Supplementary data (PDF: 135KB)

TDK Corporation
Supplementary data for the third quarter of fiscal year 2003
(October 1, 2002 - December 31, 2002)
Contents
P1. Note FY2002
P2. Consolidated results
P3. Consolidated sales breakdown
P4. Consolidated ratio by customer industry (Electronic materials and components)
P5. Sales by region (Geographic areas of the buyer)
P6. Results and projections of Investment in facilities, Depreciation expenses, Research and development expenses
P7. Consolidated results and projections
P8. Projections of consolidated divisional sales
P9. Managing index of inventory, fixed assets, trade receivables
February 5, 2003
TDK Corporation
Forward-Looking Statements
Corporate Communications Dept.
Note FY2002
Effective from the current fiscal year, TDK has adopted Emerging Issues Task Force (EITF) Issue 01-9, "Accounting for Consideration Given by a Vendor to a Customer (Including a Reseller of the Vendor's Products)".
Consequently, TDK has restated figures for the previous fiscal year. Please refer to the notes in TDK's earnings release for details of this standard. This change only affects the figures for net sale and
selling, general and administrative expenses; there is no effect on operating income (loss). Figures before and after application of this standard are as follows:
Restructuring costs are included in selling, general and administrative expenses.
[Revised]
FY2002
1Q
2Q
1st half
3Q
4Q
140,244 130,542 270,786 148,036 151,689
110,321 99,286 209,607 107,583 115,696
Electronic materials
43,900 37,467 81,367 39,384 41,095
Electronic devices
28,550 25,714 54,264 26,048 25,625
Recording devices
32,834 31,188 64,022 38,259 44,723
Semiconductors and others
5,037
4,917
9,954
3,892
4,253
Recording media and systems
29,923 31,256 61,179 40,453 35,993
Cost of sales
106,202 107,107 213,309 123,721 127,590
Gross profit
34,042 23,435 57,477 24,315 24,099
Forward-looking statem 31,453 28,835 60,288 38,486 50,839
Operating income (loss)
2,589 -5,400 -2,811 -14,171 -26,740
Net sales
Electronic materials and components
[Revised - Original]
FY2002
Net sales
Electronic materials and components
Electronic materials
Electronic devices
Recording devices
Semiconductors and others
Recording media and systems
Cost of sales
Gross profit
SG&A expenses
Operating income (loss)
Sales by Region
[Revised]
FY2002
Japan
Americas
Europe
Asia and others
Total
[Revised - Original]
FY2002
Japan
Americas
Europe
Asia and others
Total
1Q
-756
-30
0
0
0
-30
-726
0
-756
-756
0
1Q
2Q
-1,078
-13
0
0
0
-13
-1,065
0
-1,078
-1,078
0
2Q
1st half
-1,834
-43
0
0
0
-43
-1,791
0
-1,834
-1,834
0
1st half
3Q
4Q
-1,141
-9
0
0
0
-9
-1,132
0
-1,141
-1,141
0
-1,543
-13
0
0
0
-13
-1,530
0
-1,543
-1,543
0
3Q
4Q
Unit:Yen millions
2nd half
Full Year
299,725
223,279
80,479
51,673
82,982
8,145
76,446
251,311
48,414
89,325
-40,911
570,511
432,886
161,846
105,937
147,004
18,099
137,625
464,620
105,891
149,613
-43,722
-6
-662
-71
-17
-756
2Q
-38
-894
-114
-32
-1,078
1st half
-44
-1,556
-185
-49
-1,834
3Q
4Q
-37
-978
-112
-14
-1,141
-27
-1,360
-91
-65
-1,543
Net sales
Electronic materials and components
Electronic materials
Electronic devices
Recording devices
Semiconductors and others
Recording media and systems
Cost of sales
Gross profit
SG&A expenses
Operating income (loss)
1Q
2Q
1st half
3Q
4Q
Unit:Yen millions
2nd half Full Year
141,000 131,620 272,620 149,177 153,232 302,409 575,029
110,351
99,299 209,650 107,592 115,709 223,301 432,951
43,900
37,467
81,367
39,384
41,095
80,479 161,846
28,550
25,714
54,264
26,048
25,625
51,673 105,937
32,834
31,188
64,022
38,259
44,723
82,982 147,004
5,067
4,930
9,997
3,901
4,266
8,167
18,164
30,649
32,321
62,970
41,585
37,523
79,108 142,078
106,202 107,107 213,309 123,721 127,590 251,311 464,620
34,798
24,513
59,311
25,456
25,642
51,098 110,409
32,209
29,913
62,122
39,627
52,382
92,009 154,131
2,589
-5,400
-2,811 -14,171 -26,740 -40,911 -43,722
Unit:Yen millions
2nd half
Full Year
-2,684
-22
0
0
0
-22
-2,662
0
-2,684
-2,684
0
-4,518
-65
0
0
0
-65
-4,453
0
-4,518
-4,518
0
Unit:Yen millions
2nd half
Full Year
43,499 41,671 85,170 40,857 38,777 79,634 164,804
26,970 23,493 50,463 28,526 30,463 58,989 109,452
19,765 18,052 37,817 21,384 20,438 41,822 79,639
50,010 47,326 97,336 57,269 62,011 119,280 216,616
140,244 130,542 270,786 148,036 151,689 299,725 570,511
1Q
[Original]
FY2002
[Original]
FY2002
Japan
Americas
Europe
Asia and others
Total
1Q
2Q
1st half
3Q
4Q
Unit:Yen millions
2nd half Full Year
43,505
41,709
85,214
40,894
38,804
79,698 164,912
27,632
24,387
52,019
29,504
31,823
61,327 113,346
19,836
18,166
38,002
21,496
20,529
42,025
80,027
50,027
47,358
97,385
57,283
62,076 119,359 216,744
141,000 131,620 272,620 149,177 153,232 302,409 575,029
Unit:Yen millions
2nd half
Full Year
-64
-2,338
-203
-79
-2,684
-108
-3,894
-388
-128
-4,518
P1
1. Consolidated results
Y on Y growth
Quarterly trends
Net sales,Operating income/Net sales,
Net income/Net sales
(%)
FY2002 3Q
FY2003 3Q
(Yen billions)
10
FY2002 3Q
(Yen billions)
150
3.8
2.8
100
0
FY2003 1Q
FY2003 2Q
FY2003 3Q
(%)
10
4.0
3.8
2.7
2.8
1.7
1.5
5
0
100
-5
-6.6
-5
-6.6
-9.6
FY2002 4Q
150
5
0
50
Net sales, Operating income/Net sales, Net income/Net sales
-9.6
50
-10
-10
-11.8
-15
-17.6
Net sales
-20
0
Operating income/Net sales
Net income/Net sales
Net sales
FY2002 FY2003
3Q
3Q
Y on Y growth
Net sales
148,036 161,678
13,642
Cost of sales
123,721 123,018
-703
Unit:Yen millions
Share of net sales (%)
Selling,general and
administrative expenses
Restructuring cost
Operating income (loss)
Operating income/Net sales(%)
Net income (loss)
Net income/Net sales(%)
Exchange rate(U.S.$=Yen)
Diff.
83.6
76.1
31,204
29,912
-1,292
7,282
2,576
-4,706
-14,171
6,172
20,343
-9.6
3.8
-9,759
4,575
-6.6
2.8
123
123
Unit:Yen millions
Change
9.2% Net sales
-0.6% Cost of sales
Share of net sales (%)
-4.1%
Selling,general and
administrative expenses
-64.6% Restructuring cost
- Operating income (loss)
Operating income/Net sales(%)
14,334
- Net income (loss)
Net income/Net sales(%)
Exchange rate(U.S.$=Yen)
Operating income/Net sales
Net income/Net sales
FY2002 FY2002 FY2003 FY2003 FY2003
3Q
4Q
1Q
2Q
3Q
Q on Q growth
148,036 151,689 148,708 147,672 161,678
14,006
9.5%
123,721 127,590 112,197 111,541 123,018
11,477
10.3%
Diff.
Change
83.6
84.1
75.4
75.5
76.1
31,204
33,363
29,713
29,483
29,912
429
1.5%
7,282
17,476
812
2,615
2,576
-39
-1.5%
-14,171 -26,740
5,986
4,033
6,172
2,139
53.0%
-17.6
4.0
2.7
3.8
-9,759 -17,844
2,091
84.2%
-9.6
2,161
2,484
4,575
-6.6
-11.8
1.5
1.7
2.8
123
133
127
119
123
P2
2. Consolidated sales breakdown
Y on Y growth
Quarterly trends
Consolidated sales breakdown
Consolidated sales breakdown
(Yen billions)
(Yen billions)
150
150
Electronic
materials
Electronic
materials
Electronic
devices
100
Electronic
devices
100
Recording
devices
50
Recording
devices
50
Recording media &
systems
Recording
media &
systems
0
0
FY2002 3Q
FY2003 3Q
FY2002 3Q
Recording media & systems
Semiconductors & others
Recording devices
Electronic devices
Electronic materials
Unit:Yen millions
Electronic materials and
components
FY2002 FY2003
3Q
3Q
107,583 121,864
Y on Y growth
Diff.
14,281
41,553
2,169
5.5%
Electronic devices
26,048
28,868
2,820
Recording devices
38,259
47,818
Semiconductors & others
3,892
Recording media & systems
40,453
Total
Semiconductors & others
Electronic devices
Electronic materials
Unit:Yen millions
Electronic materials and
13.3% components
39,384
FY2003 1Q
Recording media & systems
Change
Electronic materials
FY2002 4Q
FY2003 2Q
FY2003 3Q
Recording devices
FY2002 FY2002 FY2003 FY2003 FY2003
3Q
4Q
1Q
2Q
3Q
107,583 115,696 118,170 116,102 121,864
Q on Q growth
Diff.
Change
5,762
5.0%
Electronic materials
39,384
41,095
45,860
43,058
41,553
-1,505
-3.5%
10.8%
Electronic devices
26,048
25,625
29,844
29,449
28,868
-581
-2.0%
9,559
25.0%
Recording devices
38,259
44,723
38,341
39,832
47,818
7,986
20.0%
3,625
-267
-6.9%
Semiconductors & others
3,892
4,253
4,125
3,763
3,625
-138
-3.7%
39,814
-639
-1.6% Recording media & systems
40,453
35,993
30,538
31,570
39,814
8,244
26.1%
148,036 161,678
13,642
148,036 151,689 148,708 147,672 161,678
14,006
9.5%
9.2% Total
P3
3. Consolidated ratio by customer industry (Electronic materials and components)
Quarterly trends
Y on Y growth
Consolidated ratio by customer industry (Electronic
materials and components)
Consolidated ratio by customer industry (Electronic materials and components)
AV
AV
Automobile
Automobile
Office equip.
Office
equip.
Communication equip.
Parts
FY2002 3Q
Others
Industrial machinery
Office equip.
Home appliance
Unit: %
Communication
equip.
FY2003 3Q
Parts
Parts
Communication equip.
Automobile
AV
FY2002 3Q
FY2002 FY2003 Y on Y growth
3Q
3Q
Change
FY2002 4Q
FY2003 1Q
FY2003 2Q
FY2003 3Q
Others
Parts
Industrial machinery
Communication equip.
Office equip.
Automobile
Home appliance
AV
Unit: %
FY2002 FY2002 FY2003 FY2003 FY2003 Q on Q growth
3Q
4Q
1Q
2Q
3Q
Change
AV
17%
14%
-9.2%
AV
17%
15%
17%
16%
14%
-10.6%
Home appliance
3%
2%
5.8%
Home appliance
3%
2%
3%
2%
2%
1.6%
Automobile
8%
9%
26.6%
Automobile
8%
9%
10%
10%
9%
3.7%
Office equip.
51%
52%
14.8%
Office equip.
51%
52%
47%
49%
52%
10.0%
10%
9%
-1.1%
10%
8%
9%
9%
9%
4.0%
Industrial machinery
1%
1%
1.8%
Industrial machinery
1%
1%
1%
1%
1%
1.1%
Parts
5%
7%
44.7%
Parts
5%
5%
7%
7%
7%
1.0%
Others
5%
6%
62.1%
Others
5%
8%
6%
6%
6%
17.0%
Communication equip.
Communication equip.
P4
4. Sales by region (Geographic areas of the buyer)
Y on Y growth
Quarterly trends
Sales by region and share of overseas sales
(Yen billions) FY2002 3Q
FY2003 3Q
200
FY2002 3Q
(Yen billions)
80%
FY2003 1Q
FY2003 2Q
72.4%
74.4%
73.4%
71.7%
71.4%
150
Japan
60%
Japan
40%
Americas
Europe
100
50
Asia
Europe
0
50
0%
20%
Asia
Japan
Americas
0
Europe
Share of overseas sales
FY2002 FY2003
3Q
3Q
Y on Y growth
Diff.
Japan
40,857
43,040
2,183
Americas
28,526
28,134
-392
Europe
21,384
21,998
614
Asia (excluding Japan) and others
57,269
68,506
11,237
148,036 161,678
13,642
Share of overseas sales
72.4%
73.4%
0%
Asia (excluding Japan) and others
Americas
Share of overseas sales
Asia (excluding Japan) and others
Total
40%
Americas
20%
Unit:Yen millions
FY2003 3Q
80%
60%
100
FY2002 4Q
200
73.4%
72.4%
150
Sales by region and share of overseas sales
Unit:Yen millions
Change
5.3% Japan
-1.4% Americas
2.9% Europe
19.6% Asia (excluding Japan) and others
9.2% Total
Share of overseas sales
Europe
Japan
FY2002 FY2002 FY2003 FY2003 FY2003
3Q
4Q
1Q
2Q
3Q
Q on Q growth
Diff.
Change
40,857
38,777
42,517
41,772
43,040
1,268
3.0%
28,526
30,463
29,197
27,097
28,134
1,037
3.8%
21,384
20,438
16,634
17,734
21,998
4,264
24.0%
57,269
62,011
60,360
61,069
68,506
7,437
12.2%
148,036 151,689 148,708 147,672 161,678
14,006
9.5%
72.4%
74.4%
71.4%
71.7%
73.4%
P5
5. Results and projections of Investment in facilities, Depreciation expenses, Research and development expenses
February 5, 2003
Unit:Yen millions
FY 2001
[Results]
FY 2002
[Results]
FY 2003
Projections on Oct. 31 Projections on Feb. 5
Investment in
facilities
99,452
58,777
50,000
40,000
Depreciation
expenses
63,579
61,920
60,000
57,000
Research and
development expenses
36,970
38,630
32,000
31,000
(Share of net sales)
<Net sales>
5.4%
689,911 *
6.8%
570,511
5.5%
585,000
5.1%
608,100
* Net sales for the year ended March 31, 2001 (FY2001) do not reflect application of EITF 01-9.
P6
6. Consolidated results and projections
February 5, 2003
Unit:Yen millions,%
(Yen mill.)
Net sales
Electronic materials and
components
Electronic materials
Electronic devices
Recording devices
Semiconductors and others
Recording media and systems
FY 2003
FY 2002
[Results]
Projections on Oct. 31 Projections on Feb. 5 Y on Y growth
(%)
(Yen mill.)
(%)
(Yen mill.)
(%)
570,511
100.0%
585,000
100.0%
608,100
100.0%
6.6%
432,886
75.9%
455,400
77.8%
472,800
77.8%
9.2%
161,846
105,937
147,004
18,099
28.4%
29.0%
2.4%
170,400
114,000
173,800
14,600
28.0%
3.2%
169,500
114,700
157,300
13,900
2.4%
5.3%
7.6%
18.2%
-19.3%
137,625
24.1%
129,600
22.2%
135,300
22.2%
-1.7%
18.6%
25.8%
19.6%
26.9%
18.7%
28.6%
Operating income (loss)
-43,722
-7.7%
20,000
3.4%
20,200
3.3%
Income (loss) before
income taxes
-43,697
-7.7%
18,300
3.1%
17,700
2.9%
Net income (loss)
-25,771
-4.5%
13,000
2.2%
12,600
2.1%
Exchange rate (U.S.$=Yen)
(%)
125
122
122 *
* The exchange rate is the average rate for the full fiscal year.
As of February 5, 2003, the average yen-U.S. dollar exchange rate for the 4th quarter of fiscal 2003 is estimated at Yen120.
P7
7. Projections of consolidated divisional sales
February 5, 2003
FY 2003
Unit:Yen 0.1billions , %
Electronic materials and
components
1st half
3Q
4Q
2nd half
Full year
Results
Y on Y
growth
Change
Results
Y on Y
growth
Change
Projections
Y on Y
growth
Change
Projections
Y on Y
growth
Change
Projections
Y on Y
growth
Change
(Yen 0.1bill.)
(%)
(Yen 0.1bill.)
(%)
(Yen 0.1bill.)
(%)
(Yen 0.1bill.)
(%)
(Yen 0.1bill.)
(%)
2,343
11.8%
1,219
13.3%
1,166
0.8%
2,385
6.8%
4,728
9.2%
Electronic materials
889
9.3%
416
5.5%
399
-2.9%
815
1.3%
1,704
5.3%
Electronic devices
593
9.3%
289
10.8%
258
0.7%
547
5.8%
1,140
7.6%
Recording devices
782
22.1%
478
25.0%
478
6.9%
956
15.2%
1,738
18.2%
79
-20.8%
36
-6.9%
31
-27.5%
67
-17.7%
146
-19.3%
621
1.5%
398
-1.6%
334
-7.3%
732
-4.3%
1,353
-1.7%
2,964
9.5%
1,617
9.2%
1,500
-1.1%
3,117
4.0%
6,081
6.6%
Semiconductors & others
Recording media & systems
Total net sales
P8
8. Managing index of inventory, fixed asset, trade receivables
Unit:Yen millions
Retain month of inventory,Fixed asset turnover,Retain of trade
receivables
2Q
3Q
FY
4Q 2002 1Q
2Q
3Q
4Q
3.5
3.5
3.0
3.0
2.5
2.5
2.0
2.0
1Q
2Q
3Q
4Q
FY 2002
Total assets
820,177
790,946
748,935
768,230
749,910
Inventory
116,423
123,531
117,409
110,879
91,149
2.0
2.6
2.7
2.2
1.8
278,625
283,377
277,477
280,198
265,590
Fixed asset turnover
2.7
2.0
1.9
2.1
2.2
Trade receivables
156,585
132,123
129,004
143,054
142,827
2.7
2.8
3.0
2.9
2.8
689,911
140,244
130,542
148,036
151,689
Retain month of inventory
Fixed asset
Fixed asset turnover
Retain month
FY
2001 1Q
FY 2001
Retain month of trade receivables
1.5
1.5
1.0
1.0
0.5
0.5
Unit:Yen millions
0.0
0.0
FY 2003
Retain month of inventory
Retain month of trade receivables
Fixed asset turnover
Net sales
FY 2002
1Q
2Q
3Q
4Q
Total assets
749,910
720,376
727,674
731,407
Inventory
91,149
83,734
83,714
76,433
1.9
1.7
1.7
1.4
Retain month of inventory
Fixed asset
265,590
249,884
244,040
236,246
Fixed asset turnover
2.1
2.3
2.4
2.7
Quarter:Inventory in the end of each quarter / Average monthly sales in the quarter
Trade receivables
142,827
134,155
137,796
147,921
Full Year:Inventory in the end of FY / Average monthly sales in the FY
Retain month of trade receivables
3.0
2.7
2.8
2.7
570,511
148,708
147,672
161,678
# Retain month of inventory
# Fixed asset turnover
Net sales
Quarter:(Sales in the each quarter) * 4 / Average fixed asset in the each quarter
Full Year:Net sales / Average fixed asset
# Retain month of trade receivable
Quarter:Trade receivable in the end of each quarter / Average monthly sales in the quarter
Full Year:Trade receivable in the end of FY / Average monthly sales in the FY
P9
Cautionary Statements with Respect
of Forward-Looking Statements
This material contains forward-looking statements, including projections, plans, policies,
management strategies, targets, schedules, understandings and evaluations, about TDK
and its group companies that are not historical facts. These forward-looking statements
are based on current forecasts, estimates, assumptions, plans, beliefs and evaluations in
light of information currently available to management.
In preparing forecasts and estimates, TDK and its group companies have used as their
basis, certain assumptions as necessary, in addition to confirmed historical facts.
However, due to their nature, there is no guarantee that these statements and
assumptions will prove to be accurate in the future . TDK therefore wishes to caution
readers that these statements, facts and certain assumptions are subject to a number of
risks and uncertainties and may prove to be inaccurate.
The electronics markets in which TDK and its group companies operate are highly
susceptible to rapid changes. Furthermore, TDK and its group companies operate not only
in Japan, but in many other countries. As such, factors that can have significant effects on
its results include, but are not limited to, shifts in technology, demand, prices, competition,
economic environments and foreign exchange rates.