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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 October 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: October 29, 2015

 




 

 

Consolidated Financial Results of Kyocera Corporation and its Subsidiaries

for the Six Months Ended September 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 Six Months Ended September 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

 

%

 

Six Months ended September 30, 2015

 

722,577

 

1.2

 

61,949

 

13.1

 

78,000

 

14.5

 

50,792

 

16.4

 

Six Months ended September 30, 2014

 

714,329

 

2.1

 

54,751

 

(5.9

)

68,118

 

(1.4

)

43,649

 

1.7

 

 

(Note)  Comprehensive income:

34,304 million yen for the six months ended September 30, 2015, (71.6)% of change from previous period

120,677 million yen for the six months ended September 30, 2014, (24.2)% 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

 

Six Months ended September 30, 2015

 

138.45

 

138.45

 

Six Months ended September 30, 2014

 

118.98

 

118.98

 

 

(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

 

%

 

September 30, 2015

 

3,018,740

 

2,318,796

 

2,224,795

 

73.7

 

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

 

––

 

50.00

 

––

 

50.00

 

100.00

 

 

(Note) Kyocera Corporation has adopted a resolution at the meeting of its Board of Directors held on October 29, 2015 to pay “End of second quarter” dividends (or interim dividends) per share of 50.00 yen for the year ending March 31, 2016.

 

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

 

1,530,000

 

0.2

 

110,000

 

17.7

 

140,000

 

14.9

 

85,000

 

(26.6

)

231.70

 

 

(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 six months ended September 30, 2015.

 

(Notes)

 

(1) Increase or decrease in significant subsidiaries during the six months ended September 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 “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:

 

 

 

 

377,618,580 shares at September 30, 2015

377,618,580 shares at March 31, 2015

 

 

 

(ii)

Number of treasury stock:

 

 

 

 

10,759,185 shares at September 30, 2015

10,757,224 shares at March 31, 2015

 

 

 

(iii)

Average number of shares outstanding:

 

 

 

 

366,860,136 shares for the six months ended September 30, 2015

366,865,668 shares for the six months ended September 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 10.

 

2



 

Accompanying Information

 

1. BUSINESS RESULTS, FINANCIAL CONDITION AND PROSPECTS

 

(1) Business Results for the Six Months Ended September 30, 2015

 

Economic Situation and Business Environment

 

During the six months ended September 30, 2015 (“the first half”), the Japanese economy showed a moderate recovery trend due to an improvement in corporate earnings and an increase in capital investment. Overseas, the U.S. economy expanded primarily on the back of an increase in personal consumption, while in contrast growth in the Chinese economy weakened and the European economy, despite signs of a recovery trend, posted only 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

 

Despite a decline in sales in the Telecommunications Equipment Group and the Applied Ceramic Products Group including the solar energy business, sales increased due mainly to growth in sales in the Semiconductor Parts Group, the Electronic Device Group and the Fine Ceramic Parts Group for communications and automotive-related markets as well as to an increase in sales in the Information Equipment Group in the United States. As a result, consolidated net sales for the first half increased by ¥8,248 million, or 1.2%, to ¥722,577 million compared with ¥714,329 million for the six months ended September 30, 2014 (“the previous first half”).

 

Profits for the first half increased compared with the previous first half, reflecting increased profits in all reporting segments in the Components Business, 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 ¥7,198 million, or 13.1%, to ¥61,949 million, compared with ¥54,751 million for the previous first half. Income before income taxes increased by ¥9,882 million, or 14.5%, to ¥78,000 million, compared with ¥68,118 million for the previous first half. Net income attributable to shareholders of Kyocera Corporation for the first half increased by ¥7,143 million, or 16.4%, to ¥50,792 million, compared with ¥43,649 million for the previous first half.

 

Average exchange rates for the first half were ¥122 to the U.S. dollar, marking depreciation of ¥19 (approximately 18%) from ¥103 for the previous first half, and ¥135 to the Euro, marking appreciation of ¥4 (approximately 3%) from ¥139 for the previous first half.

 

 

 

Six months ended September 30,

 

Increase

 

 

 

2014

 

2015

 

(Decrease)

 

 

 

Amount

 

%

 

Amount

 

%

 

Amount

 

%

 

 

 

(Yen in millions, except exchange rates)

 

Net sales

 

¥

  714,329

 

100.0

 

¥

  722,577

 

100.0

 

¥

  8,248

 

1.2

 

Profit from operations

 

54,751

 

7.7

 

61,949

 

8.6

 

7,198

 

13.1

 

Income before income taxes

 

68,118

 

9.5

 

78,000

 

10.8

 

9,882

 

14.5

 

Net income attributable to shareholders of Kyocera Corporation

 

43,649

 

6.1

 

50,792

 

7.0

 

7,143

 

16.4

 

Average US$ exchange rate

 

103

 

––

 

122

 

––

 

––

 

––

 

Average Euro exchange rate

 

139

 

––

 

135

 

––

 

––

 

––

 

 

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 half due primarily to growth in sales of components for industrial machinery such as semiconductor processing equipment as well as in sales of automotive components such as camera modules.

 

2) Semiconductor Parts Group

 

Sales of packages and substrates for the communications market increased, particularly for communications infrastructure and smartphones, and sales of packages for LEDs also increased in automotive-related markets. As a result, sales and operating profit in this reporting segment increased compared with the previous first half.

 

3) Applied Ceramic Products Group

 

Sales in this reporting segment decreased compared with the previous first half due to a decline in sales in the solar energy business, which more than offset growth in sales in the cutting tool business, primarily for automotive-related markets. Operating profit, however, increased significantly compared with the previous first half due to efforts to reduce costs.

 

4) Electronic Device Group

 

Sales and operating profit in this reporting segment increased compared with the previous first half as a result of growth in sales of electronic components such as capacitors for smartphones and printing devices for industrial equipment.

 

5) Telecommunications Equipment Group

 

Sales of handsets featuring exceptional damage and water resistance grew steadily due to new customer cultivation and new product introductions, while sales of PHS-related products and low-end handsets decreased. As a result, sales and operating profit in this reporting segment decreased compared with the previous first half.

 

6) Information Equipment Group

 

Sales in this reporting segment increased compared with the previous first half due to growth in sales volume of equipment as result of active efforts to increase sales. On the other hand, operating profit decreased compared with the previous first half due to increased raw material costs reflecting the impact of foreign currency rate fluctuations.

 

7) Others

 

Sales in this reporting segment increased compared with the previous first half due primarily to a sales increase at Kyocera Communication Systems Co., Ltd. Operating profit increased substantially compared with the previous first half due mainly to recording of profit from a sale of assets.

 

4



 

Net Sales by Reporting Segment

 

 

 

Six months ended September 30,

 

Increase

 

 

 

2014

 

2015

 

(Decrease)

 

 

 

Amount

 

%

 

Amount

 

%

 

Amount

 

%

 

 

 

(Yen in millions)

 

Fine Ceramic Parts Group

 

¥

43,224

 

6.0

 

¥

46,945

 

6.5

 

¥

3,721

 

8.6

 

Semiconductor Parts Group

 

102,173

 

14.3

 

111,226

 

15.4

 

9,053

 

8.9

 

Applied Ceramic Products Group

 

124,714

 

17.5

 

113,636

 

15.7

 

(11,078

)

(8.9

)

Electronic Device Group

 

138,843

 

19.4

 

146,211

 

20.3

 

7,368

 

5.3

 

Total Components Business

 

408,954

 

57.2

 

418,018

 

57.9

 

9,064

 

2.2

 

Telecommunications Equipment Group

 

91,555

 

12.8

 

78,697

 

10.9

 

(12,858

)

(14.0

)

Information Equipment Group

 

157,648

 

22.1

 

162,511

 

22.5

 

4,863

 

3.1

 

Total Equipment Business

 

249,203

 

34.9

 

241,208

 

33.4

 

(7,995

)

(3.2

)

Others

 

83,457

 

11.7

 

84,700

 

11.7

 

1,243

 

1.5

 

Adjustments and eliminations

 

(27,285

)

(3.8

)

(21,349

)

(3.0

)

5,936

 

 

Net sales

 

¥

 714,329

 

100.0

 

¥

 722,577

 

100.0

 

¥

8,248

 

1.2

 

 

Operating Profit (Loss) by Reporting Segment

 

 

 

Six months ended September 30,

 

Increase

 

 

 

2014

 

2015

 

(Decrease)

 

 

 

Amount

 

%*

 

Amount

 

%*

 

Amount

 

%

 

 

 

(Yen in millions)

 

Fine Ceramic Parts Group

 

¥

7,009

 

16.2

 

¥

8,267

 

17.6

 

¥

1,258

 

17.9

 

Semiconductor Parts Group

 

14,655

 

14.3

 

16,626

 

14.9

 

1,971

 

13.4

 

Applied Ceramic Products Group

 

5,776

 

4.6

 

8,023

 

7.1

 

2,247

 

38.9

 

Electronic Device Group

 

16,684

 

12.0

 

18,411

 

12.6

 

1,727

 

10.4

 

Total Components Business

 

44,124

 

10.8

 

51,327

 

12.3

 

7,203

 

16.3

 

Telecommunications Equipment Group

 

(1,258

)

 

(5,621

)

 

(4,363

)

 

Information Equipment Group

 

17,207

 

10.9

 

12,039

 

7.4

 

(5,168

)

(30.0

)

Total Equipment Business

 

15,949

 

6.4

 

6,418

 

2.7

 

(9,531

)

(59.8

)

Others

 

2,494

 

3.0

 

11,262

 

13.3

 

8,768

 

351.6

 

Operating profit

 

62,567

 

8.8

 

69,007

 

9.6

 

6,440

 

10.3

 

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

 

6,109

 

 

8,902

 

 

2,793

 

45.7

 

Adjustments and eliminations

 

(558

)

 

91

 

 

649

 

 

Income before income taxes

 

¥

68,118

 

9.5

 

¥

78,000

 

10.8

 

¥

9,882

 

14.5

 

 

* % to net sales of each corresponding segment

 

5



 

Net Sales by Geographic Area

 

1) Japan

 

Sales in Japan decreased compared with the previous first half due mainly to a decline in sales in the solar energy business.

 

2) Asia

 

Sales in Asia increased compared with the previous first half due mainly to an increase in sales of the Components Business such as the Semiconductor Parts Group and the Electronic Device Group used for smartphones.

 

3) United States of America

 

Sales in the United States of America increased compared with the previous first half due to increased sales in the solar energy business and the Information Equipment Group as well as to the effect of the yen’s depreciation against the U.S. dollar.

 

4) Europe

 

Sales in Europe decreased compared with the previous first half due to a decline in sales in the Information Equipment Group as well as to the effect of the yen’s appreciation against the Euro.

 

5) Others

 

Sales in Others decreased compared with the previous first half due mainly to a decrease in sales in the solar energy business and the Information Equipment Group.

 

 

 

Six months ended September 30,

 

Increase

 

 

 

2014

 

2015

 

(Decrease)

 

 

 

Amount

 

%

 

Amount

 

%

 

Amount

 

%

 

 

 

(Yen in millions)

 

Japan

 

¥

295,404

 

41.4

 

¥

280,703

 

38.9

 

¥

 (14,701

)

(5.0

)

Asia

 

142,288

 

19.9

 

160,411

 

22.2

 

18,123

 

12.7

 

United States of America

 

115,056

 

16.1

 

127,482

 

17.6

 

12,426

 

10.8

 

Europe

 

129,071

 

18.1

 

122,861

 

17.0

 

(6,210

)

(4.8

)

Others

 

32,510

 

4.5

 

31,120

 

4.3

 

(1,390

)

(4.3

)

Net sales

 

¥

 714,329

 

100.0

 

¥

 722,577

 

100.0

 

¥

8,248

 

1.2

 

 

6



 

(2) Financial Condition

Consolidated Cash Flows

Cash and cash equivalents at September 30, 2015 decreased by ¥20,254 million to ¥331,109 million from ¥351,363 million at March 31, 2015.

 

1) Cash flows from operating activities

Net cash provided by operating activities for the first half increased by ¥23,393 million to ¥87,308 million from ¥63,915 million for the previous first half. This mainly reflected that cash flow adjustments related to receivables and inventories exceeded cash flow adjustment related to other current liabilities including accrued expenses.

 

2) Cash flows from investing activities

Net cash used in investing activities for the first half decreased by ¥9,844 million to ¥77,206 million from ¥87,050 million for the previous first half. This mainly reflected that a decrease in purchase of securities and an increase in proceeds from withdrawal of time deposits 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 half increased by ¥6,478 million to ¥28,515 million from ¥22,037 million for the previous first half. This was due mainly to an increase in dividends paid.

 

 

 

Six months ended September 30,

 

 

 

2014

 

2015

 

 

 

(Yen in millions)

 

Cash flows from operating activities

 

¥

63,915

 

¥

87,308

 

Cash flows from investing activities

 

(87,050

)

(77,206

)

Cash flows from financing activities

 

(22,037

)

(28,515

)

Effect of exchange rate changes on cash and cash equivalents

 

7,798

 

(1,841

)

Net decrease in cash and cash equivalents

 

(37,374

)

(20,254

)

Cash and cash equivalents at beginning of period

 

335,174

 

351,363

 

Cash and cash equivalents at end of period

 

¥

297,800

 

¥

331,109

 

 

(3) Acquisition of Shares of Common Stock, etc. of Nihon Inter Electronics Corporation

Kyocera Corporation completed a tender offer to acquire shares of common stock, etc. of Nihon Inter Electronics Corporation (herein “NIEC”), a company engaged in the development, manufacture and sale of power semiconductors, and NIEC became a consolidated subsidiary of Kyocera in September 2015.

 

Kyocera Corporation aims to achieve further corporate growth by pursuing synergies with NIEC in each business domain through sharing of their respective management resources, such as technologies and sales channels, and expanding into new business fields through combination of their respective products.

 

7



 

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

From the three months ending December 31, 2015 onward, the economic environment will encompass concern regarding the slowing of the Chinese economy. At the same time, uncertainty is growing with respect to the economies of Europe and emerging countries. Consequently manufacturing volume of digital consumer equipment is expected to be below the projection made at the beginning of the year ending March 31, 2016 (“fiscal 2016”), and expansion of manufacturing activities in the automotive-related market and the industrial equipment market is also expected to slow.

 

Under these business circumstances, Kyocera will strive to continue securing orders from principal markets. However, it expects that demand in the Components and the Equipment Businesses will be below the projections made at the beginning of fiscal 2016. Therefore, Kyocera has revised its consolidated forecasts as announced in April 2015 as set forth below.

 

Kyocera has revised its forecasts of average exchange rates for the second half from the projections made in April 2015, from ¥115 to ¥117 against the U.S. dollar and from ¥125 to ¥130 against the Euro. As a result, full-year forecasts of average exchange rates for the fiscal 2016 have been revised to ¥120 to the U.S. dollar and ¥133 to the Euro.

 

 

 

Results for

 

Forecasts for the year ending
March 31, 2016 announced on

 

Increase
(Decrease)

 

 

 

the year ended
March 31, 2015

 

April 27, 2015
(Previous)

 

October 29, 2015
(Revised)

 

to
Results

 

 

 

Amount

 

%

 

Amount

 

%

 

Amount

 

%

 

%

 

 

 

(Yen in millions, except exchange rates)

 

Net sales

 

¥

1,526,536

 

100.0

 

¥

1,600,000

 

100.0

 

¥

1,530,000

 

100.0

 

0.2

 

Profit from operations

 

93,428

 

6.1

 

160,000

 

10.0

 

110,000

 

7.2

 

17.7

 

Income before income taxes

 

121,862

 

8.0

 

184,000

 

11.5

 

140,000

 

9.2

 

14.9

 

Net income attributable to shareholders of Kyocera Corporation

 

115,875

 

7.6

 

120,000

 

7.5

 

85,000

 

5.6

 

(26.6

)

Average US$ exchange rate

 

110

 

 

115

 

 

120

 

 

 

Average Euro exchange rate

 

139

 

 

125

 

 

133

 

 

 

 

8



 

Net Sales by Reporting Segment

 

 

 

Results for

 

Forecasts for the year ending
March 31, 2016 announced on

 

Increase

 

 

 

the year ended
March 31, 2015

 

April 27, 2015
(Previous)

 

October 29, 2015
(Revised)

 

(Decrease)
to Results

 

 

 

Amount

 

%

 

Amount

 

%

 

Amount

 

%

 

%

 

 

 

(Yen in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fine Ceramic Parts Group

 

¥

90,694

 

5.9

 

¥

100,000

 

6.3

 

¥

95,000

 

6.2

 

4.7

 

Semiconductor Parts Group

 

217,879

 

14.3

 

248,000

 

15.5

 

222,500

 

14.6

 

2.1

 

Applied Ceramic Products Group

 

277,629

 

18.2

 

247,000

 

15.4

 

252,500

 

16.5

 

(9.1

)

Electronic Device Group

 

284,145

 

18.6

 

295,000

 

18.4

 

297,000

 

19.4

 

4.5

 

Total Components Business

 

870,347

 

57.0

 

890,000

 

55.6

 

867,000

 

56.7

 

(0.4

)

Telecommunications Equipment Group

 

204,290

 

13.4

 

205,000

 

12.8

 

188,000

 

12.3

 

(8.0

)

Information Equipment Group

 

332,596

 

21.8

 

360,000

 

22.5

 

345,000

 

22.5

 

3.7

 

Total Equipment Business

 

536,886

 

35.2

 

565,000

 

35.3

 

533,000

 

34.8

 

(0.7

)

Others

 

172,925

 

11.3

 

184,000

 

11.5

 

175,000

 

11.4

 

1.2

 

Adjustments and eliminations

 

(53,622

)

(3.5

)

(39,000

)

(2.4

)

(45,000

)

(2.9

)

 

Net sales

 

¥

1,526,536

 

100.0

 

¥

1,600,000

 

100.0

 

¥

1,530,000

 

100.0

 

0.2

 

 

Operating Profit (Loss) by Reporting Segment

 

 

 

Results for

 

Forecasts for the year ending
March 31, 2016 announced on

 

Increase

 

 

 

the year ended
March 31, 2015

 

April 27, 2015
(Previous)

 

October 29, 2015
(Revised)

 

(Decrease)
to Results

 

 

 

Amount

 

%*

 

Amount

 

%*

 

Amount

 

%*

 

%

 

 

 

(Yen in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fine Ceramic Parts Group

 

¥

16,134

 

17.8

 

¥

18,000

 

18.0

 

¥

16,200

 

17.1

 

0.4

 

Semiconductor Parts Group

 

33,971

 

15.6

 

39,000

 

15.7

 

32,000

 

14.4

 

(5.8

)

Applied Ceramic Products Group

 

3,159

 

1.1

 

19,000

 

7.7

 

20,000

 

7.9

 

533.1

 

Electronic Device Group

 

34,372

 

12.1

 

43,000

 

14.6

 

15,000

 

5.1

 

(56.4

)

Total Components Business

 

87,636

 

10.1

 

119,000

 

13.4

 

83,200

 

9.6

 

(5.1

)

Telecommunications Equipment Group

 

(20,212

)

 

3,000

 

1.5

 

(2,000

)

 

 

Information Equipment Group

 

34,569

 

10.4

 

36,000

 

10.0

 

29,000

 

8.4

 

(16.1

)

Total Equipment Business

 

14,357

 

2.7

 

39,000

 

6.9

 

27,000

 

5.1

 

88.1

 

Others

 

6,848

 

4.0

 

15,000

 

8.2

 

13,000

 

7.4

 

89.8

 

Operating profit

 

108,841

 

7.1

 

173,000

 

10.8

 

123,200

 

8.1

 

13.2

 

Corporate and others

 

13,021

 

 

11,000

 

 

16,800

 

 

29.0

 

Income before income taxes

 

¥

121,862

 

8.0

 

¥

184,000

 

11.5

 

¥

140,000

 

9.2

 

14.9

 

 

* % 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)             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.

 

10



 

2. CONSOLIDATED FINANCIAL STATEMENTS

 

(1) Consolidated Balance Sheets (Unaudited)

 

 

 

March 31, 2015

 

September 30, 2015

 

Increase

 

 

 

Amount

 

%

 

Amount

 

%

 

(Decrease)

 

 

 

(Yen in millions)

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

¥

351,363

 

 

 

¥

331,109

 

 

 

¥

(20,254

)

Short-term investments in debt and equity securities

 

95,237

 

 

 

110,248

 

 

 

15,011

 

Other short-term investments

 

184,358

 

 

 

214,337

 

 

 

29,979

 

Trade notes receivables

 

19,130

 

 

 

19,115

 

 

 

(15

)

Trade accounts receivables

 

299,412

 

 

 

274,142

 

 

 

(25,270

)

Less allowances for doubtful accounts and sales returns

 

(5,378

)

 

 

(5,550

)

 

 

(172

)

Inventories

 

354,499

 

 

 

357,953

 

 

 

3,454

 

Deferred income taxes

 

42,314

 

 

 

37,978

 

 

 

(4,336

)

Other current assets

 

116,612

 

 

 

111,753

 

 

 

(4,859

)

Total current assets

 

1,457,547

 

48.2

 

1,451,085

 

48.1

 

(6,462

)

Non-current assets:

 

 

 

 

 

 

 

 

 

 

 

Investments and advances:

 

 

 

 

 

 

 

 

 

 

 

Long-term investments in debt and equity securities

 

1,051,638

 

 

 

1,034,885

 

 

 

(16,753

)

Other long-term investments

 

20,402

 

 

 

20,280

 

 

 

(122

)

Total investments and advances

 

1,072,040

 

35.5

 

1,055,165

 

35.0

 

(16,875

)

Property, plant and equipment:

 

 

 

 

 

 

 

 

 

 

 

Land

 

59,590

 

 

 

60,465

 

 

 

875

 

Buildings

 

350,354

 

 

 

351,613

 

 

 

1,259

 

Machinery and equipment

 

846,391

 

 

 

854,515

 

 

 

8,124

 

Construction in progress

 

11,015

 

 

 

11,428

 

 

 

413

 

Less accumulated depreciation

 

(1,005,859

)

 

 

(1,009,487

)

 

 

(3,628

)

Total property, plant and equipment

 

261,491

 

8.6

 

268,534

 

8.9

 

7,043

 

Goodwill

 

102,167

 

3.4

 

114,121

 

3.8

 

11,954

 

Intangible assets

 

56,615

 

1.9

 

55,986

 

1.8

 

(629

)

Other assets

 

71,324

 

2.4

 

73,849

 

2.4

 

2,525

 

Total non-current assets

 

1,563,637

 

51.8

 

1,567,655

 

51.9

 

4,018

 

Total assets

 

¥

3,021,184

 

100.0

 

¥

3,018,740

 

100.0

 

¥

(2,444

)

 

11



 

 

 

March 31, 2015

 

September 30, 2015

 

Increase

 

 

 

Amount

 

%

 

Amount

 

%

 

(Decrease)

 

 

 

(Yen in millions)

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

¥

4,129

 

 

 

¥

5,108

 

 

 

¥

979

 

Current portion of long-term debt

 

9,441

 

 

 

10,206

 

 

 

765

 

Trade notes and accounts payable

 

119,654

 

 

 

118,391

 

 

 

(1,263

)

Other notes and accounts payable

 

59,613

 

 

 

59,389

 

 

 

(224

)

Accrued payroll and bonus

 

59,454

 

 

 

61,431

 

 

 

1,977

 

Accrued income taxes

 

17,316

 

 

 

17,971

 

 

 

655

 

Other accrued liabilities

 

53,305

 

 

 

40,065

 

 

 

(13,240

)

Other current liabilities

 

33,339

 

 

 

31,354

 

 

 

(1,985

)

Total current liabilities

 

356,251

 

11.8

 

343,915

 

11.4

 

(12,336

)

Non-current liabilities:

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

17,881

 

 

 

19,436

 

 

 

1,555

 

Accrued pension and severance liabilities

 

34,764

 

 

 

34,881

 

 

 

117

 

Deferred income taxes

 

292,454

 

 

 

284,590

 

 

 

(7,864

)

Other non-current liabilities

 

16,211

 

 

 

17,122

 

 

 

911

 

Total non-current liabilities

 

361,310

 

12.0

 

356,029

 

11.8

 

(5,281

)

Total liabilities

 

717,561

 

23.8

 

699,944

 

23.2

 

(17,617

)

Kyocera Corporation shareholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

115,703

 

 

 

115,703

 

 

 

 

Additional paid-in capital

 

162,695

 

 

 

162,775

 

 

 

80

 

Retained earnings

 

1,502,310

 

 

 

1,531,090

 

 

 

28,780

 

Accumulated other comprehensive income

 

469,673

 

 

 

450,302

 

 

 

(19,371

)

Common stock in treasury, at cost

 

(35,062

)

 

 

(35,075

)

 

 

(13

)

Total Kyocera Corporation shareholders’ equity

 

2,215,319

 

73.3

 

2,224,795

 

73.7

 

9,476

 

Noncontrolling interests

 

88,304

 

2.9

 

94,001

 

3.1

 

5,697

 

Total equity

 

2,303,623

 

76.2

 

2,318,796

 

76.8

 

15,173

 

Total liabilities and equity

 

¥

3,021,184

 

100.0

 

¥

3,018,740

 

100.0

 

¥

(2,444

)

 

Note: Accumulated other comprehensive income is as follows:

 

 

 

March 31, 2015

 

September 30, 2015

 

Increase
(Decrease)

 

 

 

 

 

(Yen in millions)

 

 

 

Net unrealized gains on securities

 

¥

467,841

 

¥

453,832

 

¥

(14,009

)

Net unrealized losses on derivative financial instruments

 

(372

)

(397

)

(25

)

Pension adjustments

 

(28,452

)

(29,266

)

(814

)

Foreign currency translation adjustments

 

30,656

 

26,133

 

(4,523

)

Total

 

¥

469,673

 

¥

450,302

 

¥

(19,371

)

 

12



 

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

 

Consolidated Statements of Income

 

 

 

Six months ended September 30,

 

Increase

 

 

 

2014

 

2015

 

(Decrease)

 

 

 

Amount

 

%

 

Amount

 

%

 

Amount

 

%

 

 

 

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

 

Net sales

 

¥

714,329

 

100.0

 

¥

722,577

 

100.0

 

¥

8,248

 

1.2

 

Cost of sales

 

525,286

 

73.5

 

531,517

 

73.6

 

6,231

 

1.2

 

Gross profit

 

189,043

 

26.5

 

191,060

 

26.4

 

2,017

 

1.1

 

Selling, general and administrative expenses

 

134,292

 

18.8

 

129,111

 

17.8

 

(5,181

)

(3.9

)

Profit from operations

 

54,751

 

7.7

 

61,949

 

8.6

 

7,198

 

13.1

 

Other income (expenses) :

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

11,104

 

1.5

 

13,765

 

1.9

 

2,661

 

24.0

 

Interest expense

 

(880

)

(0.1

)

(769

)

(0.1

)

111

 

 

Foreign currency transaction gains, net

 

1,923

 

0.2

 

2,034

 

0.3

 

111

 

5.8

 

Other, net

 

1,220

 

0.2

 

1,021

 

0.1

 

(199

)

(16.3

)

Total other income (expenses)

 

13,367

 

1.8

 

16,051

 

2.2

 

2,684

 

20.1

 

Income before income taxes

 

68,118

 

9.5

 

78,000

 

10.8

 

9,882

 

14.5

 

Income taxes

 

21,055

 

2.9

 

24,296

 

3.4

 

3,241

 

15.4

 

Net income

 

47,063

 

6.6

 

53,704

 

7.4

 

6,641

 

14.1

 

Net income attributable to noncontrolling interests

 

(3,414

)

(0.5

)

(2,912

)

(0.4

)

502

 

 

Net income attributable to shareholders of Kyocera Corporation

 

¥

43,649

 

6.1

 

¥

50,792

 

7.0

 

¥

7,143

 

16.4

 

Per share information:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to shareholders of Kyocera Corporation:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

¥

118.98

 

 

 

¥

138.45

 

 

 

 

 

 

 

Diluted

 

118.98

 

 

 

138.45

 

 

 

 

 

 

 

Average number of shares of common stock outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

366,866

 

 

 

366,860

 

 

 

 

 

 

 

Diluted

 

366,866

 

 

 

366,860

 

 

 

 

 

 

 

 

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

 

 

 

Six months ended September 30,

 

Increase

 

 

 

2014

 

2015

 

(Decrease)

 

 

 

Amount

 

Amount

 

Amount

 

 

 

(Yen in millions)

 

Net income

 

¥

47,063

 

¥

53,704

 

¥

6,641

 

Other comprehensive income (loss) — net of taxes

 

 

 

 

 

 

 

Net unrealized gains (losses) on securities

 

50,531

 

(14,083

)

(64,614

)

Net unrealized losses on derivative financial instruments

 

(164

)

(31

)

133

 

Pension adjustments

 

(355

)

(814

)

(459

)

Foreign currency translation adjustments

 

23,602

 

(4,472

)

(28,074

)

Total other comprehensive income (loss)

 

73,614

 

(19,400

)

(93,014

)

Comprehensive income

 

120,677

 

34,304

 

(86,373

)

Comprehensive income attributable to noncontrolling interests

 

(6,447

)

(2,883

)

3,564

 

Comprehensive income attributable to shareholders of Kyocera Corporation

 

¥

114,230

 

¥

31,421

 

¥

(82,809

)

 

(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



 

3. 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.

 

15


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