MIRA
INFORM REPORT
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Report Date : |
27.12.2013 |
IDENTIFICATION DETAILS
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Name : |
NIPPON KAYAKU CO LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
05.06.1916 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
Manufacturer of
Pharmaceuticals, Functional Chemical Products, Color Chemicals,
Agrochemicals, Inflators, Explosives & Catalysts |
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No. of Employees : |
4,619 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – September 30th, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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.
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Source : CIA |
Company
name & address
Nippon Kayaku Co Ltd
Tokyo Fujimi Bldg.
1-11-2, Fujimi
Chiyoda-Ku, 102-8172
Japan
Tel:
81-3-32375111
Fax: 81
(3) 3237-5178
synthesis
Employees:
4,619
Company Type:
Public Parent
Corporate Family: 43
Companies
Traded: Tokyo
Stock Exchange: 4272
Incorporation Date: 05-Jun-1916
Auditor: Ernst & Young
ShinNihon LLC
Financials in: USD
(Millions)
Fiscal Year End: 31-Mar-2013
Reporting Currency: Japanese
Yen
Annual Sales:
1,544.0 1
Net Income:
148.8
Total Assets:
2,388.2 2
Market Value:
2,544.1 (06-Dec-2013)
Business
Description
NIPPON KAYAKU CO., LTD. is primarily engaged in the
manufacture and sale of functional chemical products. The Company has four
business segments. The Functional Chemical segment manufactures and sells
functional materials, such as epoxy resin, ultraviolet curable resin and
high-performance chemicals; electronic information materials, including seals
for liquid crystal displays (LCDs), resin for optical discs, pigment for inkjet
printers and films for plasma displays; catalysts, such as catalysts for
acrylic and methacrylic acid manufacturing, as well as coloring materials, such
as dyes and special coloring materials for nonfibrous products, among others.
The Pharmaceutical segment supplies pharmaceutical products, drug substances,
medical intermediates and diagnostic medicines, among others. The Safety
Systems segment provides inflators for airbags and micro gas generators for
seatbelt pretensioners. The Others segment is engaged in the manufacture and
sale of agricultural chemicals. For the six months ended 30 September 2013,
Nippon Kayaku Co Ltd revenues totaled Y77.99B. Net income applicable to common
stockholders totaled to Y8.41B. Results are not comparable due to year end
change.
NIPPON KAYAKU CO., LTD has been developing, manufacturing, and selling the
agrochemicals chemicals (pesticides, herbicides, and soil fumigants) that are
essential for maintaining a stable supply of food, the pesticides for killing
insanitary insects.
Industry
Industry Basic Chemical
Manufacturing
ANZSIC 2006:
1813 - Basic Inorganic Chemical Manufacturing
ISIC Rev 4:
2011 - Manufacture of basic chemicals
NACE Rev 2:
2012 - Manufacture of dyes and pigments
NAICS 2012:
325130 - Synthetic Dye and Pigment Manufacturing
UK SIC 2007:
2012 - Manufacture of dyes and pigments
US SIC 1987:
2816 - Inorganic Pigments
Key
Executives
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Name |
Title |
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Akira Mandai |
President, Executive President, Director |
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Shizuhiro Nambu |
Executive Officer, Deputy Chief Director of Medicine Business, Chief
Director of Medicine Development |
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Osamu Hirao |
Managing Executive Officer, Chief Director of Group Administration,
Director |
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Toshio Kawato |
Managing Executive Officer, Director of Safety Systems Business,
Director |
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Seiki Fukunaga |
Managing Executive Officer, Chief Director of Production Technology |
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
Tokyo Fujimi
Bldg.
1-11-2, Fujimi
Chiyoda-Ku,
102-8172
Japan
Tel: 81-3-32375111
Fax: 81 (3) 3237-5178
Quote Symbol -
Exchange
4272 - Tokyo Stock Exchange
Sales JPY(mil): 128,104.0
Assets JPY(mil): 224,705.0
Employees: 4,619
Fiscal Year End: 31-Mar-2013
Industry: Chemical Manufacturing
Incorporation
Date: 05-Jun-1916
Company Type: Public Parent
Quoted Status: Quoted
Director and General
Manager of Functional Materials:
Tetsuo Saitou
Industry Codes
ANZSIC 2006
Codes:
1813 - Basic
Inorganic Chemical Manufacturing
6712 - Non-Residential
Property Operators
1892 - Explosive
Manufacturing
1899 - Other
Basic Chemical Product Manufacturing Not Elsewhere Classified
1831 - Fertiliser
Manufacturing
1841 - Human
Pharmaceutical and Medicinal Product Manufacturing
ISIC Rev 4 Codes:
2011 - Manufacture
of basic chemicals
2100 - Manufacture
of pharmaceuticals, medicinal chemical and botanical products
6810 - Real
estate activities with own or leased property
2012 - Manufacture
of fertilizers and nitrogen compounds
2029 - Manufacture
of other chemical products n.e.c.
NACE Rev 2 Codes:
2012 - Manufacture
of dyes and pigments
2120 - Manufacture
of pharmaceutical preparations
2051 - Manufacture
of explosives
6820 - Renting
and operating of own or leased real estate
2015 - Manufacture
of fertilisers and nitrogen compounds
2059 - Manufacture
of other chemical products n.e.c.
NAICS 2012 Codes:
325130 - Synthetic
Dye and Pigment Manufacturing
325998 - All
Other Miscellaneous Chemical Product and Preparation Manufacturing
325920 - Explosives
Manufacturing
531120 - Lessors
of Nonresidential Buildings (except Miniwarehouses)
325312 - Phosphatic
Fertilizer Manufacturing
325412 - Pharmaceutical
Preparation Manufacturing
US SIC 1987:
2816 - Inorganic
Pigments
6512 - Operators
of Nonresidential Buildings
2892 - Explosives
2899 - Chemicals
and Chemical Preparations, Not Elsewhere Classified
2834 - Pharmaceutical
Preparations
2874 - Phosphatic
Fertilizers
UK SIC 2007:
2012 - Manufacture
of dyes and pigments
2120 - Manufacture
of pharmaceutical preparations
2051 - Manufacture
of explosives
68209 - Letting
and operating of own or leased real estate (other than Housing Association real
estate and conference and exhibition services) n.e.c.
2015 - Manufacture
of fertilisers and nitrogen compounds
2059 - Manufacture
of other chemical products n.e.c.
Business Description
NIPPON KAYAKU
CO., LTD. is primarily engaged in the manufacture and sale of functional
chemical products. The Company has four business segments. The Functional
Chemical segment manufactures and sells functional materials, such as epoxy
resin, ultraviolet curable resin and high-performance chemicals; electronic
information materials, including seals for liquid crystal displays (LCDs),
resin for optical discs, pigment for inkjet printers and films for plasma
displays; catalysts, such as catalysts for acrylic and methacrylic acid
manufacturing, as well as coloring materials, such as dyes and special coloring
materials for nonfibrous products, among others. The Pharmaceutical segment
supplies pharmaceutical products, drug substances, medical intermediates and
diagnostic medicines, among others. The Safety Systems segment provides
inflators for airbags and micro gas generators for seatbelt pretensioners. The
Others segment is engaged in the manufacture and sale of agricultural
chemicals. For the six months ended 30 September 2013, Nippon Kayaku Co Ltd
revenues totaled Y77.99B. Net income applicable to common stockholders totaled
to Y8.41B. Results are not comparable due to year end change.
More Business Descriptions
Manufacture of
pharmaceuticals, dyestuffs, sophisticated products, agrochemicals, explosives
and catalysts
Pharmaceuticals, Functional Chemical Products,
Color Chemicals, Agrochemicals, Inflators, Explosives & Catalysts Mfr
Nippon Kayaku
Co., Ltd. (Nippon Kayaku) is a diversified manufacturing company with focus on
the chemicals, agrochemicals, pharmaceuticals, safety systems and functional
material businesses.It operates in China, Czech Republic, Germany, Ireland,
Japan, Mexico, Netherlands, Republic of Korea, Taiwan and the US through its 36
group compnies. Nippon Kayaku conducts its business through four reportable
segments, namely, Functional Chemicals Group, Pharmaceuticals Group, Safety
Systems Group and Other Business. The Functional Chemicals Group is subdivided
into functional materials, electronic materials, catalysts, and color
chemicals.The functional materials division provides epoxy resins, epoxy resin
curers, combustion retardants for sy nthetic resins, UV-curing type resins, and
polyimide/polyamide resins, which are used in polyimide/polyamide resins,
sealants for liquid crystal display panels, Blu-ray discs and DVDs and
others.The electronic materials division provides optical functional films,
optical disk materials, optical materials, functional colors, colors for inkjet
printers and LCD projector components. The catalyst division provides catalysts
for the production of acrylic acid and methacrylic acid, and plant licensing
business. The color chemical division provides dyestuffs for fibers, dyestuffs
for paper pulp, resin colorant agents and functional agents. For the fiscal
year ended 2013, the functional chemicals segment accounted for 47% of the
total company revenue. The Pharmaceutical Group’s products are classified
into three categories, namely, pharmaceuticals, specialty chemicals and
diagnostics. It develops cardiovascular drugs, anti-cancer agents, neurological
agents, circulatory system agents, digestive system agents, metabolic agents,
antibiotics, anti-inflammatory analgesic agents, pharmaceutical API and intermediates,
food and food additives, preservatives for food quality, veterinary
pharmaceuticals, animal feedstuffs, feedstuff additives, and diagnostics.
Currently, it offers 28 cancer related products that include 24 anti-cancer
drugs such as Paclitaxel Inj. NK, Bicalutamide Tab. NK, and Carboplatin
Intravenous Inj. NK. It also focuses on contract manufacturing as a part of its
pharmaceutical business. In March 2012, the company applied for approval to
manufacture and sell TKN732 (Filgrastim), the first of its biosimilar drugs
under development. The other products in the pipeline of Nippon Kayaku include
Embosphere; an arterial injection for Embolotherapy; Polymeric micelle
paclitaxel, an anticancer injection; Apaziquone, for the treatment of cancer
and Infliximab biosimilar is an Anti-TNF alpha monoclonal antibody. For the
fiscal year ended 2013, the Pharmaceutical segment accounted for 32% of the
total company revenue. The company's safety systems Group focuses on the
development, manufacture, and sale of automotive safety components. The
products offered in this segment include inflator, micro gas generator, and
squib. Nippon's safety system plants are located in five countries, namely,
Czech Republic (Indet Safety Systems a.s., Vsetin; Nippon Kayaku, CZ, s.r.o.,
Jablunka), Japan (Himeji), China (Kayaku (Huzhou, Safety Systems Co., Ltd.,
Zheijiang), USA (LifeSpark Inc., California) and Mexico (Kayaku Safety Systems
de Mexico, S.A. de C.V., Monterrey). For the fiscal year ended 2013, the Safety
Systems segment accounted for 14.6% of the total company revenue. Through Other
business, Nippon Kayaku develops, manufactures and sells agricultural
insecticides, herbicides, soil fumigants, and insanitardey insecticides in
agrochemicals segment. Nippon operates this segment through Sanko Kagaku Kogyo
Co., Ltd that is responsible for the production and sale of chemical agents,
agrochemicals, protective devices (mask), among others. The insecticides
offered in this segment include Matric, Evisect, and Safrotin MC. For the
fiscal year ended 2013, the others segment accounted for 6.2% of the total
company revenue. The company strongly focuses on research and development. It
operates four laboratories: functional chemicals R&D laboratories,
pharmaceuticals research laboratories, safety systems development laboratories,
and agrochemicals laboratories for its R&D in chemical and pharmaceutical
business. It collaborates with companies, public organization, and universities
for its research and development activities. For the fiscal year ended 2013,
the company spent 0.7% of its revenue towards its research and development. The
subsidiaries of the company includes Polatechno Co., Ltd., Dejima Optical Films
B.V., Kayaku Chemical (Wuxi) Co., Ltd., Wuxi Advanced Kayaku Chemical Co., Ltd.,
Zhaoyuan Advanced Chemical Co., Ltd., Nippon Kayaku Fukuyama Co., Ltd., Nippon
Kayaku Tokyo Co., Ltd., E-Materials Co., Ltd., MicroChem Corp., NIKKA FINE
TECHNO Co., Ltd., Nippon Kayaku Food Techno Co., Ltd., Taiwan Nippon Kayaku
Co., Ltd., Euro Nippon Kayaku GmbH, Indet Safety Systems a.s., LifeSparc Inc.,
Nippon Kayaku CZ,s.r.o., Sanko Kagaku Kogyo Co., Ltd., Nippon Kayaku America
Inc., Kayaku Akzo Corporation and Kayaku Japan Co., Ltd., among others. In June
2013, the company received manufacturing and marketing authorization in Japan
for embolic microspheres “HepaSphere Microspheres†and “Embosphere Microspheresâ€. In May 2013, the company and the Japan
Aerospace Exploration Agency developed a motor coil that can maintain its
maximum power more than two times longer than a conventional model by using
thermal conductive heat-resistant insulating material. In April 2013, the
company established a new website for its color chemicals division of
Functional Chemicals group.
Nippon Kayaku
Co., Ltd. (Nippon Kayaku) is a chemical company. It manufactures and sales
functional chemicals, pharmaceuticals, agrochemicals and safety systems
(automotive safety components). It’s product line include epoxy resins,
UV-curing type resins, optical functional films, colors for inkjet printers,
catalysts, pharmaceuticals, pharmaceutical API and intermediates, diagnostics,
airbag inflators, micro gas generators for seatbelt pretensioners, squibs,
agrochemicals and dyes, among others. The company also offers real estate
leasing and contract manufacturing to pharmaceutical companies. It operates in
China, Czech Republic, Germany, Ireland, Japan, Mexico, Netherlands, Republic
of Korea, Taiwan and the US through 36 group companies for supporting its
operation related to different industries worldwide. Nippon Kayaku is
headquartered in Tokyo, Japan.The company reported revenues of (Yen) JPY
128,104.00 million during the fiscal year ended March 2013, a decrease of
12.92% from 2012. The operating profit of the company was JPY 17,051.00 million
during the fiscal year 2013, a decrease of 9.85% from 2012. The net profit of
the company was JPY 12,342.00 million during the fiscal year 2013, an increase
of 8.24% over 2012.
Pharmaceutical
and Medicine Manufacturing
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Strategic
Initiatives
Key Organizational Changes
Its technological
base can be divided under six, namely, explosives technologies, dye
technologies, pharmaceutical technologies, agrochemical technologies, catalyst
technologies and resin technologies. This, robust platform of technologies
helped Nippon to expand its business segments, as in 1916 the company started
manufacturing industrial explosives but it slowly forayed into production of
fuses and detonating caps, gradually developing into a comprehensive explosives
manufacturer. In 1928, the company forayed into dye business with the
acquisition of Teikoku Senryo Seizou by Nihon Kayaku Seizou. While, in 1932,
the company diversified its business segments into pharmaceuticals space by
entering into full fledged production of Asprin and Penicillin. Furthermore, in
1934 the company entered the Agro-Chemical space by starting the production of
CHLOROPICRIN.
Product
Furthermore, in
1934 the company entered the Agro-Chemical space by starting the production of
CHLOROPICRIN. Also, in 1959, Nippon joined the Polymer Material R&D
Association to begin production of acetylene and ethylene. Thus, the company
followed a strategy of diversification, when it acquires capabilities in a
particular industrial domain, it moves into other related businesses creating a
fusion of the technological base. This strategy of the company helped it in
past to diversify and helped it to become a well renowned conglomerate.Sturdy
Research and Development ActivitiesNippon has significant research findings
through its focused research and development activities. The company's research
and development expenditure relating to continuing operations were JPY13.
Also, in 1959,
Nippon joined the Polymer Material R&D Association to begin production of acetylene
and ethylene. Thus, the company followed a strategy of diversification, when it
acquires capabilities in a particular industrial domain, it moves into other
related businesses creating a fusion of the technological base. This strategy
of the company helped it in past to diversify and helped it to become a well
renowned conglomerate.Sturdy Research and Development ActivitiesNippon has
significant research findings through its focused research and development
activities. The company's research and development expenditure relating to
continuing operations were JPY13.1bn in 2012, JPY11.
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Helpful |
Harmful |
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Internal Origin |
Strengths |
Weaknesses |
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External Origin |
Opportunities |
Threats |
Overview
Nippon is a Japan
based diversified business entity that operates in pharmaceutical, agriculture,
and chemical businesses. The company leverages its diversified business
segments and strong research and development base coupled with technology
fusion for building up strong market presence. However, declining efficiency
ratios and heavy revenue dependence on third parties might affect the business
growth. Factors such as environmental protocols and the ongoing consolidation
of the Japanese chemical industry are likely to impact the company's long term
business operations.
Strengths
Technology Fusion Strategy
Nippon has
continuously expanded its core technological base and focused on technological
fusion of its core technologies to create new products and new business areas
to leverage upon. Its technological base can be divided under six, namely,
explosives technologies, dye technologies, pharmaceutical technologies,
agrochemical technologies, catalyst technologies and resin technologies. This,
robust platform of technologies helped Nippon to expand its business segments,
as in 1916 the company started manufacturing industrial explosives but it
slowly forayed into production of fuses and detonating caps, gradually
developing into a comprehensive explosives manufacturer. In 1928, the company
forayed into dye business with the acquisition of Teikoku Senryo Seizou by
Nihon Kayaku Seizou. While, in 1932, the company diversified its business
segments into pharmaceuticals space by entering into full fledged production of
Asprin and Penicillin. Furthermore, in 1934 the company entered the
Agro-Chemical space by starting the production of CHLOROPICRIN. Also, in 1959,
Nippon joined the Polymer Material R&D Association to begin production of
acetylene and ethylene. Thus, the company followed a strategy of
diversification, when it acquires capabilities in a particular industrial
domain, it moves into other related businesses creating a fusion of the
technological base. This strategy of the company helped it in past to diversify
and helped it to become a well renowned conglomerate.
Sturdy Research and Development Activities
Nippon has
significant research findings through its focused research and development
activities. The company's research and development expenditure relating to
continuing operations were JPY13.1bn in 2012, JPY11.1bn in 2011, JPY12.2bn in
2010 and JPY10.5bn in 2009, which accounted for around 7-9% of the company’s
total revenue. Its research operations are principally carried out at its four
laboratories, namely, functional chemicals R&D laboratories,
pharmaceuticals research laboratories, safety systems development laboratories,
and agrochemicals laboratories. In the functional chemical business segment,
the company is focused on the development of next generation environmentally
friendly and energy conservation products. While, in the pharmaceutical space,
it offers 28 anti-cancer-related products which including 24 anti-cancer drugs;
and its research activities is focused on developing new treatment options for
cancer, heart disease and diagnostics devices pertaining to tumor markers.
Moreover, in the safety system business segments, its research and development
efforts are focused on the development of new technologies for automotive
safety components which could strengthening its global production system for
future requirements. Through its agrochemicals business, the company’s is
primarily targeting the research and development of technologies which
contribute to laborsaving process during agriculture activities, in addition to
the development of safe agrochemicals. Thus, the focused research activity
incorporated by the company has lead to the development of a wide range of
product portfolio. Nippon is focused on the constant evaluation of its research
activities for developing highly specialized and functional products.
Diversified Business Segments
Nippon leverages
its diversified business segments to maintain and improve its relative
competitive edge in the global economy. The company principally classifies its
business operations into four main groups: Functional Chemicals Group,
Pharmaceuticals Group, Safety Systems Group and Agrochemicals business. The
functional chemical segment manufactures and sells functional materials, such
as optical functional films for PDPs (plasma display panels), resists for
semiconductors, MEMS (microelectromechanical systems), epoxy resin, ultraviolet
curable resin and high-performance chemicals; electronic information materials,
including sealants for liquid crystal displays (LCDs), resin for optical discs,
colour for ink-jet printers and optical films, as well as catalysts, such as
catalysts for acrylic and methacrylic acid manufacturing. The pharmaceutical
segment supplies pharmaceutical products, drug substances, medical
intermediates, and diagnostic medicines, among others. The safety systems
segment provides inflators for airbags and micro gas generators for seatbelt
pretensioners. The agrochemicals segment manufactures and sells agrochemicals.
This segment also sells dyes and special color materials for non-fabrics and
manufactures detonating powder, black gunpowder and pyrotechnic products. In
fiscal year ended 2013, the company recorded 47% of the total revenue from
Functional Chemicals Business; 32% from Pharmaceuticals Business; 14.6% from
Safety Systems Business; 6.2% of the total income is reported from Other
Businesses. Diversified business segments help the company to increase its
customer base, thereby reduce product liability risk.
Weaknesses
Decline in Efficiency Ratios
Nippon reported a
fall in its efficiency ratios, which assumes significance as these are used to
analyze the uses of assets and liabilities by the company internally. Nippon reported
an Asset Turnover ratio of 0.57 times in 2013 as against 0.72 times in 2012,
followed by Inventory Turnover of 2.5 times in 2013 as against 0.72 in 2012;
Current Asset Turnover of 0.98 times in 2013 as against 1.21 times in 2012,
Capital Employed Turnover of 0.85 times against 1.08 times in 2012 and Working
Capital Turnover of 1.4 times as against 1.7 times in 2012. Despite the
increase in liquidity ratios, namely, current ratio from 3.12 times in 2012 to
3.30 times in 2013 and quick ratio from 2.46 times in 2012 to 2.55 times in
2013, the company’s efficiency ratios declined. The decline in the ratios
clearly indicates that the company has not made effective use of its assets and
liabilities towards maximizing its bottom line and shareholders wealth.
Dependence on Third Party Distributors
Dependence on
third party distributors has many associated concern with it, such as
termination of contracts and low revenue recognitions, which can adversely
affect the company’s products sales. Following a third party agreement
confines chances of commercialization of product on its own and the company
becomes dependent on the efforts of these distributors for its revenue
generation. Thus, the dependency on third party distributors and inability to
develop its own marketing and distribution network will be a serious cause of
concern for the company.
Opportunities
Economic Recovery in Japan
Nippon Kayaku, which is a diversified company operating
in various segments including functional chemicals, pharmaceuticals safety
systems and several other is expected to find considerable opportunity in
Japan’s efforts to rebuild the economy. During the last year the Japanese
economy was badly affected by major natural disasters including the earthquake
in Eastern Japan and floods in Thailand. Rebounding from the effects of the
natural disasters, production by automobile manufacturers is expected to pick,
which in turn is expected to boost the company’s safety systems business.
Changing Demographics
The increasing
population of people aged above 60, who consume more medical solutions than the
younger population and are more prone to chronic diseases, holds significant
market potential for the company. The United Nations Population Division
estimated that the number of people aged above 60 years throughout the world
will triple to nearly 2 billion by 2050. Globally, the population of older
persons is growing at a rate of 2.6% annually. According to the United Nations
Population Division, people aged 60 are projected to account for 22% of the
total world population by 2050, up from 11% in 2009. In developed economies
such as the US, the UK, France, Germany and Japan, the percentage of people
aged 65 and older is in double digits and is expected to continue to grow for
the next seven years. While developed countries have managed to slow down their
overall population growth, the longevity in the elderly population will cause
concern in the future. Such a situation will increase the healthcare costs in
those countries. The pace of population aging is faster in developing countries
than in developed countries. Due to the large volume of the overall population
in countries such as China and India, the number of people becoming older is
quite high. In 2009, the number of persons aged above 60 increased three and a
half times to 737 million globally. There were 12 countries with more than 10
million people aged above 60, including China (160 million), India (89
million), the US (56 million), Japan (38 million), the Russian Federation (25
million) and Germany (21 million). By 2050, 32 countries are expected to have
over 10 million people aged above 60, including five countries with more than
50 million older people: China (440 million), India (316 million), the US (111
million), Indonesia (72 million) and Brazil (64 million). This elderly
population is expected to exert increasing pressure on the healthcare system.
Focus on Oncology
The company could
benefit from its focus on oncology. Successful commercialization of the
company’s key anti-cancer drugs arterial infusion IA, Paclitaxel Injection,
Bicalutamide injection and Arboplatin Intravenous Injection. Based on the
in-house research, global oncology therapeutics market is expected to witness
moderate growth of 5.69% during 2010–2017, and is expected to reach $48.8
billion mark by 2017. Within the oncology therapeutics market - breast,
colorectal, lung, prostate, and pancreatic cancers have the largest market in
terms of the number of patients diagnosed. The overall oncology market will
witness moderate growth phase, with prostate cancer and ovarian cancer
therapeutics markets are expected with high growth trajectories during the
forecast period. In addition, indications such as colorectal cancer, breast
cancer, non-Hodgkin's lymphoma (NHL) and non-small cell lung cancer (NSCLC) are
expected to witness moderate growth trends. Furthermore, other factors such as
rapid uptake of targeted therapies in key cancer indications with increased
efficacy and reduced toxicity is expected to contribute to the growth. The
prevalence of cancer is expected to double in the coming two decades owing to
the steady increase in the elderly population. Senior citizens already contribute
a great deal to the sales of drugs for most of the age related cancers such as
breast cancer, prostate cancer, lung cancer, colorectal cancer, non-Hodgkin’s
lymphoma, melanoma, and brain cancer. Nippon Kayaku can leverage this market
potential in oncology to fuel its business growth in future.
Threats
Uncertain R&D Outcomes
Adverse or
inconclusive results from preclinical testing or clinical trials may
substantially delay or halt the development of the company's various product
candidates, consequently affecting its timeliness for profitability. The
outcome of clinical trials is always a subject of uncertainty. After the
discovery of a new compound, substantial amount of money and a great deal of
time need to be invested to successfully launch a new product. Moreover, it may
become necessary to discontinue clinical development if the effectiveness of a
drug is not proven as initially expected, or if serious adverse effects arise.
In addition, pharmaceuticals are subject to legal restrictions in every country
and authorization from regulatory authorities is a prerequisite for a product
launch in every country. It is difficult to accurately foresee when approvals
for a new product could be obtained.
Environmental Protocols
Compliance to environmental protocols is seriously
considered among the industrial countries. The Kyoto Protocol came into the
picture during 2005 to decrease the emission of greenhouse gases by the
nations. According to this protocol by 2012, Japan has to reduce the greenhouse
gases by 14%. The reduction target for Japan is 6%. The government will force
the industries in Japan to reduce the emission of gases. As a result, the
company should reduce the emission of green house gases by implementing new
technologies. This may incur additional expenditures for the company increasing
its production costs.
Consolidation of Japanese Chemical Industry
The competition in the Japanese chemical industry
is increasing. The current restructuring between the major players lead to
consolidation within the industry. Some of the major contenders in the Japanese
chemical industry already formed alliances. The major alliances include
alliance between Idemitsu Kosan and Mitsui Chemicals; and the joint venture
between Ube-Maruzen Polyethylene, Maruzen Petrochemicals and Ube Industries.
These restructuring activities resulted in consolidated market position of
these major players. Consolidation of Japanese chemical industry may lead to
pricing pressures on Nippon. It may affect the market position of the company
in the chemical sector in Japan.
|
Corporate Family |
Corporate
Structure News: |
|
|
Nippon
Kayaku Co Ltd |
|
Nippon Kayaku Co Ltd |
|
|
|
|
|
Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Chiyoda-Ku |
Japan |
Basic Chemical Manufacturing |
1,544.0 |
4,619 |
|
|
Division |
Tokyo |
Japan |
Pharmaceutical Manufacturing |
295.6 |
1,410 |
|
|
Holding |
White Plains, NY |
United States |
Chemical Wholesale |
|
6 |
|
|
Subsidiary |
Joetsu-Shi |
Japan |
Machinery and Equipment Manufacturing |
275.9 |
796 |
|
|
Subsidiary |
Wuxi, Jiangsu |
China |
Semiconductor and Other Electronic Component Manufacturing |
|
100 |
|
|
Subsidiary |
Vsetin |
Czech Republic |
Motor Vehicle Manufacturing |
|
500 |
|
|
Subsidiary |
Vsetin |
Czech Republic |
Basic Chemical Manufacturing |
|
500 |
|
|
Division |
Yamaguchi |
Japan |
Miscellaneous Chemical Manufacturing |
|
450 |
|
|
Division |
Tokyo |
Japan |
Basic Chemical Manufacturing |
|
400 |
|
|
Division |
Tokyo |
Japan |
Basic Chemical Manufacturing |
|
300 |
|
|
Subsidiary |
Fukuyama, Hiroshima |
Japan |
Basic Chemical Manufacturing |
|
270 |
|
|
Subsidiary |
Salinas Victoria, Nuevo Leon |
Mexico |
Machinery and Equipment Manufacturing |
|
170 |
|
|
Facility |
Yamaguchi |
Japan |
Basic Chemical Manufacturing |
|
140 |
|
|
Subsidiary |
|
United Kingdom |
|
22.8 |
|
|
|
Subsidiary |
Zhaoyuan, Shandong |
China |
Miscellaneous Chemical Manufacturing |
10.6 |
135 |
|
|
Subsidiary |
Adachi-Ku, Tokyo |
Japan |
Basic Chemical Manufacturing |
12.5 |
90 |
|
|
Subsidiary |
Tokyo |
Japan |
Chemical Wholesale |
112.0 |
50 |
|
|
Subsidiary |
Arnhem, Gelderland |
Netherlands |
Miscellaneous Chemical Manufacturing |
|
35 |
|
|
Division |
Tokyo |
Japan |
Basic Chemical Manufacturing |
|
30 |
|
|
Subsidiary |
Tokyo |
Japan |
Real Estate Agents and Brokers |
|
11 |
|
|
Subsidiary |
Newton, MA |
United States |
Machinery and Equipment Manufacturing |
10.1 |
5 |
|
|
Subsidiary |
Taipei |
Taiwan |
Pharmaceutical Manufacturing |
|
3 |
|
|
Subsidiary |
Frankfurt |
Germany |
Pharmaceutical Manufacturing |
|
2 |
|
|
Subsidiary |
Sanyoonoda, Yamaguchi |
Japan |
Miscellaneous Chemical Manufacturing |
12.7 |
|
|
|
Subsidiary |
Hollister, CA |
United States |
Miscellaneous Manufacturing |
|
|
|
|
Facility |
Takasaki, Gunma |
Japan |
Basic Chemical Manufacturing |
|
|
|
|
Facility |
Himeji, Hyogo |
Japan |
Basic Chemical Manufacturing |
|
|
|
|
Subsidiary |
Takasaki, Gunma |
Japan |
Food Manufacturing |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Miscellaneous Educational Services |
|
|
|
|
Subsidiary |
Takasaki, Gunma |
Japan |
Architecture and Engineering |
|
|
|
|
Subsidiary |
Fukuyama, Hiroshima |
Japan |
Miscellaneous Amusement and Recreation |
|
|
|
|
Subsidiary |
Shanghai |
China |
Basic Chemical Manufacturing |
|
|
|
|
Subsidiary |
Huzhou, ZheJiang |
China |
Miscellaneous Chemical Manufacturing |
|
|
|
|
Subsidiary |
Wuxi, Jiangsu |
China |
Basic Chemical Manufacturing |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Pharmaceutical Manufacturing |
|
|
|
|
Facility |
Fukuyama, Hiroshima |
Japan |
Basic Chemical Manufacturing |
|
|
|
|
Facility |
Kamisu, Ibaraki |
Japan |
Basic Chemical Manufacturing |
|
|
|
|
Subsidiary |
Salinas Victoria, Nuevo Leon |
Mexico |
Machinery and Equipment Manufacturing |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Basic Chemical Manufacturing |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Real Estate Agents and Brokers |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Architecture and Engineering |
|
|
|
|
Subsidiary |
Shanghai |
China |
Chemical Wholesale |
|
|
|
|
Subsidiary |
Wuxi, Jiangsu |
China |
Chemical Wholesale |
|
|
Competitors
Report
|
Company Name |
Location |
Employees |
Ownership |
|
Abbott Japan Co., Ltd. |
Tokyo, Minato-ku, Japan |
|
Private |
|
Arkema SA |
Colombes, France |
14,000 |
Public |
|
Astellas Pharma GmbH |
MĂ¼nchen, Germany |
400 |
Private |
|
Astellas Pharma Inc |
Chuo-Ku, Japan |
17,454 |
Public |
|
Bayer AG |
Leverkusen, Germany |
111,400 |
Public |
|
Bristol-Myers Squibb Co |
New York, New York, United States |
28,000 |
Public |
|
CHUGAI PHARMACEUTICAL CO., LTD. |
Chuo-Ku, Japan |
6,836 |
Public |
|
Compagnie de Saint Gobain SA |
Courbevoie, France |
191,113 |
Public |
|
DAIICHI SANKYO COMPANY, LIMITED |
Chuo-Ku, Japan |
32,229 |
Public |
|
Dainippon Sumitomo Pharma Co Ltd |
Osaka-Shi, Japan |
7,218 |
Public |
|
DENKI KAGAKU KOGYO KABUSHIKI KAISHA |
Chuo-Ku, Japan |
5,206 |
Public |
|
E I Du Pont De Nemours And Co |
Wilmington, Delaware, United States |
70,000 |
Public |
|
Eisai Co., Ltd |
Bunkyo-Ku, Japan |
10,495 |
Public |
|
Exxon Mobil Corporation |
Irving, Texas, United States |
76,900 |
Public |
|
ExxonMobil Chemical Company |
Houston, Texas, United States |
14,000 |
Private |
|
General Electric Company |
Fairfield, Connecticut, United States |
305,000 |
Public |
|
Honeywell International Inc. |
Morristown, New Jersey, United States |
132,000 |
Public |
|
KANEKA CORPORATION |
Osaka-Shi, Japan |
8,600 |
Public |
|
KOBAYASHI PHARMACEUTICAL CO., LTD. |
Osaka-Shi, Japan |
2,204 |
Public |
|
Kubota Corp |
Osaka-Shi, Japan |
31,436 |
Public |
|
Marubeni Corp |
Chiyoda-Ku, Japan |
33,566 |
Public |
|
Meiji Seika Pharma Co Ltd |
Tokyo, Japan |
4,034 |
Private |
|
Mitsubishi Chemical Corporation |
Tokyo, Japan |
27,689 |
Private |
|
Mitsubishi Tanabe Pharma Corporation |
Osaka-Shi, Japan |
8,835 |
Public |
|
Mitsui & Co. Ltd. |
Chiyoda-Ku, Japan |
45,148 |
Public |
|
Mitsui Chemicals, Inc. |
Minato-Ku, Japan |
12,846 |
Public |
|
Novartis AG |
Basel, Switzerland |
131,000 |
Public |
|
Occidental Petroleum Corporation |
Los Angeles, California, United States |
12,300 |
Public |
|
Otsuka Pharmaceutical Co Ltd |
Tokyo, Japan |
5,701 |
Private |
|
Pfizer Inc. |
New York, New York, United States |
91,500 |
Public |
|
ROHTO PHARMACEUTICAL CO., LTD. |
Osaka-Shi, Japan |
5,518 |
Public |
|
Sankyo Co. Ltd. |
Tokyo, Japan |
|
Private |
|
Sanofi SA |
Paris, France |
111,974 |
Public |
|
SANTEN PHARMACEUTICAL CO., LTD. |
Osaka-Shi, Japan |
1,903 |
Public |
|
Sekisui Chemical Co., Ltd. |
Minato-Ku, Japan |
22,202 |
Public |
|
Shin-Etsu Chemical Co Ltd |
Chiyoda-Ku, Japan |
17,712 |
Public |
|
Shionogi & Co Ltd |
Osaka-Shi, Japan |
6,082 |
Public |
|
Sumitomo Chemical Co Ltd |
Chuo-Ku, Japan |
30,396 |
Public |
|
Taiho Pharmaceutical Co., Ltd. |
Tokyo, Japan |
3,000 |
Private |
|
Takeda Pharmaceutical Company Limited |
Osaka-Shi, Japan |
30,481 |
Public |
|
Tosoh Corporation |
Minato-Ku, Japan |
11,268 |
Public |
|
Toyama Chemical Co Ltd |
Tokyo, Japan |
851 |
Private |
|
Unitika Ltd |
Osaka-Shi, Japan |
4,534 |
Public |
|
Yakult Honsha Co., Ltd. |
Minato-Ku, Japan |
19,435 |
Public |
Executive report
|
Board of
Directors |
|
|
|
|
||||||
|
Independent Director |
Director/Board Member |
|
||||||
|
|||||||||
|
Director, Director Group Administration, Managing Executive Officer |
Director/Board Member |
|
|
|||||
|
Executives |
|
|
|
|
|||||||||
|
Director and General Manager of Functional Materials |
Chief Executive Officer |
|
|||||||||
|
Director and General Manager of West Japan Branch |
Chief Executive Officer |
|
|||||||||
|
President, Executive President, Director |
President |
|
|||||||||
|
||||||||||||
|
Executive Officer, President of Nishibu President |
President |
|
|
||||||||
|
Managing Executive Officer, Chief Director of Group Accounting,
Director |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer, Chief Director of Group Administration,
Director |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Managing Director & Head-Safety Systems Group, Board Member |
Division Head Executive |
|
|
||||||||
|
Director, Director Group Administration, Managing Executive Officer |
Division Head Executive |
|
|
||||||||
|
Director and General Manager Finance |
Division Head Executive |
|
|
||||||||
|
Executive Officer, Director of Accounting in Group Main Accounting
Unit |
Division Head Executive |
|
|
||||||||
|
Managing Executive Officer, Chief Director of Production Technology |
Managing Director |
|
|
||||||||
|
Managing Executive Officer, Director of Safety Systems Business,
Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer, Chief Director of Research and
Development, Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer, Chief Director of Functional Chemical
Product Business, Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer, Chief Director of Medicine Business,
Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Executive Officer, Senior Director of Sales in Main Safety System
Business Unit |
Environment/Safety Executive |
|
|
||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Auditor |
Accounting Executive |
|
|
||||||||
|
Auditor |
Accounting Executive |
|
|
||||||||
|
Auditor |
Accounting Executive |
|
|
||||||||
|
Chief Director of Sales in Main Medicine Business Unit, Executive
Officer |
Sales Executive |
|
|
||||||||
|
Executive Officer, Director of Medicine Research Institute in Main
Research & Development Unit |
Research & Development Executive |
|
|
||||||||
|
Executive Officer, Deputy Chief Director of Medicine Business, Chief
Director of Medicine Development |
Business Development Executive |
|
|
||||||||
|
Executive Officer, Director of Planning in Main Medicine Business Unit |
Planning Executive |
|
|
||||||||
|
Executive Officer, Director of Business Planning in Main Business
Strategy Unit |
Planning Executive |
|
|
||||||||
|
Executive Vice President, Chief Director of Business Strategy,
Representative Director |
Planning Executive |
|
|
||||||||
|
||||||||||||
|
Executive Officer, Chief Director of Medicine Production in Main
Medicine Business Unit |
Manufacturing Executive |
|
|
||||||||
|
Executive Officer, Chief Director of Reliability Assurance in Main
Medicine Business Unit |
Medical Specialist |
|
|
||||||||
|
Executive Officer, Director of Catalyst Business in Main Functional
Chemicals Business Unit |
Other |
|
|
||||||||
Significant
Developments
Nippon Kayaku Co Ltd
Amends Consolidated Mid-year and Full-year Outlook for FY 2014 Oct 29, 2013
Nippon Kayaku Co
Ltd announced that it has raised its consolidated mid-year outlook for revenue
from JPY 76,300 million to JPY 78,000 million, operating profit from JPY 9,100 million
to JPY 11,900 million, ordinary profit from JPY 9,400 million to JPY 13,000
million, net profit from JPY 5,300 million to JPY 8,400 million and earning per
share from JPY 29.24 to JPY 46.34 , for the fiscal year ending March 2014. In
addition, the Company has also lowered its consolidated full-year outlook for
revenue from JPY 162,000 million to JPY 160,000 million, but raised the outlook
for operating profit from JPY 19,500 million to JPY 21,000 million, ordinary
profit from JPY 20,000 million to JPY 22,000 million, net profit from JPY
12,000 million to JPY 13,500 million and earning per share from JPY 66.21 to
JPY 74.48 , for the fiscal year ending March 2014. The Company raised the
outlook due to the increased sales and the cost reduction, among others.
R&I Affirms
Rating on Nippon Kayaku Co Ltd at "A"; Rating Outlook Stable Jul 16,
2013
Rating and
Investment Information, Inc. (R&I) announced that it has affirmed the
rating on Nippon Kayaku Co Ltd at "A". The rating outlook is stable.
Nippon Kayaku Co
Ltd Amends Consolidated Full-year Outlook for FY 2013 Dec 26, 2012
Nippon Kayaku Co
Ltd announced that it has lowered its consolidated full-year outlook for
revenue from JPY 137,000 million to JPY 131,000 million, but maintained the
outlook for operating profit of JPY 16,000 million, and raised the outlook for
ordinary profit from JPY 16,000 million to JPY 17,000 million, net profit from
JPY 9,000 million to JPY 10,000 million and earning per share from JPY 49.65 to
JPY 55.16, for the fiscal year ending March 2013. The Company lowered the
revenue outlook due to the less-than-expected sales, and raised the profit
outlook due to the impact of the exchange, among others.
Annual
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2013 |
31-May-2012 |
31-May-2011 |
31-May-2010 |
31-May-2009 |
|
Period Length |
10 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 |
78.698065 |
83.931161 |
92.075644 |
99.54541 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
1,544.0 |
1,869.3 |
1,773.8 |
1,531.7 |
1,349.7 |
|
Revenue |
1,544.0 |
1,869.3 |
1,773.8 |
1,531.7 |
1,349.7 |
|
Total Revenue |
1,544.0 |
1,869.3 |
1,773.8 |
1,531.7 |
1,349.7 |
|
|
|
|
|
|
|
|
Cost of Revenue |
889.0 |
1,076.1 |
1,050.5 |
922.9 |
880.5 |
|
Cost of Revenue, Total |
889.0 |
1,076.1 |
1,050.5 |
922.9 |
880.5 |
|
Gross Profit |
655.0 |
793.1 |
723.3 |
608.8 |
469.2 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
171.5 |
208.5 |
185.2 |
157.5 |
148.7 |
|
Labor & Related Expense |
139.5 |
160.6 |
152.2 |
136.6 |
116.9 |
|
Total Selling/General/Administrative Expenses |
311.1 |
369.0 |
337.4 |
294.1 |
265.6 |
|
Research & Development |
123.2 |
158.8 |
124.0 |
126.7 |
98.9 |
|
Depreciation |
15.1 |
19.0 |
13.7 |
14.3 |
15.7 |
|
Amortization of Acquisition Costs |
-1.5 |
-1.9 |
-1.8 |
-1.3 |
0.0 |
|
Depreciation/Amortization |
13.5 |
17.1 |
11.9 |
13.0 |
15.7 |
|
Impairment-Assets Held for Use |
1.7 |
- |
0.0 |
25.7 |
0.0 |
|
Impairment-Assets Held for Sale |
0.0 |
3.9 |
2.0 |
23.3 |
20.4 |
|
Other Unusual Expense (Income) |
0.0 |
4.1 |
-21.2 |
6.7 |
0.0 |
|
Unusual Expense (Income) |
1.7 |
8.1 |
-19.2 |
55.7 |
20.4 |
|
Other, Net |
0.0 |
-0.1 |
- |
- |
- |
|
Other Operating Expenses, Total |
0.0 |
-0.1 |
- |
- |
- |
|
Total Operating Expense |
1,338.5 |
1,628.9 |
1,504.6 |
1,412.4 |
1,281.0 |
|
|
|
|
|
|
|
|
Operating Income |
205.5 |
240.3 |
269.2 |
119.3 |
68.7 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-2.4 |
-3.7 |
-4.3 |
-5.3 |
-4.6 |
|
Interest Expense, Net Non-Operating |
-2.4 |
-3.7 |
-4.3 |
-5.3 |
-4.6 |
|
Interest Income -
Non-Operating |
0.9 |
1.1 |
1.1 |
1.6 |
2.1 |
|
Investment Income - Non-Operating |
37.9 |
4.4 |
-8.2 |
0.5 |
5.2 |
|
Interest/Investment Income - Non-Operating |
38.8 |
5.4 |
-7.0 |
2.1 |
7.4 |
|
Interest Income (Expense) - Net Non-Operating Total |
36.4 |
1.7 |
-11.3 |
-3.2 |
2.8 |
|
Gain (Loss) on Sale of Assets |
-6.3 |
-10.8 |
-7.0 |
1.9 |
-3.2 |
|
Other Non-Operating Income (Expense) |
3.2 |
2.9 |
3.0 |
2.5 |
1.1 |
|
Other, Net |
3.2 |
2.9 |
3.0 |
2.5 |
1.1 |
|
Income Before Tax |
238.8 |
234.1 |
253.9 |
120.6 |
69.3 |
|
|
|
|
|
|
|
|
Total Income Tax |
77.7 |
77.5 |
87.9 |
8.9 |
35.7 |
|
Income After Tax |
161.2 |
156.7 |
165.9 |
111.7 |
33.7 |
|
|
|
|
|
|
|
|
Minority Interest |
-12.4 |
-11.8 |
-11.0 |
-4.5 |
3.7 |
|
Net Income Before Extraord Items |
148.8 |
144.9 |
154.9 |
107.2 |
37.4 |
|
Net Income |
148.8 |
144.9 |
154.9 |
107.2 |
37.4 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
- |
0.0 |
- |
0.0 |
0.0 |
|
Total Adjustments to Net Income |
- |
0.0 |
- |
0.0 |
0.0 |
|
Income Available to Common Excl Extraord Items |
148.8 |
144.9 |
154.9 |
107.2 |
37.3 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
148.8 |
144.9 |
154.9 |
107.2 |
37.3 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
181.3 |
181.3 |
181.4 |
181.5 |
181.6 |
|
Basic EPS Excl Extraord Items |
0.82 |
0.80 |
0.85 |
0.59 |
0.21 |
|
Basic/Primary EPS Incl Extraord Items |
0.82 |
0.80 |
0.85 |
0.59 |
0.21 |
|
Dilution Adjustment |
0.0 |
- |
0.0 |
0.0 |
-0.1 |
|
Diluted Net Income |
148.7 |
144.9 |
154.9 |
107.2 |
37.3 |
|
Diluted Weighted Average Shares |
181.3 |
181.3 |
181.4 |
181.5 |
181.6 |
|
Diluted EPS Excl Extraord Items |
0.82 |
0.80 |
0.85 |
0.59 |
0.21 |
|
Diluted EPS Incl Extraord Items |
0.82 |
0.80 |
0.85 |
0.59 |
0.21 |
|
Dividends per Share - Common Stock Primary Issue |
0.24 |
0.25 |
0.24 |
0.22 |
0.20 |
|
Gross Dividends - Common Stock |
43.7 |
46.1 |
43.2 |
39.4 |
36.5 |
|
Interest Expense, Supplemental |
2.4 |
3.7 |
4.3 |
5.3 |
4.6 |
|
Depreciation, Supplemental |
104.9 |
126.2 |
107.6 |
108.9 |
107.9 |
|
Total Special Items |
6.5 |
17.0 |
-14.0 |
52.5 |
23.5 |
|
Normalized Income Before Tax |
245.3 |
251.1 |
239.8 |
173.0 |
92.9 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
2.6 |
6.3 |
-4.2 |
4.0 |
12.1 |
|
Inc Tax Ex Impact of Sp Items |
80.3 |
83.7 |
83.7 |
12.8 |
47.8 |
|
Normalized Income After Tax |
165.0 |
167.4 |
156.2 |
160.2 |
45.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
152.6 |
155.6 |
145.1 |
155.7 |
48.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.84 |
0.86 |
0.80 |
0.86 |
0.27 |
|
Diluted Normalized EPS |
0.84 |
0.86 |
0.80 |
0.86 |
0.27 |
|
Amort of Acquisition Costs, Supplemental |
-1.5 |
-1.9 |
-1.8 |
-1.3 |
0.0 |
|
Research & Development Exp, Supplemental |
129.3 |
166.8 |
132.1 |
133.3 |
105.3 |
|
Reported Operating Profit |
205.7 |
246.5 |
248.2 |
173.7 |
94.1 |
|
Reported Ordinary Profit |
246.8 |
253.1 |
241.7 |
174.3 |
81.1 |
|
Normalized EBIT |
207.2 |
248.4 |
250.0 |
175.0 |
89.0 |
|
Normalized EBITDA |
310.6 |
372.7 |
355.8 |
282.6 |
197.0 |
|
Current Tax - Total |
72.1 |
84.8 |
- |
- |
- |
|
Current Tax - Total |
72.1 |
84.8 |
- |
- |
- |
|
Deferred Tax - Total |
5.6 |
-7.3 |
- |
- |
- |
|
Deferred Tax - Total |
5.6 |
-7.3 |
- |
- |
- |
|
Income Tax - Total |
77.7 |
77.5 |
- |
- |
- |
|
Interest Cost - Domestic |
3.5 |
6.8 |
6.3 |
5.7 |
5.2 |
|
Service Cost - Domestic |
14.9 |
16.8 |
15.8 |
14.0 |
13.1 |
|
Prior Service Cost - Domestic |
-2.9 |
-3.7 |
-3.5 |
-3.2 |
-2.8 |
|
Expected Return on Assets - Domestic |
-4.5 |
-5.5 |
-4.9 |
-4.3 |
-4.4 |
|
Actuarial Gains and Losses - Domestic |
7.2 |
5.8 |
7.9 |
7.1 |
2.9 |
|
Domestic Pension Plan Expense |
18.2 |
20.2 |
21.6 |
19.3 |
14.0 |
|
Total Pension Expense |
18.2 |
20.2 |
21.6 |
19.3 |
14.0 |
|
Discount Rate - Domestic |
1.20% |
- |
2.10% |
2.10% |
2.00% |
|
Expected Rate of Return - Domestic |
1.00% |
- |
1.00% |
1.00% |
1.00% |
|
Total Plan Interest Cost |
3.5 |
6.8 |
6.3 |
5.7 |
5.2 |
|
Total Plan Service Cost |
14.9 |
16.8 |
15.8 |
14.0 |
13.1 |
|
Total Plan Expected Return |
-4.5 |
-5.5 |
-4.9 |
-4.3 |
-4.4 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Mar-2013 |
31-May-2012 |
31-May-2011 |
31-May-2010 |
31-May-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
94.088557 |
78.981276 |
81.24 |
91.035 |
95.455 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
277.6 |
249.6 |
226.8 |
191.4 |
173.2 |
|
Short Term Investments |
152.6 |
231.4 |
283.1 |
203.4 |
195.1 |
|
Cash and Short Term Investments |
430.2 |
481.0 |
509.9 |
394.8 |
368.3 |
|
Accounts Receivable -
Trade, Gross |
544.3 |
594.2 |
577.9 |
518.3 |
461.0 |
|
Provision for Doubtful
Accounts |
-2.1 |
-0.5 |
-0.4 |
-1.6 |
-1.3 |
|
Trade Accounts Receivable - Net |
542.2 |
593.7 |
577.4 |
516.7 |
459.7 |
|
Total Receivables, Net |
542.2 |
593.7 |
577.4 |
516.7 |
459.7 |
|
Inventories - Finished Goods |
207.7 |
213.2 |
191.0 |
179.5 |
157.5 |
|
Inventories - Work In Progress |
22.0 |
27.1 |
25.7 |
21.2 |
16.3 |
|
Inventories - Raw Materials |
85.0 |
83.8 |
86.7 |
75.6 |
72.5 |
|
Total Inventory |
314.7 |
324.1 |
303.4 |
276.3 |
246.2 |
|
Deferred Income Tax - Current Asset |
34.1 |
42.1 |
33.0 |
66.7 |
24.6 |
|
Other Current Assets |
77.0 |
96.2 |
91.9 |
37.0 |
40.2 |
|
Other Current Assets, Total |
111.0 |
138.3 |
124.9 |
103.7 |
64.8 |
|
Total Current Assets |
1,398.2 |
1,537.1 |
1,515.6 |
1,291.5 |
1,139.0 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
714.0 |
779.0 |
745.3 |
677.0 |
707.7 |
|
Goodwill, Net |
12.1 |
20.5 |
17.5 |
20.2 |
22.1 |
|
Intangibles, Net |
29.4 |
36.1 |
27.7 |
26.8 |
30.4 |
|
LT Investment - Affiliate Companies |
50.0 |
58.6 |
56.4 |
49.0 |
- |
|
LT Investments - Other |
161.3 |
119.7 |
107.6 |
103.6 |
160.6 |
|
Long Term Investments |
211.3 |
178.3 |
164.0 |
152.6 |
160.6 |
|
Note Receivable - Long Term |
0.7 |
8.7 |
22.8 |
25.1 |
24.6 |
|
Deferred Charges |
1.5 |
2.6 |
3.7 |
4.6 |
4.5 |
|
Deferred Income Tax - Long Term Asset |
2.4 |
3.2 |
4.0 |
3.5 |
10.6 |
|
Other Long Term Assets |
18.7 |
25.9 |
23.9 |
24.5 |
37.5 |
|
Other Long Term Assets, Total |
22.6 |
31.7 |
31.6 |
32.6 |
52.5 |
|
Total Assets |
2,388.2 |
2,591.4 |
2,524.6 |
2,225.9 |
2,137.0 |
|
|
|
|
|
|
|
|
Accounts Payable |
160.6 |
161.9 |
175.6 |
159.6 |
127.8 |
|
Accrued Expenses |
58.9 |
72.2 |
66.4 |
54.3 |
44.0 |
|
Notes Payable/Short Term Debt |
71.2 |
79.7 |
66.3 |
70.2 |
83.8 |
|
Current Portion - Long Term Debt/Capital Leases |
- |
- |
68.1 |
63.6 |
55.9 |
|
Income Taxes Payable |
25.3 |
63.7 |
20.1 |
22.6 |
32.2 |
|
Other Payables |
88.8 |
93.7 |
85.1 |
74.5 |
72.1 |
|
Deferred Income Tax - Current Liability |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Current Liabilities |
18.9 |
21.4 |
21.7 |
26.9 |
21.8 |
|
Other Current liabilities, Total |
133.0 |
178.8 |
126.9 |
123.9 |
126.1 |
|
Total Current Liabilities |
423.6 |
492.6 |
503.3 |
471.7 |
437.5 |
|
|
|
|
|
|
|
|
Long Term Debt |
102.3 |
87.8 |
137.2 |
128.2 |
167.3 |
|
Total Long Term Debt |
102.3 |
87.8 |
137.2 |
128.2 |
167.3 |
|
Total Debt |
173.5 |
167.5 |
271.5 |
262.1 |
306.9 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
47.2 |
33.7 |
31.9 |
34.4 |
26.0 |
|
Deferred Income Tax |
47.2 |
33.7 |
31.9 |
34.4 |
26.0 |
|
Minority Interest |
108.6 |
112.7 |
99.0 |
81.1 |
121.6 |
|
Reserves |
6.1 |
7.1 |
8.6 |
8.6 |
8.0 |
|
Pension Benefits - Underfunded |
10.4 |
26.2 |
42.5 |
50.8 |
53.3 |
|
Other Long Term Liabilities |
93.3 |
120.4 |
129.5 |
128.0 |
126.9 |
|
Other Liabilities, Total |
109.7 |
153.8 |
180.7 |
187.4 |
188.1 |
|
Total Liabilities |
791.5 |
880.7 |
952.1 |
902.8 |
940.6 |
|
|
|
|
|
|
|
|
Common Stock |
158.7 |
189.1 |
183.8 |
164.0 |
156.4 |
|
Common Stock |
158.7 |
189.1 |
183.8 |
164.0 |
156.4 |
|
Additional Paid-In Capital |
183.5 |
218.6 |
212.5 |
189.6 |
180.8 |
|
Retained Earnings (Accumulated Deficit) |
1,224.4 |
1,339.1 |
1,206.2 |
973.4 |
863.0 |
|
Treasury Stock - Common |
-9.0 |
-10.4 |
-9.8 |
-7.8 |
-6.5 |
|
Unrealized Gain (Loss) |
35.5 |
0.3 |
1.6 |
5.1 |
0.5 |
|
Translation Adjustment |
3.6 |
-25.9 |
-21.8 |
-1.3 |
2.2 |
|
Other Equity |
0.0 |
0.0 |
- |
- |
- |
|
Other Equity, Total |
3.7 |
-25.9 |
-21.8 |
-1.3 |
2.2 |
|
Total Equity |
1,596.8 |
1,710.7 |
1,572.5 |
1,323.0 |
1,196.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
2,388.2 |
2,591.4 |
2,524.6 |
2,225.8 |
2,137.0 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
181.3 |
181.3 |
181.3 |
181.4 |
181.5 |
|
Total Common Shares Outstanding |
181.3 |
181.3 |
181.3 |
181.4 |
181.5 |
|
Treasury Shares - Common Stock Primary Issue |
1.2 |
1.2 |
1.2 |
1.1 |
1.0 |
|
Employees |
4,619 |
4,583 |
4,406 |
4,224 |
4,040 |
|
Number of Common Shareholders |
12,516 |
14,597 |
15,732 |
16,469 |
17,586 |
|
Total Long Term Debt, Supplemental |
183.3 |
188.8 |
256.2 |
245.2 |
223.2 |
|
Long Term Debt Maturing within 1 Year |
56.3 |
60.8 |
68.1 |
63.6 |
55.9 |
|
Long Term Debt Maturing in Year 2 |
49.5 |
56.0 |
61.2 |
60.8 |
60.2 |
|
Long Term Debt Maturing in Year 3 |
29.7 |
26.8 |
53.5 |
42.3 |
48.2 |
|
Long Term Debt Maturing in Year 4 |
27.2 |
21.7 |
25.1 |
35.5 |
12.8 |
|
Long Term Debt Maturing in Year 5 |
15.6 |
6.8 |
20.2 |
10.1 |
36.4 |
|
Long Term Debt Maturing in 2-3 Years |
79.2 |
82.8 |
114.7 |
103.1 |
108.4 |
|
Long Term Debt Maturing in 4-5 Years |
42.8 |
28.5 |
45.3 |
45.6 |
49.2 |
|
Long Term Debt Matur. in Year 6 & Beyond |
5.0 |
16.7 |
28.2 |
32.9 |
9.7 |
|
Total Capital Leases, Supplemental |
1.6 |
2.2 |
2.6 |
2.5 |
1.6 |
|
Capital Lease Payments Due in Year 1 |
0.6 |
0.7 |
0.7 |
0.5 |
0.3 |
|
Capital Lease Payments Due in Year 2 |
0.4 |
0.6 |
0.7 |
0.5 |
0.3 |
|
Capital Lease Payments Due in Year 3 |
0.4 |
0.4 |
0.5 |
0.5 |
0.3 |
|
Capital Lease Payments Due in Year 4 |
0.2 |
0.4 |
0.3 |
0.4 |
0.3 |
|
Capital Lease Payments Due in Year 5 |
0.0 |
0.1 |
0.3 |
0.2 |
0.2 |
|
Capital Lease Payments Due in 2-3 Years |
0.7 |
1.0 |
1.2 |
1.1 |
0.7 |
|
Capital Lease Payments Due in 4-5 Years |
0.2 |
0.5 |
0.6 |
0.6 |
0.5 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.1 |
0.0 |
0.1 |
0.3 |
0.1 |
|
Pension Obligation - Domestic |
321.0 |
376.7 |
329.7 |
289.2 |
274.3 |
|
Plan Assets - Domestic |
285.7 |
281.1 |
265.1 |
220.7 |
202.0 |
|
Funded Status - Domestic |
-35.3 |
-95.6 |
-64.6 |
-68.4 |
-72.3 |
|
Total Funded Status |
-35.3 |
-95.6 |
-64.6 |
-68.4 |
-72.3 |
|
Discount Rate - Domestic |
1.20% |
1.20% |
2.10% |
2.10% |
2.00% |
|
Expected Rate of Return - Domestic |
1.00% |
1.00% |
1.00% |
1.00% |
1.00% |
|
Prepaid Benefits - Domestic |
0.6 |
1.3 |
1.8 |
2.1 |
2.5 |
|
Accrued Liabilities - Domestic |
-10.1 |
-25.8 |
-42.1 |
-50.4 |
-52.8 |
|
Other Assets, Net - Domestic |
25.8 |
71.2 |
-24.3 |
20.2 |
22.1 |
|
Net Assets Recognized on Balance Sheet |
16.3 |
46.7 |
-64.6 |
-28.1 |
-28.2 |
|
Total Plan Obligations |
321.0 |
376.7 |
329.7 |
289.2 |
274.3 |
|
Total Plan Assets |
285.7 |
281.1 |
265.1 |
220.7 |
202.0 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Mar-2013 |
31-May-2012 |
31-May-2011 |
31-May-2010 |
31-May-2009 |
|
Period Length |
10 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 |
78.698065 |
83.931161 |
92.075644 |
99.54541 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
238.8 |
234.1 |
253.9 |
120.5 |
69.3 |
|
Depreciation |
104.9 |
126.2 |
107.6 |
108.9 |
107.9 |
|
Depreciation/Depletion |
104.9 |
126.2 |
107.6 |
108.9 |
107.9 |
|
Unusual Items |
8.0 |
14.6 |
-16.6 |
47.1 |
6.7 |
|
Equity in Net Earnings (Loss) |
-4.6 |
-2.0 |
-3.6 |
-1.1 |
-4.7 |
|
Other Non-Cash Items |
-24.2 |
-20.8 |
-10.4 |
5.9 |
30.4 |
|
Non-Cash Items |
-20.8 |
-8.3 |
-30.6 |
51.9 |
32.3 |
|
Accounts Receivable |
-41.0 |
-0.3 |
-6.0 |
-31.8 |
48.4 |
|
Inventories |
-29.8 |
-12.7 |
1.8 |
-18.7 |
6.1 |
|
Prepaid Expenses |
0.8 |
0.8 |
-0.5 |
-2.5 |
2.2 |
|
Accounts Payable |
7.3 |
-17.6 |
-1.5 |
27.1 |
-52.8 |
|
Accrued Expenses |
-0.6 |
2.3 |
1.5 |
7.4 |
-6.7 |
|
Other Operating Cash Flow |
-83.3 |
-34.9 |
-100.3 |
-42.6 |
-18.0 |
|
Changes in Working Capital |
-146.5 |
-62.5 |
-104.9 |
-61.1 |
-20.7 |
|
Cash from Operating Activities |
176.4 |
289.6 |
226.0 |
220.3 |
188.8 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-126.4 |
-135.2 |
-101.5 |
-76.0 |
-100.0 |
|
Purchase/Acquisition of Intangibles |
-3.8 |
-23.5 |
-3.9 |
-1.1 |
-4.0 |
|
Capital Expenditures |
-130.1 |
-158.7 |
-105.5 |
-77.1 |
-104.1 |
|
Acquisition of Business |
- |
- |
- |
- |
0.0 |
|
Sale of Fixed Assets |
2.5 |
0.7 |
4.9 |
10.6 |
7.0 |
|
Sale/Maturity of Investment |
25.1 |
23.4 |
45.5 |
26.6 |
19.6 |
|
Investment, Net |
0.0 |
1.8 |
2.9 |
-1.2 |
-0.8 |
|
Purchase of Investments |
-37.1 |
-23.2 |
-35.9 |
-21.9 |
-15.7 |
|
Other Investing Cash Flow |
-0.6 |
-6.6 |
3.0 |
-0.1 |
-0.9 |
|
Other Investing Cash Flow Items, Total |
-10.2 |
-3.9 |
20.5 |
13.9 |
9.2 |
|
Cash from Investing Activities |
-140.3 |
-162.6 |
-85.0 |
-63.2 |
-94.9 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-10.1 |
-12.7 |
-3.0 |
-3.8 |
-4.6 |
|
Financing Cash Flow Items |
-10.1 |
-12.7 |
-3.0 |
-3.8 |
-4.6 |
|
Cash Dividends Paid - Common |
-43.5 |
-45.9 |
-43.1 |
-39.3 |
-36.5 |
|
Total Cash Dividends Paid |
-43.5 |
-45.9 |
-43.1 |
-39.3 |
-36.5 |
|
Repurchase/Retirement
of Common |
-0.7 |
-0.4 |
0.0 |
-37.6 |
0.0 |
|
Common Stock, Net |
-0.7 |
-0.4 |
0.0 |
-37.6 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
-0.7 |
-0.4 |
0.0 |
-37.6 |
0.0 |
|
Short Term Debt, Net |
0.1 |
-45.3 |
-4.1 |
-14.7 |
53.1 |
|
Long Term Debt Issued |
70.5 |
3.8 |
59.6 |
16.3 |
92.8 |
|
Long Term Debt
Reduction |
-34.9 |
-70.3 |
-80.8 |
-68.5 |
-59.0 |
|
Long Term Debt, Net |
35.6 |
-66.4 |
-21.2 |
-52.2 |
33.8 |
|
Issuance (Retirement) of Debt, Net |
35.7 |
-111.7 |
-25.3 |
-66.9 |
86.8 |
|
Cash from Financing Activities |
-18.6 |
-170.8 |
-71.4 |
-147.6 |
45.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
12.1 |
0.2 |
-4.2 |
-1.3 |
-5.1 |
|
Net Change in Cash |
29.6 |
-43.6 |
65.4 |
8.2 |
134.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
456.5 |
524.8 |
426.7 |
380.8 |
217.6 |
|
Net Cash - Ending Balance |
486.1 |
481.3 |
492.1 |
389.0 |
352.2 |
|
Cash Interest Paid |
2.1 |
3.7 |
4.3 |
5.6 |
4.8 |
|
Cash Taxes Paid |
103.5 |
43.1 |
50.1 |
51.1 |
33.0 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2013 |
31-May-2012 |
31-May-2011 |
31-May-2010 |
31-May-2009 |
|
Period Length |
10 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 |
78.698065 |
83.931161 |
92.075644 |
99.54541 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Total net sales |
1,544.0 |
1,869.3 |
1,773.8 |
1,531.7 |
1,349.7 |
|
Total Revenue |
1,544.0 |
1,869.3 |
1,773.8 |
1,531.7 |
1,349.7 |
|
|
|
|
|
|
|
|
Reversal of provision for sales returns |
-0.2 |
-0.3 |
- |
- |
- |
|
Provision for sales returns |
0.2 |
0.2 |
- |
- |
- |
|
Total cost of sales |
889.0 |
1,076.1 |
1,050.7 |
922.9 |
875.3 |
|
Reversal Goods Unsold |
- |
- |
-0.5 |
-0.4 |
-0.3 |
|
Reserve Goods Unsold |
- |
- |
0.3 |
0.5 |
0.4 |
|
SGA Salary And Other |
59.3 |
71.8 |
- |
- |
- |
|
Selling Bonus Allowance |
27.3 |
30.3 |
- |
- |
- |
|
Selling General And Administrative Expen |
33.1 |
36.4 |
- |
- |
- |
|
Selling General And Administrative Expen |
10.3 |
11.8 |
- |
- |
- |
|
SGA Retire Benefit Expense |
2.8 |
2.9 |
- |
- |
- |
|
Salaries(selling) |
- |
- |
67.4 |
60.1 |
56.4 |
|
Bonuses(selling) |
- |
- |
29.4 |
26.5 |
20.3 |
|
Selling Retirement Benefits Expenses |
6.8 |
7.4 |
7.9 |
7.3 |
4.9 |
|
SGA Depreciation |
5.7 |
8.6 |
- |
- |
- |
|
Depreciation(selling) |
9.4 |
10.5 |
8.8 |
9.2 |
8.9 |
|
Other Gen. and Admin. expense |
62.2 |
- |
- |
- |
- |
|
Selling Expenses - Balancing value |
109.3 |
- |
- |
- |
- |
|
Other Selling/General/Admin. Expense(2) |
- |
139.3 |
- |
- |
- |
|
Other Selling/General/Admin. Expense(1) |
- |
69.2 |
- |
- |
- |
|
Other Selling/General/Admin. Expense |
- |
0.0 |
- |
- |
- |
|
Other Selling Expense |
- |
- |
126.8 |
110.6 |
104.0 |
|
Salaries(gene&admin.) |
- |
- |
34.0 |
29.1 |
26.4 |
|
Bonuses(gene&admin.) |
- |
- |
10.4 |
10.8 |
7.0 |
|
Accrued Retirement Benefits(gene&admin.) |
- |
- |
3.1 |
2.7 |
1.9 |
|
Depreciation(gene&admin.) |
- |
- |
5.0 |
5.1 |
6.8 |
|
Research and Development Expense |
123.2 |
158.8 |
- |
- |
- |
|
Research & Development(gene&admin.) |
- |
- |
124.0 |
126.7 |
98.9 |
|
Other General & Admin. |
- |
- |
58.4 |
46.9 |
44.7 |
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Environmental expenses |
0.0 |
4.1 |
- |
- |
- |
|
Loss on evalutation of golf club members |
0.0 |
0.1 |
- |
- |
- |
|
Other Non Rec. I/E - Non Business Activ. |
- |
0.0 |
-25.6 |
0.0 |
- |
|
SP Loss Reval.Inv.Sec. |
0.0 |
3.8 |
2.0 |
23.3 |
0.0 |
|
SP Loss on Disaster |
- |
0.0 |
3.6 |
0.0 |
- |
|
SP L on Adjust. for Chan. of Acct. Asset |
- |
0.0 |
0.8 |
0.0 |
- |
|
SP Impairment Loss |
1.7 |
- |
0.0 |
25.7 |
0.0 |
|
SP Reserve for affiliated comp' loss |
- |
- |
0.0 |
6.7 |
0.0 |
|
SP Loss Reval.Affi.Stk. |
- |
- |
- |
0.0 |
20.4 |
|
SP L on val. of inventories |
- |
- |
- |
0.0 |
5.1 |
|
SP Allow.Doubt.Act. |
- |
- |
- |
- |
0.0 |
|
NOP Amortization of negative goodwill |
-1.5 |
-1.9 |
-1.8 |
-1.3 |
0.0 |
|
Total Operating Expense |
1,338.5 |
1,628.9 |
1,504.6 |
1,412.4 |
1,281.0 |
|
|
|
|
|
|
|
|
NOP Interest Income |
0.9 |
1.1 |
1.1 |
1.6 |
2.1 |
|
Gain on sales of subsidiaries and affili |
0.0 |
- |
- |
- |
- |
|
Gain on sales of subsidiaries and affili |
- |
0.0 |
- |
- |
- |
|
Foreign exchange gains |
24.4 |
- |
- |
- |
- |
|
NOP Dividend Income |
6.6 |
4.1 |
3.7 |
3.4 |
3.4 |
|
Amortization of business commencement ex |
-1.1 |
- |
- |
- |
- |
|
Idle Real Estate Related Expenses |
-1.1 |
-1.3 |
- |
- |
- |
|
Other Non-Operating Income (Expense) |
0.0 |
0.0 |
- |
- |
- |
|
NOP Equity Gain |
4.6 |
2.0 |
3.6 |
1.1 |
4.7 |
|
NOP Insurance Dividend |
2.3 |
1.3 |
1.9 |
0.7 |
1.8 |
|
NOP Insurance Received |
- |
- |
- |
0.8 |
2.1 |
|
NOP Charge for development received. |
- |
- |
- |
- |
0.0 |
|
NOP Other Non Op.Income |
8.6 |
9.1 |
11.0 |
7.3 |
5.0 |
|
NOP Interest Expense |
-2.4 |
-3.7 |
-4.3 |
-5.3 |
-4.6 |
|
NOP Loss Disp.Inventory |
- |
- |
- |
- |
0.0 |
|
NOP Real Estate Related Costs |
- |
- |
- |
- |
0.0 |
|
NOP Exchange Loss |
0.0 |
-3.1 |
-17.3 |
-4.7 |
-21.6 |
|
NOP Other Non Op.Expense |
-3.2 |
-4.9 |
-8.0 |
-5.6 |
-6.0 |
|
SP Gain Sale Fix.Asset |
2.4 |
0.5 |
4.7 |
9.2 |
6.2 |
|
SP Gain Sale Inv.Sec. |
- |
- |
- |
- |
0.0 |
|
SP Gain Sale Affiliate Stock |
- |
- |
- |
0.0 |
16.9 |
|
SP Loss Disp.Fix.Asset |
-8.7 |
-11.3 |
-11.7 |
-7.3 |
-9.4 |
|
SP L on disp. of inventories |
- |
- |
- |
- |
0.0 |
|
Net Income Before Taxes |
238.8 |
234.1 |
253.9 |
120.6 |
69.3 |
|
|
|
|
|
|
|
|
Total income taxes |
77.7 |
77.5 |
87.9 |
8.9 |
35.7 |
|
Net Income After Taxes |
161.2 |
156.7 |
165.9 |
111.7 |
33.7 |
|
|
|
|
|
|
|
|
Minority interests in income |
-12.4 |
-11.8 |
-11.0 |
-4.5 |
3.7 |
|
Net Income Before Extra. Items |
148.8 |
144.9 |
154.9 |
107.2 |
37.4 |
|
Net Income |
148.8 |
144.9 |
154.9 |
107.2 |
37.4 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
- |
0.0 |
- |
- |
- |
|
Earning Adjustment |
- |
- |
- |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
148.8 |
144.9 |
154.9 |
107.2 |
37.3 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
148.8 |
144.9 |
154.9 |
107.2 |
37.3 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
181.3 |
181.3 |
181.4 |
181.5 |
181.6 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.82 |
0.80 |
0.85 |
0.59 |
0.21 |
|
Basic EPS Including ExtraOrdinary Items |
0.82 |
0.80 |
0.85 |
0.59 |
0.21 |
|
Dilution Adjustment |
0.0 |
- |
0.0 |
0.0 |
-0.1 |
|
Diluted Net Income |
148.7 |
144.9 |
154.9 |
107.2 |
37.3 |
|
Diluted Weighted Average Shares |
181.3 |
181.3 |
181.4 |
181.5 |
181.6 |
|
Diluted EPS Excluding ExtraOrd Items |
0.82 |
0.80 |
0.85 |
0.59 |
0.21 |
|
Diluted EPS Including ExtraOrd Items |
0.82 |
0.80 |
0.85 |
0.59 |
0.21 |
|
DPS-Ordinary Shares |
0.24 |
0.25 |
0.24 |
0.22 |
0.20 |
|
Gross Dividends - Common Stock |
43.7 |
46.1 |
43.2 |
39.4 |
36.5 |
|
Normalized Income Before Taxes |
245.3 |
251.1 |
239.8 |
173.0 |
92.9 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
80.3 |
83.7 |
83.7 |
12.8 |
47.8 |
|
Normalized Income After Taxes |
165.0 |
167.4 |
156.2 |
160.2 |
45.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
152.6 |
155.6 |
145.1 |
155.7 |
48.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.84 |
0.86 |
0.80 |
0.86 |
0.27 |
|
Diluted Normalized EPS |
0.84 |
0.86 |
0.80 |
0.86 |
0.27 |
|
Interest Expense |
2.4 |
3.7 |
4.3 |
5.3 |
4.6 |
|
Total Search And Development Expense |
123.2 |
158.8 |
- |
- |
- |
|
Total Search And Development Expense |
6.2 |
8.1 |
- |
- |
- |
|
R & D Expenses (SGA) |
- |
- |
124.0 |
126.7 |
98.9 |
|
R & D Expenses (COGS) |
- |
- |
8.1 |
6.7 |
6.4 |
|
Amortization of Negetive goodwill |
-1.5 |
-1.9 |
-1.8 |
-1.3 |
0.0 |
|
BC - Depreciation of Fixed Assets |
104.9 |
- |
- |
- |
- |
|
Depreciation |
- |
126.2 |
107.6 |
108.9 |
107.9 |
|
Income taxes-current |
72.1 |
84.8 |
- |
- |
- |
|
Current Tax - Total |
72.1 |
84.8 |
- |
- |
- |
|
Income taxes-deferred |
5.6 |
-7.3 |
- |
- |
- |
|
Deferred Tax - Total |
5.6 |
-7.3 |
- |
- |
- |
|
Income Tax - Total |
77.7 |
77.5 |
- |
- |
- |
|
Reported operating profit |
205.7 |
246.5 |
248.2 |
173.7 |
94.1 |
|
Reported ordinary profit |
246.8 |
253.1 |
241.7 |
174.3 |
81.1 |
|
Service cost |
14.9 |
16.8 |
15.8 |
14.0 |
13.1 |
|
Interest cost |
3.5 |
6.8 |
6.3 |
5.7 |
5.2 |
|
Expected return on plan assets |
-4.5 |
-5.5 |
-4.9 |
-4.3 |
-4.4 |
|
Actuarial gains and losses |
7.2 |
5.8 |
7.9 |
7.1 |
2.9 |
|
Prior service cost |
-2.9 |
-3.7 |
-3.5 |
-3.2 |
-2.8 |
|
Domestic Pension Plan Expense |
18.2 |
20.2 |
21.6 |
19.3 |
14.0 |
|
Total Pension Expense |
18.2 |
20.2 |
21.6 |
19.3 |
14.0 |
|
Discount Rate(MIN)-Retirement Cost(Domes |
1.20% |
1.20% |
- |
- |
- |
|
Discount rate |
- |
2.16% |
2.10% |
2.10% |
2.00% |
|
Expected return on assets(MIN)-Domestic |
1.00% |
- |
- |
- |
- |
|
Expected rate of return |
- |
- |
1.00% |
1.00% |
1.00% |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Mar-2013 |
31-May-2012 |
31-May-2011 |
31-May-2010 |
31-May-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
94.088557 |
78.981276 |
81.24 |
91.035 |
95.455 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Deposit |
277.6 |
249.6 |
226.8 |
191.4 |
173.2 |
|
Notes and accounts receivable-trade |
544.3 |
594.2 |
577.9 |
518.3 |
461.0 |
|
Short-term investment securities |
152.6 |
231.4 |
283.1 |
203.4 |
195.1 |
|
Inventories - merchandise&finished goods |
207.7 |
213.2 |
191.0 |
179.5 |
157.5 |
|
Inventories - work-in-process |
22.0 |
27.1 |
25.7 |
21.2 |
16.3 |
|
Inventories - raw materials&supplies |
85.0 |
83.8 |
86.7 |
75.6 |
72.5 |
|
Deferred Taxes |
34.1 |
42.1 |
33.0 |
66.7 |
24.6 |
|
Rounding adjustment Assets |
0.0 |
0.1 |
- |
- |
- |
|
Other Assets |
76.9 |
96.1 |
91.9 |
37.0 |
40.2 |
|
Allow.Doubt.Act. |
-2.1 |
-0.5 |
-0.4 |
-1.6 |
-1.3 |
|
Total current assets |
1,398.2 |
1,537.1 |
1,515.6 |
1,291.5 |
1,139.0 |
|
|
|
|
|
|
|
|
Other PPE |
0.0 |
- |
- |
- |
- |
|
Other PPE, net |
- |
0.0 |
- |
- |
- |
|
Buildings and structures, net |
365.3 |
418.7 |
386.2 |
349.3 |
341.2 |
|
Machinery, equipment and vehicles, net |
177.4 |
202.9 |
180.1 |
175.3 |
207.9 |
|
Land |
88.2 |
102.9 |
96.7 |
86.8 |
85.0 |
|
Const.Progress |
57.1 |
28.5 |
59.1 |
43.9 |
47.8 |
|
Other |
26.2 |
25.9 |
23.3 |
21.7 |
25.8 |
|
Goodwill |
12.1 |
20.5 |
17.5 |
20.2 |
22.1 |
|
Other Total intangible assets |
0.0 |
- |
- |
- |
- |
|
Other Intangible |
29.4 |
36.1 |
27.7 |
26.8 |
30.4 |
|
Other LT Investment |
161.3 |
119.7 |
- |
- |
- |
|
Investment Sec. |
- |
- |
107.6 |
103.6 |
160.6 |
|
Invt Secs Noncons, Asc, Affd Cos |
49.5 |
58.1 |
- |
- |
- |
|
Invts in Capital Noncons, Ascd, Affd Cos |
0.5 |
0.5 |
- |
- |
- |
|
LT Invest. secs. - Affiliate Companies |
- |
- |
56.0 |
48.7 |
- |
|
LT Investment - Affiliate Companies |
- |
- |
0.3 |
0.3 |
- |
|
Long-term loans receivable |
0.7 |
8.7 |
22.8 |
25.1 |
24.6 |
|
Other Long Term Assets |
0.0 |
0.0 |
- |
- |
- |
|
Other Other Long Term Assets |
0.0 |
0.0 |
- |
- |
- |
|
Long-term prepaid expenses |
8.6 |
13.3 |
10.1 |
12.0 |
17.2 |
|
Deferred tax assets |
2.4 |
3.2 |
4.0 |
3.5 |
10.6 |
|
Other Asset |
10.3 |
13.7 |
14.9 |
13.8 |
21.5 |
|
Allow.Doubt.Act. |
-0.2 |
-1.1 |
-1.1 |
-1.2 |
-1.3 |
|
Development stage expenses |
1.5 |
2.6 |
3.7 |
4.6 |
4.5 |
|
Total Assets |
2,388.2 |
2,591.4 |
2,524.6 |
2,225.9 |
2,137.0 |
|
|
|
|
|
|
|
|
Notes and accounts payable-trade |
160.6 |
161.9 |
175.6 |
159.6 |
127.8 |
|
Short-term loans payable |
71.0 |
79.0 |
- |
- |
- |
|
ST Debt |
- |
- |
66.3 |
69.8 |
83.5 |
|
LT borrowings (current) |
- |
- |
68.1 |
63.6 |
55.9 |
|
Accounts payable-other |
88.8 |
93.7 |
85.1 |
74.5 |
72.1 |
|
Accrued Expenses |
56.2 |
69.4 |
63.3 |
52.1 |
42.9 |
|
Income Tax Pay. |
25.3 |
63.7 |
20.1 |
22.6 |
32.2 |
|
Deferred Tax Liabilities(1) |
0.0 |
0.0 |
- |
- |
- |
|
Deferred Tax Liabilities |
- |
- |
0.0 |
0.0 |
0.0 |
|
Rounding adjustment Liability |
0.1 |
0.1 |
- |
- |
- |
|
Res.Goods Return |
0.2 |
0.2 |
0.3 |
0.5 |
0.4 |
|
Res.Rebate |
4.0 |
4.9 |
4.8 |
4.2 |
4.3 |
|
Provision for directors'' bonuses |
2.7 |
2.7 |
3.2 |
2.2 |
1.1 |
|
Res. for loss on Affiliated company |
- |
- |
0.0 |
6.2 |
0.0 |
|
Notes payable-facilities |
0.1 |
0.7 |
0.0 |
0.4 |
0.3 |
|
Other Liability |
14.6 |
16.3 |
16.5 |
16.0 |
17.1 |
|
Total Current Liabilities |
423.6 |
492.6 |
503.3 |
471.7 |
437.5 |
|
|
|
|
|
|
|
|
Long-term loans payable |
102.3 |
87.8 |
137.2 |
128.2 |
167.3 |
|
Total Long Term Debt |
102.3 |
87.8 |
137.2 |
128.2 |
167.3 |
|
|
|
|
|
|
|
|
Deferred Tax |
47.2 |
33.7 |
31.9 |
34.4 |
26.0 |
|
Res.Acd.Retire. |
10.1 |
25.8 |
42.1 |
50.4 |
52.8 |
|
Provision for directors'' retirement ben |
0.2 |
0.4 |
0.4 |
0.5 |
0.5 |
|
Res.Repair |
6.1 |
7.1 |
8.6 |
8.6 |
8.0 |
|
Rounding adjustment Liability |
0.1 |
- |
- |
- |
- |
|
Other Long Term Liabilities |
- |
0.0 |
- |
- |
- |
|
Long-term deposits received |
85.5 |
109.5 |
116.9 |
113.8 |
119.4 |
|
Negative goodwill |
2.2 |
4.3 |
6.0 |
7.1 |
0.0 |
|
Other Liability |
5.5 |
6.6 |
6.6 |
7.1 |
7.5 |
|
Minority Int. |
108.6 |
112.7 |
99.0 |
81.1 |
121.6 |
|
Total Liabilities |
791.5 |
880.7 |
952.1 |
902.8 |
940.6 |
|
|
|
|
|
|
|
|
Common Stock |
158.7 |
189.1 |
183.8 |
164.0 |
156.4 |
|
Total capital surpluses |
183.5 |
218.6 |
212.5 |
189.6 |
180.8 |
|
Total retained earnings |
1,224.4 |
1,339.1 |
1,206.2 |
973.4 |
863.0 |
|
Treasury Stock |
-9.0 |
-10.4 |
-9.8 |
-7.8 |
-6.5 |
|
Valuation difference on available-for-sa |
35.5 |
0.3 |
1.6 |
5.1 |
0.5 |
|
Translation Adj. |
3.6 |
-25.9 |
-21.8 |
-1.3 |
2.2 |
|
Other Equity |
0.0 |
0.0 |
- |
- |
- |
|
Total Equity |
1,596.8 |
1,710.7 |
1,572.5 |
1,323.0 |
1,196.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
2,388.2 |
2,591.4 |
2,524.6 |
2,225.8 |
2,137.0 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
181.3 |
181.3 |
181.3 |
181.4 |
181.5 |
|
Total Common Shares Outstanding |
181.3 |
181.3 |
181.3 |
181.4 |
181.5 |
|
T/S-Ordinary Shares |
1.2 |
1.2 |
1.2 |
1.1 |
1.0 |
|
Full-Time Employees |
4,619 |
4,583 |
4,406 |
4,224 |
4,040 |
|
Total Number of Shareholders |
12,516 |
14,597 |
- |
- |
- |
|
Number of Common Shareholders |
- |
- |
15,732 |
16,469 |
17,586 |
|
Division And End Of Current Period Remai |
3.3 |
3.8 |
- |
- |
- |
|
LT Debts Maturing within 1yr. |
53.0 |
57.1 |
68.1 |
63.6 |
55.9 |
|
Lns Pble Maturing over a Yr within 2 Yrs |
44.6 |
50.1 |
- |
- |
- |
|
Oth Intt Br Dbt Matg ovr a Yr wthn 2 Yr |
4.9 |
5.9 |
- |
- |
- |
|
LT Debts Maturing within 2yr. |
- |
- |
61.2 |
60.8 |
60.2 |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
24.8 |
20.9 |
- |
- |
- |
|
Oth Intt Br Dbt Matg ovr 2 Yr wthn 3 Yr |
4.9 |
5.9 |
- |
- |
- |
|
LT Debts Maturing within 3yr. |
- |
- |
53.5 |
42.3 |
48.2 |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
22.3 |
15.8 |
- |
- |
- |
|
Oth Intt Br Dbt Matg ovr 3 Yr wthn 4 Yr |
4.9 |
5.9 |
- |
- |
- |
|
LT Debts Maturing within 4yr. |
- |
- |
25.1 |
35.5 |
12.8 |
|
Lns Pble Maturg over 4 Yrs within 5 Yrs |
10.7 |
0.9 |
- |
- |
- |
|
Oth Intt Br Dbt Matg ovr 4 Yr wthn 5 Yr |
4.9 |
5.9 |
- |
- |
- |
|
LT Debts Maturing within 5yr. |
- |
- |
20.2 |
10.1 |
36.4 |
|
Other LT Debt |
5.0 |
16.7 |
- |
- |
- |
|
Remaining |
- |
- |
28.2 |
32.9 |
9.7 |
|
Total Long Term Debt, Supplemental |
183.3 |
188.8 |
256.2 |
245.2 |
223.2 |
|
Capital Lease Maturing within 1yr. |
0.6 |
0.7 |
0.7 |
0.5 |
0.3 |
|
Cap Lease Maturg over a Yr within 2 Yrs |
0.4 |
0.6 |
- |
- |
- |
|
Capital Lease Maturing within 2yr. |
- |
- |
0.7 |
0.5 |
0.3 |
|
Cap Lease Maturg over 2 Yr within 3 Yrs |
0.4 |
0.4 |
- |
- |
- |
|
Capital Lease Maturing within 3yr. |
- |
- |
0.5 |
0.5 |
0.3 |
|
Cap Lease Maturg over 3 Yr within 4 Yrs |
0.2 |
0.4 |
- |
- |
- |
|
Capital Lease Maturing within 4yr. |
- |
- |
0.3 |
0.4 |
0.3 |
|
Cap Lease Maturg over 4 Yr within 5 Yrs |
0.0 |
0.1 |
- |
- |
- |
|
Capital Lease Maturing within 5yr. |
- |
- |
0.3 |
0.2 |
0.2 |
|
Other Capital Lease |
0.1 |
0.0 |
- |
- |
- |
|
Remaining |
- |
- |
0.1 |
0.3 |
0.1 |
|
Total Capital Leases, Supplemental |
1.6 |
2.2 |
2.6 |
2.5 |
1.6 |
|
Pension obligation |
321.0 |
376.7 |
329.7 |
289.2 |
274.3 |
|
FV of plan assets |
285.7 |
281.1 |
265.1 |
220.7 |
202.0 |
|
Funded status |
-35.3 |
-95.6 |
-64.6 |
-68.4 |
-72.3 |
|
Total Funded Status |
-35.3 |
-95.6 |
-64.6 |
-68.4 |
-72.3 |
|
Discount Ration |
1.20% |
1.20% |
- |
- |
- |
|
Discount rate |
- |
- |
2.10% |
2.10% |
2.00% |
|
Expected rate of return |
1.00% |
1.00% |
1.00% |
1.00% |
1.00% |
|
Unrecognized actuarial gains and losses |
28.1 |
76.9 |
-33.5 |
31.6 |
36.0 |
|
Unrecognized prior service cost |
-2.2 |
-5.7 |
9.2 |
-11.4 |
-13.9 |
|
Prepaid pension benefits |
0.6 |
1.3 |
1.8 |
2.1 |
2.5 |
|
Reserve for accrued retirement benefits |
-10.1 |
-25.8 |
-42.1 |
-50.4 |
-52.8 |
|
Net Assets Recognized on Balance Sheet |
16.3 |
46.7 |
-64.6 |
-28.1 |
-28.2 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Mar-2013 |
31-May-2012 |
31-May-2011 |
31-May-2010 |
31-May-2009 |
|
Period Length |
10 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 |
78.698065 |
83.931161 |
92.075644 |
99.54541 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income Bf. Tax |
238.8 |
234.1 |
253.9 |
120.5 |
69.3 |
|
Depreciation |
104.9 |
126.2 |
107.6 |
108.9 |
107.9 |
|
Impairment Loss |
1.7 |
- |
0.0 |
25.7 |
0.0 |
|
Increase (decrease) in provision |
-10.3 |
-19.5 |
-20.5 |
2.3 |
4.0 |
|
Interest&Div. Income |
-7.5 |
-5.1 |
-4.8 |
-5.1 |
-5.6 |
|
Interest Expense |
2.4 |
3.7 |
4.3 |
5.3 |
4.6 |
|
Foreign exchange losses (gains) |
-8.9 |
0.1 |
10.7 |
3.3 |
19.7 |
|
Equity in (earnings) losses of affiliate |
-4.6 |
-2.0 |
-3.6 |
-1.1 |
-4.7 |
|
Loss (gain) on sales of property, plant |
-2.4 |
-0.5 |
-4.7 |
-9.2 |
-6.2 |
|
Loss (gain) on disposal of property, pla |
8.7 |
11.3 |
11.7 |
7.3 |
9.4 |
|
Loss (gain) on sales of investment secur |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Loss (gain) on valuation of investment s |
0.0 |
3.8 |
2.0 |
23.3 |
0.0 |
|
Loss (gain) on sales of stocks of subsid |
0.0 |
0.0 |
-25.6 |
0.0 |
-16.9 |
|
Loss on valuation of affiliated sec. |
- |
- |
- |
0.0 |
20.4 |
|
Decrease (increase) in notes and account |
-42.8 |
-0.7 |
-1.4 |
-35.0 |
42.2 |
|
Decrease (increase) in inventories |
-29.8 |
-12.7 |
1.8 |
-18.7 |
6.1 |
|
Decrease (increase) in prepaid expenses |
0.8 |
0.8 |
-0.5 |
-2.5 |
2.2 |
|
Decrease (increase) in accounts receivab |
1.7 |
0.5 |
-4.6 |
3.2 |
6.2 |
|
Increase (decrease) in cash and cash equ |
2.4 |
- |
- |
- |
- |
|
Other Operating Cash Flow |
0.0 |
- |
- |
- |
- |
|
Decrease (increase) in advance payments |
2.1 |
-0.8 |
-61.4 |
-0.4 |
- |
|
Increase (decrease) in accounts payable- |
-8.2 |
- |
- |
- |
- |
|
Increase (decrease) in notes and account |
15.5 |
-18.3 |
0.0 |
25.7 |
-55.8 |
|
Increase (decrease) in accounts payable- |
- |
0.7 |
-1.5 |
1.5 |
3.0 |
|
Increase (decrease) in accrued expenses |
-0.6 |
- |
- |
- |
- |
|
Increase (decrease) in accrued expenses |
- |
2.3 |
1.5 |
7.4 |
-6.7 |
|
Rounding adjustment Cash flow |
- |
0.0 |
- |
- |
- |
|
Other, net |
8.7 |
6.3 |
8.5 |
8.2 |
10.9 |
|
Interest&Div. Rcvd. |
9.2 |
6.4 |
7.0 |
6.3 |
8.9 |
|
Interest Paid |
-2.1 |
-3.7 |
-4.3 |
-5.6 |
-4.8 |
|
Income Taxes Paid |
-103.9 |
-44.0 |
-50.2 |
-54.7 |
-33.0 |
|
Income Taxes Refund |
0.3 |
0.8 |
0.1 |
3.6 |
0.0 |
|
Cash from Non-Consolidated |
- |
- |
- |
- |
0.0 |
|
Cash to change in consol. scope |
- |
- |
- |
- |
7.7 |
|
Adjustment |
- |
- |
-0.1 |
- |
- |
|
Cash from Operating Activities |
176.4 |
289.6 |
226.0 |
220.3 |
188.8 |
|
|
|
|
|
|
|
|
Time Deposit Made |
-0.8 |
-0.6 |
0.0 |
-1.3 |
-0.5 |
|
Proceeds from sales of short-term invest |
24.2 |
- |
- |
- |
- |
|
Time Depo.Collected |
0.8 |
0.6 |
0.0 |
1.1 |
3.9 |
|
Purchase of property, plant and equipmen |
-115.7 |
-132.2 |
-96.6 |
-73.7 |
-96.5 |
|
Proceeds from sales of property, plant a |
2.5 |
0.7 |
4.9 |
10.6 |
7.0 |
|
Purchase of Intangible Assets |
-3.8 |
-23.5 |
-3.9 |
-1.1 |
-4.0 |
|
Purchase of short-term investment securi |
-24.2 |
-6.4 |
-35.7 |
-16.3 |
-2.0 |
|
Sale Mark.Sec. |
- |
- |
- |
0.0 |
2.0 |
|
Redemp.Mark.Sec. |
0.0 |
6.4 |
35.7 |
16.3 |
0.0 |
|
Purch. Inv. Secs. |
-12.0 |
-12.7 |
-0.2 |
-0.5 |
-12.9 |
|
Sale Inv. Secs. |
- |
0.0 |
0.3 |
0.6 |
5.3 |
|
Purch of Consolidation Subsidiary Stock |
- |
- |
- |
- |
0.0 |
|
Sale of affiliated securities |
- |
0.1 |
9.5 |
8.7 |
8.4 |
|
Rounding adjustment Cash flow |
0.0 |
0.0 |
- |
- |
- |
|
Collection of long-term loans receivable |
0.1 |
16.3 |
- |
- |
- |
|
Payments of long-term loans receivable |
0.0 |
-3.3 |
0.0 |
-1.0 |
-0.3 |
|
Purchase of long-term prepaid expenses |
-1.1 |
-7.8 |
-0.6 |
-0.9 |
-4.3 |
|
Removal loss of property,plant and equip |
-10.7 |
-3.0 |
-4.9 |
-2.3 |
-3.5 |
|
Purch. Subsidiary Stock |
-0.1 |
-0.2 |
0.0 |
-2.8 |
0.0 |
|
Decrease (increase) in short-term loans |
0.0 |
1.8 |
2.9 |
-1.2 |
-0.8 |
|
Other, net |
0.5 |
1.2 |
3.6 |
0.7 |
3.4 |
|
Cash from Investing Activities |
-140.3 |
-162.6 |
-85.0 |
-63.2 |
-94.9 |
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term lo |
0.1 |
-45.3 |
-4.1 |
-14.7 |
53.1 |
|
Proceeds from long-term loans payable |
70.5 |
3.8 |
59.6 |
16.3 |
92.8 |
|
Repayment of long-term loans payable |
-34.9 |
-70.3 |
-69.0 |
-57.8 |
-49.4 |
|
Repayment of Cooperation Money |
- |
- |
-11.7 |
-10.7 |
-9.6 |
|
Rounding adjustment Cash flow |
0.0 |
0.0 |
- |
- |
- |
|
Payments for Other Financing Activities |
-7.5 |
-10.8 |
- |
- |
- |
|
Purchase of treasury stock of subs. |
-0.7 |
-0.4 |
0.0 |
-37.6 |
0.0 |
|
Dividends Paid |
-43.5 |
-45.9 |
-43.1 |
-39.3 |
-36.5 |
|
Dividend Paid-Minority |
-1.9 |
-1.5 |
-1.4 |
-2.4 |
-3.5 |
|
Other, net |
-0.6 |
-0.4 |
-1.6 |
-1.4 |
-1.1 |
|
Cash from Financing Activities |
-18.6 |
-170.8 |
-71.4 |
-147.6 |
45.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
12.1 |
0.2 |
-4.2 |
-1.3 |
-5.1 |
|
Net increase (decrease) in cash and cash |
29.6 |
-43.6 |
65.4 |
8.2 |
134.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
456.5 |
524.8 |
426.7 |
380.8 |
217.6 |
|
Net Cash - Ending Balance |
486.1 |
481.3 |
492.1 |
389.0 |
352.2 |
|
Cash Interest Paid |
2.1 |
3.7 |
4.3 |
5.6 |
4.8 |
|
Cash Taxes Paid |
103.5 |
43.1 |
50.1 |
51.1 |
33.0 |
Financial
Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Annual
Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.98 |
|
UK Pound |
1 |
Rs.101.49 |
|
Euro |
1 |
Rs.84.79 |
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.