TOSHIBA PLANT SYSTEMS & SERVICES CORPORATION Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.
Company name: Toshiba Plant Systems & Services Corporation
Stock exchange listing: Tokyo
Stock code: 1983 URL http://www.toshiba-tpsc.co.jp
President and Chief Executive Officer,
July 23, 2015
Representative:
Inquiries:
Representative Director
Vice President and Director, Head of
Accounting Division
Ryo Matsukawa
Yoshikatsu Tanaka TEL 045-500-7012
Scheduled date of ordinary general meeting of shareholders: August 7, 2015
Scheduled date to file Securities Report: July 28, 2015
Scheduled date to commence dividend payments: - Preparation of supplementary material on financial results: Yes
Holding of financial results meeting: Yes (for institutional investors and analysts)
(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2015 (from April 1, 2014 to March 31, 2015)
(1) Consolidated operating results Percentages indicate year-on-year changes
Net sales | Operating income | Ordinary income | Profit attributable to owners of parent | |||||
Year ended March 31, 2015 Year ended March 31, 2014 | Millions of yen 218,652 182,257 | % 20.0 5.4 | Millions of yen 16,941 16,278 | % 4.1 1.4 | Millions of yen 17,687 16,739 | % 5.7 1.5 | Millions of yen 10,044 9,831 | % 2.2 (4.4) |
Earnings per share | Diluted earnings per share | Profit attributable to owners of parent/equity | Ordinary income/total assets | Operating income/net sales | |
Year ended March 31, 2015 Year ended March 31, 2014 | Yen 103.11 100.92 | Yen - - | % 9.1 9.6 | % 7.9 8.2 | % 7.7 8.9 |
(2) Consolidated financial position
Total assets | Net assets | Equity ratio | Net assets per share | |
As of March 31, 2015 As of March 31, 2014 | Millions of yen 229,436 221,135 | Millions of yen 116,059 104,664 | % 50.4 47.2 | Yen 1,188.00 1,071.68 |
(3) Consolidated cash flows
Cash flows from operating activities | Cash flows from investing activities | Cash flows from financing activities | Cash and cash equivalents at end of period | |
Year ended March 31, 2015 Year ended March 31, 2014 | Millions of yen (5,070) 19,523 | Millions of yen 8,696 (16,848) | Millions of yen (1,490) (1,494) | Millions of yen 53,127 50,369 |
2. Cash dividends
Annual dividends per share | Total cash dividends (Total) | Dividend payout ratio (Consolidated) | Ratio of dividends to net assets (Consolidated) | |||||
1st quarter-end | 2nd quarter-end | 3rd quarter-end | Fiscal year-end | Total | Total cash dividends (Total) | Dividend payout ratio (Consolidated) | Ratio of dividends to net assets (Consolidated) | |
Year ended March 31, 2014 Year ended March 31, 2015 | Yen - - | Yen 7.50 7.50 | Yen - - | Yen 7.50 0.00 | Yen 15.00 7.50 | Millions of yen 1,461 730 | % 14.9 7.3 | % 1.4 0.7 |
Year ending March 31, 2016 (Forecast) | - | 25.00 | - | 12.50 | 37.50 | 30.4 |
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3. Forecast of consolidated financial results for the year ending March 31, 2016 (from April 1, 2015 to March 31, 2016)
Percentages indicate year-on-year changes
Net sales | Operating income | Ordinary income | Profit attributable to owners of parent | Earnings per share | |||||
Six months ending September 30, 2015 Full year | Millions of yen 90,000 220,000 | % (4.6) 0.6 | Millions of yen 6,300 18,000 | % (3.8) 6.2 | Millions of yen 6,500 18,300 | % (7.4) 3.5 | Millions of yen 4,500 12,000 | % 4.1 19.5 | Yen 46.19 123.18 |
4. Notes
(1) Changes in significant subsidiaries during the year ended March 31, 2015
No
(changes in specified subsidiaries resulting in the change in scope of consolidation):
(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations: | Yes |
Changes in accounting policies due to other reasons: No | |
Changes in accounting estimates: No | |
Restatement of prior period financial statements: No |
(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2015 97,656,888 shares As of March 31, 2014 97,656,888 shares
Number of treasury shares at the end of the period
As of March 31, 2015 242,415 shares As of March 31, 2014 241,358 shares
Average number of shares during the period
Year ended March 31, 2015 97,414,954 shares Year ended March 31, 2014 97,419,338 shares
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Assets
Current assets
(Millions of yen) As of March 31, 2014 As of March 31, 2015
Cash and deposits 4,514 5,857
GROUP FINANCE DEPOSITS 72,928 64,871
Notes receivable, accounts receivable from completed
construction contracts and other
99,368 111,384
Costs on uncompleted construction contracts and other 14,297 19,736
Deferred tax assets 3,479 4,060
Other 5,961 4,715
Allowance for doubtful accounts (133) (210) Total current assets 200,415 210,414
Non-current assets
Property, plant and equipment
Buildings and structures 8,890 8,996
Accumulated depreciation (7,206) (7,329) Buildings and structures, net 1,684 1,666
Machinery and vehicles 2,684 2,979
Accumulated depreciation (2,331) (2,324) Machinery and vehicles, net 353 654
Tools, furniture and fixtures 4,581 4,655
Accumulated depreciation (3,729) (3,652) Tools, furniture and fixtures, net 852 1,003
Land 3,431 3,419
Leased assets 109 135
Accumulated depreciation (38) (60) Leased assets, net 71 75
Total property, plant and equipment 6,391 6,819
Intangible assets 318 275
Investments and other assets
Investment securities 665 666
Long-term loans receivable 2 2
Deferred tax assets 12,652 10,539
Other 808 840
Allowance for doubtful accounts (121) (121) Total investments and other assets 14,008 11,927
Total non-current assets 20,719 19,021
Total assets 221,135 229,436
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Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts and other
(Millions of yen) As of March 31, 2014 As of March 31, 2015
46,086 50,782
Income taxes payable 6,210 5,659
Advances received on uncompleted construction contracts 17,954 11,024
Provision for directors' bonuses 52 79
Provision for warranties for completed construction 570 500
Other 10,040 12,919
Total current liabilities 80,914 80,965
Non-current liabilities
Provision for directors' retirement benefits 22 22
Net defined benefit liability 35,257 32,071
Other 275 317
Total non-current liabilities 35,556 32,411
Total liabilities 116,470 113,376
Net assets
Shareholders' equity
Capital stock 11,876 11,876
Capital surplus 20,910 20,910
Retained earnings 75,156 85,919
Treasury shares (161) (163) Total shareholders' equity 107,781 118,543
Accumulated other comprehensive income
Valuation difference on available-for-sale securities 158 188
Deferred gains or losses on hedges 137 (220) Foreign currency translation adjustment 70 733
Remeasurements of defined benefit plans (3,749) (3,516) Total accumulated other comprehensive income (3,382) (2,814)
Minority interests 265 330
Total net assets 104,664 116,059
Total liabilities and net assets 221,135 229,436
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(Millions of yen)
Fiscal year ended
March 31, 2014
Fiscal year ended
March 31, 2015
Net sales of completed construction contracts 182,257 218,652
Cost of sales of completed construction contracts 155,044 189,544
Gross profit on completed construction contracts 27,212 29,107
Selling, general and administrative expenses 10,933 12,166
Operating income 16,278 16,941
Non-operating income
Interest income 198 225
Dividend income 22 31
Share of profit of entities accounted for using equity method 16 23
Foreign exchange gains - 341
Dividend income of insurance 72 105
Other 232 111
Total non-operating income 542 839
Non-operating expenses
Loss on disposal of non-current assets 5 68
Foreign exchange losses 43 - Other 32 25
Total non-operating expenses 81 94
Ordinary income 16,739 17,687
Extraordinary income
Gain on sales of land - 117
Total extraordinary income - 117
Income before income taxes and minority interests 16,739 17,804
Income taxes - current 6,806 7,626
Income taxes - deferred 10 111
Total income taxes 6,817 7,737
Income before minority interests 9,922 10,066
Minority interests in income 90 21
Net income 9,831 10,044
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Fiscal year ended
March 31, 2014
(Millions of yen) Fiscal year ended
March 31, 2015
Income before minority interests 9,922 10,066
Other comprehensive income
Valuation difference on available-for-sale securities 107 30
Deferred gains or losses on hedges 8 (358) Foreign currency translation adjustment (9) 708
Remeasurements of defined benefit plans, net of tax - 233
Total other comprehensive income 106 614
Comprehensive income 10,029 10,680
Comprehensive income attributable to
Comprehensive income attributable to owners of parent 9,942 10,613
Comprehensive income attributable to minority interests 87 67
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Fiscal year ended March 31, 2014
(Millions of yen)
Shareholders' equity | |||||
Capital stock | Capital surplus | Retained earnings | Treasury shares | Total shareholders' equity | |
Balance at beginning of current period | 11,876 | 20,910 | 66,786 | (148) | 99,424 |
Cumulative effects of changes in accounting policies | - | ||||
Restated balance | 11,876 | 20,910 | 66,786 | (148) | 99,424 |
Changes of items during period | |||||
Dividends of surplus | (1,461) | (1,461) | |||
Net income | 9,831 | 9,831 | |||
Purchase of treasury shares | (13) | (13) | |||
Net changes of items other than shareholders' equity | |||||
Total changes of items during period | - | - | 8,370 | (13) | 8,357 |
Balance at end of current period | 11,876 | 20,910 | 75,156 | (161) | 107,781 |
Accumulated other comprehensive income | Minority interests | Total net assets | |||||
Valuation difference on available-for- sale securities | Deferred gains or losses on hedges | Foreign currency translation adjustment | Remeasurements of defined benefit plans | Total accumulated other comprehensive income | Minority interests | Total net assets | |
Balance at beginning of current period | 50 | 129 | 76 | - | 256 | 180 | 99,861 |
Cumulative effects of changes in accounting policies | - | ||||||
Restated balance | 50 | 129 | 76 | - | 256 | 180 | 99,861 |
Changes of items during period | |||||||
Dividends of surplus | (1,461) | ||||||
Net income | 9,831 | ||||||
Purchase of treasury shares | (13) | ||||||
Net changes of items other than shareholders' equity | 107 | 8 | (5) | (3,749) | (3,639) | 84 | (3,554) |
Total changes of items during period | 107 | 8 | (5) | (3,749) | (3,639) | 84 | 4,802 |
Balance at end of current period | 158 | 137 | 70 | (3,749) | (3,382) | 265 | 104,664 |
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Fiscal year ended March 31, 2015
(Millions of yen)
Shareholders' equity | |||||
Capital stock | Capital surplus | Retained earnings | Treasury shares | Total shareholders' equity | |
Balance at beginning of current period | 11,876 | 20,910 | 75,156 | (161) | 107,781 |
Cumulative effects of changes in accounting policies | 2,179 | 2,179 | |||
Restated balance | 11,876 | 20,910 | 77,336 | (161) | 109,961 |
Changes of items during period | |||||
Dividends of surplus | (1,461) | (1,461) | |||
Net income | 10,044 | 10,044 | |||
Purchase of treasury shares | (1) | (1) | |||
Net changes of items other than shareholders' equity | |||||
Total changes of items during period | - | - | 8,583 | (1) | 8,581 |
Balance at end of current period | 11,876 | 20,910 | 85,919 | (163) | 118,543 |
Accumulated other comprehensive income | Minority interests | Total net assets | |||||
Valuation difference on available-for- sale securities | Deferred gains or losses on hedges | Foreign currency translation adjustment | Remeasurements of defined benefit plans | Total accumulated other comprehensive income | Minority interests | Total net assets | |
Balance at beginning of current period | 158 | 137 | 70 | (3,749) | (3,382) | 265 | 104,664 |
Cumulative effects of changes in accounting policies | 2,179 | ||||||
Restated balance | 158 | 137 | 70 | (3,749) | (3,382) | 265 | 106,844 |
Changes of items during period | |||||||
Dividends of surplus | (1,461) | ||||||
Net income | 10,044 | ||||||
Purchase of treasury shares | (1) | ||||||
Net changes of items other than shareholders' equity | 30 | (358) | 662 | 233 | 568 | 65 | 633 |
Total changes of items during period | 30 | (358) | 662 | 233 | 568 | 65 | 9,215 |
Balance at end of current period | 188 | (220) | 733 | (3,516) | (2,814) | 330 | 116,059 |
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Cash flows from operating activities
Fiscal year ended
March 31, 2014
(Millions of yen) Fiscal year ended
March 31, 2015
Income before income taxes and minority interests 16,739 17,804
Depreciation 521 554
Increase (decrease) in allowance for doubtful accounts (260) 69
Increase (decrease) in provision for directors' retirement
benefits
(10) (0)
Increase(decrease) in net defined benefit liability 661 811
Interest and dividend income (221) (256) Foreign exchange losses (gains) (16) (142) Loss (gain) on sales of property, plant and equipment 1 (119)
Loss (gain) on disposal of property, plant and equipment and
intangible assets
Share of (profit) loss of entities accounted for using equity method
- 68
(16) (23)
Decrease (increase) in notes and accounts receivable - trade (11,946) (10,972) Decrease (increase) in costs on uncompleted construction
contracts and other
2,462 (5,320)
Decrease (increase) in other current assets (3,605) 863
Increase (decrease) in notes and accounts payable - trade 11,864 4,098
Increase (decrease) in advances received on uncompleted
construction contracts
8,534 (7,462)
Increase (decrease) in provision for directors' bonuses (19) 26
Increase (decrease) in provision for warranties for completed
construction
5 (70)
Increase (decrease) in other current liabilities (199) 1,848
Decrease/increase in consumption taxes receivable/payable (643) 971
Other, net 1 56
Subtotal 23,852 2,807
Interest and dividend income received 235 317
Income taxes paid (4,564) (8,195) Net cash provided by (used in) operating activities 19,523 (5,070)
Cash flows from investing activities
Payments into time deposits (351) (260) Proceeds from withdrawal of time deposits 125 429
Payments for group finance deposits (64,046) (37,372) Proceeds for Group finance deposits 48,315 46,718
Payments of short-term loans receivable (0) (0) Collection of short-term loans receivable 4 3
Payments of long-term loans receivable (1) (4) Collection of long-term loans receivable 0 2
Purchase of property, plant and equipment (718) (921) Proceeds from sales of property, plant and equipment 29 170
Purchase of intangible assets (200) (29) Purchase of investment securities (1) - Payment Long-term deposit (29) (37) Income Long-term deposit 31 22
Other, net (5) (23) Net cash provided by (used in) investing activities (16,848) 8,696
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Cash flows from financing activities
Fiscal year ended
March 31, 2014
(Millions of yen) Fiscal year ended
March 31, 2015
Purchase of treasury shares (13) (1) Cash dividends paid (1,461) (1,461) Cash dividends paid to minority shareholders (2) (2) Repayments of lease obligations (17) (25) Net cash provided by (used in) financing activities (1,494) (1,490)
Effect of exchange rate change on cash and cash equivalents 83 622
Net increase (decrease) in cash and cash equivalents 1,263 2,758
Cash and cash equivalents at beginning of period 49,105 50,369
Cash and cash equivalents at end of period 50,369 53,127
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