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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 July 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: July 28, 2011


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, 2011


Table of Contents

LOGO

Consolidated Financial Results of Kyocera Corporation and its Subsidiaries

for the Three Months Ended June 30, 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 Three Months Ended June 30, 2011

 

(1) Consolidated results of operations                (% of change from previous period)   
     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      %  

Three months ended June 30, 2011

     305,231         (2.5     33,313         (18.0     39,922         (13.8     24,804         (17.0

Three months ended June 30, 2010

     313,175         38.9        40,603                46,323                29,893           

(Note) Comprehensive income:

40,763 million yen for the three months ended June 30, 2011                 (16,847) million yen for the three months ended June 30, 2010

 

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

Three months ended June 30, 2011

     135.19         135.19   

Three months ended June 30, 2010

     162.89         162.89   

(2) Consolidated financial condition

 

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

June 30, 2011

     1,981,393         1,510,090         1,446,835         73.0   

March 31, 2011

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

2. Dividends

 

     Dividends per share  
     End of
first quarter
     End of
second quarter
     End of
third quarter
     Year-end      Annual  
     Yen      Yen      Yen      Yen      Yen  

Year ended March 31, 2011

             60.00                 70.00         130.00   

Year ending March 31, 2012

                                     130.00   

(Notes)

1. Dividends per share for the year ending March 31, 2012 are forecasts other than result at end of first quarter.

2. Dividends per share for the year ending March 31, 2012 are forecasted to be 130.00 yen on an annual basis.

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

(% of change from 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  

Year ending March 31, 2012

     1,360,000         7.3         168,000         7.7         180,000         4.4         112,000         (8.5     610.46   

(Note)

Forecast of earnings per share attributable to shareholders of Kyocera Corporation is computed based on the diluted average number of shares outstanding during the three months ended June 30, 2011.

 

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Table of Contents

4. Others

(1) Increase or decrease in significant subsidiaries during the three months ended June 30, 2011: None.

(2) Adoption of concise quarterly accounting method or procedure: None.

(3) Changes in accounting policies:

 

  (i) Changes due to adoption of new accounting standards: Please refer to the accompanying “2. Other Information” on page 10.

 

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

(4) Number of shares (common stock):

 

  (i) Number of shares issued:

 

191,309,290 shares at June 30, 2011    191,309,290 shares at March 31, 2011      

 

  (ii) Number of treasury stock:

 

7,863,161 shares at June 30, 2011    7,796,321 shares at March 31, 2011      

 

  (iii) Average number of shares outstanding:

 

183,468,445 shares in the three months ended June 30, 2011                183,519,965 shares in the three months ended June 30, 2010

Presentation of Situation of Review Procedure

The consolidated financial information included in this report is out of scope of review procedure under the Financial Instruments and Exchange Law of Japan. Review procedure under the Financial Instruments and Exchange Law of Japan has not been completed at the date of disclosure of this report.

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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Table of Contents

Accompanying Information

1. Business Results, Financial Condition and Prospects

(1) Business Results for the Three Months Ended June 30, 2011

Economic Situation and Business Environment

During the three months ended June 30, 2011 (“the first quarter”), the Japanese economy stagnated due to the broad effects of the Great East Japan Earthquake, namely a decline in corporate production activities and a reduction in personal spending. On the other hand, the European and U.S. economies recovered moderately on the back of solid exports and an increase in private capital investment. The Asian economy led by China continued to grow strongly.

During the first quarter, production activities for general industrial market expanded steadily. However, in the digital consumer equipment market, which is the principal market for Kyocera Corporation and its consolidated subsidiaries (“Kyocera Group” or “Kyocera”), overall demand was sluggish compared with its initial projections, despite the expectations for demand growth.

Consolidated Financial Results

Average exchange rates for the first quarter were ¥82 to the U.S. dollar, marking appreciation of ¥10 (approximately 11%) from the three months ended June 30, 2010 (“the previous first quarter”), and ¥117 to the Euro, which was unchanged from the previous first quarter. As a result, net sales and income before income taxes for the first quarter were adversely affected by approximately ¥13 billion and ¥3 billion, respectively, compared with the previous first quarter. Consolidated net sales for the first quarter decreased by ¥7,944 million, or 2.5%, to ¥305,231 million, compared with ¥313,175 million in the previous first quarter due mainly to the negative impact of the yen’s appreciation and to a decline in sales in the Telecommunications Equipment Group. As a result, profit from operations for the first quarter decreased by ¥7,290 million, or 18.0%, to ¥33,313 million, compared with ¥40,603 million in the previous first quarter. In addition, income before income taxes decreased by ¥6,401 million, or 13.8%, to ¥39,922 million, compared with ¥46,323 million in the previous first quarter. Net income attributable to shareholders of Kyocera Corporation for the first quarter decreased by ¥5,089 million, or 17.0%, to ¥24,804 million, compared with ¥29,893 million in the previous first quarter.

 

     Three months ended June 30,      Increase
(Decrease)
 
     2010      2011     
     Amount      %      Amount      %      Amount     %  
     (Yen in millions, except per share amounts and exchange rates)  

Net sales

   ¥ 313,175         100.0       ¥ 305,231         100.0       ¥ (7,944     (2.5

Profit from operations

     40,603         13.0         33,313         10.9         (7,290     (18.0

Income before income taxes

     46,323         14.8         39,922         13.1         (6,401     (13.8

Net income attributable to shareholders of Kyocera Corporation

     29,893         9.5         24,804         8.1         (5,089     (17.0

Diluted earnings per share attributable to shareholders of
Kyocera Corporation

     162.89                 135.19                          

Average US$ exchange rate

     92                 82                          

Average Euro exchange rate

     117                 117                          

 

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Table of Contents

Consolidated Results by Reporting Segment

i) Components Business:

Sales in the Components Business for the first quarter increased by ¥1,705 million, or 1.0%, to ¥166,142 million, compared with ¥164,437 million in the previous first quarter. Operating profit for the first quarter decreased by ¥1,744 million, or 6.2%, to ¥26,474 million, compared with ¥28,218 million in the previous first quarter.

1) Fine Ceramic Parts Group

Both sales and operating profit in this reporting segment for the first quarter increased compared with the previous first quarter as a result of growing demand for components used in the industrial machinery market such as semiconductor fabrication equipment and in the LED related market.

2) Semiconductor Parts Group

Sales decreased in this reporting segment for the first quarter compared with the previous first quarter due mainly to the yen’s appreciation. Operating profit increased compared with the previous first quarter, however, as a result of efforts to reduce manufacturing costs and improve productivity.

3) Applied Ceramic Products Group

Overall sales in this reporting segment for the first quarter increased compared with the previous first quarter due to an increase in sales in the cutting tool business. However, operating profit decreased compared with the previous first quarter due primarily to a decline in selling prices in the solar energy business.

4) Electronic Device Group

Despite the negative impact of the yen’s appreciation and slowed component demand for digital consumer equipment, sales and operating profit remained on par with the previous first quarter due to our efforts to expand sales in various fields such as industrial market.

ii) Equipment Business:

Sales in the Equipment Business for the first quarter decreased by ¥14,082 million, or 11.4%, to ¥109,139 million, compared with ¥123,221 million in the previous first quarter. Operating profit for the first quarter decreased by ¥3,762 million, or 35.4%, to ¥6,873 million, compared with ¥10,635 million in the previous first quarter.

1) Telecommunications Equipment Group

Sales of mobile phone handsets in Japan and the U.S. decreased affected by stagnated global handset market. In addition, the negative impact of the yen’s appreciation and disrupted production of certain models caused by disaster resulted in overall decline in sales and operating profit compared with the previous first quarter.

2) Information Equipment Group

Sales and operating profit in this reporting segment for the first quarter increased compared with the previous first quarter due to sales growth of mid-speed machines and color machines in Europe and Asia through an introduction of new models such as multifunctional peripherals and printers.

iii) Others:

Overall sales in this reporting segment for the first quarter increased compared with the previous first quarter due to an increase in sales at Kyocera Communication Systems Co., Ltd, etc. Operating profit decreased compared with the previous first quarter due mainly to an increase in R&D expenses for new businesses.

 

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Table of Contents

Net Sales by Reporting Segment

 

     Three months ended June 30,     Increase
(Decrease)
 
     2010     2011    
     Amount     %     Amount     %     Amount     %  
     (Yen in millions)  

Fine Ceramic Parts Group

   ¥ 17,233        5.5      ¥ 20,515        6.7      ¥ 3,282        19.0   

Semiconductor Parts Group

     42,808        13.7        40,775        13.3        (2,033     (4.7

Applied Ceramic Products Group

     44,847        14.3        45,435        14.9        588        1.3   

Electronic Device Group

     59,549        19.0        59,417        19.5        (132     (0.2
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Components Business

     164,437        52.5        166,142        54.4        1,705        1.0   

Telecommunications Equipment Group

     64,756        20.7        48,949        16.1        (15,807     (24.4

Information Equipment Group

     58,465        18.7        60,190        19.7        1,725        3.0   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Equipment Business

     123,221        39.4        109,139        35.8        (14,082     (11.4

Others

     32,640        10.4        36,269        11.9        3,629        11.1   

Adjustments and eliminations

     (7,123     (2.3     (6,319     (2.1     804          
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net sales

   ¥ 313,175        100.0      ¥ 305,231        100.0      ¥ (7,944     (2.5
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating Profit (Loss) by Reporting Segment

 

     Three months ended June 30,      Increase
(Decrease)
 
     2010      2011     
     Amount     %*      Amount     %*      Amount     %  
     (Yen in millions)  

Fine Ceramic Parts Group

   ¥ 2,322        13.5       ¥ 3,452        16.8       ¥ 1,130        48.7   

Semiconductor Parts Group

     8,984        21.0         9,305        22.8         321        3.6   

Applied Ceramic Products Group

     7,432        16.6         4,311        9.5         (3,121     (42.0

Electronic Device Group

     9,480        15.9         9,406        15.8         (74     (0.8
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Total Components Business

     28,218        17.2         26,474        15.9         (1,744     (6.2

Telecommunications Equipment Group

     5,132        7.9         (741             (5,873       

Information Equipment Group

     5,503        9.4         7,614        12.6         2,111        38.4   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Total Equipment Business

     10,635        8.6         6,873        6.3         (3,762     (35.4

Others

     1,873        5.7         794        2.2         (1,079     (57.6
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Operating profit

     40,726        13.0         34,141        11.2         (6,585     (16.2

Corporate gains and Equity in earnings of affiliates and unconsolidated subsidiaries

     6,067                5,950                (117     (1.9

Adjustments and eliminations

     (470             (169             301          
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Income before income taxes

   ¥ 46,323        14.8       ¥ 39,922        13.1       ¥ (6,401     (13.8
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 
* % to net sales of each corresponding segment

 

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Table of Contents

Net Sales by Geographic Area

1) Japan

Sales in the Telecommunications Equipment Group decreased due to declined sales of mobile phone handsets. As a result, sales for Japan decreased compared with the previous first quarter.

2) Asia

Sales for Asia increased compared with the previous first quarter. This was due mainly to an increase in sales in the Applied Ceramic Products Group and in the Fine Ceramic Parts Group.

3) Europe

Sales increased in the Electronic Device Group and in the Information Equipment Group although sales decreased in the Applied Ceramic Products Group. As a result, sales for Europe increased compared with the previous first quarter.

4) United States of America

Sales for the United States of America decreased compared with the previous first quarter. This was due mainly to a decrease in sales in the Telecommunications Equipment Group led by declined sales of mobile phone handsets.

5) Others

Sales in the Information Equipment Group increased due to an increase in sales mainly in emerging nations. As a result, sales for Others increased compared with the previous first quarter.

 

     Three months ended June 30,      Increase
(Decrease)
 
     2010      2011     
     Amount      %      Amount      %      Amount     %  
     (Yen in millions)  

Japan

   ¥ 138,756         44.3       ¥ 134,232         44.0       ¥ (4,524     (3.3

Asia

     50,940         16.3         55,731         18.3         4,791        9.4   

Europe

     52,898         16.9         53,271         17.4         373        0.7   

United States of America

     56,040         17.9         46,750         15.3         (9,290     (16.6

Others

     14,541         4.6         15,247         5.0         706        4.9   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Net sales

   ¥ 313,175         100.0       ¥ 305,231         100.0       ¥ (7,944     (2.5
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

 

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Table of Contents

(2) Consolidated Financial Condition

Consolidated Cash Flows

Cash and cash equivalents at June 30, 2011 decreased by ¥11,617 million to ¥261,854 million from ¥273,471 million at March 31, 2011.

1) Cash flows from operating activities

Net cash provided by operating activities in the first quarter decreased by ¥28,426 million to ¥19,731 million from ¥48,157 million in the previous first quarter. This was due mainly to a decrease in net income and cash outflows from a decrease in notes and accounts payable.

2) Cash flows from investing activities

Net cash used in investing activities in the first quarter decreased by ¥9,987 million to ¥15,115 million from ¥25,102 million in the previous first quarter. This was due mainly to an increase in withdrawals of certificate of deposits and time deposits which exceeded an increase in purchases of held-to-maturity securities.

3) Cash flows from financing activities

Net cash used in financing activities in the first quarter totaled ¥13,938 million and remained at the same level as ¥13,898 million in the previous quarter. This reflected that an increase in dividends paid was offset by an increase in short-term borrowings.

 

     Three months ended June 30,  
             2010                     2011          
     (Yen in millions)  

Cash flows from operating activities

   ¥ 48,157      ¥ 19,731   

Cash flows from investing activities

     (25,102     (15,115

Cash flows from financing activities

     (13,898     (13,938

Effect of exchange rate changes on cash and cash equivalents

     (9,508     (2,295

Net decrease in cash and cash equivalents

     (351     (11,617

Cash and cash equivalents at beginning of period

     313,126        273,471   

Cash and cash equivalents at end of period

     312,775        261,854   

(3) Acquisition of Unimerco Group A/S

Kyocera made the decision to acquire Unimerco Group A/S (“Unimerco”), a Denmark-based industrial cutting tool manufacturing and sales company, through Kyocera Fineceramics GmbH (“KFG”), Kyocera’s Germany-based subsidiary, with the aim of expanding its cutting tool business. Unimerco became a wholly-owned subsidiary of KFG as of July 11, 2011. Through this acquisition, Kyocera has expanded its sales sites throughout the principle parts of the European market and intends to increase sales of its product lines going forward. Furthermore, by adding Unimerco’s line of high-quality, high-precision, custom-made solid-type cutting tools to the Kyocera Group lineup, Kyocera will also be able to fully engage in the growing fields of cutting tools for aviation and wind power generation, as well as enter the woodworking market, thus expanding its business through the pursuit of synergies between the two companies.

 

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Table of Contents

(4) Consolidated Forecasts for the Year Ending March 31, 2012 (“fiscal 2012”)

Kyocera posted results in the first quarter that were roughly in line with our initial projections despite the negative impact of the Great East Japan Earthquake. From the second quarter onward, despite heightened uncertainties such as the appreciation of the yen, financial problems in certain European nations and concern triggered by slowdown in the Asian economy, Kyocera expects production activities to recover in Japan as restoration from the recent disaster progresses. Accordingly, there are no changes to the forecasts of consolidated sales and profits for fiscal 2012, announced on April 27, 2011.

Kyocera has made the revisions to average exchange rates for fiscal 2012 in light of exchange rates in the first quarter and forecasts from the second quarter onward. The revised average exchange rates are ¥80 to the U.S. dollar, making appreciation of ¥1 from ¥81, and ¥113 to the Euro, marking appreciation of ¥2 from ¥115, compared with those rates announced on April 27, 2011. As a result of the revisions, net sales and income before income taxes for fiscal 2012 are adversely affected by approximately ¥9 billion and approximately ¥4 billion, respectively.

 

     Fiscal 2011 Result      Fiscal 2012 Forecasts
announced on
April 27, 2011
     Increase
(Decrease)
 
   Amount      %      Amount      %      Amount     %  
     (Yen in millions)  

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

 

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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;

 

(2) Economic, political and legal conditions and unexpected changes therein in countries or areas where we operate;

 

(3) Factors that may affect our exports, including a strong yen, political and economic instability, customs, and inadequate protection of our intellectual property;

 

(4) Fluctuation in exchange rates that may affect the value of our foreign assets or the prices of our products;

 

(5) Intensified competition in product pricing, technological innovation, R&D activities, product quality and speed of delivery;

 

(6) Manufacturing delays or defects resulting from outsourcing or internal manufacturing processes;

 

(7) The possibility that expansion of production capacity and in-process R&D activities may not produce the desired results;

 

(8) The possibility that companies or assets acquired by us may not produce the returns or benefits, or bring in business opportunities, which we expect;

 

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

 

(10) The possibility of divulgence of our trade secrets and infringement of our intellectual property rights;

 

(11) The possibility that we may receive notice of claims of infringement of other parties’ intellectual property rights and claims for royalty payments;

 

(12) Increases in our environmental liability and in costs and expenses required to observe obligations imposed by environmental laws and regulations in Japan and other countries;

 

(13) Newly enacted laws and regulations or stricter interpretation of existing laws and regulations that may limit our business operations;

 

(14) Events that may negatively impact our markets or supply chain, including terrorist acts, plague, war and similar events;

 

(15) Earthquakes and other related natural disasters affecting our operational facilities and our markets or supply chain, as well as social and economic infrastructure;

 

(16) Exposure to difficulties in collection of trade receivables due to customers’ worsening financial condition;

 

(17) The possibility of recognition of impairment losses on investment securities held by us due to declines in their value;

 

(18) The possibility that we may record impairment losses on long-lived assets, goodwill and intangible assets;

 

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

 

(20) 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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Table of Contents

2. Other Information

Changes in accounting policies:

Recently Adopted Accounting Standards

Kyocera adopted the Financial Accounting Standards Board (FASB)’s Accounting Standards Update (ASU) No. 2009-13, “Multiple-Deliverable Revenue Arrangements—a consensus of the FASB Emerging Issues Task Force” which addressed the accounting for multiple-deliverable arrangements to enable vender to account for products or services separately rather than as a combined unit. This accounting standard addresses how to separate deliverables and how to measure and allocate arrangement consideration to one or more units of accounting. 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 FASB’s ASU No. 2010-28, “When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units with Zero or Negative Carrying Amounts.” This accounting standard modifies Step 1 of the goodwill impairment test for reporting units with zero or negative carrying amounts. For those reporting units, an entity is required to perform Step 2 of the goodwill impairment test if it is more likely than not that a goodwill impairment exists. 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

3. Consolidated Financial Statements

(1) Consolidated Balance Sheets (Unaudited)

 

     June 30, 2011      March 31, 2011      Increase
(Decrease)
 
     Amount     %      Amount     %     
     (Yen in millions)  

Current assets:

            

Cash and cash equivalents

   ¥ 261,854         ¥ 273,471         ¥ (11,617

Short-term investments in debt securities

     43,596           44,012           (416

Other short-term investments

     196,494           201,817           (5,323

Trade notes receivables

     18,151           19,536           (1,385

Trade accounts receivables

     204,426           208,404           (3,978

Less allowances for doubtful accounts and sales returns

     (4,401        (4,795        394   

Inventories

     248,256           232,899           15,357   

Advance payments

     71,153           72,207           (1,054

Deferred income taxes

     43,622           43,035           587   

Other current assets

     38,371           38,915           (544
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total current assets

     1,121,522        56.6         1,129,501        58.0         (7,979
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Non-current assets:

            

Investments and advances:

            

Long-term investments in debt and equity securities

     409,916           377,075           32,841   

Other long-term investments

     30,350           16,804           13,546   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total investments and advances

     440,266        22.2         393,879        20.3         46,387   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Property, plant and equipment:

            

Land

     59,952           59,638           314   

Buildings

     290,183           288,992           1,191   

Machinery and equipment

     707,037           706,474           563   

Construction in progress

     8,442           7,227           1,215   

Less accumulated depreciation

     (816,809        (814,577        (2,232
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total property, plant and equipment

     248,805        12.6         247,754        12.7         1,051   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Goodwill

     64,163        3.2         64,701        3.3         (538

Intangible assets

     40,618        2.1         42,160        2.2         (1,542

Other assets

     66,019        3.3         68,571        3.5         (2,552
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total non-current assets

     859,871        43.4         817,065        42.0         42,806   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total assets

   ¥ 1,981,393        100.0       ¥ 1,946,566        100.0       ¥ 34,827   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

 

– 11 –


Table of Contents
     June 30, 2011      March 31, 2011      Increase
(Decrease)
 
     Amount     %      Amount     %     
     (Yen in millions)  

Current liabilities:

            

Short-term borrowings

   ¥ 9,041         ¥ 7,852         ¥ 1,189   

Current portion of long-term debt

     10,793           10,687           106   

Trade notes and accounts payable

     96,530           101,265           (4,735

Other notes and accounts payable

     69,951           61,226           8,725   

Accrued payroll and bonus

     39,819           49,092           (9,273

Accrued income taxes

     15,969           18,069           (2,100

Other accrued liabilities

     25,128           24,337           791   

Other current liabilities

     32,542           28,087           4,455   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total current liabilities

     299,773        15.1         300,615        15.4         (842
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Non-current liabilities:

            

Long-term debt

     22,515           24,538           (2,023

Accrued pension and severance liabilities

     28,569           28,924           (355

Deferred income taxes

     104,584           90,005           14,579   

Other non-current liabilities

     15,862           19,125           (3,263
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total non-current liabilities

     171,530        8.7         162,592        8.4         8,938   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total liabilities

     471,303        23.8         463,207        23.8         8,096   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Kyocera Corporation shareholders’ equity:

            

Common stock

     115,703           115,703             

Additional paid-in capital

     162,383           162,336           47   

Retained earnings

     1,280,506           1,268,548           11,958   

Accumulated other comprehensive income

     (60,544        (75,633        15,089   

Treasury stock, at cost

     (51,213        (50,691        (522
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total Kyocera Corporation shareholders’ equity

     1,446,835        73.0         1,420,263        73.0         26,572   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Noncontrolling interests

     63,255        3.2         63,096        3.2         159   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total equity

     1,510,090        76.2         1,483,359        76.2         26,731   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total liabilities and equity

   ¥ 1,981,393        100.0       ¥ 1,946,566        100.0       ¥ 34,827   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 
            

Note: Accumulated other comprehensive income is as follows:

 

     June 30, 2011     March 31, 2011     Increase
(Decrease)
 
     (Yen in millions)  

Net unrealized gains on securities

   ¥ 53,080      ¥ 32,235      ¥ 20,845   

Net unrealized losses on derivative financial instruments

   ¥ (12   ¥ (29   ¥ 17   

Pension adjustments

   ¥ (3,880   ¥ (3,534   ¥ (346

Foreign currency translation adjustments

   ¥ (109,732   ¥ (104,305   ¥ (5,427

 

– 12 –


Table of Contents

(2) Consolidated Statements of Income (Unaudited)

 

     Three months ended June 30,     Increase
(Decrease)
 
     2010     2011    
     Amount     %     Amount     %     Amount     %  
     (Yen in millions and shares in thousands, except per share amounts)  

Net sales

   ¥ 313,175        100.0      ¥ 305,231        100.0      ¥ (7,944     (2.5

Cost of sales

     218,742        69.8        215,891        70.7        (2,851     (1.3
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     94,433        30.2        89,340        29.3        (5,093     (5.4

Selling, general and administrative expenses

     53,830        17.2        56,027        18.4        2,197        4.1   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Profit from operations

     40,603        13.0        33,313        10.9        (7,290     (18.0

Other income (expenses) :

            

Interest and dividend income

     5,293        1.7        5,818        1.9        525        9.9   

Interest expense

     (572     (0.2     (515     (0.2     57          

Foreign currency transaction gains (losses), net

     (273     (0.1     1,337        0.5        1,610          

Other, net

     1,272        0.4        (31     (0.0     (1,303       
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total other income (expenses)

     5,720        1.8        6,609        2.2        889        15.5   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

     46,323        14.8        39,922        13.1        (6,401     (13.8

Income taxes

     14,749        4.7        13,180        4.3        (1,569     (10.6
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     31,574        10.1        26,742        8.8        (4,832     (15.3

Net income attributable to noncontrolling interests

     (1,681     (0.6     (1,938     (0.7     (257       
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to shareholders of Kyocera Corporation

   ¥ 29,893        9.5      ¥ 24,804        8.1      ¥ (5,089     (17.0
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share:

            

Net income attributable to shareholders of Kyocera Corporation:

            

Basic

   ¥ 162.89        ¥ 135.19         

Diluted

     162.89          135.19         

Average number of shares of common stock outstanding:

            

Basic

     183,520          183,468         

Diluted

     183,520          183,468         

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.

(3) Cautionary Statement for Premise of a Going Concern

None.

(4) Cautionary Statement for Significant Changes in Equity

None.

 

– 13 –

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