1103-3q en

February 4, 2011
Nihon Dempa Kogyo Co., Ltd.
Consolidated Financial Results
Tokyo, February 4, 2011 – Nihon Dempa Kogyo Co., Ltd. today announced its consolidated business results for
the nine months ended December 31, 2010, the 3rd quarter of the fiscal year ending March 31, 2011. The
following summary of the business results and the attached financial statements are unaudited and prepared in
accordance with International Financial Reporting Standards (IFRS).
1. Consolidated Financial Results for the Nine Months Ended December 31, 2010
(April 1, 2010 - December 31, 2010)
(Millions of Yen, Figures less than a million yen are omitted)
December 31,
2010
(1) Results of Operations
Net sales
Operating income
Income before income tax
Net income for the period
Net income attributable to owners of the parent
Total comprehensive income for the period
Basic earnings per share (Yen)
Diluted earnings per share (Yen)
December 31,
2009
41,991
2,171
1,891
1,836
1,836
612
93.57
93.54
(2) Financial Position
Total assets
Total equity
Total equity attributable to owners of the parent
Total equity attributable to owners of the parent to total assets
Total equity attributable to owners of the parent per share (Yen)
December 31,
2010
39,443
3,993
4,341
4,285
4,285
3,848
218.33
196.87
March 31,
2010
66,566
24,413
24,413
36.7%
1,243.71
64,558
24,193
24,193
37.5%
1,232.50
2. Conditions of Dividends
Year ended
Year ending
Year ending
March 31, 2010
March 31, 2011
March 31, 2011
(Forecast)
Interim dividend per share (Yen)
Year-end dividend per share (Yen)
Total annual dividend per share (Yen)
10.00
10.00
20.00
1
10.00
-
10.00
20.00
February 4, 2011
Nihon Dempa Kogyo Co., Ltd.
3. Consolidated business forecast for the Fiscal Year Ending March 31, 2011
(April 1, 2010 - March 31, 2011)
(Millions of Yen)
Forecast of Operations
Year ending
March 31, 2011
Net sales
55,000
Operating income
3,500
Income before income tax
3,200
Net income
3,000
Net income attributable to owners of the parent
3,000
Basic earnings per share (Yen)
152.83
Note: The estimates showing above are based on information available to the Company on the date of the
report's announcement. Due to the unforeseen circumstances, actual results may differ from such
estimates.
4. Others
(1) Change in Scope of Consolidation
There was no significant change in scope of consolidation for the nine months ended December 31, 2010.
(2) Number of outstanding shares (Ordinary shares)
Number of shares
December 31,
March 31,
2010
2010
Class of shares
Ordinary shares
Ordinary shares
20,757,905
20,757,905
Number of outstanding shares at end of period
1,127,984
1,128,432
Number of treasury shares at end of period
*19,630,328
19,629,814
Average number of shares for the period
Note: *This figure shows average number of shares from April 1, 2009 to December 31, 2009.
2
February 4, 2011
Nihon Dempa Kogyo Co., Ltd.
5. Financial Statements
(1) Consolidated Statements of Financial Position
(Millions of Yen, Figures less than a million yen are omitted)
December 31,
March 31,
2010
2010
ASSETS
Current assets:
Cash and cash equivalents
Trade receivables
Inventories
Income taxes refundable
Others
Total current assets
10,834
13,896
9,437
96
2,393
36,659
8,722
13,318
9,356
133
2,110
33,641
25,128
1,110
254
1,018
1,313
1,080
29,907
66,566
25,668
1,155
254
1,297
3
1,378
1,158
30,916
64,558
Non-current assets:
Property, plant and equipment
Intangible assets
Investment property
Investment securities
Derivatives
Deferred tax assets
Others
Total non-current assets
Total assets
3
February 4, 2011
Nihon Dempa Kogyo Co., Ltd.
(Millions of Yen, Figures less than a million yen are omitted)
December 31,
March 31,
2010
2010
LIABILITIES AND EQUITY
Current liabilities:
Short-term loans
Current portion of long-term debt
Current portion of Convertible bonds
Trade and other payables
Provisions for settlement for products sold
Income taxes payable
Others
Total current liabilities
2,641
4,762
245
9,642
314
268
738
18,613
6,991
4,359
10,224
1,016
144
663
23,400
18,664
997
2,935
39
168
212
522
23,539
42,153
240
11,848
1,157
2,658
38
311
147
560
16,963
40,364
10,649
9,899
(3,432)
7,297
24,413
24,413
66,566
10,649
9,899
(2,208)
5,853
24,193
24,193
64,558
Non-current liabilities:
Convertible bonds
Long-term debt, net of current portion
Deferred tax liabilities
Employee benefits
Provisions for asset retirement obligation
Provisions for settlement for products sold
Deferred government grants
Others
Total non-current liabilities
Total liabilities
Equity:
Share capital
Share premium
Other components of equity
Retained earnings
Total equity attributable to owners of the parent
Total equity
Total liabilities and equity
4
February 4, 2011
Nihon Dempa Kogyo Co., Ltd.
(2) Consolidated Statements of Comprehensive Income for the Nine Months Ended December 31, 2010
(Millions of Yen, Figures less than a million yen are omitted)
December 31,
December 31,
2009
2010
39,443
27,683
11,759
5,574
1,492
748
1,447
3,993
652
304
4,341
55
4,285
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Research and development expenses
Other operating income
Other operating expenses
Operating income
Finance income
Finance expenses
Income before income tax
Income tax benefits
Net income for the period
41,991
32,147
9,843
5,691
1,804
276
452
2,171
45
325
1,891
55
1,836
Other comprehensive income:
Foreign currency translation differences for foreign operations
Change in fair value of available-for-sale financial assets
Change in fair value of
available-for-sale financial assets transferred to profit or loss
Income tax on other comprehensive income
Other comprehensive loss for the period, net of income tax
Total comprehensive income for the period
(464)
46
-
(1,065)
(272)
5
(18)
(437)
3,848
107
(1,224)
612
4,285
4,285
4,285
1,836
1,836
1,836
3,848
3,848
612
612
218.33
196.87
93.57
93.54
218.33
196.87
93.57
93.54
Net income attributable to:
Owners of the parent
Net income from continuing operations
Net income attributable to owners of the parent
Net income for the period
Total comprehensive income attributable to:
Owners of the parent
Total comprehensive income for the period
Earnings per share:
Basic earnings per share (Yen)
Diluted earnings per share (Yen)
Earnings per share (Continuing operations) :
Basic earnings per share (Yen)
Diluted earnings per share (Yen)
5
February 4, 2011
Nihon Dempa Kogyo Co., Ltd.
(3) Consolidated Statements of Changes in Equity
(Millions of Yen, Figures less than a million yen are omitted)
Share premium
Share
Capital
Balance at April 1, 2009
Additional
paid-in
capital
10,649
11,353
Treasury
shares
(2,784)
Convertible
bonds
1,739
Reserve for
share-based
payments
35
Total share
premium
10,344
Total comprehensive income for the period
Net income
Other comprehensive income/(loss),
net of income tax
Foreign currency translation differences
for foreign operations
Net change in fair value of
available-for-sale financial assets
Total comprehensive income for the period
Transactions with owners, recorded
directly in equity
Contributions by and distributions to owners
-
-
Changes in treasury shares, net
-
-
(0)
(0)
Dividends declared
Redemption of convertible bonds
Total contributions by and distributions to owners
Total transactions with owners
Balance at December 31, 2009
10,649
(0)
(0)
11,353
(0)
(0)
(2,785)
-
(443)
(443)
(443)
1,296
-
35
-
(0)
(443)
(444)
(444)
9,900
Other components of equity
Balance at April 1, 2009
Availablefor-sale
financial
assets
Translation
differences
for foreign
operations
Total other
components
of equity
Retained
earnings
Attributable
to owners of
the parent
108
(2,147)
(2,039)
1,712
20,667
20,667
4,285
4,285
4,285
Total equity
Total comprehensive income for the period
Net income
Other comprehensive income/(loss),
net of income tax
Foreign currency translation differences
for foreign operations
Net change in fair value of
available-for-sale financial assets
Total comprehensive income for the period
Transactions with owners, recorded
directly in equity
Contributions by and distributions to owners
-
(464)
27
27
Balance at December 31, 2009
6
27
27
27
3,848
3,848
(0)
(196)
(443)
(640)
(640)
23,875
(0)
(196)
(443)
(640)
(640)
23,875
(2,612)
(2,476)
Redemption of convertible bonds
136
(464)
(437)
Dividends declared
Total transactions with owners
(464)
(464)
Changes in treasury shares, net
Total contributions by and distributions to owners
(464)
4,285
(196)
(196)
(196)
5,802
February 4, 2011
Nihon Dempa Kogyo Co., Ltd.
(Millions of Yen, Figures less than a million yen are omitted)
Share premium
Share
Capital
Balance at April 1, 2010
Additional
paid-in
capital
10,649
11,353
Treasury
shares
(2,785)
Convertible
bonds
1,296
Reserve for
share-based
payments
Total share
premium
35
9,899
Total comprehensive income for the period
-
Net income
Other comprehensive loss, net of income tax
Foreign currency translation differences
for foreign operations
Net change in fair value of
available-for-sale financial assets
Total comprehensive income for the period
Transactions with owners, recorded
directly in equity
Contributions by and distributions to owners
-
-
-
Total transactions with owners
Balance at December 31, 2010
-
(0)
Changes in treasury shares, net
Dividends declared
Total contributions by and distributions to owners
-
10,649
11,353
(0)
(0)
(2,786)
1,296
35
-
(0)
(0)
(0)
9,899
Other components of equity
Balance at April 1, 2010
Availablefor-sale
financial
assets
Translation
differences
for foreign
operations
Total other
components
of equity
Retained
earnings
Attributable
to owners of
the parent
240
(2,448)
(2,208)
5,853
24,193
24,193
1,836
1,836
1,836
(1,065)
(1,065)
(1,065)
(158)
(158)
(158)
612
612
Total equity
Total comprehensive income for the period
-
Net income
Other comprehensive loss, net of income tax
Foreign currency translation differences
for foreign operations
Net change in fair value of
available-for-sale financial assets
Total comprehensive income for the period
Transactions with owners, recorded
directly in equity
Contributions by and distributions to owners
(1,065)
(158)
(158)
(1,065)
(1,224)
1,836
(3,514)
(3,432)
(392)
(392)
(392)
7,297
Changes in treasury shares, net
Dividends declared
Total contributions by and distributions to owners
Total transactions with owners
Balance at December 31, 2010
81
7
(0)
(392)
(393)
(393)
24,413
(0)
(392)
(393)
(393)
24,413
February 4, 2011
Nihon Dempa Kogyo Co., Ltd.
(4) Consolidated Statements of Cash Flows for the Nine Months Ended December 31, 2010
(Millions of Yen, Figures less than a million yen are omitted)
December 31,
December 31,
2009
2010
Operating activities:
Income before income tax
Depreciation and amortisation
Loss on impairment of property, plant and equipment
Settlement for products sold
Reversal of provisions for settlement for products sold
Gain on redemption of convertible bonds
Increase in trade receivables
Increase in inventories
Decrease in consumption tax/value-added tax receivables
Increase in trade payables
Interest and dividends income
Interest expense
Interest and dividends received
Interest paid
Income taxes refund, net
Payment for settlement for products sold
Other, net
Net cash provided by operating activities
4,341
2,261
9
1,118
(102)
(572)
(2,614)
(3,815)
491
2,074
(34)
291
35
(269)
802
(386)
(260)
3,369
1,891
2,448
18
205
(57)
(1,210)
(382)
137
35
(28)
238
27
(231)
25
(932)
(524)
1,661
(3,847)
(55)
(56)
96
28
388
0
(3,444)
(1,843)
(91)
(483)
21
17
203
(0)
(2,175)
(4,036)
1,509
(126)
(3,050)
(0)
(5,705)
(5,780)
15,617
(128)
9,707
11,500
(4,210)
(4,023)
(329)
(0)
2,936
2,421
8,722
(309)
10,834
Investing activities:
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of investments and other assets
Proceeds from sales of property, plant and equipment
Proceeds from grant of subsidies
Proceeds from sales of investments and other assets
Other, net
Net cash used in investing activities
Financing activities:
Proceeds from issue of long-term debt
Repayment of long-term debt
Net increase / (decrease) in short-term loans
Cash dividends paid
Payment for redemption of convertible bonds
Purchase and sales of treasury shares, net
Net cash (used in) / provided by financing activities
Net (decrease) / increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Net effect of currency translation on cash and cash equivalents
Cash and cash equivalents at end of period
8
February 4, 2011
Nihon Dempa Kogyo Co., Ltd.
6. Segment Information
(1) General information
The main activities of the Group are the integrated manufacture and sale of quartz crystal units, crystal
oscillators, optical devices, ultrasonic transducers and synthetic quartz crystals and there are no separate
operating segments. Therefore, the Group has a single reportable segment.
(2) Information about products and services
Sales by type of products for the nine months ended December 31, 2010 are as follows:
(Millions of Yen, Figures less than a million yen are omitted)
December 31,
2009
Amount
Quartz crystal units
Crystal devices
Others
Total
17,596
16,113
5,732
39,443
December 31,
2010
Composition
(%)
Amount
44.6
40.9
14.5
100.0
21,408
15,674
4,908
41,991
9
Increase/(decrease)
Composition
(%)
51.0
37.3
11.7
100.0
Amount
3,811
(438)
(824)
2,548
(%)
21.7
(2.7)
(14.4)
6.5
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