FORM 6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 under
the Securities Exchange Act of 1934
For the month of July 2015
Commission File Number: 1-07952
KYOCERA CORPORATION
6, Takeda Tobadono-cho, Fushimi-ku,
Kyoto 612-8501, Japan
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Registration S-T Rule 101(b)(1): _____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Registration S-T Rule 101(b)(7): _____
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.
|
KYOCERA CORPORATION |
|
|
|
/s/ SHOICHI AOKI |
|
Shoichi Aoki |
|
Director, |
|
Managing Executive Officer and |
|
General Manager of |
|
Corporate Financial and Accounting Group |
Date: July 30, 2015
Information furnished on this form:
EXHIBITS
Consolidated Financial Results of Kyocera Corporation and its Subsidiaries
for the Three Months Ended June 30, 2015
The consolidated financial information is prepared in accordance with accounting principles generally accepted in the United States of America.
1. Consolidated Financial Results for the Three Months Ended June 30, 2015
(1) Consolidated results of operations
(% of change from previous period)
|
|
Net sales |
|
Profit from operations |
|
Income before income taxes |
|
Net income attributable to shareholders of Kyocera Corporation |
|
|
|
Million yen |
|
% |
|
Million yen |
|
% |
|
Million yen |
|
% |
|
Million yen |
|
% |
|
Three Months ended June 30, 2015 |
|
339,247 |
|
1.4 |
|
32,583 |
|
73.5 |
|
47,010 |
|
53.2 |
|
31,575 |
|
62.2 |
|
Three Months ended June 30, 2014 |
|
334,714 |
|
0.9 |
|
18,782 |
|
(26.0 |
) |
30,680 |
|
(11.9 |
) |
19,467 |
|
(14.1 |
) |
(Note) Comprehensive income:
104,228 million yen for the three months ended June 30, 2015, 236.2% of change from previous period
31,000 million yen for the three months ended June 30, 2014, (78.4)% of change from previous period
|
|
Net income attributable to shareholders of Kyocera Corporation per share - Basic |
|
Net income attributable to shareholders of Kyocera Corporation per share - Diluted |
|
|
|
Yen |
|
Yen |
|
Three Months ended June 30, 2015 |
|
86.07 |
|
86.07 |
|
Three Months ended June 30, 2014 |
|
53.06 |
|
53.06 |
|
(2) Consolidated financial condition
|
|
Total assets |
|
Total equity |
|
Kyocera Corporation shareholders equity |
|
Kyocera Corporation shareholders equity to total assets |
|
|
|
Million yen |
|
Million yen |
|
Million yen |
|
% |
|
June 30, 2015 |
|
3,094,035 |
|
2,384,388 |
|
2,294,672 |
|
74.2 |
|
March 31, 2015 |
|
3,021,184 |
|
2,303,623 |
|
2,215,319 |
|
73.3 |
|
2. Dividends
|
|
Dividends per share |
|
|
|
End of first quarter |
|
End of second quarter |
|
End of third quarter |
|
Year-end |
|
Annual |
|
|
|
Yen |
|
Yen |
|
Yen |
|
Yen |
|
Yen |
|
Year ended March 31, 2015 |
|
|
|
40.00 |
|
|
|
60.00 |
|
100.00 |
|
Year ending March 31, 2016 |
|
|
|
|
|
|
|
|
|
100.00 |
|
(Note) Dividends per share for the year ending March 31, 2016 are forecasted to be 100.00 yen on an annual basis.
1
3. Consolidated Financial Forecasts for the Year Ending March 31, 2016
(% of change from previous year)
|
|
Net sales |
|
Profit from operations |
|
Income before income taxes |
|
Net income attributable to shareholders of Kyocera Corporation |
|
Net income attributable to shareholders of Kyocera Corporation per share |
|
|
|
Million yen |
|
% |
|
Million yen |
|
% |
|
Million yen |
|
% |
|
Million yen |
|
% |
|
Yen |
|
Year ending March 31, 2016 |
|
1,600,000 |
|
4.8 |
|
160,000 |
|
71.3 |
|
184,000 |
|
51.0 |
|
120,000 |
|
3.6 |
|
327.10 |
|
(Note) Forecast of earnings per share attributable to shareholders of Kyocera Corporation is calculated based on the diluted average number of shares outstanding during the three months ended June 30, 2015.
(Notes)
(1) Increase or decrease in significant subsidiaries during the three months ended June 30, 2015: None
(2) Adoption of concise quarterly accounting method or procedure: None
(3) Changes in accounting policies:
(i) Changes due to adoption of new accounting standards: Please refer to the accompanying 2. OTHER INFORMATION on page 10.
(ii) Changes due to other than adoption of new accounting standards: None
(4) Number of shares (common stock):
(i) |
Number of shares issued: |
|
|
|
|
377,618,580 shares at June 30, 2015 |
377,618,580 shares at March 31, 2015 |
|
|
|
(ii) |
Number of treasury stock: |
|
|
|
|
10,758,082 shares at June 30, 2015 |
10,757,224 shares at March 31, 2015 |
|
|
|
(iii) |
Average number of shares outstanding: |
|
|
|
|
366,860,677 shares for the three months ended June 30, 2015 |
366,866,223 shares for the three months ended June 30, 2014 |
Presentation of Situation of Review Procedure
The consolidated financial information included in this report is out of scope of the review procedure under the Financial Instruments and Exchange Law of Japan. The review procedure under the Financial Instruments and Exchange Law of Japan has not been completed at the date of disclosure of this report.
Instruction for Forecasts and Other Notes
Cautionary Statement for Forecasts:
With regard to forecasts set forth above, please refer to the accompanying Forward-Looking Statements on page 9.
2
Accompanying Information
1. BUSINESS RESULTS, FINANCIAL CONDITION AND PROSPECTS
(1) Business Results for the Three Months Ended June 30, 2015
Economic Situation and Business Environment
During the three months ended June 30, 2015 (the first quarter) the Japanese economy expanded moderately due primarily to a recovery trend in personal consumption, as well as an increase in exports and private capital investment. Overseas, the Chinese economy continued to show high growth, although its growth rate slowed. The U.S. economy also grew due primarily to an increase in personal consumption. The European economy, by contrast, showed a low growth rate.
With regard to the principal markets for Kyocera Corporation and its subsidiaries (Kyocera Group or Kyocera), demand for smartphones grew in the digital consumer equipment market, and demand expanded in the automotive market mainly in the United States and Europe.
Consolidated Financial Results
During the first quarter both sales and profits increased compared with the three months ended June 30, 2014 (the previous first quarter).
Despite a decline in sales in the Telecommunications Equipment Group, sales in the Semiconductor Parts Group, the Electronic Device Group and the Fine Ceramic Parts Group increased, particularly for smartphones and communications infrastructure and automotive related markets, as well as various industrial machinery markets. As a result, consolidated net sales for the first quarter increased by ¥4,533 million, or 1.4%, compared with the previous first quarter, to ¥339,247 million.
Profits increased significantly in the first quarter compared with the previous first quarter, reflecting more than 20% increased profits in all reporting segments in the Components Business, led by the Semiconductor Parts Group and the Electronic Device Group, together with recording of profit from a sale of assets in the Others reporting segment, which more than offset a decline in profits in the Equipment Business. Profit from operations increased by ¥13,801 million, or 73.5%, to ¥32,583 million, compared with ¥18,782 million for the previous first quarter. Income before income taxes increased by ¥16,330 million, or 53.2%, to ¥47,010 million, compared with ¥30,680 million for the previous first quarter. Net income attributable to shareholders of Kyocera Corporation for the first quarter increased by ¥12,108 million, or 62.2%, to ¥31,575 million, compared with ¥19,467 million for the previous first quarter.
Average exchange rates for the first quarter were ¥121 to the U.S. dollar, marking depreciation of ¥19 (approximately 19%) from ¥102 for the previous first quarter, and ¥134 to the Euro, marking appreciation of ¥6 (approximately 4%) from ¥140 for the previous first quarter.
|
|
Three months ended June 30, |
|
Increase |
|
|
|
2014 |
|
2015 |
|
(Decrease) |
|
|
|
Amount |
|
% |
|
Amount |
|
% |
|
Amount |
|
% |
|
|
|
(Yen in millions, except exchange rates) |
|
Net sales |
|
¥ |
334,714 |
|
100.0 |
|
¥ |
339,247 |
|
100.0 |
|
¥ |
4,533 |
|
1.4 |
|
Profit from operations |
|
18,782 |
|
5.6 |
|
32,583 |
|
9.6 |
|
13,801 |
|
73.5 |
|
Income before income taxes |
|
30,680 |
|
9.2 |
|
47,010 |
|
13.9 |
|
16,330 |
|
53.2 |
|
Net income attributable to shareholders of Kyocera Corporation |
|
19,467 |
|
5.8 |
|
31,575 |
|
9.3 |
|
12,108 |
|
62.2 |
|
Average US$ exchange rate |
|
102 |
|
|
|
121 |
|
|
|
|
|
|
|
Average Euro exchange rate |
|
140 |
|
|
|
134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3
Consolidated Results by Reporting Segment
1) Fine Ceramic Parts Group
Sales and operating profit in this reporting segment increased compared with the previous first quarter due primarily to growth in sales of components for industrial machinery such as semiconductor processing equipment and sapphire substrates for LEDs.
2) Semiconductor Parts Group
Sales of ceramic packages and organic packages for smartphones and communications infrastructure increased compared with the previous first quarter, while sales of ceramic packages for LEDs were also solid. As a result, sales and operating profit in this reporting segment increased significantly compared with the previous first quarter.
3) Applied Ceramic Products Group
Sales in this reporting segment decreased slightly compared with the previous first quarter due to a decline in sales in the solar energy business for the public and commercial sectors, which more than offset growth in sales in the cutting tool business, mainly for automotive related markets. Operating profit, however, increased compared with the previous first quarter due to efforts to reduce costs in each business.
4) Electronic Device Group
Sales in this reporting segment increased compared with the previous first quarter as a result of growth in sales mainly of capacitors, connectors and crystal devices for smartphones and printing devices for industrial equipment. Operating profit increased significantly compared with the previous first quarter due to the effects of increased sales and the introduction of new products.
5) Telecommunications Equipment Group
Sales of low-end handsets decreased although sales of differentiated handsets grew on the back of development of new customers in the overseas market. In the Japanese market, sales also decreased caused by fewer handset launches due to product cycle timing. As a result, sales and operating profit in this reporting segment decreased compared with the previous first quarter.
6) Information Equipment Group
Sales in this reporting segment increased compared with the previous first quarter as a result of growth in sales volume of equipment following active efforts to increase sales. On the other hand, operating profit decreased compared with the previous first quarter, due mainly to an increase in sales promotion costs and the effect of appreciation of the yen against the Euro.
7) Others
Despite a decrease in sales in this reporting segment compared with the previous first quarter, operating profit increased substantially compared with the previous first quarter due to profit from a sale of assets by a consolidated subsidiary.
4
Net Sales by Reporting Segment
|
|
Three months ended June 30, |
|
Increase |
|
|
|
2014 |
|
2015 |
|
(Decrease) |
|
|
|
Amount |
|
% |
|
Amount |
|
% |
|
Amount |
|
% |
|
|
|
(Yen in millions) |
|
Fine Ceramic Parts Group |
|
¥ |
20,852 |
|
6.2 |
|
¥ |
22,901 |
|
6.7 |
|
¥ |
2,049 |
|
9.8 |
|
Semiconductor Parts Group |
|
48,464 |
|
14.5 |
|
55,251 |
|
16.3 |
|
6,787 |
|
14.0 |
|
Applied Ceramic Products Group |
|
53,809 |
|
16.1 |
|
52,514 |
|
15.5 |
|
(1,295 |
) |
(2.4 |
) |
Electronic Device Group |
|
66,187 |
|
19.8 |
|
70,533 |
|
20.8 |
|
4,346 |
|
6.6 |
|
Total Components Business |
|
189,312 |
|
56.6 |
|
201,199 |
|
59.3 |
|
11,887 |
|
6.3 |
|
Telecommunications Equipment Group |
|
38,515 |
|
11.5 |
|
28,681 |
|
8.4 |
|
(9,834 |
) |
(25.5 |
) |
Information Equipment Group |
|
77,482 |
|
23.2 |
|
79,651 |
|
23.5 |
|
2,169 |
|
2.8 |
|
Total Equipment Business |
|
115,997 |
|
34.7 |
|
108,332 |
|
31.9 |
|
(7,665 |
) |
(6.6 |
) |
Others |
|
41,614 |
|
12.4 |
|
39,814 |
|
11.8 |
|
(1,800 |
) |
(4.3 |
) |
Adjustments and eliminations |
|
(12,209 |
) |
(3.7 |
) |
(10,098 |
) |
(3.0 |
) |
2,111 |
|
|
|
Net sales |
|
¥ |
334,714 |
|
100.0 |
|
¥ |
339,247 |
|
100.0 |
|
¥ |
4,533 |
|
1.4 |
|
Operating Profit (Loss) by Reporting Segment
|
|
Three months ended June 30, |
|
Increase |
|
|
|
2014 |
|
2015 |
|
(Decrease) |
|
|
|
Amount |
|
%* |
|
Amount |
|
%* |
|
Amount |
|
% |
|
|
|
(Yen in millions) |
|
Fine Ceramic Parts Group |
|
¥ |
3,355 |
|
16.1 |
|
¥ |
4,199 |
|
18.3 |
|
¥ |
844 |
|
25.2 |
|
Semiconductor Parts Group |
|
5,655 |
|
11.7 |
|
8,395 |
|
15.2 |
|
2,740 |
|
48.5 |
|
Applied Ceramic Products Group |
|
2,820 |
|
5.2 |
|
3,581 |
|
6.8 |
|
761 |
|
27.0 |
|
Electronic Device Group |
|
7,664 |
|
11.6 |
|
9,446 |
|
13.4 |
|
1,782 |
|
23.3 |
|
Total Components Business |
|
19,494 |
|
10.3 |
|
25,621 |
|
12.7 |
|
6,127 |
|
31.4 |
|
Telecommunications Equipment Group |
|
(3,584 |
) |
|
|
(6,142 |
) |
|
|
(2,558 |
) |
|
|
Information Equipment Group |
|
7,603 |
|
9.8 |
|
6,410 |
|
8.0 |
|
(1,193 |
) |
(15.7 |
) |
Total Equipment Business |
|
4,019 |
|
3.5 |
|
268 |
|
0.2 |
|
(3,751 |
) |
(93.3 |
) |
Others |
|
642 |
|
1.5 |
|
11,402 |
|
28.6 |
|
10,760 |
|
|
|
Operating profit |
|
24,155 |
|
7.2 |
|
37,291 |
|
11.0 |
|
13,136 |
|
54.4 |
|
Corporate gains and equity in earnings of affiliates and an unconsolidated subsidiary |
|
6,718 |
|
|
|
10,168 |
|
|
|
3,450 |
|
51.4 |
|
Adjustments and eliminations |
|
(193 |
) |
|
|
(449 |
) |
|
|
(256 |
) |
|
|
Income before income taxes |
|
¥ |
30,680 |
|
9.2 |
|
¥ |
47,010 |
|
13.9 |
|
¥ |
16,330 |
|
53.2 |
|
* % to net sales of each corresponding segment
5
Net Sales by Geographic Area
1) Japan
Sales in Japan decreased compared with the previous first quarter due to a decline in sales in the solar energy business for public and commercial sectors and the Telecommunications Equipment Group.
2) Asia
Sales in Asia increased compared with the previous first quarter due mainly to an increase in sales in the Electronic Device Group and the Semiconductor Parts Group.
3) Europe
Sales in Europe decreased compared with the previous first quarter due to a decline in sales in the Information Equipment Group and the effect of appreciation of the yen against the Euro.
4) United States of America
Sales in the United States of America increased compared with the previous first quarter due to increased sales in the Information Equipment Group as well as to the effect of depreciation of the yen against the U.S. dollar.
5) Others
Sales in Others decreased slightly compared with the previous first quarter due mainly to a decrease in sales in the Information Equipment Group.
|
|
Three months ended June 30, |
|
Increase |
|
|
|
2014 |
|
2015 |
|
(Decrease) |
|
|
|
Amount |
|
% |
|
Amount |
|
% |
|
Amount |
|
% |
|
|
|
(Yen in millions) |
|
Japan |
|
¥ |
137,474 |
|
41.1 |
|
¥ |
125,029 |
|
36.8 |
|
¥ |
(12,445 |
) |
(9.1 |
) |
Asia |
|
66,221 |
|
19.8 |
|
79,597 |
|
23.5 |
|
13,376 |
|
20.2 |
|
Europe |
|
63,299 |
|
18.9 |
|
60,376 |
|
17.8 |
|
(2,923 |
) |
(4.6 |
) |
United States of America |
|
52,103 |
|
15.6 |
|
58,748 |
|
17.3 |
|
6,645 |
|
12.8 |
|
Others |
|
15,617 |
|
4.6 |
|
15,497 |
|
4.6 |
|
(120 |
) |
(0.8 |
) |
Net sales |
|
¥ |
334,714 |
|
100.0 |
|
¥ |
339,247 |
|
100.0 |
|
¥ |
4,533 |
|
1.4 |
|
6
(2) Consolidated Financial Condition
Consolidated Cash Flows
Cash and cash equivalents at June 30, 2015 decreased by ¥32,205 million to ¥319,158 million from ¥351,363 million at March 31, 2015.
1) Cash flows from operating activities
Net cash provided by operating activities for the first quarter increased by ¥12,972 million to ¥32,692 million from ¥19,720 million for the previous first quarter. This mainly reflected that an increase in net income and a decrease in receivables exceeded a decrease in notes and accounts payable, and a decrease in other current liabilities including accrued expenses.
2) Cash flows from investing activities
Net cash used in investing activities for the first quarter decreased by ¥12,025 million to ¥44,410 million from ¥56,435 million for the previous first quarter. This mainly reflected that a decrease in purchase of securities, and an increase in proceeds from sales of property, plant and equipment exceeded a decrease in maturities of securities and an increase in acquisition of time deposits.
3) Cash flows from financing activities
Net cash used in financing activities for the first quarter increased by ¥5,880 million to ¥24,586 million from ¥18,706 million for the previous first quarter. This was due mainly to an increase in dividends paid.
|
|
Three months ended June 30, |
|
|
|
2014 |
|
2015 |
|
|
|
(Yen in millions) |
|
Cash flows from operating activities |
|
¥ |
19,720 |
|
¥ |
32,692 |
|
Cash flows from investing activities |
|
(56,435 |
) |
(44,410 |
) |
Cash flows from financing activities |
|
(18,706 |
) |
(24,586 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
(2,644 |
) |
4,099 |
|
Net decrease in cash and cash equivalents |
|
(58,065 |
) |
(32,205 |
) |
Cash and cash equivalents at beginning of period |
|
335,174 |
|
351,363 |
|
Cash and cash equivalents at end of period |
|
¥ |
277,109 |
|
¥ |
319,158 |
|
7
(3) Consolidated Financial Forecasts for the Year Ending March 31, 2016
Kyocera posted results in the first quarter that were roughly in line with our initial projections. Accordingly, there is no change to the sales and profit forecasts for the year ending March 31, 2016 that were announced on April 27, 2015.
|
|
Results for the year ended March 31, 2015 |
|
Forecasts for the year ending March 31, 2016 |
|
Increase (Decrease) |
|
|
|
Amount |
|
% |
|
Amount |
|
% |
|
Amount |
|
% |
|
|
|
(Yen in millions, except per share amounts and exchange rates) |
|
Net sales |
|
¥ |
1,526,536 |
|
100.0 |
|
¥ |
1,600,000 |
|
100.0 |
|
73,464 |
|
4.8 |
|
Profit from operations |
|
93,428 |
|
6.1 |
|
160,000 |
|
10.0 |
|
66,572 |
|
71.3 |
|
Income before income taxes |
|
121,862 |
|
8.0 |
|
184,000 |
|
11.5 |
|
62,138 |
|
51.0 |
|
Net income attributable to shareholders of Kyocera Corporation |
|
115,875 |
|
7.6 |
|
120,000 |
|
7.5 |
|
4,125 |
|
3.6 |
|
Average US$ exchange rate |
|
110 |
|
|
|
115 |
|
|
|
|
|
|
|
Average Euro exchange rate |
|
139 |
|
|
|
125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8
Note: Forward-Looking Statements
Certain of the statements made in this document are forward-looking statements (within the meaning of Section 21E of the U.S. Securities and Exchange Act of 1934), which are based on our current assumptions and beliefs in light of the information currently available to us. These forward-looking statements involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors include, but are not limited to the following:
(1) General conditions in the Japanese or global economy;
(2) Unexpected changes in economic, political and legal conditions in countries where we operate;
(3) Various export risks which may affect the significant percentage of our revenues derived from overseas sales;
(4) The effect of foreign exchange fluctuations on our results of operations;
(5) Intense competitive pressures to which our products are subject;
(6) Fluctuations in the price and ability of suppliers to provide the required quantity of raw materials for use in Kyoceras production activities;
(7) Manufacturing delays or defects resulting from outsourcing or internal manufacturing processes;
(8) Shortages and rising costs of electricity affecting our production and sales activities;
(9) The possibility that future initiatives and in-process research and development may not produce the desired results;
(10) Companies or assets acquired by us not produce the returns or benefits, or bring in business opportunities;
(11) Inability to secure skilled employees, particularly engineering and technical personnel;
(12) Insufficient protection of our trade secrets and intellectual property rights including patents;
(13) Expenses associated with licenses we require to continue to manufacture and sell products;
(14) Environmental liability and compliance obligations by tightening of environmental laws and regulations;
(15) Unintentional conflict with laws and regulations or newly enacted laws and regulations;
(16) Our market or supply chains being affected by terrorism, plague, wars or similar events;
(17) Earthquakes and other natural disasters affecting our headquarters and major facilities as well as our suppliers and customers;
(18) Credit risk on trade receivables;
(19) Fluctuations in the value of, and impairment losses on, securities and other assets held by us;
(20) Impairment losses on long-lived assets, goodwill and intangible assets;
(21) Unrealized deferred tax assets and additional liabilities for unrecognized tax benefits; and
(22) Changes in accounting principles.
Such risks, uncertainties and other factors may cause our actual results, performance, achievements or financial condition to be materially different from any future results, performance, achievements or financial condition expressed or implied by these forward-looking statements. We undertake no obligation to publicly update any forward-looking statements included in this document.
9
2. OTHER INFORMATION
Changes in accounting policies
Recently Adopted Accounting Standards
On April 1, 2015, Kyocera adopted Accounting Standards Update (ASU) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This accounting standard changes the requirements for reporting discontinued operations in ASC 205-20, Presentation of Financial StatementsDiscontinued Operations. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entitys operations and financial results. This accounting standard also requires an entity to provide disclosures about a disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. The adoption of this accounting standard did not have a material impact on Kyoceras consolidated results of operations, financial condition and cash flows.
10
3. CONSOLIDATED FINANCIAL STATEMENTS
(1) Consolidated Balance Sheets (Unaudited)
|
|
March 31, 2015 |
|
June 30, 2015 |
|
Increase |
|
|
|
Amount |
|
% |
|
Amount |
|
% |
|
(Decrease) |
|
|
|
(Yen in millions) |
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
¥ |
351,363 |
|
|
|
¥ |
319,158 |
|
|
|
¥ |
(32,205 |
) |
Short-term investments in debt and equity securities |
|
95,237 |
|
|
|
116,108 |
|
|
|
20,871 |
|
Other short-term investments |
|
184,358 |
|
|
|
218,350 |
|
|
|
33,992 |
|
Trade notes receivables |
|
19,130 |
|
|
|
18,963 |
|
|
|
(167 |
) |
Trade accounts receivables |
|
299,412 |
|
|
|
259,296 |
|
|
|
(40,116 |
) |
Less allowances for doubtful accounts and sales returns |
|
(5,378 |
) |
|
|
(5,812 |
) |
|
|
(434 |
) |
Inventories |
|
354,499 |
|
|
|
367,150 |
|
|
|
12,651 |
|
Deferred income taxes |
|
42,314 |
|
|
|
37,726 |
|
|
|
(4,588 |
) |
Other current assets |
|
116,612 |
|
|
|
110,881 |
|
|
|
(5,731 |
) |
Total current assets |
|
1,457,547 |
|
48.2 |
|
1,441,820 |
|
46.6 |
|
(15,727 |
) |
Non-current assets: |
|
|
|
|
|
|
|
|
|
|
|
Investments and advances: |
|
|
|
|
|
|
|
|
|
|
|
Long-term investments in debt and equity securities |
|
1,051,638 |
|
|
|
1,130,586 |
|
|
|
78,948 |
|
Other long-term investments |
|
20,402 |
|
|
|
19,344 |
|
|
|
(1,058 |
) |
Total investments and advances |
|
1,072,040 |
|
35.5 |
|
1,149,930 |
|
37.2 |
|
77,890 |
|
Property, plant and equipment: |
|
|
|
|
|
|
|
|
|
|
|
Land |
|
59,590 |
|
|
|
60,161 |
|
|
|
571 |
|
Buildings |
|
350,354 |
|
|
|
352,374 |
|
|
|
2,020 |
|
Machinery and equipment |
|
846,391 |
|
|
|
856,729 |
|
|
|
10,338 |
|
Construction in progress |
|
11,015 |
|
|
|
9,523 |
|
|
|
(1,492 |
) |
Less accumulated depreciation |
|
(1,005,859 |
) |
|
|
(1,012,820 |
) |
|
|
(6,961 |
) |
Total property, plant and equipment |
|
261,491 |
|
8.6 |
|
265,967 |
|
8.6 |
|
4,476 |
|
Goodwill |
|
102,167 |
|
3.4 |
|
104,340 |
|
3.4 |
|
2,173 |
|
Intangible assets |
|
56,615 |
|
1.9 |
|
57,326 |
|
1.8 |
|
711 |
|
Other assets |
|
71,324 |
|
2.4 |
|
74,652 |
|
2.4 |
|
3,328 |
|
Total non-current assets |
|
1,563,637 |
|
51.8 |
|
1,652,215 |
|
53.4 |
|
88,578 |
|
Total assets |
|
¥ |
3,021,184 |
|
100.0 |
|
¥ |
3,094,035 |
|
100.0 |
|
¥ |
72,851 |
|
11
|
|
March 31, 2015 |
|
June 30, 2015 |
|
Increase |
|
|
|
Amount |
|
% |
|
Amount |
|
% |
|
(Decrease) |
|
|
|
(Yen in millions) |
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
¥ |
4,129 |
|
|
|
¥ |
2,166 |
|
|
|
¥ |
(1,963 |
) |
Current portion of long-term debt |
|
9,441 |
|
|
|
9,744 |
|
|
|
303 |
|
Trade notes and accounts payable |
|
119,654 |
|
|
|
112,676 |
|
|
|
(6,978 |
) |
Other notes and accounts payable |
|
59,613 |
|
|
|
56,453 |
|
|
|
(3,160 |
) |
Accrued payroll and bonus |
|
59,454 |
|
|
|
49,199 |
|
|
|
(10,255 |
) |
Accrued income taxes |
|
17,316 |
|
|
|
14,003 |
|
|
|
(3,313 |
) |
Other accrued liabilities |
|
53,305 |
|
|
|
35,709 |
|
|
|
(17,596 |
) |
Other current liabilities |
|
33,339 |
|
|
|
39,434 |
|
|
|
6,095 |
|
Total current liabilities |
|
356,251 |
|
11.8 |
|
319,384 |
|
10.3 |
|
(36,867 |
) |
Non-current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Long-term debt |
|
17,881 |
|
|
|
18,417 |
|
|
|
536 |
|
Accrued pension and severance liabilities |
|
34,764 |
|
|
|
34,993 |
|
|
|
229 |
|
Deferred income taxes |
|
292,454 |
|
|
|
319,677 |
|
|
|
27,223 |
|
Other non-current liabilities |
|
16,211 |
|
|
|
17,176 |
|
|
|
965 |
|
Total non-current liabilities |
|
361,310 |
|
12.0 |
|
390,263 |
|
12.6 |
|
28,953 |
|
Total liabilities |
|
717,561 |
|
23.8 |
|
709,647 |
|
22.9 |
|
(7,914 |
) |
Kyocera Corporation shareholders equity: |
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
115,703 |
|
|
|
115,703 |
|
|
|
|
|
Additional paid-in capital |
|
162,695 |
|
|
|
162,743 |
|
|
|
48 |
|
Retained earnings |
|
1,502,310 |
|
|
|
1,511,873 |
|
|
|
9,563 |
|
Accumulated other comprehensive income |
|
469,673 |
|
|
|
539,421 |
|
|
|
69,748 |
|
Common stock in treasury, at cost |
|
(35,062 |
) |
|
|
(35,068 |
) |
|
|
(6 |
) |
Total Kyocera Corporation shareholders equity |
|
2,215,319 |
|
73.3 |
|
2,294,672 |
|
74.2 |
|
79,353 |
|
Noncontrolling interests |
|
88,304 |
|
2.9 |
|
89,716 |
|
2.9 |
|
1,412 |
|
Total equity |
|
2,303,623 |
|
76.2 |
|
2,384,388 |
|
77.1 |
|
80,765 |
|
Total liabilities and equity |
|
¥ |
3,021,184 |
|
100.0 |
|
¥ |
3,094,035 |
|
100.0 |
|
¥ |
72,851 |
|
Note: Accumulated other comprehensive income is as follows:
|
|
March 31, 2015 |
|
June 30, 2015 |
|
Increase (Decrease) |
|
|
|
(Yen in millions) |
|
Net unrealized gains on securities |
|
¥ |
467,841 |
|
¥ |
527,626 |
|
¥ |
59,785 |
|
Net unrealized losses on derivative financial instruments |
|
(372 |
) |
(408 |
) |
(36 |
) |
Pension adjustments |
|
(28,452 |
) |
(29,246 |
) |
(794 |
) |
Foreign currency translation adjustments |
|
30,656 |
|
41,449 |
|
10,793 |
|
Total |
|
¥ |
469,673 |
|
¥ |
539,421 |
|
¥ |
69,748 |
|
12
(2) Consolidated Statements of Income and Comprehensive Income (Unaudited)
Consolidated Statements of Income
|
|
Three months ended June 30, |
|
Increase |
|
|
|
2014 |
|
2015 |
|
(Decrease) |
|
|
|
Amount |
|
% |
|
Amount |
|
% |
|
Amount |
|
% |
|
|
|
(Yen in millions and shares in thousands, except per share amounts) |
|
Net sales |
|
¥ |
334,714 |
|
100.0 |
|
¥ |
339,247 |
|
100.0 |
|
¥ |
4,533 |
|
1.4 |
|
Cost of sales |
|
246,998 |
|
73.8 |
|
248,761 |
|
73.3 |
|
1,763 |
|
0.7 |
|
Gross profit |
|
87,716 |
|
26.2 |
|
90,486 |
|
26.7 |
|
2,770 |
|
3.2 |
|
Selling, general and administrative expenses |
|
68,934 |
|
20.6 |
|
57,903 |
|
17.1 |
|
(11,031 |
) |
(16.0 |
) |
Profit from operations |
|
18,782 |
|
5.6 |
|
32,583 |
|
9.6 |
|
13,801 |
|
73.5 |
|
Other income (expenses) : |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and dividend income |
|
10,011 |
|
3.0 |
|
12,674 |
|
3.7 |
|
2,663 |
|
26.6 |
|
Interest expense |
|
(468 |
) |
(0.1 |
) |
(381 |
) |
(0.1 |
) |
87 |
|
|
|
Foreign currency transaction gains, net |
|
1,471 |
|
0.4 |
|
1,666 |
|
0.5 |
|
195 |
|
13.3 |
|
Other, net |
|
884 |
|
0.3 |
|
468 |
|
0.2 |
|
(416 |
) |
(47.1 |
) |
Total other income (expenses) |
|
11,898 |
|
3.6 |
|
14,427 |
|
4.3 |
|
2,529 |
|
21.3 |
|
Income before income taxes |
|
30,680 |
|
9.2 |
|
47,010 |
|
13.9 |
|
16,330 |
|
53.2 |
|
Income taxes |
|
9,736 |
|
2.9 |
|
13,946 |
|
4.2 |
|
4,210 |
|
43.2 |
|
Net income |
|
20,944 |
|
6.3 |
|
33,064 |
|
9.7 |
|
12,120 |
|
57.9 |
|
Net income attributable to noncontrolling interests |
|
(1,477 |
) |
(0.5 |
) |
(1,489 |
) |
(0.4 |
) |
(12 |
) |
|
|
Net income attributable to shareholders of Kyocera Corporation |
|
¥ |
19,467 |
|
5.8 |
|
¥ |
31,575 |
|
9.3 |
|
¥ |
12,108 |
|
62.2 |
|
Per share information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to shareholders of Kyocera Corporation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
¥ |
53.06 |
|
|
|
¥ |
86.07 |
|
|
|
|
|
|
|
Diluted |
|
53.06 |
|
|
|
86.07 |
|
|
|
|
|
|
|
Average number of shares of common stock outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
366,866 |
|
|
|
366,861 |
|
|
|
|
|
|
|
Diluted |
|
366,866 |
|
|
|
366,861 |
|
|
|
|
|
|
|
Note:
Basic earnings per share attributable to shareholders of Kyocera Corporation is calculated based on the average number of shares of common stock outstanding during each period, and diluted earnings per share attributable to shareholders of Kyocera Corporation is calculated based on the diluted average number of shares of stock outstanding during each period.
13
Consolidated Statements of Comprehensive Income
|
|
Three months ended June 30, |
|
Increase |
|
|
|
2014 |
|
2015 |
|
(Decrease) |
|
|
|
Amount |
|
Amount |
|
Amount |
|
|
|
(Yen in millions) |
|
Net income |
|
¥ |
20,944 |
|
¥ |
33,064 |
|
¥ |
12,120 |
|
Other comprehensive income (loss) net of taxes |
|
|
|
|
|
|
|
Net unrealized gains on securities |
|
17,671 |
|
59,739 |
|
42,068 |
|
Net unrealized losses on derivative financial instruments |
|
(59 |
) |
(52 |
) |
7 |
|
Pension adjustments |
|
673 |
|
(820 |
) |
(1,493 |
) |
Foreign currency translation adjustments |
|
(8,229 |
) |
12,297 |
|
20,526 |
|
Total other comprehensive income (loss) |
|
10,056 |
|
71,164 |
|
61,108 |
|
Comprehensive income |
|
31,000 |
|
104,228 |
|
73,228 |
|
Comprehensive income attributable to noncontrolling interests |
|
(378 |
) |
(2,906 |
) |
(2,528 |
) |
Comprehensive income attributable to shareholders of Kyocera Corporation |
|
¥ |
30,622 |
|
¥ |
101,322 |
|
¥ |
70,700 |
|
(3) Notes to the consolidated financial statements
Cautionary Statement for Premise of a Going Concern
None.
Cautionary Statement for Significant Changes in Equity
None.
14
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