Interim Financial Report

Interim Financial Report
ROHM Co., Ltd. Financial Highlights for the First Six Months of the Year Ending March 31, 2015
(From April 1, 2014 to September 30, 2014)
November 6, 2014
1. Consolidated Financial Results
(Figures are rounded down to the nearest million yen. Any fraction less than the unit is rounded off.)
'15/3
'14/3
First six
months
First six
months
Change from
the previous year
'14/3
'15/3 (Projected)
Annual
Annual the previous
Change from
Amount Percentage
year
Net sales
Millions of
yen
182,262
167,979
+14,283
+8.5%
331,087
357,000
Cost of sales
Millions of
yen
119,099
119,517
-418
-0.4%
227,014
237,500
Selling, general and administrative
expenses
Millions of
yen
41,929
38,123
+3,806
+10.0%
80,437
85,500
Operating income (loss)
Millions of
yen
21,233
10,338
+10,895 +105.4%
23,635
34,000
(11.7%)
(6.2%)
(+5.5%)
(7.1%)
(9.5%)
28,440
16,743
+11,697
35,915
38,000
(15.6%)
(10.0%)
(+5.6%)
(10.8%)
(10.6%)
21,521
12,244
+9,277
32,091
30,000
(11.8%)
(7.3%)
(+4.5%)
(9.7%)
(8.4%)
199.63
113.57
+86.06
297.65
278.28
(Operating income ratio)
Millions of
yen
Ordinary income (loss)
(Ordinary income ratio)
Millions of
yen
Net income (loss)
(Net income ratio)
+69.9%
+75.8%
Net income (loss) per share
yen
Net income to equity
%
5.0
Ordinary income to total assets
%
4.9
+75.8%
Total assets
Millions of
yen
813,679
720,854
+92,825
+12.9%
754,407
Net assets
Millions of
yen
706,136
635,178
+70,958
+11.2%
663,387
+7.8%
+43.8%
+5.8%
-6.5%
Equity ratio
%
86.7
88.1
-1.4
Net assets per share
yen
6,546.09
5,887.93
+658.16
+11.2%
6,149.79
Capital expenditures
Millions of
yen
22,983
15,487
+7,496
+48.4%
31,754
58,400
+83.9%
Depreciation
Millions of
yen
14,786
11,470
+3,316
+28.9%
25,559
34,600
+35.4%
Research and development costs
Millions of
yen
18,959
17,131
+1,828
+10.7%
36,536
40,000
+9.5%
Net financial revenue
Millions of
yen
1,060
935
+125
+13.4%
1,885
Foreign exchange
gains(losses)
Millions of
(gain) 5,901
yen
(gain) 5,310
(gain) 591
103.51
97.99
+5.52
Foregin exchange rate
(Average yen-dollar rate)
(Note)
Contact:
87.9
(gain) 10,092
(Second half)
yen/US$
+5.6%
100.00
105.00
The projected data are based on the information available at the time of release of this report. A number of important factors including business conditions may
cause actual results to differ materially from those projected, and therefore, the projected data are not intended to guarantee to be achived by ROHM.
Public Relations and Investor Relations Div., ROHM Co., Ltd.
21, Saiin Mizosaki-cho, Ukyo-ku, Kyoto 615-8585 Japan +81-75-311-2121
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.)
'15/3
'14/3
First six
months
First six
months
Change from
the previous year
'14/3
'15/3 (Projected)
Amount Percentage
Annual
Annual
Change from
the previous
year
Sales by segment and
geographical region (Note 1)
ICs
Millions of
yen
85,803
79,151
+6,652
+8.4%
154,183
166,279
+7.8%
(Japan)
(24,311)
(25,244)
(-933)
(-3.7%)
(48,436)
(50,882)
(+5.0%)
(Asia)
(+9.1%)
(54,242)
(47,905)
(+6,337)
(+13.2%)
(93,841)
(102,377)
(Americas)
(4,454)
(3,925)
(+529)
(+13.5%)
(7,476)
(7,686)
(+2.8%)
(Europe)
(2,794)
(2,076)
(+718)
(+34.6%)
(4,428)
(5,333)
(+20.4%)
65,375
58,952
+6,423
+10.9%
117,746
126,128
+7.1%
(Japan)
(19,187)
(16,705)
(+2,482)
(+14.9%)
(34,869)
(37,710)
(+8.1%)
(Asia)
(+5.9%)
Discrete semiconductor devices
(38,665)
(35,986)
(+2,679)
(+7.4%)
(69,833)
(73,972)
(Americas)
(3,908)
(3,547)
(+361)
(+10.2%)
(7,089)
(7,794)
(+9.9%)
(Europe)
(3,614)
(2,712)
(+902)
(+33.2%)
(5,953)
(6,650)
(+11.7%)
Modules
(Japan)
(Asia)
(Americas)
(Europe)
Others
17,504
16,459
+1,045
+6.3%
31,648
36,898
+16.6%
(4,130)
(3,975)
(+155)
(+3.9%)
(7,962)
(8,471)
(+6.4%)
(11,645)
(10,810)
(+835)
(+7.7%)
(20,512)
(25,160)
(+22.7%)
(694)
(546)
(+148)
(+27.0%)
(1,064)
(1,227)
(+15.3%)
(1,033)
(1,126)
(-93)
(-8.2%)
(2,108)
(2,038)
(-3.3%)
13,579
13,416
+163
+1.2%
27,509
27,693
+0.7%
(Japan)
(4,095)
(5,170)
(-1,075)
(-20.8%)
(10,043)
(9,421)
(-6.2%)
(Asia)
(7,650)
(6,632)
(+1,018)
(+15.3%)
(14,138)
(14,785)
(+4.6%)
(808)
(743)
(+65)
(+8.7%)
(1,464)
(1,509)
(+3.0%)
(1,025)
(870)
(+155)
(+17.8%)
(1,862)
(1,976)
(+6.1%)
182,262
167,979
+14,283
+8.5%
331,087
357,000
+7.8%
(51,724)
(51,096)
(+628)
(+1.2%) (101,312)
(106,486)
(+5.1%)
(112,204) (101,334)
(+10,870)
(+10.7%) (198,325)
(216,296)
(+9.1%)
(Americas)
(Europe)
Total
(Japan)
(Asia)
(Americas)
(9,865)
(8,762)
(+1,103)
(+12.6%)
(17,095)
(18,217)
(+6.6%)
(Europe)
(8,468)
(6,786)
(+1,682)
(+24.8%)
(14,354)
(15,999)
(+11.5%)
Sales by application (Note 2)
5.2
5.0
+0.2
4.9
Home Appliance
3.5
3.4
+0.1
3.5
Other Consumer
11.7
13.0
-1.3
12.1
Computer and OA
14.1
12.9
+1.2
13.0
Telecommunications
10.5
11.7
-1.2
11.4
Automotive
25.6
24.4
+1.2
25.8
Other Industrial
7.8
7.0
+0.8
7.4
Subassemblies
17.2
17.1
+0.1
16.5
4.4
5.5
-1.1
5.4
Audio,Visual
Others
%
Major End Products
Audio,Visual
TV, Recorder/Player, Video Camera, Memory Audio, etc.
Home Appliances
Microwave Oven, Air Conditioner, Refrigerator, Washing Machine, Air Cleaner, etc.
Other Consumer
Digital Still Camera, Game Machine, Watch, Electronic Musical Instrument, etc.
Computer and OA
PC, Server, Tablet PC, Printer, Data Storage(DVD, HDD, Semiconductor Memory),
Monitor, Terminal, etc.
Telecommunications
Cellular Phone, FAX, Network, etc.
Automotive
Engine Control Unit, Air bag, Car Navigation, Car Audio etc.
Other Industrial
Medical Equipment, Electrical Measuring Equipment, Machine Tool,
Vending Machine, Solar Power, Smart Meter, etc.
Power Supply for Consumer Appliance/Telecommunications/PC/
Industrial Equipment, Flat panel module for PC/TV, Tuner, Motor,
Optial Pick up Laser, Unit, etc.
OEM Sales, Lighting Equipment, etc.
Subassemblies
Others
(Note1) The above amounts are sales to external customers.
(Note2) Sales by application for '14/3 is modified since the calculation method is changed from this period.
- Financial Highlights 2 -
2.Associated information
(Figures are rounded down to the nearest million yen. Any fraction less than the unit is rounded off.)
'15/3
'14/3
First six
months
First six
months
Change from the
previous year
'14/3
'15/3 (Projected)
Amount Percentage
Annual
Annual the previous
Change from
year
Capital expenditures by segment
Millions of
yen
ICs
11,013
6,707
+4,306
+64.2%
14,246
27,200
+90.9%
Discrete semiconductor devices
6,992
6,486
+506
+7.8%
12,772
18,000
+40.9%
Modules
2,912
524
+2,388
+455.7%
1,329
7,900
+494.0%
Others
1,458
1,097
+361
+33.0%
1,970
4,100
+108.1%
605
671
-66
-9.8%
1,435
1,200
-16.4%
22,983
15,487
+7,496
+48.4%
31,754
58,400
+83.9%
45.0
20.0
+25.0
(50.0)
(90.0)
Sales and administrative division
Total
Interim dividends
Yen
(Annual cash dividends)
Number of shareholders
(Yen)
Number
22,265
27,990
-5,725
-20.5%
24,965
Financial institution shareholding ratio
%
28.19
23.89
+4.30
24.84
Foregin shareholding ratio
%
44.90
47.22
-2.32
46.91
Japan
Number
5,265
5,219
+46
+0.9%
5,146
Overseas
Number
15,009
14,962
+47
+0.3%
14,839
Total
Number
20,274
20,181
+93
+0.5%
19,985
(Number)
(2,913)
(2,916)
(-3)
(-0.1%)
(2,874)
47
48
-1
47
Number of employees
(Number of R&D employees)
Number of consolidated subsidiaries
Number
(Japan)
(Number)
(11)
(12)
(-1)
(11)
(Overseas)
(Number)
(36)
(36)
(0)
(36)
3
3
0
3
(0)
(0)
(0)
(0)
2
2
0
2
(0)
(0)
(0)
(0)
Number of affiliated companies
Number
(Number of companies accounted for by equity method)
Number of non-consolidated subsidiaries
(Number)
Number
(Number of companies accounted for by equity method)
(Number)
- Financial Highlights 3 -
Financial Report for the First Six Months of the Year Ending March 31, 2015
[Based on Japanese Standard] (Consolidated)
November 6, 2014
Listed Company Name: ROHM CO., LTD.
Stock Exchange Listings: Tokyo
URL http://www.rohm.com
Code No.: 6963
Company Representative:
(Title) President
(Name) Satoshi Sawamura
Contact Person:
(Title) Director, Accounting Headquarters
(Name) Eiichi Sasayama
TEL 075-311-2121
Scheduled Date for Submitting the Quarterly Financial Reports
November 12, 2014
Scheduled Dividend Payment Date
December 5, 2014
Preparation of Supplementary Briefing Materials for the Quarterly Settlement : Yes
Briefing Session for the Quarterly Settlement to Be Held
: Yes (For analysts and institutional investors)
(Figures are rounded down to the nearest million yen.)
1. Consolidated Financial Results for the First Six Months of the Year Ending March 31, 2015 (From April 1, 2014 to September 30, 2014)
(1) Consolidated Results of Operations (Accumulated total)
(The percentages [%] represent change from the same time of the previous year.)
Net sales
Operating income
Net income for the first six
months of the year ending
March 31, 2015
Ordinary income
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
182,262
8.5
21,233
105.4
28,440
69.9
21,521
75.8
167,979
11.4
10,338
291.2
16,743
First six months of
the year ending
March 31, 2015
First six months of
the year ended
March 31, 2014
(Note) Comprehensive income
―
12,244
―
First six months of the year ending March 31, 2015: 44,085 million yen (90.4%)
First six months of the year ended March 31, 2014: 23,153 million yen (—%)
Net income per share
Diluted net income per share
Yen
First six months of the year
ending March 31, 2015
First six months of the year
ended March 31, 2014
Yen
199.63
―
113.57
―
(2) Consolidated Financial Position
Total assets
Net assets
Equity ratio
Millions of yen
First six months of the year
813,679
ending March 31, 2015
Year ended March 31, 2014
754,407
(Reference) Shareholder’s equity First six months of the year ending March 31, 2015:
Year ended March 31, 2014:
Millions of yen
%
706,136
86.7
663,387
705,697 million yen
662,983 million yen
87.9
2. Dividend Details
End of the first
quarter
Annual dividend
End of the third
quarter
Interim
Yen
Year ended March 31, 2014
Year ending March 31, 2015
Year ending March 31, 2015
(Estimates)
Yen
―
―
End of year
Yen
20.00
45.00
Total
Yen
Yen
―
30.00
50.00
―
45.00
90.00
(Note) Revision to recently disclosed dividend estimates: Yes
3. Consolidated Financial Results Forecast for the Year Ending March 31, 2015 (From April 1, 2014 to March 31, 2015)
(The percentages [%] represent change from the previous year.)
Net sales
Annual
Operating income
Ordinary income
Net income
per share
Net income
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
Yen
357,000
7.8
34,000
43.8
38,000
5.8
30,000
- 6.5
278.28
(Note) Revision to recently disclosed figures for consolidated financial results forecast: Yes
*Note
(1) Major Changes in Subsidiaries During the First Six Months of the Current Fiscal Year
(Changes to specified subsidiaries accompanying revision on the scope of consolidation): None
)
New company - (Company name:
, Excluded company - (Company name:
)
(2) Application of Specific Accounting Method for Compiling Consolidated Financial Statements: None
(3) Changes in Accounting Policies, Changes in Accounting Estimates, and Restatement of Revisions
[1] Changes in accounting policies according to revision to accounting standards:
Yes
[2] Other changes in accounting policies other than items indicated in [1]:
None
[3] Change in accounting estimates:
None
[4] Restatement of revisions:
None
(Note) Please refer to “2. Items Regarding Summary Information (Note), (3) Changes in Accounting Policies, Changes in Accounting Estimates, and
Restatement of Revisions” on Page 6 of the Financial Report for the First Six Months of the Year Ending March 31, 2015 (Appendix).
(4) Number of Shares Outstanding (common shares)
[1] Year-end number of
First six months of the year
Year ended
shares outstanding
113,400,000 shares
113,400,000 shares
ending March 31, 2015
March 31, 2014
(incl. treasury stocks)
[2] Year-end number of
First six months of the year
Year ended
5,595,470 shares
5,594,438 shares
treasury stocks
ending March 31, 2015
March 31, 2014
[3] Average number of shares
First six months of the year
First six months of the year
during the period (Accumulated
107,805,123 shares
107,813,554 shares
ending March 31, 2015
ended March 31, 2014
total of the quarter)
*Description Regarding Implementation Status of Quarterly Review Procedures
This quarterly financial report is not applicable to the quarter review procedures based on Financial Instruments and Exchange Act. At the time of disclosure of
this quarterly financial report, the review procedure of the quarterly financial statement based on Financial Instruments and Exchange Act had been completed.
*Explanation on Adequate Usage of Financial Results Forecast
Statements on financial results forecasts in this financial report are based on current information acquired by ROHM as well as specific legitimate premises for
making decisions, therefore ROHM makes no promises as to attaining these forecasts.
Actual financial results may be considerably different due to various factors. For conditions and notes used for making prepositions of financial forecasts, please refer
to “1. Qualitative Information Regarding Business Results, etc. for the First Six Months of the Current Fiscal Year, (3) Qualitative Information
Regarding Consolidated Financial Results Forecast” on Page 5 of the Financial Report for the First Six Months of the Year Ending March 31, 2015 (Appendix).
ROHM CO., LTD. (6963) Financial Report for the First Six Months of the Year Ending March 31, 2015
○Table of Contents
1. Qualitative Information Regarding Business Results, etc. for the First Six Months of the Current Fiscal Year
2
(1) Business Results
2
(2) Financial Conditions
4
(3) Qualitative Information Regarding Consolidated Financial Results Forecast
5
2. Items Regarding Summary Information (Note)
6
(1) Major Changes in Subsidiaries During the First Six Months of the Current Fiscal Year
6
(2) Application of Specific Accounting Procedure for Compiling Consolidated Financial Statement
6
(3) Changes in Accounting Policies, Changes in Accounting Estimates, and Restatement of Revisions
6
3. Consolidated Quarterly Financial Statements
7
(1) Consolidated Quarterly Balance Sheets
7
(2) Consolidated Quarterly Statement of Income and Consolidated Quarterly Statement of Comprehensive Income
9
Consolidated quarterly statement of income
9
Consolidated quarterly statement of comprehensive income
10
(3) Consolidated Quarterly Statements of Cash Flows
11
(4) Note on Consolidated Quarterly Financial Statements
12
(Note on going concern)
12
(Note in case of significant change in amount of shareholders’ equity)
12
(Segment information etc.)
12
4. Supplementary Information
13
Orders
13
* Separately attached as supplementary material are “Financial Highlights for the First Six Months of the Year
Ending March 31, 2015.”
1
ROHM CO., LTD. (6963) Financial Report for the First Six Months of the Year Ending March 31, 2015
1. Qualitative Information Regarding Business Results, etc. for the First Six Months of the Current Fiscal Year
(1) Business Results
General Overview of Business Performance
The world economy in the first six months of the year ending March 31, 2015 grew steadily as a whole, despite concerns
such as the worsening situation in the Ukraine and the stagnant economy in Europe, driven by an expanding economy in the
USA, a gradual yet continuing recovery in Japan, and slowed but nonetheless strong growth in China and other countries.
By individual regions, in the US the employment situation improved and the economy continued to expand as personal
consumption, the housing market, and industrial production remained strong. In Europe, the economy began to stall due to the
worsening situation in the Ukraine and the German economy, which started out strong, lost momentum in the latter half of the
quarter. In Asia, performance varied by country with the Chinese economy slowing because of inactivity in the housing
market, while the economies in Taiwan and India saw growth. In Japan, the economy was sluggish, caused by the increase in
consumption tax and bad weather, but the employment situation improved and corporate earnings continued to get better,
which resulted in a mild recovery.
In the electronics industry, smartphones and tablets remained strong, while the automotive sector also saw strong demand
due to a firm global market and increased use of in-vehicle electronics.
Amid this business climate, the ROHM Group continued to strengthen product lineups for the automotive and industrial
equipment markets, where growth is anticipated for the mid- to long-term, and developed new products in each category with a
view to increase future earnings through 4 ‘growth engines’: [1] IC synergy (with LAPIS Semiconductor Co., Ltd.), [2] SiCbased power devices and power module products, [3] optical modules, and [4] sensor-related products. The ROHM Group also
continued efforts from the last fiscal year to build up its sales operations in overseas markets and increase the sales of existing
products.
More specifically, the ROHM Group continued to strengthen its lineups of power ICs for in-vehicle microcontrollers and
high voltage Zener diodes for the automotive sector. For smartphones and tablets, the ROHM Group developed and improved
its lineups of sensors, power ICs, the RASMID ® series *1 of ultra-miniaturize components, as well as the world’s smallest
transistors. The Group also worked to enhance its production system for power management ICs for Intel ® Atom TM
Processors, which are in high demand for tablets.
And for the industrial equipment market, the ROHM Group sold a gateway development kit for EnOcean *2 and expanded
its lineups of low power microcontrollers and HD-PLC Inside *3 compliant baseband ICs for power line communications.
Meanwhile, a new design center was opened in India and efforts were made to strengthen the customer support system in
North America.
In addition, the ROHM Group promoted the development of next-generation Wi-SUN communication modules *4 and
wireless communication ICs compatible with Bluetooth Smart *5, and took advantage of its LED lighting and other
semiconductor application technologies to work on prototype agricultural products.
Under these circumstances, consolidated net sales for the first six months of the fiscal year ending March 31, 2015 were
182,262 million yen (an increase of 8.5% from the same time last year) and operating income was 21,233 million yen (an
increase of 105.4% from the same time last year).
Ordinary income was 28,440 million yen thanks to foreign currency exchange gains (an increase of 69.9% from the same
time last year) and net income for the quarter was 21,521 million yen (an increase of 75.8% from the same time last year).
*1. RASMID ® (ROHM Advanced Smart Micro Device) Series
The smallest lineup of components in the world, developed utilizing breakthrough manufacturing methods for
unprecedented miniaturization and ultra-high dimensional precision (±10μm). Product examples include 03015
size chip resistors and 0402 size diodes.
*2.EnOcean
A next-generation wireless communication standard that utilizes energy harvesting technology to transmit
information using minimal power. In addition to being wireless, no power source or maintenance is required,
making it ideal for HEMS and BEMS. The ROHM Group is a promoter and key member of the EnOcean
Alliance, an organization for promoting the wireless standard, where ROHM will focus on technology
development and product sales.
*3.HD-PLC Inside
A standard for building high-speed communication networks using existing power lines.
*4.Wi-SUN (Wireless Smart Utility Network)
An international wireless communication standard for building smart communities.
2
ROHM CO., LTD. (6963) Financial Report for the First Six Months of the Year Ending March 31, 2015
*5. Bluetooth Smart
Bluetooth is a near-field digital wireless telecommunication standard for exchanging information (including
textual and voice data) between devices at a distance of several to tens of meters using 2.4 GHz frequency band. It
has been adopted in a number of products, such as keyboards and mice for PCs (mainly notebook PCs), mobile
phones, PHSs, and smartphones. Bluetooth Smart is a brand name that indicates compatibility with Bluetooth ®
Low Energy, a low energy protocol of the Bluetooth standard.
Overview of Performance by Segment
<ICs>
Consolidated net sales for the first six months of the year ending March 31, 2015 were 85,803 million yen (an increase of
8.4% from the same time last year) and segment income was 12,999 million yen (an increase of 221.1% from the same time
last year).
In the automotive sector, sales of power ICs, motor driver ICs, LED driver ICs, and LCD driver ICs grew as a result of
increased adoption of in-vehicle electronics. Sales of power ICs in the industrial equipment field increased as well.
In the digital AV equipment field, sales of power ICs for cameras were down due to difficult conditions from the previous
quarter in the digital still camera market, although system ICs for car audio and high resolution audio equipment remained
strong. Sales of power ICs to the Korean and Chinese TV markets were on a recovery trend.
In IT-related market, sales of power ICs for tablets increased significantly and sales of camera module lens driver ICs and
brightness sensors for smartphones were up.
Sales of power ICs improved in the game console market as well, arising from greater demand from some customers.
And in other fields, such as consumer electronics, sales of motor driver ICs, power ICs and EEPROMs *6 were on an
upward trend.
For LAPIS Semiconductor Co., Ltd., although the adoption of lithium ion battery monitoring ICs and low power
microcontrollers for the industrial equipment and automotive markets progressed, revenue from some memory ICs for gaming
consoles entered an adjustment phase as sales decreased.
*6. EEPROM (Electrically Erasable Programmable Read-Only Memory)
A type of non-volatile memory for storing data.
<Discrete Semiconductor Devices>
Consolidated net sales for the first six months of the year ending March 31, 2015 were 65,375 million yen (an increase of
10.9% from the same time last year) and segment income was 8,896 million yen (an increase of 53.0% from the same time last
year).
Sales of power MOSFETs *7 for automotive applications and smartphones remained strong. Likewise, small-signal diodes
for smartphones and tablets and rectifier diodes *8 for the automotive market saw increased sales.
In the SiC segment, sales for air conditioners and solar power equipment were robust, while sales in the automotive-related
sector grew due to increased adoption by vehicle manufacturers. IGBTs *9 also experienced greater adoption in the automotive
industry.
Regarding LEDs, although sales of blue LEDs in the gaming and entertainment markets increased, sales of compact LEDs
for mobile devices were sluggish. In the laser diode category, sales for the printer market trended upward.
*7. MOSFET
Short for Metal Oxide Semiconductor Field Effect Transistor. This type of transistor enables faster switching with
less power consumption than bipolar transistors, and is widely used in a variety of electronic products.
*8. Rectifier Diode
A diode optimized for high-speed switch of medium range currents. They are typically used in current rectification
circuits to protect electrical instrumentation against reverse connection.
*9. IGBT
Short for Insulated Gate Bipolar Transistor, a semiconductor that combines the best features of a MOSFET and
bipolar transistor, making it ideal for power control applications.
3
ROHM CO., LTD. (6963) Financial Report for the First Six Months of the Year Ending March 31, 2015
<Modules>
Consolidated net sales for the first six months of the year ending March 31, 2015 were 17,504 million yen (an increase of
6.3% from the same time last year) and segment income was 822 million yen (a decrease of 37.7% from the same time last
year).
Sales of printheads for mobile card payment terminals and receipt printers were strong.
In the optical module segment, although sales of IrDA *10 communication modules for gaming consoles and mobile phones
were sluggish, sales of sensor modules for smartphones increased.
Sales of power modules for the camera market were down.
*10. IrDA
Short for Infrared Data Association, the organization responsible for establishing technical standards for near-field
data communications using infrared light.
<Others>
Consolidated net sales for the first six months of the year ending March 31, 2015 were 13,579 million yen (an increase of
1.2% from the same time last year) and segment loss was 836 million yen (against a segment loss of 350 million yen in the
same quarter last year).
Sales of resistors for smartphones and automotive applications increased, while sales of tantalum capacitors for smartphones
were strong.
Regarding our LED lighting products, development was directed at applications for new fields, such as products for closed
growing systems.
Please note that the above sales figures were to external customers.
(2) Financial Conditions
At the end of the second quarter of the year ending on March 31, 2015, total assets of the ROHM Group were 813,679
million yen, constituting an increase of 59,272 million yen from the end of the previous fiscal year. The primary factors behind
this were increases respectively in notes and accounts receivable (trade) to 14,817 million yen, property, plants and equipment
to 11,774 million yen, investments securities to 8,242 million yen, cash and deposits to 7,671 million yen, securities to 6,654
million yen, and miscellaneous investments and other assets to 5,692 million yen (of which 5,667 million yen were long-term
deposits).
Liabilities increased 16,524 million yen from the end of the previous fiscal year, to 107,543 million yen. The primary factors
behind this were increases respectively in miscellaneous current liabilities to 10,048 million yen (of which 4,538 million yen
were electronically recorded non-operating obligations and 2,724 million yen were accounts payable expenses), accounts
payable to 2,379 million yen, electronically recorded operating obligations to 2,262 million yen, and notes and accounts
payable (trade) to 2,001 million yen.
Net assets increased 42,749 million yen from the end of the previous fiscal year, to 706,136 million yen. This owes
primarily to increases of 19,592 million yen in retained earnings resulting from net income posted for the quarter and 16,841
million yen in foreign currency translation adjustments.
As a result, equity ratio decreased from the 87.9% registered at the end of the previous fiscal year to 86.7%.
Cash flows were as follows.
Cash flow from operating activities in the second quarter of the year ending March 31, 2015 increased 3,476 million yen
from the same quarter of the previous fiscal year (a positive cash flow of 27,036 million yen), to 30,512 million yen. The
positive factors behind this were an increase in income before income taxes and minority interests, and a decrease in accounts
payable, while a smaller decrease in inventories worked negatively against that.
Cash flow from investing activities was 61,015 million yen after an increased outlay of 29,849 million yen against the same
quarter of the previous fiscal year (a negative cash flow of 31,166 million yen). This was mainly attributed to an increase in
time deposits and a decrease in proceeds from sales of property, plants and equipment, which had a negative effect, and a
decrease in purchases of short-term and long-term investment securities, which had a positive effect.
Cash flow from financing activities was 3,280 million yen after an increased outlay of 1,556 million yen against the same
quarter of the previous fiscal year (a negative cash flow of 1,724 million yen). The main factor behind this was an increase in
cash dividends paid.
After adding to the above factors an increase of 8,329 million yen due to exchange rate conversion differences, cash and
cash equivalents for the second quarter of the current fiscal year decreased by 25,453 million yen from the previous fiscal year,
amounting to 214,937 million yen.
4
ROHM CO., LTD. (6963) Financial Report for the First Six Months of the Year Ending March 31, 2015
(3) Qualitative Information Regarding Consolidated Financial Results Forecast
Despite the worsening business confidence and other disconcerting events in China and Europe, signs of a recovery in
consumption in Japan and a good economy in the US lead us to believe that the world economy is holding firm for now.
In the electronics sector, slowing has been seen with some consumer products such as digital still cameras, however the
smartphone, automotive and industrial equipment markets experienced steady growth.
In the present business climate, the ROHM Group will continue to direct efforts and resources at overseas and key markets
such as the automotive and industrial equipment sectors and will strengthen product lineups for smartphones and mobile
devices. Additionally, the ROHM Group will take steps to enhance reliability and bring added value, strengthen customer
support, and upgrade R&D and production systems from a long-term perspective.
In consideration of the above-mentioned situations, we have revised our consolidated financial results forecast for the year
ending on March 31, 2015 as follows.
<Financial results forecast for the year ending March 31, 2015 (Consolidated)>
(Units: million yen)
Year Ending on March 31, 2015
Year Ended on
March 31, 2014
Previous Forecast
(Declared on
May 1, 2014)
Current Forecast
(Declared on
November 6, 2014)
Percent Change From
the Previous Year (%)
Net sales
331,087
344,000
357,000
+7.8%
Operating income
23,635
25,500
34,000
+43.8%
Ordinary income
35,915
25,500
38,000
+5.8%
Net income
32,091
21,000
30,000
-6.5%
The forecasts are based on an exchange rate of 105 yen to US$1.
5
ROHM CO., LTD. (6963) Financial Report for the First Six Months of the Year Ending March 31, 2015
2. Items Regarding Summary Information (Note)
(1) Major Changes in Subsidiaries During the First Six Months of the Current Fiscal Year
None
(2) Application of Specific Accounting Procedure for Compiling Consolidated Financial Statement
None
(3) Changes in Accounting Policies, Changes in Accounting Estimates, and Restatement of Revisions
Change in accounting policies
(Application of Accounting Standards for Retirement Benefits)
As of the first quarter of the year ending on March 31, 2015, the ROHM Group is applying ASBJ Statement No. 26 of May
17, 2012 (Accounting Standards for Retirement Benefits) and ASBJ Guidance No. 25 of May 17, 2012 (Guidance on
Accounting Standards for Retirement Benefits) to provisions in Article 35 of the aforementioned standard and Article 67 of
the aforementioned guidance. This has required ROHM to make changes to how retirement benefit obligations and current
service costs are calculated. ROHM has changed how expected benefits are attributed to periods of time from a straight-line
basis to a benefit formula basis, and how discount rates are determined from basing that on an approximate number of years
for the average expected remaining working life of employees to using a single weighted average discount rate that reflects
the estimated timing and amount of each benefit payment.
In applying the aforementioned standard, the ROHM Group adjusted its retained earnings at the beginning of this quarter to
offset the financial impact from changing how retirement benefit obligations and current service costs are calculated, in
accordance with transitional provisions provided for in Article 37 of the aforementioned standard.
As a result, net defined benefit assets were increased by 588 million yen and net defined benefit liabilities were decreased
by 1,525 million yen at the beginning of this quarter, resulting in an increase of 1,305 million yen in retained earnings.
Furthermore, because of the decrease in net defined benefit liabilities and the change in valuation allowances of deferred
tax assets that are included in remeasurements of defined benefit plans posted at the beginning of this quarter,
remeasurements of defined benefit plans were increased by 599 million yen.
The impact of these changes on operating income, ordinary income and income before income taxes and minority interests
for this quarter was negligible.
6
ROHM CO., LTD. (6963) Financial Report for the First Six Months of the Year Ending March 31, 2015
3. Consolidated Quarterly Financial Statements
(1) Consolidated Quarterly Balance Sheets
End of the accounting year ended
March 31, 2014
(March 31, 2014)
(Unit: millions of yen)
First six months of the year ending
March 31, 2015
(September 30, 2014)
272,982
67,536
280,653
82,353
2,214
2,121
15,282
25,533
39,739
25,761
4,170
269
8,475
-220
461,745
21,936
24,570
39,891
28,011
4,632
196
9,385
-245
493,506
213,747
465,152
45,585
63,960
15,828
-591,977
212,297
218,407
487,017
47,974
64,343
18,949
-612,621
224,071
66
2,938
3,005
49
4,065
4,115
58,841
723
5,525
12,556
-287
77,359
292,661
754,407
67,083
1,495
5,508
18,248
-349
91,986
320,173
813,679
Assets
Current assets
Cash and deposits
Notes and accounts receivable - trade
Electronically recorded monetary claims operating
Securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Deferred tax assets
Income taxes receivable
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Machinery, equipment and vehicles
Tools, furniture and fixtures
Land
Construction in progress
Accumulated depreciation
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Net defined benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets
7
ROHM CO., LTD. (6963) Financial Report for the First Six Months of the Year Ending March 31, 2015
End of the accounting year ended
March 31, 2014
(March 31, 2014)
(Unit: millions of yen)
First six months of the year ending
March 31, 2015
(September 30, 2014)
12,324
7,065
12,595
3,636
45
17,285
52,954
14,325
9,327
14,974
2,658
17
27,333
68,637
25,764
9,948
2,351
38,065
91,019
27,354
8,489
3,061
38,906
107,543
86,969
102,403
561,002
-50,125
700,250
86,969
102,403
580,594
-50,131
719,836
13,347
18,801
-45,788
-4,825
-37,266
404
663,387
754,407
-28,947
-3,993
-14,139
438
706,136
813,679
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Accounts payable - other
Income taxes payable
Deferred tax liabilities
Other
Total current liabilities
Non-current liabilities
Deferred tax liabilities
Net defined benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale
securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Minority interests
Total net assets
Total liabilities and net assets
8
ROHM CO., LTD. (6963) Financial Report for the First Six Months of the Year Ending March 31, 2015
(2) Consolidated Quarterly Statement of Income and Consolidated Quarterly Statement of Comprehensive Income
(Consolidated quarterly statement of income)
(First six months of the year ending March 31, 2015)
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Provision of allowance for doubtful accounts
Environment readiness fee
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of non-current assets
Gain on insurance adjustment
Total extraordinary income
Extraordinary losses
Loss on sales of non-current assets
Loss on abandonment of non-current assets
Impairment loss
Loss on reduction of non-current assets
Loss on valuation of investment securities
Loss on transfer of business
Total extraordinary losses
Income before income taxes and minority interests
Income taxes - current
Income taxes for prior periods
Income taxes - deferred
Total income taxes
Income before minority interests
Minority interests in income
Net income
First six months of the year ended
March 31, 2014
(From April 1, 2013
to September 30, 2013)
167,979
119,517
48,461
38,123
10,338
(Unit: millions of yen)
First six months of the year ending
March 31, 2015
(From April 1, 2014
to September 30, 2014)
182,262
119,099
63,163
41,929
21,233
697
5,310
528
6,535
737
5,901
644
7,283
112
17
130
16,743
57
19
77
28,440
556
481
1,038
2
2
138
109
36
7
6
52
349
17,431
2,427
2,207
538
5,174
12,257
13
12,244
6
173
1,000
5
1,186
27,255
7,011
384
-1,680
5,715
21,540
18
21,521
9
ROHM CO., LTD. (6963) Financial Report for the First Six Months of the Year Ending March 31, 2015
(Consolidated quarterly statement of comprehensive income)
(First six months of the year ending March 31, 2015)
Income before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to
Comprehensive income attributable to owners of
parent
Comprehensive income attributable to minority
interests
First six months of the year ended
March 31, 2014
(From April 1, 2013
to September 30, 2013)
12,257
(Unit: millions of yen)
First six months of the year ending
March 31, 2015
(From April 1, 2014
to September 30, 2014)
21,540
4,718
6,176
-
10,895
23,153
5,454
16,858
232
22,545
44,085
23,145
44,049
7
36
10
ROHM CO., LTD. (6963) Financial Report for the First Six Months of the Year Ending March 31, 2015
(3) Consolidated Quarterly Statements of Cash Flows
(Unit: millions of yen)
First six months of the year
ending March 31, 2015
(From April 1, 2014
to September 30, 2014)
First six months of the year
ended March 31, 2014
(From April 1, 2013
to September 30, 2013
Cash flows from operating activities
Income before income taxes and minority interests
Depreciation
Impairment loss
Gain on insurance claim
Amortization of goodwill
Increase (decrease) in provision for retirement
benefits
Increase (decrease) in net defined benefit liability
Increase (decrease) in provision for loss on
liquidation of subsidiaries and associates
Decrease (increase) in prepaid pension costs
Decrease (increase) in net defined benefit asset
Interest and dividend income
Foreign exchange losses (gains)
Loss (gain) on valuation of short-term and longterm investment securities
Decrease (increase) in notes and accounts
receivable - trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable trade
Increase (decrease) in accounts payable - other
Increase (decrease) in other current liabilities
Other, net
Subtotal
Proceeds from insurance income
Interest and dividend income received
Interest expenses paid
Income taxes (paid) refund
Net cash provided by (used in) operating activities
Cash flows from investing activities
Decrease (increase) in time deposits
Purchase of short-term and long-term investment
securities
Proceeds from sales and redemption of short-term
and long-term investment securities
Purchase of property, plant and equipment
Proceeds from sales of property, plant and
equipment
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Purchase of treasury shares
Cash dividends paid
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
11
17,431
11,470
36
-481
16
27,255
14,786
1,000
16
-269
-
-
248
-1,511
-
40
-935
-1,827
-86
-1,060
-2,694
6
5
-8,277
-12,065
13,409
1,810
140
2,625
-4,987
628
-427
24,462
481
897
-0
1,196
27,036
1,195
5,108
136
38,282
1,065
-0
-8,834
30,512
-15,849
-41,895
-11,931
-8,389
7,538
5,682
-13,942
-14,745
2,926
2
91
-31,166
-1,670
-61,015
-3
-1,617
-104
-1,724
-6
-3,234
-40
-3,280
3,233
8,329
-2,621
197,045
194,424
-25,453
240,391
214,937
ROHM CO., LTD. (6963) Financial Report for the First Six Months of the Year Ending March 31, 2015
(4) Note on Consolidated Quarterly Financial Statements
(Note on going concern)
No applicable items
(Note in case of significant change in amount of shareholders’ equity)
No applicable items
(Segment information etc.)
[Segment information]
First six months of the year ended March 31, 2014 (From April 1, 2013 to September 30, 2013)
Information on net sales, profits or losses by individual reportable segments
(Unit: millions of yen)
Reportable segments
ICs
Discrete
semiModules
conductor
devices
Others
Subtotal
(Note 1)
Total
Amount on
Adjusted consolidated
amount
income
(Note 2) statement
(Note 3)
Sales
Sales to customers
Inter-segment sales or
transfer
Total
Segment profit (-loss)
(Note) 1.
2.
3.
167,979
79,151
58,952
16,459
154,562
13,416
167,979
943
1,599
25
2,568
25
2,594
-2,594
80,094
60,551
16,485
157,131
13,442
170,573
-2,594
167,979
4,048
5,814
1,320
11,183
-350
10,833
-494
10,338
“Others” is an operational segment that is not included in reportable segments, consisting of business in resistors,
tantalum capacitors, and lightings.
The adjusted amount of the segment profit or loss, minus 494 million yen, mainly includes general administrative
expenses of minus 388 million yen that do not attribute to the segment, and the settlement adjusted amount of
minus 106 million yen, which is not allocated to the segment (such as adjustment for retirement benefits).
For segment profits or loss, adjustments are made using the operating income of the consolidated quarterly
statements of income.
First six months of the year ending March 31, 2015 (From April 1, 2014 to September 30, 2014)
1. Information on net sales, profits or losses by individual reportable segments
(Unit: millions of yen)
Reportable segments
ICs
Discrete
semiModules
conductor
devices
Others
Subtotal
(Note 1)
Total
Amount on
Adjusted consolidated
amount
income
(Note 2) statement
(Note 3)
Sales
Sales to customers
85,803
65,375
17,504
168,683
13,579
182,262
-
182,262
Inter-segment sales
or transfer
1,462
2,214
127
3,805
29
3,834
-3,834
-
87,265
67,590
17,631
172,488
13,609
186,097
-3,834
182,262
12,999
8,896
822
22,717
-836
21,880
-647
21,233
Total
Segment profit (-loss)
(Note) 1.
2.
3.
“Others” is an operational segment that is not included in reportable segments, consisting of business in resistors,
tantalum capacitors, and lightings.
The adjusted amount of the segment profit or loss, minus 647 million yen, mainly includes general administrative
expenses of minus 682 million yen that do not attribute to the segment, and the settlement adjusted amount of 35
million yen, which is not allocated to the segment (such as adjustment for retirement benefits).
For segment profits or loss, adjustments are made using the operating income of the consolidated quarterly
statements of income.
12
ROHM CO., LTD. (6963) Financial Report for the First Six Months of the Year Ending March 31, 2015
2. Information on impairment loss of non-current assets or goodwill of individual reportable segments
(Significant impairment loss on non-current assets)
In the module segment, an impairment loss was recorded for non-current assets. Impairment losses for the second
quarter of the current fiscal year were 931 million yen.
4. Supplementary Information
Orders
(Unit: millions of yen)
First six months of the year
ended March 31, 2014
(From April 1, 2013
to September 30, 2013)
Order received
First six months of the year
ending March 31, 2015
(From April 1, 2014
to September 30, 2014)
Order backlog
Order received
Order backlog
ICs
83,562
24,269
84,806
26,271
Discrete semiconductor devices
61,634
17,204
65,843
20,481
Modules
16,870
5,595
17,451
6,026
Total of reportable segments
162,067
47,069
168,101
52,779
Others
14,083
3,450
13,346
3,811
Total
176,151
50,520
181,448
56,590
(Notes) The above amount does not contain consumption tax and the like.
13
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