RNS Number:1716E
TDK Corporation
21 November 2002
PART 2
5) Consolidated Statements of Earnings
(Millions of yen)
Period April 1, 2002 - April 1, 2001 -
September 30, 2002 September 30, 2001 Increase or Decrease
Items Amount Ratio (%) Amount Ratio (%) Amount Ratio (%)
Net sales: 296,380 100.0 270,786 100.0 25,594 9.5
Cost of sales: 223,738 75.5 213,309 78.8 10,429 4.9
Gross profit 72,642 24.5 57,477 21.2 15,165 26.4
Selling, general and 59,196 20.0 60,288 22.2 ^1,092 ^1.8
administrative expenses:
Restructuring 3,427 1.1 - - 3,427 -
charges:
Operating profit (^loss) 10,019 3.4 ^2,811 ^1.0 12,830 -
Non-operating income and loss
(^loss):
Interest and dividend income 708 1,288 ^580
Interest paid ^198 ^672 474
Exchange gain (^loss) ^ 1,699 ^514 ^1,185
Others ^ 1,194 ^373 ^821
Total ^2,383 ^0.8 ^271 ^0.1 ^2,112 ^779.3
Earnings (^loss)
before income taxes 7,636 2.6 ^3,082 ^1.1 10,718 -
Income taxes: 2,756 1.0 ^3,577 ^1.3 6,333 -
Earnings before
minority interests 4,880 1.6 495 0.2 4,385 885.9
Minority interests (^loss): ^235 - 1,337 0.5 ^1,572 -
Net earnings 4,645 1.6 1,832 0.7 2,813 153.5
Net earnings per share 34.98 yen 13.78 yen
Weighted average number of shares
in issue 132,802 thousand shares 132,940 thousand shares
(Notes)
1. Net earnings per share for the interim period are calculated on weighted basis of the average number of
shares of common stock in issue (the aggregate number of issued shares).
2. "Accounting for Consideration Given by a Vendor to a Customer (Including a Reseller of the Vendor's
Products)" (the Emerging Issues Task Force ("EITF") 01-9) has been adopted for the year ending March 31,
2003. Accordingly, the figures of the corresponding period of the previous business year have been restated.
-16-
6) Consolidated Balance Sheet
(Millions of yen)
A S S E T
Period As at September 30, 2002 As at March 31, 2001 Increase or Decrease As at September 30,2001
Items Amount Ratio (%) Amount Ratio (%) Amount Amount Ratio(%)
Current Assets: 406,300 55.8 399,206 53.2 7,094 404,776 54.0
Cash on hand and 147,822 125,761 22,061 126,709
in banks
Trade receivables 137,796 142,827 ^5,301 129,004
Inventories 83,714 91,149 ^7,435 117,409
Other current assets 36,968 39,469 ^2,501 31,654
Fixed Assets: 321,374 44.2 350,704 46.8 ^29,330 344,159 46.0
Investments and loans 19,309 24,265 ^4,956 22,173
Tangible fixed assets 244,040 265,590 ^21,550 277,477
Other assets 58,025 60,849 ^ 2,824 44,509
Total Assets 727,674 100.0 749,910 100.0 ^22,236 748,935 100.0
(Millions of yen)
LIABILITIES AND STOCKHOLDERS' EQUITY
Period As at September 30, 2002 As at March 31, 2001 Increase or As at September 30, 2001
Decrease
Items Amount Ratio (%) Amount Ratio (%) Amount Amount Ratio (%)
Current Liabilities: 99,683 13.7 110,341 14.7 ^10,658 106,866 14.3
Short-term loan
payables 1,834 2,312 ^478 3,654
Trade payables 55,896 52,609 3,287 49,583
Accrued expenses 26,231 23,757 2,474 30,632
Taxes payables 2,484 2,546 ^62 2,730
Other current
liabilities 13,238 29,117 ^15,879 20,267
Fixed Liabilities: 58,971 8.1 51,049 6.8 7,922 33,915 4.5
Long-term loan
payables 255 459 ^204 612
Accrued expenses
for retirement
annuity 58,318 49,992 8,326 33,294
Deferred tax 398 598 ^200 9
Total Liabilities 158,654 21.8 161,390 21.5 ^2,736 140,781 18.8
Minority Interests 4,425 0.6 4,593 0.6 ^168 4,220 0.6
Paid-in capital 32,641 32,641 - 32,641
Capital surplus 63,051 63,051 - 63,051
Legal reserve 15,955 15,683 272 15,710
Other retained
earnings 521,859 520,143 1,716 551,705
Aggregate amount of
other comprehensive
income (^loss) ^64,100 ^43,999 ^20,101 ^55,591
Treasury stock ^4,811 ^3,592 ^1,219 ^3,582
(Total
Stockholders'
Equity) 564,595 77.6 583,927 77.9 ^19,332 603,934 80.6
Total Liabilities and
Stockholders' Equity 727,674 100.0 749,910 100.0 ^22,236 748,935 100.0
Number of shares
issued 132,634 132,860 132,861
thousand shares thousand shares thousand shares
-17-
7) Consolidated Capital Account
(Millions of yen)
Period April 1, 2002 - April 1, 2001 - April 1, 2001 -
September 30, 2002 March 31, 2002 September 30, 2001
Items Amount Amount Amount
Paid-in capital:
Balance as at the beginning of the 32,641 32,641 32,641
year
Balance as at the end of the year 32,641 32,641 32,641
Additional paid-in capital:
Balance as at the beginning of the 63,051 63,051 63,051
year
Balance as at the end of the year 63,051 63,051 63,051
Legal reserve:
Balance as at the beginning of the 15,683 13,409 13,409
year
Transfer from retained earnings 272 2,274 2,301
Balance as at the end of the year 15,955 15,683 15,710
Other retained earnings:
Balance as at the beginning of the 520,143 556,165 556,165
year
Net earnings (^loss) 4,645 ^25,771 1,832
Cash dividends ^2,657 ^7,977 ^3,991
Transfer to legal reserve ^272 ^2,274 ^2,301
Balance as at the end of the year 521,859 520,143 551,705
Other comprehensive profits (^losses):
Balance as at the beginning of the
year ^43,999 ^24,851 ^24,851
Other comprehensive income (^loss)
- after tax effect adjustment ^20,101 ^19,148 ^30,740
Balance as at the end of the year ^64,100 ^43,999 ^55,591
Treasury stock:
Balance as at the beginning of the Year ^3,592 ^2,666 ^2,666
Acquisition of treasury stock ^1,219 ^926 ^916
Balance as at the end of the year ^4,811 ^3,592 ^3,582
Total amount of capital 564,595 583,927 603,934
General profit (^loss):
Net earnings (^loss): 4,645 ^25,771 1,832
Other comprehensive income (^loss)
- after tax effect adjustment ^20,101 ^19,148 ^30,740
General profit for the business year(^ loss): ^15,456 ^44,919 ^28,908
-18-
8) Consolidated Cash Flow Statement
(Millions of yen)
Period April 1, 2002 - April 1, 2001 -
September 30, 2002 September 30, 2001
Items Amount Amount
Cash flows in operating activities:
Net earnings 4,645 1,832
Net cash of operating activities
Adjustment with respect to income
Depreciation and amortization 28,503 29,062
Loss on disposal of fixed assets 2,441 226
Deferred tax 2,533 ^5,363
Loss related to investment securities (^gain) 949 ^117
Increase or decrease of assets and liabilities
Decrease in trade receivables 306 24,980
Decrease in inventory (^increase) 4,616 ^3,218
Decrease in trade payables (^decrease) 5,451 ^13,874
Increase in tax payables (^decrease) 62 ^16,838
Others ^5,436 5,752
Net cash income in operating activities 44,070 22,442
Cash flows in investment activities:
Acquisition of fixed assets ^14,472 ^38,094
Proceeds from sale of investments, etc. 11 326
Payment for acquisition of investment, etc. ^30 ^1,859
Others 1,146 2,568
Net cash expenses in investment activities ^13,345 ^37,059
Cash flows in financing activities:
Fund raised by long-term debt 35 46
Repayment of long-term debt ^439 ^459
Decrease in short-term loan payables ^60 ^1,973
Payment for acquisition of own shares ^1,219 ^916
Dividends paid ^2,657 ^3,991
Net cash expenses in financing activities ^4,340 ^7,293
Influence on cash and cash equivalents due to exchange fluctuations^4,324 ^2,298
Increase in cash and cash equivalents (^decrease) 22,061 ^24,208
Balance of cash and cash equivalents as at the
beginning of the business year 125,761 150,917
Balance of cash and cash equivalents as at the end
of the interim period 147,822 126,709
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9) Principal Accounting Principles and Procedures adopted for the Preparation of the Consolidated Financial
Statements
1. The consolidated financial statements of the Company have been prepared
in accordance with the accounting principles generally accepted in the United
States of America (Statements of the Accounting Standard Board, Statements of
Financial Standards reported by the Financial Accounting Standard Board, etc.).
(1) Marketable securities:
"Accounting for Certain Investments in Debt and Equity Securities" of the Statement of Financial
Accounting Standards No. 115, issued by the Financial Accounting Standard Board of the United States,
has been adopted.
(2) Inventories:
Valuation of inventories is based on the lower of cost, and cost thereof is calculated based on the
average cost method.
(3) Method of depreciation:
In calculating expenses for depreciation of tangible fixed assets, the declining balance method is
applied for assets existing in Japan and assets owned by a part of overseas subsidiaries, and the
straight line method is applied for assets owned by other overseas subsidiaries.
(4) Tax:
Accounting treatments for income taxes, etc. are based on the assets and liabilities method whereby
differences between assets and liabilities for the purpose of accounting and assets and liabilities
for the purpose of taxes, and carries forward losses and the future tax effected amount concerned with
carries forward tax deduction be recognized to be carried forward tax assets or, as the case may be,
carried forward tax liabilities.
(5) Financial derivative instruments:
"Accounting for Derivative Financial Instruments and Hedge Activities" of the Statement of Financial
Accounting Standards No. 133 and the amendment of No. 133 "Accounting Derivative Financial Instruments
and Hedge Activities" of the Statement of Financial Accounting Standards No. 138 issued by the
Financial Accounting Standard Board of the United States, have been adopted.
(6) Goodwill and other intangible assets:
"Business Combination" of the Statement of Financial Accounting Standards No. 141 and "Goodwill and
Other Intangible Assets" of the Statement of Financial Accounting Standards No. 142 issued by the
Financial Accounting Standard Board of the United States, have been adopted.
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2. The number of consolidated subsidiaries of the Company as of September
30, 2002 totaled 73, consisting of 21 domestic companies and 52 overseas
companies. The number of affiliates as to investments in which the equity method
has been carried out totaled seven, consisting of four domestic companies and
three overseas companies. Major changes during the interim period ended
September 30, 2002 are the integration of domestic production subsidiaries (see
the footnote in the page 3 in English translation of the immediate release) and
the incorporation of a subsidiary in Shanghai, China.
3. Comprehensive income is net earnings for the interim period under review
added by other comprehensive income. Other comprehensive income includes foreign
currency translation adjustment, minimum pension liability adjustments and
increase or decrease in unrealized gains (losses) on securities. Net earnings,
other comprehensive income (^ loss) and comprehensive income (^
loss) for the previous interim period and for the interim period under review
are stated as follows:
Period April 1, 2002 - April 1, 2001 -
Items September 30, 2002 September 30, 2001
Net earnings 4,645 1,832
Other comprehensive income (^loss) - after
tax effect adjustment:
Breakdown: Foreign currency translation ^15,542 ^7,457
adjustments
Minimum pension liability adjustments ^2,600 ^23,411
Unrealized gains on securities (^loss): ^1,959 128
Comprehensive income (^loss) ^15,456 ^28,908
4. New Accounting Standards Adopted for the Interim Period Under Review:
(1) Accounting for Consideration Given by a Vendor to a Customer (Including a
Reseller of the Vendor's Products)
In May 2000, the Emerging Issues Task Force reached a final consensus
on Issue 00-14 ("EITF 00-14"), "Accounting for Certain Sales Incentives". EITF
00-14 addresses accounting and reporting standards for sales incentives such as
coupons or rebates that are provided by vendors or manufacturers and are
exercisable by customers at the point of sale.
In April 2001, the Emerging Issues Task Force also reached a final
consensus on a portion of Issue 00-25 ("EITF 00-25"), "Vendor Income Statement
Characterization of Consideration to a Purchaser of the Vendor's Products or
Services". EITF 00-25 addresses the income statement characterization of
consideration, other than that directly addressed in EITF 00-14, from a vendor
(typically a manufacturer or distributor) to a customer (typically a retailer or
wholesaler) in connection with the sale to the customer of the vendor's products
or promotion of sales of the vendor's products by the customer.
EITF 00-14 and EITF 00-25 were subsequently codified in and superseded
by Issue 01-9 ("EITF 01-9"), "Accounting for Consideration Given by a Vendor to
a Customer (Including a Reseller of the Vendor's Products)" on which the
Emerging Issue Task Force reached a final consensus. The Company adopted EITF
01-9 on April 1, 2002. The adoption of EIFT 01-9 did not have a material effect
on the Company's consolidated financial position or results of operations.
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(2) Accounting for the Impairment or Disposal of Long-Lived Assets
In August 2001, the Financial Accounting Standards Board issued
Statement of Financial Accounting Standards No. 144 ("SFAS 144"), "Accounting
for the Impairment or Disposal of Long-Lived Assets" which supersedes both
Statement of Financial Accounting Standards No. 121 ("SFAS 121"), "Accounting
for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed
Of" and the accounting and reporting provisions of APB Opinion No. 30 ("Opinion
30"), "Reporting the Results of Operations-Reporting the Effects of Disposal of
a Segment of a Business, and Extraordinary, Unusual and Infrequently Occurring
Events and Transactions", for the disposal of a segment of a business (as
previously defined in that Opinion).
SFAS 144 retains the fundamental provisions in SFAS 121 for recognizing
and measuring impairment losses on long-lived assets held for use and long-lived
assets to be disposed of by sale, while also resolving significant
implementation issues associated with SFAS 121. The Company adopted the
provision of SFAS 144 on April 1, 2002. The Company does not expect the adoption
of SFAS 144 to have a material effect on the Company's consolidated financial
position or results of operations.
(3) Accounting for Costs Associated with Exit or Disposal Activities
In June 2002, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 146 ("SFAS 146"), "Accounting for Costs
Associated with Exit or Disposal Activities". SFAS 146 addresses accounting and
reporting standards for costs associated with exit or disposal activities, as
well as nullified the previous accounting guidance provided by EITF Issue No.
94-3, "Liability Recognition for Certain Employee Termination Benefits and Other
Costs to Exit an Activity (including Certain Costs Incurred in a Restructuring
"). The provisions of SFAS 146 are to be applied prospectively to exit or
disposal activities initiated after December 31, 2002, but it is recommended
that the provisions of SFAS 146 are to be applied in advance. Currently, the
effect on the Company's consolidated financial statements of adopting SFAS 146
has not yet been determined.
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10) Segment Information
1. Segment information by business category and 2. Geographical
segment information stated below are required to be disclosed under the
Securities Exchange Law of Japan and are not subject to the audit required by
the U.S. GAAP.
"Accounting for Consideration Given by a Vendor to a Customer
(Including a Reseller of the Vendor's Products)" (the Emerging Issues Task Force
("EITF") 01-9) has been adopted for the year ending March 31, 2003. Accordingly,
the figures of the corresponding period of the previous business year have been
restated
1. Segment information by business category
(Millions of yen)
Period April 1, 2002 - April 1, 2001 -
September 30, 2002 September 30, 2001 Increase or Decrease
Business Amount Ratio (%) Amount Ratio (%) Amount Ratio (%)
Electronic materials and
components
Net Sales 234,272 100.0 209,607 100.0 24,665 11.8
1) Unaffiliated customers 234,272 209,607 24,665 11.8
2) Intersegment - - - -
Operating Expenses 223,557 95.4 210,329 100.3 13,228 6.3
Operating Profit (^loss) 10,715 4.6 ^722 ^0.3 11,437 -
Recording media & systems
Net Sales 62,108 100.0 61,179 100.0 929 1.5
1) Unaffiliated customers 62,108 61,179 929 1.5
2) Intersegment - - - -
Operating Expenses 62,804 101.1 63,268 103.4 ^464 ^0.7
Operating Profit (^loss) ^696 ^1.1 ^2,089 ^3.4 1,393 -
Total
Net Sales 296,380 100.0 270,786 100.0 25,594 9.5
1) Unaffiliated customers 296,380 270,786 25,594 9.5
2) Intersegment - - - -
Operating Expenses 286,361 96.6 273,597 101.0 12,764 4.7
Operating Profit (^loss) 10,019 3.4 ^2,811 ^1.0 12,830 -
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2. Geographical segment information
(Millions of yen)
Period April 1, 2002 - April 1, 2001 -
September 30, 2002 September 30, 2001 Increase or Decrease
Location Amount Ratio (%) Amount Ratio (%) Amount Ratio (%)
Japan
Net Sales 173,895 100.0 167,127 100.0 6,768 4.0
Operating profit (^loss) 2,664 1.5 738 0.4 1,926 261.0
North and South America
Net Sales 50,938 100.0 47,660 100.0 3,278 6.9
Operating profit (^loss) ^309 ^0.6 ^4,928 ^10.3 4,619 -
Europe
Net Sales 34,162 100.0 37,501 100.0 ^3,339 ^8.9
Operating profit (^loss) ^2,295 ^6.7 ^872 ^2.3 ^1,423 -
Asia, other
Net Sales 148,987 100.0 123,320 100.0 25,667 20.8
Operating profit (^loss) 9,870 6.6 5 - 9,865 -
Elimination of intersegment
transactions
Net Sales 111,602 104,822 6,780
Operating profit ^89 ^2,246 2,157
Total
Net Sales 296,380 100.0 270,786 100.0 25,594 9.5
Operating profit (^loss) 10,019 3.4 ^2,811 ^1.0 12,830 -
(Note)
Net Sales are classified by origins of sales (a location of shipment) and includes intersegment transactions.
-24-
3. Sales by area
(Millions of yen)
Period April 1, 2002 - April 1, 2001 -
September 30, 2002 September 30, 2001 Increase or Decrease
Area Amount Ratio (%) Amount Ratio (%) Amount Ratio (%)
North and South America 56,294 19.0 50,463 18.6 5,831 11.6
Europe 34,368 11.6 37,817 14.0 ^3,449 ^9.1
Asia, other 121,429 41.0 97,336 35.9 24,093 24.8
Total of Overseas Sales 212,091 71.6 185,616 68.5 26,475 14.3
Japan 84,289 28.4 85,170 31.5 ^881 ^1.0
Net Sales on a Consolidated
Basis 296,380 100.0 270,786 100.0 25,594 9.5
(Note)
Net sales of sales by area are classified based on the area of purchasers.
11) Market Price Information concerning Marketable Securities
(Millions of yen)
Total unrealized gross Total unrealized gross
Acquisition cost profit held loss held Fair Value
As at September 30, 2002
Stocks 5,766 150 2,622 3,294
Debt securities 3,287 12 - 3,299
Total 9,053 162 2,622 6,593
As at March 31, 2002
Stocks 4,389 596 - 4,985
Debt securities 3,274 24 - 3,298
Total 7,663 620 - 8,283
As at September 30, 2001
Stocks 3,695 99 435 3,359
Debt securities 2,864 32 - 2,896
Total 6,559 131 435 6,255
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12) Contract Price of Derivative Transactions and Market Prices
(Millions of yen)
Period As at September 30, 2002
Balance
Types of Securities Contract Price Sheet Value Fair Value
Forward exchange contracts 17,549 ^84 ^84
Currency swap contracts and interest
rate and currency swap contracts for
investment, etc. into subsidiaries 13,613 ^84 ^84
(Millions of yen)
Year As at March 31, 2002
Balance
Types of Securities Contract Price Sheet Value Fair Value
Forward exchange contracts 7,576 ^59 ^59
Currency swap contracts and interest
rate and currency swap contracts for
investment, etc. into subsidiaries 13,268 ^315 ^315
(Millions of yen)
Period As at September 30, 2001
Balance
Types of Securities Contract Price Sheet Value Fair Value
Forward exchange contracts 34,336 358 358
Currency option contracts
for buying 123 ^1 ^1
for selling 1,661 ^1 ^1
Currency swap contracts and interest rate and currency
swap contracts for investment, etc. into subsidiaries 18,406 ^68 ^68
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13) Non-Consolidated Interim Statements of Earnings (Non-consolidated)
(Millions of yen)
Period April 1, 2002 - April 1, 2001 - Increase or
September 30, 2002 September 30, 2001 Decrease
Items Amount Ratio (%) Amount Ratio (%) Amount Ratio (%)
Recurring Profit and
Loss:
Operating profit and
loss:
Operating income:
Net sales 167,260 100.0 164,023 100.0 3,237 2.0
Operating expenses: (163,779) (97.9) (164,342) (100.2) ^563 ^0.3
Cost of sales 136,194 134,770
Selling, general 27,585 29,572
and administrative
expenses
Operating profit 3,480 2.1 ^319 ^0.2 3,799 -
(^ loss):
Non-operating profit
and loss:
Non-operating (5,815) (3.5) (15,248) (9.3) ^9,433 ^61.9
income:
Interest and 2,687 12,904
dividend income
Other 3,128 2,344
non-operating
income
Non-operating (2,358) (1.5) (958) (0.6) 1,400 146.1
expenses:
Interest paid 8 37
Exchange loss 483 414
Other 1,866 506
non-operating
expenses
Recurring profit: 6,937 4.1 13,970 8.5 ^7,033 ^50.3
Extraordinary Profit and
Loss:
Extraordinary profit: (253) (0.2) (376) (0.2) ^123 ^32.7
Gain on prior year 147 -
adjustment of
patent fees, etc.
Gain on sales of 85 -
metal magnet
business
Reversal of - 305
allowance for
doubtful accounts
Other 20 70
extraordinary
profit
Extraordinary loss: (5,102) (3.1) (704) (0.4) 4,398 624.7
Extraordinary loss 2,958 -
on business
structural reform
Loss from 952 442
devaluation of
investment
securities
Loss resulting 725 -
from devaluation
of shares of
subsidiaries
Loss on disposal 465 261
of fixed assets
Net earnings before 2,088 1.2 13,642 8.3 ^11,554 ^84.7
income taxes:
Income tax, 27 2,050
resident tax and
enterprise tax
Refunded income ^509 -
taxes
Reversal of prior ^595 -
year corporation
taxes
Adjustment for 2,109 1,840
income taxes
Net earnings for the 1,056 0.6 9,752 5.9 ^8,696 ^89.2
current business year:
Retained earnings 20,090 30,481
brought forward
Unappropriated retained 21,147 40,233
earnings for the current
business year:
-27-
14) Non-Consolidated Balance Sheets
(Millions of yen)
ASSET
Period Increase or
(As at September 30, 2002) (As at March 31, 2001) Decrease (As at September 30,
2001)
Items Amount Ratio (%) Amount Ratio (%) Amount Amount Ratio (%)
Current Assets: 220,153 43.1% 208,854 40.0% 11,299 235,248 43.5%
Cash on hand 51,904 50,673 16,509
and in banks
Trade 5,230 5,179 5,607
receivables -
notes
Trade 79,395 74,825 83,083
receivables -
accounts
Securities 7,899 - 30,059
Products 9,901 11,936 17,301
Raw materials 6,215 7,541 9,054
and supplies
Work in 9,639 9,981 13,149
process
Advance 6,350 6,979 6,273
payments
Income taxes 807 2,867 -
receivables
Deferred tax 2,309 1,516 1,631
assets
Short-term 35,199 31,950 47,635
loan
receivables
Other current 5,416 5,673 5,273
assets
Allowance for ^116 ^270 ^328
doubtful
accounts
Fixed Assets: 290,771 56.9 313,286 60.0 ^22,515 305,589 56.5
Tangible Fixed 131,533 25.7 139,109 26.6 ^7,576 144,988 26.8
Assets:
Buildings 44,925 46,899 49,053
and
structures
Machinery 57,992 60,159 51,300
and
equipment
Vehicles, 5,302 5,727 6,026
tools,
furniture
and fixtures
Land 16,515 16,511 15,491
Construction 6,796 9,811 23,116
in progress
Intangible fixed 3,556 0.7 3,687 0.7 ^131 3,554 0.7
assets:
Investments, 155,682 30.5 170,489 32.7 ^14,807 157,046 29.0
etc.:
Investment 4,200 8,267 7,008
securities
Investment in 105,807 106,472 106,624
subsidiaries
Long-term 19,433 25,630 14,835
loans
receivable
Long-term 4,039 4,642 5,182
prepaid
expenses
Long-term 21,708 24,509 18,608
deferred tax
assets
Treasury stock - - 3,581
Other 1,546 1,709 1,930
investments
Allowance for ^1,052 ^741 ^726
doubtful
accounts
Total Assets 510,925 100.0 522,140 100.0 ^11,215 540,838 100.0
(Notes)
(1) Accumulated amount of depreciation of
tangible fixed assets Y246,681 million
(2) Balance at the end of the year of
guarantee liabilities Y7,414 million
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LIABILITIES AND STOCKHOLDERS' EQUITY
Period Increase or
(As at September 30, 2002) (As at March 31, 2001) Decrease (As at September 30,
2001)
Items Amount Ratio (%) Amount Ratio (%) Amount Amount Ratio (%)
Current 61,733 12.1% 73,308 14.0% ^11,575 69,687 12.9%
Liabilities:
Trade payables - 38,055 35,999 34,671
accounts
Accounts 4,295 21,109 11,847
payable
Income taxes 27 - 1,792
payable
Accrued 9,589 8,985 11,777
expenses
Deposit 9,636 6,625 9,540
received
Other current 129 587 58
liabilities
Fixed Liabilities: 25,720 5.0 22,392 4.3 3,328 23,725 4.4
Accrued 25,417 21,803 23,201
retirement
benefits
Reserve for 302 589 523
retirement
grants for
officers
Total 87,453 17.1 95,701 18.3 ^8,248 93,412 17.3
Liabilities
Paid-in Capital: 32,641 6.4 32,641 6.3 - 32,641 6.0
Capital surplus: 59,256 11.6 59,256 11.3 - 59,256 11.0
Additional 59,256 59,256 59,256
paid-in capital
Earned surplus: 336,399 65.8 337,999 64.8 ^1,600 355,531 65.7
Legal reserve 8,160 8,160 8,160
Voluntary 307,090 307,137 307,137
reserve
Special 1,037 1,084 1,084
depreciation
reserve
General 306,053 306,053 306,053
reserve
Retained 21,147 22,700 40,233
earnings
(Net earnings or (1,056) (^3,794) (9,752)
net loss
(^) for
the interim
period)
Unrealized gain or ^15 ^0.0 133 0.0 ^148 ^4 ^0.0
loss:
Treasury stock: ^4,810 ^0.9 ^3,592 ^0.7 ^1,218 - 0.0
Total 423,471 82.9 426,439 81.7 ^2,968 447,425 82.7
Stockholders'
Equity
Total Liabilities 510,925 100.0 522,140 100.00 ^11,215 540,838 100.00
and Stockholders'
Equity
-29-
15) Principal Accounting Principles and Procedures adopted for the Preparation
of the Balance Sheet and the Statement of Earnings for the Interim Business
Period (Consolidated)
1. Method of valuation and valuation basis of inventories
(1) Products, goods and work in progress:
The lower of cost or market value method on the basis of periodic average
method.
(2) Raw materials and supplies:
The lower of cost or market value method on the basis of the monthly moving
average cost method.
2. Method of evaluation and evaluation basis of securities
(1) Shares of subsidiaries and affiliates:
The cost method on the basis of moving average cost method
(2) Other securities
Marketable securities:
Market price method based on the fair market price as of the end of the
interim period (any balance resulting from evaluation of securities shall
directly be entered into capital account, while any cost of sales of
marketable securities shall be calculated based on a moving average cost
method).
Non-marketable securities:
The cost method on the basis of the moving average cost method.
3. Method of evaluation and evaluation basis of derivatives:
The market price method
4. Method of depreciation of fixed assets
(1) Tangible fixed assets:
Depreciation of buildings (other than facilities attaching to the
buildings) is computed using the straight-line method, and property other
than buildings is computed using the declining balance method.
-30-
(2) Intangible fixed assets:
Depreciation of intangible fixed assets is computed using the straight-line
method.
Software is computed using the straight-line method based on the utilizable
period (5 years) within the Company.
5. Accounting standard for appropriation of important reserves
(1) Accrued retirement benefits:
It is stated at such an amount as deemed to have been incurred at the end
of the interim period under review based on the estimated value of the
liabilities for retirement benefits and pension fund as at March 31, 2003
for the future payment of retirement benefits.
(2) Reserve for retirement grants for officers:
It is stated as an amount to be required at the end of the interim period
for the preparation of the payment of retirement grants to retiring
officers in accordance with the internal regulations of the Company.
Provided, however, that by the resolution of the Board of Directors, the
reserve for retirement grants for directors have been suspended since the
next following date of the 106th meeting of stockholders of the Company
being held. The reserve for retirement grants for directors, which has
already been reserved, shall be paid at a retirement of directors upon
resolution of the stockholders' meeting of the Company.
(3) Allowance for doubtful accounts:
It is stated at such an amount as estimated based on the past experience
for bad debt ratio with respect to doubtful accounts in general, but such
an amount as deemed necessary in consideration of an individual estimate on
possibility of collection with respect to doubtful accounts.
6. Method of accounting for lease transactions:
Finance leases, except for those in which ownership is deemed to be
transferred to the lessee, are accounted for as operating leases, that is,
the rental of property.
7. Method of accounting consumption tax, etc.:
No consumption tax and local consumption tax are included in the financial
statements.
-31-
16) Lease Transactions (Non-consolidated)
Finance lease transactions other than those in which the ownership to
the leased property is deemed to have been transferred to the lessor.
1. Acquisition cost of the leased property, accumulated depreciation and
the balance as at the end of the period:
(Millions of yen)
Period April 1, 2002 - April 1, 2001 - April 1, 2001 -
September 30, 2002 March 31, 2002 September 30, 2001
Acquisition Accumulated Balance Acquisition Accumulated Balance Acquisition Accumulated Bal.
Items cost depreciation as at cost depreciation as at cost depreciation
period period
Machine - - - - - - - -
and
equipment
Vehicle, 3,219 1,616 1,603 3,313 1,601 1,712 3,397 1,420 1
tool,
equipment
and
fixtures
Total 3,219 1,616 1,603 3,313 1,601 1,712 3,397 1,420 1
(Note) Acquisition cost is calculated with interest payables
included since its ratio in fixed tangible assets as at September 30, 2002 is
low.
2. The balance of lease for the future period:
(Millions of yen)
Period April 1, 2002 - April 1, 2001 - April 1, 2001 -
Classification September 30, 2002 March 31, 2002 September 30, 2001
Less than one year 694 696 728
More than one year 909 1,015 1,248
Total 1,603 1,712 1,977
(Note) The lease for the future period is calculated with interest
payables included since its ratio in fixed tangible assets as at September 30,
2002 is low.
-32-
3. Lease paid and depreciation cost:
(Millions of yen)
Period April 1, 2002 - April 1, 2001 - April 1, 2001 -
Classification September 30, March 31, 2002 September 30,
2002 2001
Lease paid 378 821 428
Depreciation cost 378 821 428
4. Method of depreciation:
The lease period is the years of use and the straight-line method is applied with the balance value being
zero.
-33-
(Supplement)
Ratio of Results on a Consolidated Basis to Results on a Non-Consolidated Basis
Ratio of the Ratio of the
interim period corresponding
ended September period of
30, 2002 the preceding
business year
Net Sales 1.8 1.7
Operating Profit 2.9 -
Earnings before income taxes 3.7 -
Interim Net Earnings 4.4 0.2
Exchange rates used for conversion
Period April 1, 2002 - April 1, 2001 -
September 30, 2002 September 30, 2001
Items Y/US$1 Y/Euro1 Y/US$1 Y/Euro1
Translation of sales 123.07 116.92 122.24 107.76
The end of the period 122.60 120.37 119.40 109.30
Non-consolidated
(Millions of yen)
Period April 1, 2002 - April 1, 2001 - April 1, 2001 -
September 30, 2002 September 30, 2001 Increase or March 31, 2002
decrease
Ratio Ratio Ratio Ratio
to to to
Items Amount Sales Amount Sales (%) Amount Sales
(%) (%) (%)
Investment in 6,999 - 22,146 - ^68.4 34,563 -
facilities
Depreciation expenses 12,518 7.5 11,057 6.7 13.2 25,272 8.0
Research and 10,967 6.6 13,272 8.1 ^17.4 26,776 8.4
development expenses
Result of financial 2,678 12,866 ^79.2 13,108
operation
Number of employees 6,304 7,283 7,168
(as of September 30)
-34-
Consolidated
(Millions of yen)
Period April 1, 2002 - April 1, 2001 - April 1, 2001 -
September 30, 2002 September 30, 2001 Increase or March 31, 2002
decrease
Ratio to Ratio to Ratio Ratio to
Items Amount Sales Amount Sales (%) Amount Sales
(%) (%) (%)
Investment in 14,472 - 38,094 - ^62.0 58,777 -
facilities
Depreciation expenses 28,503 9.6 29,062 10.7 ^1.9 61,920 10.9
Research and 15,649 5.3 19,065 7.0 ^17.9 38,630 6.8
development expenses
Result of financial 510 616 ^17.2 769
operation
Number of employees (as 31,728 35,428 32,249
of September 30)
Ratio of overseas 55.6% 53.1% 53.8%
production
(Note)
"Accounting for Consideration Given by a Vendor to a Customer
(Including a Reseller of the Vendor's Products)" (the Emerging Issues Task Force
("EITF") 01-9) has been adopted for the year ending March 31, 2003. Accordingly,
the figures of the six months ended Sep. 30, 2001 and the year ended March 31,
2002 have been restated.
Overseas sales by division
(Millions of yen)
Period April 1, 2002 - April 1, 2001 - April 1, 2001 -
September 30, 2002 September 30, 2001 Increase or March 31, 2002
decrease
Amount Ratio to Amount Ratio to Ratio Amount Ratio to
Items (Y Mil.) Sales (Y Mil.) Sales (%) (Y Mil.) Sales
(%) (%) (%)
Electronic materials & 167,212 56.4 142,040 52.4 17.7 305,775 53.6
components:
Electronic components 64,577 21.8 57,052 21.0 13.2 116,275 20.4
Electronic devices 29,360 9.9 28,184 10.4 4.2 55,234 9.7
Recording devices 69,154 23.3 50,874 18.8 35.9 124,298 21.8
Semiconductors & 4,121 1.4 5,930 2.2 ^30.5 9,968 1.7
others
Recording media & 44,879 15.2 45,576 16.1 3.0 99,932 17.5
systems
Overseas Sales 212,091 71.6 185,616 68.5 14.3 405,707 71.1
(Note)
"Accounting for Consideration Given by a Vendor to a Customer
(Including a Reseller of the Vendor's Products)" (the Emerging Issues Task Force
("EITF") 01-9) has been adopted for the year ending March 31, 2003. Accordingly,
the figures of the six months ended Sep. 30, 2001 and the year ended March 31,
2002 have been restated.
35
This information is provided by RNS
The company news service from the London Stock Exchange
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