FORM 6-K
U.S.SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
Commission File Number: 1-15238
Supplement For the month of July 2008.
Total number of pages: 17
The exhibit index is located on page 1
NIDEC CORPORATION
(Translation of registrant’s name into English)
338 KuzeTonoshiro-Cho,
Minami-Ku,Kyoto 601-8205 Japan
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover 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 Regulation S-T Rule 101(b)(1): _
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): _
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes __ No X
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-_____
Information furnished on this form:
EXHIBITS
Exhibit Number
1
SIGNATURES
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, thereunto duly authorized.
Date: July 29, 2008 | ||||
NIDEC CORPORATION | ||||
By: /S/ Masahiro Nagayasu | ||||
General Manager, Investor Relations |
2
NEWS RELEASE
NIDEC CORPORATION
New York Stock Exchange symbol: NJ
Stock exchange code (Tokyo, Osaka): 6594
FOR IMMEDIATE RELEASE
Contact: | |
Masahiro Nagayasu | |
General Manager | |
Investor Relations | |
+81-75-935-6140 | |
ir@jp.nidec.com |
QUARTERLY FINANCIAL STATEMENTS (U.S. GAAP)
RESULTS FOR THE THREE MONTHS ENDED JUNE 30, 2008 (Unaudited)
FROM APRIL 1, 2008 TO JUNE 30, 2008
CONSOLIDATED
Released on July 29, 2008
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NIDEC CORPORATION
Date of Directors’ meeting for financial results: July 29, 2008
Stock Listings: Tokyo Stock Exchange, Osaka Securities Exchange and the New York Stock Exchange
Head Office:Kyoto, Japan
1. Selected Consolidated Financial Performance (U.S. GAAP)
(from April 1, 2008 to June 30, 2008)
(1) Consolidated Results of Operations
Yen in millions (except for per share amounts) | ||
Three months ended June 30 | ||
2008 | 2007 | |
Net sales | ¥178,402 | ¥172,174 |
Ratio of change from the previous period | 3.6% | 18.1% |
Operating income | 18,131 | 15,106 |
Ratio of change from the previous period | 20.0% | 0.5% |
Income before income taxes | 23,253 | 16,831 |
Ratio of change from the previous period | 38.2% | 20.0% |
Net income | 15,109 | 11,116 |
Ratio of change from the previous period | 35.9% | 25.6% |
Net income per share -basic | ¥104.24 | ¥76.75 |
Net income per share -diluted | ¥101.27 | ¥74.63 |
(2) Consolidated Financial Position
Yen in millions (except for per share amounts) | ||
June 30 | March 31 | |
2008 | 2008 | |
Total assets | ¥709,116 | ¥671,714 |
Shareholders’ equity | 335,320 | 319,584 |
Shareholders’ equity to total assets | 47.3% | 47.6% |
Shareholders’ equity per share | ¥2,313.52 | ¥2,204.94 |
2. Dividend Condition
Yen | ||
Year ending March 31, 2009 (estimate) | Year ended March 31, 2008 | |
Interim dividend per share | ¥30.00 | ¥25.00 |
Year-end dividend per share | 30.00 | 30.00 |
Annual dividend per share | ¥60.00 | ¥55.00 |
Note: Revision of expected dividends during this period: No
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3. Forecast of Consolidated Financial Performance (for the year ending March 31, 2009)
Yen in millions (except for per share amounts) | ||
Six months ending September 30, 2008 | Year ending March 31, 2009 | |
Net sales | ¥375,000 | ¥800,000 |
Operating income | 40,000 | 90,000 |
Income before income taxes
| 40,000 | 90,000 |
Net income | 26,000 | 58,000 |
Net income per share -basic | ¥179.39 | ¥400.17 |
Note: Financial forecasts for the year ending March 31, 2009 remain unchanged from the previous ones released on April 23, 2008.
4. Others
(1) Change in number of material subsidiaries during this period
(due to change in the scope of consolidation): Not applicable
(2) Adoption of unique accounting method: Yes
Note: Please refer to details in “4. Others” on page 7.
(3) Changes in accounting method in this period
1. Changed by new accounting standard: Yes
2. Changed by others: Not applicable
Note: Please refer to details in “4. Others” on page 7.
(4) Number of shares issued (common stock)
1. Number of shares issued and outstanding at the end of each period (including treasury stock):
144,987,492 shares at June 30, 2008
144,987,492 shares at March 31, 2008
2. Number of treasury stock at the end of each period:
48,042 shares at June 30, 2008
47,495 shares at March 31, 2008
3. Weighted-average number of shares issued and outstanding at the beginning and end of each period:
144,939,625 shares for the year ended June 30, 2008
144,835,818 shares for the year ended June 30, 2007
5
.
(Special mentions)
(1) Consolidated Results of Cash Flows
Yen in millions | ||
Three months ended June 30 | ||
2008 | 2007 | |
Net cash provided by operating activities | ¥17,506 | ¥11,492 |
Net cash used in investing activities | (14,943) | (13,106) |
Net cash provided by (used in) financing activities | 9,323 | 6,261 |
Cash and cash equivalents at end of period | ¥116,765 | ¥96,376 |
(2) Scope of Consolidation and Application of Equity Method
Number of consolidated subsidiaries: | 131 |
Number of affiliated companies accounted for under the equity method: | 5 |
(3) Change in Scope of Consolidation and Application of Equity Method
1. Changes from March 31, 2008
Number of companies newly consolidated: | 3 |
Number of companies excluded from consolidation: | - |
Number of companies newly accounted for under the equity method: | - |
Number of companies excluded from accounting under the equity method: | - |
2. Changes from June 30, 2007
Number of companies newly consolidated: | 5 |
Number of companies excluded from consolidation: | - |
Number of companies newly accounted for under the equity method: | 1 |
Number of companies excluded from accounting under the equity method: | - |
6
Qualitative Information and Financial Statements
1. Qualitative Information Regarding Consolidated Business Results
The unpredictable and unstable business environment seen at the beginning of the first quarter, ended June 30, 2008 (“the quarter” below), continued throughout the quarter. The IT business segment overall, including the hard disk drive (HDD) market, was in a slump, due in part to seasonal factors. To meet performance targets, all consolidated firms in the Nidec Group undertook management reforms, focusing on cost reductions and quick response to changing market needs. These efforts resulted in year-on-year growth in both revenues and income for the quarter, with performance almost reaching anticipated levels. Net sales were held to approximately 4% year-on-year growth, partially as a result of the significant appreciation of the yen in comparison to the same quarter of the previous fiscal year, but operating income rose 20%. The value of the yen, which was high at the end of the previous fiscal year, slightly weakened at the end of the q uarter, and consequently foreign exchange gains of approximately ¥5.2 billion were posted. Due in part to this, income before income taxes and net income both recorded double-digit growth, up more than 30%.
Net sales for the quarter roseapproximately ¥6.2 billion (3.6%) to ¥178,402 million. Operating income grew approximately ¥3.0 billion (20.0%) to ¥18,131 million. The small precision motors business accounted for approximately 50% of the gain in income, but the other four business segments also posted double-digit growth in income. Income before income taxes rose approximately ¥6.4 billion (38.2%) to ¥23,253 million, largely on the strength of an approximately ¥5.2 billion foreign exchange gain. (In comparison, the foreign exchange gain for the first quarter of the previous fiscal year was approximately ¥2.4 billion.) Net income increased approximately ¥4.0 billion (35.9%) to ¥15,109 million.
Net sales by business segment were as follows.
Net sales for the first quarter in the small precision motors business rose by approximately ¥2.3 billion (2.7%) to ¥87,675 million. This includes approximately ¥1.6 billion in net sales growth at Nidec Brilliant Co., Ltd., whose earnings results for the previous first quarter were partially included in our consolidated financial statements for the same fiscal quarter. Growth in net sales would have been slightly less with this excluded, but it also reflects a reduction in net sales due to the 13% appreciation in the value of the yen compared with the previous fiscal year. In this connection, sales of spindle motors for hard disk drives rose about 16% in volume, while declining 0.3% in value. Dollar-based average sales prices were held to declines of approximately 1%, but the decline resulting from the rising yen was substantial. Once again this quarter, growth in the volume of 2.5-inch HDDs spindle motors sales outstripped that of 3.5-inc h HDDs spindle motors, jumping 42% year-on-year. Also affected by the strong yen, net sales of other DC motors and brushless DC fans were both held to only slight year-on year growth.
Net sales in the mid-size motors business eased upward approximately ¥0.4 billion (2%) to ¥25,620 million in comparison to the corresponding quarter of the previous fiscal year. Power steering motors showed growth of more than approximately ¥0.5 billion (21%), but other products were virtually flat, including results at Nidec Motors & Actuators.
7
The machinery business posted approximately ¥1.6 billion (9%) growth in net sales, to ¥18,735 million. The principal factor in this was a jump of more than ¥1.1 billion in net sales at Nidec Sankyo, fueled by a recovery in demand for its LCD panel substrate handling-robots.
Net sales in the electronic and optical components business increased approximately ¥0.8 billion (2%) to ¥38,855 million, year on year. The principal factors in this segment’s sales growth were increases in net sales of Nidec Sankyo’s optical pick-up units and Nidec Nissin’s plastic-mold products.
Net sales in other business grew approximately ¥1.2 billion (19%) to ¥7,517 million. The main reasons for this growth were an approximately 15% increase in net sales of Nidec Tosok’s automobile parts and a 31% jump in the pivot assemblies for HDDs that are manufactured and sold by Nidec Singapore.
Operating income showed year-on-year growth of approximately ¥3.0 billion (20.0%) for the quarter, rising to ¥18,131 million. This was the result of higher income in all business segments, and particularly the growth in income in the small precision motors business. It is significant that, while all business segments achieved relatively slow growth in net sales, all posted double-digit growth in operating income.
Operating income in the small precision motors business for the quarter was ¥11,636 million, reflecting a year-on-year increase of approximately ¥1.5 billion (15%). The operating income ratio rose to 13.3%, up 1.4 percentage points from a year earlier, despite the appreciation of the yen and rising currency rates throughout Asia. This also represents an increase over the operating income ratio for the previous fiscal year, although a slight one.
The mid-size motors business is moving forward steadily with its efforts to increase profitability, posting operating income of approximately ¥1.0 billion for the quarter. This is an increase of approximately ¥0.4 billion from a year earlier. Again this quarter, revenue growth in brushless motors for home appliances contributed to increased profits. The brushless motors growth was mainly due to increasing demands for energy saving.
The machinery business achieved growth in operating income of approximately ¥0.3 billion (11%), to ¥2,856 million. Growth in operating income at Nidec Sankyo and Nidec-Read, due primarily to higher sales, contributed to these results.
The electronic and optical components business posted operating income of ¥3,120 million, representing year-on-year growth of approximately ¥0.4 billion (14%). New products, including Nidec Copal’s shutters and lens unit for digital cameras and mobile phone cameras, contributed to the improved profitability of this business segment.
Operating income in other businesses almost doubled, jumping approximately ¥250 million to ¥545 million. The principal factor in this was the improved profitability of Nidec Tosok’s automobile parts business.
8
2. Qualitative information on the financial conditions (consolidated)
As for the changes in the balance sheet, total assets increased by approximately ¥37,400 million from the end of the previous fiscal year as of March 31, 2008. Cash and cash equivalents, trade accounts receivable, inventories, property, plant and equipment approximately increased by ¥16,000 million, ¥6,200 million, ¥5,500 million and ¥4,900 million, respectively.
For liabilities, short-term borrowings and trade notes and accounts payable increased by approximately ¥16,200 million and ¥3,300 million.
For shareholders’ equity, retained earnings and foreign currency translation adjustments increased by approximately ¥10,700 million and ¥4,500 million, respectively.
Shareholders’ equity was approximately ¥335,300 million and shareholders’ equity to total assets was 47.3%.
<Overview of Cash Flow>
The balance of cash and cash equivalents at the end of the period was ¥116,765 million, an increase of ¥15,956 million from the end of the previous year as of March 31, 2008.
“Cash flow from operating activities” was ¥17,506 million. Compared to the previous first quarter, the cash flow increased by approximately ¥6,000 million mainly due to increased in net income of approximately ¥4,000 million and increase in notes and accounts payable of approximately ¥3,700 million, otherwise decrease in foreign currency adjustments of approximately ¥2,200 million.
“Cash flow from investing activities,” cash outflow was ¥14,943 million. The outflow was mainly due to additions to property, plant and equipment of approximately ¥10,600 million and payments for additional investments to subsidiaries of approximately ¥2,300 million.
“Cash flow from financing activities,” cash inflow was ¥9,323 million. Cash inflow resulting from an increase of short-term borrowings was approximately ¥15,200 million and dividends paid was approximately ¥4,300 million.
9
3. Qualitative Information Regarding Forecasts of Consolidated Performance
Our forecast on the current fiscal year’s business performance will remain as described in the interim and full year forecasts released on April 23, 2008.
(1) Our consolidated business performance of the first quarter is making gains as it is planned. The sales of the first quarter are 47.6% of the interim forecast, while the operating income is 45.3% of it. The demand for small precision motors, our company’s core business, will increase from this second quarter. Therefore we are expecting sales to be increasing from the second quarter. Additionally, all business segments are enjoying increased sales and profit over the same period of the last fiscal year. So we believe that our performance is going as the plan. Therefore, our interim forecast remains as it is. Even though our income before income taxes and net income for the current period exceeded 50% of the interim forecast, this is due to currency exchange gain. Since, the currency rate will be expected to fluctuate, these forecast will remain unchanged.
(2) Forecast for the fiscal year was announced on April 23, 2008. The forecast for the whole business environment and each business segments are progressing as disclosed. Despite the serious recessions on the global and Japanese markets, it is our belief that no corrections on the full year forecast will be necessary. On the HDD market, we experienced a double-digit growth during the quarter compared with the same period of last year. Furthermore, we are expecting another double-digit growth through the year. With the above considered, our full year forecast remains as it is for now.
4. Others
(1) Change in number of material subsidiaries during this period
(due to change in the scope of consolidation): Not applicable
(2) Adoption of unique accounting method: Yes
(Corporate income tax reporting standards)
Corporate income tax and other taxes are calculated using unique methods, including the use of expected annual tax rate based on the legal income tax rate.
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(3) Changes in accounting method in this period: Yes
As of April 1, 2008, NIDEC adopted SFAS No. 157. SFAS No. 157 clarifies that fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The adoption of SFAS No. 157 did not have a material impact on our consolidated financial position, results of operation or liquidity.
As of April 1, 2008, NIDEC adopted the measurement date provision of SFAS No. 158. In accordance with this provision, the measurement dates of some of the benefit pension plans were changed to the date of the employer's fiscal year-end from within the three months prior to the year-end. As a result, on the beginning of this fiscal year, accrued pension and severance costs was increased by ¥225 million. Furthermore, retained earnings, net of tax was reduced by ¥106 million and accumulated other comprehensive income, net of tax was reduced by ¥5 million.
As of April 1, 2008, NIDEC adopted SFAS No. 159. SFAS 159 enables entities to choose to measure eligible financial assets and financial liabilities at fair value, with changes in value recognized in earnings. As NIDEC did not elect the fair value option, the adoption of SFAS No. 159 did not have an impact on our consolidated financial position, results of operation or liquidity.
Disclaimer Regarding Forward-Looking Statements This press release contains forward-looking statements (within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934) about Nidec and its group companies (the Nidec Group). These forward-looking statements are based on the current expectations, assumptions, estimates and projections of the Nidec Group in light of the information currently available to them. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “anticipate,” “estimate,” “plan” or similar words. These statements discuss future expectations, identify strategies, contain projections of results of operations or of the Nidec Group's financial condition, or state other forward-looking in formation. Known and unknown risks, uncertainties and other factors could cause the actual results to differ materially from those contained in any forward-looking statement. We cannot promise that our expectations expressed in these forward-looking statements will turn out to be correct. Our actual results could be materially different from and worse than our expectations as a result of certain factors, including, but not limited to (i) the Nidec Group's ability to design, develop, mass produce and win acceptance of their products, (ii) general economic conditions in the computer, information technology and related product markets, particularly levels of consumer spending, (iii) exchange rate fluctuations, particularly between the Japanese yen and the U.S. dollar and other currencies in which we make significant sales or in which the Nidec Group's assets and liabilities are denominated, (iv) the Nidec Group's ability to acquire and successfully integrate companies with complementary technologies and p roduct lines, and (v) adverse changes in laws, regulations or economic policies in any of the countries where the Nidec Group has manufacturing operations, especially China. |
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5. Consolidated Financial Statements (U.S. GAAP)
(1) Consolidated Balance Sheets (unaudited)
Assets
Yen in millions | ||||||||
June 30, 2008 | March 31, 2008 | Increase or decrease | June 30, 2007 | |||||
Amount | % | Amount | % | Amount | Amount | % | ||
Current assets: | ||||||||
Cash and cash equivalents | ¥116,765 | ¥100,809 | ¥15,956 | ¥96,376 | ||||
Trade notes receivable | 16,440 | 17,205 | (765) | 18,215 | ||||
Trade accounts receivable | 155,090 | 148,928 | 6,162 | 162,601 | ||||
Inventories: | ||||||||
Finished goods | 34,137 | 32,735 | 1,402 | 30,455 | ||||
Raw materials | 19,467 | 17,849 | 1,618 | 19,687 | ||||
Work in progress | 17,731 | 16,164 | 1,567 | 17,717 | ||||
Project in progress | 1,422 | 816 | 606 | 1,307 | ||||
Supplies and other | 2,531 | 2,254 | 277 | 2,291 | ||||
Other current assets | 23,613 | 20,238 | 3,375 | 20,268 | ||||
Total current assets | 387,196 | 54.6 | 356,998 | 53.1 | 30,198 | 368,917 | 52.1 | |
Investments and loan receivable: | ||||||||
Marketable securities and other securities investments | 16,760 | 15,273 | 1,487 | 24,085 | ||||
Investments in and advances to affiliated companies | 1,954 | 2,102 | (148) | 2,208 | ||||
Total investments and loan receivable | 18,714 | 2.6 | 17,375 | 2.6 | 1,339 | 26,293 | 3.7 | |
Property, plant and equipment: | ||||||||
Land | 39,711 | 39,389 | 322 | 39,832 | ||||
Buildings | 112,390 | 110,258 | 2,132 | 114,736 | ||||
Machinery and equipment | 276,242 | 264,019 | 12,223 | 288,144 | ||||
Construction in progress | 11,419 | 11,309 | 110 | 10,899 | ||||
Sub-total | 439,762 | 62.0 | 424,975 | 63.3 | 14,787 | 453,611 | 64.1 | |
Less - Accumulated depreciation | (236,078) | (33.3) | (226,146) | (33.7) | (9,932) | (234,506) | (33.1) | |
Total property, plant and equipment | 203,684 | 28.7 | 198,829 | 29.6 | 4,855 | 219,105 | 31.0 | |
Goodwill | 72,898 | 10.3 | 71,223 | 10.6 | 1,675 | 69,392 | 9.8 | |
Other non-current assets | 26,624 | 3.8 | 27,289 | 4.1 | (665) | 24,187 | 3.4 | |
Total assets | ¥709,116 | 100.0 | ¥671,714 | 100.0 | ¥37,402 | ¥707,894 | 100.0 |
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Liabilities and Shareholders’ Equity
Yen in millions | ||||||||
June 30, 2008 | March 31, 2008 | Increase or decrease | June 30, 2007 | |||||
Amount | % | Amount | % | Amount | Amount | % | ||
Current liabilities: | ||||||||
Short-term borrowings | ¥85,022 | ¥68,854 | ¥16,168 | ¥97,578 | ||||
Current portion of long-term debt | 29,081 | 29,196 | (115) | 3,456 | ||||
Trade notes and accounts payable | 124,961 | 121,698 | 3,263 | 123,654 | ||||
Other current liabilities | 34,581 | 33,351 | 1,230 | 32,338 | ||||
Total current liabilities | 273,645 | 38.6 | 253,099 | 37.7 | 20,546 | 257,026 | 36.3 | |
Long-term liabilities: | ||||||||
Long-term debt | 3,197 | 3,430 | (233) | 31,609 | ||||
Accrued pension and severance costs | 15,400 | 14,953 | 447 | 15,605 | ||||
Other long-term liabilities | 12,898 | 12,462 | 436 | 12,690 | ||||
Total long-term liabilities | 31,495 | 4.4 | 30,845 | 4.6 | 650 | 59,904 | 8.5 | |
Total liabilities | 305,140 | 43.0 | 283,944 | 42.3 | 21,196 | 316,930 | 44.8 | |
Minority interest in consolidated subsidiaries | 68,656 | 9.7 | 68,186 | 10.1 | 470 | 70,819 | 10.0 | |
Shareholders’ equity: | ||||||||
Common stock | 66,248 | 9.3 | 66,248 | 9.9 | - | 66,248 | 9.4 | |
Additional paid-in capital | 68,859 | 9.7 | 68,859 | 10.3 | - | 68,859 | 9.7 | |
Retained earnings | 204,062 | 28.8 | 193,407 | 28.8 | 10,655 | 166,991 | 23.6 | |
Accumulated other comprehensive income (loss): | ||||||||
Foreign currency translation adjustments | (5,764) | (10,233) | 4,469 | 13,854 | ||||
Unrealized gains (losses) from securities, net of reclassification adjustments | 1,597 | 1,016 | 581 | 4,207 | ||||
Pension liability adjustments | 603 | 568 | 35 | 252 | ||||
Total accumulated other comprehensive income (loss) | (3,564) | (0.5) | (8,649) | (1.4) | 5,085 | 18,313 | 2.5 | |
Treasury stock, at cost | (285) | (0.0) | (281) | (0.0) | (4) | (266) | (0.0) | |
Total shareholders’ equity | 335,320 | 47.3 | 319,584 | 47.6 | 15,736 | 320,145 | 45.2 | |
Total liabilities and shareholders’ equity | ¥709,116 | 100.0 | ¥671,714 | 100.0 | ¥37,402 | ¥707,894 | 100.0 |
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(2) Consolidated Statements of Income (unaudited)
Yen in millions | ||||||||
Three months ended June 30 | Increase or | Year ended | ||||||
2008 | 2007 | decrease | March 31, 2008 | |||||
Amount | % | Amount | % | Amount | % | Amount | % | |
Net sales | ¥178,402 | 100.0 | ¥172,174 | 100.0 | ¥6,228 | 3.6 | ¥742,126 | 100.0 |
Cost of products sold | 139,469 | 78.2 | 136,769 | 79.4 | 2,700 | 2.0 | 583,910 | 78.7 |
Selling, general and administrative expenses | 13,394 | 7.5 | 12,711 | 7.4 | 683 | 5.4 | 51,283 | 6.9 |
Research and development expenses | 7,408 | 4.1 | 7,588 | 4.4 | (180) | (2.4) | 30,100 | 4.0 |
Operating expenses | 160,271 | 89.8 | 157,068 | 91.2 | 3,203 | 2.0 | 665,293 | 89.6 |
Operating income | 18,131 | 10.2 | 15,106 | 8.8 | 3,025 | 20.0 | 76,833 | 10.4 |
Other income (expense): | ||||||||
Interest and dividend income | 641 | 797 | (156) | 2,930 | ||||
Interest expenses | (371) | (706) | 335 | (2,421) | ||||
Foreign exchange gain (loss), net | 5,228 | 2,370 | 2,858 | (14,110) | ||||
Gain (loss) from marketable securities, net | (24) | 27 | (51) | 454 | ||||
Other, net | (352) | (763) | 411 | (1,003) | ||||
Total | 5,122 | 2.8 | 1,725 | 1.0 | 3,397 | 196.9 | (14,150) | (2.0) |
Income before income taxes | 23,253 | 13.0 | 16,831 | 9.8 | 6,422 | 38.2 | 62,683 | 8.4 |
Income taxes | (5,976) | (3.3) | (4,427) | (2.6) | (1,549) | 35.0 | (15,484) | (2.0) |
Income before minority interest | 17,277 | 9.7 | 12,404 | 7.2 | 4,873 | 39.3 | 47,199 | 6.4 |
Minority interest in income (loss) of consolidated subsidiaries | 2,110 | 1.2 | 1,263 | 0.7 | 847 | 67.1 | 6,082 | 0.9 |
Equity in net (income) loss of affiliated companies | 58 | 0.0 | 25 | 0.0 | 33 | 132.0 | (39) | (0.0) |
Net income | ¥15,109 | 8.5 | ¥11,116 | 6.5 | ¥3,993 | 35.9 | ¥41,156 | 5.5 |
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(3) Consolidated Statement of Cash Flows (unaudited)
Yen in millions | |||||
Three months ended June 30 | Increase or decrease | Year ended March 31, 2008 | |||
2008 | 2007 | ||||
Cash flows from operating activities: | |||||
Net income | ¥15,109 | ¥11,116 | ¥3,993 | ¥41,156 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 8,625 | 8,590 | 35 | 37,972 | |
Loss (gain) on marketable securities, net | 24 | (27) | 51 | (454) | |
(Gain) loss from sales, disposal or impairment of property, plant and equipment | (143) | (16) | (127) | 1,636 | |
Minority interest in income of consolidated subsidiaries | 2,110 | 1,263 | 847 | 6,082 | |
Equity in net loss (income) of affiliated companies | 58 | 25 | 33 | (39) | |
Foreign currency adjustments | (2,804) | (653) | (2,151) | 8,305 | |
Changes in operating assets and liabilities: | |||||
(Increase) decrease in notes and accounts receivable | (1,967) | (2,317) | 350 | 26 | |
Increase in inventories | (2,925) | (1,319) | (1,606) | (5,575) | |
Increase (decrease) in notes and accounts payable | 540 | (3,125) | 3,665 | 5,949 | |
Other | (1,121) | (2,045) | 924 | (242) | |
Net cash provided by operating activities | 17,506 | 11,492 | 6,014 | 94,816 | |
Cash flows from investing activities: | |||||
Additions to property, plant and equipment | (10,617) | (10,051) | (566) | (35,660) | |
Proceeds from sales of property, plant and equipment | 247 | 118 | 129 | 2,010 | |
Purchases of marketable securities | (2) | (2) | 0 | (231) | |
Proceeds from sales of marketable securities | 18 | 934 | (916) | 2,761 | |
Acquisitions of consolidated subsidiaries, net of cash acquired | (954) | (2,583) | 1,629 | (2,619) | |
Payments for additional investments in subsidiaries | (2,342) | (1,640) | (702) | (8,043) | |
Other | (1,293) | 118 | (1,411) | (1,942) | |
Net cash used in investing activities | (14,943) | (13,106) | (1,837) | (43,724) | |
Cash flows from financing activities: | |||||
Increase (decrease) in short-term borrowings | 15,159 | 10,750 | 4,409 | (15,123) | |
Proceeds from issuance of long-term debt | - | - | - | 137 | |
Repayments of long-term debt | (428) | (708) | 280 | (3,966) | |
Proceeds from issuance of new shares | - | 761 | (761) | 761 | |
Dividends paid | (4,348) | (3,618) | (730) | (7,242) | |
Other | (1,060) | (924) | (136) | (1,847) | |
Net cash provided by (used in) financing activities | 9,323 | 6,261 | 3,062 | (27,280) | |
Effect of exchange rate changes on cash and cash equivalents | 4,070 | 2,945 | 1,125 | (11,787) | |
Net increase in cash and cash equivalents | 15,956 | 7,592 | 8,364 | 12,025 | |
Cash and cash equivalents at beginning of period | 100,809 | 88,784 | 12,025 | 88,784 | |
Cash and cash equivalents at end of period | ¥116,765 | ¥96,376 | ¥20,389 | ¥100,809 |
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SUPPORT DOCUMENTATION (Three months ended June 30, 2008)
(1) Business Segment Information (unaudited)
Yen in millions | |||||||||||||||
Three months ended June 30, 2008 | |||||||||||||||
Small precision motors | Mid-size motors | Machinery | Electronic and Optical components | Other | Total | Eliminations/ Corporate | Consolidated | ||||||||
Net sales: | |||||||||||||||
Customers | ¥87,675 | ¥25,620 | ¥18,735 | ¥38,855 | ¥7,517 | ¥178,402 | ¥- | ¥178,402 | |||||||
Intersegment | 529 | 91 | 2,392 | 139 | 1,279 | 4,430 | (4,430) | - | |||||||
Total | 88,204 | 25,711 | 21,127 | 38,994 | 8,796 | 182,832 | (4,430) | 178,402 | |||||||
Operating expenses | 76,568 | 24,757 | 18,271 | 35,874 | 8,252 | 163,722 | (3,451) | 160,271 | |||||||
Operating income | ¥11,636 | ¥954 | ¥2,856 | ¥3,120 | ¥544 | ¥19,110 | ¥(979) | ¥18,131 |
Yen in millions | |||||||||||||||
Three months ended June 30, 2007 | |||||||||||||||
Small precision motors | Mid-size motors | Machinery | Electronic and Optical components | Other | Total | Eliminations/ Corporate | Consolidated | ||||||||
Net sales: | |||||||||||||||
Customers | ¥85,351 | ¥25,213 | ¥17,179 | ¥38,092 | ¥6,339 | ¥172,174 | ¥- | ¥172,174 | |||||||
Intersegment | 357 | 36 | 2,934 | 101 | 1,010 | 4,438 | (4,438) | - | |||||||
Total | 85,708 | 25,249 | 20,113 | 38,193 | 7,349 | 176,612 | (4,438) | 172,174 | |||||||
Operating expenses | 75,583 | 24,708 | 17,543 | 35,447 | 7,052 | 160,333 | (3,265) | 157,068 | |||||||
Operating income | ¥10,125 | ¥541 | ¥2,570 | ¥2,746 | ¥297 | ¥16,279 | ¥(1,173) | ¥15,106 |
Notes:
1. Segments are classified based on similarities in product type, product attributes, and production and sales methods.
2. Major products of each business segment:
(1) Small precision motors: Small precision DC motors (including spindle motors for HDDs), small precision fans, brush motors, vibration motors
(2) Mid-size motors: Motors for home electric appliances, automobiles, industrial use
(3) Machinery: Power transmission drivers, semiconductor production equipment, precision equipment, FA equipment
(4) Electronic and Optical components: Electronic components, optical components
(5) Other: Automobile components, pivot assemblies, other components, service etc
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(2) Sales by Geographic Segment (unaudited)
Yen in millions | ||||||
Three months ended June 30 | Increase or decrease | |||||
2008 | 2007 | |||||
Amount | % | Amount | % | Amount | % | |
Japan | ¥87,858 | 49.2 | ¥90,799 | 52.7 | ¥(2,941) | (3.2) |
U.S.A. | 4,287 | 2.4 | 5,478 | 3.2 | (1,191) | (21.7) |
Singapore | 11,702 | 6.6 | 12,227 | 7.1 | (525) | (4.3) |
Thailand | 26,701 | 15.0 | 22,139 | 12.9 | 4,562 | 20.6 |
Philippines | 3,617 | 2.0 | 2,750 | 1.6 | 867 | 31.5 |
China | 14,343 | 8.0 | 10,600 | 6.2 | 3,743 | 35.3 |
Others | 29,894 | 16.8 | 28,181 | 16.3 | 1,713 | 6.1 |
Total | ¥178,402 | 100.0 | ¥172,174 | 100.0 | ¥6,228 | 3.6 |
Note: The sales are classified by geographic areas of the seller and the figures exclude intra-segment transactions.
(3) Sales by Region (unaudited)
Yen in millions | ||||||
Three months ended June 30 | Increase or decrease | |||||
2008 | 2007 | |||||
Amount | % | Amount | % | Amount | % | |
North America | ¥6,325 | 3.5 | ¥8,272 | 4.8 | ¥(1,947) | (23.5) |
Asia | 104,570 | 58.6 | 98,474 | 57.2 | 6,096 | 6.2 |
Others | 13,145 | 7.4 | 13,356 | 7.8 | (211) | (1.6) |
Overseas sales total | 124,040 | 69.5 | 120,102 | 69.8 | 3,938 | 3.3 |
Japan | 54,362 | 30.5 | 52,072 | 30.2 | 2,290 | 4.4 |
Consolidated total | ¥178,402 | 100.0 | ¥172,174 | 100.0 | ¥6,228 | 3.6 |
Note: The sales are classified by geographic areas of the buyer and the figures exclude intra-segment transactions.
17