MIRA INFORM REPORT
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Report Date : |
26.10.2013 |
IDENTIFICATION DETAILS
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Name : |
ADVANTEST CORP |
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Registered Office : |
23F, |
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Country : |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
16.12.1946 |
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Legal Form : |
Public Parent |
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Line of Business : |
The Company operates in three business divisions. The Semiconductor and
Components Test System division manufactures and sells test systems for
semiconductor memory devices, and test systems for system-on-a-chip (SoC)
semiconductor devices. The Mechatronics-related Business division
manufactures and sells test handlers, device interfaces and
nanotechnology-related products. The Service and Others division provides
integrated customer solution, support and equipment leasing services |
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No. of Employees : |
4,575 |
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 : |
Slow but correct |
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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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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 |
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
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Source
: CIA |
Company
name and address
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Advantest Corp |
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Employees: |
4,575 |
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Company Type: |
Public Parent |
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Corporate Family: |
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Traded: |
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Incorporation Date: |
16-Dec-1946 |
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Auditor: |
Ernst & Young ShinNihon LLC |
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Fiscal Year End: |
31-Mar-2013 |
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Reporting
Currency: |
Japanese Yen |
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Annual Sales: |
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Net Income: |
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Total Assets: |
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Market Value: |
2,367.7 |
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(11-Oct-2013) |
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Business Description |
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ADVANTEST CORPORATION is a Japan-based
manufacture company. The Company operates in three business divisions. The
Semiconductor and Components Test System division manufactures and sells test
systems for semiconductor memory devices, and test systems for
system-on-a-chip (SoC) semiconductor devices. The Mechatronics-related
Business division manufactures and sells test handlers, device interfaces and
nanotechnology-related products. The Service and Others division provides integrated
customer solution, support and equipment leasing services. On October 2,
2012, the Company established a new subsidiary which provides testing
services. On April 1, 2013, as surviving company, it merged with a wholly
owned subsidiary namely Advantest Systems Corporation. In May 2013, it
completed acquisition of w2bi.com Inc through its US subsidiary, Advantest
America, Inc. For the three months ended 30 June 2013, Advantest Corp
revenues decreased 10% to Y30.09B. Net loss totaled Y3.64B vs. income of
Y423M. Revenues reflect Semiconductor and Component Test System segment
decrease of 18% to Y20.94B. Net loss reflects Semiconductor and Component
Test System segment loss totaling Y1.26B vs. income of Y3.35B, Mechatronics
System segment loss increase of 19% to Y1.37B. |
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Industry |
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Significant Developments |
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News |
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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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Advantest Corp 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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By achieving these goals Advantest can become a tough, nimble company with
strong bones and a good sense of balance. In order to get there, we must
reinforce our profitable business units and invigorate our new businesses.
Rather than merely reorganizing our business structure, we need to make a
dramatic change from being a technology-driven company to a customer-driven
company; from a technology-push mindset to a market-pull strategy. We recently completed our
acquisition of w2bi, a provider of system level test automation software
focusing on wireless communications. The acquisition will give new momentum
to our system level test business, which we aim to expand rapidly through a
combined effort of the whole Advantest Group. |
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In order to get there, we must reinforce our profitable business units
and invigorate our new businesses. Rather than merely reorganizing our
business structure, we need to make a dramatic change from being a
technology-driven company to a customer-driven company; from a
technology-push mindset to a market-pull strategy. We recently completed our acquisition of w2bi, a provider of system level
test automation software focusing on wireless communications. The acquisition
will give new momentum to our system level test business, which we aim to
expand rapidly through a combined effort of the whole Advantest Group. We
must take advantage of today's comparatively favorable business climate to
accelerate our progress towards achieving our ACT2014 goals by next year. |
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The new factory boasts a monthly production capacity of 80 test
handlers and 40 probe cards. In April 2013, Advantest reached an agreement to
acquire W2BI, a provider of system level test automation software focusing on
wireless communications. Based in New Jersey, W2BI will become a fully-owned
subsidiary of Advantest’s US subsidiary, Advantest America, Inc.
Advantest’s acquisition of W2BI aligns
with the company’s strategic, proactive expansion into new markets. In
October 2012, the company through its subsidiary Advantest America Inc.
opened an office in Princeton, New Jersey. The new facility incorporates
offices and a laboratory, which help the company to establish a presence the
heart of the pharmaceutical industry's most research-intensive corridor. |
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To this end, it designed effective strategies, which include
technological development of memory semiconductors and non-memory
semiconductors. Proactive development of products to address the front end
issues, active application of analog technology for measuring instruments,
offering semiconductor and component test systems and device interfaces with
high throughput, and developing device interfaces for performance
optimization of semiconductor and component test systems and test handlers
are the other strategies. Such an effective business
strategy places the company ahead of its competitors in the
market.Dependence on Limited CustomersThe company depends on a limited number
of customers for a substantial portion of its net sales, which makes it
vulnerable to associated market risks. The company’s financial performance
could fluctuate from quarter to quarter depending on the timing of its
customers’ purchases. The loss of any of its major customers could hamper
its business, as it depends on a relatively small number of customers for a
high percentage of its net sales. |
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Overview
Advantest manufactures and sells electronic measuring instruments,
automatic test equipment, and electronic beam lithography systems. Strong
geographic presence, product portfolio, effective business strategies are the
key strengths of the company over its peers. Though the company has risk
associated with competition and volatile market, its expansion initiatives, the
positive outlook for semiconductor markets and EMS ensures the company top
line.
Strengths
Advantest’s strong product portfolio ensures that the company is in a
position to withstand any market specific downturn. The company carries out the
production and supply of semiconductor and component test systems, electronic
measuring instruments and related automatic test equipment including test
handlers and device interfaces. The company classifies its business into three
reportable segments, namely, Semiconductor and Component Test System segment;
Mechatronics System segment; and Services, Support and others. It provides
electronic measuring instruments, automatic test equipment, and electron beam
lithography systems principally to semiconductor manufacturers, foundries, and
test houses. The company also conducts research and development and offers
maintenance and support services for its products. Wide product portfolio
enables the company to cater to the requirement of a wide group of industries.
The company has a huge geographical presence across the world. Since a
small number of large semiconductor manufacturers account for a significant
portion of the total sales in the industry, location of the offices and
subsidiaries becomes very crucial. The company operates through 29 subsidiaries
across the world. The majority of its sales offices are in the Asia, which is
the largest market for semiconductors. With offices and subsidiaries in Japan,
Taiwan, Korea, the People’s Republic of China, Singapore, the US and Germany,
the company continues to conduct collaborative development activities with
leading semiconductor manufacturers. Geographically, the company operates
across four regions, namely, Japan, Americas, Europe and Asia. For the year
ended March 2013, the company reported revenue of 67.1% from Asia (excluding
Japan), followed by America (15.5%), Japan (10.6%), and Europe (6.8%). The
geographical locations of the company are the major sources for business growth
and development and lead to top line growth.
The company focuses on developing advanced semiconductor and component
test systems, test handlers, device interfaces and integrated solutions,
through expansion. To this end, it designed effective strategies, which include
technological development of memory semiconductors and non-memory semiconductors.
Proactive development of products to address the front end issues, active
application of analog technology for measuring instruments, offering
semiconductor and component test systems and device interfaces with high
throughput, and developing device interfaces for performance optimization of
semiconductor and component test systems and test handlers are the other
strategies. Such an effective business strategy places the company ahead of its
competitors in the market.
Weaknesses
Dependence
on Limited Customers
The company depends on a limited number of customers for a substantial
portion of its net sales, which makes it vulnerable to associated market risks.
The company’s financial performance could fluctuate from quarter to quarter
depending on the timing of its customers’ purchases. The loss of any of its
major customers could hamper its business, as it depends on a relatively small
number of customers for a high percentage of its net sales. Its five largest
customers in fiscal 2013 accounted for about 37% of its total net sales. The
loss of any of its major customers could hamper its business, as it depends on
a relatively small number of customers for a high percentage of its net sales.
Advantest depends excessively on subcontractors to perform some of the
assembly requirements for its products. Suppliers also produce many of the
components used in the company’s semiconductor and component test systems and
mechatronics systems. Because of this reliance on subcontractors and suppliers,
it has less control over the manufacturing process and is exposed to
significant risks, including inadequate manufacturing capacity, substandard
quality, late delivery, lack of labor availability and high costs. Moreover, the
company depends on a limited number of suppliers for a portion of its
components and parts. If suppliers are unable to provide components or parts in
the required volumes at acceptable prices, it affects the company’s business.
The subcontractor selection process for identifying suitable replacement
components and parts is a lengthy process, which can affect the company’s
ability to meet customers’ requirements.
Opportunities
The global electronic manufacturing services (EMS) industry, in which
the company operates, has been growing rapidly and has good prospects.
According to analysts, the global market for EMS is projected to reach $671.7
billion by 2018. The market is likely to register growth due to strong demand
for computer applications, recovering demand for electronics assembly services
and a shift in manufacturing mix from original equipment manufacturers (OEMs)
to the outsourcing of manufacturing. The market was forecast to record value in
excess of $279.3 billion in 2016 at a CAGR of approximately 5% (2011-2016). The
demand for EMS is expected to be high in low-cost countries in Asia-Pacific,
Latin America and Eastern Europe. The Asia-Pacific EMS market constitutes the
largest and fastest growing market. The company could benefit from such
positive outlook for EMS.
Positive
Outlook for Semiconductor
Positive outlook for the semiconductor market could provide huge
opportunities to the company. According to The Semiconductor Industry
Association, worldwide semiconductor sales in 2012 reached $291.6 billion, the
industry’s third-highest yearly total ever; but, registered a decrease of
2.7% from the record total of $299.5 billion set in 2011. The semiconductor
market recorded strong demand in several segments in 2012. Logic was the
largest semiconductor category, reaching $81.7 billion in 2012, reflecting 3.7%
increase over that in 2011. MOS microprocessors ($60.2 billion) and memory ($57
billion) rounded out the top three segments, but both reported lower sales than
in 2011. Optoelectronics was the fastest growing market on a yearly basis,
which rose 13.4% in 2012 to $26.2 billion. USB flash drives, memory cards and
related products for the storage and transfer of data – grew at the
second-fastest rate of 4.1% to $25.4 billion in 2012. According to The World
Semiconductor Trade Statistics (WSTS), the world semiconductor market is
estimated to grow 4.5% to $303 billion in 2013. WSTS also anticipates the world
market to grow 5.2% to $319 billion in 2014, with healthy mid single digit
growth across most of the geographical regions and semiconductor product
categories, supported by healthier economy across the world.
Advantest continues to develop innovative products and solutions to meet
the growing needs of its customers. With a strong technology foundation and a
deep understanding of its clients, Advantest is well positioned to deliver
unparalleled value through innovative products and solutions. In July 2013, the
company launched new T5831 system for testing next-generation ICs used in
mobile applications, including NAND Flash with high-speed ONFi. In the same
month it also launched Advantest new V93000 mobile PMIC solution designed for
cost-efficient, massively parallel testing of PMICS and other SOC semiconductors.
In June 2013, Advantest introduced TFI 2.0, its newest test floor intelligence
software solution designed to improve the overall equipment effectiveness (OEE)
of production test operations by efficiently mining and analyzing the large
volume of data generated during semiconductor testing. In the same month, it
also launched new T2000 8GWGD instrument, incorporating an
8-giga-samples-per-second (Gsps) waveform generator and an 8 GHz digitizer into
a module for testing system-on-chip (SoC) devices used in mass-storage devices,
including hard disk drives (HDDs). The company developed a terahertz wave
spectroscopy and analysis platform that enables free layout of the area to be
measured, greatly expanding the applications of the technology. In November
2012, Advantest introduced a range of products including new T2000 3Gbps CMOS
image capture module for T2000 ISS semiconductor test platform; T2000 8-Gbps
digital module for high-speed testing of SoCs with serial, parallel or memory
interfaces; F7000 new EB (electron beam) lithography system; Mask DR-SEM E5610
mask defect review tool, Wafer MVM-SEM E3310 multi-vision metrology scanning
electron microscope; and T2000 Integrated Massive Parallel test solution (IMS).
In September 2012, the company launched Terahertz (THz) time-of-flight (TOF)
tomography analysis system utilizing short-pulse wide-band THz waves. In July
2012, Advantest introduced the new T2000 LJC16 16-channel, low-jitter-clock
module. In June 2012, the company launched CloudTesting Service (CTS), which
utilizes cloud computing technology to offer cutting-edge test technology for
semiconductor device R&D and design applications. It also launched T5811new
memory test system and T5511 high-speed DRAM test system.
The company implemented certain strategic expansion initiatives that are
aimed at enhancing its business operations and existing product line. This
could help the company maintain its competitive position in the industry. In
May 2013, the company established a new factory in Cheonan, South Korea, to
produce test handlers used in conjunction with testers in semiconductor
manufacturing. The new factory boasts a monthly production capacity of 80 test
handlers and 40 probe cards. In April 2013, Advantest reached an agreement to
acquire W2BI, a provider of system level test automation software focusing on
wireless communications. Based in New Jersey, W2BI will become a fully-owned
subsidiary of Advantest’s US subsidiary, Advantest America, Inc.
Advantest’s acquisition of W2BI aligns with the company’s strategic,
proactive expansion into new markets. In October 2012, the company through its
subsidiary Advantest America Inc. opened an office in Princeton, New Jersey.
The new facility incorporates offices and a laboratory, which help the company
to establish a presence the heart of the pharmaceutical industry's most
research-intensive corridor. In the same month, Advantest established a new
subsidiary Cloud Testing Service, Inc. to conduct sales of its CloudTesting
Service, which provides test solutions utilizing IT and cloud computing
technology. Through this new subsidiary, the company could create a framework
to provide CloudTesting service promptly and flexibly, at a highly competitive
price point. In July 2012, the company established its South Korean subsidiary,
Advantest Korea Co., Ltd.
Threats
The industry in which the company operates are characterized by high
competition. The list of strong competitors in the semiconductor test system
market include Teradyne, Inc., Yokogawa Electronic Corporation, LTX-Credence
Corporation, EXICON Ltd., FROM30 CO., LTD., and UniTest Inc. The list of strong
competitors in the mechatronics system market include Delta Design, Inc., Mirae
Corporation, Seiko Epson Corporation, TechWing Inc., Secron Co., Ltd and TSE
Co., Ltd. Since many of its competitors have a longer operating history,
greater brand recognition, established customer and supplier relationships and
greater financial resources, it could become difficult for the company to
compete with them.
Though Advantest manufactures its products in accordance with
internationally accepted quality control standards, product defects and related
damages could harm the company’s reputation among existing and potential
customers and could have an adverse effect on Advantest’s business results
and financial state. Since the semiconductor market is highly competitive, loss
of its reputation could lead to fall in revenue. This would be a matter of
concern to the company as addressing defects would only increase operating
costs.
Since the market in which Advantest operates is highly volatile,
concerns could be raised regarding issues which include restrained capital
spending due to an unpredictable balance of supply and demand in the
semiconductor market, sharp rise in raw material prices, exchange-rate risks,
and the accompanying downward pricing pressure. In order to maintain or expand
market share, the company must continue to enhance its business processes to
reduce the cost of its products, as well as introduce enhancements that lower
overall testing costs. Increasing competition could affect its profit margin
and revenue, while exerting price pressure which is expected to increase in
spite of volume growth. Moreover, increased competition in the market for
digital consumer products and PCs also leads to significant price pressure on
the company’s product lines. This increasing price pressure might affect the
company’s financial performance in the long run.
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Corporate Family |
Corporate Structure News: |
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Advantest Corp |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Chiyoda-Ku |
Japan |
Electromedical and Control Instruments Manufacturing |
1,601.8 |
4,575 |
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Subsidiary |
Singapore |
Singapore |
Machinery and Equipment Manufacturing |
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1,470 |
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Subsidiary |
Boblingen |
Germany |
Semiconductor and Other Electronic Component Manufacturing |
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400 |
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Subsidiary |
Shanghai |
China |
Semiconductor and Other Electronic Component Manufacturing |
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150 |
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Subsidiary |
Tokyo |
Japan |
Semiconductor and Other Electronic Component Manufacturing |
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50 |
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Subsidiary |
Cupertino, CA |
United States |
Semiconductor and Other Electronic Component Manufacturing |
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Subsidiary |
Cupertino, CA |
United States |
Electromedical and Control Instruments Manufacturing |
6.3 |
46 |
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Subsidiary |
Hsin-chu |
Taiwan |
Semiconductor and Other Electronic Component Manufacturing |
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Subsidiary |
London |
United Kingdom |
Computer System Design Services |
39.7 |
176 |
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Subsidiary |
München, Bayern |
Germany |
Semiconductor and Other Electronic Component Manufacturing |
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100 |
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Subsidiary |
Milan |
Italy |
Semiconductor and Other Electronic Component Manufacturing |
2.5 |
21 |
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Subsidiary |
Courtaboeuf, Cedex |
France |
Electromedical and Control Instruments Manufacturing |
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17 |
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Subsidiary |
Amerang |
Germany |
Semiconductor and Other Electronic Component Manufacturing |
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Subsidiary |
Sendai, Miyagi |
Japan |
Electromedical and Control Instruments Manufacturing |
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100 |
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Subsidiary |
Santa Clara, CA |
United States |
Semiconductor and Other Electronic Component Manufacturing |
252.0 |
93 |
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Branch |
Richardson, TX |
United States |
Semiconductor and Other Electronic Component Manufacturing |
24.2 |
25 |
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Branch |
Meridian, ID |
United States |
Semiconductor and Other Electronic Component Manufacturing |
9.7 |
24 |
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Subsidiary |
Santa Clara, CA |
United States |
Research and Development Services |
11.5 |
23 |
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Branch |
Poway, CA |
United States |
Semiconductor and Other Electronic Component Manufacturing |
4.0 |
8 |
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Branch |
New York, NY |
United States |
Semiconductor and Other Electronic Component Manufacturing |
3.6 |
8 |
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Branch |
Livonia, MI |
United States |
Semiconductor and Other Electronic Component Manufacturing |
4.1 |
7 |
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Branch |
Mundelein, IL |
United States |
Semiconductor and Other Electronic Component Manufacturing |
0.6 |
1 |
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Subsidiary |
Singapore |
Singapore |
Machinery Wholesale |
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68 |
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Subsidiary |
Hsin-chu, Hsein |
Taiwan |
Electromedical and Control Instruments Manufacturing |
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100 |
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Subsidiary |
Seoul |
Korea, Republic of |
Electromedical and Control Instruments Manufacturing |
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90 |
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Subsidiary |
Penang |
Malaysia |
Holding Companies |
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23 |
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Subsidiary |
Subang Jaya, Selangor Darul Ehsan |
Malaysia |
Electromedical and Control Instruments Manufacturing |
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22 |
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Subsidiary |
Suzhou |
China |
Electromedical and Control Instruments Manufacturing |
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20 |
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Subsidiary |
Muntinlupa |
Philippines |
Electromedical and Control Instruments Manufacturing |
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14 |
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Subsidiary |
Chonan, Chungchongnam-Do |
Korea, Republic of |
Machinery and Equipment Manufacturing |
76.9 |
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Advantest Korea Co., Ltd., Advantest Korea Co.,
Ltd._Seoul Office |
Branch |
Seoul, Seoul |
Korea, Republic of |
Metal Products Manufacturing |
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Subsidiary |
Kawasaki, Kanagawa |
Japan |
Semiconductor and Other Electronic Component Manufacturing |
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53 |
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Subsidiary |
Les Ulis |
France |
Semiconductor and Other Electronic Component Manufacturing |
10.8 |
34 |
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Subsidiary |
Kazo, Saitama |
Japan |
Printing |
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22 |
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Subsidiary |
Union, NJ |
United States |
Miscellaneous Wholesale |
13.3 |
5 |
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Subsidiary |
Sendai, Miyagi |
Japan |
Semiconductor and Other Electronic Component Manufacturing |
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Facility |
Sendai, Miyagi |
Japan |
Semiconductor and Other Electronic Component Manufacturing |
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Subsidiary |
Gunma |
Japan |
Semiconductor and Other Electronic Component Manufacturing |
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Subsidiary |
Tokyo |
Japan |
Commercial and Industrial Rental |
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Subsidiary |
Kitakyushu, Fukuoka |
Japan |
Professional and Commercial Equipment Wholesale |
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Subsidiary |
Kazo, Saitama |
Japan |
Facilities Management |
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Subsidiary |
Oura, Gunma |
Japan |
Computer Programming |
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Subsidiary |
Kazo, Saitama |
Japan |
Miscellaneous Professional Services |
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Facility |
Gunma |
Japan |
Electromedical and Control Instruments Manufacturing |
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Subsidiary |
Gunma |
Japan |
Semiconductor and Other Electronic Component Manufacturing |
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Subsidiary |
Bangkok |
Thailand |
Semiconductor and Other Electronic Component Manufacturing |
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Facility |
Gunma |
Japan |
Electromedical and Control Instruments Manufacturing |
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Advantest Corp
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Annual Income Statement
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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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31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
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Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young ShinNihon LLC |
Ernst & Young
LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
1,601.8 |
1,786.3 |
1,162.7 |
572.7 |
762.8 |
|
Revenue |
1,601.8 |
1,786.3 |
1,162.7 |
572.7 |
762.8 |
|
Total Revenue |
1,601.8 |
1,786.3 |
1,162.7 |
572.7 |
762.8 |
|
|
|
|
|
|
|
|
Cost of Revenue |
771.2 |
915.6 |
597.1 |
293.7 |
565.6 |
|
Cost of Revenue, Total |
771.2 |
915.6 |
597.1 |
293.7 |
565.6 |
|
Gross Profit |
830.7 |
870.7 |
565.6 |
279.0 |
197.2 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
431.2 |
476.3 |
247.0 |
211.7 |
316.2 |
|
Total Selling/General/Administrative Expenses |
431.2 |
476.3 |
247.0 |
211.7 |
316.2 |
|
Research & Development |
398.5 |
383.8 |
247.4 |
192.6 |
236.0 |
|
Restructuring Charge |
- |
- |
- |
0.0 |
137.2 |
|
Impairment-Assets Held for Sale |
4.8 |
28.5 |
6.0 |
3.4 |
34.9 |
|
Unusual Expense (Income) |
4.8 |
28.5 |
6.0 |
3.4 |
172.1 |
|
Total Operating Expense |
1,605.7 |
1,804.2 |
1,097.4 |
701.3 |
1,289.9 |
|
|
|
|
|
|
|
|
Operating Income |
-3.9 |
-17.9 |
65.3 |
-128.6 |
-527.1 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-1.6 |
-1.9 |
0.0 |
0.0 |
-0.1 |
|
Interest Expense, Net Non-Operating |
-1.6 |
-1.9 |
0.0 |
0.0 |
-0.1 |
|
Interest Income -
Non-Operating |
2.6 |
4.1 |
3.8 |
6.2 |
21.5 |
|
Interest/Investment Income - Non-Operating |
2.6 |
4.1 |
3.8 |
6.2 |
21.5 |
|
Interest Income (Expense) - Net Non-Operating Total |
1.0 |
2.2 |
3.8 |
6.2 |
21.4 |
|
Other Non-Operating Income (Expense) |
-12.7 |
-27.8 |
-4.3 |
15.6 |
-19.3 |
|
Other, Net |
-12.7 |
-27.8 |
-4.3 |
15.6 |
-19.3 |
|
Income Before Tax |
-15.6 |
-43.6 |
64.8 |
-106.8 |
-525.1 |
|
|
|
|
|
|
|
|
Total Income Tax |
30.0 |
-15.7 |
27.4 |
15.7 |
218.9 |
|
Income After Tax |
-45.6 |
-27.9 |
37.3 |
-122.5 |
-743.9 |
|
|
|
|
|
|
|
|
Equity In Affiliates |
-0.4 |
0.1 |
-0.4 |
-0.8 |
-1.5 |
|
Net Income Before Extraord Items |
-46.1 |
-27.8 |
36.9 |
-123.2 |
-745.4 |
|
Net Income |
-46.1 |
-27.8 |
36.9 |
-123.2 |
-745.4 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
-46.1 |
-27.8 |
36.9 |
-123.2 |
-745.4 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
-46.1 |
-27.8 |
36.9 |
-123.2 |
-745.4 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
173.5 |
173.3 |
175.5 |
178.7 |
178.7 |
|
Basic EPS Excl Extraord Items |
-0.27 |
-0.16 |
0.21 |
-0.69 |
-4.17 |
|
Basic/Primary EPS Incl Extraord Items |
-0.27 |
-0.16 |
0.21 |
-0.69 |
-4.17 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-46.1 |
-27.8 |
36.9 |
-123.2 |
-745.4 |
|
Diluted Weighted Average Shares |
173.5 |
173.3 |
175.5 |
178.7 |
178.7 |
|
Diluted EPS Excl Extraord Items |
-0.27 |
-0.16 |
0.21 |
-0.69 |
-4.17 |
|
Diluted EPS Incl Extraord Items |
-0.27 |
-0.16 |
0.21 |
-0.69 |
-4.17 |
|
Dividends per Share - Common Stock Primary Issue |
0.24 |
0.19 |
0.12 |
0.11 |
0.30 |
|
Gross Dividends - Common Stock |
41.9 |
32.9 |
20.2 |
19.2 |
53.4 |
|
Interest Expense, Supplemental |
1.6 |
1.9 |
0.0 |
0.0 |
0.1 |
|
Depreciation, Supplemental |
97.2 |
86.6 |
49.1 |
46.4 |
86.8 |
|
Total Special Items |
4.8 |
28.5 |
6.0 |
3.4 |
172.1 |
|
Normalized Income Before Tax |
-10.8 |
-15.0 |
70.8 |
-103.4 |
-352.9 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
1.7 |
10.0 |
2.5 |
1.2 |
60.3 |
|
Inc Tax Ex Impact of Sp Items |
31.7 |
-5.7 |
30.0 |
16.9 |
279.1 |
|
Normalized Income After Tax |
-42.5 |
-9.3 |
40.8 |
-120.3 |
-632.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-42.9 |
-9.2 |
40.4 |
-121.0 |
-633.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.25 |
-0.05 |
0.23 |
-0.68 |
-3.54 |
|
Diluted Normalized EPS |
-0.25 |
-0.05 |
0.23 |
-0.68 |
-3.54 |
|
Amort of Intangibles, Supplemental |
27.5 |
31.8 |
2.7 |
2.3 |
6.8 |
|
Rental Expenses |
21.7 |
19.8 |
13.1 |
13.2 |
16.1 |
|
Advertising Expense, Supplemental |
6.0 |
2.3 |
1.2 |
0.9 |
4.1 |
|
Research & Development Exp, Supplemental |
398.5 |
383.8 |
247.4 |
192.6 |
236.0 |
|
Reported Operating Profit |
1.0 |
10.6 |
71.3 |
-125.2 |
-492.2 |
|
Normalized EBIT |
1.0 |
10.6 |
71.3 |
-125.2 |
-355.0 |
|
Normalized EBITDA |
125.7 |
129.0 |
123.1 |
-76.5 |
-261.4 |
|
Current Tax - Domestic |
5.0 |
7.0 |
9.5 |
9.2 |
-2.8 |
|
Current Tax - Foreign |
15.0 |
23.3 |
13.5 |
8.8 |
23.6 |
|
Current Tax - Total |
19.9 |
30.3 |
23.0 |
18.0 |
20.8 |
|
Deferred Tax - Domestic |
-3.3 |
-19.2 |
3.9 |
-2.9 |
194.1 |
|
Deferred Tax - Foreign |
13.4 |
-26.9 |
0.6 |
0.6 |
4.0 |
|
Deferred Tax - Total |
10.1 |
-46.0 |
4.4 |
-2.3 |
198.1 |
|
Income Tax - Total |
30.0 |
-15.7 |
27.4 |
15.7 |
218.9 |
|
Interest Cost - Domestic |
8.3 |
9.5 |
8.4 |
8.0 |
7.0 |
|
Service Cost - Domestic |
17.9 |
17.2 |
15.9 |
14.1 |
14.1 |
|
Prior Service Cost - Domestic |
-2.0 |
-2.2 |
-2.1 |
-1.9 |
-2.1 |
|
Expected Return on Assets - Domestic |
-3.6 |
-5.1 |
-5.7 |
-3.0 |
-3.4 |
|
Actuarial Gains and Losses - Domestic |
9.5 |
6.5 |
5.7 |
6.0 |
2.8 |
|
Other Pension, Net - Domestic |
0.0 |
-5.1 |
- |
0.0 |
1.4 |
|
Domestic Pension Plan Expense |
30.1 |
20.7 |
22.3 |
23.2 |
19.8 |
|
Interest Cost - Foreign |
4.2 |
- |
- |
- |
- |
|
Service Cost - Foreign |
4.2 |
- |
- |
- |
- |
|
Prior Service Cost - Foreign |
0.0 |
- |
- |
- |
- |
|
Expected Return on Assets - Foreign |
-3.2 |
- |
- |
- |
- |
|
Actuarial Gains and Losses - Foreign |
2.9 |
- |
- |
- |
- |
|
Foreign Pension Plan Expense |
8.0 |
- |
- |
- |
- |
|
Total Pension Expense |
38.2 |
20.7 |
22.3 |
23.2 |
19.8 |
|
Discount Rate - Domestic |
1.80% |
2.20% |
2.20% |
2.30% |
2.10% |
|
Expected Rate of Return - Domestic |
1.50% |
2.00% |
2.50% |
1.50% |
1.50% |
|
Compensation Rate - Domestic |
3.00% |
3.00% |
3.00% |
3.00% |
3.00% |
|
Total Plan Interest Cost |
12.5 |
9.5 |
8.4 |
8.0 |
7.0 |
|
Total Plan Service Cost |
22.1 |
17.2 |
15.9 |
14.1 |
14.1 |
|
Total Plan Expected Return |
-6.8 |
-5.1 |
-5.7 |
-3.0 |
-3.4 |
|
Total Plan Other Expense |
0.0 |
-5.1 |
- |
0.0 |
1.4 |
|
|
|
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 |
Reclassified
Normal |
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
94.088557 |
82.385362 |
82.88 |
93.44 |
98.77 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
485.4 |
706.7 |
908.8 |
1,032.1 |
1,067.7 |
|
Cash and Short Term Investments |
485.4 |
706.7 |
908.8 |
1,032.1 |
1,067.7 |
|
Accounts Receivable -
Trade, Gross |
- |
- |
251.4 |
147.6 |
110.3 |
|
Provision for Doubtful
Accounts |
- |
- |
-1.8 |
-2.6 |
-5.9 |
|
Trade Accounts Receivable - Net |
286.5 |
292.8 |
249.6 |
145.0 |
104.4 |
|
Notes Receivable - Short Term |
- |
- |
24.4 |
25.5 |
1.1 |
|
Total Receivables, Net |
286.5 |
292.8 |
274.0 |
170.5 |
105.4 |
|
Inventories - Finished Goods |
68.9 |
101.0 |
68.5 |
63.8 |
43.6 |
|
Inventories - Work In Progress |
120.9 |
137.2 |
147.7 |
80.1 |
40.4 |
|
Inventories - Raw Materials |
148.6 |
124.0 |
67.2 |
33.6 |
14.6 |
|
Total Inventory |
338.5 |
362.2 |
283.5 |
177.5 |
98.6 |
|
Deferred Income Tax - Current Asset |
- |
- |
- |
- |
6.6 |
|
Other Current Assets |
88.4 |
79.2 |
188.8 |
158.3 |
314.3 |
|
Other Current Assets, Total |
88.4 |
79.2 |
188.8 |
158.3 |
320.9 |
|
Total Current Assets |
1,198.8 |
1,440.7 |
1,655.0 |
1,538.4 |
1,592.7 |
|
|
|
|
|
|
|
|
Buildings |
278.6 |
296.0 |
339.7 |
300.9 |
284.4 |
|
Land/Improvements |
154.7 |
170.4 |
194.7 |
172.9 |
163.8 |
|
Machinery/Equipment |
427.9 |
422.5 |
347.1 |
309.9 |
288.5 |
|
Construction in
Progress |
44.7 |
4.4 |
0.5 |
0.5 |
0.0 |
|
Property/Plant/Equipment - Gross |
905.9 |
893.3 |
882.0 |
784.2 |
736.7 |
|
Accumulated Depreciation |
-466.3 |
-478.1 |
-497.4 |
-432.3 |
-392.8 |
|
Property/Plant/Equipment - Net |
439.7 |
415.2 |
384.6 |
351.9 |
344.0 |
|
Goodwill, Net |
442.9 |
443.0 |
- |
- |
- |
|
Intangibles - Gross |
225.2 |
232.7 |
39.3 |
41.2 |
39.2 |
|
Accumulated Intangible Amortization |
-57.0 |
-41.0 |
-21.0 |
-25.7 |
-24.3 |
|
Intangibles, Net |
168.3 |
191.7 |
18.3 |
15.5 |
14.9 |
|
LT Investments - Other |
63.0 |
72.0 |
89.7 |
86.4 |
67.6 |
|
Long Term Investments |
63.0 |
72.0 |
89.7 |
86.4 |
67.6 |
|
Deferred Income Tax - Long Term Asset |
- |
- |
- |
- |
0.3 |
|
Other Long Term Assets |
84.3 |
98.4 |
27.9 |
26.9 |
26.3 |
|
Other Long Term Assets, Total |
84.3 |
98.4 |
27.9 |
26.9 |
26.6 |
|
Total Assets |
2,396.8 |
2,661.0 |
2,175.6 |
2,019.1 |
2,045.8 |
|
|
|
|
|
|
|
|
Accounts Payable |
110.3 |
190.1 |
141.5 |
122.3 |
48.3 |
|
Accrued Expenses |
84.1 |
146.5 |
109.6 |
82.4 |
89.6 |
|
Notes Payable/Short Term Debt |
0.0 |
303.5 |
0.0 |
0.0 |
0.0 |
|
Customer Advances |
34.0 |
27.0 |
- |
- |
- |
|
Income Taxes Payable |
15.3 |
7.3 |
- |
- |
- |
|
Other Payables |
- |
- |
- |
- |
64.9 |
|
Other Current Liabilities |
52.9 |
58.5 |
44.6 |
29.9 |
15.3 |
|
Other Current liabilities, Total |
102.1 |
92.8 |
44.6 |
29.9 |
80.1 |
|
Total Current Liabilities |
296.5 |
732.8 |
295.7 |
234.6 |
218.1 |
|
|
|
|
|
|
|
|
Long Term Debt |
265.7 |
0.0 |
- |
- |
- |
|
Total Long Term Debt |
265.7 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Debt |
265.7 |
303.5 |
0.0 |
0.0 |
0.0 |
|
|
|
|
|
|
|
|
Pension Benefits - Underfunded |
284.7 |
284.6 |
169.8 |
147.3 |
141.7 |
|
Other Long Term Liabilities |
48.8 |
46.8 |
43.5 |
29.3 |
29.5 |
|
Other Liabilities, Total |
333.5 |
331.4 |
213.2 |
176.6 |
171.2 |
|
Total Liabilities |
895.7 |
1,064.2 |
508.9 |
411.2 |
389.2 |
|
|
|
|
|
|
|
|
Common Stock |
344.0 |
392.8 |
390.5 |
346.4 |
327.7 |
|
Common Stock |
344.0 |
392.8 |
390.5 |
346.4 |
327.7 |
|
Additional Paid-In Capital |
454.9 |
513.2 |
490.2 |
433.0 |
408.2 |
|
Retained Earnings (Accumulated Deficit) |
1,813.5 |
2,173.7 |
2,208.1 |
1,943.6 |
1,972.7 |
|
Treasury Stock - Common |
-1,037.5 |
-1,208.9 |
-1,201.7 |
-956.0 |
-904.4 |
|
Other Comprehensive Income |
-73.6 |
-274.0 |
-220.4 |
-159.0 |
-147.7 |
|
Other Equity, Total |
-73.6 |
-274.0 |
-220.4 |
-159.0 |
-147.7 |
|
Total Equity |
1,501.1 |
1,596.8 |
1,666.7 |
1,607.9 |
1,656.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
2,396.8 |
2,661.0 |
2,175.6 |
2,019.1 |
2,045.8 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
173.8 |
173.3 |
173.3 |
178.7 |
178.7 |
|
Total Common Shares Outstanding |
173.8 |
173.3 |
173.3 |
178.7 |
178.7 |
|
Treasury Shares - Common Stock Primary Issue |
25.8 |
26.3 |
26.3 |
20.8 |
20.8 |
|
Employees |
4,575 |
4,464 |
3,163 |
3,151 |
3,187 |
|
Number of Common Shareholders |
45,903 |
49,572 |
48,467 |
46,608 |
47,442 |
|
Accumulated Intangible Amort, Suppl. |
57.0 |
41.0 |
21.0 |
25.7 |
24.3 |
|
Deferred Revenue - Current |
34.0 |
27.0 |
21.0 |
5.8 |
- |
|
Total Operating Leases, Supplemental |
- |
- |
12.5 |
13.8 |
16.0 |
|
Operating Lease Payments Due in Year 1 |
- |
- |
3.5 |
3.9 |
4.0 |
|
Operating Lease Payments Due in Year 2 |
- |
- |
2.5 |
2.3 |
3.1 |
|
Operating Lease Payments Due in Year 3 |
- |
- |
2.0 |
1.8 |
1.9 |
|
Operating Lease Payments Due in Year 4 |
- |
- |
1.5 |
1.4 |
1.3 |
|
Operating Lease Payments Due in Year 5 |
- |
- |
1.5 |
1.4 |
1.3 |
|
Operating Lease Pymts. Due in 2-3 Years |
- |
- |
4.5 |
4.1 |
5.1 |
|
Operating Lease Pymts. Due in 4-5 Years |
- |
- |
3.0 |
2.8 |
2.7 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
- |
- |
1.6 |
3.1 |
4.3 |
|
Pension Obligation - Domestic |
463.3 |
466.5 |
416.4 |
356.7 |
332.1 |
|
Plan Assets - Domestic |
246.7 |
242.7 |
244.7 |
207.9 |
189.2 |
|
Funded Status - Domestic |
-216.6 |
-223.8 |
-171.7 |
-148.8 |
-142.9 |
|
Accumulated Obligation - Domestic |
- |
- |
406.4 |
347.4 |
323.4 |
|
Total Funded Status |
-216.6 |
-223.8 |
-171.7 |
-148.8 |
-142.9 |
|
Discount Rate - Domestic |
1.80% |
2.20% |
2.20% |
2.20% |
2.30% |
|
Expected Rate of Return - Domestic |
1.50% |
2.00% |
- |
- |
- |
|
Compensation Rate - Domestic |
3.00% |
3.00% |
3.00% |
3.00% |
3.00% |
|
Other Assets, Net - Domestic |
7.3 |
- |
- |
- |
- |
|
Net Assets Recognized on Balance Sheet |
7.3 |
- |
- |
- |
- |
|
Equity % - Domestic |
- |
- |
- |
45.80% |
30.10% |
|
Debt Securities % - Domestic |
- |
- |
- |
29.40% |
30.90% |
|
Total Plan Obligations |
463.3 |
466.5 |
416.4 |
356.7 |
332.1 |
|
Total Plan Assets |
246.7 |
242.7 |
244.7 |
207.9 |
189.2 |
|
|
|
Annual Cash Flows |
|
Financials in:
USD (mil) |
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst & Young
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-46.1 |
-27.8 |
36.9 |
-123.2 |
-745.4 |
|
Depreciation |
97.2 |
86.6 |
49.1 |
46.4 |
86.8 |
|
Depreciation/Depletion |
97.2 |
86.6 |
49.1 |
46.4 |
86.8 |
|
Deferred Taxes |
8.4 |
-46.4 |
5.0 |
-1.6 |
201.1 |
|
Unusual Items |
4.8 |
28.5 |
6.0 |
3.4 |
223.3 |
|
Other Non-Cash Items |
-3.6 |
2.1 |
-10.2 |
1.5 |
-3.7 |
|
Non-Cash Items |
1.2 |
30.6 |
-4.2 |
4.9 |
219.6 |
|
Accounts Receivable |
-12.1 |
7.8 |
-89.2 |
-58.7 |
192.3 |
|
Inventories |
-6.8 |
58.4 |
-85.0 |
-74.7 |
177.3 |
|
Accounts Payable |
-78.0 |
11.4 |
8.8 |
10.7 |
-9.3 |
|
Accrued Expenses |
-44.4 |
12.8 |
44.5 |
-11.9 |
-48.7 |
|
Taxes Payable |
8.2 |
-8.3 |
- |
- |
- |
|
Other Liabilities |
7.4 |
-23.0 |
2.6 |
14.9 |
-16.0 |
|
Other Operating Cash Flow |
38.5 |
53.6 |
23.4 |
2.3 |
-34.3 |
|
Changes in Working Capital |
-87.4 |
112.8 |
-94.8 |
-117.4 |
261.4 |
|
Cash from Operating Activities |
-26.7 |
155.8 |
-8.1 |
-190.9 |
23.5 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-137.2 |
-75.1 |
-36.6 |
-30.1 |
-48.9 |
|
Purchase/Acquisition of Intangibles |
-5.3 |
-4.2 |
-3.8 |
-2.3 |
-6.4 |
|
Capital Expenditures |
-142.6 |
-79.3 |
-40.4 |
-32.4 |
-55.3 |
|
Acquisition of Business |
- |
-723.7 |
0.0 |
- |
- |
|
Sale of Business |
0.0 |
- |
- |
- |
- |
|
Sale of Fixed Assets |
3.8 |
136.9 |
0.1 |
-1.1 |
3.9 |
|
Sale/Maturity of Investment |
- |
- |
0.0 |
- |
0.4 |
|
Investment, Net |
0.0 |
190.1 |
-28.5 |
149.4 |
-260.8 |
|
Purchase of Investments |
- |
- |
- |
0.0 |
-9.1 |
|
Other Investing Cash Flow |
0.1 |
-1.0 |
0.8 |
0.6 |
-2.6 |
|
Other Investing Cash Flow Items, Total |
4.0 |
-397.8 |
-27.6 |
148.9 |
-268.2 |
|
Cash from Investing Activities |
-138.6 |
-477.1 |
-68.0 |
116.5 |
-323.5 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
307.9 |
-0.2 |
0.0 |
0.0 |
0.0 |
|
Financing Cash Flow Items |
307.9 |
-0.2 |
0.0 |
0.0 |
0.0 |
|
Cash Dividends Paid - Common |
-41.7 |
-21.9 |
-20.5 |
-19.3 |
-88.8 |
|
Total Cash Dividends Paid |
-41.7 |
-21.9 |
-20.5 |
-19.3 |
-88.8 |
|
Sale/Issuance of
Common |
- |
- |
- |
0.0 |
0.0 |
|
Repurchase/Retirement
of Common |
- |
- |
-119.8 |
0.0 |
-0.1 |
|
Common Stock, Net |
- |
- |
-119.8 |
0.0 |
0.0 |
|
Issuance (Retirement) of Stock, Net |
- |
- |
-119.8 |
0.0 |
0.0 |
|
Short Term Debt Issued |
- |
- |
0.0 |
- |
- |
|
Short Term Debt, Net |
-301.3 |
322.5 |
0.0 |
- |
- |
|
Long Term Debt
Reduction |
0.0 |
-175.2 |
0.0 |
- |
0.0 |
|
Long Term Debt, Net |
0.0 |
-175.2 |
0.0 |
- |
0.0 |
|
Issuance (Retirement) of Debt, Net |
-301.3 |
147.3 |
0.0 |
- |
0.0 |
|
Cash from Financing Activities |
-35.1 |
125.2 |
-140.4 |
-19.4 |
-88.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
49.1 |
-20.6 |
-30.0 |
-3.1 |
-28.0 |
|
Net Change in Cash |
-151.3 |
-216.6 |
-246.4 |
-97.0 |
-416.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
701.7 |
953.9 |
1,125.4 |
1,134.6 |
1,466.4 |
|
Net Cash - Ending Balance |
550.4 |
737.3 |
879.0 |
1,037.6 |
1,049.5 |
|
Cash Interest Paid |
1.0 |
1.9 |
0.0 |
0.1 |
0.1 |
|
Cash Taxes Paid |
18.3 |
41.4 |
16.5 |
11.7 |
53.9 |
|
|
|
|
|
|
|
|
|
|
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 |
Ernst &
Young ShinNihon LLC |
Ernst & Young
ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
1,601.8 |
1,786.3 |
1,162.7 |
572.7 |
762.8 |
|
Total Revenue |
1,601.8 |
1,786.3 |
1,162.7 |
572.7 |
762.8 |
|
|
|
|
|
|
|
|
Cost of Sales |
771.2 |
915.6 |
597.1 |
293.7 |
565.6 |
|
Research&Development |
398.5 |
383.8 |
247.4 |
192.6 |
236.0 |
|
Pkg Exp, Haulage Exp, Warehousing Exp |
18.9 |
- |
- |
- |
- |
|
Other Selling/General/Admin. Expense |
412.4 |
- |
- |
- |
- |
|
Selling&Gen.&Admin. |
- |
476.3 |
247.0 |
211.7 |
316.2 |
|
Structural Change & Impairment Loss |
- |
- |
- |
0.0 |
137.2 |
|
L on val. of LT inv't. secs. |
4.8 |
28.5 |
6.0 |
3.4 |
34.9 |
|
Total Operating Expense |
1,605.7 |
1,804.2 |
1,097.4 |
701.3 |
1,289.9 |
|
|
|
|
|
|
|
|
Int. and Div. Income |
2.6 |
4.1 |
3.8 |
6.2 |
21.5 |
|
Interest Expense |
-1.6 |
-1.9 |
0.0 |
0.0 |
-0.1 |
|
Others, Net |
-12.7 |
-27.8 |
-4.3 |
15.6 |
-19.3 |
|
Net Income Before Taxes |
-15.6 |
-43.6 |
64.8 |
-106.8 |
-525.1 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
30.0 |
-15.7 |
27.4 |
15.7 |
218.9 |
|
Net Income After Taxes |
-45.6 |
-27.9 |
37.3 |
-122.5 |
-743.9 |
|
|
|
|
|
|
|
|
Equity in affiliate |
-0.4 |
0.1 |
-0.4 |
-0.8 |
-1.5 |
|
Net Income Before Extra. Items |
-46.1 |
-27.8 |
36.9 |
-123.2 |
-745.4 |
|
Net Income |
-46.1 |
-27.8 |
36.9 |
-123.2 |
-745.4 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
-46.1 |
-27.8 |
36.9 |
-123.2 |
-745.4 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-46.1 |
-27.8 |
36.9 |
-123.2 |
-745.4 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
173.5 |
173.3 |
175.5 |
178.7 |
178.7 |
|
Basic EPS Excluding ExtraOrdinary Items |
-0.27 |
-0.16 |
0.21 |
-0.69 |
-4.17 |
|
Basic EPS Including ExtraOrdinary Items |
-0.27 |
-0.16 |
0.21 |
-0.69 |
-4.17 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
-46.1 |
-27.8 |
36.9 |
-123.2 |
-745.4 |
|
Diluted Weighted Average Shares |
173.5 |
173.3 |
175.5 |
178.7 |
178.7 |
|
Diluted EPS Excluding ExtraOrd Items |
-0.27 |
-0.16 |
0.21 |
-0.69 |
-4.17 |
|
Diluted EPS Including ExtraOrd Items |
-0.27 |
-0.16 |
0.21 |
-0.69 |
-4.17 |
|
DPS-Ordinary Shares |
0.24 |
0.19 |
0.12 |
0.11 |
0.30 |
|
Gross Dividends - Common Stock |
41.9 |
32.9 |
20.2 |
19.2 |
53.4 |
|
Normalized Income Before Taxes |
-10.8 |
-15.0 |
70.8 |
-103.4 |
-352.9 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
31.7 |
-5.7 |
30.0 |
16.9 |
279.1 |
|
Normalized Income After Taxes |
-42.5 |
-9.3 |
40.8 |
-120.3 |
-632.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-42.9 |
-9.2 |
40.4 |
-121.0 |
-633.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-0.25 |
-0.05 |
0.23 |
-0.68 |
-3.54 |
|
Diluted Normalized EPS |
-0.25 |
-0.05 |
0.23 |
-0.68 |
-3.54 |
|
Research & Development Exp |
398.5 |
383.8 |
247.4 |
192.6 |
236.0 |
|
Advertising expense |
6.0 |
2.3 |
- |
- |
- |
|
Advertisement Expenses |
- |
- |
1.2 |
0.9 |
4.1 |
|
Interest Expense |
1.6 |
1.9 |
0.0 |
0.0 |
0.1 |
|
BC - Depreciation of Intangible Assets |
27.5 |
- |
- |
- |
- |
|
Amort of Intang Assets Current Portion |
- |
31.8 |
- |
- |
- |
|
Amort of Intangibles |
- |
- |
2.7 |
2.3 |
6.8 |
|
Rental Expense |
21.7 |
19.8 |
- |
- |
- |
|
Rental Expense |
- |
- |
13.1 |
13.2 |
16.1 |
|
BC - Depreciation of Fixed Assets |
97.2 |
- |
- |
- |
- |
|
Amort of Tangible Assets-Current Portion |
- |
86.6 |
- |
- |
- |
|
Depreciation |
- |
- |
49.1 |
46.4 |
86.8 |
|
Current Tax |
5.0 |
7.0 |
9.5 |
9.2 |
-2.8 |
|
Foreign Tax |
15.0 |
23.3 |
13.5 |
8.8 |
23.6 |
|
Current Tax - Total |
19.9 |
30.3 |
23.0 |
18.0 |
20.8 |
|
Deferred Tax |
-3.3 |
-19.2 |
3.9 |
-2.9 |
194.1 |
|
Foreign Tax |
13.4 |
-26.9 |
0.6 |
0.6 |
4.0 |
|
Deferred Tax - Total |
10.1 |
-46.0 |
4.4 |
-2.3 |
198.1 |
|
Income Tax - Total |
30.0 |
-15.7 |
27.4 |
15.7 |
218.9 |
|
Reported operating profit |
1.0 |
10.6 |
71.3 |
-125.2 |
-492.2 |
|
Service Cost - Domestic |
17.9 |
- |
- |
- |
- |
|
Service Cost |
- |
17.2 |
15.9 |
14.1 |
14.1 |
|
Interest Cost - Domestic |
8.3 |
- |
- |
- |
- |
|
Interest Cost |
- |
9.5 |
8.4 |
8.0 |
7.0 |
|
Expected Return on Assets - Domestic |
-3.6 |
- |
- |
- |
- |
|
Expected Return on Plan Assets |
- |
-5.1 |
-5.7 |
-3.0 |
-3.4 |
|
Retirement Benefit Expenses Pension Actu |
- |
6.5 |
- |
- |
- |
|
Actuarial Gains and Losses - Domestic |
9.5 |
- |
- |
- |
- |
|
Amort. of Actuarial Gains and Losses |
- |
- |
5.7 |
6.0 |
2.8 |
|
Prior Service Cost - Domestic |
-2.0 |
- |
- |
- |
- |
|
Amort. of Prior Service Cost |
- |
-2.2 |
-2.1 |
-1.9 |
-2.1 |
|
Retirement Benefit Expenses Plural Busin |
- |
-5.1 |
- |
- |
- |
|
Retirement Benefit Expenses Other |
0.0 |
- |
- |
- |
- |
|
Other Pension Cost |
- |
- |
- |
0.0 |
1.4 |
|
Domestic Pension Plan Expense |
30.1 |
20.7 |
22.3 |
23.2 |
19.8 |
|
Interest Cost - Foreign |
4.2 |
- |
- |
- |
- |
|
Service Cost - Foreign |
4.2 |
- |
- |
- |
- |
|
Prior Service Cost - Foreign |
0.0 |
- |
- |
- |
- |
|
Expected Return on Assets - Foreign |
-3.2 |
- |
- |
- |
- |
|
Actuarial Gains and Losses - Foreign |
2.9 |
- |
- |
- |
- |
|
Foreign Pension Plan Expense |
8.0 |
- |
- |
- |
- |
|
Total Pension Expense |
38.2 |
20.7 |
22.3 |
23.2 |
19.8 |
|
Discount Rate |
1.80% |
2.20% |
2.20% |
2.30% |
2.10% |
|
Expected Rate of Return |
1.50% |
2.00% |
2.50% |
1.50% |
1.50% |
|
Compensation rate |
3.00% |
3.00% |
3.00% |
3.00% |
3.00% |
|
|
|
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 |
Reclassified Normal
|
Updated Normal |
Reclassified
Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
94.088557 |
82.385362 |
82.88 |
93.44 |
98.77 |
|
Auditor |
Ernst & Young
ShinNihon LLC |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash&Equivalents |
485.4 |
706.7 |
908.8 |
1,032.1 |
1,067.7 |
|
Current Investment |
- |
- |
152.6 |
112.4 |
254.3 |
|
Note Receivable |
- |
- |
24.4 |
25.5 |
1.1 |
|
Account Receivable |
- |
- |
251.4 |
147.6 |
110.3 |
|
Deferred Taxes |
- |
- |
- |
- |
6.6 |
|
Other Current |
88.4 |
79.2 |
36.1 |
45.9 |
60.1 |
|
Doubtful Account |
- |
- |
-1.8 |
-2.6 |
-5.9 |
|
Finished Goods |
68.9 |
101.0 |
68.5 |
63.8 |
43.6 |
|
Work in Prog. |
120.9 |
137.2 |
147.7 |
80.1 |
40.4 |
|
Raw Materials&Supplies |
148.6 |
124.0 |
67.2 |
33.6 |
14.6 |
|
Accounts Receivable After Deduction Of P |
286.5 |
292.8 |
- |
- |
- |
|
Total Current Assets |
1,198.8 |
1,440.7 |
1,655.0 |
1,538.4 |
1,592.7 |
|
|
|
|
|
|
|
|
Investment Secs. |
63.0 |
72.0 |
89.7 |
86.4 |
67.6 |
|
Depreciation |
-466.3 |
-478.1 |
-497.4 |
-432.3 |
-392.8 |
|
Deferred Taxes |
- |
- |
- |
- |
0.3 |
|
Goodwill |
442.9 |
443.0 |
- |
- |
- |
|
Intangibles, Gross |
225.2 |
232.7 |
- |
- |
- |
|
Intangibles, Gross |
- |
- |
39.3 |
41.2 |
39.2 |
|
Accumulative Amort of Intangible Assets |
-57.0 |
-41.0 |
- |
- |
- |
|
Accumulated Intangible Amortization |
- |
- |
-21.0 |
-25.7 |
-24.3 |
|
Other Assets |
84.3 |
98.4 |
27.9 |
26.9 |
26.3 |
|
Land(1) |
154.7 |
170.4 |
- |
- |
- |
|
Land |
- |
- |
194.7 |
172.9 |
163.8 |
|
Buildings - Gross |
278.6 |
296.0 |
- |
- |
- |
|
Buildings |
- |
- |
339.7 |
300.9 |
284.4 |
|
Machinery and Equipment - Gross |
255.8 |
250.0 |
- |
- |
- |
|
Tools, Furniture and Fixtures - Gross |
172.1 |
172.6 |
- |
- |
- |
|
Machinery&Equip. |
- |
- |
176.6 |
152.2 |
136.2 |
|
Tool and Fixture |
- |
- |
170.5 |
157.7 |
152.3 |
|
Construction in Progress |
44.7 |
4.4 |
- |
- |
- |
|
Constr. in Prog. |
- |
- |
0.5 |
0.5 |
0.0 |
|
Total Assets |
2,396.8 |
2,661.0 |
2,175.6 |
2,019.1 |
2,045.8 |
|
|
|
|
|
|
|
|
Accounts Payable |
110.3 |
190.1 |
141.5 |
122.3 |
48.3 |
|
Income Taxes Payable |
15.3 |
7.3 |
- |
- |
- |
|
Other accounts payable |
- |
- |
- |
- |
64.9 |
|
Accrued Expenses |
- |
- |
88.4 |
52.4 |
61.2 |
|
Accrued Warranty |
84.1 |
146.5 |
21.2 |
30.0 |
28.5 |
|
Advances Received |
34.0 |
27.0 |
- |
- |
- |
|
Advanced received |
20.1 |
25.8 |
21.0 |
5.8 |
- |
|
Other Liabs. |
32.8 |
32.6 |
23.6 |
24.1 |
15.3 |
|
Short-term loans payable |
0.0 |
303.5 |
- |
- |
- |
|
Total Current Liabilities |
296.5 |
732.8 |
295.7 |
234.6 |
218.1 |
|
|
|
|
|
|
|
|
Bonds Payable |
265.7 |
0.0 |
- |
- |
- |
|
Total Long Term Debt |
265.7 |
0.0 |
- |
- |
- |
|
|
|
|
|
|
|
|
Accrued Pension & Retirement |
284.7 |
284.6 |
169.8 |
147.3 |
- |
|
Accrued Pension |
- |
- |
- |
- |
141.7 |
|
Other Liabs. |
48.8 |
46.8 |
43.5 |
29.3 |
29.5 |
|
Total Liabilities |
895.7 |
1,064.2 |
508.9 |
411.2 |
389.2 |
|
|
|
|
|
|
|
|
Common Stock |
344.0 |
392.8 |
390.5 |
346.4 |
327.7 |
|
Paid-in Capital |
454.9 |
513.2 |
490.2 |
433.0 |
408.2 |
|
Retained Earning |
1,813.5 |
2,173.7 |
2,208.1 |
1,943.6 |
1,972.7 |
|
Other Income |
-73.6 |
-274.0 |
-220.4 |
-159.0 |
-147.7 |
|
Treasury Stock |
-1,037.5 |
-1,208.9 |
-1,201.7 |
-956.0 |
-904.4 |
|
Total Equity |
1,501.1 |
1,596.8 |
1,666.7 |
1,607.9 |
1,656.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
2,396.8 |
2,661.0 |
2,175.6 |
2,019.1 |
2,045.8 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
173.8 |
173.3 |
173.3 |
178.7 |
178.7 |
|
Total Common Shares Outstanding |
173.8 |
173.3 |
173.3 |
178.7 |
178.7 |
|
T/S-Ordinary Shares |
25.8 |
26.3 |
26.3 |
20.8 |
20.8 |
|
Advances Received |
34.0 |
27.0 |
- |
- |
- |
|
Advanced received |
- |
- |
21.0 |
5.8 |
- |
|
Accumulative Amort of Intangible Assets |
57.0 |
41.0 |
- |
- |
- |
|
Accumulated Intangible Amortization |
- |
- |
21.0 |
25.7 |
24.3 |
|
Full-Time Employees |
4,575 |
4,464 |
3,163 |
3,151 |
3,187 |
|
Total Number of Shareholders |
45,903 |
49,572 |
- |
- |
- |
|
Number of Common Shareholders |
- |
- |
48,467 |
46,608 |
47,442 |
|
Operating Lease Maturing within 1 Year |
- |
- |
3.5 |
3.9 |
4.0 |
|
Operating Lease Maturing within 2 Year |
- |
- |
2.5 |
2.3 |
3.1 |
|
Operating Lease Maturing within 3 Year |
- |
- |
2.0 |
1.8 |
1.9 |
|
Operating Lease Maturing within 4 Year |
- |
- |
1.5 |
1.4 |
1.3 |
|
Operating Lease Maturing within 5 Year |
- |
- |
1.5 |
1.4 |
1.3 |
|
Operating Lease Maturing More Than 1 Yr. |
- |
- |
1.6 |
3.1 |
4.3 |
|
Total Operating Leases, Supplemental |
- |
- |
12.5 |
13.8 |
16.0 |
|
Pension Obligation - Domestic |
- |
466.5 |
- |
- |
- |
|
Pension Obligation |
463.3 |
- |
416.4 |
356.7 |
332.1 |
|
Plan Assets - Domestic |
- |
242.7 |
- |
- |
- |
|
Fair Value of Plan Assets |
246.7 |
- |
244.7 |
207.9 |
189.2 |
|
Accumulated Benefit Obligation |
- |
- |
406.4 |
347.4 |
323.4 |
|
Funded Status - Domestic |
-216.6 |
-223.8 |
- |
- |
- |
|
Funded Status |
- |
- |
-171.7 |
-148.8 |
-142.9 |
|
Total Funded Status |
-216.6 |
-223.8 |
-171.7 |
-148.8 |
-142.9 |
|
Expected Return Rate |
1.50% |
2.00% |
- |
- |
- |
|
Discount Rate |
1.80% |
2.20% |
2.20% |
2.20% |
2.30% |
|
Assumed Wage increase Rate (MAX)-Retirem |
3.00% |
3.00% |
- |
- |
- |
|
Compensation rate |
- |
- |
3.00% |
3.00% |
3.00% |
|
Retirement Benefit Expenses Interest Cos |
7.3 |
- |
- |
- |
- |
|
Retirement Benefit Expenses Other |
0.0 |
- |
- |
- |
- |
|
Net Assets Recognized on Balance Sheet |
7.3 |
- |
- |
- |
- |
|
Equity Securities |
- |
- |
- |
45.80% |
30.10% |
|
Debt Securities |
- |
- |
- |
29.40% |
30.90% |
|
Cash |
- |
- |
- |
2.00% |
7.90% |
|
Life Insurance |
- |
- |
- |
10.30% |
13.80% |
|
Other |
- |
- |
- |
12.50% |
17.30% |
|
|
|
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 |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young ShinNihon LLC |
Ernst & Young
LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
-46.1 |
-27.8 |
36.9 |
-123.2 |
-745.4 |
|
Depreciation |
97.2 |
86.6 |
49.1 |
46.4 |
86.8 |
|
Deferred Taxes |
8.4 |
-46.4 |
5.0 |
-1.6 |
201.1 |
|
Stock Opetion Reward |
- |
- |
1.9 |
1.5 |
2.5 |
|
Structural Change & Impairment Loss |
- |
- |
- |
0.0 |
188.4 |
|
L on val. of LT inv't. secs. |
4.8 |
28.5 |
6.0 |
3.4 |
34.9 |
|
Accounts Receivable |
-12.1 |
7.8 |
-89.2 |
-58.7 |
192.3 |
|
Inventories |
-6.8 |
58.4 |
-85.0 |
-74.7 |
177.3 |
|
Accounts Payable |
-78.0 |
11.4 |
13.4 |
70.2 |
-68.5 |
|
Other payables |
- |
- |
-4.6 |
-59.5 |
59.2 |
|
Decrease Increase In Corporation Tax Pay |
8.2 |
-8.3 |
- |
- |
- |
|
Accrued Expenses |
-54.6 |
0.5 |
29.6 |
-12.1 |
-48.7 |
|
Allowance for Warranty |
-3.6 |
2.1 |
-12.1 |
-0.1 |
-6.1 |
|
Stock Option Based Compensation Expenses |
10.4 |
7.4 |
- |
- |
- |
|
Other |
28.2 |
46.2 |
- |
- |
- |
|
Inc (Dec) advances received |
7.4 |
-23.0 |
- |
- |
- |
|
Advanced received |
10.1 |
12.3 |
14.9 |
0.3 |
- |
|
Accr. Pension & Retirement |
- |
- |
2.6 |
14.9 |
-16.0 |
|
Others Paid/Rcvd. |
- |
- |
23.4 |
2.3 |
-34.3 |
|
Cash from Operating Activities |
-26.7 |
155.8 |
-8.1 |
-190.9 |
23.5 |
|
|
|
|
|
|
|
|
Purchase Of Subsidiaries Excluding Cash |
0.0 |
- |
- |
- |
- |
|
Inc/Dec in equity investments(1) |
0.0 |
7.9 |
- |
- |
- |
|
ST invest., net |
0.0 |
182.2 |
-28.5 |
149.4 |
-260.8 |
|
Sale Non-mark. Secs. |
- |
- |
0.0 |
- |
0.4 |
|
Purchase Of Subsidiaries Excluding Cash |
- |
-723.7 |
- |
- |
- |
|
Acquisition |
- |
- |
0.0 |
- |
- |
|
Purchase marketable secs |
3.5 |
135.7 |
0.0 |
-4.2 |
0.0 |
|
Purch. Non-mark. Sec |
- |
- |
- |
0.0 |
-9.1 |
|
Inc in equity investments |
- |
- |
- |
- |
0.0 |
|
Inc/Dec in equity investments |
- |
- |
0.0 |
- |
- |
|
Sale of Fixed Assets |
0.4 |
1.1 |
0.1 |
3.1 |
3.9 |
|
Capital Expenditures |
-137.2 |
-75.1 |
-36.6 |
-30.1 |
-48.9 |
|
Purch-Intang.Asset |
-5.3 |
-4.2 |
-3.8 |
-2.3 |
-6.4 |
|
Other Inv. Activity |
0.1 |
-1.0 |
0.8 |
0.6 |
-2.6 |
|
Cash from Investing Activities |
-138.6 |
-477.1 |
-68.0 |
116.5 |
-323.5 |
|
|
|
|
|
|
|
|
Short-term Loans Payable, Net |
-301.3 |
322.5 |
- |
- |
- |
|
Incr. ST Bank Loans |
- |
- |
0.0 |
- |
- |
|
Redemption Of Convertible Bonds |
0.0 |
-175.2 |
- |
- |
- |
|
Bond Payments |
- |
- |
0.0 |
- |
0.0 |
|
Sale of Treasury |
- |
- |
- |
0.0 |
0.0 |
|
Acquis. of Treasury |
- |
- |
-119.8 |
0.0 |
-0.1 |
|
Dividends Paid |
-41.7 |
-21.9 |
-20.5 |
-19.3 |
-88.8 |
|
Cost of Issuance of Bonds |
301.3 |
0.0 |
- |
- |
- |
|
Other Finan.Activity |
6.6 |
-0.2 |
0.0 |
0.0 |
0.0 |
|
Cash from Financing Activities |
-35.1 |
125.2 |
-140.4 |
-19.4 |
-88.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
49.1 |
-20.6 |
-30.0 |
-3.1 |
-28.0 |
|
Net Change in Cash |
-151.3 |
-216.6 |
-246.4 |
-97.0 |
-416.9 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
701.7 |
953.9 |
1,125.4 |
1,134.6 |
1,466.4 |
|
Net Cash - Ending Balance |
550.4 |
737.3 |
879.0 |
1,037.6 |
1,049.5 |
|
Cash Interest Paid |
1.0 |
1.9 |
0.0 |
0.1 |
0.1 |
|
Cash Taxes Paid |
18.3 |
41.4 |
16.5 |
11.7 |
53.9 |
|
|
|
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.61.63 |
|
|
1 |
Rs.99.94 |
|
Euro |
1 |
Rs.85.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.