TIDM85GQ
RNS Number : 2705N
Nippon Sheet Glass Company Limited
13 February 2009
FY 2009 3rd Quarter Consolidated Financial Results
(English translation of the Japanese original)
1. Quarterly consolidated balance sheet
(JPY millions)
+---------------------------------------------------------+------------+------------+------------+------------+
| | Quarter 3 FY 09 | FY 08 (Abbreviated) |
| | As of 31 December 2008 | As of 31 March 2008 |
+---------------------------------------------------------+-------------------------+-------------------------+
| Assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Current assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Cash and | | 71,732 | | 127,928 |
| deposits | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Notes and | | 104,766 | | 145,560 |
| accounts | | | | |
| receivable | | | | |
| - trade | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Merchandise | | 69,701 | | 68,772 |
| and | | | | |
| finished | | | | |
| goods | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Work in | | 11,903 | | 14,653 |
| process | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Raw | | 35,572 | | 36,062 |
| materials | | | | |
| and | | | | |
| supplies | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Other | | 32,173 | | 33,788 |
| current | | | | |
| assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Allowance | | (4,373) | | (4,830) |
| for | | | | |
| doubtful | | | | |
| accounts | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Total: | | 321,476 | | 421,935 |
| Current | | | | |
| assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Non-current assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Property, | | | | |
| plant and | | | | |
| equipment | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Buildings | | 145,798 | | 157,260 |
| and | | | | |
| structures | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Accumulated | | (77,983) | | (76,559) |
| depreciation | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Buildings | | 67,815 | | 80,700 |
| and | | | | |
| structures, | | | | |
| net | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Machinery, | | 353,654 | | 389,523 |
| equipment | | | | |
| and | | | | |
| vehicles | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Accumulated | | (171,500) | | (172,112) |
| depreciation | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Machinery, | | 182,153 | | 217,410 |
| equipment | | | | |
| and | | | | |
| vehicles, | | | | |
| net | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Tools, | | 39,881 | | 42,190 |
| furniture | | | | |
| and | | | | |
| fixtures | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Accumulated | | (23,761) | | (22,279) |
| depreciation | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Tools, | | 16,119 | | 19,910 |
| furniture | | | | |
| and | | | | |
| fixtures, | | | | |
| net | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Land | | 45,206 | | 54,041 |
+---------------------------------------------------------+------------+------------+------------+------------+
| Lease | | 8,418 | | - |
| assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Accumulated | | (2,801) | | - |
| depreciation | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Lease | | 5,616 | | - |
| assets, | | | | |
| net | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Construction | | 4,506 | | 3,410 |
| in progress | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Total: | | 321,419 | | 375,474 |
| Property, | | | | |
| plant and | | | | |
| equipment | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Intangible | | | | |
| assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Goodwill | | 128,342 | | 181,167 |
+---------------------------------------------------------+------------+------------+------------+------------+
| Other | | 127,175 | | 171,506 |
| intangible | | | | |
| assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Total: | | 255,518 | | 352,674 |
| intangible | | | | |
| assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Investments | | | | |
| and other | | | | |
| assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Joint | | 57,252 | | 99,867 |
| ventures, | | | | |
| associates | | | | |
| and other | | | | |
| investments | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Others | | 65,187 | | 70,325 |
+---------------------------------------------------------+------------+------------+------------+------------+
| Allowance | | (1,350) | | (987) |
| for | | | | |
| doubtful | | | | |
| accounts | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Total: | | 121,088 | | 169,205 |
| Investments | | | | |
| and other | | | | |
| assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Total: | | 698,026 | | 897,354 |
| Non-current | | | | |
| assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Total: Assets | | 1,019,502 | | 1,319,290 |
+---------------------------------------------------------+------------+------------+------------+------------+
+-------------------------------------+------------+------------+------------+------------+
| Liabilities | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Current liabilities | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Notes and accounts | | 63,501 | | 98,955 |
| payable - trade | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Short-term loans | | 40,483 | | 92,956 |
| payable | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Bonds payable | | - | | 10,000 |
+-------------------------------------+------------+------------+------------+------------+
| Lease obligations | | 3,089 | | - |
+-------------------------------------+------------+------------+------------+------------+
| Income taxes payable | | 26,312 | | 16,732 |
+-------------------------------------+------------+------------+------------+------------+
| Provision arising | | 46,940 | | 49,992 |
| from alleged | | | | |
| violation of | | | | |
| Competition Law of | | | | |
| the European Union | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Other provisions | | 9,173 | | 22,508 |
+-------------------------------------+------------+------------+------------+------------+
| Other current | | 81,355 | | 98,630 |
| liabilities | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Total: Current | | 270,856 | | 389,775 |
| liabilities | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Non-current liabilities | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Bonds payable | | 58,000 | | 33,000 |
+-------------------------------------+------------+------------+------------+------------+
| Long-term loans | | 240,392 | | 320,452 |
| payable | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Lease obligations | | 5,721 | | - |
+-------------------------------------+------------+------------+------------+------------+
| Provision for | | 60,622 | | 75,026 |
| retirement benefits | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Other provisions | | 16,609 | | 17,447 |
+-------------------------------------+------------+------------+------------+------------+
| Other non-current | | 81,393 | | 111,589 |
| liabilities | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Total: Non-current | | 462,739 | | 557,516 |
| liabilities | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Total: Liabilities | | 733,595 | | 947,291 |
+-------------------------------------+------------+------------+------------+------------+
| Net assets | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Shareholders' equity | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Capital stock | | 96,147 | | 96,147 |
+-------------------------------------+------------+------------+------------+------------+
| Capital surplus | | 105,289 | | 105,292 |
+-------------------------------------+------------+------------+------------+------------+
| Retained earnings | | 157,091 | | 152,097 |
+-------------------------------------+------------+------------+------------+------------+
| Treasury stock | | (582) | | (541) |
+-------------------------------------+------------+------------+------------+------------+
| Total: Shareholders' | | 357,945 | | 352,995 |
| equity | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Valuation and translation | | | | |
| adjustments | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Valuation difference | | 2,916 | | 9,194 |
| on available-for-sale | | | | |
| securities | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Deferred gains or | | (9,795) | | (127) |
| losses on hedges | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Foreign currency | | (75,071) | | (3,626) |
| translation | | | | |
| adjustment | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Total: Valuation and | | (81,949) | | 5,439 |
| translation | | | | |
| adjustments | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Subscription rights to shares | | 492 | | 253 |
+-------------------------------------+------------+------------+------------+------------+
| Minority interests | | 9,417 | | 13,310 |
+-------------------------------------+------------+------------+------------+------------+
| Total: Net assets | | 285,906 | | 371,998 |
+-------------------------------------+------------+------------+------------+------------+
| Total: Liabilities and net assets | | 1,019,502 | | 1,319,290 |
+-------------------------------------+------------+------------+------------+------------+
2. Consolidated income statement
(JPY millions)
+------------------------------------------+------------+------------+
| | Quarter 3 FY 09 |
| | For the period 1 April |
| | 2008 to 31 December |
| | 2008 |
+------------------------------------------+-------------------------+
| Net sales | | 586,437 |
+------------------------------------------+------------+------------+
| Cost of sales | | 418,484 |
+------------------------------------------+------------+------------+
| Gross profit | | 167,953 |
+------------------------------------------+------------+------------+
| Selling, general and administrative | | 154,533 |
| expenses | | |
+------------------------------------------+------------+------------+
| Operating income | | 13,420 |
+------------------------------------------+------------+------------+
| Non-operating income | | |
+------------------------------------------+------------+------------+
| Interest income | | 4,214 |
+------------------------------------------+------------+------------+
| Dividends income | | 1,032 |
+------------------------------------------+------------+------------+
| Equity in earnings of | | 3,836 |
| affiliates | | |
+------------------------------------------+------------+------------+
| Other non-operating income | | 1,843 |
+------------------------------------------+------------+------------+
| Total: Non-operating | | 10,927 |
| income | | |
+------------------------------------------+------------+------------+
| Non-operating expenses | | |
+------------------------------------------+------------+------------+
| Interest expenses | | 15,957 |
+------------------------------------------+------------+------------+
| Other non-operating | | 3,808 |
| expenses | | |
+------------------------------------------+------------+------------+
| Total: Non-operating | | 19,765 |
| expenses | | |
+------------------------------------------+------------+------------+
| Ordinary income | | 4,581 |
+------------------------------------------+------------+------------+
| Extraordinary income | | |
+------------------------------------------+------------+------------+
| Gain on sales of fixed | | 820 |
| assets | | |
+------------------------------------------+------------+------------+
| Gain on sales of | | 7,719 |
| investment securities | | |
+------------------------------------------+------------+------------+
| Gain on sales of | | 30,028 |
| investments in affiliates | | |
+------------------------------------------+------------+------------+
| Other extraordinary income | | 517 |
+------------------------------------------+------------+------------+
| Total: Extraordinary | | 39,086 |
| income | | |
+------------------------------------------+------------+------------+
| Extraordinary loss | | |
+------------------------------------------+------------+------------+
| Impairment loss | | 1,240 |
+------------------------------------------+------------+------------+
| Restructuring expenditure | | 2,093 |
+------------------------------------------+------------+------------+
| Loss arising on | | 8,438 |
| notification of EU car | | |
| glass fine | | |
+------------------------------------------+------------+------------+
| Other extraordinary losses | | 1,520 |
+------------------------------------------+------------+------------+
| Total: Extraordinary | | 13,293 |
| losses | | |
+------------------------------------------+------------+------------+
| Income before income taxes and minority | | 30,374 |
| interests | | |
+------------------------------------------+------------+------------+
| Income taxes | | 17,726 |
+------------------------------------------+------------+------------+
| Minority interests | | 2,104 |
+------------------------------------------+------------+------------+
| Net income | | 10,543 |
+------------------------------------------+------------+------------+
3. Consolidated statement of cash-flow
(JPY millions)
+------------------------------------------+-------+----------------+
| | Quarter 3 FY 09 |
| |For the period 1 April |
| | 2008 to 31 December |
| | 2008 |
+------------------------------------------+------------------------+
| Net cash provided by operating | | |
| activities | | |
+------------------------------------------+-------+----------------+
| Income before income taxes and minority | | 30,374 |
| interests | | |
+------------------------------------------+-------+----------------+
| Adjustments for: | | |
+------------------------------------------+-------+----------------+
| Depreciation and | | 44,324 |
| amortization | | |
+------------------------------------------+-------+----------------+
| Impairment Loss | | 1,240 |
+------------------------------------------+-------+----------------+
| Amortization of goodwill | | 6,740 |
+------------------------------------------+-------+----------------+
| Increase in allowance for | | 312 |
| doubtful accounts | | |
+------------------------------------------+-------+----------------+
| Decrease in provision for | | (15,824) |
| retirement benefits | | |
+------------------------------------------+-------+----------------+
| Increase in provision for | | 294 |
| furnace repairs | | |
+------------------------------------------+-------+----------------+
| Increase in EU car glass | | 19,818 |
| provision | | |
+------------------------------------------+-------+----------------+
| Net gain on sales and | | 156 |
| disposals of fixed assets | | |
+------------------------------------------+-------+----------------+
| Net gain on sales and | | (7,640) |
| valuation of investment | | |
| securities | | |
+------------------------------------------+-------+----------------+
| Net gain on sales of | | (30,028) |
| investments in affiliates | | |
+------------------------------------------+-------+----------------+
| Interest and dividends | | (5,247) |
| income | | |
+------------------------------------------+-------+----------------+
| Interest expenses | | 15,957 |
+------------------------------------------+-------+----------------+
| Equity in earnings of | | (3,836) |
| affiliates | | |
+------------------------------------------+-------+----------------+
| Decrease in notes and | | 25,218 |
| accounts receivable - | | |
| trade | | |
+------------------------------------------+-------+----------------+
| Increase in inventories | | (15,486) |
+------------------------------------------+-------+----------------+
| Decrease in notes and | | (26,340) |
| accounts payable - trade | | |
+------------------------------------------+-------+----------------+
| Other, net | | (5,044) |
+------------------------------------------+-------+----------------+
| Subtotal | | 34,987 |
+------------------------------------------+-------+----------------+
| Interest and dividends | | 11,021 |
| income received | | |
+------------------------------------------+-------+----------------+
| Interest expenses paid | | (19,199) |
+------------------------------------------+-------+----------------+
| Income taxes paid | | (8,858) |
+------------------------------------------+-------+----------------+
| Net cash provided by | | 17,951 |
| operating activities | | |
+------------------------------------------+-------+----------------+
| Net cash provided by investment | | |
| activities | | |
+------------------------------------------+-------+----------------+
| Purchase of property, | | (34,229) |
| plant and equipment | | |
+------------------------------------------+-------+----------------+
| Proceeds from sales of | | 2,146 |
| property, plant and | | |
| equipment | | |
+------------------------------------------+-------+----------------+
| Purchase of intangible | | (296) |
| assets | | |
+------------------------------------------+-------+----------------+
| Purchase of investment | | (663) |
| securities | | |
+------------------------------------------+-------+----------------+
| Proceeds from sales of | | 9,647 |
| investment securities | | |
+------------------------------------------+-------+----------------+
| Purchase of investments in | | (2,606) |
| subsidiaries and | | |
| affiliates | | |
+------------------------------------------+-------+----------------+
| Proceeds from sales of | | 42,655 |
| stocks of subsidiaries and | | |
| affiliates | | |
+------------------------------------------+-------+----------------+
| Decrease in short-term | | (6,938) |
| loans receivable | | |
+------------------------------------------+-------+----------------+
| Payments of long-term | | (61) |
| loans receivable | | |
+------------------------------------------+-------+----------------+
| Other, net | | 94 |
+------------------------------------------+-------+----------------+
| Net cash provided by | | 9,746 |
| investment activities | | |
+------------------------------------------+-------+----------------+
+------------------------------------------+-------+----------------+
| Net cash used in financing activities | | |
+------------------------------------------+-------+----------------+
| Net decrease in short-term | | (30,936) |
| loans payable | | |
+------------------------------------------+-------+----------------+
| Proceeds from long-term | | 1,285 |
| loans payable | | |
+------------------------------------------+-------+----------------+
| Repayment of long-term | | (43,207) |
| loans payable | | |
+------------------------------------------+-------+----------------+
| Proceeds from issuance of | | 24,847 |
| bonds | | |
+------------------------------------------+-------+----------------+
| Redemption of Bonds | | (10,000) |
+------------------------------------------+-------+----------------+
| Cash dividends paid | | (4,026) |
+------------------------------------------+-------+----------------+
| Cash dividends paid to | | (2,386) |
| minority shareholders | | |
+------------------------------------------+-------+----------------+
| Repayments of finance | | (2,840) |
| lease obligations | | |
+------------------------------------------+-------+----------------+
| Other, net | | (43) |
+------------------------------------------+-------+----------------+
| Net cash used in financing | | (67,308) |
| activities | | |
+------------------------------------------+-------+----------------+
| Effect of exchange rate change on cash | | (14,444) |
| and cash equivalents | | |
+------------------------------------------+-------+----------------+
| Net increase in cash and cash | | (54,055) |
| equivalents | | |
+------------------------------------------+-------+----------------+
| Cash and cash equivalents at beginning | | 103,293 |
| of period | | |
+------------------------------------------+-------+----------------+
| Increase in cash and cash equivalents | | 2,181 |
| resulting from change of scope of | | |
| consolidation | | |
+------------------------------------------+-------+----------------+
| Cash and cash equivalents at end of | | 51,420 |
| period | | |
+------------------------------------------+-------+----------------+
Note:
In the current financial year, the Company began applying the "Accounting
Standard for Quarterly Financial Reporting" (Financial Accounting Standard No.
12, issued on 14 March 2007) and the "Guidance on Accounting Standard for
Quarterly Financial Reporting" (Financial Accounting Standard Implementation
Guidance No. 14, issued on 14 March 2007). The quarterly financial statements
were also prepared in accordance with the "Regulations on Quarterly Consolidated
Financial Statements".
The Company's quarterly consolidated financial statements have been prepared
pursuant to the "Regulations Concerning Terminology, Forms, and Method for
Preparing Quarterly Consolidated Financial Statements" (2007 Cabinet Ordinance
No.64). The Company also applied the Supplementary Provision 7-1-5 under the
"Amendment of Regulations Concerning Terminology, Forms, and Method of Financial
Statements" (2008 Cabinet Ordinance No.50, issued on 7 August 2008).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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