Annual Reports

 
8-K

 
Other

  • 6-K (Nov 13, 2017)
  • 6-K (Oct 30, 2017)
  • 6-K (Aug 10, 2017)
  • 6-K (Jul 28, 2017)
  • 11-K (Jun 29, 2017)
  • 6-K (Jun 27, 2017)
Kyocera 6-K 2008

Documents found in this filing:

  1. 6-K
  2. 6-K
Form 6-K
Table of Contents

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of July 2008

Commission File Number: 1-07952

KYOCERA CORPORATION

6 Takeda Tobadono-cho, Fushimi-ku,

Kyoto 612-8501, Japan

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F         X             Form 40-F                

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Registration S-T Rule 101(b)(1):    

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Registration S-T Rule 101(b)(7):    

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes                        No         X      

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b); 82-            


Table of Contents

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

 

KYOCERA CORPORATION

/s/ Shoichi Aoki

Shoichi Aoki

General Manager of

Corporate Financial & Accounting Division

Date : July 30, 2008


Table of Contents

Information furnished on this form :

EXHIBITS

 

Exhibit
Number

   
1.   Consolidated Financial Results of Kyocera Corporation and its Subsidiaries for the Three Months Ended June 30, 2008


Table of Contents

Consolidated Results of Kyocera Corporation and its Subsidiaries

for the Three Months ended June 30, 2008

The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America.

1. Consolidated financial information for the three months ended June 30, 2008 :

(1) Consolidated results of operations :

 

     (Japanese yen)  
     Three months ended June 30,  
     2007     2008  

Net sales

   ¥315,450 million     ¥331,758 million  

% change from the previous period

   8.3 %   5.2 %

Profit from operations

   31,616 million     27,962 million  

% change from the previous period

   5.7 %   (11.6 )%

Income before income taxes

   40,484 million     36,905 million  

% change from the previous period

   12.3 %   (8.8 )%

Net income

   24,984 million     21,962 million  

% change from the previous period

   24.5 %   (12.1 )%

Earnings per share :

    

Basic

   ¥132.30     ¥115.89  

Diluted

   131.93     115.82  

(2) Consolidated financial position :

 

     (Japanese yen)  
     March 31, 2008     June 30, 2008  

Total assets

   ¥1,976,746 million     ¥2,078,635 million  

Stockholders’ equity

   1,451,165 million     1,498,242 million  

Stockholders’ equity to total assets

   73.4 %   72.1 %

Stockholders’ equity per share

   ¥7,659.72     ¥7,903.51  

 

1


Table of Contents

2. Dividends :

 

     (Japanese yen)
     Year ended March 31, 2008    Year ending March 31, 2009

Interim dividends per share

   ¥60   

Year-end dividends per share

   60   

Annual dividends per share

   120    ¥120

Note :

Dividends per share for the year ending March 31, 2009 are forecasted to be 120 yen on annual basis.

3. Consolidated financial forecast for the year ending March 31, 2009 :

 

     (Japanese yen)  
     Year ending March 31, 2009  

Net sales

   ¥1,476,000 million  

% change from the year ended March 31, 2008

   14.4 %

Profit from operations

   145,000 million  

% change from the year ended March 31, 2008

   (4.9 )%

Income before income taxes

   165,000 million  

% change from the year ended March 31, 2008

   (5.6 )%

Net income

   102,000 million  

% change from the year ended March 31, 2008

   (4.9 )%

Note :

Forecast of earnings per share :      ¥537.91

Earnings per share amount is computed based on Statement of Financial Accounting Standards (SFAS) No.128.

Forecast of earnings per share is computed based on the diluted average number of shares outstanding during the three months ended June 30, 2008.

 

2


Table of Contents

4. Others :

(1) Increase or decrease in significant subsidiaries during this period :

None.

(2) Adoption of simplified accounting method :

Not applicable.

(3) Change in accounting policies :

There were changes in accounting policies due to new accounting standards.

Please refer to the accompanying “4. Others, Change in accounting policies : Recently adopted Accounting Standards” on page 13.

(4) Number of shares (common stock) :

 

     March 31, 2008    June 30, 2008

Number of shares issued

   191,309,290    191,309,290

Number of shares in treasury

   1,855,119    1,742,620
     Three months ended June 30,
     2007    2008

Number of shares outstanding (average)

   188,846,096    189,501,926

With regard to forecasts set forth above, please refer to the accompanying “Forward-Looking Statements” on page 12.

 

3


Table of Contents

Business Results, Financial Conditions and Prospects

1. Business Results for the Three Months Ended June 30, 2008

(1) Economic Situation and Business Environment

During the three months ended June 30, 2008 (the first quarter), continuing concern over financial instability coupled with rising prices for crude oil and raw materials led to heightened likeliness of a slowdown in world economy. Corporate earnings and private capital investment posted sluggish growth, and personal consumption weakened due to deteriorating employment conditions in Europe and the United States, and to increasing global inflation fears.

In the digital consumer equipment market, which is the principal market for Kyocera Corporation and its consolidated subsidiaries (“Kyocera Group” or “Kyocera”), although production of personal computers was steady compared with the three months ended June 30, 2007 (the previous first quarter), demand for mobile phone handsets with advanced functions slackened in the European and U.S. markets, and there were production adjustments in the Chinese market, which led to weakened surrounding environment for the components business. The solar energy market continued to expand on the back of burgeoning demand amid increasing awareness of solar power as a viable alternative energy.

(2) Consolidated Financial Results

Consolidated net sales for the first quarter amounted to ¥331,758 million, an increase of 5.2% compared with the previous first quarter due to the addition of sales from the mobile phone business of SANYO Electric Co., Ltd. (SANYO), acquired on April 1, 2008 and an increase in sales of solar energy business, etc.

Profit from operations for the first quarter decreased by 11.6% to ¥27,962 million compared with the previous first quarter due to appreciation of yen against U.S. dollars and to an increase in depreciation expense, etc. Income before income taxes for the first quarter decreased by 8.8% to ¥36,905 million compared with the previous first quarter. Net income for the first quarter also decreased by 12.1% to ¥21,962 million compared with the previous first quarter.

 

4


Table of Contents
     (Yen in millions, except per share amounts and exchange rate)  
     Three months ended June 30,    Increase
(Decrease)
(%)
 
     2007    2008   
     Amount    % of
net sales
   Amount    % of
net sales
  

Net sales

   315,450    100.0    331,758    100.0    5.2  

Profit from operations

   31,616    10.0    27,962    8.4    (11.6 )

Income before income taxes

   40,484    12.8    36,905    11.1    (8.8 )

Net income

   24,984    7.9    21,962    6.6    (12.1 )

Diluted earnings per share

   131.93       115.82       (12.2 )

Average US$ exchange rate

   121       105        

Average Euro exchange rate

   163       163        

(3) Consolidated Financial Results by Reporting Segment

Consolidated results by reporting segment are as follows.

Components Business:

Sales in the components business increased by 3.8% compared with the previous first quarter to ¥168,820 million, while operating profit decreased by 3.9% to ¥22,534 million with an operating profit ratio of 13.3%.

1) Fine Ceramic Parts Group

This reporting segment includes fine ceramic components and automotive components.

As a result of a decrease in sales of components for semiconductor fabrication equipment and automotive components, overall sales and operating profit in this reporting segment decreased compared with the previous first quarter.

2) Semiconductor Parts Group

This reporting segment includes ceramic packages and organic packages.

Sales of ceramic packages for crystal and SAW devices and ceramic packages for image sensors increased, reflecting growing use in mobile phone handsets and digital still cameras. Furthermore, improved profitability was achieved for organic packages business through the effect of increased sales and productivity. As a result, overall sales and operating profit increased significantly compared with the previous first quarter.

 

5


Table of Contents

3) Applied Ceramic Products Group

This reporting segment includes solar cells and modules, solar power generating systems, cutting tools, medical and dental implants, and jewelry and applied ceramic related products.

Both sales and operating profit increased considerably for the first quarter in this reporting segment compared with the previous first quarter due mainly to substantial growth in sales in the solar energy business overseas, notably in Europe and the United States.

4) Electronic Device Group

This reporting segment includes electronic components such as various types of capacitors, crystal related products and connectors, and thin-film products such as thermal printheads.

Sales of crystal units and so forth for digital consumer equipment grew steadily for the first quarter. However, a decline in unit selling prices for ceramic capacitors due to deterioration in the supply and demand relationship, particularly in the Asia region, led to decreases in overall sales and operating profit in this reporting segment compared with the previous first quarter.

Equipment Business:

Sales in the equipment business increased by 7.8% to ¥137,109 million, while operating profit decreased by 11.1% compared with the previous first quarter to ¥8,038 million with an operating profit ratio of 5.9%.

1) Telecommunications Equipment Group

This reporting segment includes mobile phone handsets as well as PHS base stations and handsets.

Sales in this reporting segment increased significantly during the first quarter compared with the previous first quarter due to the addition of the mobile phone business of SANYO in April and an increase in sales of PHS related products. Operating profit increased compared with the previous first quarter due to a successful reduction in production costs in the domestic mobile phone handset business and the positive effect of sales growth in PHS related products.

 

6


Table of Contents

2) Information Equipment Group

This reporting segment includes ECOSYS brand printers and digital MFPs.

Sales and operating profit for the first quarter both decreased in this reporting segment compared with the previous first quarter due to weakened demand for printers and digital multifunctional peripherals on the back of a decline in investment in information equipment in the corporate sector reflecting sluggish market conditions in the United States, coupled with a severe business environment, characterized in particular by intensifying price competition.

Others:

This reporting segment includes various information and communications technology services and chemical materials for electronic components.

Sales in this reporting segment for the first quarter increased by 1.7% compared with the previous first quarter to ¥32,178 million due primarily to increases in sales in the Information & Communication Technology (ICT) business and the telecommunications engineering business of Kyocera Communication Systems Co., Ltd. Operating profit decreased by 58.1% to ¥543 million compared with the previous first quarter, with an operating profit ratio of 1.7% due to an increase in overhead costs.

 

7


Table of Contents

Consolidated Sales by Reporting Segment

 

     (Yen in millions)  
     Three months ended June 30,        
     2007     2008     Increase
(Decrease)
%
 
     Amount     % of
net sales
    Amount     % of
net sales
   

Fine Ceramic Parts Group

   20,545     6.5     18,776     5.7     (8.6 )

Semiconductor Parts Group

   35,277     11.2     41,167     12.4     16.7  

Applied Ceramic Products Group

   33,420     10.6     41,163     12.4     23.2  

Electronic Device Group

   73,453     23.3     67,714     20.4     (7.8 )
                              

Total Components Business

   162,695     51.6     168,820     50.9     3.8  

Telecommunications Equipment Group

   59,959     19.0     75,995     22.9     26.7  

Information Equipment Group

   67,272     21.3     61,114     18.4     (9.2 )
                              

Total Equipment Business

   127,231     40.3     137,109     41.3     7.8  

Others

   31,628     10.0     32,178     9.7     1.7  

Adjustments and eliminations

   (6,104 )   (1.9 )   (6,349 )   (1.9 )    
                              

Net sales

   315,450     100.0     331,758     100.0     5.2  
                              

Consolidated Operating Profit by Reporting Segment

 

     (Yen in millions)  
     Three months ended June 30,       
     2007    2008    Increase
(Decrease)
%
 
     Amount     % of
segment
sales
   Amount    % of
segment
sales
  

Fine Ceramic Parts Group

   3,045     14.8    1,800    9.6    (40.9 )

Semiconductor Parts Group

   4,023     11.4    6,198    15.1    54.1  

Applied Ceramic Products Group

   6,136     18.4    9,307    22.6    51.7  

Electronic Device Group

   10,252     14.0    5,229    7.7    (49.0 )
                           

Total Components Business

   23,456     14.4    22,534    13.3    (3.9 )

Telecommunications Equipment Group

   (369 )      1,151    1.5     

Information Equipment Group

   9,406     14.0    6,887    11.3    (26.8 )
                           

Total Equipment Business

   9,037     7.1    8,038    5.9    (11.1 )

Others

   1,297     4.1    543    1.7    (58.1 )
                           

Operating profit

   33,790     10.7    31,115    9.4    (7.9 )

Corporate

   4,917        4,181       (15.0 )

Equity in earnings of affiliates and unconsolidated subsidiaries

   1,772        1,485       (16.2 )

Adjustments and eliminations

   5        124        
                           

Income before income taxes

   40,484     12.8    36,905    11.1    (8.8 )
                           

 

8


Table of Contents

(4) Consolidated Sales by Geographic Area

 

     (Yen in millions)  
     Three months ended June 30,       
     2007    2008    Increase
(Decrease)
(%)
 
     Amount    % of
net sales
   Amount    % of
net sales
  

Japan

   121,804    38.6    139,835    42.1    14.8  

United States of America

   62,692    19.9    60,949    18.4    (2.8 )

Europe

   55,383    17.6    56,946    17.2    2.8  

Asia

   57,480    18.2    53,177    16.0    (7.5 )

Others

   18,091    5.7    20,851    6.3    15.3  
                          

Net sales

   315,450    100.0    331,758    100.0    5.2  
                          

1) Japan

Sales increased compared with the previous first quarter due to an increase in sales in the Telecommunication Equipment Group, notably of mobile phone handsets.

2) United States of America

Sales decreased compared with the previous first quarter due mainly to a decline in sales of printers and digital multifunctional peripherals in the Information Equipment Group.

3) Europe

Sales increased compared with the previous first quarter due to sales growth in solar energy business in the Applied Ceramic Products Group.

4) Asia

Sales decreased compared with the previous first quarter due mainly to a decline in sales in the Electronic Device Group.

5) Others

Sales increased compared with the previous first quarter due to increase in sales of mobile phone handsets in the Telecommunication Equipment Group.

 

9


Table of Contents

2. Consolidated Financial Position

Cash Flow

Cash and cash equivalents at June 30, 2008 decreased by ¥135,905 million to ¥311,681 million compared with those at March 31, 2008.

 

     (Yen in millions)  
     Three months ended June 30,  
     2007     2008  

Cash flows from operating activities

   35,010     40,638  

Cash flows from investing activities

   (35,060 )   (173,240 )

Cash flows from financing activities

   (3,549 )   (12,151 )

Effect of exchange rate changes on cash and cash equivalents

   7,953     8,848  

Net increase (decrease) in cash and cash equivalents

   4,354     (135,905 )

Cash and cash equivalents at beginning of period

   282,208     447,586  

Cash and cash equivalents at end of period

   286,562     311,681  

(1) Cash flow from operating activities

Net cash provided by operating activities in the first quarter increased by ¥5,628 million to ¥40,638 million from ¥35,010 million in the previous first quarter. Despite net income decreased, cash inflows with receivables increased.

(2) Cash flow from investing activities

Net cash used in investing activities in the first quarter increased by ¥138,180 million to ¥173,240 million from ¥35,060 million in the previous first quarter. This was due mainly to a large increase in acquisition of certificate deposits and time deposits, and payments for acquisitions of businesses.

(3) Cash flow from financing activities

Net cash used in financing activities in the first quarter increased by ¥8,602 million to ¥12,151 million from ¥3,549 million in the previous first quarter. This was due mainly to an increase in payments of short-term debt and a decrease in reissuance of treasury stock.

 

10


Table of Contents

3. Consolidated Financial Forecast for the Year Ending March 31, 2009 (fiscal 2009)

Although we have revised our forecast for the average exchange rate of the Japanese yen against the Euro, there are no changes to full-year consolidated financial forecasts for the fiscal 2009 since the effect of this revision is insignificant.

Consolidated Forecasts for Fiscal 2009

 

     (Yen in millions, except per share amounts and exchange rates)  
     Fiscal 2008
Results
   Fiscal 2009 Forecasts Announced on    Increase
(Decrease)
(%)
 
        April 25, 2008    July 30, 2008   

Net sales

   1,290,436    1,476,000    1,476,000    14.4  

Profit from operations

   152,420    145,000    145,000    (4.9 )

Income before income taxes

   174,842    165,000    165,000    (5.6 )

Net income

   107,244    102,000    102,000    (4.9 )

Diluted earnings per share

   565.80    538.13    537.91    (4.9 )

Average US$ exchange rate

   114    100    100     

Average Euro exchange rate

   162    152    155     

Note : The forecast of earnings per share announced on July 30, 2008 is computed based on the diluted average number of shares outstanding during the first quarter.

The global economic situation in Japan and overseas is expected to remain severe during the second quarter of fiscal 2009 and thereafter due to continuing concern over financial instability in the United States and to heightened inflation worries triggered primarily by the rising costs of crude oil and raw materials. Despite these, production activities for digital consumer equipment are expected to expand steadily, and as a result, Kyocera forecasts moderate recovery in demand for components used in these products in the second half of fiscal 2009.

Based on this market environment outlook, we will strive to attain full-year forecasts by strengthening the foundations of each business, cultivating new markets and customers, and improving productivity, aiming for continuous expansion of sales and improvement of profitability of Kyocera Group as a whole.

 

11


Table of Contents

Note : Forward-Looking Statements

Certain of the statements made in this document are forward-looking statements (within the meaning of Section 21E of the U.S. Securities and Exchange Act of 1934), which are based on our current assumptions and beliefs in light of the information currently available to us. These forward-looking statements involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors include, but are not limited to the following lists.

 

(1) General economic conditions in our markets, which are primarily Japan, North America, Europe and Asia, particularly China

 

(2) Unexpected changes in economic, political and legal conditions in China

 

(3) Our ability to develop, launch and produce innovative products, including meeting quality and delivery standards, and our ability to otherwise meet the advancing technological requirements of our customers, particularly in the highly competitive markets for ceramics, semiconductor parts and electronic components

 

(4) Manufacturing delays or defects resulting from outsourcing or internal manufacturing processes which may adversely affect our production yields and operating results

 

(5) Factors that may affect our exports, including a strong yen, political and economic instability, difficulties in collection of accounts receivable, decrease in cost competitiveness of our products, increases in shipping and handling costs, difficulty in staffing and managing international operations and inadequate protection of our intellectual property

 

(6) Changes in exchange rates, particularly between the yen and the U.S. dollar and euro, respectively, in which we make significant sales

 

(7) Inability to secure skilled employees, particularly engineering and technical personnel

 

(8) Insufficient protection of our trade secrets and patents

 

(9) Our continuing to hold licenses to manufacture and sell certain of our products

 

(10) Future initiatives and in-process research and development may not produce the desired results

 

(11) The possibility that companies or assets acquired by us may require more cost than expected for integration, and may not produce returns or benefits, or bring in business opportunities, which we expect

 

(12) Events that may impact negatively on our markets or supply chain, including terrorist acts and outbreaks of diseases

 

(13) The occurrence of natural disasters, such as earthquakes, in locations where our manufacturing and other key business facilities are located

 

(14) The possibility of the future tightening of environmental laws and regulations in Japan and other countries which may increase our environmental liability and compliance obligations

 

(15) Fluctuations in the value of, and impairment losses on, securities and other assets held by us, and changes in accounting principles.

Such risks, uncertainties and other factors may cause our actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. We undertake no obligation to publicly update any forward-looking statements included in this document.

 

12


Table of Contents

4. Others

Change in accounting policies :

Recently adopted Accounting Standards

In September 2006, the Financial Accounting Standards Board (FASB) issued SFAS No. 157, “Fair Value Measurements.” The purpose of SFAS No. 157 is to define fair value, establish a framework for measuring fair value and enhance disclosures about fair value measurements. The measurement and disclosure requirements related to financial assets and financial liabilities are effective April 1, 2008. The adoption of SFAS No. 157 for financial assets and financial liabilities has no material impact on Kyocera’s consolidated results of operations and financial position.

In September 2006, the FASB issued SFAS No. 158, “Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans-an amendment of FASB Statements No.87, 88, 106, and 132 (R).” SFAS No. 158 requires an employer to measure the funded status of a benefit plan as of the date of its fiscal year-end statement of financial position for the years ending after December 15, 2008. Kyocera adopts this measurement date provision in the year ending March 31, 2009 and starts to measure the funded status of its benefit plans at the date of its fiscal year-end statement of financial position. As a result of applying the transition method of this provision, retained earnings and other comprehensive income at the beginning of the first quarter decreased by ¥522 million and ¥418 million, respectively.

In February 2007, the FASB issued SFAS No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities—Including an amendment of FASB Statement No. 115.” SFAS No.159 provides companies with an option to report selected financial assets and liabilities at fair value. Unrealized gains and losses on items for which the fair value option has been elected will be recognized in earnings. SFAS No.159 is effective beginning after April 1, 2008. The adoption of SFAS No. 159 has no significant impact on Kyocera’s consolidated results of operations or financial position.

 

13


Table of Contents

CONSOLIDATED BALANCE SHEETS

 

     (Yen in millions)  
     (Unaudited)                  
     June 30, 2008    March 31, 2008    Increase
(Decrease)
 
     Amount     %    Amount     %   

Current assets :

            

Cash and cash equivalents

   ¥ 311,681        ¥ 447,586        ¥ (135,905 )

Short-term investments

     245,219          147,503          97,716  

Trade notes receivables

     22,441          20,375          2,066  

Trade accounts receivables

     222,711          205,522          17,189  

Less allowances for doubtful accounts and sales returns

     (4,609 )        (4,352 )        (257 )

Inventories

     230,424          205,212          25,212  

Deferred income taxes

     44,196          41,244          2,952  

Other current assets

     62,540          55,135          7,405  
                                  

Total current assets

     1,134,603     54.6      1,118,225     56.6      16,378  
                                  

Non-current assets :

            

Investments and advances :

            

Investments in and advances to affiliates and unconsolidated subsidiaries

     18,406          16,753          1,653  

Securities and other investments

     470,556          437,369          33,187  
                                  

Total investments and advances

     488,962     23.5      454,122     23.0      34,840  

Property, plant and equipment :

            

Land

     59,580          57,155          2,425  

Buildings

     294,300          274,206          20,094  

Machinery and equipment

     752,824          718,812          34,012  

Construction in progress

     7,664          17,920          (10,256 )

Less accumulated depreciation

     (809,868 )        (782,194 )        (27,674 )
                                  

Total property, plant and equipment

     304,500     14.6      285,899     14.4      18,601  

Goodwill

     56,576     2.7      39,794     2.0      16,782  

Intangible assets

     47,090     2.3      29,829     1.5      17,261  

Other assets

     46,904     2.3      48,877     2.5      (1,973 )
                                  

Total non-current assets

     944,032     45.4      858,521     43.4      85,511  
                                  

Total assets

   ¥ 2,078,635     100.0    ¥ 1,976,746     100.0    ¥ 101,889  
                                  

 

14


Table of Contents
     (Yen in millions)  
     (Unaudited)                  
     June 30, 2008    March 31, 2008    Increase
(Decrease)
 
     Amount     %    Amount     %   

Current liabilities :

            

Short-term borrowings

   ¥ 8,436        ¥ 7,279        ¥ 1,157  

Current portion of long-term debt

     3,397          3,432          (35 )

Trade notes and accounts payable

     120,097          95,390          24,707  

Other notes and accounts payable

     68,878          66,757          2,121  

Accrued payroll and bonus

     51,868          43,207          8,661  

Accrued income taxes

     17,391          27,118          (9,727 )

Other accrued liabilities

     33,008          32,815          193  

Other current liabilities

     42,270          25,684          16,586  
                                  

Total current liabilities

     345,345     16.6      301,682     15.3      43,663  
                                  

Non-current liabilities :

            

Long-term debt

     6,810          8,298          (1,488 )

Accrued pension and severance liabilities

     15,049          15,041          8  

Deferred income taxes

     127,015          118,016          8,999  

Other non-current liabilities

     17,287          17,542          (255 )
                                  

Total non-current liabilities

     166,161     8.0      158,897     8.0      7,264  
                                  

Total liabilities

     511,506     24.6      460,579     23.3      50,927  
                                  

Minority interests in subsidiaries

     68,887     3.3      65,002     3.3      3,885  

Stockholders’ equity :

            

Common stock

     115,703          115,703           

Additional paid-in capital

     162,949          162,864          85  

Retained earnings

     1,153,894          1,143,821          10,073  

Accumulated other comprehensive income

     80,062          44,066          35,996  

Treasury stock, at cost

     (14,366 )        (15,289 )        923  
                                  

Total stockholders’ equity

     1,498,242     72.1      1,451,165     73.4      47,077  
                                  

Total liabilities, minority interests and stockholders’ equity

   ¥ 2,078,635     100.0    ¥ 1,976,746     100.0    ¥ 101,889  
                                  

 

Note : Accumulated other comprehensive income is as follows :

 

            
     (Yen in millions)             
     June 30, 2008          March 31, 2008             

Net unrealized gains on securities

   ¥ 81,454        ¥ 64,799       

Net unrealized (losses) gains on derivative financial instruments

   ¥ (66 )      ¥ 196       

Pension adjustments

   ¥ 11,939        ¥ 12,865       

Foreign currency translation adjustments

   ¥ (13,265 )      ¥ (33,794 )     

 

15


Table of Contents

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

 

     (Yen in millions and shares in thousands, except per share amounts)  
     Three months ended June 30,     Increase
(Decrease)
 
     2007     2008    
     Amount     %     Amount     %     Amount     %  

Net sales

   ¥ 315,450     100.0     ¥ 331,758     100.0     ¥ 16,308     5.2  

Cost of sales

     219,826     69.7       238,948     72.0       19,122     8.7  
                                          

Gross profit

     95,624     30.3       92,810     28.0       (2,814 )   (2.9 )

Selling, general and administrative expenses

     64,008     20.3       64,848     19.6       840     1.3  
                                          

Profit from operations

     31,616     10.0       27,962     8.4       (3,654 )   (11.6 )

Other income (expenses) :

          

Interest and dividend income

     6,309     2.0       5,910     1.8       (399 )   (6.3 )

Interest expense

     (410 )   (0.1 )     (207 )   (0.1 )     203      

Foreign currency transaction gains, net

     1,009     0.3       1,322     0.4       313     31.0  

Equity in earnings of affiliates and unconsolidated subsidiaries

     1,772     0.6       1,485     0.5       (287 )   (16.2 )

Other, net

     188     0.0       433     0.1       245     130.3  
                                          

Total other income

     8,868     2.8       8,943     2.7       75     0.8  
                                          

Income before income taxes and minority interests

     40,484     12.8       36,905     11.1       (3,579 )   (8.8 )

Income taxes

     13,972     4.4       13,746     4.1       (226 )   (1.6 )
                                          

Income before minority interests

     26,512     8.4       23,159     7.0       (3,353 )   (12.6 )

Minority interests

     (1,528 )   (0.5 )     (1,197 )   (0.4 )     331      
                                          

Net income

   ¥ 24,984     7.9     ¥ 21,962     6.6     ¥ (3,022 )   (12.1 )
                                          

Earnings per share :

            

Net income :

            

Basic

   ¥ 132.30       ¥ 115.89        

Diluted

   ¥ 131.93       ¥ 115.82        

Weighted average number of shares of common stock outstanding :

            

Basic

     188,846         189,502        

Diluted

     189,378         189,623        

 

16


Table of Contents

Notes :

1. Kyocera applies SFAS No.130, “Financial Reporting of Comprehensive Income.” Based on this standard, comprehensive income for the three months ended June 30, 2007 and 2008 were an increase of ¥33,141 million and an increase of ¥58,376 million, respectively.
2. Earnings per share amounts were computed based on SFAS No.128, “Earnings per Share.” Under SFAS No.128, basic earnings per share was computed based on the weighted average number of shares of common stock outstanding during each period and diluted earnings per share assumed the dilution that could occur if securities or other contracts to issue common stock were converted into common stock, exercised or resulted in the issuance of common stock.

 

17


Table of Contents

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

 

     ( 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
    Treasury
stock
    Comprehensive
income
 

Balance, March 31, 2007 (188,649)

   ¥ 115,703    ¥ 162,363    ¥ 1,055,293     ¥ 203,056     ¥ (21,855 )  

Cumulative effect of applying FIN 48 to opening balance

           3,968        

Net income for the year

           107,244         ¥ 107,244  

Other comprehensive income

             (158,990 )       (158,990 )
                    

Total comprehensive income for the year

               ¥ (51,746 )
                    

Cash dividends

           (22,684 )      

Purchase of treasury stock (18)

               (211 )  

Reissuance of treasury stock (823)

        254          6,777    

Stock option plan of subsidiaries

        247         
                                        

Balance, March 31, 2008 (189,454)

     115,703      162,864      1,143,821       44,066       (15,289 )  

(Unaudited)

              

Adjustment for applying SAFS No. 158 to opening balance (Note)

           (522 )     (418 )    

Net income for the period

           21,962         ¥ 21,962  

Other comprehensive income

             36,414         36,414  
                    

Total comprehensive income for the period

               ¥ 58,376  
                    

Cash dividends

           (11,367 )      

Purchase of treasury stock (4)

               (37 )  

Reissuance of treasury stock (117)

        44          960    

Stock option plan of subsidiaries

        41         
                                        

Balance, June 30, 2008 (189,567)

   ¥ 115,703    ¥ 162,949    ¥ 1,153,894     ¥ 80,062     ¥ (14,366 )  
                                        

Note :

SFAS No. 158 - “Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans-an amendment of FASB Statements No. 87, 88, 106, and 132 (R).”

Please refer to page 13 “4. Others, Change in accounting policies : Recently adopted Accounting Standards.”

 

18


Table of Contents

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

 

     (Yen in millions)  
     Three months ended June 30,  
     2007     2008  

Cash flows from operating activities :

    

Net income

   ¥ 24,984     ¥ 21,962  

Adjustments to reconcile net income to net cash provided by operating activities :

    

Depreciation and amortization

     19,242       22,968  

Write-down of inventories

     2,205       1,932  

Minority interests

     1,528       1,197  

Equity in earnings of affiliates and unconsolidated subsidiaries

     (1,772 )     (1,485 )

Decrease in receivables

     17,132       34,137  

(Increase) decrease in inventories

     1,953       (7,239 )

Decrease in notes and accounts payable

     (16,223 )     (32,079 )

Decrease in accrued income taxes

     (20,013 )     (11,067 )

Increase in other current liabilities

     11,605       9,770  

Other, net

     (5,631 )     542  
                

Net cash provided by operating activities

     35,010       40,638  
                

Cash flows from investing activities :

    

Payments for purchases of securities

     (11,915 )     (14,158 )

Sales and maturities of securities

     21,316       15,828  

Acquisitions of businesses, net of cash acquired

           (35,149 )

Payments for purchases of property, plant and equipment, and intangible assets

     (17,839 )     (26,951 )

Proceeds from sales of property, plant and equipment, and intangible assets

     300       629  

Acquisition of certificate deposits and time deposits

     (49,664 )     (146,762 )

Withdrawal of certificate deposits and time deposits

     22,533       33,853  

Other, net

     209       (530 )
                

Net cash used in investing activities

     (35,060 )     (173,240 )
                

Cash flows from financing activities :

    

Increase in short-term debt

     5,847       689  

Payments of long-term debt

     (914 )     (1,731 )

Dividends paid

     (11,174 )     (11,419 )

Purchase of treasury stock

     (60 )     (37 )

Reissuance of treasury stock

     2,901       1,004  

Other, net

     (149 )     (657 )
                

Net cash used in financing activities

     (3,549 )     (12,151 )
                

Effect of exchange rate changes on cash and cash equivalents

     7,953       8,848  
                

Net increase (decrease) in cash and cash equivalents

     4,354       (135,905 )

Cash and cash equivalents at beginning of period

     282,208       447,586  
                

Cash and cash equivalents at end of period

   ¥ 286,562     ¥ 311,681  
                

 

19


Table of Contents

SEGMENT INFORMATION (Unaudited)

1. Reporting segments :

 

     (Yen in millions)  
     Three months ended June 30,     Increase
(Decrease)
 
     2007     2008    
     Amount     Amount     Amount     %  

Net sales :

        

Fine Ceramic Parts Group

   ¥ 20,545     ¥ 18,776     ¥ (1,769 )   (8.6 )

Semiconductor Parts Group

     35,277       41,167       5,890     16.7  

Applied Ceramic Products Group

     33,420       41,163       7,743     23.2  

Electronic Device Group

     73,453       67,714       (5,739 )   (7.8 )

Telecommunications Equipment Group

     59,959       75,995       16,036     26.7  

Information Equipment Group

     67,272       61,114       (6,158 )   (9.2 )

Others

     31,628       32,178       550     1.7  

Adjustments and eliminations

     (6,104 )     (6,349 )     (245 )    
                              
   ¥ 315,450     ¥ 331,758     ¥ 16,308     5.2  
                              

Operating profit :

        

Fine Ceramic Parts Group

   ¥ 3,045     ¥ 1,800     ¥ (1,245 )   (40.9 )

Semiconductor Parts Group

     4,023       6,198       2,175     54.1  

Applied Ceramic Products Group

     6,136       9,307       3,171     51.7  

Electronic Device Group

     10,252       5,229       (5,023 )   (49.0 )

Telecommunications Equipment Group

     (369 )     1,151       1,520      

Information Equipment Group

     9,406       6,887       (2,519 )   (26.8 )

Others

     1,297       543       (754 )   (58.1 )
                              
     33,790       31,115       (2,675 )   (7.9 )

Corporate

     4,917       4,181       (736 )   (15.0 )

Equity in earnings of affiliates and unconsolidated subsidiaries

     1,772       1,485       (287 )   (16.2 )

Adjustments and eliminations

     5       124       119      
                              

Income before income taxes and minority interests

   ¥ 40,484     ¥ 36,905     ¥ (3,579 )   (8.8 )
                              

Depreciation and amortization :

        

Fine Ceramic Parts Group

   ¥ 1,459     ¥ 1,830     ¥ 371     25.4  

Semiconductor Parts Group

     3,129       3,099       (30 )   (1.0 )

Applied Ceramic Products Group

     2,006       2,279       273     13.6  

Electronic Device Group

     5,274       5,826       552     10.5  

Telecommunications Equipment Group

     2,241       4,517       2,276     101.6  

Information Equipment Group

     2,788       2,978       190     6.8  

Others

     1,561       1,753       192     12.3  

Corporate

     784       686       (98 )   (12.5 )
                              

Total

   ¥ 19,242     ¥ 22,968     ¥ 3,726     19.4  
                              

Capital expenditures :

        

Fine Ceramic Parts Group

   ¥ 1,174     ¥ 1,271     ¥ 97     8.3  

Semiconductor Parts Group

     2,027       2,142       115     5.7  

Applied Ceramic Products Group

     1,717       2,312       595     34.7  

Electronic Device Group

     5,113       5,927       814     15.9  

Telecommunications Equipment Group

     542       1,232       690     127.3  

Information Equipment Group

     1,924       1,764       (160 )   (8.3 )

Others

     792       1,210       418     52.8  

Corporate

     1,755       2,109       354     20.2  
                              

Total

   ¥ 15,044     ¥ 17,967     ¥ 2,923     19.4  
                              

 

20


Table of Contents

2. Geographic segments (Sales and Operating profits by geographic area) :

 

 

     (Yen in millions)  
     Three months ended June 30,     Increase (Decrease)  
     2007     2008    
     Amount     Amount     Amount     %  

Net sales :

        

Japan

   ¥ 128,689     ¥ 146,839     ¥ 18,150     14.1  

Intra-group sales and transfer between geographic areas

     93,725       107,640       13,915     14.8  
                              
     222,414       254,479       32,065     14.4  
                              

United States of America

     73,213       73,032       (181 )   (0.2 )

Intra-group sales and transfer between geographic areas

     8,739       7,773       (966 )   (11.1 )
                              
     81,952       80,805       (1,147 )   (1.4 )
                              
                              

Europe

     57,739       59,313       1,574     2.7  

Intra-group sales and transfer between geographic areas

     10,546       8,290       (2,256 )   (21.4 )
                              
     68,285       67,603       (682 )   (1.0 )
                              

Asia

     49,761       46,437       (3,324 )   (6.7 )

Intra-group sales and transfer between geographic areas

     42,908       59,786       16,878     39.3  
                              
     92,669       106,223       13,554     14.6  

Others

     6,048       6,137       89     1.5  

Intra-group sales and transfer between geographic areas

     3,587       3,502       (85 )   (2.4 )
                              
     9,635       9,639       4     0.0  
                              

Adjustments and eliminations

     (159,505 )     (186,991 )     (27,486 )    
                              
   ¥ 315,450     ¥ 331,758     ¥ 16,308     5.2  
                              

Operating Profits :

        

Japan

   ¥ 23,897     ¥ 24,081     ¥ 184     0.8  

United States of America

     2,203       2,307       104     4.7  

Europe

     2,758       2,202       (556 )   (20.2 )

Asia

     5,592       4,384       (1,208 )   (21.6 )

Others

     774       497       (277 )   (35.8 )
                              
     35,224       33,471       (1,753 )   (5.0 )

Adjustments and eliminations

     (1,429 )     (2,232 )     (803 )    
                              
     33,795       31,239       (2,556 )   (7.6 )

Corporate

     4,917       4,181       (736 )   (15.0 )

Equity in earnings of affiliates and unconsolidated subsidiaries

     1,772       1,485       (287 )   (16.2 )
                              

Income before income taxes and minority interests

   ¥ 40,484     ¥ 36,905     ¥ (3,579 )   (8.8 )
                              

 

21


Table of Contents

3. Geographic segments (Sales by region) :

 

     (Yen in millions)  
     Three months ended June 30,    Increase (Decrease)  
     2007    2008   
     Amount     %    Amount     %    Amount     %  

Japan

   ¥ 121,804     38.6    ¥ 139,835     42.1    ¥ 18,031     14.8  

United States of America

     62,692     19.9      60,949     18.4      (1,743 )   (2.8 )

Europe

     55,383     17.6      56,946     17.2      1,563     2.8  

Asia

     57,480     18.2      53,177     16.0      (4,303 )   (7.5 )

Others

     18,091     5.7      20,851     6.3      2,760     15.3  
                                        

Net sales

   ¥ 315,450     100.0    ¥ 331,758     100.0    ¥ 16,308     5.2  
                                        

Sales outside Japan

   ¥ 193,646        ¥ 191,923        ¥ (1,723 )   (0.9 )

Sales outside Japan to net sales

     61.4 %        57.9 %       

 

22


Table of Contents

Note for the assumption of continuing operation :

Not applicable.

Note in case where the amount of shareholders’ equity significantly changed :

Please refer to page 18 “CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY.”

 

23


Table of Contents

Appendix

1. Consolidated Orders by Reporting Segment

 

     (Yen in millions)  
     Three months ended June 30,     Increase
(Decrease)
(%)
 
     2007     2008    
     Amount     % of
segment
orders
    Amount     % of
segment
orders
   

Fine Ceramic Parts Group

   ¥ 21,194     6.8     ¥ 19,124     5.5     (9.8 )

Semiconductor Parts Group

     36,062     11.6       41,470     11.8     15.0  

Applied Ceramic Products Group

     34,162     10.9       41,770     11.9     22.3  

Electronic Device Group

     75,645     24.2       70,743     20.1     (6.5 )
                                  

Total Components Business

     167,063     53.5       173,107     49.3     3.6  

Telecommunications Equipment Group

     50,872     16.3       89,527     25.5     76.0  

Information Equipment Group

     67,601     21.7       61,469     17.5     (9.1 )
                                  

Total Equipment Business

     118,473     38.0       150,996     43.0     27.5  

Others

     32,256     10.3       33,247     9.5     3.1  

Adjustments and eliminations

     (5,799 )   (1.8 )     (6,175 )   (1.8 )    
                                  

Orders

   ¥ 311,993     100.0     ¥ 351,175     100.0     12.6  
                                  

 

24


Table of Contents

2. Consolidated Production by Reporting Segment

 

     (Yen in millions)  
     Three months ended June 30,    Increase
(Decrease)
(%)
 
     2007    2008   
     Amount    % of
segment
production
   Amount    % of
segment
production
  

Fine Ceramic Parts Group

   ¥ 20,634    6.5    ¥ 19,766    5.8    (4.2 )

Semiconductor Parts Group

     35,642    11.3      42,737    12.6    19.9  

Applied Ceramic Products Group

     35,208    11.2      44,240    13.0    25.7  

Electronic Device Group

     75,306    23.9      70,456    20.8    (6.4 )
                              

Total Components Business

     166,790    52.9      177,199    52.2    6.2  

Telecommunications Equipment Group

     55,697    17.7      75,008    22.1    34.7  

Information Equipment Group

     69,103    21.9      63,404    18.7    (8.2 )
                              

Total Equipment Business

     124,800    39.6      138,412    40.8    10.9  

Others

     23,569    7.5      23,874    7.0    1.3  
                              

Production

   ¥ 315,159    100.0    ¥ 339,485    100.0    7.7  
                              

 

3. Capital Expenditures, Depreciation and Research and Development Costs

 

 

     (Yen in millions)  
     Three months ended June 30,    Increase
(Decrease)
(%)
 
     2007    2008   
     Amount    % of net
sales
   Amount    % of net
sales
  

Capital expenditures

   ¥ 15,044    4.8    ¥ 17,967    5.4    19.4  

Depreciation

     16,281    5.2      19,251    5.8    18.2  

R&D Costs

     15,315    4.9      16,914    5.1    10.4  

 

25

Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki