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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 January 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: January 30, 2012


Table of Contents

Information furnished on this form:

EXHIBITS

 

Exhibit
    Number    

   
1.  

Consolidated Financial Results of Kyocera Corporation and its Subsidiaries for the  Nine Months Ended December 31, 2011

2.  

Revision of Financial Forecast for the Fiscal Year Ending March 31, 2012


Table of Contents

LOGO

Consolidated Financial Results of Kyocera Corporation and its Subsidiaries

for the Nine Months Ended December 31, 2011

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

1. Consolidated Financial Results for the Nine Months Ended December 31, 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      %  

Nine Months ended December 31, 2011

     885,389         (7.5     88,373         (26.2     102,604         (22.9     72,110         (23.1

Nine Months ended December 31, 2010

     956,914         24.4        119,769         215.1        133,136         306.7        93,717         407.1   

(Note) Comprehensive income:

37,225 million yen for the nine months ended December 31, 2011, (18.0)% of change from previous period

45,420 million yen for the nine months ended December 31, 2010, 116.6% of change from previous period

 

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

Nine Months ended December 31, 2011

     393.07         393.07   

Nine Months ended December 31, 2010

     510.67         510.67   

(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      %  

December 31, 2011

     1,900,106         1,494,381         1,431,721         75.3   

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

             60.00                 60.00         120.00   

(Note)

Year-end dividend per share for the year ending March 31, 2012 is the forecast at date of disclosure of this report.

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

     1,180,000         (6.9     100,000         (35.9     113,000         (34.4     78,000         (36.3     425.18   

(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 nine months ended December 31, 2011.

 

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Table of Contents

4. Others

(1) Increase or decrease in significant subsidiaries during the nine months ended December 31, 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 “3. Other Information” on page 14.

(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 December 31, 2011    191,309,290 shares at March 31, 2011

(ii) Number of treasury stock:

 

7,864,400 shares at December 31, 2011    7,796,321 shares at March 31, 2011

(iii) Average number of shares outstanding:

 

183,453,025 shares for the nine months ended December 31, 2011    183,518,395 shares for the nine months ended December 31, 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 10.

 

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Table of Contents

Accompanying Information

1. Business Results, Financial Condition and Prospects

(1)  Business Results for the Nine Months Ended December 31, 2011

Economic Situation and Business Environment

During the nine months ended December 31, 2011 (“the nine months”), the Japanese economy stagnated overall due to the continued yen’s appreciation against the Euro and the U.S. dollar and sluggish growth in exports, despite resolution of disruptions in production activities and the supply chain following the Great East Japan Earthquake. The U.S. economy continued to recover moderately due mainly to growth in private capital investment and exports, while in Europe, the business downturn became more pronounced, including decreases in personal consumption and willingness to invest as the financial crisis gradually worsened. The Chinese economy expanded primarily on the back of strong domestic demand in spite of signs of a slowdown in export growth.

In the digital consumer equipment market, which is the principal market for Kyocera Corporation and its consolidated subsidiaries (“Kyocera Group” or “Kyocera”), demand for such items as mobile phone handsets and personal computers was sluggish compared with initial projections; and in addition, component inventory adjustments at equipment manufacturers were prolonged. Furthermore, production activities for products such as digital cameras stagnated temporarily due to the impact of floods in Thailand. As a result, component demand primarily for digital consumer equipment fell below that for the nine months ended December 31, 2010 (“the previous nine months”).

Consolidated Financial Results

Average exchange rates for the nine months were ¥79 to the U.S. dollar, marking appreciation of ¥8 (approximately 9%) from ¥87 for the previous nine months, and ¥111 to the Euro, making appreciation of ¥2 (approximately 2%) from ¥113 for the previous nine months. As a result, net sales and income before income taxes for the nine months were adversely affected by approximately ¥32.5 billion and ¥7.5 billion, respectively, compared with the previous nine months.

Consolidated net sales for the nine months decreased by ¥71,525 million, or 7.5%, to ¥885,389 million, compared with ¥956,914 million in the previous nine months due to the sluggish component demand for digital consumer equipment and to a decline in sales in the Telecommunications Equipment Group in addition to the impact of the yen’s appreciation. Profit from operations for the nine months decreased by ¥31,396 million, or 26.2%, to ¥88,373 million, compared with ¥119,769 million in the previous nine months. In addition, income before income taxes decreased by ¥30,532 million, or 22.9%, to ¥102,604 million, compared with ¥133,136 million in the previous nine months. Net income attributable to shareholders of Kyocera Corporation for the nine months decreased by ¥21,607 million, or 23.1%, to ¥72,110 million, compared with ¥93,717 million in the previous nine months.

 

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

Net sales

   ¥ 956,914         100.0       ¥ 885,389         100.0       ¥ (71,525     (7.5

Profit from operations

     119,769         12.5         88,373         10.0         (31,396     (26.2

Income before income taxes

     133,136         13.9         102,604         11.6         (30,532     (22.9

Net income attributable to shareholders of Kyocera Corporation

     93,717         9.8         72,110         8.1         (21,607     (23.1

Diluted earnings per share attributable to shareholders of Kyocera Corporation

     510.67                 393.07                          

Average US$ exchange rate

     87                 79                          

Average Euro exchange rate

     113                 111                          

 

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Table of Contents

Consolidated Results by Reporting Segment

1) Fine Ceramic Parts Group

Sales and operating profit for the nine months increased in this reporting segment compared with the previous nine months due to an increase in demand for components used mainly in the LED-related and general industrial markets including the automobile market.

2) Semiconductor Parts Group

Sales and operating profit for the nine months in this reporting segment decreased compared with the previous nine months due to sluggish demand for components for digital consumer equipment caused mainly by customer inventory adjustments.

3) Applied Ceramic Products Group

In the cutting tool business, sales grew compared with the previous nine months particularly in the automobile market. In the solar energy business, however, there were weakening demand in Europe and a significant decline in product prices worldwide, as well as the impact of the yen’s appreciation. As a result, sales and operating profit in this reporting segment decreased compared with the previous nine months.

4) Electronic Device Group

Sales and operating profit for the nine months in this reporting segment decreased compared with the previous nine months due to sluggish demand for components used in digital consumer equipment resulting primarily from customer inventory adjustments as well as to the yen’s appreciation.

5) Telecommunications Equipment Group

Sales in this reporting segment for the nine months decreased compared with the previous nine months due mainly to sluggish sales of mobile phone handsets overseas. However, operating profit was improved in this reporting segment due to efforts to reduce manufacturing costs and to a sales contribution from smartphones in Japan.

6) Information Equipment Group

Sales in this reporting segment for the nine months increased slightly compared with the previous nine months due to the impact of the yen’s appreciation despite increased sales volume particularly in emerging countries resulting from active introduction of new products and expansion of sales networks. Operating profit increased compared with the previous nine months due to increased sales of high-value-added consumable products and to efforts to reduce manufacturing costs.

7) Others

Sales increased in this reporting segment for the nine months compared with the previous nine months due to a sales contribution from LED lighting and to growth in sales of the ICT (Information and Communication Technology) business at Kyocera Communication Systems Co., Ltd. Operating profit decreased compared with the previous nine months, however, due mainly to an increase in R&D expenses.

 

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Table of Contents

Net Sales by Reporting Segment

 

     Nine months ended December 31,     Increase
(Decrease)
 
     2010     2011    
     Amount     %     Amount     %     Amount     %  
     (Yen in millions)  

Fine Ceramic Parts Group

   ¥ 56,251        5.9      ¥ 61,346        6.9      ¥ 5,095        9.1   

Semiconductor Parts Group

     132,640        13.9        117,733        13.3        (14,907     (11.2

Applied Ceramic Products Group

     150,500        15.7        133,600        15.1        (16,900     (11.2

Electronic Device Group

     183,840        19.2        165,360        18.7        (18,480     (10.1
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Components Business

     523,231        54.7        478,039        54.0        (45,192     (8.6

Telecommunications Equipment Group

     175,768        18.4        136,568        15.4        (39,200     (22.3

Information Equipment Group

     176,553        18.4        178,967        20.2        2,414        1.4   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Equipment Business

     352,321        36.8        315,535        35.6        (36,786     (10.4

Others

     102,433        10.7        111,265        12.6        8,832        8.6   

Adjustments and eliminations

     (21,071     (2.2     (19,450     (2.2     1,621          
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net sales

   ¥ 956,914        100.0      ¥ 885,389        100.0      ¥ (71,525     (7.5
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Operating Profit (Loss) by Reporting Segment   
     Nine months ended December 31,     Increase
(Decrease)
 
     2010     2011    
     Amount     %*     Amount     %*     Amount     %  
     (Yen in millions)  

Fine Ceramic Parts Group

   ¥ 8,466        15.1      ¥ 9,618        15.7      ¥ 1,152        13.6   

Semiconductor Parts Group

     28,405        21.4        22,294        18.9        (6,111     (21.5

Applied Ceramic Products Group

     23,194        15.4        7,231        5.4        (15,963     (68.8

Electronic Device Group

     33,271        18.1        21,897        13.2        (11,374     (34.2
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Components Business

     93,336        17.8        61,040        12.8        (32,296     (34.6

Telecommunications Equipment Group

     (954            811        0.6        1,765          

Information Equipment Group

     20,333        11.5        22,607        12.6        2,274        11.2   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Equipment Business

     19,379        5.5        23,418        7.4        4,039        20.8   

Others

     7,567        7.4        5,532        5.0        (2,035     (26.9
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating profit

     120,282        12.6        89,990        10.2        (30,292     (25.2

Corporate gains and Equity in earnings of affiliates and unconsolidated subsidiaries

     14,246               13,394               (852     (6.0

Adjustments and eliminations

     (1,392            (780            612          
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

   ¥ 133,136        13.9      ¥ 102,604        11.6      ¥ (30,532     (22.9
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
* % to net sales of each corresponding segment

 

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Table of Contents

Net Sales by Geographic Area

1) Japan

Sales for Japan for the nine months decreased compared with the previous nine months due to a decrease in sales in the solar energy business resulting mainly from deteriorated product prices, as well as to a decrease in sales in the Semiconductor Parts Group resulting mainly from sluggish demand for components used in digital consumer equipment.

2) Asia

Sales for Asia for the nine months decreased compared with the previous nine months due to declined sales in the Electronic Device Group and the Semiconductor Parts Group resulting from sluggish demand for components used in digital consumer equipment in addition to the yen’s appreciation.

3) Europe

Sales for Europe for the nine months decreased compared with the previous nine months due to a decrease in sales in the Applied Ceramic Products Group resulting from sluggish demand and from a significant decline in product prices in the solar energy business.

4) United States of America

Sales for the United States of America for the nine months decreased compared with the previous nine months due to a decrease in sales in the Telecommunications Equipment Group resulting from a decrease in sales volume of mobile phone handsets and to a decrease in sales in the Electronic Device Group resulting from sluggish demand for components used in digital consumer equipment, as well as to the yen’s appreciation.

5) Others

Sales for Others for the nine months decreased compared with the previous nine months due to a decrease in sales in the Telecommunications Equipment Group, as well as to a decrease in sales in the Semiconductor Parts Group resulting from sluggish demand for components used in digital consumer equipment.

 

     Nine months ended December 31,      Increase
(Decrease)
 
     2010      2011     
     Amount      %      Amount      %      Amount     %  
     (Yen in millions)  

Japan

   ¥ 424,512         44.4       ¥ 419,364         47.4       ¥ (5,148     (1.2

Asia

     161,641         16.9         154,377         17.4         (7,264     (4.5

Europe

     158,843         16.6         151,249         17.1         (7,594     (4.8

United States of America

     166,428         17.4         118,861         13.4         (47,567     (28.6

Others

     45,490         4.7         41,538         4.7         (3,952     (8.7
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Net sales

   ¥ 956,914         100.0       ¥ 885,389         100.0       ¥ (71,525     (7.5
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

 

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Table of Contents

(2)  Consolidated Financial Condition

Consolidated Cash Flows

Cash and cash equivalents at December 31, 2011 decreased by ¥19,641 million to ¥253,830 million from ¥273,471 million at March 31, 2011.

1) Cash flows from operating activities

Net cash provided by operating activities for the nine months decreased by ¥11,246 million to ¥62,214 million from ¥73,460 million for the previous nine months. This was due mainly to that a decrease in net income and a decrease in cash inflows from an increase in notes and accounts payable exceeded a decrease in cash outflows from an increase in receivables.

2) Cash flows from investing activities

Net cash used in investing activities for the nine months decreased by ¥73,597 million to ¥39,179 million from ¥112,776 million for the previous nine months. This was due mainly to that increases in proceeds from sales and maturities of available-for-sales and held-to maturity securities and an increase in withdrawals of time deposits and certificate of deposits exceeded an increase in acquisitions of businesses.

3) Cash flows from financing activities

Net cash used in financing activities for the nine months increased by ¥4,116 million to ¥33,435 million from ¥29,319 million for the previous nine months. This was due mainly to increases in payments of short-term borrowings and long-term debts as well as an increase in dividends paid.

 

     Nine months ended December 31,  
             2010                     2011          
     (Yen in millions)  

Cash flows from operating activities

   ¥ 73,460      ¥ 62,214   

Cash flows from investing activities

     (112,776     (39,179

Cash flows from financing activities

     (29,319     (33,435

Effect of exchange rate changes on cash and cash equivalents

     (16,284     (9,241

Net decrease in cash and cash equivalents

     (84,919     (19,641

Cash and cash equivalents at beginning of period

     313,126        273,471   

Cash and cash equivalents at end of period

   ¥ 228,207      ¥ 253,830   

 

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Table of Contents

(3)  Consolidated Forecasts for the Year Ending March 31, 2012

Consolidated financial results for the third quarter (from October 1 to December 31, 2011) were sluggish, while the business environment fell short of assumptions made in October 2011. In the fourth quarter (from January 1 to March 31, 2012), there are concerns over the persistent yen’s appreciation and the global economic impact of the downturn in European financial conditions, as well as the continued impact of floods in Thailand. As a result, Kyocera forecasts that expansion of production activities and recovery in component demand in principal markets such as digital consumer equipment will occur from the following fiscal year onward, and the difficult business environment is expected to continue in the fourth quarter.

Based on the performance for the nine months and the business environment forecast for the fourth quarter, the following revisions have been made to the consolidated financial forecasts and the consolidated forecasts of net sales and operating profit by reporting segment for the year ending March 31, 2012 which were announced in October 2011.

 

     Results for
the year ended
March 31, 2011
     Forecasts for the year ending
March 31, 2012 announced on
     Increase
(Decrease)
to Results
 
        October 27, 2011
(Previous)
     January 30, 2012
(Revised)
    
     Amount      %      Amount      %      Amount      %      %  
     (Yen in millions, except exchange rates)  

Net sales

   ¥ 1,266,924         100.0       ¥ 1,230,000         100.0       ¥ 1,180,000         100.0         (6.9

Profit from operations

     155,924         12.3         125,000         10.2         100,000         8.5         (35.9

Income before income taxes

     172,332         13.6         140,000         11.4         113,000         9.6         (34.4

Net income attributable to shareholders of Kyocera Corporation

     122,448         9.7         87,000         7.1         78,000         6.6         (36.3

Average US$ exchange rate

     86                 78                 78                   

Average Euro exchange rate

     113                 109                 107                   

 

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Table of Contents

Net Sales by Reporting Segment

 

     Results for
the year ended
March 31, 2011
    Forecasts for the year ending
March 31, 2012 announced on
    Increase
(Decrease)
to Results
 
       October 27, 2011
(Previous)
    January 30, 2012
(Revised)
   
     Amount     %     Amount     %     Amount     %     %  
     (Yen in millions)  

Fine Ceramic Parts Group

   ¥ 76,269        6.0      ¥ 83,000        6.7      ¥ 80,000        6.8        4.9   

Semiconductor Parts Group

     174,687        13.8        159,000        12.9        152,000        12.9        (13.0

Applied Ceramic Products Group

     197,642        15.6        206,000        16.8        177,000        15.0        (10.4

Electronic Device Group

     242,641        19.2        224,000        18.2        225,000        19.0        (7.3
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Components Business

     691,239        54.6        672,000        54.6        634,000        53.7        (8.3

Telecommunications Equipment Group

     225,168        17.8        190,000        15.4        180,000        15.3        (20.1

Information Equipment Group

     239,916        18.9        241,000        19.6        240,000        20.3        0.0   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Equipment Business

     465,084        36.7        431,000        35.0        420,000        35.6        (9.7

Others

     139,383        11.0        156,000        12.7        152,000        12.9        9.1   

Adjustments and eliminations

     (28,782     (2.3     (29,000     (2.3     (26,000     (2.2       
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net sales

   ¥ 1,266,924        100.0      ¥ 1,230,000        100.0      ¥ 1,180,000        100.0        (6.9
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating Profit by Reporting Segment

 

  

     Results for
the year ended
March 31, 2011
    Forecasts for the year ending
March 31, 2012 announced on
    Increase
(Decrease)
to Results
 
       October 27, 2011
(Previous)
    January 30, 2012
(Revised)
   
     Amount     %*     Amount     %*     Amount     %*     %  
     (Yen in millions)  

Fine Ceramic Parts Group

   ¥ 11,969        15.7      ¥ 12,000        14.5      ¥ 10,500        13.1        (12.3

Semiconductor Parts Group

     37,331        21.4        30,000        18.9        24,000        15.8        (35.7

Applied Ceramic Products Group

     29,049        14.7        14,500        7.0        7,300        4.1        (74.9

Electronic Device Group

     41,646        17.2        33,000        14.7        22,500        10.0        (46.0
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Components Business

     119,995        17.4        89,500        13.3        64,300        10.1        (46.4

Telecommunications Equipment Group

     2,121        0.9        3,000        1.6        2,700        1.5        27.3   

Information Equipment Group

     25,845        10.8        26,000        10.8        26,000        10.8        0.6   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Equipment Business

     27,966        6.0        29,000        6.7        28,700        6.8        2.6   

Others

     9,651        6.9        8,000        5.1        7,000        4.6        (27.5
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating profit

     157,612        12.4        126,500        10.3        100,000        8.5        (36.6

Corporate and others

     14,720               13,500               13,000               (11.7
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

   ¥ 172,332        13.6      ¥ 140,000        11.4      ¥ 113,000        9.6        (34.4
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
* % to net sales of each corresponding segment

 

9


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.

 

10


Table of Contents

2. Consolidated Financial Statements

(1) Consolidated Balance Sheets (Unaudited)

 

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

Current assets:

            

Cash and cash equivalents

   ¥ 273,471         ¥ 253,830         ¥  (19,641

Short-term investments in debt securities

     44,012           41,457           (2,555

Other short-term investments

     201,817           169,627           (32,190

Trade notes receivables

     19,536           18,346           (1,190

Trade accounts receivables

     208,404           204,805           (3,599

Less allowances for doubtful accounts and sales returns

     (4,795        (4,271        524   

Inventories

     232,899           263,696           30,797   

Advance payments

     72,207           69,141           (3,066

Deferred income taxes

     43,035           44,606           1,571   

Other current assets

     38,915           39,485           570   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total current assets

     1,129,501        58.0         1,100,722        57.9         (28,779
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Non-current assets:

            

Investments and advances:

            

Long-term investments in debt and equity securities

     377,075           348,297           (28,778

Other long-term investments

     16,804           18,942           2,138   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total investments and advances

     393,879        20.3         367,239        19.3         (26,640
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Property, plant and equipment:

            

Land

     59,638           59,843           205   

Buildings

     288,992           293,728           4,736   

Machinery and equipment

     706,474           699,677           (6,797

Construction in progress

     7,227           13,239           6,012   

Less accumulated depreciation

     (814,577        (813,744        833   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total property, plant and equipment

     247,754        12.7         252,743        13.3         4,989   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Goodwill

     64,701        3.3         72,230        3.8         7,529   

Intangible assets

     42,160        2.2         44,778        2.4         2,618   

Other assets

     68,571        3.5         62,394        3.3         (6,177
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total non-current assets

     817,065        42.0         799,384        42.1         (17,681
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total assets

   ¥ 1,946,566        100.0       ¥  1,900,106        100.0       ¥  (46,460
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

 

11


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

Current liabilities:

          

Short-term borrowings

   ¥ 7,852        ¥ 4,888        ¥ (2,964

Current portion of long-term debt

     10,687          9,802          (885

Trade notes and accounts payable

     101,265          87,439          (13,826

Other notes and accounts payable

     61,226          56,633          (4,593

Accrued payroll and bonus

     49,092          41,658          (7,434

Accrued income taxes

     18,069          16,222          (1,847

Other accrued liabilities

     24,337          19,954          (4,383

Other current liabilities

     28,087          32,403          4,316   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total current liabilities

     300,615        15.4        268,999        14.2        (31,616
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-current liabilities:

          

Long-term debt

     24,538          19,622          (4,916

Accrued pension and severance liabilities

     28,924          25,596          (3,328

Deferred income taxes

     90,005          74,703          (15,302

Other non-current liabilities

     19,125          16,805          (2,320
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total non-current liabilities

     162,592        8.4        136,726        7.2        (25,866
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

     463,207        23.8        405,725        21.4        (57,482
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Kyocera Corporation shareholders’ equity:

          

Common stock

     115,703          115,703            

Additional paid-in capital

     162,336          162,543          207   

Retained earnings

     1,268,548          1,316,805          48,257   

Accumulated other comprehensive income

     (75,633       (112,108       (36,475

Treasury stock, at cost

     (50,691       (51,222       (531
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Kyocera Corporation shareholders’ equity

     1,420,263        73.0        1,431,721        75.3        11,458   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Noncontrolling interests

     63,096        3.2        62,660        3.3        (436
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total equity

     1,483,359        76.2        1,494,381        78.6        11,022   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities and equity

   ¥ 1,946,566        100.0      ¥ 1,900,106        100.0      ¥ (46,460
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

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

Net unrealized gains on securities

   ¥          32,235      ¥          22,175      ¥ (10,060

Net unrealized losses on derivative financial instruments

       (29       (52     (23

Pension adjustments

       (3,534       (4,541     (1,007

Foreign currency translation adjustments

       (104,305       (129,690     (25,385

Total

   ¥          (75,633   ¥          (112,108   ¥ (36,475

 

12


Table of Contents

(2) Consolidated Statements of Income (Unaudited)

 

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

Net sales

   ¥ 956,914        100.0      ¥ 885,389        100.0      ¥ (71,525     (7.5

Cost of sales

     672,363        70.3        635,035        71.7        (37,328     (5.6
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     284,551        29.7        250,354        28.3        (34,197     (12.0

Selling, general and administrative expenses

     164,782        17.2        161,981        18.3        (2,801     (1.7
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Profit from operations

     119,769        12.5        88,373        10.0        (31,396     (26.2

Other income (expenses):

            

Interest and dividend income

     11,687        1.2        12,690        1.4        1,003        8.6   

Interest expense

     (1,673     (0.1     (1,516     (0.2     157          

Foreign currency transaction gains, net

     2,053        0.2        2,982        0.4        929        45.3   

Other, net

     1,300        0.1        75        0.0        (1,225     (94.2
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total other income (expenses)

     13,367        1.4        14,231        1.6        864        6.5   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

     133,136        13.9        102,604        11.6        (30,532     (22.9

Income taxes

     33,713        3.5        25,328        2.9        (8,385     (24.9
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

     99,423        10.4        77,276        8.7        (22,147     (22.3

Net income attributable to noncontrolling interests

     (5,706     (0.6     (5,166     (0.6     540          
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to shareholders of Kyocera Corporation

   ¥ 93,717        9.8      ¥ 72,110        8.1      ¥ (21,607     (23.1
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share:

            

Net income attributable to shareholders of Kyocera Corporation:

            

Basic

   ¥ 510.67        ¥ 393.07         

Diluted

     510.67          393.07         

Average number of shares of common stock outstanding:

            

Basic

     183,518          183,453         

Diluted

     183,518          183,453         

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


Table of Contents

3. Other Information

Changes in accounting policies:

Recently Adopted Accounting Standards

On April 1, 2011, 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.

On April 1, 2011, 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.

 

14


Table of Contents

January 30, 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 & Business Systems Administration Group

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

Revision of Financial Forecast for the Fiscal Year Ending March 31, 2012

This is to advise you that Kyocera Corporation (“the Company”) resolved at a meeting of its Board of Directors held on January 30, 2012 that the financial forecast for the fiscal year ending March 31, 2012 (“fiscal 2012”), which was published on October 27, 2011, is revised as set forth below, taking into consideration of the business performance for the nine months ended December 31, 2011 and business environment for the fourth quarter (from January 1 to March 31, 2012) for fiscal 2012:

1. Revision of consolidated financial forecast for fiscal 2012 (April 1, 2011 to March 31, 2012)

 

     Net sales      Profit  from
operations
     Income before
income  taxes
     Net income attributable
to shareholders of
Kyocera Corporation
     Earnings per share
attributable
to shareholders of
Kyocera  Corporation
 
     (Yen in millions, except per share amounts)  

Forecast published on October 27, 2011 (A)

     1,230,000         125,000         140,000         87,000         474.23   

Revision made (B)

     1,180,000         100,000         113,000         78,000         425.18   

Amount of decrease (B - A)

     -50,000         -25,000         -27,000         -9,000           

Ratio of decrease (%)

     -4.1         -20.0         -19.3         -10.3           

(c.f.) Results for previous fiscal year
(Annual Period ended March 31, 2011)

     1,266,924         155,924         172,332         122,448         667.23   

2. Reason for Revision

Consolidated financial results for the third quarter (from October 1 to December 31, 2011) were sluggish, while the business environment fell short of assumptions made in October 2011. In the fourth quarter, there are concerns over persistent yen’s appreciation and the global economic impact of the downturn in European financial conditions, as well as the continued impact of floods in Thailand. As a result, the Company forecasts that expansion of production activities and recovery in component demand in principal markets such as digital consumer equipment will occur from the following fiscal year onward, and the difficult business environment is expected to continue in the fourth quarter.

Based on the economic circumstances and the business environment forecast, the Company revised the consolidated financial forecasts for fiscal 2012.

 

1


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.

 

2

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