1003-2q en

November 6, 2009
Nihon Dempa Kogyo Co., Ltd.
2nd Quarter Consolidated Financial Results
Tokyo, November 6, 2009 – Nihon Dempa Kogyo Co., Ltd. today announced its consolidated business results
for the six months ended September 30, 2009, the 2nd quarter of the fiscal year ending March 31, 2010. The
following summary of the business results and the attached financial statements are unaudited and prepared in
accordance with Japanese GAAP.
1. Consolidated Financial Results for the Six Months Ended September 30, 2009
(April 1, 2009 - September 30, 2009)
(Millions of Yen, Figures less than a million yen are omitted)
Six months ended September 30,
Year ended March 31,
(1) Results of Operations
2008
2009
2009
Net sales
35,625
25,926
59,170
Operating income/(loss)
937
3,489
(6,908)
Ordinary income/(loss)
1,025
3,308
(7,144)
Net income/(loss)
698
2,912
(28,873)
Earnings per share (Yen)
35.61
148.35
(1,470.82)
Earnings per share, diluted (Yen)
29.01
141.16
Note: Weighted-average number of shares outstanding during the period: 19,631 thousand shares for the six
months ended September 30, 2008; 19,630 thousand shares for the six months ended September 30, 2009;
19,630 thousand shares for the fiscal year ended March 31, 2009
September 30,
March 31,
(2) Financial Position
2008
2009
2009
Total assets
93,526
63,129
67,632
Net assets
51,634
22,669
20,399
Owners' equity to total assets
55.2%
35.9%
30.2%
Owners' equity per share (Yen)
2,630.23
1,154.81
1,039.17
Note: Number of shares outstanding: 19,630 thousand shares as of September 30, 2008; 19,630 thousand shares
as of September 30, 2009; 19,630 thousand shares as of March 31, 2009
(3) Change in Scope of Consolidation
There was no significant change in scope of consolidation for the six months ended September 30, 2009.
2. Consolidated business forecast for the Fiscal Year Ending March 2010
(April 1, 2009 - March 31, 2010)
(Millions of Yen)
Year ending
Forecast of Operations
March 31, 2010
Net sales
51,500
Operating income
4,200
Ordinary income
3,600
Net income
3,500
Earnings per share (Yen)
178.30
There was change in figures of the consolidated earnings forecast for the fiscal year ending March 2010 from
the previous announcement dated on May 11, 2009.
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.
1
Consolidated Balance Sheets
November 6, 2009
Nihon Dempa Kogyo Co., Ltd.
(Millions of Yen, Figures less than a million yen are omitted)
September 30,
Composition
September 30,
Composition
March 31,
Composition
2008
%
2009
%
2009
%
ASSETS
Current assets:
Cash on hand and bank deposits
10,570
9,658
11,117
Notes and accounts receivable-trade
17,980
13,770
11,548
500
1,000
4,500
Finished products
6,796
4,346
2,912
Work in process
1,482
1,213
809
Raw materials and supplies
2,416
2,208
1,096
Others
3,686
1,706
5,153
Allowances for doubtful receivables
(103)
(104)
(198)
Short-term investments
Total current assets
43,329
46.3
33,799
53.5
36,939
54.6
Noncurrent assets:
Property, plant and equipment, net
Buildings and structures
11,202
10,924
10,596
Machinery and vehicles
22,185
6,255
6,373
9,293
7,729
9,146
42,682
24,910
26,115
13
10
12
758
524
645
772
535
657
6,743
3,884
3,919
Others
Total property, plant and equipment, net
Intangible assets
Goodwill
Others
Total intangible assets
Total investments and other assets
Total noncurrent assets
50,197
53.7
29,330
46.5
30,692
45.4
Total assets
93,526
100.0
63,129
100.0
67,632
100.0
2
Consolidated Balance Sheets
Nihon Dempa Kogyo Co., Ltd.
November 6, 2009
(Millions of Yen, Figures less than a million yen are omitted)
September 30,
Composition
September 30,
Composition
March 31,
Composition
2008
%
2009
%
2009
%
LIABILITIES
Current liabilities:
Notes and accounts payable-trade
7,368
6,349
5,022
Short-term loans
4,428
7,773
6,233
Current portion of long-term loans
3,637
4,179
4,579
329
283
242
-
640
851
6,605
3,602
5,716
Income taxes payable
Provisions for
settlement for products sold
Others
Total current liabilities
22,369
23.9
22,829
36.2
22,646
33.5
Noncurrent liabilities:
Convertible bonds
9,157
252
5,224
Long-term loans
7,477
13,127
16,147
Employee benefit obligations
2,254
2,505
2,320
614
545
628
-
959
-
20
239
265
Retirement allowance for directors
and statutory corporate auditors
Provisions for
settlement for products sold
Others
Total noncurrent liabilities
19,523
20.9
17,629
27.9
24,586
36.3
Total liabilities
41,892
44.8
40,459
64.1
47,232
69.8
NET ASSETS
Owners' equity:
Share capital
10,649
10,649
10,649
Capital surplus
10,829
10,828
10,828
Retained earnings
32,742
5,590
2,678
Treasury stock
(2,784)
(2,784)
(2,784)
Total owners' equity
51,436
55.0
24,284
38.5
21,372
31.6
Fair value reserve,
translation reserve and others:
Fair value reserve for
available-for-sale investment securities
Foreign currency translation reserve
155
195
137
42
(1,810)
(1,111)
Total fair value reserve,
translation reserve and others
Total net assets
197
0.2
(1,615)
(2.6)
(973)
(1.4)
51,634
55.2
22,669
35.9
20,399
30.2
Total liabilities and net assets
93,526
100.0
63,129
100.0
67,632
100.0
3
Consolidated Statements of Income
Nihon Dempa Kogyo Co., Ltd.
November 6, 2009
(Millions of Yen, Figures less than a million yen are omitted)
September 30,
2008
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income/(loss)
Non-operating income
Interest income
Dividends income
Gain on redemption of convertible bonds
Gain on retirement of convertible bonds
Other income
Non-operating expenses
Interest expenses
Depreciation for inactive fixed assets
Other expenses
Ordinary income/(loss)
Extraordinary income
Gain on sales of property,
plant and equipment (“PPE”)
Reversal of allowances for
doubtful receivables
Reversal of retirement allowance
for directors and statutory
corporate auditors
Reversal of provisions for
settlement for products sold
Settlement received
Government grants
Extraordinary expenses
Loss on disposal of PPE
Loss on impairment of PPE
Loss on impairment of
investment securities
Loss on impairment of
golf club memberships
Early retirement benefits
Settlement for products sold
Income/(loss) before income taxes
Current tax expenses
Refund of income taxes
Deferred tax expenses/(benefits)
Net income/(loss)
35,625
28,442
7,182
6,245
937
325
104
14
82
124
237
95
73
67
1,025
13
Composition
September 30,
%
2009
100.0
79.8
20.2
17.5
2.7
0.9
0.7
2.9
0.0
25,926
17,722
8,203
4,713
3,489
274
25
12
36
65
133
455
177
237
39
3,308
407
Composition
March 31,
%
2009
100.0
68.4
31.6
18.1
13.5
1.1
1.8
12.8
1.5
Composition
%
59,170
54,309
4,861
11,770
(6,908)
1,015
153
22
275
563
1,250
273
803
173
(7,144)
51
-
50
5
-
55
-
-
14
-
-
102
-
13
151
53
57
176
7
984
15
9
46
18,330
178
16,441
0.4
3.8
23
-
199
16
-
27
887
365
(177)
698
959
2,731
187
(170)
(198)
2,912
239
1,243
(25,423)
437
(439)
3,452
(28,873)
2.5
1.0
(0.5)
2.0
4
10.5
0.7
(0.6)
(0.8)
11.2
100.0
91.8
8.2
19.9
(11.7)
1.7
2.1
(12.1)
0.1
31.0
(43.0)
0.7
(0.7)
5.8
(48.8)
Consolidated Statements of Cash Flows
Nihon Dempa Kogyo Co., Ltd.
November 6, 2009
(Millions of Yen, Figures less than a million yen are omitted)
September 30,
September 30,
March 31,
2008
2009
2009
Operating activities:
Income/(loss) before income taxes
Depreciation and amortisation
Loss on impairment of
property, plant and equipment (“PPE”)
Interest and dividends income
Interest expenses
887
2,731
(25,423)
4,690
1,900
9,015
57
9
16,441
(118)
(37)
(175)
95
177
273
Gain on redemption of convertible bonds
-
(36)
-
Gain on retirement of convertible bonds
-
(65)
(275)
Gain on sales of PPE
Loss on disposal of PPE
Settlement for products sold
Reversal of provisions for settlement for products sold
-
(50)
(5)
53
15
178
-
959
1,243
-
(102)
-
(Increase)/decrease in trade receivables
(238)
(2,596)
5,852
(Increase)/decrease in inventories
(853)
(3,088)
4,826
Decrease in consumption tax/
value-added tax receivables
Increase/(decrease) in trade payables
884
680
298
(303)
1,787
(2,256)
Other, net
(139)
(104)
(754)
5,014
2,179
9,239
Sub-total
Interest and cash dividends received
Interest paid
Income taxes refunded/(paid), net
Payment for settlement for products sold
84
28
117
(86)
(190)
(260)
(1,551)
956
(2,129)
-
(92)
(587)
3,461
2,880
6,379
(7,613)
(3,466)
(11,509)
6
96
8
(154)
(31)
(226)
(4)
(3)
(7)
Purchase of investments in subsidiaries
(165)
-
(165)
Purchase of trust beneficiary right
Net cash provided by operating activities
Investing activities:
Purchase of PPE
Proceeds from sales of PPE
Purchase of intangible assets
Purchase of investment securities
(895)
(25)
(1,427)
Proceeds from redemption of trust beneficiary right
401
292
1,567
Other, net
(25)
70
(41)
(8,449)
(3,067)
(11,802)
Net cash used in investing activities
5
Consolidated Statements of Cash Flows
Nihon Dempa Kogyo Co., Ltd.
November 6, 2009
(Millions of Yen, Figures less than a million yen are omitted)
Financing activities:
Net increase in short-term loans
September 30,
September 30,
March 31,
2008
2009
2009
2,927
1,886
4,790
Proceeds from long-term loans
5,000
-
15,200
Repayment of long-term loans
(877)
(3,420)
(1,464)
(0)
(0)
(0)
(488)
(1)
(978)
-
(3,050)
-
(1,953)
-
(7,482)
Purchase and sales of treasury shares, net
Cash dividends paid
Redemption of convertible bonds
Payment for retirement
by purchase of convertible bonds
Payment for repayment of lease obligations
Net cash (used in)/provided by financing activities
Net effect of currency translation on cash and cash equivalents
-
(5)
-
4,608
(4,592)
10,063
116
(179)
(356)
(263)
(4,958)
4,283
Cash and cash equivalents at beginning of year
11,333
15,617
11,333
Cash and cash equivalents at end of period
11,070
10,658
15,617
Net (decrease)/increase in cash and cash equivalents
6
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