TIDM85GQ
RNS Number : 6052V
Nippon Sheet Glass Company Limited
04 November 2010
FY 2011 2nd Quarter Consolidated Financial Results <J-GAAP> 4 November
2010
(English translation of the Japanese original)
Consolidated Financial Statements
(1) Quarterly consolidated balance sheet
(JPY millions)
+--------------------------------+--------+-----------+--------+-----------+
| | Quarter 2 FY 11 | FY 10 |
| | As of 30 | (Abbreviated) |
| | September 2010 | As of 31 March |
| | | 2010 |
+--------------------------------+--------------------+--------------------+
| Assets | | | | |
+--------------------------------+--------+-----------+--------+-----------+
| Current assets | | | | |
+--------------------------------+--------+-----------+--------+-----------+
| Cash and deposits | | 61,124 | | 79,796 |
+--------------------------------+--------+-----------+--------+-----------+
| Notes and accounts receivable | | 96,966 | | 97,680 |
| - trade | | | | |
+--------------------------------+--------+-----------+--------+-----------+
| Merchandise and finished goods | | 52,831 | | 56,107 |
+--------------------------------+--------+-----------+--------+-----------+
| Work in process | | 10,197 | | 10,375 |
+--------------------------------+--------+-----------+--------+-----------+
| Raw materials and supplies | | 31,731 | | 32,309 |
+--------------------------------+--------+-----------+--------+-----------+
| Other current assets | | 16,180 | | 25,325 |
+--------------------------------+--------+-----------+--------+-----------+
| Allowance for doubtful | | (3,837) | | (4,146) |
| accounts | | | | |
+--------------------------------+--------+-----------+--------+-----------+
| Total: Current assets | | 265,192 | | 297,446 |
+--------------------------------+--------+-----------+--------+-----------+
| Non-current assets | | | | |
+--------------------------------+--------+-----------+--------+-----------+
| Property, plant and equipment | | | | |
+--------------------------------+--------+-----------+--------+-----------+
| Buildings and structures | | 139,879 | | 141,122 |
+--------------------------------+--------+-----------+--------+-----------+
| Accumulated depreciation | | (79,511) | | (78,184) |
+--------------------------------+--------+-----------+--------+-----------+
| Buildings and structures, net | | 60,368 | | 62,938 |
+--------------------------------+--------+-----------+--------+-----------+
| Machinery, equipment and | | 346,414 | | 357,689 |
| vehicles | | | | |
+--------------------------------+--------+-----------+--------+-----------+
| Accumulated depreciation | | (202,102) | | (199,666) |
+--------------------------------+--------+-----------+--------+-----------+
| Machinery, equipment and | | 144,312 | | 158,023 |
| vehicles, net | | | | |
+--------------------------------+--------+-----------+--------+-----------+
| Tools, furniture and fixtures | | 45,358 | | 45,330 |
+--------------------------------+--------+-----------+--------+-----------+
| Accumulated depreciation | | (29,468) | | (28,768) |
+--------------------------------+--------+-----------+--------+-----------+
| Tools, furniture and fixtures, | | 15,890 | | 16,562 |
| net | | | | |
+--------------------------------+--------+-----------+--------+-----------+
| Land | | 37,988 | | 39,774 |
+--------------------------------+--------+-----------+--------+-----------+
| Leased assets | | 7,923 | | 8,179 |
+--------------------------------+--------+-----------+--------+-----------+
| Accumulated depreciation | | (4,145) | | (3,820) |
+--------------------------------+--------+-----------+--------+-----------+
| Leased assets, net | | 3,778 | | 4,359 |
+--------------------------------+--------+-----------+--------+-----------+
| Construction in progress | | 1,146 | | 1,486 |
+--------------------------------+--------+-----------+--------+-----------+
| Total: Property, plant and | | 263,482 | | 283,140 |
| equipment | | | | |
+--------------------------------+--------+-----------+--------+-----------+
| Intangible assets | | | | |
+--------------------------------+--------+-----------+--------+-----------+
| Goodwill | | 107,675 | | 122,653 |
+--------------------------------+--------+-----------+--------+-----------+
| Other intangible assets | | 98,694 | | 113,381 |
+--------------------------------+--------+-----------+--------+-----------+
| Total: intangible assets | | 206,369 | | 236,034 |
+--------------------------------+--------+-----------+--------+-----------+
| Investments and other assets | | | | |
+--------------------------------+--------+-----------+--------+-----------+
| Joint ventures, associates and | | 54,909 | | 59,224 |
| other investments | | | | |
+--------------------------------+--------+-----------+--------+-----------+
| Others | | 58,685 | | 59,845 |
+--------------------------------+--------+-----------+--------+-----------+
| Allowance for doubtful | | (1,844) | | (1,969) |
| accounts | | | | |
+--------------------------------+--------+-----------+--------+-----------+
| Total: Investments and other | | 111,750 | | 117,100 |
| assets | | | | |
+--------------------------------+--------+-----------+--------+-----------+
| Total: Non-current assets | | 581,601 | | 636,275 |
+--------------------------------+--------+-----------+--------+-----------+
| Total: Assets | | 846,793 | | 933,721 |
+--------------------------------+--------+-----------+--------+-----------+
(1) Quarterly consolidated balance sheet (continued)
(JPY millions)
+--------------------------------+--------+-----------+--------+----------+
| | Quarter 2 FY 11 | FY 10 |
| | As of 30 | (Abbreviated) |
| | September 2010 | As of 31 March |
| | | 2010 |
+--------------------------------+--------------------+-------------------+
| Liabilities | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Current liabilities | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Notes and accounts payable - | | 60,866 | | 68,898 |
| trade | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Short-term loans payable | | 10,998 | | 25,619 |
+--------------------------------+--------+-----------+--------+----------+
| Current portion of long-term | | 9,707 | | 41,533 |
| loans payable | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Current portion of bonds | | 23,000 | | 10,000 |
| payable | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Lease obligations | | 2,099 | | 1,984 |
+--------------------------------+--------+-----------+--------+----------+
| Income taxes payable | | 7,122 | | 6,023 |
+--------------------------------+--------+-----------+--------+----------+
| Provisions | | 13,890 | | 17,107 |
+--------------------------------+--------+-----------+--------+----------+
| Other current liabilities | | 55,199 | | 63,971 |
+--------------------------------+--------+-----------+--------+----------+
| Total: Current liabilities | | 182,881 | | 235,134 |
+--------------------------------+--------+-----------+--------+----------+
| Non-current liabilities | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Bonds payable | | 27,000 | | 50,000 |
+--------------------------------+--------+-----------+--------+----------+
| Long-term loans payable | | 256,549 | | 262,326 |
+--------------------------------+--------+-----------+--------+----------+
| Lease obligations | | 1,845 | | 2,980 |
+--------------------------------+--------+-----------+--------+----------+
| Provision for retirement | | 52,453 | | 59,319 |
| benefits | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Provision for rebuilding | | 10,760 | | 10,560 |
| furnaces | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Other provisions | | 6,117 | | 7,401 |
+--------------------------------+--------+-----------+--------+----------+
| Other non-current liabilities | | 61,246 | | 66,071 |
+--------------------------------+--------+-----------+--------+----------+
| Total: Non-current liabilities | | 415,970 | | 458,656 |
+--------------------------------+--------+-----------+--------+----------+
| Total: Liabilities | | 598,851 | | 693,790 |
+--------------------------------+--------+-----------+--------+----------+
| Net assets | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Shareholders' equity | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Capital stock | | 116,449 | | 96,147 |
+--------------------------------+--------+-----------+--------+----------+
| Capital surplus | | 155,595 | | 135,290 |
+--------------------------------+--------+-----------+--------+----------+
| Retained earnings | | 68,745 | | 71,696 |
+--------------------------------+--------+-----------+--------+----------+
| Treasury stock | | (583) | | (589) |
+--------------------------------+--------+-----------+--------+----------+
| Total: Shareholders' equity | | 340,206 | | 302,544 |
+--------------------------------+--------+-----------+--------+----------+
| Valuation and translation | | | | |
| adjustments | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Valuation difference on | | 682 | | 836 |
| available-for-sale securities | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Deferred gains or losses on | | (4,810) | | (5,026) |
| hedges | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Foreign currency translation | | (99,351) | | (68,048) |
| adjustment | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Total: Valuation and | | (103,479) | | (72,238) |
| translation adjustments | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Subscription rights to shares | | 726 | | 684 |
+--------------------------------+--------+-----------+--------+----------+
| Minority interests | | 10,489 | | 8,942 |
+--------------------------------+--------+-----------+--------+----------+
| Total: Net assets | | 247,942 | | 239,931 |
+--------------------------------+--------+-----------+--------+----------+
| Total: Liabilities and net | | 846,793 | | 933,721 |
| assets | | | | |
+--------------------------------+--------+-----------+--------+----------+
(2) Quarterly consolidated income statement
(JPY millions)
+------------------------------------+---+----------+----------+------------+
| |Quarter 2 FY | Quarter 2 FY 11 |
| | 10 | For the period 1 |
| | For the | April 2010 to 30 |
| | period 1 | September 2010 |
| | April 2009 | |
| | to 30 | |
| | September | |
| | 2009 | |
+------------------------------------+--------------+-----------------------+
| Net sales | | 292,989 | | 293,689 |
+------------------------------------+---+----------+----------+------------+
| Cost of sales | | 223,055 | | 212,420 |
+------------------------------------+---+----------+----------+------------+
| Gross profit | | 69,934 | | 81,269 |
+------------------------------------+---+----------+----------+------------+
| Selling, general and | | 86,155 | | 70,796 |
| administrative expenses | | | | |
+------------------------------------+---+----------+----------+------------+
| Operating income | | (16,222) | | 10,473 |
+------------------------------------+---+----------+----------+------------+
| Non-operating income | | | | |
+------------------------------------+---+----------+----------+------------+
| Interest income | | 893 | | 836 |
+------------------------------------+---+----------+----------+------------+
| Dividends income | | 417 | | 365 |
+------------------------------------+---+----------+----------+------------+
| Share of profits of affiliates | | - | | 3,889 |
+------------------------------------+---+----------+----------+------------+
| Other non-operating income | | 986 | | 681 |
+------------------------------------+---+----------+----------+------------+
| Total: Non-operating income | | 2,296 | | 5,771 |
+------------------------------------+---+----------+----------+------------+
| Non-operating expenses | | | | |
+------------------------------------+---+----------+----------+------------+
| Interest expenses | | 7,417 | | 6,828 |
+------------------------------------+---+----------+----------+------------+
| Share of losses of affiliates | | 388 | | - |
+------------------------------------+---+----------+----------+------------+
| Foreign exchange loss | | - | | 1,635 |
+------------------------------------+---+----------+----------+------------+
| Other non-operating expenses | | 3,013 | | 1,328 |
+------------------------------------+---+----------+----------+------------+
| Total: Non-operating expenses | | 10,818 | | 9,791 |
+------------------------------------+---+----------+----------+------------+
| Ordinary income | | (24,743) | | 6,453 |
+------------------------------------+---+----------+----------+------------+
| Extraordinary income | | | | |
+------------------------------------+---+----------+----------+------------+
| Gain on sales of fixed assets | | 789 | | 493 |
+------------------------------------+---+----------+----------+------------+
| Gain on reversal of impairment | | - | | 492 |
+------------------------------------+---+----------+----------+------------+
| Gain on sales of investment | | 4,140 | | - |
| securities | | | | |
+------------------------------------+---+----------+----------+------------+
| Gain on sales of investments in | | 64 | | - |
| affiliates | | | | |
+------------------------------------+---+----------+----------+------------+
| Other extraordinary income | | 1,559 | | 79 |
+------------------------------------+---+----------+----------+------------+
| Total: Extraordinary income | | 6,551 | | 1,064 |
+------------------------------------+---+----------+----------+------------+
| Extraordinary loss | | | | |
+------------------------------------+---+----------+----------+------------+
| Loss on retirement of non current | | 116 | | 183 |
| assets | | | | |
+------------------------------------+---+----------+----------+------------+
| Loss on sales of non current | | 47 | | 36 |
| assets | | | | |
+------------------------------------+---+----------+----------+------------+
| Impairment loss | | 4,542 | | - |
+------------------------------------+---+----------+----------+------------+
| Restructuring expenditure | | 2,082 | | 1,347 |
+------------------------------------+---+----------+----------+------------+
| Other extraordinary losses | | 1,733 | | 114 |
+------------------------------------+---+----------+----------+------------+
| Total: Extraordinary losses | | 8,521 | | 1,680 |
+------------------------------------+---+----------+----------+------------+
| Income before income taxes | | (26,713) | | 5,837 |
+------------------------------------+---+----------+----------+------------+
| Income taxes | | (827) | | 2,721 |
+------------------------------------+---+----------+----------+------------+
| Income before minority interests | | - | | 3,116 |
+------------------------------------+---+----------+----------+------------+
| Minority interests | | 363 | | 3,101 |
+------------------------------------+---+----------+----------+------------+
| Net income | | (26,248) | | 15 |
+------------------------------------+---+----------+----------+------------+
(3) Quarterly consolidated statement of cash-flow
(JPY millions)
+------------------------------------+-----+----------+----------------+
| | Quarter 2 FY | Quarter 2 FY |
| | 10 | 11 |
| | For the |For the period |
| | period 1 | 1 April 2010 |
| | April 2009 to | to 30 |
| | 30 September |September 2010 |
| | 2009 | |
+------------------------------------+----------------+----------------+
| Cash flows from operating | | | |
| activities | | | |
+------------------------------------+-----+----------+----------------+
| Income before income taxes | | (26,713) | 5,837 |
+------------------------------------+-----+----------+----------------+
| Adjustments for: | | | |
+------------------------------------+-----+----------+----------------+
| Depreciation and amortization | | 25,558 | 20,895 |
+------------------------------------+-----+----------+----------------+
| Amortization of goodwill | | 3,940 | 3,305 |
+------------------------------------+-----+----------+----------------+
| Impairment Loss | | 4,542 | - |
+------------------------------------+-----+----------+----------------+
| Increase / (decrease) in allowance | | 1,269 | (122) |
| for doubtful accounts | | | |
+------------------------------------+-----+----------+----------------+
| Increase / (decrease) in provision | | 1,819 | (2,109) |
| for retirement benefits | | | |
+------------------------------------+-----+----------+----------------+
| Increase in provision for furnace | | 201 | 201 |
| repairs | | | |
+------------------------------------+-----+----------+----------------+
| Net gain on sales and disposals of | | (625) | (274) |
| fixed assets | | | |
+------------------------------------+-----+----------+----------------+
| Net gain on sales and valuation of | | (4,140) | - |
| investment securities | | | |
+------------------------------------+-----+----------+----------------+
| Net gain on sales of investments | | (64) | - |
| in affiliates | | | |
+------------------------------------+-----+----------+----------------+
| Interest and dividends income | | (1,311) | (1,201) |
+------------------------------------+-----+----------+----------------+
| Interest expenses | | 7,417 | 6,828 |
+------------------------------------+-----+----------+----------------+
| Equity in (earnings) / losses of | | 388 | (3,889) |
| affiliates | | | |
+------------------------------------+-----+----------+----------------+
| Increase in notes and accounts | | (7,127) | (1,578) |
| receivable - trade | | | |
+------------------------------------+-----+----------+----------------+
| (Increase) / decrease in | | 8,251 | (1,363) |
| inventories | | | |
+------------------------------------+-----+----------+----------------+
| Increase / (decrease) in notes and | | 1,200 | (1,264) |
| accounts payable - trade | | | |
+------------------------------------+-----+----------+----------------+
| Other, net | | 1,755 | (3,492) |
+------------------------------------+-----+----------+----------------+
| Subtotal | | 16,359 | 21,774 |
+------------------------------------+-----+----------+----------------+
| Interest and dividends income | | 2,154 | 4,884 |
| received | | | |
+------------------------------------+-----+----------+----------------+
| Interest expenses paid | | (12,296) | (7,152) |
+------------------------------------+-----+----------+----------------+
| Income taxes paid | | (11,788) | (4,768) |
+------------------------------------+-----+----------+----------------+
| Net cash provided by / (used in) | | (5,571) | 14,738 |
| operating activities | | | |
+------------------------------------+-----+----------+----------------+
| Cash flows from investing | | | |
| activities | | | |
+------------------------------------+-----+----------+----------------+
| Purchase of property, plant and | | (8,257) | (11,953) |
| equipment | | | |
+------------------------------------+-----+----------+----------------+
| Proceeds from sales of property, | | 1,227 | 519 |
| plant and equipment | | | |
+------------------------------------+-----+----------+----------------+
| Purchase of intangible assets | | (387) | (59) |
+------------------------------------+-----+----------+----------------+
| Purchase of investment securities | | (14) | (4) |
+------------------------------------+-----+----------+----------------+
| Proceeds from sales of investment | | 7,297 | 19 |
| securities | | | |
+------------------------------------+-----+----------+----------------+
| Purchase of investments in | | (561) | (960) |
| subsidiaries and affiliates | | | |
+------------------------------------+-----+----------+----------------+
| Proceeds from sales of stocks of | | 4,486 | - |
| subsidiaries and affiliates | | | |
+------------------------------------+-----+----------+----------------+
| (Increase) / decrease in | | (1,537) | 12 |
| short-term loans receivable | | | |
+------------------------------------+-----+----------+----------------+
| Payments of long-term loans | | (3,978) | (374) |
| receivable | | | |
+------------------------------------+-----+----------+----------------+
| Proceeds from repayments of | | 4,752 | 2,110 |
| long-term loans receivable | | | |
+------------------------------------+-----+----------+----------------+
| Other, net | | 454 | 361 |
+------------------------------------+-----+----------+----------------+
| Net cash provided by / (used in ) | | 3,483 | (10,329) |
| investment activities | | | |
+------------------------------------+-----+----------+----------------+
(3) Quarterly consolidated statement of cash flow (continued)
(JPY millions)
+------------------------------------+-----+----------+----------------+
| | Quarter 2 FY | Quarter 2 FY |
| | 10 | 11 |
| | For the |For the period |
| | period 1 | 1 April 2010 |
| | April 2009 to | to 30 |
| | 30 September |September 2010 |
| | 2009 | |
+------------------------------------+----------------+----------------+
| Cash flows from financing | | | |
| activities | | | |
+------------------------------------+-----+----------+----------------+
| Increase / (decrease) in | | 3,954 | (2,254) |
| short-term loans payable | | | |
+------------------------------------+-----+----------+----------------+
| Proceeds from long-term loans | | 78,425 | 32,995 |
| payable | | | |
+------------------------------------+-----+----------+----------------+
| Repayment of long-term loans | | (83,852) | (61,895) |
| payable | | | |
+------------------------------------+-----+----------+----------------+
| Redemption of bonds | | - | (10,000) |
+------------------------------------+-----+----------+----------------+
| Proceeds from issuance of stocks | | 30,000 | 40,227 |
+------------------------------------+-----+----------+----------------+
| Cash dividends paid | | (2,005) | (3,388) |
+------------------------------------+-----+----------+----------------+
| Cash dividends paid to minority | | (878) | (1,129) |
| shareholders | | | |
+------------------------------------+-----+----------+----------------+
| Repayments of finance lease | | (1,595) | (1,019) |
| obligations | | | |
+------------------------------------+-----+----------+----------------+
| Other, net | | (10) | (5) |
+------------------------------------+-----+----------+----------------+
| Net cash provided by / (used in) | | 24,040 | (6,468) |
| financing activities | | | |
+------------------------------------+-----+----------+----------------+
| Effect of exchange rate change on | | (1,396) | (2,785) |
| cash and cash equivalents | | | |
+------------------------------------+-----+----------+----------------+
| Net (decrease) / increase in cash | | 20,557 | (4,844) |
| and cash equivalents | | | |
+------------------------------------+-----+----------+----------------+
| Cash and cash equivalents at | | 75,598 | 55,995 |
| beginning of period | | | |
+------------------------------------+-----+----------+----------------+
| Increase in cash and cash | | - | 364 |
| equivalents resulting from change | | | |
| of scope of consolidation | | | |
+------------------------------------+-----+----------+----------------+
| Cash and cash equivalents at end | | 96,154 | 51,515 |
| of period | | | |
+------------------------------------+-----+----------+----------------+
End
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