January 29, 2015
For nine months ended December 31, 2014 and 2013 and one year ended March 31, 2014 (Consolidated)
Operating results
Millions of yen Thousands of U.S. dollars
Nine months ended Nine months ended Nine months ended
Dec. 31, 2014 Dec. 31, 2013 Dec. 31, 2014
Net sales 1,016,447 920,852 $ 8,433,145
Operating income 60,357 46,079 500,763
Net income 44,928 23,292 372,753
Earnings per share (Yen) 26.8 13.9
Millions of yen / Thousand shares Thousands of U.S. dollars
As of As of As of
Dec. 31, 2014 March. 31,2014 Dec. 31, 2014
Total assets 1,800,783 1,554,430 $ 14,940,537
Net assets 424,272 376,686 3,520,053
Number of shares issued and outstanding 1,671,716 1,671,750
Equity Ratio 22.6% 23.3%
Millions of yen
Nine months ended Nine months ended
Thousands of U.S. dollars
Nine months ended
Dec. 31, 2014 Dec. 31, 2013 Dec. 31, 2014
Operating activities (110,348) (82,941) $ (915,523) Investing activities (52,480) (62,728) (435,410) Financing activities 161,068 141,841 1,336,331
Cash and cash equivalents at end of term 41,468 31,126 344,047
Millions of yen
Net sales Operating income Net income
One year ending March 31, 2014 1,510,000 86,000 56,000
- 1 -
(Consolidated)
Notes : 1. This "FLASH CONSOLIDATED FINANCIAL RESULTS" and following financial statements have been prepared in conformity with generally accepted accounting principles and practices in Japan.
2. All US$ amounts in these statements represent the arithmetical results of translating Japanese yen to U.S. dollars on the basis of ¥120.53=$1, the rate prevailing as of December 31, 2014, solely for the convenience of the readers.
- 2 -
(Consolidated)
Condensed Consolidated Balance SheetsAs of December 31 and March 31, 2014
Assets :
Current assets :
Thousands of
Millions of yen U.S. dollars
As of As of As of
Dec. 31, 2014 Mar. 31, 2014 Dec. 31, 2014
Cash on hand and in banks 45,585 47,949 $ 378,204
Receivables, less allowance 521,979 426,676 4,330,697
Inventories 540,926 458,033 4,487,895
Other current assets 100,084 73,096 830,367
Total current assets 1,208,574 1,005,754 10,027,163
Investments and long-term loans less allowance 107,609 94,257 892,799
Net property, plant and equipment 414,429 383,912 3,438,388
Intangible and other assets 70,171 70,507 582,187
Total assets 1,800,783 1,554,430 $ 14,940,537
Liabilities and net assets :
Current liabilities :
Short-term borrowings
and current portion of long-term debt 365,635 191,162 $ 3,033,560
Payables 316,076 306,031 2,622,384
Advances from customers 145,605 137,598 1,208,039
Other current liabilities 151,687 160,625 1,258,501
Total current liabilities 979,003 795,416 8,122,484
Long-term liabilities :
Net assets :
Total net assets 424,272 376,686 3,520,053
Total liabilities and net assets 1,800,783 1,554,430 $ 14,940,537
- 3 -
(Consolidated)
Condensed Consolidated Statements of IncomeFor nine months ended December 31, 2014 and 2013
Thousands of
Millions of yen U.S. dollars
Nine months ended
Dec. 31, 2014
Nine months ended
Dec. 31, 2013
%
Change
Nine months ended
Dec. 31, 2014
Net sales 1,016,447 920,852 +10% $ 8,433,145
Cost of sales 827,639 750,864 6,866,664
Gross profit 188,808 169,988 1,566,481
Selling, general and administrative expenses 128,451 123,909 1,065,718
Operating income 60,357 46,079 +31% 500,763
Other income (expenses) :
Interest and dividend income 780 1,075 6,471
Equity in income of unconsolidated
subsidiaries and affiliates 8,199 4,039 68,024
Interest expense (2,872) (3,011) (23,828)
Other, net (1,692) (9,453) (14,038)
Income before income taxes and
minority interests 64,772 38,729 537,392
Income taxes (17,798) (13,658) (147,664)
Minority interests in net income of
consolidated subsidiaries (2,046) (1,779) (16,975)
Net income 44,928 23,292+93% $ 372,753
- 4 -
(Consolidated)
Segment informationInformation by reportable segment
External Intersegment sales sales
Millions of yen Nine months ended Dec. 31, 2013
Total
sales
Operating Operating expenses income (loss)
Ship & Offshore Structure 58,635 1,168 59,803 59,791 12
Rolling Stock 97,956 3,734 101,690 95,403 6,287
Aerospace 187,125 1,468 188,593 167,658 20,935
Gas Turbine & Machinery 125,368 12,113 137,481 130,589 6,892
Plant & Infrastructure 58,494 10,776 69,270 68,411 859
Motorcycle & Engine 213,030 500 213,530 209,492 4,038
Precision Machinery 84,906 8,717 93,623 86,433 7,190
Other 95,338 23,852 119,190 116,789 2,401
Total 920,852 62,328 983,180 934,566 48,614
Eliminations and corporate - (62,328) (62,328) (59,793) (2,535)
Consolidated total 920,852 - 920,852 874,773 46,079
External Intersegment sales sales
Millions of yen Nine months ended Dec. 31, 2014
Total
sales
Operating Operating expenses income (loss)
Ship & Offshore Structure 64,890 1,686 66,576 63,229 3,347
Rolling Stock 87,884 3,061 90,945 86,571 4,374
Aerospace 229,364 1,737 231,101 200,928 30,173
Gas Turbine & Machinery 149,734 9,861 159,595 152,482 7,113
Plant & Infrastructure 72,248 14,475 86,723 84,438 2,285
Motorcycle & Engine 212,925 523 213,448 209,314 4,134
Precision Machinery 95,314 10,183 105,497 97,546 7,951
Other 104,088 26,141 130,229 127,391 2,838
Total 1,016,447 67,667 1,084,114 1,021,899 62,215
Eliminations and corporate - (67,667) (67,667) (65,809) (1,858) Consolidated total 1,016,447 - 1,016,447 956,090 60,357
Thousands of U.S. dollars Nine months ended Dec. 31, 2014
External Intersegment Total Operating Operating sales sales sales expenses income (loss)
Ship & Offshore Structure $ 538,372 $ 13,988 $ 552,360 $ 524,591 $ 27,769
Rolling Stock 729,146 25,396 754,542 718,253 36,289
Aerospace 1,902,961 14,412 1,917,373 1,667,037 250,336
Gas Turbine & Machinery 1,242,296 81,813 1,324,109 1,265,096 59,013
Plant & Infrastructure 599,419 120,094 719,513 700,556 18,957
Motorcycle & Engine 1,766,572 4,340 1,770,912 1,736,613 34,299
Precision Machinery 790,790 84,485 875,275 809,309 65,966
Other 863,589 216,884 1,080,473 1,056,923 23,550
Total 8,433,145 561,412 8,994,557 8,478,378 516,179
Eliminations and corporate - (561,412) (561,412) (545,996) (15,416) Consolidated total $ 8,433,145 $ - $ 8,433,145 $ 7,932,382 $ 500,763
- 5 -
(Consolidated)
Net sales, orders and order backlog by reportable segmentFor nine months ended December 31, 2014 and 2013 and as of December 31 and March 31, 2014
Thousands of
Millions of yen U.S. dollars
Nine months ended | Nine months ended | % | Nine months ended |
Dec. 31, 2014 | Dec. 31, 2013 | Change | Dec. 31, 2014 |
Net sales :
Ship & Offshore Structure 64,890 (6%) 58,635 (6%) +11% $ 538,372
Rolling Stock 87,884 (9%) 97,956 (11%) -10% 729,146
Aerospace 229,364 (23%) 187,125 (20%) +23% 1,902,961
Gas Turbine & Machinery 149,734 (15%) 125,368 (14%) +19% 1,242,296
Plant & Infrastructure 72,248 (7%) 58,494 (6%) +24% 599,419
Motorcycle & Engine 212,925 (21%) 213,030 (23%) -% 1,766,572
Precision Machinery 95,314 (9%) 84,906 (9%) +12% 790,790
Other 104,088 (10%) 95,338 (11%) +9% 863,589
Total 1,016,447 (100%) 920,852 (100%) +10% $ 8,433,145
Orders :
Ship & Offshore Structure 140,773 (13%) 54,683 (6%) +157% $ 1,167,949
Rolling Stock 102,457 (9%) 108,259 (11%) -5% 850,053
Aerospace 194,939 (18%) 162,052 (17%) +20% 1,617,348
Gas Turbine & Machinery 144,318 (13%) 140,990 (15%) +2% 1,197,361
Plant & Infrastructure 81,465 (8%) 83,573 (9%) -3% 675,889
Motorcycle & Engine 212,925 (20%) 213,030 (22%) -% 1,766,572
Precision Machinery 96,519 (9%) 92,401 (10%) +4% 800,788
Other 106,057 (10%) 98,810 (10%) +7% 879,926
Total 1,079,453 (100%) 953,798 (100%) +13% $ 8,955,886
Order backlog :
Thousands of
Millions of yen U.S. dollars
As of As of % As of
Dec. 31, 2014 Mar. 31, 2014 Change Dec. 31, 2014
Ship & Offshore Structure 251,730 (15%) 161,134 (11%) +108% $ 2,088,525
Rolling Stock 411,147 (25%) 364,654 (24%) +4% 3,411,159
Aerospace 421,862 (26%) 450,581 (30%) +1% 3,500,058
Gas Turbine & Machinery 313,075 (19%) 295,100 (20%) +17% 2,597,486
Plant & Infrastructure 182,082 (11%) 170,737 (11%) -7% 1,510,677
Motorcycle & Engine - ( - %) - ( - %) -% -
Precision Machinery 27,027 (2%) 25,821 (2%) -8% 224,234
Other 34,201 (2%) 32,237 (2%) +13% 283,757
Total 1,641,124 (100%) 1,500,264 (100%) +12% $ 13,615,896
Net Sales by geographic areaFor nine months ended December 31, 2014 and 2013
Thousands of
Millions of yen U.S. dollars
Nine months ended Nine months ended % Nine months ended
Dec. 31, 2014 Dec. 31, 2013 Change Dec. 31, 2014
Japan 430,930 (43%) 405,697 (44%) +6% $ 3,575,292
United States 246,440 (24%) 209,367 (23%) +17% 2,044,636
Europe 74,730 (7%) 62,130 (7%) +20% 620,011
Asia 171,983 (17%) 162,530 (17%) +5% 1,426,889
Other 92,364 (9%) 81,128 (9%) +13% 766,317
Total 1,016,447 (100%) 920,852 (100%) +10% $ 8,433,145
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