KANEMATSU CORPORATION Member of Financial Accounting Standards Foundation
Consolidated Financial Summary for the First Half of the Fiscal Year Ending March 2016 (Japanese Accounting Standards)Company name: Kanematsu Corporation
Stock Exchange listing: Tokyo Stock Exchange
November 5, 2015
Stock code: 8020 URL: http://www.kanematsu.co.jp Representative: President and CEO, Masayuki Shimojima
Contact: General Manager of Accounting Dept., Takashi Otsuka TEL (03) 5440-8111 Scheduled date to submit the Quarterly Securities Report (Shihanki Houkokusho): November 12, 2015
Scheduled date for commencement of dividend payments: December 4, 2015
Supplementary documents for quarterly results: Yes
Quarterly results briefing: Yes (for institutional investors and analysts)
(Figures of less than one million are rounded down.)
Consolidated business results for the first half of the fiscal year ending March 2016 (April 1, 2015 - September 30, 2015)
Consolidated business results (sum total) (%: Change from the same period of the previous fiscal year)
Net sales
Operating income
Ordinary income
Net income attributable to owners of the parent
First Six Months to September 2015
Million yen %
Million yen %
Million yen %
Million yen %
540,286 1.1
8,482 (23.5)
9,219 (12.7)
4,438 (27.1)
First Six Months to September 2014
534,355 (0.6)
11,085 5.5
10,562 (3.6)
6,090 (3.1)
(Note) Comprehensive income: 6,268 million yen (-28.9%) for the first six months to September 2015
8,810 million yen (-21.9%) for the first six months to September 2014
Net income per share
Net income per share (diluted basis)
First Six Months to September 2015 First Six Months to September 2014
Yen
10.55
14.50
Yen
-
-
Consolidated financial condition
Dividends
(Note) Revisions to dividend forecasts published most recently: None
Forecasts for consolidated results ending March 2016 (April 1, 2015 - March 31, 2016)
Notes
Important change in subsidiaries during the term (Change in scope of consolidation): None
Adoption of accounting treatment unique to the preparation of quarterly consolidated financial statements: Yes
(Note) For details, please see the statement under the heading of '2. Matters Relating to Summary Information (Notes), (2) Adoption of accounting treatment unique to the preparation of quarterly consolidated financial statements' on page 4 of accompanying materials.
Changes in accounting policies and changes or restatement of accounting estimates
Changes in accounting policies associated with the revision of accounting standards, etc.: Yes
Changes in accounting policies other than 1.: None
Changes in accounting estimates: None
Restatement: None
Number of outstanding shares (common shares)
Number of outstanding shares including treasury stock
First half (2015/9): 422,501,010 shares Fiscal year (2015/3): 422,501,010 shares
Number of treasury stock
First half (2015/9): 1,702,618 shares Fiscal year (2015/3): 1,663,126 shares
Average number of shares during the period (First six months)
Status of a quarterly review
This financial summary does not need to undergo a quarterly review under the Financial Instruments and Exchange Act. The quarterly consolidated financial statements have not been reviewed at the time of the announcement of this financial summary.
Explanation about the proper use of results forecasts, and additional information
Qualitative Information on Consolidated Results, Etc. for the First half of the Fiscal Year Ending
March 2016 2
Details of consolidated results. 2
Details of financial position 3
Information on the future outlook, including consolidated business performance forecasts 3
Matters Relating to Summary Information (Notes) 4
Important change in subsidiaries during the term 4
Adoption of accounting treatment unique to the preparation of quarterly consolidated financial
statements 4
Changes in accounting policies and changes or restatement of accounting estimates 4
Consolidated Financial Statements 5
Consolidated balance sheets 5
Consolidated statements of income / consolidated statement of comprehensive income 7
Consolidated statements of income
[First half] 7
Consolidated statement of comprehensive income
[First half] 8
Consolidated statements of cash flows 9
Notes on the consolidated financial statements 10
Electronics & Devices
In the electronics components and materials business and the semiconductor parts and manufacturing equipment business, transactions of imaging equipment to North America and Asia, amusement products, and parts for smartphones were strong. In the ICT solutions business, transactions of products for the manufacturing industry were firm, and the mobile business also remained strong partly due to the launch of new products.
As a result, net sales in the Electronics and Devices Division rose ¥8,078 million year on year, to ¥134,539 million. Operating income climbed ¥335 million to ¥4,396 million.
Foods & Grain
The food business performed well, driven primarily by the transactions of agricultural products. On the other hand, the meat products business and the feedstuff business faced difficult conditions. The main reason for these difficult conditions was that the higher import prices caused by the weak yen had a negative impact on operating income.
As a result, in the Foods & Grain Division, net sales rose ¥12,224 million year on year, to ¥163,630 million. Operating income decreased ¥2,776 million, to a negative ¥378 million.
Steel, Materials & Plant
The energy business remained firm due to strong demand in Japan. The functional chemicals business recovered from the slackness that was seen following the consumption tax hike. In the plant business, transactions involving machine tools and industrial machinery were strong. In the iron and steel business, the mainstay oilfield tubing business went through a tough time due to weak crude oil prices.
As a result, net sales in the Steel, Materials & Plant Division declined ¥25,489 million year on year, to ¥198,680 million. Operating income fell ¥898 million, to ¥2,188 million.
Motor Vehicles & Aerospace
In the motor vehicles and parts business, transactions involving motor vehicle parts were generally strong. In the aerospace business, transactions of aircraft parts remained stable, and space-related transactions were also robust. As a result, in the Motor Vehicles & Aerospace Division, net sales rose ¥6,034 million year on year, to ¥37,028 million. Operating income grew ¥920 million to ¥2,313 million.
Other
Total assets | Net assets | Equity ratio | |
As of September 30, 2015 | Million yen | Million yen | % |
447,915 | 123,779 | 21.1 | |
As of March 31, 2015 | 459,011 | 118,731 | 19.6 |
(Reference) Shareholders' equity: 94,406 million yen as of September 30, 2015
90,101 million yen as of March 31, 2015
Annual dividends | |||||
(Record date) | End of first quarter | End of second quarter | End of third quarter | Year end | Fiscal |
Fiscal year ended March 2015 Fiscal year ending March 2016 | Yen - - | Yen 2.50 2.50 | Yen - | Yen 1.50 | Yen 4.00 |
Fiscal year ending March 2016 (Forecasts) | - | 2.50 | 5.00 | ||
(%: Changes from the previous fiscal year)
Net sales | Operating income | Ordinary income | Net income attributable to owners of the parent | Net income per share | |
Full year | Million yen % 1,200,000 7.4 | Million yen % 24,000 8.5 | Million yen % 23,000 0.5 | Million yen % 12,500 9.0 | Yen 29.75 |
First half (2015/9): 420,819,443 shares First six months (2014/9): 420,159,707 shares
The results forecasts and forward-looking statements included in this document are based on information that the Company has obtained on the date of the announcement and certain assumptions that the Company considers reasonable. The Company makes no guarantees with respect to the achievement of its results forecasts or forward-looking statements. Actual results might be significantly different from the forecasts in the document, depending on various factors. Refer to '(3) Information on the future outlook, including consolidated business performance forecasts' in '1. Qualitative Information on Consolidated Results, Etc. for the First half of the Fiscal Year Ending March 2016' on page 3 of accompanying materials for further information on results forecasts.
Accompanying Materials - Contents
Notes on the going concern assumption 10
Notes if there is a significant change in the amount of shareholder's equity 10
Segment information 10
Significant subsequent events 11
1. Qualitative Information on Consolidated Results, Etc. for the First half of the Fiscal Year Ending March 2016
(1) Details of consolidated results
In the first half under review (from April 1, 2015 to September 30, 2015), the U.S. economy recovered steadily, but there continued to be a fair share of uncertainty about the economies in other parts of the world. This uncertainty stemmed from concerns about the slowdown in the Chinese economy, the slackening recovery of emerging Asian economies, and debt problems in Europe.
The Japanese economy maintained a modest trend of recovery, backed by the pickup in personal consumption and steady corporate performance.
In this environment, the results of the Group for the first half under review are as shown below.
Consolidated net sales increased ¥5,931 million (1.1%) year on year, to ¥540,286 million. Consolidated gross trading profit increased ¥556 million (1.3%) from a year earlier, to ¥44,551 million. Consolidated operating income declined
¥2,603 million (23.5%) from the previous fiscal year, to ¥8,482 million, due to an increase in selling, general and administrative expenses. Non-operating income/expenses improved ¥1,260 million year on year, mainly reflecting an increase in foreign exchange gains and improvement in interest income/expenses. As a result, ordinary income decreased ¥1,343 million (12.7%) year on year, to ¥9,219 million. Income before income taxes and minority interests fell ¥2,715 million (26.0%) from a year ago, to ¥7,736 million due to an increase in extraordinary losses. Net income attributable to owners of the parent declined ¥1,652 million (27.1%) year on year, to ¥4,438 million.
Results for each business segment are described below.
Net sales increased ¥5,082 million from a year earlier, to ¥6,406 million. Operating income fell ¥141 million, to a negative ¥21 million.
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