MIRA INFORM REPORT
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Report Date : |
24.09.2013 |
IDENTIFICATION DETAILS
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Name : |
NICHIREI CORP |
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Registered Office : |
Nichirei Higashi-Ginza Bldg., 6-19-20, Tsukiji, Chuo-Ku,
104-8402 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
24.12.1942 |
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Legal Form : |
Public Parent |
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Line of Business : |
Subject is engages in providing processed foods, meat and poultry
products, marine products, low-temperature logistics and real estate
services. |
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No. of Employees : |
12,680 |
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.
Source
: CIA
Company Name and Address
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Nichirei Corp |
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Business Description
NICHIREI CORPORATION is a company engaged in six business
segments. The Processed Food segment manufactures, processes and sells frozen food,
processed agriculture products, retort-pouch food, acerola, wellness products
and packed ice. The Marin Products segment is engaged in the processing and
trading of seafood products. The Meat and Poultry Products segment processes
and sells poultry, pork and beef, and operates beef barbecue restaurants. The
Low-temperature Logistics segment is engaged in the third party logistics (3PL)
business; the provision of storage, inventory control, import clearance,
freezing and unfreezing services, and the design, construction and maintenance
of buildings. The Real Estate segment is engaged in the sale of building lots,
the leasing of office buildings and parking lots, and the management of real
estates. The Others segment provides insurance agency, and greenery and
cleaning services. On April 1, 2013, it merged with a wholly owned subsidiary.
For the three months ended 30 June 2013, Nichirei Corp revenues increased 5% to
Y120.82B. Net income applicable to common stockholders decreased 63% to Y1.27B.
Revenues reflect Processed Food Business segment increase of 8% to Y48.9B,
Logistics segment increase of 6% to Y36.5B, Marine Products Business segment
increase of 2% to Y15.69B. Net income was offset by Processed Food Business
segment loss totaling Y68M vs. income of Y1.54B.
Industry
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Industry |
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ANZSIC 2006: |
1199 -
Other Food Product Manufacturing Not Elsewhere Classified |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
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Name |
Title |
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President, Representative Director |
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Yasunori Sato |
Deputy Director of Accounting |
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Yoshio Kawai |
Executive Officer |
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Masaaki Okajima |
Statutory Auditor |
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Chairman of the Board, Representative Director |
Significant Developments
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Topic |
#* |
Most Recent
Headline |
Date |
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1 |
NICHIREI
CORP Divests Holdings of Toyo Engineering Works Ltd |
22-Jul-2013 |
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2 |
24-Jan-2013 |
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1 |
NICHIREI
CORP to Merge with Wholly Owned Subsidiary; to Repurchase Shares; to Retire
Shares |
5-Feb-2013 |
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1 |
7-May-2013 |
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1 |
NICHIREI
CORP to Build Chiba Plant to Curb Logistics Costs- Nikkei |
14-Jun-2013 |
* number of
significant developments within the last 12 months
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News
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Title |
Date |
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Tokyo Stock
Exchange: closing price list -5- |
20-Sep-2013 |
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Tokyo Stock
Exchange: closing price list -5- |
19-Sep-2013 |
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Tokyo Stock
Exchange: morning price list -5- |
18-Sep-2013 |
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Tokyo Stock
Exchange: closing price list -5- |
17-Sep-2013 |
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Tokyo Stock
Exchange: morning price list -5- |
16-Sep-2013 |
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Tokyo Stock
Exchange: closing price list -5- |
13-Sep-2013 |
Financial Summary
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As of 30-Jun-2013 |
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Stock Snapshot
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Traded: Tokyo Stock
Exchange: 2871 |
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As of 30-Aug-2013 Financials in: JPY |
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1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 82.97047
2 - Balance Sheet Item Exchange Rate:
USD 1 = JPY 94.08855
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ANZSIC 2006 Codes: |
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1199 |
- |
Other Food Product Manufacturing Not
Elsewhere Classified |
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6712 |
- |
Non-Residential Property Operators |
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5309 |
- |
Other Warehousing and Storage Services |
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451 |
- |
Cafes, Restaurants and Takeaway Food
Services |
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1120 |
- |
Seafood Processing |
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6720 |
- |
Real Estate Services |
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0529 |
- |
Other Agriculture and Fishing Support
Services |
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6923 |
- |
Engineering Design and Engineering
Consulting Services |
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1112 |
- |
Poultry Processing |
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7311 |
- |
Building and Other Industrial Cleaning
Services |
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ISIC Rev 4 Codes: |
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1079 |
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Manufacture of other food products n.e.c. |
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1020 |
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Processing and preserving of fish,
crustaceans and molluscs |
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5210 |
- |
Warehousing and storage |
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1010 |
- |
Processing and preserving of meat |
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812 |
- |
Cleaning activities |
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6820 |
- |
Real estate activities on a fee or
contract basis |
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6810 |
- |
Real estate activities with own or leased
property |
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5610 |
- |
Restaurants and mobile food service
activities |
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0162 |
- |
Support activities for animal production |
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7110 |
- |
Architectural and engineering activities
and related technical consultancy |
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NACE Rev 2 Codes: |
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1089 |
- |
Manufacture of other food products n.e.c. |
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1020 |
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Processing and preserving of fish,
crustaceans and molluscs |
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5210 |
- |
Warehousing and storage |
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1012 |
- |
Processing and preserving of poultry meat |
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812 |
- |
Cleaning activities |
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6831 |
- |
Real estate agencies |
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6820 |
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Renting and operating of own or leased
real estate |
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0162 |
- |
Support activities for animal production |
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7112 |
- |
Engineering activities and related
technical consultancy |
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5610 |
- |
Restaurants and mobile food service
activities |
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NAICS 2012 Codes: |
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311991 |
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Perishable Prepared Food Manufacturing |
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311710 |
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Seafood Product Preparation and Packaging |
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493120 |
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Refrigerated Warehousing and Storage |
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311615 |
- |
Poultry Processing |
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722513 |
- |
Limited-Service Restaurants |
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541330 |
- |
Engineering Services |
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531210 |
- |
Offices of Real Estate Agents and Brokers |
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115210 |
- |
Support Activities for Animal Production |
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561720 |
- |
Janitorial Services |
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531120 |
- |
Lessors of Nonresidential Buildings
(except Miniwarehouses) |
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US SIC 1987: |
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2099 |
- |
Food Preparations, Not Elsewhere
Classified |
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6512 |
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Operators of Nonresidential Buildings |
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4222 |
- |
Refrigerated Warehousing and Storage |
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5812 |
- |
Eating Places |
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6531 |
- |
Real Estate Agents and Managers |
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2092 |
- |
Prepared Fresh or Frozen Fish and Seafoods |
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0751 |
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Livestock Services, Except Veterinary |
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7349 |
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Building Cleaning and Maintenance
Services, Not Elsewhere Classified |
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2015 |
- |
Poultry Slaughtering and Processing |
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8711 |
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Engineering Services |
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UK SIC 2007: |
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1089 |
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Manufacture of other food products n.e.c. |
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1020 |
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Processing and preserving of fish,
crustaceans and molluscs |
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52103 |
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Operation of warehousing and storage facilities
for land transport activities of division 49 |
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1012 |
- |
Processing and preserving of poultry meat |
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812 |
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Cleaning activities |
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6831 |
- |
Real estate agencies |
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68209 |
- |
Letting and operating of own or leased real
estate (other than Housing Association real estate and conference and
exhibition services) n.e.c. |
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0162 |
- |
Support activities for animal production |
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71129 |
- |
Other engineering activities (not
including engineering design for industrial process and production or
engineering related scientific and technical consulting activities) |
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5610 |
- |
Restaurants and mobile food service
activities |
NICHIREI CORPORATION is a company engaged in six business segments.
The Processed Food segment manufactures, processes and sells frozen food,
processed agriculture products, retort-pouch food, acerola, wellness products
and packed ice. The Marin Products segment is engaged in the processing and
trading of seafood products. The Meat and Poultry Products segment processes
and sells poultry, pork and beef, and operates beef barbecue restaurants. The
Low-temperature Logistics segment is engaged in the third party logistics (3PL)
business; the provision of storage, inventory control, import clearance,
freezing and unfreezing services, and the design, construction and maintenance
of buildings. The Real Estate segment is engaged in the sale of building lots,
the leasing of office buildings and parking lots, and the management of real
estates. The Others segment provides insurance agency, and greenery and
cleaning services. On April 1, 2013, it merged with a wholly owned subsidiary.
For the three months ended 30 June 2013, Nichirei Corp revenues increased 5% to
Y120.82B. Net income applicable to common stockholders decreased 63% to Y1.27B.
Revenues reflect Processed Food Business segment increase of 8% to Y48.9B,
Logistics segment increase of 6% to Y36.5B, Marine Products Business segment
increase of 2% to Y15.69B. Net income was offset by Processed Food Business
segment loss totaling Y68M vs. income of Y1.54B.
More Business Descriptions
Temperature-controlled logistic services including
refrigerated transport and warehousing; production and marketing of food
products including frozen foods, marine products, livestock and poultry
products; food wholesaling; real estate business including the sale of
residential lots and the rental of office buildings; production of cosmetics
materials
Frozen Foods Mfr; Real Estate, Biosciences &
Agricultural Services
Nichirei Corporation (Nichirei) through its subsidiaries
manages food related businesses. The company offers processed foods, marine
products, meat and poultry products. It also operates low temperature logistics,
real estate businesses.The company operates its business through six reportable
segments, namely, Processed Foods, Marine Products, Meat and Poultry Products,
Logistics, Real Estate and Other businesses.The Processed Foods segment focuses
on the production, processing, and sale of frozen foods; acerola based
beverages; retort-pouch foods; canned foods; and health foods. It also develops
wellness foods. For the fiscal year 2012, the Processed Foods segment reported
38.2% of the company's total sales, indicating an increase of 7.6% over the
previous year.The Logistics segment offers low-temperature logistics. It
focuses on the logistics network business and regional storage business. It
offers a broad range of logistics functions, such as, refrigerated warehousing,
sorting, transportation and delivery. The segment combines those functions to
provide solutions for optimizing customers’ overall logistics flow. The
company manages refrigerated warehouses and logistics centers in Europe and
China. Nichirei through its network of affiliates operates refrigerated storage
facilities in 111 locations with a capacity of about 1.8 million tons
worldwide. The Logistics segment reported 14.4% of the company's total revenue
during the fiscal year 2012, reflecting a decrease of 1.7% over the previous
year.The Marine Products segment imports and commercializes seafood procured
from around the world. The segment reported 16.2% of the company's total
revenue during the fiscal year ended March 2012, indicating a decrease of 3.7%
over the previous year.The company’s Meat and Poultry Products segment offers
poultry, pork and beef to large retailers and restaurants, which are procured
from partners in Japan and overseas. The Meat and Poultry Products segment
reported 29.8% of the company's total revenue during the fiscal year 2012,
reflecting an increase of 8.3% over the previous year.The Real Estate segment
manages the development and leasing of office buildings in large cities, as
well as developing and selling residential housing. The segment reported 0.8%
of the company's total revenue during the fiscal year ended 2012, indicating a
decrease of 29.5% over the previous year.The company’s Other segment consists
of Nichirei Biosciences Inc., and Nichirei Proserve Inc. Nichirei Biosciences
Inc. develops, manufactures and sells antibody products, cell-culture reagents
and raw materials for cosmetic products. Nichirei Proserve Inc. offers shared
business support services including personnel, general administration, accounting,
financial, legal, insurance, and leasing services. It also offers prepared
foods produced from ingredients that help prevent healthcare conditions such as
osteoporosis, prostate disease, and malnutrition. For the fiscal year ended
March 2012, the Processed Foods segment reported 0.6% of the company's total
sales, indicating a decrease of 0.8% over the previous year.
Nichirei Corporation (Nichirei) is a holding company. The
company through its subsidiaries and associated companies, offers processed foods,
marine products, and meat and poultry products. It also manages low temperature
logistics and real estate businesses. The company’s product portfolio
consists of frozen foods, beverages, retort-pouch foods, canned foods, and
health foods. Nichirei produces, processes, imports, and sells seafood. It
offers poultry, pork and beef to retailers and restaurants. The company
provides wide range of logistics functions such as, refrigerated warehousing,
sorting, transportation and delivery. It also manages the development and lease
of office buildings in cities, as well as development and commercialization of
residential housing. Nichirei manufactures and markets antibody products,
cell-culture reagents and raw materials for cosmetic products. The company through
Nichirei Proserve offers Nichirei Group companies back-offices operations
related solution services. Nichirei Corporation is headquartered at Tokyo, the
Japan.The company's strategy is to focus on development of novel products; and
reinforce its business operations to expand its overseas businesses. To achieve
these objectives Nichirei seeks to establish collaborative arrangements with
food manufacturers overseas.The company reported revenues of (Yen) JPY
470,126.00 million during the fiscal year ended March 2013, an increase of
3.34% over 2012. The operating profit of the company was JPY 12,664.00 million
during the fiscal year 2013, a decrease of 11.39% from 2012. The net profit of
the company was JPY 9,824.00 million during the fiscal year 2013, an increase
of 24.29% over 2012.
Fish and Seafood Merchant Wholesalers
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Helpful |
Harmful |
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Internal Origin |
Strengths · Expanding Profitability Ratios |
Weaknesses |
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External Origin |
Opportunities |
Threats · Volatility in Crude Oil Costs |
Overview
Nichirei Corporation (Nichirei) engages in providing
processed foods, meat and poultry products, marine products, low-temperature
logistics and real estate services. The company operates in the China, the US,
Brazil, the Netherlands, Australia, Germany and Thailand. The company’s
strengthened position in the market with broad business portfolio gives it a
significant advantage over its competitors. Increasing long term liabilities
and trade accounts receivable are cause of concern for the company to look upon.
Nevertheless, it can utilize opportunity from growing aged population and
rising potential in the logistics industry could ensure strong future of the
company. Highly competitive market and stringent regulations could also
adversely affect the company’s growth.
Strengths
Expanding
Profitability Ratios
Nichirei recorded increased margins in fiscal year 2012. The company
reported 3.9% increase in total revenue in 2012 compared to that in 2011. The
revenue growth resulted in increased gross margin, which increased 19.11% in
2012. Revenue growth and increased gross margin was complimented by its
controlled costs. The company’s operating cost as percentage of sales
declined 96.86% in 2012 from 98.25% in 2011. Similarly, the administration cost
as percentage of sales also decreased 15.18% in 2012 from 15.73% in 2011. As a
result, the company also reported increased returns in 2012 as compared to
those in previous years. The company's return on equity (ROE) was 6.77% at the
end of fiscal year 2012, compared to 3.52% in 2011. Its return on capital
employed was 6.93% in fiscal year ended 2012, compared to 4.4% in 2011. Also,
its return on assets, return on fixed assets, and return on working capital
were 2.72%, 8.17% and 25.22%, respectively in 2012 compared to 1.42%, 4.22% and
-56.68% in 2011. Increasing profitability ratios indicate the company’s
sturdy performance and its ability to deliver returns expected by its
shareholders. The decreased cost and increased returns led to overall growth of
its operating margins. The company’s operating margin increased 3.14% in 2012
from 1.75% in 2011. Its net profit margin increased 1.74% in 2012 from 0.93% in
2011. Increasing margins due decreased operating cost reflect strong
operational efficiency of the company.
Logistics is one of the Nichirei’s core operations. Nichirei is the
largest provider of low-temperature logistics in Japan and the sixth largest
share in the world. It is the overwhelming leader in terms of refrigerated warehousing
capacity in Japan. Recently, it became the No.1 among Japanese low temperature
logistics providers in terms of net sales. The company provides a wide range of
logistics functions such as refrigerated warehousing, sorting, transportation
and delivery. The company has refrigerated warehouses and logistics centers in
Europe and China. For the fiscal year 2012, Nichirei had net sales of
JPY149,539m in the overall logistic business and contributed 30.4% towards the
total net sales. It has strong market position in the refrigerated warehousing
business. The company exhibited strong performance in the overseas market by
increasing net sales and profits. The company’s strong position in the
growing logistic business could help the company to improve its operational
performance in this business segment.
Nichirei Corporation has geographically diversifies operations. It
offers processed foods, meat and poultry products, marine products,
low-temperature logistics, and real estate services. The company has strong
market position in Europe, Asia, North and South America. It expanded its
operations geographical to capture the growing markets. Nichirei started its
overseas operations by procuring high quality marine products from across the world.
The company operates logistic business between Europe and Japan through its
base which is located at Rotterdam port in the Netherlands. It imported natural
shrimp from South America. Nichirei is the only Japanese-affiliated company
with a production base for natural shrimp that benefit from the natural bounty
of the Amazon's tropical rain forest in Brazil. The company’s focus on
international expansion shows that the company has a wide spread sources of
revenues and caters to businesses in different parts of the world. This helps
in reducing its business risks across various geographies.
Diversified
Business Portfolio
The company operates in various business segments, namely, Processed
Foods, Logistics, Marine Products, Meat and Poultry Products, Real Estate and
Other operations. The Processed Foods segment offers frozen foods,
acerola-based beverages, retort-pouch foods, canned foods and health foods and
it accounted for 38.2% of total sales in 2012. The Logistics division offers a
wide range of logistics functions, such as refrigerated warehousing, sorting,
transportation and delivery and it contributed 14.4% towards the total
revenues. Through Nichirei Fresh Inc., the Marine Products division offers
seafood such as shrimp, herring roe and octopus, it accounted for 16.2%. The
company’s Meat and Poultry Products division provides poultry, pork and beef
to large retailers and restaurants and it provided 29.8% of revenues. The Real
Estate division is engaged in developing and leasing office buildings in large
cities, as well as developing and selling residential housing. In 2012, the
Real Estate division contributed 0.8% towards the total revenue. Nichirei’s
other operations are carried out by Nichirei Biosciences Inc., and Nichirei
Proserve Inc. It develops, manufactures and sells antibody products,
cell-culture reagents and raw materials for cosmetic products. As part of
wellness foods, the company offers prepared foods made from ingredients that
help prevent conditions such as osteoporosis, prostate disease, and
malnutrition. This diversified product portfolio helps the company to reduce
the impact of market volatility in one particular product segment and provides
economic stability.
Weaknesses
Increasing
Accounts Receivable
Increasing accounts receivable affect the company’s competitiveness
and profitability. Its trade accounts receivable increased to JPY64,277m in
2012 from JPY56,398m in 2011, showing an increase of 14% over the period. The
company entered into several factoring agreements with customers, mainly
through third party credit providers on short terms. Its receivable increased
mainly due to substantial sales growth in the Processed Foods and Logistics
businesses which lead to an increase in inventories of JPY5,508m as a result of
progress in frozen food procurement for sales growth. As a result, its
inventory turnover has declined from 11.77 in 2011 to 10.43 in 2012, indicating
inadequate supplies for sales. However, the company retained allowance for
doubtful accounts at JPY196m in 2012 compared to JPY168m in 2011, based on
credibility evidence of creditors. Such increasing doubtful debts, along with
accounts receivable, reflect inefficient credit management by the company. In
the backdrop of growing economic recession, the probability of defaults by
creditors increased, which may impact the overall financial position as well as
profitability of the company.
The company reported highly leveraged capital structure, which could
affect its expansion and growth plans. Up to the end of fiscal 2012, the
company reported total debt obligation of JPY97,822m, consisting of bonds,
leased obligations and asset retirement obligations. Of the total debt
obligation, it has 76.9% increased long term debt component of JPY 75,409m in
2012. Nichirei also incurred current portion of long term liabilities at
JPY1,586m in fiscal 2012. It also has short term debts and accounts payable of
JPY12,134m and JPY28,425m in 2012, as compared to JPY29,549m and JPY24,466m in
fiscal year 2011. As a result, the company reported substantial debt to equity
ratio of 83.73% and debt to capital ratio of 47.4% for fiscal year ended March
2012. The company incurred this debt to meet its working capital and capital
expenditure needs. If it fails to comply with any of the debt service
requirements, the debt could become due and payable prior to its scheduled
maturity. Any reduction in revenue and operating cash flows could hinder the
company’s ability to repay interest and principal, resulting in default.
Hence, such huge debt increases the financial burden on the company, limiting
the availability of cash for its growth.
Opportunities
The freight and logistics market is growing globally, which offers a huge
scope for the company to grow in the long run. In 2010, the Japan Logistics and
Express Sector increased by 5% to reach a robust $248 billion. The global
logistics and express market will reach a value of $4 trillion by 2013, up from
$3.5 trillion in 2010. The company can integrate itself with its customer base
to better position its value proposition of its service offering. Moreover, the
traditional distinctions between forwarding and logistics are blurring. Being
the major player in the logistic business the company would benefit from the
strong growth prospects.
Huge Potential in
the Emerging Markets
The fast paced growth in the emerging economies offer a huge growth
potential for the company by leveraging its strong brand and product portfolio.
The emerging economies like China, India, Brazil, Russia and Taiwan are
estimated to witness a 10% growth for the next seven years. According to the
World Bank, the global GDP was 2.7% in 2010, is expected to grow 3.2% in 2011.
The prospects for developing countries are better with a relatively robust
recovery, likely to grow 5.8% in 2011. Further, GDP in rich countries was 1.8%
in 2010 and is expected to increase 2.3% in 2011. Furthermore, the World trade
volumes, which fell by a staggering 14.4% in 2009, are projected to expand 6.2%
in 2011, respectively. Growth in the East Asia and Pacific region (especially
China) as well as South Asia (especially India) has been resilient. India and
China’s GDP is expected to grow at 9.3% and 9.5%, respectively during 2010-
2011. The growing economy has generated new employment opportunities for the
residents and has provided a boost to their earnings. This rise in disposable
income of the people has changed their buying behavior. As the company has
operations in China and Thailand, it can leverage the growth avenues in other
emerging markets of Asia.
Rising Demand for
Sea Food and Meat Products
The Sea Food sector has seen dramatic growth in recent years with
consumer demand rapidly increasing across the world. For instance, Japan Sea
Food industry exports rose by 13.1% to about JPY 286.5 billion. This was due to
strong sales of salmon and trout. Also, China’s booming economy continues to
improve living standards and demand for seafood soars, China’s seafood
imports are expected to reach almost $10 billion within next 5 years. Further,
in the US the seafood department averaged $6,093 in sales per store per week.
The seafood department contributed 81.5% of department total dollar sales.
Fresh seafood posted $4,968 in per-store-per-week sales, a 6.3% increase from
2009, while prepared seafood hiked by 3.3%. Moreover, the global poultry meat
output is expected to increase by 3% and is estimated to be 95 million tons (82
million tones will be chicken meat). Worldwide, chicken meat production
represents around 86% of poultry meat. In Asia it is around 85%, whereas in
China it is 72%. As the company through, Nichirei U.S.A., LLC offers poultry,
pork and beef to large retailers and restaurants, the company can capitalize on
this rising demand.
Threats
The company’s operating results may be affected by crude oil and
wholesale petroleum costs, which are volatile. Crude oil supplies may depend on
general political conditions, any occurrence of wars or terror strikes,
instability in the Middle East and South America and the strength of US dollar.
With the political strife in Libya, the oil prices have soared across all
markets. Brent crude traded at well above $115 a barrel in London and West
Texas Intermediate (WTI) at around $100 in New York according to the latest
figures on 24th February 2011. The oil price at WTI in the previous year was
$67 per barrel in the second half of 2009, an increase of about $16 over the
first half of the year. As the company derives a significant proportion from
Logistics operations (30.4% towards the total revenue), such volatility in oil
costs may result in lower customer traffic, which could materially impact the
company’s overall margins.
Highly Competitive
Environment
The food and logistics industry in which the company operates is highly
competitive and evolving. With the entry of more new players in this market,
the current level of competition is expected to further intensify in the near
future, which may result in price reductions. The company competes with a broad
range of companies with substantially greater financial, marketing and
distribution resources. The company competes with OK Food Industry Co., Ltd.,
KATOKICHI CO., LTD, Maruha Nichiro Holdings, Inc., and the Nissui Group. If the
company is not able to maintain the product quality and consumer loyalty, this
intense competition could reduce the sales volume of the company, thereby
hampering its market position.
The company has to abide by several extensive federal, state and foreign
laws as well as regulations by authorities which oversee food safety standards
and the distribution, advertising and labeling of its products. The company is
also subject to the provisions relating to the discharge of materials into the
environment, protection of the environment and to the health and safety of its
employees. By the Federal Food, Drug and Cosmetic Act and the regulations
promulgated by the FDA, food products of the company are subject to inspection
prior to distribution. The company could be subject to civil remedies,
including fines, injunctions, recalls or asset seizures, as well as potential
criminal sanctions if it does not meet the modified laws, regulations and
accounting standards. The company could not meet current product demand or
introduce new products or build new facilities or acquire new businesses if it
fails to obtain these permits or registrations. This could have a material
impact on the operating results of the company.
Corporate Structure News
Total Corporate Family Members:
62
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Chuo-Ku |
Japan |
Food Manufacturing |
5,666.2 |
12,680 |
|
|
Subsidiary |
Shandong |
China |
Storage and Warehousing |
|
600 |
|
|
Subsidiary |
Belém, PA |
Brazil |
Commercial Fishing |
|
180 |
|
|
Subsidiary |
Recife, PE |
Brazil |
Storage and Warehousing |
|
150 |
|
|
Subsidiary |
Tukwila, WA |
United States |
Grocery Wholesale |
21.8 |
11 |
|
|
Subsidiary |
Seattle, WA |
United States |
Food Manufacturing |
3.4 |
7 |
|
|
Subsidiary |
Santa Fe Springs, CA |
United States |
Food Manufacturing |
|
|
|
|
Branch |
Miami, FL |
United States |
Food Manufacturing |
|
|
|
|
Subsidiary |
Chatswood, NSW |
Australia |
Storage and Warehousing |
|
4 |
|
|
Division |
Sydney, NSW |
Australia |
Food Manufacturing |
|
20 |
|
|
Subsidiary |
Rotterdam |
Netherlands |
Food Manufacturing |
|
4 |
|
|
Subsidiary |
Tokyo |
Japan |
Consulting Services |
1,816.4 |
|
|
|
Subsidiary |
Tokyo |
Japan |
Consulting Services |
|
1,086 |
|
|
Subsidiary |
Tokyo |
Japan |
Consulting Services |
|
158 |
|
|
Subsidiary |
Nagoya, Aichi |
Japan |
Commercial Real Estate Leasing |
|
74 |
|
|
Subsidiary |
Hiroshima |
Japan |
Consulting Services |
|
72 |
|
|
Subsidiary |
Takamatsu, Kagawa |
Japan |
Consulting Services |
|
55 |
|
|
Subsidiary |
Rotterdam |
Netherlands |
Storage and Warehousing |
231.7 |
6 |
|
|
Subsidiary |
Rotterdam |
Netherlands |
Storage and Warehousing |
|
250 |
|
|
Subsidiary |
Carpiquet |
France |
Consulting Services |
22.1 |
149 |
|
|
Subsidiary |
Versmold, Nordrhein-Westfalen |
Germany |
Trucking |
|
100 |
|
|
Subsidiary |
Rotterdam |
Netherlands |
Storage and Warehousing |
|
75 |
|
|
Subsidiary |
Venlo |
Netherlands |
Storage and Warehousing |
|
40 |
|
|
Subsidiary |
Rotterdam |
Netherlands |
Storage and Warehousing |
|
60 |
|
|
Subsidiary |
Carpiquet |
France |
Consulting Services |
3.1 |
34 |
|
|
Subsidiary |
Carpiquet |
France |
Internet and Web Services |
2.4 |
4 |
|
|
Subsidiary |
Osaka, Osaka |
Japan |
Storage and Warehousing |
148.9 |
|
|
|
Subsidiary |
Znin |
Poland |
Grocery Wholesale |
|
|
|
|
Subsidiary |
Yokohama, Kanagawa |
Japan |
Commercial Real Estate Leasing |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Consulting Services |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Consulting Services |
|
|
|
|
Subsidiary |
Aichi, Nagoya |
Japan |
Consulting Services |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Consulting Services |
|
|
|
|
Subsidiary |
Sendai, Miyagi |
Japan |
Consulting Services |
|
|
|
|
Subsidiary |
Sapporo, Hokkaido |
Japan |
Consulting Services |
|
|
|
|
Subsidiary |
Sapporo, Hokkaido |
Japan |
Consulting Services |
|
|
|
|
Subsidiary |
Carpiquet |
France |
Consulting Services |
|
|
|
|
Subsidiary |
Hiroshima |
Japan |
Consulting Services |
|
|
|
|
Subsidiary |
Sendai, Miyagi |
Japan |
Consulting Services |
|
|
|
|
Subsidiary |
Osaka |
Japan |
Consulting Services |
|
|
|
|
Subsidiary |
Takamatsu, Kagawa |
Japan |
Consulting Services |
|
|
|
|
Subsidiary |
Shanghai |
China |
Storage and Warehousing |
|
|
|
|
Nichirei Enterprise Management Consulting (Shanghai)
Co., Ltd. |
Subsidiary |
Shanghai |
China |
Miscellaneous Professional Services |
|
|
|
Subsidiary |
Shanghai |
China |
Grocery Wholesale |
|
|
|
|
Subsidiary |
Iwaki, Fukushima |
Japan |
Food Manufacturing |
|
|
|
|
Facility |
Kesennuma, Miyagi |
Japan |
Food Manufacturing |
|
|
|
|
Subsidiary |
Yokohama, Kanagawa |
Japan |
Consulting Services |
|
|
|
|
Subsidiary |
Fukuoka |
Japan |
Consulting Services |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Food Manufacturing |
|
|
|
|
Subsidiary |
Munakata, Fukuoka |
Japan |
Food Manufacturing |
76.3 |
157 |
|
|
Subsidiary |
Recife, Pernambuco |
Brazil |
Food Manufacturing |
|
150 |
|
|
Subsidiary |
Chatswood, NSW |
Australia |
Grocery Wholesale |
2.1 |
4 |
|
|
Subsidiary |
Shimonoseki, Yamaguchi |
Japan |
Food Manufacturing |
45.7 |
|
|
|
Facility |
Funabashi, Chiba |
Japan |
Food Manufacturing |
|
|
|
|
Facility |
Tendo, Yamagata |
Japan |
Food Manufacturing |
|
|
|
|
Facility |
Shiroishi, Miyagi |
Japan |
Food Manufacturing |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Miscellaneous Professional Services |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Food Manufacturing |
|
|
|
|
Subsidiary |
Yokohama, Kanagawa |
Japan |
Food Manufacturing |
147.0 |
|
|
|
Subsidiary |
Tokyo |
Japan |
Consulting Services |
|
|
|
|
Subsidiary |
Shimonoseki, Yamaguchi |
Japan |
Consulting Services |
|
|
|
|
Subsidiary |
Shanghai |
China |
Grocery Wholesale |
|
|
Executive report
|
Board of Directors |
|
|
|
|
||||||
|
Chairman of the Board, Representative
Director |
Chairman |
|
||||||
|
|||||||||
|
Board Member |
Chairman |
|
|
|||||
|
|||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||
|
|||||||||
|
Executive Officer, President of Subsidiary,
Director |
Director/Board Member |
|
|
|||||
|
|||||||||
|
Executive Officer, President of
Subsidiary, Director |
Director/Board Member |
|
|
|||||
|
|||||||||
|
Executive Officer, President of
Subsidiary, Director |
Director/Board Member |
|
|
|||||
|
|||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||
|
|||||||||
|
Executive Officer |
Director/Board Member |
|
|
|||||
|
Executive Officer, President of Subsidiary,
Director |
Director/Board Member |
|
|
|||||
|
|||||||||
|
President, Representative Director |
Director/Board Member |
|
|
|||||
|
|||||||||
|
Executive Officer, Director of Technology
Strategy Planning, Director |
Director/Board Member |
|
|
|||||
|
|||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||
|
|||||||||
|
Executives |
|
|
|
|
||||||
|
President, Representative Director |
President |
|
||||||
|
|||||||||
|
Executive Officer, President of
Subsidiary, Director |
Division Head Executive |
|
|
|||||
|
|||||||||
|
Executive Officer, President of
Subsidiary, Director |
Division Head Executive |
|
|
|||||
|
|||||||||
|
Executive Officer, President of
Subsidiary, Director |
Division Head Executive |
|
|
|||||
|
|||||||||
|
Executive Officer, Director of Quality
Assurance |
Division Head Executive |
|
|
|||||
|
Executive Officer, President of
Subsidiary, Director |
Division Head Executive |
|
|
|||||
|
|||||||||
|
Executive Officer, Director of Technology
Strategy Planning, Director |
Division Head Executive |
|
|
|||||
|
|||||||||
|
Executive Officer, Director of Accounting |
Division Head Executive |
|
|
|||||
|
Executive Officer |
Administration Executive |
|
|
|||||
|
|||||||||
|
Statutory Auditor |
Accounting Executive |
|
|
|||||
|
Auditor |
Accounting Executive |
|
|
|||||
|
Statutory Auditor |
Accounting Executive |
|
|
|||||
|
Corporate Auditor |
Accounting Executive |
|
|
|||||
|
Deputy Director of Accounting |
Investor Relations Executive |
|
|
|||||
|
NICHIREI
CORP Divests Holdings of Toyo Engineering Works Ltd Jul
22, 2013
|
|
NICHIREI
CORP to Build Chiba Plant to Curb Logistics Costs- Nikkei Jun
14, 2013
|
|
NICHIREI
CORP Appoints Chairman and President May
07, 2013
|
|
NICHIREI
CORP Completes Share Repurchase Plan Mar
19, 2013
|
|
NICHIREI
CORP to Merge with Wholly Owned Subsidiary; to Repurchase Shares; to Retire
Shares Feb
05, 2013
|
|
NICHIREI
CORP Expects Extraordinary Loss for Q3 of FY 2013; Amends Consolidated
Full-year Forecast for FY 2013 Jan
24, 2013
|
|
NICHIREI
CORP Expects Extraordinary Loss for Q3 of FY 2013; Amends Consolidated
Full-year Forecast for FY 2013 Jan
24, 2013
|
|
R&I
Affirms NICHIREI CORP's Rating at "A"; Rating Outlook Stable Oct
30, 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 with
Explanation |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
5,666.2 |
5,761.4 |
5,109.1 |
4,713.9 |
4,722.3 |
|
Revenue |
5,666.2 |
5,761.4 |
5,109.1 |
4,713.9 |
4,722.3 |
|
Total Revenue |
5,666.2 |
5,761.4 |
5,109.1 |
4,713.9 |
4,722.3 |
|
|
|
|
|
|
|
|
Cost of Revenue |
4,563.7 |
4,660.7 |
4,089.6 |
3,767.5 |
3,853.2 |
|
Cost of Revenue,
Total |
4,563.7 |
4,660.7 |
4,089.6 |
3,767.5 |
3,853.2 |
|
Gross Profit |
1,102.5 |
1,100.8 |
1,019.5 |
946.4 |
869.1 |
|
|
|
|
|
|
|
|
Selling/General/Administrative
Expense |
362.3 |
372.7 |
346.7 |
328.8 |
316.6 |
|
Labor &
Related Expense |
218.5 |
225.6 |
215.7 |
197.2 |
174.3 |
|
Advertising
Expense |
283.6 |
276.0 |
241.4 |
218.0 |
205.6 |
|
Total
Selling/General/Administrative Expenses |
864.5 |
874.4 |
803.7 |
744.0 |
696.5 |
|
Research & Development |
21.9 |
21.5 |
21.1 |
21.4 |
21.8 |
|
Impairment-Assets
Held for Use |
60.4 |
13.9 |
10.3 |
17.6 |
7.6 |
|
Impairment-Assets
Held for Sale |
0.0 |
7.9 |
3.0 |
0.6 |
5.7 |
|
Other Unusual
Expense (Income) |
3.1 |
2.2 |
92.1 |
5.4 |
20.0 |
|
Unusual Expense
(Income) |
63.5 |
23.9 |
105.4 |
23.6 |
33.3 |
|
Other Operating
Expense |
0.0 |
0.0 |
- |
- |
- |
|
Other Operating
Expenses, Total |
0.0 |
0.0 |
- |
- |
- |
|
Total Operating
Expense |
5,513.6 |
5,580.4 |
5,019.8 |
4,556.5 |
4,604.8 |
|
|
|
|
|
|
|
|
Operating Income |
152.6 |
181.0 |
89.4 |
157.4 |
117.4 |
|
|
|
|
|
|
|
|
Interest
Expense - Non-Operating |
-17.3 |
-18.3 |
-16.0 |
-18.3 |
-17.6 |
|
Interest Expense,
Net Non-Operating |
-17.3 |
-18.3 |
-16.0 |
-18.3 |
-17.6 |
|
Interest
Income - Non-Operating |
0.9 |
1.2 |
0.9 |
1.2 |
1.5 |
|
Investment
Income - Non-Operating |
21.2 |
8.9 |
15.9 |
4.5 |
5.7 |
|
Interest/Investment
Income - Non-Operating |
22.1 |
10.1 |
16.8 |
5.7 |
7.2 |
|
Interest Income
(Expense) - Net Non-Operating Total |
4.7 |
-8.2 |
0.8 |
-12.6 |
-10.4 |
|
Gain (Loss) on Sale of Assets |
7.7 |
9.3 |
11.5 |
12.1 |
5.8 |
|
Other
Non-Operating Income (Expense) |
-1.1 |
-2.0 |
1.8 |
-2.0 |
0.4 |
|
Other, Net |
-1.1 |
-2.0 |
1.8 |
-2.0 |
0.4 |
|
Income Before
Tax |
163.9 |
180.2 |
103.5 |
154.8 |
113.2 |
|
|
|
|
|
|
|
|
Total Income Tax |
66.2 |
81.1 |
55.7 |
55.3 |
50.8 |
|
Income After Tax |
97.8 |
99.0 |
47.8 |
99.5 |
62.4 |
|
|
|
|
|
|
|
|
Minority Interest |
20.6 |
1.1 |
-0.5 |
-1.9 |
-2.3 |
|
Net Income
Before Extraord Items |
118.4 |
100.1 |
47.3 |
97.6 |
60.0 |
|
Net Income |
118.4 |
100.1 |
47.3 |
97.6 |
60.0 |
|
|
|
|
|
|
|
|
Miscellaneous
Earnings Adjustment |
0.0 |
- |
-0.1 |
-0.1 |
-0.1 |
|
Total
Adjustments to Net Income |
0.0 |
- |
-0.1 |
-0.1 |
-0.1 |
|
Income Available
to Common Excl Extraord Items |
118.4 |
100.1 |
47.2 |
97.5 |
59.9 |
|
|
|
|
|
|
|
|
Income Available
to Common Incl Extraord Items |
118.4 |
100.1 |
47.2 |
97.5 |
59.9 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
294.1 |
300.0 |
309.1 |
310.0 |
310.1 |
|
Basic EPS Excl Extraord Items |
0.40 |
0.33 |
0.15 |
0.31 |
0.19 |
|
Basic/Primary EPS Incl Extraord Items |
0.40 |
0.33 |
0.15 |
0.31 |
0.19 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
118.4 |
100.1 |
47.2 |
97.5 |
59.9 |
|
Diluted Weighted Average Shares |
294.1 |
300.0 |
309.1 |
310.0 |
310.1 |
|
Diluted EPS Excl Extraord Items |
0.40 |
0.33 |
0.15 |
0.31 |
0.19 |
|
Diluted EPS Incl Extraord Items |
0.40 |
0.33 |
0.15 |
0.31 |
0.19 |
|
Dividends per Share - Common Stock Primary
Issue |
0.12 |
0.11 |
0.11 |
0.10 |
0.09 |
|
Gross Dividends - Common Stock |
35.0 |
33.8 |
32.3 |
30.0 |
27.8 |
|
Interest Expense, Supplemental |
17.3 |
18.3 |
16.0 |
18.3 |
17.6 |
|
Depreciation, Supplemental |
172.4 |
189.6 |
164.5 |
145.3 |
136.7 |
|
Total Special Items |
55.8 |
14.6 |
93.9 |
11.5 |
29.4 |
|
Normalized
Income Before Tax |
219.8 |
194.7 |
197.3 |
166.3 |
142.6 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
22.5 |
6.6 |
50.5 |
4.1 |
12.4 |
|
Inc Tax Ex Impact of Sp Items |
88.7 |
87.7 |
106.2 |
59.4 |
63.2 |
|
Normalized
Income After Tax |
131.1 |
107.0 |
91.1 |
106.9 |
79.4 |
|
|
|
|
|
|
|
|
Normalized Inc.
Avail to Com. |
151.7 |
108.1 |
90.5 |
104.9 |
76.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.52 |
0.36 |
0.29 |
0.34 |
0.25 |
|
Diluted Normalized EPS |
0.52 |
0.36 |
0.29 |
0.34 |
0.25 |
|
Amort of Acquisition Costs, Supplemental |
- |
- |
- |
- |
1.8 |
|
Rental Expenses |
22.5 |
21.9 |
21.0 |
20.5 |
18.7 |
|
Advertising Expense, Supplemental |
283.6 |
276.0 |
241.4 |
218.0 |
205.6 |
|
Research & Development Exp,
Supplemental |
21.9 |
21.5 |
21.1 |
21.4 |
21.8 |
|
Reported Operating Profit |
216.1 |
204.9 |
194.7 |
180.9 |
150.7 |
|
Reported Ordinary Profit |
207.3 |
193.1 |
188.1 |
166.2 |
141.0 |
|
Normalized EBIT |
216.1 |
204.9 |
194.7 |
181.0 |
150.8 |
|
Normalized EBITDA |
388.5 |
394.5 |
359.3 |
326.3 |
289.3 |
|
Current Tax -
Total |
62.8 |
- |
- |
- |
- |
|
Current Tax - Total |
62.8 |
- |
- |
- |
- |
|
Deferred Tax -
Total |
3.4 |
- |
- |
- |
- |
|
Deferred Tax - Total |
3.4 |
- |
- |
- |
- |
|
Income Tax - Total |
66.2 |
- |
- |
- |
- |
|
Interest Cost - Domestic |
0.2 |
0.3 |
4.5 |
4.2 |
3.7 |
|
Service Cost - Domestic |
7.6 |
8.0 |
15.3 |
13.7 |
13.3 |
|
Prior Service Cost - Domestic |
- |
0.0 |
-2.3 |
-2.2 |
-2.0 |
|
Expected Return on Assets - Domestic |
0.2 |
0.2 |
-2.0 |
-1.0 |
-1.1 |
|
Actuarial Gains and Losses - Domestic |
0.0 |
0.0 |
11.9 |
12.6 |
5.5 |
|
Domestic Pension Plan Expense |
8.1 |
8.5 |
27.4 |
27.3 |
19.4 |
|
Defined Contribution Expense - Domestic |
14.8 |
14.9 |
3.1 |
2.8 |
3.7 |
|
Total Pension Expense |
23.0 |
23.3 |
30.5 |
30.1 |
23.2 |
|
Discount Rate - Domestic |
- |
- |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
- |
- |
2.00% |
2.00% |
2.00% |
|
Total Plan Interest Cost |
0.2 |
0.3 |
4.5 |
4.2 |
3.7 |
|
Total Plan Service Cost |
7.6 |
8.0 |
15.3 |
13.7 |
13.3 |
|
Total Plan Expected Return |
0.2 |
0.2 |
-2.0 |
-1.0 |
-1.1 |
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 |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash &
Equivalents |
158.8 |
128.9 |
130.2 |
67.1 |
198.1 |
|
Cash and Short
Term Investments |
158.8 |
128.9 |
130.2 |
67.1 |
198.1 |
|
Accounts
Receivable - Trade, Gross |
725.1 |
782.6 |
682.5 |
598.2 |
609.8 |
|
Provision
for Doubtful Accounts |
-1.9 |
-2.4 |
-2.0 |
-1.1 |
-1.1 |
|
Trade Accounts
Receivable - Net |
723.2 |
780.2 |
680.5 |
597.1 |
608.7 |
|
Total
Receivables, Net |
723.2 |
780.2 |
680.5 |
597.1 |
608.7 |
|
Inventories -
Finished Goods |
319.2 |
373.4 |
310.8 |
255.4 |
277.4 |
|
Inventories - Work
In Progress |
2.5 |
3.0 |
4.8 |
3.4 |
3.2 |
|
Inventories - Raw
Materials |
47.0 |
51.9 |
43.7 |
35.5 |
44.2 |
|
Total Inventory |
368.8 |
428.3 |
359.3 |
294.3 |
324.7 |
|
Deferred Income Tax
- Current Asset |
16.6 |
18.9 |
19.4 |
14.6 |
11.5 |
|
Other Current
Assets |
48.6 |
45.5 |
55.5 |
41.8 |
37.4 |
|
Other Current
Assets, Total |
65.1 |
64.4 |
74.9 |
56.4 |
48.9 |
|
Total Current
Assets |
1,315.9 |
1,401.9 |
1,244.9 |
1,014.9 |
1,180.4 |
|
|
|
|
|
|
|
|
Buildings |
2,194.2 |
2,500.6 |
2,490.2 |
2,130.3 |
1,947.9 |
|
Land/Improvements |
332.5 |
355.1 |
355.3 |
352.6 |
332.9 |
|
Machinery/Equipment |
772.8 |
863.5 |
846.2 |
696.5 |
634.4 |
|
Construction
in Progress |
33.0 |
22.6 |
8.5 |
45.8 |
10.1 |
|
Other
Property/Plant/Equipment |
563.5 |
644.5 |
637.4 |
589.6 |
517.0 |
|
Property/Plant/Equipment
- Gross |
3,896.0 |
4,386.2 |
4,337.6 |
3,814.9 |
3,442.3 |
|
Accumulated Depreciation |
-2,480.3 |
-2,709.8 |
-2,606.6 |
-2,308.0 |
-2,116.8 |
|
Property/Plant/Equipment
- Net |
1,415.7 |
1,676.4 |
1,731.0 |
1,506.9 |
1,325.5 |
|
Goodwill, Net |
28.3 |
24.1 |
26.6 |
10.3 |
11.4 |
|
Intangibles, Net |
41.5 |
43.3 |
45.4 |
36.9 |
36.8 |
|
LT Investment -
Affiliate Companies |
33.7 |
35.8 |
34.2 |
29.6 |
- |
|
LT Investments -
Other |
252.5 |
250.7 |
227.7 |
197.8 |
187.9 |
|
Long Term
Investments |
286.2 |
286.5 |
261.9 |
227.4 |
187.9 |
|
Deferred Income Tax
- Long Term Asset |
12.0 |
16.3 |
23.4 |
19.4 |
24.6 |
|
Other Long Term
Assets |
66.7 |
78.0 |
100.0 |
153.9 |
142.1 |
|
Other Long Term
Assets, Total |
78.7 |
94.4 |
123.4 |
173.3 |
166.8 |
|
Total Assets |
3,166.2 |
3,526.6 |
3,433.3 |
2,969.7 |
2,908.7 |
|
|
|
|
|
|
|
|
Accounts Payable |
312.5 |
345.0 |
295.2 |
255.4 |
244.8 |
|
Accrued Expenses |
233.1 |
252.2 |
221.2 |
195.7 |
182.0 |
|
Notes Payable/Short Term Debt |
199.0 |
208.0 |
513.4 |
325.1 |
217.4 |
|
Current Portion - Long Term Debt/Capital
Leases |
202.9 |
64.1 |
142.5 |
50.2 |
401.1 |
|
Income Taxes
Payable |
29.2 |
40.8 |
26.6 |
30.5 |
31.9 |
|
Other Current
Liabilities |
93.4 |
111.4 |
132.3 |
101.4 |
52.4 |
|
Other Current
liabilities, Total |
122.7 |
152.2 |
158.9 |
132.0 |
84.3 |
|
Total Current
Liabilities |
1,070.1 |
1,021.4 |
1,331.1 |
958.3 |
1,129.6 |
|
|
|
|
|
|
|
|
Long Term Debt |
437.6 |
681.1 |
264.0 |
317.5 |
309.1 |
|
Capital Lease
Obligations |
190.2 |
234.2 |
250.2 |
225.3 |
191.1 |
|
Total Long Term
Debt |
627.8 |
915.3 |
514.2 |
542.8 |
500.2 |
|
Total Debt |
1,029.7 |
1,187.4 |
1,170.1 |
918.1 |
1,118.7 |
|
|
|
|
|
|
|
|
Deferred Income
Tax - LT Liability |
36.8 |
27.8 |
19.4 |
18.3 |
12.3 |
|
Deferred Income
Tax |
36.8 |
27.8 |
19.4 |
18.3 |
12.3 |
|
Minority Interest |
23.8 |
22.7 |
32.5 |
34.5 |
22.7 |
|
Reserves |
25.5 |
26.8 |
28.9 |
0.0 |
- |
|
Pension Benefits -
Underfunded |
18.0 |
21.4 |
50.1 |
41.0 |
35.4 |
|
Other Long Term Liabilities |
56.0 |
73.1 |
68.8 |
96.2 |
85.2 |
|
Other
Liabilities, Total |
99.5 |
121.2 |
147.9 |
137.2 |
120.5 |
|
Total
Liabilities |
1,858.1 |
2,108.5 |
2,045.0 |
1,691.2 |
1,785.3 |
|
|
|
|
|
|
|
|
Common Stock |
322.1 |
367.9 |
365.7 |
324.3 |
306.8 |
|
Common Stock |
322.1 |
367.9 |
365.7 |
324.3 |
306.8 |
|
Additional Paid-In Capital |
193.7 |
287.8 |
286.1 |
253.7 |
240.1 |
|
Retained Earnings (Accumulated Deficit) |
801.6 |
830.7 |
763.2 |
666.9 |
567.4 |
|
Treasury Stock - Common |
-54.2 |
-71.3 |
-26.8 |
-4.2 |
-3.5 |
|
Unrealized Gain (Loss) |
62.9 |
43.5 |
27.2 |
39.8 |
22.7 |
|
Translation
Adjustment |
-18.8 |
-40.4 |
-27.2 |
-2.3 |
-10.6 |
|
Other Equity |
0.0 |
0.0 |
- |
- |
- |
|
Other
Comprehensive Income |
0.8 |
0.0 |
0.1 |
0.2 |
0.5 |
|
Other Equity,
Total |
-18.0 |
-40.4 |
-27.1 |
-2.1 |
-10.1 |
|
Total Equity |
1,308.1 |
1,418.1 |
1,388.2 |
1,278.5 |
1,123.4 |
|
|
|
|
|
|
|
|
Total
Liabilities & Shareholders’ Equity |
3,166.2 |
3,526.6 |
3,433.3 |
2,969.7 |
2,908.7 |
|
|
|
|
|
|
|
|
Shares Outstanding
- Common Stock Primary Issue |
285.9 |
294.8 |
305.1 |
309.9 |
310.1 |
|
Total Common
Shares Outstanding |
285.9 |
294.8 |
305.1 |
309.9 |
310.1 |
|
Treasury Shares - Common Stock Primary
Issue |
9.9 |
16.1 |
5.7 |
0.9 |
0.8 |
|
Employees |
12,680 |
12,082 |
10,118 |
6,577 |
6,250 |
|
Number of Common Shareholders |
20,373 |
21,954 |
23,540 |
26,840 |
24,516 |
|
Total Long Term Debt, Supplemental |
607.8 |
705.9 |
523.9 |
326.9 |
571.3 |
|
Long Term Debt Maturing within 1 Year |
164.8 |
19.3 |
254.0 |
9.4 |
262.2 |
|
Long Term Debt Maturing in Year 2 |
61.6 |
186.3 |
20.0 |
78.5 |
41.5 |
|
Long Term Debt Maturing in Year 3 |
31.3 |
69.0 |
186.0 |
41.4 |
72.5 |
|
Long Term Debt Maturing in Year 4 |
171.1 |
35.7 |
8.7 |
152.0 |
2.3 |
|
Long Term Debt Maturing in Year 5 |
4.2 |
195.4 |
35.5 |
1.9 |
145.0 |
|
Long Term Debt Maturing in 2-3 Years |
92.9 |
255.3 |
206.0 |
120.0 |
114.0 |
|
Long Term Debt Maturing in 4-5 Years |
175.3 |
231.1 |
44.2 |
153.9 |
147.3 |
|
Long Term Debt Matur. in Year 6 &
Beyond |
174.8 |
200.2 |
19.7 |
43.7 |
47.8 |
|
Total Capital Leases, Supplemental |
228.3 |
279.1 |
295.6 |
266.2 |
228.7 |
|
Capital Lease Payments Due in Year 1 |
38.1 |
44.8 |
45.3 |
40.9 |
37.6 |
|
Capital Lease Payments Due in Year 2 |
35.7 |
39.6 |
39.9 |
36.3 |
33.0 |
|
Capital Lease Payments Due in Year 3 |
29.4 |
35.2 |
35.0 |
29.8 |
28.3 |
|
Capital Lease Payments Due in Year 4 |
23.3 |
29.8 |
29.7 |
24.6 |
22.9 |
|
Capital Lease Payments Due in Year 5 |
16.2 |
22.7 |
24.6 |
20.1 |
18.2 |
|
Capital Lease Payments Due in 2-3 Years |
65.1 |
74.8 |
74.8 |
66.1 |
61.3 |
|
Capital Lease Payments Due in 4-5 Years |
39.5 |
52.5 |
54.3 |
44.7 |
41.1 |
|
Cap. Lease Pymts. Due in Year 6 &
Beyond |
85.6 |
106.9 |
121.2 |
114.6 |
88.7 |
|
Pension Obligation - Domestic |
27.0 |
26.2 |
216.8 |
229.5 |
215.6 |
|
Plan Assets - Domestic |
11.5 |
8.6 |
188.3 |
201.7 |
162.8 |
|
Funded Status - Domestic |
-15.5 |
-17.5 |
-28.6 |
-27.8 |
-52.8 |
|
Total Funded Status |
-15.5 |
-17.5 |
-28.6 |
-27.8 |
-52.8 |
|
Discount Rate - Domestic |
- |
- |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
- |
- |
2.00% |
2.00% |
2.00% |
|
Prepaid Benefits - Domestic |
0.7 |
0.1 |
18.0 |
75.3 |
66.6 |
|
Accrued Liabilities - Domestic |
-15.0 |
-17.2 |
-46.0 |
-37.6 |
-32.6 |
|
Other Assets, Net - Domestic |
1.1 |
0.4 |
0.6 |
65.5 |
86.9 |
|
Net Assets Recognized on Balance Sheet |
-13.2 |
-16.7 |
-27.4 |
103.1 |
120.9 |
|
Total Plan Obligations |
27.0 |
26.2 |
216.8 |
229.5 |
215.6 |
|
Total Plan Assets |
11.5 |
8.6 |
188.3 |
201.7 |
162.8 |
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 |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
Ernst & Young
ShinNihon LLC |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
163.9 |
180.2 |
103.4 |
154.7 |
113.1 |
|
Depreciation |
172.4 |
189.6 |
164.5 |
145.3 |
136.7 |
|
Depreciation/Depletion |
172.4 |
189.6 |
164.5 |
145.3 |
136.7 |
|
Unusual Items |
39.3 |
12.4 |
36.6 |
5.9 |
25.1 |
|
Equity in Net
Earnings (Loss) |
-2.7 |
-0.6 |
-1.9 |
0.0 |
-2.1 |
|
Other Non-Cash
Items |
7.6 |
-25.9 |
-61.7 |
15.9 |
14.9 |
|
Non-Cash Items |
44.2 |
-14.1 |
-27.1 |
21.8 |
37.8 |
|
Accounts
Receivable |
-29.7 |
-104.3 |
-9.7 |
48.1 |
32.5 |
|
Inventories |
11.3 |
-73.0 |
-30.0 |
51.0 |
-21.9 |
|
Prepaid Expenses |
-0.7 |
18.7 |
64.7 |
-4.8 |
-2.5 |
|
Accounts Payable |
-0.4 |
50.7 |
7.0 |
-3.8 |
-22.4 |
|
Other Operating
Cash Flow |
-77.6 |
4.5 |
-71.4 |
-53.5 |
-121.2 |
|
Changes in Working
Capital |
-97.0 |
-103.4 |
-39.3 |
36.9 |
-135.5 |
|
Cash from
Operating Activities |
283.5 |
252.2 |
201.5 |
358.8 |
152.1 |
|
|
|
|
|
|
|
|
Purchase of Fixed
Assets |
-111.9 |
-143.8 |
-206.2 |
-138.7 |
-117.0 |
|
Purchase/Acquisition
of Intangibles |
-12.5 |
-6.2 |
- |
- |
- |
|
Capital
Expenditures |
-124.4 |
-149.9 |
-206.2 |
-138.7 |
-117.0 |
|
Acquisition of
Business |
-9.5 |
0.0 |
-31.9 |
-0.1 |
-34.5 |
|
Sale of Business |
2.3 |
0.0 |
0.0 |
9.4 |
0.0 |
|
Sale of Fixed
Assets |
9.4 |
11.0 |
16.4 |
5.4 |
12.3 |
|
Sale/Maturity of
Investment |
30.0 |
2.4 |
22.2 |
0.3 |
10.3 |
|
Purchase of
Investments |
-14.9 |
-9.2 |
-0.4 |
-6.6 |
-2.2 |
|
Other Investing
Cash Flow |
-8.8 |
-11.6 |
-12.8 |
-15.6 |
-15.6 |
|
Other Investing
Cash Flow Items, Total |
8.6 |
-7.4 |
-6.5 |
-7.2 |
-29.6 |
|
Cash from
Investing Activities |
-115.8 |
-157.3 |
-212.7 |
-145.8 |
-146.7 |
|
|
|
|
|
|
|
|
Other Financing
Cash Flow |
23.2 |
-7.7 |
-2.9 |
6.5 |
0.6 |
|
Financing Cash
Flow Items |
23.2 |
-7.7 |
-2.9 |
6.5 |
0.6 |
|
Cash Dividends
Paid - Common |
-35.4 |
-33.0 |
-32.4 |
-29.9 |
-24.6 |
|
Total Cash
Dividends Paid |
-35.4 |
-33.0 |
-32.4 |
-29.9 |
-24.6 |
|
Repurchase/Retirement
of Common |
-56.9 |
-46.3 |
-21.4 |
0.0 |
- |
|
Common Stock, Net |
-56.9 |
-46.3 |
-21.4 |
0.0 |
- |
|
Issuance
(Retirement) of Stock, Net |
-56.9 |
-46.3 |
-21.4 |
0.0 |
- |
|
Short Term Debt,
Net |
11.7 |
-316.4 |
144.3 |
94.3 |
94.7 |
|
Long
Term Debt Issued |
3.6 |
457.2 |
45.0 |
0.0 |
248.5 |
|
Long
Term Debt Reduction |
-63.7 |
-149.9 |
-57.6 |
-429.4 |
-159.2 |
|
Long Term Debt,
Net |
-60.0 |
307.3 |
-12.7 |
-429.4 |
89.4 |
|
Issuance
(Retirement) of Debt, Net |
-48.3 |
-9.1 |
131.6 |
-335.0 |
184.1 |
|
Cash from
Financing Activities |
-117.4 |
-96.0 |
74.9 |
-358.5 |
160.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
1.9 |
-1.2 |
-6.3 |
2.2 |
-11.8 |
|
Net Change in
Cash |
52.2 |
-2.4 |
57.4 |
-143.4 |
153.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
127.9 |
136.7 |
68.6 |
210.5 |
41.0 |
|
Net Cash - Ending Balance |
180.0 |
134.3 |
126.0 |
67.1 |
194.7 |
|
Cash Interest Paid |
17.2 |
18.1 |
15.5 |
19.1 |
17.3 |
|
Cash Taxes Paid |
76.4 |
52.8 |
62.8 |
59.5 |
35.3 |
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 with
Explanation |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
5,666.2 |
5,761.4 |
5,109.1 |
4,713.9 |
4,722.3 |
|
Total Revenue |
5,666.2 |
5,761.4 |
5,109.1 |
4,713.9 |
4,722.3 |
|
|
|
|
|
|
|
|
Rounding
adjustment Income Statement |
0.0 |
0.0 |
- |
- |
- |
|
Cost of Sales |
4,563.7 |
4,660.7 |
4,089.6 |
3,767.5 |
3,853.2 |
|
Other
Selling/General/Admin. Expense |
0.1 |
0.1 |
- |
- |
- |
|
Shipping &
Storage |
167.2 |
170.7 |
155.2 |
145.2 |
142.3 |
|
Sales Promotion
Expenses |
247.0 |
236.5 |
205.7 |
184.5 |
165.7 |
|
Advertisement |
36.6 |
39.5 |
35.7 |
33.5 |
39.9 |
|
Commissions |
40.0 |
40.7 |
39.3 |
34.8 |
29.8 |
|
Dirs''
compen.& Employ.'s salary&bonus |
177.3 |
184.4 |
169.0 |
153.1 |
139.6 |
|
Accd. Retirement
Expense |
9.9 |
9.9 |
18.5 |
19.0 |
13.6 |
|
Welfare |
31.3 |
31.4 |
28.2 |
25.2 |
21.2 |
|
Travel &
Transportation |
26.4 |
26.9 |
23.8 |
20.6 |
20.7 |
|
Rent Expense |
22.5 |
21.9 |
21.0 |
20.5 |
18.7 |
|
Business
Consignment Expense |
28.1 |
29.4 |
28.1 |
26.4 |
24.8 |
|
Research &
Development |
21.9 |
21.5 |
21.1 |
21.4 |
21.8 |
|
Other |
78.1 |
83.1 |
79.2 |
81.2 |
80.3 |
|
Other Unusual Expense
(Income) |
0.0 |
- |
- |
- |
- |
|
Reversal of
allowance for disaster |
0.0 |
-5.5 |
- |
- |
- |
|
SP
Rev.Allow.Doubt. |
- |
0.0 |
-0.2 |
-0.1 |
-0.3 |
|
SP Compensation
gains |
- |
0.0 |
-35.1 |
0.0 |
- |
|
SP Rev. of allowance
for disaster |
- |
- |
0.0 |
- |
- |
|
SP Rev.Foreign
adjust.-liquid. sub. |
- |
0.0 |
-3.0 |
0.0 |
- |
|
SP Loss
Retire.Fix. |
4.5 |
6.4 |
5.1 |
9.4 |
7.5 |
|
SP Impairment Loss |
55.8 |
7.5 |
5.2 |
8.2 |
0.1 |
|
SP Office Closing |
3.1 |
3.1 |
4.1 |
5.5 |
3.1 |
|
SP Reval.Loss
Inv.Sec. |
0.0 |
7.9 |
0.4 |
0.6 |
4.3 |
|
SP Acct.Change
Pension |
- |
0.0 |
77.1 |
0.0 |
- |
|
SP L on disaster |
0.0 |
4.6 |
37.3 |
0.0 |
- |
|
SP Adjust. L on
acct. assets change |
- |
0.0 |
9.3 |
0.0 |
- |
|
SP Special
retirement loss |
- |
0.0 |
2.6 |
0.0 |
- |
|
SP L on val. of
inv't in capital |
- |
0.0 |
2.5 |
0.0 |
- |
|
SP Reval. Loss
Member |
- |
- |
- |
0.0 |
1.4 |
|
SP Loss on lease
accounting application |
- |
- |
- |
0.0 |
17.2 |
|
NOP
Loss-Retire.Inventories |
- |
- |
- |
- |
0.0 |
|
Total Operating
Expense |
5,513.6 |
5,580.4 |
5,019.8 |
4,556.5 |
4,604.8 |
|
|
|
|
|
|
|
|
NOP Interest
Income |
0.9 |
1.2 |
0.9 |
1.2 |
1.5 |
|
NOP Dividend
Income |
6.1 |
6.7 |
4.8 |
4.5 |
3.9 |
|
NOP Equity Gain |
2.7 |
0.6 |
1.9 |
0.0 |
2.1 |
|
Other
Non-Operating Income (Expense) |
0.0 |
0.0 |
- |
- |
- |
|
NOP Other Non Op.
Income |
13.0 |
17.1 |
15.0 |
11.8 |
13.3 |
|
NOP Interest
Expense |
-17.3 |
-18.3 |
-16.0 |
-18.3 |
-17.6 |
|
NOP Other Non OP.
Expense |
-14.1 |
-19.1 |
-13.2 |
-13.9 |
-12.9 |
|
SP Gain Sale
Fix.Asset |
5.6 |
9.4 |
11.7 |
3.1 |
6.1 |
|
Loss on sales of
membership |
- |
- |
0.0 |
0.0 |
- |
|
SP Gain Sale of
Inv Sec |
12.4 |
1.6 |
9.7 |
0.0 |
0.4 |
|
SP G on transfer
business |
2.3 |
- |
0.0 |
9.4 |
0.0 |
|
SP L on sale of
affiliated securities |
- |
0.0 |
0.0 |
0.0 |
-0.3 |
|
Loss on sales of
membership(1) |
- |
0.0 |
0.0 |
0.0 |
- |
|
SP Loss Sale Fix.Asset |
-0.3 |
-0.1 |
-0.2 |
-0.4 |
-0.3 |
|
SP Loss Sale
Inv.Sec. |
- |
0.0 |
-0.4 |
0.0 |
-0.4 |
|
Net Income
Before Taxes |
163.9 |
180.2 |
103.5 |
154.8 |
113.2 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
66.2 |
81.1 |
55.7 |
55.3 |
50.8 |
|
Net Income After
Taxes |
97.8 |
99.0 |
47.8 |
99.5 |
62.4 |
|
|
|
|
|
|
|
|
Minority interests
in income (loss) |
20.6 |
1.1 |
-0.5 |
-1.9 |
-2.3 |
|
Net Income
Before Extra. Items |
118.4 |
100.1 |
47.3 |
97.6 |
60.0 |
|
Net Income |
118.4 |
100.1 |
47.3 |
97.6 |
60.0 |
|
|
|
|
|
|
|
|
rounding |
0.0 |
- |
- |
- |
- |
|
Adjustment |
- |
- |
-0.1 |
-0.1 |
-0.1 |
|
Income Available
to Com Excl ExtraOrd |
118.4 |
100.1 |
47.2 |
97.5 |
59.9 |
|
|
|
|
|
|
|
|
Income Available
to Com Incl ExtraOrd |
118.4 |
100.1 |
47.2 |
97.5 |
59.9 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
294.1 |
300.0 |
309.1 |
310.0 |
310.1 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.40 |
0.33 |
0.15 |
0.31 |
0.19 |
|
Basic EPS Including ExtraOrdinary Items |
0.40 |
0.33 |
0.15 |
0.31 |
0.19 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
118.4 |
100.1 |
47.2 |
97.5 |
59.9 |
|
Diluted Weighted Average Shares |
294.1 |
300.0 |
309.1 |
310.0 |
310.1 |
|
Diluted EPS Excluding ExtraOrd Items |
0.40 |
0.33 |
0.15 |
0.31 |
0.19 |
|
Diluted EPS Including ExtraOrd Items |
0.40 |
0.33 |
0.15 |
0.31 |
0.19 |
|
DPS-Ordinary Shares |
0.12 |
0.11 |
0.11 |
0.10 |
0.09 |
|
Gross Dividends - Common Stock |
35.0 |
33.8 |
32.3 |
30.0 |
27.8 |
|
Normalized
Income Before Taxes |
219.8 |
194.7 |
197.3 |
166.3 |
142.6 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
88.7 |
87.7 |
106.2 |
59.4 |
63.2 |
|
Normalized
Income After Taxes |
131.1 |
107.0 |
91.1 |
106.9 |
79.4 |
|
|
|
|
|
|
|
|
Normalized Inc.
Avail to Com. |
151.7 |
108.1 |
90.5 |
104.9 |
76.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.52 |
0.36 |
0.29 |
0.34 |
0.25 |
|
Diluted Normalized EPS |
0.52 |
0.36 |
0.29 |
0.34 |
0.25 |
|
Research & Development Exp |
21.9 |
21.5 |
21.1 |
21.4 |
21.8 |
|
Sales Promotion Expenses |
247.0 |
236.5 |
205.7 |
184.5 |
165.7 |
|
Advertising Expense |
36.6 |
39.5 |
35.7 |
33.5 |
39.9 |
|
Interest Expense |
17.3 |
18.3 |
16.0 |
18.3 |
17.6 |
|
Amort of Acquisition Costs |
- |
- |
- |
- |
1.8 |
|
Rental Expense |
22.5 |
21.9 |
21.0 |
20.5 |
18.7 |
|
BC - Depreciation of Fixed Assets |
172.4 |
- |
- |
- |
- |
|
Amort of Tangible Assets-Current Portion |
- |
189.6 |
- |
- |
- |
|
Depreciation |
- |
- |
164.5 |
145.3 |
136.7 |
|
Current Tax -
Total |
62.8 |
- |
- |
- |
- |
|
Current Tax - Total |
62.8 |
- |
- |
- |
- |
|
Deferred Tax -
Total |
3.4 |
- |
- |
- |
- |
|
Deferred Tax - Total |
3.4 |
- |
- |
- |
- |
|
Income Tax - Total |
66.2 |
- |
- |
- |
- |
|
Reported Operating Profit |
216.1 |
204.9 |
194.7 |
180.9 |
150.7 |
|
Reported Ordinary Profit |
207.3 |
193.1 |
188.1 |
166.2 |
141.0 |
|
Service Cost |
7.6 |
8.0 |
15.3 |
13.7 |
13.3 |
|
Interest Cost |
0.2 |
0.3 |
4.5 |
4.2 |
3.7 |
|
Expected return on plan assets |
0.2 |
0.2 |
-2.0 |
-1.0 |
-1.1 |
|
Prior Service Cost |
- |
0.0 |
-2.3 |
-2.2 |
-2.0 |
|
Actuarial G&L |
0.0 |
0.0 |
11.9 |
12.6 |
5.5 |
|
Domestic Pension Plan Expense |
8.1 |
8.5 |
27.4 |
27.3 |
19.4 |
|
Defined Contribution Expense |
14.8 |
14.9 |
3.1 |
2.8 |
3.7 |
|
Total Pension Expense |
23.0 |
23.3 |
30.5 |
30.1 |
23.2 |
|
Discount Rate |
- |
- |
2.00% |
2.00% |
2.00% |
|
Expected Rate of Return |
- |
- |
2.00% |
2.00% |
2.00% |
ANNUAL BALANCE SHEET
Financials
in: USD (mil)
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
94.088557 |
82.385362 |
82.88 |
93.44 |
98.77 |
|
Auditor |
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 |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Deposit |
158.8 |
128.9 |
130.2 |
67.1 |
198.1 |
|
Notes and accounts
receivable-trade |
725.1 |
782.6 |
682.5 |
598.2 |
609.8 |
|
Inventories -
merchandise&finished goods |
319.2 |
373.4 |
310.8 |
255.4 |
277.4 |
|
Inventories -
work-in-process |
2.5 |
3.0 |
4.8 |
3.4 |
3.2 |
|
Inventories - raw
materials & supplies |
47.0 |
51.9 |
43.7 |
35.5 |
44.2 |
|
Deferred Taxes |
16.6 |
18.9 |
19.4 |
14.6 |
11.5 |
|
Rounding
adjustment Assets |
0.0 |
0.0 |
- |
- |
- |
|
Other Current |
48.5 |
45.5 |
55.5 |
41.8 |
37.4 |
|
Doubtful Account |
-1.9 |
-2.4 |
-2.0 |
-1.1 |
-1.1 |
|
Total Current
Assets |
1,315.9 |
1,401.9 |
1,244.9 |
1,014.9 |
1,180.4 |
|
|
|
|
|
|
|
|
Buildings &
structures |
2,194.2 |
2,500.6 |
2,490.2 |
2,130.3 |
1,947.9 |
|
Accumulated
depreciation |
-1,532.7 |
-1,686.1 |
-1,637.9 |
-1,435.4 |
-1,325.1 |
|
Machinery,
equipment and vehicles |
772.8 |
863.5 |
846.2 |
696.5 |
634.4 |
|
Accumulated
depreciation |
-610.5 |
-652.7 |
-617.6 |
-529.9 |
-482.6 |
|
Lease assets,
gross |
474.5 |
547.1 |
541.1 |
504.1 |
438.5 |
|
Accumulated
depreciation |
-262.5 |
-289.0 |
-270.2 |
-271.0 |
-243.8 |
|
Land |
332.5 |
355.1 |
355.3 |
352.6 |
332.9 |
|
Construction |
33.0 |
22.6 |
8.5 |
45.8 |
10.1 |
|
Other PP&E |
89.0 |
97.4 |
96.3 |
85.5 |
78.5 |
|
Dpre.-Other
PP&E |
-74.7 |
-82.1 |
-80.9 |
-71.7 |
-65.3 |
|
Goodwill |
28.3 |
24.1 |
26.6 |
10.3 |
11.4 |
|
Other
Total Intangible Assets, Net |
- |
0.0 |
- |
- |
- |
|
Lease
assets |
- |
- |
- |
0.7 |
1.6 |
|
Other
Intangible |
41.5 |
43.3 |
45.4 |
36.2 |
35.2 |
|
Other Investment
Securities |
252.5 |
- |
- |
- |
- |
|
Other LT inv'ts |
- |
250.7 |
- |
- |
- |
|
Inv. Securities |
- |
- |
227.7 |
197.8 |
187.9 |
|
Invt Secs Noncons,
Asc, Affd Cos |
31.4 |
33.0 |
- |
- |
- |
|
Invts in Capital
Noncons, Ascd, Affd Cos |
2.4 |
2.9 |
- |
- |
- |
|
Equity
secs.-nonconsolidated affil. |
- |
- |
32.6 |
28.3 |
- |
|
Inv't
partnership-nonconsol.affil. |
- |
- |
1.6 |
1.2 |
- |
|
Deferred tax
assets |
12.0 |
16.3 |
23.4 |
19.4 |
24.6 |
|
Other Other |
69.7 |
- |
- |
- |
- |
|
Other Long Term
Assets |
0.0 |
- |
- |
- |
- |
|
Rounding
adjustment Assets |
- |
0.0 |
- |
- |
- |
|
Other Other Long
Term Assets |
- |
83.4 |
- |
- |
- |
|
Other Assets |
- |
- |
108.0 |
159.7 |
147.7 |
|
Doubtful Account |
-3.0 |
-5.4 |
-7.9 |
-5.8 |
-5.6 |
|
Adjustment |
- |
- |
-0.1 |
- |
- |
|
Property/Plant/Equipment,
Total - Net |
0.0 |
- |
- |
- |
- |
|
Other
Buildings, Net |
- |
0.0 |
- |
- |
- |
|
Other
PPE under Capital Lease, Net |
- |
0.0 |
- |
- |
- |
|
Other
Total PPE, net |
- |
0.0 |
- |
- |
- |
|
Total Assets |
3,166.2 |
3,526.6 |
3,433.3 |
2,969.7 |
2,908.7 |
|
|
|
|
|
|
|
|
Accounts
payable-trade |
312.5 |
345.0 |
295.2 |
255.4 |
244.8 |
|
Short-term loans
payable |
135.2 |
147.3 |
356.5 |
185.9 |
116.2 |
|
Commercial Paper |
63.8 |
60.7 |
156.9 |
139.1 |
101.2 |
|
Current portion of
long-term loans payab |
164.8 |
19.3 |
97.1 |
9.4 |
262.2 |
|
Straight Bond (
current) |
- |
- |
- |
0.0 |
101.2 |
|
Lease Liability |
38.1 |
44.8 |
45.3 |
40.9 |
37.6 |
|
Accrued Expenses |
230.9 |
249.6 |
218.3 |
193.5 |
180.2 |
|
Taxes Payable |
29.2 |
40.8 |
26.6 |
30.5 |
31.9 |
|
Provision for
directors'' bonuses |
2.2 |
2.5 |
2.9 |
2.2 |
1.8 |
|
Rounding
adjustment Liability |
0.0 |
0.0 |
- |
- |
- |
|
allowance for
disaster |
- |
0.0 |
23.8 |
0.0 |
- |
|
Other Current |
93.4 |
111.3 |
108.5 |
101.4 |
52.4 |
|
Total Current
Liabilities |
1,070.1 |
1,021.4 |
1,331.1 |
958.3 |
1,129.6 |
|
|
|
|
|
|
|
|
Bonds Payable(1) |
212.6 |
242.8 |
- |
- |
- |
|
Bonds payable |
- |
- |
0.0 |
- |
0.0 |
|
Long-term loans
payable |
225.1 |
438.3 |
264.0 |
317.5 |
309.1 |
|
Lease Liability |
190.2 |
234.2 |
250.2 |
225.3 |
191.1 |
|
Total Long Term
Debt |
627.8 |
915.3 |
514.2 |
542.8 |
500.2 |
|
|
|
|
|
|
|
|
Deferred Taxes |
36.8 |
27.8 |
19.4 |
18.3 |
12.3 |
|
Res.Acd.Retire. |
15.0 |
17.2 |
46.0 |
37.6 |
32.6 |
|
Provision for directors''
retirement ben |
2.9 |
4.1 |
4.1 |
3.4 |
2.8 |
|
Other Long Term
Liabilities |
0.1 |
- |
- |
- |
- |
|
Rounding
adjustment Liability |
- |
0.0 |
- |
- |
- |
|
Assets Retirement
Obligation |
25.5 |
26.8 |
28.9 |
0.0 |
- |
|
Long-term
guarantee deposited |
33.8 |
39.7 |
57.0 |
87.3 |
82.1 |
|
Negative Goodwill |
- |
0.0 |
0.2 |
0.4 |
0.6 |
|
Impairment for
Leased Asset Account |
- |
- |
- |
- |
0.0 |
|
Other Liability |
22.1 |
33.3 |
11.7 |
8.4 |
2.4 |
|
Minority Int. |
23.8 |
22.7 |
32.5 |
34.5 |
22.7 |
|
Adjustment |
- |
- |
- |
0.1 |
0.0 |
|
Total
Liabilities |
1,858.1 |
2,108.5 |
2,045.0 |
1,691.2 |
1,785.3 |
|
|
|
|
|
|
|
|
Common Stock |
322.1 |
367.9 |
365.7 |
324.3 |
306.8 |
|
Total capital surpluses |
193.7 |
287.8 |
286.1 |
253.7 |
240.1 |
|
Total retained
earnings |
801.6 |
830.7 |
763.2 |
666.9 |
567.4 |
|
Treasury Stock |
-54.2 |
-71.3 |
-26.8 |
-4.2 |
-3.5 |
|
Valuation
difference on available-for-sa |
62.9 |
43.5 |
27.2 |
39.8 |
22.7 |
|
Unrealized
Gain/Loss on Hedge |
0.8 |
0.0 |
0.1 |
0.2 |
0.5 |
|
Translation Adj. |
-18.8 |
-40.4 |
-27.2 |
-2.3 |
-10.6 |
|
Other Equity |
0.0 |
0.0 |
- |
- |
- |
|
Total Equity |
1,308.1 |
1,418.1 |
1,388.2 |
1,278.5 |
1,123.4 |
|
|
|
|
|
|
|
|
Total
Liabilities & Shareholders' Equity |
3,166.2 |
3,526.6 |
3,433.3 |
2,969.7 |
2,908.7 |
|
|
|
|
|
|
|
|
S/O-Ordinary
Shares |
285.9 |
294.8 |
305.1 |
309.9 |
310.1 |
|
Total Common
Shares Outstanding |
285.9 |
294.8 |
305.1 |
309.9 |
310.1 |
|
T/S-Ordinary Shares |
9.9 |
16.1 |
5.7 |
0.9 |
0.8 |
|
Full-Time Employees |
12,680 |
12,082 |
10,118 |
6,577 |
6,250 |
|
Total Number of Shareholders |
20,373 |
21,954 |
- |
- |
- |
|
Number of Common Shareholders |
- |
- |
23,540 |
26,840 |
24,516 |
|
LT Debt, mat. within 1 yr. |
164.8 |
19.3 |
254.0 |
9.4 |
262.2 |
|
Lns Pble Maturing over a Yr within 2 Yrs |
61.6 |
186.3 |
- |
- |
- |
|
LT Debt, mat. b/w 1 & 2 yr. |
- |
- |
20.0 |
78.5 |
41.5 |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
31.3 |
69.0 |
- |
- |
- |
|
LT Debt, mat. b/w 2 & 3 yr. |
- |
- |
186.0 |
41.4 |
72.5 |
|
Bond Redemp Amts over 3 Yrs within 4 Yrs |
106.3 |
- |
- |
- |
- |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
64.8 |
35.7 |
- |
- |
- |
|
LT Debt, mat. b/w 3 & 4 yr. |
- |
- |
8.7 |
152.0 |
2.3 |
|
Oth Intt Br Dbt Matg ovr 4 Yr wthn 5 Yr |
0.7 |
- |
- |
- |
- |
|
Lns Pble Maturg over 4 Yrs within 5 Yrs |
3.4 |
74.0 |
- |
- |
- |
|
Bond Redemp Amts over 4 Yrs within 5 Yrs |
- |
121.4 |
- |
- |
- |
|
LT Debt, mat b/w 4 & 5 yr. |
- |
- |
35.5 |
1.9 |
145.0 |
|
Long Term Debt - Remaining Maturities |
64.0 |
- |
- |
- |
- |
|
Loans Payable Remaining |
4.6 |
73.3 |
- |
- |
- |
|
Other Total Bond Redemption |
106.3 |
121.4 |
- |
- |
- |
|
Other Interest Bearing Remaining |
- |
5.5 |
- |
- |
- |
|
Long Term Debt - Remaining Maturities |
- |
- |
19.7 |
43.7 |
47.8 |
|
Total Long Term Debt, Supplemental |
607.8 |
705.9 |
523.9 |
326.9 |
571.3 |
|
Capital Lease Maturing within a Year |
38.1 |
44.8 |
45.3 |
40.9 |
37.6 |
|
Cap Lease Maturg over a Yr within 2 Yrs |
35.7 |
39.6 |
- |
- |
- |
|
Capital lease maturing within 2 yr. |
- |
- |
39.9 |
36.3 |
33.0 |
|
Cap Lease Maturg over 2 Yr within 3 Yrs |
29.4 |
35.2 |
- |
- |
- |
|
Capital lease maturing within 3 yr. |
- |
- |
35.0 |
29.8 |
28.3 |
|
Cap Lease Maturg over 3 Yr within 4 Yrs |
23.3 |
29.8 |
- |
- |
- |
|
Capital lease maturing within 4 yr. |
- |
- |
29.7 |
24.6 |
22.9 |
|
Cap Lease Maturg over 4 Yr within 5 Yrs |
16.2 |
22.7 |
- |
- |
- |
|
Capital lease maturing within 5 yr. |
- |
- |
24.6 |
20.1 |
18.2 |
|
Capital Lease Remaining |
85.6 |
106.9 |
- |
- |
- |
|
Capital lease maturing in remaining yr. |
- |
- |
121.2 |
114.6 |
88.7 |
|
Total Capital Leases, Supplemental |
228.3 |
279.1 |
295.6 |
266.2 |
228.7 |
|
Pension Obligation |
27.0 |
26.2 |
216.8 |
229.5 |
215.6 |
|
Fair value of plan assets |
11.5 |
8.6 |
188.3 |
201.7 |
162.8 |
|
Funded Status |
-15.5 |
-17.5 |
-28.6 |
-27.8 |
-52.8 |
|
Total Funded Status |
-15.5 |
-17.5 |
-28.6 |
-27.8 |
-52.8 |
|
Discount Rate |
- |
- |
2.00% |
2.00% |
2.00% |
|
Expected rate of return |
- |
- |
2.00% |
2.00% |
2.00% |
|
Unrecog.actuarial G&L |
1.1 |
0.4 |
0.6 |
76.2 |
98.7 |
|
Unrecog.Prior service Cost |
0.0 |
0.0 |
0.0 |
-10.7 |
-11.8 |
|
Prepaid pension Benefits |
0.7 |
0.1 |
18.0 |
75.3 |
66.6 |
|
Reserve for Accrued Retirement Benefits |
-15.0 |
-17.2 |
-46.0 |
-37.6 |
-32.6 |
|
Net Assets Recognized on Balance Sheet |
-13.2 |
-16.7 |
-27.4 |
103.1 |
120.9 |
ANNUAL CASH FLOWS
Financials
in: USD (mil)
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
82.970472 |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
|
Auditor |
Ernst & Young
ShinNihon LLC |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income Bf.Tax |
163.9 |
180.2 |
103.4 |
154.7 |
113.1 |
|
Depreciation |
172.4 |
189.6 |
164.5 |
145.3 |
136.7 |
|
Reversal of
allowance for dosaster |
0.0 |
-5.5 |
- |
- |
- |
|
Impairment Loss |
55.8 |
7.5 |
5.2 |
8.2 |
0.1 |
|
Increase
(decrease) in allowance for dou |
-2.4 |
-0.8 |
2.2 |
0.1 |
0.6 |
|
Increase
(decrease) in provision for ret |
-0.4 |
-30.0 |
3.2 |
3.2 |
2.1 |
|
Contribution to
employees'' retirement b |
- |
- |
-44.9 |
0.0 |
- |
|
Decrease (increase)
in prepaid pension c |
-0.7 |
18.7 |
64.7 |
-4.8 |
-2.5 |
|
Equity in
(earnings) losses of affiliate |
-2.7 |
-0.6 |
-1.9 |
0.0 |
-2.1 |
|
Loss Retirement
Fixed |
2.6 |
3.3 |
3.1 |
4.1 |
4.3 |
|
Loss-Closing of
Office |
- |
- |
2.4 |
5.1 |
3.1 |
|
Lease accounting
application |
- |
- |
- |
0.0 |
17.2 |
|
Loss (gain) on
valuation of investment s |
0.0 |
7.9 |
0.4 |
0.6 |
4.3 |
|
Disaster Loss |
0.0 |
4.6 |
37.3 |
0.0 |
- |
|
Compensation
received |
- |
- |
-35.1 |
0.0 |
- |
|
Adjust. L on acct.
assets change |
- |
- |
9.3 |
0.0 |
- |
|
Reversal of
provision incurred from fore |
- |
- |
-3.0 |
0.0 |
- |
|
Extra retirement
payment |
- |
- |
2.6 |
0.0 |
- |
|
Reversal of
allowance for dosaster |
- |
- |
0.0 |
- |
- |
|
L on valuation of
inv't in capital |
- |
- |
2.5 |
0.0 |
- |
|
Revalu. Golf Memb. |
- |
- |
- |
0.0 |
1.4 |
|
Int.&Dividend
Income |
-6.9 |
-7.9 |
-5.7 |
-5.7 |
-5.4 |
|
Interest Expenses |
17.3 |
18.3 |
16.0 |
18.3 |
17.6 |
|
Loss (gain) on
sales of noncurrent asset |
-5.3 |
-9.3 |
-11.5 |
-2.7 |
-5.8 |
|
Loss (gain) on
transfer of business |
-2.3 |
0.0 |
0.0 |
-9.4 |
0.0 |
|
L/G on sale of
Invest. Securities |
-11.4 |
-1.5 |
-9.2 |
0.0 |
0.0 |
|
Loss (gain) on sales
of stocks of subsid |
- |
- |
0.0 |
0.0 |
0.3 |
|
Decrease
(increase) in notes and account |
-29.7 |
-104.3 |
-9.7 |
48.1 |
32.5 |
|
Decrease
(increase) in inventories |
11.3 |
-73.0 |
-30.0 |
51.0 |
-21.9 |
|
Increase (decrease)
in notes and account |
-0.4 |
50.7 |
7.0 |
-3.8 |
-22.4 |
|
Other Operating
Cash Flow |
0.0 |
- |
- |
- |
- |
|
Other, net |
8.3 |
89.2 |
-28.3 |
17.7 |
-77.3 |
|
Interest Received |
7.7 |
8.8 |
6.4 |
7.5 |
8.7 |
|
Interest Paid |
-17.2 |
-18.1 |
-15.5 |
-19.1 |
-17.3 |
|
Compensation
income received |
- |
- |
31.7 |
0.0 |
- |
|
Disaster paid |
0.0 |
-22.6 |
-2.9 |
0.0 |
- |
|
Taxes Paid |
-76.4 |
-52.8 |
-62.8 |
-59.5 |
-35.3 |
|
Cash Flow due to
change of subsidiaries |
- |
- |
- |
- |
0.0 |
|
Loss (gain) on
sales of stocks of subsid |
- |
- |
0.0 |
- |
- |
|
Cash from
Operating Activities |
283.5 |
252.2 |
201.5 |
358.8 |
152.1 |
|
|
|
|
|
|
|
|
Purchase of
intangible assets |
-12.5 |
-6.2 |
- |
- |
- |
|
Purchase of
property, plant and equipmen |
-111.9 |
-143.8 |
-206.2 |
-138.7 |
-117.0 |
|
Proceeds from
sales of property, plant a |
9.4 |
11.0 |
16.4 |
5.4 |
12.3 |
|
Purch. Securities |
-14.9 |
-9.2 |
-0.4 |
-4.3 |
-2.2 |
|
Sale Inv.Sec. |
30.0 |
2.4 |
22.0 |
0.3 |
3.1 |
|
Purchase of subs.'
securities |
-9.5 |
0.0 |
-31.9 |
-0.1 |
-34.5 |
|
Purchase of inv't
in capital of sub. |
- |
- |
0.0 |
-2.3 |
0.0 |
|
Sale of
subsidiaries' securities |
- |
- |
- |
- |
0.0 |
|
Sale of affiliated
securities |
- |
- |
0.2 |
0.0 |
7.2 |
|
Rounding
adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
ST Debt, Net |
- |
- |
- |
- |
0.0 |
|
Proceeds from
transfer of business |
2.3 |
0.0 |
0.0 |
9.4 |
0.0 |
|
Other, net |
-8.8 |
-11.6 |
-12.8 |
-15.6 |
-15.6 |
|
Cash from
Investing Activities |
-115.8 |
-157.3 |
-212.7 |
-145.8 |
-146.7 |
|
|
|
|
|
|
|
|
Net increase
(decrease) in short-term lo |
-0.3 |
-215.1 |
144.3 |
62.0 |
15.1 |
|
Net increase (decrease)
in commercial pa |
12.1 |
-101.3 |
0.0 |
32.3 |
79.6 |
|
Proceeds from
issuance of bonds |
0.0 |
253.3 |
- |
- |
- |
|
Proceeds from
long-term loans payable |
3.6 |
203.9 |
45.0 |
0.0 |
248.5 |
|
Repayment of
long-term loans payable |
-19.8 |
-102.1 |
-10.4 |
-278.8 |
-70.6 |
|
Issuance of Bonds |
- |
- |
0.0 |
- |
- |
|
Redmp.Bonds |
- |
- |
0.0 |
-107.6 |
-49.8 |
|
Dividends Paid |
-35.4 |
-33.0 |
-32.4 |
-29.9 |
-24.6 |
|
Rounding
adjustment Cash flow |
0.0 |
0.0 |
- |
- |
- |
|
Proceeds from
stock issuance to minority |
30.0 |
0.6 |
0.0 |
11.8 |
0.0 |
|
Dividends paid to
minority shareholders |
-6.7 |
-8.3 |
-3.0 |
-4.8 |
-5.9 |
|
Repayment of lease |
-43.8 |
-47.8 |
-47.3 |
-42.9 |
-38.8 |
|
Treasury stock purchased |
-56.9 |
-46.3 |
-21.4 |
0.0 |
- |
|
Other, net |
0.0 |
0.0 |
0.0 |
-0.5 |
6.5 |
|
Cash from
Financing Activities |
-117.4 |
-96.0 |
74.9 |
-358.5 |
160.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
1.9 |
-1.2 |
-6.3 |
2.2 |
-11.8 |
|
Net Change in
Cash |
52.2 |
-2.4 |
57.4 |
-143.4 |
153.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
127.9 |
136.7 |
68.6 |
210.5 |
41.0 |
|
Net Cash - Ending Balance |
180.0 |
134.3 |
126.0 |
67.1 |
194.7 |
|
Cash Interest Paid |
17.2 |
18.1 |
15.5 |
19.1 |
17.3 |
|
Cash Taxes Paid |
76.4 |
52.8 |
62.8 |
59.5 |
35.3 |
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.62.52 |
|
|
1 |
Rs.100.26 |
|
Euro |
1 |
Rs.84.67 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.