TIDM85GQ
RNS Number : 6686G
Nippon Sheet Glass Company Limited
04 February 2010
FY 2010 3rd Quarter Consolidated Financial Results
(English translation of the Japanese original)
Consolidated Financial Statements
1. Quarterly consolidated balance sheet
(JPY millions)
+--------------------------------+--------+-----------+--------+-----------+
| | Quarter 3 FY 10 | FY 09 |
| | As of 31 | (Abbreviated) |
| | December 2009 | As of 31 March |
| | | 2009 |
+--------------------------------+--------------------+--------------------+
| Assets | | | | |
+--------------------------------+--------+-----------+--------+-----------+
| Current assets | | | | |
+--------------------------------+--------+-----------+--------+-----------+
| Cash and deposits | | 99,394 | | 94,979 |
+--------------------------------+--------+-----------+--------+-----------+
| Notes and accounts receivable | | 101,701 | | 94,291 |
| - trade | | | | |
+--------------------------------+--------+-----------+--------+-----------+
| Merchandise and finished goods | | 63,459 | | 69,335 |
+--------------------------------+--------+-----------+--------+-----------+
| Work in process | | 10,800 | | 10,352 |
+--------------------------------+--------+-----------+--------+-----------+
| Raw materials and supplies | | 32,698 | | 34,139 |
+--------------------------------+--------+-----------+--------+-----------+
| Other current assets | | 23,547 | | 25,950 |
+--------------------------------+--------+-----------+--------+-----------+
| Allowance for doubtful | | (5,396) | | (3,815) |
| accounts | | | | |
+--------------------------------+--------+-----------+--------+-----------+
| Total: Current assets | | 326,203 | | 325,231 |
+--------------------------------+--------+-----------+--------+-----------+
| Non-current assets | | | | |
+--------------------------------+--------+-----------+--------+-----------+
| Property, plant and equipment | | | | |
+--------------------------------+--------+-----------+--------+-----------+
| Buildings and structures | | 143,682 | | 147,014 |
+--------------------------------+--------+-----------+--------+-----------+
| Accumulated depreciation | | (78,323) | | (79,334) |
+--------------------------------+--------+-----------+--------+-----------+
| Buildings and structures, net | | 65,359 | | 67,679 |
+--------------------------------+--------+-----------+--------+-----------+
| Machinery, equipment and | | 364,183 | | 366,197 |
| vehicles | | | | |
+--------------------------------+--------+-----------+--------+-----------+
| Accumulated depreciation | | (197,191) | | (188,927) |
+--------------------------------+--------+-----------+--------+-----------+
| Machinery, equipment and | | 166,991 | | 177,270 |
| vehicles, net | | | | |
+--------------------------------+--------+-----------+--------+-----------+
| Tools, furniture and fixtures | | 44,768 | | 41,603 |
+--------------------------------+--------+-----------+--------+-----------+
| Accumulated depreciation | | (28,152) | | (25,200) |
+--------------------------------+--------+-----------+--------+-----------+
| Tools, furniture and fixtures, | | 16,617 | | 16,403 |
| net | | | | |
+--------------------------------+--------+-----------+--------+-----------+
| Land | | 41,031 | | 46,483 |
+--------------------------------+--------+-----------+--------+-----------+
| Leased assets | | 8,433 | | 8,089 |
+--------------------------------+--------+-----------+--------+-----------+
| Accumulated depreciation | | (3,706) | | (3,136) |
+--------------------------------+--------+-----------+--------+-----------+
| Leased assets, net | | 4,727 | | 4,953 |
+--------------------------------+--------+-----------+--------+-----------+
| Construction in progress | | 1,666 | | 4,690 |
+--------------------------------+--------+-----------+--------+-----------+
| Total: Property, plant and | | 296,391 | | 317,478 |
| equipment | | | | |
+--------------------------------+--------+-----------+--------+-----------+
| Intangible assets | | | | |
+--------------------------------+--------+-----------+--------+-----------+
| Goodwill | | 131,211 | | 132,882 |
+--------------------------------+--------+-----------+--------+-----------+
| Other intangible assets | | 121,800 | | 127,283 |
+--------------------------------+--------+-----------+--------+-----------+
| Total: intangible assets | | 253,011 | | 260,165 |
+--------------------------------+--------+-----------+--------+-----------+
| Investments and other assets | | | | |
+--------------------------------+--------+-----------+--------+-----------+
| Joint ventures, associates and | | 57,408 | | 55,935 |
| other investments | | | | |
+--------------------------------+--------+-----------+--------+-----------+
| Others | | 57,946 | | 67,745 |
+--------------------------------+--------+-----------+--------+-----------+
| Allowance for doubtful | | (1,812) | | (1,334) |
| accounts | | | | |
+--------------------------------+--------+-----------+--------+-----------+
| Total: Investments and other | | 113,542 | | 122,347 |
| assets | | | | |
+--------------------------------+--------+-----------+--------+-----------+
| Total: Non-current assets | | 662,944 | | 699,989 |
+--------------------------------+--------+-----------+--------+-----------+
| Total: Assets | | 989,147 | | 1,025,221 |
+--------------------------------+--------+-----------+--------+-----------+
(JPY millions)
+--------------------------------+--------+----------+--------+-----------+
| | Quarter 3 FY 10 | FY 09 |
| | As of 31 | (Abbreviated) |
| | December 2009 | As of 31 March |
| | | 2009 |
+--------------------------------+-------------------+--------------------+
| Liabilities | | | | |
+--------------------------------+--------+----------+--------+-----------+
| Current liabilities | | | | |
+--------------------------------+--------+----------+--------+-----------+
| Notes and accounts payable - | | 61,226 | | 61,902 |
| trade | | | | |
+--------------------------------+--------+----------+--------+-----------+
| Short-term loans payable | | 28,290 | | 84,784 |
+--------------------------------+--------+----------+--------+-----------+
| Current portion of bonds | | 10,000 | | - |
+--------------------------------+--------+----------+--------+-----------+
| Lease obligations | | 2,236 | | 3,038 |
+--------------------------------+--------+----------+--------+-----------+
| Income taxes payable | | 7,308 | | 19,369 |
+--------------------------------+--------+----------+--------+-----------+
| Provisions | | 15,245 | | 24,403 |
+--------------------------------+--------+----------+--------+-----------+
| Other current liabilities | | 67,161 | | 75,820 |
+--------------------------------+--------+----------+--------+-----------+
| Total: Current liabilities | | 191,466 | | 269,315 |
+--------------------------------+--------+----------+--------+-----------+
| Non-current liabilities | | | | |
+--------------------------------+--------+----------+--------+-----------+
| Bonds payable | | 50,000 | | 60,000 |
+--------------------------------+--------+----------+--------+-----------+
| Long-term loans payable | | 320,368 | | 273,557 |
+--------------------------------+--------+----------+--------+-----------+
| Lease obligations | | 3,455 | | 4,943 |
+--------------------------------+--------+----------+--------+-----------+
| Provision for retirement | | 64,242 | | 62,808 |
| benefits | | | | |
+--------------------------------+--------+----------+--------+-----------+
| Provision for rebuilding | | 10,459 | | 10,159 |
| furnaces | | | | |
+--------------------------------+--------+----------+--------+-----------+
| Other provisions | | 7,919 | | 6,714 |
+--------------------------------+--------+----------+--------+-----------+
| Other non-current liabilities | | 78,808 | | 80,502 |
+--------------------------------+--------+----------+--------+-----------+
| Total: Non-current liabilities | | 535,251 | | 498,683 |
+--------------------------------+--------+----------+--------+-----------+
| Total: Liabilities | | 726,717 | | 767,998 |
+--------------------------------+--------+----------+--------+-----------+
| Net assets | | | | |
+--------------------------------+--------+----------+--------+-----------+
| Shareholders' equity | | | | |
+--------------------------------+--------+----------+--------+-----------+
| Capital stock | | 96,147 | | 96,147 |
+--------------------------------+--------+----------+--------+-----------+
| Capital surplus | | 135,287 | | 105,287 |
+--------------------------------+--------+----------+--------+-----------+
| Retained earnings | | 80,935 | | 118,159 |
+--------------------------------+--------+----------+--------+-----------+
| Treasury stock | | (594) | | (585) |
+--------------------------------+--------+----------+--------+-----------+
| Total: Shareholders' equity | | 311,775 | | 319,009 |
+--------------------------------+--------+----------+--------+-----------+
| Valuation and translation | | | | |
| adjustments | | | | |
+--------------------------------+--------+----------+--------+-----------+
| Valuation difference on | | 830 | | 2,339 |
| available-for-sale securities | | | | |
+--------------------------------+--------+----------+--------+-----------+
| Deferred gains or losses on | | (4,494) | | (10,756) |
| hedges | | | | |
+--------------------------------+--------+----------+--------+-----------+
| Foreign currency translation | | (55,349) | | (63,944) |
| adjustment | | | | |
+--------------------------------+--------+----------+--------+-----------+
| Total: Valuation and | | (59,013) | | (72,361) |
| translation adjustments | | | | |
+--------------------------------+--------+----------+--------+-----------+
| Subscription rights to shares | | 696 | | 493 |
+--------------------------------+--------+----------+--------+-----------+
| Minority interests | | 8,972 | | 10,082 |
+--------------------------------+--------+----------+--------+-----------+
| Total: Net assets | | 262,430 | | 257,223 |
+--------------------------------+--------+----------+--------+-----------+
| Total: Liabilities and net | | 989,147 | | 1,025,221 |
| assets | | | | |
+--------------------------------+--------+----------+--------+-----------+
2. Consolidated income statement
(JPY millions)
+----------------------------------+--------+---------+--------+----------+
| | Cumulative | Cumulative |
| | Quarter 3 FY 09 | Quarter 3 FY 10 |
| | For the period | For the period |
| | 1 April 2008 to | 1 April 2009 to |
| | 31 December | 31 December |
| | 2008 | 2009 |
+----------------------------------+------------------+-------------------+
| Net sales | | 586,437 | | 443,867 |
+----------------------------------+--------+---------+--------+----------+
| Cost of sales | | 418,484 | | 332,079 |
+----------------------------------+--------+---------+--------+----------+
| Gross profit | | 167,953 | | 111,788 |
+----------------------------------+--------+---------+--------+----------+
| Selling, general and | | 154,533 | | 128,437 |
| administrative expenses | | | | |
+----------------------------------+--------+---------+--------+----------+
| Operating income / (loss) | | 13,420 | | (16,649) |
+----------------------------------+--------+---------+--------+----------+
| Non-operating income | | | | |
+----------------------------------+--------+---------+--------+----------+
| Interest income | | 4,214 | | 1,483 |
+----------------------------------+--------+---------+--------+----------+
| Dividends income | | 1,032 | | 457 |
+----------------------------------+--------+---------+--------+----------+
| Equity in earnings of affiliates | | 3,836 | | 1,126 |
+----------------------------------+--------+---------+--------+----------+
| Other non-operating income | | 1,843 | | 1,642 |
+----------------------------------+--------+---------+--------+----------+
| Total: Non-operating income | | 10,927 | | 4,707 |
+----------------------------------+--------+---------+--------+----------+
| Non-operating expenses | | | | |
+----------------------------------+--------+---------+--------+----------+
| Interest expenses | | 15,957 | | 11,679 |
+----------------------------------+--------+---------+--------+----------+
| Other non-operating expenses | | 3,808 | | 2,134 |
+----------------------------------+--------+---------+--------+----------+
| Total: Non-operating expenses | | 19,765 | | 13,813 |
+----------------------------------+--------+---------+--------+----------+
| Ordinary income / (loss) | | 4,581 | | (25,755) |
+----------------------------------+--------+---------+--------+----------+
| Extraordinary income | | | | |
+----------------------------------+--------+---------+--------+----------+
| Gain on sales of fixed assets | | 820 | | 986 |
+----------------------------------+--------+---------+--------+----------+
| Gain on sales of investment | | 7,719 | | 4,141 |
| securities | | | | |
+----------------------------------+--------+---------+--------+----------+
| Gain on sales of investments in | | 30,028 | | 279 |
| affiliates | | | | |
+----------------------------------+--------+---------+--------+----------+
| Other extraordinary income | | 517 | | 1,414 |
+----------------------------------+--------+---------+--------+----------+
| Total: Extraordinary income | | 39,086 | | 6,821 |
+----------------------------------+--------+---------+--------+----------+
| Extraordinary loss | | | | |
+----------------------------------+--------+---------+--------+----------+
| Loss on retirement of non | | - | | 399 |
| current assets | | | | |
+----------------------------------+--------+---------+--------+----------+
| Loss on sales of non current | | - | | 126 |
| assets | | | | |
+----------------------------------+--------+---------+--------+----------+
| Impairment loss | | 1,240 | | 5,210 |
+----------------------------------+--------+---------+--------+----------+
| Loss on sales of investments in | | - | | 1,429 |
| affiliates | | | | |
+----------------------------------+--------+---------+--------+----------+
| Restructuring expenditure | | 2,093 | | 3,392 |
+----------------------------------+--------+---------+--------+----------+
| Loss arising on notification of | | 8,438 | | - |
| EU car glass fine | | | | |
+----------------------------------+--------+---------+--------+----------+
| Other extraordinary losses | | 1,520 | | 3,023 |
+----------------------------------+--------+---------+--------+----------+
| Total: Extraordinary losses | | 13,293 | | 13,580 |
+----------------------------------+--------+---------+--------+----------+
| Income / (loss) before income | | 30,374 | | (32,514) |
| taxes and minority interests | | | | |
+----------------------------------+--------+---------+--------+----------+
| Income taxes | | 17,726 | | (1,384) |
+----------------------------------+--------+---------+--------+----------+
| Minority interests | | 2,104 | | 936 |
+----------------------------------+--------+---------+--------+----------+
| Net income / (loss) | | 10,543 | | (32,066) |
+----------------------------------+--------+---------+--------+----------+
3. Consolidated statement of cash-flow
(JPY millions)
+------------------------------------+-------------------+-------------------+
| | Cumulative | Cumulative |
| | Quarter 3 FY 09 | Quarter 3 FY 10 |
| | For the period 1 | For the period 1 |
| | April 2008 to | April 2009 to 31 |
| | 31 December 2008 | December 2009 |
+------------------------------------+-------------------+-------------------+
| Net cash provided by operating | | |
| activities | | |
+------------------------------------+-------------------+-------------------+
| Income / (loss) before income | 30,374 | (32,514) |
| taxes and minority interests | | |
+------------------------------------+-------------------+-------------------+
| Adjustments for: | | |
+------------------------------------+-------------------+-------------------+
| Depreciation and amortization | 44,324 | 37,807 |
+------------------------------------+-------------------+-------------------+
| Impairment Loss | 1,240 | 5,210 |
+------------------------------------+-------------------+-------------------+
| Amortization of goodwill | 6,740 | 5,684 |
+------------------------------------+-------------------+-------------------+
| Increase in allowance for doubtful | 312 | 1,848 |
| accounts | | |
+------------------------------------+-------------------+-------------------+
| (Decrease) / increase in provision | (15,824) | 1,983 |
| for retirement benefits | | |
+------------------------------------+-------------------+-------------------+
| Increase in provision for furnace | 294 | 301 |
| repairs | | |
+------------------------------------+-------------------+-------------------+
| Increase in EU car glass provision | 19,818 | - |
+------------------------------------+-------------------+-------------------+
| Net loss / (gain) on sales and | 156 | (461) |
| disposals of fixed assets | | |
+------------------------------------+-------------------+-------------------+
| Net gain on sales and valuation of | (7,640) | (4,141) |
| investment securities | | |
+------------------------------------+-------------------+-------------------+
| Net (gain) / loss on sales of | (30,028) | 1,150 |
| investments in affiliates | | |
+------------------------------------+-------------------+-------------------+
| Interest and dividends income | (5,247) | (1,939) |
+------------------------------------+-------------------+-------------------+
| Interest expenses | 15,957 | 11,679 |
+------------------------------------+-------------------+-------------------+
| Equity in earnings of affiliates | (3,836) | (1,126) |
+------------------------------------+-------------------+-------------------+
| Decrease / (increase) in notes and | 25,218 | (12,057) |
| accounts receivable - trade | | |
+------------------------------------+-------------------+-------------------+
| (Increase) / decrease in | (15,486) | 6,910 |
| inventories | | |
+------------------------------------+-------------------+-------------------+
| (Decrease) / increase in notes and | (26,340) | 803 |
| accounts payable - trade | | |
+------------------------------------+-------------------+-------------------+
| Other, net | (5,044) | (3,318) |
+------------------------------------+-------------------+-------------------+
| Subtotal | 34,987 | 17,817 |
+------------------------------------+-------------------+-------------------+
| Interest and dividends income | 11,021 | 3,641 |
| received | | |
+------------------------------------+-------------------+-------------------+
| Interest expenses paid | (19,199) | (17,439) |
+------------------------------------+-------------------+-------------------+
| Income taxes paid | (8,858) | (13,496) |
+------------------------------------+-------------------+-------------------+
| Net cash provided by / (used in) | 17,951 | (9,477) |
| operating activities | | |
+------------------------------------+-------------------+-------------------+
| Net cash provided by investment | | |
| activities | | |
+------------------------------------+-------------------+-------------------+
| Purchase of property, plant and | (34,229) | (11,131) |
| equipment | | |
+------------------------------------+-------------------+-------------------+
| Proceeds from sales of property, | 2,146 | 1,573 |
| plant and equipment | | |
+------------------------------------+-------------------+-------------------+
| Purchase of intangible assets | (296) | (496) |
+------------------------------------+-------------------+-------------------+
| Purchase of investment securities | (663) | (16) |
+------------------------------------+-------------------+-------------------+
| Proceeds from sales of investment | 9,647 | 7,659 |
| securities | | |
+------------------------------------+-------------------+-------------------+
| Purchase of investments in | (2,606) | (1,452) |
| subsidiaries and affiliates | | |
+------------------------------------+-------------------+-------------------+
| Proceeds from sales of stocks of | 42,655 | 9,077 |
| subsidiaries and affiliates | | |
+------------------------------------+-------------------+-------------------+
| Increase in short-term loans | (6,938) | (3,496) |
| receivable | | |
+------------------------------------+-------------------+-------------------+
| Payments of long-term loans | (61) | (5,437) |
| receivable | | |
+------------------------------------+-------------------+-------------------+
| Collection of long-term loans | - | 7,469 |
| receivable | | |
+------------------------------------+-------------------+-------------------+
| Other, net | 94 | 454 |
+------------------------------------+-------------------+-------------------+
| Net cash provided by investment | 9,746 | 4,204 |
| activities | | |
+------------------------------------+-------------------+-------------------+
(JPY millions)
+------------------------------------+------------------+-------------------+
| | Cumulative | Cumulative |
| | Quarter 3 FY 09 | Quarter 3 FY 10 |
| |For the period 1 | For the period 1 |
| | April 2008 to | April 2009 to |
| |31 December 2008 | 31 December 2009 |
+------------------------------------+------------------+-------------------+
| Net cash used in financing | | |
| activities | | |
+------------------------------------+------------------+-------------------+
| Net (decrease) / increase in | (30,936) | 3,415 |
| short-term loans payable | | |
+------------------------------------+------------------+-------------------+
| Proceeds from long-term loans | 1,285 | 109,276 |
| payable | | |
+------------------------------------+------------------+-------------------+
| Repayment of long-term loans | (43,207) | (120,204) |
| payable | | |
+------------------------------------+------------------+-------------------+
| Proceeds from issuance of bonds | 24,847 | - |
+------------------------------------+------------------+-------------------+
| Redemption of bonds | (10,000) | - |
+------------------------------------+------------------+-------------------+
| Proceeds from issuance of stocks | - | 30,000 |
+------------------------------------+------------------+-------------------+
| Cash dividends paid | (4,026) | (5,125) |
+------------------------------------+------------------+-------------------+
| Cash dividends paid to minority | (2,386) | (870) |
| shareholders | | |
+------------------------------------+------------------+-------------------+
| Repayments of finance lease | (2,840) | (2,335) |
| obligations | | |
+------------------------------------+------------------+-------------------+
| Other, net | (43) | (1,273) |
+------------------------------------+------------------+-------------------+
| Net cash (used in) / provided by | (67,308) | 12,883 |
| financing activities | | |
+------------------------------------+------------------+-------------------+
| Effect of exchange rate change on | (14,444) | 2,322 |
| cash and cash equivalents | | |
+------------------------------------+------------------+-------------------+
| Net (decrease) / increase in cash | (54,055) | 9,932 |
| and cash equivalents | | |
+------------------------------------+------------------+-------------------+
| Cash and cash equivalents at | 103,293 | 75,598 |
| beginning of period | | |
+------------------------------------+------------------+-------------------+
| Increase in cash and cash | 2,181 | - |
| equivalents resulting from change | | |
| of scope of consolidation | | |
+------------------------------------+------------------+-------------------+
| Cash and cash equivalents at end | 51,420 | 85,529 |
| of period | | |
+------------------------------------+------------------+-------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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