Tdk Corp - Report of Foreign Issuer (6-K)
18 June 2008 - 9:44PM
Edgar (US Regulatory)
Commission File No. 1-08346
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report
of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the
month of June 2008
TDK CORPORATION
(Translation of registrants name into English)
13-1, Nihonbashi 1-chome, Chuo-ku, Tokyo 103-8272, Japan
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under
cover Form 20-F or Form 40-F.
Indicate by check mark whether the registrant by furnishing the information contained in
this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b)
under the Securities Exchange Act of 1934.
If Yes is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-___
TABLE OF CONTENTS
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.
|
|
|
|
|
|
|
TDK Corporation
(Registrant)
|
|
June 18, 2008
|
BY:
|
/s/ Seiji Enami
|
|
|
|
Seiji Enami
|
|
|
|
Director and CFO,
Senior Vice President,
General Manager of Finance and
Accounting Department
|
|
|
|
|
|
|
|
|
|
|
|
TDK Corporation
|
|
|
|
|
1-13-1, Nihonbashi
|
|
|
|
|
Chuo-ku, Tokyo
|
|
|
|
|
103-8272 Japan
|
June 18, 2008
TDK Corporation
Corporate Communications Department
Michinori Katayama
+81(3)5201-7102
Amendments of FY March 2008 Earnings Release (Consolidated Results)
TDK Corporation has revised its consolidated results for fiscal 2008, ended March 31, 2008,
and announced on April 28, 2008.
1.
|
|
Reasons for Amendments
|
|
|
As a result of a detailed examination of non-recurring transactions that arose during the fiscal year
under review, such as business and asset transfers and corporate acquisitions, TDK has decided to
partially correct its cash flows statement in the interests of more proper presentation.
|
|
|
1)Net cash provided by operating activities JPY 119,721 millions => JPY 119,413 millions
|
|
|
|
2)Net cash used in investing activities JPY -158,055 millions => JPY -157,747 millions
|
|
|
Changes resulting from these amendments are underlined in the corresponding pages.
|
|
|
(1)
|
Financial Position (Page 8,9)
|
|
|
|
(2)
|
Statements of cash flows (Page 15)
|
TDK Corporation Consolidated FY March 2008(U.S. GAAP)
Amendments (June 18, 2008)
(2) Financial Position
(2-1) The following table summarizes TDKs consolidated balance sheet at March 31, 2008, compared
with March 31, 2007.
|
|
|
|
|
Total assets
|
|
¥935,533 million
|
|
(5.4% decrease)
|
Total stockholders equity
|
|
¥716,577 million
|
|
(6.0% decrease)
|
Stockholders equity ratio
|
|
76.6%
|
|
0.5 percentage point decrease
|
At the end of the fiscal year, cash and cash equivalents and net trade receivable were ¥123,064
million and ¥21,196 million lower than a year ago, respectively, while net property, plant and
equipment increased ¥20,446 million, investments in securities increased ¥36,073 million and other
assets increased ¥42,260 million. As a result of these and other changes, total assets decreased
¥53,771 million compared with March 31, 2007.
Total liabilities increased ¥2,883 million year on year, with trade payables declining ¥5,380
million. Meanwhile, short-term debt rose ¥5,885 million and accrued expenses increased ¥2,717
million.
Total stockholders equity decreased ¥46,135 million year on year with accumulated other
comprehensive loss climbing ¥63,737 million. Meanwhile, retained earnings rose ¥17,369 million.
(2-2) Cash Flows
(¥ millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal 2007
|
|
|
|
Fiscal 2008
|
|
|
|
Change
|
|
|
|
Net cash provided by operating activities
|
|
|
|
145,483
|
|
|
|
|
119,413
|
|
|
|
|
(26,070)
|
|
|
Net cash used in investing activities
|
|
|
|
(81,488
|
)
|
|
|
|
(157,747)
|
|
|
|
(76,259)
|
|
|
Net cash used in financing activities
|
|
|
|
(15,862
|
)
|
|
|
|
(60,086
|
)
|
|
|
|
(44,224
|
)
|
|
|
Effect of exchange rate changes on cash
and cash equivalents
|
|
|
|
2,019
|
|
|
|
|
(24,644
|
)
|
|
|
|
(26,663
|
)
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
|
50,152
|
|
|
|
|
(123,064
|
)
|
|
|
|
(173,216
|
)
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
239,017
|
|
|
|
|
289,169
|
|
|
|
|
50,152
|
|
|
|
Cash and cash equivalents at end of period
|
|
|
|
289,169
|
|
|
|
|
166,105
|
|
|
|
|
(123,064
|
)
|
|
|
Operating activities provided net cash of
¥119,413 million (U.S.$1,194,130 thousand)
, a
year-on-year decrease of
¥26,070 million
. Net income increased ¥1,336 million to ¥71,461
million (U.S.$714,610 thousand) and depreciation and amortization increased ¥5,960 million to
¥71,297 million (U.S.$712,970 thousand). In changes in assets and liabilities, trade receivables
increased
¥25,032 million
, inventories increased
¥15,844 million
, other current
assets increased
¥15,292 million
and
trade payables increased ¥21,995 million
.
Investing activities used net cash of
¥157,747 million (U.S.$1,577,470 thousand)
,
¥76,259 million
more than a year earlier. Capital expenditures increased ¥13,872 million to
¥84,312 million (U.S.$843,120 thousand). There was also an increase of
¥37,155 million
for acquisitions of businesses and assets, ¥14,196 million for payment for
purchase of investments in securities, ¥18,182 million for acquisition of subsidiaries, net of cash
acquired, ¥15,849 million for acquisition of minority interests, while payment for purchase of
short-term investments decreased ¥22,549 million.
8
TDK Corporation Consolidated FY March 2008(U.S. GAAP)
Financing activities used net cash of ¥60,086 million (U.S.$600,860 thousand), ¥44,224 million more
than a year earlier. Repayment of long-term debt increased ¥7,099 million. There was ¥39,218
million increase in cash paid to acquire the Companys own shares, with the aim of improving
capital efficiency and further raising the level of stockholder returns.
Amendments (June 18, 2008)
(2-3) Trends in Cash Flow Indicators
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY2004
|
|
|
|
FY2005
|
|
|
|
FY2006
|
|
|
|
FY2007
|
|
|
|
FY2008
|
|
|
|
1) Stockholders equity ratio (%)
|
|
|
|
74.8
|
|
|
|
|
79.1
|
|
|
|
|
76.1
|
|
|
|
|
77.1
|
|
|
|
|
76.6
|
|
|
|
2) Capital adequacy ratio on a market value basis
|
|
|
|
136.7
|
|
|
|
|
120.1
|
|
|
|
|
127.0
|
|
|
|
|
136.8
|
|
|
|
|
81.2
|
|
|
|
3) No. of years to redeem debt
|
|
|
|
0.00
|
|
|
|
|
0.00
|
|
|
|
|
0.08
|
|
|
|
|
0.03
|
|
|
|
|
0.08
|
|
|
|
4) Interest coverage ratio (times)
|
|
|
|
352.4
|
|
|
|
|
97.0
|
|
|
|
|
598.1
|
|
|
|
|
727.4
|
|
|
|
|
547.8
|
|
|
|
[Notes]
1) Stockholders equity ratio = Total stockholders equity/Total assets
2) Capital adequacy ratio on a market value basis = Market capitalization (*1)/Total assets
(*1) Market capitalization = Closing price of TDKs common shares on the Tokyo Stock
Exchange at fiscal year-end x Shares issued and outstanding at fiscal year-end after
deducting treasury stock
3) No. of years to redeem debt = Interest-bearing liabilities (*2)/Cash flows from operating activities (*3)
(*2) Interest-bearing liabilities: The balance of short-term debt and long-term
debt included in long-term debt, excluding current installments on the
consolidated balance sheets.
(*3) Cash flows from operating activities: Net cash provided by operating
activities on the consolidated statements of cash flows.
4) Interest coverage ratio = Cash flows from operating activities/Interest payments (*4)
(*4) Interest payments: Interest expense on the consolidated statements of income
(3) Fundamental Policy for Distribution of Earnings, and Fiscal 2008 and Fiscal 2009 Dividends
Returning earnings to shareholders is one of TDKs highest management priorities. Therefore, TDKs
fundamental policy is to give consideration to a consistent increase in dividends based on factors
such as the return on equity (ROE), dividends as a percentage of equity (DOE) and TDKs results of
operations on a consolidated basis.
Retained earnings are used to make aggressive investments for growth, mainly in the development of
new products and technologies in key fields so as to respond precisely to the rapid technological
advances in the electronics industry.
TDK plans to pay a year-end dividend of ¥70 per common share, subject to approval at the ordinary
general meeting of shareholders scheduled for June 27, 2008. Combined with the interim dividend of
¥60 per common share paid in December 2007, the planned dividend per common share applicable to the
year will be ¥130.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Yen)
|
|
|
FY2009 Forecast
|
|
|
|
FY2008 Forecast
|
|
|
|
Interim dividend
|
|
|
|
70.00
|
|
|
|
|
60.00
|
|
|
|
Year-end dividend
|
|
|
|
70.00
|
|
|
|
|
70.00
|
|
|
|
Annual dividend
|
|
|
|
140.00
|
|
|
|
|
130.00
|
|
|
|
9
|
|
|
I-6) Statements of cash flows
|
|
Amendments (June 18, 2008)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term
|
|
|
FY2007
|
|
|
FY2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(April 1, 2006 -
March 31, 2007)
|
|
|
(April 1, 2007 - March 31, 2008)
|
|
|
|
|
|
|
|
|
|
|
|
|
Item
|
|
|
|
(Yen millions)
|
|
|
(Yen millions)
|
|
|
(U.S.$ thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
70,125
|
|
|
|
|
71,461
|
|
|
|
|
714,610
|
|
|
|
|
|
|
Adjustments to reconcile net income to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
65,337
|
|
|
|
|
71,297
|
|
|
|
|
712,970
|
|
|
|
|
|
|
Loss on disposal of property and equipment
|
|
|
|
2,649
|
|
|
|
|
2,955
|
|
|
|
|
29,550
|
|
|
|
|
|
|
Deferred income taxes
|
|
|
|
(1,878
|
)
|
|
|
|
(1,885
|
)
|
|
|
|
(18,850
|
)
|
|
|
|
|
|
Loss (gain) on securities, net
|
|
|
|
212
|
|
|
|
|
2,081
|
|
|
|
|
20,810
|
|
|
|
|
|
|
Gain on business transfer to Imation Corp.
|
|
|
|
|
|
|
|
|
(15,340
|
)
|
|
|
|
(153,400
|
)
|
|
|
|
|
|
Gain on sale of a subsidiary
|
|
|
|
|
|
|
|
|
(274
|
)
|
|
|
|
(2,740
|
)
|
|
|
|
|
|
Changes in assets and liabilities,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net of effects of acquisition of businesses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease (increase) in trade receivables
|
|
|
|
11,241
|
|
|
|
|
(13,791
|
)
|
|
|
|
(137,910
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease (increase) in inventories
|
|
|
|
892
|
|
|
|
|
(14,952
|
)
|
|
|
|
(149,520
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease (increase) in other current assets
|
|
|
|
6,202
|
|
|
|
|
(9,090
|
)
|
|
|
|
(90,900
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in trade payables
|
|
|
|
(5,272
|
)
|
|
|
|
16,723
|
|
|
|
|
167,230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in accrued expenses
|
|
|
|
(7,068
|
)
|
|
|
|
8,745
|
|
|
|
|
87,450
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in income taxes payables, net
|
|
|
|
4,004
|
|
|
|
|
(849
|
)
|
|
|
|
(8,490
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in other current liabilities
|
|
|
|
(1,808
|
)
|
|
|
|
1,962
|
|
|
|
|
19,620
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in retirement and severance benefits, net
|
|
|
|
(74
|
)
|
|
|
|
(2,221
|
)
|
|
|
|
(22,210
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other-net
|
|
|
|
921
|
|
|
|
|
2,591
|
|
|
|
|
25,910
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
|
145,483
|
|
|
|
|
119,413
|
|
|
|
|
1,194,130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
|
(70,440
|
)
|
|
|
|
(84,312
|
)
|
|
|
|
(843,120
|
)
|
|
|
|
|
|
Proceeds from sale and maturity of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
short-term investments
|
|
|
|
20,046
|
|
|
|
|
18,508
|
|
|
|
|
185,080
|
|
|
|
|
|
|
Payment for purchase of short-term investments
|
|
|
|
(31,089
|
)
|
|
|
|
(8,540
|
)
|
|
|
|
(85,400
|
)
|
|
|
|
|
|
Proceeds from sale of investments in securities
|
|
|
|
23
|
|
|
|
|
178
|
|
|
|
|
1,780
|
|
|
|
|
|
|
Proceeds from maturity of investments in securities
|
|
|
|
|
|
|
|
|
999
|
|
|
|
|
9,990
|
|
|
|
|
|
|
Acquisitions of businesses and assets
|
|
|
|
|
|
|
|
|
(37,155
|
)
|
|
|
|
(371,550
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment for purchase of investments in securities
|
|
|
|
(3,638
|
)
|
|
|
|
(17,834
|
)
|
|
|
|
(178,340
|
)
|
|
|
|
|
|
Transfer of businesses
|
|
|
|
|
|
|
|
|
2,364
|
|
|
|
|
23,640
|
|
|
|
|
|
|
Proceeds from sale of a subsidiary
|
|
|
|
|
|
|
|
|
900
|
|
|
|
|
9,000
|
|
|
|
|
|
|
Acquisition of subsidiaries, net of cash acquired
|
|
|
|
|
|
|
|
|
(18,182
|
)
|
|
|
|
(181,820
|
)
|
|
|
|
|
|
Acquisition of affiliates
|
|
|
|
|
|
|
|
|
(2,206
|
)
|
|
|
|
(22,060
|
)
|
|
|
|
|
|
Proceeds from sales of tangible and intangible assets
|
|
|
|
3,678
|
|
|
|
|
3,000
|
|
|
|
|
30,000
|
|
|
|
|
|
|
Acquisition of minority interests
|
|
|
|
(6
|
)
|
|
|
|
(15,855
|
)
|
|
|
|
(158,550
|
)
|
|
|
|
|
|
Other-net
|
|
|
|
(62
|
)
|
|
|
|
388
|
|
|
|
|
3,880
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
|
(81,488
|
)
|
|
|
|
(157,747
|
)
|
|
|
|
(1,577,470
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayment of long-term debt
|
|
|
|
(2,143
|
)
|
|
|
|
(9,242
|
)
|
|
|
|
(92,420
|
)
|
|
|
|
|
|
Increase (decrease) in short-term debt, net
|
|
|
|
(1,456
|
)
|
|
|
|
3,574
|
|
|
|
|
35,740
|
|
|
|
|
|
|
Proceeds from exercise of stock options
|
|
|
|
1,159
|
|
|
|
|
882
|
|
|
|
|
8,820
|
|
|
|
|
|
|
Cash paid to acquire treasury stock
|
|
|
|
(32
|
)
|
|
|
|
(39,250
|
)
|
|
|
|
(392,500
|
)
|
|
|
|
|
|
Dividends paid
|
|
|
|
(13,230
|
)
|
|
|
|
(15,683
|
)
|
|
|
|
(156,830
|
)
|
|
|
|
|
|
Other-net
|
|
|
|
(160
|
)
|
|
|
|
(367
|
)
|
|
|
|
(3,670
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
|
|
|
(15,862
|
)
|
|
|
|
(60,086
|
)
|
|
|
|
(600,860
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
2,019
|
|
|
|
|
(24,644
|
)
|
|
|
|
(246,440
|
)
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
|
50,152
|
|
|
|
|
(123,064
|
)
|
|
|
|
(1,230,640
|
)
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
239,017
|
|
|
|
|
289,169
|
|
|
|
|
2,891,690
|
|
|
|
Cash and cash equivalents at end of period
|
|
|
|
289,169
|
|
|
|
|
166,105
|
|
|
|
|
1,661,050
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
U.S.$1=Yen 100, for convenience only.
15
T D K (NYSE:TDK)
Historical Stock Chart
From Aug 2024 to Sep 2024
T D K (NYSE:TDK)
Historical Stock Chart
From Sep 2023 to Sep 2024