TIDMTKK
RNS Number : 5114Q
Toray Industries Inc
07 November 2012
November 7, 2012
Toray Announces Consolidated Results
for the Six Months Ended September 30, 2012
Tokyo, November 7, 2012 - Toray Industries, Inc. (the "Company")
today announced its consolidated business results for the six
months ended September 30, 2012. 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 Financial Highlights
(Millions of yen, millions of U.S. dollars, except per share
data)
Six months ended September 30, (Reference)
Fiscal
2011
2012 2011 Change 2012
----------- ----------- ------- -------------
Yen % U.S. Dollars Yen
------------------------ ------- ------------- -------------
Net sales Yen753,729 Yen799,785 (5.8) $9,713 Yen1,588,604
----------- ----------- ------- ------------- -------------
Operating income 36,692 63,414 (42.1) 473 107,721
----------- ----------- ------- ------------- -------------
Ordinary income 38,040 65,506 (41.9) 490 109,849
----------- ----------- ------- ------------- -------------
Net income 20,006 40,091 (50.1) 258 64,218
----------- ----------- ------- ------------- -------------
Depreciation Yen31,130 Yen32,735 (4.9) $401 Yen66,681
----------- ----------- ------- ------------- -------------
Capital investment 43,730 28,190 55.1 564 94,307
----------- ----------- ------- ------------- -------------
Total assets 1,602,807 1,601,510 0.1 20,655 1,581,501
----------- ----------- ------- ------------- -------------
Property, plant and equipment,
net 574,728 531,496 8.1 7,406 561,923
----------- ----------- ------- ------------- -------------
Net assets 682,389 667,763 2.2 8,794 674,149
----------- ----------- ------- ------------- -------------
Per Share of common stock (yen)
-------------------------------------------------------------------------------------------------
Net income - Basic Yen12.28 Yen24.61 (50.1) - Yen39.41
----------- ----------- ------- ------------- -------------
Net income - Diluted 11.93 23.29 (48.8) - 37.46
----------- ----------- ------- ------------- -------------
Cash dividends 5.00 5.00 100.0 - 10.00
----------- ----------- ------- ------------- -------------
Ratios (%)
-------------------------------------------------------------------------------------------------
Operating income to net
sales 4.9% 7.9% - - 6.8%
----------- ----------- ------- ------------- -------------
Net income to net sales 2.7% 5.0% - - 4.0%
----------- ----------- ------- ------------- -------------
Equity ratio 39.5% 38.5% - - 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 Yen77.6 = U.S.$1, the approximate rate of exchange
prevailing on September 30, 2012.
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,
2012 2011 2012
----------- ------------ -------------
Yen U.S. dollars
------------------------- -------------
Fibers & Textiles Yen288,852 Yen307,500 $3,722
----------- ------------ -------------
Plastics & Chemicals 194,965 206,459 2,512
----------- ------------ -------------
IT-related Products 121,120 130,045 1,561
----------- ------------ -------------
Carbon Fiber Composite
Materials 36,544 36,322 471
----------- ------------ -------------
Environment & Engineering 78,147 85,278 1,007
----------- ------------ -------------
Life Science 27,018 27,516 348
----------- ------------ -------------
Others 7,083 6,665 91
----------- ------------ -------------
Consolidated Total 753,729 799,785 9,713
----------- ------------ -------------
Segment Income (Loss) Six months ended September 30,
2012 2011 2012
---------- ---------- -------------
Yen U.S. dollars
---------------------- -------------
Fibers & Textiles Yen18,537 Yen22,741 $239
---------- ---------- -------------
Plastics & Chemicals 10,521 16,422 136
---------- ---------- -------------
IT-related Products 9,645 19,731 124
---------- ---------- -------------
Carbon Fiber Composite
Materials 4,188 5,032 54
---------- ---------- -------------
Environment & Engineering (38) 4,191 (0)
---------- ---------- -------------
Life Science 3,005 4,245 39
---------- ---------- -------------
Others 650 471 8
---------- ---------- -------------
Total 46,508 72,833 599
---------- ---------- -------------
Adjustment (9,816) (9,419) (126)
---------- ---------- -------------
Consolidated Total
(Operating income) 36,692 63,414 473
---------- ---------- -------------
Notes:
1. "Others" represents service-related businesses such as analysis, survey and research.
2. "Adjustment" of segment income (loss) for the six months
ended September 30, 2012 of (9,816) million yen includes
intersegment eliminations of 168 million yen and corporate expenses
of (9,984) million yen. "Adjustment" of segment income (loss) 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. 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 Yen77.6 = U.S.$1, the approximate rate of exchange
prevailing on September 30, 2012.
4. Amounts are rounded to the nearest million.
Forecast of Consolidated Results for the fiscal year ending
March 31, 2013
(Millions of yen, millions of U.S. dollars)
Year ending March 31,
2013
Yen U.S. dollars
------------- -------------
Net sales Yen1,625,000 $20,570
------------- -------------
Operating income 90,000 1,139
------------- -------------
Ordinary income 91,000 1,152
------------- -------------
Net income 50,000 633
------------- -------------
Reference: EPS forecast (year ending March 31, 2013)
Yen30.69
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 October onwards.
2. Amounts are rounded to the nearest million.
Consolidated Business Results and Financial Condition
1. Overview of First Half (April 2012 - September 2012)
During the six months under review, the global economy on the
whole remained under harsh conditions, as European real economy
continued to struggle from the region's sovereign debt problems
while the Chinese economy deteriorated rapidly and the U.S.
economic recovery slowed. The Japanese economy recovered at a
gradual pace on the back of reconstruction demand related to the
Great East Japan Earthquake and the effect of stimulus measures for
automobile consumption. The recovery, however, leveled off since
summer reflecting the global economic slowdown and the prolonged
appreciation of the yen against major currencies.
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."
As a result, consolidated net sales for the first half through
September 30, 2012 declined 5.8% compared with the same period of
the previous fiscal year to Yen753.7 billion (US$9,713 million).
Operating income came to Yen36.7 billion (US$473 million), down
42.1%, and ordinary income fell 41.9% to Yen38.0 billion (US$490
million). Net income declined by 50.1% to Yen20.0 billion (US$258
million).
Business performance by segment is described below.
Business Performance by Segment:
Fibers & Textiles
In Japan, sales of industrial-use materials 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 the slowing economy.
Overseas, in addition to sluggish demand in Asia given the impact
of the slowdown in the U.S. and European economies and deceleration
of China's domestic demand, both production and sales were still
affected by the floods in Thailand following the previous fiscal
year.
As a result, total sales of Fibers & Textiles declined 6.1%
to Yen288.9 billion (US$3,722 million) from the previous year and
operating income fell 18.5% to Yen18.5 billion (US$239
million).
Plastics & Chemicals
In the Plastics & 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, while freight movement of general
purpose ABS resins remained sluggish reflecting the stagnating
Chinese market, sales of resin compounds, etc. for automobile
application in the U.S. expanded. Demand for film products remained
sluggish in Japan and overseas due to the worldwide economic
slowdown, while price competition continued to intensify.
As a result, total sales of Plastics & Chemicals declined
5.6% year-on-year to Yen195.0 billion (US$2,512 million) and
operating income fell 35.9% to Yen10.5 billion (US$136
million).
IT-related Products
In the IT-related Products segment, despite production
adjustment for LCD panel caused by the slowdown in the flat-screen
TV market being almost over and production showing signs of
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 and price competition intensified. Sales of
materials for small and mid-sized displays remained sluggish in
general except for some products including those for
smartphones.
As a result, sales of the segment decreased 6.9% to Yen121.1
billion (US$1,561million) compared with the same period a year
earlier, and operating income fell 51.1% to Yen9.6 billion (US$124
million).
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 for
environmental and energy fields including compressed natural gas
tanks expanded. The recovery of the market for sports applications
stalled reflecting the economic slowdown in Japan and abroad, and
price competition has been intensifying.
On the whole, the Carbon Fiber Composite Materials registered a
year-on-year sales increase of 0.6% to Yen36.5 billion (US$471
million) while operating income declined 16.8% to Yen4.2 billion
(US$54 million).
Environment & Engineering
In the Environment & Engineering segment, while demand for
water treatment membranes 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, compared with the same period a year earlier, the
number of completed projects at the construction and real estate
company declined, although the water treatment engineering
subsidiary performed strongly.
The total sales of Environment & Engineering fell 8.4% to
Yen78.1 billion (US$1,007 million). The segment posted an operating
loss of Yen0.0 billion yen (US$0 million), down Yen4.2 billion.
Life Science
In the Life Science segment, sales of medical products including
TORAYLIGHT(TM) NV, a polysulfone membrane artificial kidney, and
TORAYMYXIN(TM) , a hemoperfusion absorption column for removing
endotoxin, increased strongly. Sales of pharmaceutical products,
however, were affected by intensified competition as well as the
lowering of the selling price under the National Health Insurance
(NHI) price revision in April this year.
As a result, overall sales of Life Science fell 1.8% to Yen27.0
billion (US$348 million) from the same period a year earlier and
operating income declined 29.2% to Yen3.0 billion (US$39
million).
New Businesses and New Investments
The Company decided to newly construct a waterless plate
manufacturing plant at Toray Textiles Central Europe s.r.o., its
subsidiary in Czech Republic. It decided to build the new plant, as
the increased demand for newspaper printing application in Europe
called for a new production base in addition to the Okazaki Plant
in Japan. The plant is expected to start production in January
2014. Waterless printing does not require dampening agents
containing substances whose use is subject to environmental
restrictions. The process also does not use strong alkaline
solution in development, making waterless printing environmentally
friendly. It has less production loss at the start of printing and
reduces printing cost. Waterless plates are one of the products
that represent the Company's "Green Innovation Business Expansion
(GR) Project."
2. Analysis of Financial Condition
As of September 30, 2012, Toray Group's total assets stood at
Yen1,602.8 billion (US$20,655 million), up Yen21.3 billion compared
with the end of the previous fiscal year, due primarily to higher
inventory and property, plant and equipment.
Total liabilities rose Yen13.1 billion to Yen920.4 billion
(US$11,861 million) compared to the end of the previous fiscal
year, owing mainly to an increase in interest-bearing debts.
Net assets increased Yen8.2 billion compared with the end of the
previous fiscal year to Yen682.4 billion (US$8,794 million),
reflecting an increase in retained earnings as Toray Group recorded
net income. Net assets less minority interests and stock
acquisition rights stood at Yen633.5 billion (US$8,163
million).
3. Forecast of Consolidated Results
The outlook for the global economy remains harsh due to
persisting concerns of a continued slowdown in the European economy
and further slowing of the economy in China and other emerging
countries. In addition, the U.S. may face economic contraction
depending on its response to the fiscal tightening from the
beginning of 2013. While post-quake reconstruction demand can be
expected, Japan may need time to put its economy back on the
recovery path due to the impact of the end of eco-car subsidies,
the prolonged economic slowdown overseas and continued stronger
yen.
Under such circumstances, Toray Group will continue to focus on
implementation of measures under the medium-term management program
"Project AP-G 2013" to promote growth strategy and strengthen its
revenue base.
The Company revised its full-year earnings forecasts for the
current fiscal year given the increasingly difficult economic
situations both in Japan and abroad as well as the business results
for the first half of the fiscal year. It now expects consolidated
sales of Yen1,625.0 billion (US$20,570 million), operating income
of Yen90.0 billion (US$1,139 million), ordinary income of Yen91.0
billion (US$1,152 million) and net income of Yen50.0 billion
(US$633 million). The Company estimates an exchange rate of Yen79
to US$1 for the period from October onwards.
Notes:
1. U.S. dollar amounts have been converted from yen at the
exchange rate of Yen77.6 = U.S.$1, the approximate rate of exchange
prevailing on September 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 October onwards.
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 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
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