MIRA INFORM REPORT
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Report Date : |
27.05.2013 |
IDENTIFICATION DETAILS
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Name : |
NGK INSULATORS LTD |
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Registered Office : |
2-56, Suda-cho, Mizuho-ku, Nagoya-Shi, 467-8530 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
05.05.1919 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
provision of
ceramic products |
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No. of Employees : |
12372 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
japan ECONOMIC OVERVIEW
In the years
following World War II, government-industry cooperation, a strong work ethic,
mastery of high technology, and a comparatively small defense allocation (1% of
GDP) helped Japan develop a technologically advanced economy. Two notable
characteristics of the post-war economy were the close interlocking structures
of manufacturers, suppliers, and distributors, known as keiretsu, and the
guarantee of lifetime employment for a substantial portion of the urban labor
force. Both features are now eroding under the dual pressures of global
competition and domestic demographic change. Japan's industrial sector is
heavily dependent on imported raw materials and fuels. A small agricultural
sector is highly subsidized and protected, with crop yields among the highest
in the world. While self-sufficient in rice production, Japan imports about 60%
of its food on a caloric basis. For three decades, overall real economic growth
had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s,
and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging
just 1.7%, largely because of the after effects of inefficient investment and
an asset price bubble in the late 1980s that required a protracted period of
time for firms to reduce excess debt, capital, and labor. Modest economic
growth continued after 2000, but the economy has fallen into recession three
times since 2008. A sharp downturn in business investment and global demand for
Japan's exports in late 2008 pushed Japan into recession. Government stimulus
spending helped the economy recover in late 2009 and 2010, but the economy
contracted again in 2011 as the massive 9.0 magnitude earthquake and the ensuing
tsunami in March disrupted manufacturing. The economy has largely recovered in
the two years since the disaster, but reconstruction in the Tohoku region has
been uneven. Newly-elected Prime Minister Shinzo ABE has declared the economy
his government's top priority; he has pledged to reconsider his predecessor's
plan to permanently close nuclear power plants and is pursuing an economic
revitalization agenda of fiscal stimulus and regulatory reform and has said he
will press the Bank of Japan to loosen monetary policy. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2012 stood as the fourth-largest economy in the world after second-place
China, which surpassed Japan in 2001, and third-place India, which edged out
Japan in 2012. The new government will continue a longstanding debate on
restructuring the economy and reining in Japan's huge government debt, which
exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth,
and an aging and shrinking population are other major long-term challenges for
the economy.
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Source : CIA |
Company name & address
NGK Insulators Ltd
2-56, Suda-cho, Mizuho-ku
Nagoya-Shi, 467-8530
Japan
Tel: 81-52-8727181
Fax: 81-52-8727690
Web: www.ngk.co.jp
synthesis
Employees: 12,372
Company Type: Public Parent
Corporate Family: 71
Companies
Traded: Tokyo
Stock Exchange: 5333
Incorporation Date:
05-May-1919
Auditor: Deloitte Touche Tohmatsu LLC
Financials in: USD
(Millions)
Fiscal Year End:
31-Mar-2012
Reporting Currency: Japanese
Yen
Annual Sales: 3,138.5 1
Net Income: (451.0)
Total Assets:
6,350.8 2
Market Value:
4,522.1 (10-May-2013)
Business Description
NGK INSULATORS, LTD. is a Japan-based company mainly engaged in the provision of ceramic products. It is active in three business segments. The Electric Power-related segment is engaged in the manufacture and sale of electrical insulators and machines, as well as sodium-sulfur (NAS) batteries. The Ceramics segment is engaged in the manufacture and sale of automotive ceramics products, as well as general industrial ceramics products and machinery including corrosion-resistant machinery for chemical industry, membrane separation devices for liquid and gas, combustion equipment and refractory materials, among others. The Electronics segment manufactures and sells beryllium rolled copper products, ceramic products for electronics industry and semiconductor manufacturing, and molds. The Company is also engaged in the operation of golf courses. For the nine months ended 31 December 2012, NGK Insulators Ltd revenues decreased 2% to Y182.3B. Net income applicable to common stockholders totaled Y3.8B vs. loss of Y40.6B. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Net Income reflects Ceramics segment income increase of 14% to Y19.81B. Dividend per share remained flat at Y10.00.
Industry
Industry Electronic Instruments and Controls
ANZSIC 2006: 2029 - Other
Ceramic Product Manufacturing
NACE 2002: 2623 - Manufacture
of ceramic insulators and insulating fittings
NAICS 2002: 327113 - Porcelain
Electrical Supply Manufacturing
UK SIC 2003: 2623 - Manufacture
of ceramic insulators and insulating fittings
UK SIC 2007: 2343 - Manufacture
of ceramic insulators and insulating fittings
US SIC 1987: 3264 - Porcelain
Electrical Supplies
Key Executives
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Name |
Title |
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Taro Kato |
President, Representative Director |
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Susumu Sakabe |
Managing Executive Officer, Director of Finance, Director |
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Hiroshi Kanie |
Managing Executive Officer, Deputy Chief Director of Ceramics
Business, Senior Dir of Sales in Main Ceramics Biz Unit |
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Hideki Yamamoto |
Executive Officer, Director of Human Resources |
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Haruo Fukui |
Executive Officer, Director of Administration in Main Manufacturing
Technology Unit, Senior Director of Facility in Main Manufacturing Technology
Unit |
Significant Developments
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* number of significant developments within the last 12 months
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
2-56, Suda-cho, Mizuho-ku
Nagoya-Shi, 467-8530
Japan
Tel: 81-52-8727181
Fax: 81-52-8727690
Web: www.ngk.co.jp
Quote Symbol - Exchange
5333 - Tokyo Stock
Exchange
Sales JPY(mil): 247,818.0
Assets JPY(mil): 523,213.0
Employees: 12,372
Fiscal Year End: 31-Mar-2012
Industry: Electronic
Instruments and Controls
Incorporation Date: 05-May-1919
Company Type: Public
Parent
Quoted Status: Quoted
President,
Representative Director:
Taro Kato
Industry Codes
ANZSIC 2006 Codes:
2029 - Other Ceramic Product Manufacturing
2463 - Machine Tool and Parts Manufacturing
2149 - Other Basic Non-Ferrous Metal Product Manufacturing
2439 - Other Electrical Equipment Manufacturing
2469 - Other Specialised Machinery and Equipment Manufacturing
9113 - Sports and Physical Recreation Venues, Grounds and
Facilities Operation
NACE 2002 Codes:
2623 - Manufacture of ceramic insulators and insulating fittings
2924 - Manufacture of other general purpose machinery not
elsewhere classified
3110 - Manufacture of electric motors, generators and transformers
2626 - Manufacture of refractory ceramic products
9261 - Operation of sports arenas and stadiums
3140 - Manufacture of accumulators, primary cells and primary
batteries
2862 - Manufacture of tools
2744 - Copper production
NAICS 2002 Codes:
327113 - Porcelain Electrical Supply Manufacturing
333514 - Special Die and Tool, Die Set, Jig, and Fixture
Manufacturing
327124 - Clay Refractory Manufacturing
335311 - Power, Distribution, and Specialty Transformer
Manufacturing
331421 - Copper Rolling, Drawing, and Extruding
333298 - All Other Industrial Machinery Manufacturing
335911 - Storage Battery Manufacturing
713910 - Golf Courses and Country Clubs
US SIC 1987:
3264 - Porcelain Electrical Supplies
3612 - Power, Distribution, and Specialty Transformers
3255 - Clay Refractories
3559 - Special Industry Machinery, Not Elsewhere Classified
7992 - Public Golf Courses
3691 - Storage Batteries
3544 - Special Dies and Tools, Die Sets, Jigs and Fixtures, and Industrial
Molds
3351 - Rolling, Drawing, and Extruding of Copper
UK SIC 2003:
2623 - Manufacture of ceramic insulators and insulating fittings
2924 - Manufacture of other general purpose machinery not
elsewhere classified
3110 - Manufacture of electric motors, generators and transformers
2626 - Manufacture of refractory ceramic products
92619 - Operation of other sports arenas and stadiums not elsewhere
classified
3140 - Manufacture of accumulators, primary cells and primary
batteries
2862 - Manufacture of tools
2744 - Copper production
UK SIC 2007:
2343 - Manufacture of ceramic insulators and insulating fittings
2720 - Manufacture of batteries and accumulators
2711 - Manufacture of electric motors, generators and transformers
2320 - Manufacture of refractory products
2444 - Copper production
2573 - Manufacture of tools
2829 - Manufacture of other general-purpose machinery n.e.c.
9311 - Operation of sports facilities
Business
Description
NGK INSULATORS, LTD.
is a Japan-based company mainly engaged in the provision of ceramic products.
It is active in three business segments. The Electric Power-related segment is
engaged in the manufacture and sale of electrical insulators and machines, as
well as sodium-sulfur (NAS) batteries. The Ceramics segment is engaged in the
manufacture and sale of automotive ceramics products, as well as general
industrial ceramics products and machinery including corrosion-resistant
machinery for chemical industry, membrane separation devices for liquid and
gas, combustion equipment and refractory materials, among others. The
Electronics segment manufactures and sells beryllium rolled copper products,
ceramic products for electronics industry and semiconductor manufacturing, and molds.
The Company is also engaged in the operation of golf courses. For the nine
months ended 31 December 2012, NGK Insulators Ltd revenues decreased 2% to
Y182.3B. Net income applicable to common stockholders totaled Y3.8B vs. loss of
Y40.6B. Revenues reflect a decrease in demand for the Company's products and
services due to unfavorable market conditions. Net Income reflects Ceramics
segment income increase of 14% to Y19.81B. Dividend per share remained flat at
Y10.00.
More Business
Descriptions
Manufacture of
insulators, electrical machinery and ceramic products for engineering and
industrial use; plant engineering
Engineering
Services, Electrical Insulators, Industrial Ceramic Products &
Beryllium-Copper Products Mfr
NGK INSULATORS,
LTD. (NGK) is a conglomerate which focuses on the production and promotion of
electric insulators, industrial ceramic products, beryllium copper products and
plant engineering.The company operates through three reportable business
segments, namely, Power, Ceramics and Electronics.The Power segment offers
porcelain insulators such as porcelain insulators such as suspension
insulators, long rod insulators, distribution insulators, station post
insulators and hollow insulators; polymer insulators such as long rod
insulator, line post insulator and hollow insulators; line arrester, CLAH,
hardware for insulator assemblies, NAS batteries. It also offers its technology
and technical capabilities for anti-contamination, HVDC and lightning
protection. These products and services to electrical companies and heavy
electrical equipment makers. The Power segment reported 22.5% of the company's
total sales during the fiscal year 2012, indicating an increase of 3.7% over
the previous year.The Ceramics segment of the company offers diesel particulate
filters (DPFs) and NOx sensors for engine exhaust gas, ceramic membrane filter,
ceramic pump & vacuum pump, high-temperature dust collector (cerallec
system), glasslining maxblend and home-use water purifier c1, roller hearth
kiln, tunnel kiln, shuttle kiln, silicon carbide refractory, mullite stable
refractory, lightweight setter, newsic, monolithic refractory, far infrared ray
heating system and hi-cycle regenerative combustion system, low-level radwaste
treatment system, induction-heat melting/solidification system, pyrolysis
furnacehigh-pressure compaction system, dry blast decontamination systems, gas
analyzer, micro ceramics and DNA microarray. For the fiscal year ended 2012,
The Ceramics segment reported 54% of the company's total sales, reflecting an
increase of 8% over the previous year.The company's Electronics segment offers
ceramic microactuators, translucent alumina ceramic, electronic circuit
component, circuit substrate, ceramic component for semiconductor
manufacturing, beryllium copper strip, beryllium copper wire, chill vent, MC9,
MC16, flexible contact, beryllium copper wrought, safety tools, other beryllium
copper products, beryllium, molds for tires and molds for plastic injection.
For the fiscal year ended 2012, The segment reported 23.5% of the company's
total sales, reflecting a decrease of 5.7% over the previous year.NGK offers
various instruments independently or along with other manufacturers by adapting
unique technology based on ZIRCONIA and INFRA-RED rays. NGK also provides
comprehensive range of measuring instruments as well as consultation on
instrumentation and various system components. It also manages two
manufacturing facilities located in Chita and Komaki. R&D expenses reported
4.6% of the company's total revenue, indicating a decrease of 0.1% over the
previous year.The company operates in the Uk, Belgium, Germany, Poland, France,
South Africa, China, Korea, Thailand, Indonesia, Australia, the US, Canada and
Mexico along with its subsidiaries, namely, NGK Mettex Corporation, NGK
Chem-Tech, Ltd., NGK-Locke Polymer Insulators, Inc., NGK Metals Corporation, FM
Industries, Inc., and others. It also established affiliations with Metawater
Co., Ltd. and Tajimi Country Club Co., Ltd.The company identifies its revenues
from five geographical segments, namely, Japan, North America, Europe, Asia and
Other Areas. Japan accounted for 43.8% of the company's total revenue, followed
by Europe (19.2%), North America (16.3%), Asia (13.3%) and Other Areas reported
7.4%) of the company's total revenue during the fiscal year 2012.In September
2012, the company and its partners, namely, New Energy and Industrial
Technology Development Organization (NEDO), the State of New Mexico government
and other participants, completed the construction of the Japan-U.S.
Collaborative Smart Grid Project in Los Alamos, New Mexico.
NGK INSULATORS,
LTD. (NGK) focuses on the manufacture and commercialization of electrical
insulators, industrial ceramic products and beryllium copper products. Its
product portfolio comprises insulators, hardware for insulator assemblies,
current limiting arching horn, bushing shells, fuse cut-outs, APM, line
arrester, NAS (sodium sulfur)-batteries, automotive ceramics for exhaust gas
purification, corrosion-resistant ceramic apparatuses for chemical industries,
gas analyzer, industrial heating systems, refractory products, radioactive
waste treatment systems, beryllium-copper-wrought products, molds and ceramic
components for electronics and semiconductor manufacturing equipment. The
company operates through three reportable business segments, namely, Power,
Ceramics and Electronics. NGK also manages manufacturing facilities and
laboratories. It operates along with its subsidiaries and affiliates in Europe,
Africa, Asia, Australia, North America and Central America. NGK is
headquartered in Nagoya, Japan.The company's strategy is to establish new
technologies to create new businesses and products. To achieve this objective
NGK seeks to prioritize its efforts to stabilize its electrical power
operations; expand ceramics production capacity; and develop and expand new
business domains through mergers and acquisitions.The company reported revenues
of (Yen) JPY 247,818.00 million during the fiscal year ended March 2012, an
increase of 3.53% over 2011. The operating loss of the company was JPY
35,452.00 million during the fiscal year 2012, as against an operating income
of JPY 29,852.00 million during 2011. The net loss of the company was JPY
35,608.00 million during the fiscal year 2012, as against a net profit of JPY
24,465.00 million during 2011.
Engineering
Services
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Overview
NGK Insulators,
Ltd (NGK) is engaged in the manufacture and sale of electric insulators,
industrial ceramic products, beryllium copper products and plant engineering.
It operates through 56 subsidiaries and affiliate companies located in Europe, Africa,
North America, Central America and Asia Pacific. The company’s wide business
operations and its geographic diversification are its major strengths, even as
its declined profit levels remain an area of concern. Nevertheless, it can
utilize opportunity through joint ventures and developing innovative products
for growth opportunities in future. However, it faces threat from exposure to
adverse economic conditions in Japan which may impact the company’s
performance.
Strengths
Sturdy Research and Development Activities
NGK has a strong
research and development (R&D) arm that focuses specifically on deep rooted
ceramics technology including materials development and systemization
technologies. It conducts effective research and development activities for
energy sector, focusing products exploiting ceramics as solid oxide fuel cells
(SOFC) and large lithium ion batteries for hybrid vehicles. Under environmental
conservation field, NGK has developed porous ceramics for plant engineering of
water and sludge treatment; and currently focusing research over porous
ceramics material and technologies for gas separation and purification system,
starting with hydrogen gas. It focuses to develop tape casting technology for
producing ultra-thin ceramics, micro processing technology and high-precision
firing techniques. Presently, it’s focusing development of mobile
communication devices, motion devices and optical communication devices
utilizing technological integration of piezoelectric ceramics. NGK focuses significantly
for the development of ceramic material technology, supported by advanced basic
technologies of ceramic materials such as analysis and evaluation. For the
fiscal year 2011, it incurred a total of JPY1,948m for research and development
activities under energy support; JPY3,685m under environmental conservation
field and JPY3,067m for development of micro-ceramics actuators. Such strong
focused R&D activities provides NGK with an edge over its competitors in
operational performance. Product and technology innovations also strengthen the
company’s capabilities and provide a source of future revenues.
Geographic Diversification
NGK has
geographically diversified operations. It is engaged in manufacture and sale of
electric insulators, industrial ceramic products, beryllium copper products and
plant engineering. It operates through 54 subsidiaries and affiliate companies
located in the regions of Europe, Africa, North America, Central America and
Asia Pacific that inlcude England, Belgium, Germany, Poland, France, South
Africa, China, Korea, Thailand, Indonesia, Australia, America, Canada and
Mexico. For the fiscal year 2012, it recorded 43.8% of the company's total
revenue from Japan, followed by Europe (19.2%), North America (16.3%), Asia
(13.3%) and Other Areas reported 7.4%) of the company's total revenue. Wide
geographic presence decreases the business risk of the company. This also acts
as an easy way 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 basis.
Business Model: Diversified Operations
The company
operates its business through three segments namely ceramics, power and
electronics. Ceramics segment offers automotive ceramics and new diesel filter
(NDF) businesses, and industrial process business. It is engaged in the
manufacture and sale of automotive ceramics for exhaust gas purification, corrosion-resistant
ceramic apparatuses for chemical industries, gas analyzer, industrial heating
systems and refractory products. Power segment offers insulator business and
NAS battery business. It is engaged in the manufacture and sale of electrical
insulators and machines to electrical companies and heavy electrical equipment
makers. The Electronics segment offers Electronic components business and
Hi-performance ceramics business. It is engaged in the manufacture and sale of
specialty metals and ceramic products. The company is also engaged in the
design, manufacture and sale of life science products and gas analyzer. Such
wide business operations of the company enable it to cater larger group of
customers, with varied preferences and purchasing power.
Weaknesses
Long Term Liabilities
NGK reported
highly leveraged capital structure, which could affect its expansion and growth
plans. Up to the end of fiscal 2012, the company reported total debt obligation
of JPY131,436m, consisting of unsecured currency bonds and borrowings drawn
from banks & financial institutions at rates varying from 0.73% to 1.5% due
by 2014 to 2027. Of the total debt obligation, it has 119.8% increased long
term debt component of JPY118,701m in 2012. NGK incurred current portion of long
term liabilities at JPY8,000m in 2012. It also recorded short-term borrowing
loans from banks at weighted-average interest rates of 2.5% and 1.9%,
respectively, in fiscal year ended March 31, 2012 and 2011. As a result, the
company reported substantially high debt to equity ratio of 51.59% and debt to
capital ratio of 32% for fiscal year 2012. The company incurred this debt to
meet its working capital and capital expenditure needs. If it fails to comply
with any of the debt service requirements, the debt could become due and
payable prior to its scheduled maturity. Any reduction in revenue and operating
cash flows could hinder the company’s ability to repay interest and
principal, resulting in default. Hence, such huge debt increases the financial
burden on the company, limiting the availability of cash for its growth.
Declined Operational Performance
The company
recorded a decline in its financial performance for fiscal year 2011. It
recorded operating loss of €757m for fiscal year 2011, showing a decrease of
107% over that for fiscal year 2010. However, it recorded revenue of
€125,191m for fiscal year 2011. Operating margins declined due to lowered
sales in the Power business, which suffered due to an accidental fire caused by
a NAS (sodium sulfur) battery used for power storage, in September 2011; and
due to lowered demand of insulators in the Japanese and Chinese markets. And
its Electronics business registered lowered demand for micro-ceramics actuators
used in inkjet printers, and due to lackluster sales reported for semiconductor
manufacturing equipment and beryllium copper products. Such decline in
operational performance hampered the company's growth and expansion plans.
Besides, deteriorating profitability ratios indicate the company’s underperformance
and inability to deliver value as expected by its shareholders. In 2012, the
company recorded considerable decline in its various profitability indicators.
The company's operating margin was -14.57% for fiscal year 2012 compared to
12.4% in 2011. Its return on capital employed, return on assets and return on
working capital were - -8.79%, -6.81% and -21.18% in 2012 as compared to 7.3%,
5.09% and 17.55% respectively in 2011.
Opportunities
Strategic Management Approach
The company initiated
medium-term management plan for strategic development and acceleration of
development mode. It initiated medium term policy for growth and evolution
efforts grounded firmly for unique ceramic technologies, under
"Triple-E" business domains of energy, ecology, and electronics. Its
medium term policies for fulfilling development mode were, firstly, it focuses
strategic growth through establishment of new technologies along with new
businesses and products to secure top position against its peer companies. In
the area of electrical power, it intends to stabilize NAS battery operations to
regain trust and establish firm foothold for future growth; in the area of
ceramics, it focuses to utilize demand growth over the medium term for
automotive products against expanding vehicle sales in emerging markets. In the
area of electronics, NGK intends to expand business domains through mergers and
acquisitions to increase earning capacity; and utilize demand with the
development of new applications and high-performance products to market.
Secondly, it intends to increase return on equity (ROE) by defining roles of
group member companies and implementing efficient management policies to
capitalize their capacity. And thirdly, it intends to be transparent in operations
to shareholders and investors in a timely and proactive manner. Implementation
of plan would enable it to gain strong operating margin targeted for 2015. Such
management plan and development strategy will increase the scope of its
business operation, enabling the company to move away from its dependence on
product-focused industry and expand its offerings higher up in the value chain.
Rise in Wastewater
Treatment Services
The demand for
water supply and wastewater treatment has been increasing due to the growing
population. The total population is expected to grow by 2.5 billion by the next
40 years; by then all people will be living in the areas that are already
scarce in water supply. The business group provides drinking water treatment
systems, wastewater treatment systems and domestic waste treatment systems to
local municipal entities and government and other public offices. By providing
the technology useful for the environmental preservation like drinking water
treatment systems, equipment for combustible low level radioactive waste
treatment, the company is contributing its best to the society. The company
also provides wastewater treatment equipment, sludge dewatering equipment,
incinerators and other systems vital to the sewage treatment operations that
society depends on each day. Thus, the rise in wastewater treatment services is
likely to increase the demand for the company’s products.
Favorable Trends
in Semiconductor Markets
The company could
benefit from the positive outlook for the $205.2 billion semiconductor market.
According to a Future Horizons report, the market for semiconductors is
projected to reach $385.2 billion by 2014, recording a compound annual growth
rate (CAGR) of 13.4%. Moreover, in the coming years, the demand for semiconductors
from the automotive industry is expected to be high, as an average vehicle will
have more semiconductors with the addition of instruments such as automatic
braking systems and accident avoidance systems, and more entertainment systems.
A strong product profile will enable the company to maintain its position in
the semiconductor market.
Threats
Stringent Regulations
The operations of
the company are subject to environmental laws in each jurisdiction in which it conducts
business. The company could be subject to liability if it does not comply with
these regulations. In addition, it is responsible for remedial investigations
and clean-up costs resulting from the discharge of hazardous substances into
the environment, including sites operated by the company and potentially
responsible party under federal and state environmental laws and regulations.
Any changes in environmental and other laws and regulations in both domestic
and foreign jurisdictions could adversely affect its operations due to
increased costs of compliance and potential liability for non-compliance.
Intense Competition
The company is
subjected to intense competition in the electronic industry. With the entry of
many new players in this market, the current level of competition is expected
to further intensify in the near future, which may result in price reductions.
The company competes with Fuji Electric Holdings Company Limited, Johnson
Matthey PLC, and Keyence Corporation of America, Kyocera Corporation, Millipore
Corporation, Nippon Steel Corporation, Sumitomo Metal Industries, Ltd., Hubbell
Incorporated, Brush Engineered Materials Inc. and Tamron Corporation Ltd. If
the company is not able to maintain the product quality and consumer loyalty, this
intense competition could reduce the sales volume of the company, and thereby
hamper its market position
Risk from International Operations
The company’s
main production bases are located in Aichi Prefecture in Japan, and overseas in
North America, Europe, Asia and other regions. One of the major risks for the
company is the imposition of new currency remittance restrictions by the
government. The company’s foreign operations are subject to other risks
including uncertain political, legal and economic environments, incompatibility
with foreign joint venture partners, terrorist attacks, fluctuations in
inflation and interest rates, the imposition of additional governmental
controls and regulations, various environmental laws and regulations, war and civil
disturbances and labor problems. Because of these risks, the company’s
operations and execution of projects may be limited, it may lose contract
rights or increased foreign taxation. In addition, it may have an adverse
effect on the company’s business, financial condition, results of operations
and cash flow.
Risk of Technology Obsolescence
The industrial
sectors in which the company is operating are subject to significant
technological advances and product innovation and development. The company must
continuously design new products, and update existing products and develop new
technologies to meet its customers demand. The launch of new products and
technologies involves a significant commitment to research and development.
Upon investing in these new technologies, the company’s profits may suffer if
they are not accepted in the marketplace as anticipated. Its competitors may
develop innovative technologies and products, which could render its technology
and products under development obsolete or uncompetitive.
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Corporate Family |
Corporate
Structure News: |
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NGK
Insulators Ltd |
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NGK Insulators Ltd |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Nagoya-Shi |
Japan |
Electronic Instruments and Controls |
3,138.5 |
12,372 |
|
|
Subsidiary |
Gliwice |
Poland |
Auto and Truck Parts |
368.2 |
2,000 |
|
|
Subsidiary |
Suzhou, Jiangsu |
China |
Electronic Instruments and Controls |
152.7 |
1,200 |
|
|
Subsidiary |
Inuyama, Aichi Prefecture |
Japan |
Electronic Instruments and Controls |
178.7 |
405 |
|
|
Subsidiary |
Shanghai, Shanghai |
China |
Electronic Instruments and Controls |
1.6 |
100 |
|
|
Subsidiary |
Baudour |
Belgium |
Auto and Truck Parts |
66.8 |
285 |
|
|
Subsidiary |
Cape Town, Western Cape |
South Africa |
Miscellaneous Fabricated Products |
|
160 |
|
|
Subsidiary |
Kronberg Im Taunus, Hessen |
Germany |
Retail (Specialty) |
608.7 |
60 |
|
|
Subsidiary |
Gifu |
Japan |
Construction - Supplies and Fixtures |
|
280 |
|
|
Subsidiary |
Ena, Gifu |
Japan |
Electronic Instruments and Controls |
|
224 |
|
|
Subsidiary |
Sweetwater, TN |
United States |
Construction - Supplies and Fixtures |
|
200 |
|
|
Branch |
Sinking Spring, PA |
United States |
Iron and Steel |
0.7 |
3 |
|
|
Branch |
Gastonia, NC |
United States |
Iron and Steel |
0.3 |
1 |
|
|
Subsidiary |
Fremont, CA |
United States |
Miscellaneous Capital Goods |
5.0 |
150 |
|
|
Subsidiary |
Santa Clara, CA |
United States |
Miscellaneous Capital Goods |
|
100 |
|
|
Subsidiary |
Baltimore, MD |
United States |
Electronic Instruments and Controls |
|
150 |
|
|
Branch |
Grapevine, TX |
United States |
Electronic Instruments and Controls |
3.2 |
6 |
|
|
Branch |
Marietta, GA |
United States |
Electronic Instruments and Controls |
1.7 |
6 |
|
|
Branch |
Torrance, CA |
United States |
Electronic Instruments and Controls |
0.3 |
1 |
|
|
Subsidiary |
Cape Town |
South Africa |
Electronic Instruments and Controls |
|
150 |
|
|
Subsidiary |
Nongkhae, Saraburi |
Thailand |
Electronic Instruments and Controls |
|
150 |
|
|
Subsidiary |
EPPING , VIC |
Australia |
Electronic Instruments and Controls |
15.5 |
120 |
|
|
Subsidiary |
Virginia Beach, VA |
United States |
Electronic Instruments and Controls |
21.7 |
100 |
|
|
Subsidiary |
Suzhou, Jiangsu |
China |
Personal and Household Products |
15.1 |
85 |
|
|
Subsidiary |
Chigasaki, Kanagawa |
Japan |
Construction - Raw Materials |
|
70 |
|
|
Subsidiary |
Kronberg, Hesse |
Germany |
Auto and Truck Parts |
|
65 |
|
|
Subsidiary |
Mooresville, NC |
United States |
Auto and Truck Parts |
3.4 |
47 |
|
|
Subsidiary |
Nagoya |
Japan |
Construction - Supplies and Fixtures |
|
30 |
|
|
Subsidiary |
Handa, Aichi |
Japan |
Miscellaneous Capital Goods |
1.9 |
18 |
|
|
Subsidiary |
Santa Clara, CA |
United States |
Semiconductors |
2.9 |
15 |
|
|
Subsidiary |
Oberursel (Taunus), Hessen |
Germany |
Chemical Manufacturing |
11.3 |
13 |
|
|
Subsidiary |
Shanghai, Chang Ning |
China |
Electronic Instruments and Controls |
|
11 |
|
|
Subsidiary |
Kangnam, Seoul |
Korea, Republic of |
Miscellaneous Fabricated Products |
|
6 |
|
|
Subsidiary |
Mississauga, ON |
Canada |
Electronic Instruments and Controls |
5.0 |
5 |
|
|
Subsidiary |
Novi, MI |
United States |
Auto and Truck Parts |
0.8 |
5 |
|
|
Subsidiary |
Wilmington, DE |
United States |
Electronic Instruments and Controls |
|
4 |
|
|
Subsidiary |
Coueron |
France |
Chemical Manufacturing |
25.1 |
55 |
|
|
Subsidiary |
Santa Clara, CA |
United States |
Electronic Instruments and Controls |
4.1 |
3 |
|
|
Subsidiary |
London |
United Kingdom |
Electronic Instruments and Controls |
|
3 |
|
|
Subsidiary |
Nagoya, Aichi |
Japan |
Construction Services |
64.9 |
|
|
|
Subsidiary |
Chigasaki, Kanagawa |
Japan |
Miscellaneous Capital Goods |
41.0 |
|
|
|
Subsidiary |
Nagoya |
Japan |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Nagoya |
Japan |
Recreational Activities |
|
|
|
|
Subsidiary |
Nagoya |
Japan |
Investment Services |
|
|
|
|
Subsidiary |
Komaki, Aichi |
Japan |
Electronic Instruments and Controls |
|
|
|
|
Subsidiary |
Saitama |
Japan |
Miscellaneous Fabricated Products |
|
|
|
|
Subsidiary |
Hokkaido |
Japan |
Electronic Instruments and Controls |
|
|
|
|
Subsidiary |
Iga, Mie |
Japan |
Construction - Supplies and Fixtures |
|
|
|
|
Subsidiary |
Komaki, Aichi |
Japan |
Electronic Instruments and Controls |
|
|
|
|
Subsidiary |
Nagoya |
Japan |
Investment Services |
|
|
|
|
Subsidiary |
Nagoya |
Japan |
Business Services |
|
|
|
|
Subsidiary |
Bekasi, Jawa Barat |
Indonesia |
Auto and Truck Parts |
|
|
|
|
Subsidiary |
Tokorozawa, Saitama |
Japan |
Construction - Supplies and Fixtures |
|
|
|
|
Subsidiary |
Miyazaki |
Japan |
Electronic Instruments and Controls |
|
|
|
|
Subsidiary |
Cienega de Flores, Nuevo Leon |
Mexico |
Construction - Raw Materials |
|
|
|
|
Subsidiary |
Komaki, Aichi |
Japan |
Electronic Instruments and Controls |
|
|
|
|
Subsidiary |
Kowloon |
Hong Kong |
Electronic Instruments and Controls |
|
|
|
|
Subsidiary |
Kronberg |
Germany |
Electronic Instruments and Controls |
|
|
|
|
Subsidiary |
Inuyama, Aichi |
Japan |
Business Services |
|
|
|
|
Facility |
Nomi, Ishikawa |
Japan |
Electronic Instruments and Controls |
|
|
|
|
Subsidiary |
Komoro |
Japan |
Electronic Instruments and Controls |
|
|
|
|
Division |
Handa, Aichi |
Japan |
Electronic Instruments and Controls |
|
|
|
|
Subsidiary |
Inuyama, Aichi |
Japan |
Electronic Instruments and Controls |
|
|
|
|
Subsidiary |
Tangshan, Hebei |
China |
Electronic Instruments and Controls |
|
|
|
|
Subsidiary |
Suzhou, Jiangsu |
China |
Electronic Instruments and Controls |
|
|
|
|
Subsidiary |
Ishikawa |
Japan |
Electronic Instruments and Controls |
|
|
|
|
Subsidiary |
Suzhou, Jiangsu |
China |
Electronic Instruments and Controls |
|
|
|
|
Subsidiary |
Taipei |
Taiwan |
Electronic Instruments and Controls |
|
|
|
|
Subsidiary |
Nagoya |
Japan |
Personal Services |
|
|
|
|
Subsidiary |
Nagoya |
Japan |
Business Services |
|
|
|
|
Subsidiary |
Shanghai |
China |
Investment Services |
|
|
Competitors Report
|
Company
Name |
Location |
Employees |
Ownership |
|
EMD Millipore |
Billerica, Massachusetts,
United States |
10,000 |
Public |
|
Fuji Electric Co Ltd |
Shinagawa-Ku, Japan |
24,973 |
Public |
|
Hubbell Incorporated |
Shelton, Connecticut, United
States |
13,600 |
Public |
|
Johnson Matthey PLC |
London, United Kingdom |
10,058 |
Public |
|
KYOCERA CORPORATION |
Kyoto-Shi, Japan |
71,489 |
Public |
|
Materion Corp |
Mayfield Heights, Ohio, United
States |
2,833 |
Public |
|
Tamron Co., Ltd. |
Saitama-Shi, Japan |
2,295 |
Public |
Executive report
|
Board of
Directors |
|
|
|
|
|||||||||
|
Chairman of the Board, Representative Director |
Chairman |
|
|||||||||
|
||||||||||||
|
Senior Managing Executive Officer, Representative Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Vice President, Chief Director of Power Business, Representative
Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Senior Managing Executive Officer, Chief Director of Ceramics
Business, Manager of Nagoya Business Center, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Senior Managing Executive Officer, Chief Director of Tokyo, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer, Chief Director of Electronics Business,
Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
President, Representative Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Senior Managing Executive Officer, Chief Director of Manufacturing
Technology, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer, Director of Finance, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer, Chief Director of Research &
Development, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
President of Subsidiary, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Executives |
|
|
|
|
|||||||||
|
President, Representative Director |
President |
|
|||||||||
|
||||||||||||
|
President of Subsidiary, Director |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer, Director of Finance, Director |
Finance Executive |
|
|
||||||||
|
||||||||||||
|
Standing Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Standing Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Executive Officer, Director of Human Resources |
Human Resources Executive |
|
|
||||||||
|
Managing Executive Officer, Deputy Chief Director of Ceramics
Business, Senior Dir of Sales in Main Ceramics Biz Unit |
Sales Executive |
|
|
||||||||
|
Executive Officer, Senior Director of Sales in Main Power Business Unit,
Deputy Chief Director of Power Business |
Sales Executive |
|
|
||||||||
|
||||||||||||
|
Executive Officer, Director of Administration in Main Manufacturing
Technology Unit, Senior Director of Facility in Main Manufacturing Technology
Unit |
Other |
|
|
||||||||
|
Managing Executive Officer, Director of Legal Affairs, President of
Osaka Office |
Other |
|
|
||||||||
|
Executive Officer, Director of Metal Business in Main Electronics
Business Unit, Manager of Chita Business Center |
Other |
|
|
||||||||
|
Executive Officer, Senior Director of Technology in Main Ceramics
Business Unit, Director of Sensor Business in Main Ceramics Business Unit |
Other |
|
|
||||||||
|
Executive Officer, President of Subsidiary |
Other |
|
|
||||||||
|
Executive Officer |
Other |
|
|
||||||||
|
Managing Executive Officer, Manager of Komaki Business Center |
Other |
|
|
||||||||
|
Executive Officer, Senior Director of Environment Business |
Other |
|
|
||||||||
|
Director of Tokyo General Affairs Group |
Other |
|
|
||||||||
|
Executive Officer, Leader of New Product Promotion Project in Main Electronics
Business Unit |
Other |
|
|
||||||||
|
Executive Officer, Director of HPC Business in Main Electronics
Business Unit |
Other |
|
|
||||||||
|
Executive Officer |
Other |
|
|
||||||||
Significant Developments
NGK Insulators Ltd Announces Resignation of Chairman May 14, 2013
NGK Insulators Ltd announced that Shun Matsushita will resign from Chairman of the Board in the Company, effective June 27, 2013.
NGK Insulators Ltd Lowers Full-year Consolidated Outlook for FY 2013 Jan 31, 2013
NGK Insulators Ltd announced that it has lowered its full-year consolidated outlook for revenue from JPY 255,000 million to JPY 245,000 million, operating profit from JPY 23,000 million to JPY 18,000 million, ordinary profit from JPY 24,000 million to JPY 19,000 million, net profit from JPY 16,000 million to JPY 10,000 million, and earnings per share from JPY 49.00 to JPY 30.63, for the fiscal year ending March 31, 2013. The Company lowered its full-year consolidated outlook mainly due to the decrease in sales of ceramics for automobile-related products, semiconductor manufacturing equipment and electric-related business. According to I/B/E/S Estimates, analysts on average are expecting the Company to report its full-year consolidated outlook for revenue of JPY 252,150 million, operating profit of JPY 22,900 million and net profit of JPY 15,660 million, for the same fiscal year.
NGK Insulators Ltd Amends Consolidated Mid-year Guidance and Lowers Consolidated Full-year Guidance for FY 2013 Sep 28, 2012
NGK Insulators Ltd announced that it has affirmed the consolidated mid-year guidance for revenue of JPY 124,000 million, operating profit of JPY 11,000 million and lowered the guidance for ordinary profit from JPY 10,000 million to JPY 8,500 million, net profit from JPY 9,000 million to JPY 1,000 million and earning per share from JPY 27.56 to JPY 3.06 for the fiscal year ending March 31, 2013. The Company has lowered the consolidated full-year forecast for revenue from JPY 270,000 million to JPY 255,000 million, operating profit from JPY 28,000 million to JPY 23,000 million, ordinary profit from JPY 30,000 million to JPY 24,000 million, net profit from JPY 24,000 million to JPY 16,000 million and earning per share from JPY 73.50 to JPY 49.00 for the fiscal year ending March 31, 2013. The Company lowered the consolidated full-year outlook due to the downturn in economy and the aggravated order environment.
R&I Downgrades Rating on NGK Insulators Ltd to "A+"; Rating Outlook Stable Aug 23, 2012
Rating and Investment Information, Inc. (R&I) announced that it has
downgraded the rating on NGK Insulators, Ltd. from "AA-" to
"A+". The rating outlook is stable.
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 |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
3,138.5 |
2,793.3 |
2,533.7 |
2,718.9 |
3,192.3 |
|
Revenue |
3,138.5 |
2,793.3 |
2,533.7 |
2,718.9 |
3,192.3 |
|
Total Revenue |
3,138.5 |
2,793.3 |
2,533.7 |
2,718.9 |
3,192.3 |
|
|
|
|
|
|
|
|
Cost of Revenue |
2,175.5 |
1,875.9 |
1,815.3 |
1,915.9 |
2,115.0 |
|
Cost of Revenue, Total |
2,175.5 |
1,875.9 |
1,815.3 |
1,915.9 |
2,115.0 |
|
Gross Profit |
963.0 |
917.4 |
718.4 |
803.0 |
1,077.3 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
367.4 |
314.2 |
269.2 |
277.6 |
275.1 |
|
Labor & Related Expense |
192.9 |
162.7 |
146.1 |
143.3 |
145.8 |
|
Total Selling/General/Administrative Expenses |
560.3 |
476.9 |
415.3 |
420.9 |
421.0 |
|
Research & Development |
72.7 |
65.2 |
50.8 |
55.5 |
49.4 |
|
Depreciation |
5.1 |
4.1 |
7.8 |
0.0 |
- |
|
Depreciation/Amortization |
5.1 |
4.1 |
7.8 |
0.0 |
- |
|
Restructuring Charge |
- |
0.0 |
-2.2 |
-3.8 |
-2.6 |
|
Impairment-Assets Held for Use |
- |
0.0 |
1.8 |
9.5 |
0.0 |
|
Impairment-Assets Held for Sale |
5.2 |
0.0 |
- |
0.0 |
-10.0 |
|
Other Unusual Expense (Income) |
768.7 |
22.8 |
3.6 |
6.1 |
6.2 |
|
Unusual Expense (Income) |
773.8 |
22.8 |
3.2 |
11.8 |
-6.5 |
|
Total Operating Expense |
3,587.5 |
2,444.9 |
2,292.4 |
2,404.2 |
2,578.9 |
|
|
|
|
|
|
|
|
Operating Income |
-449.0 |
348.4 |
241.4 |
314.7 |
613.5 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-15.8 |
-13.0 |
-14.2 |
-26.6 |
-24.3 |
|
Interest Expense, Net Non-Operating |
-15.8 |
-13.0 |
-14.2 |
-26.6 |
-24.3 |
|
Interest Income -
Non-Operating |
16.0 |
12.4 |
11.2 |
29.4 |
26.7 |
|
Investment Income -
Non-Operating |
30.9 |
7.3 |
18.4 |
-16.0 |
72.7 |
|
Interest/Investment Income - Non-Operating |
46.9 |
19.7 |
29.6 |
13.4 |
99.4 |
|
Interest Income (Expense) - Net Non-Operating Total |
31.1 |
6.7 |
15.5 |
-13.1 |
75.1 |
|
Gain (Loss) on Sale of Assets |
2.7 |
-3.4 |
-16.7 |
-92.6 |
-4.9 |
|
Other Non-Operating Income (Expense) |
4.0 |
4.0 |
7.4 |
0.0 |
0.1 |
|
Other, Net |
4.0 |
4.0 |
7.4 |
0.0 |
0.1 |
|
Income Before Tax |
-411.2 |
355.7 |
247.5 |
209.0 |
683.8 |
|
|
|
|
|
|
|
|
Total Income Tax |
29.8 |
61.6 |
64.5 |
-26.1 |
274.4 |
|
Income After Tax |
-441.0 |
294.1 |
183.0 |
235.0 |
409.4 |
|
|
|
|
|
|
|
|
Minority Interest |
-10.0 |
-8.6 |
8.6 |
8.5 |
-7.3 |
|
Net Income Before Extraord Items |
-451.0 |
285.5 |
191.6 |
243.5 |
402.0 |
|
Net Income |
-451.0 |
285.5 |
191.6 |
243.5 |
402.0 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
- |
0.0 |
0.0 |
- |
0.0 |
|
Total Adjustments to Net Income |
- |
0.0 |
0.0 |
- |
0.0 |
|
Income Available to Common Excl Extraord Items |
-451.0 |
285.5 |
191.6 |
243.5 |
402.0 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
-451.0 |
285.5 |
191.6 |
243.5 |
402.0 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
326.5 |
326.6 |
326.7 |
332.2 |
337.0 |
|
Basic EPS Excl Extraord Items |
-1.38 |
0.87 |
0.59 |
0.73 |
1.19 |
|
Basic/Primary EPS Incl Extraord Items |
-1.38 |
0.87 |
0.59 |
0.73 |
1.19 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-451.0 |
285.5 |
191.6 |
243.5 |
402.0 |
|
Diluted Weighted Average Shares |
326.5 |
327.1 |
327.1 |
332.6 |
337.3 |
|
Diluted EPS Excl Extraord Items |
-1.38 |
0.87 |
0.59 |
0.73 |
1.19 |
|
Diluted EPS Incl Extraord Items |
-1.38 |
0.87 |
0.59 |
0.73 |
1.19 |
|
Dividends per Share - Common Stock Primary Issue |
0.25 |
0.23 |
0.17 |
0.22 |
0.19 |
|
Gross Dividends - Common Stock |
82.7 |
76.2 |
56.2 |
72.1 |
64.8 |
|
Interest Expense, Supplemental |
15.8 |
13.0 |
14.2 |
26.6 |
24.3 |
|
Depreciation, Supplemental |
239.7 |
222.2 |
203.7 |
261.1 |
229.7 |
|
Total Special Items |
771.2 |
26.2 |
19.8 |
104.4 |
-1.6 |
|
Normalized Income Before Tax |
360.0 |
381.9 |
267.4 |
313.4 |
682.2 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
269.9 |
4.5 |
5.2 |
36.5 |
-0.6 |
|
Inc Tax Ex Impact of Sp Items |
299.7 |
66.2 |
69.7 |
10.5 |
273.7 |
|
Normalized Income After Tax |
60.3 |
315.8 |
197.7 |
302.9 |
408.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
50.3 |
307.1 |
206.3 |
311.3 |
401.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.15 |
0.94 |
0.63 |
0.94 |
1.19 |
|
Diluted Normalized EPS |
0.15 |
0.94 |
0.63 |
0.94 |
1.19 |
|
Research & Development Exp, Supplemental |
133.4 |
119.4 |
105.4 |
118.3 |
106.4 |
|
Reported Operating Profit |
330.0 |
375.3 |
252.3 |
326.5 |
607.0 |
|
Reported Ordinary Profit |
363.1 |
381.9 |
267.4 |
313.4 |
606.5 |
|
Normalized EBIT |
324.9 |
371.2 |
244.6 |
326.5 |
607.0 |
|
Normalized EBITDA |
564.5 |
593.4 |
448.3 |
587.6 |
836.7 |
|
Current Tax - Total |
54.7 |
- |
- |
- |
- |
|
Current Tax - Total |
54.7 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-123.1 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-123.1 |
- |
- |
- |
- |
|
Other Tax |
98.2 |
- |
- |
- |
- |
|
Income Tax - Total |
29.8 |
- |
- |
- |
- |
|
Interest Cost - Domestic |
20.8 |
19.7 |
18.8 |
17.3 |
18.1 |
|
Service Cost - Domestic |
33.3 |
29.4 |
25.6 |
25.3 |
25.4 |
|
Prior Service Cost - Domestic |
6.6 |
-6.1 |
-5.6 |
-4.8 |
-3.6 |
|
Expected Return on Assets - Domestic |
-18.4 |
-17.0 |
-15.0 |
-18.3 |
-18.5 |
|
Actuarial Gains and Losses - Domestic |
34.0 |
34.4 |
36.6 |
13.2 |
-2.5 |
|
Other Pension, Net - Domestic |
0.3 |
0.1 |
0.1 |
2.3 |
-0.1 |
|
Domestic Pension Plan Expense |
76.6 |
60.5 |
60.4 |
35.0 |
18.9 |
|
Total Pension Expense |
76.6 |
60.5 |
60.4 |
35.0 |
18.9 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
1.80% |
1.70% |
1.70% |
1.60% |
1.50% |
|
Total Plan Interest Cost |
20.8 |
19.7 |
18.8 |
17.3 |
18.1 |
|
Total Plan Service Cost |
33.3 |
29.4 |
25.6 |
25.3 |
25.4 |
|
Total Plan Expected Return |
-18.4 |
-17.0 |
-15.0 |
-18.3 |
-18.5 |
|
Total Plan Other Expense |
0.3 |
0.1 |
0.1 |
2.3 |
-0.1 |
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 |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
577.7 |
593.4 |
810.1 |
503.7 |
641.5 |
|
Short Term Investments |
831.8 |
507.2 |
389.9 |
327.4 |
692.4 |
|
Cash and Short Term Investments |
1,409.5 |
1,100.6 |
1,200.0 |
831.1 |
1,333.9 |
|
Accounts Receivable -
Trade, Gross |
672.2 |
604.2 |
669.2 |
466.9 |
823.4 |
|
Provision for Doubtful
Accounts |
-1.3 |
-1.5 |
-1.5 |
-1.9 |
-1.9 |
|
Trade Accounts Receivable - Net |
670.9 |
602.7 |
667.8 |
465.0 |
821.5 |
|
Total Receivables, Net |
670.9 |
602.7 |
667.8 |
465.0 |
821.5 |
|
Inventories - Finished Goods |
- |
523.8 |
331.9 |
409.3 |
- |
|
Inventories - Work In Progress |
- |
98.2 |
75.7 |
102.7 |
- |
|
Inventories - Raw Materials |
- |
358.2 |
292.0 |
283.4 |
- |
|
Total Inventory |
962.0 |
980.2 |
699.6 |
795.5 |
776.0 |
|
Deferred Income Tax - Current Asset |
260.2 |
118.3 |
90.9 |
97.7 |
95.1 |
|
Other Current Assets |
132.5 |
109.4 |
62.8 |
84.8 |
117.8 |
|
Other Current Assets, Total |
392.7 |
227.6 |
153.7 |
182.4 |
213.0 |
|
Total Current Assets |
3,435.1 |
2,911.1 |
2,721.1 |
2,274.0 |
3,144.3 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Gross |
0.0 |
- |
- |
- |
- |
|
Property/Plant/Equipment - Net |
1,644.0 |
1,655.7 |
1,487.4 |
1,392.9 |
1,579.8 |
|
Goodwill, Net |
- |
- |
- |
0.0 |
6.8 |
|
Intangibles, Net |
42.6 |
32.0 |
21.6 |
18.6 |
24.5 |
|
LT Investment - Affiliate Companies |
238.3 |
220.7 |
175.8 |
- |
- |
|
LT Investments - Other |
706.8 |
652.4 |
375.3 |
476.2 |
506.3 |
|
Long Term Investments |
945.1 |
873.0 |
551.1 |
476.2 |
506.3 |
|
Note Receivable - Long Term |
- |
- |
0.0 |
1.3 |
4.7 |
|
Pension Benefits - Overfunded |
205.7 |
218.2 |
224.3 |
246.2 |
0.0 |
|
Deferred Income Tax - Long Term Asset |
48.4 |
64.1 |
58.3 |
57.4 |
36.0 |
|
Other Long Term Assets |
29.8 |
29.7 |
28.5 |
30.7 |
297.4 |
|
Other Long Term Assets, Total |
283.9 |
312.1 |
311.2 |
334.3 |
333.5 |
|
Total Assets |
6,350.8 |
5,784.0 |
5,092.5 |
4,497.3 |
5,599.8 |
|
|
|
|
|
|
|
|
Accounts Payable |
296.2 |
281.5 |
247.3 |
270.4 |
378.9 |
|
Accrued Expenses |
101.0 |
101.6 |
86.6 |
83.3 |
119.0 |
|
Notes Payable/Short Term Debt |
57.5 |
61.8 |
35.5 |
48.0 |
35.2 |
|
Current Portion - Long Term Debt/Capital Leases |
97.1 |
121.9 |
42.8 |
297.6 |
234.4 |
|
Income Taxes Payable |
46.5 |
39.2 |
48.6 |
6.0 |
158.2 |
|
Other Payables |
120.0 |
127.8 |
87.5 |
97.8 |
128.9 |
|
Other Current Liabilities |
646.9 |
142.1 |
117.7 |
59.1 |
86.7 |
|
Other Current liabilities, Total |
813.5 |
309.1 |
253.8 |
162.8 |
373.7 |
|
Total Current Liabilities |
1,365.3 |
875.9 |
666.1 |
862.1 |
1,141.2 |
|
|
|
|
|
|
|
|
Long Term Debt |
1,440.8 |
651.5 |
686.3 |
283.5 |
613.1 |
|
Total Long Term Debt |
1,440.8 |
651.5 |
686.3 |
283.5 |
613.1 |
|
Total Debt |
1,595.4 |
835.3 |
764.7 |
629.1 |
882.7 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
83.2 |
86.1 |
95.0 |
81.8 |
227.5 |
|
Deferred Income Tax |
83.2 |
86.1 |
95.0 |
81.8 |
227.5 |
|
Minority Interest |
117.7 |
195.1 |
176.6 |
177.8 |
195.5 |
|
Reserves |
8.0 |
24.5 |
0.0 |
- |
- |
|
Pension Benefits - Underfunded |
199.9 |
195.0 |
179.1 |
179.0 |
192.4 |
|
Other Long Term Liabilities |
43.9 |
47.3 |
46.9 |
39.1 |
34.8 |
|
Other Liabilities, Total |
251.7 |
266.8 |
226.1 |
218.1 |
227.2 |
|
Total Liabilities |
3,258.6 |
2,075.4 |
1,850.1 |
1,623.3 |
2,404.5 |
|
|
|
|
|
|
|
|
Common Stock |
847.8 |
842.8 |
747.5 |
707.2 |
701.8 |
|
Common Stock |
847.8 |
842.8 |
747.5 |
707.2 |
701.8 |
|
Additional Paid-In Capital |
1,042.4 |
1,035.6 |
918.0 |
867.2 |
859.9 |
|
Retained Earnings (Accumulated Deficit) |
1,926.1 |
2,417.4 |
1,927.2 |
1,704.6 |
1,511.0 |
|
Treasury Stock - Common |
-174.9 |
-173.9 |
-153.2 |
-141.6 |
-6.0 |
|
Unrealized Gain (Loss) |
54.8 |
58.6 |
67.5 |
24.3 |
125.9 |
|
Translation Adjustment |
-579.3 |
-452.0 |
-264.7 |
-287.7 |
2.8 |
|
Minimum Pension Liability Adjustment |
-24.7 |
-20.0 |
0.0 |
- |
- |
|
Other Equity, Total |
-604.0 |
-472.0 |
-264.7 |
-287.7 |
2.8 |
|
Total Equity |
3,092.2 |
3,708.6 |
3,242.4 |
2,874.0 |
3,195.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
6,350.8 |
5,784.0 |
5,092.5 |
4,497.3 |
5,599.8 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
326.5 |
326.5 |
326.6 |
326.8 |
336.8 |
|
Total Common Shares Outstanding |
326.5 |
326.5 |
326.6 |
326.8 |
336.8 |
|
Treasury Shares - Common Stock Primary Issue |
11.0 |
11.0 |
11.0 |
10.8 |
0.7 |
|
Employees |
12,372 |
11,666 |
11,176 |
11,205 |
11,551 |
|
Number of Common Shareholders |
26,714 |
26,126 |
23,846 |
27,410 |
16,105 |
|
Total Long Term Debt, Supplemental |
1,537.9 |
773.5 |
729.2 |
581.1 |
847.5 |
|
Long Term Debt Maturing within 1 Year |
1,014.7 |
121.9 |
42.8 |
297.6 |
234.4 |
|
Long Term Debt Maturing in Year 2 |
122.0 |
96.5 |
108.4 |
40.5 |
66.3 |
|
Long Term Debt Maturing in Year 3 |
122.0 |
0.0 |
85.6 |
101.2 |
251.2 |
|
Long Term Debt Maturing in Year 4 |
72.8 |
241.3 |
0.0 |
81.0 |
40.2 |
|
Long Term Debt Maturing in Year 5 |
206.4 |
72.4 |
214.0 |
60.7 |
100.5 |
|
Long Term Debt Maturing in 2-3 Years |
244.0 |
96.5 |
194.0 |
141.7 |
317.5 |
|
Long Term Debt Maturing in 4-5 Years |
279.2 |
313.7 |
214.0 |
141.7 |
140.7 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
241.3 |
278.3 |
0.0 |
155.0 |
|
Pension Obligation - Domestic |
955.0 |
941.0 |
838.1 |
797.7 |
835.7 |
|
Plan Assets - Domestic |
811.9 |
814.3 |
763.0 |
697.0 |
904.6 |
|
Funded Status - Domestic |
-143.1 |
-126.7 |
-75.1 |
-100.7 |
68.9 |
|
Total Funded Status |
-143.1 |
-126.7 |
-75.1 |
-100.7 |
68.9 |
|
Discount Rate - Domestic |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
1.80% |
1.70% |
1.70% |
1.60% |
1.50% |
|
Prepaid Benefits - Domestic |
205.7 |
218.2 |
224.3 |
246.2 |
250.6 |
|
Accrued Liabilities - Domestic |
-165.9 |
-162.3 |
-148.4 |
-179.0 |
-190.3 |
|
Other Assets, Net - Domestic |
182.9 |
182.7 |
151.0 |
196.2 |
25.7 |
|
Net Assets Recognized on Balance Sheet |
222.7 |
238.6 |
226.9 |
263.4 |
86.0 |
|
Total Plan Obligations |
955.0 |
941.0 |
838.1 |
797.7 |
835.7 |
|
Total Plan Assets |
811.9 |
814.3 |
763.0 |
697.0 |
904.6 |
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 |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-411.2 |
355.7 |
247.5 |
209.0 |
683.8 |
|
Depreciation |
239.7 |
222.2 |
203.7 |
261.1 |
229.7 |
|
Depreciation/Depletion |
239.7 |
222.2 |
203.7 |
261.1 |
229.7 |
|
Unusual Items |
10.3 |
27.3 |
16.7 |
137.2 |
-83.6 |
|
Equity in Net Earnings (Loss) |
-23.8 |
-23.9 |
-16.2 |
-11.2 |
0.0 |
|
Other Non-Cash Items |
-25.3 |
9.7 |
-3.9 |
-36.3 |
-11.4 |
|
Non-Cash Items |
-38.7 |
13.1 |
-3.5 |
89.7 |
-95.0 |
|
Accounts Receivable |
-106.6 |
88.6 |
-166.6 |
123.5 |
29.5 |
|
Inventories |
-4.9 |
-241.2 |
166.9 |
-212.4 |
-61.9 |
|
Prepaid Expenses |
14.4 |
33.6 |
36.1 |
0.0 |
-31.6 |
|
Other Assets |
-15.1 |
-45.2 |
0.0 |
6.5 |
-22.4 |
|
Accounts Payable |
47.9 |
50.0 |
-47.7 |
60.6 |
3.5 |
|
Other Liabilities |
-8.9 |
46.4 |
28.6 |
-41.3 |
19.2 |
|
Other Operating Cash Flow |
459.1 |
-95.5 |
12.3 |
-213.5 |
-171.6 |
|
Changes in Working Capital |
386.0 |
-163.4 |
29.7 |
-276.6 |
-235.3 |
|
Cash from Operating Activities |
175.8 |
427.7 |
477.4 |
283.2 |
583.2 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-351.7 |
-279.3 |
-212.1 |
-291.8 |
-177.5 |
|
Purchase/Acquisition of Intangibles |
-18.2 |
0.0 |
-8.7 |
-6.6 |
-6.5 |
|
Capital Expenditures |
-369.8 |
-279.3 |
-220.8 |
-298.5 |
-184.0 |
|
Acquisition of Business |
-68.0 |
-14.9 |
0.0 |
- |
- |
|
Sale of Fixed Assets |
- |
- |
0.0 |
2.5 |
6.2 |
|
Sale/Maturity of Investment |
262.4 |
166.0 |
137.3 |
182.8 |
157.2 |
|
Investment, Net |
-37.8 |
307.5 |
-391.8 |
27.5 |
29.7 |
|
Purchase of Investments |
-363.5 |
-367.6 |
-290.1 |
-119.5 |
-157.4 |
|
Other Investing Cash Flow |
1.2 |
-20.5 |
-0.4 |
-9.4 |
2.3 |
|
Other Investing Cash Flow Items, Total |
-205.6 |
70.6 |
-544.9 |
84.0 |
38.0 |
|
Cash from Investing Activities |
-575.4 |
-208.7 |
-765.7 |
-214.5 |
-146.0 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-4.6 |
-9.4 |
-5.3 |
1.6 |
-4.8 |
|
Financing Cash Flow Items |
-4.6 |
-9.4 |
-5.3 |
1.6 |
-4.8 |
|
Cash Dividends Paid - Common |
-82.7 |
-68.6 |
-66.8 |
-73.2 |
-59.0 |
|
Total Cash Dividends Paid |
-82.7 |
-68.6 |
-66.8 |
-73.2 |
-59.0 |
|
Repurchase/Retirement
of Common |
- |
- |
0.0 |
-136.7 |
-5.0 |
|
Common Stock, Net |
- |
- |
0.0 |
-136.7 |
-5.0 |
|
Issuance (Retirement) of Stock, Net |
- |
- |
0.0 |
-136.7 |
-5.0 |
|
Short Term Debt, Net |
9.2 |
64.6 |
-16.8 |
32.8 |
-19.7 |
|
Long Term Debt Issued |
921.7 |
0.0 |
430.6 |
0.0 |
0.0 |
|
Long Term Debt
Reduction |
-126.6 |
-46.7 |
-323.7 |
-184.1 |
0.0 |
|
Long Term Debt, Net |
795.0 |
-46.7 |
106.9 |
-184.1 |
0.0 |
|
Issuance (Retirement) of Debt, Net |
804.2 |
17.9 |
90.1 |
-151.3 |
-19.7 |
|
Cash from Financing Activities |
716.9 |
-60.1 |
18.1 |
-359.5 |
-88.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-36.8 |
-46.5 |
21.2 |
-140.1 |
14.5 |
|
Net Change in Cash |
280.4 |
112.4 |
-249.0 |
-430.8 |
363.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
- |
622.8 |
823.2 |
1,192.2 |
684.9 |
|
Net Cash - Ending Balance |
- |
735.2 |
574.2 |
761.4 |
1,048.1 |
|
Cash Interest Paid |
15.1 |
13.5 |
14.2 |
25.5 |
24.4 |
|
Cash Taxes Paid |
153.8 |
104.5 |
5.7 |
229.1 |
188.7 |
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 |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Total net sales |
3,138.5 |
2,793.3 |
2,533.7 |
2,718.9 |
3,192.3 |
|
Total Revenue |
3,138.5 |
2,793.3 |
2,533.7 |
2,718.9 |
3,192.3 |
|
|
|
|
|
|
|
|
Total |
2,175.5 |
1,875.9 |
1,815.3 |
1,915.9 |
2,115.0 |
|
Other General and Administrative Expense |
1.4 |
- |
- |
- |
- |
|
Other Selling/General/Admin. Expense |
301.6 |
- |
- |
- |
- |
|
Selling General And Administrative Expen |
3.5 |
- |
- |
- |
- |
|
Payroll & Bonus |
189.4 |
162.7 |
146.1 |
141.2 |
143.4 |
|
Shipping expense |
64.4 |
58.1 |
46.6 |
53.5 |
53.5 |
|
Research costs |
72.7 |
65.2 |
50.8 |
55.5 |
49.4 |
|
Reserve Completed Construction Compensat |
- |
- |
- |
- |
2.5 |
|
Reserve for Director Retirement Bonus |
- |
- |
- |
- |
0.3 |
|
Reserve for Bonus |
- |
- |
- |
2.1 |
2.0 |
|
Provision for doubtful accounts |
- |
- |
- |
0.4 |
- |
|
Other General Expenses |
- |
256.1 |
222.6 |
223.8 |
219.2 |
|
Loss on NAS battery safety measures |
773.8 |
- |
- |
- |
- |
|
Subsidy |
-18.7 |
- |
- |
- |
- |
|
Gain on negative goodwill |
-24.4 |
- |
- |
- |
- |
|
loss on impairment of long lived-assets |
34.7 |
- |
- |
- |
- |
|
SP G on reversal of business liquid. |
- |
0.0 |
-6.1 |
0.0 |
- |
|
SP G. Busin.Reconstructur. |
- |
0.0 |
-2.2 |
-3.8 |
-2.6 |
|
SP Subsidy |
- |
0.0 |
- |
- |
- |
|
Loss On Valuation Of Derivatives |
5.2 |
- |
- |
- |
- |
|
SP Loss Val. Inv. Secs. |
- |
0.0 |
- |
0.0 |
2.2 |
|
SP Structure reorganization |
- |
- |
- |
0.0 |
4.5 |
|
SP Impair Fix.Asset |
- |
0.0 |
1.8 |
9.5 |
0.0 |
|
SP reserve for L on affiliated liquida |
0.0 |
1.5 |
9.7 |
0.0 |
- |
|
SP Reserve for product warranty. |
3.3 |
19.6 |
0.0 |
- |
- |
|
SP Damage compensation expense |
- |
- |
- |
0.0 |
1.6 |
|
SP Loss on disaster |
0.0 |
1.7 |
0.0 |
- |
- |
|
SP Other special loss |
- |
- |
0.0 |
6.1 |
0.0 |
|
NOP G on Derivative Val. |
- |
- |
- |
0.0 |
-12.2 |
|
NOP Depre of inactive non-current ass |
5.1 |
4.1 |
7.8 |
0.0 |
- |
|
Total Operating Expense |
3,587.5 |
2,444.9 |
2,292.4 |
2,404.2 |
2,578.9 |
|
|
|
|
|
|
|
|
NOP Interest Income |
16.0 |
12.4 |
11.2 |
29.4 |
26.7 |
|
Foreign Exchange Gains |
6.6 |
- |
- |
- |
- |
|
Loss On Valuation Of Investment Securiti |
-8.3 |
- |
- |
- |
- |
|
NOP Dividend Income |
8.8 |
9.1 |
7.9 |
7.1 |
7.0 |
|
NOP Exchange Gain |
- |
0.0 |
- |
- |
- |
|
Other Non-Operating Income (Expense) |
0.0 |
- |
- |
- |
- |
|
NOP Equity Gains |
23.8 |
23.9 |
16.2 |
11.2 |
0.0 |
|
NOP Other Non-Op.Income |
12.6 |
13.2 |
12.3 |
12.6 |
8.7 |
|
NOP Interest Expense |
-15.8 |
-13.0 |
-14.2 |
-26.6 |
-24.3 |
|
NOP Exchange Loss |
0.0 |
-25.3 |
-2.2 |
-34.3 |
-22.2 |
|
NOP L on sale of market. securities |
- |
-0.4 |
-3.4 |
0.0 |
- |
|
NOP Equity losses |
- |
- |
- |
- |
0.0 |
|
NOP Other Non-Op.Exp. |
-8.6 |
-9.1 |
-4.9 |
-12.7 |
-8.6 |
|
SP Gain Sale Fix.Asset |
10.7 |
0.5 |
0.9 |
1.6 |
1.6 |
|
SP Gain Sale Inv. Secs. |
- |
- |
- |
- |
0.0 |
|
SP Gain Sale Affil.Stk. |
- |
- |
- |
0.0 |
87.9 |
|
SP G on sale of business |
- |
- |
- |
0.0 |
4.0 |
|
SP Loss Disp.Fix.Asset |
-8.0 |
-3.9 |
-17.5 |
-15.5 |
-7.3 |
|
SP L on business liquidations |
- |
- |
0.0 |
-78.7 |
-3.2 |
|
Net Income Before Taxes |
-411.2 |
355.7 |
247.5 |
209.0 |
683.8 |
|
|
|
|
|
|
|
|
Total income taxes |
29.8 |
61.6 |
64.5 |
-26.1 |
274.4 |
|
Net Income After Taxes |
-441.0 |
294.1 |
183.0 |
235.0 |
409.4 |
|
|
|
|
|
|
|
|
Min. Interest |
-10.0 |
-8.6 |
8.6 |
8.5 |
-7.3 |
|
Net Income Before Extra. Items |
-451.0 |
285.5 |
191.6 |
243.5 |
402.0 |
|
Net Income |
-451.0 |
285.5 |
191.6 |
243.5 |
402.0 |
|
|
|
|
|
|
|
|
Adjustment |
- |
0.0 |
0.0 |
- |
0.0 |
|
Income Available to Com Excl ExtraOrd |
-451.0 |
285.5 |
191.6 |
243.5 |
402.0 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-451.0 |
285.5 |
191.6 |
243.5 |
402.0 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
326.5 |
326.6 |
326.7 |
332.2 |
337.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
-1.38 |
0.87 |
0.59 |
0.73 |
1.19 |
|
Basic EPS Including ExtraOrdinary Item |
-1.38 |
0.87 |
0.59 |
0.73 |
1.19 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-451.0 |
285.5 |
191.6 |
243.5 |
402.0 |
|
Diluted Weighted Average Shares |
326.5 |
327.1 |
327.1 |
332.6 |
337.3 |
|
Diluted EPS Excluding ExtraOrd Items |
-1.38 |
0.87 |
0.59 |
0.73 |
1.19 |
|
Diluted EPS Including ExtraOrd Items |
-1.38 |
0.87 |
0.59 |
0.73 |
1.19 |
|
DPS-Common Stock |
0.25 |
0.23 |
0.17 |
0.22 |
0.19 |
|
Gross Dividends - Common Stock |
82.7 |
76.2 |
56.2 |
72.1 |
64.8 |
|
Normalized Income Before Taxes |
360.0 |
381.9 |
267.4 |
313.4 |
682.2 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
299.7 |
66.2 |
69.7 |
10.5 |
273.7 |
|
Normalized Income After Taxes |
60.3 |
315.8 |
197.7 |
302.9 |
408.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
50.3 |
307.1 |
206.3 |
311.3 |
401.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.15 |
0.94 |
0.63 |
0.94 |
1.19 |
|
Diluted Normalized EPS |
0.15 |
0.94 |
0.63 |
0.94 |
1.19 |
|
Interest Expense |
15.8 |
13.0 |
14.2 |
26.6 |
24.3 |
|
Total Search And Development Expense |
133.4 |
- |
- |
- |
- |
|
R & D expense(SGA) |
- |
65.2 |
50.8 |
55.5 |
49.4 |
|
R & D expense(COGS) |
- |
54.2 |
54.6 |
62.8 |
57.0 |
|
Dep. of Tangible Assets-Current Portion |
239.7 |
- |
- |
- |
- |
|
Depreciation |
- |
222.2 |
203.7 |
261.1 |
229.7 |
|
Income taxes-current |
54.7 |
- |
- |
- |
- |
|
Current Tax - Total |
54.7 |
- |
- |
- |
- |
|
Income taxes-deferred |
-123.1 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-123.1 |
- |
- |
- |
- |
|
Income taxes for prior periods |
98.2 |
- |
- |
- |
- |
|
Income Tax - Total |
29.8 |
- |
- |
- |
- |
|
Reported Operating Profit |
330.0 |
375.3 |
252.3 |
326.5 |
607.0 |
|
Reported Ordinary Profit |
363.1 |
381.9 |
267.4 |
313.4 |
606.5 |
|
Service Cost |
33.3 |
29.4 |
25.6 |
25.3 |
25.4 |
|
Interest Cost |
20.8 |
19.7 |
18.8 |
17.3 |
18.1 |
|
Expected return on plan assets |
-18.4 |
-17.0 |
-15.0 |
-18.3 |
-18.5 |
|
Actuarial G&L |
34.0 |
34.4 |
36.6 |
13.2 |
-2.5 |
|
Prior service cost |
6.6 |
-6.1 |
-5.6 |
-4.8 |
-3.6 |
|
Change from convention to gen. principle |
- |
- |
- |
2.2 |
- |
|
Additional Retire. Benefits |
- |
- |
- |
0.1 |
-0.1 |
|
Other Pension, Net - Domestic |
0.3 |
0.1 |
0.1 |
- |
- |
|
Domestic Pension Plan Expense |
76.6 |
60.5 |
60.4 |
35.0 |
18.9 |
|
Total Pension Expense |
76.6 |
60.5 |
60.4 |
35.0 |
18.9 |
|
Discount Rate |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return |
1.80% |
1.70% |
1.70% |
1.60% |
1.50% |
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 |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Deposits |
577.7 |
593.4 |
810.1 |
503.7 |
641.5 |
|
Notes and accounts receivable-trade |
672.2 |
604.2 |
669.2 |
466.9 |
823.4 |
|
Short-term investment securities |
831.8 |
507.2 |
389.9 |
327.4 |
692.4 |
|
Inventories |
962.0 |
- |
- |
- |
776.0 |
|
Inventories - merchandise/finished goods |
- |
523.8 |
331.9 |
409.3 |
- |
|
Inventories - construc.-in-process |
- |
6.1 |
1.2 |
37.2 |
- |
|
Inventories - work-in-process |
- |
92.2 |
74.5 |
65.5 |
- |
|
Inventories - raw materials/supplies |
- |
358.2 |
292.0 |
283.4 |
- |
|
Deferred Tax |
260.2 |
118.3 |
90.9 |
97.7 |
95.1 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other Curr.Asset |
132.4 |
109.4 |
62.8 |
84.8 |
117.8 |
|
Allow.Doubt.Acct |
-1.3 |
-1.5 |
-1.5 |
-1.9 |
-1.9 |
|
Total Current Assets |
3,435.1 |
2,911.1 |
2,721.1 |
2,274.0 |
3,144.3 |
|
|
|
|
|
|
|
|
Buildings and structures, net |
604.7 |
581.3 |
539.5 |
470.5 |
521.3 |
|
Mach.&Vehicles |
562.3 |
564.8 |
543.7 |
557.8 |
757.5 |
|
Tools, furniture and fixtures, net |
44.0 |
43.8 |
45.1 |
42.9 |
56.4 |
|
Land |
256.1 |
256.8 |
229.2 |
191.6 |
188.0 |
|
Constr.-in-Prog. |
176.9 |
209.0 |
130.0 |
130.0 |
56.7 |
|
Other Total Intangible Assets, Net |
0.0 |
- |
- |
- |
- |
|
Software |
30.6 |
24.8 |
17.5 |
14.6 |
18.7 |
|
Consolidated Adjust. |
- |
- |
- |
0.0 |
6.8 |
|
Other Intangible |
12.0 |
7.3 |
4.1 |
4.0 |
5.7 |
|
Investment Secs. |
706.8 |
652.4 |
375.3 |
476.2 |
506.3 |
|
Equity secs.-nonconsol affil.&sub. |
238.3 |
219.9 |
175.4 |
- |
- |
|
LT Loans |
- |
- |
0.0 |
1.3 |
4.7 |
|
Deferred tax assets |
48.4 |
64.1 |
58.3 |
57.4 |
36.0 |
|
Prepaid pension benefits |
205.7 |
218.2 |
224.3 |
246.2 |
0.0 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other Other Long Term Assets |
0.0 |
- |
- |
- |
- |
|
Other Asset |
32.4 |
32.4 |
31.6 |
33.6 |
301.0 |
|
Inv't partnership-nonconsol.affil.&subs |
- |
0.7 |
0.4 |
- |
- |
|
Allow.Doubt.Acct |
-2.6 |
-2.6 |
-3.1 |
-2.9 |
-3.6 |
|
Other Total PPE,Net |
0.0 |
- |
- |
- |
- |
|
Total Assets |
6,350.8 |
5,784.0 |
5,092.5 |
4,497.3 |
5,599.8 |
|
|
|
|
|
|
|
|
Notes and accounts payable-trade |
296.2 |
281.5 |
247.3 |
270.4 |
378.9 |
|
Short-term loans payable |
57.5 |
61.8 |
35.5 |
48.0 |
35.2 |
|
Curr.Corp.Bond |
- |
0.0 |
- |
0.0 |
100.5 |
|
Current portion of long-term loans payab |
97.1 |
121.9 |
42.8 |
297.6 |
133.9 |
|
Accounts payable-other |
120.0 |
127.8 |
87.5 |
97.8 |
128.9 |
|
Corp.Tax Pybls. |
46.5 |
39.2 |
48.6 |
6.0 |
158.2 |
|
Provision for NAS battery safety measure |
513.9 |
- |
- |
- |
- |
|
Rounding adjustment Liability |
0.0 |
- |
- |
- |
- |
|
Accrued Expense |
101.0 |
101.6 |
86.6 |
83.3 |
119.0 |
|
Allowance for Restructuring |
- |
- |
0.0 |
5.4 |
11.3 |
|
Other Curr.Liab. |
133.0 |
142.1 |
117.7 |
53.7 |
75.4 |
|
Total Current Liabilities |
1,365.3 |
875.9 |
666.1 |
862.1 |
1,141.2 |
|
|
|
|
|
|
|
|
Corp. Bond |
242.8 |
241.3 |
214.0 |
0.0 |
0.0 |
|
Long-term loans payable |
1,198.0 |
410.2 |
472.3 |
283.5 |
613.1 |
|
Total Long Term Debt |
1,440.8 |
651.5 |
686.3 |
283.5 |
613.1 |
|
|
|
|
|
|
|
|
Other Long Term Liabilities |
0.0 |
- |
- |
- |
- |
|
Deferred Tax |
83.2 |
86.1 |
95.0 |
81.8 |
227.5 |
|
Res.Accrd.Retir. |
199.9 |
195.0 |
179.1 |
179.0 |
190.3 |
|
Allow.Dir.Retir. |
- |
- |
- |
0.0 |
2.1 |
|
Liabilities by equity methods |
- |
- |
0.0 |
22.2 |
17.5 |
|
Reserve for product warranty. |
8.0 |
24.5 |
0.0 |
- |
- |
|
Other LT Liab. |
43.9 |
47.3 |
46.9 |
16.9 |
17.3 |
|
Minority Int. |
117.7 |
195.1 |
176.6 |
177.8 |
195.5 |
|
Total Liabilities |
3,258.6 |
2,075.4 |
1,850.1 |
1,623.3 |
2,404.5 |
|
|
|
|
|
|
|
|
Common Stock |
847.8 |
842.8 |
747.5 |
707.2 |
701.8 |
|
Total capital surpluses |
1,033.4 |
1,027.2 |
911.2 |
862.0 |
855.3 |
|
Total retained earnings |
1,926.1 |
2,417.4 |
1,927.2 |
1,704.6 |
1,511.0 |
|
Treasury Stock |
-174.9 |
-173.9 |
-153.2 |
-141.6 |
-6.0 |
|
Valuation difference on available-for-sa |
54.4 |
58.2 |
66.6 |
25.4 |
125.9 |
|
Deferred hedge gain/loss |
0.4 |
0.4 |
0.9 |
-1.1 |
0.0 |
|
Translation |
-579.3 |
-452.0 |
-264.7 |
-287.7 |
2.8 |
|
New Stock Subscription Right |
9.0 |
8.4 |
6.9 |
5.3 |
4.6 |
|
Pension liability adjustment of foreign |
-24.7 |
-20.0 |
0.0 |
- |
- |
|
Total Equity |
3,092.2 |
3,708.6 |
3,242.4 |
2,874.0 |
3,195.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
6,350.8 |
5,784.0 |
5,092.5 |
4,497.3 |
5,599.8 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
326.5 |
326.5 |
326.6 |
326.8 |
336.8 |
|
Total Common Shares Outstanding |
326.5 |
326.5 |
326.6 |
326.8 |
336.8 |
|
T/S-Common Stock |
11.0 |
11.0 |
11.0 |
10.8 |
0.7 |
|
Full-Time Employees |
12,372 |
11,666 |
11,176 |
11,205 |
11,551 |
|
Total Number of Shareholders |
26,714 |
- |
- |
- |
- |
|
Number of Common Shareholders |
- |
26,126 |
23,846 |
27,410 |
16,105 |
|
Division And End Of Current Period Remai |
917.6 |
- |
- |
- |
- |
|
LT Debt, mat. within 1 yr |
97.1 |
121.9 |
42.8 |
297.6 |
234.4 |
|
LT Debt, mat. b/w 1 & 2 yr. |
- |
96.5 |
108.4 |
40.5 |
66.3 |
|
Bond Redemp Amts over 2 Yrs within 3 Yrs |
242.8 |
- |
- |
- |
- |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
1.2 |
- |
- |
- |
- |
|
LT Debt, mat. b/w. 2 & 3 yr. |
- |
0.0 |
85.6 |
101.2 |
251.2 |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
72.8 |
- |
- |
- |
- |
|
LT Debt, mat. b/w. 3 & 4 yr. |
- |
241.3 |
0.0 |
81.0 |
40.2 |
|
Lns Pble Maturg over 4 Yrs within 5 Yrs |
206.4 |
- |
- |
- |
- |
|
LT Debt, mat. b/w. 4 & 5 yr. |
- |
72.4 |
214.0 |
60.7 |
100.5 |
|
Other LT Debt |
- |
241.3 |
278.3 |
0.0 |
155.0 |
|
Total Long Term Debt, Supplemental |
1,537.9 |
773.5 |
729.2 |
581.1 |
847.5 |
|
Pension Obligation |
955.0 |
941.0 |
838.1 |
797.7 |
835.7 |
|
Fair value of plan assets |
811.9 |
814.3 |
763.0 |
697.0 |
904.6 |
|
Funded Status |
-143.1 |
-126.7 |
-75.1 |
-100.7 |
68.9 |
|
Total Funded Status |
-143.1 |
-126.7 |
-75.1 |
-100.7 |
68.9 |
|
Discount Rate |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
|
Expected rate of return |
1.80% |
1.70% |
1.70% |
1.60% |
1.50% |
|
Unrecog.actuarial G&L |
208.8 |
214.9 |
185.3 |
233.7 |
63.5 |
|
Unrecog.Prior service Cost |
-25.9 |
-32.2 |
-34.4 |
-37.4 |
-40.1 |
|
Other Pension Cost |
- |
- |
- |
- |
2.3 |
|
Prepaid pension Benefits |
205.7 |
218.2 |
224.3 |
246.2 |
250.6 |
|
Reserve for Accrued Retirement Benefits |
-165.9 |
-162.3 |
-148.4 |
-179.0 |
-190.3 |
|
Net Assets Recognized on Balance Sheet |
222.7 |
238.6 |
226.9 |
263.4 |
86.0 |
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 |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
-411.2 |
355.7 |
247.5 |
209.0 |
683.8 |
|
Depreciation |
239.7 |
222.2 |
203.7 |
261.1 |
229.7 |
|
loss on Impairment of long lived-assets |
34.7 |
- |
- |
- |
- |
|
Gain on negative goodwill |
-24.4 |
- |
- |
- |
- |
|
Impairment loss |
- |
- |
0.0 |
9.5 |
0.0 |
|
Res.Accrd.Retir.Ben. |
- |
0.0 |
-8.7 |
-5.6 |
-2.0 |
|
Decrease (increase) in prepaid pension c |
14.4 |
33.6 |
36.1 |
0.0 |
-31.6 |
|
Reserve for restructuring expenses |
- |
- |
0.0 |
-4.0 |
- |
|
Allow. for Retirement Trust Returned |
- |
- |
- |
- |
-3.0 |
|
Increase (decrease) in provision for pro |
-16.2 |
18.2 |
0.0 |
- |
- |
|
Inter.&Div.Income |
-24.8 |
-21.5 |
-19.1 |
-36.5 |
-33.6 |
|
Inter. Expense |
15.8 |
13.0 |
14.2 |
26.6 |
24.3 |
|
Exchange gain/loss |
- |
- |
0.0 |
25.1 |
0.0 |
|
Equity in (earnings) losses of affiliate |
-23.8 |
-23.9 |
-16.2 |
-11.2 |
0.0 |
|
L-Val. & Disposal Inventories |
- |
27.3 |
0.0 |
35.1 |
1.6 |
|
G/L on sale/retire. of fixed assets |
- |
0.0 |
16.7 |
13.9 |
5.7 |
|
G on sale of affiliated securities |
- |
- |
- |
0.0 |
-87.9 |
|
L on business liquidations |
- |
- |
0.0 |
78.7 |
0.0 |
|
Sale/remInvest. Sec. |
- |
- |
- |
- |
0.0 |
|
Res. L on liquid. of affiliated comp. |
- |
0.0 |
9.7 |
0.0 |
- |
|
Decrease (increase) in notes and account |
-106.6 |
88.6 |
-166.6 |
123.5 |
29.5 |
|
Decrease (increase) in inventories |
-4.9 |
-241.2 |
166.9 |
-212.4 |
-61.9 |
|
Decrease (increase) in other current ass |
-15.1 |
-45.2 |
0.0 |
6.5 |
-22.4 |
|
Increase (decrease) in notes and account |
47.9 |
50.0 |
-47.7 |
60.6 |
3.5 |
|
Increase (decrease) in other current lia |
-8.9 |
46.4 |
28.6 |
-41.3 |
19.2 |
|
Increase (decrease) in cash and cash equ |
0.4 |
- |
- |
- |
- |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Increase (decrease) in provision for NAS |
536.1 |
- |
- |
- |
- |
|
Loss on NAS battery safety measures |
56.3 |
- |
- |
- |
- |
|
Other, net |
2.3 |
-4.3 |
5.0 |
5.3 |
8.0 |
|
Int.&Div. Received |
23.8 |
21.0 |
19.2 |
37.1 |
33.6 |
|
Interest Paid |
-15.1 |
-13.5 |
-14.2 |
-25.5 |
-24.4 |
|
Proceeds from dividends income from affi |
9.2 |
5.8 |
8.1 |
0.0 |
- |
|
Compensation |
- |
- |
0.0 |
-1.3 |
0.0 |
|
Tax Paid |
-153.8 |
-104.5 |
-5.7 |
-229.1 |
-188.7 |
|
Cash to change in consol. scope |
- |
- |
- |
-41.9 |
0.0 |
|
Adjustment |
- |
0.0 |
- |
- |
- |
|
Cash from Operating Activities |
175.8 |
427.7 |
477.4 |
283.2 |
583.2 |
|
|
|
|
|
|
|
|
Purchase of short-term investment securi |
-166.1 |
-82.8 |
-243.7 |
-99.9 |
-98.6 |
|
Sale Marktb.Sec. |
215.5 |
90.8 |
117.4 |
168.5 |
49.0 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Purchase of property, plant and equipmen |
-351.7 |
-279.3 |
-212.1 |
-291.8 |
-177.5 |
|
Sale PP&E |
- |
- |
0.0 |
2.5 |
6.2 |
|
Purch. Intangibles |
-18.2 |
0.0 |
-8.7 |
-6.6 |
-6.5 |
|
Purch. Invest. Sec. |
-197.4 |
-284.8 |
-46.3 |
-19.6 |
-58.8 |
|
Sale Invest. Sec. |
46.8 |
75.2 |
19.9 |
14.3 |
9.4 |
|
Sale-Equity of Subs. |
- |
- |
- |
0.0 |
98.9 |
|
Loan Collected |
- |
- |
- |
- |
0.0 |
|
Purchase of investments in subsidiaries |
-68.0 |
- |
- |
- |
- |
|
Payments for transfer of business |
0.0 |
-14.9 |
0.0 |
- |
- |
|
Decrease (increase) in time deposits |
-37.8 |
307.5 |
-391.8 |
27.5 |
29.7 |
|
Other, net |
1.3 |
-20.5 |
-0.4 |
-9.4 |
2.3 |
|
Cash from Investing Activities |
-575.4 |
-208.7 |
-765.7 |
-214.5 |
-146.0 |
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term lo |
9.2 |
64.6 |
-16.8 |
32.8 |
-19.7 |
|
Proceeds from long-term loans payable |
921.7 |
0.0 |
216.2 |
0.0 |
0.0 |
|
Repayment of long-term loans payable |
-126.6 |
-46.7 |
-323.7 |
-84.6 |
0.0 |
|
Bond Redeemed |
- |
- |
0.0 |
-99.5 |
0.0 |
|
Purch. Treas. Stock |
- |
- |
0.0 |
-136.7 |
-5.0 |
|
Dividend Paid |
-82.7 |
-68.6 |
-66.8 |
-73.2 |
-59.0 |
|
Other, net |
-4.6 |
-9.4 |
-5.3 |
1.6 |
-4.8 |
|
Proceeds from issuance of bonds |
- |
0.0 |
214.5 |
0.0 |
- |
|
Cash from Financing Activities |
716.9 |
-60.1 |
18.1 |
-359.5 |
-88.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-36.8 |
-46.5 |
21.2 |
-140.1 |
14.5 |
|
Net increase (decrease) in cash and cash |
280.4 |
112.4 |
-249.0 |
-430.8 |
363.2 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
- |
622.8 |
823.2 |
1,192.2 |
684.9 |
|
Net Cash - Ending Balance |
- |
735.2 |
574.2 |
761.4 |
1,048.1 |
|
Cash Interest Paid |
15.1 |
13.5 |
14.2 |
25.5 |
24.4 |
|
Cash Taxes Paid |
153.8 |
104.5 |
5.7 |
229.1 |
188.7 |
Financial health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.61 |
|
UK Pound |
1 |
Rs.83.98 |
|
Euro |
1 |
Rs.71.94 |
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.