MIRA INFORM REPORT
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Report Date : |
17.09.2013 |
IDENTIFICATION DETAILS
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Name : |
ISUZU MOTORS LIMITED |
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Registered Office : |
12F,
Omoribellport A, 6-26-1, Minami-Oi, Shinagawa-Ku, 140-8722 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
09.04.1937 |
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Legal Form : |
Public Parent
Company |
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Line of Business : |
·
manufacturer
and seller of commercial vehicles
and light commercial vehicles (LCVs), such as large-sized trucks, buses,
small-sized trucks and pick-up trucks, as well as engines and components ·
Subject
is also engaged in the provision of related logistics services through its
subsidiaries. |
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No. of Employees : |
26,102 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
japan ECONOMIC OVERVIEW
In the years following World War II, government-industry cooperation, a
strong work ethic, mastery of high technology, and a comparatively small
defense allocation (1% of GDP) helped Japan develop a technologically advanced
economy. Two notable characteristics of the post-war economy were the close
interlocking structures of manufacturers, suppliers, and distributors, known as
keiretsu, and the guarantee of lifetime employment for a substantial portion of
the urban labor force. Both features are now eroding under the dual pressures
of global competition and domestic demographic change. Japan's industrial
sector is heavily dependent on imported raw materials and fuels. A small
agricultural sector is highly subsidized and protected, with crop yields among
the highest in the world. While self-sufficient in rice production, Japan
imports about 60% of its food on a caloric basis. For three decades, overall
real economic growth had been spectacular - a 10% average in the 1960s, a 5%
average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in
the 1990s, averaging just 1.7%, largely because of the after effects of
inefficient investment and an asset price bubble in the late 1980s that
required a protracted period of time for firms to reduce excess debt, capital,
and labor. Modest economic growth continued after 2000, but the economy has
fallen into recession three times since 2008. A sharp downturn in business
investment and global demand for Japan's exports in late 2008 pushed Japan into
recession. Government stimulus spending helped the economy recover in late 2009
and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude
earthquake and the ensuing tsunami in March disrupted manufacturing. The
economy has largely recovered in the two years since the disaster, but
reconstruction in the Tohoku region has been uneven. Newly-elected Prime
Minister Shinzo ABE has declared the economy his government's top priority; he
has pledged to reconsider his predecessor's plan to permanently close nuclear
power plants and is pursuing an economic revitalization agenda of fiscal
stimulus and regulatory reform and has said he will press the Bank of Japan to
loosen monetary policy. Measured on a purchasing power parity (PPP) basis that
adjusts for price differences, Japan in 2012 stood as the fourth-largest
economy in the world after second-place China, which surpassed Japan in 2001,
and third-place India, which edged out Japan in 2012. The new government will
continue a longstanding debate on restructuring the economy and reining in
Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation,
reliance on exports to drive growth, and an aging and shrinking population are
other major long-term challenges for the economy.
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Source : CIA |
Company name & address
ISUZU MOTORS LIMITED
12F,
Omoribellport A, 6-26-1, Minami-Oi
Shinagawa-Ku,
140-8722
Japan
Tel: 81-3-54711141
Fax: 81-3-54711043
Web: www.isuzu.co.jp
Plant
8 Tsuchidana Fujisawa Shi Kanagawa Ken 252 8501 Japan
synthesis
Employees: 26,102
Company Type: Public
Parent
Corporate Family: 70 Companies
Traded: Tokyo Stock Exchange: 7202
Incorporation
Date: 09-Apr-1937
Auditor: Ernst
& Young ShinNihon LLC
Financials in: USD (Millions)
Fiscal Year End: 31-Mar-2013
Reporting
Currency: Japanese Yen
Annual Sales:
19,953.9 1
Net Income: 1,163.5
Total Assets: 14,250.6 2
Market Value: 10,369.1
(30-Aug-2013)
Business Description
ISUZU MOTORS
LIMITED is a Japan-based automobile manufacturer. The Company manufactures and
sells commercial vehicles and light commercial vehicles (LCVs), such as
large-sized trucks, buses, small-sized trucks and pick-up trucks, as well as
engines and components. In addition, the Company is also engaged in the
provision of related logistics services through its subsidiaries. As of March
31, 2012, the Company had 87 subsidiaries and 57 associated companies. For the
three months ended 30 June 2013, ISUZU MOTORS LIMITED revenues increased 8% to
Y422.38B. Net income applicable to common stockholders increased 28% to
Y27.61B. Revenues reflect an increase in demand for the Company's products and
services due to favorable market conditions. Net income benefited from NOP
Equity Gain increase of 60% to Y3.08B (income), NOP Foreign Exchange Loss
decrease from Y364M (expense) to Y0K.
Industry
Industry
Motor Vehicle Manufacturing
ANZSIC 2006: 231 - Motor Vehicle and Motor Vehicle Part
Manufacturing
ISIC Rev 4: 2910 - Manufacture of motor vehicles
NACE Rev 2: 2910 - Manufacture of motor vehicles
NAICS 2012: 336111 - Automobile Manufacturing
UK SIC 2007: 2910 - Manufacture of motor vehicles
US SIC 1987: 3711 - Motor Vehicles and Passenger Car
Bodies
Key Executives
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Name |
Title |
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Susumu Hosoi |
President, Representative Director |
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Ryozo Tsukioka |
Vice President, Chief Director of Technology, Director |
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Tatsumasa Horii |
Leader of General Affairs Group in General Affairs and Human Resources
Unit |
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Takashi Kikuchi |
Senior Executive Officer |
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Kozo Isshiki |
Standing Corporate Auditor |
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
Corporate Overview
Location
12F,
Omoribellport A, 6-26-1, Minami-Oi
Shinagawa-Ku, 140-8722
Japan
Tel: 81-3-54711141
Fax: 81-3-54711043
Web: www.isuzu.co.jp
Quote Symbol - Exchange
7202 - Tokyo Stock Exchange
Sales JPY(mil): 1,655,588.0
Assets JPY(mil) 1,340,822.0
Employees: 26,102
Fiscal Year End: 31-Mar-2013
Industry: Auto and Truck Manufacturers
Incorporation
Date: 09-Apr-1937
Company Type: Public Parent
Quoted Status: Quoted
President, Representative
Director:
Susumu Hosoi
Industry Codes
ANZSIC 2006
Codes:
231 - Motor
Vehicle and Motor Vehicle Part Manufacturing
2499 - Other
Machinery and Equipment Manufacturing Not Elsewhere Classified
350 - Motor
Vehicle and Motor Vehicle Parts Wholesaling
ISIC Rev 4 Codes:
2910 - Manufacture
of motor vehicles
293 - Manufacture
of parts and accessories for motor vehicles
4510 - Sale
of motor vehicles
2811 - Manufacture
of engines and turbines, except aircraft, vehicle and cycle engines
NACE Rev 2 Codes:
2910 - Manufacture
of motor vehicles
293 - Manufacture
of parts and accessories for motor vehicles
4511 - Sale
of cars and light motor vehicles
2811 - Manufacture
of engines and turbines, except aircraft, vehicle and cycle engines
NAICS 2012 Codes:
336111 - Automobile
Manufacturing
336310 - Motor
Vehicle Gasoline Engine and Engine Parts Manufacturing
423110 - Automobile
and Other Motor Vehicle Merchant Wholesalers
333618 - Other
Engine Equipment Manufacturing
US SIC 1987:
3711 - Motor
Vehicles and Passenger Car Bodies
5012 - Automobiles
and Other Motor Vehicles
3714 - Motor
Vehicle Parts and Accessories
3519 - Internal
Combustion Engines, Not Elsewhere Classified
UK SIC 2007:
2910 - Manufacture
of motor vehicles
293 - Manufacture
of parts and accessories for motor vehicles
4511 - Sale
of cars and light motor vehicles
2811 - Manufacture
of engines and turbines, except aircraft, vehicle and cycle engines
Business Description
ISUZU MOTORS
LIMITED is a Japan-based automobile manufacturer. The Company manufactures and
sells commercial vehicles and light commercial vehicles (LCVs), such as
large-sized trucks, buses, small-sized trucks and pick-up trucks, as well as
engines and components. In addition, the Company is also engaged in the
provision of related logistics services through its subsidiaries. As of March
31, 2012, the Company had 87 subsidiaries and 57 associated companies. For the
three months ended 30 June 2013, ISUZU MOTORS LIMITED revenues increased 8% to
Y422.38B. Net income applicable to common stockholders increased 28% to
Y27.61B. Revenues reflect an increase in demand for the Company's products and
services due to favorable market conditions. Net income benefited from NOP
Equity Gain increase of 60% to Y3.08B (income), NOP Foreign Exchange Loss
decrease from Y364M (expense) to Y0K.
More Business Descriptions
Manufacture of
motor vehicles and related products
Automobiles &
Vehicle Components Mfr
Isuzu Motors
Limited (Isuzu) is one of the oldest automobile manufacturing companies in
Japan. It is active in the manufacturing and sale of diesel engines, buses,
heavy, small and medium duty trucks. The company, through its subsidiaries,
provides automobile services and logistics, and leasing of real estate and
financial business. It distributes its products in over 100 countries across
the globe. The company operates its business principally in North America, Japan
and other Asian countries. The company operates through a single business
segment, namely, manufacture and sale of vehicles and its components,
industrial engines.Isuzu’s product line comprises of buses, trucks, pickup
trucks and sport utility vehicles (SUV) and power train. Its bus portfolio
comprises Erga Mio medium duty buses and Erga heavy- duty bus and trucks
includes F-Series medium duty trucks, N-Series light duty trucks and C&E
Series heavy duty trucks. Its pickup trucks and SUV portfolio comprise Isuzu
D-MAX, MU-7 and Panther. While, the company’s power train products consists
of automotive engines, marine engines and industrial engines. Isuzu supplied
CV/LCV global shipment that totaled 598,000 units, including CV global
shipments of 206,000 units and LCV global shipments of 346,000 units. The
company's major customers are Tri Petch Isuzu Sales Co., Ltd and ITOCHU
Corporation.The company manufactures engines and parts at the company's Tochigi
plant, while trucks, engines, components and parts are manufactured at the
Fujisawa plant. Isuzu’s diesel engines are applied in energy conservation
equipment, freezer units, boats, construction machinery, energy conservation
equipment, generators and special purpose vehicles. It sells its engines to original
equipment manufacturers (OEM) including General Motors Corporation, Saab,
Renault and Adam Opel. The company focuses on research and development
operations for developing innovative products and catering to diverse needs. It
focuses on incorporating world's leading diesel and commercial vehicle
technologies in products. As a part of the 700 Project, the company developed a
common module for light- and medium-duty trucks. Under the project, the latest
products include ELF light-duty and FORWARD medium-duty trucks. Its research
activities focus on developing products that meet global environment
compliance. It has significant market presence in the development of super
clean diesel engines. For the fiscal year ended March 2011, the company’s
research & development expenses amounted JPY58,600m, as compared to
JPY55,200m in 2010. Geographically, the company classifies its business into
four segments, namely, Japan, North America, Asia and Others. For the fiscal
year ended March 2011, the company generated 35% of its revenue from Japan, 35%
from Asia, 4% from North America and 26% from other countries.In November 2011,
Isuzu raised its equity stake in SML Isuzu Limited (SMLI) from 4% to 15%, to
promote production and sales of commercial vehicles in the fast-growing Indian
market. This initiative has been taken by the company in order to strengthen
its relationship with SMLI, which manufactures and distributes Isuzu’s
medium-duty buses. In September 2011, the company planned to construct a new
pickup truck plant in Thailand to reinforce the production capacity of Isuzu
Motors Co., (Thailand) Ltd. (IMCT), an Isuzu consolidated subsidiary.
Isuzu Motors
Limited (Isuzu) is a Japanese automobile manufacturer. It manufactures and
sells commercial vehicles and light commercial vehicles. The company
manufactures trucks, engines, components and parts, at its Fujisawa plant; and
manufactures engines and parts in Tochigi plant in Japan. It also manufactures
automotive, industrial and marine engines. The company principally operates in
Japan and distributes its products in over 120 countries in North America,
Japan, Europe and Asia. The company is headquartered in Tokyo, Japan.Isuzu
developed a new mid-term business plan for the fiscal year starting from April
2011 to March 2014 whose centerpiece is 'Three Global Core Business
Organization'. As per this plan, the company plans to create a new core
business of commercial vehicle business in emerging markets, in addition to its
existing two traditional core businesses of commercial vehicle business in
Japan and light commercial vehicle business in Thailand. The company plans to
shift to this new business structure by fiscal year 2016.The company reported
revenues of (Yen) JPY 1,655,588.00 million during the fiscal year ended March
2013, an increase of 18.25% over 2012. The operating profit of the company was
JPY 126,013.00 million during the fiscal year 2013, an increase of 32.60% over
2012. The net profit of the company was JPY 96,538.00 million during the fiscal
year 2013, an increase of 5.79% over 2012.
Automobile and
Light Duty Motor Vehicle Manufacturing
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Strategic Initiatives
Sales and Distribution
In 2011, light
commercial vehicles/ special utility vehicles accounted for 19% of the company’s
total revenues, followed by, commercial vehicles with 43.6%, powertrain and
components with 13%, and Others (KD and parts) with 24.4%. In 2011, the company
shipped 252,179 commercial vehicles, 346,237 light commercial vehicles, and 903
engines. In light of robust demand for trucks, Isuzu plans to ship 625,000
commercial and light commercial vehicles during FY2012. In 2011, of the
Japanese industry sales of heavy and medium-duty trucks of 51,412, Isuzu
accounted for 32.8%, as compared to 39.7% in 2009. The company accounted for
40.2% of the total Japanese industry sales of light-duty trucks of 54,469 in
2011 as compared to 40% and 39.1% in 2010 and 2009, respectively.
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Helpful |
Harmful |
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Internal Origin |
Strengths |
Weaknesses |
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External Origin |
Opportunities ·
Positive
Outlook: Vehicle Sales |
Threats |
Overview
Isuzu Motors
Limited (Isuzu) is a leading manufacturer of engines; buses; and heavy, small
and medium duty trucks. Leading market position, inventory turnover, and
positive returns are its key strengths, even as, vehicle recalls remains a key area
of concern. Intense competition, catastrophic losses, rise in raw material
prices, and slow global economic growth could have an adverse impact over the
business, operating results and financial condition of the company. However,
growing potential in the emerging markets, government policy: subsidy on
eco-friendly vehicles, and positive outlook: vehicle sales could drive the
demand for its products generating higher business.
Strengths
Positive Returns
The company
reported return on equity and return on assets of 15.7% and 4.6% in 2011 as
compared to 2.8% and 0.7% in 2010, indicating efficient use of resources. This
was made possible by strong growth in net income from JPY8,405m in 2010 to
JPY51,604m in 2011, an increase of 514%. Positive operating income was the key
driver of such net income growth. The company reported an operating income of
JPY73,564m in 2011, an increase of 784.9%, as compared to JPY8,313m in 2010.
Sales/model mix, reduced material costs, and fixed cost fluctuations increased
the operating income offset by steel and oil price fluctuations and foreign
exchange changes. Another factor which has added positive value to operating
profit was measures taken to contain its operating costs. The company reported
operating costs as a % of sales of 94.8% in 2011 as compared to 99.2% in 2010
and administration costs as a % of sales of 7.7% in 2011 as compared to 9.6% in
2010. Such growth in overall profitability indicates Isuzu’s ability of
generating higher returns to its shareholders.
Market Position
Isuzu holds
strong market position in the Japanese automobile industry. It manufactures and
sells trucks, buses, pickup trucks and sport utility vehicles, and powertrain.
Its bus portfolio comprises of Erga Mio medium duty buses and Erga heavy- duty
buses. Its trucks range includes F-Series medium duty trucks, N-Series light
duty trucks and C&E Series heavy duty trucks. The company’s pickup trucks
and SUV portfolio comprises of Isuzu D-MAX, MU-7 and Panther models. Isuzu’s
powertrain products include automotive engines, marine engines and industrial
engines. In 2011, light commercial vehicles/ special utility vehicles accounted
for 19% of the company’s total revenues, followed by, commercial vehicles
with 43.6%, powertrain and components with 13%, and Others (KD and parts) with
24.4%. In 2011, the company shipped 252,179 commercial vehicles, 346,237 light
commercial vehicles, and 903 engines. In light of robust demand for trucks,
Isuzu plans to ship 625,000 commercial and light commercial vehicles during
FY2012. In 2011, of the Japanese industry sales of heavy and medium-duty trucks
of 51,412, Isuzu accounted for 32.8%, as compared to 39.7% in 2009. The company
accounted for 40.2% of the total Japanese industry sales of light-duty trucks
of 54,469 in 2011 as compared to 40% and 39.1% in 2010 and 2009, respectively.
This signifies that Isuzu holds significant market presence across the Japanese
automobile industry.
Inventory Turnover
Isuzu operates in
a capital-intensive automotive industry with frequent changes in products
demanded based on customer requirements. To do this, the company has to
innovate, launch and deliver products on a timely basis. The way Isuzu turns
around it maintains stock of its products reflects in its inventory turnover.
The company reported an inventory turnover of 12.08 in 2011 as compared to 9.03
in 2010. This reflects that Isuzu was able to replace old stock with new stock
every month. Higher inventory turnover indicates that Isuzu is able to sell its
products faster in the market without any overstocking and obsolescence. Such
turnover also reduces holding costs such as rent, utilities, insurance, theft
and other maintenance costs of goods to be sold. Sales remaining constant,
higher inventory turnover leads to an increase in net income and overall
profitability of a company. It also indicates that the company’s products are
quickly responding back to customer requirements while replacing obsolete
products. Such balanced flow of inventory every month would enable the company
generate higher returns for its shareholders.
Weaknesses
Vehicle Recalls
Isuzu’s
vehicles have reported certain lacuna in meeting safety and pollution
requirements. For instance, during 2010-11, 64 ERGA model buses of type
LDG-LV234L3 and LKG-LV234L3 and 47 ERGA model buses of type LDG-LV234N3 and
LKG-LV234N3 were recalled. The key defects were that the ball joint of the
glide-slide door could not be opened or closed due to some rotating shafts of
door shafts being eccentric and improper water-proofing of switch wiring
allowing water into the wiring has in certain conditions made the external
switch and the switch on the driver seat for opening and closing the door.
Isuzu’s Elf, Titan, Condor, and Atlas vehicles (models from 2004) of about 97,564
were recalled due to wiring arrangement in the alarming horn switch being
inadequate. Repeated operation of the steering wheel disconnected making the
horn fail to honk. About 1,021 of Elf and Atlas hybrid L/D trucks (models from
2005-10) were recalled due to inadequate fastening structure of the hybrid
motor bracket which created a clearance between the frame cross-member and the
bracket. This created excessive stress on the motor bracket fixing bolts from
input leading them to breakage. In worst case, motor could come off. Addressing
such vehicle recall issues and constantly meeting safety and pollution
requirements remain an area of concern.
Opportunities
Positive Outlook: Vehicle Sales
According to the
Japan Automobile Manufacturers Association, Inc. (JAMA), total demand for
passenger cars and commercial vehicles is expected to reach 5.02 million units
in 2012, an increase of 19.1% over the previous year. Of that total, demand for
new passenger cars and commercial vehicles is expected to reach 3.24 million
units and mini-vehicle to reach 1.78 million units. The demand for passenger
cars, trucks, and buses is expected to reach 4,291,000 units, 712,000 units,
and 12,500 units in 2012 as compared to 3,524,789 units, 674,780 units, and
10,651 units in 2011, respectively. Recovery in production and government
subsidies on purchase of eco-friendly cars are expected to evoke the demand in
2012. Domestic production is expected to boost up as a result of increase in
domestic demand for vehicles and increase in exports excluding Europe.
Participating in such market with huge growth potential is expected to grow
Isuzu’s business in the future.
Government
Policy: Eco-Friendly Vehicle Subsidy
Domestic demand
for automobiles is expected to increase by 22.1% y-o-y to 2012 led by
government’s initiative to subsidize purchase of eco-friendly vehicles and
reconstruction demand after the earthquake. In December 2011, the subsidy was
reintroduced to encourage purchases of eco-friendly vehicles, expecting to
earmark JPY300 billion, or around JPY100,000 per car, under the extra budget
for FY2012. This policy is expected to evoke demand from those who were
hesitant to purchase due to restricted supplies and market atmosphere after the
earthquake.
Growing Potential in the Emerging Markets
The fast paced
growth in the emerging economies offers a huge growth potential for the company
by enabling it to leverage its strong brand and product portfolio. Despite the
global economic slowdown, growth in the East Asia and Pacific region
(especially China) as well as in South Asia (especially India) has been
resilient. The growing economy in these countries has generated new employment
opportunities for the residents and has boosted their earnings. This rise in
disposable income has changed their buying behavior. According to the China
Association of Automobile Manufacturers, China's annual automobile sales
increased 24.51% in February 2012 as compared to the previous year. Further,
strong support from the Chinese government is expected to boost automobile
sales. Similar growth has been registered in other emerging markets as well,
including India. India is the second fastest growing auto market and the sixth
largest automobile industry after China, the US, Germany, Japan and Brazil. According
to Rothschild, demand for automobiles in India is expected to reach 3.5 million
units by the end of 2011-12. The Society of Indian Automobile Manufacturers
(SIAM) anticipates 11-13% growth in car sales during 2012-13. Furthermore, for
2011-12 the demand for passenger cars and commercial vehicles is expected to
grow at 0.2% and 18-20%. In November 2011, SML Isuzu Limited and Isuzu Motors
Limited entered into an agreement to form a business and capital alliance to
manufacture automobiles in India. With high competition and saturated markets
most of the global automobile makers have shifted their focus to these regions
for new growth avenues. Serving such emerging markets could enhance the
business of Isuzu.
Threats
Catastrophic Losses
Japan is prone to
catastrophes caused by various natural events such as tsunami and earthquakes.
In 2011, the country was hit by an earthquake which had an adverse impact over
the economic growth and business operations. Like others, Isuzu’s buildings and
facilities were damaged at Fujisawa, Tochigi and other production
affiliates/group sales companies were also damaged. All operations were halted
in March and production was resumed only from May 2011. Isuzu reported an
extraordinary loss of JPY9 billion due to the earthquake. Overall impact on its
net sales was to the extent of JPY30 billion or about 12,000 vehicle units in
2011. Such catastrophic events or natural calamities could have an adverse
effect over the company’s business, operating results and financial position.
Competition
Isuzu operates in
a highly competitive automobile industry. It mainly competes with national and
international commercial vehicle manufacturers, light commercial vehicle
manufacturers, and engine manufacturers. A few of the company’s key
competitors include DaimlerChrysler AG, Hino Motors, Ltd., Volvo, UD Trucks,
Navistar, Toyota Corporation, Honda, and Man AG. Opportunities exist for other
companies to emerge as potential competitors by developing new innovative vehicles.
Increased competition has and may continue to impact the prices Isuzu charges
for its vehicles as well as its overall business. To survive and succeed in a
stiff competitive environment, it becomes very important for Isuzu to
distinguish its product and service offerings through a clear and unique value
proposition. Operating in such intensely competitive market could be a
challenging task for the company.
Slow Global Economic Growth
Under the current
political, economic and debt-related risk, the global economy is subject to
high degrees of uncertainty. According to the World Bank, global GDP is
projected to increase at a rate of 2.5% in 2012 as compared to 2.7% in 2011.
Euro area is expected to enter a recession while Japan is expected to report
modest economic growth. It is expected that majority of the economic growth
will be driven by the emerging markets particularly Asia and Latin America.
Slow economic growth, high unemployment rates, and reduced consumer spending
could exert pressure on the sales of automobiles. It could be challenging for
the company to drive its vehicle sales and generate higher returns under such
tight environment.
Rise in Raw
Material Prices
Isuzu uses
various raw materials such as non-ferrous metals in manufacturing its automobiles
and their spare parts. The prices of these raw materials account for a
significant share of the company's total cost of goods sold. Due to increase in
commodity prices, the cost of raw materials and energy may also increase
drastically. Isuzu may incur loss in sales volume to the extent of their price
increases. In addition, the continuous supply of raw materials could be
affected by weather conditions, national emergencies, strikes, governmental
controls, natural disasters, supply shortages or other events. Thus, price
fluctuations and non-availability of these raw materials may have an adverse
effect on the product cost and operations of the company.
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Corporate Family |
Corporate
Structure News: |
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ISUZU
MOTORS LIMITED |
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ISUZU MOTORS LIMITED |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Shinagawa-Ku |
Japan |
Motor Vehicle Manufacturing |
19,953.9 |
26,102 |
|
|
Subsidiary |
Chongqing |
China |
Motor Vehicle Manufacturing |
980.2 |
2,648 |
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Subsidiary |
Wan Chai, Hong Kong |
Hong Kong |
Motor Vehicle Wholesale |
980.2 |
|
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Joint Venture |
Chongqing |
China |
Metal Products Manufacturing |
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Subsidiary |
Tsuchiura-Shi |
Japan |
Motor Vehicle Parts Manufacturing |
580.0 |
1,397 |
|
|
Affiliates |
Phrapradaeng, Samutprakarn |
Thailand |
Motor Vehicle Manufacturing |
3,515.9 |
1,250 |
|
|
Affiliates |
Pekan, Pahang Darul Makmur |
Malaysia |
Motor Vehicle Manufacturing |
|
1,100 |
|
|
Joint Venture |
Bangkok |
Thailand |
Motor Vehicle Manufacturing |
2,423.9 |
700 |
|
|
Subsidiary |
Ratchathewi, Bangkok |
Thailand |
Motor Vehicle Wholesale |
|
|
|
|
Affiliates |
Gebze |
Turkey |
Motor Vehicle Manufacturing |
|
700 |
|
|
Affiliates |
Biñan City |
Philippines |
Motor Vehicle Manufacturing |
242.4 |
600 |
|
|
Affiliates |
Samut Prakan |
Thailand |
Machinery and Equipment Manufacturing |
|
500 |
|
|
Subsidiary |
Fujisawa, Kanagawa |
Japan |
Architecture and Engineering |
44.0 |
414 |
|
|
Subsidiary |
Pekan, Pahang Darul Makmur |
Malaysia |
Motor Vehicle Manufacturing |
100.7 |
400 |
|
|
Subsidiary |
Binan, Luzon |
Philippines |
Motor Vehicle Parts Manufacturing |
|
400 |
|
|
Joint Venture |
Guangzhou |
China |
Mass Transit and Ground Passenger Transportation |
|
360 |
|
|
Subsidiary |
Rayong |
Thailand |
Machinery and Equipment Manufacturing |
|
208 |
|
|
Affiliates |
Ho Chi Minh City |
Viet Nam |
Machinery and Equipment Manufacturing |
|
200 |
|
|
Subsidiary |
Anaheim, CA |
United States |
Motor Vehicle Wholesale |
25.0 |
175 |
|
|
Branch |
Mira Loma, CA |
United States |
Motor Vehicle Manufacturing |
114.9 |
100 |
|
|
Subsidiary |
Anaheim, CA |
United States |
Motor Vehicle Manufacturing |
|
175 |
|
|
Subsidiary |
Fujisawa, Kanagawa |
Japan |
Research and Development Services |
20.3 |
153 |
|
|
Subsidiary |
Plymouth, MI |
United States |
Research and Development Services |
163.8 |
150 |
|
|
Subsidiary |
Yufutsu-Gun, Hokkaido |
Japan |
Travel and Reservation Services |
19.1 |
150 |
|
|
Subsidiary |
Ginsheim-Gustavsburg, Hessen |
Germany |
Machinery and Equipment Manufacturing |
|
130 |
|
|
Subsidiary |
Ichihara, Chiba |
Japan |
Machinery and Equipment Manufacturing |
33.0 |
101 |
|
|
Subsidiary |
Jakarta |
Indonesia |
Motor Vehicle Manufacturing |
|
100 |
|
|
Joint Venture |
Cuauhtemoc |
Mexico |
Motor Vehicle Manufacturing |
|
100 |
|
|
Affiliates |
Samut Prakan |
Thailand |
Machinery and Equipment Manufacturing |
|
100 |
|
|
Subsidiary |
Phrapradaeng, Samutprakarn |
Thailand |
Motor Vehicle Manufacturing |
|
90 |
|
|
Affiliates |
Bangkok |
Thailand |
Machinery and Equipment Manufacturing |
|
80 |
|
|
Subsidiary |
Taichung Hsien |
Taiwan |
Motor Vehicle Manufacturing |
|
60 |
|
|
Subsidiary |
Port Melbourne, VIC |
Australia |
Motor Vehicle Wholesale |
365.6 |
55 |
|
|
Affiliates |
Taipei |
Taiwan |
Motor Vehicle Wholesale |
|
55 |
|
|
Subsidiary |
Hatfield |
United Kingdom |
Motor Vehicle and Parts Dealers |
45.1 |
51 |
|
|
Subsidiary |
Moraine, OH |
United States |
Machinery and Equipment Manufacturing |
2.6 |
40 |
|
|
Subsidiary |
Singapore |
Singapore |
Motor Vehicle Wholesale |
140.2 |
13 |
|
|
Subsidiary |
Kawasang, - - |
Indonesia |
Nonclassifiable Establishments |
|
|
|
|
Subsidiary |
Watford |
United Kingdom |
Motor Vehicle Manufacturing |
|
10 |
|
|
Subsidiary |
Kontich |
Belgium |
Motor Vehicle and Parts Dealers |
|
10 |
|
|
Subsidiary |
Beijing |
China |
Securities |
|
9 |
|
|
Subsidiary |
Ginsheim-Gustavsburg, Hessen |
Germany |
Machinery Wholesale |
1.9 |
8 |
|
|
Subsidiary |
Mississauga, ON |
Canada |
Motor Vehicle Wholesale |
3.4 |
3 |
|
|
Subsidiary |
Shinagawa-Ku, Tokyo |
Japan |
Holding Companies |
3,519.3 |
|
|
|
Subsidiary |
Koto-Ku, Tokyo |
Japan |
Motor Vehicle Wholesale |
1,048.7 |
|
|
|
Subsidiary |
Nagoya, Aichi |
Japan |
Motor Vehicle and Parts Dealers |
698.0 |
|
|
|
Subsidiary |
Hiroshima, Hiroshima |
Japan |
Motor Vehicle Wholesale |
624.7 |
|
|
|
Subsidiary |
Fukuoka, Fukuoka |
Japan |
Motor Vehicle and Parts Dealers |
594.2 |
|
|
|
Subsidiary |
Fujisawa, Kanagawa |
Japan |
Motor Vehicle Parts Manufacturing |
358.0 |
|
|
|
Subsidiary |
Shinagawa-Ku, Tokyo |
Japan |
Motor Vehicle Wholesale |
240.9 |
|
|
|
Subsidiary |
Shinagawa-Ku, Tokyo |
Japan |
Motor Vehicle Wholesale |
121.7 |
|
|
|
Subsidiary |
Bangkok |
Thailand |
Motor Vehicle Wholesale |
1,135.5 |
|
|
|
Subsidiary |
Shinagawa-Ku, Tokyo |
Japan |
Computer Programming |
96.6 |
|
|
|
Subsidiary |
Fujisawa, Kanagawa |
Japan |
Industrial Machinery Repair and Maintenance |
77.0 |
|
|
|
Subsidiary |
Shinagawa-Ku, Tokyo |
Japan |
Real Estate Agents and Brokers |
76.7 |
|
|
|
Joint Venture |
Bangkok |
Thailand |
Motor Vehicle Parts Manufacturing |
|
|
|
|
Subsidiary |
Shanghai |
China |
Motor Vehicle Wholesale |
|
|
|
|
Affiliates |
Nanchang, Jaingxi |
China |
Motor Vehicle Manufacturing |
|
|
|
|
Subsidiary |
Dublin |
Ireland |
Motor Vehicle Manufacturing |
|
|
|
|
Affiliates |
Beijing |
China |
Motor Vehicle Manufacturing |
|
|
|
|
Subsidiary |
Shanghai |
China |
Machinery Wholesale |
|
|
|
|
Subsidiary |
Bekasi, West Java |
Indonesia |
Machinery and Equipment Manufacturing |
|
|
|
|
Subsidiary |
Beijing, Beijing |
China |
Holding Companies |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Miscellaneous Transportation Equipment Manufacturing |
|
|
|
|
Subsidiary |
Nagoya, Aichi |
Japan |
Motor Vehicle Manufacturing |
|
|
|
|
Subsidiary |
Koza, Kanagawa |
Japan |
Motor Vehicle Parts Manufacturing |
|
|
|
|
Subsidiary |
Moriguchi, Osaka |
Japan |
Motor Vehicle Repair and Maintenance |
|
|
|
|
Subsidiary |
Aartselaar |
Belgium |
Machinery Wholesale |
|
|
|
|
Subsidiary |
Chongqing |
China |
Machinery and Equipment Manufacturing |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Consulting Services |
|
|
Competitors Report
|
Company Name |
Location |
Employees |
Ownership |
|
AB Volvo |
Goteborg, Sweden |
95,956 |
Public |
|
BorgWarner Inc. |
Auburn Hills, Michigan, United States |
19,100 |
Public |
|
Daimler AG |
Stuttgart, Germany |
276,044 |
Public |
|
Eaton Corporation |
Cleveland, Ohio, United States |
103,000 |
Public |
|
Fiat SpA |
Torino, Italy |
219,755 |
Public |
|
Ford Motor Company |
Dearborn, Michigan, United States |
171,000 |
Public |
|
Freightliner LLC |
Portland, Oregon, United States |
15 |
Private |
|
Fuji Heavy Industries Ltd. |
Shinjuku-Ku, Japan |
27,509 |
Public |
|
General Motors Company |
Detroit, Michigan, United States |
217,000 |
Public |
|
HINO MOTORS, LTD. |
Hino-Shi, Japan |
27,705 |
Public |
|
Honda Motor Co Ltd |
Minato-Ku, Japan |
190,338 |
Public |
|
Mazda Motor Corporation |
Aki-Gun, Japan |
37,745 |
Public |
|
MITSUBISHI MOTORS CORPORATION |
Minato-Ku, Japan |
29,822 |
Public |
|
Navistar International Corp |
Lisle, Illinois, United States |
16,900 |
Public |
|
Nissan Motor Co., Ltd. |
Yokohama-Shi, Japan |
160,530 |
Public |
|
Oshkosh Corporation |
Oshkosh, Wisconsin, United States |
13,200 |
Public |
|
PACCAR Inc |
Bellevue, Washington, United States |
22,000 |
Public |
|
Renault SA |
Boulogne-Billancourt, France |
127,086 |
Public |
|
Scania AB |
Sodertalje, Sweden |
38,597 |
Public |
|
SUZUKI MOTOR CORPORATION |
Hamamatsu-Shi, Japan |
55,948 |
Public |
|
TOYOTA MOTOR CORPORATION |
Toyota-Shi, Japan |
333,498 |
Public |
|
Volkswagen AG |
Wolfsburg, Germany |
399,381 |
Public |
Executive report
|
Board of
Directors |
|
|
|
|
|||||||||
|
Vice President, Director |
Director/Board Member |
|
|||||||||
|
||||||||||||
|
President, Representative Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Senior Managing Executive Officer, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
President of Subsidiary, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Board Member |
Director/Board Member |
|
|
||||||||
|
Senior Managing Executive Officer, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Vice President, Chief Director of Technology, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Executives |
|
|
|
|
|||||||||
|
President, Representative Director |
President |
|
|||||||||
|
||||||||||||
|
Managing Executive Officer |
Division Head Executive |
|
|
||||||||
|
Managing Executive Officer |
Division Head Executive |
|
|
||||||||
|
Managing Executive Officer |
Division Head Executive |
|
|
||||||||
|
Executive Officer |
Division Head Executive |
|
|
||||||||
|
Managing Executive Officer |
Division Head Executive |
|
|
||||||||
|
Executive Officer |
Division Head Executive |
|
|
||||||||
|
Executive Officer |
Division Head Executive |
|
|
||||||||
|
Managing Executive Officer, Director |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Senior Managing Executive Officer, Director |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer |
Division Head Executive |
|
|
||||||||
|
Executive Officer |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Executive Officer |
Division Head Executive |
|
|
||||||||
|
Executive Officer |
Division Head Executive |
|
|
||||||||
|
President of Subsidiary, Director |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Executive Officer |
Division Head Executive |
|
|
||||||||
|
Managing Executive Officer, Director |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Executive Officer |
Division Head Executive |
|
|
||||||||
|
Managing Executive Officer, Director |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Executive Officer |
Division Head Executive |
|
|
||||||||
|
Managing Executive Officer, Director |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer |
Division Head Executive |
|
|
||||||||
|
Executive Officer |
Division Head Executive |
|
|
||||||||
|
Senior Managing Executive Officer, Director |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Executive Officer |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Executive Officer |
Division Head Executive |
|
|
||||||||
|
Managing Executive Officer |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Managing Executive Officer, Director |
Division Head Executive |
|
|
||||||||
|
||||||||||||
|
Executive Officer |
Division Head Executive |
|
|
||||||||
|
Senior Executive Officer |
Administration Executive |
|
|
||||||||
|
Senior Executive Officer |
Administration Executive |
|
|
||||||||
|
Senior Executive Officer |
Administration Executive |
|
|
||||||||
|
Standing Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Standing Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Standing Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Leader of General Affairs Group in General Affairs and Human Resources
Unit |
Investor Relations Executive |
|
|
||||||||
|
Vice President, Chief Director of Technology, Director |
Engineering/Technical Executive |
|
|
||||||||
|
||||||||||||
|
Executive Officer |
Other |
|
|
||||||||
|
Executive Officer |
Other |
|
|
||||||||
|
||||||||||||
|
Executive Officer |
Other |
|
|
||||||||
|
Executive Vice President |
Other |
|
|
||||||||
|
||||||||||||
|
Senior Executive Officer |
Other |
|
|
||||||||
Significant Developments
ISUZU MOTORS LTD
and HINO MOTORS LTD to Recall 1,900 Buses in Japan- Jiji Press Aug 27, 2013
Jiji Press reported
that ISUZU MOTORS LTD and HINO MOTORS LTD informed Japan's transport ministry
on August 27, 2013 that they are recalling about 1,900 buses in total because
of a possible door sensor defect. ISUZU's recall affects a total of 1,104 units
of the Erga and Erga Mio made between May 2009 and May 2013.
R&I Affirms
Rating on ISUZU MOTORS LTD at "A-"; Rating Outlook Stable Jul 26,
2013
Rating and
Investment Information, Inc. (R&I) announced that it has affirmed the
rating on ISUZU MOTORS LTD at "A-". The rating outlook is stable.
ISUZU MOTORS LTD
Signed MOU with Andhra Pradesh Government For Truck and Car Manufacturing
Project in Andhra Pradesh- Projects Tiger Jul 06, 2013
Projects Tiger
reported that ISUZU MOTORS LTD has signed a memorandum of understanding (MOU)
with the Andhra Pradesh Government for establishing a truck and car
manufacturing unit in Sri City in Chittoor district, which will start
production by April 2016.
Hindustan Motors
Ltd Signs Memorandum Of Agreement With Isuzu Motors Ltd's Indian Subsidiary Jun
28, 2013
Hindustan Motors
Ltd announced Isuzu Motors India Private Ltd, a subsidiary of Isuzu Motors Ltd,
Japan, has signed an agreement with the Company (HML) for contract
manufacturing of Isuzu SUVs and pickup trucks in India. The components for
producing these vehicles will be imported by Isuzu Motors from Thailand and
assembled in HML's factory at Thiruvallur, near Chennai, Tamil Nadu.
ISUZU MOTORS LTD to Issue Year-end Dividend for FY
2013 May 14, 2013
ISUZU MOTORS LTD announced that it has decided to
issue a year-end dividend payment of JPY 6 per share (JPY 10,168 million in
total), above its latest dividend forecast of JPY 4 per share announced on
February 8, 2013, to all its shareholders as a record of March 31, 2013. The
dividend will be paid on June 28, 2013.
ISUZU MOTORS LTD Announces Change of Subsidiary Mar
29, 2013
ISUZU MOTORS LTD announced that its subsidiary, I
Metal Technology Co Ltd has decided to form a holding company, with ISUZU
MOTORS's affiliated company, TDF Corporation and Jidosha Buhin Kogyo Co Ltd,
effective October 1, 2013. As a result, the holding company will become a
subsidiary of ISUZU MOTORS.
ISUZU MOTORS LTD
To Finalise Indian Manufacturing Unit Plans Soon-The Economic Times Feb 15,
2013
The Economic
Times reported that ISUZU MOTORS LTD will soon finalise plans to set up a
manufacturing plant in India as it gears up to enter the country with light
commercial vehicles and sports utility vehicles. The Company is focusing on
South India for the plant, which could have a minimum capacity of one lakh
units per annum. It is launching sports utility vehicle SUV MU7, priced at
INR23.75 lakh (INR2.375 million) and two pick-up trucks from the D-Max range
priced at INR6.87 lakh (INR0.687 million) and INR8.09 lakh (INR0.809 million).
ISUZU MOTORS LTD
Agrees on Joint Development of Next-generation Pickup Truck with General Motors
Corporation Jan 10, 2013
ISUZU MOTORS LTD
announced that it has agreed to launch a joint development plan for
next-generation pickup truck with General Motors Corporation.
ISUZU MOTORS LTD
to Issue Mid-year Dividend for FY 2013 Nov 07, 2012
ISUZU MOTORS LTD
announced that it has decided to issue a mid-year dividend of JPY 4 per share,
in line with the latest dividend forecast disclosed on May 10, 2012, to all the
shareholders of record as of September 30, 2012, effective November 29, 2012.
Annual Income Statement
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 |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
19,953.9 |
17,731.2 |
16,519.1 |
11,630.2 |
14,178.4 |
|
Revenue |
19,953.9 |
17,731.2 |
16,519.1 |
11,630.2 |
14,178.4 |
|
Total Revenue |
19,953.9 |
17,731.2 |
16,519.1 |
11,630.2 |
14,178.4 |
|
|
|
|
|
|
|
|
Cost of Revenue |
16,884.0 |
15,059.4 |
14,167.1 |
10,351.2 |
12,656.5 |
|
Cost of Revenue, Total |
16,884.0 |
15,059.4 |
14,167.1 |
10,351.2 |
12,656.5 |
|
Gross Profit |
3,069.9 |
2,671.8 |
2,352.0 |
1,279.0 |
1,521.9 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
599.6 |
559.8 |
501.2 |
420.6 |
559.5 |
|
Labor & Related Expense |
701.5 |
691.4 |
609.7 |
553.3 |
568.0 |
|
Advertising Expense |
146.3 |
136.2 |
164.8 |
143.4 |
149.7 |
|
Total Selling/General/Administrative Expenses |
1,447.4 |
1,387.4 |
1,275.7 |
1,117.2 |
1,277.2 |
|
Depreciation |
46.2 |
51.2 |
46.7 |
43.2 |
36.3 |
|
Amortization of Acquisition Costs |
- |
0.0 |
-1.0 |
-1.0 |
-2.7 |
|
Depreciation/Amortization |
46.2 |
51.2 |
45.7 |
42.2 |
33.5 |
|
Litigation |
13.9 |
12.8 |
12.7 |
18.9 |
39.5 |
|
Impairment-Assets Held for Use |
3.2 |
8.8 |
25.0 |
9.6 |
0.2 |
|
Impairment-Assets Held for Sale |
42.2 |
- |
- |
- |
0.0 |
|
Other Unusual Expense (Income) |
-1.8 |
8.1 |
134.4 |
1.6 |
22.0 |
|
Unusual Expense (Income) |
57.5 |
29.7 |
172.1 |
30.1 |
61.7 |
|
Other Operating Expense |
0.0 |
0.0 |
- |
- |
- |
|
Other Operating Expenses, Total |
0.0 |
0.0 |
- |
- |
- |
|
Total Operating Expense |
18,435.2 |
16,527.6 |
15,660.6 |
11,540.8 |
14,029.0 |
|
|
|
|
|
|
|
|
Operating Income |
1,518.8 |
1,203.5 |
858.5 |
89.4 |
149.4 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-31.1 |
-48.1 |
-57.6 |
-67.8 |
-67.7 |
|
Interest Expense, Net Non-Operating |
-31.1 |
-48.1 |
-57.6 |
-67.8 |
-67.7 |
|
Interest Income - Non-Operating |
14.1 |
22.1 |
13.1 |
13.5 |
34.7 |
|
Investment Income -
Non-Operating |
131.4 |
91.6 |
111.8 |
71.3 |
19.9 |
|
Interest/Investment Income - Non-Operating |
145.6 |
113.7 |
124.8 |
84.8 |
54.6 |
|
Interest Income (Expense) - Net Non-Operating Total |
114.4 |
65.6 |
67.3 |
16.9 |
-13.1 |
|
Gain (Loss) on Sale of Assets |
-0.3 |
3.9 |
-10.5 |
-13.8 |
-8.1 |
|
Other Non-Operating Income (Expense) |
32.9 |
17.2 |
-20.1 |
5.8 |
-14.0 |
|
Other, Net |
32.9 |
17.2 |
-20.1 |
5.8 |
-14.0 |
|
Income Before Tax |
1,665.8 |
1,290.3 |
895.1 |
98.4 |
114.2 |
|
|
|
|
|
|
|
|
Total Income Tax |
341.8 |
47.6 |
201.5 |
-45.0 |
327.9 |
|
Income After Tax |
1,324.0 |
1,242.7 |
693.6 |
143.4 |
-213.7 |
|
|
|
|
|
|
|
|
Minority Interest |
-160.5 |
-87.0 |
-91.4 |
-52.9 |
-53.6 |
|
Net Income Before Extraord Items |
1,163.5 |
1,155.7 |
602.2 |
90.4 |
-267.2 |
|
Net Income |
1,163.5 |
1,155.7 |
602.2 |
90.4 |
-267.2 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
0.0 |
-0.1 |
0.0 |
0.0 |
|
Total Adjustments to Net Income |
0.0 |
0.0 |
-0.1 |
0.0 |
0.0 |
|
Income Available to Common Excl Extraord Items |
1,163.5 |
1,155.7 |
602.1 |
90.4 |
-267.3 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
1,163.5 |
1,155.7 |
602.1 |
90.4 |
-267.3 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
1,694.3 |
1,694.4 |
1,694.4 |
1,694.5 |
1,694.9 |
|
Basic EPS Excl Extraord Items |
0.69 |
0.68 |
0.36 |
0.05 |
-0.16 |
|
Basic/Primary EPS Incl Extraord Items |
0.69 |
0.68 |
0.36 |
0.05 |
-0.16 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
1,163.5 |
1,155.7 |
602.1 |
90.4 |
-267.3 |
|
Diluted Weighted Average Shares |
1,694.3 |
1,694.4 |
1,694.4 |
1,694.5 |
1,694.9 |
|
Diluted EPS Excl Extraord Items |
0.69 |
0.68 |
0.36 |
0.05 |
-0.16 |
|
Diluted EPS Incl Extraord Items |
0.69 |
0.68 |
0.36 |
0.05 |
-0.16 |
|
Dividends per Share - Common Stock Primary Issue |
0.12 |
0.08 |
0.05 |
0.03 |
0.03 |
|
Gross Dividends - Common Stock |
204.3 |
128.8 |
79.1 |
54.7 |
50.6 |
|
Interest Expense, Supplemental |
31.1 |
48.1 |
57.6 |
67.8 |
67.7 |
|
Depreciation, Supplemental |
429.6 |
455.5 |
424.7 |
425.3 |
394.1 |
|
Total Special Items |
60.8 |
26.7 |
181.6 |
42.8 |
67.1 |
|
Normalized Income Before Tax |
1,726.6 |
1,317.0 |
1,076.8 |
141.2 |
181.4 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
11.9 |
0.9 |
41.1 |
15.4 |
24.5 |
|
Inc Tax Ex Impact of Sp Items |
353.7 |
48.5 |
242.6 |
-29.6 |
352.4 |
|
Normalized Income After Tax |
1,372.9 |
1,268.5 |
834.1 |
170.9 |
-171.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
1,212.5 |
1,181.5 |
742.7 |
117.9 |
-224.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.72 |
0.70 |
0.44 |
0.07 |
-0.13 |
|
Diluted Normalized EPS |
0.72 |
0.70 |
0.44 |
0.07 |
-0.13 |
|
Amort of Acquisition Costs, Supplemental |
3.0 |
1.0 |
-1.0 |
-1.0 |
-2.7 |
|
Advertising Expense, Supplemental |
146.3 |
136.2 |
164.8 |
143.4 |
149.7 |
|
Research & Development Exp, Supplemental |
737.1 |
744.7 |
683.9 |
594.2 |
674.0 |
|
Reported Operating Profit |
1,576.3 |
1,233.2 |
1,029.5 |
118.5 |
215.5 |
|
Reported Ordinary Profit |
1,708.1 |
1,303.1 |
1,065.0 |
122.6 |
151.6 |
|
Normalized EBIT |
1,576.3 |
1,233.2 |
1,030.6 |
119.5 |
211.2 |
|
Normalized EBITDA |
2,008.9 |
1,689.7 |
1,454.3 |
543.8 |
602.5 |
|
Current Tax - Total |
468.8 |
213.3 |
- |
- |
- |
|
Current Tax - Total |
468.8 |
213.3 |
- |
- |
- |
|
Deferred Tax - Total |
-126.9 |
-165.8 |
- |
- |
- |
|
Deferred Tax - Total |
-126.9 |
-165.8 |
- |
- |
- |
|
Income Tax - Total |
341.8 |
47.6 |
- |
- |
- |
|
Interest Cost - Domestic |
33.8 |
36.8 |
34.5 |
32.2 |
28.0 |
|
Service Cost - Domestic |
88.2 |
89.1 |
82.8 |
77.1 |
55.3 |
|
Prior Service Cost - Domestic |
-0.7 |
-1.6 |
-1.4 |
-1.3 |
-1.2 |
|
Expected Return on Assets - Domestic |
-15.9 |
-15.2 |
-11.4 |
-8.5 |
-11.7 |
|
Actuarial Gains and Losses - Domestic |
57.9 |
64.6 |
69.5 |
69.0 |
47.3 |
|
Domestic Pension Plan Expense |
163.4 |
173.7 |
174.1 |
168.5 |
117.8 |
|
Defined Contribution Expense - Domestic |
2.5 |
2.2 |
- |
- |
- |
|
Total Pension Expense |
166.0 |
175.9 |
174.1 |
168.5 |
117.8 |
|
Discount Rate - Domestic |
1.00% |
1.10% |
2.30% |
2.30% |
2.30% |
|
Expected Rate of Return - Domestic |
1.30% |
2.30% |
2.30% |
2.30% |
1.34% |
|
Total Plan Interest Cost |
33.8 |
36.8 |
34.5 |
32.2 |
28.0 |
|
Total Plan Service Cost |
88.2 |
89.1 |
82.8 |
77.1 |
55.3 |
|
Total Plan Expected Return |
-15.9 |
-15.2 |
-11.4 |
-8.5 |
-11.7 |
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 |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
1,963.7 |
1,948.1 |
2,411.1 |
1,667.6 |
1,126.3 |
|
Short Term Investments |
- |
- |
- |
- |
0.0 |
|
Cash and Short Term Investments |
1,963.7 |
1,948.1 |
2,411.1 |
1,667.6 |
1,126.3 |
|
Accounts Receivable -
Trade, Gross |
2,706.4 |
2,824.3 |
2,038.5 |
2,013.1 |
1,344.3 |
|
Provision for Doubtful
Accounts |
-8.8 |
-13.5 |
-17.1 |
-12.5 |
-15.9 |
|
Trade Accounts Receivable - Net |
2,697.7 |
2,810.8 |
2,021.4 |
2,000.7 |
1,328.4 |
|
Total Receivables, Net |
2,697.7 |
2,810.8 |
2,021.4 |
2,000.7 |
1,328.4 |
|
Inventories - Finished Goods |
1,058.9 |
1,130.6 |
662.2 |
723.0 |
783.9 |
|
Inventories - Work In Progress |
108.9 |
110.6 |
99.5 |
79.6 |
94.9 |
|
Inventories - Raw Materials |
701.9 |
634.4 |
457.2 |
336.5 |
334.4 |
|
Total Inventory |
1,869.7 |
1,875.5 |
1,218.8 |
1,139.1 |
1,213.2 |
|
Deferred Income Tax - Current Asset |
288.5 |
269.8 |
225.6 |
195.7 |
96.1 |
|
Other Current Assets |
261.0 |
299.7 |
279.6 |
216.5 |
282.1 |
|
Other Current Assets, Total |
549.5 |
569.4 |
505.2 |
412.2 |
378.2 |
|
Total Current Assets |
7,080.7 |
7,203.8 |
6,156.6 |
5,219.5 |
4,046.1 |
|
|
|
|
|
|
|
|
Buildings |
2,924.6 |
3,161.8 |
3,134.1 |
2,772.9 |
2,475.0 |
|
Land/Improvements |
2,813.4 |
3,194.0 |
3,234.3 |
2,884.8 |
2,726.4 |
|
Machinery/Equipment |
5,563.1 |
5,868.0 |
5,674.1 |
5,024.7 |
4,742.2 |
|
Construction in
Progress |
152.1 |
185.7 |
206.4 |
163.4 |
322.1 |
|
Other
Property/Plant/Equipment |
1,179.6 |
1,311.3 |
1,306.0 |
1,125.0 |
1,085.9 |
|
Property/Plant/Equipment - Gross |
12,632.7 |
13,720.8 |
13,554.9 |
11,970.9 |
11,351.5 |
|
Accumulated Depreciation |
-7,307.7 |
-7,941.4 |
-7,705.8 |
-6,644.2 |
-6,163.6 |
|
Property/Plant/Equipment - Net |
5,325.0 |
5,779.4 |
5,849.1 |
5,326.7 |
5,187.9 |
|
Goodwill, Net |
13.2 |
15.5 |
0.0 |
- |
- |
|
Intangibles, Net |
93.0 |
72.6 |
94.5 |
91.3 |
90.8 |
|
LT Investment - Affiliate Companies |
765.7 |
738.6 |
742.4 |
710.0 |
- |
|
LT Investments - Other |
535.5 |
520.6 |
242.7 |
225.2 |
827.5 |
|
Long Term Investments |
1,301.1 |
1,259.2 |
985.2 |
935.2 |
827.5 |
|
Note Receivable - Long Term |
14.6 |
43.5 |
46.5 |
44.4 |
41.6 |
|
Deferred Income Tax - Long Term Asset |
204.8 |
178.9 |
115.2 |
103.1 |
78.3 |
|
Other Long Term Assets |
218.2 |
175.5 |
175.3 |
163.0 |
123.5 |
|
Other Long Term Assets, Total |
423.0 |
354.4 |
290.5 |
266.1 |
201.8 |
|
Total Assets |
14,250.6 |
14,728.4 |
13,422.4 |
11,883.3 |
10,395.7 |
|
|
|
|
|
|
|
|
Accounts Payable |
3,350.7 |
3,804.0 |
2,842.8 |
2,540.3 |
1,635.3 |
|
Accrued Expenses |
567.9 |
624.1 |
625.0 |
486.8 |
438.5 |
|
Notes Payable/Short Term Debt |
637.4 |
647.8 |
56.6 |
32.2 |
853.4 |
|
Current Portion - Long Term Debt/Capital Leases |
31.0 |
281.2 |
1,028.4 |
929.4 |
114.9 |
|
Security Deposits |
28.2 |
40.5 |
38.5 |
45.9 |
37.2 |
|
Income Taxes Payable |
350.9 |
117.6 |
89.0 |
68.6 |
32.3 |
|
Other Current Liabilities |
462.8 |
323.3 |
240.8 |
198.2 |
308.9 |
|
Other Current liabilities, Total |
841.8 |
481.4 |
368.3 |
312.7 |
378.3 |
|
Total Current Liabilities |
5,428.8 |
5,838.6 |
4,921.1 |
4,301.3 |
3,420.4 |
|
|
|
|
|
|
|
|
Long Term Debt |
793.9 |
1,468.9 |
2,142.2 |
2,355.9 |
2,303.5 |
|
Capital Lease Obligations |
64.0 |
67.1 |
74.2 |
53.8 |
27.4 |
|
Total Long Term Debt |
857.9 |
1,536.1 |
2,216.4 |
2,409.7 |
2,330.9 |
|
Total Debt |
1,526.3 |
2,465.1 |
3,301.4 |
3,371.3 |
3,299.2 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
543.6 |
624.5 |
726.5 |
633.1 |
609.3 |
|
Deferred Income Tax |
543.6 |
624.5 |
726.5 |
633.1 |
609.3 |
|
Minority Interest |
977.9 |
778.7 |
711.8 |
609.4 |
517.7 |
|
Pension Benefits - Underfunded |
730.9 |
804.3 |
774.7 |
656.8 |
584.2 |
|
Other Long Term Liabilities |
89.7 |
102.9 |
113.5 |
88.2 |
91.8 |
|
Other Liabilities, Total |
820.6 |
907.2 |
888.2 |
745.0 |
676.0 |
|
Total Liabilities |
8,628.8 |
9,685.1 |
9,464.1 |
8,698.4 |
7,554.3 |
|
|
|
|
|
|
|
|
Common Stock |
432.0 |
493.3 |
490.4 |
435.0 |
411.5 |
|
Common Stock |
432.0 |
493.3 |
490.4 |
435.0 |
411.5 |
|
Additional Paid-In Capital |
536.0 |
612.1 |
608.4 |
539.7 |
510.5 |
|
Retained Earnings (Accumulated Deficit) |
3,873.8 |
3,399.1 |
2,374.7 |
1,644.5 |
1,472.2 |
|
Treasury Stock - Common |
-7.3 |
-7.9 |
-7.6 |
-6.4 |
-5.8 |
|
Unrealized Gain (Loss) |
955.2 |
1,051.4 |
920.8 |
820.5 |
754.6 |
|
Translation Adjustment |
-163.3 |
-502.1 |
-427.4 |
-246.8 |
-301.3 |
|
Other Equity |
0.0 |
0.0 |
- |
- |
- |
|
Other Comprehensive Income |
-4.5 |
-2.6 |
-0.9 |
-1.6 |
-0.5 |
|
Other Equity, Total |
-167.7 |
-504.7 |
-428.4 |
-248.4 |
-301.8 |
|
Total Equity |
5,621.9 |
5,043.2 |
3,958.3 |
3,184.8 |
2,841.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
14,250.6 |
14,728.4 |
13,422.4 |
11,883.3 |
10,395.7 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
1,694.3 |
1,694.3 |
1,694.4 |
1,694.5 |
1,694.6 |
|
Total Common Shares Outstanding |
1,694.3 |
1,694.3 |
1,694.4 |
1,694.5 |
1,694.6 |
|
Treasury Shares - Common Stock Primary Issue |
2.6 |
2.5 |
2.5 |
2.4 |
2.2 |
|
Employees |
26,102 |
24,656 |
24,461 |
24,440 |
24,257 |
|
Number of Common Shareholders |
63,524 |
65,045 |
75,547 |
76,886 |
86,698 |
|
Total Long Term Debt, Supplemental |
1,302.4 |
2,188.5 |
3,128.9 |
3,258.6 |
3,034.7 |
|
Long Term Debt Maturing within 1 Year |
508.5 |
719.5 |
986.7 |
902.7 |
731.2 |
|
Long Term Debt Maturing in Year 2 |
274.4 |
580.4 |
703.6 |
844.0 |
727.7 |
|
Long Term Debt Maturing in Year 3 |
420.3 |
313.4 |
578.0 |
589.7 |
703.1 |
|
Long Term Debt Maturing in Year 4 |
84.3 |
461.9 |
302.4 |
462.7 |
377.5 |
|
Long Term Debt Maturing in Year 5 |
14.9 |
96.3 |
450.1 |
224.1 |
326.2 |
|
Long Term Debt Maturing in 2-3 Years |
694.7 |
893.8 |
1,281.6 |
1,433.7 |
1,430.8 |
|
Long Term Debt Maturing in 4-5 Years |
99.2 |
558.1 |
752.5 |
686.8 |
703.7 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
17.0 |
108.1 |
235.4 |
169.0 |
|
Total Capital Leases, Supplemental |
95.0 |
105.6 |
115.9 |
80.5 |
41.1 |
|
Capital Lease Payments Due in Year 1 |
31.0 |
38.4 |
41.7 |
26.7 |
13.7 |
|
Capital Lease Payments Due in Year 2 |
29.1 |
28.2 |
30.4 |
23.0 |
13.6 |
|
Capital Lease Payments Due in Year 3 |
14.7 |
16.9 |
19.6 |
12.9 |
10.7 |
|
Capital Lease Payments Due in Year 4 |
7.7 |
10.3 |
10.0 |
5.8 |
2.4 |
|
Capital Lease Payments Due in Year 5 |
5.3 |
6.0 |
7.4 |
4.1 |
0.5 |
|
Capital Lease Payments Due in 2-3 Years |
43.8 |
45.1 |
50.0 |
35.9 |
24.3 |
|
Capital Lease Payments Due in 4-5 Years |
12.9 |
16.2 |
17.4 |
9.9 |
2.9 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
7.3 |
5.8 |
6.8 |
8.0 |
0.2 |
|
Pension Obligation - Domestic |
1,598.9 |
1,654.5 |
1,581.1 |
1,390.7 |
1,299.4 |
|
Plan Assets - Domestic |
570.0 |
595.7 |
552.3 |
437.4 |
345.6 |
|
Funded Status - Domestic |
-1,028.9 |
-1,058.8 |
-1,028.7 |
-953.3 |
-953.9 |
|
Total Funded Status |
-1,028.9 |
-1,058.8 |
-1,028.7 |
-953.3 |
-953.9 |
|
Discount Rate - Domestic |
1.00% |
1.10% |
2.30% |
2.30% |
2.30% |
|
Expected Rate of Return - Domestic |
1.30% |
2.30% |
2.30% |
2.30% |
1.34% |
|
Prepaid Benefits - Domestic |
13.4 |
17.5 |
19.8 |
5.4 |
8.1 |
|
Accrued Liabilities - Domestic |
-730.9 |
-804.3 |
-774.7 |
-656.8 |
-584.2 |
|
Other Assets, Net - Domestic |
-311.4 |
-272.0 |
-273.8 |
-302.0 |
-377.7 |
|
Net Assets Recognized on Balance Sheet |
-1,028.9 |
-1,058.8 |
-1,028.7 |
-953.3 |
-953.8 |
|
Total Plan Obligations |
1,598.9 |
1,654.5 |
1,581.1 |
1,390.7 |
1,299.4 |
|
Total Plan Assets |
570.0 |
595.7 |
552.3 |
437.4 |
345.6 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
1,665.8 |
1,290.3 |
895.1 |
98.3 |
114.2 |
|
Depreciation |
429.6 |
455.5 |
424.7 |
425.3 |
394.1 |
|
Depreciation/Depletion |
429.6 |
455.5 |
424.7 |
425.3 |
394.1 |
|
Amortization of Acquisition Costs |
3.0 |
1.0 |
-1.0 |
-1.0 |
-2.7 |
|
Amortization |
3.0 |
1.0 |
-1.0 |
-1.0 |
-2.7 |
|
Unusual Items |
-26.9 |
-14.1 |
85.3 |
25.7 |
20.6 |
|
Equity in Net Earnings (Loss) |
-131.0 |
-77.7 |
-100.1 |
-45.9 |
-50.2 |
|
Other Non-Cash Items |
48.0 |
53.6 |
44.3 |
64.5 |
39.3 |
|
Non-Cash Items |
-110.0 |
-38.2 |
29.5 |
44.3 |
9.6 |
|
Accounts Receivable |
30.2 |
-732.8 |
195.3 |
-556.3 |
1,124.3 |
|
Inventories |
-86.6 |
-617.5 |
37.8 |
201.1 |
166.6 |
|
Other Assets |
37.3 |
-71.7 |
20.5 |
30.1 |
-7.2 |
|
Accounts Payable |
-287.4 |
870.7 |
12.7 |
768.0 |
-1,478.8 |
|
Accrued Expenses |
17.0 |
2.0 |
51.9 |
17.1 |
-197.6 |
|
Other Liabilities |
108.3 |
4.4 |
28.0 |
-2.6 |
-67.2 |
|
Other Operating Cash Flow |
-140.4 |
-156.7 |
-116.6 |
-59.1 |
-136.4 |
|
Changes in Working Capital |
-321.7 |
-701.5 |
229.6 |
398.3 |
-596.4 |
|
Cash from Operating Activities |
1,666.7 |
1,007.0 |
1,577.8 |
965.1 |
-81.3 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-618.1 |
-340.4 |
-296.5 |
-394.8 |
-600.8 |
|
Capital Expenditures |
-618.1 |
-340.4 |
-296.5 |
-394.8 |
-600.8 |
|
Acquisition of Business |
0.0 |
0.0 |
- |
- |
- |
|
Sale of Fixed Assets |
46.5 |
88.7 |
21.7 |
31.4 |
10.3 |
|
Sale/Maturity of Investment |
4.8 |
4.4 |
3.5 |
2.3 |
1.2 |
|
Investment, Net |
-65.2 |
13.7 |
-34.8 |
-0.5 |
5.8 |
|
Purchase of Investments |
-78.9 |
-210.2 |
-17.5 |
-9.5 |
-24.3 |
|
Other Investing Cash Flow |
18.2 |
3.2 |
8.2 |
-19.5 |
-14.2 |
|
Other Investing Cash Flow Items, Total |
-74.6 |
-100.1 |
-18.8 |
4.1 |
-21.1 |
|
Cash from Investing Activities |
-692.7 |
-440.5 |
-315.3 |
-390.7 |
-621.9 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
51.9 |
-22.1 |
-26.3 |
-6.2 |
-41.2 |
|
Financing Cash Flow Items |
51.9 |
-22.1 |
-26.3 |
-6.2 |
-41.2 |
|
Cash Dividends Paid - Common |
-142.7 |
-107.4 |
-98.7 |
-0.3 |
-134.7 |
|
Total Cash Dividends Paid |
-142.7 |
-107.4 |
-98.7 |
-0.3 |
-134.7 |
|
Repurchase/Retirement
of Common |
-0.3 |
-0.2 |
-0.3 |
-0.1 |
-1.0 |
|
Common Stock, Net |
-0.3 |
-0.2 |
-0.3 |
-0.1 |
-1.0 |
|
Repurchase/Retirement
of Preferred |
- |
- |
- |
- |
0.0 |
|
Preferred Stock, Net |
- |
- |
- |
- |
0.0 |
|
Issuance (Retirement) of Stock, Net |
-0.3 |
-0.2 |
-0.3 |
-0.1 |
-1.0 |
|
Short Term Debt, Net |
-44.7 |
115.7 |
-5.4 |
-208.9 |
33.0 |
|
Long Term Debt Issued |
18.5 |
38.0 |
474.6 |
876.3 |
1,137.2 |
|
Long Term Debt
Reduction |
-752.3 |
-1,074.1 |
-1,017.9 |
-842.5 |
-516.9 |
|
Long Term Debt, Net |
-733.8 |
-1,036.1 |
-543.3 |
33.7 |
620.3 |
|
Issuance (Retirement) of Debt, Net |
-778.5 |
-920.5 |
-548.6 |
-175.2 |
653.3 |
|
Cash from Financing Activities |
-869.6 |
-1,050.1 |
-673.9 |
-181.8 |
476.4 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
103.0 |
-44.3 |
-49.9 |
37.7 |
-106.8 |
|
Net Change in Cash |
207.4 |
-528.0 |
538.6 |
430.4 |
-333.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,936.4 |
2,562.7 |
1,822.8 |
1,250.2 |
1,490.0 |
|
Net Cash - Ending Balance |
2,143.9 |
2,034.7 |
2,361.4 |
1,680.6 |
1,156.4 |
|
Cash Interest Paid |
33.0 |
49.1 |
59.0 |
68.2 |
67.0 |
|
Cash Taxes Paid |
222.7 |
200.3 |
182.5 |
53.5 |
181.8 |
Annual Income Statement
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 |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Total net sales |
19,953.9 |
17,731.2 |
16,519.1 |
11,630.2 |
14,178.4 |
|
Total Revenue |
19,953.9 |
17,731.2 |
16,519.1 |
11,630.2 |
14,178.4 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
0.0 |
- |
- |
- |
|
Total cost of sales |
16,884.0 |
15,059.4 |
14,167.1 |
10,351.2 |
12,649.4 |
|
Other Selling/General/Admin. Expense |
0.1 |
- |
- |
- |
- |
|
Other Selling/General/Admin. Expense |
- |
0.1 |
- |
- |
- |
|
Shipping&Packing |
239.1 |
247.7 |
199.5 |
150.0 |
204.8 |
|
Sales Promotion Exp. |
124.3 |
118.9 |
151.3 |
132.5 |
128.4 |
|
Advertising |
21.9 |
17.3 |
13.5 |
10.8 |
21.3 |
|
Free Repair |
150.8 |
145.1 |
167.5 |
124.5 |
183.6 |
|
Allow. Prod.Warranty |
38.1 |
33.4 |
16.3 |
13.5 |
17.3 |
|
Allow.Doubt.Acct. |
- |
- |
0.0 |
2.1 |
2.9 |
|
Salaries And Allowances |
584.1 |
578.4 |
513.2 |
458.8 |
487.9 |
|
Provision For Bonuses |
74.1 |
70.1 |
57.4 |
49.1 |
34.4 |
|
Provision For Retirement Benefits |
43.4 |
43.0 |
39.0 |
45.4 |
45.7 |
|
Depreciaiton |
46.2 |
51.2 |
46.7 |
43.2 |
36.3 |
|
Other SG&A |
171.5 |
133.6 |
118.0 |
130.5 |
150.8 |
|
Other Unusual Expense (Income) |
0.0 |
- |
- |
- |
- |
|
Gain On Step Acquisitions |
-0.2 |
-7.8 |
- |
- |
- |
|
SP Income-Receipt of Compensation |
-2.2 |
-1.5 |
-4.3 |
-5.5 |
-1.1 |
|
SP Gain on negative goodwill |
-1.1 |
-3.6 |
-12.1 |
0.0 |
- |
|
SP Reversal G on allow.doubt.accounts |
- |
0.0 |
-6.8 |
0.0 |
0.0 |
|
SP Other Special Gains |
-1.4 |
-11.9 |
-5.1 |
-3.8 |
-1.6 |
|
L on Val of Invt&Debts of Nonconso Subs. |
42.2 |
- |
- |
- |
- |
|
SP L-Val.Sub.Stk.&Deb |
- |
- |
- |
- |
0.0 |
|
SP Impairment Loss |
3.2 |
8.8 |
25.0 |
9.6 |
0.2 |
|
SP L-retire North America's SUV business |
- |
- |
- |
0.0 |
1.0 |
|
SP Special deposit |
- |
- |
- |
- |
0.0 |
|
SP Spec. prov. for doubtful acts |
- |
- |
- |
0.0 |
11.0 |
|
SP L on val. of inventories |
- |
- |
- |
0.0 |
7.1 |
|
SP Environmental expenses |
- |
0.0 |
39.8 |
4.3 |
0.0 |
|
SP Loss on disaster |
0.0 |
22.0 |
105.4 |
0.0 |
- |
|
SP Other Special Losses |
3.0 |
10.9 |
17.6 |
6.6 |
12.7 |
|
NOP Amort. of Negative Goodwill |
- |
0.0 |
-1.0 |
-1.0 |
-2.7 |
|
NOP Legal settlement package |
13.9 |
12.8 |
12.7 |
18.9 |
39.5 |
|
Total Operating Expense |
18,435.2 |
16,527.6 |
15,660.6 |
11,540.8 |
14,029.0 |
|
|
|
|
|
|
|
|
NOP Interest Income |
14.1 |
22.1 |
13.1 |
13.5 |
34.7 |
|
Foreign Exchange Losses |
-21.5 |
- |
- |
- |
- |
|
NOP Dividend Income |
20.2 |
10.9 |
7.7 |
5.3 |
9.2 |
|
NOP Equity Gain |
131.0 |
77.7 |
100.1 |
45.9 |
50.2 |
|
Other Non-Operating Income (Expense) |
0.0 |
0.0 |
- |
- |
- |
|
Reversal of compensation expenses due to |
0.0 |
17.1 |
- |
- |
- |
|
Rent income |
5.3 |
4.7 |
3.7 |
3.1 |
3.3 |
|
NOP Exchange Gain |
0.0 |
2.8 |
3.9 |
19.3 |
0.0 |
|
NOP Other Non-Op. Income |
54.2 |
30.3 |
20.4 |
28.5 |
20.7 |
|
NOP Interest Expense |
-31.1 |
-48.1 |
-57.6 |
-67.8 |
-67.7 |
|
NOP Exchange Loss |
- |
- |
- |
0.0 |
-39.5 |
|
NOP Compensation expenses |
- |
0.0 |
-15.8 |
0.0 |
- |
|
NOP Other Non-Op.Expense |
-26.7 |
-35.0 |
-28.4 |
-25.9 |
-38.1 |
|
SP Gain Sale Fix.Asset |
17.0 |
27.9 |
10.1 |
2.5 |
3.9 |
|
SP Gain Sale Inv. Secs. |
1.7 |
0.2 |
0.1 |
0.7 |
0.0 |
|
SP G sale of invest. in related co. |
- |
- |
- |
0.0 |
1.8 |
|
SP LossDispos.Fix.Asset |
-17.4 |
-24.0 |
-20.6 |
-16.2 |
-13.8 |
|
Net Income Before Taxes |
1,665.8 |
1,290.3 |
895.1 |
98.4 |
114.2 |
|
|
|
|
|
|
|
|
Total income taxes |
341.8 |
47.6 |
201.5 |
-45.0 |
327.9 |
|
Net Income After Taxes |
1,324.0 |
1,242.7 |
693.6 |
143.4 |
-213.7 |
|
|
|
|
|
|
|
|
Minority interests in income |
-160.5 |
-87.0 |
-91.4 |
-52.9 |
-53.6 |
|
Net Income Before Extra. Items |
1,163.5 |
1,155.7 |
602.2 |
90.4 |
-267.2 |
|
Net Income |
1,163.5 |
1,155.7 |
602.2 |
90.4 |
-267.2 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Rounding adjustment Income Statement |
- |
0.0 |
- |
- |
- |
|
Adjustment |
- |
- |
-0.1 |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
1,163.5 |
1,155.7 |
602.1 |
90.4 |
-267.3 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
1,163.5 |
1,155.7 |
602.1 |
90.4 |
-267.3 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
1,694.3 |
1,694.4 |
1,694.4 |
1,694.5 |
1,694.9 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.69 |
0.68 |
0.36 |
0.05 |
-0.16 |
|
Basic EPS Including ExtraOrdinary Items |
0.69 |
0.68 |
0.36 |
0.05 |
-0.16 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
1,163.5 |
1,155.7 |
602.1 |
90.4 |
-267.3 |
|
Diluted Weighted Average Shares |
1,694.3 |
1,694.4 |
1,694.4 |
1,694.5 |
1,694.9 |
|
Diluted EPS Excluding ExtraOrd Items |
0.69 |
0.68 |
0.36 |
0.05 |
-0.16 |
|
Diluted EPS Including ExtraOrd Items |
0.69 |
0.68 |
0.36 |
0.05 |
-0.16 |
|
DPS-Ordinary Shares |
0.12 |
0.08 |
0.05 |
0.03 |
0.03 |
|
Gross Dividends - Common Stock |
204.3 |
128.8 |
79.1 |
54.7 |
50.6 |
|
Normalized Income Before Taxes |
1,726.6 |
1,317.0 |
1,076.8 |
141.2 |
181.4 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
353.7 |
48.5 |
242.6 |
-29.6 |
352.4 |
|
Normalized Income After Taxes |
1,372.9 |
1,268.5 |
834.1 |
170.9 |
-171.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
1,212.5 |
1,181.5 |
742.7 |
117.9 |
-224.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.72 |
0.70 |
0.44 |
0.07 |
-0.13 |
|
Diluted Normalized EPS |
0.72 |
0.70 |
0.44 |
0.07 |
-0.13 |
|
Total Research And Development Expense |
737.1 |
744.7 |
683.9 |
594.2 |
674.0 |
|
Advertising Expense |
21.9 |
17.3 |
13.5 |
10.8 |
21.3 |
|
Sales Promotion Exp. |
124.3 |
118.9 |
151.3 |
132.5 |
128.4 |
|
Interest Expense |
31.1 |
48.1 |
57.6 |
67.8 |
67.7 |
|
BC - Depreciation of Goodwill |
3.0 |
1.0 |
- |
- |
- |
|
Amort of Negative Goodwill |
- |
- |
-1.0 |
-1.0 |
-2.7 |
|
Amort of Goodwill |
- |
- |
0.0 |
- |
- |
|
BC - Depreciation of Fixed Assets |
429.6 |
455.5 |
- |
- |
- |
|
Depreciation |
- |
- |
424.7 |
425.3 |
394.1 |
|
Income taxes-current |
468.8 |
213.3 |
- |
- |
- |
|
Current Tax - Total |
468.8 |
213.3 |
- |
- |
- |
|
Income taxes-deferred |
-126.9 |
-165.8 |
- |
- |
- |
|
Deferred Tax - Total |
-126.9 |
-165.8 |
- |
- |
- |
|
Income Tax - Total |
341.8 |
47.6 |
- |
- |
- |
|
Reported operating profits |
1,576.3 |
1,233.2 |
1,029.5 |
118.5 |
215.5 |
|
Reported ordinary profits |
1,708.1 |
1,303.1 |
1,065.0 |
122.6 |
151.6 |
|
Service cost |
88.2 |
89.1 |
82.8 |
77.1 |
55.3 |
|
Interest cost |
33.8 |
36.8 |
34.5 |
32.2 |
28.0 |
|
Expected return on plan assets |
-15.9 |
-15.2 |
-13.2 |
-10.0 |
-12.7 |
|
Actuarial gains and losses |
57.9 |
64.6 |
69.5 |
69.0 |
47.3 |
|
Prior service cost |
-0.7 |
-1.6 |
-1.4 |
-1.3 |
-1.2 |
|
Other Pension Cost |
- |
- |
1.8 |
1.5 |
1.0 |
|
Domestic Pension Plan Expense |
163.4 |
173.7 |
174.1 |
168.5 |
117.8 |
|
Defined Contribution Expense |
2.5 |
2.2 |
- |
- |
- |
|
Total Pension Expense |
166.0 |
175.9 |
174.1 |
168.5 |
117.8 |
|
Discount Rate(MIN)-Retirement Cost(Domes |
1.00% |
1.10% |
- |
- |
- |
|
Discount rate |
- |
- |
2.30% |
2.30% |
2.30% |
|
Expected return on assets(MIN)-Retiremen |
1.30% |
2.30% |
- |
- |
- |
|
Expected rate or return |
- |
- |
2.30% |
2.30% |
1.34% |
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 |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash& Deposits |
1,963.7 |
1,948.1 |
2,411.1 |
1,667.6 |
1,126.3 |
|
Notes and accounts receivable-trade |
2,706.4 |
2,824.3 |
2,038.5 |
2,013.1 |
1,344.3 |
|
Marketable securities |
- |
- |
- |
- |
0.0 |
|
Inventories - merchandise&finished goods |
1,058.9 |
1,130.6 |
662.2 |
723.0 |
783.9 |
|
Inventories - work-in-process |
108.9 |
110.6 |
99.5 |
79.6 |
94.9 |
|
Inventories - raw materials&supply |
701.9 |
634.4 |
457.2 |
336.5 |
334.4 |
|
Deferred Taxes |
288.5 |
269.8 |
225.6 |
195.7 |
96.1 |
|
Rounding adjustment Assets |
0.0 |
0.0 |
- |
- |
- |
|
Other Current |
261.0 |
299.6 |
279.6 |
216.5 |
282.1 |
|
Allow.Doubt.Acct |
-8.8 |
-13.5 |
-17.1 |
-12.5 |
-15.9 |
|
Total Current Assets |
7,080.7 |
7,203.8 |
6,156.6 |
5,219.5 |
4,046.1 |
|
|
|
|
|
|
|
|
Bldg.&Structures |
2,924.6 |
3,161.8 |
3,134.1 |
2,772.9 |
2,475.0 |
|
Accum Dep & Impairment Loss of Buildings |
-1,779.0 |
-1,949.2 |
-1,875.4 |
-1,591.2 |
-1,438.5 |
|
Machinery, equipment and vehicles |
5,563.1 |
5,868.0 |
5,674.1 |
5,024.7 |
4,742.2 |
|
Acc.
Depre&Impair-Machine,Equip&Vehicle |
-4,513.9 |
-4,852.6 |
-4,718.7 |
-4,100.7 |
-3,805.9 |
|
Land |
2,813.4 |
3,194.0 |
3,234.3 |
2,884.8 |
2,726.4 |
|
Lease |
150.9 |
159.2 |
164.2 |
101.9 |
45.1 |
|
Accumulated depreciation-Lease Assets |
-64.5 |
-68.7 |
-62.8 |
-27.1 |
-6.8 |
|
Constr.-in-Prog. |
152.1 |
185.7 |
206.4 |
163.4 |
322.1 |
|
Other PP&E |
1,028.6 |
1,152.1 |
1,141.8 |
1,023.1 |
1,040.8 |
|
Accumulated Depreciation-Other PPE |
-950.3 |
-1,070.8 |
-1,048.9 |
-925.2 |
-912.4 |
|
Goodwiill |
13.2 |
15.5 |
- |
- |
- |
|
Goodwill |
- |
- |
0.0 |
- |
- |
|
Other Total intangible assets |
0.0 |
- |
- |
- |
- |
|
Other Intangible |
93.0 |
72.6 |
94.5 |
91.3 |
90.8 |
|
Other Investment Securities |
535.5 |
- |
- |
- |
- |
|
Invest. Security |
- |
520.6 |
242.7 |
225.2 |
827.5 |
|
Equity secs.-nonconsol affil.&sub. |
765.7 |
- |
- |
- |
- |
|
Equity secs.-nonconsol affil.&sub. |
- |
738.6 |
742.4 |
710.0 |
- |
|
Long-term loans receivable |
14.6 |
43.5 |
46.5 |
44.4 |
41.6 |
|
Deferred tax assets |
204.8 |
178.9 |
115.2 |
103.1 |
78.3 |
|
Rounding adjustment Assets |
0.0 |
0.0 |
- |
- |
- |
|
Other Other Long Term Assets |
0.0 |
0.0 |
- |
- |
- |
|
Other Assets |
234.7 |
236.1 |
238.1 |
250.8 |
221.1 |
|
Allow.Doubt.Acct |
-16.6 |
-60.7 |
-62.8 |
-87.7 |
-97.6 |
|
Adjustment |
- |
- |
-0.1 |
-0.1 |
- |
|
Property/Plant/Equipment, Total - Net |
0.0 |
- |
- |
- |
- |
|
Other Buildings, Net |
0.0 |
0.0 |
- |
- |
- |
|
Other Plant/machinery, Net |
- |
0.0 |
- |
- |
- |
|
Other PPE under Capital Lease, Net |
- |
0.0 |
- |
- |
- |
|
Other Other Tangible Fixed Assets, Net |
- |
0.0 |
- |
- |
- |
|
Other PPE,Net |
- |
0.0 |
- |
- |
- |
|
Total Assets |
14,250.6 |
14,728.4 |
13,422.4 |
11,883.3 |
10,395.7 |
|
|
|
|
|
|
|
|
Notes and accounts payable-trade |
3,350.7 |
3,804.0 |
2,842.8 |
2,540.3 |
1,635.3 |
|
Short-term loans payable |
637.4 |
647.8 |
56.6 |
32.2 |
853.4 |
|
Current LT Debt |
- |
- |
950.5 |
688.6 |
- |
|
Curr. Port. Bond |
0.0 |
242.8 |
36.2 |
214.0 |
101.2 |
|
Lease |
31.0 |
38.4 |
41.7 |
26.7 |
13.7 |
|
Corp.Tax Pybls. |
350.9 |
117.6 |
89.0 |
68.6 |
32.3 |
|
Accrued Expenses |
417.3 |
462.5 |
468.0 |
360.7 |
328.8 |
|
Allow. for Bonus |
150.5 |
161.7 |
157.0 |
126.0 |
109.7 |
|
Rounding adjustment Liability |
0.1 |
0.0 |
- |
- |
- |
|
Allow.Warranty |
48.4 |
41.2 |
25.8 |
26.6 |
36.1 |
|
Deposits received |
28.2 |
40.5 |
38.5 |
45.9 |
37.2 |
|
Other Curr.Liab. |
414.3 |
282.0 |
215.0 |
171.7 |
272.8 |
|
Total Current Liabilities |
5,428.8 |
5,838.6 |
4,921.1 |
4,301.3 |
3,420.4 |
|
|
|
|
|
|
|
|
Corp. Bond |
- |
0.0 |
241.3 |
246.1 |
435.4 |
|
Lease |
64.0 |
67.1 |
74.2 |
53.8 |
27.4 |
|
Long-term loans payable |
793.9 |
1,468.9 |
1,900.9 |
2,109.8 |
1,868.2 |
|
Total Long Term Debt |
857.9 |
1,536.1 |
2,216.4 |
2,409.7 |
2,330.9 |
|
|
|
|
|
|
|
|
Deferred Tax |
21.3 |
28.0 |
49.0 |
35.7 |
44.2 |
|
Reval.-Dfrd.Tax |
522.3 |
596.5 |
677.6 |
597.4 |
565.1 |
|
Res.Accrd.Retir. |
730.9 |
804.3 |
774.7 |
656.8 |
584.2 |
|
Other Long Term Liabilities |
0.0 |
- |
- |
- |
- |
|
Rounding adjustment Liability |
- |
0.0 |
- |
- |
- |
|
Long-term deposits received |
15.1 |
17.2 |
15.6 |
13.4 |
12.6 |
|
Negative Goodwill |
- |
0.0 |
3.4 |
4.0 |
3.8 |
|
Other LT Liabs. |
74.5 |
85.7 |
94.5 |
70.8 |
75.3 |
|
Minority Int. |
977.9 |
778.7 |
711.8 |
609.4 |
517.7 |
|
Total Liabilities |
8,628.8 |
9,685.1 |
9,464.1 |
8,698.4 |
7,554.3 |
|
|
|
|
|
|
|
|
Rounding adjustment Equity |
0.0 |
- |
- |
- |
- |
|
Other Equity |
- |
0.0 |
- |
- |
- |
|
Common Stock |
432.0 |
493.3 |
490.4 |
435.0 |
411.5 |
|
Total capital surpluses |
536.0 |
612.1 |
608.4 |
539.7 |
510.5 |
|
Total retained earnings |
3,873.8 |
3,399.1 |
2,374.7 |
1,644.5 |
1,472.2 |
|
Treasury Stock |
-7.3 |
-7.9 |
-7.6 |
-6.4 |
-5.8 |
|
Valuation difference on available-for-sa |
111.9 |
91.1 |
36.2 |
35.6 |
13.6 |
|
Hedge |
-4.5 |
-2.6 |
-0.9 |
-1.6 |
-0.5 |
|
Land Revaluation |
843.3 |
960.3 |
884.5 |
784.9 |
741.1 |
|
Translation Adj. |
-163.3 |
-502.1 |
-427.4 |
-246.8 |
-301.3 |
|
Total Equity |
5,621.9 |
5,043.2 |
3,958.3 |
3,184.8 |
2,841.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
14,250.6 |
14,728.4 |
13,422.4 |
11,883.3 |
10,395.7 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
1,694.3 |
1,694.3 |
1,694.4 |
1,694.5 |
1,694.6 |
|
Total Common Shares Outstanding |
1,694.3 |
1,694.3 |
1,694.4 |
1,694.5 |
1,694.6 |
|
T/S-Ordinary Shares |
2.6 |
2.5 |
2.5 |
2.4 |
2.2 |
|
Full-Time Employees |
26,102 |
24,656 |
24,461 |
24,440 |
24,257 |
|
Total Number of Shareholders |
63,524 |
65,045 |
- |
- |
- |
|
Number of Common Shareholders |
- |
- |
75,547 |
76,886 |
86,698 |
|
Bond Redemption Amounts within A Year |
- |
242.8 |
- |
- |
- |
|
Loans Payable Maturing within a Year |
508.5 |
476.8 |
- |
- |
- |
|
LT Debt & bond, mat. by 1 yr. |
- |
- |
986.7 |
902.7 |
731.2 |
|
Lns Pble Maturing over a Yr within 2 Yrs |
274.4 |
580.4 |
- |
- |
- |
|
LT Debt & bond, mat. by 2 yr. |
- |
- |
703.6 |
844.0 |
727.7 |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
420.3 |
313.4 |
- |
- |
- |
|
LT Debt & bond, mat. by 3 yr. |
- |
- |
578.0 |
589.7 |
703.1 |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
84.3 |
461.9 |
- |
- |
- |
|
LT Debt & bond, mat. by 4 yr. |
- |
- |
302.4 |
462.7 |
377.5 |
|
Lns Pble Maturg over 4 Yrs within 5 Yrs |
14.9 |
96.3 |
- |
- |
- |
|
LT Debt & bond, mat. by 5 yr. |
- |
- |
450.1 |
224.1 |
326.2 |
|
Other Loans Payable Remaining |
0.0 |
17.0 |
- |
- |
- |
|
LT Debt & bond, mat. after 5 yr. |
- |
- |
108.1 |
235.4 |
169.0 |
|
Total Long Term Debt, Supplemental |
1,302.4 |
2,188.5 |
3,128.9 |
3,258.6 |
3,034.7 |
|
Capital Lease Maturing within a Year |
31.0 |
38.4 |
41.7 |
26.7 |
13.7 |
|
Cap Lease Maturg over a Yr within 2 Yrs |
29.1 |
28.2 |
- |
- |
- |
|
Capital lease payment due in 2years |
- |
- |
30.4 |
23.0 |
13.6 |
|
Cap Lease Maturg over 2 Yr within 3 Yrs |
14.7 |
16.9 |
- |
- |
- |
|
Capital lease payment due in 3years |
- |
- |
19.6 |
12.9 |
10.7 |
|
Cap Lease Maturg over 3 Yr within 4 Yrs |
7.7 |
10.3 |
- |
- |
- |
|
Capital lease payment due in 4years |
- |
- |
10.0 |
5.8 |
2.4 |
|
Cap Lease Maturg over 4 Yr within 5 Yrs |
5.3 |
6.0 |
- |
- |
- |
|
Capital lease payment due in 5years |
- |
- |
7.4 |
4.1 |
0.5 |
|
other Capital Lease Remaining |
7.3 |
5.8 |
- |
- |
- |
|
Capital lease Remaining |
- |
- |
6.8 |
8.0 |
0.2 |
|
Total Capital Leases, Supplemental |
95.0 |
105.6 |
115.9 |
80.5 |
41.1 |
|
Pension obligation |
1,598.9 |
1,654.5 |
1,581.1 |
1,390.7 |
1,299.4 |
|
FV of plan assets |
570.0 |
595.7 |
552.3 |
437.4 |
345.6 |
|
Funded status |
-1,028.9 |
-1,058.8 |
- |
- |
- |
|
Funded status |
- |
- |
-1,028.7 |
-953.3 |
-953.9 |
|
Total Funded Status |
-1,028.9 |
-1,058.8 |
-1,028.7 |
-953.3 |
-953.9 |
|
Discount rate |
1.00% |
1.10% |
2.30% |
2.30% |
2.30% |
|
Expected rate or return |
1.30% |
2.30% |
2.30% |
2.30% |
1.34% |
|
Unrecognized actuarial gains and losses |
-309.0 |
-278.1 |
-281.2 |
-309.8 |
-386.4 |
|
Unrecognized prior service cost |
-2.4 |
6.0 |
7.4 |
7.8 |
8.6 |
|
Prepaid pension obligation |
13.4 |
17.5 |
19.8 |
5.4 |
8.1 |
|
Reserve for accrued retirement benefits |
-730.9 |
-804.3 |
-774.7 |
-656.8 |
-584.2 |
|
Net Assets Recognized on Balance Sheet |
-1,028.9 |
-1,058.8 |
-1,028.7 |
-953.3 |
-953.8 |
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 |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income bf. Tax |
1,665.8 |
1,290.3 |
895.1 |
98.3 |
114.2 |
|
Depreciation |
429.6 |
455.5 |
424.7 |
425.3 |
394.1 |
|
Amortization Of Goodwill(1) |
3.0 |
1.0 |
- |
- |
- |
|
Negative goodwill |
- |
0.0 |
-1.0 |
-1.0 |
-2.7 |
|
Amortization of goodwill |
- |
- |
0.0 |
- |
- |
|
Equity in (earnings) losses of affiliate |
-131.0 |
-77.7 |
-100.1 |
-45.9 |
-50.2 |
|
Increase (decrease) in provision for ret |
25.0 |
26.8 |
16.1 |
38.1 |
10.6 |
|
Incr/Dec in Prov for product warranties |
11.3 |
15.6 |
-2.7 |
-14.6 |
-6.4 |
|
Increase (decrease) in provision for bon |
7.7 |
4.0 |
14.2 |
10.1 |
-21.7 |
|
Incr/Decr in Allow for Dtful Accounts CF |
14.9 |
-3.8 |
-5.9 |
-8.0 |
2.3 |
|
Int & Div Income |
-34.4 |
-33.0 |
-20.8 |
-18.8 |
-43.9 |
|
Interest Expense |
31.1 |
48.1 |
57.6 |
67.8 |
67.7 |
|
G/L on Sales of Noncurrent Assets-CF |
-17.0 |
-27.9 |
-10.1 |
-2.5 |
-3.9 |
|
Loss (gain) on disposal of noncurrent as |
17.4 |
24.0 |
20.6 |
16.2 |
13.8 |
|
G/L on Sales of LT Invt Secs |
-0.2 |
-0.1 |
0.0 |
-0.6 |
0.3 |
|
Impairment Loss |
3.2 |
8.8 |
25.0 |
9.6 |
0.2 |
|
Other extraordinary loss (income) |
-30.3 |
-18.8 |
49.8 |
2.9 |
10.1 |
|
Incr/Decr in Note & Account Rcble Tr CF |
30.2 |
-732.8 |
195.3 |
-556.3 |
1,124.3 |
|
Decrease (increase) in inventories |
-86.6 |
-617.5 |
37.8 |
201.1 |
166.6 |
|
Incr/Decr in Other Current Assets-CF |
37.3 |
-71.7 |
20.5 |
30.1 |
-7.2 |
|
Incr/Decr in Tdg Note & Account Pbles CF |
-287.4 |
870.7 |
12.7 |
768.0 |
-1,478.8 |
|
Increase Decrease In Accrued Expenses |
9.3 |
-2.0 |
37.7 |
7.0 |
-175.9 |
|
Increase (decrease) in deposits received |
-9.2 |
3.2 |
-12.1 |
6.3 |
1.9 |
|
Increase (decrease) in other liabilities |
117.5 |
1.2 |
40.1 |
-8.9 |
-69.1 |
|
Increase Decrease In Cash And Cash Equiv |
14.1 |
- |
- |
- |
- |
|
Other Operating Cash Flow |
0.0 |
0.0 |
- |
- |
- |
|
Other, net |
-6.7 |
0.5 |
10.3 |
4.1 |
-1.1 |
|
Int. & Div Received |
108.1 |
92.2 |
114.6 |
58.4 |
113.4 |
|
Interest Paid |
-33.0 |
-49.1 |
-59.0 |
-68.2 |
-67.0 |
|
Taxes Paid |
-222.7 |
-200.3 |
-182.5 |
-53.5 |
-181.8 |
|
Consolidated |
- |
- |
- |
- |
9.0 |
|
Adjustment |
- |
- |
- |
- |
0.0 |
|
Cash from Operating Activities |
1,666.7 |
1,007.0 |
1,577.8 |
965.1 |
-81.3 |
|
|
|
|
|
|
|
|
Purchase of subs.' securities |
0.0 |
0.0 |
- |
- |
- |
|
Purch of Inv. Secs. |
-70.4 |
-209.4 |
-17.0 |
-7.9 |
-14.7 |
|
Sale of Inv. Secs. |
1.0 |
0.5 |
0.8 |
1.3 |
0.2 |
|
Capital Expenditure |
-618.1 |
-340.4 |
-296.5 |
-394.8 |
-600.8 |
|
Sale of PP&E |
46.5 |
88.7 |
21.7 |
31.4 |
10.3 |
|
Rounding adjustment Cash flow |
- |
0.0 |
- |
- |
- |
|
Payments of long-term loans receivable |
-8.5 |
-0.8 |
-0.5 |
-1.6 |
-9.5 |
|
Collection of long-term loans receivable |
3.9 |
3.9 |
2.7 |
1.0 |
1.0 |
|
Net decrease (increase) in short-term lo |
0.2 |
-2.8 |
-3.0 |
-0.4 |
0.3 |
|
Purch. consolid.subsid security |
- |
- |
0.0 |
- |
- |
|
Net decrease (increase) in time deposits |
-65.4 |
16.6 |
-31.7 |
-0.1 |
5.5 |
|
Other, net |
18.2 |
3.2 |
8.2 |
-19.5 |
-14.2 |
|
Cash from Investing Activities |
-692.7 |
-440.5 |
-315.3 |
-390.7 |
-621.9 |
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term lo |
-44.7 |
115.7 |
-5.4 |
-208.9 |
33.0 |
|
Proceeds from long-term loans payable |
18.5 |
38.0 |
474.6 |
876.3 |
1,107.3 |
|
Repayment of long-term loans payable |
-473.0 |
-998.8 |
-761.1 |
-717.8 |
-512.0 |
|
Bond Issued |
- |
- |
- |
0.0 |
29.9 |
|
Bond Redeemed |
-241.0 |
-38.0 |
-233.4 |
-107.6 |
-0.6 |
|
Rounding adjustment Cash flow |
0.0 |
0.0 |
- |
- |
- |
|
Proceed from minorities' payment |
84.1 |
0.0 |
0.7 |
0.0 |
0.0 |
|
Repayment of finance lease |
-38.3 |
-37.3 |
-23.4 |
-17.2 |
-4.2 |
|
Purch. Preferred Stock |
- |
- |
- |
- |
0.0 |
|
Purch. Treas.Stock |
-0.3 |
-0.2 |
-0.3 |
-0.1 |
-1.0 |
|
Dividend Paid |
-142.7 |
-107.4 |
-98.7 |
-0.3 |
-134.7 |
|
Dividend Paid to Minority Interest |
-32.2 |
-22.1 |
-27.0 |
-6.2 |
-41.2 |
|
Cash from Financing Activities |
-869.6 |
-1,050.1 |
-673.9 |
-181.8 |
476.4 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
103.0 |
-44.3 |
-49.9 |
37.7 |
-106.8 |
|
Net Change in Cash |
207.4 |
-528.0 |
538.6 |
430.4 |
-333.6 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,936.4 |
2,562.7 |
1,822.8 |
1,250.2 |
1,490.0 |
|
Net Cash - Ending Balance |
2,143.9 |
2,034.7 |
2,361.4 |
1,680.6 |
1,156.4 |
|
Cash Interest Paid |
33.0 |
49.1 |
59.0 |
68.2 |
67.0 |
|
Cash Taxes Paid |
222.7 |
200.3 |
182.5 |
53.5 |
181.8 |
Financial Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.48 |
|
UK Pound |
1 |
Rs.99.66 |
|
Euro |
1 |
Rs.83.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.