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Report Date : |
10.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
DIC CORPORATION |
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Formerly Known As : |
Dainippon Ink & Chemicals Incorporated |
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Registered Office : |
DIC Bldg., 3-7-20, Nihombashi Chuo-Ku, 103-8233 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
15.03.1937 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
· manufacturer of fine chemicals. · Subject offers printing inks, organic pigments, synthetic resins, high-performance products, and electronics and information materials |
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No. of Employees : |
20,455 (2012) |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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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.
Source
: CIA
DIC Corporation
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Business
Description
|
DIC Corporation is a Japan-based manufacturing company. The Printing Ink
division manufactures and sells printing inks and printing-related equipments
and materials such as offset ink, gravure ink, can manufacturing paint, news
ink, adhesive for packing materials, plate for printing, printing-related
consumable materials and equipments. The New Graphic Arts division
manufactures and sells organic pigments, recording materials and liquid
crystal materials such as pigments for ink, paint and plastic, paint and
plastic pigments, thin-film transistor (TFT) liquid crystal, among others.
The Synthetic Resin division manufactures and sells synthetic resins and
polymer additives. The Chemical Solution division manufactures and sells
synthetic resin compound, colorant, building materials, packaging materials,
adhesive products, plastic molding products, engineering plastic, hollow
fiber and others. On July 1, 2012, it merged with a wholly owned subsidiary,
DIC INFORMATION SERVICE,INC. For the fiscal year ended 31 March 2013, DIC
Corporation sales decreased 4% to Y703.78B. Net income increased 5% to
Y19.06B. Sales reflect a decrease in demand for the Company's products and
services due to unfavorable market conditions. Net income reflects SP
Retirement on restructuring decrease of 72% to Y728M (expense), Employees''
salaries and allowances decrease of 5% to Y33.86B (expense). |
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
2430 - Manufacture of paints, varnishes and similar
coatings, printing ink and mastics |
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NAICS 2002: |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
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Significant Developments
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Financial
Summary
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Stock Snapshot
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1 - Profit &
Loss Item Exchange Rate: USD 1 = JPY 82.97047
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 94.08855
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DIC Corporation The Strategic Initiatives report is created using technology to
extract meaningful insights from analyst reports about a company's strategic projects
and investments. More
about Strategic Initiatives
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Key Organizational Changes |
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In October 2011, the company announced its entry into the European PPA
engineered compounds market through the construction of a new plant and
acquisition of business. DIC intends to build a new plant for polyphenylene
sulfide (PPS) compounds in Vienna, Austria. The company plans to spend around
€14m to build this new facility, which is scheduled for completion in 2012.
The new plant will have a production capacity of 6,000 metric tons annually
and is future expected to expand production lines to facilitate a slated
capacity of 10,000 metric tons. In September 2011, DIC entered into an
agreement with the Solvay Group to acquire Solvay’s PPS compounds business.
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Sales and Distribution |
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Annual global demand for PPS compounds is estimated at 73,000 tons as
of March, 2011. The company’s decision to increase enhance its production
capacity signifies its long-term commitment to expand its PPS compounds
business.Entry into PPS Engineered Compounds Market: EuropeThe company’s
entry into the European PPS engineered compounds market through strategic
decision of acquisition and building a new plant will position its business
to increase European sales. In October 2011, the company announced its entry
into the European PPA engineered compounds market through the construction of
a new plant and acquisition of business. DIC intends to build a new plant for
polyphenylene sulfide (PPS) compounds in Vienna, Austria. The company plans
to spend around €14m to build this new facility, which is scheduled for
completion in 2012. |
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|
A lower than sector average* sale CAGR may indicate that the company
has underperformed the average sector growth and lost market share over the
last four years. The company's declined sales performance could be attributed
to its weak competitive position. Such trend if continued could give a competitive
advantage to its competitors.Increase in the Production CapacityDIC announced
plans to invest approximately JPY8 billion to build a new polyphenylene
sulfide (PPS) polymer production line at subsidiary EP Corp.’s Kashima
Plant, Kamisu, Ibaraki. Through this new product line, the company could
increase its production capacity. The production capacity of new line is
estimated to be of 5,500 metric tons. |
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|
DIC Corporation (DIC) is a manufacturer of fine chemicals. It offers printing
inks, organic pigments, synthetic resins, high-performance products, and
electronics and information materials. The company's geographic range of
operations and focused R&D programs are its key strengths. Wide geographic
diversity can potentially reduce the company's risk associated with adverse
economic and political developments in any particular region while increasing
its growth opportunities. However, any increase in the cost of the raw
materials might hamper the DIC’s ability to develop its products and also
would enhance the cost of production.
The company reported increased return on equity and return on assets in
the fiscal year ended March, 2012. The company's return on equity (ROE) increased
17.81% during the fiscal year ended 2012, from 14.62% in 2011. Its return on
assets also increased 2.69% in the fiscal year ended March 2012, compared to
that in 2011. The company's return on equity (ROE) was 17.8% for fiscal year
2012. This was above the Chemicals - Specialty sector average* of 5.9%. A
higher than sector average* ROE may indicate that the company is efficiently
using the shareholders' money and that it is generating high returns for its
shareholders compared to other companies in the sector.
Focused Research and Development
The company’s commitment to its product, process and technology
innovation has enabled it to strengthen and maintain its competitiveness. DIC
has a continuous focus on research and development (R&D) programs. It
conducts both business-specific and corporate R&D activities focused on the
developing environment-friendly technologies and products, highly profitable
and business specific products and services. DIC aims to offer high performance
materials integrating its expertise in color engineering and its myriad
technologies to various industries. The company’s core technologies include
dispersion; rheology; chemical structure design; coloring/decoration; and
coating/film foaming and adhesion. DIC has established technical administrative
departments within each of its business operations. DIC’s research centers
overseas in the US, Germany and the UK are managed by the Sun Chemical Group.
The company’s corporate R&D Department includes the Color Science Laboratory,
Materials Research Laboratory and Process Engineering Laboratory; the Analysis
Center; and the IJ Ink Development Center. DIC, through its IJ Ink Development
Center combines ink jet-related resources, and DP Development Center resulting
in the integration of device printing resources. The company’s R&D
facilities overseas include the DIC Berlin GmbH R&D Laboratory (Germany);
and Qingdao DIC Finechemicals Co., Ltd. (China). DIC’s continuous promotion
of partnerships between its domestic and overseas R&D facilities enables it
to develop innovative products meeting the increasingly sophisticated market
needs. Additionally, DIC collaborates with government bodies and academic
institutions to support effective investigative and basic research. It also may
help the company in reducing total production costs through development of more
cost efficient technologies.
The company’s global presence could potentially reduce the risk
associated with adverse economic and political developments in any particular
region while increasing its growth opportunities. It operates through 180
subsidiaries and affiliates in 60 countries located across the world, including
Asia, Europe, Japan, North America, Central and South America, Africa and Oceania.
Geographically, the company classifies its operations into four segments
namely, Japan, America, Europe and Asia and Oceania. The company operates in
four geographic segments, namely, Japan, America, Europe, and Asia and Oceania.
During the fiscal year ended 2012, the company’s key segment Printing Inks
and Supplies reported 24.17% of its sale from the Japan, 59.89% from the
Americas and Europe and 15.94% from the Asia and Oceania.
Declining liquidity would hinder the company’s ability to meet its
working capital requirements effectively. The company reported a decrease in
all its liquidity ratios owing to high current liabilities, which increased
from JPY264,379m in 2011 to JPY265,295m in 2012. For the fiscal year ended
March 2012, the company reported current ratio of 1.31 times as against 1.34
times in 2011 and quick ratio of 0.84 times each as against 0.88 times. Fall in
current ratio indicates that the company is in a weak position to meet its
short-term obligations. The company's current ratio was 1.31 at the end of
fiscal year 2012. This was below the Chemicals - Specialty sector average* of
2.57. A lower than sector average* current ratio indicates that the company is
in a weaker financial position than other companies in the sector.
The company reported a significant decline in sale in the fiscal year
ended March, 2012. DIC reported sale of JPY734,276m for the fiscal year ended
March 2012, reflecting a decline of 5.74% over sale in 2011. Declining sale was
due to falling shipments of printing inks and products for the electrical and
electronics industries in Japan. The company recorded decreased sales across
all its operating segments in the fiscal year end 2012. Sales sale of the
Printing Inks and Supplies decreased 8% in 2012 over that in 2011. Its
Neo-Graphics Arts segment, Synthetic resins segment and Chemical Solution
Materials segment also registered declined sales sale of 1.2%, 5.1% and 4.7%,
respectively in the fiscal year 2012, over that in 2011. The company's
compounded annual growth rate (CAGR) for sale was -9.15% during 2008-2012. This
was below the Chemicals - Specialty sector average* of 10.87%. A lower than
sector average* sale CAGR may indicate that the company has underperformed the
average sector growth and lost market share over the last four years. The
company's declined sales performance could be attributed to its weak
competitive position. Such trend if continued could give a competitive
advantage to its competitors.
Increase in the Production Capacity
DIC announced plans to invest approximately JPY8 billion to build a new
polyphenylene sulfide (PPS) polymer production line at subsidiary EP Corp.’s
Kashima Plant, Kamisu, Ibaraki. Through this new product line, the company
could increase its production capacity. The production capacity of new line is
estimated to be of 5,500 metric tons. PPS compounds are used in automotive,
electrical/electronic and household equipment sectors, which are expected to
show increased demand. Annual global demand for PPS compounds is estimated at
73,000 tons as of March, 2011. The company’s decision to increase enhance its
production capacity signifies its long-term commitment to expand its PPS
compounds business.
Entry into PPS Engineered Compounds Market: Europe
The company’s entry into the European PPS engineered compounds market
through strategic decision of acquisition and building a new plant will
position its business to increase European sales. In October 2011, the company
announced its entry into the European PPA engineered compounds market through
the construction of a new plant and acquisition of business. DIC intends to
build a new plant for polyphenylene sulfide (PPS) compounds in Vienna, Austria.
The company plans to spend around €14m to build this new facility, which is
scheduled for completion in 2012. The new plant will have a production capacity
of 6,000 metric tons annually and is future expected to expand production lines
to facilitate a slated capacity of 10,000 metric tons. In September 2011, DIC
entered into an agreement with the Solvay Group to acquire Solvay’s PPS
compounds business. In Europe, the demand for PPS compounds is estimated at
approximately 15,000 metric tons per annum, which is next to Japan’s 30,000
metric tons. The European PPS compounds market is expected to grow by 6-8%,
particularly from use in automotive electronics.
Potential Global Printing Inks Market
Growing global printing inks market could help the company expand its
operations and enter into new geographies. The global printing ink market is
expected to reach 3.7 Million Tons Worth $16.4 billion by 2015. Such demand for
printing inks is driven by factors such as technological developments, surging
demand for digital inks and increased demand from developing markets, including
Asia-Pacific, Latin America, and Middle East. Asia Pacific is forecasted to be
the fastest growing printing inks market during 2011-2015. Moreover growing
demand for printing inks from packaging end-use sector could propel the demand
for printing inks. The global digital inks market is expected to reach $1.04
billion by the year 2015, spurred by the demand for UV and eco-friendly inks.
Such potential market for printing inks could help DIC support its expansion
activities and improve its sale in the future.
Strategic acquisitions could help the company in increasing its
production capabilities and capturing new markets. In December 2011, the company’s
Singapore-based subsidiary, DIC Asia Pacific Pte Ltd entered into an agreement
to take over Pacific Inks Limited of New Zealand. Pacific Inks has subsidiaries
in Sydney, Melbourne and Adelaide, Australia, Singapore, Malaysia and China and
the United Kingdom. Through this acquisition, the company enhances its product
base by including water-based flexo inks. This, together with Pacific Inks’
proprietary Accubatch system and the company’s extensive product and global
network, will enable the company to respond to expanding demand for packaging
inks in Asia.
DIC operates in a highly regulated Japanese chemical industry.
Implementation of and several amendments to Chemical Substances Control Law
(CSCL) in Japan created a challenging business environment for companies
manufacturing, importing or handling chemical substances in the country. CSCL
controls the introduction of new chemical substances in Japan. After the
amendment of CSCL in 2003, it is mandatory for Japanese companies to report
actual quantities of manufacturing/import and uses. In addition, there are laws
such as Industrial Safety and Health Law, dealing with occupational safety and
health; and law for PRTR and Promotion of chemical management in Japan, which
prevents smooth business operations of chemical manufacturers in Japan. Such
stringent regulations in the chemical industry in Japan could hamper the
company’s operational performance.
Increased competition could lead the company to reduce its prices, which
could decrease its margins. The company operates in a highly competitive
chemical industry. The company competes with the producers of printing inks,
neo-graphic art materials, synthetic resins and chemical solution materials.
The company operates in a progressively more complex and challenging chemical
marketplace with ever-changing dynamics. Technological advances by any player
in the market could render its present or future products obsolete or
uneconomical. The existing market includes companies of varying sizes; some
with more specialization than the company in particular commodities, and some
with greater financial resources than the company. The company competes in this
evolving marketplace on the basis of many factors including price, quality,
innovation, service, reputation, distribution and promotion.
Increasing Raw Material Prices
The increasing prices of raw materials could affect the company’s
business. Any increase in the cost of the raw materials might tamper the
company's ability to develop its products and also would enhance the cost of
production. The company’s business is dependent on raw materials for urethane
such as polyester polyol, prepolymer for heat-hardened elastomer and adhesive
TPU in the production of polyurethane resins. The company obtains these raw
materials from a number of suppliers. The prices and availability of these raw
materials are both expensive and highly volatile. The cost of raw materials and
energy is generally based on market price at the time of purchase, although
derivative financial instruments, valued at quoted market prices, are utilized
to mitigate the impact of short-term market price fluctuations. Any supply
interruption of a sole-sourced component or raw material due to increased
prices would harm the company’s production.
DIC Corporation
Total Corporate Family Members: 224
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Chuo-Ku |
Japan |
Chemical Manufacturing |
8,482.3 |
20,455 |
|
|
Subsidiary |
Parsippany, NJ |
United States |
Chemical Manufacturing |
4,000.0 |
8,000 |
|
|
Division |
Cincinnati, OH |
United States |
Chemical Manufacturing |
|
5,600 |
|
|
Division |
Northlake, IL |
United States |
Chemical Manufacturing |
|
4,000 |
|
|
Branch |
Maumee, OH |
United States |
Chemical Manufacturing |
23.1 |
78 |
|
|
Branch |
Philadelphia, PA |
United States |
Chemical Manufacturing |
12.9 |
30 |
|
|
Branch |
Cleveland, TN |
United States |
Chemical Manufacturing |
11.8 |
26 |
|
|
Branch |
Denton, TX |
United States |
Chemical Manufacturing |
1.6 |
2 |
|
|
Branch |
Plant City, FL |
United States |
Chemical Manufacturing |
0.7 |
2 |
|
|
Subsidiary |
Settala, Milan |
Italy |
Chemical Manufacturing |
334.3 |
411 |
|
|
Subsidiary |
Naucalpan |
Mexico |
Chemical Manufacturing |
|
400 |
|
|
Subsidiary |
Nanterre |
France |
Chemical Manufacturing |
252.8 |
364 |
|
|
Branch |
Muskegon, MI |
United States |
Chemical Manufacturing |
276.5 |
300 |
|
|
Division |
Muskegon, MI |
United States |
Chemical Manufacturing |
|
300 |
|
|
Subsidiary |
Brampton, ON |
Canada |
Chemical Manufacturing |
108.9 |
250 |
|
|
Subsidiary |
Erandio, Vizcaya |
Spain |
Chemical Manufacturing |
178.4 |
244 |
|
|
Subsidiary |
Serzedo, VNG |
Portugal |
Chemical Manufacturing |
28.3 |
40 |
|
|
Subsidiary |
Bradford |
United Kingdom |
Business Services |
34.7 |
229 |
|
|
Subsidiary |
Santiago |
Chile |
Chemical Manufacturing |
|
220 |
|
|
Branch |
Portland, OR |
United States |
Chemical Manufacturing |
17.3 |
200 |
|
|
Branch |
Carlstadt, NJ |
United States |
Chemical Manufacturing |
84.8 |
190 |
|
|
Subsidiary |
Ternat |
Belgium |
Chemical Manufacturing |
450.8 |
173 |
|
|
Subsidiary |
Alfreton |
United Kingdom |
Business Services |
444.0 |
1,245 |
|
|
UK Branch/Trading address |
Radstock |
United Kingdom |
Chemical Manufacturing |
444.0 |
175 |
|
|
UK Branch/Trading address |
Bristol |
United Kingdom |
Printing Services |
444.0 |
75 |
|
|
Branch |
Waver, Waals Brabant |
Belgium |
Nonclassifiable Industries |
|
|
|
|
Branch |
St Charles, IL |
United States |
Chemical Manufacturing |
73.9 |
160 |
|
|
Branch |
Goose Creek, SC |
United States |
Chemical Manufacturing |
140.2 |
158 |
|
|
Subsidiary |
Vienna |
Austria |
Chemical Manufacturing |
8.0 |
150 |
|
|
Subsidiary |
Geroldswil |
Switzerland |
Chemical Manufacturing |
|
150 |
|
|
Subsidiary |
Osterode Am Harz, Niedersachsen |
Germany |
Chemical Manufacturing |
|
125 |
|
|
Subsidiary |
Nürnberg, Bayern |
Germany |
Chemical Manufacturing |
|
120 |
|
|
Subsidiary |
Glejbjerg |
Denmark |
Chemical Manufacturing |
|
114 |
|
|
Subsidiary |
Nussdorf ob der Traisen |
Austria |
Chemical Manufacturing |
|
113 |
|
|
Subsidiary |
Independence, KY |
United States |
Chemical Manufacturing |
12.5 |
34 |
|
|
Joint Venture |
Skawina |
Poland |
Chemical Manufacturing |
|
15 |
|
|
Sun Chemical Matbaa Murekkepleri Ve Gerecleri
Sanayii Ve Ticaret A.S. |
Subsidiary |
Izmir |
Turkey |
Chemical Manufacturing |
94.6 |
100 |
|
Subsidiary |
Espoo, Uusimaa |
Finland |
Chemical Manufacturing |
47.5 |
100 |
|
|
Branch |
Minneapolis, MN |
United States |
Chemical Manufacturing |
46.9 |
100 |
|
|
Subsidiary |
Orpington |
United Kingdom |
Chemical Manufacturing |
|
100 |
|
|
Subsidiary |
Florence |
Italy |
Chemical Manufacturing |
|
100 |
|
|
Subsidiary |
San Salvador |
El Salvador |
Chemical Manufacturing |
|
99 |
|
|
Subsidiary |
San Martin, Buenos Aires |
Argentina |
Chemical Manufacturing |
30.0 |
90 |
|
|
Subsidiary |
Moscow |
Russian Federation |
Chemical Manufacturing |
|
80 |
|
|
Branch |
Frankfort, IN |
United States |
Chemical Manufacturing |
19.6 |
78 |
|
|
Subsidiary |
Wavre |
Belgium |
Miscellaneous Fabricated Products |
|
70 |
|
|
Subsidiary |
Wavre |
Belgium |
Chemical Manufacturing |
|
70 |
|
|
Branch |
Greensboro, NC |
United States |
Chemical Manufacturing |
60.5 |
65 |
|
|
Branch |
Sparks, NV |
United States |
Chemical Manufacturing |
45.0 |
65 |
|
|
Branch |
Whitman, MA |
United States |
Chemical Manufacturing |
44.4 |
65 |
|
|
Branch |
Cincinnati, OH |
United States |
Chemical Manufacturing |
18.5 |
60 |
|
|
Branch |
S Chesterfield, VA |
United States |
Chemical Manufacturing |
15.8 |
60 |
|
|
Division |
Carlstadt, NJ |
United States |
Chemical Manufacturing |
|
60 |
|
|
Branch |
Santa Fe Springs, CA |
United States |
Chemical Manufacturing |
20.2 |
50 |
|
|
Branch |
Jacksonville, FL |
United States |
Chemical Manufacturing |
17.5 |
50 |
|
|
Division |
Dallas, TX |
United States |
Chemical Manufacturing |
|
50 |
|
|
Branch |
San Leandro, CA |
United States |
Chemical Manufacturing |
20.2 |
40 |
|
|
Division |
Jacksonville, FL |
United States |
Chemical Manufacturing |
|
40 |
|
|
Division |
San Leandro, CA |
United States |
Chemical Manufacturing |
|
35 |
|
|
Division |
Cincinnati, OH |
United States |
Chemical Manufacturing |
23.1 |
30 |
|
|
Branch |
Dallas, TX |
United States |
Chemical Manufacturing |
19.7 |
25 |
|
|
Division |
East Rutherford, NJ |
United States |
Chemical Manufacturing |
17.8 |
15 |
|
|
Branch |
Kent, WA |
United States |
Chemical Manufacturing |
7.6 |
8 |
|
|
Division |
Dallas, PA |
United States |
Chemical Manufacturing |
|
55 |
|
|
Subsidiary |
Moscow |
Russian Federation |
Chemical Manufacturing |
|
50 |
|
|
Branch |
Kankakee, IL |
United States |
Chemical Manufacturing |
21.2 |
46 |
|
|
Subsidiary |
Chicago, IL |
United States |
Chemical Manufacturing |
|
45 |
|
|
Branch |
Adelanto, CA |
United States |
Chemical Manufacturing |
3.1 |
4 |
|
|
Subsidiary |
Kista |
Sweden |
Chemical Manufacturing |
25.9 |
44 |
|
|
Branch |
Woodway, TX |
United States |
Chemical Manufacturing |
31.6 |
40 |
|
|
Branch |
Louisville, KY |
United States |
Chemical Manufacturing |
22.9 |
40 |
|
|
Branch |
Renton, WA |
United States |
Chemical Manufacturing |
19.7 |
40 |
|
|
Branch |
Toledo, OH |
United States |
Chemical Manufacturing |
18.5 |
40 |
|
|
Branch |
Pontiac, IL |
United States |
Chemical Manufacturing |
18.5 |
40 |
|
|
Branch |
Lewisburg, TN |
United States |
Chemical Manufacturing |
18.1 |
40 |
|
|
Branch |
Piscataway, NJ |
United States |
Chemical Manufacturing |
17.8 |
40 |
|
|
Branch |
Gainesville, GA |
United States |
Chemical Manufacturing |
16.7 |
40 |
|
|
Branch |
Santa Fe Springs, CA |
United States |
Chemical Manufacturing |
16.1 |
40 |
|
|
Branch |
Menomonee Falls, WI |
United States |
Chemical Manufacturing |
15.9 |
40 |
|
|
Branch |
Menasha, WI |
United States |
Chemical Manufacturing |
15.9 |
40 |
|
|
Branch |
Laurel, MD |
United States |
Chemical Manufacturing |
15.4 |
40 |
|
|
Branch |
Orlando, FL |
United States |
Chemical Manufacturing |
14.0 |
40 |
|
|
Branch |
Doral, FL |
United States |
Chemical Manufacturing |
14.0 |
40 |
|
|
Branch |
Hopkinsville, KY |
United States |
Chemical Manufacturing |
20.6 |
36 |
|
|
Subsidiary |
Osterode Am Harz, Niedersachsen |
Germany |
Chemical Manufacturing |
|
34 |
|
|
Branch |
San Leandro, CA |
United States |
Chemical Manufacturing |
23.3 |
30 |
|
|
Branch |
Charlotte, NC |
United States |
Chemical Manufacturing |
14.5 |
30 |
|
|
Subsidiary |
Skovlunde |
Denmark |
Chemical Manufacturing |
0.0 |
30 |
|
|
Subsidiary |
Panama |
Panama |
Chemical Manufacturing |
|
25 |
|
|
Subsidiary |
Palmerstown |
Ireland |
Chemical Manufacturing |
13.1 |
24 |
|
|
Branch |
East Rutherford, NJ |
United States |
Chemical Manufacturing |
17.8 |
22 |
|
|
Division |
Carlstadt, NJ |
United States |
Chemical Manufacturing |
17.8 |
20 |
|
|
Subsidiary |
Ndola |
Zambia |
Chemical Manufacturing |
|
18 |
|
|
Subsidiary |
Brno |
Czech Republic |
Chemical Manufacturing |
|
17 |
|
|
Subsidiary |
London |
United Kingdom |
Motion Pictures |
2.3 |
14 |
|
|
Subsidiary |
Oslo |
Norway |
Chemical Manufacturing |
20.5 |
13 |
|
|
Subsidiary |
Essex, CT |
United States |
Chemical Manufacturing |
|
13 |
|
|
Subsidiary |
Weesp, North Holland |
Netherlands |
Chemical Manufacturing |
188.3 |
12 |
|
|
Subsidiary |
Trincity |
Trinidad and Tobago |
Chemical Manufacturing |
|
11 |
|
|
Division |
New Brunswick, NJ |
United States |
Chemical Manufacturing |
7.7 |
10 |
|
|
Subsidiary |
Slough |
United Kingdom |
Chemical Manufacturing |
|
8 |
|
|
Subsidiary |
Frankfurt Am Main, Hessen |
Germany |
Chemical Manufacturing |
120.5 |
500 |
|
|
Subsidiary |
Sofia |
Bulgaria |
Chemical Manufacturing |
|
2 |
|
|
Branch |
Memphis, TN |
United States |
Chemical Manufacturing |
3.2 |
7 |
|
|
Branch |
San Leandro, CA |
United States |
Chemical Manufacturing |
2.8 |
7 |
|
|
Subsidiary |
Sibiu |
Romania |
Chemical Manufacturing |
|
7 |
|
|
Branch |
Hopkinsville, KY |
United States |
Chemical Manufacturing |
2.9 |
5 |
|
|
Branch |
St Louis, MO |
United States |
Chemical Manufacturing |
2.2 |
5 |
|
|
Branch |
Phoenix, AZ |
United States |
Chemical Manufacturing |
2.0 |
5 |
|
|
Subsidiary |
Belgrade |
Serbia |
Chemical Manufacturing |
|
4 |
|
|
Branch |
Bentonville, AR |
United States |
Chemical Manufacturing |
15.6 |
3 |
|
|
Branch |
Carolina, PR |
United States |
Miscellaneous Capital Goods |
7.1 |
3 |
|
|
Branch |
Riverside, CA |
United States |
Chemical Manufacturing |
0.8 |
2 |
|
|
Subsidiary |
Zagreb |
Croatia |
Chemical Manufacturing |
|
2 |
|
|
Branch |
Bluff City, TN |
United States |
Chemical Manufacturing |
0.9 |
1 |
|
|
Branch |
Jefferson City, TN |
United States |
Chemical Manufacturing |
0.9 |
1 |
|
|
Subsidiary |
Wavre |
Belgium |
Chemical Manufacturing |
0.0 |
|
|
|
Subsidiary |
Bradford |
United Kingdom |
Business Services |
0.0 |
|
|
|
Subsidiary |
Budapest |
Hungary |
Miscellaneous Fabricated Products |
|
|
|
|
Subsidiary |
Warsaw |
Poland |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Svit |
Slovakia |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Guarulhos, Sao Paulo |
Brazil |
Chemical Manufacturing |
|
|
|
|
Branch |
Guarulhos, Sao Paulo |
Brazil |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Brampton, ON |
Canada |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Buenos Aires |
Argentina |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Tirana |
Albania |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Chemical Manufacturing |
|
900 |
|
|
Facility |
Ichihara, Chiba |
Japan |
Chemical Manufacturing |
|
|
|
|
Facility |
Tokyo |
Japan |
Chemical Manufacturing |
|
|
|
|
Facility |
Hirakata, Oosaka |
Japan |
Chemical Manufacturing |
|
|
|
|
Facility |
Hakusan, Ishikawa |
Japan |
Chemical Manufacturing |
|
|
|
|
Facility |
Tochigi |
Japan |
Chemical Manufacturing |
|
|
|
|
Facility |
Kamisu, Ibaraki |
Japan |
Chemical Manufacturing |
|
|
|
|
Facility |
Gunma |
Japan |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Kolkata |
India |
Chemical Manufacturing |
134.1 |
630 |
|
|
Subsidiary |
Bengaluru, Karnataka |
India |
Fabricated Plastic and Rubber |
9.5 |
|
|
|
Branch |
Bengaluru, Karnataka |
India |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Chuo-Ku |
Japan |
Chemical Manufacturing |
254.6 |
493 |
|
|
Subsidiary |
Zhangjiagang, Jiangsu |
China |
Chemical Manufacturing |
15.6 |
65 |
|
|
Subsidiary |
Bangkok |
Thailand |
Chemicals - Plastics and Rubber |
|
300 |
|
|
Subsidiary |
Jakarta, Banten |
Indonesia |
Chemicals - Plastics and Rubber |
|
300 |
|
|
Subsidiary |
Shah Alam, Selangor |
Malaysia |
Chemical Manufacturing |
|
300 |
|
|
Subsidiary |
Taiyuan, Shanxi |
China |
Chemical Manufacturing |
|
300 |
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Chemicals - Plastics and Rubber |
|
270 |
|
|
Subsidiary |
Jakarta, Timur |
Indonesia |
Chemicals - Plastics and Rubber |
|
220 |
|
|
Subsidiary |
Changzhou, Jinangsu |
China |
Chemicals - Plastics and Rubber |
78.9 |
200 |
|
|
Subsidiary |
Shah Alam, Selangor |
Malaysia |
Miscellaneous Fabricated Products |
|
200 |
|
|
Subsidiary |
Shenzhen |
China |
Chemical Manufacturing |
|
200 |
|
|
Subsidiary |
Bangkok |
Thailand |
Miscellaneous Fabricated Products |
|
200 |
|
|
Subsidiary |
Jakarta |
Indonesia |
Chemical Manufacturing |
|
200 |
|
|
Joint Venture |
Seoul |
Korea, Republic of |
Chemicals - Plastics and Rubber |
207.8 |
197 |
|
|
Subsidiary |
Sydney, NSW |
Australia |
Chemical Manufacturing |
81.8 |
190 |
|
|
Subsidiary |
Cape Town |
South Africa |
Chemical Manufacturing |
|
180 |
|
|
Subsidiary |
Jurong |
Singapore |
Printing and Publishing |
|
160 |
|
|
Subsidiary |
Perai, Penang |
Malaysia |
Chemicals - Plastics and Rubber |
56.4 |
150 |
|
|
Subsidiary |
Qingdao |
China |
Biotechnology and Drugs |
|
130 |
|
|
Subsidiary |
Jakarta |
Indonesia |
Chemical Manufacturing |
|
125 |
|
|
Subsidiary |
Zhaoqing, Guangdong |
China |
Chemicals - Plastics and Rubber |
|
106 |
|
|
Division |
Amelia, OH |
United States |
Chemical Manufacturing |
|
105 |
|
|
Subsidiary |
Taoyuan |
Taiwan |
Chemical Manufacturing |
|
105 |
|
|
Subsidiary |
Okegawa, Saitama-ken |
Japan |
Chemicals - Plastics and Rubber |
|
101 |
|
|
Subsidiary |
Shanghai |
China |
Chemical Manufacturing |
|
100 |
|
|
Subsidiary |
Qingdao, Shandong |
China |
Chemicals - Plastics and Rubber |
5.0 |
55 |
|
|
Subsidiary |
Zhaoqing, Guangdong |
China |
Chemical Manufacturing |
26.4 |
50 |
|
|
Subsidiary |
Zhangjiagang, Jiangsu |
China |
Chemicals - Plastics and Rubber |
|
100 |
|
|
Subsidiary |
Taipei |
Taiwan |
Chemicals - Plastics and Rubber |
|
87 |
|
|
Subsidiary |
Jurong, Singapore |
Singapore |
Chemical Manufacturing |
|
80 |
|
|
Subsidiary |
Singapore |
Singapore |
Miscellaneous Fabricated Products |
74.4 |
75 |
|
|
Subsidiary |
Wattana, Bangkok |
Thailand |
Chemical Manufacturing |
|
200 |
|
|
Subsidiary |
Singapore |
Singapore |
Chemical Manufacturing |
15.9 |
75 |
|
|
Subsidiary |
Auckland |
New Zealand |
Chemical Manufacturing |
6.5 |
40 |
|
|
Subsidiary |
Taguig, Metro Manila |
Philippines |
Chemical Manufacturing |
|
75 |
|
|
Subsidiary |
Bilbao |
Spain |
Chemical Manufacturing |
|
70 |
|
|
Subsidiary |
Tokyo |
Japan |
Food Processing |
|
68 |
|
|
Subsidiary |
Wien |
Austria |
Chemical Manufacturing |
53.1 |
60 |
|
|
Subsidiary |
Pasir Gudang, Johor |
Malaysia |
Chemicals - Plastics and Rubber |
22.3 |
60 |
|
|
Subsidiary |
Miyagi |
Japan |
Chemicals - Plastics and Rubber |
|
60 |
|
|
Subsidiary |
Metro Manila, NCR |
Philippines |
Chemical Manufacturing |
|
59 |
|
|
Subsidiary |
Irvine, CA |
United States |
Crops |
0.2 |
54 |
|
|
Subsidiary |
Tokyo |
Japan |
Business Services |
|
53 |
|
|
Subsidiary |
Oak Creek, WI |
United States |
Chemicals - Plastics and Rubber |
13.7 |
48 |
|
|
Subsidiary |
Konan, Aichi |
Japan |
Chemical Manufacturing |
29.7 |
36 |
|
|
Subsidiary |
Kowloon |
Hong Kong |
Chemical Manufacturing |
|
35 |
|
|
Subsidiary |
Düsseldorf, Nordrhein-Westfalen |
Germany |
Chemical Manufacturing |
|
30 |
|
|
Subsidiary |
Tai Po |
Hong Kong |
Chemical Manufacturing |
|
30 |
|
|
Subsidiary |
Kwai Chung |
Hong Kong |
Business Services |
|
29 |
|
|
Subsidiary |
Berlin, Berlin |
Germany |
Chemicals - Plastics and Rubber |
|
25 |
|
|
Subsidiary |
Singapore |
Singapore |
Chemical Manufacturing |
|
24 |
|
|
Subsidiary |
Taipei |
Taiwan |
Miscellaneous Fabricated Products |
|
20 |
|
|
Subsidiary |
Kowloon |
Hong Kong |
Miscellaneous Fabricated Products |
|
20 |
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Chemical Manufacturing |
|
13 |
|
|
Subsidiary |
Parsippany, NJ |
United States |
Chemical Manufacturing |
|
10 |
|
|
Subsidiary |
Weesp, Noord-Holland |
Netherlands |
Investment Services |
|
5 |
|
|
Subsidiary |
Feltham |
United Kingdom |
Nonclassifiable Industries |
|
3 |
|
|
Subsidiary |
Sodegaura, Chiba |
Japan |
Fabricated Plastic and Rubber |
92.4 |
|
|
|
Subsidiary |
Shah Alam, Selangor |
Malaysia |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Weesp |
Netherlands |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Alfreton |
United Kingdom |
Commercial Banks |
|
|
|
|
Subsidiary |
Tsim Tsa Tsui, Kowloon |
Hong Kong |
Miscellaneous Fabricated Products |
|
|
|
|
Subsidiary |
Beijing |
China |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Shanghai |
China |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Zhongshan, Guangdong |
China |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Shanghai |
China |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Auburn, NSW |
Australia |
Miscellaneous Fabricated Products |
|
|
|
|
Subsidiary |
Saitama |
Japan |
Fabricated Plastic and Rubber |
|
|
|
|
Subsidiary |
Taoyuan |
Taiwan |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Tokorozawa, Saitama |
Japan |
Containers and Packaging |
|
|
|
|
Subsidiary |
Konan, Aichi |
Japan |
Fabricated Plastic and Rubber |
|
|
|
|
Subsidiary |
Homagama |
Sri Lanka |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Kawaguchi, Saitama |
Japan |
Photography |
|
|
|
|
Subsidiary |
Shanghai |
China |
Miscellaneous Fabricated Products |
|
|
|
|
Subsidiary |
Guangzhou |
China |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Satte, Saitama |
Japan |
Fabricated Plastic and Rubber |
|
|
|
|
Subsidiary |
Sodegaura, Chiba |
Japan |
Chemicals - Plastics and Rubber |
|
|
|
|
Subsidiary |
Nantong |
China |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Thuan An, Binh Duong |
Viet Nam |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Satte, Saitama |
Japan |
Containers and Packaging |
|
|
|
|
Subsidiary |
Saitama |
Japan |
Fabricated Plastic and Rubber |
|
|
|
|
Subsidiary |
Shenzhen |
China |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Rental and Leasing |
|
|
|
|
Subsidiary |
Guangzhou |
China |
Miscellaneous Fabricated Products |
|
|
|
|
Subsidiary |
Nakatsu, Oita |
Japan |
Chemicals - Plastics and Rubber |
|
|
|
|
Subsidiary |
Ishikawa, Fukushima |
Japan |
Construction - Supplies and Fixtures |
|
|
|
|
Subsidiary |
Zhongshan, Guangdong |
China |
Chemicals - Plastics and Rubber |
|
|
|
Executives Report
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
|
Deloitte Touche
Tohmatsu LLC |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
8,482.3 |
9,299.2 |
9,090.3 |
8,154.1 |
9,278.4 |
|
Sale |
8,482.3 |
9,299.2 |
9,090.3 |
8,154.1 |
9,278.4 |
|
Total Sale |
8,482.3 |
9,299.2 |
9,090.3 |
8,154.1 |
9,278.4 |
|
|
|
|
|
|
|
|
Cost of Sale |
6,755.5 |
7,481.1 |
7,231.0 |
6,507.4 |
7,541.1 |
|
Cost of Sale, Total |
6,755.5 |
7,481.1 |
7,231.0 |
6,507.4 |
7,541.1 |
|
Gross Profit |
1,726.8 |
1,818.1 |
1,859.4 |
1,646.6 |
1,737.3 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
793.2 |
742.5 |
891.4 |
800.2 |
890.4 |
|
Labor & Related Expense |
469.8 |
517.6 |
534.4 |
547.2 |
601.3 |
|
Total Selling/General/Administrative Expenses |
1,263.0 |
1,260.1 |
1,425.8 |
1,347.4 |
1,491.8 |
|
Research & Development |
- |
115.2 |
- |
- |
- |
|
Impairment-Assets Held for Use |
0.0 |
10.5 |
9.7 |
64.4 |
1.5 |
|
Impairment-Assets Held for Sale |
- |
- |
- |
0.0 |
10.0 |
|
Other Unusual Expense (Income) |
11.9 |
46.4 |
39.2 |
28.4 |
36.9 |
|
Unusual Expense (Income) |
11.9 |
56.9 |
48.9 |
92.8 |
48.4 |
|
Total Operating Expense |
8,030.4 |
8,913.4 |
8,705.7 |
7,947.6 |
9,081.3 |
|
|
|
|
|
|
|
|
Operating Income |
451.9 |
385.8 |
384.7 |
206.5 |
197.1 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-85.5 |
-98.0 |
-82.6 |
-80.3 |
-92.1 |
|
Interest Expense, Net Non-Operating |
-85.5 |
-98.0 |
-82.6 |
-80.3 |
-92.1 |
|
Interest Income -
Non-Operating |
18.2 |
24.3 |
13.5 |
16.0 |
22.8 |
|
Investment Income -
Non-Operating |
24.2 |
31.6 |
29.4 |
13.2 |
17.6 |
|
Interest/Investment Income - Non-Operating |
42.4 |
55.9 |
42.9 |
29.1 |
40.4 |
|
Interest Income (Expense) - Net Non-Operating Total |
-43.1 |
-42.1 |
-39.7 |
-51.1 |
-51.7 |
|
Gain (Loss) on Sale of Assets |
0.7 |
9.8 |
-14.1 |
-26.0 |
-36.3 |
|
Other Non-Operating Income (Expense) |
2.8 |
-10.5 |
-23.9 |
-42.9 |
-40.0 |
|
Other, Net |
2.8 |
-10.5 |
-23.9 |
-42.9 |
-40.0 |
|
Income Before Tax |
412.3 |
342.9 |
307.0 |
86.5 |
69.1 |
|
|
|
|
|
|
|
|
Total Income Tax |
156.5 |
94.4 |
97.9 |
45.7 |
38.4 |
|
Income After Tax |
255.7 |
248.6 |
209.0 |
40.9 |
30.7 |
|
|
|
|
|
|
|
|
Minority Interest |
-25.9 |
-18.6 |
-25.1 |
-13.6 |
-4.3 |
|
Net Income Before Extraord Items |
229.8 |
230.0 |
183.9 |
27.3 |
26.4 |
|
Net Income |
229.8 |
230.0 |
183.9 |
27.3 |
26.4 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
- |
- |
- |
0.0 |
0.0 |
|
Total Adjustments to Net Income |
- |
- |
- |
0.0 |
0.0 |
|
Income Available to Common Excl Extraord Items |
229.8 |
230.0 |
183.9 |
27.3 |
26.4 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
229.8 |
230.0 |
183.9 |
27.3 |
26.4 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
916.6 |
917.5 |
895.7 |
791.1 |
791.2 |
|
Basic EPS Excl Extraord Items |
0.25 |
0.25 |
0.21 |
0.03 |
0.03 |
|
Basic/Primary EPS Incl Extraord Items |
0.25 |
0.25 |
0.21 |
0.03 |
0.03 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
229.8 |
230.0 |
183.9 |
27.3 |
26.4 |
|
Diluted Weighted Average Shares |
916.6 |
917.5 |
895.7 |
791.1 |
791.2 |
|
Diluted EPS Excl Extraord Items |
0.25 |
0.25 |
0.21 |
0.03 |
0.03 |
|
Diluted EPS Incl Extraord Items |
0.25 |
0.25 |
0.21 |
0.03 |
0.03 |
|
Dividends per Share - Common Stock Primary Issue |
0.07 |
0.05 |
0.05 |
0.04 |
0.06 |
|
Gross Dividends - Common Stock |
- |
46.5 |
42.8 |
34.0 |
47.2 |
|
Interest Expense, Supplemental |
85.5 |
98.0 |
82.6 |
80.3 |
92.1 |
|
Depreciation, Supplemental |
330.3 |
376.4 |
384.6 |
380.6 |
404.3 |
|
Total Special Items |
13.4 |
52.1 |
70.7 |
126.2 |
96.1 |
|
Normalized Income Before Tax |
425.7 |
395.0 |
377.7 |
212.7 |
165.2 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
4.3 |
13.0 |
20.1 |
62.7 |
47.1 |
|
Inc Tax Ex Impact of Sp Items |
160.8 |
107.4 |
118.0 |
108.3 |
85.6 |
|
Normalized Income After Tax |
264.8 |
287.7 |
259.7 |
104.4 |
79.6 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
238.9 |
269.1 |
234.6 |
90.8 |
75.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.26 |
0.29 |
0.26 |
0.11 |
0.10 |
|
Diluted Normalized EPS |
0.26 |
0.29 |
0.26 |
0.11 |
0.10 |
|
Amort of Acquisition Costs, Supplemental |
2.2 |
4.9 |
7.7 |
7.4 |
11.4 |
|
Research & Development Exp, Supplemental |
- |
115.2 |
128.6 |
132.9 |
146.6 |
|
Reported Operating Profit |
463.8 |
442.7 |
433.6 |
299.3 |
252.3 |
|
Reported Ordinary Profit |
423.5 |
390.1 |
369.9 |
205.3 |
151.2 |
|
Normalized EBIT |
463.8 |
442.7 |
433.6 |
299.3 |
245.5 |
|
Normalized EBITDA |
796.3 |
824.1 |
825.8 |
687.2 |
661.2 |
|
Current Tax - Total |
106.9 |
88.4 |
- |
- |
- |
|
Current Tax - Total |
106.9 |
88.4 |
- |
- |
- |
|
Deferred Tax - Total |
49.6 |
5.9 |
- |
- |
- |
|
Deferred Tax - Total |
49.6 |
5.9 |
- |
- |
- |
|
Income Tax - Total |
156.5 |
94.4 |
- |
- |
- |
|
Interest Cost - Domestic |
- |
29.6 |
28.8 |
26.8 |
23.0 |
|
Service Cost - Domestic |
- |
34.6 |
33.8 |
30.9 |
30.2 |
|
Prior Service Cost - Domestic |
- |
- |
0.0 |
0.0 |
0.0 |
|
Expected Return on Assets - Domestic |
- |
-32.9 |
-31.0 |
-26.1 |
-29.2 |
|
Actuarial Gains and Losses - Domestic |
- |
47.0 |
41.1 |
50.1 |
26.8 |
|
Transition Costs - Domestic |
- |
- |
0.0 |
0.0 |
0.0 |
|
Domestic Pension Plan Expense |
- |
78.4 |
72.7 |
81.5 |
50.9 |
|
Interest Cost - Foreign |
- |
55.9 |
56.0 |
52.7 |
61.6 |
|
Service Cost - Foreign |
- |
6.7 |
7.2 |
9.6 |
24.2 |
|
Prior Service Cost - Foreign |
- |
0.9 |
0.9 |
0.8 |
1.2 |
|
Expected Return on Assets - Foreign |
- |
-56.9 |
-52.7 |
-42.8 |
-65.0 |
|
Actuarial Gains and Losses - Foreign |
- |
9.8 |
10.4 |
10.8 |
11.1 |
|
Transition Costs - Foreign |
- |
- |
0.4 |
0.3 |
1.0 |
|
Foreign Pension Plan Expense |
- |
16.3 |
22.2 |
31.5 |
34.2 |
|
Total Pension Expense |
- |
94.8 |
94.9 |
113.1 |
85.1 |
|
Discount Rate - Domestic |
- |
2.10% |
2.20% |
2.20% |
2.20% |
|
Discount Rate - Foreign |
- |
4.00% |
4.30% |
4.50% |
5.00% |
|
Expected Rate of Return - Domestic |
- |
3.00% |
3.00% |
3.00% |
3.00% |
|
Expected Rate of Return - Foreign |
- |
3.30% |
3.50% |
3.50% |
4.00% |
|
Total Plan Interest Cost |
- |
85.5 |
84.8 |
79.5 |
84.7 |
|
Total Plan Service Cost |
- |
41.3 |
40.9 |
40.5 |
54.4 |
|
Total Plan Expected Return |
- |
-89.7 |
-83.6 |
-68.9 |
-94.2 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
94.088557 |
82.385362 |
82.88 |
93.44 |
98.77 |
|
Auditor |
|
Deloitte Touche
Tohmatsu LLC |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
240.8 |
360.4 |
277.0 |
316.2 |
204.8 |
|
Cash and Short Term Investments |
240.8 |
360.4 |
277.0 |
316.2 |
204.8 |
|
Accounts Receivable -
Trade, Gross |
1,947.3 |
2,107.2 |
2,236.9 |
1,948.3 |
1,504.6 |
|
Provision for Doubtful
Accounts |
-94.7 |
-90.9 |
-100.1 |
-92.8 |
-90.2 |
|
Trade Accounts Receivable - Net |
1,852.6 |
2,016.2 |
2,136.8 |
1,855.6 |
1,414.4 |
|
Total Receivables, Net |
1,852.6 |
2,016.2 |
2,136.8 |
1,855.6 |
1,414.4 |
|
Inventories - Finished Goods |
799.1 |
865.4 |
800.0 |
766.6 |
803.1 |
|
Inventories - Work In Progress |
85.5 |
105.5 |
105.1 |
98.7 |
174.5 |
|
Inventories - Raw Materials |
488.4 |
536.5 |
570.0 |
460.9 |
421.0 |
|
Total Inventory |
1,373.0 |
1,507.4 |
1,475.0 |
1,326.2 |
1,398.6 |
|
Prepaid Expenses |
- |
- |
- |
0.0 |
- |
|
Deferred Income Tax - Current Asset |
89.9 |
101.4 |
118.2 |
78.2 |
67.4 |
|
Other Current Assets |
183.4 |
246.9 |
273.9 |
295.4 |
294.9 |
|
Other Current Assets, Total |
273.3 |
348.3 |
392.1 |
373.6 |
362.3 |
|
Total Current Assets |
3,739.6 |
4,232.3 |
4,280.9 |
3,871.6 |
3,380.2 |
|
|
|
|
|
|
|
|
Buildings |
2,430.2 |
2,642.4 |
2,765.8 |
2,626.5 |
2,410.2 |
|
Land/Improvements |
567.5 |
628.0 |
660.3 |
640.3 |
579.1 |
|
Machinery/Equipment |
4,503.4 |
4,889.2 |
5,169.4 |
4,827.6 |
4,594.0 |
|
Construction in
Progress |
103.0 |
62.8 |
62.2 |
73.3 |
83.9 |
|
Property/Plant/Equipment - Gross |
7,604.1 |
8,222.4 |
8,657.7 |
8,167.6 |
7,667.2 |
|
Accumulated Depreciation |
-5,329.2 |
-5,760.5 |
-5,995.7 |
-5,466.5 |
-4,989.8 |
|
Property/Plant/Equipment - Net |
2,274.9 |
2,461.9 |
2,662.1 |
2,701.2 |
2,677.4 |
|
Goodwill, Net |
13.0 |
7.4 |
21.8 |
18.2 |
22.6 |
|
Intangibles, Net |
144.2 |
135.8 |
126.8 |
130.3 |
122.6 |
|
LT Investment - Affiliate Companies |
- |
261.2 |
244.7 |
- |
- |
|
LT Investments - Other |
389.7 |
121.6 |
127.8 |
325.4 |
327.8 |
|
Long Term Investments |
389.7 |
382.7 |
372.5 |
325.4 |
327.8 |
|
Note Receivable - Long Term |
2.9 |
6.6 |
6.9 |
8.5 |
10.4 |
|
Deferred Income Tax - Long Term Asset |
371.3 |
429.8 |
465.9 |
453.2 |
401.2 |
|
Other Long Term Assets |
429.7 |
537.4 |
554.5 |
516.7 |
534.4 |
|
Other Long Term Assets, Total |
800.9 |
967.3 |
1,020.4 |
969.9 |
935.5 |
|
Total Assets |
7,365.3 |
8,194.0 |
8,491.3 |
8,025.1 |
7,476.6 |
|
|
|
|
|
|
|
|
Accounts Payable |
1,159.1 |
1,332.2 |
1,462.6 |
1,302.0 |
1,087.3 |
|
Accrued Expenses |
31.4 |
34.0 |
34.0 |
31.2 |
11.1 |
|
Notes Payable/Short Term Debt |
525.0 |
526.1 |
289.0 |
178.5 |
870.0 |
|
Current Portion - Long Term Debt/Capital Leases |
523.2 |
511.2 |
582.3 |
646.2 |
488.4 |
|
Income Taxes Payable |
61.3 |
69.7 |
42.7 |
45.7 |
57.4 |
|
Other Payables |
370.6 |
465.6 |
- |
- |
- |
|
Deferred Income Tax - Current Liability |
2.1 |
4.1 |
10.0 |
6.8 |
6.9 |
|
Other Current Liabilities |
215.0 |
277.3 |
769.3 |
689.8 |
709.9 |
|
Other Current liabilities, Total |
649.0 |
816.7 |
822.1 |
742.2 |
774.3 |
|
Total Current Liabilities |
2,887.6 |
3,220.2 |
3,189.9 |
2,900.1 |
3,231.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
2,246.5 |
2,876.7 |
3,124.5 |
3,209.4 |
2,555.6 |
|
Capital Lease Obligations |
60.1 |
73.1 |
78.1 |
7.8 |
5.5 |
|
Total Long Term Debt |
2,306.5 |
2,949.8 |
3,202.7 |
3,217.2 |
2,561.1 |
|
Total Debt |
3,354.6 |
3,987.1 |
4,073.9 |
4,041.8 |
3,919.4 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
18.9 |
12.8 |
83.6 |
32.9 |
17.5 |
|
Deferred Income Tax |
18.9 |
12.8 |
83.6 |
32.9 |
17.5 |
|
Minority Interest |
253.1 |
274.1 |
273.1 |
233.3 |
137.6 |
|
Reserves |
8.3 |
11.3 |
12.3 |
14.0 |
7.1 |
|
Pension Benefits - Underfunded |
315.8 |
363.5 |
267.1 |
314.5 |
319.0 |
|
Other Long Term Liabilities |
119.9 |
125.2 |
162.6 |
231.9 |
238.2 |
|
Other Liabilities, Total |
443.9 |
500.1 |
442.0 |
560.4 |
564.2 |
|
Total Liabilities |
5,910.1 |
6,957.0 |
7,191.3 |
6,943.8 |
6,511.4 |
|
|
|
|
|
|
|
|
Common Stock |
968.8 |
1,106.4 |
1,099.8 |
882.1 |
834.5 |
|
Common Stock |
968.8 |
1,106.4 |
1,099.8 |
882.1 |
834.5 |
|
Additional Paid-In Capital |
943.3 |
1,077.4 |
1,070.9 |
856.5 |
810.2 |
|
Retained Earnings (Accumulated Deficit) |
727.4 |
655.0 |
476.3 |
290.4 |
289.0 |
|
Treasury Stock - Common |
-9.3 |
-8.0 |
-7.9 |
-6.9 |
-6.5 |
|
Unrealized Gain (Loss) |
4.4 |
-5.1 |
-0.9 |
3.0 |
-5.1 |
|
Translation Adjustment |
-874.1 |
-1,285.9 |
-1,116.1 |
-705.5 |
-748.0 |
|
Minimum Pension Liability Adjustment |
-296.4 |
-295.8 |
-218.6 |
-235.8 |
-207.8 |
|
Other Comprehensive Income |
-8.9 |
-6.9 |
-3.5 |
-2.3 |
-1.1 |
|
Other Equity, Total |
-1,179.4 |
-1,588.7 |
-1,338.2 |
-943.7 |
-957.0 |
|
Total Equity |
1,455.2 |
1,237.0 |
1,300.0 |
1,081.3 |
965.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
7,365.3 |
8,194.0 |
8,491.3 |
8,025.1 |
7,476.6 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
916.0 |
917.5 |
917.5 |
791.1 |
791.1 |
|
Total Common Shares Outstanding |
916.0 |
917.5 |
917.5 |
791.1 |
791.1 |
|
Treasury Shares - Common Stock Primary Issue |
3.4 |
1.9 |
1.9 |
1.8 |
1.8 |
|
Employees |
- |
20,455 |
21,572 |
22,583 |
23,613 |
|
Number of Common Shareholders |
- |
47,757 |
47,783 |
37,600 |
37,055 |
|
Total Long Term Debt, Supplemental |
- |
3,379.6 |
3,697.7 |
3,852.8 |
3,042.1 |
|
Long Term Debt Maturing within 1 Year |
- |
502.8 |
573.2 |
643.4 |
486.5 |
|
Long Term Debt Maturing in Year 2 |
- |
600.0 |
504.9 |
630.0 |
580.2 |
|
Long Term Debt Maturing in Year 3 |
- |
470.8 |
593.2 |
451.0 |
475.5 |
|
Long Term Debt Maturing in Year 4 |
- |
662.5 |
468.3 |
506.8 |
472.2 |
|
Long Term Debt Maturing in Year 5 |
- |
644.3 |
667.3 |
415.8 |
477.4 |
|
Long Term Debt Maturing in 2-3 Years |
- |
1,070.8 |
1,098.1 |
1,081.1 |
1,055.7 |
|
Long Term Debt Maturing in 4-5 Years |
- |
1,306.8 |
1,135.6 |
922.6 |
949.6 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
499.1 |
890.8 |
1,205.8 |
550.3 |
|
Total Capital Leases, Supplemental |
- |
81.5 |
87.2 |
10.6 |
7.4 |
|
Capital Lease Payments Due in Year 1 |
- |
8.4 |
4.2 |
1.3 |
0.9 |
|
Capital Lease Payments Due in Year 2 |
- |
7.5 |
4.2 |
1.3 |
0.9 |
|
Capital Lease Payments Due in Year 3 |
- |
6.7 |
7.0 |
1.9 |
1.2 |
|
Capital Lease Payments Due in Year 4 |
- |
5.8 |
6.3 |
1.3 |
1.0 |
|
Capital Lease Payments Due in Year 5 |
- |
5.2 |
5.5 |
1.0 |
0.9 |
|
Capital Lease Payments Due in 2-3 Years |
- |
14.2 |
11.2 |
3.2 |
2.1 |
|
Capital Lease Payments Due in 4-5 Years |
- |
11.0 |
11.8 |
2.3 |
1.9 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
- |
47.9 |
60.0 |
3.7 |
2.5 |
|
Pension Obligation - Domestic |
- |
1,259.6 |
1,299.9 |
1,216.6 |
1,151.6 |
|
Pension Obligation - Foreign |
- |
1,111.0 |
1,018.9 |
993.2 |
805.0 |
|
Plan Assets - Domestic |
- |
1,101.7 |
1,097.2 |
1,028.0 |
868.2 |
|
Plan Assets - Foreign |
- |
763.9 |
773.6 |
702.6 |
503.5 |
|
Funded Status - Domestic |
- |
-157.9 |
-202.6 |
-188.5 |
-283.3 |
|
Funded Status - Foreign |
- |
-347.1 |
-245.3 |
-290.6 |
-301.4 |
|
Total Funded Status |
- |
-505.0 |
-447.9 |
-479.1 |
-584.8 |
|
Discount Rate - Domestic |
- |
2.10% |
2.20% |
2.20% |
2.20% |
|
Discount Rate - Foreign |
- |
4.00% |
4.30% |
4.50% |
5.00% |
|
Expected Rate of Return - Domestic |
- |
3.00% |
3.00% |
3.00% |
3.00% |
|
Expected Rate of Return - Foreign |
- |
3.30% |
3.50% |
3.50% |
4.00% |
|
Prepaid Benefits - Domestic |
- |
180.3 |
186.5 |
170.6 |
177.7 |
|
Prepaid Benefits - Foreign |
- |
0.3 |
0.3 |
0.2 |
0.1 |
|
Accrued Liabilities - Domestic |
- |
-16.1 |
-21.5 |
-23.8 |
-17.4 |
|
Accrued Liabilities - Foreign |
- |
-347.4 |
-245.6 |
-290.8 |
-301.6 |
|
Other Assets, Net - Domestic |
- |
322.1 |
367.7 |
335.4 |
443.7 |
|
Other Assets, Net - Foreign |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Assets Recognized on Balance Sheet |
- |
139.2 |
287.5 |
191.7 |
302.6 |
|
Total Plan Obligations |
- |
2,370.6 |
2,318.8 |
2,209.7 |
1,956.5 |
|
Total Plan Assets |
- |
1,865.6 |
1,870.8 |
1,730.6 |
1,371.8 |
|
|
|
Annual Cash
Flows |
|
Financials in: USD
(mil) |
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
|
Deloitte Touche
Tohmatsu LLC |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
412.3 |
342.9 |
307.0 |
86.5 |
69.1 |
|
Depreciation |
330.3 |
376.4 |
384.6 |
380.6 |
404.3 |
|
Depreciation/Depletion |
330.3 |
376.4 |
384.6 |
380.6 |
404.3 |
|
Amortization of Acquisition Costs |
2.2 |
4.9 |
7.7 |
7.4 |
11.4 |
|
Amortization |
2.2 |
4.9 |
7.7 |
7.4 |
11.4 |
|
Unusual Items |
-0.7 |
0.7 |
31.9 |
90.4 |
38.3 |
|
Equity in Net Earnings (Loss) |
-28.3 |
-31.7 |
-23.3 |
-23.3 |
-18.2 |
|
Other Non-Cash Items |
94.6 |
63.4 |
71.3 |
57.4 |
39.7 |
|
Non-Cash Items |
65.6 |
32.5 |
79.9 |
124.5 |
59.8 |
|
Accounts Receivable |
7.3 |
26.3 |
-156.5 |
-316.9 |
571.4 |
|
Inventories |
65.9 |
-110.6 |
-94.9 |
224.0 |
-81.9 |
|
Accounts Payable |
-93.4 |
-117.7 |
74.4 |
139.6 |
-479.6 |
|
Accrued Expenses |
2.4 |
0.1 |
-0.4 |
19.5 |
-17.7 |
|
Other Operating Cash Flow |
-293.1 |
-159.3 |
-241.1 |
-240.7 |
-171.3 |
|
Changes in Working Capital |
-311.0 |
-361.1 |
-418.5 |
-174.5 |
-179.1 |
|
Cash from Operating Activities |
499.4 |
395.7 |
360.7 |
424.5 |
365.5 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-274.9 |
-300.8 |
-232.6 |
-239.6 |
-422.6 |
|
Purchase/Acquisition of Intangibles |
-45.7 |
-42.1 |
-10.1 |
-14.0 |
-14.9 |
|
Capital Expenditures |
-320.7 |
-342.9 |
-242.8 |
-253.6 |
-437.5 |
|
Acquisition of Business |
-23.8 |
-7.0 |
-14.2 |
-15.0 |
-7.1 |
|
Sale of Business |
1.3 |
64.4 |
64.3 |
4.8 |
0.0 |
|
Sale of Fixed Assets |
35.0 |
19.3 |
10.9 |
24.1 |
26.9 |
|
Sale/Maturity of Investment |
1.7 |
7.3 |
2.6 |
75.1 |
47.8 |
|
Purchase of Investments |
-17.8 |
-11.9 |
-18.8 |
-22.6 |
-35.1 |
|
Sale of Intangible Assets |
0.1 |
0.3 |
0.5 |
0.1 |
0.1 |
|
Other Investing Cash Flow |
38.2 |
47.8 |
53.6 |
52.9 |
50.1 |
|
Other Investing Cash Flow Items, Total |
34.7 |
120.1 |
98.8 |
119.4 |
82.6 |
|
Cash from Investing Activities |
-285.9 |
-222.8 |
-144.0 |
-134.2 |
-354.9 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-14.1 |
-16.9 |
-4.3 |
-4.9 |
-4.7 |
|
Financing Cash Flow Items |
-14.1 |
-16.9 |
-4.3 |
-4.9 |
-4.7 |
|
Cash Dividends Paid - Common |
-55.2 |
-46.5 |
-39.9 |
-42.6 |
-63.0 |
|
Total Cash Dividends Paid |
-55.2 |
-46.5 |
-39.9 |
-42.6 |
-63.0 |
|
Sale/Issuance of
Common |
- |
0.0 |
203.8 |
0.0 |
- |
|
Common Stock, Net |
-2.6 |
0.0 |
203.7 |
-0.1 |
-0.3 |
|
Issuance (Retirement) of Stock, Net |
-2.6 |
0.0 |
203.7 |
-0.1 |
-0.3 |
|
Short Term Debt, Net |
55.3 |
289.8 |
104.1 |
-759.0 |
2.6 |
|
Long Term Debt Issued |
409.0 |
514.4 |
149.3 |
1,378.2 |
609.0 |
|
Long Term Debt
Reduction |
-713.2 |
-831.2 |
-719.8 |
-743.7 |
-479.2 |
|
Long Term Debt, Net |
-304.2 |
-316.8 |
-570.5 |
634.5 |
129.7 |
|
Issuance (Retirement) of Debt, Net |
-248.9 |
-27.1 |
-466.4 |
-124.5 |
132.3 |
|
Cash from Financing Activities |
-320.8 |
-90.5 |
-306.9 |
-172.0 |
64.3 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
22.2 |
2.6 |
12.4 |
-16.6 |
-5.6 |
|
Net Change in Cash |
-85.1 |
85.0 |
-77.8 |
101.7 |
69.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
356.7 |
289.8 |
344.8 |
216.2 |
130.6 |
|
Net Cash - Ending Balance |
271.5 |
374.8 |
267.1 |
317.9 |
200.0 |
|
Cash Interest Paid |
86.2 |
100.8 |
84.6 |
82.0 |
92.5 |
|
Cash Taxes Paid |
101.5 |
77.6 |
108.0 |
88.8 |
95.9 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per share
items (actual units) |
|
|
|
|
|
|
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
|
Deloitte Touche
Tohmatsu LLC |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Total net sales |
8,482.3 |
9,299.2 |
9,090.3 |
8,154.1 |
9,278.4 |
|
Total Sale |
8,482.3 |
9,299.2 |
9,090.3 |
8,154.1 |
9,278.4 |
|
|
|
|
|
|
|
|
Research and Development Expense(in SGA) |
- |
115.2 |
- |
- |
- |
|
Total cost of sales |
6,755.5 |
7,481.1 |
7,231.0 |
6,507.4 |
7,534.3 |
|
Shipping & Packaging |
143.5 |
158.3 |
157.2 |
144.8 |
150.1 |
|
Employees'' salaries and allowances |
408.1 |
451.5 |
466.0 |
461.9 |
534.3 |
|
Res-Doubt.Acct.Allow |
9.4 |
8.0 |
14.4 |
0.0 |
11.8 |
|
Res. Bonus |
16.8 |
16.0 |
12.7 |
11.6 |
2.9 |
|
Expense-Accr.Retire |
44.8 |
50.1 |
55.7 |
73.7 |
64.2 |
|
Other SG&A |
640.3 |
576.1 |
719.8 |
655.4 |
728.5 |
|
Reversal of provision for loss on disast |
-15.8 |
- |
- |
- |
- |
|
Gain on negative goodwill |
-7.5 |
- |
- |
- |
- |
|
Provision of allowance for doubtful acco |
26.4 |
13.1 |
- |
- |
- |
|
SP Insurance income |
- |
0.0 |
-11.6 |
0.0 |
- |
|
SP Rev./Res-Doubt.Acct.Allow |
- |
- |
0.0 |
-5.1 |
0.0 |
|
SP Val.Loss-Invest.Sec |
- |
- |
- |
0.0 |
10.0 |
|
SP L on val. of inventories |
- |
- |
- |
0.0 |
6.8 |
|
SP Prov. for disaster loss |
- |
- |
26.3 |
0.0 |
- |
|
SP Retirement on restructuring |
8.8 |
33.4 |
14.8 |
33.5 |
36.9 |
|
SP Impairment Fixed Asset |
0.0 |
10.5 |
9.7 |
64.4 |
1.5 |
|
SP L on adjust for changes of account |
- |
0.0 |
8.1 |
0.0 |
- |
|
SP Loss on disaster |
- |
- |
1.6 |
0.0 |
- |
|
Res-Doubt.Acct.Allow |
- |
- |
0.0 |
- |
- |
|
NOP L-Retir.Inventories |
- |
- |
- |
- |
0.0 |
|
Total Operating Expense |
8,030.4 |
8,913.4 |
8,705.7 |
7,947.6 |
9,081.3 |
|
|
|
|
|
|
|
|
Gain on sales of subsidiaries and affili |
0.0 |
37.8 |
30.0 |
0.0 |
- |
|
SP Sale Gain-Business transfer |
- |
0.0 |
17.0 |
7.9 |
0.0 |
|
SP Sale Gain-Fixed Asst |
25.1 |
11.1 |
1.9 |
7.6 |
11.1 |
|
SP Sale Gain-Invest.Sec |
- |
- |
- |
0.0 |
9.4 |
|
SP Withdrawn-Business |
- |
- |
0.0 |
-6.6 |
0.0 |
|
SP Liquidated-Affiliate |
- |
- |
0.0 |
-2.6 |
0.0 |
|
SP Disposal-Fixed Asset |
-24.4 |
-39.1 |
-63.0 |
-32.3 |
-47.4 |
|
NOP Interest Income |
18.2 |
24.3 |
13.5 |
16.0 |
22.8 |
|
NOP Dividend Income |
3.3 |
3.2 |
2.9 |
2.2 |
2.5 |
|
NOP Exchange Gain |
- |
- |
3.2 |
0.0 |
- |
|
NOP Gain-Equity Method |
28.3 |
31.7 |
23.3 |
23.3 |
18.2 |
|
NOP Other Non-op. Income |
38.4 |
33.6 |
26.3 |
27.6 |
27.7 |
|
NOP Interest Expense |
-85.5 |
-98.0 |
-82.6 |
-80.3 |
-92.1 |
|
NOP Exchange Loss |
-7.4 |
-3.3 |
0.0 |
-12.3 |
-12.6 |
|
NOP Other Non-op.Expense |
-35.6 |
-44.2 |
-50.2 |
-70.4 |
-67.6 |
|
Net Income Before Taxes |
412.3 |
342.9 |
307.0 |
86.5 |
69.1 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
156.5 |
94.4 |
97.9 |
45.7 |
38.4 |
|
Net Income After Taxes |
255.7 |
248.6 |
209.0 |
40.9 |
30.7 |
|
|
|
|
|
|
|
|
Minority interests in income |
-25.9 |
-18.6 |
-25.1 |
-13.6 |
-4.3 |
|
Net Income Before Extra. Items |
229.8 |
230.0 |
183.9 |
27.3 |
26.4 |
|
Net Income |
229.8 |
230.0 |
183.9 |
27.3 |
26.4 |
|
|
|
|
|
|
|
|
Directors' Bonus |
- |
- |
- |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
229.8 |
230.0 |
183.9 |
27.3 |
26.4 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
229.8 |
230.0 |
183.9 |
27.3 |
26.4 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
916.6 |
917.5 |
895.7 |
791.1 |
791.2 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.25 |
0.25 |
0.21 |
0.03 |
0.03 |
|
Basic EPS Including ExtraOrdinary Items |
0.25 |
0.25 |
0.21 |
0.03 |
0.03 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
229.8 |
230.0 |
183.9 |
27.3 |
26.4 |
|
Diluted Weighted Average Shares |
916.6 |
917.5 |
895.7 |
791.1 |
791.2 |
|
Diluted EPS Excluding ExtraOrd Items |
0.25 |
0.25 |
0.21 |
0.03 |
0.03 |
|
Diluted EPS Including ExtraOrd Items |
0.25 |
0.25 |
0.21 |
0.03 |
0.03 |
|
DPS-Common Stock |
0.07 |
0.05 |
0.05 |
0.04 |
0.06 |
|
Gross Dividends - Common Stock |
- |
46.5 |
42.8 |
34.0 |
47.2 |
|
Normalized Income Before Taxes |
425.7 |
395.0 |
377.7 |
212.7 |
165.2 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
160.8 |
107.4 |
118.0 |
108.3 |
85.6 |
|
Normalized Income After Taxes |
264.8 |
287.7 |
259.7 |
104.4 |
79.6 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
238.9 |
269.1 |
234.6 |
90.8 |
75.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.26 |
0.29 |
0.26 |
0.11 |
0.10 |
|
Diluted Normalized EPS |
0.26 |
0.29 |
0.26 |
0.11 |
0.10 |
|
Research and Development Expense(in SGA) |
- |
115.2 |
- |
- |
- |
|
Research&Development(SGA+COGS) |
- |
- |
128.6 |
132.9 |
146.6 |
|
Interest Expense |
85.5 |
98.0 |
82.6 |
80.3 |
92.1 |
|
BC - Depreciation of Fixed Assets |
330.3 |
- |
- |
- |
- |
|
Amort of Tangible Assets-Current Portion |
- |
376.4 |
- |
- |
- |
|
Depreciation |
- |
- |
384.6 |
380.6 |
404.3 |
|
BC - Depreciation of Goodwill |
2.2 |
- |
- |
- |
- |
|
Amortization of Goodwill - footnote |
- |
4.9 |
- |
- |
- |
|
Amort of Goodwill |
- |
- |
7.7 |
7.4 |
11.4 |
|
Income taxes-current |
106.9 |
88.4 |
- |
- |
- |
|
Current Tax - Total |
106.9 |
88.4 |
- |
- |
- |
|
Income taxes-deferred |
49.6 |
5.9 |
- |
- |
- |
|
Deferred Tax - Total |
49.6 |
5.9 |
- |
- |
- |
|
Income Tax - Total |
156.5 |
94.4 |
- |
- |
- |
|
Reported operating profit |
463.8 |
442.7 |
433.6 |
299.3 |
252.3 |
|
Reported ordinary profit |
423.5 |
390.1 |
369.9 |
205.3 |
151.2 |
|
Service cost |
- |
34.6 |
33.8 |
30.9 |
30.2 |
|
Interest cost |
- |
29.6 |
28.8 |
26.8 |
23.0 |
|
Expected return on plan asset |
- |
-32.9 |
-31.0 |
-26.1 |
-29.2 |
|
Pension exp. due to accunting change |
- |
- |
0.0 |
0.0 |
0.0 |
|
Actuarial gains&losses |
- |
47.0 |
41.1 |
50.1 |
26.8 |
|
Prior service cost |
- |
- |
0.0 |
0.0 |
0.0 |
|
Domestic Pension Plan Expense |
- |
78.4 |
72.7 |
81.5 |
50.9 |
|
Service Cost - Foreign |
- |
6.7 |
- |
- |
- |
|
Service cost |
- |
- |
7.2 |
9.6 |
24.2 |
|
Interest Cost - Foreign |
- |
55.9 |
- |
- |
- |
|
Interest cost |
- |
- |
56.0 |
52.7 |
61.6 |
|
Expected return on plan asset |
- |
-56.9 |
-52.7 |
-42.8 |
-65.0 |
|
Pension exp. due to accunting change |
- |
- |
0.4 |
0.3 |
1.0 |
|
Actuarial Gains and Losses - Foreign |
- |
9.8 |
- |
- |
- |
|
Actuarial gains&losses |
- |
- |
10.4 |
10.8 |
11.1 |
|
Prior Service Cost - Foreign |
- |
0.9 |
- |
- |
- |
|
Prior service cost |
- |
- |
0.9 |
0.8 |
1.2 |
|
Foreign Pension Plan Expense |
- |
16.3 |
22.2 |
31.5 |
34.2 |
|
Total Pension Expense |
- |
94.8 |
94.9 |
113.1 |
85.1 |
|
Discount Rate(MIN)-Retirement Cost(Domes |
- |
2.10% |
- |
- |
- |
|
Discount rate (domestic) |
- |
- |
2.20% |
2.20% |
2.20% |
|
Expected return on assets(MIN)-Retiremen |
- |
3.00% |
- |
- |
- |
|
Expected rate of return (domestic) |
- |
- |
3.00% |
3.00% |
3.00% |
|
Discount Rate(MIN)-Retirement Cost(Forei |
- |
4.00% |
- |
- |
- |
|
Discount rate (foreign) |
- |
- |
4.30% |
4.50% |
5.00% |
|
Expected Return on Assets(MIN)-Retiremen |
- |
3.30% |
- |
- |
- |
|
Expected rate of return (foreign) |
- |
- |
3.50% |
3.50% |
4.00% |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
94.088557 |
82.385362 |
82.88 |
93.44 |
98.77 |
|
Auditor |
|
Deloitte Touche
Tohmatsu LLC |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash and Deposit |
240.8 |
360.4 |
277.0 |
316.2 |
204.8 |
|
Notes and accounts receivable-trade |
1,947.3 |
2,107.2 |
2,236.9 |
1,948.3 |
1,504.6 |
|
Inventories - merchan.&finished goods |
799.1 |
865.4 |
800.0 |
766.6 |
803.1 |
|
Inventories - work-in-process |
85.5 |
105.5 |
105.1 |
98.7 |
174.5 |
|
Inventories - raw materials&supplies |
488.4 |
536.5 |
570.0 |
460.9 |
421.0 |
|
Prepaid Expenses |
- |
- |
- |
0.0 |
- |
|
Dfrd. Tax Asset |
89.9 |
101.4 |
118.2 |
78.2 |
67.4 |
|
Other Curr.Asset |
183.4 |
246.9 |
273.9 |
295.4 |
294.9 |
|
Doubtful Account |
-94.7 |
-90.9 |
-100.1 |
-92.8 |
-90.2 |
|
Total Current Assets |
3,739.6 |
4,232.3 |
4,280.9 |
3,871.6 |
3,380.2 |
|
|
|
|
|
|
|
|
Bldg.&Structure |
2,430.2 |
2,642.4 |
2,765.8 |
2,626.5 |
2,410.2 |
|
Accum Dep of Buildings And Structures |
-1,542.8 |
-1,659.6 |
-1,710.5 |
-1,579.0 |
-1,390.6 |
|
Machinery, equipment and vehicles |
3,939.0 |
4,279.6 |
4,511.0 |
4,203.4 |
3,979.6 |
|
Acc. Depre-Machine,Equip&Vehicle |
-3,302.3 |
-3,576.5 |
-3,720.2 |
-3,362.3 |
-3,096.4 |
|
Tools, furniture and fixtures |
564.4 |
609.7 |
658.4 |
624.2 |
614.4 |
|
Acc. Depre-Tool,Furniture&Fixture |
-484.1 |
-524.4 |
-565.0 |
-525.2 |
-502.9 |
|
Land |
567.5 |
628.0 |
660.3 |
640.3 |
579.1 |
|
Construction in progress |
103.0 |
62.8 |
62.2 |
73.3 |
83.9 |
|
Goodwill |
13.0 |
7.4 |
21.8 |
18.2 |
22.6 |
|
Other Intangible |
144.2 |
135.8 |
126.8 |
130.3 |
122.6 |
|
Investment Sec. |
389.7 |
121.6 |
127.8 |
325.4 |
327.8 |
|
Equity secs.-nonconsolidated affil. |
- |
250.6 |
234.3 |
- |
- |
|
Inv't partnership-nonconsol.affil. |
- |
10.5 |
10.4 |
- |
- |
|
Long-term loans receivable |
2.9 |
6.6 |
6.9 |
8.5 |
10.4 |
|
Deferred tax assets |
371.3 |
429.8 |
465.9 |
453.2 |
401.2 |
|
Other Assets |
474.9 |
554.2 |
560.5 |
523.7 |
541.3 |
|
Doubtful Account |
-45.2 |
-16.7 |
-6.0 |
-7.0 |
-6.9 |
|
Total Assets |
7,365.3 |
8,194.0 |
8,491.3 |
8,025.1 |
7,476.6 |
|
|
|
|
|
|
|
|
Notes and accounts payable-trade |
1,159.1 |
1,332.2 |
1,462.6 |
1,302.0 |
1,087.3 |
|
Short-term loans payable |
450.6 |
392.6 |
289.0 |
176.3 |
764.8 |
|
Current portion of long-term loans payab |
484.0 |
442.1 |
512.9 |
375.8 |
172.6 |
|
Commercial Paper |
74.4 |
133.5 |
0.0 |
2.1 |
105.2 |
|
Curr-Corp.Bond |
31.9 |
60.7 |
60.3 |
267.6 |
313.9 |
|
Curr-Lease Liab. |
7.3 |
8.4 |
9.1 |
2.8 |
1.9 |
|
Accounts payable-other |
370.6 |
465.6 |
- |
- |
- |
|
Income Tax Pybl. |
61.3 |
69.7 |
42.7 |
45.7 |
57.4 |
|
Accrued Expenses |
- |
- |
- |
0.0 |
- |
|
Dfrd. Tax Liabs. |
2.1 |
4.1 |
10.0 |
6.8 |
6.9 |
|
Bonus Allowance |
31.4 |
34.0 |
34.0 |
31.2 |
11.1 |
|
Provision for loss on disaster |
4.5 |
27.3 |
27.1 |
0.0 |
- |
|
Other Curr. Liab |
210.6 |
250.0 |
742.2 |
689.8 |
709.9 |
|
Total Current Liabilities |
2,887.6 |
3,220.2 |
3,189.9 |
2,900.1 |
3,231.0 |
|
|
|
|
|
|
|
|
Corporate Bond |
350.7 |
437.0 |
434.4 |
438.8 |
435.4 |
|
Long-term loans payable |
1,895.7 |
2,439.8 |
2,690.2 |
2,770.6 |
2,120.2 |
|
Lease Liab. |
60.1 |
73.1 |
78.1 |
7.8 |
5.5 |
|
Total Long Term Debt |
2,306.5 |
2,949.8 |
3,202.7 |
3,217.2 |
2,561.1 |
|
|
|
|
|
|
|
|
Dfrd. Tax Liabs. |
18.9 |
12.8 |
83.6 |
32.9 |
17.5 |
|
Res-Accr.Retire |
315.8 |
363.5 |
267.1 |
314.5 |
319.0 |
|
Reserve product warranty |
- |
- |
0.0 |
10.7 |
7.1 |
|
Asset retirement obligations |
8.3 |
11.3 |
12.3 |
3.3 |
- |
|
Other Liability |
119.9 |
125.2 |
162.6 |
231.9 |
238.2 |
|
Minor. Interest |
253.1 |
274.1 |
273.1 |
233.3 |
137.6 |
|
Total Liabilities |
5,910.1 |
6,957.0 |
7,191.3 |
6,943.8 |
6,511.4 |
|
|
|
|
|
|
|
|
Common Stock |
968.8 |
1,106.4 |
1,099.8 |
882.1 |
834.5 |
|
Total capital surpluses |
943.3 |
1,077.4 |
1,070.9 |
856.5 |
810.2 |
|
Total retained earnings |
727.4 |
655.0 |
476.3 |
290.4 |
289.0 |
|
Valuation difference on available-for-sa |
4.4 |
-5.1 |
-0.9 |
3.0 |
-5.1 |
|
Deferred hedge |
-8.9 |
-6.9 |
-3.5 |
-2.3 |
-1.1 |
|
Pension Liab.Adj |
-296.4 |
-295.8 |
-218.6 |
-235.8 |
-207.8 |
|
Translation Adj. |
-874.1 |
-1,285.9 |
-1,116.1 |
-705.5 |
-748.0 |
|
Treasury Stock |
-9.3 |
-8.0 |
-7.9 |
-6.9 |
-6.5 |
|
Total Equity |
1,455.2 |
1,237.0 |
1,300.0 |
1,081.3 |
965.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
7,365.3 |
8,194.0 |
8,491.3 |
8,025.1 |
7,476.6 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
916.0 |
917.5 |
917.5 |
791.1 |
791.1 |
|
Total Common Shares Outstanding |
916.0 |
917.5 |
917.5 |
791.1 |
791.1 |
|
T/S-Common Stock |
3.4 |
1.9 |
1.9 |
1.8 |
1.8 |
|
Full-Time Employees |
- |
20,455 |
21,572 |
22,583 |
23,613 |
|
Total Number of Shareholders |
- |
47,757 |
- |
- |
- |
|
Number of Common Shareholders |
- |
- |
47,783 |
37,600 |
37,055 |
|
Within One Year |
- |
60.7 |
- |
- |
- |
|
Division And End Of Current Period Remai |
- |
442.1 |
- |
- |
- |
|
Long Term Debt Maturing Within 1 Year |
- |
- |
573.2 |
643.4 |
486.5 |
|
Over One Year And Within Two Years |
- |
36.4 |
- |
- |
- |
|
Lns Pble Maturing over a Yr within 2 Yrs |
- |
563.6 |
- |
- |
- |
|
Long Term Debt Maturing Within 2 Year |
- |
- |
504.9 |
630.0 |
580.2 |
|
Over Two Years And Within Three Years |
- |
60.7 |
- |
- |
- |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
- |
410.1 |
- |
- |
- |
|
Long Term Debt Maturing Within 3 Year |
- |
- |
593.2 |
451.0 |
475.5 |
|
Over Three Years And Within Four Years |
- |
0.0 |
- |
- |
- |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
- |
662.5 |
- |
- |
- |
|
Long Term Debt Maturing Within 4 Year |
- |
- |
468.3 |
506.8 |
472.2 |
|
Over Four Years And Within Five Years |
- |
97.1 |
- |
- |
- |
|
Lns Pble Maturg over 4 Yrs within 5 Yrs |
- |
547.2 |
- |
- |
- |
|
Long Term Debt Maturing Within 5 Year |
- |
- |
667.3 |
415.8 |
477.4 |
|
Bond Redemption Remaining |
- |
242.8 |
- |
- |
- |
|
Loans Payable Remaining |
- |
256.3 |
- |
- |
- |
|
Long Term Debt Remaining Maturities |
- |
- |
890.8 |
1,205.8 |
550.3 |
|
Total Long Term Debt, Supplemental |
- |
3,379.6 |
3,697.7 |
3,852.8 |
3,042.1 |
|
Capital Lease Maturing within a Year |
- |
8.4 |
- |
- |
- |
|
Capital Lease Maturing Within 1 Year |
- |
- |
9.1 |
2.8 |
1.9 |
|
Cap Lease Maturg over a Yr within 2 Yrs |
- |
7.5 |
- |
- |
- |
|
Capital Lease Maturing Within 2 Year |
- |
- |
8.4 |
2.6 |
1.8 |
|
Cap Lease Maturg over 2 Yr within 3 Yrs |
- |
6.7 |
- |
- |
- |
|
Capital Lease Maturing Within 3 Year |
- |
- |
7.0 |
1.9 |
1.2 |
|
Cap Lease Maturg over 3 Yr within 4 Yrs |
- |
5.8 |
- |
- |
- |
|
Capital Lease Maturing Within 4 Year |
- |
- |
6.3 |
1.3 |
1.0 |
|
Cap Lease Maturg over 4 Yr within 5 Yrs |
- |
5.2 |
- |
- |
- |
|
Capital LeaseMaturing Within 5 Year |
- |
- |
5.5 |
1.0 |
0.9 |
|
Capital Lease Remaining Maturities |
- |
47.9 |
50.9 |
0.9 |
0.6 |
|
Total Capital Leases, Supplemental |
- |
81.5 |
87.2 |
10.6 |
7.4 |
|
Pension obligation |
- |
1,259.6 |
1,299.9 |
1,216.6 |
1,151.6 |
|
Fair value of plan asset |
- |
1,101.7 |
1,097.2 |
1,028.0 |
868.2 |
|
Funded status |
- |
-157.9 |
-202.6 |
-188.5 |
-283.3 |
|
Pension Obligation - Foreign |
- |
1,111.0 |
- |
- |
- |
|
Pension obligation foreign |
- |
- |
1,018.9 |
993.2 |
805.0 |
|
Plan Assets - Foreign |
- |
763.9 |
- |
- |
- |
|
Fair value of plan asset foreign |
- |
- |
773.6 |
702.6 |
503.5 |
|
Funded status foreign |
- |
-347.1 |
-245.3 |
-290.6 |
-301.4 |
|
Total Funded Status |
- |
-505.0 |
-447.9 |
-479.1 |
-584.8 |
|
Discount rate |
- |
2.10% |
2.20% |
2.20% |
2.20% |
|
Expected rate of return |
- |
3.00% |
3.00% |
3.00% |
3.00% |
|
Discount rate foreign |
- |
4.00% |
4.30% |
4.50% |
5.00% |
|
Expected rate of return foreign |
- |
3.30% |
3.50% |
3.50% |
4.00% |
|
Unrecognized actual gain/loss |
- |
322.1 |
367.7 |
335.4 |
443.7 |
|
Unrecognized prior service cost |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Prepaid pension benefit |
- |
180.3 |
186.5 |
170.6 |
177.7 |
|
Accrued pension benefit |
- |
-16.1 |
-21.5 |
-23.8 |
-17.4 |
|
Expense unrecog. for acct. change, f |
- |
- |
- |
5.5 |
2.3 |
|
Unrecognized actuarial gain/loss,f |
- |
439.6 |
320.7 |
338.3 |
303.7 |
|
Unrecog. prior service cost ,f |
- |
2.8 |
4.1 |
5.0 |
5.2 |
|
Recognition of pension debt |
- |
-442.4 |
-324.8 |
-348.8 |
-311.2 |
|
Prepaid Benefits - Foreign |
- |
0.3 |
- |
- |
- |
|
Prepaid pension benefit ,f |
- |
- |
0.3 |
0.2 |
0.1 |
|
Accrued pension benefit ,f |
- |
-347.4 |
-245.6 |
-290.8 |
-301.6 |
|
Net Assets Recognized on Balance Sheet |
- |
139.2 |
287.5 |
191.7 |
302.6 |
|
|
|
Annual Cash
Flows |
|
Financials in: USD
(mil) |
|
|
|
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
|
Deloitte Touche
Tohmatsu LLC |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Income Before Tax |
412.3 |
342.9 |
307.0 |
86.5 |
69.1 |
|
Depreciation |
330.3 |
376.4 |
384.6 |
380.6 |
404.3 |
|
Amort of Goodwill |
2.2 |
4.9 |
7.7 |
7.4 |
11.4 |
|
Increase (decrease) in allowance for dou |
30.6 |
-7.1 |
5.1 |
-4.6 |
-24.0 |
|
Increase (decrease) in provision for bon |
2.4 |
0.1 |
-0.4 |
19.5 |
-17.7 |
|
Int. and Div. Income |
-21.5 |
-27.5 |
-16.3 |
-18.2 |
-25.4 |
|
Equity in (earnings) losses of affiliate |
-28.3 |
-31.7 |
-23.3 |
-23.3 |
-18.2 |
|
Interest Expense |
85.5 |
98.0 |
82.6 |
80.3 |
92.1 |
|
G/L On Sale&Retire. Of Noncut Assets |
-0.7 |
28.0 |
61.1 |
24.7 |
36.3 |
|
Impairment Fixed Asset |
0.0 |
10.5 |
9.7 |
64.4 |
1.5 |
|
Loss (gain) on sales of stocks of subsid |
0.0 |
-37.8 |
-30.0 |
0.0 |
- |
|
Loss on withdrawal from business |
- |
- |
0.0 |
6.6 |
0.0 |
|
Loss on liquidation of affiliates |
- |
- |
0.0 |
2.6 |
0.0 |
|
Loss on adjust for changes of account |
- |
0.0 |
8.1 |
0.0 |
- |
|
Valuation investment secs G/L |
- |
- |
- |
0.0 |
10.0 |
|
G/L sale of inv't secs. |
- |
- |
- |
0.0 |
-9.4 |
|
Loss (gain) on transfer of business |
- |
0.0 |
-17.0 |
-7.9 |
0.0 |
|
Decrease (increase) in notes and account |
7.3 |
26.3 |
-156.5 |
-316.9 |
571.4 |
|
Decrease (increase) in inventories |
65.9 |
-110.6 |
-94.9 |
224.0 |
-81.9 |
|
Increase (decrease) in notes and account |
-93.4 |
-117.7 |
74.4 |
139.6 |
-479.6 |
|
Other, net |
-133.9 |
-10.1 |
-62.5 |
-88.8 |
-5.0 |
|
Int. and Div. Rcvd. |
28.6 |
29.2 |
14.0 |
18.9 |
22.1 |
|
Interest Paid |
-86.2 |
-100.8 |
-84.6 |
-82.0 |
-92.5 |
|
Taxes Paid |
-101.5 |
-77.6 |
-108.0 |
-88.8 |
-95.9 |
|
Unconsolidated Sub. |
- |
- |
- |
- |
-3.1 |
|
Cash from Operating Activities |
499.4 |
395.7 |
360.7 |
424.5 |
365.5 |
|
|
|
|
|
|
|
|
Time deposit made |
-1.3 |
-5.5 |
-0.9 |
0.0 |
-1.5 |
|
Withdrawn-Time Depo |
1.3 |
5.1 |
0.0 |
1.5 |
0.0 |
|
Purchase of property, plant and equipmen |
-274.9 |
-300.8 |
-232.6 |
-239.6 |
-422.6 |
|
Proceeds from sales of property, plant a |
35.0 |
19.3 |
10.9 |
24.1 |
26.9 |
|
Purch-Intang.Asset |
-45.7 |
-42.1 |
-10.1 |
-14.0 |
-14.9 |
|
Sale-Intang.Asset |
0.1 |
0.3 |
0.5 |
0.1 |
0.1 |
|
Sale subsidiaries' securities |
- |
- |
- |
- |
0.0 |
|
Purchase Of Investments In Subsidiaries |
-11.4 |
- |
- |
- |
- |
|
Sub's.Secs.Purch-Con |
- |
- |
- |
0.0 |
-7.1 |
|
Proceeds from sales of investments in su |
1.3 |
64.4 |
36.3 |
0.0 |
- |
|
Purchase of subsidiaries and affiliates |
-10.2 |
-4.7 |
-3.0 |
-0.9 |
-15.5 |
|
Proceeds from sale of subsidiaries and a |
0.0 |
1.0 |
1.3 |
70.2 |
3.1 |
|
Purch-Investment Sec |
-6.3 |
-1.7 |
-14.9 |
-21.7 |
-18.1 |
|
Sale/Redempt-Investment Sec |
0.5 |
1.3 |
1.3 |
3.4 |
44.8 |
|
Payments for transfer of business |
-12.4 |
-7.0 |
-14.2 |
-15.0 |
0.0 |
|
Proceeds from transfer of business |
- |
0.0 |
28.0 |
4.8 |
0.0 |
|
LT Loan Collected |
- |
- |
- |
- |
2.6 |
|
Proceeds from recollection of long-term |
38.5 |
50.5 |
51.2 |
50.3 |
51.7 |
|
Other, net |
-0.3 |
-2.8 |
2.4 |
2.5 |
-4.2 |
|
Cash from Investing Activities |
-285.9 |
-222.8 |
-144.0 |
-134.2 |
-354.9 |
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term lo |
103.5 |
150.5 |
106.4 |
-649.3 |
-97.0 |
|
Increase (decrease) in commercial papers |
-48.2 |
139.3 |
-2.3 |
-109.7 |
99.5 |
|
Proceeds from long-term loans payable |
409.0 |
451.1 |
149.3 |
1,130.7 |
579.1 |
|
Repayment of long-term loans payable |
-653.0 |
-767.9 |
-428.0 |
-410.1 |
-479.2 |
|
Issued-Corp.Bond |
0.0 |
63.3 |
0.0 |
247.5 |
29.9 |
|
Redemption of bonds |
-60.3 |
-63.3 |
-291.7 |
-333.5 |
0.0 |
|
Stocks issued |
- |
0.0 |
203.8 |
0.0 |
- |
|
Dividend Paid |
-55.2 |
-46.5 |
-39.9 |
-42.6 |
-63.0 |
|
Div.Paid to Minority |
-10.3 |
-10.2 |
-6.5 |
-3.0 |
-4.7 |
|
Net decrease (increase) in treasury stoc |
-2.6 |
0.0 |
-0.1 |
-0.1 |
-0.3 |
|
Other, net |
-3.8 |
-6.7 |
2.2 |
-1.9 |
0.0 |
|
Cash from Financing Activities |
-320.8 |
-90.5 |
-306.9 |
-172.0 |
64.3 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
22.2 |
2.6 |
12.4 |
-16.6 |
-5.6 |
|
Net Change in Cash |
-85.1 |
85.0 |
-77.8 |
101.7 |
69.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
356.7 |
289.8 |
344.8 |
216.2 |
130.6 |
|
Net Cash - Ending Balance |
271.5 |
374.8 |
267.1 |
317.9 |
200.0 |
|
Cash Interest Paid |
86.2 |
100.8 |
84.6 |
82.0 |
92.5 |
|
Cash Taxes Paid |
101.5 |
77.6 |
108.0 |
88.8 |
95.9 |
|
Financials in: USD (mil) |
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Except for share items (millions) and per
share items (actual units) |
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Financials in: USD (mil) |
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Except for share items (millions) and per
share items (actual units) |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.92 |
|
|
1 |
Rs.99.45 |
|
Euro |
1 |
Rs.83.92 |
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.