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Report Date : |
29.10.2013 |
IDENTIFICATION DETAILS
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Name : |
OBAYASHI CORP |
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Registered Office : |
Shinagawa Intercity Tower B, 2-15-2 Minato-ku, JP 108-8502 |
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Country : |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
19.12.1936 |
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Legal Form : |
Public Parent |
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Line of Business : |
Subject is engaged in construction business |
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No. of Employees : |
12,838 |
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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Maximum Credit Limits : |
USD 204.45 Million |
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Status : |
Good |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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
Source
: CIA
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OBAYASHI CORP |
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OBAYASHI CORPORATION is primarily engaged in construction
business. It operates in three business segments. The Construction segment is
involved in the order receiving and construction of building works in |
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
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US SIC 1987: |
1542 - General Contractors-Nonresidential Buildings, Other than Industrial Buildings and Warehouses |
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Key IDSM Number: 91309
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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Overview
Obayashi is a Japan-based construction company that operates in the area of building construction, civil engineering and real estate. The company leverages its diverse projects and services portfolio, geographic landscape and research and development activities to advance its business growth objectives. However, competitive environment, shrinking supply of skilled craft professional and cost overuns could have an adverse on its financials in the long run.
Strengths
Sturdy Research and Development
The company leverages on its focused research and
development initiatives to get support in its projects and to stay ahead of its
competitors. Obayashi conducts its research and development and technical
service activities at Obayashi’s Technical Research Institute. The company is
involved in high-level of research and development and pursued technical
development aimed to meet the client needs. The institute has a Super Energy
conservation building, which is one of the first seismically isolated office
building constructed in
Diverse Project and Services Portfolio
Obayashi leverages on its diversified project base which not
only provides it the access to a large customer base but also provide
opportunity to enhance its expertise in handling construction projects across
industry verticals. The company operates in three business units, namely,
Building Construction business, Civil Engineering business and Real Estate
business. Through the building construction business unit, the company is
involved in the construction of offices, high productivity plants, hospitals
and schools using its earthquake resistant and disaster prevention
technologies. Some of the major construction projects executed by the company
include Anantara Timeshare Samui, CITY TOWER Osaka Temma, Bando Chemical
Industries, Ltd. Head Office, Sumitomo Fudosan Mita Twin Building West,
Obayashi leverages its extensive geographical presence to
create new revenue generation streams and to increase its customer base across
various industry verticals. It has extensive presence in North America, Asia,
Europe, Oceania and
Weaknesses
The company reported weak profitability in the fiscal year ended March 2012. Although, the company's revenue increased from JPY1131.86 billion in 2011 to JPY1245.77 billion in 2012, its operating income declined from JPY12763m in 2011 to JPY6157m in 2012, and net income declined from JPY15424m in 2011 to JPY5144m in 2012. This can be attributed to the increment in the total operating expenses from JPY1119.10 billion in 2011 to JPY1239.61 billion in 2012, with JPY70.43 billion of selling, general and administration expenses in 2012. As a result, the company's profitability ratios declined in 2012, as its operating margin declined from 1.12% in 2011 to 0.49% 2012, net profit margin declined from 1.36% in 2011 to 0.41% in 2012, return on equity declined from 4.73% in 2011 to 1.51% in 2012, return on capital employed declined from 1.77% in 2011 to 0.83% in 2012, return on assets declined from 1.02% in 2011 to 0.31% in 2012, and return on fixed assets declined from 1.86% in 2011 to 0.84% in 2012.
Increasing debt could have a major impact on the operational performance of the company as a major portion of the company's earnings would be diverted to servicing its debt obligations. This could be of concern to the investors and make it difficult for the company to raise funds on favorable terms from the market. The company's total debt increased from JPY410.24 billion in 2011 to JPY405.65 billion in 2012, consisting of total long term debt of JPY262.14 billion in 2012. Its current portion of long term debt/capital leases stands at JPY10.99 billion in 2012. As a result, the company reported substantially high leverage ratios, as in 2012 its debt to equity ratio stood at 119.14% and debt to capital ratio stood at 54.8% in 2012.The company incurred this debt to meet its working capital and capital expenditure needs. If it fails to comply with any of the debt service requirements, the debt could become due and payable prior to its scheduled maturity. The company needs to dedicate a significant portion of its cash flow from operations to service interest and principal payments. Any reduction in revenues and operating cash flows could hinder the company’s ability to repay interest and principal, resulting in default.
Opportunities
Growth Opportunities: Emerging Markets
The company has an opportunity gain contracts in emerging markets such as Brazil, India, China, and countries in the Eastern Europe, which holds high growth potential. Construction spending growth in Asia Pacific, though was slow in 2009-10, was still higher than any other region in the world. According to IMF, growth rate of developing economies is around 4.8% in the year 2009 as compared to negative growth in developed nations. The non-residential category accounts for about 40% of construction spending. The rest of the market is divided almost equally between the residential and infrastructure sectors. These markets are likely to remain stable as many projects are financed through the use of development bank funds throughout the regions. Further, India’s construction spending is expected to increase from approximately 7% of its GDP in 2009-10 to more than 9% in 2010-11. The construction spending in the country is expected to increase from $ 175 billion in 2007 to $ 370 billion by the end of 2013. In China, the residential building construction expenditures are expected to rise at an annual pace of 8.4% through 2014. The projects in various sectors amount to $ 1.3 trillion in civil engineering projects, $ 200 billion in transportation projects, $ 217 billion in power and water utilities projects and $ 1.9 trillion in energy projects. The company through its presence in these countries could gain immensely from the growth opportunities provided.
The company has undertaken various key business initiatives to advance its business growth objectives. In September 2012, the company secured one of the six contracts from SP PowerAssets Limited to construct S$2 billion next-generation power infrastructure project in Singapore. In 2011, the company secured an award to construct Weston Tunnel Phase3 Canadian Railway Development Business. The company in joint venture with Farglory construction, secured a contract to construct a multi-use stadium and a commercial building as part of the Taipei Dome new construction project. In 2012, the company entered into an agreement with Aidea Philippines, Inc, related to business alliance for reinforcing the business system of both companies by Building Information Modeling cooperation in domestic and overseas construction projects. The construction of the Tokyo Sky Tree was completed in February 2012. In October 2011, the company completed the construction of the Dubai Metro Urban Rail System in Dubai, United Arab Emirates. In March 2011, the company acquired Kenaidan Group Ltd., a Canada-based general contracting company.
The Japanese Prime Minister announced $154 billion package of subsidies and tax breaks in various sectors to control a deepening recession. The Japanese government has plans to invest JPY 78 billion for the reinforcement of school buildings against earthquakes and JPY 38 billion for protection against flooding. In addition, tax incentives aimed at energy efficiency retrofits and better energy conservation will indirectly boost spending on infrastructure. The economic growth, coupled with the stimulus packages, could provide ample opportunities for the company. Further, according to the World Bank, the global GDP was 2.7% in 2010, is expected to grow 3.5% in 2012. China will maintain a double digit GDP growth rate. The China National Statistics Bureau estimates that about 20% of world economic growth was attributable to China and the United Nations estimated that China accounted for half of world economic growth this decade. The Chinese government is implementing a number of proactive policies and intends to spend close to RMB4.0 trillion between 2010-2015 as a part of its domestic demand economic stimulus plan. Public infrastructure development accounts for 38% of the stimulus package with emphasis on railway, road, irrigation, and airport construction projects. Since the company is already among the leaders in power and water infrastructure sectors, it could take up infrastructure build-transfer (BT) and build-operate-transfer (BOT) projects in the mainland and Hong Kong.
Threats
Shrinking Supply of Skilled Craft Professionals
Low availability of skilled professionals could affect the operations of the company. Construction is ranked the fifth largest source of job growth following education and health services; professional and business services; leisure and hospitality and retail. However, according to the Department of Labor’s Bureau of Labor Statistics (BLS), approximately 7 million craft employees work in the construction industry. It is estimated that 1.4 million workers would be lost over the period till 2012 due to attrition, promotion, relocation to other industries and retirement. The emerging and growing shortages of skilled craft workers would impact contractors to a certain extent in terms of project consulting, scheduling and completion and reliability of sub-contractors.
Since commercial and residential real estate markets are currently uninviting, the concentration is growing upon the infrastructural projects in most of the countries. As part of recovery policies several stimulus packages were brought out by the government bodies to restore the economic growth or stabilize the economic downturn. Major importance is given to infrastructure development projects which include civil engineering, transportation, power and water utilities, and energy projects. These projects are granted largely through tendering process. To acquire these projects, the companies have to quote least price by maintaining minimum margins. Reduced margins accompanied with increasing costs will decrease the liquidity and also could lead to uncertainty in long term sustenance of the company. In addition, the company also faces stiff competition in renewable energy and power sector. Due to the various subsidies being provided by the governments to promote renewable energy, several new players are entering this sector. In addition, big industry players in traditional energy business are diversifying into renewable energy. Such companies have greater financial leverage and technical capabilities to undertake prestigious projects which will adversely affect the company’s operations. Failure to sustain competition would adversely affect the company’s market share.
Obayashi‘s business could be adversely affected in case of a cost overrun. Contract prices are established based, in part, on cost estimates that are subject to a number of assumptions, including future economic conditions, third party costs, estimated schedule to complete the work, availability of labor and materials. If these estimates prove inaccurate or circumstances change, cost overruns result, having a material adverse effect on its business and results of its operations. For instance, any delay by subcontractors in completing their portion of the project, or any failure by a subcontractor to satisfactorily complete its portion of the project, may result in delay in the overall progress of the project or cause additional costs, or both. This would affect the overall profitability of the project. Additionally, rising raw material prices also contribute significantly to cost overruns. Thus, it is important for Obayashi to be thorough in selecting third party subcontractors and suppliers, be proactive in monitoring the project schedules and budgets and efficiently manage its operating costs.
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Minato-ku, JP |
Japan |
Residential and Commercial Building Construction |
17,455.7 |
12,838 |
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Subsidiary |
Sumida-Ku |
Japan |
Internet and Web Services |
1,143.9 |
1,027 |
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Joint Venture |
Bangkok |
Thailand |
Residential and Commercial Building Construction |
|
600 |
|
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Subsidiary |
Osaka, Osaka |
Japan |
Hotels and Accommodation |
55.1 |
470 |
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Subsidiary |
Singapore |
Singapore |
Residential and Commercial Building Construction |
|
200 |
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Subsidiary |
Tokyo |
Japan |
Specialty Construction Trade Contractors |
|
200 |
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Subsidiary |
Singapore |
Singapore |
Residential and Commercial Building Construction |
187.6 |
160 |
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Subsidiary |
Jakarta |
Indonesia |
Civil Engineering |
55.0 |
150 |
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Subsidiary |
Ho Chi Minh City |
Viet Nam |
Architecture and Engineering |
|
100 |
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Subsidiary |
Chosei-Gun, Chiba |
Japan |
Golf Courses and Country Clubs |
6.3 |
91 |
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Subsidiary |
Danville, CA |
United States |
Specialty Construction Trade Contractors |
10.5 |
15 |
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Subsidiary |
Taipei |
Taiwan |
Specialty Construction Trade Contractors |
|
10 |
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Subsidiary |
South San Francisco, CA |
United States |
Holding Companies |
|
7 |
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Subsidiary |
San Mateo, CA |
United States |
Residential and Commercial Building Construction |
|
2,010 |
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Subsidiary |
Mount Airy, NC |
United States |
Residential and Commercial Building Construction |
75.1 |
125 |
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Subsidiary |
New York, NY |
United States |
Residential and Commercial Building Construction |
10.9 |
30 |
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Subsidiary |
Los Angeles, CA |
United States |
Real Estate Agents and Brokers |
|
10 |
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Subsidiary |
South San Francisco, CA |
United States |
Residential and Commercial Building Construction |
|
8 |
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Subsidiary |
Shinjuku-Ku, Tokyo |
Japan |
Construction and Hardware Materials Wholesale |
1,071.5 |
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Subsidiary |
Osaka, Osaka |
Japan |
Real Estate Agents and Brokers |
374.7 |
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Subsidiary |
Chuo-Ku, Tokyo |
Japan |
Specialty Construction Trade Contractors |
182.9 |
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Subsidiary |
Sumida-Ku, Tokyo |
Japan |
Electronics Wholesale |
98.2 |
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Subsidiary |
Shanghai, Shanghai |
China |
Residential and Commercial Building Construction |
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Joint Venture |
Makati, Metro Manila |
Philippines |
Residential and Commercial Building Construction |
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Subsidiary |
Tokyo |
Japan |
Investment Services |
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Subsidiary |
Tokyo |
Japan |
Facilities Management |
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Subsidiary |
Tokyo |
Japan |
Real Estate Agents and Brokers |
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Significant Developments
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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 |
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UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
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Exchange Rate (Period Average) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
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Auditor |
Ernst & Young ShinNihon LLC |
Ernst & Young ShinNihon LLC |
Ernst & Young LLP |
Ernst & Young LLP |
Ernst & Young LLP |
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Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with Explanation |
Unqualified with Explanation |
Unqualified with Explanation |
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Net Sales |
17,455.7 |
15,777.0 |
13,208.6 |
14,433.4 |
16,743.5 |
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Revenue |
17,455.7 |
15,777.0 |
13,208.6 |
14,433.4 |
16,743.5 |
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Other Revenue |
- |
0.0 |
- |
- |
- |
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Other Revenue, Total |
- |
0.0 |
- |
- |
- |
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Total Revenue |
17,455.7 |
15,777.0 |
13,208.6 |
14,433.4 |
16,743.5 |
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Cost of Revenue |
16,073.4 |
14,375.3 |
12,044.9 |
14,276.6 |
15,679.9 |
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Cost of Revenue, Total |
16,073.4 |
14,375.3 |
12,044.9 |
14,276.6 |
15,679.9 |
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Gross Profit |
1,382.3 |
1,401.7 |
1,163.7 |
156.8 |
1,063.7 |
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Selling/General/Administrative Expense |
430.1 |
458.3 |
393.2 |
378.6 |
368.5 |
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Labor & Related Expense |
423.1 |
433.8 |
400.1 |
364.7 |
350.5 |
|
Total Selling/General/Administrative Expenses |
853.2 |
892.1 |
793.3 |
743.3 |
719.0 |
|
Research & Development |
105.4 |
115.2 |
99.9 |
86.3 |
72.3 |
|
Litigation |
- |
- |
0.0 |
18.9 |
0.0 |
|
Impairment-Assets Held for Use |
38.2 |
250.2 |
41.1 |
92.2 |
19.0 |
|
Impairment-Assets Held for Sale |
- |
35.2 |
53.9 |
9.5 |
71.0 |
|
Other Unusual Expense (Income) |
55.6 |
31.0 |
26.5 |
50.4 |
15.8 |
|
Unusual Expense (Income) |
93.9 |
316.5 |
121.5 |
171.1 |
105.7 |
|
Other Operating Expense |
0.0 |
- |
- |
- |
- |
|
Other Operating Expenses, Total |
0.0 |
- |
- |
- |
- |
|
Total Operating Expense |
17,125.8 |
15,699.0 |
13,059.6 |
15,277.3 |
16,576.9 |
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Operating Income |
329.8 |
78.0 |
148.9 |
-843.9 |
166.6 |
|
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Interest Expense - Non-Operating |
-42.0 |
-49.2 |
-44.3 |
-42.9 |
-37.5 |
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Interest Expense, Net Non-Operating |
-42.0 |
-49.2 |
-44.3 |
-42.9 |
-37.5 |
|
Interest Income - Non-Operating |
30.8 |
26.1 |
13.5 |
15.3 |
17.3 |
|
Investment Income - Non-Operating |
172.7 |
254.1 |
129.3 |
75.0 |
117.6 |
|
Interest/Investment Income - Non-Operating |
203.4 |
280.2 |
142.8 |
90.3 |
135.0 |
|
Interest Income (Expense) - Net Non-Operating Total |
161.4 |
231.0 |
98.4 |
47.4 |
97.4 |
|
Gain (Loss) on Sale of Assets |
- |
-10.1 |
0.0 |
- |
-3.4 |
|
Other Non-Operating Income (Expense) |
5.4 |
0.0 |
-13.5 |
6.7 |
9.5 |
|
Other, Net |
5.4 |
0.0 |
-13.5 |
6.7 |
9.5 |
|
Income Before Tax |
496.7 |
298.8 |
233.9 |
-789.7 |
270.1 |
|
|
|
|
|
|
|
|
Total Income Tax |
291.0 |
225.0 |
53.9 |
-234.0 |
126.3 |
|
Income After Tax |
205.6 |
73.8 |
180.0 |
-555.7 |
143.8 |
|
|
|
|
|
|
|
|
Minority Interest |
-46.6 |
-8.6 |
0.0 |
-18.3 |
-34.6 |
|
Net Income Before Extraord Items |
159.0 |
65.1 |
180.0 |
-574.0 |
109.2 |
|
Net Income |
159.0 |
65.1 |
180.0 |
-574.0 |
109.2 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Adjustments to Net Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Available to Common Excl Extraord Items |
159.0 |
65.1 |
180.0 |
-574.1 |
109.1 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
159.0 |
65.1 |
180.0 |
-574.1 |
109.1 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
718.2 |
718.4 |
718.7 |
719.0 |
719.4 |
|
Basic EPS Excl Extraord Items |
0.22 |
0.09 |
0.25 |
-0.80 |
0.15 |
|
Basic/Primary EPS Incl Extraord Items |
0.22 |
0.09 |
0.25 |
-0.80 |
0.15 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
159.0 |
65.1 |
180.0 |
-574.1 |
109.1 |
|
Diluted Weighted Average Shares |
718.2 |
718.4 |
718.7 |
719.0 |
719.4 |
|
Diluted EPS Excl Extraord Items |
0.22 |
0.09 |
0.25 |
-0.80 |
0.15 |
|
Diluted EPS Incl Extraord Items |
0.22 |
0.09 |
0.25 |
-0.80 |
0.15 |
|
Dividends per Share - Common Stock Primary Issue |
0.10 |
0.10 |
0.09 |
0.09 |
0.08 |
|
Gross Dividends - Common Stock |
69.2 |
72.8 |
67.1 |
61.9 |
57.3 |
|
Interest Expense, Supplemental |
42.0 |
49.2 |
44.3 |
42.9 |
37.5 |
|
Depreciation, Supplemental |
131.6 |
151.4 |
133.0 |
113.3 |
109.0 |
|
Total Special Items |
93.9 |
326.6 |
121.5 |
171.1 |
109.1 |
|
Normalized Income Before Tax |
590.5 |
625.4 |
355.4 |
-618.7 |
379.2 |
|
|
|
|
|
|
|
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Effect of Special Items on Income Taxes |
55.0 |
114.3 |
28.0 |
59.9 |
51.0 |
|
Inc Tax Ex Impact of Sp Items |
346.0 |
339.3 |
82.0 |
-174.2 |
177.4 |
|
Normalized Income After Tax |
244.5 |
286.1 |
273.4 |
-444.5 |
201.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
197.9 |
277.4 |
273.5 |
-462.9 |
167.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.28 |
0.39 |
0.38 |
-0.64 |
0.23 |
|
Diluted Normalized EPS |
0.28 |
0.39 |
0.38 |
-0.64 |
0.23 |
|
Research & Development Exp, Supplemental |
105.4 |
115.2 |
99.9 |
86.3 |
72.3 |
|
Reported Operating Profit |
423.7 |
394.4 |
270.4 |
-672.8 |
272.3 |
|
Reported Ordinary Profit |
538.6 |
446.3 |
259.2 |
-641.4 |
316.8 |
|
Normalized EBIT |
423.7 |
394.4 |
270.4 |
-672.8 |
272.3 |
|
Normalized EBITDA |
555.2 |
545.8 |
403.4 |
-559.5 |
381.3 |
|
Current Tax - Total |
73.8 |
37.5 |
- |
- |
- |
|
Current Tax - Total |
73.8 |
37.5 |
- |
- |
- |
|
Deferred Tax - Total |
217.2 |
187.5 |
- |
- |
- |
|
Deferred Tax - Total |
217.2 |
187.5 |
- |
- |
- |
|
Income Tax - Total |
291.0 |
225.0 |
- |
- |
- |
|
Interest Cost - Domestic |
40.4 |
44.4 |
42.5 |
40.7 |
38.9 |
|
Service Cost - Domestic |
56.2 |
61.1 |
56.8 |
53.8 |
51.4 |
|
Prior Service Cost - Domestic |
0.4 |
0.3 |
-0.5 |
-0.5 |
-0.4 |
|
Expected Return on Assets - Domestic |
-19.7 |
-21.3 |
-20.1 |
-17.6 |
-19.8 |
|
Actuarial Gains and Losses - Domestic |
23.0 |
32.6 |
38.0 |
38.9 |
24.4 |
|
Domestic Pension Plan Expense |
100.4 |
117.1 |
116.6 |
115.3 |
94.5 |
|
Total Pension Expense |
100.4 |
117.1 |
116.6 |
115.3 |
94.5 |
|
Discount Rate - Domestic |
1.80% |
1.80% |
1.80% |
1.80% |
1.80% |
|
Expected Rate of Return - Domestic |
1.80% |
1.80% |
1.80% |
1.80% |
1.80% |
|
Total Plan Interest Cost |
40.4 |
44.4 |
42.5 |
40.7 |
38.9 |
|
Total Plan Service Cost |
56.2 |
61.1 |
56.8 |
53.8 |
51.4 |
|
Total Plan Expected Return |
-19.7 |
-21.3 |
-20.1 |
-17.6 |
-19.8 |
|
|
|
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 |
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 |
1,059.8 |
1,477.4 |
1,315.5 |
1,465.8 |
1,464.4 |
|
Short Term Investments |
33.0 |
33.8 |
43.6 |
17.9 |
19.7 |
|
Cash and Short Term Investments |
1,092.8 |
1,511.2 |
1,359.2 |
1,483.8 |
1,484.1 |
|
Accounts Receivable - Trade, Gross |
5,645.7 |
5,905.7 |
5,023.7 |
4,639.5 |
5,031.2 |
|
Provision for Doubtful Accounts |
-3.3 |
-9.0 |
-9.2 |
-10.9 |
-5.7 |
|
Trade Accounts Receivable - Net |
5,642.4 |
5,896.7 |
5,014.4 |
4,628.6 |
5,025.5 |
|
Other Receivables |
705.8 |
888.4 |
1,179.1 |
956.4 |
674.1 |
|
Total Receivables, Net |
6,348.2 |
6,785.1 |
6,193.5 |
5,585.0 |
5,699.6 |
|
Inventories - Work In Progress |
509.8 |
585.7 |
637.3 |
886.6 |
2,102.0 |
|
Inventories - Other |
1,170.2 |
1,540.7 |
1,255.2 |
1,348.0 |
1,374.5 |
|
Total Inventory |
1,680.0 |
2,126.4 |
1,892.6 |
2,234.6 |
3,476.5 |
|
Deferred Income Tax - Current Asset |
220.6 |
223.1 |
325.8 |
275.4 |
389.9 |
|
Other Current Assets |
148.8 |
136.3 |
131.9 |
133.7 |
162.4 |
|
Other Current Assets, Total |
369.4 |
359.4 |
457.7 |
409.1 |
552.3 |
|
Total Current Assets |
9,490.4 |
10,782.0 |
9,902.9 |
9,712.5 |
11,212.6 |
|
|
|
|
|
|
|
|
Buildings |
- |
- |
- |
- |
1,686.1 |
|
Land/Improvements |
- |
- |
- |
- |
2,482.4 |
|
Machinery/Equipment |
- |
- |
- |
- |
730.3 |
|
Construction in Progress |
- |
- |
- |
- |
4.1 |
|
Leases |
- |
- |
- |
- |
22.8 |
|
Property/Plant/Equipment - Gross |
- |
0.0 |
- |
- |
4,925.7 |
|
Accumulated Depreciation |
- |
- |
- |
- |
-1,590.5 |
|
Property/Plant/Equipment - Net |
4,001.4 |
4,347.7 |
4,346.1 |
3,417.9 |
3,335.2 |
|
Intangibles, Net |
57.5 |
73.4 |
86.0 |
64.2 |
69.1 |
|
LT Investment - Affiliate Companies |
39.2 |
35.9 |
35.6 |
31.9 |
- |
|
LT Investments - Other |
3,334.1 |
3,173.0 |
2,995.3 |
3,142.2 |
2,412.1 |
|
Long Term Investments |
3,373.3 |
3,208.9 |
3,030.8 |
3,174.1 |
2,412.1 |
|
Note Receivable - Long Term |
46.1 |
42.0 |
12.5 |
12.8 |
15.0 |
|
Deferred Charges |
0.1 |
0.1 |
0.2 |
0.5 |
0.6 |
|
Deferred Income Tax - Long Term Asset |
41.2 |
483.8 |
552.3 |
395.9 |
234.8 |
|
Other Long Term Assets |
593.5 |
710.6 |
236.3 |
245.4 |
191.9 |
|
Other Long Term Assets, Total |
634.8 |
1,194.5 |
788.8 |
641.8 |
427.3 |
|
Total Assets |
17,603.5 |
19,648.5 |
18,167.1 |
17,023.3 |
17,471.2 |
|
|
|
|
|
|
|
|
Accounts Payable |
5,646.8 |
6,379.0 |
5,180.6 |
4,848.8 |
4,999.1 |
|
Notes Payable/Short Term Debt |
1,398.9 |
1,608.5 |
1,149.0 |
1,150.0 |
1,742.1 |
|
Current Portion - Long Term Debt/Capital Leases |
179.7 |
133.5 |
793.0 |
362.6 |
278.8 |
|
Customer Advances |
654.5 |
755.6 |
724.0 |
1,013.7 |
1,649.0 |
|
Security Deposits |
645.7 |
841.6 |
776.1 |
773.8 |
710.9 |
|
Income Taxes Payable |
39.1 |
29.0 |
19.7 |
24.5 |
28.4 |
|
Deferred Income Tax - Current Liability |
6.3 |
5.6 |
10.0 |
0.0 |
- |
|
Other Current Liabilities |
827.3 |
912.0 |
854.1 |
871.6 |
777.4 |
|
Other Current liabilities, Total |
2,173.0 |
2,543.8 |
2,384.0 |
2,683.7 |
3,165.8 |
|
Total Current Liabilities |
9,398.3 |
10,664.7 |
9,506.6 |
9,045.2 |
10,185.8 |
|
|
|
|
|
|
|
|
Long Term Debt |
2,548.3 |
3,179.2 |
3,002.0 |
2,679.1 |
2,024.5 |
|
Capital Lease Obligations |
1.7 |
2.7 |
5.8 |
7.5 |
8.2 |
|
Total Long Term Debt |
2,550.0 |
3,182.0 |
3,007.8 |
2,686.7 |
2,032.7 |
|
Total Debt |
4,128.6 |
4,923.9 |
4,949.9 |
4,199.3 |
4,053.6 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
352.5 |
361.5 |
420.0 |
361.8 |
294.6 |
|
Deferred Income Tax |
352.5 |
361.5 |
420.0 |
361.8 |
294.6 |
|
Minority Interest |
318.0 |
303.8 |
305.9 |
271.7 |
250.5 |
|
Reserves |
21.5 |
12.5 |
12.8 |
15.5 |
5.0 |
|
Pension Benefits - Underfunded |
659.9 |
768.7 |
784.1 |
707.7 |
677.5 |
|
Other Long Term Liabilities |
214.2 |
222.7 |
197.4 |
272.1 |
268.3 |
|
Other Liabilities, Total |
895.6 |
1,003.9 |
994.2 |
995.4 |
950.8 |
|
Total Liabilities |
13,514.5 |
15,515.9 |
14,234.5 |
13,360.8 |
13,714.3 |
|
|
|
|
|
|
|
|
Common Stock |
613.8 |
701.0 |
696.8 |
618.1 |
584.7 |
|
Common Stock |
613.8 |
701.0 |
696.8 |
618.1 |
584.7 |
|
Additional Paid-In Capital |
443.7 |
506.8 |
503.7 |
446.8 |
422.7 |
|
Retained Earnings (Accumulated Deficit) |
1,718.2 |
1,848.4 |
1,830.2 |
1,489.5 |
2,054.7 |
|
Treasury Stock - Common |
-16.4 |
-18.6 |
-16.6 |
-14.3 |
-12.6 |
|
Unrealized Gain (Loss) |
1,361.4 |
1,159.2 |
969.0 |
1,156.6 |
743.0 |
|
Translation Adjustment |
-30.5 |
-62.5 |
-51.4 |
-33.5 |
-34.9 |
|
Other Equity |
0.0 |
0.0 |
- |
- |
- |
|
Other Comprehensive Income |
-1.1 |
-1.7 |
1.0 |
-0.6 |
-0.7 |
|
Other Equity, Total |
-31.7 |
-64.2 |
-50.5 |
-34.1 |
-35.6 |
|
Total Equity |
4,089.0 |
4,132.6 |
3,932.6 |
3,662.5 |
3,756.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
17,603.5 |
19,648.5 |
18,167.1 |
17,023.3 |
17,471.2 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary Issue |
718.2 |
718.3 |
718.7 |
718.8 |
719.0 |
|
Total Common Shares Outstanding |
718.2 |
718.3 |
718.7 |
718.8 |
719.0 |
|
Treasury Shares - Common Stock Primary Issue |
3.3 |
3.2 |
2.8 |
2.7 |
2.5 |
|
Employees |
12,838 |
12,870 |
14,639 |
14,476 |
15,150 |
|
Number of Common Shareholders |
41,388 |
41,011 |
41,396 |
39,830 |
39,299 |
|
Deferred Revenue - Current |
654.5 |
755.6 |
724.0 |
1,013.7 |
1,649.0 |
|
Total Long Term Debt, Supplemental |
3,265.8 |
3,972.3 |
3,788.9 |
3,035.0 |
2,516.7 |
|
Long Term Debt Maturing within 1 Year |
717.5 |
793.1 |
786.9 |
355.9 |
492.2 |
|
Long Term Debt Maturing in Year 2 |
781.0 |
771.0 |
610.8 |
657.2 |
285.4 |
|
Long Term Debt Maturing in Year 3 |
523.0 |
829.8 |
532.9 |
512.6 |
489.5 |
|
Long Term Debt Maturing in Year 4 |
556.4 |
656.3 |
638.2 |
415.0 |
355.0 |
|
Long Term Debt Maturing in Year 5 |
105.3 |
152.3 |
412.5 |
535.4 |
326.6 |
|
Long Term Debt Maturing in 2-3 Years |
1,304.0 |
1,600.8 |
1,143.7 |
1,169.9 |
774.9 |
|
Long Term Debt Maturing in 4-5 Years |
661.7 |
808.6 |
1,050.7 |
950.4 |
681.5 |
|
Long Term Debt Matur. in Year 6 & Beyond |
582.6 |
769.8 |
807.6 |
558.9 |
568.1 |
|
Total Capital Leases, Supplemental |
3.1 |
- |
11.9 |
14.2 |
15.8 |
|
Capital Lease Payments Due in Year 1 |
1.3 |
- |
6.1 |
6.7 |
7.6 |
|
Capital Lease Payments Due in Year 2 |
0.8 |
- |
3.7 |
4.3 |
4.5 |
|
Capital Lease Payments Due in Year 3 |
0.5 |
- |
1.2 |
2.2 |
2.4 |
|
Capital Lease Payments Due in Year 4 |
0.3 |
- |
0.5 |
0.6 |
1.0 |
|
Capital Lease Payments Due in Year 5 |
0.1 |
- |
0.3 |
0.3 |
0.3 |
|
Capital Lease Payments Due in 2-3 Years |
1.3 |
- |
4.9 |
6.5 |
6.9 |
|
Capital Lease Payments Due in 4-5 Years |
0.4 |
- |
0.8 |
0.9 |
1.3 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.1 |
- |
0.1 |
0.1 |
0.0 |
|
Pension Obligation - Domestic |
1,409.1 |
1,663.7 |
1,709.2 |
1,579.1 |
1,551.4 |
|
Plan Assets - Domestic |
729.8 |
810.3 |
815.2 |
743.2 |
668.3 |
|
Funded Status - Domestic |
-679.3 |
-853.4 |
-894.0 |
-835.9 |
-883.1 |
|
Total Funded Status |
-679.3 |
-853.4 |
-894.0 |
-835.9 |
-883.1 |
|
Discount Rate - Domestic |
1.80% |
1.80% |
1.80% |
1.80% |
1.80% |
|
Expected Rate of Return - Domestic |
1.80% |
1.80% |
1.80% |
1.80% |
1.80% |
|
Prepaid Benefits - Domestic |
1.8 |
2.8 |
0.0 |
0.2 |
1.6 |
|
Accrued Liabilities - Domestic |
-659.9 |
-768.7 |
-784.1 |
-707.7 |
-677.5 |
|
Other Assets, Net - Domestic |
21.2 |
87.2 |
109.9 |
128.4 |
207.2 |
|
Net Assets Recognized on Balance Sheet |
-636.9 |
-678.7 |
-674.1 |
-579.2 |
-468.8 |
|
Total Plan Obligations |
1,409.1 |
1,663.7 |
1,709.2 |
1,579.1 |
1,551.4 |
|
Total Plan Assets |
729.8 |
810.3 |
815.2 |
743.2 |
668.3 |
|
|
|
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 |
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/Starting Line |
496.7 |
298.8 |
233.9 |
-789.7 |
270.1 |
|
Depreciation |
131.6 |
151.4 |
133.0 |
113.3 |
109.0 |
|
Depreciation/Depletion |
131.6 |
151.4 |
133.0 |
113.3 |
109.0 |
|
Unusual Items |
-11.7 |
106.4 |
-1.1 |
167.7 |
23.5 |
|
Other Non-Cash Items |
-91.5 |
-90.6 |
-233.5 |
55.5 |
-23.2 |
|
Non-Cash Items |
-103.2 |
15.8 |
-234.7 |
223.2 |
0.3 |
|
Accounts Receivable |
-491.8 |
-906.3 |
238.2 |
689.6 |
-720.3 |
|
Inventories |
193.8 |
-53.5 |
158.3 |
-7.0 |
-104.8 |
|
Prepaid Expenses |
3.5 |
58.0 |
350.5 |
1,342.5 |
655.0 |
|
Other Assets |
93.1 |
-167.4 |
-40.0 |
-278.3 |
196.8 |
|
Accounts Payable |
32.0 |
1,225.2 |
-303.5 |
-444.8 |
-206.7 |
|
Other Liabilities |
-62.2 |
139.9 |
-537.9 |
-702.6 |
-517.4 |
|
Other Operating Cash Flow |
86.1 |
70.8 |
14.9 |
27.7 |
-76.4 |
|
Changes in Working Capital |
-145.4 |
366.7 |
-119.4 |
627.0 |
-773.7 |
|
Cash from Operating Activities |
379.6 |
832.7 |
12.8 |
173.8 |
-394.3 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-407.4 |
-222.1 |
-561.0 |
-121.3 |
-112.9 |
|
Capital Expenditures |
-407.4 |
-222.1 |
-561.0 |
-121.3 |
-112.9 |
|
Sale of Business |
- |
46.9 |
-21.1 |
0.0 |
- |
|
Sale of Fixed Assets |
9.4 |
50.0 |
11.3 |
2.3 |
6.7 |
|
Sale/Maturity of Investment |
120.4 |
197.9 |
284.6 |
66.7 |
148.1 |
|
Purchase of Investments |
-75.1 |
-101.5 |
-102.7 |
-87.4 |
-97.3 |
|
Other Investing Cash Flow |
1.3 |
4.5 |
2.2 |
2.5 |
72.3 |
|
Other Investing Cash Flow Items, Total |
56.0 |
197.8 |
174.3 |
-15.9 |
129.9 |
|
Cash from Investing Activities |
-351.3 |
-24.3 |
-386.7 |
-137.2 |
16.9 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-171.8 |
-174.2 |
-162.9 |
-86.2 |
-421.7 |
|
Financing Cash Flow Items |
-171.8 |
-174.2 |
-162.9 |
-86.2 |
-421.7 |
|
Cash Dividends Paid - Common |
-69.3 |
-72.8 |
-67.1 |
-61.9 |
-57.3 |
|
Total Cash Dividends Paid |
-69.3 |
-72.8 |
-67.1 |
-61.9 |
-57.3 |
|
Short Term Debt, Net |
79.6 |
-328.0 |
-174.0 |
-466.5 |
562.8 |
|
Long Term Debt Issued |
500.5 |
802.9 |
807.1 |
910.3 |
834.3 |
|
Long Term Debt Reduction |
-688.2 |
-847.9 |
-279.2 |
-464.9 |
-296.7 |
|
Long Term Debt, Net |
-187.8 |
-45.0 |
527.9 |
445.3 |
537.5 |
|
Issuance (Retirement) of Debt, Net |
-108.2 |
-373.0 |
353.8 |
-21.2 |
1,100.3 |
|
Cash from Financing Activities |
-349.2 |
-619.9 |
123.9 |
-169.3 |
621.3 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
55.9 |
-27.9 |
-23.3 |
10.0 |
-91.7 |
|
Net Change in Cash |
-265.1 |
160.6 |
-273.4 |
-122.6 |
152.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,466.6 |
1,380.4 |
1,545.4 |
1,547.4 |
1,279.2 |
|
Net Cash - Ending Balance |
1,201.5 |
1,541.0 |
1,272.0 |
1,424.8 |
1,431.3 |
|
Cash Interest Paid |
42.6 |
50.2 |
44.0 |
43.0 |
36.8 |
|
Cash Taxes Paid |
55.6 |
26.4 |
37.8 |
44.7 |
145.9 |
|
|
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 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
- |
0.0 |
- |
- |
- |
|
Construction Sales |
16,188.7 |
14,819.8 |
12,311.0 |
13,931.6 |
16,088.0 |
|
Real Estate Sales |
1,267.0 |
957.2 |
897.6 |
501.8 |
655.5 |
|
Total Revenue |
17,455.7 |
15,777.0 |
13,208.6 |
14,433.4 |
16,743.5 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Rounding adjustment Income Statement |
0.0 |
0.0 |
- |
- |
- |
|
Cost of Construction |
15,055.0 |
13,589.6 |
11,334.9 |
13,793.7 |
15,179.1 |
|
Cost of Real Estate |
1,018.4 |
785.7 |
710.1 |
483.0 |
500.8 |
|
Salaries |
395.0 |
400.9 |
367.4 |
331.5 |
323.6 |
|
Accrued Retirement Expenses |
28.1 |
32.9 |
32.8 |
33.2 |
26.8 |
|
Resarch & Development |
105.4 |
115.2 |
99.9 |
86.3 |
72.3 |
|
Other Selling/General/Admin. Expense |
430.1 |
458.3 |
- |
- |
- |
|
Provision for doubtful accounts(SGA) |
- |
- |
- |
20.2 |
- |
|
Other SGA |
- |
- |
393.2 |
358.4 |
368.5 |
|
Other Unusual Expense (Income) |
0.0 |
- |
- |
- |
- |
|
Provision and other for loss on real est |
31.8 |
- |
- |
- |
- |
|
Earthquake recovery support costs |
- |
11.4 |
- |
- |
- |
|
SP Reversal-Doubt Debt |
- |
- |
- |
- |
-1.9 |
|
SP Other Special Gains |
-8.0 |
-18.0 |
-11.3 |
-2.6 |
-1.9 |
|
SP Impairment Loss |
38.2 |
250.2 |
41.1 |
92.2 |
14.7 |
|
SP L on val. of LT inv't. secs. |
- |
35.2 |
53.9 |
9.5 |
39.7 |
|
SP Earthquake recovery support costs |
- |
- |
1.6 |
- |
- |
|
SP L on Ajust for Accting. assets change |
- |
- |
15.0 |
0.0 |
- |
|
SP Loss Retirement Fixed Assets |
- |
- |
- |
- |
4.3 |
|
SP Loss Val R.E-Sale |
- |
- |
- |
0.0 |
31.2 |
|
SP Settlement Expanses |
- |
- |
0.0 |
18.9 |
0.0 |
|
SP Tenant Relocation Compens. |
- |
- |
0.0 |
18.8 |
15.0 |
|
SP Other Special Loss |
31.9 |
37.6 |
21.2 |
34.1 |
4.6 |
|
Total Operating Expense |
17,125.8 |
15,699.0 |
13,059.6 |
15,277.3 |
16,576.9 |
|
|
|
|
|
|
|
|
SP Gain-Fix Asset Sold |
- |
- |
- |
- |
2.2 |
|
Foreign Exchange Gains |
54.9 |
7.4 |
- |
- |
- |
|
SP G on sale of LT inv't. secs. |
51.9 |
179.1 |
96.3 |
22.7 |
62.4 |
|
SP L liquid. of affiliated companies |
- |
-10.1 |
0.0 |
- |
- |
|
SP Loss Sale Fixed Assets |
- |
- |
- |
- |
-5.5 |
|
NOP Interest Income |
30.8 |
26.1 |
13.5 |
15.3 |
17.3 |
|
NOP Dividend Income |
65.9 |
67.6 |
63.2 |
56.0 |
68.4 |
|
NOP Exchange Gain |
- |
- |
0.0 |
- |
- |
|
Other Non-Operating Income (Expense) |
0.0 |
0.0 |
- |
- |
- |
|
NOP Other Income |
13.2 |
8.4 |
8.3 |
18.4 |
20.7 |
|
NOP Interest Expenses |
-42.0 |
-49.2 |
-44.3 |
-42.9 |
-37.5 |
|
NOP Exchange Loss |
- |
0.0 |
-30.1 |
-3.8 |
-13.3 |
|
NOP Provision for doubtful accounts |
- |
- |
-11.1 |
0.0 |
- |
|
NOP Other Expenses |
-7.8 |
-8.4 |
-10.6 |
-11.7 |
-11.3 |
|
Net Income Before Taxes |
496.7 |
298.8 |
233.9 |
-789.7 |
270.1 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
291.0 |
225.0 |
53.9 |
-234.0 |
126.3 |
|
Net Income After Taxes |
205.6 |
73.8 |
180.0 |
-555.7 |
143.8 |
|
|
|
|
|
|
|
|
Minority interests in income (loss) |
-46.6 |
-8.6 |
0.0 |
-18.3 |
-34.6 |
|
Net Income Before Extra. Items |
159.0 |
65.1 |
180.0 |
-574.0 |
109.2 |
|
Net Income |
159.0 |
65.1 |
180.0 |
-574.0 |
109.2 |
|
|
|
|
|
|
|
|
BI-Net income incl. after tax adj. |
0.0 |
- |
- |
- |
- |
|
Miscellaneous Earnings Adjustment |
- |
0.0 |
- |
- |
- |
|
Rounding Adjustment |
- |
- |
0.0 |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
159.0 |
65.1 |
180.0 |
-574.1 |
109.1 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
159.0 |
65.1 |
180.0 |
-574.1 |
109.1 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
718.2 |
718.4 |
718.7 |
719.0 |
719.4 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.22 |
0.09 |
0.25 |
-0.80 |
0.15 |
|
Basic EPS Including ExtraOrdinary Items |
0.22 |
0.09 |
0.25 |
-0.80 |
0.15 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
159.0 |
65.1 |
180.0 |
-574.1 |
109.1 |
|
Diluted Weighted Average Shares |
718.2 |
718.4 |
718.7 |
719.0 |
719.4 |
|
Diluted EPS Excluding ExtraOrd Items |
0.22 |
0.09 |
0.25 |
-0.80 |
0.15 |
|
Diluted EPS Including ExtraOrd Items |
0.22 |
0.09 |
0.25 |
-0.80 |
0.15 |
|
DPS-Ordinary Shares |
0.10 |
0.10 |
0.09 |
0.09 |
0.08 |
|
Gross Dividends - Common Stock |
69.2 |
72.8 |
67.1 |
61.9 |
57.3 |
|
Normalized Income Before Taxes |
590.5 |
625.4 |
355.4 |
-618.7 |
379.2 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
346.0 |
339.3 |
82.0 |
-174.2 |
177.4 |
|
Normalized Income After Taxes |
244.5 |
286.1 |
273.4 |
-444.5 |
201.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
197.9 |
277.4 |
273.5 |
-462.9 |
167.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.28 |
0.39 |
0.38 |
-0.64 |
0.23 |
|
Diluted Normalized EPS |
0.28 |
0.39 |
0.38 |
-0.64 |
0.23 |
|
Interest expense, supplemental |
42.0 |
49.2 |
44.3 |
42.9 |
37.5 |
|
BC - Depreciation of Fixed Assets |
131.6 |
- |
- |
- |
- |
|
Amort of Tangible Assets-Current Portion |
- |
151.4 |
- |
- |
- |
|
Depreciation, supplemental |
- |
- |
133.0 |
113.3 |
109.0 |
|
Research Expenses |
105.4 |
115.2 |
99.9 |
86.3 |
72.3 |
|
Income taxes-current |
73.8 |
37.5 |
- |
- |
- |
|
Current Tax - Total |
73.8 |
37.5 |
- |
- |
- |
|
Income taxes-deferred |
217.2 |
187.5 |
- |
- |
- |
|
Deferred Tax - Total |
217.2 |
187.5 |
- |
- |
- |
|
Income Tax - Total |
291.0 |
225.0 |
- |
- |
- |
|
Reported Operating Profit |
423.7 |
394.4 |
270.4 |
-672.8 |
272.3 |
|
Reported Ordinary Profit |
538.6 |
446.3 |
259.2 |
-641.4 |
316.8 |
|
Service cost |
56.2 |
61.1 |
56.8 |
53.8 |
51.4 |
|
Interest cost |
40.4 |
44.4 |
42.5 |
40.7 |
38.9 |
|
Expected return on plan assets |
-19.7 |
-21.3 |
-20.1 |
-17.6 |
-19.8 |
|
Actuarial G&L |
23.0 |
32.6 |
38.0 |
38.9 |
24.4 |
|
Prior service cost |
0.4 |
0.3 |
-0.5 |
-0.5 |
-0.4 |
|
Domestic Pension Plan Expense |
100.4 |
117.1 |
116.6 |
115.3 |
94.5 |
|
Total Pension Expense |
100.4 |
117.1 |
116.6 |
115.3 |
94.5 |
|
Discount Rate(MIN)-Retirement Cost(Domes |
1.80% |
1.80% |
- |
- |
- |
|
Discount Rate |
- |
- |
1.80% |
1.80% |
1.80% |
|
Expected return on assets(MIN)-Retiremen |
1.80% |
1.80% |
- |
- |
- |
|
Expected Rate of Return |
- |
- |
1.80% |
1.80% |
1.80% |
|
|
|
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 |
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 & Deposit |
1,059.8 |
1,477.4 |
1,315.5 |
1,465.8 |
1,464.4 |
|
Notes receivable, accounts receivable fr |
5,645.7 |
5,905.7 |
5,023.7 |
4,639.5 |
5,031.2 |
|
Short-term investment securities |
33.0 |
33.8 |
43.6 |
17.9 |
19.7 |
|
Inventories - real est. held for sale |
218.4 |
495.7 |
299.1 |
587.7 |
621.8 |
|
Inventories - construc.-in-process |
509.8 |
585.7 |
637.3 |
886.6 |
2,102.0 |
|
PFI Inventory |
706.9 |
796.3 |
783.4 |
638.0 |
630.7 |
|
Costs on real estate business |
190.3 |
183.2 |
95.4 |
- |
- |
|
Other inventories |
54.7 |
65.5 |
77.3 |
122.3 |
122.0 |
|
Defer Tax Asset |
220.6 |
223.1 |
325.8 |
275.4 |
389.9 |
|
Accounts receivable-other |
705.8 |
888.4 |
1,179.1 |
956.4 |
674.1 |
|
Rounding adjustment Assets |
0.1 |
0.1 |
- |
- |
- |
|
Other Current |
148.7 |
136.2 |
131.9 |
133.7 |
162.4 |
|
Doubt Debt Allow |
-3.3 |
-9.0 |
-9.2 |
-10.9 |
-5.7 |
|
Total Current Assets |
9,490.4 |
10,782.0 |
9,902.9 |
9,712.5 |
11,212.6 |
|
|
|
|
|
|
|
|
Other total PPE |
0.0 |
- |
- |
- |
- |
|
Buildings And Structures |
1,006.8 |
951.3 |
965.2 |
708.6 |
- |
|
Machinery, Vehicles, Tools, Fur&Fixtures |
110.0 |
103.1 |
120.7 |
100.4 |
- |
|
Land, net |
2,867.9 |
3,177.7 |
3,221.0 |
2,576.7 |
- |
|
Lease assets, net |
3.7 |
7.4 |
12.5 |
13.5 |
- |
|
Constr in Progr., net |
13.0 |
108.2 |
26.7 |
18.8 |
- |
|
Buildings & Structures |
- |
- |
- |
- |
1,686.1 |
|
Machineries |
- |
- |
- |
- |
730.3 |
|
Land |
- |
- |
- |
- |
2,482.4 |
|
Lease Assets |
- |
- |
- |
- |
22.8 |
|
Constr in Progr |
- |
- |
- |
- |
4.1 |
|
Depreciation |
- |
- |
- |
- |
-1,590.5 |
|
Intangible assets |
57.5 |
- |
- |
- |
- |
|
Total intangible assets |
- |
73.4 |
86.0 |
64.2 |
69.1 |
|
Other LTinvest. |
3,334.1 |
3,173.0 |
- |
- |
- |
|
Investment Sec. |
- |
- |
2,995.3 |
3,142.2 |
2,412.1 |
|
Invt Secs Noncons, Asc, Affd Cos |
39.2 |
35.9 |
- |
- |
- |
|
Equity secs.-nonconsolidated affil. |
- |
- |
35.6 |
31.9 |
- |
|
Long-term loans receivable |
46.1 |
42.0 |
12.5 |
12.8 |
15.0 |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other Total investments and other assets |
0.0 |
- |
- |
- |
- |
|
Other Long Term Assets |
- |
0.0 |
- |
- |
- |
|
Other Other Long Term Assets |
- |
0.0 |
- |
- |
- |
|
Deferred tax assets |
41.2 |
483.8 |
552.3 |
395.9 |
234.8 |
|
Other Assets |
641.7 |
767.6 |
295.1 |
289.3 |
223.0 |
|
Doubt Debt Allow |
-48.2 |
-57.0 |
-58.8 |
-43.8 |
-31.0 |
|
Deferred Assets |
0.1 |
0.1 |
0.2 |
0.5 |
0.6 |
|
Rounding Adjustment |
- |
- |
- |
- |
0.0 |
|
Other total PPE, net |
- |
0.0 |
- |
- |
- |
|
Total Assets |
17,603.5 |
19,648.5 |
18,167.1 |
17,023.3 |
17,471.2 |
|
|
|
|
|
|
|
|
Notes payable, accounts payable for cons |
5,646.8 |
6,379.0 |
5,180.6 |
4,848.8 |
4,999.1 |
|
Short-term loans payable |
1,345.8 |
1,608.5 |
666.4 |
614.9 |
1,073.8 |
|
Current portion of PFI and other project |
72.0 |
129.6 |
161.0 |
114.5 |
68.7 |
|
Current Port. of LT Debt |
- |
- |
505.3 |
134.4 |
- |
|
Commercial Paper |
53.1 |
0.0 |
482.6 |
535.1 |
668.2 |
|
Straight bonds (current) |
106.3 |
0.0 |
120.7 |
107.0 |
202.5 |
|
Lease Debt |
1.3 |
3.9 |
6.1 |
6.7 |
7.6 |
|
Income Tax Pybl. |
39.1 |
29.0 |
19.7 |
24.5 |
28.4 |
|
Deferred tax liabilities (current) |
6.3 |
5.6 |
10.0 |
0.0 |
- |
|
Advances |
654.5 |
755.6 |
724.0 |
1,013.7 |
1,649.0 |
|
Deposits received |
645.7 |
841.6 |
776.1 |
773.8 |
710.9 |
|
Rounding adjustment Liability |
0.1 |
0.1 |
- |
- |
- |
|
Warranty Reserve |
30.2 |
32.1 |
23.9 |
17.7 |
14.3 |
|
Construction Loss Allowance |
65.6 |
89.5 |
109.7 |
275.3 |
188.5 |
|
Other Current |
731.4 |
790.3 |
720.5 |
578.6 |
574.7 |
|
Total Current Liabilities |
9,398.3 |
10,664.7 |
9,506.6 |
9,045.2 |
10,185.8 |
|
|
|
|
|
|
|
|
Corporate Debt |
637.7 |
728.3 |
603.3 |
214.0 |
303.7 |
|
Long-term loans payable |
1,112.8 |
1,557.1 |
1,499.3 |
1,709.1 |
932.5 |
|
Project Fin Loan |
797.8 |
893.8 |
899.4 |
756.0 |
788.3 |
|
Lease Debt |
1.7 |
2.7 |
5.8 |
7.5 |
8.2 |
|
Total Long Term Debt |
2,550.0 |
3,182.0 |
3,007.8 |
2,686.7 |
2,032.7 |
|
|
|
|
|
|
|
|
Deferred Tax Liabilities |
47.6 |
- |
- |
- |
- |
|
Defer Tax Liab |
- |
- |
- |
- |
0.0 |
|
Reval Defer Tax |
304.9 |
361.5 |
420.0 |
361.8 |
294.6 |
|
Provision For Loss On Real Estate Busine |
10.6 |
- |
- |
- |
- |
|
Accrued Retirem. |
659.9 |
768.7 |
784.1 |
707.7 |
677.5 |
|
Environment Reserves |
11.0 |
12.5 |
12.8 |
15.5 |
5.0 |
|
Rounding adjustment Liability |
0.0 |
0.0 |
- |
- |
- |
|
Other LT Liab |
214.1 |
222.6 |
197.4 |
272.1 |
268.3 |
|
Minority Int. |
318.0 |
303.8 |
305.9 |
271.7 |
250.5 |
|
Total Liabilities |
13,514.5 |
15,515.9 |
14,234.5 |
13,360.8 |
13,714.3 |
|
|
|
|
|
|
|
|
Other Equity |
0.0 |
0.0 |
- |
- |
- |
|
Common Stock |
613.8 |
701.0 |
696.8 |
618.1 |
584.7 |
|
Total capital surpluses |
443.7 |
506.8 |
503.7 |
446.8 |
422.7 |
|
Total retained earnings |
1,718.2 |
1,848.4 |
1,830.2 |
1,489.5 |
2,054.7 |
|
Treasury Stock |
-16.4 |
-18.6 |
-16.6 |
-14.3 |
-12.6 |
|
Valuation difference on available-for-sa |
1,134.1 |
876.3 |
722.3 |
875.9 |
474.9 |
|
Deferred hedge gain/loss |
-1.1 |
-1.7 |
1.0 |
-0.6 |
-0.7 |
|
Reserve by valuation of land |
227.3 |
282.8 |
246.7 |
280.7 |
268.1 |
|
Translation Adjustment |
-30.5 |
-62.5 |
-51.4 |
-33.5 |
-34.9 |
|
Total Equity |
4,089.0 |
4,132.6 |
3,932.6 |
3,662.5 |
3,756.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
17,603.5 |
19,648.5 |
18,167.1 |
17,023.3 |
17,471.2 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
718.2 |
718.3 |
718.7 |
718.8 |
719.0 |
|
Total Common Shares Outstanding |
718.2 |
718.3 |
718.7 |
718.8 |
719.0 |
|
T/S-Ordinary Shares |
3.3 |
3.2 |
2.8 |
2.7 |
2.5 |
|
Advanced received on construction |
654.5 |
755.6 |
724.0 |
1,013.7 |
1,649.0 |
|
Full-Time Employees |
12,838 |
12,870 |
14,639 |
14,476 |
15,150 |
|
Total Number of Shareholders |
41,388 |
41,011 |
- |
- |
- |
|
Number of Common Shareholders |
- |
- |
41,396 |
39,830 |
39,299 |
|
Within One Year |
106.3 |
- |
- |
- |
- |
|
Division And End Of Current Period Remai |
53.1 |
- |
- |
- |
- |
|
Division And End Of Current Period Remai |
558.1 |
793.1 |
- |
- |
- |
|
LT Debts Maturing within 1yr. |
- |
- |
786.9 |
355.9 |
492.2 |
|
Over One Year And Within Two Years |
0.0 |
121.4 |
- |
- |
- |
|
Lns Pble Maturing over a Yr within 2 Yrs |
781.0 |
649.6 |
- |
- |
- |
|
LT Debts Maturing within 2yr. |
- |
- |
610.8 |
657.2 |
285.4 |
|
Over Two Years And Within Three Years |
265.7 |
- |
- |
- |
- |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
257.3 |
829.8 |
- |
- |
- |
|
LT Debts Maturing within 3yr. |
- |
- |
532.9 |
512.6 |
489.5 |
|
Over Three Years And Within Four Years |
106.3 |
303.5 |
- |
- |
- |
|
Over Four Years And Within Five Years |
265.7 |
121.4 |
- |
- |
- |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
184.4 |
231.5 |
- |
- |
- |
|
LT Debts Maturing within 4yr. |
- |
- |
638.2 |
415.0 |
355.0 |
|
Lns Pble Maturg over 4 Yrs within 5 Yrs |
105.3 |
152.3 |
- |
- |
- |
|
LT Debts Maturing within 5yr. |
- |
- |
412.5 |
535.4 |
326.6 |
|
Other remaining |
582.6 |
- |
- |
- |
- |
|
Other LT within 1 year |
- |
587.7 |
- |
- |
- |
|
Other Total Long Term Debt, Supplemental |
- |
182.1 |
- |
- |
- |
|
Remaining |
- |
- |
807.6 |
558.9 |
568.1 |
|
Total Long Term Debt, Supplemental |
3,265.8 |
3,972.3 |
3,788.9 |
3,035.0 |
2,516.7 |
|
Capital Lease Due Within 1 Year |
1.3 |
- |
6.1 |
6.7 |
7.6 |
|
Cap Lease Maturg over a Yr within 2 Yrs |
0.8 |
- |
- |
- |
- |
|
Capital Lease Due Within 2 Year |
- |
- |
3.7 |
4.3 |
4.5 |
|
Cap Lease Maturg over 2 Yr within 3 Yrs |
0.5 |
- |
- |
- |
- |
|
Capital Lease Due Within 3 Year |
- |
- |
1.2 |
2.2 |
2.4 |
|
Cap Lease Maturg over 3 Yr within 4 Yrs |
0.3 |
- |
- |
- |
- |
|
Capital Lease Due Within 4 Year |
- |
- |
0.5 |
0.6 |
1.0 |
|
Cap Lease Maturg over 4 Yr within 5 Yrs |
0.1 |
- |
- |
- |
- |
|
Capital Lease Due Within 5 Year |
- |
- |
0.3 |
0.3 |
0.3 |
|
Other lease |
0.1 |
- |
- |
- |
- |
|
Capital Lease Remaining Maturities |
- |
- |
0.1 |
0.1 |
0.0 |
|
Total Capital Leases, Supplemental |
3.1 |
- |
11.9 |
14.2 |
15.8 |
|
Pension obligation |
1,409.1 |
1,663.7 |
1,709.2 |
1,579.1 |
1,551.4 |
|
Fair value of plan assets |
729.8 |
810.3 |
815.2 |
743.2 |
668.3 |
|
Funded Status |
-679.3 |
-853.4 |
-894.0 |
-835.9 |
-883.1 |
|
Total Funded Status |
-679.3 |
-853.4 |
-894.0 |
-835.9 |
-883.1 |
|
Discount rate |
1.80% |
1.80% |
1.80% |
1.80% |
1.80% |
|
Expected rate of return |
1.80% |
1.80% |
1.80% |
1.80% |
1.80% |
|
Unrecognized Actuarial Gains and Losses |
18.3 |
84.0 |
110.5 |
129.4 |
208.6 |
|
Unrecognized Prior Service Cost |
2.9 |
3.2 |
-0.6 |
-1.0 |
-1.4 |
|
Prepaid Pension Benefits |
1.8 |
2.8 |
0.0 |
0.2 |
1.6 |
|
Reserve for Accrued Retirement Benefits |
-659.9 |
-768.7 |
-784.1 |
-707.7 |
-677.5 |
|
Net Assets Recognized on Balance Sheet |
-636.9 |
-678.7 |
-674.1 |
-579.2 |
-468.8 |
|
|
|
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 |
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 |
|
|
|
|
|
|
|
|
Income Before Tax |
496.7 |
298.8 |
233.9 |
-789.7 |
270.1 |
|
Depreciation |
131.6 |
151.4 |
133.0 |
113.3 |
109.0 |
|
L/G on valuation of ST and LT investment |
1.5 |
- |
- |
- |
- |
|
Impairment Loss |
38.2 |
250.2 |
41.1 |
92.2 |
14.7 |
|
Inc./Dec. in Prov. for Retire. Benefit |
-15.1 |
- |
- |
- |
- |
|
Increase (decrease) in allowance for dou |
-7.3 |
-2.6 |
6.2 |
16.0 |
-1.8 |
|
Increase (decrease) in provision for los |
-14.5 |
-21.7 |
-194.0 |
76.5 |
40.2 |
|
Increase (decrease) in provision for ret |
- |
-21.8 |
-13.4 |
-8.5 |
-13.2 |
|
Loss (gain) on valuation of short-term a |
- |
35.2 |
53.9 |
0.0 |
39.7 |
|
L on val. Real Estate for Sale |
- |
- |
0.0 |
95.7 |
31.2 |
|
Int.& Dividend Inc. |
-96.6 |
-93.8 |
-76.6 |
-71.4 |
-85.8 |
|
Interest Expenses |
42.0 |
49.2 |
44.3 |
42.9 |
37.5 |
|
G/L on the sale of fixed assets |
- |
- |
- |
- |
0.0 |
|
Loss (gain) on sales of short-term and l |
-51.5 |
-179.1 |
-96.1 |
-20.2 |
-62.1 |
|
Decrease (increase) in notes and account |
-491.8 |
-906.3 |
238.2 |
689.6 |
-720.3 |
|
Decrease (increase) in costs on uncomple |
3.5 |
58.0 |
350.5 |
1,342.5 |
655.0 |
|
Other Receivables |
- |
- |
- |
- |
0.0 |
|
Decrease (increase) in inventories |
204.7 |
-44.9 |
220.3 |
-35.8 |
-101.8 |
|
Decrease (increase) in inventories for P |
-10.8 |
-8.6 |
-62.0 |
28.9 |
-3.0 |
|
Decrease (increase) in other assets |
93.1 |
-167.4 |
-40.0 |
-278.3 |
196.8 |
|
Increase (decrease) in notes and account |
32.0 |
1,225.2 |
-303.5 |
-444.8 |
-206.7 |
|
Increase (decrease) in advances received |
-17.2 |
31.8 |
-420.0 |
-734.5 |
-434.9 |
|
Other Payable |
- |
- |
- |
- |
0.0 |
|
Increase (decrease) in other liabilities |
-45.0 |
108.1 |
-117.9 |
31.9 |
-82.5 |
|
Other, net |
89.5 |
52.1 |
21.5 |
40.7 |
20.4 |
|
Int.& Dividend Rcv'd |
94.8 |
95.4 |
75.2 |
74.7 |
85.9 |
|
Interest Paid |
-42.6 |
-50.2 |
-44.0 |
-43.0 |
-36.8 |
|
Income taxes (paid) refund |
-55.6 |
-26.4 |
-37.8 |
-44.7 |
-145.9 |
|
Cash to change in consol. scope |
- |
- |
- |
- |
-0.1 |
|
Adjustment |
- |
- |
-0.1 |
- |
- |
|
Cash from Operating Activities |
379.6 |
832.7 |
12.8 |
173.8 |
-394.3 |
|
|
|
|
|
|
|
|
Time deposit made |
- |
- |
-64.1 |
-69.3 |
0.0 |
|
Time deposit matured |
- |
- |
115.6 |
29.7 |
0.0 |
|
Purchase of property, plant and equipmen |
-407.4 |
-222.1 |
-561.0 |
-121.3 |
-112.9 |
|
Proceeds from sales of property, plant a |
9.4 |
50.0 |
11.3 |
2.3 |
6.7 |
|
Purchase of short-term and long term inv |
-61.5 |
-68.8 |
-37.7 |
-17.3 |
-96.1 |
|
Proceeds from sales and redemption of sh |
120.4 |
197.9 |
169.0 |
37.0 |
148.1 |
|
Rounding adjustment Cash flow |
- |
0.0 |
- |
- |
- |
|
Loans Made |
-13.6 |
-32.7 |
-0.9 |
-0.8 |
-1.1 |
|
Loans Returned |
2.3 |
2.2 |
2.0 |
2.5 |
72.4 |
|
Proceeds from purchase of investments in |
- |
46.9 |
-21.1 |
0.0 |
- |
|
Other, net |
-0.9 |
2.2 |
0.2 |
- |
0.0 |
|
Other Investing CF |
- |
- |
- |
0.0 |
-0.1 |
|
Cash from Investing Activities |
-351.3 |
-24.3 |
-386.7 |
-137.2 |
16.9 |
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term lo |
19.3 |
178.6 |
-57.3 |
-294.3 |
214.4 |
|
Net increase (decrease) in commercial pa |
60.3 |
-506.6 |
-116.7 |
-172.2 |
348.3 |
|
Lease Debt Repaid |
-3.9 |
-7.9 |
-8.9 |
-9.2 |
-9.3 |
|
Proceeds From PFI And Other Project Fina |
137.7 |
- |
- |
- |
- |
|
Proceeds from long-term loans payable |
242.3 |
552.5 |
113.2 |
872.6 |
445.1 |
|
Repayment of long-term loans payable |
-684.4 |
-713.3 |
-153.6 |
-240.6 |
-187.9 |
|
Proceeds from PFI and other project fina |
- |
123.8 |
227.1 |
37.7 |
389.2 |
|
Payment of PFI and other project finance |
-167.5 |
-169.0 |
-150.7 |
-73.3 |
-396.4 |
|
Bond issued |
120.5 |
126.6 |
466.8 |
0.0 |
- |
|
Bond redemption |
- |
-126.6 |
-116.7 |
-215.2 |
-99.5 |
|
Dividend Paid |
-69.3 |
-72.8 |
-67.1 |
-61.9 |
-57.3 |
|
Rounding adjustment Cash flow |
0.0 |
0.0 |
- |
- |
- |
|
Div. Paid-Newly Cons. Mino. shareholders |
- |
- |
- |
- |
0.0 |
|
Dividend Paid-Minority |
-3.9 |
-3.2 |
-11.6 |
-12.5 |
-22.1 |
|
Other, net |
-0.4 |
-1.9 |
-0.5 |
-0.5 |
-3.2 |
|
Cash from Financing Activities |
-349.2 |
-619.9 |
123.9 |
-169.3 |
621.3 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
55.9 |
-27.9 |
-23.3 |
10.0 |
-91.7 |
|
Net Change in Cash |
-265.1 |
160.6 |
-273.4 |
-122.6 |
152.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,466.6 |
1,380.4 |
1,545.4 |
1,547.4 |
1,279.2 |
|
Net Cash - Ending Balance |
1,201.5 |
1,541.0 |
1,272.0 |
1,424.8 |
1,431.3 |
|
Cash Interest Paid |
42.6 |
50.2 |
44.0 |
43.0 |
36.8 |
|
Cash Taxes Paid |
55.6 |
26.4 |
37.8 |
44.7 |
145.9 |
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.50 |
|
|
1 |
Rs.99.49 |
|
Euro |
1 |
Rs.84.88 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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%)