SANYO Electric Co., Ltd. Consolidated Financial Results for Fiscal Year 2006
Note: This is a Summary of the Japanese original
Tokyo, May 28, 2007 --- SANYO Electric Co., Ltd. announced its consolidated results for the Fiscal Year 2006 ended March 31, 2007.
1. Consolidated Results (Unaudited)
(Unit: Millions of Yen)
| Fiscal Year 2006 From April 1, 2006 To March 31, 2007 |
Fiscal Year 2005 From April 1, 2005 To March 31, 2006 |
Change | |
| Net sales | 2,215,434 | 2,397,026 | -7.6% |
| Operating income (loss) | 49,568 ( 2.2%) |
(17,154) ( -0.7%) |
- |
| Income (loss) before income taxes and minority interest for continuing operations |
(13,070) ( -0.6%) |
(165,696) ( -6.9%) |
- |
| Net income (loss) | (45,362) ( -2.0%) |
(205,661) ( -8.6%) |
- |
| Net income (loss) per share |
(72.66 yen) | (194.96 yen) |
1. SANYO's consolidated financial statements are prepared based on U.S. accounting standards.
2. Operating income (loss) and business segments are prepared based on Japanese accounting standards.
3. The number of consolidated companies 205. The number of unconsolidated subsidiaries and affiliates accounted for by the equity method 70.
4. (%) ratio compared to net sales.
2. Non-Consolidated Financial Results (Unaudited)
(Unit: Millions of Yen)
| Fiscal Year 2006 From April 1, 2006 To March 31, 2007 |
Fiscal Year 2005 From April 1, 2005 To March 31, 2006 |
Change | |
| Net sales | 1,215,914 | 1,353,445 | -10.2% |
| Operating income (loss) | (16,377) ( -1.3%) |
(40,072) ( -3.0%) |
- |
| Ordinary income (loss) | (21,276) ( -1.7%) |
(48,275) ( -3.6%) |
- |
| Net income (loss) | (57,144) ( -4.7%) |
(360,991) ( -26.7%) |
- |
| Net income (loss) per share |
(9.31 yen) | (174.73 yen) |
1. (%) ratio compared to net sales.
3. Consolidated Sales by Business Group Category (Unaudited)
(Unit: Millions of Yen)
| Product category | Fiscal Year 2006 From April 1, 2006 To March 31, 2007 |
Fiscal Year 2005 From April 1, 2005 To March 31, 2006 |
Change | ||||
| Amount | Ratio to total |
Amount | Ratio to total |
Amount | Ratio | ||
| Consumer | 1,009,698 | 45.6% | 1,146,765 | 47.8% | -137,067 | -12.0% | |
| Commercial | 270,553 | 12.2% | 234,962 | 9.8% | 35,591 | 15.1% | |
| Component | 875,114 | 39.5% | 911,750 | 38.0% | -36,636 | -4.0% | |
| Others | 60,069 | 2.7% | 103,549 | 4.4% | -43,480 | -42.0% | |
| Total | 2,215,434 | 100.0% | 2,397,026 | 100.0% | -181,592 | -7.6% | |
| Breakdown | Domestic sales |
953,713 | 43.0% | 1,162,390 | 48.5% | -208,677 | -18.0% |
| Overseas sales |
1,261,721 | 57.0% | 1,234,636 | 51.5% | 27,085 | 2.2% | |
4. Consolidated Statements of Income (Unaudited)
(Unit: Millions of Yen)
| Items | Fiscal Year 2006 From April 1, 2006 To March 31, 2007 |
Fiscal Year 2005 From April 1, 2005 To March 31, 2006 |
Change | ||||
| Amount | Ratio to net sales |
Amount | Ratio to net sales |
Amount | Ratio | ||
| Net sales Operating revenue Sales and operating revenue Cost of sales Selling, general and administrative expenses Operating income (loss) Other income [Interest and dividends] [Other] Other expenses [Interest] [Other] Income (loss) before income taxes for continuing operations Income taxes |
2,215,434 93,194 2,308,628 1,899,695 359,365 |
100% 4.2% 104.2% 85.8% 16.2% |
2,397,026 87,279 2,484,305 2,102,734 398,725 |
100.0% 3.6% 103.6% 87.7% 16.6% |
-181,592 5,915 -175,677 -203,039 -39,360 |
-7.6% 6.8% -7.1% -9.7% -9.9% |
|
| 49,568 40,165 [8,013] [32,152] 102,803 [20,720] [82,083] |
2.2% 1.8% 4.6% |
(17,154) 66,840 [7,170] [59,670] 215,382 [18,412] [196,970] |
-0.7% 2.8% 9.0% |
66,722 -26,675 [843] [-27,518] -112,579 [2,308] [-114,887] |
- -39.9% -52.3% |
||
| (13,070) 28,516 |
-0.6% 1.3% |
(165,696) 38,309 |
-6.9% 1.6% |
152,626 -9,793 |
- -25.6 |
||
| Income (Loss) before minority interests for continuing operations Minority interests |
(41,586) 3,776 |
-1.9% 0.1% |
(204,005) (3,675) |
-8.5% -0.1% |
162,419 7,451 |
- - |
|
| Net income (loss) for continuing operations Discontinued operations Income (loss) from discontinued operations Income taxes |
(45,362) - - |
-2.0% - - |
(200,330) (1,882) 3,449 |
-8.4% -0.1% 0.1% |
154,968 1,882 -3,449 |
- - - |
|
| Net income (loss) for discontinued operations |
- | - | (5,331) | -0.2% | 5,331 | - | |
| Net income (loss) | (45,362) | -2.0% | (205,661) | -8.6% | 160,299 | - | |
5. Consolidated Balance Sheet (Unaudited)
(Unit: Millions of Yen)
| Items | As of March 31, 2007 |
As of March 31, 2006 |
Increase (Decrease) |
| (Assets) Current Assets Cash Time deposits Restricted cash Valuable securities Receivables: Notes and accounts receivables Finance receivables Affiliates and unconsolidated subsidiaries Allowance for doubtful accounts Inventories Deferred income taxes Other Current assets total Investment and advances: Affiliates and unconsolidated subsidiaries Other Total Property, plant & equipment: Buildings Machinery and equipment Accumulated depreciation Land Construction in progress Total Deferred income taxes Other assets |
148,382 186,304 88,000 672 453,999 21,117 (7,493) 329,108 5,850 62,271 1,288,210 49,180 84,045 133,225 401,796 867,425 (901,604) 91,605 9,557 468,779 13,921 66,805 |
196,784 100,716 264,800 1,109 461,613 19,182 (10,509) 317,894 8,287 60,441 1,420,317 48,000 112,988 160,988 409,581 919,154 (941,303) 101,664 11,590 500,686 10,935 61,911 |
(48,402) 85,588 (176,800) (437) (7,614) 1,935 3,016 11,214 (2,437) 1,830 (132,107) 1,180 (28,943) (27,763) (7,785) (51,729) 39,699 (10,059) (2,033) (31,907) 2,986 4,894 |
| Total Assets | 1,970,940 | 2,154,837 | (183,897) |
| (Liabilities) Current liabilities Short-term borrowings Current portion of long term debt Notes and accounts payable Trade Affiliates and unconsolidated subsidiaries Construction Accrued income tax Employees' savings deposits Other Total current liabilities Long-term debt Accrued pension and severance costs Long-term deferred tax liabilities Total liabilities Minority interests in Consolidated subsidiaries (Stockholders' equity) Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Total Treasury stock Total stockholders' equity |
219,785 155,221 406,577 6,118 20,424 8,997 12,202 245,564 1,074,888 340,698 211,173 8,327 1,635,086 23,846 322,242 781,951 (633,315) (151,174) 319,704 (7,696) 312,008 |
264,441 74,297 402,638 20,392 13,334 11,638 13,647 245,856 1,046,243 500,434 186,969 - 1,733,646 18,299 261,328 721,828 (466,951) (105,885) 410,320 (7,428) 402,892 |
(44,656) 80,924 3,939 (14,274) 7,090 (2,641) (1,445) (292) 28,645 (159,736) 24,204 8,327 (98,560) 5,547 60,914 60,123 (166,364) (45,289) (90,616) (268) (90,884) |
| Total liabilities, minority interests and stockholders' equity |
1,970,940 | 2,154,837 | (183,897) |
6. Consolidated Statement of Cash Flows (Unaudited)
| Items | Fiscal Year 2006 From April 1, 2007 To March 31, 2008 |
Fiscal Year 2005 From April 1, 2005 To March 31, 2006 |
| 1. Cash flows from operating activities Net income (loss) Depreciation and amortization Impairment loss for fixed assets (Increase) decrease in receivables (Increase) decrease in inventories Increase (decrease) in notes & accounts payable Other, net |
(45,362) 94,887 9,882 134 (19,219) 3,402 (51,248) |
(205,661) 129,712 107,702 21,281 78,552 (105,520) (26,730) |
| Net cash provided (used) in operating activities | (7,524) | (664) |
| 2. Cash flows from investing activities Decrease (Increase) in short term & long term investments Purchase of tangible fixed assets Proceeds from fixed assets Other, net |
16,448 (66,607) 34,661 (1,368) |
96,924 (84,564) 46,760 (23,119) |
| Net cash provided (used) in investing activities | (16,866) | 36,001 |
| 3. Cash flows from financing activities Decrease in short term borrowing Increase (Decrease) in long term debt Cash provided by newly issued shares Expenditures for money trust Proceeds from restricted cash Dividends paid Other, net |
(39,155) (74,764) - - 176,800 (730) (149) |
(20,432) (84,115) 299,238 (300,000) 35,200 (1,606) 1,735 |
| Net cash provided (used) in financing activities | 62,002 | (69,980) |
| 4. Effect of exchange rate changes on cash & cash equivalents |
(426) | 8,182 |
| 5. Net decrease in cash & cash equivalents | 37,186 | (26,461) |
| 6. Cash & cash equivalents of newly consolidated subsidiaries 7. Cash & cash equivalents at beginning 8. Cash & cash equivalents at end |
- 297,500 334,686 |
28,979 294,982 297,500 |
7. Consolidated Segment Information (Unaudited)
(Unit: Millions of Yen)
| Items | Fiscal Year 2006 From April 1, 2006 To March 31, 2007 |
Fiscal Year 2005 From April 1, 2005 To March 31, 2006 |
Change | ||||
| Amount | Component proportion ratio |
Amount | Component proportion ratio |
Amount | Ratio | ||
|
Net sales & operating revenue |
Consumer | 1,017,662 | 43.3% | 1,154,395 | 45.5% | (136,733) | -11.8% |
| Commercial | 275,358 | 11.7% | 236,272 | 9.3% | 39,086 | 16.5% | |
| Component | 900,673 | 38.4% | 948,448 | 37.4% | (47,775) | -5.0% | |
| Others | 154,589 | 6.6% | 198,937 | 7.8% | (44,348) | -22.3% | |
| Sub-total | 2,348,282 | 100.0% | 2,538,052 | 100.0% | (189,770) | -7.5% | |
| Corporate & eliminations |
(39,654) | - | (53,747) | - | 14,093 | - | |
| Total | 2,308,628 | - | 2,484,305 | - | (175,677) | -7.1% | |
| Operating income (loss) |
Consumer | (1,673) | -2.0% | (9,889) | -62.3% | 8,216 | - |
| Commercial | 14,481 | 17.1% | 7,471 | 47.1% | 7,010 | 93.8% | |
| Component | 67,607 | 79.6% | 11,632 | 73.3% | 55,975 | 481.2% | |
| Others | 4,515 | 5.3% | 6,655 | 41.9% | (2,140) | -32.2% | |
| Sub-total | 84,930 | 100.0% | 15,869 | 100.0% | 69,061 | 435.2% | |
| Corporate & eliminations |
(35,362) | - | (33,023) | - | (2,339) | - | |
| Total | 49,568 | - | (17,154) | - | 66,722 | - | |
(Notes)
1. Main Contents of Business Segment
| Consumer: | Visual equipment such as TVs, VCRs, DVD Players, LCD projectors ICT equipment such as digital cameras, audio equipment and telephones Home appliances such as refrigerators, air conditioners, washing machines and microwave ovens |
| Commercial: | Commercial equipment such as showcases, package-type air conditioners and absorption-type chiller / heaters |
| Component: | Semiconductors, electronic components, primary batteries, rechargeable batteries and solar batteries |
| Others: | Distribution and maintenance |
2. Basic R&D expenses and corporate office expenses are included in the item of "Corporate and eliminations" as unallocated expenses.
8. Forecast of consolidated results for FY 2007 (April 1, 2007 to March 31, 2008)
(Unit: Millions of Yen)
| Consolidated Forecast | 1H of FY 2007 | FY 2007 | FY 2006 (Result) |
| Net sales: | 1,050,000 | 2,230,000 | 2,215,434 |
| Operating profit: | 10,000 | 45,000 | 49,568 |
| Income (loss) before income taxes and minority interests: |
11,000 | 32,000 | (13,070) |
| Net income (loss): | 5,000 | 20,000 | (45,362) |
| Non-Consolidated Forecast | 1H of FY 2007 | FY 2007 | FY 2006 (Result) |
| Net sales: | 670,000 | 1,450,000 | 1,215,914 |
| Operating profit (loss): | (6,000) | 10,000 | (16,377) |
| Ordinary profit (loss): | (9,000) | 1,500 | (21,276) |
| Net income (loss): | 5,000 | 15,000 | (57,144) |
*The forecasts above are based on assumptions deemed reasonably at the time they were prepared, actual results may differ significantly from forecasts. Actual results may be influenced but not limited to the following, changes in political and economic regions, increased material costs and fluctuations in the foreign exchange markets.
