Aida Engineering, Ltd. Quarterly Flash Report Results for three months ended June 30, 2007

Transcription

1 Aida Engineering, Ltd. Quarterly Flash Report Results for three months ended June 30, 2007 Stock listing: Tokyo Stock Exchange (First Section) Code: 6118 URL Representative: Kimikazu Aida, President Inquiries: Eiji Takei, Operating officer, division manager of business projection and administration headquarters Telephone: Consolidated Business Performance of Three Months Ended June 30, 2007 (April 1 Through June 30, 2007) July 30, 2007 (1) Financial Results (Consolidated Basis) Net Sales Operating Income Recurring Profit Net Income % % % % June 30, ,236 (7.9) 1,191 (3.9) 1,096 (15.9) 697 (11.5) June 30, , , , Year ended March 31, ,120 5,164 5,186 3,053 June 30, June 30, Year ended March 31, Yen Note: Changes in Net Sales, Operating Income, Recurring Profit and Net Income from the year earier period are shown in percentage (2) Financial Position (Consolidated Basis) % Yen June 30, ,638 65, June 30, ,464 60, Year ended March 31, ,076 64, (3) Cash Flows (Consolidated Basis) June 30, 2007 (456) (171) (845) 10,375 June 30, 2006 (493) 940 (1,626) 8,788 Year ended March 31, ,054 (1,275) (1,609) 11, Business Performance Forecast for Fiscal Year Ending March 31, 2008 (Consolidated Basis) Consolidated basis business performance forecast for fiscal year ending March 31, 2008 remains unchanged from the previous forecast which was set forth in the announcement released on May 14, Other Net Income per Share Total Assets Cash Flows from Operating Activities Diluted Net Income per Share Shareholders' Equity Cash Flows from Investing Activities (1) Significant changes in subsidiaries (changes in specific subsidiaries involving changes in scope of consolidation): None (2) Adoption of simplified accounting practice: Yes (3) Changes in accounting methods from the methods adopted in the latest consolidated fiscal year: None Note: For details, refer to [Qualitative Data / Financial Statements] presented in page 2. Yen Shareholders' Equity Ratio Cash Flows from Financing Activities Shareholders' Equity per Share Ending Cash and Cash Equivalents Note: This document has been translated from Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail. 1

2 (Reference) 1. Non-consolidated Business Performance of Three Months Ended June 30, 2007 (April 1 Through June 30, 2007) (1) Financial Results (Non-consolidated Basis) Net Sales Operating Income Recurring Profit Net Income % % % % June 30, ,717 (2.1) 873 (1.7) 798 (14.8) 498 (8.8) June 30, , Year ended March 31, ,458 3,604 3,485 1,885 June 30, June 30, Year ended March 31, Yen Note: Changes in Net Sales, Operating Income, Recurring Profit and Net Income from the year earier period are shown in percentage (2) Financial Position (Non-consolidated Basis) Total Assets Shareholders' Equity Shareholders' Equity Shareholders' Equity Ratio per Share % Yen June 30, ,744 59, June 30, ,162 57, Year ended March 31, ,532 59, Business Performance Forecast for Fiscal Year Ending March 31, 2008 (Non-consolidated Basis) Non-consolidated basis business performance forecast for fiscal year ending March 31, 2008 remains unchanged from the previous forecast which was set forth in the announcement released on May 14, The above forecasts and those presented in appended material are based on the information presently available. Actual results may differ from these forecasts due to changes in various factors. [Qualitative Data / Financial Statements] 1. Qualitative data related to financial results Net sales for three months ended June 30, 2007 declined 7.9% from the same period of the preceding year to 12,236 million, reflecting concentration of delivery of many large-scaled press machine for automotive industry on second half of the fiscal year. Operating income was 1,191 million (down 3.9%), recurring profit amounted 1,096 million (down 15.9%), and net income was 697 million (down 11.5%) led by a drop in sales, while profitability is improved due to a change in product line of sales. 2. Qualitative data related to financial position Changes in financial position from the previous fiscal year end are as follows. Total assets increased by 2,561 million to 92,638 million, mainly due to increases in inventories and tangible fixed assets involving aquisition of new facilities. Total liabilities increased by 1,429 million to 27,367 million, maily due to increases in payment received. Total net assets increased by 1,132 million to 65,270 million, mainly due to increases in foreign currency. 3. Others Net Income per Share Diluted Net Income per Share (1) Significant changes in subsidiaries (changes in specific subsidiaries involving changes in scope of consolidation): None (2) Adoption of simplified accounting practice: Deferred tax accounting is applied to certain items according to convention (3) Changes in accounting methods from the methods adopted in the latest consolidated fiscal year: None Yen 2

3 Condensed Consolidated Balance Sheets June 30, 2006 June 30, 2007 March 31, 2007 Changes % % % ASSETS Current assets 45, , , ,035 Cash and Deposits 8,810 10,075 9, Notes and accounts receivable-trade 11,696 11,440 14,326 (2,886) Maketable ,705 (1,404) Inventories 22,270 27,113 22,949 4,163 Deferred tax assets 1,014 1,447 1,525 (77) Other current assets 2,194 3,107 2, Allowance for doubtful receivables (90) (125) (121) (4) Fixed assets 35, , , ,526 Tangible fixed assets 20, , , ,040 Intangible fixed assets Investments and other assets 14, , , Total assets 81, , , ,561 LIABILITIES Current liabilities 19, , , ,067 Notes and accounts payable-trade 5,334 5,314 5,454 (139) Accounts payable-other 2,572 4,018 4,182 (163) Income tax payable ,354 (923) Advance received 7,627 10,297 8,480 1,817 Reserve for warranty claims 1,688 2,331 2, Reserve for bonus (402) Other current liabilities 1,850 2,783 1, Long-term liabilities 1, , , Reserve for retirement allowance for employees Reserve for directors' retirement benefits (298) Deferred tax liability 727 1,382 1, Other long-term liabilities Total liabilities 21, , , ,429 NET ASSETS Shareholders' equity 58, , , (240) Capital 7,831 7,831 7,831 - Capital reserve 13,026 13,009 13,009 - Retained earnings 40,812 42,842 43,078 (236) Treasurey (3,659) (3,552) (3,548) (3) Valuation and translation 2, , , ,372 Unrealized holding gains on 1,623 2,612 2, Loss on deferred hedge (51) (119) (25) (94) Foreign currency translation 812 2,646 1, Total net assets 60, , , ,132 Total liabilities and net assets 81, , , ,561 3

4 Condensed Consolidated Statements of Income Three months ended June 30, 2006 Three months ended June 30, 2007 Changes Year ended March 31, 2007 % % % % Net sales 13, , (1,044) (7.9) 62, Cost of sales 9, , (1,259) (12.9) 47, Gross profit 3, , , Selling, general and administrative expenses 2, , , Operating income 1, , (48) (3.9) 5, Non-operating income Interests income Other non-operating income (4) 110 Non-operating expenses Foreign currency exchange loss Other non-operating expenses Recurring profit 1, , (207) (15.9) 5, Extraordinary gain (11) (100.0) Gain on sale of fixed assets 3 - (3) 27 Other extraordinary gain 7 - (7) 18 Extraordinary loss (59) (100.0) Loss on sale or disposal of fixed assets 4 - (4) 68 Loss on impairment of fixed assets Loss on sale of investment 49 - (49) 148 Other extraordinary loss 5 - (5) 105 Income before income taxes 1, , (159) (12.7) 4, Income taxes and enterprise taxes (13) 2,110 Adjustment for income taxes (56) (355) Net income (90) (11.5) 3,

5 Condensed Consolidated Statements of Shareholders' Equity (For reference purposes only) Three months ended June 30, 2006 Capital Stock Capital reserve Shareholders' equity Retained earnings Treasury Total Valuation and translation Net unrealized gains (losses) on Gain(loss) on deferred hedge Foreign currency translation Total net assets Balance as of March 31, 2006 Changes in three months ended June 30, ,831 13,031 40,800 (3,677) 57,984 1, ,780 Cash dividens (715) (715) (715) Directors' bonus (60) (60) (60) Net income Acquisition of treasury Disposal of treasury Other net increase (decrease) Total changes in three months ended June 30, 2006 Balance as of June 30, 2006 (5) (5) (5) (4) (294) (51) (66) (412) - (4) (294) (51) (66) (385) 7,831 13,026 40,812 (3,659) 58,010 1,623 (51) ,394 Three months ended June 30, 2007 Capital Stock Capital reserve Shareholders' equity Retained earnings Treasury Total Valuation and translation Net unrealized gains (losses) on Gain(loss) on deferred hedge Foreign currency translation Total net assets Balance as of March 31, 2007 Changes in three months ended June 30, ,831 13,009 43,078 (3,548) 60,370 2,046 (25) 1,745 64,138 Cash dividens (933) (933) (933) Net income Acquisition of treasury Other net increase (decrease) Total changes in three months ended June 30, 2007 Balance as of June 30, 2007 (3) (3) (3) (94) 900 1, (236) (3) (240) 565 (94) 900 1,132 7,831 13,009 42,842 (3,552) 60,130 2,612 (119) 2,646 65,270 5

6 Year ended March 31, 2007 Capital Stock Capital reserve Shareholders' equity Retained earnings Treasury Total Valuation and translation Net unrealized gains (losses) on Gain(loss) on deferred hedge Foreign currency translation Total net assets Balance as of March 31, 2006 Changes in year ended March 31, ,831 13,031 40,800 (3,677) 57,984 1, ,780 Cash dividens (715) (715) (715) Directors' bonus (60) (60) (60) Net income 3,053 3,053 3,053 Acquisition of treasury Disposal of treasury Other net increase (decrease) Total changes in year ended March 31, 2007 Balance as of March 31, 2007 (33) (33) (33) (21) (25) (21) 2, , (25) 867 3,357 7,831 13,009 43,078 (3,548) 60,370 2,046 (25) 1,745 64,138 6

7 Condensed Consolidated Statements of Cash Flows Cash flows from operating activities Three months ended June 30, 2006 Three months ended June 30, 2007 Year ended March 31, 2007 Income before income taxes 1,256 1,096 4,809 Depreciation ,894 Impairment loss on fixed assets Interests and dividends income (135) (156) (378) Interests expenses (Decrease) increase in notes and accounts receivable 2,988 4,668 1,322 (Decrease) increase in inventories (2,282) (3,653) (2,459) Increase (decrease) in notes and accounts payable (968) (1,080) 934 Decrease (increase) in other assets (574) (931) (1,143) Increase (decrease) in other liabilities (213) Others (195) (750) 1,040 Total ,915 Proceeds from interests and dividends received Payment of interests (3) 0 (8) Payment of income tax (1,207) (1,178) (2,233) Net cash provided by (used in) operating activities (493) (456) 4,054 Cash flows from investing activities Payments on purchase of tangible fixed assets (599) (533) (2,784) Payments on purchase of investment (300) (401) (697) Proceeds from sale of investment 1, ,162 Others Net cash provided by (used in) investing activities 940 (171) (1,275) Cash flows from financing activities Repayment of short-term borrowings (1,000) - (1,000) Payments on purchase of trasury (5) (3) (33) Proceeds from sale of treasury Dividends paid by the Company (640) (841) (717) Net cash provided by (used in) financing activities (1,626) (845) (1,609) Effect of exchange rate changes on cash and cash equivalents (15) Net increase(decrease) in cash and cash equivalents (1,194) (1,099) 1,492 Cash and cash equivalents at the beginning of the period 9,983 11,475 9,983 Cash and cash equivalents at the end of the period 8,788 10,375 11,475 7

8 Segment Information (1) Information by Business Segment Aida Engineering and its consolidated subsidiaries are engaged in manufacturing and selling press machines and auxiliary equipments. Since this business accounted for over 90% of total sales and operating income in all segments in three months ended June 30, 2006 and 2007, and year ended March 31, 2007, segment breakdowns by business lines have been omitted. (2) Information by Geographical Segment Three months ended June 30, 2006 Sales and income: Eliminations Japan Asia The Americas Europe Total or Consolidated Companywide 1. Sales to outside customers 8,116 2,246 1,537 1,380 13,281-13, Inter-segment sales 1, ,440 (2,440) - Total Sales 10,004 2,621 1,650 1,444 15,722 (2,440) 13,281 Operating expenses 8,945 2,269 1,789 1,433 14,438 (2,397) 12,040 Operating income(loss) 1, (138) 10 1,283 (43) 1,240 Three months ended June 30, 2007 Eliminations Japan Asia The Americas Europe Total or Consolidated Companywide Sales and income: 1. Sales to outside customers 7,104 1,979 1,256 1,896 12,236-12, Inter-segment sales 2, ,892 (2,892) - Total Sales 9,659 2,212 1,322 1,936 15,129 (2,892) 12,236 Operating expenses 8,729 1,884 1,416 1,951 13,981 (2,936) 11,045 Operating income(loss) (94) (15) 1, ,191 Year ended March 31, 2007 Eliminations Japan Asia The Americas Europe Total or Consolidated Companywide Sales and income: 1. Sales to outside customers 34,882 9,649 7,820 9,767 62,120-62, Inter-segment sales 10,428 1, ,054 (13,054) - Total Sales 45,311 11,181 8,464 10,218 75,175 (13,054) 62,120 Operating expenses 41,197 9,857 8,654 10,160 69,869 (12,912) 56,956 Operating income(loss) 4,114 1,323 (190) 58 5,305 (141) 5,164 (Notes) 1. Segmentation of countries and regions is based on geographical proximity. 2. Major countries and regions in segments outside Japan (1) Asia China/Hong Kong, Singapore, Malaysia, Thailand, Indonesia, South Korea (2) The Americas United States, Canada, Brasil (3) Europe Italy, France, Germany, United Kingdom 3. Among operating expenses, no unalocatable operating expenses included in the Eliminations and Companywide item. 8

9 (3) Overseas Sales Three months ended June 30, 2006 Asia The Americas Europe Others Total Overseas sales 3,216 1,539 1, ,112 Consolidated net sales 13,281 Overseas sales to consolidated net sales ratio (%) 24.2% 11.6% 10.2% 0.0% 46.0% Three months ended June 30, 2007 Asia The Americas Europe Others Total Overseas sales 2,130 1,267 1, ,140 Consolidated net sales 12,236 Overseas sales to consolidated net sales ratio (%) 17.4% 10.4% 14.2% 0.0% 42.0% Year ended March 31, 2007 Asia The Americas Europe Others Total Overseas sales 12,064 8,000 9, ,108 Consolidated net sales 62,120 Overseas sales to consolidated net sales ratio (%) 19.4% 12.9% 15.4% 0.8% 48.5% (Notes) 1. Segmentation of countries and regions is based on geographical proximity. 2. Major countries and regions in segments outside Japan (1) Asia China, Thailand, Malaysia, Indonesia, South Korea, India (2) The Americas United States, Canada, Mexico, Brasil (3) Europe Italy, United Kingdom, Germany, Czech Republic, France (4) Others Australia 3. Overseas sales are sales by the Company and its consolidated subsidiaries in countries and regions outside Japan. 9

10 Status of Production, Orders, and Sales (1) Production Volume Three months ended Three months ended Year ended June 30, 2006 June 30, 2007 March 31, 2007 Press machines 12,245 10,638 54,191 Services Other Total 12,245 10,638 54,191 (2) Orders Receipt and Backlog Three months ended Three months ended Year ended June 30, 2006 June 30, 2007 March 31, 2007 Order Press machines 13,855 16,168 57,084 Services 2,190 2,340 10,212 Other Total 16,053 18,523 67,434 Backlog Press machines 41,037 49,865 43,578 Services Other Total 41,037 49,865 43,578 (3) Sales Three months ended Three months ended Year ended June 30, 2006 June 30, 2007 March 31, 2007 Press machines 11,082 9,881 51,771 Services 2,190 2,340 10,212 Other Total 13,281 12,236 62,120 10

11 Condensed Non-Consolidated Balance Sheets June 30, 2006 June 30, 2007 March 31, 2007 Changes % % % ASSETS Current assets 26, , , (1,934) Cash and Deposits 1,443 1, Notes and accounts receivable-trade 9,490 10,912 13,655 (2,742) Maketable ,705 (1,404) Inventories 13,422 14,701 13,392 1,308 Deferred tax assets 800 1,196 1,266 (70) Other current assets 1,836 2,146 1, Allowance for doubtful receivables (1) (1) (1) 0 Fixed assets 42, , , ,146 Tangible fixed assets 13, , , Intangible fixed assets Investments and other assets 28, , , Total assets 69, , , (788) LIABILITIES Current liabilities 10, , , (1,163) Notes and accounts payable-trade 3,868 3,485 3,819 (334) Accounts payable-other 2,693 4,079 4,495 (415) Income tax payable ,049 (790) Advance received 1,576 2,391 2,453 (61) Reserve for warranty claims 839 1,490 1, Reserve for bonus (363) Other current liabilities 801 1, Long-term liabilities 1, , , Reserve for retirement allowance for employees Reserve for directors' retirement benefits (298) Deferred tax liability 663 1, Other long-term liabilities Total liabilities 11, , , (813) NET ASSETS Shareholders' equity 56, , , (439) Capital 7,831 7,831 7,831 - Capital reserve 13,036 13,019 13,019 - Retained earnings 39,155 40,059 40,495 (435) Treasury (3,659) (3,552) (3,548) (3) Valuation and translation 1, , , Unrealized holding gains on 1,615 2,592 2, Loss on deferred hedge (61) (119) (26) (92) Total net assets 57, , , Total liabilities and net assets 69, , , (788) 11

12 Condensed Non-Consolidated Statements of Income Three months ended June 30, 2006 Three months ended June 30, 2007 Changes Year ended March 31, 2007 % % % % Net sales 9, , (204) (2.1) 45, Cost of sales 7, , (332) (4.2) 36, Gross profit 2, , , Selling, general and administrative expenses 1, , , Operating income (15) (1.7) 3, Non-operating income Interests and dividend income Real estate and other lease revenue (8) 112 Other non-operating income Non-operating expenses Expenses related to leased assets Foreign currency exchange loss Other non-operating expenses 18 3 (15) 74 Recurring profit (138) (14.8) 3, Extraordinary gain (2) (100.0) Gain on sale of fixed assets Other extraordinary gain 2 - (2) 12 Extraordinary loss (50) (100.0) Loss on sale or disposal of fixed assets 1 - (1) 66 Loss on sale of investment 49 - (49) 148 Loss on impairment of fixed assets Income before income taxes (90) (10.1) 3, Income taxes and enterprise taxes ,603 Adjustment for income taxes (70) (283) Net income (47) (8.8) 1,