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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Tdk Corporation | TG:TDK | Tradegate | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.105 | 0.88% | 12.02 | 12.02 | 12.195 | 12.02 | 12.02 | 12.02 | 1,100 | 10:26:35 |
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Commission File No. 1-08346
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of July 2003
TDK CORPORATION
(Translation of registrant's name into English)
13-1, Nihonbashi 1-chome, Chuo-ku, Tokyo 103-8272, Japan
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F x Form 40-F
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2 (b) under the Securities Exchange Act of
1934.
Yes No x
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2 (b). 82-____________
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly Caused this to be signed on its behalf by the undersigned
thereunto duly authorized.
TDK Corporation
(Registrant)
July 30, 2003
BY: /s/ Noboru Hara
Noboru Hara
General Manager
General Administration Department
TDK Corporation
1-13-1, Nihonbashi
Chuo-ku, Tokyo
103-8272 Japan
Contacts;
Corporate Communications Department
TDK Corporation (Tokyo) Michinori Katayama +81(3)5201-7102
TDK U.S.A. Corporation Francis J. Sweeney +1(516)535-2600
TDK UK Limited Ron Matier +44(1737)773773
FOR IMMEDIATE RELEASE
TOKYO - July 30, 2003 TDK Corporation today announced its consolidated business
results prepared in conformity with accounting principles generally accepted in
the United States of America (the "U.S. GAAP") for the 1st quarter ("Qtr.") of
fiscal year ("FY") 2004 and 2003, the three months ended June 30, 2003 and 2002
are as follows;
Summary
Consolidated results (April 1, 2003 - June 30, 2003)
The 1st Qtr. of FY2004 The 1st Qtr. of FY2003
(April 1, 2003 - June 30, 2003) (April 1, 2002 - June Change
30, 2002)
Item/Term (Yen % (U.S.$ (Yen millions) % (Yen %
millions) thousands) millions)
Net sales 153,216 100.0 1,276,800 148,708 100.0 4,508 3.0
Operating income 10,180 6.6 84,833 5,986 4.0 4,194 70.1
Income before income
taxes 11,164 7.3 93,033 3,303 2.2 7,861 238.0
Net income 8,025 5.2 66,875 2,161 1.5 5,864 271.4
Net income per
common share Yen 60.51 U.S.$0.50 Yen 16.27
(Sales breakdown)
The 1st Qtr. of FY2004 The 1st Qtr. of FY2003
(April 1, 2003 - June 30, (April 1, 2002 - June 30, Change
2003) 2002)
Product/Term (Yen % (U.S.$ (Yen % (Yen %
millions) thousands) millions) millions)
Electronic materials and 123,789 80.8 1,031,575 118,170 79.5 5,619 4.8
components
Electronic materials 40,420 26.4 336,833 45,860 30.8 (5,440) -11.9
Electronic devices 25,817 16.9 215,142 29,844 20.1 (4,027) -13.5
Recording devices 53,840 35.1 448,667 38,341 25.8 15,499 40.4
Semiconductors & others 3,712 2.4 30,933 4,125 2.8 (413) -10.0
Recording media & systems 29,427 19.2 245,225 30,538 20.5 (1,111) -3.6
Total sales 153,216 100.0 1,276,800 148,708 100.0 4,508 3.0
Overseas sales 112,783 73.6 939,858 106,191 71.4 6,592 6.2
Notes:
1. The figures for net income per common share are calculated based upon
the weighted average number of shares of common stock (the total outstanding
number).
2. Consolidated results for the 1st quarter of FY2004 and FY2003 are
unaudited by independent auditors.
3. U.S.$1=Yen 120
2) Business Results and Financial Position
1. Summary
Consolidated results for the first quarter of fiscal 2004, the three-month
period from April 1, 2003 through June 30, 2003, were as follows:
Net sales were ¥153,216 million (US$1,276,800 thousand), 3.0% higher than the ¥
148,708 million recorded in the corresponding period of the previous fiscal
year. Operating income climbed 70.1%, from ¥5,986 million, to ¥10,180 million
(US$84,833 thousand) and income before income taxes surged 238.0%, from ¥3,303
million, to ¥11,164 million (US$93,033 thousand). Net income was ¥8,025 million
(US$66,875 thousand), 271.4% higher than the ¥2,161 million in fiscal 2003.
Consequently, net income per common share rose from ¥16.27 to ¥60.51 (US$0.50).
Average first quarter yen exchange rates for the U.S. dollar and euro were ¥119
and ¥135, respectively, as the yen appreciated 6.3% from ¥127 versus the U.S.
dollar and depreciated 15.4% from ¥117 against the euro, compared with the
previous fiscal year's first quarter. This had the effect of lowering net sales
by approximately ¥4.9 billion and operating income by approximately ¥2.1
billion.
(Sales by Segment)
The following is an explanation of sales by segment.
Electronic materials and components segment
In the electronic materials and components segment, net sales increased 4.8%,
from ¥118,170 million, to ¥123,789 million (US$1,031,575 thousand). Sales in
the electronic materials and electronic devices sectors fell due to a weak
recovery in overall demand for finished products, although demand was strong in
some areas, such as for digital audio and visual products. Supporting the
higher sales in this segment was an increase in sales in the recording devices
sector, where robust demand for HDD heads carried over from the previous fiscal
year. Sector results were as follows.
Electronic materials
Sales in the electronic materials sector decreased 11.9%, from ¥45,860 million,
to ¥40,420 million (US$336,833 thousand).
(Capacitors) Sales of multilayer chip capacitors, which account for the
majority of capacitor sector sales, decreased in spite of an upturn in demand
in a wide range of fields, particularly audio and visual equipment and
communications products, compared with the fourth quarter of fiscal 2003. The
year-on-year decrease reflected continuing calls for discounts from customers,
as well as the sharp increase in sales in the first quarter of fiscal 2003 on
expectations by finished product manufacturers of a recovery in demand.
(Ferrite cores and magnets) In ferrite cores and magnets, overall sales of
ferrite cores declined year on year due to lower demand for deflection yoke
cores and for general-purpose power supply cores in a soft TV and computer
monitor market, the key applications for the former cores. A weak recovery in
demand for other ferrite core products also held down ferrite core sales.
Magnet sales also declined, despite solid growth from the automobile industry,
driven by the increasing use of electronics in vehicles. Inventory reductions
by customers in other industries and price discounts in all markets were to
blame for the lower overall magnet sales. As a result, sales for ferrite cores
and magnets as a whole fell year on year.
Electronic devices
In the electronic devices sector, sales decreased 13.5%, from ¥29,844 million,
to ¥25,817 million (US$215,142 thousand).
(Inductive devices) Inductive devices, the largest product category in this
sector, saw sales decline due to inventory cutbacks by customers in the video
game systems sector and a sharp drop-off in orders from TV manufacturers
compared with the previous fiscal year, when the 2002 FIFA World Cup(tm) was held.
On the other hand, an expanding digital audio and visual products market,
including products like DVD players and digital still cameras, and the
increasing use of electronics in vehicles resulted in higher demand in these
areas.
(High-frequency components) Sales of high-frequency components decreased,
despite an upswing in sales volume for use in mobile phones. The continuing
supply glut prompted customers to demand price reductions that were greater
than in other electronic components sectors. Another reason for the overall
drop in sales was lower demand in fields other than mobile phones.
(Other products) Overall, sales of other products decreased. Solid growth
continued to be recorded by actuators and chip varistors used in PCs and
peripherals and in communications products. However, there was a precipitous
fall in sales of DC-DC converters for video game systems, a category that had
been strong in the previous fiscal year, due to inventory reductions by
customers.
Recording devices
Recording devices sales climbed 40.4%, from ¥38,341 million, to ¥53,840 million
(US$448,667 thousand). HDD heads saw a dramatic increase in sales on the back
of a continuation of strong demand from the fourth quarter of fiscal 2003 and
brisk HDD sales at major customers. This result also reflected a higher market
share for TDK in the HDD head market, compared with the corresponding quarter
of the previous fiscal year. Sales of other heads also increased on buoyant
demand.
Semiconductors & others
Sales in the semiconductors & others sector declined 10.0%, from ¥4,125
million, to ¥3,712 million (US$30,933 thousand). There was a sharp drop in
sales of semiconductors for LAN/WAN applications and set-top box modems due to
the continuing low levels of investment in communications infrastructure
equipment. Another factor was lower sales of anechoic chambers for noise
control, as customers curbed capital expenditures due to uncertainty about the
global economy.
Recording media & systems segment
In the recording media & systems segment, sales declined 3.6%, from ¥30,538
million, to ¥29,427 million (US$245,225 thousand). There were several main
reasons. Audiotape sales shrank as the long-term decline in demand continued
due to the shift to optical media. Videotape sales also declined, as demand
shifted from VHS tapes to DVDs, which are rapidly gaining acceptance by
consumers. In optical media, both CD-Rs and DVDs benefited from higher demand.
The rapid growth of the DVD market, in particular, resulted in higher sales of
optical media, offsetting falling MD demand and lower sales prices of CD-Rs.
While sales of LTO-standard (Linear Tape-Open) tape-based data storage media
for computers continued to grow steadily, the other products sector saw overall
sales decline due to factors such as lower software sales.
*Linear Tape-Open, LTO, LTO logo, Ultrium and Ultrium logo are trademarks of
HP, IBM and Seagate RSS in the U.S., other countries or both.
(Sales by Region)
By region, sales in Japan decreased 4.9%, from ¥42,517 million, to ¥40,433
million (US$336,942 thousand). While sales increased in the recording devices
sector, mainly on HDD head demand, sales fell in all other product sectors.
In the Americas, sales dropped 22.9%, from ¥29,197 million, to ¥22,498 million
(US$187,483 thousand), reflecting a weak recovery in demand as well as the
yen's appreciation, both of which caused sales in all product sectors to
decrease in this region.
In Europe, sales increased 8.4%, from ¥16,634 million, to ¥18,025 million
(US$150,208 thousand). This was mainly the result of the yen's depreciation
against the euro. But the higher sales also reflected stronger demand for
magnets, particularly in the automobile industry, and CD-Rs and DVDs, compared
with other regions.
In Asia (excluding Japan) and Others, sales increased 19.7%, from ¥60,360
million, to ¥72,260 million (US$602,167 thousand). While sales of electronic
materials and electronic devices declined, this was outweighed by higher sales
of recording devices.
The overall result was a 6.2% increase in overseas sales year on year, from ¥
106,191 million, to ¥112,783 million (US$939,858 thousand). Overseas sales
accounted for 73.6% of consolidated net sales, a 2.2 percentage point increase
from 71.4% in fiscal 2003.
2. Cash Flows
Cash Flows From Operating Activities
Operating activities provided net cash of ¥25,685 million (US$214,042
thousand), a large year-on-year increase of ¥15,930 million. The main
components of this change were the ¥5,864 million increase in net income, a ¥
2,752 million decrease in depreciation and amortization to ¥11,717 million
(US$97,642 thousand), and a ¥12,236 million decrease in accrued salaries, wages
and retirement pay, among changes in assets and liabilities.
Cash Flows From Investing Activities
Investing activities used net cash of ¥8,238 million (US$68,650 thousand), ¥
2,070 million more than in the previous fiscal year. The main component of this
was an outflow of ¥8,555 million (US$71,292 thousand) for capital expenditures,
which was ¥2,213 million higher than in the first quarter of fiscal 2003.
Cash Flows From Financing Activities
Financing activities used net cash of ¥3,378 million (US$28,150 thousand), a
year-on-year increase of ¥411 million. The increase in cash dividends per
common share compared with the previous fiscal year resulted in an outflow for
dividends paid of ¥3,316 million (US$27,633 thousand).
3. Fiscal 2004 Projections
TDK's consolidated projections for fiscal 2004, the year ending March 31, 2004,
as announced in May 2003, are unchanged for the following reasons.
* Looking at the first-quarter results for fiscal 2004, some products
exceeded expectations while others fell short. TDK believes that the many
uncertainties in its operating environment at present, including macroeconomic
trends, preclude it from revising its May forecasts.
* The average yen-U.S. dollar exchange rate for the fiscal year was
initially estimated at ¥120. Given that the actual average rate in the first
quarter was ¥119, TDK is also assuming a rate of ¥120 for the second quarter
onward.
* Demand for electronic components for DVD players, digital still cameras
and products in electronic materials and components for the automotive field
due to the growing use of electronics in automobiles, is expected to remain
firm for the rest of fiscal 2004. However, with the exception of these markets,
growth in demand for electronic products may fall short of initial
expectations.
* In HDD heads, the mainstay product in the recording devices sector, net
sales for fiscal 2004 may exceed initial estimates. This outlook is based on an
apparent bottoming out in demand and on first-quarter sales, which were just as
strong as in the fourth quarter of fiscal 2003.
* In the recording media & systems segment, TDK believes that sales may
fall below those of fiscal 2003. This outlook is premised on lower sales of
audiotapes and videotapes due to falling demand accompanying the shift to
optical media. Higher demand for optical media, including CD-Rs and DVDs, and
increased sales of tape-based data storage media for computers, a field on
which TDK is placing special emphasis at the moment, and other products are
unlikely to offset the falling demand in audiotapes and videotapes.
Consolidated Projections for Fiscal 2004
Year ending % change Year ended
March 2004 from FY03 March 2003
¥ millions ¥ millions
Net sales ¥635,000 4.3% ¥608,880
Operating income 41,000 85.7 22,080
Income before income taxes 42,000 132.3 18,081
Net income 30,000 149.6 12,019
Cautionary Statement About Projections
This earnings release contains forward-looking statements, including
projections, plans, policies, management strategies, targets, schedules,
understandings and evaluations, about TDK and its group companies that are not
historical facts. These forward-looking statements are based on current
forecasts, estimates, assumptions, plans, beliefs and evaluations in light of
information available to management on the date of this earnings release.
In preparing forecasts and estimates, TDK and its group companies have used as
their basis, certain assumptions as necessary, in addition to confirmed
historical facts. However, due to their nature, there is no guarantee that
these statements and assumptions will prove to be accurate in the future. TDK
therefore wishes to caution readers that these statements, facts and certain
assumptions contained in this earnings release are subject to a number of risks
and uncertainties and may prove to be inaccurate.
The electronics markets in which TDK and its group companies operate are highly
susceptible to rapid changes. Furthermore, TDK and its group companies operate
not only in Japan, but in many other countries. As such, factors that can have
significant effects on its results include, but are not limited to, shifts in
technology, demand, prices, competition, economic environments and foreign
exchange rates.
The premises and assumptions used in computing the projections in this earnings
release include, but are not limited to, those explained above.
Consolidated
3) Statements of income
The 1st Qtr. of FY2004 The 1st Qtr. of
FY2003
(April 1, 2003 - June 30,
2003) April 1,2002 -
June 30,2002) Change
Item/Term (Yen % (U.S.$ (Yen % (Yen %
millions) thousands) millions) millions)
Net sales 153,216 100.0 1,276,800 148,708 100.0 4,508 3.0
Cost of sales 111,359 72.7 927,992 112,197 75.4 (838) -0.7
Gross profit 41,857 27.3 348,808 36,511 24.6 5,346 14.6
Selling, general and
administrative expenses 31,677 20.7 263,975 30,525 20.6 1,152 3.8
Operating income 10,180 6.6 84,833 5,986 4.0 4,194 70.1
Other income (deductions):
Interest and dividend income 316 2,633 325 (9)
Interest expense (56) (466) (118) 62
Foreign exchange gain (loss) 297 2,475 (2,890) 3,187
Other-net 427 3,558 0 427
Total other income (deductions) 984 0.7 8,200 (2,683) -1.8 3,667 -
Income before income taxes 11,164 7.3 93,033 3,303 2.2 7,861 238.0
Income taxes 3,034 2.0 25,283 1,103 0.7 1,931 175.1
Income before minority
interests 8,130 5.3 67,750 2,200 1.5 5,930 269.5
Minority interests 105 0.1 875 39 0.0 66 169.2
Net income 8,025 5.2 66,875 2,161 1.5 5,864 271.4
Net income per common share Yen 60.51 U.S.$0.50 Yen 16.27
Average common shares outstanding 132,625 thousands 132,859
thousands
Notes:
1. The figures for net income per common share are calculated based upon
the weighted average number of shares of common stock (the total outstanding
number)
2. Statements of income for the 1st quarter of FY2004 and FY2003 are
unaudited by independent auditors
3. 3. U.S.$1=Yen 120
Consolidated
4) Balance sheets
ASSETS
As of June 30, 2003 As of Mar. 31, 2003 Change As of June 30,
2002
(Yen (U.S.$ (Yen (Yen
Item/Term millions) % thousands) (Yen millions) % millions) millions) %
Current assets 437,085 57.5 3,642,375 420,962 56.3 16,123 383,470 53.2
Cash and cash 185,251 1,543,758 170,551 14,700 120,289
equivalents
Net trade 138,814 1,156,784 140,023 (1,209) 134,155
receivables
Inventories 76,942 641,183 73,917 3,025 83,734
Other current 36,078 300,650 36,471 (393) 45,292
assets
Noncurrent assets 323,402 42.5 2,695,017 326,375 43.7 (2,973) 336,906 46.8
Investments and 22,357 186,309 22,578 (221) 21,573
advances
Net property,
plant and
equipment 222,772 1,856,433 225,907 (3,135) 249,884
Other assets 78,273 652,275 77,890 383 65,449
TOTAL 760,487 100.0 6,337,392 747,337 100.0 13,150 720,376 100.0
LIABILITIES AND STOCKHOLDERS' EQUITY
As of June 30, 2003 As of Mar. 31, Change As of June 30,
2003 2002
(Yen (Yen (Yen
(Yen (U.S.$
Item/Term millions) % thousands) millions) % millions) millions) %
Current liabilities 108,069 14.2 900,575 105,014 14.0 3,055 95,230 13.2
Short-term debt 1,865 15,542 1,919 (54) 1,854
Trade payables 55,548 462,900 56,960 (1,412) 53,898
Accrued expenses 38,071 317,258 39,571 (1,500) 29,123
Income taxes payables 3,707 30,892 1,057 2,650 2,765
Other current 8,878 73,983 5,507 3,371 7,590
liabilities
Noncurrent liabilities 90,826 12.0 756,883 85,078 11.4 5,748 64,025 8.9
Long-term debt,
excluding current
installments 107 892 94 13 352
Retirement and 88,567 738,058 84,971 3,596 61,995
severance benefits
Deferred income taxes 2,152 17,933 13 2,139 1,678
Total liabilities 198,895 26.2 1,657,458 190,092 25.4 8,803 159,255 22.1
Minority interests 3,372 0.4 28,100 3,360 0.5 12 4,541 0.6
Common stock 32,641 272,008 32,641 - 32,641
Additional paid-in 63,051 525,425 63,051 - 63,051
capital
Legal reserve 16,352 136,267 15,953 399 15,844
Retained earnings 530,229 4,418,575 525,919 4,310 519,486
Accumulated other (79,197) (659,975) (78,824) (373) (70,847)
comprehensive income
(loss)
Treasury stock (4,856) (40,466) (4,855) (1) (3,595)
Total stockholders' 558,220 73.4 4,651,834 553,885 74.1 4,335 556,580 77.3
equity
TOTAL 760,487 100.0 6,337,392 747,337 100.0 13,150 720,376 100.0
Total common shares 132,625 thousands 132,625 132,859
outstanding thousands thousands
Notes:
1. Balance sheets as of June 30, 2003 and 2002 are unaudited by independent
auditors.
2. U.S.$1=Yen 120
Consolidated
5) Statements of cash flows
The 1st Qtr. of
FY2003
The 1st Qtr. of FY2004
(April 1, 2002 -
(April 1, 2003 - June
30, 2003) June 30, 2002)
Item/Term (Yen (U.S.$
millions) thousands) (Yen millions)
Cash flows from operating activities:
Net income 8,025 66,875 2,161
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 11,717 97,642 14,469
Loss on disposal of property and equipment 718 5,983 1,083
Deferred income taxes 916 7,633 (169)
Loss on securities 1,180 9,833 -
Changes in assets and liabilities:
Decrease in trade receivables 1,942 16,183 1,579
Decrease (increase) in inventories (2,518) (20,983) 3,639
Increase (decrease) in trade payables (2,093) (17,442) 4,370
Decrease in accrued salaries and wages,
retirement pay (5,471) (45,591) (17,707)
Increase (decrease) in income taxes payables,
net 2,641 22,009 126
Other-net 8,628 71,900 204
Net cash provided by operating activities 25,685 214,042 9,755
Cash flows from investing activities:
Capital expenditures (8,555) (71,292) (6,342)
Proceeds from sales and maturities of investments 89 742 -
Payment for purchase of investments (10) (83) (30)
Other-net 238 1,983 204
Net cash used in investing activities (8,238) (68,650) (6,168)
Cash flows from financing activities:
Proceeds from long-term debt 33 275 -
Repayment of long-term debt (79) (658) (251)
Increase (decrease) in short-term debt, net (15) (125) (56)
Payment to acquire treasury stock (1) (9) (3)
Dividends paid (3,316) (27,633) (2,657)
Net cash used in financing activities (3,378) (28,150) (2,967)
Effect of exchange rate changes on cash and cash 631 5,258 (6,092)
equivalents
Net increase (decrease) in cash and cash equivalents 14,700 122,500 (5,472)
Cash and cash equivalents at beginning of period 170,551 1,421,258 125,761
Cash and cash equivalents at end of period 185,251 1,543,758 120,289
Notes:
1. Statements of cash flows for the 1st quarter of FY2004 and FY2003 are
unaudited by independent auditors.
2. U.S.$1=Yen 120
Consolidated
6) Segment Information
The following industry and geographic segment information are required by the
Japanese Securities Exchange Law. Segment information is unaudited.
1. Industry segment information
The 1st Qtr. of FY2004 The 1st Qtr. of Change
FY2003
(April 1, 2003 - June 30,
2003) (April 1, 2002 - June
30, 2002)
Product/Term (Yen % (U.S.$ (Yen millions) % (Yen %
millions) thousands) millions)
Electronic materials and
components
Net sales 123,789 100.0 1,031,575 118,170 100.0 5,619 4.8
Unaffiliated customers 123,789 1,031,575 118,170 5,619 4.8
Intersegment - - - - -
Operating expenses 112,831 91.1 940,259 112,654 95.3 177 0.2
Operating income 10,958 8.9 91,316 5,516 4.7 5,442 98.7
Recording media & systems
Net sales 29,427 100.0 245,225 30,538 100.0 (1,111) -3.6
Unaffiliated customers 29,427 245,225 30,538 (1,111) -3.6
Intersegment - - - - -
Operating expenses 30,205 102.6 251,708 30,068 98.5 137 0.5
Operating income (loss) (778) -2.6 (6,483) 470 1.5 (1,248) -
TOTAL
Net sales 153,216 100.0 1,276,800 148,708 100.0 4,508 3.0
Unaffiliated customers 153,216 1,276,800 148,708 4,508 3.0
Intersegment - - - - -
Operating expenses 143,036 93.4 1,191,967 142,722 96.0 314 0.2
Operating income 10,180 6.6 84,833 5,986 4.0 4,194 70.1
Note: U.S.$1=Yen 120
2. Geographic segment information
The 1st Qtr. of FY2004 The 1st Qtr. of
FY2003
(April 1, 2003 - June 30, (April 1, 2002 - Change
2003) June 30, 2002)
(Yen (U.S.$ (Yen
Region/Term millions) % thousands) (Yen millions) % millions) %
Japan Net sales 77,112 100.0 642,600 86,610 100.0 (9,498) -11.0
Operating 1,510 2.0 12,583 1,157 1.3 353 30.5
income
Americas Net sales 24,752 100.0 206,267 25,239 100.0 (487) -1.9
Operating
income (loss) 814 3.3 6,783 (65) -0.3 879 -
Europe Net sales 17,847 100.0 148,725 16,627 100.0 1,220 7.3
Operating
income (loss) (215) -1.2 (1,792) (611) -3.7 396 64.8
Asia and others Net sales 88,203 100.0 735,025 74,469 100.0 13,734 18.4
Operating 8,108 9.2 67,567 5,258 7.1 2,850 54.2
income
Intersegment
eliminations Net sales 54,698 455,817 54,237 461
Operating
income (loss) 37 308 (247) 284
Total Net sales 153,216 100.0 1,276,800 148,708 100.0 4,508 3.0
Operating 10,180 6.6 84,833 5,986 4.0 4,194 70.1
income
Notes:
1. The sales are classified by geographic areas of the seller and include
transfers between geographic areas.
2. U.S.$1=Yen 120
3. Sales by region
The 1st Qtr. of FY2004 The 1st Qtr. of FY2003
(April 1, 2003 - June 30, 2003) (April 1, 2002 - June 30, 2002) Change
Region/Term (Yen millions) % (U.S.$ (Yen millions) % (Yen %
thousands) millions)
Americas 22,498 14.7 187,483 29,197 19.6 (6,699) -22.9
Europe 18,025 11.8 150,208 16,634 11.2 1,391 8.4
Asia and 72,260 47.1 602,167 60,360 40.6 11,900 19.7
others
Overseas 112,783 73.6 939,858 106,191 71.4 6,592 6.2
sales total
Japan 40,433 26.4 336,942 42,517 28.6 (2,084) -4.9
Net sales 153,216 100.0 1,276,800 148,708 100.0 4,508 3.0
Notes:
1. Sales by region are classified by geographic areas of the buyer.
2. U.S.$1=Yen 120
Consolidated
(Notes)
1. The consolidated financial statements are prepared in conformity with
U.S. GAAP.
2. During this consolidated accounting period, TDK had 71 subsidiaries
(20 in Japan and 51 overseas). TDK also had 8 affiliates (5 in Japan and 3
overseas) whose financial statements are accounted for by the equity method.
3. Comprehensive income comprises net income and other comprehensive
income. Other comprehensive income includes changes in foreign currency
translation adjustments, minimum pension liability adjustments and net
unrealized gains (losses) on securities. The net income, other comprehensive
income (loss) and total comprehensive income (loss) for the three months ended
June 30, 2003 and 2002 are as follows;
The 1st Qtr. of FY2004 The 1st Qtr. of FY2003
(April 1, 2003 - June 30, (April 1, 2002 - June
2003) 30, 2002)
Item/Term (Yen (U.S.$ (Yen millions)
millions) thousands)
Net income 8,025 66,875 2,161
Other comprehensive income (loss),
net of tax:
Foreign currency translation
adjustments 717 5,975 (19,665)
Minimum pension liability
adjustments (1,485) (12,375) (5,862)
Net unrealized gains (losses) on
securities 395 3,292 (1,321)
Total comprehensive income (loss) 7,652 63,767 (24,687)
Note: U.S.$1 = Yen 120
4. In January 2003, the Emerging Issues Task Force reached a final
consensus on Issue 03-2 ("EITF 03-2"), "Accounting for the Transfer to the
Japanese Government of the Substitutional Portion of Employee Pension Fund
Liabilities". EITF 03-2 addresses accounting for a transfer to the Japanese
government of a substitutional portion of an Employees' Pension Fund ("EPF")
plan, which is a defined benefit pension plan established under the Welfare
Pension Insurance Law. EITF 03-2 requires employers to account for the
separation process of the substitutional portion from the entire EPF plan
(which includes a corporation portion) upon completion of the transfer to the
government of the substitutional portion of the benefit obligation and related
plan assets. The separation process is considered the culmination of a series
of steps in a single settlement transaction. Under this approach, the
difference between the fair value of the obligation and the assets required to
be transferred to the government should be accounted for and separately
disclosed as a subsidy. TDK has not decided whether it will transfer the
substitutional portion to the government. Accordingly, the impact on TDK's
financial statements, if any, can not be determined until a decision is made
and the substitutional portion of the benefit obligation and plan assets are
transferred to the government.
5. U.S. dollar amounts are translated from Yen, for convenience only, at
the rate of Yen 120 = U.S.$1, the approximate rate on the Tokyo Foreign
Exchange Market on June 30, 2003.
END
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