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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 July 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: July 30, 2015

 



 

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, 2015

 



 

GRAPHIC

 

Consolidated Financial Results of Kyocera Corporation and its Subsidiaries

for the Three Months Ended June 30, 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 Three Months Ended June 30, 2015

 

(1) Consolidated results of operations

(% of change from previous period)

 

 

Net sales

 

Profit
from operations

 

Income before income taxes

 

Net income attributable to
shareholders of
Kyocera Corporation

 

 

 

Million yen

 

%

 

Million yen

 

%

 

Million yen

 

%

 

Million yen

 

%

 

Three Months ended June 30, 2015

 

339,247

 

1.4

 

32,583

 

73.5

 

47,010

 

53.2

 

31,575

 

62.2

 

Three Months ended June 30, 2014

 

334,714

 

0.9

 

18,782

 

(26.0

)

30,680

 

(11.9

)

19,467

 

(14.1

)

 

(Note)  Comprehensive income:

104,228 million yen for the three months ended June 30, 2015, 236.2% of change from previous period

31,000 million yen for the three months ended June 30, 2014, (78.4)% of change from previous period

 

 

 

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

 

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

 

 

 

Yen

 

Yen

 

Three Months ended June 30, 2015

 

86.07

 

86.07

 

Three Months ended June 30, 2014

 

53.06

 

53.06

 

 

(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, 2015

 

3,094,035

 

2,384,388

 

2,294,672

 

74.2

 

March 31, 2015

 

3,021,184

 

2,303,623

 

2,215,319

 

73.3

 

 

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, 2015

 

––

 

40.00

 

––

 

60.00

 

100.00

 

Year ending March 31, 2016

 

––

 

 

––

 

––

 

100.00

 

 

(Note) Dividends per share for the year ending March 31, 2016 are forecasted to be 100.00 yen on an annual basis.

 

1



 

3. Consolidated Financial Forecasts for the Year Ending March 31, 2016

 

(% 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, 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 three months ended June 30, 2015.

 

(Notes)

 

(1) Increase or decrease in significant subsidiaries during the three months ended June 30, 2015: None

 

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

 

(3) Changes in accounting policies:

 

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

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

 

(4) Number of shares (common stock):

 

(i)

Number of shares issued:

 

 

 

 

377,618,580 shares at June 30, 2015

377,618,580 shares at March 31, 2015

 

 

 

(ii)

Number of treasury stock:

 

 

 

 

10,758,082 shares at June 30, 2015

10,757,224 shares at March 31, 2015

 

 

 

(iii)

Average number of shares outstanding:

 

 

 

 

366,860,677 shares for the three months ended June 30, 2015

366,866,223 shares for the three months ended June 30, 2014

 

Presentation of Situation of Review Procedure

 

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

 

Instruction for Forecasts and Other Notes

 

Cautionary Statement for Forecasts:

 

With regard to forecasts set forth above, please refer to the accompanying “Forward-Looking Statements” on page 9.

 

2



 

Accompanying Information

 

1. BUSINESS RESULTS, FINANCIAL CONDITION AND PROSPECTS

 

(1) Business Results for the Three Months Ended June 30, 2015

 

Economic Situation and Business Environment

 

During the three months ended June 30, 2015 (“the first quarter”) the Japanese economy expanded moderately due primarily to a recovery trend in personal consumption, as well as an increase in exports and private capital investment. Overseas, the Chinese economy continued to show high growth, although its growth rate slowed. The U.S. economy also grew due primarily to an increase in personal consumption. The European economy, by contrast, showed a low growth rate.

 

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 the automotive market mainly in the United States and Europe.

 

Consolidated Financial Results

 

During the first quarter both sales and profits increased compared with the three months ended June 30, 2014 (“the previous first quarter”).

 

Despite a decline in sales in the Telecommunications Equipment Group, sales in the Semiconductor Parts Group, the Electronic Device Group and the Fine Ceramic Parts Group increased, particularly for smartphones and communications infrastructure and automotive related markets, as well as various industrial machinery markets. As a result, consolidated net sales for the first quarter increased by ¥4,533 million, or 1.4%, compared with the previous first quarter, to ¥339,247 million.

 

Profits increased significantly in the first quarter compared with the previous first quarter, reflecting more than 20% increased profits in all reporting segments in the Components Business, led by the Semiconductor Parts Group and the Electronic Device Group, together with recording of profit from a sale of assets in the Others reporting segment, which more than offset a decline in profits in the Equipment Business. Profit from operations increased by ¥13,801 million, or 73.5%, to ¥32,583 million, compared with ¥18,782 million for the previous first quarter. Income before income taxes increased by ¥16,330 million, or 53.2%, to ¥47,010 million, compared with ¥30,680 million for the previous first quarter. Net income attributable to shareholders of Kyocera Corporation for the first quarter increased by ¥12,108 million, or 62.2%, to ¥31,575 million, compared with ¥19,467 million for the previous first quarter.

 

Average exchange rates for the first quarter were ¥121 to the U.S. dollar, marking depreciation of ¥19 (approximately 19%) from ¥102 for the previous first quarter, and ¥134 to the Euro, marking appreciation of ¥6 (approximately 4%) from ¥140 for the previous first quarter.

 

 

 

Three months ended June 30,

 

Increase

 

 

 

2014

 

2015

 

(Decrease)

 

 

 

Amount

 

%

 

Amount

 

%

 

Amount

 

%

 

 

 

(Yen in millions, except exchange rates)

 

Net sales

 

¥

  334,714

 

100.0

 

¥

  339,247

 

100.0

 

¥

  4,533

 

1.4

 

Profit from operations

 

18,782

 

5.6

 

32,583

 

9.6

 

13,801

 

73.5

 

Income before income taxes

 

30,680

 

9.2

 

47,010

 

13.9

 

16,330

 

53.2

 

Net income attributable to shareholders of Kyocera Corporation

 

19,467

 

5.8

 

31,575

 

9.3

 

12,108

 

62.2

 

Average US$ exchange rate

 

102

 

––

 

121

 

––

 

––

 

––

 

Average Euro exchange rate

 

140

 

––

 

134

 

––

 

––

 

––

 

 

3



 

Consolidated Results by Reporting Segment

 

1) Fine Ceramic Parts Group

 

Sales and operating profit in this reporting segment increased compared with the previous first quarter due primarily to growth in sales of components for industrial machinery such as semiconductor processing equipment and sapphire substrates for LEDs.

 

2) Semiconductor Parts Group

 

Sales of ceramic packages and organic packages for smartphones and communications infrastructure increased compared with the previous first quarter, while sales of ceramic packages for LEDs were also solid. As a result, sales and operating profit in this reporting segment increased significantly compared with the previous first quarter.

 

3) Applied Ceramic Products Group

 

Sales in this reporting segment decreased slightly compared with the previous first quarter due to a decline in sales in the solar energy business for the public and commercial sectors, which more than offset growth in sales in the cutting tool business, mainly for automotive related markets. Operating profit, however, increased compared with the previous first quarter due to efforts to reduce costs in each business.

 

4) Electronic Device Group

 

Sales in this reporting segment increased compared with the previous first quarter as a result of growth in sales mainly of capacitors, connectors and crystal devices for smartphones and printing devices for industrial equipment. Operating profit increased significantly compared with the previous first quarter due to the effects of increased sales and the introduction of new products.

 

5) Telecommunications Equipment Group

 

Sales of low-end handsets decreased although sales of differentiated handsets grew on the back of development of new customers in the overseas market. In the Japanese market, sales also decreased caused by fewer handset launches due to product cycle timing. As a result, sales and operating profit in this reporting segment decreased compared with the previous first quarter.

 

6) Information Equipment Group

 

Sales in this reporting segment increased compared with the previous first quarter as a result of growth in sales volume of equipment following active efforts to increase sales. On the other hand, operating profit decreased compared with the previous first quarter, due mainly to an increase in sales promotion costs and the effect of appreciation of the yen against the Euro.

 

7) Others

 

Despite a decrease in sales in this reporting segment compared with the previous first quarter, operating profit increased substantially compared with the previous first quarter due to profit from a sale of assets by a consolidated subsidiary.

 

4



 

Net Sales by Reporting Segment

 

 

 

Three months ended June 30,

 

Increase

 

 

 

2014

 

2015

 

(Decrease)

 

 

 

Amount

 

%

 

Amount

 

%

 

Amount

 

%

 

 

 

(Yen in millions)

 

Fine Ceramic Parts Group

 

¥

20,852

 

6.2

 

¥

22,901

 

6.7

 

¥

2,049

 

9.8

 

Semiconductor Parts Group

 

48,464

 

14.5

 

55,251

 

16.3

 

6,787

 

14.0

 

Applied Ceramic Products Group

 

53,809

 

16.1

 

52,514

 

15.5

 

(1,295

)

(2.4

)

Electronic Device Group

 

66,187

 

19.8

 

70,533

 

20.8

 

4,346

 

6.6

 

Total Components Business

 

189,312

 

56.6

 

201,199

 

59.3

 

11,887

 

6.3

 

Telecommunications Equipment Group

 

38,515

 

11.5

 

28,681

 

8.4

 

(9,834

)

(25.5

)

Information Equipment Group

 

77,482

 

23.2

 

79,651

 

23.5

 

2,169

 

2.8

 

Total Equipment Business

 

115,997

 

34.7

 

108,332

 

31.9

 

(7,665

)

(6.6

)

Others

 

41,614

 

12.4

 

39,814

 

11.8

 

(1,800

)

(4.3

)

Adjustments and eliminations

 

(12,209

)

(3.7

)

(10,098

)

(3.0

)

2,111

 

 

Net sales

 

¥

 334,714

 

100.0

 

¥

 339,247

 

100.0

 

¥

4,533

 

1.4

 

 

Operating Profit (Loss) by Reporting Segment

 

 

 

Three months ended June 30,

 

Increase

 

 

 

2014

 

2015

 

(Decrease)

 

 

 

Amount

 

%*

 

Amount

 

%*

 

Amount

 

%

 

 

 

(Yen in millions)

 

Fine Ceramic Parts Group

 

¥

3,355

 

16.1

 

¥

4,199

 

18.3

 

¥

844

 

25.2

 

Semiconductor Parts Group

 

5,655

 

11.7

 

8,395

 

15.2

 

2,740

 

48.5

 

Applied Ceramic Products Group

 

2,820

 

5.2

 

3,581

 

6.8

 

761

 

27.0

 

Electronic Device Group

 

7,664

 

11.6

 

9,446

 

13.4

 

1,782

 

23.3

 

Total Components Business

 

19,494

 

10.3

 

25,621

 

12.7

 

6,127

 

31.4

 

Telecommunications Equipment Group

 

(3,584

)

 

(6,142

)

 

(2,558

)

 

Information Equipment Group

 

7,603

 

9.8

 

6,410

 

8.0

 

(1,193

)

(15.7

)

Total Equipment Business

 

4,019

 

3.5

 

268

 

0.2

 

(3,751

)

(93.3

)

Others

 

642

 

1.5

 

11,402

 

28.6

 

10,760

 

 

Operating profit

 

24,155

 

7.2

 

37,291

 

11.0

 

13,136

 

54.4

 

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

 

6,718

 

 

10,168

 

 

3,450

 

51.4

 

Adjustments and eliminations

 

(193

)

 

(449

)

 

(256

)

 

Income before income taxes

 

¥

30,680

 

9.2

 

¥

47,010

 

13.9

 

¥

 16,330

 

53.2

 

 

* % to net sales of each corresponding segment

 

5



 

Net Sales by Geographic Area

 

1) Japan

 

Sales in Japan decreased compared with the previous first quarter due to a decline in sales in the solar energy business for public and commercial sectors and the Telecommunications Equipment Group.

 

2) Asia

 

Sales in Asia increased compared with the previous first quarter due mainly to an increase in sales in the Electronic Device Group and the Semiconductor Parts Group.

 

3) Europe

 

Sales in Europe decreased compared with the previous first quarter due to a decline in sales in the Information Equipment Group and the effect of appreciation of the yen against the Euro.

 

4) United States of America

 

Sales in the United States of America increased compared with the previous first quarter due to increased sales in the Information Equipment Group as well as to the effect of depreciation of the yen against the U.S. dollar.

 

5) Others

 

Sales in Others decreased slightly compared with the previous first quarter due mainly to a decrease in sales in the Information Equipment Group.

 

 

 

Three months ended June 30,

 

Increase

 

 

 

2014

 

2015

 

(Decrease)

 

 

 

Amount

 

%

 

Amount

 

%

 

Amount

 

%

 

 

 

(Yen in millions)

 

Japan

 

¥

137,474

 

41.1

 

¥

125,029

 

36.8

 

¥

 (12,445

)

(9.1

)

Asia

 

66,221

 

19.8

 

79,597

 

23.5

 

13,376

 

20.2

 

Europe

 

63,299

 

18.9

 

60,376

 

17.8

 

(2,923

)

(4.6

)

United States of America

 

52,103

 

15.6

 

58,748

 

17.3

 

6,645

 

12.8

 

Others

 

15,617

 

4.6

 

15,497

 

4.6

 

(120

)

(0.8

)

Net sales

 

¥

 334,714

 

100.0

 

¥

 339,247

 

100.0

 

¥

4,533

 

1.4

 

 

6



 

(2) Consolidated Financial Condition

Consolidated Cash Flows

Cash and cash equivalents at June 30, 2015 decreased by ¥32,205 million to ¥319,158 million from ¥351,363 million at March 31, 2015.

 

1) Cash flows from operating activities

Net cash provided by operating activities for the first quarter increased by ¥12,972 million to ¥32,692 million from ¥19,720 million for the previous first quarter. This mainly reflected that an increase in net income and a decrease in receivables exceeded a decrease in notes and accounts payable, and a decrease in other current liabilities including accrued expenses.

 

2) Cash flows from investing activities

Net cash used in investing activities for the first quarter decreased by ¥12,025 million to ¥44,410 million from ¥56,435 million for the previous first quarter. This mainly reflected that a decrease in purchase of securities, and an increase in proceeds from sales of property, plant and equipment exceeded a decrease in maturities of securities and an increase in acquisition of time deposits.

 

3) Cash flows from financing activities

Net cash used in financing activities for the first quarter increased by ¥5,880 million to ¥24,586 million from ¥18,706 million for the previous first quarter. This was due mainly to an increase in dividends paid.

 

 

 

Three months ended June 30,

 

 

 

2014

 

2015

 

 

 

(Yen in millions)

 

Cash flows from operating activities

 

¥

19,720

 

¥

32,692

 

Cash flows from investing activities

 

(56,435

)

(44,410

)

Cash flows from financing activities

 

(18,706

)

(24,586

)

Effect of exchange rate changes on cash and cash equivalents

 

(2,644

)

4,099

 

Net decrease in cash and cash equivalents

 

(58,065

)

(32,205

)

Cash and cash equivalents at beginning of period

 

335,174

 

351,363

 

Cash and cash equivalents at end of period

 

¥

277,109

 

¥

319,158

 

 

7



 

(3) Consolidated Financial Forecasts for the Year Ending March 31, 2016

Kyocera posted results in the first quarter that were roughly in line with our initial projections. Accordingly, there is no change to the sales and profit forecasts for the year ending March 31, 2016 that were announced on April 27, 2015.

 

 

 

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

 

Average US$ exchange rate

 

110

 

 

115

 

 

 

 

Average Euro exchange rate

 

139

 

 

125

 

 

 

 

 

8



 

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 conditions in the Japanese or global economy;

 

(2)   Unexpected changes in economic, political and legal conditions in countries where we operate;

 

(3)   Various export risks which may affect the significant percentage of our revenues derived from overseas sales;

 

(4)   The effect of foreign exchange fluctuations on our results of operations;

 

(5)   Intense competitive pressures to which our products are subject;

 

(6)   Fluctuations in the price and ability of suppliers to provide the required quantity of raw materials for use in Kyocera’s production activities;

 

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

 

(8)   Shortages and rising costs of electricity affecting our production and sales activities;

 

(9)   The possibility that future initiatives and in-process research and development may not produce the desired results;

 

(10)  Companies or assets acquired by us not produce the returns or benefits, or bring in business opportunities;

 

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

 

(12)  Insufficient protection of our trade secrets and intellectual property rights including patents;

 

(13)  Expenses associated with licenses we require to continue to manufacture and sell products;

 

(14)  Environmental liability and compliance obligations by tightening of environmental laws and regulations;

 

(15)  Unintentional conflict with laws and regulations or newly enacted laws and regulations;

 

(16)  Our market or supply chains being affected by terrorism, plague, wars or similar events;

 

(17)  Earthquakes and other natural disasters affecting our headquarters and major facilities as well as our suppliers and customers;

 

(18)  Credit risk on trade receivables;

 

(19)  Fluctuations in the value of, and impairment losses on, securities and other assets held by us;

 

(20)  Impairment losses on long-lived assets, goodwill and intangible assets;

 

(21)  Unrealized deferred tax assets and additional liabilities for unrecognized tax benefits; and

 

(22)  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.

 

9



 

2. OTHER INFORMATION

Changes in accounting policies

Recently Adopted Accounting Standards

On April 1, 2015, Kyocera adopted Accounting Standards Update (ASU) No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This accounting standard changes the requirements for reporting discontinued operations in ASC 205-20, “Presentation of Financial StatementsDiscontinued Operations.” A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. This accounting standard also requires an entity to provide disclosures about a disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. The adoption of this accounting standard did not have a material impact on Kyocera’s consolidated results of operations, financial condition and cash flows.

 

10


 


 

3. CONSOLIDATED FINANCIAL STATEMENTS

 

(1) Consolidated Balance Sheets (Unaudited)

 

 

 

March 31, 2015

 

June 30, 2015

 

Increase

 

 

 

Amount

 

%

 

Amount

 

%

 

(Decrease)

 

 

 

(Yen in millions)

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

¥

351,363

 

 

 

¥

319,158

 

 

 

¥

 (32,205

)

Short-term investments in debt and equity securities

 

95,237

 

 

 

116,108

 

 

 

20,871

 

Other short-term investments

 

184,358

 

 

 

218,350

 

 

 

33,992

 

Trade notes receivables

 

19,130

 

 

 

18,963

 

 

 

(167

)

Trade accounts receivables

 

299,412

 

 

 

259,296

 

 

 

(40,116

)

Less allowances for doubtful accounts and sales returns

 

(5,378

)

 

 

(5,812

)

 

 

(434

)

Inventories

 

354,499

 

 

 

367,150

 

 

 

12,651

 

Deferred income taxes

 

42,314

 

 

 

37,726

 

 

 

(4,588

)

Other current assets

 

116,612

 

 

 

110,881

 

 

 

(5,731

)

Total current assets

 

1,457,547

 

48.2

 

1,441,820

 

46.6

 

(15,727

)

Non-current assets:

 

 

 

 

 

 

 

 

 

 

 

Investments and advances:

 

 

 

 

 

 

 

 

 

 

 

Long-term investments in debt and equity securities

 

1,051,638

 

 

 

1,130,586

 

 

 

78,948

 

Other long-term investments

 

20,402

 

 

 

19,344

 

 

 

(1,058

)

Total investments and advances

 

1,072,040

 

35.5

 

1,149,930

 

37.2

 

77,890

 

Property, plant and equipment:

 

 

 

 

 

 

 

 

 

 

 

Land

 

59,590

 

 

 

60,161

 

 

 

571

 

Buildings

 

350,354

 

 

 

352,374

 

 

 

2,020

 

Machinery and equipment

 

846,391

 

 

 

856,729

 

 

 

10,338

 

Construction in progress

 

11,015

 

 

 

9,523

 

 

 

(1,492

)

Less accumulated depreciation

 

(1,005,859

)

 

 

(1,012,820

)

 

 

(6,961

)

Total property, plant and equipment

 

261,491

 

8.6

 

265,967

 

8.6

 

4,476

 

Goodwill

 

102,167

 

3.4

 

104,340

 

3.4

 

2,173

 

Intangible assets

 

56,615

 

1.9

 

57,326

 

1.8

 

711

 

Other assets

 

71,324

 

2.4

 

74,652

 

2.4

 

3,328

 

Total non-current assets

 

1,563,637

 

51.8

 

1,652,215

 

53.4

 

88,578

 

Total assets

 

¥

 3,021,184

 

100.0

 

¥

 3,094,035

 

100.0

 

¥

 72,851

 

 

11



 

 

 

March 31, 2015

 

June 30, 2015

 

Increase

 

 

 

Amount

 

%

 

Amount

 

%

 

(Decrease)

 

 

 

(Yen in millions)

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

¥

4,129

 

 

 

¥

2,166

 

 

 

¥

(1,963

)

Current portion of long-term debt

 

9,441

 

 

 

9,744

 

 

 

303

 

Trade notes and accounts payable

 

119,654

 

 

 

112,676

 

 

 

(6,978

)

Other notes and accounts payable

 

59,613

 

 

 

56,453

 

 

 

(3,160

)

Accrued payroll and bonus

 

59,454

 

 

 

49,199

 

 

 

(10,255

)

Accrued income taxes

 

17,316

 

 

 

14,003

 

 

 

(3,313

)

Other accrued liabilities

 

53,305

 

 

 

35,709

 

 

 

(17,596

)

Other current liabilities

 

33,339

 

 

 

39,434

 

 

 

6,095

 

Total current liabilities

 

356,251

 

11.8

 

319,384

 

10.3

 

(36,867

)

Non-current liabilities:

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

17,881

 

 

 

18,417

 

 

 

536

 

Accrued pension and severance liabilities

 

34,764

 

 

 

34,993

 

 

 

229

 

Deferred income taxes

 

292,454

 

 

 

319,677

 

 

 

27,223

 

Other non-current liabilities

 

16,211

 

 

 

17,176

 

 

 

965

 

Total non-current liabilities

 

361,310

 

12.0

 

390,263

 

12.6

 

28,953

 

Total liabilities

 

717,561

 

23.8

 

709,647

 

22.9

 

(7,914

)

Kyocera Corporation shareholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

115,703

 

 

 

115,703

 

 

 

 

Additional paid-in capital

 

162,695

 

 

 

162,743

 

 

 

48

 

Retained earnings

 

1,502,310

 

 

 

1,511,873

 

 

 

9,563

 

Accumulated other comprehensive income

 

469,673

 

 

 

539,421

 

 

 

69,748

 

Common stock in treasury, at cost

 

(35,062

)

 

 

(35,068

)

 

 

(6

)

Total Kyocera Corporation shareholders’ equity

 

2,215,319

 

73.3

 

2,294,672

 

74.2

 

79,353

 

Noncontrolling interests

 

88,304

 

2.9

 

89,716

 

2.9

 

1,412

 

Total equity

 

2,303,623

 

76.2

 

2,384,388

 

77.1

 

80,765

 

Total liabilities and equity

 

¥

3,021,184

 

100.0

 

¥

3,094,035

 

100.0

 

¥

72,851

 

 

Note: Accumulated other comprehensive income is as follows:

 

 

 

March 31, 2015

 

June 30, 2015

 

Increase
(Decrease)

 

 

 

(Yen in millions)

 

Net unrealized gains on securities

 

¥

467,841

 

¥

527,626

 

¥

59,785

 

Net unrealized losses on derivative financial instruments

 

(372

)

(408

)

(36

)

Pension adjustments

 

(28,452

)

(29,246

)

(794

)

Foreign currency translation adjustments

 

30,656

 

41,449

 

10,793

 

Total

 

¥

469,673

 

¥

539,421

 

¥

69,748

 

 

12



 

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

 

Consolidated Statements of Income

 

 

 

Three months ended June 30,

 

Increase

 

 

 

2014

 

2015

 

(Decrease)

 

 

 

Amount

 

%

 

Amount

 

%

 

Amount

 

%

 

 

 

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

 

Net sales

 

¥

 334,714

 

100.0

 

¥

 339,247

 

100.0

 

¥

 4,533

 

1.4

 

Cost of sales

 

246,998

 

73.8

 

248,761

 

73.3

 

1,763

 

0.7

 

Gross profit

 

87,716

 

26.2

 

90,486

 

26.7

 

2,770

 

3.2

 

Selling, general and administrative expenses

 

68,934

 

20.6

 

57,903

 

17.1

 

(11,031

)

(16.0

)

Profit from operations

 

18,782

 

5.6

 

32,583

 

9.6

 

13,801

 

73.5

 

Other income (expenses) :

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

10,011

 

3.0

 

12,674

 

3.7

 

2,663

 

26.6

 

Interest expense

 

(468

)

(0.1

)

(381

)

(0.1

)

87

 

 

Foreign currency transaction gains, net

 

1,471

 

0.4

 

1,666

 

0.5

 

195

 

13.3

 

Other, net

 

884

 

0.3

 

468

 

0.2

 

(416

)

(47.1

)

Total other income (expenses)

 

11,898

 

3.6

 

14,427

 

4.3

 

2,529

 

21.3

 

Income before income taxes

 

30,680

 

9.2

 

47,010

 

13.9

 

16,330

 

53.2

 

Income taxes

 

9,736

 

2.9

 

13,946

 

4.2

 

4,210

 

43.2

 

Net income

 

20,944

 

6.3

 

33,064

 

9.7

 

12,120

 

57.9

 

Net income attributable to noncontrolling interests

 

(1,477

)

(0.5

)

(1,489

)

(0.4

)

(12

)

 

Net income attributable to shareholders of Kyocera Corporation

 

¥

19,467

 

5.8

 

¥

31,575

 

9.3

 

¥

12,108

 

62.2

 

Per share information:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to shareholders of Kyocera Corporation:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

¥

53.06

 

 

 

¥

86.07

 

 

 

 

 

 

 

Diluted

 

53.06

 

 

 

86.07

 

 

 

 

 

 

 

Average number of shares of common stock outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

366,866

 

 

 

366,861

 

 

 

 

 

 

 

Diluted

 

366,866

 

 

 

366,861

 

 

 

 

 

 

 

 

Note:

Basic earnings per share attributable to shareholders of Kyocera Corporation is calculated 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 calculated based on the diluted average number of shares of stock outstanding during each period.

 

13



 

Consolidated Statements of Comprehensive Income

 

 

 

Three months ended June 30,

 

Increase

 

 

 

2014

 

2015

 

(Decrease)

 

 

 

Amount

 

Amount

 

Amount

 

 

 

(Yen in millions)

 

Net income

 

¥

20,944

 

¥

33,064

 

¥

 12,120

 

Other comprehensive income (loss) — net of taxes

 

 

 

 

 

 

 

Net unrealized gains on securities

 

17,671

 

59,739

 

42,068

 

Net unrealized losses on derivative financial instruments

 

(59

)

(52

)

7

 

Pension adjustments

 

673

 

(820

)

(1,493

)

Foreign currency translation adjustments

 

(8,229

)

12,297

 

20,526

 

Total other comprehensive income (loss)

 

10,056

 

71,164

 

61,108

 

Comprehensive income

 

31,000

 

104,228

 

73,228

 

Comprehensive income attributable to noncontrolling interests

 

(378

)

(2,906

)

(2,528

)

Comprehensive income attributable to shareholders of Kyocera Corporation

 

¥

   30,622

 

¥

 101,322

 

¥

70,700

 

 

(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


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