TIDMTKK
RNS Number : 0246L
Toray Industries Inc
06 August 2013
August 6, 2013
Toray Announces Consolidated Results
for the Three Months Ended June 30, 2013
Tokyo, Aug 6, 2013 - Toray Industries, Inc. ("Toray") today
announced its consolidated business results for the three months
ended June 30, 2013 of the fiscal year ending March 31, 2014. 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 Business Results
(Millions of yen, millions of U.S. dollars, except per share
data)
Three months ended June 30, (Reference)
Fiscal 2012
2013 2012 Change 2013
----------- ----------- ------- -------------
Yen % U.S. dollars Yen
------------------------ ------- ------------- -------------
Net sales Yen402,748 Yen364,092 10.6 $4,085 Yen1,592,279
----------- ----------- ------- ------------- -------------
Operating income 18,038 17,267 4.5 183 83,436
----------- ----------- ------- ------------- -------------
Ordinary income 20,002 19,105 4.7 203 88,244
----------- ----------- ------- ------------- -------------
Net income 13,260 10,082 31.5 134 48,477
----------- ----------- ------- ------------- -------------
Net income per share
- Basic 8.14 6.19 - - 29.75
----------- ----------- ------- ------------- -------------
Net income per share
- Diluted 7.91 6.01 - - 28.90
----------- ----------- ------- ------------- -------------
Consolidated Financial Condition
(Millions of yen, millions of U.S. dollars, except per share
data)
As of June 30, 2013 As of March 31, 2013
Yen U.S. dollars Yen
------------- ------------- ---------------------
Total assets Yen1,806,869 $18,325 Yen1,731,933
------------- ------------- ---------------------
Net assets 817,643 8,293 778,626
------------- ------------- ---------------------
Equity ratio 42.1% - 41.8%
------------- ------------- ---------------------
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 Yen98.6 = U.S.$1, the approximate rate of exchange
prevailing on June 30, 2013.
3. Amounts are rounded to the nearest million.
4. Consolidated financial conditions as of March 31, 2013 are
adjusted retrospectively by changes in accounting policies due to
applying revised IAS 19.
Segment Information
(Millions of yen, millions of U.S. dollars)
Net Sales Three months ended June 30,
2013 2012 2013
----------- ----------- -------------
Yen U.S. dollars
------------------------ -------------
Fibers & Textiles Yen153,138 Yen135,767 $1,553
----------- ----------- -------------
Plastics & Chemicals 113,406 97,232 1,150
----------- ----------- -------------
IT-related Products 57,515 58,031 583
----------- ----------- -------------
Carbon Fiber Composite Materials 24,395 18,358 247
----------- ----------- -------------
Environment & Engineering 38,813 38,455 394
----------- ----------- -------------
Life Science 12,297 13,143 125
----------- ----------- -------------
Others 3,184 3,106 32
----------- ----------- -------------
Consolidated Total 402,748 364,092 4,085
----------- ----------- -------------
(Millions of yen, millions of U.S. dollars)
Segment Income (Loss) Three months ended June 30,
2013 2012 2013
---------- --------- -------------
Yen U.S. dollars
--------------------- -------------
Fibers & Textiles Yen10,287 Yen8,744 $104
---------- --------- -------------
Plastics & Chemicals 4,297 5,489 44
---------- --------- -------------
IT-related Products 4,498 4,163 46
---------- --------- -------------
Carbon Fiber Composite Materials 2,542 2,202 26
---------- --------- -------------
Environment & Engineering 247 (110) 3
---------- --------- -------------
Life Science 672 1,588 7
---------- --------- -------------
Others 174 222 2
---------- --------- -------------
Total 22,717 22,298 230
---------- --------- -------------
Adjustment (4,679) (5,031) (47)
---------- --------- -------------
Consolidated Total
(Operating Income) 18,038 17,267 183
---------- --------- -------------
Notes:
1. "Others" represents service-related businesses such as analysis, survey and research.
2. "Adjustment" of segment income (loss) for the three months
ended June 30, 2013 of (4,679) million yen includes intersegment
eliminations of 134 million yen and corporate expenses of (4,813)
million yen. "Adjustment" of segment income (loss) for the three
months ended June 30, 2012 of (5,031) million yen includes
intersegment eliminations of 5 million yen and corporate expenses
of (5,036) 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 Yen98.6 = U.S.$1, the approximate rate of exchange
prevailing on June 30, 2013.
4. Amounts are rounded to the nearest million.
Forecast of Consolidated Results for the Six Months Ending
September 30, 2013
(Millions of yen, millions of U.S. dollars)
Six months ending September
30, 2013
Yen U.S. dollars
------------- ---------------
Net sales Yen845,000 $8,895
------------- ---------------
Operating income 45,000 474
------------- ---------------
Ordinary income 45,000 474
------------- ---------------
Net income 25,000 263
------------- ---------------
Reference: EPS forecast (six months ending September 30, 2013)
Yen15.35
Forecast of Consolidated Results for the Year Ending March 31,
2014
(Millions of yen, millions of U.S. dollars)
Year ending March 31, 2014
Yen U.S. dollars
-------------- -------------
Net sales Yen1,850,000 $19,474
-------------- -------------
Operating income 120,000 1,263
-------------- -------------
Ordinary income 120,000 1,263
-------------- -------------
Net income 65,000 684
-------------- -------------
Reference: EPS forecast (year ending March 31, 2014)
Yen39.90
Notes:
1. U.S. dollar amounts have been converted from yen at the
exchange rate of Yen95 = U.S.$1, the estimated rate of exchange
from July onwards.
2. Amounts are rounded to the nearest million.
Consolidated Business Results and Financial Condition
1. Overview of the Three Months Ended June 30, 2013
In the period under review, while the European economy continued
its downward trend and growth slowed in emerging economies led by
China, the U.S. economy showed signs of gradual recovery as
consumer spending rose amid improvement in employment. The Japanese
economy saw slow recovery due to continued weakness in capital
expenditure and increased import prices, even as exports recovered
and individual and corporate mindset improved on expectations
placed on the economic measures of the government of Prime Minister
Shinzo Abe.
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 three months ended
June 30, 2013 increased 10.6% compared with the same period of the
previous fiscal year to Yen402.7 billion (US$4,085 million).
Operating income rose 4.5% to Yen18.0 billion (US$183 million) and
ordinary income increased 4.7% to Yen20.0 billion (US$203 million).
Net income increased 31.5% to Yen13.3 billion (US$134 million).
Business performance by segment is described below.
Business Performance by Segment:
Fibers & Textiles
In Japan, while sales of functional inner-wear applications grew
strongly, sales of general apparel applications remained weak. On
the other hand, there were signs of recovery in exports under the
influence of the correction of the strong yen. Sales for industrial
applications, despite demand for automobile-related applications
bottoming out, failed to recover to the levels of the same period
of the previous fiscal year when subsidies for purchase of eco-cars
had boosted demand.
Overseas, while the conditions continued to be tough with Europe
remaining mired in economic slump and sluggish domestic demand in
China, textile subsidiaries in Southeast Asia and China expanded
the sales of value-added products. Also, while the floods in
Thailand in October 2011 had affected the operations in the same
period a year earlier, the production and sales recovered since
then, contributing to the improved performance.
As a result, overall sales of Fibers & Textiles segment rose
12.8% to Yen153.1 billion (US$1,553 million) from the previous year
and operating income increased 17.6% to Yen10.3 billion (US$104
million).
Plastics & Chemicals
In the Plastics & Chemicals segment, though demand for
automotive applications in the resin business increased in Japan,
it was affected by the increased raw material prices resulting from
the correction of the strong yen. Overseas, while general purpose
ABS resins remained weak, Toray Group worked to expand the sales of
value-added products.
Demand for the film business's products remained sluggish on the
whole within and outside Japan, with continued price competition,
even though domestic sales for capacitors used in hybrid cars
remained strong.
Also, trading subsidiaries expanded their business on the back
of market recovery and strong overseas business.
On the whole, sales of Plastics & Chemicals segment rose
16.6% year-on-year to Yen113.4 billion (US$1,150 million).
Operating income fell 21.7% to Yen4.3 billion (US$44 million).
IT-related Products
In the IT-related Products segment, shipment of films and
processed film products for large LCD panels used in flat-screen
TVs was robust, and sales for small and mid-sized displays such as
smartphones and tablet terminals also grew strongly. Especially
overseas, subsidiaries making films and processed film products as
well as circuit materials in Republic of Korea performed strongly.
On the other hand, price competition in the field continued partly
due to the impact of price declines of final products. Also,
equipment sales at a Japanese subsidiary declined compared with the
same period a year earlier..
As a result, overall sales of IT-related Products segment
declined 0.9% to Yen57.5 billion (US$583 million) compared with the
same period a year earlier, while operating income increased 8.0%
to Yen4.5 billion (US$46 million).
Carbon Fiber Composite Materials
In the Carbon Fiber Composite Materials segment, as demand for
aircraft as well as that in the environment and energy fields
including compressed natural gas tank applications expanded, sales
of carbon fibers and intermediate product (prepreg) grew strongly
for aerospace applications and general industrial applications. In
the composite business, sales of carbon fiber reinforced plastic
chassis for notebook PCs which boasts high strength and light
weight grew significantly.
On the whole, overall sales of Carbon Fiber Composite Materials
segment increased 32.9% to Yen24.4 billion (US$247 million) and
operating income rose 15.4% to Yen2.5 billion (US$26 million).
Environment & Engineering
In the Environment & Engineering segment, while the market
for water treatment membranes has not yet fully recovered due to
uncertainties regarding the global economy, shipment of reverse
osmosis membranes for Middle East was strong at Toray. Among
domestic subsidiaries, sales at the construction and real estate
subsidiary was strong, while the plant construction business of the
engineering subsidiary remained sluggish.
As a result, overall sales of Environment & Engineering
segment increased 0.9% on year to Yen38.8 billion (US$394 million)
and operating income reached at Yen0.2 billion (US$3 million),
which is a Yen0.4 billion improvement from a year earlier.
Life Science
In the Life Science segment, sales of REMITCH(R) *, an oral
anti-pruritus drug for hemodialysis patients expanded, while other
pharmaceutical products were affected by intensifying competition.
License revenue also decreased. Sales in Japan as well as exports
of medical products including TORAYSULFONE(R) and TORAYLIGHT(TM) ,
polysulfone membrane artificial kidneys, increased strongly, while
sales of dialysis equipment remained slow.
On the whole, sales of Life Science segment declined 6.4% on
year to Yen12.3 billion (US$125 million) while operating income
fell 57.7% to 0.7 billion (US$7 million).
* REMITCH(R) is a registered trademark of Torii Pharmaceutical
Co., Ltd.
New Businesses and New Investments
Under "Project AP-G 2013," Toray Group has been implementing a
growth strategy with emphasis on "business expansion in growth
business fields and growth regions."
In the Fibers & Textiles segment, Toray decided to expand
the high-performance polypropylene spunbond (hereinafter referred
to as "PP spunbond") production facility in China at its subsidiary
Toray Polytech (Nantong) Co., Ltd. The new facility will have a
production capacity of about 20,000 tons a year, increasing its
capacity to about 78,000 tons a year. The additional facility is
expected to start operations in December 2014. PP spunbond is the
main raw material for disposable diapers, and demand for disposable
baby diapers is forecasted to rapidly grow from 14 billion pieces
in 2012 to 38 billion pieces a year in 2020 in China. The expansion
of the production capacity is intended to respond the strong demand
for PP spunbond in China as well as the requirements for
high-performance materials for disposable diapers and to strengthen
the cost competitiveness.
In the Plastics & Chemicals segment, Toray built a new
TORAYCA(R) resin compound facility, which started operation in June
2013, with an annual production capacity of 2,500 tons at its resin
compound business subsidiary Toray Plastics (Shenzhen) Ltd.
TORAYCA(R) resin is a carbon fiber reinforced thermoplastic
compound, which is engineering plastic, etc. strengthened by
compounding Toray's carbon fiber TORAYCA(R) , and its sales are
expected to grow at an annual rate exceeding 10% in applications
including digital equipment such as cameras and PCs, rotating parts
such as bearings, sports equipment, high-end home electronics and
automobiles. It is expected to grow significantly especially in
China, and Toray Group aims to expand the business by thoroughly
taking on the growing demand for TORAYCA(R) resin in the
country.
2. Analysis of Financial Condition
As of June 30, 2013, Toray Group's total assets stood at
Yen1,806.9 billion (US$18,325 million), up Yen74.9 billion from the
end of the previous fiscal year primarily due to increases in
inventory and fixed assets.
Liabilities increased by Yen35.9 billion to Yen989.2 billion
(US$10,033 million) compared to the end of the previous fiscal
year, owing mainly to an increase in interest-bearing debts.
Net assets increased Yen39.0 billion compared to the end of the
previous fiscal year to Yen817.6 billion (US$8,293 million),
reflecting an increase in retained earnings as Toray Group recorded
net income and fluctuations in foreign currency translation
adjustment. Net assets less minority interests and stock
acquisition rights came to Yen760.2 billion (US$7,710 million).
3. Forecast of Consolidated Results
While there remain uncertainties over the European economy and
concerns of an economic slowdown in China, the global economy is
expected to show a gradual recovery reflecting the improvement in
the U.S. economy and the recovery of emerging economies such as
those in Southeast Asia. The pace of growth in the Japanese economy
is also expected to gradually pick up in terms of both domestic and
foreign demand towards the second half of the fiscal year.
Under such circumstances, Toray Group will continue to focus on
measures under the medium-term management program "Project AP-G
2013" and strive to drive forward the growth strategy and
strengthen its revenue base.
Based on the business performance of the first quarter and the
progress in "Project AP-G 2013,"Toray revised upwards its
first-half consolidated forecasts of net sales and net income
announced on May 10. It now expects consolidated net sales of Yen
845.0 billion (US$8,895 million), operating income of Yen45.0
billion (US$474 million), ordinary income of Yen45.0 billion
(US$474 million) and net income of Yen25.0 billion (US$263 million)
for the six months through September 30, 2013. As for the full-year
forecast through March 31, 2014, Toray revised upwards its net
sales forecast and now expects net sales of Yen1,850.0 billion
(US$19,474 million), operating income of Yen120.0 billion (US$1,263
million), ordinary income of Yen120.0 billion (US$1,263 million)
and net income of Yen65.0 billion (US$684 million). The calculation
of Toray Group's earnings forecasts from July 2013 onwards is based
on an assumed foreign currency exchange rate of Yen95 to the U.S.
dollar.
Notes:
1) U.S. dollar amounts have been converted from yen at the
exchange rate of Yen98.6 = U.S.$1, the approximate rate of exchange
prevailing on June 30, 2013.
2) U.S. dollar amounts of forecasts have been converted from yen
at the exchange rate of Yen95 = U.S.$1, the estimated rate of
exchange from July 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 Toray'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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