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OMRON: Summary of Consolidated Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2014 (U.S. GAAP)

2013年10月29日 PM06:25
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KYOTO, Japan

OMRON Corporation (TOKYO:6645):

Exchanges Listed:   Tokyo (first section)
Homepage:

http://www.omron.com

Representative: Yoshihito Yamada, President and CEO
Contact: Takayoshi Oue, Executive Officer, Senior General Manager, Accounting and Finance Center
Telephone: +81-75-344-7070
Filing of Quarterly Securities Report (Shihanki hokokusho) (scheduled): November 13, 2013
Start of Distribution of Dividends (scheduled): December 2, 2013
Preparation of Supplementary Materials for the Quarterly Financial Results: Yes
Holding of Presentation of Quarterly Financial Results: Yes (for investors)
 

Note: This document has been translated from the Japanese original as a guide to non-Japanese investors and contains forward-looking statements that are based on management’s estimates, assumptions and projections at the time of publication. A number of factors could cause actual results to differ materially from expectations.

Note: All amounts are rounded to the nearest million yen.

 

1. Consolidated Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2014

(April 1, 2013 – September 30, 2013)

 

(1) Sales and Income (cumulative)

(Percentages represent changes compared with the same period of the previous fiscal year.)

  Millions of yen – except per share data and percentages

 

Six months ended
September 30, 2013

 

Six months ended
September 30, 2012

      Change (%)     Change (%)
Net sales 359,726 18.2 304,216 0.3
Operating income 30,786 71.1 17,991 (20.8)
Income before income taxes 30,033 74.4 17,220 (18.3)
Net income attributable to shareholders 21,174 72.6 12,271 (5.6)
Net income attributable to shareholders per share, basic (JPY) 96.19 55.74
Net income attributable to shareholders per share, diluted (JPY)     55.74
Note: Comprehensive income (loss):   Six months ended September 30, 2013: JPY 34,628 million (—% change);
Six months ended September 30, 2012: JPY 194 million (—% change)

(2) Consolidated Financial Position

  Millions of yen – except per share data and percentages
 

As of September 30,
2013

 

As of March 31,
2013

Total assets 601,474 573,637
Net assets 397,871 368,763
Shareholders’ equity 395,885 366,962
Shareholders’ equity ratio (%)   65.8   64.0
 

2. Dividends

   

Year ended
March 31, 2013

 

Year ending
March 31, 2014

 

Year ending
March 31, 2014
(projected)

Dividends per share   1st quarter dividend (JPY)  
2nd quarter dividend (JPY) 14.00 25.00  
3rd quarter dividend (JPY)  
Year-end dividend (JPY) 23.00   25.00
  Total dividends for the year (JPY)   37.00       50.00
Notes:   1.   Revisions since the most recently announced dividend forecast: Yes
2. Breakdown of the year-end dividend for the year ended March 31, 2013: Regular dividend: JPY 18.00 Commemorative dividend: JPY 5.00
3. For details, see “OMRON Announces Fiscal 2013 Interim Dividend (Dividends from Retained Earnings) and Year-End Dividend Forecast,” released today (October 29, 2013).
 

3. Projected Results for the Fiscal Year Ending March 31, 2014 (April 1, 2013 – March 31, 2014)

(Percentages represent changes compared with the previous fiscal year.)

  Millions of yen
 

Year ending
March 31, 2014

 

Change
(%)

Net sales 750,000 15.3
Operating income 65,000 43.4
Income before income taxes 62,000 50.4
Net income attributable to shareholders 43,000 42.4
Net income per share attributable to shareholders (JPY)   195.34
Note:   Revisions since the most recently announced performance forecast: Yes
See “OMRON Announces Difference between Consolidated Business Performance Forecast for First 2 Quarters of Fiscal 2013 and Actual Performance and Revision of Consolidated Business Performance Forecast for Fiscal 2013,” released today (October 29, 2013), regarding the revision of the consolidated performance forecast.
 

Other

(1)   Changes in significant subsidiaries during the period (changes in specified subsidiaries due to changes in the scope of consolidation): No
New: – companies ( – ) Excluded: – companies ( – )
 
(2) Application of simplified accounting methods and/or special accounting methods: No
 
(3) Changes in accounting policy
(a)   Changes in accounting policy accompanying revision of accounting standards, etc.: No
(b) Changes in accounting policy other than (a) above: No
 
(4) Number of shares issued and outstanding (common stock)
(a) Number of shares at end of period (including treasury stock): September 30, 2013: 227,121,372 shares; March 31, 2013: 227,121,372 shares
(b) Treasury stock at end of period: September 30, 2013: 6,998,634 shares; March 31, 2013: 6,992,907 shares
(c) Average number of shares during the period (cumulative quarterly period): Six months ended September 30, 2013: 220,125,401 shares; Six months ended September 30, 2012: 220,129,657 shares
 

Items Regarding the Implementation of Quarterly Review Procedures

This summary of quarterly consolidated results is exempt from the quarterly review procedures based on the Financial Instruments and Exchange Act. Review procedures for the quarterly financial statements based on the Financial Instruments and Exchange Act had not been completed at the time of disclosure of this summary of quarterly consolidated results.
 

Notes Regarding Appropriate Use of Projections of Results and Other Matters

1.   Projections of results and future developments are based on information available to the Company at the time of writing, as well as certain assumptions judged by the Company to be reasonable. Various factors could cause actual results to differ materially from these projections. Major factors influencing Omron’s actual results include, but are not limited to, (i) the economic conditions affecting the Omron Group’s businesses in Japan and overseas, (ii) demand trends for the Omron Group’s products and services, (iii) the ability of the Omron Group to develop new technologies and new products, (iv) major changes in the fund-raising environment, (v) tie-ups or cooperative relationships with other companies, (vi) movements in currency exchange rates and stock markets, and (vii) accidents, earthquakes, etc.
 
For the assumptions that form the basis of the projected results, see “1. Qualitative Information on Quarterly Financial Results, (3) Description of Consolidated Performance Forecast” on page 6.
 
2. The Company applies the single step method for presentation of its Consolidated Financial Statements based on U.S. GAAP. However, to facilitate comparison with other companies, operating income on the Consolidated Income Statement is presented by subtracting selling, general and administrative expenses and research and development expenses from gross profit.
 
3. The Company plans to hold a presentation for investors on Wednesday, October 29, 2013.
    The Company also plans to post an overview and the (voice) content of its explanations, together with financial materials used at the presentation, promptly on its website.
 
Note:   The following abbreviations of business segment names are used in the attached materials.
IAB: Industrial Automation Business
EMC: Electronic and Mechanical Components Business
AEC: Automotive Electronic Components Business
SSB: Social Systems, Solutions and Service Business
HCB: Healthcare Business
Other:   Environmental Solutions Business HQ, Electronic Systems and Equipments Division HQ, Micro Devices HQ, OMRON PRECISION TECHNOLOGY Co., Ltd. and others
 

1. Qualitative Information on Quarterly Financial Results
(1) Description of Results of Operations

General Overview

In the first six months of fiscal 2013 (April – September 2013), earnings and profits of the Omron Group both increased substantially compared with the same period of the previous fiscal year, with growth in earnings and profits in every business segment.

The Omron Group’s perception of the economic environment in the first six months of fiscal 2013 is as follows.

Economic and Market Conditions by Region

Japan:   There was a gradual recovery trend due to government economic policies and other factors.
U.S.: Despite lingering concern about the debt ceiling problem, there was a recovery trend due to factors including the bottoming out of the residential housing market.
Europe: Business and consumer confidence improved and there were signs of recovery.
China: With improvement in the Purchasing Managers’ Index and other factors, signs of a recovery were apparent in some sectors, but it was not a full-scale recovery.
Asia: Although there was also a sense of uncertainty due to a slower growth rate and other factors, consumer spending remained firm in emerging markets.

Conditions in the Omron Group’s Primary Related Markets

Automotive-related:

  Capital investment demand in Japan was on a recovery track; demand for components was strong in emerging markets and elsewhere.

Semiconductor-related:

A recovery trend was apparent in some sectors due to demand for smartphones and other products.

Machine tool-related:

Signs of a recovery in capital investment demand were apparent outside Japan.

Home appliance and electronic component-related:

Capital investment demand was on a recovery track; demand for components was strong outside Japan

Healthcare equipment-related:

Demand was firm due to factors including rising health consciousness in emerging markets

In addition, the Omron Group has set its policy for fiscal 2013 (the year ending March 31, 2014) as “Complete the GLOBE Stage! Complete the transformation to a stronger Omron with greater growth, profitability, and adaptability to change.” As its action plan, the Group is prioritizing efforts including maximization of the strength of the industrial automation business, growth in emerging markets, expansion of new businesses that meet the needs of the “Optimization Society,” conclusion of profit structure reform and strengthening of global human resources. In the first six months of fiscal 2013, the Group carried out measures to increase net sales and profits over the medium-to-long term, and has been steadily generating results compared with the same period of the previous fiscal year, including an increase in net sales in emerging markets.

Consequently, consolidated results for the first six months of fiscal 2013 were as follows.

 

Millions of yen, except exchange rate data and percentages

   

Six months ended
September 30, 2012

 

Six months ended
September 30, 2013

  Change
Net sales 304,216 359,726 +18.2%
Operating income 17,991 30,786 +71.1%
Income before income taxes 17,220 30,033 +74.4%
Net income attributable to shareholders 12,271 21,174 +72.6%
Average USD exchange rate (JPY) 79.4 98.2 +18.8
Average EUR exchange rate (JPY)   101.1   128.9   +27.8
 

Results by Business Segment

IAB (Industrial Automation Business)

Millions of yen, except percentages

   

Six months ended
September 30, 2012

 

Six months ended
September 30, 2013

  Change
Sales to external customers   Japan 58,677 55,944 -4.7%
Overseas 71,216 82,074 +15.2%
Total 129,893 138,018 +6.3%
Segment profit   15,572   17,834   +14.5%

Note: Due to a revision of management classifications, some businesses under EMC are included in the IAB business segment from the year ending March 31, 2014. Accordingly, segment profit for the year ended March 31, 2013 is restated under the new management classification.

Sales in Japan
Although capital investment demand was on a recovery track in electronic component- and semiconductor-related industries and some sectors of the automotive- and machine tool-related industries, it did not amount to a full-scale recovery, and sales in Japan for the six months ended September 30, 2013 decreased compared with the same period of the previous fiscal year.

Overseas Sales
In Europe, there were signs of an upturn in the economy but demand was unchanged from the same period a year earlier. In China, demand was sluggish due to factors including export-related weakness. In the Americas, demand from oil businesses fell. In Asia, demand was weak in ASEAN countries due to a decline in investment, mainly in automotive- and electronic component-related industries, but capital investment demand was firm in emerging markets and South Korea. As a result, overseas sales for the six months ended September 30, 2013 increased compared with the same period of the previous fiscal year, due in part to the depreciation of the yen.

Segment Profit
Despite an increase in fixed expenses as a result of investments for future growth, segment profit increased compared with the same period of the previous fiscal year due to the increase in sales and the impact of the depreciation of the yen.

 

EMC (Electronic and Mechanical Components Business)

Millions of yen, except percentages

   

Six months ended
September 30, 2012

 

Six months ended
September 30, 2013

  Change
Sales to external customers   Japan 13,375 14,276 +6.7%
Overseas 29,230 34,506 +18.0%
Total 42,605 48,782 +14.5%
Segment profit   2,346   3,935   +67.7%

Note: Due to a revision of management classifications, some businesses under EMC are presented in the IAB business segment from the year ending March 31, 2014. Accordingly, segment profit for the year ended March 31, 2013 is restated under the new management classification.

Sales in Japan
Although demand decreased in consumer and automotive-related industries, sales to the home appliance industry were strong due to the impact of the hot summer, in addition to the rebound of the domestic economy. As a result, sales in Japan for the six months ended September 30, 2013 increased compared with the same period of the previous fiscal year.

Overseas Sales
In China and South Korea, sales to the mobile devices industry were firm, and in the Americas, sales to consumer and commerce industries were strong. In Europe, consumer and commerce industry demand grew with the impact of market recovery. As a result, overseas sales for the six months ended September 30, 2013 increased substantially compared with the same period of the previous fiscal year, due in part to the depreciation of the yen.

Segment Profit
Segment profit increased substantially compared with the same period of the previous fiscal year due to the effects of cost reduction activities in addition to the increase in sales and the impact of the depreciation of the yen.

 

AEC (Automotive Electronic Components Business)

Millions of yen, except percentages

   

Six months ended
September 30, 2012

 

Six months ended
September 30, 2013

  Change
Sales to external customers   Japan 15,873 13,198 -16.9%
Overseas 31,384 46,270 +47.4%
Total 47,257 59,468 +25.8%
Segment profit   2,780   4,348   +56.4%

Sales in Japan
Despite the effect of government economic measures and the continuation of tax breaks for eco cars, automotive demand fell below the level of the previous year due to the impact of the end of subsidies in September 2012. As a result, sales in Japan for the six months ended September 30, 2013 decreased compared with the same period of the previous fiscal year.

Overseas Sales
The European automotive market slowed due to fiscal austerity and the deteriorating labor environment resulting from financial instability, but markets in North America, China and Asia were strong. As a result, overseas sales for the six months ended September 30, 2013 increased substantially compared with the same period of the previous fiscal year, due in part to the depreciation of the yen.

Segment Profit
Segment profit increased substantially compared with the same period of the previous fiscal year due to factors including the increase in sales and the impact of the depreciation of the yen.

 

SSB (Social Systems, Solutions and Service Business)

Millions of yen, except percentages

   

Six months ended
September 30, 2012

 

Six months ended
September 30, 2013

  Change
Sales to external customers 23,471 29,112 +24.0%
Segment profit (loss)   (1,881)   (1,762)  

Public Transportation Systems Business Sales
Capital investment demand from railway companies for renewal of station equipment remained firm, and sales for the six months ended September 30, 2013 increased compared with the same period of the previous fiscal year.

Traffic and Road Management Systems Business and Other Sales
In the traffic and road management systems business, although there was demand for measures to deal with aging equipment as a result of a revised national budget for traffic safety measures, sales for the six months ended September 30, 2013 decreased compared with the same period of the previous fiscal year with the impact of factors such as a temporary change in the sales period from the first six months of the previous fiscal year. In the environmental solutions business, sales for the six months ended September 30, 2013 increased substantially compared with the same period of

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