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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: February 23, 2009
|
||||
By: | /s/ Seiji Enami | |||
Name: | Seiji Enami | |||
Title: | Director, Executive Vice President and CFO |
- 3 -
- 4 -
Yen (Millions)
|
||||||||
ASSETS | December 31, 2008 | March 31, 2008 | ||||||
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
¥177,207 | ¥ | 166,105 | |||||
Net trade receivables
|
143,482 | 157,118 | ||||||
Inventories (Note 2)
|
128,059 | 88,816 | ||||||
Other current assets
|
66,272 | 50,781 | ||||||
|
||||||||
Total current assets
|
515,020 | 462,820 | ||||||
|
||||||||
|
||||||||
Investments in securities
|
55,653 | 68,714 | ||||||
|
||||||||
Net Property, plant and equipment
|
355,881 | 267,149 | ||||||
|
||||||||
Goodwill and other intangible assets
|
160,793 | 93,342 | ||||||
|
||||||||
Other assets
|
48,901 | 43,508 | ||||||
|
||||||||
|
||||||||
|
¥ | 1,136,248 | ¥ | 935,533 | ||||
|
||||||||
|
- 5 -
Yen (Millions)
|
||||||||||
LIABILITIES, MINORITY INTERESTS AND STOCKHOLDERS EQUITY | December 31, 2008 | March 31, 2008 | ||||||||
|
||||||||||
Current liabilities:
|
||||||||||
Short-term debt
|
¥233,217 | ¥8,898 | ||||||||
Current installments of long-term debt
|
17,473 | 294 | ||||||||
Trade payables
|
70,833 | 76,391 | ||||||||
Accrued expenses
|
71,581 | 63,834 | ||||||||
Income taxes payables
|
2,532 | 7,660 | ||||||||
Other current liabilities
|
11,644 | 4,884 | ||||||||
|
||||||||||
Total current liabilities
|
407,280 | 161,961 | ||||||||
|
||||||||||
|
||||||||||
Long-term debt, excluding current installments
|
7,163 | 152 | ||||||||
|
||||||||||
Retirement and severance benefits
|
57,531 | 33,990 | ||||||||
|
||||||||||
Deferred income taxes
|
6,278 | 5,998 | ||||||||
|
||||||||||
Other noncurrent liabilities
|
14,084 | 13,171 | ||||||||
|
||||||||||
|
||||||||||
Total liabilities
|
492,336 | 215,272 | ||||||||
|
||||||||||
|
||||||||||
Minority interests
|
8,469 | 3,684 | ||||||||
|
||||||||||
Stockholders equity:
|
||||||||||
Common stock
|
||||||||||
Authorized
480,000,000 shares;
issued 129,590,659 shares at December 31, 2008 and March 31, 2008 |
32,641 | 32,641 | ||||||||
Additional paid-in capital
|
64,172 | 63,887 | ||||||||
Legal reserve
|
20,519 | 19,510 | ||||||||
Retained earnings
|
667,054 | 688,719 | ||||||||
Accumulated other comprehensive income (loss)
|
(142,609 | ) | (81,583 | ) | ||||||
Treasury stock at cost;
|
||||||||||
610,832 shares at December 31, 2008
and 634,923 shares at March 31, 2008 |
(6,334 | ) | (6,597 | ) | ||||||
|
||||||||||
Total stockholders equity
|
635,443 | 716,577 | ||||||||
|
||||||||||
|
||||||||||
|
||||||||||
|
¥ | 1,136,248 | ¥ | 935,533 | ||||||
|
||||||||||
|
- 6 -
Yen (Millions) | ||||
|
||||
Nine months ended | ||||
December 31, 2008 | ||||
|
||||
Net sales
|
¥588,316 | |||
Cost of sales
|
461,983 | |||
|
||||
Gross profit
|
126,333 | |||
Selling, general and administrative expenses
|
113,454 | |||
Restructuring cost (Note 8)
|
3,607 | |||
|
||||
Operating income
|
9,272 | |||
Other income (deductions):
|
||||
Interest and dividend income
|
3,470 | |||
Interest expense
|
(1,339 | ) | ||
Loss (gain) on securities, net
|
(6,293 | ) | ||
Foreign exchange gain (loss)
|
(6,293 | ) | ||
Other net
|
880 | |||
|
||||
|
(9,575 | ) | ||
|
||||
Income (loss) before income taxes
|
(303 | ) | ||
Income taxes
|
2,571 | |||
|
||||
Income (loss) before minority interests
|
(2,874 | ) | ||
Minority interests, net of tax
|
(425 | ) | ||
|
||||
Net income (loss)
|
¥(2,449 | ) | ||
|
||||
Amounts per share:
|
||||
|
Yen | |||
|
||||
Net income (loss) per share (Note 6):
|
||||
Basic
|
¥(18.99 | ) | ||
Diluted
|
(18.99 | ) | ||
Cash dividends paid during the period
|
¥140.00 | |||
|
- 7 -
Yen (Millions) | ||||
|
||||
Three months ended | ||||
December 31, 2008 | ||||
|
||||
Net sales
|
¥191,779 | |||
Cost of sales
|
154,427 | |||
|
||||
Gross profit
|
37,352 | |||
Selling, general and administrative expenses
|
38,854 | |||
Restructuring cost (Note 8)
|
3,607 | |||
|
||||
Operating income (loss)
|
(5,109 | ) | ||
Other income (deductions):
|
||||
Interest and dividend income
|
1,293 | |||
Interest expense
|
(1,061 | ) | ||
Loss (gain) on securities, net
|
(5,251 | ) | ||
Foreign exchange gain (loss)
|
(4,535 | ) | ||
Other net
|
(466 | ) | ||
|
||||
|
(10,020 | ) | ||
|
||||
Income (loss) before income taxes
|
(15,129 | ) | ||
Income taxes
|
(667 | ) | ||
|
||||
Income (loss) before minority interests
|
(14,462 | ) | ||
Minority interests, net of tax
|
(145 | ) | ||
|
||||
Net income (loss)
|
¥(14,317 | ) | ||
|
||||
Amounts per share:
|
||||
|
Yen | |||
|
||||
Net income (loss) per share (Note 6):
|
||||
Basic
|
¥(111.00 | ) | ||
Diluted
|
(111.00 | ) | ||
Cash dividends paid during the period
|
¥70.00 | |||
|
- 8 -
Yen (Millions)
|
||||
Nine months ended | ||||
December 31, 2008 | ||||
|
||||
Cash flows from operating activities:
|
||||
Net income (loss)
|
¥(2,449 | ) | ||
Adjustments
to reconcile net income (loss) to net cash
provided by operating activities:
|
||||
Depreciation and amortization
|
61,189 | |||
Loss (gain) on securities, net
|
6,293 | |||
Changes in assets and liabilities,
net of effects of acquisition of businesses:
|
||||
Decrease (increase) in trade receivables
|
28,985 | |||
Decrease (increase) in inventories
|
(12,057 | ) | ||
Increase (decrease) in trade payables
|
(15,851 | ) | ||
Increase (decrease) in accrued expenses
|
(5,666 | ) | ||
Increase (decrease) in changes in other assets and liabilities, net
|
(14,671 | ) | ||
Other net
|
5,699 | |||
|
||||
Net cash provided by operating activities
|
51,472 | |||
|
||||
Cash flows from investing activities:
|
||||
Capital expenditures
|
(86,783 | ) | ||
Proceeds from sale and maturity of short-term investments
|
5,330 | |||
Payment for purchase of short-term investments
|
(13,365 | ) | ||
Proceeds from sale and maturity of investments in securities
|
4,319 | |||
Payment for purchase of investments in securities
|
(826 | ) | ||
Acquisition of subsidiaries, net of cash acquired
|
(131,301 | ) | ||
Acquisition of minority interests
|
(166 | ) | ||
Other net
|
2,026 | |||
|
||||
Net cash used in investing activities
|
(220,766 | ) | ||
|
||||
Cash flows from financing activities:
|
||||
Repayment of long-term debt
|
(1,590 | ) | ||
Increase (decrease) in short-term debt, net
|
218,040 | |||
Cash paid to acquire treasury stock
|
(13 | ) | ||
Dividends paid
|
(18,056 | ) | ||
Other net
|
483 | |||
|
||||
Net cash provided by financing activities
|
198,864 | |||
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
(18,468 | ) | ||
Net increase in cash and cash equivalents
|
11,102 | |||
Cash and cash equivalents at beginning of period
|
166,105 | |||
|
||||
Cash and cash equivalents at end of period
|
¥177,207 | |||
|
- 9 -
1. | Summary of Significant Accounting Policies |
(a) | Consolidation Policy |
(b) | Adoption of new accounting standards |
(c) | New Accounting Standards Not Yet Adopted |
- 10 -
(d) | Reclassifications |
2. | Inventories |
Yen (Millions)
|
||||||||||||
December 31, 2008 | March 31, 2008 | |||||||||||
|
||||||||||||
Finished goods
|
¥60,984 | ¥34,856 | ||||||||||
Work in process
|
31,197 | 23,070 | ||||||||||
Raw materials
|
35,878 | 30,890 | ||||||||||
|
||||||||||||
|
¥128,059 | ¥88,816 | ||||||||||
3. | Cost for Retirement and Severance Benefits |
Yen (Millions)
|
||||||||||||
Nine months ended | Three months ended | |||||||||||
December 31, 2008 | December 31, 2008 | |||||||||||
|
||||||||||||
Service cost-benefits earned during the period
|
¥4,999 | ¥1,747 | ||||||||||
Interest cost on projected benefit obligation
|
3,730 | 1,485 | ||||||||||
Expected return on plan assets
|
(3,946 | ) | (1,352 | ) | ||||||||
Recognized actuarial loss
|
940 | 306 | ||||||||||
Amortization of unrecognized prior service benefit
|
(1,518 | ) | (507 | ) | ||||||||
|
||||||||||||
|
¥4,205 | ¥1,679 | ||||||||||
- 11 -
4. | Comprehensive Income (Loss) |
Yen (Millions)
|
||||||||
Nine months ended | Three months ended | |||||||
|
|
December 31, 2008
|
|
December 31, 2008
|
||||
Net income (loss)
|
¥(2,449 | ) | ¥(14,317 | ) | ||||
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss), net of tax:
|
||||||||
Foreign currency translation adjustments
|
(59,261 | ) | (68,289 | ) | ||||
Net unrealized gains (losses) on securities
|
229 | 511 | ||||||
Pension liability adjustments
|
(1,994 | ) | (1,682 | ) | ||||
|
|
|
|
|
|
|
|
|
Comprehensive income (loss)
|
¥(63,475 | ) | ¥(83,777 | ) | ||||
|
5. | Contingent Liabilities |
Yen (Millions)
|
||||||||
|
|
December 31, 2008
|
|
March 31, 2008
|
||||
Contingent liabilities for
guarantees of loans of TDKs
employees
|
¥4,444 | ¥4,764 | ||||||
|
- 12 -
6. | Net Income (loss) per Share |
Yen (Millions)
|
||||||||
Nine months ended | Three months ended | |||||||
|
|
December 31, 2008
|
|
December 31, 2008
|
||||
Net income (loss)
available to common stockholders
|
¥(2,449 | ) | ¥(14,317 | ) | ||||
|
Number of shares (Thousands)
|
||||||||
Nine months ended | Three months ended | |||||||
|
|
December 31, 2008
|
|
December 31, 2008
|
||||
Weighted average common shares
outstanding Basic
|
128,972 | 128,980 | ||||||
Effect of dilutive stock options
|
| | ||||||
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding Diluted
|
128,972 | 128,980 | ||||||
|
Yen
|
||||||||
Nine months ended | Three months ended | |||||||
|
|
December 31, 2008
|
|
December 31, 2008
|
||||
Net income (loss) per share:
|
||||||||
Basic
|
¥(18.99 | ) | ¥(111.00 | ) | ||||
Diluted
|
¥(18.99 | ) | ¥(111.00 | ) | ||||
|
7. | Acquisition |
- 13 -
Yen (Millions)
|
||||
|
|
Nine months ended
December 31, 2008 |
||
Net sales
|
¥710,166 | |||
Net income (loss)
|
(247 | ) |
Yen
|
||||
|
|
Nine months ended
December 31, 2008 |
||
Net income (loss) per share:
|
||||
Basic
|
¥(1.92 | ) | ||
Diluted
|
(1.92 | ) | ||
|
8. | Restructuring Cost |
- 14 -
Yen (Millions)
|
||||||||||||||||||||||||||||
Impairment | ||||||||||||||||||||||||||||
Workforce | on property, | |||||||||||||||||||||||||||
reduction | plant and | Other | ||||||||||||||||||||||||||
obligations | equipment | liabilities | Total | |||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
September 30, 2008
|
| | | | ||||||||||||||||||||||||
Costs and expenses
|
1,028 | 2,326 | 253 | 3,607 | ||||||||||||||||||||||||
Payments
|
763 | | 73 | 836 | ||||||||||||||||||||||||
Non-cash adjustments
|
| 2,326 | | 2,326 | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
December 31, 2008
|
¥265 | | ¥180 | ¥445 | ||||||||||||||||||||||||
9. | Subsequent event |
(a) | Issue of Straight Bonds |
The 2nd Series | The 3rd Series | The 4th Series | ||||||||||||||||||||||||||
Unsecured Straight | Unsecured Straight | Unsecured Straight | ||||||||||||||||||||||||||
Bonds | Bonds | Bonds | ||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
(1) Date of issue |
January 30, 2009
|
|||||||||||||||||||||||||||
(2) Total amount
of bond issuance
|
¥23 billion | ¥48 billion | ¥13 billion | |||||||||||||||||||||||||
(3) Issue price |
¥ 100 per face value of ¥ 100
|
|||||||||||||||||||||||||||
(4) Coupon rate
|
1.085% per annum | 1.413% per annum | 2.038% per annum | |||||||||||||||||||||||||
(5) Redemption
on maturity
|
January 30, 2012 | January 30, 2014 | January 30, 2019 | |||||||||||||||||||||||||
(6) Purpose for funds |
Repayment of borrowing
|
|||||||||||||||||||||||||||
(b) | Premature redemption of EPCOS AG s convertible bond |
- 15 -
10. | Segment Information |
(a) | Industry segment information |
Yen (Millions)
|
||||||||||||||||||||||||||||
Electronic | Eliminations | |||||||||||||||||||||||||||
materials & | Recording | and | ||||||||||||||||||||||||||
components | media | Sub total | corporate | Total | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net sales
|
||||||||||||||||||||||||||||
External sales
|
¥186,835 | ¥4,944 | ¥191,779 | | ¥191,779 | |||||||||||||||||||||||
Intersegment
|
| | | | | |||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Total
|
186,835 | 4,944 | 191,779 | | 191,779 | |||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Operating expenses
|
191,303 | 5,585 | 196,888 | | 196,888 | |||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Operating income (loss)
|
¥(4,468 | ) | ¥(641 | ) | ¥(5,109 | ) | | ¥(5,109 | ) | |||||||||||||||||||
Yen (Millions)
|
||||||||||||||||||||||||||||
Electronic | Eliminations | |||||||||||||||||||||||||||
materials & | Recording | and | ||||||||||||||||||||||||||
components | media | Sub total | corporate | Total | ||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net sales
|
||||||||||||||||||||||||||||
External sales
|
¥571,079 | ¥17,237 | ¥588,316 | | ¥588,316 | |||||||||||||||||||||||
Intersegment
|
| | | | | |||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Total
|
571,079 | 17,237 | 588,316 | | 588,316 | |||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Operating expenses
|
559,532 | 19,512 | 579,044 | | 579,044 | |||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Operating income (loss)
|
¥11,547 | ¥(2,275 | ) | ¥9,272 | | ¥9,272 | ||||||||||||||||||||||
(Notes)
|
1. | Segment classification | ||
|
Segments are classified by the similarity of the products, the
products character, the manufacturing method and the selling market.
|
|||
|
2. | Principal products in each segment | ||
|
Electronic materials and components: | |||
|
Ferrite cores, Rare-earth magnets, Multilayer ceramic chip capacitors,
Inductive devices (Coils, Transformers), Switching power supplies, HDD
heads and Rechargeable batteries
|
|||
|
Recording media: | |||
|
Audio tapes, Video tapes, CD-Rs, DVDs and Tape-based data storage
media for computers
|
|||
|
3. | Total assets as of December 31, 2008 rose by approximately ¥200 billion from March 31, 2008 on a consolidated basis. This mainly reflected the acquisition of EPCOS AG and its subsidiaries in the electronic materials and components business. |
- 16 -
(b) | Geographic segment information |
Yen (Millions)
|
||||||||||||||||||||||||||||
Eliminations | ||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||
Japan | Americas | Europe | Asia and others | Sub total | corporate | Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net sales
|
||||||||||||||||||||||||||||
External sales
|
¥31,899 | ¥13,570 | ¥27,533 | ¥118,777 | ¥191,779 | | ¥191,779 | |||||||||||||||||||||
Intersegment
|
37,143 | 9,664 | 17,171 | 25,548 | 89,526 | (89,526 | ) | | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
Total
|
69,042 | 23,234 | 44,704 | 144,325 | 281,305 | (89,526 | ) | 191,779 | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
Operating expenses
|
77,984 | 21,828 | 49,250 | 139,434 | 288,496 | (91,608 | ) | 196,888 | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
Operating income
(loss)
|
¥(8,942 | ) | ¥1,406 | ¥(4,546 | ) | ¥4,891 | ¥(7,191 | ) | ¥2,082 | ¥(5,109 | ) | |||||||||||||||||
Nine months ended December 31, 2008 | ||||||||||||||||||||||||||||
Yen (Millions)
|
||||||||||||||||||||||||||||
Eliminations | ||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||
Japan | Americas | Europe | Asia and others | Sub total | corporate | Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net sales
|
||||||||||||||||||||||||||||
External sales
|
¥106,591 | ¥36,835 | ¥47,976 | ¥396,914 | ¥588,316 | | ¥588,316 | |||||||||||||||||||||
Intersegment
|
130,879 | 31,931 | 18,147 | 48,815 | 229,772 | (229,772 | ) | | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
Total
|
237,470 | 68,766 | 66,123 | 445,729 | 818,088 | (229,772 | ) | 588,316 | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
Operating expenses
|
251,937 | 61,581 | 71,427 | 423,913 | 808,858 | (229,814 | ) | 579,044 | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
Operating income
(loss)
|
¥(14,467 | ) | ¥7,185 | ¥(5,304 | ) | ¥21,816 | ¥9,230 | ¥42 | ¥9,272 | |||||||||||||||||||
(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, Philippines, China, Taiwan and Thailand
|
- 17 -
(c) | Overseas sales |
Yen (Millions)
|
||||||||||||||||||||||||||||
Americas | Europe | Asia and others | Total | |||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Sales by region
|
¥20,673 | ¥25,718 | ¥116,706 | ¥163,097 | ||||||||||||||||||||||||
Net sales
|
191,779 | |||||||||||||||||||||||||||
Ratio of overseas
sales to net sales (%)
|
10.8 | 13.4 | 60.8 | 85.0 | ||||||||||||||||||||||||
Yen (Millions)
|
||||||||||||||||||||||||||||
Americas | Europe | Asia and others | Total | |||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Sales by region
|
¥65,262 | ¥49,716 | ¥381,048 | ¥496,026 | ||||||||||||||||||||||||
Net sales
|
588,316 | |||||||||||||||||||||||||||
Ratio of overseas
sales to net sales (%)
|
11.1 | 8.4 | 64.8 | 84.3 | ||||||||||||||||||||||||
(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 Italy
|
|||
|
Asia and others: Hong Kong, China, Taiwan, Philippines and Singapore
|
|||
|
3. | Overseas sales are net sales of TDK and its consolidated subsidiaries in the countries and regions other than Japan. |
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1 Year T D K Chart |
1 Month T D K Chart |
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