NITERRA CO., LTD.
URL : http://www.ngkntk.co.jp
Stock listing : Tokyo 1st section, Nagoya 1st section
Code number : 5334
Head office : 14-18 Takatsuji-cho, Mizuho-ku, Nagoya, 467-8525, Aichi, Japan
Representative : Shinichi Odo, President
For the three months:
Billions of yen
Three months ended
2013 2014
Jun.30 Sep.30 Dec. 31 Mar.31 Jun.30 Sep.30
Net sales 82.2 79.9 83.3 84.3 84.6 84.4
Operating income 10.8 12.5 13.8 14.6 15.1 14.2
Ordinary income 12.0 12.6 16.3 14.0 15.6 17.2
Net income 7.2 8.5 9.8 7.2 10.1 6.2
Sales by industry segments:
Spark & glow plugs 40.0 38.0 39.3 41.7 41.5 42.3
Automotive sensors 28.0 26.8 28.5 29.5 29.7 28.7
Automotive components 68.1 64.8 67.8 71.2 71.2 71.0
Semiconductor 8.1 9.1 8.9 7.1 6.6 7.2
Ceramics 5.1 5.1 5.6 5.3 5.3 5.3
Technical ceramics 13.2 14.2 14.4 12.4 12.0 12.5
Operating income ratio:
Percent
Consolidated 13.2 15.6 16.5 17.3 17.8 16.8
By industry segments:
Automotive components 18.1 21.6 23.1 23.8 24.5 22.5
T
Actual exchange rate:
Yen
Yen - U.S. dollar 99 99 100 103 102 104
Yen - Euro 129 131 137 141 140 138
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Forecast for the fiscal year ending March 31, 2015
Automotive
Forecast of fiscal year ending March 31, 2015
Technical ceramics
(Reference) Fiscal year ended
components
Semiconductor Ceramics
Others Consolidated
March 31, 2014
Millions of yen
Yen
Net income per share (Basic) | 179.20 | 150.26 |
Dividend per share | 36.00 | 28.00 |
Note 1: The above forecast is revised from the one disclosed on May 8, 2014 |
2: Assumed exchange rates in the latter half of this fiscal year are;
1 U.S. dollar = 105 Yen 1 Euro = 135 Yen
Reason for the revision:
Due to the circumstances such as the yen weaker than our assumption, net sales, operating income and ordinary income are expected to exceed the previous forecast announced on May 8, 2014. However, due to the situations such as recognizing the loss on violation of antitrust law as extraordinary loss in the second quarter, net income is expected to be below the previous forecast. Therefore, we revise our forecast for this fiscal year as above.
Disclaimer statements:
The above forecast is based on information available at the time of this announcement. Therefore, we cannot guarantee accuracy and completeness of the forecast due to various factors.
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NGK SPARK PLUG CO., LTD. (5334)
Financial Statements for the Second Quarter of the Fiscal Year Ending March 31, 2015
Consolidated Quarterly Balance Sheets September 30, 2014 and March 31, 2014
Assets
Current assets
Millions of yen
March 31, 2014 September 30, 2014
Cash and deposits 31,508 35,594
Notes and accounts receivable-trade 61,991 62,655
Short-term investment securities 80,943 67,840
Inventories 71,069 75,714
Deferred tax assets 12,785 12,339
Other 11,361 11,781
Allowance for doubtful accounts (449) (461)
Total current assets 269,209 265,464
Noncurrent assets
Property, plant and equipment
Buildings and structures, net 48,946 49,927
Machinery, equipment and vehicles, net 38,375 44,505
Land 15,147 15,973
Construction in progress 15,671 20,417
Other, net 2,955 2,981
Total property, plant and equipment 121,095 133,807
Intangible assets
Software 3,367 2,992
Other 252 267
Total intangible assets 3,620 3,259
Investments and other assets
Investment securities 60,837 58,696
Deferred tax assets 999 899
Other 2,488 2,480
Allowance for doubtful accounts (103) (105)
Total investments and other assets 64,222 61,970
Total noncurrent assets 188,938 199,037
Total assets 458,148 464,501
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NGK SPARK PLUG CO., LTD. (5334)
Financial Statements for the Second Quarter of the Fiscal Year Ending March 31, 2015
Liabilities
Current liabilities
Millions of yen
March 31, 2014 September 30, 2014
Accounts payable-trade 23,625 23,313
Short-term loans payable 1,594 1,379
Current portion of bonds 10,000 15,000
Lease obligations 252 223
Income taxes payable 16,410 8,726
Deferred tax liabilities 1 -
Other 29,776 34,974
Total current liabilities 81,660 83,617
Noncurrent liabilities
Bonds payable 40,000 25,000
Long-term loans payable 5,000 5,000
Lease obligations 492 404
Net defined benefit liability 23,522 25,134
Deferred tax liabilities 3,459 4,507
Other 1,220 1,290
Total noncurrent liabilities 73,694 61,336
Total liabilities 155,354 144,954
Net assets
Shareholders' equity
Capital stock 47,869 47,869
Capital surplus 54,824 54,824
Retained earnings 195,042 206,635
Treasury stock (7,611) (7,638)
Total shareholders' equity 290,124 301,691
Valuation and translation adjustments
Valuation difference on available-for-sale securities 21,137 22,895
Foreign currency translation adjustment (6,543) (3,431) Remeasurements of defined benefit plans (4,083) (3,827) Total valuation and translation adjustments 10,509 15,636
Minority interests 2,159 2,219
Total net assets 302,793 319,547
Total liabilities and net assets 458,148 464,501
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NGK SPARK PLUG CO., LTD. (5334)
Financial Statements for the Second Quarter of the Fiscal Year Ending March 31, 2015
Consolidated Quarterly Statement of Operations for the Six Months Ended September 30, 2013 and 2014
Millions of yen
2013 2014
Net sales 162,155 169,004
Cost of sales 112,563 110,090
Gross profit 49,592 58,914
Selling, general and administrative expenses 26,268 29,636
Operating income 23,324 29,277
Non-operating income
Interest income 522 701
Dividends income 439 584
Amortization of negative goodwill 8 -
Equity in earnings of affiliates 152 638
Foreign exchange gains 498 1,361
Other 442 986
Total non-operating income 2,063 4,272
Non-operating expenses
Interest expenses 232 216
Depreciation of inactive noncurrent assets 129 95
Other 360 487
Total non-operating expenses 722 799
Ordinary income 24,664 32,750
Extraordinary income
Gain on sales of property, plant and equipment 71 50
Gain on sales of investment securities 11 -
Total extraordinary income 82 50
Extraordinary loss
Loss on sales or disposal of property, plant and equipment 258 184
Loss on valuation of investment securities - 16
Loss on violation of antitrust law - 5,687
Total extraordinary losses 258 5,888
Income before income taxes and minority interests 24,488 26,912
Income taxes-current 9,809 9,213
Income taxes-deferred (1,171) 1,214
Total income taxes 8,638 10,428
Income before minority interests 15,849 16,484
Minority interests in income 158 148
Net income 15,691 16,335
Net income per share
Yen
- Basic 72.09 75.06
- Diluted - -
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NGK SPARK PLUG CO., LTD. (5334)
Financial Statements for the Second Quarter of the Fiscal Year Ending March 31, 2015
Consolidated Statements of Comprehensive Income- 6 -
Millions of yen
2013 2014
NGK SPARK PLUG CO., LTD. (5334)
Financial Statements for the Second Quarter of the Fiscal Year Ending March 31, 2015
Consolidated Quarterly Statements of Cash Flows for the Six Months Ended September 30, 2013 and 2014
Net cash provided by operating activities
Millions of yen
2013 2014
Income before income taxes and minority interests 24,488 26,912
Depreciation and amortization 5,410 6,328
Amortization of goodwill (8) - Decrease in provision for retirement benefits (211) - Decrease in net defined benefit liability - (173) Interest and dividends income (961) (1,285) Interest expenses 232 216
Equity in earnings of affiliates (152) (638)
Loss on disposal of noncurrent assets 187 133
Loss on valuation of investment securities - 16
Decrease (increase) in notes and accounts receivable-trade (4,752) 716 (Increase) decrease in inventories 2,455 (3,247) (Decrease) increase in notes and accounts payable - trade 3,610 (2,008) Other, net (561) 4,769
Subtotal 29,736 31,740
Interest and dividends income received 988 1,128
Interest expenses paid (225) (185) Income taxes paid (4,839) (15,484) Net cash provided by operating activities 25,659 17,199
Net cash used in investment activities
Net decrease (increase) in time deposits (738) 757
Net decrease (increase) in short-term investment securities (7,992) 7,887
Purchase of property, plant and equipment (19,933) (19,049) Purchase of intangible assets (418) (364) Purchase of investment securities (3,078) (1,405) Proceeds from sales and redemption of investment securities 3,107 4,400
Other, net (522) 20
Net cash used in investment activities (29,577) (7,752)
Net cash (used in) provided by financing activities
Net (decrease) increase in short-term loans payable 62 (287) Proceeds from long-term loans payable 5,000 - Proceeds from issuance of bonds 24,877 - Redemption of bonds - (10,000) Purchase of treasury stock (31) (26) Cash dividends paid (2,398) (3,262) Other, net (339) (328) Net cash (used in) provided by financing activities 27,171 (13,905)
Effect of exchange rate change on cash and cash equivalents 421 1,338
Net (decrease) increase in cash and cash equivalents 23,675 (3,121)
Cash and cash equivalents at beginning of period 49,874 68,966
Cash and cash equivalents at end of period 73,549 65,845
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NGK SPARK PLUG CO., LTD. (5334)
Financial Statements for the Second Quarter of the Fiscal Year Ending March 31, 2015
Segment information
Information about sales and segment income (loss) by reportable segments
Reportable segments
Six months ended September 30, 2013
Automotive components
Technical ceramics
Semiconductor Ceramics Total
Total
Millions of yen
Others Total Adjustment Consolidated
Net sales 132,873 17,141 10,190 27,332 160,206 1,949 162,155 - 162,155
Segment income (loss) 26,290 (3,211) 253 (2,957) 23,333 (9) 23,324 - 23,324
Six months ended September 30, 2014
Net sales 142,163 13,872 10,578 24,451 166,614 2,389 169,004 - 169,004
Segment income (loss) 33,366 (4,438) 310 (4,127) 29,238 38 29,277 - 29,277
Note 1: "Others" represents businesses such as Material Sales, Welfare Program Service and Transportation, which are not included in reportable segments. Note 2: Segment income (loss) is adjusted to Operating income (loss) of "Consolidated Quarterly Statement of Operations".
Note 3: In April 2014, product for semiconductor manufacturing equipment was moved from "Ceramics" to "Semiconductor".
Segment information for the six months ended September 30, 2013 above is based on the reportable segments of the six months ended September 30, 2014.
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