TIDMTKK
RNS Number : 3677X
Toray Industries Inc
07 February 2013
February 7, 2013
Toray Announces Consolidated Results
for the Nine Months Ended December 31, 2012
Tokyo, February 7, 2013 - Toray Industries, Inc. (the "Company")
today announced its consolidated business results for the nine
months ended December 31, 2012 of the fiscal 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)
Nine months ended December (Reference)
31, Fiscal
2011
------------------ ------------------------------------------------ -------------
2012 2011 Change 2012
------------------ ------------- ------------- ------- --------- -------------
Yen % U.S. Yen
dollars
------------------ ---------------------------- ------- --------- -------------
Net sales Yen1,173,395 Yen1,199,698 (2.2) $13,550 Yen1,588,604
------------------ ------------- ------------- ------- --------- -------------
Operating income 61,350 89,197 (31.2) 708 107,721
------------------ ------------- ------------- ------- --------- -------------
Ordinary income 63,825 91,572 (30.3) 737 109,849
------------------ ------------- ------------- ------- --------- -------------
Net income 37,286 53,974 (30.9) 431 64,218
------------------ ------------- ------------- ------- --------- -------------
Net income per
share
- Basic 22.88 33.13 - - 39.41
------------------ ------------- ------------- ------- --------- -------------
Net income per
share
- Diluted 22.23 31.35 - - 37.46
------------------ ------------- ------------- ------- --------- -------------
Consolidated Financial Condition
(Millions of yen, millions of U.S. dollars, except per share
data)
Nine months ended December (Reference)
31, Fiscal
2011
--------------------- --------------------------------------- ------------
2012 2011 2012
--------------------- ------------- ------------- --------- ------------
Yen U.S. Yen
dollars
--------------------- ---------------------------- --------- ------------
Total assets Yen1,627,349 Yen1,554,847 $18,792 1,581,501
--------------------- ------------- ------------- --------- ------------
Property, plant
and equipment, net 584,573 518,826 6,750 561,923
--------------------- ------------- ------------- --------- ------------
Net assets 707,558 648,208 8,170 674,149
--------------------- ------------- ------------- --------- ------------
Equity ratio 40.4% 38.7% - 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 Yen86.6 = U.S.$1, the approximate rate of exchange
prevailing on December 31, 2012.
3. Amounts are rounded to the nearest million.
Segment Information
(Millions of yen, millions of U.S. dollars)
Net Sales Nine months ended December
31,
--------------------------- ---------------------------------------
2012 2011 2012
--------------------------- ----------- ----------- -------------
Yen U.S. dollars
--------------------------- ------------------------ -------------
Fibers & Textiles Yen478,298 Yen492,674 $5,523
--------------------------- ----------- ----------- -------------
Plastics & Chemicals 291,352 300,082 3,364
--------------------------- ----------- ----------- -------------
IT-related Products 177,620 183,847 2,051
--------------------------- ----------- ----------- -------------
Carbon Fiber Composite
Materials 56,286 53,325 650
--------------------------- ----------- ----------- -------------
Environment & Engineering 118,748 118,049 1,371
--------------------------- ----------- ----------- -------------
Life Science 41,069 41,976 474
--------------------------- ----------- ----------- -------------
Others 10,022 9,745 116
--------------------------- ----------- ----------- -------------
Consolidated Total 1,173,395 1,199,698 13,550
--------------------------- ----------- ----------- -------------
(Millions of yen, millions of U.S. dollars)
Segment Income (Loss) Nine months ended December
31,
--------------------------- -------------------------------------
2012 2011 2012
--------------------------- ---------- ---------- -------------
Yen U.S. dollars
--------------------------- ---------------------- -------------
Fibers & Textiles Yen34,721 Yen38,230 $401
--------------------------- ---------- ---------- -------------
Plastics & Chemicals 14,704 22,293 170
--------------------------- ---------- ---------- -------------
IT-related Products 15,907 25,033 184
--------------------------- ---------- ---------- -------------
Carbon Fiber Composite
Materials 5,510 7,630 64
--------------------------- ---------- ---------- -------------
Environment & Engineering (345) 3,925 (4)
--------------------------- ---------- ---------- -------------
Life Science 5,094 5,240 59
--------------------------- ---------- ---------- -------------
Others 914 738 11
--------------------------- ---------- ---------- -------------
Total 76,505 103,089 883
--------------------------- ---------- ---------- -------------
Adjustment (15,155) (13,892) (175)
--------------------------- ---------- ---------- -------------
Consolidated Total
(Operating income) 61,350 89,197 708
--------------------------- ---------- ---------- -------------
Notes:
1. "Others" represents service-related businesses such as analysis, survey and research.
2. "Adjustment" of segment income (loss) for the nine months
ended December 31, 2012 of (15,155) million yen includes
intersegment eliminations of 162 million yen and corporate expenses
of (15,317) million yen. "Adjustment" of segment income (loss) for
the nine months ended December 31, 2011 of (13,892) million yen
includes intersegment eliminations of 76 million yen and corporate
expenses of (13,968) 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 Yen86.6 = U.S.$1, the approximate rate of exchange
prevailing on December 31, 2012.
4. Amounts are rounded to the nearest million.
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 Yen1,610,000 $18,295
------------------ ------------- -------------
Operating income 87,000 989
------------------ ------------- -------------
Ordinary income 88,000 1,000
------------------ ------------- -------------
Net income 50,000 568
------------------ ------------- -------------
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 Yen88 = U.S.$1, the estimated rate of exchange
from January onwards.
2. Amounts are rounded to the nearest million.
Consolidated Business Results and Financial Condition
1. Overview of the Nine Months Ended December 31, 2012
During the nine 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 slowed down 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 including
subsidies for and tax cut on purchase of eco-cars. The recovery,
however, leveled off since summer reflecting the global economic
slowdown, the prolonged appreciation of the yen against major
currencies and the end of subsidies for purchase of eco-cars.
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 nine-month period
declined 2.2% compared with the same period of the previous fiscal
year to Yen1,173.4 billion (US$13,550 million). Operating income
fell 31.2% to Yen61.4 billion (US$708 million) and ordinary income
declined 30.3% to Yen63.8 billion (US$737 million). Net income fell
30.9% to Yen37.3 billion (US$431 million).
Business performance by segment is described below.
Business Performance by Segment:
Fibers & Textiles
In Japan, while sales of industrial-use materials grew strongly
fueled by factors including rising sales for automotive
applications reflecting production expansion by automobile
manufacturers in the first half, the demand declined in the third
quarter as the offering of subsidies for purchase of eco-cars
ended. Demand for apparel applications remained weak due to the
unseasonal weather in early spring as well as the slowing economy,
except for functional apparel materials for fall and winter, sales
of which were strong. 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 in the first half were affected by the floods
in Thailand.
Overall sales of Fibers & Textiles fell 2.9% to Yen478.3
billion (US$5,523 million) from the same period a year earlier and
operating income declined 9.2% to Yen34.7 billion (US$401
million).
Plastics & Chemicals
In the Plastics & Chemicals segment, sales volume of
engineering plastics for automotive applications in the resin
business increased in the first half on production expansion
primarily by automobile manufacturers in Japan, though demand
declined in the third quarter due to the ending of subsidies for
purchase of eco-cars. 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.
On the whole, the total sales for Plastics & Chemicals
declined 2.9% year-on-year to Yen291.4 billion (US$3,364 million)
and operating income fell 34.0% to Yen14.7 billion (US$170
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, as recovery in demand in the first half was
slow, and price competition intensified. Among materials for small
and mid-sized displays, sales of smartphone-related products
increased, while those for other applications remained sluggish in
general.
Sales of IT-related Products declined 3.4% to Yen177.6 billion
(US$2,051 million) and operating income fell 36.5% to Yen15.9
billion (US$184 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.
Overall sales of the Carbon Fiber Composite Materials segment
increased 5.6% on year to Yen56.3 billion (US$650 million) while
operating income declined 27.8% to Yen5.5 billion (US$64
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, the water treatment engineering subsidiary and others
performed strongly.
The total sales of Environment & Engineering increased 0.6%
to Yen118.7 billion (US$1,371 million). The segment posted
operating loss of Yen0.3 billion (US$4 million), a decrease of
Yen4.3 billion from the same period a year earlier, when large
projects were completed by the real estate business.
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
endotoxins, 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 2012.
Overall sales of Life Science fell 2.2% to Yen41.1 billion
(US$474 million) from the same period a year earlier and operating
income declined 2.8% to Yen5.1 billion (US$59 million).
New Businesses and New Investments
The Company decided to establish a new resin compounding base at
P.T. Indonesia Toray Synthetics, its subsidiary in Indonesia. The
new nylon and PBT resin compounding facility will have an annual
capacity of 6,000 tons and is expected to start operations in
November 2013. Indonesia is the biggest economy in ASEAN region
continuing economic growth. The country is expected to see progress
in motorization and expansion in consumption of electrical and
electronic products including home electronics. Local production of
automobiles as well as electrical and electronic products has been
increasing. In a bid to expand the business, the Company aims to
promptly capitalize on the growing engineering plastic demand in
Indonesia by leveraging localized production to swiftly respond and
provide meticulous technical service to customers.
In the life science field, which the Company has positioned
asone of the Intensively Developing and Expanding Businesses, it
decided to build a new production facility for TORAYMYXIN(TM) , a
hemoperfusion absorption column for selectively removing endotoxins
to treat severe sepsis, at its Okazaki Plant. The facility will
gradually increase production volume towards the start of
full-scale operation in January 2015, ultimately to double the
Company's production capacity of TORAYMYXIN(TM) for full-fledged
development of the product's overseas business. TORAYMYXIN(TM) is a
column approved for removing endotoxins in blood purification
therapy. Ever since it was introduced in 1994, the product has been
widely used in clinical practice primarily in Japan to treat severe
sepsis and associated conditions such as multiple organ
failure.
2. Analysis of Financial Condition
As of December 31, 2012, Toray Group's total assets stood at
Yen1,627.3 billion (US$18,792 million), up Yen45.8 billion compared
with the end of the previous fiscal year, due primarily to higher
inventory and property, plant and equipment.
Total liabilities rose Yen12.4 billion to Yen919.8 billion
(US$10,621 million) compared to the end of the previous fiscal
year, owing mainly to an increase in interest-bearing debts.
Net assets increased Yen33.4 billion compared with the end of
the previous fiscal year to Yen707.6 billion (US$8,170 million),
reflecting an increase in retained earnings as Toray Group recorded
net income. Net assets less minority interests and stock
acquisition rights stood at Yen657.7 billion (US$7,595million).
3. Forecast of Consolidated Results
Going forward, the global economy as a whole is tending towards
a gradual pickup, driven by the emerging economies led by China,
although there still remain uncertainties associated with the
European sovereign debt problems and how the U.S. would respond to
the fiscal tightening. While the outlook is still uncertain, it is
expected that the Japanese economy would also gradually shift
towards recovery amid improving exports, the realization of the
post-quake reconstruction demand and improving business sentiment
following the change in government.
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 continuing difficult economic
situations both in Japan and abroad as well as the business results
for the nine months of the fiscal year. It now expects consolidated
sales of Yen1,610.0 billion (US$18,295 million), operating income
of Yen87.0 billion (US$989 million), ordinary income of Yen88.0
billion (US$1,000 million) and net income of Yen50.0 billion
(US$568 million). The Company estimates an exchange rate of Yen88.0
to US$1 for the period from January 2013 onwards.
Notes:
1. U.S. dollar amounts have been converted from yen at the
exchange rate of Yen86.6 = U.S.$1, the approximate rate of exchange
prevailing on December 31, 2012.
2. U.S. dollar amounts of forecasts have been converted from yen
at the exchange rate of Yen88 = U.S.$1, the estimated rate of
exchange from January 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
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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