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Kyocera 6-K 2013

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 August 2013

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 Accounting Group

Date: August 1, 2013


Table of Contents

Information furnished on this form:

EXHIBITS

 

Exhibit
    Number    

   

1.

  Consolidated Financial Results of Kyocera Corporation and its Subsidiaries for the Three Months Ended June 30, 2013


Table of Contents

LOGO

Consolidated Financial Results of Kyocera Corporation and its Subsidiaries

for the Three Months Ended June 30, 2013

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

1. Consolidated Financial Results for the Three Months Ended June 30, 2013

 

(1) Consolidated results of operations

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

Three Months ended June 30, 2013

     331,655         11.4        25,398                34,813         636.5        22,651         244.8   

Three Months ended June 30, 2012

     297,726         (2.5     (2,002             4,727         (88.2     6,570         (73.5

(Note) Comprehensive income (loss):

143,687 million yen for the three months ended June 30, 2013.

(25,765) million yen for the three months ended June 30, 2012.

 

     Net income
attributable to
shareholders of

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

Kyocera Corporation
per share -Diluted
 
     Yen      Yen  

Three Months ended June 30, 2013

     123.48         123.48   

Three Months ended June 30, 2012

     35.82         35.82   

(2) Consolidated financial condition

 

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

June 30, 2013

     2,442,832         1,846,730         1,774,551         72.6   

March 31, 2013

     2,282,853         1,714,942         1,646,157         72.1   

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, 2013

             60.00                 60.00         120.00   

Year ending March 31, 2014

                                     160.00   

(Note) Dividends per share for the year ending March 31, 2014 are forecasted to be 160.00 yen on an annual basis.

3. Consolidated Financial Forecasts for the Year Ending March 31, 2014

(% 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, 2014

     1,400,000         9.4         140,000         82.0         150,000         48.0         96,000         44.4         523.34  

Forecast of earnings per share attributable to shareholders of Kyocera Corporation is computed based on the diluted average number

of shares outstanding during the three months ended June 30, 2013.

 

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(Notes)

(1) Increase or decrease in significant subsidiaries during the three months ended June 30, 2013: 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 15.

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

(4) Number of shares (common stock):

(i) Number of shares issued:

 

191,309,290 shares at June 30, 2013

   191,309,290 shares at March 31, 2013

(ii) Number of treasury stock:

 

7,871,196 shares at June 30, 2013

   7,869,470 shares at March 31, 2013

(iii) Average number of shares outstanding:

 

183,438,728 shares for the three months ended

June 30, 2013

  

183,443,564 shares for the three months ended

June 30, 2012

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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Accompanying Information

1. BUSINESS RESULTS, FINANCIAL CONDITION AND PROSPECTS

(1) Business Results for the Three Months Ended June 30, 2013 

Economic Situation and Business Environment

During the three months ended June 30, 2013 (“the first quarter”), the Japanese economy recovered moderately on the back of heightened expectations regarding governmental economic policy and the effect of already adopted financial measures coupled with an improvement in the export environment reflecting the yen’s depreciation, as well as signs of a turnaround in corporate earnings and personal consumption. Overseas, the U.S. economy was characterized by growth in personal consumption, expansion in housing investment and improvement in the employment situation, while the European economy was weak overall. At the same time, growth in the Chinese economy has continued to slow.

In the digital consumer equipment market, which is the principal market for Kyocera Corporation and its consolidated subsidiaries (“Kyocera”), shipment volume was sluggish overall for conventional mobile phones, PCs and flat-screen TVs, while shipment volume of smartphones and tablet PCs increased significantly compared with the three months ended June 30, 2012 (“the previous first quarter”). The solar energy market in Japan grew significantly compared with the previous first quarter due primarily to growth in demand in the public and commercial sectors resulting from the feed-in tariff for renewable energy.

Consolidated Financial Results

Consolidated net sales for the first quarter increased by ¥33,929 million, or 11.4%, to ¥331,655 million, compared with ¥297,726 million in the previous first quarter, due in part to increased sales in the Applied Ceramic Products Group and the Information Equipment Group, as well as the effect of the yen’s depreciation. Profit considerably exceeded that of the previous first quarter, reflecting the impact of sales growth and enhanced productivity in the Components Business, combined with the absence of an environmental remediation charge of ¥21,300 million at AVX Corporation, a U.S.-based consolidated subsidiary, which was recorded in the previous first quarter (Please refer to “(3) Financial Settlement between AVX Corporation, the Environmental Protection Agency and Commonwealth of Massachusetts regarding the New Bedford Harbor Superfund Site” on page 8). Profit from operations increased by ¥27,400 million to ¥25,398 million, compared with operating loss of ¥2,002 million in the previous first quarter. Income before income taxes increased by ¥30,086 million, or 636.5%, to ¥34,813 million, compared with ¥4,727 million in the previous first quarter, and net income attributable to shareholders of Kyocera Corporation increased by ¥16,081 million, or 244.8%, to ¥22,651 million, compared with ¥6,570 million in the previous first quarter.

Average exchange rates for the first quarter were ¥99 to the U.S. dollar, marking depreciation of ¥19 (approximately 24%) from ¥80 in the previous first quarter, and ¥129 to the Euro, marking depreciation of ¥26 (approximately 25%) from ¥103 in the previous first quarter. As a result, net sales and income before income taxes were pushed up by approximately ¥36 billion and ¥7 billion, respectively, compared with the previous first quarter.

 

     Three months ended June 30,      Increase
(Decrease)
 
     2012     2013     
     Amount     %     Amount      %      Amount      %  
     (Yen in millions, except per share amounts and exchange rates)  

Net sales

   ¥ 297,726       100.0      ¥ 331,655         100.0      ¥ 33,929         11.4   

Profit (loss) from operations

     (2,002 )     (0.7     25,398         7.7        27,400           

Income before income taxes

     4,727       1.6        34,813         10.5         30,086         636.5   

Net income attributable to shareholders of Kyocera Corporation

     6,570       2.2        22,651         6.8        16,081         244.8   

Diluted earnings per share attributable to shareholders of Kyocera Corporation

     35.82              123.48                           

Average US$ exchange rate

     80               99                           

Average Euro exchange rate

     103              129                           

 

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Consolidated Results by Reporting Segment

1) Fine Ceramic Parts Group

Sales in this reporting segment decreased slightly compared with the previous first quarter due to a decline in component demand for flat-screen TVs and PCs, which more than off-set an increase in sales of automotive components. However, operating profit increased compared with the previous first quarter due primarily to the effect of a reduction in costs.

2) Semiconductor Parts Group

Sales and operating profit in this reporting segment increased compared with the previous first quarter due to growth in demand for ceramic packages for digital consumer equipment and communications infrastructure, as well as an increase in sales of organic packages such as those used in servers.

3) Applied Ceramic Products Group

Sales in the solar energy business increased substantially in the public and commercial sectors, including mega-solar power projects, and grew solidly in the residential sector as well. Sales in the cutting tool business also increased, and as a result overall sales in this reporting segment were up considerably from the previous first quarter. Operating profit increased significantly over the previous first quarter due primarily to higher sales in the solar energy business.

4) Electronic Device Group

Sales in this reporting segment increased compared with the previous first quarter due to growth in sales of capacitors and connectors, as well as the effect of the yen’s depreciation. Operating profit increased markedly due to the absence of the environmental remediation charge at AVX Corporation recorded in the previous first quarter, and the effect of a reduction in costs.

5) Telecommunications Equipment Group

Despite growth in sales of mobile phones overseas, sales of conventional mobile phones decreased in Japan. As a result, sales in this reporting segment decreased compared with the previous first quarter, and an operating loss was recorded.

6) Information Equipment Group

Sales in this reporting segment increased compared with the previous first quarter due to an increase in sales volume driven by new product introductions, as well as vigorous market cultivation and sales expansion activities, in addition to the effect of the yen’s depreciation. Operating profit increased compared with the previous first quarter despite an increase in costs such as sales promotion costs.

7) Others

Sales in this reporting segment increased compared with the previous first quarter due mainly to an increase in sales at Kyocera Communication Systems Co. Ltd. Operating profit decreased, however, due to an increase in basic R&D expenses for the development of new technologies and new products.

 

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Net Sales by Reporting Segment

 

     Three months ended June 30,     Increase
(Decrease)
 
     2012     2013    
     Amount     %     Amount     %     Amount     %  
     (Yen in millions)  

Fine Ceramic Parts Group

   ¥ 19,069        6.4      ¥ 18,716        5.7      ¥ (353     (1.9

Semiconductor Parts Group

     38,400        12.9        41,474        12.5        3,074        8.0   

Applied Ceramic Products Group

     42,600        14.3        61,496        18.5        18,896        44.4   

Electronic Device Group

     69,891        23.5        73,315        22.1        3,424        4.9   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Components Business

     169,960        57.1        195,001        58.8        25,041        14.7   

Telecommunications Equipment Group

     41,521        14.0        38,512        11.6        (3,009     (7.2

Information Equipment Group

     58,483        19.6        70,713        21.3        12,230        20.9   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Equipment Business

     100,004        33.6        109,225        32.9        9,221        9.2   

Others

     34,689        11.6        38,061        11.5        3,372        9.7   

Adjustments and eliminations

     (6,927     (2.3     (10,632     (3.2     (3,705       
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net sales

   ¥ 297,726        100.0      ¥ 331,655        100.0      ¥ 33,929        11.4   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating Profit (Loss) by Reporting Segment

 

     Three months ended June 30,      Increase
(Decrease)
 
     2012      2013     
     Amount     %*      Amount     %*      Amount     %  
     (Yen in millions)  

Fine Ceramic Parts Group

   ¥ 2,334        12.2       ¥ 2,903        15.5       ¥ 569        24.4   

Semiconductor Parts Group

     5,705        14.9         7,923        19.1         2,218        38.9   

Applied Ceramic Products Group

     1,483        3.5         8,041        13.1         6,558        442.2   

Electronic Device Group

     (17,503             6,170        8.4         23,673          
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Total Components Business

     (7,981             25,037        12.8         33,018          

Telecommunications Equipment Group

     (206             (1,406             (1,200       

Information Equipment Group

     5,702        9.7         6,067        8.6         365        6.4   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Total Equipment Business

     5,496        5.5         4,661        4.3         (835     (15.2

Others

     1,244        3.6         752        2.0         (492     (39.5
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Operating profit (loss)

     (1,241             30,450        9.2         31,691          

Corporate gains and equity in earnings of affiliates and an unconsolidated subsidiary

     6,030                4,645                (1,385     (23.0

Adjustments and eliminations

     (62             (282             (220       
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Income before income taxes

   ¥ 4,727        1.6       ¥ 34,813        10.5       ¥ 30,086        636.5   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 
* % to net sales of each corresponding segment

 

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Net Sales by Geographic Area

1) Japan

Sales in Japan for the first quarter increased compared with the previous first quarter due primarily to an increase in sales in the solar energy business, despite a decrease in sales in the Telecommunications Equipment Group.

2) Asia

Sales in Asia for the first quarter increased compared with the previous first quarter due primarily to an increase in sales in the Electronic Device Group including connectors and capacitors, as well as the effect of the yen’s depreciation.

3) Europe

Sales in Europe for the first quarter increased compared with the previous first quarter due primarily to an increase in sales in the Information Equipment Group affected by growth in sales volume of printers and multifunctional products and the yen’s depreciation.

4) United States of America

Sales in the United States of America for the first quarter increased compared with the previous first quarter due to sales growth in the Information Equipment Group and the Telecommunications Equipment Group resulting from increased sales volume of mobile phones, as well as the effect of the yen’s depreciation.

5) Others

Sales in Others for the first quarter increased compared with the previous first quarter due primarily to an increase in sales in the Information Equipment Group and the Telecommunications Equipment Group.

 

     Three months ended June 30,      Increase
(Decrease)
 
     2012      2013     
     Amount      %      Amount      %      Amount      %  
     (Yen in millions)  

Japan

   ¥ 133,111         44.7       ¥ 139,118         41.9       ¥ 6,007         4.5   

Asia

     55,527         18.7         68,243         20.6         12,716         22.9   

Europe

     47,166         15.8         56,282         17.0         9,116         19.3   

United States of America

     49,498         16.6         52,189         15.7         2,691         5.4   

Others

     12,424         4.2         15,823         4.8         3,399         27.4   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net sales

   ¥ 297,726         100.0       ¥ 331,655         100.0       ¥ 33,929         11.4   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

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(2) Consolidated Financial Condition

Consolidated Cash Flows

Cash and cash equivalents at June 30, 2013 decreased by ¥24,568 million to ¥280,886 million from ¥305,454 million at March 31, 2013.

1) Cash flows from operating activities

Net cash provided by operating activities for the first quarter decreased by ¥902 million to ¥27,785 million from ¥28,687 million for the previous first quarter. This was due mainly to that increases in cash outflow adjustments related to certain liabilities, including notes and accounting payables, accrued income taxes as well as other current and non-current liabilities, exceeded increases in net income and cash inflow adjustments related to receivables.

2) Cash flows from investing activities

Net cash used in investing activities for the first quarter increased by ¥29,756 million to ¥47,380 million from ¥17,624 million for the previous first quarter. This was mainly because increases in acquisition of time deposits and certificate of deposits and in payment for purchase of held-to-maturity securities exceeded an increase in withdrawal of time deposits and certificate of deposits.

3) Cash flows from financing activities

Net cash used in financing activities for the first quarter increased by ¥1,855 million to ¥11,579 million from ¥9,724 million for the previous first quarter. This was due mainly to a decrease in proceeds from issuance of short-term debt.

 

     Three months ended June 30,  
     2012     2013  
     (Yen in millions)  

Cash flows from operating activities

   ¥ 28,687      ¥ 27,785   

Cash flows from investing activities

     (17,624     (47,380

Cash flows from financing activities

     (9,724     (11,579

Effect of exchange rate changes on cash and cash equivalents

     (5,981     6,606   

Net decrease in cash and cash equivalents

     (4,642     (24,568

Cash and cash equivalents at beginning of period

     273,288        305,454   

Cash and cash equivalents at end of period

   ¥ 268,646      ¥ 280,886   

 

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(3)  Financial Settlement between AVX Corporation, the Environmental Protection Agency and Commonwealth of Massachusetts regarding the New Bedford Harbor Superfund Site

On October 10, 2012, AVX Corporation (“AVX”), a consolidated subsidiary of Kyocera Corporation in the United States, and the Environmental Protection Agency (“EPA”) announced that they had reached a financial settlement with respect to the EPA’s ongoing clean up of the New Bedford Harbor Superfund site in New Bedford, Massachusetts.

AVX’s involvement in this site arose from the operations of an alleged legal predecessor, Aerovox Corporation, which produced liquid filled capacitors adjacent to the harbor from the late 1930s through the early 1970s. Subsequent owners of the facility are dissolved or in bankruptcy. AVX itself never produced this type of capacitor, nor does it do so today.

Following legal action brought in 1983, AVX reached a settlement agreement with the United States and the Commonwealth of Massachusetts with respect to their claims relating to harbor clean up and alleged natural resource damages in 1992. That agreement was contained in a Consent Decree whereby AVX paid $72 million, including interest, toward the harbor clean up and natural resource damages. That agreement included reopener provisions allowing the EPA to institute new proceedings against AVX, including the right to seek to have AVX perform or pay for additional clean up under certain circumstances.

On April 18, 2012, the EPA issued to AVX a Unilateral Administrative Order directing AVX to perform the remainder of the harbor clean up, invoking the clean up reopeners described above.

After settlement negotiations, including mediation, between the parties, the current proposed agreement with the EPA and the Commonwealth of Massachusetts was reached whereby AVX will pay $366 million, plus interest computed from August 1, 2012, in three installments over a two-year period for use by the EPA and the Commonwealth to complete the clean up of the harbor, and the EPA will withdraw the Unilateral Administrative Order.

The proposed agreement is contained in a Supplemental Consent Decree that modifies certain provisions of the 1992 Consent Decree, including elimination of the governments’ right to invoke the clean up reopener provisions in the future. The EPA filed the Supplemental Consent Decree in the United States District Court for the District of Massachusetts on October 10, 2012. The settlement, which is currently being reviewed, requires approval by the United States District Court before becoming final.

AVX and Kyocera recorded a charge with respect to this matter of ¥7,900 million ($100 million) for the year ended March 31, 2012, and ¥21,300 million ($266 million) for the three months ended June 30, 2012, which were included in selling general and administrative expenses in the consolidated statements of income.

 

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(4)  Consolidated Financial Forecasts for the Year Ending March 31, 2014 (“fiscal 2014”)

While uncertainty remains regarding the trends of the European and Chinese economies going forward, the Japanese and the U.S. economies are expected to continue expanding from the second quarter (the three months from July 1 to September 30, 2013). The business environment is projected to improve in the digital consumer equipment and industrial machinery markets from the second quarter. In addition, demand for solar power generating systems is projected to continue rising in Japan.

Based on this outlook for the business environment, there is no change to the sales and profit forecasts for fiscal 2014 that were announced on April 25, 2013. Kyocera forecasts the average exchange rates of ¥95 to the U.S. dollar and ¥123 to the Euro from the second quarter to the fourth quarter (from July 1, 2013 to March 31, 2014). As a result, Kyocera has revised full-year exchange rate forecasts for fiscal 2014 to ¥96 to the U.S. dollar from ¥95 and ¥124 to the Euro from ¥123, reflecting the results of the first quarter.

 

     Results for
the year
ended
March 31, 2013
     Forecasts for the year
ending March 31, 2014
announced
on April 25, 2013
     Increase
(Decrease)

to
Results
 
     Amount      %      Amount      %      Amount      %  
     (Yen in millions, except exchange rates)  

Net sales

   ¥ 1,280,054         100.0       ¥ 1,400,000         100.0        119,946         9.4   

Profit from operations

     76,926         6.0         140,000         10.0        63,074         82.0   

Income before income taxes

     101,363         7.9         150,000         10.7        48,637         48.0   

Net income attributable to shareholders of Kyocera Corporation

     66,473         5.2         96,000         6.9        29,527         44.4   

 

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Note:   Forward-Looking Statements

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

 

(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 the yen’s appreciation, 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) Shortages and rising costs of electricity affecting our production and sales activities;

 

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

 

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

 

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

 

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

 

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

 

(13) 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;

 

(14) Unintentional conflict with laws and regulations, or the possibility that newly enacted laws and regulations may limit our business operations;

 

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

 

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

 

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

 

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

 

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

 

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

 

(21) 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, 2013      June 30, 2013      Increase
(Decrease)
 
     Amount     %      Amount     %     
     (Yen in millions)  

Current assets:

            

Cash and cash equivalents

   ¥ 305,454         ¥ 280,886         ¥ (24,568

Short-term investments in debt securities

     43,893           71,745           27,852   

Other short-term investments

     179,843           186,156           6,313   

Trade notes receivables

     27,061           29,260           2,199   

Trade accounts receivables

     268,927           245,257           (23,670

Less allowances for doubtful accounts and sales returns

     (4,705        (4,835        (130

Inventories

     296,450           312,858           16,408   

Advance payments

     65,812           65,342           (470

Deferred income taxes

     47,349           40,082           (7,267

Other current assets

     38,299           39,897           1,598   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total current assets

     1,268,383        55.6         1,266,648        51.9         (1,735
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Non-current assets:

            

Investments and advances:

            

Long-term investments in debt and equity securities

     506,490           661,258           154,768   

Other long-term investments

     12,661           12,396           (265
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total investments and advances

     519,151        22.7         673,654        27.6         154,503   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Property, plant and equipment:

            

Land

     61,808           62,596           788   

Buildings

     323,014           331,067           8,053   

Machinery and equipment

     788,692           803,783           15,091   

Construction in progress

     13,546           13,406           (140

Less accumulated depreciation

     (918,236        (938,680        (20,444
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total property, plant and equipment

     268,824        11.8         272,172        11.1         3,348   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Goodwill

     103,425        4.5         106,960        4.4         3,535   

Intangible assets

     54,583        2.4         55,655        2.3         1,072   

Other assets

     68,487        3.0         67,743        2.7         (744
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total non-current assets

     1,014,470        44.4         1,176,184        48.1         161,714   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total assets

   ¥ 2,282,853        100.0       ¥ 2,442,832        100.0       ¥ 159,979   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

 

11


Table of Contents
     March 31, 2013      June 30, 2013      Increase
(Decrease)
 
     Amount     %      Amount     %     
     (Yen in millions)  

Current liabilities:

            

Short-term borrowings

   ¥ 3,135         ¥ 2,813         ¥ (322

Current portion of long-term debt

     9,817           10,564           747   

Trade notes and accounts payable

     111,249           114,763           3,514   

Other notes and accounts payable

     52,018           45,956           (6,062

Accrued payroll and bonus

     52,420           43,828           (8,592

Accrued income taxes

     22,214           8,129           (14,085

Other accrued liabilities

     39,135           37,623           (1,512

Other current liabilities

     36,642           36,852           210   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total current liabilities

     326,630        14.3         300,528        12.3         (26,102
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Non-current liabilities:

            

Long-term debt

     20,855           22,261           1,406   

Accrued pension and severance liabilities

     36,322           35,924           (398

Deferred income taxes

     146,229           197,906           51,677   

Other non-current liabilities

     37,875           39,483           1,608   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total non-current liabilities

     241,281        10.6         295,574        12.1         54,293   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total liabilities

     567,911        24.9         596,102        24.4         28,191   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Kyocera Corporation shareholders’ equity:

            

Common stock

     115,703           115,703             

Additional paid-in capital

     163,062           163,079           17   

Retained earnings

     1,368,512           1,380,157           11,645   

Accumulated other comprehensive income

     50,138           166,887           116,749   

Common stock in treasury, at cost

     (51,258        (51,275        (17
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total Kyocera Corporation shareholders’ equity

     1,646,157        72.1         1,774,551        72.6         128,394   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Noncontrolling interests

     68,785        3.0         72,179        3.0         3,394   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total equity

     1,714,942        75.1         1,846,730        75.6         131,788   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total liabilities and equity

   ¥ 2,282,853        100.0       ¥ 2,442,832        100.0       ¥ 159,979   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Note: Accumulated other comprehensive income is as follows:

 

     March 31, 2013     June 30, 2013     Increase
(Decrease)
 
     (Yen in millions)  

Net unrealized gains on securities

   ¥ 135,248      ¥ 232,565      ¥ 97,317   

Net unrealized losses on derivative financial instruments

     (68     (119 )       (51

Pension adjustments

     (23,415     (23,713 )       (298

Foreign currency translation adjustments

     (61,627     (41,846 )       19,781   
  

 

 

   

 

 

   

 

 

 

Total

   ¥ 50,138      ¥ 166,887      ¥ 116,749   
  

 

 

   

 

 

   

 

 

 

 

12


Table of Contents

(2) Consolidated Statements of Income and Comprehensive Income (Unaudited)

Consolidated Statements of Income

 

    Three months ended June 30,     Increase
(Decrease)
 
    2012     2013    
    Amount     %     Amount     %     Amount     %  
    (Yen in millions and shares in thousands, except per share amounts)  

Net sales

  ¥ 297,726        100.0      ¥ 331,655        100.0     ¥ 33,929        11.4   

Cost of sales

    222,925        74.9        245,298        74.0       22,373        10.0   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

    74,801        25.1        86,357        26.0       11,556        15.4   

Selling, general and administrative expenses

    76,803        25.8        60,959        18.3       (15,844     (20.6
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Profit (loss) from operations

    (2,002     (0.7     25,398        7.7       27,400          

Other income (expenses):

           

Interest and dividend income

    6,230        2.1        7,539        2.3       1,309        21.0   

Interest expense

    (433     (0.1     (492     (0.2 )     (59       

Foreign currency transaction gains, net

    1,099        0.4        1,721        0.5       622        56.6   

Other, net

    (167     (0.1     647        0.2       814          
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total other income (expenses)

    6,729        2.3        9,415        2.8       2,686        39.9   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

    4,727        1.6        34,813        10.5       30,086        636.5   

Income taxes

    950        0.3        10,892        3.3       9,942          
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

    3,777        1.3        23,921        7.2       20,144        533.3   

Net income attributable to noncontrolling interests

    2,793        0.9        (1,270     (0.4 )     (4,063       
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to shareholders of Kyocera Corporation

  ¥ 6,570        2.2      ¥ 22,651        6.8     ¥ 16,081        244.8   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share:

           

Net income attributable to shareholders of Kyocera Corporation:

           

Basic

  ¥ 35.82        ¥ 123.48         

Diluted

    35.82          123.48         

Average number of shares of common stock outstanding:

           

Basic

    183,444          183,439         

Diluted

    183,444          183,439         

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.

 

13


Table of Contents

Consolidated Statements of Comprehensive Income

 

     Three months ended June 30,     Increase
(Decrease)
 
     2012     2013    
     Amount     Amount     Amount  
     (Yen in millions)  

Net income

   ¥ 3,777      ¥ 23,921      ¥ 20,144   
  

 

 

   

 

 

   

 

 

 

Other comprehensive income (loss)—net of taxes

      

Net unrealized gains (losses) on securities

     (10,840     97,283        108,123   

Net unrealized gains (losses) on derivative financial instruments

     67        (30     (97

Pension adjustments

     (94     (341     (247

Foreign currency translation adjustments

     (18,675     22,854        41,529   
  

 

 

   

 

 

   

 

 

 

Total other comprehensive income (loss)

     (29,542     119,766        149,308   
  

 

 

   

 

 

   

 

 

 

Comprehensive income (loss)

     (25,765     143,687        169,452   

Comprehensive income (loss) attributable to noncontrolling interests

     5,079        (4,287     (9,366
  

 

 

   

 

 

   

 

 

 

Comprehensive income (loss) attributable to shareholders of Kyocera Corporation

   ¥ (20,686   ¥ 139,400      ¥ 160,086   
  

 

 

   

 

 

   

 

 

 

(3) Notes to the consolidated financial statements

Cautionary Statement for Premise of a Going Concern

None.

Cautionary Statement for Significant Changes in Equity

None.

 

14


Table of Contents

3. OTHER INFORMATION

Changes in accounting policies

Recently Adopted Accounting Standards

On April 1, 2013, Kyocera adopted the Financial Accounting Standards Board (FASB)’s Accounting Standards Update (ASU) No. 2011-10, “Derecognition of in Substance Real Estate—a Scope Clarification.” This accounting standard requires the reporting entity to apply the guidance in Accounting Standards Codification (ASC) 360-20, “Property, Plant, and Equipment—Real Estate Sales” to determine whether it should derecognize the in substance real estate when a parent ceases to have a controlling financial interest in a subsidiary that is in substance real estate as a result of default on the subsidiary’s nonrecourse debt. 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, 2013, Kyocera adopted the FASB’s ASU No. 2012-02, “Testing Indefinite-Lived Intangible Assets for Impairment.” This accounting standard permits an entity to first assess qualitative factors to determine whether it is more likely than not that the indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the impairment test. An entity is not required to calculate the fair value of the indefinite-lived intangible asset unless the entity determines that it is more likely than not that the indefinite-lived intangible asset is impaired. As this accounting standard did not actually change how the impairment would be calculated, the adoption of this accounting standard did not have an impact on Kyocera’s consolidated results of operations, financial condition and cash flows.

 

15

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