Sumitomo Osaka Cement 2011 Q3 Results

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  • 1. Summary of Consolidated Financial Results of Sumitomo Osaka Cement Co., Ltd. for the Third Quarter of Fiscal 2011, Ending March 31, 2011 (Japan GAAP) February 10, 2011Company: Sumitomo Osaka Cement Co., Ltd.Shares listed: Tokyo Stock Exchange and Osaka Securities ExchangeStock code: 5232URL: http://www.soc.co.jp/Representative: Mr. Fukuichi Sekine, PresidentFor further information please contact: Mr. Akira Saito,Executive Officer,General Manager,General Affairs DepartmentFiling date of Quarterly Report: February 10, 2011Scheduled date of start of dividend payment:   -Supplementary materials for the quarterly financial results: NoInvestor conference for the quarterly financial results: No     (Figures are rounded down to the nearest million)1. Consolidated Financial Results for the Third Quarter of Fiscal 2011, Ending March 31, 2011 (April 1, 2010 - December 31, 2010)(1) Consolidated Results    (Percentage changes relative to previous corresponding period) Net Sales Operating Income Ordinary Income Net Income Millions of yen % Millions of yen % Millions of yen % Millions of yen % 3Q of FY 2011 149,261 2.8 5,350 192.5 4,541 635.6 1,134 - 3Q of FY 2010 145,148 (10.3) 1,828 (66.3) 617 (86.9) (871) - EPS Diluted EPS Yen Yen 3Q of FY 2011 2.72 ― 3Q of FY 2010 (2.09) ―(2) Consolidated Financial Position Total Assets Net Assets Equity ratio Net Assets per Share Millions of yen Millions of yen % Yen 3Q of FY 2011 320,406 130,928 40.4 311.01 FY 2010 311,968 125,197 39.6 296.78(Reference) Total Equity 3Q of FY 2011: 129,507 millions of yen   FY 2010: 123,601 millions of yen2. Dividends Dividends per share(Record Date) First Quarter Second Quarter Third Quarter Year-End Annual Yen Yen Yen Yen Yen FY2010 ― 0.00 ― 4.00 4.00 FY2011 ― 0.00 ― FY2011 4.00 4.00 (Planned)Note1: Revisions to dividend forecast in the current period: No .3.Forecast of Consolidated Financial Results for Fiscal 2011 (April 1, 2010—March 31, 2011)              (Percentage changes relative to the previous corresponding period)€€ Net Sales Operating Income Ordinary Income Net Income EPS Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen Full Year 195,000 (0.0) 5,500 81.1 4,000 282.1 300 ― 0.72Note2: Revision of consolidated earnings estimates in the third quarter: NoNote3: Explanation regarding the appropriate use of the forecast of financial results and other special considerations. The above forecast figures are based on assumptions and beliefs in light of information available to management at the time of document preparation. Readers are advised that actual results may differ materially from the forecast due to a variety of factors. ‐1‐
  • 2. 4.Consolidated Financial Statement for the Third Quarter of Fiscal 2011(1)Consolidated Balance Sheets (Millions of Yen) End Fiscal Year 2010, Condensed End Third Quarter of Fiscal 2011 Consolidated Balance Sheet (as of December 31, 2010) (as of March 31, 2010)ASSETS Current assets:  Cash and deposits 28,412 31,072  Notes and accounts receivable-trade 44,996 38,560  Short-term investment securities 0 0  Merchandise and finished goods 7,713 8,180  Work in process 2,545 1,669  Raw materials and supplies 9,886 9,022  Deferred tax assets 1,259 1,816  Short-term loans receivable 256 307  Other 2,093 2,240  Allowance for doubtful accounts (306) (296)  Total current assets 96,856 92,573 Noncurrent assets:  Property, plant and equipment:   Buildings and structures 151,080 149,886    Accumulated depreciation (98,391) (96,088)    Buildings and structures, net 52,689 53,797   Machinery, equipment and vehicles 371,839 364,578    Accumulated depreciation (315,419) (305,604)    Machinery, equipment and vehicles, net 56,420 58,973   Land 39,427 40,184   Construction in progress 4,135 5,746   Other 31,924 31,639    Accumulated depreciation (16,854) (16,434)    Other, net 15,069 15,204   Total property, plant and equipment 167,742 173,906  Intangible assets   Goodwill 15 110   Other 3,858 3,802   Total intangible assets 3,874 3,912  Investments and other assets:   Investment securities 44,147 33,366   Long-term loans receivable 1,529 1,397   Deferred tax assets 882 923   Other 5,798 6,404   Allowance for Doubtful accounts (424) (515)   Total investments and other assets 51,933 41,575  Total noncurrent assets 223,550 219,395 Total assets 320,406 311,968 ‐2‐
  • 3. (Millions of Yen) End Fiscal Year 2010, Condensed End Third Quarter of Fiscal 2011 Consolidated Balance Sheet (as of December 31, 2010) (as of March 31, 2010)LIABILITIES Current liabilities  Notes and accounts payable-trade 24,852 23,366  Short-term loans payable 34,250 33,559  Current portion of long-term loans payable 9,607 8,354  Current portion of bonds 12,000 5,000  Income taxes payable 1,014 783  Deferred tax liabilities 0 12  Provision for bonuses 995 2,130  Other 11,918 11,343  Total current liabilities 94,637 84,550 Noncurrent liabilities:  Bonds payable 15,000 22,000  Long-term loans payable 55,704 60,956  Deferred tax liabilities 12,798 8,352  Provision for retirement benefits 1,090 1,095  Provision for directors retirement benefits 256 294  Asset retirement obligations 255 ―  Other 9,732 9,521  Total noncurrent liabilities 94,839 102,220 Total liabilities 189,477 186,771NET ASSETS Shareholders’ equity:  Capital Stock 41,654 41,654  Capital surplus 31,084 31,084  Retained earnings 43,201 43,738  Treasury stock (1,954) (1,941)  Total shareholders’ equity 113,985 114,534 Valuation and translation adjustments:  Valuation difference on available-for-sale securities 15,566 9,101  Foreign currency translation adjustments (44) (34)  Total valuation and translation adjustments 15,522 9,067 Minority interests 1,421 1,595 Total net assets 130,928 125,197Total liabilities and net assets 320,406 311,968 ‐3‐
  • 4. (2)Consolidated Profit and Loss Statement(Through Third Quarter of, Fiscal Year 2011) (Millions of Yen) Through Third Quarter of, Fiscal 2010 Through Third Quarter of, Fiscal 2011 (April 1, 2009 to December 31, 2009) (April 1, 2010 to December 31, 2010)Net sales 145,148 149,261Cost of sales 117,616 117,431Gross profit 27,531 31,830Selling, general and administrative expenses 25,702 26,480Operating income 1,828 5,350Non-operating income: Interest income 57 62 Dividends income 621 1,024 Equity in earnings of affiliates 5 45 Other 568 502 Total non-operating income 1,253 1,634Non-operating expenses: Interest expenses 1,628 1,619 Other 836 824 Total non-operating expenses 2,465 2,443Ordinary income (loss) 617 4,541Extraordinary income: Gain on sales of noncurrent assets 222 27 Gain on sales of investment securities 314 71 Reversal of allowance for doubtful accounts 25 36 Gain on negative goodwill ― 126 Other 1 11 Total extraordinary income 563 273Extraordinary loss: Loss on retirement of noncurrent assets 569 392 Loss on sales of noncurrent assets 2 5 Loss on valuation of investments securities 87 28 Impairment loss 12 1,297 Loss on closing of the ready-mixed concrete plant for rent 1,829 ― Loss on adjustment for changes of accounting standard for asset retirement obligations ― 198 Other 2 2 Total extraordinary losses 2,503 1,924Income (loss) before income taxes and minority interests (1,322) 2,890Income taxes ― current 543 1,054Income taxes ― deferred (992) 636Total income taxes (449) 1,690Loss before minority interests ― 1,200Minority interests in income (1) 65Net income (loss) (871) 1134 ‐4‐
  • 5. (2)Consolidated Profit and Loss Statement(Third Quarter of, Fiscal Year 2011) (Millions of Yen) Third Quarter of, Fiscal 2010 Third Quarter of, Fiscal 2011 (October 1, 2009 to December 31, (October 1, 2010 to December 31, 2009) 2010)Net sales 49,471 54,200Cost of sales 39,365 41,907Gross profit 10,106 12,293Selling, general and administrative expenses 8,871 8,855Operating income 1,234 3,438Non-operating income: Interest income 13 26 Dividends income 171 234 Equity in earnings of affiliates 14 ― Other 236 132 Total non-operating income 435 393Non-operating expenses: Interest expenses 546 536 Equity in losses of affiliates ― 8 Other 286 204 Total non-operating expenses 832 749Ordinary income(loss) 837 3,082Extraordinary income: Gain on sales of noncurrent assets 195 19 Gain on reversal of loss on valuation of investment securities ― 6 Gain on sales of investment securities 258 ― Reversal of allowance for doubtful accounts 5 ― Other 0 ― Total extraordinary income 458 26Extraordinary loss: Loss on retirement of noncurrent assets 108 105 Loss on sales of noncurrent assets 0 ― Loss on valuation of investment securities 32 ― Impairment loss ― 211 Loss on closing of the ready-mixed concrete plant for rent 1,829 ― Other 0 ― Total extraordinary losses 1,970 317Income (loss) before income taxes and minority interests (674) 2,790Income taxes ― current 157 473Income taxes ― deferred (305) 495Total of income taxes (147) 969Income before minority interests ― 1,821Minority interests in income (loss) (19) 32Net income (loss) (507) 1,788 ‐5‐
  • 6. (3)Consolidated Statements of Cash Flows (Millions of Yen) Through Third Quarter of, Fiscal Through Third Quarter of, Fiscal 2010 2011 (April 1, 2009 to December 31, 2009) (April 1, 2010 to December 31, 2010)Net cash provided by (used in) operating activities: Income (loss) before income taxes and minority interests (1,322) 2,890 Depreciation and amortization 15,263 15,443 Impairment loss 12 1,297 Loss on closing of the ready-mixed concrete plant for rent 1,352 ― Amortization of goodwill 122 (28) Increase (decrease) in allowance for doubtful accounts (6) (47) Interest and dividend income (679) (1,086) Interest expenses 1,628 1,619 Foreign exchange losses(gains) 91 216 Equity in (earnings) losses of affiliates (5) (45) Loss (gain) on sales of property, plant and equipment (220) (22) Decrease (increase) in notes and accounts receivable-trade 1,712 (6,413) Decrease (increase) in inventories 2,850 (1,277) Increase (decrease) in notes and accounts payable-trade (5,613) 1,476 Other, net (246) 1,020 Subtotal 14,940 15,042 Interest and dividends income received 668 1,086 Interest expenses paid (1,510) (1,502) Income taxes paid (996) (867) Net cash provided by (used in) operating activities 13,102 13,758Net cash provided by (used in) investing activities: Purchase of noncurrent assets (15,833) (11,306) Proceeds from sales of noncurrent assets 353 38 Purchases of investment securities (295) (130) Proceeds from sales of investment securities 599 276 Purchase of investments in subsidiaries resulting in change in scope of consolidation (1,170) ― Proceeds from purchase of investments in subsidiaries resulting in change in scope of consolidation 225 ― Payments of loans receivable (2,304) (414) Collection of loans receivable 198 147 Other, net 349 128 Net cash provided by (used in) investment activities (17,878) (11,260)Net cash provided by (used in) financing activities: Net increase (decrease) in short-term loans payable 189 709 Proceeds from long-term loans payable 9,854 834 Repayment of long-term loans payable (4,257) (4,833) Proceeds from Issuance of Bonds 5,000 ― Redemption of bonds (10,000) ― Proceeds from sales of treasury stock 2 ― Purchase of treasury stock (14) (12) Cash dividends paid (833) (1,665) Cash dividends paid to minority shareholders (6) (4) Other, net (42) (15) Net cash provided by (used in) financing activities (106) (4,989) ‐6‐
  • 7. Effect of exchange rate changes on cash and cash equivalents (13) (39)Net increase (decrease) in cash and cash equivalents (4,895) (2,530)Cash and cash equivalents at beginning of period 25,988 30,800Cash and cash equivalents at end of period 21,092 28,269 ‐7‐
  • 8. (4)Segment InformationBusiness segments Consolidated Third Quarter of, Fiscal 2011 (April 1, 2010 to December 31, 2010) (Millions of Yen) Reporting Segment Cement- Eliminations Mineral Optoelectron Advanced Cement Related Others Total and Consolidated Resources ics Materials Products AdjustmentsNet sales and operatingincome (loss)Net sales:(1) Outside customers 118,853 8,224 9,778 2,901 5,778 3,724 149,261 ― 149,261(2) Intersegment sales 2,486 3,018 1,430 18 1 3,761 10,716 (10,716) ―Total 121,340 11,243 11,208 2,920 5,779 7,486 159,978 (10,716) 149,261Operating income (loss) 4,076 287 (40) 216 376 465 5,382 (31) 5,350 Consolidated Third Quarter of, Fiscal 2010 (April 1, 2009 to December 31, 2009) (Millions of Yen)Investor conference for the quarterly financial results: Reporting Segment No Cement- Eliminations Mineral Optoelectron Advanced Cement Related Others Total and Consolidated Resources ics Materials Products AdjustmentsNet sales and operatingincome (loss)Net sales:(1) Outside customers 116,996 5,632 8,692 2,465 7,162 4,199 145,148 ― 145,148(2) Intersegment sales 2,221 2,765 2,052 6 ― 3,553 10,598 (10,598) ―Total 119,218 8,398 10,744 2,472 7,162 7,752 155,747 (10,598) 145,148Operating income (loss) 2,079 (220) (37) (232) (360) 616 1,844 (16) 1,828(5) Products and Services Belong to Each Reporting SegmentsReporting segment Main Products Assorted cement, Ready-mixed concrete, Cement-related solidification materialsCement Supply of electrical power, Recycling of raw materials and fuelsMineral Resources Limestone and other mineral resourcesCment-Related Products Repairing and reinforcing products for concrete structures, Construction workOptoelectronics Optical measurement equipmentAdvanced Materials Ceramics product, Plasma display panels filters, Nanoparticle materials Leasing of real estate, Engineering, Development of softwareOthers Cathode materials for use in Lithium-Ion Batteries ‐8‐