MIRA INFORM REPORT
|
Report Date : |
03.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
EBARA CORPORATION |
|
|
|
|
Registered Office : |
11-1, Haneda Asahi-cho, Ota-Ku, 144-8510 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
20.05.1920 |
|
|
|
|
Legal Form : |
Public Parent Company |
|
|
|
|
Line of Business : |
Subject is engaged in Fluid Machinery and System, Engineering &
Precision Electronic segment |
|
|
|
|
No. of Employees : |
14,695 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
--- |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
japan ECONOMIC OVERVIEW
In the years
following World War II, government-industry cooperation, a strong work ethic,
mastery of high technology, and a comparatively small defense allocation (1% of
GDP) helped Japan develop a technologically advanced economy. Two notable
characteristics of the post-war economy were the close interlocking structures
of manufacturers, suppliers, and distributors, known as keiretsu, and the
guarantee of lifetime employment for a substantial portion of the urban labor
force. Both features are now eroding under the dual pressures of global
competition and domestic demographic change. Japan's industrial sector is
heavily dependent on imported raw materials and fuels. A small agricultural
sector is highly subsidized and protected, with crop yields among the highest
in the world. While self-sufficient in rice production, Japan imports about 60%
of its food on a caloric basis. For three decades, overall real economic growth
had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s,
and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging
just 1.7%, largely because of the after effects of inefficient investment and
an asset price bubble in the late 1980s that required a protracted period of
time for firms to reduce excess debt, capital, and labor. Modest economic
growth continued after 2000, but the economy has fallen into recession three
times since 2008. A sharp downturn in business investment and global demand for
Japan's exports in late 2008 pushed Japan into recession. Government stimulus
spending helped the economy recover in late 2009 and 2010, but the economy
contracted again in 2011 as the massive 9.0 magnitude earthquake and the ensuing
tsunami in March disrupted manufacturing. The economy has largely recovered in
the two years since the disaster, but reconstruction in the Tohoku region has
been uneven. Newly-elected Prime Minister Shinzo ABE has declared the economy
his government's top priority; he has pledged to reconsider his predecessor's
plan to permanently close nuclear power plants and is pursuing an economic
revitalization agenda of fiscal stimulus and regulatory reform and has said he
will press the Bank of Japan to loosen monetary policy. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2012 stood as the fourth-largest economy in the world after second-place
China, which surpassed Japan in 2001, and third-place India, which edged out
Japan in 2012. The new government will continue a longstanding debate on
restructuring the economy and reining in Japan's huge government debt, which
exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth,
and an aging and shrinking population are other major long-term challenges for
the economy.
|
Source : CIA |
Company name & address
EBARA CORPORATION
11-1, Haneda Asahi-cho
Ota-Ku, 144-8510
Japan
Tel: 81-3-37436111
Fax: 81-3-57363100
Web: www.ebara.co.jp
Synthesis
Employees: 14,695
Company Type: Public Parent
Corporate Family: 81
Companies
Traded: Tokyo
Stock Exchange: 6361
Over The Counter: EBCOY
Incorporation Date:
20-May-1920
Auditor: Ernst & Young ShinNihon LLC
Financials in: USD
(Millions)
Fiscal Year End:
31-Mar-2013
Reporting Currency: Japanese
Yen
Annual Sales: 5,138.0 1
Net Income: 184.5
Total Assets: 5,362.8 2
Market Value: 2,354.7 (10-May-2013)
Business Description
EBARA CORPORATION has four business segments. The Fluid Machinery and
System segment is engaged in the manufacture and sale of pumps, fans,
compressors, turbines, chillers and others, the engineering works,
construction, operation and maintenance of power plants, as well as the supply
of materials. The Engineering segment is engaged in the construction, operation
and maintenance of municipal waste incineration plants, industrial waste
incineration plants, energy plants and water treatment facilities, as well as
manufacture and sale of chemicals. The Precision Electronic segment is engaged
in the manufacture, sale and maintenance of industrial equipment for vacuum
pumps, semiconductors and other equipment. The Others segment is engaged in the
provision of business support services. As of March 31, 2012, it had 77
subsidiaries and 11 associated companies. On April 1, 2012, it merged with
EBARA TECHNO-SERVE CO., LTD., EBARA-YOSHIKURA HYDROTECH., LTD., and also a
wholly owned subsidiary For the fiscal year ended 31 March 2013, EBARA
CORPORATION revenues increased 3% to Y426.3B. Net income applicable to common
stockholders increased from Y2.89B to Y15.3B. Revenues reflect an increase in
demand for the Company's products and services due to favorable market
conditions. Net income benefited from Loss on business withdrawal decrease from
Y10.29B (expense) to Y0K, NOP Exchange Loss decrease from Y1.57B (expense) to
Y0K.
Industry
Industry Miscellaneous Capital Goods
ANZSIC 2006: 2451 - Pump and
Compressor Manufacturing
NACE 2002: 2912 - Manufacture
of pumps and compressors
NAICS 2002: 333911 - Pump and
Pumping Equipment Manufacturing
UK SIC 2003: 29121 -
Manufacture of pumps
UK SIC 2007: 28131 -
Manufacture of pumps
US SIC 1987: 3561 - Pumps and
Pumping Equipment
Key Executives
|
Name |
Title |
|
Toichi Maeda |
President, Representative Director |
|
Kengo Choki |
Executive Officer, Senior Director of Accounting and Finance |
|
Masao Asami |
Executive Officer, Senior Director of Sales in Precision &
Electronic Business Company, Manager of Equipment Sales Promotion Office |
|
Masaru Shibuya |
Managing Executive Officer, Senior Director of Human Resources, Legal
Affairs and Public Relations, Director |
|
Masakatsu Ohya |
Senior Executive Officer, Senior Director of Intellectual Property,
Manager of Intellectual Property Management and Trademark Office |
Significant
Developments
|
Topic |
#* |
Most Recent Headline |
Date |
|
Officer Changes |
1 |
EBARA CORP Appoints New Chairman and President |
8-Feb-2013 |
|
Business Deals |
6 |
Taiwan Semiconductor Manufacturing Co Ltd Acquires Equipment from
EBARA CORPORATION; ASM AMERICAN, INC and Lam Research International Sarl |
27-Mar-2013 |
|
Equity Financing / Related |
4 |
EBARA CORP Determines Number of New Shares to Be Issued through
Private Placement |
22-Mar-2013 |
|
Positive Earnings Pre-Announcement |
1 |
EBARA CORP Raises Consolidated Full-year Outlook for FY 2013 |
30-Apr-2013 |
|
Debt Ratings |
1 |
R&I Upgrades Rating on Ebara Corporation to "BBB+";
Rating Outlook Stable |
12-Feb-2013 |
* number of significant developments within the last 12 months
Financial
Summary
|
Stock
Snapshot
|
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
11-1, Haneda Asahi-cho
Ota-Ku, 144-8510
Japan
Tel: 81-3-37436111
Fax: 81-3-57363100
Web: www.ebara.co.jp
Quote Symbol - Exchange
6361 - Tokyo Stock
Exchange
Sales JPY(mil): 426,302.0
Assets JPY(mil): 504,576.0
Employees: 14,695
Fiscal Year End: 31-Mar-2013
Industry: Miscellaneous
Capital Goods
Incorporation Date: 20-May-1920
Company Type: Public
Parent
Quoted Status: Quoted
President,
Representative Director:
Toichi Maeda
Industry Codes
ANZSIC 2006 Codes:
2451 - Pump and Compressor Manufacturing
3109 - Other Heavy and Civil Engineering Construction
6923 - Engineering Design and Engineering Consulting Services
2499 - Other Machinery and Equipment Manufacturing Not Elsewhere
Classified
2469 - Other Specialised Machinery and Equipment Manufacturing
6999 - Other Professional, Scientific and Technical Services Not
Elsewhere Classified
NACE 2002 Codes:
2912 - Manufacture of pumps and compressors
2924 - Manufacture of other general purpose machinery not
elsewhere classified
7487 - Other business activities not elsewhere classified
2923 - Manufacture of non-domestic cooling and ventilation
equipment
7420 - Architectural and engineering activities and related
technical consultancy
4521 - General construction of buildings and civil engineering
works
2911 - Manufacture of engines and turbines, except aircraft,
vehicle and cycle engines
NAICS 2002 Codes:
333911 - Pump and Pumping Equipment Manufacturing
561990 - All Other Support Services
333411 - Air Purification Equipment Manufacturing
237990 - Other Heavy and Civil Engineering Construction
237130 - Power and Communication Line and Related Structures
Construction
333611 - Turbine and Turbine Generator Set Units Manufacturing
541330 - Engineering Services
333298 - All Other Industrial Machinery Manufacturing
US SIC 1987:
3561 - Pumps and Pumping Equipment
1623 - Water, Sewer, Pipeline, and Communications and Power Line
Construction
3511 - Steam, Gas, and Hydraulic Turbines, and Turbine Generator
Set Units
7389 - Business Services, Not Elsewhere Classified
8711 - Engineering Services
3564 - Industrial and Commercial Fans and Blowers and Air
Purification Equipment
3559 - Special Industry Machinery, Not Elsewhere Classified
1629 - Heavy Construction, Not Elsewhere Classified
UK SIC 2003:
29121 - Manufacture of pumps
2924 - Manufacture of other general purpose machinery not
elsewhere classified
7487 - Other business activities not elsewhere classified
2923 - Manufacture of non-domestic cooling and ventilation equipment
74204 - Engineering consultative and design activities
45213 - Construction of civil engineering constructions
2911 - Manufacture of engines and turbines, except aircraft,
vehicle and cycle engines
UK SIC 2007:
28131 - Manufacture of pumps
2829 - Manufacture of other general-purpose machinery n.e.c.
8299 - Other business support service activities n.e.c.
2811 - Manufacture of engines and turbines, except aircraft,
vehicle and cycle engines
4221 - Construction of utility projects for fluids
71129 - Other engineering activities (not including engineering
design for industrial process and production or engineering related scientific
and technical consulting activities)
2825 - Manufacture of non-domestic cooling and ventilation
equipment
Business
Description
EBARA CORPORATION
has four business segments. The Fluid Machinery and System segment is engaged
in the manufacture and sale of pumps, fans, compressors, turbines, chillers and
others, the engineering works, construction, operation and maintenance of power
plants, as well as the supply of materials. The Engineering segment is engaged
in the construction, operation and maintenance of municipal waste incineration
plants, industrial waste incineration plants, energy plants and water treatment
facilities, as well as manufacture and sale of chemicals. The Precision
Electronic segment is engaged in the manufacture, sale and maintenance of
industrial equipment for vacuum pumps, semiconductors and other equipment. The
Others segment is engaged in the provision of business support services. As of
March 31, 2012, it had 77 subsidiaries and 11 associated companies. On April 1,
2012, it merged with EBARA TECHNO-SERVE CO., LTD., EBARA-YOSHIKURA HYDROTECH.,
LTD., and also a wholly owned subsidiary For the fiscal year ended 31 March
2013, EBARA CORPORATION revenues increased 3% to Y426.3B. Net income applicable
to common stockholders increased from Y2.89B to Y15.3B. Revenues reflect an
increase in demand for the Company's products and services due to favorable
market conditions. Net income benefited from Loss on business withdrawal
decrease from Y10.29B (expense) to Y0K, NOP Exchange Loss decrease from Y1.57B
(expense) to Y0K.
More Business
Descriptions
EBARA Corporation
(EBARA), incorporated on May 20, 1920, is a manufacturer of industrial
machinery, based on its fluid machinery and systems business with a focus on
pumps and compressors, as well as other related products. The Company operates
under three segments: fluid machinery and systems (FMS), environmental
engineering and precision machinery. Its subsidiaries include Ebara Densan
Ltd., Ebara Techno-serve Co., Ltd., Ebara Shinwa Ltd., Ebara Industrial
Cleaning Co., Ltd., Chubu Recycle Co., Ltd. and Ebara Meister Co., Ltd.
Fluid Machinery & Systems
In the FMS group,
the Company supplies pumps and other equipments. These products include
equipment that is essential for nuclear power plants and for desalination
plants, both of which are solutions for water supply, energy and environmental
issues.
Environmental Engineering
The Company provides a range of services from construction to operation and maintenance for water treatment, solid waste treatment and other facilities. EBARA offers solutions for addressing a diversity of issues in this area.
Precision
Machinery Business
EBARA is developing solutions in the chemical mechanical positioning
(CMP) systems, dry vacuum pump, and other fields on a global basis. Its
products in the semiconductor manufacturing equipment area include precision
technology down to the nanometer.
Manufacture of
pumps, hydraulic turbines, fans and blowers, chillers, Elliott rotating process
equipment, precision machinery for semiconductor industries; chemical products;
environmental engineering, chemical, water treatment plant and nuclear power
equipment
Mfr of Fluid
Machinery; Construction of Environment Protection Facilities; Manufacturing of
Precision Machinery for Semiconductor Industry
EBARA Corporation
(EBARA) manufactures and sales industrial machinery. Its product portfolio
includes pumps, compressors, fans, chillers, environmental improvement
equipment, incinerator plants, waterworks and sewage system,vacuum pumps, CMP
systems, Plating systems, and others. The company classifies its business into
three reportable business segments namely: Fluid Machinery and Systems,
Environmental Engineering, and Precision Machinery. It operates in Japan and
North America, China, Taiwan, Hong Kong, Thailand, the Philippines, the United
Arab Emirates, Vietnam, Egypt, Italy, and Switzerland. The company carries out
its business through 77 subsidiaries (of which 53 are consolidated
subsidiaries), and 11 affiliate companies. It has manufacturing facilities
across the world in North America, and Japan. EBARA is headquartered in Tokyo,
Japan.The company reported revenues of (Yen) JPY 412,076.00 million during the
fiscal year ended March 2012, an increase of 2.59% over 2011. The operating
profit of the company was JPY 12,542.00 million during the fiscal year 2012, a
decrease of 57.41% from 2011. The net profit of the company was JPY 2,891.00
million during the fiscal year 2012, a decrease of 89.75% from 2011.
EBARA Corporation
(EBARA) manufactures and sales industrial machinery and other related
equipments. It provides engineering, construction, operation, and maintenance
services for hydroelectric power plants, and nuclear power related equipment.
The company is also a contractor of environmental engineering and equipment,
including water treatment systems and solid waste processing and utilization
plants. It is a leading supplier of precision machinery to the semiconductor
device manufacturing industry. The company principally operates in Japan and
North America as well as in China, Taiwan, Hong Kong, Thailand, the
Philippines, United Arab Emirates (U.A.E.), Vietnam, Egypt, Italy and
Switzerland. The company is also engaged in developing renewable energy
technologies, including wind power generators, fuel cell cogeneration systems,
and photovoltaic power generators. The company classifies its business into
three reportable segments, namely, Fluid Machinery and Systems, Environmental
Engineering, and Precision Machinery.In July 2012, Taiwan Semiconductor
Manufacturing Co., Ltd. acquired a set of equipment from the company.
Engine, Turbine
and Power Transmission Equipment Manufacturing
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Helpful |
Harmful |
|
Internal Origin |
Strengths ·
Increased Efficiency ·
Leading Market Position ·
Diversified Geographical Operations &
Customers |
Weaknesses |
|
External Origin |
Opportunities |
Threats |
Overview
Ebara Corporation
(EBARA) is one of the world's largest manufacturers of industrial pumps and fluid
transfer machinery. The company has a diversified geographical operations and
customers with. A wide operational presence increases its customer base and
diversifies its risks associated with the imbalances in demand for the
company's products in any particular category. The deteriorating profitability
ratios and limited liquidity are causes of conern for the company to lookupon.
The company can get benefited form its new product launches and capital
investments. However, intense competition and sluggish global economy are a
threat to the company's operations.
Strengths
Increased
Efficiency
The company
improved its efficiency in 2012 when compared with previous year. This is
justified with efficiency ratios, namely, asset turnover, inventory turnover
and capital employed turnover. All these ratios state how effectively the
resources are being put to use and a higher ratio suggests that the firm is
effectively using its assets, fixed assets, working capital, current assets,
and capital employed. It reported an asset turnover ratio of 0.84 times in 2012
as compared to 0.79 times in 2011, followed by fixed asset turnover of 4.63
times in 2012 as compared to 4.48 times in 2011. Its current asset turn over
ratio and working capital turnover ratio for 2012 are 1.19 times and 4.29 times
as compared to 1.08 times and 3.57 times in 2011, and the capital employed
turnover ratio is 2.72 times in 2012 as compared to 2.64 times in 2011.
Leading Market Position
Business
competency in terms of market leadership drives growth of the company,
providing it a competitive advantage. EBARA is one of Japan’s leading
manufacturers of transfer machinery for fluids and gaseous substances. The
company maintains strong market position in pumps, compressors, fans, and
chillers. In addition, its high end technological skill enable it to reduce the
design and fabrication time. Further, Ebara’s diversity in terms of a broad
range of products and its application in end-user market enables the company to
cater to diverse need of its customers. The company has operations across
various regions including Japan, North America, Asia, Middle East, Europe and
Others. The company markets its products through a network consisting of 77
subsidiaries and 11 affiliate companies that enable the company to sustain its
leading position. Technological advantage and diversified earning mix is a key
for the leading market position in several products.
Diversified Geographical Operations & Customers
Wider reach in
terms of geography would mean reaping more benefits, eventually improving the
profit margins, attaining economies of scale and recognition on a worldwide
basis. Headquartered in Japan, the company has operations across the North
America, Asia and others. Geographically, the company operates through four
regions: Japan, North America, Asia and Others (include Italy, Germany, China,
Philippines, Taiwan, Singapore, Brazil, Korea and Malaysia). For the fiscal
year ended 2012, the Japan region accounted for 56.02% of the company’s total
revenue, followed by Asia with 24.12%, North America with 8.76% and Others with
11.1%. Geographical diversity enables the company mitigate various risks
associated with the over dependence on a specific market. It bestows the
company with a wide customer base, strong brand presence and growth
opportunities across emerging markets. Ebara Corporation is a Industrial
Machinery & Equipment supplying company. Its product portfolio comprise
pumps, compressors, chillers and cooling towers, blowers, environmental engineering,
components and equipment business. The company through its products cater to
various markets such as oil and gas industry, electric power industry, basic
materials industries, water treatment and sewage processing field and
semiconductor industry others. The diversity of its business profile both in
terms of geographical spread, end-user markets and customer base should help
mitigate the group's exposure to economic and industry cycles.
Weaknesses
Deteriorating Profitability Ratios
Deteriorating profitability
ratios indicate that the company has been performing low and is not in a
position to deliver value as expected by its shareholders. In fiscal 2012, the
company recorded decline across its various profitability indicators. The
company registered an operating profit of JPY12,542m during the fiscal year
ended 2012, a decrease of 57.41% from 2011. The decrease in operating profit
resulted in the decreased net profit levels. Its net profit was JPY2,891m
during the fiscal year ended 2012, a decrease of 89.75% in 2011. Decreased
operating and net profits of the company resulted in decreased profitability
ratios. The company reported operating margin of 5.54% in 2012, as compared to
7.33% in 2011. The company also reported decreased return on equity (ROE) in
2012. Its ROE was 1.91% for fiscal year 2012, compared to 18.51% in 2011.
Decreased ROE indicates that the company may not be using the shareholders'
money as efficiently as other companies in the sector and that it is generating
low returns for its shareholders compared to other companies in the sector. Its
return on capital employed was 9.57% in the fiscal year ended 2012, compared to
11.88% in 2011. Also, its return on assets, return on fixed assets, and return
on working capital were 0.59%, 16.01%, and 23.82%, respectively in 2012
compared to 5.55%, 21.74% and 26.21% in 2011.
Limited Liquidity
Declining
liquidity assumes significance as the company will be compelled to spend a
significant amount of money to enhance its business and revenue stream. The
company reported a decline in all the liquidity ratios. Its liquidity ratios
decreased due to the decrease in its current assets. Its total current assets
decreased to JPY346,248m in the fiscal year 2012 from JPY372,420m in 2011. This
led to a marginal decline in its liquidity indicators such as current ratio,
quick ratio and cash ratio. During the fiscal year ended March 2012, it
reported current ratio of 1.38 times as against 1.43 times in 2011, followed by
quick ratio of 1.11 times as against 1.18 times, and cash ratio of 0.35 times
in 2012 as against 0.40 times in 2011. The declining current ratio indicates
that the company is in a weak position to meet its short-term obligations. The
company also reported a decrease in cash and cash equivalents in fiscal year
2012. The company had JPY84,955m in cash and cash equivalents as of March 2012,
as compared to cash and cash equivalents of JPY100,675m in 2011. The decrease
in cash reserves was mainly due to the decrease in cash flow from operating
activities. As a result, the company recorded negative net change in cash of
JPY16,707m during 2012, as compared to a net change in cash of JPY22,290m in
2011. The decreasing cash reserves indicate the company’s inability to obtain
additional debt to finance acquisitions, capture business opportunities and
meet capital expenditure or other capital requirements in the future.
Opportunities
Capital Investments
The company's
capital investments will complement and further enhance its core business. For
the fiscal year ended March 2012, the company's capital expenditure accounted
for JPY12,316m, as compared to JPY8,189m during the previous year. The
expenditure is mainly for expansion of production capacity and the introduction
of equipment to enhance productivity. The capital investments of the company by
business segments: Fluid Machinery & Systems Company, Environmental
Engineering Company and Precision Machinery Company comprises JPY7,273 million,
JPY440 million and JPY2,932m, respectively. Such new investment avenues will
generate ample of opportunities for future business growth of the company.
New Product Launches
New products helps
the company in enhancing its operations and there by attracting new customers.
As a part of its business expansion plan, in January 2012, the company
introduced new products in the save energy pump series (SE Series), model FDP-E
and EVM-E. These models are additions to the SE series, which adds
energy-saving functions to standard pumps, are stainless steel surface pump
models that directly employ premium efficiency motors. The new models have
higher efficiency levels required by pump facilities. Besides, In September
2011, the company introduced the sales of three new lines of gas abatement
systems for Japanese market which can treat massive gas flow: G6, G6-PV and
G6-E. These new systems detoxify hazardous gases deriving from processes to
manufacture semiconductors and solar cells. All the models are of the compound
gas abatement system type, equipped with a water scrubber and fired thermal
component.
Threats
Sluggish Global Economy
Sluggish growth in
the global economy could impact the performance of businesses across the world.
According to the World Bank, the global economy is set grow just 2.5% in 2012,
which is weighed down mainly by ripple effects of the 2008 financial crisis.
Sovereign debt crisis in Europe compounded the troubles. The World Bank lowered
its growth forecast to 1.4% for high-income countries in 2012 and -0.3% for the
high-income Euro Area. The GDP growth in East Asia and Pacific region is
estimated to slowdown to 7.8% in 2012 from 8.2% in 2011. In response to such
turbulent global markets, world trade expanded in 2011 at an estimated 6.6% and
is expected to grow only 4.7% in 2012. In spite of worldwide efforts to reshape
regulatory frameworks and financial systems, many economies continue to be
burdened by private and public debt. The possibility of similar debt situation
spreading to other countries looms large. Such turbulence in the global markets
could impact the extension of credit, which affects new project plans or delays
the time lines for existing projects, hampering revenue generation
opportunities for the company.
Highly Competitive Market
The industry in
which the company operates is highly competitive, which may grab its sales
volume. The company competes with other pump and control product manufacturers
based on product availability, service capability, and price. The company faces
stiff competition from players like ITT Corporation, Flowserve Corporation,
Hitachi, Ltd., Kubota Corporation and Keyence Corporation of America. To
sustain itself in the market, the company has to come up with innovative
products and services with superior quality, safety and environmental concerns
and care for its customers. This highly competitive market could adversely
affect the company’s profitability, financial position and cash flows if the
company fails to retain existing clients and attract new ones.
Market Risk
Public works
projects accounts for a high percentage of the sales of the FMS segment and the
EE segment of the company. There is a possibility that cutbacks in public works
by the national government, regional governments, and related entities may
increase fluctuations in the company’s business activities, performance and
financial position. In addition, the company’s PM segment is strongly
influenced by the silicon cycle and fluctuations in the market for
semiconductors may influence companies’ production activities. Furthermore,
EBARA consumes steel during its equipment manufacturing operations. The ever
increasing prices of raw materials specially steel and copper could put
pressure on company’s margins.
|
Corporate Family |
Corporate
Structure News: |
|
|
EBARA
CORPORATION |
|
EBARA CORPORATION |
|
|
|
|
|
Company Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Ota-Ku |
Japan |
Miscellaneous Capital Goods |
5,138.0 |
14,695 |
|
|
Subsidiary |
Jeannette, PA |
United States |
Miscellaneous Capital Goods |
|
1,297 |
|
|
Branch |
Houston, TX |
United States |
Miscellaneous Capital Goods |
33.8 |
100 |
|
|
Subsidiary |
Basingstoke |
United Kingdom |
Business Services |
51.5 |
98 |
|
|
Subsidiary |
Lachen |
Switzerland |
Aerospace and Defense |
|
50 |
|
|
Subsidiary |
Aulla, Massa |
Italy |
Business Services |
|
36 |
|
|
Branch |
New Orleans, LA |
United States |
Miscellaneous Capital Goods |
24.7 |
35 |
|
|
Subsidiary |
Burlington, ON |
Canada |
Scientific and Technical Instruments |
21.5 |
35 |
|
|
Branch |
Crown Point, IN |
United States |
Miscellaneous Capital Goods |
51.0 |
25 |
|
|
Branch |
Jacksonville, FL |
United States |
Miscellaneous Capital Goods |
3.8 |
25 |
|
|
Branch |
Fairfield, CA |
United States |
Miscellaneous Capital Goods |
4.1 |
24 |
|
|
Branch |
Plaquemine, LA |
United States |
Miscellaneous Capital Goods |
10.6 |
15 |
|
|
Branch |
Miramar, FL |
United States |
Miscellaneous Capital Goods |
6.9 |
3 |
|
|
Subsidiary |
Tokyo |
Japan |
Construction - Supplies and Fixtures |
|
765 |
|
|
Subsidiary |
Vicenza |
Italy |
Miscellaneous Capital Goods |
121.9 |
416 |
|
|
Subsidiary |
Warszawa |
Poland |
Miscellaneous Capital Goods |
3.8 |
10 |
|
|
Subsidiary |
Bogor, Jawa Barat |
Indonesia |
Miscellaneous Capital Goods |
|
400 |
|
|
Subsidiary |
Bogor, Jawa Barat |
Indonesia |
Chemical Manufacturing |
|
384 |
|
|
Subsidiary |
Yantai, Shandong Province |
China |
Appliance and Tool |
|
264 |
|
|
Subsidiary |
Taipei |
Taiwan |
Miscellaneous Capital Goods |
|
183 |
|
|
Subsidiary |
Bauru, SP |
Brazil |
Miscellaneous Capital Goods |
|
152 |
|
|
Subsidiary |
Suzuka, Mie-ken |
Japan |
Miscellaneous Capital Goods |
|
150 |
|
|
Subsidiary |
Sparks, NV |
United States |
Miscellaneous Capital Goods |
|
140 |
|
|
Branch |
Rock Hill, SC |
United States |
Miscellaneous Capital Goods |
10.1 |
25 |
|
|
Branch |
Houston, TX |
United States |
Miscellaneous Capital Goods |
1.4 |
2 |
|
|
Subsidiary |
Hanau, Hessen |
Germany |
Business Services |
57.5 |
130 |
|
|
Subsidiary |
Hai Duong |
Viet Nam |
Miscellaneous Capital Goods |
|
105 |
|
|
Qingdao
Renyuan Recycling Resources Thermoelectricity Co., Ltd. |
Subsidiary |
Jiaonan, Shandong |
China |
Electric Utilities |
2.5 |
100 |
|
Joint Venture |
Cabugao, Laguna |
Philippines |
Miscellaneous Fabricated Products |
|
100 |
|
|
Subsidiary |
Tokyo |
Japan |
Real Estate Operations |
|
100 |
|
|
Subsidiary |
Singapore |
Singapore |
Office Equipment |
|
98 |
|
|
Subsidiary |
Sacramento, CA |
United States |
Miscellaneous Capital Goods |
|
90 |
|
|
Branch |
Hillsboro, OR |
United States |
Miscellaneous Capital Goods |
11.4 |
30 |
|
|
Branch |
San Jose, CA |
United States |
Miscellaneous Capital Goods |
8.5 |
24 |
|
|
Branch |
Sacramento, CA |
United States |
Miscellaneous Capital Goods |
8.5 |
24 |
|
|
Branch |
Hopewell Jct, NY |
United States |
Miscellaneous Capital Goods |
7.6 |
24 |
|
|
Branch |
South Portland, ME |
United States |
Miscellaneous Capital Goods |
6.9 |
24 |
|
|
Branch |
Manassas, VA |
United States |
Miscellaneous Capital Goods |
5.9 |
17 |
|
|
Branch |
Culpeper, VA |
United States |
Electronic Instruments and Controls |
8.6 |
7 |
|
|
Branch |
Albany, NY |
United States |
Semiconductors |
3.1 |
7 |
|
|
Branch |
Newburyport, MA |
United States |
Miscellaneous Capital Goods |
1.2 |
4 |
|
|
Branch |
Raleigh, NC |
United States |
Retail (Specialty) |
0.6 |
2 |
|
|
Subsidiary |
Chung-li, Tao Yuen Hsien |
Taiwan |
Miscellaneous Capital Goods |
|
70 |
|
|
Subsidiary |
Montecchio Maggiore, Vicenza |
Italy |
Office Equipment |
25.2 |
64 |
|
|
Subsidiary |
Fujisawa, Kanagawa |
Japan |
Recreational Activities |
|
60 |
|
|
Subsidiary |
Pinto, Madrid |
Spain |
Miscellaneous Capital Goods |
15.3 |
58 |
|
|
Subsidiary |
Wenzhou, Zhejiang |
China |
Miscellaneous Capital Goods |
38.7 |
50 |
|
|
Subsidiary |
Shanghai |
China |
Engineering Consultants |
|
50 |
|
|
Subsidiary |
Nagoya, Aichi |
Japan |
Waste Management Services |
16.9 |
41 |
|
|
Joint Venture |
Seoul |
Korea, Republic of |
Miscellaneous Capital Goods |
|
40 |
|
|
Affiliates |
Bangkok |
Thailand |
Miscellaneous Capital Goods |
|
40 |
|
|
Subsidiary |
Taichung |
Taiwan |
Office Equipment |
|
35 |
|
|
Subsidiary |
Tehran |
Iran |
Miscellaneous Capital Goods |
|
35 |
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Office Equipment |
|
25 |
|
|
Subsidiary |
Bangkok |
Thailand |
Office Equipment |
|
25 |
|
|
Subsidiary |
Taipei |
Taiwan |
Engineering Consultants |
|
23 |
|
|
Subsidiary |
Beijing |
China |
Miscellaneous Capital Goods |
|
15 |
|
|
Subsidiary |
Singapore |
Singapore |
Miscellaneous Capital Goods |
|
11 |
|
|
Subsidiary |
London |
United Kingdom |
Computer Services |
|
10 |
|
|
Subsidiary |
Bayswater, VIC |
Australia |
Miscellaneous Capital Goods |
|
7 |
|
|
Joint Venture |
Laguna |
Philippines |
Real Estate Operations |
|
1 |
|
|
Subsidiary |
Ota-Ku, Tokyo |
Japan |
Miscellaneous Capital Goods |
56.6 |
|
|
|
Subsidiary |
Pyongtaek, Kyonggi-Do |
Korea, Republic of |
Miscellaneous Capital Goods |
39.4 |
|
|
|
Subsidiary |
Tokyo |
Japan |
Electronic Instruments and Controls |
|
|
|
|
Subsidiary |
Qingdao, Shandong |
China |
Electronic Instruments and Controls |
7.4 |
100 |
|
|
Subsidiary |
Tokyo |
Japan |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Sodegaura, Chiba |
Japan |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Yingkou, Liaoning |
China |
Furniture and Fixtures |
|
|
|
|
Subsidiary |
Qingdao, Shandong |
China |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Sodegaura, Chiba |
Japan |
Miscellaneous Fabricated Products |
|
|
|
|
Subsidiary |
Kunshan, Jiangsu |
China |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Shanghai |
China |
Business Services |
|
|
|
|
Subsidiary |
Jiaonan, Shandong |
China |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Fujisawa, Kanagawa |
Japan |
Business Services |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Waste Management Services |
|
|
|
|
Subsidiary |
Sodegaura, Chiba |
Japan |
Electric Utilities |
|
|
|
|
Subsidiary |
Muroran, Hokkaido |
Japan |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Business Services |
|
|
|
|
Subsidiary |
Beijing |
China |
Miscellaneous Capital Goods |
|
|
Competitors Report
|
Company Name |
Location |
Employees |
Ownership |
|
Capstone Turbine Corporation |
Chatsworth, California, United States |
215 |
Public |
|
Hitachi, Ltd. |
Chiyoda-Ku, Japan |
323,540 |
Public |
|
IHI Corporation |
Koto-Ku, Japan |
26,915 |
Public |
|
ITT Corporation |
White Plains, New York, United States |
9,000 |
Public |
|
Kawasaki Heavy Industries, Ltd. |
Kobe-Shi, Japan |
33,267 |
Public |
|
KSB AG |
Frankenthal, Germany |
16,136 |
Public |
|
Lam Research Corporation |
Fremont, California, United States |
6,600 |
Public |
|
Meidensha Corp |
Shinagawa-Ku, Japan |
7,145 |
Public |
|
Mitsubishi Heavy Industries, Ltd. |
Minato-Ku, Japan |
68,887 |
Public |
|
Parker-Hannifin Corporation |
Cleveland, Ohio, United States |
60,000 |
Public |
Executive report
|
Board of
Directors |
|
|
|
|
|||||||||
|
Chairman of the Board |
Chairman |
|
|||||||||
|
||||||||||||
|
Senior Managing Executive Officer, President of Subsidiary, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
President, Representative Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer, Vice President of Wind Power and Hydropower
Machinery Company, Senior Director of Production Process Reform, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer, Vice President of Wind Power and
Hydropower Machinery Company, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer, Senior Director of Human Resources, Legal
Affairs and Public Relations, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer, President of Precision and Electronic
Business Company, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer, President of Environment Business Company,
Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Executives |
|
|
|
|
||||||
|
President, Representative Director |
President |
|
||||||
|
|||||||||
|
Executive Officer, Senior Director of Accounting and Finance |
Finance Executive |
|
|
|||||
|
Corporate Auditor |
Accounting Executive |
|
|
|||||
|
Corporate Auditor |
Accounting Executive |
|
|
|||||
|
Corporate Auditor |
Accounting Executive |
|
|
|||||
|
Corporate Auditor |
Accounting Executive |
|
|
|||||
|
Corporate Auditor |
Accounting Executive |
|
|
|||||
|
Managing Executive Officer, Senior Director of Human Resources, Legal
Affairs and Public Relations, Director |
Human Resources Executive |
|
|
|||||
|
|||||||||
|
Executive Officer, Senior Director of Sales in Precision &
Electronic Business Company, Manager of Equipment Sales Promotion Office |
Sales Executive |
|
|
|||||
|
Executive Officer, Senior Director of Global Product Sales |
Sales Executive |
|
|
|||||
|
Executive Officer, Senior Director of Southeast Asia District, Manager
of Southeast Asia Business Center |
Other |
|
|
|||||
|
Managing Executive Officer, Senior Director of Corporate Risk
Management |
Other |
|
|
|||||
|
|||||||||
|
Executive Officer, Director of CMP Business in Precision &
Electronic Business Company |
Other |
|
|
|||||
|
Executive Officer |
Other |
|
|
|||||
|
Executive Officer, Senior Director of New Business Promotion in
Precision & Electronic Business Company |
Other |
|
|
|||||
|
Managing Executive Officer, Vice President of Wind Power and
Hydropower Machinery Company |
Other |
|
|
|||||
|
Executive Officer, Senior Director of Middle East District, Manager of
Middle East Supervision Business Center |
Other |
|
|
|||||
|
Executive Officer, Senior Director of Standard Pump Business |
Other |
|
|
|||||
|
Executive Officer |
Other |
|
|
|||||
|
Managing Executive Officer, Director of Precision Machinery Business
in Precision & Electronic Business Company |
Other |
|
|
|||||
|
Executive Officer, Senior Director of Planning Management in Wind
Power and Hydropower Machinery Company |
Other |
|
|
|||||
|
Executive Officer, Senior Director of Administration in Precision
& Electronics Business Company |
Other |
|
|
|||||
|
Senior Executive Officer, Senior Director of Intellectual Property,
Manager of Intellectual Property Management and Trademark Office |
Other |
|
|
|||||
|
Executive Officer, Senior Director of China and East Asia District,
Senior Director of Business Planning & Administration, Manager of Beijing
Business Center |
Other |
|
|
|||||
|
Executive Officer |
Other |
|
|
|||||
|
Executive Officer, Senior Director of General Product Assurance in
Precision & Electronics Business Company, Manager of Fujisawa Business
Center in General Affairs Supervision Unit |
Other |
|
|
|||||
|
Executive Officer, Senior Director of General Affairs, Manager of
Haneda Business Center |
Other |
|
|
|||||
|
Executive Officer, Futtsu Plant Manager, Manager of Futtsu Business
Center in General Affairs Supervision Unit |
Other |
|
|
|||||
Significant Developments
EBARA CORP Raises Consolidated Full-year Outlook for FY 2013 Apr 30, 2013
EBARA CORP announced that it has raised its consolidated full-year outlook for revenue from JPY 397,000 million to JPY 426,000 million, operating profit from JPY 22,500 million to JPY 25,000 million, ordinary profit from JPY 21,500 million to JPY 25,500 million, net profit from JPY 10,500 million to JPY 15,000 million and earning per share from JPY 24.86 to JPY 32.30, for the fiscal year ended March 2013. The Company raised the outlook due to the increased sales and the impact of the lower yen, among others.
Taiwan Semiconductor Manufacturing Co Ltd Acquires Equipment from EBARA CORPORATION; ASM AMERICAN, INC and Lam Research International Sarl Mar 27, 2013
Taiwan Semiconductor Manufacturing Co Ltd announced that it has acquired a set of equipment from EBARA CORPORATION for NTD 563,358,645, a set of equipment from ASM AMERICAN, INC for NTD 624,136,525 and a set of equipment from Lam Research International Sarl. for NTD 608,814,359.
EBARA CORP Determines Number of New Shares to Be Issued through Private Placement Mar 22, 2013
EBARA CORP announced that it has decided to issue 2,700,000 shares through private placement, at the price of JPY 345.80 per share (JPY 933,660,000 in total), which was disclosed on February 19, 2013.
EBARA CORP Determines Number of New Shares to Be Issued Mar 08, 2013
EBARA CORP announced that it has decided to issue 39,300,000 shares through public offering.
EBARA CORP Announces Price for Share Issuance and Conversion Price of Convertible Bonds Mar 05, 2013
EBARA CORP announced that it has decided to issue 39,300,000 shares through public offering at the price of JPY 361 per share, or JPY 14,187,300,000 in total, on March 12, 2013. The Company has also decided to issue new shares through private placement, at the price of JPY 345.80 per share, on March 26, 2013. The Company also announced the conversion price of convertible bonds as JPY 486 per share.
Taiwan Semiconductor Manufacturing Co Ltd Acquires Equipment from MIRLE AUTOMATION CORPORATION and EBARA CORPORATION Mar 01, 2013
Taiwan Semiconductor Manufacturing Co Ltd announced that it has acquired a set of equipment from MIRLE AUTOMATION CORPORATION for NTD 584,714,347, and a set of equipment from EBARA CORPORATION for NTD 1,299,928,592.
EBARA CORP to Issue New Shares; to Issue Corporate Bonds Feb 19, 2013
EBARA CORP announced that it has decided to issue 39,300,000 new shares of its common stock through a public offering, during the period from March 12, 2013 to March 15, 2013. The Company will also issue 2,700,000 new shares of its common stock through a private placement, effective March 26, 2013. In addition, the Company will also issue a JPY 20 billion sixth series unsecured corporate bonds with no interest, each with a face value of JPY 1 million. The details regarding the bond issue are as follows: issue price at JPY 102.5 per face value of JPY 100, maturity on March 19, 2018. Mizuho Corporate Bank, Ltd. will lead the underwriting of bonds
R&I Upgrades Rating on Ebara Corporation to "BBB+"; Rating Outlook Stable Feb 12, 2013
Rating and Investment Information, Inc. (R&I) announced that it has upgraded the rating on Ebara Corporation from "BBB" to "BBB+". The rating outlook is stable.
EBARA CORP Appoints New Chairman and President Feb 08, 2013
EBARA CORP announced that it has appointed Natsunosuke Yago as Chairman of the Board, and has appointed Toichi Maeda to place Natsunosuke Yago as President of the Company, effective April 1, 2013.
Taiwan Semiconductor Manufacturing Co Ltd Acquires Equipment from Companies including EBARA CORPORATION Dec 28, 2012
Taiwan Semiconductor Manufacturing Co Ltd announced that it has acquired
a set of equipment form Hitachi High-Technologies Corporation for NTD
715,989,400. The Company has also acquired a set of equipment from EBARA
CORPORATION for NTD 575,207,261, and a set of equipment and facilities from
Mirle Automation Corporation for NTD 374,904,276.
Taiwan Semiconductor Manufacturing Co Ltd Acquires Equipment from EBARA
CORPORATION; NOVELLUS SYSTEMS INTERNATIONAL, B.V; Lam Research International
Sarl Dec 19, 2012
Taiwan Semiconductor Manufacturing Co Ltd announced that it has acquired
a set of equipment from EBARA CORPORATION for NTD 657,356,415, a set of
equipment from NOVELLUS SYSTEMS INTERNATIONAL, B.V for NTD 941,388,450, a set
of equipment from Lam Research International Sarl for NTD 725,524,000 and a set
of equipment from APPLIED MATERIALS SOUTH EAST ASIA PACIFIC LTD for NTD
1,084,861,800.
Taiwan Semiconductor Manufacturing Co., Ltd. Acquires Equipment from
APPLIED MATERIALS SOUTH EAST ASIA PACIFIC LTD and EBARA CORPORATION Jul 10,
2012
Taiwan Semiconductor Manufacturing Co., Ltd. announced that it has acquired a set of equipment from APPLIED MATERIALS SOUTH EAST ASIA PACIFIC LTD for NTD 526,125,000, and a set of equipment from EBARA CORPORATION for NTD 926,382,548.
Taiwan Semiconductor Manufacturing Co., Ltd. Acquires Equipment from EBARA CORPORATION; KLA-TENCOR CORP and FSI International INC Jun 13, 2012
Taiwan Semiconductor Manufacturing Co., Ltd. announced that it has acquired a set of equipment from EBARA CORPORATION. for NTD 717,230,682, and a set of equipment from KLA-TENCOR CORP. for NTD 973,548,000, as well as a set of equipment from FSI International INC for NTD 655,924,401.
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
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 LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
5,138.0 |
5,218.7 |
4,687.5 |
5,227.9 |
4,987.3 |
|
Revenue |
5,138.0 |
5,218.7 |
4,687.5 |
5,227.9 |
4,987.3 |
|
Total Revenue |
5,138.0 |
5,218.7 |
4,687.5 |
5,227.9 |
4,987.3 |
|
|
|
|
|
|
|
|
Cost of Revenue |
3,883.2 |
4,039.2 |
3,520.3 |
4,190.1 |
4,138.2 |
|
Cost of Revenue, Total |
3,883.2 |
4,039.2 |
3,520.3 |
4,190.1 |
4,138.2 |
|
Gross Profit |
1,254.8 |
1,179.6 |
1,167.2 |
1,037.8 |
849.1 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
348.5 |
347.7 |
304.3 |
300.6 |
331.3 |
|
Labor & Related Expense |
480.8 |
435.0 |
399.1 |
424.7 |
381.4 |
|
Advertising Expense |
22.9 |
18.6 |
17.1 |
15.6 |
9.8 |
|
Total Selling/General/Administrative Expenses |
852.2 |
801.3 |
720.5 |
740.9 |
722.4 |
|
Research & Development |
60.6 |
48.5 |
47.4 |
53.6 |
87.9 |
|
Depreciation |
35.1 |
32.1 |
27.9 |
30.7 |
25.4 |
|
Amortization of Acquisition Costs |
4.6 |
3.0 |
3.1 |
8.6 |
7.1 |
|
Depreciation/Amortization |
39.7 |
35.1 |
31.0 |
39.4 |
32.5 |
|
Litigation |
- |
- |
- |
0.0 |
0.0 |
|
Impairment-Assets Held for Use |
7.9 |
3.4 |
6.9 |
18.5 |
49.7 |
|
Impairment-Assets Held for Sale |
7.9 |
2.0 |
7.5 |
4.5 |
42.8 |
|
Other Unusual Expense (Income) |
3.6 |
130.4 |
10.1 |
-9.6 |
-38.4 |
|
Unusual Expense (Income) |
19.4 |
135.8 |
24.5 |
13.4 |
54.1 |
|
Other Operating Expense |
0.0 |
- |
- |
- |
- |
|
Other Operating Expenses, Total |
0.0 |
- |
- |
- |
- |
|
Total Operating Expense |
4,855.1 |
5,059.9 |
4,343.8 |
5,037.4 |
5,035.1 |
|
|
|
|
|
|
|
|
Operating Income |
282.9 |
158.8 |
343.6 |
190.6 |
-47.7 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-28.3 |
-31.8 |
-35.3 |
-38.4 |
-31.7 |
|
Interest Expense, Net Non-Operating |
-28.3 |
-31.8 |
-35.3 |
-38.4 |
-31.7 |
|
Interest Income -
Non-Operating |
2.5 |
2.4 |
2.4 |
4.1 |
7.0 |
|
Investment Income -
Non-Operating |
28.5 |
0.1 |
9.1 |
-74.3 |
4.1 |
|
Interest/Investment Income - Non-Operating |
31.0 |
2.5 |
11.5 |
-70.2 |
11.1 |
|
Interest Income (Expense) - Net Non-Operating Total |
2.7 |
-29.3 |
-23.8 |
-108.6 |
-20.6 |
|
Gain (Loss) on Sale of Assets |
-2.0 |
5.8 |
21.3 |
41.3 |
4.0 |
|
Other Non-Operating Income (Expense) |
4.3 |
2.3 |
-7.9 |
5.6 |
-8.7 |
|
Other, Net |
4.3 |
2.3 |
-7.9 |
5.6 |
-8.7 |
|
Income Before Tax |
287.9 |
137.6 |
333.3 |
128.9 |
-73.0 |
|
|
|
|
|
|
|
|
Total Income Tax |
85.9 |
87.8 |
-3.8 |
63.7 |
73.9 |
|
Income After Tax |
202.0 |
49.8 |
337.0 |
65.2 |
-146.9 |
|
|
|
|
|
|
|
|
Minority Interest |
-17.5 |
-13.2 |
-7.9 |
-6.6 |
16.4 |
|
Net Income Before Extraord Items |
184.5 |
36.6 |
329.1 |
58.6 |
-130.4 |
|
Net Income |
184.5 |
36.6 |
329.1 |
58.6 |
-130.4 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
0.0 |
-0.1 |
-0.1 |
-0.1 |
|
Total Adjustments to Net Income |
0.0 |
0.0 |
-0.1 |
-0.1 |
-0.1 |
|
Income Available to Common Excl Extraord Items |
184.4 |
36.6 |
329.0 |
58.5 |
-130.5 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
184.4 |
36.6 |
329.0 |
58.5 |
-130.5 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
425.9 |
422.2 |
422.1 |
422.3 |
422.4 |
|
Basic EPS Excl Extraord Items |
0.43 |
0.09 |
0.78 |
0.14 |
-0.31 |
|
Basic/Primary EPS Incl Extraord Items |
0.43 |
0.09 |
0.78 |
0.14 |
-0.31 |
|
Dilution Adjustment |
-1.9 |
2.0 |
2.8 |
2.6 |
0.0 |
|
Diluted Net Income |
182.5 |
38.5 |
331.7 |
61.1 |
-130.5 |
|
Diluted Weighted Average Shares |
459.0 |
452.8 |
481.1 |
480.5 |
422.4 |
|
Diluted EPS Excl Extraord Items |
0.40 |
0.09 |
0.69 |
0.13 |
-0.31 |
|
Diluted EPS Incl Extraord Items |
0.40 |
0.09 |
0.69 |
0.13 |
-0.31 |
|
Dividends per Share - Common Stock Primary Issue |
0.06 |
0.06 |
0.06 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
- |
26.7 |
24.6 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
28.3 |
31.8 |
35.3 |
38.4 |
31.7 |
|
Depreciation, Supplemental |
148.9 |
161.6 |
157.8 |
164.3 |
151.1 |
|
Total Special Items |
26.0 |
133.0 |
6.3 |
-19.2 |
57.2 |
|
Normalized Income Before Tax |
313.9 |
270.6 |
339.6 |
109.7 |
-15.8 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
6.4 |
45.5 |
1.1 |
-13.8 |
17.5 |
|
Inc Tax Ex Impact of Sp Items |
92.3 |
133.3 |
-2.6 |
49.9 |
91.4 |
|
Normalized Income After Tax |
221.6 |
137.3 |
342.2 |
59.7 |
-107.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
204.1 |
124.1 |
334.2 |
53.1 |
-90.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.48 |
0.29 |
0.79 |
0.13 |
-0.22 |
|
Diluted Normalized EPS |
0.44 |
0.28 |
0.70 |
0.12 |
-0.22 |
|
Amort of Acquisition Costs, Supplemental |
4.6 |
3.0 |
3.1 |
8.6 |
7.1 |
|
Advertising Expense, Supplemental |
22.9 |
18.6 |
17.1 |
15.6 |
9.8 |
|
Research & Development Exp, Supplemental |
60.6 |
48.5 |
47.4 |
53.6 |
87.9 |
|
Reported Operating Profit |
302.3 |
294.7 |
368.1 |
203.9 |
6.3 |
|
Reported Ordinary Profit |
309.3 |
267.0 |
335.5 |
180.2 |
-23.7 |
|
Normalized EBIT |
302.3 |
294.7 |
368.2 |
204.0 |
6.4 |
|
Normalized EBITDA |
455.8 |
459.3 |
529.1 |
377.0 |
164.5 |
|
Current Tax - Total |
69.5 |
42.2 |
- |
- |
- |
|
Current Tax - Total |
69.5 |
42.2 |
- |
- |
- |
|
Deferred Tax - Total |
16.4 |
45.6 |
- |
- |
- |
|
Deferred Tax - Total |
16.4 |
45.6 |
- |
- |
- |
|
Income Tax - Total |
85.9 |
87.8 |
- |
- |
- |
|
Interest Cost - Domestic |
- |
22.0 |
22.0 |
23.7 |
21.7 |
|
Service Cost - Domestic |
- |
36.0 |
34.1 |
31.1 |
32.0 |
|
Prior Service Cost - Domestic |
- |
0.9 |
0.4 |
0.5 |
0.2 |
|
Expected Return on Assets - Domestic |
- |
-12.9 |
-10.2 |
-2.5 |
-16.1 |
|
Actuarial Gains and Losses - Domestic |
- |
9.8 |
5.7 |
15.3 |
5.3 |
|
Other Pension, Net - Domestic |
- |
9.5 |
9.0 |
6.5 |
1.8 |
|
Domestic Pension Plan Expense |
- |
65.2 |
61.0 |
74.5 |
45.0 |
|
Total Pension Expense |
- |
65.2 |
61.0 |
74.5 |
45.0 |
|
Discount Rate - Domestic |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Discount Rate - Foreign |
- |
4.40% |
5.40% |
5.80% |
6.30% |
|
Expected Rate of Return - Domestic |
- |
2.70% |
2.70% |
2.70% |
2.70% |
|
Expected Rate of Return - Foreign |
- |
8.00% |
8.00% |
8.00% |
8.00% |
|
Total Plan Interest Cost |
- |
22.0 |
22.0 |
23.7 |
21.7 |
|
Total Plan Service Cost |
- |
36.0 |
34.1 |
31.1 |
32.0 |
|
Total Plan Expected Return |
- |
-12.9 |
-10.2 |
-2.5 |
-16.1 |
|
Total Plan Other Expense |
- |
9.5 |
9.0 |
6.5 |
1.8 |
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
LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
964.5 |
1,031.2 |
1,214.7 |
857.1 |
769.8 |
|
Short Term Investments |
250.3 |
34.7 |
40.1 |
17.4 |
11.7 |
|
Cash and Short Term Investments |
1,214.9 |
1,065.9 |
1,254.9 |
874.5 |
781.5 |
|
Accounts Receivable -
Trade, Gross |
1,673.5 |
1,954.2 |
1,948.7 |
1,753.3 |
1,890.3 |
|
Provision for Doubtful
Accounts |
-18.1 |
-13.4 |
-17.5 |
-11.0 |
-11.4 |
|
Trade Accounts Receivable - Net |
1,655.4 |
1,940.7 |
1,931.3 |
1,742.3 |
1,878.9 |
|
Total Receivables, Net |
1,655.4 |
1,940.7 |
1,931.3 |
1,742.3 |
1,878.9 |
|
Inventories - Finished Goods |
105.7 |
128.9 |
96.4 |
118.1 |
102.1 |
|
Inventories - Work In Progress |
402.6 |
486.9 |
487.6 |
430.8 |
419.0 |
|
Inventories - Raw Materials |
203.2 |
230.3 |
222.9 |
198.2 |
243.2 |
|
Total Inventory |
711.5 |
846.1 |
806.9 |
747.1 |
764.2 |
|
Deferred Income Tax - Current Asset |
116.9 |
139.8 |
300.7 |
156.9 |
88.6 |
|
Other Current Assets |
162.5 |
210.3 |
199.8 |
480.4 |
338.4 |
|
Other Current Assets, Total |
279.4 |
350.1 |
500.5 |
637.2 |
426.9 |
|
Total Current Assets |
3,861.2 |
4,202.8 |
4,493.5 |
4,001.1 |
3,851.6 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
964.2 |
1,081.6 |
1,082.5 |
1,046.4 |
981.8 |
|
Goodwill, Net |
19.0 |
10.4 |
14.3 |
18.4 |
18.4 |
|
Intangibles, Net |
54.2 |
57.1 |
73.0 |
77.7 |
84.1 |
|
LT Investment - Affiliate Companies |
82.7 |
87.8 |
87.4 |
75.8 |
112.6 |
|
LT Investments - Other |
246.5 |
192.8 |
180.5 |
173.0 |
95.5 |
|
Long Term Investments |
329.2 |
280.6 |
267.9 |
248.8 |
208.0 |
|
Note Receivable - Long Term |
6.6 |
8.9 |
4.8 |
5.3 |
81.0 |
|
Deferred Income Tax - Long Term Asset |
156.5 |
232.0 |
102.2 |
111.6 |
174.1 |
|
Other Long Term Assets |
-28.2 |
61.7 |
89.8 |
82.7 |
295.5 |
|
Other Long Term Assets, Total |
128.2 |
293.7 |
192.0 |
194.4 |
469.6 |
|
Total Assets |
5,362.8 |
5,935.1 |
6,128.0 |
5,592.1 |
5,694.5 |
|
|
|
|
|
|
|
|
Accounts Payable |
1,019.1 |
1,282.2 |
1,193.6 |
1,067.9 |
1,328.1 |
|
Accrued Expenses |
83.1 |
76.9 |
78.4 |
57.1 |
67.4 |
|
Notes Payable/Short Term Debt |
701.6 |
963.5 |
645.8 |
601.0 |
674.3 |
|
Current Portion - Long Term Debt/Capital Leases |
212.6 |
- |
420.6 |
205.8 |
357.8 |
|
Income Taxes Payable |
23.1 |
40.3 |
57.4 |
43.0 |
42.6 |
|
Deferred Income Tax - Current Liability |
0.3 |
0.2 |
0.4 |
0.3 |
0.9 |
|
Other Current Liabilities |
571.9 |
675.5 |
741.8 |
835.9 |
860.1 |
|
Other Current liabilities, Total |
595.3 |
716.0 |
799.6 |
879.3 |
903.5 |
|
Total Current Liabilities |
2,611.7 |
3,038.7 |
3,138.0 |
2,811.1 |
3,331.1 |
|
|
|
|
|
|
|
|
Long Term Debt |
545.6 |
760.3 |
852.5 |
1,083.1 |
795.3 |
|
Capital Lease Obligations |
- |
- |
- |
- |
10.7 |
|
Total Long Term Debt |
545.6 |
760.3 |
852.5 |
1,083.1 |
806.0 |
|
Total Debt |
1,459.8 |
1,723.8 |
1,918.9 |
1,889.9 |
1,838.1 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
3.4 |
3.1 |
0.5 |
0.6 |
8.7 |
|
Deferred Income Tax |
3.4 |
3.1 |
0.5 |
0.6 |
8.7 |
|
Minority Interest |
46.3 |
38.3 |
31.7 |
29.5 |
28.9 |
|
Reserves |
19.4 |
21.8 |
21.3 |
0.0 |
28.5 |
|
Pension Benefits - Underfunded |
104.2 |
185.1 |
193.5 |
225.4 |
237.8 |
|
Other Long Term Liabilities |
40.1 |
48.8 |
52.8 |
52.1 |
24.2 |
|
Other Liabilities, Total |
163.7 |
255.7 |
267.7 |
277.5 |
290.5 |
|
Total Liabilities |
3,370.7 |
4,096.2 |
4,290.3 |
4,201.8 |
4,465.2 |
|
|
|
|
|
|
|
|
Common Stock |
729.2 |
744.2 |
739.4 |
655.9 |
620.5 |
|
Common Stock |
729.2 |
744.2 |
739.4 |
655.9 |
620.5 |
|
Additional Paid-In Capital |
776.8 |
797.2 |
791.2 |
699.0 |
660.2 |
|
Retained Earnings (Accumulated Deficit) |
572.7 |
506.8 |
491.8 |
134.5 |
74.1 |
|
Treasury Stock - Common |
-3.0 |
-3.4 |
-3.2 |
-2.3 |
-1.5 |
|
Unrealized Gain (Loss) |
17.7 |
13.5 |
12.7 |
16.9 |
2.6 |
|
Translation Adjustment |
-101.5 |
-219.6 |
-194.1 |
-113.6 |
-126.7 |
|
Other Equity |
0.0 |
0.0 |
- |
- |
- |
|
Other Comprehensive Income |
0.1 |
0.1 |
-0.1 |
0.0 |
0.0 |
|
Other Equity, Total |
-101.3 |
-219.5 |
-194.2 |
-113.6 |
-126.7 |
|
Total Equity |
1,992.1 |
1,838.9 |
1,837.8 |
1,390.3 |
1,229.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
5,362.8 |
5,935.1 |
6,128.0 |
5,592.1 |
5,694.5 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
464.4 |
422.2 |
422.1 |
422.2 |
422.4 |
|
Total Common Shares Outstanding |
464.4 |
422.2 |
422.1 |
422.2 |
422.4 |
|
Treasury Shares - Common Stock Primary Issue |
0.7 |
0.7 |
37.2 |
0.5 |
0.3 |
|
Employees |
- |
14,695 |
14,007 |
13,800 |
16,102 |
|
Number of Common Shareholders |
- |
41,521 |
41,175 |
42,911 |
50,459 |
|
Total Long Term Debt, Supplemental |
- |
1,058.7 |
1,273.1 |
1,280.6 |
1,149.2 |
|
Long Term Debt Maturing within 1 Year |
- |
299.2 |
420.6 |
197.5 |
353.9 |
|
Long Term Debt Maturing in Year 2 |
- |
408.9 |
293.8 |
361.0 |
138.9 |
|
Long Term Debt Maturing in Year 3 |
- |
98.3 |
402.7 |
250.1 |
264.3 |
|
Long Term Debt Maturing in Year 4 |
- |
40.2 |
91.0 |
345.0 |
147.4 |
|
Long Term Debt Maturing in Year 5 |
- |
212.1 |
36.9 |
71.2 |
229.2 |
|
Long Term Debt Maturing in 2-3 Years |
- |
507.2 |
696.5 |
611.1 |
403.2 |
|
Long Term Debt Maturing in 4-5 Years |
- |
252.2 |
127.9 |
416.1 |
376.6 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
0.0 |
28.1 |
55.9 |
15.5 |
|
Total Capital Leases, Supplemental |
- |
19.4 |
16.6 |
21.9 |
14.6 |
|
Capital Lease Payments Due in Year 1 |
- |
7.9 |
5.7 |
8.3 |
3.9 |
|
Capital Lease Payments Due in Year 2 |
- |
5.9 |
5.1 |
4.8 |
3.5 |
|
Capital Lease Payments Due in Year 3 |
- |
3.7 |
3.4 |
4.2 |
2.8 |
|
Capital Lease Payments Due in Year 4 |
- |
1.2 |
2.1 |
2.6 |
2.3 |
|
Capital Lease Payments Due in Year 5 |
- |
0.5 |
0.3 |
1.6 |
1.3 |
|
Capital Lease Payments Due in 2-3 Years |
- |
9.6 |
8.5 |
9.0 |
6.3 |
|
Capital Lease Payments Due in 4-5 Years |
- |
1.7 |
2.4 |
4.2 |
3.6 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
- |
0.2 |
0.0 |
0.3 |
0.8 |
|
Pension Obligation - Domestic |
- |
662.3 |
673.7 |
672.2 |
694.5 |
|
Plan Assets - Domestic |
- |
433.2 |
431.2 |
410.7 |
382.5 |
|
Funded Status - Domestic |
- |
-229.1 |
-242.5 |
-261.5 |
-311.9 |
|
Total Funded Status |
- |
-229.1 |
-242.5 |
-261.5 |
-311.9 |
|
Discount Rate - Domestic |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Discount Rate - Foreign |
- |
4.40% |
5.40% |
5.80% |
6.30% |
|
Expected Rate of Return - Domestic |
- |
2.70% |
2.70% |
2.70% |
2.70% |
|
Expected Rate of Return - Foreign |
- |
8.00% |
8.00% |
8.00% |
8.00% |
|
Accrued Liabilities - Domestic |
- |
-182.6 |
-189.2 |
-221.6 |
-230.7 |
|
Other Assets, Net - Domestic |
- |
-46.4 |
53.3 |
39.9 |
-81.2 |
|
Net Assets Recognized on Balance Sheet |
- |
-229.1 |
-135.9 |
-181.7 |
-311.9 |
|
Total Plan Obligations |
- |
662.3 |
673.7 |
672.2 |
694.5 |
|
Total Plan Assets |
- |
433.2 |
431.2 |
410.7 |
382.5 |
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 LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
287.9 |
137.6 |
333.1 |
128.8 |
-73.1 |
|
Depreciation |
148.9 |
161.6 |
157.8 |
164.3 |
151.1 |
|
Depreciation/Depletion |
148.9 |
161.6 |
157.8 |
164.3 |
151.1 |
|
Unusual Items |
4.8 |
-5.0 |
-10.7 |
33.3 |
25.6 |
|
Other Non-Cash Items |
-167.9 |
-25.5 |
-93.1 |
28.1 |
40.3 |
|
Non-Cash Items |
-163.1 |
-30.4 |
-103.8 |
61.3 |
65.9 |
|
Accounts Receivable |
104.6 |
-35.9 |
-2.8 |
-34.3 |
245.0 |
|
Inventories |
71.8 |
-42.9 |
14.4 |
78.1 |
29.4 |
|
Accounts Payable |
-138.4 |
109.1 |
14.7 |
-159.6 |
-162.1 |
|
Other Assets & Liabilities, Net |
188.2 |
-35.9 |
9.6 |
94.4 |
45.5 |
|
Other Operating Cash Flow |
-89.9 |
-99.8 |
-112.5 |
-79.3 |
-128.2 |
|
Changes in Working Capital |
136.3 |
-105.5 |
-76.7 |
-100.8 |
29.7 |
|
Cash from Operating Activities |
410.0 |
163.3 |
310.4 |
253.7 |
173.5 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-142.4 |
-128.3 |
-170.9 |
-208.4 |
-236.5 |
|
Capital Expenditures |
-142.4 |
-128.3 |
-170.9 |
-208.4 |
-236.5 |
|
Sale of Business |
0.0 |
11.0 |
0.0 |
20.8 |
0.0 |
|
Sale of Fixed Assets |
0.7 |
3.1 |
204.4 |
5.5 |
63.2 |
|
Sale/Maturity of Investment |
80.9 |
48.4 |
23.2 |
1.1 |
213.4 |
|
Purchase of Investments |
-373.4 |
-88.4 |
-26.5 |
-44.5 |
-104.5 |
|
Other Investing Cash Flow |
34.9 |
42.3 |
98.2 |
41.2 |
36.8 |
|
Other Investing Cash Flow Items, Total |
-256.9 |
16.4 |
299.2 |
24.1 |
208.9 |
|
Cash from Investing Activities |
-399.3 |
-111.9 |
128.3 |
-184.3 |
-27.6 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-16.8 |
-12.8 |
4.2 |
-21.0 |
7.2 |
|
Financing Cash Flow Items |
-16.8 |
-12.8 |
4.2 |
-21.0 |
7.2 |
|
Cash Dividends Paid - Common |
-38.2 |
-26.7 |
- |
0.0 |
-31.5 |
|
Total Cash Dividends Paid |
-38.2 |
-26.7 |
- |
0.0 |
-31.5 |
|
Sale/Issuance of
Common |
175.0 |
- |
- |
- |
- |
|
Repurchase/Retirement
of Common |
- |
-0.2 |
-0.5 |
-0.8 |
0.0 |
|
Common Stock, Net |
175.0 |
-0.2 |
-0.5 |
-0.8 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
175.0 |
-0.2 |
-0.5 |
-0.8 |
0.0 |
|
Short Term Debt Issued |
- |
- |
- |
264.1 |
296.2 |
|
Short Term Debt
Reduction |
- |
- |
- |
-530.6 |
-164.4 |
|
Short Term Debt, Net |
-56.5 |
16.9 |
-10.8 |
-266.4 |
131.8 |
|
Long Term Debt Issued |
272.7 |
206.0 |
57.2 |
453.0 |
86.9 |
|
Long Term Debt
Reduction |
-296.9 |
-436.5 |
-214.5 |
-223.2 |
-226.5 |
|
Long Term Debt, Net |
-24.2 |
-230.5 |
-157.3 |
229.8 |
-139.6 |
|
Issuance (Retirement) of Debt, Net |
-80.7 |
-213.5 |
-168.1 |
-36.7 |
-7.8 |
|
Cash from Financing Activities |
39.4 |
-253.3 |
-164.5 |
-58.5 |
-32.2 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
28.3 |
-9.8 |
-14.2 |
3.9 |
-33.8 |
|
Net Change in Cash |
78.3 |
-211.6 |
260.1 |
14.8 |
80.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,052.1 |
1,317.1 |
953.5 |
864.3 |
688.3 |
|
Net Cash - Ending Balance |
1,130.4 |
1,105.5 |
1,213.7 |
879.2 |
768.2 |
|
Cash Interest Paid |
28.9 |
32.3 |
35.9 |
36.6 |
34.2 |
|
Cash Taxes Paid |
70.9 |
81.8 |
85.1 |
57.4 |
97.7 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
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 LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net sales |
5,138.0 |
5,218.7 |
4,687.5 |
5,227.9 |
4,987.3 |
|
Total Revenue |
5,138.0 |
5,218.7 |
4,687.5 |
5,227.9 |
4,987.3 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Cost of Sales |
3,883.2 |
4,039.2 |
3,520.3 |
4,190.1 |
4,138.2 |
|
Other Selling/General/Admin. Expense |
0.1 |
0.1 |
- |
- |
- |
|
Sales Commission |
46.0 |
52.0 |
50.0 |
50.1 |
55.8 |
|
Packing & freight-out costs |
58.0 |
59.9 |
43.7 |
41.4 |
43.1 |
|
Sales promotion expenses |
22.9 |
18.6 |
17.1 |
15.6 |
9.8 |
|
Provision of allowance for doubtful acc. |
0.0 |
14.7 |
7.9 |
0.0 |
13.0 |
|
Labor Cost |
411.4 |
375.8 |
344.5 |
364.8 |
342.4 |
|
Provision Of Reserve For Bonus |
34.6 |
29.2 |
26.1 |
20.5 |
13.1 |
|
Provision for directors' bonuses |
2.8 |
1.1 |
1.7 |
0.9 |
0.5 |
|
Retirement Benefit Expenses |
31.4 |
27.8 |
25.3 |
37.0 |
23.1 |
|
Prov. for dirs' retire. benefits |
0.5 |
1.0 |
1.4 |
1.6 |
2.3 |
|
Traveling&Transportation Exp. |
42.9 |
39.7 |
35.8 |
32.4 |
35.5 |
|
Taxes And Dues |
19.1 |
17.0 |
15.0 |
16.2 |
16.0 |
|
Depreciation |
35.1 |
32.1 |
27.9 |
30.7 |
25.4 |
|
Amort. of Goodwill |
4.6 |
3.0 |
3.1 |
8.6 |
7.1 |
|
Research And Development Expenses |
60.6 |
48.5 |
47.4 |
53.6 |
87.9 |
|
Other SGA |
182.5 |
164.3 |
151.9 |
160.5 |
167.8 |
|
Other Unusual Expense (Income) |
0.0 |
- |
- |
- |
- |
|
Loss on business withdrawal |
0.0 |
130.4 |
- |
- |
- |
|
SP Reversal valuation investment gain |
- |
- |
- |
0.0 |
-0.1 |
|
SP Rvrsl.Doubt.Acct |
- |
- |
0.0 |
-5.0 |
-31.2 |
|
SP G on Reserve for debts guarantees |
- |
- |
0.0 |
-0.1 |
0.0 |
|
SP Recovery of bad debts |
- |
- |
- |
0.0 |
0.0 |
|
SP Reversal G on special retire. |
- |
- |
- |
0.0 |
-8.0 |
|
SP G on change of retire. accounting |
- |
- |
-0.4 |
-2.6 |
-6.5 |
|
SP G on changes of contract accounting |
- |
- |
0.0 |
-3.1 |
0.0 |
|
SP Gain on debts waive |
- |
- |
0.0 |
-5.1 |
0.0 |
|
Loss on abandonment of noncurrent assets |
4.6 |
1.8 |
6.1 |
16.1 |
16.5 |
|
SP Impairment Loss |
3.3 |
1.6 |
0.9 |
2.4 |
33.2 |
|
Loss on valuation of investments in capi |
3.0 |
- |
- |
- |
- |
|
SP Loss Val. Inv.Secs |
4.8 |
1.8 |
6.7 |
4.5 |
42.8 |
|
SP Loss on valuation of membership |
0.1 |
0.3 |
0.8 |
0.0 |
- |
|
SP Valuation Loss-Inventory |
- |
- |
- |
- |
0.0 |
|
SP Reserve-Debt Guarantee Loss |
- |
- |
- |
0.0 |
0.0 |
|
SP Anti-trust loss |
- |
- |
- |
0.0 |
0.0 |
|
SP Reserve Anti-trust loss |
- |
- |
- |
- |
0.0 |
|
SP L on specific constr. |
- |
- |
- |
- |
0.0 |
|
SP L. res. for specif. constr. |
- |
- |
- |
- |
0.0 |
|
SP L on pause of specific project |
- |
- |
- |
0.0 |
2.5 |
|
SP Reserve litigation loss |
- |
- |
- |
- |
0.0 |
|
SP Special Retirement |
3.6 |
- |
0.0 |
6.3 |
0.0 |
|
SP L on changes of Assets accounting |
- |
- |
10.6 |
0.0 |
- |
|
SP Compensation |
- |
- |
- |
0.0 |
5.0 |
|
Total Operating Expense |
4,855.1 |
5,059.9 |
4,343.8 |
5,037.4 |
5,035.1 |
|
|
|
|
|
|
|
|
NOP Interest Income |
2.5 |
2.4 |
2.4 |
4.1 |
7.0 |
|
Foreign Exchange Gains |
14.0 |
- |
- |
- |
- |
|
Loss On Sales Of Investment Securities |
0.0 |
-0.5 |
- |
- |
- |
|
NOP Dividend Income |
6.5 |
7.9 |
7.6 |
4.6 |
14.3 |
|
Other Non-Operating Income (Expense) |
0.0 |
0.0 |
- |
- |
- |
|
NOP Insurance Income |
0.2 |
1.2 |
0.4 |
3.2 |
0.5 |
|
NOP Exchange Gain |
- |
- |
- |
- |
0.0 |
|
NOP Equity Gain |
7.9 |
11.5 |
8.9 |
0.9 |
0.3 |
|
NOP Compensation received |
- |
- |
0.0 |
6.2 |
0.0 |
|
NOP Other Non-Op Income |
18.2 |
15.1 |
12.2 |
15.3 |
10.2 |
|
NOP Interest Expense |
-28.3 |
-31.8 |
-35.3 |
-38.4 |
-31.7 |
|
NOP Allowance Doubtful Accounts |
- |
- |
- |
0.0 |
-1.0 |
|
NOP Exchange Loss |
0.0 |
-19.9 |
-8.3 |
-0.6 |
-11.3 |
|
NOP Other Non-Op Exp. |
-14.1 |
-14.0 |
-20.5 |
-19.1 |
-18.5 |
|
SP Gain Sales F.Asset |
0.6 |
0.5 |
12.0 |
12.5 |
3.4 |
|
SP G.Sales Invest Secs |
0.0 |
1.1 |
0.9 |
0.0 |
0.9 |
|
Gain on sales of subsidiaries and affili |
0.0 |
5.8 |
13.6 |
37.2 |
4.4 |
|
SP Gain on sale of business |
0.0 |
1.9 |
0.0 |
6.9 |
0.0 |
|
SP Loss Sales F.Asset |
-2.0 |
-0.3 |
-4.3 |
-1.1 |
-0.9 |
|
SP L on sales of investment securities |
- |
- |
0.0 |
0.0 |
-0.1 |
|
SP Affiliate Liquidated |
-0.5 |
-2.1 |
0.0 |
-14.3 |
-2.9 |
|
SP Loss on business withdrawal |
- |
- |
0.0 |
- |
- |
|
SP Loss-sale of affiliated securities |
- |
- |
0.0 |
-79.2 |
0.0 |
|
Net Income Before Taxes |
287.9 |
137.6 |
333.3 |
128.9 |
-73.0 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
85.9 |
87.8 |
-3.8 |
63.7 |
73.9 |
|
Net Income After Taxes |
202.0 |
49.8 |
337.0 |
65.2 |
-146.9 |
|
|
|
|
|
|
|
|
Minority interests in income |
-17.5 |
-13.2 |
-7.9 |
-6.6 |
16.4 |
|
Net Income Before Extra. Items |
184.5 |
36.6 |
329.1 |
58.6 |
-130.4 |
|
Net Income |
184.5 |
36.6 |
329.1 |
58.6 |
-130.4 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Miscellaneous Earnings Adjustment |
- |
0.0 |
- |
- |
- |
|
Earning Adjustment |
- |
- |
-0.1 |
-0.1 |
-0.1 |
|
Income Available to Com Excl ExtraOrd |
184.4 |
36.6 |
329.0 |
58.5 |
-130.5 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
184.4 |
36.6 |
329.0 |
58.5 |
-130.5 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
425.9 |
422.2 |
422.1 |
422.3 |
422.4 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.43 |
0.09 |
0.78 |
0.14 |
-0.31 |
|
Basic EPS Including ExtraOrdinary Items |
0.43 |
0.09 |
0.78 |
0.14 |
-0.31 |
|
Dilution Adjustment |
-1.9 |
2.0 |
2.8 |
2.6 |
0.0 |
|
Diluted Net Income |
182.5 |
38.5 |
331.7 |
61.1 |
-130.5 |
|
Diluted Weighted Average Shares |
459.0 |
452.8 |
481.1 |
480.5 |
422.4 |
|
Diluted EPS Excluding ExtraOrd Items |
0.40 |
0.09 |
0.69 |
0.13 |
-0.31 |
|
Diluted EPS Including ExtraOrd Items |
0.40 |
0.09 |
0.69 |
0.13 |
-0.31 |
|
DPS-Common Stock |
0.06 |
0.06 |
0.06 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
- |
26.7 |
24.6 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
313.9 |
270.6 |
339.6 |
109.7 |
-15.8 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
92.3 |
133.3 |
-2.6 |
49.9 |
91.4 |
|
Normalized Income After Taxes |
221.6 |
137.3 |
342.2 |
59.7 |
-107.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
204.1 |
124.1 |
334.2 |
53.1 |
-90.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.48 |
0.29 |
0.79 |
0.13 |
-0.22 |
|
Diluted Normalized EPS |
0.44 |
0.28 |
0.70 |
0.12 |
-0.22 |
|
Research And Development Expenses |
60.6 |
48.5 |
47.4 |
53.6 |
87.9 |
|
Sales promotion expenses |
22.9 |
18.6 |
17.1 |
15.6 |
9.8 |
|
Interest Expense |
28.3 |
31.8 |
35.3 |
38.4 |
31.7 |
|
Amort of Goodwill |
4.6 |
3.0 |
3.1 |
8.6 |
7.1 |
|
BC - Depreciation of Fixed Assets |
148.9 |
- |
- |
- |
- |
|
Amort of Tangible Assets-Current Portion |
- |
161.6 |
- |
- |
- |
|
Depreciation |
- |
- |
157.8 |
164.3 |
151.1 |
|
Income taxes-current |
69.5 |
42.2 |
- |
- |
- |
|
Current Tax - Total |
69.5 |
42.2 |
- |
- |
- |
|
Income taxes-deferred |
16.4 |
45.6 |
- |
- |
- |
|
Deferred Tax - Total |
16.4 |
45.6 |
- |
- |
- |
|
Income Tax - Total |
85.9 |
87.8 |
- |
- |
- |
|
Reported operating profit |
302.3 |
294.7 |
368.1 |
203.9 |
6.3 |
|
Reported ordinary profit |
309.3 |
267.0 |
335.5 |
180.2 |
-23.7 |
|
Service cost |
- |
36.0 |
34.1 |
31.1 |
32.0 |
|
Interest cost |
- |
22.0 |
22.0 |
23.7 |
21.7 |
|
Expected return on plan asset |
- |
-12.9 |
-10.2 |
-2.5 |
-16.1 |
|
Piror service cost |
- |
0.9 |
0.4 |
0.5 |
0.2 |
|
Actuarial G/L |
- |
9.8 |
5.7 |
15.3 |
5.3 |
|
Additional Retire. Benefits, Nonrecurr. |
- |
0.3 |
0.2 |
1.5 |
- |
|
Other Pension Cost |
- |
9.2 |
8.8 |
5.0 |
1.8 |
|
Domestic Pension Plan Expense |
- |
65.2 |
61.0 |
74.5 |
45.0 |
|
Total Pension Expense |
- |
65.2 |
61.0 |
74.5 |
45.0 |
|
Discount Rate-Domestic |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Discount Rate-Foreign |
- |
4.40% |
5.40% |
5.80% |
6.30% |
|
Expected Rate of Return-Domestic |
- |
2.70% |
2.70% |
2.70% |
2.70% |
|
Expected Rate of Return-Foreign |
- |
8.00% |
8.00% |
8.00% |
8.00% |
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 LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash &Deposit |
964.5 |
1,031.2 |
1,214.7 |
857.1 |
769.8 |
|
Notes and accounts receivable-trade |
1,673.5 |
1,954.2 |
1,948.7 |
1,753.3 |
1,890.3 |
|
Short-term investment securities |
250.3 |
34.7 |
40.1 |
17.4 |
11.7 |
|
Merchandise & Finished goods |
105.7 |
128.9 |
96.4 |
118.1 |
102.1 |
|
Inventories-Work-in -progress |
402.6 |
486.9 |
487.6 |
430.8 |
419.0 |
|
Raw materials & Supplies |
203.2 |
230.3 |
222.9 |
198.2 |
243.2 |
|
Deferred Tax |
116.9 |
139.8 |
300.7 |
156.9 |
88.6 |
|
Rounding adjustment Assets |
0.0 |
0.0 |
- |
- |
- |
|
Other Curr.Asset |
162.4 |
210.3 |
199.8 |
480.4 |
338.4 |
|
Allw.Doubt.Acct |
-18.1 |
-13.4 |
-17.5 |
-11.0 |
-11.4 |
|
Total Current Assets |
3,861.2 |
4,202.8 |
4,493.5 |
4,001.1 |
3,851.6 |
|
|
|
|
|
|
|
|
Oter PPE |
0.0 |
0.0 |
- |
- |
- |
|
Buildings and structures, net |
398.9 |
441.6 |
463.4 |
428.4 |
287.5 |
|
Machinery, equipment and vehicles, net |
240.1 |
259.6 |
274.6 |
270.8 |
299.7 |
|
Land |
225.6 |
263.0 |
253.4 |
231.1 |
215.9 |
|
Const in Prog. |
49.0 |
56.3 |
30.4 |
46.7 |
118.0 |
|
Other, net |
50.6 |
60.9 |
60.7 |
69.3 |
60.7 |
|
Goodwill |
19.0 |
10.4 |
14.3 |
18.4 |
18.4 |
|
Other Total intangible assets |
0.0 |
- |
- |
- |
- |
|
Software |
36.0 |
36.6 |
43.9 |
45.0 |
42.9 |
|
Other Intangible |
18.2 |
20.5 |
29.1 |
32.7 |
41.2 |
|
Other LT inve |
- |
192.8 |
- |
- |
- |
|
Investment Secs. |
246.5 |
- |
180.5 |
173.0 |
96.5 |
|
Invt Secs Noncons, Asc, Affd Cos |
70.3 |
77.1 |
- |
- |
- |
|
Invts in Capital Noncons, Ascd, Affd Cos |
12.4 |
10.7 |
- |
- |
- |
|
Equity secs.-noncol. & sub. |
- |
- |
87.4 |
75.8 |
112.6 |
|
Long-term loans receivable |
6.6 |
8.9 |
4.8 |
5.3 |
81.0 |
|
Deferred tax assets |
156.5 |
232.0 |
102.2 |
111.6 |
174.1 |
|
Other Other |
6.0 |
- |
- |
- |
- |
|
Other Long Term Assets |
0.0 |
0.0 |
- |
- |
- |
|
Other Other Long Term Assets(1) |
0.0 |
0.0 |
- |
- |
- |
|
Other Other Long Term Assets |
- |
196.1 |
- |
- |
- |
|
Other Assets |
- |
- |
128.8 |
115.7 |
335.6 |
|
Allw.Doubt.Acct |
-34.3 |
-134.4 |
-39.0 |
-32.9 |
-40.0 |
|
Reserve-Investment Valuation Loss |
- |
- |
- |
0.0 |
-1.0 |
|
Adjustment |
- |
- |
- |
- |
0.0 |
|
Total Assets |
5,362.8 |
5,935.1 |
6,128.0 |
5,592.1 |
5,694.5 |
|
|
|
|
|
|
|
|
Notes and accounts payable-trade |
1,019.1 |
1,282.2 |
1,193.6 |
1,067.9 |
1,328.1 |
|
Short-term loans payable |
701.6 |
963.5 |
645.8 |
601.0 |
674.3 |
|
Cur. Port. of LT Debt |
- |
- |
179.3 |
197.5 |
151.4 |
|
Current portion of bond |
- |
- |
- |
0.0 |
202.5 |
|
Bonds w/stock warrants (current) |
212.6 |
- |
241.3 |
0.0 |
- |
|
Lease obligations |
- |
- |
- |
8.3 |
3.9 |
|
Income Tax Pay. |
23.1 |
40.3 |
57.4 |
43.0 |
42.6 |
|
Deferred tax liabilities |
0.3 |
0.2 |
0.4 |
0.3 |
0.9 |
|
Allowance Bonus |
80.3 |
75.5 |
76.5 |
56.0 |
66.2 |
|
Rounding adjustment Liability |
0.1 |
0.1 |
- |
- |
- |
|
Provision for directors'' bonuses |
2.7 |
1.4 |
2.0 |
1.1 |
1.2 |
|
Reserve-Completed Construction Guarantee |
33.7 |
65.0 |
85.3 |
102.8 |
98.8 |
|
Reserve for product warranties |
29.4 |
20.8 |
21.6 |
14.6 |
8.7 |
|
Reserve-Construction Loss |
59.4 |
106.3 |
204.8 |
215.7 |
194.7 |
|
Provision for loss on guarantees |
- |
- |
0.0 |
0.3 |
0.4 |
|
Reserve anti-trust |
- |
- |
- |
- |
0.0 |
|
Reserve litigation loss |
- |
- |
- |
0.0 |
1.7 |
|
Reserve for expenses related to the sale |
19.6 |
22.4 |
34.6 |
49.1 |
27.4 |
|
Other |
429.7 |
460.8 |
395.3 |
453.4 |
528.3 |
|
Total Current Liabilities |
2,611.7 |
3,038.7 |
3,138.0 |
2,811.1 |
3,331.1 |
|
|
|
|
|
|
|
|
Corporate Bond |
- |
- |
- |
- |
0.0 |
|
Bond With Stock Purchase Warranty |
212.6 |
242.8 |
241.3 |
428.1 |
405.0 |
|
Long-term loans payable |
333.1 |
517.6 |
611.2 |
655.0 |
390.4 |
|
Lease obligations |
- |
- |
- |
- |
10.7 |
|
Total Long Term Debt |
545.6 |
760.3 |
852.5 |
1,083.1 |
806.0 |
|
|
|
|
|
|
|
|
Deferrred Taxes |
3.4 |
3.1 |
0.5 |
0.6 |
8.7 |
|
Accrued Retire |
102.3 |
182.6 |
189.2 |
221.6 |
230.7 |
|
Provision for directors'' retirement ben |
1.8 |
2.4 |
4.3 |
3.9 |
7.2 |
|
Reserve for Land Sales Exp. |
- |
- |
- |
0.0 |
28.3 |
|
Reserve-Guarantee Liability Loss |
- |
- |
- |
0.0 |
0.1 |
|
Other Long Term Liabilities |
0.0 |
0.1 |
- |
- |
- |
|
Asset retirement obligations |
19.4 |
21.8 |
21.3 |
0.0 |
- |
|
Other Liability |
40.1 |
48.7 |
52.8 |
52.1 |
24.2 |
|
Minority Int. |
46.3 |
38.3 |
31.7 |
29.5 |
28.9 |
|
Total Liabilities |
3,370.7 |
4,096.2 |
4,290.3 |
4,201.8 |
4,465.2 |
|
|
|
|
|
|
|
|
Rounding adjustment Equity |
0.0 |
- |
- |
- |
- |
|
Rounding adjustment Equity |
- |
0.0 |
- |
- |
- |
|
Common Stock |
729.2 |
744.2 |
739.4 |
655.9 |
620.5 |
|
Total capital surpluses |
771.0 |
- |
- |
- |
- |
|
Total capital surpluses |
- |
791.9 |
786.8 |
697.9 |
660.2 |
|
Total retained earnings |
572.7 |
506.8 |
491.8 |
134.5 |
74.1 |
|
Deferred gains or losses on hedges |
0.1 |
0.1 |
-0.1 |
0.0 |
0.0 |
|
Valuation difference on available-for-sa |
17.7 |
13.5 |
12.7 |
16.9 |
2.6 |
|
Trans. Adjust |
-101.5 |
-219.6 |
-194.1 |
-113.6 |
-126.7 |
|
Treasury Stock |
-3.0 |
-3.4 |
-3.2 |
-2.3 |
-1.5 |
|
Subscription rights to shares |
5.8 |
5.3 |
4.4 |
1.1 |
0.0 |
|
Total Equity |
1,992.1 |
1,838.9 |
1,837.8 |
1,390.3 |
1,229.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
5,362.8 |
5,935.1 |
6,128.0 |
5,592.1 |
5,694.5 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
464.4 |
422.2 |
422.1 |
422.2 |
422.4 |
|
Total Common Shares Outstanding |
464.4 |
422.2 |
422.1 |
422.2 |
422.4 |
|
T/S-Common Stock |
0.7 |
0.7 |
37.2 |
0.5 |
0.3 |
|
Full-Time Employees |
- |
14,695 |
14,007 |
13,800 |
16,102 |
|
Total Number of Shareholders |
- |
41,521 |
- |
- |
- |
|
Number of Common Shareholders |
- |
- |
41,175 |
42,911 |
50,459 |
|
Other LTD |
- |
0.9 |
- |
- |
- |
|
Long Term Debt Maturing Within 1 Year |
- |
298.3 |
420.6 |
197.5 |
353.9 |
|
Over One Year And Within Two Years |
- |
242.8 |
- |
- |
- |
|
Lns Pble Maturing over a Yr within 2 Yrs |
- |
166.2 |
- |
- |
- |
|
Long Term Debt Maturing Within 2 Year |
- |
- |
293.8 |
361.0 |
138.9 |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
- |
98.3 |
- |
- |
- |
|
Long Term Debt Maturing Within 3 Year |
- |
- |
402.7 |
250.1 |
264.3 |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
- |
40.2 |
- |
- |
- |
|
Long Term Debt Maturing Within 4 Year |
- |
- |
91.0 |
345.0 |
147.4 |
|
Lns Pble Maturg over 4 Yrs within 5 Yrs |
- |
212.1 |
- |
- |
- |
|
Long Term Debt Maturing Within 5 Year |
- |
- |
36.9 |
71.2 |
229.2 |
|
Long Term Debt Remaining Maturities |
- |
- |
28.1 |
55.9 |
15.5 |
|
Total Long Term Debt, Supplemental |
- |
1,058.7 |
1,273.1 |
1,280.6 |
1,149.2 |
|
Capital Lease Payments Due Within 1 Year |
- |
7.9 |
5.7 |
8.3 |
3.9 |
|
Cap Lease Maturg over a Yr within 2 Yrs |
- |
5.9 |
- |
- |
- |
|
Capital Lease Payments Due in Year 2 |
- |
- |
5.1 |
4.8 |
3.5 |
|
Cap Lease Maturg over 2 Yr within 3 Yrs |
- |
3.7 |
- |
- |
- |
|
Capital Lease Payments Due in Year 3 |
- |
- |
3.4 |
4.2 |
2.8 |
|
Cap Lease Maturg over 3 Yr within 4 Yrs |
- |
1.2 |
- |
- |
- |
|
Capital Lease Payments Due in Year 4 |
- |
- |
2.1 |
2.6 |
2.3 |
|
Cap Lease Maturg over 4 Yr within 5 Yrs |
- |
0.5 |
- |
- |
- |
|
Capital Lease Payments Due in Year 5 |
- |
- |
0.3 |
1.6 |
1.3 |
|
Other Lease |
- |
0.2 |
- |
- |
- |
|
Capital Lease - Remaining Maturities |
- |
- |
0.0 |
0.3 |
0.8 |
|
Total Capital Leases, Supplemental |
- |
19.4 |
16.6 |
21.9 |
14.6 |
|
Pension obligation |
- |
662.3 |
673.7 |
672.2 |
694.5 |
|
Fair value of plan asset |
- |
433.2 |
431.2 |
410.7 |
382.5 |
|
Funded status |
- |
-229.1 |
-242.5 |
-261.5 |
-311.9 |
|
Total Funded Status |
- |
-229.1 |
-242.5 |
-261.5 |
-311.9 |
|
Discount rate-Domesitic |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Discount Rate-Foreign |
- |
4.40% |
5.40% |
5.80% |
6.30% |
|
Expected Rate of Return-Domestic |
- |
2.70% |
2.70% |
2.70% |
2.70% |
|
Expected Rate of Return-Foreign |
- |
8.00% |
8.00% |
8.00% |
8.00% |
|
Unrecognized actuarial G/L |
- |
-39.0 |
45.8 |
34.6 |
-73.4 |
|
Unrecognized prior service cost |
- |
-7.4 |
7.5 |
5.3 |
-7.9 |
|
Accrued pension benefit |
- |
-182.6 |
-189.2 |
-221.6 |
-230.7 |
|
Net Assets Recognized on Balance Sheet |
- |
-229.1 |
-135.9 |
-181.7 |
-311.9 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
|
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Income Before Tax |
287.9 |
137.6 |
333.1 |
128.8 |
-73.1 |
|
Depreciation |
148.9 |
161.6 |
157.8 |
164.3 |
151.1 |
|
Loss on adjustment for changes of accoun |
- |
- |
10.6 |
0.0 |
- |
|
Impairment Loss |
3.3 |
1.6 |
0.9 |
2.4 |
33.2 |
|
Loss (gain) on sales of short-term and l |
-0.1 |
-6.4 |
-14.5 |
42.0 |
-5.2 |
|
Settelment/litigation |
- |
- |
- |
- |
0.0 |
|
Increase (decrease) in provision |
-187.1 |
-47.0 |
-118.4 |
-1.6 |
29.9 |
|
Loss (gain) on sales of noncurrent asset |
1.5 |
-0.2 |
-7.7 |
-11.1 |
-2.5 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Increase (decrease) in cash and cash equ |
0.0 |
3.9 |
- |
- |
- |
|
Other Operating Cash Flow |
- |
0.0 |
- |
- |
- |
|
Int.&Divid. Income |
-9.1 |
-10.3 |
-10.0 |
-8.7 |
-21.3 |
|
Interest Expense |
28.3 |
31.8 |
35.3 |
38.4 |
31.7 |
|
Decrease (increase) in notes and account |
104.6 |
-35.9 |
-2.8 |
-34.3 |
245.0 |
|
Decrease (increase) in inventories |
71.8 |
-42.9 |
14.4 |
78.1 |
29.4 |
|
Increase (decrease) in notes and account |
-138.4 |
109.1 |
14.7 |
-159.6 |
-162.1 |
|
Increase/decrease in other assets/liabil |
167.3 |
-33.5 |
6.8 |
56.1 |
-30.7 |
|
Non-Fund Transaction |
20.9 |
-2.4 |
2.8 |
38.3 |
76.2 |
|
Anti-trust loss |
- |
- |
- |
0.0 |
0.0 |
|
Int.&Divid. Rcvd. |
9.8 |
10.4 |
8.5 |
14.7 |
13.3 |
|
Interest Paid |
-28.9 |
-32.3 |
-35.9 |
-36.6 |
-34.2 |
|
Anti-trust/litigation paid |
- |
- |
- |
0.0 |
-9.6 |
|
Income Tax Paid |
-70.9 |
-81.8 |
-85.1 |
-57.4 |
-97.7 |
|
Cash Consolidated |
- |
- |
- |
- |
0.0 |
|
Cash from Operating Activities |
410.0 |
163.3 |
310.4 |
253.7 |
173.5 |
|
|
|
|
|
|
|
|
Sale of Fixed Assets |
0.7 |
3.1 |
204.4 |
5.5 |
63.2 |
|
Capital Expenditures |
-142.4 |
-128.3 |
-170.9 |
-208.4 |
-236.5 |
|
Purchase of investments in capital of su |
-12.0 |
- |
- |
- |
- |
|
Payments into time deposits(1) |
-11.1 |
-6.5 |
- |
- |
- |
|
Purch. Mkt Secs |
- |
- |
- |
- |
0.0 |
|
Proceeds From Withdrawal Of Time Deposit |
12.3 |
- |
- |
- |
- |
|
Sale of marketable sec. |
- |
- |
- |
0.0 |
177.1 |
|
Purchase of short-term and long term inv |
-316.7 |
-43.0 |
-6.3 |
-0.5 |
-38.3 |
|
Sale/redempt.LT inv't in sec. |
68.6 |
48.4 |
23.2 |
1.1 |
14.4 |
|
Payments into time deposits |
- |
- |
0.0 |
- |
0.0 |
|
Time deposit matured |
- |
- |
- |
0.0 |
21.9 |
|
Rounding adjustment Cash flow |
0.0 |
0.0 |
- |
- |
- |
|
Loan Made |
-33.7 |
-39.0 |
-19.8 |
-43.9 |
-66.2 |
|
Loan Collected |
33.3 |
33.1 |
96.1 |
31.8 |
32.5 |
|
Purchase of subsidiaries' shares |
- |
- |
-0.3 |
0.0 |
- |
|
Proceeds from sales of investments in su |
0.0 |
11.0 |
0.0 |
29.2 |
0.0 |
|
Outflow due to sale subsidiaries' sec. |
- |
- |
0.0 |
-8.5 |
0.0 |
|
Other, net |
1.6 |
9.1 |
2.0 |
9.4 |
4.3 |
|
Cash from Investing Activities |
-399.3 |
-111.9 |
128.3 |
-184.3 |
-27.6 |
|
|
|
|
|
|
|
|
Purchase And Sales Of Treasury Stock |
0.0 |
- |
- |
- |
- |
|
Proceeds From Issuance Of Bonds |
241.0 |
- |
- |
- |
- |
|
Redemp.of Bonds |
- |
-253.3 |
0.0 |
-215.2 |
-101.5 |
|
Net increase (decrease) in short-term lo |
-56.5 |
16.9 |
-10.8 |
- |
- |
|
Issued-ST Debt |
- |
- |
- |
264.1 |
296.2 |
|
Repaid-ST Debt |
- |
- |
- |
-530.6 |
-164.4 |
|
Proceeds from long-term loans payable |
31.7 |
206.0 |
57.2 |
453.0 |
86.9 |
|
Repayment of long-term loans payable |
-296.9 |
-183.2 |
-214.5 |
-8.0 |
-125.0 |
|
Treasury stock transactions, net |
- |
-0.2 |
-0.5 |
-0.8 |
0.0 |
|
Dividend Paid |
-38.2 |
-26.7 |
- |
0.0 |
-31.5 |
|
Proceeds From Stock Issuance To Minority |
1.2 |
3.0 |
- |
- |
- |
|
Rounding adjustment Cash flow |
0.0 |
0.0 |
- |
- |
- |
|
Proceeds from stock issuance to minority |
- |
- |
0.0 |
0.0 |
11.7 |
|
Dividend Paid to Minority |
-8.5 |
-8.8 |
-5.1 |
-11.1 |
-4.5 |
|
Proceeds from issuance of common stock |
175.0 |
- |
- |
- |
- |
|
Other, net |
-9.4 |
-7.1 |
9.3 |
-10.0 |
0.0 |
|
Cash from Financing Activities |
39.4 |
-253.3 |
-164.5 |
-58.5 |
-32.2 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
28.3 |
-9.8 |
-14.2 |
3.9 |
-33.8 |
|
Net Change in Cash |
78.3 |
-211.6 |
260.1 |
14.8 |
80.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,052.1 |
1,317.1 |
953.5 |
864.3 |
688.3 |
|
Net Cash - Ending Balance |
1,130.4 |
1,105.5 |
1,213.7 |
879.2 |
768.2 |
|
Cash Interest Paid |
28.9 |
32.3 |
35.9 |
36.6 |
34.2 |
|
Cash Taxes Paid |
70.9 |
81.8 |
85.1 |
57.4 |
97.7 |
Financial Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ratio Comparisons
|
Traded: Over The
Counter: EBCOY |
Financials in:
USD (actual units) |
|
Industry: Misc. Fabricated
Products |
As of 09-May-2013 |
|
Sector: Basic Materials |
|
|
|
Company |
Industry |
Sector |
S&P 500 |
|
Valuation Ratios |
||||
|
P/E Excluding Extraordinary (TTM) |
- |
27.86 |
24.91 |
19.68 |
|
P/E High Excluding Extraordinary - Last 5 Yrs |
- |
38.88 |
40.00 |
32.79 |
|
P/E Low Excluding Extraordinary - Last 5 Yrs |
- |
6.62 |
8.69 |
10.71 |
|
Beta |
- |
1.53 |
1.47 |
1.00 |
|
Price/Revenue (TTM) |
- |
1.99 |
2.38 |
2.57 |
|
Price/Book (MRQ) |
1.25 |
2.68 |
3.90 |
3.67 |
|
Price to Tangible Book (MRQ) |
1.31 |
6.83 |
5.81 |
5.21 |
|
Price to Cash Flow Per Share (TTM) |
- |
16.42 |
13.98 |
14.22 |
|
Price to Free Cash Flow Per Share (TTM) |
12.41 |
29.60 |
37.21 |
26.26 |
|
|
|
|
|
|
|
Dividends |
||||
|
Dividend Yield |
1.88% |
0.88% |
1.75% |
2.26% |
|
Dividend Per Share - 5 Yr Avg |
- |
0.99 |
2.50 |
1.99 |
|
Dividend 5 Yr Growth |
- |
4.54% |
1.06% |
0.08% |
|
Payout Ratio (TTM) |
- |
20.70% |
29.68% |
25.98% |
|
|
|
|
|
|
|
Growth Rates (%) |
||||
|
Revenue (MRQ) vs Qtr 1 Yr Ago |
- |
21.35% |
20.15% |
15.58% |
|
Revenue (TTM) vs TTM 1 Yr Ago |
- |
19.14% |
23.47% |
17.69% |
|
Revenue 5 Yr Growth |
- |
6.76% |
7.38% |
8.97% |
|
EPS (MRQ) vs Qtr 1 Yr Ago |
- |
33.62% |
13.63% |
19.49% |
|
EPS (TTM) vs TTM 1 Yr Ago |
- |
124.73% |
42.74% |
32.55% |
|
EPS 5 Yr Growth |
- |
5.77% |
8.05% |
9.86% |
|
Capital Spending 5 Yr Growth |
- |
8.85% |
9.93% |
-2.04% |
|
|
|
|
|
|
|
Financial Strength |
||||
|
Quick Ratio (MRQ) |
1.21 |
1.74 |
1.78 |
1.24 |
|
Current Ratio (MRQ) |
1.48 |
3.16 |
2.73 |
1.79 |
|
LT Debt/Equity (MRQ) |
0.27 |
0.26 |
0.81 |
0.64 |
|
Total Debt/Equity (MRQ) |
0.73 |
0.29 |
0.88 |
0.73 |
|
Interest Coverage (TTM) |
- |
10.05 |
11.21 |
13.80 |
|
|
|
|
|
|
|
Profitability Ratios (%) |
||||
|
Gross Margin (TTM) |
- |
26.58% |
32.32% |
45.21% |
|
Gross Margin - 5 Yr Avg |
- |
25.52% |
31.54% |
44.91% |
|
EBITD Margin (TTM) |
- |
16.26% |
22.23% |
24.43% |
|
EBITD Margin - 5 Yr Avg |
- |
15.46% |
18.43% |
22.84% |
|
Operating Margin (TTM) |
- |
12.93% |
16.99% |
20.63% |
|
Operating Margin - 5 Yr Avg |
- |
12.28% |
13.64% |
18.28% |
|
Pretax Margin (TTM) |
- |
12.37% |
15.86% |
17.95% |
|
Pretax Margin - 5 Yr Avg |
- |
11.83% |
12.57% |
17.10% |
|
Net Profit Margin (TTM) |
- |
8.43% |
11.55% |
13.65% |
|
Net Profit Margin - 5 Yr Avg |
- |
7.88% |
8.64% |
12.10% |
|
Effective Tax Rate (TTM) |
- |
31.50% |
28.04% |
28.45% |
|
Effective Tax rate - 5 Yr Avg |
- |
32.54% |
29.65% |
29.92% |
|
|
|
|
|
|
|
Management Effectiveness (%) |
||||
|
Return on Assets (TTM) |
- |
7.34% |
8.05% |
8.54% |
|
Return on Assets - 5 Yr Avg |
- |
8.99% |
7.49% |
8.40% |
|
Return on Investment (TTM) |
- |
6.14% |
5.86% |
7.90% |
|
Return on Investment - 5 Yr Avg |
- |
7.32% |
5.78% |
8.27% |
|
Return on Equity (TTM) |
- |
12.34% |
18.78% |
19.72% |
|
Return on Equity - 5 Yr Avg |
- |
16.56% |
17.45% |
20.06% |
|
|
|
|
|
|
|
Efficiency |
||||
|
Revenue/Employee (TTM) |
- |
330,250.78 |
613,510.56 |
927,613.77 |
|
Net Income/Employee (TTM) |
- |
26,934.95 |
82,492.56 |
116,121.92 |
|
Receivables Turnover (TTM) |
- |
7.02 |
8.71 |
13.25 |
|
Inventory Turnover (TTM) |
- |
4.69 |
8.16 |
14.53 |
|
Asset Turnover (TTM) |
- |
0.96 |
0.82 |
0.93 |
Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Report
Stock Snapshot
Traded: Over The Counter: EBCOY
As of 9-May-2013 US Dollars
Recent Price $49.50 EPS $3.60
52 Week High $49.53 Price/Sales 0.55
52 Week Low $36.76 Dividend Rate $0.93
Avg. Volume (mil) 0.00 Price/Book 1.25
Market Value (mil) $2,325.82
Price % Change Rel S&P 500%
4 Week 24.22% 20.81%
13 Week 26.99% 17.99%
52 Week 25.07% 3.97%
Year to Date 15.77% 1.07%
2 Year Weekly End Price &
Volume
Stock History
|
Market Cap History |
||
|
|
31-Mar-13 |
% Chg |
|
Total Common Shares Outstanding |
464 |
- |
|
Market Cap |
1,871.6 |
- |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Monthly Price History |
||||||
|
Price Ending Date |
Open |
High |
Low |
Close |
Volume |
|
|
09-May-13 |
43.67 |
49.53 |
43.67 |
49.50 |
7,186 |
|
|
30-Apr-13 |
39.98 |
42.83 |
39.53 |
42.83 |
18,000 |
|
|
28-Mar-13 |
41.10 |
42.51 |
40.01 |
40.30 |
4,789 |
|
|
25-Feb-13 |
38.98 |
43.32 |
38.98 |
39.02 |
3,005 |
|
|
02-Jan-13 |
42.04 |
42.04 |
42.04 |
42.04 |
100 |
|
|
20-Dec-12 |
40.45 |
42.76 |
40.45 |
42.76 |
209 |
|
|
30-Nov-12 |
39.76 |
39.76 |
38.69 |
38.69 |
320 |
|
|
12-Sep-12 |
40.51 |
41.68 |
40.51 |
41.68 |
498 |
|
|
26-Jul-12 |
37.32 |
37.32 |
37.32 |
37.32 |
200 |
|
|
27-Jun-12 |
36.76 |
36.76 |
36.76 |
36.76 |
200 |
|
|
23-May-12 |
40.66 |
40.68 |
36.89 |
36.89 |
2,000 |
|
|
30-Apr-12 |
34.54 |
40.33 |
34.54 |
40.21 |
4,400 |
|
|
29-Mar-12 |
38.94 |
38.94 |
36.47 |
36.75 |
902 |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.49 |
|
UK Pound |
1 |
Rs.86.01 |
|
Euro |
1 |
Rs.73.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.