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Kyocera 6-K 2017

Documents found in this filing:

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 6-K

Report of Foreign Private Issuer

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

the Securities Exchange Act of 1934

For the month of May 2017

Commission File Number: 1-07952

KYOCERA CORPORATION

(Translation of registrant’s name into English)

6 Takeda Tobadono-cho, Fushimi-ku,

Kyoto 612-8501, Japan

(Address of principal executive office)

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  ☒        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

(Registrant)

/s/ SHOICHI AOKI

Shoichi Aoki

Director,

Managing Executive Officer and

General Manager of

Corporate Financial and Accounting Group

Date : May 1, 2017


Table of Contents

Information furnished on this form:

EXHIBITS

 

Exhibit

    Number    

   

1.

  Consolidated Financial Results of Kyocera Corporation and its Subsidiaries for the Year Ended March 31, 2017


Table of Contents

LOGO

Consolidated Financial Results of Kyocera Corporation and its Subsidiaries

for the Year Ended March 31, 2017

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

1. Consolidated Financial Results for the Year Ended March 31, 2017 (Fiscal 2017)

 

(1) Consolidated results of operations

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

Fiscal 2017

     1,422,754        (3.8     104,542        12.8       137,849        (5.3     103,843        (4.8

Fiscal 2016

     1,479,627        (3.1     92,656        (0.8     145,583        19.5       109,047        (5.9

(Note) Comprehensive income:

  85,628 million yen in the year ended March 31, 2017, (22.1)% of change from previous year

109,969 million yen in the year ended March 31, 2016, (68.8)% of change from previous year

 

      Net income
attributable to
shareholders of
Kyocera Corporation
per share - Basic
     Net income
attributable to
shareholders of
Kyocera Corporation
per share - Diluted
     Ratio of net income
attributable to
shareholders of
Kyocera Corporation
to shareholders’ equity
     Ratio of income
before income taxes
to total assets
     Ratio of profit
from operations
to net sales
 
     Yen      Yen      %      %      %  

Fiscal 2017

     282.62        282.62        4.5        4.4        7.3  

Fiscal 2016

     297.24        297.24        4.8        4.8        6.3  

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

(1,377) million yen in the year ended March 31, 2017

   (739) million yen in the year ended March 31, 2016

(2) Consolidated financial condition

 

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

March 31, 2017

     3,110,470        2,418,909        2,334,219        75.1        6,347.95  

March 31, 2016

     3,095,049        2,373,762        2,284,264        73.8        6,226.58  

(3) Consolidated cash flows

 

      Operating activities      Investing activities     Financing activities     Cash and cash equivalents
at end of year
 
     Million yen      Million yen     Million yen     Million yen  

Fiscal 2017

     164,231        (112,089     (47,972     376,195  

Fiscal 2016

     194,040        (106,809     (50,608     374,020  

2. Dividends

 

   

 

Dividends per share

    Annual aggregate
amount of
dividends
    Dividends to
net income
attributable to
shareholders of
Kyocera Corporation
    Dividends to
Kyocera Corporation
shareholders’ equity
 
  End of
first quarter
    End of
second quarter
    End of
third quarter
    Year-end     Annual        
    Yen     Yen     Yen     Yen     Yen     Million yen     %     %  

Fiscal 2016

          50.00             50.00       100.00       36,686       33.6       1.6  

Fiscal 2017

          50.00             60.00       110.00       40,449       38.9       1.7  

Fiscal 2018 (forecast)

                            110.00         38.5    

(Note) Dividends per share for the year ending March 31, 2018 are forecasted to be 110 yen on an annual basis.

 

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3. Consolidated Financial Forecast for the Year Ending March 31, 2018 (Fiscal 2018)

 

              (% of change from the previous year)  
      Net sales      Profit from
operations
     Income before
income taxes
     Net income
attributable to
shareholders of
Kyocera Corporation
     Net income
attributable to
shareholders of
Kyocera Corporation
per share
 
     Million yen      %      Million yen      %      Million yen      %      Million yen      %      Yen  

Fiscal 2018

     1,500,000        5.4        120,000        14.8        150,000        8.8        105,000        1.1        285.77  

(Note) Forecast of net income attributable to shareholders of Kyocera Corporation per share is calculated based on the diluted average number of shares outstanding during the year ended March 31, 2017.

Notes:

(1) Increase or decrease in significant subsidiaries during the year ended March 31, 2017: Not applicable

(2) 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: Not applicable

For detailed information, please refer to the accompanying “(5) Basis of Preparation of Consolidated Financial Statements” on page 18.

(3) Number of shares (common stock):

(i) Number of shares issued:

 

377,618,580 shares at March 31, 2017

   377,618,580 shares at March 31, 2016

(ii) Number of treasury stock:

 

9,906,197 shares at March 31, 2017

   10,761,503 shares at March 31, 2016

(iii) Average number of shares outstanding:

 

367,428,405 shares in the year ended March 31, 2017

   366,859,072 shares in the year ended March 31, 2016

 

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

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

1. Non-consolidated Financial Results for the Year Ended March 31, 2017:

 

(1) Non-consolidated results of operations

        (% of change from previous year)  
    Net sales     Profit from operations     Recurring profit     Net income  
    Million yen     %     Million yen     %     Million yen     %     Million yen      %  

Fiscal 2017

    662,595       11.7       24,325       (13.6     81,339       (14.0     83,724        13.1  

Fiscal 2016

    592,979       (6.6     28,147       28.1       94,598       14.5       74,041        9.4  

 

     Net income per share - Basic      Net income per share - Diluted  
     Yen      Yen  

Fiscal 2017

     227.86         

Fiscal 2016

     201.82         

(2) Non-consolidated financial condition

 

     Total assets      Net assets      Net assets to total assets      Net assets per share  
     Million yen      Million yen      %      Yen  

March 31, 2017

     2,435,888        1,922,944        78.9        5,229.48  

March 31, 2016

     2,390,223        1,890,882        79.1        5,154.27  

Presentation of Situation of Audit Procedure

The consolidated financial information included in this Form 6-K is out of scope of audit procedure.

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 Year Ended March 31, 2017. 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.

 

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Accompanying Information

1. OUTLOOK OF BUSINESS RESULTS

(1) Business Results

[Business Results for the Year Ended March 31, 2017]

Consolidated Financial Results

For the year ended March 31, 2017 (“fiscal 2017”) sales in the Fine Ceramic Parts Group and the Semiconductor Parts Group increased compared with the year ended March 31, 2016 (“fiscal 2016”) supported by increases in automobile sales in Asia and investment in communications infrastructure. By contrast, sales in the solar energy business decreased due primarily to market price erosion. Sales in the Telecommunications Equipment Group also decreased due to a decline in sales volume as a result of a revision in product strategy. In addition, a shift to appreciation of the yen as compared to depreciation in fiscal 2016 adversely affected sales. As a result, consolidated net sales for fiscal 2017 amounted to ¥1,422,754 million, down ¥56,873 million, or 3.8%, compared with fiscal 2016. Profit from operations increased by ¥11,886 million, or 12.8%, to ¥104,542 million as compared with fiscal 2016, due mainly to cost reduction efforts, and to the absence of impairment losses on goodwill and long lived assets recorded in fiscal 2016. Income before income taxes decreased by ¥7,734 million, or 5.3%, to ¥137,849 million as compared with fiscal 2016 due to the absence of a gain on the sale of an asset in the amount of approximately ¥20 billion recorded in fiscal 2016. Net income attributable to shareholders of Kyocera Corporation decreased by ¥5,204 million, or 4.8%, to ¥103,843 million.

Average exchange rates for fiscal 2017 were ¥108 to the U.S. dollar, marking appreciation of ¥12 (10.0%), and ¥119 to the Euro, marking appreciation of ¥14 (10.5%), from fiscal 2016. As a result, net sales and income before income taxes after translation into yen for fiscal 2017 were pushed down by approximately ¥94 billion and approximately ¥26 billion, respectively, compared with fiscal 2016.

 

     Years ended March 31,      Increase
(Decrease)
 
     2016      2017     
     Amount      %      Amount      %      Amount     %  
     (Yen in millions, except per share amounts and exchange rates)  

Net sales

   ¥ 1,479,627        100.0      ¥ 1,422,754        100.0      ¥ (56,873     (3.8

Profit from operations

     92,656        6.3        104,542        7.3        11,886       12.8  

Income before income taxes

     145,583        9.8        137,849        9.7        (7,734     (5.3

Net income attributable to shareholders of Kyocera Corporation

     109,047        7.4        103,843        7.3        (5,204     (4.8

Diluted earnings per share attributable to shareholders of Kyocera Corporation

     297.24               282.62                      

Average US$ exchange rate

     120               108               (12     (10.0

Average Euro exchange rate

     133               119               (14     (10.5

The negative impacts due to changes in foreign currency exchange rates for the fiscal 2017 compared with the fiscal 2016

 

Net sales:

   approximately ¥94 billion

Income before income taxes:

   approximately ¥26 billion

 

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Consolidated Results by Reporting Segment

1) Fine Ceramic Parts Group

Sales in this reporting segment increased compared with fiscal 2016 due to an increase in sales of automotive components and components for semiconductor processing equipment, despite the negative impact of the yen’s appreciation. Operating profit decreased compared with fiscal 2016 due mainly to the negative impact of the yen’s appreciation and higher R&D expenses.

2) Semiconductor Parts Group

Sales in this reporting segment increased compared with fiscal 2016, due to an increase in sales of ceramic packages for optical communications and other applications, which was more than enough to offset sluggish demand for organic multilayer boards for communications infrastructure. Operating profit decreased due to the absence of a gain on the sale of an asset in the amount of approximately ¥12 billion recorded in fiscal 2016, as well as to the negative impact of the yen’s appreciation and a decline in profit from the organic materials business.

3) Applied Ceramic Products Group

Sales in this reporting segment decreased compared with fiscal 2016 as a result of a decline in sales in the solar energy business due to a reduction in product prices worldwide and a decline in purchase price under the feed-in tariff system in Japan. Operating profit decreased as a result of the impact of lower sales and a decline in profit from the cutting tool business due to the negative impact of the yen’s appreciation.

4) Electronic Device Group

Sales in this reporting segment remained flat compared with fiscal 2016 due to the negative impact of the yen’s appreciation and to sales price erosion in capacitors and other products, which were enough to offset increased sales of crystal components. Operating profit increased due to the absence of impairment losses on goodwill and long lived assets in the display business in the amount of approximately ¥18 billion in recorded in fiscal 2016.

5) Telecommunications Equipment Group

Sales in this reporting segment decreased compared with fiscal 2016 due to a decline in sales volume as a result of a reduction in the production ratio of low-end mobile phones for the overseas market, which was pursuant to Kyocera’s product strategy to specialize in distinctive mobile phones with unique features, such as high durability. Operating profit was recorded in fiscal 2017 as a result of product strategy and structural reforms.

6) Information Equipment Group

Sales in this reporting segment decreased compared with fiscal 2016 due to the negative impact of the yen’s appreciation, which was more than enough to offset solid sales volume for equipment supported by aggressive sales activities for new products. Operating profit increased compared with fiscal 2016, however, due to the effect of new product launches and cost reductions resulting from, among others, an improvement in productivity.

 

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Net Sales by Reporting Segment

 

     Years ended March 31,     Increase
(Decrease)
 
     2016     2017    
     Amount     %     Amount     %     Amount     %  
     (Yen in millions)  

Fine Ceramic Parts Group

   ¥ 95,092       6.4     ¥ 97,445       6.8     ¥ 2,353       2.5  

Semiconductor Parts Group

     236,265       16.0       245,727       17.3       9,462       4.0  

Applied Ceramic Products Group

     247,516       16.7       225,176       15.8       (22,340     (9.0

Electronic Device Group

     290,902       19.7       288,511       20.3       (2,391     (0.8
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Components Business

     869,775       58.8       856,859       60.2       (12,916     (1.5

Telecommunications Equipment Group

     170,983       11.6       145,682       10.2       (25,301     (14.8

Information Equipment Group

     336,308       22.7       324,012       22.8       (12,296     (3.7
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Equipment Business

     507,291       34.3       469,694       33.0       (37,597     (7.4

Others

     146,897       9.9       138,362       9.7       (8,535     (5.8

Adjustments and eliminations

     (44,336     (3.0     (42,161     (2.9     2,175        
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net sales

   ¥ 1,479,627       100.0     ¥ 1,422,754       100.0     ¥ (56,873     (3.8
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating Profit (Loss) by Reporting Segment

 

            
     Years ended March 31,     Increase
(Decrease)
 
     2016     2017    
     Amount     %*     Amount     %*     Amount     %  
     (Yen in millions)  

Fine Ceramic Parts Group

   ¥ 15,745       16.6     ¥ 14,512       14.9     ¥ (1,233     (7.8

Semiconductor Parts Group

     42,232       17.9       25,662       10.4       (16,570     (39.2

Applied Ceramic Products Group

     16,386       6.6       15,639       6.9       (747     (4.6

Electronic Device Group

     10,974       3.8       30,061       10.4       19,087       173.9  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Components Business

     85,337       9.8       85,874       10.0       537       0.6  

Telecommunications Equipment Group

     (4,558           1,084       0.7       5,642        

Information Equipment Group

     27,106       8.1       28,080       8.7       974       3.6  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Equipment Business

     22,548       4.4       29,164       6.2       6,616       29.3  

Others

     (1,722           (544           1,178        
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating profit

     106,163       7.2       114,494       8.0       8,331       7.8  

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

     39,534             24,636             (14,898     (37.7

Adjustments and eliminations

     (114           (1,281           (1,167      
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

   ¥ 145,583       9.8     ¥ 137,849       9.7     ¥ (7,734     (5.3
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
* % 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 fiscal 2017. Due to this change, results for the fiscal 2016 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 an asset was included in the operating profit of the “Semiconductor Parts Group” for the fiscal 2016.

 

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[Consolidated Forecasts for the Year Ending March 31, 2018]

In the year ending March 31, 2018 (“fiscal 2018”), we expect that smartphones will become more sophisticated and proliferation of the Internet of things (IoT) will accelerate in information and communications markets. At the same time, we expect that production activities will be brisk in automotive-related markets and the semiconductor industry. Kyocera will proactively launch products such as miniature, high-performance components and high market share products in these buoyant markets as a means to increase sales. Kyocera will also make efforts to further boost profitability by continuing cost reduction efforts in the solar energy business and the Telecommunications Equipment Group, which underwent structural reform in fiscal 2017 including reorganization of production systems. In light of these forecasts, Kyocera projects financial results for fiscal 2018 as shown in the table below.

Assumed exchange rates for fiscal 2018 are ¥108 to the U.S. dollar, unchanged for fiscal 2017, and ¥115 to the Euro, marking appreciation of ¥4 (3.4%) compared with ¥119 for fiscal 2017.

Under a new management system to be adopted commencing April 2017, Kyocera will strive to expand existing businesses by strengthening cost competitiveness through further cost reduction. Kyocera will also work to create new businesses, pursuing synergies utilizing internal technologies and strengthening employment of external resources through M&A and other methods, with the aim of accelerating growth.

 

     Results for
the year ended
March 31, 2017
     Forecasts for
the year ending
March 31, 2018
     Increase
(Decrease)
 
     Amount      %          Amount               %             Amount            %      
     (Yen in millions, except per share amounts and exchange rates)  

Net sales

   ¥ 1,422,754        100.0      ¥ 1,500,000        100.0      ¥ 77,246        5.4  

Profit from operations

     104,542        7.3        120,000        8.0        15,458        14.8  

Income before income taxes

     137,849        9.7        150,000        10.0        12,151        8.8  

Net income attributable to shareholders of Kyocera Corporation

     103,843        7.3        105,000        7.0        1,157        1.1  

Diluted earnings per share attributable to shareholders of
Kyocera Corporation

     282.62               285.77                       

Average US$ exchange rate

     108               108                       

Average Euro exchange rate

     119               115                       

 

Note: Forecast of diluted earnings per share attributable to shareholders of Kyocera Corporation is computed based on the diluted average number of shares outstanding during the year ended March 31, 2017.

Change in reporting segment classification

Starting from fiscal 2018, Kyocera will change the classification of its reporting segments to “Industrial & Automotive Components Group”, “Semiconductor Components Group”, “Electronic Devices Group”, “Communications Group”, “Document Solutions Group” and “Life & Environment Group”. The principal businesses of each reporting segment will be as follows.

 

Reporting segment classification

  

Principal business

Industrial & Automotive Components Group

   Fine Ceramic Components, Automotive Components, Liquid Crystal Displays, Cutting Tools etc.

Semiconductor Components Group

   Ceramic Packages, Organic Multilayer Substrates and Boards etc.

Electronic Devices Group

   Electronic Components, Power Semiconductor Products, Printing Devices etc.

Communications Group

  

Mobile Phones, M2M Modules,

Information Systems and Telecommunication Services etc.

Document Solutions Group

   Printers, Multifunctional Products, Document Solutions, Supplies etc.

Life & Environment Group

   Solar Power Generating System related Products, Medical Devices, Jewelry and Ceramic Knives etc.

 

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Table of Contents

Business results for fiscal 2017 have been reclassified in line with this change to reporting segment classifications.

Net Sales by Reporting Segment

 

     Results for
the year ended
March 31, 2017
    Forecasts for
the year ending
March 31, 2018
    Increase
(Decrease)
 
     Amount     %         Amount             %           Amount           %      
     (Yen in millions)  

Industrial & Automotive Components Group

   ¥ 230,229       16.2     ¥ 246,000       16.4     ¥ 15,771       6.9  

Semiconductor Components Group

     245,727       17.3       248,000       16.5       2,273       0.9  

Electronic Devices Group

     240,798       16.9       254,000       17.0       13,202       5.5  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Components Business

     716,754       50.4       748,000       49.9       31,246       4.4  

Communications Group

     252,641       17.7       269,000       17.9       16,359       6.5  

Document Solutions Group

     324,012       22.8       350,000       23.4       25,988       8.0  

Life & Environment Group

     149,207       10.5       153,000       10.2       3,793       2.5  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Equipment & Systems Business

     725,860       51.0       772,000       51.5       46,140       6.4  

Others

     22,066       1.5       16,000       1.0       (6,066     (27.5

Adjustments and eliminations

     (41,926     (2.9     (36,000     (2.4     5,926        
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net sales

   ¥ 1,422,754       100.0     ¥ 1,500,000       100.0     ¥ 77,246       5.4  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating Profit (Loss) by Reporting Segment

            
     Results for
the year ended
March 31, 2017
    Forecasts for
the year ending
March 31, 2018
    Increase
(Decrease)
 
     Amount     %*         Amount             %*         Amount     %  
     (Yen in millions)  

Industrial & Automotive Components Group

   ¥ 22,442       9.7     ¥ 26,000       10.6     ¥ 3,558       15.9  

Semiconductor Components Group

     25,310       10.3       26,000       10.5       690       2.7  

Electronic Devices Group

     30,558       12.7       33,000       13.0       2,442       8.0  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Components Business

     78,310       10.9       85,000       11.4       6,690       8.5  

Communications Group

     8,528       3.4       13,000       4.8       4,472       52.4  

Document Solutions Group

     28,080       8.7       35,000       10.0       6,920       24.6  

Life & Environment Group

     1,345       0.9       3,000       2.0       1,655       123.0  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Equipment & Systems Business

     37,953       5.2       51,000       6.6       13,047       34.4  

Others

     (1,759           (3,000           (1,241      
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating profit

     114,504       8.0       133,000       8.9       18,496       16.2  

Corporate and others

     23,345             17,000             (6,345     (27.2
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

   ¥ 137,849       9.7     ¥ 150,000       10.0     ¥ 12,151       8.8  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
* % to net sales of each corresponding segment

 

8


Table of Contents
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


Table of Contents

(2) Financial Condition

Consolidated Cash Flows

Cash and cash equivalents at March 31, 2017 increased by ¥2,175 million to ¥376,195 million from ¥374,020 million at March 31, 2016.

i) Cash flows from operating activities

Net cash provided by operating activities for fiscal 2017 decreased by ¥29,809 million to ¥164,231 million from ¥194,040 million for fiscal 2016. This was mainly because receivables, which decreased for fiscal 2016, increased for fiscal 2017.

ii) Cash flows from investing activities

Net cash used in investing activities for fiscal 2017 increased by ¥5,280 million to ¥112,089 million from ¥106,809 million for fiscal 2016. This was due mainly to decreases in proceeds from sales of available-for-sale securities and sales of property, plant and equipment.

iii) Cash flows from financing activities

Net cash used in financing activities for fiscal 2017 decreased by ¥2,636 million to ¥47,972 million from ¥50,608 million for fiscal 2016. This was due mainly to a decrease in year-end dividends paid.

Consolidated Cash Flows

 

     Years ended March 31,     Increase
(Decrease)
 
     2016     2017    
     (Yen in millions)  

Cash flows from operating activities

   ¥ 194,040     ¥ 164,231     ¥ (29,809

Cash flows from investing activities

     (106,809     (112,089     (5,280

Cash flows from financing activities

     (50,608     (47,972     2,636  

Effect of exchange rate changes on cash and cash equivalents

     (13,966     (1,995     11,971  

Net increase in cash and cash equivalents

     22,657       2,175       (20,482

Cash and cash equivalents at beginning of year

     351,363       374,020       22,657  

Cash and cash equivalents at end of year

   ¥ 374,020     ¥ 376,195     ¥ 2,175  

 

10


Table of Contents

(3)  Basic Profit Distribution Policy and Dividends for the Year Ended March 31, 2017 and for the Year Ending March 31, 2018

i) Basic profit distribution policy

Kyocera Corporation believes that the best way to increase corporate value and meet shareholders’ expectations is to improve future consolidated performance on an ongoing basis.

Kyocera Corporation therefore has adopted a principal guideline that dividend amounts be within a range based on net income attributable to shareholders of Kyocera Corporation on a consolidated basis, and has set its dividend policy to maintain a payout ratio of around 40% of consolidated net income attributable to shareholders of Kyocera Corporation. In addition, Kyocera Corporation determines dividend amounts based on an overall assessment, taking into account various factors including the amount of capital expenditures necessary for medium-to-long-term corporate growth.

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

ii) Dividends for the year ended March 31, 2017

Pursuant to the basic policy set forth above and based on full-year performance for the year ended March 31, 2017, Kyocera Corporation will distribute a year-end dividend for the year ended March 31, 2017 in the amount of 60 yen per share. When aggregated with the interim dividend in the amount of 50 yen per share, the total annual dividend will be 110 yen per share, 10 yen increase as compared with the year ended March 31, 2016.

iii) Dividend forecast for the year ending March 31, 2018

Dividend amounts for the year ending March 31, 2018 will be decided pursuant to the basic policy set forth above. At present, Kyocera Corporation forecasts a total annual dividend in the amount of 110 yen per share, based on its financial forecast for the year ending March 31, 2018.

2. BASIC RATIONALE FOR SELECTION OF ACCOUNTING STANDARD

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

 

11


Table of Contents

3. CONSOLIDATED FINANCIAL STATEMENTS

(1) Consolidated Balance Sheets

 

     March 31,     Increase
(Decrease)
 
     2016     2017    
     Amount     %     Amount     %    
     (Yen in millions)  
ASSETS       

Current assets:

          

Cash and cash equivalents

   ¥ 374,020       ¥ 376,195       ¥ 2,175  

Short-term investments in debt securities

     101,566         84,703         (16,863

Other short-term investments

     213,613         212,668         (945

Trade notes receivables

     22,832         28,370         5,538  

Trade accounts receivables

     266,462         291,485         25,023  

Less allowances for doubtful accounts and sales returns

     (5,278       (5,593       (315

Inventories

     327,875         331,155         3,280  

Other current assets

     133,671         119,714         (13,957
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total current assets

     1,434,761       46.4        1,438,697       46.3        3,936  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-current assets:

          

Investments and advances:

          

Long-term investments in debt and equity securities

     1,131,403         1,130,756         (647

Other long-term investments

     20,130         22,246         2,116  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total investments and advances

     1,151,533       37.2       1,153,002             37.0       1,469  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Property, plant and equipment:

          

Land

     59,914         59,963         49  

Buildings

     344,087         351,431         7,344  

Machinery and equipment

     841,895         841,973         78  

Construction in progress

     18,314         14,097         (4,217

Less accumulated depreciation

     (999,723       (1,000,860       (1,137
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total property, plant and equipment

     264,487       8.5       266,604       8.6        2,117  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Goodwill

     102,599       3.3       110,470       3.5       7,871  

Intangible assets

     59,106       1.9       61,235       2.0       2,129  

Other assets

     82,563       2.7        80,462       2.6       (2,101
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total non-current assets

     1,660,288       53.6       1,671,773       53.7       11,485  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

   ¥  3,095,049             100.0     ¥  3,110,470             100.0     ¥ 15,421  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

12


Table of Contents
     March 31,     Increase
(Decrease)
 
     2016     2017    
     Amount     %     Amount     %    
     (Yen in millions)  

LIABILITIES AND EQUITY

          

Current liabilities:

          

Short-term borrowings

   ¥ 5,119       ¥ 191       ¥ (4,928

Current portion of long-term debt

     9,516         8,235         (1,281

Trade notes and accounts payable

     115,644         129,460         13,816  

Other notes and accounts payable

     82,758         60,881         (21,877

Accrued payroll and bonus

     59,959         62,868         2,909  

Accrued income taxes

     22,847         15,707         (7,140

Other accrued liabilities

     43,525         51,062         7,537  

Other current liabilities

     28,464         36,257         7,793  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total current liabilities

     367,832       11.9       364,661       11.7        (3,171
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-current liabilities:

          

Long-term debt

     18,115         16,409         (1,706

Accrued pension and severance liabilities

     46,101         31,720         (14,381

Deferred income taxes

     271,220         258,859         (12,361

Other non-current liabilities

     18,019         19,912         1,893  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total non-current liabilities

     353,455       11.4       326,900       10.5       (26,555
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

     721,287       23.3       691,561       22.2       (29,726
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Kyocera Corporation shareholders’ equity:

          

Common stock

     115,703         115,703          

Additional paid-in capital

     162,844         165,230         2,386  

Retained earnings

     1,571,002         1,638,116         67,114  

Accumulated other comprehensive income

     469,803         447,479         (22,324

Common stock in treasury stock, at cost

     (35,088       (32,309       2,779  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Kyocera Corporation shareholders’ equity

     2,284,264       73.8        2,334,219       75.1       49,955  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Noncontrolling interests

     89,498       2.9       84,690       2.7       (4,808
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total equity

     2,373,762       76.7       2,418,909       77.8       45,147  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities and equity

   ¥  3,095,049             100.0     ¥  3,110,470             100.0     ¥ 15,421  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Note: Accumulated other comprehensive income is as follows:           
     March 31,           Increase
(Decrease)
 
     2016           2017          
     (Yen in millions)  

Net unrealized gains on securities

   ¥ 517,190       ¥  499,650       ¥ (17,540

Net unrealized losses on derivative financial instruments

     (488       (449       39  

Pension adjustments

     (42,648       (35,362       7,286  

Foreign currency translation adjustments

     (4,251       (16,360       (12,109

Total

   ¥ 469,803       ¥ 447,479       ¥ (22,324

 

13


Table of Contents

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

Consolidated Statements of Income

 

    Years ended March 31,     Increase
(Decrease)
 
    2016     2017    
    Amount     %     Amount     %     Amount     %  
    (Yen in millions and shares in thousands, except per share amounts)  

Net sales

  ¥ 1,479,627       100.0     ¥ 1,422,754       100.0     ¥ (56,873     (3.8

Cost of sales

    1,093,467       73.9       1,049,472       73.8       (43,995     (4.0
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

    386,160       26.1       373,282       26.2       (12,878     (3.3

Selling, general and administrative expenses

    279,361       18.9       268,740       18.9       (10,621     (3.8

Loss on impairment of goodwill

    14,143       0.9                   (14,143      
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Profit from operations

    92,656       6.3       104,542       7.3       11,886       12.8  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other income (expenses):

           

Interest and dividend income

    28,609       1.9       32,364       2.3       3,755       13.1  

Interest expense

    (1,814     (0.1     (901     (0.0     913        

Foreign currency transaction gains, net

    3,820       0.2       1,278       0.1       (2,542     (66.5

Gains on sales of securities, net

    20,600       1.4       193       0.0       (20,407     (99.1

Other, net

    1,712       0.1       373       0.0       (1,339     (78.2
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total other income (expenses)

    52,927       3.5       33,307       2.4       (19,620     (37.1
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

    145,583       9.8       137,849       9.7       (7,734     (5.3

Income taxes

    31,392       2.1       28,442       2.0       (2,950     (9.4
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

    114,191       7.7       109,407       7.7       (4,784     (4.2

Net income attributable to noncontrolling interests

    (5,144     (0.3     (5,564     (0.4     (420      
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to shareholders of
Kyocera Corporation

  ¥ 109,047       7.4     ¥ 103,843       7.3     ¥ (5,204     (4.8
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Per share information:

           

Net income attributable to shareholders of
Kyocera Corporation:

           

Basic

  ¥ 297.24       ¥ 282.62        

Diluted

  ¥ 297.24       ¥ 282.62        

Average number of shares of common stock
outstanding:

           

Basic

    366,859         367,428        

Diluted

    366,859         367,428        

Note:

Basic earnings per share attributable to shareholders of Kyocera Corporation was computed based on the average number of shares of common stock outstanding during each period, and diluted earnings per share attributable to shareholders of Kyocera Corporation was computed based on the diluted average number of shares of stock outstanding during each period.

 

14


Table of Contents

Consolidated Statements of Comprehensive Income

 

     Years ended March 31,     Increase
(Decrease)
 
     2016     2017    
     Amount     Amount     Amount  
     (Yen in millions)  

Net income

   ¥ 114,191     ¥ 109,407     ¥ (4,784
  

 

 

   

 

 

   

 

 

 

Other comprehensive income—net of taxes

      

Net unrealized gains (losses) on securities

     49,205       (17,597     (66,802

Net unrealized gains (losses) on derivative financial instruments

     (116     45       161  

Pension adjustments

     (13,969     7,252       21,221  

Foreign currency translation adjustments

     (39,342     (13,479     25,863  
  

 

 

   

 

 

   

 

 

 

Total other comprehensive income

     (4,222     (23,779     (19,557
  

 

 

   

 

 

   

 

 

 

Comprehensive income

     109,969       85,628       (24,341

Comprehensive income attributable to noncontrolling interests

     (786     (4,066     (3,280
  

 

 

   

 

 

   

 

 

 

Comprehensive income attributable to shareholders of Kyocera Corporation

   ¥ 109,183     ¥ 81,562     ¥ (27,621
  

 

 

   

 

 

   

 

 

 

 

15


Table of Contents

(3) Consolidated Statements of Changes in Equity

 

Number of shares

outstanding

  Common
stock
    Additional
paid-in
capital
    Retained
earnings
    Accumulated
other
comprehensive
income
    Treasury
stock
    Kyocera  Corporation
shareholders’
equity
    Noncontrolling
interests
    Total
equity
 
    ( Yen in millions and shares in thousands)  

Balance at March 31, 2015 (366,861)

  ¥ 115,703     ¥ 162,695     ¥ 1,502,310     ¥ 469,673     ¥ (35,062   ¥ 2,215,319     ¥ 88,304     ¥ 2,303,623  

Comprehensive income:

               

Net income

        109,047           109,047       5,144       114,191  

Other comprehensive income

          136         136       (4,358     (4,222
           

 

 

   

 

 

   

 

 

 

Total comprehensive income

              109,183       786       109,969  
           

 

 

   

 

 

   

 

 

 

Cash dividends paid to Kyocera Corporation’s shareholders

        (40,355         (40,355       (40,355

Cash dividends paid to noncontrolling interests

                (3,629     (3,629

Purchase of treasury stock (4)

            (27     (27       (27

Reissuance of treasury stock (0)

      0           1       1         1  

Stock option plan of subsidiaries

      125             125       48       173  

Other

      24         (6       18       3,989       4,007  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at March 31, 2016 (366,857)

  ¥ 115,703     ¥ 162,844     ¥ 1,571,002     ¥ 469,803     ¥ (35,088   ¥ 2,284,264     ¥ 89,498     ¥ 2,373,762  

Comprehensive income:

               

Net income

        103,843           103,843       5,564       109,407  

Other comprehensive income

          (22,281       (22,281     (1,498     (23,779
           

 

 

   

 

 

   

 

 

 

Total comprehensive income

              81,562       4,066       85,628  
           

 

 

   

 

 

   

 

 

 

Cash dividends paid to Kyocera Corporation’s shareholders

        (36,729         (36,729       (36,729

Cash dividends paid to noncontrolling interests

                (3,204     (3,204

Purchase of treasury stock (4)

            (25     (25       (25

Reissuance of treasury stock (0)

      2           2       4         4  

Stock option plan of subsidiaries

      189             189       71       260  

Acquisition of noncontrolling interests with the consolidated subsidiary merger (859)

      2,232           2,802       5,034       (6,474     (1,440

Other

      (37       (43       (80     733       653  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at March 31, 2017 (367,712)

  ¥ 115,703     ¥ 165,230     ¥ 1,638,116     ¥ 447,479     ¥ (32,309   ¥ 2,334,219     ¥ 84,690     ¥ 2,418,909  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

16


Table of Contents

(4) Consolidated Statements of Cash Flows

 

     Years ended March 31,  
     2016     2017  
     (Yen in millions)  

Cash flows from operating activities:

    

Net income

   ¥ 114,191     ¥ 109,407  

Adjustments to reconcile net income to net cash provided by operating activities:

    

Depreciation and amortization

     76,647       77,445  

Provision for doubtful accounts and loss on bad debts

     761       566  

Write-down of inventories

     12,238       9,215  

Deferred income taxes

     (17,795     (8,389

Gains on sales of securities, net

     (20,600     (193

Gains on sales of property, plant and equipment, net

     (12,039     (1,142

Loss on impairment of goodwill

     14,143        

Foreign currency adjustments

     2,955       4,160  

Change in assets and liabilities:

    

(Increase) decrease in receivables

     15,611       (30,035

(Increase) decrease in inventories

     6,310       (16,349

Decrease in other current assets

     87       9,023  

Increase in notes and accounts payable

     2,400       3,524  

Increase (decrease) in accrued income taxes

     5,807       (7,370

Increase (decrease) in other current liabilities

     (3,478     17,560  

Decrease in other non-current liabilities

     (4,722     (5,045

Other, net

     1,524       1,854  
  

 

 

   

 

 

 

Net cash provided by operating activities

     194,040       164,231  
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Payments for purchases of held-to-maturity securities

     (121,924     (146,832

Payments for purchases of other securities

     (5,546     (2,646

Proceeds from sales of available-for-sale securities

     39,057       237  

Proceeds from maturities of held-to-maturity securities

     94,608       132,501  

Acquisitions of businesses, net of cash acquired

     (22,676     (19,673

Payments for purchases of property, plant and equipment

     (66,102     (66,901

Payments for purchases of intangible assets

     (10,703     (5,810

Proceeds from sales of property, plant and equipment

     16,989       3,416  

Acquisition of time deposits and certificate of deposits

     (313,911     (454,998

Withdrawal of time deposits and certificate of deposits

     281,614       449,747  

Other, net

     1,785       (1,130
  

 

 

   

 

 

 

Net cash used in investing activities

     (106,809     (112,089
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Decrease in short-term borrowings, net

     (2,881     (4,729

Proceeds from issuance of long-term debt

     10,996       9,778  

Payments of long-term debt

     (12,830     (11,177

Dividends paid

     (43,874     (39,982

Purchases of noncontrolling interests

     (1,780     (1,942

Other, net

     (239     80  
  

 

 

   

 

 

 

Net cash used in financing activities

     (50,608     (47,972
  

 

 

   

 

 

 

Effect of exchange rate changes on cash and cash equivalents

     (13,966     (1,995
  

 

 

   

 

 

 

Net increase in cash and cash equivalents

     22,657       2,175  

Cash and cash equivalents at beginning of year

     351,363       374,020  
  

 

 

   

 

 

 

Cash and cash equivalents at end of year

   ¥ 374,020     ¥ 376,195  
  

 

 

   

 

 

 

 

17


Table of Contents

(5) Basis of Preparation of Consolidated Financial Statements

i) Scope of consolidation:

 

Number of consolidated subsidiaries

     218      Kyocera Document Solutions Inc.
      AVX Corporation
      Kyocera International, Inc. and others

Number of affiliates accounted for by the equity method

     12     

ii) Changes in scope of consolidation and application of the equity method:

 

Consolidated subsidiaries:

Number of increase

     15     

Number of decrease

     19     

Affiliates accounted for by the equity method:

Number of increase

     1     

Number of decrease

     1     

iii) Summary of significant accounting policies

Kyocera’s consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America.

iv) 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.

 

18


Table of Contents

(6) Segment Information

i) Reporting segments:

 

     Years ended March 31,     Increase
(Decrease)
 
     2016     2017    
     Amount     Amount     Amount     %  
     (Yen in millions)  

Depreciation and amortization:

        

Fine Ceramic Parts Group

   ¥ 5,329      ¥ 5,472      ¥ 143       2.7  

Semiconductor Parts Group

     16,220       17,147       927       5.7  

Applied Ceramic Products Group

     11,425       11,494       69       0.6  

Electronic Device Group

     17,294       17,416       122       0.7  

Telecommunications Equipment Group

     4,570       4,024       (546     (11.9

Information Equipment Group

     14,428       14,867       439       3.0  

Others

     5,383       5,160       (223     (4.1

Corporate

     1,998       1,865       (133     (6.7
  

 

 

   

 

 

   

 

 

   

 

 

 

Total

   ¥ 76,647     ¥ 77,445     ¥ 798       1.0  
  

 

 

   

 

 

   

 

 

   

 

 

 

Capital expenditures:

        

Fine Ceramic Parts Group

   ¥ 7,136     ¥ 5,310     ¥ (1,826     (25.6

Semiconductor Parts Group

     15,344       16,366       1,022       6.7  

Applied Ceramic Products Group

     10,055       9,367       (688     (6.8

Electronic Device Group

     19,607       21,359       1,752       8.9  

Telecommunications Equipment Group

     2,624       1,402       (1,222     (46.6

Information Equipment Group

     8,512       6,891       (1,621     (19.0

Others

     2,604       2,437       (167     (6.4

Corporate

     3,051       4,649       1,598       52.4  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total

   ¥ 68,933     ¥ 67,781     ¥ (1,152     (1.7
  

 

 

   

 

 

   

 

 

   

 

 

 

Research and Development:

        

Fine Ceramic Parts Group

   ¥ 3,731     ¥ 4,531     ¥ 800       21.4  

Semiconductor Parts Group

     3,078       3,398       320       10.4  

Applied Ceramic Products Group

     4,348       3,795       (553     (12.7

Electronic Device Group

     7,686       8,129       443       5.8  

Telecommunications Equipment Group

     3,868       2,348       (1,520     (39.3

Information Equipment Group

     24,021       21,674       (2,347     (9.8

Others

     12,023       11,536       (487     (4.1
  

 

 

   

 

 

   

 

 

   

 

 

 

Total

   ¥      58,755     ¥      55,411     ¥ (3,344     (5.7
  

 

 

   

 

 

   

 

 

   

 

 

 

(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 fiscal 2017. Due to this change, results for the fiscal 2016 have been reclassified to conform to the current presentation.

(Note) With regard to Reporting segment information of Net sales and Income before income taxes, please refer to the accompanying “1.OUTLOOK OF BUSINESS RESULTS (1) Business Results Consolidated Results by Reporting Segment” on page 6.

 

19


Table of Contents

ii) Geographic segments (Net sales by geographic area) :

 

     Years ended March 31,      Increase
(Decrease)
 
     2016      2017     
     Amount      %      Amount      %      Amount     %  
     (Yen in millions)  

Japan

   ¥ 607,642        41.1      ¥ 598,639        42.1      ¥ (9,003     (1.5

Asia

     307,744        20.8        304,013        21.4        (3,731     (1.2

Europe

     253,382        17.1        235,355        16.5        (18,027     (7.1

United States of America

     250,203        16.9        228,968        16.1        (21,235     (8.5

Others

     60,656        4.1        55,779        3.9        (4,877     (8.0
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Net sales

   ¥ 1,479,627        100.0      ¥ 1,422,754        100.0      ¥ (56,873     (3.8
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

(7) Earnings per Share

With regard to earnings per share, please refer to “Consolidated Financial Results of Kyocera Corporation and its Subsidiaries for the Year Ended March 31, 2017” on page 1 and “3. CONSOLIDATED FINANCIAL STATEMENTS (2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income” on page 14.

(8) Material Subsequent Event

Starting from the year ending March 31, 2018, Kyocera will change the classification of its reporting segments. For detail information, please refer to the accompanying “Change in reporting segment classification” on page 7.

(9) Cautionary Statement for Premise of a Going Concern

Not Applicable

 

20

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