Summary of Consolidated Financial Results for the Year Ended March 31, 2016 (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, 2016 (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 29, 2016 Scheduled date to file Securities Report: June 29, 2016 Scheduled date to commence dividend payments: June 30, 2016 Preparation of supplementary material on financial results: No Holding of financial results meeting: Yes (for analysts) May 13, 2016 (Amounts are rounded off to the nearest million yen) 1. Consolidated financial results for the year ended March 31, 2016 (from April 1, 2015 to March 31, 2016) (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, , , , , Year ended March 31, ,560 (3.6) 2,208 (5.4) 2,583 (5.0) 1,249 (22.2) 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, ,194 32, As of March 31, ,905 31, (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, ,589 (1,308) (1,728) 10,923 Year ended March 31, ,762 (1,330) (1,186) 9, 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, 2017 (Forecast)

2 3. Forecast of consolidated financial results for the year ending March 31, 2017 (from April 1, 2016 to March 31, 2017) 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, ,500 (12.2) 1,400 (1.0) 1,400 (1.2) Full year 65,000 (11.9) 3,000 (0.4) 3, , Notes (1) Changes in significant subsidiaries during the year ended March 31, 2016 (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, ,211 shares As of March 31, ,168 shares Average number of shares during the Year ended March 31, ,678,707 shares Year ended March 31, ,678,710 shares 2

3 Consolidated financial statements Consolidated balance sheets Assets Current assets As of March 31, 2015 As of March 31, 2016 Cash and deposits 10,622,810 11,636,355 Notes and accounts receivable - trade 14,155,550 12,287,101 Merchandise and finished goods 3,877,880 3,653,150 Work in process 112,716 80,302 Raw materials and supplies 2,163,249 2,018,209 Deferred tax assets 458, ,851 Other 1,247,550 1,271,111 Allowance for doubtful accounts (123,677) (132,703) Total current assets 32,514,805 31,369,376 Non-current assets Property, plant and equipment Buildings and structures 10,134,847 10,305,430 Accumulated depreciation (5,142,593) (5,444,963) Buildings and structures, net 4,992,254 4,860,467 Machinery, equipment and vehicles 12,565,269 12,736,988 Accumulated depreciation (9,602,852) (10,098,712) Machinery, equipment and vehicles, net 2,962,417 2,638,276 Tools, furniture and fixtures 3,918,282 4,090,872 Accumulated depreciation (3,230,805) (3,423,566) Tools, furniture and fixtures, net 687, ,306 Land 4,472,253 4,449,651 Leased assets 215, ,056 Accumulated depreciation (119,322) (165,269) Leased assets, net 95, ,787 Construction in progress 135, ,681 Total property, plant and equipment 13,346,044 13,168,168 Intangible assets Software 792, ,431 Goodwill 121,268 45,190 Other 1,408,079 1,262,380 Total intangible assets 2,322,227 1,939,001 Investments and other assets Investment securities 2,379,718 2,098,382 Long-term loans receivable 57,175 37,402 Deferred tax assets 300, ,033 Other 2,017,361 2,272,283 Allowance for doubtful accounts (32,818) (16,224) Total investments and other assets 4,721,751 4,717,876 Total non-current assets 20,390,022 19,825,045 Total assets 52,904,827 51,194,421 3

4 As of March 31, 2015 As of March 31, 2016 Liabilities Current liabilities Notes and accounts payable - trade 8,240,981 7,116,647 Short-term loans payable 4,018,469 3,367,062 Current portion of bonds 500, ,000 Income taxes payable 144, ,590 Accrued expenses 983, ,049 Provision for bonuses 724, ,118 Lease obligations 42,601 59,665 Other 1,121, ,196 Total current liabilities 15,775,171 13,775,327 Non-current liabilities Bonds payable 1,500,000 1,000,000 Deferred tax liabilities 25, ,411 Net defined benefit liability 2,686,740 2,598,119 Long-term accounts payable - other 279, ,613 Lease obligations 85, ,515 Other 621, ,369 Total non-current liabilities 5,199,439 4,868,027 Total liabilities 20,974,610 18,643,354 Net assets Shareholders' equity Capital stock 5,352,121 5,352,121 Capital surplus 5,040,199 5,040,199 Retained earnings 16,193,004 17,501,194 Treasury shares (24,969) (24,992) Total shareholders' equity 26,560,355 27,868,522 Accumulated other comprehensive income Valuation difference on available-for-sale securities 539, ,386 Foreign currency translation adjustment 2,568,890 2,083,279 Remeasurements of defined benefit plans (954,757) (704,165) Total accumulated other comprehensive income 2,153,476 1,719,500 Non-controlling interests 3,216,386 2,963,045 Total net assets 31,930,217 32,551,067 Total liabilities and net assets 52,904,827 51,194,421 4

5 Consolidated statements of income and consolidated statements of comprehensive income Consolidated statements of income March 31, 2015 March 31, 2016 Net sales 69,560,098 73,740,748 Cost of sales 53,267,125 56,155,754 Gross profit 16,292,973 17,584,994 Selling, general and administrative expenses 14,084,719 14,573,357 Operating income 2,208,254 3,011,637 Non-operating income Interest income 27,775 40,701 Dividend income 47,837 70,316 Rent income on non-current assets 58,298 57,822 Share of profit of entities accounted for using equity method 126,194 86,061 Foreign exchange gains 126,703 Other 124, ,367 Total non-operating income 511, ,267 Non-operating expenses Interest expenses 67,936 61,247 Foreign exchange losses 273,827 Other 67, ,882 Total non-operating expenses 135, ,956 Ordinary income 2,583,483 2,976,948 Extraordinary income Gain on step acquisitions 139,542 Total extraordinary income 139,542 Extraordinary losses Loss on sales of investment securities 40,963 Total extraordinary losses 40,963 Profit before income taxes 2,682,062 2,976,948 Income taxes - current 543, ,527 Income taxes - deferred 537, ,145 Total income taxes 1,081,282 1,029,672 Profit 1,600,780 1,947,276 Profit attributable to non-controlling interests 351, ,584 Profit attributable to owners of parent 1,249,470 1,765,692 5

6 Consolidated statements of comprehensive income March 31, 2015 March 31, 2016 Profit 1,600,780 1,947,276 Other comprehensive income Valuation difference on available-for-sale securities 153,338 (200,667) Foreign currency translation adjustment 1,323,032 (565,327) Remeasurements of defined benefit plans, net of tax (388,679) 250,592 Share of other comprehensive income of entities accounted for using equity method (6,715) (29,463) Total other comprehensive income 1,080,976 (544,865) Comprehensive income 2,681,756 1,402,411 Comprehensive income attributable to Comprehensive income attributable to owners of parent 2,123,465 1,331,716 Comprehensive income attributable to non-controlling interests 558,291 70,695 6

7 Consolidated statements of changes in equity 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) Profit attributable to owners of parent 1,249,470 1,249,470 Purchase of treasury shares Net changes of items other than shareholders' equity Total changes of items during 791, ,968 Balance at end of current 5,352,121 5,040,199 16,193,004 (24,969) 26,560,355 Balance at beginning of current Cumulative effects of changes in accounting policies Accumulated other comprehensive income Valuation Total accumulated Foreign currency Remeasurements Non-controlling difference on other Total net assets translation of defined benefit interests available-for-sale comprehensive adjustment plans securities income 391,329 1,454,229 (566,078) 1,279,480 2,345,248 29,282, ,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) Profit attributable to owners of parent 1,249,470 Purchase of treasury shares 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 7

8 March 31, 2016 Shareholders' equity Balance at beginning of current Changes of items during Capital stock Capital surplus Retained earnings Treasury shares Total shareholders' equity 5,352,121 5,040,199 16,193,004 (24,969) 26,560,355 Dividends of surplus (457,502) (457,502) Profit attributable to owners of parent 1,765,692 1,765,692 Purchase of treasury shares (23) (23) Net changes of items other than shareholders' equity Total changes of items during 1,308,190 (23) 1,308,167 Balance at end of current 5,352,121 5,040,199 17,501,194 (24,992) 27,868,522 Accumulated other comprehensive income Balance at beginning of current Changes of items during Valuation Total accumulated Foreign currency Remeasurements Non-controlling difference on other Total net assets translation of defined benefit interests available-for-sale comprehensive adjustment plans securities income 539,343 2,568,890 (954,757) 2,153,476 3,216,386 31,930,217 Dividends of surplus (457,502) Profit attributable to owners of parent 1,765,692 Purchase of treasury shares (23) Net changes of items other than shareholders' equity (198,957) (485,611) 250,592 (433,976) (253,341) (687,317) Total changes of items during (198,957) (485,611) 250,592 (433,976) (253,341) 620,850 Balance at end of current 340,386 2,083,279 (704,165) 1,719,500 2,963,045 32,551,067 8

9 Consolidated statements of cash flows March 31, 2015 March 31, 2016 Cash flows from operating activities Profit before income taxes 2,682,062 2,976,948 Depreciation 1,795,226 1,720,664 Amortization of goodwill 40,889 43,094 Loss (gain) on step acquisitions (139,542) Increase (decrease) in net defined benefit liability 129, ,618 Increase (decrease) in provision for bonuses 35,599 (71,275) Increase (decrease) in allowance for doubtful accounts (148,495) (3,783) Interest and dividend income (75,612) (111,017) Interest expenses 67,936 61,247 Foreign exchange losses (gains) 2,108 7,306 Loss (gain) on sales of property, plant and equipment (10,092) (5,208) Loss on retirement of property, plant and equipment 5,842 12,867 Share of (profit) loss of entities accounted for using equity method (126,194) (86,061) Decrease (increase) in notes and accounts receivable - trade (195,976) 1,764,064 Decrease (increase) in inventories 19, ,623 Decrease (increase) in other current assets 8, ,709 Decrease (increase) in lease and guarantee deposits (3,416) (1,113) Increase (decrease) in notes and accounts payable - trade (593,059) (993,551) Increase (decrease) in accrued expenses (144,651) (62,765) Increase (decrease) in accrued consumption taxes 146,070 (112,218) Increase (decrease) in other current liabilities 112,838 (237,128) Other, net 110,393 (132,238) Subtotal 3,720,161 5,383,783 Interest and dividend income received 81, ,017 Interest expenses paid (67,133) (65,083) Income taxes paid (1,043,275) (944,614) Income taxes refund 70, ,838 Net cash provided by (used in) operating activities 2,761,814 4,588,941 9

10 March 31, 2015 March 31, 2016 Cash flows from investing activities Payments into time deposits (1,500,668) (1,889,574) Proceeds from withdrawal of time deposits 1,486,893 2,181,313 Purchase of property, plant and equipment (919,040) (1,397,840) Proceeds from sales of property, plant and equipment 10,729 22,707 Purchase of intangible assets (100,538) (112,277) Purchase of investment securities (139,923) (27,343) Purchase of shares of subsidiaries resulting in change in scope of consolidation (143,874) Purchase of insurance funds (41,307) (173,331) Proceeds from maturity of insurance funds 18,301 97,064 Payments of loans receivable (14,104) (2,000) Collection of loans receivable 19,739 24,239 Other payments (565,368) (217,894) Other proceeds 559, ,605 Net cash provided by (used in) investing activities (1,330,093) (1,308,331) Cash flows from financing activities Net increase (decrease) in short-term loans payable 92,281 (550,861) Repayments of long-term loans payable (87,400) (46,185) Redemption of bonds (500,000) (500,000) Repayments of lease obligations (46,199) (59,321) Purchase of treasury shares (23) Cash dividends paid (457,502) (457,502) Dividends paid to non-controlling interests (187,457) (113,922) Net cash provided by (used in) financing activities (1,186,277) (1,727,814) Effect of exchange rate change on cash and cash equivalents 405,226 (114,512) Net increase (decrease) in cash and cash equivalents 650,670 1,438,284 Cash and cash equivalents at beginning of 8,833,585 9,484,255 Cash and cash equivalents at end of 9,484,255 10,922,539 10