Shindengen Electric Manufacturing Co., Ltd.

Transcription

1 Consolidated Financial Highlights FY2013 FY2014 FY2015 FY2016 FY2017 Net sales 104, ,255 98,110 92,688 92,177 Operating profit 11,313 7, ,238 6,853 Ordinary profit 10,960 7, ,739 7,164 Profit attributable to owners of parent 12,129 5, ,509 5,293 Net assets 49,662 56,664 50,751 54,004 59,169 Total assets 132, , , , ,706 Profit attributable to owners of parent/equity(%) Ordinary profit/total assets(%) Equity ratio Capital investment 4,546 6,542 6,679 4,121 6,053 Depreciation 4,559 5,157 5,070 4,841 4,519 Research and developement expenditure 4,534 5,377 4,990 5,043 5,495

2 Segment information Sales by Segment FY2014 FY2015 FY2016 FY2017 Devices Business 38,396 36,290 37,251 39,945 Car Electronics Business 45,988 49,063 47,424 49,109 Next Generation Energy Business 25,748 15,836 11,092 7,595 Other 3,275 3,100 2,932 1,214 Operating income by segment FY2014 FY2015 FY2016 FY2017 Devices Business 4,219 4,110 2,109 4,315 Car Electronics Business 7,374 6,555 1,786 7,716 Next Generation Energy Business 2,357 (37) (555) (1,944) Other By segment Device business FY2014 FY2015 FY2016 FY2017 Net Sales 36,965 38,396 36,290 39,945 Segment income 4,219 4,110 2,109 4,315 Depreciation 2,336 2,534 2,400 2,208 Permanent Assets 1,957 2,437 2,641 3,205 Car Electronics Business FY2014 FY2015 FY2016 FY2017 Net Sales 42,212 45,988 49,063 49,109 Segment income 7,374 6,555 1,786 7,716 Depreciation 1,211 1,569 1,823 1,571 Permanent Assets 1,073 2,225 3, Next Generation Energy Business FY2014 FY2015 FY2016 FY2017 Net Sales 26,599 25,748 15,836 7,595 Segment income 2,357 (37) (555) (1,944) Depreciation Permanent Assets Other FY2014 FY2015 FY2016 FY2017 Net Sales 3,100 3,275 3,100 1,214 Segment income Depreciation Permanent Assets

3 Consolidated income statement FY2016 FY2017 Net sales 92,688 92,177 Cost of sales 75,213 72,630 Gross profit 17,474 19,546 Selling, general and administrative expenses 12,236 12,693 Operating profit 5,238 6,853 Non-operating income Interest income Dividend income Royalty income Share of profit of entities accounted for using equity method Other Total non-operating income 916 1,142 Non-operating expenses Interest expenses Foreign exchange losses Other Total non-operating expenses 1, Ordinary profit 4,739 7,164 Extraordinary income Gain on sales of non-current assets Total extraordinary income Extraordinary losses Business structure improvement expenses Impairment loss Total extraordinary losses 4,959 7,098 Profit before income taxes 799 1,656 Income taxes - current Income taxes - deferred 1,450 1,804 Total income taxes 3,509 5,293 Profit Profit attributable to 3,509 5,293 Profit attributable to owners of parent Other comprehensive income Valuation difference on available-for-sale securities (582) (46) Foreign currency translation adjustment Remeasurements of defined benefit plans, net of tax 24 (106) Share of other comprehensive income of entities accounted for using equity method 1,034 1,169 Total other comprehensive income 4,543 6,463 Comprehensive income Comprehensive income attributable to 4,543 6,463 Comprehensive income attributable to owners of parent - - Comprehensive income attributable to noncontrolling interests - -

4 Consolidated income statement (quarterly) FY2017 4Q FY2018 1Q FY2018 2Q FY2018 3Q Net sales 92,177 23,238 46,595 70,881 Cost of sales 72,630 18,067 36,841 56,158 Gross profit 19,546 5,171 9,754 14,723 Selling, general and administrative expenses 12,693 3,431 6,809 10,277 Operating profit 6,853 1,739 2,944 4,446 Non-operating income Interest income Dividend income Share of profit of entities accounted for using equity method Royalty income Other Total non-operating income 1, Non-operating expenses Interest expenses Foreign exchange losses Other Total non-operating expenses Ordinary profit 7,164 1,929 3,188 4,750 Special expenses Business structure improvement expenses Total Special expenses Profit before income taxes 7,098 1,767 3,024 4,586 Income taxes - current 1, Income taxes - deferred (4) 248 Total income taxes 1, ,039 Profit 5,293 1,341 2,324 3,547 Profit attributable to Profit attributable to owners of parent 5,293 1,341 2,324 3,547 Profit attributable to non-controlling interests Other comprehensive income Valuation difference on available-for-sale securities 979 (910) (542) (2,174) Foreign currency translation adjustment (46) (951) (1,075) (644) Remeasurements of defined benefit plans, net of tax Share of other comprehensive income of entities accounted for using equity method (106) (22) (69) (56) Total other comprehensive income 1,169 (1,816) (1,560) (2,667) Comprehensive income 6,463 (475) Comprehensive income attributable to Comprehensive income attributable to owners of parent 6,463 (475) Comprehensive income attributable to noncontrolling interests

5 Consolidaed Balance Sheet FY2016 FY2017 Current assets Cash and deposits 33,691 33,058 Notes and accounts receivable - trade 19,257 19,336 Securities 5,000 7,000 Merchandise and finished goods 6,615 7,243 Work in process 3,810 3,709 Raw materials and supplies 8,386 9,094 Deferred tax assets 719 1,058 Other 3,733 3,981 Allowance for doubtful accounts (21) (20) Total current assets 81,192 84,461 Non-current assets Property, plant and equipment Buildings and structures, net 8,878 8,295 Machinery, equipment and vehicles, net 7,490 7,642 Land 6,011 5,878 Leased assets, net Construction in progress 680 1,540 Other, net 1,385 1,742 Total property, plant and equipment 25,017 25,936 Intangible assets Goodwill 14 - Software Leased assets 16 6 Other Total intangible assets 1,292 1,675 Investments and other assets Investment securities 14,334 16,032 Deferred tax assets 6,021 4,957 Other Allowance for doubtful accounts (50) (46) Total investments and other assets 21,028 21,632 Total non-current assets 47,338 49,244 Total assets 128, ,706 Liabilities Current liabilities Notes and accounts payable - trade 14,282 14,495 Short-term loans payable 7,293 7,425 Current portion of bonds Lease obligations Income taxes payable Provision for bonuses 928 1,132 Other 4,989 6,564 Total current liabilities 28,195 31,308 Non-current liabilities Bonds payable 2,775 4,775 Long-term loans payable 20,950 17,025 Lease obligations Deferred tax liabilities Net defined benefit liability 16,447 16,084 Provision for product warranties 5,469 4,414 Asset retirement obligations Other Total non-current liabilities 46,330 43,228 Total liabilities 74,526 74,537 Net assets Shareholders' equity Capital stock 17,823 17,823 Capital surplus 7,738 7,738 Retained earnings 29,144 33,106 Treasury shares (132) (143) Total shareholders' equity 54,573 58,524 Accumulated other comprehensive income Valuation difference on available-for-sale securities 2,653 3,632 Foreign currency translation adjustment (600) (710) Remeasurements of defined benefit plans (2,621) (2,278) Total accumulated other comprehensive income (568) 644 Total net assets 54,004 59,169 Total liabilities and net assets 128, ,706

6 Consolidaed Balance Sheet (quarterly) FY2017 4Q FY2018 1Q FY2018 2Q FY2018 3Q Current assets Cash and deposits 33,058 30,660 31,613 28,852 Notes and accounts receivable - trade 19,336 18,499 18,213 18,851 Securities 7,000 7,000 7,000 7,000 Merchandise and finished goods 7,243 7,092 7,660 8,307 Work in process 3,709 4,223 4,501 4,514 Raw materials and supplies 9,094 8,866 9,551 10,046 Other 3,981 2,292 3,301 4,411 Allowance for doubtful accounts (20) (18) (18) (19) Total current assets 84,461 78,617 81,823 81,964 Non-current assets Property, plant and equipment Buildings and structures, net 8,295 8,116 7,974 7,923 Machinery, equipment and vehicles, net 7,642 8,062 7,986 8,518 Land 5,878 5,812 5,785 5,776 Leased assets, net Construction in progress 1,540 1,451 1,964 2,160 Other, net 1,742 1,712 1,705 1,701 Total property, plant and equipment 25,936 26,114 26,310 26,927 Intangible assets Software 972 1, Leased assets Other Total intangible assets 1,675 1,617 1,549 1,463 Investments and other assets Investment securities 16,032 14,849 15,436 13,239 Deferred tax assets 4,957 6,105 6,215 6,638 Other Allowance for doubtful accounts (46) (46) (47) (46) Total investments and other assets 21,632 21,582 22,283 20,538 Total non-current assets 49,244 49,314 50,142 48,929 Total assets 133, , , ,893 Liabilities Current liabilities Notes and accounts payable - trade 14,495 15,060 15,541 15,873 Short-term loans payable 7,425 7,237 7,000 6,237 Current portion of bonds Lease obligations Income taxes payable Provision for bonuses 1,132-1,129 - Other 6,564 5,645 5,210 6,305 Total current liabilities 31,308 28,940 30,427 29,740 Non-current liabilities Bonds payable 4,775 4,625 6,850 6,575 Long-term loans payable 17,025 15,500 14,825 14,650 Lease obligations Deferred tax liabilities Net defined benefit liability 16,084 16,080 15,969 16,006 Provision for product warranties 4,414 4,341 4,269 4,211 Asset retirement obligations Other Total non-current liabilities 43,228 41,584 42,893 42,393 Total liabilities 74,537 70,525 73,321 72,133 Net assets Shareholders' equity Capital stock 17,823 17,823 17,823 17,823 Capital surplus 7,738 7,738 7,738 7,738 Retained earnings 33,106 33,160 34,143 35,366 Treasury shares (143) (143) (144) (145) Total shareholders' equity 58,524 58,578 59,560 60,782 Accumulated other comprehensive income Valuation difference on available-for-sale securities 3,632 2,722 3,090 1,457 Foreign currency translation adjustment (710) (1,684) (1,854) (1,410) Remeasurements of defined benefit plans (2,278) (2,209) (2,151) (2,069) Total accumulated other comprehensive income 644 (1,172) (915) (2,022) Total net assets 59,169 57,406 58,644 58,759 Total liabilities and net assets 133, , , ,893

7 Consolidated statements of cash flows FY2016 FY2017 Cash flows from operating activities Profit before income taxes 4,959 7,098 Depreciation 4,841 4,519 Bond issuance cost Impairment loss Increase (decrease) in provision for bonuses (17) 204 Increase (decrease) in provision for product warranties (714) (1,055) Increase (decrease) in net defined benefit liability (132) 125 Interest and dividend income (389) (445) Interest expenses Decrease (increase) in notes and accounts receivable - trade 7 (150) Decrease (increase) in inventories 1,023 (1,847) Decrease (increase) in consumption taxes refund receivable 410 (282) Decrease (increase) in accounts receivable - other 134 (127) Increase (decrease) in notes and accounts payable - trade (1,043) 406 Loss on retirement of property, plant and equipment Other, net (1,608) 1,197 Subtotal 8,029 10,106 Interest and dividend income received Interest expenses paid (420) (305) Income taxes paid (203) (923) Net cash provided by (used in) operating activities 7,788 9,335 Cash flows from investing activities Purchase of investment securities - (20) Proceeds from sales of investment securities - 3 Purchase of property, plant and equipment (3,231) (4,091) Proceeds from sales of property, plant and equipment Purchase of intangible assets (649) (751) Other, net (172) (1) Net cash provided by (used in) investing activities (3,568) (4,823) Cash flows from financing activities Net increase (decrease) in short-term loans payable (0) - Proceeds from long-term loans payable 5,000 3,500 Repayments of long-term loans payable (7,419) (7,289) Proceeds from issuance of bonds 1,956 2,436 Redemption of bonds (2,475) (150) Purchase of treasury shares (3) (8) Repayments of lease obligations (201) (226) Cash dividends paid (1,287) (1,287) Net cash provided by (used in) financing activities (4,430) (3,025) Effect of exchange rate change on cash and cash equivalents (422) (132) Net increase (decrease) in cash and cash equivalents (633) 1,353 Cash and cash equivalents at beginning of period 38,905 38,271 Cash and cash equivalents at end of period 38,271 39,625

8 Consolidated statements of cash flows(quarterly) FY2016 4Q FY2017 2Q FY2017 4Q FY2018 2Q Cash flows from operating activities Profit before income taxes 4,959 4,355 7,098 3,024 Depreciation 4,841 2,104 4,519 2,328 Loss on retirement of property, plant and equipment Impairment loss Increase (decrease) in provision for bonuses (17) (3) Increase (decrease) in provision for product warranties (714) (768) (1,055) (144) Increase (decrease) in net defined benefit liability (132) Interest and dividend income (389) (217) (445) (262) Interest expenses Bond issuance cost Decrease (increase) in notes and accounts receivable - trade 7 1,669 (150) 789 Decrease (increase) in inventories 1,023 (1,506) (1,847) (2,065) Increase (decrease) in notes and accounts payable - trade (1,043) (409) 406 1,462 Decrease (increase) in consumption taxes refund receivable (282) 930 Decrease (increase) in accounts receivable - other (127) (314) Other, net (1,608) (29) 1,197 (1,240) Subtotal 8,029 6,447 10,106 4,788 Interest and dividend income received Interest expenses paid (420) (157) (305) (128) Income taxes paid (203) (385) (923) (1,335) Net cash provided by (used in) operating activities 7,788 6,123 9,335 3,588 Cash flows from investing activities Purchase of investment securities - - (20) - Proceeds from sales of investment securities Purchase of property, plant and equipment (3,231) (1,622) (4,091) (2,914) Proceeds from sales of property, plant and equipment Purchase of intangible assets (649) (451) (751) (131) Other, net (172) 86 (1) 426 Net cash provided by (used in) investing activities (3,568) (1,941) (4,823) (2,616) Cash flows from financing activities Net increase (decrease) in short-term loans payable Proceeds from long-term loans payable 5,000 2,000 3,500 1,000 Repayments of long-term loans payable (7,419) (3,461) (7,289) (3,625) Proceeds from issuance of bonds 1,956 2,438 2,436 2,440 Redemption of bonds (2,475) (50) (150) (200) Purchase of treasury shares (3) (1) (8) (1) Repayments of lease obligations (201) (111) (226) (144) Cash dividends paid (1,287) (1,287) (1,287) (1,287) Net cash provided by (used in) financing activities (4,430) (472) (3,025) (1,817) Effect of exchange rate change on cash and cash equivalents (422) (146) (132) (166) Net increase (decrease) in cash and cash equivalents (633) 3,562 1,353 (1,012) Cash and cash equivalents at beginning of period 38,905 38,271 38,271 39,625 Cash and cash equivalents at end of period 38,271 41,834 39,625 38,612