MIRA
INFORM REPORT
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Report Date : |
08.02.2014 |
IDENTIFICATION DETAILS
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Name : |
TOAGOSEI CO LTD |
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Registered Office : |
1-14-1, Nishi-Shimbashi, Minato-Ku, 105-8419 |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
31.03.1942 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
manufacturer of Organic & Inorganic Chemicals Manufacturer
of caustic soda, chlorides, compressed gases, chlorinated products, acrylic
products & plastics Subject
operates through following segment :- Basic Chemical segment Acrylic Product segment Functional Product segment Resin Processed Product segment |
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No. of Employees : |
2,509 (31.12.2012) |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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
Toagosei Co Ltd
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Business Description
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TOAGOSEI CO., LTD. is a chemical manufacturer. Its Basic Chemical segment
involves in the manufacture and sale of inorganic chlorides including caustic
soda, caustic potash, liquefied chlorine and liquefied hydrochloride,
high-purity chemicals, sulfuric acids and industrial gases. The Acrylic
Product segment provides acrylic acids, acrylic acid esters, acrylic
polymers, high-polymer coagulants and light curing resins. The Functional
Product segment offers adhesives, inorganic functional materials, electronics
materials, and products for construction and engineering uses. The Resin
Processed Product segment provides piping equipment and materials, life
support products, molding materials and eco-business-related products. The
Others segment is involved in the construction and repair of facilities, the
transportation and trading businesses. As of December 31, 2012, it had 27
subsidiaries and 13 associated companies. On January 1, 2013, it merged with
two 100%-owned subsidiaries. For the nine months ended 30 September 2013,
Toagosei Co Ltd revenues increased 2% to Y111.7B. Net income applicable to
common stockholders increased 12% to Y7.47B. Revenues reflect Acrylic
Products Business segment increase of 10% to Y43.46B, Product Business
Function segment increase of 3% to Y12.5B, Other Businesses segment increase
of 11% to Y2.56B. |
Industry
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
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UK SIC 2007: |
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US SIC 1987: |
2869 -
Industrial Organic Chemicals, Not Elsewhere Classified |
Key Executives
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Name |
Title |
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President, Representative Director |
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Chief Director of Administration, Director |
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Chief Director of Operation, Director |
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Director of Research and Development, Manager of R&D General
Center, Director |
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Hisashi Hara |
Executive Officer |
Financial Summary
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Stock Snapshot
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1 - Profit & Loss
Item Exchange Rate: USD 1 = JPY 79.79749
2 - Balance Sheet Item Exchange Rate:
USD 1 = JPY 85.87
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It intends to expand operations in the field of downstream derivatives of
acrylic acid, including acrylic polymers, polymer flocculants, and the
UV-curable resin Aronix. Secondly, it intends to accelerate growth scale of its
high value-added products. It plans to allocate
management resources on priority basis to fields that leverage technological
innovations, such as for, high-purity inorganic chemicals, downstream acrylic
derivatives, and functional adhesives. It intends to raise brand-name
recognition of consumer products, such as general-purpose instant adhesive Aron
Alpha and Anjyu line of nursing care products. And thirdly, it intends to
create new products through its two research and development units, such as,
the General Center of R&D and Aronkasei’s Monodukuri Center.
It intends to raise brand-name recognition of consumer products, such as
general-purpose instant adhesive Aron Alpha and Anjyu line of nursing care
products. And thirdly, it intends to create new products through its two
research and development units, such as, the General Center of R&D and Aronkasei’s
Monodukuri Center. It also plans to strengthen
collaborative relationships with external organizations, such as universities,
to realize faster product development. Besides, the company focuses to develop
new products and business by aggressively allocating management resources to
growth fields such as the environment, energy, and health care. Implementation
of management plan will strengthen operational activities and achieve growth
margins.Growth Opportunities in Emerging MarketsThe company could benefit
through its presence in the emerging markets, which have created ample
opportunities for the chemical industry over the past decade.
We at the Toagosei Group will continue working as one to achieve our
goals and raise the Group’s enterprise value. Growth strategy No.1 - Expanding earnings from core
products In the ALL TOA 2013 medium-term management plan, we have designated
core product operations posting an annual operating income of ¥1 billion or more
as “core product operations.” While continuing to expand operations of
existing core products, we will focus our strategy
on aggressively investing management resources in the production and sale of
products thought likely to grow into core products in the near future. In particular,
the planned construction of a new acrylic acid production plant at Oita
Chemical Co., Ltd.
In 2012, the company focuses on expanding its specialty chemicals
business with the launch of new products. Toagosei plans to launch new version of Aron Alpha GEL
called EXTRA GEL. It plans to launch its
products in international region to expand its product portfolio. In the US,
the company the company plans to increase sales of industrial-use instant
adhesives through establishing technical service center. In China, it plans to
increase the sales of Krazy Glue.
Toagosei plans to launch new version of Aron Alpha GEL called EXTRA GEL.
It plans to launch its products in international region to expand its product
portfolio. In the US, the company the company plans
to increase sales of industrial-use instant adhesives through
establishing technical service center. In China, it plans to increase the sales of Krazy Glue.
Further, the company aims to develop automotive and electronic materials
sectors through the launch of functional adhesives such as reactive,
UV-curable, and hot melt products.
It plans to launch its products in international region to expand its
product portfolio. In the US, the company the company plans to increase sales of industrial-use instant
adhesives through establishing technical service center. In China, it plans to increase the sales of Krazy Glue.
Further, the company aims to develop automotive and electronic materials
sectors through the launch of functional adhesives such as reactive,
UV-curable, and hot melt products. In the construction segment, the company
plans to launch waterproof acrylic products to expand the sale of Aron Wall
(for exterior walls), Aron Coat SQ (for roofs), and Clear Wall (for tiles).
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Helpful |
Harmful |
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Internal Origin |
Strengths |
Weaknesses |
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External Origin |
Opportunities |
Threats |
Overview
Toagosei Co., Ltd. (Toagosei) is a Japanese chemical company with international
operations. The company’s diversified product portfolio, wide geographic
operations and growth in emerging markets and product launches will provide the
company an opportunity to expand its operations. Declined operational
performance is a cause of concern for the company to look upon. Nevertheless,
it can utilize growth opportunity arising in the market.
However, it faces threat from strict regulations, and increased
competition which could hamper its operational activities.
Strengths
Strong
Foothold: Specialty Chemicals
The company, through the Specialty Chemicals segment manufactures and sells adhesives, which are used in manufacturing and repairing plastics, rubber, metals, wood, leather and ceramics. It produces cyanoacrylate instant adhesives for bonding rubber, plastic, metal, and wood in industrial and consumer uses; heat-resistant adhesives used in bonding metal and ceramics in high-temperature environments; hot melt adhesives used for metals, textiles and plastics such as polyethylene, polypropylene polyester and nylon; and special monomers and oligomers used as raw material for paints, printing inks, coatings and adhesives. The company operates through four subsidiaries: Toagosei America Inc., MT Ethylene Carbonate Co., Ltd., Toagosei (Zhuhai) Limited and Toagosei Hong Kong Limited. It also offers an environmentally friendly UV curable resin called Aronix, which is used in inks, paints, and surface coating of mobile phones, mobile equipment and DVDs. It offers ion exchangers, inorganic antimicrobial agents, anti-allergy agents, insect repellents and high functionality and high purity electronics materials. Besides, in 2012, the company upgraded supply system by expanding its Tokushima Factory for manufacturing products based on zirconium phosphate compounds, as well as completed construction of mass-production line for Cavinon. It also brought online an ethylene carbonate (EC) manufacturing facility within the Osaka plant from its joint-venture partner Mitsui Chemicals, Inc. In 2012, the Specialty Chemicals segment accounted for 11% of the company’s total revenue in 2012. Strong market position in specialty chemicals will strengthen its position against peer companies in the market.
The company has its operations spread across Japan, the US, China, the UK, Singapore, Taiwan and Korea. The company operates globally through 25 subsidiaries with 16 in Japan; two in the US, China and Taiwan each; and one each in Singapore, Hong Kong and Korea. Geographically, the company classifies its operations into four regions, namely, Japan, Asia, North America, and Other countries. For the fiscal year ended 2012, the company generated JPY125,571m from Japan followed by Asia JPY18,285m, North America JPY2,378m and Others JPY1,967m. These regions contributed 84.7%, 12.3%, 1.6% and 1.3% of total revenues. Wide geographic presence also provides an easy way for the company’s expansion plans, as wider reach of geography means reaping more benefits eventually improving the profit margins, attaining economies of scale and recognition on a worldwide basis.
The company manufactures various chemicals, acrylic products and plastics. Toagosei carries out its operations through four segments, namely, Commodity Chemicals, Acrylic Products, Plastics and Specialty Chemicals. The commodity chemical segment offers a wide range of organic and inorganic industrial chemicals. The company’s products include Caustic soda, Liquid chlorine, liquid potassium hydroxide, Ammonium sulfate, Ammonium sulfate, Sodium hypochlorite, Liquid caustic potash, Caustic potash flakes, Sulfuric acid and Potassium pyrophosphate. These products are used in paper, fertilizer, aluminum, soap, manufacturing and pharmaceutical industries. Acrylic products segment provides a range of acrylic products such as Acrylic monomers, Acrylic polymers, Special polymers, Polymer flocculants, Acrylic acid and Special Monomers and Oligomers. These products are used in textiles, paints, adhesives, construction and civil companies. Plastics segment manufactures Pipes & Couplings, Environmental Products and Nursing Care Products. These products are used in four key areas such as water supply, protective casings for telecommunications lines, pipes and couplings for sewerages and electric power. Through its specialty chemicals segment, Toagosei offers cyanoacrylate instant adhesives, heat-resistant adhesives, hot melt adhesives, oligomer and special monomers, silver-based antimicrobial agents and construction materials. For the fiscal year ended 2012, the company generated 36.7% of revenue from Acrylic Products segment, followed by 32% from Commodity Chemicals, 18.2% from Plastics, 11% from Specialty Chemicals and 2.1% from Others. Diversification of its product categories enables it to attract new customers and easily venture into new businesses.
Weaknesses
Declined
Operational Performance
The company recorded decline in its financial performance in the fiscal year 2012. It recorded revenue of JPY148,203m during the fiscal year 2012, a decrease of 3.1% over the fiscal year 2011. The operating income of the company was JPY14,372m during the fiscal year 2012, a decrease of 25.4% over the fiscal year 2011. Operating margins declined due to lowered performance of segments, Commodity Chemicals; Acrylic Products and Plastics segment. Such decline in the operational performance will have negative effect on the company's growth and expansion plans. Besides, the company’s deteriorating profitability ratios indicate that it has been underperforming and is not in a position to deliver value as expected by its shareholders. In 2012, the company recorded considerable decline in its various profitability indicators. The company's operating margin was 9.7% during fiscal year 2012, as compared to 12.6% in 2011. Its return on capital employed, return on assets and return on working capital were 9.73%, 5.35% and 24.16% in 2012, compared to 13.59%, 7.60% and 32.91%, respectively, in 2011. Such a decline in financial performance could have a negative effect on the company's growth and expansion plans.
Opportunities
Growth
Opportunities in Emerging Markets
The company could benefit through its presence in the emerging markets, which have created ample opportunities for the chemical industry over the past decade. Strong growth is expected in the emerging countries of Asia-Pacific, Africa, the Middle East, Eastern Europe and Latin America. Although the economic crisis has dampened the growth of the chemicals industry in the recent past, it continues to grow at a positive rate compared to the developed countries of Europe and North America. According to the American Chemistry Council (ACC) estimates, the demand for chemicals in emerging markets is expected to increase as compared to 2011. China is expected to grow strongly, India, Africa, Latin America and other emerging markets will continue to expand in 2012. The demand is expected to increase in specialty chemicals, consumer products, and agricultural chemicals. The overall output is expected to grow by 2.3% in 2012, 4.3% in 2013, and 4.7% in 2014. These countries are set to grow even further and lead the world as major producers of chemicals. Thus, the company could benefit by expanding its presence in the emerging markets.
The company plans to launch various products across its operating segments. In 2012, the company focuses on expanding its specialty chemicals business with the launch of new products. Toagosei plans to launch new version of Aron Alpha GEL called EXTRA GEL. It plans to launch its products in international region to expand its product portfolio. In the US, the company the company plans to increase sales of industrial-use instant adhesives through establishing technical service center. In China, it plans to increase the sales of Krazy Glue. Further, the company aims to develop automotive and electronic materials sectors through the launch of functional adhesives such as reactive, UV-curable, and hot melt products. In the construction segment, the company plans to launch waterproof acrylic products to expand the sale of Aron Wall (for exterior walls), Aron Coat SQ (for roofs), and Clear Wall (for tiles).
The company’s expects that the demand for specialty chemicals will
increase in 2012. The demand for zirconium phosphate products, such as IXE,
Kesmon, and AlleRemove, is increasing as compared to 2010. In 2012, the company
upgraded supply system by expanding its Tokushima Factory for manufacturing
products based on zirconium phosphate compounds, as well as completed
construction of mass-production line for Cavinon. It also brought online an
ethylene carbonate (EC) manufacturing facility within the Osaka plant from its
joint-venture partner Mitsui Chemicals, Inc. The company also plans to expand
the production capacity of Nagoya Plant and Nihon Junyaku Co., Ltd., which
produces polymers. Such new facilities are expected to provide significant
opportunities for the organization to enhance.
The company, as part of strategic initiative had commenced medium-term
management plan to accelerate growth and related prospects. Its medium-term
management plan is in final year of implementation, which consists of three
growth strategies, firstly, to expand margins from core products. It intends to
expand operations of its existing core products, with aggressive investment
sources in the production and sale of products. As part of which, it has
planned construction of new acrylic acid production plant at Oita Chemical Co.,
Ltd., pursued as a group-wide project. Construction of the plant is scheduled
to be completed by January 2014. It intends to expand operations in the field
of downstream derivatives of acrylic acid, including acrylic polymers, polymer
flocculants, and the UV-curable resin Aronix. Secondly, it intends to
accelerate growth scale of its high value-added products. It plans to allocate
management resources on priority basis to fields that leverage technological
innovations, such as for, high-purity inorganic chemicals, downstream acrylic
derivatives, and functional adhesives. It intends to raise brand-name
recognition of consumer products, such as general-purpose instant adhesive Aron
Alpha and Anjyu line of nursing care products. And thirdly, it intends to
create new products through its two research and development units, such as,
the General Center of R&D and Aronkasei’s Monodukuri Center. It also
plans to strengthen collaborative relationships with external organizations,
such as universities, to realize faster product development. Besides, the
company focuses to develop new products and business by aggressively allocating
management resources to growth fields such as the environment, energy, and
health care. Implementation of management plan will strengthen operational
activities and achieve growth margins.
Threats
Raw
Materials Procurement Risks
Fluctuation in the prices of raw materials used by Toagosei will have an
adverse affect on its profitability. The company is involved in the manufacture
of intermediate petrochemical products. The company is susceptible to the
fluctuations for crude oil prices, which affects the price of its key raw
materials. Competition limits the option of increasing product prices to
compensate for higher production costs. Moreover, 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 raw materials may have
a material adverse effect on product costs and operations of the company.
Fluctuations in raw material prices could have an adverse impact on the
company's financial performance.
Growing competition could adversely affect the ability of Toagosei to
maintain or raise prices, retain its market position and successfully enter new
markets. The company operates in the chemical industry, which is highly
competitive. Competition also limits the commercial opportunities for the
company. Engro is facing intense competition in all its business segments. The
main factors of competition are price, product quality and performance, product
deliverability and customer service. The company’s key competitors include
Asahi Kasei Corporation, Tokuyama Corporation, Cemedine Co., Ltd., Konishi Co.,
Ltd and Shin-Etsu Chemical Co., Ltd. The company’s inability to meet its
customers’ requirements in terms of the quality and price of its products may
result in loss of customers. This would eventually lead to business loss for
the company.
Toagosei could be affected by the environmental regulations governing
the global chemical industry. China has its own version of RoHS (Restriction of
Hazardous Substances), which restricts the use of certain chemicals in the
market. The operations of the company are in compliance with various federal,
state, provincial, and local environmental regulations. The company must abide
by these regulations and spend on more efficient technologies to pursue
pollution emission standards, which could add up further costs. If the company
fails to meet these environmental regulations, it may face heavy fines. As the
world is fighting against the global warming, more and stringent environmental
regulations could be initiated by governments. The cost of adhering to new
regulations may increase the company’s expenses and decrease its profits
substantially.
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Corporate
Family |
Corporate
Structure News: |
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Toagosei Co Ltd |
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Toagosei Co Ltd |
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Company
Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Minato-Ku |
Japan |
Basic Chemical Manufacturing |
1,857.2 |
2,509 |
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Subsidiary |
Yokohama |
Japan |
Chemical Wholesale |
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200 |
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Subsidiary |
Tokyo |
Japan |
Chemical Wholesale |
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131 |
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Subsidiary |
Toyama |
Japan |
Paint, Coating, and Adhesive Manufacturing |
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100 |
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Subsidiary |
West Jefferson, OH |
United States |
Chemical Wholesale |
145.7 |
60 |
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Subsidiary |
Oita, Oita |
Japan |
Basic Chemical Manufacturing |
115.5 |
35 |
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Subsidiary |
Singapore |
Singapore |
Chemical Wholesale |
135.0 |
30 |
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Subsidiary |
Taipei City, Taipei |
Taiwan |
Textile Manufacturing |
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22 |
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Subsidiary |
Tokyo |
Japan |
Chemical Wholesale |
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20 |
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Subsidiary |
Nagoya |
Japan |
Basic Chemical Manufacturing |
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17 |
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Subsidiary |
Kowloon |
Hong Kong |
Paint, Coating, and Adhesive Manufacturing |
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5 |
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Subsidiary |
Taipei |
Taiwan |
Chemical Wholesale |
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4 |
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Subsidiary |
Minato-Ku, Tokyo |
Japan |
Rubber and Plastic Product Manufacturing |
323.5 |
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Subsidiary |
Minato-Ku, Tokyo |
Japan |
Chemical Wholesale |
164.5 |
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Subsidiary |
Nagoya, Aichi |
Japan |
Trucking |
71.3 |
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Subsidiary |
Luton |
United Kingdom |
Miscellaneous Chemical Manufacturing |
18.3 |
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Subsidiary |
Tokyo |
Japan |
Rubber and Plastic Product Manufacturing |
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Subsidiary |
Osaka |
Japan |
Rubber and Plastic Product Manufacturing |
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5 |
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Subsidiary |
Tokyo |
Japan |
Real Estate Agents and Brokers |
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Subsidiary |
Nagoya |
Japan |
Metals and Minerals Wholesale |
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Subsidiary |
Tokyo |
Japan |
Paint, Coating, and Adhesive Manufacturing |
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Competitors
Report
|
|
Location |
Employees |
Ownership |
|
ADEKA CORPORATION |
Arakawa-Ku, Japan |
3,027 |
Public |
|
Asahi Kasei Corporation |
Tokyo, Japan |
25,085 |
Public |
|
Dai-ichi Kogyo Seiyaku Co., Ltd. |
Kyoto-Shi, Japan |
979 |
Public |
|
KUREHA CORPORATION |
Chuo-Ku, Japan |
4,046 |
Public |
|
LINTEC Corporation |
Itabashi-Ku, Japan |
4,270 |
Public |
|
Mitsubishi Gas Chemical Co Inc |
Chiyoda-Ku, Japan |
5,323 |
Public |
|
Shin-Etsu Chemical Co Ltd |
Chiyoda-Ku, Japan |
17,712 |
Public |
|
Sumitomo Seika Chemicals Company, Ltd. |
Osaka-Shi, Japan |
1,104 |
Public |
|
Tokuyama Corporation |
Chiyoda-Ku, Japan |
5,651 |
Public |
|
TonenGeneral Sekiyu K.K. |
Minato-Ku, Japan |
2,805 |
Public |
Executive report
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Board of
Directors |
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Chairman of the Board, Representative Director |
Chairman |
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President, Representative Director |
Director/Board Member |
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Chief Director of Administration, Director |
Director/Board Member |
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Director of Research and Development, Manager of R&D General
Center, Director |
Director/Board Member |
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Director |
Director/Board Member |
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Chief Director of Operation, Director |
Director/Board Member |
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Director of Business Planning, Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Director |
Director/Board Member |
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Executives |
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President, Representative Director |
President |
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Executive Officer |
Senior Management (General) |
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Executive Officer |
Senior Management (General) |
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Executive Officer |
Senior Management (General) |
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Executive Officer |
Senior Management (General) |
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Executive Officer |
Senior Management (General) |
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Senior Executive Officer |
Senior Management (General) |
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||||||||
|
Executive Officer |
Senior Management (General) |
|
|
||||||||
|
Executive Officer |
Senior Management (General) |
|
|
||||||||
|
Executive Officer |
Senior Management (General) |
|
|
||||||||
|
Executive Officer |
Senior Management (General) |
|
|
||||||||
|
Executive Officer |
Senior Management (General) |
|
|
||||||||
|
Executive Officer |
Senior Management (General) |
|
|
||||||||
|
Executive Officer |
Senior Management (General) |
|
|
||||||||
|
Executive Officer |
Senior Management (General) |
|
|
||||||||
|
Executive Officer |
Senior Management (General) |
|
|
||||||||
|
Executive Officer |
Senior Management (General) |
|
|
||||||||
|
Chief Director of Operation, Director |
Operations Executive |
|
|
||||||||
|
||||||||||||
|
Chief Director of Administration, Director |
Administration Executive |
|
|
||||||||
|
||||||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Corporate Auditor |
Accounting Executive |
|
|
||||||||
|
Director of Research and Development, Manager of R&D General
Center, Director |
Research & Development Executive |
|
|
||||||||
|
||||||||||||
|
Director of Business Planning, Director |
Planning Executive |
|
|
||||||||
|
||||||||||||
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
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) |
79.797487 |
79.698224 |
87.789317 |
93.619712 |
103.395546 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
1,857.2 |
1,919.8 |
1,751.7 |
1,495.8 |
1,572.7 |
|
Revenue |
1,857.2 |
1,919.8 |
1,751.7 |
1,495.8 |
1,572.7 |
|
Total Revenue |
1,857.2 |
1,919.8 |
1,751.7 |
1,495.8 |
1,572.7 |
|
|
|
|
|
|
|
|
Cost of Revenue |
1,356.5 |
1,350.9 |
1,178.9 |
1,076.3 |
1,173.3 |
|
Cost of Revenue, Total |
1,356.5 |
1,350.9 |
1,178.9 |
1,076.3 |
1,173.3 |
|
Gross Profit |
500.7 |
568.9 |
572.8 |
419.5 |
399.5 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
217.7 |
241.7 |
232.8 |
211.4 |
206.2 |
|
Labor & Related Expense |
83.8 |
90.2 |
80.9 |
73.5 |
66.0 |
|
Total Selling/General/Administrative Expenses |
301.5 |
331.9 |
313.7 |
284.9 |
272.1 |
|
Depreciation |
16.4 |
19.5 |
16.8 |
15.4 |
14.5 |
|
Amortization of Acquisition Costs |
- |
- |
- |
- |
0.0 |
|
Depreciation/Amortization |
16.4 |
19.5 |
16.8 |
15.4 |
14.5 |
|
Impairment-Assets Held for Use |
9.9 |
6.0 |
27.6 |
26.6 |
6.5 |
|
Impairment-Assets Held for Sale |
3.9 |
5.5 |
1.2 |
0.8 |
7.6 |
|
Other Unusual Expense (Income) |
-11.1 |
-35.8 |
-0.2 |
7.7 |
18.8 |
|
Unusual Expense (Income) |
2.7 |
-24.3 |
28.6 |
35.0 |
32.9 |
|
Other Operating Expense |
0.0 |
- |
- |
- |
- |
|
Other Operating Expenses, Total |
0.0 |
- |
- |
- |
- |
|
Total Operating Expense |
1,677.1 |
1,677.9 |
1,538.0 |
1,411.6 |
1,492.8 |
|
|
|
|
|
|
|
|
Operating Income |
180.1 |
241.9 |
213.7 |
84.2 |
80.0 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-1.8 |
-2.7 |
-2.8 |
-3.0 |
-3.0 |
|
Interest Expense, Net Non-Operating |
-1.8 |
-2.7 |
-2.8 |
-3.0 |
-3.0 |
|
Interest Income -
Non-Operating |
0.7 |
1.1 |
1.4 |
1.5 |
1.8 |
|
Investment Income -
Non-Operating |
8.8 |
9.1 |
4.7 |
6.1 |
-1.8 |
|
Interest/Investment Income - Non-Operating |
9.5 |
10.3 |
6.0 |
7.5 |
-0.1 |
|
Interest Income (Expense) - Net Non-Operating Total |
7.7 |
7.6 |
3.2 |
4.6 |
-3.1 |
|
Gain (Loss) on Sale of Assets |
-6.5 |
-6.5 |
-6.0 |
-11.2 |
-8.0 |
|
Other Non-Operating Income (Expense) |
0.6 |
-4.7 |
-6.9 |
-0.5 |
-2.5 |
|
Other, Net |
0.6 |
-4.7 |
-6.9 |
-0.5 |
-2.5 |
|
Income Before Tax |
181.9 |
238.3 |
204.1 |
77.0 |
66.4 |
|
|
|
|
|
|
|
|
Total Income Tax |
56.0 |
67.2 |
45.7 |
30.4 |
41.4 |
|
Income After Tax |
126.0 |
171.1 |
158.4 |
46.6 |
25.0 |
|
|
|
|
|
|
|
|
Minority Interest |
-4.4 |
-8.0 |
-8.8 |
-8.7 |
-6.7 |
|
Net Income Before Extraord Items |
121.6 |
163.1 |
149.6 |
37.9 |
18.4 |
|
Net Income |
121.6 |
163.1 |
149.6 |
37.9 |
18.4 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Adjustments to Net Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Available to Common Excl Extraord Items |
121.5 |
163.1 |
149.6 |
37.8 |
18.3 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
121.5 |
163.1 |
149.6 |
37.8 |
18.3 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
263.7 |
254.9 |
252.3 |
255.7 |
260.9 |
|
Basic EPS Excl Extraord Items |
0.46 |
0.64 |
0.59 |
0.15 |
0.07 |
|
Basic/Primary EPS Incl Extraord Items |
0.46 |
0.64 |
0.59 |
0.15 |
0.07 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
121.5 |
163.1 |
149.6 |
37.8 |
18.3 |
|
Diluted Weighted Average Shares |
263.7 |
254.9 |
252.3 |
255.7 |
260.9 |
|
Diluted EPS Excl Extraord Items |
0.46 |
0.64 |
0.59 |
0.15 |
0.07 |
|
Diluted EPS Incl Extraord Items |
0.46 |
0.64 |
0.59 |
0.15 |
0.07 |
|
Dividends per Share - Common Stock Primary Issue |
0.13 |
0.13 |
0.10 |
0.06 |
0.08 |
|
Gross Dividends - Common Stock |
33.0 |
31.9 |
25.9 |
16.3 |
20.2 |
|
Interest Expense, Supplemental |
1.8 |
2.7 |
2.8 |
3.0 |
3.0 |
|
Depreciation, Supplemental |
105.5 |
111.4 |
97.1 |
95.4 |
90.8 |
|
Total Special Items |
9.3 |
-14.8 |
38.3 |
49.5 |
44.0 |
|
Normalized Income Before Tax |
191.2 |
223.5 |
242.4 |
126.5 |
110.4 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
2.8 |
-5.0 |
7.7 |
18.3 |
14.3 |
|
Inc Tax Ex Impact of Sp Items |
58.8 |
62.2 |
53.4 |
48.6 |
55.7 |
|
Normalized Income After Tax |
132.4 |
161.3 |
189.0 |
77.9 |
54.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
128.0 |
153.3 |
180.1 |
69.1 |
48.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.49 |
0.60 |
0.71 |
0.27 |
0.18 |
|
Diluted Normalized EPS |
0.49 |
0.60 |
0.71 |
0.27 |
0.18 |
|
Amort of Acquisition Costs, Supplemental |
0.1 |
3.0 |
3.7 |
3.3 |
3.2 |
|
Research & Development Exp, Supplemental |
54.6 |
57.8 |
52.2 |
47.8 |
46.0 |
|
Reported Operating Profit |
182.8 |
217.5 |
242.3 |
119.2 |
112.8 |
|
Reported Ordinary Profit |
191.1 |
220.4 |
238.5 |
123.2 |
106.9 |
|
Normalized EBIT |
182.8 |
217.6 |
242.3 |
119.2 |
112.9 |
|
Normalized EBITDA |
288.4 |
332.0 |
343.1 |
217.9 |
206.8 |
|
Current Tax - Total |
67.0 |
- |
- |
- |
- |
|
Current Tax - Total |
67.0 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-2.1 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-2.1 |
- |
- |
- |
- |
|
Income Tax - Total |
64.9 |
- |
- |
- |
- |
|
Interest Cost - Domestic |
2.0 |
2.1 |
2.9 |
3.3 |
3.1 |
|
Service Cost - Domestic |
6.2 |
6.3 |
7.3 |
7.8 |
7.5 |
|
Prior Service Cost - Domestic |
-0.2 |
-0.3 |
-0.2 |
-0.3 |
-0.2 |
|
Expected Return on Assets - Domestic |
-1.0 |
-1.1 |
-1.8 |
-1.8 |
-1.8 |
|
Actuarial Gains and Losses - Domestic |
5.2 |
4.7 |
4.7 |
4.7 |
0.8 |
|
Other Pension, Net - Domestic |
3.6 |
- |
- |
- |
- |
|
Domestic Pension Plan Expense |
15.7 |
11.8 |
12.8 |
13.7 |
9.4 |
|
Defined Contribution Expense - Domestic |
- |
3.2 |
1.2 |
0.0 |
- |
|
Total Pension Expense |
15.7 |
15.0 |
14.0 |
13.7 |
9.4 |
|
Discount Rate - Domestic |
1.50% |
1.50% |
1.50% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
1.00% |
1.00% |
2.00% |
2.00% |
2.00% |
|
Total Plan Interest Cost |
2.0 |
2.1 |
2.9 |
3.3 |
3.1 |
|
Total Plan Service Cost |
6.2 |
6.3 |
7.3 |
7.8 |
7.5 |
|
Total Plan Expected Return |
-1.0 |
-1.1 |
-1.8 |
-1.8 |
-1.8 |
|
Total Plan Other Expense |
3.6 |
- |
- |
- |
- |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
85.870003 |
76.94 |
81.105 |
93.095 |
90.65 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
199.1 |
188.0 |
173.3 |
137.3 |
109.4 |
|
Short Term Investments |
163.0 |
130.0 |
111.0 |
0.0 |
- |
|
Cash and Short Term Investments |
362.1 |
318.0 |
284.3 |
137.3 |
109.4 |
|
Accounts Receivable -
Trade, Gross |
505.8 |
548.2 |
548.6 |
472.8 |
541.2 |
|
Provision for Doubtful
Accounts |
-0.7 |
-1.0 |
-1.3 |
-1.2 |
-1.6 |
|
Trade Accounts Receivable - Net |
505.1 |
547.3 |
547.3 |
471.6 |
539.6 |
|
Other Receivables |
3.8 |
26.6 |
0.0 |
- |
- |
|
Total Receivables, Net |
509.0 |
573.9 |
547.3 |
471.6 |
539.6 |
|
Inventories - Finished Goods |
127.9 |
154.4 |
128.0 |
113.2 |
- |
|
Inventories - Work In Progress |
4.8 |
5.7 |
5.7 |
6.3 |
- |
|
Inventories - Raw Materials |
53.5 |
60.8 |
60.0 |
50.9 |
- |
|
Inventories - Other |
0.0 |
- |
- |
- |
- |
|
Total Inventory |
186.2 |
220.8 |
193.7 |
170.4 |
213.5 |
|
Deferred Income Tax - Current Asset |
12.7 |
9.2 |
12.7 |
10.6 |
7.3 |
|
Other Current Assets |
16.3 |
18.6 |
15.4 |
16.2 |
22.2 |
|
Other Current Assets, Total |
29.0 |
27.8 |
28.2 |
26.7 |
29.5 |
|
Total Current Assets |
1,086.3 |
1,140.6 |
1,053.4 |
806.0 |
891.9 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
769.4 |
802.6 |
746.3 |
647.4 |
719.1 |
|
Goodwill, Net |
0.4 |
0.6 |
3.0 |
6.1 |
9.6 |
|
Intangibles, Net |
10.1 |
13.4 |
13.0 |
13.6 |
11.5 |
|
LT Investment - Affiliate Companies |
26.6 |
31.8 |
44.2 |
- |
- |
|
LT Investments - Other |
140.2 |
146.9 |
251.3 |
243.9 |
248.7 |
|
Long Term Investments |
166.7 |
178.7 |
295.5 |
243.9 |
248.7 |
|
Note Receivable - Long Term |
0.0 |
0.1 |
0.3 |
0.5 |
1.1 |
|
Pension Benefits - Overfunded |
32.2 |
32.7 |
24.5 |
17.3 |
13.4 |
|
Deferred Income Tax - Long Term Asset |
31.9 |
39.2 |
61.0 |
27.1 |
29.5 |
|
Other Long Term Assets |
16.1 |
15.2 |
-53.5 |
-25.9 |
-22.4 |
|
Other Long Term Assets, Total |
80.2 |
87.1 |
32.0 |
18.5 |
20.5 |
|
Total Assets |
2,113.1 |
2,223.0 |
2,143.4 |
1,735.9 |
1,902.4 |
|
|
|
|
|
|
|
|
Accounts Payable |
173.3 |
194.7 |
182.8 |
180.3 |
225.8 |
|
Accrued Expenses |
0.3 |
0.4 |
0.8 |
1.5 |
2.0 |
|
Notes Payable/Short Term Debt |
28.4 |
32.3 |
41.8 |
51.4 |
193.6 |
|
Current Portion - Long Term Debt/Capital Leases |
45.3 |
11.5 |
51.6 |
9.3 |
0.2 |
|
Income Taxes Payable |
47.3 |
22.6 |
61.8 |
16.8 |
12.2 |
|
Deferred Income Tax - Current Liability |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Current Liabilities |
98.9 |
117.8 |
117.0 |
85.3 |
81.0 |
|
Other Current liabilities, Total |
146.2 |
140.3 |
178.8 |
102.2 |
93.2 |
|
Total Current Liabilities |
393.5 |
379.2 |
455.8 |
344.7 |
514.9 |
|
|
|
|
|
|
|
|
Long Term Debt |
69.7 |
121.2 |
74.2 |
108.9 |
87.6 |
|
Capital Lease Obligations |
1.8 |
1.5 |
2.2 |
1.8 |
0.7 |
|
Total Long Term Debt |
71.6 |
122.7 |
76.4 |
110.8 |
88.2 |
|
Total Debt |
145.3 |
166.5 |
169.8 |
171.5 |
282.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
1.9 |
0.7 |
12.0 |
11.7 |
12.9 |
|
Deferred Income Tax |
1.9 |
0.7 |
12.0 |
11.7 |
12.9 |
|
Minority Interest |
48.5 |
51.3 |
181.8 |
153.1 |
152.0 |
|
Pension Benefits - Underfunded |
5.6 |
7.4 |
7.1 |
7.3 |
8.6 |
|
Other Long Term Liabilities |
53.9 |
52.4 |
50.6 |
40.1 |
30.8 |
|
Other Liabilities, Total |
59.6 |
59.7 |
57.6 |
47.4 |
39.4 |
|
Total Liabilities |
575.0 |
613.6 |
783.6 |
667.6 |
807.3 |
|
|
|
|
|
|
|
|
Common Stock |
243.2 |
271.5 |
257.5 |
224.4 |
230.4 |
|
Common Stock |
243.2 |
271.5 |
257.5 |
224.4 |
230.4 |
|
Additional Paid-In Capital |
195.6 |
218.3 |
186.0 |
162.0 |
166.4 |
|
Retained Earnings (Accumulated Deficit) |
1,092.6 |
1,127.6 |
951.0 |
705.1 |
705.0 |
|
Treasury Stock - Common |
-1.4 |
-1.3 |
-36.4 |
-31.2 |
-9.7 |
|
Unrealized Gain (Loss) |
16.4 |
15.2 |
18.5 |
15.8 |
11.5 |
|
Translation Adjustment |
-8.4 |
-21.8 |
-16.9 |
-7.8 |
-8.5 |
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Other Equity, Total |
-8.4 |
-21.8 |
-16.9 |
-7.8 |
-8.5 |
|
Total Equity |
1,538.1 |
1,609.4 |
1,359.7 |
1,068.2 |
1,095.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
2,113.1 |
2,223.0 |
2,143.4 |
1,735.9 |
1,902.4 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
263.6 |
263.7 |
252.3 |
252.4 |
260.6 |
|
Total Common Shares Outstanding |
263.6 |
263.7 |
252.3 |
252.4 |
260.6 |
|
Treasury Shares - Common Stock Primary Issue |
0.4 |
0.3 |
11.7 |
11.6 |
3.4 |
|
Employees |
2,509 |
2,534 |
2,533 |
2,561 |
2,617 |
|
Number of Common Shareholders |
23,930 |
24,567 |
23,618 |
25,330 |
25,750 |
|
Total Long Term Debt, Supplemental |
113.9 |
131.4 |
124.7 |
117.5 |
107.8 |
|
Long Term Debt Maturing within 1 Year |
44.2 |
10.3 |
50.5 |
8.6 |
20.3 |
|
Long Term Debt Maturing in Year 2 |
56.4 |
49.3 |
9.8 |
44.0 |
3.7 |
|
Long Term Debt Maturing in Year 3 |
6.3 |
62.9 |
46.8 |
8.6 |
40.1 |
|
Long Term Debt Maturing in Year 4 |
4.5 |
6.0 |
9.2 |
40.8 |
3.7 |
|
Long Term Debt Maturing in Year 5 |
0.4 |
3.0 |
5.7 |
8.0 |
36.8 |
|
Long Term Debt Maturing in 2-3 Years |
62.7 |
112.2 |
56.5 |
52.6 |
43.8 |
|
Long Term Debt Maturing in 4-5 Years |
4.9 |
9.0 |
14.9 |
48.9 |
40.5 |
|
Long Term Debt Matur. in Year 6 & Beyond |
2.0 |
0.0 |
2.8 |
7.4 |
3.2 |
|
Total Capital Leases, Supplemental |
3.0 |
2.7 |
3.3 |
2.6 |
- |
|
Capital Lease Payments Due in Year 1 |
1.1 |
1.2 |
1.1 |
0.7 |
- |
|
Capital Lease Payments Due in Year 2 |
0.7 |
0.9 |
1.1 |
0.7 |
- |
|
Capital Lease Payments Due in Year 3 |
0.4 |
0.5 |
0.7 |
0.7 |
- |
|
Capital Lease Payments Due in Year 4 |
0.3 |
0.1 |
0.3 |
0.4 |
- |
|
Capital Lease Payments Due in Year 5 |
0.2 |
0.0 |
0.1 |
0.1 |
- |
|
Capital Lease Payments Due in 2-3 Years |
1.2 |
1.3 |
1.8 |
1.4 |
- |
|
Capital Lease Payments Due in 4-5 Years |
0.5 |
0.2 |
0.4 |
0.5 |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
0.2 |
0.0 |
0.0 |
0.0 |
- |
|
Pension Obligation - Domestic |
120.2 |
139.6 |
152.3 |
170.7 |
178.2 |
|
Plan Assets - Domestic |
122.3 |
120.8 |
132.0 |
140.5 |
126.5 |
|
Funded Status - Domestic |
2.1 |
-18.8 |
-20.4 |
-30.2 |
-51.8 |
|
Total Funded Status |
2.1 |
-18.8 |
-20.4 |
-30.2 |
-51.8 |
|
Discount Rate - Domestic |
1.50% |
1.50% |
1.50% |
2.00% |
2.00% |
|
Expected Rate of Return - Domestic |
1.00% |
1.00% |
2.00% |
2.00% |
2.00% |
|
Prepaid Benefits - Domestic |
32.2 |
32.7 |
24.5 |
17.3 |
13.4 |
|
Accrued Liabilities - Domestic |
-5.3 |
-6.9 |
-6.7 |
-6.1 |
-7.2 |
|
Other Assets, Net - Domestic |
24.8 |
44.5 |
38.2 |
41.4 |
58.0 |
|
Net Assets Recognized on Balance Sheet |
51.7 |
70.3 |
56.1 |
52.5 |
64.2 |
|
Total Plan Obligations |
120.2 |
139.6 |
152.3 |
170.7 |
178.2 |
|
Total Plan Assets |
122.3 |
120.8 |
132.0 |
140.5 |
126.5 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
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) |
79.797487 |
79.698224 |
87.789317 |
93.619712 |
103.395546 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst & Young
LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
181.9 |
238.3 |
204.1 |
77.0 |
66.4 |
|
Depreciation |
105.5 |
111.4 |
97.1 |
95.4 |
90.8 |
|
Depreciation/Depletion |
105.5 |
111.4 |
97.1 |
95.4 |
90.8 |
|
Amortization of Acquisition Costs |
0.1 |
3.0 |
3.7 |
3.3 |
3.2 |
|
Amortization |
0.1 |
3.0 |
3.7 |
3.3 |
3.2 |
|
Unusual Items |
9.2 |
-16.0 |
34.7 |
38.6 |
21.6 |
|
Equity in Net Earnings (Loss) |
-3.4 |
-5.2 |
-3.9 |
-3.9 |
-2.6 |
|
Other Non-Cash Items |
-10.2 |
-11.2 |
-5.3 |
-5.5 |
10.1 |
|
Non-Cash Items |
-4.4 |
-32.4 |
25.4 |
29.2 |
29.2 |
|
Accounts Receivable |
-13.0 |
28.2 |
-8.1 |
54.0 |
22.9 |
|
Inventories |
15.0 |
-17.2 |
-1.5 |
37.6 |
-19.2 |
|
Accounts Payable |
-4.1 |
2.5 |
-20.7 |
-39.5 |
-11.4 |
|
Other Assets & Liabilities, Net |
-0.8 |
-9.5 |
12.9 |
10.6 |
-4.5 |
|
Other Operating Cash Flow |
11.7 |
-100.5 |
-30.0 |
-25.1 |
-48.9 |
|
Changes in Working Capital |
8.8 |
-96.6 |
-47.4 |
37.6 |
-61.1 |
|
Cash from Operating Activities |
291.9 |
223.7 |
283.0 |
242.5 |
128.4 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-160.7 |
-129.9 |
-110.4 |
-57.1 |
-62.8 |
|
Capital Expenditures |
-160.7 |
-129.9 |
-110.4 |
-57.1 |
-62.8 |
|
Sale of Fixed Assets |
0.0 |
0.2 |
0.3 |
0.2 |
1.8 |
|
Sale/Maturity of Investment |
4.0 |
39.0 |
1.3 |
5.0 |
-2.6 |
|
Investment, Net |
-13.0 |
-1.6 |
-0.2 |
-3.3 |
0.0 |
|
Purchase of Investments |
-12.0 |
-9.3 |
-0.2 |
-0.6 |
-14.6 |
|
Sale of Intangible Assets |
- |
- |
- |
- |
0.0 |
|
Other Investing Cash Flow |
-6.8 |
-11.9 |
-6.4 |
-10.1 |
-6.6 |
|
Other Investing Cash Flow Items, Total |
-27.7 |
16.4 |
-5.3 |
-8.9 |
-22.1 |
|
Cash from Investing Activities |
-188.5 |
-113.4 |
-115.7 |
-65.9 |
-84.9 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-2.8 |
-5.0 |
-2.8 |
-3.7 |
-3.9 |
|
Financing Cash Flow Items |
-2.8 |
-5.0 |
-2.8 |
-3.7 |
-3.9 |
|
Cash Dividends Paid - Common |
-33.0 |
-32.7 |
-18.7 |
-19.3 |
-20.2 |
|
Total Cash Dividends Paid |
-33.0 |
-32.7 |
-18.7 |
-19.3 |
-20.2 |
|
Sale/Issuance of
Common |
0.1 |
0.1 |
0.1 |
0.1 |
0.6 |
|
Repurchase/Retirement
of Common |
-0.3 |
-41.6 |
-0.6 |
-21.8 |
-2.0 |
|
Common Stock, Net |
-0.2 |
-41.5 |
-0.5 |
-21.7 |
-1.4 |
|
Issuance (Retirement) of Stock, Net |
-0.2 |
-41.5 |
-0.5 |
-21.7 |
-1.4 |
|
Short Term Debt, Net |
-0.6 |
-11.5 |
-14.9 |
-116.6 |
-6.9 |
|
Long Term Debt Issued |
5.6 |
51.4 |
0.0 |
32.0 |
29.0 |
|
Long Term Debt
Reduction |
-11.3 |
-52.5 |
-10.0 |
-20.1 |
-35.9 |
|
Long Term Debt, Net |
-5.6 |
-1.1 |
-10.0 |
11.9 |
-6.9 |
|
Issuance (Retirement) of Debt, Net |
-6.3 |
-12.6 |
-24.9 |
-104.7 |
-13.8 |
|
Cash from Financing Activities |
-42.3 |
-91.8 |
-46.9 |
-149.4 |
-39.2 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
8.2 |
-2.0 |
-3.1 |
0.3 |
-3.2 |
|
Net Change in Cash |
69.4 |
16.3 |
117.3 |
27.4 |
1.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
300.7 |
284.7 |
141.1 |
105.0 |
93.9 |
|
Net Cash - Ending Balance |
370.0 |
301.0 |
258.4 |
132.3 |
95.0 |
|
Cash Interest Paid |
1.8 |
2.9 |
2.8 |
2.6 |
2.6 |
|
Cash Taxes Paid |
5.2 |
105.5 |
36.1 |
31.4 |
56.6 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
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) |
79.797487 |
79.698224 |
87.789317 |
93.619712 |
103.395546 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Revenues |
1,857.2 |
1,919.8 |
1,751.7 |
1,495.8 |
1,572.7 |
|
Total Revenue |
1,857.2 |
1,919.8 |
1,751.7 |
1,495.8 |
1,572.7 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Cost of Sales |
1,356.5 |
1,350.9 |
1,178.9 |
1,076.3 |
1,173.3 |
|
Other Selling Expenses |
47.4 |
- |
- |
- |
- |
|
other G&A expense |
62.5 |
- |
- |
- |
- |
|
Other Selling/General/Admin. Expense |
0.0 |
- |
- |
- |
- |
|
Delivery expenses (selling) |
107.8 |
116.4 |
112.5 |
99.8 |
107.7 |
|
Payroll(selling) |
27.1 |
28.9 |
28.5 |
33.4 |
30.8 |
|
Employee bonouses (selling) |
8.9 |
10.1 |
9.6 |
- |
- |
|
Depreciation(selling) |
2.6 |
2.7 |
2.5 |
2.8 |
2.4 |
|
Periodic retirement benefit costs(sell) |
2.5 |
2.6 |
2.9 |
2.7 |
1.9 |
|
Other selling cost |
- |
48.3 |
47.2 |
43.4 |
36.1 |
|
Payroll(admin.) |
28.3 |
30.3 |
25.9 |
34.0 |
31.2 |
|
Employee bonouses (admin.) |
12.8 |
14.3 |
10.5 |
- |
- |
|
Depreciation(admin.) |
13.7 |
13.7 |
10.7 |
9.4 |
8.9 |
|
Periodic retirement benefit costs(adm.) |
4.2 |
4.0 |
3.4 |
3.4 |
2.1 |
|
Amort. of goodwill (adm.) |
0.1 |
3.0 |
3.7 |
3.3 |
3.2 |
|
Other general & administrative expense |
- |
77.0 |
73.2 |
68.2 |
62.4 |
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
Subsidy |
-3.6 |
- |
- |
- |
- |
|
Compensation income |
-6.5 |
- |
- |
- |
- |
|
Gain on extinguishment of tie-in shares |
-1.1 |
- |
- |
- |
- |
|
SP Reversal of Doubtful Accounts |
- |
- |
- |
- |
-0.6 |
|
SP Liquidtion of reserve for doubt. Acct |
- |
0.0 |
-0.2 |
-0.6 |
- |
|
SP Gain on negative goodwill |
0.0 |
-38.6 |
0.0 |
- |
- |
|
SP Retire. change income |
0.0 |
-1.9 |
-2.7 |
0.0 |
- |
|
SP G on transfer compensation |
0.0 |
-1.1 |
0.0 |
- |
- |
|
SP Subsidiaries gain |
- |
- |
- |
- |
0.0 |
|
Res-Doubt.Acct.Allow |
- |
0.0 |
2.7 |
3.1 |
19.4 |
|
SP Val.Loss-Invest.Sec |
3.9 |
5.5 |
1.2 |
0.1 |
7.5 |
|
SP Impairment loss |
9.9 |
6.0 |
27.6 |
26.6 |
6.5 |
|
SP L on valuation of affiliated sec. |
- |
0.0 |
0.1 |
0.7 |
0.0 |
|
SP L on disaster |
0.0 |
5.8 |
0.0 |
- |
- |
|
SP L on val. of inv't in closely-held |
- |
- |
- |
0.0 |
0.1 |
|
SP L on withdrawal of business |
- |
- |
0.0 |
5.2 |
0.0 |
|
NOP Amortization of negative goodwill |
- |
- |
- |
- |
0.0 |
|
Total Operating Expense |
1,677.1 |
1,677.9 |
1,538.0 |
1,411.6 |
1,492.8 |
|
|
|
|
|
|
|
|
SP Sale Gain-Fixed Asst |
- |
0.0 |
0.1 |
0.1 |
0.1 |
|
Foreign Exchange Gains |
0.5 |
- |
- |
- |
- |
|
SP Sale Gain-Invest.Sec |
- |
0.0 |
0.1 |
0.0 |
0.3 |
|
SP G on transfer of maufacturing rights |
- |
- |
- |
- |
0.0 |
|
SP Dispo.L-Fixed Asset |
-6.5 |
-6.5 |
-6.1 |
-11.4 |
-8.1 |
|
NOP Interest Income |
0.7 |
1.1 |
1.4 |
1.5 |
1.8 |
|
NOP Dividend Income |
5.0 |
4.7 |
3.5 |
3.0 |
4.1 |
|
Other Non-Operating Income (Expense) |
0.0 |
- |
- |
- |
- |
|
Interest on refund of income taxes and o |
2.7 |
- |
- |
- |
- |
|
NOP Equity Gain |
3.4 |
5.2 |
3.9 |
3.9 |
2.6 |
|
NOP Fixed assets rental income |
1.2 |
0.9 |
1.2 |
1.5 |
1.7 |
|
NOP Exchange Gain |
- |
- |
- |
- |
0.0 |
|
Other |
3.0 |
5.2 |
2.9 |
5.6 |
3.1 |
|
NOP Interest Expense |
-1.8 |
-2.7 |
-2.8 |
-3.0 |
-3.0 |
|
NOP Exchange Loss |
0.0 |
-0.8 |
-2.9 |
-0.8 |
-8.8 |
|
NOP Environment expense |
-2.0 |
-5.4 |
-4.5 |
-1.5 |
0.0 |
|
InactiveFacilitiesExpenses |
-1.6 |
-1.4 |
-1.3 |
-2.4 |
0.0 |
|
NOP Office relocation expenses |
- |
0.0 |
-2.2 |
0.0 |
- |
|
Dredging cost |
0.0 |
-1.1 |
0.0 |
- |
- |
|
Other |
-2.8 |
-2.8 |
-3.0 |
-3.7 |
-7.3 |
|
Net Income Before Taxes |
181.9 |
238.3 |
204.1 |
77.0 |
66.4 |
|
|
|
|
|
|
|
|
Income taxes-current |
56.0 |
67.2 |
45.7 |
30.4 |
41.4 |
|
Net Income After Taxes |
126.0 |
171.1 |
158.4 |
46.6 |
25.0 |
|
|
|
|
|
|
|
|
Minority interests in income |
-4.4 |
-8.0 |
-8.8 |
-8.7 |
-6.7 |
|
Net Income Before Extra. Items |
121.6 |
163.1 |
149.6 |
37.9 |
18.4 |
|
Net Income |
121.6 |
163.1 |
149.6 |
37.9 |
18.4 |
|
|
|
|
|
|
|
|
Rounding adjustment Income Statement |
0.0 |
- |
- |
- |
- |
|
EPS Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
121.5 |
163.1 |
149.6 |
37.8 |
18.3 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
121.5 |
163.1 |
149.6 |
37.8 |
18.3 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
263.7 |
254.9 |
252.3 |
255.7 |
260.9 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.46 |
0.64 |
0.59 |
0.15 |
0.07 |
|
Basic EPS Including ExtraOrdinary Items |
0.46 |
0.64 |
0.59 |
0.15 |
0.07 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
121.5 |
163.1 |
149.6 |
37.8 |
18.3 |
|
Diluted Weighted Average Shares |
263.7 |
254.9 |
252.3 |
255.7 |
260.9 |
|
Diluted EPS Excluding ExtraOrd Items |
0.46 |
0.64 |
0.59 |
0.15 |
0.07 |
|
Diluted EPS Including ExtraOrd Items |
0.46 |
0.64 |
0.59 |
0.15 |
0.07 |
|
DPS-Ordinary Shares |
0.13 |
0.13 |
0.10 |
0.06 |
0.08 |
|
Gross Dividends - Common Stock |
33.0 |
31.9 |
25.9 |
16.3 |
20.2 |
|
Normalized Income Before Taxes |
191.2 |
223.5 |
242.4 |
126.5 |
110.4 |
|
Inc Tax Ex Impact of Sp Items |
58.8 |
62.2 |
53.4 |
48.6 |
55.7 |
|
Normalized Income After Taxes |
132.4 |
161.3 |
189.0 |
77.9 |
54.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
128.0 |
153.3 |
180.1 |
69.1 |
48.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.49 |
0.60 |
0.71 |
0.27 |
0.18 |
|
Diluted Normalized EPS |
0.49 |
0.60 |
0.71 |
0.27 |
0.18 |
|
Interest Expense |
1.8 |
2.7 |
2.8 |
3.0 |
3.0 |
|
BC - Depreciation of Goodwill |
0.1 |
- |
- |
- |
- |
|
Amortization of goodwill |
- |
3.0 |
3.7 |
3.3 |
3.2 |
|
Amortization of negative goodwill |
- |
- |
- |
- |
0.0 |
|
Depreciation |
105.5 |
111.4 |
97.1 |
95.4 |
90.8 |
|
R & D expenses (COGS & SGA) |
54.6 |
57.8 |
52.2 |
47.8 |
46.0 |
|
Income taxes-current |
67.0 |
- |
- |
- |
- |
|
Current Tax - Total |
67.0 |
- |
- |
- |
- |
|
Income taxes-deferred |
-2.1 |
- |
- |
- |
- |
|
Deferred Tax - Total |
-2.1 |
- |
- |
- |
- |
|
Income Tax - Total |
64.9 |
- |
- |
- |
- |
|
Reported Operating Profit |
182.8 |
217.5 |
242.3 |
119.2 |
112.8 |
|
Reported Ordinary Profit |
191.1 |
220.4 |
238.5 |
123.2 |
106.9 |
|
Retirement Benefit Expenses Other |
3.6 |
- |
- |
- |
- |
|
Service cost |
6.2 |
6.3 |
7.3 |
7.8 |
7.5 |
|
Interest cost |
2.0 |
2.1 |
2.9 |
3.3 |
3.1 |
|
Expected return on plan assets |
-1.0 |
-1.1 |
-1.8 |
-1.8 |
-1.8 |
|
Actuarial gains and losses |
5.2 |
4.7 |
4.7 |
4.7 |
0.8 |
|
Prior service cost |
-0.2 |
-0.3 |
-0.2 |
-0.3 |
-0.2 |
|
Domestic Pension Plan Expense |
15.7 |
11.8 |
12.8 |
13.7 |
9.4 |
|
Defined Contribution Expense - Domestic |
- |
3.2 |
1.2 |
0.0 |
- |
|
Total Pension Expense |
15.7 |
15.0 |
14.0 |
13.7 |
9.4 |
|
Discount Rate(MIN)-Domestic |
1.50% |
- |
- |
- |
- |
|
Discount rate |
- |
1.50% |
1.50% |
2.00% |
2.00% |
|
Expected return on assets(MIN)-Domestic |
1.00% |
- |
- |
- |
- |
|
Expected rate of return |
- |
1.00% |
2.00% |
2.00% |
2.00% |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
85.870003 |
76.94 |
81.105 |
93.095 |
90.65 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash and Deposit |
199.1 |
188.0 |
173.3 |
137.3 |
109.4 |
|
Notes and accounts receivable-trade |
505.8 |
548.2 |
548.6 |
472.8 |
541.2 |
|
Short-term investment securities |
163.0 |
130.0 |
111.0 |
0.0 |
- |
|
Finished Goods and Merchandise |
127.9 |
- |
- |
- |
- |
|
Inventories - mrchnds. & fnd. goods |
- |
154.4 |
128.0 |
113.2 |
- |
|
Work in Process |
4.8 |
- |
- |
- |
- |
|
Inventories - work-in-process |
- |
5.7 |
5.7 |
6.3 |
- |
|
Raw Materials and Supplies |
53.5 |
- |
- |
- |
- |
|
Inventories - raw materials & supplies |
- |
60.8 |
60.0 |
50.9 |
- |
|
Inventory |
- |
- |
- |
- |
213.5 |
|
Dfrd. Tax Asset |
12.7 |
9.2 |
12.7 |
10.6 |
7.3 |
|
Corporate tax refund receivable |
3.8 |
26.6 |
0.0 |
- |
- |
|
Rounding adjustment Assets |
0.0 |
- |
- |
- |
- |
|
Other Cur. Asset |
16.3 |
18.6 |
15.4 |
16.2 |
22.2 |
|
Doubtful Account |
-0.7 |
-1.0 |
-1.3 |
-1.2 |
-1.6 |
|
Other Inventories |
0.0 |
- |
- |
- |
- |
|
Total current assets |
1,086.3 |
1,140.6 |
1,053.4 |
806.0 |
891.9 |
|
|
|
|
|
|
|
|
PPE balancing |
0.0 |
- |
- |
- |
- |
|
Buildings and structures, net |
234.0 |
258.6 |
237.1 |
202.9 |
213.4 |
|
Machinery, equipment and vehicles, net |
215.1 |
246.9 |
213.5 |
207.3 |
250.2 |
|
Tools, furniture and fixtures, net |
27.1 |
33.7 |
32.3 |
26.4 |
31.6 |
|
Land |
201.5 |
219.1 |
207.9 |
193.9 |
198.6 |
|
Lease assets, net |
2.7 |
2.5 |
3.1 |
2.3 |
0.7 |
|
Construction |
88.9 |
41.8 |
52.5 |
14.6 |
24.5 |
|
Goodwill |
0.4 |
0.6 |
3.0 |
6.1 |
9.6 |
|
Other Total intangible assets |
0.0 |
- |
- |
- |
- |
|
Lease assets - intangible |
0.1 |
0.1 |
0.1 |
0.1 |
0.2 |
|
Other intangible assets |
9.9 |
13.3 |
12.9 |
13.4 |
11.3 |
|
Other Investment Securities |
140.2 |
- |
- |
- |
- |
|
Investment Secs. |
- |
146.9 |
143.4 |
150.3 |
148.2 |
|
Invt Secs Noncons, Asc, Affd Cos |
26.6 |
- |
- |
- |
- |
|
Investment Secs.-affiliates' stock |
- |
30.5 |
27.9 |
- |
- |
|
Long-term loans receivable |
0.0 |
0.1 |
0.3 |
0.5 |
1.1 |
|
Fixed claimable assets |
- |
0.0 |
107.9 |
93.6 |
100.5 |
|
Prepaid pension benefits |
32.2 |
32.7 |
24.5 |
17.3 |
13.4 |
|
Deferred tax assets |
31.9 |
39.2 |
61.0 |
27.1 |
29.5 |
|
Other Investment&Asset-NonC,Asc,Affd Cos |
1.4 |
- |
- |
- |
- |
|
Other Other |
15.5 |
- |
- |
- |
- |
|
Other Long Term Assets |
0.0 |
- |
- |
- |
- |
|
Other Total investments and other assets |
0.0 |
- |
- |
- |
- |
|
Other Asset |
- |
16.4 |
17.7 |
33.7 |
36.6 |
|
Other Asset-affiliates' stock |
- |
1.3 |
16.3 |
- |
- |
|
Doubtful Account |
-0.8 |
-1.2 |
-71.3 |
-59.6 |
-59.1 |
|
Total Assets |
2,113.1 |
2,223.0 |
2,143.4 |
1,735.9 |
1,902.4 |
|
|
|
|
|
|
|
|
Notes and accounts payable-trade |
173.3 |
194.7 |
182.8 |
180.3 |
225.8 |
|
other debt |
28.4 |
- |
- |
- |
- |
|
Short-term loans payable |
- |
32.3 |
41.8 |
51.4 |
127.4 |
|
Current Portion Of Bonds |
44.2 |
- |
- |
- |
- |
|
LT borrowings (current) |
- |
10.3 |
50.5 |
8.6 |
- |
|
Commercial Paper |
- |
- |
- |
0.0 |
66.2 |
|
Lease liabilities |
1.1 |
1.2 |
1.1 |
0.7 |
0.2 |
|
Income Tax Pybl. |
47.3 |
22.6 |
61.8 |
16.8 |
12.2 |
|
Deferred Tax Liabilities |
0.0 |
- |
- |
- |
- |
|
Dfrd. Tax Liab. |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Accrued Bonus |
0.3 |
0.4 |
0.8 |
1.5 |
2.0 |
|
Rounding adjustment Liability |
0.0 |
- |
- |
- |
- |
|
Allowance for Product Returned |
0.0 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Other Liability |
98.9 |
117.7 |
116.9 |
85.3 |
81.0 |
|
Total Current Liabilities |
393.5 |
379.2 |
455.8 |
344.7 |
514.9 |
|
|
|
|
|
|
|
|
Long-term loans payable |
69.7 |
121.2 |
74.2 |
108.9 |
87.6 |
|
Lease liabilities, non-current |
1.8 |
1.5 |
2.2 |
1.8 |
0.7 |
|
Total Long Term Debt |
71.6 |
122.7 |
76.4 |
110.8 |
88.2 |
|
|
|
|
|
|
|
|
Dfrd. Tax Liab. |
1.9 |
0.7 |
12.0 |
11.7 |
12.9 |
|
Res-Accr.Retire. |
5.3 |
6.9 |
6.7 |
6.1 |
7.2 |
|
Provision for directors'' retirement ben |
0.3 |
0.4 |
0.4 |
1.2 |
1.3 |
|
Other Long Term Liabilities |
0.0 |
- |
- |
- |
- |
|
Other Liability |
53.9 |
52.4 |
50.6 |
40.1 |
30.8 |
|
Minor. Interest |
48.5 |
51.3 |
181.8 |
153.1 |
152.0 |
|
Total Liabilities |
575.0 |
613.6 |
783.6 |
667.6 |
807.3 |
|
|
|
|
|
|
|
|
Other Equity |
0.0 |
- |
- |
- |
- |
|
Common Stock |
243.2 |
271.5 |
257.5 |
224.4 |
230.4 |
|
Paid in Capital |
195.6 |
218.3 |
186.0 |
162.0 |
166.4 |
|
Retained Earning |
1,092.6 |
1,127.6 |
951.0 |
705.1 |
705.0 |
|
Treasury Stock |
-1.4 |
-1.3 |
-36.4 |
-31.2 |
-9.7 |
|
Valuation difference on available-for-sa |
16.4 |
15.2 |
18.5 |
15.8 |
11.5 |
|
Deferred hedge gain/loss |
- |
- |
- |
0.0 |
0.0 |
|
Translation Adj. |
-8.4 |
-21.8 |
-16.9 |
-7.8 |
-8.5 |
|
Total Equity |
1,538.1 |
1,609.4 |
1,359.7 |
1,068.2 |
1,095.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
2,113.1 |
2,223.0 |
2,143.4 |
1,735.9 |
1,902.4 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
263.6 |
263.7 |
252.3 |
252.4 |
260.6 |
|
Total Common Shares Outstanding |
263.6 |
263.7 |
252.3 |
252.4 |
260.6 |
|
T/S-Ordinary Shares |
0.4 |
0.3 |
11.7 |
11.6 |
3.4 |
|
Full-Time Employees |
2,509 |
2,534 |
2,533 |
2,561 |
2,617 |
|
Total Number of Shareholders |
23,930 |
- |
- |
- |
- |
|
Number of Common Shareholders |
- |
24,567 |
23,618 |
25,330 |
25,750 |
|
LTD within 1 year |
44.2 |
10.3 |
50.5 |
8.6 |
20.3 |
|
Lns Pble Maturing over a Yr within 2 Yrs |
56.4 |
- |
- |
- |
- |
|
LTD from 1 to 2 year |
- |
49.3 |
9.8 |
44.0 |
3.7 |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
6.3 |
- |
- |
- |
- |
|
LTD from 2 to 3 year |
- |
62.9 |
46.8 |
8.6 |
40.1 |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
4.5 |
- |
- |
- |
- |
|
LTD from 3 to 4 year |
- |
6.0 |
9.2 |
40.8 |
3.7 |
|
Lns Pble Maturg over 4 Yrs within 5 Yrs |
0.4 |
- |
- |
- |
- |
|
LTD from 4 to 5 year |
- |
3.0 |
5.7 |
8.0 |
36.8 |
|
Other LT Borrowing Within1 Year Excluded |
2.0 |
- |
- |
- |
- |
|
LTD remaining |
- |
- |
2.8 |
7.4 |
3.2 |
|
Total Long Term Debt, Supplemental |
113.9 |
131.4 |
124.7 |
117.5 |
107.8 |
|
Capital Lease Payments Due within 1 Year |
1.1 |
1.2 |
1.1 |
0.7 |
- |
|
Cap Lease Maturg over a Yr within 2 Yrs |
0.7 |
- |
- |
- |
- |
|
Capital Lease Payments Due within 2 Year |
- |
0.9 |
1.1 |
0.7 |
- |
|
Cap Lease Maturg over 2 Yr within 3 Yrs |
0.4 |
- |
- |
- |
- |
|
Capital Lease Payments Due within 3 Year |
- |
0.5 |
0.7 |
0.7 |
- |
|
Cap Lease Maturg over 3 Yr within 4 Yrs |
0.3 |
- |
- |
- |
- |
|
Capital Lease Payments Due within 4 Year |
- |
0.1 |
0.3 |
0.4 |
- |
|
Cap Lease Maturg over 4 Yr within 5 Yrs |
0.2 |
- |
- |
- |
- |
|
Capital Lease Payments Due within 5 Year |
- |
0.0 |
0.1 |
0.1 |
- |
|
other Lease Liab. Within1 Yr Excluded |
0.2 |
- |
- |
- |
- |
|
Capital Leases - Remaining |
- |
0.0 |
0.0 |
0.0 |
- |
|
Total Capital Leases, Supplemental |
3.0 |
2.7 |
3.3 |
2.6 |
- |
|
Pension obligation |
120.2 |
139.6 |
152.3 |
170.7 |
178.2 |
|
Fair value of plan asset |
122.3 |
120.8 |
132.0 |
140.5 |
126.5 |
|
Funded status |
2.1 |
-18.8 |
-20.4 |
-30.2 |
-51.8 |
|
Total Funded Status |
2.1 |
-18.8 |
-20.4 |
-30.2 |
-51.8 |
|
Discount rate |
1.50% |
1.50% |
1.50% |
2.00% |
2.00% |
|
Expected rate of return |
1.00% |
1.00% |
2.00% |
2.00% |
2.00% |
|
Unrecognized actuarial gains and losses |
26.4 |
46.8 |
40.7 |
43.3 |
60.2 |
|
Unrecognized prior service cost |
-1.6 |
-2.3 |
-2.5 |
-1.9 |
-2.2 |
|
Prepaid Pension Benefits |
32.2 |
32.7 |
24.5 |
17.3 |
13.4 |
|
Accrued pension benefit |
-5.3 |
-6.9 |
-6.7 |
-6.1 |
-7.2 |
|
Net Assets Recognized on Balance Sheet |
51.7 |
70.3 |
56.1 |
52.5 |
64.2 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
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) |
79.797487 |
79.698224 |
87.789317 |
93.619712 |
103.395546 |
|
Auditor |
Ernst &
Young ShinNihon LLC |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Income before income taxes |
181.9 |
238.3 |
204.1 |
77.0 |
66.4 |
|
Depreciation |
105.5 |
111.4 |
97.1 |
95.4 |
90.8 |
|
Subsidy income |
-3.6 |
- |
- |
- |
- |
|
Compensation income |
-6.5 |
- |
- |
- |
- |
|
Loss (gain) on extinguishment of tie-in |
-1.1 |
- |
- |
- |
- |
|
Impairment loss |
9.9 |
6.0 |
27.6 |
26.6 |
6.5 |
|
Amortization of goodwill |
0.1 |
3.0 |
3.7 |
3.3 |
3.2 |
|
Amortization of negative goodwill |
- |
- |
- |
- |
0.0 |
|
Gain on negative goodwill |
0.0 |
-38.6 |
0.0 |
- |
- |
|
Increase (decrease) in allowance for dou |
-0.5 |
-0.7 |
2.6 |
1.8 |
18.5 |
|
Increase (decrease) in provision for ret |
-4.1 |
-6.7 |
-4.7 |
-5.1 |
-8.3 |
|
Increase (decrease) in other provision |
-0.2 |
-0.5 |
-1.8 |
-0.5 |
-0.3 |
|
Int. & Div. Income |
-5.7 |
-5.8 |
-4.9 |
-4.5 |
-5.9 |
|
Interest Expense |
1.8 |
2.7 |
2.8 |
3.0 |
3.0 |
|
Foreign exchange losses (gains) |
-1.5 |
-0.2 |
0.7 |
-0.2 |
3.0 |
|
Equity in (earnings) losses of affiliate |
-3.4 |
-5.2 |
-3.9 |
-3.9 |
-2.6 |
|
Compensation for removal |
0.0 |
-1.1 |
0.0 |
- |
- |
|
G on transfer of manufacturing rights |
- |
- |
- |
- |
0.0 |
|
Gain-Sale PP&E |
- |
0.0 |
-0.1 |
-0.1 |
-0.1 |
|
Gain-Sale Inv. Secs. |
- |
0.0 |
-0.1 |
0.0 |
-0.3 |
|
Subsidiaries gain |
- |
- |
- |
- |
0.0 |
|
Loss (gain) on disposal of noncurrent as |
6.5 |
6.5 |
6.1 |
11.4 |
8.1 |
|
Loss (gain) on valuation of investment s |
3.9 |
5.5 |
1.2 |
0.1 |
7.5 |
|
L on val. of affiliated stock |
- |
0.0 |
0.1 |
0.7 |
0.0 |
|
Disaster loss |
0.0 |
5.8 |
0.0 |
- |
- |
|
Decrease (increase) in notes and account |
-13.0 |
28.2 |
-8.1 |
54.0 |
22.9 |
|
Decrease (increase) in inventories |
15.0 |
-17.2 |
-1.5 |
37.6 |
-19.2 |
|
Increase (decrease) in notes and account |
-4.1 |
2.5 |
-20.7 |
-39.5 |
-11.4 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Proceeds from Compensation income |
6.5 |
- |
- |
- |
- |
|
Proceeds from subsidy |
3.6 |
- |
- |
- |
- |
|
Increase in cash and cash equivalents re |
0.0 |
- |
- |
- |
- |
|
Increase/decrease in other assets/liabil |
-0.8 |
-9.5 |
12.9 |
10.6 |
-4.5 |
|
Int. and Div. Rcvd. |
8.5 |
11.0 |
9.0 |
8.9 |
10.3 |
|
Interest Paid |
-1.8 |
-2.9 |
-2.8 |
-2.6 |
-2.6 |
|
Proceeds from compensation for removal |
0.0 |
1.2 |
0.0 |
- |
- |
|
Payments for loss on disaster |
0.0 |
-4.3 |
0.0 |
- |
- |
|
Tax Paid |
-5.2 |
-105.5 |
-36.1 |
-31.4 |
-56.6 |
|
Adjustment |
- |
- |
0.0 |
- |
0.0 |
|
Cash from Operating Activities |
291.9 |
223.7 |
283.0 |
242.5 |
128.4 |
|
|
|
|
|
|
|
|
Decrease (increase) in time deposits |
-13.0 |
-1.6 |
-0.2 |
-3.3 |
0.0 |
|
Time Deposit-Made |
- |
- |
- |
- |
-0.6 |
|
Proceeds from redemption of investment s |
3.8 |
- |
- |
- |
- |
|
Purch-Investment Sec |
-12.0 |
-9.3 |
-0.2 |
-0.6 |
-10.3 |
|
Sale-Investment Sec. |
- |
0.0 |
1.2 |
0.0 |
2.0 |
|
Purchase of property, plant and equipmen |
-160.7 |
-129.9 |
-110.4 |
-57.1 |
-62.8 |
|
Proceeds from sales of property, plant a |
0.0 |
0.2 |
0.3 |
0.2 |
1.8 |
|
Transfer of manufacturing rights |
- |
- |
- |
- |
0.0 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Subsidiaries gain |
- |
- |
- |
- |
0.0 |
|
ST Loan Net |
- |
0.0 |
0.5 |
0.0 |
-0.6 |
|
Collection of long-term loans receivable |
0.3 |
0.3 |
0.5 |
0.7 |
0.7 |
|
Decrease(increase)in fixed loans receiva |
0.0 |
38.7 |
-0.5 |
4.3 |
-5.3 |
|
Purch.newly consolid.subsid. |
- |
- |
- |
0.0 |
-3.7 |
|
Purchase of subsidiaries' additioanl sha |
- |
- |
- |
- |
0.0 |
|
Other, net |
-6.8 |
-11.9 |
-6.9 |
-10.1 |
-6.1 |
|
Cash from Investing Activities |
-188.5 |
-113.4 |
-115.7 |
-65.9 |
-84.9 |
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term lo |
-0.6 |
-11.5 |
-14.9 |
-52.5 |
41.5 |
|
Commercial Paper |
- |
- |
0.0 |
-64.1 |
-48.4 |
|
Proceeds from long-term loans payable |
5.6 |
51.4 |
0.0 |
32.0 |
29.0 |
|
Repayment of long-term loans payable |
-9.9 |
-51.3 |
-9.1 |
-19.6 |
-35.9 |
|
Sale Treas. Stock |
0.1 |
0.1 |
0.1 |
0.1 |
0.6 |
|
Purch-Treasury Stock |
-0.3 |
-41.6 |
-0.6 |
-21.8 |
-2.0 |
|
Repay-Fin.Lease Debt |
-1.4 |
-1.2 |
-0.9 |
-0.5 |
-0.1 |
|
Cash dividends to shareholders |
-33.0 |
-32.7 |
-18.7 |
-19.3 |
-20.2 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Div.Paid to Minority |
-2.8 |
-5.0 |
-3.3 |
-3.7 |
-3.9 |
|
Proceeds from stock issuance to minority |
- |
0.0 |
0.5 |
0.0 |
- |
|
Cash from Financing Activities |
-42.3 |
-91.8 |
-46.9 |
-149.4 |
-39.2 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
8.2 |
-2.0 |
-3.1 |
0.3 |
-3.2 |
|
Net increase (decrease) in cash and cash |
69.4 |
16.3 |
117.3 |
27.4 |
1.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
300.7 |
284.7 |
141.1 |
105.0 |
93.9 |
|
Net Cash - Ending Balance |
370.0 |
301.0 |
258.4 |
132.3 |
95.0 |
|
Cash Interest Paid |
1.8 |
2.9 |
2.8 |
2.6 |
2.6 |
|
Cash Taxes Paid |
5.2 |
105.5 |
36.1 |
31.4 |
56.6 |
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.62.32 |
|
UK Pound |
1 |
Rs.101.78 |
|
Euro |
1 |
Rs.84.68 |
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 SCs 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.