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CONSOLIDATED
4) Consolidated results for fiscal 2002
1. Financial highlights
Term
Items
Net sales
Operating income (loss)
FY2002
FY2001
Change
(April 1,2000-Mar. 31,2001)
(April 1,2001-March 31,2002)
(Yen millions)
% (U.S.$ thousands) (Yen millions)
%
%
575,029
100.0
4,323,526
689,911
100.0
-16.7
(42,094)
-7.3
(316,496)
56,323
8.2
-
Income (loss) before
income taxes
(42,069)
-7.3
(316,308)
64,516
9.4
-
Net income (loss)
(24,810)
-4.3
(186,541)
43,983
6.4
-
Net income (loss) per
common share
and per ADS
Yen (186.68)
US$ (1.40)
Yen 330.54
Notes:
1. The financial statements are prepared in conformity with accounting principles generally accepted
in the United States of America.
2. The figures for net income (loss) per common share are calculated based upon the weighted average
number of shares of common stock (the total outstanding number).
3. During this consolidated accounting period, the company had 77 subsidiaries
(26 in Japan and 51 overseas). The company also had 7 affiliates whose financial statements
are accounted for by the equity method.
4. U.S.$1=Yen 133
2. Sales breakdown
Term
Products
FY2002
FY2001
Change
(April
1,2000-Mar.
31,2001)
(April 1,2001-March 31,2002)
(Yen millions)
% (U.S.$ thousands) (Yen millions)
%
%
Electronic materials
and components
432,951
75.3
3,255,270
552,195
80.0
-21.6
Electronic materials
Electronic devices
Recording devices
Semiconductors & Others
Recording media & systems
Total sales
Overseas sales
161,846
105,937
147,004
18,164
142,078
575,029
410,117
28.1
18.4
25.6
3.2
24.7
100.0
71.3
1,216,887
796,519
1,105,293
136,571
1,068,256
4,323,526
3,083,586
212,133
145,216
169,140
25,706
137,716
689,911
467,821
30.7
21.1
24.5
3.7
20.0
100.0
67.8
-23.7
-27.0
-13.1
-29.3
3.2
-16.7
-12.3
Note:U.S.$1=Yen 133
15/28
CONSOLIDATED
3. Statements of income
Term
Items
Net sales
Cost of sales
Gross profit
Selling,general and administrative expenses
Restructuring cost
Operating income (loss)
Other income (deductions):
Interest and dividend income
Interest expense
FY2002
(April 1,2001-March 31,2002)
FY2001
Change
(April 1,2000 Mar. 31,2001)
%
575,029 100.0
462,992
80.5
112,037
19.5
128,259
22.3
25,872
4.5
(42,094)
-7.3
(Yen millions)
(Yen millions)
Income (loss) before income taxes
Income taxes
Income (loss) before minority interests
Minority interests
4,323,526
3,481,143
842,383
964,353
194,526
(316,496)
689,911
496,083
193,828
137,505
56,323
%
100.0
71.9
28.1
19.9
8.2
%
-16.7
-6.7
-42.2
-6.7
-
2,033
1,264
15,286
9,504
5,089
490
-
-
12,518
618
(1,362)
25
-
4,647
(10,241)
188
(1,196)
(7,728)
8,193
1.2
-99.7
(42,069)
-7.3
(316,308)
64,516
9.4
-
(16,327)
-2.8
(122,759)
19,792
2.9
-
(25,742)
-4.5
(193,549)
44,724
6.5
-
-0.1
-
Gain on contribution of investment securities
to pension trust
Foreign exchange gain (loss)
Other, net
Total other income (deductions)
(U.S.$ thousands)
932
0.2
7,008
(741)
43,983
(24,810)
-4.3
(186,541)
6.4
Net income (loss)
Net income (loss) per common share
Yen (186.68)
US$ (1.40)
Yen 330.54
133,064
132,900
thousands
thousands
Average common shares outstanding
Notes:
1. The figures for net income (loss) per common share are calculated based upon the weighted average
number of shares of common stock (the total outstanding number).
2. U.S.$1=Yen 133
16/28
-
CONSOLIDATED
4. Balance sheets
ASSETS
Term
Items
Current assets
Cash and cash equivalents
Net trade receivables
Inventories
Prepaid expenses and other
current assets
As of March 31, 2002
As of Mar.31,2001 Change
(Yen millions)
% (U.S.$ thousands) (Yen millions)
%
%
125,761
142,827
91,149
945,572
1,073,887
685,331
150,917
156,585
116,423
40,430
303,985
28,988
Total current assets
400,167
53.3
3,008,775
452,913
55.2
-11.6
Investments and advances
Net property,plant,and equipment
Prepaid pension cost
Other assets
TOTAL
24,265
265,590
60,849
750,871
3.2
35.4
8.1
100.0
182,444
1,996,917
457,511
5,645,647
21,143
278,625
41,290
26,206
820,177
2.6
34.0
5.0
3.2
100.0
14.8
-4.7
132.2
-8.5
LIABILITIES AND STOCKHOLDERS' EQUITY
Term
Items
Current liabilities
Short-term debt
Trade payables
Accrued expenses and other current
liabilities
Income taxes
Total current liabilities
Long-term debt, excluding current
installments
Retirement and severance benefits
and others
Total liabilities
Minority interests
Stockholders' equity
Common stock
Additional paid-in capital
Legal reserve
Retained earnings
Accumulated other comprehensive
income (loss)
Treasury stock
Total stockholders' equity
TOTAL
Total common shares outstanding
As of March 31, 2002
As of Mar.31,2001 Change
(Yen millions)
% (U.S.$ thousands) (Yen millions)
%
%
2,312
52,609
17,384
395,556
5,879
64,673
52,874
397,549
55,952
2,546
110,341
14.7
19,143
829,632
19,638
146,142
17.8
-24.5
459
0.1
3,451
1,004
0.1
-54.3
50,590
6.7
380,376
31,848
3.9
58.8
161,390
21.5
1,213,459
178,994
21.8
-9.8
4,593
0.6
34,534
3,434
0.4
33.8
245,421
474,068
117,917
3,918,075
32,641
63,051
13,409
556,165
(3,592)
(27,007)
(2,666)
584,888
77.9
4,397,654
637,749
77.8
750,871 100.0
5,645,647
820,177 100.0
132,860 thousands
133,019 thousands
-8.3
-8.5
32,641
63,051
15,683
521,104
(43,999)
Note:U.S.$1=Yen 133
17/28
(330,820)
(24,851)
CONSOLIDATED
5. Statements of stockholders' equity
Term
Items
Common stock:
Balance at beginning of period
Balance at end of period
FY2002
FY2001
(April 1,2001 - March 31,2002) (April 1,2000 Mar. 31,2001)
(Yen millions)
(U.S.$ thousands)
(Yen millions)
32,641
32,641
245,421
245,421
32,641
32,641
Additional paid-in capital:
Balance at beginning of period
Balance at end of period
63,051
63,051
474,068
474,068
63,051
63,051
Legal reserve:
Balance at beginning of period
Transferred from retained earnings
Balance at end of period
13,409
2,274
15,683
100,819
17,098
117,917
13,302
107
13,409
Retained earnings:
Balance at beginning of period
Net income (loss)
Cash dividends
Transferred to legal reserve
Balance at end of period
556,165
(24,810)
(7,977)
(2,274)
521,104
4,181,692
(186,541)
(59,978)
(17,098)
3,918,075
520,276
43,983
(7,987)
(107)
556,165
Accumulated other comprehensive income (loss):
Balance at beginning of period
(24,851)
(186,850)
(58,257)
Other comprehensive income (loss)
for the period, net of tax
(19,148)
(143,970)
33,406
Balance at end of period
(43,999)
(330,820)
(24,851)
(2,666)
(926)
(3,592)
(20,045)
(6,962)
(27,007)
(2,666)
(2,666)
Treasury stock:
Balance at beginning of period
Acquisition of treasury stock
Balance at end of period
4,397,654
637,749
Total stockholders' equity
584,888
Disclosure of comprehensive income (loss):
Net income (loss) for the period
(24,810)
(186,541)
43,983
(19,148)
(143,970)
33,406
(43,958)
(330,511)
77,389
Other comprehensive income (loss)
for the period, net of tax
Total comprehensive income (loss) for the period
18/28
CONSOLIDATED
6. Statements of cash flows
Term
Items
Cash flows from operating activities:
Net income (loss)
FY2002
FY2001
(April 1,2001 - March 31,2002) (April 1,2000 Mar. 31,2001)
(Yen millions)
(U.S.$ thousands)
(Yen millions)
(24,810)
(186,541)
43,983
Depreciation and amortization
Loss on disposal of property and equipment
Deferred income taxes
Loss (gain) on securities
61,920
6,436
(13,135)
207
465,564
48,391
(98,759)
1,556
63,579
5,144
(10,986)
(13,450)
Contribution of cash and cash equivalents to
pension trust
-
-
(15,315)
Changes in assets and liabilities:
Decrease in trade receivables
Decrease (increase) in inventories
Decrease in trade payables
Increase (decrease) in income taxes
Other-net
Net cash provided by operating activities
18,517
28,776
(14,806)
(17,181)
(4,420)
41,504
139,225
216,361
(111,323)
(129,181)
(33,233)
312,060
22,365
(23,607)
(18,969)
4,766
10,087
67,597
Cash flows from investing activities:
Capital expenditures
Proceeds from sale of investments
Payment for purchase of investments
Proceeds from maturities of marketable securities
Other-net
Net cash used in investing activities
(58,777)
323
(3,116)
3,667
(57,903)
(441,932)
2,429
(23,429)
27,571
(435,361)
(99,452)
2,492
(692)
3,761
1,353
(92,538)
Cash flows from financing activities:
Proceeds from long-term debt
Repayment of long-term debt
Increase (decrease) in short-term debt
Payment to acquire treasury stock
Dividends paid
Net cash used in financing activities
46
(777)
(3,568)
(926)
(7,977)
(13,202)
346
(5,842)
(26,827)
(6,962)
(59,978)
(99,263)
614
(1,536)
2,761
(2,666)
(7,987)
(8,814)
4,445
33,421
10,153
Adjustments to reconcile net income to net cash
provided by operating activities:
Effect of exchange rate changes on cash and
cash equivalents
(25,156)
150,917
125,761
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
19/28
(189,143)
1,134,715
945,572
(23,602)
174,519
150,917
CONSOLIDATED
7. Summary of Significant Accounting Policies
The consolidated financial statements are prepared in conformity with accounting
principles generally accepted in the United States of America.
(a) Marketable Securities
SFAS No. 115, “Accounting for Certain Investments in Debt and Equity Securities”
is adopted.
(b) Inventories
Inventories are stated at the lower of cost or market. Cost is determined principally
by the average method.
(c) Depreciation
Depreciation of property, plant, and equipment is principally computed by the
declining-balance method for assets located in Japan and of certain foreign subsidiaries,
and by the straight-line method for assets of other foreign subsidiaries based on
estimated useful lives.
(d) Income Taxes
Income taxes are accounted for under the asset and liability method. Deferred tax
assets and liabilities are recognized for the estimated future tax consequences
attributable to differences between the financial statement carrying amounts of existing
assets and liabilities and their respective tax bases and operating loss and tax credit
carryforwards.
(e) Retirement and Severance Benefits
TDK accounts for and provides disclosures about its defined benefit pension and
retirement plans in accordance with SFAS No. 87, “Employers’ Accounting for
Pensions” and with SFAS No. 132, “Employers’ Disclosures about Pensions and Other
Postretirement Benefits”.
The weighted-average discount rates used in determining the present value of
benefit obligations and expected long-term rate of return on assets were 2.5% and 3.0%
for 2002 and 2001,respectively.
(f) Derivatives Financial Instruments
SFAS No. 133, “Accounting for Derivative Instruments and Hedging Activities” and
SFAS No. 138, “Accounting for Certain Derivative Instruments and Certain Hedging
Activities, an amendment of FASB Statement No. 133” have been adopted from fiscal
2002.
(g) Goodwill and Other Intangible Assets
SFAS No. 142, “Goodwill and Other Intangible Assets” has been adopted from
fiscal 2002.
20/28
CONSOLIDATED
8. Segment Information
a) Industry Segment Information
Term
Items
Electronic
materials
and
components
Recording
media
&
systems
Total
Net sales
1)Unaffiliated customers
2)Intersegment
Operating expenses
Operating income (loss)
Net sales
1)Unaffiliated customers
2)Intersegment
Operating expenses
Operating income (loss)
Net sales
1)Unaffiliated customers
2)Intersegment
Operating expenses
Operating income (loss)
FY2002
FY2001
Change
(April 1,2001-March 31,2002) (April 1,2000 Mar. 31,2001)
(Yen millions)
% (U.S.$ thousands) (Yen millions)
%
%
432,951 100.0 3,255,270
552,195 100.0 -21.6
432,951
3,255,270
552,195
-21.6
0
0
0
88.2
467,669 108.0 3,516,308
486,837
-3.9
(34,718)
-8.0 (261,038)
65,358
11.8
142,078 100.0 1,068,256
137,716 100.0
3.2
142,078
1,068,256
137,716
3.2
0
0
0
146,751 106.6
1.8
149,454 105.2 1,123,714
(7,376)
-5.2
(55,458)
(9,035)
-6.6
18.4
575,029 100.0 4,323,526
689,911 100.0 -16.7
575,029
4,323,526
689,911
-16.7
0
0
0
617,123 107.3 4,640,022
633,588
91.8
-2.6
(42,094)
-7.3 (316,496)
56,323
8.2
-
b) Geographic Segment Information
Term
Region
Japan
Americas
Europe
Asia and
others
Intersegment
eliminations
Total
Net sales
Operating income (loss)
Net sales
Operating income (loss)
Net sales
Operating income (loss)
Net sales
Operating income
Net sales
Operating income (loss)
Net sales
Operating income (loss)
FY2002
FY2001
Change
(April 1,2001-March 31,2002) (April 1,2000 Mar. 31,2001)
(Yen millions)
% (U.S.$ thousands) (Yen millions)
%
%
328,322
2,468,586
459,685
-28.6
(31,624)
39,504
8.6
-9.6 (237,774)
105,804
795,519
136,342
-22.4
(1,394)
-1.0
(12,712) -12.0
(95,579)
79,329
596,459
100,258
-20.9
(3,184)
-4.0
(23,940)
2,236
2.2
268,492
2,018,737
299,015
-10.2
1,700
0.6
12,782
20,982
7.0 -91.9
206,918
1,555,775
305,389
(3,726)
(28,015)
5,005
575,029
4,323,526
689,911
-16.7
(42,094)
-7.3 (316,496)
56,323
8.2
-
Note:The sales are classified by geografic areas of the seller and include transfers between geografic areas.
c) Sales by Region
Term
FY2002
FY2001
Change
(April 1,2001-March 31,2002) (April 1,2000 Mar. 31,2001)
(Yen millions)
% (U.S.$ thousands) (Yen millions)
%
%
113,346
19.7
852,225
131,219
19.0 -13.6
80,027
13.9
601,707
101,018
14.6 -20.8
216,744
235,584
34.2
-8.0
37.7 1,629,654
410,117
71.3 3,083,586
467,821
67.8 -12.3
164,912
28.7 1,239,940
222,090
32.2 -25.7
575,029
4,323,526
689,911
-16.7
Region
Americas
Europe
Asia and others
Overseas sales total
Japan
Net sales
Notes:
1. Sales by region are classified by geographic areas of the buyer.
2. U.S.$1=Yen 133
21/28
CONSOLIDATED
9. Fair Value of Securities
Gross
Unrealized
Holding Gains
Cost
(Yen millions)
As of March 31,2002
Equity securities
Debt securities
Total
As of March 31,2001
Equity securities
Debt securities
Total
Fair
Value
4,389
3,274
7,663
596
24
620
-
4,985
3,298
8,283
3,903
2,851
6,754
35
32
67
592
592
3,346
2,883
6,229
Gross
Unrealized
Holding Gains
Cost
(U.S.$ thousands)
As of March 31,2002
Equity securities
Debt securities
Total
Gross
Unrealized
Holding Losses
33,000
24,617
57,617
Gross
Unrealized
Holding Losses
4,481
180
4,661
-
Contract
Amount
Carrying
Amount
Fair
Value
37,481
24,797
62,278
Note:Unlisted stocks are excluded from the above.
10. Fair Value of Derivatives
(Yen millions)
As of March 31,2002
Forward foreign exchange contracts
Currency swap agreements and interest rate
and currency swap agreements for loans to
its subsidiaries
As of March 31,2001
Forward foreign exchange contracts
Currency option contracts
Purchased
Written
Currency swap agreements and interest rate
and currency swap agreements for loans to
its subsidiaries
7,576
(59)
(59)
13,268
(315)
(315)
16,264
(336)
(404)
26,019
18,585
(22)
(1,055)
(22)
(1,055)
20,323
(481)
(566)
Contract
Amount
(U.S.$ thousands)
As of March 31,2002
Forward foreign exchange contracts
Currency swap agreements and interest rate
and currency swap agreements for loans to
its subsidiaries
22/28
Estimated Fair
Value
Carrying
Amount
Estimated Fair
Value
56,962
(444)
(444)
99,759
(2,368)
(2,368)