componentswwe2013年12月24日

Page1/1212February2013CONSOLIDATEDFINANCIALSTATEMENTSFORTHENINEMONTHSENDED31DECEMBER2012FinancialHighlightsFortheninemonthsended31December2012(3QFY2012)3QFY20123QFY2011MillionsofyenThousandsofUSdollarsMillionsofyenNetsales217,3042,512,185225,212Operatingincome8,891102,7866,031Ordinaryincome6,89079,6531,381Netincome7,32084,624(7,186)Earningspershare(yen)40.
03$0.
46(39.
32)31December201231March2012Totalassets373,8774,322,277386,128Netassets37,854437,61831,965Note:JapaneseyenamountshavebeenconvertedintoUSdollars,forconvenienceonly,usingtherateof86.
5yen/dollar.
BusinessResults1.
OverviewForthenine-monthperiodending31December2012,onaconsolidatedbasis,SEIKOHOLDINGSCORPORATION("Company")reporteddomesticnetsalesof112.
0billionyen(ayear-on-yearincreaseof1.
9%)andoverseasnetsalesof105.
2billionyen(ayear-on-yeardecreaseof8.
7%),withthelattercomprising48.
4%ofnetsalesoverall(relativeto51.
2%forthesameperiodlastfiscalyear).
Intermsofincome,operatingincomecameto8.
8billionyen,a2.
8billion-yenincreaseoverthesameperiodlastfiscalyear.
Thiswasdrivenchieflybyreductionsinthecostofsalesachievedinpartthroughrestructuringeffortsconductedduringthelastfiscalyear.
Moreover,duetoayear-on-yearimprovementinnon-operatingincomeandexpenditure,ordinaryincomeincreasedby5.
5billionyenoverthesameperiodlastfiscalyeartobecome6.
8billionyen.
However,although3.
6billionyenininsuranceincomeand1.
5billionyeningainsonsalesofnoncurrentassetswerepostedunderextraordinaryincome,atotalof2.
4billionyenconsistingmainlyof0.
6billionyeninlossesondisastersand0.
7billionyeninspecialextraretirementpaymentswaspostedunderextraordinaryloss.
Consequently,quarterlynetincomeminusincometaxesandminorityinterestsinincomecameto7.
3billionyen(relativetonetlossesof7.
1billionyenforthesameperiodlastfiscalyear).
Itshouldbenotedthatoutoflossonthevaluationofinvestmentinsecuritiespostedforthesecondquarter,6.
3billionyenhasbeenreversedduringthethirdquarterduetoarecoveryinthemarketvalueofthosesecurities.
2.
ResultsbySegmentResultsforeachsegmentareasfollows:a.
WatchbusinessNetsalesunderthewatchbusinessforthenine-monthperiodending31December2012cameto91.
5billionyen,ayear-on-yearincreaseof5.
5billionyen,or6.
5%.
InJapan,salesacrossawidespectrumofpriceranges,fromtheGRANDSEIKO,CREDORandotherhigh-valuerangeproductstotheLUKIAladies'watchmodel,theBRIGHTZmen'swatchmodelandothermedium-tolow-valuerangeproducts,demonstratedimprovedgrowthoverthesameperiodlastfiscalyear.
FollowingitsreleaseinSeptember2012,theASTRON,whichrepresentstheworld'sfirstsolarGPSwatch,alsocontinuestoenjoybrisksales.
Ontheoverseasfront,salestoChinaandotherAsiancountriesaswellasthosetoSouthAmericaprogressedsatisfactorily.
SalesalsoexceededthoseduringthesameperiodlastfiscalyearforEuropeandtheUnitedStatesaswell.
AmidsluggishmarketconditionsmainlyinEurope,thedeclineexperiencedinwatchmovementsaleswaskepttoaminimum.
Withregardstoincome,theincreaseinnetsalesyieldedayear-on-yearincreaseof0.
8billionyen,or11.
6%,inoperatingincome,bringingitto8.
6billionyen.
b.
ElectroniccomponentsbusinessNetsalesintheelectroniccomponentsbusinesscameto98.
4billionyen(ayear-on-yeardecreaseof12.
4%).
Onaper-domainbasis,ordersofelectronicdevices,specificallysemiconductors,hadtrendedtowardrecoveryinthefirsthalfofthefiscalyear.
Thiswaslargelydrivenbyordersofautomobilesemiconductors.
However,Page2/12ConsolidatedFinancialStatements:3QFY12Page3/12ordersbecamesluggishafterenteringthesecondhalfofthefiscalyear.
Amongmechatronicdevices,salesgrowthfortheCompany'sharddiskcomponents,whichremaininmid-recoveryfromdamageinflictedbythefloodsinThailand,hasstalledduetosluggishPCdemand.
Amongsystemsapplications,PHSproductsinparticularcontinuedoverthepreviousfiscalyeartoperformstrongly.
SalesofGeigercountersalsoprogressedatabriskpace.
Whilenetsalesunderthisbusinessdecreasedyearonyear,operatingexpenseswerereducedthroughrestructuringeffortsconductedduringthelastfiscalyear.
Consequently,underincome,operatingincomeimprovedto0.
8billionyen(relativetooperatinglossesof0.
2billionyenforthesameperiodlastfiscalyear).
c.
ClockbusinessNetsalesintheclockbusinesscameto6.
9billionyen(ayear-on-yeardecreaseof6.
6%).
WhilesalesbothwithinandoutsideofJapangotofftoalatestartinthefirsthalfofthefiscalyearduemostlytoproductiondelayscausedbythefloodsinThailand,beginningwiththethirdquarter,saleshavebeentrendingtowardsrecovery.
Intermsofincome,operatinglossescameto0.
4billionyen(relativeto0.
2billionyeninoperatinglossesforthesameperiodlastfiscalyear).
d.
OpticalproductsbusinessNetsalesintheopticalproductsbusinesscameto16.
3billionyen(ayear-on-yeardecreaseof4.
7%).
InJapan,althoughsalesofbothhighvalue-addedsingle-visionlensesandtheSEIKOPURSUITPV,whichboaststheworld'sfirstCrossSurfaceDesign(double-sidedcontroldesign),progressedonafavorablenote,fallingunitpricesfortheseproductscausedtheirsalesgrowthtostall.
Ontheoverseasfront,despitegrowthinsalesofback-surfaceprogressivelensesintheUnitedStates,overallsalesinthatmarketfellbelowthoseduringthesameperiodlastfiscalyear.
InEurope,productsformajorchainstoresprogressedonabrisknote.
Withregardstoincome,theCompanyposted87millionyeninoperatingincome,ayear-on-yeardecreaseof197millionyen,or69.
4%.
e.
OtherbusinessesInotherbusinesses,netsalescameto10.
2billionyen(ayear-on-yearincreaseof1.
4%)andoperatingincometo91millionyen(relativetooperatinglossesof0.
5billionyenforthesameperiodlastfiscalyear).
SalesatWako'smainbuildingPage4/12progressedsteadilymainlybyvirtueofrecoveredlevelsofdomesticconsumption.
Additionally,salesofsystemclocksandsportstimingdevicesexceededthoseduringthesameperiodlastfiscalyear.
FinancialConditionStatusofAssets,Liabilities,andNetAssetsTotalassetsatthecloseofthenine-monthperiodending31December2012amountedto373.
8billionyen,adeclineof12.
2billionyenrelativetothecloseofthepreviousfiscalyear.
Totalcurrentassetscameto172.
4billionyen,adecreaseof2.
6billionyen.
Thiswasmainlytheculminationofa2.
2billion-yendecreaseincashanddeposits,a2.
5billion-yendecreaseinnotesandaccountsreceivable-tradeanda4.
5billion-yendecreaseinaccountsreceivable-other,whichnegateda7.
1billion-yenincreaseininventories.
Undernoncurrentassets,a1.
2billion-yendecreaseinproperty,plantandequipment,a4.
1billion-yendecreaseinintangibleassetsanda4.
1billion-yendecreaseininvestmentandotherassetscausedtotalnoncurrentassetstodecreaseby9.
5billionyento201.
4billionyen.
Forliabilities,theCompanyposted336.
0billionyenintotalliabilities,adecreaseof18.
1billionyenoverthecloseofthepreviousfiscalyear.
Thiswasdrivenchieflybyadecreaseof14.
6billionyeninlong-andshort-termloanspayableandadecreaseof5.
9billionyeninaccountspayable-otherthatnegatedanincreaseof0.
7billionyeninnotesandaccountspayable-trade.
Thepostingofquarterlynetincomewasthemaincontributortoanincreaseof7.
6billionyenpostedinshareholders'equity.
Afterfactoringinadeclineof2.
3billionyeninaccumulatedothercomprehensiveincome,thiswasthechiefdeterminantofa5.
8billion-yenincreaseinnetassetsoverthecloseoftheprevi-ousfiscalyear,bringingtotalnetassetsto37.
8billionyen.
OutlookfortheYearEnding31March2013Takingintoaccounttheimpactofthetransferofitsscientificinstrumentsbusinessduringthefourthquarterofthecurrentfiscalyear,particularlytheaccompanyingdecreaseinnetsales,aswellasitsmodifiedoutlookonmainlyextraordinaryincomePage5/12andlosses,theCompanyhasreviseditsconsolidatedbusinessresultsforecastforthefullfiscalyear.
TheCompany'sbusinessresultsforecastfollowingrevisionisasfollows:Forecastfortheconsolidatedbusinessresultsfortheyearending31March2013(FY2012)AmountYear-on-year(Billionsofyen)change(%)Netsales280.
0-5.
7Operatingincome9.
033.
7Ordinaryincome5.
0290.
5Netincome9.
0–Forecastedresultsbysegmentfortheyearending31March2013(FY2012)NetSalesOperatingIncome(Billionsofyen)(Billionsofyen)WatchBusiness115.
08.
5ElectronicComponentsBusiness125.
01.
5ClockBusiness9.
00OpticalProductsBusiness24.
00.
5OtherBusinesses15.
00.
5Totalforallbusinesssegments288.
011.
0Consolidatedtotal280.
09.
0Note:Consolidatedtotalrepresentsfiguresafterconsolidationadjustmentsuchastheeliminationofintersegmentsales.
Theforecastedresultswhichappearinthisreporthavebeenpreparedbasedsolelyontheinformationwhichwasavailabletousasofthedateonwhichthereportwasreleased.
Asaresult,actualresultsmaydifferfromtheforecastedfiguresduetoanumberoffactors,suchaschangesinthebusinessenvironmentinthefuture.
Page6/12BalanceSheetsSeikoHoldingsCorporationandConsolidatedSubsidiaries31December2012Assets%%Currentassets:CashanddepositsNotesandaccountsreceivable-tradeInventoriesAccountsreceivable-otherDeferredtaxassetsOtherAllowancefordoubtfulaccountsTotalcurrentassetsNoncurrentassets:Property,plantandequipment:BuildingsandstructuresMachinery,equipmentandvehiclesTools,furnitureandfixturesOtherAccumulateddepreciationLandConstructioninprogressSubtotalIntangibleassets:GoodwillOtherSubtotalInvestmentsandotherassets:InvestmentsecuritiesDeferredtaxassetsOtherAllowancefordoubtfulaccountsSubtotalTotalnoncurrentassetsTotalassetsAmountAmount31December201231March2012Millionsofyen51,76550,48359,3706,5543,7594,760(1,600)175,092107,13895,60734,3694,781)(171,802)81,2891,601152,98510,2699,99320,26330,1901,6209,415(3,439)37,786211,035386,12849,55147,89166,5262,0283,2575,122(1,977)172,400102,34499,25034,2605,602)(173,344)79,4194,169151,7029,7236,42216,14626,7361,5398,770(3,418)33,628201,476373,877ConsolidatedFinancialStatements:3QFY12Page7/12AmountAmount31December201231March2012MillionsofyenLiabilities%%Currentliabilities:Notesandaccountspayable-tradeShort-termloanspayableCurrentportionoflong-termloanspayableAccountspayable-otherIncometaxespayableDeferredtaxliabilitiesProvisionforbonusesOtherprovisionAssetretirementobligationsOtherTotalcurrentliabilitiesNoncurrentliabilities:Long-termloanspayableDeferredtaxliabilitiesDeferredtaxliabilitiesforlandrevaluationProvisionforretirementbenefitsOtherprovisionAssetretirementobligationsNegativegoodwillOtherTotalnoncurrentliabilitiesTotalliabilities44,77375,38476,38011,0361,391751,0056691812,238222,97271,0674,7844,21821,6861,0793422849,586113,049336,02244,00576,45455,18816,9621,751631,337833359,854206,487105,8075,5554,80821,8439983385687,753147,675354,162Page8/12NetassetsShareholders'equity:CapitalstockCapitalsurplusRetainedearningsTreasurystockSubtotalAccumulatedothercomprehensiveincome:Valuationdifferenceonavailable-for-salesecuritiesDeferredgainsorlossesonhedgesRevaluationreserveforlandForeigncurrencytranslationadjustmentSubtotalMinorityinterestsTotalnetassetsTotalliabilitiesandnetassetsAmountAmount31December201231March2012Millionsofyen10,0007,55011,746(880)28,416(338)(273)7,835(11,560)(4,336)7,88531,965386,12810,0002,85324,115(878)36,089(4,041)(344)7,617(9,902)(6,671)8,43537,854373,877NetsalesCostofsalesGrossprofitSelling,generalandadministrativeexpensesOperatingincomeNon-operatingincome:InterestincomeDividendsincomeEquityinearningsofaffiliatesOtherSubtotalNon-operatingexpenses:InterestexpensesOtherSubtotalOrdinaryincomeExtraordinaryincome:InsuranceincomeGainonsaleofnoncurrentassetsReversalofprovisionforlossondisasterSubtotalExtraordinaryloss:SpecialextraretirementpaymentsLossondisasterLossonvaluationofinvestmentsecuritiesLossonvaluationofinventoriesLossonsalesofinvestmentsecuritiesOtherSubtotalIncome(loss)beforeincometaxesandminorityinterestsIncometaxesIncome(loss)beforeminorityinterestsMinorityinterestsinincomeNetincome(loss)StatementsofIncomeSeikoHoldingsCorporationandConsolidatedSubsidiariesFortheNineMonthsEnded31December2012MillionsofyenAmount3QFY2011217,304148,62268,68159,7908,8911602244991,5222,4073,6457614,4076,8903,6761,560–5,237723694122––8682,4089,7191,7987,9216007,320Amount3QFY2012Page9/12225,212157,13368,07862,0466,0312231992841,0341,7414,0552,3356,3911,381–252367620100267–2,7241363453,574(1,571)4,824(6,396)789(7,186)Income(loss)beforeminorityinterestsOthercomprehensiveincomeValuationdifferenceonavailable-for-salesecuritiesDeferredgainsorlossesonhedgesRevaluationreserveforlandForeigncurrencytranslationadjustmentShareofothercomprehensiveincomeofassociatesaccountedforusingequitymethodSubtotalComprehensiveincomeComprehensiveincomeattributabletoownersoftheparentComprehensiveincomeattributabletominorityinterestsStatementsofComprehensiveIncomeSeikoHoldingsCorporationandConsolidatedSubsidiariesFortheNineMonthsEnded31December2012MillionsofyenAmount3QFY20117,921(3,621)(71)2831,820(228)(1,817)6,1035,487616Amount3QFY2012Page10/12(6,396)(2,287)(179)681(2,333)74(4,044)(10,441)(11,137)696Page11/12WatchBusiness85,9857,717ElectronicComponentsBusiness112,414(254)ClockBusiness7,442(226)OpticalProductsBusiness17,143284Otherbusinesses10,073(502)Totalforallbusinesssegments233,0597,018Eliminationsandcommon(7,847)(987)Total225,2126,031WatchBusiness91,5588,610ElectronicComponentsBusiness98,462874ClockBusiness6,952(483)OpticalProductsBusiness16,33187Otherbusinesses10,21391Totalforallbusinesssegments223,5189,180Eliminationsandcommon(6,213)(289)Total217,3048,891SegmentInformation1.
InformationaboutNetSalesandOperatingIncome(Loss)byReportedSegment(FortheNineMonthsEnded31December2011)Millionsofyen3QFY2012Sales3QFY2012OperatingIncomeMillionsofyen3QFY2011Sales3QFY2011OperatingIncome2.
InformationaboutNetSalesandOperatingIncome(Loss)byReportedSegment(FortheNineMonthsEnded31December2012)Notes:1.
Adjustmentstosegmentincomeintheamountof-289millionyeninclude-546millionyenintheamortizationofgoodwill,1,058millionyenthatmainlyconsistsoftheeliminationofintra-segmenttransactions,and-801millionyenincompany-wideexpensesnotappropriatedtoeachreportedsegment.
Company-wideexpensesprimarilyconsistofexpensesthatfallundertheparentcompany(holdingcompany).
2.
Segmentincome(loss)hasbeenadjustedforalongsideoperatingincomeontheconsolidatedquarterlystatementsofincome.
Page12/12Forfurtherinformation,pleasecontact:CorporateStrategy&PlanningDepartmentSEIKOHOLDINGSCORPORATIONToranomon15MoriBuilding,8-10,Toranomon2-chome,Minato-ku,Tokyo105-8505,JAPANTel:+81-3-6739-3111Fax:+81-3-6739-9205ReportedSegmentMainProductsWatchBusinessWatches,watchmovementsElectronicComponentsBusinessHarddiskcomponents,semiconductors,quartzcrystals,microbatteriesandmaterials,informationsystems,ICdictionaries,printers,scientificinstruments,networksystems,andshuttersforcamerasClockBusinessClocksOpticalProductsBusinessOpticallensesandframesOtherBusinessesHigh-endclothingandmiscellaneousgoods,systemclocks,sportstimingequipmentsandrealestaterental