RNS Number:1906O
Nippon Sheet Glass Company Limited
19 December 2006
Today NSG has amended the Results for the First Half of Fiscal Year 2007
disclosed Nov. 21.
1.Corrections
Results for 1st Half of FY 2007 ending September 30,2006
Million Yen
(1)Business Result Disclosed Nov.21 Amended
Sales 275,259 275,259
Operating profit 8,681 8,589
Income before extra-ordinary items 8,286 7,250
Net income 21,265 20,259
(2)Changes in financial position Disclosed Nov.21 Amended
Total assets 1,366,040 1,364,947
Net assets 328,487 327,394
(3)Cobsolidated statement of cash flow Disclosed Nov.21 Amended
Net cash generated from operating activities 16,686 15,618
Net cash used in (235,581) (230,355)
Net cash generated from (used in) 168,027 182,858
2. Results for the First Half of FY2007(amended)
Million yen
FY2007 FY2006
First Half First Half Full Year
Sales 273,259 127,207 265,888
Operating income 8,589 3,870 8,429
Income before extra-ordinary
items 7,250 5,982 10,425
Net income 20,259 3,885 7,764
3. Review of Operations (amended)
million yen
Net Sales Operating income
First Half First Half First Half First Half
FY2007 FY2006 FY2007 FY2006
Building Products 131,604 58,880 6,011 2,244
Auto 96,872 26,783 2,018 290
Others 44,782 41,543 552 1,319
(Internal) - - 7 16
Total 273,259 127,207 8,589 3,870
Nippon Sheet Glass Company Limited
Consolidated Financial Statement for the First Half of Fiscal Year 2007
(amended)
Consolidated Balance Sheet million yen
Sep 30, Mar 31, Change Sep 30,
2006 2006 2005
(Asset)
Current assets 454,208 288,732 165,476 169,535
Cash and deposits 159,975 180,670 (20,695) 67,352
Notes and account
receivables - trade 157,752 59,072 98,680 57,579
Inventories 120,294 37,749 82,544 36,546
Deferred tax assets 3,355 1,863 1,492 1,710
Other current assets 14,201 10,145 4,056 7,456
Provision for bad debts (1,370) (768) (601) (1,110)
Fixed assets 910,738 307,231 603,507 279,312
Tangible assets 409,683 119,396 290,286 114,684
Buildings and structures 87,971 38,378 49,593 39,492
Machinery and vehicles 214,624 44,566 170,057 40,636
Tools & fixtures 16,185 4,456 11,729 3,548
Land 60,074 23,030 37,044 24,020
Construction in progress 30,827 8,965 21,861 6,985
Intangible assets 336,453 6,989 329,464 7,544
Good will 109,278 - 109,278 -
Other Intangible assets 227,175 6,989 220,185 7,544
Investments and other assets 164,601 180,845 (16,243) 157,083
Investments in securities 143,017 174,006 (30,989) 149,993
Long-term loans receivables 1,170 939 231 1,039
Long-term prepaid expenses 1,492 1,168 324 1,132
Deferred tax assets 751 834 (82) 999
Other assets 19,007 4,270 14,737 4,402
Provision for bad debts (838) (374) (464) *(483)
Total assets 1,364,947 595,963 768,983 448,848
Current liabilities 325,529 111,002 214,526 101,255
Notes and accounts
payable - trade 85,293 37,357 47,935 34,931
Short-term bank borrowings 117,942 46,703 71,239 42,402
Commercial paper 4,000 - 4,000 -
Notes and accounts
payable - construction 9,115 5,399 3,715 4,043
Accrued income tax 33,913 3,418 30,494 3,216
Accrued consumption tax 557 257 300 475
Accrued expenses 47,124 7,528 39,596 5,182
Customer's deposits 4,113 4,037 76 4,027
Provision for bonuses to
employees 3,881 2,484 1,396 2,706
Provision for bonuses to
directors 45 67 (22) -
Accrued tax liabilities 1,928 1,206 721 1,258
Other current liabilities 17,614 2,541 15,073 3,009
Fixed liabilities 712,022 243,361 468,661 126,309
Unsecured bonds 20,000 20,000 - 20,000
Convertible bonds 72,000 133,000 (61,000) 23,000
Long-term bank borrowings 422,068 37,220 384,848 39,529
Provision for retirement
benefits to employees 90,200 12,022 78,177 13,762
Provision for retirement
benefits to directors 1,144 1,187 (43) 812
Provision for rebuilding
furnaces 8,930 9,684 (753) 9,004
Consolidation goodwill - 707 (707) 469
Deferred tax liabilities 59,077 28,075 31,002 18,439
Other fixed liabilities 38,601 1,464 37,137 1,291
Minority Interests in
consolidated subsidiaries - 3,315 - 2,911
Shareholder's Equity - 238,284 - 218,372
Common stock - 41,060 - 41,060
Capital surplus - 50,374 - 50,373
Retained earnings - 95,791 - 94,196
Unrealized holding gain on
securities - 50,338 - 36,724
Translation adjustments - 1,054 - (3,688)
Treasury stock - at cost - (335) - (295)
Total Liabilities, minority
interests and shareholders equity - 595,963 - 448,848
Net Assets 327,394 - - -
Shareholder's Equity 258,339 - - -
Common stock 71,602 - - -
Capital surplus 80,834 - - -
Retained earnings 106,286 - - -
Treasury stocks - at cost (383) - - -
Valuation and translation
adjustments 55,713 - - -
Unrealized holding gain on
securities 23,450 - - -
Net unrealized holding loss
on derivative instruments (4,825) - - -
Foreign currency translation
adjustments 37,087 - - -
Stock Options 6 - - -
Minority interests in
consolidated subsidiaries 13,335 - - -
Total liabilities and
net assets 1,364,947 - -
Consolidated Statements of Operations
Million yen
Half year to Half year to Change Year to
Sep. 2006 Sep. 2005 Mar. 2006
Net sales 273,259 127,207 146,052 265,888
Cost of sales 191,813 92,790 99,022 196,948
Selling, general and
administrative expenses 72,856 30,546 42,310 60,510
Operating income 8,589 3,870 4,719 8,429
Non-operating income 7,215 5,517 1,697 8,212
Interest and dividend income 1,746 1,074 671 2,270
Equity in earnings of
affiliates - 3,813 (3,813) 4,018
Other income 5,469 630 4,838 1,923
Non-operating expense 8,554 3,405 5,149 6,217
Interest expense 3,772 758 3,013 1,607
Equity in losses of affiliates 974 - 974 -
Other expense 3,807 2,646 1,161 4,609
Income before extra-ordinary
items 7,250 5,982 1,267 10,425
Extra ordinary income 45,510 2,655 42,855 6,644
Gain on sales of property,
plant and equipment 960 44 916 1,096
Gain on sales investments in
securities 43,078 2,610 40,468 5,548
Gain due to adjustment of
repair reserve 1,064 - 1,064 -
Gain on sale of operations
- subsidiary 406 - 406 -
Extra ordinary losses 13,049 3,052 9,996 5,534
Loss on disposal of property,
plant, equipment 519 728 (208) 1,322
Loss on impairment of fixed
assets 659 360 298 702
Loss on revaluation of investment
securities 198 59 139 121
Expenses for acquisition of
Pilkington 11,672 - 11,672 1,243
Loss on disposal of inventories - 1,184 (1,184) 1,358
Loss on provision for asbestos
related charges - 720 (720) 785
Income before income taxes and
minority interests 39,711 5,584 34,126 11,535
Income tax: Current 22,467 2,511 19,956 4,015
Income tax: Deferred (2,565) (901) (1,663) (580)
Minority interests (loss) in net
income of consolidated
subsidiaries (451) 90 (541) 335
Net income 20,259 3,885 16,374 7,764
Consolidated Statement of cash flows
Million yen
Half year to Half year to Year to
Sep. 2006 Sep. 2005 Mar. 2006
Income before income taxes and
minority interests 39,711 5,584 11,535
Depreciation and amortization 19,801 6,041 12,961
Loss on impairment of fixed assets 659 360 702
(Decrease) increase in accrued retirement
benefits (1,399) 619 (2,093)
Gain on sales of investments in
securities (43,078) (2,610) (5,548)
Interest and dividend income (1,746) (1,074) (2,270)
Interest expense 3,772 758 1,607
Decrease (Increase) in notes and accounts
receivable 3,863 3,602 3,529
Decrease (Increase) inventories (1,740) (1,544) (2,081)
(Decrease) increase in notes and accounts
payable (9,217) (5,212) (3,680)
Other, net 8,109 (76) 98
Sub total 18,734 6,449 14,760
Interest and dividend income received 3,077 3,331 5,541
Interest paid (3,771) (873) (1,720)
Income taxes paid (2,421) (1,688) (3,126)
Net cash provided by operating activities 15,618 7,219 15,455
Purchases of property, plant and
equipment (17,167) (9,897) (18,590)
Proceeds from sales of property, plant
and equipment 5,218 364 2,295
Purchases of investments in securities (265,873) (331) (3,027)
Proceeds from sales of investments in
securities 51,364 3,820 7,565
Other, net (3,897) (564) (392)
Net cash provided by (used in) investing
activities (230,355) (6,609) (12,149)
Increase (decrease) in short-term
borrowings (3,270) 5,654 5,420
Issuance of long-term indebtedness 188,077 9,244 13,529
Repayment of long-term indebtedness (3,904) (2,550) (5,317)
Issuance of bonds - - 110,000
Redemption of bonds - (9,600) (9,600)
Cash dividends paid (1,328) (1,329) (2,658)
Dividends paid to minority shareholders (680) - -
Other, net 3,964 (107) (148)
Net cash provided by (used in) financing
activities 182,858 1,312 111,225
Effective of foreign exchange rate
on cash and cash equivalents 10,673 568 1,029
Net decrease (increase) in cash and cash
equivalents (21,205) 2,490 115,560
Cash and cash equivalents at beginning
of the year 179,158 63,512 63,512
Effect of change in scope of
consolidation - 85 85
Cash and cash equivalents at the end
of the year 157,953 66,089 179,158
This information is provided by RNS
The company news service from the London Stock Exchange
END
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