TIDM85GQ
RNS Number : 5802Q
Nippon Sheet Glass Company Limited
05 August 2010
FY 2011 1st Quarter Consolidated Financial Results <J-GAAP>
(English translation of the Japanese original)
Consolidated Financial Statements
a) Quarterly consolidated balance sheet
(JPY millions)
+-------------------------------------------+--------+-----------+--------+-----------+
| | Quarter 1 FY 11 | FY 10 |
| | As of 30 June | (Abbreviated) |
| | 2010 | As of 31 March |
| | | 2010 |
+-------------------------------------------+--------------------+--------------------+
| Assets | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Current assets | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Cash and | | 49,019 | | 79,796 |
| deposits | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Notes and | | 93,243 | | 97,680 |
| accounts | | | | |
| receivable - | | | | |
| trade | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Merchandise | | 52,456 | | 56,107 |
| and finished | | | | |
| goods | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Work in | | 10,462 | | 10,375 |
| process | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Raw materials | | 30,412 | | 32,309 |
| and supplies | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Other current | | 20,865 | | 25,325 |
| assets | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Allowance for | | (3,745) | | (4,146) |
| doubtful | | | | |
| accounts | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Total: Current | | 252,711 | | 297,446 |
| assets | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Non-current assets | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Property, | | | | |
| plant and | | | | |
| equipment | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Buildings | | 139,008 | | 141,122 |
| and | | | | |
| structures | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Accumulated | | (78,899) | | (78,184) |
| depreciation | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Buildings | | 60,108 | | 62,938 |
| and | | | | |
| structures, | | | | |
| net | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Machinery, | | 341,215 | | 357,689 |
| equipment | | | | |
| and | | | | |
| vehicles | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Accumulated | | (197,014) | | (199,666) |
| depreciation | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Machinery, | | 144,201 | | 158,023 |
| equipment | | | | |
| and | | | | |
| vehicles, | | | | |
| net | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Tools, | | 43,917 | | 45,330 |
| furniture | | | | |
| and | | | | |
| fixtures | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Accumulated | | (28,484) | | (28,768) |
| depreciation | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Tools, | | 15,433 | | 16,562 |
| furniture | | | | |
| and | | | | |
| fixtures, | | | | |
| net | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Land | | 37,405 | | 39,774 |
+-------------------------------------------+--------+-----------+--------+-----------+
| Leased | | 7,935 | | 8,179 |
| assets | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Accumulated | | (4,005) | | (3,820) |
| depreciation | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Leased | | 3,930 | | 4,359 |
| assets, | | | | |
| net | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Construction | | 1,115 | | 1,486 |
| in progress | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Total: | | 262,193 | | 283,140 |
| Property, | | | | |
| plant and | | | | |
| equipment | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Intangible | | | | |
| assets | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Goodwill | | 106,503 | | 122,653 |
+-------------------------------------------+--------+-----------+--------+-----------+
| Other | | 99,329 | | 113,381 |
| intangible | | | | |
| assets | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Total: | | 205,832 | | 236,034 |
| intangible | | | | |
| assets | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Investments | | | | |
| and other | | | | |
| assets | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Joint | | 54,841 | | 59,224 |
| ventures, | | | | |
| associates | | | | |
| and other | | | | |
| investments | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Others | | 58,645 | | 59,845 |
+-------------------------------------------+--------+-----------+--------+-----------+
| Allowance | | (1,814) | | (1,969) |
| for | | | | |
| doubtful | | | | |
| accounts | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Total: | | 111,673 | | 117,100 |
| Investments | | | | |
| and other | | | | |
| assets | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Total: | | 579,698 | | 636,275 |
| Non-current | | | | |
| assets | | | | |
+-------------------------------------------+--------+-----------+--------+-----------+
| Total: Assets | | 832,409 | | 933,721 |
+-------------------------------------------+--------+-----------+--------+-----------+
(JPY millions)
+--------------------------------+--------+-----------+--------+----------+
| | Quarter 1 FY 10 | FY 10 |
| | As of 30 June | (Abbreviated) |
| | 2010 | As of 31 March |
| | | 2010 |
+--------------------------------+--------------------+-------------------+
| Liabilities | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Current liabilities | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Notes and accounts | | 57,018 | | 68,898 |
| payable - trade | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Short-term loans | | 12,399 | | 25,619 |
| payable | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Current portion of | | 11,530 | | 41,533 |
| long-term loans | | | | |
| payable | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Current portion of | | 33,000 | | 10,000 |
| bonds payable | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Lease obligations | | 2,301 | | 1,984 |
+--------------------------------+--------+-----------+--------+----------+
| Income taxes payable | | 5,114 | | 6,023 |
+--------------------------------+--------+-----------+--------+----------+
| Provisions | | 12,952 | | 17,107 |
+--------------------------------+--------+-----------+--------+----------+
| Other current | | 61,100 | | 63,971 |
| liabilities | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Total: Current | | 195,415 | | 235,134 |
| liabilities | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Non-current liabilities | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Bonds payable | | 27,000 | | 50,000 |
+--------------------------------+--------+-----------+--------+----------+
| Long-term loans | | 275,779 | | 262,326 |
| payable | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Lease obligations | | 2,144 | | 2,980 |
+--------------------------------+--------+-----------+--------+----------+
| Provision for | | 52,770 | | 59,319 |
| retirement benefits | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Provision for | | 10,660 | | 10,560 |
| rebuilding furnaces | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Other provisions | | 6,342 | | 7,401 |
+--------------------------------+--------+-----------+--------+----------+
| Other non-current | | 60,793 | | 66,071 |
| liabilities | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Total: Non-current | | 435,487 | | 458,656 |
| liabilities | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Total: Liabilities | | 630,902 | | 693,790 |
+--------------------------------+--------+-----------+--------+----------+
| Net assets | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Shareholders' equity | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Capital stock | | 96,147 | | 96,147 |
+--------------------------------+--------+-----------+--------+----------+
| Capital surplus | | 135,293 | | 135,290 |
+--------------------------------+--------+-----------+--------+----------+
| Retained earnings | | 68,928 | | 71,696 |
+--------------------------------+--------+-----------+--------+----------+
| Treasury stock | | (582) | | (589) |
+--------------------------------+--------+-----------+--------+----------+
| Total: Shareholders' | | 299,786 | | 302,544 |
| equity | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Valuation and translation | | | | |
| adjustments | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Valuation difference | | 638 | | 836 |
| on available-for-sale | | | | |
| securities | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Deferred gains or | | (4,876) | | (5,026) |
| losses on hedges | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Foreign currency | | (103,083) | | (68,048) |
| translation | | | | |
| adjustment | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Total: Valuation and | | (107,321) | | (72,238) |
| translation | | | | |
| adjustments | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Subscription rights to | | 671 | | 684 |
| shares | | | | |
+--------------------------------+--------+-----------+--------+----------+
| Minority interests | | 8,370 | | 8,942 |
+--------------------------------+--------+-----------+--------+----------+
| Total: Net assets | | 201,507 | | 239,931 |
+--------------------------------+--------+-----------+--------+----------+
| Total: Liabilities and net | | 832,409 | | 933,721 |
| assets | | | | |
+--------------------------------+--------+-----------+--------+----------+
b) Quarterly consolidated income statement
(JPY millions)
+------------------------------------+---+----------+----------+------------+
| | Quarter 1 FY | Quarter 1 FY 11 |
| | 10 | For the period 1 |
| | For the | April 2010 to 30 June |
| | period 1 | 2010 |
| | April 2009 | |
| | to 30 June | |
| | 2009 | |
+------------------------------------+--------------+-----------------------+
| Net sales | | 143,582 | | 147,991 |
+------------------------------------+---+----------+----------+------------+
| Cost of sales | | 109,936 | | 106,269 |
+------------------------------------+---+----------+----------+------------+
| Gross profit | | 33,646 | | 41,722 |
+------------------------------------+---+----------+----------+------------+
| Selling, general and | | 44,668 | | 39,026 |
| administrative expenses | | | | |
+------------------------------------+---+----------+----------+------------+
| Operating income | | (11,022) | | 2,696 |
+------------------------------------+---+----------+----------+------------+
| Non-operating income | | | | |
+------------------------------------+---+----------+----------+------------+
| Interest income | | 435 | | 516 |
+------------------------------------+---+----------+----------+------------+
| Dividends income | | 164 | | 89 |
+------------------------------------+---+----------+----------+------------+
| Gain from valuation of | | 1,102 | | - |
| derivatives | | | | |
+------------------------------------+---+----------+----------+------------+
| Share of profits of | | - | | 2,018 |
| affiliates | | | | |
+------------------------------------+---+----------+----------+------------+
| Other non-operating | | 367 | | 370 |
| income | | | | |
+------------------------------------+---+----------+----------+------------+
| Total: Non-operating | | 2,067 | | 2,993 |
| income | | | | |
+------------------------------------+---+----------+----------+------------+
| Non-operating expenses | | | | |
+------------------------------------+---+----------+----------+------------+
| Interest expenses | | 3,447 | | 3,371 |
+------------------------------------+---+----------+----------+------------+
| Share of losses of | | 661 | | - |
| affiliates | | | | |
+------------------------------------+---+----------+----------+------------+
| Foreign exchange loss | | - | | 849 |
+------------------------------------+---+----------+----------+------------+
| Other non-operating | | 2,701 | | 436 |
| expenses | | | | |
+------------------------------------+---+----------+----------+------------+
| Total: Non-operating | | 6,809 | | 4,657 |
| expenses | | | | |
+------------------------------------+---+----------+----------+------------+
| Ordinary income | | (15,764) | | 1,032 |
+------------------------------------+---+----------+----------+------------+
| Extraordinary income | | | | |
+------------------------------------+---+----------+----------+------------+
| Gain on sales of fixed | | 114 | | 480 |
| assets | | | | |
+------------------------------------+---+----------+----------+------------+
| Gain on sales of | | 4,131 | | - |
| investment securities | | | | |
+------------------------------------+---+----------+----------+------------+
| Gain on sales of | | 62 | | - |
| investments in affiliates | | | | |
+------------------------------------+---+----------+----------+------------+
| Other extraordinary | | 73 | | 14 |
| income | | | | |
+------------------------------------+---+----------+----------+------------+
| Total: Extraordinary | | 4,380 | | 494 |
| income | | | | |
+------------------------------------+---+----------+----------+------------+
| Extraordinary loss | | | | |
+------------------------------------+---+----------+----------+------------+
| Loss on retirement of non | | 38 | | 58 |
| current assets | | | | |
+------------------------------------+---+----------+----------+------------+
| Loss on sales of non | | 8 | | 9 |
| current assets | | | | |
+------------------------------------+---+----------+----------+------------+
| Impairment loss | | 3,903 | | - |
+------------------------------------+---+----------+----------+------------+
| Restructuring expenditure | | 1,480 | | 92 |
+------------------------------------+---+----------+----------+------------+
| Other extraordinary | | 70 | | 71 |
| losses | | | | |
+------------------------------------+---+----------+----------+------------+
| Total: Extraordinary | | 5,499 | | 231 |
| losses | | | | |
+------------------------------------+---+----------+----------+------------+
| Income before income taxes | | (16,883) | | 1,295 |
+------------------------------------+---+----------+----------+------------+
| Income taxes | | (1,219) | | 628 |
+------------------------------------+---+----------+----------+------------+
| Income before minority interests | | - | | 666 |
+------------------------------------+---+----------+----------+------------+
| Minority interests | | 28 | | 472 |
+------------------------------------+---+----------+----------+------------+
| Net income | | (15,691) | | 194 |
+------------------------------------+---+----------+----------+------------+
c) Quarterly consolidated statement of cash-flow
(JPY millions)
+------------------------------------+-----+----------+----------------+
| | Quarter 1 FY | Quarter 1 FY |
| | 10 | 11 |
| | For the | For the period |
| | period 1 | 1 April 2010 |
| | April 2009 to | to 30 June |
| | 30 June 2009 | 2010 |
+------------------------------------+----------------+----------------+
| Net cash provided by operating | | | |
| activities | | | |
+------------------------------------+-----+----------+----------------+
| Income before income taxes | | (16,883) | 1,295 |
+------------------------------------+-----+----------+----------------+
| Adjustments for: | | | |
+------------------------------------+-----+----------+----------------+
| Depreciation and | | 13,132 | 10,709 |
| amortization | | | |
+------------------------------------+-----+----------+----------------+
| Amortization of goodwill | | 2,067 | 1,714 |
+------------------------------------+-----+----------+----------------+
| Impairment Loss | | 3,903 | - |
+------------------------------------+-----+----------+----------------+
| Increase / (decrease) in | | 274 | (202) |
| allowance for doubtful | | | |
| accounts | | | |
+------------------------------------+-----+----------+----------------+
| Increase / (decrease) in | | 626 | (1,700) |
| provision for retirement | | | |
| benefits | | | |
+------------------------------------+-----+----------+----------------+
| Increase in provision for | | 100 | 100 |
| furnace repairs | | | |
+------------------------------------+-----+----------+----------------+
| Net gain on sales and | | (68) | (412) |
| disposals of fixed assets | | | |
+------------------------------------+-----+----------+----------------+
| Net gain on sales and | | (4,131) | - |
| valuation of investment | | | |
| securities | | | |
+------------------------------------+-----+----------+----------------+
| Net gain on sales of | | (62) | - |
| investments in affiliates | | | |
+------------------------------------+-----+----------+----------------+
| Interest and dividends | | (598) | (605) |
| income | | | |
+------------------------------------+-----+----------+----------------+
| Interest expenses | | 3,447 | 3,371 |
+------------------------------------+-----+----------+----------------+
| Equity in (earnings) / | | 661 | (2,018) |
| losses of affiliates | | | |
+------------------------------------+-----+----------+----------------+
| Increase in notes and | | (4,073) | (1,922) |
| accounts receivable - | | | |
| trade | | | |
+------------------------------------+-----+----------+----------------+
| (Increase)/decrease in | | 4,082 | (471) |
| inventories | | | |
+------------------------------------+-----+----------+----------------+
| Decrease in notes and | | (5,649) | (1,715) |
| accounts payable - trade | | | |
+------------------------------------+-----+----------+----------------+
| Other, net | | 1,730 | (3,393) |
+------------------------------------+-----+----------+----------------+
| Subtotal | | (1,441) | 4,752 |
+------------------------------------+-----+----------+----------------+
| Interest and dividends | | 631 | 2,114 |
| income received | | | |
+------------------------------------+-----+----------+----------------+
| Interest expenses paid | | (3,030) | (2,877) |
+------------------------------------+-----+----------+----------------+
| Income taxes paid | | (9,435) | (3,423) |
+------------------------------------+-----+----------+----------------+
| Net cash provided by / | | (13,276) | 567 |
| (used in) operating | | | |
| activities | | | |
+------------------------------------+-----+----------+----------------+
| Net cash provided by investment | | | |
| activities | | | |
+------------------------------------+-----+----------+----------------+
| Purchase of property, | | (5,485) | (6,406) |
| plant and equipment | | | |
+------------------------------------+-----+----------+----------------+
| Proceeds from sales of | | 377 | 492 |
| property, plant and | | | |
| equipment | | | |
+------------------------------------+-----+----------+----------------+
| Purchase of intangible | | (121) | (78) |
| assets | | | |
+------------------------------------+-----+----------+----------------+
| Purchase of investment | | (2) | (1) |
| securities | | | |
+------------------------------------+-----+----------+----------------+
| Proceeds from sales of | | 7,144 | - |
| investment securities | | | |
+------------------------------------+-----+----------+----------------+
| Purchase of investments | | (324) | (781) |
| in subsidiaries and | | | |
| affiliates | | | |
+------------------------------------+-----+----------+----------------+
| Proceeds from sales of | | 27 | - |
| stocks of subsidiaries | | | |
| and affiliates | | | |
+------------------------------------+-----+----------+----------------+
| Increase in short-term | | (147) | (9) |
| loans receivable | | | |
+------------------------------------+-----+----------+----------------+
| Payments of long-term | | (1,196) | (55) |
| loans receivable | | | |
+------------------------------------+-----+----------+----------------+
| Proceeds from repayments | | - | 2,054 |
| of long-term loans | | | |
| receivable | | | |
+------------------------------------+-----+----------+----------------+
| Other, net | | (489) | 361 |
+------------------------------------+-----+----------+----------------+
| Net cash used in | | (217) | (4,423) |
| investment activities | | | |
+------------------------------------+-----+----------+----------------+
(JPY millions)
+------------------------------------+-----+----------+----------------+
| | Quarter 1 FY | Quarter 1 FY |
| | 10 | 11 |
| | For the | For the period |
| | period 1 | 1 April 2010 |
| | April 2009 to | to 30 June |
| | 30 June 2009 | 2010 |
+------------------------------------+----------------+----------------+
| Net cash used in financing | | | |
| activities | | | |
+------------------------------------+-----+----------+----------------+
| Increase / (decrease) in | | 26,727 | (3,223) |
| short-term loans payable | | | |
+------------------------------------+-----+----------+----------------+
| Proceeds from long-term | | 40,923 | 28,782 |
| loans payable | | | |
+------------------------------------+-----+----------+----------------+
| Repayment of long-term | | (78,173) | (32,753) |
| loans payable | | | |
+------------------------------------+-----+----------+----------------+
| Cash dividends paid | | (1,889) | (3,292) |
+------------------------------------+-----+----------+----------------+
| Cash dividends paid to | | (273) | (487) |
| minority shareholders | | | |
+------------------------------------+-----+----------+----------------+
| Repayments of finance | | (784) | (512) |
| lease obligations | | | |
+------------------------------------+-----+----------+----------------+
| Other, net | | (11) | (3) |
+------------------------------------+-----+----------+----------------+
| Net cash used in | | (13,479) | (11,487) |
| financing activities | | | |
+------------------------------------+-----+----------+----------------+
| Effect of exchange rate change on | | 3,292 | (2,646) |
| cash and cash equivalents | | | |
+------------------------------------+-----+----------+----------------+
| Net increase in cash and cash | | (23,679) | (17,990) |
| equivalents | | | |
+------------------------------------+-----+----------+----------------+
| Cash and cash equivalents at | | 75,598 | 55,995 |
| beginning of period | | | |
+------------------------------------+-----+----------+----------------+
| Increase in cash and cash | | - | 369 |
| equivalents resulting from change | | | |
| of scope of consolidation | | | |
+------------------------------------+-----+----------+----------------+
| Cash and cash equivalents at end | | 51,918 | 38,373 |
| of period | | | |
+------------------------------------+-----+----------+----------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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