Hoya resultados 3_q_2010

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Hoya resultados 3_q_2010

  1. 1. January 31, 2011 QUARTERLY REPORT 3rd Quarter : 3 months ended December 31, 2010 Aggregated : 9 months ended December 31, 2010 Consolidated (HOYA CORPORATION and Consolidated Subsidiaries) Part 1. 3rd Quarter : from October 1 to December 31, 2010 1. Quarterly Financial Highlights : p.1 2. Results of Operations : p.2 3. Consolidated Financial Statements (1) Quarterly Consolidated Balance Sheets : p.4 (2) Quarterly Consolidated Statements of Income : p.6 (3) Quarterly Consolidated Statements of Cash Flows : p.7 (4) Segment Information : p.8 (5) Composition of Net Sales by Business Category : p.10 Part 2. Aggregated : from April 1 to December 31, 2010 1. Nine Months Financial Highlights : p.11 2. Consolidated Financial Statements (1) Consolidated Balance Sheets : p.12 (2) Consolidated Statements of Income : p.14 (3) Consolidated Statements of Cash Flows : p.15 (4) Segment Information : p.16 (5) Composition of Net Sales by Business Category : p.17 3. Projected Results for the Full Year : p.18Notes: 1. HOYAs fiscal year (FY) : from April 1 to March 31 of the following year. 2. These financial statements are excerpt translation of Japanese "Kessan Tanshin "and have been prepared for the references only of foreign investors in accordance with acc ounting principles and practices generally ac cepted in J apan.This report is provided s olely for the information of professional analysts who are expec ted to mak e their own evaluationof the company. This report contains forward-looking statements that are based on managements assumptions andbeliefs in light of the information currently available to it and therefore you should not plac e undue reliance on them.These forward-looking statements involve known and unknown risks , uncertainties and other factors that may cause ouractual results, performanc e or achievements to differ materially from that anticipated in these statements. These factorsinclude changes in economic conditions, trends in our major markets , currency exchange rates, etc.We accept no liability whatsoever for any direct or consequential los s arising from any use of this report.
  2. 2. January 31, 2011 Part 1. 3rd Quarter : from October 1 to December 31, 20101. Quarterly Financial Highlights HOYA CORPORATION and Consolidated Subsidiaries1.Performance for the three months ended Dec. 31, 2010 and 2009 ( The yen amounts shown herein are rounded down to the nearest million.) Millions of Yen Three months ended Variance (1)Results of Operations Dec.31,2010 Dec.31,2009 (%) Sep.30,2010 Net sales 108,449 106,878 1.5 107,075 Operating income 19,897 18,995 4.7 18,768 Ordinary income 17,997 19,724 -8.8 16,185 Net income 13,210 11,791 12.0 12,891 Net income per share(Yen) 30.62 27.24 29.88 As of (2)Financial Position Dec.31,2010 Sep.30,2010 Dec.31,2009 Total assets 546,352 557,966 552,748 Net assets 346,079 353,813 340,881 Owners equity ratio 62.9% 62.9% 61.3% Net assets per share (Yen) 796.60 813.91 782.28 Three months ended (3) Conditions of Cash Flows Dec.31,2010 Dec.31,2009 Sep.30,2010 Net cash provided by operating activities 16,953 22,898 26,233 Net cash used in investing activities -10,974 -16,309 -11,378 Net cash provided by (used in ) financing activities -14,052 -4,000 -10,205 Cash and cash equivalents at end of period 162,234 170,511 174,6482.Dividends per Share Year ending/ended Mar.31,2011 Mar.31,2010 Interim (Yen) 30.00 30.00 Year-end (Yen) N/A 35.00 Annual (Yen) N/A 65.00    <New Item>     High-definition Endoscope EC38-i10 1
  3. 3. 2. Results of Operations 1) General Overview During the 3rd quarter consolidated accounts period (from October 1, 2010 to December 31, 2010; hereinafter the “quarter under review”), the global economy saw certain recoveries mainly in emerging countries, while the economy in U.S. and Europe remained clouded. In Japan, with the appreciation of the yen, the uncertainty of economy increased specially among exporters. Against this backcloth, given an increase in orders with the recovery in the market, the HOYA groups production and shipments were higher compared with those for the same quarter of the previous fiscal year, although sales were significantly affected by lower product prices and the appreciation of the yen. As a result, the HOYA group recorded sales of 108,449 million yen for the quarter under review, up 1.5% year-on-year. Operating income rose 4.7%, to 19,897 million yen, while ordinary income decreased 8.8%, to 17,997 million yen. Net income amounted to 13,210 million yen, up 12.0% year-on-year basis. 2) Segment Overview Information Technology <Electronics related products> As a general recovery in the semiconductor market globally continued thanks to strong demand from emerging countries, the Company has achieved on a certain volume of production and shipments during the quarter under review. However, sales remained almost unchanged, attributable to a continued decline in product prices and rapid appreciation of the yen. There was a serious production adjustment in a laptop computor market during the quarter under review and the market related to the hard disk drives (HDDs) was affected significantly. However, the volume of shipment from the Company jumped year on year basis and sales rose in spite of lower product prices linked to the stronger yen. <Imaging related products> Sales of optical lenses were up from the year-ago period, reflecting robust sales of digital cameras in the market, particularly in emerging countries, and strong orders for high-precision lenses and for interchangeable lenses, resulting in higher shipments of such products, while keeping factories at their full production capacity. In HOYA ’ s Pentax brand digital cameras, the number of single lens reflex cameras sold rose from a year ago, reflecting continued robust demand for entry-level cameras, which in turn resulted in higher sales of interchangeable lenses. As a result, sales of the Information Technology segment stood at 57,551 million yen, up 1.4% year-on-year, and operating income amounted to 11,191 million yen, up 1.1% year-on-year. 2
  4. 4. Life Care <Healthcare related products> Shipments of eyeglass lenses increased worldwide. However, given lower unit sales prices in Japan, sales rose from the year-ago period. In the overseas market, shipments rose year on year, and sales also climbed on a local currency basis. However, with the significant impact of the appreciation of the yen, sales in terms of the yen recorded slight decrease compared to the same period last year. Sales of contact lenses rose year on year with an increase in the number of customers visiting stores, reflecting active consulting sales through directly- owned stores, higher sales of high value-added products, and an increase in the number of stores following aggressive expansion initiatives. <Medical related products> Shipments of medical endoscope products, in which overseas sales account for a majority of overall sales, increased in comparison to the year-ago period, as restriction of purchase for medical equipment has been getting relieved at medical institutions in Europe and the U.S. The sales slightly increased year on year though significant impact from the appreciation of the yen. Sales of intraocular lenses (IOL) increased from the previous year, thanks to the strong sales of soft lenses, which overcome the impact of the appreciation of the yen. As a result, sales of the Life Care segment stood at 50,494 million yen, up 1.9% year-on-year, and operating income amounted to 10,280 million yen, up 6.9% year-on-year.Others The Others segment mainly includes the business that provides information system services and new businesses. As a result, sales of the Others segment stood at 394 million yen, and operating income amounted to 254 million yen. (Note) Following the revision of the Accounting Standard and the Guidance onAccounting Standard for Disclosures about Segments of an Enterprise and RelatedInformation, the Company has determined reported segments based on the aboveaccounting standard from the 1st quarter period of this fiscal year. 3
  5. 5. 3. Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets HOYA CORPORATION and Consolidated Subsidiaries Millions of Yen As of Dec.31,2010 Sep.30,2010 Variance Dec.31,2009 ASSETS Current assets Cash and deposits 178,132 180,962 -2,830 174,875 Notes and accounts receivable - trade 91,077 88,550 2,527 93,608 Securities 10,000 10,000 - - Merchandise and finished goods 30,046 31,690 -1,644 28,539 Work in process 7,633 8,183 -550 8,964 Raw materials and supplies 23,683 22,382 1,301 25,620 Deferred tax assets 6,449 7,763 -1,314 5,427 Other current assets 11,736 10,577 1,159 11,027 Allowance for doubtful receivables -1,495 -1,543 48 -1,839 Total current assets 357,265 358,568 -1,303 346,224 Fixed asstes Tangible fixed assets Buildings and structures (net) 34,519 33,990 529 35,507 Machinery and vehicles (net) 32,625 33,642 -1,017 41,598 Tools, equipment and fixtures (net) 15,980 16,185 -205 15,851 Lands 16,703 17,135 -432 14,383 Construction in progress 14,013 12,121 1,892 9,276 Total tangible fixed assets 113,842 113,076 766 116,617 Intangible fixed assets 18,017 18,931 -914 25,644 Investments and other assets Investment securities 22,089 21,837 252 9,984 Deferred tax assets 27,963 28,359 -396 37,151 Other assets 7,530 17,571 -10,041 17,628 Allowance for doubtful receivables -356 -377 21 -502 Total investment and other assets 57,226 67,390 -10,164 64,262 Total fixed assets 189,087 199,397 -10,310 206,524 TOTAL ASSETS 546,352 557,966 -11,614 552,748 4
  6. 6. HOYA CORPORATION and Consolidated Subsidiaries Millions of Yen As of Dec.31,2010 Sep.30,2010 Variance Dec.31,2009LIABILITIESCurrent liabilities Notes and accounts payable - trade 40,273 39,969 304 36,251 Short-term debt 285 302 -17 382 Long-term loans scheduled for repayment within a year 1,760 1,897 -137 3,615 Commercial paper - - - 9,997 Accrued expenses 16,822 15,247 1,575 18,510 Income tax payable 2,451 4,455 -2,004 4,919 Accrued bonuses to employees 3,070 5,549 -2,479 2,437 Accrued bonuses for directors - - - 38 Accrued warranty cost 845 809 36 749 Other current liabilities 22,248 22,177 71 18,996 Total current liabililties 87,757 90,410 -2,653 95,898Long-term liabilities Corporate bonds 99,983 99,981 2 99,977 Long-term loans payable 457 1,365 -908 2,423 Allowance for retirement benefits for employees 8,221 8,290 -69 8,182 Reserve for special repairs 979 1,070 -91 1,223 Other long-term liabilities 2,874 3,034 -160 4,161 Total long-term liabilities 112,515 113,742 -1,227 115,968Total Liabilities 200,273 204,152 -3,879 211,867NET ASSETSShareholders equity Common stock 6,264 6,264 - 6,264 Capital surplus 15,898 15,898 - 15,898 Retained earnings 396,800 396,536 264 365,958 Treasury stock - at cost -10,985 -10,992 7 -7,972 Total shareholders equity 407,977 407,706 271 380,148Valuation and translation adjustments Net unrealized gain (loss) on other marketable securities 122 -125 247 -219 Foreign currency translation adjustments -64,441 -56,458 -7,983 -41,309 Total valuation and translation adjustments -64,319 -56,583 -7,736 -41,529Stock acquisition rights 1,630 1,531 99 1,183Minority interest 790 1,158 -368 1,078Total Net Assets 346,079 353,813 -7,734 340,881TOTAL LIABILITIES AND NET ASSETS 546,352 557,966 -11,614 552,748Notes: Millions of Yen 1. Guarantees of borrowings and lease obligations for customers and Groups employees 1,451 1,531 1,654 2. Value of discount on notes receivable 1,089 552 944 3. Number of shares of treasury stock (unit:stocks) 3,609,940 3,611,738 2,157,112 5
  7. 7. (2) Quarterly Consolidated Statements of Income Millions of Yen HOYA CORPORATION and Consolidated Subsidiaries Three months ended Variance Dec.31, 2010 Dec.31, 2009 Value (%) Sep.30, 2010 Net sales 108,449 106,878 1,571 1.5 107,075 Cost of sales 59,467 58,595 872 1.5 58,967 Gross profit 48,982 48,283 699 1.4 48,107 Selling, general and administrative expenses 29,084 29,288 -204 -0.7 29,338 Operating income 19,897 18,995 902 4.7 18,768 Non-operating income Interest income 218 173 45 204 Equity in earnings of associated companies 152 - 152 99 Others 536 1,750 -1,214 871 Total non-operating income 907 1,923 -1,016 -52.8 1,175 Non-operating expenses Interest expense 497 470 27 461 Equity in loss of associated companies - 278 -278 - Loss on foreign exchange 1,885 - 1,885 2,549 Others 425 445 -20 748 Total non-operating expenses 2,808 1,194 1,614 135.2 3,759 Ordinary income 17,997 19,724 -1,727 -8.8 16,185 Extra-ordinary gains Gain on sales of property, plant and equipment 42 148 -106 31 Others 5 46 -41 46 Total extra-ordinary gains 47 195 -148 -75.9 78 Extra-ordinary losses Loss on sales of property, plant and equipment 29 332 -303 2 Loss on disposal of property, plant and equipment 55 88 -33 118 Loss on impairment - 457 -457 - Loss on write-down of investment securities 10 129 -119 73 Additional retirement benefits paid to employees 1,267 380 887 523 Loss on liquidation of subsidiaries 1,068 - 1,068 - Expense for improvements on environment - 1,770 -1,770 271 Others 27 1,784 -1,757 176 Total extra-ordinary losses 2,458 4,944 -2,486 -50.3 1,164 Income before income taxes and minority interests 15,586 14,975 611 4.1 15,099 Income taxes - Current 1,335 2,181 -846 -38.8 1,231 Income taxes - Deferred 1,321 951 370 38.9 950 Total income taxes 2,657 3,132 -475 -15.2 2,181 Income before minority interests 12,928 - 12,928 - 12,917 Minority interests in net income -281 51 -332 -651.0 26 Net income 13,210 11,791 1,419 12.0 12,891 Net income per share(Yen) 30.62 27.24 3.38 29.88 Net income per share after adjustment of potential shares(Yen 30.60 27.21 3.39 29.87Notes: 1. Effect of Exchange Rate Change on Net Sales and Incomes ("2010 A" is the actual value of this period. " 2010 B" is the nominal value of this period which temporarily exchanged by the currency rate of the same period last year. unit : millions of Yen) 2010 A 2010 B influences Net sales 108,449 114,011 -5,562 Operating income 19,897 20,523 -626 Ordinary income 17,997 18,688 -691 Net income 13,210 13,795 -585 Three months ended 2. Average rates of major foreign currencies Dec.31, 2010 Dec.31, 2009 Variance Sep.30, 2010 US$ Yen 82.22 90.12 8.8% 85.03 Euro Yen 110.39 132.60 16.8% 111.45 Thai Baht Yen 2.73 2.70 -1.1% 2.72 6
  8. 8. (3) Quarterly Consolidated Statements of Cash Flows HOYA CORPORATION and Consolidated Subsidiaries Millions of Yen Three months ended Dec.31,2010 Dec.31,2009 variance Sep.30,2010OPERATING ACTIVITIES: Income before income taxes and minority interests 15,586 14,975 611 15,099 Depreciation and amortization 7,798 8,748 -950 7,621 Loss on impairment of long-lived assets - 457 -457 - Provision for (reversal of ) accrued allowances for doubtful receivables -34 -854 820 -0 Provision for (reversal of ) accrued bonuses to employees -2,459 -1,960 -499 2,669 Provision for (reversal of ) reserve for special repairs -91 -25 -66 80 Provision for (reversal of ) reserve for retirement benefit -41 -73 32 59 Interest and dividend income -226 -178 -48 -203 Interest expense 497 470 27 461 Foreign exchange loss (gain) 372 253 119 1,366 Equity in (earnings) losses of affiliates -152 278 -430 -99 Gain (loss) on sales of fixed assets -12 183 -195 -29 Loss on disposal of fixed assets 55 88 -33 118 Loss (gain) on evaluation of investment securities 10 129 -119 73 Special additional retirement benefits paid to employees 1,267 380 887 523 (Increase) decrease in notes and accounts receivable -3,498 -2,942 -556 -996 (Increase) decrease in inventories -246 -1,529 1,283 -3,522 (Increase) decrease in other current assets 198 2,096 -1,898 -2,421 Increase (decrease) in notes and accounts payable 795 3,248 -2,453 7,613 Increase (decrease) in income taxes payable 139 -548 687 -139 Increase (decrease) in other current liabilities 2,374 4,739 -2,365 -1,028 Other 46 -16 62 1 Sub total 22,379 27,923 -5,544 27,246 Interest and dividend - received 285 220 65 179 Interest - paid -67 -46 -21 -865 Special additional retirement benefits paid to employees - paid -644 -1,166 522 -251 Income taxes - paid -5,033 -4,033 -1,000 -1,409 Refund of income taxes 33 - 33 1,334 Net cash provided by operating activities 16,953 22,898 -5,945 26,233INVESTING ACTIVITIES: Payments for time deposit -10 -949 939 -1,268 Proceeds from refund of time deposit 336 6 330 580 Payments for purchases of securities - - - -10,000 Payments for purchases of property, plant and equipment -11,325 -4,929 -6,396 -10,908 Proceeds from sales of property, plant and equipment 393 1,068 -675 257 Payments for purchases of investment securities - - - -10,000 Proceeds from sales of investment securities - 42 -42 - Payments for acquisition of subsidiarys stocks for consolidation - -154 154 - Payments on merger to minority shareholders -1 -12 11 -10 Proceeds from business transfer - - - 20,653 Payments for other investments -536 -11,577 11,041 -834 Proceeds from other investments 170 196 -26 152 Net cash used in investing activities -10,974 -16,309 5,335 -11,378FINANCING ACTIVITIES: Net increase (decrease) in short-term bank loans -17 -132 115 17 Net increase (decrease) in commercial paper - 9,997 -9,997 -7,998 Repayments of long-term debt -1,016 -19 -997 -1,717 Proceeds from exercise of stock options 4 6 -2 - Payments for purchase of treasury stock -2 -0 -2 -1 Dividends paid -12,952 -13,141 189 -505 Dividends paid for minority shareholders -69 - -69 - Payments for purchase of subsidiarys treasury stock - -709 709 - Net cash provided by (used in) financing activities -14,052 -4,000 -10,052 -10,205EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS -4,340 1,734 -6,074 1,490NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS -12,414 4,323 -16,737 6,140CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD 174,648 166,187 8,461 168,507CASH AND CASH EQUIVALENTS, END OF PERIOD 162,234 170,511 -8,277 174,648Notes: 1. Negativ e figures with minus in the consolidated statements of cash flows indicate net outflow of cash and cash equivalents. 2. The above statements are direct translation from Kessan Tanshin whic h was made under the Japanese Accounting Standard. 7
  9. 9. (4) Segment Information HOYA CORPORATION and Consolidated Subsidiaries for the three months ended Dec. 31, 2010 Millions of Yen Information Elimination Consoli- Life Care Others Total or corporate dated Technology Net sales: To outside customers 57,551 50,494 394 108,440 9 108,449 Intersegment 148 0 890 1,039 -1,039 - Total 57,700 50,494 1,284 109,479 -1,030 108,449 Operating income 11,191 10,280 254 21,726 -1,828 19,897 Operating margin 19.4% 20.4% 19.8% 19.8% - 18.3% for the three months ended Dec. 31, 2009 Millions of Yen Information Elimination Consoli- Life Care Others Total or corporate dated Technology Net sales: To outside customers 56,770 49,559 549 106,878 - 106,878 Intersegment 38 5 947 990 -990 - Total 56,808 49,564 1,496 107,869 -990 106,878 Operating income 11,067 9,620 60 20,748 -1,753 18,995 Operating margin 19.5% 19.4% 4.0% 19.2% - 17.8% Ref : Difference between the 3rd quarter this year and the same quarter last year Millions of Yen Information Elimination Consoli- Life Care Others Total or corporate dated Technology Net sales: To outside customers 781 935 -155 1,562 9 1,571 Variance (%) 1.4% 1.9% -28.2% 1.5% - 1.5% Intersegment 110 -5 -57 49 -49 - Total 892 930 -212 1,610 -40 1,571 Operating income 124 660 194 978 -75 902 Variance (%) 1.1% 6.9% 323.3% 4.7% 4.3% 4.7%Re: The Company has changed the segmentation from this fiscal year. The results of the same period last year were re-classificated by the new segmentation policy: 8
  10. 10. Notes: 1. Following the revision of the Accounting Standard and the Guidance on Accounting Standard for Disclosures about Segments of an Enterprise and Related Information from the quarter accounts period under review, the Company has determined reported segments based on the above accounting standard. <Overview of reported segments> The reported segments of the Company are constituent units of the Company for which separate financial information can be obtained, and the Board of Directors, top organization for decision making on the management, examines such information on a regular basis to determine the allocation of management resources and evaluate the business performance. In accordance with its management philosophy, the HOYA Group has categorized information technology and life and culture as its business domains. To achieve sustainable growth in corporate value in these business domains, the Group has been making decisions on the allocation of management resources and monitoring operating results. As a result, the Hoya Group consists of three reported segments: the Information Technology business, the Life Care business and the Others business, which are consistent with the above business domains. In the Information Technology business, the Group is engaged in an extensive group of application products that have been developed following the digitalization of information and the emergence of the internet. The Group produces and sells a broad array of I/O related products (Input/Outpur Device) in the information and communication sector, including electronics-related products that are essential for the modern digital information and communication technologies, and image-related products that are necessary to import picture and video images as digital information based on optical technologies. In the Life Care business, the Group produces and sells healthcare related products that are used in the healthcare and medical sectors on a daily basis, and medical products, including medical equipment and medical materials that are used in medical treatments. In operating this business, approvals and permissions typically need to be obtained in accordance with the Pharmaceutical Affairs Act and other regulations, so that sophisticated technologies and highly reliable quality control systems are the critical elements for operating this business. The Others business mainly includes the business that provides information system services and new businesses. The main products and services of the reported segment that have been determined in the manner described above are as follows: The new classification from this fiscal year "reported segment" is as follows: Business Segment Products and Services Photomasks and Maskblanks for semiconductors, Electronics related products Masks and Devices for liquid-crystal displays (LCDs) Information Glass disks for hard disk drives (HDDs), etc. Technology Optical lenses, optical glasses, Imaging related products Degital cameras, Interchangeable lenses, Digital camera modules, Optical Devices, Lazer equipments, etc. Health Care related products Eyeglass lenses, Contact lenses, etc. Life Care Medical related products Endoscopes, Intraocular lenses, Artificial bone, etc. Others Design of information systems, etc.2. Others Following the revision of the Accounting Standard and the Guidance on Accounting Standard for Disclosures about Segments of an Enterprise and Related Information, the Company will disclose information about geographical segments or overseas sales as information associated with regions, which are disclosure items of related information at the time of the (full-year) settlement of results. 9
  11. 11. (5) Composition of Net Sales by Business Category HOYA CORPORATION and Consolidated Subsidiaries Millions of Yen Three months ended Three months ended Variance (%) Business Category Dec.31, 2010 Dec.31, 2009 Sep. 30, 2010 Information Technology Domestic 18,253 ( 31.7 ) 17,575 ( 31.0 ) 678 3.9 18,232 ( 32.4 ) Overseas 39,298 ( 68.3 ) 39,195 ( 69.0 ) 103 0.3 38,050 ( 67.6 ) total 57,551 [ 53.1 ] 56,770 [ 53.1 ] 781 1.4 56,282 [ 52.5 ] Life Care Domestic 22,079 ( 43.7 ) 20,391 ( 41.1 ) 1,688 8.3 23,116 ( 45.9 ) Overseas 28,414 ( 56.3 ) 29,167 ( 58.9 ) -753 -2.6 27,272 ( 54.1 ) total 50,494 [ 46.6 ] 49,559 [ 46.4 ] 935 1.9 50,388 [ 47.1 ] Others Domestic 246 ( 62.4 ) 350 ( 63.8 ) -104 -29.7 238 ( 60.9 ) Overseas 147 ( 37.6 ) 199 ( 36.2 ) -52 -26.1 153 ( 39.1 ) total 394 [ 0.3 ] 549 [ 0.5 ] -155 -28.2 391 [ 0.4 ] Corporate Domestic - ( - ) - ( -) - - - ( -) Overseas 9 ( 100.0 ) 0 ( 100.0 ) 9 - 13 ( 100.0 ) total 9 [ 0.0 ] 0 [ 0.0 ] 9 - 13 [ 0.0 ] Total Net Sales Domestic 40,579 ( 37.4 ) 38,317 ( 35.9 ) 2,262 5.9 41,586 ( 38.8 ) Overseas 67,870 ( 62.6 ) 68,561 ( 64.1 ) -691 -1.0 65,489 ( 61.2 ) Total 108,449 [ 100.0 ] 106,878 [ 100.0 ] 1,571 1.5 107,075 [ 100.0 ]Notes: 1. The Company has changed the segmentation from this fiscal year. The results of the same period last year were re-classificated by the new segmentation policy. 2. Figures of less than a million yen are omitted. 3. Figures in ( ) are percentages of business category sales. 4. Figures in [ ] are percentages of total net sales. 10
  12. 12. January 31, 2011 Part 2. Nine Months : from April 1 to December 31, 20101. Nine Months Financial Highlights HOYA CORPORATION and Consolidated Subsidiaries1.Performance for the nine months ended Dec. 31, 2010 and 2009 ( The yen amounts shown therein are rounded down to the nearest million.) Nine months ended Variance Year ended (1)Results of Operations Dec.31,2010 Dec.31,2009 (%) Mar.31,2010 Net sales 321,117 308,685 4.0 413,524 Operating income 58,805 46,999 25.1 64,327 Ordinary income 51,643 40,793 26.6 57,805 Net income 47,126 25,993 81.3 37,875 Net income per share(Yen) 109.24 60.05 87.52 As of (2)Financial Position Dec.31,2010 Mar.31,2010 Dec.31,2009 Total assets 546,352 549,736 552,748 Net assets 346,079 351,472 340,881 Owners equity ratio 62.9% 63.5% 61.3% Net assets per share (Yen) 796.60 809.12 782.28 Nine months ended Year ended (3) Conditions of Cash Flows Dec.31,2010 Dec.31,2009 Mar.31,2010 Net cash provided by operating activities 71,097 59,178 83,981 Net cash used in investing activities -32,007 -27,945 -40,723 Net cash provided by (used in ) financing activities -30,884 -70,848 -84,976 Cash and cash equivalents at end of period 162,234 170,511 167,9382.Dividends per Share Years ending/ended Mar.31,2011 Mar.31,2010 Interim (Yen) 30.00 30.00 Year-end (Yen) N/A 35.00 Annual (Yen) N/A 65.003.Projected Results for the Year ending March 31, 2011 Years ending/ended Variance Mar.31,2011 Mar.31,2010 (%) Net sales 423,000 413,524 2.3 Operating income 75,000 64,327 16.6 Ordinary income 67,000 57,805 15.9 Net income 57,000 37,875 50.5 Net income per share (Yen) 132.13 87.52 44.61Note: To calculate expected net income per share, expected net income is devided by expected average number of shares through the term. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from that anticipated in these statements. These factors include changes in economic conditions, trends in our major markets, or currency exchange rates. 11
  13. 13. 2. Consolidated Financial Statements(1) Consolidated Balance Sheets HOYA CORPORATION and Consolidated Subsidiaries Millions of Yen As of Dec.31,2010 Mar.31,2010 Variance Dec.31,2009 ASSETS Current assets Cash and deposits 178,132 173,307 4,825 174,875 Notes and accounts receivable - trade 91,077 93,612 -2,535 93,608 Securities 10,000 - 10,000 - Merchandise and finished goods 30,046 26,590 3,456 28,539 Work in process 7,633 8,804 -1,171 8,964 Raw materials and supplies 23,683 26,070 -2,387 25,620 Deferred tax assets 6,449 5,973 476 5,427 Other current assets 11,736 12,713 -977 11,027 Allowance for doubtful receivables -1,495 -1,825 330 -1,839 Total current assets 357,265 345,247 12,018 346,224 Fixed asstes Tangible fixed assets Buildings and structures (net) 34,519 36,957 -2,438 35,507 Machinery and vehicles (net) 32,625 38,715 -6,090 41,598 Tools, equipment and fixtures (net) 15,980 15,793 187 15,851 Lands 16,703 15,817 886 14,383 Construction in progress 14,013 11,905 2,108 9,276 Total tangible fixed assets 113,842 119,189 -5,347 116,617 Intangible fixed assets 18,017 24,569 -6,552 25,644 Investments and other assets Investment securities 22,089 11,054 11,035 9,984 Deferred tax assets 27,963 32,656 -4,693 37,151 Other assets 7,530 17,523 -9,993 17,628 Allowance for doubtful receivables -356 -504 148 -502 Total investment and other assets 57,226 60,730 -3,504 64,262 Total fixed assets 189,087 204,489 -15,402 206,524 TOTAL ASSETS 546,352 549,736 -3,384 552,748 12
  14. 14. HOYA CORPORATION and Consolidated Subsidiaries Millions of Yen As of Dec.31,2010 Mar.31,2010 Variance Dec.31,2009LIABILITIESCurrent liabilities Notes and accounts payable - trade 40,273 33,128 7,145 36,251 Short-term debt 285 334 -49 382 Long-term loans scheduled for repayment within a year 1,760 3,277 -1,517 3,615 Commercial paper - - - 9,997 Accrued expenses 16,822 16,151 671 18,510 Income tax payable 2,451 4,469 -2,018 4,919 Accrued bonuses to employees 3,070 4,717 -1,647 2,437 Accrued bonuses for directors - - - 38 Accrued warranty cost 845 879 -34 749 Other current liabilities 22,248 21,031 1,217 18,996 Total current liabililties 87,757 83,989 3,768 95,898Long-term liabilities Corporate bonds 99,983 99,978 5 99,977 Long-term loans payable 457 1,829 -1,372 2,423 Allowance for retirement benefits for employees 8,221 8,244 -23 8,182 Reserve for special repairs 979 917 62 1,223 Other long-term liabilities 2,874 3,304 -430 4,161 Total long-term liabilities 112,515 114,274 -1,759 115,968Total Liabilities 200,273 198,264 2,009 211,867NET ASSETSShareholders equity Common stock 6,264 6,264 - 6,264 Capital surplus 15,898 15,898 - 15,898 Retained earnings 396,800 377,727 19,073 365,958 Treasury stock - at cost -10,985 -11,010 25 -7,972 Total shareholders equity 407,977 388,879 19,098 380,148Valuation and translation adjustments Net unrealized gain (loss) on other marketable securities 122 147 -25 -219 Foreign currency translation adjustments -64,441 -39,974 -24,467 -41,309 Total valuation and translation adjustments -64,319 -39,827 -24,492 -41,529Stock acquisition rights 1,630 1,231 399 1,183Minority interest 790 1,188 -398 1,078Total Net Assets 346,079 351,472 -5,393 340,881TOTAL LIABILITIES AND NET ASSETS 546,352 549,736 -3,384 552,748Notes: Millions of Yen 1. Guarantees of borrowings and lease obligations for customers and Groups employees 1,451 1,632 1,654 2. Value of discount on notes receivable 1,089 427 944 3. Number of shares of treasury stock (unit:stocks) 3,609,940 3,617,264 2,157,112 13
  15. 15. (2) Consolidated Statements of Income HOYA CORPORATION and Consolidated Subsidiaries Millions of Yen Nine months ended Variance Year ended Dec.31, 2010 Dec.31, 2009 Value (%) Mar.31, 2010 Net sales 321,117 308,685 12,432 4.0 413,524 Cost of sales 173,178 174,985 -1,807 -1.0 233,075 Gross profit 147,939 133,699 14,240 10.7 180,449 Selling, general and administrative expenses 89,133 86,700 2,433 2.8 116,121 Operating income 58,805 46,999 11,806 25.1 64,327 Non-operating income Interest income 581 624 -43 831 Equity in earnings of associated companies 538 - 538 255 Others 2,208 3,617 -1,409 4,560 Total non-operating income 3,328 4,242 -914 -21.5 5,647 Non-operating expenses Interest expense 1,461 1,692 -231 2,205 Equity in loss of associated companies - 873 -873 - Loss on foreign exchange 7,370 5,821 1,549 6,488 Depreciation and amortization - - - 417 Others 1,658 2,061 -403 3,057 Total non-operating expenses 10,491 10,448 43 0.4 12,169 Ordinary income 51,643 40,793 10,850 26.6 57,805 Extra-ordinary gains Gain on sales of property, plant and equipment 98 255 -157 287 Gain on business transfer 10,342 - 10,342 - Received commission for previous years - - - 1,013 Others 651 77 574 222 Total extra-ordinary gains 11,093 333 10,760 - 1,523 Extra-ordinary losses Loss on sales of property, plant and equipment 36 637 -601 658 Loss on disposal of property, plant and equipment 1,862 266 1,596 1,012 Loss on impairment - 789 -789 833 Loss on write-down of investment securities 361 253 108 586 Additional retirement benefits paid to employees 1,946 1,691 255 1,932 Loss on liquidation of subsidiaries 1,068 - 1,068 - Influence from application of new accounting standard 905 - 905 - Expense for improvements on environment 579 2,246 -1,667 1,882 Loss regarding Antimonopoly Act - - - 1,446 Others 172 2,124 -1,952 1,215 Total extra-ordinary losses 6,932 8,010 -1,078 -13.5 9,568 Income before income taxes and minority interests 55,804 33,116 22,688 68.5 49,761 Income taxes - Current 4,173 6,642 -2,469 -37.2 7,127 Income taxes - Deferred 4,725 316 4,409 - 4,461 Total income taxes 8,898 6,959 1,939 27.9 11,589 Income before minority interests 46,905 - 46,905 - - Minority interests in net income -221 163 -384 -235.6 296 Net income 47,126 25,993 21,133 81.3 37,875 Net income per share(Yen) 109.24 60.05 49.19 87.52 Net income per share after adjustment of potential shares(Yen 109.17 60.00 49.17 87.44Notes: 1. Effect of Exchange Rate Change on Net Sales and Incomes ("2010 A" is the actual value of this period. " 2010 B" is the nominal value of this period which temporarily exchanged by the currency rate of the same period last year. unit : millions of Yen) 2010 A 2010 B influences Net sales 321,117 335,064 -13,947 Operating income 58,805 60,675 -1,870 Ordinary income 51,643 53,787 -2,144 Net income 47,126 49,153 -2,027 Nine months ended Year ended 2. Average rates of major foreign currencies Dec.31, 2010 Dec.31, 2009 Variance(% ) Mar.31, 2010 US$ Yen 86.18 93.23 7.6% 92.61 Euro Yen 112.22 133.01 15.6% 130.68 Thai Baht Yen 2.75 2.75 0.0% 2.75 14
  16. 16. (3) Consolidated Statements of Cash Flows HOYA CORPORATION and Consolidated Subsidiaries Millions of Yen Nine months ended Year ended Dec.31,2010 Dec.31,2009 variance Mar.31,2010OPERATING ACTIVITIES: Income before income taxes and minority interests 55,804 33,116 22,688 49,761 Depreciation and amortization 23,606 25,552 -1,946 34,503 Loss on impairment of long-lived assets - 789 -789 833 Provision for (reversal of ) accrued allowances for doubtful receivables -319 -915 596 -889 Provision for (reversal of ) accrued bonuses to employees -1,596 -2,323 727 -49 Provision for (reversal of ) reserve for special repairs 61 224 -163 -81 Provision for (reversal of ) reserve for retirement benefit 89 -324 413 -282 Interest and dividend income -637 -679 42 -885 Interest expense 1,461 1,692 -231 2,205 Foreign exchange loss (gain) 2,707 6,589 -3,882 6,975 Equity in (earnings) losses of affiliates -538 873 -1,411 -255 Gain (loss) on sales of fixed assets -62 382 -444 370 Loss on disposal of fixed assets 1,862 266 1,596 1,012 Loss (gain) on evaluation of investment securities 361 253 108 586 Gain (loss) on transfer of business -10,342 - -10,342 - Special additional retirement benefits paid to employees 1,946 1,691 255 1,932 (Increase) decrease in notes and accounts receivable -1,968 -10,118 8,150 -10,829 (Increase) decrease in inventories -7,571 7,903 -15,474 9,990 (Increase) decrease in other current assets -1,517 -1,291 -226 -1,743 Increase (decrease) in notes and accounts payable 9,140 6,631 2,509 3,499 Increase (decrease) in income taxes payable 330 609 -279 651 Increase (decrease) in other current liabilities 6,084 2,913 3,171 3,747 Other 37 -36 73 -57 Sub total 78,939 73,799 5,140 100,996 Interest and dividend - received 640 745 -105 900 Interest - paid -1,009 -1,227 218 -2,037 Special additional retirement benefits paid to employees - paid -1,419 -6,163 4,744 -6,799 Income taxes - paid -7,422 -9,545 2,123 -10,726 Refund of income taxes 1,368 1,570 -202 1,648 Net cash provided by operating activities 71,097 59,178 11,919 83,981INVESTING ACTIVITIES: Payments for time deposit -2,288 -2,341 53 -3,156 Proceeds from refund of time deposit 1,257 4,700 -3,443 4,652 Payments for purchases of securities -10,000 - -10,000 - Payments for purchases of property, plant and equipment -30,250 -15,224 -15,026 -26,650 Proceeds from sales of property, plant and equipment 972 1,893 -921 2,049 Payments for purchases of investment securities -10,569 - -10,569 - Proceeds from sales of investment securities - 42 -42 42 Payments for acquisition of subsidiarys stocks for consolidation - -3,422 3,422 -3,422 Payments on merger to minority shareholders -20 -72 52 -84 Proceeds from business transfer 20,653 - 20,653 - Payments for other investments -2,196 -14,107 11,911 -14,892 Proceeds from other investments 433 586 -153 739 Net cash used in investing activities -32,007 -27,945 -4,062 -40,723FINANCING ACTIVITIES: Net increase (decrease) in short-term bank loans -48 -1,761 1,713 -1,810 Net increase (decrease) in commercial paper - -31,980 31,980 -41,978 Proceeds from long-term bank loans - 225 -225 225 Repayments of long-term debt -2,756 -8,212 5,456 -9,144 Proceeds from exercise of stock options 14 - 14 110 Proceeds from sales of treasury stock - 6 -6 0 Payments for purchase of treasury stock -4 -2 -2 -3,275 Dividends paid -28,020 -28,254 234 -28,236 Dividends paid for minority shareholders -69 -158 89 -158 Payments for purchase of subsidiarys treasury stock - -709 709 -709 Net cash provided by (used in) financing activities -30,884 -70,848 39,964 -84,976EFFECT OF EXCHANGE RATE CHAN GES ON CASH AND CASH EQUIVALENTS -13,909 2,197 -16,106 1,728NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS -5,704 -37,416 31,712 -39,989CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD 167,938 207,928 -39,990 207,928CASH AND CASH EQUIVALENTS, END OF PERIOD 162,234 170,511 -8,277 167,938Notes: 1. Negativ e figures with minus in the consolidated statements of cash flows indicate net outflow of cash and c ash equivalents . 2. The above statements are direct translation from Kessan Tanshin which was made under the Japanese Accounting Standard. 15
  17. 17. (4) Segment Information HOYA CORPORATION and Consolidated Subsidiaries for the nine months ended Dec. 31, 2010 Millions of Yen Information Elimination Consoli- Life Care Others Total or corporate dated Technology Net sales: To outside customers 169,481 150,455 1,158 321,095 22 321,117 Intersegment 413 12 2,642 3,068 -3,068 - Total 169,894 150,468 3,800 324,163 -3,045 321,117 Operating income 34,516 29,396 601 64,514 -5,709 58,805 Operating margin 20.3% 19.5% 15.8% 19.9% - 18.3% for the nine months ended Dec. 31, 2009 Millions of Yen Information Elimination Consoli- Life Care Others Total or corporate dated Technology Net sales: To outside customers 158,608 148,189 1,886 308,684 0 308,685 Intersegment 81 18 2,911 3,012 -3,012 - Total 158,689 148,208 4,798 311,696 -3,011 308,685 Operating income 23,558 28,668 89 52,316 -5,317 46,999 Operating margin 14.8% 19.3% 1.9% 16.8% - 15.2% Ref : Difference between the nine months of this year and the same period last year Millions of Yen Information Elimination Consoli- Life Care Others Total or corporate dated Technology Net sales: To outside customers 10,873 2,266 -728 12,411 22 12,432 Variance (%) 6.9% 1.5% -38.6% 4.0% - 4.0% Intersegment 332 -6 -269 56 -56 - Total 11,205 2,260 -998 12,467 -34 12,432 Operating income 10,958 728 512 12,198 -392 11,806 Variance (%) 46.5% 2.5% 575.3% 23.3% 7.4% 25.1%Re: The Company has changed the segmentation from this fiscal year. The results of the same period last year were re-classificated by the new segmentation policy: 16
  18. 18. (5) Composition of Net Sales by Business Category HOYA CORPORATION and Consolidated Subsidiaries Millions of Yen Nine months ended Year ended Variance (%) Business Category Dec.31, 2010 Dec.31, 2009 Mar. 31, 2010 Information Technology Domestic 53,642 ( 31.7 ) 50,794 ( 32.0 ) 2,848 5.6 68,469 ( 32.2 ) Overseas 115,838 ( 68.3 ) 107,813 ( 68.0 ) 8,025 7.4 143,859 ( 67.8 ) total 169,481 [ 52.7 ] 158,608 [ 51.4 ] 10,873 6.9 212,328 [ 51.3 ] Life Care Domestic 66,491 ( 44.2 ) 61,712 ( 41.6 ) 4,779 7.7 82,270 ( 41.4 ) Overseas 83,964 ( 55.8 ) 86,476 ( 58.4 ) -2,512 -2.9 116,633 ( 58.6 ) total 150,455 [ 46.8 ] 148,189 [ 48.0 ] 2,266 1.5 198,903 [ 48.1 ] Others Domestic 672 ( 58.0 ) 1,291 ( 68.5 ) -619 -47.9 1,526 ( 66.6 ) Overseas 485 ( 42.0 ) 595 ( 31.5 ) -110 -18.5 763 ( 33.4 ) total 1,158 [ 0.5 ] 1,886 [ 0.6 ] -728 -38.6 2,290 [ 0.6 ] Corporate Domestic - ( -) - ( -) - - - ( -) Overseas 22 ( 100.0 ) 0 ( 100.0 ) 22 - 2 ( 100.0 ) total 22 [ 0.0 ] 0 [ 0.0 ] 22 - 2 [ 0.0 ] Total Net Sales Domestic 120,806 ( 37.6 ) 113,799 ( 36.9 ) 7,007 6.2 152,266 ( 36.8 ) Overseas 200,310 ( 62.4 ) 194,885 ( 63.1 ) 5,425 2.8 261,258 ( 63.2 ) Total 321,117 [ 100.0 ] 308,685 [ 100.0 ] 12,432 4.0 413,524 [ 100.0 ]Notes: 1. The Company has changed the segmentation from this fiscal year. The results for the last fiscal year were re-classificated by the new segmentation policy. 2. Figures of less than a million yen are omitted. 3. Figures in ( ) are percentages of business category sales. 4. Figures in [ ] are percentages of total net sales. 17
  19. 19. 3. Projected Results for the Full Year (Year ending Mar. 31, 2011) Millions of Yen Years ending/ended variance Mar.31,2011 Mar.31,2010 (%) Net sales 423,000 413,524 ( 2.3 ) Operating income 75,000 64,327 ( 16.6 ) Ordinary income 67,000 57,805 ( 15.9 ) Net income 57,000 37,875 ( 50.5 ) Net income per share (Yen) 132.13 87.52 44.61Ref: for the 4th quarter Millions of Yen 1. Year-on-year comparison Three months ending/ended variance Mar.31,2011 Mar.31,2010 (%) Net sales 101,883 104,839 ( -2.8 ) Operating income 16,195 17,328 ( -6.5 ) Ordinary income 15,357 17,012 ( -9.7 ) Net income 9,874 11,882 ( -16.9 ) Net income per share (Yen) 22.89 27.48 -4.59 Millions of Yen 2. Quarter-on-quarter comparison Three months ending/ended variance Mar.31,2011 Dec.31,2010 (%) Net sales 101,883 108,449 ( -6.1 ) Operating income 16,195 19,897 ( -18.6 ) Ordinary income 15,357 17,997 ( -14.7 ) Net income 9,874 13,210 ( -25.3 ) Net income per share (Yen) 22.89 30.62 -7.73 These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from that anticipated in these statements. These factors include changes in economic conditions, trends in our major markets, or currency exchange rates. 18

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