R&I Rating Methodology by Sector
|
|
- Teresa Greer
- 8 years ago
- Views:
Transcription
1 R&I Rating Methodology by Sector Passenger Vehicles April 5, 2016 R&I applies this rating methodology to manufacturers of passenger vehicles in a broad sense, including light trucks and motorcycles. This category does not include so-called commercial vehicles such as trucks. R&I utilizes the same rating methodology for foreign manufacturers. I. Evaluation of Business Risk 1. View of industry risk Passenger vehicles are durable consumer goods, and the majority of purchasers are individuals who use their cars as a means of personal transportation for commuting and leisure. The market is extremely large in size, and a certain level of growth in vehicle demand can be anticipated. Under the impact of vehicle downsizing and price reductions, there is a possibility the market s growth rate on a total value basis will be less than growth measured by number of vehicles sold. In order to operate globally, passenger vehicle manufacturers must make huge investments in capital equipment and development, and employ tens of thousands of workers. Barriers to entry are high. Nevertheless, there exist many strong manufacturers worldwide, and they are competing with each other in terms of development and sales. Until now the industry has not plunged into excessive competition, and selling prices have enabled manufacturers to sufficiently ensure profits. Research and development costs, however, are trending upward against the backdrop of stricter environmental and safety regulations and development of vehicles for emerging countries. With manufacturers from emerging countries appearing, and new players from different industries entering the market, competition has intensified. Based on these considerations, R&I judges the passenger vehicle industry to have a medium degree of industry risk. Compared with the past, the industry risk is on the increase, and among industries classified with the same category of risk, R&I recognizes the industry risk to be on the relatively high side. 1/9
2 (1) Market size, market growth potential and market volatility With a market size well in excess of 100 trillion yen, the passenger vehicle industry is substantially larger than most industries. As a highly convenient means of transportation, passenger vehicles have spread broadly throughout the world. Because they are manufactured by elaborately assembling approximately 30,000 components, and the safety standards demanded are high, passenger vehicles have become one of the more expensive durable consumer goods. Viewed over the long term, the passenger vehicle market is enjoying an expansion trend, and a certain amount of growth is expected for some years into the future. Worldwide automobile demand, the majority of which is for passenger vehicles, appears likely to reach 100 million units in the near future. Looking at Japan, the U.S., and the advanced countries of Europe, ownership ratios are already at a high level, and the markets are mature. Demand is centered on replacement purchases. In the emerging markets of China, India, and Southeast Asia, on the other hand, high demand growth can be expected. Throughout the motorization phase, as passenger vehicles spread in tandem with expansion of the middle income and high-net-worth brackets, purchases of new vehicles will likely drive demand. Worldwide there appears to be room for the number of vehicles demanded to grow at an annual pace of about 3% over the medium to long-term. Total net sales growth probably will be more gradual, because the average unit prices of vehicles will decline along with the shift of demand to emerging countries. With fully autonomous driving and car sharing likely to broadly enjoy full-scale acceptance in the future, some customers will move from the format of ownership to the format of use of a passenger vehicle as a transport service only when needed, and there is a concern this will lead to a drop in new car demand as well. Care must be taken because should such risk be actualized R&I s view of industry risk will be influenced. Market volatility is relatively high. Passenger vehicles are durable consumer goods, and demand is strongly susceptible to economic trends. In North America and Southeast Asia, a high percentage of customers use loans or leases when purchasing a passenger vehicle, and they are influenced by circumstances in the financial market as well. In the past, demand has sometimes plummeted sharply because of an exogenous shock, such as the oil crisis or the financial crisis. With emerging countries now accounting for the majority of world demand, the risk of the political or economic climate in emerging countries causing short-term fluctuations in demand has increased. (2) Industry structure (competitive environment) Barriers to entry in the passenger vehicle industry are high. Developing and producing 2/9
3 passenger vehicles based on the internal combustion engine from scratch requires substantial R&D costs and capital expenditure, as well as tens of thousands of workers. A parts procurement network and a sales and maintenance service organization also must be created. In addition to the tangible aspects of infrastructure construction, the accumulation of know-how on component design alignments, thorough process and quality control, etc. is essential in intangible aspects. Benefits of scale easily affect various aspects of the business. Competition among existing passenger vehicle manufacturers is intense. In Japan, the U.S. and Europe alone, there are over ten global enterprises with annual sales in excess of two million units. This has not led to an excessive decline in selling prices because manufacturers have some ability to control prices through their sales companies and dealers. In China and other emerging countries, manufacturers that procure key components such as engines and transmissions from outside suppliers and engage only in vehicle assembly at low costs have come to the fore. Should they scale up their business from low-end products and ratchet up the competition with existing manufacturers, this could put strong downward pressure on selling prices. The popularization of electric vehicles and autonomous driving cars has the potential to vastly alter the industry structure in the future. Compared with internal combustion engine cars, the structure of an electric vehicle s power train (engine and drive train) is simpler and does not require close coordination with parts suppliers, and new market entry is said to be comparatively easy. In the autonomous driving sector, the market entry from different industries such as IT-related firms is noteworthy. This will result in firms, including the mega-suppliers of automobile components, competing through the development of advanced technologies. On the other hand, moves to search for new cooperative relationships both within and outside the industry probably will emerge as well. (3) Customer continuity and stability As durable consumer goods, passenger vehicles do not enjoy strong customer continuity and stability. Market share fluctuates over the medium to long-term. Passenger vehicle manufacturers strive to achieve a firm grip on customers through the opportunity of providing after-sales services such as vehicle inspections and repairs at affiliated dealers. (4) Capital and inventory investment cycles To assimilate the expansion of global demand, building production locations in the markets where customers are located or in adjacent regions where tariffs are low will be critical. In addition 3/9
4 to new plant construction, production line expansion, and maintenance and upgrades of existing facilities, investment for new models and restyling will also be required. Because passenger vehicle demand characteristics and needs vary by region, manufacturers that wish to operate globally will have to develop multiple models that enable them to respond to customer diversification. Considering the typical three-to-five year model cycle, the investment recovery cycle is comparatively short. The certainty of investment recovery is also relatively low, because vehicle sales depend not only on global economic trends but on the success or failure of new automobile development and model changes as well. R&D investment targets also span a broad range, including technology to meet emissions reduction and fuel efficiency improvement regulations, next-generation environmental technologies typified by electric vehicles and fuel cell vehicles, and advanced safety measures, autonomous driving cars, and network connection functions. Because of the need to develop powertrains for all segments and meet stricter environmental and safety regulations, R&D expenditures are expected to climb. When inventory investment is examined, inventory that will enhance the product lineup is needed in countries such as the U.S., where a large portion of sales are made at dealer shops. In the case of exports, inventory overall increases because ocean transport requires many days. (5) Protection, regulations and public aspects R&I judges the industry risk related to protection, regulations and public aspects to be neutral. Changes to regulations concerning fuel efficiency, emissions, and collision safety have a substantial impact. On the other hand, governments in each country sometimes assist new car sales with subsidies and tax reductions as an economic stimulus measure and environmental initiative. (6) Cost structure The industry requires a substantial amount of capital and development investment, and the burden for depreciation and amortization expense and R&D spending is heavy. It also employs large numbers of workers in divisions such as production, development and sales, and on the whole fixed costs are at a high level. Despite a high variable cost ratio because of the numerous components purchased externally, the industry s cost structure lacks flexibility. When vehicle sales slide and plant capacity utilization rates fall, profitability can quickly deteriorate. Recent years have seen a trend toward cost savings through efforts such as integration of platforms, reduction of parts suppliers, and parts sharing and modularization. On the other hand, this means that when a recall occurs, a broader range of models is affected than in the past, swelling the amount of the loss. 4/9
5 2. View of individual firm risk In contrast to industry risk, which highlights the standard risks of the industry of which the subject firms are a part, the business risk of each company will differ depending on the individual firm risk as explained below. (1) Product competitiveness For passenger vehicle manufacturers, product competitiveness is the most important factor as a source of cash flow. Even if a company creates a global production and sales organization, this will not be linked to profits and cash flow unless its products, an essential element for product competitiveness, are attractive. With many products including competitors' being introduced to the market, consumers cautiously select the products they purchase because cars are high priced. If a company has a large number of products that are chosen by many customers, this will lead to a stronger earnings base. R&I evaluates passenger vehicle manufacturers based on factors such as the number of their leading models, the breadth of their models and segments, and degree of difficulty in breaching their differentiation factors. (2) Production system Building an efficient production system in regions with large demand, including not only advanced countries but emerging countries as well, is critical for improving the stability and level of earning and cash flow generating capacities. Another key point, in addition to cost competitiveness achieved against a backdrop of local production and high capacity utilization rates, is ensuring the flexibility to respond to changes in demand and exchange rate fluctuations in various regions. Local procurement of materials is crucial for ensuring competitiveness especially in emerging countries where production costs are low, and can reduce transportation costs as well. Provided it has prepared a bridge production system that enables it to manufacture its leading models in multiple regions, a company will find it easier to improve its plant capacity utilization rates as a whole. Local production also has the aspect of helping avoid political and economic friction with the countries hosting the plants. There is a possibility optimal production locales will shift as the number of economic partnership agreements (EPA) and free trade agreements (FTA) expands. (3) Sales capability A high degree of geographical diversification of revenue sources and a high market position in each region lead to stability of an earnings base and cash flow. The leading passenger vehicle 5/9
6 manufacturers are developing their businesses globally, and in each region the demand trends vary according to factors such as the economic climate, tax reform, and environmental regulations. Moreover, customer preferences exhibit strong local characteristics. In contrast with North America, where large-sized vehicles such as SUVs and pickup trucks are hot sellers because of the long distances, compact cars are highly popular in France and Italy, where older streets still form the core of many built-up urban centers. In Germany, where the autobahn is well-developed, customers demand superior high-speed stable running performance. Markets vary among emerging countries as well. Even within a single country, needs are diversifying because of rising income levels and an expanding customer base. In China, sedans and SUVs ranging in size from mid- to large-size models account for a high percentage of demand, while in India, low-priced compact cars account for the bulk of vehicle sales. It is therefore vital for companies to achieve earnings diversification and boost market share by expanding their sales and service networks in each region. The sales finance business serves as an effective promotional tool for selling passenger vehicles, and if it develops this operation through a consolidated subsidiary, a manufacturer can keep the profits from its sales finance business within its group. While this makes it necessary to have the funding capacity and service development capabilities to offer the most attractive financial products to their customers, it simultaneously exposes companies to financial asset quality and capital management-related risks. (4) Technological and development capabilities To maintain and strengthen the earnings base from a long-term point of view, it is vital for a company to ensure the dominance of its technological capabilities and development prowess. Environmental regulations and safety regulations are expected to continue to tighten around the world. To boost fuel efficiency and reduce emissions, manufacturers must develop electric power trains while also improving the efficiency of gasoline and diesel internal combustion engines. Because of problems in terms of the lack of charging stations and fueling infrastructure and high vehicle cost, the acceptance of electric vehicles and fuel-cell automobiles in the market appears to be quite distant in the future, but falling behind in the development race could deliver a fatal blow to a company s future earnings base. Honing technologies for downsizing and improved combustion efficiency will be essential as well, simply because internal combustion engines will remain the core technology for some time to come. Even in the advanced safety sector, technology development will be increasingly more important than in the past not only for collision safety, but also in terms of preventive safety and autonomous driving. 6/9
7 II. Evaluation of Financial Risk In addition to quantitative factors in the form of financial data, R&I also evaluates qualitative factors, such as a firm s financial management policy and liquidity risk, in its analysis of financial risk. For passenger vehicle manufacturers, R&I emphasizes the following financial indicators in consideration of their business characteristics. (1) Earning capacity EBITDA (earnings before interest, taxes, depreciation and amortization) margin EBITDA/average total assets Operating CF/average total assets Operating profit margin R&I evaluates whether a company is able to efficiently generate profits and cash flow from its sales and assets. In addition to variations in accounting standards, each company s depreciation expense burden is unique because of differences in the percentage of engines and transmissions produced in-house. R&I therefore places greater emphasis on the ratio of EBITDA to net sales than on operating income. Because of regulations, in China global manufacturers are developing their business in most cases through joint venture companies, to which the equity method is applied. When confirming earning capacity compared with total assets, R&I will confirm an indicator not only based on EBITDA, but also based on cash flow from operating activities that includes dividends received from the China joint venture company. These indicators emphasize the business segment that is centered on the passenger vehicle manufacturing and sales operations excluding the sales finance business, rather than the consolidated entity. The reason is that the sales finance business is characterized by assets that grow large in size, and the criteria for recognition of revenues can also differ depending on the accounting standard. For sales promotion expenses such as the strategic preferred interest rates for auto loans, each company s reporting method for the expense burden in its passenger vehicle manufacturing and sales operations and its sales finance business varies. To take this aspect into account, R&I confirms the operating profit margin on a consolidated basis. (2) Scale and investment capacity EBITDA Equity capital To maintain and improve competitiveness, and avoid being whiplashed by boom-and-bust 7/9
8 cycles, vehicle manufacturers must construct a business base in growth markets and undertake up-front investment in new vehicle development for each region. Addressing the rising development cost of next-generation technologies is vital as well. To illuminate such investment capacity, R&I focuses on the size of EBITDA. R&I also verifies the amount of equity capital as a measure of financial resilience for absorbing losses when they are reported. Motorcycle manufacturers have a lighter burden of capital and R&D spending than car manufacturers, and their assets are smaller. With this fact taken into consideration, R&I evaluates their scale and investment capacity. (3) Debt redemption period Net debt/ebitda ratio Net debt/operating CF ratio Amount of net cash Passenger vehicle manufacturers must increase their strategic capital investments and R&D spending to prepare for future changes in the industry s structure. Reserves that enable a company to respond adequately to the occurrence of a large-scale recall are also important. Not holding net debt and having ample net cash is linked to a positive evaluation. R&I evaluates the debt redemption period on a basis that excludes the sales finance business, which requires a substantial amount of funding. (4) Financial profile Equity ratio Net D/E ratio (ratio of net debt to equity capital) Companies must maintain a certain level of debt-equity structure to smoothly procure funds from financial institutions even during economic slowdowns. This can also be viewed as a buffer against risks ranging from profit deterioration to asset impairment. R&I focuses on the equity ratio for the business centered on passenger vehicle manufacturing and sales operations, excluding the sales finance business. R&I also verifies the net D/E ratio in a supplemental manner. In the sales finance business, R&I verifies the equity ratio for the sales finance business to highlight the risk buffer against future credit losses. When sales finance asset quality has deteriorated significantly, this will have a negative impact on R&I s evaluation. 8/9
9 (5) Liquidity risk A company requires a significant level of funding for its sales finance business, where assets and liabilities increase in tandem with business expansion. Preparing for contingencies such as financial market turmoil by ensuring sufficient liquidity and credit lines is critical. It is also important to diversify financing sources. III. Rating for Passenger Vehicle Industry Issuer Rating Individual Firm Risk Financial Risk Importance Base Indicator Importance Product competitiveness Earning capacity M EBITDA margin Production sy stem M EBITDA/av erage total assets Sales capability M Operating CF/av erage total assets Technological and dev elopment C Operating prof it margin capabilities Scale and C EBITDA investment capacity C Equity capital Debt redemption M Net debt/ebitda ratio period M Net debt/operating CF ratio M Amount of net cash Financial prof ile M Equity ratio M Net D/E ratio F Equity ratio Industry Risk: Medium Note) Importance is indicated by : extremely important, : important, or relatively important. In the Base column, "C" indicates consolidated results, "M" indicates manufacturing and sales operations (sales financing deducted from consolidated results) and "F" indicates sales financing operations. * This report replaces all previous versions that have been released to date. The Rating Determination Policy and the Rating Methodologies R&I uses in connection with evaluation of creditworthiness (collectively, the "Rating Determination Policy and Methodologies") are R&I's opinions prepared based on R&I's own analysis and research, and R&I makes no representation or warranty, express or implied, as to the accuracy, timeliness, adequacy, completeness, merchantability, fitness for any particular purpose, or any other matter with respect to the Rating Determination Policy and Methodologies. Further, disclosure of the Rating Determination Policy and Methodologies by R&I does not constitute any form of advice regarding investment decisions or financial matters or comment on the suitability of any investment for any party. R&I is not liable in any way for any damage arising in respect of a user or other third party in relation to the content or the use of the Rating Determination Policy and Methodologies, regardless of the reason for the claim, and irrespective of negligence or fault of R&I. All rights and interests (including patent rights, copyrights, other intellectual property rights, and know-how) regarding the Rating Determination Policy and Methodologies belong to R&I. Use of the Rating Determination Policy and Methodologies, in whole or in part, for purposes beyond personal use (including reproducing, amending, sending, distributing, transferring, lending, translating, or adapting the information), and storing the Rating Determination Policy and Methodologies for subsequent use, is prohibited without R&I's prior written permission. Japanese is the official language of this material and if there are any inconsistencies or discrepancies between the information written in Japanese and the information written in languages other than Japanese the information written in Japanese will take precedence. 9/9
R&I Rating Methodology by Sector
R&I Rating Methodology by Sector Electric Wires and Cables December 3, 2013 R&I applies this rating methodology to electric wire and cable manufacturers that position three sectors "electric wires and
More informationR&I Rating Methodology by Sector
R&I Rating Methodology by Sector Logistics Companies June 9, 2014 R&I applies this rating methodology to logistics companies whose main businesses are in segments such as charter trucking operations, warehouse
More informationR&I Rating Methodology by Sector
R&I Rating Methodology by Sector Medical Devices August 8, 2013 The term medical devices refers to equipment and apparatus that are used for the diagnosis and treatment of illnesses, or function as part
More informationR&I Rating Methodology by Sector
R&I Rating Methodology by Sector Life Insurance October 31, 2013 R&I applies its rating methodology for life insurance to life insurance companies that provide death benefits centered on mortality insurance
More informationR&I Rating Methodology by Sector
R&I Rating Methodology by Sector Department Stores April 9, 2013 R&I applies its rating methodology for department stores when rating retail firms such as the member stores of the Japan Department Stores
More informationR&I's Basic Methodology for Corporate Credit Ratings
R&I's Basic Methodology for Corporate Credit Ratings May 1, 2015 Chapter 1 Overview of the Rating Methodology This rating methodology provides the basis for assigning ratings to corporations. Corporations
More informationR&I's Analytical Approach to Financial Congromerates
R&I's Analytical Approach to Financial Congromerates (This report is an English translation of the original report in Japanese.) 1. The Framework of Rating Evaluation The main steps for R&I's evaluation
More informationGeneral Trading Companies
Last upated: July 13, 2011 Rating Methodology by Sector General Trading Companies General trading companies operate in a broad array of industries, including metals, energy, machinery, food, chemicals,
More informationRating Methodology by Sector. Non-life Insurance
Last updated: March 26, 2012 Rating Methodology by Sector Non-life Insurance *This rating methodology is a modification of the rating methodology made public on July 13, 2011, and modifications are made
More informationRating Methodology by Sector. Life Insurance
Last Updated: March 26, 2012 Rating Methodology by Sector Life Insurance *This rating methodology is a modification of the rating methodology made public on July 13, 2011, and modifications are made to
More informationRating Methodology by Sector. Life Insurance
Last Updated: July 1, 2013 Rating Methodology by Sector Life Insurance The following mainly applies to life insurance companies in Japan. The credit ratings of a life insurance company is assessed by focusing
More informationCANON REPORTS RESULTS FOR FISCAL 1999
February 14, 2000 CANON REPORTS RESULTS FOR FISCAL 1999 1. CONSOLIDATED RESULTS Millions of yen (except per share amounts) Actual Projected 1999 1998 Change(%) 2000 Change(%) Net sales 2,622,265 2,826,269-7.2
More informationConsolidated Financial Results for the Six Months Ended September 30, 2013 Japanese Standards
Consolidated Financial Results for the Six Months Ended September 30, 2013 Japanese Standards October 31, 2013 Summary of Quick Financial Announcement of Consolidated Financial Information For the Second
More informationof Fiscal 2006 (Consolidated)
Outline of Financial Results for the 3rd Quarter of Fiscal 2006 (Consolidated) Feb.3, 2006 For Immediate Release Company Name (URL http://www.fhi.co./jp/fina/index.html ) : Fuji Heavy Industries Ltd. (Code
More informationJanuary 27, 2016 Consolidated Financial Results for the First Nine Months of the Fiscal Year Ending March 31, 2016 <under Japanese GAAP>
Translation January 27, 2016 Consolidated Financial Results for the First Nine Months of the Fiscal Year Ending March 31, 2016 Company name: Alpine Electronics, Inc. Listing: First
More informationManagement s Discussion and Analysis
Management s Discussion and Analysis 6 Financial Policy Sysmex regards increasing its market capitalization to maximize corporate value an important management objective and pays careful attention to stable
More informationFinancial Results for the Nine-Month Period Ended March 31, 2013
Financial Results for the Nine-Month Period Ended March 31, 2013 May 14, 2013 Company name: ZERO CO., LTD. Code No: 9028 Tokyo Stock Exchange (Second Section) (URL http://www.zero-group.co.jp/) Representative:
More informationConsolidated Earnings Report for the Second Quarter of Fiscal 2011 [Japanese GAAP]
Consolidated Earnings Report for the Second Quarter of Fiscal 2011 [Japanese GAAP] October 27, 2010 Company Name: KOITO MANUFACTURING CO., LTD. Stock Listing: First Section, Tokyo Stock Exchange Code Number:
More informationBusiness and Other Risks
The JX Holdings Group (hereinafter, the JX Group) faces a variety of risks that may have an important impact on its business performance. The principal risks are those outlined below. Please note that
More informationConsolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP)
Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges
More informationR&I Rating Methodology by Sector
R&I Rating Methodology by Sector Electricity December 20, 2013 R&I applies this rating methodology mainly to the ten general electricity utilities that account for the majority of Japan's electricity business
More informationNet Sales. Cost of Sales, Selling, General & Administrative Expenses, and Operating Income
Net Sales In the fiscal year ending March 31, 2002 (fiscal 2001), the Fujitsu Group faced a difficult global economic environment, with the impact of the slowdown in the U.S. economy reverberating throughout
More informationAs of July 1, 2013. Risk Management and Administration
Risk Management Risk Control The ORIX Group allocates management resources by taking into account Group-wide risk preference based on management strategies and the strategy of individual business units.
More informationNEWS RELEASE. R&I Affirms Ratings: 4 Major Life Insurers & Subsidiary Insurers
R&I Affirms Ratings: 4 Major Life Insurers & Subsidiary Insurers Rating and Investment Information, Inc. (R&I) has announced the following: Oct 13, 2011 : AA, Affirmed Commercial Paper: a-1+, Affirmed
More informationFinancial Results for the First Quarter Ended June 30, 2014
July 28, 2014 Company name : Nissan Motor Co., Ltd. Code no : 7201 (URL http://www.nissan-global.com/en/ir/) Representative : Carlos Ghosn, President Contact person : Joji
More informationKurita Water Industries Reports Earnings for the First Half Ended September, 2004
FOR IMMEDIATE RELEASE Kurita Water Industries Reports Earnings for the First Half Ended September, Tokyo Japan November 4, Kurita Water Industries Ltd. (TSE Security Code 6370) announced revenue for the
More informationInternational Business Strategy
International Business Strategy Executive Summary The Canadian automotive industry, and in particular the automotive component parts industry is part of the broader global industry. Canadian suppliers
More informationSummary of Consolidated Financial Statements for the Second Quarter of Fiscal Year Ending March 31, 2012 (Japanese GAAP)
This document is a translation of the Japanese financial statements and is not in conformity with accounting principles of the United States. Summary of Consolidated Financial Statements for the Second
More informationCorporate and Corporate Bond Rating BioEnergie Taufkirchen GmbH & Co. KG Germany, Renewable Energy
BioEnergie Taufkirchen GmbH & Co. KG Germany, Renewable Energy www.scoperatings.com Corporate Profile BioEnergie Taufkirchen GmbH & Co. KG ( BET ) operates a biomass cogeneration plant in Taufkirchen,
More informationMakita Corporation. Consolidated Financial Results for the nine months ended December 31, 2007 (U.S. GAAP Financial Information)
Makita Corporation Consolidated Financial Results for the nine months ended (U.S. GAAP Financial Information) (English translation of "ZAIMU/GYOSEKI NO GAIKYO" originally issued in Japanese language) CONSOLIDATED
More informationConsolidated Financial Results for the First Three Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP)
Consolidated Financial Results for the First Three Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges
More information5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2016 and 2015 (in thousands
Condensed Interim Consolidated Financial Statements (Unaudited) (in thousands of United States dollars) Condensed Interim Consolidated Statements of Financial Position (in thousands of United States dollars)
More informationFINANCIAL SUMMARY. (All financial information has been prepared in accordance with U.S. generally accepted accounting principles)
FINANCIAL SUMMARY FY2015 First Quarter (April 1, 2014 through June 30, 2014) English translation from the original Japanese-language document TOYOTA MOTOR CORPORATION FY2015 First Quarter Consolidated
More informationHARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013
HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013 HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ASSETS
More informationMid-Term Management Plan Motion V
Mid-Term Management Plan Motion V FY 2012-2016 July 6, 2011 Fuji Heavy Industries Ltd. 0 Agenda 1. Management Vision 2. Review of the Previous Plan 3. Mid-Term Management Plan Motion V FY2012-2016 - Vision
More informationConsolidated Financial Summary for the Six Months Ended September 30, 2008
Member of Financial Accounting Standards Foundation Consolidated Financial Summary for the Six Months Ended September 30, 2008 Date: November 11, 2008 Name of Listed Company: NOK Corporation Securities
More informationManagement s Discussion and Analysis
Management s Discussion and Analysis 64 Financial Policy Sysmex regards increasing its market capitalization to maximize corporate value as an important management objective and pays careful attention
More informationCorporate and Corporate Bond Rating MITEC Automotive AG Germany, Automotive suppliers
MITEC Automotive AG Germany, Automotive suppliers www.scoperatings.com Corporate profile Founded in 1990, MITEC Automotive AG ( MITEC ) is a German auto supplier specialising in automobile propulsion technology,
More informationRating Methodology by Sector. Electric Power
Last updated: April 23, 2015 Rating Methodology by Sector Electric Power 1. Business base Vital to public interest, the electric power industry is regulated and protected by the government in its role
More informationSummary Statement of Second Quarter Settlement of Accounts Fiscal Year Ending March 31, 2009
JASDAQ November 7, 2008 Summary Statement of Second Quarter Settlement of Accounts Fiscal Year Ending March 31, 2009 Listed Company Name: Plaza Create Co., Ltd. Listed Market: JASDAQ Code Number: 7502
More informationStatement of Financial Accounting Standards No. 25. Statement of Financial Accounting Standards No.25. Business Combinations
Statement of Financial Accounting Standards No. 25 Statement of Financial Accounting Standards No.25 Business Combinations Revised on 30 November 2006 Translated by Ling-Tai Lynette Chou, Professor (National
More informationSelected Financial Summary (U.S. GAAP) Toyota Motor Corporation Fiscal years ended March 31
Page 44 Selected Financial Summary (U.S. GAAP) [1 of 2] Consolidated Segment Information Consolidated Quarterly Financial Summary Consolidated Financial Statements Selected Financial Summary (U.S. GAAP)
More informationFOR IMMEDIATE RELEASE February 4, 2016
FOR IMMEDIATE RELEASE February 4, 2016 Toshiba Announces Consolidated Results for the First Nine Months and Third Quarter of Fiscal Year Ending March 2016 TOKYO Toshiba Corporation (TOKYO: 6502) today
More informationSummary of Financial Statements (J-GAAP) (Consolidated)
Summary of Financial Statements (J-GAAP) (Consolidated) February 10, 2016 Company Name: Sodick Co., Ltd. Stock Exchange: Tokyo Stock Exchange, 1st Section Code Number: 6143 URL: http://www.sodick.co.jp
More informationMitsubishi Electric Announces Consolidated and Non-consolidated Financial Results for Fiscal 2016
MITSUBISHI ELECTRIC CORPORATION PUBLIC RELATIONS DIVISION 7-3, Marunouchi 2-chome, Chiyoda-ku, Tokyo, 100-8310 Japan FOR IMMEDIATE RELEASE No. 3023 Investor Relations Inquiries Investor Relations Group,
More informationConsolidated Financial Review for the Second Quarter Ended September 30, 2014
Consolidated Financial Review for the Second Quarter Ended September 30, 2014 TOKYO ELECTRON Oct 29, 2014 Company name: Tokyo Electron Limited URL: http://www.tel.com Telephone number: (03) 5561-7000 Stock
More informationThe items published on the Internet Websites upon the Notice of Convocation of the 147 th Ordinary General Meeting of Shareholders
The items published on the Internet Websites upon the Notice of Convocation of the 147 th Ordinary General Meeting of Shareholders Notes to Consolidated Financial Statements & Notes to Non-Consolidated
More informationConsolidated and Non-Consolidated Financial Statements
May 13, 2016 Consolidated and Non-Consolidated Financial Statements (For the Period from April 1, 2015 to March 31, 2016) 1. Summary of Operating Results (Consolidated) (April 1,
More informationRating Methodology by Sector. Non-life Insurance
Last updated: July 1, 2013 Rating Methodology by Sector Non-life Insurance The following mainly applies to non-life insurance companies in Japan. When determining the credit rating of a non-life insurance
More informationExhibit 1. General Motors Company and Subsidiaries Supplemental Material (Unaudited)
Exhibit 1 General Motors Company and Subsidiaries The accompanying tables and charts include earnings before interest and taxes adjusted for special items, presented net of noncontrolling interests (EBIT-adjusted),
More informationStatement of Cash Flows
HKAS 7 Revised February November 2014 Hong Kong Accounting Standard 7 Statement of Cash Flows HKAS 7 COPYRIGHT Copyright 2014 Hong Kong Institute of Certified Public Accountants This Hong Kong Financial
More informationFirst Quarter 2008. Press Conference, April 25, 2008
First Quarter 2008 Press Conference, April 25, 2008 Group Highlights 2 First Quarter Business environment Europe slower growth North America weak and Japan pre-buy Strong development in Asia and other
More informationDiluted net income per share (Yen) 90.03 129.05. Net assets per share assets. Equity
Summary of Consolidated Financial Results for the Nine months Ended December 31, 2008 February 3, 2009 Listed company name : Sysmex Corporation Code : 6869 Listed stock exchanges : Tokyo Stock Exchange
More informationMoney Market Funds Helping Businesses Manage Cash Flow
Money Market Funds Helping Businesses Manage Cash Flow Since its inception, the U.S. Chamber s Center for Capital Markets Competitiveness (CCMC) has led a bipartisan effort to modernize and strengthen
More informationFY 2011 First-Half Financial Results April 1, 2011 - September 30, 2011
October 26, 2011 FY 2011 First-Half Financial Results April 1, 2011 - September 30, 2011 Fujitsu Limited Press Contacts Fujitsu Limited Public and Investor Relations Division Inquiries:https://www-s.fujitsu.com/global/news/contacts/inquiries/index.html
More informationExhibit 1. General Motors Company and Subsidiaries Supplemental Material (Unaudited)
Exhibit 1 General Motors Company and Subsidiaries The accompanying tables and charts include earnings before interest and taxes adjusted for special items, presented net of noncontrolling interests (EBIT-adjusted),
More informationGo Further 1Q 2015 FIXED INCOME REVIEW APRIL 28, 2015
Go Further 1Q 2015 FIXED INCOME REVIEW APRIL 28, 2015 FORD CREDIT 1Q 2015 OPERATING HIGHLIGHTS* Another strong performance with pre-tax profit of $483 million and net income of $306 million Managed receivables
More informationRating Methodology by Sector. Electric Power
Last updated: July 13, 2011 Rating Methodology by Sector Electric Power 1. Business base Vital to public interest, the electric power industry is regulated and protected by the government in its role as
More informationBMW Group Corporate and Governmental Affairs
BMW Group Corporate and Governmental Affairs Media Information 18 March 2009 - Check against delivery - Statement by Dr. Friedrich Eichiner Member of the Board of Management of BMW AG, Finance Annual Accounts
More informationIndian Accounting Standard (Ind AS) 7 Statement of Cash Flows
Contents Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS 6 9 Cash and cash equivalents 7 9 PRESENTATION OF
More information3 4 5 6 FINANCIAL SECTION Five-Year Summary (Consolidated) TSUKISHIMA KIKAI CO., LTD. and its consolidated subsidiaries Years ended March 31 (Note 1) 2005 2004 2003 2002 2001 2005 For the year: Net sales...
More informationSri Lanka Accounting Standard-LKAS 7. Statement of Cash Flows
Sri Lanka Accounting Standard-LKAS 7 Statement of Cash Flows CONTENTS SRI LANKA ACCOUNTING STANDARD-LKAS 7 STATEMENT OF CASH FLOWS paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS
More informationPioneer Announces Business Results for Fiscal 2014
For Immediate Release May 12, 2014 Pioneer Announces Business Results for Fiscal 2014 Pioneer Corporation today announced its consolidated business results for fiscal 2014, the year ended March 31, 2014.
More informationConsolidated Financial Highlights for the Third Quarter Ended December 31, 2015 [under Japanese GAAP] SMC Corporation
February 9, 2016 Consolidated Financial Highlights for the Third Quarter Ended December 31, [under Japanese GAAP] SMC Corporation Company name : Stock exchange listing : Tokyo Stock Exchange first section
More informationNOK CORPORATION and Consolidated Subsidiaries Consolidated Financial Results for the First Quarter Ended June 30, 2008
Member of Financial Accounting Standards Foundation NOK CORPORATION and Consolidated Subsidiaries Consolidated Financial Results for the First Quarter Ended June 30, 2008 Name of Listed Company: NOK Corporation
More informationToyota Business Strategy Meeting 2008. Toyota Motor Corporation October 2, 2008
Toyota Business Strategy Meeting 2008 Toyota Motor Corporation October 2, 2008 Cautionary Statement with Respect to Forward-Looking Statements 2 This presentation contains forward-looking statements that
More informationTo Our Shareholders A Message from the CEO
To Our Shareholders A Message from the CEO Overview of Fiscal 2007 Performance Looking at consolidated performance during fiscal 2007, or the year ended March 31, 2007, ORIX achieved an 18% rise in net
More informationNotes to the Consolidated Financial Statements for the 92nd Fiscal Term. Notes to the Non-Consolidated Financial Statements for the 92nd Fiscal Term
To Those Shareholders with Voting Rights Notes to the Consolidated Financial Statements for the 92nd Fiscal Term Notes to the Non-Consolidated Financial Statements for the 92nd Fiscal Term The above documents
More information(April 1, 2015 June 30, 2015)
Financial Results Summary of Consolidated Financial Results For the Three-month Period Ended June 30, 2015 (IFRS basis) (April 1, 2015 June 30, 2015) *This document is an English translation of materials
More informationExhibit 1. General Motors Company and Subsidiaries Supplemental Material (Unaudited)
Exhibit 1 General Motors Company and Subsidiaries The accompanying tables and charts include earnings before interest and taxes adjusted for special items, presented net of noncontrolling interests (EBIT-adjusted)
More informationConsolidated Financial Results April 1, 2008 June 30, 2008
Consolidated Financial Results April 1, 2008 June August 14, 2008 In preparing its consolidated financial information, ORIX Corporation and its subsidiaries have complied with accounting principles generally
More informationNEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS
NAS 03 NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS CONTENTS Paragraphs OBJECTIVE SCOPE 1-3 BENEFITS OF CASH FLOWS INFORMATION 4-5 DEFINITIONS 6-9 Cash and cash equivalents 7-9 PRESENTATION OF A
More informationTO OUR SHAREHOLDERS A MESSAGE FROM THE CEO. shareholders equity ratio and ROE both rose to over 10%.
TO OUR SHAREHOLDERS A MESSAGE FROM THE CEO During the fiscal year ended March 31, 2004, attained record-high total revenues, income before income taxes, and net income. We also made steady progress in
More informationOverview for the nine months ended December 31, 2008 (from April 1, 2008 to December 31, 2008)
1 [Qualitative Information & Consolidated Financial Statements] 1. Qualitative Information on Results of Operations Overview for the nine months ended December 31, (from April 1, to December 31, ) As for
More informationRating Criteria for Finance Companies
The broad analytical framework used by CRISIL to rate finance companies is the same as that used for banks and financial institutions. In addition, CRISIL also addresses certain issues that are specific
More informationQUARTERLY REPORT For the six months ended September 30, 2012 010_0774017502412.indd 2 2012/12/21 11:54:11
QUARTERLY REPORT For the six months ended September 30, 2012 QUALITATIVE INFORMATION (1) Qualitative Information Relating to Consolidated Quarterly Operating Results During the first half of the fiscal
More informationSumio Marukawa +81(3)6852-7102
Contact; TDK Corporation (Tokyo) TDK Corporation January 29, 2016 Corporate Communications Department Sumio Marukawa +81(3)6852-7102 Consolidated results (U.S. GAAP) for the 3rd quarter of FY March 2016
More informationCash Flow Statements
Compiled Accounting Standard AASB 107 Cash Flow Statements This compiled Standard applies to annual reporting periods beginning on or after 1 July 2007. Early application is permitted. It incorporates
More informationThe 14th Ordinary General Meeting of Shareholders Matters for Internet Disclosure
To Shareholders The 14th Ordinary General Meeting of Shareholders Matters for Internet Disclosure The 14th Business Period from April 1, 2015 to March 31, 2016 Notes to Consolidated Financial Statements
More informationClosing Announcement of First Quarter of the Fiscal Year Ending March 31, 2009
Member of Financial Accounting Standards Foundation Closing Announcement of First Quarter of the Fiscal Year Ending March 31, 2009 Name of Listed Company: Arisawa Mfg. Co., Ltd. Listed on the 1st Section
More informationFY2013 full-year financial results We had 1,003.6 billion in net sales, an increase of 152.3 billion year-over-year. In fact, net sales rebounded
0 1 2 FY2013 full-year financial results We had 1,003.6 billion in net sales, an increase of 152.3 billion year-over-year. In fact, net sales rebounded past the 1,000 billion yen mark for the first time
More informationPioneer Corporation. Medium-Term Plan (to FY2021)
Pioneer Corporation Medium-Term (to FY2021) Susumu Kotani, President and CEO May 12, 2016 Cautionary Statement with Respect to Forward-Looking Statements Statements made in this presentation with respect
More informationOnline Disclosures Relating to Notice of the 101st Annual Shareholders Meeting
Online Disclosures Relating to Notice of the 101st Annual Shareholders Meeting Notes to Consolidated Financial Statements Notes to Non-Consolidated Financial Statements (From April 1, 2015 to March 31,
More informationASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2
ASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2 Three months ended, Mar 30, Mar 29, 2014 2015 Net system sales 1,030.0 1,246.5 Net service and field option sales 366.5 403.4 Total net
More informationHalf year results 2011
Half year results 2011 29 July 2011 Bert De Graeve, Chief Executive Officer Bruno Humblet, Chief Financial Officer Address by Bert De Graeve, Chief Executive Officer Introductory remark The consolidated
More informationFORD UNIVERSITY. Stuart Rowley Vice President and Controller
FORD UNIVERSITY Stuart Rowley Vice President and Controller March 13, 2015 FORD UNIVERSITY Agenda for today s discussion: Warranty Reserves China JV Equity Earnings Venezuela Accounting Change Cash Drivers
More information1. Basis of Preparation. 2. Summary of Significant Accounting Policies. Principles of consolidation. (a) Foreign currency translation.
Nitta Corporation and Subsidiaries Notes to Consolidated Financial Statements March 31, 1. Basis of Preparation The accompanying consolidated financial statements of Nitta Corporation (the Company ) and
More informationSEMIANNUAL REPORT 2005
SEMIANNUAL REPORT 2005 For the Six-Month Period Ended September 30, 2005 NOHMI BOSAI LTD. A MESSAGE FROM THE PRESIDENT Operating Results and Business Report Despite the harsh business climate, seeds of
More informationConsolidated Balance Sheets
Consolidated Balance Sheets March 31 2015 2014 2015 Assets: Current assets Cash and cash equivalents 726,888 604,571 $ 6,057,400 Marketable securities 19,033 16,635 158,608 Notes and accounts receivable:
More informationAnnual Report 2007 For the year ended March 31, 2007. Making Tracks into the Future
Annual Report 27 For the year ended March 31, 27 Making Tracks into the Future Profile The Company was established in December 1956 as Keihin Seiki Manufacturing Co., Ltd. In 1997, through a merger with
More informationASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2
ASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2 Three months ended, Nine months ended, Sep 28, Sep 27, Sep 28, Sep 27, 2014 2015 2014 2015 Net system sales 884.5 975.3 3,157.5 3,356.3
More information! "#$ %&!& "& ' - 3+4 &*!&-.,,5///2!(.//+ & $!- )!* & % +, -).//0)& 7+00///2 *&&.4 &*!&- 7.00///2 )!*.//+ 8 -!% %& "#$ ) &!&.
! "#!""#$%$#$#$"& $'"()*+,$-).,/ 012! "#$ %&!& "& '!(&)!*&%+,-).//0 -#$#3-4' &,'1$1# $!-!(.//0)& +01+///2 *&& - 3+4 &*!&-.,,5///2!(.//+ &!(!-6%(!(.//.$(!(.//0)& 01,///2 //+2% &*!&- 5,0///2 //32%!(.//+
More informationInstallment Receivables and Card Shopping Receivables
Last updated: June 1, 2012 Installment Receivables and Card Shopping Receivables 1. Outline of Underlying Assets Installment sales, purchasing contract for goods by installment payments, and installment
More informationASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2
ASML - Summary IFRS Consolidated Statement of Profit or Loss 1,2 Three months ended, Six months ended, Jun 29, Jun 28, Jun 29, Jun 28, 2014 2015 2014 2015 Net system sales 1,243.0 1,134.5 2,273.0 2,381.0
More informationThe Kansai Electric Power Company, Incorporated and Subsidiaries
The Kansai Electric Power Company, Incorporated and Subsidiaries Consolidated Financial Statements for the Years Ended March 31, 2003 and 2002 and for the Six Months Ended September 30, 2003 and 2002 The
More informationFY2015 Financial Results
FY2015 Financial Results MIRAI Toyota Motor Corporation May 8, 2015 Cautionary Statement with Respect to Forward-Looking Statements This presentation contains forward-looking statements that reflect Toyota
More informationOUR ACTIVITIES IN THE COMPANY
CHAPTER OUR ACTIVITIES IN THE COMPANY Based on a philosophy of Customer First, TOYOTA strives to provide attractive products and services that meet the needs of customers worldwide. TOYOTA also seeks to
More informationFinancial Results. siemens.com
s Financial Results Fourth Quarter and Fiscal 2015 siemens.com Key figures (in millions of, except where otherwise stated) Volume Q4 % Change Fiscal Year % Change FY 2015 FY 2014 Actual Comp. 1 2015 2014
More informationFord Credit Earns Full-Year 2014 Pre-Tax Profit of $1.9 Billion; Net Income of $1.7 Billion*
Ford Credit Earns Full-Year Pre-Tax Profit of $1.9 Billion; Net Income of $1.7 Billion* DEARBORN, Mich., Jan. 29, 2015 Ford Motor Credit Company reported a pre-tax profit of $1.9 billion in, its highest
More informationConsolidated financial statements 2012
Consolidated financial statements 2012 Page 1 4.2 Consolidated financial statements 4.2.1 Consolidated income statement ( million) 2012 2011 Revenues (note 4) 41,270 42,628 Cost of goods and services sold
More information