January 9, 2015
Company name : OSG Corporation
Shares Listed : 1st section of Tokyo and Nagoya Stock Exchanges
Code Number : 6136
Location of the head office : Aichi Prefecture Representative: : Norio Ishikawa, President Contact person: : Koji Sonobe, Managing Director
TEL: 81-533-82-1113 URL http://www.osg-ir.com
(1)Consolidated financial results (Amounts less than one million yen are omitted)
Net Sales | Operating income | Ordinary income | Net income | |
FY2014 FY2013 | Million yen % 101,031 14.3 88,378 5.1 | Million yen % 17,415 35.8 12,827 -8.1 | Million yen % 17,568 26.3 13,910 1.6 | Million yen % 9,989 15.9 8,619 20.8 |
(Note) Comprehensive income FY2014: 17,007 million yen (-17.3%)
FY2013: 20,564 million yen (138.6%)
Net income per share | Diluted net income per share | Return on equity | Ordinary income to total assets | Operating income to net sales | |
FY2014 FY2013 | Yen 105.20 90.76 | Yen 95.96 82.80 | % 11.7 11.9 | % 12.7 10.9 | % 17.2 14.5 |
(Reference) Equity in net income of affiliates FY2014: 4 million yen FY2013: 5 million yen
(2)Consolidated financial position
Total assets | Net assets | Equity ratio | Net assets per share | |
FY2014 FY2013 | Million yen 142,302 134,503 | Million yen 100,943 87,621 | % 64.3 59.5 | Yen 963.15 842.71 |
(Reference) Equity FY2014: 91,458 million yen FY2013: 80,024 million yen
(3) Consolidated cash flows
Cash flows from operating activities | Cash flows from investing activities | Cash flows from financing activities | Cash & cash equivalents at end of period | |
FY2014 FY2013 | Million yen 19,688 16,171 | Million yen -3,119 -2,972 | Million yen -12,813 -9,423 | Million yen 21,474 16,803 |
Dividends per share | Total dividends | Payout ratio (consolidated) | Dividends to net assets (consolidated) | |||
End of 2Q | Year-end | Annual | Total dividends | Payout ratio (consolidated) | Dividends to net assets (consolidated) | |
FY2013 FY2014 | Yen 10.00 14.00 | Yen 20.00 20.00 | Yen 30.00 34.00 | Million yen 2,848 3,228 | % 33.1 32.3 | % 3.9 3.8 |
FY2015 forecast | 16.00 | 20.00 | 36.00 | － |
Net sales | Operating income | Ordinary income | Net income | Net income per share | |
Semi-Annual Annual | Million yen % 52,400 6.4 109,000 7.9 | Million yen % 8,900 13.8 19,500 12.0 | Million yen % 8,800 13.0 19,200 9.3 | Million yen % 5,100 20.8 11,300 13.1 | Yen 53.71 119.00 |
(1) Changes in significant subsidiaries during the current period
(Changes in specified subsidiaries that caused a change in the scope of consolidation) : None
(2) Changes in accounting principles and accounting estimates and retrospective restatement
(i) Changes in accounting principles due to amendment to accounting standards: Yes
(ii) Changes other than (2)-(i) above: None (iii) Changes in accounting estimates: None (iv) Retrospective restatement: None
(3) Number of shares issued and outstanding (common stock)
(i) Number of shares issued and outstanding at the end of each period (including treasury stock): FY2014: 95,955,226 shares FY2013: 98,955,226 shares
(ii) Number of treasury stock at the end of each period: FY2014: 997,617 shares FY2013: 3,993,879 shares
(iii) Average number of shares outstanding in each period: FY2014: 94,959,095 shares FY2013: 94,963,549 shares
[Note regarding forecast]
The above forecasts for financial results are based on information available at the time this report was released. These forecasts and other forward-looking statements are not guarantees of future performance. Actual operating results may differ from the above forecasts due to known and unknown risks, uncertainties, and other factors.
Consolidated Summary Balance Sheet
OSG Corporation
Assets (Million yen : amounts less than one million yen are omitted)
FY2013 FY2014
Changes
As of Nov. 30, 2013 As of Nov. 30, 2014
Current Assets
Cash and time deposits | 23,876 | 22,547 | |
Notes and accounts receivable | 19,251 | 21,628 | |
Marketable securities | 1 | 1 | |
Merchandise and finished goods | 15,755 | 16,046 | |
Work in process | 4,055 | 4,874 | |
Raw materials and supplies | 5,811 | 5,800 | |
Deferred tax assets | 1,456 | 1,807 | |
Other | 2,220 | 2,963 | |
Allowance for doubtful accounts | (191) | (209) | |
Total current assets | 72,237 | 75,459 | 3,222 |
Fixed Assets
Tangible Assets
Building and structures | 15,416 | 15,819 | |
Machinery and equipment | 21,433 | 22,716 | |
Tools, furniture and fixtures | 1,808 | 1,833 | |
Land | 12,983 | 13,578 | |
Construction in progress | 821 | 2,239 | |
Other | 4 | 2 | |
Total tangible assets | 52,467 | 56,190 | 3,722 |
Intangible Assets
Goodwill | 251 | 192 | |
Other | 1,458 | 1,109 | |
Total intangible assets | 1,709 | 1,302 | (406) |
Investments and Other Assets
Investment securities | 5,629 | 6,399 | |
Deferred tax assets | 538 | 459 | |
Other | 2,198 | 2,807 | |
Allowance for doubtful accounts | (277) | (317) | |
Total investments and other assets | 8,088 | 9,349 | 1,261 |
Total fixed assets | 62,266 | 66,842 | 4,576 |
Total | 134,503 | 142,302 | 7,799 |
Consolidated Summary Balance Sheet
OSG Corporation
Liabilities and Net Assets (Million yen : amounts less than one million yen are omitted)
FY2013 FY2014
Changes
As of Nov. 30, 2013 As of Nov. 30, 2014
Current Liabilities
Notes and accounts payable | 3,701 | 4,159 | |
Short-term borrowings | 2,982 | 3,934 | |
Long-term borrowings, current portion | 10,058 | 523 | |
Accrued expenses | 5,568 | 6,486 | |
Income taxes payable | 2,020 | 3,751 | |
Deferred tax liabilities | 0 | - | |
Reserve for directors' bonuses | 336 | 449 | |
Other | 2,803 | 2,930 | |
Total current liabilities | 27,470 | 22,236 | (5,234) |
Long-term Liabilities | |||
Convertible bonds | 15,000 | 15,000 | |
Long-term borrowings | 1,023 | 551 | |
Deferred tax liabilities | 678 | 945 | |
Liabilities for employees' retirement benefits Retirement allowance for directors and corporate auditors | 296 54 | 261 45 | |
Long-term accrued amount payable | 1,227 | 1,246 | |
Other | 1,131 | 1,071 | |
Total long-term liabilities | 19,411 | 19,122 | (288) |
Total liabilities | 46,881 | 41,358 | (5,522) |
Shareholders' Equity | |||
Common stock | 10,404 | 10,404 | |
Capital surplus | 14,197 | 12,051 | |
Retained earnings | 61,565 | 66,837 | |
Treasury stock | (4,837) | (1,209) | |
Total shareholders' equity | 81,330 | 88,084 | 6,754 |
Other items
Unrealized gain on
available-for-sale securities | 1,727 | 2,044 | |
Foreign currency translation adjustments | (3,033) | 1,328 | |
Total other items | (1,305) | 3,373 | 4,679 |
Minority Interests | 7,596 | 9,485 | 1,888 |
Total net assets | 87,621 | 100,943 | 13,322 |
Total liabilities and net assets | 134,503 | 142,302 | 7,799 |
Consolidated Summary Statement of Income
OSG Corporation
(Million yen : amounts less than one million yen are omitted)
FY2013
(2012/12/1 - 2013/11/30)
FY2014
(2013/12/1 - 2014/11/30)
Changes
Net Sales | 88,378 | 101,031 | 12,652 |
Cost of Sales | 52,777 | 58,061 | 5,284 |
Gross profit | 35,601 | 42,970 | 7,368 |
Selling, general and administrative expenses | 22,774 | 25,554 | 2,779 |
Operating income | 12,827 | 17,415 | 4,588 |
Other Income | |||
Interest income | 153 | 197 | |
Dividend income | 71 | 78 | |
Foreign exchange gain | 1,426 | 650 | |
Other - net | 619 | 784 | |
Total other income | 2,271 | 1,710 | (561) |
Other Expenses
Interest expense 339 249
Sales discounts 540 631
Other - net 307 677
Total other expenses 1,187 1,557 369
Ordinary income 13,910 17,568 3,657 Extraordinary income
Gain on negative goodwill 443 -
Other - net 89 - Total extraordinary income 533 - (533)
Extraordinary loss
Loss on valuation of stocks of subsidiaries
and affiliates - 14
Loss on valuation of investments in capital of
subsidiaries and affiliates - 96
Loss on liquidation of subsidiaries and affiliates - 31
Other - net 6 7
Total extraordinary loss 6 148 141
Income before income taxes and minority interests 14,437 17,419 2,982 Income taxes
Consolidated Statement of Comprehensive Income
OSG Corporation
Total Comprehensive Income Attributable to:
(Million yen : amounts less than one millionyen are omitted)
FY2013 FY2014 Changes
(2012/12/1 - 2013/11/30) (2013/12/1 - 2014/11/30)
Owners of the parent | 17,732 | 14,668 |
Minority interests | 2,831 | 2,339 |
Consolidated Summary Statement of Cash Flows
OSG Corporation
Operating Activities:
(Million yen : amounts less than one million yen are omitted)
FY2013 FY2014
(2012/12/1 - 2013/11/30) (2013/12/1 - 2014/11/30)
Income before income taxes and minority interest 14,437 17,419
Depreciation and amortization 6,716 6,830
Amortization of good will 71 64
Change in allowance for doubtful receivables (23) 24
Change in liability for directors' bonuses (34) 112
Change in liability for employees' retirement benefits (21) (41) Change in retirement allowance for directors and corporate auditors 2 (8) Interest and dividend income (224) (275) Interest expense 339 249
Equity in earnings of an associated company (5) (4) Gain on sales of tangible assets (88) - Gain on negative goodwill (443) - Loss on valuation of stocks of subsidiaries and affiliates - 14
Loss on valuation of investments in capital of subsidiaries and affiliates - 96
Loss on liquidation of subsidiaries and affiliates - 31
Change in notes and accounts receivable 425 (933) Change in inventories 341 526
Change in notes and accounts payable (1,617) (269) Change in accrued expenses 271 674
Other - net (168) (264) Sub-total 19,978 24,245
Interest and dividend income received 267 286
Interest expense paid (345) (280) Income taxes - paid (3,846) (4,563) Income taxes - refunded 118 - Net cash provided by operating activities 16,171 19,688
Investing Activities:
Payments for time deposits | (987) | (1,500) |
Proceeds from refund of time deposits | 5,159 | 7,636 |
Proceeds from sales of marketable securities | 0 | 2 |
Purchases of investment securities | (438) | (7) |
Proceeds from sales of investment securities | 1 | 0 |
Acquisitions of property, plant and equipment | (5,876) | (7,327) |
Proceeds from sales of property, plant and equipment | 247 | 66 |
Acquisitions of intangible assets | (100) | (299) |
Payment for purchase of subsidiaries' stock | (1,198) | (1,108) |
Other - net | 220 | (580) |
Net cash used in investing activities | (2,972) | (3,119) |
Financing Activities:
Change in short-term borrowings - net | (2,775) | 679 |
Proceeds from long-term borrowings | - | 20 |
Repayments of long-term borrowings | (3,663) | (10,082) |
Dividends paid | (2,181) | (3,223) |
Dividends paid to minority shareholders | (799) | (200) |
Purchase of treasury stock | (5) | (6) |
Other - net | 2 | 0 |
Net cash used in financing activities | (9,423) | (12,813) |
Effect of exchange rate change on cash and cash equivalents | 1,358 | 915 |
Net increase in cash and cash equivalents | 5,133 | 4,670 |
Cash and cash equivalents at beginning of year | 11,669 | 16,803 |
Cash and cash equivalents at end of year | 16,803 | 21,474 |
Operations by Geographical Segment
Results for FY2014 (December 1, 2013 through November 30, 2014)
Million yen
Japan The Americas Europe Asia Total Eliminations Consolidated
Sales to customers 46,659 18,236 9,879 26,256 101,031 - 101,031
Interarea transfers 16,587 163 38 1,678 18,466 (18,466) - Total sales 63,246 18,399 9,917 27,934 119,498 (18,466) 101,031
Operating income 9,312 2,004 1,125 5,315 17,757 (342) 17,415
(Reference)
Results for FY2013 (December 1, 2012 through November 30, 2013)
Million yen
Japan The Americas Europe Asia Total Eliminations Consolidated
Sales to customers 41,922 16,093 7,827 22,534 88,378 - 88,378
Interarea transfers 13,793 188 24 1,270 15,277 (15,277) - Total sales 55,716 16,282 7,852 23,805 103,656 (15,277) 88,378
Operating income 6,787 1,644 766 4,211 13,410 (583) 12,827
Net sales by Product Segment
Cutting tools:
Million yen
FY2013 FY2014
(2012/12/1 - 2013/11/30) (2013/12/1 - 2014/11/30)
Taps 28,924 34,655
End mills 20,857 22,886
Drills and other cutting tools 20,724 23,600
Total 70,506 81,142
Rolling dies 7,681 9,165
Gauges 1,232 1,419
Other 8,958 9,304
Total 88,378 101,031
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