MIRA
INFORM REPORT
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Report Date : |
01.03.2013 |
IDENTIFICATION DETAILS
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Name : |
KAO CORPORATION |
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Registered Office : |
1-14-10, Nihonbashi Kayabacho, Chuo-ku, Tokyo, 103-8210 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
21.05.1940 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
manufacture
and sale of consumer products |
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No. of Employees : |
34,069 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 tiny agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. Usually self-sufficient in rice, Japan imports about 60% of its food on a caloric basis. Japan maintains one of the world's largest fishing fleets and accounts for nearly 15% of the global catch. 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. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2011 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 2011. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan further 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 in March disrupted manufacturing. Electricity supplies remain tight because Japan has temporarily shut down almost all of its nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled by the earthquake and resulting tsunami. Estimates of the direct costs of the damage - rebuilding homes, factories, and infrastructure - range from $235 billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has proposed opening the agricultural and services sectors to greater foreign competition and boosting exports through membership in the US-led Trans-Pacific Partnership trade talks and by pursuing free-trade agreements with the EU and others, but debate continues 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
Kao Corporation
1-14-10, Nihonbashi Kayabacho
Chuo-ku
Tokyo, 103-8210
Japan
Tel: 81-3-36607111
Fax: 81-3-36607113
Web: www.kao.com
Synthesis
Employees: 34,069
Company Type: Public Parent
Corporate Family: 82
Companies
Traded: Tokyo Stock Exchange: 4452
Over The Counter: KCRPY
Incorporation Date:
21-May-1940
Auditor: Deloitte Touche Tohmatsu LLC
Financials in: USD
(Millions)
Fiscal Year End:
31-Mar-2012
Reporting Currency: Japanese
Yen
Annual Sales: 15,401.2 1
Net Income: 664.1
Total Assets: 12,032.1 2
Market Value: 15,660.9 (08-Feb-2013)
Business Description
Kao Corporation is mainly engaged in the manufacture and sale of consumer products. The Consumer Product segment has three divisions. The Beauty Care division offers prestige cosmetics; premium skincare products such as facial cleanser, premium hair care products including shampoos, hair styling products and hair coloring products, among others. The Human Health Care division provides foods and beverage products; sanitary products including hygiene products and paper diapers, as well as personal health products such as bath additives. The Fabric and Home Care division offers fabric care products including detergents for apparel use, and home care products including detergents for kitchen use. The Chemical segment provides oil and fat products such as fat acids; functional materials products such as surface acting agents and additives for plastic use, as well as specialty chemical products such as essences, among others. In April 2012, it established one subsidiary in Shanghai, China. For the six months ended 30 September 2012, Kao Corporation revenues decreased 1% to Y608.98B. Net income applicable to common stockholders increased 17% to Y35.86B. Revenues reflect Chemicals segment decrease of 7% to Y101.95B, Beauty Care Business segment decrease of 2% to Y267.17B. Net income reflects Fabric And Home Care Business segment income increase of 7% to Y30.98B, Beauty Care Business segment income increase of 5% to Y7.34B.
Industry
Industry Personal and Household Products
ANZSIC 2006: 1852 - Cosmetic
and Toiletry Preparation Manufacturing
NACE 2002: 2452 - Manufacture
of perfumes and toilet preparations
NAICS 2002: 32562 - Toilet
Preparation Manufacturing
UK SIC 2003: 2452 - Manufacture
of perfumes and toilet preparations
UK SIC 2007: 2042 - Manufacture
of perfumes and toilet preparations
US SIC 1987: 2844 - Perfumes,
Cosmetics, and Other Toilet Preparations
Key Executives
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Name |
Title |
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Michitaka Sawada |
President |
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Hideko Aoki |
Executive Officer, Chief Director of Quality Assurance |
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Takayuki Ishige |
Corporate Auditor |
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Motoki Ozaki |
Chairman |
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Ken Hashimoto |
Managing Executive Officer, Director |
Significant Developments
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Topic |
#* |
Most Recent Headline |
Date |
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Change in Accounting Method / Policy |
1 |
Kao Corporation to Change Fiscal Year End Date |
21-May-2012 |
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Corporate Litigation |
1 |
Kao Corp Announces Settlement of Lawsuit with Henkel AG & Co. KGaA
and Schwarzkopf & Henkel K.K. |
3-Oct-2012 |
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Officer Changes |
1 |
Kao Corporation Appoints Chairman and President |
9-Apr-2012 |
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Strategic Combinations |
1 |
Ajinomoto Co., Inc. Forms Business Alliance with Kao Corporation |
29-May-2012 |
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New Business / Unit / Subsidiary |
2 |
Kao Corporation to Establish New Plant in Indonesia |
26-Jul-2012 |
* number of significant developments within
the last 12 months
news
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Title |
Date |
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Tokyo Closing Stock Prices(1) |
27-Feb-2013 |
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Nissan, Kao, Others Get TSE's
Women-Friendly Label |
26-Feb-2013 |
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Kao Rises On Solid Asian Ops |
18-Feb-2013 |
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Kao Seen Logging 1st Op Profit In Asia In
10 Years |
18-Feb-2013 |
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Tokyo Closing Stock Prices(1) |
14-Feb-2013 |
Financial Summary
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Stock Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 78.96121
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 82.38536
Corporate Overview
Location
1-14-10, Nihonbashi Kayabacho
Chuo-ku
Tokyo, 103-8210
Japan
Tel: 81-3-36607111
Fax: 81-3-36607113
Web: www.kao.com
Quote Symbol - Exchange
4452 - Tokyo Stock
Exchange
Sales JPY(mil): 1,216,095.0
Assets JPY(mil): 991,272.0
Employees: 34,069
Fiscal Year End: 31-Mar-2012
Industry: Personal and Household Products
Incorporation Date: 21-May-1940
Company Type: Public Parent
Quoted Status: Quoted
President: Michitaka Sawada
Industry Codes
ANZSIC 2006 Codes:
1852 - Cosmetic and Toiletry Preparation Manufacturing
1524 - Sanitary Paper Product Manufacturing
1899 - Other Basic Chemical Product Manufacturing Not Elsewhere
Classified
1211 - Soft Drink, Cordial and Syrup Manufacturing
1150 - Oil and Fat Manufacturing
1851 - Cleaning Compound Manufacturing
NACE 2002 Codes:
2452 - Manufacture of perfumes and toilet preparations
1598 - Manufacture of mineral waters and soft drinks
1543 - Manufacture of margarine and similar edible fats
2466 - Manufacture of other chemical products not elsewhere
classified
2122 - Manufacture of household and sanitary goods and of toilet
requisites
2451 - Manufacture of soap and detergents, cleaning and polishing
preparations
NAICS 2002 Codes:
32562 - Toilet Preparation Manufacturing
325998 - All Other Miscellaneous Chemical Product and Preparation
Manufacturing
312111 - Soft Drink Manufacturing
322291 - Sanitary Paper Product Manufacturing
311225 - Fats and Oils Refining and Blending
325611 - Soap and Other Detergent Manufacturing
US SIC 1987:
2844 - Perfumes, Cosmetics, and Other Toilet Preparations
2086 - Bottled and Canned Soft Drinks and Carbonated Waters
2079 - Shortening, Table Oils, Margarine, and Other Edible Fats
and Oils, Not Elsewhere Classified
2841 - Soap and Other Detergents, Except Specialty Cleaners
2676 - Sanitary Paper Products
2899 - Chemicals and Chemical Preparations, Not Elsewhere
Classified
UK SIC 2003:
2452 - Manufacture of perfumes and toilet preparations
2122 - Manufacture of household and sanitary goods and of toilet
requisites
2466 - Manufacture of other chemical products not elsewhere
classified
1543 - Manufacture of margarine and similar edible fats
24511 - Manufacture of soap and detergents
1598 - Manufacture of mineral waters and soft drinks
UK SIC 2007:
2042 - Manufacture of perfumes and toilet preparations
1722 - Manufacture of household and sanitary goods and of toilet
requisites
20411 - Manufacture of soap and detergents
1042 - Manufacture of margarine and similar edible fats
2059 - Manufacture of other chemical products n.e.c.
1107 - Manufacture of soft drinks; production of mineral waters
and other bottled waters
Business
Description
Kao Corporation is
mainly engaged in the manufacture and sale of consumer products. The Consumer
Product segment has three divisions. The Beauty Care division offers prestige
cosmetics; premium skincare products such as facial cleanser, premium hair care
products including shampoos, hair styling products and hair coloring products,
among others. The Human Health Care division provides foods and beverage
products; sanitary products including hygiene products and paper diapers, as
well as personal health products such as bath additives. The Fabric and Home
Care division offers fabric care products including detergents for apparel use,
and home care products including detergents for kitchen use. The Chemical
segment provides oil and fat products such as fat acids; functional materials
products such as surface acting agents and additives for plastic use, as well
as specialty chemical products such as essences, among others. In April 2012,
it established one subsidiary in Shanghai, China. For the six months ended 30
September 2012, Kao Corporation revenues decreased 1% to Y608.98B. Net income
applicable to common stockholders increased 17% to Y35.86B. Revenues reflect a
decrease in demand for the Company's products and services due to unfavorable
market conditions. Net income reflects Fabric And Home Care Business segment
income increase of 92% to Y30.98B, Beauty Care Business segment income increase
from Y1.85B to Y7.34B.
More Business
Descriptions
Kao Corporation is
a Japan-based company that operates through two business segments: Consumer
Product and Chemical. The Consumer Product segment has three divisions. The
Beauty Care division offers prestige cosmetics; premium skincare products such
as face washes, as well as premium hair care products including shampoos, hair
styling products and hair coloring products, among others. The Human Health
Care division provides foods and beverage products such as cooking oils;
sanitary products including hygiene products and paper diapers, as well as
personal health products such as bath additives. The Fabric and Home Care
division offers fabric care products including detergents for apparel use, and
home care products including detergents for kitchen use. The Chemical segment
provides oil and fat products such as fat acids; functional materials products
such as surface acting agents and additives for plastic use, as well as
specialty chemical products such as essences, among others.
Manufacture and
sale of household and personal care products; soap, shampoo and other hair care
products, detergents and other laundry products, household cleaning products,
body cleanser and skin cream, sanitary napkins, disposable nappies, cosmetics;
floppy discs and industrial chemical products
Cosmetics,
Consumer & Chemical Products Mfr
Kao Corporation
(Kao) is a consumer product company. It carries out the supply of consumer
products such as beauty care, health care, Fabric and home care products. The
company together with its subsidiaries operates in two business segments
namely, Consumer product and chemical business. The consumer product has three
division namely, Beauty care, Human Health care, Fabric and Home Care. The
company has its subsidiaries in Japan, China, Malaysia, the US, Thailand,
Taiwan, Indonesia, Germany, Spain, Swiss, Australia, Mexico, the UK, Singapore,
Vietnam, Philippines, and Hong Kong. The Beauty Care business segment offers
products, prestige cosmetics such as counseling cosmetics and self-selection
cosmetics; premium skin care products such as soaps, facial cleansers, and body
cleansers; and premium hair care products such as shampoos, conditioners, hair
styling agents, and hair coloring agents. The segment reported revenues of
JPY537.9 billion, for the fiscal year ended 2012, which contributed 44.23% of
the company’s total revenue. The Human Health Care business segment
specializes in providing food and beverage products such as cooking oils and
beverages; sanitary products such as sanitary napkins and baby diapers; and
personal health products such as bath additives, oral care products, and
men’s skin care and hair care products. The segment reported revenues of
JPY181.8 billion, for the fiscal year ended 2012, contributed 14.94% of the
company’s total revenue. Through Fabric and Home Care business segment, the
company provides various products such as fabric care products including
laundry detergents and fabric treatments; and home care products including
kitchen cleaning products, house cleaning products, paper cleaning products and
commercial use products. The segment reported revenues of JPY285.6 billion, for
the fiscal year ended 2012, contributed 23.48% of the company’s total
revenue. The company’s Chemical business segment is engaged in providing oleo
chemicals which includes fatty alcohols, fatty amines, fatty acids, glycerin,
commercial-use edible fats and oils; performance chemicals such as surfactants,
plastics additives, superplasticizers for concrete admixtures; and specialty
chemicals such as toner and toner binder for copiers and printers, ink and
colorants for inkjet printers, fragrances and aroma chemicals. During the
fiscal year ended 2012, the company’s chemical business segment generated net
sales of JPY247.6 billion which accounted for 20.36% of the company’s total
sales. The company operates eight production plants in Japan which includes
Tochigi plant in Tochigi, Sakata plant in Yamagata, Kashima plant in Ibaraki,
Wakayama plant in Wakayama, Tokyo plant in Tokyo, Ehime Sanitary products
Company, Limited in Ehime, Toyohashi plant in Aichi and Kawasaki plant in
Kanagawa. The company's key subsidiaries and affiliates include, Kao Customer
Marketing Co., Ltd, Kanebo Cosmetics Inc., Kanebo Cosmillion, Ltd., Kao
Corporation Shanghai, Shanghai Kanebo Cosmetics Co., Ltd, Kao Trading
Corporation Shanghai, Kao Vietnam Co., Ltd., Pilipinas Kao, Incorporated, Kao
Soap (Malaysia) Sdn. Bhd., Kao Oleochemical (Malaysia) Sdn. Bhd, Kao
(Singapore) Private Ltd., KPSS Australia Pty. Ltd., Kao Brands Canada Inc.,
KPSS Canada Inc., Kao Specialties Americas LLC, KPSS-Kao Professional Salon
Services GmbH, Kao Corporation GmbH, Kao Brands Europe Ltd., KPSS Nederland
B.V., and Kanebo Cosmetics (Europe) Ltd, etc. In July 2012, the company
established a new production company Kao (Shanghai) Chemical Industries Co.,
Ltd., in April 2012, in the Jinshan district of Shanghai.In May 2012, the
company entered into an alliance with Ajinomoto Co., Inc., in the health care
business for the prevention and improvement of metabolic syndrome.
Kao Corporation
(Kao) is one of the leading consumer product companies. It specializes in the
development, manufacture, marketing and sale of Beauty care, Human health care,
chemicals and Fabric and Home care products to general consumer. The company
also carries out the supply of wide range of chemical products to wide range of
industries across the world. The company’s product portfolio includes
Prestige cosmetics, premium skin care products, premium hair care products,
food and beverage products, sanitary products, personal health products, Fabric
care products and Home care products, Oleo Chemicals, Performance chemicals.
The company has its operational presence primarily in three regions namely,
North America, Asia, European regions. The company is headquartered in Tokyo,
Japan.The company reported revenues of (Yen) JPY 1,216,095.00 million during
the fiscal year ended March 2012, an increase of 2.47% over 2011. The operating
profit of the company was JPY 106,024.00 million during the fiscal year 2012,
an increase of 7.72% over 2011. The net profit of the company was JPY 52,436.00
million during the fiscal year 2012, an increase of 12.18% over 2011.
Soap and Cleaning
Compound Manufacturing
Brand/Trade Names
Sofina
Evita
Blanchir Superior
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Strategic Initiatives
Partnerships
Its fundamental
research is focused on understanding the materials, mechanisms, and phenomena
that the company finds. Kao’s R&D ensures to meet quality assurance and
manufacturing standards. Kao is also involved in joint research projects in
collaboration with various research institutes, universities, and companies. In
addition, the company plans to establish the Eco-Technology Research Center in
Japan to bolster its R&D capabilities in next-generation environmental
fields. The company’s major focus on its R&D activities strengthens its
innovative capabilities and provides a source of future revenues.Broad Product
PortfolioKao has a broad portfolio of branded consumer products in the consumer
packaged industry.
Kao’s R&D
ensures to meet quality assurance and manufacturing standards. Kao is also
involved in joint research projects in collaboration with various research
institutes, universities, and companies. In addition, the company plans to
establish the Eco-Technology Research Center in Japan to bolster its R&D
capabilities in next-generation environmental fields. The company’s major
focus on its R&D activities strengthens its innovative capabilities and
provides a source of future revenues.Broad Product PortfolioKao has a broad
portfolio of branded consumer products in the consumer packaged industry. The
strong product and brand portfolio supports the innovation process, in
launching new products and enhancing the revenue stream.
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Helpful |
Harmful |
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Internal Origin |
Strengths ·
Increasing Operational Efficiency ·
Broad Product Portfolio ·
Robust Research and Development |
Weaknesses ·
Overdependence on Japanese Market ·
Decline in Current Asset Turnover |
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External Origin |
Opportunities ·
Strong Organic Growth ·
Product Innovations ·
Positive Outlook for Herbal Cosmetics |
Threats ·
Changing Consumer Preferences ·
Counterfeit Products ·
Intense Competition |
Overview
Kao Corporation
(Kao) is a Japan-based company engaged in the manufacture and sale of beauty
care, health care, fabric and home care products and chemical products to
retailers and consumers. The company operates through four reportable business
segments namely Beauty Care, Human Health Care, Fabric and Home Care, and
Chemical. Kao operates in the regions of Asia, North America and Europe. The
broad product portfolio helps the company to reduce the impact of market
volatility in one particular product segment and provides economic stability to
the company. However, declining current asset turnover and overdependence on
Japan for a significant portion of its revenues are major areas of concern for
the company. In addition, intense competition, currency risk and counterfeit
products could affect the company's growth in the industry, leading to a loss
in market share of the company. Nevertheless, the company could capitalize on
the its new product launches, positive outlook for herbal cosmetics and the
huge potential in the emerging markets which offer new avenues of growth for
the company.
Strengths
Increasing Operational Efficiency
Kao reported
strong operational performance with decreased cost structure and increased
operating margins. The revenue increased 2.4% during the fiscal year ended
March 2012. The company reported operating margin of 8.7% in 2012, as compared
to 8.2% in 2011. The operating income stood JPY106024m, reflecting an increase
of 7.7%. In addition, the company’s operating costs and administration costs
as percentage of sales decreased to 91.2% in 2012 from 91.7% in 2011 and to
43.9% in 2012 from 45.3% in 2011, respectively. Such decrease in the
company’s operating costs resulted in 12.1 % hike in its net profits in 2012,
showcasing the company’s operational efficiency.
Broad Product Portfolio
Kao has a broad
portfolio of branded consumer products in the consumer packaged industry. The
strong product and brand portfolio supports the innovation process, in
launching new products and enhancing the revenue stream. It has its operations
in four reportable business segments, namely, Beauty Care, Human Health Care,
Fabric and Home Care and Chemical businesses. The Beauty Care segment of the
company offers prestige cosmetics products, premium skin care products and
premium hair care products under various brands such as Sofina, Kanebo, Molton
Brown, Biore, Asience, Jergens, John Frieda, Goldwell, est, EVITA, and KATE.
Through Human Health Care business segment, the company provides food and
beverage products, sanitary products and personal health products under brand
names such as Econa, Merries, Healthya, and Laurier. The Fabric and Home Care
business segment of the company offers fabric care products and home care
products, which are sold under Haiter, Magiclean, Resesh, Fit, and Attack
brands. The company’s Chemical provides oleo chemicals, performance chemicals
and specialty chemicals such as surfactants, plastic additives,
superplasticizers, ink and colorants, fragrances and aroma chemicals. For the fiscal
year ended March 2012, the company generated 42.9% of revenues from Beauty
Care, 22.8% from Fabric and Home Care, 14.5% from Human Health Care, and 19.7%
from its Chemical businesses. Thus, its diversified product portfolio helps the
company reduce the impact of market volatility in one particular product
segment and provides economic stability.
Robust Research and Development
The company has
robust research and development (R&D) capabilities. The R&D activities
of the company are focused on improving the performance of products and
developing new technologies. It undertakes research and development (R&D)
activities at its facilities located in Tochigi, Tokyo, Wakayama, Germany,
China, Spain and the US. The company’s research and development expenses
amounted to JPY 48171m, JPY45,516m and JPY44,911m in the fiscal years ended
March 2012, 2011, and 2010 respectively. Through the integration of two kinds
of research, namely, product development research and fundamental research, the
R&D of the company creates innovative products. The activity of the product
development research is to design and commercialize the products that meet
consumer needs. Its fundamental research is focused on understanding the
materials, mechanisms, and phenomena that the company finds. Kao’s R&D
ensures to meet quality assurance and manufacturing standards. Kao is also
involved in joint research projects in collaboration with various research
institutes, universities, and companies. In addition, the company plans to establish
the Eco-Technology Research Center in Japan to bolster its R&D capabilities
in next-generation environmental fields. The company’s major focus on its
R&D activities strengthens its innovative capabilities and provides a
source of future revenues.
Weaknesses
Overdependence on Japanese Market
The over
dependence on a particular region could increase the risk of the company.
Though the company has international footprint, a significant portion of its
domestic operations are located in Japan. For the fiscal years ended March 2012
and 2011, the company generated 72.95 and 72.5% of the total sales from the
Japan region. Apart from Japan the company operates in other countries in Asia,
Europe and the Americas. The company lacks in terms of its geographical reach
and markets served. This dependency on domestic market acts as a difficulty for
the expansion plans of the company, as wider reach in terms of geography would
mean reaping more benefits eventually improving the profit margins, attaining
economies of scale and recognition on a worldwide level.
Decline in Current
Asset Turnover
Kao has reported
consistent decline in current asset turnover during the fiscal year ended March
2012 over the past few years. The company reported current asset turnover of
2.8 in 2012 as compared to 2.84 in 2011 and 3 in 2010. The company has also
witnessed an increase in its inventories. The company reported inventory of
JPY120706m in 2012 as compared to JPY 109336m in 2011, reflecting an increase
of 10.3%. Its inventory turnover ratio declined to 4.35 in 2012 from 4.56 in
2011. This indicates that Kao is not able to convert its current assets to
generate high sales. Such ineffectiveness in converting its short term assets
into sales remains an area of concern for the company.
Opportunities
Strong Organic Growth
Kao seeks for
organic growth strategies such as expanding its production and manufacturing
capacity in order to achieve strategic growth. In August 2012, the construction
of Kao’s new plant in a site area of 125,000 sq. m. at Hefei City, Anhui
Province, China was completed. This plant was the company announced the
construction of a second plant for PT Kao Indonesia at Karawang International
Industrial City (KIIC), in East Jakarta, Indonesia. This new plant has been planned
by the company to meet the anticipated increasing demand for daily-use products
in the Indonesian market. The operations at this plant are scheduled to start
at the end of 2013. Recently, the company announced the establishment of a new
manufacturing company for consumer products at Hefei city, Anhui Province,
China. The company’s subsidiary Kao (China) Holding Co. Ltd. will operate
this manufacturing planned site area of the plant which is approximately
125,000 sq mt. Hefei city which was choose by the company is known for its
abundant human resources and it is also a transportation junction of automobile
expressways and railroads. Thus, the company through this establishment of new
manufacturing facility aims to reinforce its production base in China, adding
capacity to go along with its current plant in Shanghai. Such expansion of its
manufacturing capabilities provides growth opportunities for the company and
increases its customer base.
Product Innovations
Innovation is
considered as the top priority in the company since it creates competitive
advantage and builds brand equity. Innovation continues to be a cornerstone of
the company’s corporate strategy with significant efforts focused against
consumer demands for products that are convenient, and healthy. In August 2011,
Kao launched the renewed Laurier Super Slim Guard with a new surface material
in a strategic intent to evoke the product’s originality and unrivaled
absorbency. In June 2011, Kao launched Biore Skin Care Facial Foam and Attack Neo
Antibacterial EX Power Detergent. Earlier, in 2010 a new skin care series,
named, Sofina Jenne was launched. In June 2010, the company introduced Sofina
Jenne (5 items/8 types, open retail price), a new skin care series for skin. It
also announced to launch Attack Instant Clean Liquid laundry detergent from the
Attack series in China, in September 2010. Such launch of new products helps
the company to drive top-line growth and keeps the company’s categories
vibrant.
Positive Outlook for Herbal Cosmetics
There has been a
growing demand for herbal cosmetic products from the past few decades. This
demand is due to the factor that these herbal and natural cosmetics are safe to
use and do not have any side effects as they do not contain any chemicals.
There is a good rage for herbal cosmetics not only in Asian countries like
India, but also in countries like the US, the UK and Australia. There has been
a metamorphosis in the cosmetic industry with natural products being more in
demand than their synthetic counterparts. In the production process of these
natural products, Azadirachta Indica is used by manufacturers to produce body
lotions, face packs. The herbal premium cosmetic sector is growing at 15% on an
annual basis. The international market for herbal products is expected to
increase to USD 5 trillion by 2050. Also, globally, the personal care industry
is expected to increase from $306.8 billion to $364 billion by the fiscal year
2012. Japan ranks as the world’s top three consumer market for organic and
natural products. This strong growth in the market gives an opportunity for the
company to make quality natural cosmetics to meet the ever increasing demand
across the world.
Threats
Changing Consumer Preferences
The company must
constantly develop, produce and market new products in order to maintain and
enhance the recognition of its brands, should try achieving a favorable mix of
products. The consumer spending patterns and preferences that change rapidly
cannot be predicted. The decrease in the market demand and change in the
consumer spending demands for the company’s products could result in the
carrying inventories that are too high or cannot be sold at anticipated prices
or increased product returns by its customers. The company’s business,
financial condition and results of operations could adversely affect if it is
unable to respond to trends in the market for beauty and other consumer
products and meet changing consumer demands.
Counterfeit Products
The performance of
the company will be affected by the rising influx of counterfeited products in
the market, principally in the emerging countries. The market for counterfeit
goods has been on rise across industries. This rise is affecting the sales as
well as the image of the established brands. The US Chamber of Commerce
estimates a cost of $500-600 billion a year on the global economy due to
counterfeiting and piracy activities. It accounts for about 5-7% of the world
trade. The imitated goods in this industry are protruding into the market share
of the branded products through their low price offerings. As the customers end
up buying the counterfeited products bearing the look alike brand labels, low
quality of these counterfeits affects the consumer confidence and also
tarnishes the brand image of the genuine company. This exposes the company to
challenges and any underperformance of the counterfeit products will have a major
affect on the company’s fortunes.
Intense Competition
The company
operates in a highly competitive CPG industry. Rising competition could force
the company to reduce its prices, which may adversely affect its margins, if it
fails to maintain product quality and consumer loyalty. The consumer packaged
goods industry has been witnessing consolidation with the rising competition,
wherein the smaller entities are being acquired or merged by the major players.
The influx of private labels in the industry is also on rise. To face such
stiff competitive environment, it becomes very vital for the company to
distinguish its product and service offerings through a clear and unique value
proposition. The company's key competitors include players like Aderans Co.
Ltd., Shiseido Company, Limited, Lion Corporation, Colgate-Palmolive Company,
Unilever N.V., Procter & Gamble Company, The and KOSE Corporation. Such an
intense competition will pose threat to the company by forcing it to reduce its
prices which in turn may adversely affect its margins.
|
Corporate Family |
Corporate
Structure News: |
|
|
Kao
Corporation |
|
Kao Corporation |
|
|
|
|
|
Company
Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Kao Corporation |
Parent |
Tokyo |
Japan |
Personal and Household Products |
15,401.2 |
34,069 |
|
Kanebo Cosmetics Inc. |
Subsidiary |
Tokyo |
Japan |
Chemical Manufacturing |
762.6 |
13,803 |
|
Kanebo Cosmetics Sales Co., Ltd. |
Subsidiary |
Tokyo |
Japan |
Personal and Household Products |
|
800 |
|
Taiwan Kanebo Cosmetics Co., Ltd. |
Subsidiary |
Taipei |
Taiwan |
Personal and Household Products |
|
50 |
|
Kanebo Cosmetiques France S.A.R.L. |
Subsidiary |
Paris |
France |
Personal and Household Products |
5.6 |
34 |
|
Subsidiary |
Zurich |
Switzerland |
Personal and Household Products |
50.4 |
30 |
|
|
Subsidiary |
Milan |
Italy |
Personal and Household Products |
15.6 |
15 |
|
|
Subsidiary |
New York, NY |
United States |
Personal and Household Products |
7.8 |
10 |
|
|
Subsidiary |
Kaohsiung |
Taiwan |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Bangkok |
Thailand |
Personal and Household Products |
|
|
|
|
Subsidiary |
Shanghai |
China |
Personal and Household Products |
|
|
|
|
Affiliates |
Tokyo |
Japan |
Retail (Specialty) |
|
7,251 |
|
|
Subsidiary |
High Point, NC |
United States |
Chemical Manufacturing |
20.9 |
2,000 |
|
|
Subsidiary |
Darmstadt, Hessen |
Germany |
Personal and Household Products |
451.2 |
1,500 |
|
|
Subsidiary |
Eastbourne |
United Kingdom |
Personal and Household Products |
30.3 |
115 |
|
|
Subsidiary |
Apeldoorn, Gelderland |
Netherlands |
Personal Services |
|
92 |
|
|
Subsidiary |
Vantaa |
Finland |
Personal and Household Products |
13.3 |
45 |
|
|
Subsidiary |
Herenthout |
Belgium |
Personal and Household Products |
5.3 |
19 |
|
|
Subsidiary |
Eastbourne |
United Kingdom |
Personal and Household Products |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Personal and Household Products |
146.9 |
800 |
|
|
Subsidiary |
Chonburi |
Thailand |
Personal and Household Products |
|
800 |
|
|
Subsidiary |
London |
United Kingdom |
Business Services |
105.7 |
777 |
|
|
Subsidiary |
London |
United Kingdom |
Chemical Manufacturing |
91.1 |
682 |
|
|
Subsidiary |
Cincinnati, OH |
United States |
Personal and Household Products |
|
560 |
|
|
Subsidiary |
Barbera Del Valles, Barcelona |
Spain |
Personal and Household Products |
365.5 |
439 |
|
|
Subsidiary |
Bangkok |
Thailand |
Chemical Manufacturing |
|
400 |
|
|
Subsidiary |
Pathumwan, Bangkok |
Thailand |
Chemical Manufacturing |
|
800 |
|
|
Affiliates |
Petaling Jaya, Selangor |
Malaysia |
Chemical Manufacturing |
35.0 |
310 |
|
|
Subsidiary |
Bekasi, West Java |
Indonesia |
Chemical Manufacturing |
31.1 |
300 |
|
|
Affiliates |
Penang |
Malaysia |
Retail (Specialty) |
21.2 |
300 |
|
|
Joint Venture |
Perai, Pulau |
Malaysia |
Chemical Manufacturing |
216.1 |
216 |
|
|
Affiliates |
Pahang |
Malaysia |
Retail (Specialty) |
15.0 |
200 |
|
|
Subsidiary |
Petaling Jaya, Selangor |
Malaysia |
Chemical Manufacturing |
|
200 |
|
|
Subsidiary |
Darmstadt |
Germany |
Personal and Household Products |
|
200 |
|
|
Subsidiary |
Jasaan, Misamis Oriental |
Philippines |
Food Processing |
|
130 |
|
|
Subsidiary |
Jasaan |
Philippines |
Chemical Manufacturing |
232.4 |
105 |
|
|
Subsidiary |
Linthicum Heights, MD |
United States |
Personal and Household Products |
106.7 |
80 |
|
|
Subsidiary |
Hong Kong |
Hong Kong |
Chemical Manufacturing |
|
80 |
|
|
Subsidiary |
London |
United Kingdom |
Personal and Household Products |
|
80 |
|
|
Subsidiary |
Hamburg, Hamburg |
Germany |
Personal and Household Products |
29.7 |
75 |
|
|
Subsidiary |
Singapore |
Singapore |
Personal and Household Products |
107.6 |
61 |
|
|
Subsidiary |
Singapore |
Singapore |
Personal and Household Products |
1.8 |
10 |
|
|
Subsidiary |
Taipei |
Taiwan |
Chemical Manufacturing |
|
60 |
|
|
Subsidiary |
Kingsgrove, NSW |
Australia |
Personal Services |
|
60 |
|
|
Joint Venture |
Tokyo |
Japan |
Personal and Household Products |
|
50 |
|
|
Affiliates |
Ho Chi Minh City |
Viet Nam |
Retail (Specialty) |
|
50 |
|
|
Subsidiary |
Mississauga, ON |
Canada |
Personal and Household Products |
18.0 |
40 |
|
|
Subsidiary |
Griesheim, Hessen |
Germany |
Chemical Manufacturing |
93.4 |
35 |
|
|
Subsidiary |
Almere, Flevoland |
Netherlands |
Personal and Household Products |
21.5 |
|
|
|
Subsidiary |
Mississauga, ON |
Canada |
Personal and Household Products |
6.1 |
35 |
|
|
Subsidiary |
Castiglione Delle Stiviere, Mantova |
Italy |
Miscellaneous Capital Goods |
15.2 |
21 |
|
|
Affiliates |
Perai |
Malaysia |
Retail (Specialty) |
19.2 |
15 |
|
|
Subsidiary |
Mexico, DF |
Mexico |
Chemical Manufacturing |
0.5 |
10 |
|
|
Affiliates |
Barbera Del Valles, Barcelona |
Spain |
Retail (Specialty) |
46.5 |
7 |
|
|
Subsidiary |
Emmerich Am Rhein, Nordrhein-Westfalen |
Germany |
Retail (Specialty) |
324.1 |
220 |
|
|
Subsidiary |
El Salto, Jalisco |
Mexico |
Personal and Household Products |
0.5 |
163 |
|
|
Affiliates |
Sydney, NSW |
Australia |
Retail (Specialty) |
1.7 |
7 |
|
|
Subsidiary |
London |
United Kingdom |
Commercial Banks |
|
3 |
|
|
Subsidiary |
Chuo-Ku, Tokyo |
Japan |
Personal and Household Products |
7,902.4 |
|
|
|
Subsidiary |
Chuo-Ku, Tokyo |
Japan |
Business Services |
81.1 |
300 |
|
|
Subsidiary |
Sumida-Ku, Tokyo |
Japan |
Trucking |
380.2 |
|
|
|
Subsidiary |
Chuo-Ku, Tokyo |
Japan |
Personal and Household Products |
1,183.8 |
|
|
|
Subsidiary |
Moscow |
Russian Federation |
Personal and Household Products |
4.3 |
150 |
|
|
Subsidiary |
Chuo-Ku, Tokyo |
Japan |
Personal and Household Products |
1,947.9 |
|
|
|
Branch |
Nagoya, Aichi |
Japan |
Personal and Household Products |
|
|
|
|
Branch |
Odawara, Kanagawa |
Japan |
Personal and Household Products |
|
|
|
|
Subsidiary |
Sumida-Ku, Tokyo |
Japan |
Miscellaneous Transportation |
|
|
|
|
Subsidiary |
Jakarta |
Indonesia |
Personal and Household Products |
|
|
|
|
Affiliates |
Jakarta |
Indonesia |
Chemical Manufacturing |
|
150 |
|
|
Subsidiary |
Sindian, Taipei |
Taiwan |
Personal and Household Products |
|
|
|
|
Subsidiary |
Shanghai |
China |
Personal and Household Products |
|
|
|
|
Subsidiary |
Shanghai |
China |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Bangkok |
Thailand |
Personal and Household Products |
|
|
|
|
Subsidiary |
Shanghai |
China |
Personal and Household Products |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Personal and Household Products |
|
|
|
|
Subsidiary |
Saijo, Ehime |
Japan |
Personal and Household Products |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Chemical Manufacturing |
|
|
|
|
Facility |
Toyohashi, Aichi |
Japan |
Office Supplies |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Personal and Household Products |
|
|
|
|
Subsidiary |
Shanghai |
China |
Personal and Household Products |
|
|
|
|
Subsidiary |
Shanghai |
China |
Chemical Manufacturing |
|
|
Competitors Report
|
Company Name |
Location |
Employees |
Ownership |
|
Alticor Inc. |
Ada, Michigan, United States |
14,000 |
Private |
|
Colgate-Palmolive Company |
New York, New York, United States |
38,600 |
Public |
|
Diversey Inc |
Sturtevant, Wisconsin, United States |
10,170 |
Private |
|
Johnson & Johnson |
New Brunswick, New Jersey, United States |
117,900 |
Public |
|
Kimberly Clark Corp |
Dallas, Texas, United States |
57,000 |
Public |
|
KOSE Corporation |
Tokyo, Japan |
5,520 |
Public |
|
Kracie Holdings Ltd |
Tokyo, Japan |
1,445 |
Private |
|
Lion Corporation |
Tokyo, Japan |
5,973 |
Public |
|
McBride plc |
London, United Kingdom |
5,112 |
Public |
|
Pfizer Inc. |
New York, New York, United States |
103,700 |
Public |
|
PZ Cussons plc |
Manchester, United Kingdom |
7,336 |
Public |
|
Reckitt Benckiser PLC |
Slough, United Kingdom |
37,800 |
Public |
|
Revlon, Inc. |
New York, New York, United States |
5,200 |
Public |
|
SC Johnson & Son, Inc. |
Racine, Wisconsin, United States |
13,000 |
Private |
|
Shiseido Company, Limited |
Tokyo, Japan |
32,595 |
Public |
|
The Clorox Company |
Oakland, California, United States |
8,400 |
Public |
|
The Dial Corporation |
Scottsdale, Arizona, United States |
822 |
Private |
|
The Procter & Gamble Company |
Cincinnati, Ohio, United States |
126,000 |
Public |
|
Unicharm Corp |
Tokyo, Japan |
10,287 |
Public |
|
Unilever N.V. |
Rotterdam, Netherlands |
169,000 |
Public |
|
Unilever plc |
London, United Kingdom |
169,000 |
Public |
|
Wella GmbH |
Schwalbach Am Taunus, Hessen, Germany |
16,350 |
Public |
Executive report
|
Board
of Directors |
|
|
|
|
|||||||||
|
Chairman |
Chairman |
|
|||||||||
|
||||||||||||
|
Managing Executive Officer, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Senior Managing Executive Officer,
Representative Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer, Chief Director
of Environment & Safety Promotion, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Board Member |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer, Chairman of
Subsidiary, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
President |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Senior Managing Executive Officer,
Executive President of Subsidiary, Representative Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Executives |
|
|
|
|
|||||||||
|
President, Kao Consumer Products, Americas
& EMEA |
President |
|
|||||||||
|
||||||||||||
|
President of Kao USA Inc. |
President |
|
|
||||||||
|
President |
President |
|
|
||||||||
|
||||||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Executive Officer |
Other |
|
|
||||||||
|
Executive Officer, Chief Director of
Quality Assurance |
Other |
|
|
||||||||
|
Executive Officer |
Other |
|
|
||||||||
|
Executive Officer |
Other |
|
|
||||||||
|
||||||||||||
|
Executive Officer, Manager of Chemical SCM
Center in Production Technology Division, Assistant Manager of Wakayama Plant |
Other |
|
|
||||||||
|
Executive Officer |
Other |
|
|
||||||||
|
||||||||||||
|
|
Other |
|
|
||||||||
|
Executive Officer, Senior Director of
Business Strategy Group |
Other |
|
|
||||||||
|
Executive Officer, Manager of Beauty Care
Research Center in Research Development Division |
Other |
|
|
||||||||
|
Executive Officer |
Other |
|
|
||||||||
|
Executive Officer, Manager of Fabric &
Homecare SCM Center in Production Technology Division, Wakayama Plant Manager |
Other |
|
|
||||||||
|
Managing Executive Officer, Manager of
Beauty Care Business Unit, Executive President of Subsidiary |
Other |
|
|
||||||||
|
||||||||||||
|
Senior Managing Executive Officer, Chief
Director of China Business, Chairman & General Manager of Subs |
Other |
|
|
||||||||
|
||||||||||||
|
Executive Officer, Manager of Human Health
Care Business Unit |
Other |
|
|
||||||||
|
Executive Officer |
Other |
|
|
||||||||
|
Managing Executive Officer |
Other |
|
|
||||||||
|
Executive Officer |
Other |
|
|
||||||||
|
Executive Officer, Manager of Beauty Care
SCM Center in Production Technology Division, Tokyo Plant Manager, Manager of
SCM Strategy Planning Office |
Other |
|
|
||||||||
|
Executive Officer, Manager of Food &
Beverage Business Group in Human Healthcare Business Unit |
Other |
|
|
||||||||
|
Managing Executive Officer, Manager of
Fabric & Home Care Business Unit |
Other |
|
|
||||||||
|
Executive Officer, Manager of Fabric &
Home Care Research Center in Research Development Division, Manager of Techno
Chemical Research Center |
Other |
|
|
||||||||
Significant Developments
Kao Corp to Repurchase Shares of Common Stock Feb 05, 2013
Kao Corp announced that it has decided to repurchase up 12,500,000 shares (2.4% stake) of its common stock for up to JPY 30,000,000,000 in total, during the period from February 6, 2013 to April 26, 2013.
Kao Corp Announces Settlement of Lawsuit with Henkel AG & Co. KGaA and Schwarzkopf & Henkel K.K. Oct 03, 2012
Kao Corp announced that it has reached a settlement of a lawsuit, which the Company filed against Henkel AG & Co. KGaA and its Japan-based group company Schwarzkopf & Henkel K.K. in Germany and Japan, regarding the violation of intellectual property rights of the Company's hair coloring products.
R&I Affirms Kao Corp's Rating at "AA"; Rating Outlook Stable Sep 03, 2012
Rating and Investment Information, Inc. (R&I) announced that it has
affirmed the rating on Kao Corporation at "AA". The rating outlook is
stable.
Kao Corporation to Establish New Plant in Indonesia Jul 26, 2012
Kao Corporation announced that it has decided to establish its second
plant in Indonesia. The new plant will start construction in October 2012 and
will start operation in the end of 2013.
Kao Corporation Establishes New Subsidiary in China Jun 06, 2012
Kao Corporation announced that it has established a new subsidiary, Kao
(Shanghai) Chemical Industries Co., Ltd. which will be engaged in manufacturing
of surfactants for various industrial uses and materials for molding, in April
2012. Kao Corporation will hold a 90% stake, and Kao (China) Holding Co., Ltd.
will hold a 10% stake in Kao (Shanghai) Chemical Industries Co., Ltd.
Ajinomoto Co., Inc. Forms Business Alliance with Kao Corporation May 29,
2012
Ajinomoto Co., Inc. announced that it has formed a business alliance
with Kao Corporation on May 29, 2012. Through the business alliance, the two
companies will work together on healthy solution related businesses, and
Ajinomoto will purchase a 33.4% stake in a wholly owned subsidiary of Kao
Corporation.
Kao Corporation to Change Fiscal Year End Date May 21, 2012
Kao Corporation announced that it will change its fiscal year end date
from March 31 to December 31, effective June 28, 2012.
Kao Corporation Announces Year-end Dividend Payment for FY 2012 Apr 24,
2012
Kao Corporation announced that it has decided to pay a year-end dividend
of JPY 31.00 per share, above the last forecast of JPY 29.00 per share, to all
shareholders of record as of March 31, 2012, for the fiscal year ended March
31, 2012. The payment will be conducted on June 29, 2012.
Kao Corporation Appoints Chairman and President Apr 09, 2012
Kao Corporation announced that it has appointed Motoki Ozaki as Chairman
of the Board, and has appointed Michitaka Sawada to replace Motoki Ozaki as
Executive President of the Company, effective June 28, 2012.
Annual
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
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) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
Deloitte Touche
Tohmatsu LLC |
Ernst &
Young LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
15,401.2 |
13,850.1 |
12,743.4 |
12,701.6 |
11,535.3 |
|
Revenue |
15,401.2 |
13,850.1 |
12,743.4 |
12,701.6 |
11,535.3 |
|
Total Revenue |
15,401.2 |
13,850.1 |
12,743.4 |
12,701.6 |
11,535.3 |
|
|
|
|
|
|
|
|
Cost of Revenue |
6,649.0 |
5,822.9 |
5,304.5 |
5,562.9 |
4,848.1 |
|
Cost of Revenue, Total |
6,649.0 |
5,822.9 |
5,304.5 |
5,562.9 |
4,848.1 |
|
Gross Profit |
8,752.2 |
8,027.2 |
7,438.9 |
7,138.7 |
6,687.2 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
3,385.8 |
3,123.6 |
2,970.7 |
2,872.7 |
2,603.7 |
|
Labor & Related Expense |
1,542.4 |
1,451.1 |
1,339.9 |
1,250.9 |
1,129.2 |
|
Advertising Expense |
1,838.7 |
1,700.7 |
1,633.4 |
1,592.7 |
1,542.9 |
|
Total Selling/General/Administrative Expenses |
6,766.9 |
6,275.5 |
5,943.9 |
5,716.3 |
5,275.8 |
|
Research & Development |
610.1 |
531.2 |
483.2 |
459.0 |
394.3 |
|
Restructuring Charge |
- |
0.0 |
13.9 |
0.0 |
- |
|
Impairment-Assets Held for Use |
- |
- |
6.3 |
7.3 |
11.5 |
|
Other Unusual Expense (Income) |
32.5 |
72.0 |
66.0 |
11.4 |
2.4 |
|
Unusual Expense (Income) |
32.5 |
72.0 |
86.2 |
18.6 |
13.9 |
|
Total Operating Expense |
14,058.4 |
12,701.5 |
11,817.8 |
11,756.9 |
10,532.1 |
|
|
|
|
|
|
|
|
Operating Income |
1,342.7 |
1,148.6 |
925.5 |
944.7 |
1,003.2 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-27.9 |
-39.0 |
-45.5 |
-59.8 |
-58.0 |
|
Interest Expense, Net Non-Operating |
-27.9 |
-39.0 |
-45.5 |
-59.8 |
-58.0 |
|
Interest Income -
Non-Operating |
11.5 |
9.7 |
10.4 |
24.5 |
25.8 |
|
Investment Income -
Non-Operating |
15.1 |
-10.7 |
10.3 |
-10.5 |
-8.2 |
|
Interest/Investment Income - Non-Operating |
26.6 |
-1.0 |
20.7 |
13.9 |
17.6 |
|
Interest Income (Expense) - Net Non-Operating Total |
-1.3 |
-40.0 |
-24.8 |
-45.8 |
-40.4 |
|
Gain (Loss) on Sale of Assets |
-27.9 |
-15.6 |
-28.0 |
-7.3 |
-19.8 |
|
Other Non-Operating Income (Expense) |
19.5 |
27.5 |
19.9 |
24.1 |
22.8 |
|
Other, Net |
19.5 |
27.5 |
19.9 |
24.1 |
22.8 |
|
Income Before Tax |
1,333.0 |
1,120.5 |
892.6 |
915.7 |
965.8 |
|
|
|
|
|
|
|
|
Total Income Tax |
643.0 |
562.2 |
448.0 |
264.4 |
374.2 |
|
Income After Tax |
690.0 |
558.3 |
444.6 |
651.3 |
591.7 |
|
|
|
|
|
|
|
|
Minority Interest |
-26.0 |
-12.9 |
-8.8 |
-9.8 |
-9.3 |
|
Net Income Before Extraord Items |
664.1 |
545.5 |
435.8 |
641.5 |
582.3 |
|
Net Income |
664.1 |
545.5 |
435.8 |
641.5 |
582.3 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Total Adjustments to Net Income |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Income Available to Common Excl Extraord Items |
664.0 |
545.4 |
435.8 |
641.5 |
582.3 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
664.0 |
545.4 |
435.8 |
641.5 |
582.3 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
521.9 |
533.0 |
536.0 |
536.1 |
543.2 |
|
Basic EPS Excl Extraord Items |
1.27 |
1.02 |
0.81 |
1.20 |
1.07 |
|
Basic/Primary EPS Incl Extraord Items |
1.27 |
1.02 |
0.81 |
1.20 |
1.07 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
664.0 |
545.4 |
435.8 |
641.5 |
582.3 |
|
Diluted Weighted Average Shares |
522.1 |
533.1 |
536.1 |
536.2 |
543.8 |
|
Diluted EPS Excl Extraord Items |
1.27 |
1.02 |
0.81 |
1.20 |
1.07 |
|
Diluted EPS Incl Extraord Items |
1.27 |
1.02 |
0.81 |
1.20 |
1.07 |
|
Dividends per Share - Common Stock Primary Issue |
0.76 |
0.68 |
0.61 |
0.56 |
0.47 |
|
Gross Dividends - Common Stock |
396.7 |
358.5 |
328.9 |
298.9 |
255.6 |
|
Interest Expense, Supplemental |
27.9 |
39.0 |
45.5 |
59.8 |
58.0 |
|
Depreciation, Supplemental |
1,010.6 |
949.7 |
912.2 |
870.4 |
817.5 |
|
Total Special Items |
60.4 |
87.6 |
114.2 |
25.9 |
33.6 |
|
Normalized Income Before Tax |
1,393.4 |
1,208.1 |
1,006.8 |
941.6 |
999.5 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
29.1 |
43.9 |
57.3 |
7.5 |
13.0 |
|
Inc Tax Ex Impact of Sp Items |
672.1 |
606.1 |
505.3 |
271.9 |
387.2 |
|
Normalized Income After Tax |
721.3 |
602.0 |
501.5 |
669.7 |
612.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
695.3 |
589.0 |
492.7 |
660.0 |
602.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.33 |
1.11 |
0.92 |
1.23 |
1.11 |
|
Diluted Normalized EPS |
1.33 |
1.10 |
0.92 |
1.23 |
1.11 |
|
Advertising Expense, Supplemental |
1,838.7 |
1,700.7 |
1,633.4 |
1,592.7 |
1,542.9 |
|
Research & Development Exp, Supplemental |
610.1 |
531.2 |
483.2 |
459.0 |
394.3 |
|
Reported Operating Profit |
1,375.2 |
1,220.6 |
1,011.7 |
963.3 |
1,017.1 |
|
Reported Ordinary Profit |
1,393.4 |
1,205.9 |
1,006.8 |
941.5 |
999.3 |
|
Normalized EBIT |
1,375.2 |
1,220.6 |
1,011.7 |
963.3 |
1,017.1 |
|
Normalized EBITDA |
2,385.8 |
2,170.3 |
1,923.9 |
1,833.7 |
1,834.6 |
|
Current Tax - Total |
489.5 |
- |
- |
- |
- |
|
Current Tax - Total |
489.5 |
- |
- |
- |
- |
|
Deferred Tax - Total |
153.5 |
- |
- |
- |
- |
|
Deferred Tax - Total |
153.5 |
- |
- |
- |
- |
|
Income Tax - Total |
643.0 |
- |
- |
- |
- |
|
Interest Cost - Domestic |
65.6 |
60.1 |
55.9 |
50.7 |
40.0 |
|
Service Cost - Domestic |
110.1 |
98.0 |
92.3 |
83.3 |
79.8 |
|
Prior Service Cost - Domestic |
-41.3 |
-42.0 |
-30.4 |
-24.0 |
-21.1 |
|
Expected Return on Assets - Domestic |
-55.9 |
-51.6 |
-44.8 |
-44.2 |
-38.7 |
|
Actuarial Gains and Losses - Domestic |
41.9 |
57.2 |
75.7 |
75.3 |
54.7 |
|
Other Pension, Net - Domestic |
23.0 |
19.6 |
19.4 |
18.0 |
16.4 |
|
Domestic Pension Plan Expense |
143.3 |
141.2 |
168.1 |
159.2 |
131.2 |
|
Total Pension Expense |
143.3 |
141.2 |
168.1 |
159.2 |
131.2 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Total Plan Interest Cost |
65.6 |
60.1 |
55.9 |
50.7 |
40.0 |
|
Total Plan Service Cost |
110.1 |
98.0 |
92.3 |
83.3 |
79.8 |
|
Total Plan Expected Return |
-55.9 |
-51.6 |
-44.8 |
-44.2 |
-38.7 |
|
Total Plan Other Expense |
23.0 |
19.6 |
19.4 |
18.0 |
16.4 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.385362 |
82.88 |
93.44 |
98.77 |
99.535 |
|
Auditor |
Deloitte Touche
Tohmatsu LLC |
Ernst &
Young LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
1,037.6 |
1,336.4 |
751.1 |
545.0 |
540.4 |
|
Short Term Investments |
568.0 |
422.6 |
493.1 |
554.0 |
552.2 |
|
Cash and Short Term Investments |
1,605.6 |
1,759.0 |
1,244.2 |
1,099.0 |
1,092.5 |
|
Accounts Receivable -
Trade, Gross |
1,734.3 |
1,461.1 |
1,365.5 |
1,281.6 |
1,549.2 |
|
Provision for Doubtful
Accounts |
-13.5 |
-13.0 |
-12.9 |
-15.5 |
-24.1 |
|
Trade Accounts Receivable - Net |
1,720.8 |
1,448.0 |
1,352.6 |
1,266.1 |
1,525.2 |
|
Total Receivables, Net |
1,720.8 |
1,448.0 |
1,352.6 |
1,266.1 |
1,525.2 |
|
Inventories - Finished Goods |
1,000.1 |
883.1 |
783.0 |
813.1 |
841.7 |
|
Inventories - Work In Progress |
141.7 |
120.6 |
120.4 |
165.5 |
155.3 |
|
Inventories - Raw Materials |
323.4 |
315.6 |
237.3 |
216.6 |
264.7 |
|
Total Inventory |
1,465.1 |
1,319.2 |
1,140.7 |
1,195.2 |
1,261.7 |
|
Prepaid Expenses |
68.9 |
63.8 |
58.7 |
54.7 |
55.2 |
|
Deferred Income Tax - Current Asset |
215.3 |
263.7 |
216.6 |
251.8 |
223.2 |
|
Other Current Assets |
179.4 |
175.5 |
203.5 |
221.7 |
218.2 |
|
Other Current Assets, Total |
394.7 |
439.2 |
420.0 |
473.6 |
441.4 |
|
Total Current Assets |
5,255.2 |
5,029.3 |
4,216.2 |
4,088.5 |
4,376.0 |
|
|
|
|
|
|
|
|
Buildings |
3,922.3 |
3,873.6 |
3,369.1 |
3,143.2 |
3,239.6 |
|
Land/Improvements |
786.5 |
758.6 |
683.5 |
662.8 |
689.0 |
|
Machinery/Equipment |
8,420.9 |
8,376.7 |
7,501.0 |
6,975.5 |
7,231.7 |
|
Construction in
Progress |
122.7 |
100.4 |
97.1 |
98.3 |
90.8 |
|
Other
Property/Plant/Equipment |
144.8 |
146.5 |
124.3 |
98.8 |
0.0 |
|
Property/Plant/Equipment - Gross |
13,397.2 |
13,255.8 |
11,774.9 |
10,978.6 |
11,251.0 |
|
Accumulated Depreciation |
-10,477.0 |
-10,303.0 |
-9,079.7 |
-8,371.8 |
-8,420.4 |
|
Property/Plant/Equipment - Net |
2,920.2 |
2,952.7 |
2,695.2 |
2,606.8 |
2,830.6 |
|
Goodwill, Net |
2,010.2 |
2,162.5 |
2,095.0 |
2,088.3 |
2,396.1 |
|
Intangibles, Net |
872.1 |
1,130.9 |
1,264.8 |
1,439.5 |
1,633.5 |
|
LT Investment - Affiliate Companies |
77.0 |
61.6 |
56.2 |
- |
- |
|
LT Investments - Other |
91.2 |
84.7 |
87.9 |
124.7 |
163.3 |
|
Long Term Investments |
168.2 |
146.3 |
144.1 |
124.7 |
163.3 |
|
Note Receivable - Long Term |
21.1 |
21.2 |
20.4 |
18.6 |
21.2 |
|
Deferred Charges |
- |
- |
- |
0.0 |
0.5 |
|
Deferred Income Tax - Long Term Asset |
516.5 |
602.9 |
656.7 |
640.5 |
550.9 |
|
Other Long Term Assets |
268.6 |
294.8 |
313.2 |
329.1 |
411.5 |
|
Other Long Term Assets, Total |
785.1 |
897.6 |
969.9 |
969.6 |
962.8 |
|
Total Assets |
12,032.1 |
12,340.6 |
11,405.6 |
11,336.1 |
12,383.5 |
|
|
|
|
|
|
|
|
Accounts Payable |
1,343.2 |
1,255.4 |
1,069.5 |
962.2 |
1,100.9 |
|
Accrued Expenses |
892.6 |
825.4 |
820.8 |
735.3 |
859.8 |
|
Notes Payable/Short Term Debt |
25.0 |
81.8 |
80.6 |
166.1 |
219.3 |
|
Current Portion - Long Term Debt/Capital Leases |
0.1 |
974.8 |
270.5 |
234.2 |
221.5 |
|
Income Taxes Payable |
222.2 |
226.6 |
217.7 |
133.9 |
294.8 |
|
Other Payables |
588.7 |
576.4 |
295.9 |
297.6 |
328.7 |
|
Other Current Liabilities |
265.1 |
260.8 |
237.0 |
211.8 |
229.8 |
|
Other Current liabilities, Total |
1,076.0 |
1,063.8 |
750.6 |
643.4 |
853.3 |
|
Total Current Liabilities |
3,336.9 |
4,201.1 |
2,992.0 |
2,741.1 |
3,254.8 |
|
|
|
|
|
|
|
|
Long Term Debt |
1,214.4 |
845.1 |
1,612.7 |
2,398.5 |
2,710.2 |
|
Capital Lease Obligations |
- |
89.3 |
89.9 |
80.2 |
- |
|
Total Long Term Debt |
1,214.4 |
934.5 |
1,702.6 |
2,478.7 |
2,710.2 |
|
Total Debt |
1,239.5 |
1,991.1 |
2,053.6 |
2,878.9 |
3,151.0 |
|
|
|
|
|
|
|
|
Minority Interest |
126.7 |
114.9 |
97.8 |
82.3 |
101.2 |
|
Pension Benefits - Underfunded |
546.5 |
510.6 |
411.1 |
364.5 |
323.5 |
|
Other Long Term Liabilities |
262.0 |
184.3 |
143.1 |
140.9 |
220.6 |
|
Other Liabilities, Total |
808.5 |
694.8 |
554.3 |
505.4 |
544.1 |
|
Total Liabilities |
5,486.5 |
5,945.4 |
5,346.6 |
5,807.4 |
6,610.3 |
|
|
|
|
|
|
|
|
Common Stock |
1,036.9 |
1,030.7 |
914.2 |
864.9 |
858.2 |
|
Common Stock |
1,036.9 |
1,030.7 |
914.2 |
864.9 |
858.2 |
|
Additional Paid-In Capital |
1,344.9 |
1,335.7 |
1,183.5 |
1,117.7 |
1,106.7 |
|
Retained Earnings (Accumulated Deficit) |
5,433.2 |
5,525.1 |
4,733.2 |
4,371.8 |
4,282.0 |
|
Treasury Stock - Common |
-110.0 |
-494.4 |
-117.5 |
-111.8 |
-393.4 |
|
Unrealized Gain (Loss) |
27.7 |
22.4 |
24.5 |
21.0 |
34.1 |
|
Translation Adjustment |
-1,166.4 |
-1,018.7 |
-674.1 |
-710.1 |
-114.4 |
|
Minimum Pension Liability Adjustment |
-20.6 |
-5.6 |
-4.8 |
-24.9 |
0.0 |
|
Other Equity, Total |
-1,187.0 |
-1,024.2 |
-678.9 |
-735.0 |
-114.4 |
|
Total Equity |
6,545.7 |
6,395.2 |
6,059.0 |
5,528.7 |
5,773.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
12,032.1 |
12,340.6 |
11,405.7 |
11,336.1 |
12,383.5 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
521.8 |
522.1 |
536.0 |
536.0 |
536.1 |
|
Total Common Shares Outstanding |
521.8 |
522.1 |
536.0 |
536.0 |
536.1 |
|
Treasury Shares - Common Stock Primary Issue |
4.4 |
18.1 |
4.1 |
4.1 |
13.3 |
|
Employees |
34,069 |
34,743 |
34,913 |
33,745 |
32,900 |
|
Number of Common Shareholders |
51,946 |
51,885 |
45,887 |
28,393 |
26,130 |
|
Total Long Term Debt, Supplemental |
1,214.5 |
1,944.6 |
1,873.6 |
2,623.1 |
2,931.7 |
|
Long Term Debt Maturing within 1 Year |
0.1 |
965.3 |
260.9 |
224.6 |
221.5 |
|
Long Term Debt Maturing in Year 2 |
607.0 |
0.1 |
863.2 |
870.5 |
226.6 |
|
Long Term Debt Maturing in Year 3 |
485.6 |
844.6 |
0.1 |
816.5 |
973.0 |
|
Long Term Debt Maturing in Year 4 |
0.1 |
0.1 |
749.2 |
2.8 |
803.9 |
|
Long Term Debt Maturing in Year 5 |
121.5 |
0.1 |
0.1 |
708.7 |
204.4 |
|
Long Term Debt Maturing in 2-3 Years |
1,092.6 |
844.7 |
863.2 |
1,686.9 |
1,199.7 |
|
Long Term Debt Maturing in 4-5 Years |
121.6 |
0.1 |
749.3 |
711.5 |
1,008.2 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.2 |
134.4 |
0.2 |
0.1 |
502.3 |
|
Total Capital Leases, Supplemental |
88.9 |
82.6 |
99.4 |
89.8 |
- |
|
Capital Lease Payments Due in Year 1 |
9.8 |
9.5 |
9.5 |
9.6 |
- |
|
Capital Lease Payments Due in Year 2 |
9.6 |
9.9 |
9.5 |
8.6 |
- |
|
Capital Lease Payments Due in Year 3 |
13.5 |
9.7 |
9.0 |
7.4 |
- |
|
Capital Lease Payments Due in Year 4 |
9.4 |
9.5 |
8.7 |
7.4 |
- |
|
Capital Lease Payments Due in Year 5 |
8.7 |
13.7 |
8.5 |
7.4 |
- |
|
Capital Lease Payments Due in 2-3 Years |
23.0 |
19.6 |
18.5 |
16.0 |
- |
|
Capital Lease Payments Due in 4-5 Years |
18.1 |
23.2 |
17.1 |
14.7 |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
38.0 |
30.3 |
54.3 |
49.5 |
- |
|
Pension Obligation - Domestic |
2,901.4 |
2,793.7 |
2,457.1 |
2,307.7 |
2,247.1 |
|
Plan Assets - Domestic |
2,381.9 |
2,280.9 |
2,059.5 |
1,837.2 |
1,952.3 |
|
Funded Status - Domestic |
-519.5 |
-512.8 |
-397.5 |
-470.5 |
-294.8 |
|
Total Funded Status |
-519.5 |
-512.8 |
-397.5 |
-470.5 |
-294.8 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Prepaid Benefits - Domestic |
1.4 |
13.6 |
14.0 |
51.3 |
167.2 |
|
Accrued Liabilities - Domestic |
-546.5 |
-510.6 |
-411.1 |
-364.5 |
-321.9 |
|
Other Assets, Net - Domestic |
-25.7 |
15.8 |
0.4 |
157.3 |
140.0 |
|
Net Assets Recognized on Balance Sheet |
-570.8 |
-481.2 |
-396.8 |
-155.9 |
-14.7 |
|
Total Plan Obligations |
2,901.4 |
2,793.7 |
2,457.1 |
2,307.7 |
2,247.1 |
|
Total Plan Assets |
2,381.9 |
2,280.9 |
2,059.5 |
1,837.2 |
1,952.3 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
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) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
Deloitte Touche
Tohmatsu LLC |
Ernst &
Young LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
1,333.0 |
1,120.5 |
892.6 |
915.7 |
965.8 |
|
Depreciation |
1,010.6 |
949.7 |
912.2 |
870.4 |
817.5 |
|
Depreciation/Depletion |
1,010.6 |
949.7 |
912.2 |
870.4 |
817.5 |
|
Unusual Items |
27.9 |
15.6 |
34.3 |
19.5 |
26.6 |
|
Equity in Net Earnings (Loss) |
-21.0 |
-11.4 |
-12.6 |
-5.9 |
5.7 |
|
Other Non-Cash Items |
55.1 |
86.4 |
50.8 |
83.8 |
37.1 |
|
Non-Cash Items |
62.0 |
90.6 |
72.5 |
97.4 |
69.3 |
|
Accounts Receivable |
-335.8 |
-7.5 |
9.5 |
-26.0 |
49.7 |
|
Inventories |
-189.2 |
-88.3 |
140.6 |
-55.7 |
-115.3 |
|
Prepaid Expenses |
11.5 |
-0.8 |
41.4 |
111.8 |
52.4 |
|
Accounts Payable |
113.9 |
90.9 |
40.6 |
-11.5 |
-6.6 |
|
Other Operating Cash Flow |
-422.6 |
-389.5 |
-255.9 |
-692.2 |
-255.3 |
|
Changes in Working Capital |
-822.1 |
-395.2 |
-23.6 |
-673.6 |
-275.1 |
|
Cash from Operating Activities |
1,583.4 |
1,765.6 |
1,853.7 |
1,210.0 |
1,577.6 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-527.9 |
-323.5 |
-378.3 |
-332.6 |
-333.7 |
|
Purchase/Acquisition of Intangibles |
-42.7 |
-46.7 |
-56.7 |
-70.1 |
-47.6 |
|
Capital Expenditures |
-570.6 |
-370.2 |
-435.1 |
-402.7 |
-381.4 |
|
Sale of Fixed Assets |
9.4 |
28.1 |
21.2 |
29.9 |
6.2 |
|
Sale/Maturity of Investment |
0.0 |
57.1 |
0.4 |
20.7 |
27.1 |
|
Purchase of Investments |
-0.3 |
-0.3 |
-0.3 |
-0.2 |
-36.1 |
|
Other Investing Cash Flow |
-58.5 |
-85.5 |
-61.9 |
-77.1 |
-74.1 |
|
Other Investing Cash Flow Items, Total |
-49.3 |
-0.6 |
-40.7 |
-26.7 |
-77.0 |
|
Cash from Investing Activities |
-619.9 |
-370.8 |
-475.8 |
-429.5 |
-458.3 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-15.7 |
-13.8 |
-9.9 |
-4.8 |
8.6 |
|
Financing Cash Flow Items |
-15.7 |
-13.8 |
-9.9 |
-4.8 |
8.6 |
|
Cash Dividends Paid - Common |
-383.8 |
-363.1 |
-323.2 |
-293.7 |
-253.0 |
|
Total Cash Dividends Paid |
-383.8 |
-363.1 |
-323.2 |
-293.7 |
-253.0 |
|
Repurchase/Retirement
of Common |
-0.1 |
-351.2 |
-0.9 |
-12.3 |
-270.8 |
|
Common Stock, Net |
-0.1 |
-351.2 |
-0.9 |
-12.3 |
-270.8 |
|
Issuance (Retirement) of Stock, Net |
-0.1 |
-351.2 |
-0.9 |
-12.3 |
-270.8 |
|
Short Term Debt, Net |
-58.4 |
0.1 |
-102.0 |
-10.4 |
-7.8 |
|
Long Term Debt Issued |
633.4 |
0.2 |
0.4 |
7.7 |
0.0 |
|
Long Term Debt
Reduction |
-1,266.6 |
-291.3 |
-904.5 |
-330.5 |
-367.7 |
|
Long Term Debt, Net |
-633.2 |
-291.1 |
-904.1 |
-322.8 |
-367.7 |
|
Issuance (Retirement) of Debt, Net |
-691.6 |
-290.9 |
-1,006.1 |
-333.2 |
-375.5 |
|
Cash from Financing Activities |
-1,091.2 |
-1,019.0 |
-1,340.2 |
-643.9 |
-890.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-42.1 |
-74.7 |
33.5 |
-157.2 |
-14.2 |
|
Net Change in Cash |
-169.8 |
301.0 |
71.2 |
-20.6 |
214.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,812.8 |
1,369.4 |
1,189.6 |
1,120.9 |
771.2 |
|
Net Cash - Ending Balance |
1,643.0 |
1,670.4 |
1,260.8 |
1,100.3 |
985.4 |
|
Cash Interest Paid |
31.0 |
38.9 |
45.9 |
58.3 |
58.0 |
|
Cash Taxes Paid |
485.5 |
477.2 |
310.1 |
520.9 |
262.2 |
Annual Income Statement
Financials in: USD (mil),
Except for share items (millions) and per share items (actual units),
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
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) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
Deloitte Touche
Tohmatsu LLC |
Ernst &
Young LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
15,401.2 |
13,850.1 |
12,743.4 |
12,701.6 |
11,535.3 |
|
Total Revenue |
15,401.2 |
13,850.1 |
12,743.4 |
12,701.6 |
11,535.3 |
|
|
|
|
|
|
|
|
Cost of merchandise and finished goods s |
6,649.0 |
5,822.9 |
5,304.5 |
5,562.9 |
4,848.1 |
|
Other Selling/General/Admin. Expense |
2,519.7 |
- |
- |
- |
- |
|
Freight out Cost |
866.1 |
781.0 |
753.5 |
738.8 |
649.1 |
|
Advertising Expenses |
1,041.1 |
946.2 |
929.2 |
898.2 |
867.7 |
|
Sales Promotion |
797.6 |
754.5 |
704.2 |
694.5 |
675.2 |
|
Payroll & Bonus |
1,542.4 |
1,451.1 |
1,339.9 |
1,250.9 |
1,129.2 |
|
Research & Development |
610.1 |
531.2 |
483.2 |
459.0 |
394.3 |
|
Other General Expenses |
- |
2,342.7 |
2,217.2 |
2,133.9 |
1,954.6 |
|
Insurance income |
-0.5 |
- |
- |
- |
- |
|
SP Gain on overseas depreciation return |
- |
- |
- |
- |
0.0 |
|
SP Insurance income |
- |
- |
- |
- |
0.0 |
|
SP Insurance income |
- |
0.0 |
- |
- |
- |
|
SP Other Special Gains |
-0.7 |
-1.4 |
-4.7 |
-3.8 |
-3.5 |
|
SP Loss on Impairment Asset |
- |
- |
6.3 |
7.3 |
11.5 |
|
SP Loss-Restructuring, cosmetic sub. |
- |
0.0 |
13.9 |
0.0 |
- |
|
SP L on cooking oil related disposal |
- |
0.0 |
56.9 |
0.0 |
- |
|
Loss related to the Great East Japan Ear |
25.7 |
48.2 |
0.0 |
- |
- |
|
SP L on adj. for changes of acc. assets |
0.0 |
19.1 |
0.0 |
- |
- |
|
SP Other Special Losses |
8.0 |
6.1 |
13.8 |
15.1 |
5.9 |
|
Total Operating Expense |
14,058.4 |
12,701.5 |
11,817.8 |
11,756.9 |
10,532.1 |
|
|
|
|
|
|
|
|
SP Sale Gain-Fixed Asst |
2.3 |
12.2 |
2.1 |
10.4 |
1.1 |
|
SP Gain Sale Investment Secs |
0.0 |
2.2 |
0.0 |
0.1 |
0.1 |
|
SP Business Transfer Gain |
- |
- |
0.0 |
4.9 |
0.0 |
|
Loss on retirement of noncurrent assets |
-30.1 |
-27.7 |
-30.1 |
-22.6 |
-16.2 |
|
SP Loss-Business Liquid |
- |
- |
- |
0.0 |
-4.7 |
|
NOP Interest Income |
11.5 |
9.7 |
10.4 |
24.5 |
25.8 |
|
NOP Dividend Income |
2.0 |
1.9 |
1.7 |
1.8 |
1.5 |
|
NOP Gain Equity Method |
21.0 |
11.4 |
12.6 |
5.9 |
0.0 |
|
NOP Exchange Gain |
- |
- |
- |
- |
0.0 |
|
Other Non-Operating Income (Expense) |
0.0 |
- |
- |
- |
- |
|
NOP Other Non-op.Income |
32.8 |
37.3 |
28.7 |
35.1 |
31.3 |
|
NOP Interest Expense |
-27.9 |
-39.0 |
-45.5 |
-59.8 |
-58.0 |
|
NOP Loss-Equity Method |
- |
- |
- |
0.0 |
-5.7 |
|
NOP Exchange Loss |
-7.9 |
-26.1 |
-4.0 |
-18.3 |
-4.2 |
|
NOP Other Non-op.Expense |
-13.3 |
-9.8 |
-8.8 |
-10.9 |
-8.5 |
|
Net Income Before Taxes |
1,333.0 |
1,120.5 |
892.6 |
915.7 |
965.8 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
643.0 |
562.2 |
448.0 |
264.4 |
374.2 |
|
Net Income After Taxes |
690.0 |
558.3 |
444.6 |
651.3 |
591.7 |
|
|
|
|
|
|
|
|
Minority interests in income |
-26.0 |
-12.9 |
-8.8 |
-9.8 |
-9.3 |
|
Net Income Before Extra. Items |
664.1 |
545.5 |
435.8 |
641.5 |
582.3 |
|
Net Income |
664.1 |
545.5 |
435.8 |
641.5 |
582.3 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
- |
- |
- |
- |
|
Adjustment |
- |
0.0 |
- |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
664.0 |
545.4 |
435.8 |
641.5 |
582.3 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
664.0 |
545.4 |
435.8 |
641.5 |
582.3 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
521.9 |
533.0 |
536.0 |
536.1 |
543.2 |
|
Basic EPS Excluding ExtraOrdinary Items |
1.27 |
1.02 |
0.81 |
1.20 |
1.07 |
|
Basic EPS Including ExtraOrdinary Item |
1.27 |
1.02 |
0.81 |
1.20 |
1.07 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
664.0 |
545.4 |
435.8 |
641.5 |
582.3 |
|
Diluted Weighted Average Shares |
522.1 |
533.1 |
536.1 |
536.2 |
543.8 |
|
Diluted EPS Excluding ExtraOrd Items |
1.27 |
1.02 |
0.81 |
1.20 |
1.07 |
|
Diluted EPS Including ExtraOrd Items |
1.27 |
1.02 |
0.81 |
1.20 |
1.07 |
|
DPS-Common Stock |
0.76 |
0.68 |
0.61 |
0.56 |
0.47 |
|
Gross Dividends - Common Stock |
396.7 |
358.5 |
328.9 |
298.9 |
255.6 |
|
Normalized Income Before Taxes |
1,393.4 |
1,208.1 |
1,006.8 |
941.6 |
999.5 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
672.1 |
606.1 |
505.3 |
271.9 |
387.2 |
|
Normalized Income After Taxes |
721.3 |
602.0 |
501.5 |
669.7 |
612.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
695.3 |
589.0 |
492.7 |
660.0 |
602.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.33 |
1.11 |
0.92 |
1.23 |
1.11 |
|
Diluted Normalized EPS |
1.33 |
1.10 |
0.92 |
1.23 |
1.11 |
|
Advertising Expenses |
1,041.1 |
946.2 |
929.2 |
898.2 |
867.7 |
|
Sales Promotion |
797.6 |
754.5 |
704.2 |
694.5 |
675.2 |
|
R&D Expenses |
610.1 |
531.2 |
483.2 |
459.0 |
394.3 |
|
Interest Expense |
27.9 |
39.0 |
45.5 |
59.8 |
58.0 |
|
Amort of Tangible Assets-Current Portion |
1,010.6 |
- |
- |
- |
- |
|
Depreciation, supplemental |
- |
949.7 |
912.2 |
870.4 |
817.5 |
|
Income taxes-current |
489.5 |
- |
- |
- |
- |
|
Current Tax - Total |
489.5 |
- |
- |
- |
- |
|
Income taxes-deferred |
153.5 |
- |
- |
- |
- |
|
Deferred Tax - Total |
153.5 |
- |
- |
- |
- |
|
Income Tax - Total |
643.0 |
- |
- |
- |
- |
|
Reported Operating Profit |
1,375.2 |
1,220.6 |
1,011.7 |
963.3 |
1,017.1 |
|
Reported Ordinary Profit |
1,393.4 |
1,205.9 |
1,006.8 |
941.5 |
999.3 |
|
Service cost |
110.1 |
98.0 |
92.3 |
83.3 |
79.8 |
|
Interest cost |
65.6 |
60.1 |
55.9 |
50.7 |
40.0 |
|
Expected return on plan assets |
-55.9 |
-51.6 |
-44.8 |
-44.2 |
-38.7 |
|
Pension exp. due to acct. changes |
23.0 |
19.6 |
19.4 |
18.0 |
16.4 |
|
Actuarial gains and losses |
41.9 |
57.2 |
75.7 |
75.3 |
54.7 |
|
Prior service cost |
-41.3 |
-42.0 |
-30.4 |
-24.0 |
-21.1 |
|
Domestic Pension Plan Expense |
143.3 |
141.2 |
168.1 |
159.2 |
131.2 |
|
Total Pension Expense |
143.3 |
141.2 |
168.1 |
159.2 |
131.2 |
|
Discount Rate(MIN)-Retirement Cost(Domes |
2.00% |
- |
- |
- |
- |
|
Discount rate |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected return on assets(MIN)-Retiremen |
2.00% |
- |
- |
- |
- |
|
Expected rate of return |
- |
2.00% |
2.00% |
2.00% |
2.00% |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.385362 |
82.88 |
93.44 |
98.77 |
99.535 |
|
Auditor |
Deloitte Touche
Tohmatsu LLC |
Ernst &
Young LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash and Deposit |
1,037.6 |
1,336.4 |
751.1 |
545.0 |
540.4 |
|
Notes and accounts receivable-trade |
1,734.3 |
1,461.1 |
1,365.5 |
1,281.6 |
1,549.2 |
|
Short-term investment securities |
568.0 |
422.6 |
493.1 |
554.0 |
552.2 |
|
Inventories - merchan. & finished goods |
1,000.1 |
883.1 |
783.0 |
813.1 |
841.7 |
|
Inventories - work-in-process |
141.7 |
120.6 |
120.4 |
165.5 |
155.3 |
|
Inventories - raw materials & supplies |
323.4 |
315.6 |
237.3 |
216.6 |
264.7 |
|
Prepaid Expense |
68.9 |
63.8 |
58.7 |
54.7 |
55.2 |
|
Dfrd. Tax Asset |
215.3 |
263.7 |
216.6 |
251.8 |
223.2 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other Curr.Asset |
179.4 |
175.5 |
203.5 |
221.7 |
218.2 |
|
Doubtful Account |
-13.5 |
-13.0 |
-12.9 |
-15.5 |
-24.1 |
|
Total Current Assets |
5,255.2 |
5,029.3 |
4,216.2 |
4,088.5 |
4,376.0 |
|
|
|
|
|
|
|
|
Bldg.&Structure |
3,922.3 |
3,873.6 |
3,369.1 |
3,143.2 |
3,239.6 |
|
Accumulated depreciation |
-2,986.9 |
-2,889.6 |
-2,530.0 |
-2,325.4 |
-2,306.9 |
|
Machinery, equipment and vehicles |
7,433.9 |
7,445.4 |
6,670.9 |
6,235.1 |
6,480.5 |
|
Accumulated depreciation |
-6,605.2 |
-6,582.8 |
-5,831.6 |
-5,419.1 |
-5,503.0 |
|
Tools, furniture and fixtures |
987.0 |
931.3 |
830.1 |
740.4 |
751.2 |
|
Accumulated depreciation |
-837.4 |
-792.2 |
-697.3 |
-617.4 |
-610.6 |
|
Lease assets, gross |
144.8 |
146.5 |
124.3 |
98.8 |
0.0 |
|
Accumulated depreciation |
-47.6 |
-38.4 |
-20.8 |
-9.9 |
0.0 |
|
Land |
786.5 |
758.6 |
683.5 |
662.8 |
689.0 |
|
Construction |
122.7 |
100.4 |
97.1 |
98.3 |
90.8 |
|
Goodwill |
2,010.2 |
2,162.5 |
2,095.0 |
2,088.3 |
2,396.1 |
|
Other Total Intangible Assets, Net |
0.0 |
- |
- |
- |
- |
|
Trademark |
650.4 |
858.8 |
956.3 |
1,094.8 |
1,279.2 |
|
Other Intangible |
221.7 |
272.2 |
308.5 |
344.7 |
354.2 |
|
other LT invest |
91.2 |
- |
- |
- |
- |
|
Investment Sec. |
- |
84.7 |
87.9 |
124.7 |
163.3 |
|
Invt Secs Noncons, Asc, Affd Cos |
70.7 |
- |
- |
- |
- |
|
Invts in Capital Noncons, Ascd, Affd Cos |
6.3 |
- |
- |
- |
- |
|
Equity secs.-nonconsol affil.&sub. |
- |
61.6 |
53.8 |
- |
- |
|
Long-term loans receivable |
21.1 |
21.2 |
20.4 |
18.6 |
21.2 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other Other Long Term Assets |
120.2 |
- |
- |
- |
- |
|
Other Other Long Term Assets |
0.0 |
- |
- |
- |
- |
|
Long-term prepaid expenses |
151.0 |
147.5 |
143.4 |
132.3 |
133.7 |
|
Deferred tax assets |
516.5 |
602.9 |
656.7 |
640.5 |
550.9 |
|
Other Assets |
- |
149.9 |
174.4 |
198.8 |
279.4 |
|
Inv't partnership-nonconsol.affil.&subs |
- |
- |
2.4 |
- |
- |
|
Doubtful Account |
-2.6 |
-2.7 |
-4.6 |
-2.0 |
-1.6 |
|
Deferred Assets |
- |
- |
- |
0.0 |
0.5 |
|
Adjustment |
- |
- |
0.0 |
- |
0.0 |
|
Other Buildings, Net |
0.0 |
- |
- |
- |
- |
|
Other Total Property/Plant/Equipment, Ne |
0.0 |
- |
- |
- |
- |
|
Total Assets |
12,032.1 |
12,340.6 |
11,405.6 |
11,336.1 |
12,383.5 |
|
|
|
|
|
|
|
|
Notes and accounts payable-trade |
1,343.2 |
1,255.4 |
1,069.5 |
962.2 |
1,100.9 |
|
Short-term loans payable |
25.0 |
81.8 |
80.6 |
166.1 |
219.3 |
|
Curr.-Corp.Bond |
- |
603.3 |
0.0 |
- |
- |
|
Current portion of long-term loans payab |
0.1 |
362.1 |
260.9 |
224.6 |
221.5 |
|
Current lease obligations |
- |
9.5 |
9.5 |
9.6 |
- |
|
Accounts payable-other |
588.7 |
576.4 |
295.9 |
297.6 |
328.7 |
|
Acccrued Expense |
892.6 |
825.4 |
820.8 |
735.3 |
859.8 |
|
Other |
264.7 |
- |
- |
- |
- |
|
Rounding adjustment Liability |
0.0 |
- |
- |
- |
- |
|
Reserve for the Great East Japan Earthqu |
0.4 |
32.1 |
0.0 |
- |
- |
|
Income Tax Pybl. |
222.2 |
226.6 |
217.7 |
133.9 |
294.8 |
|
Other Curr.Liab. |
- |
228.7 |
237.0 |
211.8 |
229.8 |
|
Total Current Liabilities |
3,336.9 |
4,201.1 |
2,992.0 |
2,741.1 |
3,254.8 |
|
|
|
|
|
|
|
|
Corporate Bond |
606.9 |
603.3 |
1,070.2 |
1,012.4 |
1,004.6 |
|
Long-term loans payable |
607.5 |
241.9 |
542.5 |
1,386.0 |
1,705.6 |
|
Lease obligations |
- |
89.3 |
89.9 |
80.2 |
- |
|
Total Long Term Debt |
1,214.4 |
934.5 |
1,702.6 |
2,478.7 |
2,710.2 |
|
|
|
|
|
|
|
|
Res-Accr.Retire |
546.5 |
510.6 |
411.1 |
364.5 |
321.9 |
|
Res-Direc.Retire |
- |
- |
- |
0.0 |
1.6 |
|
Other |
262.0 |
- |
- |
- |
- |
|
Rounding adjustment Liability |
0.0 |
- |
- |
- |
- |
|
Other Liability |
- |
184.3 |
143.1 |
140.9 |
220.6 |
|
Minor. Interest |
126.7 |
114.9 |
97.8 |
82.3 |
101.2 |
|
Total Liabilities |
5,486.5 |
5,945.4 |
5,346.6 |
5,807.4 |
6,610.3 |
|
|
|
|
|
|
|
|
Common Stock |
1,036.9 |
1,030.7 |
914.2 |
864.9 |
858.2 |
|
Total capital surpluses |
1,329.9 |
1,321.9 |
1,172.5 |
1,109.3 |
1,100.7 |
|
Total retained earnings |
5,433.2 |
5,525.1 |
4,733.2 |
4,371.8 |
4,282.0 |
|
Treasury Stock |
-110.0 |
-494.4 |
-117.5 |
-111.8 |
-393.4 |
|
Valuation difference on available-for-sa |
27.7 |
22.4 |
24.5 |
21.2 |
34.1 |
|
Deferred hedge gain/loss |
0.0 |
0.0 |
0.0 |
-0.1 |
0.0 |
|
Translation Adj. |
-1,166.4 |
-1,018.7 |
-674.1 |
-710.1 |
-114.4 |
|
Post retirement liability adjustments fo |
-20.6 |
-5.6 |
-4.8 |
-24.9 |
0.0 |
|
New Stock Subscription Right |
15.0 |
13.8 |
10.9 |
8.5 |
6.0 |
|
Total Equity |
6,545.7 |
6,395.2 |
6,059.0 |
5,528.7 |
5,773.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
12,032.1 |
12,340.6 |
11,405.7 |
11,336.1 |
12,383.5 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
521.8 |
522.1 |
536.0 |
536.0 |
536.1 |
|
Total Common Shares Outstanding |
521.8 |
522.1 |
536.0 |
536.0 |
536.1 |
|
T/S-Common Stock |
4.4 |
18.1 |
4.1 |
4.1 |
13.3 |
|
Full-Time Employees |
34,069 |
34,743 |
34,913 |
33,745 |
32,900 |
|
Total Number of Shareholders |
51,946 |
- |
- |
- |
- |
|
Number of Common Shareholders |
- |
51,885 |
45,887 |
28,393 |
26,130 |
|
Within One Year |
0.0 |
- |
- |
- |
- |
|
Long Term Debt Maturing within 1 Yr |
0.1 |
965.3 |
260.9 |
224.6 |
221.5 |
|
Over One Year And Within Two Years |
606.9 |
- |
- |
- |
- |
|
Lns Pble Maturing over a Yr within 2 Yrs |
0.1 |
- |
- |
- |
- |
|
Long Term Debt Maturing within 2 Yr |
- |
0.1 |
863.2 |
870.5 |
226.6 |
|
Over Two Years And Within Three Years |
0.0 |
- |
- |
- |
- |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
485.6 |
- |
- |
- |
- |
|
Long Term Debt Maturing within 3 Yr |
- |
844.6 |
0.1 |
816.5 |
973.0 |
|
Over Three Years And Within Four Years |
0.0 |
- |
- |
- |
- |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
0.1 |
- |
- |
- |
- |
|
Long Term Debt Maturing within 4 Yr |
- |
0.1 |
749.2 |
2.8 |
803.9 |
|
Lns Pble Maturg over 4 Yrs within 5 Yrs |
121.5 |
- |
- |
- |
- |
|
Long Term Debt Maturing within 5 Yr |
- |
0.1 |
0.1 |
708.7 |
204.4 |
|
Other Long Term Debt Maturing remaining |
0.2 |
- |
- |
- |
- |
|
Long Term Debt Remaining Maturity |
- |
134.4 |
0.2 |
0.1 |
502.3 |
|
Total Long Term Debt, Supplemental |
1,214.5 |
1,944.6 |
1,873.6 |
2,623.1 |
2,931.7 |
|
Capital lease within 1 yr. |
9.8 |
9.5 |
9.5 |
9.6 |
- |
|
Cap Lease Maturg over a Yr within 2 Yrs |
9.6 |
- |
- |
- |
- |
|
Capital lease within 2 yr. |
- |
9.9 |
9.5 |
8.6 |
- |
|
Cap Lease Maturg over 2 Yr within 3 Yrs |
13.5 |
- |
- |
- |
- |
|
Capital lease within 3 yr. |
- |
9.7 |
9.0 |
7.4 |
- |
|
Cap Lease Maturg over 3 Yr within 4 Yrs |
9.4 |
- |
- |
- |
- |
|
Capital lease within 4 yr. |
- |
9.5 |
8.7 |
7.4 |
- |
|
Cap Lease Maturg over 4 Yr within 5 Yrs |
8.7 |
- |
- |
- |
- |
|
Capital lease within 5 yr. |
- |
13.7 |
8.5 |
7.4 |
- |
|
other lease remaining |
38.0 |
- |
- |
- |
- |
|
Capital lease after 5 yr. |
- |
30.3 |
54.3 |
49.5 |
- |
|
Total Capital Leases |
88.9 |
82.6 |
99.4 |
89.8 |
- |
|
Pension obligation |
2,901.4 |
2,793.7 |
2,457.1 |
2,307.7 |
2,247.1 |
|
Fair value of plan asset |
2,381.9 |
2,280.9 |
2,059.5 |
1,837.2 |
1,952.3 |
|
Funded status |
-519.5 |
-512.8 |
-397.5 |
-470.5 |
-294.8 |
|
Total Funded Status |
-519.5 |
-512.8 |
-397.5 |
-470.5 |
-294.8 |
|
Discount rate |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected rate of return |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expense unrecog. for acc. changes |
65.7 |
87.0 |
96.1 |
108.8 |
136.3 |
|
Unrecognized actuarial gains and losses |
24.4 |
99.2 |
93.7 |
217.6 |
193.7 |
|
Unrecognized prior service cost |
-115.8 |
-170.5 |
-189.4 |
-169.1 |
-189.9 |
|
Prepaid pension benefits |
1.4 |
13.6 |
14.0 |
51.3 |
167.2 |
|
Reserve for accrued retirement benefits |
-546.5 |
-510.6 |
-411.1 |
-364.5 |
-321.9 |
|
Net Assets Recognized on Balance Sheet |
-570.8 |
-481.2 |
-396.8 |
-155.9 |
-14.7 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
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) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
Deloitte Touche
Tohmatsu LLC |
Ernst &
Young LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income Before Tax |
1,333.0 |
1,120.5 |
892.6 |
915.7 |
965.8 |
|
Depreciation |
1,010.6 |
949.7 |
912.2 |
870.4 |
817.5 |
|
Impairment Asset |
- |
- |
6.3 |
7.3 |
11.5 |
|
Loss (gain) on sales and retirement of n |
27.9 |
15.6 |
28.0 |
12.2 |
15.1 |
|
Int. and Div. Income |
-13.5 |
-11.5 |
-12.1 |
-26.3 |
-27.3 |
|
Interest Expense |
27.9 |
39.0 |
45.5 |
59.8 |
58.0 |
|
Foreign exchange losses (gains) |
2.0 |
5.3 |
-4.5 |
2.1 |
-3.3 |
|
Equity in (earnings) losses of affiliate |
-21.0 |
-11.4 |
-12.6 |
-5.9 |
5.7 |
|
Decrease (increase) in notes and account |
-335.8 |
-7.5 |
9.5 |
-26.0 |
49.7 |
|
Decrease (increase) in inventories |
-189.2 |
-88.3 |
140.6 |
-55.7 |
-115.3 |
|
Decrease (increase) in prepaid pension c |
11.5 |
-0.8 |
41.4 |
111.8 |
52.4 |
|
Increase (decrease) in notes and account |
113.9 |
90.9 |
40.6 |
-11.5 |
-6.6 |
|
Increase (decrease) in provision for ret |
38.7 |
53.6 |
21.8 |
48.4 |
9.7 |
|
Other Operating Cash Flow |
0.0 |
- |
- |
- |
- |
|
Other, net |
62.5 |
96.2 |
78.1 |
-148.3 |
30.7 |
|
Int. and Div. Rcvd. |
31.4 |
30.3 |
22.1 |
35.2 |
34.2 |
|
Interest expenses paid |
-31.0 |
-38.9 |
-45.9 |
-58.3 |
-58.0 |
|
Income taxes paid, cash basis |
-485.5 |
-477.2 |
-310.1 |
-520.9 |
-262.2 |
|
Newly Consolid. Sub. |
- |
- |
- |
3.4 |
- |
|
Decreased Cash due to Exclusion from Con |
- |
- |
- |
-3.5 |
- |
|
Cash from Operating Activities |
1,583.4 |
1,765.6 |
1,853.7 |
1,210.0 |
1,577.6 |
|
|
|
|
|
|
|
|
Purchase of property, plant and equipmen |
-527.9 |
-323.5 |
-378.3 |
-332.6 |
-333.7 |
|
Proceeds from sales of property, plant a |
9.4 |
28.1 |
21.2 |
29.9 |
6.2 |
|
Purch-Intang.Assets |
-42.7 |
-46.7 |
-56.7 |
-70.1 |
-47.6 |
|
Purchase of long-term prepaid expenses |
-63.7 |
-49.6 |
-46.7 |
-48.1 |
-52.9 |
|
Purch-Investment Sec |
-0.3 |
-0.3 |
-0.3 |
-0.2 |
-36.1 |
|
Sale&Redemp-Inv.Sec |
0.0 |
6.9 |
0.4 |
20.7 |
27.1 |
|
Decrease (increase) in short-term loans |
6.8 |
1.1 |
-4.5 |
-1.2 |
-2.9 |
|
Proceeds from cancellation of derivative |
0.0 |
50.1 |
0.0 |
- |
- |
|
Payments of long-term loans receivable |
-19.0 |
-19.2 |
-24.1 |
-34.1 |
-22.3 |
|
Other, net |
17.4 |
-17.8 |
13.3 |
6.2 |
4.0 |
|
Cash from Investing Activities |
-619.9 |
-370.8 |
-475.8 |
-429.5 |
-458.3 |
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term lo |
-58.4 |
0.1 |
-102.0 |
-10.4 |
-7.8 |
|
Proceeds from long-term loans payable |
633.4 |
0.2 |
0.4 |
7.7 |
0.0 |
|
Redemption Of Bonds |
-633.2 |
- |
- |
- |
- |
|
Repayment of long-term loans payable |
-633.4 |
-291.3 |
-904.5 |
-330.5 |
-367.7 |
|
Bond issued |
- |
- |
- |
- |
0.0 |
|
Redemp-Corporat.Bond |
- |
0.0 |
- |
- |
- |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Purch-Treasury Stock |
-0.1 |
-351.2 |
-0.9 |
-12.3 |
-270.8 |
|
Dividend Paid |
-383.8 |
-363.1 |
-323.2 |
-293.7 |
-253.0 |
|
Div.Paid to Minority |
-5.9 |
-3.6 |
-0.6 |
-2.2 |
-6.8 |
|
Other, net |
-9.7 |
-10.2 |
-9.4 |
-2.5 |
15.4 |
|
Cash from Financing Activities |
-1,091.2 |
-1,019.0 |
-1,340.2 |
-643.9 |
-890.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-42.1 |
-74.7 |
33.5 |
-157.2 |
-14.2 |
|
Net Change in Cash |
-169.8 |
301.0 |
71.2 |
-20.6 |
214.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,812.8 |
1,369.4 |
1,189.6 |
1,120.9 |
771.2 |
|
Net Cash - Ending Balance |
1,643.0 |
1,670.4 |
1,260.8 |
1,100.3 |
985.4 |
|
Cash Interest Paid |
31.0 |
38.9 |
45.9 |
58.3 |
58.0 |
|
Cash Taxes Paid |
485.5 |
477.2 |
310.1 |
520.9 |
262.2 |
Financial
Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Ratio
Comparisons
|
Traded: |
Financials in:
USD (actual units) |
|
Industry: Personal &
Household Prods. |
As of
15-Feb-2013 |
|
Sector: Consumer/Non-Cyclical |
|
|
|
Company |
Industry |
Sector |
S&P 500 |
|
Valuation Ratios |
||||
|
P/E Excluding Extraordinary (TTM) |
25.85 |
17.34 |
18.04 |
19.68 |
|
P/E High Excluding Extraordinary - Last 5 Yrs |
31.37 |
32.06 |
31.70 |
32.79 |
|
P/E Low Excluding Extraordinary - Last 5 Yrs |
15.96 |
12.36 |
13.50 |
10.71 |
|
Beta |
0.51 |
0.72 |
0.66 |
1.00 |
|
Price/Revenue (TTM) |
1.24 |
2.53 |
2.38 |
2.57 |
|
Price/Book (MRQ) |
2.65 |
5.25 |
6.62 |
3.67 |
|
Price to Tangible Book (MRQ) |
4.41 |
8.82 |
7.14 |
5.21 |
|
Price to Cash Flow Per Share (TTM) |
10.86 |
13.36 |
13.96 |
14.22 |
|
Price to Free Cash Flow Per Share (TTM) |
29.71 |
34.52 |
35.43 |
26.26 |
|
|
|
|
|
|
|
Dividends |
||||
|
Dividend Yield |
2.72% |
2.63% |
3.17% |
2.26% |
|
Dividend Per Share - 5 Yr Avg |
57.00 |
2.23 |
2.64 |
1.99 |
|
Dividend 5 Yr Growth |
2.90% |
-3.12% |
4.04% |
0.08% |
|
Payout Ratio (TTM) |
56.27% |
39.99% |
46.79% |
25.98% |
|
|
|
|
|
|
|
Growth Rates (%) |
||||
|
Revenue (MRQ) vs Qtr 1 Yr Ago |
-1.72% |
4.72% |
9.73% |
15.58% |
|
Revenue (TTM) vs TTM 1 Yr Ago |
0.82% |
27.90% |
20.06% |
17.69% |
|
Revenue 5 Yr Growth |
-0.26% |
6.30% |
6.14% |
8.97% |
|
EPS (MRQ) vs Qtr 1 Yr Ago |
29.78% |
13.20% |
6.69% |
19.49% |
|
EPS (TTM) vs TTM 1 Yr Ago |
17.05% |
38.28% |
27.67% |
32.55% |
|
EPS 5 Yr Growth |
-4.93% |
10.24% |
7.73% |
9.86% |
|
Capital Spending 5 Yr Growth |
-7.20% |
4.46% |
3.06% |
-2.04% |
|
|
|
|
|
|
|
Financial Strength |
||||
|
Quick Ratio (MRQ) |
1.05 |
0.80 |
0.77 |
1.24 |
|
Current Ratio (MRQ) |
1.44 |
1.40 |
1.40 |
1.79 |
|
LT Debt/Equity (MRQ) |
0.09 |
0.70 |
0.98 |
0.64 |
|
Total Debt/Equity (MRQ) |
0.18 |
0.91 |
1.25 |
0.73 |
|
Interest Coverage (TTM) |
- |
16.70 |
16.43 |
13.80 |
|
|
|
|
|
|
|
Profitability Ratios (%) |
||||
|
Gross Margin (TTM) |
56.66% |
50.74% |
44.52% |
45.21% |
|
Gross Margin - 5 Yr Avg |
57.46% |
50.19% |
44.52% |
44.91% |
|
EBITD Margin (TTM) |
15.10% |
21.72% |
20.28% |
24.43% |
|
EBITD Margin - 5 Yr Avg |
14.99% |
20.86% |
19.53% |
22.84% |
|
Operating Margin (TTM) |
8.59% |
18.51% |
17.97% |
20.63% |
|
Operating Margin - 5 Yr Avg |
8.09% |
17.66% |
17.19% |
18.28% |
|
Pretax Margin (TTM) |
8.60% |
16.46% |
16.99% |
17.95% |
|
Pretax Margin - 5 Yr Avg |
7.87% |
18.59% |
17.19% |
17.10% |
|
Net Profit Margin (TTM) |
4.90% |
16.38% |
13.74% |
13.65% |
|
Net Profit Margin - 5 Yr Avg |
4.48% |
15.05% |
12.87% |
12.10% |
|
Effective Tax Rate (TTM) |
43.03% |
24.98% |
27.02% |
28.45% |
|
Effective Tax rate - 5 Yr Avg |
43.14% |
26.61% |
28.54% |
29.92% |
|
|
|
|
|
|
|
Management Effectiveness (%) |
||||
|
Return on Assets (TTM) |
5.90% |
10.81% |
11.53% |
8.54% |
|
Return on Assets - 5 Yr Avg |
4.98% |
10.15% |
11.74% |
8.40% |
|
Return on Investment (TTM) |
8.70% |
8.48% |
8.43% |
7.90% |
|
Return on Investment - 5 Yr Avg |
6.92% |
8.02% |
9.81% |
8.27% |
|
Return on Equity (TTM) |
10.37% |
28.10% |
29.23% |
19.72% |
|
Return on Equity - 5 Yr Avg |
9.78% |
31.48% |
31.40% |
20.06% |
|
|
|
|
|
|
|
Efficiency |
||||
|
Revenue/Employee (TTM) |
35,521,620.00 |
494,371.32 |
633,399.19 |
927,613.77 |
|
Net Income/Employee (TTM) |
1,740,761.00 |
75,260.31 |
83,482.45 |
116,121.92 |
|
Receivables Turnover (TTM) |
8.91 |
11.47 |
12.19 |
13.25 |
|
Inventory Turnover (TTM) |
4.10 |
6.53 |
7.35 |
14.53 |
|
Asset Turnover (TTM) |
1.20 |
0.83 |
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
Report
Stock Snapshot
Traded:
As of 15-Feb-2013 US Dollars
Recent Price $2,850.00 EPS $105.15
52 Week High $2,905.00 Price/Sales 1.23
52 Week Low $1,997.00 Dividend Rate $77.50
Avg. Volume (mil) 1.98 Price/Earnings 20.85
Market Value (mil) $1,499,706.00 Price/Book 2.76
Beta 0.51
Price % Change Rel S&P 500%
4 Week 16.61% 12.78%
13 Week 31.22% 4.62%
52 Week 39.84% 18.75%
Year to Date 26.72% 15.61%
2 Year Weekly End Price & Volume
Stock History
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.77 |
|
UK Pound |
1 |
Rs.81.57 |
|
Euro |
1 |
Rs.70.68 |
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.