Reference translation Financial Results for the Year Ended March 31, 2014 May 13, 2014 Company Name: Takasago Thermal Engineering Co., Ltd. Stock Exchange Listing: Tokyo 1st section Code Number: 1969 Company URL: http://www.tte-net.co.jp Representative: Atsushi Ouchi, President and Director Contact: Yasumitsu Shima, Executive Vice President, Group General Manager, Corporate Administration Group Phone: (03) 3255-8212 Scheduled date to ordinary general meeting of shareholders: June 27, 2014 Scheduled date to submit the Securities Report: June 27, 2014 Scheduled date to commence dividend payment: June 30, 2014 (Fraction less than one million yen has been omitted) 1. Consolidated Results for the Year Ended March 31, 2014 (April 1, 2013 (1) Consolidated Results of Operations (% indicates changes ) March 31, 2014 March 31, 2013 Net sales Operating income Ordinary income Net income (Millions of yen) (Millions of yen) (Millions of yen) (Millions of yen) 237,389 (4.4) 7,780 117.9 9,109 91.4 4,011 83.5 248,430 15.3 3,570 (31.5) 4,760 (28.9) 2,186 (48.8) (Note) Comprehensive income: March 31, 2014: 6,422 million year on year: (15.2) % March 31, 2013: 7,571 million year on year: 43.5% Net income per share Fully diluted net income per Ratio of ordinary Ratio of operating Return on equity share income to total assets income to net sales (Yen) (Yen) March 31, 2014 53.24 53.11 4.4 4.3 3.3 March 31, 2013 28.74 28.68 2.5 2.4 1.4 (Reference) Equity in earnings (losses) of affiliated companies: March 31, 2014: 150 million March 31, 2013: 95 million (2) Consolidated Financial Positions Total assets Net assets Equity ratio Net assets per share (Millions of yen) (Millions of yen) (Yen) March 31, 2014 217,132 97,416 43.0 1,248.38 March 31, 2013 207,465 93,932 43.6 1,186.44 (Reference) Shareholders equity: March 31, 2014: 93,415 million March 31, 2013: 90,371 million (3) Consolidated Cash Flows Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Cash and cash equivalents at the end of the period March 31, 2014 March 31, 2013 (Millions of yen) (Millions of yen) (Millions of yen) (Millions of yen) 13,575 1,455 (3,285) 44,298 13,054 (870) (2,801) 31,110-1 -
2. Dividends March 31, 2013 March 31, 2014 Year ending March 31, 2015 (estimated) First quarter end Second quarter end Cash dividends per share Third quarter end Year-end Annual Total cash dividends (annual) Payout ratio (consolidated) Ratio of dividends to net assets (consolidated) (Yen) (Yen) (Yen) (Yen) (Yen) (Millions of yen) - 12.50-12.50 25.00 1,910 87.0 2.2-12.50-12.50 25.00 1,877 47.0 2.1-12.50-12.50 25.00 41.9 3. Forecasts for the Consolidated Financial Results for the Year Ending March 31, 2015 (April 1, 2014 to March 31, 2015) End of second quarter (% indicates changes corresponding ) Net income Net sales Operating income Ordinary income Net income per share (Millions of yen) (Millions of yen) (Millions of yen) (Millions of yen) (Yen) 99,000 5.7 (1,000) - (600) - (400) - (5.31) Full year 242,000 1.9 6,600 (15.2) 7,300 (19.9) 4,500 12.2 59.72 (Reference) Orders received (estimated): (End of second quarter) 127,000 million (Full year) 250,000 million *Notes (1) in Important Subsidiary (Change in Specific Subsidiary Accompanying Change in Scope of Consolidation) During the Term: None (2) in Accounting Policies, in Accounting Estimates and Restatements (i) in accounting policies in accordance with the revision of accounting standard, etc.: Yes (ii) in accounting policies other than (i) above: None (iii) in accounting estimates: None (iv) Restatements: None (3) Number of Issued Shares (Common Stock) (1) Number of issued shares at fiscal year end (including treasury stock) March 31, 2014: 83,765,768 shares March 31, 2013: 85,765,768 shares (2) Number of treasury shares at fiscal year end March 31, 2014: 8,936,494 shares March 31, 2013: 9,595,830 shares (3) Average number of shares during the period March 31, 2014: 75,356,693 shares March 31, 2013: 76,083,372 shares (References) Summary of Non-consolidated Financial Results 1. Non-consolidated Financial Results for the Year Ended March 31, 2014 (April 1, 2013 (1) Non-consolidated Results of Operations (% indicates changes ) March 31, 2014 March 31, 2013 Net sales Operating income Ordinary income Net income (Millions of yen) (Millions of yen) (Millions of yen) (Millions of yen) 185,654 (5.6) 5,920 316.9 7,134 154.3 3,186 92.1 196,662 0.8 1,420 (67.9) 2,805 (46.9) 1,658 (30.9) March 31, 2014 March 31, 2013 Net income per share Fully diluted net income per share (Yen) (Yen) 42.13 42.03 21.70 21.65-2 -
(2) Non-consolidated Financial Positions Total assets Net assets Equity ratio Net assets per share (Millions of yen) (Millions of yen) (Yen) March 31, 2014 187,819 83,931 44.6 1,116.18 March 31, 2013 182,184 82,304 45.1 1,075.58 (Reference) Shareholders equity: March 31, 2014: 83,823 million March 31, 2013: 82,215 million 2. Forecasts for the Non-consolidated Financial Results for the Year Ending March 31, 2015 (April 1, 2014 to March 31, 2015) (% indicates changes corresponding ) Net sales Operating income Ordinary income Net income Net income per share (Millions of yen) (Millions of yen) (Millions of yen) (Millions of yen) (Yen) End of second quarter 70,000 (3.0) (1,900) - (1,200) - (700) - (9.26) Full year 180,000 (3.0) 4,800 (18.9) 5,700 (20.1) 3,100 (2.7) 40.99 (Reference) Orders received (estimated): (End of second quarter) 105,000 million (Full year) 190,000 million * Information regarding the audit implementation status This report is outside the scope of audit in accordance with the Financial Instruments and Exchange Law, and the audit of financial statements in accordance with the Law has not been completed as of the disclosure of this report. *Explanation concerning proper use of the forecasts for the financial results and other special instructions Forward-looking statements, including the financial results forecasts, in this document are based on currently available information held by the Company and on certain premises considered reasonable by the Company. It is not the intention of the Company to undertake the realization of these statements. Actual business results may differ forecasts, depending on various factors. - 3 -
(References) 1. Consolidated Financial Statements (1) Consolidated Balance Sheets (Millions of yen) March 31, 2013 (as of March 31, 2013) March 31, 2014 (as of March 31, 2014) ASSETS: Current assets: Cash and time deposits 32,565 46,253 Notes receivable, accounts receivable from completed contracts 112,846 107,209 Marketable securities 138 54 Cost of uncompleted contracts 3,141 3,482 Deferred tax assets 1,903 2,128 Other current assets 6,132 7,302 Less allowance for doubtful accounts (129) (119) Total current assets 156,597 166,312 Fixed assets: Property, plant and equipment at cost Buildings and structures 8,566 8,208 Machinery and vehicles 870 894 Tools, furniture and fixtures 3,287 3,323 Land 2,114 1,969 Construction in progress 26 334 Less accumulated depreciation (8,594) (8,462) Total property, plant and equipment 6,270 6,268 Intangible fixed assets 848 755 Investments and other assets Investment securities 32,806 33,026 Long- debt 13 13 Prepaid pension cost 2,094 - Net defined benefit asset - 2,707 Deferred tax assets 433 438 Guarantee deposits paid 2,364 2,799 Insurance reserve fund 2,971 2,843 Other 3,627 2,318 Less allowance for doubtful accounts (458) (352) Allowance for investment loss (104) - Total investments and other assets 43,749 43,794 Total fixed assets 50,867 50,819 TOTAL ASSETS 207,465 217,132-4 -
(Millions of yen) March 31, 2013 (as of March 31, 2013) March 31, 2014 (as of March 31, 2014) LIABILITIES Current liabilities: Notes payable, accounts payable for construction contracts 61,343 62,184 Short- debt 4,373 4,379 Accounts payable other 23,892 24,696 Income taxes payable 523 2,854 Advances received on uncompleted contracts 4,351 5,162 Allowance for bonuses to directors 116 123 Allowance for claim expenses 724 630 Allowance for losses on construction contracts 2,919 2,864 Allowance for losses on antimonopoly act - 719 Other current liabilities 10,022 9,847 Total current liabilities 108,267 113,461 Non-current liabilities: Long- debt 70 68 Employees severance and retirement benefits 1,307 - Net defined benefit liability - 1,184 Allowance for accrued severance indemnities to directors and corporate auditors 122 154 Long- accounts payable other 101 85 Deferred tax liabilities 2,981 4,112 Other non-current liabilities 683 649 Total non-current liabilities 5,265 6,253 TOTAL LIABILITIES 113,533 119,715 NET ASSETS Shareholders equity: Capital stock 13,134 13,134 Capital surplus 12,854 12,854 Retained earnings 65,823 66,303 Treasury stock (7,222) (6,799) Total shareholders equity 84,589 85,494 Accumulated other comprehensive income: Net unrealized holding gains on securities 6,075 7,526 Foreign currency translation adjustments (294) 129 Remeasurements of defined benefit plans - 265 Total accumulated other comprehensive income 5,781 7,921 Subscription rights to shares 89 107 Minority interests 3,471 3,893 Total net assets 93,932 97,416 TOTAL LIABILITIES AND NET ASSETS 207,465 217,132-5 -
(2) Consolidated Statements of Income and Comprehensive Income Consolidated Statements of Income March 31, 2013 (Millions of yen) March 31, 2014 Net sales 248,430 237,389 Cost of sales 226,181 210,080 Gross profit 22,249 27,308 Selling, general and administrative expenses: Employees salaries and allowances 7,267 7,701 Employees severance and retirement benefits 454 324 Provision for allowance for accrued severance indemnities to directors and corporate auditors 32 32 Stationery expenses 1,608 1,427 Provision of allowance for doubtful accounts 69 (15) Rents 2,416 2,522 Depreciation 434 410 Other 6,394 7,124 Total selling, general and administrative expenses 18,678 19,527 Operating income 3,570 7,780 Non-operating income Interest income 149 140 Dividends income 411 425 Insurance income 134 143 Equity in earnings of affiliates 95 150 Foreign currency exchange gains 82 141 Rent of real estate 272 309 Other 311 286 Total non-operating income 1,457 1,596 Non-operating expenses: Interest expenses 131 76 Commission fee 22 21 Expenses on rent of real estate 33 35 Depreciation 20 79 Other 60 56 Total non-operating expenses 267 268 Ordinary income 4,760 9,109 Extraordinary gains: Gain on redemption of golf membership 46 20 Gain on sale of investment securities 5 309 Other 5 6 Total extraordinary gains 56 336-6 -
(Millions of yen) March 31, 2013 March 31, 2014 Extraordinary losses: Loss on retirement of fixed assets 10 20 Impairment loss 12 73 Loss on sale of investment securities 1 - Write-down of investment securities 50 276 Dismantlement and removal expenses - 108 Cancellation penalty - 280 Provision of allowance for losses on antimonopoly act - 719 Other 28 82 Total extraordinary losses 103 1,560 Income before income taxes 4,713 7,884 Income taxes-current 1,586 3,593 Income taxes-deferred 362 (5) Total income taxes 1,948 3,587 Income before minority interests 2,765 4,296 Minority interests in income (loss) 579 284 Net income 2,186 4,011-7 -
Consolidated Statements of Comprehensive Income (Millions of yen) March 31, 2013 March 31, 2014 Income before minority interests 2,765 4,296 Other comprehensive income: Net unrealized holding gains on securities 4,954 1,446 Foreign currency translation adjustments (166) 667 Share of other comprehensive income of associates accounted for using equity method 18 12 Total other comprehensive income 4,805 2,126 Comprehensive income 7,571 6,422 Comprehensive income attributable to: Comprehensive income attributable to owners of the parent 7,204 5,886 Comprehensive income (loss) attributable to minority interests 366 536-8 -
(3) Consolidated Statements of Cash Flows Cash flows from operating activities: March 31, 2013 March 31, 2014 (Millions of yen) Income before income taxes 4,713 7,884 Depreciation and amortization 734 770 Impairment loss 12 73 Amortization of goodwill 34 34 (decrease) in allowance for doubtful accounts (117) (15) (decrease) in allowance for claim expenses 67 (128) (decrease) in allowance for losses on construction contracts (decrease) in allowance for losses on antimonopoly act (decrease) in allowance for bonuses to directors (decrease) in allowance for employees severance and retirement benefits and allowance for accrued severance indemnities to directors and corporate auditors (decrease) in provision for directors retirement benefits 66 (64) - 719 (14) 7 (2) - - 32 Decrease (increase) in net defined benefit asset - (292) (decrease) in net defined benefit liability - (13) Interest and dividends income (561) (565) Interest expenses 131 76 Foreign currency exchange loss (gain) (1) (3) Loss (gain) on sale of investment securities (3) (309) Write-down of investment securities 50 276 Loss (gain) on redemption of golf membership (46) (20) Equity in (earnings) losses of affiliates (95) (150) Loss on retirement of fixed assets 10 16 Decrease (increase) in trade receivable 10,983 5,675 Decrease (increase) in cost of uncompleted contracts 128 (334) (decrease) in notes and accounts payable trade (decrease) in advances received on uncompleted contracts (4,554) 683 1,297 255 (decrease) in accrued consumption tax 1,626 (101) Decrease (increase) in consumption tax receivable 1,087 (65) Other (259) (424) Subtotal 15,287 14,016 Interests and dividends income 595 599 Interest paid (127) (77) Income taxes paid (2,700) (1,366) Income taxes refund - 403 Net cash provided by operating activities 13,054 13,575-9 -
Cash flows from investing activities: March 31, 2013 March 31, 2014 (Millions of yen) in time deposits (2,362) (2,281) Decrease in time deposits 1,862 2,281 Purchase of property, plant and equipment (1,196) (935) Purchase of investment securities (824) (358) Proceeds from sale of investment securities 8 2,061 Proceeds from redemption of investment securities 4 321 Purchase of stocks of affiliates (192) (99) Payments of guarantee deposits (102) (628) Proceeds from collection of guarantee deposits 242 80 Payments of loans receivable (3) (0) Payments of insurance reserve fund (287) (280) Proceeds from refund of insurance reserve fund 673 408 Other payments (188) (85) Other proceeds 1,495 972 Net cash provided by (used in) investing activities (870) 1,455 Cash flows from financing activities: Net decrease in bank loans (859) (114) Proceeds from long- debt - 100 Repayments of long- debt (20) (90) Repayments of lease debt (82) (91) Purchase of treasury stock (0) (1,146) Cash dividends paid (1,910) (1,894) Cash dividends paid to minority shareholders (41) (48) Proceeds from sales of parent stock held by subsidiaries 113 - Net cash used in financing activities (2,801) (3,285) Effect of exchange rate changes on cash and cash equivalents 649 866 Net increase (decrease) in cash and cash equivalents 10,030 12,612 Cash and cash equivalents at beginning of year 19,064 31,110 in cash and cash equivalents from newly consolidated subsidiary 2,015 575 Cash and cash equivalents at end of year 31,110 44,298-10 -
2. Non-consolidated Financial Statements (1) Non-consolidated Balance Sheets (Millions of yen) March 31, 2013 (as of March 31, 2013) March 31, 2014 (as of March 31, 2014) ASSETS Current assets: Cash and time deposits 22,147 33,891 Notes receivable trade 4,741 3,495 Accounts receivable from completed contracts 96,641 90,512 Cost of uncompleted contracts 2,316 2,588 Raw materials and supplies 4 0 Prepaid expenses 68 89 Deferred tax assets 1,453 1,681 Accounts receivables other 2,595 3,847 Advances paid 1,642 1,037 Other 361 822 Less allowance for doubtful accounts (104) (99) Total current assets 131,869 137,866 Fixed assets: Property, plant and equipment at cost Buildings 5,889 5,534 Accumulated depreciation (3,728) (3,602) Buildings (net) 2,160 1,931 Structures 357 331 Accumulated depreciation (234) (228) Structures (net) 122 102 Machinery 87 88 Accumulated depreciation (36) (39) Machinery (net) 51 49 Vehicles 10 - Accumulated depreciation (10) - Vehicles (net) 0 - Tools, furniture and fixtures 2,188 2,187 Accumulated depreciation (1,288) (1,298) Tools, furniture and fixtures (net) 900 888 Land 1,183 1,022 Construction in progress 25 333 Total property, plant and equipment 4,444 4,328 Intangible fixed assets Software 436 404 Telephone rights 94 94 Other 4 5 Total intangible fixed assets 535 504 Investment and other assets Investment securities 30,139 30,368 Stocks of affiliates 5,399 5,394 Investments in capital 2 2 Long- debt 137 141 Bankruptcy claims and reorganization claims, etc. 371 368 Long- prepaid expenses 41 73 Prepaid pension cost 2,094 2,386 Guarantee deposits paid 2,079 2,482 Insurance reserve fund 2,843 2,710 Long- time deposits 2,200 1,200 Other 588 531 Less allowance for doubtful accounts (458) (540) Allowance for investment loss (104) - Total investments and other assets 45,334 45,119 Total fixed assets 50,314 49,952 TOTAL ASSETS 182,184 187,819-11 -
(Millions of yen) March 31, 2013 (as of March 31, 2013) March 31, 2014 (as of March 31, 2014) LIABILITIES Current liabilities: Notes payable trade 9,089 9,641 Accounts payable for construction contracts 46,355 43,701 Short- debt 2,510 3,222 Lease debt 36 34 Accounts payable 23,736 24,378 Accrued expenses 1,971 2,641 Income taxes payable 250 2,404 Advances received on uncompleted contracts 3,485 4,406 Deposits received 5,579 4,878 Allowance for bonuses to directors 65 60 Allowance for claim expenses 487 501 Allowance for losses on construction contracts 2,855 2,848 Allowance for losses on antimonopoly act - 719 Other 1 - Total current liabilities 96,425 99,437 Non-current liabilities: Long- debt 70 68 Long- accounts payable other 101 85 Lease debt 291 260 Deferred tax liabilities 2,980 3,998 Other 11 38 Total non-current liabilities 3,454 4,450 TOTAL LIABILITIES 99,879 103,888 NET ASSETS Shareholders equity: Common stock 13,134 13,134 Capital surplus Capital reserve 12,853 12,853 Total capital surplus 12,853 12,853 Retained earnings Legal reserve 3,283 3,283 Other retained earnings Dividend equalization reserve 656 656 Reserve for employees severance and retirement benefits 940 940 General reserve 42,878 42,878 Retained earnings carried forward 9,504 9,253 Total retained earnings 57,263 57,012 Treasury stock (7,046) (6,622) Total shareholders equity 76,205 76,378 Valuation and translation adjustments: Net unrealized holding gains on securities 6,009 7,444 Total valuation and translation adjustments 6,009 7,444 Subscription rights to shares 89 107 Total net assets 82,304 83,931 TOTAL LIABILITIES AND ASSETS 182,184 187,819-12 -
(2) Non-consolidated Statements of Income (Millions of yen) March 31, 2013 March 31, 2014 Net sales of completed contracts 196,662 185,654 Cost of completed contracts 182,304 166,921 Gross profit 14,358 18,733 Selling, general and administrative expenses: Compensation for directors and corporate auditors Provision for allowance for bonuses to directors 418 384 65 60 Employees salaries and allowances 4,374 4,485 Share-based compensation expenses 52 45 Employees severance and retirement benefits 373 238 Legal welfare expenses 724 759 Welfare expenses 273 296 Repairs and maintenance expenses 105 139 Stationary expenses 1,442 1,223 Correspondence and transportation expenses 702 722 Power utilities expenses 115 116 Research study expenses 366 383 Advertising expenses 225 257 Provision of allowance for doubtful accounts 70 (8) Entertainment expenses 349 341 Contribution 41 60 Rents 2,013 2,053 Depreciation 204 200 Taxes and dues 291 283 Insurance expenses 228 237 Miscellaneous expenses 500 534 Total selling, general and administrative expenses 12,938 12,813 Operating income 1,420 5,920 Non-operating income: Interest income 11 10 Interest on marketable securities 9 9 Dividends income 733 771 Insurance income 32 4 Insurance dividends income 128 139 Foreign currency exchange gains 154 75 Rent of real estate 272 309 Reversal of provision for retirement benefits - 39 Other 217 157 Total non-operating income 1,560 1,517-13 -
(Millions of yen) March 31, 2013 March 31, 2014 Non-operating expenses: Interest expenses 44 43 Commission fee 22 21 Depreciation 20 79 Expenses on rent of real estate 33 35 Provision of allowance for doubtful accounts - 85 Other 55 39 Total non-operating expenses 175 303 Ordinary income 2,805 7,134 Extraordinary gains: Gain on sale of investment securities - 287 Gain on redemption of golf membership 46 20 Other 2 0 Total extraordinary gains 48 308 Extraordinary losses: Loss on retirement of fixed assets 8 15 Impairment loss 12 73 Write-down of investment securities 50 276 Dismantlement and removal expenses - 108 Cancellation penalty - 280 Provision of allowance for losses on antimonopoly act - 719 Other 18 80 Total extraordinary losses 91 1,553 Income before income taxes 2,762 5,889 Income taxes-current 870 2,674 Income taxes-deferred 233 28 Total income taxes 1,104 2,703 Net income 1,658 3,186-14 -
3. Other (1) Conditions of Orders Received and Sales (Consolidated) (i) Orders received (Millions of yen; %) March 31, 2013 March 31, 2014 Amount Amount Amount of Percentage of Construction business General-purpose systems 157,375 62.0 170,420 64.5 13,045 8.3 Industrial systems 90,136 35.5 87,101 32.9 (3,034) (3.4) Subtotal 247,511 97.5 257,522 97.4 10,010 4.0 Equipment manufacturing and sales business 6,237 2.4 6,594 2.5 357 5.7 Other 169 0.1 163 0.1 (5) (3.5) Total [overseas] 253,918 [41,933] 100.0 [16.5] 264,280 [42,050] 100.0 [15.9] 10,362 [116] 4.1 [0.3] (ii) Sales (Millions of yen; %) March 31, 2013 March 31, 2014 Amount Amount Amount of Percentage of Construction business General-purpose systems 156,774 63.1 152,796 64.4 (3,977) (2.5) Industrial systems 85,034 34.2 77,508 32.6 (7,525) (8.9) Subtotal 241,808 97.3 230,305 97.0 (11,502) (4.8) Equipment manufacturing and sales business 6,452 2.6 6,919 2.9 467 7.2 Other 169 0.1 163 0.1 (5) (3.5) Total [overseas] 248,430 [31,698] 100.0 [12.8] 237,389 [29,937] 100.0 [12.6] (11,041) [(1,760)] (4.4) [(5.6)] (iii) Amount carried forward (Millions of yen; %) March 31, 2013 (as of March 31, 2013) March 31, 2014 (as of March 31, 2014) Amount Amount Amount of Percentage of Construction business General-purpose systems 116,692 70.6 134,316 69.9 17,623 15.1 Industrial systems 46,346 28.0 55,939 29.1 9,592 20.7 Subtotal 163,039 98.6 190,255 99.0 27,216 16.7 Equipment manufacturing and sales business 2,239 1.4 1,914 1.0 (324) (14.5) Other - - - - - - Total [overseas] 165,278 [18,567] 100.0 [11.2] 192,170 [30,679] 100.0 [16.0] 26,891 [12,112] 16.3 [65.2] (Note) Transactions made between segments with respect to orders received, sales and amounts carried forward are set off and deleted. - 15 -
(2) Conditions of Orders Received and Sales (Non-consolidated) (i) Orders received (Millions of yen; %) March 31, 2013 March 31, 2014 Amount Amount Amount of Percentage of Construction business General-purpose systems 143,294 74.7 155,769 77.5 12,474 8.7 Industrial systems 48,617 25.3 45,128 22.5 (3,488) (7.2) Total 191,912 100.0 200,897 100.0 8,985 4.7 (ii) Sales (Millions of yen; %) March 31, 2013 March 31, 2014 Amount Amount Amount of Percentage of Construction business General-purpose systems 142,883 72.7 138,147 74.4 (4,735) (3.3) Industrial systems 53,779 27.3 47,507 25.6 (6,272) (11.7) Total 196,662 100.0 185,654 100.0 (11,008) (5.6) (iii) Amount carried forward (Millions of yen; %) March 31, 2013 (as of March 31, 2013) March 31, 2014 (as of March 31, 2014) Amount Amount Amount of Percentage of Construction business General-purpose systems 115,952 80.3 133,574 83.7 17,621 15.2 Industrial systems 28,429 19.7 26,050 16.3 (2,378) (8.4) Total 144,382 100.0 159,625 100.0 15,242 10.6-16 -
(3) Review of Operations (Consolidated) (Financial results for the years ended March 31, 2010 to 2014) (Financial forecasts for the year ending March 31, 2015) (Fraction less than one million yen has been omitted) (Millions of yen; %) Results Forecasts Year Year ending March 31, 2010 March 31, 2011 March 31, 2012 March 31, 2013 March 31, 2014 March 31, 2015 Item Net sales Gross profit Selling, general and administrative expenses 209,298 213,175 215,464 248,430 237,389 242,000 (2.3) 100.0 1.9 100.0 1.1 100.0 15.3 100.0 (4.4) 100.0 1.9 100.0 22,391 22,021 22,572 22,249 27,308 (9.7) 10.7 (1.6) 10.3 2.5 10.5 (1.4) 9.0 22.7 11.5 16,639 16,816 17,357 18,678 19,527 (2.8) 8.0 1.1 7.9 3.2 8.1 7.6 7.6 4.5 8.2 5,751 5,205 5,214 3,570 7,780 6,600 Operating income (25.1) 2.7 (9.5) 2.4 0.2 2.4 (31.5) 1.4 117.9 3.3 (15.2) 2.7 Non-operating income 991 935 1,740 1,457 1,596 Non-operating expenses 304 229 259 267 268 Non-operating income and expenses +687 +705 +1,480 +1,189 +1,328 6,438 5,910 6,695 4,760 9,109 7,300 Ordinary income (21.1) 3.1 (8.2) 2.8 13.3 3.1 (28.9) 1.9 91.4 3.8 (19.9) 3.0 Extraordinary gains 1,833 559 1,510 56 336 Extraordinary losses 588 1,121 913 103 1,560 Extraordinary gains and losses +1,245 (561) +597 (46) (1,224) Income before 7,684 5,349 7,292 4,713 7,884 income taxes 34.3 3.7 (30.4) 2.5 36.3 3.4 (35.4) 1.9 67.3 3.3 Income taxes current 3,319 2,811 2,074 1,586 3,593 Income taxes deferred 118 (454) 985 362 (5) Income before minority interests 2,991 4,232 2,765 4,296 Minority interests in income (loss) (95) (11) (36) 579 284 Net income 4,341 3,003 4,269 2,186 4,011 4,500 54.8 2.1 (30.8) 1.4 42.1 2.0 (48.8) 0.9 83.5 1.7 12.2 1.9 Orders received Amount carried forward 206,016 207,283 221,431 253,918 264,280 250,000 (12.9) 0.6 6.8 14.7 4.1 (5.4) 159,715 153,823 159,790 165,278 192,170 200,170 (2.0) (3.7) 3.9 3.4 16.3 4.2-17 -
(4) Review of Operations (Non-consolidated) (Financial results for the years ended March 31, 2010 to 2014) (Financial forecasts for the year ending March 31, 2015) (Fraction less than one million yen has been omitted) (Millions of yen; %) Year Results Forecasts Year ending March 31, 2010 March 31, 2011 March 31, 2012 March 31, 2013 March 31, 2014 March 31, 2015 Item Net sales Gross profit Selling, general and administrative expenses 188,742 192,203 195,049 196,662 185,654 180,000 (2.0) 100.0 1.8 100.0 1.5 100.0 0.8 100.0 (5.6) 100.0 (3.0) 100.0 17,803 17,316 17,808 14,358 18,733 (12.4) 9.4 (2.7) 9.0 2.8 9.1 (19.4) 7.3 30.5 10.1 12,730 12,832 13,386 12,938 12,813 (3.1) 6.7 0.8 6.7 4.3 6.8 (3.3) 6.6 (1.0) 6.9 5,073 4,483 4,422 1,420 5,920 4,800 Operating income (29.5) 2.7 (11.6) 2.3 (1.4) 2.3 (67.9) 0.7 316.9 3.2 (18.9) 2.7 Non-operating income 1,219 1,183 1,078 1,560 1,517 Non-operating expenses 332 216 219 175 303 Non-operating income and expenses +887 +966 +858 +1,384 +1,214 5,960 5,450 5,280 2,805 7,134 5,700 Ordinary income (26.5) 3.2 (8.6) 2.8 (3.1) 2.7 (46.9) 1.4 154.3 3.8 (20.1) 3.2 Extraordinary gains 1,830 589 586 48 308 Extraordinary losses 586 1,117 909 91 1,553 Extraordinary gains and losses +1,244 (528) (323) (42) (1,244) Income before 7,204 4,922 4,957 2,762 5,889 income taxes 26.1 3.8 (31.7) 2.6 0.7 2.5 (44.3) 1.4 113.2 3.2 Income taxes current 2,737 2,459 1,560 870 2,674 Income taxes deferred 114 (394) 996 233 28 Net income 4,353 2,856 2,400 1,658 3,186 3,100 32.5 2.3 (34.4) 1.5 (16.0) 1.2 (30.9) 0.8 92.1 1.7 (2.7) 1.7 Orders received Amount carried forward 185,069 187,474 195,744 191,912 200,897 190,000 (14.5) 1.3 4.4 (2.0) 4.7 (5.4) 153,167 148,438 149,132 144,382 159,625 169,625 (2.3) (3.1) 0.5 (3.2) 10.6 6.3-18 -