IBIDEN CO.,LTD. April 30, 2015
Consolidated Financial Results
For the Year Ended March 31, 2015
Company name: IBIDEN CO., LTD.
Stock exchange listings: Tokyo and Nagoya Stock Exchanges (First Section) Stock code number: 4062
URL: http://www.ibiden.com/
Representative: Hiroki Takenaka, President & CEO, Representative Director
Contact : Hisashi Sano, Manager of Finance Division Telephone: +81-584-81-3111
Submission date of Yukashoken Houkokusyo: June 17, 2015
(Amounts less than one million yen are omitted)
(1) Operating results (Percentage figures indicate the change from the same quarter of the prior fiscal year)
Net sales | Operating income | Ordinary income | Net income | |
FY 2014 FY 2013 | Millions of yen % 318,072 2.5 310,268 8.5 | Millions of yen % 26,039 11.1 23,442 332.5 | Millions of yen % 31,314 10.3 28,401 160.8 | Millions of yen % 19,107 9.3 17,479 683.0 |
Note: Comprehensive income
FY2014: 42,042 million yen (3.2 %) FY2013: 40,725 million yen (78.0 %)
Net income Per share | Diluted net income Per share | Return on Equity | Ordinary income to total assets | Operating income to net sales | |
FY 2014 FY 2013 | Yen 138.37 126.58 | Yen － 126.15 | % 5.7 5.8 | % 6.4 6.4 | % 8.2 7.6 |
(2) Financial position
Total assets | Net assets | Shareholders' equity ratio | Net assets per share | |
FY 2014 FY 2013 | Millions of yen 519,847 462,113 | Millions of yen 360,091 322,562 | % 68.5 68.9 | Yen 2,578.85 2,305.93 |
Note: Equity for reference
As of March 31, 2015: 356,100 million yen As of March 31, 2014: 318,419 million yen
(3) Cash flow results
Operating activities | Investing activities | Financing activities | Cash and cash equivalents at end of the year | |
FY 2014 FY 2013 | Millions of yen 61,547 50,093 | Millions of yen (54,888) (38,364) | Millions of yen 9,834 (6,935) | Millions of yen 110,479 91,678 |
(1) Changes in scope of consolidation and equity method of accounting: No
(2) Changes in accounting policies; changes in accounting estimates; restatements of financial statements
1. Changes in accounting policies due to amendment of accounting standards: Yes
2. Changes in accounting policies other than above: No
3. Changes in accounting estimates: No
4. Restatements of financial statements: No
(3) Issued and outstanding capital stock
1. Number of shares outstanding (including treasury stock):
As of March 31 2015: 150,860,557 shares As of March 31 2014: 150,860,557 shares
2. Number of treasury stock outstanding:
As of March 31 2015: 12,775,618 shares As of March 31 2014: 12,773,301shares
3. Average number of shares:
FY2014: 138,086,203 shares FY2013: 138,088,499 shares
Consolidated Balance Sheets
Assets
Current assets
As of
March 31, 2015
Millions of yen
As of
March 31, 2014
Increase
(Decrease)
Property, plant and equipment
Total assets 519,847 462,113 57,734
(Continued)
Liabilities and net assets
As of
March 31, 2015
Millions of yen
As of
March 31, 2014
Increase
(Decrease)
Current liabilities
Notes and accounts payable - trade 33,265 35,452 (2,187) Short-term loans payable 25,665 18,161 7,504
Current portion of bonds payable － 25,000 (25,000)
Accounts payable - other 14,928 14,993 (65) Income taxes payable 6,680 1,138 5,542
Deferred tax liabilities 35 15 20
Provision for bonuses 3,958 3,830 128
Provision for directors' bonuses 167 153 13
Notes payable - facilities 1,837 1,491 346
Other - current liabilities 11,627 12,156 (529)
Total current liabilities 98,166 112,392 (14,226)
Noncurrent liabilities
Bonds payable 40,000 15,000 25,000
Long-term loans payable 10,189 3,412 6,777
Lease obligations 358 545 (186) Deferred tax liabilities for land revaluation 71 157 (85) Defined benefit liability 504 502 1
Deferred tax liabilities 8,897 5,544 3,352
Other - noncurrent liabilities 1,567 1,994 (427)
Total noncurrent liabilities 61,589 27,158 34,431
Total liabilities 159,756 139,550 20,205
Shareholders' equity
Capital stock 64,152 64,152 －
Capital surplus 68,354 68,354 (0) Retained earnings 210,423 195,459 14,964
Treasury stock (37,115) (37,110) (4)
Total shareholders' equity 305,815 290,855 14,959
Accumulated other comprehensive income
Valuation difference on available-for-sale
securities 21,003 11,433 9,569
Deferred losses on hedges (1) － (1)
Revaluation reserve for land 156 71 85
Foreign currency translation adjustment 29,126 16,059 13,066
Total accumulated other comprehensive income 50,284 27,564 22,720
Subscription rights to shares － 353 (353) Minority interests 3,991 3,789 201
Total net assets 360,091 322,562 37,528
Total liabilities and net assets 519,847 462,113 57,734
(Concluded)
Consolidated Statements of Income
Year ended
March 31, 2015
Millions of yen
Year ended
March 31, 2014
Increase
(Decrease)
Net sales 318,072 310,268 7,804
Cost of sales 237,241 236,926 314
Gross profit 80,830 73,341 7,489
Selling, general and administrative expenses 54,791 49,899 4,892
Operating income 26,039 23,442 2,597
Non-operating income (expenses) 5,274 4,959 315
Interest income 394 384 10
Dividends income 794 632 162
Foreign exchange gain (losses), net 5,769 5,166 602
Interest expenses (369) (373) 4
Rent expenses on facilities (9) (11) 2
Depreciation of inactive noncurrent assets (1,241) (1,194) (46) Other, net （64） 355 (419)
Ordinary income 31,314 28,401 2,912
Extraordinary income (loss) (1,709) (2,917) 1,207
Gain on sales of property, plant and
equipment 193 68 125
Gain on sales of investment securities － 188 (188)
Insurance income 166 － 166
Gain on reversal of subscription rights to
shares 353 566 (213) Loss on disposal of property, plant and
equipment (1,226) (959) (267) Impairment loss on property, plant and
equipment (832) (1,822) 990
Loss on valuation of investment securities (1) (2) 1
Loss on liquidation of subsidiaries and
affiliates (24) (561) 536
Loss on disaster (173) － (173)
Other, net (163) (394) 230
Income before income taxes and minority interests
29,604 25,484 4,120
Income taxes (10,339) (7,838) (2,500) Income before minority interests 19,265 17,645 1,619
Minority interests (158) (166) 7
Net income 19,107 17,479 1,627
Consolidated Statements of Comprehensive Income
Year ended
March 31, 2015
Millions of yen
Year ended
March 31, 2014
Increase
(Decrease)
Income before minority interests 19,265 17,645 1,619
Other comprehensive income
Valuation difference on available-for-sale
securities 9,626 4,706 4,919
Deferred gains or losses on hedges (1) 12 (11) Revaluation reserve for land 85 － 85
Foreign currency translation adjustments 13,066 18,360 (5,293)
Other comprehensive income 22,777 23,079 (302) Comprehensive income 42,042 40,725 1,316
(Breakdown)
Comprehensive income attributable to owners 41,827 40,549 1,277
Comprehensive income attributable to minority interests
214 175 38
Consolidated Statements of Changes in Net Assets
Millions of yen
Valuation
Balance at March 31,
Capital stock
Capital surplus
Retained earnings
Treasury stock,
difference on available- for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustments
Subscription right to shares
Minority interests
Total net assets
2013 64,152 68,354 182,263 (37,107) 6,736 (12) 71 (2,300) 920 3,628 286,705
Dividends from
surplus - - (4,142) - - - - - - - (4,142)
Net income - - 17,4７9 - - - - - - - 17,479
Purchase of treasury
stock - - - (3) - - - - - - (3)
Disposal of treasury
stock - (0) - 0 - - - - - - 0
Change of scope of
consolidation Change of accounting period of subsidiaries | - - | - - | (1) (139) | - - | - - | - - | - - | - - | - - | - - | (1) (139) |
Other changes | - | - | - | 4,696 | 12 | - | 18,360 | (566) | 161 | 22,664 | |
Balance at March 31, 2014 | 64,152 | 68,354 | 195,459 | (37,110) | 11,433 | - | 71 | 16,059 | 353 | 3,789 | 322,562 |
Dividends from | |||||||||||
surplus | - | - | (4,142) | - | - | - | - | - | - | - | (4,142) |
Net income | - | - | 19,107 | - | - | - | - | - | - | - | 19,107 |
Purchase of treasury
stock - - - (4) - - - - - - (4)
Disposal of treasury
stock | - | (0) | - | 0 | - | - | - | - | - | - | 0 |
Other changes | - | - | - | 9,569 | (1) | 85 | 13,066 | (353) | 201 | 22,568 | |
Balance at March 31, | |||||||||||
2015 64,152 68,354 210,423 (37,115) 21,003 (1) 156 29,126 - 3,991 360,091 |
Consolidated Statements of Cash Flows
Cash flows from operating activities
Year ended
March 31, 2015
Millions of yen
Year ended
March 31, 2014
Increase
(Decrease)
Income before income taxes and minority interests 29,604 25,484 4,120
Depreciation and amortization 39,428 35,702 3,726
Impairment loss 832 1,822 (990) Amortization of goodwilll 1,056 1,030 25
Increase (decrease) in net defined benefit liability 1 147 (145) Increase in provision for bonuses 115 525 (410) Increase (decrease) in provision for directors' bonuses 14 112 (98) Decrease in allowance for doubtful accounts (201) (11) (190) Interest and dividend income (1,189) (1,016) (172) Interest expenses 369 373 (4) Gain on sales of property, plant and equipment (193) (68) (125) Loss on retirement of property, plant and equipment 1,436 1,291 145
Gain on sales of investment securities － (188) 188
Loss on valuation of investment securities 1 2 (1) Increase in notes and accounts receivable-trade (745) 4,146 (4,892) Increase in inventories 594 1,235 (641) Increase in notes and accounts payable-trade (2,073) (4,988) 2,915
Increase in accrued expenses 312 491 (179)
Other, net (4,429) (6,310) 1,880
Subtotal 64,933 59,783 5,149
Interest and dividends income received 1,169 987 181
Interest expenses paid (357) (373) 16
Income taxes paid (4,197) (10,304) 6,106
Net cash provided by operating activities 61,547 50,093 11,454
Purchases of property, plant and equipment (54,803) (36,029) (18,773) Proceeds from sales of property, plant and equipment 116 382 (266) Purchases of intangible assets (545) (437) (108) Purchases of investment securities (52) (2,045) 1,993
Proceeds from sales of investment securities 0 275 (275) Increase in short-term loan receivable (1) 0 (1) Payments of long-term loans receivable － (18) 18
Collection of long-term loans receivable 7 22 (15) Other, net 390 (513) 904
Net cash used in investing activities (54,888) (38,364) (16,523)
(Continued)
Cash flows from financing activities
Year ended
March 31, 2015
Millions of yen
Year ended
March 31, 2014
Increase
(Decrease)
Decrease in short-term loans payable 4,504 (394) 4,898
Proceeds from long-term loans payable 10,000 201 9,798
Repayment of long-term loans payable (205) (2,194) 1,988
Proceeds from issuance of bonds 25,000 － 25,000
Redemption of bonds (25,000) － (25,000)
Purchases of treasury stock (4) (3) (0) Proceeds from sales of treasury stock 0 0 0
Cash dividends paid (4,142) (4,142) 0
Cash dividends paid to minority shareholders (15) (16) 0
Repayments of lease obligation (301) (485) 183
Other － 100 (100)
Net cash provided by (used in) financing activities 9,834 (6,935) 16,769
(Concluded)
Segment Information
(1) Net sales, income/loss, assets and other items of each Reportable Segment
A summary of net sales, income(loss), assets and other items by reportable segments for the years ended
March 31, 2015 and 2014 is as follows:
Electronics Ceramics
Millions of yen
Year ended March 31, 2015
Reportable Segments
Housing
materials Construction Total
Other (*) Total
Sales to third parties 159,849 99,190 22,518 14,226 295,785 22,287 318,072
Inter-segment sales and
transfers 1 144 10 4,863 5,019 2,114 7,133
Net sales 159,851 99,335 22,528 19,089 300,804 24,401 325,205
Segment income 14,168 6,347 172 1,317 22,006 1,078 23,084
Segment assets 140,312 100,990 11,460 12,905 265,668 27,242 292,910
Depreciation and
amortization 27,350 8,647 132 149 36,280 593 36,873
Increase in property, plant and equipment
and intangible assets 48,256 8,236 70 975 57,540 287 57,827
Electronics Ceramics
Millions of yen
Year ended March 31, 2014
Reportable Segments
Housing
materials Construction Total
Other (*) Total
Sales to third parties 150,561 98,701 25,178 13,868 288,310 21,957 310,268
Inter-segment sales and
transfers 21 134 7 6,815 6,979 2,285 9,264
Net sales 150,852 98,836 25,186 20,684 295,289 24,243 319,532
Segment income (loss) 10,677 8,418 215 1,044 20,346 873 21,219
Segment assets 111,048 98,903 14,516 13,227 237,696 20,433 258,129
Depreciation and
amortization 24,987 6,912 301 140 32,342 644 32,986
Increase in property, plant and equipment
and intangible assets 25,693 9,586 68 288 35,636 765 36,401
* "Other" section refers to businesses that are not included in a reportable segment.
(2) Reconciliation information
Total of net sales, segment income, segment assets, and other items in the reportable segments and those in the consolidated financial statements as of and for the years ended March 31, 2015 and 2014 are
reconciled as follows:
Net sales
Millions of yen
Year ended
March 31, 2015
Year ended
March 31, 2014
Total of net sales in the reportable segments | 300,804 | 295,289 |
Sales of "Other" section | 24,401 | 24,243 |
Elimination of inter-segment transactions | (7,133) | (9,264) |
Net sales in consolidated financial statements | 318,072 | 310,268 |
Segment income(loss)
Millions of yen
Year ended
March 31, 2015
Year ended
March 31, 2014
Total of segment income in the reportable segments | 22,006 | 20,346 |
Income of "Other" section | 1,078 | 873 |
Elimination of inter-segment transactions | 129 | 142 |
Corporate expenses and income(*) | 2,825 | 2,080 |
Operating income in consolidated financial statements | 26,039 | 23,442 |
* Corporate expenses and income mainly include general and administrative expense and income from the generation
of electricity income, which are not included in the reportable segments.
Segment assets
Millions of yen
As of
March 31, 2015
As of
March 31, 2014
Total of segment assets in the reportable segments | 265,668 | 237,696 |
Assets of "Other" section | 27,242 | 20,433 |
Corporate assets(*) | 226,936 | 203,983 |
Total assets in consolidated financial statements | 519,847 | 462,113 |
* Corporate expenses and income mainly include the parent company's capital surplus, long-term investment capital,
and assets of general administration division, which are not included in the reportable segments.
Other items
Reportable
Millions of yen
Year ended March 31, 2015
Consolidated
Depreciation and
segment total Other Adjustments(*)
financial statements
amortization 36,280 593 2,555 39,428
Increase in property, plant and equipment
and intangible assets 57,540 287 1,303 59,130
Reportable
Millions of yen
Year ended March 31, 2014
Consolidated
Depreciation and
segment total Other Adjustments(*)
financial statements
amortization 32,342 644 2,715 35,702
Increase in property, plant and equipment
and intangible assets 35,636 765 2,621 39,023
* Adjustments of increase in property, plant and equipment and intangible assets include the amount for investment for R&D related facilities, which are not included in the reportable segments.
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