(Attachment) |
1.Consolidated Balance Sheet (summary) |
(Millions of yen) |
|
|
|
| |
As of March 20, 2005 |
As of March 20, 2004 |
Change |
| |
|
% of Total |
|
% of Total |
|
Assets |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash and time deposits |
17,976 |
|
16,194 |
|
- |
Trade notes and accounts receivable |
91,128 |
|
84,186 |
|
- |
Short-term investments |
152 |
|
1,142 |
|
|
Inventories |
52,681 |
|
54,345 |
|
|
Deferred tax assets |
5,689 |
|
5,337 |
|
|
Other current assets |
8,646 |
|
9,235 |
|
|
Allowance for doubtful accounts |
(770) |
|
(830) |
|
|
 |
Total current assets |
175,505 |
69.0 |
169,611 |
67.9 |
5,894 |
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
Tangible fixed assets |
|
|
|
|
|
Buildings and structures |
16,198 |
|
16,335 |
|
|
| Machines and transportation devices |
7,812 |
|
7,004 |
|
|
| Land |
9,040 |
|
9,103 |
|
|
| Other tangible fixed assets |
4,407 |
|
4,400 |
|
|
 |
| Total tangible fixed assets |
37,459 |
14.7 |
36,844 |
14.7 |
615 |
| |
|
|
|
|
|
| Intangible fixed assets |
|
|
|
|
|
| Goodwill |
1,658 |
|
5,858 |
|
|
| Software |
7,064 |
|
6,147 |
|
|
| Other intangible fixed assets |
605 |
|
1,991 |
|
|
 |
| Total intangible fixed assets |
9,328 |
3.7 |
13,997 |
5.6 |
(4,669) |
| |
|
|
|
|
|
| Investments and other assets |
|
|
|
|
|
| Investments |
18,006 |
|
14,857 |
|
|
| Long-term loans |
194 |
|
265 |
|
|
| Deferred tax assets |
11,488 |
|
10,784 |
|
|
| Other investments |
2,792 |
|
3,763 |
|
|
| Allowance for doubtful accounts |
(337) |
|
(295) |
|
|
 |
| Total investments and other assets |
32,145 |
12.6 |
29,375 |
11.8 |
2,770 |
| |
|
|
|
|
|
 |
| Total fixed assets |
78,933 |
31.0 |
80,217 |
32.1 |
(1,284) |
| |
|
|
|
|
|
 |
| Total Assets |
254,438 |
100.0 |
249,829 |
100.0 |
4,609 |
| |
|
|
|
|
|
| Liabilities |
|
|
|
|
|
| Current liabilities |
|
|
|
|
|
| Trade notes and accounts payable |
65,478 |
|
63,382 |
|
|
| Short-term bank loans |
39,067 |
|
40,372 |
|
|
| Current portion of convertible notes |
- |
|
15,000 |
|
|
| Accrued expenses |
15,423 |
|
14,812 |
|
|
| Accrued income taxes |
6,292 |
|
2,791 |
|
|
| Other current liabilities |
12,575 |
|
16,306 |
|
|
 |
| Total current liabilities |
138,837 |
54.6 |
152,664 |
61.1 |
(13,827) |
| |
|
|
|
|
|
| Long-term liabilities |
|
|
|
|
|
| Corporate bonds |
10,000 |
|
10,000 |
|
|
| Convertible bonds |
15,000 |
|
- |
|
|
| Long-term debt |
13,740 |
|
14,590 |
|
|
| Accrued retirement benefits for employees |
32,423 |
|
29,276 |
|
|
| Other long-term liabilities |
2,000 |
|
2,320 |
|
|
 |
| Total long-term liabilities |
73,164 |
28.7 |
56,188 |
22.5 |
16,976 |
| |
|
|
|
|
|
 |
| Total liabilities |
212,002 |
83.3 |
208,852 |
83.6 |
3,150 |
| |
|
|
|
|
|
| Minority interests |
4,069 |
1.6 |
4,261 |
1.7 |
(192) |
| |
|
|
|
|
|
| Shareholders' equity |
|
|
|
|
|
| Common stock |
15,541 |
6.1 |
15,540 |
6.2 |
1 |
| Additional paid-in capital |
14,001 |
5.5 |
13,999 |
5.6 |
2 |
| Retained earnings |
7,291 |
2.9 |
6,171 |
2.5 |
1,120 |
| Net unrealized holding gain on securities |
1,933 |
0.7 |
1,040 |
0.4 |
893 |
| Foreign currency translation adjustments |
(115) |
(0.0) |
154 |
0.1 |
(269) |
| Treasury stock, at cost |
(286) |
(0.1) |
(191) |
(0.1) |
(95) |
 |
| Total shareholders' equity |
38,366 |
15.1 |
36,715 |
14.7 |
1,651 |
| |
|
|
|
|
|
 |
| Total liabilities, shareholders' equity |
254,438 |
100.0 |
249,829 |
100.0 |
4,609 |
| |
|
|
|
|
|
 |
|
(Attachment)
|
|
2.Consolidated Statements of Income (summary)
|
|
(Millions of yen)
|
|
|
|
| |
Year ended
March 20, 2005 |
Year ended
March 20, 2004 |
Change |
|
|
|
% of Total
|
|
% of Total
|
|
|
Net sales
|
309,615
|
100
|
263,045
|
100
|
46,570
|
| Cost of sales |
229,498
|
74.1
|
192,786
|
73.3
|
36,712
|
| Gross profit |
80,116
|
25.9
|
70,259
|
26.7
|
9,858
|
|
|
|
|
|
|
|
| Selling, general and administrative expenses |
62,589
|
20.2
|
57,851
|
22.0
|
4,738
|
| Operating income |
17,527
|
5.7
|
12,407
|
4.7
|
5,120
|
|
|
|
|
|
|
|
| Non-operating income |
|
|
|
|
|
| Interest and dividends received |
328
|
|
230
|
|
|
|
|
|
|
|
|
|
| Equity in earnings of associated companies |
268
|
|
1,032
|
|
|
| Miscellaneous income |
837
|
|
1,070
|
|
|
 |
| Total non-operating income |
1,433
|
0.4
|
2,333
|
0.9
|
(900)
|
| |
|
|
|
|
|
| Non-operating expenses |
|
|
|
|
|
| Interest expense |
1,170
|
|
1,506
|
|
|
| Miscellaneous expenses |
376
|
|
1,223
|
|
|
 |
| Total non-operating expenses |
1,546
|
0.5
|
2,730
|
1.0
|
(1,184)
|
| |
|
|
|
|
|
 |
| Ordinary income |
17,414
|
5.6
|
12,010
|
4.6
|
5,404
|
| |
|
|
|
|
|
| Extraordinary gains |
|
|
|
|
|
| Proceeds from sales of fixed assets |
1,790
|
|
1,055
|
|
|
| Proceeds from sales of investment securities |
1,029
|
|
1,883
|
|
|
| Other extraordinary gains |
40
|
|
2,542
|
|
|
 |
| Total extraordinary gains |
2,861
|
0.9
|
5,481
|
2.0
|
(2,620)
|
| |
|
|
|
|
|
| Extraordinary losses |
|
|
|
|
|
| Loss from disposal of fixed assets |
392
|
|
678
|
|
|
| Loss on devaluation of investment securities |
29
|
|
33
|
|
|
| Loss from one-off alteration to pension accounts |
3,576
|
|
3.576
|
|
|
| Impairment of goodwill |
4,055
|
|
-
|
|
|
| Other extraordinary losses |
3,000
|
|
2,114
|
|
|
 |
| Total extraordinary losses |
11,053
|
3.6
|
6,402
|
2.4
|
4,651
|
| |
|
|
|
|
|
| Income before income taxes and minority interests |
9,222
|
2.9
|
11,089
|
4.2
|
(1,867)
|
| |
|
|
|
|
|
| Provision for income taxes- current |
8,968
|
2.9
|
4,206
|
1.6
|
|
| Provision for income taxes- deferred |
(1,753)
|
(0.6)
|
796
|
0.3
|
|
| Minority interests |
147
|
0.0
|
265
|
0.1
|
|
 |
| Net income |
1,860
|
0.6
|
5,819
|
2,2
|
(3,959)
|
| |
|
|
|
|
|
 |
(Attachment) |
3.Consolidated Statements of Cash Flows (summary) |
(Millions of yen) |
|
|
| |
Year ended
March 20, 2005 |
Year ended
March 20, 2004 |
| |
|
|
Cash flows from operating activities |
|
|
Income before income taxes and minority interests |
9,222 |
11,089 |
Depreciation and amortization |
6,499 |
6,047 |
Provision for employees' retirement benefits, net of payments |
3,140 |
4,255 |
Gain on sales of investment securities |
(1,029) |
(1,883) |
Loss on devaluation of investment securities |
29 |
33 |
Impairment of goodwill |
4,055 |
- |
| Gain on expropriation of property, plant and equipment |
- |
(2,420) |
| Interest and dividend income |
(328) |
(230) |
| Interest expense |
1,170 |
1,506 |
| (Increase) decrease in trade receivables |
(6,859) |
(13,226) |
| (Increase) decrease in inventories |
1,440 |
(202) |
Increase (decrease) in trade payables |
2,255 |
14,253 |
Increase (decrease) in accrued expenses |
(3,159) |
1,088 |
Other, net |
(4,376) |
3,447 |
 |
Subtotal |
12,059 |
23,757 |
| |
|
|
Interest and dividends received |
355 |
237 |
Interest paid |
(1,178) |
(1,512) |
| Income taxes paid |
(5,447) |
(3,978) |
 |
| Net cash provided by (used in) operating activities |
5,789 |
18,504 |
 |
| |
|
|
| Cash flows from investing activities |
|
|
| Purchases of property, plant and equipment and intangible assets |
(6,889) |
(6,178) |
| Proceeds from sales of property, plant and equipment |
2,775 |
1,359 |
| Purchases of investment securities |
(2,821) |
(1,404) |
| Proceeds from sales of investment securities |
938 |
3,254 |
| Purchases of stock of affiliated companies |
(133) |
- |
| Proceeds from sales of stock of affiliated companies |
870 |
221 |
| Proceeds from expropriation of property, plant and equipment |
3,555 |
3,555 |
| Other, net |
(548) |
309 |
 |
| Net cash provided by (used in) investing activities |
(2,242) |
1,118 |
 |
| |
|
|
| Cash flows from financing activities |
|
|
| Increase (decrease) in short-term debt |
(1,901) |
(14,071) |
| Proceeds from long-term debt |
5,391 |
7,846 |
| Repayments of long-term debt |
(5,356) |
(12,210) |
| Proceeds from issuance of convertible bonds, net |
14,903 |
- |
| Redemption of bonds |
(14,998) |
- |
| Other, net |
(861) |
(441) |
 |
| Net cash provided by (used in) financing activities |
(2,823) |
(18,877) |
 |
| |
|
|
| Effect of exchange rate changes on cash and cash equivalents |
84 |
(31) |
| Net increase (decrease) in cash and cash equivalents |
808 |
714 |
| Cash and cash equivalents at beginning of year |
17,098 |
16,267 |
| Increase due to inclusion of subsidiaries in consolidation |
- |
148 |
| Decrease due to exclusion of subsidiaries from consolidation |
- |
(32) |
| Cash and cash equivalents at end of year |
17,906 |
17,098 |
 |
|
(Attachment)
|
|
4.Segment Information
|
| (Business Segments) |
|
(Millions of yen)
|
|
| |
Year ended March 20, 2005 |
|
|
Motion Control
|
Robotics Automation
|
System Engineering
|
Information Technologies
|
Other
|
Total
|
Eliminations & Corporate
|
Consolidated
|
| |
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
|
|
|
|
|
|
Sales to third parties
|
122,944
|
105,164
|
44,930
|
25,412
|
11,154
|
309,615
|
-
|
309,615
|
|
Intersegment sales and transfers
|
15,918
|
2,666
|
1,969
|
3,460
|
21,431
|
45,446
|
(45,446)
|
-
|
 |
|
Total sales
|
138,863
|
107,830
|
46,900
|
28,881
|
32,585
|
355,062
|
(45,446)
|
309,615
|
|
Operating costs and expenses
|
129,741
|
100,548
|
48,992
|
27,381
|
30,846
|
337,511
|
(45,423)
|
292,087
|
 |
|
Operating income (loss)
|
9,121
|
7,282
|
(2,092)
|
1,500
|
1,739
|
17,550
|
(23)
|
17,527
|
 |
|
|
|
|
|
|
|
|
|
|
| |
Year ended March 20, 2004 |
|
|
Motion Control
|
Robotics Automation
|
System Engineering
|
Information Technologies
|
Other
|
Total
|
Eliminations & Corporate
|
Consolidated
|
|
Net sales
|
|
|
|
|
|
|
|
|
|
Sales to third parties
|
105,069
|
80,478
|
40,373
|
24,414
|
12,709
|
263,045
|
-
|
263,045
|
|
Intersegment sales and transfers
|
11,195
|
4,669
|
2,007
|
2,933
|
15,274
|
36,079
|
(36,079)
|
-
|
 |
|
Total sales
|
116,265
|
85,147
|
42,380
|
27,347
|
27,983
|
299,124
|
(36,079)
|
263,045
|
|
Operating costs and expenses
|
112,227
|
79,881
|
41,421
|
26,175
|
26,911
|
286,618
|
(35,980)
|
250,637
|
 |
|
Operating income (loss)
|
4,037
|
5,266
|
958
|
1,172
|
1,071
|
12,506
|
(98)
|
12,407
|
 |
| |
|
|
|
|
|
|
|
|
| (Geographical Areas) |
|
|
|
|
|
|
|
|
| (Millions of yen) |
|
|
|
|
|
|
|
|
| |
Year ended March 20, 2005 |
| |
Japan
|
North America
|
Europe
|
Asia
|
Total
|
Eliminations & Corporate
|
Consolidated
|
|
Net sales
|
|
|
|
|
|
|
|
|
Sales to third parties
|
214,809
|
41,785
|
34,306
|
18,633
|
309,615
|
-
|
309,615
|
|
Intersegment sales and transfers
|
42,471
|
175
|
514
|
5,178
|
48,340
|
(48,340)
|
-
|
 |
|
Total sales
|
257,362
|
41,960
|
34,821
|
23,811
|
357,955
|
(48,340)
|
309,615
|
|
Operating costs and expenses
|
247,636
|
38,648
|
31,719
|
21,955
|
339,959
|
(47,871)
|
292,087
|
 |
|
Operating income (loss)
|
9,725
|
3,312
|
3,101
|
1,856
|
17,996
|
(468)
|
17,527
|
 |
| |
|
|
|
|
|
|
|
| |
Year ended March 20, 2004 |
| |
Japan
|
North America
|
Europe
|
Asia
|
Total
|
Eliminations & Corporate
|
Consolidated
|
|
Net sales
|
|
|
|
|
|
|
|
|
Sales to third parties
|
184,113
|
34,915
|
31,300
|
12,715
|
263,045
|
-
|
263,045
|
|
Intersegment sales and transfers
|
34,990
|
239
|
1,189
|
4,127
|
40,547
|
(40,547)
|
-
|
 |
|
Total sales
|
219,104
|
35,154
|
32,490
|
16,843
|
303,593
|
(40,547)
|
263,045
|
|
Operating costs and expenses
|
211,705
|
33,762
|
30,145
|
15,650
|
291,264
|
(40,626)
|
250,637
|
 |
|
Operating income (loss)
|
7,398
|
1,392
|
2,344
|
1,192
|
12,328
|
79
|
12,407
|
 |
| |
|
|
|
|
|
|
|
| (Overseas sales) |
|
|
|
|
|
|
|
| (Millions of yen) |
|
|
|
|
|
|
|
| |
Year ended March 20, 2005 |
|
|
North America
|
Europe
|
Asia
|
Other
|
Total
|
|
Overseas sales
|
40,725
|
34,588
|
51,538
|
3,402
|
130,254
|
|
Consolidated net sales
|
-
|
-
|
-
|
-
|
309,615
|
|
Overseas sales as a percentage
of consolidated net sales
|
13%
|
11%
|
17%
|
1%
|
42%
|
 |
|
|
|
|
|
|
|
| |
Year ended March 20, 2004 |
|
|
North America
|
Europe
|
Asia
|
Other
|
Total
|
|
Overseas sales
|
34,456
|
31,233
|
30,356
|
2,437
|
98,483
|
|
Consolidated net sales
|
-
|
-
|
-
|
-
|
263,045
|
|
Overseas sales as a percentage
of consolidated net sales
|
13%
|
12%
|
11%
|
1%
|
37%
|
 |
Notes: 1) Geographical areas are divided into categories based on their geographical proximity.
2) Major nations or regions included in each geographical area are as follows:
(1) North America - U.S.A.
(2) Europe - Germany, Sweden, The United Kingdom
(3) Asia - Singapore, Korea, The People's Republic of China
3) Overseas sales consist of all sales in countries and regions outside of Japan.

close
|