TDK Tdk Corp

 

 

Commission File No. 1-08346

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

For the month of June 2008

TDK CORPORATION

(Translation of registrant’s name into English)

13-1, Nihonbashi 1-chome, Chuo-ku, Tokyo 103-8272, Japan
(Address of principal executive offices)

     Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F		þ		Form 40-F		o

     Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes		o		No		þ

     If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-___

 

 

TABLE OF CONTENTS

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

				TDK Corporation
				1-13-1, Nihonbashi
				Chuo-ku, Tokyo
				103-8272 Japan

June 18, 2008

TDK Corporation
Corporate Communications Department
Michinori Katayama
+81(3)5201-7102

Amendments of FY March 2008 Earnings Release (Consolidated Results)

TDK Corporation has revised its consolidated results for fiscal 2008, ended March 31, 2008, and announced on April 28, 2008.

1.

Reasons for Amendments

As a result of a detailed examination of non-recurring transactions that arose during the fiscal year under review, such as business and asset transfers and corporate acquisitions, TDK has decided to partially correct its cash flows statement in the interests of more proper presentation.

2.

Amendments

		1)Net cash provided by operating activities JPY 119,721 millions => JPY 119,413 millions
		2)Net cash used in investing activities JPY -158,055 millions => JPY -157,747 millions

Changes resulting from these amendments are underlined in the corresponding pages.

		(1)	Financial Position (Page 8,9)
		(2)	Statements of cash flows (Page 15)

TDK Corporation Consolidated FY March 2008(U.S. GAAP)

(2) Financial Position

(2-1) The following table summarizes TDK’s consolidated balance sheet at March 31, 2008, compared with March 31, 2007.

Total assets		¥935,533 million		(5.4% decrease)
Total stockholders’ equity		¥716,577 million		(6.0% decrease)
Stockholders’ equity ratio		76.6%		0.5 percentage point decrease

At the end of the fiscal year, cash and cash equivalents and net trade receivable were ¥123,064 million and ¥21,196 million lower than a year ago, respectively, while net property, plant and equipment increased ¥20,446 million, investments in securities increased ¥36,073 million and other assets increased ¥42,260 million. As a result of these and other changes, total assets decreased ¥53,771 million compared with March 31, 2007.

Total liabilities increased ¥2,883 million year on year, with trade payables declining ¥5,380 million. Meanwhile, short-term debt rose ¥5,885 million and accrued expenses increased ¥2,717 million.

Total stockholders’ equity decreased ¥46,135 million year on year with accumulated other comprehensive loss climbing ¥63,737 million. Meanwhile, retained earnings rose ¥17,369 million.

(2-2) Cash Flows

(¥ millions)

				Fiscal 2007					Fiscal 2008					Change
	Net cash provided by operating activities				145,483					119,413					(26,070)
	Net cash used in investing activities				(81,488	)				(157,747)					(76,259)
	Net cash used in financing activities				(15,862	)				(60,086	)				(44,224	)
	Effect of exchange rate changes on cash and cash equivalents				2,019					(24,644	)				(26,663	)
	Net increase (decrease) in cash and cash equivalents				50,152					(123,064	)				(173,216	)
	Cash and cash equivalents at beginning of period				239,017					289,169					50,152
	Cash and cash equivalents at end of period				289,169					166,105					(123,064	)

Operating activities provided net cash of ¥119,413 million (U.S.$1,194,130 thousand) , a year-on-year decrease of ¥26,070 million . Net income increased ¥1,336 million to ¥71,461 million (U.S.$714,610 thousand) and depreciation and amortization increased ¥5,960 million to ¥71,297 million (U.S.$712,970 thousand). In changes in assets and liabilities, trade receivables increased ¥25,032 million , inventories increased ¥15,844 million , other current assets increased ¥15,292 million and trade payables increased ¥21,995 million .

Investing activities used net cash of ¥157,747 million (U.S.$1,577,470 thousand) , ¥76,259 million more than a year earlier. Capital expenditures increased ¥13,872 million to ¥84,312 million (U.S.$843,120 thousand). There was also an increase of ¥37,155 million for acquisitions of businesses and assets, ¥14,196 million for payment for purchase of investments in securities, ¥18,182 million for acquisition of subsidiaries, net of cash acquired, ¥15,849 million for acquisition of minority interests, while payment for purchase of short-term investments decreased ¥22,549 million.

TDK Corporation Consolidated FY March 2008(U.S. GAAP)

Financing activities used net cash of ¥60,086 million (U.S.$600,860 thousand), ¥44,224 million more than a year earlier. Repayment of long-term debt increased ¥7,099 million. There was ¥39,218 million increase in cash paid to acquire the Company’s own shares, with the aim of improving capital efficiency and further raising the level of stockholder returns.

(2-3) Trends in Cash Flow Indicators

				FY2004					FY2005					FY2006					FY2007					FY2008
	1) Stockholders’ equity ratio (%)				74.8					79.1					76.1					77.1					76.6
	2) Capital adequacy ratio on a market value basis				136.7					120.1					127.0					136.8					81.2
	3) No. of years to redeem debt				0.00					0.00					0.08					0.03					0.08
	4) Interest coverage ratio (times)				352.4					97.0					598.1					727.4					547.8

[Notes]

1) Stockholders’ equity ratio = Total stockholders’ equity/Total assets

2) Capital adequacy ratio on a market value basis = Market capitalization (*1)/Total assets
(*1) Market capitalization = Closing price of TDK’s common shares on the Tokyo Stock Exchange at fiscal year-end x Shares issued and outstanding at fiscal year-end after deducting treasury stock

3) No. of years to redeem debt = Interest-bearing liabilities (*2)/Cash flows from operating activities (*3)
(*2) Interest-bearing liabilities: The balance of “short-term debt” and “long-term debt” included in “long-term debt, excluding current installments” on the consolidated balance sheets.
(*3) Cash flows from operating activities: “Net cash provided by operating activities” on the consolidated statements of cash flows.

4) Interest coverage ratio = Cash flows from operating activities/Interest payments (*4)
(*4) Interest payments: “Interest expense” on the consolidated statements of income

(3) Fundamental Policy for Distribution of Earnings, and Fiscal 2008 and Fiscal 2009 Dividends
Returning earnings to shareholders is one of TDK’s highest management priorities. Therefore, TDK’s fundamental policy is to give consideration to a consistent increase in dividends based on factors such as the return on equity (ROE), dividends as a percentage of equity (DOE) and TDK’s results of operations on a consolidated basis.

Retained earnings are used to make aggressive investments for growth, mainly in the development of new products and technologies in key fields so as to respond precisely to the rapid technological advances in the electronics industry.

TDK plans to pay a year-end dividend of ¥70 per common share, subject to approval at the ordinary general meeting of shareholders scheduled for June 27, 2008. Combined with the interim dividend of ¥60 per common share paid in December 2007, the planned dividend per common share applicable to the year will be ¥130.

	(Yen)			FY2009 Forecast					FY2008 Forecast
	Interim dividend				70.00					60.00
	Year-end dividend				70.00					70.00
	Annual dividend				140.00					130.00

I-6) Statements of cash flows		Amendments (June 18, 2008)

	Term						FY2007					FY2008
							(April 1, 2006 - March 31, 2007)					(April 1, 2007 - March 31, 2008)
	Item						(Yen millions)					(Yen millions)					(U.S.$ thousands)
	Cash flows from operating activities:
				Net income				70,125					71,461					714,610
				Adjustments to reconcile net income to
				net cash provided by operating activities:
				Depreciation and amortization				65,337					71,297					712,970
				Loss on disposal of property and equipment				2,649					2,955					29,550
				Deferred income taxes				(1,878	)				(1,885	)				(18,850	)
				Loss (gain) on securities, net				212					2,081					20,810
				Gain on business transfer to Imation Corp.				—					(15,340	)				(153,400	)
				Gain on sale of a subsidiary				—					(274	)				(2,740	)
				Changes in assets and liabilities,
				net of effects of acquisition of businesses:
				Decrease (increase) in trade receivables				11,241					(13,791	)				(137,910	)
				Decrease (increase) in inventories				892					(14,952	)				(149,520	)
				Decrease (increase) in other current assets				6,202					(9,090	)				(90,900	)
				Increase (decrease) in trade payables				(5,272	)				16,723					167,230
				Increase (decrease) in accrued expenses				(7,068	)				8,745					87,450
				Increase (decrease) in income taxes payables, net				4,004					(849	)				(8,490	)
				Increase (decrease) in other current liabilities				(1,808	)				1,962					19,620
				Increase (decrease) in retirement and severance benefits, net				(74	)				(2,221	)				(22,210	)
				Other-net				921					2,591					25,910
	Net cash provided by operating activities							145,483					119,413					1,194,130
	Cash flows from investing activities:
				Capital expenditures				(70,440	)				(84,312	)				(843,120	)
				Proceeds from sale and maturity of
				short-term investments				20,046					18,508					185,080
				Payment for purchase of short-term investments				(31,089	)				(8,540	)				(85,400	)
				Proceeds from sale of investments in securities				23					178					1,780
				Proceeds from maturity of investments in securities				—					999					9,990
				Acquisitions of businesses and assets				—					(37,155	)				(371,550	)
				Payment for purchase of investments in securities				(3,638	)				(17,834	)				(178,340	)
				Transfer of businesses				—					2,364					23,640
				Proceeds from sale of a subsidiary				—					900					9,000
				Acquisition of subsidiaries, net of cash acquired				—					(18,182	)				(181,820	)
				Acquisition of affiliates				—					(2,206	)				(22,060	)
				Proceeds from sales of tangible and intangible assets				3,678					3,000					30,000
				Acquisition of minority interests				(6	)				(15,855	)				(158,550	)
				Other-net				(62	)				388					3,880
	Net cash used in investing activities							(81,488	)				(157,747	)				(1,577,470	)
	Cash flows from financing activities:
				Repayment of long-term debt				(2,143	)				(9,242	)				(92,420	)
				Increase (decrease) in short-term debt, net				(1,456	)				3,574					35,740
				Proceeds from exercise of stock options				1,159					882					8,820
				Cash paid to acquire treasury stock				(32	)				(39,250	)				(392,500	)
				Dividends paid				(13,230	)				(15,683	)				(156,830	)
				Other-net				(160	)				(367	)				(3,670	)
	Net cash used in financing activities							(15,862	)				(60,086	)				(600,860	)
	Effect of exchange rate changes on cash and cash equivalents							2,019					(24,644	)				(246,440	)
	Net increase (decrease) in cash and cash equivalents							50,152					(123,064	)				(1,230,640	)
	Cash and cash equivalents at beginning of period							239,017					289,169					2,891,690
	Cash and cash equivalents at end of period							289,169					166,105					1,661,050

Note:
U.S.$1=Yen 100, for convenience only.

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