THK Company Limited
11 August 2003
Consolidated Financial Results for the First Quarter Ended June 30, 2003
August 11, 2003
Tokyo, Japan - August 11, 2003 - THK CO., LTD. (Akihiro Teramachi, President and CEO; Tokyo Stock Exchange 6481)
reported its consolidated results in Japanese GAAP for the first quarter ended June 30, 2003.
Consolidated Financial Highlights (Unaudited)
(Millions of yen)
First quarter ended June 30, FY 2002 ended March 31, 2003
2003
1. Consolidated Results of Operations
--------------------------------------------------------------------------------------------------------------------
Net sales 27,335 94,599
Operating income 2,888 4,893
Ordinary income 3,206 4,827
Net income 1,586 1,891
Net income per share (yen) 13.41 15.65
--------------------------------------------------------------------------------------------------------------------
2. Consolidated Financial Position As of June 30, 2003 As of March 31, 2003
--------------------------------------------------------------------------------------------------------------------
Total assets 188,513 193,197
Total shareholders' equity 102,427 102,478
Total shareholders' equity/total assets 54.3% 53.0%
Shareholders' equity per share (yen) 867.92 860.80
--------------------------------------------------------------------------------------------------------------------
3. Consolidated Statements of Cash Flows First quarter ended June 30, FY 2002 ended March 31, 2003
2003
--------------------------------------------------------------------------------------------------------------------
Net cash provided by operating activities 3,085 16,012
Net cash used in investing activities -2,619 -3,909
Net cash used in financing activities -9,540 5,423
Cash and cash equivalents 63,291 72,533
--------------------------------------------------------------------------------------------------------------------
Notes to the Financial Information:
There was no change of accounting policy during the reporting period: from April 1 to June 30, 2003.
The company applied the simplified methods to the following points for this reporting:
1) calculating the income and business taxes
2) calculating and recognizing allowance for bad debts
No comparisons with the first quarter results of the previous year are available.
Supplementary Information
The following tables show financial information for the three months ended June 30, 2003, which are announced by the
Company.
Note that figures are in accordance with the Japanese GAAP and not audited.
1. Consolidated Balance Sheets
(Millions of yen)
First quarter Composition FY 2002 ended Composition
ended % March 31, 2003 %
June 30, 2003
---------------- ----------------
Assets
Current assets 129,611 68.8 135,613 70.2
--------------------------------------------------------------------------------------------------------------------
Cash and bank deposits 57,272 66,459
Accounts and notes receivables-trade 38,365 35,063
Short-term investment in securities 6,919 7,003
Inventories 23,219 23,747
Other current assets 3,834 3,339
Fixed assets 58,902 31.2 57,583 29.8
--------------------------------------------------------------------------------------------------------------------
Tangible assets 42,481 22.5 42,390 21.9
Intangible assets 1,829 1.0 1,925 1.0
Other 14,591 7.7 13,266 6.9
Deferred assets - - 0 0.0
--------------------------------------------------------------------------------------------------------------------
Total assets 188,513 100.0 193,197 100.0
--------------------------------------------------------------------------------------------------------------------
Liabilities
Current liabilities 44,651 23.7 48,149 24.9
--------------------------------------------------------------------------------------------------------------------
Accounts and notes payables-trade 18,869 16,960
Short-term bank loans 1,795 5,712
Current portion of long-term debt 14,905 17,348
Other current liabilities 9,081 8,127
Long-term liabilities 41,119 21.8 42,259 21.9
--------------------------------------------------------------------------------------------------------------------
Bonds 38,000 38,000
Other long-term liabilities 3,119 4,259
--------------------------------------------------------------------------------------------------------------------
Total liabilities 85,770 45.5 90,409 46.8
--------------------------------------------------------------------------------------------------------------------
Minority interests 315 0.2 309 0.2
--------------------------------------------------------------------------------------------------------------------
Common stock 23,106 12.2 23,106 12.0
Capital surplus 30,962 16.4 30,962 16.0
Retained earnings 49,348 26.1 48,686 25.2
Net unrealized gain on other securities -142 -0.0 -355 -0.2
Foreign currency translation adjustments 819 0.4 481 0.2
Treasury stock, at cost -1,667 -0.8 -403 -0.2
--------------------------------------------------------------------------------------------------------------------
Total shareholders' equity 102,427 54.3 102,478 53.0
--------------------------------------------------------------------------------------------------------------------
Total liabilities, minority interests & shareholders' 188,513 100.0 193,197 100.0
equity
--------------------------------------------------------------------------------------------------------------------
2. Consolidated Statements of Income
(Millions of yen)
Q1/FY2003 % to FY2002 % to
April - June net sales April '02 net sales
2003 - March '03
---------------- -------------------
Net sales 27,335 100.0 94,599 100.0
Cost of sales 18,526 67.8 66,646 70.5
---------------------------------------------------------------------------------------------------------------------
Gross profit 8,808 32.2 27,953 29.5
Selling, general and administrative expenses 5,920 21.7 23,060 24.3
---------------------------------------------------------------------------------------------------------------------
Operating income 2,888 10.5 4,893 5.2
---------------------------------------------------------------------------------------------------------------------
Non-operating income 569 2.1 1,226 1.3
---------------------------------------------------------------------------------------------------------------------
Interest and dividend income 61 218
Other 508 1,007
Non-operating expenses 250 0.9 1,291 1.4
---------------------------------------------------------------------------------------------------------------------
Interest expense 143 888
Other 107 403
Ordinary income 3,206 11.7 4,827 5.1
---------------------------------------------------------------------------------------------------------------------
Extraordinary income 19 0.0 56 0.0
Extraordinary loss 105 0.3 1,287 1.3
---------------------------------------------------------------------------------------------------------------------
Income before income taxes and minority interests 3,121 11.4 3,596 3.8
Income taxes 1,529 5.6 1,773 1.8
Minority interests in loss of consolidated 5 0.0 -68 -0.0
subsidiaries
---------------------------------------------------------------------------------------------------------------------
Net income 1,586 5.8 1,891 2.0
---------------------------------------------------------------------------------------------------------------------
Scope of consolidation:
The number of consolidated companies: 13
The number of equity method applied affiliated company: 1
There was no change in the number of consolidated companies or equity method applied affiliated company in the scope.
3. Consolidated Statements of Cash Flows
(Millions of yen)
Q1/FY2003 FY 2002
April - June 2003 April '02 - March '03
--------------------- ----------------------
Operating activities:
Income before income taxes and minority interests 3,121 3,596
Depreciation and amortization 1,300 6,163
Increase/(decrease) in accounts and notes receivable -3,194 -10,253
Increase/(decrease) in inventories 692 2,502
Increase/(decrease) in accounts and notes payable 1,769 5,220
Other -605 8,782
--------------------------------------------------------------------------------------------------------------------
Net cash provided by operating activities 3,085 16,012
--------------------------------------------------------------------------------------------------------------------
Investing activities:
Payments for purchase of investments in securities or -1,624 -5,968
fixed assets
Proceeded from sales of investments in securities or 48 1,580
fixed assets
Other -1,043 477
--------------------------------------------------------------------------------------------------------------------
Net cash used in investing activities -2,619 -3,909
--------------------------------------------------------------------------------------------------------------------
Financing activities:
Increase/(decrease) in short-term bank loans -1,757 -2,887
Increase/(decrease) in long-term debt -5,781 10,118
Other -2,000 -1,807
Net cash used in financing activities -9,540 5,423
--------------------------------------------------------------------------------------------------------------------
Effect of exchange rate changes on cash and cash 167 0
equivalents
--------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in cash and cash equivalents -9,241 17,526
--------------------------------------------------------------------------------------------------------------------
Cash and cash equivalents, beginning of year 72,533 55,007
--------------------------------------------------------------------------------------------------------------------
Cash and cash equivalents, end of year 63,291 72,533
--------------------------------------------------------------------------------------------------------------------
4. Projected earnings for the Fiscal Year ending March 31, 2004
Consolidated basis (Millions of yen)
Six months ending Year ending March 31, 2004
September 30, 2003
---------------------------- ----------------------------
-----------------------------------------------------------------------------------------------------------
Net sales 51,600 104,000
Operating income 4,300 9,000
Ordinary income 4,300 8,900
Net income 2,350 4,850
Net income per share (yen) - 40.80
-----------------------------------------------------------------------------------------------------------
Stand-alone basis (Millions of yen)
Six months ending Year ending March 31, 2004
September 30, 2003
---------------------------- ----------------------------
-----------------------------------------------------------------------------------------------------------
Net sales 41,000 83,000
Operating income 4,400 9,000
Ordinary income 4,500 9,200
Net income 2,550 5,200
Net income per share (yen) - 43.64
-----------------------------------------------------------------------------------------------------------
The Company has not changed the projected figures which were announced on May 19, 2003.
Notice regarding forward looking statements
This release contains forward looking statements based on management's assumptions, estimates, and projections
at the time of release. The company cautions readers that actual results may differ materially from those projected or
implied in forward-looking statements made by or on behalf of the Company due to a variety of important factors, such
as, but are not limited to the risks and uncertainty associated with world wide economy, competitive activity, and
currency fluctuation.
Contact for Additional Information
Kotaro Yoshihara
Director/General Manager
Corporate Strategy Department
Phone: +81-3-5434-0300
Website: www.thk.co.jp
This information is provided by RNS
The company news service from the London Stock Exchange