TIDMTKK
RNS Number : 3287R
Toray Industries Inc
02 November 2011
November 2, 2011
Toray Announces Consolidated Results
for the Six Months Ended September 30, 2011
Tokyo, November 2, 2011 - Toray Industries, Inc. (the "Company")
today announced its consolidated business results for the six
months ended September 30, 2011. The following summary of the
business results that Toray submitted to the Tokyo Stock Exchange
is unaudited and for reference only. (Code Number: 3402)
Consolidated Financial Highlights
(Millions of yen, millions of U.S. dollars, except per share
data)
Six months ended September (Reference)
30, Fiscal
2010
---------------------- -------------------------------------------- -------------
2011 2010 Change 2011
---------------------- ----------- ----------- ------- --------- -------------
Yen % U.S. Yen
Dollars
---------------------- ------------------------ ------- --------- -------------
Net sales Yen799,785 Yen733,377 9.1 $10,427 Yen1,539,693
---------------------- ----------- ----------- ------- --------- -------------
Operating income 63,414 42,520 49.1 827 100,087
---------------------- ----------- ----------- ------- --------- -------------
Ordinary income 65,506 40,464 61.9 854 98,888
---------------------- ----------- ----------- ------- --------- -------------
Net income 40,091 24,919 60.9 523 57,925
---------------------- ----------- ----------- ------- --------- -------------
Depreciation Yen32,735 Yen34,354 (4.7) $427 Yen69,539
---------------------- ----------- ----------- ------- --------- -------------
Capital investment 28,190 20,196 39.6 368 55,394
---------------------- ----------- ----------- ------- --------- -------------
Total assets 1,601,510 1,552,861 3.1 20,880 1,567,470
---------------------- ----------- ----------- ------- --------- -------------
Property, plant
and equipment, net 531,496 543,091 (2.1) 6,930 531,595
---------------------- ----------- ----------- ------- --------- -------------
Net assets 667,763 615,249 8.5 8,706 640,970
---------------------- ----------- ----------- ------- --------- -------------
Per Share of common stock (yen)
-----------------------------------------------------------------------------------
Net Income - Basic Yen24.61 Yen16.05 - - Yen36.41
---------------------- ----------- ----------- ------- --------- -------------
Net income - Diluted 23.29 15.16 - - 34.43
---------------------- ----------- ----------- ------- --------- -------------
Cash dividends 5.00 2.50 100.0 - 7.5
---------------------- ----------- ----------- ------- --------- -------------
Ratios (%)
-----------------------------------------------------------------------------------
Operating income
to net sales 7.9% 5.8% - - 6.5%
---------------------- ----------- ----------- ------- --------- -------------
Net income to net
sales 5.0% 3.4% - - 3.8%
---------------------- ----------- ----------- ------- --------- -------------
Equity ratio 38.5% 36.6% - - 37.8%
---------------------- ----------- ----------- ------- --------- -------------
Notes:
1. For calculation of "equity ratio," minority interests and
subscription rights to shares are deducted from net assets.
2. U.S. dollar amounts have been converted from yen at the
exchange rate of Yen76.7 = U.S.$1, the approximate rate of exchange
prevailing on September 30, 2011.
3. Amounts are rounded to the nearest million.
Segment Information
(Millions of yen, millions of U.S. dollars)
Net Sales Six months ended September
30,
----------------------------- ---------------------------------------
2011 2010 2011
----------------------------- ----------- ----------- -------------
Yen U.S. dollars
----------------------------- ------------------------ -------------
Fibers and Textiles Yen307,500 Yen273,065 $4,009
----------------------------- ----------- ----------- -------------
Plastics and Chemicals 206,459 186,539 2,692
----------------------------- ----------- ----------- -------------
IT-related Products 130,045 136,162 1,696
----------------------------- ----------- ----------- -------------
Carbon Fiber Composite
Materials 36,322 31,871 474
----------------------------- ----------- ----------- -------------
Environment and Engineering 85,278 73,461 1,112
----------------------------- ----------- ----------- -------------
Life Science 27,516 25,517 359
----------------------------- ----------- ----------- -------------
Others 6,665 6,762 87
----------------------------- ----------- ----------- -------------
Consolidated Total 799,785 733,377 10,427
----------------------------- ----------- ----------- -------------
Segment Income (Loss) Six months ended September
30,
----------------------------- -------------------------------------
2011 2010 2011
----------------------------- ---------- ---------- -------------
Yen U.S. dollars
----------------------------- ---------------------- -------------
Fibers and Textiles Yen22,741 Yen13,550 $296
----------------------------- ---------- ---------- -------------
Plastics and Chemicals 16,422 12,080 214
----------------------------- ---------- ---------- -------------
IT-related Products 19,731 21,286 257
----------------------------- ---------- ---------- -------------
Carbon Fiber Composite
Materials 5,032 1,240 66
----------------------------- ---------- ---------- -------------
Environment and Engineering 4,191 (1,541) 55
----------------------------- ---------- ---------- -------------
Life Science 4,245 3,334 55
----------------------------- ---------- ---------- -------------
Others 471 409 6
----------------------------- ---------- ---------- -------------
Total 72,833 50,358 950
----------------------------- ---------- ---------- -------------
Adjustment (9,419) (7,838) (123)
----------------------------- ---------- ---------- -------------
Consolidated Total
(Operating income) 63,414 42,520 827
----------------------------- ---------- ---------- -------------
Notes:
1. "Others" represents service-related businesses such as analysis, survey and research.
2. "Adjustment" of segment income for the six months ended
September 30, 2011 of (9,419) million yen includes intersegment
eliminations of (145) million yen and corporate expenses of (9,274)
million yen. "Adjustment" of segment income (loss) for the six
months ended September 30, 2010 of (7,838) million yen includes
intersegment eliminations of 708 million yen and corporate expenses
of (8,546) million yen. The corporate expenses consist of the
headquarters' research expenses, etc. that are not allocated to
each reportable segment.
3. U.S. dollar amounts have been converted from yen at the
exchange rate of Yen76.7 = U.S.$1, the approximate rate of exchange
prevailing on September 30, 2011.
4. Amounts are rounded to the nearest million.
Forecast of Consolidated Results for the fiscal year ending
March 31, 2012
(Millions of yen, millions of U.S. dollars)
Year ending March
31, 2012
----------------- ----------------------------
Yen U.S. dollars
----------------- ------------- -------------
Net sales Yen1,670,000 $21,688
----------------- ------------- -------------
Operating
income 120,000 1,558
----------------- ------------- -------------
Ordinary income 120,000 1,558
----------------- ------------- -------------
Net income 74,000 961
----------------- ------------- -------------
Reference: EPS forecast (year ending March 31, 2012)
Yen45.42
Notes:
1. U.S. dollar amounts have been converted from yen at the
exchange rate of Yen77 = U.S.$1, the estimated rate of exchange
from October onwards.
2. Amounts are rounded to the nearest million.
Consolidated Business Results and Financial Condition
1. Overview of First Half (April 2011 - September 2011)
During the six months under review, though the global economy on
the whole continued to expand steadily, growing uncertainties
stemming from the financial crisis in Europe and the sluggish U.S.
economy fueled concerns of economic slowdown even in emerging
economies led by China since summer. The Japanese economy also, in
spite of signs of recovery following the easing of supply
constraints caused by the Great East Japan Earthquake, is facing
increased uncertainties over the future due to the fluctuations in
the global economy as well as the accelerated appreciation of the
yen.
Under such circumstances, Toray Group in April 2011 launched the
new medium-term management program "Project AP-G 2013." Under the
project, the Group has been striving to strengthen its revenue base
by pursuing business expansion in growth business fields and growth
regions and by bolstering its total cost competitiveness.
As a result, consolidated net sales for the first half through
September 30, 2011 rose 9.1% compared with the same period of the
previous fiscal year to Yen799.8 billion (US$10,427 million).
Operating income came to Yen63.4 billion (US$827 million), up
49.1%, and ordinary income rose 61.9% to Yen65.5 billion (US$854
million). Net income grew by 60.9% to Yen40.1 billion (US$523
million).
Business performance by segment is described below.
Business Performance by Segment:
Fibers and Textiles
In Japan, sales increased strongly in apparel applications
including inner wear using functional materials and the garment
business targeting major SPAs also expanded. Sales of
industrial-use materials, especially automotive applications, also
recovered along with retrieval of automobile manufacturers'
operation. Overseas, the polyester filament and staple fiber
business in ASEAN countries, the clothing textile business in China
and ASEAN countries and the textile business for air bag
applications in Thailand and Czech Republic expanded sales and
shifted focus to high value-added products. This resulted in steady
performance in both apparel and industrial applications abroad.
As a result, total sales of Fibers and Textiles rose 12.6% to
Yen307.5 billion (US$4,009 million) from the previous year and
operating income jumped 67.8% to Yen22.7 billion (US$296
million).
Plastics and Chemicals
In the Plastics and Chemicals segment, sales volume of
automotive application and other products, mainly in the resin
business, recovered since July from the impact of the Great East
Japan Earthquake in Japan. In the film business, products in
industrial material applications and packaging materials performed
strongly during the period. Overseas, the polyester film business
and polypropylene film business expanded sales in the U.S., Europe
and Asia.
As a result, total sales of Plastics and Chemicals increased
10.7% year-on-year to Yen206.5 billion (US$2,692 million) and
operating income rose 35.9% to Yen16.4 billion (US$214
million).
IT-related Products
In the IT-related Products segment, while sales of materials for
small and mid-sized displays such as for smartphones performed
strongly, those of LCD and PDP TV-related products including films
and processed film products fell due to the impact of panel
production adjustments caused by the slowdown in the TV market.
As a result, sales of the segment decreased 4.5% to Yen130.0
billion (US$1,696 million) compared with the same period a year
earlier, and operating income fell 7.3% to Yen19.7 billion (US$257
million).
Carbon Fiber Composite Materials
In the Carbon Fiber Composite Materials segment, despite the
impact of the strong yen and rising raw material prices, Toray
Group has been actively pursuing sales expansion as demand for
aircraft applications recovered and that in environmental and
energy field including compressed natural gas tanks expanded. As a
result, sales volumes in these applications increased. The Group
also made steady efforts to push back prices primarily in the areas
of general products for sports and general industrial
applications.
On the whole, the Carbon Fiber Composite Materials registered a
year-on-year sales increase of 14.0% to Yen36.3 billion (US$474
million) while operating income rose 305.8% to Yen5.0 billion
(US$66 million).
Environment and Engineering
In the Environment and Engineering segment, sales of the water
treatment business declined due to a lack of large-scale projects
similar to those during the same period a year earlier.
Nevertheless, the Company actively pursued activities to win orders
for reverse osmosis membranes and other water treatment membranes
around the world. In Japan, large projects at a water treatment
engineering subsidiary made progress, while sales at construction
and real estate subsidiaries expanded.
The total sales of Environment and Engineering increased 16.1%
to Yen85.3 billion (US$1,112 million). The segment had operating
profit of 4.2 billion yen (US$55 million), an improvement of 5.7
billion yen compared with the same period a year earlier.
Life Science
In the Life Science segment, sales of pharmaceutical products
including REMITCH(R) , an oral antipruritus drug for hemodialysis
patients, as well as those of Toraymyxin*, a hemoperfusion
absorption column for removing endotoxin, increased.
Overall sales of Life Science rose 7.8% to Yen27.5 billion
(US$359 million) from the same period a year earlier and operating
income increased 27.3% to Yen4.2 million (US$55 million).
Note: REMITCH(R) is a registered trademark of Torii
Pharmaceutical Co., Ltd.
New Businesses and New Investments
In September this year, the Company held the Toray Advanced
Materials Exhibition 2011 and Toray Advanced Materials Symposium
2011 at the Tokyo International Forum. Under the theme of "Green
innovation with Toray Materials," the exhibition introduced
advanced materials and technologies that contribute to solving the
global environmental problems. The exhibition, which attracted
about 9,200 visitors, featured ample images and had on display
large exhibits including TEEWAVE* AR1, the next-generation concept
EV, which was introduced to the public for the first time, 40 meter
blade for wind power generation and an actual main wing of Boeing
787, both based on Toray materials, and demonstration equipment of
water treatment plant. The symposium set its theme as "Advanced
materials and technologies for sustainable growth in the 21(st)
century" and had academic leaders including Nobel laureates in
chemistry in its core technologies of organic synthetic chemistry,
polymer chemistry, biotechnology and nanotechnology to give
lectures. Some 4,300 audiences attended the symposium.
2. Analysis of Financial Condition
As of September 30, 2011, Toray Group's total assets stood at
Yen1,601.5 billion (US$20,880 million), up Yen34.0 billion compared
with the end of the previous fiscal year. Current assets increased
Yen49.2 billion from the end of the previous fiscal year primarily
due to higher levels of notes and accounts receivable - trade and
inventories. Fixed assets fell by Yen15.1 billion reflecting
decreases in investment securities.
Total liabilities rose Yen7.2 billion to Yen933.7 billion
(US$12,174 million) compared to the end of the previous fiscal
year, owing to an increase in interest-bearing debts.
Net assets increased Yen26.8 billion compared with the end of
the previous fiscal year to Yen667.8 billion (US$8,706 million).
This reflected increased retained earnings from net income. Net
assets less minority interests and subscription rights to shares
stood at Yen616.5 billion (US$8,037 million).
3. Forecast of Consolidated Results
The outlook for the global economy is increasingly uncertain, as
developed economies face a slowdown reflecting the financial crisis
and unstable financial systems in Europe and the U.S. and as there
is concern about deceleration of economic growth in emerging
economies because of declining demand from developed countries. The
Japanese economy is likely to track a moderate recovery path, as
supply restrictions resulting from the Great East Japan Earthquake
ease and production and exports recover, and recovery-related
demand becomes apparent. At the same time, it is necessary to pay
attention to the downside risks from the uncertainties in overseas
markets, the rising yen and low stock prices. Also, the large-scale
floods in Thailand is feared to give extensive impact on the
overall supply chains.
Under such circumstances, Toray Group has been implementing the
new medium-term management program "Project AP-G 2013" that pursues
business expansion in growth business fields and growth regions.
Under the project, Toray Group is driving forward the three
group-wide projects in an integrated and aggressive manner: "Green
Innovation Business Expansion (GR) Project" aimed at expanding
businesses contributing to solution of environmental and resource-
and energy-related issues, "Asia and Emerging Country Business
Expansion (AE) Project" for growing businesses in respective
regions to take advantage of remarkable economic growths in
emerging countries in Asia and elsewhere, and the "Total Cost
Reduction (TC-II) Project" to further enhance the corporate
competitiveness, ultimately to promote growth strategy and
strengthen its earnings base.
Given the increasingly uncertain economic situations both in
Japan and abroad as well as the business results for the first half
of the fiscal year, the Company decided to keep its full-year
earnings forecasts announced on August 1 unchanged. The Company
estimates an exchange rate of Yen77 to US$1 for the period from
October onwards.
4. Subsequent events
Some of the Company's consolidated subsidiaries were inundated
by the large-scale floods in Thailand which occurred in October
2011. The level of damage is yet to be fully assessed as of the
publication of this report, and it is difficult to give a rational
estimate of the timing of restoration and the overall impact on the
business performance. The Company plans to file an insurance claim
for the affected assets.
Notes:
1. U.S. dollar amounts have been converted from yen at the
exchange rate of Yen76.7 = U.S.$1, the approximate rate of exchange
prevailing on September 30, 2011.
2. U.S. dollar amounts of forecast for FY Mar/12 have been
converted from yen at the exchange rate of Yen77 = U.S.$1, the
estimated rate of exchange from October onwards.
3. Product names with (*) abbreviation are trademarks of Toray Industries, Inc.
Disclaimer
Descriptions of predicted business results, forecasts and
business plans contained in this material are based on predictive
forecasts of the future business environment made at the present
time. The material in this statement is not a guarantee of the
Company's future business performance.
For further information, please contact:
Mr. Kenjiro Kamiyama Mr. Yoshiaki Nakayama
General Manager General Manager
Investor Relations Department Corporate Communications
Tel: +81-3-3245-5113 Department
Fax: +81-3-3245-5459 Tel: +81-3-3245-5178
Fax: +81-3-3245-5459
Toray Industries, Inc.
http://www.toray.com/
This information is provided by RNS
The company news service from the London Stock Exchange
END
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