KYOCERA CORPORATION | ||
By: |
/s/ HIDEKI
ISHIDA | |
Hideki Ishida Managing
Director General Manager of Corporate Business
Systems Administration Division |
Exhibit Number |
||
1. |
Yen in millions, except per share amounts, and number of shares outstanding and employees |
|||||||||||||||
Kyocera Corporations Terms |
47th interim |
48th interim |
49th interim |
47th |
48th |
||||||||||
Fiscal Periods |
Apr.1, 2000 - Sep.30, 2000 |
Apr.1, 2001 - Sep.30, 2001 |
Apr.1, 2002 - Sep.30, 2002 |
Apr.1, 2000 - Mar.31, 2001 |
Apr.1, 2001 - Mar.31, 2002 |
||||||||||
(1) Consolidated Financial Data |
|||||||||||||||
Net sales |
604,622 |
|
520,378 |
|
517,003 |
|
1,285,053 |
|
1,034,574 |
| |||||
Income before income taxes |
100,853 |
|
35,382 |
|
33,593 |
|
400,222 |
|
55,398 |
| |||||
Net income |
53,149 |
|
19,103 |
|
17,127 |
|
219,529 |
|
31,953 |
| |||||
Stockholders equity |
844,086 |
|
996,925 |
|
1,013,188 |
|
1,022,065 |
|
1,039,478 |
| |||||
Total assets |
1,407,223 |
|
1,610,346 |
|
1,639,928 |
|
1,728,056 |
|
1,645,458 |
| |||||
Stockholders equity per share |
4,464.57 |
|
5,273.70 |
|
5,475.85 |
|
5,406.12 |
|
5,498.67 |
| |||||
Earnings per shareBasic |
281.12 |
|
101.04 |
|
91.25 |
|
1,161.20 |
|
169.02 |
| |||||
Earnings per shareDiluted |
280.15 |
|
100.92 |
|
91.21 |
|
1,157.83 |
|
168.88 |
| |||||
Stockholders equity to total assets (%) |
60.0 |
|
61.9 |
|
61.8 |
|
59.2 |
|
63.2 |
| |||||
Cash flows from operating activities |
46,129 |
|
73,209 |
|
93,542 |
|
149,191 |
|
140,929 |
| |||||
Cash flows from investing activities |
(62,463 |
) |
(21,936 |
) |
(24,797 |
) |
(150,216 |
) |
(51,138 |
) | |||||
Cash flows from financing activities |
(1,320 |
) |
(5,563 |
) |
(63,228 |
) |
12,331 |
|
(18,396 |
) | |||||
Cash and cash equivalents at the end of period |
162,263 |
|
243,381 |
|
278,098 |
|
201,333 |
|
280,899 |
| |||||
Number of employees |
50,772 |
|
42,872 |
|
47,666 |
|
51,113 |
|
44,235 |
| |||||
(2) Non-Consolidated Financial Data |
|||||||||||||||
Net sales |
309,901 |
|
259,163 |
|
227,798 |
|
652,510 |
|
499,264 |
| |||||
Recurring profit |
45,772 |
|
31,668 |
|
14,956 |
|
114,500 |
|
56,412 |
| |||||
Net income |
(11,664 |
) |
19,895 |
|
9,291 |
|
31,398 |
|
34,475 |
| |||||
Common stock |
115,703 |
|
115,703 |
|
115,703 |
|
115,703 |
|
115,703 |
| |||||
Number of shares outstanding |
190,318,300 |
|
190,318,300 |
|
191,309,290 |
|
190,318,300 |
|
190,318,300 |
| |||||
Stockholders equity |
744,796 |
|
873,733 |
|
862,904 |
|
889,748 |
|
879,434 |
| |||||
Total assets |
995,600 |
|
1,118,352 |
|
1,097,263 |
|
1,208,746 |
|
1,110,951 |
| |||||
Stockholders equity per share |
|
|
|
|
|
|
4,675.06 |
|
4,652.07 |
| |||||
Earnings per shareBasic |
|
|
|
|
|
|
164.98 |
|
182.36 |
| |||||
Earnings per shareDiluted |
|
|
|
|
|
|
|
|
182.21 |
| |||||
Interim (Annual) dividends per share |
30.00 |
|
30.00 |
|
30.00 |
|
60.00 |
|
60.00 |
| |||||
Stockholders equity to total assets (%) |
74.8 |
|
78.1 |
|
78.6 |
|
73.6 |
|
79.2 |
| |||||
Number of employees |
13,876 |
|
14,550 |
|
13,983 |
|
14,659 |
|
14,568 |
|
1. |
The interim consolidated financial statements and the consolidated financial statements are in conformity with accounting principles generally accepted in the
United States of America. The interim consolidated financial statements and the consolidated financial statements are expressed rounding off to millions of yen. |
2. |
Earnings per share amounts in the consolidated financial data are computed based on Statement of Financial Accounting Standards No.128, Earnings per
Share. |
3. |
The interim non-consolidated financial statements and the non-consolidated financial statements are expressed rounding down to millions of yen.
|
4. |
Consumption taxes and local consumption taxes are not included in net sales. |
5. |
In the interim non-consolidated financial statements, treasury stock is disclosed as a reduction of shareholders equity, and stockholders equity per
share, basic earnings per share and diluted earnings per share are computed by deducting the number of treasury stock from the number of shares outstanding from previous fiscal year. |
Name |
Country of incorporation |
Percentage held by the Company |
Main business | ||||
Kyocera Chemical Corporation |
Japan |
100.00 |
% |
Manufacture and sale of electronic parts and materials |
Counter Party |
Country |
Contents |
Period | |||
Eastman Kodak Company |
U.S.A. |
License under patents regarding digital camera |
From April 1, 2002 to March 31, 2012 | |||
Motorola Incorporated |
U.S.A. |
License under patents regarding cellular phone |
From January 1, 2002 to December 31, 2003 |
(1) |
Investment for Key Equipment and Facilities |
1. |
The amount of capital expenditure plans does not include consumption taxes and local consumption taxes. |
2. |
At the beginning of this fiscal year, Kyocera forecasted ¥50,000 million of capital expenditures. However, due to the continuing tough business situation in
the IT related market, we reduced our investment in new equipment and facility. As a result, capital expenditures for the fiscal year ending March 31, 2003 are expected to be ¥44,000 million. |
Title of each class |
Name of each exchange on which registered | |
Common Stock Common Stock American Depositary Shares |
Tokyo Stock Exchange Osaka Stock
Exchange New York Stock Exchange |
Yen in millions except number of shares | ||||||||||||
Date of issuance |
Increased number of shares issued |
Number of shares issued |
Increased amount of capital |
Total amount of capital |
Increased amount of
additional paid-in capital |
Total amount of additional paid-in capital | ||||||
August 1, 2002 |
990,990 |
191,309,290 |
|
115,703 |
11,351 |
185,838 |
Name |
Shares owned in thousands |
Ownership (%) |
|||
Japan Trustee Services Bank, Ltd. (Trust Account) |
12,894 |
6.74 |
% | ||
The Master Trust Bank of Japan, Ltd. (Trust Account) |
7,911 |
4.14 |
% | ||
The Bank of Kyoto, Ltd. |
7,218 |
3.77 |
% | ||
Kazuo Inamori |
6,806 |
3.56 |
% | ||
UFJ Trust Bank Limited (Trust Account A) |
6,775 |
3.54 |
% | ||
The Inamori Foundation |
4,680 |
2.45 |
% | ||
UFJ Bank Limited |
3,919 |
2.05 |
% | ||
The Chase Manhattan Bank N.A., London SL Omnibus Account (Standing proxy: The Mizuho Bank, Limited) |
3,599 |
1.88 |
% | ||
Keiai Kosan K.K. |
3,549 |
1.86 |
% | ||
Nats Cumuco (Standing proxy: Sumitomo Mitsui Banking Corporation) |
2,822 |
1.48 |
% | ||
|
|
| |||
Total |
60,176 |
31.46 |
% | ||
|
|
|
Number of shares |
Number of voting rights | |||
Shares without voting rights |
|
| ||
Shares with limited voting rights |
|
| ||
Shares with full voting rights (treasury stock) |
6,280,100 shares of common
stock |
| ||
Shares with full voting rights (other) |
184,398,300 shares of common
stock |
1,843,983 | ||
Shares constituting less than one unit |
630,890 shares of common
stock |
| ||
Total number of shares issued |
191,309,290 shares of common
stock |
| ||
Total voting rights of all shareholders |
|
1,843,983 |
Tokyo Stock Exchange | ||||
Price per share of common stock (yen) | ||||
For the six month ended September 30, 2002 |
High |
Low | ||
April, 2002 |
9,390 |
8,300 | ||
May, 2002 |
10,070 |
8,530 | ||
June, 2002 |
9,940 |
7,800 | ||
July, 2002 |
9,130 |
7,700 | ||
August, 2002 |
9,070 |
7,740 | ||
September, 2002 |
9,050 |
7,820 |
Yen in millions | ||||||||||||||||||||
September 30, 2001 |
September 30, 2002 |
March 31, 2002 | ||||||||||||||||||
Amount |
% |
Amount |
% |
Amount |
% | |||||||||||||||
Current assets: |
||||||||||||||||||||
Cash and cash equivalents |
¥ |
243,381 |
|
¥ |
278,098 |
|
¥ |
280,899 |
|
|||||||||||
Restricted cash |
Note 8 |
|
53,381 |
|
|
57,505 |
|
|
59,509 |
|
||||||||||
Short-term investments |
Note 4 |
|
11,679 |
|
|
14,200 |
|
|
10,902 |
|
||||||||||
Trade notes receivable |
|
35,471 |
|
|
30,354 |
|
|
25,367 |
|
|||||||||||
Trade accounts receivable |
Note 5 |
|
181,902 |
|
|
184,082 |
|
|
174,240 |
|
||||||||||
Short-term finance receivables |
Note 5 |
|
68,036 |
|
|
37,185 |
|
|
83,196 |
|
||||||||||
Less allowances for doubtful accounts and sales returns |
|
(9,798 |
) |
|
(10,066 |
) |
|
(11,110 |
) |
|||||||||||
Inventories |
Note 5 |
|
219,091 |
|
|
188,967 |
|
|
205,806 |
|
||||||||||
Deferred income taxes |
|
45,543 |
|
|
52,969 |
|
|
51,997 |
|
|||||||||||
Other current assets |
|
25,305 |
|
|
18,496 |
|
|
22,061 |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total current assets |
|
873,991 |
|
54.3 |
|
851,790 |
|
51.9 |
|
902,867 |
|
54.9 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Non-current assets: |
||||||||||||||||||||
Investments in and advances to affiliates and unconsolidated subsidiaries |
|
25,222 |
|
|
28,106 |
|
|
26,206 |
|
|||||||||||
Securities and other investments |
Note 4 |
|
289,367 |
|
|
319,245 |
|
|
301,659 |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total investments and advances |
|
314,589 |
|
19.5 |
|
347,351 |
|
21.2 |
|
327,865 |
|
19.9 | ||||||||
Long-term finance receivables |
Note 5 |
|
78,000 |
|
4.8 |
|
116,151 |
|
7.1 |
|
83,745 |
|
5.1 | |||||||
Property, plant and equipment, at cost: |
Note 5 |
|||||||||||||||||||
Land |
|
46,222 |
|
|
53,540 |
|
|
46,834 |
|
|||||||||||
Buildings |
|
182,754 |
|
|
201,360 |
|
|
189,024 |
|
|||||||||||
Machinery and equipment |
|
547,655 |
|
|
584,233 |
|
|
568,717 |
|
|||||||||||
Construction in progress |
|
12,394 |
|
|
8,415 |
|
|
11,596 |
|
|||||||||||
Less accumulated depreciation |
|
(507,588 |
) |
|
(583,546 |
) |
|
(547,548 |
) |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
281,437 |
|
17.5 |
|
264,002 |
|
16.1 |
|
268,623 |
|
16.3 | |||||||||
Goodwill |
Note 6 |
|
29,708 |
|
1.9 |
|
25,966 |
|
1.6 |
|
30,757 |
|
1.9 | |||||||
Intangible assets |
Note 6 |
|
17,997 |
|
1.1 |
|
19,263 |
|
1.2 |
|
16,202 |
|
1.0 | |||||||
Other assets |
|
14,624 |
|
0.9 |
|
15,405 |
|
0.9 |
|
15,399 |
|
0.9 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total non-current assets |
|
736,355 |
|
45.7 |
|
788,138 |
|
48.1 |
|
742,591 |
|
45.1 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
¥ |
1,610,346 |
|
100.0 |
¥ |
1,639,928 |
|
100.0 |
¥ |
1,645,458 |
|
100.0 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Yen in millions |
|||||||||||||||||||||||
September 30, 2001 |
September 30, 2002 |
March 31, 2002 |
|||||||||||||||||||||
Amount |
% |
Amount |
% |
Amount |
% |
||||||||||||||||||
Current liabilities: |
|||||||||||||||||||||||
Short-term borrowings |
Note 5 |
¥ |
99,475 |
|
¥ |
107,357 |
|
¥ |
106,880 |
|
|||||||||||||
Current portion of long-term debt |
Note 5 |
|
6,113 |
|
|
21,300 |
|
|
12,401 |
|
|||||||||||||
Trade notes and accounts payable |
|
82,646 |
|
|
92,674 |
|
|
78,627 |
|
||||||||||||||
Other notes and accounts payable |
|
41,621 |
|
|
25,428 |
|
|
27,236 |
|
||||||||||||||
Accrued payroll and bonus |
|
32,237 |
|
|
33,317 |
|
|
31,572 |
|
||||||||||||||
Accrued income taxes |
|
23,651 |
|
|
17,051 |
|
|
21,359 |
|
||||||||||||||
Accrued litigation expenses |
Note 8 |
|
39,955 |
|
|
48,191 |
|
|
45,333 |
|
|||||||||||||
Other accrued liabilities |
|
22,006 |
|
|
27,443 |
|
|
24,344 |
|
||||||||||||||
Other current liabilities |
|
11,983 |
|
|
14,104 |
|
|
11,356 |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total current liabilities |
|
359,687 |
|
22.3 |
|
|
386,865 |
|
23.6 |
|
|
359,108 |
|
21.8 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Non-current liabilities: |
|||||||||||||||||||||||
Long-term debt |
Note 5 |
|
92,173 |
|
|
75,078 |
|
|
96,856 |
|
|||||||||||||
Accrued pension and severance costs |
|
48,049 |
|
|
59,962 |
|
|
49,549 |
|
||||||||||||||
Deferred income taxes |
|
25,579 |
|
|
35,248 |
|
|
28,045 |
|
||||||||||||||
Liabilities deferred pursuant to the rehabilitation plan |
Note 5 |
|
22,410 |
|
|
|
|
|
|
|
|||||||||||||
Other non-current liabilities |
|
4,719 |
|
|
5,352 |
|
|
4,892 |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total non-current liabilities |
|
192,930 |
|
12.0 |
|
|
175,640 |
|
10.7 |
|
|
179,342 |
|
10.9 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total liabilities |
|
552,617 |
|
34.3 |
|
|
562,505 |
|
34.3 |
|
|
538,450 |
|
32.7 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Minority interests in subsidiaries |
|
60,804 |
|
3.8 |
|
|
64,235 |
|
3.9 |
|
|
67,530 |
|
4.1 |
| ||||||||
Commitments and contingencies |
Note 8 |
||||||||||||||||||||||
Stockholders equity: |
|||||||||||||||||||||||
Common stock |
|
115,703 |
|
7.2 |
|
|
115,703 |
|
7.0 |
|
|
115,703 |
|
7.0 |
| ||||||||
Additional paid-in capital |
|
158,220 |
|
9.8 |
|
|
167,609 |
|
10.2 |
|
|
158,228 |
|
9.6 |
| ||||||||
Retained earnings |
|
791,228 |
|
49.1 |
|
|
809,863 |
|
49.4 |
|
|
798,407 |
|
48.5 |
| ||||||||
Accumulated other comprehensive income |
Notes 2(9), 4, 7, 9 |
|
(58,087 |
) |
(3.6 |
) |
|
(28,423 |
) |
(1.7 |
) |
|
(22,750 |
) |
(1.3 |
) | |||||||
Treasury stock, at cost |
|
(10,139 |
) |
(0.6 |
) |
|
(51,564 |
) |
(3.1 |
) |
|
(10,110 |
) |
(0.6 |
) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total stockholders equity |
|
996,925 |
|
61.9 |
|
|
1,013,188 |
|
61.8 |
|
|
1,039,478 |
|
63.2 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
¥ |
1,610,346 |
|
100.0 |
|
¥ |
1,639,928 |
|
100.0 |
|
¥ |
1,645,458 |
|
100.0 |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yen in millions |
|||||||||||||||||||||||
Six months ended September 30, |
Year ended March 31, |
||||||||||||||||||||||
2001 |
2002 |
2002 |
|||||||||||||||||||||
Amount |
% |
Amount |
% |
Amount |
% |
||||||||||||||||||
Net sales |
¥ |
520,378 |
|
100.0 |
|
¥ |
517,003 |
|
100.0 |
|
¥ |
1,034,574 |
|
100.0 |
| ||||||||
Cost of sales |
|
396,436 |
|
76.2 |
|
|
391,425 |
|
75.7 |
|
|
795,201 |
|
76.9 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Gross profit |
|
123,942 |
|
23.8 |
|
|
125,578 |
|
24.3 |
|
|
239,373 |
|
23.1 |
| ||||||||
Selling, general and administrative expenses |
|
89,782 |
|
17.2 |
|
|
88,631 |
|
17.2 |
|
|
187,812 |
|
18.1 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Profit from operations |
|
34,160 |
|
6.6 |
|
|
36,947 |
|
7.1 |
|
|
51,561 |
|
5.0 |
| ||||||||
Other income (expenses): |
|||||||||||||||||||||||
Interest and dividend income |
|
4,048 |
|
|
2,740 |
|
|
7,304 |
|
||||||||||||||
Interest expense |
Note 7 |
|
(1,393 |
) |
|
(763 |
) |
|
(2,655 |
) |
|||||||||||||
Foreign currency transaction (losses) gains, net |
|
(2,434 |
) |
|
(6,326 |
) |
|
5,238 |
|
||||||||||||||
Equity in earnings of affiliates and |
|||||||||||||||||||||||
unconsolidated subsidiaries |
|
797 |
|
|
1,175 |
|
|
1,559 |
|
||||||||||||||
Losses on devaluation of investment securities |
|
(512 |
) |
|
(347 |
) |
|
(5,771 |
) |
||||||||||||||
Other, net |
Note 7 |
|
716 |
|
|
167 |
|
|
(1,838 |
) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total other income (expenses) |
|
1,222 |
|
0.2 |
|
|
(3,354 |
) |
(0.6 |
) |
|
3,837 |
|
0.4 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Income before income taxes, minority interests and cumulative effect of change in accounting principle
|
|
35,382 |
|
6.8 |
|
|
33,593 |
|
6.5 |
|
|
55,398 |
|
5.4 |
| ||||||||
Income taxes: |
|||||||||||||||||||||||
Current |
|
16,188 |
|
|
15,339 |
|
|
34,187 |
|
||||||||||||||
Deferred |
|
(2,097 |
) |
|
(1,259 |
) |
|
(12,879 |
) |
||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
14,091 |
|
2.7 |
|
|
14,080 |
|
2.7 |
|
|
21,308 |
|
2.1 |
| |||||||||
Income before minority interests and cumulative effect of change in accounting principle |
|
21,291 |
|
4.1 |
|
|
19,513 |
|
3.8 |
|
|
34,090 |
|
3.3 |
| ||||||||
Minority interests |
|
(350 |
) |
(0.1 |
) |
|
(130 |
) |
(0.1 |
) |
|
(299 |
) |
(0.0 |
) | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Income before cumulative effect of change in accounting principle |
|
20,941 |
|
4.0 |
|
|
19,383 |
|
3.7 |
|
|
33,791 |
|
3.3 |
| ||||||||
Cumulative effect of change in accounting principle |
Notes 2(8), (9) |
|
(1,838 |
) |
(0.3 |
) |
|
(2,256 |
) |
(0.4 |
) |
|
(1,838 |
) |
(0.2 |
) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Net income |
¥ |
19,103 |
|
3.7 |
|
¥ |
17,127 |
|
3.3 |
|
¥ |
31,953 |
|
3.1 |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Earnings per share: |
Note 12 |
||||||||||||||||||||||
Income before cumulative effect of change in accounting principle: |
|||||||||||||||||||||||
Basic |
¥ |
110.76 |
|
¥ |
103.27 |
|
¥ |
178.74 |
|
||||||||||||||
Diluted |
|
110.62 |
|
|
103.22 |
|
|
178.59 |
|
||||||||||||||
Cumulative effect of change in accounting principle : |
|||||||||||||||||||||||
Basic |
|
(9.72 |
) |
|
(12.02 |
) |
|
(9.72 |
) |
||||||||||||||
Diluted |
|
(9.70 |
) |
|
(12.01 |
) |
|
(9.71 |
) |
||||||||||||||
Net income: |
|||||||||||||||||||||||
Basic |
|
101.04 |
|
|
91.25 |
|
|
169.02 |
|
||||||||||||||
Diluted |
|
100.92 |
|
|
91.21 |
|
|
168.88 |
|
||||||||||||||
Cash dividends declared per share: |
|||||||||||||||||||||||
Per share of common stock |
|
30.00 |
|
|
30.00 |
|
|
60.00 |
|
||||||||||||||
Weighted average number of shares of common stock outstanding (shares in thousands): |
|||||||||||||||||||||||
Basic |
|
189,065 |
|
|
187,694 |
|
|
189,050 |
|
||||||||||||||
Diluted |
|
189,294 |
|
|
187,780 |
|
|
189,204 |
|
Yen in millions and shares in thousands |
||||||||||||||||||||||
Number of shares of common stock |
Common stock |
Additional paid-in capital |
Retained earnings |
Accumulated other comprehensive income Note 9 |
Treasury stock, at cost |
Comprehensive income |
||||||||||||||||
Balance, March 31, 2001 (189,057) |
¥ |
115,703 |
¥ |
158,183 |
¥ |
777,797 |
|
¥ |
(19,673 |
) |
¥ |
(9,945 |
) |
|||||||||
Net income for the year |
|
31,953 |
|
¥ |
31,953 |
| ||||||||||||||||
Other comprehensive income |
|
(3,077 |
) |
|
(3,077 |
) | ||||||||||||||||
|
|
| ||||||||||||||||||||
Total comprehensive income for the year |
¥ |
28,876 |
| |||||||||||||||||||
|
|
| ||||||||||||||||||||
Cash dividends |
|
(11,343 |
) |
|||||||||||||||||||
Purchase of treasury stock (83) |
|
(628 |
) |
|||||||||||||||||||
Reissuance of treasury stock (68) |
|
45 |
|
463 |
|
|||||||||||||||||
Balance, March 31, 2002 (189,042) |
|
115,703 |
|
158,228 |
|
798,407 |
|
|
(22,750 |
) |
|
(10,110 |
) |
|||||||||
Net income for the first half |
|
17,127 |
|
¥ |
17,127 |
| ||||||||||||||||
Other comprehensive income |
|
(5,673 |
) |
|
(5,673 |
) | ||||||||||||||||
|
|
| ||||||||||||||||||||
Total comprehensive income for the first half |
¥ |
11,454 |
| |||||||||||||||||||
|
|
| ||||||||||||||||||||
Stock issuance for acquisition of a subsidiary (991) |
|
9,381 |
||||||||||||||||||||
Cash dividends |
|
(5,671 |
) |
|||||||||||||||||||
Purchase of treasury stock (5,016) |
|
(41,540 |
) |
|||||||||||||||||||
Reissuance of treasury stock (11) |
|
0 |
|
86 |
|
|||||||||||||||||
Balance, September 30, 2002 (185,028) |
¥ |
115,703 |
¥ |
167,609 |
¥ |
809,863 |
|
¥ |
(28,423 |
) |
¥ |
(51,564 |
) |
|||||||||
Yen in millions and shares in thousands |
||||||||||||||||||||||
Number of shares of common stock |
Common stock |
Additional paid-in capital |
Retained earnings |
Accumulated other comprehensive income Note 9 |
Treasury stock, at cost |
Comprehensive income |
||||||||||||||||
Balance, March 31, 2001 (189,057) |
¥ |
115,703 |
¥ |
158,183 |
¥ |
777,797 |
|
¥ |
(19,673 |
) |
¥ |
(9,945 |
) |
|||||||||
Net income for the first half |
|
19,103 |
|
¥ |
19,103 |
| ||||||||||||||||
Other comprehensive income |
|
(38,414 |
) |
|
(38,414 |
) | ||||||||||||||||
|
|
| ||||||||||||||||||||
Total comprehensive income for the first half |
¥ |
(19,311 |
) | |||||||||||||||||||
|
|
| ||||||||||||||||||||
Cash dividends |
|
(5,672 |
) |
|||||||||||||||||||
Purchase of treasury stock (59) |
|
(506 |
) |
|||||||||||||||||||
Reissuance of treasury stock (39) |
|
37 |
|
312 |
|
|||||||||||||||||
Balance, September 30, 2001 (189,037) |
¥ |
115,703 |
¥ |
158,220 |
¥ |
791,228 |
|
¥ |
(58,087 |
) |
¥ |
(10,139 |
) |
Yen in millions |
||||||||||||||
Six months ended September 30, |
Year ended March 31, 2002 |
|||||||||||||
2001 |
2002 |
|||||||||||||
Cash flows from operating activities: |
||||||||||||||
Net income |
¥ |
19,103 |
|
¥ |
17,127 |
|
¥ |
31,953 |
| |||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||||||||
Depreciation and amortization |
|
40,578 |
|
|
35,133 |
|
|
88,497 |
| |||||
Provision for doubtful accounts |
|
2,111 |
|
|
(687 |
) |
|
3,593 |
| |||||
Losses on inventories |
|
6,075 |
|
|
3,384 |
|
|
11,872 |
| |||||
Deferred income taxes |
|
(2,097 |
) |
|
(1,259 |
) |
|
(12,879 |
) | |||||
Minority interests |
|
350 |
|
|
130 |
|
|
299 |
| |||||
Equity in earnings of affiliates and unconsolidated subsidiaries |
|
(797 |
) |
|
(1,175 |
) |
|
(1,559 |
) | |||||
Losses on devaluation of investment securities |
|
512 |
|
|
347 |
|
|
5,771 |
| |||||
Cumulative effect of change in accounting principle |
Notes 2(8), (9) |
|
1,838 |
|
|
2,256 |
|
|
1,838 |
| ||||
Foreign currency adjustments |
|
1,956 |
|
|
6,052 |
|
|
(6,280 |
) | |||||
Change in assets and liabilities: |
||||||||||||||
Decrease in receivables |
|
47,970 |
|
|
4,964 |
|
|
55,047 |
| |||||
Decrease in inventories |
|
21,293 |
|
|
10,288 |
|
|
40,443 |
| |||||
(Increase) decrease in other current assets |
|
(3,721 |
) |
|
1,421 |
|
|
4,683 |
| |||||
(Decrease) increase in notes and accounts payable |
|
(19,281 |
) |
|
8,459 |
|
|
(41,600 |
) | |||||
Decrease in accrued income taxes |
|
(36,203 |
) |
|
(3,973 |
) |
|
(37,923 |
) | |||||
(Decrease) increase in other current liabilities |
|
(7,152 |
) |
|
9,315 |
|
|
(4,424 |
) | |||||
Increase in other non-current liabilities |
|
911 |
|
|
803 |
|
|
2,299 |
| |||||
Other, net |
|
(237 |
) |
|
957 |
|
|
(701 |
) | |||||
|
|
|
|
|
|
|
|
| ||||||
Net cash provided by operating activities |
|
73,209 |
|
|
93,542 |
|
|
140,929 |
| |||||
|
|
|
|
|
|
|
|
| ||||||
Cash flows from investing activities: |
||||||||||||||
Payments for purchases of available-for-sale securities |
|
(20,157 |
) |
|
(32 |
) |
|
(47,402 |
) | |||||
Payments for purchases of held-to-maturity securities |
|
(2,997 |
) |
|
(22,280 |
) |
|
(13,588 |
) | |||||
Payments for purchases of investments and advances |
|
(32 |
) |
|
(542 |
) |
|
(465 |
) | |||||
Sales and maturities of available-for-sale securities |
|
13,055 |
|
|
5,400 |
|
|
44,934 |
| |||||
Maturities of held-to-maturity securities |
|
35,220 |
|
|
12,060 |
|
|
38,697 |
| |||||
Payments for purchases of property, plant and equipment |
|
(36,619 |
) |
|
(20,379 |
) |
|
(59,031 |
) | |||||
Proceeds from sales of property, plant and equipment |
|
185 |
|
|
977 |
|
|
1,809 |
| |||||
Payments for purchases of intangible assets |
|
(3,885 |
) |
|
(3,566 |
) |
|
(10,669 |
) | |||||
Acquisitions of businesses, net of cash acquired |
Note 13 |
|
|
|
|
4,058 |
|
|
(60 |
) | ||||
Restricted cash |
|
(6,959 |
) |
|
(1,476 |
) |
|
(6,959 |
) | |||||
Other, net |
|
253 |
|
|
983 |
|
|
1,596 |
| |||||
|
|
|
|
|
|
|
|
| ||||||
Net cash used in investing activities |
|
(21,936 |
) |
|
(24,797 |
) |
|
(51,138 |
) | |||||
|
|
|
|
|
|
|
|
| ||||||
Cash flows from financing activities: |
||||||||||||||
Decrease in short-term debt |
|
(36,072 |
) |
|
(3,898 |
) |
|
(30,345 |
) | |||||
Proceeds from issuance of long-term debt |
|
45,323 |
|
|
894 |
|
|
60,043 |
| |||||
Payments of long-term debt |
|
(5,321 |
) |
|
(13,241 |
) |
|
(9,659 |
) | |||||
Payments of liabilities deferred pursuant to the rehabilitation plan |
|
(3,253 |
) |
|
|
|
|
(25,609 |
) | |||||
Dividends paid |
|
(6,323 |
) |
|
(6,269 |
) |
|
(12,773 |
) | |||||
Purchase of treasury stock |
|
(506 |
) |
|
(41,535 |
) |
|
(628 |
) | |||||
Other, net |
|
589 |
|
|
821 |
|
|
575 |
| |||||
|
|
|
|
|
|
|
|
| ||||||
Net cash used in financing activities |
|
(5,563 |
) |
|
(63,228 |
) |
|
(18,396 |
) | |||||
|
|
|
|
|
|
|
|
| ||||||
Effect of exchange rate changes on cash and cash equivalents |
|
(3,662 |
) |
|
(8,318 |
) |
|
8,171 |
| |||||
|
|
|
|
|
|
|
|
| ||||||
Net increase (decrease) in cash and cash equivalents |
|
42,048 |
|
|
(2,801 |
) |
|
79,566 |
| |||||
Cash and cash equivalents at beginning of period |
|
201,333 |
|
|
280,899 |
|
|
201,333 |
| |||||
|
|
|
|
|
|
|
|
| ||||||
Cash and cash equivalents at end of period |
¥ |
243,381 |
|
¥ |
278,098 |
|
¥ |
280,899 |
| |||||
|
|
|
|
|
|
|
|
|
Number of companies |
Major companies | |||
Consolidated subsidiaries: |
148 |
AVX CORPORATION KYOCERA WIRELESS CORP. KYOCERA MITA CORPORATION KYOCERA ELCO CORPORATION | ||
Affiliates and unconsolidated subsidiaries: |
20 |
TAITO CORPORATION KINSEKI, LTD. |
Buildings |
2 to 50 years | |
Machinery and equipment |
2 to 20 years |
Yen in millions, except per share amounts | |||||||||
Six months ended September
30, |
Year ended March
31, | ||||||||
2001 |
2002 |
2002 | |||||||
Pro forma net sales |
¥ |
536,130 |
¥ |
526,838 |
¥ |
1,065,535 | |||
Pro forma net income |
|
9,975 |
|
15,163 |
|
20,618 | |||
Pro forma net income per share:* |
|||||||||
Basic |
¥ |
52.49 |
¥ |
80.50 |
¥ |
108.49 | |||
Diluted |
|
52.42 |
|
80.47 |
|
108.41 |
Yen in millions | ||||||||||||||||||||||||
September 30, 2001 |
September 30, 2002 | |||||||||||||||||||||||
Cost |
Aggregate fair values |
Gross unrealized gains |
Gross unrealized losses |
Cost |
Aggregate fair values |
Gross unrealized gains |
Gross unrealized losses | |||||||||||||||||
Available-for-sale securities: |
||||||||||||||||||||||||
Corporate debt securities |
¥ |
11,071 |
¥ |
11,017 |
¥ |
30 |
¥ |
84 |
¥ |
22,725 |
¥ |
22,447 |
¥ |
14 |
¥ |
292 | ||||||||
Other debt securities |
|
44,856 |
|
41,724 |
|
94 |
|
3,226 |
|
24,056 |
|
20,044 |
|
4 |
|
4,016 | ||||||||
Equity securities |
|
266,189 |
|
207,542 |
|
6,175 |
|
64,822 |
|
262,183 |
|
235,492 |
|
5,227 |
|
31,918 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total available-for-sale securities |
|
322,116 |
|
260,283 |
|
6,299 |
|
68,132 |
|
308,964 |
|
277,983 |
|
5,245 |
|
36,226 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Held-to-maturity securities: |
||||||||||||||||||||||||
Corporate debt securities |
|
34,769 |
|
34,604 |
|
13 |
|
178 |
|
23,340 |
|
23,141 |
|
1 |
|
200 | ||||||||
Other debt securities |
|
1,999 |
|
2,003 |
|
4 |
|
|
|
28,987 |
|
29,210 |
|
223 |
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total held-to-maturity securities |
|
36,768 |
|
36,607 |
|
17 |
|
178 |
|
52,327 |
|
52,351 |
|
224 |
|
200 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total investments in debt and equity securities |
¥ |
358,884 |
¥ |
296,890 |
¥ |
6,316 |
¥ |
68,310 |
¥ |
361,291 |
¥ |
330,334 |
¥ |
5,469 |
¥ |
36,426 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yen in millions | ||||||||||||
March 31, 2002 | ||||||||||||
Cost |
Aggregate fair values |
Gross unrealized gains |
Gross unrealized losses | |||||||||
Available-for-sale securities: |
||||||||||||
Corporate debt securities |
¥ |
28,127 |
¥ |
27,838 |
¥ |
19 |
¥ |
308 | ||||
Other debt securities |
|
24,056 |
|
21,821 |
|
4 |
|
2,239 | ||||
Equity securities |
|
262,039 |
|
216,100 |
|
6,163 |
|
52,102 | ||||
|
|
|
|
|
|
|
| |||||
Total available-for-sale securities |
|
314,222 |
|
265,759 |
|
6,186 |
|
54,649 | ||||
|
|
|
|
|
|
|
| |||||
Held-to-maturity securities: |
||||||||||||
Corporate debt securities |
|
31,091 |
|
30,626 |
|
1 |
|
466 | ||||
Other debt securities |
|
12,591 |
|
12,568 |
|
4 |
|
27 | ||||
|
|
|
|
|
|
|
| |||||
Total held-to-maturity securities |
|
43,682 |
|
43,194 |
|
5 |
|
493 | ||||
|
|
|
|
|
|
|
| |||||
Total investments in debt and equity securities |
¥ |
357,904 |
¥ |
308,953 |
¥ |
6,191 |
¥ |
55,142 | ||||
|
|
|
|
|
|
|
|
(Note) |
Cost represents amortized cost for debt securities and acquisition cost for equity securities. The cost basis of the individual securities is written down to
fair value as a new cost basis when other-than-temporary impairment is recognized. |
Yen in millions | |||||||||
September 30, 2001 |
September 30, 2002 |
March 31, 2002 | |||||||
Assets pledged: |
|||||||||
Trade receivables |
¥ |
26,998 |
¥ |
6,589 |
¥ |
33,111 | |||
Finance receivables |
|
33,417 |
|
31,568 |
|
28,651 | |||
Inventories |
|
21,852 |
|
9,873 |
|
23,334 | |||
Property and equipment (net of accumulated depreciation) |
|
18,495 |
|
12,800 |
|
16,498 | |||
Others |
|
7,484 |
|
8,086 |
|
12,912 | |||
|
|
|
|
|
| ||||
Total |
¥ |
108,246 |
¥ |
68,916 |
¥ |
114,506 | |||
|
|
|
|
|
|
Yen in millions | |||||||||
September 30, 2001 |
September 30, 2002 |
March 31, 2002 | |||||||
Liabilities with assets pledged: |
|||||||||
Short-term borrowings |
¥ |
25,313 |
¥ |
15,818 |
¥ |
19,745 | |||
Current-portion of long-term debt |
|
2,606 |
|
558 |
|
4,124 | |||
Long-term debt |
|
24,565 |
|
14,661 |
|
20,716 | |||
|
|
|
|
|
| ||||
Total |
¥ |
52,484 |
¥ |
31,037 |
¥ |
44,585 | |||
|
|
|
|
|
|
Yen in millions, except per share amounts |
||||||||
September 30, 2001 |
March 31, 2002 |
|||||||
Reported income before cumulative effect of change in accounting principle |
¥ |
20,941 |
|
¥ |
33,791 |
| ||
Adjustment: |
||||||||
Goodwill amortization |
|
1,323 |
|
|
2,728 |
| ||
Amortization of deferred credit under the equity method |
|
(131 |
) |
|
(263 |
) | ||
|
|
|
|
|
| |||
Adjusted income before cumulative effect of change in accounting principle |
¥ |
22,133 |
|
¥ |
36,256 |
| ||
|
|
|
|
|
| |||
Reported net income |
¥ |
19,103 |
|
¥ |
31,953 |
| ||
Adjustment: |
||||||||
Goodwill amortization |
|
1,323 |
|
|
2,728 |
| ||
Amortization of deferred credit under the equity method |
|
(131 |
) |
|
(263 |
) | ||
|
|
|
|
|
| |||
Adjusted net income |
¥ |
20,295 |
|
¥ |
34,418 |
| ||
|
|
|
|
|
| |||
Per share data: |
||||||||
Income before cumulative effect of change in accounting principle: |
||||||||
Reported basic EPS |
¥ |
110.76 |
|
¥ |
178.74 |
| ||
Adjustment: |
||||||||
Goodwill amortization |
|
7.00 |
|
|
14.43 |
| ||
Amortization of deferred credit under the equity method |
|
(0.69 |
) |
|
(1.39 |
) | ||
|
|
|
|
|
| |||
Adjusted basic EPS |
¥ |
117.07 |
|
¥ |
191.78 |
| ||
|
|
|
|
|
| |||
Reported diluted EPS |
¥ |
110.62 |
|
¥ |
178.59 |
| ||
Adjustment: |
||||||||
Goodwill amortization |
|
6.99 |
|
|
14.42 |
| ||
Amortization of deferred credit under the equity method |
|
(0.69 |
) |
|
(1.39 |
) | ||
|
|
|
|
|
| |||
Adjusted diluted EPS |
¥ |
116.92 |
|
¥ |
191.62 |
| ||
|
|
|
|
|
| |||
Net income: |
||||||||
Reported basic EPS |
¥ |
101.04 |
|
¥ |
169.02 |
| ||
Adjustment: |
||||||||
Goodwill amortization |
|
7.00 |
|
|
14.43 |
| ||
Amortization of deferred credit under the equity method |
|
(0.69 |
) |
|
(1.39 |
) | ||
|
|
|
|
|
| |||
Adjusted basic EPS |
¥ |
107.35 |
|
¥ |
182.06 |
| ||
|
|
|
|
|
| |||
Reported diluted EPS |
¥ |
100.92 |
|
¥ |
168.88 |
| ||
Adjustment: |
||||||||
Goodwill amortization |
|
6.99 |
|
|
14.42 |
| ||
Amortization of deferred credit under the equity method |
|
(0.69 |
) |
|
(1.39 |
) | ||
|
|
|
|
|
| |||
Adjusted diluted EPS |
¥ |
107.22 |
|
¥ |
181.91 |
| ||
|
|
|
|
|
|
Yen in millions | ||||||
September 30, 2001
|
September 30, 2002
|
March 31, 2002 | ||||
Currency swaps* |
580 |
669 |
669 | |||
Foreign currency forward contracts to sell* |
49,548 |
70,194 |
56,582 | |||
Foreign currency forward contracts to purchase* |
11,484 |
7,066 |
6,146 | |||
Interest rate swaps |
126,044 |
99,069 |
127,908 | |||
Interest rate options |
18,000 |
|
|
Yen in millions |
||||||||||||
September 30, 2001 |
September 30, 2002 |
March 31, 2002 |
||||||||||
Net unrealized losses on securities |
¥ |
(35,558 |
) |
¥ |
(18,014 |
) |
¥ |
(27,926 |
) | |||
Net unrealized losses on derivative financial instruments |
|
(449 |
) |
|
(422 |
) |
|
(425 |
) | |||
Foreign currency translation adjustments |
|
(22,080 |
) |
|
(9,987 |
) |
|
5,601 |
| |||
|
|
|
|
|
|
|
|
| ||||
¥ |
(58,087 |
) |
¥ |
(28,423 |
) |
¥ |
(22,750 |
) | ||||
|
|
|
|
|
|
|
|
|
Operating Segments |
Yen in millions |
|||||||||||
Six months ended September
30, |
Year ended March
31, |
|||||||||||
2001 |
2002 |
2002 |
||||||||||
Net sales: |
||||||||||||
Fine ceramics group |
¥ |
140,113 |
|
¥ |
119,077 |
|
¥ |
252,879 |
| |||
Electronic device group |
|
122,605 |
|
|
115,491 |
|
|
234,938 |
| |||
Equipment group |
|
227,746 |
|
|
250,862 |
|
|
478,293 |
| |||
Others |
|
36,433 |
|
|
37,785 |
|
|
86,116 |
| |||
Adjustments and eliminations |
|
(6,519 |
) |
|
(6,212 |
) |
|
(17,652 |
) | |||
|
|
|
|
|
|
|
|
| ||||
¥ |
520,378 |
|
¥ |
517,003 |
|
¥ |
1,034,574 |
| ||||
|
|
|
|
|
|
|
|
| ||||
Operating profit: |
||||||||||||
Fine ceramics group |
¥ |
15,619 |
|
¥ |
8,471 |
|
¥ |
20,137 |
| |||
Electronic device group |
|
3,756 |
|
|
5,974 |
|
|
4,372 |
| |||
Equipment group |
|
10,268 |
|
|
17,028 |
|
|
24,413 |
| |||
Others |
|
2,855 |
|
|
3,216 |
|
|
7,438 |
| |||
|
|
|
|
|
|
|
|
| ||||
|
32,498 |
|
|
34,689 |
|
|
56,360 |
| ||||
Corporate |
|
2,106 |
|
|
(2,467 |
) |
|
(2,508 |
) | |||
Equity in earnings of affiliates and unconsolidated subsidiaries |
|
797 |
|
|
1,175 |
|
|
1,559 |
| |||
Adjustments and eliminations |
|
(19 |
) |
|
196 |
|
|
(13 |
) | |||
|
|
|
|
|
|
|
|
| ||||
Income before income taxes |
¥ |
35,382 |
|
¥ |
33,593 |
|
¥ |
55,398 |
| |||
|
|
|
|
|
|
|
|
| ||||
Depreciation and amortization (unaudited): |
||||||||||||
Fine ceramics group |
¥ |
11,469 |
|
¥ |
9,044 |
|
¥ |
24,530 |
| |||
Electronic device group |
|
15,807 |
|
|
12,533 |
|
|
32,817 |
| |||
Equipment group |
|
10,346 |
|
|
10,359 |
|
|
25,331 |
| |||
Others |
|
1,683 |
|
|
1,779 |
|
|
3,613 |
| |||
Corporate |
|
1,273 |
|
|
1,418 |
|
|
2,206 |
| |||
|
|
|
|
|
|
|
|
| ||||
¥ |
40,578 |
|
¥ |
35,133 |
|
¥ |
88,497 |
| ||||
|
|
|
|
|
|
|
|
| ||||
Capital expenditures (unaudited): |
||||||||||||
Fine ceramics group |
¥ |
10,057 |
|
¥ |
4,069 |
|
¥ |
14,536 |
| |||
Electronic device group |
|
10,409 |
|
|
6,391 |
|
|
16,112 |
| |||
Equipment group |
|
7,406 |
|
|
6,673 |
|
|
15,009 |
| |||
Others |
|
3,329 |
|
|
1,078 |
|
|
5,249 |
| |||
Corporate |
|
2,251 |
|
|
980 |
|
|
3,725 |
| |||
|
|
|
|
|
|
|
|
| ||||
¥ |
33,452 |
|
¥ |
19,191 |
|
¥ |
54,631 |
| ||||
|
|
|
|
|
|
|
|
|
Geographic Segments (Sales by Region) |
Yen in millions | ||||||||
Six months ended September 30, |
Year ended March 31, | ||||||||
2001 |
2002 |
2002 | |||||||
Net sales: |
|||||||||
Japan |
¥ |
205,538 |
¥ |
194,708 |
¥ |
408,561 | |||
United States of America |
|
142,815 |
|
150,977 |
|
289,517 | |||
Asia |
|
77,665 |
|
80,685 |
|
148,349 | |||
Europe |
|
70,927 |
|
68,161 |
|
141,493 | |||
Others |
|
23,433 |
|
22,472 |
|
46,654 | |||
|
|
|
|
|
| ||||
¥ |
520,378 |
¥ |
517,003 |
¥ |
1,034,574 | ||||
|
|
|
|
|
|
Geographic Segments (Sales and Operating Profit by Geographic Area) (unaudited) |
Yen in millions |
|||||||||||
Six months ended September
30, |
Year ended March
31, |
|||||||||||
2001 |
2002 |
2002 |
||||||||||
Net sales: |
||||||||||||
Japan |
¥ |
225,942 |
|
¥ |
226,298 |
|
¥ |
445,322 |
| |||
Intra-group sales and transfer between geographic areas |
|
103,042 |
|
|
124,214 |
|
|
198,736 |
| |||
|
|
|
|
|
|
|
|
| ||||
|
328,984 |
|
|
350,512 |
|
|
644,058 |
| ||||
|
|
|
|
|
|
|
|
| ||||
United States of America |
|
166,315 |
|
|
161,276 |
|
|
329,468 |
| |||
Intra-group sales and transfer between geographic areas |
|
9,507 |
|
|
11,498 |
|
|
21,272 |
| |||
|
|
|
|
|
|
|
|
| ||||
|
175,822 |
|
|
172,774 |
|
|
350,740 |
| ||||
|
|
|
|
|
|
|
|
| ||||
Asia |
|
47,131 |
|
|
49,543 |
|
|
97,055 |
| |||
Intra-group sales and transfer between geographic areas |
|
28,558 |
|
|
38,866 |
|
|
57,828 |
| |||
|
|
|
|
|
|
|
|
| ||||
|
75,689 |
|
|
88,409 |
|
|
154,883 |
| ||||
|
|
|
|
|
|
|
|
| ||||
Europe |
|
75,024 |
|
|
72,979 |
|
|
149,341 |
| |||
Intra-group sales and transfer between geographic areas |
|
10,055 |
|
|
15,085 |
|
|
25,294 |
| |||
|
|
|
|
|
|
|
|
| ||||
|
85,079 |
|
|
88,064 |
|
|
174,635 |
| ||||
|
|
|
|
|
|
|
|
| ||||
Others |
|
5,966 |
|
|
6,907 |
|
|
13,388 |
| |||
Intra-group sales and transfer between geographic areas |
|
4,191 |
|
|
4,266 |
|
|
9,476 |
| |||
|
|
|
|
|
|
|
|
| ||||
|
10,157 |
|
|
11,173 |
|
|
22,864 |
| ||||
|
|
|
|
|
|
|
|
| ||||
Adjustments and eliminations |
|
(155,353 |
) |
|
(193,929 |
) |
|
(312,606 |
) | |||
|
|
|
|
|
|
|
|
| ||||
¥ |
520,378 |
|
¥ |
517,003 |
|
¥ |
1,034,574 |
| ||||
|
|
|
|
|
|
|
|
| ||||
Operating profit: |
||||||||||||
Japan |
¥ |
29,199 |
|
¥ |
30,145 |
|
¥ |
56,170 |
| |||
United States of America |
|
(3,220 |
) |
|
4,640 |
|
|
(3,998 |
) | |||
Asia |
|
5,612 |
|
|
5,668 |
|
|
9,155 |
| |||
Europe |
|
(697 |
) |
|
(4,268 |
) |
|
(3,962 |
) | |||
Others |
|
(368 |
) |
|
356 |
|
|
(100 |
) | |||
|
|
|
|
|
|
|
|
| ||||
|
30,526 |
|
|
36,541 |
|
|
57,265 |
| ||||
Adjustments and eliminations |
|
1,953 |
|
|
(1,656 |
) |
|
(918 |
) | |||
|
|
|
|
|
|
|
|
| ||||
|
32,479 |
|
|
34,885 |
|
|
56,347 |
| ||||
Corporate |
|
2,106 |
|
|
(2,467 |
) |
|
(2,508 |
) | |||
Equity in earnings of affiliates and unconsolidated subsidiaries |
|
797 |
|
|
1,175 |
|
|
1,559 |
| |||
|
|
|
|
|
|
|
|
| ||||
Income before income taxes |
¥ |
35,382 |
|
¥ |
33,593 |
|
¥ |
55,398 |
| |||
|
|
|
|
|
|
|
|
|
Yen in millions and shares in thousands, except per share amounts |
||||||||||||
Six months ended September
30, |
Year ended March 31, |
|||||||||||
2001 |
2002 |
2002 |
||||||||||
Income before cumulative effect of change in accounting principle |
¥ |
20,941 |
|
¥ |
19,383 |
|
¥ |
33,791 |
| |||
Cumulative effect of change in accounting principle |
|
(1,838 |
) |
|
(2,256 |
) |
|
(1,838 |
) | |||
Net income |
|
19,103 |
|
|
17,127 |
|
|
31,953 |
| |||
|
|
|
|
|
|
|
|
| ||||
Basic earnings per share: |
||||||||||||
Income before cumulative effect of change in accounting principle |
|
110.76 |
|
|
103.27 |
|
|
178.74 |
| |||
Cumulative effect of change in accounting principle |
|
(9.72 |
) |
|
(12.02 |
) |
|
(9.72 |
) | |||
Net income |
|
101.04 |
|
|
91.25 |
|
|
169.02 |
| |||
Diluted earnings per share: |
||||||||||||
Income before cumulative effect of change in accounting principle |
|
110.62 |
|
|
103.22 |
|
|
178.59 |
| |||
Cumulative effect of change in accounting principle |
|
(9.70 |
) |
|
(12.01 |
) |
|
(9.71 |
) | |||
Net income |
|
100.92 |
|
|
91.21 |
|
|
168.88 |
| |||
|
|
|
|
|
|
|
|
| ||||
Basic weighted average number of shares outstanding: |
|
189,065 |
|
|
187,694 |
|
|
189,050 |
| |||
Dilutive effect of stock options |
|
229 |
|
|
86 |
|
|
154 |
| |||
Diluted weighted average number of shares outstanding |
|
189,294 |
|
|
187,780 |
|
|
189,204 |
| |||
|
|
|
|
|
|
|
|
| ||||
Stockholders equity to per share |
|
5,273.70 |
|
|
5,475.85 |
|
|
5,498.67 |
| |||
|
|
|
|
|
|
|
|
|
Yen in millions |
|||||||||||
Six months ended September 30, |
Year ended March 31, |
||||||||||
2001 |
2002 |
2002 |
|||||||||
Cash paid during the period for: |
|||||||||||
Interest |
¥ |
1,897 |
¥ |
1,755 |
|
¥ |
5,299 |
| |||
Income taxes |
|
52,896 |
|
19,312 |
|
|
72,111 |
| |||
Acquisitions of businesses: |
|||||||||||
Fair value of assets acquired |
¥ |
|
¥ |
32,015 |
|
¥ |
543 |
| |||
Fair value of liabilities assumed |
|
|
|
(22,584 |
) |
|
(456 |
) | |||
Stock issuance for acquisition |
|
|
|
(9,381 |
) |
|
|
| |||
Cash acquired |
|
|
|
(4,108 |
) |
|
(27 |
) | |||
|
|
|
|
|
|
|
| ||||
¥ |
|
¥ |
(4,058 |
) |
¥ |
60 |
| ||||
|
|
|
|
|
|
|
|
Yen in millions | ||||||||||||||||||
September 30, 2001 |
September 30, 2002 |
March 31, 2002 | ||||||||||||||||
Amount |
% |
Amount |
% |
Amount |
% | |||||||||||||
Current assets: |
||||||||||||||||||
Cash and bank deposits |
¥ |
68,976 |
|
¥ |
184,843 |
|
¥ |
175,666 |
|
|||||||||
Trade notes receivable |
|
61,409 |
|
|
41,814 |
|
|
50,580 |
|
|||||||||
Trade accounts receivable |
|
91,476 |
|
|
78,313 |
|
|
85,035 |
|
|||||||||
Marketable securities |
|
97,103 |
|
|
14,199 |
|
|
10,901 |
|
|||||||||
Treasury stock, at cost |
|
17 |
|
|
|
|
|
|
|
|||||||||
Finished goods and merchandise |
|
39,371 |
|
|
27,419 |
|
|
35,944 |
|
|||||||||
Raw materials |
|
27,598 |
|
|
17,801 |
|
|
21,802 |
|
|||||||||
Work in process |
|
21,848 |
|
|
19,406 |
|
|
20,571 |
|
|||||||||
Supplies |
|
552 |
|
|
560 |
|
|
490 |
|
|||||||||
Deferred income taxes |
|
28,317 |
|
|
30,378 |
|
|
31,464 |
|
|||||||||
Short-term loans |
|
23,869 |
|
|
6,549 |
|
|
18,340 |
|
|||||||||
Other accounts receivable |
|
3,828 |
|
|
3,206 |
|
|
3,800 |
|
|||||||||
Other current assets |
|
1,695 |
|
|
779 |
|
|
761 |
|
|||||||||
Allowances for doubtful accounts |
|
(451 |
) |
|
(247 |
) |
|
(300 |
) |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total current assets |
|
465,612 |
|
41.6 |
|
425,025 |
|
38.7 |
|
455,058 |
|
41.0 | ||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Fixed assets: |
||||||||||||||||||
Tangible fixed assets: |
||||||||||||||||||
Buildings |
|
45,495 |
|
|
40,949 |
|
|
43,099 |
|
|||||||||
Structures |
|
2,823 |
|
|
2,577 |
|
|
2,711 |
|
|||||||||
Machinery and equipment |
|
59,835 |
|
|
41,121 |
|
|
48,510 |
|
|||||||||
Vehicles |
|
49 |
|
|
30 |
|
|
40 |
|
|||||||||
Tools, furniture and fixtures |
|
10,136 |
|
|
9,013 |
|
|
9,519 |
|
|||||||||
Land |
|
30,335 |
|
|
30,386 |
|
|
30,335 |
|
|||||||||
Construction in progress |
|
638 |
|
|
610 |
|
|
744 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total tangible fixed assets |
|
149,315 |
|
13.4 |
|
124,690 |
|
11.4 |
|
134,960 |
|
12.1 | ||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Intangible assets: |
||||||||||||||||||
Patent rights and others |
|
4,788 |
|
|
3,278 |
|
|
4,095 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total intangible assets |
|
4,788 |
|
0.4 |
|
3,278 |
|
0.3 |
|
4,095 |
|
0.4 | ||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Investments and other assets: |
||||||||||||||||||
Investments in securities |
|
302,277 |
|
|
311,869 |
|
|
312,723 |
|
|||||||||
Investments in subsidiaries |
|
145,699 |
|
|
194,160 |
|
|
146,436 |
|
|||||||||
Investments in subsidiaries other than equity securities |
|
22,019 |
|
|
23,580 |
|
|
25,869 |
|
|||||||||
Long-term loans |
|
10,000 |
|
|
12,334 |
|
|
23,792 |
|
|||||||||
Long-term prepaid expenses |
|
3,426 |
|
|
4,336 |
|
|
3,577 |
|
|||||||||
Treasury stock, at cost |
|
10,139 |
|
|
|
|
|
|
|
|||||||||
Other investments |
|
12,552 |
|
|
5,402 |
|
|
11,907 |
|
|||||||||
Allowances for doubtful accounts |
|
(7,479 |
) |
|
(1,465 |
) |
|
(7,470 |
) |
|||||||||
Allowances for losses on investments |
|
|
|
|
(5,950 |
) |
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total investments and other assets |
|
498,636 |
|
44.6 |
|
544,268 |
|
49.6 |
|
516,836 |
|
46.5 | ||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total fixed assets |
|
652,739 |
|
58.4 |
|
672,238 |
|
61.3 |
|
655,892 |
|
59.0 | ||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||
¥ |
1,118,352 |
|
100.0 |
¥ |
1,097,263 |
|
100.0 |
¥ |
1,110,951 |
|
100.0 | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
Yen in millions |
|||||||||||||||||||
September 30, 2001 |
September 30, 2002 |
March 31, 2002 |
|||||||||||||||||
Amount |
% |
Amount |
% |
Amount |
% |
||||||||||||||
Current liabilities: |
|||||||||||||||||||
Trade notes payable |
¥ |
1,508 |
¥ |
688 |
|
¥ |
1,023 |
|
|||||||||||
Trade accounts payable |
|
42,181 |
|
44,818 |
|
|
40,899 |
|
|||||||||||
Other payables |
|
79,995 |
|
65,862 |
|
|
66,318 |
|
|||||||||||
Accrued expenses |
|
8,621 |
|
6,892 |
|
|
8,810 |
|
|||||||||||
Income taxes payable |
|
12,400 |
|
7,700 |
|
|
11,400 |
|
|||||||||||
Deposits received |
|
3,274 |
|
2,971 |
|
|
2,581 |
|
|||||||||||
Accrued bonuses |
|
12,100 |
|
11,000 |
|
|
11,520 |
|
|||||||||||
Provision for warranties |
|
705 |
|
467 |
|
|
734 |
|
|||||||||||
Provision for sales returns |
|
243 |
|
247 |
|
|
229 |
|
|||||||||||
Other notes payable |
|
336 |
|
76 |
|
|
523 |
|
|||||||||||
Other current liabilities |
|
121 |
|
285 |
|
|
770 |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total current liabilities |
|
161,488 |
14.5 |
|
141,010 |
|
12.9 |
|
|
144,810 |
|
13.0 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Non-current liabilities: |
|||||||||||||||||||
Deferred income taxes |
|
9,086 |
|
19,450 |
|
|
12,640 |
|
|||||||||||
Accrued pension and severance costs |
|
72,648 |
|
72,435 |
|
|
72,612 |
|
|||||||||||
Directors retirement allowance |
|
1,063 |
|
1,122 |
|
|
1,121 |
|
|||||||||||
Other non-current liabilities |
|
333 |
|
340 |
|
|
332 |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total non-current liabilities |
|
83,131 |
7.4 |
|
93,348 |
|
8.5 |
|
|
86,706 |
|
7.8 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total liabilities |
|
244,619 |
21.9 |
|
234,358 |
|
21.4 |
|
|
231,516 |
|
20.8 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Common stock |
|
115,703 |
10.4 |
|
|
|
|
|
|
115,703 |
|
10.4 |
| ||||||
Statutory reserves: |
|||||||||||||||||||
Additional paid-in capital |
|
174,487 |
|
|
|
|
174,487 |
|
|||||||||||
Legal reserves |
|
17,206 |
|
|
|
|
17,206 |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total statutory reserves |
|
191,693 |
17.1 |
|
|
|
|
|
|
191,693 |
|
17.3 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Retained earnings: |
|||||||||||||||||||
Reserve for special depreciation |
|
3,762 |
|
|
|
|
3,762 |
|
|||||||||||
Reserve for research and development |
|
1,000 |
|
|
|
|
1,000 |
|
|||||||||||
Reserve for dividends |
|
1,000 |
|
|
|
|
1,000 |
|
|||||||||||
Reserve for retirement benefits |
|
300 |
|
|
|
|
300 |
|
|||||||||||
Reserve for overseas investments |
|
1,000 |
|
|
|
|
1,000 |
|
|||||||||||
General reserve |
|
446,828 |
|
|
|
|
446,828 |
|
|||||||||||
Unappropriated retained earnings |
|
26,272 |
|
|
|
|
35,180 |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total retained earnings |
|
480,162 |
42.9 |
|
|
|
|
|
|
489,071 |
|
44.0 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net unrealized valuation gain |
|
86,173 |
7.7 |
|
|
|
|
|
|
93,076 |
|
8.4 |
| ||||||
Net unrealized valuation gain on other securities |
|
86,173 |
|
|
|
|
93,076 |
|
|||||||||||
Treasury stock, at cost |
|
|
|
|
|
|
|
|
|
(10,110 |
) |
(0.9 |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total stockholders equity |
|
873,733 |
78.1 |
|
|
|
|
|
|
879,434 |
|
79.2 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Common stock |
|
|
|
|
115,703 |
|
10.5 |
|
|
|
|
|
| ||||||
Additional paid-in capital |
|
|
|
|
185,838 |
|
16.9 |
|
|
|
|
|
| ||||||
Retained earnings: |
|||||||||||||||||||
Legal reserves |
|
|
|
17,206 |
|
|
|
|
|||||||||||
Reserve for special depreciation |
|
|
|
3,148 |
|
|
|
|
|||||||||||
Reserve for research and development |
|
|
|
1,000 |
|
|
|
|
|||||||||||
Reserve for dividends |
|
|
|
1,000 |
|
|
|
|
|||||||||||
Reserve for retirement benefits |
|
|
|
300 |
|
|
|
|
|||||||||||
Reserve for overseas investments |
|
|
|
1,000 |
|
|
|
|
|||||||||||
General reserve |
|
|
|
469,828 |
|
|
|
|
|||||||||||
Unappropriated retained earnings |
|
|
|
16,339 |
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total retained earnings |
|
|
|
|
509,822 |
|
46.5 |
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net unrealized valuation gain |
|
|
|
|
103,099 |
|
9.4 |
|
|
|
|
|
| ||||||
Net unrealized valuation gain on other securities |
|
|
|
103,099 |
|
|
|
|
|||||||||||
Treasury stock, at cost |
|
|
|
|
(51,559 |
) |
(4.7 |
) |
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total stockholders equity |
|
|
|
|
862,904 |
|
78.6 |
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
¥ |
1,118,352 |
100.0 |
¥ |
1,097,263 |
|
100.0 |
|
¥ |
1,110,951 |
|
100.0 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Yen in millions |
|||||||||||||||||||||
Six months ended September 30, |
Year ended March
31, |
||||||||||||||||||||
2001 |
2002 |
2002 |
|||||||||||||||||||
Amount |
% |
Amount |
% |
Amount |
% |
||||||||||||||||
Recurring profit and loss : |
|||||||||||||||||||||
Operating income and expenses : |
|||||||||||||||||||||
Net sales |
¥ |
259,163 |
|
100.0 |
|
¥ |
227,798 |
|
100.0 |
|
¥ |
499,264 |
|
100.0 |
| ||||||
Cost of sales |
|
198,619 |
|
76.6 |
|
|
180,896 |
|
79.4 |
|
|
385,740 |
|
77.3 |
| ||||||
Selling, general and administrative expenses |
|
35,255 |
|
13.6 |
|
|
31,966 |
|
14.0 |
|
|
75,159 |
|
15.0 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Profit from operations |
|
25,288 |
|
9.8 |
|
|
14,936 |
|
6.6 |
|
|
38,364 |
|
7.7 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Non-operating income and expenses : |
|||||||||||||||||||||
Non-operating income : |
|||||||||||||||||||||
Interest and dividend income |
|
7,253 |
|
2.8 |
|
|
4,469 |
|
2.0 |
|
|
15,473 |
|
3.1 |
| ||||||
Foreign currency transaction gains, net |
|
|
|
|
|
|
|
|
|
|
|
3,753 |
|
0.8 |
| ||||||
Other non-operating income |
|
1,713 |
|
0.6 |
|
|
1,901 |
|
0.8 |
|
|
3,587 |
|
0.7 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total non-operating income |
|
8,967 |
|
3.4 |
|
|
6,370 |
|
2.8 |
|
|
22,814 |
|
4.6 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Non-operating expenses : |
|||||||||||||||||||||
Interest expenses |
|
0 |
|
0.0 |
|
|
1 |
|
0.0 |
|
|
17 |
|
0.0 |
| ||||||
Foreign currency transaction loss, net |
|
1,843 |
|
0.7 |
|
|
5,128 |
|
2.3 |
|
|
|
|
|
| ||||||
Other non-operating expenses |
|
743 |
|
0.3 |
|
|
1,220 |
|
0.5 |
|
|
4,748 |
|
1.0 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total non-operating expenses |
|
2,588 |
|
1.0 |
|
|
6,350 |
|
2.8 |
|
|
4,765 |
|
1.0 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Recurring profit |
|
31,668 |
|
12.2 |
|
|
14,956 |
|
6.6 |
|
|
56,412 |
|
11.3 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Non-recurring gain and loss : |
|||||||||||||||||||||
Non-recurring gain |
|
247 |
|
0.1 |
|
|
6,311 |
|
2.7 |
|
|
1,603 |
|
0.4 |
| ||||||
Non-recurring loss |
|
1,200 |
|
0.4 |
|
|
6,636 |
|
2.9 |
|
|
6,293 |
|
1.3 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income before income taxes |
|
30,714 |
|
11.9 |
|
|
14,632 |
|
6.4 |
|
|
51,722 |
|
10.4 |
| ||||||
Income taxes current |
|
11,119 |
|
4.3 |
|
|
5,440 |
|
2.4 |
|
|
22,137 |
|
4.5 |
| ||||||
Income taxes deferred |
|
(300 |
) |
(0.1 |
) |
|
(99 |
) |
(0.1 |
) |
|
(4,890 |
) |
(1.0 |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net income |
|
19,895 |
|
7.7 |
|
|
9,291 |
|
4.1 |
|
|
34,475 |
|
6.9 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Unappropriated retained earnings brought forward from the previous year |
|
6,376 |
|
|
7,048 |
|
|
6,376 |
|
||||||||||||
Net realized loss on treasury stock, at cost |
|
|
|
|
0 |
|
|
|
|
||||||||||||
Interim dividends |
|
|
|
|
|
|
|
5,671 |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Unappropriated retained earnings at end of period |
¥ |
26,272 |
|
¥ |
16,339 |
|
¥ |
35,180 |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Valuation of securities |
||||
Held-to-maturity securities: |
Amortized cost method | |||
Investments in subsidiaries and affiliates: |
Cost determined by the moving average method | |||
Other securities |
||||
Marketable: |
Based on market price of the closing date of the interim financial period (Unrealized gain and loss on those securities are reported in the stockholders' equity and cost is determined by the moving average method.) |
|||
Non-marketable: |
Cost determined by the moving average method |
Building and structures |
2 to 25 years | |
Machinery and equipment, and Tools, furniture and fixtures |
2 to 10 years |
3. Notes to the Interim Balance Sheets |
Yen in millions | ||||||||
September 30, 2001 |
September 30, 2002 |
March 31, 2002 | |||||||
(1) Accumulated depreciation of tangible fixed assets |
¥ |
298,060 |
¥ |
302,450 |
¥ |
306,989 | |||
(2) Time deposit pledged as collateral |
|
53,381 |
|
57,504 |
|
59,508 | |||
(3) Discounted trade notes receivable |
|
2 |
|
31 |
|
14 | |||
(4) Guarantee |
|
18,507 |
|
42,449 |
|
44,282 |
Yen in millions | |||||||||
Six months ended September 30, |
Year ended March
31, | ||||||||
2001 |
2002 |
2002 | |||||||
Non-recurring gain: |
|||||||||
Gain on disposal of tangible fixed assets |
¥ |
92 |
¥ |
148 |
¥ |
1,260 | |||
Reversal of allowance for doubtful accounts |
|
154 |
|
5,999 |
|
338 | |||
Non-recurring loss: |
|||||||||
Loss on disposal of tangible fixed assets |
|
653 |
|
422 |
|
1,395 | |||
Loss on devaluation of investment in securities |
|
514 |
|
194 |
|
4,873 | |||
Provision for losses on investment in subsidiary |
|
|
|
5,950 |
|
| |||
(2) Depreciation and amortization |
Yen in millions | ||||||||
Six months ended September
30, |
Year ended March
31, | ||||||||
2001 |
2002 |
2002 | |||||||
Tangible fixed assets |
¥ |
18,335 |
¥ |
13,443 |
¥ |
38,408 | |||
Intangible assets |
|
1,001 |
|
1,056 |
|
2,114 |
Yen in millions | |||||||||
September 30, 2001 |
September 30, 2002 |
March 31, 2002 | |||||||
(1) Leased property acquisition costs, accumulated depreciation and balance of leased property |
|||||||||
Acquisition cost |
¥ |
5,119 |
¥ |
4,679 |
¥ |
5,694 | |||
Accumulated depreciation |
|
2,885 |
|
2,842 |
|
3,543 | |||
Net balance of leased property |
|
2,233 |
|
1,836 |
|
2,150 | |||
(2) Future lease payment at the latest balance sheet date |
|||||||||
Due within one year |
|
1,044 |
|
943 |
|
1,027 | |||
Due after one year |
|
1,244 |
|
949 |
|
1,152 | |||
|
|
|
|
|
| ||||
Total |
¥ |
2,289 |
¥ |
1,892 |
¥ |
2,179 | |||
(3) Lease payment, depreciation and interest expenses |
|||||||||
Yen in millions | |||||||||
Six months ended September 30, |
Year ended March 31, | ||||||||
2001 |
2002 |
2002 | |||||||
Lease payments |
¥ |
685 |
¥ |
624 |
¥ |
1,364 | |||
Depreciation |
|
626 |
|
575 |
|
1,248 | |||
Interest expenses |
|
61 |
|
46 |
|
120 | |||
(4) Calculation of depreciation |
|||||||||
Using the straight-line method | |||||||||
(5) Calculation of interests |
|||||||||
The difference between total lease payments and total estimated acquisition costs (fair market value) of leased property is
recognized as interest, and allocated over the lease period based on the sum of digit method. |
Yen in millions | |||||||||
Carrying amount |
Market value |
Difference | |||||||
Investment in subsidiaries |
¥ |
57,173 |
¥ |
123,494 |
¥ |
66,320 | |||
Investment in affiliates |
|
14,811 |
|
17,860 |
|
3,048 |