1. | Quarterly Report for the First Quarter of the 141st Fiscal Year filed on
August 7, 2009 |
2
KOMATSU LTD. (Registrant) |
||||
Date: August 7, 2009 | By: | /s/ Kenji Kinoshita | ||
Kenji Kinoshita | ||||
Director and Senior Executive Officer | ||||
3
June 30, 2009 | March 31, 2009 | |||||||||||||||
Component | Component | |||||||||||||||
Millions of yen | ratio (%) | Millions of yen | ratio (%) | |||||||||||||
Assets |
||||||||||||||||
Current assets |
||||||||||||||||
Cash and cash equivalents |
¥ | 86,162 | ¥ | 90,563 | ||||||||||||
Time deposits |
125 | 44 | ||||||||||||||
Trade notes and accounts receivable,
less allowance for doubtful receivables of
¥15,843 million at June 30, 2009, ¥15,330
million at March 31, 2009 |
380,944 | 373,901 | ||||||||||||||
Inventories (Note 3) |
487,808 | 507,357 | ||||||||||||||
Deferred income taxes and other current
assets (Notes 4, 9, 10 and 11) |
129,270 | 131,374 | ||||||||||||||
Total current assets |
1,084,309 | 53.8 | 1,103,239 | 56.0 | ||||||||||||
Long-term trade receivables |
142,673 | 7.1 | 102,969 | 5.2 | ||||||||||||
Investments |
||||||||||||||||
Investments in and advances to affiliated
companies |
21,852 | 19,249 | ||||||||||||||
Investment securities (Notes 4, 10, and 11) |
58,058 | 53,854 | ||||||||||||||
Other |
12,360 | 12,017 | ||||||||||||||
Total investments |
92,270 | 4.6 | 85,120 | 4.3 | ||||||||||||
Property, plant and equipment
less accumulated depreciation of
¥608,836 million at June 30, 2009,
¥589,629 million at March 31, 2009 |
539,191 | 26.8 | 525,462 | 26.7 | ||||||||||||
Goodwill |
30,033 | 1.5 | 28,661 | 1.5 | ||||||||||||
Other intangible assets |
60,440 | 3.0 | 60,346 | 3.1 | ||||||||||||
Deferred
income taxes and other assets (Notes 9, 10 and 11) |
64,971 | 3.2 | 63,262 | 3.2 | ||||||||||||
¥ | 2,013,887 | 100.0 | ¥ | 1,969,059 | 100.0 | |||||||||||
1
June 30, 2009 | March 31, 2009 | |||||||||||||||
Component | Component | |||||||||||||||
Millions of yen | ratio (%) | Millions of yen | ratio (%) | |||||||||||||
Liabilities and Equity |
||||||||||||||||
Current liabilities |
||||||||||||||||
Short-term debt |
¥ | 254,699 | ¥ | 220,087 | ||||||||||||
Current maturities of long-term debt
(Notes 10) |
89,418 | 87,662 | ||||||||||||||
Trade notes, bills and accounts payable |
170,404 | 214,375 | ||||||||||||||
Income taxes payable |
8,758 | 10,818 | ||||||||||||||
Deferred income taxes and other current liabilities (Notes 9, 10 and 11) |
191,632 | 199,345 | ||||||||||||||
Total current liabilities |
714,911 | 35.5 | 732,287 | 37.2 | ||||||||||||
Long-term liabilities |
||||||||||||||||
Long-term debt (Notes 10) |
355,413 | 292,106 | ||||||||||||||
Liability for pension and retirement benefits |
51,742 | 53,822 | ||||||||||||||
Deferred income taxes and other liabilities (Notes 9, 10 and 11) |
39,115 | 42,510 | ||||||||||||||
Total long-term liabilities |
446,270 | 22.2 | 388,438 | 19.7 | ||||||||||||
Total liabilities |
1,161,181 | 57.7 | 1,120,725 | 56.9 | ||||||||||||
Commitments and contingent liabilities (Note 8) |
| | ||||||||||||||
Komatsu Ltd. shareholders equity |
||||||||||||||||
Common stock: |
||||||||||||||||
Authorized 3,955,000,000 shares at June 30, 2009 and at March 31, 2009 |
||||||||||||||||
Issued 998,744,060 shares at June 30, 2009 and at March 31, 2009 |
67,870 | 67,870 | ||||||||||||||
Outstanding 967,995,626 shares at June 30, 2009, 967,822,292 shares
at March 31, 2009 |
||||||||||||||||
Capital surplus |
139,994 | 140,092 | ||||||||||||||
Retained earnings: |
||||||||||||||||
Appropriated for legal reserve |
30,781 | 28,472 | ||||||||||||||
Unappropriated |
704,245 | 719,222 | ||||||||||||||
Accumulated other comprehensive income (loss) (Notes 4 and 9) |
(93,785 | ) | (105,744 | ) | ||||||||||||
Treasury stock at cost, 30,748,434 shares at June 30, 2009, 30,921,768
shares at March 31, 2009 |
(34,772 | ) | (34,971 | ) | ||||||||||||
Total Komatsu Ltd. shareholders equity |
814,333 | 40.4 | 814,941 | 41.4 | ||||||||||||
Noncontrolling interest |
38,373 | 1.9 | 33,393 | 1.7 | ||||||||||||
Total equity (Note 6) |
852,706 | 42.3 | 848,334 | 43.1 | ||||||||||||
¥ | 2,013,887 | 100.0 | ¥ | 1,969,059 | 100.0 | |||||||||||
2
Three months ended | Three months ended | |||||||||||||||
June 30, 2009 | June 30, 2008 | |||||||||||||||
Component | Component | |||||||||||||||
Millions of yen | ratio (%) | Millions of yen | ratio (%) | |||||||||||||
Net sales |
¥ | 320,428 | 100.0 | ¥ | 606,832 | 100.0 | ||||||||||
Cost of sales |
252,473 | 78.8 | 439,836 | 72.5 | ||||||||||||
Selling, general and administrative expenses (Note 5) |
59,486 | 18.6 | 85,342 | 14.1 | ||||||||||||
Other operating income (expenses) |
(196 | ) | (0.1 | ) | 1,610 | 0.3 | ||||||||||
Operating income |
8,273 | 2.6 | 83,264 | 13.7 | ||||||||||||
Other income (expenses) |
455 | 9,504 | ||||||||||||||
Interest and dividend income |
1,859 | 0.6 | 2,600 | 0.4 | ||||||||||||
Interest expense |
(2,731 | ) | (0.9 | ) | (3,929 | ) | (0.6 | ) | ||||||||
Othernet |
1,327 | 0.4 | 10,833 | 1.8 | ||||||||||||
Income before income taxes and equity in earnings of
affiliated companies |
8,728 | 2.7 | 92,768 | 15.3 | ||||||||||||
Income taxes |
||||||||||||||||
Current |
7,716 | 22,937 | ||||||||||||||
Deferred |
(5,535 | ) | 10,009 | |||||||||||||
Total |
2,181 | 0.7 | 32,946 | 5.4 | ||||||||||||
Income before equity in earnings of affiliated companies |
6,547 | 2.0 | 59,822 | 9.9 | ||||||||||||
Equity in earnings of affiliated companies |
(101 | ) | (0.0 | ) | 762 | 0.1 | ||||||||||
Net income |
6,446 | 2.0 | 60,584 | 10.0 | ||||||||||||
Less net income attributable to the noncontrolling interest |
(1,683 | ) | (0.5 | ) | (2,853 | ) | (0.5 | ) | ||||||||
Net income attributable to Komatsu Ltd. |
¥ | 4,763 | 1.5 | ¥ | 57,731 | 9.5 | ||||||||||
Yen | ||||||||
Three months ended | Three months ended | |||||||
June 30, 2009 | June 30, 2008 | |||||||
Net income attributable to Komatsu Ltd. per share (Note 7) |
||||||||
Basic |
¥ | 4.92 | ¥ | 58.01 | ||||
Diluted |
4.92 | 57.94 | ||||||
Cash dividends per share (Note 13) |
18.00 | 22.00 |
3
Millions of yen | ||||||||
Three months ended | Three months ended | |||||||
June 30, 2009 | June 30, 2008 | |||||||
Common stock |
||||||||
Balance, beginning of year |
¥ | 67,870 | ¥ | 67,870 | ||||
Balance, end of period |
¥ | 67,870 | ¥ | 67,870 | ||||
Capital surplus |
||||||||
Balance, beginning of year |
¥ | 140,092 | ¥ | 138,170 | ||||
Sales of treasury stock |
(98 | ) | 96 | |||||
Issuance and exercise of stock acquisition rights (Note 5) |
| (25 | ) | |||||
Balance, end of period |
¥ | 139,994 | ¥ | 138,241 | ||||
Retained earnings, appropriated for legal reserve |
||||||||
Balance, beginning of year |
¥ | 28,472 | ¥ | 26,714 | ||||
Transfer from unappropriated retained earnings |
2,309 | 218 | ||||||
Balance, end of period |
¥ | 30,781 | ¥ | 26,932 | ||||
Unappropriated retained earnings |
||||||||
Balance, beginning of year |
¥ | 719,222 | ¥ | 685,986 | ||||
Net income attributable to Komatsu Ltd. |
4,763 | 57,731 | ||||||
Cash dividends paid to Komatsu Ltd. Shareholders (Note 13) |
(17,431 | ) | (21,904 | ) | ||||
Transfer to retained earnings appropriated for legal reserve |
(2,309 | ) | (218 | ) | ||||
Balance, end of period |
¥ | 704,245 | ¥ | 721,595 | ||||
Accumulated other comprehensive income (loss) |
||||||||
Balance, beginning of year |
¥ | (105,744 | ) | ¥ | (28,779 | ) | ||
Other comprehensive income for the period, net of tax |
11,959 | 32,872 | ||||||
Balance, end of period |
¥ | (93,785 | ) | ¥ | 4,093 | |||
Treasury stock |
||||||||
Balance, beginning of year |
¥ | (34,971 | ) | ¥ | (2,835 | ) | ||
Purchase of treasury stock |
(7 | ) | (40 | ) | ||||
Sales of treasury stock |
206 | 250 | ||||||
Balance, end of period |
¥ | (34,772 | ) | ¥ | (2,625 | ) | ||
Total Komatsu Ltd. shareholders equity |
¥ | 814,333 | ¥ | 956,106 | ||||
Noncontrolling interest |
||||||||
Balance, beginning of year |
¥ | 33,393 | ¥ | 30,239 | ||||
Net income attributable to the noncontrolling interest |
1,683 | 2,853 | ||||||
Cash dividends paid to the noncontrolling interest |
(300 | ) | (239 | ) | ||||
Other comprehensive income for the period, net of tax |
1,844 | 1,742 | ||||||
Other changes in noncontrolling interest |
1,753 | 2,811 | ||||||
Balance, end of period |
¥ | 38,373 | ¥ | 37,406 | ||||
Total equity (Note 6) |
¥ | 852,706 | ¥ | 993,512 | ||||
4
Millions of yen | ||||||||
Three months ended | Three months ended | |||||||
June 30, 2009 | June 30, 2008 | |||||||
Operating activities |
||||||||
Net income |
¥ | 6,446 | ¥ | 60,584 | ||||
Adjustments to reconcile net income to net cash provided by (used in)
operating activities: |
||||||||
Depreciation and amortization |
22,003 | 22,842 | ||||||
Deferred income taxes |
(5,535 | ) | 10,009 | |||||
Net loss (gain) from sale of investment securities and subsidiaries |
65 | 664 | ||||||
Net loss (gain) on sale of property |
(95 | ) | (8 | ) | ||||
Loss on disposal of fixed assets |
396 | 502 | ||||||
Pension and retirement benefits, net |
(1,290 | ) | (441 | ) | ||||
Changes in assets and liabilities: |
||||||||
Decrease (increase) in trade receivables |
7,327 | 3,482 | ||||||
Decrease (increase) in inventories |
32,124 | (34,234 | ) | |||||
Increase (decrease) in trade payables |
(46,896 | ) | (20,985 | ) | ||||
Increase (decrease) in income taxes payable |
(2,373 | ) | (25,235 | ) | ||||
Other, net |
(11,265 | ) | (10,051 | ) | ||||
Net cash provided by (used in) operating activities |
907 | 7,129 | ||||||
Investing activities |
||||||||
Capital expenditures |
(24,927 | ) | (30,281 | ) | ||||
Proceeds from sale of property |
5,342 | 4,632 | ||||||
Proceeds from sale of available for sale investment securities |
73 | 500 | ||||||
Purchases of available for sale investment securities |
(1,500 | ) | (3,342 | ) | ||||
Acquisition of subsidiaries and equity investees, net of cash acquired |
1,153 | 1,024 | ||||||
Collection of loan receivables |
353 | 4,292 | ||||||
Disbursement of loan receivables |
(677 | ) | (3,346 | ) | ||||
Decrease (increase) in time deposits |
(88 | ) | (9 | ) | ||||
Net cash provided by (used in) investing activities |
(20,271 | ) | (26,530 | ) | ||||
Financing activities |
||||||||
Proceeds from long-term debt |
55,954 | 55,184 | ||||||
Repayments on long-term debt |
(7,207 | ) | (27,941 | ) | ||||
Increase (decrease) in short-term debt, net |
(6,217 | ) | 20,496 | |||||
Repayments of capital lease obligations |
(9,430 | ) | (12,913 | ) | ||||
Sale (purchase) of treasury stock, net |
101 | 210 | ||||||
Dividends paid |
(17,431 | ) | (21,904 | ) | ||||
Other, net |
(1,117 | ) | 733 | |||||
Net cash provided by (used in) financing activities |
14,653 | 13,865 | ||||||
Effect of exchange rate change on cash and cash equivalents |
310 | 3,334 | ||||||
Net increase (decrease) in cash and cash
equivalents |
(4,401 | ) | (2,202 | ) | ||||
Cash and cash equivalents, beginning of year |
90,563 | 102,010 | ||||||
Cash and cash equivalents, end of period |
¥ | 86,162 | ¥ | 99,808 | ||||
5
6
Millions of yen | ||||||||
Three months ended | Three months ended | |||||||
June 30, 2009 | June 30, 2008 | |||||||
Additional cash flow information: |
||||||||
Interest paid |
¥ | 2,752 | ¥ | 3,806 | ||||
Income taxes paid |
10,694 | 49,039 | ||||||
Noncash investing and financing activities: |
||||||||
Capital lease obligations incurred |
¥ | 4,273 | ¥ | 6,400 |
7
Millions of yen | ||||||||
June 30, | March 31, | |||||||
2009 | 2009 | |||||||
Finished products, including finished
parts held for sale |
¥ | 302,254 | ¥ | 328,643 | ||||
Work in process |
136,400 | 128,345 | ||||||
Materials and supplies |
49,154 | 50,369 | ||||||
Total |
¥ | 487,808 | ¥ | 507,357 | ||||
8
Millions of yen | ||||||||||||||||
Gross unrealized holding | ||||||||||||||||
Cost | Gains | Losses | Fair value | |||||||||||||
June 30, 2009 |
||||||||||||||||
Investment securities available for sale: |
||||||||||||||||
Marketable equity securities |
¥ | 25,692 | ¥ | 18,638 | ¥ | 67 | ¥ | 44,263 | ||||||||
Other investment securities at cost |
13,795 | |||||||||||||||
Current portion of other investment
securities at cost |
99 | |||||||||||||||
¥ | 39,586 | |||||||||||||||
Millions of yen | ||||||||||||||||
Gross unrealized holding | ||||||||||||||||
Cost | Gains | Losses | Fair value | |||||||||||||
March 31, 2009 |
||||||||||||||||
Investment securities available for sale: |
||||||||||||||||
Marketable equity securities |
¥ | 24,112 | ¥ | 13,419 | ¥ | 465 | ¥ | 37,066 | ||||||||
Other investment securities at cost |
16,788 | |||||||||||||||
Current portion of other investment
securities at cost |
101 | |||||||||||||||
¥ | 41,001 | |||||||||||||||
9
10
Millions of yen | ||||||||||||
Komatsu Ltd. | ||||||||||||
shareholders | Noncontrolling | |||||||||||
Three months ended June 30, 2009 | equity | interest | Total equity | |||||||||
Balance, beginning of year |
¥ | 814,941 | ¥ | 33,393 | ¥ | 848,334 | ||||||
Cash dividends paid to Komatsu Ltd. shareholders |
(17,431 | ) | | (17,431 | ) | |||||||
Cash dividends paid to the noncontrolling interest |
| (300 | ) | (300 | ) | |||||||
Other changes |
101 | 1,753 | 1,854 | |||||||||
Comprehensive income: |
||||||||||||
Net income |
4,763 | 1,683 | 6,446 | |||||||||
Other comprehensive income for the period, net of tax |
||||||||||||
Foreign currency translation adjustments |
7,131 | 1,590 | 8,721 | |||||||||
Net unrealized holding gains on securities available for sale |
3,477 | | 3,477 | |||||||||
Pension liability adjustments |
1,323 | | 1,323 | |||||||||
Net unrealized holding gains on derivative instruments |
28 | 254 | 282 | |||||||||
Total comprehensive income |
16,722 | 3,527 | 20,249 | |||||||||
Balance, end of period |
¥ | 814,333 | ¥ | 38,373 | ¥ | 852,706 | ||||||
Millions of yen | ||||||||||||
Komatsu Ltd. | ||||||||||||
shareholders | Noncontrolling | |||||||||||
Three months ended June 30, 2008 | equity | interest | Total equity | |||||||||
Balance, beginning of year |
¥ | 887,126 | ¥ | 30,239 | ¥ | 917,365 | ||||||
Cash dividends paid to Komatsu Ltd. shareholders |
(21,904 | ) | | (21,904 | ) | |||||||
Cash dividends paid to the noncontrolling interest |
| (239 | ) | (239 | ) | |||||||
Other changes |
281 | 2,811 | 3,092 | |||||||||
Comprehensive income: |
||||||||||||
Net income |
57,731 | 2,853 | 60,584 | |||||||||
Other comprehensive income(loss) for the period, net of tax |
||||||||||||
Foreign currency translation adjustments |
29,237 | 1,923 | 31,160 | |||||||||
Net unrealized holding gains on securities available for sale |
5,356 | 8 | 5,364 | |||||||||
Pension liability adjustments |
(392 | ) | 2 | (390 | ) | |||||||
Net unrealized holding gains(losses) on derivative instruments |
(1,329 | ) | (191 | ) | (1,520 | ) | ||||||
Total comprehensive income |
90,603 | 4,595 | 95,198 | |||||||||
Balance, end of period |
¥ | 956,106 | ¥ | 37,406 | ¥ | 993,512 | ||||||
11
Millions of yen | ||||||||
Three months ended | Three months ended | |||||||
June 30, 2009 | June 30, 2008 | |||||||
Net income attributable to Komatsu Ltd. |
¥ | 4,763 | ¥ | 57,731 |
Number of shares | ||||||||
Three months ended | Three months ended | |||||||
June 30, 2009 | June 30, 2008 | |||||||
Weighted average common shares outstanding,
less treasury stock |
967,910,177 | 995,254,491 | ||||||
Dilutive effect of: |
||||||||
Stock options |
343,666 | 1,100,277 | ||||||
Weighted average diluted common shares
outstanding |
968,253,843 | 996,354,768 | ||||||
Yen | ||||||||
Three months ended | Three months ended | |||||||
June 30, 2009 | June 30, 2008 | |||||||
Net income attributable to Komatsu Ltd.: |
||||||||
Basic |
¥ | 4.92 | ¥ | 58.01 | ||||
Diluted |
¥ | 4.92 | ¥ | 57.94 |
12
13
Millions of yen | ||||||||
June 30, | March 31, | |||||||
2009 | 2009 | |||||||
Forwards and options: |
||||||||
Sale of foreign currencies |
¥ | 28,616 | ¥ | 30,868 | ||||
Purchase of foreign currencies |
47,736 | 48,424 | ||||||
Option contracts (purchased) |
1,149 | 1,011 | ||||||
Interest rate swap, cross-currency swap and
interest rate cap agreements |
240,086 | 226,754 |
14
Millions of yen | ||||||||||||
June 30, 2009 | ||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||
Derivative instruments designated | Location on the consolidated | Estimated | Location on the consolidated | Estimated | ||||||||
as hedging instruments | Balance Sheets | fair value | Balance Sheets | fair value | ||||||||
Forwards contracts |
Deferred income taxes and other current assets | ¥ | 233 | Deferred income taxes and other current liabilities | ¥ | 25 | ||||||
Deferred income taxes and other assets | 4 | Deferred income taxes and other liabilities | | |||||||||
Interest rate swaps,cross-currency swap and interest rate cap agreements |
Deferred income taxes and other current assets | 2,758 | Deferred income taxes and other current liabilities | 1,469 | ||||||||
Deferred income taxes and other assets | 6,480 | Deferred income taxes and other liabilities | | |||||||||
Total |
¥ | 9,475 | ¥ | 1,494 | ||||||||
Derivative Assets | Derivative Liabilities | |||||||||||
Location on the consolidated | Estimated | Location on the consolidated | Estimated | |||||||||
Undesignated derivative instruments | Balance Sheets | fair value | Balance Sheets | fair value | ||||||||
Forwards contracts |
Deferred income taxes and other current assets | ¥ | 366 | Deferred income taxes and other current liabilities | ¥ | 1,592 | ||||||
Option contracts |
Deferred income taxes and other current assets | 21 | Deferred income taxes and other current liabilities | | ||||||||
Interest rate swaps,cross-currency swap and interest rate cap agreements |
Deferred income taxes and other current assets | 690 | Deferred income taxes and other current liabilities | 1,352 | ||||||||
Deferred income taxes and other assets | 1,468 | Deferred income taxes and other liabilities | 2,201 | |||||||||
Total |
¥ | 2,545 | ¥ | 5,145 | ||||||||
Total Derivative Instruments |
¥ | 12,020 | ¥ | 6,639 | ||||||||
Millions of yen | ||||||||||||
March 31, 2009 | ||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||
Derivative instruments designated | Location on the consolidated | Estimated | Location on the consolidated | Estimated | ||||||||
as hedging instruments | Balance Sheets | fair value | Balance Sheets | fair value | ||||||||
Forwards contracts |
Deferred income taxes and other current assets | ¥ | 278 | Deferred income taxes and other current liabilities | ¥ | 430 | ||||||
Deferred income taxes and other assets | 8 | Deferred income taxes and other liabilities | | |||||||||
Interest rate swaps,cross-currency swap and interest rate cap agreements |
Deferred income taxes and other current assets | 2,351 | Deferred income taxes and other current liabilities | | ||||||||
Deferred income taxes and other assets | 5,709 | Deferred income taxes and other liabilities | | |||||||||
Total |
¥ | 8,346 | ¥ | 430 | ||||||||
Derivative Assets | Derivative Liabilities | |||||||||||
Location on the consolidated | Estimated | Location on the consolidated | Estimated | |||||||||
Undesignated derivative instruments | Balance Sheets | fair value | Balance Sheets | fair value | ||||||||
Forwards contracts |
Deferred income taxes and other current assets | ¥ | 1,016 | Deferred income taxes and other current liabilities | ¥ | 1,387 | ||||||
Option contracts |
Deferred income taxes and other current assets | 19 | Deferred income taxes and other current liabilities | | ||||||||
Interest rate swaps,cross-currency swap and interest rate cap agreements |
Deferred income taxes and other current assets | 766 | Deferred income taxes and other current liabilities | 980 | ||||||||
Deferred income taxes and other assets | 1,704 | Deferred income taxes and other liabilities | 3,058 | |||||||||
Total |
¥ | 3,505 | ¥ | 5,425 | ||||||||
Total Derivative Instruments |
¥ | 11,851 | ¥ | 5,855 | ||||||||
15
Millions of yen | |||||||||||
Three months ended | |||||||||||
June 30, 2009 | |||||||||||
Location of | Amount of | Location of | Amount of | ||||||||
gains (losses) | gains (losses) | gains (losses) | gains (losses) | ||||||||
recognized in income | recognized in income | recognized in income | recognized in income | ||||||||
on derivatives | on derivatives | on hedged items | on hedged items | ||||||||
Interest rate
swaps,cross-currency
swap and interest
rate cap agreements
|
Other income (expenses), net: Other-net | ¥ | 1,281 | Other income (expenses),net: Other-net | ¥ | (1,398 | ) | ||||
Total
|
¥ | 1,281 | ¥ | (1,398 | ) | ||||||
Millions of yen | ||||||||||||||||||
Three months ended | ||||||||||||||||||
June 30, 2009 | ||||||||||||||||||
Effective portion | Ineffective portion and amount excluded from | |||||||||||||||||
Location of | Amount of | effectiveness testing | ||||||||||||||||
Amount of | gains (losses) | gains (losses) | Location of | Amount of | ||||||||||||||
gains (losses) | reclassified | reclassified | gains (losses) | gains (losses) | ||||||||||||||
recognized in | from accumulated | from accumulated | recognized in income | recognized in income | ||||||||||||||
OCI on derivatives | OCI into income | OCI into income | on derivatives | on derivatives | ||||||||||||||
Forwards contracts |
¥ | (734 | ) | Other income (expenses), net: Other-net | ¥ | (74 | ) | | ¥ | | ||||||||
Interest rate swaps, cross-currency swap and interest rate cap agreements |
(18 | ) | | | | | ||||||||||||
Total |
¥ | (752 | ) | ¥ | (74 | ) | ¥ | | ||||||||||
Millions of yen | ||||||
Three months ended | ||||||
June 30, 2009 | ||||||
Location of gains (losses) recognized | Amount of gains (losses) recognized | |||||
in income on derivatives | in income on derivatives | |||||
Forwards contracts |
Other income (expenses), net: Other-net | ¥ | (117 | ) | ||
Option contracts |
Other income (expenses), net: Other-net | 4 | ||||
Interest rate swaps,cross-currency swap |
Cost of sales | (82 | ) | |||
and interest rate cap agreements |
Other income (expenses), net: Other-net | (937 | ) | |||
Total |
¥ | (1,132 | ) | |||
16
17
Millions of yen | ||||||||||||||||
June 30, 2009 | March 31, 2009 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
amount | fair value | amount | fair value | |||||||||||||
Investment securities, marketable
equity securities |
¥ | 44,263 | ¥ | 44,263 | ¥ | 37,066 | ¥ | 37,066 | ||||||||
Long-term debt, including current portion |
444,831 | 439,344 | 379,768 | 376,108 | ||||||||||||
Derivatives: |
||||||||||||||||
Forwards and options |
||||||||||||||||
Assets |
624 | 624 | 1,321 | 1,321 | ||||||||||||
Liabilities |
1,617 | 1,617 | 1,817 | 1,817 | ||||||||||||
Interest rate swap, cross-currency
swap and interest rate cap agreements |
||||||||||||||||
Assets |
11,396 | 11,396 | 10,530 | 10,530 | ||||||||||||
Liabilities |
5,022 | 5,022 | 4,038 | 4,038 |
18
Level 1 Quoted prices in active markets for identical assets or liabilities |
Level 2 Inputs other than quoted prices included within Level 1 that are observable for
the assets or liabilities, either directly or indirectly |
Level 3 Unobservable inputs for the assets or liabilities |
Millions of yen | ||||||||||||||||
June 30, 2009 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets |
||||||||||||||||
Investment securities available for sale |
¥ | 44,263 | ¥ | | ¥ | | ¥ | 44,263 | ||||||||
Derivatives |
| 12,002 | | 12,002 | ||||||||||||
Other |
| | 18 | 18 | ||||||||||||
Total |
44,263 | 12,002 | 18 | 56,283 | ||||||||||||
Liabilities |
||||||||||||||||
Derivatives |
| 6,639 | | 6,639 | ||||||||||||
Total |
| 6,639 | | 6,639 | ||||||||||||
Millions of yen | ||||||||||||||||
March 31, 2009 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets |
||||||||||||||||
Investment securities available for sale |
¥ | 37,066 | ¥ | | ¥ | | ¥ | 37,066 | ||||||||
Derivatives |
| 11,851 | | 11,851 | ||||||||||||
Other |
| | 919 | 919 | ||||||||||||
Total |
37,066 | 11,851 | 919 | 49,836 | ||||||||||||
Liabilities |
||||||||||||||||
Derivatives |
| 5,855 | | 5,855 | ||||||||||||
Total |
| 5,855 | | 5,855 | ||||||||||||
19
Millions of yen | ||||
Three months ended | ||||
June 30, 2009 | ||||
Balance, beginning of year |
¥ | 919 | ||
Total gains or losses (realized / unrealized) |
592 | |||
Included in earnings |
606 | |||
Included in other comprehensive income (loss) |
(14 | ) | ||
Purchases, issuances and settlements |
(1,493 | ) | ||
Balance, end of period |
¥ | 18 | ||
20
21
Aggregate amount of | ||||||||
dividends | ||||||||
Resolution | Type of stock | (Millions of yen) | ||||||
Ordinary general meeting of
shareholders held on June 24, 2009 |
Common stock | 17,431 |
Dividend per | ||||||||||||
share | ||||||||||||
Resource of dividends | (Yen) | Record date | Effective date | |||||||||
Retained earnings |
18 | March 31, 2009 | June 25, 2009 |
22
23
Millions of yen | ||||||||
Three months ended | Three months ended | |||||||
June 30, 2009 | June 30, 2008 | |||||||
Net sales: |
||||||||
Construction, Mining and Utility Equipment |
||||||||
Customers |
¥ | 284,695 | ¥ | 534,078 | ||||
Intersegment |
786 | 1,419 | ||||||
Total |
285,481 | 535,497 | ||||||
Industrial Machinery and Others |
||||||||
Customers |
35,733 | 72,754 | ||||||
Intersegment |
4,043 | 5,990 | ||||||
Total |
39,776 | 78,744 | ||||||
Elimination |
(4,829 | ) | (7,409 | ) | ||||
Consolidated |
¥ | 320,428 | ¥ | 606,832 | ||||
Segment profit: |
||||||||
Construction, Mining and Utility Equipment |
¥ | 7,437 | ¥ | 78,385 | ||||
Industrial Machinery and Others |
2,877 | 4,768 | ||||||
Total |
10,314 | 83,153 | ||||||
Corporate expenses and elimination |
(1,845 | ) | (1,499 | ) | ||||
Consolidated segment profit |
8,469 | 81,654 | ||||||
Other operating income (expenses) |
(196 | ) | 1,610 | |||||
Operating income |
8,273 | 83,264 | ||||||
Interest and dividend income |
1,859 | 2,600 | ||||||
Interest expense |
(2,731 | ) | (3,929 | ) | ||||
Other-net |
1,327 | 10,833 | ||||||
Consolidated income before income taxes |
¥ | 8,728 | ¥ | 92,768 | ||||
1) | Construction, Mining and Utility Equipment: |
2) | Industrial Machinery and Others: |
Metal forging and stamping presses, sheet-metal machines, machine tools, defense systems,
temperature-control equipment, and others. |
24
Millions of yen | ||||||||
Three months ended | Three months ended | |||||||
June 30, 2009 | June 30, 2008 | |||||||
Net sales: |
||||||||
Japan |
¥ | 68,759 | ¥ | 106,537 | ||||
Americas |
80,377 | 147,658 | ||||||
Europe and CIS |
36,064 | 108,869 | ||||||
China |
59,414 | 80,497 | ||||||
Asia (excluding Japan, China) and Oceania |
57,651 | 105,547 | ||||||
Middle East and Africa |
18,163 | 57,724 | ||||||
Consolidated net sales |
¥ | 320,428 | ¥ | 606,832 | ||||
Millions of yen | ||||||||
Three months ended | Three months ended | |||||||
June 30, 2009 | June 30, 2008 | |||||||
Net sales: |
||||||||
Japan |
¥ | 110,428 | ¥ | 216,729 | ||||
U.S.A. |
74,985 | 139,331 | ||||||
Europe and CIS |
34,082 | 108,018 | ||||||
Others |
100,933 | 142,754 | ||||||
Total |
¥ | 320,428 | ¥ | 606,832 | ||||
No individual country within Europe and CIS or other areas had a material impact on net sales. |
||
No single major external customer had a material impact on net sales. |
25
Millions of yen | ||||||||
Three months ended | Three months ended | |||||||
June 30, 2009 | June 30, 2008 | |||||||
Net sales: |
||||||||
Japan |
||||||||
Customers |
¥ | 110,428 | ¥ | 216,729 | ||||
Intersegment |
38,655 | 119,808 | ||||||
Total |
149,083 | 336,537 | ||||||
Americas |
||||||||
Customers |
74,985 | 139,331 | ||||||
Intersegment |
7,236 | 10,392 | ||||||
Total |
82,221 | 149,723 | ||||||
Europe and CIS |
||||||||
Customers |
34,082 | 108,018 | ||||||
Intersegment |
6,869 | 6,245 | ||||||
Total |
40,951 | 114,263 | ||||||
Others |
||||||||
Customers |
100,933 | 142,754 | ||||||
Intersegment |
1,640 | 10,299 | ||||||
Total |
102,573 | 153,053 | ||||||
Elimination |
(54,400 | ) | (146,744 | ) | ||||
Consolidated |
¥ | 320,428 | ¥ | 606,832 | ||||
Segment profit (loss): |
||||||||
Japan |
¥ | (11,015 | ) | ¥ | 33,026 | |||
Americas |
8,154 | 16,988 | ||||||
Europe and CIS |
2,147 | 12,078 | ||||||
Others |
11,573 | 22,395 | ||||||
Corporate and elimination |
(2,390 | ) | (2,833 | ) | ||||
Consolidated |
¥ | 8,469 | ¥ | 81,654 | ||||
26
Millions of yen | ||||||||
Three months ended | Three months ended | |||||||
June 30, 2009 | June 30, 2008 | |||||||
Overseas sales: |
||||||||
Americas |
¥ | 80,377 | ¥ | 147,658 | ||||
Europe and CIS |
36,064 | 108,869 | ||||||
Others |
135,228 | 243,768 | ||||||
Total |
¥ | 251,669 | ¥ | 500,295 | ||||
Consolidated sales |
¥ | 320,428 | ¥ | 606,832 | ||||
Three months ended | Three months ended | |||||||
June 30, 2009 | June 30, 2008 | |||||||
Overseas sales as a percentage of consolidated sales: |
||||||||
Americas |
25.1 | % | 24.3 | % | ||||
Europe and CIS |
11.2 | 17.9 | ||||||
Others |
42.2 | 40.2 | ||||||
Total |
78.5 | % | 82.4 | % |
(1) | Americas: North America and Latin America |
||
(2) | Europe and CIS: Germany, U.K. and Russia |
||
(3) | Others: China, Oceania, Southeast Asia, Middle East and Africa |
27
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