TIDM85GQ
RNS Number : 3936C
Nippon Sheet Glass Company Limited
12 November 2009
FY 2010 2nd Quarter Consolidated Financial Results
(English translation of the Japanese original)
Consolidated Financial Statements
1. Quarterly consolidated balance sheet
(JPY millions)
+---------------------------------------------------------+------------+------------+------------+------------+
| | Quarter 2 FY 10 | FY 09 (Abbreviated) |
| |As of 30 September 2009 | As of 31 March 2009 |
+---------------------------------------------------------+-------------------------+-------------------------+
| Assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Current assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Cash and | | 118,483 | | 94,979 |
| deposits | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Notes and | | 95,788 | | 94,291 |
| accounts | | | | |
| receivable | | | | |
| - trade | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Merchandise | | 57,260 | | 69,335 |
| and | | | | |
| finished | | | | |
| goods | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Work in | | 9,961 | | 10,352 |
| process | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Raw | | 36,649 | | 34,139 |
| materials | | | | |
| and | | | | |
| supplies | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Other | | 27,768 | | 25,950 |
| current | | | | |
| assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Allowance | | (4,658) | | (3,815) |
| for | | | | |
| doubtful | | | | |
| accounts | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Total: | | 341,251 | | 325,231 |
| Current | | | | |
| assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Non-current assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Property, | | | | |
| plant and | | | | |
| equipment | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Buildings | | 144,446 | | 147,014 |
| and | | | | |
| structures | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Accumulated | | (78,820) | | (79,334) |
| depreciation | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Buildings | | 65,626 | | 67,679 |
| and | | | | |
| structures, | | | | |
| net | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Machinery, | | 358,836 | | 366,197 |
| equipment | | | | |
| and | | | | |
| vehicles | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Accumulated | | (190,260) | | (188,927) |
| depreciation | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Machinery, | | 168,575 | | 177,270 |
| equipment | | | | |
| and | | | | |
| vehicles, | | | | |
| net | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Tools, | | 43,152 | | 41,603 |
| furniture | | | | |
| and | | | | |
| fixtures | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Accumulated | | (27,767) | | (25,200) |
| depreciation | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Tools, | | 15,385 | | 16,403 |
| furniture | | | | |
| and | | | | |
| fixtures, | | | | |
| net | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Land | | 45,010 | | 46,483 |
+---------------------------------------------------------+------------+------------+------------+------------+
| Leased | | 8,262 | | 8,089 |
| assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Accumulated | | (3,482) | | (3,136) |
| depreciation | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Leased | | 4,780 | | 4,953 |
| assets, | | | | |
| net | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Construction | | 1,959 | | 4,690 |
| in progress | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Total: | | 301,335 | | 317,478 |
| Property, | | | | |
| plant and | | | | |
| equipment | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Intangible | | | | |
| assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Goodwill | | 128,082 | | 132,882 |
+---------------------------------------------------------+------------+------------+------------+------------+
| Other | | 122,732 | | 127,283 |
| intangible | | | | |
| assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Total: | | 250,813 | | 260,165 |
| intangible | | | | |
| assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Investments | | | | |
| and other | | | | |
| assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Joint | | 50,368 | | 55,935 |
| ventures, | | | | |
| associates | | | | |
| and other | | | | |
| investments | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Others | | 60,435 | | 67,745 |
+---------------------------------------------------------+------------+------------+------------+------------+
| Allowance | | (1,807) | | (1,334) |
| for | | | | |
| doubtful | | | | |
| accounts | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Total: | | 108,995 | | 122,347 |
| Investments | | | | |
| and other | | | | |
| assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Total: | | 661,144 | | 699,989 |
| Non-current | | | | |
| assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Total: Assets | | 1,002,395 | | 1,025,221 |
+---------------------------------------------------------+------------+------------+------------+------------+
(JPY millions)
+-------------------------------------+------------+------------+------------+------------+
| | Quarter 2 FY 10 | FY 09 (Abbreviated) |
| |As of 30 September 2009 | As of 31 March 2009 |
+-------------------------------------+-------------------------+-------------------------+
| Liabilities | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Current liabilities | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Notes and accounts | | 60,847 | | 61,902 |
| payable - trade | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Short-term loans | | 65,343 | | 84,784 |
| payable | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Current portion of | | 10,000 | | - |
| bonds | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Lease obligations | | 2,505 | | 3,038 |
+-------------------------------------+------------+------------+------------+------------+
| Income taxes payable | | 8,793 | | 19,369 |
+-------------------------------------+------------+------------+------------+------------+
| Provisions | | 22,572 | | 24,403 |
+-------------------------------------+------------+------------+------------+------------+
| Other current | | 70,413 | | 75,820 |
| liabilities | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Total: Current | | 240,472 | | 269,315 |
| liabilities | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Non-current liabilities | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Bonds payable | | 50,000 | | 60,000 |
+-------------------------------------+------------+------------+------------+------------+
| Long-term loans | | 293,221 | | 273,557 |
| payable | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Lease obligations | | 3,925 | | 4,943 |
+-------------------------------------+------------+------------+------------+------------+
| Provision for | | 10,359 | | 10,159 |
| rebuilding furnaces | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Provision for | | 62,804 | | 62,808 |
| retirement benefits | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Other provisions | | 6,322 | | 6,714 |
+-------------------------------------+------------+------------+------------+------------+
| Other non-current | | 78,397 | | 80,502 |
| liabilities | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Total: Non-current | | 505,028 | | 498,683 |
| liabilities | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Total: Liabilities | | 745,501 | | 767,998 |
+-------------------------------------+------------+------------+------------+------------+
| Net assets | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Shareholders' equity | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Capital stock | | 96,147 | | 96,147 |
+-------------------------------------+------------+------------+------------+------------+
| Capital surplus | | 135,287 | | 105,287 |
+-------------------------------------+------------+------------+------------+------------+
| Retained earnings | | 89,905 | | 118,159 |
+-------------------------------------+------------+------------+------------+------------+
| Treasury stock | | (595) | | (585) |
+-------------------------------------+------------+------------+------------+------------+
| Total: Shareholders' | | 320,745 | | 319,009 |
| equity | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Valuation and translation | | | | |
| adjustments | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Valuation difference | | 834 | | 2,339 |
| on available-for-sale | | | | |
| securities | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Deferred gains or | | (6,264) | | (10,756) |
| losses on hedges | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Foreign currency | | (68,332) | | (63,944) |
| translation | | | | |
| adjustment | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Total: Valuation and | | (73,762) | | (72,361) |
| translation | | | | |
| adjustments | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Subscription rights to shares | | 696 | | 493 |
+-------------------------------------+------------+------------+------------+------------+
| Minority interests | | 9,215 | | 10,082 |
+-------------------------------------+------------+------------+------------+------------+
| Total: Net assets | | 256,894 | | 257,223 |
+-------------------------------------+------------+------------+------------+------------+
| Total: Liabilities and net assets | | 1,002,395 | | 1,025,221 |
+-------------------------------------+------------+------------+------------+------------+
2. Consolidated income statement
(JPY millions)
+------------------------------------------+------------+------------+------------+------------+-----------------------+
| |Cumulative Quarter 2 FY |Cumulative Quarter 2 FY | |
| | 09 | 10 | |
| | For the period 1 April | For the period 1 April | |
| | 2008 to 30 September | 2009 to 30 September | |
| | 2008 | 2009 | |
+------------------------------------------+-------------------------+-------------------------+-----------------------+
| Net sales | | 431,082 | | 292,989 |
+------------------------------------------+------------+------------+------------+------------+
| Cost of sales | | 299,056 | | 223,055 |
+------------------------------------------+------------+------------+------------+------------+
| Gross profit | | 132,026 | | 69,934 |
+------------------------------------------+------------+------------+------------+------------+
| Selling, general and administrative | | 114,828 | | 86,155 |
| expenses | | | | |
+------------------------------------------+------------+------------+------------+------------+
| Operating income/(loss) | | 17,198 | | (16,222) |
+------------------------------------------+------------+------------+------------+------------+
| Non-operating income | | | | |
+------------------------------------------+------------+------------+------------+------------+
| Interest income | | 3,019 | | 893 |
+------------------------------------------+------------+------------+------------+------------+
| Dividends income | | 906 | | 417 |
+------------------------------------------+------------+------------+------------+------------+
| Equity in earnings of | | 4,259 | | - |
| affiliates | | | | |
+------------------------------------------+------------+------------+------------+------------+
| Other non-operating income | | 472 | | 986 |
+------------------------------------------+------------+------------+------------+------------+
| Total: Non-operating | | 8,658 | | 2,296 |
| income | | | | |
+------------------------------------------+------------+------------+------------+------------+
| Non-operating expenses | | | | |
+------------------------------------------+------------+------------+------------+------------+
| Interest expenses | | 11,328 | | 7,417 |
+------------------------------------------+------------+------------+------------+------------+
| Equity in losses of | | - | | 388 |
| affiliates | | | | |
+------------------------------------------+------------+------------+------------+------------+
| Other non-operating | | 1,986 | | 3,013 |
| expenses | | | | |
+------------------------------------------+------------+------------+------------+------------+
| Total: Non-operating | | 13,315 | | 10,818 |
| expenses | | | | |
+------------------------------------------+------------+------------+------------+------------+
| Ordinary income/(loss) | | 12,541 | | (24,743) |
+------------------------------------------+------------+------------+------------+------------+
| Extraordinary income | | | | |
+------------------------------------------+------------+------------+------------+------------+
| Gain on sales of fixed | | 808 | | 789 |
| assets | | | | |
+------------------------------------------+------------+------------+------------+------------+
| Gain on sales of | | 7,713 | | 4,140 |
| investment securities | | | | |
+------------------------------------------+------------+------------+------------+------------+
| Gain on sales of | | 30,038 | | 64 |
| investments in affiliates | | | | |
+------------------------------------------+------------+------------+------------+------------+
| Other extraordinary income | | 517 | | 1,559 |
+------------------------------------------+------------+------------+------------+------------+
| Total: Extraordinary | | 39,078 | | 6,551 |
| income | | | | |
+------------------------------------------+------------+------------+------------+------------+
| Extraordinary loss | | | | |
+------------------------------------------+------------+------------+------------+------------+
| Loss on retirement of non | | - | | 116 |
| current assets | | | | |
+------------------------------------------+------------+------------+------------+------------+
| Loss on sales of non | | - | | 47 |
| current assets | | | | |
+------------------------------------------+------------+------------+------------+------------+
| Impairment loss | | 1,220 | | 4,542 |
+------------------------------------------+------------+------------+------------+------------+
| Restructuring expenditure | | 987 | | 2,082 |
+------------------------------------------+------------+------------+------------+------------+
| Loss arising on | | 8,971 | | - |
| notification of EU car | | | | |
| glass fine | | | | |
+------------------------------------------+------------+------------+------------+------------+
| Other extraordinary losses | | 1,260 | | 1,733 |
+------------------------------------------+------------+------------+------------+------------+
| Total: Extraordinary | | 12,439 | | 8,521 |
| losses | | | | |
+------------------------------------------+------------+------------+------------+------------+
| Income/(loss) before income taxes and | | 39,180 | | (26,713) |
| minority interests | | | | |
+------------------------------------------+------------+------------+------------+------------+
| Income taxes | | 19,182 | | (827) |
+------------------------------------------+------------+------------+------------+------------+
| Minority interests | | 1,686 | | 363 |
+------------------------------------------+------------+------------+------------+------------+
| Net income/(loss) | | 18,311 | | (26,248) |
+------------------------------------------+------------+------------+------------+------------+-----------------------+
3. Consolidated statement of cash-flow
(JPY millions)
+------------------------------------------+-------+----------------+------------------+-+-+-+
| | Cumulative Quarter |Cumulative Quarter | |
| | 2 FY 09 | 2 FY 10 | |
| |For the period 1 April | For the period 1 | |
| | 2008 to 30 September | April 2009 to | |
| | 2008 | 30 September 2009 | |
+------------------------------------------+------------------------+--------------------+---+
| Net cash provided by operating | | | | |
| activities | | | | |
+------------------------------------------+-------+----------------+------------------+---+
| Income/(loss) before income taxes and | | 39,180 | (26,713) | |
| minority interests | | | | |
+------------------------------------------+-------+----------------+------------------+---+
| Adjustments for: | | | | |
+------------------------------------------+-------+----------------+------------------+---+
| Depreciation and | | 31,188 | 25,558 | |
| amortization | | | | |
+------------------------------------------+-------+----------------+------------------+---+
| Impairment Loss | | 1,220 | 4,542 | |
+------------------------------------------+-------+----------------+------------------+---+
| Amortization of goodwill | | 4,915 | 3,940 | |
+------------------------------------------+-------+----------------+------------------+---+
| Increase in allowance for | | 334 | 1,269 | |
| doubtful accounts | | | | |
+------------------------------------------+-------+----------------+------------------+---+
| Increase/(decrease) in | | (14,684) | 1,819 | |
| provision for retirement | | | | |
| benefits | | | | |
+------------------------------------------+-------+----------------+------------------+---+
| Increase in provision for | | 194 | 201 | |
| furnace repairs | | | | |
+------------------------------------------+-------+----------------+------------------+---+
| Increase in EU car glass | | 8,971 | - | |
| provision | | | | |
+------------------------------------------+-------+----------------+------------------+---+
| Net gain on sales and | | (167) | (625) | |
| disposals of fixed assets | | | | |
+------------------------------------------+-------+----------------+------------------+---+
| Net gain on sales and | | (7,681) | (4,140) | |
| valuation of investment | | | | |
| securities | | | | |
+------------------------------------------+-------+----------------+------------------+---+
| Net gain on sales of | | (30,038) | (64) | |
| investments in affiliates | | | | |
+------------------------------------------+-------+----------------+------------------+---+
| Interest and dividends | | (3,926) | (1,311) | |
| income | | | | |
+------------------------------------------+-------+----------------+------------------+---+
| Interest expenses | | 11,328 | 7,417 | |
+------------------------------------------+-------+----------------+------------------+---+
| Equity in (earnings) / | | (4,259) | 388 | |
| losses of affiliates | | | | |
+------------------------------------------+-------+----------------+------------------+---+
| Increase/(decrease) in | | 5,345 | (7,127) | |
| notes and accounts | | | | |
| receivable - trade | | | | |
+------------------------------------------+-------+----------------+------------------+---+
| Increase/(decrease) in | | (7,704) | 8,251 | |
| inventories | | | | |
+------------------------------------------+-------+----------------+------------------+---+
| Increase/(decrease) in | | (12,146) | 1,200 | |
| notes and accounts payable | | | | |
| - trade | | | | |
+------------------------------------------+-------+----------------+------------------+---+
| Other, net | | 4,781 | 1,755 | |
+------------------------------------------+-------+----------------+------------------+---+
| Subtotal | | 26,850 | 16,359 | |
+------------------------------------------+-------+----------------+------------------+---+
| Interest and dividends | | 6,420 | 2,154 | |
| income received | | | | |
+------------------------------------------+-------+----------------+------------------+---+
| Interest expenses paid | | (11,929) | (12,296) | |
+------------------------------------------+-------+----------------+------------------+---+
| Income taxes paid | | (6,729) | (11,788) | |
+------------------------------------------+-------+----------------+------------------+---+
| Net cash provided by/(used | | 14,611 | (5,571) | |
| in) operating activities | | | | |
+------------------------------------------+-------+----------------+------------------+---+
| Net cash provided by investment | | | | |
| activities | | | | |
+------------------------------------------+-------+----------------+------------------+---+
| Purchase of property, | | (25,478) | (8,257) | |
| plant and equipment | | | | |
+------------------------------------------+-------+----------------+------------------+---+
| Proceeds from sales of | | 1,549 | 1,227 | |
| property, plant and | | | | |
| equipment | | | | |
+------------------------------------------+-------+----------------+------------------+---+
| Purchase of intangible | | (73) | (387) | |
| assets | | | | |
+------------------------------------------+-------+----------------+------------------+---+
| Purchase of investment | | (7) | (14) | |
| securities | | | | |
+------------------------------------------+-------+----------------+------------------+---+
| Proceeds from sales of | | 9,618 | 7,297 | |
| investment securities | | | | |
+------------------------------------------+-------+----------------+------------------+---+
| Purchase of investments in | | (2,054) | (561) | |
| subsidiaries and | | | | |
| affiliates | | | | |
+------------------------------------------+-------+----------------+------------------+---+
| Proceeds from sales of | | 42,682 | 4,486 | |
| stocks of subsidiaries and | | | | |
| affiliates | | | | |
+------------------------------------------+-------+----------------+------------------+---+
| Decrease in short-term | | (2,945) | (1,537) | |
| loans receivable | | | | |
+------------------------------------------+-------+----------------+------------------+---+
| Payments of long-term | | (40) | (3,978) | |
| loans receivable | | | | |
+------------------------------------------+-------+----------------+------------------+---+
| Collection of long-term | | - | 4,752 | |
| loans receivable | | | | |
+------------------------------------------+-------+----------------+------------------+---+
| Other, net | | 309 | 454 | |
+------------------------------------------+-------+----------------+------------------+---+
| Net cash provided by | | 23,560 | 3,483 | |
| investment activities | | | | |
+------------------------------------------+-------+----------------+------------------+-+-+-+
(JPY millions)
+------------------------------------------+-------+----------------+----------------+-+
| | Cumulative Quarter | Cumulative |
| | 2 FY 09 | Quarter 2 FY 10 |
| |For the period 1 April |For the period 1 |
| | 2008 to 30 September | April 2009 to |
| | 2008 | 30 September |
| | | 2009 |
+------------------------------------------+------------------------+------------------+
| Net cash used in financing activities | | | |
+------------------------------------------+-------+----------------+----------------+
| Net increase/(decrease) in | | (15,315) | 3,954 |
| short-term loans payable | | | |
+------------------------------------------+-------+----------------+----------------+
| Proceeds from long-term | | 2,302 | 78,425 |
| loans payable | | | |
+------------------------------------------+-------+----------------+----------------+
| Repayment of long-term | | (27,457) | (83,852) |
| loans payable | | | |
+------------------------------------------+-------+----------------+----------------+
| Proceeds from issuance of | | 19,888 | - |
| bonds | | | |
+------------------------------------------+-------+----------------+----------------+
| Redemption of bonds | | (10,000) | - |
+------------------------------------------+-------+----------------+----------------+
| Proceeds from issuance of | | - | 30,000 |
| stocks | | | |
+------------------------------------------+-------+----------------+----------------+
| Cash dividends paid | | (2,017) | (2,005) |
+------------------------------------------+-------+----------------+----------------+
| Cash dividends paid to | | (1,308) | (878) |
| minority shareholders | | | |
+------------------------------------------+-------+----------------+----------------+
| Repayments of finance | | (2,227) | (1,595) |
| lease obligations | | | |
+------------------------------------------+-------+----------------+----------------+
| Other, net | | (36) | (10) |
+------------------------------------------+-------+----------------+----------------+
| Net cash provided by/(used | | (36,174) | 24,040 |
| in) financing activities | | | |
+------------------------------------------+-------+----------------+----------------+
| Effect of exchange rate change on cash | | (3,636) | (1,396) |
| and cash equivalents | | | |
+------------------------------------------+-------+----------------+----------------+
| Net increase/(decrease) in cash and cash | | (1,638) | 20,557 |
| equivalents | | | |
+------------------------------------------+-------+----------------+----------------+
| Cash and cash equivalents at beginning | | 103,293 | 75,598 |
| of period | | | |
+------------------------------------------+-------+----------------+----------------+
| Increase in cash and cash equivalents | | 2,181 | - |
| resulting from change of scope of | | | |
| consolidation | | | |
+------------------------------------------+-------+----------------+----------------+
| Cash and cash equivalents at end of | | 103,837 | 96,154 |
| period | | | |
+------------------------------------------+-------+----------------+----------------+-+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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