• Share
  • Email
  • Embed
  • Like
  • Save
  • Private Content
02 18-14 kikkoman results-q3
 

02 18-14 kikkoman results-q3

on

  • 89 views

 

Statistics

Views

Total Views
89
Views on SlideShare
89
Embed Views
0

Actions

Likes
0
Downloads
0
Comments
0

0 Embeds 0

No embeds

Accessibility

Categories

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

    02 18-14 kikkoman results-q3 02 18-14 kikkoman results-q3 Document Transcript

    • (Supplementary Schedules) Business Performance Presentation for the Nine-Month Period Ended December 31, 2013 First Nine Months of Fiscal 2014 Kikkoman Corporation
    • Index page I. Major consolidated performance indicators 1 II. Business performance 1. Scope of consolidation and application of the equity method and exchange rates 2 2. Consolidated segment information 3 3. Consolidated segment information in Japan 4 4. Consolidated segment information Overseas 5 5. Non-operating income (expenses) and Extraordinary income (loss) 6 6. Consolidated balance sheets 7 Forecasts throughout this document were based on the economic environment as of the time they were prepared. Kikkoman therefore wishes to caution readers that actual results may differ materially from forecasts due to a number of unpredictable factors.
    • I. Major consolidated performance indicators Six months Six months Six months ended ended ended September 30, September 30, September 30, 2011 2012 2013 Consolidated Results Net Sales millions of yen YoY Change % Operating Income millions of yen (Operating Income Ratio to Net Sales) % YoY Change % Ordinary Income millions of yen (Ordinary Income Ratio to Net Sales) % % Net Income (Net Income Ratio to Net Sales) YoY Change Net Asset per Share Net Income per Share Diluted Net Income per Share Cash Dividends Per Share Dividend Payout Ratio (Consolidated) Total Net Assets Shareholders' Equity Total Assets Shareholders' Equity Ratio D/E Ratio Dividend on Equity ROE Ordinary Income to Total Assets Share Price as of Term-end PER Cash Flows from Operating Activities Cash Flows from Investing Activities Cash Flows from Financing Activities millions of yen % % Term-end Cash and Cash Equivalents Free Cash Flows Free Cash Flows per Share millions of yen millions of yen Interest-bearing Debt Capital Expenditures (For Property, Plant and Equipment) Depreciation and Amortization (On Property, Plant and Equipment) R&D Costs Net Financial Income (Loss) Average Term Exchange Rate No. of Employees No. of Shares Issued and Outstanding at Term-end millions of yen yen yen yen yen % millions of yen millions of yen millions of yen % % % % % yen times millions of yen millions of yen millions of yen yen millions of yen millions of yen millions of yen millions of yen millions of yen millions of yen yen/US$ people thousand 141,834 (1.2) 9,363 6.6 (9.0) 8,176 5.8 (9.8) 4,391 3.1 (3.3) 21.41 157,598 156,029 293,264 53.2 57.8 2.8 2.8 890 7,052 (11,045) (2,747) 147,125 2013.3 Actual 2014.3 Forecast 300,245 - - 11,006 (7,985) (27,245) 12,407 (10,530) (2,906) 283,239 (0.1) 17,764 6.3 (7.5) 15,242 5.4 (9.0) 8,983 3.2 15.6 808.40 43.80 15.00 34.2 167,352 165,762 331,371 50.0 71.8 1.9 5.5 4.8 957 21.8 16,384 (24,632) 25,797 20,513 (3,525) (17.19) 20,832 4,488 22.27 27,763 2,524 12.63 45,867 (615) (3.00) 27,754 12,237 60.97 90,176 10,646 9,688 6,021 5,642 1,795 (341) 79.73 5,278 99,491 6,248 5,844 5,810 5,438 1,757 (355) 79.43 5,457 98,573 10,771 9,961 6,223 5,815 1,742 (190) 97.99 5,569 119,039 18,014 16,675 12,607 11,997 3,567 (783) 79.30 5,316 97,605 14,199 13,374 12,161 11,399 3,727 (640) 83.23 5,473 205,111 10,316 7.0 9,167 6.2 4,780 3.2 23.72 159,756 158,108 305,004 51.8 62.9 168,403 14.5 12,662 7.5 22.7 11,286 6.7 23.1 7,156 4.2 49.7 2012.3 Actual 35.80 35.78 201,515 200,206 355,570 56.3 49.2 3.0 2.9 1,067 199,775 3.7 3.3 1,795 199,930 205,051 19,808 6.6 18,700 6.2 11,006 3.7 931.70 54.84 20.00 36.5 187,459 186,168 337,051 55.2 52.4 2.3 6.3 5.6 1,657 30.2 24,738 (15,698) (29,331) 199,732 337,000 12.2 23,200 6.9 17.1 21,000 6.2 12.3 12,500 3.7 13.6 62.53 18.00 28.8 17,100 15,200 12,700 11,900 96.60 - (Notes) 1. Net sales do not include consumption and other taxes. 2. Free cash flows = Cash flows from operating activities – Purchase of property, plant, equipment and intangible assets + Sales of property plant, eqipment and intangible assets 3. Interest-bearing debt refers to all liabilities on the consolidated balance sheet on which interest is paid. 4. Net financial income = Interest and dividend income – Interest expense 5. Shareholders' equity is computed by subscription rights to shares and minority interests from net assets. 6. D/E ratio = Interest-bearing debt / Shareholders' equity 7. No. of shares issued and outstanding at term-end is computed by treasury stock. 8. Depreciation and Amortization do not include the amortization of goodwill. 9. Certain domestic consolidated subsidiaries have changed their revenue recognition standard, which change is effective from the first quarter of this fiscal year. The change in accounting policy has been retroactively applied to the results for the six months ended September 30, 2012 and the fiscal year ended March 31, 2013. Year-on-year changes are omitted. The cumulative effect of the change in accounting policy on results up to the fiscal year ended March 31, 2012 is reflected in net assets at the beginning of the fiscal year ended March 31, 2013. 10. Consolidated performance indicators for the immediately preceding fiscal year and half year are presented here. - Sup.1 -
    • II. Business performance 1. Scope of consolidation and application of the equity method and exchange rates [Scope of consolidation] Comparison with previous year As of December 31, 2013 Consolidated subsidiaries 45 Equity-method unconsolidated subsidiaries and affiliates As of December 31, 2012 21 Change 43 Particulars 2 + Kikkoman Dairy Company + Nippon Del Monte Agri Company 21 0 Comparison with March 31, 2013 As of December 31, 2013 Consolidated subsidiaries 45 Equity-method unconsolidated subsidiaries and affiliates As of March 31, 2013 21 Change 43 Particulars 2 + Kikkoman Dairy Company + Nippon Del Monte Agri Company 21 0 [Exchange Rates] 2013.12 2012.12 Change Increase (decrease) Period Average End of Term Period Average End of Term (13.4-13.12) (13.12) (12.4-12.12) (12.12) Period Average % End of Term % 99.23 105.39 80.43 86.58 18.80 123.4 18.81 121.7 132.13 145.05 103.24 114.71 28.89 128.0 30.34 126.4 S$ 78.97 83.06 64.59 70.78 14.38 122.3 12.28 117.3 A$ 93.55 93.24 82.83 89.80 10.72 112.9 3.44 103.8 US$ EURO - Sup.2 -
    • 2. Consolidated segment information Net sales ¥ million 2013.12 Japan Soy Sauce Food Products Portion accounted for by soy sauce derivative products Beverages Portion accounted for by soy milk beverages Sake and Wine Eliminations Foods-Manufacturing and sales Others Eliminations Total Overseas Soy Sauce Del Monte Other Foods Foods-Manufacturing and sales Foods-Wholesale Eliminations Total Kikkoman (Holding Company) Eliminations Consolidated Total 2012.12 Change increase (decrease) Change excluding translation difference % % 36,553 45,565 35,895 44,439 657 1,126 101.8 102.5 657 1,126 101.8 102.5 29,908 31,735 28,777 30,691 1,130 1,043 103.9 103.4 1,130 1,043 103.9 103.4 18,548 10,389 (108) 124,135 15,264 (8,525) 130,875 36,428 4,278 6,762 47,468 87,646 (6,080) 129,035 10,328 (11,825) 258,413 16,921 10,126 (108) 121,044 15,405 (8,653) 127,796 27,777 3,382 5,435 36,594 67,243 (4,638) 99,199 9,102 (10,617) 225,480 1,627 263 0 3,091 (140) 128 3,079 8,650 896 1,326 10,874 20,402 (1,441) 29,836 1,226 (1,208) 32,933 109.6 102.6 102.6 99.1 102.4 131.1 126.5 124.4 129.7 130.3 130.1 113.5 114.6 1,627 263 0 3,091 (140) 128 3,079 2,001 86 149 2,237 4,985 (355) 6,867 1,226 (1,208) 9,964 109.6 102.6 102.6 99.1 102.4 107.2 102.6 102.8 106.1 107.4 106.9 113.5 104.4 Operating Income 2013.12 Japan 2012.12 Change increase (decrease) Change excluding translation difference % Foods-Manufacturing and sales Others Total Overseas Foods-Manufacturing and sales Foods-Wholesale Total Kikkoman (Holding Company) Eliminations Consolidated Total 4,443 781 5,250 9,234 4,208 13,350 3,853 (2,845) 19,609 5,884 1,166 7,083 6,639 2,915 9,477 2,521 (2,467) 16,614 (1,441) (385) (1,832) 2,594 1,293 3,872 1,331 (377) 2,994 75.5 67.0 74.1 139.1 144.4 140.9 152.8 Ordinary Income 18,756 15,598 3,158 120.2 913 105.9 Income before income taxes 18,391 14,632 3,759 125.7 1,312 109.0 118.0 (1,441) (385) (1,832) 875 656 1,543 1,331 (626) 416 % 75.5 67.0 74.1 113.2 122.5 116.3 152.8 102.5 Net Income 11,944 9,027 2,917 132.3 1,280 114.2 (Notes) 1. Effects of changes in royalties Royalties between Kikkoman (holding company) and certain domestic companies have changed, with the change effective from the fiscal year under review. With the change, operating income in the domestic business declined approx. 0.6 billion yen, and that at Kikkoman (holding company) rose approx. 0.6 billion yen. 2. Certain domestic consolidated subsidiaries have changed their revenue recognition standard, which change is effective from the first quarter of this fiscal year. The change in accounting policy is retroactively applied to the segment information for the period from April to December, 2012 - Sup.3 -
    • 3. Consolidated segment information in Japan Net sales ¥ million 2013.12 Japan Soy Sauce Food Products Portion accounted for by soy sauce derivative products Beverages Portion accounted for by soy milk beverages Sake and Wine Eliminations Foods-Manufacturing and sales Others Eliminations Total 2012.12 Change increase (decrease) Change excluding translation difference % % 36,553 45,565 35,895 44,439 657 1,126 101.8 102.5 657 1,126 101.8 102.5 29,908 31,735 28,777 30,691 1,130 1,043 103.9 103.4 1,130 1,043 103.9 103.4 18,548 10,389 (108) 124,135 15,264 (8,525) 130,875 16,921 10,126 (108) 121,044 15,405 (8,653) 127,796 1,627 263 0 3,091 (140) 128 3,079 109.6 102.6 102.6 99.1 102.4 1,627 263 0 3,091 (140) 128 3,079 109.6 102.6 102.6 99.1 102.4 Operating Income 2013.12 Japan Foods-Manufacturing and sales Others Total 2012.12 4,443 781 5,250 5,884 1,166 7,083 Change increase (decrease) Change excluding translation difference % (1,441) (385) (1,832) 75.5 67.0 74.1 (1,441) (385) (1,832) % 75.5 67.0 74.1 Analysis of Cause Key Factors in Change in Operating Income (Unit: billions of yen) Japan (¥1.8 billion) 7.1 December 2012 Impact of difference in net sales 0.8 Increase in cost of raw materials, etc. (1.8) Impact of equipment costs and labor costs 0.8 Increase in fixed expenses related to a new factory (0.6) Impact from advertising and promotion costs, etc. (0.5) (0.6) Impact from royalties, etc. Impact of other SG&A expenses December 2013 0.0 5.3 - Sup.4 -
    • 4. Consolidated segment information overseas Net sales ¥ million 2013.12 Overseas North Foods-Manufacturing and sales America Foods-Wholesale Eliminations Total Europe Foods-Manufacturing and sales Foods-Wholesale Eliminations Total Foods-Manufacturing and sales Asia & Oceania Foods-Wholesale Eliminations Total Others Eliminations Total 2012.12 32,559 68,631 (4,405) 96,784 6,612 8,508 (925) 14,194 7,608 7,947 (120) 15,435 20,074 (17,454) 129,035 25,257 53,039 (3,283) 75,013 4,554 6,117 (694) 9,977 6,050 6,343 (109) 12,285 15,908 (13,985) 99,199 Change increase (decrease) Change excluding translation difference % 7,301 15,591 (1,122) 21,771 2,057 2,390 (230) 4,217 1,557 1,603 (11) 3,150 4,166 (3,469) 29,836 128.9 129.4 129.0 145.2 139.1 142.3 125.7 125.3 125.6 126.2 130.1 1,237 2,749 (287) 3,699 611 628 (28) 1,211 234 633 2 870 4,166 (3,081) 6,867 % 104.9 105.2 104.9 113.4 110.3 112.1 103.9 110.0 107.1 126.2 106.9 Operating Income 2013.12 Overseas North Foods-Manufacturing and sales America Foods-Wholesale Total Foods-Manufacturing and sales Europe Foods-Wholesale Total Asia & Foods-Manufacturing and sales Oceania Foods-Wholesale Total Others Total 2012.12 6,117 2,713 8,721 1,672 509 2,191 1,077 368 1,452 1,000 13,350 Change increase (decrease) 4,443 2,037 6,410 1,105 163 1,254 807 273 1,090 729 9,477 Change excluding translation difference % 1,674 675 2,310 567 345 936 270 95 362 270 3,872 137.7 133.2 136.0 151.3 311.0 174.6 133.5 134.8 133.3 137.1 140.9 511 170 668 207 241 475 67 47 109 270 1,543 % 111.5 108.4 110.4 118.8 247.4 137.9 108.4 117.2 110.0 137.1 116.3 Analysis of Cause Key Factors in Change in Operating Income (Unit: billions of yen) Overseas + ¥3.9 billion December 2012 YoY changes in overseas soy sauce sales (%) 9.5 North America Europe Asia & Oceania 3rd 1st half Three quarters quarter Actual Actual Actual Apr.–Sep. Apr.–Dec. 103 Oct.–Dec. 109 104 110 116 112 106 104 105 1.9 Impact of difference in net sales 0.3 Impact of price revisions Increase in cost of raw materials, etc. (0.3) (0.7) Impact of SG&A expenses Decrease in wholesale purchasing costs due to foreign exchange fluctuations 0.3 0.0 Other 2.3 Translation differences 13.4 December 2013 - Sup.5 -
    • 5. Non-operating income (expenses) and extraordinary income (loss) [Consolidated Total] ¥ million 2013.12 2012.12 Operating Income 19,609 16,614 Financial income (expenses) and dividends income Equity in earnings (loss) of affiliates Other Total non-operating income (expenses) (235) 883 (1,501) (853) (437) 632 (1,211) (1,016) Ordinary income 18,756 15,598 Gain on sales of property, plant and equipment Gain on sales of investment securities Subsidy income Compensation income Total extraordinary income Loss on retirement of noncurrent assets Loss on reduction of noncurrent assets Loss on valuation of investment securities Loss on valuation of golf membership Compensation associated with end of transactions Other Total extraordinary loss Total extraordinary income (loss) 1,074 94 1,168 859 2 671 1,533 (364) 266 1 854 635 1,759 448 854 1,323 29 69 2,724 (965) Change increase (decrease) 2,994 201 251 (289) 163 3,158 807 92 (854) (635) (590) 411 (854) (1,323) (26) 671 (69) (1,191) 601 % Change excluding translation difference % 118.0 416 102.5 139.8 - 195 230 70 496 136.5 - 120.2 913 105.9 56.3 - 605 92 (854) (635) (792) 411 (854) (1,323) (26) 671 (69) (1,191) 399 66.4 55.0 56.3 - Income before income taxes and minority interests 18,391 14,632 3,759 125.7 1,312 109.0 Income taxes Income before minority interests Minority interests in income 6,400 11,990 45 5,520 9,112 85 880 2,878 (39) 116.0 131.6 53.9 74 1,238 (42) 101.3 113.6 50.1 Net income 11,944 9,027 2,917 132.3 1,280 114.2 - Sup.6 -
    • 6. Consolidated balance sheets As of December 31, 2013 (Compared with 2013.3) Total Asset = 377,113 +40,061 Translation Difference +10,740 (¥ million) Current assets Cash and deposits Notes and accounts receivabletrade Inventories Deferred tax assets Other +10,705 +1,179 +6,861 +865 (1,005) +2,805 +11.34 EURO 145.05 Actual Difference US$ 105.39 +24.32 29,321 Liabilities Interest-bearing debt Trade notes and accounts payable, other accounts payable Income tax payable Provision for retirement benefits Deferred tax liabilities Other Noncurrent assets Property, plant and equipment Intangible assets [Goodwill Investments and other assets [Investment securities +18,615 +2,314 (780) (1,248) ] +17,081 +16,615 ] Net assets Retained earnings Valuation difference on available-for-sale securities Foreign currency translation adjustment Minority interests Other - Sup.7 - +7,426 +3,969 +178 (246) (598) +3,901 +222 +21,894 +6,583 +9,832 +5,176 +65 +238