TIDM85GQ
RNS Number : 6124A
Nippon Sheet Glass Company Limited
03 February 2011
FY 2011 3rd Quarter Consolidated Financial Results
<J-GAAP> 3 February 2011
(English translation of the Japanese original)
Consolidated Financial Statements
(1) Quarterly consolidated balance sheet
(JPY millions)
Quarter 3 FY 11
As of 31 December FY 10 (Abbreviated)
2010 As of 31 March 2010
----------------------------- -------------------- ---------------------
Assets
----------------------------- ------------------- ---------------------
Current assets
----------------------------- ------------------- ---------------------
Cash and deposits 63,589 79,796
------------------------------ ------------------- ---------------------
Notes and accounts
receivable - trade 91,395 97,680
------------------------------ ------------------- ---------------------
Merchandise and
finished goods 57,049 56,107
------------------------------ ------------------- ---------------------
Work in process 9,908 10,375
------------------------------ ------------------- ---------------------
Raw materials and
supplies 30,260 32,309
------------------------------ ------------------- ---------------------
Other current assets 16,177 25,325
------------------------------ ------------------- ---------------------
Allowance for doubtful
accounts (3,670) (4,146)
------------------------------ ------------------- ---------------------
Total: Current assets 264,708 297,446
------------------------------ ------------------- ---------------------
Non-current assets
----------------------------- ------------------- ---------------------
Property, plant and
equipment
----------------------------- ------------------- ---------------------
Buildings and
structures 138,858 141,122
------------------------------ ------------------- ---------------------
Accumulated
depreciation (80,168) (78,184)
------------------------------ ------------------- ---------------------
Buildings and
structures,
net 58,690 62,938
------------------------------ ------------------- ---------------------
Machinery,
equipment and
vehicles 343,802 357,689
------------------------------ ------------------- ---------------------
Accumulated
depreciation (202,655) (199,666)
------------------------------ ------------------- ---------------------
Machinery,
equipment and
vehicles, net 141,147 158,023
------------------------------ ------------------- ---------------------
Tools, furniture
and fixtures 45,254 45,330
------------------------------ ------------------- ---------------------
Accumulated
depreciation (29,971) (28,768)
------------------------------ ------------------- ---------------------
Tools, furniture
and fixtures,
net 15,283 16,562
------------------------------ ------------------- ---------------------
Land 36,181 39,774
------------------------------ ------------------- ---------------------
Leased assets 8,888 8,179
------------------------------ ------------------- ---------------------
Accumulated
depreciation (5,382) (3,820)
------------------------------ ------------------- ---------------------
Leased assets,
net 3,506 4,359
------------------------------ ------------------- ---------------------
Construction in
progress 1,432 1,486
------------------------------ ------------------- ---------------------
Total: Property,
plant and
equipment 256,239 283,140
------------------------------ ------------------- ---------------------
Intangible assets
----------------------------- ------------------- ---------------------
Goodwill 101,932 122,653
------------------------------ ------------------- ---------------------
Other intangible
assets 92,823 113,381
------------------------------ ------------------- ---------------------
Total: intangible
assets 194,755 236,034
------------------------------ ------------------- ---------------------
Investments and other
assets
----------------------------- ------------------- ---------------------
Joint ventures,
associates and
other investments 56,776 59,224
------------------------------ ------------------- ---------------------
Others 57,654 59,845
------------------------------ ------------------- ---------------------
Allowance for
doubtful accounts (1,748) (1,969)
------------------------------ ------------------- ---------------------
Total: Investments
and other assets 112,682 117,100
------------------------------ ------------------- ---------------------
Total: Non-current
assets 563,676 636,275
------------------------------ ------------------- ---------------------
Total: Assets 828,384 933,721
============================== =================== =====================
(JPY millions)
Quarter 3 FY 11
As of 31 December FY 10 (Abbreviated)
2010 As of 31 March 2010
----------------------------- -------------------- ---------------------
Liabilities
----------------------------- ------------------- ---------------------
Current liabilities
----------------------------- ------------------- ---------------------
Notes and accounts payable
- trade 57,530 68,898
------------------------------ ------------------- ---------------------
Short-term loans payable 9,605 25,619
------------------------------ ------------------- ---------------------
Current portion of
long-term loans payable 9,697 41,533
------------------------------ ------------------- ---------------------
Current portion of bonds
payable 23,000 10,000
------------------------------ ------------------- ---------------------
Lease obligations 1,838 1,984
------------------------------ ------------------- ---------------------
Income taxes payable 4,386 6,023
------------------------------ ------------------- ---------------------
Provisions 10,789 17,107
------------------------------ ------------------- ---------------------
Other current liabilities 51,681 63,971
------------------------------ ------------------- ---------------------
Total: Current liabilities 168,526 235,134
------------------------------ ------------------- ---------------------
Non-current liabilities
----------------------------- ------------------- ---------------------
Bonds payable 51,000 50,000
------------------------------ ------------------- ---------------------
Long-term loans payable 253,084 262,326
------------------------------ ------------------- ---------------------
Lease obligations 1,516 2,980
------------------------------ ------------------- ---------------------
Provision for retirement
benefits 49,695 59,319
------------------------------ ------------------- ---------------------
Provision for rebuilding
furnaces 10,860 10,560
------------------------------ ------------------- ---------------------
Other provisions 6,517 7,401
------------------------------ ------------------- ---------------------
Other non-current
liabilities 58,541 66,071
------------------------------ ------------------- ---------------------
Total: Non-current
liabilities 431,213 458,656
------------------------------ ------------------- ---------------------
Total: Liabilities 599,739 693,790
------------------------------ ------------------- ---------------------
Net assets
----------------------------- ------------------- ---------------------
Shareholders' equity
----------------------------- ------------------- ---------------------
Capital stock 116,449 96,147
------------------------------ ------------------- ---------------------
Capital surplus 145,514 135,290
------------------------------ ------------------- ---------------------
Retained earnings 66,749 71,696
------------------------------ ------------------- ---------------------
Treasury stock (589) (589)
------------------------------ ------------------- ---------------------
Total: Shareholders'
equity 328,123 302,544
------------------------------ ------------------- ---------------------
Valuation and translation
adjustments
----------------------------- ------------------- ---------------------
Valuation difference on
available-for-sale
securities 785 836
------------------------------ ------------------- ---------------------
Deferred gains or losses
on hedges (3,343) (5,026)
------------------------------ ------------------- ---------------------
Foreign currency
translation adjustment (108,105) (68,048)
------------------------------ ------------------- ---------------------
Total: Valuation and
translation adjustments (110,663) (72,238)
------------------------------ ------------------- ---------------------
Subscription rights to shares 726 684
------------------------------ ------------------- ---------------------
Minority interests 10,459 8,942
------------------------------ ------------------- ---------------------
Total: Net assets 228,645 239,931
------------------------------ ------------------- ---------------------
Total: Liabilities and net
assets 828,384 933,721
============================== =================== =====================
(2) Quarterly consolidated income statement
JPY millions
Quarter 3 FY Quarter 3 FY
10 11
For the period For the period
1 April 2009 1 April 2010
to 31 December to 31 December
2009 2010
------------------------------------- ----------------- ----------------
Net sales 443,867 435,725
-------------------------------------- ---------------- ----------------
Cost of sales 332,079 313,344
-------------------------------------- ---------------- ----------------
Gross profit 111,788 122,381
-------------------------------------- ---------------- ----------------
Selling, general and administrative
expenses 128,437 109,993
-------------------------------------- ---------------- ----------------
Operating income (16,649) 12,388
-------------------------------------- ---------------- ----------------
Non-operating income
------------------------------------- ---------------- ----------------
Interest income 1,483 1,256
-------------------------------------- ---------------- ----------------
Dividends income 457 407
-------------------------------------- ---------------- ----------------
Share of profits of affiliates 1,126 6,345
-------------------------------------- ---------------- ----------------
Other non-operating income 1,642 489
-------------------------------------- ---------------- ----------------
Total: Non-operating income 4,707 8,497
-------------------------------------- ---------------- ----------------
Non-operating expenses
------------------------------------- ---------------- ----------------
Interest expenses 11,679 9,920
-------------------------------------- ---------------- ----------------
Foreign exchange loss - 1,679
-------------------------------------- ---------------- ----------------
Other non-operating expenses 2,134 1,903
-------------------------------------- ---------------- ----------------
Total: Non-operating expenses 13,813 13,502
-------------------------------------- ---------------- ----------------
Ordinary income (25,755) 7,383
-------------------------------------- ---------------- ----------------
Extraordinary income
------------------------------------- ---------------- ----------------
Gain on sales of fixed assets 986 724
-------------------------------------- ---------------- ----------------
Gain on reversal of impairment - 691
-------------------------------------- ---------------- ----------------
Gain on sales of investment
securities 4,141 -
------------------------------------- ---------------- ----------------
Gain on sales of investments in
affiliates 279 -
------------------------------------- ---------------- ----------------
Other extraordinary income 1,414 247
-------------------------------------- ---------------- ----------------
Total: Extraordinary income 6,821 1,662
-------------------------------------- ---------------- ----------------
Extraordinary loss
------------------------------------- ---------------- ----------------
Loss on retirement of non current
assets 399 270
-------------------------------------- ---------------- ----------------
Loss on sales of non current
assets 126 93
-------------------------------------- ---------------- ----------------
Impairment loss 5,210 -
------------------------------------- ---------------- ----------------
Loss on sales of investments in
affiliates 1,429 -
------------------------------------- ---------------- ----------------
Restructuring expenditure 3,392 1,750
-------------------------------------- ---------------- ----------------
Other extraordinary losses 3,023 530
-------------------------------------- ---------------- ----------------
Total: Extraordinary losses 13,580 2,643
-------------------------------------- ---------------- ----------------
Income before income taxes (32,514) 6,402
-------------------------------------- ---------------- ----------------
Income taxes (1,384) 1,353
-------------------------------------- ---------------- ----------------
Income before minority interests - 5,049
-------------------------------------- ---------------- ----------------
Minority interests 936 3,380
-------------------------------------- ---------------- ----------------
Net income (32,066) 1,669
====================================== ================ ================
(3) Quarterly consolidated statement of cash-flow
(JPY millions)
Quarter 3 FY 10 Quarter 3 FY 11
For the period For the period
1 April 2009 to 1 April 2010 to
31 December 2009 31 December 2010
----------------------------------- ------------------- ------------------
Cash flows from operating
activities
----------------------------------- ------------------ ------------------
Income before income taxes (32,514) 6,402
------------------------------------ ------------------ ------------------
Adjustments for:
----------------------------------- ------------------ ------------------
Depreciation and amortization 37,807 31,060
------------------------------------ ------------------ ------------------
Amortization of goodwill 5,684 4,924
------------------------------------ ------------------ ------------------
Impairment Loss 5,210 -
----------------------------------- ------------------ ------------------
Increase / (decrease) in
allowance for doubtful
accounts 1,848 (297)
------------------------------------ ------------------ ------------------
Increase / (decrease) in
provision for retirement
benefits 1,983 (3,491)
------------------------------------ ------------------ ------------------
Increase in provision for
furnace repairs 301 301
------------------------------------ ------------------ ------------------
Net gain on sales and disposals
of fixed assets (461) (361)
------------------------------------ ------------------ ------------------
Net (gain) / loss on sales and
valuation of investment
securities (4,141) 26
------------------------------------ ------------------ ------------------
Net loss on sales of investments
in affiliates 1,150 80
------------------------------------ ------------------ ------------------
Interest and dividends income (1,939) (1,663)
------------------------------------ ------------------ ------------------
Interest expenses 11,679 9,920
------------------------------------ ------------------ ------------------
Equity in earnings of affiliates (1,126) (6,345)
------------------------------------ ------------------ ------------------
(Increase) / decrease in notes
and accounts receivable (12,057) 3,654
------------------------------------ ------------------ ------------------
Decrease / (increase) in
inventories 6,910 (5,764)
------------------------------------ ------------------ ------------------
Increase / (decrease) in notes
and accounts payable 803 (4,156)
------------------------------------ ------------------ ------------------
Other, net (3,318) (5,842)
------------------------------------ ------------------ ------------------
Subtotal 17,817 28,448
------------------------------------ ------------------ ------------------
Interest and dividends income
received 3,641 5,313
------------------------------------ ------------------ ------------------
Interest expenses paid (17,439) (9,765)
------------------------------------ ------------------ ------------------
Income taxes paid (13,496) (6,975)
------------------------------------ ------------------ ------------------
Net cash (used in) / provided by
operating activities (9,477) 17,021
------------------------------------ ------------------ ------------------
Cash flows from investing
activities
----------------------------------- ------------------ ------------------
Purchase of property, plant and
equipment (11,131) (18,821)
------------------------------------ ------------------ ------------------
Proceeds from sales of property,
plant and equipment 1,573 965
------------------------------------ ------------------ ------------------
Purchase of intangible assets (496) (98)
------------------------------------ ------------------ ------------------
Purchase of investment
securities (16) (6)
------------------------------------ ------------------ ------------------
Proceeds from sales of
investment securities 7,659 22
------------------------------------ ------------------ ------------------
Purchase of investments in
subsidiaries and affiliates (1,452) (1,179)
------------------------------------ ------------------ ------------------
Proceeds from sales of stocks of
subsidiaries and affiliates 9,077 33
------------------------------------ ------------------ ------------------
(Increase) / decrease in
short-term loans receivable (3,496) 22
------------------------------------ ------------------ ------------------
Payments of long-term loans
receivable (5,437) (502)
------------------------------------ ------------------ ------------------
Proceeds from repayments of
long-term loans receivable 7,469 2,146
------------------------------------ ------------------ ------------------
Other, net 454 360
------------------------------------ ------------------ ------------------
Net cash provided by / (used in)
investment activities 4,204 (17,058)
==================================== ================== ==================
(JPY millions)
Quarter 3 FY 10 Quarter 3 FY 11
For the period For the period
1 April 2009 to 1 April 2010 to
31 December 2009 31 December 2010
----------------------------------- ------------------- ------------------
Cash flows from financing
activities
----------------------------------- ------------------ ------------------
Increase / (decrease) in
short-term loans payable 3,415 (3,073)
------------------------------------ ------------------ ------------------
Proceeds from long-term loans
payable 109,276 33,245
------------------------------------ ------------------ ------------------
Repayment of long-term loans
payable (120,204) (62,290)
------------------------------------ ------------------ ------------------
Proceeds from issuance of bonds - 23,864
------------------------------------ ------------------ ------------------
Redemption of bonds - (10,000)
------------------------------------ ------------------ ------------------
Proceeds from issuance of stocks 30,000 40,237
------------------------------------ ------------------ ------------------
Purchase of treasury stock - (10,091)
------------------------------------ ------------------ ------------------
Cash dividends paid (5,125) (6,995)
------------------------------------ ------------------ ------------------
Cash dividends paid to minority
shareholders (870) (1,547)
------------------------------------ ------------------ ------------------
Repayments of finance lease
obligations (2,335) (1,607)
------------------------------------ ------------------ ------------------
Other, net (1,273) 0
------------------------------------ ------------------ ------------------
Net cash provided by financing
activities 12,883 1,743
------------------------------------ ------------------ ------------------
Effect of exchange rate change on
cash and cash equivalents 2,322 (3,536)
------------------------------------ ------------------ ------------------
Net increase / (decrease) in cash
and cash equivalents 9,932 (1,830)
------------------------------------ ------------------ ------------------
Cash and cash equivalents at
beginning of period 75,598 55,995
------------------------------------ ------------------ ------------------
Increase in cash and cash
equivalents resulting from change
of scope of consolidation - 361
------------------------------------ ------------------ ------------------
Cash and cash equivalents at end
of period 85,529 54,526
==================================== ================== ==================
This information is provided by RNS
The company news service from the London Stock Exchange
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