|
Report Date : |
30.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
FUJI HEAVY INDUSTRIES LTD. |
|
|
|
|
Registered Office : |
Subaru Bldg., 1-7-2, Nishishinjuku Shinjuku-Ku, 160-8316 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
27.12.1945 |
|
|
|
|
Legal Form : |
Public Parent |
|
|
|
|
Line of Business : |
Manufacture of motor vehicles |
|
|
|
|
No. of Employees : |
27,509 |
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 |
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 small
agricultural sector is highly subsidized and protected, with crop yields among
the highest in the world. While self-sufficient in rice production, Japan
imports about 60% of its food on a caloric basis. 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. Modest economic growth continued after 2000, but the economy has
fallen into recession three times since 2008. A sharp downturn in business
investment and global demand for Japan's exports in late 2008 pushed Japan 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 and the ensuing tsunami in March disrupted manufacturing. The
economy has largely recovered in the two years since the disaster, but
reconstruction in the Tohoku region has been uneven. Newly-elected Prime
Minister Shinzo ABE has declared the economy his government's top priority; he
has pledged to reconsider his predecessor's plan to permanently close nuclear
power plants and is pursuing an economic revitalization agenda of fiscal
stimulus and regulatory reform and has said he will press the Bank of Japan to
loosen monetary policy. Measured on a purchasing power parity (PPP) basis that
adjusts for price differences, Japan in 2012 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 2012. The new government will
continue a longstanding debate 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
Fuji Heavy Industries Ltd.
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Business
Description
|
Fuji Heavy Industries Ltd. is a mainly engaged in the manufacture and
sale of automobile. The Company engaged in four business segments. The
Automobile segment is engaged in the manufacture sale and repair of mini
vehicles, compact cars, ordinary vehicles and related parts. The Aerospace
segment is engaged in the manufacture sale and repair of airplanes,
aerospace-related equipment and parts. The Industrial Machinery segment is
engaged in the manufacture sale and repair of motors and motor on-board
equipment, agricultural machinery, forestry machinery and construction
machinery, as well as other machinery and equipment. The Others segment is
engaged in the manufacture, sale and repair of dustcarts, as well as the
leasing of real estate properties. As of March 31, 2012, the Company had 93
subsidiaries and seven associated companies. On January 1, 2013, the Company
sold its garbage collection vehicle business, and all the stake in DAIWA
SHOKO CO.,LTD. and a Japan-based company. For the three months ended 30 June
2013, Fuji Heavy Industries Ltd. revenues increased 28% to Y546.93B. Net
income increased from Y16.35B to Y48.47B. Revenues reflect The Automobile
Business segment increase of 30% to Y513.25B, Aerospace Business segment
increase of 32% to Y24.33B. Net income benefited from The Automobile Business
segment income increase from Y15.61B to Y64.9B, Aerospace Business segment
income increase from Y228M to Y3.89B. |
Industry
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
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Significant Developments
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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 82.97047
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 94.08855
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Fuji Heavy Industries Ltd. (FHI) is a global manufacturer of
transportation and related products. As a maker of Subaru automobiles, the
company offers an array of passenger cars and components. Geographic
diversification and broad product portfolio offers a competitive edge over its
competitors. FHI could develop through growth opportunities including favorable
Chinese market and new product innovation. However, intense competition along
with natural disasters could adversely affect the company’s business
activities.
FHI reported strong financial performance for the fiscal year ended
March 2011, reflecting its ability to fulfill operational and business
expansion needs. The company reported revenue of JPY1,580,563m for the fiscal
year ended March 2011, indicating an increase of 10.6% over revenue in 2010.
The company posted operating profit of JPY63,865m for the fiscal year ended
March 2011, reflecting an increase of 100% over operating profit in 2010. The
company recorded net profit of JPY50,326m during the fiscal year ended 2011,
indicating an increase of 405% over net profit in 2010. The increase in the
operating and net profit improved the company’s profitability. The operating
margin of the company increased to 4% in 2011 from 0% in 2010. The company’s
return on equity increased to 12% in 2011 from (4%) in 2010. Its return on
assets and return on fixed assets increased to 4% and 11% in 2011 from (1%) and
(0.9%) respectively in 2010. The company’s return on capital employed
increased to 9% in 2011 from 0.8% in 2010. Substantial increase in
profitability ratios indicates that the company performed well and would be
able to deliver value as expected by its shareholders. Such a strong financial
performance would enhance the company’s expansion plans and growth.
FHI boasts of a strong product portfolio. It is engaged in the
production and sales activities across a wide range of business sectors. The
product portfolio of the company includes automobile parts; automobile engines and
transmissions; general-purpose engines and generators; aircraft; industrial-use
vehicles; mini cars and passenger cars; car components; aerospace-related
machinery; agricultural machinery; construction machinery; machine tools;
eco-related machinery; and engine-equipped machinery. It also engages in
manufacturing, repairing and selling of dustcarts and houses, and leasing of
real estate as well as supplying of wind-power systems that include 40kW
compact wind-power systems to 2MW wind-power generator systems, which provide
clean energy. FHI operates through four business divisions, namely,
Automobiles, Aerospace, Industrial Products and Others. For the fiscal year
ended 2011, the Automobile segment accounted for 92% of the company’s total
revenue, followed by Aerospace 5%, Industrial products with 2%, and Others with
1%. This diversified product portfolio of the company provides it with the
economic stability and an edge in attracting and retaining a diverse customer
base. It also helps the company to mitigate the risks associated with the over
dependence on a particular brand or product category.
A wide geographical presence helps the company to mitigate various risks
associated with the over dependence on a particular market. It operates across
the world through more than 100 subsidiaries and nine associated companies. The
company has strong market position in Japan; North America which includes US
and Canada, and Others. For the fiscal year ended 2011, the Japan segment accounted
for 29% of the company’s total revenue, followed by North America 46%, Europe
with 8%, Asia with 8.7%, and Others with 7.7%. A wide geographic presence
decreases the business risk for the company. This also acts as an easy way for
the expansion plans of the company, as a wider reach in terms of geography
would mean reaping more benefits, eventually improving the profit margins,
attaining economies of scale and recognition on a worldwide basis.
Product recalls, apart from draining the profits, will affect the
reputation of the company and would result in loss of market share. In
September 2011, Subaru recalled certain outback and legacy cars from the 2010
and 2011 model years because of potential problems with their windshield
wipers. The recall affects about 195,080 vehicles manufactured between January
2010 and May 2011. In May 2010, FHI announced recall of its 2010-model legacy
and outback vehicles sold in the US due to a problem with their transmission
cooler hose, which impacted its operations. Such vehicle recalls are not a good
sign for the company. It could hamper the brand image of the company which
leads to the loss of market share and it will also give an advantage to the
FHI's competitors.
Growing Demand for Hybrid Electric Vehicles
FHI can capitalize on the growing demand for hybrid electric vehicles.
The demand for light hybrid electric vehicles is expected to reach 4.5 million
units by 2015 due to rising energy costs and increased emissions regulations.
Increased emissions regulations and rising energy costs give lesser emissions
and improved fuel efficiency. The demand for hybrid vehicles in the Japan is
expected to reach approximately 0.5m units by 2012 year end. FHI has plans to
launch hybrid cars to the Japanese market in 2013. Its initial product would
incorporate a horizontally opposed engine. The growing demand for hybrid
electric vehicles may enhance the revenue of the company, going forward.
The company's product innovations and introductions may drive its
top-line. FHI benefits a lot from its innovation which it considers top
priority since it creates a competitive advantage and builds brand equity.
Innovation continues to be a cornerstone of the company’s corporate strategy
with significant efforts focused against consumer demands for products that are
convenient, and more efficient than before. The company intends to launch
EyeSight driving assist system in North America in mid 2012. The new EyeSight
system is the first stereo camera technology based device that detects objects
in front of the car including pedestrians, cyclists and other vehicles. In
November 2011, FHI introduced fourth generation Subaru Impreza that
incorporates Subaru Symmetrical AWD (All-Wheel Drive) system. In September
2011, the company launched SUBARU BRZ Prologue - Boxer sports car architecture
II. It represents the technology concept of the "SUBARU BRZ", a new
rear-wheel drive (RWD) sports car, under joint development with Toyota Motor
Corporation. These new product launches help the company to renew its offerings
in line with changing requirements and style and preferences and increase its
sales of its high value-added products and drive revenue growth and keep the
company’s categories vibrant.
Growing Potential in the Emerging Markets
The fast paced growth in the emerging economies offers a huge growth
potential for the company by enabling it to leverage its strong brand and
product portfolio. Despite the global economic slowdown, growth in the East
Asia and Pacific countries such as China has been resilient. China sustained
global slowdown through a massive fiscal stimulus package. The growing economy
in the countries has generated new employment opportunities for the residents
and has boosted their earnings. This rise in disposable income has changed
their buying behavior. According to the China Association of Automobile
Manufacturers (CAAM), China's annual automobile sales reached 18.5 million
units in 2011, an increase of 2.5% over 2010. Further, strong support from the
Chinese government is expected to boost automobile sales. With high competition
and saturated markets most of the global automobile makers have shifted their
focus to China for new growth markets. As the company already has presence in
China, it can benefit from the favorable industry conditions.
The increasing price of raw materials could concern the company. The key
raw materials used in the automobile industry include rolled steel, aluminum,
glass, plastic and other resin materials. As per the Bureau of Labor
Statistics, producer price indexes for core raw material inputs such as rolled
steel, primary aluminum, plastic materials and resins have increased by 95.81%,
90% and 85.27% respectively for the last decade. Thus rising input costs could
have a major impact on the operational costs of the company, which could not be
easily transferred to the customers as the intense competition could lure away
its customers through their low price offerings. As a result, the margins of
the company could be affected.
Japan is prone to several natural disasters like earthquakes, typhoons,
tsunamis, and volcanic activities. Natural calamity struck Japan on March, 2011,
when the company was about to resume a growth trajectory after recuperating
from the global financial and economic crisis. As a result of the Great East
Japan Earthquake, FHI recorded an extraordinary loss of JPY7.4 billion, which
includes nearly JPY5 billion for fixed costs related to suspended operations.
Approximately JPY2.5 billion was applied to the loss of inventories as well as
the loss and the restoration of fixed assets. Reduced operations following the
disaster had a major impact on operating income in fiscal 2011. Such natural
disasters could adversely affect the business and operating results of the
company. Therefore, the company needs to scatter its operations over relatively
safer geographical locations to ensure uninterrupted business operations.
FHI operates are multiple related sectors that are highly competitive
and may impact its profit margins. The company faces stiff competition from
companies like Mazda Motor Corporation; Nissan Motor Co., Ltd.; Toyota Motor Corporation;
Honda Motor Co., Ltd.; Spirit AeroSystems Holdings, Inc.; Porsche Automobil
Holding SE and Textron Inc. According to industry estimates, the automotive
manufacturing industry is projected to reach a value of $1.7 trillion. Such
growing market has been leading to the principal competitors of the company
offering marketing incentives such as subsidized financing, price rebates,
leasing programs and others on the vehicles, in order to sustain and improve
their market share. Such intense competition may lead the company to reduce its
prices, which could negatively affect its overall margins.
|
Fuji Heavy
Industries Ltd. |
|
|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Shinjuku-Ku |
Japan |
Motor Vehicle Manufacturing |
23,056.0 |
27,509 |
|
|
Division |
Ota, Gunma |
Japan |
Motor Vehicle Manufacturing |
|
14,000 |
|
|
Division |
Tokyo |
Japan |
Motor Vehicle Manufacturing |
4,339.7 |
10,405 |
|
|
Facility |
Ota, Gunma |
Japan |
Motor Vehicle Parts Manufacturing |
|
3,086 |
|
|
Division |
Tochigi |
Japan |
Motor Vehicle Manufacturing |
|
2,600 |
|
|
Division |
Utsunomiya, Tochigi |
Japan |
Aircraft Manufacturing |
|
2,500 |
|
|
Facility |
Ota, Gunma |
Japan |
Motor Vehicle Parts Manufacturing |
|
2,460 |
|
|
Division |
Utsunomiya, Tochigi |
Japan |
Train and Railroad Equipment Manufacturing |
118.1 |
2,012 |
|
|
Facility |
Utsunomiya, Tochigi |
Japan |
Aircraft Manufacturing |
|
2,012 |
|
|
Facility |
Gunma |
Japan |
Clothing and Apparel Manufacturing |
|
1,533 |
|
|
Subsidiary |
Tokyo |
Japan |
Motor Vehicle and Parts Dealers |
|
1,275 |
|
|
Subsidiary |
Cherry Hill, NJ |
United States |
Motor Vehicle Wholesale |
|
1,000 |
|
|
Subsidiary |
Cherry Hill, NJ |
United States |
Motor Vehicle Wholesale |
|
500 |
|
|
Division |
Austell, GA |
United States |
Motor Vehicle Wholesale |
|
70 |
|
|
Division |
Norwood, MA |
United States |
Motor Vehicle Wholesale |
36.3 |
65 |
|
|
Subsidiary |
Westampton, NJ |
United States |
Motor Vehicle Wholesale |
1,804.4 |
60 |
|
|
Division |
Aurora, CO |
United States |
Motor Vehicle Wholesale |
84.8 |
50 |
|
|
Branch |
Itasca, IL |
United States |
Miscellaneous Wholesale |
198.7 |
45 |
|
|
Division |
Itasca, IL |
United States |
Motor Vehicle Wholesale |
|
40 |
|
|
Branch |
Aurora, CO |
United States |
Miscellaneous Wholesale |
117.6 |
35 |
|
|
Division |
Portland, OR |
United States |
Motor Vehicle Wholesale |
98.1 |
35 |
|
|
Joint Venture |
Lafayette, IN |
United States |
Motor Vehicle Manufacturing |
4,619.0 |
34 |
|
|
Subsidiary |
Cherry Hill, NJ |
United States |
Banking |
|
20 |
|
|
Branch |
Elgin, IL |
United States |
Miscellaneous Wholesale |
26.5 |
6 |
|
|
Branch |
Dublin, OH |
United States |
Miscellaneous Wholesale |
20.7 |
6 |
|
|
Branch |
Orlando, FL |
United States |
Miscellaneous Wholesale |
20.7 |
6 |
|
|
Subsidiary |
Cherry Hill, NJ |
United States |
Motor Vehicle Wholesale |
|
5 |
|
|
Branch |
Pleasanton, CA |
United States |
Miscellaneous Wholesale |
14.6 |
4 |
|
|
Branch |
Costa Mesa, CA |
United States |
Miscellaneous Wholesale |
14.6 |
4 |
|
|
Branch |
Bloomington, MN |
United States |
Miscellaneous Wholesale |
14.1 |
4 |
|
|
Branch |
Whitestown, IN |
United States |
Miscellaneous Wholesale |
12.2 |
4 |
|
|
Branch |
Rockville, MD |
United States |
Miscellaneous Wholesale |
11.7 |
4 |
|
|
Branch |
Columbia, MD |
United States |
Miscellaneous Wholesale |
11.7 |
4 |
|
|
Branch |
West Sacramento, CA |
United States |
Miscellaneous Wholesale |
10.9 |
3 |
|
|
Branch |
Baltimore, MD |
United States |
Miscellaneous Wholesale |
8.8 |
3 |
|
|
Division |
Kitamoto, Saitama |
Japan |
Miscellaneous Chemical Manufacturing |
225.5 |
600 |
|
|
Division |
Saitama |
Japan |
Motor Vehicle Manufacturing |
|
600 |
|
|
Facility |
Kitamoto, Saitama |
Japan |
Electrical Equipment and Appliances Manufacturing |
|
551 |
|
|
Subsidiary |
Maebashi, Gunma Pref |
Japan |
Motor Vehicle Parts Manufacturing |
|
403 |
|
|
Subsidiary |
Cherry Hill, NJ |
United States |
Motor Vehicle Wholesale |
|
400 |
|
|
Subsidiary |
Gunma |
Japan |
Motor Vehicle Parts Manufacturing |
|
349 |
|
|
Subsidiary |
Usa, Oita |
Japan |
Metal Products Manufacturing |
48.2 |
110 |
|
|
Subsidiary |
Tokyo |
Japan |
Miscellaneous Professional Services |
|
220 |
|
|
Facility |
Handa, Aichi |
Japan |
Aircraft Manufacturing |
|
181 |
|
|
Subsidiary |
Mississauga, ON |
Canada |
Motor Vehicle and Parts Dealers |
811.0 |
100 |
|
|
Division |
Isesaki, Gunma |
Japan |
Motor Vehicle Wholesale |
236.2 |
100 |
|
|
Subsidiary |
Orangeburg, NY |
United States |
Motor Vehicle Wholesale |
167.0 |
67 |
|
|
Subsidiary |
Ala, Trento |
Italy |
Shipping and Water Transport |
227.8 |
52 |
|
|
Subsidiary |
Beijing |
China |
Motor Vehicle Parts Manufacturing |
|
50 |
|
|
Fuji Heavy Industries, Ltd. - Omiya Subaru Building
Facility |
Facility |
Saitama |
Japan |
Motor Vehicle Parts Manufacturing |
|
41 |
|
Subsidiary |
Zaventem |
Belgium |
Motor Vehicle Wholesale |
746.3 |
39 |
|
|
Subsidiary |
Zaventem |
Belgium |
Motor Vehicle Wholesale |
52.3 |
11 |
|
|
Subsidiary |
Hagen |
Norway |
Motor Vehicle Wholesale |
88.6 |
38 |
|
|
Subsidiary |
Hudson, WI |
United States |
Machinery and Equipment Manufacturing |
|
35 |
|
|
Subsidiary |
Lake Zurich, IL |
United States |
Machinery Wholesale |
18.1 |
30 |
|
|
Subsidiary |
Lake Zurich, IL |
United States |
Machinery and Equipment Manufacturing |
|
30 |
|
|
Subsidiary |
Beijing, Beijing |
China |
Motor Vehicle Wholesale |
|
30 |
|
|
Facility |
Handa, Aichi |
Japan |
Aircraft Manufacturing |
|
23 |
|
|
Subsidiary |
Ann Arbor, MI |
United States |
Motor Vehicle Manufacturing |
13.6 |
20 |
|
|
Subsidiary |
Taipei |
Taiwan |
Motor Vehicle Manufacturing |
|
20 |
|
|
Subsidiary |
Saint Ouen l'Aumone |
France |
Motor Vehicle Wholesale |
38.2 |
14 |
|
|
Subsidiary |
Mönchengladbach, Nordrhein-Westfalen |
Germany |
Weapons and Ammunition Manufacturing |
28.7 |
13 |
|
|
Subsidiary |
Kirkland, WA |
United States |
Aircraft Engine and Parts Manufacturing |
|
7 |
|
|
Subsidiary |
Ingelheim, Ingelheim |
Germany |
Motor Vehicle Manufacturing |
|
7 |
|
|
Subsidiary |
Singapore |
Singapore |
Motor Vehicle Manufacturing |
|
5 |
|
|
Subsidiary |
Cypress, CA |
United States |
Research and Development Services |
|
3 |
|
|
Subsidiary |
Bunkyo-Ku, Tokyo |
Japan |
Motor Vehicle Wholesale |
700.0 |
|
|
|
Subsidiary |
Nagoya, Aichi |
Japan |
Motor Vehicle and Parts Dealers |
260.6 |
|
|
|
Subsidiary |
Yokkaichi, Mie |
Japan |
Motor Vehicle and Parts Dealers |
73.9 |
|
|
|
Subsidiary |
Chiba, Chiba |
Japan |
Motor Vehicle and Parts Dealers |
243.7 |
|
|
|
Subsidiary |
Fukuoka, Fukuoka |
Japan |
Motor Vehicle and Parts Dealers |
231.9 |
|
|
|
Subsidiary |
Kagoshima, Kagoshima |
Japan |
Motor Vehicle and Parts Dealers |
88.7 |
|
|
|
Subsidiary |
Nagasaki, Nagasaki |
Japan |
Motor Vehicle and Parts Dealers |
81.9 |
|
|
|
Subsidiary |
Kumamoto, Kumamoto |
Japan |
Motor Vehicle and Parts Dealers |
68.0 |
|
|
|
Subsidiary |
Niigata, Niigata |
Japan |
Motor Vehicle Wholesale |
199.4 |
|
|
|
Subsidiary |
Kanazawa, Ishikawa |
Japan |
Motor Vehicle and Parts Dealers |
169.5 |
|
|
|
Subsidiary |
Nagano, Nagano |
Japan |
Motor Vehicle and Parts Dealers |
154.3 |
|
|
|
Subsidiary |
Sapporo, Hokkaido |
Japan |
Motor Vehicle and Parts Dealers |
176.2 |
|
|
|
Subsidiary |
Sendai, Miyagi |
Japan |
Motor Vehicle and Parts Dealers |
161.0 |
|
|
|
Subsidiary |
Kooriyama, Fukushima |
Japan |
Motor Vehicle and Parts Dealers |
111.9 |
|
|
|
Subsidiary |
Morioka, Iwate |
Japan |
Motor Vehicle and Parts Dealers |
89.5 |
|
|
|
Subsidiary |
Yamagata, Yamagata |
Japan |
Motor Vehicle and Parts Dealers |
78.8 |
|
|
|
Subsidiary |
Hiroshima, Hiroshima |
Japan |
Motor Vehicle and Parts Dealers |
112.2 |
|
|
|
Subsidiary |
Matsuyama, Ehime |
Japan |
Motor Vehicle and Parts Dealers |
89.8 |
|
|
|
Subsidiary |
Yamaguchi, Yamaguchi |
Japan |
Motor Vehicle and Parts Dealers |
80.9 |
|
|
|
Subsidiary |
Takamatsu, Kagawa |
Japan |
Motor Vehicle and Parts Dealers |
71.4 |
|
|
|
Subsidiary |
Saitama, Saitama |
Japan |
Computer Programming |
65.8 |
|
|
|
Subsidiary |
Shinjuku-Ku, Tokyo |
Japan |
Real Estate Agents and Brokers |
58.9 |
|
|
|
Subsidiary |
Mitaka, Tokyo |
Japan |
Employment Services |
49.4 |
|
|
|
Subsidiary |
Kiryu, Gunma |
Japan |
Motor Vehicle Manufacturing |
39.6 |
|
|
|
Subsidiary |
Handa, Aichi |
Japan |
Aircraft Engine and Parts Manufacturing |
|
|
|
|
Subsidiary |
Changzhou, Jiangsu Province |
China |
Motor Vehicle Manufacturing |
|
|
|
|
Subsidiary |
Beijing, Chaoyang District |
China |
Motor Vehicle Manufacturing |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Machinery Wholesale |
|
|
|
|
Subsidiary |
Mitaka, Tokyo |
Japan |
Machinery and Equipment Manufacturing |
|
|
|
|
Subsidiary |
Isesaki, Gunma |
Japan |
Motor Vehicle Parts Manufacturing |
|
|
|
|
Subsidiary |
Osaka |
Japan |
Motor Vehicle and Parts Dealers |
|
|
|
|
Subsidiary |
Kobe, Hyogo |
Japan |
Motor Vehicle and Parts Dealers |
188.3 |
|
|
|
Subsidiary |
Kyoto, Kyoto |
Japan |
Motor Vehicle and Parts Dealers |
82.4 |
|
|
|
Subsidiary |
Kusatsu, Shiga |
Japan |
Motor Vehicle Wholesale |
66.0 |
|
|
|
Subsidiary |
Saitama |
Japan |
Motor Vehicle Wholesale |
|
|
|
|
Subsidiary |
Fukuoka |
Japan |
Industrial Machinery Repair and Maintenance |
|
|
|
|
Subsidiary |
Ota, Gunma |
Japan |
Road Transportation Services |
|
|
|
|
Subsidiary |
Utsunomiya, Tochigi |
Japan |
Aircraft Engine and Parts Manufacturing |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Air Transportation Services |
|
|
|
|
Subsidiary |
Utsunomiya |
Japan |
Aircraft Engine and Parts Manufacturing |
|
|
|
|
Subsidiary |
Okegawa, Saitama |
Japan |
Motor Vehicle Repair and Maintenance |
|
|
|
|
Subsidiary |
Isesaki, Gunma |
Japan |
Cement and Concrete Product Manufacturing |
|
|
|
|
Subsidiary |
Rotterdam |
Netherlands |
Motor Vehicle Wholesale |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Non-store Retail |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Motor Vehicle Parts Manufacturing |
|
|
|
Executives Report
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
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) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
KPMG AZSA LLC |
KPMG AZSA LLC |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
23,056.0 |
19,213.3 |
18,444.8 |
15,372.0 |
14,388.2 |
|
Revenue |
23,056.0 |
19,213.3 |
18,444.8 |
15,372.0 |
14,388.2 |
|
Total Revenue |
23,056.0 |
19,213.3 |
18,444.8 |
15,372.0 |
14,388.2 |
|
|
|
|
|
|
|
|
Cost of Revenue |
18,100.5 |
15,481.3 |
14,487.2 |
12,416.0 |
11,589.5 |
|
Cost of Revenue, Total |
18,100.5 |
15,481.3 |
14,487.2 |
12,416.0 |
11,589.5 |
|
Gross Profit |
4,955.5 |
3,732.0 |
3,957.6 |
2,956.0 |
2,798.7 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
1,171.9 |
1,095.3 |
1,060.7 |
939.3 |
1,035.0 |
|
Labor & Related Expense |
620.5 |
619.2 |
565.9 |
539.7 |
519.3 |
|
Advertising Expense |
1,121.0 |
852.7 |
850.0 |
797.0 |
880.0 |
|
Total Selling/General/Administrative Expenses |
2,913.4 |
2,567.2 |
2,476.6 |
2,276.0 |
2,434.3 |
|
Research & Development |
590.8 |
608.1 |
499.2 |
398.5 |
422.1 |
|
Depreciation |
11.8 |
- |
13.6 |
13.9 |
10.0 |
|
Depreciation/Amortization |
11.8 |
- |
13.6 |
13.9 |
10.0 |
|
Impairment-Assets Held for Use |
1.7 |
0.8 |
17.0 |
192.7 |
10.4 |
|
Impairment-Assets Held for Sale |
21.4 |
69.9 |
-1.8 |
7.4 |
63.4 |
|
Other Unusual Expense (Income) |
70.1 |
144.7 |
207.9 |
5.4 |
123.3 |
|
Unusual Expense (Income) |
93.3 |
215.4 |
223.1 |
205.4 |
197.1 |
|
Total Operating Expense |
21,709.8 |
18,872.0 |
17,699.6 |
15,309.8 |
14,653.0 |
|
|
|
|
|
|
|
|
Operating Income |
1,346.2 |
341.3 |
745.2 |
62.2 |
-264.8 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-40.2 |
-47.9 |
-52.8 |
-53.2 |
-33.0 |
|
Interest Expense, Net Non-Operating |
-40.2 |
-47.9 |
-52.8 |
-53.2 |
-33.0 |
|
Interest Income -
Non-Operating |
16.9 |
13.8 |
12.8 |
10.4 |
26.5 |
|
Investment Income -
Non-Operating |
-166.5 |
60.8 |
34.1 |
20.9 |
99.3 |
|
Interest/Investment Income - Non-Operating |
-149.5 |
74.5 |
46.8 |
31.3 |
125.8 |
|
Interest Income (Expense) - Net Non-Operating Total |
-189.7 |
26.7 |
-5.9 |
-21.9 |
92.8 |
|
Gain (Loss) on Sale of Assets |
-23.0 |
339.5 |
2.6 |
-29.1 |
-26.0 |
|
Other Non-Operating Income (Expense) |
-11.6 |
-37.8 |
-4.1 |
-15.9 |
-16.1 |
|
Other, Net |
-11.6 |
-37.8 |
-4.1 |
-15.9 |
-16.1 |
|
Income Before Tax |
1,121.9 |
669.7 |
737.7 |
-4.8 |
-214.1 |
|
|
|
|
|
|
|
|
Total Income Tax |
-321.2 |
181.5 |
149.4 |
173.6 |
483.6 |
|
Income After Tax |
1,443.1 |
488.2 |
588.3 |
-178.3 |
-697.8 |
|
|
|
|
|
|
|
|
Minority Interest |
-1.7 |
-1.2 |
-1.0 |
1.4 |
1.8 |
|
Net Income Before Extraord Items |
1,441.3 |
487.0 |
587.3 |
-177.0 |
-696.0 |
|
Net Income |
1,441.3 |
487.0 |
587.3 |
-177.0 |
-696.0 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
- |
- |
- |
- |
0.0 |
|
Total Adjustments to Net Income |
- |
- |
- |
- |
0.0 |
|
Income Available to Common Excl Extraord Items |
1,441.3 |
487.0 |
587.3 |
-177.0 |
-696.0 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
1,441.3 |
487.0 |
587.3 |
-177.0 |
-696.0 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
780.4 |
780.4 |
779.5 |
779.1 |
760.4 |
|
Basic EPS Excl Extraord Items |
1.85 |
0.62 |
0.75 |
-0.23 |
-0.92 |
|
Basic/Primary EPS Incl Extraord Items |
1.85 |
0.62 |
0.75 |
-0.23 |
-0.92 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
1,441.3 |
487.0 |
587.3 |
-177.0 |
-696.0 |
|
Diluted Weighted Average Shares |
780.4 |
780.4 |
779.5 |
779.1 |
760.4 |
|
Diluted EPS Excl Extraord Items |
1.85 |
0.62 |
0.75 |
-0.23 |
-0.92 |
|
Diluted EPS Incl Extraord Items |
1.85 |
0.62 |
0.75 |
-0.23 |
-0.92 |
|
Dividends per Share - Common Stock Primary Issue |
0.18 |
0.11 |
0.11 |
0.00 |
0.04 |
|
Gross Dividends - Common Stock |
141.2 |
89.0 |
82.0 |
0.0 |
34.9 |
|
Interest Expense, Supplemental |
40.2 |
47.9 |
52.8 |
53.2 |
33.0 |
|
Depreciation, Supplemental |
741.8 |
742.3 |
654.2 |
707.8 |
736.8 |
|
Total Special Items |
116.3 |
-124.1 |
220.5 |
234.5 |
223.1 |
|
Normalized Income Before Tax |
1,238.2 |
545.6 |
958.2 |
229.8 |
9.0 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
40.7 |
-33.6 |
44.7 |
82.1 |
78.1 |
|
Inc Tax Ex Impact of Sp Items |
-280.5 |
147.8 |
194.0 |
255.7 |
561.7 |
|
Normalized Income After Tax |
1,518.7 |
397.7 |
764.2 |
-25.9 |
-552.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
1,516.9 |
396.5 |
763.2 |
-24.5 |
-550.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.94 |
0.51 |
0.98 |
-0.03 |
-0.72 |
|
Diluted Normalized EPS |
1.94 |
0.51 |
0.98 |
-0.03 |
-0.72 |
|
Advertising Expense, Supplemental |
1,121.0 |
852.7 |
437.5 |
442.0 |
455.4 |
|
Research & Development Exp, Supplemental |
592.3 |
608.1 |
500.7 |
400.0 |
426.2 |
|
Reported Operating Profit |
1,451.3 |
556.7 |
981.8 |
294.3 |
-57.8 |
|
Reported Ordinary Profit |
1,212.6 |
472.1 |
959.5 |
240.6 |
-45.8 |
|
Normalized EBIT |
1,439.5 |
556.7 |
968.3 |
267.6 |
-67.7 |
|
Normalized EBITDA |
2,181.2 |
1,299.0 |
1,622.5 |
975.4 |
669.0 |
|
Current Tax - Total |
211.7 |
153.0 |
- |
113.0 |
- |
|
Current Tax - Total |
211.7 |
153.0 |
- |
113.0 |
- |
|
Deferred Tax - Total |
-532.9 |
28.5 |
- |
60.6 |
- |
|
Deferred Tax - Total |
-532.9 |
28.5 |
- |
60.6 |
- |
|
Income Tax - Total |
-321.2 |
181.5 |
- |
173.6 |
- |
|
Interest Cost - Domestic |
18.1 |
20.0 |
20.9 |
20.7 |
19.2 |
|
Service Cost - Domestic |
115.6 |
82.5 |
71.5 |
68.4 |
52.4 |
|
Prior Service Cost - Domestic |
0.5 |
0.8 |
0.6 |
0.4 |
0.3 |
|
Expected Return on Assets - Domestic |
-17.4 |
-21.8 |
-18.8 |
-15.5 |
-22.2 |
|
Actuarial Gains and Losses - Domestic |
27.6 |
26.8 |
22.7 |
21.3 |
9.4 |
|
Other Pension, Net - Domestic |
1.0 |
-1.7 |
-0.2 |
1.9 |
-8.4 |
|
Domestic Pension Plan Expense |
145.4 |
106.5 |
96.7 |
97.1 |
50.8 |
|
Defined Contribution Expense - Domestic |
- |
33.0 |
28.9 |
23.5 |
24.0 |
|
Total Pension Expense |
145.4 |
139.5 |
125.5 |
120.6 |
74.8 |
|
Discount Rate - Domestic |
0.50% |
1.00% |
1.40% |
1.40% |
2.00% |
|
Expected Rate of Return - Domestic |
1.40% |
1.40% |
1.40% |
1.40% |
0.80% |
|
Total Plan Interest Cost |
18.1 |
20.0 |
20.9 |
20.7 |
19.2 |
|
Total Plan Service Cost |
115.6 |
82.5 |
71.5 |
68.4 |
52.4 |
|
Total Plan Expected Return |
-17.4 |
-21.8 |
-18.8 |
-15.5 |
-22.2 |
|
Total Plan Other Expense |
1.0 |
-1.7 |
-0.2 |
1.9 |
-8.4 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
94.088557 |
82.385362 |
82.88 |
93.44 |
98.77 |
|
Auditor |
KPMG AZSA LLC |
KPMG AZSA LLC |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
3,030.7 |
2,884.2 |
2,554.3 |
1,804.8 |
791.2 |
|
Short Term Investments |
1,736.2 |
1,340.3 |
977.9 |
944.3 |
717.6 |
|
Cash and Short Term Investments |
4,766.9 |
4,224.5 |
3,532.2 |
2,749.2 |
1,508.8 |
|
Accounts Receivable -
Trade, Gross |
1,320.4 |
1,420.9 |
926.8 |
1,107.9 |
833.8 |
|
Provision for Doubtful
Accounts |
-10.1 |
-16.9 |
-22.3 |
-18.0 |
-15.3 |
|
Trade Accounts Receivable - Net |
1,310.3 |
1,404.0 |
904.4 |
1,089.8 |
818.5 |
|
Total Receivables, Net |
1,310.3 |
1,404.0 |
904.4 |
1,089.8 |
818.5 |
|
Inventories - Finished Goods |
1,741.5 |
1,477.0 |
879.2 |
1,084.7 |
1,302.5 |
|
Inventories - Work In Progress |
536.7 |
681.5 |
682.5 |
637.8 |
976.3 |
|
Inventories - Raw Materials |
374.3 |
409.2 |
446.1 |
381.8 |
346.8 |
|
Total Inventory |
2,652.5 |
2,567.7 |
2,007.9 |
2,104.2 |
2,625.5 |
|
Deferred Income Tax - Current Asset |
562.7 |
211.2 |
166.0 |
166.4 |
161.2 |
|
Other Current Assets |
741.0 |
848.3 |
753.5 |
727.8 |
819.3 |
|
Other Current Assets, Total |
1,303.8 |
1,059.4 |
919.4 |
894.2 |
980.4 |
|
Total Current Assets |
10,033.5 |
9,255.7 |
7,363.9 |
6,837.4 |
5,933.2 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
4,729.1 |
5,171.9 |
5,198.4 |
4,810.9 |
4,738.9 |
|
Goodwill, Net |
- |
- |
- |
- |
36.7 |
|
Intangibles, Net |
135.5 |
143.4 |
145.3 |
128.4 |
104.8 |
|
LT Investment - Affiliate Companies |
- |
155.7 |
155.6 |
122.8 |
- |
|
LT Investments - Other |
989.0 |
883.6 |
755.2 |
659.4 |
524.8 |
|
Long Term Investments |
989.0 |
1,039.3 |
910.8 |
782.2 |
524.8 |
|
Note Receivable - Long Term |
- |
- |
- |
29.2 |
33.8 |
|
Deferred Income Tax - Long Term Asset |
66.2 |
22.7 |
21.9 |
61.5 |
108.4 |
|
Other Long Term Assets |
812.4 |
784.1 |
697.6 |
528.6 |
319.0 |
|
Other Long Term Assets, Total |
878.5 |
806.8 |
719.5 |
590.1 |
427.3 |
|
Total Assets |
16,765.6 |
16,417.1 |
14,337.9 |
13,178.2 |
11,799.4 |
|
|
|
|
|
|
|
|
Accounts Payable |
2,579.9 |
3,047.2 |
2,134.4 |
2,322.9 |
1,498.6 |
|
Accrued Expenses |
1,072.4 |
1,042.8 |
931.4 |
766.2 |
654.7 |
|
Notes Payable/Short Term Debt |
1,301.6 |
862.3 |
1,195.4 |
1,521.0 |
2,522.5 |
|
Current Portion - Long Term Debt/Capital Leases |
480.5 |
531.6 |
493.6 |
375.1 |
223.2 |
|
Income Taxes Payable |
83.2 |
55.8 |
25.2 |
30.7 |
20.9 |
|
Other Current Liabilities |
1,465.6 |
1,277.4 |
1,020.0 |
924.4 |
763.4 |
|
Other Current liabilities, Total |
1,548.8 |
1,333.3 |
1,045.2 |
955.2 |
784.3 |
|
Total Current Liabilities |
6,983.1 |
6,817.2 |
5,800.0 |
5,940.3 |
5,683.3 |
|
|
|
|
|
|
|
|
Long Term Debt |
2,137.2 |
2,745.0 |
2,300.2 |
2,050.2 |
1,119.6 |
|
Capital Lease Obligations |
- |
- |
- |
7.7 |
2.9 |
|
Total Long Term Debt |
2,137.2 |
2,745.0 |
2,300.2 |
2,057.9 |
1,122.5 |
|
Total Debt |
3,919.2 |
4,138.8 |
3,989.2 |
3,953.9 |
3,868.2 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
203.4 |
276.0 |
168.9 |
144.9 |
75.4 |
|
Deferred Income Tax |
203.4 |
276.0 |
168.9 |
144.9 |
75.4 |
|
Minority Interest |
15.4 |
15.8 |
15.7 |
14.0 |
7.8 |
|
Reserves |
- |
- |
- |
0.0 |
7.5 |
|
Pension Benefits - Underfunded |
376.0 |
417.8 |
413.5 |
380.5 |
381.7 |
|
Other Long Term Liabilities |
722.9 |
679.6 |
660.5 |
567.5 |
532.7 |
|
Other Liabilities, Total |
1,098.8 |
1,097.4 |
1,074.0 |
948.0 |
921.9 |
|
Total Liabilities |
10,437.9 |
10,951.3 |
9,358.9 |
9,105.1 |
7,810.9 |
|
|
|
|
|
|
|
|
Common Stock |
1,634.6 |
1,866.8 |
1,855.6 |
1,645.9 |
1,557.1 |
|
Common Stock |
1,634.6 |
1,866.8 |
1,855.6 |
1,645.9 |
1,557.1 |
|
Additional Paid-In Capital |
1,701.3 |
1,943.0 |
1,931.4 |
1,713.1 |
1,620.6 |
|
Retained Earnings (Accumulated Deficit) |
3,202.9 |
2,288.5 |
1,893.7 |
1,179.1 |
1,281.7 |
|
Treasury Stock - Common |
-13.7 |
-15.3 |
-16.7 |
-23.3 |
-21.1 |
|
Unrealized Gain (Loss) |
296.3 |
230.2 |
139.6 |
110.3 |
30.4 |
|
Translation Adjustment |
-493.7 |
-847.3 |
-824.6 |
-552.1 |
-480.2 |
|
Other Equity, Total |
-493.7 |
-847.3 |
-824.6 |
-552.1 |
-480.2 |
|
Total Equity |
6,327.7 |
5,465.8 |
4,979.0 |
4,073.1 |
3,988.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
16,765.6 |
16,417.1 |
14,337.9 |
13,178.2 |
11,799.4 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
780.4 |
780.5 |
780.3 |
779.0 |
779.2 |
|
Total Common Shares Outstanding |
780.4 |
780.5 |
780.3 |
779.0 |
779.2 |
|
Treasury Shares - Common Stock Primary Issue |
2.4 |
2.4 |
2.6 |
3.9 |
3.7 |
|
Employees |
27,509 |
27,123 |
27,296 |
27,586 |
27,659 |
|
Number of Common Shareholders |
28,890 |
33,139 |
34,240 |
39,223 |
40,839 |
|
Total Long Term Debt, Supplemental |
2,650.6 |
3,858.4 |
2,829.2 |
2,413.2 |
1,341.9 |
|
Long Term Debt Maturing within 1 Year |
480.5 |
823.9 |
493.6 |
363.0 |
222.3 |
|
Long Term Debt Maturing in Year 2 |
490.1 |
772.1 |
500.1 |
423.5 |
273.1 |
|
Long Term Debt Maturing in Year 3 |
469.3 |
478.4 |
544.7 |
751.9 |
339.1 |
|
Long Term Debt Maturing in Year 4 |
440.9 |
561.5 |
502.9 |
332.3 |
346.4 |
|
Long Term Debt Maturing in Year 5 |
435.4 |
354.2 |
499.2 |
423.3 |
121.4 |
|
Long Term Debt Maturing in 2-3 Years |
959.4 |
1,250.5 |
1,044.8 |
1,175.4 |
612.1 |
|
Long Term Debt Maturing in 4-5 Years |
876.3 |
915.7 |
1,002.2 |
755.6 |
467.8 |
|
Long Term Debt Matur. in Year 6 & Beyond |
334.5 |
868.4 |
288.6 |
119.1 |
39.6 |
|
Total Capital Leases, Supplemental |
20.4 |
20.8 |
22.4 |
19.7 |
3.8 |
|
Capital Lease Payments Due in Year 1 |
9.6 |
9.1 |
8.1 |
12.0 |
0.9 |
|
Capital Lease Payments Due in Year 2 |
5.5 |
6.2 |
7.0 |
3.6 |
0.8 |
|
Capital Lease Payments Due in Year 3 |
2.8 |
3.3 |
3.8 |
2.1 |
0.8 |
|
Capital Lease Payments Due in Year 4 |
1.8 |
1.6 |
2.4 |
1.2 |
0.5 |
|
Capital Lease Payments Due in Year 5 |
0.6 |
0.5 |
0.9 |
0.6 |
0.2 |
|
Capital Lease Payments Due in 2-3 Years |
8.3 |
9.5 |
10.8 |
5.7 |
1.6 |
|
Capital Lease Payments Due in 4-5 Years |
2.4 |
2.1 |
3.3 |
1.8 |
0.7 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.1 |
0.1 |
0.2 |
0.2 |
0.6 |
|
Pension Obligation - Domestic |
1,140.1 |
1,244.4 |
1,217.6 |
1,105.4 |
1,047.4 |
|
Plan Assets - Domestic |
710.8 |
693.9 |
611.4 |
504.4 |
427.3 |
|
Funded Status - Domestic |
-429.2 |
-550.5 |
-606.2 |
-601.0 |
-620.2 |
|
Total Funded Status |
-429.2 |
-550.5 |
-606.2 |
-601.0 |
-620.2 |
|
Discount Rate - Domestic |
0.50% |
1.00% |
1.40% |
1.40% |
2.00% |
|
Expected Rate of Return - Domestic |
1.40% |
1.40% |
1.40% |
1.40% |
0.80% |
|
Prepaid Benefits - Domestic |
189.6 |
147.0 |
69.8 |
0.6 |
0.6 |
|
Accrued Liabilities - Domestic |
-371.1 |
-412.1 |
-406.7 |
-373.1 |
-374.6 |
|
Other Assets, Net - Domestic |
247.8 |
285.4 |
269.3 |
228.4 |
246.2 |
|
Net Assets Recognized on Balance Sheet |
66.3 |
20.3 |
-67.7 |
-144.2 |
-127.9 |
|
Total Plan Obligations |
1,140.1 |
1,244.4 |
1,217.6 |
1,105.4 |
1,047.4 |
|
Total Plan Assets |
710.8 |
693.9 |
611.4 |
504.4 |
427.3 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
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) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
KPMG AZSA LLC |
KPMG AZSA LLC |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
1,121.9 |
669.7 |
737.7 |
-4.8 |
-214.1 |
|
Depreciation |
741.8 |
742.3 |
654.2 |
707.8 |
736.8 |
|
Depreciation/Depletion |
741.8 |
742.3 |
654.2 |
707.8 |
736.8 |
|
Unusual Items |
41.2 |
-277.5 |
17.5 |
232.1 |
106.1 |
|
Equity in Net Earnings (Loss) |
-0.5 |
-10.3 |
-30.6 |
-11.5 |
-9.2 |
|
Other Non-Cash Items |
32.9 |
9.8 |
142.6 |
28.5 |
139.4 |
|
Non-Cash Items |
73.7 |
-278.1 |
129.6 |
249.1 |
236.3 |
|
Accounts Receivable |
-161.9 |
-717.8 |
311.3 |
-327.7 |
149.9 |
|
Inventories |
-255.4 |
-621.0 |
218.0 |
607.8 |
-186.3 |
|
Other Assets |
-33.8 |
-8.3 |
84.0 |
-37.0 |
-19.5 |
|
Accounts Payable |
586.7 |
939.7 |
-439.2 |
726.9 |
-728.1 |
|
Accrued Expenses |
16.2 |
1.9 |
11.4 |
12.6 |
-20.3 |
|
Other Liabilities |
3.6 |
53.9 |
-92.3 |
35.4 |
-47.3 |
|
Other Operating Cash Flow |
173.7 |
-87.4 |
-1.8 |
-68.5 |
-12.8 |
|
Changes in Working Capital |
329.0 |
-439.0 |
91.4 |
949.4 |
-864.3 |
|
Cash from Operating Activities |
2,266.3 |
694.8 |
1,612.9 |
1,901.6 |
-105.3 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-733.4 |
-621.3 |
-522.0 |
-571.2 |
-581.3 |
|
Purchase/Acquisition of Intangibles |
-52.8 |
-40.6 |
-35.9 |
-31.1 |
-27.0 |
|
Capital Expenditures |
-786.2 |
-661.9 |
-557.9 |
-602.3 |
-608.3 |
|
Sale of Fixed Assets |
23.7 |
460.6 |
21.9 |
25.7 |
8.3 |
|
Sale/Maturity of Investment |
206.3 |
217.4 |
247.2 |
80.1 |
170.9 |
|
Purchase of Investments |
-1,428.7 |
-1,447.3 |
-1,277.5 |
-805.4 |
-880.1 |
|
Other Investing Cash Flow |
1,124.6 |
1,094.3 |
969.9 |
627.8 |
588.9 |
|
Other Investing Cash Flow Items, Total |
-74.0 |
325.0 |
-38.5 |
-71.8 |
-112.0 |
|
Cash from Investing Activities |
-860.2 |
-336.9 |
-596.4 |
-674.1 |
-720.4 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-0.4 |
1.4 |
3.8 |
-0.5 |
0.0 |
|
Financing Cash Flow Items |
-0.4 |
1.4 |
3.8 |
-0.5 |
0.0 |
|
Cash Dividends Paid - Common |
-89.1 |
-89.0 |
-40.8 |
0.0 |
-67.1 |
|
Total Cash Dividends Paid |
-89.1 |
-89.0 |
-40.8 |
0.0 |
-67.1 |
|
Sale/Issuance of
Common |
- |
- |
- |
0.0 |
310.2 |
|
Repurchase/Retirement
of Common |
- |
- |
- |
-1.0 |
-0.5 |
|
Common Stock, Net |
- |
- |
- |
-1.0 |
309.7 |
|
Issuance (Retirement) of Stock, Net |
- |
- |
- |
-1.0 |
309.7 |
|
Short Term Debt, Net |
-345.4 |
-355.0 |
-502.2 |
-1,139.7 |
691.8 |
|
Long Term Debt Issued |
243.7 |
1,007.9 |
803.2 |
1,232.7 |
368.8 |
|
Long Term Debt
Reduction |
-541.2 |
-532.6 |
-723.9 |
-291.3 |
-502.6 |
|
Long Term Debt, Net |
-297.5 |
475.3 |
79.3 |
941.4 |
-133.7 |
|
Issuance (Retirement) of Debt, Net |
-642.9 |
120.3 |
-422.9 |
-198.3 |
558.1 |
|
Cash from Financing Activities |
-732.4 |
32.8 |
-459.9 |
-199.7 |
800.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
180.4 |
-4.2 |
-133.7 |
-8.8 |
-155.4 |
|
Net Change in Cash |
854.1 |
386.5 |
422.9 |
1,018.9 |
-180.5 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
3,110.6 |
2,882.0 |
2,234.4 |
1,041.1 |
1,141.0 |
|
Net Cash - Ending Balance |
3,964.6 |
3,268.5 |
2,657.3 |
2,060.1 |
960.5 |
|
Cash Interest Paid |
41.2 |
46.5 |
53.6 |
56.0 |
30.5 |
|
Cash Taxes Paid |
179.7 |
141.8 |
117.5 |
65.0 |
147.1 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
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) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
KPMG AZSA LLC |
KPMG AZSA LLC |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
23,056.0 |
19,213.3 |
18,444.8 |
15,372.0 |
14,388.2 |
|
Total Revenue |
23,056.0 |
19,213.3 |
18,444.8 |
15,372.0 |
14,388.2 |
|
|
|
|
|
|
|
|
Cost of finished goods sold |
18,100.5 |
15,481.3 |
14,487.2 |
12,403.2 |
11,589.5 |
|
Other Selling/General/Admin. Expense |
1,171.9 |
1,095.3 |
- |
- |
- |
|
Salary/Bonus |
539.0 |
542.7 |
497.4 |
481.2 |
465.7 |
|
Advertisement |
588.9 |
461.6 |
437.5 |
442.0 |
455.4 |
|
Sales incentive expenses |
532.1 |
391.1 |
412.5 |
355.0 |
424.5 |
|
Allowance Bonus |
81.6 |
76.5 |
68.5 |
58.5 |
53.6 |
|
Research&Development |
590.8 |
608.1 |
499.2 |
398.5 |
422.1 |
|
Depreciation |
11.8 |
- |
- |
- |
- |
|
Other SGA |
- |
- |
1,060.7 |
939.3 |
1,035.0 |
|
Gain On Sale Of Loans Receivable |
-3.9 |
- |
- |
- |
- |
|
State subsidy |
-20.9 |
- |
- |
- |
- |
|
Loss on reduction of noncurrent assets |
20.9 |
- |
- |
- |
- |
|
Provision for loss on transfer of busine |
11.7 |
52.9 |
- |
- |
- |
|
SP Reverse-Doubt.Acct |
- |
- |
-4.8 |
-3.0 |
-1.1 |
|
SP G on prior period adjustments |
- |
- |
- |
- |
0.0 |
|
SP G on pension accounting change |
- |
- |
- |
0.0 |
-8.4 |
|
SP Other Special Gain |
-16.4 |
-44.1 |
-0.1 |
-0.6 |
-10.4 |
|
SP Impairment Loss |
1.7 |
0.8 |
17.0 |
192.7 |
10.4 |
|
SP Loss on disaster |
- |
91.9 |
85.8 |
0.0 |
- |
|
SP Loss Val. Invest Sec |
0.7 |
5.1 |
4.8 |
5.6 |
10.7 |
|
SP Loss on prior periods adjustment |
- |
- |
71.3 |
0.0 |
- |
|
SP Spec. prov. for doubtful acts |
- |
- |
- |
0.0 |
26.3 |
|
SP Reserve for construction losses |
- |
- |
- |
0.0 |
28.9 |
|
SP Loss on abandonment of inventories |
- |
- |
0.0 |
12.8 |
0.0 |
|
SP Prov. for loss on transfer of busine |
- |
- |
0.0 |
- |
- |
|
SP L adjust for changes of acct. assets |
- |
- |
4.3 |
0.0 |
- |
|
SP L reconstruction of office building |
- |
- |
7.7 |
0.0 |
- |
|
SP Other Special Loss |
78.8 |
44.0 |
43.8 |
9.0 |
88.1 |
|
NOP G. Derivative Valuation |
- |
- |
-6.7 |
-0.1 |
0.0 |
|
NOP Loss Valuation Derivative |
20.7 |
64.8 |
0.0 |
1.9 |
52.7 |
|
NOP Dep. exp. |
- |
- |
13.6 |
13.9 |
10.0 |
|
Total Operating Expense |
21,709.8 |
18,872.0 |
17,699.6 |
15,309.8 |
14,653.0 |
|
|
|
|
|
|
|
|
NOP Interest Income |
16.9 |
13.8 |
12.8 |
10.4 |
26.5 |
|
NOP Dividend Income |
15.2 |
12.7 |
9.9 |
8.1 |
10.7 |
|
Depreciation |
- |
-14.8 |
- |
- |
- |
|
NOP Rental Income |
7.1 |
6.7 |
6.5 |
6.2 |
5.8 |
|
NOP Equity Gain |
0.5 |
10.3 |
30.6 |
11.5 |
9.2 |
|
NOP Exchange Gain |
- |
29.0 |
0.0 |
1.1 |
77.3 |
|
NOP Other Income |
5.6 |
14.6 |
19.7 |
11.6 |
17.7 |
|
NOP Interest Expense |
-40.2 |
-47.9 |
-52.8 |
-53.2 |
-33.0 |
|
NOP Foreign exchange losses |
-187.1 |
- |
-11.8 |
0.0 |
0.0 |
|
NOP Other Expense |
-24.3 |
-44.3 |
-30.3 |
-33.7 |
-39.7 |
|
SP Gain on Asset Sale |
12.2 |
362.9 |
10.3 |
3.8 |
3.6 |
|
SP Gain Sale Invest Sec |
6.6 |
11.3 |
7.6 |
2.2 |
6.7 |
|
SP G on transfer of acct. receive. |
- |
- |
10.3 |
3.2 |
8.3 |
|
SP Loss on Asset Sale/Retire. |
-35.3 |
-23.4 |
-18.1 |
-36.1 |
-37.9 |
|
SP Loss Sale Inv. Secs. |
-1.7 |
-2.6 |
-2.2 |
-2.0 |
-4.7 |
|
Net Income Before Taxes |
1,121.9 |
669.7 |
737.7 |
-4.8 |
-214.1 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
-321.2 |
181.5 |
149.4 |
173.6 |
483.6 |
|
Net Income After Taxes |
1,443.1 |
488.2 |
588.3 |
-178.3 |
-697.8 |
|
|
|
|
|
|
|
|
Minority Interest |
-1.7 |
-1.2 |
-1.0 |
1.4 |
1.8 |
|
Net Income Before Extra. Items |
1,441.3 |
487.0 |
587.3 |
-177.0 |
-696.0 |
|
Net Income |
1,441.3 |
487.0 |
587.3 |
-177.0 |
-696.0 |
|
|
|
|
|
|
|
|
Director's Retire |
- |
- |
- |
- |
0.0 |
|
Income Available to Com Excl ExtraOrd |
1,441.3 |
487.0 |
587.3 |
-177.0 |
-696.0 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
1,441.3 |
487.0 |
587.3 |
-177.0 |
-696.0 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
780.4 |
780.4 |
779.5 |
779.1 |
760.4 |
|
Basic EPS Excluding ExtraOrdinary Items |
1.85 |
0.62 |
0.75 |
-0.23 |
-0.92 |
|
Basic EPS Including ExtraOrdinary Items |
1.85 |
0.62 |
0.75 |
-0.23 |
-0.92 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
1,441.3 |
487.0 |
587.3 |
-177.0 |
-696.0 |
|
Diluted Weighted Average Shares |
780.4 |
780.4 |
779.5 |
779.1 |
760.4 |
|
Diluted EPS Excluding ExtraOrd Items |
1.85 |
0.62 |
0.75 |
-0.23 |
-0.92 |
|
Diluted EPS Including ExtraOrd Items |
1.85 |
0.62 |
0.75 |
-0.23 |
-0.92 |
|
DPS-Ordinary Shares |
0.18 |
0.11 |
0.11 |
0.00 |
0.04 |
|
Gross Dividends - Common Stock |
141.2 |
89.0 |
82.0 |
0.0 |
34.9 |
|
Normalized Income Before Taxes |
1,238.2 |
545.6 |
958.2 |
229.8 |
9.0 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
-280.5 |
147.8 |
194.0 |
255.7 |
561.7 |
|
Normalized Income After Taxes |
1,518.7 |
397.7 |
764.2 |
-25.9 |
-552.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
1,516.9 |
396.5 |
763.2 |
-24.5 |
-550.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.94 |
0.51 |
0.98 |
-0.03 |
-0.72 |
|
Diluted Normalized EPS |
1.94 |
0.51 |
0.98 |
-0.03 |
-0.72 |
|
Selling General And Administrative Expen |
532.1 |
391.1 |
- |
- |
- |
|
Advertisement |
588.9 |
461.6 |
437.5 |
442.0 |
455.4 |
|
Research And Development Expense(cogs) |
592.3 |
- |
- |
- |
- |
|
Research&Development (SGA) |
- |
608.1 |
499.2 |
398.5 |
422.1 |
|
Research&Development (COGS) |
- |
- |
1.5 |
1.4 |
4.1 |
|
Interest Expense |
40.2 |
47.9 |
52.8 |
53.2 |
33.0 |
|
BC - Depreciation of Fixed Assets |
741.8 |
- |
- |
- |
- |
|
Amort of Tangible Assets-Current Portion |
- |
742.3 |
- |
- |
- |
|
Depreciation |
- |
- |
654.2 |
707.8 |
736.8 |
|
Income taxes-current |
211.7 |
153.0 |
- |
- |
- |
|
Income taxes-current |
- |
- |
- |
113.0 |
- |
|
Current Tax - Total |
211.7 |
153.0 |
- |
113.0 |
- |
|
Income taxes-deferred |
-532.9 |
28.5 |
- |
- |
- |
|
Income taxes-deferred |
- |
- |
- |
60.6 |
- |
|
Deferred Tax - Total |
-532.9 |
28.5 |
- |
60.6 |
- |
|
Income Tax - Total |
-321.2 |
181.5 |
- |
173.6 |
- |
|
Reported operating profit |
1,451.3 |
556.7 |
981.8 |
294.3 |
-57.8 |
|
Reported ordinary profit |
1,212.6 |
472.1 |
959.5 |
240.6 |
-45.8 |
|
Retirement Benefit Expenses Service Cost |
115.6 |
- |
- |
- |
- |
|
Service cost |
- |
82.5 |
71.5 |
68.4 |
52.4 |
|
Interest cost |
18.1 |
20.0 |
20.9 |
20.7 |
19.2 |
|
Expected return on plan asset |
-17.4 |
-21.8 |
-18.8 |
-15.5 |
-22.2 |
|
Actuarial G/L |
27.6 |
26.8 |
22.7 |
21.3 |
9.4 |
|
Prior service cost |
0.5 |
0.8 |
0.6 |
0.4 |
0.3 |
|
Return of Pension Plan |
1.0 |
-4.1 |
-2.8 |
0.0 |
-8.4 |
|
Nonrecurr. add. retire. benefits |
- |
2.4 |
2.6 |
1.9 |
- |
|
Domestic Pension Plan Expense |
145.4 |
106.5 |
96.7 |
97.1 |
50.8 |
|
Defined Contribution Expense |
- |
33.0 |
28.9 |
23.5 |
24.0 |
|
Total Pension Expense |
145.4 |
139.5 |
125.5 |
120.6 |
74.8 |
|
Discount rate |
0.50% |
1.00% |
1.40% |
1.40% |
2.00% |
|
Expected rate of return |
1.40% |
1.40% |
1.40% |
1.40% |
0.80% |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
94.088557 |
82.385362 |
82.88 |
93.44 |
98.77 |
|
Auditor |
KPMG AZSA LLC |
KPMG AZSA LLC |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash/Equivalents |
3,030.7 |
2,884.2 |
2,554.3 |
1,804.8 |
791.2 |
|
Notes and accounts receivable-trade |
1,320.4 |
1,420.9 |
926.8 |
1,107.9 |
833.8 |
|
Lease investment |
235.4 |
265.4 |
278.1 |
297.4 |
274.1 |
|
Short-term investment securities |
705.4 |
384.0 |
254.1 |
133.3 |
115.8 |
|
Inventories - merchandise&finished goods |
1,741.5 |
1,477.0 |
879.2 |
1,084.7 |
1,302.5 |
|
Inventories - work-in-process |
536.7 |
681.5 |
682.5 |
637.8 |
976.3 |
|
Inventories - raw materials&supplies |
374.3 |
409.2 |
446.1 |
381.8 |
346.8 |
|
Deferred Taxes |
562.7 |
211.2 |
166.0 |
166.4 |
161.2 |
|
Short-term loans receivable |
1,030.8 |
956.3 |
723.8 |
811.0 |
601.7 |
|
Other Assets |
505.7 |
582.9 |
475.3 |
430.4 |
545.2 |
|
Allw-Doubt.Acct |
-10.1 |
-16.9 |
-22.3 |
-18.0 |
-15.3 |
|
Total Current Assets |
10,033.5 |
9,255.7 |
7,363.9 |
6,837.4 |
5,933.2 |
|
|
|
|
|
|
|
|
Buildings and structures, net |
1,203.0 |
1,376.0 |
1,427.0 |
1,338.7 |
1,249.4 |
|
Machinery, equipment and vehicles, net |
1,242.1 |
1,204.4 |
980.5 |
935.5 |
1,094.2 |
|
Land |
1,838.8 |
2,086.8 |
2,144.0 |
1,921.1 |
1,860.3 |
|
Lease asset |
- |
- |
- |
0.0 |
3.5 |
|
Vehicles and equipment on operating leas |
138.8 |
150.0 |
141.8 |
196.9 |
206.8 |
|
Constr. in Prog. |
151.3 |
145.9 |
258.1 |
135.6 |
124.4 |
|
Other |
155.2 |
208.8 |
247.0 |
283.1 |
200.3 |
|
Goodwill |
- |
- |
- |
- |
36.7 |
|
Other Intangible |
135.5 |
143.4 |
145.3 |
128.4 |
104.8 |
|
Other LT invest. |
- |
883.6 |
- |
- |
- |
|
LT Inv. Securities |
989.0 |
- |
755.2 |
659.4 |
524.8 |
|
Invt Secs Noncons, Asc, Affd Cos |
- |
59.7 |
- |
- |
- |
|
Invts in Capital Noncons, Ascd, Affd Cos |
- |
96.0 |
- |
- |
- |
|
Equity secs.-nonconsol affil.&sub. |
- |
- |
65.8 |
66.0 |
- |
|
Inv't partnership-nonconsol.affil.&subs. |
- |
- |
89.7 |
56.8 |
- |
|
LT Loans Rcvbl. |
- |
- |
- |
29.2 |
33.8 |
|
Deferred tax assets |
66.2 |
22.7 |
21.9 |
61.5 |
108.4 |
|
Other |
854.8 |
- |
- |
- |
- |
|
Other Other Long Term Assets |
- |
827.6 |
- |
- |
- |
|
Other |
- |
- |
746.0 |
584.0 |
378.9 |
|
Allowance for investment loss |
- |
- |
0.0 |
-0.3 |
0.0 |
|
Doubtful Accts. |
-42.4 |
-43.5 |
-48.4 |
-55.1 |
-60.0 |
|
Total Assets |
16,765.6 |
16,417.1 |
14,337.9 |
13,178.2 |
11,799.4 |
|
|
|
|
|
|
|
|
Notes and accounts payable-trade |
2,579.9 |
3,047.2 |
2,134.4 |
2,322.9 |
1,498.6 |
|
Electronically recorded obligations-oper |
654.6 |
- |
- |
- |
- |
|
Short-term loans payable |
646.9 |
862.3 |
1,195.4 |
1,521.0 |
2,279.5 |
|
Commercial Paper |
- |
- |
- |
0.0 |
243.0 |
|
Current portion of long-term loans payab |
480.4 |
288.7 |
252.2 |
148.9 |
222.3 |
|
Cur.Port. Bonds |
0.1 |
242.9 |
241.4 |
214.1 |
0.0 |
|
Cur.Port. Capital Lease |
- |
- |
- |
12.0 |
0.9 |
|
Income Tax Payable |
83.2 |
55.8 |
25.2 |
30.7 |
20.9 |
|
Accrued Expenses |
882.5 |
842.8 |
734.5 |
601.9 |
511.5 |
|
Accrued Bonus |
189.9 |
200.0 |
196.9 |
164.3 |
143.2 |
|
Provision for loss on litigation |
3.9 |
- |
- |
- |
- |
|
Provision for loss on transfer of busine |
27.1 |
50.7 |
- |
- |
- |
|
Warranty Reserve |
369.2 |
350.3 |
327.8 |
214.0 |
181.6 |
|
Provision for loss on transfer of busine |
- |
- |
0.0 |
- |
- |
|
Reserve for construction losses |
9.8 |
34.5 |
56.5 |
15.0 |
7.7 |
|
Other |
1,055.6 |
841.9 |
635.7 |
695.4 |
574.1 |
|
Total Current Liabilities |
6,983.1 |
6,817.2 |
5,800.0 |
5,940.3 |
5,683.3 |
|
|
|
|
|
|
|
|
Capital Lease Liab. |
- |
- |
- |
7.7 |
2.9 |
|
Bonds |
149.4 |
49.4 |
290.5 |
471.9 |
607.5 |
|
Long-term loans payable |
1,987.7 |
2,695.6 |
2,009.7 |
1,578.3 |
512.1 |
|
Total Long Term Debt |
2,137.2 |
2,745.0 |
2,300.2 |
2,057.9 |
1,122.5 |
|
|
|
|
|
|
|
|
Deferred tax liabilities (non-current) |
203.4 |
276.0 |
168.9 |
144.9 |
75.4 |
|
Rsrv-Accr.Retire |
371.1 |
412.1 |
406.7 |
373.1 |
374.6 |
|
Provision for directors'' retirement ben |
4.9 |
5.7 |
6.8 |
7.3 |
7.1 |
|
Reserve debt guarantee |
- |
- |
- |
0.0 |
7.5 |
|
Other Liabilities |
722.9 |
679.6 |
660.5 |
567.5 |
532.7 |
|
Minority Int. |
15.4 |
15.8 |
15.7 |
14.0 |
7.8 |
|
Total Liabilities |
10,437.9 |
10,951.3 |
9,358.9 |
9,105.1 |
7,810.9 |
|
|
|
|
|
|
|
|
Common Stock |
1,634.6 |
1,866.8 |
1,855.6 |
1,645.9 |
1,557.1 |
|
Total capital surpluses |
1,701.3 |
1,943.0 |
1,931.4 |
1,713.1 |
1,620.6 |
|
Total retained earnings |
3,202.9 |
2,288.5 |
1,893.7 |
1,179.1 |
1,281.7 |
|
Treasury Stock |
-13.7 |
-15.3 |
-16.7 |
-23.3 |
-21.1 |
|
Valuation difference on available-for-sa |
296.3 |
230.2 |
139.6 |
110.3 |
30.4 |
|
Trans. Adjust. |
-493.7 |
-847.3 |
-824.6 |
-552.1 |
-480.2 |
|
Total Equity |
6,327.7 |
5,465.8 |
4,979.0 |
4,073.1 |
3,988.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
16,765.6 |
16,417.1 |
14,337.9 |
13,178.2 |
11,799.4 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
780.4 |
780.5 |
780.3 |
779.0 |
779.2 |
|
Total Common Shares Outstanding |
780.4 |
780.5 |
780.3 |
779.0 |
779.2 |
|
T/S-Ordinary Shares |
2.4 |
2.4 |
2.6 |
3.9 |
3.7 |
|
Full-Time Employees |
27,509 |
27,123 |
27,296 |
27,586 |
27,659 |
|
Total Number of Shareholders |
28,890 |
33,139 |
- |
- |
- |
|
Number of Common Shareholders |
- |
- |
34,240 |
39,223 |
40,839 |
|
Within One Year |
0.1 |
535.2 |
- |
- |
- |
|
Division And End Of Current Period Remai |
480.4 |
288.7 |
- |
- |
- |
|
Long Term Debt Maturing within 1 Yr |
- |
- |
493.6 |
363.0 |
222.3 |
|
Over One Year And Within Two Years |
43.2 |
242.9 |
- |
- |
- |
|
Lns Pble Maturing over a Yr within 2 Yrs |
446.9 |
529.2 |
- |
- |
- |
|
Long Term Debt Maturing within 2 Yr |
- |
- |
500.1 |
423.5 |
273.1 |
|
Over Two Years And Within Three Years |
- |
0.1 |
- |
- |
- |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
469.3 |
478.2 |
- |
- |
- |
|
Long Term Debt Maturing within 3 Yr |
- |
- |
544.7 |
751.9 |
339.1 |
|
Over Three Years And Within Four Years |
106.3 |
49.3 |
- |
- |
- |
|
Over Four Years And Within Five Years |
- |
0.0 |
- |
- |
- |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
334.7 |
512.2 |
- |
- |
- |
|
Long Term Debt Maturing within 4 Yr |
- |
- |
502.9 |
332.3 |
346.4 |
|
Lns Pble Maturg over 4 Yrs within 5 Yrs |
435.4 |
354.2 |
- |
- |
- |
|
Long Term Debt Maturing within 5 Yr |
- |
- |
499.2 |
423.3 |
121.4 |
|
Other Division And End Of Current Period |
301.5 |
- |
- |
- |
- |
|
Loans Payable Remaining |
- |
821.7 |
- |
- |
- |
|
Other Interest Bearing Remaining |
33.0 |
46.7 |
- |
- |
- |
|
Long Term Debt Remaining Maturity |
- |
- |
288.6 |
119.1 |
39.6 |
|
Total Long Term Debt, Supplemental |
2,650.6 |
3,858.4 |
2,829.2 |
2,413.2 |
1,341.9 |
|
Capital Lease Within 1 Year |
9.6 |
9.1 |
8.1 |
12.0 |
0.9 |
|
Cap Lease Maturg over a Yr within 2 Yrs |
5.5 |
6.2 |
- |
- |
- |
|
Capital Lease Within 2 Years |
- |
- |
7.0 |
3.6 |
0.8 |
|
Cap Lease Maturg over 2 Yr within 3 Yrs |
2.8 |
3.3 |
- |
- |
- |
|
Capital Lease Within 3 Years |
- |
- |
3.8 |
2.1 |
0.8 |
|
Cap Lease Maturg over 3 Yr within 4 Yrs |
1.8 |
1.6 |
- |
- |
- |
|
Capital Lease Within 4 Years |
- |
- |
2.4 |
1.2 |
0.5 |
|
Cap Lease Maturg over 4 Yr within 5 Yrs |
0.6 |
0.5 |
- |
- |
- |
|
Capital Lease Within 5 Years |
- |
- |
0.9 |
0.6 |
0.2 |
|
Other Division And End Of Current Period |
0.1 |
- |
- |
- |
- |
|
Capital Lease Remaining |
- |
0.1 |
- |
- |
- |
|
Capital Lease remaining |
- |
- |
0.2 |
0.2 |
0.6 |
|
Total Capital Leases, Supplemental |
20.4 |
20.8 |
22.4 |
19.7 |
3.8 |
|
Pension obligation |
1,140.1 |
1,244.4 |
1,217.6 |
1,105.4 |
1,047.4 |
|
Fair value of plan asset |
710.8 |
693.9 |
611.4 |
504.4 |
427.3 |
|
Funded status |
-429.2 |
-550.5 |
-606.2 |
-601.0 |
-620.2 |
|
Total Funded Status |
-429.2 |
-550.5 |
-606.2 |
-601.0 |
-620.2 |
|
Discont rate |
0.50% |
1.00% |
1.40% |
1.40% |
2.00% |
|
Expected return rate |
1.40% |
1.40% |
1.40% |
1.40% |
0.80% |
|
Unrecog. actuarial G/L |
243.0 |
281.8 |
265.1 |
225.5 |
241.2 |
|
Unrecog. prior service cost |
4.7 |
3.7 |
4.2 |
2.9 |
5.0 |
|
Prepaid pension benefit |
189.6 |
147.0 |
69.8 |
0.6 |
0.6 |
|
Reserve for accrued pension benefit |
-371.1 |
-412.1 |
-406.7 |
-373.1 |
-374.6 |
|
Net Assets Recognized on Balance Sheet |
66.3 |
20.3 |
-67.7 |
-144.2 |
-127.9 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
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) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
KPMG AZSA LLC |
KPMG AZSA LLC |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income,Bf.Tax |
1,121.9 |
669.7 |
737.7 |
-4.8 |
-214.1 |
|
Depreciation |
741.8 |
742.3 |
654.2 |
707.8 |
736.8 |
|
Impairment Loss |
1.7 |
0.8 |
17.0 |
192.7 |
10.4 |
|
Increase (decrease) in provision for los |
4.4 |
- |
- |
- |
- |
|
Increase (decrease) in allowance for dou |
-0.7 |
-11.2 |
-11.3 |
-6.8 |
29.4 |
|
Increase (decrease) in provision for bon |
16.2 |
1.9 |
11.4 |
12.6 |
-20.3 |
|
Increase (decrease) in provision for pro |
33.3 |
21.0 |
100.6 |
18.4 |
-5.3 |
|
Increase (decrease) in provision for los |
-23.2 |
-23.3 |
38.3 |
6.9 |
7.6 |
|
D/I In Provi. For Retirement Benefits |
11.0 |
1.9 |
-15.0 |
-24.7 |
-50.3 |
|
Int.&Divid. Income |
-32.2 |
-26.5 |
-22.7 |
-18.5 |
-37.2 |
|
Interest Expense |
40.2 |
47.9 |
52.8 |
53.2 |
33.0 |
|
Loss (gain) on valuation of derivatives |
20.7 |
64.8 |
-6.7 |
- |
- |
|
Loss (gain) on valuation of derivatives |
- |
- |
- |
1.8 |
52.7 |
|
Equity in (earnings) losses of affiliate |
-0.5 |
-10.3 |
-30.6 |
-11.5 |
-9.2 |
|
L/G on sales&retire. of noncur. Assets |
23.0 |
-339.5 |
7.7 |
32.3 |
34.4 |
|
Loss (gain) on sales and valuation of in |
-4.2 |
-3.6 |
-0.5 |
5.4 |
8.6 |
|
G/Prior Yr. Income |
- |
- |
- |
- |
0.0 |
|
Losses on transfer of receivables |
- |
- |
- |
- |
0.0 |
|
D/I In Notes&Accounts Receivable Trade |
15.2 |
-514.2 |
294.2 |
-197.0 |
59.1 |
|
Decrease (increase) in inventories |
-255.4 |
-621.0 |
218.0 |
607.8 |
-186.3 |
|
Increase (decrease) in notes and account |
586.7 |
939.7 |
-439.2 |
726.9 |
-728.1 |
|
Decrease (increase) in lease investment |
-3.4 |
15.0 |
51.9 |
-6.2 |
-15.3 |
|
Decrease (increase) in operating loans r |
-177.2 |
-203.6 |
17.1 |
-130.8 |
90.8 |
|
Decrease (increase) in vehicles and equi |
-30.5 |
-23.3 |
32.1 |
-30.8 |
- |
|
Lease Assets |
- |
- |
- |
- |
-4.1 |
|
Increase (decrease) in deposits received |
3.6 |
53.9 |
-92.3 |
35.4 |
-47.3 |
|
Increase (decrease) in cash and cash equ |
257.0 |
- |
- |
- |
- |
|
Other, net |
105.2 |
72.0 |
146.4 |
33.9 |
127.6 |
|
Int.&Divid. Rcvd |
32.5 |
28.8 |
23.0 |
18.5 |
37.2 |
|
Interest Paid |
-41.2 |
-46.5 |
-53.6 |
-56.0 |
-30.5 |
|
Income Taxes Paid |
-179.7 |
-141.8 |
-117.5 |
-65.0 |
-147.1 |
|
Oversea subs. FYE change |
- |
- |
- |
- |
141.9 |
|
Cash Consolid. Subs. |
- |
- |
- |
- |
20.4 |
|
Cash from Operating Activities |
2,266.3 |
694.8 |
1,612.9 |
1,901.6 |
-105.3 |
|
|
|
|
|
|
|
|
Purchase of short-term investment securi |
-117.6 |
-65.9 |
-49.4 |
-7.6 |
-22.5 |
|
Proceeds from sales of short-term invest |
62.3 |
42.0 |
52.0 |
11.4 |
53.0 |
|
Purchase of property, plant and equipmen |
-733.4 |
-621.3 |
-522.0 |
-571.2 |
-581.3 |
|
Proceeds from sales of property, plant a |
23.7 |
460.6 |
21.9 |
25.7 |
8.3 |
|
Purchase lease asset |
- |
- |
- |
- |
0.0 |
|
Sale lease asset |
- |
- |
- |
- |
0.0 |
|
Purc. Intangible |
-52.8 |
-40.6 |
-35.9 |
-31.1 |
-27.0 |
|
Purch. Invest. Secs. |
-174.8 |
-207.3 |
-241.8 |
-161.9 |
-203.3 |
|
Sale Invest. Secs. |
144.1 |
175.5 |
195.1 |
68.7 |
117.9 |
|
Closely-held inv'ts made |
- |
- |
- |
-0.5 |
-15.4 |
|
Loans made |
-1,136.2 |
-1,174.1 |
-986.3 |
-635.4 |
-638.8 |
|
Loans collected |
1,125.4 |
1,119.0 |
990.2 |
631.8 |
598.7 |
|
Other, net |
-0.8 |
-24.8 |
-20.3 |
-4.0 |
-9.8 |
|
Cash from Investing Activities |
-860.2 |
-336.9 |
-596.4 |
-674.1 |
-720.4 |
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term lo |
-345.4 |
-355.0 |
-502.2 |
-881.4 |
512.7 |
|
Commercial Paper,net |
- |
- |
0.0 |
-258.2 |
179.1 |
|
Proceeds from long-term loans payable |
123.2 |
1,007.9 |
803.2 |
1,188.6 |
368.8 |
|
Repayment of long-term loans payable |
-288.5 |
-269.3 |
-475.2 |
-281.0 |
-204.0 |
|
Proceeds from issuance of bonds |
120.5 |
- |
0.0 |
44.1 |
0.0 |
|
Redemption of bonds |
-241.2 |
-253.4 |
-233.5 |
0.0 |
-298.6 |
|
Purch. Treasury Stock |
- |
- |
- |
-1.0 |
-0.5 |
|
Sale of Treasury Stk |
- |
- |
- |
0.0 |
310.2 |
|
Cash dividends paid |
-89.1 |
-89.0 |
-40.8 |
0.0 |
-67.1 |
|
Repayments of lease obligations |
-11.5 |
-9.8 |
-15.2 |
-10.3 |
0.0 |
|
Other, net |
-0.4 |
1.4 |
3.8 |
-0.5 |
0.0 |
|
Cash from Financing Activities |
-732.4 |
32.8 |
-459.9 |
-199.7 |
800.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
180.4 |
-4.2 |
-133.7 |
-8.8 |
-155.4 |
|
Net Change in Cash |
854.1 |
386.5 |
422.9 |
1,018.9 |
-180.5 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
3,110.6 |
2,882.0 |
2,234.4 |
1,041.1 |
1,141.0 |
|
Net Cash - Ending Balance |
3,964.6 |
3,268.5 |
2,657.3 |
2,060.1 |
960.5 |
|
Cash Interest Paid |
41.2 |
46.5 |
53.6 |
56.0 |
30.5 |
|
Cash Taxes Paid |
179.7 |
141.8 |
117.5 |
65.0 |
147.1 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
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Financials in: USD (mil) |
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Except for share items (millions) and per
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.67.70 |
|
|
1 |
Rs.105.14 |
|
Euro |
1 |
Rs.90.03 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.