5 |
100.0 |
100.3 |
100.5 |
|
Basic EPS Excl Extraord Items |
0.48 |
0.47 |
0.25 |
0.14 |
0.20 |
|
Basic/Primary EPS Incl Extraord Items |
0.48 |
0.47 |
0.25 |
0.14 |
0.20 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
56.6 |
53.8 |
25.2 |
14.5 |
20.4 |
|
Diluted Weighted Average Shares |
117.9 |
113.5 |
100.0 |
100.3 |
100.5 |
|
Diluted EPS Excl Extraord Items |
0.48 |
0.47 |
0.25 |
0.14 |
0.20 |
|
Diluted EPS Incl Extraord Items |
0.48 |
0.47 |
0.25 |
0.14 |
0.20 |
|
Dividends per Share - Common Stock Primary
Issue |
0.15 |
0.15 |
0.08 |
0.06 |
0.07 |
|
Gross Dividends - Common Stock |
17.7 |
17.7 |
8.0 |
6.4 |
6.8 |
|
Interest Expense, Supplemental |
4.1 |
3.6 |
2.4 |
2.8 |
3.0 |
|
Depreciation, Supplemental |
38.3 |
27.5 |
14.9 |
9.7 |
7.8 |
|
Total Special Items |
14.7 |
28.1 |
9.6 |
22.0 |
16.2 |
|
Normalized Income Before Tax |
133.1 |
103.6 |
72.2 |
60.7 |
50.6 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-0.5 |
1.7 |
0.9 |
5.1 |
1.8 |
|
Inc Tax Ex Impact of Sp Items |
42.9 |
12.1 |
23.3 |
20.4 |
12.5 |
|
Normalized Income After Tax |
90.2 |
91.6 |
49.0 |
40.3 |
38.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
71.9 |
80.1 |
33.9 |
31.4 |
34.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.61 |
0.71 |
0.34 |
0.31 |
0.35 |
|
Diluted Normalized EPS |
0.61 |
0.71 |
0.34 |
0.31 |
0.35 |
|
Amort of Acquisition Costs, Supplemental |
16.2 |
15.5 |
7.1 |
9.2 |
10.3 |
|
Advertising Expense, Supplemental |
37.2 |
38.0 |
14.9 |
8.4 |
9.6 |
|
Research & Development Exp,
Supplemental |
- |
0.0 |
0.1 |
0.4 |
0.4 |
|
Reported Operating Profit |
114.7 |
94.4 |
65.2 |
49.7 |
40.1 |
|
Reported Ordinary Profit |
115.0 |
88.0 |
65.4 |
51.2 |
39.0 |
|
Normalized EBIT |
114.7 |
94.4 |
65.3 |
49.7 |
40.1 |
|
Normalized EBITDA |
169.1 |
137.4 |
87.3 |
68.6 |
58.1 |
|
Current Tax - Total |
40.0 |
- |
- |
- |
- |
|
Current Tax - Total |
40.0 |
- |
- |
- |
- |
|
Deferred Tax -
Total |
3.5 |
- |
- |
- |
- |
|
Deferred Tax - Total |
3.5 |
- |
- |
- |
- |
|
Income Tax - Total |
43.4 |
- |
- |
- |
- |
|
Interest Cost - Domestic |
- |
- |
0.0 |
0.0 |
0.0 |
|
Service Cost - Domestic |
- |
- |
0.0 |
0.0 |
0.0 |
|
Expected Return on Assets - Domestic |
- |
- |
0.0 |
0.0 |
0.0 |
|
Actuarial Gains and Losses - Domestic |
- |
- |
0.0 |
0.0 |
0.0 |
|
Domestic Pension Plan Expense |
- |
- |
0.0 |
0.0 |
0.0 |
|
Total Pension Expense |
- |
- |
0.0 |
0.0 |
0.0 |
|
Total Plan Interest Cost |
- |
- |
0.0 |
0.0 |
0.0 |
|
Total Plan Service Cost |
- |
- |
0.0 |
0.0 |
0.0 |
|
Total Plan Expected Return |
- |
- |
0.0 |
0.0 |
0.0 |
|
|
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
85.870003 |
76.94 |
81.105 |
93.095 |
90.65 |
|
Auditor |
Deloitte Touche Tohmatsu LLC |
Deloitte & Touche LLP |
Deloitte Touche Tohmatsu LLC |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash &
Equivalents |
532.4 |
471.5 |
343.6 |
224.4 |
204.2 |
|
Short Term
Investments |
7.7 |
12.0 |
8.1 |
17.4 |
9.8 |
|
Cash and Short Term Investments |
540.1 |
483.5 |
351.7 |
241.8 |
214.0 |
|
Accounts
Receivable - Trade, Gross |
74.9 |
73.6 |
60.5 |
50.3 |
50.1 |
|
Provision
for Doubtful Accounts |
-5.0 |
-7.4 |
-4.5 |
-3.7 |
-3.3 |
|
Trade Accounts
Receivable - Net |
69.9 |
66.3 |
56.0 |
46.6 |
46.7 |
|
Other Receivables |
- |
- |
0.0 |
0.0 |
0.1 |
|
Total Receivables, Net |
69.9 |
66.3 |
56.0 |
46.7 |
46.8 |
|
Inventories -
Finished Goods |
- |
- |
- |
0.1 |
- |
|
Inventories - Work
In Progress |
- |
- |
- |
0.1 |
- |
|
Inventories - Raw
Materials |
- |
- |
- |
0.2 |
- |
|
Inventories - Other |
- |
- |
- |
0.0 |
- |
|
Total Inventory |
- |
- |
0.0 |
0.4 |
0.5 |
|
Deferred Income Tax
- Current Asset |
21.1 |
20.1 |
10.0 |
8.5 |
8.4 |
|
Other Current
Assets |
2,332.0 |
1,851.0 |
1,435.1 |
11.4 |
13.2 |
|
Other Current Assets, Total |
2,353.2 |
1,871.0 |
1,445.1 |
19.9 |
21.6 |
|
Total Current Assets |
2,963.2 |
2,420.8 |
1,852.8 |
308.7 |
282.9 |
|
|
|
|
|
|
|
|
Accumulated
Depreciation |
- |
- |
- |
-0.1 |
- |
|
Property/Plant/Equipment - Net |
31.2 |
56.4 |
31.5 |
7.3 |
6.3 |
|
Goodwill, Net |
41.4 |
60.6 |
50.2 |
12.8 |
22.6 |
|
Intangibles, Net |
102.9 |
38.4 |
32.4 |
22.9 |
22.9 |
|
LT Investment -
Affiliate Companies |
- |
5.0 |
10.5 |
- |
- |
|
LT Investments -
Other |
17.9 |
14.2 |
5.7 |
43.2 |
62.0 |
|
Long Term Investments |
17.9 |
19.2 |
16.2 |
43.2 |
62.0 |
|
Note Receivable - Long Term |
- |
- |
0.0 |
60.8 |
61.6 |
|
Deferred Income Tax
- Long Term Asset |
36.8 |
47.0 |
28.8 |
23.3 |
23.9 |
|
Other Long Term
Assets |
20.3 |
22.6 |
28.1 |
-39.4 |
-43.5 |
|
Other Long Term Assets, Total |
57.2 |
69.6 |
56.9 |
-16.1 |
-19.7 |
|
Total Assets |
3,213.7 |
2,665.0 |
2,040.1 |
439.6 |
438.5 |
|
|
|
|
|
|
|
|
Accounts Payable |
26.6 |
23.9 |
20.1 |
14.7 |
17.0 |
|
Accrued Expenses |
6.5 |
9.2 |
5.9 |
2.5 |
1.5 |
|
Notes Payable/Short Term Debt |
43.1 |
73.1 |
134.3 |
11.8 |
8.8 |
|
Current Portion - Long Term Debt/Capital
Leases |
59.3 |
33.6 |
48.3 |
16.2 |
26.5 |
|
Customer Advances |
40.5 |
42.2 |
36.1 |
26.3 |
26.4 |
|
Security Deposits |
283.7 |
234.1 |
181.0 |
61.6 |
43.4 |
|
Income Taxes
Payable |
17.1 |
13.5 |
14.4 |
8.7 |
8.5 |
|
Other Payables |
71.5 |
48.1 |
43.0 |
23.1 |
21.2 |
|
Other Current
Liabilities |
2,106.1 |
1,654.4 |
1,221.0 |
10.6 |
9.6 |
|
Other Current liabilities, Total |
2,518.9 |
1,992.3 |
1,495.5 |
130.2 |
109.0 |
|
Total Current Liabilities |
2,654.4 |
2,132.1 |
1,704.1 |
175.3 |
162.8 |
|
|
|
|
|
|
|
|
Long Term Debt |
144.4 |
145.4 |
42.0 |
103.2 |
121.4 |
|
Capital Lease
Obligations |
39.8 |
27.4 |
0.0 |
3.0 |
0.0 |
|
Total Long Term Debt |
184.2 |
172.8 |
42.0 |
106.2 |
121.4 |
|
Total Debt |
286.6 |
279.5 |
224.6 |
134.2 |
156.7 |
|
|
|
|
|
|
|
|
Deferred Income Tax
- LT Liability |
0.3 |
0.6 |
0.2 |
0.1 |
0.0 |
|
Deferred Income Tax |
0.3 |
0.6 |
0.2 |
0.1 |
0.0 |
|
Minority Interest |
108.6 |
99.0 |
158.3 |
76.2 |
72.9 |
|
Reserves |
9.6 |
8.5 |
5.6 |
0.0 |
- |
|
Pension Benefits -
Underfunded |
- |
- |
0.0 |
0.0 |
0.1 |
|
Other Long Term
Liabilities |
10.9 |
11.6 |
24.4 |
6.1 |
6.8 |
|
Other Liabilities, Total |
20.6 |
20.1 |
29.9 |
6.1 |
6.9 |
|
Total Liabilities |
2,968.0 |
2,424.5 |
1,934.6 |
363.8 |
364.0 |
|
|
|
|
|
|
|
|
Common Stock |
34.9 |
26.0 |
15.7 |
13.7 |
14.1 |
|
Common Stock |
34.9 |
26.0 |
15.7 |
13.7 |
14.1 |
|
Additional Paid-In Capital |
68.2 |
89.2 |
0.2 |
0.1 |
0.0 |
|
Retained Earnings (Accumulated Deficit) |
145.7 |
125.4 |
91.4 |
63.3 |
62.2 |
|
Treasury Stock - Common |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Unrealized Gain (Loss) |
-2.3 |
1.9 |
-0.3 |
-0.2 |
-0.2 |
|
Translation
Adjustment |
-0.2 |
-2.0 |
-1.3 |
-1.2 |
-1.4 |
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Other Comprehensive
Income |
-0.6 |
0.0 |
-0.2 |
0.1 |
-0.1 |
|
Other Equity, Total |
-0.9 |
-2.0 |
-1.6 |
-1.1 |
-1.5 |
|
Total Equity |
245.7 |
240.5 |
105.5 |
75.8 |
74.6 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’
Equity |
3,213.7 |
2,665.0 |
2,040.1 |
439.6 |
438.5 |
|
|
|
|
|
|
|
|
Shares Outstanding
- Common Stock Primary Issue |
117.8 |
117.8 |
100.0 |
100.0 |
100.5 |
|
Total Common Shares Outstanding |
117.8 |
117.8 |
100.0 |
100.0 |
100.5 |
|
Treasury Shares - Common Stock Primary
Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
2,449 |
1,984 |
1,740 |
1,458 |
1,484 |
|
Number of Common Shareholders |
33,263 |
31,941 |
21,638 |
22,338 |
22,686 |
|
Deferred Revenue - Current |
40.5 |
42.2 |
36.1 |
26.3 |
26.4 |
|
Total Long Term Debt, Supplemental |
203.7 |
179.0 |
90.3 |
118.2 |
147.8 |
|
Long Term Debt Maturing within 1 Year |
59.3 |
33.6 |
48.3 |
15.1 |
26.5 |
|
Long Term Debt Maturing in Year 2 |
33.0 |
49.8 |
13.1 |
41.4 |
15.4 |
|
Long Term Debt Maturing in Year 3 |
32.5 |
20.4 |
28.4 |
10.7 |
42.5 |
|
Long Term Debt Maturing in Year 4 |
29.5 |
19.8 |
0.5 |
51.0 |
11.0 |
|
Long Term Debt Maturing in Year 5 |
24.8 |
55.5 |
0.0 |
0.0 |
52.4 |
|
Long Term Debt Maturing in 2-3 Years |
65.6 |
70.1 |
41.5 |
52.1 |
57.9 |
|
Long Term Debt Maturing in 4-5 Years |
54.3 |
75.3 |
0.5 |
51.0 |
63.4 |
|
Long Term Debt Matur. in Year 6 &
Beyond |
24.5 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Capital Leases, Supplemental |
39.8 |
27.4 |
19.2 |
4.1 |
- |
|
Capital Lease Payments Due in Year 1 |
8.0 |
4.6 |
5.3 |
1.1 |
- |
|
Capital Lease Payments Due in Year 2 |
8.0 |
4.6 |
5.2 |
1.1 |
- |
|
Capital Lease Payments Due in Year 3 |
12.4 |
6.9 |
4.8 |
1.0 |
- |
|
Capital Lease Payments Due in Year 4 |
7.9 |
5.5 |
3.0 |
0.7 |
- |
|
Capital Lease Payments Due in Year 5 |
2.9 |
4.0 |
0.9 |
0.2 |
- |
|
Capital Lease Payments Due in 2-3 Years |
20.4 |
11.5 |
10.0 |
2.0 |
- |
|
Capital Lease Payments Due in 4-5 Years |
10.8 |
9.4 |
3.9 |
0.9 |
- |
|
Cap. Lease Pymts. Due in Year 6 &
Beyond |
0.7 |
1.9 |
- |
0.0 |
- |
|
Pension Obligation - Domestic |
- |
- |
0.0 |
0.0 |
0.1 |
|
Plan Assets - Domestic |
- |
- |
0.0 |
0.0 |
0.0 |
|
Funded Status - Domestic |
- |
- |
0.0 |
0.0 |
-0.1 |
|
Total Funded Status |
- |
- |
0.0 |
0.0 |
-0.1 |
|
Accrued Liabilities - Domestic |
- |
- |
0.0 |
0.0 |
-0.1 |
|
Other Assets, Net - Domestic |
- |
- |
0.0 |
0.0 |
0.0 |
|
Net Assets Recognized on Balance Sheet |
- |
- |
0.0 |
0.0 |
-0.1 |
|
Total Plan Obligations |
- |
- |
0.0 |
0.0 |
0.1 |
|
Total Plan Assets |
- |
- |
0.0 |
0.0 |
0.0 |
|
|
|
Annual Cash Flows |
|
Financials in: USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-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) |
79.797487 |
79.698224 |
87.789317 |
93.619712 |
103.395546 |
|
Auditor |
Deloitte Touche Tohmatsu LLC |
Deloitte & Touche LLP |
Deloitte Touche Tohmatsu LLC |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
118.4 |
75.5 |
62.6 |
38.7 |
34.4 |
|
Depreciation |
38.3 |
27.5 |
14.9 |
9.7 |
7.8 |
|
Depreciation/Depletion |
38.3 |
27.5 |
14.9 |
9.7 |
7.8 |
|
Amortization of
Acquisition Costs |
16.2 |
15.5 |
7.1 |
9.2 |
10.3 |
|
Amortization |
16.2 |
15.5 |
7.1 |
9.2 |
10.3 |
|
Unusual Items |
-0.2 |
5.5 |
3.8 |
17.0 |
5.6 |
|
Other Non-Cash
Items |
3.1 |
6.1 |
-54.1 |
-5.6 |
-1.2 |
|
Non-Cash Items |
2.9 |
11.6 |
-50.3 |
11.4 |
4.4 |
|
Accounts Receivable |
-5.6 |
-5.4 |
-1.5 |
0.1 |
0.5 |
|
Inventories |
- |
- |
- |
0.0 |
0.0 |
|
Other Assets |
102.6 |
-96.7 |
-106.8 |
-0.5 |
-1.5 |
|
Accounts Payable |
29.2 |
-0.9 |
2.5 |
-2.7 |
-2.4 |
|
Accrued Expenses |
-1.9 |
2.8 |
1.4 |
0.9 |
0.4 |
|
Other Liabilities |
-54.7 |
225.1 |
114.3 |
19.2 |
8.6 |
|
Other Operating
Cash Flow |
-73.0 |
-99.8 |
28.2 |
-9.6 |
-14.0 |
|
Changes in Working Capital |
-3.4 |
25.1 |
38.2 |
7.4 |
-8.3 |
|
Cash from Operating Activities |
172.4 |
155.3 |
72.5 |
76.5 |
48.4 |
|
|
|
|
|
|
|
|
Purchase of Fixed
Assets |
-17.3 |
-9.1 |
-5.2 |
-2.9 |
-2.2 |
|
Purchase/Acquisition
of Intangibles |
-23.6 |
-11.3 |
-6.4 |
-5.4 |
-10.6 |
|
Capital Expenditures |
-40.9 |
-20.5 |
-11.5 |
-8.3 |
-12.7 |
|
Acquisition of
Business |
8.6 |
-0.9 |
85.4 |
0.2 |
-5.4 |
|
Sale of Business |
- |
- |
- |
0.0 |
1.0 |
|
Sale of Fixed
Assets |
0.0 |
0.5 |
0.0 |
0.0 |
0.0 |
|
Sale/Maturity of
Investment |
7.4 |
0.2 |
15.6 |
2.5 |
10.0 |
|
Investment, Net |
- |
0.0 |
30.1 |
0.0 |
- |
|
Purchase of
Investments |
-13.3 |
-56.9 |
-22.5 |
-10.0 |
-4.8 |
|
Sale of Intangible
Assets |
0.0 |
0.8 |
0.7 |
0.0 |
0.0 |
|
Other Investing
Cash Flow |
-0.6 |
1.3 |
1.5 |
0.4 |
-4.2 |
|
Other Investing Cash Flow Items, Total |
2.1 |
-54.9 |
110.9 |
-6.8 |
-3.3 |
|
Cash from Investing Activities |
-38.8 |
-75.4 |
99.4 |
-15.1 |
-16.0 |
|
|
|
|
|
|
|
|
Other Financing
Cash Flow |
-7.0 |
-7.9 |
-5.1 |
-2.8 |
-2.8 |
|
Financing Cash Flow Items |
-7.0 |
-7.9 |
-5.1 |
-2.8 |
-2.8 |
|
Cash Dividends Paid
- Common |
-20.7 |
-16.1 |
-6.8 |
-9.6 |
0.0 |
|
Total Cash Dividends Paid |
-20.7 |
-16.1 |
-6.8 |
-9.6 |
0.0 |
|
Sale/Issuance
of Common |
- |
- |
- |
- |
0.0 |
|
Common Stock, Net |
- |
- |
0.0 |
-2.1 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
- |
- |
0.0 |
-2.1 |
0.0 |
|
Short
Term Debt Issued |
676.7 |
872.9 |
221.0 |
59.8 |
184.7 |
|
Short
Term Debt Reduction |
-700.8 |
-939.0 |
-254.4 |
-56.7 |
-293.3 |
|
Short Term Debt,
Net |
-24.1 |
-66.1 |
-33.5 |
3.1 |
-108.6 |
|
Long
Term Debt Issued |
80.8 |
133.3 |
2.4 |
0.0 |
128.1 |
|
Long
Term Debt Reduction |
-50.0 |
-60.3 |
-47.6 |
-26.1 |
-56.9 |
|
Long Term Debt, Net |
30.8 |
73.0 |
-45.3 |
-26.1 |
71.3 |
|
Issuance (Retirement) of Debt, Net |
6.7 |
6.9 |
-78.7 |
-23.0 |
-37.3 |
|
Cash from Financing Activities |
-21.0 |
-17.1 |
-90.5 |
-37.6 |
-40.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
2.1 |
-0.9 |
-1.2 |
0.1 |
-0.6 |
|
Net Change in Cash |
114.7 |
61.9 |
80.1 |
23.9 |
-8.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
410.3 |
348.9 |
236.6 |
197.4 |
186.7 |
|
Net Cash - Ending Balance |
525.1 |
410.8 |
316.8 |
221.4 |
178.5 |
|
Cash Interest Paid |
4.1 |
3.6 |
2.4 |
2.8 |
3.1 |
|
Cash Taxes Paid |
28.9 |
47.2 |
29.5 |
14.3 |
16.2 |
|
Financials in:
USD (mil) |
|
|
Except for
share items (millions) and per share items (actual units) |
|
|
|
|
|
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-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) |
79.797487 |
79.698224 |
87.789317 |
93.619712 |
103.395546 |
|
Auditor |
Deloitte Touche Tohmatsu LLC |
Deloitte & Touche LLP |
Deloitte Touche Tohmatsu LLC |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net sale |
932.1 |
774.1 |
506.7 |
408.0 |
360.2 |
|
Total Revenue |
932.1 |
774.1 |
506.7 |
408.0 |
360.2 |
|
|
|
|
|
|
|
|
Rounding adjustment
Income Statement |
0.0 |
- |
- |
- |
- |
|
Cost of Sales |
387.4 |
304.7 |
225.2 |
185.1 |
176.0 |
|
Advertisement |
37.2 |
38.0 |
14.9 |
8.4 |
9.6 |
|
Provision for
directors' retirement bene |
5.1 |
- |
- |
- |
- |
|
Salaries |
110.6 |
95.4 |
69.9 |
60.6 |
46.1 |
|
Provision for Bonus |
4.7 |
4.2 |
3.5 |
1.2 |
0.9 |
|
Provision for
directors' bonuses |
- |
4.4 |
1.7 |
1.1 |
0.3 |
|
Periodic retirement
benefit costs |
- |
- |
- |
0.0 |
0.0 |
|
Other sga |
199.1 |
- |
- |
- |
- |
|
Provision for
doubtful accounts |
0.6 |
3.7 |
1.7 |
1.9 |
1.7 |
|
Commission expenses |
38.8 |
38.0 |
13.0 |
7.9 |
5.7 |
|
Amort. of Goodwill |
16.2 |
15.5 |
7.1 |
9.2 |
9.1 |
|
Depreciation |
17.6 |
13.6 |
6.6 |
4.0 |
3.8 |
|
R&D Exp. |
- |
0.0 |
0.1 |
0.4 |
0.4 |
|
Other SGA |
- |
162.1 |
97.8 |
78.5 |
66.6 |
|
Other Unusual
Expense (Income) |
0.0 |
- |
- |
- |
- |
|
Gain on negative
goodwill |
-6.7 |
- |
- |
- |
- |
|
SP Rev-Allow Doubt
Acc. |
- |
- |
0.0 |
-5.8 |
-1.8 |
|
SP G on redempt. of
bonds |
- |
- |
- |
0.0 |
-0.6 |
|
SP G on step |
- |
0.0 |
-2.8 |
0.0 |
- |
|
SP Surrender value
of insurance |
0.0 |
-0.3 |
0.0 |
- |
- |
|
SP Other gains |
-0.2 |
-0.2 |
-0.1 |
0.0 |
-0.1 |
|
SP Loss Retire
FixAsset |
2.1 |
2.0 |
0.7 |
0.2 |
1.2 |
|
SP Loss Val
Inv.Secs. |
0.2 |
0.8 |
0.6 |
0.2 |
0.7 |
|
SP Loss Val
Affili.Stk |
- |
- |
- |
- |
0.0 |
|
SP Impairment loss |
1.3 |
2.8 |
2.1 |
17.0 |
6.0 |
|
SP Contract
Cancellation Exp. |
- |
- |
- |
- |
0.0 |
|
SP Prov. for
doubtful acts |
0.0 |
2.1 |
0.0 |
- |
0.0 |
|
SP Reserve for sec.
transaction liab. |
2.1 |
2.6 |
0.4 |
0.0 |
0.0 |
|
SP Office
Relocation Cost |
1.0 |
1.6 |
0.8 |
0.6 |
0.0 |
|
SP Other SP Loss |
0.6 |
2.0 |
0.8 |
0.1 |
1.4 |
|
Total Operating Expense |
817.8 |
692.9 |
444.0 |
370.6 |
327.1 |
|
|
|
|
|
|
|
|
SP Gain Sale
Fix.Asset |
0.0 |
0.7 |
0.0 |
0.0 |
0.0 |
|
Equity in earnings
of affiliates |
0.4 |
- |
- |
- |
- |
|
SP Gain Sale
Inv.Secs. |
2.0 |
0.0 |
0.5 |
0.1 |
1.0 |
|
SP Gain-Equity
Change |
0.1 |
0.1 |
0.0 |
0.1 |
0.3 |
|
SP Gain Transfer
Bus. |
- |
- |
- |
0.0 |
1.0 |
|
SP Gain Sale
Affili.Stk |
1.9 |
0.0 |
0.0 |
0.2 |
0.0 |
|
SP Loss Sale Fix.Asset |
- |
- |
0.0 |
0.0 |
0.0 |
|
SP Loss Sale
Inv.Secs. |
-0.2 |
0.0 |
-0.1 |
0.0 |
0.0 |
|
SP Loss Business
withdrawal |
- |
- |
0.0 |
-0.7 |
0.0 |
|
SP Loss-Equity
Change |
- |
- |
- |
- |
0.0 |
|
SP Loss Sale
Affiliate Stock |
- |
0.0 |
-0.7 |
0.0 |
- |
|
NOP Int.&
Dividend Inc. |
- |
- |
- |
- |
3.3 |
|
NOP Interest income |
0.1 |
0.1 |
0.3 |
2.9 |
- |
|
NOP Dividends
received |
0.8 |
0.4 |
0.8 |
0.2 |
- |
|
Other Non-Operating
Income (Expense) |
0.0 |
- |
- |
- |
- |
|
NOP Sales
Commission |
- |
- |
- |
- |
0.0 |
|
NOP Bad Debt Write
Off Recovery |
- |
- |
- |
- |
0.0 |
|
NOP G.Invest.Union |
2.3 |
0.5 |
2.1 |
0.6 |
0.6 |
|
NOP Retal Income |
0.2 |
0.2 |
0.7 |
1.2 |
1.1 |
|
NOP Exchange Gain |
0.2 |
0.0 |
0.3 |
0.2 |
0.0 |
|
NOP Gain on unused
point |
0.9 |
0.6 |
0.0 |
- |
- |
|
NOP Other Income |
1.8 |
0.5 |
0.7 |
0.8 |
0.8 |
|
NOP Interest
Expenses |
-4.1 |
-3.6 |
-2.4 |
-2.8 |
-3.0 |
|
NOP Equity Loss |
0.0 |
-2.3 |
-0.2 |
0.0 |
- |
|
NOP Stock Issue
Exp. |
0.0 |
-0.1 |
0.0 |
-0.1 |
-0.1 |
|
NOP Bond Issue Exp. |
- |
- |
- |
- |
0.0 |
|
NOP Commission |
-1.0 |
-1.8 |
-0.9 |
-0.4 |
-1.2 |
|
NOP Exchange Loss |
- |
- |
- |
0.0 |
-1.2 |
|
NOP Other Expenses |
-1.2 |
-0.9 |
-1.3 |
-1.0 |
-1.3 |
|
L/G on anonymous
inv't associations |
- |
0.0 |
0.0 |
0.0 |
- |
|
Net Income Before Taxes |
118.4 |
75.5 |
62.6 |
38.7 |
34.4 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
43.4 |
10.3 |
22.4 |
15.3 |
10.7 |
|
Net Income After Taxes |
75.0 |
65.2 |
40.2 |
23.4 |
23.7 |
|
|
|
|
|
|
|
|
Minority Interest |
-18.3 |
-11.4 |
-15.1 |
-8.9 |
-3.3 |
|
Net Income Before Extra. Items |
56.6 |
53.8 |
25.2 |
14.5 |
20.4 |
|
Net Income |
56.6 |
53.8 |
25.2 |
14.5 |
20.4 |
|
|
|
|
|
|
|
|
Miscellaneous
Earnings Adjustment |
0.0 |
- |
- |
- |
- |
|
Earning Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
56.6 |
53.8 |
25.2 |
14.5 |
20.4 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
56.6 |
53.8 |
25.2 |
14.5 |
20.4 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
117.8 |
113.5 |
100.0 |
100.3 |
100.5 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.48 |
0.47 |
0.25 |
0.14 |
0.20 |
|
Basic EPS Including ExtraOrdinary Items |
0.48 |
0.47 |
0.25 |
0.14 |
0.20 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
56.6 |
53.8 |
25.2 |
14.5 |
20.4 |
|
Diluted Weighted Average Shares |
117.9 |
113.5 |
100.0 |
100.3 |
100.5 |
|
Diluted EPS Excluding ExtraOrd Items |
0.48 |
0.47 |
0.25 |
0.14 |
0.20 |
|
Diluted EPS Including ExtraOrd Items |
0.48 |
0.47 |
0.25 |
0.14 |
0.20 |
|
DPS-Common Stock |
0.15 |
0.15 |
0.08 |
0.06 |
0.07 |
|
Gross Dividends - Common Stock |
17.7 |
17.7 |
8.0 |
6.4 |
6.8 |
|
Normalized Income Before Taxes |
133.1 |
103.6 |
72.2 |
60.7 |
50.6 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
42.9 |
12.1 |
23.3 |
20.4 |
12.5 |
|
Normalized Income After Taxes |
90.2 |
91.6 |
49.0 |
40.3 |
38.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
71.9 |
80.1 |
33.9 |
31.4 |
34.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.61 |
0.71 |
0.34 |
0.31 |
0.35 |
|
Diluted Normalized EPS |
0.61 |
0.71 |
0.34 |
0.31 |
0.35 |
|
Advertisment |
37.2 |
38.0 |
14.9 |
8.4 |
9.6 |
|
Research&Development |
- |
0.0 |
0.1 |
0.4 |
0.4 |
|
Interest Expense |
4.1 |
3.6 |
2.4 |
2.8 |
3.0 |
|
BC - Depreciation of Fixed Assets |
38.3 |
- |
- |
- |
- |
|
Depreciation |
- |
27.5 |
14.9 |
9.7 |
7.8 |
|
BC - Depreciation of Goodwill |
16.2 |
- |
- |
- |
- |
|
Amort of Goodwill |
- |
15.5 |
7.1 |
9.2 |
10.3 |
|
Current Tax - Total |
40.0 |
- |
- |
- |
- |
|
Current Tax - Total |
40.0 |
- |
- |
- |
- |
|
Deferred Tax -
Total |
3.5 |
- |
- |
- |
- |
|
Deferred Tax - Total |
3.5 |
- |
- |
- |
- |
|
Income Tax - Total |
43.4 |
- |
- |
- |
- |
|
Reported operating profit |
114.7 |
94.4 |
65.2 |
49.7 |
40.1 |
|
Reported ordinary profit |
115.0 |
88.0 |
65.4 |
51.2 |
39.0 |
|
Service cost |
- |
- |
0.0 |
0.0 |
0.0 |
|
Interest cost |
- |
- |
0.0 |
0.0 |
0.0 |
|
Expected return on plan asset |
- |
- |
0.0 |
0.0 |
0.0 |
|
Actuarial G/L |
- |
- |
0.0 |
0.0 |
0.0 |
|
Domestic Pension Plan Expense |
- |
- |
0.0 |
0.0 |
0.0 |
|
Total Pension Expense |
- |
- |
0.0 |
0.0 |
0.0 |
|
|
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
85.870003 |
76.94 |
81.105 |
93.095 |
90.65 |
|
Auditor |
Deloitte Touche Tohmatsu LLC |
Deloitte & Touche LLP |
Deloitte Touche Tohmatsu LLC |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Deposit |
532.4 |
471.5 |
343.6 |
224.4 |
204.2 |
|
Acc.& Note
Rcvbl |
74.9 |
73.6 |
60.5 |
50.3 |
50.1 |
|
Marketable Secs. |
- |
- |
0.0 |
7.5 |
0.0 |
|
Operating inv't
securities |
7.7 |
12.0 |
8.1 |
9.8 |
9.8 |
|
Inventory |
- |
- |
0.0 |
- |
0.5 |
|
Money on
deposit-Securities |
1,431.4 |
1,003.8 |
827.2 |
0.0 |
- |
|
Margin account
assets-Securities |
478.2 |
355.5 |
257.8 |
0.0 |
- |
|
Rounding adjustment
Assets |
0.0 |
- |
- |
- |
- |
|
ST Guarantee
deposits-Securites |
207.6 |
305.7 |
207.1 |
0.0 |
- |
|
Payment
discount--Securites |
118.6 |
129.1 |
106.4 |
0.0 |
- |
|
Merchandise &
finished goods |
- |
- |
- |
0.1 |
- |
|
Raw materials &
supplies |
- |
- |
- |
0.2 |
- |
|
Work in process |
- |
- |
- |
0.1 |
- |
|
Other |
- |
- |
- |
0.0 |
- |
|
Deferred Inc Tax |
21.1 |
20.1 |
10.0 |
8.5 |
8.4 |
|
Other Receivable |
- |
- |
0.0 |
0.0 |
0.1 |
|
Other Cur. Asset |
96.2 |
57.0 |
36.6 |
11.5 |
13.2 |
|
Allow Doubt Acc. |
-5.0 |
-7.4 |
-4.5 |
-3.7 |
-3.3 |
|
Reserve for
investment losses |
- |
- |
0.0 |
-0.1 |
0.0 |
|
Total Current Assets |
2,963.2 |
2,420.8 |
1,852.8 |
308.7 |
282.9 |
|
|
|
|
|
|
|
|
Other |
2.7 |
- |
- |
- |
- |
|
Building&
Struct |
9.0 |
6.0 |
3.4 |
1.1 |
1.3 |
|
Tool &
Equipment |
19.5 |
15.6 |
11.2 |
4.4 |
4.9 |
|
Lease assets |
- |
34.7 |
16.9 |
1.9 |
0.0 |
|
Other PPE |
- |
0.1 |
0.1 |
0.0 |
0.1 |
|
Goodwill |
41.4 |
60.6 |
50.2 |
12.8 |
22.6 |
|
Lease Assets |
53.2 |
- |
- |
- |
- |
|
Other Intangible
Assets |
0.0 |
- |
- |
- |
- |
|
Software |
43.8 |
35.4 |
30.0 |
20.2 |
21.9 |
|
Lease assets |
- |
- |
0.0 |
1.7 |
0.0 |
|
Other Intangible |
5.9 |
3.1 |
2.3 |
0.9 |
1.0 |
|
Investment Secs. |
17.9 |
14.2 |
5.7 |
7.3 |
9.0 |
|
Investment Secs. in
affili. & nonconso. |
- |
5.0 |
10.5 |
- |
- |
|
Properties
investment, net |
- |
- |
- |
- |
49.0 |
|
Properties
investment, gross |
- |
- |
- |
31.9 |
- |
|
Dep.-Properties
investment |
- |
- |
- |
-0.1 |
- |
|
Long-term loans |
- |
- |
0.0 |
2.5 |
1.7 |
|
Contribution Inv |
- |
- |
0.0 |
3.9 |
4.0 |
|
Rounding adjustment
Assets |
0.0 |
- |
- |
- |
- |
|
Other |
24.5 |
- |
- |
- |
- |
|
Security Deposit |
- |
- |
0.0 |
8.1 |
9.0 |
|
Claims bankruptcy
& others |
- |
- |
0.0 |
58.4 |
59.9 |
|
Deferred Inc Tax |
36.8 |
47.0 |
28.8 |
23.3 |
23.9 |
|
Other Assets |
- |
25.7 |
30.6 |
5.6 |
7.8 |
|
Allow Doubt Acc. |
-4.1 |
-3.1 |
-2.4 |
-53.1 |
-60.3 |
|
Total Assets |
3,213.7 |
2,665.0 |
2,040.1 |
439.6 |
438.5 |
|
|
|
|
|
|
|
|
Acc.& Note
Payab |
26.6 |
23.9 |
20.1 |
14.7 |
17.0 |
|
ST Debt |
43.1 |
73.1 |
134.3 |
11.8 |
8.8 |
|
Current Portion LT
Debt |
59.3 |
33.6 |
48.3 |
15.1 |
15.4 |
|
Lease obligations |
- |
- |
0.0 |
1.1 |
0.0 |
|
Other Payable |
71.5 |
48.1 |
43.0 |
23.1 |
21.2 |
|
Rounding adjustment
Liability |
0.1 |
- |
- |
- |
- |
|
Deposit-Securities |
131.0 |
83.1 |
76.7 |
0.0 |
- |
|
Margin account
Lia.-Securities |
415.8 |
275.5 |
230.5 |
0.0 |
- |
|
Guarantee
deposits-Securites |
1,591.0 |
1,323.2 |
952.5 |
0.0 |
- |
|
Payment
discount--Securites |
46.8 |
16.4 |
11.8 |
0.0 |
- |
|
Cur. Corp Bond |
- |
- |
- |
0.0 |
11.0 |
|
Inc Tax Payable |
17.1 |
13.5 |
14.4 |
8.7 |
8.5 |
|
Allow for Bonus |
3.9 |
4.7 |
3.4 |
1.3 |
1.2 |
|
Allowance
director's bonus |
2.6 |
4.5 |
2.5 |
1.1 |
0.3 |
|
Advances |
40.5 |
42.2 |
36.1 |
26.3 |
26.4 |
|
Deposits received |
152.8 |
151.1 |
104.3 |
61.6 |
43.4 |
|
Other Cur. Liabs |
52.5 |
39.2 |
26.1 |
10.6 |
9.6 |
|
Total Current Liabilities |
2,654.4 |
2,132.1 |
1,704.1 |
175.3 |
162.8 |
|
|
|
|
|
|
|
|
Corp. Bond |
- |
- |
- |
- |
0.0 |
|
Bond with stock
purchase warrants |
- |
- |
- |
- |
0.0 |
|
LT Debts |
144.4 |
145.4 |
42.0 |
103.2 |
121.4 |
|
Lease obligations |
39.8 |
27.4 |
0.0 |
3.0 |
0.0 |
|
Total Long Term Debt |
184.2 |
172.8 |
42.0 |
106.2 |
121.4 |
|
|
|
|
|
|
|
|
Other Long Term
Liabilities |
0.0 |
- |
- |
- |
- |
|
LT Other Pybl. |
- |
- |
0.0 |
4.6 |
5.3 |
|
Deferred Tax |
0.3 |
0.6 |
0.2 |
0.1 |
0.0 |
|
Reserve Accured
Retire |
- |
- |
0.0 |
0.0 |
0.1 |
|
Other LT Liabs. |
10.9 |
11.6 |
24.4 |
1.5 |
1.5 |
|
Resv. for financial
instruts. transac. |
9.6 |
8.5 |
5.6 |
0.0 |
- |
|
Equity Minority
Interests |
108.6 |
99.0 |
158.3 |
76.2 |
72.9 |
|
Total Liabilities |
2,968.0 |
2,424.5 |
1,934.6 |
363.8 |
364.0 |
|
|
|
|
|
|
|
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Common Stock |
34.9 |
26.0 |
15.7 |
13.7 |
14.1 |
|
Paid-in Capital |
68.0 |
88.8 |
0.0 |
0.0 |
0.0 |
|
Retained Earning |
145.7 |
125.4 |
91.4 |
63.3 |
62.2 |
|
Treasury Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Unrlzd Gain Secs |
-2.3 |
1.9 |
-0.3 |
-0.2 |
-0.2 |
|
Deferred hedge |
-0.6 |
0.0 |
-0.2 |
0.1 |
-0.1 |
|
Translation
Adjustment |
-0.2 |
-2.0 |
-1.3 |
-1.2 |
-1.4 |
|
Stock subscription
right |
0.3 |
0.3 |
0.2 |
0.1 |
0.0 |
|
Total Equity |
245.7 |
240.5 |
105.5 |
75.8 |
74.6 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders'
Equity |
3,213.7 |
2,665.0 |
2,040.1 |
439.6 |
438.5 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
117.8 |
117.8 |
100.0 |
100.0 |
100.5 |
|
Total Common Shares Outstanding |
117.8 |
117.8 |
100.0 |
100.0 |
100.5 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Revenue - Current |
40.5 |
42.2 |
36.1 |
26.3 |
26.4 |
|
Full-Time Employees |
2,449 |
1,984 |
1,740 |
1,458 |
1,484 |
|
Total Number of Shareholders |
33,263 |
- |
- |
- |
- |
|
Number of Common Shareholders |
- |
31,941 |
21,638 |
22,338 |
22,686 |
|
LT debt & bond maturing within 1yr |
59.3 |
33.6 |
48.3 |
15.1 |
26.5 |
|
Lns Pble Maturing over a Yr within 2 Yrs |
33.0 |
- |
- |
- |
- |
|
LT debt & bond maturing within 2yr |
- |
49.8 |
13.1 |
41.4 |
15.4 |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
32.5 |
- |
- |
- |
- |
|
LT debt & bond maturing within 3yr |
- |
20.4 |
28.4 |
10.7 |
42.5 |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
29.5 |
- |
- |
- |
- |
|
LT debt & bond maturing within 4yr |
- |
19.8 |
0.5 |
51.0 |
11.0 |
|
Lns Pble Maturg over 4 Yrs within 5 Yrs |
24.8 |
- |
- |
- |
- |
|
LT debt & bond maturing within 5yr |
- |
55.5 |
0.0 |
0.0 |
52.4 |
|
other lease |
24.5 |
- |
- |
- |
- |
|
LT debt & bond maturing thereafter |
- |
0.0 |
- |
- |
- |
|
Total Long Term Debt, Supplemental |
203.7 |
179.0 |
90.3 |
118.2 |
147.8 |
|
Lease maturing within 1 year |
- |
- |
5.3 |
1.1 |
- |
|
Cap Lease Maturg over a Yr within 2 Yrs |
15.9 |
- |
- |
- |
- |
|
Lease maturing within 2 years |
- |
9.2 |
5.2 |
1.1 |
- |
|
Cap Lease Maturg over 2 Yr within 3 Yrs |
12.4 |
- |
- |
- |
- |
|
Lease maturing within 3 years |
- |
6.9 |
4.8 |
1.0 |
- |
|
Cap Lease Maturg over 3 Yr within 4 Yrs |
7.9 |
- |
- |
- |
- |
|
Lease maturing within 4 years |
- |
5.5 |
3.0 |
0.7 |
- |
|
Cap Lease Maturg over 4 Yr within 5 Yrs |
2.9 |
- |
- |
- |
- |
|
Lease maturing within 5 years |
- |
4.0 |
0.9 |
0.2 |
- |
|
other loan |
0.7 |
- |
- |
- |
- |
|
Remaining |
- |
1.9 |
- |
0.0 |
- |
|
Total Capital Leases |
39.8 |
27.4 |
19.2 |
4.1 |
- |
|
Pension obligation |
- |
- |
0.0 |
0.0 |
0.1 |
|
Fair value of plan asset |
- |
- |
0.0 |
0.0 |
0.0 |
|
Funded status |
- |
- |
0.0 |
0.0 |
-0.1 |
|
Total Funded Status |
- |
- |
0.0 |
0.0 |
-0.1 |
|
Unrecog. actuarial G/L |
- |
- |
0.0 |
0.0 |
0.0 |
|
Accured pension |
- |
- |
0.0 |
0.0 |
-0.1 |
|
Net Assets Recognized on Balance Sheet |
- |
- |
0.0 |
0.0 |
-0.1 |
|
|
|
Annual Cash Flows |
|
Financials in: USD (mil) |
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-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) |
79.797487 |
79.698224 |
87.789317 |
93.619712 |
103.395546 |
|
Auditor |
Deloitte Touche Tohmatsu LLC |
Deloitte & Touche LLP |
Deloitte Touche Tohmatsu LLC |
Deloitte & Touche LLP |
Deloitte & Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income Bf. Tax |
118.4 |
75.5 |
62.6 |
38.7 |
34.4 |
|
Depreciation |
38.3 |
27.5 |
14.9 |
9.7 |
7.8 |
|
Increase (decrease)
in accounts payable- |
26.4 |
- |
- |
- |
- |
|
Loss On Change In
Equity |
0.2 |
- |
- |
- |
- |
|
Impairment loss |
1.3 |
2.8 |
2.1 |
17.0 |
6.0 |
|
Amort. of Goodwill |
16.2 |
15.5 |
7.1 |
9.2 |
10.3 |
|
Allow Doubt Acc. |
-0.3 |
3.0 |
-55.2 |
-5.2 |
-2.0 |
|
Reserve for
commodity trans. liab. |
2.1 |
2.6 |
0.4 |
0.0 |
- |
|
Allow.for Bonus |
-1.9 |
2.8 |
1.4 |
0.9 |
0.4 |
|
Accured Retire |
- |
0.0 |
0.0 |
-0.1 |
0.0 |
|
Reserve interest
return loss |
- |
- |
- |
- |
0.0 |
|
Gain Transfer Bus. |
- |
- |
- |
0.0 |
-1.0 |
|
Int.& Dividend
Inc. |
-0.8 |
-0.5 |
-1.1 |
-3.1 |
-3.3 |
|
Interest Expenses |
4.1 |
3.6 |
2.4 |
2.8 |
3.0 |
|
Exchange Gain/Loss |
- |
- |
0.0 |
-0.1 |
0.8 |
|
Stock Issuance Exp. |
- |
- |
0.0 |
0.1 |
0.1 |
|
Bond Issuance Exp. |
- |
- |
- |
- |
0.0 |
|
Bond Redem. Gain |
- |
- |
- |
0.0 |
-0.6 |
|
L.Val.Affili.Secs. |
- |
- |
- |
- |
0.0 |
|
Loss Retire
FixAsset |
2.1 |
2.0 |
0.7 |
0.2 |
1.2 |
|
Loss Sale
Fix.Assets |
- |
- |
- |
- |
0.0 |
|
Gain Sale
Fix.Assets |
- |
- |
- |
- |
0.0 |
|
Gain/Loss Sale
Fix.Assets |
- |
- |
0.0 |
0.0 |
- |
|
Gain Sale Inv.Secs. |
- |
- |
- |
- |
-1.0 |
|
Loss Sale Inv.Secs. |
- |
- |
- |
- |
0.0 |
|
Loss On Sales Of
Investment Securities |
-1.8 |
0.0 |
-0.4 |
-0.1 |
- |
|
Gain/Loss Sale
Affili.Stk |
-1.9 |
0.0 |
0.7 |
-0.2 |
0.0 |
|
Loss Val Inv.Secs. |
- |
0.8 |
0.6 |
0.2 |
0.7 |
|
Reserve for
investment losses |
- |
0.0 |
-0.1 |
0.1 |
0.0 |
|
Loss Gain On Change
In Equity |
0.0 |
-0.1 |
0.0 |
-0.1 |
-0.3 |
|
Equity Change Loss |
- |
- |
- |
- |
0.0 |
|
Operating Loan |
- |
- |
- |
- |
0.0 |
|
Segregated customer
account |
- |
- |
- |
- |
0.0 |
|
Warranty received |
- |
- |
- |
- |
0.0 |
|
Operating
investment sec |
- |
- |
0.0 |
-0.5 |
-0.2 |
|
dec/inc in notes
and accounts recerivabl |
-5.6 |
-5.4 |
-1.5 |
0.1 |
0.5 |
|
Invenytory |
- |
- |
- |
0.0 |
0.0 |
|
Other Assets |
- |
- |
- |
0.0 |
-1.2 |
|
Acc.& Note
Payable |
2.8 |
-0.9 |
2.5 |
-2.7 |
-2.4 |
|
Other Liability |
- |
- |
- |
0.0 |
8.6 |
|
Deposit for
security |
18.6 |
39.6 |
31.0 |
19.2 |
0.0 |
|
Proceeds from
purchase of investments in |
0.5 |
- |
- |
- |
- |
|
Rounding adjustment
Cash flow |
0.0 |
- |
- |
- |
- |
|
Deposit-Securities |
-572.5 |
-127.3 |
21.4 |
0.0 |
- |
|
Guarantee
deposits-Securites |
71.4 |
-84.3 |
-90.9 |
0.0 |
- |
|
Payment/Receive
discount--Securites |
31.3 |
-12.4 |
-15.9 |
0.0 |
- |
|
Deposits received
& Guarantee deposit |
497.1 |
310.2 |
61.5 |
0.0 |
- |
|
Other |
-41.0 |
-49.5 |
52.6 |
4.3 |
0.0 |
|
Int.& Dividend
Rcv'd |
0.6 |
0.6 |
1.1 |
3.2 |
3.2 |
|
Interest Paid |
-4.1 |
-3.6 |
-2.4 |
-2.8 |
-3.1 |
|
Payment under
guarantee |
- |
- |
- |
- |
0.0 |
|
Claims bankruptcy
& others |
- |
0.0 |
6.4 |
0.0 |
2.1 |
|
Tax Paid |
-28.9 |
-47.2 |
-29.5 |
-14.3 |
-16.2 |
|
Newly Consolidated |
- |
- |
- |
- |
0.7 |
|
Adjustment |
- |
0.0 |
- |
- |
- |
|
Cash from Operating Activities |
172.4 |
155.3 |
72.5 |
76.5 |
48.4 |
|
|
|
|
|
|
|
|
Time Deposit Made |
-7.3 |
-41.8 |
-5.7 |
-0.2 |
-0.4 |
|
Time Deposit
Matured |
3.1 |
0.0 |
6.8 |
0.3 |
0.2 |
|
Capital Expenditure |
-17.3 |
-9.1 |
-5.2 |
-2.9 |
-2.2 |
|
Sale of PPE |
0.0 |
0.5 |
0.0 |
0.0 |
0.0 |
|
Purch of Intangible |
-23.6 |
-11.3 |
-6.4 |
-5.4 |
-10.6 |
|
Sale of Intangible |
0.0 |
0.8 |
0.7 |
0.0 |
0.0 |
|
Purchase marketable
secs |
- |
- |
0.0 |
-7.5 |
0.0 |
|
Redemp marketable
secs |
- |
0.0 |
8.0 |
0.0 |
7.7 |
|
Purch of Inv.Secs. |
-1.7 |
-3.8 |
-8.8 |
-0.3 |
-0.1 |
|
Sale of Inv.Secs. |
2.3 |
0.2 |
0.8 |
2.0 |
2.1 |
|
Redem. Invest Secs |
- |
- |
- |
- |
0.0 |
|
Purch of
Subsid.Stk. |
-4.4 |
-5.7 |
-8.0 |
-2.0 |
-4.4 |
|
Sale of Subsid.Stk. |
2.0 |
0.0 |
0.0 |
0.2 |
0.0 |
|
Procd. of
Consoli.Subs Stk |
16.4 |
0.0 |
86.5 |
0.3 |
-0.2 |
|
Purch of
Consoli.Subs Stk |
- |
-5.6 |
0.0 |
- |
- |
|
Sale of
Consoli.Subs Stk |
- |
- |
- |
- |
0.0 |
|
Payment for
acquisition of new subsidiar |
-1.9 |
- |
- |
- |
- |
|
Rounding adjustment
Cash flow |
0.0 |
- |
- |
- |
- |
|
Loans Made |
- |
- |
0.0 |
-1.6 |
-6.8 |
|
Loans Collected |
- |
- |
0.0 |
0.7 |
2.9 |
|
Business Transfer |
-5.9 |
-0.9 |
-1.1 |
-0.1 |
-5.2 |
|
Disposal of
businesses invested |
- |
- |
- |
0.0 |
1.0 |
|
Other Income |
- |
- |
- |
- |
0.7 |
|
Sale of real
estates |
- |
0.0 |
30.1 |
0.0 |
- |
|
Other Exp. |
- |
- |
- |
- |
-0.9 |
|
Other |
-0.6 |
1.3 |
1.5 |
1.3 |
- |
|
Cash from Investing Activities |
-38.8 |
-75.4 |
99.4 |
-15.1 |
-16.0 |
|
|
|
|
|
|
|
|
Proceed from ST
Debt |
676.7 |
872.9 |
221.0 |
59.8 |
184.7 |
|
Repayment of ST
Debt |
-700.8 |
-939.0 |
-254.4 |
-56.7 |
-293.3 |
|
Proceed from LT
Debt |
80.8 |
133.3 |
2.4 |
0.0 |
128.1 |
|
Repayments of
installment payables and l |
-15.8 |
- |
- |
- |
- |
|
Repayment of LT
Debt |
-34.2 |
-52.4 |
-45.3 |
-14.9 |
-9.1 |
|
Issuance of stock |
- |
- |
- |
- |
0.0 |
|
Issuance of Bond |
- |
- |
- |
- |
0.0 |
|
Redemp Corp Bond |
- |
- |
0.0 |
-10.7 |
-47.8 |
|
Repayment of
finance lease |
- |
-7.9 |
-2.3 |
-0.5 |
0.0 |
|
Rounding adjustment
Cash flow |
0.0 |
- |
- |
- |
- |
|
Union member
proceed |
-2.0 |
-2.7 |
-1.3 |
0.0 |
-0.5 |
|
Stock Issue-Minor. |
0.7 |
0.3 |
0.1 |
0.0 |
0.9 |
|
Treasury Stock, Net |
- |
- |
0.0 |
-2.1 |
0.0 |
|
Dividend Paid |
-20.7 |
-16.1 |
-6.8 |
-9.6 |
0.0 |
|
Dividend
Paid-Minor. |
-5.8 |
-5.3 |
-3.8 |
-3.1 |
-3.2 |
|
Other |
0.0 |
-0.1 |
0.0 |
0.2 |
0.0 |
|
Cash from Financing Activities |
-21.0 |
-17.1 |
-90.5 |
-37.6 |
-40.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
2.1 |
-0.9 |
-1.2 |
0.1 |
-0.6 |
|
Net Change in Cash |
114.7 |
61.9 |
80.1 |
23.9 |
-8.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
410.3 |
348.9 |
236.6 |
197.4 |
186.7 |
|
Net Cash - Ending Balance |
525.1 |
410.8 |
316.8 |
221.4 |
178.5 |
|
Cash Interest Paid |
4.1 |
3.6 |
2.4 |
2.8 |
3.1 |
|
Cash Taxes Paid |
28.9 |
47.2 |
29.5 |
14.3 |
16.2 |
|
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.54.44 |
|
|
1 |
Rs.83.77 |
|
Euro |
1 |
Rs.71.33 |
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.