Fy2011 consoildated financial summary for the 2nd quarter

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Fy2011 consoildated financial summary for the 2nd quarter

  1. 1. Consolidated Financial Summary for the Second Quarterof the Fiscal Year Ending March 31, 2012 (Unaudited) (Japan Basis) November 09 2011Company name: Dowa Holdings Co., Ltd. URL: http://www.dowa.co.jp/Exchange: First Section of Tokyo Stock Exchange, First Section of Osaka Securities Exchange, First Section of Nagoya Stock Exchange, Fukuoka Stock Exchange, and Sapporo Securities ExchangeStock code: 5714Representative: Masao Yamada, President and Representative DirectorScheduled date of submission: November 14, 2011Scheduled date of commencement of dividend payments: ―1. Consolidated business results for the Second quarter of the fiscal year ending March 31, 2012 (April 1, 2011 – September 30, 2011) (Amounts less than one million yen, except for per share amounts, are omitted.)(1) Consolidated financial results (%: Change from the same period of the previous year) Net sales Operating income Ordinary income Net income Millions of Yen % Millions of Yen % Millions of Yen % Millions of Yen % Quarter ended September 30, 2011 188,907 4.3 10,829 (22.9) 9,834 (32.5) 4,766 (37.0) Quarter ended September 30, 2010 181,049 39.7 14,036 165.9 14,578 205.2 7,570 302.7(Notes)Comprehensive income Quarter ended September 30, 2011 6,465 million yen 25.2 % Quarter ended September 30, 2010 5,165 million yen ―% Net income per share Net income per share (fully diluted) Yen YenQuarter ended September 30, 2011 16.11 ―Quarter ended September 30, 2010 25.59 ―(2) Consolidated financial position Total assets Net assets Equity ratio Millions of Yen Millions of Yen % As of September 30, 2011 337,111 117,563 32.6 As of March 31, 2011 340,161 113,785 31.4(Reference) Shareholders’ equity: As of September 30, 2011: 110,060 million yen As of March 31, 2011: 106,842 million yen2. Dividends Annual Dividends End of End of End of (Record date) Year-end Annual first quarter second quarter third quarter Yen Yen Yen Yen Yen Fiscal year ended March 31, 2011 ― ― ― 10.00 10.00 Fiscal year ending March 31, 2012 ― Fiscal year ending March 31, 2012 ― ― 10.00 10.00 (forecast)(Note) Revisions of expected dividends in the second quarter : None3. Forecast consolidated results for the fiscal year ending March 31, 2012 (April 1, 2011 – March 31, 2012) (%: Change from the same period of the previous year)   Net sales Operating income Ordinary income Net income Net income per share Millions of Yen % Millions of Yen % Millions of Yen % Millions of Yen % Yen Full year 390,000 2.7 22,000 (4.0) 22,000 (5.9) 11,000 29.1 37.17(Note) Revisions of estimated consolidated results in the second quarter: None -1-
  2. 2. 4. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets (Unaudited)Second Quarter (Millions of Yen) As of end of previous fiscal year As of end of second quarter (March 31, 2011) (September 30, 2011)Assets Current assets  Cash and deposits 17,231 5,990  Notes and accounts receivable-trade 55,484 51,844  Merchandise and finished goods 16,021 26,853  Work in process 3,980 5,504  Raw materials and supplies 59,790 56,735  Deferred tax assets 6,605 4,133  Other 8,755 15,877  Allowance for doubtful accounts (416) (97)  Total current assets 167,453 166,841 Noncurrent assets  Property, plant and equipment   Buildings and structures 88,581 89,876    Accumulated depreciation (47,535) (49,022)    Buildings and structures, net 41,045 40,853   Machinery, equipment and vehicles 184,381 188,127    Accumulated depreciation (150,614) (155,700)    Machinery, equipment and vehicles, net 33,766 32,426   Land 22,275 22,227   Construction in progress 5,052 6,721   Other 11,756 12,252    Accumulated depreciation (9,795) (10,062)    Other, net 1,961 2,190   Total property, plant and equipment 104,101 104,420  Intangible assets   Goodwill 6,506 6,255   Other 1,593 1,945   Total intangible assets 8,099 8,200  Investments and other assets   Investment securities 52,315 49,497   Long-term loans receivable 223 254   Deferred tax assets 5,542 5,596   Other 2,629 2,426   Allowance for doubtful accounts (204) (126)   Total investments and other assets 60,506 57,649  Total noncurrent assets 172,708 170,270 Total assets 340,161 337,111Note:Amounts less than one million yen are omitted. -2-
  3. 3. (Millions of Yen) As of end of previous fiscal year As of end of second quarter (March 31, 2011) (September 30, 2011)Liabilities Current liabilities  Notes and accounts payable-trade 33,367 32,013  Short-term loans payable 54,290 63,647  Income taxes payable 2,732 1,794  Accrued consumption taxes 2,156 504  Deferred tax liabilities ― 505  Provision   Provision for bonuses 2,831 2,922   Provision for directors bonuses 158 55   Total provisions 2,989 2,978  Other 28,695 22,408  Total current liabilities 124,232 123,851 Noncurrent liabilities  Bonds payable 10,000 10,000  Long-term loans payable 73,829 66,860  Deferred tax liabilities 1,888 2,015  Provision   Provision for retirement benefits 10,637 10,444   Provision for directors retirement benefits 517 553   Other provision 537 509   Total provisions 11,691 11,508  Other 4,734 5,313  Total noncurrent liabilities 102,143 95,697 Total liabilities 226,376 219,548Net assets Shareholders equity  Capital stock 36,437 36,437  Capital surplus 26,362 26,362  Retained earnings 48,152 49,893  Treasury stock (5,763) (5,765)  Total shareholders equity 105,188 106,927 Accumulated other comprehensive income  Valuation difference on available-for-sale securities 5,024 2,846  Deferred gains or losses on hedges (865) 2,708  Foreign currency translation adjustment (2,504) (2,421)  Total accumulated other comprehensive income 1,654 3,133 Minority interests 6,942 7,502 Total net assets 113,785 117,563Total liabilities and net assets 340,161 337,111Note:Amounts less than one million yen are omitted. -3-
  4. 4. (2) Quarterly Consolidated Statements of Income (Unaudited)Second Quarter (Millions of Yen) Second quarter of the Second quarter of the previous fiscal year current fiscal year (From April 1, 2010 (From April 1, 2011 to September 30, 2010) to September 30, 2011)Net sales 181,049 188,907Cost of sales 153,785 164,542Gross profit 27,264 24,365Selling, general and administrative expenses Freightage related expenses 1,650 1,461 Sales commission 274 251 Directors compensations 688 666 Salaries and allowances 2,218 2,322 Welfare expenses 742 769 Provision for bonuses 744 791 Retirement benefit expenses 209 238 Provision for directors retirement benefits 94 87 Rent expenses 349 352 Taxes and dues 422 420 Traveling and transportation expenses 634 629 Depreciation 347 362 Development and research expenses 2,140 2,300 Amortization of goodwill 265 251 Other 2,444 2,629 Total selling, general and administrative expenses 13,227 13,536Operating income 14,036 10,829Non-operating income Interest income 66 50 Dividends income 387 335 Foreign exchange gains 96 ― Equity in earnings of affiliates 1,311 ― Royalty income 135 325 Other 802 899 Total non-operating income 2,799 1,611Non-operating expenses Interest expenses 1,157 1,004 Foreign exchange losses ― 168 Equity in losses of affiliates ― 696 Other 1,100 736 Total non-operating expenses 2,257 2,606Ordinary income 14,578 9,834Note:Amounts less than one million yen are omitted. -4-
  5. 5. (Millions of Yen) Second quarter of the Second quarter of the previous fiscal year current fiscal year (From April 1, 2010 (From April 1, 2011 to September 30, 2010) to September 30, 2011)Extraordinary income Subsidy 14 342 Insurance income ― 22 Gain on sales of noncurrent assets 10 17 Gain on sales of investment securities 38 ― Reversal of allowance for doubtful accounts 41 ― Other 19 97 Total extraordinary income 124 480Extraordinary loss Loss on disaster ― 611 Loss on valuation of investment securities 1,107 250 Loss on retirement of noncurrent assets 136 245 Impairment loss 59 104 Environmental expenses ― 13 Loss on sales of noncurrent assets ― 3 Provision of allowance for doubtful accounts 116 ― Loss on adjustment for changes of accounting standard 80 ― for asset retirement obligations Other 175 393 Total extraordinary losses 1,676 1,623Income before income taxes and minority interests 13,026 8,691Income taxes-current 2,376 1,562Income taxes-deferred 1,985 2,100Total income taxes 4,361 3,663Income before minority interests 8,664 5,027Minority interests in income 1,094 261Net income 7,570 4,766Note:Amounts less than one million yen are omitted. -5-
  6. 6. (3) Quarterly Consolidated Statements of Comprehensive Income (Unaudited)Second Quarter (Millions of Yen) Second quarter of the Second quarter of the previous fiscal year current fiscal year (From April 1, 2010 (From April 1, 2011 to September 30, 2010) to September 30, 2011)Income before minority interests 8,664 5,027Other comprehensive income Valuation difference on available-for-sale securities (2,575) (2,146) Deferred gains or losses on hedges (290) 3,574 Foreign currency translation adjustment (292) (186) Share of other comprehensive income of associates (341) 195 accounted for using equity method Total other comprehensive income (3,499) 1,437Comprehensive income 5,165 6,465Comprehensive income attributable to Comprehensive income attributable to owners of the parent 4,079 6,245 Comprehensive income attributable to minority interests 1,085 219 -6-
  7. 7. (4) Quarterly Consolidated Statements of Cash Flows (Unaudited)Second Quarter (Millions of Yen) Second quarter of the Second quarter of the previous fiscal year current fiscal year (From April 1, 2010 (From April 1, 2011 to September 30, 2010) to September 30, 2011)Net cash provided by (used in) operating activities Income before income taxes and minority 13,026 8,691 Depreciation and amortization 8,530 8,452 Impairment loss 59 104 Amortization of goodwill 265 251 Increase (decrease) in allowance for doubtful 71 (123) accounts Increase (decrease) in other provision (1,703) (187) Interest and dividends income (454) (386) Interest expenses 1,157 1,004 Foreign exchange losses (gains) 6 73 Equity in (earnings) losses of affiliates (1,311) 696 Loss (gain) on sales of noncurrent assets (10) (14) Loss on retirement of noncurrent assets 136 245 Loss (gain) on sales of investment securities (38) ― Loss (gain) on valuation of investment securities 1,107 250 Loss on adjustment for changes of accounting 80 ― standard for asset retirement obligations Decrease (increase) in notes and accounts 2,277 3,242 receivable-trade Decrease (increase) in inventories (6,243) (8,998) Increase (decrease) in notes and accounts 3,424 (1,265) payable-trade Increase (decrease) in accrued consumption taxes (2,296) (1,648) Other, net (848) (8,731) Subtotal 17,236 1,658 Interest and dividends income received 546 2,017 Interest expenses paid (1,195) (1,032) Income taxes (paid) refund (1,481) (2,777) Net cash provided by (used in) operating 15,107 (133)Note:Amounts less than one million yen are omitted. -7-
  8. 8. (Millions of Yen) Second quarter of the Second quarter of the previous fiscal year current fiscal year (From April 1, 2010 (From April 1, 2011 to September 30, 2010) to September 30, 2011)Net cash provided by (used in) investing activities Decrease (increase) in time deposits (54) 394 Purchase of property, plant and equipment (7,374) (8,978) Proceeds from sales of property, plant and 44 43 Purchase of investment securities (2) (4) Proceeds from sales of investment securities 55 ― Purchase of stocks of subsidiaries and affiliates (1,314) (2,666) Payments of loans receivable (435) (464) Collection of loans receivable 593 484 Other, net (24) 1,278 Net cash provided by (used in) investing activities (8,512) (9,913)Net cash provided by (used in) financing activities Net increase (decrease) in short-term loans (2,616) 7,030 Proceeds from long-term loans payable ― 7,100 Repayment of long-term loans payable (12,696) (11,671) Redemption of bonds (7) ― Proceeds from stock issuance to minority 27 ― shareholders Purchase of treasury stock (1) (1) Proceeds from sales of treasury stock 0 ― Cash dividends paid (3,004) (3,002) Cash dividends paid to minority shareholders (145) (166) Proceeds from sale and leaseback 4 ― Repayments of lease obligations (216) (234) Net cash provided by (used in) financing (18,656) (945)Effect of exchange rate change on cash and cash (55) (73)equivalentsNet increase (decrease) in cash and cash equivalents (12,117) (11,066)Cash and cash equivalents at beginning of period 27,115 16,741Increase in cash and cash equivalents from newly 164 239consolidated subsidiaryCash and cash equivalents at end of period 15,162 5,914Note:Amounts less than one million yen are omitted. -8-
  9. 9. 5.Segment Information Segment information by business type as of September 30, 2011 and 2010 is summarized as follows : (Amounts less than one million yen and one thousand USD are omitted.) Second quarter of the current fiscal year (From April 1, 2011 to September 30, 2011) Millions of Yen Reporting Segments Eliminations Environmental Nonferrous Electronic Metal Heat Sub Others Total & Company- Consolidated Management Metals Materials Processing Treatment Total wide & recycling Net sales (1) Outside customers 26,167 67,787 46,044 39,021 9,266 188,286 621 188,907 - 188,907 (2) Intersegment 18,052 8,849 2,009 14 0 28,926 3,944 32,870 ( 32,870) - Total 44,219 76,637 48,054 39,035 9,266 217,212 4,565 221,778 ( 32,870) 188,907 Segment income (note 2) 1,322 2,765 2,977 2,270 921 10,256 76 10,332 496 10,829 Second quarter of the previous fiscal year (From April 1, 2010 to September 30, 2010) Millions of Yen Reporting Segments Eliminations Environmental Nonferrous Electronic Metal Heat Sub Others Total & Company- Consolidated Management Metals Materials Processing Treatment Total wide & recycling Net sales (1) Outside customers 23,194 79,003 32,899 37,314 7,780 180,192 857 181,049 - 181,049 (2) Intersegment 13,829 11,409 916 20 0 26,176 4,485 30,662 ( 30,662) - Total 37,023 90,413 33,816 37,334 7,781 206,368 5,343 211,711 ( 30,662) 181,049 Segment income (note 2) 1,205 5,227 3,949 2,697 579 13,659 97 13,756 280 14,036 Second quarter of the current fiscal year (From April 1, 2011 to September 30, 2011) Thousands of USD (Note3) Reporting Segments Eliminations Environmental Nonferrous Electronic Metal Heat Sub Others Total & Company- Consolidated Management Metals Materials Processing Treatment Total wide & recycling Net sales (1) Outside customers 341,383 884,375 600,715 509,081 120,889 2,456,446 8,104 2,464,551 - 2,464,551 (2) Intersegment 235,518 115,457 26,216 186 1 377,379 51,460 428,840 ( 428,840) - Total 576,901 999,833 626,931 509,268 120,890 2,833,826 59,565 2,893,391 ( 428,840) 2,464,551 Segment income (note 2) 17,248 36,083 38,844 29,615 12,017 133,808 992 134,801 6,479 141,280(Note 1) The classification of businesses for the segment information by business type is based on the classification adopted by the internal management system. (1) Environmental Management & Recycling : Waste treatment, soil remediation, metal recycling, and freight transport (2) Nonferrous Metals : Production and sale of copper, zinc, lead, gold, silver, platinum, palladium, rhodium, cadmium, bismuth and sulfuric acid (3) Electronic Materials : Magnetic materials, semiconductor materials, inorganic materials, chemical products (4) Metal Processing : Copper strips, brass strips, copper alloy strips, brass bars, and precision processed products (5) Heat Treatment : Heat treatment, surface treatment, and surface modification treatment, and the design, manufacture, sale and maintenance of facilities for heat treatment (6) Others : Construction, rental business and others(Note 2) Segment income is based on operating income(Note 3) Converted at ¥76.65=US$1, the prevailing exchange rate as of September 30, 2011 is used -9-

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