Consolidated Financial Statements
for the Fiscal Year Ended March 31, 2017
April 26, 2017
Registered Company Name: Hitachi Kokusai Electric Inc.
Code No: 6756
Stock Listings: Tokyo
URL: http://www.hitachi-kokusai.co.jp/global/
Representative: Kaichiro Sakuma, President, CEO and Director
Contact: Shoji Okuyoshi, General Manager of Legal & CSR Division
Telephone: +81 (0)3-6734-9401
Scheduled date of Annual General Meeting of Shareholders: June 28 2017
Scheduled date of filing of annual securities report: June 28, 2017
Planned Start Date for Dividend Payments: June 6, 2017
Preparation of supplementary material for financial results: Yes
Holding of financial results meeting: Yes (for analysts and institutional investors)
(All figures are rounded off to the nearest million yen)
1. Consolidated Financial Results (For the fiscal year ended March 31, 2017)
(1) Consolidated Results of Operations
FY 2016
FY 2015
Income before income taxes
Adjusted
Operating Income
Revenues
(Percentages indicate percentage increase or decrease year-on-year)
Million %
Yen
14,759 (8.6)
16,141 (26.0)
Million %
Yen
171,857 (4.9)
180,740 (2.4)
Million %
Yen
10,481 (37.4)
16,746 (15.4)
Net income attributable to owners of the parent
Net Income
Million %
Yen
7,443 (42.6)
12,962 (26.1)
Comprehensive income
Million % Million Yen
%
Yen
7,459 (42.6)
8,800
54.5
12,998 (25.6)
5,697 (72.7)
Basic earnings per share
FY2016
FY2015
Yen
72.63
126.54
Diluted earnings per Return on attributable share
to owners of the parent
Yen
%
7.6
13.6
－
－
Return on assets
%
5.5
9.2
Return on Sales
%
8.6
8.9
(2) Consolidated Financial Position
Total Assets
FY2016
FY2015
Million Yen
204,656
174,569
Ratio of equity Equity attributable to Equity attributable to attributable to owners Total Equity
owners of the parent owners of the parent of the parent to total per share
assets
Million Yen
Million Yen
%
Yen
100,585
100,416
49.1
977.73
96,087
95,964
55.0
934.35
(3) Consolidated Cash Flows
Cash Flows from
Operating Activities
Million Yen
FY2016
13,685
FY2015
11,635
Cash Flows from
Investing Activities
Million Yen
(4,061)
(2,351)
-1-
Cash Flows from
Cash and Cash Equivalents Financing Activities
at end of the Fiscal Year
Million Yen
Million Yen
(2,307)
54,828
(7,003)
47,567
2. Dividends
Dividend per Share
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
FY2015
FY2016
FY2017 (Forecast)
Yen
－
－
－
Yen
14.00
10.00
0.00
Yen
－
－
－
Total
Yen
26.00
16.00
－
Yen
40.00
26.00
－
Total
Amount of
Dividends
Million Yen
4,108
2,670
Ratio of Total Dividends
Amount of Payout
Dividends to Ratio
Net Assets
(Consolidated)
(Consolidated)
%
%
31.6
4.3
35.8
2.7
－
3. Consolidated Financial Forecast for FY2017(From April 1, 2017 to March 31, 2018)
(Percentages indicate percentage increase or decrease year-on-year)
Revenues
2Q of FY2017
FY2017
Adjusted operating income
Million %
Yen
71,600 (0.8)
169,000 (1.7)
Million Yen
5,000
17,500
Income before income taxes
%
65.6
18.6
Million Yen
5,000
16,900
Net Income Basic earnings attributtable to per share
owners of the parent
Million %
%
Yen
Yen
53.9
3,400 48.2
33.11
53.2
11,400 52.8
111.00
Net Income
%
51.8
61.2
Million Yen
3,400
11,400
Notes
(1) Changes to significant subsidiaries during the term (changes in specified subsidiaries due to changes in scope)
[1] Changes in accounting policies requested by IFRS
[2] Changes other than [1] above
: No [3] Changes in accounting estimates
: No : No : No (2) Changes in accounting policies, accounting estimates and restatement of corrections
(3) Number of shares issued (common stock)
[1] Number of shares at end of period
(Including treasury stock)
[2] Number of treasury stock at end
of period
[3] Average number of shares during the
period (Quarterly Cumulative Total)
FY2016
105,221,259 shares FY2015
105,221,259 shares
FY2016
2,517,867 shares FY2015
2,514,706 shares
FY2016
102,705,205 shares FY2015
102,715,428 shares
(Notes)
Information regarding the implementation of review procedure
This financial report is exempt from the review procedure.
Explanation on the appropriate use of financial forecasts and other important items
The forecasts figures are based on information currently available to the Company and certain assumptions deemed to be reasonable. This material does not represent promises or guarantees regarding the forecasts and due to various factors, actual results may vary significantly from these forecasts.
-2-
HITACHI KOKUSAI ELECTRIC INC.
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Statements of Financial Position (Unaudited)
March 31, 2017 and March 31, 2016
Millions of Yen
FY2015
Assets
Current assets
Cash and cash equivalents
Trade and other receivables
Inventories
Other current assets
Subtotal
Non-current assets
Property, plant and equipment
Intangible assets
Other financial assets
Deferred tax assets
Other non-current assets
Total non-current assets
Total assets
-3-
FY2016
47,567
50,192
37,120
1,760
136,639
54,828
55,983
50,263
1,312
162,386
21,503
2,525
10,049
2,784
1,069
37,930
174,569
26,565
3,203
8,294
3,326
882
42,270
204,656
Millions of Yen
FY2015
FY2016
Liabilities
Current liabilities
Short-term debt
Trade and other payables
Accrued expenses
Other financial liabilities
Income tax payable
Advances received
Provisions
Other current liabilities
Total current liabilities
Non-current liabilities
Long-term debt
Other financial liabilities
Retirement and severance benefits
Provisions
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities
Total liabilities
Equity
Equity attributable to owners of the parent
Common stock
Capital surplus
Retained earnings
Other components of equity
Treasury stock, at cost
Total equity attributable to owners of the parent
Non-controlling interests
Total equity
Total liabilities and equity
-4-
733
36,600
11,087
222
2,032
3,227
1,972
55
55,928
1,598
54,368
14,822
416
1,847
11,345
1,479
69
85,944
101
－
22,083
94
－
276
22,554
78,482
683
849
16,171
103
79
242
18,127
104,071
10,058
17,534
68,088
3,022
(2,738)
95,964
123
96,087
10,058
16,837
71,850
4,415
(2,744)
100,416
169
100,585
174,569
204,656
HITACHI KOKUSAI ELECTRIC INC.
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Statements of Profit or Loss (Unaudited)
Years ended March 31, 2017 and 2016
Millions of Yen
FY2015
FY2016
Revenues
Cost of sales
Gross profit
Selling, general and administrative expenses
Other income
Other expenses
Financial income
Financial expenses
180,740
(128,803)
51,937
(35,796)
1,262
(1,254)
396
(14)
Share of loss of investments accounted for using the equity method
EBIT (Earnings before interest and taｘes)
171,857
(123,007)
48,850
(34,091)
324
(4,818)
117
(33)
0
－
16,531
10,349
Interest income
230
160
Interest expenses
(15)
(28)
16,746
(3,784)
12,962
10,481
(3,038)
7,443
12,998
(36)
7,459
(16)
Income before income taxes
Income taxes
Net income
Net income attributable to:
Owners of the parent
Non-controlling interests
Yen
Earnings per share attributable to owners of the parent
Basic
Diluted
126.54
－
72.63
－
Consolidated Statements of Comprehensive Income (Unaudited)
Years ended March 31, 2017 and 2016
Millions of Yen
FY2015
FY2016
Net income
12,962
7,443
248
(74)
(4,904)
1,629
(4,656)
1,555
(2,609)
(198)
0
－
(2,609)
(198)
(7,265)
1,357
Comprehensive income
5,697
8,800
Comprehensive income attributable to:
Owners of the parent
Non-controlling interest
5,739
(42)
8,853
(53)
Other comprehensive income (OCI)
Items not to be reclassified into net income
Net changes in financial assets measured at fair value through OCI
Remeasurements of defined benefit plans
Total items not to be reclassified into net income
Items that can be reclassified into net income
Foreign currency translation adjustments
Share of OCI of investments accounted for using the equity method
Total items that can be reclassified into net income
Other comprehensive income (OCI)
-5-
April 26, 2017
Hitachi Kokusai Electric Inc.
Supplementary information for the fiscal year ended March 31, 2017 〔IFRS〕 (Consolidated basis)
1. Summary
Fiscal 2015
(Millions of yen)
Fiscal 2017 (Forecast)
Fiscal 2016
2nd half
1st half
(A)
Orders received
Revenues
Adjusted operating income
EBIT
Income before income taxes
Net income attributable to owners of the
parent
2nd half
(B)
93,344
90,940
10,065
10,333
10,446
Total
(C)
69,282 162,626
89,800 180,740
6,076 16,141
6,198 16,531
6,300 16,746
7,712
5,286
12,998
1st half Previous
Results
Forecast
(D)
(F)
(E)
85,461
－ 99,824
72,164 100,836 99,693
3,019 10,581 11,740
3,211
8,389
7,138
3,294
8,406
7,187
2,294
5,406
5,165
Total
(F)/(E)
(F)/(B)
－
99
111
85
85
144
111
193
115
114
96
98
Previous
Results
Forecast
(H)
(G)
－ 185,285
173,000 171,857
13,600 14,759
11,600 10,349
11,700 10,481
7,700
7,459
(H)/(G)
(H)/(C)
1st half
(I)
2nd half
(J)
－
99
109
89
90
114
95
91
63
63
－
71,600
5,000
5,000
5,000
97
57
3,400
Total
(K)
－
－
97,400 169,000
12,500 17,500
11,900 16,900
11,900 16,900
8,000
11,400
(K)/（H)
－
98
119
163
161
153
(Note) Previous Forecast: Announced on January 26, 2017
"Adjusted operating income" is presented as revenues less cost of sales as well as selling, general and administrative expenses.
"EBIT" is presented as income from contributing operations, before income taxes less interest income plus interest expenses.
2. Reportable segment
Fiscal 2015
2nd half
(B)
Total
(C)
2nd half
1st half Previous
Results
(F)/(E)
Forecast
(D)
(F)
(E)
49,996
37,320
(828)
(807)
30,282
51,898
1,231
1,301
80,278
89,218
403
494
38,465
31,715
(1,962)
(2,159)
－
47,285
2,962
1,159
28,862
47,559
3,064
(1,224)
－
101
103
－
95
92
249
－
－
79,000
1,000
(1,000)
42,835
53,194
11,129
11,144
38,533
37,369
4,749
4,862
81,368
90,563
15,878
16,006
46,523
40,025
5,201
5,497
－
52,975
7,799
7,503
70,342
51,519
8,507
8,466
－
97
109
113
183
138
179
174
－ 116,865
93,000 91,544
13,000 13,708
13,000 13,963
－
107
－
－
133
115
176
－
－
99
111
85
144
－ 185,285
111 173,000 171,857
193 13,600 14,759
115 11,600 10,349
1st half
(A)
Video and communication solution
Orders received
Revenues
Adjusted operating income (loss)
EBIT
Thin film process solution
Orders received
Revenues
Adjusted operating income
EBIT
Eliminations/Corporate
Orders received
Net sales
Adjusted operating income (loss)
EBIT
Total
Orders received
Revenues
Adjusted operating income
EBIT
(Millions of yen)
Fiscal 2017 (Forecast)
Fiscal 2016
513
426
(236)
(4)
93,344
90,940
10,065
10,333
467
533
96
35
980
959
(140)
31
69,282 162,626
89,800 180,740
6,076 16,141
6,198 16,531
473
424
(220)
(127)
－
576
(180)
(273)
85,461
－
72,164 100,836
3,019 10,581
3,211
8,389
620
615
169
(104)
99,824
99,693
11,740
7,138
Total
Previous
Results
(F)/(B) Forecast
(H)/(G)
(H)
(G)
－
1,000
(400)
(400)
67,327
79,274
1,102
(3,383)
1,093
1,039
(51)
(231)
Overseas revenues
Overseas revenues ratio（%）
North America
Europe
Asia
Other
Fiscal 2015
1st half 2nd half
(A)
(B)
52,630 36,323
57.9
40.4
7,745
5,156
5,848
2,849
38,011 27,425
1,026
893
Total
1st half
(C)
(D)
88,953 39,566
49.2
54.8
12,901
3,886
8,697
1,245
65,436 33,944
1,919
491
-6-
Total
(K)
(K)/（H)
84
89
273
－
－
22,500
(3,400)
(3,400)
－
50,500
6,200
5,600
－
73,000
2,800
2,200
－
92
254
－
－
98
105
107
144
101
86
87
－
48,600
8,500
8,500
－
46,400
6,500
6,500
－
95,000
15,000
15,000
－
104
109
107
－
104
－
－
112
108
－
－
－
500
(100)
(100)
－
500
(200)
(200)
－
1,000
(300)
(300)
－
96
－
－
－
99
109
89
114
95
91
63
－
－
97,400 169,000
12,500 17,500
11,900 16,900
－
98
119
163
(Millions of yen)
Fiscal 2016
Fiscal 2017 (Forecast)
2nd half Total
1st half 2nd half Total
(F)/(C)
(I)/(F)
(E)
(F)
(G)
(H)
(I)
51,121 90,687
102 47,700 47,600 95,300
105
51.3
52.8
－
66.6
48.9
56.4
－
4,858
8,744
68
4,400
8,000 12,400
142
2,011
3,256
37
1,900
2,800
4,700
144
43,176 77,120
118 40,600 35,200 75,800
98
1,076
1,567
82
800
1,600
2,400
153
4. Capital investment, Depreciation and amortization, R&D expenditure
(Millions of yen)
Fiscal 2017 (Forecast)
Fiscal 2015
Fiscal 2016
1st half 2nd half Total
1st half 2nd half Total
Total
(F)/(C)
(G)/(F)
(A)
(B)
(C)
(D)
(E)
(F)
(G)
Capital investment
1,689
2,532
4,221
2,310
6,804
9,114
216
5,700
63
Depreciation and amortization
1,671
1,755
3,426
1,679
1,874
3,553
104
4,300
121
R&D expenditure
5,450
5,933 11,383
5,051
5,393 10,444
92 12,700
122
2nd half
(J)
－
100
110
－
(Note) We changed the segment name from FY2016.
The Video and Wireless Network → Video and Communication Solutions, Eco-and Thin Film Processing → Thin Film Process Solutions
3. Overseas revenues
(H)/(C)
1st half
(I)
－
71,600
5,000
5,000