TIDM85GQ
RNS Number : 1408X
Nippon Sheet Glass Company Limited
10 August 2009
FY 2010 1st Quarter Consolidated Financial Results
(English translation of the Japanese original)
Consolidated Financial Statements
1. Quarterly consolidated balance sheet
(JPY millions)
+---------------------------------------------------------+------------+------------+------------+------------+
| | Quarter 1 FY 10 | FY 09 (Abbreviated) |
| | As of 30 June 2009 | As of 31 March 2009 |
+---------------------------------------------------------+-------------------------+-------------------------+
| Assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Current assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Cash and | | 74,501 | | 94,979 |
| deposits | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Notes and | | 98,142 | | 94,291 |
| accounts | | | | |
| receivable | | | | |
| - trade | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Merchandise | | 67,398 | | 69,335 |
| and | | | | |
| finished | | | | |
| goods | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Work in | | 10,755 | | 10,352 |
| process | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Raw | | 33,266 | | 34,139 |
| materials | | | | |
| and | | | | |
| supplies | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Other | | 36,027 | | 25,950 |
| current | | | | |
| assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Allowance | | (4,277) | | (3,815) |
| for | | | | |
| doubtful | | | | |
| accounts | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Total: | | 315,811 | | 325,231 |
| Current | | | | |
| assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Non-current assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Property, | | | | |
| plant and | | | | |
| equipment | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Buildings | | 146,225 | | 147,014 |
| and | | | | |
| structures | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Accumulated | | (79,993) | | (79,334) |
| depreciation | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Buildings | | 66,232 | | 67,679 |
| and | | | | |
| structures, | | | | |
| net | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Machinery, | | 374,607 | | 366,197 |
| equipment | | | | |
| and | | | | |
| vehicles | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Accumulated | | (195,704) | | (188,927) |
| depreciation | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Machinery, | | 178,902 | | 177,270 |
| equipment | | | | |
| and | | | | |
| vehicles, | | | | |
| net | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Tools, | | 42,929 | | 41,603 |
| furniture | | | | |
| and | | | | |
| fixtures | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Accumulated | | (26,913) | | (25,200) |
| depreciation | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Tools, | | 16,016 | | 16,403 |
| furniture | | | | |
| and | | | | |
| fixtures, | | | | |
| net | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Land | | 48,780 | | 46,483 |
+---------------------------------------------------------+------------+------------+------------+------------+
| Leased | | 8,009 | | 8,089 |
| assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Accumulated | | (3,428) | | (3,136) |
| depreciation | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Leased | | 4,581 | | 4,953 |
| assets, | | | | |
| net | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Construction | | 4,290 | | 4,690 |
| in progress | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Total: | | 318,801 | | 317,478 |
| Property, | | | | |
| plant and | | | | |
| equipment | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Intangible | | | | |
| assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Goodwill | | 136,346 | | 132,882 |
+---------------------------------------------------------+------------+------------+------------+------------+
| Other | | 129,403 | | 127,283 |
| intangible | | | | |
| assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Total: | | 265,750 | | 260,165 |
| intangible | | | | |
| assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Investments | | | | |
| and other | | | | |
| assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Joint | | 51,093 | | 55,935 |
| ventures, | | | | |
| associates | | | | |
| and other | | | | |
| investments | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Others | | 66,760 | | 67,745 |
+---------------------------------------------------------+------------+------------+------------+------------+
| Allowance | | (1,450) | | (1,334) |
| for | | | | |
| doubtful | | | | |
| accounts | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Total: | | 116,403 | | 122,347 |
| Investments | | | | |
| and other | | | | |
| assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Total: | | 700,954 | | 699,989 |
| Non-current | | | | |
| assets | | | | |
+---------------------------------------------------------+------------+------------+------------+------------+
| Total: Assets | | 1,016,765 | | 1,025,221 |
+---------------------------------------------------------+------------+------------+------------+------------+
(JPY millions)
+-------------------------------------+------------+------------+------------+------------+
| | Quarter 1 FY 10 | FY 09 (Abbreviated) |
| | As of 30 June 2009 | As of 31 March 2009 |
+-------------------------------------+-------------------------+-------------------------+
| Liabilities | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Current liabilities | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Notes and accounts | | 60,614 | | 61,902 |
| payable - trade | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Short-term loans | | 120,156 | | 84,784 |
| payable | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Lease obligations | | 2,764 | | 3,038 |
+-------------------------------------+------------+------------+------------+------------+
| Income taxes payable | | 10,179 | | 19,369 |
+-------------------------------------+------------+------------+------------+------------+
| Provisions | | 23,093 | | 24,403 |
+-------------------------------------+------------+------------+------------+------------+
| Other current | | 73,550 | | 75,820 |
| liabilities | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Total: Current | | 290,357 | | 269,315 |
| liabilities | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Non-current liabilities | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Bonds payable | | 60,000 | | 60,000 |
+-------------------------------------+------------+------------+------------+------------+
| Long-term loans | | 244,571 | | 273,557 |
| payable | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Lease obligations | | 4,437 | | 4,943 |
+-------------------------------------+------------+------------+------------+------------+
| Provision for | | 63,654 | | 62,808 |
| retirement benefits | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Provision for | | 10,259 | | 10,159 |
| rebuilding furnaces | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Other provisions | | 6,876 | | 6,714 |
+-------------------------------------+------------+------------+------------+------------+
| Other non-current | | 82,121 | | 80,502 |
| liabilities | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Total: Non-current | | 471,918 | | 498,683 |
| liabilities | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Total: Liabilities | | 762,275 | | 767,998 |
+-------------------------------------+------------+------------+------------+------------+
| Net assets | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Shareholders' equity | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Capital stock | | 96,147 | | 96,147 |
+-------------------------------------+------------+------------+------------+------------+
| Capital surplus | | 105,287 | | 105,287 |
+-------------------------------------+------------+------------+------------+------------+
| Retained earnings | | 100,463 | | 118,159 |
+-------------------------------------+------------+------------+------------+------------+
| Treasury stock | | (590) | | (585) |
+-------------------------------------+------------+------------+------------+------------+
| Total: Shareholders' | | 301,308 | | 319,009 |
| equity | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Valuation and translation | | | | |
| adjustments | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Valuation difference | | 800 | | 2,339 |
| on available-for-sale | | | | |
| securities | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Deferred gains or | | (7,870) | | (10,756) |
| losses on hedges | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Foreign currency | | (50,261) | | (63,944) |
| translation | | | | |
| adjustment | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Total: Valuation and | | (57,331) | | (72,361) |
| translation | | | | |
| adjustments | | | | |
+-------------------------------------+------------+------------+------------+------------+
| Subscription rights to shares | | 493 | | 493 |
+-------------------------------------+------------+------------+------------+------------+
| Minority interests | | 10,021 | | 10,082 |
+-------------------------------------+------------+------------+------------+------------+
| Total: Net assets | | 254,491 | | 257,223 |
+-------------------------------------+------------+------------+------------+------------+
| Total: Liabilities and net assets | | 1,016,765 | | 1,025,221 |
+-------------------------------------+------------+------------+------------+------------+
2. Consolidated income statement
(JPY millions)
+-------------------------------------+-----+---------------+-----+----------------+
| | Quarter 1 FY 09 | Quarter 1 FY 10 |
| | For the period 1 | For the period 1 |
| | April 2008 to | April 2009 to |
| | 30 June 2008 | 30 June 2009 |
+-------------------------------------+---------------------+----------------------+
| Net sales | | 221,518 | | 143,582 |
+-------------------------------------+-----+---------------+-----+----------------+
| Cost of sales | | 153,361 | | 109,936 |
+-------------------------------------+-----+---------------+-----+----------------+
| Gross profit | | 68,156 | | 33,646 |
+-------------------------------------+-----+---------------+-----+----------------+
| Selling, general and administrative | | 58,087 | | 44,668 |
| expenses | | | | |
+-------------------------------------+-----+---------------+-----+----------------+
| Operating income | | 10,069 | | (11,022) |
+-------------------------------------+-----+---------------+-----+----------------+
| Non-operating income | | | | |
+-------------------------------------+-----+---------------+-----+----------------+
| Interest income | | 1,577 | | 435 |
+-------------------------------------+-----+---------------+-----+----------------+
| Dividends income | | 373 | | 164 |
+-------------------------------------+-----+---------------+-----+----------------+
| Share of profits of | | 1,874 | | - |
| affiliates | | | | |
+-------------------------------------+-----+---------------+-----+----------------+
| Gain from valuation | | - | | 1,102 |
| of derivatives | | | | |
+-------------------------------------+-----+---------------+-----+----------------+
| Other non-operating | | 478 | | 367 |
| income | | | | |
+-------------------------------------+-----+---------------+-----+----------------+
| Total: Non-operating | | 4,303 | | 2,067 |
| income | | | | |
+-------------------------------------+-----+---------------+-----+----------------+
| Non-operating expenses | | | | |
+-------------------------------------+-----+---------------+-----+----------------+
| Interest expenses | | 5,363 | | 3,447 |
+-------------------------------------+-----+---------------+-----+----------------+
| Share of losses of | | - | | 661 |
| affiliates | | | | |
+-------------------------------------+-----+---------------+-----+----------------+
| Other non-operating | | 2,124 | | 2,701 |
| expenses | | | | |
+-------------------------------------+-----+---------------+-----+----------------+
| Total: Non-operating | | 7,488 | | 6,809 |
| expenses | | | | |
+-------------------------------------+-----+---------------+-----+----------------+
| Ordinary income | | 6,884 | | (15,764) |
+-------------------------------------+-----+---------------+-----+----------------+
| Extraordinary income | | | | |
+-------------------------------------+-----+---------------+-----+----------------+
| Gain on sales of | | 496 | | 114 |
| fixed assets | | | | |
+-------------------------------------+-----+---------------+-----+----------------+
| Gain on sales of | | 7,422 | | 4,131 |
| investment securities | | | | |
+-------------------------------------+-----+---------------+-----+----------------+
| Gain on sales of | | 29,646 | | 62 |
| investments in | | | | |
| affiliates | | | | |
+-------------------------------------+-----+---------------+-----+----------------+
| Other extraordinary | | 517 | | 73 |
| income | | | | |
+-------------------------------------+-----+---------------+-----+----------------+
| Total: Extraordinary | | 38,083 | | 4,380 |
| income | | | | |
+-------------------------------------+-----+---------------+-----+----------------+
| Extraordinary loss | | | | |
+-------------------------------------+-----+---------------+-----+----------------+
| Loss on sales of non | | 5 | | 8 |
| current assets | | | | |
+-------------------------------------+-----+---------------+-----+----------------+
| Loss on retirement of | | 86 | | 38 |
| non current assets | | | | |
+-------------------------------------+-----+---------------+-----+----------------+
| Impairment loss | | - | | 3,903 |
+-------------------------------------+-----+---------------+-----+----------------+
| Restructuring | | - | | 1,480 |
| expenditure | | | | |
+-------------------------------------+-----+---------------+-----+----------------+
| Other extraordinary | | 8 | | 70 |
| losses | | | | |
+-------------------------------------+-----+---------------+-----+----------------+
| Total: Extraordinary | | 101 | | 5,499 |
| losses | | | | |
+-------------------------------------+-----+---------------+-----+----------------+
| Income before income taxes and | | 44,867 | | (16,883) |
| minority interests | | | | |
+-------------------------------------+-----+---------------+-----+----------------+
| Income taxes | | 16,169 | | (1,219) |
+-------------------------------------+-----+---------------+-----+----------------+
| Minority interests | | 894 | | 28 |
+-------------------------------------+-----+---------------+-----+----------------+
| Net income | | 27,803 | | (15,691) |
+-------------------------------------+-----+---------------+-----+----------------+
3. Consolidated statement of cash-flow
(JPY millions)
+------------------------------------------+---+----------------+------------------+
| | Quarter 1 FY 09 | Quarter 1 FY 10 |
| | For the period 1 |For the period 1 |
| | April 2008 to | April 2009 to |
| | 30 June 2008 | 30 June 2009 |
+------------------------------------------+--------------------+------------------+
| Net cash provided by operating | | | |
| activities | | | |
+------------------------------------------+---+----------------+------------------+
| Income before income taxes and minority | | 44,867 | (16,883) |
| interests | | | |
+------------------------------------------+---+----------------+------------------+
| Adjustments for: | | | |
+------------------------------------------+---+----------------+------------------+
| Depreciation and | | 15,589 | 13,132 |
| amortization | | | |
+------------------------------------------+---+----------------+------------------+
| Amortization of goodwill | | 2,474 | 2,067 |
+------------------------------------------+---+----------------+------------------+
| Impairment Loss | | - | 3,903 |
+------------------------------------------+---+----------------+------------------+
| Increase in allowance for | | 83 | 274 |
| doubtful accounts | | | |
+------------------------------------------+---+----------------+------------------+
| Decrease in provision for | | (9,982) | 626 |
| retirement benefits | | | |
+------------------------------------------+---+----------------+------------------+
| Increase in provision for | | 93 | 100 |
| furnace repairs | | | |
+------------------------------------------+---+----------------+------------------+
| Net gain on sales and | | (425) | (68) |
| disposals of fixed assets | | | |
+------------------------------------------+---+----------------+------------------+
| Net gain on sales and | | (7,422) | (4,131) |
| valuation of investment | | | |
| securities | | | |
+------------------------------------------+---+----------------+------------------+
| Net gain on sales of | | (29,646) | (62) |
| investments in affiliates | | | |
+------------------------------------------+---+----------------+------------------+
| Interest and dividends | | (1,950) | (598) |
| income | | | |
+------------------------------------------+---+----------------+------------------+
| Interest expenses | | 5,363 | 3,447 |
+------------------------------------------+---+----------------+------------------+
| Equity in (earnings) / | | (1,874) | 661 |
| losses of affiliates | | | |
+------------------------------------------+---+----------------+------------------+
| Decrease in notes and | | (643) | (4,073) |
| accounts receivable - | | | |
| trade | | | |
+------------------------------------------+---+----------------+------------------+
| Increase in inventories | | (5,905) | 4,082 |
+------------------------------------------+---+----------------+------------------+
| Decrease in notes and | | (14,769) | (5,649) |
| accounts payable - trade | | | |
+------------------------------------------+---+----------------+------------------+
| Other, net | | 10,883 | 1,730 |
+------------------------------------------+---+----------------+------------------+
| Subtotal | | 6,735 | (1,441) |
+------------------------------------------+---+----------------+------------------+
| Interest and dividends | | 3,977 | 631 |
| income received | | | |
+------------------------------------------+---+----------------+------------------+
| Interest expenses paid | | (9,667) | (3,030) |
+------------------------------------------+---+----------------+------------------+
| Income taxes paid | | (3,752) | (9,435) |
+------------------------------------------+---+----------------+------------------+
| Net cash provided by | | (2,707) | (13,276) |
| operating activities | | | |
+------------------------------------------+---+----------------+------------------+
| Net cash provided by investment | | | |
| activities | | | |
+------------------------------------------+---+----------------+------------------+
| Purchase of property, | | (11,544) | (5,485) |
| plant and equipment | | | |
+------------------------------------------+---+----------------+------------------+
| Proceeds from sales of | | 988 | 377 |
| property, plant and | | | |
| equipment | | | |
+------------------------------------------+---+----------------+------------------+
| Purchase of intangible | | (109) | (121) |
| assets | | | |
+------------------------------------------+---+----------------+------------------+
| Purchase of investment | | (3) | (2) |
| securities | | | |
+------------------------------------------+---+----------------+------------------+
| Proceeds from sales of | | 51,057 | 7,144 |
| investment securities | | | |
+------------------------------------------+---+----------------+------------------+
| Purchase of investments in | | (1,166) | (324) |
| subsidiaries and | | | |
| affiliates | | | |
+------------------------------------------+---+----------------+------------------+
| Proceeds from sales of | | - | 27 |
| stocks of subsidiaries and | | | |
| affiliates | | | |
+------------------------------------------+---+----------------+------------------+
| Decrease in short-term | | (1,147) | (147) |
| loans receivable | | | |
+------------------------------------------+---+----------------+------------------+
| Payments of long-term | | (19) | (1,196) |
| loans receivable | | | |
+------------------------------------------+---+----------------+------------------+
| Other, net | | 398 | (489) |
+------------------------------------------+---+----------------+------------------+
| Net cash provided by | | 38,453 | (217) |
| investment activities | | | |
+------------------------------------------+---+----------------+------------------+
(JPY millions)
+------------------------------------------+---+----------------+------------------+
| | Quarter 1 FY 09 | Quarter 1 FY 10 |
| | For the period 1 |For the period 1 |
| | April 2008 to | April 2009 to |
| | 30 June 2008 | 30 June 2009 |
+------------------------------------------+--------------------+------------------+
| Net cash used in financing activities | | | |
+------------------------------------------+---+----------------+------------------+
| Net decrease in short-term | | (5,097) | 26,727 |
| loans payable | | | |
+------------------------------------------+---+----------------+------------------+
| Proceeds from long-term | | 442 | 40,923 |
| loans payable | | | |
+------------------------------------------+---+----------------+------------------+
| Repayment of long-term | | (21,970) | (78,173) |
| loans payable | | | |
+------------------------------------------+---+----------------+------------------+
| Proceeds from issuance of | | 20,000 | - |
| bonds | | | |
+------------------------------------------+---+----------------+------------------+
| Cash dividends paid | | (2,010) | (1,889) |
+------------------------------------------+---+----------------+------------------+
| Cash dividends paid to | | (824) | (273) |
| minority shareholders | | | |
+------------------------------------------+---+----------------+------------------+
| Repayments of finance | | (427) | (784) |
| lease obligations | | | |
+------------------------------------------+---+----------------+------------------+
| Other, net | | (7) | (11) |
+------------------------------------------+---+----------------+------------------+
| Net cash used in financing | | (9,894) | (13,479) |
| activities | | | |
+------------------------------------------+---+----------------+------------------+
| Effect of exchange rate change on cash | | 4,595 | 3,292 |
| and cash equivalents | | | |
+------------------------------------------+---+----------------+------------------+
| Net increase in cash and cash | | 30,446 | (23,679) |
| equivalents | | | |
+------------------------------------------+---+----------------+------------------+
| Cash and cash equivalents at beginning | | 103,293 | 75,598 |
| of period | | | |
+------------------------------------------+---+----------------+------------------+
| Increase in cash and cash equivalents | | 1,604 | - |
| resulting from change of scope of | | | |
| consolidation | | | |
+------------------------------------------+---+----------------+------------------+
| Cash and cash equivalents at end of | | 135,343 | 51,918 |
| period | | | |
+------------------------------------------+---+----------------+------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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