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Kyocera 6-K 2015

Documents found in this filing:

  1. 6-K
  2. Graphic
  3. Graphic

 

FORM 6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

 

Report of Foreign Private Issuer

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

the Securities Exchange Act of 1934

 

For the month of April 2015

 

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):  __

 



 

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 : April 27, 2015

 



 

Information furnished on this form:

 

EXHIBITS

 

Exhibit
Number

 

 

 

 

 

1.

 

Consolidated Financial Results of Kyocera Corporation and its Subsidiaries for the Year Ended March 31, 2015

 



 

GRAPHIC

 

Consolidated Financial Results of Kyocera Corporation and its Subsidiaries

for the Year Ended March 31, 2015

 

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

 

1. Consolidated Financial Results for the Year Ended March 31, 2015 (Fiscal 2015)

 

(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 2015

 

1,526,536

 

5.5

 

93,428

 

(22.5

)

121,862

 

(16.7

)

115,875

 

30.6

 

Fiscal 2014

 

1,447,369

 

13.1

 

120,582

 

56.8

 

146,268

 

44.3

 

88,756

 

33.5

 

 

(Note)  Comprehensive income:

352,446 million yen in the year ended March 31, 2015, 16.9% of change from previous year

301,582 million yen in the year ended March 31, 2014, 46.6% 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 2015

 

315.85

 

315.85

 

5.6

 

4.3

 

6.1

 

Fiscal 2014

 

241.93

 

241.93

 

5.0

 

5.9

 

8.3

 

 

(Reference) Equity in earnings (losses) of affiliates and an unconsolidated subsidiary:

332 million yen in the year ended March 31, 2015            (139) million yen in the year ended March 31, 2014

 

(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, 2015

 

3,021,184

 

2,303,623

 

2,215,319

 

73.3

 

6,038.57

 

March 31, 2014

 

2,636,704

 

1,987,226

 

1,910,083

 

72.5

 

5,206.48

 

 

(3) Consolidated cash flows

 

 

 

Operating activities

 

Investing activities

 

Financing activities

 

Cash and cash equivalents
at end of year

 

 

 

Million yen

 

Million yen

 

Million yen

 

Million yen

 

Fiscal 2015

 

130,767

 

(93,608

)

(39,992

)

351,363

 

Fiscal 2014

 

149,141

 

(101,141

)

(32,805

)

335,174

 

 

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 2014

 

 

80.00

 

 

40.00

 

 

29,350

 

33.1

 

1.7

 

Fiscal 2015

 

 

40.00

 

 

60.00

 

100.00

 

36,686

 

31.7

 

1.8

 

Fiscal 2016 (forecast)

 

 

 

 

 

100.00

 

 

 

30.6

 

 

 

 

(Note) “End of second quarter” dividend per share of 80.00 yen for the year ended March 31, 2014 was calculated based on the number of shares before the stock split undertaken on October 1, 2013.

 

1



 

3. Consolidated Financial Forecast for the Year Ending March 31, 2016 (Fiscal 2016)

 

(% 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 2016

 

1,600,000

 

4.8

 

160,000

 

71.3

 

184,000

 

51.0

 

120,000

 

3.6

 

327.10

 

 

(Note) Forecast of earnings per share attributable to shareholders of Kyocera Corporation is calculated based on the diluted average number of shares outstanding during the year ended March 31, 2015.

 

(Notes)

 

(1) Increase or decrease in significant subsidiaries during the year ended March 31, 2015: None.

 

(2) Changes in accounting policies:

 

(i) Changes due to adoption of new accounting standards: Please refer to the accompanying “(5) Basis of Preparation of Consolidated Financial Statements” on page 21.

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

 

(3) Number of shares (common stock):

 

(i)

Number of shares issued:

 

 

 

 

377,618,580 shares at March 31, 2015

377,618,580 shares at March 31, 2014

 

 

 

(ii)

Number of treasury stock:

 

 

 

 

10,757,224 shares at March 31, 2015

10,751,865 shares at March 31, 2014

 

 

 

(iii)

Average number of shares outstanding:

 

 

 

 

366,864,176 shares in the year ended March 31, 2015

366,871,605 shares in the year ended March 31, 2014

 

2



 

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

 

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

 

1. Non-consolidated Financial Results for the Year Ended March 31, 2015:

 

(1) Non-consolidated results of operations

(% of change from previous year)

 

 

 

Net sales

 

Profit from operations

 

Recurring profit

 

Net income

 

 

 

Million yen

 

%

 

Million yen

 

%

 

Million yen

 

%

 

Million yen

 

%

 

Fiscal 2015

 

634,984

 

0.0

 

21,970

 

(21.0

)

82,591

 

6.4

 

67,681

 

4.5

 

Fiscal 2014

 

634,913

 

6.5

 

27,816

 

(1.5

)

77,589

 

20.1

 

64,769

 

23.3

 

 

 

 

Net income per share -Basic

 

Net income per share -Diluted

 

 

 

Yen

 

Yen

 

Fiscal 2015

 

184.49

 

 

Fiscal 2014

 

176.54

 

 

 

(2) Non-consolidated financial condition

 

 

 

Total assets

 

Net assets

 

Net assets to total assets

 

Net assets per share

 

 

 

Million yen

 

Million yen

 

%

 

Yen

 

March 31, 2015

 

2,251,316

 

1,791,255

 

79.6

 

4,882.65

 

March 31, 2014

 

1,934,854

 

1,541,203

 

79.7

 

4,200.99

 

 

Presentation of Situation of Audit Procedure

 

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

 

Instruction for Forecasts and Other Notes

 

Cautionary Statement for Forecasts:

 

With regard to forecasts set forth above, please refer to the accompanying “Forward-Looking Statements” on page 10.

 

3



 

Accompanying Information

 

1. ANALYSIS OF BUSINESS RESULTS AND FINANCIAL CONDITION

 

(1) Analysis of Business Results

 

[Business Results for the Year Ended March 31, 2015]

 

Economic Situation and Business Environment

 

The Japanese economy in the year ended March 31, 2015 (“fiscal 2015”) stagnated on the whole due to a decline in personal consumption as a result of an increase in the consumption tax rate, despite an upward trend in exports and public investment. The European economy posted only moderate growth due to stagnation in capital investment, despite increasing personal consumption. The U.S. economy expanded due mainly to steady growth in personal consumption and housing investment while the Chinese economy also continued to post stable growth.

 

With regard to the principal markets for Kyocera Corporation and its subsidiaries (“Kyocera Group” or “Kyocera”), demand for smartphones grew in the digital consumer equipment market, and demand expanded in automotive market, mainly in the United States and China. Growth in the solar energy market in Japan slowed, however, due to the end of a government subsidy for introducing solar power generating systems for residential use and the impact of a halt in grid access applications by electric power companies.

 

Consolidated Financial Results

 

During fiscal 2015, Kyocera worked to strengthen production capabilities in Japan and overseas as well as cultivate new markets with the aim of boosting sales in existing businesses. In the Components Business, sales increased mainly in automotive related markets, smartphones, communications infrastructures and various industrial machinery markets. In the Equipment Business, sales increased in overseas markets in particular due to the launch of new products and efforts to secure new customers. As a result, consolidated net sales for fiscal 2015 amounted to ¥1,526,536 million, an increase of ¥79,167 million, or 5.5%, compared with the year ended  March 31, 2014 (“fiscal 2014”). This result marked another record high following the record high posted in fiscal 2014.

 

Profit increased in the Fine Ceramic Parts Group, Semiconductor Parts Group, Electronic Device Group and Information Equipment Group due to higher sales and the effect of cost reductions. Nonetheless, profit from operations decreased by ¥27,154 million, or 22.5%, to ¥93,428 million compared with ¥120,582 million in fiscal 2014 and income before income taxes decreased by ¥24,406 million, or 16.7%, to ¥121,862 million compared with ¥146,268 million in fiscal 2014 due mainly to the recording of loss in line with a review of asset valuation in the Applied Ceramic Products Group and Telecommunications Equipment Group.

 

Net income attributable to shareholders of Kyocera Corporation increased by ¥27,119 million, or 30.6%, to ¥115,875 million compared with ¥88,756 million in fiscal 2014 due primarily to revaluation of deferred tax assets and liabilities in line with a revision of the tax system in Japan resulting in an increase of approximately ¥36,300 million in net income attributable to shareholders of Kyocera Corporation.

 

Average exchange rates for fiscal 2015 were ¥110 to the U.S. dollar, marking depreciation of ¥10 (10%) from ¥100 for fiscal 2014, and ¥139 to the Euro, marking depreciation of ¥5 (approximately 4%) from ¥134 for fiscal 2014.

 

 

 

Years ended March 31,

 

Increase

 

 

 

2014

 

2015

 

(Decrease)

 

 

 

Amount

 

%

 

Amount

 

%

 

Amount

 

%

 

 

 

(Yen in millions, except per share amounts and exchange rates)

 

Net sales

 

¥

1,447,369

 

100.0

 

¥

1,526,536

 

100.0

 

¥

79,167

 

5.5

 

Profit from operations

 

120,582

 

8.3

 

93,428

 

6.1

 

(27,154

)

(22.5

)

Income before income taxes

 

146,268

 

10.1

 

121,862

 

8.0

 

(24,406

)

(16.7

)

Net income attributable to shareholders of Kyocera Corporation

 

88,756

 

6.1

 

115,875

 

7.6

 

27,119

 

30.6

 

Diluted earnings per share attributable to shareholders of Kyocera Corporation

 

241.93

 

 

315.85

 

 

 

 

Average US$ exchange rate

 

100

 

 

110

 

 

 

 

Average Euro exchange rate

 

134

 

 

139

 

 

 

 

 

4



 

Consolidated Results by Reporting Segment

 

1) Fine Ceramic Parts Group

 

Sales in this reporting segment increased compared with fiscal 2014 due to growth in sales of components for industrial machinery such as semiconductor processing equipment, sapphire substrates for LEDs and automotive parts, particularly automotive camera modules. Operating profit increased significantly compared with fiscal 2014 due to the effect of higher sales of core products and efforts to comprehensively reduce costs.

 

2) Semiconductor Parts Group

 

Sales in this reporting segment increased compared with fiscal 2014 due to an increase in sales of ceramic packages mainly for smartphones, communications infrastructures and LEDs coupled with contribution since the beginning of fiscal 2015 from a consolidated subsidiary that joined the Kyocera Group in October 2013. Operating profit increased compared with fiscal 2014 due to higher sales of ceramic packages and the effect of cost reductions despite an increase in expenses associated with the launch of a new factory for organic substrates and the impact of product price erosion.

 

3) Applied Ceramic Products Group

 

Sales in the solar energy business remained roughly unchanged compared with fiscal 2014 due primarily to efforts to expand and enhance the product lineup and proactive sales promotion despite a decline in the price of solar modules and the impact of a halt in grid access applications by electric power companies. In contrast, sales in the cutting tool business increased in line with expanded production in automotive related markets. As a result, sales in this reporting segment increased compared with fiscal 2014. Operating profit decreased compared with fiscal 2014, however, due to the impact of price erosion as well as the recording of loss associated with a review of asset valuation, particularly for inventories in the solar energy business.

 

4) Electronic Device Group

 

Sales in this reporting segment remained roughly on par with fiscal 2014 as a result of steady increases in sales mainly of capacitors and connectors for smartphones and printing devices for industrial equipment despite a decline in sales of display related products due to structural reforms implemented in fiscal 2014. Operating profit increased significantly compared with fiscal 2014, however, due primarily to the effect of cost reductions and structural reforms.

 

5) Telecommunications Equipment Group

 

Sales in this reporting segment increased compared with fiscal 2014 due mainly to sales growth in overseas markets as a result of the active introduction of new models and efforts to secure new customers. Operating profit decreased compared with fiscal 2014 and operating loss was posted, however, due primarily to the recording of impairment loss on goodwill as a result of a review of asset valuation.

 

6) Information Equipment Group

 

Sales in this reporting segment increased compared with fiscal 2014 as a result of an increase in sales mainly overseas following activities to expand sales of new products. Operating profit increased significantly compared with fiscal 2014 due to an increase in sales of consumables and other products as well as the effect of cost reductions, which included effective use of a factory in Vietnam.

 

7) Others

 

Sales in this reporting segment remained roughly on par with fiscal 2014 despite the impact of a decline in demand in the telecommunications engineering business of Kyocera Communication Systems Co., Ltd., due to an increase in sales at other subsidiaries. Operating profit increased compared with fiscal 2014, however, due to the effect of cost reductions at respective subsidiaries.

 

5



 

Net Sales by Reporting Segment

 

 

 

Years ended March 31,

 

Increase

 

 

 

2014

 

2015

 

(Decrease)

 

 

 

Amount

 

%

 

Amount

 

%

 

Amount

 

%

 

 

 

(Yen in millions)

 

Fine Ceramic Parts Group

 

¥

80,020

 

5.5

 

¥

90,694

 

5.9

 

¥

10,674

 

13.3

 

Semiconductor Parts Group

 

187,891

 

13.0

 

217,879

 

14.3

 

29,988

 

16.0

 

Applied Ceramic Products Group

 

272,795

 

18.9

 

277,629

 

18.2

 

4,834

 

1.8

 

Electronic Device Group

 

284,322

 

19.6

 

284,145

 

18.6

 

(177

)

(0.1

)

Total Components Business

 

825,028

 

57.0

 

870,347

 

57.0

 

45,319

 

5.5

 

Telecommunications Equipment Group

 

186,749

 

12.9

 

204,290

 

13.4

 

17,541

 

9.4

 

Information Equipment Group

 

307,848

 

21.3

 

332,596

 

21.8

 

24,748

 

8.0

 

Total Equipment Business

 

494,597

 

34.2

 

536,886

 

35.2

 

42,289

 

8.6

 

Others

 

173,137

 

11.9

 

172,925

 

11.3

 

(212

)

(0.1

)

Adjustments and eliminations

 

(45,393

)

(3.1

)

(53,622

)

(3.5

)

(8,229

)

 

Net sales

 

¥

1,447,369

 

100.0

 

¥

1,526,536

 

100.0

 

¥

79,167

 

5.5

 

 

Operating Profit (Loss) by Reporting Segment

 

 

 

Years ended March 31,

 

Increase

 

 

 

2014

 

2015

 

(Decrease)

 

 

 

Amount

 

%*

 

Amount

 

%*

 

Amount

 

%

 

 

 

(Yen in millions)

 

Fine Ceramic Parts Group

 

¥

11,836

 

14.8

 

¥

16,134

 

17.8

 

¥

4,298

 

36.3

 

Semiconductor Parts Group

 

31,889

 

17.0

 

33,971

 

15.6

 

2,082

 

6.5

 

Applied Ceramic Products Group

 

33,501

 

12.3

 

3,159

 

1.1

 

(30,342

)

(90.6

)

Electronic Device Group

 

21,160

 

7.4

 

34,372

 

12.1

 

13,212

 

62.4

 

Total Components Business

 

98,386

 

11.9

 

87,636

 

10.1

 

(10,750

)

(10.9

)

Telecommunications Equipment Group

 

1,437

 

0.8

 

(20,212

)

 

(21,649

)

 

Information Equipment Group

 

28,193

 

9.2

 

34,569

 

10.4

 

6,376

 

22.6

 

Total Equipment Business

 

29,630

 

6.0

 

14,357

 

2.7

 

(15,273

)

(51.5

)

Others

 

6,276

 

3.6

 

6,848

 

4.0

 

572

 

9.1

 

Operating profit

 

134,292

 

9.3

 

108,841

 

7.1

 

(25,451

)

(19.0

)

Corporate gains and Equity in earnings (losses) of affiliates and an unconsolidated subsidiary

 

11,889

 

 

13,744

 

 

1,855

 

15.6

 

Adjustments and eliminations

 

87

 

 

(723

)

 

(810

)

 

Income before income taxes

 

¥

146,268

 

10.1

 

¥

121,862

 

8.0

 

¥

(24,406

)

(16.7

)

 

* % to net sales of each corresponding segment

 

6



 

Net Sales by Geographic Area

 

i) Japan

 

Sales in Japan remained roughly on par with fiscal 2014. Sales increased in the Semiconductor Parts Group and Telecommunications Equipment Group despite a decrease in sales in the Electronic Device Group and solar energy business.

 

ii) Asia

 

Sales in Asia increased compared with fiscal 2014 due to an increase in sales in the Components Business especially in the Semiconductor Parts Group and Electronic Device Group on the back of an increase in demand in the fields of smartphones, communications infrastructures and automotive related markets, in addition to sales growth in the Information Equipment Group.

 

iii) Europe

 

Sales in Europe increased compared with fiscal 2014 due to an increase in sales in the Information Equipment Group and in the Electric Device Group.

 

iv) United States of America

 

Sales in the United States of America increased compared with fiscal 2014 due to sales growth in the Telecommunications Equipment Group and Information Equipment Group through efforts to secure new customers and activities to expand sales of new products.

 

v) Others

 

Sales in Others increased compared with fiscal 2014 due to an increase in sales in the Information Equipment Group.

 

 

 

Years ended March 31,

 

Increase

 

 

 

2014

 

2015

 

(Decrease)

 

 

 

Amount

 

%

 

Amount

 

%

 

Amount

 

%

 

 

 

(Yen in millions)

 

Japan

 

¥

643,423

 

44.4

 

¥

643,577

 

42.2

 

¥

154

 

0.0

 

Asia

 

274,512

 

19.0

 

301,278

 

19.7

 

26,766

 

9.8

 

Europe

 

247,700

 

17.1

 

265,323

 

17.4

 

17,623

 

7.1

 

United States of America

 

217,230

 

15.0

 

248,145

 

16.2

 

30,915

 

14.2

 

Others

 

64,504

 

4.5

 

68,213

 

4.5

 

3,709

 

5.8

 

Net sales

 

¥

1,447,369

 

100.0

 

¥

1,526,536

 

100.0

 

¥

79,167

 

5.5

 

 

7



 

[Consolidated Forecasts for the Year Ending March 31, 2016]

 

In the year ending March 31, 2016 (“fiscal 2016”), the Japanese economy is expected to head toward recovery as personal consumption and private capital investment rebound. Overseas, the European economy is expected to continue expanding moderately while the U.S. economy is forecast to continue growing steadily.

 

With regard to Kyocera’s core markets, in the information and communications market, demand for smartphones is projected to continue increasing and there are expectations for infrastructure development too such as telecommunications base stations on the back of an increase in demand for data transmission. As a result, component demand is forecast to increase in this market. In automotive related markets, Kyocera forecasts an increase in demand for electronic components and devices in particular following growth in automobile production volume and efforts to enhance safety and environmental performance. In the environment and energy market, demand for the Home Energy Management System (HEMS) and the battery storage unit is forecast to continue increasing despite expectations of contraction in the solar energy market in Japan.

 

Kyocera will strive to expand sales in growing markets and to strengthen production capacity in both the Components Business and Equipment Business with the aim of posting record high sales for the third year in a row next fiscal year. In addition, efforts will be made to boost profitability through comprehensive cost reductions in order to achieve full-year consolidated financial forecasts.

 

 

 

Results for
the year ended
March 31, 2015

 

Forecasts for
the year ending
March 31, 2016

 

Increase
(Decrease)

 

 

 

Amount

 

%

 

Amount

 

%

 

Amount

 

%

 

 

 

(Yen in millions, except per share amounts and exchange rates)

 

Net sales

 

¥

1,526,536

 

100.0

 

¥

1,600,000

 

100.0

 

73,464

 

4.8

 

Profit from operations

 

93,428

 

6.1

 

160,000

 

10.0

 

66,572

 

71.3

 

Income before income taxes

 

121,862

 

8.0

 

184,000

 

11.5

 

62,138

 

51.0

 

Net income attributable to shareholders of Kyocera Corporation

 

115,875

 

7.6

 

120,000

 

7.5

 

4,125

 

3.6

 

Diluted earnings per share attributable to shareholders of Kyocera Corporation

 

315.85

 

 

327.10

 

 

 

 

Average US$ exchange rate

 

110

 

 

115

 

 

 

 

Average Euro exchange rate

 

139

 

 

125

 

 

 

 

 

Note:   Forecast of earnings per share is computed based on the diluted average number of shares outstanding during the year ended March 31, 2015.

 

8



 

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

 

Net Sales by Reporting Segment

 

 

 

Results for
the year ended
March 31, 2015

 

Forecasts for
the year ending
March 31, 2016

 

Increase
(Decrease)

 

 

 

Amount

 

%

 

Amount

 

%

 

Amount

 

%

 

 

 

(Yen in millions)

 

Fine Ceramic Parts Group

 

¥

90,694

 

5.9

 

¥

100,000

 

6.3

 

¥

9,306

 

10.3

 

Semiconductor Parts Group

 

217,879

 

14.3

 

248,000

 

15.5

 

30,121

 

13.8

 

Applied Ceramic Products Group

 

277,629

 

18.2

 

247,000

 

15.4

 

(30,629

)

(11.0

)

Electronic Device Group

 

284,145

 

18.6

 

295,000

 

18.4

 

10,855

 

3.8

 

Total Components Business

 

870,347

 

57.0

 

890,000

 

55.6

 

19,653

 

2.3

 

Telecommunications Equipment Group

 

204,290

 

13.4

 

205,000

 

12.8

 

710

 

0.3

 

Information Equipment Group

 

332,596

 

21.8

 

360,000

 

22.5

 

27,404

 

8.2

 

Total Equipment Business

 

536,886

 

35.2

 

565,000

 

35.3

 

28,114

 

5.2

 

Others

 

172,925

 

11.3

 

184,000

 

11.5

 

11,075

 

6.4

 

Adjustments and eliminations

 

(53,622

)

(3.5

)

(39,000

)

(2.4

)

14,622

 

 

Net sales

 

¥

1,526,536

 

100.0

 

¥

1,600,000

 

100.0

 

¥

73,464

 

4.8

 

 

Operating Profit (Loss) by Reporting Segment

 

 

 

Results for
the year ended
March 31, 2015

 

Forecasts for
the year ending
March 31, 2016

 

Increase
(Decrease)

 

 

 

Amount

 

%*

 

Amount

 

%*

 

Amount

 

%

 

 

 

(Yen in millions)

 

Fine Ceramic Parts Group

 

¥

16,134

 

17.8

 

¥

18,000

 

18.0

 

¥

1,866

 

11.6

 

Semiconductor Parts Group

 

33,971

 

15.6

 

39,000

 

15.7

 

5,029

 

14.8

 

Applied Ceramic Products Group

 

3,159

 

1.1

 

19,000

 

7.7

 

15,841

 

501.5

 

Electronic Device Group

 

34,372

 

12.1

 

43,000

 

14.6

 

8,628

 

25.1

 

Total Components Business

 

87,636

 

10.1

 

119,000

 

13.4

 

31,364

 

35.8

 

Telecommunications Equipment Group

 

(20,212

)

 

3,000

 

1.5

 

23,212

 

 

Information Equipment Group

 

34,569

 

10.4

 

36,000

 

10.0

 

1,431

 

4.1

 

Total Equipment Business

 

14,357

 

2.7

 

39,000

 

6.9

 

24,643

 

171.6

 

Others

 

6,848

 

4.0

 

15,000

 

8.2

 

8,152

 

119.0

 

Operating profit (loss)

 

108,841

 

7.1

 

173,000

 

10.8

 

64,159

 

58.9

 

Corporate and others

 

13,021

 

 

11,000

 

 

(2,021

)

(15.5

)

Income before income taxes

 

¥

121,862

 

8.0

 

¥

184,000

 

11.5

 

¥

62,138

 

51.0

 

 

* % to net sales of each corresponding segment

 

9



 

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)

Decline in demand for our products due to sluggish economic conditions in Japan and worldwide;

 

 

(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 our business activities;

 

 

(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 amendments to laws and regulations or newly enacted laws and regulations may limit our business operations;

 

 

(15)

Events that may negatively impact our markets or supply chain, including plague, terrorist acts, international disputes and conflicts, etc. 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



 

(2) Analysis of Financial Condition

 

Consolidated Cash Flows

 

Cash and cash equivalents at March 31, 2015 increased by ¥16,189 million to ¥351,363 million from ¥335,174 million at March 31, 2014.

 

i) Cash flows from operating activities

 

Net cash provided by operating activities for fiscal 2015 decreased by ¥18,374 million to ¥130,767 million from ¥149,141 million for fiscal 2014. This was mainly because cash flow adjustment related to receivables exceeded an increase in net income.

 

ii) Cash flows from investing activities

 

Net cash used in investing activities for fiscal 2015 decreased by ¥7,533 million to ¥93,608 million from ¥101,141 million for fiscal 2014. This mainly reflected that an increase in proceeds from maturities of held-to-maturity securities exceeded an increase in payments for purchases of held-to-maturity securities.

 

iii) Cash flows from financing activities

 

Net cash used in financing activities for fiscal 2015 increased by ¥7,187 million to ¥39,992 million from ¥32,805 million for fiscal 2014. This was due mainly to increases in dividends paid and in purchases of noncontrolling interests.

 

Consolidated Cash Flows

 

 

 

Years ended March 31,

 

 

 

2014

 

2015

 

 

 

(Yen in millions)

 

Cash flows from operating activities

 

¥

149,141

 

¥

130,767

 

Cash flows from investing activities

 

(101,141

)

(93,608

)

Cash flows from financing activities

 

(32,805

)

(39,992

)

Effect of exchange rate changes on cash and cash equivalents

 

14,525

 

19,022

 

Net increase in cash and cash equivalents

 

29,720

 

16,189

 

Cash and cash equivalents at beginning of year

 

305,454

 

335,174

 

Cash and cash equivalents at end of year

 

¥

335,174

 

¥

351,363

 

 

11



 

(3) Basic Profit Distribution Policy and Dividends for the Year Ended March 31, 2015 and for the Year Ending March 31, 2016

 

i) Basic profit distribution policy

 

Kyocera believes that the best way to increase corporate value and meet shareholders’ expectations is to improve future consolidated performance on an ongoing basis. Kyocera therefore has adopted a principal guideline that dividend amounts within a range based on net income attributable to shareholders of Kyocera Corporation on a consolidated basis, and has set its consolidated dividend policy to maintain a consolidated payout ratio of 30% or more of consolidated net income attributable to shareholders of Kyocera Corporation. In addition, Kyocera determines dividend amounts based on an overall assessment, taking into account various factors including the amount of capital expenditures necessary for medium-to-long-term corporate growth.

 

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

 

ii) Dividends for the year ended March 31, 2015

 

Pursuant to “i) Basic profit distribution policy” set forth above and based on full-year performance for the year ended March 31, 2015, Kyocera will distribute a year-end dividend for the year ended March 31, 2015 in the amount of 60 yen per share. When aggregated with the interim dividend in the amount of 40 yen per share, the total annual dividend will be 100 yen per share. This means an increase of 20 yen per share compared with 80 yen per share (based on the number of shares after the stock split undertaken on October 1, 2013) for the year ended March 31, 2014.

 

iii) Dividend forecast for the year ending March 31, 2016

 

Dividend amounts for the year ending March 31, 2016 will be decided pursuant to “i) Basic profit distribution policy” set forth above. At present, Kyocera forecasts a total annual dividend in the amount of 100 yen per share, based on its financial forecast for the year ending March 31, 2016.

 

12



 

2. MANAGEMENT POLICIES

 

(1) Basic Policy

 

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

 

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

 

(2) Management Target

 

To be a high-growth, highly profitable company, Kyocera aims to achieve continuous sales growth and a consolidated pre-tax income ratio of 10% or higher.

 

(3) Medium-term Management Strategy and Management Challenges

 

Kyocera has a wide range of management resources within the Kyocera Group, from materials technologies such as ceramics to components, devices, equipment, systems and services. Kyocera will strive to increase the sophistication of technologies accumulated over the years, enhance new product development, expand sales by making the best use of sales networks and further reinforce management foundations by exploiting the collective capabilities of the Kyocera Group, which includes bolstering ties between businesses and Group companies. By doing so, Kyocera aims to be a high-growth, highly profitable company. Kyocera will focus on the following challenges:

 

i) Expand business in key markets

 

Kyocera views the information and communications market, the environment and energy market, automotive related market and the medical and healthcare market as key markets and will strive to increase profitability by expanding existing businesses and creating new businesses in these markets.

 

In the information and communications market, Kyocera forecasts further proliferation and more advanced performance in digital consumer equipment, which includes smartphones and tablets, as well as an increase in demand primarily for high capacity and high-speed transmission in each industrial market. In line with these market trends, Kyocera will work to develop and expand sales of small, slim high-value-added products that meet needs as a means to increase sales and profit. In addition, efforts will be made to increase sales by releasing new products and cultivating new markets for telecommunications and information equipment that incorporate unique technologies and differentiate from the competition.

 

In the environment and energy market, Kyocera will push ahead with broad business development, from energy creating business through solar power generating systems to energy storage business through the supply of electricity storage units and energy saving business that seeks to enhance efficiency of power consumption through an energy management system. Additionally, Kyocera will aim to increase sales through initiatives to cultivate new markets and develop new products, which includes expanding application of LED lighting and developing fuel cell power generating systems.

 

In the automotive related market, Kyocera will seek to secure new business opportunities through a strategic project system in which market trends are viewed as opportunities for growth, namely the increased use of electrical systems and equipment in automobiles, environmental responsiveness and proliferation of automated driving. Group management resources will be combined on development, production and sales fronts and efforts will be made to increase market share by expanding application of existing products and cultivating customers and to accelerate new product development with the aim of boosting sales.

 

In the medical and healthcare market, Kyocera will expand the medical materials business, which includes artificial joints, and pursue synergies in materials, components and device technology in an effort to strengthen the development of new healthcare related products and expand this business domain. By doing so, Kyocera seeks to boost sales.

 

13



 

ii) Enhance management foundations

 

While working to overcome global competition, Kyocera will strive to expand production volume and production items in Vietnam as well as pursue comprehensive production cost reductions in order to strengthen the service system in the Asia region, which holds major production sites of customers. In Japan, Kyocera will work to further increase sophistication of production technology and expand production of high-value-added products. In addition, Kyocera will strive to strengthen existing businesses and create new businesses by making investment in business toward future growth aggressively, which includes the utilization of external management resources through M&As. The aim of these endeavors is to be a high-growth, highly profitable company.

 

3. BASIC RATIONALE FOR SELECTION OF ACCOUNTING STANDARD

 

Kyocera has disclosed its consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for long periods since it registered its common stock and American Depositary Share with the U.S. Securities and Exchange Commission in 1975. Kyocera continues to adopt U.S. GAAP as it considers being consistent with the past consolidated financial statements will contribute to benefits for the users of Kyocera’s consolidated financial statements.

 

14



 

4. CONSOLIDATED FINANCIAL STATEMENTS

 

(1) Consolidated Balance Sheets

 

 

 

March 31,

 

 

 

 

 

2014

 

2015

 

Increase

 

 

 

Amount

 

%

 

Amount

 

%

 

(Decrease)

 

 

 

(Yen in millions)

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

¥

335,174

 

 

 

¥

351,363

 

 

 

¥

16,189

 

Short-term investments in debt and equity securities

 

115,900

 

 

 

95,237

 

 

 

(20,663

)

Other short-term investments

 

160,331

 

 

 

184,358

 

 

 

24,027

 

Trade notes receivables

 

22,054

 

 

 

19,130

 

 

 

(2,924

)

Trade accounts receivables

 

257,850

 

 

 

299,412

 

 

 

41,562

 

Less allowances for doubtful accounts and sales returns

 

(5,062

)

 

 

(5,378

)

 

 

(316

)

Inventories

 

335,802

 

 

 

354,499

 

 

 

18,697

 

Deferred income taxes

 

41,499

 

 

 

42,314

 

 

 

815

 

Other current assets

 

103,887

 

 

 

116,612

 

 

 

12,725

 

Total current assets

 

1,367,435

 

51.9

 

1,457,547

 

48.2

 

90,112

 

Non-current assets:

 

 

 

 

 

 

 

 

 

 

 

Investments and advances:

 

 

 

 

 

 

 

 

 

 

 

Long-term investments in debt and equity securities

 

738,212

 

 

 

1,051,638

 

 

 

313,426

 

Other long-term investments

 

14,847

 

 

 

20,402

 

 

 

5,555

 

Total investments and advances

 

753,059

 

28.6

 

1,072,040

 

35.5

 

318,981

 

Property, plant and equipment:

 

 

 

 

 

 

 

 

 

 

 

Land

 

63,268

 

 

 

59,590

 

 

 

(3,678

)

Buildings

 

344,167

 

 

 

350,354

 

 

 

6,187

 

Machinery and equipment

 

826,881

 

 

 

846,391

 

 

 

19,510

 

Construction in progress

 

11,821

 

 

 

11,015

 

 

 

(806

)

Less accumulated depreciation

 

(975,580

)

 

 

(1,005,859

)

 

 

(30,279

)

Total property, plant and equipment

 

270,557

 

10.3

 

261,491

 

8.6

 

(9,066

)

Goodwill

 

116,632

 

4.4

 

102,167

 

3.4

 

(14,465

)

Intangible assets

 

59,326

 

2.2

 

56,615

 

1.9

 

(2,711

)

Other assets

 

69,695

 

2.6

 

71,324

 

2.4

 

1,629

 

Total non-current assets

 

1,269,269

 

48.1

 

1,563,637

 

51.8

 

294,368

 

Total assets

 

¥

2,636,704

 

100.0

 

¥

3,021,184

 

100.0

 

¥

384,480

 

 

15



 

 

 

March 31,

 

 

 

 

 

2014

 

2015

 

Increase

 

 

 

Amount

 

%

 

Amount

 

%

 

(Decrease)

 

 

 

(Yen in millions)

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

¥

4,064

 

 

 

¥

4,129

 

 

 

¥

65

 

Current portion of long-term debt

 

12,360

 

 

 

9,441

 

 

 

(2,919

)

Trade notes and accounts payable

 

122,424

 

 

 

119,654

 

 

 

(2,770

)

Other notes and accounts payable

 

48,224

 

 

 

59,613

 

 

 

11,389

 

Accrued payroll and bonus

 

56,068

 

 

 

59,454

 

 

 

3,386

 

Accrued income taxes

 

23,353

 

 

 

17,316

 

 

 

(6,037

)

Other accrued liabilities

 

31,347

 

 

 

53,305

 

 

 

21,958

 

Other current liabilities

 

29,611

 

 

 

33,339

 

 

 

3,728

 

Total current liabilities

 

327,451

 

12.4

 

356,251

 

11.8

 

28,800

 

Non-current liabilities:

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

19,466

 

 

 

17,881

 

 

 

(1,585

)

Accrued pension and severance liabilities

 

36,812

 

 

 

34,764

 

 

 

(2,048

)

Deferred income taxes

 

235,954

 

 

 

292,454

 

 

 

56,500

 

Other non-current liabilities

 

29,795

 

 

 

16,211

 

 

 

(13,584

)

Total non-current liabilities

 

322,027

 

12.2

 

361,310

 

12.0

 

39,283

 

Total liabilities

 

649,478

 

24.6

 

717,561

 

23.8

 

68,083

 

Kyocera Corporation shareholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

115,703

 

 

 

115,703

 

 

 

 

Additional paid-in capital

 

162,666

 

 

 

162,695

 

 

 

29

 

Retained earnings

 

1,415,784

 

 

 

1,502,310

 

 

 

86,526

 

Accumulated other comprehensive income

 

250,963

 

 

 

469,673

 

 

 

218,710

 

Common stock in treasury stock, at cost

 

(35,033

)

 

 

(35,062

)

 

 

(29

)

Total Kyocera Corporation shareholders’ equity

 

1,910,083

 

72.5

 

2,215,319

 

73.3

 

305,236

 

Noncontrolling interests

 

77,143

 

2.9

 

88,304

 

2.9

 

11,161

 

Total equity

 

1,987,226

 

75.4

 

2,303,623

 

76.2

 

316,397

 

Total liabilities and equity

 

¥

2,636,704

 

100.0

 

¥

3,021,184

 

100.0

 

¥

384,480

 

 

Note: Accumulated other comprehensive income is as follows:

 

 

 

March 31,

 

Increase

 

 

 

2014

 

2015

 

(Decrease)

 

 

 

(Yen in millions)

 

Net unrealized gains on securities

 

¥

293,783

 

¥

467,841

 

¥

174,058

 

Net unrealized losses on derivative financial instruments

 

(260

)

(372

)

(112

)

Pension adjustments

 

(21,101

)

(28,452

)

(7,351

)

Foreign currency translation adjustments

 

(21,459

)

30,656

 

52,115

 

Total

 

¥

250,963

 

¥

469,673

 

¥

218,710

 

 

16



 

(2) Consolidated Statements of Income

 

 

 

Years ended March 31,

 

Increase

 

 

 

2014

 

2015

 

(Decrease)

 

 

 

Amount

 

%

 

Amount

 

%

 

Amount

 

%

 

 

 

(Yen in millions and shares in thousands, except per share amounts)

 

Net sales

 

¥

1,447,369

 

100.0

 

¥

1,526,536

 

100.0

 

¥

79,167

 

5.5

 

Cost of sales

 

1,068,465

 

73.8

 

1,137,137

 

74.5

 

68,672

 

6.4

 

Gross profit

 

378,904

 

26.2

 

389,399

 

25.5

 

10,495

 

2.8

 

Selling, general and administrative expenses

 

258,322

 

17.9

 

295,971

 

19.4

 

37,649

 

14.6

 

Profit from operations

 

120,582

 

8.3

 

93,428

 

6.1

 

(27,154

)

(22.5

)

Other income (expenses):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

18,172

 

1.3

 

22,783

 

1.5

 

4,611

 

25.4

 

Interest expense

 

(1,945

)

(0.1

)

(1,718

)

(0.1

)

227

 

 

Foreign currency transaction gains, net

 

5,108

 

0.3

 

4,499

 

0.3

 

(609

)

(11.9

)

Gains on sales of securities, net

 

2,875

 

0.2

 

505

 

0.0

 

(2,370

)

(82.4

)

Other, net

 

1,476

 

0.1

 

2,365

 

0.2

 

889

 

60.2

 

Total other income (expenses)

 

25,686

 

1.8

 

28,434

 

1.9

 

2,748

 

10.7

 

Income before income taxes

 

146,268

 

10.1

 

121,862

 

8.0

 

(24,406

)

(16.7

)

Income taxes

 

51,254

 

3.5

 

(3,441

)

(0.2

)

(54,695

)

 

Net income

 

95,014

 

6.6

 

125,303

 

8.2

 

30,289

 

31.9

 

Net income attributable to noncontrolling interests

 

(6,258

)

(0.5

)

(9,428

)

(0.6

)

(3,170

)

 

Net income attributable to shareholders of Kyocera Corporation

 

¥

88,756

 

6.1

 

¥

115,875

 

7.6

 

¥

27,119

 

30.6

 

Per share information:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to shareholders of Kyocera Corporation:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

¥

241.93

 

 

 

¥

315.85

 

 

 

 

 

 

 

Diluted

 

¥

241.93

 

 

 

¥

315.85

 

 

 

 

 

 

 

Average number of shares of common stock outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

366,872

 

 

 

366,864

 

 

 

 

 

 

 

Diluted

 

366,872

 

 

 

366,864

 

 

 

 

 

 

 

 

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 is computed based on the diluted average number of shares of stock outstanding during each period.

 

17



 

Consolidated Statements of Comprehensive Income

 

 

 

Years ended March 31,

 

Increase

 

 

 

2014

 

2015

 

(Decrease)

 

 

 

Amount

 

Amount

 

Amount

 

 

 

(Yen in millions)

 

Net income

 

¥

95,014

 

¥

125,303

 

¥

30,289

 

Other comprehensive income (loss) — net of taxes

 

 

 

 

 

 

 

Net unrealized gains on securities

 

158,510

 

174,184

 

15,674

 

Net unrealized losses on derivative financial instruments

 

(167

)

(111

)

56

 

Pension adjustments

 

2,380

 

(7,688

)

(10,068

)

Foreign currency translation adjustments

 

45,845

 

60,758

 

14,913

 

Total other comprehensive income (loss)

 

206,568

 

227,143

 

20,575

 

Comprehensive income

 

301,582

 

352,446

 

50,864

 

Comprehensive income (loss) attributable to noncontrolling interests

 

(11,946

)

(17,757

)

(5,811

)

Comprehensive income attributable to shareholders of Kyocera Corporation

 

¥

289,636

 

¥

334,689

 

¥

45,053

 

 

18



 

(3) Consolidated Statements of Equity

 

 

 

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, 2013
(366,880)

 

¥

115,703

 

¥

163,062

 

¥

1,368,512

 

¥

50,138

 

¥

(51,258

)

¥

1,646,157

 

¥

68,785

 

¥

1,714,942

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

88,756

 

 

 

 

 

88,756

 

6,258

 

95,014

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

200,880

 

 

 

200,880

 

5,688

 

206,568

 

Total comprehensive income

 

 

 

 

 

 

 

 

 

 

 

289,636

 

11,946

 

301,582

 

Cash dividends paid to Kyocera
Corporation’s
shareholders

 

 

 

 

 

(25,681

)

 

 

 

 

(25,681

)

 

 

(25,681

)

Cash dividends paid to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,193

)

(3,193

)

Purchase of treasury stock (14)

 

 

 

 

 

 

 

 

 

(68

)

(68

)

 

 

(68

)

Reissuance of treasury stock (1)

 

 

 

1

 

 

 

 

 

2

 

3

 

 

 

3

 

Retirement of treasury stock

 

 

 

(488

)

(15,803

)

 

 

16,291

 

 

 

 

 

Stock option plan of subsidiaries

 

 

 

99

 

 

 

 

 

 

 

99

 

38

 

137

 

Other

 

 

 

(8

)

 

 

(55