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Kyocera 6-K 2012

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 May 2012

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: May 25, 2012


Table of Contents

Information furnished on this form:

EXHIBITS

 

Exhibit
    Number    

   

1.

  Amendment of “Consolidated Financial Results of Kyocera Corporation and its Subsidiaries for the Year Ended March 31, 2012”

2.

  Consolidated Financial Results of Kyocera Corporation and its Subsidiaries for the Year Ended March 31, 2012


Table of Contents

May 25, 2012

To All Persons Concerned

 

Name of Company Listed:

   Kyocera Corporation

Name of Representative:

   Tetsuo Kuba, President and Director
  

(Code number: 6971, The First Section of the Tokyo Stock Exchange,

The First Section of the Osaka Securities Exchange)

Person for inquiry:

  

Shoichi Aoki

Director, Managing Executive Officer and

General Manager of Corporate Financial and Business Systems

Administration Group

(Tel: +81-75-604-3500)

Amendment of “Consolidated Financial Results of Kyocera Corporation and its Subsidiaries for the Year Ended March 31, 2012”

This is to advise you that we hereby amend the information contained in the “Consolidated Financial Results  of Kyocera Corporation and its Subsidiaries for the Year Ended March 31, 2012” released on April 26, 2012.

1. Reason for amendment

On April 26, 2012, Kyocera Corporation released the consolidated financial results of Kyocera Corporation and its subsidiaries (Kyocera) for the year ended March 31, 2012 (the Report). However, after such release, AVX Corporation (AVX), a consolidated subsidiary of Kyocera in the U.S., determined that it is necessary for AVX to include an environmental remediation charge related to environmental issues at the New Bedford Harbor Superfund Site in Massachusetts, the U.S. in its consolidated results for the year ended March 31, 2012. In accordance with this record of an environmental remediation charge, Kyocera revised its consolidated financial results for the year ended March 31, 2012.

2. Matters to be amended

Amendments are indicated by underscore.

 

  1) Consolidated Financial Results of Kyocera Corporation and its Subsidiaries for the Year Ended  March 31, 2012

 

  2) 1. BUSUNESS RESULTS (1) Analysis of Business Results

 

  3) 3. CONSOLIDATED FINANCIAL STATEMENTS (1) Consolidated Balance Sheets

 

  4) 3. CONSOLIDATED FINANCIAL STATEMENTS (2) Consolidated Statements of Income

 

  5) 3. CONSOLIDATED FINANCIAL STATEMENTS (3) Consolidated Statements of Equity

 

  6) 3. CONSOLIDATED FINANCIAL STATEMENTS (4) Consolidated Statements of Cash Flows

 

  7) 3. CONSOLIDATED FINANCIAL STATEMENTS (6) Segment Information

 

  8) 3. CONSOLIDATED FINANCIAL STATEMENTS (8) Material Subsequent Event and (10) Other Note

 

1


Table of Contents

1) Consolidated Financial Results of Kyocera Corporation and its Subsidiaries for the Year Ended March 31, 2012

(page 1 of the Report)

<Before Amendment>

1. Consolidated Financial Results for the Year Ended March 31, 2012 (Fiscal 2012)

 

(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 2012

     1,190,870         (6.0     105,575         (32.3 )      122,793         (28.7 )      82,901         (32.3 ) 

Fiscal 2011

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

(Note) Comprehensive income:

82,975 million yen in the year ended March 31, 2012, (17.4)% of change from previous year

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

 

     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 2012

     451.90         451.90         5.7         6.2         8.9   

Fiscal 2011

     667.23         667.23         8.9         9.1         12.3   

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

(36) million yen in the year ended March 31, 2012

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

(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, 2012

     1,989,895         1,539,366         1,473,186         74.1         8,030.72   

March 31, 2011

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

2. Dividends

 

    Dividends per share     Annual aggregate    

Dividends to

net income

attributable to

    Dividends to  
    End of
first quarter
    End of
second quarter
    End of
third quarter
    Year-end     Annual     amount  of
dividends
    shareholders of
Kyocera Corporation
    Kyocera  Corporation
shareholders’ equity
 
    Yen     Yen     Yen     Yen     Yen     Million yen     %     %  

Fiscal 2011

           60.00               70.00        130.00        23,857        19.5        1.7   

Fiscal 2012

           60.00               60.00        120.00        22,013        26.6        1.5   

Fiscal 2013 (forecast)

                                120.00               22.9          

(Note) Dividends per share for the year ending March 31, 2013 are forecasted to be 120.00 yen on an annual basis.

3. Consolidated Financial Forecast for the Year Ending March 31, 2013 (Fiscal 2013)

(% 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 2013

     1,370,000         15.0         140,000         32.6         151,200         23.1         96,000         15.8         523.30   

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, 2012.

 

2


Table of Contents

<After Amendment>

1. Consolidated Financial Results for the Year Ended March 31, 2012 (Fiscal 2012)

 

(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 2012

     1,190,870         (6.0     97,675         (37.4 )      114,893         (33.3 )      79,357         (35.2 ) 

Fiscal 2011

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

(Note) Comprehensive income:

77,850 million yen in the year ended March 31, 2012, (22.5)% of change from previous year

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

 

     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 2012

     432.58         432.58         5.5         5.8         8.2   

Fiscal 2011

     667.23         667.23         8.9         9.1         12.3   

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

(36) million yen in the year ended March 31, 2012

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

(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, 2012

     1,994,103         1,534,241         1,469,505         73.7         8,010.65   

March 31, 2011

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

2. Dividends

 

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

Fiscal 2011

    —          60.00        —          70.00        130.00        23,857        19.5        1.7   

Fiscal 2012

    —          60.00        —          60.00        120.00        22,013        27.7        1.5   

Fiscal 2013 (forecast)

    —          —          —          —          120.00        —          22.9        —     

(Note) Dividends per share for the year ending March 31, 2013 are forecasted to be 120.00 yen on an annual basis.

3. Consolidated Financial Forecast for the Year Ending March 31, 2013 (Fiscal 2013)

(% 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 2013

     1,370,000         15.0         140,000         43.3         151,200         31.6         96,000         21.0         523.30   

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, 2012.

 

3


Table of Contents

2) 1. BUSINESS RESULTS

(1) Analysis of Business Results (page 3 of the Report)

<Before Amendment>

Consolidated Financial Results

Average exchange rates for fiscal 2012 were ¥79 to the U.S. dollar, marking appreciation of ¥7 (approximately 8%) from ¥86 for fiscal 2011, and ¥109 to the Euro, marking appreciation of ¥4 (approximately 4%) from ¥113 for fiscal 2011. As a result, net sales and income before income taxes for fiscal 2012 were adversely affected by approximately ¥40 billion and ¥10 billion, respectively, compared with fiscal 2011.

Consolidated net sales for fiscal 2012 decreased by ¥76,054 million, or 6.0%, to ¥1,190,870 million, compared with ¥1,266,924 million for fiscal 2011, due primarily to a decline in component demand for digital consumer equipment and a decrease in sales in the Telecommunications Equipment Group in addition to the impact of the yen’s appreciation. Profit from operations decreased by ¥50,349 million, or 32.3%, to ¥105,575 million, compared with ¥155,924 million for fiscal 2011. In addition, income before income taxes decreased by ¥49,539 million, or 28.7%, to ¥122,793 million, compared with ¥172,332 million for fiscal 2011. Net income attributable to shareholders of Kyocera Corporation for fiscal 2012 decreased by ¥39,547 million, or 32.3%, to ¥82,901 million, compared with ¥122,448 million for fiscal 2011.

 

     Years ended March 31,      Increase  
     2011      2012      (Decrease)  
     Amount      %      Amount      %      Amount     %  
     (Yen in millions, except per share amounts and exchange rates)  

Net sales

   ¥ 1,266,924         100.0       ¥ 1,190,870         100.0       ¥ (76,054     (6.0

Profit from operations

     155,924         12.3         105,575         8.9         (50,349 )      (32.3 ) 

Income before income taxes

     172,332         13.6         122,793         10.3         (49,539 )      (28.7 ) 

Net income attributable to shareholders of Kyocera Corporation

     122,448         9.7         82,901         7.0         (39,547 )      (32.3 ) 

Diluted earnings per share attributable to shareholders of Kyocera Corporation

     667.23                 451.90                          

Average US$ exchange rate

     86                 79                          

Average Euro exchange rate

     113                 109                          

 

4


Table of Contents

<After Amendment>

Consolidated Financial Results

Average exchange rates for fiscal 2012 were ¥79 to the U.S. dollar, marking appreciation of ¥7 (approximately 8%) from ¥86 for fiscal 2011, and ¥109 to the Euro, marking appreciation of ¥4 (approximately 4%) from ¥113 for fiscal 2011. As a result, net sales and income before income taxes for fiscal 2012 were adversely affected by approximately ¥40 billion and ¥10 billion, respectively, compared with fiscal 2011.

Consolidated net sales for fiscal 2012 decreased by ¥76,054 million, or 6.0%, to ¥1,190,870 million, compared with ¥1,266,924 million for fiscal 2011, due primarily to a decline in component demand for digital consumer equipment and a decrease in sales in the Telecommunications Equipment Group in addition to the impact of the yen’s appreciation. Profit from operations decreased by ¥58,249 million, or 37.4%, to ¥97,675 million, compared with ¥155,924 million for fiscal 2011. In addition, income before income taxes decreased by ¥57,439 million, or 33.3%, to ¥114,893 million, compared with ¥172,332 million for fiscal 2011. Net income attributable to shareholders of Kyocera Corporation for fiscal 2012 decreased by ¥43,091 million, or 35.2%, to ¥79,357 million, compared with ¥122,448 million for fiscal 2011.

 

     Years ended March 31,      Increase  
     2011      2012      (Decrease)  
     Amount      %      Amount      %      Amount     %  
     (Yen in millions, except per share amounts and exchange rates)  

Net sales

   ¥ 1,266,924         100.0       ¥ 1,190,870         100.0       ¥ (76,054     (6.0

Profit from operations

     155,924         12.3         97,675         8.2         (58,249 )      (37.4 ) 

Income before income taxes

     172,332         13.6         114,893         9.6         (57,439 )      (33.3 ) 

Net income attributable to shareholders of Kyocera Corporation

     122,448         9.7         79,357         6.7         (43,091 )      (35.2 ) 

Diluted earnings per share attributable to shareholders of Kyocera Corporation

     667.23                 432.58                          

Average US$ exchange rate

     86                 79                          

Average Euro exchange rate

     113                 109                          

 

5


Table of Contents

(page 4 and 5 of the Report)

<Before Amendment>

4) Electronic Device Group

Component demand was generally sluggish due to stagnation in production activities for digital consumer equipment which reflected the impact of the Great East Japan Earthquake and the floods in Thailand. These factors, in addition to the yen’s appreciation, led to decreases in sales and operating profit in this reporting segment compared with fiscal 2011.

Operating Profit by Reporting Segment

 

     Years ended March 31,      Increase  
     2011      2012      (Decrease)  
     Amount     %*      Amount     %*      Amount     %  
     (Yen in millions)  

Fine Ceramic Parts Group

   ¥ 11,969        15.7       ¥ 12,622        15.7       ¥ 653        5.5   

Semiconductor Parts Group

     37,331        21.4         27,754        18.1         (9,577     (25.7

Applied Ceramic Products Group

     29,049        14.7         6,459        3.6         (22,590     (77.8

Electronic Device Group

     41,646        17.2         23,936        10.5         (17,710 )      (42.5 ) 
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Total Components Business

     119,995        17.4         70,771        11.0         (49,224 )      (41.0 ) 

Telecommunications Equipment Group

     2,121        0.9         1,469        0.8         (652     (30.7

Information Equipment Group

     25,845        10.8         29,451        12.1         3,606        14.0   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Total Equipment Business

     27,966        6.0         30,920        7.3         2,954        10.6   

Others

     9,651        6.9         8,054        5.3         (1,597     (16.5
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Operating profit

     157,612        12.4         109,745        9.2         (47,867 )      (30.4 ) 

Corporate

     16,882                13,876                (3,006     (17.8

Equity in losses of affiliates and unconsolidated subsidiaries

     (160             (36             124          

Adjustments and eliminations

     (2,002             (792             1,210          
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Income before income taxes

   ¥ 172,332        13.6       ¥ 122,793        10.3       ¥ (49,539 )      (28.7 ) 
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 
* % to net sales of each corresponding segment

 

6


Table of Contents

<After Amendment>

4) Electronic Device Group

Sales and operating profit in this reporting segment decreased compared with fiscal 2011 due to sluggish component demand affected by the Great East Japan Earthquake and the floods in Thailand, as well as an impact of the yen’s appreciation. In addition, AVX Corporation, a consolidated subsidiary, recorded an environmental remediation charge in fiscal 2012.

Operating Profit by Reporting Segment

 

     Years ended March 31,      Increase  
     2011      2012      (Decrease)  
     Amount     %*      Amount     %*      Amount     %  
     (Yen in millions)  

Fine Ceramic Parts Group

   ¥ 11,969        15.7       ¥ 12,622        15.7       ¥ 653        5.5   

Semiconductor Parts Group

     37,331        21.4         27,754        18.1         (9,577     (25.7

Applied Ceramic Products Group

     29,049        14.7         6,459        3.6         (22,590     (77.8

Electronic Device Group

     41,646        17.2         16,036        7.0         (25,610 )      (61.5 ) 
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Total Components Business

     119,995        17.4         62,871        9.8         (57,124 )      (47.6 ) 

Telecommunications Equipment Group

     2,121        0.9         1,469        0.8         (652     (30.7

Information Equipment Group

     25,845        10.8         29,451        12.1         3,606        14.0   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Total Equipment Business

     27,966        6.0         30,920        7.3         2,954        10.6   

Others

     9,651        6.9         8,054        5.3         (1,597     (16.5
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Operating profit

     157,612        12.4         101,845        8.6         (55,767 )      (35.4 ) 

Corporate

     16,882                13,876                (3,006     (17.8

Equity in losses of affiliates and unconsolidated subsidiaries

     (160             (36             124          

Adjustments and eliminations

     (2,002             (792             1,210          
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Income before income taxes

   ¥ 172,332        13.6       ¥ 114,893        9.6       ¥ (57,439 )      (33.3 ) 
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 
* % to net sales of each corresponding segment

 

7


Table of Contents

(page 7 and 8 of the Report)

 

<Before Amendment>

[Consolidated Forecasts for the Year Ending March 31, 2013]

Specific financial forecasts for fiscal 2013 are as follows.

 

     Results for
the year ended
March 31, 2012
     Forecasts for
the year ending
March 31, 2013
     Increase
(Decrease)
 
     Amount      %      Amount      %      Amount      %  
     (Yen in millions, except per share amounts and exchange rates)  

Net sales

   ¥ 1,190,870         100.0       ¥ 1,370,000         100.0       ¥ 179,130         15.0   

Profit from operations

     105,575         8.9         140,000         10.2         34,425         32.6   

Income before income taxes

     122,793         10.3         151,200         11.0         28,407         23.1   

Net income attributable to shareholders of Kyocera Corporation

     82,901         7.0         96,000         7.0         13,099         15.8   

Diluted earnings per share attributable to shareholders of Kyocera Corporation

     451.90                 523.30                           

Average US$ exchange rate

     79                 80                           

Average Euro exchange rate

     109                 105                           

Note:

Forecast of earnings per share is computed based on the diluted average number of shares outstanding during the year ended March 31, 2012.

Operating Profit by Reporting Segment

 

     Results for
the year ended
March 31, 2012
     Forecasts for
the year ending
March 31, 2013
     Increase
(Decrease)
 
     Amount      %*      Amount      %*      Amount     %  
     (Yen in millions)  

Fine Ceramic Parts Group

   ¥ 12,622         15.7       ¥ 14,100         15.7       ¥ 1,478        11.7   

Semiconductor Parts Group

     27,754         18.1         32,600         18.1         4,846        17.5   

Applied Ceramic Products Group

     6,459         3.6         17,000         7.7         10,541        163.2   

Electronic Device Group

     23,936         10.5         27,000         8.7         3,064        12.8   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total Components Business

     70,771         11.0         90,700         11.3         19,929        28.2   

Telecommunications Equipment Group

     1,469         0.8         9,000         5.0         7,531        512.7   

Information Equipment Group

     29,451         12.1         29,500         11.4         49        0.2   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total Equipment Business

     30,920         7.3         38,500         8.8         7,580        24.5   

Others

     8,054         5.3         10,000         6.3         1,946        24.2   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Operating profit

     109,745         9.2         139,200         10.2         29,455        26.8   

Corporate and others

     13,048                 12,000                 (1,048     (8.0
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Income before income taxes

   ¥ 122,793         10.3       ¥ 151,200         11.0       ¥ 28,407        23.1   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 
* % to net sales of each corresponding segment

 

8


Table of Contents

<After Amendment>

[Consolidated Forecasts for the Year Ending March 31, 2013]

Specific financial forecasts for fiscal 2013 are as follows.

 

     Results for
the year ended
March 31, 2012
     Forecasts for
the year ending
March 31, 2013
     Increase
(Decrease)
 
     Amount      %      Amount      %      Amount      %  
     (Yen in millions, except per share amounts and exchange rates)  

Net sales

   ¥ 1,190,870         100.0       ¥ 1,370,000         100.0       ¥ 179,130         15.0   

Profit from operations

     97,675         8.2         140,000         10.2         42,325         43.3   

Income before income taxes

     114,893         9.6         151,200         11.0         36,307         31.6   

Net income attributable to shareholders of Kyocera Corporation

     79,357         6.7         96,000         7.0         16,643         21.0   

Diluted earnings per share attributable to shareholders of Kyocera Corporation

     432.58                 523.30                           

Average US$ exchange rate

     79                 80                           

Average Euro exchange rate

     109                 105                           

Note:

Forecast of earnings per share is computed based on the diluted average number of shares outstanding during the year ended March 31, 2012.

Operating Profit by Reporting Segment

 

     Results for
the year ended
March 31, 2012
     Forecasts for
the year ending
March 31, 2013
     Increase
(Decrease)
 
     Amount      %*      Amount      %*      Amount     %  
     (Yen in millions)  

Fine Ceramic Parts Group

   ¥ 12,622         15.7       ¥ 14,100         15.7       ¥ 1,478        11.7   

Semiconductor Parts Group

     27,754         18.1         32,600         18.1         4,846        17.5   

Applied Ceramic Products Group

     6,459         3.6         17,000         7.7         10,541        163.2   

Electronic Device Group

     16,036         7.0         27,000         8.7         10,964        68.4   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total Components Business

     62,871         9.8         90,700         11.3         27,829        44.3   

Telecommunications Equipment Group

     1,469         0.8         9,000         5.0         7,531        512.7   

Information Equipment Group

     29,451         12.1         29,500         11.4         49        0.2   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total Equipment Business

     30,920         7.3         38,500         8.8         7,580        24.5   

Others

     8,054         5.3         10,000         6.3         1,946        24.2   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Operating profit

     101,845         8.6         139,200         10.2         37,355        36.7   

Corporate and others

     13,048                 12,000                 (1,048     (8.0
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Income before income taxes

   ¥ 114,893         9.6       ¥ 151,200         11.0       ¥ 36,307        31.6   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 
* % to net sales of each corresponding segment

 

9


Table of Contents

3) 3. CONSOLIDATED FINANCIAL STATEMENTS

(1) Consolidated Balance Sheets (page 13 and 14 of the Report)

<Before Amendment>

 

      March 31,      Increase
(Decrease)
 
     2011      2012     
     Amount     %      Amount     %     
     (Yen in millions)  

Current assets:

            

Cash and cash equivalents

   ¥ 273,471         ¥ 273,288         ¥ (183)   

Short-term investments in debt securities

     44,012           47,175           3,163  

Other short-term investments

     201,817           158,765           (43,052

Trade notes receivables

     19,536           19,349           (187

Trade accounts receivables

     208,404           225,578           17,174   

Less allowances for doubtful accounts and sales returns

     (4,795        (4,583        212   

Inventories

     232,899           270,336           37,437   

Advance payments

     72,207           68,685           (3,522

Deferred income taxes

     43,035           42,014           (1,021 ) 

Other current assets

     38,915           39,828           913   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total current assets

     1,129,501        58.0         1,140,435        57.3         10,934   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Non-current assets:

            

Investments and advances:

            

Investments in and advances to affiliates and unconsolidated subsidiaries

     1,219           1,597           378   

Long-term investments in debt and equity securities

     377,075           372,779           (4,296

Other long-term investments

     15,585           17,501           1,916   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total investments and advances

     393,879        20.3         391,877        19.7         (2,002
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Property, plant and equipment:

            

Land

     59,638           60,600           962   

Buildings

     288,992           301,911           12,919   

Machinery and equipment

     706,474           719,146           12,672   

Construction in progress

     7,227           17,035           9,808   

Less accumulated depreciation

     (814,577        (838,155        (23,578
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total property, plant and equipment

     247,754        12.7         260,537        13.1         12,783   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Goodwill

     64,701        3.3         89,039        4.5         24,338   

Intangible assets

     42,160        2.2         49,653        2.5         7,493   

Other assets

     68,571        3.5         58,354        2.9         (10,217 ) 
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total non-current assets

     817,065        42.0         849,460        42.7         32,395   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total assets

   ¥ 1,946,566        100.0       ¥  1,989,895        100.0       ¥  43,329   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

 

10


Table of Contents

<After Amendment>

 

     March 31,      Increase
(Decrease)
 
     2011      2012     
     Amount     %      Amount     %     
     (Yen in millions)  

Current assets:

            

Cash and cash equivalents

   ¥ 273,471         ¥ 273,288           ¥ (183)   

Short-term investments in debt securities

     44,012           47,175           3,163  

Other short-term investments

     201,817           158,765           (43,052

Trade notes receivables

     19,536           19,349           (187

Trade accounts receivables

     208,404           225,578           17,174   

Less allowances for doubtful accounts and sales returns

     (4,795        (4,583        212   

Inventories

     232,899           270,336           37,437   

Advance payments

     72,207           68,685           (3,522

Deferred income taxes

     43,035           45,049           2,014   

Other current assets

     38,915           40,961           2,046   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total current assets

     1,129,501        58.0         1,144,603        57.4         15,102   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Non-current assets:

            

Investments and advances:

            

Investments in and advances to affiliates and unconsolidated subsidiaries

  

 

1,219

  

    

 

1,597

  

       378   

Long-term investments in debt and equity securities

     377,075           372,779           (4,296

Other long-term investments

     15,585           17,501           1,916   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total investments and advances

     393,879        20.3         391,877        19.6         (2,002
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Property, plant and equipment:

            

Land

     59,638           60,600           962   

Buildings

     288,992           301,911           12,919   

Machinery and equipment

     706,474           719,146           12,672   

Construction in progress

     7,227           17,035           9,808   

Less accumulated depreciation

     (814,577        (838,155        (23,578
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total property, plant and equipment

     247,754        12.7         260,537        13.1         12,783   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Goodwill

     64,701        3.3         89,039        4.5         24,338   

Intangible assets

     42,160        2.2         49,653        2.5         7,493   

Other assets

     68,571        3.5         58,394        2.9         (10,177 ) 
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total non-current assets

     817,065        42.0         849,500        42.6         32,435   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total assets

   ¥ 1,946,566        100.0       ¥ 1,994,103        100.0       ¥ 47,537   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

 

11


Table of Contents

<Before Amendment>

 

      March 31,     Increase
(Decrease)
 
     2011     2012    
     Amount     %     Amount     %    
     (Yen in millions)  

Current liabilities:

          

Short-term borrowings

   ¥ 7,852        ¥ 4,062        ¥ (3,790

Current portion of long-term debt

     10,687          10,610          (77

Trade notes and accounts payable

     101,265          102,699          1,434   

Other notes and accounts payable

     61,226          60,993          (233

Accrued payroll and bonus

     49,092          49,880          788   

Accrued income taxes

     18,069          12,363          (5,706 ) 

Other accrued liabilities

     24,337          21,740          (2,597 ) 

Other current liabilities

     28,087          29,368          1,281   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total current liabilities

     300,615        15.4        291,715        14.6        (8,900 ) 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-current liabilities:

          

Long-term debt

     24,538          21,197          (3,341

Accrued pension and severance liabilities

     28,924          32,441          3,517   

Deferred income taxes

     90,005          90,179          174   

Other non-current liabilities

     19,125          14,997          (4,128
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total non-current liabilities

     162,592        8.4        158,814        8.0        (3,778
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

     463,207        23.8        450,529        22.6        (12,678 ) 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Kyocera Corporation shareholders’ equity:

          

Common stock

     115,703          115,703            

Additional paid-in capital

     162,336          162,620          284   

Retained earnings

     1,268,548          1,327,596          59,048   

Accumulated other comprehensive income

     (75,633       (81,505 )        (5,872 ) 

Treasury stock, at cost

     (50,691       (51,228       (537
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Kyocera Corporation shareholders’ equity

     1,420,263        73.0        1,473,186        74.1        52,923   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Noncontrolling interests

     63,096        3.2        66,180        3.3        3,084   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total equity

     1,483,359        76.2        1,539,366        77.4        56,007   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities and equity

   ¥ 1,946,566        100.0      ¥ 1,989,895        100.0      ¥ 43,329   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Note: Accumulated other comprehensive income is as follows:           
      March 31,     Increase
(Decrease)
 
     2011     2012    
     (Yen in millions)  

Net unrealized gains on securities

   ¥          32,235      ¥          40,735      ¥ 8,500   

Net unrealized losses on derivative financial instruments

       (29       (70     (41

Pension adjustments

       (3,534       (12,290     (8,756

Foreign currency translation adjustments

       (104,305       (109,880 )      (5,575 ) 

Total

   ¥          (75,633   ¥          (81,505 )    ¥ (5,872 ) 

 

12


Table of Contents

<After Amendment>

 

      March 31,     Increase
(Decrease)
 
     2011     2012    
     Amount     %     Amount     %    
     (Yen in millions)  

Current liabilities:

          

Short-term borrowings

   ¥ 7,852        ¥ 4,062        ¥ (3,790

Current portion of long-term debt

     10,687          10,610          (77

Trade notes and accounts payable

     101,265          102,699          1,434   

Other notes and accounts payable

     61,226          60,993          (233

Accrued payroll and bonus

     49,092          49,880          788   

Accrued income taxes

     18,069          13,496          (4,573 ) 

Other accrued liabilities

     24,337          29,940          5,603   

Other current liabilities

     28,087          29,368          1,281   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total current liabilities

     300,615        15.4        301,048        15.1        433   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-current liabilities:

          

Long-term debt

     24,538          21,197          (3,341

Accrued pension and severance liabilities

     28,924          32,441          3,517   

Deferred income taxes

     90,005          90,179          174   

Other non-current liabilities

     19,125          14,997          (4,128
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total non-current liabilities

     162,592        8.4        158,814        8.0        (3,778
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

     463,207        23.8        459,862        23.1        (3,345 ) 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Kyocera Corporation shareholders’ equity:

          

Common stock

     115,703          115,703            

Additional paid-in capital

     162,336          162,617          281   

Retained earnings

     1,268,548          1,324,052          55,504   

Accumulated other comprehensive income

     (75,633       (81,639 )        (6,006 ) 

Treasury stock, at cost

     (50,691       (51,228       (537
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Kyocera Corporation shareholders’ equity

     1,420,263        73.0        1,469,505        73.7        49,242   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Noncontrolling interests

     63,096        3.2        64,736        3.2        1,640   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total equity

     1,483,359        76.2        1,534,241        76.9        50,882   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities and equity

   ¥ 1,946,566        100.0      ¥ 1,994,103        100.0      ¥ 47,537   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Note: Accumulated other comprehensive income is as follows:           
      March 31,     Increase
(Decrease)
 
     2011     2012    
     (Yen in millions)  

Net unrealized gains on securities

   ¥          32,235      ¥          40,735      ¥ 8,500   

Net unrealized losses on derivative financial instruments

       (29       (70     (41

Pension adjustments

       (3,534       (12,290     (8,756

Foreign currency translation adjustments

       (104,305       (110,014 )      (5,709 ) 

Total

   ¥          (75,633   ¥        ¥ (81,639 )    ¥ (6,006 ) 

 

13


Table of Contents

4) 3. CONSOLIDATED FINANCIAL STATEMENTS

(2) Consolidated Statements of Income (page 15 of the Report)

<Before Amendment>

 

    Years ended March 31,     Increase
(Decrease)
 
    2011     2012    
    Amount     %     Amount     %     Amount     %  
    (Yen in millions and shares in thousands, except per share amounts)  

Net sales

    ¥1,266,924        100.0        ¥1,190,870        100.0        ¥(76,054     (6.0

Cost of sales

    888,869        70.2        870,143        73.1        (18,726     (2.1
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

    378,055        29.8        320,727        26.9        (57,328     (15.2

Selling, general and administrative expenses

    222,131        17.5        215,152        18.0        (6,979 )      (3.1 ) 
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Profit from operations

    155,924        12.3        105,575        8.9        (50,349 )      (32.3 ) 

Other income (expenses):

           

Interest and dividend income

    12,963        1.0        13,966        1.2        1,003        7.7   

Interest expense

    (2,259     (0.2     (2,042     (0.2     217          

Foreign currency transaction gains, net

    3,824        0.3        4,533        0.4        709        18.5   

Equity in losses of affiliates and unconsolidated subsidiaries

    (160     (0.0     (36     (0.0     124          

Other, net

    2,040        0.2        797        0.0        (1,243     (60.9
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total other income (expenses)

    16,408        1.3        17,218        1.4        810        4.9   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

    172,332        13.6        122,793        10.3        (49,539 )      (28.7 ) 

Income taxes

    42,214        3.3        33,098        2.8        (9,116 )      (21.6 ) 
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

    130,118        10.3        89,695        7.5        (40,423 )      (31.1 ) 

Net income attributable to noncontrolling interests

    (7,670     (0.6     (6,794 )      (0.5 )      876          
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to shareholders of Kyocera Corporation

  ¥ 122,448        9.7      ¥ 82,901        7.0      ¥ (39,547 )      (32.3 ) 
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share:

           

Net income attributable to shareholders of Kyocera Corporation:

           

Basic

  ¥ 667.23        ¥ 451.90         

Diluted

  ¥ 667.23        ¥ 451.90         

Average number of shares of common stock outstanding:

           

Basic

    183,517          183,451         

Diluted

    183,517          183,451         

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.

 

14


Table of Contents

<After Amendment>

 

     Years ended March 31,     Increase (Decrease)  
     2011     2012    
     Amount         %         Amount         %         Amount         %      
     (Yen in millions and shares in thousands, except per share amounts)  

Net sales

     ¥1,266,924        100.0        ¥1,190,870        100.0        ¥(76,054     (6.0

Cost of sales

     888,869        70.2        870,143        73.1        (18,726     (2.1
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     378,055        29.8        320,727        26.9        (57,328     (15.2

Selling, general and administrative expenses

     222,131        17.5        223,052        18.7        921        0.4   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Profit from operations

     155,924        12.3        97,675        8.2        (58,249 )      (37.4 ) 

Other income (expenses):

            

Interest and dividend income

     12,963        1.0        13,966        1.2        1,003        7.7   

Interest expense

     (2,259     (0.2     (2,042     (0.2     217          

Foreign currency transaction gains, net

     3,824        0.3        4,533        0.4        709        18.5   

Equity in losses of affiliates and unconsolidated subsidiaries

     (160     (0.0     (36     (0.0     124          

Other, net

     2,040        0.2        797        0.0        (1,243     (60.9
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total other income (expenses)

     16,408        1.3        17,218        1.4        810        4.9   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

     172,332        13.6        114,893        9.6        (57,439 )      (33.3 ) 

Income taxes

     42,214        3.3        30,135        2.5        (12,079 )      (28.6 ) 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     130,118        10.3        84,758        7.1        (45,360 )      (34.9 ) 

Net income attributable to noncontrolling interests

     (7,670     (0.6     (5,401 )      (0.4 )      2,269          
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to shareholders of Kyocera Corporation

   ¥ 122,448        9.7      ¥ 79,357        6.7      ¥ (43,091 )      (35.2 ) 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share:

            

Net income attributable to shareholders of Kyocera Corporation:

            

Basic

   ¥ 667.23        ¥ 432.58         

Diluted

   ¥ 667.23        ¥ 432.58         

Average number of shares of common stock outstanding:

            

Basic

     183,517          183,451         

Diluted

     183,517          183,451         

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.

 

15


Table of Contents

5) 3. CONSOLIDATED FINANCIAL STATEMENTS

(3) Consolidated Statements of Equity (page 16 of the Report)

<Before Amendment>

 

    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, 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

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

Other comprehensive income

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

 

 

   

 

 

   

 

 

 

Total comprehensive income

              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   

Comprehensive income:

               

Net income

        82,901            82,901        6,794        89,695   

Other comprehensive income

          (5,693 )        (5,693 )      (1,027 )      (6,720 ) 
           

 

 

   

 

 

   

 

 

 

Total comprehensive income

              77,208        5,767        82,975   
           

 

 

   

 

 

   

 

 

 

Cash dividends paid to Kyocera Corporation’s shareholders

        (23,853         (23,853       (23,853

Cash dividends paid to noncontrolling interests

                (2,124     (2,124

Purchase of treasury stock (69)

            (540     (540       (540

Reissuance of treasury stock (0)

      0            3        3          3   

Stock option plan of subsidiaries

      103              103        41        144   

Other

      181          (179       2        (600 )      (598
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at March 31, 2012 (183,444)

  ¥ 115,703      ¥ 162,620      ¥ 1,327,596      ¥ (81,505 )    ¥ (51,228   ¥ 1,473,186      ¥ 66,180      ¥ 1,539,366   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

16


Table of Contents

<After Amendment>

 

    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, 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

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

Other comprehensive income

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

 

 

   

 

 

   

 

 

 

Total comprehensive income

              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   

Comprehensive income:

               

Net income

        79,357            79,357        5,401        84,758   

Other comprehensive income

          (5,827 )        (5,827 )      (1,081 )      (6,908 ) 
           

 

 

   

 

 

   

 

 

 

Total comprehensive income

              73,530        4,320        77,850   
           

 

 

   

 

 

   

 

 

 

Cash dividends paid to Kyocera Corporation’s shareholders

        (23,853         (23,853       (23,853

Cash dividends paid to noncontrolling interests

                (2,124     (2,124

Purchase of treasury stock (69)

            (540     (540       (540

Reissuance of treasury stock (0)

      0            3        3          3   

Stock option plan of subsidiaries

      103              103        41        144   

Other

      178          (179       (1 )      (597 )      (598
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at March 31, 2012 (183,444)

  ¥ 115,703      ¥ 162,617      ¥ 1,324,052      ¥ (81,639 )    ¥
(51,228

  ¥ 1,469,505      ¥ 64,736      ¥ 1,534,241   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

17


Table of Contents

6) 3. CONSOLIDATED FINANCIAL STATEMENTS

(4) Consolidated Statements of Cash Flows (page 17 of the Report)

<Before Amendment>

 

     Years ended March 31,  
     2011     2012  
     (Yen in millions)  

Cash flows from operating activities:

    

Net income

   ¥ 130,118      ¥ 89,695   

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

    

Depreciation and amortization

     71,544        73,120   

Provision for doubtful accounts and loss on bad debts

     2,039        370   

Write-down of inventories

     5,291        11,486   

Deferred income taxes

     6,470        (1,101 ) 

Equity in losses of affiliates and unconsolidated subsidiaries

     160        36   

Foreign currency adjustments

     506        (759

Change in assets and liabilities:

    

Increase in receivables

     (38,043     (2,712 ) 

Increase in inventories

     (69,368     (39,762

(Increase) decrease in advance payment

     (20,008     3,507   

Increase in other current assets

     (616     (1,094

Increase (decrease) in notes and accounts payable

     29,422        (10,092

Increase (decrease) in accrued income taxes

     2,039        (7,771 ) 

Increase (decrease) in other current liabilities

     3,033        (3,489 ) 

Decrease in other non-current liabilities

     (2,871     (5,287

Other, net

     (29     2,918   
  

 

 

   

 

 

 

Net cash provided by operating activities

     119,687        109,065   
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Payments for purchases of available-for-sale securities

     (11,837     (18,970

Payments for purchases of held-to-maturity securities

     (67,174     (74,369

Payments for purchases of other securities

     (5,173     (149

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

     9,568        29,346   

Proceeds from maturities of held-to-maturity securities

     42,534        74,083   

Acquisitions of businesses, net of cash acquired

     (1,581     (35,454

Payments for purchases of property, plant and equipment

     (65,844     (67,765

Payments for purchases of intangible assets

     (6,568     (6,744

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

     491        939   

Acquisition of time deposits and certificate of deposits

     (303,482     (258,032

Withdrawal of time deposits and certificate of deposits

     287,376        299,531   

Other, net

     326        1,533   
  

 

 

   

 

 

 

Net cash used in investing activities

     (121,364     (56,051
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Increase (decrease) in short-term borrowings, net

     4,044        (13,615

Proceeds from issuance of long-term debt

     10,708        10,141   

Payments of long-term debt

     (15,707     (19,166

Dividends paid

     (23,654     (25,874

Purchase of common stock in treasury

     (69     (540

Reissuance of common stock in treasury

     2        3   

Other, net

     (2,144     (1,718
  

 

 

   

 

 

 

Net cash used in financing activities

     (26,820     (50,769
  

 

 

   

 

 

 

Effect of exchange rate changes on cash and cash equivalents

     (11,158     (2,428
  

 

 

   

 

 

 

Net decrease in cash and cash equivalents

     (39,655     (183

Cash and cash equivalents at beginning of year

     313,126        273,471   
  

 

 

   

 

 

 

Cash and cash equivalents at end of year

   ¥ 273,471      ¥ 273,288   
  

 

 

   

 

 

 

 

18


Table of Contents

<After Amendment>

 

     Years ended March 31,  
     2011     2012  
     (Yen in millions)  

Cash flows from operating activities:

    

Net income

   ¥ 130,118      ¥ 84,758   

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

    

Depreciation and amortization

     71,544        73,120   

Provision for doubtful accounts and loss on bad debts

     2,039        370   

Write-down of inventories

     5,291        11,486   

Deferred income taxes

     6,470        (4,064 ) 

Equity in losses of affiliates and unconsolidated subsidiaries

     160        36   

Foreign currency adjustments

     506        (759

Change in assets and liabilities:

    

Increase in receivables

     (38,043     (3,803 ) 

Increase in inventories

     (69,368     (39,762

(Increase) decrease in advance payment

     (20,008