YOKOGAWA ELECTRIC CORPORATION （Japan GAAP）
August 8, 2014
Name of Listed Company: Yokogawa Electric Corporation (the "Company" herein)
Stock Exchanges Where the Company's Shares Are Listed: Tokyo Stock Exchange, Section 1
Stock Code: 6841 (URL: http://www.yokogawa.com/) Name and Position of the Representative: Takashi Nishijima, President and Chief Operating Officer
Name and Position of Person in Charge: Sadamu Kawanaka, General Manager of Corporate Communication Department
Telephone Number: +81-422-52-5530
Planned Quarterly Report Filing Date: August 11, 2014
Planned Dividend Payment Starting Date: －
Quarterly Financial Results Supplemental Materials: Yes
Quarterly Financial Results Presentation Meeting: Yes (for institutional investors)
(Any amount less than one million yen is disregarded.)
1. Consolidated business results for the first quarter of the year ending March 31, 2015 (April 1-June 30, 2014) (1) Results of operations on a consolidated basis (accumulated)
(Percentages show the change from the same period of the previous year.)
Net Sales | Operating Income | Ordinary Income | Net Income | |
For first quarter of year ending March 31, 2015 For first quarter of year ended March 31, 2014 | Million yen % 82,791 2.5 80,764 7.6 | Million yen % 2,612 -21.1 3,311 14.7 | Million yen % 2,688 -23.6 3,520 55.0 | Million yen % 1,091 -26.7 1,487 -63.3 |
(Note) Comprehensive income: For first quarter of year ending March 31, 2015 1,588 million yen (-72.7%) For first quarter of year ended March 31, 2014 5,821 million yen (－%)
Net Income per Share | Diluted Net Income per Share | |
For first quarter of year ending March 31, 2015 For first quarter of year ended March 31, 2014 | Yen 4.24 5.78 | Yen ― ― |
(2) Financial conditions on a consolidated basis
Total Assets | Net Assets | Shareholders' Equity Ratio | |
As of June 30, 2014 As of March 31, 2014 | Million yen 393,876 398,920 | Million yen 191,960 192,106 | % 47.5 46.9 |
(Note) Shareholders' equity: As of June 30, 2014: 186,925 million yen As of March 31, 2014: 187,255 million yen
2. Dividend status
Dividends per Share | |||||
June 30 | September 30 | December 31 | End of Term | Total | |
For year ended March 31, 2014 For year ending March 31, 2015 | Yen ― ― | Yen 6.00 | Yen ― | Yen 6.00 | Yen 12.00 |
For year ended March 31, 2014 For year ending March 31, 2015 | Yen ― ― | ||||
For year ending March 31, 2015 (forecast) | 6.00 | ― | 6.00 | 12.00 |
(Note) Adjustment on dividend forecast in this quarter: No
3. Business forecast for the year ending March 31, 2015 (April 1, 2014-March 31, 2015)
(Percentages show the change from the previous year.)
Net Sales | Operating Income | Ordinary Income | Net Income | Net Income per Share | |
Annual | Million yen % 400,000 3.0 | Million yen % 28,000 8.1 | Million yen % 26,000 1.2 | Million yen % 14,000 13.4 | Yen 54.36 |
(Note) Adjustment on consolidated business forecast in this quarter: No
－ 1 －
Consolidated Financial Results for the First Quarter of FY2014
Yokogawa Electric Corporation (6841)
(1) Changes to important subsidiaries during the period: No
(changes to consolidated subsidiaries accompanying changes to specific subsidiaries)
(2) Application of special methods for quarterly consolidated financial statements: No
(3) Changes in accounting policies, changes in accounting estimates, restatements a. Changes accompanying revision of accounting standards: No
b. Changes other than (a) above: No c. Changes in accounting estimates: No
d. Restatements: No
(4) Number of shares issued (common stock)
a. Number of shares outstanding at the end of the period (including treasury stock)
For the 1st quarter of the year ending March 31, 2015 268,624,510 shares
For the year ended March 31, 2014 268,624,510 shares b. Treasury stock at the end of the period
For the 1st quarter of the year ending March 31, 2015 11,085,792 shares
For the year ended March 31, 2014 11,085,537 shares c. Average number of shares in the period (quarterly consolidated accumulated period)
For the 1st quarter of the year ending March 31, 2015 257,538,743 shares
For the 1st quarter of the year ended March 31, 2014 257,543,890 shares
Note regarding the implementation of the quarterly review procedures
This quarterly consolidated financial results report is not subject to the quarterly review procedures specified in the
Financial Instruments and Exchange Act. A review of the quarterly financial statements based on the Act was completed before the release of the quarterly consolidated financial results.
Note concerning appropriate use of business forecasts, etc.
The above forecasts are based on the information that was available at the time this document was released and involve assumptions regarding uncertain factors that may have an effect on future performance. Actual performance may vary greatly due to a variety of factors.
－ 2 －
Consolidated Financial Results for the First Quarter of FY2014
Yokogawa Electric Corporation (6841)
Attachment
Contents
Page | ||
1. Qualitative Information on Quarterly Consolidated Financial Results | ......................... | 4 |
(1) Explanation of business results | ......................... | 4 |
(2) Explanation of financial conditions | ......................... | 4 |
(3) Explanation of consolidated business forecast and other expectations | ......................... | 4 |
2. Notes on Summary Information | ......................... | 4 |
3. Consolidated Quarterly Financial Statements | ......................... | 5 |
(1) Consolidated quarterly balance sheets | ......................... | 5 |
(2) Consolidated quarterly statements of income and statements of comprehensive income | ......................... | 7 |
Consolidated quarterly statements of income for the first quarter of FY2014 | ......................... | 7 |
Consolidated quarterly statements of comprehensive income for the first quarter of FY2014 | ......................... | 8 |
4. Notes on Consolidated Quarterly Financial Statements | ......................... | 9 |
(1) Notes for going concern | ......................... | 9 |
(2) Notes if there is a remarkable change in the amount of shareholders' equity | ......................... | 9 |
(3) Segment information | ......................... | 9 |
Consolidated Financial Statements for the First Quarter of FY2014 | ......................... | 10 |
－ 3 －
Consolidated Financial Results for the First Quarter of FY2014
Yokogawa Electric Corporation (6841)
1. Qualitative Information on Quarterly Consolidated Financial Results
(1) Explanation of business results
This section reviews the performance of the Yokogawa Group for the first quarter of the current fiscal year, from April 1, 2014 to June 30, 2014.
Although certain emerging countries were still experiencing low rates of growth, the global economy continued to slowly recover, with the U.S. economy improving steadily and European economies starting to pick up. This was true also in Japan, where, despite a temporary slowdown in production and personal consumption following the consumption tax hike in April, corporations reported improved results and stock prices remained high due to bold government fiscal and monetary policies that resulted in a weaker yen.
Under these circumstances, based on the Evolution 2015 mid-term business plan, the Group continued to strive for growth by focusing on the industrial automation and control business, which remained strong thanks to the growth in energy-related investment.
As a result, and thanks to a steady effort to fill a large backlog of orders for the industrial automation and control business, the Group's net sales in the first quarter of the current fiscal year rose to 82.791 billion yen, a 2.027 billion yen year on year increase. However, due to factors such as an increase in selling, general and administrative expenses as a result of investments that the company made to prepare for future growth, operating income fell 698 million yen, to 2.612 billion yen.
Due to the decrease in operating income, ordinary income came to 2.688 billion yen, down 832 million yen year on year, and net income came to 1.091 billion yen, down 396 million yen.
Although sales have increased and income is down from a year ago, there are currently no factors that necessitate changes to the full-year forecast of consolidated business results for fiscal year 2014. We see no major risks that would prevent us from achieving the targeted year on year increases in both sales and income.
Results by individual segment are outlined below. Industrial Automation and Control Business
Although the mid- to long-term business environment is expected to remain robust due to increased energy-related investment, global orders for the industrial automation and control business in the first quarter of the current fiscal year were down from the same period a year ago. However, thanks mainly to the filling of the backlog of orders, net sales were up 2.811 billion yen year on year, to 73.417 billion yen. At the same time, the aforementioned increase in selling, general and administrative expenses as the result of investments for the future caused operating income to fall to 2.795 billion yen, a 1.550 billion yen decrease.
Test and Measurement Business
In the first quarter of the current fiscal year, net sales for the test and measurement business fell 1.341 billion yen year on year, to 5.038 billion yen. This decline was primarily due to the effects of the withdrawal from and sale of businesses over a period of time ending at the end of the previous fiscal year. Operating income was 7 million yen. (The same period last year saw an operating loss of 440 million yen.)
Other Businesses
In our other businesses segment, net sales for the first quarter of the current fiscal year increased by 557 million yen from a year earlier, to 4.335 billion yen, and the operating loss shrank by 402 million yen, to 190 million yen.
(2) Explanation of financial conditions
Total assets at the end of the first quarter of the current fiscal year were 393.876 billion yen, a decrease of 5.044 billion yen from the end of the previous fiscal year. This is mainly due to a decrease in notes and accounts receivable-trade. In addition, total liabilities at the end of the first quarter were 201.915 billion yen, a decrease of 4.898 billion yen. This is mainly due to a decrease in notes and accounts payable-trade. Total net assets at the end of the first quarter were 191.960 billion yen, a 145 million yen decrease. This is mainly due to dividend payments. As a result, the shareholders' equity ratio was 47.5%, up 0.6 percentage points from the end of the previous fiscal year.
(3) Explanation of consolidated business forecast and other expectations
There is no change to the fiscal year 2014 consolidated business forecast that was announced on May 13, 2014.
2. Notes on Summary Information
Not applicable
－ 4 －
Consolidated Financial Results for the First Quarter of FY2014
Yokogawa Electric Corporation (6841)
3. Consolidated Quarterly Financial Statements
(1) Consolidated quarterly balance sheets
Assets
Current assets
(Reference) End of FY2013 (March 31, 2014)
Millions of yen
End of FY2014 1st quarter
(June 30, 2014)
Cash and deposits 57,296 70,433
Notes and accounts receivable-trade 135,053 115,205
Merchandise and finished goods 15,686 17,535
Work in process 8,497 10,244
Raw materials and supplies 10,260 10,655
Other 17,106 15,708
Allowance for doubtful accounts (3,918) (3,879) Total current assets 239,983 235,904
Noncurrent assets
Property, plant and equipment
Buildings and structures, net 47,987 47,894
Other, net 34,629 33,752
Total property, plant and equipment 82,616 81,647
Intangible assets
Software 19,315 19,489
Other 6,929 6,290
Total intangible assets 26,245 25,779
Investments and other assets
Investment securities 40,260 41,567
Other 10,261 9,420
Allowance for doubtful accounts (446) (443) Total investments and other assets 50,075 50,544
Total assets 398,920 393,876
－ 5 －
Consolidated Financial Results for the First Quarter of FY2014
Yokogawa Electric Corporation (6841)
Liabilities
Current liabilities
(Reference) End of FY2013 (March 31, 2014)
Millions of yen
End of FY2014 1st quarter
(June 30, 2014)
Notes and accounts payable-trade 32,461 25,965
Short-term loans payable 19,286 19,712
Accounts payable-other 10,265 21,060
Income taxes payable 4,665 4,016
Advances received 28,581 31,415
Provision for bonuses 13,481 4,007
Other 27,090 24,426
Total current liabilities 135,833 130,605
Noncurrent liabilities
Long-term loans payable 62,120 62,108
Net defined benefit liability 2,895 2,968
Other 5,964 6,232
Total noncurrent liabilities 70,980 71,310
Total liabilities 206,814 201,915
Net assets
Shareholders' equity
Capital stock 43,401 43,401
Capital surplus 50,344 50,344
Retained earnings 100,470 99,983
Treasury stock (11,015) (11,015) Total shareholders' equity 183,201 182,713
Accumulated other comprehensive income
Deferred gains or losses on hedges | (80) | (12) |
Foreign currency translation adjustment | (3,945) | (4,620) |
Remeasurements of defined benefit plans | (511) | (689) |
Minority interests 4,851 5,034
Total net assets 192,106 191,960
Total liabilities, net assets 398,920 393,876
－ 6 －
Consolidated Financial Results for the First Quarter of FY2014
Yokogawa Electric Corporation (6841)
(2) Consolidated quarterly statements of income and statements of comprehensive income
Consolidated quarterly statements of income for the first quarter of FY2014
(Reference)
First quarter of FY2013 (April 1-June 30, 2013)
Millions of yen
First quarter of FY2014 (April 1-June 30, 2014)
Net sales 80,764 82,791
Cost of sales 46,378 47,379
Gross profit (loss) 34,386 35,412
Selling, general and administrative expenses 31,074 32,800
Operating income (loss) 3,311 2,612
Non-operating income
Interest income 86 115
Dividend income 324 352
Foreign exchange gains 146 －
Equity in earnings of affiliates 207 101
Other 377 331
Total non-operating income 1,142 901
Non-operating expenses
Interest expenses 561 460
Foreign exchange losses － 117
Other 371 247
Total non-operating expenses 932 825
Ordinary income (loss) 3,520 2,688
Extraordinary income
Gain on sale of noncurrent assets 20 12
Gain on sale of investment securities 107 328
Total extraordinary income 128 341
Extraordinary losses
Loss on sale of noncurrent assets 27 4
Loss on retirement of noncurrent assets 86 127
Loss on valuation of investment securities 7 －
Total extraordinary losses 120 131
Income (loss) before income taxes and minority interests 3,528 2,897
Income taxes-current 1,952 1,728
Income taxes-deferred (212) (305) Total income taxes 1,739 1,422
Income (loss) before minority interests 1,788 1,475
Minority interests in income (loss) 300 383
Net income (loss) 1,487 1,091
－ 7 －
Consolidated Financial Results for the First Quarter of FY2014
Yokogawa Electric Corporation (6841)
Consolidated quarterly statements of comprehensive income for the first quarter of FY2014
(Reference)
First quarter of FY2013 (April 1-June 30, 2013)
Millions of yen
First quarter of FY2014 (April 1-June 30, 2014)
Income (loss) before minority interests 1,788 1,475
Other comprehensive income
Valuation difference on available-for-sale securities 1,827 954
Deferred gains or losses on hedges (75) 67
Foreign currency translation adjustment 2,311 (723) Remeasurements of defined benefit plans (40) 13
Total other comprehensive income | 4,033 | 113 |
Comprehensive income | 5,821 | 1,588 |
（Comprehensive income attributable to） |
Comprehensive income attributable to minority interests 453 339
－ 8 －
Consolidated Financial Results for the First Quarter of FY2014
Yokogawa Electric Corporation (6841)
4. Notes on Consolidated Quarterly Financial Statements
(1) Notes for going concern
Not applicable
(2) Notes if there is a remarkable change in the amount of shareholders' equity
Not applicable
(3) Segment information
Segment sales and profits (losses) Millions of yen
Term Business | (Reference) First quarter of FY2013 (April 1-June 30, 2013) | First quarter of FY2014 (April 1-June 30, 2014) | Change | |
Industrial automation and control business | Net sales to unaffiliated customers | 70,605 | 73,417 | 2,811 |
Industrial automation and control business | Operating income | 4,345 | 2,795 | (1,550) |
Test and measurement business | Net sales to unaffiliated customers | 6,380 | 5,038 | (1,341) |
Test and measurement business | Operating income (loss) | (440) | 7 | 448 |
Other businesses | Net sales to unaffiliated customers | 3,777 | 4,335 | 557 |
Other businesses | Operating income (loss) | (593) | (190) | 402 |
Consolidated | Net sales to unaffiliated customers | 80,764 | 82,791 | 2,027 |
Consolidated | Operating income (loss) | 3,311 | 2,612 | (698) |
[Reference]
Sales by geographical location Millions of yen
(Reference)
Region
Term
First quarter of FY2013 (April 1-June 30, 2013)
Amount Composition
First quarter of FY2014
(April 1-June 30, 2014) Change
Composition
Ratio (%) Amount
Ratio (%) Amount
Japan | 20,825 | 25.8 | 22,261 | 26.9 | 1,435 |
Outside Japan | 59,938 | 74.2 | 60,530 | 73.1 | 591 |
Asia | 24,472 | 30.3 | 22,999 | 27.8 | (1,473) |
Europe | 8,232 | 10.2 | 8,398 | 10.1 | 165 |
North America | 6,248 | 7.7 | 7,255 | 8.8 | 1,007 |
Middle East | 7,192 | 8.9 | 6,453 | 7.8 | (739) |
Other | 13,792 | 17.1 | 15,424 | 18.6 | 1,631 |
Consolidated net sales | 80,764 | 100.0 | 82,791 | 100.0 | 2,027 |
(Note) Sales are based on a customer's geographical location (classified above as a country or region).
The breakdown of countries and regions belonging to groups is as follows. (1) Asia China, Singapore, South Korea, India, etc.
(2) Europe The Netherlands, France, the United Kingdom, Germany, etc. (3) North America The United States, Canada
(4) Middle East Bahrain, Saudi Arabia, etc. (5) Other Russia, Brazil, Australia, etc.
－ 9 －
Consolidated Financial Results for the First Quarter of FY2014
Yokogawa Electric Corporation (6841)
[Reference]
August 8, 2014
Yokogawa Electric Corporation
Consolidated Financial Statements for the First Quarter of FY2014Millions of yen
First quarter of FY2013 | First quarter of FY2014 | Change | ||||
Amount | Ratio to Net Sales | Amount | Ratio to Net Sales | Amount | Ratio to Net Sales | |
Net Sales | 80,764 | ― | 82,791 | ― | 2,027 | ― |
Operating Income | 3,311 | 4.1% | 2,612 | 3.2% | (698) | -0.9% |
Ordinary Income | 3,520 | 4.4% | 2,688 | 3.2% | (832) | -1.2% |
Net Income | 1,487 | 1.8% | 1,091 | 1.3% | (396) | -0.5% |
Total Assets | 387,465 | 393,876 | 6,411 | |||
Shareholders' Equity | 176,972 | 191,960 | 14,987 | |||
Net Income to Shareholders' Equity Ratio | 0.9% | 0.6% | -0.3% | |||
Net Income per Share | 5.78 yen | 4.24 yen | (1.54) yen | |||
Capital Investment | 2,572 | 2,365 | (207) | |||
Depreciation | 3,185 | 3,331 | 145 | |||
Research and Development Expenses | 6,081 | 6,446 | 364 | |||
Average Exchange Rate during the Term | ||||||
USD | 99.64 yen | 101.71 yen |
Consolidated orders by segment Millions of yen
First quarter of FY2013 | First quarter of FY2014 | FY2014 Full year (Forecast) | |
Industrial automation and control business | 89,757 | 83,362 | 370,000 |
Measurement business | 6,354 | 5,826 | 25,000 |
Other businesses | 4,087 | 5,617 | 22,000 |
Total | 100,199 | 94,806 | 417,000 |
Consolidated sales by segment Millions of yen
First quarter of FY2013 | First quarter of FY2014 | FY2014 Full year (Forecast) | |
Industrial automation and control business | 70,605 | 73,417 | 353,000 |
Measurement business | 6,380 | 5,038 | 25,000 |
Other businesses | 3,777 | 4,335 | 22,000 |
Total | 80,764 | 82,791 | 400,000 |
Consolidated operating income by segment Millions of yen
First quarter of FY2013 | First quarter of FY2014 | FY2014 Full year (Forecast) | |
Industrial automation and control business | 4,345 | 2,795 | 26,000 |
Measurement business | (440) | 7 | 1,500 |
Other businesses | (593) | (190) | 500 |
Total | 3,311 | 2,612 | 28,000 |
－ 10 －
|
distributed by
|
