1. Consolidated Financial Results

1. Consolidated Financial Results
ROHM CO., LTD. Financial Highlights for the First Six Months of the Year Ending March 31, 2010
(From April 1, 2009 to September 30, 2009)
November 9, 2009
1. Consolidated Financial Results
(Figures are rounded down to the nearest million yen. Any fraction less than the unit is rounded off.)
Year ending
March 31,2010
Year ended March
31,2009
First six months
First six months
Increase/decrease from the first six months of the
year ended March 31, 2009
Year ended March
31,2009
Year ending March 31,2010
(Projected)
Amount
Percentage
Annual
Annual
Increase/decrease
from the previous
year
+5.3%
Net sales
Millions of yen
166,300
170,794
-4,494
-2.6%
317,140
334,000
Cost of sales
Millions of yen
120,268
107,226
+13,042
+12.2%
217,282
231,000
Selling, general and administrative
expenses
Millions of yen
42,462
38,132
+4,330
+11.4%
89,318
87,000
Operating income
Millions of yen
-86.0%
10,540
16,000
(3.3%)
(4.8%)
18,544
14,000
(5.8%)
(4.2%)
(Operating income margin)
Ordinary income
Millions of yen
(Ordinary income margin)
Net income
Millions of yen
(net income margin)
Basic net income per share
yen
3,569
25,435
-21,866
(2.1%)
(14.9%)
(-12.8%)
34,150
-33,377
(0.5%)
(20.0%)
(-19.5%)
773
-1,415
12,903
-14,318
(-0.9%)
(7.6%)
(-8.5%)
-12.92
117.76
-130.68
-97.7%
-
-
9,837
6,000
(3.1%)
(1.8%)
89.76
54.76
Ratio of net income to equity
%
1.3
Ordinary income to total assets
%
2.2
Total assets
Millions of yen
Net assets
Millions of yen
%
Equity ratio
781,701
870,946
-89,245
-10.2%
809,185
691,876
749,079
-57,203
-7.6%
709,840
88.2
86.0
+2.2
+51.8%
-24.5%
-39.0%
87.5
Net assets per share
yen
6,295.49
6,833.58
-538.09
-7.9%
6,459.81
Capital expenditures
Millions of yen
10,743
20,300
-9,557
-47.1%
51,490
39,800
-22.7%
Depreciation (Tangible fixed assets)
Millions of yen
22,649
19,656
+2,993
+15.2%
48,330
47,300
-2.1%
Research and development costs
Millions of yen
18,402
16,838
+1,564
+9.3%
40,290
37,500
-6.9%
Net financial revenue
Millions of yen
859
3,814
-2,955
-77.5%
5,791
Foreign currency exchange gains/losses
Millions of yen
(loss) 4,463
(gain) 5,824
(loss) 10,287
95.27
105.66
-10.39
(gain) 3,156
(Second half of the fiscal year)
Foregin exchange rate
(Average yen-dollar rate)
(Note)
yen/US$
-9.8%
100.62
90.00
As the projected data is based on information that ROHM is currently acquiring as well as specific prerequisites judged as legitimate, actual data may be considerably different due to various
factors.
Contact: Public Relations and Investor Relations Dept., ROHM CO., LTD.
21, Saiin Mizosaki-cho, Ukyouku, Kyoto 615-8585 +81-75-311-2121 (Direct line)
Note: This report is a translation of the financial highlights of the Company prepared in accordance with the provisions set forth in the Securities and Exchange Law and its related accounting
regulations, and in conformty with accounting principles generally accepted in Japan. The original version of this report is written in Japanese. In the event of any discrepancies in words,
accounts, figures, or the like between this report and the original, the original Japanese version shall govern.
- Financial Highlights 1 -
1. Consolidated Financial Results (Continued from the previous page)
(Figures are rounded down to the nearest million yen. Any fraction less than the unit is rounded off.)
Year ending
March 31,2010
First six months
Year ended March
31,2009
Increase/decrease from the first six months of the
year ended March 31, 2009
First six months
Amount
Percentage
Year ended March
31,2009
Year ending March 31,2010
(Projected)
Annual
Annual
Increase/decrease from the
previous year
Sales by product category and geographical region
Integrated circuits
92,908
73,249
+19,659
+26.8%
159,924
188,919
+18.1%
(Japan)
(40,349)
(29,336)
(+11,013)
(+37.5%)
(76,775)
(85,840)
(+11.8%)
(Asia)
Millions of yen
(47,421)
(40,574)
(+6,847)
(+16.9%)
(74,693)
(91,155)
(+22.0%)
(Americas)
(3,525)
(1,208)
(+2,317)
(+191.6%)
(4,596)
(7,834)
(+70.5%)
(Europe)
(1,611)
(2,130)
(-519)
(-24.3%)
(3,858)
(4,088)
(+6.0%)
53,384
72,009
-18,625
-25.9%
114,232
104,689
-8.4%
(Japan)
(16,598)
(21,251)
(-4,653)
(-21.9%)
(36,832)
(34,880)
(-5.3%)
(Asia)
(-9.6%)
Discrete semiconductor devices
(32,709)
(44,459)
(-11,750)
(-26.4%)
(67,813)
(61,303)
(Americas)
(2,078)
(2,895)
(-817)
(-28.2%)
(4,510)
(4,153)
(-7.9%)
(Europe)
(1,997)
(3,403)
(-1,406)
(-41.3%)
(5,076)
(4,352)
(-14.3%)
8,923
11,636
-2,713
-23.3%
19,193
17,784
-7.3%
(Japan)
(1,651)
(2,168)
(-517)
(-23.8%)
(3,653)
(3,570)
(-2.3%)
(Asia)
(-9.8%)
Passive components
(5,960)
(7,607)
(-1,647)
(-21.7%)
(12,623)
(11,383)
(Americas)
(441)
(645)
(-204)
(-31.7%)
(1,057)
(954)
(-9.8%)
(Europe)
(869)
(1,214)
(-345)
(-28.4%)
(1,859)
(1,876)
(+0.9%)
Displays
11,084
13,898
-2,814
-20.2%
23,789
22,606
-5.0%
(Japan)
(2,861)
(3,560)
(-699)
(-19.6%)
(6,529)
(6,517)
(-0.2%)
(Asia)
(6,808)
(8,088)
(-1,280)
(-15.8%)
(13,549)
(13,103)
(-3.3%)
(492)
(924)
(-432)
(-46.7%)
(1,519)
(948)
(-37.6%)
(-7.0%)
(Americas)
(921)
(1,325)
(-404)
(-30.4%)
(2,190)
(2,036)
166,300
170,794
-4,494
-2.6%
317,140
334,000
+5.3%
(Japan)
(61,461)
(56,317)
(+5,144)
(+9.1%)
(123,791)
(130,809)
(+5.7%)
(Asia)
(Europe)
Total
(92,900)
(100,730)
(-7,830)
(-7.8%)
(168,679)
(176,945)
(+4.9%)
(Americas)
(6,537)
(5,673)
(+864)
(+15.2%)
(11,684)
(13,890)
(+18.9%)
(Europe)
(5,400)
(8,073)
(-2,673)
(-33.1%)
(12,985)
(12,354)
(-4.9%)
Sales by application
Visual
%
Audio
8.2
8.3
-0.1
8.1
10.0
12.1
-2.1
10.5
Home appliance
2.4
2.4
0.0
2.4
Other consumer
14.5
12.1
+2.4
15.2
Computer and OA
11.2
14.3
-3.1
13.4
Telecommunications
12.6
11.4
+1.2
11.8
Automotive
8.8
8.7
+0.1
8.6
Other industrial
1.8
2.1
-0.3
2.1
Subassemblies
18.7
16.7
+2.0
16.4
Others
11.8
11.9
-0.1
11.5
Capital expenditures by product category
3,910
5,136
-1,226
-23.9%
22,782
17,500
-23.2%
4,191
9,296
-5,105
-54.9%
15,973
13,400
-16.1%
Passive components
656
2,159
-1,503
-69.6%
3,443
1,700
-50.6%
Displays
727
1,786
-1,059
-59.3%
3,096
2,400
-22.5%
Integrated circuits
Discrete semiconductor devices
Others
Total
Millions of yen
1,257
1,921
-664
-34.5%
6,194
4,800
-22.5%
10,743
20,300
-9,557
-47.1%
51,490
39,800
-22.7%
- Financial Highlights 2 -
2. Others
(Percentage figures are rounded to one decimal place.)
Interim dividends
Yen
(Annual cash dividends)
Year ending
March 31,2010
Year ended March
31,2009
First six months
First six months
Increase/decrease from the first six months of the
year ended March 31, 2009
Percentage
65.0
65.0
0.0
29,044
28,531
+513
(Yen)
Number of shareholders
+1.8%
Year ended March
31,2009
Annual
Annual
(130.0)
(130.0)
28,213
Financial institution shareholding ratio
%
29.27
20.58
+8.69
24.71
Foregin shareholding ratio
%
42.99
50.54
-7.55
45.88
Domestic
6,038
5,189
+849
+16.4%
7,503
Overseas
14,497
16,180
-1,683
-10.4%
14,531
Total
20,535
21,369
-834
-3.9%
22,034
(Number of R&D employees)
(2,760)
(2,121)
(+639)
(+30.1%)
(2,792)
52
39
+13
53
(Domestic)
(14)
(10)
(+4)
(16)
(Overseas)
(38)
(29)
(+9)
(37)
8
6
+2
9
(1)
(1)
(0)
(1)
1
1
0
2
(0)
(0)
(0)
(0)
Number of employees
Number of consolidated subsidiaries
Number of affiliated companies
(Number of companies accounted for by equity method)
Number of non-consolidated subsidiaries
(Number of companies accounted for by equity method)
- Financial Highlights 3 -
Year ending
March 31,2010
(Projected)
Financial Report for the First Six Months of the Year Ending March 31, 2010
November 9, 2009
Listed Company Name: ROHM CO., LTD.
Stock Exchange Listings Tokyo, Osaka
Code No.:
6963
URL http://www.rohm.co.jp
Company Representative: (Title) President
(Name) Ken Sato
Contact Person:
(Title) Director, Accounting & Finance Headquarters (Name) Eiichi Sasayama
TEL +81-75-311-2121
Scheduled Date for Submitting the Quarterly Financial Reports
November 12, 2009
Scheduled dividend payment date
December 4, 2009
(Figures are rounded down to the nearest million yen.)
1. Consolidated Business Results for the First Six Months of the Year Ending March 31, 2010 (From April 1, 2009 to September 30, 2009)
(The percentages [%] represent changes from the first six months of the previous year.)
(1) Consolidated Results of Operations (Accumulated total)
Net sales
Operating income
Millions of yen
First six months of the year
ending March 31, 2010
First six months of the year
ended March 31, 2009
% Millions of yen
166,300
-2.6
170,794
-86.0
25,435
Basic net income per share
Yen
First six months of the year
ending March 31, 2010
First six months of the year
ended March 31, 2009
% Millions of yen
3,569
-
Net income for the first six
months of the year ending
March 31, 2010
% Millions of yen
%
Ordinary income
773
-
34,150
-97.7
-
-1,415
-
12,903
-
Diluted net income per share
Yen
-12.92
-
117.76
-
(2) Consolidated Financial Position
Total assets
Millions of yen
First six months of the year
ending March 31, 2010
Net assets
Millions of yen
Shareholder’s equity ratio
%
691,876
88.2
6,295.49
87.5
689,792 million yen
707,807 million yen
6,459.81
781,701
Year ended March 31, 2009
(Reference) Shareholder’s equity
809,185
709,840
First six months of the year ending March 31, 2010:
Year ended March 31, 2009:
Net assets per share
Yen
2. Dividend Details
(Base date)
Year ended March 31, 2009
End of the first quarter
Yen
-
Interim
Dividend per share
End of the third quarter
Yen
Yen
65.00
-
End of year
Year ending March 31, 2010
65.00
Year ending March 31, 2010
(Estimates)
(Note) Revision to estimates of dividends in the first six months of the year ending March 31, 2010: None
Annual
Yen
65.00
Yen
130.00
65.00
130.00
3. Consolidated Business Results Forecast for the Year Ending March 31, 2010 (From April 1, 2009 to March 31, 2010)
(The percentages [%] shown for Fiscal 2010 figures represent changes from the previous fiscal year.)
Net sales
Operating income
Ordinary income
Net income
Millions of yen
% Millions of yen
% Millions of yen
% Millions of yen
%
Fiscal 2010
334,000
5.3
16,000
51.8
14,000 -24.5
6,000 -39.0
(Note) Revision to figures for consolidated business results forecast in the first six months of the year ending March 31, 2010: Yes
-1-
Basic net income
per share
yen
54.76
4. Others
(1) Major Changes in Subsidiaries during the First Six Months of the Year Ending March 31, 2010
(Changes to specified subsidiaries accompanying revision on the extent of consolidation):
None
(2) Application of Simple Accounting Procedure and Specific Accounting Procedure
on the Preparation of Consolidated Quarterly Financial Statements:
None
(3) Changes in Accounting Policies, Procedures, Indication Methods, Etc. Concerned with the Preparation of Quarterly Financial
Statements
(Changes to be entered as changes to major conditions for the preparations of consolidated quarterly financial statements)
[1] Changes according to revision of accounting standards:
No
[2] Other changes:
No
(4) Number of Shares Outstanding (common shares)
[1] Year-end number of shares outstanding (incl. treasury shares)
The first six months of the year ending March 31, 2010
115,300,000 shares
Year ended March 31, 2009
118,801,388 shares
[2] Year-end number of treasury shares
The first six months of the year ending March 31, 2010
Year ended March 31, 2009
5,730,669 shares
9,230,546 shares
[3] Average number of shares during the period (Consolidated accumulated period of the quarter)
The first six months of the year ending March 31, 2010
109,569,891 shares
The first six months of the year ended March 31, 2009
109,573,876 shares
*Explanation on Adequate Usage of Business Results Forecast
Since the statements regarding the business results forecast accounted for in this financial report are based on current information acquired by ROHM
as well as specific legitimate prerequisites, actual business results may be considerably different due to various factors. For prerequisites on business
results forecasts and other related subjects, please refer to “3. Qualitative information regarding consolidated business results forecast”, [Qualitative
information: Financial statements and others] on page 5 and “Announcement concerning revision of the business results forecast” which we released
today (November 9, 2009).
-2-
ROHM CO., LTD. (6963) Financial Report for the First Six Months of the Year Ending March 31, 2010
[Qualitative information: Financial statements and others]
1. Qualitative information regarding consolidated business results
Overall condition of business performance
During the first six months of the year ending March 31, 2010, the world economy started to show signs of gradual recovery from the
sluggishness that predominated since last autumn. However, in individual regions, the slowdown in new housing construction and the
deterioration of the employment environment remained serious and kept holding the economic situation in stagnation. In the US, the
economic conditions showed a slight tendency toward a pickup in some markets such as the automotive market supported by
economic-stimulus measures, but the unemployment rate continued to rise, thus severe economic environments remained intact. Also,
in Europe, due to governmental economic measures, sales in the automotive market turned toward recovery, and halted the slowdown
in exports. However, a deteriorating employment environment dampened the overall consumption, thus the economy still remained in
severe condition. In Asia, although the economy showed tendencies towards recovery centering on China along with recovery in
exports and improved consumption, it could not reach a full-fledged recovery. In Japan, in addition to the fact that the effects of
various economic measures propped up the economy, and exports, especially those to Asia, showed signs of recovery, personal
consumption started to pick up. However, along with sluggish corporate capital investment, a deterioration of the employment
environment and other factors, economic confidence stopped short of improvement.
In the electronics industry, large-scale production adjustments in the fields of personal computers, AV equipment, mobile phones and
other products from last autumn were ended. Also, purchase encouraging measures by individual governments and the switch to
digitalization made the sales of flat screen TVs favorable. However, as a whole, the resilience has not been powerful enough and the
industry still remains stagnant.
In the electronic component industry, due to a backlash of demand coordination for electronic components in excess of production
adjustments of final products that set manufacturers have instituted since last autumn, the market was leaning towards recovery. But,
it could not escape negative growth on a year-to-year basis, and could not reach a full-fledged recovery.
By individual regions, home appliances such as flat-screen TVs and refrigerators were in strong demand in Japan, owing to the
effects of various measures such as the upcoming complete switchover to terrestrial digital media broadcasting in 2011 and eco-point
systems for home appliances. Sales of personal computers also remained robust, centered by laptops for personal use. However, the
recovery was weak in the audio equipment market, and the mobile phone market also continued to decline due to market saturation
and prolonged replacement cycles. In the automotive market, the demand for hybrid vehicles increased thanks to a tax reduction
program aimed at promoting purchases of eco-friendly cars, but the overall market remained sluggish. Regarding other Asian regions,
production suddenly recovered after the end of inventory adjustments, but exports to the US and European countries were still
considerably sluggish, as negative growth on year-on-year basis endured. In China, political measures to disseminate home
appliances increased demand, and flat-screen TVs registered robust sales. In addition, the existing AV equipment markets, including
DVD players and audio equipment, moved towards recovery. In Taiwan, the production of low-priced personal computers was strong,
but the number of contained parts tended to decrease, and demand for electronic components was weak. In the US automotive market,
the slowdown seemed to have stopped, but sales on a year-to-year basis decreased considerably, and the demand for electronic
components remained stagnant. In other markets, due to deteriorating employment environments, the recovery of personal
consumption was weak, remaining in severe condition. In Europe, the automotive market tended towards recovery due to
governmental supportive measures centering on Germany, but the production of TV sets in Eastern Europe considerably decreased,
and thus the economic resilience was not powerful.
Under these circumstances, with the viewpoint that the market will continue to expand in the medium to long term, the ROHM
Group focused on strengthening product lineups for the automotive and electrical markets, flat-screen TV market, information and
telecommunication markets and mobile device market, while exerting itself to enforce the structure of sales divisions related to the
automotive and electrical markets and to strengthen the system of sales to overseas customers with primary focus on personal
computers, mobile phones and flat-screen TVs. In addition, the Group focused on the development of eco-devices with an aim to
improve the global environment, and sales of energy-saving and advanced “LED lighting” that can contribute to CO2 reduction.
Furthermore, while working to improve management at OKI Semiconductor Co., Ltd. and construct a cooperative system with the
LSI division of ROHM, the Group promoted policies including the purchase of Sicrystal (Germany), which manufactures SiC wafers,
which are garnering attention as a next-generation material for semiconductor, thus focusing on future product development.
The net sales of the first six months of the year ending March 31, 2010 recorded 166,300 million yen (a decrease of 2.6 percent from
the first six months of the previous fiscal year). And, although ROHM thoroughly implemented a policy to reduce fixed expenses, as
OKI Semiconductor Co., Ltd. was on its way to improving profit structure, gross profits marked 46,031 million yen (a decrease of
27.6 percent from the first six months of the previous fiscal year). Furthermore, due to an increase in sales, general and
administrative expenses owing to amortization of goodwill, which was accrued as ROHM made OKI Semiconductor Co., Ltd. its
consolidated subsidiary, operating income recorded 3,569 million yen (a decrease of 86.0 percent from the first six months of the
previous fiscal year).
Ordinary income marked 773 million yen (a decrease of 97.7 percent from the first six months of the previous fiscal year), as foreign
currency exchange losses had a considerable effect. In addition, restructuring expenses have accrued, and the net loss for the first six
months of the year ending March 31, 2010 marked 1,415 million yen (net income of 12,903 million yen in the first six months of the
year ended March 31, 2009.)
Overview of performance in each division
<Integrated circuits>
Net sales for the first six months of the year ending March 31, 2010 were 92,908 million yen (an increase of 26.8 percent from the
first six months of the previous fiscal year).
-3-
ROHM CO., LTD. (6963) Financial Report for the First Six Months of the Year Ending March 31, 2010
In the category of ICs, signs of recovery were noticed since the abrupt adjustment phase of last autumn, but the overall market
remained in a severe state. The sales of ICs for mobile phones including LED drivers for overseas markets were robust, but the sales
of analog front-end ICs (*1), display driver ICs and audio related ICs were weak.
In the category of audio and visual equipment, the sales of power supply ICs, backlight inverter ICs, sound amplifiers, and audio
DSPs(*2) for flat-screen TVs were robust, but the sales of power supply ICs for car audios and motor driver ICs for audios and DVD
players/recorders were weak. As for game consoles, the sales of Voice Generation ADPCM Decoder ICs (*3) and image signal
processing ICs decreased. With regards to personal computers, the sales of driver ICs for fan motors and motor driver ICs for optical
disks slowed down. In general-purpose equipment, sales of EEPROMs, DC/DC converters, LDO regulators (*4) and reset ICs were
sluggish.
In the area of modular products, sales of power modules such as IrDA (*5) modules and AC/DC converters were sluggish.
At OKI Semiconductor Co., Ltd., which newly became a consolidated subsidiary in October 2009, sales of the P2ROM for
amusement equipment, which were strong in the beginning of this term, became sluggish after summer. Furthermore, LCD driver ICs
were affected by tough price competition, extending severe conditions.
The ROHM Group continued to focus its efforts on cost reduction and improvement of production efficiency at OKI Semiconductor,
and to work on sharing existing production lines of the ROHM Group with OKI Semiconductor.
*1.
Analog front-end IC for mobile phone
IC that converts analog signals received with an antenna into signals that can be processed within a mobile phone
*2.
Audio DSP (digital signal processor)
A dedicated processor for audio equipment that digitally processes audio signals
*3.
Voice Generation ADPCM Decoder LSI
An LSI for demodulating voice-compressed data in the form of ADPCM and for reproducing audio via speakers.
*4.
LDO (Low Drop Out) regulator
A circuit for outputting a desired constant voltage from a certain input voltage. LDO stands for Low Drop Out type, which
suffers minimal loss in conversion.
*5.
IrDA
Infrared Data Association, a standard for transmitting and receiving data using infrared rays, widely used for laptop
computers and mobile phones.
<Discrete semiconductor devices>
Net sales for the first six months of the year ending March 31, 2010 were 53,384 million yen (a decrease of 25.9 percent from the
first six months of the previous fiscal year).
In the transistor and diode product group, fast recovery diodes (*6) and zener diodes had brisk sales, but sales of leading products
such as bipolar transistors and small-signal diodes declined.
Concerning the market of LEDs (light-emitting diodes), sales of high-intensity full-color LEDs for amusement equipment
considerably increased, but the sales of other LEDs were sluggish.
As for laser diodes, sales continued to be stagnant.
In the area of production systems, production transfers continued to overseas plants of the ROHM Group in Thailand, the Philippines,
and Tianjin, China. Furthermore, with the objective of enhancing the Group’s ability to respond to cost concerns, ROHM strived for
improved production efficiency.
*6.
Fast recovery diode
A diode that is equipped with features for faster reverse recovery than a normal diode.
<Passive components>
Net sales for the first six months of the year ending March 31, 2010 were 8,923 million yen (a decrease of 23.3 percent from the first
six months of the previous fiscal year).
In the resistors product family, the rapid decrease in received orders since last autumn recovered, but this recovery was not sustained
enough. Some high value-added products such as ultra-low-ohmic resistance-type products and ultra-small-size products remained
healthy, but sales of other chip resistors were weak.
Within our tantalum capacitors, bottom-surface electrodes experienced a favorable increase in sales, but existing types recorded weak
results.
The production system for tantalum capacitors was continuously strengthened at the plant of the ROHM Group in Thailand and
efforts for cost reduction were exerted.
<Displays>
Net sales for the first six months of the year ending March 31, 2010 were 11,084 million yen (a decrease of 20.2 percent from the
first six months of the previous fiscal year).
In the printhead product family, overall sales decreased mainly in the fields of image sensor heads for facsimile machines and
-4-
ROHM CO., LTD. (6963) Financial Report for the First Six Months of the Year Ending March 31, 2010
multifunction printers and small-size thermal printheads for miniaturized printers.
Although LED displays lost sales, including a decrease in sales of LED display modules such as eight-character numeric displays,
dot matrix-type LED display modules enjoyed brisk sales growth.
LED lighting, which is expected to be an energy-saving light source of the next generation and contributor to CO2 reduction, is
gradually growing its sales figures as commercial facilities and office buildings have started to adopt the device.
As for production systems, enforcement of a production control system and improvement of production efficiency at the plant of the
ROHM Group in Dalian progressed with efforts to reduce cost.
2. Qualitative information regarding consolidated financial conditions
Analysis of status of assets, liabilities, net assets and cash flow
Under the financial conditions of the first six month of the year ending March 31, 2010, total assets decreased 27,484 million yen
from the fiscal year ended March 31, 2009 and amounted to 781,701 million yen. This was attributable to decreases in Securities by
25,010 million yen, Tangible fixed assets by 17,144 million yen, as well as an increase in Notes and accounts receivable of 16,594
million yen, respectively.
Liabilities decreased 9,519 million yen from the fiscal year ended March 31, 2009 and amounted to 89,825 million yen. The main
factors for this decrease were decreases in Other accounts payable by 7,465 million yen and in the Allowance for restructuring
expenses by 5,064 million yen, as well as an increase in Notes and accounts payable by 4,985 million yen.
Net assets decreased 17,964 million yen from the fiscal year ended March 31, 2009 and amounted to 691,876 million yen. The main
factors for this decrease were a decrease in Foreign currency translation adjustments by 14,474 million yen and a decrease in
Shareholders' equity by 8,546 million yen due to payment of dividends and net loss, and an increase in Net unrealized gain on
available-for-sale securities of 5,005 million yen.
Consequently, equity ratio increased to 88.2 percent from the 87.5 percent of the fiscal year ended March 31, 2009.
In addition, cash flow status was as follows.
Cash flow from operating activities of the first six months of the year ending March 31, 2010 increased by 15,210 million yen (an
increase of 35,028 million yen in the first six months of the previous fiscal year). It was mainly attributable to the increase factors of
Depreciation and Decrease in and inventories and decrease factor of Increase in notes and accounts receivable.
Cash flow from investing activities of the first six months of the year ending March 31, 2010 decreased by 8,160 million yen (an
increase of 15,251 million yen in the first six months of the previous fiscal year). This was mainly caused by decrease factors such as
Purchases of tangible fixed assets and Increase in time deposits, and the increase factor of Revenue from selling and paying-off of
securities and investment securities.
Cash flow from financing activities of the first six months of the year ending March 31, 2010 decreased by 7,215 million yen (a
decrease of 18,093 million yen in the first six months of the previous fiscal year). This was due to the decrease factor of Payment of
dividends.
Consequently, cash and cash equivalents decreased by 11,295 million yen accompanied by a decrease in Effect of Exchange Rate
Changes on Cash and Cash Equivalents by 11,130 million yen. The balance as of the end of the first six months of the year ending
March 31, 2010 recorded 250,914 million yen.
3. Qualitative information regarding consolidated business results forecast
Although the business environment in the first six months of the year ending March 31, 2010 was more robust than forecasted at
the beginning of fiscal 2010, deteriorating global employment situation is still in a declining trend, thus we must say that the
recovery of the overall economy will still require time. In the electronics industries, some of home appliances markets including
flat-screen TVs marked robust sales supported by economic-stimulus measures implemented by individual governments, however it
was not connected to a recovery in consumption, which has continued since last autumn, and the prospect of increased sales in the
second half of this fiscal year is extremely low. The ROHM Group has been applying its utmost efforts to develop new customers
and strengthen new product lines. A certain level of progress has been seen in the increasing adoption of ICs by overseas mobile
phone manufacturers. However, the impact of stagnation and shrinkage of existing markets is still strong, therefore we expect sales to
dip from the business results forecast in the beginning of this fiscal year. In addition, ROHM has decided to purchase Kionix, Inc. in
the USA, which is the third largest supplier of MEMS acceleration sensors, for the amount of 21,000 million yen. Accordingly, the
burden of goodwill amortization will be expected in the second half of the year ending March 31, 2010.
In consideration of the above-mentioned circumstances, the business results forecast of the year ending March 31, 2010 was revised
as follows.
Consolidated business results forecast (the first six months of the year ending March 31, 2010)
Net sales
334,000 million yen (Increase by 5.3 percent from the first six months of the previous fiscal year)
Operating income
16,000 million yen (Increase by 51.8 percent from the first six months of the previous fiscal year)
Ordinary income
14,000 million yen (Decrease by 24.5 percent from the first six months of the previous fiscal year)
Net income
6,000 million yen (Decrease by 39.0 percent from the first six months of the previous fiscal year)
The forecasts are based on an exchange rate of ¥90 to US$1.
-5-
ROHM CO., LTD. (6963) Financial Report for the First Six Months of the Year Ending March 31, 2010
4. Others
(1) Major change in subsidiaries during the first six months (Changes to designated subsidiaries involving changes to
the extent of consolidation)
There is no relevant item.
(2) Application of simple accounting procedure and specific accounting procedure for compiling consolidated
quarterly financial statement:
There is no relevant item.
(3) Changes in accounting policies, procedures, indication methods, etc. concerned with the preparation of quarterly
financial statements
There is no relevant item.
-6-
ROHM CO., LTD. (6963) Financial Report for the First Six Months of the Year Ending March 31, 2010
5. Consolidated quarterly financial statements for the year ending March 31, 2010
(1) Consolidated quarterly balance sheets
The end of the first six months of
the year ending March 31, 2010
(September 30, 2009)
(Unit: millions of yen)
Abstract of consolidated balance
sheets of the end of the previous
consolidated fiscal year
(March 31, 2009)
Assets
Current assets
Cash and time deposits
Notes and accounts receivable trade
256,920
247,960
80,585
63,991
Securities
18,283
43,293
Commodities and products
17,035
22,241
Products in progress
38,821
44,859
Raw materials and inventories
21,136
22,300
Prepaid pension cost
3,166
3,409
Deferred tax assets
7,982
7,986
Refundable income taxes
558
2,433
5,593
6,207
-538
-497
449,544
464,187
Buildings and structures
207,994
210,215
Machinery, equipment and vehicles
463,447
463,466
43,604
43,593
Others
Allowance for doubtful accounts
Total current assets
Fixed assets
Tangible fixed assets
Tools and furniture
Land
84,741
84,391
Construction in progress
13,851
16,412
Accumulated depreciation
-548,544
-535,839
Total tangible fixed assets
265,095
282,239
17,949
19,406
4,601
3,055
22,551
22,462
34,415
29,877
Deferred tax assets
4,319
4,091
Others
6,486
6,680
-710
-352
Intangible fixed assets
Goodwill
Others
Total intangible fixed assets
Investments and other assets
Investment securities
Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
Total assets
-7-
44,511
40,296
332,157
344,998
781,701
809,185
ROHM CO., LTD. (6963) Financial Report for the First Six Months of the Year Ending March 31, 2010
The end of the first six months of
the year ending March 31, 2010
(September 30, 2009)
(Unit: millions of yen)
Abstract of consolidated balance
sheets of the end of the previous
consolidated fiscal year
(March 31, 2009)
Liabilities
Current liabilities
Notes and accounts payable trade
20,707
15,722
Other accounts payable
20,727
28,192
Accrued income taxes
2,891
1,017
Deferred tax liabilities
1,216
3,704
947
6,011
Others
12,911
13,676
Total current liabilities
59,402
68,325
Deferred tax liabilities
15,729
14,832
Liabilities for retirement benefits
Others
10,930
12,216
3,763
3,969
Total long-term liabilities
30,422
31,019
89,825
99,344
Allowance for restructuring expenses
Long-term liabilities
Total liabilities
Net assets
Shareholders' equity
Common share
86,969
86,969
Capital surplus
102,403
102,403
Retained earnings
636,571
679,996
Treasury stock-at cost
-57,096
-91,973
Total shareholders' equity
768,849
777,395
Unrealized or translated gains/loss
Net unrealized gain on available-for-sale securities
5,173
168
Foreign currency translation adjustments
-84,230
-69,756
Total unrealized or translated gains/losses
-79,056
-69,587
2,083
2,033
691,876
709,840
781,701
809,185
Minority interests
Total net assets
Total of liabilities and net assets
-8-
ROHM CO., LTD. (6963) Financial Report for the First Six Months of the Year Ending March 31, 2010
(2) Consolidated quarterly statements of income
(First six months of the year ending March 31, 2010)
(Unit: millions of yen)
First six months of the year
ending March 31, 2010
(From April 1, 2009
To September 30, 2009)
First six months of the year
ended March 31, 2009
(From April 1, 2008
To September 30, 2008)
Net sales
170,794
166,300
Cost of sales
107,226
120,268
Gross profit
63,567
46,031
Selling, general and administrative expenses
38,132
42,462
Operating income
25,435
3,569
Non-operating income
Interest income
Investment gain on equity method
Foreign currency exchange gain
Others
Total non-operating income
3,630
716
-
208
5,824
-
466
783
9,921
1,709
1,107
-
Non-operating expenses
Investment loss on equity method
Foreign currency exchange loss
-
4,463
98
41
1,206
4,505
34,150
773
Gain on sales of fixed assets
136
30
Gain on sales of investment securities
128
-
Others
Total non-operating expenses
Ordinary income
Extraordinary gains
Reversal of allowance for doubtful accounts
25
-
Revenue from subsidies
232
-
Total extraordinary gains
523
30
0
30
Abandonment loss on fixed assets
193
99
Loss by narrowing down fixed asset
232
-
Extraordinary losses
Loss on sales/disposal of fixed assets
Loss on sales of affiliate companies’ shares
Loss on revaluation of investment securities
-
52
3,464
22
Loss on revaluation of affiliate companies’ shares
-
175
Provision for allowance for doubtful accounts
-
417
2,545
211
of affiliate companies
Special severance payments for early retired employees
Restructuring expenses
-
826
Settlement paid
-
470
6,436
2,304
28,237
-1,500
Total extraordinary losses
Income (-loss) before income taxes and minority interests
Income taxes-current
9,216
3,588
Income taxes-deferred
6,103
-3,404
15,319
183
Total income taxes
Minority interests (-loss)
Net income (-loss)
-9-
14
-269
12,903
-1,415
ROHM CO., LTD. (6963) Financial Report for the First Six Months of the Year Ending March 31, 2010
(3) Consolidated quarterly statement of cash flow
(Unit: millions of yen)
First six months of the year
ending March 31, 2010
(From April 1, 2009
To September 30, 2009)
First six months of the year
ended March 31, 2009
(From April 1, 2008
To September 30, 2008)
Operating Activities
Income (-loss) before income taxes and minority interests
28,237
-1,500
Depreciation
19,965
22,960
-
2,155
Amortization of goodwill
Increase (-decrease) in net liability for retirement benefits
Increase (-decrease) in prepaid pension cost
Increase (-decrease) in allowance for restructuring expenses
52
-1,248
375
242
-
-5,050
Interest and dividends income
-3,814
-868
Foreign currency exchange loss (-gain)-net
-3,406
2,334
1,107
-208
Investment loss on equity method (-gain)
Revaluation loss (-gain) on securities/investment securities
3,464
197
Decrease (-increase) in notes and accounts receivable -trade
-5,629
-18,113
1,521
10,941
-893
5,222
Decrease (-increase) in inventories
Increase (-decrease) in notes and accounts payable -trade
Increase (-decrease) in other accounts payable
Others -net
Interest and dividends -received
Interest expenses
-
-3,926
-4,398
749
4,070
922
-
-9
Income taxes -refunded (-paid)
-5,624
411
Net cash used by operating activities
35,028
15,210
Investing Activities
Decrease (-increase) in time deposits
Purchase of securities and investment securities
Revenue from selling and paying-off of securities and
investment securities
Purchases of tangible fixed assets
Proceeds from sales of tangible fixed assets
Expense from purchase of subsidiary's share accompanying
revision on the extent of consolidation
Expense from sales of subsidiary's share accompanying
revision on the extent of consolidation
Others -net
Net cash used in investing activities
469
-3,025
-539
-303
36,459
11,206
-21,164
-12,569
89
62
-
-1,469
-
-60
-63
-2,001
15,251
-8,160
-12
-8
-18,079
-7,122
-0
-84
-18,093
-7,215
4,471
-11,130
36,658
-11,295
325,715
262,210
-158
-
362,214
250,914
Financing Activities
Purchases of treasury share
Dividends paid
Others -net
Net cash used in financing activities
Effect of Exchange Rate Changes on Cash and Cash
Equivalents
Net Increase(-Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of the Fiscal Year
Increase(-Decrease) in Cash and Cash Equivalents
Accompanying Revision on Extent of Consolidation
Cash and Cash Equivalents at End of the First Six Months
- 10 -
ROHM CO., LTD. (6963) Financial Report for the First Six Months of the Year Ending March 31, 2010
(4) Note on going concern
No applicable items
(5) Segment information
[Industry segments]
The first six months of the year ended March 31, 2009 (From April 1, 2008 to September 30, 2008) and the first six months of
the year ending March 31, 2010 (From April 1, 2009 to September 30, 2009)
The main operations of the ROHM Group are the manufacturing and sales of electronic components. Since the Group does not
have any segment subject to disclosure other than such operations, the disclosure of industrial segment information has been
omitted.
[Geographical segments]
First six months of the year ended March 31, 2009 (From April 1, 2008 to September 30, 2008)
Japan
Sales
(1) Sales to customers
(2)
Inter-area transfer
Total sales
Operating income (- loss)
Asia
Americas
Europe
Total
(Unit: millions of yen)
Eliminations/
Consolidated
Corporate
56,495
100,213
5,397
8,687
170,794
-
170,794
105,385
107,541
402
213
213,542
(213,542)
-
161,881
207,755
5,800
8,900
384,337
(213,542)
170,794
15,167
15,282
34
175
30,659
(5,224)
25,435
(Notes) 1. Countries and areas are segmented based on their geographical proximity.
2. Major countries and areas that belong to segments other than Japan are as follows:
Asia:
China, Singapore, Taiwan
Americas: United States
Europe:
Germany
3. Changes in the method of accounting procedure
(Accounting standards regarding evaluation of inventory assets)
Starting with the consolidated accounting period of the first quarter of the year ended March 31, 2009, ROHM is
applying “Accounting Standards Regarding Evaluation of Inventory Assets” (Accounting Standard No. 9, Issued on
July 5, 2006, The Accounting Standards Board of Japan). The impact of this change on the operating income of the
geographical segments information is minor.
(Immediate management regarding accounting procedures of foreign subsidiaries for the preparations of
consolidated financial statements)
Starting with the consolidated accounting period of the first quarter of the year ended March 31, 2009, the
“Immediate Management Regarding Accounting Procedures of Foreign Subsidiaries for the Preparations of
Consolidated Financial Statements” (Report on Responding to Business Practice No.18, Issued on May 17, 2006,
Accounting Standards Board of Japan) is being applied. The impact of this change on the operating income of the
geographical segments information is minor.
First six months of the year ended March 31, 2010 (From April 1, 2009 to September 30, 2009)
Japan
Sales
(1) Sales to customers
(2)
Inter-area transfer
Total sales
Operating income (- loss)
Asia
Americas
Europe
Total
(Unit: millions of yen)
Eliminations/
Consolidated
Corporate
70,885
83,341
6,085
5,988
166,300
-
166,300
91,958
103,535
240
127
195,861
(195,861)
-
162,843
186,876
6,326
6,115
362,162
(195,861)
166,300
-4,600
12,704
-233
-687
7,183
(3,613)
3,569
(Notes) 1. Countries and areas are segmented based on their geographical proximity.
2. Major countries and areas that belong to segments other than Japan are as follows:
Asia:
China, Singapore, Taiwan
Americas: United States
Europe:
Germany
- 11 -
ROHM CO., LTD. (6963) Financial Report for the First Six Months of the Year Ending March 31, 2010
[Sales to foreign customers]
First six months of the year ended March 31, 2009 (From April 1, 2008 to September 30, 2008)
Asia
I
Sales to foreign customers
100,730
Americas
Europe
5,673
8,073
II Net sales
(Unit: millions of yen)
Total
114,477
170,794
III Sales to foreign customers
as a percentage of net
59.0 %
3.3 %
4.7 %
67.0 %
sales
(Notes) 1. Countries and areas are segmented based on their geographical proximity.
2. Major countries and areas that belong to each segment are as follows:
Asia:
China, Singapore, Taiwan
Americas: United States
Europe:
Germany
3. Sales to foreign customers consist of export sales of ROHM and its domestic consolidated subsidiaries and sales
(other than exports to Japan) of the overseas consolidated subsidiaries.
First six months of the year ending March 31, 2010 (From April 1, 2009 to September 30, 2009)
I
Sales to foreign customers
Asia
Americas
Europe
92,900
6,537
5,400
II Net sales
(Unit: millions of yen)
Total
104,838
166,300
III Sales to foreign customers
as a percentage of net
55.9 %
3.9 %
3.2 %
63.0 %
sales
(Notes) 1. Countries and areas are segmented based on their geographical proximity.
2. Major countries and areas that belong to each segment are as follows:
Asia:
China, Singapore, Taiwan
Americas: United States
Europe:
Germany
3. Sales to foreign customers consist of export sales of ROHM and its domestic consolidated subsidiaries and sales
(other than exports to Japan) of the overseas consolidated subsidiaries.
(6) Note in case of significant change in amount of shareholders’ equity
ROHM, at the Board Directors Meeting held on May 11, 2009, has decided to cancel a part of its treasury shares based on the
provision of Chapter 178 of the Companies Act and accordingly, on May 29, 2009, the company canceled them as follows.
[1]
[2]
[3]
Type of shares that were canceled
Number of shares that were canceled
Total amount of shares that were canceled
Common share
3,501,388 shares
34,886 million yen
- 12 -
ROHM CO., LTD. (6963) Financial Report for the First Six Months of the Year Ending March 31, 2010
6. Others
Production, orders and actual sales status
(1) Actual production
(Unit: millions of yen)
Period
Electronic
components
Product category
First six months of the year ending
March 31, 2010
From April 1, 2009
To September 30, 2009
First six months of the year ended
March 31, 2009
From April 1, 2008
To September 30, 2008
Integrated circuits
89,954
71,440
Discrete semiconductor devices
51,161
72,488
Passive components
8,902
12,030
Displays
9,424
13,094
159,443
169,054
Total
(Notes) 1. The amounts above are calculated based on the average sale prices for each fiscal year and consumption tax and the
like are excluded.
2. Major products included in each category are as follows:
Electronic
components
Product category
Major products
Integrated circuits
Monolithic ICs, Power Modules, Photo Link Modules
Discrete semiconductor devices
Transistors, Diodes, Light Emitting Diodes, Laser Diodes
Passive components
Resistors, Capacitors
Displays
Thermal Heads, Image Sensor Heads, LED Displays, Others
(2) Orders
(Unit: millions of yen)
Period
Electronic
components
Product category
First six months of the year ending
March 31, 2010
From April 1, 2009
To September 30, 2009
Order received
Order backlog
First six months of the year ended
March 31, 2009
From April 1, 2008
To September 30, 2008
Order received
Order backlog
Integrated circuits
98,694
28,347
72,095
17,052
Discrete semiconductor devices
57,283
16,032
71,357
16,402
Passive components
Displays
Total
9,514
2,616
11,989
3,037
11,164
3,876
14,291
5,237
176,657
50,873
169,733
41,730
- 13 -
ROHM CO., LTD. (6963) Financial Report for the First Six Months of the Year Ending March 31, 2010
(3) Actual sales
Actual sales by product category (domestic)
(Unit: millions of yen)
Period
Electronic
components
Product category
First six months of the year ending
March 31, 2010
From April 1, 2009
To September 30, 2009
Order received
Integrated circuits
40,349
Discrete semiconductor devices
Passive components
Displays
Total
Domestic ratio
First six months of the year ended
March 31, 2009
From April 1, 2008
To September 30, 2008
Order received
Domestic ratio
43.4 %
29,336
40.0 %
16,598
31.1
21,251
29.5
1,651
18.5
2,168
18.6
2,861
25.8
3,560
25.6
61,461
37.0
56,317
33.0
Actual sales by product category (overseas)
(Unit: millions of yen)
Period
Electronic
components
Product category
First six months of the year ending
March 31, 2010
From April 1, 2009
To September 30, 2009
Order received
Integrated circuits
52,558
Discrete semiconductor devices
Passive components
Displays
Total
Overseas ratio
First six months of the year ended
March 31, 2009
From April 1, 2008
To September 30, 2008
Order received
Overseas ratio
56.6 %
43,913
60.0 %
36,786
68.9
50,758
70.5
7,271
81.5
9,467
81.4
8,223
74.2
10,338
74.4
104,838
63.0
114,477
67.0
Actual sales by product category (total)
(Unit: millions of yen)
Period
Electronic
components
Product category
First six months of the year ending
March 31, 2010
From April 1, 2009
To September 30, 2009
Order received
Percent distribution
First six months of the year ended
March 31, 2009
From April 1, 2008
To September 30, 2008
Order received
Percent distribution
Integrated circuits
92,908
55.9 %
73,249
42.9 %
Discrete semiconductor devices
53,384
32.1
72,009
42.2
8,923
5.3
11,636
6.8
Passive components
Displays
Total
11,084
6.7
13,898
8.1
166,300
100.0
170,794
100.0
- 14 -
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