Summary of Consolidated Financial Results for the Year Ended March 31, 2015 (Based on Japanese GAAP)

Transcription

1 Translation Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail. Company name: Summary of Consolidated Financial Results for the Year Ended March 31, 2015 (Based on Japanese GAAP) FUJIKURA KASEI CO., LTD. Stock exchange listing: Tokyo Stock code: 4620 URL Representative: President Daisuke Kato Inquiries: Senior Vice President and Division Director of Administrative Headquarters Yoshizo Shimoda TEL Scheduled date of ordinary general meeting of shareholders: June 26, 2015 Scheduled date to file Securities Report: June 26, 2015 Scheduled date to commence dividend payments: June 29, 2015 Preparation of supplementary material on financial results: No Holding of financial results meeting: Yes (for analysts) May 13, 2015 (Amounts are rounded off to the nearest million yen) 1. Consolidated financial results for the year ended March 31, 2015 (from April 1, 2014 to March 31, 2015) (1) Consolidated operating results Percentages indicate year-on-year changes Net sales Operating income Ordinary income Profit attributable to owners of parent Millions of yen % Millions of yen % Millions of yen % Millions of yen % Year ended March 31, ,560 (3.6) 2,208 (5.4) 2,583 (5.0) 1,249 (22.2) Year ended March 31, , , , , Earnings per share Diluted earnings per share Profit attributable to owners of parent/equity Ordinary income/total assets Operating income/net sales Yen Yen % % % Year ended March 31, Year ended March 31, (2) Consolidated financial position Total assets Net assets Equity ratio Net assets per share Millions of yen Millions of yen % Yen As of March 31, ,905 31, As of March 31, ,150 29, (3) Consolidated cash flows Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Cash and cash equivalents at end of Millions of yen Millions of yen Millions of yen Millions of yen Year ended March 31, ,762 (1,330) (1,186) 9,484 Year ended March 31, ,732 (2,348) (261) 8, Cash dividends Annual dividends per share 1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end Total Total cash dividends (Total) Dividend payout Ratio of dividends ratio (Consolidated) to net assets (Consolidated) Yen Yen Yen Yen Yen Millions of yen % % Year ended March 31, Year ended March 31, Year ending March 31, 2016 (Forecast)

2 3. Forecast of consolidated financial results for the year ending March 31, 2016 (from April 1, 2015 to March 31, 2016) Percentages indicate year-on-year changes Net sales Operating income Ordinary income Profit attributable to owners of parent Earnings per share Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen Six months ending September 30, , , , Full year 72, , , , Notes (1) Changes in significant subsidiaries during the year ended March 31, 2015 (changes in specified subsidiaries resulting in the change in scope of consolidation): No (2) Changes in accounting policies, changes in accounting estimates, and restatement of prior financial statements Changes in accounting policies due to revisions to accounting standards and other regulations: Yes Changes in accounting policies due to other reasons: No Changes in accounting estimates: No Restatement of prior financial statements: No (3) Number of issued shares (common shares) Total number of issued shares at the end of the (including treasury shares) As of March 31, ,716,878 shares As of March 31, ,716,878 shares Number of treasury shares at the end of the As of March 31, ,168 shares As of March 31, ,168 shares Average number of shares during the Year ended March 31, ,678,710 shares Year ended March 31, ,678,710 shares 2

3 Consolidated financial statements Consolidated balance sheets Assets Current assets As of March 31, 2014 As of March 31, 2015 Cash and deposits 9,866,515 10,622,810 Notes and accounts receivable - trade 13,059,692 14,155,550 Merchandise and finished goods 3,628,380 3,877,880 Work in process 56, ,716 Raw materials and supplies 1,996,493 2,163,249 Deferred tax assets 558, ,727 Other 1,182,445 1,247,550 Allowance for doubtful accounts (146,962) (123,677) Total current assets 30,201,187 32,514,805 Non-current assets Property, plant and equipment Buildings and structures 9,655,315 10,134,847 Accumulated depreciation (4,728,073) (5,142,593) Buildings and structures, net 4,927,242 4,992,254 Machinery, equipment and vehicles 11,157,583 12,565,269 Accumulated depreciation (8,651,148) (9,602,852) Machinery, equipment and vehicles, net 2,506,435 2,962,417 Tools, furniture and fixtures 3,667,221 3,918,282 Accumulated depreciation (2,998,643) (3,230,805) Tools, furniture and fixtures, net 668, ,477 Land 4,398,732 4,472,253 Leased assets 360, ,084 Accumulated depreciation (253,607) (119,322) Leased assets, net 106,440 95,762 Construction in progress 409, ,881 Total property, plant and equipment 13,016,556 13,346,044 Intangible assets Software 975, ,880 Goodwill 121,268 Other 962,984 1,408,079 Total intangible assets 1,938,737 2,322,227 Investments and other assets Investment securities 2,116,383 2,379,718 Long-term loans receivable 61,897 57,175 Deferred tax assets 856, ,315 Other 2,100,674 2,017,361 Allowance for doubtful accounts (142,500) (32,818) Total investments and other assets 4,993,197 4,721,751 Total non-current assets 19,948,490 20,390,022 Total assets 50,149,677 52,904,827 3

4 As of March 31, 2014 As of March 31, 2015 Liabilities Current liabilities Notes and accounts payable - trade 8,349,832 8,240,981 Short-term loans payable 3,759,474 4,018,469 Current portion of bonds 500, ,000 Income taxes payable 445, ,693 Accrued expenses 991, ,043 Provision for bonuses 665, ,305 Lease obligations 41,175 42,601 Other 792,349 1,121,079 Total current liabilities 15,544,805 15,775,171 Non-current liabilities Bonds payable 2,000,000 1,500,000 Long-term loans payable 43,428 Deferred tax liabilities 127,095 25,943 Net defined benefit liability 2,332,568 2,686,740 Long-term accounts payable - other 279, ,818 Lease obligations 68,643 85,147 Other 470, ,791 Total non-current liabilities 5,321,940 5,199,439 Total liabilities 20,866,745 20,974,610 Net assets Shareholders' equity Capital stock 5,352,121 5,352,121 Capital surplus 5,040,199 5,040,199 Retained earnings 15,290,853 16,193,004 Treasury shares (24,969) (24,969) Total shareholders' equity 25,658,204 26,560,355 Accumulated other comprehensive income Valuation difference on available-for-sale securities 391, ,343 Foreign currency translation adjustment 1,454,229 2,568,890 Remeasurements of defined benefit plans (566,078) (954,757) Total accumulated other comprehensive income 1,279,480 2,153,476 Minority interests 2,345,248 3,216,386 Total net assets 29,282,932 31,930,217 Total liabilities and net assets 50,149,677 52,904,827 4

5 Consolidated statements of income and consolidated statements of comprehensive income Consolidated statements of income March 31, 2014 March 31, 2015 Net sales 72,165,743 69,560,098 Cost of sales 56,317,162 53,267,125 Gross profit 15,848,581 16,292,973 Selling, general and administrative expenses 13,513,186 14,084,719 Operating income 2,335,395 2,208,254 Non-operating income Interest income 15,376 27,775 Dividend income 46,664 47,837 Rent income on non-current assets 67,273 58,298 Share of profit of entities accounted for using equity method 106, ,194 Foreign exchange gains 172, ,703 Other 125, ,247 Total non-operating income 533, ,054 Non-operating expenses Interest expenses 82,985 67,936 Guarantee commission 16,977 20,191 Other 50,042 47,698 Total non-operating expenses 150, ,825 Ordinary income 2,719,310 2,583,483 Extraordinary income Gain on step acquisitions 139,542 Gain on bargain purchase 166,103 Total extraordinary income 166, ,542 Extraordinary losses Loss on retirement of non-current assets 48,282 Loss on sales of investment securities 16,926 40,963 Provision of allowance for doubtful accounts 144,148 Total extraordinary losses 209,356 40,963 Income before income taxes and minority interests 2,676,057 2,682,062 Income taxes - current 737, ,809 Income taxes - deferred 118, ,473 Total income taxes 856,297 1,081,282 Income before minority interests 1,819,760 1,600,780 Minority interests in income 214, ,310 Net income 1,605,684 1,249,470 5

6 Consolidated statements of comprehensive income March 31, 2014 March 31, 2015 Income before minority interests 1,819,760 1,600,780 Other comprehensive income Valuation difference on available-for-sale securities 312, ,338 Foreign currency translation adjustment 1,783,020 1,323,032 Remeasurements of defined benefit plans, net of tax (388,679) Share of other comprehensive income of entities accounted for using equity method 8,131 (6,715) Total other comprehensive income 2,103,244 1,080,976 Comprehensive income 3,923,004 2,681,756 Comprehensive income attributable to Comprehensive income attributable to owners of parent 3,418,667 2,123,465 Comprehensive income attributable to minority interests 504, ,291 6

7 Consolidated statements of changes in equity March 31, 2014 Shareholders' equity Capital stock Capital surplus Retained earnings Treasury shares Total shareholders' equity Balance at beginning of current 5,352,121 5,040,199 13,852,160 (24,969) 24,219,511 Cumulative effects of changes in accounting policies Restated balance 5,352,121 5,040,199 13,852,160 (24,969) 24,219,511 Changes of items during Dividends of surplus (457,502) (457,502) Net income 1,605,684 1,605,684 Change of scope of consolidation (24,436) (24,436) Retirement benefit expensesto foreign subsidiaries 314, ,947 Net changes of items other than shareholders' equity Total changes of items during 1,438,693 1,438,693 Balance at end of current 5,352,121 5,040,199 15,290,853 (24,969) 25,658,204 Accumulated other comprehensive income Valuation Total accumulated Foreign currency Remeasurements difference on other Minority interests Total net assets translation of defined benefit available-for-sale comprehensive adjustment plans securities income Balance at beginning of current 82,328 (82,771) (443) 1,548,574 25,767,642 Cumulative effects of changes in accounting policies Restated balance 82,328 (82,771) (443) 1,548,574 25,767,642 Changes of items during Dividends of surplus (457,502) Net income 1,605,684 Change of scope of consolidation (24,436) Retirement benefit expensesto foreign subsidiaries 314,947 Net changes of items other than shareholders' equity 309,001 1,537,000 (566,078) 1,279, ,674 2,076,597 Total changes of items during 309,001 1,537,000 (566,078) 1,279, ,674 3,515,290 Balance at end of current 391,329 1,454,229 (566,078) 1,279,480 2,345,248 29,282,932 7

8 March 31, 2015 Shareholders' equity Capital stock Capital surplus Retained earnings Treasury shares Total shareholders' equity Balance at beginning of current 5,352,121 5,040,199 15,290,853 (24,969) 25,658,204 Cumulative effects of changes in accounting policies 110, ,184 Restated balance 5,352,121 5,040,199 15,401,036 (24,969) 25,768,387 Changes of items during Dividends of surplus (457,502) (457,502) Net income 1,249,470 1,249,470 Change of scope of consolidation Retirement benefit expensesto foreign subsidiaries Net changes of items other than shareholders' equity Total changes of items during 791, ,968 Balance at end of current 5,351,121 5,040,199 16,193,004 (24,969) 26,560,355 Accumulated other comprehensive income Valuation Total accumulated Foreign currency Remeasurements difference on other Minority interests Total net assets translation of defined benefit available-for-sale comprehensive adjustment plans securities income Balance at beginning of current 391,329 1,454,229 (566,078) 1,279,480 2,345,248 29,282,932 Cumulative effects of changes in accounting policies 110,184 Restated balance 391,329 1,454,229 (566,078) 1,279,480 2,345,248 29,393,115 Changes of items during Dividends of surplus (457,502) Net income 1,249,470 Change of scope of consolidation Retirement benefit expensesto foreign subsidiaries Net changes of items other than shareholders' equity 148,014 1,114,661 (388,679) 873, ,138 1,745,134 Total changes of items during 148,014 1,114,661 (388,679) 873, ,138 2,537,102 Balance at end of current 539,343 2,568,890 (954,757) 2,153,476 3,216,386 31,930,217 8

9 Consolidated statements of cash flows March 31, 2014 March 31, 2015 Cash flows from operating activities Income before income taxes and minority interests 2,676,057 2,682,062 Depreciation 1,703,149 1,795,226 Amortization of goodwill 40,889 Gain on bargain purchase (166,103) Loss (gain) on step acquisitions (139,542) Increase (decrease) in net defined benefit liability 121, ,988 Increase (decrease) in provision for bonuses 25,799 35,599 Increase (decrease) in allowance for doubtful accounts 56,862 (148,495) Interest and dividend income (62,040) (75,612) Interest expenses 82,985 67,936 Foreign exchange losses (gains) 2,217 2,108 Loss (gain) on sales of property, plant and equipment (1,147) (10,092) Loss on retirement of property, plant and equipment 54,158 5,842 Share of (profit) loss of entities accounted for using equity method (106,472) (126,194) Decrease (increase) in notes and accounts receivable - trade 492,287 (195,976) Decrease (increase) in inventories (530,476) 19,836 Decrease (increase) in other current assets (632,383) 8,411 Decrease (increase) in lease and guarantee deposits (3,361) (3,416) Increase (decrease) in notes and accounts payable - trade (622,233) (593,059) Increase (decrease) in accrued expenses 117,278 (144,651) Increase (decrease) in accrued consumption taxes (28,873) 146,070 Increase (decrease) in other current liabilities 26, ,838 Increase (decrease) in long-term accounts payable - other (120,916) 197 Other, net 105, ,196 Subtotal 3,190,098 3,720,161 Interest and dividend income received 118,585 81,793 Interest expenses paid (84,789) (67,133) Income taxes paid (538,238) (1,043,275) Income taxes refund 46,458 70,268 Net cash provided by (used in) operating activities 2,732,114 2,761,814 9

10 March 31, 2014 March 31, 2015 Cash flows from investing activities Payments into time deposits (1,681,863) (1,500,668) Proceeds from withdrawal of time deposits 1,303,039 1,486,893 Purchase of property, plant and equipment (1,373,936) (919,040) Proceeds from sales of property, plant and equipment 2,576 10,729 Purchase of intangible assets (333,077) (100,538) Purchase of investment securities (254,569) (139,923) Purchase of shares of subsidiaries resulting in change in scope of consolidation (143,874) Purchase of insurance funds (40,330) (41,307) Proceeds from maturity of insurance funds 38,505 18,301 Payments of loans receivable (13,632) (14,104) Collection of loans receivable 14,884 19,739 Other payments (50,614) (565,368) Other proceeds 41, ,067 Net cash provided by (used in) investing activities (2,347,570) (1,330,093) Cash flows from financing activities Net increase (decrease) in short-term loans payable 1,081,796 92,281 Repayments of long-term loans payable (38,382) (87,400) Redemption of bonds (720,000) (500,000) Repayments of lease obligations (77,319) (46,199) Cash dividends paid (457,502) (457,502) Cash dividends paid to minority shareholders (49,559) (187,457) Net cash provided by (used in) financing activities (260,966) (1,186,277) Effect of exchange rate change on cash and cash equivalents 354, ,226 Net increase (decrease) in cash and cash equivalents 477, ,670 Cash and cash equivalents at beginning of 8,104,639 8,833,585 Increase (decrease) in cash and cash equivalents resulting from change of scope of consolidation 250,979 Cash and cash equivalents at end of 8,833,585 9,484,255 10