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.
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KYOCERA CORPORATION
(Registrant)
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/s/ S
HOICHI
A
OKI
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Shoichi Aoki
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Director,
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Managing Executive Officer and
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General Manager of
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Corporate Financial and Accounting Group
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Date : May 1, 2017
Information furnished on this form:
EXHIBITS
Consolidated Financial Results of Kyocera Corporation and its Subsidiaries
for the Year Ended March 31, 2017
The consolidated financial information is prepared in accordance with generally accepted accounting principles in the United States of America.
1. Consolidated Financial Results for the Year Ended March 31, 2017 (Fiscal 2017)
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(1) Consolidated results of operations
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(% of change from previous year)
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Net sales
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Profit from operations
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Income before income taxes
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Net income attributable
to shareholders of
Kyocera Corporation
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Million yen
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%
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Million yen
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%
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Million yen
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%
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Million yen
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%
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Fiscal 2017
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1,422,754
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(3.8
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)
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104,542
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12.8
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137,849
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(5.3
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103,843
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(4.8
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Fiscal 2016
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1,479,627
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(3.1
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)
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92,656
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(0.8
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)
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145,583
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19.5
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109,047
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(5.9
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(Note) Comprehensive income:
85,628 million yen in the year ended March 31, 2017, (22.1)% of change from previous year
109,969 million yen in the year ended March 31, 2016, (68.8)% of change from previous year
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Net income
attributable to
shareholders of
Kyocera Corporation
per
share - Basic
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Net income
attributable to
shareholders of
Kyocera Corporation
per share
- Diluted
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Ratio of net income
attributable to
shareholders
of
Kyocera Corporation
to shareholders’ equity
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Ratio of income
before income taxes
to total assets
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Ratio of profit
from operations
to net sales
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Yen
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Yen
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%
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%
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%
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Fiscal 2017
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282.62
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282.62
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4.5
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4.4
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7.3
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Fiscal 2016
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297.24
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297.24
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4.8
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4.8
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6.3
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(Reference) Equity in losses of affiliates and an unconsolidated subsidiary:
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(1,377) million yen in the year ended March 31, 2017
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(739) million yen in the year ended March 31, 2016
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(2) Consolidated financial condition
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Total assets
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Total equity
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Kyocera Corporation
shareholders’ equity
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Kyocera
Corporation
shareholders’ equity
to total assets
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Kyocera
Corporation
shareholders’ equity
per share
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Million yen
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Million yen
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Million yen
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%
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Yen
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March 31, 2017
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3,110,470
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2,418,909
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2,334,219
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75.1
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6,347.95
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March 31, 2016
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3,095,049
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2,373,762
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2,284,264
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73.8
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6,226.58
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(3) Consolidated cash flows
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Operating activities
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Investing activities
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Financing activities
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Cash and cash equivalents
at end of year
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Million yen
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Million yen
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Million yen
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Million yen
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Fiscal 2017
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164,231
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(112,089
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)
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(47,972
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376,195
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Fiscal 2016
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194,040
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(106,809
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(50,608
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374,020
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2. Dividends
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Dividends per share
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Annual aggregate
amount
of
dividends
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Dividends
to
net income
attributable to
shareholders of
Kyocera Corporation
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Dividends
to
Kyocera Corporation
shareholders’ equity
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End of
first quarter
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End of
second quarter
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End of
third quarter
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Year-end
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Annual
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Yen
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Yen
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Yen
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Yen
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Yen
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Million yen
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%
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%
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Fiscal 2016
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—
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50.00
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—
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50.00
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100.00
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36,686
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33.6
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1.6
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Fiscal 2017
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—
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50.00
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—
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60.00
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110.00
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40,449
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38.9
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1.7
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Fiscal 2018 (forecast)
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—
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—
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—
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—
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110.00
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38.5
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(Note) Dividends per share for the year ending March 31, 2018 are forecasted to be 110 yen on an annual basis.
1
3. Consolidated Financial Forecast for the Year Ending March 31, 2018 (Fiscal 2018)
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(% of change from the previous year)
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Net sales
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Profit from
operations
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Income before
income taxes
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Net income
attributable to
shareholders of
Kyocera Corporation
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Net
income
attributable to
shareholders
of
Kyocera Corporation
per share
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Million yen
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%
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Million yen
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%
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Million yen
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%
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Million yen
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%
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Yen
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Fiscal 2018
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1,500,000
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5.4
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120,000
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14.8
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150,000
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8.8
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105,000
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1.1
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285.77
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(Note) Forecast of net income attributable to shareholders of Kyocera Corporation per share is calculated based on the
diluted average number of shares outstanding during the year ended March 31, 2017.
Notes:
(1) Increase or decrease in significant subsidiaries during the year ended March 31, 2017: Not applicable
(2) Changes in accounting policies:
(i) Changes due to adoption of new accounting standards: Yes
(ii) Changes due to
other than adoption of new accounting standards: Not applicable
For detailed information, please refer to the accompanying
“(5) Basis of Preparation of Consolidated Financial Statements” on page 18.
(3) Number of shares (common stock):
(i) Number of shares issued:
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377,618,580 shares at March 31, 2017
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377,618,580 shares at March 31, 2016
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(ii) Number of treasury stock:
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9,906,197 shares at March 31, 2017
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10,761,503 shares at March 31, 2016
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(iii) Average number of shares outstanding:
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367,428,405 shares in the year ended March 31, 2017
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366,859,072 shares in the year ended March 31, 2016
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2
(Reference) Outline of
Non-Consolidated
Results for Kyocera
Corporation
The
non-consolidated
financial information is prepared in accordance with accounting
principles generally accepted in Japan.
1.
Non-consolidated
Financial Results for the Year Ended
March 31, 2017:
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(1)
Non-consolidated
results of operations
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(% of change from previous year)
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Net sales
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Profit from operations
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Recurring profit
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Net income
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Million yen
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%
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Million yen
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%
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Million yen
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%
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Million yen
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%
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Fiscal 2017
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662,595
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11.7
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24,325
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(13.6
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81,339
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(14.0
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83,724
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13.1
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Fiscal 2016
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592,979
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(6.6
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28,147
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28.1
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94,598
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14.5
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74,041
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9.4
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Net income per share - Basic
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Net income per share - Diluted
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Yen
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Yen
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Fiscal 2017
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227.86
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—
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Fiscal 2016
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201.82
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—
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(2)
Non-consolidated
financial condition
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Total assets
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Net assets
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Net assets to total assets
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Net assets per share
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Million yen
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Million yen
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%
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Yen
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March 31, 2017
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2,435,888
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1,922,944
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78.9
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5,229.48
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March 31, 2016
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2,390,223
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1,890,882
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79.1
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5,154.27
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Presentation of Situation of Audit Procedure
The consolidated financial information included in this Form
6-K
is out of scope of audit procedure.
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.
Other Note:
This is an English translation of
the Japanese original of the Consolidated Financial Results of Kyocera Corporation and its Subsidiaries for the Year Ended March 31, 2017. The translation is prepared solely for the reference and convenience of foreigners. In the event of any
discrepancy between this translation and the Japanese original, the latter shall prevail.
3
Accompanying Information
1. OUTLOOK OF BUSINESS RESULTS
(1) Business Results
[Business Results for the Year Ended March 31, 2017]
Consolidated Financial Results
For the year ended March 31, 2017 (“fiscal
2017”) sales in the Fine Ceramic Parts Group and the Semiconductor Parts Group increased compared with the year ended March 31, 2016 (“fiscal 2016”) supported by increases in automobile sales in Asia and investment in
communications infrastructure. By contrast, sales in the solar energy business decreased due primarily to market price erosion. Sales in the Telecommunications Equipment Group also decreased due to a decline in sales volume as a result of a revision
in product strategy. In addition, a shift to appreciation of the yen as compared to depreciation in fiscal 2016 adversely affected sales. As a result, consolidated net sales for fiscal 2017 amounted to ¥1,422,754 million, down
¥56,873 million, or 3.8%, compared with fiscal 2016. Profit from operations increased by ¥11,886 million, or 12.8%, to ¥104,542 million as compared with fiscal 2016, due mainly to cost reduction efforts, and to the absence
of impairment losses on goodwill and long lived assets recorded in fiscal 2016. Income before income taxes decreased by ¥7,734 million, or 5.3%, to ¥137,849 million as compared with fiscal 2016 due to the absence of a gain on the
sale of an asset in the amount of approximately ¥20 billion recorded in fiscal 2016. Net income attributable to shareholders of Kyocera Corporation decreased by ¥5,204 million, or 4.8%, to ¥103,843 million.
Average exchange rates for fiscal 2017 were ¥108 to the U.S. dollar, marking appreciation of ¥12 (10.0%), and ¥119 to the Euro,
marking appreciation of ¥14 (10.5%), from fiscal 2016. As a result, net sales and income before income taxes after translation into yen for fiscal 2017 were pushed down by approximately ¥94 billion and approximately
¥26 billion, respectively, compared with fiscal 2016.
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Years ended March 31,
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Increase
(Decrease)
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2016
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2017
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Amount
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%
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Amount
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%
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Amount
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%
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(Yen in millions, except per share amounts and exchange rates)
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Net sales
|
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¥
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1,479,627
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100.0
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¥
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1,422,754
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100.0
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¥
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(56,873
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)
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(3.8
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)
|
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Profit from operations
|
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92,656
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6.3
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|
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104,542
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7.3
|
|
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|
11,886
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|
|
|
12.8
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|
|
Income before income taxes
|
|
|
145,583
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|
|
|
9.8
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|
|
|
137,849
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9.7
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|
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|
(7,734
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)
|
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(5.3
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)
|
|
Net income attributable to shareholders of Kyocera Corporation
|
|
|
109,047
|
|
|
|
7.4
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|
|
|
103,843
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|
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7.3
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(5,204
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)
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(4.8
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)
|
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Diluted earnings per share attributable to shareholders of Kyocera Corporation
|
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297.24
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|
|
—
|
|
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282.62
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|
|
—
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|
|
|
—
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|
—
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Average US$ exchange rate
|
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120
|
|
|
|
—
|
|
|
|
108
|
|
|
|
—
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|
|
(12
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)
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(10.0
|
)
|
|
Average Euro exchange rate
|
|
|
133
|
|
|
|
—
|
|
|
|
119
|
|
|
|
—
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|
|
|
(14
|
)
|
|
|
(10.5
|
)
|
The negative impacts due to changes in foreign currency exchange rates for the fiscal 2017 compared with the fiscal 2016
|
|
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|
|
Net sales:
|
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approximately ¥94 billion
|
|
Income before income taxes:
|
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approximately ¥26 billion
|
4
Consolidated Results by Reporting Segment
1) Fine Ceramic Parts Group
Sales in this
reporting segment increased compared with fiscal 2016 due to an increase in sales of automotive components and components for semiconductor processing equipment, despite the negative impact of the yen’s appreciation. Operating profit decreased
compared with fiscal 2016 due mainly to the negative impact of the yen’s appreciation and higher R&D expenses.
2) Semiconductor
Parts Group
Sales in this reporting segment increased compared with fiscal 2016, due to an increase in sales of ceramic packages for optical
communications and other applications, which was more than enough to offset sluggish demand for organic multilayer boards for communications infrastructure. Operating profit decreased due to the absence of a gain on the sale of an asset in the
amount of approximately ¥12 billion recorded in fiscal 2016, as well as to the negative impact of the yen’s appreciation and a decline in profit from the organic materials business.
3) Applied Ceramic Products Group
Sales in
this reporting segment decreased compared with fiscal 2016 as a result of a decline in sales in the solar energy business due to a reduction in product prices worldwide and a decline in purchase price under the
feed-in
tariff system in Japan. Operating profit decreased as a result of the impact of lower sales and a decline in profit from the cutting tool business due to the negative impact of the yen’s
appreciation.
4) Electronic Device Group
Sales in this reporting segment remained flat compared with fiscal 2016 due to the negative impact of the yen’s appreciation and to sales price erosion in capacitors and other products, which were
enough to offset increased sales of crystal components. Operating profit increased due to the absence of impairment losses on goodwill and long lived assets in the display business in the amount of approximately ¥18 billion in recorded in
fiscal 2016.
5) Telecommunications Equipment Group
Sales in this reporting segment decreased compared with fiscal 2016 due to a decline in sales volume as a result of a reduction in the production ratio of
low-end
mobile phones for the overseas market, which was pursuant to Kyocera’s product strategy to specialize in distinctive mobile phones with unique features, such as high durability. Operating profit was recorded in fiscal 2017 as a result of
product strategy and structural reforms.
6) Information Equipment Group
Sales in this reporting segment decreased compared with fiscal 2016 due to the negative impact of the yen’s appreciation, which was more than enough to offset solid sales volume for equipment
supported by aggressive sales activities for new products. Operating profit increased compared with fiscal 2016, however, due to the effect of new product launches and cost reductions resulting from, among others, an improvement in productivity.
5
Net Sales by Reporting Segment
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|
Years ended March 31,
|
|
|
Increase
(Decrease)
|
|
|
|
|
2016
|
|
|
2017
|
|
|
|
|
|
Amount
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|
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%
|
|
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Amount
|
|
|
%
|
|
|
Amount
|
|
|
%
|
|
|
|
|
(Yen in millions)
|
|
|
Fine Ceramic Parts Group
|
|
¥
|
95,092
|
|
|
|
6.4
|
|
|
¥
|
97,445
|
|
|
|
6.8
|
|
|
¥
|
2,353
|
|
|
|
2.5
|
|
|
Semiconductor Parts Group
|
|
|
236,265
|
|
|
|
16.0
|
|
|
|
245,727
|
|
|
|
17.3
|
|
|
|
9,462
|
|
|
|
4.0
|
|
|
Applied Ceramic Products Group
|
|
|
247,516
|
|
|
|
16.7
|
|
|
|
225,176
|
|
|
|
15.8
|
|
|
|
(22,340
|
)
|
|
|
(9.0
|
)
|
|
Electronic Device Group
|
|
|
290,902
|
|
|
|
19.7
|
|
|
|
288,511
|
|
|
|
20.3
|
|
|
|
(2,391
|
)
|
|
|
(0.8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Components Business
|
|
|
869,775
|
|
|
|
58.8
|
|
|
|
856,859
|
|
|
|
60.2
|
|
|
|
(12,916
|
)
|
|
|
(1.5
|
)
|
|
Telecommunications Equipment Group
|
|
|
170,983
|
|
|
|
11.6
|
|
|
|
145,682
|
|
|
|
10.2
|
|
|
|
(25,301
|
)
|
|
|
(14.8
|
)
|
|
Information Equipment Group
|
|
|
336,308
|
|
|
|
22.7
|
|
|
|
324,012
|
|
|
|
22.8
|
|
|
|
(12,296
|
)
|
|
|
(3.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Equipment Business
|
|
|
507,291
|
|
|
|
34.3
|
|
|
|
469,694
|
|
|
|
33.0
|
|
|
|
(37,597
|
)
|
|
|
(7.4
|
)
|
|
Others
|
|
|
146,897
|
|
|
|
9.9
|
|
|
|
138,362
|
|
|
|
9.7
|
|
|
|
(8,535
|
)
|
|
|
(5.8
|
)
|
|
Adjustments and eliminations
|
|
|
(44,336
|
)
|
|
|
(3.0
|
)
|
|
|
(42,161
|
)
|
|
|
(2.9
|
)
|
|
|
2,175
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
¥
|
1,479,627
|
|
|
|
100.0
|
|
|
¥
|
1,422,754
|
|
|
|
100.0
|
|
|
¥
|
(56,873
|
)
|
|
|
(3.8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit (Loss) by Reporting Segment
|
|
|
|
|
|
|
|
|
|
Years ended March 31,
|
|
|
Increase
(Decrease)
|
|
|
|
|
2016
|
|
|
2017
|
|
|
|
|
|
Amount
|
|
|
%*
|
|
|
Amount
|
|
|
%*
|
|
|
Amount
|
|
|
%
|
|
|
|
|
(Yen in millions)
|
|
|
Fine Ceramic Parts Group
|
|
¥
|
15,745
|
|
|
|
16.6
|
|
|
¥
|
14,512
|
|
|
|
14.9
|
|
|
¥
|
(1,233
|
)
|
|
|
(7.8
|
)
|
|
Semiconductor Parts Group
|
|
|
42,232
|
|
|
|
17.9
|
|
|
|
25,662
|
|
|
|
10.4
|
|
|
|
(16,570
|
)
|
|
|
(39.2
|
)
|
|
Applied Ceramic Products Group
|
|
|
16,386
|
|
|
|
6.6
|
|
|
|
15,639
|
|
|
|
6.9
|
|
|
|
(747
|
)
|
|
|
(4.6
|
)
|
|
Electronic Device Group
|
|
|
10,974
|
|
|
|
3.8
|
|
|
|
30,061
|
|
|
|
10.4
|
|
|
|
19,087
|
|
|
|
173.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Components Business
|
|
|
85,337
|
|
|
|
9.8
|
|
|
|
85,874
|
|
|
|
10.0
|
|
|
|
537
|
|
|
|
0.6
|
|
|
Telecommunications Equipment Group
|
|
|
(4,558
|
)
|
|
|
—
|
|
|
|
1,084
|
|
|
|
0.7
|
|
|
|
5,642
|
|
|
|
—
|
|
|
Information Equipment Group
|
|
|
27,106
|
|
|
|
8.1
|
|
|
|
28,080
|
|
|
|
8.7
|
|
|
|
974
|
|
|
|
3.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Equipment Business
|
|
|
22,548
|
|
|
|
4.4
|
|
|
|
29,164
|
|
|
|
6.2
|
|
|
|
6,616
|
|
|
|
29.3
|
|
|
Others
|
|
|
(1,722
|
)
|
|
|
—
|
|
|
|
(544
|
)
|
|
|
—
|
|
|
|
1,178
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
|
106,163
|
|
|
|
7.2
|
|
|
|
114,494
|
|
|
|
8.0
|
|
|
|
8,331
|
|
|
|
7.8
|
|
|
Corporate gains and Equity in earnings of affiliates and an unconsolidated subsidiary
|
|
|
39,534
|
|
|
|
—
|
|
|
|
24,636
|
|
|
|
—
|
|
|
|
(14,898
|
)
|
|
|
(37.7
|
)
|
|
Adjustments and eliminations
|
|
|
(114
|
)
|
|
|
—
|
|
|
|
(1,281
|
)
|
|
|
—
|
|
|
|
(1,167
|
)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
¥
|
145,583
|
|
|
|
9.8
|
|
|
¥
|
137,849
|
|
|
|
9.7
|
|
|
¥
|
(7,734
|
)
|
|
|
(5.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
% to net sales of each corresponding segment
|
Note:
Former Kyocera Chemical Group, included
in “Others” until the year ended March 31, 2016, has been reclassified and included in the “Semiconductor Parts Group” commencing from the fiscal 2017. Due to this change, results for the fiscal 2016 have been reclassified
to conform to the current presentation. As a result of this reclassification, a gain of approximately ¥12 billion from the sale of an asset was included in the operating profit of the “Semiconductor Parts Group” for the fiscal
2016.
6
[Consolidated Forecasts for the Year Ending March 31, 2018]
In the year ending March 31, 2018 (“fiscal 2018”), we expect that smartphones will become more sophisticated and proliferation of the
Internet of things (IoT) will accelerate in information and communications markets. At the same time, we expect that production activities will be brisk in automotive-related markets and the semiconductor industry. Kyocera will proactively launch
products such as miniature, high-performance components and high market share products in these buoyant markets as a means to increase sales. Kyocera will also make efforts to further boost profitability by continuing cost reduction efforts in the
solar energy business and the Telecommunications Equipment Group, which underwent structural reform in fiscal 2017 including reorganization of production systems. In light of these forecasts, Kyocera projects financial results for fiscal 2018 as
shown in the table below.
Assumed exchange rates for fiscal 2018 are ¥108 to the U.S. dollar, unchanged for fiscal 2017, and ¥115 to
the Euro, marking appreciation of ¥4 (3.4%) compared with ¥119 for fiscal 2017.
Under a new management system to be adopted
commencing April 2017, Kyocera will strive to expand existing businesses by strengthening cost competitiveness through further cost reduction. Kyocera will also work to create new businesses, pursuing synergies utilizing internal technologies and
strengthening employment of external resources through M&A and other methods, with the aim of accelerating growth.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results for
the year ended
March 31, 2017
|
|
|
Forecasts for
the year ending
March 31, 2018
|
|
|
Increase
(Decrease)
|
|
|
|
|
Amount
|
|
|
%
|
|
|
Amount
|
|
|
%
|
|
|
Amount
|
|
|
%
|
|
|
|
|
(Yen in millions, except per share amounts and exchange rates)
|
|
|
Net sales
|
|
¥
|
1,422,754
|
|
|
|
100.0
|
|
|
¥
|
1,500,000
|
|
|
|
100.0
|
|
|
¥
|
77,246
|
|
|
|
5.4
|
|
|
Profit from operations
|
|
|
104,542
|
|
|
|
7.3
|
|
|
|
120,000
|
|
|
|
8.0
|
|
|
|
15,458
|
|
|
|
14.8
|
|
|
Income before income taxes
|
|
|
137,849
|
|
|
|
9.7
|
|
|
|
150,000
|
|
|
|
10.0
|
|
|
|
12,151
|
|
|
|
8.8
|
|
|
Net income attributable to shareholders of Kyocera Corporation
|
|
|
103,843
|
|
|
|
7.3
|
|
|
|
105,000
|
|
|
|
7.0
|
|
|
|
1,157
|
|
|
|
1.1
|
|
|
Diluted earnings per share attributable to shareholders of
Kyocera Corporation
|
|
|
282.62
|
|
|
|
—
|
|
|
|
285.77
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Average US$ exchange rate
|
|
|
108
|
|
|
|
—
|
|
|
|
108
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Average Euro exchange rate
|
|
|
119
|
|
|
|
—
|
|
|
|
115
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Note:
|
Forecast of diluted earnings per share attributable to shareholders of Kyocera Corporation is computed based on the diluted average number of shares outstanding during
the year ended March 31, 2017.
|
Change in reporting segment classification
Starting from fiscal 2018, Kyocera will change the classification of its reporting segments to “Industrial & Automotive Components
Group”, “Semiconductor Components Group”, “Electronic Devices Group”, “Communications Group”, “Document Solutions Group” and “Life & Environment Group”. The principal businesses of each
reporting segment will be as follows.
|
|
|
|
|
Reporting segment classification
|
|
Principal business
|
|
Industrial & Automotive Components Group
|
|
Fine Ceramic Components, Automotive Components, Liquid Crystal Displays, Cutting Tools etc.
|
|
|
|
|
Semiconductor Components Group
|
|
Ceramic Packages, Organic Multilayer Substrates and Boards etc.
|
|
|
|
|
Electronic Devices Group
|
|
Electronic Components, Power Semiconductor Products, Printing Devices etc.
|
|
|
|
|
Communications Group
|
|
Mobile Phones, M2M Modules,
Information Systems and Telecommunication Services etc.
|
|
|
|
|
Document Solutions Group
|
|
Printers, Multifunctional Products, Document Solutions, Supplies etc.
|
|
|
|
|
Life & Environment Group
|
|
Solar Power Generating System related Products, Medical Devices, Jewelry and Ceramic Knives etc.
|
7
Business results for fiscal 2017 have been reclassified in line with this change to reporting segment
classifications.
Net Sales by Reporting Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results for
the year
ended
March 31, 2017
|
|
|
Forecasts for
the year
ending
March 31, 2018
|
|
|
Increase
(Decrease)
|
|
|
|
|
Amount
|
|
|
%
|
|
|
Amount
|
|
|
%
|
|
|
Amount
|
|
|
%
|
|
|
|
|
(Yen in millions)
|
|
|
Industrial & Automotive Components Group
|
|
¥
|
230,229
|
|
|
|
16.2
|
|
|
¥
|
246,000
|
|
|
|
16.4
|
|
|
¥
|
15,771
|
|
|
|
6.9
|
|
|
Semiconductor Components Group
|
|
|
245,727
|
|
|
|
17.3
|
|
|
|
248,000
|
|
|
|
16.5
|
|
|
|
2,273
|
|
|
|
0.9
|
|
|
Electronic Devices Group
|
|
|
240,798
|
|
|
|
16.9
|
|
|
|
254,000
|
|
|
|
17.0
|
|
|
|
13,202
|
|
|
|
5.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Components Business
|
|
|
716,754
|
|
|
|
50.4
|
|
|
|
748,000
|
|
|
|
49.9
|
|
|
|
31,246
|
|
|
|
4.4
|
|
|
Communications Group
|
|
|
252,641
|
|
|
|
17.7
|
|
|
|
269,000
|
|
|
|
17.9
|
|
|
|
16,359
|
|
|
|
6.5
|
|
|
Document Solutions Group
|
|
|
324,012
|
|
|
|
22.8
|
|
|
|
350,000
|
|
|
|
23.4
|
|
|
|
25,988
|
|
|
|
8.0
|
|
|
Life & Environment Group
|
|
|
149,207
|
|
|
|
10.5
|
|
|
|
153,000
|
|
|
|
10.2
|
|
|
|
3,793
|
|
|
|
2.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Equipment & Systems Business
|
|
|
725,860
|
|
|
|
51.0
|
|
|
|
772,000
|
|
|
|
51.5
|
|
|
|
46,140
|
|
|
|
6.4
|
|
|
Others
|
|
|
22,066
|
|
|
|
1.5
|
|
|
|
16,000
|
|
|
|
1.0
|
|
|
|
(6,066
|
)
|
|
|
(27.5
|
)
|
|
Adjustments and eliminations
|
|
|
(41,926
|
)
|
|
|
(2.9
|
)
|
|
|
(36,000
|
)
|
|
|
(2.4
|
)
|
|
|
5,926
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
¥
|
1,422,754
|
|
|
|
100.0
|
|
|
¥
|
1,500,000
|
|
|
|
100.0
|
|
|
¥
|
77,246
|
|
|
|
5.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit (Loss) by Reporting Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results for
the year
ended
March 31, 2017
|
|
|
Forecasts for
the year
ending
March 31, 2018
|
|
|
Increase
(Decrease)
|
|
|
|
|
Amount
|
|
|
%*
|
|
|
Amount
|
|
|
%*
|
|
|
Amount
|
|
|
%
|
|
|
|
|
(Yen in millions)
|
|
|
Industrial & Automotive Components Group
|
|
¥
|
22,442
|
|
|
|
9.7
|
|
|
¥
|
26,000
|
|
|
|
10.6
|
|
|
¥
|
3,558
|
|
|
|
15.9
|
|
|
Semiconductor Components Group
|
|
|
25,310
|
|
|
|
10.3
|
|
|
|
26,000
|
|
|
|
10.5
|
|
|
|
690
|
|
|
|
2.7
|
|
|
Electronic Devices Group
|
|
|
30,558
|
|
|
|
12.7
|
|
|
|
33,000
|
|
|
|
13.0
|
|
|
|
2,442
|
|
|
|
8.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Components Business
|
|
|
78,310
|
|
|
|
10.9
|
|
|
|
85,000
|
|
|
|
11.4
|
|
|
|
6,690
|
|
|
|
8.5
|
|
|
Communications Group
|
|
|
8,528
|
|
|
|
3.4
|
|
|
|
13,000
|
|
|
|
4.8
|
|
|
|
4,472
|
|
|
|
52.4
|
|
|
Document Solutions Group
|
|
|
28,080
|
|
|
|
8.7
|
|
|
|
35,000
|
|
|
|
10.0
|
|
|
|
6,920
|
|
|
|
24.6
|
|
|
Life & Environment Group
|
|
|
1,345
|
|
|
|
0.9
|
|
|
|
3,000
|
|
|
|
2.0
|
|
|
|
1,655
|
|
|
|
123.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Equipment & Systems Business
|
|
|
37,953
|
|
|
|
5.2
|
|
|
|
51,000
|
|
|
|
6.6
|
|
|
|
13,047
|
|
|
|
34.4
|
|
|
Others
|
|
|
(1,759
|
)
|
|
|
—
|
|
|
|
(3,000
|
)
|
|
|
—
|
|
|
|
(1,241
|
)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
|
114,504
|
|
|
|
8.0
|
|
|
|
133,000
|
|
|
|
8.9
|
|
|
|
18,496
|
|
|
|
16.2
|
|
|
Corporate and others
|
|
|
23,345
|
|
|
|
—
|
|
|
|
17,000
|
|
|
|
—
|
|
|
|
(6,345
|
)
|
|
|
(27.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
¥
|
137,849
|
|
|
|
9.7
|
|
|
¥
|
150,000
|
|
|
|
10.0
|
|
|
¥
|
12,151
|
|
|
|
8.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
% to net sales of each corresponding segment
|
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 Kyocera’s 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) Financial Condition
Consolidated Cash Flows
Cash and cash equivalents at March 31, 2017 increased
by ¥2,175 million to ¥376,195 million from ¥374,020 million at March 31, 2016.
i) Cash flows from operating
activities
Net cash provided by operating activities for fiscal 2017 decreased by ¥29,809 million to ¥164,231 million from
¥194,040 million for fiscal 2016. This was mainly because receivables, which decreased for fiscal 2016, increased for fiscal 2017.
ii) Cash flows from investing activities
Net
cash used in investing activities for fiscal 2017 increased by ¥5,280 million to ¥112,089 million from ¥106,809 million for fiscal 2016. This was due mainly to decreases in proceeds from sales of
available-for-sale
securities and sales of property, plant and equipment.
iii) Cash flows from financing activities
Net cash used in financing activities for fiscal 2017
decreased by ¥2,636 million to ¥47,972 million from ¥50,608 million for fiscal 2016. This was due mainly to a decrease in
year-end
dividends paid.
Consolidated Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended March 31,
|
|
|
Increase
(Decrease)
|
|
|
|
|
2016
|
|
|
2017
|
|
|
|
|
|
(Yen in millions)
|
|
|
Cash flows from operating activities
|
|
¥
|
194,040
|
|
|
¥
|
164,231
|
|
|
¥
|
(29,809
|
)
|
|
Cash flows from investing activities
|
|
|
(106,809
|
)
|
|
|
(112,089
|
)
|
|
|
(5,280
|
)
|
|
Cash flows from financing activities
|
|
|
(50,608
|
)
|
|
|
(47,972
|
)
|
|
|
2,636
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
(13,966
|
)
|
|
|
(1,995
|
)
|
|
|
11,971
|
|
|
Net increase in cash and cash equivalents
|
|
|
22,657
|
|
|
|
2,175
|
|
|
|
(20,482
|
)
|
|
Cash and cash equivalents at beginning of year
|
|
|
351,363
|
|
|
|
374,020
|
|
|
|
22,657
|
|
|
Cash and cash equivalents at end of year
|
|
¥
|
374,020
|
|
|
¥
|
376,195
|
|
|
¥
|
2,175
|
|
10
(3) Basic Profit Distribution Policy and Dividends for the Year Ended March 31, 2017 and
for the Year Ending March 31, 2018
i) Basic profit distribution policy
Kyocera Corporation believes that the best way to increase corporate value and meet shareholders’ expectations is to improve future consolidated performance on an ongoing basis.
Kyocera Corporation therefore has adopted a principal guideline that dividend amounts be within a range based on net income attributable to shareholders
of Kyocera Corporation on a consolidated basis, and has set its dividend policy to maintain a payout ratio of around 40% of consolidated net income attributable to shareholders of Kyocera Corporation. In addition, Kyocera Corporation determines
dividend amounts based on an overall assessment, taking into account various factors including the amount of capital expenditures necessary for
medium-to-long-term
corporate growth.
Kyocera Corporation also has adopted policies to ensure a sound financial basis, and, for such purpose, it sets aside other
general reserves in preparation for the creation of new businesses, cultivation of new markets, development of new technologies and acquisition, as necessary, of outside management resources to achieve sustainable corporate growth.
ii) Dividends for the year ended March 31, 2017
Pursuant to the basic policy set forth above and based on full-year performance for the year ended March 31, 2017, Kyocera Corporation will distribute a
year-end
dividend for the year ended March 31, 2017 in the amount of 60 yen per share. When aggregated with the interim dividend in the amount of 50 yen per share, the total annual dividend will be 110
yen per share, 10 yen increase as compared with the year ended March 31, 2016.
iii) Dividend forecast for the year ending March 31,
2018
Dividend amounts for the year ending March 31, 2018 will be decided pursuant to the basic policy set forth above. At present,
Kyocera Corporation forecasts a total annual dividend in the amount of 110 yen per share, based on its financial forecast for the year ending March 31, 2018.
2. BASIC RATIONALE FOR SELECTION OF ACCOUNTING STANDARD
Kyocera has disclosed its
consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) since it registered its common stock and American Depositary Share with the U.S. Securities and
Exchange Commission in 1975. Kyocera continues to adopt U.S. GAAP as it considers being consistent with the past consolidated financial statements will contribute to benefits for the users of Kyocera’s consolidated financial statements.
11
3. CONSOLIDATED FINANCIAL STATEMENTS
(1) Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
Increase
(Decrease)
|
|
|
|
|
2016
|
|
|
2017
|
|
|
|
|
|
Amount
|
|
|
%
|
|
|
Amount
|
|
|
%
|
|
|
|
|
|
(Yen in millions)
|
|
|
ASSETS
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
¥
|
374,020
|
|
|
|
|
|
|
¥
|
376,195
|
|
|
|
|
|
|
¥
|
2,175
|
|
|
Short-term investments in debt securities
|
|
|
101,566
|
|
|
|
|
|
|
|
84,703
|
|
|
|
|
|
|
|
(16,863
|
)
|
|
Other short-term investments
|
|
|
213,613
|
|
|
|
|
|
|
|
212,668
|
|
|
|
|
|
|
|
(945
|
)
|
|
Trade notes receivables
|
|
|
22,832
|
|
|
|
|
|
|
|
28,370
|
|
|
|
|
|
|
|
5,538
|
|
|
Trade accounts receivables
|
|
|
266,462
|
|
|
|
|
|
|
|
291,485
|
|
|
|
|
|
|
|
25,023
|
|
|
Less allowances for doubtful accounts and sales returns
|
|
|
(5,278
|
)
|
|
|
|
|
|
|
(5,593
|
)
|
|
|
|
|
|
|
(315
|
)
|
|
Inventories
|
|
|
327,875
|
|
|
|
|
|
|
|
331,155
|
|
|
|
|
|
|
|
3,280
|
|
|
Other current assets
|
|
|
133,671
|
|
|
|
|
|
|
|
119,714
|
|
|
|
|
|
|
|
(13,957
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
1,434,761
|
|
|
|
46.4
|
|
|
|
1,438,697
|
|
|
|
46.3
|
|
|
|
3,936
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments and advances:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term investments in debt and equity securities
|
|
|
1,131,403
|
|
|
|
|
|
|
|
1,130,756
|
|
|
|
|
|
|
|
(647
|
)
|
|
Other long-term investments
|
|
|
20,130
|
|
|
|
|
|
|
|
22,246
|
|
|
|
|
|
|
|
2,116
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investments and advances
|
|
|
1,151,533
|
|
|
|
37.2
|
|
|
|
1,153,002
|
|
|
|
37.0
|
|
|
|
1,469
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land
|
|
|
59,914
|
|
|
|
|
|
|
|
59,963
|
|
|
|
|
|
|
|
49
|
|
|
Buildings
|
|
|
344,087
|
|
|
|
|
|
|
|
351,431
|
|
|
|
|
|
|
|
7,344
|
|
|
Machinery and equipment
|
|
|
841,895
|
|
|
|
|
|
|
|
841,973
|
|
|
|
|
|
|
|
78
|
|
|
Construction in progress
|
|
|
18,314
|
|
|
|
|
|
|
|
14,097
|
|
|
|
|
|
|
|
(4,217
|
)
|
|
Less accumulated depreciation
|
|
|
(999,723
|
)
|
|
|
|
|
|
|
(1,000,860
|
)
|
|
|
|
|
|
|
(1,137
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total property, plant and equipment
|
|
|
264,487
|
|
|
|
8.5
|
|
|
|
266,604
|
|
|
|
8.6
|
|
|
|
2,117
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
102,599
|
|
|
|
3.3
|
|
|
|
110,470
|
|
|
|
3.5
|
|
|
|
7,871
|
|
|
Intangible assets
|
|
|
59,106
|
|
|
|
1.9
|
|
|
|
61,235
|
|
|
|
2.0
|
|
|
|
2,129
|
|
|
Other assets
|
|
|
82,563
|
|
|
|
2.7
|
|
|
|
80,462
|
|
|
|
2.6
|
|
|
|
(2,101
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
non-current
assets
|
|
|
1,660,288
|
|
|
|
53.6
|
|
|
|
1,671,773
|
|
|
|
53.7
|
|
|
|
11,485
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
¥
|
3,095,049
|
|
|
|
100.0
|
|
|
¥
|
3,110,470
|
|
|
|
100.0
|
|
|
¥
|
15,421
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
Increase
(Decrease)
|
|
|
|
|
2016
|
|
|
2017
|
|
|
|
|
|
Amount
|
|
|
%
|
|
|
Amount
|
|
|
%
|
|
|
|
|
|
(Yen in millions)
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings
|
|
¥
|
5,119
|
|
|
|
|
|
|
¥
|
191
|
|
|
|
|
|
|
¥
|
(4,928
|
)
|
|
Current portion of long-term debt
|
|
|
9,516
|
|
|
|
|
|
|
|
8,235
|
|
|
|
|
|
|
|
(1,281
|
)
|
|
Trade notes and accounts payable
|
|
|
115,644
|
|
|
|
|
|
|
|
129,460
|
|
|
|
|
|
|
|
13,816
|
|
|
Other notes and accounts payable
|
|
|
82,758
|
|
|
|
|
|
|
|
60,881
|
|
|
|
|
|
|
|
(21,877
|
)
|
|
Accrued payroll and bonus
|
|
|
59,959
|
|
|
|
|
|
|
|
62,868
|
|
|
|
|
|
|
|
2,909
|
|
|
Accrued income taxes
|
|
|
22,847
|
|
|
|
|
|
|
|
15,707
|
|
|
|
|
|
|
|
(7,140
|
)
|
|
Other accrued liabilities
|
|
|
43,525
|
|
|
|
|
|
|
|
51,062
|
|
|
|
|
|
|
|
7,537
|
|
|
Other current liabilities
|
|
|
28,464
|
|
|
|
|
|
|
|
36,257
|
|
|
|
|
|
|
|
7,793
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
367,832
|
|
|
|
11.9
|
|
|
|
364,661
|
|
|
|
11.7
|
|
|
|
(3,171
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
18,115
|
|
|
|
|
|
|
|
16,409
|
|
|
|
|
|
|
|
(1,706
|
)
|
|
Accrued pension and severance liabilities
|
|
|
46,101
|
|
|
|
|
|
|
|
31,720
|
|
|
|
|
|
|
|
(14,381
|
)
|
|
Deferred income taxes
|
|
|
271,220
|
|
|
|
|
|
|
|
258,859
|
|
|
|
|
|
|
|
(12,361
|
)
|
|
Other
non-current
liabilities
|
|
|
18,019
|
|
|
|
|
|
|
|
19,912
|
|
|
|
|
|
|
|
1,893
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
non-current
liabilities
|
|
|
353,455
|
|
|
|
11.4
|
|
|
|
326,900
|
|
|
|
10.5
|
|
|
|
(26,555
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
721,287
|
|
|
|
23.3
|
|
|
|
691,561
|
|
|
|
22.2
|
|
|
|
(29,726
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kyocera Corporation shareholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
115,703
|
|
|
|
|
|
|
|
115,703
|
|
|
|
|
|
|
|
—
|
|
|
Additional
paid-in
capital
|
|
|
162,844
|
|
|
|
|
|
|
|
165,230
|
|
|
|
|
|
|
|
2,386
|
|
|
Retained earnings
|
|
|
1,571,002
|
|
|
|
|
|
|
|
1,638,116
|
|
|
|
|
|
|
|
67,114
|
|
|
Accumulated other comprehensive income
|
|
|
469,803
|
|
|
|
|
|
|
|
447,479
|
|
|
|
|
|
|
|
(22,324
|
)
|
|
Common stock in treasury stock, at cost
|
|
|
(35,088
|
)
|
|
|
|
|
|
|
(32,309
|
)
|
|
|
|
|
|
|
2,779
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Kyocera Corporation shareholders’ equity
|
|
|
2,284,264
|
|
|
|
73.8
|
|
|
|
2,334,219
|
|
|
|
75.1
|
|
|
|
49,955
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling interests
|
|
|
89,498
|
|
|
|
2.9
|
|
|
|
84,690
|
|
|
|
2.7
|
|
|
|
(4,808
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
2,373,762
|
|
|
|
76.7
|
|
|
|
2,418,909
|
|
|
|
77.8
|
|
|
|
45,147
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity
|
|
¥
|
3,095,049
|
|
|
|
100.0
|
|
|
¥
|
3,110,470
|
|
|
|
100.0
|
|
|
¥
|
15,421
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Accumulated other comprehensive income is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
|
|
|
Increase
(Decrease)
|
|
|
|
|
2016
|
|
|
|
|
|
2017
|
|
|
|
|
|
|
|
|
(Yen in millions)
|
|
|
Net unrealized gains on securities
|
|
¥
|
517,190
|
|
|
|
|
|
|
¥
|
499,650
|
|
|
|
|
|
|
¥
|
(17,540
|
)
|
|
Net unrealized losses on derivative financial instruments
|
|
|
(488
|
)
|
|
|
|
|
|
|
(449
|
)
|
|
|
|
|
|
|
39
|
|
|
Pension adjustments
|
|
|
(42,648
|
)
|
|
|
|
|
|
|
(35,362
|
)
|
|
|
|
|
|
|
7,286
|
|
|
Foreign currency translation adjustments
|
|
|
(4,251
|
)
|
|
|
|
|
|
|
(16,360
|
)
|
|
|
|
|
|
|
(12,109
|
)
|
|
Total
|
|
¥
|
469,803
|
|
|
|
|
|
|
¥
|
447,479
|
|
|
|
|
|
|
¥
|
(22,324
|
)
|
13
(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Consolidated Statements of Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended March 31,
|
|
|
Increase
(Decrease)
|
|
|
|
|
2016
|
|
|
2017
|
|
|
|
|
|
Amount
|
|
|
%
|
|
|
Amount
|
|
|
%
|
|
|
Amount
|
|
|
%
|
|
|
|
|
(Yen in millions and shares in thousands, except per share amounts)
|
|
|
Net sales
|
|
¥
|
1,479,627
|
|
|
|
100.0
|
|
|
¥
|
1,422,754
|
|
|
|
100.0
|
|
|
¥
|
(56,873
|
)
|
|
|
(3.8
|
)
|
|
Cost of sales
|
|
|
1,093,467
|
|
|
|
73.9
|
|
|
|
1,049,472
|
|
|
|
73.8
|
|
|
|
(43,995
|
)
|
|
|
(4.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
386,160
|
|
|
|
26.1
|
|
|
|
373,282
|
|
|
|
26.2
|
|
|
|
(12,878
|
)
|
|
|
(3.3
|
)
|
|
Selling, general and administrative expenses
|
|
|
279,361
|
|
|
|
18.9
|
|
|
|
268,740
|
|
|
|
18.9
|
|
|
|
(10,621
|
)
|
|
|
(3.8
|
)
|
|
Loss on impairment of goodwill
|
|
|
14,143
|
|
|
|
0.9
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(14,143
|
)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit from operations
|
|
|
92,656
|
|
|
|
6.3
|
|
|
|
104,542
|
|
|
|
7.3
|
|
|
|
11,886
|
|
|
|
12.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expenses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and dividend income
|
|
|
28,609
|
|
|
|
1.9
|
|
|
|
32,364
|
|
|
|
2.3
|
|
|
|
3,755
|
|
|
|
13.1
|
|
|
Interest expense
|
|
|
(1,814
|
)
|
|
|
(0.1
|
)
|
|
|
(901
|
)
|
|
|
(0.0
|
)
|
|
|
913
|
|
|
|
—
|
|
|
Foreign currency transaction gains, net
|
|
|
3,820
|
|
|
|
0.2
|
|
|
|
1,278
|
|
|
|
0.1
|
|
|
|
(2,542
|
)
|
|
|
(66.5
|
)
|
|
Gains on sales of securities, net
|
|
|
20,600
|
|
|
|
1.4
|
|
|
|
193
|
|
|
|
0.0
|
|
|
|
(20,407
|
)
|
|
|
(99.1
|
)
|
|
Other, net
|
|
|
1,712
|
|
|
|
0.1
|
|
|
|
373
|
|
|
|
0.0
|
|
|
|
(1,339
|
)
|
|
|
(78.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other income (expenses)
|
|
|
52,927
|
|
|
|
3.5
|
|
|
|
33,307
|
|
|
|
2.4
|
|
|
|
(19,620
|
)
|
|
|
(37.1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
145,583
|
|
|
|
9.8
|
|
|
|
137,849
|
|
|
|
9.7
|
|
|
|
(7,734
|
)
|
|
|
(5.3
|
)
|
|
Income taxes
|
|
|
31,392
|
|
|
|
2.1
|
|
|
|
28,442
|
|
|
|
2.0
|
|
|
|
(2,950
|
)
|
|
|
(9.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
114,191
|
|
|
|
7.7
|
|
|
|
109,407
|
|
|
|
7.7
|
|
|
|
(4,784
|
)
|
|
|
(4.2
|
)
|
|
Net income attributable to noncontrolling interests
|
|
|
(5,144
|
)
|
|
|
(0.3
|
)
|
|
|
(5,564
|
)
|
|
|
(0.4
|
)
|
|
|
(420
|
)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to shareholders of
Kyocera Corporation
|
|
¥
|
109,047
|
|
|
|
7.4
|
|
|
¥
|
103,843
|
|
|
|
7.3
|
|
|
¥
|
(5,204
|
)
|
|
|
(4.8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to shareholders of
Kyocera Corporation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
¥
|
297.24
|
|
|
|
|
|
|
¥
|
282.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
¥
|
297.24
|
|
|
|
|
|
|
¥
|
282.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of shares of common stock
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
366,859
|
|
|
|
|
|
|
|
367,428
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
366,859
|
|
|
|
|
|
|
|
367,428
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
Basic
earnings per share attributable to shareholders of Kyocera Corporation was computed 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 was computed based on the diluted average number of shares of stock outstanding during each period.
14
Consolidated Statements of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended March 31,
|
|
|
Increase
(Decrease)
|
|
|
|
|
2016
|
|
|
2017
|
|
|
|
|
|
Amount
|
|
|
Amount
|
|
|
Amount
|
|
|
|
|
(Yen in millions)
|
|
|
Net income
|
|
¥
|
114,191
|
|
|
¥
|
109,407
|
|
|
¥
|
(4,784
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income—net of taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized gains (losses) on securities
|
|
|
49,205
|
|
|
|
(17,597
|
)
|
|
|
(66,802
|
)
|
|
Net unrealized gains (losses) on derivative financial instruments
|
|
|
(116
|
)
|
|
|
45
|
|
|
|
161
|
|
|
Pension adjustments
|
|
|
(13,969
|
)
|
|
|
7,252
|
|
|
|
21,221
|
|
|
Foreign currency translation adjustments
|
|
|
(39,342
|
)
|
|
|
(13,479
|
)
|
|
|
25,863
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other comprehensive income
|
|
|
(4,222
|
)
|
|
|
(23,779
|
)
|
|
|
(19,557
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income
|
|
|
109,969
|
|
|
|
85,628
|
|
|
|
(24,341
|
)
|
|
Comprehensive income attributable to noncontrolling interests
|
|
|
(786
|
)
|
|
|
(4,066
|
)
|
|
|
(3,280
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to shareholders of Kyocera Corporation
|
|
¥
|
109,183
|
|
|
¥
|
81,562
|
|
|
¥
|
(27,621
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15
(3) Consolidated Statements of Changes in Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares
outstanding
|
|
Common
stock
|
|
|
Additional
paid-in
capital
|
|
|
Retained
earnings
|
|
|
Accumulated
other
comprehensive
income
|
|
|
Treasury
stock
|
|
|
Kyocera
Corporation
shareholders’
equity
|
|
|
Noncontrolling
interests
|
|
|
Total
equity
|
|
|
|
|
( Yen in millions and shares in thousands)
|
|
|
Balance at March 31, 2015 (366,861)
|
|
¥
|
115,703
|
|
|
¥
|
162,695
|
|
|
¥
|
1,502,310
|
|
|
¥
|
469,673
|
|
|
¥
|
(35,062
|
)
|
|
¥
|
2,215,319
|
|
|
¥
|
88,304
|
|
|
¥
|
2,303,623
|
|
|
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
109,047
|
|
|
|
|
|
|
|
|
|
|
|
109,047
|
|
|
|
5,144
|
|
|
|
114,191
|
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
136
|
|
|
|
|
|
|
|
136
|
|
|
|
(4,358
|
)
|
|
|
(4,222
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
109,183
|
|
|
|
786
|
|
|
|
109,969
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends paid to Kyocera Corporation’s shareholders
|
|
|
|
|
|
|
|
|
|
|
(40,355
|
)
|
|
|
|
|
|
|
|
|
|
|
(40,355
|
)
|
|
|
|
|
|
|
(40,355
|
)
|
|
Cash dividends paid to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,629
|
)
|
|
|
(3,629
|
)
|
|
Purchase of treasury stock (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(27
|
)
|
|
|
(27
|
)
|
|
|
|
|
|
|
(27
|
)
|
|
Reissuance of treasury stock (0)
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
1
|
|
|
|
|
|
|
|
1
|
|
|
Stock option plan of subsidiaries
|
|
|
|
|
|
|
125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
125
|
|
|
|
48
|
|
|
|
173
|
|
|
Other
|
|
|
|
|
|
|
24
|
|
|
|
|
|
|
|
(6
|
)
|
|
|
|
|
|
|
18
|
|
|
|
3,989
|
|
|
|
4,007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2016 (366,857)
|
|
¥
|
115,703
|
|
|
¥
|
162,844
|
|
|
¥
|
1,571,002
|
|
|
¥
|
469,803
|
|
|
¥
|
(35,088
|
)
|
|
¥
|
2,284,264
|
|
|
¥
|
89,498
|
|
|
¥
|
2,373,762
|
|
|
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
103,843
|
|
|
|
|
|
|
|
|
|
|
|
103,843
|
|
|
|
5,564
|
|
|
|
109,407
|
|
|
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(22,281
|
)
|
|
|
|
|
|
|
(22,281
|
)
|
|
|
(1,498
|
)
|
|
|
(23,779
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
81,562
|
|
|
|
4,066
|
|
|
|
85,628
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends paid to Kyocera Corporation’s shareholders
|
|
|
|
|
|
|
|
|
|
|
(36,729
|
)
|
|
|
|
|
|
|
|
|
|
|
(36,729
|
)
|
|
|
|
|
|
|
(36,729
|
)
|
|
Cash dividends paid to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,204
|
)
|
|
|
(3,204
|
)
|
|
Purchase of treasury stock (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(25
|
)
|
|
|
(25
|
)
|
|
|
|
|
|
|
(25
|
)
|
|
Reissuance of treasury stock (0)
|
|
|
|
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
|
|
4
|
|
|
|
|
|
|
|
4
|
|
|
Stock option plan of subsidiaries
|
|
|
|
|
|
|
189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
189
|
|
|
|
71
|
|
|
|
260
|
|
|
Acquisition of noncontrolling interests with the consolidated subsidiary merger (859)
|
|
|
|
|
|
|
2,232
|
|
|
|
|
|
|
|
|
|
|
|
2,802
|
|
|
|
5,034
|
|
|
|
(6,474
|
)
|
|
|
(1,440
|
)
|
|
Other
|
|
|
|
|
|
|
(37
|
)
|
|
|
|
|
|
|
(43
|
)
|
|
|
|
|
|
|
(80
|
)
|
|
|
733
|
|
|
|
653
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2017 (367,712)
|
|
¥
|
115,703
|
|
|
¥
|
165,230
|
|
|
¥
|
1,638,116
|
|
|
¥
|
447,479
|
|
|
¥
|
(32,309
|
)
|
|
¥
|
2,334,219
|
|
|
¥
|
84,690
|
|
|
¥
|
2,418,909
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16
(4) Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended March 31,
|
|
|
|
|
2016
|
|
|
2017
|
|
|
|
|
(Yen in millions)
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
Net income
|
|
¥
|
114,191
|
|
|
¥
|
109,407
|
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
76,647
|
|
|
|
77,445
|
|
|
Provision for doubtful accounts and loss on bad debts
|
|
|
761
|
|
|
|
566
|
|
|
Write-down of inventories
|
|
|
12,238
|
|
|
|
9,215
|
|
|
Deferred income taxes
|
|
|
(17,795
|
)
|
|
|
(8,389
|
)
|
|
Gains on sales of securities, net
|
|
|
(20,600
|
)
|
|
|
(193
|
)
|
|
Gains on sales of property, plant and equipment, net
|
|
|
(12,039
|
)
|
|
|
(1,142
|
)
|
|
Loss on impairment of goodwill
|
|
|
14,143
|
|
|
|
—
|
|
|
Foreign currency adjustments
|
|
|
2,955
|
|
|
|
4,160
|
|
|
Change in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
(Increase) decrease in receivables
|
|
|
15,611
|
|
|
|
(30,035
|
)
|
|
(Increase) decrease in inventories
|
|
|
6,310
|
|
|
|
(16,349
|
)
|
|
Decrease in other current assets
|
|
|
87
|
|
|
|
9,023
|
|
|
Increase in notes and accounts payable
|
|
|
2,400
|
|
|
|
3,524
|
|
|
Increase (decrease) in accrued income taxes
|
|
|
5,807
|
|
|
|
(7,370
|
)
|
|
Increase (decrease) in other current liabilities
|
|
|
(3,478
|
)
|
|
|
17,560
|
|
|
Decrease in other
non-current
liabilities
|
|
|
(4,722
|
)
|
|
|
(5,045
|
)
|
|
Other, net
|
|
|
1,524
|
|
|
|
1,854
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
194,040
|
|
|
|
164,231
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
Payments for purchases of
held-to-maturity
securities
|
|
|
(121,924
|
)
|
|
|
(146,832
|
)
|
|
Payments for purchases of other securities
|
|
|
(5,546
|
)
|
|
|
(2,646
|
)
|
|
Proceeds from sales of
available-for-sale
securities
|
|
|
39,057
|
|
|
|
237
|
|
|
Proceeds from maturities of
held-to-maturity
securities
|
|
|
94,608
|
|
|
|
132,501
|
|
|
Acquisitions of businesses, net of cash acquired
|
|
|
(22,676
|
)
|
|
|
(19,673
|
)
|
|
Payments for purchases of property, plant and equipment
|
|
|
(66,102
|
)
|
|
|
(66,901
|
)
|
|
Payments for purchases of intangible assets
|
|
|
(10,703
|
)
|
|
|
(5,810
|
)
|
|
Proceeds from sales of property, plant and equipment
|
|
|
16,989
|
|
|
|
3,416
|
|
|
Acquisition of time deposits and certificate of deposits
|
|
|
(313,911
|
)
|
|
|
(454,998
|
)
|
|
Withdrawal of time deposits and certificate of deposits
|
|
|
281,614
|
|
|
|
449,747
|
|
|
Other, net
|
|
|
1,785
|
|
|
|
(1,130
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
(106,809
|
)
|
|
|
(112,089
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
Decrease in short-term borrowings, net
|
|
|
(2,881
|
)
|
|
|
(4,729
|
)
|
|
Proceeds from issuance of long-term debt
|
|
|
10,996
|
|
|
|
9,778
|
|
|
Payments of long-term debt
|
|
|
(12,830
|
)
|
|
|
(11,177
|
)
|
|
Dividends paid
|
|
|
(43,874
|
)
|
|
|
(39,982
|
)
|
|
Purchases of noncontrolling interests
|
|
|
(1,780
|
)
|
|
|
(1,942
|
)
|
|
Other, net
|
|
|
(239
|
)
|
|
|
80
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
|
|
(50,608
|
)
|
|
|
(47,972
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
(13,966
|
)
|
|
|
(1,995
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents
|
|
|
22,657
|
|
|
|
2,175
|
|
|
Cash and cash equivalents at beginning of year
|
|
|
351,363
|
|
|
|
374,020
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of year
|
|
¥
|
374,020
|
|
|
¥
|
376,195
|
|
|
|
|
|
|
|
|
|
|
|
17
(5) Basis of Preparation of Consolidated Financial Statements
i) Scope of consolidation:
|
|
|
|
|
|
|
|
|
Number of consolidated subsidiaries
|
|
|
218
|
|
|
Kyocera Document Solutions Inc.
|
|
|
|
|
|
|
|
AVX Corporation
|
|
|
|
|
|
|
|
Kyocera International, Inc. and others
|
|
|
|
|
|
Number of affiliates accounted for by the equity method
|
|
|
12
|
|
|
|
ii) Changes in scope of consolidation and application of the equity method:
|
|
|
|
|
|
|
|
|
Consolidated subsidiaries:
|
|
Number of increase
|
|
|
15
|
|
|
|
|
Number of decrease
|
|
|
19
|
|
|
|
|
|
|
Affiliates accounted for by the equity method:
|
|
Number of increase
|
|
|
1
|
|
|
|
|
Number of decrease
|
|
|
1
|
|
|
|
iii) Summary of significant accounting policies
Kyocera’s consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America.
iv) Recently Adopted Accounting Standards
The accounting standards which Kyocera adopted on or after April 1, 2016 did not have material impacts on Kyocera’s consolidated results of operations, financial condition and cash flows.
18
(6) Segment Information
i) Reporting segments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended March 31,
|
|
|
Increase
(Decrease)
|
|
|
|
|
2016
|
|
|
2017
|
|
|
|
|
|
Amount
|
|
|
Amount
|
|
|
Amount
|
|
|
%
|
|
|
|
|
(Yen in millions)
|
|
|
Depreciation and amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fine Ceramic Parts Group
|
|
¥
|
5,329
|
|
|
¥
|
5,472
|
|
|
¥
|
143
|
|
|
|
2.7
|
|
|
Semiconductor Parts Group
|
|
|
16,220
|
|
|
|
17,147
|
|
|
|
927
|
|
|
|
5.7
|
|
|
Applied Ceramic Products Group
|
|
|
11,425
|
|
|
|
11,494
|
|
|
|
69
|
|
|
|
0.6
|
|
|
Electronic Device Group
|
|
|
17,294
|
|
|
|
17,416
|
|
|
|
122
|
|
|
|
0.7
|
|
|
Telecommunications Equipment Group
|
|
|
4,570
|
|
|
|
4,024
|
|
|
|
(546
|
)
|
|
|
(11.9
|
)
|
|
Information Equipment Group
|
|
|
14,428
|
|
|
|
14,867
|
|
|
|
439
|
|
|
|
3.0
|
|
|
Others
|
|
|
5,383
|
|
|
|
5,160
|
|
|
|
(223
|
)
|
|
|
(4.1
|
)
|
|
Corporate
|
|
|
1,998
|
|
|
|
1,865
|
|
|
|
(133
|
)
|
|
|
(6.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
¥
|
76,647
|
|
|
¥
|
77,445
|
|
|
¥
|
798
|
|
|
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fine Ceramic Parts Group
|
|
¥
|
7,136
|
|
|
¥
|
5,310
|
|
|
¥
|
(1,826
|
)
|
|
|
(25.6
|
)
|
|
Semiconductor Parts Group
|
|
|
15,344
|
|
|
|
16,366
|
|
|
|
1,022
|
|
|
|
6.7
|
|
|
Applied Ceramic Products Group
|
|
|
10,055
|
|
|
|
9,367
|
|
|
|
(688
|
)
|
|
|
(6.8
|
)
|
|
Electronic Device Group
|
|
|
19,607
|
|
|
|
21,359
|
|
|
|
1,752
|
|
|
|
8.9
|
|
|
Telecommunications Equipment Group
|
|
|
2,624
|
|
|
|
1,402
|
|
|
|
(1,222
|
)
|
|
|
(46.6
|
)
|
|
Information Equipment Group
|
|
|
8,512
|
|
|
|
6,891
|
|
|
|
(1,621
|
)
|
|
|
(19.0
|
)
|
|
Others
|
|
|
2,604
|
|
|
|
2,437
|
|
|
|
(167
|
)
|
|
|
(6.4
|
)
|
|
Corporate
|
|
|
3,051
|
|
|
|
4,649
|
|
|
|
1,598
|
|
|
|
52.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
¥
|
68,933
|
|
|
¥
|
67,781
|
|
|
¥
|
(1,152
|
)
|
|
|
(1.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and Development:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fine Ceramic Parts Group
|
|
¥
|
3,731
|
|
|
¥
|
4,531
|
|
|
¥
|
800
|
|
|
|
21.4
|
|
|
Semiconductor Parts Group
|
|
|
3,078
|
|
|
|
3,398
|
|
|
|
320
|
|
|
|
10.4
|
|
|
Applied Ceramic Products Group
|
|
|
4,348
|
|
|
|
3,795
|
|
|
|
(553
|
)
|
|
|
(12.7
|
)
|
|
Electronic Device Group
|
|
|
7,686
|
|
|
|
8,129
|
|
|
|
443
|
|
|
|
5.8
|
|
|
Telecommunications Equipment Group
|
|
|
3,868
|
|
|
|
2,348
|
|
|
|
(1,520
|
)
|
|
|
(39.3
|
)
|
|
Information Equipment Group
|
|
|
24,021
|
|
|
|
21,674
|
|
|
|
(2,347
|
)
|
|
|
(9.8
|
)
|
|
Others
|
|
|
12,023
|
|
|
|
11,536
|
|
|
|
(487
|
)
|
|
|
(4.1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
¥
|
58,755
|
|
|
¥
|
55,411
|
|
|
¥
|
(3,344
|
)
|
|
|
(5.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Note) Former Kyocera Chemical Group, included in “Others” until the year ended March 31, 2016, has been
reclassified and included in the “Semiconductor Parts Group” commencing from the fiscal 2017. Due to this change, results for the fiscal 2016 have been reclassified to conform to the current presentation.
(Note) With regard to Reporting segment information of Net sales and Income before income taxes, please refer to the accompanying “1.OUTLOOK OF
BUSINESS RESULTS (1) Business Results
Consolidated Results by Reporting Segment
” on page 6.
19
ii) Geographic segments (Net sales by geographic area) :
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended March 31,
|
|
|
Increase
(Decrease)
|
|
|
|
|
2016
|
|
|
2017
|
|
|
|
|
|
Amount
|
|
|
%
|
|
|
Amount
|
|
|
%
|
|
|
Amount
|
|
|
%
|
|
|
|
|
(Yen in millions)
|
|
|
Japan
|
|
¥
|
607,642
|
|
|
|
41.1
|
|
|
¥
|
598,639
|
|
|
|
42.1
|
|
|
¥
|
(9,003
|
)
|
|
|
(1.5
|
)
|
|
Asia
|
|
|
307,744
|
|
|
|
20.8
|
|
|
|
304,013
|
|
|
|
21.4
|
|
|
|
(3,731
|
)
|
|
|
(1.2
|
)
|
|
Europe
|
|
|
253,382
|
|
|
|
17.1
|
|
|
|
235,355
|
|
|
|
16.5
|
|
|
|
(18,027
|
)
|
|
|
(7.1
|
)
|
|
United States of America
|
|
|
250,203
|
|
|
|
16.9
|
|
|
|
228,968
|
|
|
|
16.1
|
|
|
|
(21,235
|
)
|
|
|
(8.5
|
)
|
|
Others
|
|
|
60,656
|
|
|
|
4.1
|
|
|
|
55,779
|
|
|
|
3.9
|
|
|
|
(4,877
|
)
|
|
|
(8.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
¥
|
1,479,627
|
|
|
|
100.0
|
|
|
¥
|
1,422,754
|
|
|
|
100.0
|
|
|
¥
|
(56,873
|
)
|
|
|
(3.8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7) Earnings per Share
With regard to earnings per share, please refer to “Consolidated Financial Results of Kyocera Corporation and its Subsidiaries for the Year Ended March 31, 2017” on page 1 and “3.
CONSOLIDATED FINANCIAL STATEMENTS (2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income” on page 14.
(8) Material Subsequent Event
Starting from the year ending March 31, 2018, Kyocera
will change the classification of its reporting segments. For detail information, please refer to the accompanying “
Change in reporting segment classification
” on page 7.
(9) Cautionary Statement for Premise of a Going Concern
Not Applicable
20