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Kyocera 6-K 2011

Documents found in this filing:

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

FORM 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

Report of Foreign Private Issuer

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

the Securities Exchange Act of 1934

For the month of April 2011

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):  ¨


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
Director,
Managing Executive Officer and
General Manager of
Corporate Financial and Business Systems
Administration Group

Date: April 27, 2011


Table of Contents

Information furnished on this form:

EXHIBITS

 

Exhibit
    Number    

   

1.

  Consolidated Financial Results of Kyocera Corporation and its Subsidiaries for the Year Ended March 31, 2011


Table of Contents

LOGO

Consolidated Financial Results of Kyocera Corporation and its Subsidiaries

for the Year Ended March 31, 2011

The consolidated financial information is prepared in accordance with accounting principles generally accepted in the United States of America.

1. Consolidated Financial Results for the Year Ended March 31, 2011 (Fiscal 2011)

 

(1) Consolidated results of operations

          (% of change from previous year)   
      Net sales     Profit from operations      Income before income taxes      Net income attributable to
shareholders of
Kyocera Corporation
 
     Million yen      %     Million yen      %      Million yen      %          Million yen              %      

Fiscal 2011

     1,266,924         18.0        155,924         144.2         172,332         183.5         122,448         205.4   

Fiscal 2010

     1,073,805         (4.9     63,860         47.1         60,798         8.6         40,095         35.9   

(Note) Comprehensive income:

100,502 million yen in the year ended March 31, 2011, 113.2% of change from previous year

47,131 million yen in the year ended March 31, 2010

 

    Net income
attributable  to
shareholders of
Kyocera Corporation
per share -Basic
    Net income
attributable  to
shareholders of
Kyocera Corporation
per share -Diluted
    Ratio of net  income
attributable to
shareholders  of
Kyocera Corporation
to shareholders’ equity
    Ratio of income
before income taxes
to total assets
    Ratio of profit
from operations
to net sales
 
    Yen     Yen     %     %     %  

Fiscal 2011

    667.23        667.23        8.9        9.1        12.3   

Fiscal 2010

    218.47        218.47        3.0        3.4        5.9   

(Reference) Equity in losses of affiliates and unconsolidated subsidiaries:

(160) million yen in the year ended March 31, 2011

   (18,297) million yen in the year ended March 31, 2010

(2) Consolidated financial condition

 

     Total assets      Total equity      Kyocera Corporation
shareholders’ equity
     Kyocera  Corporation
shareholders’ equity
to total assets
     Kyocera  Corporation
shareholders’ equity
per share
 
     Million yen      Million yen      Million yen      %      Yen  

March 31, 2011

     1,946,566         1,483,359         1,420,263         73.0         7,739.31   

March 31, 2010

     1,848,717         1,407,262         1,345,235         72.8         7,330.14   

(3) Consolidated cash flows

 

     Operating activities      Investing activities     Financing activities     Cash and cash equivalents
at end of year
 
     Million yen      Million yen     Million yen     Million yen  

Fiscal 2011

     119,687         (121,364     (26,820     273,471   

Fiscal 2010

     137,583         (49,318     (38,047     313,126   

2. Dividends

 

    Dividends per share     Annual  aggregate
amount of
dividends
    Dividends  to
net income
attributable to
shareholders of
Kyocera Corporation
    Dividends to
Kyocera Corporation
shareholders’ equity
 
         
         
    End of
first quarter
    End of
second quarter
    End of
third quarter
    Year-end     Annual        
    Yen     Yen     Yen     Yen     Yen     Million yen     %     %  

Fiscal 2010

           60.00               60.00        120.00        22,023        54.9        1.7   

Fiscal 2011

           60.00               70.00        130.00        23,857        19.5        1.7   

Fiscal 2012 (forecast)

                                130.00               21.3          

(Note) Dividends per share for the year ending March 31, 2012 are forecasted to be 130 yen on an annual basis.

3. Consolidated Financial Forecast for the Year Ending March 31, 2012

(% of change from the previous year)

     Net sales      Profit from
operations
     Income before
income taxes
     Net income
attributable to
shareholders of
Kyocera  Corporation
    Net income
attributable to
shareholders of
Kyocera Corporation
per share
 
     Million yen      %      Million yen      %      Million yen      %      Million yen      %     Yen  

Fiscal 2012

     1,360,000         7.3         168,000         7.7         180,000         4.4         112,000         (8.5     610.30   

Forecast of earnings per share attributable to shareholders of Kyocera Corporation is computed based on the diluted average number of shares outstanding during the year ended March 31, 2011.

 

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4. Others

(1) Increase or decrease in significant subsidiaries during the year ended March 31, 2011: None.

(2) Changes in accounting principles, procedures, and financial statements’ presentation:

(i) Changes due to adoption of new accounting standards: Please refer to the accompanying “(5) BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS” on page 18.

(ii) Changes due to other than adoption of new accounting standards: None.

(3) Number of shares (common stock):

(i) Number of shares issued:

 

191,309,290 shares at March 31, 2011    191,309,290 shares at March 31, 2010

(ii) Number of treasury stock:

 

7,796,321 shares at March 31, 2011    7,788,351 shares at March 31, 2010

(iii) Average number of shares outstanding:

 

183,517,144 shares in the year ended March 31, 2011        183,524,568 shares in the year ended March 31, 2010

(Reference) Outline of Non-Consolidated Results for Kyocera Corporation

The non-consolidated financial information is prepared in accordance with accounting principles generally accepted in Japan.

1. Non-consolidated Financial Results for the Year Ended March 31, 2011:

 

(1) Non-consolidated results of operations

         (% of change from previous year)   
     Net sales     Profit from operations      Recurring profit      Net income  
     Million yen      %     Million yen     %      Million yen      %      Million yen      %  

Fiscal 2011

     658,297         39.0        45,992                91,285         177.8         71,934         870.1   

Fiscal 2010

     473,656         (9.3     (983             32,863         13.4         7,415         (47.1

 

     Net income per share -Basic      Net income per share -Diluted  
     Yen      Yen  

Fiscal 2011

     391.97           

Fiscal 2010

     40.41           

(2) Non-consolidated financial condition

 

     Total assets      Net assets      Net assets to total assets      Net assets per share  
     Million yen      Million yen      %      Yen  

March 31, 2011

     1,441,403         1,173,990         81.4         6,397.31   

March 31, 2010

     1,324,795         1,115,588         84.2         6,078.81   

Presentation of Situation of Review Procedure

The consolidated financial information included in this Form 6-K is out of scope of audit procedure under the Financial Instruments and Exchange Law of Japan. Audit procedure under the Financial Instruments and Exchange Law of Japan has not been completed at the date of submission of this Form 6-K.

Instruction for Forecasts and Other Notes

Cautionary Statement for Forecasts:

With regard to forecasts set forth above, please refer to the accompanying “Forward-Looking Statements” on page 9.

 

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Accompanying Information

1. BUSINESS RESULTS

(1) Analysis of Business Results

[Business Results for the Year Ended March 31, 2011]

Economic Situation and Business Environment

In the year ended March 31, 2011 (“fiscal 2011”), the Japanese economy showed signs of recovery compared with the year ended March 31, 2010 (“fiscal 2010”) due to increases in exports, mainly to Asia, and capital investment. With respect to the overseas economy, personal consumption and capital investment continued to rebound in the U.S., while the European economy recovered solidly owing to an increase in exports supported by depreciation of the Euro, despite fears of an economic slowdown due to heightened financial insecurity triggered by financial crises in Greece and Ireland. The Asian economy led by China continued to expand strongly, driven by growth in exports and personal consumption.

In the information and communications market, which is the principal market for Kyocera Corporation and its consolidated subsidiaries (“Kyocera Group” or “Kyocera”), all production activities of various digital consumer equipment such as mobile phone handsets including smartphones expanded as a whole compared with fiscal 2010.

Consolidated Financial Results

The yen’s average exchange rates for fiscal 2011 were ¥86 to the U.S. dollar and ¥113 to the Euro, representing an appreciation of ¥7 (approximately 8%) and ¥18 (approximately 14%), respectively, compared with fiscal 2010. As a result, net sales and income before income taxes for fiscal 2011 were down approximately ¥68 billion and ¥28 billion, respectively, compared with fiscal 2010.

In spite of the impact on sales and profit by the yen’s appreciation, sales and profit in all reporting segments exceeded levels recorded in fiscal 2010 due to an expansion of the information and communications market and efforts to improve profitability by reducing costs and enhancing productivity in each business.

Net sales for fiscal 2011 increased by ¥193,119 million, or 18.0%, to ¥1,266,924 million, compared with ¥1,073,805 million for fiscal 2010. Profit from operations for fiscal 2011 increased by ¥92,064 million, or 144.2%, to ¥155,924 million, compared with ¥63,860 million in fiscal 2010. Income before income taxes increased by ¥111,534 million, or 183.5%, to ¥172,332 million, compared with ¥60,798 million in fiscal 2010. Net income attributable to shareholders of Kyocera Corporation for fiscal 2011 increased by ¥82,353 million, or 205.4%, to ¥122,448 million, compared with ¥40,095 million for fiscal 2010. Profit from operations and income before income taxes for fiscal 2010 were reduced by ¥8,961 million and ¥28,948 million, respectively, due to a recognition of a loss related to an investment in WILLCOM, Inc.

Although production activities were temporarily stopped at Kyocera’s production sites in the Tohoku and Kanto regions due to an electric power outage and traffic disturbance caused by the Great East Japan Earthquake, this did not have a significant impact on business results for fiscal 2011.

 

     Years ended March 31,      Increase
(Decrease)
 
     2010      2011     
     Amount      %      Amount      %      Amount      %  
     (Yen in millions, except per share amounts and exchange rates)  

Net sales

   ¥ 1,073,805         100.0       ¥ 1,266,924         100.0       ¥ 193,119         18.0   

Profit from operations

     63,860         5.9         155,924         12.3         92,064         144.2   

Income before income taxes

     60,798         5.7         172,332         13.6         111,534         183.5   

Net income attributable to shareholders of Kyocera Corporation

     40,095         3.7         122,448         9.7         82,353         205.4   

Diluted earnings per share attributable to shareholders of Kyocera Corporation

     218.47                 667.23                           

Average US$ exchange rate

     93                 86                           

Average Euro exchange rate

     131                 113                           

 

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Consolidated Results by Reporting Segment

i) Components Business:

Sales in the Components Business for fiscal 2011 increased by ¥140,704 million, or 25.6%, to ¥691,239 million, compared with ¥550,535 million for fiscal 2010. Operating profit for fiscal 2011 increased by ¥70,460 million, or 142.2%, to ¥119,995 million from ¥49,535 million for fiscal 2010. The operating profit ratio was 17.4%.

1) Fine Ceramic Parts Group

Demand for industrial machinery parts such as semiconductor fabrication equipment parts and for automotive parts increased significantly due to expanded productions in various industrial machinery and automotive markets. Demand for components for digital consumer equipment also grew. As a result, overall sales in this reporting segment for fiscal 2011 increased significantly compared with fiscal 2010. Operating profit improved substantially from an operating loss for fiscal 2010 due to an increase in production volume and an improvement in productivity.

2) Semiconductor Parts Group

In addition to increasing demand for mobile phone handsets and digital cameras, etc., popularity grew for advanced products, such as smartphones, that are fitted with an even higher number of components. Supported by this favorable background, Kyocera increased production capacity for ceramic packages for crystal and SAW devices and CMOS/CCD image sensors to increase sales. Furthermore, demand for organic packages, primarily for servers, also grew steadily. As a result, overall sales in this reporting segment for fiscal 2011 increased compared with fiscal 2010. Operating profit increased substantially compared with fiscal 2010 due to sales growth and enhanced productivity.

3) Applied Ceramic Products Group

In the solar energy business, sales increased compared with fiscal 2010 due to efforts to expand production capacity and to enhance Kyocera’s sales networks in Japan and overseas to meet rising global demand for solar cells and modules. In addition, sales in the cutting tool business increased substantially compared with fiscal 2010 mainly due to rising demand in Japan and Asia, reflecting expanded production in automotive related markets. As a result, both sales and operating profit in this reporting segment for fiscal 2011 increased compared with fiscal 2010.

4) Electronic Device Group

As a result of expanding production for digital consumer equipment such as mobile phone handsets, as well as for various industrial markets, demand for electronic components such as capacitors and timing devices also expanded. In addition, sales of thin film components increased significantly compared with fiscal 2010 due in part to Kyocera’s acquisition of the thin film transistor (TFT) liquid crystal display (LCD) business at the Yasu facility from Sony Mobile Display Corporation in June 2010. As a result, overall sales in this reporting segment for fiscal 2011 increased compared with fiscal 2010. Operating profit increased substantially compared with fiscal 2010 due to sales growth and enhanced productivity.

ii) Equipment Business:

Sales in the Equipment Business for fiscal 2011 increased by ¥43,601 million, or 10.3%, to ¥465,084 million, compared with ¥421,483 million for fiscal 2010. Operating profit for fiscal 2011 increased by ¥20,601 million, or 279.7%, to ¥27,966 million from ¥7,365 million for fiscal 2010. The operating profit ratio was 6.0%.

1) Telecommunications Equipment Group

Sales in this reporting segment for fiscal 2011 increased compared with fiscal 2010 as a result of aggressive measures to expand sales, which included launches of new products in overseas market, coupled with growth in sales of mobile phone handsets and personal handy phone system (PHS) handsets in Japan. Due to an increase in sales and positive effects from structural reforms executed in fiscal 2010, operating profit improved substantially from an operating loss in fiscal 2010. An impairment loss on accounts receivable of ¥8,961 million related to WILLCOM Inc. was recorded in fiscal 2010.

2) Information Equipment Group

Kyocera worked to increase sales by aggressively launching new products amid moderate recovery in information technology investment by customers both in Japan and overseas, which led to an increase in sales volume, particularly for multifunction peripherals. As a result, sales in this reporting segment for fiscal 2011 increased compared with fiscal 2010. Operating profit increased compared with fiscal 2010 due to an improvement in productivity and sales growth for high-value-added products such as color multifunction peripherals.

iii) Others:

Sales at Kyocera Communication Systems Co., Ltd. increased over fiscal 2010 due to a moderate recovery in information technology investment in the corporate sector. In addition, sales at Kyocera Chemical Corporation also increased over fiscal 2010 due to an increase in demand for semiconductor encapsulation, etc. As a result, overall sales in this reporting segment for fiscal 2011 increased by ¥14,806 million, or 11.9%, to ¥139,383 million, compared with ¥124,577 million for fiscal 2010. Operating profit increased by ¥2,882 million, or 42.6%, to ¥9,651 million from ¥6,769 million for fiscal 2010.

 

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Table of Contents

Net Sales by Reporting Segment

 

     Years ended March 31,     Increase
(Decrease)
 
     2010     2011    
     Amount     %     Amount     %     Amount     %  
     (Yen in millions)  

Fine Ceramic Parts Group

   ¥ 53,056        5.0      ¥ 76,269        6.0      ¥ 23,213        43.8   

Semiconductor Parts Group

     140,507        13.1        174,687        13.8        34,180        24.3   

Applied Ceramic Products Group

     157,033        14.6        197,642        15.6        40,609        25.9   

Electronic Device Group

     199,939        18.6        242,641        19.2        42,702        21.4   
                                                

Total Components Business

     550,535        51.3        691,239        54.6        140,704        25.6   

Telecommunications Equipment Group

     189,118        17.6        225,168        17.8        36,050        19.1   

Information Equipment Group

     232,365        21.6        239,916        18.9        7,551        3.2   
                                                

Total Equipment Business

     421,483        39.2        465,084        36.7        43,601        10.3   

Others

     124,577        11.6        139,383        11.0        14,806        11.9   

Adjustments and eliminations

     (22,790     (2.1     (28,782     (2.3     (5,992       
                                                

Net sales

   ¥ 1,073,805        100.0      ¥ 1,266,924        100.0      ¥ 193,119        18.0   
                                                

 

Operating Profit (Loss) by Reporting Segment

 

  

   
     Years ended March 31,     Increase
(Decrease)
 
     2010     2011    
     Amount     %*     Amount     %*     Amount     %  
     (Yen in millions)  

Fine Ceramic Parts Group

   ¥ (788          ¥ 11,969        15.7      ¥ 12,757          

Semiconductor Parts Group

     17,235        12.3        37,331        21.4        20,096        116.6   

Applied Ceramic Products Group

     19,858        12.6        29,049        14.7        9,191        46.3   

Electronic Device Group

     13,230        6.6        41,646        17.2        28,416        214.8   
                                                

Total Components Business

     49,535        9.0        119,995        17.4        70,460        142.2   

Telecommunications Equipment Group

     (14,726            2,121        0.9        16,847          

Information Equipment Group

     22,091        9.5        25,845        10.8        3,754        17.0   
                                                

Total Equipment Business

     7,365        1.7        27,966        6.0        20,601        279.7   

Others

     6,769        5.4        9,651        6.9        2,882        42.6   
                                                

Operating profit

     63,669        5.9        157,612        12.4        93,943        147.5   

Corporate

     15,665               16,882               1,217        7.8   

Equity in losses of affiliates and unconsolidated subsidiaries

     (18,297            (160            18,137          

Adjustments and eliminations

     (239            (2,002            (1,763       
                                                

Income before income taxes

   ¥ 60,798        5.7      ¥ 172,332        13.6      ¥ 111,534        183.5   
                                                
* % to net sales of each corresponding segment

 

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Table of Contents

Net Sales by Geographic Area

i) Japan

Sales in the solar energy business in the Applied Ceramic Products Group increased. Sales in the Telecommunications Equipment Group also increased due to an increase in sales volume of mobile phone handsets and PHS handsets. Furthermore, sales in the Electronic Device Group grew mainly for digital consumer equipment. As a result, sales for Japan for fiscal 2011 increased compared with fiscal 2010.

ii) United Sates of America

Sales in the Telecommunications Equipment Group increased, due to an increase in sales volume of mobile phone handsets through launches of new products. Sales in the Semiconductor Parts Group and the Electronic Device Group also increased. As a result, sales for United Sates of America for fiscal 2011 increased compared with fiscal 2010.

iii) Asia

Sales in the Electronic Device Group and the Semiconductor Parts Group increased due to an increase in component demand, reflecting expanded production of digital consumer equipment. As a result, sales for Asia for fiscal 2011 increased compared with fiscal 2010.

iv) Europe

Sales in the Electronic Device Group and the Fine Ceramic Parts Group grew due to an increase in component demand for digital consumer equipment and for automotive related markets, etc. As a result, sales for Europe for fiscal 2011 increased compared with fiscal 2010.

v) Others

Sales in the Information Equipment Group increased. Sales in the Electronic Device Group and the Semiconductor Parts Group also increased. As a result, sales for Others for fiscal 2011 increased compared with fiscal 2010.

 

     Years ended March 31,      Increase
(Decrease)
 
     2010      2011     
     Amount      %      Amount      %      Amount      %  
     (Yen in millions)  

Japan

   ¥ 470,643         43.8       ¥ 559,883         44.2       ¥ 89,240         19.0   

United States of America

     180,861         16.8         220,706         17.4         39,845         22.0   

Asia

     172,510         16.1         215,913         17.0         43,403         25.2   

Europe

     198,058         18.5         210,131         16.6         12,073         6.1   

Others

     51,733         4.8         60,291         4.8         8,558         16.5   
                                                     

Net sales

   ¥ 1,073,805         100.0       ¥ 1,266,924         100.0       ¥ 193,119         18.0   
                                                     

 

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[Consolidated Forecasts for the Year Ending March 31, 2012]

Kyocera expects that the Asian economy, led by China, will continue to grow and that the economies of Europe and the United States will maintain steady growth in the year ending March 31, 2012 (“fiscal 2012”). However, Japanese economy will temporarily slow as a result of the Great East Japan Earthquake, and it requires some time until supply chain systems including procurement of raw materials and components will be normalized. Consequently, Kyocera anticipates that stagnated production in Japan may negatively affect the global economy from now on.

In spite of a considerable uncertainty regarding the financial forecast 2012, Kyocera will seize market demand and aim to expand the sales and profit in each business. At this point, Kyocera announces following full-year financial forecast for fiscal 2012.

 

     Results for
the year ended
March 31, 2011
     Forecasts for
the year ending
March 31, 2012
     Increase
(Decrease)
 
     Amount      %      Amount      %      Amount     %  
     (Yen in millions, except per share amounts and exchange rates)  

Net sales

   ¥ 1,266,924         100.0       ¥ 1,360,000         100.0       ¥ 93,076        7.3   

Profit from operations

     155,924         12.3         168,000         12.4         12,076        7.7   

Income before income taxes

     172,332         13.6         180,000         13.2         7,668        4.4   

Net income attributable to shareholders of Kyocera Corporation

     122,448         9.7         112,000         8.2         (10,448     (8.5

Diluted earnings per share attributable to shareholders of Kyocera Corporation

     667.23                 610.30                          

Average US$ exchange rate

     86                 81                          

Average Euro exchange rate

     113                 115                          

Note:

Forecast of earnings per share is computed based on the diluted average number of shares outstanding during the year ended March 31, 2011.

 

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Net sales and operating profit forecasts by reporting segment are as follows.

Net Sales by Reporting Segment

 

     Results for
the year ended
March 31, 2011
    Forecasts for
the year ending
March 31, 2012
    Increase
(Decrease)
 
     Amount     %         Amount             %         Amount     %  
     (Yen in millions)  

Fine Ceramic Parts Group

   ¥ 76,269        6.0      ¥ 86,000        6.3      ¥ 9,731        12.8   

Semiconductor Parts Group

     174,687        13.8        190,000        14.0        15,313        8.8   

Applied Ceramic Products Group

     197,642        15.6        217,000        16.0        19,358        9.8   

Electronic Device Group

     242,641        19.2        255,000        18.7        12,359        5.1   
                                                

Total Components Business

     691,239        54.6        748,000        55.0        56,761        8.2   

Telecommunications Equipment Group

     225,168        17.8        232,000        17.0        6,832        3.0   

Information Equipment Group

     239,916        18.9        262,000        19.3        22,084        9.2   
                                                

Total Equipment Business

     465,084        36.7        494,000        36.3        28,916        6.2   

Others

     139,383        11.0        147,000        10.8        7,617        5.5   

Adjustments and eliminations

     (28,782     (2.3     (29,000     (2.1     (218       
                                                

Net sales

   ¥ 1,266,924        100.0      ¥ 1,360,000        100.0      ¥ 93,076        7.3   
                                                
Operating Profit by Reporting Segment             
     Results for
the year ended
March 31, 2011
    Forecasts for
the year ending
March 31, 2012
    Increase
(Decrease)
 
     Amount     %*         Amount             %*         Amount     %  
     (Yen in millions)  

Fine Ceramic Parts Group

   ¥ 11,969        15.7      ¥ 16,000        18.6      ¥ 4,031        33.7   

Semiconductor Parts Group

     37,331        21.4        40,000        21.1        2,669        7.1   

Applied Ceramic Products Group

     29,049        14.7        29,500        13.6        451        1.6   

Electronic Device Group

     41,646        17.2        43,000        16.9        1,354        3.3   
                                                

Total Components Business

     119,995        17.4        128,500        17.2        8,505        7.1   

Telecommunications Equipment Group

     2,121        0.9        8,000        3.4        5,879        277.2   

Information Equipment Group

     25,845        10.8        26,000        9.9        155        0.6   
                                                

Total Equipment Business

     27,966        6.0        34,000        6.9        6,034        21.6   

Others

     9,651        6.9        7,000        4.8        (2,651     (27.5
                                                

Operating profit

     157,612        12.4        169,500        12.5        11,888        7.5   

Corporate and others

     14,720               10,500               (4,220     (28.7
                                                

Income before income taxes

   ¥ 172,332        13.6      ¥ 180,000        13.2      ¥ 7,668        4.4   
                                                
* % to net sales of each corresponding segment

 

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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 countries where we operate;

 

(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 the Euro, respectively, in which we make significant sales;

 

(7) Exposure to credit risk on trade receivables due to customers’ worsening financial condition;

 

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

 

(9) Insufficient protection of our trade secrets and intellectual property rights including patents;

 

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

 

(11) The possibility that future initiatives and in-process research and development may not produce the desired results;

 

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

 

(13) Events that may impact negatively on our markets or supply chain, including terrorist acts, outbreaks of disease, war and natural disasters;

 

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

 

(15) The possibility of future tightening of environmental laws and regulations in Japan and other countries which may increase our environmental liability and costs and expenses to observe the obligations;

 

(16) Fluctuations in the value of, and impairment losses on, securities and other assets held by us;

 

(17) The possibility that deferred tax assets may not be realized or additional liabilities for unrecognized tax benefits may be required; and

 

(18) Changes in accounting principles.

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

 

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(2) Analysis of Financial Condition

Consolidated Cash Flows

Cash and cash equivalents at March 31, 2011 decreased by ¥39,655 million to ¥273,471 million form ¥313,126 million at March 31, 2010.

i) Cash flows from operating activities

The adjustments made to consolidated net income amount of ¥45,433 million to reconcile to the net cash provided by operating activities of ¥137,583 million for fiscal 2010 was mainly due to adjustments of depreciation and amortization and ¥18,297 million of equity in losses of affiliates coupled with increases in receivables and advance payments.

The adjustments made to consolidated net income amount of ¥130,118 million to reconcile to the net cash provided by operating activities of ¥119,687 million for fiscal 2011 was mainly due to adjustments of depreciation and amortization as well as increases in receivables, inventories and advance payments.

ii) Cash flows from investing activities

Net cash used in investing activities for fiscal 2011 increased by ¥72,046 million to ¥121,364 million from ¥49,318 million for fiscal 2010. This was due mainly to an increase in purchases of property, plant and equipment as well as a decrease in withdrawals of certificate deposits and time deposits.

iii) Cash flows from financing activities

Net cash used in financing activities for fiscal 2011 decreased by ¥11,227 million to ¥26,820 million from ¥38,047 million for fiscal 2010. This was due mainly to decreases in payments of short-term borrowings and long-term debts.

Consolidated Cash Flows

 

     Years ended March 31,  
     2010     2011  
     (Yen in millions)  

Cash flows from operating activities

   ¥ 137,583      ¥ 119,687   

Cash flows from investing activities

     (49,318     (121,364

Cash flows from financing activities

     (38,047     (26,820

Effect of exchange rate changes on cash and cash equivalents

     (6,339     (11,158

Net increase (decrease) in cash and cash equivalents

     43,879        (39,655

Cash and cash equivalents at beginning of year

     269,247        313,126   

Cash and cash equivalents at end of year

   ¥ 313,126      ¥ 273,471   

 

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(3)  Basic Profit Distribution Policy and Dividends for the Year Ended March 31, 2011 and for the Year Ending March 31, 2012

i) Basic profit distribution policy

Kyocera believes that the best way to increase corporate value and meet shareholders’ expectations is to improve future consolidated performance on an ongoing basis. Kyocera therefore has adopted a principal guideline that dividend amounts within a range based on net income attributable to shareholders of Kyocera Corporation on a consolidated basis, and has set its consolidated dividend policy to maintain a consolidated dividend ratio at a level of approximately 20% to 25% of consolidated net income attributable to shareholders of Kyocera Corporation. In addition, Kyocera determines dividend amounts based on an overall assessment, taking into account various factors including the amount of capital expenditures necessary for medium to long-term corporate growth.

Kyocera also has adopted policies to ensure a sound financial basis, and, for such purpose, it sets aside other general reserves in preparation for the creation of new businesses, cultivation of new markets, development of new technologies and acquisition of outside management resources necessary to achieve sustainable corporate growth.

ii) Dividends for the year ended March 31, 2011

Based on performance during the year ended March 31, 2011 and pursuant to the aforementioned policies, Kyocera will distribute a year-end dividend for the year ended March 31, 2011 of 70 yen per share, a 10 yen increase as compared with the year ended March 31, 2010. When aggregated with the interim dividend in the amount of 60 yen per share, the total annual dividend will be 130 yen per share.

iii) Dividend forecast for the year ending March 31, 2012

Dividend amounts for the year ending March 31, 2012 will be decided pursuant to “i) Basic profit distribution policy” set forth above. At present, Kyocera forecasts a total annual dividend in the amount of 130 yen per share, based on its financial forecast for the year ending March 31, 2012.

 

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2. MANAGEMENT POLICIES

(1) Basic Policy

Kyocera aims to be respected by society as “The Company” from the perspective of corporate ethics, while maintaining continuous sales growth and high profitability. It pursues this objective through implementation of the “Kyocera Philosophy,” a corporate philosophy placing people’s hearts at its core, and of the “Amoeba Management System”, a management system unique to Kyocera which has been a driving force for growth since the company’s earliest days.

Kyocera’s management policy is to be a high-growth, highly profitable company. To realize this policy, Kyocera aims to increase corporate value by further enhancing performance through strengthening existing businesses, pursuing synergies among businesses and creating new businesses.

(2) Management Target

To be a high-growth, highly profitable company, Kyocera aims to achieve continuous sales growth and a consolidated pre-tax income ratio of 15% or higher.

(3) Medium-term Management Strategy and Management Challenges

Kyocera aims to realize continuous growth in any business environment. To achieve this goal, Kyocera believes in the importance of expanding business globally in growing business domains. However, Kyocera also recognizes the need to respond to various challenges, such as fluctuating exchange rates, legal and regulatory compliance in various countries, trends in emerging markets such as China, and intensifying competition due to the rise of Asian manufacturers. In order to respond to this ever-changing business environment and win out in the global competition to be a high-growth, highly profitable company, Kyocera will strive to meet the challenges outlined below.

i) Expand business in growth markets

Kyocera will work to expand business in areas with future growth potential, namely, the information and communications market, the environment and energy market, and emerging markets. In the information and communications market, Kyocera anticipates higher speed networks and the proliferation of smaller, more advanced products such as smartphones. In the environment and energy market, Kyocera recognizes enhanced efforts around the world to prevent global warming, conserve energy and preserve the environment. In emerging markets, Kyocera forecasts an increase in infrastructure investment and in demand for various types of consumer equipment. Kyocera will work to develop products and technologies that meet these needs and grasp opportunities for business growth in these markets as a means to expand sales and profit.

In addition, Kyocera will pursue further synergies among businesses to expand business in these growing markets. Kyocera aims to quickly capture future technology trends and customer needs by taking advantage of possessing both Components and Equipment Businesses, and to promote joint development and integration of technologies by sharing information between them in order to strengthen new product development.

ii) Strengthen management foundations

Kyocera will take measures to strengthen management foundations in order to win out in global competition going forward. In particular, in light of the recent Great East Japan Earthquake, Kyocera will bolster efforts to avoid the risks associated with such disasters and enable the continuity of business activities in times of emergency.

With the aim of avoiding risks arising from over concentration of production in a single region, Kyocera has for some time been conducting production activities at multiple sites in Japan and overseas. In addition to continuing to expand production at each existing site, Kyocera will create new production sites with a view toward further expanding its business and avoiding this type of risk.

Other efforts will focus on strengthening systems to facilitate continuity of business even in times of emergency to make sure that production activities are not interrupted. This will include promoting the use of multiple suppliers for raw materials and components.

 

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3. Consolidated Financial Statements

(1) CONSOLIDATED BALANCE SHEETS

 

     March 31,      Increase
(Decrease)
 
     2010      2011     
     Amount     %      Amount     %     
     (Yen in millions)  

Current assets:

            

Cash and cash equivalents

   ¥ 313,126         ¥ 273,471         ¥ (39,655

Short-term investments in debt securities

     11,644           44,012           32,368   

Other short-term investments

     200,413           201,817           1,404   

Trade notes receivables

     16,421           19,536           3,115   

Trade accounts receivables

     190,903           208,404           17,501   

Less allowances for doubtful accounts and sales returns

     (3,971        (4,795        (824

Inventories

     177,361           232,899           55,538   

Advance payments

     52,316           72,207           19,891   

Deferred income taxes

     40,872           43,035           2,163   

Other current assets

     35,370           38,915           3,545   
                                          

Total current assets

     1,034,455        56.0         1,129,501        58.0         95,046   
                                          

Non-current assets:

            

Investments and advances:

            

Investments in and advances to affiliates and unconsolidated subsidiaries

     1,261           1,219           (42

Long-term investments in debt and equity securities

     370,124           377,075           6,951   

Other long-term investments

     10,534           15,585           5,051   
                                          

Total investments and advances

     381,919        20.6         393,879        20.3         11,960   
                                          

Property, plant and equipment:

            

Land

     56,870           59,638           2,768   

Buildings

     290,516           288,992           (1,524

Machinery and equipment

     689,608           706,474           16,866   

Construction in progress

     8,842           7,227           (1,615

Less accumulated depreciation

     (805,737        (814,577        (8,840
                                          

Total property, plant and equipment

     240,099        13.0         247,754        12.7         7,655   
                                          

Goodwill

     67,602        3.6         64,701        3.3         (2,901

Intangible assets

     49,593        2.7         42,160        2.2         (7,433

Other assets

     75,049        4.1         68,571        3.5         (6,478
                                          

Total non-current assets

     814,262        44.0         817,065        42.0         2,803   
                                          

Total assets

   ¥ 1,848,717        100.0       ¥ 1,946,566        100.0       ¥ 97,849   
                                          

 

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Table of Contents
      March 31,     Increase
(Decrease)
 
     2010     2011    
     Amount     %     Amount     %    
     (Yen in millions)  

Current liabilities:

          

Short-term borrowings

   ¥ 4,073        ¥ 7,852        ¥ 3,779   

Current portion of long-term debt

     13,456          10,687          (2,769

Trade notes and accounts payable

     89,750          101,265          11,515   

Other notes and accounts payable

     63,779          61,226          (2,553

Accrued payroll and bonus

     47,131          49,092          1,961   

Accrued income taxes

     15,602          18,069          2,467   

Other accrued liabilities

     26,800          24,337          (2,463

Other current liabilities

     28,721          28,087          (634
                                        

Total current liabilities

     289,312        15.7        300,615        15.4        11,303   
                                        

Non-current liabilities:

          

Long-term debt

     29,067          24,538          (4,529

Accrued pension and severance liabilities

     31,828          28,924          (2,904

Deferred income taxes

     75,619          90,005          14,386   

Other non-current liabilities

     15,629          19,125          3,496   
                                        

Total non-current liabilities

     152,143        8.2        162,592        8.4        10,449   
                                        

Total liabilities

     441,455        23.9        463,207        23.8        21,752   
                                        

Kyocera Corporation shareholders’ equity:

          

Common stock

     115,703          115,703            

Additional paid-in capital

     163,044          162,336          (708

Retained earnings

     1,168,122          1,268,548          100,426   

Accumulated other comprehensive income

     (51,010       (75,633       (24,623

Treasury stock, at cost

     (50,624       (50,691       (67
                                        

Total Kyocera Corporation shareholders’ equity

     1,345,235        72.8        1,420,263        73.0        75,028   
                                        

Noncontrolling interests

     62,027        3.3        63,096        3.2        1,069   
                                        

Total equity

     1,407,262        76.1        1,483,359        76.2        76,097   
                                        

Total liabilities and equity

   ¥ 1,848,717        100.0      ¥ 1,946,566        100.0      ¥ 97,849   
                                        
Note: Accumulated other comprehensive income is as follows:           
      March 31,     Increase
(Decrease)
 
     2010     2011    
     (Yen in millions)  

Net unrealized gains on securities

   ¥          23,468      ¥          32,235      ¥ 8,767   

Net unrealized losses on derivative financial instruments

   ¥          (82   ¥          (29   ¥ 53   

Pension adjustments

   ¥          1,053      ¥          (3,534   ¥ (4,587

Foreign currency translation adjustments

   ¥          (75,449   ¥          (104,305   ¥ (28,856

 

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(2) CONSOLIDATED STATEMENTS OF INCOME

 

    Years ended March 31,     Increase
(Decrease)
 
    2010     2011    
    Amount     %     Amount     %     Amount     %  
    (Yen in millions and shares in thousands, except per share amounts)  

Net sales

  ¥ 1,073,805        100.0      ¥ 1,266,924        100.0      ¥ 193,119        18.0   

Cost of sales

    787,970        73.4        888,869        70.2        100,899        12.8   
                                               

Gross profit

    285,835        26.6        378,055        29.8        92,220        32.3   

Selling, general and administrative expenses

    221,975        20.7        222,131        17.5        156        0.1   
                                               

Profit from operations

    63,860        5.9        155,924        12.3        92,064        144.2   

Other income (expenses):

           

Interest and dividend income

    13,202        1.3        12,963        1.0        (239     (1.8

Interest expense

    (2,926     (0.3     (2,259     (0.2     667          

Foreign currency transaction gains, net

    2,830        0.3        3,824        0.3        994        35.1   

Equity in losses of affiliates and unconsolidated subsidiaries

    (18,297     (1.7     (160     (0.0     18,137          

Other, net

    2,129        0.2        2,040        0.2        (89     (4.2
                                               

Total other income (expenses)

    (3,062     (0.2     16,408        1.3        19,470          
                                               

Income before income taxes

    60,798        5.7        172,332        13.6        111,534        183.5   

Income taxes

    15,365        1.5        42,214        3.3        26,849        174.7   
                                               

Net income

    45,433        4.2        130,118        10.3        84,685        186.4   

Net income attributable to noncontrolling interests

    (5,338     (0.5     (7,670     (0.6     (2,332       
                                               

Net income attributable to shareholders of Kyocera Corporation

  ¥ 40,095        3.7      ¥ 122,448        9.7      ¥ 82,353        205.4   
                                               

Earnings per share:

           

Net income attributable to shareholders of Kyocera Corporation:

           

Basic

  ¥ 218.47        ¥ 667.23         

Diluted

  ¥ 218.47        ¥ 667.23         

Average number of shares of common stock outstanding:

           

Basic

    183,525          183,517         

Diluted

    183,525          183,517         

Note:

Basic earnings per share attributable to shareholders of Kyocera Corporation was computed based on the average number of shares of common stock outstanding during each period, and diluted earnings per share attributable to shareholders of Kyocera Corporation was computed based on the diluted average number of shares of stock outstanding during each period.

 

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Table of Contents

(3) CONSOLIDATED STATEMENTS OF EQUITY

 

(Number of shares of common stock)

  Common
stock
    Additional
paid-in
capital
    Retained
earnings
    Accumulated
other
comprehensive
income
    Treasury
stock
    Kyocera
Corporation
shareholders’
equity
    Noncontrolling
interests
    Total
equity
 
    ( Yen in millions and shares in thousands)  

Balance at March 31, 2009 (183,528)

  ¥ 115,703      ¥ 163,151      ¥ 1,150,050      ¥ (54,673   ¥ (50,568   ¥ 1,323,663      ¥ 59,425      ¥ 1,383,088   

Comprehensive income:

               

Net income for the year

        40,095            40,095        5,338        45,433   

Other comprehensive income

          3,626          3,626        (1,928     1,698   
                                 

Total comprehensive income for the year

              43,721        3,410        47,131   
                                 

Cash dividends paid to Kyocera Corporation’s shareholders

        (22,023         (22,023       (22,023

Cash dividends paid to noncontrolling interests

                (1,639     (1,639

Purchase of treasury stock (8)

            (59     (59       (59

Reissuance of treasury stock (1)

      1            3        4          4   

Stock option plan of subsidiaries

      132              132        54        186   

Other

      (240       37          (203     777        574   
                                                               

Balance at March 31, 2010 (183,521)

    115,703        163,044        1,168,122        (51,010     (50,624     1,345,235        62,027        1,407,262   

Comprehensive income:

               

Net income for the year

        122,448            122,448        7,670        130,118   

Other comprehensive income

          (24,572       (24,572     (5,044     (29,616
                                 

Total comprehensive income for the year

              97,876        2,626        100,502   
                                 

Cash dividends paid to Kyocera Corporation’s shareholders

        (22,022         (22,022       (22,022

Cash dividends paid to noncontrolling interests

                (1,875     (1,875

Purchase of treasury stock (8)

            (69     (69       (69

Reissuance of treasury stock (0)

      0            2        2          2   

Stock option plan of subsidiaries

      151              151        60        211   

Other

      (859       (51       (910     258        (652
                                                               

Balance at March 31, 2011 (183,513)

  ¥ 115,703      ¥ 162,336      ¥ 1,268,548      ¥ (75,633   ¥ (50,691   ¥ 1,420,263      ¥ 63,096      ¥ 1,483,359   
                                                               

 

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Table of Contents

(4) CONSOLIDATED STATEMENTS OF CASH FLOWS

 

     Years ended March 31,  
     2010     2011  
     (Yen in millions)  

Cash flows from operating activities:

    

Net income

   ¥ 45,433      ¥ 130,118   

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

    

Depreciation and amortization

     72,829        71,544   

Provision for doubtful accounts and loss on bad debts

     9,389        2,039   

Write-down of inventories

     9,207        5,291   

Deferred income taxes

     (9,080     6,470   

Equity in losses of affiliates and unconsolidated subsidiaries

     18,297        160   

Foreign currency adjustments

     1,100        506   

Change in assets and liabilities:

    

Increase in receivables

     (38,823     (38,043

(Increase) decrease in inventories

     10,416        (69,368

Increase in advance payment

     (22,734     (20,008

Increase in other current assets

     (174     (616

Increase in notes and accounts payable

     40,400        29,422   

Increase in accrued income taxes

     6,152        2,039   

Increase in other current liabilities

     4,420        3,033   

Decrease in other non-current liabilities

     (5,724     (2,871

Other, net

     (3,525     (29
                

Net cash provided by operating activities

     137,583        119,687   
                

Cash flows from investing activities:

    

Payments for purchases of available-for-sale securities

     (27,613     (11,837

Payments for purchases of held-to-maturity securities

     (59,841     (67,174

Payments for purchases of other securities

     (4,207     (5,173

Proceeds from sales and maturities of available-for-sale securities

     21,483        9,568   

Proceeds from maturities of held-to-maturity securities

     38,649        42,534   

Acquisitions of businesses, net of cash acquired

     (4,715     (1,581

Payments for purchases of property, plant and equipment

     (36,491     (65,844

Payments for purchases of intangible assets

     (3,876     (6,568

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

     3,065        491   

Acquisition of certificate of deposits and time deposits

     (356,472     (303,482

Withdrawal of certificate of deposits and time deposits

     377,958        287,376   

Other, net

     2,742        326   
                

Net cash used in investing activities

     (49,318     (121,364
                

Cash flows from financing activities:

    

Increase (decrease) in short-term debt, net

     (6,510     4,044   

Proceeds from issuance of long-term debt

     14,707        10,708   

Payments of long-term debt

     (20,236     (15,707

Dividends paid

     (23,537     (23,654

Purchase of treasury stock

     (59     (69

Reissuance of treasury stock

     4        2   

Other, net

     (2,416     (2,144
                

Net cash used in financing activities

     (38,047     (26,820
                

Effect of exchange rate changes on cash and cash equivalents

     (6,339     (11,158
                

Net increase (decrease) in cash and cash equivalents

     43,879        (39,655

Cash and cash equivalents at beginning of year

     269,247        313,126   
                

Cash and cash equivalents at end of year

   ¥ 313,126      ¥ 273,471   
                

 

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(5) BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

i) Scope of consolidation

 

Number of consolidated subsidiaries

     197      Kyocera Mita Corporation
      AVX Corporation
      Kyocera International, Inc. and others

Number of affiliates accounted for by the equity method

     10      

ii) Changes in scope of consolidation and application of the equity method:

 

Consolidated subsidiaries:

Number of increase

     5       Kyocera Mita Asia Limited and others

Number of decrease

     8       Kyocera Wireless Corp. and others

Affiliates accounted for by the equity method:

Number of increase

     1      

Number of decrease

     3      

iii) Summary of significant accounting policies

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

Recently Adopted Accounting Standards

Kyocera adopted the Financial Accounting Standards Board (FASB)’s Accounting Standards Update (ASU) No. 2009-16, “Accounting for Transfers of Financial Assets” on April 1, 2010. This accounting standard codified former Statement of Financial Accounting Standards (SFAS) No. 166, “Accounting for Transfers of Financial Assets, an amendment of FASB Statement No. 140” issued in June 2009 in the Accounting Standards Codification (ASC) 860, “Transfers and Servicing.” This accounting standard removes the concept of a qualifying special purpose entity from former SFAS No. 140 and removes the exception from applying former FASB Interpretation No. 46 (revised December 2003), Consolidation of Variable Interest Entities, to qualifying special purpose entities and establishes specific conditions for reporting a transfer of a portion of a financial asset as a sale. The adoption of this accounting standard did not have a material impact on Kyocera’s consolidated results of operations, financial condition and cash flows.

Kyocera adopted the ASU No. 2009-17, “Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities” on April 1, 2010. This accounting standard codified former SFAS No. 167, “Amendments to FASB Interpretation No. 46(R)” issued in June 2009 in the ASC 810, “Consolidation.” This accounting standard requires an enterprise to perform an analysis to identify the primary beneficiary of a variable interest entity and also requires ongoing reassessments of whether an enterprise is the primary beneficiary of a variable interest entity. The adoption of this accounting standard did not have a material impact on Kyocera’s consolidated results of operations, financial condition and cash flows.

 

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Table of Contents

(6) SEGMENT INFORMATION

i) Reporting segment:

 

     March 31,     Increase
(Decrease)
 
     2010     2011    
     Amount     Amount     Amount     %  
     (Yen in millions)  

Assets by reporting segments:

        

Fine Ceramic Parts Group

   ¥ 49,430      ¥ 57,682      ¥ 8,252        16.7   

Semiconductor Parts Group

     100,094        111,406        11,312        11.3   

Applied Ceramic Products Group

     209,170        258,618        49,448        23.6   

Electronic Device Group

     346,844        351,432        4,588        1.3   

Telecommunications Equipment Group

     112,750        111,634        (1,116     (1.0

Information Equipment Group

     250,222        247,486        (2,736     (1.1

Others

     128,898        132,381        3,483        2.7   
                                
     1,197,408        1,270,639        73,231        6.1   

Corporate

     711,508        748,184        36,676        5.2   

Investments in and advances to affiliates and unconsolidated subsidiaries

     1,461        1,419        (42     (2.9

Adjustments and eliminations

     (61,660     (73,676     (12,016       
                                

Total assets

   ¥ 1,848,717      ¥ 1,946,566      ¥ 97,849        5.3   
                                

 

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Table of Contents
     Years ended March 31,      Increase
(Decrease)
 
     2010      2011     
     Amount      Amount      Amount     %  
     (Yen in millions)  

Depreciation and amortization:

          

Fine Ceramic Parts Group

   ¥ 5,719       ¥ 5,106       ¥ (613     (10.7

Semiconductor Parts Group

     9,795         10,786         991        10.1   

Applied Ceramic Products Group

     10,889         13,786         2,897        26.6   

Electronic Device Group

     16,934         13,818         (3,116     (18.4

Telecommunications Equipment Group

     9,452         10,172         720        7.6   

Information Equipment Group

     12,846         11,027         (1,819     (14.2

Others

     4,925         4,767         (158     (3.2

Corporate

     2,269         2,082         (187     (8.2
                                  

Total

   ¥ 72,829       ¥ 71,544       ¥ (1,285     (1.8
                                  

Capital expenditures:

          

Fine Ceramic Parts Group

   ¥ 1,814       ¥ 11,319       ¥ 9,505        524.0   

Semiconductor Parts Group

     5,998         12,998         7,000        116.7   

Applied Ceramic Products Group

     14,756         17,660         2,904        19.7   

Electronic Device Group

     5,730         12,118         6,388        111.5   

Telecommunications Equipment Group

     2,876         3,886         1,010        35.1   

Information Equipment Group

     3,471         7,437         3,966        114.3   

Others

     1,923         2,747         824        42.8   

Corporate

     1,301         2,515         1,214        93.3   
                                  

Total

   ¥  37,869       ¥  70,680       ¥  32,811        86.6   
                                  

Note:

With regard to Reporting segment information of Net sales and Income before income taxes, please refer to the accompanying “1.BUSINESS RESULTS (1) Analysis of Business Results Consolidated Results by Reporting Segment” on page 5.

 

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Table of Contents

ii) Geographic segments (Net sales and Income before income taxes by geographic area):

 

     Years ended March 31,     Increase
(Decrease)
 
     2010     2011    
     Amount     Amount     Amount     %  
     (Yen in millions)  

Net sales:

        

Japan

   ¥ 482,820      ¥ 573,646      ¥ 90,826        18.8   

Intra-group sales and transfer between geographic areas

     315,679        451,620        135,941        43.1   
                                
     798,499        1,025,266        226,767        28.4   
                                

United States of America

     217,008        264,200        47,192        21.7   

Intra-group sales and transfer between geographic areas

     25,261        28,652        3,391        13.4   
                                
     242,269        292,852        50,583        20.9   
                                

Asia

     147,281        184,140        36,859        25.0   

Intra-group sales and transfer between geographic areas

     152,776        181,027        28,251        18.5   
                                
     300,057        365,167        65,110        21.7   
                                

Europe

     207,469        221,343        13,874        6.7   

Intra-group sales and transfer between geographic areas

     25,738        33,394        7,656        29.7   
                                
     233,207        254,737        21,530        9.2   
                                

Others

     19,227        23,595        4,368        22.7   

Intra-group sales and transfer between geographic areas

     12,721        13,469        748        5.9   
                                
     31,948        37,064        5,116        16.0   

Adjustments and eliminations

     (532,175     (708,162     (175,987       
                                

Net sales

   ¥ 1,073,805      ¥ 1,266,924      ¥ 193,119        18.0   
                                

Income before income taxes:

        

Japan

   ¥ 29,139      ¥ 97,407      ¥ 68,268        234.3   

United States of America

     9,561        19,966        10,405        108.8   

Asia

     13,980        18,657        4,677        33.5   

Europe

     5,507        16,464        10,957        199.0   

Others

     2,837        4,870        2,033        71.7   
                                
     61,024        157,364        96,340        157.9   

Corporate

     15,665        16,882        1,217        7.8   

Equity in losses of affiliates and unconsolidated subsidiaries

     (18,297     (160     18,137          

Adjustments and eliminations

     2,406        (1,754     (4,160       
                                

Income before income taxes

   ¥ 60,798      ¥ 172,332      ¥ 111,534        183.5   
                                

iii) Geographic segments (Net sales by region):

With regard to Information of Geographic segments, please refer to the accompanying “1. BUSINESS RESULTS (1) Analysis of Business Results Net Sales by Geographic Area” on page 6.

 

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Table of Contents

(7) EARNINGS PER SHARE

i) Shareholders’ equity per share, basic and diluted earnings per share are as follows:

 

     Years ended March 31,  
     2010      2011  
     (Yen)  

Kyocera Corporation shareholders’ equity per share

   ¥ 7,330.14       ¥ 7,739.31   

Net income attributable to shareholders of Kyocera Corporation per share - Basic

     218.47         667.23   

Net income attributable to shareholders of Kyocera Corporation per share - Diluted

     218.47         667.23   

ii) A reconciliation of the numerators and the denominators of basic and diluted earnings per share computations are as follows:

 

     Years ended March 31,  
     2010      2011  
     (Yen in millions, except
per share amounts)
 

Net income attributable to shareholders of Kyocera Corporation

   ¥ 40,095       ¥ 122,448   

Basic earnings per share:

     

Net income attributable to shareholders of Kyocera Corporation

     218.47         667.23   

Diluted earnings per share:

     

Net income attributable to shareholders of Kyocera Corporation

     218.47         667.23   

Basic weighted average number of shares outstanding (shares in thousands)

     183,525         183,517   

Diluted weighted average number of shares outstanding (shares in thousands)

     183,525         183,517   

(8) MATERIAL SUBSEQUENT EVENT

None.

(9) CAUTIONARY STATEMENT FOR PREMISE OF A GOING CONCERN

None.

 

22

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