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Report Date : |
18.12.2013 |
IDENTIFICATION DETAILS
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Name : |
FUJI ELECTRIC CO LTD |
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Registered Office : |
14F, East Tower, Gate City Osaki 1-11-2, Osaki Shinagawa-Ku, 141-0032 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
29.08.1923 |
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Legal Form : |
Public Parent |
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Line of Business : |
Manufacturer of industrial equipment. Energy division provides thermal, hydroelectric and nuclear power generation equipment, and radiation control systems. Industrial System division offers industrial drive systems, measurement systems, industrial power systems and data center equipment |
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No. of Employees : |
24,956 |
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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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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
Fuji Electric Co
Ltd
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Business
Description
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FUJI ELECTRIC CO., LTD. is a manufacturer of industrial equipment.
Energy division provides thermal, hydroelectric and nuclear power generation
equipment, and radiation control systems. Industrial System division offers
industrial drive systems, measurement systems, industrial power systems and
data center equipment. Social System segment provides system and distribution
system, electric substation equipment, power meters, energy management
systems, among others. Power Electronics segment provides inverters, servo
systems, motors and uninterruptible power supply (UPS), among others. Electronic
Device segment offers power semiconductor, photoconductor and others. Vending
Machine segment offers food and beverage vending machines, food equipment and
currency-related equipment. Others segment includes electrical facilities
construction, air-conditioning and plumbing work. On April 1, 2013, as
surviving company, it merged with a Mie Prefecture-based wholly owned
subsidiary. For the fiscal year ended 31 March 2013, Fuji Electric Co Ltd
revenues increased 6% to Y745.78B. Net income applicable to common
stockholders increased from Y11.8B to Y26.37B. Revenues reflect Other segment
increase of 7% to Y79.59B, Electronic Devices Business segment increase of 1%
to Y110.58B. Net income benefited from Eliminations and Corporate segment
loss decrease of 8% to Y5.17B, Other segment income increase of 9% to Y2.88B. |
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
3162 - Manufacture of other electrical equipment not
elsewhere classified |
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NAICS 2002: |
335999 - All Other Miscellaneous Electrical
Equipment and Component Manufacturing |
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UK SIC 2003: |
3162 - Manufacture of other electrical equipment not
elsewhere classified |
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UK SIC 2007: |
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US SIC 1987: |
3629 - Electrical Industrial Apparatus, Not
Elsewhere Classified |
Key Executives
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Significant Developments
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Financial Summary
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Stock Snapshot
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1 - Profit &
Loss Item Exchange Rate: USD 1 = JPY 82.97047
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 94.08855
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Fuji Electric Co
Ltd The Strategic Initiatives report is created using technology to
extract meaningful insights from analyst reports about a company's strategic
projects and investments.
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Partnerships |
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In February 2011, Fuji Electric and General Electric (GE) established
a joint venture, GE Fuji Meter Co., Ltd. This joint venture would enhance the
capabilities of both companies in designing, manufacturing and marketing
electric meters in Japan market, which could boost their revenue
channels.Strategic MergersWith an aim to align its operation with the
changing market trends, Fuji Electric implemented several strategic initiatives.
In 2012, the company’s subsidiary, Fuji Electric Retail Systems Co., Ltd. |
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Sales and Distribution |
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, Ltd. involved in the development, manufacturing, and sales of
vending machines and provision of related services merged its operations with
the parent company, Fuji Electric. In April 2011, the company announced plans
to merge Fuji Electric Device Technology Co., Ltd. (FDT) with Fuji Electric
and transfer all functions conducted by FDT to Fuji Electric (Malaysia) Sdn. |
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by June 2011. This move would enable Fuji Electric to flexibly respond
to sudden and dramatic changes in the hard-disk drive market and ensure a
unified base that can efficiently engage in sales and marketing, technology
development, and manufacturing activities. In February 2011, the company
announced plans to merge the operations of its wholly-owned subsidiary, Fuji
Technosurvey Co., Ltd., into Fuji Electric |
|
|
Fuji Electric Co., Ltd. (Fuji Electric) is an electrical product
manufacturing company engaged in offering nuclear power generation equipment,
power generation equipment, hydroelectric equipment, photovoltaic systems and
energy management systems, inverters, measurement systems, and industrial
information systems. Wide business operations of the company enable it to cater
to a larger group of customers with varied preferences and purchasing power.
However, the company’s operations could be affected by rising commodity
prices and intense competition in sectors it conducts operations in.
Strong Liquidity Position
Strong liquidity helps the company in meeting its working capital
requirements effectively. Fuji Electric reported an increase in its liquidity
ratios in 2011. For the fiscal year ended March 2011, the company reported
current ratio of 1.094 times as against 1.091 times in 2010, and cash ratio of
0.202 times in 2011 as against 0.098 times in 2010. Growth in current ratio
indicates that the company is in a strong position to meet its short-term
obligations. Fuji Electric also reported an increase in its cash and cash
equivalents in fiscal year 2011. The company had JPY81,883m in cash and cash
equivalents as of March 2011, as compared to cash and cash equivalents of
JPY37,344m in 2010, reflecting an increase of 119.26%. The increase in cash
reserves was principally due to strong cash flows from operating activities,
which increased by 350% over that in 2010. Increasing cash reserves indicate Fuji
Electric’s ability to obtain additional debt to finance acquisitions, capture
business opportunities and meet capital expenditure or other capital
requirements in the future.
Strong Research and Development Activities
Fuji Electric has a strong research and development (R&D) arm that
focuses on various activities, which could help the company in cost reduction
and process improvement, quality assurance, process control, and system
development. The company also focuses on developing new manufacturing methods
and new products, while improving its existing manufacturing processes and
products. With an aim to usher in diversity across its product groups, Fuji
Electric conducts R&D operations through advanced technology laboratory,
product technology laboratory and electronic device laboratory. In 2010, the
company entered into an agreement with Zhejiang University in Hangzhou,
Zhejiang Province, China, to develop new business in China with the
establishment of the Zhejiang University - Fuji Electric Innovation Center. The
Center promotes research and development in platform and applied technologies,
and helps Fuji Electric expand the scope of its R&D in the fields of
energy, transportation and environmental conservation. The Center will also
develop collaborative R&D for railways, electric vehicles and water
environmental business including wastewater treatment. Currently, the
company’s major research projects include the development of optical laser
light for detecting concentrations of CO2 and other greenhouse gases including
hazardous gases; and the development of next-generation SiC power devices that
provide greater energy efficiency in power electronics and smart communities.
Such strong focus on R&D activities provides Fuji Electric with an edge
over its competitors in operational performance. Product and technology
innovations also strengthen the company’s capabilities and provide a source
of future revenues.
Strong Concern for Environment
Protecting the global environment is one of the most important
management tasks of Fuji Electric. It strives to achieve a sustainable,
recycling-based society in concord with various basic policies including
developing products and technologies that contribute to global environmental
protection. The company focuses on reducing environmental burden through long
product life cycles in its business activities. It also establishes and
continuously improves environmental management systems, raises employees'
awareness about environmental issues and contributes to society, and promotes
communication on its environmental activities. Such initiatives enhance Fuji
Electric’s strong position in the market and provide an edge over its
competitors.
Wide Business Operations
The company offers the diverse range of its products to a number of end
markets and industries. Its activities span seven segments, namely, Energy,
Industrial Systems, Social Systems, Power Electronics, Electronic Devices,
ED&C Components, and Vending Machines. Energy segment is classified into
two sub-segments, namely, power generation and nuclear power radiation. Power
generation sub-segment generates geothermal power, thermal power and
hydroelectric power. Energy segment conducts activities including plant system
design through engineering and construction, installation, and trial
operations. Industrial Systems segment of the company is engaged in offering
solutions catering to electromotive power application technologies, measuring
technologies, and power electronics technologies that offer optimal energy
efficiency to diverse industrial customers. Fuji Electric’s Social Systems
business develops dispersed power network systems such as micro grids and smart
grids. It offers wind power generation systems, power supply monitoring and
control systems, and cold-chain equipment such as refrigerated and freezer
showcases and unit assembly-type store systems. Power Electronics segment
provides CO2 emissions-reducing, high-efficiency power electronics combining
power semiconductors, circuit technology, and control technology; while its
Electronic Devices segment offers power semiconductors, photoconductive drums,
film-type solar cells, and magnetic disks. The company’s ED&C Components
segment offers power distribution and control equipment such as magnetic switches
and molded-case circuit breakers for manufacturing equipment at plants and
other machinery. Its Vending Machines segment manufactures beverage vending
machines, and also offers vending machine refurbishment, repair, and
installation services. Such diversified business operations help the company
reduce the impact of market volatility in any particular business unit and
provide economic stability.
Revenue Concentration: Japan
Fuji Electric has confined geographical revenue, which could be a cause
for concern to the company. The company classifies its geographical operations
into six regions, namely, Japan, North America, Europe, Asia (except for
China), China and Others. Although its products are marketed in several
countries across the world, its domestic market, Japan, accounts for a major
portion of its total revenue. In the fiscal years ended March 2012 and 2011,
the company’s domestic market accounted for over 75% of its total revenue.
This makes the company vulnerable to geographically associated market issues
and risks of economic downturn in any single market. With spending at a rock
bottom level in Japan, Fuji electric will continue to record declining sales in
that market.
Decline in Liquidity Position
The fall in liquidity assumes significance as Fuji Electric is required
to spend a significant amount of money to enhance its scope of business and
revenue stream. The company reported a fall in all the liquidity ratios owing
to more than proportionate increase in current liabilities in comparison with
current assets. The current assets stood at JPY453,197m in 2012, as against JPY
443,021m in 2011, while its current liabilities increased from JPY404,895 in
2011 to JPY465,814 in 2012. During the fiscal year ended March 2012, the company
reported current ratio of 0.97 times in 2012 as against 1.09 times in 2011,
followed by quick ratio of 0.68 times as against 0.82 times, and cash ratio of
0.13 times in 2012 as against 0.202 times in 2011. Fuji Electric also reported
a decrease in its cash and short term investments in fiscal year 2012. The
company’s cash and short term investments declined from JPY81,883m in
JPY64,323m, reflecting a decline of %. Thus, a decline in liquidity could
affect the company’s growth in the near future. The company could face
difficulty in meeting its short term obligations efficiently. Low cash reserves
or assets that are easily convertible to cash produce less flexibility for the
firm and increase investors’ risk.
Strategic Acquisitions and Joint Ventures
The company continues to view acquisitions as a key part of its growth
criteria. Acquisitions are intended to supplement Fuji Electric’s core growth
and assure expansion of its business, including new technologies, additional
products, and geographical reach. In July 2012, Fuji Electric signed an
agreement to acquire Tsugaru Factory of Renesas Northern Japan Semiconductor,
Inc. and establish it as Fuji Electric Tsugaru Semiconductor Co., Ltd., a
wholly owned subsidiary of the Company. In April 2011, Voith Fuji Hydro K.K., a
joint venture between Fuji Electric Co., Ltd. and Voith Hydro Holding GmbH
& Co. KG entered into an agreement to acquire the water turbine business of
Ebara Corporation. This acquisition would further strengthen its water turbine
activities and help it in meeting the future demand as a source of renewable
energy. In February 2011, Fuji Electric and General Electric (GE) established a
joint venture, GE Fuji Meter Co., Ltd. This joint venture would enhance the
capabilities of both companies in designing, manufacturing and marketing
electric meters in Japan market, which could boost their revenue channels.
Expansion in Indian Market
Emerging markets offer a strong growth opportunity for the company,
enabling it to leverage its strong brand and product portfolio. The demand in
core markets is falling; hence, in order to sustain their revenue, companies
are looking at tapping new markets, especially the emerging economies. Fuji
Electric could benefit by increasing its presence in India, one of the fastest
growing economies in the world. The Indian economy is estimated to grow at
about 8% in fiscal year 2011-12. Through a branch office of its sales
subsidiary in Singapore, the company markets drive products such as inverters
and servomotors in India. To further strengthen its sales activities and offer
a wide range of products and services of each group company, as well as
accelerate the penetration of its brands and reinforce marketing in India and
other emerging economies, the company established Fuji Electric India Private
Limited in Mumbai. Such expansion initiatives and efforts to capitalize on
emerging markets could strengthen Fuji Electric’s position in the global
market.
Strategic Mergers
With an aim to align its operation with the changing market trends, Fuji
Electric implemented several strategic initiatives. In 2012, the company’s
subsidiary, Fuji Electric Retail Systems Co., Ltd. involved in the development,
manufacturing, and sales of vending machines and provision of related services
merged its operations with the parent company, Fuji Electric. In April 2011,
the company announced plans to merge Fuji Electric Device Technology Co., Ltd.
(FDT) with Fuji Electric and transfer all functions conducted by FDT to Fuji Electric
(Malaysia) Sdn. Bhd. by June 2011. This move would enable Fuji Electric to
flexibly respond to sudden and dramatic changes in the hard-disk drive market
and ensure a unified base that can efficiently engage in sales and marketing,
technology development, and manufacturing activities. In February 2011, the
company announced plans to merge the operations of its wholly-owned subsidiary,
Fuji Technosurvey Co., Ltd., into Fuji Electric. This merger would integrate
Fuji Technosurvey’s intellectual property into the company’s business and
R&D strategy management functions and enable the development of a system
capable of properly managing global intellectual property functions.
Favorable Trends in Semiconductor Market
The company could benefit from the positive outlook for the $205.2
billion semiconductor market. According to a Future Horizons report, the market
for semiconductors is projected to reach $385.2 billion by 2014, recording a
compound annual growth rate (CAGR) of 13.4%. Moreover, in the coming years, the
demand for semiconductors from the automotive industry is expected to be high,
as an average vehicle will have more semiconductors with the addition of
instruments such as automatic braking systems and accident avoidance systems,
and more entertainment systems. A strong product profile will enable the
company to maintain its position in the semiconductor market.
Risk of Technology Obsolescence
The industrial sectors in which Fuji Electric operates are subject to
significant technological advances and product innovation and development. The
company must continuously design new products, and update existing products and
develop new technologies to meet its customers’ demands. The launch of new
products and technologies involves a significant commitment to research and
development. Upon investing in these new technologies, the company’s profits
may suffer if they are not accepted in the marketplace as anticipated. Its
competitors may develop innovative technologies and products, which could
render its technology and products under development obsolete or uncompetitive.
Intense Competition
Increased competition may lead the company to reduce its prices, which
could affect its margins negatively. Competition is expected to intensify in
the near future with the entry of new players in the market. The company
competes with several other companies that have significantly greater
financial, marketing and distribution resources. The existing market includes
companies of varying sizes; some more specialized than Fuji electric with
respect to particular commodities, and some with greater financial resources
than the company. It competes in this evolving marketplace on the basis of many
factors including price, quality, innovation, service, reputation, distribution
and promotion.
Stringent Regulations
The operations of the company are subject to environmental laws in each
jurisdiction in which it conducts business. The company could be subject to
liability if it does not comply with these regulations. In addition, it is
responsible for remedial investigations and clean-up costs resulting from the
discharge of hazardous substances into the environment, including sites
operated by the company and potentially responsible party under federal and
state environmental laws and regulations. Any changes in environmental and
other laws and regulations in both domestic and foreign jurisdictions could
adversely affect its operations due to increased costs of compliance and
potential liability for non-compliance.
Rise in Raw Material Prices
Fuji Electric uses various raw materials such as non-ferrous metals in
manufacturing safety equipment and spare parts. The prices of these raw
materials account for a significant share of the company's total cost of goods
sold. Due to increase in commodity prices, the cost of raw materials and energy
may also increase substantially. The company may incur loss in sales volume to
the extent of their price increase. The continuous supply of raw materials
could be affected by weather conditions, national emergencies, strikes,
governmental controls, natural disasters, supply shortages or other events.
Thus, price fluctuations and non-availability of the raw materials may have an
adverse effect on the product cost and operations of the company.
Fuji Electric Co Ltd
Total Corporate Family Members: 44
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Shinagawa-Ku |
Japan |
Electronic Instruments and Controls |
8,988.5 |
24,956 |
|
|
Subsidiary |
Kulim, Kedah |
Malaysia |
Semiconductors |
283.6 |
1,000 |
|
|
Subsidiary |
Calamba, Laguna |
Philippines |
Semiconductors |
|
800 |
|
|
Affiliates |
Bangkok |
Thailand |
Retail (Technology) |
|
250 |
|
|
Subsidiary |
Shanghai |
China |
Miscellaneous Capital Goods |
|
160 |
|
|
Subsidiary |
Glasgow |
United Kingdom |
Semiconductors |
|
150 |
|
|
Affiliates |
Jakarta, Timur |
Indonesia |
Scientific and Technical Instruments |
|
100 |
|
|
Subsidiary |
Shanghai |
China |
Electronic Instruments and Controls |
|
100 |
|
|
Affiliates |
Clermont-Ferrand, Cedex |
France |
Retail (Technology) |
15.1 |
80 |
|
|
Subsidiary |
Makati, Metro Manila |
Philippines |
Electronic Instruments and Controls |
|
65 |
|
|
Subsidiary |
Taoyuan |
Taiwan |
Retail (Technology) |
|
60 |
|
|
Subsidiary |
Edison, NJ |
United States |
Electronic Instruments and Controls |
|
50 |
|
|
Branch |
Houston, TX |
United States |
Electronic Instruments and Controls |
18.7 |
35 |
|
|
Branch |
Fremont, CA |
United States |
Electronic Instruments and Controls |
25.0 |
30 |
|
|
Branch |
Schaumburg, IL |
United States |
Electric Utilities |
8.2 |
8 |
|
|
Branch |
San Diego, CA |
United States |
Electronic Instruments and Controls |
1.6 |
6 |
|
|
Branch |
Greensboro, NC |
United States |
Construction Services |
0.9 |
5 |
|
|
Branch |
Richardson, TX |
United States |
Electronic Instruments and Controls |
10.4 |
4 |
|
|
Branch |
Roanoke, VA |
United States |
Electric Utilities |
4.1 |
4 |
|
|
Branch |
San Jose, CA |
United States |
Construction Services |
0.8 |
4 |
|
|
Branch |
Santa Ana, CA |
United States |
Construction Services |
0.6 |
3 |
|
|
Subsidiary |
Hong Kong, NT |
Hong Kong |
Semiconductors |
|
50 |
|
|
Subsidiary |
Piscataway, NJ |
United States |
Computer Peripherals |
|
45 |
|
|
Subsidiary |
Shanghai |
China |
Electronic Instruments and Controls |
|
30 |
|
|
Affiliates |
Singapore |
Singapore |
Electronic Instruments and Controls |
101.0 |
25 |
|
|
Subsidiary |
Fremont, CA |
United States |
Computer Peripherals |
|
25 |
|
|
Subsidiary |
Sao Paulo, Santana |
Brazil |
Semiconductors |
|
|
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Electronic Instruments and Controls |
|
25 |
|
|
Subsidiary |
Offenbach |
Germany |
Electronic Instruments and Controls |
|
25 |
|
|
Subsidiary |
Kowloon |
Hong Kong |
Electronic Instruments and Controls |
|
17 |
|
|
Subsidiary |
Singapore |
Singapore |
Electronic Instruments and Controls |
|
15 |
|
|
Subsidiary |
Taipei |
Taiwan |
Semiconductors |
|
10 |
|
|
Subsidiary |
Taipei City, Taipei |
Taiwan |
Appliance and Tool |
|
200 |
|
|
Subsidiary |
Shenzhen, Guangdong |
China |
Electronic Instruments and Controls |
|
5 |
|
|
Subsidiary |
Jakarta |
Indonesia |
Retail (Technology) |
|
4 |
|
|
Subsidiary |
Dalian |
China |
Electronic Instruments and Controls |
|
|
|
|
Subsidiary |
Tokyo, Shinagawa |
Japan |
Electronic Instruments and Controls |
|
|
|
|
Subsidiary |
Kowloon |
Hong Kong |
Electronic Instruments and Controls |
|
20 |
|
|
Subsidiary |
Taipei |
Taiwan |
Electronic Instruments and Controls |
|
|
|
|
Affiliates |
Seoul |
Korea, Republic of |
Retail (Specialty) |
|
|
|
|
Affiliates |
Wujiang, Jiangsu |
China |
Retail (Technology) |
|
|
|
|
Subsidiary |
Dalian |
China |
Retail (Specialty) |
|
|
|
|
Subsidiary |
Kowloon |
Hong Kong |
Semiconductors |
|
|
|
|
Subsidiary |
Shanghai |
China |
Electronic Instruments and Controls |
|
|
|
Executives Report
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Financials in: USD (mil) |
|
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Except for share items (millions) and per
share items (actual units) |
|
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|
|
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|
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 |
Ernst &
Young ShinNihon LLC |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
8,988.5 |
8,909.9 |
8,041.2 |
7,437.2 |
7,629.4 |
|
Revenue |
8,988.5 |
8,909.9 |
8,041.2 |
7,437.2 |
7,629.4 |
|
Total Revenue |
8,988.5 |
8,909.9 |
8,041.2 |
7,437.2 |
7,629.4 |
|
|
|
|
|
|
|
|
Cost of Revenue |
7,080.3 |
6,923.5 |
6,343.2 |
6,121.8 |
6,413.7 |
|
Cost of Revenue, Total |
7,080.3 |
6,923.5 |
6,343.2 |
6,121.8 |
6,413.7 |
|
Gross Profit |
1,908.2 |
1,986.4 |
1,698.0 |
1,315.4 |
1,215.7 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
517.4 |
548.3 |
587.2 |
559.5 |
586.0 |
|
Labor & Related Expense |
815.4 |
845.7 |
711.1 |
553.3 |
569.7 |
|
Total Selling/General/Administrative Expenses |
1,332.8 |
1,393.9 |
1,298.3 |
1,112.8 |
1,155.7 |
|
Research & Development |
310.3 |
348.6 |
260.7 |
192.7 |
247.7 |
|
Amortization of Acquisition Costs |
- |
- |
-4.0 |
-1.3 |
-0.9 |
|
Depreciation/Amortization |
- |
- |
-4.0 |
-1.3 |
-0.9 |
|
Restructuring Charge |
- |
- |
0.0 |
177.3 |
184.0 |
|
Litigation |
8.4 |
- |
- |
- |
- |
|
Impairment-Assets Held for Use |
77.7 |
0.0 |
14.8 |
0.0 |
- |
|
Impairment-Assets Held for Sale |
6.3 |
2.6 |
33.4 |
2.8 |
36.8 |
|
Other Unusual Expense (Income) |
11.8 |
188.8 |
84.6 |
-58.0 |
42.9 |
|
Unusual Expense (Income) |
104.2 |
191.4 |
132.8 |
122.0 |
263.7 |
|
Other Operating Expense |
0.0 |
0.0 |
- |
- |
- |
|
Other Operating Expenses, Total |
0.0 |
0.0 |
- |
- |
- |
|
Total Operating Expense |
8,827.6 |
8,857.5 |
8,031.0 |
7,548.0 |
8,079.8 |
|
|
|
|
|
|
|
|
Operating Income |
160.9 |
52.4 |
10.3 |
-110.8 |
-450.4 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-44.9 |
-62.5 |
-65.2 |
-78.2 |
-62.1 |
|
Interest Expense, Net Non-Operating |
-44.9 |
-62.5 |
-65.2 |
-78.2 |
-62.1 |
|
Interest Income -
Non-Operating |
1.9 |
2.8 |
3.0 |
2.9 |
2.0 |
|
Investment Income -
Non-Operating |
90.2 |
51.5 |
370.1 |
53.4 |
63.2 |
|
Interest/Investment Income - Non-Operating |
92.1 |
54.3 |
373.0 |
56.2 |
65.2 |
|
Interest Income (Expense) - Net Non-Operating Total |
47.1 |
-8.2 |
307.8 |
-22.0 |
3.1 |
|
Gain (Loss) on Sale of Assets |
-14.5 |
20.5 |
-8.1 |
34.0 |
-17.8 |
|
Other Non-Operating Income (Expense) |
6.8 |
3.0 |
-1.4 |
8.1 |
0.5 |
|
Other, Net |
6.8 |
3.0 |
-1.4 |
8.1 |
0.5 |
|
Income Before Tax |
200.3 |
67.7 |
308.7 |
-90.7 |
-464.5 |
|
|
|
|
|
|
|
|
Total Income Tax |
-137.7 |
-100.0 |
119.1 |
-143.9 |
272.9 |
|
Income After Tax |
338.0 |
167.7 |
189.6 |
53.2 |
-737.5 |
|
|
|
|
|
|
|
|
Minority Interest |
-20.2 |
-18.3 |
-13.3 |
19.4 |
8.0 |
|
Net Income Before Extraord Items |
317.8 |
149.5 |
176.3 |
72.7 |
-729.5 |
|
Net Income |
317.8 |
149.5 |
176.3 |
72.7 |
-729.5 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
0.0 |
-0.1 |
0.0 |
0.0 |
|
Total Adjustments to Net Income |
0.0 |
0.0 |
-0.1 |
0.0 |
0.0 |
|
Income Available to Common Excl Extraord Items |
317.8 |
149.5 |
176.3 |
72.7 |
-729.5 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
317.8 |
149.5 |
176.3 |
72.7 |
-729.5 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
714.6 |
714.6 |
714.6 |
714.7 |
714.7 |
|
Basic EPS Excl Extraord Items |
0.44 |
0.21 |
0.25 |
0.10 |
-1.02 |
|
Basic/Primary EPS Incl Extraord Items |
0.44 |
0.21 |
0.25 |
0.10 |
-1.02 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
317.8 |
149.5 |
176.3 |
72.7 |
-729.5 |
|
Diluted Weighted Average Shares |
715.2 |
715.7 |
715.7 |
720.2 |
714.7 |
|
Diluted EPS Excl Extraord Items |
0.44 |
0.21 |
0.25 |
0.10 |
-1.02 |
|
Diluted EPS Incl Extraord Items |
0.44 |
0.21 |
0.25 |
0.10 |
-1.02 |
|
Dividends per Share - Common Stock Primary Issue |
0.06 |
0.05 |
0.05 |
0.02 |
0.04 |
|
Gross Dividends - Common Stock |
43.1 |
36.2 |
33.4 |
11.5 |
28.4 |
|
Interest Expense, Supplemental |
44.9 |
62.5 |
65.2 |
78.2 |
62.1 |
|
Depreciation, Supplemental |
374.3 |
376.8 |
326.1 |
280.3 |
238.0 |
|
Total Special Items |
118.7 |
170.9 |
136.9 |
86.8 |
280.6 |
|
Normalized Income Before Tax |
318.9 |
238.6 |
445.6 |
-3.9 |
-183.9 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
41.5 |
59.8 |
54.3 |
30.8 |
98.5 |
|
Inc Tax Ex Impact of Sp Items |
-96.2 |
-40.2 |
173.4 |
-113.1 |
371.5 |
|
Normalized Income After Tax |
415.1 |
278.8 |
272.1 |
109.2 |
-555.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
394.9 |
260.5 |
258.8 |
128.7 |
-547.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.55 |
0.36 |
0.36 |
0.18 |
-0.77 |
|
Diluted Normalized EPS |
0.55 |
0.36 |
0.36 |
0.18 |
-0.77 |
|
Amort of Acquisition Costs, Supplemental |
- |
- |
-4.0 |
-1.3 |
-0.9 |
|
Research & Development Exp, Supplemental |
375.6 |
408.4 |
380.1 |
261.4 |
302.5 |
|
Reported Operating Profit |
265.1 |
243.8 |
139.1 |
9.9 |
-187.6 |
|
Reported Ordinary Profit |
309.9 |
235.0 |
84.3 |
-5.8 |
-206.7 |
|
Normalized EBIT |
265.1 |
243.8 |
143.1 |
11.2 |
-186.7 |
|
Normalized EBITDA |
639.3 |
620.7 |
465.2 |
290.3 |
50.4 |
|
Current Tax - Total |
69.0 |
- |
- |
- |
- |
|
Current Tax - Total |
69.0 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-206.7 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-206.7 |
- |
- |
- |
- |
|
Income Tax - Total |
-137.7 |
- |
- |
- |
- |
|
Interest Cost - Domestic |
6.5 |
37.3 |
53.8 |
51.2 |
47.9 |
|
Service Cost - Domestic |
6.3 |
35.5 |
57.8 |
57.6 |
54.5 |
|
Prior Service Cost - Domestic |
-1.6 |
2.7 |
-0.6 |
-0.9 |
-0.8 |
|
Expected Return on Assets - Domestic |
-4.5 |
-27.6 |
-35.9 |
-26.8 |
-29.6 |
|
Actuarial Gains and Losses - Domestic |
13.6 |
62.0 |
88.3 |
111.0 |
61.5 |
|
Transition Costs - Domestic |
- |
- |
0.0 |
12.2 |
10.9 |
|
Other Pension, Net - Domestic |
8.6 |
- |
0.0 |
30.8 |
-0.1 |
|
Domestic Pension Plan Expense |
28.9 |
109.9 |
163.4 |
235.1 |
144.2 |
|
Defined Contribution Expense - Domestic |
1.5 |
8.1 |
13.4 |
14.5 |
10.2 |
|
Total Pension Expense |
30.4 |
118.0 |
176.8 |
249.6 |
154.4 |
|
Discount Rate - Domestic |
2.50% |
2.50% |
2.50% |
2.50% |
2.50% |
|
Expected Rate of Return - Domestic |
2.50% |
2.50% |
2.50% |
2.50% |
2.50% |
|
Total Plan Interest Cost |
6.5 |
37.3 |
53.8 |
51.2 |
47.9 |
|
Total Plan Service Cost |
6.3 |
35.5 |
57.8 |
57.6 |
54.5 |
|
Total Plan Expected Return |
-4.5 |
-27.6 |
-35.9 |
-26.8 |
-29.6 |
|
Total Plan Other Expense |
8.6 |
- |
0.0 |
30.8 |
-0.1 |
|
|
|
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 |
Ernst &
Young ShinNihon LLC |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
422.5 |
780.8 |
988.0 |
399.7 |
865.3 |
|
Cash and Short Term Investments |
422.5 |
780.8 |
988.0 |
399.7 |
865.3 |
|
Accounts Receivable -
Trade, Gross |
2,304.8 |
2,423.7 |
2,381.2 |
2,387.7 |
1,811.8 |
|
Provision for Doubtful
Accounts |
-4.3 |
-10.1 |
-6.8 |
-6.6 |
-6.1 |
|
Trade Accounts Receivable - Net |
2,300.5 |
2,413.5 |
2,374.4 |
2,381.1 |
1,805.7 |
|
Total Receivables, Net |
2,300.5 |
2,413.5 |
2,374.4 |
2,381.1 |
1,805.7 |
|
Inventories - Finished Goods |
451.3 |
496.0 |
457.7 |
392.0 |
542.7 |
|
Inventories - Work In Progress |
417.6 |
754.1 |
496.3 |
382.5 |
670.3 |
|
Inventories - Raw Materials |
275.9 |
368.1 |
366.6 |
225.6 |
311.5 |
|
Total Inventory |
1,144.9 |
1,618.2 |
1,320.6 |
1,000.1 |
1,524.5 |
|
Deferred Income Tax - Current Asset |
191.8 |
244.4 |
191.2 |
236.2 |
95.8 |
|
Other Current Assets |
454.2 |
444.1 |
471.2 |
431.5 |
403.7 |
|
Other Current Assets, Total |
646.0 |
688.5 |
662.4 |
667.7 |
499.5 |
|
Total Current Assets |
4,513.9 |
5,500.9 |
5,345.3 |
4,448.5 |
4,694.9 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
1,790.2 |
1,923.1 |
2,002.0 |
1,885.6 |
1,969.7 |
|
Intangibles, Net |
135.0 |
135.7 |
122.4 |
113.5 |
107.5 |
|
LT Investment - Affiliate Companies |
236.0 |
365.7 |
350.9 |
332.9 |
- |
|
LT Investments - Other |
1,033.7 |
1,158.8 |
1,209.6 |
2,346.6 |
1,804.4 |
|
Long Term Investments |
1,269.7 |
1,524.4 |
1,560.5 |
2,679.5 |
1,804.4 |
|
Note Receivable - Long Term |
13.4 |
18.6 |
24.6 |
20.7 |
23.2 |
|
Deferred Charges |
1.4 |
1.4 |
1.3 |
2.3 |
3.7 |
|
Pension Benefits - Overfunded |
296.4 |
381.9 |
524.2 |
444.6 |
475.6 |
|
Deferred Income Tax - Long Term Asset |
46.6 |
52.4 |
55.9 |
50.9 |
36.7 |
|
Other Long Term Assets |
70.0 |
85.1 |
86.1 |
81.8 |
86.8 |
|
Other Long Term Assets, Total |
414.4 |
520.8 |
667.5 |
579.6 |
602.8 |
|
Total Assets |
8,136.6 |
9,623.7 |
9,722.3 |
9,727.4 |
9,202.5 |
|
|
|
|
|
|
|
|
Accounts Payable |
1,381.0 |
1,656.4 |
1,625.1 |
1,410.0 |
1,226.2 |
|
Accrued Expenses |
417.1 |
442.1 |
436.5 |
361.0 |
382.0 |
|
Notes Payable/Short Term Debt |
962.9 |
1,433.0 |
448.0 |
1,034.7 |
1,872.0 |
|
Current Portion - Long Term Debt/Capital Leases |
232.0 |
863.0 |
1,210.5 |
342.6 |
- |
|
Customer Advances |
421.1 |
565.3 |
452.9 |
289.0 |
581.4 |
|
Income Taxes Payable |
31.0 |
23.1 |
29.2 |
39.4 |
27.2 |
|
Other Current Liabilities |
598.6 |
671.0 |
683.1 |
600.5 |
706.1 |
|
Other Current liabilities, Total |
1,050.8 |
1,259.5 |
1,165.2 |
929.0 |
1,314.7 |
|
Total Current Liabilities |
4,043.7 |
5,654.1 |
4,885.3 |
4,077.3 |
4,795.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
1,340.5 |
944.4 |
1,763.6 |
2,543.8 |
2,340.6 |
|
Capital Lease Obligations |
197.2 |
273.4 |
280.3 |
199.6 |
- |
|
Total Long Term Debt |
1,537.7 |
1,217.7 |
2,043.9 |
2,743.3 |
2,340.6 |
|
Total Debt |
2,732.6 |
3,513.8 |
3,702.4 |
4,120.6 |
4,212.6 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
81.1 |
325.5 |
461.7 |
642.6 |
370.2 |
|
Deferred Income Tax |
81.1 |
325.5 |
461.7 |
642.6 |
370.2 |
|
Minority Interest |
224.3 |
238.4 |
236.2 |
184.8 |
159.7 |
|
Pension Benefits - Underfunded |
127.0 |
136.2 |
157.0 |
123.3 |
97.0 |
|
Other Long Term Liabilities |
55.0 |
66.2 |
63.8 |
41.8 |
120.5 |
|
Other Liabilities, Total |
182.0 |
202.5 |
220.8 |
165.2 |
217.5 |
|
Total Liabilities |
6,068.7 |
7,638.1 |
7,847.9 |
7,813.2 |
7,882.9 |
|
|
|
|
|
|
|
|
Common Stock |
505.8 |
577.6 |
574.2 |
509.3 |
481.8 |
|
Common Stock |
505.8 |
577.6 |
574.2 |
509.3 |
481.8 |
|
Additional Paid-In Capital |
496.7 |
567.3 |
563.9 |
500.1 |
473.2 |
|
Retained Earnings (Accumulated Deficit) |
931.3 |
770.0 |
656.1 |
449.6 |
352.8 |
|
Treasury Stock - Common |
-75.6 |
-86.3 |
-85.7 |
-75.9 |
-71.8 |
|
Unrealized Gain (Loss) |
216.6 |
228.8 |
240.0 |
567.0 |
108.8 |
|
Translation Adjustment |
-5.9 |
-70.9 |
-74.0 |
-37.1 |
-24.6 |
|
Other Equity |
0.0 |
0.0 |
- |
- |
- |
|
Other Comprehensive Income |
-0.9 |
-1.0 |
0.0 |
1.2 |
-0.6 |
|
Other Equity, Total |
-6.8 |
-71.8 |
-74.0 |
-35.9 |
-25.2 |
|
Total Equity |
2,068.0 |
1,985.5 |
1,874.5 |
1,914.2 |
1,319.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
8,136.6 |
9,623.7 |
9,722.4 |
9,727.4 |
9,202.6 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
714.6 |
714.6 |
714.6 |
714.7 |
714.7 |
|
Total Common Shares Outstanding |
714.6 |
714.6 |
714.6 |
714.7 |
714.7 |
|
Treasury Shares - Common Stock Primary Issue |
31.9 |
31.9 |
31.9 |
31.8 |
31.8 |
|
Employees |
24,956 |
24,973 |
24,562 |
23,524 |
22,799 |
|
Number of Common Shareholders |
49,254 |
54,855 |
55,048 |
59,552 |
57,991 |
|
Deferred Revenue - Current |
421.1 |
565.3 |
452.9 |
289.0 |
581.4 |
|
Total Long Term Debt, Supplemental |
1,586.8 |
2,396.6 |
2,858.2 |
3,008.4 |
2,535.8 |
|
Long Term Debt Maturing within 1 Year |
246.4 |
1,452.2 |
1,094.6 |
464.7 |
195.2 |
|
Long Term Debt Maturing in Year 2 |
247.7 |
239.4 |
1,438.7 |
981.0 |
246.6 |
|
Long Term Debt Maturing in Year 3 |
367.0 |
246.9 |
235.1 |
1,285.2 |
917.7 |
|
Long Term Debt Maturing in Year 4 |
387.1 |
10.6 |
69.0 |
205.0 |
706.6 |
|
Long Term Debt Maturing in Year 5 |
315.8 |
444.9 |
4.5 |
55.7 |
164.9 |
|
Long Term Debt Maturing in 2-3 Years |
614.7 |
486.3 |
1,673.9 |
2,266.2 |
1,164.3 |
|
Long Term Debt Maturing in 4-5 Years |
703.0 |
455.5 |
73.5 |
260.7 |
871.5 |
|
Long Term Debt Matur. in Year 6 & Beyond |
22.8 |
2.6 |
16.2 |
16.9 |
304.8 |
|
Total Capital Leases, Supplemental |
323.0 |
408.1 |
396.2 |
270.1 |
113.8 |
|
Capital Lease Payments Due in Year 1 |
125.8 |
134.8 |
115.9 |
70.6 |
29.3 |
|
Capital Lease Payments Due in Year 2 |
104.6 |
112.4 |
103.8 |
59.2 |
27.3 |
|
Capital Lease Payments Due in Year 3 |
56.4 |
88.3 |
85.9 |
53.8 |
20.9 |
|
Capital Lease Payments Due in Year 4 |
23.2 |
50.8 |
61.1 |
45.9 |
17.2 |
|
Capital Lease Payments Due in Year 5 |
9.1 |
15.4 |
21.9 |
30.1 |
9.6 |
|
Capital Lease Payments Due in 2-3 Years |
161.1 |
200.6 |
189.8 |
113.0 |
48.2 |
|
Capital Lease Payments Due in 4-5 Years |
32.3 |
66.1 |
83.0 |
76.1 |
26.8 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
3.8 |
6.6 |
7.5 |
10.5 |
9.5 |
|
Pension Obligation - Domestic |
196.4 |
1,464.3 |
2,528.8 |
2,078.9 |
2,043.1 |
|
Plan Assets - Domestic |
178.1 |
1,448.9 |
1,962.5 |
1,741.9 |
1,286.3 |
|
Funded Status - Domestic |
-18.3 |
-15.4 |
-566.3 |
-337.0 |
-756.8 |
|
Total Funded Status |
-18.3 |
-15.4 |
-566.3 |
-337.0 |
-756.8 |
|
Discount Rate - Domestic |
2.50% |
2.50% |
2.50% |
2.50% |
2.50% |
|
Expected Rate of Return - Domestic |
2.50% |
2.50% |
2.50% |
2.50% |
2.50% |
|
Prepaid Benefits - Domestic |
49.7 |
450.1 |
524.2 |
444.6 |
475.6 |
|
Accrued Liabilities - Domestic |
0.0 |
-7.2 |
-152.6 |
-119.3 |
-88.2 |
|
Other Assets, Net - Domestic |
68.0 |
457.7 |
937.8 |
662.3 |
1,144.2 |
|
Net Assets Recognized on Balance Sheet |
117.6 |
900.6 |
1,309.4 |
987.6 |
1,531.5 |
|
Total Plan Obligations |
196.4 |
1,464.3 |
2,528.8 |
2,078.9 |
2,043.1 |
|
Total Plan Assets |
178.1 |
1,448.9 |
1,962.5 |
1,741.9 |
1,286.3 |
|
|
|
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 |
Ernst &
Young ShinNihon LLC |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
200.3 |
67.7 |
308.6 |
-90.7 |
-464.6 |
|
Depreciation |
374.3 |
376.8 |
326.1 |
280.3 |
238.0 |
|
Depreciation/Depletion |
374.3 |
376.8 |
326.1 |
280.3 |
238.0 |
|
Unusual Items |
89.4 |
66.9 |
-282.5 |
-34.4 |
53.8 |
|
Other Non-Cash Items |
5.5 |
35.8 |
39.8 |
42.1 |
21.8 |
|
Non-Cash Items |
94.9 |
102.7 |
-242.7 |
7.7 |
75.6 |
|
Accounts Receivable |
-133.0 |
-25.8 |
281.5 |
-417.2 |
825.4 |
|
Inventories |
444.4 |
-297.3 |
-188.8 |
634.8 |
124.5 |
|
Accounts Payable |
-128.3 |
26.7 |
62.8 |
92.3 |
-526.8 |
|
Other Liabilities |
-115.1 |
114.4 |
122.8 |
-262.6 |
125.1 |
|
Other Operating Cash Flow |
-70.5 |
-3.1 |
-42.0 |
-116.4 |
-163.9 |
|
Changes in Working Capital |
-2.5 |
-185.1 |
236.4 |
-69.0 |
384.3 |
|
Cash from Operating Activities |
667.0 |
362.2 |
628.4 |
128.3 |
233.4 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-215.9 |
-190.1 |
-143.8 |
-114.1 |
-385.9 |
|
Capital Expenditures |
-215.9 |
-190.1 |
-143.8 |
-114.1 |
-385.9 |
|
Acquisition of Business |
-46.1 |
- |
- |
- |
- |
|
Sale of Business |
- |
- |
- |
0.0 |
136.3 |
|
Sale of Fixed Assets |
6.1 |
56.0 |
58.2 |
138.3 |
134.7 |
|
Sale/Maturity of Investment |
104.0 |
4.0 |
1,115.7 |
15.1 |
31.7 |
|
Purchase of Investments |
-151.2 |
-42.8 |
-91.5 |
-131.3 |
-156.7 |
|
Other Investing Cash Flow |
10.3 |
2.2 |
44.5 |
86.3 |
117.6 |
|
Other Investing Cash Flow Items, Total |
-76.8 |
19.3 |
1,126.9 |
108.4 |
263.7 |
|
Cash from Investing Activities |
-292.7 |
-170.8 |
983.1 |
-5.7 |
-122.2 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-4.3 |
-3.6 |
-4.2 |
-50.6 |
-14.3 |
|
Financing Cash Flow Items |
-4.3 |
-3.6 |
-4.2 |
-50.6 |
-14.3 |
|
Cash Dividends Paid - Common |
-34.4 |
-36.2 |
-29.2 |
0.0 |
-56.9 |
|
Total Cash Dividends Paid |
-34.4 |
-36.2 |
-29.2 |
0.0 |
-56.9 |
|
Sale/Issuance of
Common |
0.0 |
0.0 |
0.0 |
0.0 |
0.4 |
|
Repurchase/Retirement
of Common |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.6 |
|
Common Stock, Net |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.2 |
|
Issuance (Retirement) of Stock, Net |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.2 |
|
Short Term Debt, Net |
116.5 |
268.3 |
-698.3 |
-771.5 |
335.5 |
|
Long Term Debt Issued |
870.5 |
645.3 |
19.9 |
655.7 |
778.3 |
|
Long Term Debt
Reduction |
-1,633.1 |
-1,286.5 |
-378.9 |
-506.8 |
-507.5 |
|
Long Term Debt, Net |
-762.7 |
-641.2 |
-358.9 |
148.8 |
270.8 |
|
Issuance (Retirement) of Debt, Net |
-646.1 |
-372.9 |
-1,057.2 |
-622.6 |
606.3 |
|
Cash from Financing Activities |
-684.9 |
-412.8 |
-1,090.7 |
-673.3 |
534.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
14.4 |
-0.7 |
-12.9 |
1.3 |
-16.5 |
|
Net Change in Cash |
-296.2 |
-222.1 |
507.9 |
-549.4 |
629.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
774.5 |
1,035.9 |
446.6 |
950.6 |
219.9 |
|
Net Cash - Ending Balance |
478.3 |
813.8 |
954.5 |
401.1 |
849.5 |
|
Cash Interest Paid |
49.4 |
68.0 |
62.8 |
74.3 |
56.3 |
|
Cash Taxes Paid |
57.2 |
56.6 |
54.1 |
45.3 |
48.3 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
8,988.5 |
8,909.9 |
8,041.2 |
7,437.2 |
7,629.4 |
|
Total Revenue |
8,988.5 |
8,909.9 |
8,041.2 |
7,437.2 |
7,629.4 |
|
|
|
|
|
|
|
|
Settlement package |
8.4 |
- |
- |
- |
- |
|
Rounding adjustment Income Statement |
0.0 |
0.0 |
- |
- |
- |
|
Cost of Sales |
7,080.3 |
6,923.5 |
6,343.2 |
6,121.8 |
6,413.7 |
|
Other Selling/General/Admin. Expense |
517.4 |
548.3 |
- |
- |
- |
|
Payrolls |
815.4 |
845.7 |
711.1 |
553.3 |
569.7 |
|
Research&Development |
310.3 |
348.6 |
260.7 |
192.7 |
247.7 |
|
Other SGA |
- |
- |
587.2 |
559.5 |
586.0 |
|
Other Unusual Expense (Income) |
0.0 |
- |
- |
- |
- |
|
Insurance income |
-3.2 |
- |
- |
- |
- |
|
Loss on disaster |
0.0 |
14.4 |
- |
- |
- |
|
Disappearance of pension assets-EL |
0.0 |
88.5 |
- |
- |
- |
|
SP G on settlement of merch. repair fees |
- |
- |
- |
- |
0.0 |
|
SP G on foreign curr. trans. - subsid. |
- |
- |
- |
- |
0.0 |
|
SP G on adj. construction contracts |
- |
- |
0.0 |
-63.0 |
0.0 |
|
SP Insurance income |
- |
- |
- |
0.0 |
-6.0 |
|
SP Other Special Gains |
- |
- |
0.0 |
-0.4 |
-2.2 |
|
Office/Factory Integration Cost |
0.0 |
33.5 |
18.7 |
0.0 |
- |
|
SP L adjustment for changes of accoun |
- |
0.0 |
26.5 |
0.0 |
- |
|
SP Val. Inv. Sec. |
6.3 |
2.6 |
33.4 |
2.8 |
36.8 |
|
SP Pension Assets Disappear |
- |
- |
0.0 |
- |
- |
|
SP Special Severance |
- |
- |
- |
- |
0.0 |
|
SP Nonrecurring actuarial loss |
- |
- |
- |
- |
0.0 |
|
SP Allow. Prior Diretor's Retire |
- |
- |
- |
- |
0.0 |
|
SP Restructuring Loss |
- |
- |
0.0 |
177.3 |
184.0 |
|
SP Impairment loss |
77.7 |
0.0 |
14.8 |
0.0 |
- |
|
SP Other Special Loss |
15.0 |
52.5 |
39.5 |
5.4 |
51.1 |
|
NOP Amort-Negative Goodwill |
- |
- |
-4.0 |
-1.3 |
-0.9 |
|
Total Operating Expense |
8,827.6 |
8,857.5 |
8,031.0 |
7,548.0 |
8,079.8 |
|
|
|
|
|
|
|
|
Loss on liquidation of subsidiaries |
-10.0 |
- |
- |
- |
- |
|
SP Sale Gain-Fixed Asst |
0.3 |
26.4 |
2.7 |
43.6 |
1.9 |
|
Foreign Exchange Gains |
17.4 |
- |
- |
- |
- |
|
SP Sale Gain-Invest.Sec |
9.0 |
3.7 |
359.0 |
3.2 |
0.9 |
|
Gain on sales of subsidiaries'' stocks |
- |
0.0 |
6.3 |
0.0 |
- |
|
SP G on Equity change |
- |
- |
- |
0.0 |
22.8 |
|
SP Loss-Disposal Fixed Assets |
-4.9 |
-5.8 |
-10.8 |
-9.7 |
-19.7 |
|
NOP Interest Income |
1.9 |
2.8 |
3.0 |
2.9 |
2.0 |
|
NOP Dividends Income |
32.8 |
30.6 |
31.0 |
28.0 |
44.5 |
|
NOP Equity gains |
30.9 |
30.2 |
25.0 |
22.2 |
19.0 |
|
Other Non-Operating Income (Expense) |
0.0 |
0.0 |
- |
- |
- |
|
NOP Other non-operating income |
22.5 |
27.8 |
12.2 |
25.1 |
15.2 |
|
NOP Interest Expense |
-44.9 |
-62.5 |
-65.2 |
-75.2 |
-57.4 |
|
NOP Int. on Comm. Paper |
- |
- |
0.0 |
-3.0 |
-4.6 |
|
NOP Foreign exchange losses |
0.0 |
-13.0 |
-51.2 |
0.0 |
-23.9 |
|
Miscellaneous expenses |
-15.8 |
-24.8 |
-13.6 |
-16.9 |
-14.7 |
|
Net Income Before Taxes |
200.3 |
67.7 |
308.7 |
-90.7 |
-464.5 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
-137.7 |
-100.0 |
119.1 |
-143.9 |
272.9 |
|
Net Income After Taxes |
338.0 |
167.7 |
189.6 |
53.2 |
-737.5 |
|
|
|
|
|
|
|
|
Minority interests in income |
-20.2 |
-18.3 |
-13.3 |
19.4 |
8.0 |
|
Net Income Before Extra. Items |
317.8 |
149.5 |
176.3 |
72.7 |
-729.5 |
|
Net Income |
317.8 |
149.5 |
176.3 |
72.7 |
-729.5 |
|
|
|
|
|
|
|
|
Net income |
0.0 |
- |
- |
- |
- |
|
Rounding adjustment Income Statement |
- |
0.0 |
- |
- |
- |
|
Rounding Adjustment |
- |
- |
-0.1 |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
317.8 |
149.5 |
176.3 |
72.7 |
-729.5 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
317.8 |
149.5 |
176.3 |
72.7 |
-729.5 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
714.6 |
714.6 |
714.6 |
714.7 |
714.7 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.44 |
0.21 |
0.25 |
0.10 |
-1.02 |
|
Basic EPS Including ExtraOrdinary Items |
0.44 |
0.21 |
0.25 |
0.10 |
-1.02 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
317.8 |
149.5 |
176.3 |
72.7 |
-729.5 |
|
Diluted Weighted Average Shares |
715.2 |
715.7 |
715.7 |
720.2 |
714.7 |
|
Diluted EPS Excluding ExtraOrd Items |
0.44 |
0.21 |
0.25 |
0.10 |
-1.02 |
|
Diluted EPS Including ExtraOrd Items |
0.44 |
0.21 |
0.25 |
0.10 |
-1.02 |
|
DPS-Ordinary Shares |
0.06 |
0.05 |
0.05 |
0.02 |
0.04 |
|
Gross Dividends - Common Stock |
43.1 |
36.2 |
33.4 |
11.5 |
28.4 |
|
Normalized Income Before Taxes |
318.9 |
238.6 |
445.6 |
-3.9 |
-183.9 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
-96.2 |
-40.2 |
173.4 |
-113.1 |
371.5 |
|
Normalized Income After Taxes |
415.1 |
278.8 |
272.1 |
109.2 |
-555.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
394.9 |
260.5 |
258.8 |
128.7 |
-547.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.55 |
0.36 |
0.36 |
0.18 |
-0.77 |
|
Diluted Normalized EPS |
0.55 |
0.36 |
0.36 |
0.18 |
-0.77 |
|
Research and Development Expenses(SGA) |
310.3 |
- |
- |
- |
- |
|
Research and Development Expenses(COGS) |
65.2 |
- |
- |
- |
- |
|
Total Search And Development Expense |
- |
408.4 |
- |
- |
- |
|
Research&Development(SGA) |
- |
- |
260.7 |
184.0 |
247.7 |
|
Research&Development(COGS) |
- |
- |
119.3 |
77.5 |
54.8 |
|
Interest Expense |
44.9 |
62.5 |
65.2 |
75.2 |
57.4 |
|
Interest Expense-Commercial Paper |
- |
- |
0.0 |
3.0 |
4.6 |
|
Amort of Negative Goodwill |
- |
- |
-4.0 |
-1.3 |
-0.9 |
|
BC - Depreciation of Fixed Assets |
374.3 |
- |
- |
- |
- |
|
Amort of Tangible Assets-Current Portion |
- |
376.8 |
- |
- |
- |
|
Depreciation |
- |
- |
326.1 |
280.3 |
238.0 |
|
Income taxes-current |
69.0 |
- |
- |
- |
- |
|
Current Tax - Total |
69.0 |
- |
- |
- |
- |
|
Income taxes-deferred |
-206.7 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-206.7 |
- |
- |
- |
- |
|
Income Tax - Total |
-137.7 |
- |
- |
- |
- |
|
Reported operating profit |
265.1 |
243.8 |
139.1 |
9.9 |
-187.6 |
|
Reported ordinary profit |
309.9 |
235.0 |
84.3 |
-5.8 |
-206.7 |
|
Service cost |
6.3 |
35.5 |
57.8 |
57.6 |
54.5 |
|
Interest cost |
6.5 |
37.3 |
53.8 |
51.2 |
47.9 |
|
Expected return on plan asset |
-4.5 |
-27.6 |
-35.9 |
-26.8 |
-29.6 |
|
Exp. due to accounting change |
- |
- |
0.0 |
12.2 |
10.9 |
|
Actuarial G/L |
13.6 |
62.0 |
88.3 |
111.0 |
61.5 |
|
Prior service cost |
-1.6 |
2.7 |
-0.6 |
-0.9 |
-0.8 |
|
Retirement Benefit Expenses Gain Or Loss |
6.8 |
- |
- |
- |
- |
|
L on pension termination |
1.8 |
- |
0.0 |
30.8 |
-0.1 |
|
Domestic Pension Plan Expense |
28.9 |
109.9 |
163.4 |
235.1 |
144.2 |
|
Contribution defined pension |
1.5 |
8.1 |
13.4 |
14.5 |
10.2 |
|
Total Pension Expense |
30.4 |
118.0 |
176.8 |
249.6 |
154.4 |
|
Discount Rate(MIN)-Retirement Cost(Domes |
2.50% |
2.50% |
- |
- |
- |
|
Discount Rate |
- |
- |
2.50% |
2.50% |
2.50% |
|
Expected return on assets(MIN)-Retiremen |
2.50% |
2.50% |
- |
- |
- |
|
Expected Rate of Return |
- |
- |
2.50% |
2.50% |
2.50% |
|
|
|
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 |
Ernst &
Young ShinNihon LLC |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Deposit |
422.5 |
780.8 |
988.0 |
399.7 |
865.3 |
|
Notes and accounts receivable-trade |
2,304.8 |
2,423.7 |
2,381.2 |
2,387.7 |
1,811.8 |
|
Inventories - merch.&finished goods |
451.3 |
496.0 |
457.7 |
392.0 |
542.7 |
|
Inventories - work-in-process |
417.6 |
754.1 |
496.3 |
382.5 |
670.3 |
|
Inventories - raw materials&supplies |
275.9 |
368.1 |
366.6 |
225.6 |
311.5 |
|
Dfd. Tax Assets |
191.8 |
244.4 |
191.2 |
236.2 |
95.8 |
|
Rounding adjustment Assets |
0.0 |
0.0 |
- |
- |
- |
|
Other Cur. Asset |
454.2 |
444.1 |
471.2 |
431.5 |
403.7 |
|
Doubtful Account |
-4.3 |
-10.1 |
-6.8 |
-6.6 |
-6.1 |
|
Total Current Assets |
4,513.9 |
5,500.9 |
5,345.3 |
4,448.5 |
4,694.9 |
|
|
|
|
|
|
|
|
Other PPE |
0.0 |
- |
- |
- |
- |
|
Other Total PPE, net |
- |
0.0 |
- |
- |
- |
|
Buildings and structures, net |
778.5 |
871.9 |
905.4 |
824.0 |
854.6 |
|
Machinery, equipment and vehicles, net |
228.9 |
274.9 |
367.9 |
286.1 |
351.4 |
|
Tools Furnitures And Fixtures |
44.1 |
44.6 |
47.0 |
51.9 |
60.2 |
|
Land |
384.8 |
323.2 |
334.2 |
326.8 |
351.5 |
|
Lease assets, net |
254.2 |
349.1 |
332.2 |
240.7 |
97.1 |
|
Construction IP |
99.7 |
59.5 |
15.3 |
156.2 |
255.0 |
|
Total intangible assets |
135.0 |
135.7 |
122.4 |
113.5 |
107.5 |
|
Other Investment Securities |
1,033.7 |
- |
- |
- |
- |
|
Other LT Inv. other ass. |
- |
1,158.8 |
- |
- |
- |
|
Investment Sec. |
- |
- |
1,209.6 |
2,346.6 |
1,804.4 |
|
Invt Secs Noncons, Asc, Affd Cos |
236.0 |
365.7 |
- |
- |
- |
|
Equity secs.-nonconsol affil.&sub. |
- |
- |
350.9 |
332.9 |
- |
|
Long-term loans receivable |
13.4 |
18.6 |
24.6 |
20.7 |
23.2 |
|
Prepaid Pension |
296.4 |
381.9 |
524.2 |
444.6 |
475.6 |
|
Deferred tax assets |
46.6 |
52.4 |
55.9 |
50.9 |
36.7 |
|
Other Total investments and other assets |
0.0 |
- |
- |
- |
- |
|
Other Long Term Assets |
0.0 |
0.0 |
- |
- |
- |
|
Other Asset |
89.1 |
103.1 |
103.2 |
96.5 |
99.5 |
|
Doubtful Account |
-19.1 |
-18.0 |
-17.1 |
-14.7 |
-12.7 |
|
Deferred Assets |
1.4 |
1.4 |
1.3 |
2.3 |
3.7 |
|
Total Assets |
8,136.6 |
9,623.7 |
9,722.3 |
9,727.4 |
9,202.5 |
|
|
|
|
|
|
|
|
Notes and accounts payable-trade |
1,381.0 |
1,656.4 |
1,625.1 |
1,410.0 |
1,226.2 |
|
Short-term loans payable |
665.3 |
1,311.7 |
- |
- |
- |
|
ST Borrowings |
- |
- |
448.0 |
842.1 |
1,335.4 |
|
LT borrowings (current) |
- |
- |
611.9 |
165.0 |
- |
|
Current portion of bonds |
106.3 |
728.3 |
482.6 |
107.0 |
- |
|
Lease obligations |
125.8 |
134.8 |
115.9 |
70.6 |
- |
|
Commercial Paper |
297.6 |
121.4 |
0.0 |
192.6 |
536.6 |
|
Accrued Expenses |
417.1 |
442.1 |
436.5 |
361.0 |
382.0 |
|
Tax Payable |
31.0 |
23.1 |
29.2 |
39.4 |
27.2 |
|
Customer Advance |
421.1 |
565.3 |
452.9 |
289.0 |
581.4 |
|
Rounding adjustment Liability |
0.0 |
0.0 |
- |
- |
- |
|
Other |
598.6 |
671.0 |
683.1 |
600.5 |
706.1 |
|
Total Current Liabilities |
4,043.7 |
5,654.1 |
4,885.3 |
4,077.3 |
4,795.0 |
|
|
|
|
|
|
|
|
Corporate Bond |
430.4 |
376.4 |
856.8 |
1,188.0 |
1,488.1 |
|
Long-term loans payable |
910.0 |
568.0 |
906.8 |
1,355.7 |
852.5 |
|
Lease obligations |
197.2 |
273.4 |
280.3 |
199.6 |
- |
|
Total Long Term Debt |
1,537.7 |
1,217.7 |
2,043.9 |
2,743.3 |
2,340.6 |
|
|
|
|
|
|
|
|
Dfd. Tax Liabs. |
81.1 |
325.5 |
461.7 |
642.6 |
370.2 |
|
Other Long Term Liabilities |
0.0 |
- |
- |
- |
- |
|
Rounding adjustment Liability |
- |
0.0 |
- |
- |
- |
|
Accrued Retire. |
124.1 |
131.7 |
152.6 |
119.3 |
88.2 |
|
Provision for directors'' retirement ben |
2.8 |
4.6 |
4.4 |
4.0 |
8.7 |
|
Other |
54.9 |
66.2 |
63.8 |
41.8 |
120.5 |
|
Minor. Interest |
224.3 |
238.4 |
236.2 |
184.8 |
159.7 |
|
Total Liabilities |
6,068.7 |
7,638.1 |
7,847.9 |
7,813.2 |
7,882.9 |
|
|
|
|
|
|
|
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Rounding adjustment Equity |
- |
0.0 |
- |
- |
- |
|
Common Stock |
505.8 |
577.6 |
574.2 |
509.3 |
481.8 |
|
Total capital surpluses |
496.7 |
567.3 |
563.9 |
500.1 |
473.2 |
|
Total retained earnings |
931.3 |
770.0 |
656.1 |
449.6 |
352.8 |
|
Treasury Stock |
-75.6 |
-86.3 |
-85.7 |
-75.9 |
-71.8 |
|
Valuation difference on available-for-sa |
216.6 |
228.8 |
240.0 |
567.0 |
108.8 |
|
Deferred hedge |
-0.9 |
-1.0 |
0.0 |
1.2 |
-0.6 |
|
Translation Adj. |
-5.9 |
-70.9 |
-74.0 |
-37.1 |
-24.6 |
|
Total Equity |
2,068.0 |
1,985.5 |
1,874.5 |
1,914.2 |
1,319.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
8,136.6 |
9,623.7 |
9,722.4 |
9,727.4 |
9,202.6 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
714.6 |
714.6 |
714.6 |
714.7 |
714.7 |
|
Total Common Shares Outstanding |
714.6 |
714.6 |
714.6 |
714.7 |
714.7 |
|
T/S-Ordinary Shares |
31.9 |
31.9 |
31.9 |
31.8 |
31.8 |
|
Deferred Revenue - Current |
421.1 |
565.3 |
452.9 |
289.0 |
581.4 |
|
Full-Time Employees |
24,956 |
24,973 |
24,562 |
23,524 |
22,799 |
|
Total Number of Shareholders |
49,254 |
54,855 |
- |
- |
- |
|
Number of Common Shareholders |
- |
- |
55,048 |
59,552 |
57,991 |
|
Within One Year |
106.3 |
- |
- |
- |
- |
|
Division And End Of Current Period Remai |
140.1 |
723.9 |
- |
- |
- |
|
Bond Redemption Amounts within A Year |
- |
728.3 |
- |
- |
- |
|
Long Term Debt Maturing Within 1 Year |
- |
- |
1,094.6 |
464.7 |
195.2 |
|
Over One Year And Within Two Years |
0.0 |
121.4 |
- |
- |
- |
|
Lns Pble Maturing over a Yr within 2 Yrs |
247.7 |
118.0 |
- |
- |
- |
|
Long Term Debt Maturing Within 2 Year |
- |
- |
1,438.7 |
981.0 |
246.6 |
|
Over Two Years And Within Three Years |
159.4 |
0.0 |
- |
- |
- |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
207.5 |
246.9 |
- |
- |
- |
|
Long Term Debt Maturing Within 3 Year |
- |
- |
235.1 |
1,285.2 |
917.7 |
|
Over Three Years And Within Four Years |
217.9 |
0.0 |
- |
- |
- |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
169.2 |
10.6 |
- |
- |
- |
|
Long Term Debt Maturing Within 4 Year |
- |
- |
69.0 |
205.0 |
706.6 |
|
Over Four Years And Within Five Years |
53.1 |
255.0 |
- |
- |
- |
|
Lns Pble Maturg over 4 Yrs within 5 Yrs |
262.7 |
189.9 |
- |
- |
- |
|
Long Term Debt Maturing Within 5 Year |
- |
- |
4.5 |
55.7 |
164.9 |
|
Other |
22.8 |
- |
- |
- |
- |
|
Loans Payable Remaining |
- |
2.6 |
- |
- |
- |
|
Long Term Debt Remaining Maturities |
- |
- |
16.2 |
16.9 |
304.8 |
|
Total Long Term Debt, Supplemental |
1,586.8 |
2,396.6 |
2,858.2 |
3,008.4 |
2,535.8 |
|
Lease Maturing Within 1 Year |
125.8 |
134.8 |
115.9 |
70.6 |
29.3 |
|
Cap Lease Maturg over a Yr within 2 Yrs |
104.6 |
112.4 |
- |
- |
- |
|
Lease Maturing Within 2 Year |
- |
- |
103.8 |
59.2 |
27.3 |
|
Cap Lease Maturg over 2 Yr within 3 Yrs |
56.4 |
88.3 |
- |
- |
- |
|
Lease Maturing Within 3 Year |
- |
- |
85.9 |
53.8 |
20.9 |
|
Cap Lease Maturg over 3 Yr within 4 Yrs |
23.2 |
50.8 |
- |
- |
- |
|
Lease Maturing Within 4 Year |
- |
- |
61.1 |
45.9 |
17.2 |
|
Cap Lease Maturg over 4 Yr within 5 Yrs |
9.1 |
15.4 |
- |
- |
- |
|
Lease Maturing Within 5 Year |
- |
- |
21.9 |
30.1 |
9.6 |
|
other |
3.8 |
- |
- |
- |
- |
|
Capital Lease Remaining |
- |
6.6 |
- |
- |
- |
|
Lease Remaining Maturities |
- |
- |
7.5 |
10.5 |
9.5 |
|
Total Capital Leases, Supplemental |
323.0 |
408.1 |
396.2 |
270.1 |
113.8 |
|
Pension obligation |
196.4 |
1,464.3 |
2,528.8 |
2,078.9 |
2,043.1 |
|
Fair value of plan asset |
178.1 |
1,448.9 |
1,962.5 |
1,741.9 |
1,286.3 |
|
Funded status |
-18.3 |
-15.4 |
-566.3 |
-337.0 |
-756.8 |
|
Total Funded Status |
-18.3 |
-15.4 |
-566.3 |
-337.0 |
-756.8 |
|
Discount rate |
2.50% |
2.50% |
2.50% |
2.50% |
2.50% |
|
Expected rate of return |
2.50% |
2.50% |
2.50% |
2.50% |
2.50% |
|
Exp. unrecog. accounting change |
- |
- |
- |
0.0 |
11.5 |
|
Unrecog. actuarial G/L |
77.1 |
422.9 |
916.3 |
643.5 |
1,118.9 |
|
Unrecog. prior service cost |
-9.1 |
34.8 |
21.5 |
18.8 |
13.7 |
|
Prepaid exp. |
49.7 |
450.1 |
524.2 |
444.6 |
475.6 |
|
Accrued pension |
0.0 |
-7.2 |
-152.6 |
-119.3 |
-88.2 |
|
Net Assets Recognized on Balance Sheet |
117.6 |
900.6 |
1,309.4 |
987.6 |
1,531.5 |
|
|
|
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 |
Ernst &
Young ShinNihon LLC |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Income Before Tax |
200.3 |
67.7 |
308.6 |
-90.7 |
-464.6 |
|
Depreciation |
374.3 |
376.8 |
326.1 |
280.3 |
238.0 |
|
Increase (decrease) in allowance for dou |
-1.6 |
4.2 |
-0.1 |
1.1 |
6.2 |
|
Interest&Div. Income |
-34.7 |
-33.5 |
-34.0 |
-30.8 |
-46.5 |
|
Interest Expense |
44.9 |
62.5 |
65.2 |
75.2 |
57.4 |
|
Foreign exchange losses (gains) |
-3.1 |
2.6 |
8.7 |
-3.5 |
1.2 |
|
Loss (gain) on liquidation of subsidiari |
10.0 |
- |
- |
- |
- |
|
Disappearance of pension assets |
0.0 |
88.5 |
- |
- |
- |
|
Loss (gain) on sales of noncurrent asset |
-0.3 |
-26.4 |
-2.7 |
-43.6 |
-1.9 |
|
Loss on adjustment for changes of accoun |
- |
0.0 |
26.5 |
0.0 |
- |
|
Loss (gain) on sales of subsidiaries'' s |
- |
0.0 |
-6.3 |
0.0 |
- |
|
Loss (gain) on sales of investment secur |
-9.0 |
-3.7 |
-359.0 |
-3.2 |
-0.9 |
|
Pension Assets Disappear Loss |
- |
- |
0.0 |
- |
- |
|
Loss (gain) on valuation of investment s |
6.3 |
2.6 |
33.4 |
2.8 |
36.8 |
|
Loss (gain) on disposal of noncurrent as |
4.9 |
5.8 |
10.8 |
9.7 |
19.7 |
|
Impairment loss |
77.7 |
0.0 |
14.8 |
0.0 |
- |
|
Decrease (increase) in notes and account |
-133.0 |
-25.8 |
281.5 |
-417.2 |
825.4 |
|
Decrease (increase) in inventories |
444.4 |
-297.3 |
-188.8 |
634.8 |
124.5 |
|
Increase (decrease) in notes and account |
-128.3 |
26.7 |
62.8 |
92.3 |
-526.8 |
|
Increase (decrease) in advances received |
-115.1 |
114.4 |
122.8 |
-262.6 |
125.1 |
|
Other Operating Cash Flow |
0.0 |
- |
- |
- |
- |
|
Increase in cash and cash equivalents re |
0.0 |
- |
- |
- |
- |
|
Increase (decrease) in cash and cash equ |
0.0 |
3.7 |
- |
- |
- |
|
Rounding adjustment Cash flow |
- |
0.0 |
- |
- |
- |
|
Other, net |
1.6 |
80.9 |
42.9 |
-27.1 |
-105.4 |
|
Int. and Div. Rcvd. |
34.5 |
37.0 |
32.0 |
30.3 |
46.0 |
|
Interest Paid |
-49.4 |
-68.0 |
-62.8 |
-74.3 |
-56.3 |
|
Income taxes paid, cash basis |
-57.2 |
-56.6 |
-54.1 |
-45.3 |
-48.3 |
|
Consolidated Change |
- |
- |
- |
- |
3.5 |
|
Merger Related |
- |
- |
- |
- |
0.0 |
|
Cash from Operating Activities |
667.0 |
362.2 |
628.4 |
128.3 |
233.4 |
|
|
|
|
|
|
|
|
Purchase of investments in subsidiaries |
-46.1 |
- |
- |
- |
- |
|
Pyts for Purch of Mktble & Lg-term Secs |
-3.9 |
- |
- |
- |
- |
|
Purchase of property, plant and equipmen |
-215.9 |
-190.1 |
-143.8 |
-114.1 |
-385.9 |
|
Proceeds from sales of property, plant a |
6.1 |
56.0 |
58.2 |
138.3 |
134.7 |
|
Purch. Invest. Sec. |
-92.7 |
-3.5 |
-4.6 |
-3.9 |
-11.7 |
|
Sale of Invest. Sec. |
104.0 |
4.0 |
1,098.7 |
15.1 |
31.7 |
|
Proceeds from sales of investments in su |
- |
0.0 |
16.9 |
0.0 |
- |
|
Sale-Equity of Sub-Consolidation Changes |
- |
- |
- |
0.0 |
42.9 |
|
Gain on demerger-subs. company |
- |
- |
- |
0.0 |
93.4 |
|
Rounding adjustment Cash flow |
0.0 |
0.0 |
- |
- |
- |
|
Loans Extended |
-54.7 |
-39.3 |
-86.8 |
-127.4 |
-145.1 |
|
Loans Recovered |
51.8 |
40.1 |
77.3 |
131.7 |
141.2 |
|
Other, net |
-41.4 |
-37.9 |
-32.8 |
-45.3 |
-23.6 |
|
Cash from Investing Activities |
-292.7 |
-170.8 |
983.1 |
-5.7 |
-122.2 |
|
|
|
|
|
|
|
|
Increase (decrease) in commercial papers |
216.9 |
- |
- |
- |
- |
|
Net increase (decrease) in short-term lo |
-100.4 |
141.6 |
-488.2 |
-394.9 |
459.9 |
|
Net cash provided by (used in) operating |
- |
126.6 |
-210.1 |
-376.6 |
-124.4 |
|
Proceeds From Issuance Of Bonds |
241.0 |
253.3 |
- |
- |
- |
|
Proceeds from long-term loans payable |
629.4 |
392.0 |
19.9 |
655.7 |
678.8 |
|
Repayment of long-term loans payable |
-754.0 |
-636.6 |
-171.5 |
-227.4 |
-178.9 |
|
Issued-Corporat.Bond |
- |
- |
0.0 |
0.0 |
99.5 |
|
Redemp. Corp. Bond |
-729.3 |
-506.6 |
-116.7 |
-279.4 |
-328.6 |
|
Repayments of lease obligations |
-149.8 |
-143.3 |
-90.7 |
0.0 |
- |
|
Proceeds from sales of treasury stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.4 |
|
Purch-Treasury Stock |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.6 |
|
Cash dividends paid |
-34.4 |
-36.2 |
-29.2 |
0.0 |
-56.9 |
|
Rounding adjustment Cash flow |
0.0 |
0.0 |
- |
- |
- |
|
Div. Paid to Minor. |
-3.2 |
-2.4 |
-4.2 |
-0.7 |
-0.7 |
|
Other, net |
-1.1 |
-1.2 |
0.0 |
-49.9 |
-13.6 |
|
Cash from Financing Activities |
-684.9 |
-412.8 |
-1,090.7 |
-673.3 |
534.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
14.4 |
-0.7 |
-12.9 |
1.3 |
-16.5 |
|
Net Change in Cash |
-296.2 |
-222.1 |
507.9 |
-549.4 |
629.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
774.5 |
1,035.9 |
446.6 |
950.6 |
219.9 |
|
Net Cash - Ending Balance |
478.3 |
813.8 |
954.5 |
401.1 |
849.5 |
|
Cash Interest Paid |
49.4 |
68.0 |
62.8 |
74.3 |
56.3 |
|
Cash Taxes Paid |
57.2 |
56.6 |
54.1 |
45.3 |
48.3 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
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Financials in: USD (mil) |
|
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Except for share items (millions) and per
share items (actual units) |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.96 |
|
|
1 |
Rs.101.14 |
|
Euro |
1 |
Rs.85.33 |
INFORMATION DETAILS
|
Report
Prepared by : |
NNA |
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.