Académique Documents
Professionnel Documents
Culture Documents
A nnua l Repor t
CONTENTS
1
Financial Highlights
10
26
27
Corporate history
28
Corporate Philosophy
Business rests on Our People
The Yamamura Group will encourage its employees to make the most of their personal strengths and
capabilities in order to create a vibrant and positive corporate atmosphere.
Quality is the Key to our Business
Quality is what supports our business.
We will be constantly on the lookout for ways to serve our customers and will work to offer them
products and services that fully satisfy their needs.
There is no Future without Innovation
We will boldly take on the challenges of this changing world instead of dwelling on current success,
and we shall continue to raise our high standards as we forge a new future.
The Meaning of Heart & Technology
1. The Heart of a Merchantbuilding trust among customers.
2. The Technology of a Craftsmanusing skill and know-how to create products of true distinction.
Koji Yamamura
Financial Highlights
Million yen
2008
Operating Performance
Net sales
Cost of sales
Operating income
Net income
2009
2010
2011
2012
75,321
60,939
2,968
1,589
73,435
60,559
1,499
526
72,784
57,888
3,322
2,605
72,600
58,039
2,667
1,888
70,929
58,121
1,497
975
102,207
55,398
92,935
48,844
96,507
51,590
94,723
50,895
92,003
50,639
Per Share
Net income
Cash dividend
14.3
6
4.79
6
24.79
6.5
17.97
7
9.28
6.5
Financial Ratios
Current ratio
Return on assets (%)
Return on equity (%)
Debt ratio (%)
2.14
1.6
2.9
45.8
2.19
0.6
1.0
47.4
2.11
2.8
4.9
46.5
2.35
2.0
3.6
46.3
2.40
1.1
1.9
45.0
Financial Position
Total assets
Total net assets
Net sales
Operating income
80,000
3,500
70,000
3,000
60,000
2,500
50,000
2,000
40,000
1,500
30,000
1,000
20,000
500
10,000
0
2008
2009
2010
2011
2012
2008
2009
Net income
120,000
2,500
10,000
2,000
8,000
1,500
6,000
1,000
4,000
500
2,000
2008
2009
2010
2011
2012
2011
2012
Total assets
3,000
2010
2011
2012
2011
2012
2008
2009
2010
2008
2009
2010
Thousand
U.S. dollars (Note 1)
Million yen
ASSETS
Current assets:
Cash and cash equivalents
Notes and accounts receivable:
Trade
Other
Allowance for doubtful accounts
Inventories (Note 3)
Deferred tax assets (Note 17)
Other current assets
Total current assets
Property, plant and equipment (Note 5):
Land
Buildings and structures
Machinery and equipment
Construction in progress
Other
Less: accumulated depreciation
Property, plant and equipment, net
Intangible assets
Investments and other assets:
Investment in:
Unconsolidated subsidiaries and affiliates
Other (Note 14)
Long-term loans receivable
Deferred tax assets (Note 17)
Other assets
Allowance for doubtful accounts
Total investments and other assets
Total assets
2011
2012
2012
12,106
10,753
$130,927
19,189
929
(33)
8,170
528
220
41,109
19,618
1,116
(45)
9,227
374
315
41,358
238,865
13,588
(548)
112,346
4,554
3,835
503,567
11,319
33,961
76,453
241
10,176
132,150
(99,911)
32,239
11,319
34,028
77,091
392
10,168
132,998
(103,036)
29,962
137,818
414,319
938,646
4,773
123,804
1,619,360
(1,254,548)
364,812
431
351
4,274
15,316
2,557
366
2,204
571
(70)
20,944
94,723
15,070
2,821
7
1,875
617
(58)
20,332
92,003
183,490
34,348
85
22,830
7,512
(706)
247,559
$1,120,212
Thousand
U.S. dollars (Note 1)
Million yen
2011
LIABILITIES AND NET ASSETS
Current liabilities:
Bank loans (Note 5)
Long-term debt due within one year (Note 5)
Notes and accounts payable:
Trade
Other
Accrued employees' bonuses
Accrued directors' bonuses
Provision for loss on disaster
Accrued income taxes
Other current liabilities
Total current liabilities
2012
2012
2,953
2,100
2,962
3,250
$36,065
39,571
7,199
2,790
742
55
174
183
1,315
17,511
7,326
1,307
620
20
238
1,529
17,252
89,200
15,914
7,549
244
2,898
18,617
210,058
Noncurrent liabilities:
Long-term debt due after one year (Note 5)
Employees' retirement and severance benefits (Note 16)
Allowance for special repairs
Other noncurrent liabilities (Note 17)
Total noncurrent liabilities
18,380
3,550
3,916
471
26,317
16,030
3,098
4,442
542
24,112
195,178
37,721
54,085
6,599
293,583
43,828
41,364
503,641
14,075
14,075
171,375
17,301
25,666
(1,218)
17,301
25,958
(1,220)
210,654
316,060
(14,855)
55,824
56,114
683,234
(29)
24
(4,967)
(4,972)
220
35
(5,775)
(5,520)
2,679
426
(70,316)
(67,211)
43
50,895
94,723
45
50,639
92,003
548
616,571
$1,120,212
Minority interests
Total net assets
Total liabilities and net assets
See accompanying Notes to Consolidated Financial Statements.
Thousand
U.S. dollars(Note 1)
Million yen
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Other income (expense)
Interest and dividend income
Equity in earnings of affiliates
Compensation income
Reversal of allowance for doubtful accounts
Gain on sale of property, plant and equipment
Gain on sale of investment securities
Gain on negative goodwill
Interest expense
Loss on disposal of fixed assets
Depreciation and taxes on idle equipment
Compensation expense
Loss on disaster
Provision for loss on disaster
Loss on valuation of investment securities
Other, net
Income before income taxes
Income taxes (Note 17)
Current
Prior period
Deferred
2011
72,600
(58,039)
14,561
2012
70,929
(58,121)
12,808
2012
$863,619
(707,671)
155,948
(11,894)
2,667
(11,311)
1,497
(137,721)
18,227
80
723
33
10
14
43
331
(376)
(93)
(173)
(337)
(174)
(2)
158
2,904
95
763
3
(344)
(101)
(161)
(27)
(137)
(117)
230
1,701
1,157
9,290
37
(4,188)
(1,230)
(1,960)
(329)
(1,668)
(1,425)
2,800
20,711
(514)
(498)
(1,012)
(492)
121
(351)
(722)
(5,991)
1,473
(4,273)
(8,791)
1,892
(4)
1,888
979
(4)
975
11,920
(49)
$11,871
Yen
2011
17.97
7.00
2012
9.28
6.50
2012
$0.113
0.079
Thousand
U.S. dollars(Note 1)
Million yen
2011
Income before minority interests
Other comprehensive income (Note 9)
Unrealized gain (loss) on investment securities, net of tax
Deferred gain (loss) on hedges, net of tax
Share of other comprehensive income of associates accounted
for using the equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to:
Owners of the parent
Minority interests
2012
2012
1,892
979
$11,920
(248)
24
249
11
3,032
134
(918)
(808)
(9,839)
(1,142)
750
(548)
431
(6,673)
$5,247
747
3
426
5
$5,186
61
Shareholders' equity
Common stock
Balance at the beginning of current period
Changes in items during the period
Total changes in items during the period
Balance at the end of current period
Capital surplus
Balance at the beginning of current period
Changes in items during the period
Disposal of treasury stock
Total changes in items during the period
Balance at the end of current period
Retained earnings
Balance at the beginning of current period
Effect of changes in accounting policies applied to foreign subsidiaries
Changes in items during the period
Dividends from surplus
Net income
Total changes in items during the period
Balance at the end of current period
Treasury stock
Balance at the beginning of current period
Changes in items during the period
Acquisition of treasury stock
Disposal of treasury stock
Total changes in items during the period
Balance at the end of current period
Thousand
U.S. dollars(Note 1)
Million yen
2011
2012
2012
14,075
14,075
$171,375
14,075
14,075
171,375
17,301
17,301
$210,654
0
0
17,301
0
0
17,301
0
0
210,654
25,216
(703)
25,666
-
$312,505
-
(735)
1,888
1,153
25,666
(683)
975
292
25,958
(8,316)
11,871
3,555
316,060
(1,213)
(1,218)
$(14,830)
(5)
0
(5)
(1,218)
(2)
0
(2)
(1,220)
(25)
0
(25)
(14,855)
55,379
(703)
55,824
-
$679,704
-
(735)
1,888
(5)
0
1,148
55,824
(683)
975
(2)
0
290
56,114
(8,316)
11,871
(25)
0
3,530
683,234
Thousand
U.S. dollars(Note 1)
Million yen
2011
2012
2012
Minority interests
Balance at the beginning of current period
Changes in items during the period
Net changes in items other than shareholders' equity
Total changes in items during the period
Balance at the end of current period
219
(29)
$(353)
(248)
(248)
(29)
249
249
220
3,032
3,032
2,679
24
$292
24
24
24
11
11
35
134
134
426
(4,050)
(4,967)
$(60,477)
(917)
(917)
(4,967)
(808)
(808)
(5,775)
(9,839)
(9,839)
(70,316)
(3,831)
(4,972)
(60,538)
(1,141)
(1,141)
(4,972)
(548)
(548)
(5,520)
(6,673)
(6,673)
(67,211)
42
43
$524
1
1
43
2
2
45
24
24
548
51,590
(703)
50,895
-
$619,690
-
(735)
1,888
(5)
0
(1,140)
8
50,895
(683)
975
(2)
0
(546)
(256)
50,639
(8,316)
11,871
(25)
0
(6,649)
(3,119)
$616,571
Thousand
U.S. dollars(Note 1)
Million yen
2011
Cash Flows from Operating Activities:
Income before income taxes
Adjustments:
Depreciation and amortization
Equity in earnings of affiliates
Gain on negative goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for special repairs
Increase (decrease) in provision for retirement benefits
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for directors' bonuses
Increase (decrease) in provision for loss on disaster
Loss (gain) on valuation of investment securities
Loss on disposal of property, plant and equipment
Loss (gain) on sale of property, plant and equipment
Loss (gain) on sale of investment securities
Interest income and dividend income
Interest expense
Decrease (increase) in notes and accounts receivable - trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable - trade
Other
Subtotal
Interest and dividend income received
Interest expense paid
Income taxes paid
Refund of income taxes
Net cash provided by (used in) operating activities
2012
2,904
1,701
$20,711
4,800
(723)
(331)
(5)
(248)
(412)
40
(17)
174
2
93
(13)
(43)
(80)
376
779
15
31
(685)
6,657
315
(382)
(1,983)
89
4,696
4,619
(763)
(1)
527
(451)
(122)
(35)
(174)
117
101
(2)
(95)
344
(382)
(1,057)
(712)
488
4,103
337
(349)
(465)
527
4,153
56,240
(9,290)
(12)
6,417
(5,491)
(1,485)
(426)
(2,119)
1,425
1,230
(24)
(1,157)
4,188
(4,651)
(12,870)
(8,669)
5,940
49,957
4,103
(4,249)
(5,662)
6,417
50,566
(2,712)
44
(132)
(6)
194
(73)
(604)
(437)
(270)
623
(3,373)
(2,825)
7
(24)
(5)
3
(50)
(697)
(146)
182
(3,555)
(34,397)
85
(292)
(61)
37
(609)
(8,487)
(1,778)
2,217
(43,285)
177
1,800
(2,950)
986
(1,000)
(5)
(131)
(738)
(3)
(1,864)
9
900
(2,100)
(2)
(56)
(686)
(17)
(1,952)
110
10,958
(25,569)
(24)
(682)
(8,353)
(207)
(23,767)
(4)
(545)
12,651
12,106
1
(1,353)
12,106
10,753
13
(16,473)
147,400
$130,927
2012
10
11
(b) Directors
Accrued directors bonuses is stated on the Consolidated
Balance Sheets at an amount estimated by management to
be paid to directors based on their services in the current fiscal
period.
Retirement and severance benefits
The Company and its consolidated subsidiaries have an
unfunded lump-sum benefit plan that provides lump-sum
payments to substantially all employees who have rendered
services for more than one year. The amount of the retirement
and severance benefits is generally based on length of service,
base salary at the time of retirement and cause of retirement.
The Company and its consolidated subsidiaries provide an
allowance for employees retirement and severance benefits
based on the estimated amount of projected benefit obligation
and fair value of the plan assets at the end of the fiscal year.
Projected benefit obligation and benefit expense are actuarially
calculated using certain assumptions. Actuarial gains and losses
are amortized using the straight-line method over the estimated
average remaining service period starting the next fiscal year.
Allowance for special repairs
Glass furnaces and hot blast stoves, including related machinery
and equipment, periodically require substantial component
replacement and repair. Allowance for the estimated future costs
of such work is charged to income on a straight-line basis until
the anticipated date of replacement and repair. The difference
between the estimated costs and the actual costs incurred is
included in the measurement of net income in the year the work
took place.
Translation of foreign currencies
(a) Translation of foreign currency transactions
Revenues and expenses are translated into Japanese yen using
the prevailing exchange rate on the transaction date. Monetary
assets and monetary liabilities are translated into Japanese yen
using the current exchange rate at the end of the fiscal year
and the resulting translation gains or losses are included in the
Consolidated Statements of Income as incurred.
(b) Translation of financial statements denominated in foreign
currency
All assets and liabilities of foreign affiliates are translated into
Japanese yen using the current exchange rate at the end of
the fiscal year. Revenues and expenses of foreign affiliates are
translated into Japanese yen using the average exchange rate
during the period. The resulting Foreign currency translation
adjustment is shown as a separate component of net assets in
the Consolidated Balance Sheets.
Hedge accounting
(a) Method of hedge accounting
The Company and its consolidated subsidiaries use mainly
deferred hedge accounting. Gains or losses resulting from the
derivative instruments are deferred until the related gains or
losses of the hedged items are recognized.
Interest rate swaps that meet the hedging criteria are accounted
for by the special treatment method for hedging. By this
method, the net amount of the swap is added to or deducted
from the amount of interest related to the asset or liability being
hedged.
When foreign currency forward contracts used for hedging
existing receivables or payables meet the hedging criteria,
the receivables or payables (hedged items) are stated at the
derivative spot rate prevailing at the inception of the contract.
(b) Hedging instruments and hedged items
Hedging instruments consist of foreign currency forward
contracts, interest rate swaps and options. Hedged items
include receivables and payables denominated in foreign
currency and highly probable forecast transactions.
(c) Hedging policy
The Company and its consolidated subsidiaries use derivative
financial instruments to hedge interest rate risk, foreign exchange
risk and market price fluctuation risk. The hedging transactions
are in accordance with internal control policies and procedures.
(d) Evaluating hedge effectiveness
The Company and its consolidated subsidiaries evaluate hedge
effectiveness before the inception of the contract and as the
need arises.
Goodwill amortization
Goodwill is amortized within a period determined based on its
source but should not exceed 20 years.
Cash and cash equivalents
Cash and cash equivalents include cash on hand, readily
available deposits and short-term highly liquid investments with
maturities not exceeding three months at the time of purchase.
Income taxes
The Company and its consolidated subsidiaries are subject
to different types of income taxes such as corporation tax,
prefectural and municipal inhabitants taxes and enterprise tax.
The Company and its consolidated subsidiaries use the asset
and liability approach to recognize deferred tax assets and
liabilities resulting from the expected future tax consequences of
tax loss carryforwards and temporary differences between the
carrying amounts of assets and liabilities for financial reporting
and income tax purposes.
12
3. Inventories
Inventories as of March 31, 2011 and March 31, 2012 were as follows:
Million yen
2011
5,763
381
911
1,115
8,170
2012
6,747
439
889
1,152
9,227
2012
$82,150
5,345
10,824
14,027
$112,346
4. Contingent Liabilities
On March 31, 2011 and 2012, the Company and its consolidated subsidiaries had no contingent liabilities.
2011
2012
5,050
4,850
$59,052
14,430
1,000
(2,100)
18,380
13,430
1,000
(3,250)
16,030
163,521
12,176
(39,571)
$195,178
2012
Secured:
Banks, insurance companies and others, 1.09% - 1.83% maturing
serially through 2016
Unsecured:
Banks, 0.84% - 2.22% maturing serially through 2016
0.82% bonds due in 2016
Less portion due within one year
Total long-term debt
As it is customary in Japan, security may need to be provided if requested by the lending banks. The banks have the right to offset
against cash deposited with them any debt or obligation that comes due and, in the case of default or other specified events, all debts
payable to the bank. As of March 31, 2011 and March 31, 2012, collateral assets for secured long-term debts are as follows:
Million yen
2011
13,847
2012
12,386
2012
$150,810
The total annual maturities of long-term debts outstanding on March 31, 2012 were as follows:
Year ending March 31
2013
2014
2015
2016
2017
13
Million yen
3,250
2,000
10,830
2,800
400
19,280
$39,571
24,352
131,864
34,092
4,870
$234,749
6. Valuation of Inventories
The gain from reversal of allowance for inventory writedown presented as a deduction from cost of sales for the year ended March 31,
2011 and March 31, 2012 is shown below.
Million yen
Cost of sales
2011
35
2012
26
2012
$317
2011
486
2012
517
2012
$6,295
8. Loss on Disaster
On March 11, 2011, the Great East Japan Earthquake occurred and caused damage to the Company. In connection with this, the loss
on disaster and the provision for loss on disaster for the years ended March 31, 2011 and March 31, 2012 were as follows:
Million yen
Loss on disaster
Provision for loss on disaster
2011
337
174
2012
137
-
2012
$1,668
-
9. Comprehensive Income
Amounts reclassified to net income (loss) in the current period that were recognized in other comprehensive income in the current or
previous periods and the tax effects for each component of other comprehensive income were as follows:
Million yen
2012
2012
266
117
383
(134)
249
$3,239
1,424
4,663
(1,631)
$3,032
33
(17)
16
(5)
11
$402
(207)
195
(61)
$134
(808)
(548)
$(9,839)
$(6,673)
(Additional information)
Beginning the fiscal year ended March 31, 2011, the Company has adopted the Accounting Standard for Presentation of
Comprehensive Income (ASBJ Statement No. 25, issued on June 30, 2010). Accordingly, the consolidated amounts for the fiscal
year ending March 31, 2010 of the Valuation and translation adjustments and Total valuation and translation adjustments are now
presented as Accumulated other comprehensive income and Total other comprehensive income, respectively.
14
2011
12,106
12,106
2012
10,753
10,753
2012
$130,927
130,927
(2) Depreciation and amortization in the Consolidated Statements of Cash Flows includes the depreciation of research and development
assets and idle equipment.
12. Leases
As lessee
Obligations under non-cancelable operating leases as of March 31, 2011 and March 31, 2012 were as follows:
Million yen
2011
512
1,573
2,085
2012
484
1,088
1,572
2012
$5,893
13,247
$19,140
As lessor
Receivables under non-cancelable operating leases as of March 31, 2011 and March 31, 2012 were as follows:
Million yen
15
2011
285
475
760
2012
285
190
475
2012
$3,470
2,314
$5,784
Fair value
12,106
19,189
2,318
354
(7,199)
(5,053)
(996)
(17,454)
40
Difference
(12)
(4)
74
-
16
Fair value
10,753
19,618
2,585
(7,326)
(6,212)
(1,010)
(15,208)
57
Difference
10
178
-
Fair value
$130,927
238,865
31,474
(89,200)
(75,636)
(12,298)
(185,170)
694
Difference
$122
2,168
-
Notes:
1. Methods used to measure the fair values of financial instruments
Cash and cash equivalents, Notes and accounts receivable trade
The book value approximates the fair value of these items because of their short-term nature. Thus, the book value is used as the fair
value.
Investment securities
The fair value of investment securities is based on the stock exchange market price. See Note 10, Investment Securities, for the fair
values and acquisition costs as of March 31, 2011 and March 31, 2012.
Long-term loans receivable
The present value method is used to measure the fair value of long term loans receivable. The cash flow for each collection period is
discounted using a rate in accordance with appropriate indices plus a credit spread.
Notes and accounts payable trade, Short-term borrowings
The book value approximates the fair value of these items because of their short-term nature. Thus, the book value is used as the fair
value. Please note that the Short-term borrowings includes the Long-term debt due within one year.
Bonds payable, Long-term borrowings
For fixed rate long-term payables, fair value is calculated by discounting the sum of the principal and interest payments using the rate
applicable to similar new long-term borrowing. For variable rate long-term borrowings subject to the special treatment of interest rate
swaps, the principal and interest payments of the swap and variable rate long-term borrowings are combined and discounted using the
rate applicable to similar new long-term borrowing.
Derivative
See Note 11, Derivative transactions.
2. Unlisted securities amounting to 239 million and 236 million ($2,874 thousand) as of March 31, 2011 and March 31, 2012,
respectively, have no available fair values and are deemed extremely difficult to assess. Thus, these are not included in the Investment
securities.
3. Investment in affiliates has no available fair value and is deemed extremely difficult to assess, as well as its future cash flows. Thus, it is
not disclosed.
17
Million yen
2011
1,271
845
426
2012
1,370
805
565
2012
$16,681
9,802
$6,879
Million yen
2011
1,047
1,535
(488)
2012
1,215
1,462
(247)
2012
$14,793
17,800
$(3,007)
Total proceeds from sale of investment securities and the related net realized gain (loss) for the year ending March 31, 2011 and March
31, 2012 were as follows:
Million yen
2011
194
43
2012
3
0
2012
$37
0
Book values of investment securities with no available fair value as of March 31, 2011 and March 31, 2012 are as follows:
Million yen
2011
239
2012
236
2012
$2,874
Method of hedge
accounting
Hedged item
Appropriation method
Currency swap
Pay yen
Receive U.S. dollar
Special treatment
Long-term borrowings
Deferred hedging
Commodity swap
Commodity price
Fair value
(See *1 below)
Due after
one year
346
346
(See *2 below)
11,000
10,000
(See *3 below)
393
39
18
Method of hedge
accounting
Appropriation method
Hedged item
Fair value
(See *1 below)
Due after
one year
(See *2 below)
Total
Special treatment
Long-term borrowings
Deferred hedging
Commodity swap
Commodity price
152
117
31
10
8
0
-
310
10,000
9,000
(See *3 below)
396
49
Method of hedge
accounting
Appropriation method
Hedged item
Fair value
(See *1 below)
Due after
one year
(See *2 below)
Total
Special treatment
Long-term borrowings
Deferred hedging
Commodity swap
Commodity price
$1,851
$-
$-
1,425
377
122
97
0
-
$3,775
$-
$97
121,758
109,582
(See *3 below)
4,822
$597
*1. Fair value is based on the prices obtained from financial institutions.
*2. Currency swaps and foreign exchange forward contracts for which appropriation treatment has been applied are accounted for together with the hedged item.
Thus, the fair value of the derivative is already included in the fair value of the hedged item.
*3. Interest rate swaps for which special treatment has been applied are accounted for together with the hedged item. Thus, the fair value of the derivate is
already included in the fair value of the long-term borrowings, the hedged item.
19
(1) Obligation for retirement and severance benefits as of March 31, 2011 and March 31, 2012
Million yen
Benefit obligation
Fair value of plan assets (including retirement benefit trust)
Funded status:
Benefit obligation in excess of plan assets
Unrecognized actuarial loss
Retirement and severance benefits as shown in the Consolidated
Balance Sheets
2011
7,691
(3,851)
2012
7,649
(4,446)
2012
$93,133
(54,134)
3,840
(290)
3,203
(105)
38,999
(1,278)
3,550
3,098
$37,721
* Some of the Companys consolidated subsidiaries have adopted a simpler and easier method for their plans.
Service cost
Interest cost
Expected return on plan assets
Amortization:
Actuarial loss
Prior service cost
Other (*1)
Net benefit expense (*2)
2011
335
152
(36)
2012
339
152
(45)
2012
$4,128
1,851
(548)
185
101
162
110
718
1,972
1,339
$8,742
737
*1. Other is mainly comprised of the defined contribution plan and the additional retirement bonuses temporarily provided by the Company.
*2. The transfer to other account includes 18 million. In the previous fiscal year, the amount was 20 million.
*3. The retirement benefit expense of some of the Companys consolidated subsidiaries adopting a simpler and easier method for their plans is included in service
cost.
Assumptions used in accounting for the defined benefit plans for the years ended March 31, 2011 and March 31, 2012
Method of attributing benefit to period of service
Discount rate
Expected rate of return on plan assets
Expected rate of return on employees retirement benefit trust
Amortization period for prior service cost
Amortization period for actuarial losses
2011
Straight-line
2.0%
Mainly 2.00%
0.45%
-
2012
Straight-line
2.0%
Mainly 2.00%
0.45%
-
Mainly 10 years
(within the average remaining
service years)
Mainly 10 years
(within the average remaining
service years)
20
The reconciliation of Japans statutory tax rate and the Companys effective tax rate used for financial reporting purposes is shown
below:
2011
40.63%
2012
-%
4.11
(3.66)
3.33
(10.22)
(4.64)
2.10
3.20
34.85%
*The reconciliation for the fiscal year ending March 31, 2012 is not shown because the difference between the statutory and effective rate was very minimal.
The table below shows the significant components of deferred tax assets and deferred tax liabilities as of March 31, 2011 and March
31, 2012.
Million yen
2011
2012
2,291
659
980
1,122
5,052
(1,715)
3,337
1,924
742
931
837
4,434
(1,619)
2,815
$23,426
9,034
11,337
10,191
$53,988
(19,713)
$34,275
(531)
(74)
(605)
(444)
(129)
(573)
(5,406)
(1,571)
$( 6,977)
2,732
2,242
$27,298
2012
Net deferred tax assets as shown in the Consolidated Balance Sheets as of March 31, 2011 and March 31, 2012 were as follows:
Million yen
Current assets
Investment and other assets
Current liabilities
Noncurrent liabilities
Net deferred tax assets
21
2011
528
2,204
2,732
2012
374
1,875
(0)
(7)
2,242
2012
$4,554
22,830
(0)
(86)
$27,298
Method of calculation
Accounting methods used in the reportable segments are mostly the same as the accounting methods presented in the Basis of
Presenting Consolidated Financial Statements.
Prices for intersegment sales are mainly based on prices to outside customers.
Information about reportable segment net sales, segment income, segment assets and other material items
Year ended March 31, 2011
Million yen
Reportable segment
Glass
Plastics
Containers Containers
Logistics
New Glass
Total
Other
Total
Adjustments Consolidated
Net sales
Outside customers
Intersegment
Total
Segment income
36,811
11,981
10,529
5,300
64,621
7,979
72,600
2,968
980
12,771
16,726
854
17,580
(17,580)
72,600
-
39,779
12,961
23,300
5,307
81,347
8,833
90,180
(17,580)
72,600
900
992
551
492
2,935
52
2,987
(320)
2,667
Segment assets
39,658
10,380
5,956
6,734
62,728
5,253
67,981
26,742
94,723
Depreciation
and amortization
3,041
777
199
501
4,518
100
4,618
182
4,800
1,978
753
43
373
3,147
31
3,178
132
3,310
22
Logistics
New Glass
Other
Total
Total
Adjustments Consolidated
Net sales
Outside customers
36,373
10,790
11,008
4,494
62,665
8,264
70,929
70,929
2,901
1,288
11,841
16,037
716
16,753
(16,753)
39,274
12,078
22,849
4,501
78,702
8,980
87,682
(16,753)
70,929
300
792
301
(69)
1,324
94
1,418
79
1,497
Intersegment
Total
Segment income
Segment assets
37,970
10,899
6,002
5,908
60,779
5,321
66,100
25,903
92,003
Depreciation
and amortization
2,860
819
177
503
4,359
83
4,442
177
4,619
1,223
651
29
176
2,079
25
2,104
149
2,253
Logistics
New Glass
Other
Total
Total
Adjustments Consolidated
Net sales
Outside customers
$442,871
$131,378
$134,031
$54,718
$762,998
$100,621
$863,619
$-
$863,619
35,322
15,682
144,174
85
195,263
8,718
203,981
(203,981)
478,193
147,060
278,205
54,803
958,261
109,339
1,067,600
(203,981)
863,619
3,653
9,643
3,665
(840)
16,121
1,144
17,265
962
18,227
Intersegment
Total
Segment income
Segment assets
462,316
132,704
73,079
71,935
740,034
64,788
804,822
315,390
1,120,212
Depreciation
and amortization
34,823
9,972
2,155
6,124
53,074
1,011
54,085
2,155
56,240
14,891
7,926
353
2,144
25,314
304
25,618
1,814
27,432
Note:
1. The Other category is composed of production and sale of bottle making machines and others.
2. Adjustments were as follows:
Million yen
23
2011
(17,580)
(17,580)
2012
(16,753)
(16,753)
2012
$(203, 981)
$(203, 981)
120
(440)
(320)
124
(45)
79
$1,510
(548)
$962
(7,256)
33,998
26,742
(7,769)
33,672
25,903
$(94,594)
409,984
$315,390
3. Adjustments are made to reconcile segment income to operating income presented in the Consolidated Statements of Income.
(Additional information)
Beginning the fiscal year ended March 31, 2011, the Company has adopted the "Accounting Standard for Disclosures about Segments
of an Enterprise and Related Information" (ASBJ Statement No. 17, issued on March 27, 2009) and the "Guidance on Accounting
Standard for Disclosures about Segments of an Enterprise and Related Information" (ASBJ Guidance No. 20, issued on March 21,
2008).
SMYAC
Total current assets
Total noncurrent assets
Total current liabilities
Total noncurrent liabilities
Total net assets
Net sales
Income before income taxes
Net income
2010
Php
2011
3,645
4,319
(1,518)
(1,312)
Php
5,134
Php
Php
Php
Php
Php
Php
Php
Php
4,349
723
624
*The 2010 summarized consolidated financial statement of SMYAC is not shown because SMYAC has been considered as a significant related party beginning the
fiscal year ended March 31, 2012.
Million pesos
SMYPC
Total current assets
Total noncurrent assets
Total current liabilities
Total noncurrent liabilities
Total net assets
2010
Php
5,681
10,789
(3,507)
(532)
Php 12,431
Net sales
Income before income taxes
Net income
Php
Php
Php
10,617
544
373
2011
5,604
10,338
(3,391)
(69)
Php 12,482
Php
Php
Php
Php
10,469
538
370
24
2011
484.13
17.97
U.S. dollars
2012
481.72
9.28
2012
$5.87
0.11
* Diluted net income per share is not shown because there were no outstanding dilutive securities.
The data used in the computation of the net asset per share is shown below.
Million yen
2011
50,895
43
50,852
2012
50,639
45
50,594
2012
$616,571
548
$616,023
Thousand shares
105,036
105,027
The data used in the computation of the net income per share is shown below.
Million yen
2011
1,888
2012
975
2012
$11,871
Thousand shares
105,052
105,032
25
26
The Yamamura Group originated in 1914 as Yamamura Glass Works, a manufacturer and seller of glass bottles.
Over time, we have established a solid position as a leading company in the container industry through
innovative technologies and product development that has always addressed leading-end needs. Not being
satisfied with what we are at present, we continue to look into the future, building on a century of know-how to
develop next-generation products, expand in carefully chosen new businesses, develop our businesses
globally and promote activities that support our corporate social responsibility. The Yamamura Group will
continue to grow as it looks to new frontiers and a promising future.
Corporate history
1897
Yamamura Shoten starts mining and sale of silica sand at foot of Mt. Rokko.
1914
1922
Research into and development of bottle-making machinery started and semi-automatic machinery introduced.
1928
1939
1946
Operation resumes after the war. Semi-automatic production of alcoholic beverage bottles using crucible kilns started.
1948
1955
1960
Company starts doing business with Kotobukiya (now Suntory Holdings Limited).
January
October
December
1961
January
Tokyo Plant constructed in Sagamihara City, Kanagawa Prefecture, and operation started.
1962
February
1963
1967
September
1970
May
Company listed on Tokyo Stock Exchange (First Section) and Osaka Securities Exchange (First Section).
1973
1980
May
Harima Plant constructed in Harima-cho, Kako-gun, Hyogo Prefecture, and production started.
1983
April
Yamamura Glass Works Co., Ltd., established in Nishinomiya City, Hyogo Prefecture.
1987
July
October
Kansai Plant (Plastics) constructed in Harima-cho, Kako-gun, Hyogo Prefecture, and production started.
April
December
New Glass Development Plant (now Naruohama Plant) constructed in Nishinomiya City, Hyogo Prefecture, and operation started.
1991
June
1995
October
Utsunomiya Plant (Plastics) constructed in Utsunomiya City, Tochigi Prefecture, and operation started.
1996
April
San Miguel Yamamura Haiphong Glass Co., Ltd., established in British Virgin Islands.
1998
October
Yamamura Glass Co., Ltd, and Nippon Glass Co., Ltd., merge to form Nihon Yamamura Glass Co., Ltd.
December
Amagasaki Plant (New Glass) constructed in Amagasaki City, Hyogo Prefecture, and operation started.
February
January
Company invests capital in San Miguel Yamamura Packaging Corporation and San Miguel Yamamura Packaging International Ltd.
1989
1990
2000
Company system introduced, with engineering, recycling, and new glass businesses converted into internal companies.
Glass and plastics businesses converted into internal companies.
2004
2008
2009
2010
27
May
February
June
Head Office moved to Amagasaki City, Hyogo Prefecture, and dual head office system started.
October
May
July
Company Overview
Domestic Network
Head Offices
Board of Directors
Koji Yamamura
Yoshinori Tanigami
Tatsuya Metori
Director
Company President, Glass Bottle Company Advisor to Engineering Company
Yuki Uetaka
Director
Company President, Plastics Company
Yoshio Inoue
Director
President and CEO of Tomoegawa Co., Ltd. (External Director)
Koichi Kimura
Hitoshi Suzuki
Hanroku Toriyama
Auditor
Auditor
External Auditor
Lawyer
Yoshie Saito
Motokazu Hiraiwa
Mitsuyoshi Kawamoto
Executive Officer
Harushige Matsuhisa
Executive Officer
Kazuo Nonoguchi
Executive Officer
General Manager, Research & Development Center
Shigeki Teraoka
Executive Officer
Director of Sales, Glass Bottle Company
Masami Wakimoto
Executive Officer
Director of Production Division, Glass Bottle Company
Jiro Tanaka
Executive Officer
Director of Production Division, Plastics Company
Tomoyuki Taguchi
Satoru Yamashita
Kansai
Head Office
15-1, Nishimukojima-cho, Amagasaki, Hyogo 660-8580
Tel: +81-6-4300-6000 Fax: +81-6-4300-6381
Tokyo Head Office
20F, Shinjuku Green Tower Building, 6-14-1, Nishi-Shinjuku, Shinjuku-ku, Tokyo 160-0023
Tel: +81-3-3349-7200 Fax: +81-3-3348-2349
Plastics Company
15-1, Nishimukojima-cho, Amagasaki, Hyogo 660-8580
Tel: +81-6-4300-6300 Fax: +81-6-4300-6388
Tokyo Sales Department 20F, Shinjuku Green Tower Building, 6-14-1,
Nishi-Shinjuku, Shinjuku-ku, Tokyo 160-0023
Tel: +81-3-3349-7250 Fax: +81-3-3348-2349
Osaka Sales Department 15-1, Nishimukojima-cho, Amagasaki, Hyogo 660-8580
Tel: +81-6-4300-6315 Fax: +81-6-4300-6388
Kansai Plant 43-2, Niijima, Harima-cho, Kako-gun, Hyogo 675-0155
Tel: +81-79-435-5801 Fax: +81-79-435-5758
Utsunomiya Plant 18-1, Kiyohara-Kogyodanchi, Utsunomiya, Tochigi 321-3231
Tel: +81-28-667-8631 Fax: +81-28-667-8641
Kawajima Plant 6-8, Hachiman, Kawajima-cho, Hiki-gun, Saitama 350-0151
Tel: +81-49-297-7105 Fax: +81-49-297-7108
Engineering Company
111, Nishimukojima-cho, Amagasaki, Hyogo 660-0857
Tel: +81-6-6411-7071 Fax: +81-6-6411-7075
Zhancheng
Affiliated Companies
Yamamura
28
www.yamamura.co.jp
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