RNS Number:4057M
Nippon Sheet Glass Company Limited
21 November 2006
Nippon Sheet Glass Announces Results for the First Half of Fiscal Year 2007
1. Results for the First Half of FY2007
Million yen
FY2007 FY2006
First Half First Half Full Year
Sales 273,259 127,207 265,888
Operating income 8,681 3,870 8,429
Income before extra-ordinary items 8,286 5,982 10,425
Net income 21,265 3,885 7,764
2. Review of Operations
million yen
Net Sales Operating income
First Half First Half First Half First Half
FY2007 FY2006 FY2007 FY2006
Building Products 131,604 58,880 6,103 2,244
Auto 96,872 26,783 2,018 290
Others 44,782 41,543 552 1,319
(Internal) - - 7 16
Total 273,259 127,207 8,681 3,870
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 2007
Consolidated Balance Sheet million yen
Sep 30, Mar 31, Change Sep 30,
2006 2006 2005
(Asset)
Current assets 455,338 288,732 166,606 169,535
Cash and deposits 159,975 180,670 (20,695) 67,352
Notes and account receivables - trade 158,346 59,072 99,274 57,579
Inventories 120,294 37,749 82,544 36,546
Deferred tax assets 3,360 1,863 1,497 1,710
Other current assets 14,201 10,145 4,056 7,456
Provision for bad debts (839) (768) (71) (1,110)
Fixed assets 910,702 307,231 603,470 279,312
Tangible assets 409,683 119,396 290,286 114,684
Buildings and structures 87,971 38,378 49,593 39,492
Machinery and vehicles 214,624 44,566 170,057 40,636
Tools & fixtures 16,185 4,456 11,729 3,548
Land 60,074 23,030 37,044 24,020
Construction in progress 30,827 8,965 21,861 6,985
Intangible assets 336,453 6,989 329,464 7,544
Good will 109,278 - 109,278 -
Other Intangible assets 227,175 6,989 220,185 7,544
Investments and other assets 164,564 180,845 (16,280) 157,083
Investments in securities 143,017 174,006 (30,989) 149,993
Long-term loans receivables 1,170 939 231 1,039
Long-term prepaid expenses 1,492 1,168 324 1,132
Deferred tax assets 803 834 (30) 999
Other assets 18,413 4,270 14,143 4,402
Provision for bad debts (332) (374) 41 (483)
Total assets 1,366,040 595,963 770,076 448,848
Current liabilities 325,529 111,002 214,526 101,255
Notes and accounts payable - trade 85,293 37,357 47,935 34,931
Short-term bank borrowings 117,942 46,703 71,239 42,402
Commercial paper 4,000 - 4,000 -
Notes and accounts payable
- construction 9,115 5,399 3,715 4,043
Accrued income tax 33,913 3,418 30,494 3,216
Accrued consumption tax 557 257 300 475
Accrued expenses 47,124 7,528 39,596 5,182
Customer's deposits 4,113 4,037 76 4,027
Provision for bonuses to employees 3,881 2,484 1,396 2,706
Provision for bonuses to directors 45 67 (22) -
Accrued tax liabilities 1,928 1,206 721 1,258
Other current liabilities 17,614 2,541 15,073 3,009
Fixed liabilities 712,022 243,361 468,661 126,309
Unsecured bonds 20,000 20,000 - 20,000
Convertible bonds 72,000 133,000 (61,000) 133,000
Long-term bank borrowings 422,068 37,220 384,848 39,529
Provision for retirement benefits to
employees 90,200 12,022 78,177 13,762
Provision for retirement benefits to
directors 1,144 1,187 (43) 812
Provision for rebuilding furnaces 8,930 9,684 (753) 9,004
Consolidation goodwill - 707 (707) 469
Deferred tax liabilities 59,077 28,075 31,002 18,439
Other fixed liabilities 38,601 1,464 37,137 1,291
Minority Interests in consolidated
subsidiaries - 3,315 - 2,911
Shareholder's Equity - 238,284 - 218,372
Common stock - 41,060 - 41,060
Capital surplus - 50,374 - 50,373
Retained earnings - 95,791 - 94,196
Unrealized holding gain on securities - 50,338 - 36,724
Translation adjustments - 1,054 - (3,688)
Treasury stock - at cost - (335) - (295)
Total Liabilities, minority interests and - 595,963 - 448,848
shareholders equity
Net Assets 328,487 - - -
Shareholder's Equity 259,344 - - -
Common stock 71,602 - - -
Capital surplus 80,834 - - -
Retained earnings 107,292 - - -
Treasury stocks - at cost (383) - - -
Valuation and translation adjustments 55,713 - - -
Unrealized holding gain on securities 23,450 - - -
Net unrealized holding loss on
derivative instruments (4,825) - - -
Foreign currency translation
adjustments 37,087 - - -
Stock Options 6 - - -
Minority interests in consolidated
subsidiaries 13,422 - - -
Total liabilities and net assets 1,366,040 - -
Consolidated Statements of Operations
Million yen
Half year to Half year to Change Year to
Sep. 2006 Sep. 2005 Mar. 2006
Net sales 273,259 127,207 146,052 265,888
Cost of sales 191,813 92,790 99,022 196,948
Selling, general and administrative expenses 72,765 30,546 42,219 60,510
Operating income 8,681 3,870 4,810 8,429
Non-operating income 7,215 5,517 1,697 8,212
Interest and dividend income 1,746 1,074 671 2,270
Equity in earnings of affiliates - 3,813 (3,813) 4,018
Other income 5,469 630 4,838 1,923
Non-operating expense 7,609 3,405 4,204 6,217
Interest expense 3,772 758 3,013 1,607
Equity in losses of affiliates 974 - 974 -
Other expense 2,862 2,646 215 4,609
Income before extra-ordinary items 8,286 5,982 2,304 10,425
Extra ordinary income 45,510 2,655 42,855 6,644
Gain on sales of property, plant and equipment 960 44 916 1,096
Gain on sales investments in securities 43,078 2,610 40,468 5,548
Gain due to adjustment of repair reserve 1,064 - 1,064 -
Gain on sale of operations - subsidiary 406 - 406 -
Extra ordinary losses 13,049 3,052 9,996 5,534
Loss on disposal of property, plant, equipment 519 728 (208) 1,322
Loss on impairment of fixed assets 659 360 298 702
Loss on revaluation of investment securities 198 59 139 121
Expenses for acquisition of Pilkington 11,672 - 11,672 1,243
Loss on disposal of inventories - 1,184 (1,184) 1,358
Loss on provision for asbestos related charges - 720 (720) 785
Income before income taxes and minority
interests 40,747 5,584 35,162 11,535
Income tax: Current 22,467 2,511 19,956 4,015
Income tax: Deferred (2,622) (901) (1,720) (580)
Minority interests (loss) in net income
of consolidated subsidiaries (363) 90 (453) 335
Net income 21,265 3,885 17,380 7,764
Consolidated Statement of cash flows
Million yen
Half year to Half year to Year to
Sep. 2006 Sep. 2005 Mar. 2006
Income before income taxes and minority interests 40,747 5,584 11,535
Depreciation and amortization 19,801 6,041 12,961
Loss on impairment of fixed assets 659 360 702
(Decrease) increase in accrued retirement benefits (1,399) 619 (2,093)
Gain on sales of investments in securities (43,078) (2,610) (5,548)
Interest and dividend income (1,746) (1,074) (2,270)
Interest expense 3,772 758 1,607
Decrease (Increase) in notes and accounts receivable 3,863 3,602 3,529
Decrease (Increase) inventories (1,740) (1,544) (2,081)
(Decrease) increase in notes and accounts payable (9,217) (5,212) (3,680)
Other, net 8,137 (76) 98
Sub total 19,799 6,449 14,760
Interest and dividend income received 3,079 3,331 5,541
Interest paid (3,771) (873) (1,720)
Income taxes paid (2,421) (1,688) (3,126)
Net cash provided by operating activities 16,686 7,219 15,455
Purchases of property, plant and equipment (17,167) (9,897) (18,590)
Proceeds from sales of property, plant and equipment 5,218 364 2,295
Purchases of investments in securities (271,099) (331) (3,027)
Proceeds from sales of investments in securities 51,364 3,820 7,565
Other, net (3,897) (564) (392)
Net cash provided by (used in) investing activities (235,581) (6,609) (12,149)
Increase (decrease) in short-term borrowings (3,270) 5,654 5,420
Issuance of long-term indebtedness 172,568 9,244 13,529
Repayment of long-term indebtedness (3,904) (2,550) (5,317)
Issuance of bonds - - 110,000
Redemption of bonds - (9,600) (9,600)
Cash dividends paid (1,328) (1,329) (2,658)
Other, net 3,962 (107) (148)
Net cash provided by (used in) financing activities 168,027 1,312 111,225
Effective of foreign exchange rate
on cash and cash equivalents 29,662 568 1,029
Net decrease (increase) in cash and cash equivalents (21,205) 2,490 115,560
Cash and cash equivalents at beginning of the year 179,158 63,512 63,512
Effect of change in scope of consolidation - 85 85
Cash and cash equivalents at the end of the year 157,953 66,089 179,158
END
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