NITERRA CO., LTD. URL : http://www.ngkntk.co.jp
Stock listing : Tokyo 1st section, Nagoya 1st section
Code number : 5334
Head office : 14-18 Takatsuji-cho, Mizuho-ku, Nagoya, Aichi, 467-8525, Japan
Representative : Shinichi Odo, President
Quarterly financial results highlightsBillions of yen Three months ended
2013 2014
Jun.30 Sep.30 Dec. 31 Mar.31 Jun.30 Sep.30 Dec. 31
Net sales | 82.2 | 79.9 | 83.3 | 84.3 | 84.6 | 84.4 | 88.9 |
Operating income | 10.8 | 12.5 | 13.8 | 14.6 | 15.1 | 14.2 | 17.3 |
Ordinary income | 12.0 | 12.6 | 16.3 | 14.0 | 15.6 | 17.2 | 20.3 |
Net income | 7.2 | 8.5 | 9.8 | 7.2 | 10.1 | 6.2 | 13.4 |
Spark & glow plugs | 40.0 | 38.0 | 39.3 | 41.7 | 41.5 | 42.3 | 44.6 |
Automotive sensors | 28.0 | 26.8 | 28.5 | 29.5 | 29.7 | 28.7 | 30.5 |
Automotive components | 68.1 | 64.8 | 67.8 | 71.2 | 71.2 | 71.0 | 75.2 |
Semiconductor 8.1 9.1 8.9 7.1 6.6 7.2 7.6
Ceramics 5.1 5.1 5.6 5.3 5.3 5.3 5.1
Technical ceramics 13.2 14.2 14.4 12.4 12.0 12.5 12.7
Percent
Consolidated 13.2 15.6 16.5 17.3 17.8 16.8 19.5
By industry segments:
Automotive components 18.1 21.6 23.1 23.8 24.5 22.5 23.9
Semicondutor (19.4) (18.1) (23.8) (37.0) (38.3) (26.2) (12.2)
Ceramics 1.5 3.4 4.3 3.9 3.0 2.9 5.7
Technical ceramics (11.3) (10.3) (12.9) (19.5) (19.9) (14.0) (5.0)
Yen
Yen - U.S. dollar 99 99 100 103 102 104 115
Yen - Euro 129 131 137 141 140 138 143
Assets
Current assets
Millions of yen
March 31, 2014 December 31, 2014
Cash and deposits 31,508 37,288
Notes and accounts receivable-trade 61,991 69,328
Short-term investment securities 80,943 55,786
Inventories 71,069 78,012
Deferred tax assets 12,785 11,522
Other 11,361 12,506
Allowance for doubtful accounts (449) (470)
Total current assets 269,209 263,975
Noncurrent assets
Property, plant and equipment
Buildings and structures, net 48,946 51,631
Machinery, equipment and vehicles, net 38,375 56,005
Land 15,147 18,057
Construction in progress 15,671 12,291
Other, net 2,955 3,138
Total property, plant and equipment 121,095 141,123
Intangible assets
Software 3,367 3,126
Other 252 290
Total intangible assets 3,620 3,416
Investments and other assets
Investment securities 60,837 61,201
Deferred tax assets 999 861
Other 2,488 2,453
Allowance for doubtful accounts (103) (104)
Total investments and other assets 64,222 64,411
Total noncurrent assets 188,938 208,951
Total assets 458,148 472,926
Liabilities
Current liabilities
Millions of yen
March 31, 2014 December 31, 2014
Accounts payable-trade 23,625 23,832
Short-term loans payable 1,594 1,054
Current portion of bonds 10,000 15,000
Lease obligations 252 226
Income taxes payable 16,410 4,572
Deferred tax liabilities 1 -
Other 29,776 27,930
Total current liabilities 81,660 72,616
Noncurrent liabilities
Bonds payable 40,000 25,000
Long-term loans payable 5,000 5,000
Lease obligations 492 352
Net defined benefit liability 23,522 25,054
Deferred tax liabilities 3,459 6,256
Other 1,220 1,351
Total noncurrent liabilities 73,694 63,013
Total liabilities 155,354 135,629
Net assets
Shareholders' equity
Capital stock 47,869 47,869
Capital surplus 54,824 54,824
Retained earnings 195,042 216,164
Treasury stock (7,611) (7,639)
Total shareholders' equity 290,124 311,219
Valuation and translation adjustments
Valuation difference on available-for-sale securities 21,137 24,800
Foreign currency translation adjustment (6,543) 2,539
Remeasurements of defined benefit plans (4,083) (3,702)
Total valuation and translation adjustments 10,509 23,637
Minority interests 2,159 2,439
Total net assets 302,793 337,296
Total liabilities and net assets 458,148 472,926
Millions of yen
2013 2014
Net sales 245,414 257,864
Cost of sales 167,717 166,051 Gross profit 77,697 91,812 Selling, general and administrative expenses 40,594 45,240 Operating income 37,102 46,572 Non-operating income
Interest income 872 1,140
Dividends income 816 1,030
Amortization of negative goodwill 12 -
Equity in earnings of affiliates 367 863
Foreign exchange gains 2,028 3,059
Other 793 1,472
Total non-operating income 4,890 7,566
Non-operating expenses
Interest expenses 375 303
Depreciation from idle assets 190 143
Other 488 635 Total non-operating expenses 1,053 1,082 Ordinary income 40,939 53,055
Extraordinary income
Gain on sales of property, plant and equipment 74 62
Gain on sales of investment securities 11 -
Total extraordinary income 86 62
Extraordinary loss
Loss on sales or disposal of property, plant and equipment Loss on valuation of investment securities | 326 364 - 16 |
Loss on violation of antitrust law | - 5,687 |
Total extraordinary losses | 326 6,068 |
Income before income taxes and minority interests | 40,698 47,049 |
Income taxes-current | 15,726 14,299 |
Income taxes-deferred | (726) 2,737 |
Total income taxes | 14,999 17,037 |
Income before minority interests | 25,698 30,012 |
Minority interests in income | 228 230 |
Net income | 25,470 29,781 |
Net income per share Yen
- Basic | 117.02 | 136.85 |
- Diluted | - | - |
Millions of yen
2013 2014
Income before minority interests 25,698 30,012
Other comprehensive income
Valuation difference on available-for-sale securities 8,758 3,676
Foreign currency translation adjustment 6,819 8,688
Remeasurements of defined benefit plans - 381
Share of other comprehensive income of associates accounted for
using equity method 671 614
Total other comprehensive income 16,248 13,360
Comprehensive income 41,947 43,372
Comprehensive income attributable to
Comprehensive income attributable to owners of the parent 41,692 42,909
Comprehensive income attributable to minority interests 254 463
Net cash provided by operating activities
Millions of yen
2013 2014
Income before income taxes and minority interests 40,698 47,049
Depreciation and amortization 8,364 9,801
Amortization of goodwill (12) - Increase in provision for retirement benefits 96 - Decrease in net defined benefit liability - (102) Interest and dividends income (1,688) (2,170) Interest expenses 375 303
Equity in earnings of affiliates (367) (863)
Loss on disposal of noncurrent assets 252 302
Loss on valuation of investment securities - 16
Increase in notes and accounts receivable-trade (4,386) (2,410) (Increase) decrease in inventories 2,145 (1,857) Decrease in notes and accounts payable-trade (1,786) (5,331) Other, net 418 (1,975) Subtotal 44,110 42,762 Interest and dividends income received 1,619 1,875
Interest expenses paid (260) (302)
Income taxes paid (8,052) (25,485)
Net cash provided by operating activities 37,416 18,849
Net cash used in investment activities
Net increase in time deposits | (304) | (1,206) |
Net decrease (increase) in short-term investment securities | (14,484) | 11,387 |
Purchase of property, plant and equipment | (27,372) | (28,697) |
Purchase of intangible assets (618) (834) | ||
Purchase of investment securities | (6,537) (1,946) | |
Proceeds from sales and redemption of investment securities | 3,607 7,100 | |
Other, net | (471) 288 | |
Net cash used in investment activities | (46,181) (13,907) |
Net cash (used in) provided by financing activities
Net (decrease) increase in short-term loans payable | 1 | (705) |
Proceeds from long-term loans payable | 5,000 | - |
Proceeds from issuance of bonds | 24,877 | - |
Redemption of bonds | - | (10,000) |
Purchase of treasury stock | (59) | (27) |
Cash dividends paid | (5,220) | (7,173) |
Other, net | (419) (401) | |
Net cash (used in) provided by financing activities | 24,178 (18,307) | |
Effect of exchange rate change on cash and cash equivalents | 2,110 2,512 | |
Net (decrease) increase in cash and cash equivalents | 17,524 (10,853) | |
Cash and cash equivalents at beginning of period | 49,874 68,966 | |
Cash and cash equivalents at end of period | 67,399 58,113 |
Information about sales and segment income (loss) by reportable segments
Reportable segments
Automotive
Technical ceramics Total
Others Total Adjustment Consolidated
Nine months ended December 31, 2013
components
Semiconductor Ceramics Total
Millions of yen
Net sales 200,670 25,998 15,781 41,779 242,450 2,964 245,414 - 245,414
Segment income (loss) 41,938 (5,322) 496 (4,826) 37,112 (9) 37,102 - 37,102
Nine months ended December 31, 2014
Net sales 217,338 21,452 15,699 37,151 254,490 3,374 257,864 - 257,864
Segment income (loss) 51,306 (5,360) 603 (4,757) 46,549 23 46,572 - 46,572
Note 1: "Others" represents businesses such as Material Sales, Welfare Program Service and Transportation, which are not included in reportable segments. Note 2: Segment income (loss) is adjusted to Operating income (loss) of "Consolidated Quarterly Statement of Operations".
Note 3: In April 2014, product for semiconductor manufacturing equipment was moved from "Ceramics" to "Semiconductor".
Segment information for the nine months ended December 31, 2013 above is based on the reportable segments of the nine months ended December 31, 2014.
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