Consolidated Quarterly Financial Results (based on Japanese standards) For the three months ended June 30, 2015
July 28, 2015
Company name: FANUC CORPORATION Stock exchange listing: Tokyo Stock Exchange
Stock code: 6954 URL http://www.fanuc.co.jp
Representative: (Title) President and CEO (Name) Yoshiharu Inaba
Contact: (Title) Manager, Public Relations (Name) Keisuke Fujii Tel: (0555) 84-5555
1. Consolidated Financial Results for the Three months Ended June 30, 2015 (April 1, 2015 - June
30, 2015)
(1) Consolidated Results of Operations
(% represents change from the corresponding previous three months period)
Three months ended June 30 | Net sales | Operating income | Ordinary income | Net income attributable to shareholders of parent company |
2015 2014 | Millions of yen % 197,420 20.9 163,315 53.5 | Millions of yen % 73,962 11.4 66,399 91.7 | Millions of yen % 78,716 13.1 69,598 91.3 | Millions of yen % 50,765 12.3 45,191 99.0 |
Three months ended June 30 | Net income per share basic | Diluted net income per share |
2015 2014 | Yen 259.48 230.96 | Yen ─ ─ |
(2) Consolidated Financial Position
Total assets | Net assets | Equity ratio | |
June 30, 2015 March 31, 2015 | Million of yen 1,519,827 1,611,626 | Million of yen 1,346,457 1,386,695 | % 88.1 85.6 |
(Ref.) Equity: June 30, 2015 ¥1,339,242million March 31, 2015 ¥1,379,177 million
2. Dividends
Dividends per share | |||||
June 30 | Sept. 30 | Dec. 31 | Mar. 31 (Year end) | Full year | |
2014 | Yen - | Yen 144.69 | Yen - | Yen 491.93 | Yen 636.62 |
2015 | - | ||||
2015(forecast) | - | - | - | - |
Note: We have not changed the forecasts of dividends from the latest ones.
Note: With regard to the forecasts of the second quarter-ended dividends and year-end dividends for the year ending March 31, 2016, we expect to disclose them promptly after we become able to disclose them.
3. Consolidated Financial Results Forecasts for the Year Ending March 31, 2016 (April 1, 2015 - March 31, 2016) (% represents change from the same period of the previous year.)
Net sales | Operating income | Ordinary income | Net income attributable to shareholders of parent company | Net income per share | |
2nd Quarter (Cumulative) Fiscal period | Millions of yen % 348,900 1.8 628,300 (13.9) | Millions of yen % 127,800 (7.6) 218,200 (26.7) | Millions of yen % 135,200 (6.8) 233,100 (25.3) | Millions of yen % 90,400 (4.2) 159,500 (23.2) | Yen 462.07 815.27 |
Note: We have changed the forecasts of financial results from the latest ones.
4. Notes
(1) Important changes in scope of consolidation during the period
(Changes in certain subsidiaries requiring changes in scope of consolidation) : No
(2) Application of the accounting method specific to quarterly consolidated
financial statements : No
(3) Changes in accounting principles and accounting estimates, and revisions/restatements
① Changes associated with changes in accounting standards : Applicable
② Changes in accounting principles other than ①
③ Changes in accounting estimates
④ Revisions/restatements
: No
: No
: No
Note: For details, please see "4. Other Information (3)Changes in accounting principles and accounting estimate, and revisions/restatements" on Page 7 in Attachment.
(4) Number of shares outstanding(Common share)
① Number of shares outstanding at the end of the period(including treasury stocks)
June 30, 2015 205,942,215 shares
March 31, 2014 239,508,317 shares
② Number of treasury stocks
June 30, 2015 10,302,282 shares
March 31, 2014 43,863,212 shares
③ Average number of shares during the period
April-June 2015 195,641,499 shares
April-June 2014 195,669,838 shares
* Status of quarterly review
These quarterly financial results are not subject to the quarterly review based on the Financial Instruments and Exchange Law. The review process for the quarterly financial statements based on the Financial
Instruments and Exchange Law has not been completed at the time of the disclosure of these results.
* Statements on the proper use of financial forecasts and other special notes
Any forecasts described in this report are subject to uncertain factors such as supply and demand trends, industry competition, economic conditions, and others in major markets. Actual results may differ from
these forecasts. With regard to the forecasts of the second quarter-end and year-end dividends for the year ending March 31, 2016, we expect to disclose them promptly after we become able to disclose them.
Table of Contents of Accompanying Documents
1. Results of Operations and Financial Position 2 (1) Result of Operations 2
(2) Financial Position 2 (3) Financial Results Forecasts 3
2. Consolidated Quarterly Balance Sheet 4
3. Consolidated Quarterly Statement of Income
and Consolidated Quarterly Statement of Comprehensive Income 5
Consolidated Statement of Income 5
Consolidated Statement of Comprehensive Income 6
4. Other Information 7 (1) Changes in significant subsidiaries during the period 7
(2) Adoption of simplified and specifically applied accounting method for quarterly consolidated financial reporting 7
(3) Changes in accounting policies, changes in accounting estimates, and restatement of revisions 7
(4) Note on premise of a going concern 8 (5) Note on the substantial change in the shareholders' equity 8
Supplement to Consolidated Financial Results 9
1
1. Results of Operations and Financial Position(1) Results of Operations
The results for the first quarter (April to June 2015) for the FA Division were steady in Japan and the Americas, due to stable demands from investments in plant and equipment. Sales in Europe remained relatively unchanged, and the future of the Chinese market is uncertain with a sign of a slowdown. Overall sales in the FA Division remained consistent. In the Robot Division, demands were high in both the automotive industry and general industries in the Americas and China, and demands, particularly from general industries, remained active in Europe. Results for the Robot Division were very positive as a whole. In the Robomachine Division, all businesses of ROBODRILL (small machining center), ROBOSHOT (electric injection molding machine) and ROBOCUT (wire-cut electric discharge machine) were steady. Although sales due to the short-term demands from a sector in the IT industry continued to be active during the first quarter, orders are decreasing rapidly towards the end of the first quarter, and are expected to diminish further from the second quarter on.
Under these circumstances, the FANUC Group shall strive to make customers feel more secure and
trust the FANUC Group even more as regards our products and services, by becoming united as one group under the slogan of "Service First" and "One FANUC", so that we shall further persevere and develop.
As a result, at the end of the first quarter of the current fiscal year, FANUC posted consolidated net sales totaling ¥197,420 million, up 20.9%, consolidated ordinary income totaling ¥78,716 million, up 13.1%, and consolidated net income totaling ¥50,765 million, up 12.3%, compared with the corresponding period of the previous fiscal year.
Looking at the performance by business group, the FA Group posted consolidated sales totaling ¥52,349 million, down 4.4%, the Robot Group posted consolidated sales totaling ¥45,431 million, up 29.6%,the Robomachine Group posted consolidated sales totaling ¥79,860 million, up
42.2%, and the Service Group posted consolidated sales totaling ¥19,780 million, up14.0%, compared with the corresponding period of the previous fiscal year.
※ "Net income" in "Results of Operations and Financial Position" means "Net income attributable to shareholders of parent company" in the Statement of Income.
(2) Financial Position
Total asset decreased ¥91,799 million to ¥1,519,827 million compared with the end of the previous fiscal year. The main decrease is ¥97,044 million in cash and deposits.
Total liabilities decreased ¥51,561 million to ¥173,370 million compared with the end of the previous fiscal year.
Total net assets decreased ¥40,238 million to ¥1,346,457 million from the end of the previous fiscal year.
We cancelled our treasury shares exceeding the 5% of the total number of issued shares (33,566,102 shares, ¥239,471 million) based on the new shareholder return policy we announced on April 27, 2015. (There was no effect on the amount of total net assets.)
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(3) Financial Results Forecasts
Orders due to short-term demands from a sector in the IT industry which have been active until now, decreased rapidly towards the end of the first quarter, and are expected to slow down further during and after the second quarter of fiscal year 2015. Additionally, trends in investments in plant and equipment in China and other countries remain unforeseeable.
Under these circumstances, we have revised our financial forecasts for the first half of the fiscal year
2015(April 1, 2015 through September 30, 2015), and for the fiscal year 2015(April 1, 2015 through March
31, 2016)as follows.
For the first half of the fiscal year 2015(April 1, 2015 through September 30, 2015)
(Millions of yen)
Previous forecast | New forecast | Comparison with Previous year (%) | |
Net sales | 384,000 | 348,900 | ሺ9.1) |
Operating income | 159,400 | 127,800 | ሺ19.8) |
Ordinary income | 166,900 | 135,200 | ሺ19.0) |
Net income | 114,100 | 90,400 | ሺ20.8) |
For the fiscal year 2015(April 1, 2015 through March 31, 2016)
(Millions of yen)
Previous forecast | New forecast | Comparison with Previous year (%) | |
Net sales | 680,100 | 628,300 | ሺ7.6) |
Operating income | 264,600 | 218,200 | ሺ17.5) |
Ordinary income | 279,400 | 233,100 | ሺ16.6) |
Net income | 191,200 | 159,500 | ሺ16.6) |
.
Note: The currency rate applied to the period from April 1, 2015 to March 31, 2016 is averaged at 115 yen/US
dollar and 125 yen/euro.
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2. Consolidated Quarterly Balance SheetAssets
Current assets:
(Millions of Yen)
March 31, 2015 June 30, 2015
Cash and deposits 871,236 774,192
Notes and accounts receivable - trade 135,127 131,617
Securities 120,000 130,000
Merchandise and finished goods 54,280 55,636
Work in process 42,859 44,490
Raw materials and supplies 11,662 14,222
Deferred income tax 26,686 22,874
Others 13,669 8,089
Allowance for doubtful accounts (2,164) (1,864) Total current assets 1,273,355 1,179,256
Noncurrent assets
Property, plant and equipment
Land | 125,893 | 127,960 |
Other, net | 140,032 | 143,429 |
Total property, plant and equipment | 265,925 | 271,389 |
Intangible Assets | 950 | 1,606 |
Investments and other assets | ||
Investment securities | 59,753 | 55,654 |
Others | 11,643 | 11,922 |
Allowance for doubtful accounts | (0) | (0) |
Total investments and other assets | 71,396 | 67,576 |
Total noncurrent assets | 338,271 | 340,571 |
Total Assets | 1,611,626 | 1,519,827 |
Liabilities
Current liabilities:
Notes and accounts payable - trade 40,572 32,006
Income taxes payable 72,219 24,515
Warranty reserves 6,546 6,658
Others 53,274 56,529
Total current liabilities 172,611 119,708
Noncurrent liabilities:
Liability related to retirement benefits 47,534 50,434
Others 4,786 3,228
Total noncurrent liabilities 52,320 53,662
Total Liabilities 224,931 173,370
Net Assets
Shareholders' equity
Capital stock 69,014 69,014
Capital surplus 96,277 96,206
Retained earnings 1,500,635 1,215,757
Treasury stocks (312,855) (73,522) Total shareholders' equity 1,353,071 1,307,455
Accumulated other comprehensive income(loss)
Valuation difference on available-for-sale securities
7,482 7,127
Foreign currency translation adjustment 29,372 36,884
Accumulated adjustment to retirement benefits
Total accumulated other comprehensive income(loss)
Non-Controlling Interests in Consolidated
Subsidiaries
(10,748) (12,224)
26,106 31,787
7,518 7,215
Total net assets | 1,386,695 | 1,346,457 |
Total liabilities and net assets | 1,611,626 | 1,519,827 |
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3. Consolidated Quarterly Statement of Income and Consolidated Quarterly Statement of Comprehensive Income Consolidated Statement of Income for the three months from April to June 2015(Millions of Yen)
Three months ended June 30
2014 2015
Income taxes-current 23,844 24,172
Income taxes-deferred 390 3,512
Total taxes and others 24,234 27,684
Net income 45,364 51,032
Minority interests in income 173 267
Net income attributable to shareholders of parent company
45,191 50,765
5
Consolidated Statement of Comprehensive Income for the Three months from April to June 2015(Millions of Yen)
Three months ended June 30
2014 2015
Income before minority interests 45,364 51,032
Other Comprehensive Income
Valuation difference on available-for-sale securities
368 (355)
Foreign currency translation adjustment 348 7,352
Adjustment to retirement benefit 91 (1,476)
Share of other comprehensive income of affiliates accounted for using equity method
(1,085) 206
Total other comprehensive income (278) 5,727
Comprehensive income for the three months ended June 30
Comprehensive income attributable to:
45,086 56,759
Owners of parent 44,740 56,446
Minority interests 346 313
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4. Other Information
(1) Changes in significant subsidiaries during the three months ended
June 30, 2015
(changes in specific subsidiaries that caused change in scope of consolidation): None
(2) Adoption of simplified and specifically applied accounting method
for quarterly consolidated financial reporting : None
(3) Changes in accounting policies, changes in accounting estimates, and restatement of revisions :
Changes in accounting principles
(Application of Accounting Standard for Business Combinations and other standards)
FANUC CORPORATION has adopted the "Accounting Standard for
Business Combinations" (ASBJ Statement No. 21, September 13,
2013, hereinafter the "Business Combinations Standard"), the "Accounting Standard for Consolidated Financial Statements" (ASBJ Statement No. 22, September 13, 2013, hereinafter the "Consolidated Financial Statements Standard"), the "Accounting Standard for Business Divestitures" (ASBJ Statement No. 7, September 13, 2013, hereinafter the "Business Divestitures Standard") and others effective from the first quarter of the consolidated fiscal year under review. Accordingly, the Company's accounting policies have been changed; the difference arising from a change in the Company's ownership interest in a subsidiary over which the Company continues to have control being recorded as capital surplus and acquisition costs being expensed in the consolidated fiscal year in which they are incurred. In addition, for business combinations to be performed at and after the beginning of the first quarter of the consolidated fiscal year under review, the method has been changed to reflect adjustments to the provisional amount arising from the finalization of the tentative accounting treatment relating to the purchase price allocation in the consolidated financial statements for the quarter to which the date of business combination belongs.
In addition, the expression for quarterly net profit, etc. has been
changed, and "minority interests" has been changed to "non-controlling interests". In order to reflect these changes, the consolidated financial statements for the first quarter of the previous fiscal year, as well as the entire previous fiscal year have been reclassified.
The Business Combinations Standard and others were adopted in accordance with transitional treatments stipulated in Paragraph
58-2 (4) of the Business Combinations Standard, Paragraph 44-5
(4) of the Consolidated Financial Statements Standard and Paragraph 57-4 (4) of the Business Divestitures Standard, and they have been prospectively adopted from the beginning of the first quarter of the consolidated fiscal year under review.
This change has no impact on the consolidated financial statements of the first quarter of the current fiscal year.
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(4) Note on premise of a going concern: None
(5) Note on the substantial change in shareholders' equity:
Based on a resolution approved at a meeting of the Board of
Directors held on May 29, 2015, the Company cancelled
33,566,102 treasury shares on June 10, 2015. As a result, treasury shares decreased by ¥239,471 million, capital surplus decreased
by ¥71 million and retained earnings decreased by ¥239,400 million.
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Supplement to Consolidated Financial Results
1 Consolidated Results(April~June, 2015)
1)Net income 50.8 billion yen (12% up from the same period of last year)
2)Net sales 197.4 billion yen (21% up from the same period of last year)
3)Operating income 74.0 billion yen (11% up from the same period of last year) Ordinary income 78.7 billion yen (13% up from the same period of last year)
Ordinary income to net sales ratio 39.9%4)Sales by Group
FA 52.3 billion yen (4% down from the same period of last year) Robot 45.4 billion yen (30% up from the same period of last year) Robomachine 79.9 billion yen (42% up from the same period of last year) Service 19.8 billion yen (14% up from the same period of last year)
5)Orders 179.7 billion yen (0.2% down from the same period of last year)
2 Consolidated Results Forecast for the Year ending March 31, 2016 (April 1, 2015 ~ March 31, 2016)
Net sales 628.3 billion yen (14% down from the same period of last year) Operating income 218.2 billion yen (27% down from the same period of last year) Ordinary income 233.1 billion yen (25% down from the same period of last year)
Net income 159.5 billion yen (23% down from the same period of last year)
3 Quarterly Changes of Consolidated Financial Results (Billions of yen)
250.0
Sales
200.0
150.0
100.0
50.0
163.3
69.6
45.2
179.5
75.4
49.2
183.6
77.9
55.1
203.4
89.1
58.1
197.4
Ordinary income
Net income
78.7
50.8
0
April-June July-September October-December January-March April-June
2014 2014 2014 2015 2015
※ "Net income" in this Supplement means "Net income attributable to shareholders of parent company."
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