RNS Number:8142D
Nippon Sheet Glass Company Limited
31 May 2006
Nippon Sheet Glass Announces Results for the Fiscal Year 2006
1. Results for the First Half
Million yen
FY2006 FY2005
Sales 265,888 264,975
Operating income 8,429 12,025
Income before extra-ordinary items 10,425 13,270
Net income 7,764 7,588
2. Review of Operations
million yen
Net Sales Operating income
FY2006 FY2005 FY2006 FY2005
Flat and Safety Glass and
Building Materials 180,069 171,029 5,001 7,099
Information and Electronics 42,375 44,191 1,423 1,143
Glass Fibre 31,911 35,838 3,901 4,548
Other 11,533 13,915 (1,893) (766)
(Internal) (3) (0)
Total 265,888 264,975 8,429 12,025
3. Dividend
Interim dividend of 3 yen per share was paid in December, and Final dividend of
3 yen per share will be planed.
Nippon Sheet Glass Company Limited
Consolidated Financial Statement for Fiscal Year 2006
Consolidated Balance Sheet million yen
Mar 31, Mar 31, Change
2006 2005
(Asset)
Current assets 288,732 167,724 121,007
Cash and deposits 180,670 64,163 116,506
Notes and account receivable: trade 59,072 59,785 (713)
Inventories 37,749 34,582 3,166
Deferred income taxes 1,863 1,689 173
Other current assets 10,145 8,275 1,869
Allowance for doubtful accounts (768) (772) 3
Fixed assets 307,231 259,185 48,046
Tangible fixed assets 119,396 114,084 5,312
Buildings and structures 38,378 39,439 (1,061)
Machinery and equipment 44,566 37,381 7,184
Tools & fixtures 4,456 3,980 475
Land 23,030 23,437 (407)
Construction in progress 8,965 9,844 (878)
Intangible fixed assets 6,989 3,890 3,098
Intangible fixed assets 6,989 3,890 3,098
Investments and other assets 180,845 141,210 39,635
Investments in securities 174,006 134,403 39,602
Long-term loans receivable 939 933 6
Long-term prepaid expense 1,168 1,142 26
Deferred income taxes 834 793 41
Other assets 4,270 4,519 (249)
Allowance for doubtful accounts (374) (582) 208
Total assets 595,963 426,909 169,053
Current liabilities 111,002 108,007 2,995
Notes and accounts payable 37,357 38,922 (1,565)
Short-term bank borrowings 46,703 37,178 9,524
Current portion of bonds - 9,600 (9,600)
Notes and accounts payables: construction 5,399 4,133 1,266
Accrued income taxes 3,418 2,121 1,297
Accrued consumption taxes 257 417 (159)
Accrued expenses 7,528 5,720 1,807
Customer's deposits 4,037 4,097 (59)
Accrued bonus to employees 2,484 2,473 10
Accrued bonus to directors 67 61 6
Deferred income tax 1,206 1,717 (510)
Other current liabilities 2,541 1,563 978
Long-term liabilities 243,361 110,859 32,501
Unsecured bonds 20,000 20,000 -
Convertible bonds 133,000 23,000 110,000
Long-term bank borrowings 37,220 31,533 5,686
Accrued retirement benefits to employees 12,022 13,090 (1,067)
Accrued retirement benefits to directors 1,187 1,072 115
Reserve for rebuilding furnaces 9,684 8,723 960
Consolidation goodwill 707 199 507
Deferred income taxes 28,075 12,030 16,044
Other long-term liabilities 1,464 1,209 254
Minority Interests 3,315 2,741 573
Minority interests in consolidated
subsidiaries 3,315 2,741 573
Shareholder's Equity 238,284 205,300 32,983
Common stock 41,060 41,600 -
Additional paid-in capital 50,374 50,373 0
Retained earnings 95,791 95,355 435
Unrealized holding gain on securities 50,338 26,787 23,551
Translation adjustments 1,054 (8,019) 9,074
Treasury stock, at cost (335) (257) (78)
Total Liabilities, minority interests
and shareholder's equity 595,963 426,909 169,053
Consolidated Statements of Operations
Million yen
FY 2006 FY 2005
Net sales 265,888 264,975
Cost of sales 196,948 194,843
Selling, general and administrative expenses 60,510 58,106
Operating income 8,429 12,025
Non-operating income 8,212 7,485
Interest and dividend income 2,270 1,487
Equity in earnings of affiliates 4,018 4,440
Other income 1,923 1,556
Non-operating expense 6,217 6,240
Interest expense 1,607 2,032
Other expenses 4,609 4,208
Income before extra-ordinary items 10,425 13,270
Extra ordinary income 6,644 5,418
Gain on sales of property, plant and equipment 1,096 1,438
Gain on sales investments in securities 5,548 3,634
Gain on sales in affiliates - 346
Extra ordinary losses 5,534 7,264
Loss on disposal of property, plant, equipment 1,322 3,247
Loss on revaluation of asset 702 -
Loss on revaluation of investment securities 121 54
Loss on sales of investment in affiliates - 957
Loss on liquidation of investments in affiliates - 24
Loss on disposal of inventories 1,358 2,980
Loss on provision for asbestos related charges 785 -
Loss on cost of acquisition 1,243 -
Income before income taxes and minority interests 11,535 11,424
Income tax: Current 4,015 4,294
Income tax: Deferred (580) (873)
Minority interests in net income of Consolidated
subsidiaries 335 415
Net income 7,764 7,588
Consolidated Statement of cash flows
Million yen
FY2006 FY2005
Income before income taxes and minority interests 11,535 11,424
Depreciation and amortization 12,961 12,553
Loss on revaluation of assets 702 -
(Decrease) increase in allowance for doubtful accounts 169 347
(Decrease) increase accrued bonus (5) 368
(Decrease) increase in accrued retirement benefits (2,093) 379
Gain on sales of investments in securities (5,548) (3,634)
Interest and dividend income (2,270) (1,487)
Interest expense 1,607 2,032
Decrease (Increase) in notes and accounts receivable 3,529 (1,135)
Decrease (Increase) inventories (2,081) (436)
(Decrease) increase in notes and accounts payable (3,680) (1,793)
Other, net (64) 680
Sub total 14,760 19,298
Interest and dividend income received 5,541 4,485
Interest paid (1,720) (2,036)
Income tax paid (3,126) (4,947)
Net cash provided by operating activities 15,455 16,799
Purchases of property, plant and equipment (18,590) (12,496)
Proceeds from sales of property, plant and equipment 2,295 6,773
Purchases of investments in securities (3,027) (1,123)
Proceeds from sales of investments in securities 7,565 5,599
Proceeds from sales of investments in affiliates - 1,442
Other, net (392) (451)
Net cash provided by (used in) investing activities (12,149) (255)
Increase (decrease) in short-term borrowings 5,420 (9,259)
Issuance of long-term indebtedness 13,529 8,279
Repayment of long-term indebtedness (5,317) (7,265)
Issuance of bonds 110,000 23,000
Redemption of bonds (9,600) (19,791)
Cash dividends paid (2,658) (2,659)
Other, net (148) (110)
Net cash provided by (used in) financing activities 111,225 (7,806)
Effective of change rate on cash and cash equivalents 1,029 (438)
Net decrease (increase) in cash and cash equivalents 115,560 8,297
Cash and cash equivalents at beginning of the year 63,512 55,356
Effect of change in scope of consolidation 85 (142)
Cash and cash equivalents at the end of the quarter 179,158 63,512
This information is provided by RNS
The company news service from the London Stock Exchange
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