TIDMTKK
RNS Number : 3445J
Toray Industries Inc
06 August 2012
August 6, 2012
Toray Announces Consolidated Results
for the First Quarter Ended June 30, 2012
Tokyo, Aug 6, 2012 - Toray Industries, Inc. (the "Company")
today announced its consolidated business results for the three
months ended June 30, 2012, the first quarter of the year ending
March 31, 2013. The following summary of the business results that
the Company submitted to the Tokyo Stock Exchange is unaudited and
for reference only. (Code Number: 3402)
Consolidated Business Results
(Millions of yen, millions of U.S. dollars, except per share
data)
First quarter ended June 30, (Reference)
Fiscal 2011
2012 2011 Change 2012
----------- ----------- ------- -------------
Yen % U.S. dollars Yen
------------------------ ------- ------------- -------------
Net sales Yen364,092 Yen374,833 (2.9) $4,591 Yen1,588,604
----------- ----------- ------- ------------- -------------
Operating income 17,267 27,263 (36.7) 218 107,721
----------- ----------- ------- ------------- -------------
Ordinary income 19,105 29,079 (34.3) 241 109,849
----------- ----------- ------- ------------- -------------
Net income 10,082 17,768 (43.3) 127 64,218
----------- ----------- ------- ------------- -------------
Net income per share
- Basic 6.19 10.90 - - 39.41
----------- ----------- ------- ------------- -------------
Net income per share
- Diluted 6.01 10.32 - - 37.46
----------- ----------- ------- ------------- -------------
Consolidated Financial Condition
(Millions of yen, millions of U.S. dollars, except per share
data)
First quarter ended June 30, (Reference)
Fiscal 2011
2012 2011 2012
------------- ------------- -------------
Yen U.S. dollars Yen
---------------------------- ------------- -------------
Total assets Yen1,616,119 Yen1,589,909 $20,380 1,581,501
------------- ------------- ------------- -------------
Property, plant and equipment,
net 581,145 536,182 7,328 561,923
------------- ------------- ------------- -------------
Net assets 688,009 661,123 8,676 674,149
------------- ------------- ------------- -------------
Equity ratio 39.5% 38.4% - 39.7%
------------- ------------- ------------- -------------
Notes:
1. For calculation of "Equity ratio," minority interests and
stock acquisition rights are deducted from net assets.
2. U.S. dollar amounts have been converted from yen at the
exchange rate of Yen79.3 = U.S.$1, the approximate rate of exchange
prevailing on June 30, 2012.
3. Amounts are rounded to the nearest million.
Forecast of Consolidated Results for the Six Months Ending
September 30, 2012
(Millions of yen, millions of U.S. dollars)
Six months ending September
30, 2012
Yen U.S. dollars
------------- ---------------
Net sales Yen790,000 $10,000
------------- ---------------
Operating income 40,000 506
------------- ---------------
Ordinary income 39,000 494
------------- ---------------
Net income 21,000 266
------------- ---------------
Reference: EPS forecast (six months ending September 30, 2012)
Yen12.89
Forecast of Consolidated Results for the Year Ending March 31,
2013
(Millions of yen, millions of U.S. dollars)
Year ending March 31, 2013
Yen U.S. dollars
-------------- -------------
Net sales Yen1,730,000 $21,899
-------------- -------------
Operating income 115,000 1,456
-------------- -------------
Ordinary income 114,000 1,443
-------------- -------------
Net income 66,000 835
-------------- -------------
Reference: EPS forecast (year ending March 31, 2013)
Yen40.51
Notes:
1. U.S. dollar amounts have been converted from yen at the
exchange rate of Yen79 = U.S.$1, the estimated rate of exchange
from July onwards.
2. Amounts are rounded to the nearest million.
Segment Information
(Millions of yen, millions of U.S. dollars)
Net Sales First quarter ended June 30,
2012 2011 2012
----------- ----------- -------------
Yen U.S. dollars
------------------------ -------------
Fibers and Textiles Yen135,767 Yen142,258 $1,712
----------- ----------- -------------
Plastics and Chemicals 97,232 102,983 1,226
----------- ----------- -------------
IT-related Products 58,031 64,265 732
----------- ----------- -------------
Carbon Fiber Composite Materials 18,358 18,973 232
----------- ----------- -------------
Environment and Engineering 38,455 30,137 485
----------- ----------- -------------
Life Science 13,143 13,125 166
----------- ----------- -------------
Others 3,106 3,092 39
----------- ----------- -------------
Consolidated Total 364,092 374,833 4,591
----------- ----------- -------------
(Millions of yen, millions of U.S. dollars)
Segment Income (Loss) First quarter ended June 30,
2012 2011 2012
--------- ---------- -------------
Yen U.S. dollars
--------------------- -------------
Fibers and Textiles Yen8,744 Yen10,151 $110
--------- ---------- -------------
Plastics and Chemicals 5,489 8,646 69
--------- ---------- -------------
IT-related Products 4,163 9,473 52
--------- ---------- -------------
Carbon Fiber Composite Materials 2,202 2,717 28
--------- ---------- -------------
Environment and Engineering (110) (1,362) (1)
--------- ---------- -------------
Life Science 1,588 1,934 20
--------- ---------- -------------
Others 222 112 3
--------- ---------- -------------
Total 22,298 31,671 281
--------- ---------- -------------
Adjustment (5,031) (4,408) (63)
--------- ---------- -------------
Consolidated Total
(Operating Income) 17,267 27,263 218
--------- ---------- -------------
Notes:
1. "Others" represents service-related businesses such as analysis, survey and research.
2. "Adjustment" of segment income (loss) for the 1st quarter
ended June 30, 2012 of (5,031) million yen includes intersegment
eliminations of 5 million yen and corporate expenses of (5,036)
million yen. "Adjustment" of segment income (loss) for the 1st
quarter ended June 30, 2011 of (4,408) million yen includes
intersegment eliminations of 308 million yen and corporate expenses
of (4,716) 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 Yen79.3 = U.S.$1, the approximate rate of exchange
prevailing on June 30, 2012.
4. Amounts are rounded to the nearest million.
Consolidated Business Results and Financial Condition
1. Overview of the First Quarter Ended June 30, 2012
In the period under review, while the U.S. economy continued to
recover, albeit at a slow pace, the European sovereign debt
problems affected the region's real economy. At the same time,
growth in exports and investment slowed in emerging countries. On
the other hand, the Japanese economy continued to recover at a
gradual pace on the back of demand related to reconstruction from
the Great East Japan Earthquake and the effect of stimulus measures
for automobile consumption. Demand for apparels, flat-screen TV
sets and IT-related products, which was relatively strong both in
Japan and overseas in the first half of 2011, has been affected by
the worldwide economic slowdown since last fall. While currently in
a recovery phase, the demand has not recovered to the level of the
same period a year earlier.
Under such circumstances, Toray Group has been implementing the
growth strategy with focus on pursuing business expansion in growth
business fields and growth regions and further bolstering its total
cost competitiveness in accordance with the medium-term management
program "Project AP-G 2013" launched in April 2011.
As a result, consolidated net sales for the three months ended
June 30, 2012 declined 2.9% compared with the same period of the
previous fiscal year to Yen364.1 billion (US$4,591 million).
Operating income fell 36.7% to Yen17.3 billion (US$218 million) and
ordinary income decreased 34.3% to Yen19.1 billion (US$241
million). Net income declined 43.3% to Yen10.1 billion (US$127
million).
Business performance by segment is described below.
Business Performance by Segment:
Fibers and Textiles
In Japan, sales of industrial-use materials in general grew
strongly fueled by factors including rising sales for automotive
applications reflecting production expansion by automobile
manufacturers. Demand for apparel applications, however, remained
weak due to the unseasonal weather in early spring as well as other
factors. Overseas, in addition to sluggish demand in Asia given the
impact of the economic slowdown in the U.S. and Europe, both
production and sales continued to be affected by the floods in
Thailand following the fourth quarter of the previous fiscal
year.
As a result, overall sales of Fibers and Textiles fell 4.6% to
Yen135.8 billion (US$1,712 million) from the previous year and
operating income declined 13.9% to Yen8.7 billion (US$110
million).
Plastics and Chemicals
In the Plastics and Chemicals segment, sales volume of
engineering plastics for automotive applications in the resin
business increased on production expansion primarily by automobile
manufacturers in Japan. Overseas, the inventory adjustment of
general purpose ABS resins in supply chains having continued from
the previous year bottomed out in China, the biggest market for
such resins. The shipment of the material, however, remained slow
reflecting the uncertainties over the economic outlook. The
Japanese and overseas demand for film business's products remained
sluggish due to the worldwide economic slowdown, while price
competition continued to intensify.
On the whole, sales of Plastics and Chemicals declined 5.6%
year-on-year to Yen97.2 billion (US$1,226 million) and operating
income fell 36.5% to Yen5.5 billion (US$69 million).
IT-related Products
In the IT-related Products segment, while production adjustment
for LCD panel caused by the slowdown in the flat-screen TV market
ended and the production registered a gradual recovery, the
flat-screen TV-related products including films and processed film
products did not reach the levels marked in the same period a year
earlier. Price competition intensified also reflecting declines in
prices of end products. Sales of materials for small and mid-sized
displays remained sluggish except for some products including those
for smartphones.
As a result, overall sales of the segment declined 9.7% to
Yen58.0 billion (US$732 million) compared with the same period a
year earlier, and operating income fell 56.1% to Yen4.2 billion
(US$52million).
Carbon Fiber Composite Materials
In the Carbon Fiber Composite Materials segment, Toray Group
actively pursued sales growth in aerospace and general industrial
applications, as demand for aircraft applications grew and that
environmental and energy fields including compressed natural gas
tanks expanded. Demand for sports applications declined, hurt by
the impact of the economic slowdown in Japan and overseas since the
second half of the previous fiscal year. There are some signs of
recovery in demand for sports applications, though price
competition has been intensifying at the same time.
On the whole, overall sales of the Carbon Fiber Composite
Materials declined 3.2% to Yen18.4 billion (US$232 million) and
operating income fell 19.0% to Yen2.2 billion (US$28 million).
Environment and Engineering
In the Environment and Engineering segment, while demand for the
water treatment membrane was sluggish in its main markets such as
Europe, U.S., Middle East and China, the Company has been pursuing
activities to win orders for various water treatment membranes
including reverse osmosis membrane around the world. Among domestic
subsidiaries, sales at the construction and real estate companies
and engineering subsidiaries were stronger than the same period a
year ago.
As a result, overall sales of the segment increased 27.6% on
year to Yen38.5 billion (US$485 million) and operating loss
narrowed to Yen0.1 billion (US$1 million), a Yen1.3 billion
improvement.
Life Science
In the Life Science segment, sales of medical products including
TORAYLIGHT(TM) NV, a new polysulfone membrane artificial kidney
introduced in 2011, increased strongly, while those of
pharmaceutical products were affected by fall in selling price
resulting from the NHI drug price revision in April this year.
On the whole, sales of the Life Science segment increased 0.1%
on year to Yen13.1 billion (US$166 million) while operating income
declined 17.9% to 1.6 billion (US$20 million).
New Businesses and New Investments
In June, the Company signed an offtake agreement for purchasing
a certain amount of renewable bio-paraxylene (bioPX) produced at
U.S. based Gevo, Inc.'s planned pilot plant. The agreement will
enable the Company to carry out pilot-scale production of fully
renewable, bio-based polyethylene terephthalate (fully bioPET), of
its fibers and films for the first time in the world, and it plans
to start offering samples for market evaluation to its business
partners, who are the end-users, in 2013. Due to exhaustion of oil
resources and increase of oil price, producing PET from fully
renewable feedstock has become a crucial challenge on a medium- to
long-term basis. The Company will vigorously work to find a
solution to this issue.
2. Analysis of Financial Condition
As of June 30, 2012, Toray Group's total assets stood at
Yen1,616.1 billion (US$20,380 million), up Yen34.6 billion from the
end of the previous fiscal year. Current assets rose by Yen22.9
billion compared to the end of the previous fiscal year, due
primarily to increases in cash and time deposits and inventory,
while notes and accounts receivable - trade decreased. Fixed assets
rose by Yen11.7 billion reflecting primarily the increase in
property, plant and equipment, while investment securities
declined.
Liabilities increased by Yen20.8 billion to Yen928.1 billion
(US$11,704 million) compared to the end of the previous fiscal
year, owing mainly to an increase in interest-bearing debts.
Net assets increased 13.9 billion compared to the end of the
previous fiscal year to Yen688.0 billion (US$8,676 million),
reflecting an increase in retained earnings as Toray Group recorded
net income and the fluctuation in foreign currency translation
adjustments. Net assets less minority interests and stock
acquisition rights came to Yen638.6 billion (US$8,053 million).
3. Forecast of Consolidated Results
While the global economy on the whole is expected to gradually
head towards recovery led by growth in the U.S. and emerging
countries, uncertainties over European sovereign debt problems and
the Chinese economy are likely to remain as factors for concern.
Despite the end of eco-car subsidies, the Japanese economy is
expected to track a moderate recovery path as the post-quake
reconstruction demand gathers momentum along with improvements in
overseas economies. Nevertheless, the outlook remains unclear.
Under such circumstances, Toray Group will continue to focus on
measures under the medium-term management program "Project AP-G
2013". Under the program, Toray Group has been driving forward the
growth strategy and strengthening its revenue base by pursuing the
three group-wide projects of "Green Innovation Business Expansion
(GR) Project" to contribute to solutions for global environmental
issues as well as energy and resource issues, "Asia and Emerging
Country Business Expansion (AE) Project" to expand its businesses
in rapidly growing Asia and emerging countries elsewhere to
leverage growth opportunities in these region and countries, and
"Total Cost Reduction (TC-II) Project" to further reinforce the
robust business footing.
The Company kept its first-half and full-year consolidated
forecasts announced on May 8 unchanged. The calculation of Toray
Group's earnings forecasts from July onwards is based on an assumed
foreign currency exchange rate of Yen79 to the U.S. dollar
Notes:
1) U.S. dollar amounts have been converted from yen at the
exchange rate of Yen79.3 = U.S.$1, the approximate rate of exchange
prevailing on June 30, 2012.
2) U.S. dollar amounts of forecasts have been converted from yen
at the exchange rate of Yen79 = U.S.$1, the estimated rate of
exchange from July onwards.
Disclaimer
The above stated forecasts are formulated based on estimates of
future economic environment as of the announcement date of this
material and the actual results could differ from the forecasts due
to various factors in the future. 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 Department
Tel: +81-3-3245-5113 Tel: +81-3-3245-5178
Fax: +81-3-3245-5459 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
QRFZQLBBLVFBBBZ
Toray Inds. (LSE:TKK)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Toray Inds. (LSE:TKK)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024
