MIRA INFORM REPORT
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Report Date : |
19.06.2013 |
IDENTIFICATION DETAILS
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Name : |
KUBOTA CORP
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Registered Office : |
1-2-47, Shikitsu Higashi, Naniwa-ku, Osaka-Shi, 556-8601 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
22.12.1930 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
manufacturer
of farm equipment, engines and construction machinery |
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No. of Employees : |
29185 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
japan ECONOMIC OVERVIEW
In the years
following World War II, government-industry cooperation, a strong work ethic,
mastery of high technology, and a comparatively small defense allocation (1% of
GDP) helped Japan develop a technologically advanced economy. Two notable
characteristics of the post-war economy were the close interlocking structures
of manufacturers, suppliers, and distributors, known as keiretsu, and the
guarantee of lifetime employment for a substantial portion of the urban labor
force. Both features are now eroding under the dual pressures of global
competition and domestic demographic change. Japan's industrial sector is
heavily dependent on imported raw materials and fuels. A small agricultural
sector is highly subsidized and protected, with crop yields among the highest
in the world. While self-sufficient in rice production, Japan imports about 60%
of its food on a caloric basis. For three decades, overall real economic growth
had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s,
and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging
just 1.7%, largely because of the after effects of inefficient investment and
an asset price bubble in the late 1980s that required a protracted period of
time for firms to reduce excess debt, capital, and labor. Modest economic
growth continued after 2000, but the economy has fallen into recession three
times since 2008. A sharp downturn in business investment and global demand for
Japan's exports in late 2008 pushed Japan into recession. Government stimulus
spending helped the economy recover in late 2009 and 2010, but the economy
contracted again in 2011 as the massive 9.0 magnitude earthquake and the
ensuing tsunami in March disrupted manufacturing. The economy has largely
recovered in the two years since the disaster, but reconstruction in the Tohoku
region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared
the economy his government's top priority; he has pledged to reconsider his
predecessor's plan to permanently close nuclear power plants and is pursuing an
economic revitalization agenda of fiscal stimulus and regulatory reform and has
said he will press the Bank of Japan to loosen monetary policy. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2012 stood as the fourth-largest economy in the world after second-place
China, which surpassed Japan in 2001, and third-place India, which edged out
Japan in 2012. The new government will continue a longstanding debate on
restructuring the economy and reining in Japan's huge government debt, which
exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth,
and an aging and shrinking population are other major long-term challenges for the
economy.
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Source : CIA |
Company name & address
Kubota Corp
1-2-47, Shikitsu Higashi, Naniwa-ku
Osaka-Shi, 556-8601
Japan
Tel: 81-6-66482111
Fax: 81-6-66483862
Web: www.kubota.co.jp
Head Office
1-3 Nihonbashi-Muromachi
3-Chome, Chuo-Ku
Tokyo 103-8310, Japan
Synthesis
Employees: 29,185
Company Type: Public Parent
Corporate Family: 110
Companies
Traded: Tokyo
Stock Exchange: 6326
New York Stock
Exchange: KUB
Incorporation Date: 22-Dec-1930
Auditor: Deloitte Touche Tohmatsu
LLC
Financials in: USD
(Millions)
Fiscal Year End:
31-Mar-2013
Reporting Currency: Japanese
Yen
Annual Sales: 14,072.8 1
Net Income: 888.1
Total Assets:
18,532.2 2
Market Value: 18,763.5(07-Jun-2013)
Business Description
KUBOTA CORPORATION is a manufacturer of farm equipment, engines and construction machinery. The Company is also a producer of various pipe-related products, principally ductile iron pipes and environment-related products, such as environmental plants. In addition, the Company manufactures and sells industrial castings, welded steel pipes, vending machines, electronic-equipped machinery and air-conditioning equipment. It operates through four business segments: Machinery, Water & Environment Systems, Social Infrastructure and Other. As of March 31, 2012, Kubota had 150 subsidiaries and 20 associated companies. On April 27, 2012, the Company completed the acquisition of 99.12 % of the shares of Kverneland ASA. On May 8, 2012, the Company completed the fully acquisition of of Kverneland ASA. On November 30, 2012, the Company acquired a Japan-based company, which is engaged in environment engineering business, from TODA KOGYO CORP. For the fiscal year ended 31 March 2013, Kubota Corp revenues increased 16% to Y1.168T. Net income increased 20% to Y73.69B. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Net income benefited from Gain/Loss Exchange Rate increase from Y7.61B (expense) to Y9.27B (income), Interest Expense decrease of 32% to Y1.28B (expense).
Industry
Industry Construction and Agriculture
Machinery
ANZSIC 2006: 2461 - Agricultural
Machinery and Equipment Manufacturing
NACE 2002: 2931 - Manufacture
of agricultural tractors
NAICS 2002: 333111 - Farm
Machinery and Equipment Manufacturing
UK SIC 2003: 2931 - Manufacture
of agricultural tractors
UK SIC 2007: 28301 -
Manufacture of agricultural tractors
US SIC 1987: 3523 - Farm Machinery
and Equipment
Key Executives
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Name |
Title |
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Yasuo Masumoto |
Chairman of the Board, President, Representative Director |
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Satoshi Iida |
Managing Executive Officer, Director of Agricultural Machine General Business,
Chief Director of Agricultural Machine Overseas Sales |
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Taichi Ito |
Executive Officer, Deputy Chief Director of Human Resources and
General Affairs |
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Yusuke Uchida |
Director of Tokyo General Affairs |
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Katsuyuki Iwana |
Managing Executive Officer |
Significant Developments
|
* number of significant developments within the last 12 months
Financial
Summary
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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
1-2-47, Shikitsu Higashi, Naniwa-ku
Osaka-Shi, 556-8601
Japan
Tel: 81-6-66482111
Fax: 81-6-66483862
Web: www.kubota.co.jp
Quote Symbol - Exchange
6326 - Tokyo Stock
Exchange
Sales JPY(mil): 1,167,628.0
Assets JPY(mil): 1,743,670.0
Employees: 29,185
Fiscal Year End: 31-Mar-2013
Industry: Construction
and Agriculture Machinery
Incorporation Date: 22-Dec-1930
Company Type: Public
Parent
Quoted Status: Quoted
Chairman of the
Board, President, Representative Director:
Yasuo Masumoto
Industry Codes
ANZSIC 2006 Codes:
2461 - Agricultural Machinery and Equipment Manufacturing
2121 - Iron and Steel Casting
2499 - Other Machinery and Equipment Manufacturing Not Elsewhere
Classified
2462 - Mining and Construction Machinery Manufacturing
2469 - Other Specialised Machinery and Equipment Manufacturing
2452 - Fixed Space Heating, Cooling and Ventilation Equipment Manufacturing
2110 - Iron Smelting and Steel Manufacturing
NACE 2002 Codes:
2931 - Manufacture of agricultural tractors
2752 - Casting of steel
2924 - Manufacture of other general purpose machinery not
elsewhere classified
2751 - Casting of iron
2923 - Manufacture of non-domestic cooling and ventilation
equipment
2710 - Manufacture of basic iron and steel and of ferro-alloys
2952 - Manufacture of machinery for mining, quarrying and
construction
2911 - Manufacture of engines and turbines, except aircraft,
vehicle and cycle engines
NAICS 2002 Codes:
333111 - Farm Machinery and Equipment Manufacturing
333298 - All Other Industrial Machinery Manufacturing
331513 - Steel Foundries (except Investment)
333618 - Other Engine Equipment Manufacturing
331111 - Iron and Steel Mills
336391 - Motor Vehicle Air-Conditioning Manufacturing
333120 - Construction Machinery Manufacturing
331511 - Iron Foundries
333311 - Automatic Vending Machine Manufacturing
US SIC 1987:
3523 - Farm Machinery and Equipment
3325 - Steel Foundries, Not Elsewhere Classified
3312 - Steel Works, Blast Furnaces (Including Coke Ovens), and
Rolling Mills
3585 - Air-Conditioning and Warm Air Heating Equipment and
Commercial and Industrial Refrigeration Equipment
3321 - Gray and Ductile Iron Foundries
3531 - Construction Machinery and Equipment
3519 - Internal Combustion Engines, Not Elsewhere Classified
3559 - Special Industry Machinery, Not Elsewhere Classified
3581 - Automatic Vending Machines
UK SIC 2003:
2931 - Manufacture of agricultural tractors
2911 - Manufacture of engines and turbines, except aircraft,
vehicle and cycle engines
2924 - Manufacture of other general purpose machinery not
elsewhere classified
2710 - Manufacture of basic iron and steel and of ferro-alloys
2952 - Manufacture of machinery for mining, quarrying and
construction
2751 - Casting of iron
2923 - Manufacture of non-domestic cooling and ventilation
equipment
2752 - Casting of steel
UK SIC 2007:
28301 - Manufacture of agricultural tractors
2825 - Manufacture of non-domestic cooling and ventilation
equipment
2452 - Casting of steel
2451 - Casting of iron
2811 - Manufacture of engines and turbines, except aircraft,
vehicle and cycle engines
2829 - Manufacture of other general-purpose machinery n.e.c.
2410 - Manufacture of basic iron and steel and of ferro-alloys
2892 - Manufacture of machinery for mining, quarrying and
construction
Business
Description
KUBOTA
CORPORATION, incorporated on December 22, 1930, is a manufacturer of farm
equipment, engines and construction machinery. The Company is also a producer
of various pipe-related products, principally ductile iron pipes and
environment-related products, such as environmental control plants. In addition,
the Company manufactures and sells industrial castings, spiral welded steel
pipes, vending machines, electronic-equipped machinery and air-conditioning
equipment. It operates through four business segments: Farm & Industrial
Machinery, Water & Environment Systems, Social Infrastructure and Other.
The Company’s production network primarily comprises 20 plants in Japan and
10 plants in overseas countries. Kubota also has 15 sales subsidiaries in
overseas countries.
Farm & Industrial Machinery
Farm &
Industrial Machinery includes farm equipment, engines and construction
machinery. Main products include tractors ranging from 10.5 to 135 horsepower,
combine harvesters, rice transplanters, power tillers and reaper binders. The
Company also manufactures and sells a line of construction machinery, including
mini-excavators and wheel loaders, as well as engines for various industrial
uses. Overseas revenues of this segment accounted for 62.8% of the total
revenues of this segment during the fiscal year ended March 31, 2010 (fiscal
2010).
Domestic sales of
farm equipment, engines and construction machinery are made through wholesale
and retail dealers, and the National Federation of Agricultural Cooperative
Associations. Overseas revenues are made through trading companies, local
distributors and the Company’s overseas subsidiaries and affiliates. The
products in this segment are manufactured at six domestic plants, and the
Company has manufacturing subsidiaries in the United States, Germany, China, Thailand,
Indonesia and Vietnam.
Water & Environment Systems
Water &
Environment Systems consists of pipe-related products and environment-related
products. Pipe-related products consist of ductile iron pipes, plastic pipes
and fittings, and various valves. Most of these products are sold to local and
national governments, and public utilities for use principally in water supply
and sewage systems along with industrial water supply, as well as gas supply,
telecommunication and irrigation systems. Environment-related products consist
of environmental control plants, pumps and related engineering. The Company
supplies water and sewage treatment plants, submerged membrane systems and
biogas production systems for water treatment. The Company also supplies pulverizing
facilities for solid waste treatment and various pumps for waterworks, sewage
facilities, irrigation system, rainwater drainage and power supplies.
Domestic sales of
pipe-related products are made through trading companies and dealers, or
directly made to other companies and local and national governments. Overseas
sales of pipe-related products are made through trading companies and a
subsidiary, or directly made to other companies. A large portion of the sales
of environment-related products are made to municipalities focusing on domestic
environmental engineering market. Overseas revenues of Water & Environment
Systems segment accounted for 11.1% of the total revenues of this segment
during fiscal 2010. There are 11 manufacturing plants in Japan and no overseas
plants.
Social Infrastructure
Social
Infrastructure segment consists of industrial castings, spiral welded steel
pipes, vending machines, electronic-equipped machinery and air-conditioning
equipment. Domestic sales of products of this segment are made through trading
companies and subsidiaries, or directly made to other companies and public
entities. Overseas sales are made through trading companies and a subsidiary,
or directly made to other companies. Overseas revenues of this segment accounted
for 25.7% of the total revenues of this segment in fiscal 2010. The products in
this segment are manufactured at six plants in Japan and manufacturing
subsidiaries in Canada and Indonesia.
Other
Other segment
encompasses all the other businesses that do not belong to the Company’s
three segments. This segment consists of construction, services and other
businesses. Most of the products and services of this segment are directly sold
to other companies and public entities. Overseas revenues of this segment
accounted for 2.8% of the total revenues of this segment in fiscal 2010. There
is no manufacturing plant in this segment
More Business Descriptions
KUBOTA CORPORATION
is a manufacturer of farm equipment, engines and construction machinery. The
Company is also a producer of various pipe-related products, principally
ductile iron pipes and environment-related products, such as environmental
plants. In addition, the Company manufactures and sells industrial castings,
welded steel pipes, vending machines, electronic-equipped machinery and
air-conditioning equipment. It operates through four business segments:
Machinery, Water & Environment Systems, Social Infrastructure and Other. As
of March 31, 2012, Kubota had 150 subsidiaries and 20 associated companies. On
April 27, 2012, the Company completed the acquisition of 99.12 % of the shares
of Kverneland ASA. On May 8, 2012, the Company completed the fully acquisition
of of Kverneland ASA. On November 30, 2012, the Company acquired a Japan-based
company, which is engaged in environment engineering business, from TODA KOGYO
CORP. For the fiscal year ended 31 March 2013, Kubota Corp revenues increased
16% to Y1.168T. Net income increased 20% to Y73.69B. Revenues reflect an
increase in demand for the Company's products and services due to favorable
market conditions. Net income benefited from Gain/Loss Exchange Rate increase
from Y7.61B (expense) to Y9.27B (income), Interest Expense decrease of 32% to
Y1.28B (expense).
Manufacture and distribution
of agricultural machinery, pipes, industrial castings and machinery, building
materials
Holding Company;
Farm & Industrial Equipment, Water Supply Equipment & Infrastructure
Equipment Mfr
Kubota Corporation
(Kubota) provides a comprehensive line of products and services including farm
equipment, pipes for water supply and sewage systems, environmental control
plants, industrial castings, and building materials. The product portfolio of
the company includes welders, generators, engines, tractors, tractor
implements, vegetable production equipment, ductile iron pipes, pumps, waste
water treatment tanks, vending machines, and weighing and measuring control
systems. The Company’s production network primarily comprises 20 plants in
Japan and 24 plants in overseas countries. Kubota also has 13 sales
subsidiaries in overseas countries. Kubota classifies its operations into four
reportable segments, namely, Farm and Industrial Machinery, Water and
Environment Systems, Social Infrastructure and Others.The Farm and Industrial
Machinery segment carries out the design and manufacture of farm equipment,
engines and construction machinery. The product line consists of tractor, power
tillers and reaper binders, engines, construction machinery and agricultural-related
products. The company offers combine harvesters and rice transplanters, which
mechanize rice transplantation and harvesting. The company offers compact,
lightweight, high-output engines with maximum output range from 4.3 hp to 99.2
hp. The construction machinery includes wheel loaders, mini-excavators and
compact track loaders. The products in this segment are manufactured at six
domestic plants as well as foreign manufacturing subsidiaries in the U.S.,
Germany, China, Thailand, Indonesia, Vietnam, Norway, Demark, the U.K.,
Netherlands, France, and Russia. For the fiscal year ended March 2012, the Farm
and Industrial Machinery segment reported revenue of JPY713.943 billion. The
segment contributed 70.8% of the company's total consolidated revenue in 2012.
The Water and Environment Systems segment conducts the manufacture of ductile
iron pipes, spiral welded steel pipes, plastic pipes and fittings, and various
valves, soil pipes and fittings, heat-resistant steel pipes and steel pipe
piles. Other products include iron and steel castings, encompass rolls,
machinery parts, and thermal treatment in-core products. The company also
offers submerged membrane units with incorporated microporous membranes; and
wastewater treatment tanks. The company's products find applications in water
supply and sewage systems, industrial water supply, gas supply,
telecommunication and irrigation systems, and steel and construction industry.
There are 11 manufacturing plants in Japan and a manufacturing subsidiary in
China to produce this kind of products .For the fiscal year ended March 2012,
the Water and Environment Systems segment reported revenue of JPY198.511
billion. The segment contributed 19.7% of the company's total consolidated
revenue in 2012.The Social Infrastructure segment manufactures and distributes
industrial castings, spiral welded steel pipes, vending machines,
electronic-equipped machinery, and air-conditioning equipment.The company
offers steel pipes, which help to construct earthquake-resistant foundations.
The company offers extensive product line up of air conditioning equipment,
which range from standard models to compact models. The company offers weighing
and measuring control systems as well as liquid filling devices, gravimetric
constant feeders, particle contamination sorters and digital platform scales.
For the fiscal year ended March 2012, the Social Infrastructure segment
reported revenue of JPY64.77 billion. The segment contributed 6.4% of the
company's total consolidated revenue in 2012The Other segment includes
construction, services and other business. For the fiscal year ended March
2012, the Other segment reported revenue of JPY30.79 billion. The segment
contributed 3.1% of the company's total consolidated revenue in 2012. The
company classifies its geographical locations into five regions, namely, Japan,
North America, Europe, Asia Outside Japan and Other. For the fiscal year ended
March 2012, The company generated 49% of the total revenue form Japan, followed
by North America (22%), Asia Outside Japan (17%), Europe (9%) and Other regions
(3%).In July 2012, Kubota Precision Machinery will construct a new plant to
expand its business and to grow its competitiveness in global markets.
Previously the company's subsidiary Kubota Seiki Corporation established the
old overseas production plant for hydraulic components in Thailand but the new
plant will replace the existing plant. In May 2012, the company completed the
acquisition of Kverneland ASA.
Kubota Corporation
(Kubota) is a Japanese equipment and machinery manufacturer. Kubota is a
manufacturer of farm equipment, engines, construction machinery and also
producer of various pipe-related products, principally ductile iron pipes and
environment-related products such as environmental control plants. In addition,
the Company manufactures and sells industrial castings, spiral welded steel
pipes, vending machines, electronic-equipped machinery, and air-conditioning
equipment. Its principal markets include municipalities, agriculture,
construction and other industrial sectors. The company has 20 plants in Japan
and 24 plants in overseas countries. The company markets its products through
various sales offices. the company has presence in Japan, North America,
Europe, Asia Outside Japan and other countries. Kubota is headquartered in
Osaka, Japan.The company's strategy is to fulfill the growing demand of its
agricultural machinery business in Asia. In line with strategy, the company
recently intended to establish a sales office in Indonesia which will sell
tractors, combine harvesters, and rice transplanters, which are major kinds of
agricultural machinery for paddy fields.The company reported revenues of (Yen)
JPY 1,008,019.00 million during the fiscal year ended March 2012, an increase
of 7.96% over 2011. The operating profit of the company was JPY 105,680.00
million during the fiscal year 2012, an increase of 25.28% over 2011. The net
profit of the company was JPY 61,552.00 million during the fiscal year 2012, an
increase of 12.28% over 2011.
All Other
Miscellaneous Manufacturing
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Strategic Initiatives
Key Organizational Changes
On the other hand,
cash and cash equivalents decreased ¥18.1 billion corresponding to the acquisition
of a business. 2) Liabilities Total liabilities amounted to ¥780.5 billion, an
increase of ¥105.0 billion (15.5%) from the end of the prior year. Current
liabilities were ¥536.0 billion, an substantial increase of ¥100.9 billion
(23.2%) from the prior year-end due to an increase in the current portion of
long-term liabilities and an increase in liabilities related to the acquisition
of a business as well as increases in accounts payable, which was mainly
affected by the revenue increase and the shift in settlement date from March 31
to April 2, and income taxes payable due to the revenue increase. Liabilities
related to acquisition of business amounted to ¥32.3 billion, which comprises
¥22.9 billion of current liabilities and ¥9.4 billion of long-term
liabilities. 3) Equity Total equity amounted to ¥707.2 billion, an increase of
Â¥25.9 billion (3.8%) from the end of the prior year.
2) Liabilities
Total liabilities amounted to ¥780.5 billion, an increase of ¥105.0 billion
(15.5%) from the end of the prior year. Current liabilities were ¥536.0
billion, an substantial increase of ¥100.9 billion (23.2%) from the prior
year-end due to an increase in the current portion of long-term liabilities and
an increase in liabilities related to the acquisition of a business as well as
increases in accounts payable, which was mainly affected by the revenue
increase and the shift in settlement date from March 31 to April 2, and income
taxes payable due to the revenue increase. Liabilities related to acquisition
of business amounted to ¥32.3 billion, which comprises ¥22.9 billion of
current liabilities and ¥9.4 billion of long-term liabilities. 3) Equity Total
equity amounted to ¥707.2 billion, an increase of ¥25.9 billion (3.8%) from
the end of the prior year. Equity increased because recorded net income offset
increases in treasury stock and accumulated other comprehensive loss.
The
shareholders’ equity ratio* was 43.9%, 2.9 percentage points lower than at
the prior fiscal year-end. The debt-to-equity ratio** was 55.3%, 0.5 percentage
points lower than at the prior year-end. Related to the acquisition of a
business, noncontrolling interests increased ¥5.0 billion. * Shareholders’
equity ratio = shareholders’ equity / total assets ** Debt-to-equity ratio =
interest-bearing debt / shareholders’ equity Derivatives To offset currency
and interest rate fluctuation risks, the Company uses various types of
derivatives, including foreign exchange forward contracts, foreign currency
option contracts, cross-currency swap contracts cross-currency interest rate
swap contracts, and interest rate swap contracts. As a basic policy, the
Company conducts its derivative transactions within the range of its
outstanding credit and obligations, and the Company does not engage in
speculative derivative transactions.
This is because
note and accounts receivable increased, mainly due to an increase in revenues
and temporary shift of the month-end settlement date from March 31 to April 2.
Net cash used in investing activities was ¥69.9 billion, an increase of ¥26.3
billion in cash outflow compared with the prior year. This increase in cash
outflow was mainly due to the acquisition of businesses, while proceeds from
sales of property, plant and equipment increased. Net cash used in financing
activities was ¥13.3 billion, representing a decrease of ¥28.5 billion in
cash outflow compared with the prior year. This decrease was mainly due to an
increase of proceeds from the issuance of long-term debt, while purchases of
treasury stock increased.
Assets,
Liabilities, and Equity 1) Assets Total assets at the end of March 2012
amounted to ¥1,487.7 billion, an increase of ¥130.8 billion (9.6%) from the
prior fiscal year-end. Current assets were ¥866.0 billion, an increase of
Â¥88.8 billion from the prior fiscal year-end mainly due to an increase of
notes and accounts receivable, short-term finance receivables and inventories
corresponding to the revenue increase. An increase in assets related to the
acquisition of a business amounted to ¥55.4 billion. This amount comprises
¥28.1 billion in current assets, ¥0.6 billion in investments and long-term
finance receivables, ¥8.2 billion in property, plant, and equipment, and other
assets in ¥18.5 billion, which includes ¥4.0 billion of goodwill. On the
other hand, cash and cash equivalents decreased ¥18.1 billion corresponding to
the acquisition of a business.
An increase in
assets related to the acquisition of a business amounted to ¥55.4 billion.
This amount comprises ¥28.1 billion in current assets, ¥0.6 billion in
investments and long-term finance receivables, ¥8.2 billion in property,
plant, and equipment, and other assets in ¥18.5 billion, which includes ¥4.0
billion of goodwill. On the other hand, cash and cash equivalents decreased
Â¥18.1 billion corresponding to the acquisition of a business. 2) Liabilities
Total liabilities amounted to ¥780.5 billion, an increase of ¥105.0 billion
(15.5%) from the end of the prior year. Current liabilities were ¥536.0
billion, an substantial increase of ¥100.9 billion (23.2%) from the prior
year-end due to an increase in the current portion of long-term liabilities and
an increase in liabilities related to the acquisition of a business as well as
increases in accounts payable, which was mainly affected by the revenue
increase and the shift in settlement date from March 31 to April 2, and income
taxes payable due to the revenue increase.
In July 2012,
Kubota Precision Machinery will construct a new plant to expand its business
and to grow its competitiveness in global markets. Previously the company's
subsidiary Kubota Seiki Corporation established the old overseas production
plant for hydraulic components in Thailand but the new plant will replace the
existing plant. In May 2012, the company completed the acquisition of
Kverneland ASA.GlobalData uses a range of research techniques to gather and
verify its information and analysis. These include primary research, in-house
knowledge and expertise, proprietary databases, and secondary sources such as
company websites, annual reports, SEC filings and press releases. Disclaimer:
No part of this publication may be reproduced, stored in a retrieval system or
transmitted in any form by any means, electronic, mechanical, photocopying,
recording or otherwise, without the prior permission of the publisher,
GlobalData.
Sales and Distribution
Over the past
three years, the amount of net cash provided by operating activities was
Â¥280.9 billion in aggregate. Additionally, during the same period, proceeds
from sales of property, plant, and equipment and proceeds from sales of
investments were ¥30.7 billion in total. The aggregate amount of these cash
flows was used chiefly to fund increases in finance receivables, which exceeded
collections of finance receivables by ¥80.8 billion, purchases of fixed assets
of ¥80.9 billion, acquisition of business (net of cash acquired) of ¥17.2
billion, dividend payments to shareholders of ¥50.8 billion and purchase of
treasury stock for ¥10.3 billion. Net decrease in interest-bearing debt was
Â¥20.4 billion in aggregate. Cash and cash equivalents increased an aggregate
of ¥31.1 billion during the same period.
To maintain the strength
of its balance sheet and help secure adequate funding resources, the Company
carefully monitors its interest-bearing debt, excluding debt related to sale
financing programs. The Company is providing retail financing programs to
facilitate sales of farm equipment in Japan, North America, Asia outside Japan
and Other Areas and believes an increase of debt related to sales financing
programs is a result of business expansion. At the end of March 2012, the
amount of interest-bearing debt increased ¥7.3 billion from the prior year, to
Â¥361.2 billion mainly due to the acquisition of a business during the period.
Of the ¥361.2 billion, ¥300.0 billion was borrowings from financial
institutions, and the remaining ¥61.2 billion consisted of corporate bonds.
The currencies in which the Company borrows are mainly Japanese yen, U.S.
dollars and Thai Baht.
|
|
Helpful |
Harmful |
|
Internal Origin |
Strengths |
Weaknesses |
|
External Origin |
Opportunities |
Threats |
Overview
Kubota Corporation
(Kubota) is involved in the design, manufacture and marketing of farm
equipment, construction machinery, engines and pipes. The company also provides
industrial castings and building materials, besides undertaking construction
activities. Some of the important pipe-related products provided by the company
include ductile iron pipes and environment-related products such as
environmental control plants. The main industries in which the products of the
company find use include municipalities, agriculture, construction and other
industrial sectors. The company lays strong emphasis on its research and
development activities, which help it in maintaining a competitive position in
the industry. However, intense competition and natural disasters in the
industry could affect the profitability of the company.
Strengths
Focus on Research and Development
Kubota focuses on
research and development (R&D) programs, which enabled it to develop a
significant patent portfolio and successfully meet the ever changing needs of
its customers. The company spent JPY27.9 billion on R&D activities, which
amounted to 2.76% of the total revenue generated in 2012. These activities are
conducted specifically and principally in R&D departments of each
operational business division and also through their subsidiaries. Kubota
operates R&D departments across its four business segments. Its capital
investments amounted to JPY31.1 billion respectively, for the fiscal year ended
March 2012. The company’s strong focus on R&D helped Kubota register and
holds a patent portfolio consisting of over 4,666 Japanese patents and 1,132
foreign patents. Kubota licenses the use of its technology including its
patents and earns royalty income. Kubota’s strong R&D activities and
patent portfolio allow it to gain competitive advantage and drive its product
portfolio, helping it to gain a large market share.
Wide Geographic Reach
Kubota has wide
geographical reach, which enabled it to serve a huge market. Through its 150
consolidated subsidiaries and 20 affiliates, the company has a presence across
Japan, North America, Europe and Asia. The Farm and Industrial Machinery
segment's products are manufactured at domestic plants and manufacturing
subsidiaries located in the US, China, Thailand, Germany, Indonesia and
Vietnam. Sales from overseas region accounted for 67% in 2012. The pipes,
valves, and industrial castings products are manufactured at various plants
located in Japan. Overseas revenues accounted for 7 % of the total revenue of
Water and Environment Systems segment in fiscal 2012. Presence across wide
markets supported the company in diversifying its revenues streams. Kubota has
manufacturing subsidiaries in the US, Canada, Germany, China, Indonesia and
Thailand and has manufacturing affiliates in India and China. The company has
liaison offices in Torrance (California: U.S.A.), Atlanta (U.S.A.), Argenteuil
(France), Dubai (U.A.E.), Beijing (China), Suzhou (China), Seoul (Korea),
Bangkok (Thailand), Navanakorn (Thailand), Chonburi (Thailand), Hanoi (Vietnam),
Selangor (Malaysia), Cairo (Egypt), Delhi (India), Singapore (Singapore), and
Quezon City (The Philippines). International sales subsidiaries are located in
Australia, Canada, Germany, France, the UK, the US, China, Spain and Korea.
Such geographical diversification enables the company to exploit the
opportunities offered by a broad variety of markets.
Broad Portfolio
The company’s
broad portfolio has enabled it to become one of leading Japanese manufacturers
of a comprehensive range of machinery and products including environmental
control plants, pipes for water supply and sewage systems, farm equipment, and
industrial castings. The products are offered broadly through four categories,
namely, Farm and Industrial Machinery, Water and Environment Systems, Social
Infrastructure and Others. The Farm and Industrial Machinery segment consists
of farm equipment, engines and construction machinery. The product line
includes combine harvesters, rice transplanters, wheel loaders,
mini-excavators, compact track loaders. Under Water and Environment Systems
segment, it offers pipe-related and environment-related products. The product
line includes ductile iron pipes, environmental control plants, plastic pipes
and fittings, various valves, pumps and related engineering products.
Electronic-equipped machinery, industrial castings, vending machines, spiral
welded steel pipes and air-conditioning equipment are developed and offered in
the Social Infrastructure segment. The Other segment consists of construction,
services and other businesses. Further, it also provides finance leases and
retail finance, which principally finance sales of equipment by dealers. Such a
vast business portfolio enables the company to effectively cater to the needs
of a diversified customer base and generate higher revenues.
Weaknesses
Product Recall
In September 2011,
The U.S. Consumer Product Safety Commission and the Kubota Manufacturing of
America Corporation voluntarily recalled Kubota riding mowers due to fire
hazards, which the defective product poses to consumers. The company discovered
that the fuel hose clamp could detach from the fuel filter, which leads to gas
leak out. This could lead to fire hazard to consumers. The company contacted
directly to known customers and offered free inspection and repair. This could
hamper the brand value of the company in the longer run. The company also has
to incur extra cost to the cover up the inspection and repair, which increases
the operating expenditure of the company and reduces its profitability.
Opportunities
Investment in Water and Wastewater Sector
Kubota could look
forward to the opportunities available in water & wastewater and
environment sectors. According to the U.S. Department of Commerce, more than
USD 18 billion investment was infused by the World Bank in water sector
projects around the world. Of the USD 18 billion investment, nearly USD 3.1
billion was committed for water resources management and development in rural
areas and USD 4.3 billion investments in urban sewage and wastewater treatment
projects. Moreover, stimulus packages proposed by countries to beat recession
also talk about investment in this sector. Investment in water & waste
water management sector in Asian countries will further go up in future primarily
due to increasing pollution and water shortages. The Indian government is
focused on bringing green revolution to Eastern India. It also allocated nearly
INR150,000m for irrigation sector. Moreover, stimulus packages announced by the
various governments with emphasis on road, irrigation, and airport construction
projects could lead to a rise in demand for pipes and fittings. Kubota could
leverage its presence across the Asian countries to generate revenues in the
coming years to follow.
Geographic expansion
The geographic
expansion offers an increased market potential. Expanding into new territories
offer the company an opportunity to explore the entire potential in several
markets. In June 2012, the company finalized the plans for the construction of
new plant in Thailand for manufacturing of agricultural machinery related
hydraulic components. In June 2012, the company established a company, P.T.
Kubota Machinery, in Indonesia for commercial sale of agricultural machinery.
In July 2011, the company strengthened its agricultural machinery business in
Philippines by raising its investment ratio in locally incorporated company,
namely, Kubota Agro-industrial Machinery Philippines, Inc. In June 2011, Kubota
established a local and integrated production system for the assembly of
agricultural machinery in Thailand. The production base is for hydraulic
equipment for agricultural machinery. In March 2011, the company established
water treatment engineering subsidiaries and regional headquarters in China to
strengthening regional strategic function for China business expansion and
strengthen its entry into water treatment market. This expansion could lead to
greater market share and increase its revenue in the respective geographic
area.
Growth in Emerging Markets
Kubota has an
opportunity to gain contracts in emerging markets such as Brazil, India, China,
Middle East and countries in the Eastern Europe, which holds high growth
potential. According to Industry estimates, the GDP of the developing and
emerging economies increased by 6.3% whereas the developed world increased by
1.6%. The GDP of key developing countries in Asia increased by 7.8% in 2011.
These markets are likely to remain stable as many projects are financed through
the use of development bank funds throughout the regions. Further, India’s
construction spending is expected to reach $370 billion by 2013. The
construction spending in the country is expected to increase from $ 175 billion
in 2007 to $ 370 billion by the end of 2013. In China, the residential building
construction expenditures are expected to rise at an annual pace of 8.4%
through 2014. Furthermore, the dramatic growth of both economy and population
in the Middle East in recent years has increased demand for supporting
infrastructure and utility facilities. Several projects are in pipeline and are
likely to be completed before 2030. The projects in various sectors amount to $
1.3 trillion in civil engineering projects, $ 200 billion in transportation
projects, $ 217 billion in power and water utilities projects and $ 1.9
trillion in energy projects. As the company has its presence in the Middle East
it can use its vast experience in manufacturing business to capitalize on these
opportunities. The company through its presence in these countries could gain
immensely from the growth opportunities provided.
Threats
Sluggish Economic
Growth
Sluggish growth of the global economy could affect the industrial growth thereby impacting the performance of the company. According to World Bank, the global economy is set to grow just 2.5% in 2012, which is weighed down mainly due to ripple effects from the 2008 financial crisis. Sovereign debt crisis in Europe exacerbated the financial conditions of many countries. The World Bank lowered its growth forecast for high-income countries and high-income Euro Area in 2012 to 1.4% and -0.3% respectively. According to industry estimates, Japan economic growth also declined by 0.3%. Though there is worldwide effort to reshape regulatory frameworks and financial systems, many countries are still under stress due to an overhang of private and public debt. The tight global credit market led to stock market volatility, worsened unemployment situation, besides causing contraction of economic activities in emerging markets as well as major developed economies.
Effect of Natural Disasters
Kubota’s major
market base is Japan which is prone to several natural disasters like
earthquakes, typhoons, tsunamis, and volcanic activities. It operates both manufacturing
units and laboratories in Ibaraki and Osaka, which have witnessed a magnitude
of earthquakes. The company's facilities are also vulnerable to accidents,
fires, and other crisis. Any major earthquake in future could cause shutdown of
or damage to the company’s facilities. Such events could interrupt the
company's manufacturing activities, damage equipment, disrupt access to water
and electricity, and cause many problems that could have significant effect on
business and operating results. The threat is higher from the frequency of
earthquakes. Even then, the precautionary measures employed may not be
successful in major disasters. The company needs to scatter its operations over
relatively safer geographical locations to ensure uninterrupted business
operations.
Highly Competitive Environment
Kubota’s profit
margins could get affected by the intense competition in the construction
industry. The major geographical markets in which the company operates are
highly competitive and in recent years, competition has intensified
considerably due to highly maturing and saturating markets. Moreover,
competition further increased during the current economic downturn, leading to
consolidation of businesses. As some of its competitors are market leaders in
their respective home countries, the company needs to focus on select industry
sectors. Its key competitors include Nippon Steel Corporation, Kawasaki Heavy
Industries, Ltd, AGCO Corporation and others. Besides, the construction market
in Japan has been on a decline. The growing budget deficit in the Japanese
national and local governments has also complicated the market scenario and
intensified competition.
|
Corporate Family |
Corporate
Structure News: |
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|
Kubota
Corp |
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Kubota Corp |
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|
Company Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
|
|
Parent |
Osaka-Shi |
Japan |
Construction and Agriculture Machinery |
14,072.8 |
29,185 |
|
|
|
Pending acquisition of Fujikasui
Engineering Co.,Ltd..See corporate
structure news on
Kubota Corp for details |
|||||||
|
Subsidiary |
Kvernaland |
Norway |
Construction and Agriculture Machinery |
623.2 |
2,127 |
|
|
|
Subsidiary |
Kvernaland |
Norway |
Construction and Agriculture Machinery |
139.9 |
500 |
|
|
|
Subsidiary |
Kerteminde |
Denmark |
Construction and Agriculture Machinery |
67.6 |
204 |
|
|
|
Subsidiary |
Châteaubernard |
France |
Construction and Agriculture Machinery |
41.6 |
149 |
|
|
|
Subsidiary |
Chateaubernard |
France |
Construction and Agriculture Machinery |
7.0 |
4 |
|
|
|
Subsidiary |
Soest, Nordrhein-Westfalen |
Germany |
Construction and Agriculture Machinery |
103.6 |
80 |
|
|
|
Subsidiary |
Kvernaland, Rogaland |
Norway |
|
12.8 |
40 |
|
|
|
Subsidiary |
Torun |
Poland |
Construction and Agriculture Machinery |
30.3 |
30 |
|
|
|
Subsidiary |
Castiglione Delle Stiviere, Mantova |
Italy |
Construction and Agriculture Machinery |
14.6 |
12 |
|
|
|
Subsidiary |
Soest, Nordrhein-Westfalen |
Germany |
Commercial Banks |
|
10 |
|
|
|
Subsidiary |
Modena, Modena |
Italy |
Construction and Agriculture Machinery |
27.9 |
55 |
|
|
|
Subsidiary |
Saint Jean de Braye |
France |
Construction and Agriculture Machinery |
127.9 |
7 |
|
|
|
Subsidiary |
Saint Jean de Braye |
France |
Construction and Agriculture Machinery |
|
89 |
|
|
|
Subsidiary |
Dronten |
Netherlands |
Construction and Agriculture Machinery |
|
|
|
|
|
Subsidiary |
Moscow |
Russian Federation |
Construction and Agriculture Machinery |
13.0 |
298 |
|
|
|
Subsidiary |
Nieuw Vennep, Noord-Holland |
Netherlands |
Construction and Agriculture Machinery |
54.2 |
130 |
|
|
|
Subsidiary |
Nieuw Vennep, Noord-Holland |
Netherlands |
Electronic Instruments and Controls |
|
32 |
|
|
|
Subsidiary |
Dronten, Flevoland |
Netherlands |
Construction and Agriculture Machinery |
29.4 |
24 |
|
|
|
Subsidiary |
Suzhou, Jiangsu |
China |
Construction and Agriculture Machinery |
|
800 |
|
|
|
Subsidiary |
Gainesville, GA |
United States |
Construction and Agriculture Machinery |
|
700 |
|
|
|
Subsidiary |
Naniwa-Ku Osaka |
Japan |
Software and Programming |
|
487 |
|
|
|
Subsidiary |
Orillia, ON |
Canada |
Iron and Steel |
91.2 |
265 |
|
|
|
Subsidiary |
Zweibrücken, Rheinland-Pfalz |
Germany |
Construction and Agriculture Machinery |
392.4 |
260 |
|
|
|
Subsidiary |
Jingjiang, Jiangsu |
China |
Construction and Agriculture Machinery |
|
200 |
|
|
|
Subsidiary |
Argenteuil |
France |
Construction and Agriculture Machinery |
561.1 |
149 |
|
|
|
Subsidiary |
Torrance, CA |
United States |
Construction and Agriculture Machinery |
|
131 |
|
|
|
Branch |
Suwanee, GA |
United States |
Construction and Agriculture Machinery |
158.7 |
200 |
|
|
|
Branch |
Lodi, CA |
United States |
Construction and Agriculture Machinery |
130.2 |
60 |
|
|
|
Branch |
Fort Worth, TX |
United States |
Construction and Agriculture Machinery |
21.9 |
50 |
|
|
|
Branch |
Groveport, OH |
United States |
Retail (Home Improvement) |
1.2 |
50 |
|
|
|
Branch |
Byron Center, MI |
United States |
Construction and Agriculture Machinery |
37.2 |
20 |
|
|
|
Subsidiary |
Statesboro, GA |
United States |
Retail (Specialty) |
5.7 |
15 |
|
|
|
Branch |
Hastings, MN |
United States |
Construction and Agriculture Machinery |
22.4 |
12 |
|
|
|
Branch |
Jefferson, GA |
United States |
Miscellaneous Capital Goods |
24.7 |
10 |
|
|
|
Subsidiary |
Montezuma, IA |
United States |
Construction and Agriculture Machinery |
16.0 |
9 |
|
|
|
Branch |
Culpeper, VA |
United States |
Retail (Home Improvement) |
2.0 |
8 |
|
|
|
Branch |
Candler, NC |
United States |
Construction and Agriculture Machinery |
13.8 |
7 |
|
|
|
Branch |
Florence, KY |
United States |
Construction and Agriculture Machinery |
15.1 |
5 |
|
|
|
Branch |
Suwanee, GA |
United States |
Construction and Agriculture Machinery |
9.9 |
5 |
|
|
|
Branch |
Westfield, IN |
United States |
Construction and Agriculture Machinery |
9.5 |
5 |
|
|
|
Subsidiary |
Jefferson, GA |
United States |
Construction and Agriculture Machinery |
|
5 |
|
|
|
Branch |
Fort Wayne, IN |
United States |
Retail (Home Improvement) |
1.0 |
4 |
|
|
|
Branch |
Franklin, NC |
United States |
Construction and Agriculture Machinery |
5.9 |
3 |
|
|
|
Branch |
Moravia, IA |
United States |
Construction and Agriculture Machinery |
5.3 |
2 |
|
|
|
Subsidiary |
Cedar Rapids, IA |
United States |
Retail (Home Improvement) |
0.4 |
2 |
|
|
|
Subsidiary |
Sakai, Osaka |
Japan |
Engineering Consultants |
11.5 |
110 |
|
|
|
Subsidiary |
Markham, ON |
Canada |
Miscellaneous Capital Goods |
52.9 |
100 |
|
|
|
Subsidiary |
Thame |
United Kingdom |
Construction and Agriculture Machinery |
204.8 |
92 |
|
|
|
Subsidiary |
Truganina, VIC |
Australia |
Miscellaneous Capital Goods |
132.8 |
75 |
|
|
|
Subsidiary |
Metro Manila |
Philippines |
Construction and Agriculture Machinery |
9.3 |
68 |
|
|
|
Subsidiary |
Rodgau, Hessen |
Germany |
Miscellaneous Capital Goods |
129.2 |
65 |
|
|
|
Subsidiary |
Torrance, CA |
United States |
Consumer Financial Services |
|
50 |
|
|
|
Subsidiary |
Puchong, Selangor Darul Ehsan |
Malaysia |
Construction and Agriculture Machinery |
|
50 |
|
|
|
Subsidiary |
Kaohsiung |
Taiwan |
Construction and Agriculture Machinery |
|
48 |
|
|
|
Subsidiary |
Quezon City |
Philippines |
Construction and Agriculture Machinery |
|
44 |
|
|
|
Subsidiary |
Osaka, Osaka |
Japan |
Construction and Agriculture Machinery |
399.2 |
40 |
|
|
|
Subsidiary |
Lincolnshire, IL |
United States |
Miscellaneous Capital Goods |
|
27 |
|
|
|
Subsidiary |
Leganes, Madrid |
Spain |
Construction and Agriculture Machinery |
42.0 |
26 |
|
|
|
Subsidiary |
Quezon City |
Philippines |
Miscellaneous Capital Goods |
12,766.0 |
11 |
|
|
|
Subsidiary |
London |
United Kingdom |
Miscellaneous Capital Goods |
8.5 |
6 |
|
|
|
Subsidiary |
Redmond, WA |
United States |
Chemical Manufacturing |
1.3 |
5 |
|
|
|
Subsidiary |
Singapore |
Singapore |
Miscellaneous Capital Goods |
|
4 |
|
|
|
Subsidiary |
Amagasaki, Hyogo |
Japan |
Construction and Agriculture Machinery |
294.4 |
|
|
|
|
Subsidiary |
Sapporo, Hokkaido |
Japan |
Retail (Specialty) |
277.5 |
|
|
|
|
Subsidiary |
Hanamaki, Iwate |
Japan |
Retail (Specialty) |
250.6 |
|
|
|
|
Subsidiary |
Sakai, Osaka |
Japan |
Miscellaneous Capital Goods |
231.0 |
|
|
|
|
Subsidiary |
Tsukubamirai, Ibaraki |
Japan |
Construction and Agriculture Machinery |
14.3 |
211 |
|
|
|
Subsidiary |
Osaka, Osaka |
Japan |
Trucking |
209.1 |
|
|
|
|
Subsidiary |
Saitama, Saitama |
Japan |
Construction and Agriculture Machinery |
141.0 |
|
|
|
|
Subsidiary |
Osaka, Osaka |
Japan |
Construction Services |
131.4 |
|
|
|
|
Subsidiary |
Takamatsu, Kagawa |
Japan |
Construction and Agriculture Machinery |
129.4 |
|
|
|
|
Subsidiary |
Kirishima, Kagoshima |
Japan |
Construction and Agriculture Machinery |
117.6 |
|
|
|
|
Subsidiary |
Komaki, Aichi |
Japan |
Fabricated Plastic and Rubber |
117.4 |
|
|
|
|
Subsidiary |
Osaka, Osaka |
Japan |
Business Services |
111.5 |
|
|
|
|
Subsidiary |
Fukui, Fukui |
Japan |
Construction and Agriculture Machinery |
103.9 |
|
|
|
|
Subsidiary |
Kimje, Chollabuk-Do |
Korea, Republic of |
Construction and Agriculture Machinery |
102.0 |
|
|
|
|
Subsidiary |
Chuo-Ku, Tokyo |
Japan |
Miscellaneous Capital Goods |
90.0 |
|
|
|
|
Subsidiary |
Hirakata, Osaka |
Japan |
Construction Services |
87.9 |
|
|
|
|
Subsidiary |
Osaka, Osaka |
Japan |
Construction - Supplies and Fixtures |
70.9 |
|
|
|
|
Subsidiary |
Chuo-Ku, Tokyo |
Japan |
Business Services |
70.6 |
|
|
|
|
Subsidiary |
Saitama, Saitama |
Japan |
Scientific and Technical Instruments |
68.6 |
|
|
|
|
Subsidiary |
Sapporo, Hokkaido |
Japan |
Miscellaneous Capital Goods |
66.4 |
|
|
|
|
Subsidiary |
Osaka, Osaka |
Japan |
Furniture and Fixtures |
51.8 |
|
|
|
|
Subsidiary |
Fukuoka, Fukuoka |
Japan |
Miscellaneous Capital Goods |
47.2 |
|
|
|
|
Subsidiary |
Yao, Osaka |
Japan |
Miscellaneous Capital Goods |
36.2 |
|
|
|
|
Subsidiary |
Osaka, Osaka |
Japan |
Business Services |
34.5 |
|
|
|
|
Subsidiary |
Amagasaki, Hyogo |
Japan |
Computer Hardware |
11.1 |
|
|
|
|
Subsidiary |
Osaka, Osaka |
Japan |
Business Services |
8.6 |
|
|
|
|
Subsidiary |
Semarang |
Indonesia |
Construction and Agriculture Machinery |
|
|
|
|
|
Subsidiary |
Semarang, Central Java |
Indonesia |
Retail (Specialty) |
|
|
|
|
|
Subsidiary |
Sakai, Osaka |
Japan |
Construction and Agriculture Machinery |
|
|
|
|
|
Subsidiary |
Sapporo, Hokkaido |
Japan |
Business Services |
|
|
|
|
|
Subsidiary |
Amagasaki |
Japan |
Construction and Agriculture Machinery |
|
|
|
|
|
Subsidiary |
Komaki, Aichi |
Japan |
Fabricated Plastic and Rubber |
|
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Construction Services |
|
|
|
|
|
Subsidiary |
Shanghai |
China |
Auto and Truck Parts |
|
|
|
|
|
Subsidiary |
Chennai |
India |
Construction and Agriculture Machinery |
|
|
|
|
|
Subsidiary |
Komagane |
Japan |
Construction Services |
|
|
|
|
|
Subsidiary |
Shanghai |
China |
Construction and Agriculture Machinery |
|
|
|
|
|
Subsidiary |
Jefferson, GA |
United States |
Construction and Agriculture Machinery |
|
|
|
|
|
Subsidiary |
Osaka |
Japan |
Consumer Financial Services |
|
|
|
|
|
Subsidiary |
Osaka |
Japan |
Fabricated Plastic and Rubber |
|
|
|
|
|
Subsidiary |
Chaohu, Anhui |
China |
Miscellaneous Capital Goods |
|
|
|
|
|
Subsidiary |
Ben Cat, Binh Duong |
Viet Nam |
Miscellaneous Capital Goods |
|
|
|
|
|
Subsidiary |
Chachoengsao |
Thailand |
Construction - Supplies and Fixtures |
|
|
|
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Miscellaneous Capital Goods |
|
|
|
|
|
Siam Kubota Corporation Company Limited |
Subsidiary |
|
|
|
|
|
|
|
Subsidiary |
Phan Thong, Chon Buri |
Thailand |
Construction and Agriculture Machinery |
|
700 |
|
|
|
Subsidiary |
Klongluang, Pathum Thani |
Thailand |
Consumer Financial Services |
114.0 |
390 |
|
|
Competitors Report
|
Company Name |
Location |
Employees |
Ownership |
|
AGCO Corporation |
Duluth, Georgia, United States |
20,300 |
Public |
|
Caterpillar Inc. |
Peoria, Illinois, United States |
124,874 |
Public |
|
Chang-On International, Inc. |
Haerbin, China |
6 |
Public |
|
CNH Global NV |
Luchthaven Schiphol, Netherlands |
32,700 |
Public |
|
Deere & Company |
Moline, Illinois, United States |
66,900 |
Public |
|
ExxonMobil Chemical Company |
Houston, Texas, United States |
14,000 |
Private |
|
Gradall Industries, Inc. |
New Philadelphia, Ohio, United States |
400 |
Private |
|
Hitachi Metals, Ltd. |
Minato-Ku, Japan |
18,056 |
Public |
|
ISEKI & CO., LTD. |
Arakawa-Ku, Japan |
6,295 |
Public |
|
J C Bamford Excavators Ltd |
England, United Kingdom |
1,403 |
Private |
|
Japan Steel Works Ltd |
Shinagawa-Ku, Japan |
4,867 |
Public |
|
JFE Holdings, Inc. |
Chiyoda-Ku, Japan |
54,133 |
Public |
|
Kawasaki Heavy Industries, Ltd. |
Kobe-Shi, Japan |
33,267 |
Public |
|
Komatsu Ltd |
Minato-Ku, Japan |
44,206 |
Public |
|
Neenah Enterprises Inc |
Neenah, Wisconsin, United States |
1,650 |
Public |
|
Oceaneering International |
Houston, Texas, United States |
10,900 |
Public |
|
Sekisui Chemical Co., Ltd. |
Minato-Ku, Japan |
20,855 |
Public |
|
Sumitomo Metal Industries, Ltd. |
Tokyo, Japan |
23,007 |
Private |
|
The Toro Company |
Bloomington, Minnesota, United States |
5,055 |
Public |
|
Toyama Chemical Co Ltd |
Tokyo, Japan |
830 |
Private |
Executive report
|
Board
of Directors |
|
|
|
|
|||||||||
|
Board Member |
Chairman |
|
|||||||||
|
Chairman of the Board, President,
Representative Director |
Chairman |
|
|||||||||
|
||||||||||||
|
Board Member |
Director/Board Member |
|
|
||||||||
|
Senior Managing Executive Officer, Manager
of Tokyo Headquarters Business Center, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer, Chief Director
of Planning, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Board Member |
Director/Board Member |
|
|
||||||||
|
Senior Managing Executive Officer, Chief Director
of Human Resources and General Affairs, Manager of Headquarters Business
Center, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Senior Managing Executive Officer, Chief
Director of Business Development, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Executive Vice President, Representative
Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Executives |
|
|
|
|
|||||||||
|
Chairman of the Board, President,
Representative Director |
President |
|
|||||||||
|
||||||||||||
|
Executive Officer, Director of Global
Management Promotion |
Division Head Executive |
|
|
||||||||
|
General Manager-Water Engineering &
Solution Division |
Division Head Executive |
|
|
||||||||
|
Executive Officer, President of Subsidiary |
Division Head Executive |
|
|
||||||||
|
Managing Executive Officer, Director of
Agricultural Machine General Business, Chief Director of Agricultural Machine
Overseas Sales |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Executive Officer, Deputy Chief Director
of Human Resources and General Affairs |
Division Head Executive |
|
|
||||||||
|
Executive Officer, President of Subsidiary |
Division Head Executive |
|
|
||||||||
|
Senior Managing Executive Officer, Manager
of Tokyo Headquarters Business Center, Director |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Executive Officer, Director of Electrical
Machinery Business Promotion |
Division Head Executive |
|
|
||||||||
|
Managing Executive Officer, Director of
Pipe System Business |
Division Head Executive |
|
|
||||||||
|
Managing Executive Officer, Chief Director
of Planning, Director |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer, President of
Subsidiary |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Senior Managing Executive Officer, Chief
Director of Human Resources and General Affairs, Manager of Headquarters
Business Center, Director |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Executive Officer, President of Subsidiary |
Division Head Executive |
|
|
||||||||
|
Executive Officer, Deputy Chief Director
of Business Development, Director of Overseas Business Promotion |
Division Head Executive |
|
|
||||||||
|
Executive Officer, Chief Director of
Agricultrual Machine Technology |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Executive Officer, Deputy Chief Director
of Human Resources and General Affairs |
Division Head Executive |
|
|
||||||||
|
Executive Officer, Director of
Construction Machine Business, Director of Construction Machine Business
Promotion |
Division Head Executive |
|
|
||||||||
|
Managing Executive Officer, Chief Director
of Quality & Manufacturing |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Executive Officer, Senior Director of
Water & Environment |
Division Head Executive |
|
|
||||||||
|
Senior Managing Executive Officer, Chief Director
of Business Development, Director |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer, Director of
Engine Business |
Division Head Executive |
|
|
||||||||
|
Executive Officer, Chief Director of CSR |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Executive Officer, Deputy Chief Director of
Quality & Manufacturing |
Division Head Executive |
|
|
||||||||
|
Senior Managing Executive Officer, Chief
Director of Research & Development, Chief Director of Machine Development |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Executive Officer, General Manager of
Subsidiaries |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Executive Officer |
Division Head Executive |
|
|
||||||||
|
Executive Officer, Senior Director of
Machinery |
Division Head Executive |
|
|
||||||||
|
Executive Officer, Director of Business
Planning |
Division Head Executive |
|
|
||||||||
|
Managing Executive Officer |
Managing Director |
|
|
||||||||
|
Senior Managing Executive Officer |
Managing Director |
|
|
||||||||
|
Executive Officer |
Administration Executive |
|
|
||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Director of Tokyo General Affairs |
Investor Relations Executive |
|
|
||||||||
|
Executive Officer |
Other |
|
|
||||||||
Significant Developments
KUBOTA CORP Announces Treasury Stock Retirement Mar 22, 2013
KUBOTA CORP announced that it will retire 29,500,000 shares (2.3% stake) of its treasury stock on March 39, 2013. After the retirement, the total of its shares outstanding will be 1,256,419,180 shares.
KUBOTA CORP Determines Year-end Dividend Forecast for FY 2013 Feb 06, 2013
KUBOTA CORP announced that it has determined the year-end dividend forecast of JPY 9 per share for the fiscal year ending March 2013.
TODA KOGYO CORP Announces Changes in Effective Date for Sale of Sub-subsidiary to Kubota Corporation Dec 18, 2012
TODA KOGYO CORP announced that it has decided to sell all the stakes in the sub-subsidiary to Kubota Corporation, effective December 25, 2012.
TODA KOGYO CORP to Sell Sub-subsidiary to Kubota Corporation Nov 21, 2012
TODA KOGYO CORP announced that it has decided to transfer all the businesses of a subsidiary, FUJIKASUI ENGINEERING CO.,LTD., to a sub-subsidiary which will be established by FUJIKASUI ENGINEERING CO.,LTD., effective November 30, 2012. After this, FUJIKASUI ENGINEERING CO.,LTD. will sell all the stake in the sub-subsidiary to Kubota Corporation, effective December 13, 2012.
KUBOTA CORP Announces Mid-term Dividend Payment for FY 2013 Nov 02, 2012
KUBOTA CORP announced that it has decided to pay a JPY 8 per share(JPY
10,050 million in total) mid-term dividend, from its latest dividend forecast
of an undetermined value announced on August 2, 2012, to all the shareholders
as a record of September 30, 2012. The dividend will be paid on December 3,
2012.
KUBOTA CORP to Fully Acquire Japan-based Company from TODA KOGYO CORP
Sep 24, 2012
KUBOTA CORP announced that it has decided to acquire a Japan-based
company, which is engaged in environment engineering business, from TODA KOGYO
CORP, effective November 30, 2012.
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 |
|
Deloitte Touche
Tohmatsu LLC |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
14,072.8 |
12,766.0 |
10,895.9 |
10,013.3 |
11,021.4 |
|
Revenue |
14,072.8 |
12,766.0 |
10,895.9 |
10,013.3 |
11,021.4 |
|
Total Revenue |
14,072.8 |
12,766.0 |
10,895.9 |
10,013.3 |
11,021.4 |
|
|
|
|
|
|
|
|
Cost of Revenue |
10,222.3 |
9,319.0 |
7,919.7 |
7,331.2 |
8,063.2 |
|
Cost of Revenue, Total |
10,222.3 |
9,319.0 |
7,919.7 |
7,331.2 |
8,063.2 |
|
Gross Profit |
3,850.5 |
3,447.0 |
2,976.2 |
2,682.0 |
2,958.2 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
2,488.6 |
2,156.1 |
1,244.8 |
1,264.8 |
1,263.4 |
|
Advertising Expense |
- |
- |
83.8 |
82.4 |
96.7 |
|
Total Selling/General/Administrative Expenses |
2,488.6 |
2,156.1 |
1,328.6 |
1,347.2 |
1,360.1 |
|
Research & Development |
- |
- |
292.2 |
271.6 |
261.6 |
|
Depreciation |
- |
- |
309.4 |
311.0 |
303.2 |
|
Depreciation/Amortization |
- |
- |
309.4 |
311.0 |
303.2 |
|
Impairment-Assets Held for Sale |
4.3 |
- |
20.5 |
1.5 |
85.8 |
|
Unusual Expense (Income) |
4.3 |
- |
20.5 |
1.5 |
85.8 |
|
Other Operating Expense |
-1.9 |
-47.5 |
41.0 |
2.3 |
10.1 |
|
Other Operating Expenses, Total |
-1.9 |
-47.5 |
41.0 |
2.3 |
10.1 |
|
Total Operating Expense |
12,713.3 |
11,427.6 |
9,911.5 |
9,264.8 |
10,084.0 |
|
|
|
|
|
|
|
|
Operating Income |
1,359.5 |
1,338.4 |
984.4 |
748.4 |
937.4 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-15.4 |
-24.0 |
-19.0 |
-22.9 |
-26.5 |
|
Interest Expense, Net Non-Operating |
-15.4 |
-24.0 |
-19.0 |
-22.9 |
-26.5 |
|
Interest Income -
Non-Operating |
43.6 |
47.6 |
40.0 |
36.4 |
48.0 |
|
Investment Income -
Non-Operating |
113.6 |
-127.6 |
69.8 |
50.7 |
-115.8 |
|
Interest/Investment Income - Non-Operating |
157.2 |
-80.0 |
109.8 |
87.1 |
-67.9 |
|
Interest Income (Expense) - Net Non-Operating Total |
141.7 |
-103.9 |
90.7 |
64.2 |
-94.4 |
|
Other Non-Operating Income (Expense) |
-49.4 |
43.9 |
-9.7 |
-22.0 |
-14.5 |
|
Other, Net |
-49.4 |
43.9 |
-9.7 |
-22.0 |
-14.5 |
|
Income Before Tax |
1,451.9 |
1,278.3 |
1,065.5 |
790.6 |
828.6 |
|
|
|
|
|
|
|
|
Total Income Tax |
491.0 |
462.9 |
358.1 |
279.5 |
286.1 |
|
Income After Tax |
960.9 |
815.5 |
707.4 |
511.1 |
542.5 |
|
|
|
|
|
|
|
|
Minority Interest |
-89.9 |
-56.6 |
-73.4 |
-60.1 |
-66.4 |
|
Equity In Affiliates |
17.2 |
20.6 |
5.7 |
4.3 |
2.2 |
|
Net Income Before Extraord Items |
888.1 |
779.5 |
639.8 |
455.4 |
478.3 |
|
Discontinued Operations |
- |
- |
- |
- |
0.0 |
|
Total Extraord Items |
- |
- |
- |
- |
0.0 |
|
Net Income |
888.1 |
779.5 |
639.8 |
455.4 |
478.3 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
888.1 |
779.5 |
639.8 |
455.4 |
478.3 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
888.1 |
779.5 |
639.8 |
455.4 |
478.3 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
1,256.0 |
1,262.5 |
1,271.8 |
1,272.0 |
1,275.6 |
|
Basic EPS Excl Extraord Items |
0.71 |
0.62 |
0.50 |
0.36 |
0.37 |
|
Basic/Primary EPS Incl Extraord Items |
0.71 |
0.62 |
0.50 |
0.36 |
0.37 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
888.1 |
779.5 |
639.8 |
455.4 |
478.3 |
|
Diluted Weighted Average Shares |
1,256.0 |
1,262.5 |
1,271.8 |
1,272.0 |
1,275.6 |
|
Diluted EPS Excl Extraord Items |
0.71 |
0.62 |
0.50 |
0.36 |
0.37 |
|
Diluted EPS Incl Extraord Items |
0.71 |
0.62 |
0.50 |
0.36 |
0.37 |
|
Dividends per Share - Common Stock Primary Issue |
0.18 |
0.19 |
0.16 |
0.13 |
0.14 |
|
Gross Dividends - Common Stock |
- |
238.7 |
207.8 |
164.3 |
177.7 |
|
Interest Expense, Supplemental |
15.4 |
24.0 |
19.0 |
22.9 |
26.5 |
|
Depreciation, Supplemental |
- |
302.8 |
315.0 |
313.9 |
310.9 |
|
Total Special Items |
4.3 |
- |
20.5 |
1.5 |
85.8 |
|
Normalized Income Before Tax |
1,456.2 |
1,278.3 |
1,086.0 |
792.2 |
914.3 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
1.5 |
- |
6.9 |
0.5 |
29.6 |
|
Inc Tax Ex Impact of Sp Items |
492.5 |
462.9 |
365.0 |
280.0 |
315.7 |
|
Normalized Income After Tax |
963.7 |
815.5 |
721.0 |
512.1 |
598.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
891.0 |
779.5 |
653.4 |
456.4 |
534.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.71 |
0.62 |
0.51 |
0.36 |
0.42 |
|
Diluted Normalized EPS |
0.71 |
0.62 |
0.51 |
0.36 |
0.42 |
|
Advertising Expense, Supplemental |
- |
88.4 |
83.8 |
82.4 |
96.7 |
|
Research & Development Exp, Supplemental |
- |
352.8 |
292.2 |
271.6 |
261.6 |
|
Reported Operating Profit |
1,363.9 |
1,338.4 |
1,004.9 |
750.0 |
1,023.2 |
|
Normalized EBIT |
1,363.9 |
1,338.4 |
1,004.9 |
750.0 |
1,023.2 |
|
Normalized EBITDA |
1,363.9 |
1,641.2 |
1,319.9 |
1,063.8 |
1,334.1 |
|
Current Tax - Domestic |
- |
- |
143.7 |
177.1 |
56.9 |
|
Current Tax - Foreign |
- |
- |
173.0 |
130.0 |
178.3 |
|
Current Tax - Total |
481.6 |
450.8 |
- |
- |
- |
|
Current Tax - Total |
481.6 |
450.8 |
316.7 |
307.1 |
235.2 |
|
Deferred Tax - Domestic |
- |
- |
71.7 |
-22.5 |
70.4 |
|
Deferred Tax - Foreign |
- |
- |
-30.3 |
-5.1 |
-19.5 |
|
Deferred Tax - Total |
9.4 |
12.1 |
- |
- |
- |
|
Deferred Tax - Total |
9.4 |
12.1 |
41.4 |
-27.6 |
50.8 |
|
Income Tax - Total |
491.0 |
462.9 |
358.1 |
279.5 |
286.1 |
|
Interest Cost - Domestic |
- |
45.5 |
38.7 |
39.2 |
37.1 |
|
Service Cost - Domestic |
- |
83.4 |
71.4 |
63.8 |
59.2 |
|
Prior Service Cost - Domestic |
- |
-10.2 |
-9.4 |
-8.7 |
-8.0 |
|
Expected Return on Assets - Domestic |
- |
-33.6 |
-30.2 |
-23.7 |
-24.2 |
|
Actuarial Gains and Losses - Domestic |
- |
8.8 |
5.5 |
103.4 |
1.3 |
|
Domestic Pension Plan Expense |
- |
93.7 |
76.0 |
174.1 |
65.3 |
|
Total Pension Expense |
- |
93.7 |
76.0 |
174.1 |
65.3 |
|
Discount Rate - Domestic |
- |
2.60% |
2.50% |
2.50% |
2.50% |
|
Expected Rate of Return - Domestic |
- |
- |
2.40% |
2.50% |
2.50% |
|
Expected Rate of Return - Foreign |
- |
2.50% |
- |
- |
- |
|
Total Plan Interest Cost |
- |
45.5 |
38.7 |
39.2 |
37.1 |
|
Total Plan Service Cost |
- |
83.4 |
71.4 |
63.8 |
59.2 |
|
Total Plan Expected Return |
- |
-33.6 |
-30.2 |
-23.7 |
-24.2 |
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 |
|
Deloitte Touche
Tohmatsu LLC |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
1,174.8 |
1,220.6 |
1,270.4 |
1,192.5 |
703.7 |
|
Cash and Short Term Investments |
1,174.8 |
1,220.6 |
1,270.4 |
1,192.5 |
703.7 |
|
Accounts Receivable -
Trade, Gross |
4,302.1 |
3,901.8 |
3,622.5 |
3,397.7 |
3,286.3 |
|
Provision for Doubtful
Accounts |
-26.6 |
-29.2 |
-33.9 |
-30.2 |
-25.4 |
|
Trade Accounts Receivable - Net |
4,275.5 |
3,872.6 |
3,588.6 |
3,367.6 |
3,260.8 |
|
Notes Receivable - Short Term |
2,167.4 |
2,183.3 |
1,889.7 |
1,736.4 |
1,647.5 |
|
Total Receivables, Net |
6,442.9 |
6,055.9 |
5,478.3 |
5,104.0 |
4,908.3 |
|
Inventories - Finished Goods |
- |
1,449.8 |
1,315.7 |
1,190.9 |
1,337.7 |
|
Inventories - Work In Progress |
- |
693.5 |
584.4 |
492.7 |
557.0 |
|
Inventories - Raw Materials |
- |
309.4 |
201.9 |
160.5 |
205.2 |
|
Total Inventory |
2,460.3 |
2,452.7 |
2,102.0 |
1,844.2 |
2,099.8 |
|
Other Current Assets |
706.3 |
782.5 |
526.7 |
643.8 |
553.3 |
|
Other Current Assets, Total |
706.3 |
782.5 |
526.7 |
643.8 |
553.3 |
|
Total Current Assets |
10,784.3 |
10,511.7 |
9,377.5 |
8,784.5 |
8,265.1 |
|
|
|
|
|
|
|
|
Buildings |
2,525.7 |
2,750.5 |
2,627.1 |
2,293.8 |
2,115.0 |
|
Land/Improvements |
965.8 |
1,086.7 |
1,079.1 |
959.6 |
916.1 |
|
Machinery/Equipment |
4,103.1 |
4,387.1 |
4,247.9 |
3,835.1 |
3,658.2 |
|
Construction in
Progress |
173.1 |
98.1 |
116.2 |
56.8 |
70.6 |
|
Property/Plant/Equipment - Gross |
7,767.7 |
8,322.3 |
8,070.3 |
7,145.3 |
6,759.9 |
|
Accumulated Depreciation |
-5,051.9 |
-5,590.5 |
-5,447.8 |
-4,781.3 |
-4,475.6 |
|
Property/Plant/Equipment - Net |
2,715.8 |
2,731.9 |
2,622.6 |
2,364.0 |
2,284.3 |
|
Goodwill, Net |
307.2 |
326.6 |
- |
- |
- |
|
Intangibles, Net |
- |
- |
89.8 |
- |
- |
|
LT Investment - Affiliate Companies |
204.9 |
218.1 |
199.9 |
170.6 |
146.9 |
|
Long Term Investments |
204.9 |
218.1 |
199.9 |
170.6 |
146.9 |
|
Note Receivable - Long Term |
340.2 |
381.2 |
331.6 |
285.6 |
274.1 |
|
Other Long Term Assets |
4,179.9 |
3,887.9 |
3,749.9 |
3,474.7 |
3,060.4 |
|
Other Long Term Assets, Total |
4,179.9 |
3,887.9 |
3,749.9 |
3,474.7 |
3,060.4 |
|
Total Assets |
18,532.2 |
18,057.4 |
16,371.3 |
15,079.5 |
14,030.8 |
|
|
|
|
|
|
|
|
Accounts Payable |
2,538.9 |
2,584.1 |
1,938.0 |
1,636.6 |
1,787.2 |
|
Accrued Expenses |
404.3 |
408.0 |
357.3 |
292.7 |
260.4 |
|
Notes Payable/Short Term Debt |
1,485.7 |
1,050.3 |
1,093.4 |
1,098.0 |
1,503.5 |
|
Current Portion - Long Term Debt/Capital Leases |
725.9 |
1,301.3 |
1,032.3 |
764.5 |
611.3 |
|
Customer Advances |
107.8 |
84.8 |
39.5 |
36.4 |
63.8 |
|
Income Taxes Payable |
184.8 |
199.7 |
56.7 |
244.5 |
47.9 |
|
Other Current Liabilities |
875.0 |
877.7 |
732.9 |
638.8 |
731.1 |
|
Other Current liabilities, Total |
1,167.6 |
1,162.1 |
829.0 |
919.6 |
842.9 |
|
Total Current Liabilities |
6,322.3 |
6,505.8 |
5,250.1 |
4,711.5 |
5,005.3 |
|
|
|
|
|
|
|
|
Long Term Debt |
2,905.3 |
2,238.3 |
2,313.7 |
2,604.2 |
2,111.9 |
|
Total Long Term Debt |
2,905.3 |
2,238.3 |
2,313.7 |
2,604.2 |
2,111.9 |
|
Total Debt |
5,116.9 |
4,589.9 |
4,439.4 |
4,466.7 |
4,226.7 |
|
|
|
|
|
|
|
|
Minority Interest |
553.7 |
654.6 |
560.8 |
484.0 |
384.3 |
|
Pension Benefits - Underfunded |
305.6 |
508.4 |
425.7 |
430.0 |
573.0 |
|
Other Long Term Liabilities |
383.6 |
220.8 |
160.7 |
146.3 |
101.5 |
|
Other Liabilities, Total |
689.2 |
729.1 |
586.4 |
576.2 |
674.5 |
|
Total Liabilities |
10,470.5 |
10,127.8 |
8,711.0 |
8,375.8 |
8,176.0 |
|
|
|
|
|
|
|
|
Common Stock |
893.5 |
1,020.4 |
1,014.4 |
899.7 |
851.2 |
|
Common Stock |
893.5 |
1,020.4 |
1,014.4 |
899.7 |
851.2 |
|
Additional Paid-In Capital |
944.5 |
1,078.3 |
1,075.5 |
955.1 |
943.1 |
|
Retained Earnings (Accumulated Deficit) |
6,533.0 |
7,043.1 |
6,472.0 |
5,317.2 |
4,782.1 |
|
Treasury Stock - Common |
-2.3 |
-234.6 |
-112.7 |
-99.2 |
-92.0 |
|
Other Comprehensive Income |
-307.0 |
-977.6 |
-788.9 |
-369.1 |
-629.6 |
|
Other Equity, Total |
-307.0 |
-977.6 |
-788.9 |
-369.1 |
-629.6 |
|
Total Equity |
8,061.7 |
7,929.6 |
7,660.3 |
6,703.7 |
5,854.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
18,532.2 |
18,057.4 |
16,371.3 |
15,079.5 |
14,030.8 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
1,255.9 |
1,256.0 |
1,271.7 |
1,271.8 |
1,272.1 |
|
Total Common Shares Outstanding |
1,255.9 |
1,256.0 |
1,271.7 |
1,271.8 |
1,272.1 |
|
Treasury Shares - Common Stock Primary Issue |
0.5 |
29.9 |
14.2 |
14.1 |
13.9 |
|
Employees |
- |
29,185 |
25,409 |
24,778 |
25,140 |
|
Number of Common Shareholders |
- |
44,356 |
45,121 |
48,714 |
53,002 |
|
Deferred Revenue - Current |
107.8 |
84.8 |
39.5 |
36.4 |
63.8 |
|
Total Long Term Debt, Supplemental |
- |
3,539.6 |
3,346.0 |
3,368.6 |
2,723.2 |
|
Long Term Debt Maturing within 1 Year |
- |
1,301.3 |
1,032.3 |
764.5 |
611.3 |
|
Long Term Debt Maturing in Year 2 |
- |
713.7 |
1,177.7 |
1,022.5 |
696.2 |
|
Long Term Debt Maturing in Year 3 |
- |
933.9 |
620.7 |
988.1 |
871.7 |
|
Long Term Debt Maturing in Year 4 |
- |
349.9 |
303.7 |
185.6 |
292.7 |
|
Long Term Debt Maturing in Year 5 |
- |
231.2 |
98.9 |
270.3 |
117.5 |
|
Long Term Debt Maturing in 2-3 Years |
- |
1,647.6 |
1,798.4 |
2,010.6 |
1,567.9 |
|
Long Term Debt Maturing in 4-5 Years |
- |
581.1 |
402.6 |
455.9 |
410.2 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
9.6 |
112.7 |
137.6 |
133.8 |
|
Interest Costs |
- |
- |
-0.6 |
-1.3 |
-1.4 |
|
Total Capital Leases, Supplemental |
- |
47.1 |
37.6 |
64.1 |
66.0 |
|
Capital Lease Payments Due in Year 1 |
- |
15.6 |
24.9 |
34.3 |
35.8 |
|
Capital Lease Payments Due in Year 2 |
- |
8.9 |
10.3 |
21.2 |
19.6 |
|
Capital Lease Payments Due in Year 3 |
- |
7.6 |
1.7 |
8.1 |
9.7 |
|
Capital Lease Payments Due in Year 4 |
- |
5.8 |
0.9 |
1.0 |
1.5 |
|
Capital Lease Payments Due in Year 5 |
- |
4.5 |
0.3 |
0.6 |
0.5 |
|
Capital Lease Payments Due in 2-3 Years |
- |
16.5 |
11.9 |
29.3 |
29.4 |
|
Capital Lease Payments Due in 4-5 Years |
- |
10.2 |
1.2 |
1.6 |
2.0 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
- |
4.7 |
0.2 |
0.2 |
0.3 |
|
Total Operating Leases, Supplemental |
- |
63.4 |
32.5 |
37.5 |
28.8 |
|
Operating Lease Payments Due in Year 1 |
- |
19.3 |
10.9 |
11.6 |
10.3 |
|
Operating Lease Payments Due in Year 2 |
- |
15.7 |
8.5 |
8.3 |
6.3 |
|
Operating Lease Payments Due in Year 3 |
- |
10.4 |
6.3 |
6.9 |
4.5 |
|
Operating Lease Payments Due in Year 4 |
- |
7.1 |
3.3 |
5.9 |
3.5 |
|
Operating Lease Payments Due in Year 5 |
- |
5.2 |
2.0 |
2.8 |
2.9 |
|
Operating Lease Pymts. Due in 2-3 Years |
- |
26.2 |
14.9 |
15.2 |
10.8 |
|
Operating Lease Pymts. Due in 4-5 Years |
- |
12.3 |
5.3 |
8.7 |
6.4 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
- |
5.6 |
1.4 |
1.9 |
1.3 |
|
Pension Obligation - Domestic |
- |
2,195.4 |
1,998.5 |
1,808.4 |
1,693.6 |
|
Plan Assets - Domestic |
- |
1,687.0 |
1,573.8 |
1,382.2 |
1,123.9 |
|
Funded Status - Domestic |
- |
-508.4 |
-424.7 |
-426.1 |
-569.7 |
|
Total Funded Status |
- |
-508.4 |
-424.7 |
-426.1 |
-569.7 |
|
Discount Rate - Domestic |
- |
2.50% |
2.50% |
2.50% |
2.50% |
|
Expected Rate of Return - Domestic |
- |
2.60% |
2.40% |
2.50% |
2.50% |
|
Prepaid Benefits - Domestic |
- |
0.0 |
1.0 |
3.8 |
3.2 |
|
Accrued Liabilities - Domestic |
- |
-2,675.3 |
-2,415.9 |
-2,232.0 |
-2,262.2 |
|
Other Assets, Net - Domestic |
- |
448.8 |
298.2 |
211.4 |
365.8 |
|
Net Assets Recognized on Balance Sheet |
- |
-2,226.5 |
-2,116.6 |
-2,016.7 |
-1,893.2 |
|
Total Plan Obligations |
- |
2,195.4 |
1,998.5 |
1,808.4 |
1,693.6 |
|
Total Plan Assets |
- |
1,687.0 |
1,573.8 |
1,382.2 |
1,123.9 |
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 |
|
Deloitte Touche
Tohmatsu LLC |
Deloitte &
Touche LLP |
Deloitte & Touche
LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
978.0 |
836.1 |
713.1 |
455.4 |
478.3 |
|
Depreciation |
352.6 |
302.8 |
315.0 |
313.9 |
310.9 |
|
Depreciation/Depletion |
352.6 |
302.8 |
315.0 |
313.9 |
310.9 |
|
Unusual Items |
16.0 |
-34.2 |
-57.3 |
-16.8 |
85.4 |
|
Equity in Net Earnings (Loss) |
-17.2 |
-20.6 |
-5.7 |
-4.3 |
-2.2 |
|
Other Non-Cash Items |
- |
- |
- |
60.1 |
66.4 |
|
Non-Cash Items |
-1.2 |
-54.8 |
-63.0 |
38.9 |
149.6 |
|
Accounts Receivable |
-832.6 |
-504.5 |
66.6 |
219.3 |
-1,279.7 |
|
Inventories |
-135.5 |
-204.9 |
-159.2 |
417.5 |
-354.6 |
|
Other Assets |
-9.3 |
-105.8 |
98.7 |
13.0 |
485.7 |
|
Accounts Payable |
226.9 |
547.0 |
108.4 |
-245.1 |
-196.8 |
|
Payable/Accrued |
-52.2 |
-112.3 |
-112.3 |
5.0 |
-100.1 |
|
Taxes Payable |
-21.9 |
147.8 |
-206.4 |
193.7 |
-69.7 |
|
Other Liabilities |
116.9 |
145.9 |
87.2 |
-106.5 |
285.9 |
|
Other Operating Cash Flow |
-7.1 |
14.6 |
107.7 |
-24.0 |
65.7 |
|
Changes in Working Capital |
-714.9 |
-72.3 |
-9.3 |
472.9 |
-1,163.5 |
|
Cash from Operating Activities |
614.5 |
1,011.8 |
955.8 |
1,281.2 |
-224.7 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-562.2 |
-341.5 |
-319.3 |
-286.4 |
-328.0 |
|
Capital Expenditures |
-562.2 |
-341.5 |
-319.3 |
-286.4 |
-328.0 |
|
Acquisition of Business |
- |
-218.0 |
- |
- |
- |
|
Sale of Business |
7.7 |
- |
- |
- |
- |
|
Sale of Fixed Assets |
12.9 |
165.0 |
10.2 |
12.7 |
29.5 |
|
Sale/Maturity of Investment |
1,991.2 |
1,619.3 |
1,784.3 |
1,715.8 |
1,544.5 |
|
Purchase of Investments |
-2,271.3 |
-2,115.5 |
-1,984.6 |
-1,853.0 |
-1,925.6 |
|
Other Investing Cash Flow |
-12.9 |
5.0 |
0.8 |
-56.1 |
-57.0 |
|
Other Investing Cash Flow Items, Total |
-272.3 |
-544.2 |
-189.3 |
-180.5 |
-408.6 |
|
Cash from Investing Activities |
-834.6 |
-885.6 |
-508.6 |
-467.0 |
-736.6 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-218.8 |
-14.8 |
-26.0 |
-52.0 |
-8.1 |
|
Financing Cash Flow Items |
-218.8 |
-14.8 |
-26.0 |
-52.0 |
-8.1 |
|
Cash Dividends Paid - Common |
-242.3 |
-224.2 |
-178.2 |
-191.7 |
-191.0 |
|
Total Cash Dividends Paid |
-242.3 |
-224.2 |
-178.2 |
-191.7 |
-191.0 |
|
Repurchase/Retirement
of Common |
-0.5 |
-126.8 |
-0.6 |
-2.1 |
-53.1 |
|
Common Stock, Net |
-0.5 |
-126.8 |
-0.6 |
-2.1 |
-53.1 |
|
Issuance (Retirement) of Stock, Net |
-0.5 |
-126.8 |
-0.6 |
-2.1 |
-53.1 |
|
Short Term Debt, Net |
313.4 |
0.1 |
84.5 |
-470.5 |
543.6 |
|
Long Term Debt Issued |
1,790.8 |
1,327.4 |
729.2 |
1,312.3 |
1,293.4 |
|
Long Term Debt
Reduction |
-1,381.6 |
-1,129.7 |
-1,095.7 |
-969.1 |
-740.3 |
|
Long Term Debt, Net |
409.2 |
197.7 |
-366.5 |
343.2 |
553.1 |
|
Issuance (Retirement) of Debt, Net |
722.6 |
197.8 |
-282.0 |
-127.3 |
1,096.7 |
|
Cash from Financing Activities |
261.0 |
-168.0 |
-486.8 |
-373.1 |
844.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
79.3 |
-18.2 |
-32.0 |
9.9 |
-75.0 |
|
Net Change in Cash |
120.2 |
-60.0 |
-71.6 |
451.1 |
-191.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,212.0 |
1,333.5 |
1,300.3 |
747.8 |
883.6 |
|
Net Cash - Ending Balance |
1,332.2 |
1,273.5 |
1,228.7 |
1,198.9 |
691.7 |
|
Cash Interest Paid |
68.0 |
59.9 |
80.7 |
103.4 |
127.1 |
|
Cash Taxes Paid |
457.7 |
259.8 |
515.9 |
165.0 |
382.9 |
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 |
|
Deloitte Touche
Tohmatsu LLC |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
14,072.8 |
12,766.0 |
10,895.9 |
10,013.3 |
11,021.4 |
|
Total Revenue |
14,072.8 |
12,766.0 |
10,895.9 |
10,013.3 |
11,021.4 |
|
|
|
|
|
|
|
|
Cost of Sales |
10,222.3 |
9,319.0 |
7,919.7 |
7,331.2 |
8,063.2 |
|
Selling, general and administrative expe |
2,488.6 |
2,156.1 |
- |
- |
- |
|
R & D expenses |
- |
- |
292.2 |
271.6 |
261.6 |
|
Advertising expenses |
- |
- |
83.8 |
82.4 |
96.7 |
|
Logistics expenses |
- |
- |
441.5 |
392.7 |
489.3 |
|
Depreciation |
- |
- |
309.4 |
311.0 |
303.2 |
|
Other SGA |
- |
- |
803.3 |
872.1 |
774.0 |
|
Other Operating Expense & Income |
-1.9 |
-47.5 |
41.0 |
2.3 |
10.1 |
|
L on val. of marketable securities |
4.3 |
- |
20.5 |
1.5 |
85.8 |
|
Total Operating Expense |
12,713.3 |
11,427.6 |
9,911.5 |
9,264.8 |
10,084.0 |
|
|
|
|
|
|
|
|
Interest & Dividend Income |
43.6 |
47.6 |
40.0 |
36.4 |
48.0 |
|
Interest Expense |
-15.4 |
-24.0 |
-19.0 |
-22.9 |
-26.5 |
|
Loss On Valuation Of Securities |
- |
-32.5 |
- |
- |
- |
|
G/L on sale of marketable secs. |
1.9 |
1.3 |
56.5 |
19.6 |
-1.2 |
|
G on Exchange of Marketable Securities |
- |
0.0 |
32.4 |
0.0 |
- |
|
Gain/Loss Exchange Rate |
111.7 |
-96.4 |
-19.1 |
31.1 |
-114.7 |
|
Other, Net |
-49.4 |
43.9 |
-9.7 |
-22.0 |
-14.5 |
|
Net Income Before Taxes |
1,451.9 |
1,278.3 |
1,065.5 |
790.6 |
828.6 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
491.0 |
462.9 |
358.1 |
279.5 |
286.1 |
|
Net Income After Taxes |
960.9 |
815.5 |
707.4 |
511.1 |
542.5 |
|
|
|
|
|
|
|
|
Minority Interest |
-89.9 |
-56.6 |
-73.4 |
-60.1 |
-66.4 |
|
Equity in Affiliates |
17.2 |
20.6 |
5.7 |
4.3 |
2.2 |
|
Net Income Before Extra. Items |
888.1 |
779.5 |
639.8 |
455.4 |
478.3 |
|
Discontinued Operationg |
- |
- |
- |
- |
0.0 |
|
Net Income |
888.1 |
779.5 |
639.8 |
455.4 |
478.3 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
888.1 |
779.5 |
639.8 |
455.4 |
478.3 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
888.1 |
779.5 |
639.8 |
455.4 |
478.3 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
1,256.0 |
1,262.5 |
1,271.8 |
1,272.0 |
1,275.6 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.71 |
0.62 |
0.50 |
0.36 |
0.37 |
|
Basic EPS Including ExtraOrdinary Items |
0.71 |
0.62 |
0.50 |
0.36 |
0.37 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
888.1 |
779.5 |
639.8 |
455.4 |
478.3 |
|
Diluted Weighted Average Shares |
1,256.0 |
1,262.5 |
1,271.8 |
1,272.0 |
1,275.6 |
|
Diluted EPS Excluding ExtraOrd Items |
0.71 |
0.62 |
0.50 |
0.36 |
0.37 |
|
Diluted EPS Including ExtraOrd Items |
0.71 |
0.62 |
0.50 |
0.36 |
0.37 |
|
DPS-Common Stock |
0.18 |
0.19 |
0.16 |
0.13 |
0.14 |
|
Gross Dividends - Common Stock |
- |
238.7 |
207.8 |
164.3 |
177.7 |
|
Normalized Income Before Taxes |
1,456.2 |
1,278.3 |
1,086.0 |
792.2 |
914.3 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
492.5 |
462.9 |
365.0 |
280.0 |
315.7 |
|
Normalized Income After Taxes |
963.7 |
815.5 |
721.0 |
512.1 |
598.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
891.0 |
779.5 |
653.4 |
456.4 |
534.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.71 |
0.62 |
0.51 |
0.36 |
0.42 |
|
Diluted Normalized EPS |
0.71 |
0.62 |
0.51 |
0.36 |
0.42 |
|
Interest Expense |
15.4 |
24.0 |
19.0 |
22.9 |
26.5 |
|
Advertising expense |
- |
88.4 |
- |
- |
- |
|
Advertising Expenses |
- |
- |
83.8 |
82.4 |
96.7 |
|
Total Research And Development Expense |
- |
352.8 |
- |
- |
- |
|
Research & Development |
- |
- |
292.2 |
271.6 |
261.6 |
|
Amort of Tangible Assets-Current Portion |
- |
302.8 |
- |
- |
- |
|
Depreciation |
- |
- |
315.0 |
313.9 |
310.9 |
|
Income Taxes Current |
481.6 |
450.8 |
- |
- |
- |
|
Domestic |
- |
- |
143.7 |
177.1 |
56.9 |
|
Foreign |
- |
- |
173.0 |
130.0 |
178.3 |
|
Current Tax - Total |
481.6 |
450.8 |
316.7 |
307.1 |
235.2 |
|
Income Taxes Deferred |
9.4 |
12.1 |
- |
- |
- |
|
Domestic |
- |
- |
71.7 |
-22.5 |
70.4 |
|
Foreign |
- |
- |
-30.3 |
-5.1 |
-19.5 |
|
Deferred Tax - Total |
9.4 |
12.1 |
41.4 |
-27.6 |
50.8 |
|
Income Tax - Total |
491.0 |
462.9 |
358.1 |
279.5 |
286.1 |
|
Reported Operating Profit |
1,363.9 |
1,338.4 |
1,004.9 |
750.0 |
1,023.2 |
|
Retirement Benefit Expenses Service Cost |
- |
83.4 |
- |
- |
- |
|
Service Cost |
- |
- |
71.4 |
63.8 |
59.2 |
|
Retirement Benefit Expenses Interest Cos |
- |
45.5 |
- |
- |
- |
|
Interest Cost |
- |
- |
38.7 |
39.2 |
37.1 |
|
Retirement Benefit Expenses Expected Ret |
- |
-33.6 |
- |
- |
- |
|
Expected Return on Plan Assets |
- |
- |
-30.2 |
-23.7 |
-24.2 |
|
Retirement Benefit Expenses Depreciation |
- |
-10.2 |
- |
- |
- |
|
Prior Service Cost |
- |
- |
-9.4 |
-8.7 |
-8.0 |
|
Retirement Benefit Expenses Depreciation |
- |
8.8 |
- |
- |
- |
|
Amort. of Actuarial Gains & Losses |
- |
- |
5.5 |
103.4 |
1.3 |
|
Domestic Pension Plan Expense |
- |
93.7 |
76.0 |
174.1 |
65.3 |
|
Total Pension Expense |
- |
93.7 |
76.0 |
174.1 |
65.3 |
|
Expected Return on Assets(MIN)-Retiremen |
- |
2.50% |
- |
- |
- |
|
Discount Rate(MIN)-Retirement Cost(Domes |
- |
2.60% |
- |
- |
- |
|
Discount rate |
- |
- |
2.50% |
2.50% |
2.50% |
|
Expected rate of return |
- |
- |
2.40% |
2.50% |
2.50% |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
94.088557 |
82.385362 |
82.88 |
93.44 |
98.77 |
|
Auditor |
|
Deloitte Touche
Tohmatsu LLC |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
1,174.8 |
1,220.6 |
1,270.4 |
1,192.5 |
703.7 |
|
Trade Notes |
778.4 |
870.5 |
677.9 |
614.4 |
662.4 |
|
Trade Accounts |
4,302.1 |
3,901.8 |
3,622.5 |
3,397.7 |
3,286.3 |
|
Allowance for Doubtful Account |
-26.6 |
-29.2 |
-33.9 |
-30.2 |
-25.4 |
|
Short Term Financial Receivable |
1,389.1 |
1,312.9 |
1,211.8 |
1,122.0 |
985.0 |
|
Inventories |
2,460.3 |
- |
- |
- |
- |
|
Products |
- |
1,449.8 |
1,315.7 |
1,190.9 |
1,337.7 |
|
Semi-Products |
- |
311.2 |
289.1 |
252.0 |
241.4 |
|
Work-in-Progress |
- |
382.3 |
295.3 |
240.8 |
315.5 |
|
Raw Materials & Other Inventories |
- |
309.4 |
201.9 |
160.5 |
205.2 |
|
Equity receivable transfer |
- |
- |
- |
- |
0.0 |
|
Other Current Assets |
706.3 |
782.5 |
526.7 |
643.8 |
553.3 |
|
Total Current Assets |
10,784.3 |
10,511.7 |
9,377.5 |
8,784.5 |
8,265.1 |
|
|
|
|
|
|
|
|
Investment in Affiliates |
204.9 |
218.1 |
199.9 |
170.6 |
146.9 |
|
Long Term Investments |
1,346.4 |
1,234.5 |
1,212.6 |
1,169.8 |
973.9 |
|
Land |
965.8 |
1,086.7 |
1,079.1 |
959.6 |
916.1 |
|
Buildings |
2,525.7 |
2,750.5 |
2,627.1 |
2,293.8 |
2,115.0 |
|
Machinery & Equipment |
4,103.1 |
4,387.1 |
4,247.9 |
3,835.1 |
3,658.2 |
|
Construction-in-Progress |
173.1 |
98.1 |
116.2 |
56.8 |
70.6 |
|
Depreciation |
-5,051.9 |
-5,590.5 |
-5,447.8 |
-4,781.3 |
-4,475.6 |
|
Long Term Financial Receivable |
2,647.9 |
2,479.5 |
2,411.1 |
2,102.7 |
1,713.6 |
|
Intangible,net |
- |
- |
89.8 |
- |
- |
|
LT accounts receivable |
340.2 |
381.2 |
331.6 |
285.6 |
274.1 |
|
Other Long Term Assets |
192.6 |
184.5 |
137.5 |
210.5 |
381.5 |
|
Allow.doubt.accounts |
-7.0 |
-10.6 |
-11.2 |
-8.2 |
-8.7 |
|
Goodwill And Other Intangible Assets |
307.2 |
326.6 |
- |
- |
- |
|
Total Assets |
18,532.2 |
18,057.4 |
16,371.3 |
15,079.5 |
14,030.8 |
|
|
|
|
|
|
|
|
ST Borrowings |
1,263.3 |
845.1 |
924.7 |
945.3 |
1,337.5 |
|
Trade Notes Payables |
222.4 |
205.2 |
168.7 |
152.7 |
166.1 |
|
Accounts Payable |
2,360.6 |
2,416.4 |
1,819.8 |
1,537.7 |
1,652.5 |
|
Customer Advances |
107.8 |
84.8 |
39.5 |
36.4 |
63.8 |
|
Facility related note & other acct.pybl. |
178.3 |
167.7 |
118.2 |
98.9 |
134.7 |
|
Payroll & Other Wages Payables |
349.0 |
374.2 |
323.9 |
276.7 |
265.9 |
|
Accrued Expenses |
404.3 |
408.0 |
357.3 |
292.7 |
260.4 |
|
Income Taxes Payables |
184.8 |
199.7 |
56.7 |
244.5 |
47.9 |
|
Other Current Liabilities |
526.0 |
503.5 |
408.9 |
362.1 |
465.2 |
|
Current Portion of Long Term Debt |
725.9 |
1,301.3 |
1,032.3 |
764.5 |
611.3 |
|
Total Current Liabilities |
6,322.3 |
6,505.8 |
5,250.1 |
4,711.5 |
5,005.3 |
|
|
|
|
|
|
|
|
Long Term Debt |
2,905.3 |
2,238.3 |
2,313.7 |
2,604.2 |
2,111.9 |
|
Total Long Term Debt |
2,905.3 |
2,238.3 |
2,313.7 |
2,604.2 |
2,111.9 |
|
|
|
|
|
|
|
|
Pension Expense Payables |
305.6 |
508.4 |
425.7 |
430.0 |
573.0 |
|
Other Long Term Liabilities |
383.6 |
220.8 |
160.7 |
146.3 |
101.5 |
|
Equity Minority Interests |
553.7 |
654.6 |
560.8 |
484.0 |
384.3 |
|
Total Liabilities |
10,470.5 |
10,127.8 |
8,711.0 |
8,375.8 |
8,176.0 |
|
|
|
|
|
|
|
|
Common Stock |
893.5 |
1,020.4 |
1,014.4 |
899.7 |
851.2 |
|
Paid-in Capital |
944.5 |
1,078.3 |
1,075.5 |
955.1 |
943.1 |
|
Legal Reserves |
207.7 |
237.2 |
235.8 |
209.1 |
197.8 |
|
Retained Surplus |
6,325.4 |
6,805.9 |
6,236.2 |
5,108.1 |
4,584.3 |
|
Other Comprehensive Income |
-307.0 |
-977.6 |
-788.9 |
-369.1 |
-629.6 |
|
Treasury Stock |
-2.3 |
-234.6 |
-112.7 |
-99.2 |
-92.0 |
|
Total Equity |
8,061.7 |
7,929.6 |
7,660.3 |
6,703.7 |
5,854.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
18,532.2 |
18,057.4 |
16,371.3 |
15,079.5 |
14,030.8 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
1,255.9 |
1,256.0 |
1,271.7 |
1,271.8 |
1,272.1 |
|
Total Common Shares Outstanding |
1,255.9 |
1,256.0 |
1,271.7 |
1,271.8 |
1,272.1 |
|
T/S-Common Stock |
0.5 |
29.9 |
14.2 |
14.1 |
13.9 |
|
Deferred Revenue - Current |
107.8 |
84.8 |
39.5 |
36.4 |
63.8 |
|
Full-Time Employees |
- |
29,185 |
25,409 |
24,778 |
25,140 |
|
Total Number of Shareholders |
- |
44,356 |
- |
- |
- |
|
Number of Common Shareholders |
- |
- |
45,121 |
48,714 |
53,002 |
|
Loans Payable Maturing within a Year |
- |
1,301.3 |
- |
- |
- |
|
Long Term Debt Maturing within 1 Yr |
- |
- |
1,032.3 |
764.5 |
611.3 |
|
Lns Pble Maturing over a Yr within 2 Yrs |
- |
713.7 |
- |
- |
- |
|
Long Term Debt Maturing within 2 Yr |
- |
- |
1,177.7 |
1,022.5 |
696.2 |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
- |
933.9 |
- |
- |
- |
|
Long Term Debt Maturing within 3 Yr |
- |
- |
620.7 |
988.1 |
871.7 |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
- |
349.9 |
- |
- |
- |
|
Long Term Debt Maturing within 4 Yr |
- |
- |
303.7 |
185.6 |
292.7 |
|
Lns Pble Maturg over 4 Yrs within 5 Yrs |
- |
231.2 |
- |
- |
- |
|
Long Term Debt Maturing within 5 Yr |
- |
- |
98.9 |
270.3 |
117.5 |
|
Loans Payable Remaining |
- |
9.6 |
- |
- |
- |
|
Long Term Debt Remaining Maturity |
- |
- |
112.7 |
137.6 |
133.8 |
|
Total Long Term Debt, Supplemental |
- |
3,539.6 |
3,346.0 |
3,368.6 |
2,723.2 |
|
Capital Lease Maturing within a Year |
- |
15.6 |
- |
- |
- |
|
CP Lease due within 1 yr. |
- |
- |
24.9 |
34.3 |
35.8 |
|
Cap Lease Maturg over a Yr within 2 Yrs |
- |
8.9 |
- |
- |
- |
|
CP Lease due within 2 yr. |
- |
- |
10.3 |
21.2 |
19.6 |
|
Cap Lease Maturg over 2 Yr within 3 Yrs |
- |
7.6 |
- |
- |
- |
|
CP Lease due within 3 yr. |
- |
- |
1.7 |
8.1 |
9.7 |
|
Cap Lease Maturg over 3 Yr within 4 Yrs |
- |
5.8 |
- |
- |
- |
|
CP Lease due within 4 yr. |
- |
- |
0.9 |
1.0 |
1.5 |
|
Cap Lease Maturg over 4 Yr within 5 Yrs |
- |
4.5 |
- |
- |
- |
|
CP Lease due within 5 yr. |
- |
- |
0.3 |
0.6 |
0.5 |
|
Capital Lease Remaining |
- |
4.7 |
- |
- |
- |
|
Thereafter |
- |
- |
0.2 |
0.2 |
0.3 |
|
Interest Cost |
- |
- |
-0.6 |
-1.3 |
-1.4 |
|
Total Capital Leases, Supplemental |
- |
47.1 |
37.6 |
64.1 |
66.0 |
|
Operating Lease Maturing within a Year |
- |
19.3 |
- |
- |
- |
|
OP Lease due within 1 yr. |
- |
- |
10.9 |
11.6 |
10.3 |
|
Operating Lease Maturing over a Year wit |
- |
15.7 |
- |
- |
- |
|
OP Lease due within 2 yr. |
- |
- |
8.5 |
8.3 |
6.3 |
|
Operating Lease Maturing over 2 Year wit |
- |
10.4 |
- |
- |
- |
|
OP Lease due within 3 yr. |
- |
- |
6.3 |
6.9 |
4.5 |
|
Operating Lease Maturing over 3 Year wit |
- |
7.1 |
- |
- |
- |
|
OP Lease due within 4 yr. |
- |
- |
3.3 |
5.9 |
3.5 |
|
Operating Lease Maturing over 4 Year wit |
- |
5.2 |
- |
- |
- |
|
OP Lease due within 5 yr. |
- |
- |
2.0 |
2.8 |
2.9 |
|
Operating Lease Remaining |
- |
5.6 |
- |
- |
- |
|
Thereafter |
- |
- |
1.4 |
1.9 |
1.3 |
|
Total Operating Leases, Supplemental |
- |
63.4 |
32.5 |
37.5 |
28.8 |
|
Pension Obligation |
- |
2,195.4 |
1,998.5 |
1,808.4 |
1,693.6 |
|
Fair Value of Plan Assets |
- |
1,687.0 |
1,573.8 |
1,382.2 |
1,123.9 |
|
Funded Status |
- |
-508.4 |
-424.7 |
-426.1 |
-569.7 |
|
Total Funded Status |
- |
-508.4 |
-424.7 |
-426.1 |
-569.7 |
|
Discount Rate |
- |
2.50% |
2.50% |
2.50% |
2.50% |
|
Expected Return on Plan Assets |
- |
2.60% |
2.40% |
2.50% |
2.50% |
|
Unrecognized Actuarial Gains & Losses |
- |
483.0 |
342.0 |
258.9 |
418.9 |
|
Unrecognized Prior Service Cost |
- |
-34.2 |
-43.8 |
-47.5 |
-53.1 |
|
Pension Payable |
- |
-508.4 |
-425.7 |
-430.0 |
-573.0 |
|
Other Asset (Prepaid Pension Benefit) |
- |
0.0 |
1.0 |
3.8 |
3.2 |
|
Accrued Pension Benefits |
- |
-2,167.0 |
-1,990.1 |
-1,802.0 |
-1,689.3 |
|
Net Assets Recognized on Balance Sheet |
- |
-2,226.5 |
-2,116.6 |
-2,016.7 |
-1,893.2 |
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 |
|
Deloitte Touche
Tohmatsu LLC |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
978.0 |
836.1 |
713.1 |
455.4 |
478.3 |
|
Depreciation |
352.6 |
302.8 |
315.0 |
313.9 |
310.9 |
|
Sale of Mktbl Securities |
-1.9 |
-1.3 |
-56.5 |
-19.6 |
1.2 |
|
Impairment Loss |
3.6 |
19.4 |
- |
- |
- |
|
Minority Interest |
- |
- |
- |
60.1 |
66.4 |
|
L on val. of marketable secs. |
4.3 |
32.5 |
20.5 |
1.5 |
85.8 |
|
Disposal of Fixed Asset |
10.0 |
-84.8 |
9.8 |
1.3 |
-1.5 |
|
L on val. of fixed assets |
- |
- |
1.3 |
- |
- |
|
Equity in Affiliates |
-17.2 |
-20.6 |
-5.7 |
-4.3 |
-2.2 |
|
Securities Exchange |
- |
0.0 |
-32.4 |
0.0 |
- |
|
Deferred Taxes |
9.4 |
12.1 |
41.4 |
-27.6 |
50.8 |
|
Account & Note Receivables |
-832.6 |
-504.5 |
66.6 |
219.3 |
-1,279.7 |
|
Inventories |
-135.5 |
-204.9 |
-159.2 |
417.5 |
-354.6 |
|
Transfer of acct. rcvbls equity |
- |
- |
- |
0.0 |
697.9 |
|
Other current assets |
-9.3 |
-105.8 |
98.7 |
13.0 |
-212.2 |
|
Account & Note Payables |
226.9 |
547.0 |
108.4 |
-245.1 |
-196.8 |
|
Income Taxes |
-21.9 |
147.8 |
-206.4 |
193.7 |
-69.7 |
|
Other current liabilities |
116.9 |
145.9 |
87.2 |
-106.5 |
285.9 |
|
Inc (Dec) retire. pension bnf. payables |
-52.2 |
-112.3 |
-112.3 |
5.0 |
-100.1 |
|
Other |
-16.5 |
2.5 |
66.3 |
3.6 |
14.9 |
|
Cash from Operating Activities |
614.5 |
1,011.8 |
955.8 |
1,281.2 |
-224.7 |
|
|
|
|
|
|
|
|
Capital Expenditures |
-562.2 |
-341.5 |
-319.3 |
-286.4 |
-328.0 |
|
Net Decrease Increase In Short Term Loan |
20.2 |
-70.5 |
- |
- |
- |
|
Investment&loan Purchases |
- |
- |
- |
-4.2 |
-58.8 |
|
Sale of PPE |
12.9 |
165.0 |
10.2 |
12.7 |
29.5 |
|
Sale of Investments secs |
5.0 |
2.4 |
73.5 |
97.9 |
2.6 |
|
Cash Related to Business Sold |
- |
- |
0.0 |
- |
- |
|
Financial Loan Made |
-2,271.3 |
-2,115.5 |
-1,984.6 |
-1,853.0 |
-1,925.6 |
|
Financial Loan Collected |
1,939.2 |
1,713.7 |
1,667.1 |
1,617.9 |
1,541.9 |
|
Proceeds from Transfer of Business |
7.7 |
- |
- |
- |
- |
|
Payments for Transfer of Business |
- |
-218.0 |
- |
- |
- |
|
ST loans, net |
- |
- |
0.0 |
- |
- |
|
Net change in time deposit |
26.7 |
-26.3 |
43.7 |
- |
- |
|
Other |
-12.9 |
5.0 |
0.8 |
-51.9 |
1.8 |
|
Cash from Investing Activities |
-834.6 |
-885.6 |
-508.6 |
-467.0 |
-736.6 |
|
|
|
|
|
|
|
|
LT Debt Issued |
1,790.8 |
1,327.4 |
729.2 |
1,312.3 |
1,293.4 |
|
LT Debt Repayments |
-1,381.6 |
-1,129.7 |
-1,095.7 |
-969.1 |
-740.3 |
|
ST Debt, Net |
313.4 |
0.1 |
84.5 |
-470.5 |
543.6 |
|
Dividends Paid |
-242.3 |
-224.2 |
-178.2 |
-191.7 |
-191.0 |
|
Purchase of Treasury Stock |
-0.5 |
-126.8 |
-0.6 |
-2.1 |
-53.1 |
|
Purchase of Min. shareholders' equity |
-217.7 |
-11.7 |
-27.0 |
-68.9 |
0.0 |
|
Other |
-1.1 |
-3.1 |
1.0 |
16.9 |
-8.1 |
|
Cash from Financing Activities |
261.0 |
-168.0 |
-486.8 |
-373.1 |
844.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
79.3 |
-18.2 |
-32.0 |
9.9 |
-75.0 |
|
Net Change in Cash |
120.2 |
-60.0 |
-71.6 |
451.1 |
-191.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,212.0 |
1,333.5 |
1,300.3 |
747.8 |
883.6 |
|
Net Cash - Ending Balance |
1,332.2 |
1,273.5 |
1,228.7 |
1,198.9 |
691.7 |
|
Cash Interest Paid |
68.0 |
59.9 |
80.7 |
103.4 |
127.1 |
|
Cash Taxes Paid |
457.7 |
259.8 |
515.9 |
165.0 |
382.9 |
Financial Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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Ratio Comparisons
|
Traded: New York Stock Exchange: KUB |
Financials in:
USD (actual units) |
|
Industry: Constr. & Agric. Machinery |
As of
07-Jun-2013 |
|
Sector: Capital Goods |
|
|
|
|
|
|
|
|
|
Company |
Industry |
Sector |
S&P 500 |
|
Valuation Ratios |
||||
|
P/E Excluding Extraordinary (TTM) |
27.17 |
24.15 |
22.07 |
19.68 |
|
P/E High Excluding Extraordinary - Last 5 Yrs |
25.61 |
46.53 |
37.65 |
32.79 |
|
P/E Low Excluding Extraordinary - Last 5 Yrs |
11.81 |
5.62 |
7.33 |
10.71 |
|
Beta |
1.07 |
1.69 |
1.34 |
1.00 |
|
Price/Revenue (TTM) |
1.64 |
1.72 |
1.52 |
2.57 |
|
Price/Book (MRQ) |
2.70 |
5.56 |
4.76 |
3.67 |
|
Price to Tangible Book (MRQ) |
2.73 |
7.42 |
7.19 |
5.21 |
|
Price to Cash Flow Per Share (TTM) |
18.16 |
15.39 |
15.36 |
14.22 |
|
Price to Free Cash Flow Per Share (TTM) |
- |
38.17 |
32.27 |
26.26 |
|
|
|
|
|
|
|
Dividends |
||||
|
Dividend Yield |
1.29% |
1.53% |
1.88% |
2.26% |
|
Dividend Per Share - 5 Yr Avg |
0.71 |
1.82 |
1.73 |
1.99 |
|
Dividend 5 Yr Growth |
4.56% |
7.36% |
7.09% |
0.08% |
|
Payout Ratio (TTM) |
44.08% |
30.92% |
27.79% |
25.98% |
|
|
|
|
|
|
|
Growth Rates (%) |
||||
|
Revenue (MRQ) vs Qtr 1 Yr Ago |
12.49% |
45.43% |
13.77% |
15.58% |
|
Revenue (TTM) vs TTM 1 Yr Ago |
12.15% |
28.53% |
9.04% |
17.69% |
|
Revenue 5 Yr Growth |
-2.21% |
6.89% |
6.24% |
8.97% |
|
EPS (MRQ) vs Qtr 1 Yr Ago |
15.58% |
32.79% |
8.64% |
19.49% |
|
EPS (TTM) vs TTM 1 Yr Ago |
28.74% |
124.33% |
48.61% |
32.55% |
|
EPS 5 Yr Growth |
-4.07% |
10.66% |
11.11% |
9.86% |
|
Capital Spending 5 Yr Growth |
-4.69% |
7.96% |
2.27% |
-2.04% |
|
|
|
|
|
|
|
Financial Strength |
||||
|
Quick Ratio (MRQ) |
1.18 |
1.00 |
1.00 |
1.24 |
|
Current Ratio (MRQ) |
1.62 |
2.15 |
1.91 |
1.79 |
|
LT Debt/Equity (MRQ) |
0.29 |
1.69 |
0.99 |
0.64 |
|
Total Debt/Equity (MRQ) |
0.62 |
2.35 |
1.16 |
0.73 |
|
Interest Coverage (TTM) |
- |
10.59 |
11.79 |
13.80 |
|
|
|
|
|
|
|
Profitability Ratios (%) |
||||
|
Gross Margin (TTM) |
27.13% |
29.67% |
24.70% |
45.21% |
|
Gross Margin - 5 Yr Avg |
27.35% |
27.82% |
24.93% |
44.91% |
|
EBITD Margin (TTM) |
12.18% |
15.84% |
12.97% |
24.43% |
|
EBITD Margin - 5 Yr Avg |
12.52% |
14.26% |
12.28% |
22.84% |
|
Operating Margin (TTM) |
9.57% |
11.14% |
9.82% |
20.63% |
|
Operating Margin - 5 Yr Avg |
9.38% |
10.24% |
9.51% |
18.28% |
|
Pretax Margin (TTM) |
10.11% |
10.68% |
8.95% |
17.95% |
|
Pretax Margin - 5 Yr Avg |
9.18% |
10.05% |
8.79% |
17.10% |
|
Net Profit Margin (TTM) |
6.55% |
7.21% |
6.41% |
13.65% |
|
Net Profit Margin - 5 Yr Avg |
5.87% |
7.05% |
6.01% |
12.10% |
|
Effective Tax Rate (TTM) |
35.22% |
31.59% |
29.26% |
28.45% |
|
Effective Tax rate - 5 Yr Avg |
36.05% |
30.73% |
31.03% |
29.92% |
|
|
|
|
|
|
|
Management Effectiveness (%) |
||||
|
Return on Assets (TTM) |
4.88% |
5.95% |
6.25% |
8.54% |
|
Return on Assets - 5 Yr Avg |
4.24% |
6.90% |
6.69% |
8.40% |
|
Return on Investment (TTM) |
7.92% |
5.90% |
4.72% |
7.90% |
|
Return on Investment - 5 Yr Avg |
6.78% |
7.05% |
5.72% |
8.27% |
|
Return on Equity (TTM) |
10.39% |
26.91% |
18.99% |
19.72% |
|
Return on Equity - 5 Yr Avg |
8.73% |
29.94% |
23.87% |
20.06% |
|
|
|
|
|
|
|
Efficiency |
||||
|
Revenue/Employee (TTM) |
387,803.90 |
392,858.56 |
357,573.83 |
927,613.77 |
|
Net Income/Employee (TTM) |
25,410.58 |
27,734.61 |
23,741.62 |
116,121.92 |
|
Receivables Turnover (TTM) |
3.54 |
3.60 |
8.63 |
13.25 |
|
Inventory Turnover (TTM) |
3.56 |
4.56 |
8.11 |
14.53 |
|
Asset Turnover (TTM) |
0.74 |
0.81 |
1.00 |
0.93 |
Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Stock Snapshot
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Stock History
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.45 |
|
UK Pound |
1 |
Rs.91.60 |
|
Euro |
1 |
Rs.77.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.