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Kyocera 6-K 2016

Documents found in this filing:

  1. 6-K
  2. Graphic
  3. Graphic
FORM 6-K
Table of Contents

FORM 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

Report of Foreign Private Issuer

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

the Securities Exchange Act of 1934

For the month of July 2016

Commission File Number: 1-07952

KYOCERA CORPORATION

6, Takeda Tobadono-cho, Fushimi-ku,

Kyoto 612-8501, Japan

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F  x        Form 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Registration S-T Rule 101(b)(1):  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Registration S-T Rule 101(b)(7):  ¨


Table of Contents

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

 

KYOCERA CORPORATION

/s/ SHOICHI AOKI

Shoichi Aoki

Director,

Managing Executive Officer and

General Manager of

Corporate Financial and Accounting Group

Date: July 28, 2016


Table of Contents

Information furnished on this form:

EXHIBITS

 

Exhibit
    Number    

   

1.

  Consolidated Financial Results of Kyocera Corporation and its Subsidiaries for the Three Months Ended June 30, 2016


Table of Contents

LOGO

Consolidated Financial Results of Kyocera Corporation and its Subsidiaries

for the Three Months Ended June 30, 2016

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, 2016

 

(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, 2016

     319,985         (5.7     12,270         (62.3     24,798         (47.2     17,453         (44.7

Three months ended June 30, 2015

     339,247         1.4        32,583         73.5        47,010         53.2        31,575         62.2   

(Note) Comprehensive income:

(15,754) million yen for the three months ended June 30, 2016

104,228 million yen for the three months ended June 30, 2015, 236.2% 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  

Three months ended June 30, 2016

     47.58         47.58   

Three months ended June 30, 2015

     86.07         86.07   

(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, 2016

     2,998,367         2,338,104         2,255,921         75.2   

March 31, 2016

     3,095,049         2,373,762         2,284,264         73.8   

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, 2016

           50.00               50.00        100.00   

Year ending March 31, 2017

                                100.00   

(Note) Dividends per share for the year ending March 31, 2017 are forecasted to be 100.00 yen on an annual basis.

 

1


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3. Consolidated Financial Forecasts for the Year Ending March 31, 2017

 

              (% 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, 2017

     1,520,000         2.7         110,000         18.7         130,000         (10.7)         85,000         (22.1)         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 three months ended June 30, 2016.

(Notes)

(1) Increase or decrease in significant subsidiaries during the three months ended June 30, 2016: 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: Yes

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

For detailed information, please refer to the accompanying “2. OTHER INFORMATION” on page 9.

(4) Number of shares (common stock):

(i) Number of shares issued:

 

377,618,580 shares at June 30, 2016

   377,618,580 shares at March 31, 2016

(ii) Number of treasury stock:

 

10,761,789 shares at June 30, 2016

   10,761,503 shares at March 31, 2016

(iii) Average number of shares outstanding:

 

366,856,906 shares for the three months ended
June 30, 2016

  

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

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.

Other Note:

This is an English translation of the Japanese original of the Consolidated Financial Results of Kyocera Corporation and its Subsidiaries for the Three Months Ended June 30, 2016. The translation is prepared solely for the reference and convenience of foreigners. In the event of any discrepancy between this translation and the Japanese original, the latter shall prevail.

 

2


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Accompanying Information

1. BUSINESS RESULTS, FINANCIAL CONDITION AND PROSPECTS

(1) Business Results for the Three Months Ended June 30, 2016

Economic Situation and Business Environment

During the three months ended June 30, 2016 (“the first quarter”), the Japanese economy was sluggish due to continued stagnation in personal consumption. Overseas, the U.S. economy was solid on the back of growth in personal consumption, while the European economy registered only moderate growth and growth rate in the Chinese economy continued to slow. As for exchange rates, the yen appreciated compared with the three months ended June 30, 2015 (“the previous first quarter”).

With regard to the principal markets for Kyocera Corporation and its subsidiaries (“Kyocera Group” or “Kyocera”), the automotive market remained firm due to an increase in sales volume primarily in Asian markets. In contrast, in the information and communications market, components demand slowed due to smartphone production adjustments. Demand in the domestic solar energy market also declined due to a reduction in purchasing price under the feed-in tariff.

Consolidated Financial Results

During the first quarter, sales in the Equipment Business remained flat compared with the previous first quarter, while sales in the Components Business generally decreased. As a result, consolidated net sales for the first quarter decreased by ¥19,262 million, or 5.7%, compared with the previous first quarter, to ¥319,985 million.

Profit from operations decreased by ¥20,313 million, or 62.3%, to ¥12,270 million, compared with the previous first quarter. Income before income taxes decreased by ¥22,212 million, or 47.2%, to ¥24,798 million, and net income attributable to shareholders of Kyocera Corporation for the first quarter decreased by ¥14,122 million, or 44.7%, to ¥17,453 million, compared with the previous first quarter, respectively. It should be noted that profit from a sale of assets in the amount of approximately ¥12 billion was recorded in the previous first quarter.

Average exchange rates for the first quarter were ¥108 to the U.S. dollar, marking appreciation of ¥13 (approximately 11%) and ¥122 to the Euro, marking appreciation of ¥12 (approximately 9%) from the previous first quarter. As a result, net sales and income before income taxes after translation into yen for the first quarter were pushed down by approximately ¥25 billion and approximately ¥5 billion compared with the previous first quarter, respectively.

 

     Three months ended June 30,      Increase
(Decrease)
 
     2015      2016     
     Amount      %      Amount      %      Amount     %  
     (Yen in millions, except exchange rates)  

Net sales

   ¥ 339,247         100.0       ¥ 319,985         100.0         ¥(19,262     (5.7

Profit from operations

     32,583         9.6         12,270         3.8         (20,313     (62.3

Income before income taxes

     47,010         13.9         24,798         7.7         (22,212     (47.2

Net income attributable to shareholders of Kyocera Corporation

     31,575         9.3         17,453         5.5         (14,122     (44.7

Average US$ exchange rate

     121                 108                          

Average Euro exchange rate

     134                 122                          

 

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Table of Contents

Consolidated Results by Reporting Segment

1) Fine Ceramic Parts Group

Sales in this reporting segment were roughly on par with the previous first quarter due to a decrease in sales of components for information and communications market, despite an increase in sales of automotive components. Operating profit decreased due primarily to the impact of a change in product mix.

2) Semiconductor Parts Group

Sales in this reporting segment decreased compared with the previous first quarter due mainly to the impact of yen’s appreciation. Operating profit decreased due to the absence of the profit from the sale of assets recorded in the previous first quarter in the amount of approximately ¥12 billion, the impact of yen’s appreciation and a lower sales of products for the communications market.

3) Applied Ceramic Products Group

Sales and Operating profit in this reporting segment decreased compared with the previous first quarter due to a decline in sales in the solar energy business mainly as a result of a decline in demand in Japan.

4) Electronic Device Group

Sales and operating profit in this reporting segment decreased compared with the previous first quarter due to a decline in sales of components for the smartphone and industrial equipment markets as a result of production adjustments in these markets and due to the impact of the yen’s appreciation.

5) Telecommunications Equipment Group

Sales in this reporting segment increased compared with the previous first quarter due to an increase in sales of mobile phones with unique features such as higher durability in Japan and overseas. As a result, operating loss was reduced compared with the previous first quarter.

6) Information Equipment Group

Sales and operating profit in this reporting segment decreased compared with the previous first quarter due to the impact of the yen’s appreciation, despite a flat shipment of equipment compared with the previous first quarter as a result of active sales promotion activities.

 

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Net Sales by Reporting Segment

 

     Three months ended June 30,     Increase
(Decrease)
 
     2015     2016    
     Amount     %     Amount     %     Amount     %  
     (Yen in millions)  

Fine Ceramic Parts Group

   ¥ 22,901        6.7      ¥ 22,513        7.0      ¥ (388     (1.7

Semiconductor Parts Group

     60,298        17.8        56,005        17.5        (4,293     (7.1

Applied Ceramic Products Group

     52,514        15.5        45,557        14.3        (6,957     (13.2

Electronic Device Group

     70,533        20.8        65,243        20.4        (5,290     (7.5
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Components Business

     206,246        60.8        189,318        59.2        (16,928     (8.2

Telecommunications Equipment Group

     28,681        8.4        34,134        10.7        5,453        19.0   

Information Equipment Group

     79,651        23.5        74,939        23.4        (4,712     (5.9
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Equipment Business

     108,332        31.9        109,073        34.1        741        0.7   

Others

     34,542        10.2        30,837        9.6        (3,705     (10.7

Adjustments and eliminations

     (9,873     (2.9     (9,243     (2.9     630          
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net sales

   ¥ 339,247        100.0      ¥ 319,985        100.0      ¥ (19,262     (5.7
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating Profit (Loss) by Reporting Segment

 

            
     Three months ended June 30,     Increase
(Decrease)
 
     2015     2016    
     Amount     %*     Amount     %*     Amount     %  
     (Yen in millions)  

Fine Ceramic Parts Group

   ¥ 4,199        18.3      ¥ 2,359        10.5      ¥ (1,840     (43.8

Semiconductor Parts Group

     20,986        34.8        4,585        8.2        (16,401     (78.2

Applied Ceramic Products Group

     3,581        6.8        1,526        3.3        (2,055     (57.4

Electronic Device Group

     9,446        13.4        5,211        8.0        (4,235     (44.8
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Components Business

     38,212        18.5        13,681        7.2        (24,531     (64.2

Telecommunications Equipment Group

     (6,142            (5,551            591          

Information Equipment Group

     6,410        8.0        5,851        7.8        (559     (8.7
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Equipment Business

     268        0.2        300        0.3        32        11.9   

Others

     (1,191            (2,573            (1,382       
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating profit

     37,289        11.0        11,408        3.6        (25,881     (69.4

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

     10,168               13,671               3,503        34.5   

Adjustments and eliminations

     (447            (281            166          
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

   ¥ 47,010        13.9      ¥ 24,798        7.7      ¥ (22,212     (47.2
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
* % to net sales of each corresponding segment

Note:

Former Kyocera Chemical Group, included in “Others” until the year ended March 31, 2016, has been reclassified and included in the “Semiconductor Parts Group” commencing from the year ending March 31, 2017. Due to this change, results for the previous first quarter have been reclassified to conform to the current presentation. As a result of this reclassification, a gain of approximately ¥12 billion from the sale of assets was included in the operating profit of the “Semiconductor Parts Group” for the previous first quarter.

 

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Net Sales by Geographic Area

1) Japan

Sales in Japan increased compared with the previous first quarter due primarily to an increase in sales in the Information Equipment Group and the Telecommunications Equipment Group as well as to the contribution of sales from Nihon Inter Electronics Corporation, which joined Kyocera Group in September 2015.

2) Asia

Sales in Asia decreased compared with the previous first quarter due primarily to a decline in sales in the Semiconductor Parts Group and the Fine Ceramic Parts Group as well as to the effect of the yen’s appreciation.

3) United States of America

Sales in the United States of America decreased compared with the previous first quarter due mainly to a decline in sales in the Information Equipment Group and the Electronic Device Group which were affected by the effect of the yen’s appreciation.

4) Europe

Sales in Europe decreased compared with the previous first quarter due mainly to a decline in sales in the Information Equipment Group and the Electronic Device Group which were affected by the effect of the yen’s appreciation.

5) Others

Sales in Others decreased compared with the previous first quarter due primarily to a decline in sales in the Semiconductor Parts Group and the Information Equipment Group.

 

     Three months ended June 30,      Increase
(Decrease)
 
     2015      2016     
     Amount      %      Amount      %      Amount     %  
     (Yen in millions)  

Japan

   ¥ 125,029         36.8       ¥ 129,255         40.4         ¥   4,226        3.4   

Asia

     79,597         23.5         67,316         21.0         (12,281     (15.4

United States of America

     58,748         17.3         55,395         17.3         (3,353     (5.7

Europe

     60,376         17.8         54,284         17.0         (6,092     (10.1

Others

     15,497         4.6         13,735         4.3         (1,762     (11.4
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Net sales

   ¥ 339,247         100.0       ¥ 319,985         100.0         ¥(19,262     (5.7
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

 

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Table of Contents

(2) Financial Condition

Consolidated Cash Flows

Cash and cash equivalents at June 30, 2016 decreased by ¥29,005 million to ¥345,015 million from ¥374,020 million at March 31, 2016.

1) Cash flows from operating activities

Net cash provided by operating activities for the first quarter increased by ¥4,767 million to ¥37,459 million from ¥32,692 million for the previous first quarter. This mainly reflected that an increase in cash inflow due to the changes in accounts payable exceeded a decrease in cash inflow due to the changes in accounts receivables.

2) Cash flows from investing activities

Net cash used in investing activities for the first quarter decreased by ¥19,974 million to ¥24,436 million from ¥44,410 million for the previous first quarter. This was due mainly to an increase in maturities and sales of securities, which exceeded a decrease in proceeds from sales of property, plant and equipment.

3) Cash flows from financing activities

Net cash used in financing activities for the first quarter increased by ¥125 million to ¥24,711 million from ¥24,586 million for the previous first quarter. This was due mainly to increases in payments of short-term and long-term debts, which exceeded a decrease in dividends paid.

 

     Three months ended June 30,  
     2015     2016  
     (Yen in millions)  

Cash flows from operating activities

   ¥ 32,692      ¥ 37,459   

Cash flows from investing activities

     (44,410     (24,436

Cash flows from financing activities

     (24,586     (24,711

Effect of exchange rate changes on cash and cash equivalents

     4,099        (17,317

Net decrease in cash and cash equivalents

     (32,205     (29,005

Cash and cash equivalents at beginning of period

     351,363        374,020   

Cash and cash equivalents at end of period

   ¥ 319,158      ¥ 345,015   

 

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(3) Consolidated Financial Forecasts for the Year Ending March 31, 2017

In the first quarter, demand for core products was largely in line with initial projections. From the three months ending September 30, 2016 (“the second quarter”) onward, Kyocera forecasts an increase in component demand due to recovery in production of smartphones. Kyocera also forecasts an increase in sales in the solar energy business in both the public and commercial sectors and growth in sales in the Equipment Business. Based on these forecasts, Kyocera has not made any changes to the sales and profit forecasts for the year ending March 31, 2017 that were announced on April 27, 2016.

In light of recent circumstances, Kyocera has revised assumed exchange rates for the second quarter onward from ¥110 to ¥105 against the U.S. dollar and from ¥120 to ¥115 against the Euro compared with the forecasts made in April. As a result, full-year forecasts of average exchange rates for fiscal 2017 have been revised to ¥106 to the U.S. dollar and ¥117 to the Euro.

 

     Results for
the year ended
March 31, 2016
     Forecasts for
the year ending
March 31, 2017
     Increase
(Decrease)
to Results
 
     Amount      %      Amount      %      Amount     %  
     (Yen in millions)  

Net sales

   ¥ 1,479,627         100.0       ¥ 1,520,000         100.0       ¥ 40,373        2.7   

Profit from operations

     92,656         6.3         110,000         7.2         17,344        18.7   

Income before income taxes

     145,583         9.8         130,000         8.6         (15,583     (10.7

Net income attributable to shareholders of Kyocera Corporation

     109,047         7.4         85,000         5.6         (24,047     (22.1

 

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Note: Forward-Looking Statements

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

 

(1) General 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.

2. OTHER INFORMATION

Changes in accounting policies

Recently Adopted Accounting Standards

The accounting standards which Kyocera adopted on or after April 1, 2016 did not have material impacts on Kyocera’s consolidated results of operations, financial condition and cash flows.

 

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3. CONSOLIDATED FINANCIAL STATEMENTS

(1) Consolidated Balance Sheets (Unaudited)

 

     March 31, 2016      June 30, 2016      Increase
(Decrease)
 
     Amount     %      Amount     %     
     (Yen in millions)  

Current assets:

            

Cash and cash equivalents

   ¥ 374,020                              ¥ 345,015                              ¥ (29,005

Short-term investments in debt securities

     101,566           72,834           (28,732

Other short-term investments

     213,613           225,903           12,290   

Trade notes receivables

     22,832           20,186           (2,646

Trade accounts receivables

     266,462           227,144           (39,318

Less allowances for doubtful accounts and sales returns

     (5,278        (5,327        (49

Inventories

     327,875           315,713           (12,162

Other current assets

     133,671           133,598           (73
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total current assets

     1,434,761        46.4         1,335,066        44.5         (99,695
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Non-current assets:

            

Investments and advances:

            

Long-term investments in debt and equity securities

     1,131,403           1,152,009           20,606   

Other long-term investments

     20,130           20,494           364   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total investments and advances

     1,151,533        37.2         1,172,503        39.1         20,970   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Property, plant and equipment:

            

Land

     59,914           59,284           (630

Buildings

     344,087           340,133           (3,954

Machinery and equipment

     841,895           831,073           (10,822

Construction in progress

     18,314           17,197           (1,117

Less accumulated depreciation

     (999,723        (984,135        15,588   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total property, plant and equipment

     264,487        8.5         263,552        8.8         (935
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Goodwill

     102,599        3.3         100,122        3.3         (2,477

Intangible assets

     59,106        1.9         53,696        1.8         (5,410

Other assets

     82,563        2.7         73,428        2.5         (9,135
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total non-current assets

     1,660,288        53.6         1,663,301        55.5         3,013   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total assets

   ¥ 3,095,049        100.0       ¥ 2,998,367        100.0       ¥ (96,682
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

 

10


Table of Contents
     March 31, 2016      June 30, 2016      Increase
(Decrease)
 
     Amount     %      Amount     %     
     (Yen in millions)  

Current liabilities:

            

Short-term borrowings

   ¥ 5,119                              ¥ 999                              ¥ (4,120

Current portion of long-term debt

     9,516           8,084           (1,432

Trade notes and accounts payable

     115,644           100,589           (15,055

Other notes and accounts payable

     82,758           74,725           (8,033

Accrued payroll and bonus

     59,959           48,232           (11,727

Accrued income taxes

     22,847           4,636           (18,211

Other accrued liabilities

     43,525           38,320           (5,205

Other current liabilities

     28,464           34,652           6,188   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total current liabilities

     367,832        11.9         310,237        10.3         (57,595
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Non-current liabilities:

            

Long-term debt

     18,115           15,197           (2,918

Accrued pension and severance liabilities

     46,101           43,637           (2,464

Deferred income taxes

     271,220           273,367           2,147   

Other non-current liabilities

     18,019           17,825           (194
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total non-current liabilities

     353,455        11.4         350,026        11.7         (3,429
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total liabilities

     721,287        23.3         660,263        22.0         (61,024
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Kyocera Corporation shareholders’ equity:

            

Common stock

     115,703           115,703             

Additional paid-in capital

     162,844           162,937           93   

Retained earnings

     1,571,002           1,570,112           (890

Accumulated other comprehensive income

     469,803           442,258           (27,545

Common stock in treasury, at cost

     (35,088        (35,089        (1
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total Kyocera Corporation shareholders’ equity

     2,284,264        73.8         2,255,921        75.2         (28,343
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Noncontrolling interests

     89,498        2.9         82,183        2.8         (7,315
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total equity

     2,373,762        76.7         2,338,104        78.0         (35,658
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total liabilities and equity

   ¥ 3,095,049        100.0       ¥ 2,998,367        100.0       ¥ (96,682
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Note: Accumulated other comprehensive income is as follows:

 

     March 31, 2016     June 30, 2016     Increase
(Decrease)
 
     (Yen in millions)  

Net unrealized gains on securities

                         ¥ 517,190                            ¥ 535,433      ¥ 18,243   

Net unrealized losses on derivative financial instruments

     (488     (519     (31

Pension adjustments

     (42,648     (41,354     1,294   

Foreign currency translation adjustments

     (4,251     (51,302     (47,051
  

 

 

   

 

 

   

 

 

 

Total

                         ¥ 469,803                            ¥ 442,258      ¥ (27,545
  

 

 

   

 

 

   

 

 

 

 

11


Table of Contents

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

Consolidated Statements of Income

 

    Three months ended June 30,     Increase
(Decrease)
 
    2015     2016    
    Amount     %     Amount     %     Amount     %  
    (Yen in millions and shares in thousands, except per share amounts)  

Net sales

  ¥ 339,247        100.0      ¥ 319,985        100.0      ¥ (19,262     (5.7

Cost of sales

    248,761        73.3        239,855        75.0        (8,906     (3.6
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

    90,486        26.7        80,130        25.0        (10,356     (11.4

Selling, general and administrative expenses

    57,903        17.1        67,860        21.2        9,957        17.2   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Profit from operations

    32,583        9.6        12,270        3.8        (20,313     (62.3
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other income (expenses) :

           

Interest and dividend income

    12,674        3.7        14,584        4.6        1,910        15.1   

Interest expense

    (381     (0.1     (1,058     (0.3     (677       

Foreign currency transaction gains, net

    1,666        0.5        (1,273     (0.4     (2,939       

Gains on sales of securities

                  103        0.0        103          

Other, net

    468        0.2        172        0.0        (296     (63.2
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total other income (expenses)

    14,427        4.3        12,528        3.9        (1,899     (13.2
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

    47,010        13.9        24,798        7.7        (22,212     (47.2

Income taxes

    13,946        4.2        6,324        1.9        (7,622     (54.7
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

    33,064        9.7        18,474        5.8        (14,590     (44.1

Net income attributable to noncontrolling interests

    (1,489     (0.4     (1,021     (0.3     468          
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to shareholders of Kyocera Corporation

  ¥ 31,575        9.3      ¥ 17,453        5.5      ¥ (14,122     (44.7
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Per share information:

           

Net income attributable to shareholders of
Kyocera Corporation:

           

Basic

  ¥ 86.07        ¥ 47.58         

Diluted

    86.07          47.58         

Average number of shares of common stock outstanding:

           

Basic

    366,861          366,857         

Diluted

    366,861          366,857         

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.

 

12


Table of Contents

Consolidated Statements of Comprehensive Income

 

     Three months ended June 30,     Increase
(Decrease)
 
     2015     2016    
     Amount     Amount     Amount  
     (Yen in millions)  

Net income

   ¥ 33,064      ¥ 18,474      ¥ (14,590
  

 

 

   

 

 

   

 

 

 

Other comprehensive income (loss)—net of taxes

      

Net unrealized gains on securities

     59,739        18,204        (41,535

Net unrealized losses on derivative financial instruments

     (52     (17     35   

Pension adjustments

     (820     1,421        2,241   

Foreign currency translation adjustments

     12,297        (53,836     (66,133
  

 

 

   

 

 

   

 

 

 

Total other comprehensive income (loss)

     71,164        (34,228     (105,392
  

 

 

   

 

 

   

 

 

 

Comprehensive income (loss)

     104,228        (15,754     (119,982

Comprehensive income (loss) attributable to noncontrolling interests

     (2,906     5,669        8,575   
  

 

 

   

 

 

   

 

 

 

Comprehensive income (loss) attributable to shareholders of
Kyocera Corporation

   ¥ 101,322      ¥ (10,085   ¥ (111,407
  

 

 

   

 

 

   

 

 

 

(3) Notes to the consolidated financial statements

Cautionary Statement for Premise of a Going Concern

None.

Cautionary Statement for Significant Changes in Equity

None.

 

13

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