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<Consolidated Financial Results for the Year Ended March 31, 2015>
Financial Material

Results for the Year Ended March 31, 2015 (Fiscal 2014)
Financial Results
(Billions of Yen)
  FY2013 FY2014 FY2014
Full Year 1H 3Q 4Q 2H Full Year Diffe-
rence from Forecast
Change
(Y on Y)
Full Year Forecast
Net Sales 2,927.1 1,327.6 762.7 695.8 1,458.5 2,786.2 -113.7 -4.8% 2,900.0
Operating Income
(margin)
108.5
(3.7%)
29.2
(2.2%)
22.0
(2.9%)
-99.3
(-14.3%)
-77.2
(-5.3%)
-48.0
(-1.7%)
-98.0

-

50.0
(1.7%)
Net Income
(margin)
11.5
(0.4%)
4.7
(0.4%)
-11.9
(-1.6%)
-215.1
(-30.9%)
-227.0
(-15.6%)
-222.3
(-8.0%)
-192.3

-

-30.0
(-1.0%)
Consolidated financial results for the year ended March 31, 2015, recorded net sales of 2,786.2 billion yen, down 4.8% from last year, an operating loss of 48.0 billion yen, and a net loss of 222.3 billion yen. These are the first losses in two years.
Sales by Product Group
(Billions of Yen)
*Sales of each product group include internal sales between segments (Product Business / Device Business).
  FY2013 FY2014 FY2014
Full Year 1H 3Q 4Q 2H Full Year Diffe-
rence from Forecast
Change
(Y on Y)
Full Year Forecast
    Digital Information Equipment 485.6 220.5 122.6 94.3 217.0 437.5 -12.4 -9.9% 450.0
Communi-
cations
247.7 112.1 72.0 48.5 120.5 232.7 -7.2 -6.0% 240.0
Digital Information Equipment 733.3 332.7 194.7 142.8 337.6 670.3 -19.6 -8.6% 690.0
Health and Environmental Equipment 326.8 162.8 77.6 74.5 152.2 315.0 -14.9 -3.6% 330.0
Energy Solutions 439.0 142.9 53.6 74.2 127.9 270.8 -9.1 -38.3% 280.0
Business Solutions 318.8 164.5 85.1 90.5 175.7 340.3 +0.3 +6.7% 340.0
Product Business 1,818.1 803.1 411.3 382.1 793.5 1,596.6 -43.3 -12.2% 1,640.0
  LCDs 991.0 460.9 238.0 208.1 446.1 907.1 -62.8 -8.5% 970.0
Electronic Devices 326.3 149.7 156.1 135.5 291.6 441.4 +1.4 +35.3% 440.0
Device Business 1,317.4 610.7 394.2 343.6 737.8 1,348.5 -61.4 +2.4% 1,410.0
Sub Total 3,135.6 1,413.8 805.5 725.8 1,531.3 2,945.2 -104.7 -6.1% 3,050.0
Adjustments -208.4 -86.1 -42.7 -29.9 -72.7 -158.9 - - -150.0
Total 2,927.1 1,327.6 762.7 695.8 1,458.5 2,786.2 -113.7 -4.8% 2,900.0
Operating Income by Product Group
(Billions of Yen)
*Figures within parentheses indicate operating margin.
  FY2013 FY2014 FY2014
Full Year 1H 3Q 4Q 2H Full Year Diffe-
rence from Forecast
Change (Y on Y) Full Year Forecast
    Digital Information Equipment 8.9
(1.8%)
-0.0
(-0.0%)
-3.5
(-2.9%)
-9.8
(-10.4%)
-13.4
(-6.2%)
-13.4
(-3.1%)
-1.4

-

-12.0
(-2.7%)
Communications 3.9
(1.6%)
7.5
(6.7%)
8.2
(11.5%)
0.6
(1.3%)
8.9
(7.4%)
16.5
(7.1%)
+2.5

4.2-fold

14.0
(5.8%)
Digital Information Equipment 12.8
(1.8%)
7.5
(2.3%)
4.7
(2.4%)
-9.2
(-6.4%)
-4.5
(-1.3%)
3.0
(0.5%)
+1.0

-76.2%

2.0
(0.3%)
Health and Environmental Equipment 21.0
(6.4%)
7.7
(4.8%)
4.2
(5.5%)
3.9
(5.2%)
8.1
(5.4%)
15.9
(5.1%)
-2.0

-24.2%

18.0
(5.5%)
Energy Solutions 32.4
(7.4%)
-0.2
(-0.2%)
-1.6
(-3.0%)
-60.7
(-81.8%)
-62.3
(-48.8%)
-62.6
(-23.1%)
-57.6

-

-5.0
(-1.8%)
Business Solutions 30.5
(9.6%)
15.9
(9.7%)
7.6
(9.0%)
7.8
(8.6%)
15.4
(8.8%)
31.4
(9.2%)
+1.4

+2.8%

30.0
(8.8%)
Product Business 96.8
(5.3%)
30.9
(3.9%)
15.0
(3.7%)
-58.2
(-15.2%)
-43.2
(-5.4%)
-12.2
(-0.8%)
-57.2

-

45.0
(2.7%)
  LCDs 41.5
(4.2%)
20.8
(4.5%)
11.4
(4.8%)
-31.6
(-15.2%)
-20.2
(-4.5%)
0.5
(0.1%)
-39.4

-98.6%

40.0
(4.1%)
Electronic Devices 3.2
(1.0%)
-2.4
(-1.6%)
2.6
(1.7%)
0.5
(0.4%)
3.1
(1.1%)
0.6
(0.2%)
-2.3

-79.3%

3.0
(0.7%)
Device Business 44.8
(3.4%)
18.3
(3.0%)
14.1
(3.6%)
-31.1
(-9.1%)
-17.0
(-2.3%)
1.2
(0.1%)
-41.7

-97.2%

43.0
(3.0%)
Sub Total 141.6
(4.5%)
49.2
(3.5%)
29.1
(3.6%)
-89.4
(-12.3%)
-60.3
(-3.9%)
-11.0
(-0.4%)
-99.0

-

88.0
(2.9%)
Adjustments -33.0 -20.0 -7.1 -9.8 -16.9 -37.0 +0.9 - -38.0
Total 108.5
(3.7%)
29.2
(2.2%)
22.0
(2.9%)
-99.3
(-14.3%)
-77.2
(-5.3%)
-48.0
(-1.7%)
-98.0

-

50.0
(1.7%)
Looking at sales by product group for fiscal 2014, sales were up in Business Solutions and Electronic Devices, while other product groups showed lower sales compared with last year.

Operating income increased for Communications and Business Solutions, while it fell in Health and Environmental Equipment, LCDs, and Electronic Devices. Digital Information Equipment and Energy Solutions were in the red.
Other Income (Expenses)
In fiscal 2014, while equity in earnings of affiliates increased from the last year, impairment losses were recorded as costs related to structural reform. As a result, other income (expenses) worsened compared to the last year.
Profits and Losses from Efforts to Improve Earnings Structure and Enact Structural Reforms
Operating income was down significantly from the forecast, resulting in an operating loss. Sources for this loss include the following (1) in the Energy Solutions business, an allowance for a difference between the long-term contracted price of polysilicon and the actual market price was recognized as a cost of sales, and (2) an inventory write-down in small- and medium-size LCDs was recognized.
Net income fell far short of the forecast, resulting in a net loss. This was due to the recording of costs related to structural reforms as other expenses, including expenses related to structural reforms in the LCD TV business overseas, and impairment losses on production equipment, particularly for LCDs.
Breakdown of Operating Income
As for the causes of the deterioration in operating income in fiscal 2014 compared to last year, operating income was negatively impacted by a decrease in transient income (for example, income from the LCD engineering business and the solar developer business) as well as by the effects of price drops and a worsened model mix. Other worsening factors included a valuation reserve for inventory purchase commitments in the long-term contracts for polysilicon (a material used in solar panels) and an inventory write-down in small- and medium-size LCDs.
Consolidated Balance Sheets
Cash and time deposits at the end of March 2015 decreased by 121.1 billion yen from the end of March 2014, due to an increase in inventory and a bond redemption.
Plant and equipment was down by 119.1 billion yen from the end of March 2014 due to factors including asset sales related to structural reform and impairment losses on production equipment. The equity ratio decreased from 8.9% to 1.5%.
Transition of Inventories
Inventories at the end of March 2015 were 338.3 billion yen, an increase of 43.1 billion yen from the end of March 2014. The ratio vs. monthly sales worsened from 1.21 months at the end of March 2014 to 1.46 months.
Transition of Interest-bearing Debt
Interest-bearing debt at the end of March 2015 was 974.2 billion yen, a decrease of 119.2 billion yen from the end of March 2014, while the ratio vs. monthly sales was 4.20 months, an improvement of 0.28 months.
Net interest-bearing debt was 715.7 billion yen, an increase of 1.8 billion yen from 713.9 billion yen at the end of March 2014.

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