MIRA INFORM
REPORT
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Report Date : |
30.08.2013 |
IDENTIFICATION DETAILS
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Name : |
KAWASAKI HEAVY INDUSTRIES, LTD. |
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Registered Office : |
Kobe Crystal Tower, 1-1-3, Higashikawasaki-cho,
Ch Kobe-Shi, 650-8680 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
15.10.1896 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
·
manufacturer
of transportation and industrial equipment ·
manufacturer of ships, rolling stock, aircraft and jet
engines, gas turbine power generators, environmental and industrial plants,
and range of manufacturing equipment and systems. |
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No. of Employees : |
34,010 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 179.745 millions |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
japan ECONOMIC OVERVIEW
In the years following World War
II, government-industry cooperation, a strong work ethic, mastery of high
technology, and a comparatively small defense allocation (1% of GDP) helped
Japan develop a technologically advanced economy. Two notable characteristics
of the post-war economy were the close interlocking structures of
manufacturers, suppliers, and distributors, known as keiretsu, and the
guarantee of lifetime employment for a substantial portion of the urban labor
force. Both features are now eroding under the dual pressures of global
competition and domestic demographic change. Japan's industrial sector is
heavily dependent on imported raw materials and fuels. A 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 |
Company
name & address
Kawasaki Heavy Industries, Ltd.
Kobe Crystal Tower,
1-1-3, Higashikawasaki-cho, Ch
Kobe-Shi, 650-8680
Japan
Tel:
81-78-3719530
Fax:
81-78-3719568
Web: www.khi.co.jp
Hyogo Works
1-18, Wadayama-dori 2-chome, Hyogo-ku, Kobe, Hyogo 652-0884, Japan
Tel. 81-78-682-3111
Fax. 81-78-671-5784
Synthesis
Employees: 34,010
Company Type:
Public Parent
Corporate Family: 144
Companies
Traded:
Tokyo Stock Exchange: 7012
Over The Counter: KWHIY
Incorporation Date: 15-Oct-1896
Auditor: KPMG AZSA LLC
Financials in: USD
Fiscal Year End: 31-Mar-2013
Reporting Currency: Japanese
Yen
Annual Sales:
15,534.2 1
Net Income:
372.0
Total Assets:
15,584.1 2
Market Value: 65.2 (09-Aug-2013)
Credit Limit : USD 179.745 millions
Business
Description
Kawasaki Heavy
Industries, Ltd. is a manufacturer of transportation and industrial equipment
that has eight business segments. The Ship segment manufactures and sells
ships. The Vehicle segment provides railway vehicles and snow removing
equipment. The Aerospace segment offers aircraft. The Gas Turbine and Machinery
segment manufactures and sells jet engines, general-purpose gas turbines and
generating machinery. The Plant and Environment segment offers industrial
machinery, boilers, environmental equipment, steel structures and crushing
machines. The Motorcycle and Engine segment offers two-wheel vehicles,
all-terrain vehicles (ATVs), versatile four-wheel vehicles, personal
watercrafts and general-purpose gasoline engines. The Precision Machinery
segment manufactures and sells hydraulic machinery and industrial robots. The
Others segment is involved in the manufacture and sale of construction
machinery, the agency of sale and order, as well as the management of welfare
facilities. For the three months ended 30 June 2013, Kawasaki Heavy Industries,
Ltd. revenues decreased less than 1% to Y282.51B. Net income applicable to
common stockholders decreased 25% to Y4.5B. Revenues reflect Motorcycle & Engine
business segment increase of 26% to Y67.49B, Aerospace Business segment
increase of 12% to Y55.62B, Other Businesses segment increase of 7% to Y29.47B.
Industry
Industry
Miscellaneous Transportation Equipment Manufacturing
ANZSIC 2006: 2399 - Other Transport Equipment
Manufacturing Not Elsewhere Classified
ISIC Rev 4: 309 - Manufacture of transport
equipment n.e.c.
NACE Rev 2: 309 - Manufacture of transport equipment
n.e.c.
NAICS 2012: 336991 - Motorcycle, Bicycle, and Parts
Manufacturing
UK SIC 2007: 309 - Manufacture of transport equipment
n.e.c.
US SIC 1987: 3751 - Motorcycles, Bicycles, and Parts
Key
Executives
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Significant Developments
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* number of
significant developments within the last 12 months
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
Corporate
Overview
Location
Kobe Crystal
Tower,
1-1-3,
Higashikawasaki-cho, Chuo-ku
Kobe-Shi,
650-8680
Japan
Tel: 81-78-3719530
Fax: 81-78-3719568
Quote Symbol -
Exchange
7012 - Tokyo Stock Exchange
Sales JPY(mil): 1,288,881.0
Assets JPY(mil): 1,466,290.0
Employees: 34,010
Fiscal Year End: 31-Mar-2013
Industry: Recreational
Products
Incorporation
Date: 15-Oct-1896
Company Type: Public
Parent
Quoted Status: Quoted
President, Representative
Director:
Shigeru Murayama
Industry Codes
ANZSIC 2006
Codes:
2399 - Other
Transport Equipment Manufacturing Not Elsewhere Classified
2462 - Mining
and Construction Machinery Manufacturing
2231 - Boiler,
Tank and Other Heavy Gauge Metal Container Manufacturing
2499 - Other
Machinery and Equipment Manufacturing Not Elsewhere Classified
2394 - Aircraft
Manufacturing and Repair Services
2393 - Railway Rolling Stock Manufacturing
and Repair Services
2299 - Other Fabricated Metal Product
Manufacturing Not Elsewhere Classified
8790 - Other Social Assistance Services
2391 - Shipbuilding and Repair Services
ISIC Rev 4 Codes:
309 - Manufacture of transport equipment
n.e.c.
3030 - Manufacture of air and spacecraft and
related machinery
3020 - Manufacture of railway locomotives and
rolling stock
3011 - Building of ships and floating structures
2811 - Manufacture of engines and turbines,
except aircraft, vehicle and cycle engines
88 - Social work activities without
accommodation
2813 - Manufacture of other pumps,
compressors, taps and valves
2824 - Manufacture of machinery for mining, quarrying
and construction
2511 - Manufacture of structural metal
products
NACE Rev 2 Codes:
309 - Manufacture of transport equipment
n.e.c.
2511 - Manufacture of metal structures and
parts of structures
2811 - Manufacture of engines and turbines,
except aircraft, vehicle and cycle engines
88 - Social work activities without
accommodation
3011 - Building of ships and floating
structures
2814 - Manufacture of other taps and valves
2892 - Manufacture of machinery for mining,
quarrying and construction
3020 - Manufacture of railway locomotives and
rolling stock
3030 - Manufacture of air and spacecraft and
related machinery
NAICS 2012 Codes:
336991 - Motorcycle, Bicycle, and Parts
Manufacturing
332313 - Plate Work Manufacturing
336510 - Railroad Rolling Stock Manufacturing
336411 - Aircraft Manufacturing
336412 - Aircraft Engine and Engine Parts
Manufacturing
336611 - Ship Building and Repairing
332912 - Fluid Power Valve and Hose Fitting
Manufacturing
624190 - Other Individual and Family Services
333611 - Turbine and Turbine Generator Set
Units Manufacturing
333120 - Construction Machinery Manufacturing
US SIC 1987:
3751 - Motorcycles, Bicycles, and Parts
3731 - Ship Building and Repairing
3721 - Aircraft
3724 - Aircraft Engines and Engine Parts
3531 - Construction Machinery and Equipment
8322 - Individual and Family Social Services
3492 - Fluid Power Valves and Hose Fittings
3743 - Railroad Equipment
3443 - Fabricated Plate Work (Boiler Shops)
3511 - Steam, Gas, and Hydraulic Turbines,
and Turbine Generator Set Units
UK SIC 2007:
309 - Manufacture of transport equipment
n.e.c.
3011 - Building of ships and floating
structures
2814 - Manufacture of other taps and valves
2511 - Manufacture of metal structures and
parts of structures
2811 - Manufacture of engines and turbines,
except aircraft, vehicle and cycle engines
88 - Social work activities without
accommodation
2892 - Manufacture of machinery for mining,
quarrying and construction
3020 - Manufacture of railway locomotives and
rolling stock
3030 - Manufacture of air and spacecraft and
related machinery
Business Description
Kawasaki Heavy Industries Ltd (KHI), incorporated
on October 15, 1896, is a global manufacturer of transportation equipment and
industrial goods. KHI manufactures ships, rolling stock, aircraft and jet
engines, gas turbine power generators, environmental and industrial plants, and
range of manufacturing equipment and systems. KHI also produces consumer
products, such as Kawasaki-brand motorcycles and personal watercraft. KHI’s
business is divided into seven operations: shipbuilding, rolling stock and
construction machinery, aerospace, gas turbines and machinery, plant and
infrastructure engineering, consumer products and machinery, and hydraulic
machinery.
Kawasaki Shipbuilding Corporation, which is the
company of this segment, is engaged in building gas carriers and submarines,
which require advanced design and construction technologies. It offers a range
of liquefied natural gas (LNG) carriers, extending from small carriers with
cargo tank capacities of 19,000 cubic meters to large carriers with capacities
of 177,000 cubic meters. It also developed and offered in its lineup a pressure
build-up type LNG carrier for short distance and small-volume transportation.
The Company’s shipbuilding operations include products, such as LNG carriers,
liquefied petroleum gas (LPG) carriers, container ships, very large crude
carriers (VLCCs) and other types of tankers, bulk carriers, high speed vessels,
submarines, maritime application equipment.
KHI’s rolling stock production systems are
located in Hyogo and Harima in Japan and in Lincoln, Nebraska, and Yonkers, New
York, in United States. Kawasaki completed its light rail vehicle (LRV), dubbed
SWIMO. It also is developing efSET (Environmentally Friendly Super Express
Train) which achieves a service speed of 350 kilometers per hour (km/h).
Regarding the construction machinery business, Kawasaki has arranged a business
alliance with Hitachi Construction Machinery Co., Ltd., and TCM Corporation. As
of April 1, 2009, the Company split off its construction machinery business as
a wholly owned subsidiary of KHI, KCM Corporation.
KHI is the prime contractor for the development of
the MOD’s large-scale XP-1 and C-X aircraft. In the commercial aircraft
field, KHI delivered a test model of Boeing’s 787 Dreamliner passenger
aircraft. KHI is a partner corporation in the development and production of the
787 Dreamliner.
The Gas Turbines & Machinery segment has a
range of products for the energy and transportation equipment field. KHI
focuses to expand its global business by offering solutions for its customers
that include a lineup of in-house developed gas turbines together with product
support and maintenance. During the year ended December 31, 2008, the 8MW-class
power-generating capacity Kawasaki Green Gas Engine had 4,000 hours of
operational testing.
The plant and infrastructure engineering segment
encompasses the operations of Kawasaki Plant Systems, Ltd. (K Plant), which
undertakes projects to supply energy-related, industrial infrastructure,
environmental preservation systems and equipment, and the operations of the
parent company’s Industrial Facilities and Tunneling Equipment Division,
which mainly focuses on LNG tanks and diverse other storage tanks along with
shield machines and tunnel-boring machines. The Anhui Conch Kawasaki Energy
Conservation Equipment Manufacturing Co., Ltd. (CKM) is engaged in the
manufacturing of PH boiler parts that are employed in waste heat power plants.
CKM has commenced the manufacturing and sales of environmental preservation
related products, including cement plant components, such as vertical mills,
boilers for waste heat recovery power generation systems, and waste
gasification systems and sewage treatment systems that can be integrated with
cement kilns to enable municipal waste recycling.
The consumer products and machinery segment includes
the manufacture of motorcycles, all terrain vehicles (ATVs), utility vehicles,
personal watercraft, general purpose gasoline engines and industrial robots. In
the motorcycle line, Kawasaki launched the ZRX1200 DAEG and the Ninja ZX-6R. In
the cruiser segment, Kawasaki launched its Vulcan 1700 series with developed
engine and chassis. This series includes the Vulcan 1700 Voyager, a full-dress
V-twin engine tourer with a load of long-distance touring equipment. In the
utility vehicle category, KHI equipped the Teryx 750 series with an electronic
fuel injection system, mainly for recreational use. The MULE utility-oriented
vehicle series was restyled with the launch of the MULE 4010 series.
The hydraulic machinery operations include Kawasaki
Precision Machinery Ltd. (KPM). It has five manufacturing and marketing
facilities, which comprises KPM’s headquarters plant and the facilities of
Kawasaki Precision Machinery (U.K.) Limited; Kawasaki Precision Machinery
(U.S.A.), Inc.; China based Kawasaki Precision Machinery (Suzhou) Ltd.; and
Korea-based Flutek, Ltd.
More Business Descriptions
Kawasaki Heavy Industries, Ltd. is a manufacturer
of transportation and industrial equipment that has eight business segments.
The Ship segment manufactures and sells ships. The Vehicle segment provides
railway vehicles and snow removing equipment. The Aerospace segment offers
aircraft. The Gas Turbine and Machinery segment manufactures and sells jet
engines, general-purpose gas turbines and generating machinery. The Plant and
Environment segment offers industrial machinery, boilers, environmental
equipment, steel structures and crushing machines. The Motorcycle and Engine
segment offers two-wheel vehicles, all-terrain vehicles (ATVs), versatile
four-wheel vehicles, personal watercrafts and general-purpose gasoline engines.
The Precision Machinery segment manufactures and sells hydraulic machinery and
industrial robots. The Others segment is involved in the manufacture and sale
of construction machinery, the agency of sale and order, as well as the
management of welfare facilities. For the three months ended 30 June 2013,
Kawasaki Heavy Industries, Ltd. revenues decreased less than 1% to Y282.51B.
Net income applicable to common stockholders decreased 25% to Y4.5B. Revenues reflect
Motorcycle & Engine business segment increase of 26% to Y67.49B, Aerospace
Business segment increase of 12% to Y55.62B, Other Businesses segment increase
of 7% to Y29.47B.
Production of ships, rolling stock, aerospace,
machinery, motocycles, plant engineering and steel structures; consumer
products and components
Personal & Industrial Machinery Mfr
Kawasaki Heavy
Industries, Ltd. (KHI) manufactures transportation equipment and industrial
goods. It offers products under the brand name, Kawasaki. The company operates
along with its subsidiaries, including Canadian Kawasaki Motors Inc., Kawasaki
Motors Corp., U.S.A., and Kawasaki Precision Machinery (U.S.A.), Inc.The
company operates its business activities through following segments, namely,
Ship & Offshore Structure; Rolling Stock; Aerospace; Gas Turbine &
Machinery; Plant & Infrastructure; Motorcycle & Engine; Precision
Machinery; and Other. The company in the Ship & Offshore Structure segment
operates through Kawasaki Shipbuilding Corporation. It manufactures LNG
carriers, LPG carriers, container ships, bulk carriers, submarines, maritime
application equipment, high-speed vessels, offshore structures and VLCCs and
other types of tankers. The company established a joint venture with China
Ocean Shipping Company and formed Nantong COSCO KHI ship Engineering Co., Ltd.
(NACKS) to expand operations in the area of large-scale vessels in china. For
the fiscal year ended March 2012, the Ship & Offshore Structure segment
reported revenue of JPY113,532m, reflecting a decrease of 4.1% over that in
2011. The segment accounted for 8.7% of the company's total revenue in 2011.
The Rolling Stock segment operates in manufacturing of electric train cars
(including Shinkansen); electric and diesel locomotives; passenger coaches;
integrated transit systems; monorail cars; platform screen doors and Gigacell
(high-capacity, full sealed Ni-MH battery). This segment operates in Japan and
the US. Hyogo Works is the core company for this segment. The company also
operates with other subsidiaries in this segment, including Nichijo
Manufacturing Co,. Ltd., and Alna Yusoki-Yohin Co., Ltd. among others. The
company manufactured next generation light rail vehicle (LRV), and it will be
released to the market. For the fiscal year ended March 2012, the Rolling Stock
segment reported revenue of JPY132,684m, reflecting an increase of 1.2% over
that in 2011. The segment accounted for 10.2% of the company's total revenue in
2011. Through the Aerospace segment the company focuses on manufacturing
component parts for the Boeing 787, 777 and 767 commercial airplanes, P- 1
patrol aircraft and C-2 transport aircraft, component parts for the Embraer 170
and 190 commercial aircraft, missiles, space equipment, CH-47, OH-1 and BK117
helicopters and electronic equipment. The company operates through NIPPI
Corporation subsidiary. The company is the major contractor for development of
MOD’s large-scale C-2 transport aircraft and UH-X. It also manufactures
component parts for the Boeing 787. For the fiscal year ended March 2012, the
Aerospace segment reported revenue of JPY206,580m, reflecting an increase of
4.9% over that in 2011. The segment accounted for 15.8% of the company's total
revenue in 2011. The Gas Turbine & Machinery segment has a wide range of
products in energy and transportation equipment field, and oil and gas field.
The major products of the segment include gas engines, gas compression modules,
jet engines, small and medium-sized gas turbine generators, gas turbines for
naval vessels, steam turbines for marine propulsion systems, gas turbine
co-generation systems, diesel engines and marine propulsion systems. The
company operates through its subsidiaries in this segment, including Kawasaki
Thermal Engineering Co., Ltd. and Kawasaki Gas Turbine Asia Sdn. Bhd. For the
fiscal year ended March 2012, the Gas Turbine & Machinery segment reported
revenue of JPY194,655m, reflecting a decrease of 3.9% over that in 2011. The
segment accounted for 14.9% of the company's total revenue in 2011. Through its
Plant & Infrastructure segment, the company produces products which include
construction machinery, industrial equipment, shield machines and tunnel boring
machines. The company through Anhui Conch Kawasaki Energy Conservation
Equipment Manufacturing Co., Ltd. (CKM) manufactures the PH boiler parts used
in waste heat power plants, environmental equipment, steel structures and
crushers. For the fiscal year ended March 2012, the Plant & Infrastructure
segment reported revenue of JPY122,800m, reflecting a increase of 37.9% over
that in 2011. The segment accounted for 9.4% of the company's total revenue in
2011. The Motorcycle & Engine segment focuses on the manufacturing of
motorcycles, All-terrain vehicles (ATVs), utility vehicles, personal watercraft
and general-purpose gasoline engines. The company operates through its
subsidiaries in this segment, which include Kawasaki Motors Corp., U.S.A., KM
Receivables Corporation, Kawasaki Motors Pty. Ltd among others. For the fiscal
year ended March 2012, the Motorcycle & Engine segment reported revenue of
JPY235,243m, reflecting a increase of 0.3% over that in 2011. The segment
accounted for 18% of the company's total revenue in 2011. In the Precision
Machinery segment the company produces industrial hydraulic products. The major
products of the segment include hydraulic components (pumps, motors, and
valves), industrial robots, hydraulic marine machinery and hydraulic systems
for industrial use. Kawasaki Precision Machinery Ltd. (KPM) is the core company
for this segment. In addition, Kawasaki Precision Machinery (China) Ltd carries
out operations in assembly of knockdown sets of hydraulic pumps. This segment
has operational presence in the UK, the US, Korea and China. For the fiscal
year ended March 2012, the Precision Machinery segment reported revenue of
JPY175,077m, reflecting a increase of 24.7% over that in 2011.
The segment
accounted for 13.4% of the company's total revenue in 2011. For the fiscal year
ended March 2012, the Other segment reported revenue of JYP123,207m, reflecting
an increase of 8% over that in 2011. The segment accounted for 9.4% of the
company's total revenue in 2011.
Geographically,
the company classifies its locations into five reportable regions, namely,
Japan, the US, Europe, Asia, and Other regions.
During the fiscal
year ended 2012, the company’s Japan market accounted for 43.5% of the total
revenue, followed by the US (18.2%), Asia (18.4%), Other regions with (10.4%)
and Europe with (18.4%). In June 2012, the company announced that EarthTechnica
Co., Ltd., a Kawasaki group company, signed a license agreement with Shionogi
& Co., Ltd. on the manufacture and sale of powder processing equipment
previously handled by Shionogi.
In the same
month, the company invested in CompactGTL plc, a British company developing
modular gas to liquids (GTL) plants. In April 2012, the company acquired a
stake in Dalian COSCO Shipbuilding Industry Co., Ltd, a shipbuilding company
based in Dalian, China.
Kawasaki Heavy Industries, Ltd. (KHI) is a multi-national manufacturing company. It carries out operations in the manufacture of transportation equipment and industrial goods. The company manufactures various goods under the brand name, Kawasaki.
KHI manufactures ships, rolling stock, aircraft and jet engines, gas turbine power generators, environmental and industrial plants, and a wide range of manufacturing equipment and systems.
The company operates through its subsidiaries, including Kawasaki Shipbuilding Corporation, Kawasaki Precision Machinery Ltd., Kawasaki Plant Systems, Ltd. Geographically, the company operates in Japan, North America, Europe and Asia. KHI is headquartered in Minato-ku, Tokyo, Japan.
The company reported revenues of (Yen) JPY 1,288,881.00 million during the fiscal year ended March 2013, a decrease of 1.14% from 2012. The operating profit of the company was JPY 48,887.00 million during the fiscal year 2013, an increase of 17.39% over 2012. The net profit of the company was JPY 30,865.00 million during the fiscal year 2013, an increase of 32.33% over 2012.
Aerospace Product
and Parts Manufacturing
Auditor: KPMG AZSA LLC
Auditor: KPMG AZSA & Co, KPMG AZSA LLC
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Strategic
Initiatives
Partnerships
• A modular
structural design offering excellent maintainability, based on the latest
technologies and know-how cultivated through the development of KHI’s current
and previous models. By adopting the optimal maintenance cycle proposed by KHI,
life cycle costs will be significantly reduced.Jun 06, 2012RAO Energy System
Signs MoU With Sojitz And KHI For collaboration Of On-site Heat And Power
Cogeneration Projects In RussiaOJSC "RAO Energy System of East" and
Sojitz Corporation, and Kawasaki Heavy Industries, Ltd. (KHI) signed a
memorandum of understanding (MoU) on collaboration for on-site heat and power
cogeneration projects in the Russian Far East. The document was signed on June
6, 2012.During the meeting, the Sojitz and KHI expressed their interest in
joint projects implementation in Far Eastern federal district of Russia in
electrical energy field with utilization of gas turbine technologies.
The document was
signed on June 6, 2012.During the meeting, the Sojitz and KHI expressed their
interest in joint projects implementation in Far Eastern federal district of
Russia in electrical energy field with utilization of gas turbine technologies.
Within the frames of collaboration, the parties intend to determine the main
principles of further cooperation on implementing power projects in the Russian
Far East. As early as 2013, the companies intend to start practical
implementation of the projects on modernization of existing and construction of
new power facilities. Currently the parties have been already interacting in
the working groups on technical and economical aspects of possible joint power
projects.
Product
This promoted one
of the largest international military interventions in the region since the
Iraq war. Since then, the situation in the county has remained very fragile.
Such volatile political situation in the Middle East and Africa could affect
the company’s operations as its growth plans to expand its presence in the
region could be severely affected.Stringent RegulationsKHI’s products and
business operations are required to comply with increasingly stringent
environmental laws and regulations in the numerous countries in which it
operates. The company's facilities and operations are impacted by environmental
laws and regulations governing emissions, discharges to water, air and the
generation, transportation, storage, handling, treatment and disposal of
non-hazardous and hazardous waste materials. With engines subject to extensive
regulations, the company is faced with the challenges of improving product
technology and has to make substantial investments for research and
development.
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Helpful |
Harmful |
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Internal Origin |
Strengths |
Weaknesses |
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External Origin |
Opportunities Growth Opportunities: Emerging Markets |
Threats |
Overview
Kawasaki Heavy Industries, Ltd. (KHI) is one of the
largest companies in Japan. The company’s business areas include
environmental and energy control; machinery; robotics; ship building; steel
structures; and others. The company’s global presence and diversified
operations helped it strengthen its market position. Positive outlook for automotive
industry in the emerging markets and commercial aircraft could provide ample
opportunities for the company to foster its growth.
Strengths
Robust R&D Activities
Prioritizing innovation and optimization through
strong research and development (R&D) activity, the company creates a
strong competitive advantage as well as builds brand equity. The company’s
R&D operations are handled by the Corporate Technology Division that
consists of the Technical Institute and System Technology Development Center. KHI’s
R&D activities are classified into seven divisions, namely, Ship &
Offshore Structure, Rolling Stock, Aerospace, Energy, Environment &
Recycling, Motorcycles, and Precision Machinery (Hydraulics & Robotics).
The company has various technologies such as Overlapping Propeller technology,
LNG tank heat-resistant technology, Car-body crash analysis technology for
high-speed trains, Co-curing technology for aircraft fuselage, Space station
docking simulation technology, Gas turbine low-NOx combustion technology,
Carbon dioxide separation technology, Solid-gas two-phase flow analysis
technology of crushers, Aerodynamic testing and analysis technology, Emission
reduction technology, Assembly robot with force control, and much more in its
diversified field of operations. KHI is focused on developing new businesses
and products, which include the development of LNG-fueled propulsion ships,
waste processing facilities that can be used at cement kilns along with water
processing facilities, automated cell culture systems, geothermal binary power
generation systems, tidal power generation system, and the Gigacell for
electrical power systems. The company’s R&D expenditure was JPY39,940m
for the fiscal year ended March 2012, as compared to that of JPY37,090m in the
previous comparative period. Such strong focus on R&D helps the company to
introduce new products as well as optimize its existing product line, which
allows it to be a front-runner reaping higher benefits.
Diversified Product Portfolio
KHI offers a diverse
range of products and services through its group companies across the world. It
focuses on building ships, railway vehicles, civil construction equipments,
snow removing machinery, crushing machines, aircrafts and jet engines, gas
turbines, industrial machines, environmental equipment, steel structures,
two-wheeled and four-wheeled vehicles, hydraulic and disaster prevention
devices and medical devices. The company’s key product lines also include its
motorcycles and all-terrain vehicles. The company serves diversified business
which includes aerospace, rail, automobile, energy plants, industrial
equipments, infrastructure and more. The company’s diversified product
portfolio enables it to generate high revenues and minimize the risk of adverse
conditions in any of its product segments.
Extensive Geographical Presence
KHI operates
across the world through 100 plus group companies (97 subsidiaries and 28
associated companies). The company has set up manufacturing facilities in
various areas, including the US, the UK, Thailand, Indonesia, Philippines and
China. The company has sales and operations offices in India, Russia, Brazil,
The Netherlands, Middle East, Singapore and Hong Kong. The company classifies
its geographic locations into five reportable regions, namely, Japan, United
States, Europe, Asia, and Other Areas. During the fiscal year ended 2011, the
company generated 43.5% of its total revenue from Japan market, followed by
18.4% from Asia, 18.3% from the US, 9.5% from Europe, and 10.4% from Other
areas. The company’s wide geographic presence enables it to serve diverse
customer base and minimizes the risk of adverse conditions in any specific
region.
Weaknesses
High Non-Cash Component
KHI’s higher
non-cash component in liquidity is an area of concern to the company, which
could pose tough challenges due to slow global economic growth leading to
difficulties in realizing its inventory to sales. The company's cash &
equivalents as on March 31, 2012 (FY 2012), declined by 27.35% to JPY34,316m
from JPY47,233m in the previous comparative period. While its cash &
equivalents (as a percentage of total current assets) declined to 3.55% in FY
2012; the company’s inventory (as a percentage of total current assets) was
45.7% and trade receivables (as a percentage of total current assets) stood at
41.44%. The company's cash ratio declined to 0.05 in FY 2012, as compared to
that of 0.07 in FY 2011.
Opportunities
Growth Opportunities: Emerging Markets
The robust economic growth of India and China would
see holistic additions of power plants to supplement their economy. Further,
the world will count on natural gas even more for energy supply security at a
time when reducing emissions is a priority. According to the Central
Electricity Authority, India would be adding around 1,64,000 MW of power in its
twelfth plan (2012-2016) which is double the target of the existing five-year
plan’ 78000 MW. The demand-supply gap in the country has attracted various
foreign EPC (Engineering, Construction and Procurement) companies to enter into
the Indian market. It is also forecasted that gas will replace coal in the
world of power generation in the next 20 years and beyond and this will boost
gas turbine orders by 50 percent to about 63,000 megawatts. The company has
installed over 340 units amounting to 4,800 MW and now supplies Industrial
Steam Turbine of ratings of 150MW. With the demand for gas-based power plants
growing in the midst of environmental concerns, the company could expect to see
demand for its steam turbines and other equipment like co-generation turbines,
and add-ons. Further, the company also undertakes EPC Turnkey contracts from
various utilities and therefore has tremendous growth potential while the power
sector booms.
Positive Outlook of Emerging Automobile Markets
The automobile market, especially for two wheelers
are growing and the company could take advantage of the growth potential in the
market. The automobile sector mainly in Southeast Asia, Latin America, Central
and Eastern Europe have emerged as the markets of tomorrow. The Automobile
Market in India is expected to grow at a CAGR of 9.5% till 2015 and its
two-wheeler market is second largest in the world. Further, recently China
overtook France to become the fourth largest automobile market and is expected
to overtake Germany soon. These countries like Brazil, Russia, and Australia
along with other emerging markets provide ample opportunities for the companies
like Kawasaki to establish itself as a leader in this segment, especially two
wheelers. Growing demand, coupled with significantly upward mobile population,
rising income levels supported by credit availability makes these markets very
attractive for foreign automobile producers.
Long-Term Outlook for Commercial Aircraft Market
KHI could benefit from the positive long-term
outlook for aircraft market, as it carries out joint international development
and production of large passenger aircraft with international aircraft
manufacturers, the Boeing Company of the US and the Brazilian manufacturer
Empresa Brasileira de Aeronautica S.A (Embraer). It is a contractor for the
development of two large, next-generation aircraft, the XC-2 transport aircraft
and the XP-1 maritime patrol airplane. The new deliveries in commercial
aircrafts are expected to reach 31,435 during the period 2011-2030. It is
forecasted a global demand for 7,225 new jets in the 30 to 120-seat capacity
segment over the next 20 years, representing a total market value of $320
billion. During the aforementioned period, the company is expected to deliver
31,435 commercial aircraft including turboprops (2440), 30 to 120-seat segment
(7225), and narrow body 120-210 (16,185) and wide body over 210 seat segment
(5,585). Of the total new deliveries, 59% will be to support market growth and
41% to replace old aircraft. The overall 20-149 seat commercial aircraft
industry is expected to generate revenue of $588.6 billion by 2030. The demand
is expected to rise from across the geographies including Asia-Pacific, Africa,
Europe and Americas. The demand for aircrafts would be driven by increasing air
transport, which is expected to grow 5.2% per year from 2011 to 2030. According
to World Travel & Tourism Council, the travel and tourism industry
contributed 9% of global GDP with a value of over $6 trillion. The industry is
expected to grow by an average of 4% annually over the next ten years, taking
it to 10% of global GDP with value of $10 trillion.
Threats
Political Unrest in the Middle East and Africa
The recent political situation in various Middle
Eastern and African countries could affect the business operations of the
company. Due to the tense political situation in the region, some government
projects could be delayed. The Middle East experienced significant political
turmoil during 2011. The Arab Spring involved protests across Libya, Egypt and
Tunisia, which led to the overthrowing of governments. These protests spread to
Kuwait, Bahrain, Morocco, Oman, Lebanon and Saudi Arabia. Political instability
and civil wars could pose serious challenges to the company. The civil wars and
political unrest in the past continue to plague Iraq. The political situation
in Algeria has been historically volatile. There have been many instances of
civil unrest in Algeria, which resulted in massacres. In 2011, the political
situation in Libya was very fragile due to civil unrest in several Libyan
cities. This promoted one of the largest international military interventions
in the region since the Iraq war. Since then, the situation in the county has
remained very fragile. Such volatile political situation in the Middle East and
Africa could affect the company’s operations as its growth plans to expand
its presence in the region could be severely affected.
Stringent Regulations
KHI’s products and business operations are
required to comply with increasingly stringent environmental laws and
regulations in the numerous countries in which it operates. The company's
facilities and operations are impacted by environmental laws and regulations
governing emissions, discharges to water, air and the generation,
transportation, storage, handling, treatment and disposal of non-hazardous and
hazardous waste materials. With engines subject to extensive regulations, the
company is faced with the challenges of improving product technology and has to
make substantial investments for research and development. Further, the company
has to comply with emission and noise related regulations of various
governmental regulatory agencies in the countries of operation. Non compliance
to such regulations could lead to penalties and fines.
Growing Competition
KHI operates in industrial equipments and
automobile market which is highly competitive. The company faces a stiff
competition with various companies that are in the manufacturing, development,
marketing and trade of a wide range of industrial-use products and services.
The major geographic markets in which the company operates are highly
competitive and in recent years, competition has intensified considerably due to
highly maturing and saturating markets. Moreover, competition is further
increased during the current economic downturns leading to consolidation of
businesses. KHI competes with major global players such as Hitachi Construction
Machinery Co., Ltd., Mitsubishi Heavy Industries, Ltd., Komatsu Ltd., Yamaha
Motor Co., Ltd., and others for several products in its portfolio. As some of
the players are leading players in their respective home countries, the company
needs to focus on select industry sectors. Besides, the construction market in
Japan has been reducing over the past decade. The main factors for competition
for the company include price, product and service quality, brand reputation,
customer service and product features. Besides, decreasing barriers to entry
have further intensified competition. If the company is not able to maintain
product quality and consumer loyalty, rising competition will force the company
to reduce its prices which in turn may adversely affect its margins.
Global Economic Scenario
The global economic downturn and the uneven
recovery are likely to pose challenges to the company in the next few years.
The global recovery is facing challenges related to tough economic environment
in the Euro area and weak business environment elsewhere. Various factors
impacting consumer spending at a higher level includes higher interest rates,
higher fuel and other energy costs, weakness in the housing market, inflation,
higher levels of unemployment, decrease in consumer disposable income, unavailability
of consumer credit, higher consumer debt levels, higher tax rates and other
changes in tax laws, other regulatory changes, overall economic slowdown and
other economic factors. According to recent world economic outlook (WEO) report
by IMF, global output is projected to expand 3.25% in 2012, a downward revision
of about 0.75% point relative to the September 2011 WEO forecast. The primary
reason for the downward revision is the situations in the Euro region, which is
expected to record a mild recession in 2012, due to the increment in sovereign
yields, fiscal consolidation, and the effects of deleveraging by banks. The
growth in emerging economies is also expected to slow down, due to the
declining external environment and weak internal demand. According to the
report, the world output is expected to decline from 3.8% in 2011, to 3.3% in
2012, and is expected to register an increase of 3.9% in 2013. The output of
advanced economies is projected to decline from 1.6% in 2011 to 1.2% in 2012,
and the output of emerging and developing economies is expected to decline from
6.2% in 2011 to 5.4% in 2012. Growth in advanced economies is expected to be
lower, mainly due to adverse spillovers from the Euro region. The World Bank
also lowered its world economic growth to 2.5% in 2012 and 3.1% in 2013, well
below the 3.6 % growth for each year projected in June 2011. According to the
World Bank estimates, high income economies across the world are expected to
expand nearly 1.4% in 2012 as the euro area shrinks 0.3%, as it recorded sharp
downward revisions from growth forecasts last June of 2.7% and 1.8%,
respectively. It also lowered the growth forecast for developing economies to
5.4% for 2012 from its previous forecast of 6.2%, as the expansion in Brazil
and India, Russia, South Africa and Turkey became slow. According to experts,
the global economy is expected to record sluggish growth in 2013, with output
growth dragged down by a weak performance anticipated in the Euro zone. Such
sluggish growth could result in the inability of some of the company’s
customers to comply with the terms of their contracts.
|
Corporate Family |
Corporate
Structure News: |
|
|
Kawasaki
Heavy Industries, Ltd. |
|
Kawasaki Heavy Industries, Ltd. |
|
|
|
|
|
Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Kobe-Shi |
Japan |
Miscellaneous Transportation Equipment Manufacturing |
15,534.2 |
34,010 |
|
|
Facility |
Gifu |
Japan |
Train and Railroad Equipment Manufacturing |
|
4,000 |
|
|
Subsidiary |
Gifu |
Japan |
Architecture and Engineering |
|
3,000 |
|
|
Facility |
Kobe |
Japan |
Train and Railroad Equipment Manufacturing |
|
3,000 |
|
|
Facility |
Hyogo |
Japan |
Train and Railroad Equipment Manufacturing |
|
2,200 |
|
|
Subsidiary |
Kobe, Hyogo |
Japan |
Ship and Boat Building |
|
2,000 |
|
|
Branch |
Sakaide, Kagawa |
Japan |
Machinery and Equipment Manufacturing |
|
2,700 |
|
|
Subsidiary |
Tokyo |
Japan |
Motor Vehicle Parts Manufacturing |
|
2,000 |
|
|
Subsidiary |
Warrington |
United Kingdom |
Architecture and Engineering |
2.9 |
12 |
|
|
Joint Venture |
Nantong, Jiangsu Province |
China |
Ship and Boat Building |
|
1,400 |
|
|
Branch |
Kobe, Hyogo |
Japan |
Train and Railroad Equipment Manufacturing |
|
1,336 |
|
|
Subsidiary |
Kobe |
Japan |
Train and Railroad Equipment Manufacturing |
|
1,200 |
|
|
Subsidiary |
Yokohama |
Japan |
Aircraft Manufacturing |
|
1,000 |
|
|
Subsidiary |
Rayong |
Thailand |
Miscellaneous Transportation Equipment Manufacturing |
|
1,000 |
|
|
Facility |
Kobe, Hyogo Ku |
Japan |
Train and Railroad Equipment Manufacturing |
|
1,000 |
|
|
Subsidiary |
Jakarta Utara |
Indonesia |
Miscellaneous Transportation Equipment Manufacturing |
|
750 |
|
|
Subsidiary |
Lincoln, NE |
United States |
Miscellaneous Transportation Equipment Manufacturing |
576.0 |
744 |
|
|
Branch |
Maryville, MO |
United States |
Home and Garden Retail |
243.7 |
1,000 |
|
|
Facility |
Hyogo |
Japan |
Train and Railroad Equipment Manufacturing |
|
600 |
|
|
Subsidiary |
Metro Manila |
Philippines |
Miscellaneous Transportation Equipment Manufacturing |
160.4 |
530 |
|
|
Subsidiary |
Hyogo |
Japan |
Construction Machinery Manufacturing |
|
520 |
|
|
Facility |
Hyogo |
Japan |
Train and Railroad Equipment Manufacturing |
|
500 |
|
|
Subsidiary |
Kusatsu-Shi |
Japan |
Motor Vehicle Parts Manufacturing |
192.8 |
499 |
|
|
Subsidiary |
Irvine, CA |
United States |
Motor Vehicle Wholesale |
1,600.0 |
400 |
|
|
Branch |
Irvine, CA |
United States |
Banking |
|
400 |
|
|
Branch |
Atlanta, GA |
United States |
Miscellaneous Transportation Equipment Manufacturing |
12.0 |
25 |
|
|
Branch |
Ontario, CA |
United States |
Motor Vehicle Wholesale |
32.5 |
15 |
|
|
Branch |
Richland Hills, TX |
United States |
Motor Vehicle and Parts Dealers |
2.1 |
5 |
|
|
Branch |
Irvine, CA |
United States |
Banking |
|
4 |
|
|
Branch |
Eatontown, NJ |
United States |
Motor Vehicle Wholesale |
6.5 |
3 |
|
|
Shanghai
Cosco Kawasaki Heavy Industries Steel Structure Co Ltd |
Joint Venture |
Shanghai |
China |
Specialty Construction Trade Contractors |
|
345 |
|
Subsidiary |
Kobe |
Japan |
Investigation and Security Services |
|
308 |
|
|
Subsidiary |
Nagoya, Aichi |
Japan |
Medical Equipment and Supplies |
65.2 |
|
|
|
Subsidiary |
Plymouth |
United Kingdom |
Machinery and Equipment Manufacturing |
118.4 |
301 |
|
|
Subsidiary |
Kobe, Hyogo |
Japan |
Machinery and Equipment Manufacturing |
|
300 |
|
|
Subsidiary |
Hyogo |
Japan |
Aircraft Engine and Parts Manufacturing |
|
300 |
|
|
Subsidiary |
Tokyo |
Japan |
Metal Products Manufacturing |
|
276 |
|
|
Unit |
Yachiyo, Chiba |
Japan |
Metal Products Manufacturing |
|
|
|
|
Subsidiary |
Manaus, Amazonas |
Brazil |
Motor Vehicle Wholesale |
|
250 |
|
|
Subsidiary |
Bangkok |
Thailand |
Metal Products Manufacturing |
|
200 |
|
|
Joint Venture |
Wuhan |
China |
Metal Products Manufacturing |
|
180 |
|
|
Subsidiary |
Akashi, Hyogo |
Japan |
Machinery and Equipment Manufacturing |
|
151 |
|
|
Facility |
Nagoya |
Japan |
Train and Railroad Equipment Manufacturing |
|
100 |
|
|
Subsidiary |
Wixom, MI |
United States |
Machinery Wholesale |
51.3 |
93 |
|
|
Branch |
San Jose, CA |
United States |
Construction and Hardware Materials Wholesale |
26.9 |
10 |
|
|
Branch |
Louisville, KY |
United States |
Construction and Hardware Materials Wholesale |
16.4 |
7 |
|
|
Branch |
Austin, TX |
United States |
Construction and Hardware Materials Wholesale |
16.3 |
6 |
|
|
Branch |
Newnan, GA |
United States |
Construction and Hardware Materials Wholesale |
14.8 |
6 |
|
|
Subsidiary |
Metro Manila |
Philippines |
Architecture and Engineering |
1.5 |
80 |
|
|
Subsidiary |
Akashi, Hyogo |
Japan |
Miscellaneous Transportation Equipment Manufacturing |
|
80 |
|
|
Subsidiary |
Kakogawa, Hyogo |
Japan |
Machinery and Equipment Manufacturing |
|
72 |
|
|
Joint Venture |
Visano, BS |
Italy |
Machinery and Equipment Manufacturing |
32.1 |
58 |
|
|
Subsidiary |
Visano, Brescia |
Italy |
Electrical Equipment and Appliances Manufacturing |
1.3 |
6 |
|
|
Subsidiary |
Friedrichsdorf, Hessen |
Germany |
Motor Vehicle Wholesale |
26.5 |
55 |
|
|
Subsidiary |
Kuala Lumpur |
Malaysia |
Machinery and Equipment Manufacturing |
121.2 |
50 |
|
|
Subsidiary |
Kennesaw, GA |
United States |
Machinery and Equipment Manufacturing |
24.3 |
50 |
|
|
Subsidiary |
Yonkers, NY |
United States |
Train and Railroad Equipment Manufacturing |
10.0 |
50 |
|
|
Branch |
Bronx, NY |
United States |
Train and Railroad Equipment Manufacturing |
0.4 |
1 |
|
|
Subsidiary |
Kennesaw, GA |
United States |
Machinery Wholesale |
|
50 |
|
|
Subsidiary |
Rydalmere, NSW |
Australia |
Motor Vehicle and Parts Dealers |
51.8 |
45 |
|
|
Subsidiary |
Bourne End |
United Kingdom |
Miscellaneous Transportation Equipment Manufacturing |
75.0 |
40 |
|
|
Subsidiary |
Matsudo |
Japan |
Architecture and Engineering |
|
40 |
|
|
Subsidiary |
Bad Homburg, Hessen |
Germany |
Machinery and Equipment Manufacturing |
|
35 |
|
|
Subsidiary |
Hoofddorp |
Netherlands |
Motor Vehicle and Parts Dealers |
549.2 |
30 |
|
|
Subsidiary |
Neuss, Nordrhein-Westfalen |
Germany |
Machinery and Equipment Manufacturing |
26.9 |
30 |
|
|
Subsidiary |
Shah Alam, Selangor Darul Ehsan |
Malaysia |
Machinery and Equipment Manufacturing |
|
29 |
|
|
Subsidiary |
Yokohama, Kanagawa |
Japan |
Specialty Construction Trade Contractors |
|
27 |
|
|
Subsidiary |
Grand Rapids, MI |
United States |
Industrial Machinery Repair and Maintenance |
21.5 |
25 |
|
|
Subsidiary |
Toronto, ON |
Canada |
Motor Vehicle Manufacturing |
|
25 |
|
|
Subsidiary |
Incheon |
Korea, Republic of |
Machinery and Equipment Manufacturing |
36.4 |
23 |
|
|
Branch |
Taipei City, Taipei |
Taiwan |
Motor Vehicle Parts Manufacturing |
|
20 |
|
|
Subsidiary |
Inchon, Inchon |
Korea, Republic of |
Machinery and Equipment Manufacturing |
0.5 |
13 |
|
|
Subsidiary |
London |
United Kingdom |
Miscellaneous Personal Services |
2.4 |
6 |
|
|
Subsidiary |
Amsterdam |
Netherlands |
Motor Vehicle Parts Manufacturing |
1.3 |
6 |
|
|
Subsidiary |
Hong Kong |
Hong Kong |
Ship and Boat Building |
|
6 |
|
|
Subsidiary |
Amsterdam, Noord-Holland |
Netherlands |
Miscellaneous Professional Services |
|
6 |
|
|
Subsidiary |
Singapore |
Singapore |
Consulting Services |
|
4 |
|
|
Subsidiary |
New York, NY |
United States |
Consulting Services |
|
3 |
|
|
Branch |
Kirkland, WA |
United States |
Machinery Wholesale |
8.5 |
3 |
|
|
Branch |
Houston, TX |
United States |
Motor Vehicle Wholesale |
5.5 |
2 |
|
|
Subsidiary |
Jakarta |
Indonesia |
Motor Vehicle Wholesale |
|
2 |
|
|
Subsidiary |
Kobe, Hyogo |
Japan |
Machinery Wholesale |
1,369.5 |
|
|
|
Subsidiary |
Kobe, Hyogo |
Japan |
Machinery and Equipment Manufacturing |
87.3 |
|
|
|
Subsidiary |
Akashi, Hyogo |
Japan |
Research and Development Services |
78.9 |
|
|
|
Subsidiary |
Sapporo, Hokkaido |
Japan |
Motor Vehicle Manufacturing |
77.4 |
|
|
|
Subsidiary |
Koto-Ku, Tokyo |
Japan |
Miscellaneous Professional Services |
68.1 |
|
|
|
Subsidiary |
Akashi, Hyogo |
Japan |
Miscellaneous Professional Services |
50.7 |
|
|
|
Subsidiary |
São Paulo, SP |
Brazil |
Motor Vehicle Wholesale |
|
|
|
|
Branch |
Lainate, MI |
Italy |
Motor Vehicle and Parts Dealers |
|
|
|
|
Subsidiary |
Amphur Pluak Daeng, Rayong |
Thailand |
Architecture and Engineering |
|
|
|
|
Subsidiary |
Akashi, Hyogo |
Japan |
Motor Vehicle Parts Manufacturing |
|
|
|
|
Subsidiary |
Kobe, Hyogo |
Japan |
Ship and Boat Building |
|
|
|
|
Subsidiary |
Kakamigahara, Gifu |
Japan |
Architecture and Engineering |
|
|
|
|
Subsidiary |
Suzhou |
China |
Ship and Boat Building |
|
|
|
|
Subsidiary |
Akashi, Hyogo |
Japan |
Machinery and Equipment Manufacturing |
|
|
|
|
Subsidiary |
Burlington, VT |
United States |
Insurance Agents |
|
|
|
|
Subsidiary |
Tianjin |
China |
Machinery Wholesale |
|
|
|
|
Subsidiary |
Kobe, Hyogo |
Japan |
Machinery and Equipment Manufacturing |
|
|
|
|
Unit |
Sakaide, Kagawa |
Japan |
Machinery and Equipment Manufacturing |
|
|
|
|
Subsidiary |
Kakogawa, Hyogo |
Japan |
Machinery Wholesale |
|
|
|
|
Subsidiary |
Kobe, Hyogo |
Japan |
Architecture and Engineering |
|
|
|
|
Subsidiary |
Kitakyushu, Fukuoka |
Japan |
Metal Products Manufacturing |
|
|
|
|
Subsidiary |
Akashi, Hyogo |
Japan |
Construction Machinery Manufacturing |
|
|
|
|
Subsidiary |
Kobe, Hyogo |
Japan |
Ship and Boat Building |
|
|
|
|
Subsidiary |
Kobe, Hyogo |
Japan |
Miscellaneous Transportation Equipment Manufacturing |
|
|
|
|
Subsidiary |
Sapporo, Hokkaido |
Japan |
Train and Railroad Equipment Manufacturing |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Ship and Boat Building |
|
|
|
|
Subsidiary |
Osaka |
Japan |
Machinery and Equipment Manufacturing |
|
|
|
|
Subsidiary |
Kobe, Hyogo |
Japan |
Real Estate Agents and Brokers |
|
|
|
|
Subsidiary |
Shanghai |
China |
Machinery and Equipment Manufacturing |
|
|
|
|
Unit |
Aichi |
Japan |
Aircraft Engine and Parts Manufacturing |
|
|
|
|
Subsidiary |
Gifu |
Japan |
Motor Vehicle Parts Manufacturing |
|
|
|
|
Subsidiary |
Sapporo |
Japan |
Construction Machinery Manufacturing |
|
|
|
|
Subsidiary |
Changwon, Kyung Nam |
Korea, Republic of |
Machinery and Equipment Manufacturing |
|
|
|
|
Facility |
Uiryeong, Kyungnam |
Korea, Republic of |
Machinery and Equipment Manufacturing |
|
|
|
|
Subsidiary |
Dubai |
United Arab Emirates |
Construction Machinery Manufacturing |
|
|
|
|
Subsidiary |
Pune, Maharashtra |
India |
Motor Vehicle and Parts Dealers |
|
|
|
|
Subsidiary |
Shangyu, Zhejiang |
China |
Machinery and Equipment Manufacturing |
|
|
|
|
Subsidiary |
Akashi |
Japan |
Research and Development Services |
|
|
|
|
Subsidiary |
Kobe, Hyogo |
Japan |
Computer System Design Services |
|
|
|
|
Subsidiary |
Kobe, Hyogo |
Japan |
Architecture and Engineering |
|
|
|
|
Subsidiary |
Kobe, Hyogo |
Japan |
Specialty Construction Trade Contractors |
|
|
|
|
Subsidiary |
Kobe, Hyogo |
Japan |
Train and Railroad Equipment Manufacturing |
|
|
|
|
Subsidiary |
Kobe, Hyogo |
Japan |
Train and Railroad Equipment Manufacturing |
|
|
|
|
Subsidiary |
Sakaide, Kagawa |
Japan |
Ship and Boat Building |
|
|
|
|
Subsidiary |
Amagasaki, Hyogo |
Japan |
Residential and Commercial Building Construction |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Residential and Commercial Building Construction |
|
|
|
|
Subsidiary |
Yachiyo, Chiba |
Japan |
Residential and Commercial Building Construction |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Commercial and Industrial Rental |
|
|
|
|
Subsidiary |
Sao Paulo |
Brazil |
Machinery Wholesale |
|
|
|
|
Subsidiary |
Hyogo |
Japan |
Residential and Commercial Building Construction |
|
|
|
|
Subsidiary |
Yokohama, Kanagawa |
Japan |
Aircraft Engine and Parts Manufacturing |
|
|
|
|
Subsidiary |
Kakamigahara, Gifu |
Japan |
Aircraft Engine and Parts Manufacturing |
|
|
|
|
Subsidiary |
Kobe, Hyogo |
Japan |
Machinery and Equipment Manufacturing |
|
|
|
|
Unit |
Kakogawa, Hyogo |
Japan |
Metal Products Manufacturing |
|
|
|
|
Unit |
Kakogawa, Hyogo |
Japan |
Machinery and Equipment Manufacturing |
|
|
|
|
Subsidiary |
Kobe, Hyogo |
Japan |
Ship and Boat Building |
|
|
|
|
Unit |
Kobe, Hyogo |
Japan |
Machinery and Equipment Manufacturing |
|
|
|
|
Subsidiary |
Osaka |
Japan |
Machinery and Equipment Manufacturing |
|
|
|
|
Unit |
Yatomi, Aichi |
Japan |
Aircraft Engine and Parts Manufacturing |
|
|
|
|
Subsidiary |
Kakamigahara, Gifu |
Japan |
Architecture and Engineering |
|
|
|
|
Kawasaki
Heavy Industries, Ltd. - KCM Corporation Main Plant |
Facility |
Hyogo |
Japan |
Construction Machinery Manufacturing |
|
|
|
Joint Venture |
Qiongshan, Hainan |
China |
Machinery and Equipment Manufacturing |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Ship and Boat Building |
|
|
|
|
||
Competitors Report
|
||
|
Company Name |
Location |
Employees |
Ownership |
|
Bayerische Motoren Werke AG |
Muenchen, Germany |
106,870 |
Public |
|
Briggs & Stratton Corporation |
Wauwatosa, Wisconsin, United States |
6,321 |
Public |
|
Caterpillar Inc. |
Peoria, Illinois, United States |
122,402 |
Public |
|
Deere & Company |
Moline, Illinois, United States |
66,900 |
Public |
|
DynCorp International LLC |
Falls Church, Virginia, United States |
22,300 |
Private |
|
Fomento de Construcciones y Contratas SA |
Barcelona, Spain |
85,959 |
Public |
|
GE Aircraft Engines UK |
West Drayton, United Kingdom |
25 |
Private |
|
Hanjin Heavy Ind & Const Holdings Co Ltd |
Busan, Korea, Republic of |
11 |
Public |
|
Harley-Davidson, Inc. |
Milwaukee, Wisconsin, United States |
5,800 |
Public |
|
Hitachi Construction Machinery Co., Ltd. |
Bunkyo-Ku, Japan |
20,440 |
Public |
|
Hitachi Zosen Corp |
Osaka-Shi, Japan |
9,039 |
Public |
|
Honda Motor Co Ltd |
Minato-Ku, Japan |
190,338 |
Public |
|
Hyundai Heavy Industries Co Ltd |
Ulsan, Korea, Republic of |
26,573 |
Public |
|
IHI Corporation |
Koto-Ku, Japan |
26,618 |
Public |
|
ITOCHU International Inc. |
New York, New York, United States |
4,671 |
Private |
|
Japan Steel Works Ltd |
Shinagawa-Ku, Japan |
4,804 |
Public |
|
Keppel Corporation Limited |
Singapore, Singapore |
38,390 |
Public |
|
Komatsu Ltd |
Minato-Ku, Japan |
46,730 |
Public |
|
Mitsubishi Heavy Industries, Ltd. |
Minato-Ku, Japan |
68,213 |
Public |
|
Mitsui Engineering & Shipbuilding Co Ltd |
Chuo-Ku, Japan |
9,881 |
Public |
|
NIPPON SHARYO, LTD. |
Nagoya-Shi, Japan |
2,313 |
Public |
|
Norton Motorcycles (Uk) Ltd. |
Derby, United Kingdom |
|
Private |
|
NSK Ltd. |
Shinagawa-Ku, Japan |
28,487 |
Public |
|
Oceaneering International |
Houston, Texas, United States |
10,900 |
Public |
|
Sumitomo Heavy Industries Ltd |
Shinagawa-Ku, Japan |
18,245 |
Public |
|
Sumitomo Heavy Industries, Ltd. |
Tokyo, Shinagawa-ku, Japan |
18,139 |
Public |
|
SUZUKI MOTOR CORPORATION |
Hamamatsu-Shi, Japan |
55,948 |
Public |
|
Toyota Tsusho Corp |
Minato-Ku, Japan |
48,336 |
Public |
|
Triumph Motorcycles Ltd. |
Hinckley, United Kingdom |
478 |
Private |
|
Ultra Motorcycle Co |
Mira Loma, California, United States |
78 |
Public |
|
YAMAHA CORPORATION |
Hamamatsu-Shi, Japan |
19,688 |
Public |
|
Yamaha Motor Co., Ltd. |
Iwata-Shi, Japan |
53,958 |
Public |
Executive report
|
Board of
Directors |
|
|
|
|
||||||||||
|
Board Member |
Chairman |
|
||||||||||
|
|||||||||||||
|
President |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Board Member |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Managing Director, President of Gas Turbine & Machinery Company,
Representative Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Managing Director, President of Plant and Environment Company,
Representative Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
President-Ship & Offshore Structure & Senior VP |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Managing Director, President of Vehicle Company, Representative
Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Managing Director, Managing Executive Officer, Chief Director of
Technology Development |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Vice President, Chief Director of
Planning, Representative Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Managing Director, Managing Executive Officer, President of Ship &
Offshore Structure Company, Representative Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
President, Representative Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Board Member |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Managing Director, President of Precise Equipment, Representative
Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Board Member |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Vice President, Representative Director |
Director/Board Member |
|
|
|||||||||
|
|||||||||||||
|
Executives |
|
|
|
|
||||||||||
|
President |
President |
|
||||||||||
|
|||||||||||||
|
President-Ship & Offshore Structure & Senior VP |
President |
|
|
|||||||||
|
|||||||||||||
|
President, Representative Director |
President |
|
|
|||||||||
|
|||||||||||||
|
Executive Officer, Chief Director of Ship & Offshore Structure
Company |
Division Head Executive |
|
|
|||||||||
|
Executive Officer, Chief Director of Finance |
Division Head Executive |
|
|
|||||||||
|
Executive Officer, Manager of Robot Business Center in Precise
Machinery Company |
Division Head Executive |
|
|
|||||||||
|
Executive Officer, Chief Director of CSR Promotion |
Division Head Executive |
|
|
|||||||||
|
Executive Officer, Vice President & Chief Director of Technology
in Precision Machinery Company |
Division Head Executive |
|
|
|||||||||
|
|||||||||||||
|
Managing Executive Officer, Deputy Chief Director of Marketing,
Director of MD Project |
Division Head Executive |
|
|
|||||||||
|
Managing Executive Officer, President of Aerospace Company |
Division Head Executive |
|
|
|||||||||
|
Executive Officer |
Division Head Executive |
|
|
|||||||||
|
Executive Officer, Deputy Director of Technology Development ,
Director of Technology Research Institute |
Division Head Executive |
|
|
|||||||||
|
Executive Officer, Kobe Ship Manufacturing Plant |
Division Head Executive |
|
|
|||||||||
|
|||||||||||||
|
Managing Executive Officer, President of Motor Cycle and Engine
Company, Chief Director of Supply Chain of Motorcycle & Engine Company |
Division Head Executive |
|
|
|||||||||
|
Executive Officer, Chief Director of Technology of Air Navigation and
Universe Company |
Division Head Executive |
|
|
|||||||||
|
Executive Officer, Deputy Chief Director of Technology Development,
Manager of System Technology Development Center |
Division Head Executive |
|
|
|||||||||
|
Executive Officer, Manager of Gas Turbine Business Center in Gas
Turbine & Machinery Company |
Division Head Executive |
|
|
|||||||||
|
Executive Officer, Chief Director of Project in Precise Machinery
Company |
Division Head Executive |
|
|
|||||||||
|
Managing Director, Managing Executive Officer, Chief Director of
Technology Development |
Division Head Executive |
|
|
|||||||||
|
|||||||||||||
|
Managing Director, Managing Executive Officer, President of Ship &
Offshore Structure Company, Representative Director |
Division Head Executive |
|
|
|||||||||
|
|||||||||||||
|
Executive Officer, Chief Director of General Affairs |
Division Head Executive |
|
|
|||||||||
|
Executive Officer |
Division Head Executive |
|
|
|||||||||
|
Executive Officer, Chief Director of Sales in Motor Cycle and Engine
Company |
Division Head Executive |
|
|
|||||||||
|
|||||||||||||
|
Executive Officer, Vice President of Vehicle Company |
Division Head Executive |
|
|
|||||||||
|
|||||||||||||
|
Executive Officer, Manager of Machinery Business Center in Gas Turbine
& Machinery Company |
Division Head Executive |
|
|
|||||||||
|
Executive Officer, Chief Director of Planning in Aerospace Company |
Division Head Executive |
|
|
|||||||||
|
Executive Officer, Chief Director of Human Resources |
Division Head Executive |
|
|
|||||||||
|
Executive Officer, Deputy Chief Director of Technology Development |
Division Head Executive |
|
|
|||||||||
|
Executive Officer, Deputy Chief Director of Planning |
Division Head Executive |
|
|
|||||||||
|
Executive Officer, Chief Director of Planning in Ship & Offshore
Structure Company |
Division Head Executive |
|
|
|||||||||
|
Executive Officer, Senior Director of Energy Plant in Plant &
Environment Company |
Division Head Executive |
|
|
|||||||||
|
Executive Officer-Robot Division-Precision Machinery |
Division Head Executive |
|
|
|||||||||
|
Executive Officer, Chief Director of Procurement |
Division Head Executive |
|
|
|||||||||
|
Managing Director, President of Gas Turbine & Machinery Company,
Representative Director |
Managing Director |
|
|
|||||||||
|
|||||||||||||
|
Managing Director, President of Plant and Environment Company,
Representative Director |
Managing Director |
|
|
|||||||||
|
|||||||||||||
|
Managing Director, President of Vehicle Company, Representative
Director |
Managing Director |
|
|
|||||||||
|
|||||||||||||
|
Managing Director, President of Precise Equipment, Representative Director |
Managing Director |
|
|
|||||||||
|
|||||||||||||
|
Executive Officer |
Administration Executive |
|
|
|||||||||
|
|||||||||||||
|
Executive Officer |
Administration Executive |
|
|
|||||||||
|
Executive Officer |
Administration Executive |
|
|
|||||||||
|
Executive Officer |
Administration Executive |
|
|
|||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
|||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
|||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
|||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
|||||||||
|
Director of Accounting |
Investor Relations Executive |
|
|
|||||||||
|
Vice President, Chief Director of Planning, Representative Director |
Planning Executive |
|
|
|||||||||
|
|||||||||||||
|
Executive Officer-Plant & Infrastructure |
Manufacturing Executive |
|
|
|||||||||
|
|||||||||||||
|
Executive Officer-Precision Machinery |
Other |
|
|
|||||||||
|
|||||||||||||
|
Executive Officer-Rolling Stock |
Other |
|
|
|||||||||
|
|||||||||||||
|
|
Significant
Developments
Federal
Hydro-generating Company RusHydro OAO and Kawasaki Heavy Industries Ltd Plan
Liquid Hydrogen Production in Russia-PRIME Jun 20, 2013
PRIME reported
that Federal Hydro-generating Company RusHydro OAO (RusHydro) and Japan's
Kawasaki Heavy Industries Ltd (Kawasaki) will examine the possibility of
building a complex for the production of liquid hydrogen in Russia's Far East,
RusHydro CEO Mr. Yevgeny Dod told RIA Novosti. The companies plan to sign an
agreement under which RusHydro's subsidiary RAO ES Vostoka will supply electric
power to the complex, while Kawasaki will provide technologies for the
production, storage, and transportation of liquid hydrogen. The complex will
produce 300 tons of liquid hydrogen per day once fully launched in 2024 and
will supply hydrogen mainly to Japan and East Asia.
Kawasaki Heavy
Industries Ltd Axes Merger Plan with Mitsui Engineering & Shipbuilding Co
Ltd-The Daily
Yomiuri Jun 15,
2013
The Daily Yomiuri
reported that Kawasaki Heavy Industries Ltd has called off a merger plan with
Mitsui Engineering & Shipbuilding Co. after its board of directors
dismissed the president and two other executives who had been pushing for it.
Kawasaki Heavy
Industries Ltd Announces Changes of President Jun 13, 2013
Kawasaki Heavy Industries Ltd announced that it has
appointed Mr. Shigeru Murayama to replace Mr. Satoshi Hasegawa as President of
the Company, effective June 13, 2013.
Kawasaki Heavy Industries Ltd Announces Order
Received for the Newly Developed LNG Carrier -- MorningStar Japan Jun 05, 2013
MorningStar Japan reported that Kawasaki Heavy
Industries Ltd announced that it has signed a shipbuilding contract with
Kawasaki Kisen Kaisha, Ltd. for one 182,000 -cubic meter type LNG carrier. The
vessel is to be built at Kawasaki's Sakaide Shipyard and is slated for
completion in October 2016. Once completed, the vessel is scheduled to be used
to transport LNG that the CPC Corporation, Taiwan will purchase from the
Ichthys LNG Project in Australia, which is led by INPEX CORPORATION.
Wisdom Marine Lines Co Ltd's Subsidiary Orders
Ships from Namura Shipbuilding Co., Ltd. and Kawasaki Heavy Industries Ltd Apr
23, 2013
Wisdom Marine Lines Co Ltd announced that its
subsidiary, Wisdom Marine Lines S.A., has ordered two 34,000 tons bulk carrier
from Namura Shipbuilding Co., Ltd. at approximately USD 23 million each, and
one 55,000 tons bulk carrier from Kawasaki Heavy Industries Ltd at
approximately USD 27 million.
Kawasaki Heavy Industries Ltd and Mitsui
Engineering & Shipbuilding Co Ltd To Start Merger Talks-Reuters Apr 22,
2013
reported that Kawasaki Heavy Industries Ltd and
Mitsui Engineering & Shipbuilding Co Ltd will begin talks on a possible
merger, although as it is unclear whether the two Japanese heavy machinery makers
can overcome internal reticence about a union. The companies have sought out
financial advisors to help with a merger, without formally appointing any. At
the earliest a merger could happen during the next business year from April 1,
2014.
Kawasaki Heavy Industries Ltd Announces Appeal of
Lawsuit-Yomiuri Shimbun Apr 17, 2013
Yomiuri Shimbun
reported that Hitachi Zosen Corp, TAKUMA CO LTD, Kawasaki Heavy Industries Ltd
and Mitsubishi Heavy Industries Ltd have filed an appeal against a sentence for
a lawsuit, which was filed by Atami City against five companies including the
four companies, claiming compensation of approximately JPY 511.90 million for
unjust contract price on waste treatment facility construction works. According
the sentence by Tokyo High Court, the five companies were requested to pay a
compensation of JPY 315 million.
PT Wijaya Karya
(Persero) Tbk And Kawasaki Heavy Industries Ltd Secure Contract From PT Aneka
Tambang (Persero) Tbk-The Jakarta Post Feb 08, 2013
The Jakarta Post
reported that PT Aneka Tambang (Persero) Tbk has signed a USD 102 million
contract with Kawasaki Heavy Industries Ltd. and PT Wijaya Karya (Persero) Tbk
to develop a ferronickel plant. The consortium of Kawasaki and Wijaya Karya has
secured a contract to provide engineering, procurement and construction (EPC)
services to develop Company's existing line-4 ferronickel plant, part of the
miner's expansion plans in Pomalaa, Southeast Sulawesi. The line-4 development
is expected to be completed within 27 months.
Kawasaki Heavy
Industries Ltd Announces Retirement of Chairman of the Board Jan 31, 2013
Kawasaki Heavy
Industries Ltd announced that its Chairman of the Board, Tadaharu Ohashi will
retire from the position effective June 2013.
Kawasaki Heavy
Industries Ltd Lowers Full-year Consolidated Outlook for FY 2013 Oct 31, 2012
Kawasaki Heavy
Industries Ltd announced that it has lowered its full-year consolidated outlook
for revenue from JPY 1,380,000 million to JPY 1,300,000 million, operating
profit from JPY 52,000 million to JPY 36,000 million, ordinary profit from JPY
56,000 million to JPY 50,000 million, net profit from JPY 34,000 million to JPY
30,000 million, and earnings per share from JPY 20.33 to JPY 17.94, for the
fiscal year ending March 31, 2013. This is due to the decrease in sales of
hydraulic equipment, appreciation of yen and decrease in automobile project
orders. According to I/B/E/S Estimates, analysts on average are expecting the
Company to report its full-year consolidated outlook for revenue of JPY
1,335,790 million, operating profit of JPY 46,110 million and net profit of JPY
30,110 million, for the same fiscal year.
Kawasaki Heavy
Industries Ltd Lowers Consolidated Mid-year Outlook for FY 2013 Oct 23, 2012
Kawasaki Heavy Industries Ltd announced that it has
lowered its consolidated mid-year outlook for revenue from JPY 620,000 million
to JPY 574,900 million, operating profit from JPY 20,000 million to JPY 10,300
million, ordinary profit from JPY 24,000 million to JPY 20,100 million, net profit
from JPY 14,000 million to JPY 12,400 million and earning per share from JPY
8.37 to JPY 7.41, for the fiscal year ending March 2013. The Company lowered
the outlook due to the decreased sales and the provision for overseas project.
R&I Affirms Kawasaki Heavy Industries, Ltd.'s
Rating at "A-"; Rating Outlook Negative Oct 02, 2012
Rating and Investment Information, Inc. (R&I)
announced that it has affirmed the rating on Kawasaki Heavy Industries, Ltd. at
"A-". The rating outlook is negative.
Annual income statement
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 |
Reclassified
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 with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
15,534.2 |
16,511.6 |
14,318.2 |
12,626.0 |
13,321.5 |
|
Revenue |
15,534.2 |
16,511.6 |
14,318.2 |
12,626.0 |
13,321.5 |
|
Total Revenue |
15,534.2 |
16,511.6 |
14,318.2 |
12,626.0 |
13,321.5 |
|
|
|
|
|
|
|
|
Cost of Revenue |
13,082.6 |
13,790.5 |
12,102.5 |
11,013.5 |
11,414.2 |
|
Cost of Revenue, Total |
13,082.6 |
13,790.5 |
12,102.5 |
11,013.5 |
11,414.2 |
|
Gross Profit |
2,451.6 |
2,721.1 |
2,215.8 |
1,612.5 |
1,907.3 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
824.7 |
857.4 |
732.3 |
708.1 |
695.0 |
|
Labor & Related Expense |
519.3 |
526.4 |
460.1 |
425.8 |
416.8 |
|
Advertising Expense |
98.0 |
103.4 |
93.0 |
83.3 |
129.0 |
|
Total Selling/General/Administrative Expenses |
1,442.0 |
1,487.2 |
1,285.4 |
1,217.1 |
1,240.8 |
|
Research & Development |
502.7 |
505.8 |
432.8 |
409.5 |
380.7 |
|
Restructuring Charge |
- |
- |
0.0 |
82.3 |
0.0 |
|
Litigation |
- |
- |
0.0 |
75.1 |
51.4 |
|
Impairment-Assets Held for Use |
4.4 |
189.0 |
115.8 |
33.7 |
13.9 |
|
Impairment-Assets Held for Sale |
- |
- |
18.4 |
0.3 |
18.7 |
|
Other Unusual Expense (Income) |
-86.6 |
0.0 |
7.2 |
-0.5 |
90.8 |
|
Unusual Expense (Income) |
-82.2 |
189.0 |
141.4 |
190.9 |
174.8 |
|
Total Operating Expense |
14,945.0 |
15,972.6 |
13,962.1 |
12,831.1 |
13,210.4 |
|
|
|
|
|
|
|
|
Operating Income |
589.2 |
539.0 |
356.1 |
-205.1 |
111.0 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-50.0 |
-54.2 |
-54.6 |
-58.1 |
-66.3 |
|
Interest Expense, Net Non-Operating |
-50.0 |
-54.2 |
-54.6 |
-58.1 |
-66.3 |
|
Interest Income -
Non-Operating |
10.6 |
21.2 |
20.8 |
33.0 |
31.3 |
|
Investment Income -
Non-Operating |
9.6 |
126.9 |
131.0 |
212.7 |
208.1 |
|
Interest/Investment Income - Non-Operating |
20.2 |
148.1 |
151.7 |
245.6 |
239.4 |
|
Interest Income (Expense) - Net Non-Operating Total |
-29.8 |
93.9 |
97.2 |
187.5 |
173.1 |
|
Gain (Loss) on Sale of Assets |
- |
- |
0.0 |
-4.3 |
5.9 |
|
Other Non-Operating Income (Expense) |
-3.1 |
-16.1 |
-2.8 |
-19.3 |
-54.9 |
|
Other, Net |
-3.1 |
-16.1 |
-2.8 |
-19.3 |
-54.9 |
|
Income Before Tax |
556.2 |
616.8 |
450.4 |
-41.1 |
235.2 |
|
|
|
|
|
|
|
|
Total Income Tax |
158.4 |
289.1 |
126.5 |
64.4 |
107.1 |
|
Income After Tax |
397.9 |
327.7 |
324.0 |
-105.5 |
128.1 |
|
|
|
|
|
|
|
|
Minority Interest |
-25.9 |
-32.3 |
-20.9 |
-11.4 |
-11.3 |
|
Net Income Before Extraord Items |
372.0 |
295.4 |
303.1 |
-116.8 |
116.8 |
|
Net Income |
372.0 |
295.4 |
303.1 |
-116.8 |
116.8 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
0.0 |
-0.1 |
0.0 |
-0.1 |
|
Total Adjustments to Net Income |
0.0 |
0.0 |
-0.1 |
0.0 |
-0.1 |
|
Income Available to Common Excl Extraord Items |
372.0 |
295.4 |
303.0 |
-116.8 |
116.7 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
372.0 |
295.4 |
303.0 |
-116.8 |
116.7 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
1,671.8 |
1,671.5 |
1,669.4 |
1,668.1 |
1,668.3 |
|
Basic EPS Excl Extraord Items |
0.22 |
0.18 |
0.18 |
-0.07 |
0.07 |
|
Basic/Primary EPS Incl Extraord Items |
0.22 |
0.18 |
0.18 |
-0.07 |
0.07 |
|
Dilution Adjustment |
- |
- |
0.5 |
0.0 |
0.8 |
|
Diluted Net Income |
372.0 |
295.4 |
303.5 |
-116.8 |
117.5 |
|
Diluted Weighted Average Shares |
1,671.8 |
1,671.5 |
1,697.4 |
1,668.1 |
1,704.0 |
|
Diluted EPS Excl Extraord Items |
0.22 |
0.18 |
0.18 |
-0.07 |
0.07 |
|
Diluted EPS Incl Extraord Items |
0.22 |
0.18 |
0.18 |
-0.07 |
0.07 |
|
Dividends per Share - Common Stock Primary Issue |
0.06 |
0.06 |
0.04 |
0.03 |
0.03 |
|
Gross Dividends - Common Stock |
100.7 |
105.9 |
58.5 |
53.8 |
49.8 |
|
Interest Expense, Supplemental |
50.0 |
54.2 |
54.6 |
58.1 |
66.3 |
|
Depreciation, Supplemental |
583.2 |
619.3 |
586.7 |
553.3 |
441.2 |
|
Total Special Items |
-82.2 |
189.0 |
141.4 |
195.2 |
168.9 |
|
Normalized Income Before Tax |
474.0 |
805.8 |
591.8 |
154.1 |
404.0 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-23.4 |
88.6 |
39.7 |
68.3 |
76.9 |
|
Inc Tax Ex Impact of Sp Items |
135.0 |
377.7 |
166.2 |
132.7 |
184.0 |
|
Normalized Income After Tax |
339.0 |
428.1 |
425.7 |
21.4 |
220.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
313.2 |
395.8 |
404.7 |
10.1 |
208.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.19 |
0.24 |
0.24 |
0.01 |
0.13 |
|
Diluted Normalized EPS |
0.19 |
0.24 |
0.24 |
0.01 |
0.12 |
|
Advertising Expense, Supplemental |
98.0 |
103.4 |
93.0 |
83.3 |
129.0 |
|
Research & Development Exp, Supplemental |
502.7 |
505.8 |
432.8 |
409.5 |
380.7 |
|
Reported Operating Profit |
507.0 |
728.0 |
497.5 |
-14.2 |
285.7 |
|
Reported Ordinary Profit |
474.0 |
805.8 |
573.4 |
153.8 |
385.3 |
|
Normalized EBIT |
507.0 |
728.0 |
497.5 |
-14.1 |
285.8 |
|
Normalized EBITDA |
1,090.1 |
1,347.3 |
1,084.2 |
539.1 |
727.0 |
|
Current Tax - Total |
127.6 |
125.8 |
- |
- |
- |
|
Current Tax - Total |
127.6 |
125.8 |
- |
- |
- |
|
Deferred Tax - Total |
30.7 |
163.4 |
- |
- |
- |
|
Deferred Tax - Total |
30.7 |
163.4 |
- |
- |
- |
|
Income Tax - Total |
158.4 |
289.1 |
- |
- |
- |
|
Interest Cost - Domestic |
43.0 |
46.5 |
44.6 |
42.4 |
47.2 |
|
Service Cost - Domestic |
107.3 |
112.5 |
109.0 |
99.8 |
84.6 |
|
Prior Service Cost - Domestic |
-19.3 |
-30.5 |
-26.9 |
-24.4 |
-22.6 |
|
Expected Return on Assets - Domestic |
-14.1 |
-13.4 |
-12.2 |
-9.4 |
-12.4 |
|
Actuarial Gains and Losses - Domestic |
46.4 |
59.7 |
44.9 |
53.6 |
-1.4 |
|
Transition Costs - Domestic |
- |
- |
0.0 |
132.8 |
127.2 |
|
Domestic Pension Plan Expense |
163.2 |
174.8 |
159.4 |
294.8 |
222.7 |
|
Defined Contribution Expense - Domestic |
8.8 |
9.0 |
7.8 |
6.6 |
6.0 |
|
Total Pension Expense |
172.0 |
183.8 |
167.2 |
301.4 |
228.6 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
3.00% |
3.00% |
3.00% |
3.00% |
3.00% |
|
Expected Rate of Return - Foreign |
5.04% |
6.18% |
6.64% |
5.67% |
7.75% |
|
Total Plan Interest Cost |
43.0 |
46.5 |
44.6 |
42.4 |
47.2 |
|
Total Plan Service Cost |
107.3 |
112.5 |
109.0 |
99.8 |
84.6 |
|
Total Plan Expected Return |
-14.1 |
-13.4 |
-12.2 |
-9.4 |
-12.4 |
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 with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
409.5 |
416.5 |
569.9 |
371.8 |
323.5 |
|
Cash and Short Term Investments |
409.5 |
416.5 |
569.9 |
371.8 |
323.5 |
|
Accounts Receivable -
Trade, Gross |
4,598.3 |
4,904.4 |
4,847.4 |
4,283.6 |
4,073.5 |
|
Provision for Doubtful
Accounts |
-29.6 |
-39.5 |
-34.1 |
-25.9 |
-31.5 |
|
Trade Accounts Receivable - Net |
4,568.7 |
4,864.9 |
4,813.3 |
4,257.7 |
4,042.0 |
|
Total Receivables, Net |
4,568.7 |
4,864.9 |
4,813.3 |
4,257.7 |
4,042.0 |
|
Inventories - Finished Goods |
653.1 |
650.1 |
609.7 |
608.0 |
704.8 |
|
Inventories - Work In Progress |
3,306.5 |
3,644.1 |
3,450.5 |
3,007.5 |
3,296.3 |
|
Inventories - Raw Materials |
930.5 |
1,069.5 |
1,071.6 |
860.4 |
822.6 |
|
Total Inventory |
4,890.1 |
5,363.8 |
5,131.8 |
4,475.8 |
4,823.7 |
|
Deferred Income Tax - Current Asset |
400.1 |
400.6 |
433.0 |
269.7 |
336.5 |
|
Other Current Assets |
538.6 |
693.9 |
535.1 |
595.7 |
556.2 |
|
Other Current Assets, Total |
938.7 |
1,094.6 |
968.1 |
865.4 |
892.7 |
|
Total Current Assets |
10,807.0 |
11,739.8 |
11,483.1 |
9,970.8 |
10,081.9 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
3,250.0 |
3,334.9 |
3,327.4 |
3,043.7 |
2,876.5 |
|
Goodwill, Net |
0.0 |
3.6 |
7.6 |
9.3 |
11.2 |
|
Intangibles, Net |
206.7 |
224.4 |
224.7 |
212.5 |
187.0 |
|
LT Investment - Affiliate Companies |
557.0 |
364.2 |
309.5 |
265.8 |
- |
|
LT Investments - Other |
241.6 |
282.2 |
297.3 |
304.5 |
251.7 |
|
Long Term Investments |
798.6 |
646.4 |
606.8 |
570.2 |
251.7 |
|
Note Receivable - Long Term |
4.3 |
5.2 |
5.5 |
5.5 |
5.7 |
|
Deferred Income Tax - Long Term Asset |
387.2 |
456.6 |
569.4 |
551.2 |
433.1 |
|
Other Long Term Assets |
130.3 |
122.8 |
115.6 |
110.6 |
324.8 |
|
Other Long Term Assets, Total |
517.5 |
579.3 |
685.0 |
661.8 |
757.9 |
|
Total Assets |
15,584.1 |
16,533.8 |
16,340.1 |
14,473.8 |
14,171.9 |
|
|
|
|
|
|
|
|
Accounts Payable |
2,987.2 |
3,772.2 |
3,852.2 |
3,239.9 |
3,629.4 |
|
Accrued Expenses |
213.2 |
249.8 |
189.3 |
152.0 |
144.2 |
|
Notes Payable/Short Term Debt |
2,333.0 |
1,669.8 |
1,381.5 |
1,635.3 |
1,791.3 |
|
Current Portion - Long Term Debt/Capital Leases |
110.0 |
125.7 |
726.4 |
64.2 |
308.1 |
|
Customer Advances |
1,150.1 |
1,202.3 |
975.1 |
1,065.2 |
1,273.3 |
|
Income Taxes Payable |
39.9 |
56.2 |
72.2 |
51.7 |
88.2 |
|
Deferred Income Tax - Current Liability |
19.1 |
17.8 |
9.2 |
9.2 |
9.4 |
|
Other Current Liabilities |
1,464.6 |
1,354.4 |
1,284.9 |
1,198.1 |
1,159.5 |
|
Other Current liabilities, Total |
2,673.7 |
2,630.6 |
2,341.5 |
2,324.2 |
2,530.4 |
|
Total Current Liabilities |
8,317.1 |
8,448.1 |
8,490.8 |
7,415.6 |
8,403.4 |
|
|
|
|
|
|
|
|
Long Term Debt |
2,703.4 |
3,140.6 |
3,062.3 |
2,888.2 |
1,839.7 |
|
Capital Lease Obligations |
4.6 |
6.1 |
7.8 |
2.5 |
2.3 |
|
Total Long Term Debt |
2,708.0 |
3,146.7 |
3,070.1 |
2,890.7 |
1,842.0 |
|
Total Debt |
5,151.0 |
4,942.2 |
5,177.9 |
4,590.2 |
3,941.3 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
58.6 |
49.3 |
48.1 |
27.0 |
29.7 |
|
Deferred Income Tax |
58.6 |
49.3 |
48.1 |
27.0 |
29.7 |
|
Minority Interest |
123.7 |
119.8 |
101.1 |
63.9 |
48.6 |
|
Reserves |
59.9 |
58.3 |
116.3 |
111.5 |
40.3 |
|
Pension Benefits - Underfunded |
662.1 |
911.0 |
972.0 |
955.1 |
809.6 |
|
Other Long Term Liabilities |
59.8 |
85.6 |
54.1 |
44.6 |
57.7 |
|
Other Liabilities, Total |
781.8 |
1,054.9 |
1,142.3 |
1,111.1 |
907.6 |
|
Total Liabilities |
11,989.2 |
12,818.8 |
12,852.4 |
11,508.4 |
11,231.3 |
|
|
|
|
|
|
|
|
Common Stock |
1,110.5 |
1,268.2 |
1,258.9 |
1,116.5 |
1,056.3 |
|
Common Stock |
1,110.5 |
1,268.2 |
1,258.9 |
1,116.5 |
1,056.3 |
|
Additional Paid-In Capital |
578.1 |
660.2 |
654.6 |
580.9 |
549.6 |
|
Retained Earnings (Accumulated Deficit) |
2,110.0 |
2,141.3 |
1,913.8 |
1,473.6 |
1,561.9 |
|
Treasury Stock - Common |
-0.3 |
-0.3 |
-0.4 |
-5.9 |
-4.7 |
|
Unrealized Gain (Loss) |
48.1 |
48.4 |
46.8 |
56.8 |
31.8 |
|
Translation Adjustment |
-187.7 |
-406.0 |
-374.1 |
-254.7 |
-251.6 |
|
Other Equity |
0.0 |
0.0 |
- |
- |
- |
|
Other Comprehensive Income |
-63.7 |
3.0 |
-11.9 |
-1.7 |
-2.7 |
|
Other Equity, Total |
-251.5 |
-403.0 |
-386.1 |
-256.5 |
-254.3 |
|
Total Equity |
3,594.9 |
3,714.9 |
3,487.6 |
2,965.3 |
2,940.6 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
15,584.1 |
16,533.7 |
16,340.1 |
14,473.8 |
14,171.9 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
1,671.8 |
1,671.8 |
1,670.5 |
1,667.8 |
1,668.2 |
|
Total Common Shares Outstanding |
1,671.8 |
1,671.8 |
1,670.5 |
1,667.8 |
1,668.2 |
|
Treasury Shares - Common Stock Primary Issue |
0.1 |
0.1 |
0.1 |
1.8 |
1.4 |
|
Employees |
34,010 |
33,267 |
32,706 |
32,297 |
32,266 |
|
Number of Common Shareholders |
127,094 |
134,931 |
128,565 |
147,869 |
151,171 |
|
Deferred Revenue - Current |
1,150.1 |
1,202.3 |
975.1 |
1,065.2 |
1,273.3 |
|
Total Long Term Debt, Supplemental |
3,497.8 |
3,562.5 |
3,785.7 |
2,944.8 |
2,145.0 |
|
Long Term Debt Maturing within 1 Year |
794.4 |
422.0 |
723.4 |
56.6 |
305.3 |
|
Long Term Debt Maturing in Year 2 |
910.2 |
834.3 |
414.6 |
639.3 |
66.9 |
|
Long Term Debt Maturing in Year 3 |
480.6 |
1,038.8 |
824.5 |
364.8 |
604.7 |
|
Long Term Debt Maturing in Year 4 |
225.0 |
549.0 |
1,023.5 |
731.3 |
216.4 |
|
Long Term Debt Maturing in Year 5 |
559.9 |
257.0 |
504.7 |
816.9 |
691.9 |
|
Long Term Debt Maturing in 2-3 Years |
1,390.8 |
1,873.1 |
1,239.0 |
1,004.1 |
671.6 |
|
Long Term Debt Maturing in 4-5 Years |
784.9 |
806.0 |
1,528.2 |
1,548.2 |
908.3 |
|
Long Term Debt Matur. in Year 6 & Beyond |
527.7 |
461.5 |
295.0 |
335.9 |
259.9 |
|
Total Capital Leases, Supplemental |
8.3 |
10.5 |
10.7 |
10.1 |
5.1 |
|
Capital Lease Payments Due in Year 1 |
3.7 |
4.3 |
2.9 |
7.6 |
2.8 |
|
Capital Lease Payments Due in Year 2 |
2.4 |
2.6 |
3.0 |
0.6 |
0.5 |
|
Capital Lease Payments Due in Year 3 |
1.2 |
2.3 |
2.3 |
0.6 |
0.4 |
|
Capital Lease Payments Due in Year 4 |
0.5 |
1.0 |
1.7 |
0.5 |
0.4 |
|
Capital Lease Payments Due in Year 5 |
0.4 |
0.2 |
0.7 |
0.5 |
0.4 |
|
Capital Lease Payments Due in 2-3 Years |
3.6 |
4.8 |
5.3 |
1.2 |
1.0 |
|
Capital Lease Payments Due in 4-5 Years |
1.0 |
1.2 |
2.4 |
1.0 |
0.8 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.0 |
0.1 |
0.1 |
0.4 |
0.5 |
|
Pension Obligation - Domestic |
1,773.5 |
2,151.7 |
2,148.9 |
1,960.9 |
1,879.1 |
|
Plan Assets - Domestic |
828.9 |
773.7 |
808.5 |
833.9 |
618.3 |
|
Funded Status - Domestic |
-944.6 |
-1,378.0 |
-1,340.4 |
-1,127.1 |
-1,260.8 |
|
Total Funded Status |
-944.6 |
-1,378.0 |
-1,340.4 |
-1,127.1 |
-1,260.8 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
3.00% |
3.00% |
3.00% |
3.00% |
3.00% |
|
Expected Rate of Return - Foreign |
5.04% |
6.18% |
6.64% |
5.67% |
7.75% |
|
Prepaid Benefits - Domestic |
47.8 |
51.3 |
45.7 |
35.6 |
29.9 |
|
Accrued Liabilities - Domestic |
-662.1 |
-911.0 |
-972.0 |
-955.1 |
-809.6 |
|
Other Assets, Net - Domestic |
330.2 |
518.2 |
414.2 |
207.6 |
481.0 |
|
Net Assets Recognized on Balance Sheet |
-284.2 |
-341.5 |
-512.1 |
-711.8 |
-298.8 |
|
Total Plan Obligations |
1,773.5 |
2,151.7 |
2,148.9 |
1,960.9 |
1,879.1 |
|
Total Plan Assets |
828.9 |
773.7 |
808.5 |
833.9 |
618.3 |
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 with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
556.2 |
616.8 |
450.4 |
-41.1 |
235.1 |
|
Depreciation |
583.2 |
619.3 |
586.7 |
553.3 |
441.2 |
|
Depreciation/Depletion |
583.2 |
619.3 |
586.7 |
553.3 |
441.2 |
|
Unusual Items |
20.9 |
207.1 |
156.2 |
45.2 |
96.5 |
|
Equity in Net Earnings (Loss) |
-102.8 |
-108.5 |
-107.4 |
-70.2 |
-86.7 |
|
Other Non-Cash Items |
-265.2 |
-154.5 |
-12.1 |
192.1 |
239.9 |
|
Non-Cash Items |
-347.1 |
-55.9 |
36.7 |
167.1 |
249.7 |
|
Accounts Receivable |
127.8 |
-11.9 |
174.0 |
-40.8 |
53.7 |
|
Inventories |
-129.1 |
-236.9 |
-207.4 |
605.1 |
-544.4 |
|
Other Assets |
97.3 |
-27.1 |
100.2 |
-31.9 |
-27.0 |
|
Accounts Payable |
-496.0 |
-92.9 |
293.1 |
-606.8 |
-548.1 |
|
Accrued Expenses |
-6.3 |
61.9 |
17.4 |
-0.4 |
-53.1 |
|
Other Liabilities |
116.7 |
350.6 |
-381.7 |
-161.5 |
-5.9 |
|
Other Operating Cash Flow |
-164.1 |
-169.9 |
-113.3 |
-118.2 |
-211.9 |
|
Changes in Working Capital |
-453.6 |
-126.2 |
-117.7 |
-354.6 |
-1,336.7 |
|
Cash from Operating Activities |
338.7 |
1,054.0 |
956.1 |
324.7 |
-410.6 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-789.6 |
-774.1 |
-553.2 |
-658.5 |
-677.3 |
|
Purchase/Acquisition of Intangibles |
-59.0 |
-62.3 |
-57.0 |
-51.3 |
-63.7 |
|
Capital Expenditures |
-848.7 |
-836.4 |
-610.3 |
-709.7 |
-741.0 |
|
Sale of Fixed Assets |
4.2 |
6.8 |
7.2 |
10.7 |
28.9 |
|
Sale/Maturity of Investment |
36.2 |
9.5 |
1.3 |
21.8 |
32.5 |
|
Investment, Net |
-3.9 |
18.2 |
-21.6 |
5.8 |
6.7 |
|
Purchase of Investments |
-156.1 |
-23.8 |
-4.6 |
-16.3 |
-44.3 |
|
Sale of Intangible Assets |
0.4 |
0.2 |
0.4 |
0.5 |
0.1 |
|
Other Investing Cash Flow |
-10.3 |
-9.8 |
9.6 |
6.4 |
-2.3 |
|
Other Investing Cash Flow Items, Total |
-129.5 |
1.1 |
-7.6 |
28.9 |
21.6 |
|
Cash from Investing Activities |
-978.2 |
-835.3 |
-617.8 |
-680.9 |
-719.4 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-19.2 |
-16.7 |
7.7 |
-8.7 |
-3.8 |
|
Financing Cash Flow Items |
-19.2 |
-16.7 |
7.7 |
-8.7 |
-3.8 |
|
Cash Dividends Paid - Common |
-100.7 |
-63.5 |
-58.3 |
-53.8 |
-82.8 |
|
Total Cash Dividends Paid |
-100.7 |
-63.5 |
-58.3 |
-53.8 |
-82.8 |
|
Common Stock, Net |
0.0 |
-0.1 |
-0.2 |
-1.0 |
-0.2 |
|
Issuance (Retirement) of Stock, Net |
0.0 |
-0.1 |
-0.2 |
-1.0 |
-0.2 |
|
Short Term Debt, Net |
507.8 |
-7.2 |
-626.3 |
-230.9 |
675.5 |
|
Long Term Debt Issued |
775.3 |
506.1 |
513.5 |
1,019.9 |
732.0 |
|
Long Term Debt
Reduction |
-468.1 |
-758.4 |
-56.4 |
-339.1 |
-249.0 |
|
Long Term Debt, Net |
307.2 |
-252.3 |
457.0 |
680.8 |
483.0 |
|
Issuance (Retirement) of Debt, Net |
815.0 |
-259.5 |
-169.3 |
449.9 |
1,158.5 |
|
Cash from Financing Activities |
695.1 |
-339.8 |
-220.1 |
386.4 |
1,071.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-10.7 |
-23.1 |
4.3 |
-0.9 |
-9.0 |
|
Net Change in Cash |
44.9 |
-144.2 |
122.4 |
29.3 |
-67.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
400.7 |
565.2 |
398.4 |
338.0 |
379.9 |
|
Net Cash - Ending Balance |
445.6 |
421.0 |
520.8 |
367.3 |
312.6 |
|
Cash Interest Paid |
50.5 |
56.4 |
55.6 |
58.2 |
64.5 |
|
Cash Taxes Paid |
189.9 |
231.0 |
154.6 |
138.5 |
249.4 |
Annual Income Statement
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 |
Reclassified
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 with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
15,534.2 |
16,511.6 |
14,318.2 |
12,626.0 |
13,321.5 |
|
Total Revenue |
15,534.2 |
16,511.6 |
14,318.2 |
12,626.0 |
13,321.5 |
|
|
|
|
|
|
|
|
Cost of Sales |
13,082.6 |
13,790.5 |
12,102.5 |
11,013.5 |
11,414.2 |
|
Salary Expense |
519.3 |
526.4 |
460.1 |
425.8 |
416.8 |
|
Other SGA |
0.0 |
0.0 |
- |
- |
- |
|
Advertising expenses |
98.0 |
103.4 |
93.0 |
83.3 |
129.0 |
|
Research & Development expenses, SGA |
502.7 |
505.8 |
432.8 |
409.5 |
380.7 |
|
Res-Doubt.Acct.Allow |
1.4 |
10.1 |
3.3 |
0.0 |
3.6 |
|
Other SG&A |
823.2 |
847.3 |
729.0 |
708.1 |
691.4 |
|
Gain on transfer of benefit obligation r |
-103.9 |
0.0 |
- |
- |
- |
|
SP Reversal for environmental measures |
- |
- |
0.0 |
-11.6 |
0.0 |
|
SP Reversal-doubtful account, affiliates |
- |
- |
0.0 |
-4.9 |
0.0 |
|
SP Retire Trust Estab. Gains |
- |
- |
- |
- |
0.0 |
|
SP Business restructuring loss |
- |
- |
0.0 |
82.3 |
0.0 |
|
SP Prov. for settlement loss |
- |
- |
0.0 |
75.1 |
51.4 |
|
SP Impairment of Fixed Assets |
4.4 |
189.0 |
115.8 |
33.7 |
13.9 |
|
SP Reserve for enviroment solution |
17.3 |
0.0 |
0.0 |
16.0 |
18.0 |
|
SP Provi. of allow. doubt. accts-affili. |
- |
- |
3.8 |
0.0 |
- |
|
SP L-adjust. for changes of accts assets |
- |
- |
3.4 |
0.0 |
- |
|
SP Retire Trust Estab. Losses |
- |
- |
- |
0.0 |
44.7 |
|
SP Other Special Loss |
- |
- |
- |
0.0 |
28.0 |
|
NOP L on val. of mkbl. secs. |
- |
- |
18.4 |
0.3 |
18.7 |
|
Total Operating Expense |
14,945.0 |
15,972.6 |
13,962.1 |
12,831.1 |
13,210.4 |
|
|
|
|
|
|
|
|
SP Gain on transfer of business |
- |
- |
- |
0.0 |
5.9 |
|
Foreign Exchange Losses |
-119.5 |
- |
- |
- |
- |
|
SP G on sale of affiliated securities |
- |
- |
- |
- |
0.0 |
|
SP L. on sale of affiliated securities |
- |
- |
- |
- |
0.0 |
|
SP Loss-liquidation of affiliates |
- |
- |
0.0 |
-4.3 |
0.0 |
|
NOP Interest Income |
10.6 |
21.2 |
20.8 |
33.0 |
31.3 |
|
NOP Dividend Income |
9.2 |
8.3 |
6.1 |
5.9 |
12.0 |
|
NOP Sale Gain-Mktbl.Sec |
17.2 |
7.5 |
0.0 |
18.7 |
6.2 |
|
NOP Gain-Equity Method |
102.8 |
108.5 |
107.4 |
70.2 |
86.7 |
|
NOP Exchange Gain |
- |
2.6 |
17.4 |
117.9 |
103.2 |
|
Other Non-Operating Income (Expense) |
0.0 |
0.0 |
- |
- |
- |
|
NOP Other Non-op. Income |
72.1 |
94.3 |
73.8 |
72.6 |
37.7 |
|
NOP Interest Expense |
-50.0 |
-54.2 |
-54.6 |
-58.1 |
-66.3 |
|
NOP Exchange Loss |
- |
- |
- |
- |
0.0 |
|
NOP Other Non-op.Expense |
-75.2 |
-110.4 |
-76.6 |
-91.8 |
-92.5 |
|
Net Income Before Taxes |
556.2 |
616.8 |
450.4 |
-41.1 |
235.2 |
|
|
|
|
|
|
|
|
Total income taxes |
158.4 |
289.1 |
126.5 |
64.4 |
107.1 |
|
Net Income After Taxes |
397.9 |
327.7 |
324.0 |
-105.5 |
128.1 |
|
|
|
|
|
|
|
|
Minority interests in income |
-25.9 |
-32.3 |
-20.9 |
-11.4 |
-11.3 |
|
Net Income Before Extra. Items |
372.0 |
295.4 |
303.1 |
-116.8 |
116.8 |
|
Net Income |
372.0 |
295.4 |
303.1 |
-116.8 |
116.8 |
|
|
|
|
|
|
|
|
Balancing item- net income after extra. |
- |
0.0 |
- |
- |
- |
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Earning Adjustment |
- |
- |
-0.1 |
0.0 |
-0.1 |
|
Income Available to Com Excl ExtraOrd |
372.0 |
295.4 |
303.0 |
-116.8 |
116.7 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
372.0 |
295.4 |
303.0 |
-116.8 |
116.7 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
1,671.8 |
1,671.5 |
1,669.4 |
1,668.1 |
1,668.3 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.22 |
0.18 |
0.18 |
-0.07 |
0.07 |
|
Basic EPS Including ExtraOrdinary Items |
0.22 |
0.18 |
0.18 |
-0.07 |
0.07 |
|
Dilution Adjustment |
- |
- |
0.5 |
0.0 |
0.8 |
|
Diluted Net Income |
372.0 |
295.4 |
303.5 |
-116.8 |
117.5 |
|
Diluted Weighted Average Shares |
1,671.8 |
1,671.5 |
1,697.4 |
1,668.1 |
1,704.0 |
|
Diluted EPS Excluding ExtraOrd Items |
0.22 |
0.18 |
0.18 |
-0.07 |
0.07 |
|
Diluted EPS Including ExtraOrd Items |
0.22 |
0.18 |
0.18 |
-0.07 |
0.07 |
|
DPS-Ordinary Shares |
0.06 |
0.06 |
0.04 |
0.03 |
0.03 |
|
Gross Dividends - Common Stock |
100.7 |
105.9 |
58.5 |
53.8 |
49.8 |
|
Normalized Income Before Taxes |
474.0 |
805.8 |
591.8 |
154.1 |
404.0 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
135.0 |
377.7 |
166.2 |
132.7 |
184.0 |
|
Normalized Income After Taxes |
339.0 |
428.1 |
425.7 |
21.4 |
220.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
313.2 |
395.8 |
404.7 |
10.1 |
208.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.19 |
0.24 |
0.24 |
0.01 |
0.13 |
|
Diluted Normalized EPS |
0.19 |
0.24 |
0.24 |
0.01 |
0.12 |
|
Research & Development Exp |
502.7 |
505.8 |
432.8 |
409.5 |
380.7 |
|
Advertising Expense |
98.0 |
103.4 |
93.0 |
83.3 |
129.0 |
|
Interest Expense |
50.0 |
54.2 |
54.6 |
58.1 |
66.3 |
|
Depreciation |
583.2 |
619.3 |
586.7 |
553.3 |
441.2 |
|
Income taxes-current |
127.6 |
125.8 |
- |
- |
- |
|
Current Tax - Total |
127.6 |
125.8 |
- |
- |
- |
|
Income taxes-deferred |
30.7 |
163.4 |
- |
- |
- |
|
Deferred Tax - Total |
30.7 |
163.4 |
- |
- |
- |
|
Income Tax - Total |
158.4 |
289.1 |
- |
- |
- |
|
Reported Operating Profit |
507.0 |
728.0 |
497.5 |
-14.2 |
285.7 |
|
Reported Ordinary Profit |
474.0 |
805.8 |
573.4 |
153.8 |
385.3 |
|
Service Cost |
107.3 |
112.5 |
109.0 |
99.8 |
84.6 |
|
Interest Cost |
43.0 |
46.5 |
44.6 |
42.4 |
47.2 |
|
Expected Return on Plan Assets |
-14.1 |
-13.4 |
-12.2 |
-9.4 |
-12.4 |
|
Prior Service Cost |
-19.3 |
-30.5 |
-26.9 |
-24.4 |
-22.6 |
|
Actuarial Gains and Losses |
46.4 |
59.7 |
44.9 |
53.6 |
-1.4 |
|
Pension Exp. due to Acct. Changes |
- |
- |
0.0 |
132.8 |
127.2 |
|
Domestic Pension Plan Expense |
163.2 |
174.8 |
159.4 |
294.8 |
222.7 |
|
Defined Contribution Expense |
8.8 |
9.0 |
7.8 |
6.6 |
6.0 |
|
Total Pension Expense |
172.0 |
183.8 |
167.2 |
301.4 |
228.6 |
|
Discount Rate(MIN)-Retirement Cost(Domes |
2.00% |
2.00% |
- |
- |
- |
|
Discount Rate |
- |
- |
2.00% |
2.00% |
2.00% |
|
Expected return on assets(MIN)-Retiremen |
3.00% |
3.00% |
- |
- |
- |
|
Expected Rate of Return (domestic) |
- |
- |
3.00% |
3.00% |
3.00% |
|
Expected Return on Assets(MIN)-Retiremen |
5.04% |
6.18% |
- |
- |
- |
|
Expected Rate of Return (foreign) |
- |
- |
6.64% |
5.67% |
7.75% |
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 with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash and Deposit |
409.5 |
416.5 |
569.9 |
371.8 |
323.5 |
|
Notes and accounts receivable-trade |
4,598.3 |
4,904.4 |
4,847.4 |
4,283.6 |
4,073.5 |
|
Inventories - merchandise&finished goods |
653.1 |
650.1 |
609.7 |
608.0 |
704.8 |
|
Inventories - work-in-process |
3,306.5 |
3,644.1 |
3,450.5 |
3,007.5 |
3,296.3 |
|
Inventories - raw materials&supplies |
930.5 |
1,069.5 |
1,071.6 |
860.4 |
822.6 |
|
Dfrd. Tax Assets |
400.1 |
400.6 |
433.0 |
269.7 |
336.5 |
|
Rounding adjustment Assets |
0.0 |
0.0 |
- |
- |
- |
|
Other Curr.Asset |
538.5 |
693.9 |
535.1 |
595.7 |
556.2 |
|
Doubtful Account |
-29.6 |
-39.5 |
-34.1 |
-25.9 |
-31.5 |
|
Total Current Assets |
10,807.0 |
11,739.8 |
11,483.1 |
9,970.8 |
10,081.9 |
|
|
|
|
|
|
|
|
Other Total PPE,Net |
0.0 |
0.0 |
- |
- |
- |
|
Buildings and structures, net |
1,320.1 |
1,379.3 |
1,365.7 |
1,242.8 |
1,071.3 |
|
Machinery Equipment And Vehicles |
915.5 |
904.6 |
894.7 |
854.8 |
779.0 |
|
Land |
662.3 |
751.9 |
773.5 |
687.9 |
650.9 |
|
Lease assets, net |
1.2 |
3.9 |
3.4 |
3.0 |
7.0 |
|
Construction |
204.0 |
143.0 |
152.6 |
104.3 |
198.2 |
|
Other |
146.8 |
152.2 |
137.5 |
151.0 |
170.1 |
|
Goodwill |
0.0 |
3.6 |
7.6 |
9.3 |
11.2 |
|
Other Total Intangible Assets, Net |
- |
0.0 |
- |
- |
- |
|
Other Intangible |
206.7 |
224.4 |
224.7 |
212.5 |
187.0 |
|
Other Investment&Asset-NonC,Asc,Affd Cos |
140.2 |
134.2 |
- |
- |
- |
|
Investment Sec. |
241.6 |
282.2 |
297.3 |
304.5 |
251.7 |
|
Long-term loans receivable |
4.3 |
5.2 |
5.5 |
5.5 |
5.7 |
|
Deferred tax assets |
387.2 |
456.6 |
569.4 |
551.2 |
433.1 |
|
Other Long Term Assets |
0.0 |
- |
- |
- |
- |
|
Other Investments And Other Assets Total |
0.0 |
- |
- |
- |
- |
|
Rounding adjustment Assets |
- |
0.0 |
- |
- |
- |
|
Investments and Other Assets, Other |
- |
0.0 |
- |
- |
- |
|
Investments And Other Assets |
- |
- |
127.6 |
124.2 |
336.9 |
|
Invt Secs Noncons, Asc, Affd Cos |
81.0 |
84.0 |
- |
- |
- |
|
Invts in Capital Noncons, Ascd, Affd Cos |
476.1 |
280.3 |
- |
- |
- |
|
Equity secs.-nonconsol affil.&sub. |
- |
- |
88.5 |
71.4 |
- |
|
Inv't partnership-nonconsol.affil.&subs |
- |
- |
221.0 |
194.4 |
- |
|
Doubtful Account |
-9.9 |
-11.4 |
-11.9 |
-13.6 |
-12.0 |
|
Adjustment |
- |
- |
0.0 |
- |
- |
|
Total Assets |
15,584.1 |
16,533.8 |
16,340.1 |
14,473.8 |
14,171.9 |
|
|
|
|
|
|
|
|
Notes and accounts payable-trade |
2,987.2 |
3,772.2 |
3,852.2 |
3,239.9 |
3,629.4 |
|
Short-term loans payable |
2,269.2 |
1,669.8 |
1,381.5 |
1,292.8 |
1,487.5 |
|
Cur.Port-Bond |
106.3 |
121.4 |
367.8 |
5.1 |
202.5 |
|
Rounding adjustment Liability |
0.1 |
0.0 |
- |
- |
- |
|
Asset retirement obligations |
1.4 |
1.8 |
0.1 |
0.0 |
- |
|
Commercial Paper |
63.8 |
- |
0.0 |
342.5 |
303.7 |
|
LT borrowings (current) |
- |
- |
355.7 |
51.5 |
102.8 |
|
Current lease obligations |
3.7 |
4.3 |
2.9 |
7.6 |
2.8 |
|
Income Tax Pybl. |
39.9 |
56.2 |
72.2 |
51.7 |
88.2 |
|
Dfrd. Tax Liab. |
19.1 |
17.8 |
9.2 |
9.2 |
9.4 |
|
Res. Bonus |
213.2 |
249.8 |
189.3 |
152.0 |
144.2 |
|
Res-Construction guarantees |
65.3 |
86.5 |
87.9 |
71.1 |
77.3 |
|
Res-Constru.Loss |
199.0 |
376.0 |
399.0 |
192.5 |
211.9 |
|
Res-Business restructuring |
- |
0.0 |
13.0 |
67.7 |
0.0 |
|
Reserve for settlement |
- |
- |
0.0 |
55.3 |
75.0 |
|
Res.environmental maintenance costs |
- |
0.0 |
6.0 |
8.3 |
0.0 |
|
Advance Received |
1,150.1 |
1,202.3 |
975.1 |
1,065.2 |
1,273.3 |
|
Other Curr.Liabs |
1,198.8 |
890.0 |
778.8 |
803.2 |
795.3 |
|
Total Current Liabilities |
8,317.1 |
8,448.1 |
8,490.8 |
7,415.6 |
8,403.4 |
|
|
|
|
|
|
|
|
Corporate Bond |
744.0 |
728.3 |
603.3 |
647.6 |
415.0 |
|
Long-term loans payable |
1,959.5 |
2,412.3 |
2,459.0 |
2,240.6 |
1,424.7 |
|
Lease obligations |
4.6 |
6.1 |
7.8 |
2.5 |
2.3 |
|
Total Long Term Debt |
2,708.0 |
3,146.7 |
3,070.1 |
2,890.7 |
1,842.0 |
|
|
|
|
|
|
|
|
Dfrd. Tax Liabs. |
58.6 |
49.3 |
48.1 |
27.0 |
29.7 |
|
Reserve for settlement |
6.0 |
11.0 |
70.8 |
71.8 |
0.0 |
|
Reserve for environmental improvement |
48.0 |
39.8 |
40.2 |
39.7 |
40.3 |
|
Asset retirement obligations |
5.9 |
7.4 |
5.3 |
0.0 |
- |
|
Res-Accr.Retire |
662.1 |
911.0 |
972.0 |
955.1 |
809.6 |
|
Other Long Term Liabilities |
0.1 |
- |
- |
- |
- |
|
Rounding adjustment Liability |
- |
0.0 |
- |
- |
- |
|
Other Liability |
59.8 |
85.6 |
54.1 |
44.6 |
57.7 |
|
Equity Minority Interests |
123.7 |
119.8 |
101.1 |
63.9 |
48.6 |
|
Total Liabilities |
11,989.2 |
12,818.8 |
12,852.4 |
11,508.4 |
11,231.3 |
|
|
|
|
|
|
|
|
Rounding adjustment Equity |
0.0 |
- |
- |
- |
- |
|
Other Equity |
- |
0.0 |
- |
- |
- |
|
Common Stock |
1,110.5 |
1,268.2 |
1,258.9 |
1,116.5 |
1,056.3 |
|
Total capital surpluses |
578.1 |
660.2 |
654.6 |
580.9 |
549.6 |
|
Retained Earnings |
2,110.0 |
2,141.3 |
1,913.8 |
1,473.6 |
1,561.9 |
|
Treasury Stock |
-0.3 |
-0.3 |
-0.4 |
-5.9 |
-4.7 |
|
Valuation difference on available-for-sa |
48.1 |
48.4 |
46.8 |
56.8 |
31.8 |
|
Deferred hedge gain/loss |
-63.7 |
3.0 |
-11.9 |
-1.7 |
-2.7 |
|
Translation Adj. |
-187.7 |
-406.0 |
-374.1 |
-254.7 |
-251.6 |
|
Total Equity |
3,594.9 |
3,714.9 |
3,487.6 |
2,965.3 |
2,940.6 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
15,584.1 |
16,533.7 |
16,340.1 |
14,473.8 |
14,171.9 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
1,671.8 |
1,671.8 |
1,670.5 |
1,667.8 |
1,668.2 |
|
Total Common Shares Outstanding |
1,671.8 |
1,671.8 |
1,670.5 |
1,667.8 |
1,668.2 |
|
T/S-Ordinary Shares |
0.1 |
0.1 |
0.1 |
1.8 |
1.4 |
|
Advance Received |
1,150.1 |
1,202.3 |
975.1 |
1,065.2 |
1,273.3 |
|
Full-Time Employees |
34,010 |
33,267 |
32,706 |
32,297 |
32,266 |
|
Total Number of Shareholders |
127,094 |
134,931 |
- |
- |
- |
|
Number of Common Shareholders |
- |
- |
128,565 |
147,869 |
151,171 |
|
Division And End Of Current Period Remai |
63.8 |
- |
- |
- |
- |
|
Bond Redemption Amounts within A Year |
106.3 |
121.4 |
- |
- |
- |
|
Division And End Of Current Period Remai |
624.3 |
300.6 |
- |
- |
- |
|
LT Debt & bond Maturing Within 1 Year |
- |
- |
723.4 |
56.6 |
305.3 |
|
Bond Redemp Amts over a Yr within 2 Yrs |
0.0 |
121.4 |
- |
- |
- |
|
Lns Pble Maturing over a Yr within 2 Yrs |
910.2 |
712.9 |
- |
- |
- |
|
LT Debt & bond Maturing Within 2 Years |
- |
- |
414.6 |
639.3 |
66.9 |
|
Bond Redemp Amts over 2 Yrs within 3 Yrs |
212.6 |
0.0 |
- |
- |
- |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
268.0 |
1,038.8 |
- |
- |
- |
|
LT Debt & bond Maturing Within 3 Years |
- |
- |
824.5 |
364.8 |
604.7 |
|
Bond Redemp Amts over 3 Yrs within 4 Yrs |
106.3 |
242.8 |
- |
- |
- |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
118.7 |
306.2 |
- |
- |
- |
|
LT Debt & bond Maturing Within 4 Years |
- |
- |
1,023.5 |
731.3 |
216.4 |
|
Bond Redemp Amts over 4 Yrs within 5 Yrs |
106.3 |
121.4 |
- |
- |
- |
|
Lns Pble Maturg over 4 Yrs within 5 Yrs |
453.6 |
135.6 |
- |
- |
- |
|
LT Debt & bond Maturing Within 5 Years |
- |
- |
504.7 |
816.9 |
691.9 |
|
Remaining |
208.8 |
- |
- |
- |
- |
|
Other Long Term Debt Maturing within 1 Y |
- |
218.7 |
- |
- |
- |
|
Other Total Long Term Debt, Supplemental |
318.8 |
242.8 |
- |
- |
- |
|
LT Debt & bond - Remaining Maturities |
- |
- |
295.0 |
335.9 |
259.9 |
|
Total Long Term Debt, Supplemental |
3,497.8 |
3,562.5 |
3,785.7 |
2,944.8 |
2,145.0 |
|
LT Lease Maturing Within 1 Year |
3.7 |
4.3 |
2.9 |
7.6 |
2.8 |
|
Cap Lease Maturg over a Yr within 2 Yrs |
2.4 |
2.6 |
- |
- |
- |
|
LT Lease Maturing Within 2 Year |
- |
- |
3.0 |
0.6 |
0.5 |
|
Cap Lease Maturg over 2 Yr within 3 Yrs |
1.2 |
2.3 |
- |
- |
- |
|
LT Lease Maturing Within 3 Year |
- |
- |
2.3 |
0.6 |
0.4 |
|
Cap Lease Maturg over 3 Yr within 4 Yrs |
0.5 |
1.0 |
- |
- |
- |
|
LT Lease Maturing Within 4 Year |
- |
- |
1.7 |
0.5 |
0.4 |
|
Cap Lease Maturg over 4 Yr within 5 Yrs |
0.4 |
0.2 |
- |
- |
- |
|
LT Lease Maturing Within 5 Year |
- |
- |
0.7 |
0.5 |
0.4 |
|
Other capital lease- remaining |
0.0 |
0.1 |
- |
- |
- |
|
LT Lease - remaining maturities |
- |
- |
0.1 |
0.4 |
0.5 |
|
Total Capital Leases, Supplemental |
8.3 |
10.5 |
10.7 |
10.1 |
5.1 |
|
Pension Obligation |
1,773.5 |
2,151.7 |
2,148.9 |
1,960.9 |
1,879.1 |
|
Fair Value of Plan Assets |
828.9 |
773.7 |
808.5 |
833.9 |
618.3 |
|
Funded Status |
-944.6 |
-1,378.0 |
-1,340.4 |
-1,127.1 |
-1,260.8 |
|
Total Funded Status |
-944.6 |
-1,378.0 |
-1,340.4 |
-1,127.1 |
-1,260.8 |
|
Discount Rate |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
3.00% |
3.00% |
3.00% |
3.00% |
3.00% |
|
Expected Rate of Return - Foreign |
5.04% |
6.18% |
6.64% |
5.67% |
7.75% |
|
Unrecognized Prior Service Cost |
7.7 |
-71.1 |
-86.9 |
-102.8 |
-114.1 |
|
Unrecognized Actuarial Gains and Losses |
322.5 |
589.3 |
501.0 |
310.4 |
471.2 |
|
Expense Unrecog. for Acct. Changes |
- |
- |
- |
0.0 |
124.0 |
|
Prepaid Pension Benefits |
47.8 |
51.3 |
45.7 |
35.6 |
29.9 |
|
Reserve for Accrued Retirement Benefits |
-662.1 |
-911.0 |
-972.0 |
-955.1 |
-809.6 |
|
Net Assets Recognized on Balance Sheet |
-284.2 |
-341.5 |
-512.1 |
-711.8 |
-298.8 |
|
|
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 with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Income Before Tax |
556.2 |
616.8 |
450.4 |
-41.1 |
235.1 |
|
Depreciation |
583.2 |
619.3 |
586.7 |
553.3 |
441.2 |
|
Impairment Loss |
4.4 |
189.0 |
115.8 |
33.7 |
13.9 |
|
Increase (decrease) in provision for ret |
-132.2 |
-66.6 |
-95.2 |
100.2 |
23.0 |
|
Increase (decrease) in provision for bon |
-6.3 |
61.9 |
17.4 |
-0.4 |
-53.1 |
|
Increase (decrease) in allowance for dou |
-7.9 |
5.7 |
6.0 |
-6.6 |
-8.4 |
|
Increase (decrease) in provision for con |
-14.4 |
-9.5 |
9.3 |
-10.9 |
11.6 |
|
Increase (decrease) in provision for los |
-152.1 |
-25.5 |
179.1 |
-31.4 |
121.4 |
|
Increase (decrease) in provision for bus |
0.0 |
-13.6 |
-61.3 |
68.1 |
0.0 |
|
Increase (decrease) in provision for los |
-4.1 |
-62.8 |
-9.8 |
48.0 |
51.4 |
|
Increase (decrease) in provision for env |
15.2 |
-6.9 |
-7.7 |
5.5 |
18.0 |
|
Losses (gains) on disposal of inventorie |
20.6 |
-0.9 |
15.6 |
21.4 |
23.7 |
|
Losses(gains) on sales of securities |
-17.2 |
-7.5 |
0.0 |
-18.7 |
-6.2 |
|
Loss (gain) on valuation of securities |
0.7 |
11.6 |
18.4 |
0.3 |
18.7 |
|
Loss (gain) on sales of noncurrent asset |
12.4 |
14.9 |
6.4 |
8.4 |
1.6 |
|
Retire Trust Estab. |
- |
- |
- |
0.0 |
44.7 |
|
Equity in (earnings) losses of affiliate |
-102.8 |
-108.5 |
-107.4 |
-70.2 |
-86.7 |
|
Int. and Div. Income |
-19.8 |
-29.5 |
-26.9 |
-38.9 |
-43.3 |
|
Interest Expense |
50.0 |
54.2 |
54.6 |
58.1 |
66.3 |
|
Decrease (increase) in notes and account |
127.8 |
-11.9 |
174.0 |
-40.8 |
53.7 |
|
Decrease (increase) in inventories |
-129.1 |
-236.9 |
-207.4 |
605.1 |
-544.4 |
|
Inc./Dec. in other current assets |
97.3 |
-27.1 |
100.2 |
-31.9 |
-27.0 |
|
Increase (decrease) in notes and account |
-496.0 |
-92.9 |
293.1 |
-606.8 |
-548.1 |
|
Increase (decrease) in advances received |
68.3 |
240.3 |
-181.5 |
-292.4 |
82.3 |
|
Increase (decrease) in other current lia |
48.4 |
110.3 |
-200.2 |
130.9 |
-88.2 |
|
Increase (decrease) in cash and cash equ |
0.0 |
-19.1 |
- |
- |
- |
|
Rounding adjustment Cash flow |
0.0 |
-0.1 |
- |
- |
- |
|
Other, net |
-28.1 |
52.4 |
22.1 |
-4.3 |
29.0 |
|
Int. and Div. Rcvd. |
104.5 |
84.3 |
74.8 |
82.8 |
88.8 |
|
Interest expenses paid |
-50.5 |
-56.4 |
-55.6 |
-58.2 |
-64.5 |
|
payment of levies |
- |
0.0 |
-60.3 |
0.0 |
- |
|
Income taxes paid, cash basis |
-189.9 |
-231.0 |
-154.6 |
-138.5 |
-249.4 |
|
MotoGP Parti. in war discontinued paid |
- |
- |
- |
0.0 |
-15.8 |
|
Newly Consolid. Sub. |
- |
- |
- |
- |
0.0 |
|
Adjustment |
- |
- |
- |
0.0 |
- |
|
Cash from Operating Activities |
338.7 |
1,054.0 |
956.1 |
324.7 |
-410.6 |
|
|
|
|
|
|
|
|
Decrease (increase) in time deposits |
-3.7 |
18.3 |
-24.9 |
0.2 |
7.0 |
|
Purchase of property, plant and equipmen |
-789.6 |
-774.1 |
-553.2 |
-658.5 |
-677.3 |
|
Proceeds from sales of property, plant a |
4.2 |
6.8 |
7.2 |
10.7 |
28.9 |
|
Purch-Intang.Asset |
-59.0 |
-62.3 |
-57.0 |
-51.3 |
-63.7 |
|
Sale-Intang.Asset |
0.4 |
0.2 |
0.4 |
0.5 |
0.1 |
|
Payments for investments in capital of s |
-148.7 |
-22.3 |
- |
- |
- |
|
Purch-Investment Sec |
-6.9 |
-0.6 |
-4.1 |
-1.3 |
-30.3 |
|
Sale-Investment Sec |
34.9 |
8.4 |
0.1 |
20.6 |
17.9 |
|
Payments for investments in capital of s |
- |
- |
0.0 |
- |
- |
|
Purchase of subs.' securities |
- |
- |
- |
0.0 |
-12.4 |
|
Purchase of affiliated securities |
- |
- |
0.0 |
-14.3 |
0.0 |
|
Payments for lease and guarantee deposit |
-13.9 |
- |
- |
- |
- |
|
Rounding adjustment Cash flow |
0.0 |
0.0 |
- |
- |
- |
|
Decrease (increase) in short-term loans |
-0.1 |
-0.1 |
3.3 |
5.6 |
-0.3 |
|
Payments of long-term loans receivable |
-0.5 |
-0.9 |
-0.5 |
-0.7 |
-1.6 |
|
Collection of long-term loans receivable |
1.2 |
1.1 |
1.2 |
1.2 |
14.7 |
|
Other, net |
3.7 |
-9.8 |
9.6 |
6.4 |
-2.3 |
|
Cash from Investing Activities |
-978.2 |
-835.3 |
-617.8 |
-680.9 |
-719.4 |
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term lo |
507.8 |
-7.2 |
-626.3 |
-230.9 |
675.5 |
|
Proceeds from long-term loans payable |
534.3 |
252.8 |
280.1 |
804.7 |
732.0 |
|
Repayment of long-term loans payable |
-347.6 |
-376.1 |
-56.4 |
-123.9 |
-74.6 |
|
Issue-Corporate Bond |
241.0 |
253.3 |
233.4 |
215.2 |
0.0 |
|
Redemp-Corp.Bond |
-120.5 |
-382.3 |
0.0 |
-215.2 |
-174.3 |
|
Decrease (increase) in treasury stock |
0.0 |
-0.1 |
-0.2 |
-1.0 |
-0.2 |
|
Dividend Paid |
-100.7 |
-63.5 |
-58.3 |
-53.8 |
-82.8 |
|
Rounding adjustment Cash flow |
0.0 |
-0.1 |
- |
- |
- |
|
Earnings From Minority |
2.6 |
0.0 |
14.1 |
2.5 |
0.0 |
|
Div.Paid to Minority |
-16.0 |
-13.6 |
-5.6 |
-8.0 |
-3.6 |
|
Other, net |
-5.8 |
-3.1 |
-0.8 |
-3.2 |
-0.2 |
|
Cash from Financing Activities |
695.1 |
-339.8 |
-220.1 |
386.4 |
1,071.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-10.7 |
-23.1 |
4.3 |
-0.9 |
-9.0 |
|
Net Change in Cash |
44.9 |
-144.2 |
122.4 |
29.3 |
-67.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
400.7 |
565.2 |
398.4 |
338.0 |
379.9 |
|
Net Cash - Ending Balance |
445.6 |
421.0 |
520.8 |
367.3 |
312.6 |
|
Cash Interest Paid |
50.5 |
56.4 |
55.6 |
58.2 |
64.5 |
|
Cash Taxes Paid |
189.9 |
231.0 |
154.6 |
138.5 |
249.4 |
Financial
Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Ratio
Comparisons
|
Traded: Over The
Counter: KWHIY |
Financials in:
USD (actual units) |
||||
|
Industry: Conglomerates |
As of
16-Aug-2013 |
||||
|
Sector: Conglomerates |
|||||
|
|
Company |
Industry |
Sector |
S&P 500 |
|
|
Valuation Ratios |
|||||
|
20.09 |
24.33 |
24.33 |
19.68 |
||
|
30.32 |
21.39 |
21.39 |
32.79 |
||
|
16.15 |
9.29 |
9.29 |
10.71 |
||
|
0.78 |
1.02 |
1.02 |
1.00 |
||
|
0.48 |
2.29 |
2.29 |
2.57 |
||
|
1.83 |
4.11 |
4.11 |
3.67 |
||
|
1.93 |
10.53 |
10.53 |
5.21 |
||
|
- |
15.39 |
15.39 |
14.22 |
||
|
- |
23.97 |
23.97 |
26.26 |
||
|
|
|
|
|
|
|
|
Dividends |
|||||
|
2.67% |
2.11% |
2.11% |
2.26% |
||
|
0.15 |
2.51 |
2.51 |
1.99 |
||
|
0.00% |
0.42% |
0.42% |
0.08% |
||
|
27.08% |
32.53% |
32.53% |
25.98% |
||
|
|
|
|
|
|
|
|
Growth Rates (%) |
|||||
|
1.39% |
10.44% |
10.44% |
15.58% |
||
|
-1.14% |
13.43% |
13.43% |
17.69% |
||
|
-3.00% |
7.30% |
7.30% |
8.97% |
||
|
211.25% |
0.66% |
0.66% |
19.49% |
||
|
33.80% |
24.54% |
24.54% |
32.55% |
||
|
-2.15% |
2.42% |
2.42% |
9.86% |
||
|
6.73% |
1.98% |
1.98% |
-2.04% |
||
|
|
|
|
|
|
|
|
Financial Strength |
|||||
|
0.71 |
1.45 |
1.45 |
1.24 |
||
|
1.30 |
2.15 |
2.15 |
1.79 |
||
|
0.75 |
0.48 |
0.48 |
0.64 |
||
|
1.43 |
0.55 |
0.55 |
0.73 |
||
|
- |
24.50 |
24.50 |
13.80 |
||
|
|
|
|
|
|
|
|
Profitability Ratios (%) |
|||||
|
15.78% |
46.41% |
46.41% |
45.21% |
||
|
15.00% |
46.41% |
46.41% |
44.91% |
||
|
6.14% |
20.20% |
20.20% |
24.43% |
||
|
5.75% |
23.63% |
23.63% |
22.84% |
||
|
3.79% |
19.15% |
19.15% |
20.63% |
||
|
1.80% |
18.21% |
18.21% |
18.28% |
||
|
3.58% |
18.52% |
18.52% |
17.95% |
||
|
2.42% |
18.25% |
18.25% |
17.10% |
||
|
2.56% |
13.42% |
13.42% |
13.65% |
||
|
1.42% |
12.40% |
12.40% |
12.10% |
||
|
28.47% |
27.83% |
27.83% |
28.45% |
||
|
41.47% |
30.67% |
30.67% |
29.92% |
||
|
|
|
|
|
|
|
|
Management Effectiveness (%) |
|||||
|
2.33% |
11.38% |
11.38% |
8.54% |
||
|
1.30% |
13.98% |
13.98% |
8.40% |
||
|
4.97% |
7.40% |
7.40% |
7.90% |
||
|
2.87% |
10.88% |
10.88% |
8.27% |
||
|
9.58% |
25.06% |
25.06% |
19.72% |
||
|
5.44% |
30.49% |
30.49% |
20.06% |
||
|
|
|
|
|
|
|
|
Efficiency |
|||||
|
388,608.70 |
343,723.16 |
343,723.16 |
927,613.77 |
||
|
9,953.40 |
46,856.96 |
46,856.96 |
116,121.92 |
||
|
3.10 |
7.20 |
7.20 |
13.25 |
||
|
2.41 |
6.24 |
6.24 |
14.53 |
||
|
0.91 |
0.89 |
0.89 |
0.93 |
||
Annual
Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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Stock
Report
Stock Snapshot
Traded: Over The Counter: KWHIY
As of 16-Aug-2013 US Dollars
Recent Price $15.21 EPS $0.64
52 Week High $15.56 Price/Sales 0.48
52 Week Low $7.76 Dividend Rate $0.41
Avg. Volume (mil) 0.00 Price/Earnings 16.15
Market Value (mil) $6,320.05 Price/Book 1.83
Beta 0.78
Price % Change Rel S&P 500%
4 Week 10.14% 12.55%
13 Week 3.89% 4.62%
52 Week 70.71% 45.93%
Year to Date 39.54% 20.19%
2 Year Weekly End Price &
Volume
Stock History
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.67.71 |
|
UK Pound |
1 |
Rs.105.14 |
|
Euro |
1 |
Rs.90.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.