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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tdk Corp | NYSE:TDK | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
- 1 -
- 2 -
TDK Corporation
(Registrant) | ||||
Date: November 26, 2008
|
||||
By: | /s/ Seiji Enami | |||
Name: | Seiji Enami | |||
Title: | Director, Executive Vice President and CFO |
- 3 -
- 4 -
Yen (Millions)
|
||||||||||||
September 30, | ||||||||||||
ASSETS | 2008 | March 31, 2008 | ||||||||||
|
||||||||||||
Current assets:
|
||||||||||||
Cash and cash equivalents
|
¥173,617 | ¥166,105 | ||||||||||
Net trade receivables
|
160,913 | 157,118 | ||||||||||
Inventories (Note 2)
|
94,245 | 88,816 | ||||||||||
Other current assets
|
52,188 | 50,781 | ||||||||||
|
||||||||||||
Total current assets
|
480,963 | 462,820 | ||||||||||
|
||||||||||||
|
||||||||||||
Investments in securities
|
144,507 | 68,714 | ||||||||||
|
||||||||||||
Net Property, plant and equipment
|
299,348 | 267,149 | ||||||||||
|
||||||||||||
Goodwill and other intangible assets
|
94,525 | 93,342 | ||||||||||
|
||||||||||||
Other assets
|
43,952 | 43,508 | ||||||||||
|
||||||||||||
|
||||||||||||
|
¥1,063,295 | ¥935,533 | ||||||||||
|
||||||||||||
|
- 5 -
Yen (Millions)
|
||||||||||||
September 30, | ||||||||||||
LIABILITIES, MINORITY INTERESTS AND STOCKHOLDERS EQUITY | 2008 | March 31, 2008 | ||||||||||
|
||||||||||||
Current liabilities:
|
||||||||||||
Short-term debt
|
¥117,446 | ¥8,898 | ||||||||||
Current installments of long-term debt
|
200 | 294 | ||||||||||
Trade payables
|
83,153 | 76,391 | ||||||||||
Accrued expenses
|
68,205 | 63,834 | ||||||||||
Income taxes payables
|
2,365 | 7,660 | ||||||||||
Other current liabilities
|
7,133 | 4,884 | ||||||||||
|
||||||||||||
Total current liabilities
|
278,502 | 161,961 | ||||||||||
|
||||||||||||
|
||||||||||||
Long-term debt, excluding current installments
|
157 | 152 | ||||||||||
|
||||||||||||
Retirement and severance benefits
|
34,254 | 33,990 | ||||||||||
|
||||||||||||
Deferred income taxes
|
5,873 | 5,998 | ||||||||||
|
||||||||||||
Other noncurrent liabilities
|
12,788 | 13,171 | ||||||||||
|
||||||||||||
|
||||||||||||
Total liabilities
|
331,574 | 215,272 | ||||||||||
|
||||||||||||
|
||||||||||||
Minority interests
|
3,532 | 3,684 | ||||||||||
|
||||||||||||
Stockholders equity:
|
||||||||||||
Common stock
|
||||||||||||
Authorized 480,000,000 shares;
issued 129,590,659 shares at September 30, 2008 and March 31, 2008 |
32,641 | 32,641 | ||||||||||
Additional paid-in capital
|
64,113 | 63,887 | ||||||||||
Legal reserve
|
20,060 | 19,510 | ||||||||||
Retained earnings
|
690,867 | 688,719 | ||||||||||
Accumulated other comprehensive income (loss)
|
(73,149 | ) | (81,583 | ) | ||||||||
Treasury stock at cost;
611,041 shares at September 30, 2008 and 634,923 shares at March 31, 2008 |
(6,343 | ) | (6,597 | ) | ||||||||
|
||||||||||||
Total stockholders equity
|
728,189 | 716,577 | ||||||||||
|
||||||||||||
|
||||||||||||
|
||||||||||||
|
¥1,063,295 | ¥935,533 | ||||||||||
|
||||||||||||
|
- 6 -
Yen (Millions)
|
||||||
Six months ended | ||||||
September 30, 2008 | ||||||
|
||||||
Net sales
|
¥396,537 | |||||
Cost of sales
|
307,556 | |||||
|
||||||
Gross profit
|
88,981 | |||||
Selling, general and administrative expenses
|
74,600 | |||||
|
||||||
Operating income
|
14,381 | |||||
Other income (deductions):
|
||||||
Interest and dividend income
|
2,177 | |||||
Interest expense
|
(278 | ) | ||||
Foreign exchange gain (loss)
|
(1,758 | ) | ||||
Other net
|
304 | |||||
|
||||||
|
445 | |||||
|
||||||
Income before income taxes
|
14,826 | |||||
Income taxes
|
3,238 | |||||
|
||||||
Income before minority interests
|
11,588 | |||||
Minority interests, net of tax
|
(280 | ) | ||||
|
||||||
Net income
|
¥11,868 | |||||
|
||||||
Amounts per share:
|
||||||
|
Yen | |||||
|
||||||
Net income per share (Note 6):
|
||||||
Basic
|
¥92.02 | |||||
Diluted
|
91.97 | |||||
Cash dividends paid during the period
|
¥70.00 | |||||
|
- 7 -
Yen (Millions) | ||||||
|
||||||
Three months ended | ||||||
September 30, 2008 | ||||||
|
||||||
Net sales
|
¥205,914 | |||||
Cost of sales
|
159,141 | |||||
|
||||||
Gross profit
|
46,773 | |||||
Selling, general and administrative expenses
|
37,785 | |||||
|
||||||
Operating income
|
8,988 | |||||
Other income (deductions):
|
||||||
Interest and dividend income
|
1,059 | |||||
Interest expense
|
(199 | ) | ||||
Foreign exchange gain (loss)
|
(1,060 | ) | ||||
Other net
|
461 | |||||
|
||||||
|
261 | |||||
|
||||||
Income before income taxes
|
9,249 | |||||
Income taxes
|
1,898 | |||||
|
||||||
Income before minority interests
|
7,351 | |||||
Minority interests, net of tax
|
(71 | ) | ||||
|
||||||
Net income
|
¥7,422 | |||||
|
||||||
Amounts per share:
|
||||||
|
Yen | |||||
|
||||||
Net income per share (Note 6):
|
||||||
Basic
|
¥57.55 | |||||
Diluted
|
57.51 | |||||
Cash dividends paid during the period
|
¥ | |||||
|
- 8 -
Yen (Millions) | ||||||
|
||||||
Six months ended | ||||||
September 30, 2008 | ||||||
|
||||||
Cash flows from operating activities:
|
||||||
Net income
|
¥11,868 | |||||
Adjustments to reconcile net income to net cash
provided by operating activities:
|
||||||
Depreciation and amortization
|
38,824 | |||||
Changes in assets and liabilities,
net of effects of acquisition of businesses:
|
||||||
Decrease (increase) in trade receivables
|
(1,149 | ) | ||||
Decrease (increase) in inventories
|
(4,459 | ) | ||||
Increase (decrease) in trade payables
|
4,814 | |||||
Increase (decrease) in accrued expenses
|
(1,005 | ) | ||||
Increase (decrease) in changes in other assets and liabilities, net
|
(3,745 | ) | ||||
Other net
|
693 | |||||
|
||||||
Net cash provided by operating activities
|
45,841 | |||||
|
||||||
Cash flows from investing activities:
|
||||||
Capital expenditures
|
(67,716 | ) | ||||
Proceeds from sale and maturity of short-term investments
|
1,212 | |||||
Payment for purchase of short-term investments
|
(5,909 | ) | ||||
Proceeds from sale and maturity of investments in securities
|
4,155 | |||||
Payment for purchase of investments in securities
|
(823 | ) | ||||
Acquisition of affiliates
|
(74,953 | ) | ||||
Other net
|
1,175 | |||||
|
||||||
Net cash used in investing activities
|
(142,859 | ) | ||||
|
||||||
Cash flows from financing activities:
|
||||||
Repayment of long-term debt
|
(207 | ) | ||||
Increase (decrease) in short-term debt, net
|
108,503 | |||||
Cash paid to acquire treasury stock
|
(10 | ) | ||||
Dividends paid
|
(9,027 | ) | ||||
Other net
|
117 | |||||
|
||||||
Net cash provided by financing activities
|
99,376 | |||||
|
||||||
Effect of exchange rate changes on cash and cash equivalents
|
5,154 | |||||
|
||||||
Net increase in cash and cash equivalents
|
7,512 | |||||
Cash and cash equivalents at beginning of period
|
166,105 | |||||
|
||||||
Cash and cash equivalents at end of period
|
¥173,617 | |||||
|
- 9 -
1. | Summary of Significant Accounting Policies |
(a) | Consolidation Policy |
- 10 -
(d) | Reclassifications |
2. | Inventories |
Yen (Millions)
|
||||||||||||
September 30, 2008 | March 31, 2008 | |||||||||||
|
||||||||||||
Finished goods
|
¥38,209 | ¥34,856 | ||||||||||
Work in process
|
24,736 | 23,070 | ||||||||||
Raw materials
|
31,300 | 30,890 | ||||||||||
|
||||||||||||
|
¥94,245 | ¥88,816 | ||||||||||
3. | Cost for Retirement and Severance Benefits |
Yen (Millions)
|
||||||||||||
Six months ended | Three months ended | |||||||||||
September 30, 2008 | September 30, 2008 | |||||||||||
|
||||||||||||
Service cost-benefits earned during the period
|
¥3,252 | ¥1,628 | ||||||||||
Interest cost on projected benefit obligation
|
2,245 | 1,125 | ||||||||||
Expected return on plan assets
|
(2,594 | ) | (1,299 | ) | ||||||||
Recognized actuarial loss
|
634 | 312 | ||||||||||
Amortization of unrecognized prior service benefit
|
(1,011 | ) | (507 | ) | ||||||||
|
||||||||||||
|
¥2,526 | ¥1,259 | ||||||||||
- 11 -
4. | Comprehensive Income (Loss) |
Yen (Millions)
|
||||||||
Six months ended | Three months ended | |||||||
|
|
September 30, 2008
|
|
September 30, 2008
|
||||
Net income
|
¥11,868 | ¥7,422 | ||||||
|
||||||||
Other comprehensive income (loss), net of tax:
|
||||||||
Foreign currency translation adjustments
|
9,028 | (11,778 | ) | |||||
Net unrealized gains (losses) on securities
|
(282 | ) | (1,824 | ) | ||||
Pension liability adjustments
|
(312 | ) | (75 | ) | ||||
|
||||||||
Comprehensive income (loss)
|
¥20,302 | ¥(6,255 | ) | |||||
5. | Contingent Liabilities |
Yen (Millions)
|
||||||||
|
|
September 30, 2008
|
|
March 31, 2008
|
||||
Contingent liabilities for
guarantees of loans of TDKs
employees
|
¥4,629 | ¥4,764 | ||||||
- 12 -
6. | Net Income per Share |
Yen (Millions)
|
||||||||
Six months ended | Three months ended | |||||||
|
|
September 30, 2008
|
|
|
September 30, 2008
|
|
||
Net income
available to common stockholders
|
¥11,868 | ¥7,422 | ||||||
Number of shares | ||||||||
(Thousands)
|
||||||||
Six months ended | Three months ended | |||||||
|
|
September 30, 2008
|
|
September 30, 2008
|
||||
Weighted average common shares
outstanding Basic
|
128,968 | 128,976 | ||||||
Effect of dilutive stock options
|
70 | 80 | ||||||
|
||||||||
Weighted average common shares
outstanding Diluted
|
129,038 | 129,056 | ||||||
Yen
|
||||||||
Six months ended | Three months ended | |||||||
|
|
September 30, 2008
|
|
September 30, 2008
|
||||
Net income per share:
|
||||||||
Basic
|
¥92.02 | ¥57.55 | ||||||
Diluted
|
91.97 | 57.51 | ||||||
7. | Subsequent event |
- 13 -
8. | Segment Information |
(a) | Industry segment information |
(b) | Geographic segment information |
Yen (Millions)
|
||||||||||||||||||||||||||||
Eliminations | ||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||
Japan | Americas | Europe | Asia and others | Sub total | corporate | Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net sales
|
||||||||||||||||||||||||||||
External sales
|
¥36,559 | ¥11,508 | ¥10,064 | ¥147,783 | ¥205,914 | | ¥205,914 | |||||||||||||||||||||
Intersegment
|
47,807 | 12,162 | 599 | 11,627 | 72,195 | (72,195 | ) | | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
Total
|
84,366 | 23,670 | 10,663 | 159,410 | 278,109 | (72,195 | ) | 205,914 | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
Operating expenses
|
88,119 | 19,018 | 11,433 | 149,425 | 267,995 | (71,069 | ) | 196,926 | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
Operating income
(loss)
|
¥(3,753 | ) | ¥4,652 | ¥(770 | ) | ¥9,985 | ¥10,114 | ¥(1,126 | ) | ¥8,988 | ||||||||||||||||||
Yen (Millions)
|
||||||||||||||||||||||||||||
Eliminations | ||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||
Japan | Americas | Europe | Asia and others | Sub total | corporate | Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net sales
|
||||||||||||||||||||||||||||
External sales
|
¥74,692 | ¥23,265 | ¥20,443 | ¥278,137 | ¥396,537 | | ¥396,537 | |||||||||||||||||||||
Intersegment
|
93,736 | 22,267 | 976 | 23,267 | 140,246 | (140,246 | ) | | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
Total
|
168,428 | 45,532 | 21,419 | 301,404 | 536,783 | (140,246 | ) | 396,537 | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
Operating expenses
|
173,953 | 39,753 | 22,177 | 284,479 | 520,362 | (138,206 | ) | 382,156 | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
Operating income
(loss)
|
¥(5,525 | ) | ¥5,779 | ¥(758 | ) | ¥16,925 | ¥16,421 | ¥(2,040 | ) | ¥14,381 | ||||||||||||||||||
(Notes)
|
1. | Net sales in each geographic area are based on the location of TDK entities where the sales are generated. | ||
|
2. | Principal nations in each geographic segment excluding Japan: | ||
|
Americas: United States of America
|
|||
|
Europe: Germany
|
|||
|
Asia and others: Hong Kong, China, Philippines, Taiwan and Thailand
|
- 14 -
Yen (Millions)
|
||||||||||||||||
Americas | Europe | Asia and others | Total | |||||||||||||
|
||||||||||||||||
Sales by region
|
¥21,999 | ¥11,847 | ¥140,925 | ¥174,771 | ||||||||||||
Net sales
|
205,914 | |||||||||||||||
Ratio of overseas
sales to net sales (%)
|
10.7 | 5.8 | 68.4 | 84.9 | ||||||||||||
Yen (Millions)
|
||||||||||||||||
Americas | Europe | Asia and others | Total | |||||||||||||
|
||||||||||||||||
Sales by region
|
¥44,589 | ¥23,998 | ¥264,342 | ¥332,929 | ||||||||||||
Net sales
|
396,537 | |||||||||||||||
Ratio of overseas
sales to net sales (%)
|
11.2 | 6.1 | 66.7 | 84.0 | ||||||||||||
(Notes)
|
1. | Overseas sales are based on the location of the customers. | ||
|
2. | Principal nations in each region excluding Japan: | ||
|
Americas: United States of America
|
|||
|
Europe: Germany, Sweden, Hungary and United Kingdom
|
|||
|
Asia and others: Hong Kong, China, Taiwan, Singapore and Philippines
|
|||
|
3. | Overseas sales are net sales of TDK and its consolidated subsidiaries in the countries and regions other than Japan. |
- 15 -
1 Year T D K Chart |
1 Month T D K Chart |
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