SUMMARY OF FINANCIAL STATEMENTS [Japan GAAP] (CONSOLIDATED)

Transcription

1 SUMMARY OF FINANCIAL STATEMENTS [Japan GAAP] (CONSOLIDATED) Financial Results for the First Three Quarters (April 1 to ) of the Fiscal Year Ending March 31, 2012 Company Name: Yamaichi Electronics Co., Ltd. Code:6941 Tokyo Stock Exchange 1st section URL: President:Shunji Orita Managing Director:katsuichi kato Tel: (03) Scheduled date of securities report submission: February 14, 2012 Scheduled date of dividend payment commencement: Supplementary materials for the quarterly financial statements: No Presentation to explain for the quarterly financial statements: No February 3, Consolidated Financial Results (April 1 to ) for the Fiscal Year Ending March 31, 2012 (1) Consolidated Operating Results (aggregated) (Percentage figures represent changes from the same period of the previous year.) Net Sales Operating profit Ordinary profit Net profit First three quarters ended December 31, 2010 Millions of yen % 17, , Millions of yen % 302 1,342 Millions of yen % Note: Comprehensive income First three quarters ended 1,352 million (%) First three quarters ended December 31, million (%) First three quarters ended December 31, 2010 Net profit per share Diluted net profit per share Millions of yen % (2) Consolidated Financial Positions As of Total assets Net assets Equity ratio Millions of yen Millions of yen 26,327 15,383 % 58.4 As of March 31, ,330 16, Reference: Shareholders equity as of : 15,364 million; as of March 31, 2011: 16,716 million. 2. Dividends Dividends per share 1Q 2Q 3Q 4Q Total Year ended March 31, 2011 Year ending March 31, Forecast: Year ending March 31, Note: Modifications in the dividend projection from the latest announcement: Yes 3. Forecast of Consolidated Operating Results for the year ending March 31, 2012 Year ending March 31, 2012 (Percentage figures represent changes from the same period of previous year.) Net Sales Operating profit Ordinary profit Net profit Net profit per share Millions of yen % Millions of yen % Millions of yen % Millions of yen % 23, ,000 1,200 Note: Modifications in forecasts of consolidated operating results from the latest announcement: Yes

2 ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT. This is a translation of the original Japanese-language document and is provided for Convenience only. In all cases, the Japanese-language original shall take precedence. 4. (1) Changes in significant subsidiaries during the period: No (Changes in specified subsidiaries resulting in the change in consolidation scope) (2) Adoption of special accounting treatments for quarterly consolidated financial statements: No (3) Changes in accounting policies, changes in accounting estimates and restatements 1) Changes in accounting policies due to revisions of accounting standards etc.: No 2) Changes in accounting policies other than 1): No 3) Changes in accounting estimates: No 4) Restatements: No (4) Number of shares outstanding (common stock) 1) Number of shares outstanding (including treasury stock) at term end: March 31, ,289,775 shares 23,289,775 shares 2) Number of shares of treasury stock at term end: March 31, ,670 shares 2,592 shares 3) Average number of outstanding shares (during the second quarter ended September 30): December 31, ,287,160 shares 19,680,258 shares * Status of Performance of Quarterly Review Procedures This summary of financial statements is exempt from quarterly review procedures required by Financial Instruments and Exchange Act. A part of quarterly review for securities report based on Financial Instruments and Exchange Act have not finished at the time of disclosure of this summary of financial statements. * Explanation of the appropriate use of performance forecasts and other related items All forecasts in this presentation are based on information currently available to the management and on assumptions judged to be reasonable. The Company s actual results may differ substantially from such statements due to various risks and uncertainties. -2-

3 ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT. This is a translation of the original Japanese-language document and is provided for Convenience only. In all cases, the Japanese-language original shall take precedence. 5. Qualitative Information on Current Quarter Account Settlement (1) Qualitative Information on Consolidated Operation Results In the electronics industry to which the Company Group pertains, circumstances in general shifted severe, despite demand showing signs of recovery from the earthquake disaster, mainly because of production adjustment of electronics equipment makers due to parts shortage resulting from the floods in Thailand, and demand decrease due to the prolonged strong yen and business prospect aggravation. Under these business circumstances, the Company Group has tackled with the acquisition of orders and sales, thorough-going rationalization and cost reduction through new-product development and customer-support system reinforcement. However, business results unfortunately fell short of sufficient levels. As a result, the business results in the current third quarter consolidated cumulative period were sales of 17,376 million yen (down 19.7% from the year-earlier same period), operating loss of 302 million yen (vs. operating profit of 1,342 million yen in the year-earlier same period), ordinary loss of 619 million yen (vs. ordinary profit of 657 million yen in the year-earlier same period) and quarter net loss of 830 million yen (vs. quarter net profit of 412 million yen in the year-earlier same period). Business results by segments are as follows: [Test Solution Business] Sale of IC socket products for semiconductor testing in this segment for DRAM market generally lacked in strength mainly because of demand decrease due to semiconductor makers investment in the off-season. However, the boom of smart phones and tablet PCs resulted in brisk demand and orders from and sale to pertaining semiconductor makers. As a result, sales were 6,083 million yen (down 15.6% from the year-earlier same period) and operating profit was 567 million yen (down 19.1% from the year-earlier same period). [Connector Solution Business] Both orders and sale shifted slow for connector products of this segment because of slow Christmas season demand due to business slowdown in Europe and the U.S. and the decrease in product exports for electronics equipment like digital cameras and printers due to the flood in Thailand. However, sale of flexible printed circuit board cable products (YFLEX) shifted steady for the domestic amusement market and the car navigation market. As a result, sales were 8,095 million yen (down 13.5% from the year-earlier same period) and operating profit was 230 million yen (down 73.4% from the year-earlier same period). [PV Solution Business] Despite aggressive investments in this segment for market share acquisition, sale fell far short of expectations because of demand decrease due to slow market and new business conclusions hovering at slow levels. As a result, sales were 1,209 million yen (down 50.4% from the year-earlier same period) and operating loss was 707 million yen (vs. operating loss of 67 million yen in the year-earlier same period). -3-

4 ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT. This is a translation of the original Japanese-language document and is provided for Convenience only. In all cases, the Japanese-language original shall take precedence. [Optical-related business] Despite revenue improvement from last year because of large orders taken for new products, sale of filter products for video equipment the main products of this segment has been temporarily staying at low levels due to the effect of the floods in Thailand. On the other hand, business renovation including voluntary retirement recruitment and overseas production shift has been enforced for profit-loss structure renovation. As a result, sales were 1,150 million yen (up 26.0% from the year-earlier same period) and operating profit was 37 million yen (up 211.8% from the year-earlier same period). [EMS Business] EMS business at Matty Co., Ltd. saw a big revenue decrease because of the effect of the photocapra assembling business termination and liquid crystal panel makers business reorganization. Printed circuit board assembly business at Pricon Microelectronics Inc. is recovering in both orders and sales. As a result, sales were 837 million yen (down 51.5% from the year-earlier same period) and operating loss was 178 million yen (vs. operating profit of 45 million yen in the year-earlier same period). (2) Qualitative Information on Consolidated Financial Condition Total assets at the end of the current third quarter were 26,327 million yen (down 2,002 million yen from the end of the preceding period). Liquid assets decreased 1,625 million yen mainly because cash and deposits decreased due to production equipment acquisition etc. Despite production facility acquisition, tangible fixed assets decreased 44 million yen mainly due to depreciation expense increase. Investment and other assets decreased 282 million yen because of investment securities appraisal variance decrease etc. Liabilities were 10,943 million yen (down 650 million yen from the end of the preceding period). Liquid obligations decreased 754 million yen mainly due to purchase obligation decrease resulting from sales decrease, short-term loan repayment, and bonus payment reserve decrease due to bonus payment. Fixed liabilities increased 103 million yen mainly because of increase in long-term loans payable. Net assets were 15,383 million yen (down 1,352 million yen from the end of the preceding period). Shareholders equity decreased 830 million yen because of the posting of the quarter net loss. -4-

5 (ASSETS) Consolidated Balance Sheets (Thousand of yen) As of March 31, 2011 As of Current assets Cash and deposits Notes and accounts receivable-trade Merchandise and finished goods Work in process Raw materials and supplies Deferred tax assets Allowance for doubtful accounts 6,741,626 4,340,518 1,451, ,406 1,388,351 85, ,737 14,020 5,059,875 4,369,950 1,119, ,544 1,759,095 52, ,843 10,721 Total current assets Fixed assets 15,070,695 13,445,498 Tangible fixed assets Buildings and structures Machinery, equipment and vehicles Tools, furniture and fixtures Land Lease assets Construction in progress Total tangible fixed assets Intangible fixed assets Goodwill Total intangible fixed assets Investments and other assets Investment securities Deferred tax assets Allowance for doubtful accounts Total investments and other assets Total fixed assets 2,850,687 3,013,617 2,443,533 2,405,467 1,560,770 1,677,124 3,473,383 3,470,047 36,886 49, , ,385 10,761,262 10,716,667 28,237 7, , , , ,365 1,302, , , ,823 1,009,984 1,076,684 89,873 90,837 2,334,566 2,051,935 13,259,754 12,881,968 Total assets 28,330,450 26,327,466-5-

6 (Thousand of yen) (LIABILITIES) As of March 31, 2011 As of Current liabilities Notes and accounts payable-trade Short-term loans payable Income taxes payable Provision for bonuses Deferred tax liabilities 1,887,456 6,673,840 64, ,886 54,445 1,357,958 1,490,545 6,336,683 42, ,130 74,765 1,499,982 Total current liabilities Long-term liabilities Long-term borrowings Accrued severance indemnities Allowance for director's retirement benefits Deferred tax liabilities Total long-term liabilities Total liabilities (NET ASSETS) 10,335,621 9,581, , ,000 18,233 46,277 37,172 37, , , , ,750 1,258,604 1,362,114 11,594,225 10,943,489 Shareholders' equity Common stock Capital surplus Retained earnings Treasury stock - at cost Total shareholders' equity 10,047,063 10,047,063 9,580,902 5,004,947 1,832,677 1,912,821 3,718 3,733 17,791,570 16,961,099 Valuation and translation adjustments Unrealized gains on available-for-sale securities Foreign currency translation adjustments 196,147 1,271,441 34,040 1,562,727 Total valuation and translation adjustments Minority interests 1,075,294 1,596,767 19,948 19,645 Total net assets 16,736,224 15,383,977 Total liabilities and total net assets 28,330,450 26,327,466-6-

7 Consolidated Statements of Income Net sales Cost of sales Gross profit Selling, general and administrative expenses 3Q period of previous year (From April 1, 2010 to December 31, 2010) 21,641,893 15,708,625 5,933,268 4,591,260 (Thousand of yen) 3Q period of current year (From April 1, 2011 to ) 17,376,095 13,240,574 4,135,520 4,437,564 Operating income 1,342, ,043 Non-operating income Interests income Dividends income 8,745 18,927 82,111 7,645 18, ,668 Total non-operating income Non-operating expenses Interests expense Foreign exchange loss Total non-operating expenses 109, , , , , ,902 73,029 71, , ,103 Ordinary income Extraordinary income 657, ,074 Gain on sales of fixed assets Gain on sale of investment securities Gain on retirement benefit reserve reversal Gain on sales of golf membership 14,010 12, ,247 61, ,042 Total extraordinary income 331,245 2,821 Extraordinary loss Loss on disposal of fixed assets Loss on sale of fixed assets Loss on valuation of investment securities 60,291 9,737 2,990 27, ,728 Total extraordinary loss Income before income taxes Income taxes 100, , , , , ,963 Minority interests Net income 412, ,455-7-

8 3Q period of previous year (From April 1, 2010 to December 31, 2010) (Thousand of yen) 3Q period of current year (From April 1, 2011 to ) Income before minority interests 412, ,814 comprehensive income Unrealized gains on available-for-sale securities Foreign currency translation adjustments Total other comprehensive income Comprehensive income Attribute to Comprehensive income attribute to owners of the parent Comprehensive income attribute to minority interests 61, ,045 9, ,480 58,671 58, , ,413 10, ,634 1,352,448 1,351,