RNS Number:3347U
Nippon Sheet Glass Company Limited
18 November 2005
Nippon Sheet Glass Announces Results for the First Half of Fiscal Year 2006
1. Results for the First Half of FY2006
Million yen
FY2006 FY2005
First Half First Half Full Year
Sales 127,207 129,653 264,975
Operating income 3,870 5,314 12,025
Income before extra-ordinary items 5,982 5,824 13,270
Net income 3,885 3,917 7,588
2. Review of Operations
million yen
Net Sales Operating income
First Half First Half First Half First Half
FY2006 FY2005 FY2006 FY2005
Flat and Safety Glass and
Building Materials 85,663 78,399 2,534 3,043
Information and Electronics 18,813 23,860 307 690
Glass Fibre 15,891 19,131 1,827 2,425
Other 6,839 8,271 (818) (850)
(Internal) 19 5
Total 127,207 129,663 3,870 5,314
3.Dividend
We will pay an interim dividend of 3 yen per share.
Nippon Sheet Glass Company Limited
Consolidated Financial Statement for the First Half of Fiscal Year 2006
Consolidated Balance Sheet
million yen
Sep 30, Mar 31, Change Sep 30,
2005 2005 2004
(Asset)
Current assets 169,535 167,724 1,810 167,942
Cash and deposits 67,352 64,163 3,189 61,810
Notes and account receivable:
trade 57,579 59,785 (2,205) 58,973
Inventories 36,546 34,582 1,964 38,080
Deferred income taxes 1,710 1,689 21 1,472
Other current assets 7,456 8,275 (819) 8,456
Allowance for doubtful accounts (1,110) (772) (338) (851)
Fixed assets 279,312 259,185 20,127 262,409
Tangible fixed assets 114,684 114,084 600 120,653
Buildings and structures 39,492 39,439 53 43,029
Machinery and equipment 40,636 37,381 3,254 39,131
Tools & fixtures 3,548 3,980 (431) 4,169
Land 24,020 23,437 582 26,249
Construction in progress 6,985 9,844 (2,858) 8,073
Intangible fixed assets 7,544 3,890 3,653 4,096
Intangible fixed assets 7,544 3,890 3,653 4,096
Investments and other assets 157,083 141,210 15,873 137,660
Investments in securities 149,993 134,403 15,589 130,948
Long-term loans receivable 1,039 933 106 871
Long-term prepaid expense 1,132 1,142 (9) 1,743
Deferred income taxes 999 793 206 779
Other assets 4,402 4,519 (117) 4,053
Allowance for doubtful accounts (483) (582) 98 (753)
Total assets 448,848 426,909 21,938 430,352
Current liabilities 101,255 108,007 (6,752) 113,096
Notes and accounts payable 34,931 38,922 (3,991) 37,316
Short-term bank borrowings 42,402 37,178 5,224 42,976
Current portion of bonds - 9,600 (9,600) 9,600
Notes and accounts payables:
construction 4,043 4,133 (90) 3,776
Accrued income taxes 3,216 2,121 1,095 3,087
Accrued consumption taxes 475 417 57 396
Accrued expenses 5,182 5,720 (538) 5,443
Customerfs deposits 4,027 4,097 (69) 4,421
Accrued bonus to employees 2,706 2,473 232 2,461
Accrued bonus to directors - 61 (61) -
Deferred income tax 1,258 1,717 (458) 1,389
Other current liabilities 3,009 1,563 1,446 2,226
Long-term liabilities 126,309 110,859 15,449 112,384
Unsecured bonds 20,000 20,000 - 20,000
Convertible bonds 23,000 23,000 - 23,000
Long-term bank borrowings 39,529 31,533 7,995 33,583
Accrued retirement benefits
to employees 13,762 13,090 671 12,999
Accrued retirement benefits
to directors 812 1,072 (260) 781
Reserve for rebuilding furnaces 9,004 8,723 281 8,965
Consolidation goodwill 469 199 270 115
Deferred income taxes 18,439 12,030 6,409 11,522
Other long-term liabilities 1,291 1,209 81 1,415
Minority Interests 2,911 2,741 170 2,875
Minority interests in
consolidated subsidiaries 2,911 2,741 170 2,875
Shareholder's Equity 218,372 205,300 13,071 201,996
Common stock 41,060 41,060 - 41,060
Additional paid-in capital 50,373 50,373 0 50,373
Retained earnings 94,196 95,355 (1,159) 92,993
Unrealized holding gain on
securities 36,724 26,787 9,937 25,477
Translation adjustments (3,688) (8,019) 4,330 (7,707)
Treasury stock, at cost (295) (257) (38) (200)
Total Liabilities, minority
interests and shareholder's
equity 448,848 426,909 21,938 430,352
Consolidated Statements of Operations
Million yen
Half year to Half year to Change Year to
Sep. 2005 Sep. 2004 Mar. 2005
Net sales 127,207 129,663 (2,456) 264,975
Cost of sales 92,790 94,589 (1799) 194,843
Selling, general and administrative expenses 30,546 29,759 786 58,106
Operating income 3,870 5,314 (1,443) 12,025
Non-operating income 5,517 4,026 1,490 7,485
Interest and dividend income 1,074 938 136 1,487
Equity in earnings of affiliates 3,813 2,366 1,447 4,440
Other income 630 722 (92) 1,556
Non-operating expense 3,405 3,516 (110) 6,240
Interest expense 758 1,064 (305) 2,032
Other expenses 2,646 2,452 194 4,208
Income before extra-ordinary items 5,982 5,824 157 13,270
Extra ordinary income 2,655 1,823 831 5,418
Gain on sales of property, plant and equipment 44 512 (467) 1,438
Gain on sales investments in securities 2,610 1,310 1,299 3,634
Gain on sales in affiliates - - - 346
Extra ordinary losses 3,052 1,250 1,802 7,264
Loss on disposal of property, plant, equipment 728 269 458 3,247
Loss on revaluation of asset 360 - 360 -
Loss on revaluation of investment securities 59 10 48 54
Loss on sales of investment in affiliates - 969 (969) 957
Loss on liquidation of investments in affiliates - - - 24
Loss on disposal of inventories 1,184 - 1,184 2,980
Loss on provision for asbestos related charges 720 - 720 -
Income before income taxes and minority interests 5,584 6,397 (813) 11,424
Income tax: Current 2,511 2,660 (149) 4,294
Income tax: Deferred (901) (402) (498) (873)
Minority interests in net income of Consolidated
subsidiaries 90 222 (132) 415
Net income 3,885 3,917 (32) 7,588
Consolidated Statement of cash flows
Million yen
Half year to Half year to Year to
Sep. 2005 Sep. 2004 Mar. 2005
Income before income taxes and minority interests 5,584 6,397 11,424
Depreciation and amortization 6,041 6,158 12,553
Loss on revaluation of assets 360 - -
(Decrease) increase in accrued retirement benefits 619 327 379
Gain on sales of investments in securities (2,610) (341) (3,634)
Interest and dividend income (1,074) (938) (1,487)
Interest expense 758 1,064 2,032
Decrease (Increase) in notes and accounts receivable 3,602 232 (1,135)
Decrease (Increase) inventories (1,544) (2,819) (436)
(Decrease) increase in notes and accounts payable (5,212) (2,969) (1,793)
Other, net (76) 475 1,395
Sub total 6,449 7,587 19,298
Interest and dividend income received 3,331 3,104 4,485
Interest paid (873) (1,067) (2,036)
Income tax paid (1,688) (2,230) (4,947)
Net cash provided by operating activities 7,219 7,393 16,799
Purchases of property, plant and equipment (9,897) (6,350) (12,496)
Proceeds from sales of property, plant and equipment 364 1,043 6,773
Purchases of investments in securities (331) (865) (1,123)
Proceeds from sales of investments in securities 3,820 3,861 7,041
Other, net (564) (440) (451)
Net cash provided by (used in) investing activities (6,609) (2,752) (255)
Increase (decrease) in short-term borrowings 5,654 (2,670) (9,259)
Issuance of long-term indebtedness 9,244 5,518 8,279
Repayment of long-term indebtedness (2,550) (4,018) (7,265)
Issuance of bonds - 23,000 23,000
Redemption of bonds (9,600) (19,791) (19,791)
Cash dividends paid (1,329) (1,330) (2,659)
Other, net (107) (53) (110)
Net cash provided by (used in) financing activities 1,312 654 (7,806)
Effective of change rate on cash and cash equivalents 568 545 (438)
Net decrease (increase) in cash and cash equivalents 2,490 5,841 8,297
Cash and cash equivalents at beginning of the year 63,512 55,356 55,356
Effect of change in scope of consolidation 85 (119) (142)
Cash and cash equivalents at the end of the quarter 66,089 61,078 63,512
This information is provided by RNS
The company news service from the London Stock Exchange
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