UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2009
Commission File Number 1-08346
TDK CORPORATION
(Translation of registrants name into English)
13-1, Nihonbashi 1-chome, Chuo-ku, Tokyo 103-8272 Japan
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover
Form 20-F or Form 40-F.
Form 20-F
þ
Form 40-F
o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7):
Indicate by check mark whether by furnishing the information contained in this Form, the
registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b)
under the Securities Exchange Act of 1934.
Yes
o
No
þ
If Yes is marked, indicate below the file number assigned to the registrant in connection
with Rule 12g3-2(b): 82-
.
- 1 -
SIGNATURES
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, thereunto duly authorized.
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TDK Corporation
(Registrant)
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Date: February 23, 2009
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By:
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/s/ Seiji Enami
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Name:
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Seiji Enami
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Title:
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Director, Executive Vice President and CFO
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- 3 -
Consolidated Financial Statements for the nine-month-period and the
three-month-period ended December 31, 2008
(in English)
On February 16, 2009, this report in the Japanese version was filed with the Director of the Kanto
Local Finance Bureau of the Ministry of Finance pursuant to the Financial Instruments and Exchange
Law of Japan.
- 4 -
1) Consolidated balance sheets (Unaudited)
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Yen (Millions)
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ASSETS
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December 31, 2008
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March 31, 2008
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Current assets:
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Cash and cash equivalents
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¥177,207
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¥
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166,105
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Net trade receivables
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143,482
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157,118
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Inventories (Note 2)
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128,059
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88,816
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Other current assets
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66,272
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50,781
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Total current assets
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515,020
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462,820
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Investments in securities
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55,653
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68,714
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Net Property, plant and equipment
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355,881
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267,149
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Goodwill and other intangible assets
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160,793
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93,342
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Other assets
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48,901
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43,508
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¥
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1,136,248
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¥
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935,533
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See accompanying notes to consolidated financial statements.
- 5 -
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Yen (Millions)
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LIABILITIES, MINORITY INTERESTS AND STOCKHOLDERS EQUITY
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December 31, 2008
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March 31, 2008
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Current liabilities:
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Short-term debt
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¥233,217
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¥8,898
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Current installments of long-term debt
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17,473
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294
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Trade payables
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70,833
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76,391
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Accrued expenses
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71,581
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63,834
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Income taxes payables
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2,532
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7,660
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Other current liabilities
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11,644
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4,884
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Total current liabilities
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407,280
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161,961
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Long-term debt, excluding current installments
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7,163
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152
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Retirement and severance benefits
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57,531
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33,990
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Deferred income taxes
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6,278
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5,998
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Other noncurrent liabilities
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14,084
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13,171
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Total liabilities
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492,336
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215,272
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Minority interests
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8,469
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3,684
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Stockholders equity:
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Common stock
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Authorized
480,000,000 shares;
issued 129,590,659 shares
at December 31, 2008 and March 31, 2008
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32,641
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32,641
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Additional paid-in capital
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64,172
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63,887
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Legal reserve
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20,519
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19,510
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Retained earnings
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667,054
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688,719
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Accumulated other comprehensive income (loss)
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(142,609
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(81,583
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Treasury stock at cost;
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610,832 shares at December 31, 2008
and 634,923 shares at March 31, 2008
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(6,334
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(6,597
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Total stockholders equity
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635,443
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716,577
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¥
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1,136,248
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¥
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935,533
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- 6 -
2) Consolidated statement of income (Unaudited)
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Yen (Millions)
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Nine months ended
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December 31, 2008
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Net sales
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¥588,316
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Cost of sales
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461,983
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Gross profit
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126,333
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Selling, general and administrative expenses
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113,454
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Restructuring cost (Note 8)
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3,607
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Operating income
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9,272
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Other income (deductions):
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Interest and dividend income
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3,470
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Interest expense
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(1,339
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Loss (gain) on securities, net
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(6,293
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Foreign exchange gain (loss)
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(6,293
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Other net
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880
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(9,575
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Income (loss) before income taxes
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(303
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Income taxes
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2,571
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Income (loss) before minority interests
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(2,874
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Minority interests, net of tax
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(425
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Net income (loss)
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¥(2,449
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Amounts per share:
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Yen
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Net income (loss) per share (Note 6):
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Basic
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¥(18.99
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Diluted
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(18.99
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Cash dividends paid during the period
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¥140.00
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See accompanying notes to consolidated financial statements.
- 7 -
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Yen (Millions)
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Three months ended
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December 31, 2008
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Net sales
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¥191,779
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Cost of sales
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154,427
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Gross profit
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37,352
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Selling, general and administrative expenses
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38,854
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Restructuring cost (Note 8)
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3,607
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Operating income (loss)
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(5,109
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Other income (deductions):
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Interest and dividend income
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1,293
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Interest expense
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(1,061
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Loss (gain) on securities, net
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(5,251
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Foreign exchange gain (loss)
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(4,535
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Other net
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(466
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(10,020
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Income (loss) before income taxes
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(15,129
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Income taxes
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(667
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Income (loss) before minority interests
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(14,462
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Minority interests, net of tax
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(145
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Net income (loss)
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¥(14,317
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Amounts per share:
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Yen
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Net income (loss) per share (Note 6):
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Basic
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¥(111.00
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Diluted
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(111.00
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Cash dividends paid during the period
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¥70.00
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See accompanying notes to consolidated financial statements.
- 8 -
3) Consolidated statement of cash flows (Unaudited)
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Yen (Millions)
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Nine months ended
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December 31, 2008
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Cash flows from operating activities:
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Net income (loss)
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¥(2,449
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Adjustments
to reconcile net income (loss) to net cash
provided by operating activities:
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Depreciation and amortization
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61,189
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Loss (gain) on securities, net
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6,293
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Changes in assets and liabilities,
net of effects of acquisition of businesses:
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Decrease (increase) in trade receivables
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28,985
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Decrease (increase) in inventories
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(12,057
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Increase (decrease) in trade payables
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(15,851
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Increase (decrease) in accrued expenses
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(5,666
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Increase (decrease) in changes in other assets and liabilities, net
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(14,671
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Other net
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5,699
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Net cash provided by operating activities
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51,472
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Cash flows from investing activities:
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Capital expenditures
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(86,783
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Proceeds from sale and maturity of short-term investments
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5,330
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Payment for purchase of short-term investments
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(13,365
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Proceeds from sale and maturity of investments in securities
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4,319
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Payment for purchase of investments in securities
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(826
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Acquisition of subsidiaries, net of cash acquired
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(131,301
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Acquisition of minority interests
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(166
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Other net
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2,026
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Net cash used in investing activities
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(220,766
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)
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Cash flows from financing activities:
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Repayment of long-term debt
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(1,590
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)
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Increase (decrease) in short-term debt, net
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218,040
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Cash paid to acquire treasury stock
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(13
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Dividends paid
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(18,056
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Other net
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483
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Net cash provided by financing activities
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198,864
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Effect of exchange rate changes on cash and cash equivalents
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(18,468
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Net increase in cash and cash equivalents
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11,102
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Cash and cash equivalents at beginning of period
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166,105
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Cash and cash equivalents at end of period
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¥177,207
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See accompanying notes to consolidated financial statements.
- 9 -
4) Notes to Consolidated Financial Statements (Unaudited)
1.
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Summary of Significant Accounting Policies
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The accompanying consolidated financial statements have been prepared in accordance with U.S.
generally accepted accounting principles (the U.S. GAAP). The consolidated financial statements
include the accounts of TDK, its subsidiaries and those variable interest entities where TDK is the
primary beneficiary under Financial Accounting Standards Board (FASB) Interpretation No. 46
(revised December 2003) (FIN 46R), Consolidation of Variable Interest Entities. All
significant intercompany accounts and transactions have been eliminated in consolidation.
The investments in affiliates in which TDKs ownership is 20 percent to 50 percent and where
TDK exercises significant influence over their operating and financial policies are accounted for
by the equity method. All significant intercompany profits from these affiliates have been
eliminated.
The segment information is presented in accordance with the accounting principles generally
accepted in Japan. The segment information required to be disclosed in financial statements under
the U.S. GAAP is not presented in the accompanying consolidated financial statements.
(b)
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Adoption of new accounting standards
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Fair Value Measurements
TDK adopted Statement of Financial Accounting Standards No. 157 (SFAS 157), Fair Value
Measurements on April 1, 2008. SFAS 157 defines fair value, establishes a framework for measuring
fair value, and expands disclosures about fair value measurements. Although the definition of
fair value retains the exchange price notion in earlier definitions of fair value, SFAS 157
clarifies that the exchange price is the price in an orderly transaction between market
participants to sell the asset or transfer the liability in the market and emphasizes that fair
value is a market-based measurement, rather than an entity-specific measurement. SFAS 157 also
expands disclosures about the use of fair value to measure assets and liabilities subsequent to
initial recognition through fair value hierarchy as a framework for measurement. The adoption of
SFAS 157 did not have a material effect on TDKs consolidated financial position and results of
operations. The disclosure required by SFAS 157 was omitted.
Employers Accounting for Defined Benefit Pension and Other Postretirement Plans
In September 2006, the FASB issued Statement of Financial Accounting Standards No. 158 (SFAS
158), Employers Accounting for Defined Benefit Pension and Other Postretirement Plans an
amendment of FASB Statements No. 87, 88, 106 and 132(R). SFAS 158 requires TDK to measure the
fair value of plan assets and benefit obligations as of the date of its fiscal year-end. TDK
adopted SFAS 158 on April 1, 2008. TDK will change a measurement date in TDKs fiscal year 2009
annual closing.
(c)
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New Accounting Standards Not Yet Adopted
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In December 2007, the United States Securities and Exchange Commission (SEC) issued Staff
Accounting Bulletin No. 110 (SAB 110). SAB 110 amends the SECs views discussed in Staff
Accounting Bulletin No. 107 (SAB 107) regarding the use of the simplified method in developing
estimates of the expected lives of share options in accordance with SFAS 123(R). TDK will continue
to use the simplified method until TDK has the historical data necessary to provide reasonable
estimates of expected lives in accordance with SAB 107, as amended by SAB 110.
- 10 -
In December 2007, the FASB issued Statement of Financial Accounting Standards No. 141 (revised
2007) (SFAS 141(R)), Business Combinations. SFAS 141(R) establishes principles and
requirements for how an acquirer recognizes and measures in its financial statements the
identifiable assets acquired, the liabilities assumed, any noncontrolling interest in the acquiree
and the goodwill acquired. SFAS 141(R) also establishes disclosure requirements to enable the
evaluation of the nature and financial effects of the business combination. SFAS 141(R) is
effective for fiscal years beginning on or after December 15, 2008. TDK is currently evaluating
the effect that the adoption of SFAS 141(R) will have on TDKs consolidated financial position and
results of operations.
In December 2007, the FASB issued Statement of Financial Accounting Standards No. 160 (SFAS
160), Noncontrolling Interests in Consolidated Financial Statementsan amendment of ARB No. 51.
SFAS 160 establishes accounting and reporting standards for ownership interests in subsidiaries
held by parties other than the parent, the amount of consolidated net income attributable to the
parent and to the noncontrolling interest, changes in a parents ownership interest, and the
valuation of retained noncontrolling equity investments when a subsidiary is deconsolidated. SFAS
160 also establishes disclosure requirements that clearly identify and distinguish between the
interests of the parent and the interests of the noncontrolling owners. SFAS 160 is effective for
fiscal years beginning on or after December 15, 2008. TDK is currently evaluating the effect that
the adoption of SFAS 160 will have on TDKs consolidated financial position and results of
operations.
Certain reclassifications have been made to the prior years consolidated financial statements
to conform to the presentation used for the nine-month-period and the three-month-period ended
December 31, 2008.
Inventories at December 31, 2008 and March 31, 2008, are summarized as follows:
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Yen (Millions)
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December 31, 2008
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March 31, 2008
|
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Finished goods
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¥60,984
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¥34,856
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Work in process
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31,197
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23,070
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Raw materials
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|
35,878
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|
|
30,890
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|
|
|
|
|
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¥128,059
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|
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¥88,816
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3.
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Cost for Retirement and Severance Benefits
|
Net periodic benefit cost for TDKs employee retirement and severance defined benefit plans
for the nine-month-period and the three-month-period ended December 31, 2008 consisted of the
following components:
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|
|
|
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|
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Yen (Millions)
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Nine months ended
|
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Three months ended
|
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December 31, 2008
|
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December 31, 2008
|
|
Service cost-benefits earned during the period
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¥4,999
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|
¥1,747
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Interest cost on projected benefit obligation
|
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|
3,730
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|
|
1,485
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Expected return on plan assets
|
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|
(3,946
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)
|
|
|
(1,352
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)
|
Recognized actuarial loss
|
|
|
940
|
|
|
|
306
|
|
Amortization of unrecognized prior service benefit
|
|
|
(1,518
|
)
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|
|
(507
|
)
|
|
|
|
|
|
|
¥4,205
|
|
|
|
¥1,679
|
|
|
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|
- 11 -
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|
4.
|
|
Comprehensive Income (Loss)
|
Comprehensive income (loss) for the nine-month-period and the three-month-period ended
December 31, 2008, are as follows:
|
|
|
|
|
|
|
|
|
|
|
Yen (Millions)
|
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|
Nine months ended
|
|
Three months ended
|
|
|
December 31, 2008
|
|
December 31, 2008
|
Net income (loss)
|
|
|
¥(2,449
|
)
|
|
|
¥(14,317
|
)
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments
|
|
|
(59,261
|
)
|
|
|
(68,289
|
)
|
Net unrealized gains (losses) on securities
|
|
|
229
|
|
|
|
511
|
|
Pension liability adjustments
|
|
|
(1,994
|
)
|
|
|
(1,682
|
)
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss)
|
|
|
¥(63,475
|
)
|
|
|
¥(83,777
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
5.
|
|
Contingent Liabilities
|
TDK and certain of its subsidiaries provide guarantees to third parties on bank loans of its
employees. The guarantees on behalf of the employees are made for their housing loans. For each
guarantee issued, in the event the employee defaults on payment, TDK would be required to make
payments under its guarantee.
The maximum amounts of undiscounted payments TDK would have to make in the event of default at
December 31, 2008 and March 31, 2008, are as follows:
|
|
|
|
|
|
|
|
|
|
|
Yen (Millions)
|
|
|
December 31, 2008
|
|
March 31, 2008
|
Contingent liabilities for
guarantees of loans of TDKs
employees
|
|
|
¥4,444
|
|
|
|
¥4,764
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2008, the liability recognized for the estimated fair value of TDKs
obligation under the guarantee arrangement is not material.
Several claims against TDK and certain subsidiaries are pending. Provision has been made for
the estimated liabilities for the items. In the opinion of management, based upon discussion with
counsel, any additional liability not currently provided for will not materially affect the
consolidated financial position and results of operations of TDK.
- 12 -
|
|
|
6.
|
|
Net Income (loss) per Share
|
A reconciliation of the numerators and denominators of the basic and diluted net income (loss)
per share computations are as follows:
|
|
|
|
|
|
|
|
|
|
|
Yen (Millions)
|
|
|
Nine months ended
|
|
Three months ended
|
|
|
December 31, 2008
|
|
December 31, 2008
|
Net income (loss)
available to common stockholders
|
|
|
¥(2,449
|
)
|
|
|
¥(14,317
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares (Thousands)
|
|
|
Nine months ended
|
|
Three months ended
|
|
|
December 31, 2008
|
|
December 31, 2008
|
Weighted average common shares
outstanding Basic
|
|
|
128,972
|
|
|
|
128,980
|
|
Effect of dilutive stock options
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding Diluted
|
|
|
128,972
|
|
|
|
128,980
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yen
|
|
|
Nine months ended
|
|
Three months ended
|
|
|
December 31, 2008
|
|
December 31, 2008
|
Net income (loss) per share:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
¥(18.99
|
)
|
|
|
¥(111.00
|
)
|
Diluted
|
|
|
¥(18.99
|
)
|
|
|
¥(111.00
|
)
|
|
|
|
|
|
|
|
|
|
On October 17, 2008 (acquisition date), TDK acquired approximately 36 percent of the issued
and outstanding common shares of EPCOS AG (EPCOS) by a public tender offer (Offer) in
accordance with Business Combination Agreement (BCA) that TDK and EPCOS concluded on July 31,
2008.
As a result of the Offer and the acquisitions of shares outside the Offer, TDK obtained
approximately 84 percent equity interest in EPCOS at the acquisition date, and EPCOS became a
consolidated subsidiary of TDK.
EPCOS is headquartered in Munich, Germany, and is a leading manufacturer of electronic
components, modules and systems. With its broad portfolio, EPCOS offers a comprehensive range of
products and focuses on fast-growing and technologically demanding markets, in particular in the
areas of information and communication technology, as well as automotive, industrial and consumer
electronics. EPCOS and its subsidiaries have design and manufacturing locations and sales offices in Europe,
Asia, and in North and South America.
TDK and EPCOS are both engaged in the electronic components business, but there is little
overlap in terms of product fields or markets. TDK expects to capture powerful synergies.
TDK acquired 23,890 thousand shares (approximately 36 percent equity interest) at a cost of
¥63,560 million through the Offer. Prior to the conclusion of the Offer, TDK had acquired 32,103
thousand shares of EPCOS in the market, giving it approximately 48 percent equity interest at a
cost of ¥79,466 million. As of the acquisition date, TDK held 55,993 thousand shares
(approximately 84 percent equity interest) in EPCOS for ¥143,026 million.
As a result of the successful Offer, TDK conducted an additional public tender
offer from October 14, 2008 through October 27, 2008 (Additional Offer) in accordance with
the German regulations. TDK acquired an additional 7,352 thousand shares (approximately 11 percent
equity interest) for ¥16,640 million including shares acquired outside of the Additional Offer.
- 13 -
As of December 31, 2008, TDK held 63,345 thousand shares (approximately 95 percent equity
interest) in EPCOS, at a total cost of ¥162,465 million, which was paid in cash. The total cost
includes direct costs of ¥2,799 million.
TDK has included the results of operations of EPCOS and its subsidiaries in its consolidated
financial statements since the acquisition date. TDK applied equity method of accounting prior to
the acquisition date.
The purchase price allocation has not been finalized pending further information that may
impact the valuation of certain assets or liabilities. The excess of the purchase price over the
preliminary fair value of the assets acquired and the liabilities assumed is allocated to goodwill.
Pro Forma Results
The following unaudited Pro Forma result presents the combined results of operations of TDK
and EPCOS as if the acquisition had occurred at the beginning of the reporting period being
presented. The unaudited Pro Forma result is not intended to represent or be indicative of TDKs
consolidated results of operations that would have been reported had the acquisition been completed
as of the beginning of the period presented and should not be taken as indicative of the TDKs
future consolidated results of operations.
The purchase price allocation has not been finalized and not included in this Pro Forma
results.
(Unaudited)
|
|
|
|
|
|
|
Yen (Millions)
|
|
|
Nine months ended
December 31, 2008
|
Net sales
|
|
|
¥710,166
|
|
Net income (loss)
|
|
|
(247
|
)
|
|
|
|
|
|
|
|
Yen
|
|
|
Nine months ended
December 31, 2008
|
Net income (loss) per share:
|
|
|
|
|
Basic
|
|
|
¥(1.92
|
)
|
Diluted
|
|
|
(1.92
|
)
|
|
|
|
|
|
Unaudited Pro Forma result for the three months ended December 31, 2008 is not presented above
as the difference between unaudited Pro Forma result for the three
months ended December 31, 2008
and the consolidated statement of operation for the three months
ended December 31, 2008 is
insignificant.
TDK is currently experiencing a sharp deterioration in earnings due to falling orders and a
lower capacity utilization rate. Under these conditions, TDK established in November 2008 an
internal Earnings Structure Reform Committee as an urgent countermeasure. The committee has put
together urgent actions to reform TDKs earnings structure and has steadily implemented them after
obtaining the required approval.
One theme the committee has looked closely at is the realignment and
rationalization of operating and production frameworks in response to falling orders. At the
consolidated level, TDK recognized impairment losses on facilities and began reducing personnel
mainly at subsidiaries in the Asian region for the three months ended
December 31, 2008. In line with these actions, TDK
booked for the three months ended
December 31, 2008 an impairment loss on facilities of ¥1,982 million and expenses of
¥1,028 million related to personnel changes and reductions on a consolidated basis. Of the latter,
TDK had already paid ¥763 million by December 31, 2008.
- 14 -
In Japan, TDK has booked an impairment loss on facilities of ¥344 million due to the transfer
of production of certain products overseas and elsewhere.
The impact of the restructuring activities for the three-month-period ended December 31, 2008
is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yen (Millions)
|
|
|
|
|
|
|
Impairment
|
|
|
|
|
|
|
Workforce
|
|
on property,
|
|
|
|
|
|
|
reduction
|
|
plant and
|
|
Other
|
|
|
|
|
obligations
|
|
equipment
|
|
liabilities
|
|
Total
|
|
September 30, 2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses
|
|
|
1,028
|
|
|
|
2,326
|
|
|
|
253
|
|
|
|
3,607
|
|
Payments
|
|
|
763
|
|
|
|
|
|
|
|
73
|
|
|
|
836
|
|
Non-cash adjustments
|
|
|
|
|
|
|
2,326
|
|
|
|
|
|
|
|
2,326
|
|
|
|
|
December 31, 2008
|
|
|
¥265
|
|
|
|
|
|
|
|
¥180
|
|
|
|
¥445
|
|
|
|
|
Restructuring liabilities are included in Accrued expenses in the consolidated balance sheets
as of December 31, 2008.
TDK expects that the entire accrued liabilities of ¥445 million recognized at December 31,
2008 will be paid by March 31, 2009.
(a)
|
|
Issue of Straight Bonds
|
TDK has issued Straight Bonds under the following conditions.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The 2nd Series
|
|
|
The 3rd Series
|
|
|
The 4th Series
|
|
|
Unsecured Straight
|
|
|
Unsecured Straight
|
|
|
Unsecured Straight
|
|
|
Bonds
|
|
|
Bonds
|
|
|
Bonds
|
|
(1) Date of issue
|
|
January 30, 2009
|
(2) Total amount
of bond issuance
|
|
¥23 billion
|
|
|
¥48 billion
|
|
|
¥13 billion
|
(3) Issue price
|
|
¥ 100 per face value of ¥ 100
|
(4) Coupon rate
|
|
1.085% per annum
|
|
|
1.413% per annum
|
|
|
2.038% per annum
|
(5) Redemption
on maturity
|
|
January 30, 2012
|
|
|
January 30, 2014
|
|
|
January 30, 2019
|
(6) Purpose for funds
|
|
Repayment of borrowing
|
|
|
|
(b)
|
|
Premature redemption of EPCOS AG s convertible bond
|
EPCOS AG, which became a consolidated subsidiary of TDK, serves as guarantor for a
convertible bond with a total value of EUR 126.4 million issued on July 16, 2003, by its subsidiary
EPCOS Netherlands B.V. and contractually due to mature in 2010.
Bonds worth EUR 4.0 million were converted into EPCOS AG shares, and bonds worth EUR 121.0
million were opted for premature redemption and the payment was made on January 8, 2009.
Thereafter, the issuer of the bond redeemed the outstanding amount of the convertible bond worth
EUR 1.4 million on January 28, 2009. It was financed via a syndicated loan.
- 15 -
(a)
|
|
Industry segment information
|
Three months ended December 31, 2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yen (Millions)
|
|
|
Electronic
|
|
|
|
|
|
|
|
|
|
Eliminations
|
|
|
|
|
materials &
|
|
Recording
|
|
|
|
|
|
and
|
|
|
|
|
components
|
|
media
|
|
Sub total
|
|
corporate
|
|
Total
|
|
Net sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External sales
|
|
|
¥186,835
|
|
|
|
¥4,944
|
|
|
|
¥191,779
|
|
|
|
|
|
|
|
¥191,779
|
|
Intersegment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
186,835
|
|
|
|
4,944
|
|
|
|
191,779
|
|
|
|
|
|
|
|
191,779
|
|
|
|
|
Operating expenses
|
|
|
191,303
|
|
|
|
5,585
|
|
|
|
196,888
|
|
|
|
|
|
|
|
196,888
|
|
|
|
|
Operating income (loss)
|
|
|
¥(4,468
|
)
|
|
|
¥(641
|
)
|
|
|
¥(5,109
|
)
|
|
|
|
|
|
|
¥(5,109
|
)
|
|
|
|
Nine months ended December 31, 2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yen (Millions)
|
|
|
Electronic
|
|
|
|
|
|
|
|
|
|
Eliminations
|
|
|
|
|
materials &
|
|
Recording
|
|
|
|
|
|
and
|
|
|
|
|
components
|
|
media
|
|
Sub total
|
|
corporate
|
|
Total
|
|
Net sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External sales
|
|
|
¥571,079
|
|
|
|
¥17,237
|
|
|
|
¥588,316
|
|
|
|
|
|
|
|
¥588,316
|
|
Intersegment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
571,079
|
|
|
|
17,237
|
|
|
|
588,316
|
|
|
|
|
|
|
|
588,316
|
|
|
|
|
Operating expenses
|
|
|
559,532
|
|
|
|
19,512
|
|
|
|
579,044
|
|
|
|
|
|
|
|
579,044
|
|
|
|
|
Operating income (loss)
|
|
|
¥11,547
|
|
|
|
¥(2,275
|
)
|
|
|
¥9,272
|
|
|
|
|
|
|
|
¥9,272
|
|
|
|
|
|
|
|
|
|
(Notes)
|
|
1.
|
|
Segment classification
|
|
|
|
|
Segments are classified by the similarity of the products, the
products character, the manufacturing method and the selling market.
|
|
|
2.
|
|
Principal products in each segment
|
|
|
|
|
Electronic materials and components:
|
|
|
|
|
Ferrite cores, Rare-earth magnets, Multilayer ceramic chip capacitors,
Inductive devices (Coils, Transformers), Switching power supplies, HDD
heads and Rechargeable batteries
|
|
|
|
|
Recording media:
|
|
|
|
|
Audio tapes, Video tapes, CD-Rs, DVDs and Tape-based data storage
media for computers
|
|
|
3.
|
|
Total assets as of December 31, 2008 rose by approximately ¥200
billion from March 31, 2008 on a consolidated basis. This mainly
reflected the acquisition of EPCOS AG and its subsidiaries in the
electronic materials and components business.
|
- 16 -
(b)
|
|
Geographic segment information
|
Three months ended December 31, 2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yen (Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eliminations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and
|
|
|
|
|
Japan
|
|
Americas
|
|
Europe
|
|
Asia and others
|
|
Sub total
|
|
corporate
|
|
Total
|
|
|
|
Net sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External sales
|
|
|
¥31,899
|
|
|
|
¥13,570
|
|
|
|
¥27,533
|
|
|
|
¥118,777
|
|
|
|
¥191,779
|
|
|
|
|
|
|
|
¥191,779
|
|
Intersegment
|
|
|
37,143
|
|
|
|
9,664
|
|
|
|
17,171
|
|
|
|
25,548
|
|
|
|
89,526
|
|
|
|
(89,526
|
)
|
|
|
|
|
|
|
|
Total
|
|
|
69,042
|
|
|
|
23,234
|
|
|
|
44,704
|
|
|
|
144,325
|
|
|
|
281,305
|
|
|
|
(89,526
|
)
|
|
|
191,779
|
|
|
|
|
Operating expenses
|
|
|
77,984
|
|
|
|
21,828
|
|
|
|
49,250
|
|
|
|
139,434
|
|
|
|
288,496
|
|
|
|
(91,608
|
)
|
|
|
196,888
|
|
|
|
|
Operating income
(loss)
|
|
|
¥(8,942
|
)
|
|
|
¥1,406
|
|
|
|
¥(4,546
|
)
|
|
|
¥4,891
|
|
|
|
¥(7,191
|
)
|
|
|
¥2,082
|
|
|
|
¥(5,109
|
)
|
|
|
|
|
Nine months ended December 31, 2008
|
|
|
|
Yen (Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eliminations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and
|
|
|
|
|
Japan
|
|
Americas
|
|
Europe
|
|
Asia and others
|
|
Sub total
|
|
corporate
|
|
Total
|
|
|
|
Net sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External sales
|
|
|
¥106,591
|
|
|
|
¥36,835
|
|
|
|
¥47,976
|
|
|
|
¥396,914
|
|
|
|
¥588,316
|
|
|
|
|
|
|
|
¥588,316
|
|
Intersegment
|
|
|
130,879
|
|
|
|
31,931
|
|
|
|
18,147
|
|
|
|
48,815
|
|
|
|
229,772
|
|
|
|
(229,772
|
)
|
|
|
|
|
|
|
|
Total
|
|
|
237,470
|
|
|
|
68,766
|
|
|
|
66,123
|
|
|
|
445,729
|
|
|
|
818,088
|
|
|
|
(229,772
|
)
|
|
|
588,316
|
|
|
|
|
Operating expenses
|
|
|
251,937
|
|
|
|
61,581
|
|
|
|
71,427
|
|
|
|
423,913
|
|
|
|
808,858
|
|
|
|
(229,814
|
)
|
|
|
579,044
|
|
|
|
|
Operating income
(loss)
|
|
|
¥(14,467
|
)
|
|
|
¥7,185
|
|
|
|
¥(5,304
|
)
|
|
|
¥21,816
|
|
|
|
¥9,230
|
|
|
|
¥42
|
|
|
|
¥9,272
|
|
|
|
|
|
|
|
|
|
(Notes)
|
|
1.
|
|
Net sales in each geographic area are based on the location of TDK
entities where the sales are generated.
|
|
|
2.
|
|
Principal nations in each geographic segment excluding Japan:
|
|
|
|
|
Americas: United States of America
|
|
|
|
|
Europe: Germany
|
|
|
|
|
Asia and others: Hong Kong, Philippines, China, Taiwan and Thailand
|
- 17 -
Three months ended December 31, 2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yen (Millions)
|
|
|
Americas
|
|
Europe
|
|
Asia and others
|
|
Total
|
|
|
|
Sales by region
|
|
|
¥20,673
|
|
|
|
¥25,718
|
|
|
|
¥116,706
|
|
|
|
¥163,097
|
|
Net sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
191,779
|
|
Ratio of overseas
sales to net sales (%)
|
|
|
10.8
|
|
|
|
13.4
|
|
|
|
60.8
|
|
|
|
85.0
|
|
|
|
|
Nine months ended December 31, 2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yen (Millions)
|
|
|
Americas
|
|
Europe
|
|
Asia and others
|
|
Total
|
|
|
|
Sales by region
|
|
|
¥65,262
|
|
|
|
¥49,716
|
|
|
|
¥381,048
|
|
|
|
¥496,026
|
|
Net sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
588,316
|
|
Ratio of overseas
sales to net sales (%)
|
|
|
11.1
|
|
|
|
8.4
|
|
|
|
64.8
|
|
|
|
84.3
|
|
|
|
|
|
|
|
|
|
(Notes)
|
|
1.
|
|
Overseas sales are based on the location of the customers.
|
|
|
2.
|
|
Principal nations in each region excluding Japan:
|
|
|
|
|
Americas: United States of America
|
|
|
|
|
Europe: Germany, Sweden, Hungary and Italy
|
|
|
|
|
Asia and others: Hong Kong, China, Taiwan, Philippines and Singapore
|
|
|
3.
|
|
Overseas sales are net sales of TDK and its consolidated subsidiaries
in the countries and regions other than Japan.
|
- 18 -
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