SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.
|
KYOCERA CORPORATION
(Registrant)
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|
/s/ S
HOICHI
A
OKI
|
Shoichi Aoki
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Director,
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Managing Executive Officer and
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General Manager of
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Corporate Financial and Accounting Group
|
Date: July 28, 2017
Information furnished on this form:
EXHIBITS
Consolidated Financial Results of Kyocera Corporation and its
Subsidiaries
for the Three Months Ended June 30, 2017
The consolidated financial information is prepared in accordance with generally accepted accounting principles in the United States of America.
1. Consolidated Financial Results for the Three Months Ended June 30, 2017
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(1) Consolidated results of operations
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(% of change from previous period)
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Net sales
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Profit from operations
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Income before income taxes
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Net income attributable
to shareholders of
Kyocera Corporation
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Million yen
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%
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Million yen
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%
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Million yen
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%
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Million yen
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%
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Three months ended June 30, 2017
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345,162
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7.9
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31,167
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154.0
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49,260
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98.6
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34,981
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100.4
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Three months ended June 30, 2016
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319,985
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(5.7
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)
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12,270
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(62.3
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)
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24,798
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(47.2
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)
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17,453
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(44.7
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)
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(Note) Comprehensive income:
58,111 million yen for the three months ended June 30, 2017
(15,754)
million yen for the three months ended June 30, 2016
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Net income
attributable to
shareholders of
Kyocera Corporation
per share
-
Basic
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Net income
attributable to
shareholders of
Kyocera Corporation
per share
-
Diluted
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Yen
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Yen
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Three months ended June 30, 2017
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95.13
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95.13
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Three months ended June 30, 2016
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47.58
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47.58
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(2) Consolidated financial condition
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Total assets
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Total equity
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Kyocera Corporation
shareholders equity
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Kyocera
Corporation
shareholders equity
to total assets
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Million yen
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Million yen
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Million yen
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%
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June 30, 2017
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3,130,043
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2,454,219
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2,368,052
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75.7
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March 31, 2017
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3,110,470
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2,418,909
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2,334,219
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75.1
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2. Dividends
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Dividends per share
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End of
first
quarter
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End of
second
quarter
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End of
third
quarter
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Year-end
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Annual
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Yen
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Yen
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Yen
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Yen
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Yen
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Year ended March 31, 2017
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50
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60
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110
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Year ending March 31, 2018
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110
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Note:
Dividends per share for the year ending March 31, 2018 are forecasted to be 110.00 yen on an annual basis.
1
3. Consolidated Financial Forecasts for the Year Ending March 31, 2018
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(% of change from previous year)
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|
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Net sales
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|
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Profit
from
operations
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|
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Income before
income
taxes
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|
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Net income
attributable to
shareholders of
Kyocera Corporation
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|
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Net income
attributable to
shareholders of
Kyocera Corporation
per share
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Million yen
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%
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Million yen
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%
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Million yen
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%
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Million yen
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%
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Yen
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Year ending March 31, 2018
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1,500,000
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5.4
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120,000
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14.8
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150,000
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8.8
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105,000
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1.1
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|
|
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285.55
|
|
Note:
Forecast
of earnings per share attributable to shareholders of Kyocera Corporation is calculated based on the diluted average number of shares outstanding during the three months ended June 30, 2017.
Notes:
(1) Increase or decrease in significant
subsidiaries during the three months ended June 30, 2017: Yes
New companies : Not applicable
Excluded companies : 1 (Kyocera Crystal Device Corporation)
Please refer to the accompanying (3) Notes to the consolidated financial statements on page 12.
(2) Adoption of concise quarterly accounting method or procedure: Not applicable
(3) Changes in
accounting policies:
(i) Changes due to adoption of new accounting standards: Yes
(ii) Changes due to other than adoption of new accounting standards: Not applicable
Please refer to the accompanying (3) Notes to the consolidated financial statements on page 12.
(4) Number of shares (common stock):
(i) Number of shares issued:
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377,618,580 shares at June 30, 2017
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377,618,580 shares at March 31, 2017
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(ii) Number of treasury stock:
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9,907,615 shares at June 30, 2017
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9,906,197 shares at March 31, 2017
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(iii) Average number of shares outstanding:
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367,711,511 shares for the three months ended June 30, 2017
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366,856,906 shares for the three months ended June 30, 2016
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Presentation of Situation of Review Procedure
The consolidated financial information included in this Form
6-K
is out of scope of audit procedure.
Instruction for Forecasts and Other Notes
Cautionary Statement for Forecasts:
With regard to forecasts set forth above, please refer to the accompanying Forward-Looking Statements on page 8.
Other Note:
This is an English translation of
the Japanese original of the Consolidated Financial Results of Kyocera Corporation and its Subsidiaries for the Three Months Ended June 30, 2017. The translation is prepared solely for the reference and convenience of foreigners. In the event
of any discrepancy between this translation and the Japanese original, the latter shall prevail.
2
Accompanying Information
1. BUSINESS RESULTS, FINANCIAL CONDITION AND PROSPECTS
(1) Business Results for the
Three Months Ended June 30, 2017
Consolidated Financial Results
During the three months ended June 30, 2017 (the first quarter), sales in the Industrial & Automotive Components Group,
Semiconductor Components Group and Electronic Devices Group expanded due to an increase in demand for components used in automotive-related markets, communications infrastructure and smartphones. Sales in the Documents Solutions Group also increased
on the back of investment in new products and aggressive sales promotion activities. As a result, consolidated net sales for the first quarter increased by ¥25,177 million, or 7.9%, to ¥345,162 million, compared with consolidated
net sales for the three months ended June 30, 2016 (the previous first quarter).
Profits increased significantly due to the
increase in sales and cost reductions. Profit from operations increased by ¥18,897 million, or 154.0%, to ¥31,167 million, income before income taxes increased by ¥24,462 million, or 98.6%, to ¥49,260 million, and
net income attributable to shareholders of Kyocera Corporation increased by ¥17,528 million, or 100.4%, to ¥34,981 million, compared with the previous first quarter.
Average exchange rates for the first quarter were ¥111 to the U.S. dollar, marking depreciation by ¥3 (2.8%) from the previous first quarter and ¥122 to the Euro, unchanged year on year.
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|
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Three months ended June 30,
|
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Increase
(Decrease)
|
|
|
|
2016
|
|
|
2017
|
|
|
|
|
Amount
|
|
|
%
|
|
|
Amount
|
|
|
%
|
|
|
Amount
|
|
|
%
|
|
|
|
(Yen in millions, except exchange rates)
|
|
Net sales
|
|
¥
|
319,985
|
|
|
|
100.0
|
|
|
¥
|
345,162
|
|
|
|
100.0
|
|
|
¥
|
25,177
|
|
|
|
7.9
|
|
Profit from operations
|
|
|
12,270
|
|
|
|
3.8
|
|
|
|
31,167
|
|
|
|
9.0
|
|
|
|
18,897
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|
|
|
154.0
|
|
Income before income taxes
|
|
|
24,798
|
|
|
|
7.7
|
|
|
|
49,260
|
|
|
|
14.3
|
|
|
|
24,462
|
|
|
|
98.6
|
|
Net income attributable to shareholders of Kyocera Corporation
|
|
|
17,453
|
|
|
|
5.5
|
|
|
|
34,981
|
|
|
|
10.1
|
|
|
|
17,528
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|
|
|
100.4
|
|
Average US$ exchange rate
|
|
|
108
|
|
|
|
|
|
|
|
111
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Euro exchange rate
|
|
|
122
|
|
|
|
|
|
|
|
122
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3
Consolidated Results by Reporting Segment
1) Industrial & Automotive Components Group
Sales in this reporting segment increased compared with the previous first quarter due primarily to an increase in sales of automotive products in the display business and to sales expansion in the
cutting tool business. Operating profit increased significantly due to sales growth and cost reductions.
2) Semiconductor Components Group
Sales in this reporting segment increased compared with the previous first quarter due primarily to an increase in sales of ceramic packages
for optical communications in line with expanding demand for large-capacity, high data speed communications. Operating profit increased significantly due to the increase in sales of ceramic packages and cost reductions.
3) Electronic Devices Group
Sales in this
reporting segment increased compared with the previous first quarter due to brisk demand for capacitors and crystal components for smartphones and an increase in sales of printing devices for industrial equipment. Operating profit increased due to
the increase in sales.
4) Communications Group
Sales of the information and communications services business, which provides ICT solutions, etc. increased compared with the previous first quarter. On the other hand, sales of the telecommunications
equipment business decreased due to a decline in sales volume of
low-end
mobile phones for overseas market, which was more than enough to offset an increase in sales in Japan. As a result, sales in this
reporting segment as a whole decreased compared with the previous first quarter. Operating profit increased, however, due to an increase in sales in Japan in the telecommunications equipment business and to sales expansion in the information and
communications services business.
5) Document Solutions Group
Sales in this reporting segment increased compared with the previous first quarter due primarily to an increase in sales volume on the back of launching of new products, aggressive sales promotion
activities and the contribution of sales from a consolidated subsidiary, which joined the Kyocera Group in December 2016. Operating profit increased significantly due to the sales growth and cost reductions.
6) Life & Environment Group
Sales in
this reporting segment decreased compared with the previous first quarter due to downsizing of the solar energy business in the United States, while operating loss was reduced due to cost reductions.
4
Net Sales by Reporting Segment
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30,
|
|
|
Increase
(Decrease)
|
|
|
|
2016
|
|
|
2017
|
|
|
|
|
Amount
|
|
|
%
|
|
|
Amount
|
|
|
%
|
|
|
Amount
|
|
|
%
|
|
|
|
(Yen in millions)
|
|
Industrial & Automotive Components Group
|
|
¥
|
52,516
|
|
|
|
16.4
|
|
|
¥
|
61,185
|
|
|
|
17.7
|
|
|
¥
|
8,669
|
|
|
|
16.5
|
|
Semiconductor Components Group
|
|
|
56,005
|
|
|
|
17.5
|
|
|
|
60,786
|
|
|
|
17.6
|
|
|
|
4,781
|
|
|
|
8.5
|
|
Electronic Devices Group
|
|
|
55,453
|
|
|
|
17.4
|
|
|
|
63,120
|
|
|
|
18.3
|
|
|
|
7,667
|
|
|
|
13.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Components Business
|
|
|
163,974
|
|
|
|
51.3
|
|
|
|
185,091
|
|
|
|
53.6
|
|
|
|
21,117
|
|
|
|
12.9
|
|
Communications Group
|
|
|
57,835
|
|
|
|
18.1
|
|
|
|
57,071
|
|
|
|
16.5
|
|
|
|
(764
|
)
|
|
|
(1.3
|
)
|
Document Solutions Group
|
|
|
74,939
|
|
|
|
23.4
|
|
|
|
80,973
|
|
|
|
23.5
|
|
|
|
6,034
|
|
|
|
8.1
|
|
Life & Environment Group
|
|
|
27,308
|
|
|
|
8.5
|
|
|
|
24,606
|
|
|
|
7.1
|
|
|
|
(2,702
|
)
|
|
|
(9.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Equipment & Systems Business
|
|
|
160,082
|
|
|
|
50.0
|
|
|
|
162,650
|
|
|
|
47.1
|
|
|
|
2,568
|
|
|
|
1.6
|
|
Others
|
|
|
5,113
|
|
|
|
1.6
|
|
|
|
5,245
|
|
|
|
1.5
|
|
|
|
132
|
|
|
|
2.6
|
|
Adjustments and eliminations
|
|
|
(9,184
|
)
|
|
|
(2.9
|
)
|
|
|
(7,824
|
)
|
|
|
(2.2
|
)
|
|
|
1,360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
¥
|
319,985
|
|
|
|
100.0
|
|
|
¥
|
345,162
|
|
|
|
100.0
|
|
|
¥
|
25,177
|
|
|
|
7.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit (Loss) by Reporting Segment
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30,
|
|
|
Increase
(Decrease)
|
|
|
|
2016
|
|
|
2017
|
|
|
|
|
Amount
|
|
|
%*
|
|
|
Amount
|
|
|
%*
|
|
|
Amount
|
|
|
%
|
|
|
|
(Yen in millions)
|
|
Industrial & Automotive Components Group
|
|
¥
|
1,757
|
|
|
|
3.3
|
|
|
¥
|
6,386
|
|
|
|
10.4
|
|
|
¥
|
4,629
|
|
|
|
263.5
|
|
Semiconductor Components Group
|
|
|
4,479
|
|
|
|
8.0
|
|
|
|
8,005
|
|
|
|
13.2
|
|
|
|
3,526
|
|
|
|
78.7
|
|
Electronic Devices Group
|
|
|
6,920
|
|
|
|
12.5
|
|
|
|
8,599
|
|
|
|
13.6
|
|
|
|
1,679
|
|
|
|
24.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Components Business
|
|
|
13,156
|
|
|
|
8.0
|
|
|
|
22,990
|
|
|
|
12.4
|
|
|
|
9,834
|
|
|
|
74.7
|
|
Communications Group
|
|
|
(4,756
|
)
|
|
|
|
|
|
|
1,158
|
|
|
|
2.0
|
|
|
|
5,914
|
|
|
|
|
|
Document Solutions Group
|
|
|
5,851
|
|
|
|
7.8
|
|
|
|
9,237
|
|
|
|
11.4
|
|
|
|
3,386
|
|
|
|
57.9
|
|
Life & Environment Group
|
|
|
(1,882
|
)
|
|
|
|
|
|
|
(1,203
|
)
|
|
|
|
|
|
|
679
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Equipment & Systems Business
|
|
|
(787
|
)
|
|
|
|
|
|
|
9,192
|
|
|
|
5.7
|
|
|
|
9,979
|
|
|
|
|
|
Others
|
|
|
(966
|
)
|
|
|
|
|
|
|
466
|
|
|
|
8.9
|
|
|
|
1,432
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
|
11,403
|
|
|
|
3.6
|
|
|
|
32,648
|
|
|
|
9.5
|
|
|
|
21,245
|
|
|
|
186.3
|
|
Corporate gains and equity in earnings (losses) of affiliates and an unconsolidated subsidiary
|
|
|
13,671
|
|
|
|
|
|
|
|
16,901
|
|
|
|
|
|
|
|
3,230
|
|
|
|
23.6
|
|
Adjustments and eliminations
|
|
|
(276
|
)
|
|
|
|
|
|
|
(289
|
)
|
|
|
|
|
|
|
(13
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
¥
|
24,798
|
|
|
|
7.7
|
|
|
¥
|
49,260
|
|
|
|
14.3
|
|
|
¥
|
24,462
|
|
|
|
98.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
% to net sales of each corresponding segment
|
Note: Kyocera has changed the classification of its reporting segments from the year ending March 31, 2018. Business results for the three months
ended June 30, 2016 have been reclassified in line with the change to reporting segment classifications.
5
(2) Financial Condition
Consolidated Cash Flows
Cash and cash equivalents at June 30, 2017 decreased
by ¥1,554 million to ¥374,641 million from ¥376,195 million at March 31, 2017.
1) Cash flows from operating
activities
Net cash provided by operating activities for the first quarter increased by ¥22,176 million to ¥59,635 million
from ¥37,459 million for the previous first quarter. This was due mainly to an increase in net income.
2) Cash flows from investing
activities
Net cash used in investing activities for the first quarter increased by ¥16,879 million to ¥41,315 million from
¥24,436 million for the previous first quarter. This was due mainly to a decrease in proceeds from maturities of securities, which exceeded decreases in payments for purchases of securities and acquisitions of businesses.
3) Cash flows from financing activities
Net
cash used in financing activities for the first quarter decreased by ¥2,336 million to ¥22,375 million from ¥24,711 million for the previous first quarter. This was due mainly to decreases in payments of short-term and
long-term debts in spite of an increase in
year-end
dividends paid.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30,
|
|
|
Increase
(Decrease)
|
|
|
|
2016
|
|
|
2017
|
|
|
|
|
(Yen in millions)
|
|
Cash flows from operating activities
|
|
¥
|
37,459
|
|
|
¥
|
59,635
|
|
|
¥
|
22,176
|
|
Cash flows from investing activities
|
|
|
(24,436
|
)
|
|
|
(41,315
|
)
|
|
|
(16,879
|
)
|
Cash flows from financing activities
|
|
|
(24,711
|
)
|
|
|
(22,375
|
)
|
|
|
2,336
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
(17,317
|
)
|
|
|
2,501
|
|
|
|
19,818
|
|
Net decrease in cash and cash equivalents
|
|
|
(29,005
|
)
|
|
|
(1,554
|
)
|
|
|
27,451
|
|
Cash and cash equivalents at beginning of period
|
|
|
374,020
|
|
|
|
376,195
|
|
|
|
2,175
|
|
Cash and cash equivalents at end of period
|
|
¥
|
345,015
|
|
|
¥
|
374,641
|
|
|
¥
|
29,626
|
|
6
(3) Consolidated Financial Forecasts for the Year Ending March 31, 2018
Kyocera has not made any changes to its sales and profit forecasts for the year ending March 31, 2018 announced on May 1, 2017 because the
results in the first quarter were in line with initial projections as the whole.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results for
the year
ended
March 31, 2017
|
|
|
Forecasts for
the year
ending
March 31, 2018
|
|
|
Increase
(Decrease)
|
|
|
|
Amount
|
|
|
%
|
|
|
Amount
|
|
|
%
|
|
|
Amount
|
|
|
%
|
|
|
|
(Yen in millions, except exchange rates)
|
|
Net sales
|
|
¥
|
1,422,754
|
|
|
|
100.0
|
|
|
¥
|
1,500,000
|
|
|
|
100.0
|
|
|
¥
|
77,246
|
|
|
|
5.4
|
|
Profit from operations
|
|
|
104,542
|
|
|
|
7.3
|
|
|
|
120,000
|
|
|
|
8.0
|
|
|
|
15,458
|
|
|
|
14.8
|
|
Income before income taxes
|
|
|
137,849
|
|
|
|
9.7
|
|
|
|
150,000
|
|
|
|
10.0
|
|
|
|
12,151
|
|
|
|
8.8
|
|
Net income attributable to shareholders of Kyocera Corporation
|
|
|
103,843
|
|
|
|
7.3
|
|
|
|
105,000
|
|
|
|
7.0
|
|
|
|
1,157
|
|
|
|
1.1
|
|
Average US$ exchange rate
|
|
|
108
|
|
|
|
|
|
|
|
108
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Euro exchange rate
|
|
|
119
|
|
|
|
|
|
|
|
115
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7
Note: Forward-Looking Statements
Certain of the statements made in this document are forward-looking statements (within the meaning of Section 21E of the U.S. Securities and Exchange Act of 1934), which are based on our current
assumptions and beliefs in light of the information currently available to us. These forward-looking statements involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors include, but are not
limited to the following:
(1)
|
General conditions in the Japanese or global economy;
|
(2)
|
Unexpected changes in economic, political and legal conditions in countries where we operate;
|
(3)
|
Various export risks which may affect the significant percentage of our revenues derived from overseas sales;
|
(4)
|
The effect of foreign exchange fluctuations on our results of operations;
|
(5)
|
Intense competitive pressures to which our products are subject;
|
(6)
|
Fluctuations in the price and ability of suppliers to provide the required quantity of raw materials for use in Kyoceras production activities;
|
(7)
|
Manufacturing delays or defects resulting from outsourcing or internal manufacturing processes;
|
(8)
|
Shortages and rising costs of electricity affecting our production and sales activities;
|
(9)
|
The possibility that future initiatives and
in-process
research and development may not produce the desired results;
|
(10)
|
Companies or assets acquired by us not produce the returns or benefits, or bring in business opportunities;
|
(11)
|
Inability to secure skilled employees, particularly engineering and technical personnel;
|
(12)
|
Insufficient protection of our trade secrets and intellectual property rights including patents;
|
(13)
|
Expenses associated with licenses we require to continue to manufacture and sell products;
|
(14)
|
Environmental liability and compliance obligations by tightening of environmental laws and regulations;
|
(15)
|
Unintentional conflict with laws and regulations or newly enacted laws and regulations;
|
(16)
|
Our market or supply chains being affected by terrorism, plague, wars or similar events;
|
(17)
|
Earthquakes and other natural disasters affecting our headquarters and major facilities as well as our suppliers and customers;
|
(18)
|
Credit risk on trade receivables;
|
(19)
|
Fluctuations in the value of, and impairment losses on, securities and other assets held by us;
|
(20)
|
Impairment losses on long-lived assets, goodwill and intangible assets;
|
(21)
|
Unrealized deferred tax assets and additional liabilities for unrecognized tax benefits; and
|
(22)
|
Changes in accounting principles.
|
Such risks,
uncertainties and other factors may cause our actual results, performance, achievements or financial condition to be materially different from any future results, performance, achievements or financial condition expressed or implied by these
forward-looking statements. We undertake no obligation to publicly update any forward-looking statements included in this document.
8
2. CONSOLIDATED FINANCIAL STATEMENTS
(1) Consolidated Balance Sheets (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2017
|
|
|
June 30, 2017
|
|
|
Increase
(Decrease)
|
|
|
|
Amount
|
|
|
%
|
|
|
Amount
|
|
|
%
|
|
|
|
|
(Yen in millions)
|
|
ASSETS
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
¥
|
376,195
|
|
|
|
|
|
|
¥
|
374,641
|
|
|
|
|
|
|
¥
|
(1,554
|
)
|
Short-term investments in debt securities
|
|
|
84,703
|
|
|
|
|
|
|
|
84,584
|
|
|
|
|
|
|
|
(119
|
)
|
Other short-term investments
|
|
|
212,668
|
|
|
|
|
|
|
|
214,361
|
|
|
|
|
|
|
|
1,693
|
|
Trade notes receivables
|
|
|
28,370
|
|
|
|
|
|
|
|
26,195
|
|
|
|
|
|
|
|
(2,175
|
)
|
Trade accounts receivables
|
|
|
291,485
|
|
|
|
|
|
|
|
255,940
|
|
|
|
|
|
|
|
(35,545
|
)
|
Less allowances for doubtful accounts and sales returns
|
|
|
(5,593
|
)
|
|
|
|
|
|
|
(5,736
|
)
|
|
|
|
|
|
|
(143
|
)
|
Inventories
|
|
|
331,155
|
|
|
|
|
|
|
|
352,890
|
|
|
|
|
|
|
|
21,735
|
|
Other current assets
|
|
|
119,714
|
|
|
|
|
|
|
|
114,442
|
|
|
|
|
|
|
|
(5,272
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
1,438,697
|
|
|
|
46.3
|
|
|
|
1,417,317
|
|
|
|
45.3
|
|
|
|
(21,380
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments and advances:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term investments in debt and equity securities
|
|
|
1,130,756
|
|
|
|
|
|
|
|
1,153,296
|
|
|
|
|
|
|
|
22,540
|
|
Other long-term investments
|
|
|
22,246
|
|
|
|
|
|
|
|
40,436
|
|
|
|
|
|
|
|
18,190
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investments and advances
|
|
|
1,153,002
|
|
|
|
37.0
|
|
|
|
1,193,732
|
|
|
|
38.1
|
|
|
|
40,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land
|
|
|
59,963
|
|
|
|
|
|
|
|
59,897
|
|
|
|
|
|
|
|
(66
|
)
|
Buildings
|
|
|
351,431
|
|
|
|
|
|
|
|
355,159
|
|
|
|
|
|
|
|
3,728
|
|
Machinery and equipment
|
|
|
841,973
|
|
|
|
|
|
|
|
845,663
|
|
|
|
|
|
|
|
3,690
|
|
Construction in progress
|
|
|
14,097
|
|
|
|
|
|
|
|
13,811
|
|
|
|
|
|
|
|
(286
|
)
|
Less accumulated depreciation
|
|
|
(1,000,860
|
)
|
|
|
|
|
|
|
(1,004,266
|
)
|
|
|
|
|
|
|
(3,406
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total property, plant and equipment
|
|
|
266,604
|
|
|
|
8.6
|
|
|
|
270,264
|
|
|
|
8.6
|
|
|
|
3,660
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
110,470
|
|
|
|
3.5
|
|
|
|
112,532
|
|
|
|
3.6
|
|
|
|
2,062
|
|
Intangible assets
|
|
|
61,235
|
|
|
|
2.0
|
|
|
|
61,511
|
|
|
|
2.0
|
|
|
|
276
|
|
Other assets
|
|
|
80,462
|
|
|
|
2.6
|
|
|
|
74,687
|
|
|
|
2.4
|
|
|
|
(5,775
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
non-current
assets
|
|
|
1,671,773
|
|
|
|
53.7
|
|
|
|
1,712,726
|
|
|
|
54.7
|
|
|
|
40,953
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
¥
|
3,110,470
|
|
|
|
100.0
|
|
|
¥
|
3,130,043
|
|
|
|
100.0
|
|
|
¥
|
19,573
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2017
|
|
|
June 30, 2017
|
|
|
Increase
(Decrease)
|
|
|
|
Amount
|
|
|
%
|
|
|
Amount
|
|
|
%
|
|
|
|
|
(Yen in millions)
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings
|
|
¥
|
191
|
|
|
|
|
|
|
¥
|
117
|
|
|
|
|
|
|
¥
|
(74
|
)
|
Current portion of long-term debt
|
|
|
8,235
|
|
|
|
|
|
|
|
8,531
|
|
|
|
|
|
|
|
296
|
|
Trade notes and accounts payable
|
|
|
129,460
|
|
|
|
|
|
|
|
131,134
|
|
|
|
|
|
|
|
1,674
|
|
Other notes and accounts payable
|
|
|
60,881
|
|
|
|
|
|
|
|
56,144
|
|
|
|
|
|
|
|
(4,737
|
)
|
Accrued payroll and bonus
|
|
|
62,868
|
|
|
|
|
|
|
|
51,125
|
|
|
|
|
|
|
|
(11,743
|
)
|
Accrued income taxes
|
|
|
15,707
|
|
|
|
|
|
|
|
8,501
|
|
|
|
|
|
|
|
(7,206
|
)
|
Other accrued liabilities
|
|
|
51,062
|
|
|
|
|
|
|
|
48,868
|
|
|
|
|
|
|
|
(2,194
|
)
|
Other current liabilities
|
|
|
36,257
|
|
|
|
|
|
|
|
45,525
|
|
|
|
|
|
|
|
9,268
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
364,661
|
|
|
|
11.7
|
|
|
|
349,945
|
|
|
|
11.2
|
|
|
|
(14,716
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
16,409
|
|
|
|
|
|
|
|
17,678
|
|
|
|
|
|
|
|
1,269
|
|
Accrued pension and severance liabilities
|
|
|
31,720
|
|
|
|
|
|
|
|
32,345
|
|
|
|
|
|
|
|
625
|
|
Deferred income taxes
|
|
|
258,859
|
|
|
|
|
|
|
|
256,364
|
|
|
|
|
|
|
|
(2,495
|
)
|
Other
non-current
liabilities
|
|
|
19,912
|
|
|
|
|
|
|
|
19,492
|
|
|
|
|
|
|
|
(420
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
non-current
liabilities
|
|
|
326,900
|
|
|
|
10.5
|
|
|
|
325,879
|
|
|
|
10.4
|
|
|
|
(1,021
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
691,561
|
|
|
|
22.2
|
|
|
|
675,824
|
|
|
|
21.6
|
|
|
|
(15,737
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kyocera Corporation shareholders equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
115,703
|
|
|
|
|
|
|
|
115,703
|
|
|
|
|
|
|
|
|
|
Additional
paid-in
capital
|
|
|
165,230
|
|
|
|
|
|
|
|
165,220
|
|
|
|
|
|
|
|
(10
|
)
|
Retained earnings
|
|
|
1,638,116
|
|
|
|
|
|
|
|
1,651,034
|
|
|
|
|
|
|
|
12,918
|
|
Accumulated other comprehensive income
|
|
|
447,479
|
|
|
|
|
|
|
|
468,414
|
|
|
|
|
|
|
|
20,935
|
|
Common stock in treasury, at cost
|
|
|
(32,309
|
)
|
|
|
|
|
|
|
(32,319
|
)
|
|
|
|
|
|
|
(10
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Kyocera Corporation shareholders equity
|
|
|
2,334,219
|
|
|
|
75.1
|
|
|
|
2,368,052
|
|
|
|
75.7
|
|
|
|
33,833
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling interests
|
|
|
84,690
|
|
|
|
2.7
|
|
|
|
86,167
|
|
|
|
2.7
|
|
|
|
1,477
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
2,418,909
|
|
|
|
77.8
|
|
|
|
2,454,219
|
|
|
|
78.4
|
|
|
|
35,310
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity
|
|
¥
|
3,110,470
|
|
|
|
100.0
|
|
|
¥
|
3,130,043
|
|
|
|
100.0
|
|
|
¥
|
19,573
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Accumulated other comprehensive income is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2017
|
|
|
|
|
|
June 30, 2017
|
|
|
|
|
|
Increase
(Decrease)
|
|
|
|
(Yen in millions)
|
|
Net unrealized gains on securities
|
|
¥
|
499,650
|
|
|
|
|
|
|
¥
|
514,643
|
|
|
|
|
|
|
¥
|
14,993
|
|
Net unrealized losses on derivative financial instruments
|
|
|
(449
|
)
|
|
|
|
|
|
|
(480
|
)
|
|
|
|
|
|
|
(31
|
)
|
Pension adjustments
|
|
|
(35,362
|
)
|
|
|
|
|
|
|
(35,937
|
)
|
|
|
|
|
|
|
(575
|
)
|
Foreign currency translation adjustments
|
|
|
(16,360
|
)
|
|
|
|
|
|
|
(9,812
|
)
|
|
|
|
|
|
|
6,548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
¥
|
447,479
|
|
|
|
|
|
|
¥
|
468,414
|
|
|
|
|
|
|
¥
|
20,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10
(2) Consolidated Statements of Income and Comprehensive Income (Unaudited)
Consolidated Statements of Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30,
|
|
|
Increase
(Decrease)
|
|
|
|
2016
|
|
|
2017
|
|
|
|
|
Amount
|
|
|
%
|
|
|
Amount
|
|
|
%
|
|
|
Amount
|
|
|
%
|
|
|
|
(Yen in millions and shares in thousands, except per share amounts)
|
|
Net sales
|
|
¥
|
319,985
|
|
|
|
100.0
|
|
|
¥
|
345,162
|
|
|
|
100.0
|
|
|
¥
|
25,177
|
|
|
|
7.9
|
|
Cost of sales
|
|
|
239,855
|
|
|
|
75.0
|
|
|
|
248,334
|
|
|
|
71.9
|
|
|
|
8,479
|
|
|
|
3.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
80,130
|
|
|
|
25.0
|
|
|
|
96,828
|
|
|
|
28.1
|
|
|
|
16,698
|
|
|
|
20.8
|
|
Selling, general and administrative expenses
|
|
|
67,860
|
|
|
|
21.2
|
|
|
|
65,661
|
|
|
|
19.1
|
|
|
|
(2,199
|
)
|
|
|
(3.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit from operations
|
|
|
12,270
|
|
|
|
3.8
|
|
|
|
31,167
|
|
|
|
9.0
|
|
|
|
18,897
|
|
|
|
154.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expenses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and dividend income
|
|
|
14,584
|
|
|
|
4.6
|
|
|
|
18,403
|
|
|
|
5.4
|
|
|
|
3,819
|
|
|
|
26.2
|
|
Interest expense
|
|
|
(1,058
|
)
|
|
|
(0.3
|
)
|
|
|
(323
|
)
|
|
|
(0.1
|
)
|
|
|
735
|
|
|
|
|
|
Foreign currency transaction gains (losses), net
|
|
|
(1,273
|
)
|
|
|
(0.4
|
)
|
|
|
(590
|
)
|
|
|
(0.2
|
)
|
|
|
683
|
|
|
|
|
|
Gains on sales of securities, net
|
|
|
103
|
|
|
|
0.0
|
|
|
|
328
|
|
|
|
0.1
|
|
|
|
225
|
|
|
|
218.4
|
|
Other, net
|
|
|
172
|
|
|
|
0.0
|
|
|
|
275
|
|
|
|
0.1
|
|
|
|
103
|
|
|
|
59.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other income (expenses)
|
|
|
12,528
|
|
|
|
3.9
|
|
|
|
18,093
|
|
|
|
5.3
|
|
|
|
5,565
|
|
|
|
44.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
24,798
|
|
|
|
7.7
|
|
|
|
49,260
|
|
|
|
14.3
|
|
|
|
24,462
|
|
|
|
98.6
|
|
Income taxes
|
|
|
6,324
|
|
|
|
1.9
|
|
|
|
12,732
|
|
|
|
3.7
|
|
|
|
6,408
|
|
|
|
101.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
18,474
|
|
|
|
5.8
|
|
|
|
36,528
|
|
|
|
10.6
|
|
|
|
18,054
|
|
|
|
97.7
|
|
Net income attributable to noncontrolling interests
|
|
|
(1,021
|
)
|
|
|
(0.3
|
)
|
|
|
(1,547
|
)
|
|
|
(0.5
|
)
|
|
|
(526
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to shareholders of Kyocera Corporation
|
|
¥
|
17,453
|
|
|
|
5.5
|
|
|
¥
|
34,981
|
|
|
|
10.1
|
|
|
¥
|
17,528
|
|
|
|
100.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to shareholders of
Kyocera Corporation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
¥
|
47.58
|
|
|
|
|
|
|
¥
|
95.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
47.58
|
|
|
|
|
|
|
|
95.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of shares of common stock outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
366,857
|
|
|
|
|
|
|
|
367,712
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
366,857
|
|
|
|
|
|
|
|
367,712
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
Basic
earnings per share attributable to shareholders of Kyocera Corporation is calculated based on the average number of shares of common stock outstanding during each period, and diluted earnings per share attributable to shareholders of Kyocera
Corporation is calculated based on the diluted average number of shares of stock outstanding during each period.
11
Consolidated Statements of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30,
|
|
|
Increase
(Decrease)
|
|
|
|
2016
|
|
|
2017
|
|
|
|
|
Amount
|
|
|
Amount
|
|
|
Amount
|
|
|
|
(Yen in millions)
|
|
Net income
|
|
¥
|
18,474
|
|
|
¥
|
36,528
|
|
|
¥
|
18,054
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive incomenet of taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized gains on securities
|
|
|
18,204
|
|
|
|
15,001
|
|
|
|
(3,203
|
)
|
Net unrealized losses on derivative financial instruments
|
|
|
(17
|
)
|
|
|
(52
|
)
|
|
|
(35
|
)
|
Pension adjustments
|
|
|
1,421
|
|
|
|
(587
|
)
|
|
|
(2,008
|
)
|
Foreign currency translation adjustments
|
|
|
(53,836
|
)
|
|
|
7,221
|
|
|
|
61,057
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other comprehensive income
|
|
|
(34,228
|
)
|
|
|
21,583
|
|
|
|
55,811
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income
|
|
|
(15,754
|
)
|
|
|
58,111
|
|
|
|
73,865
|
|
Comprehensive income attributable to noncontrolling interests
|
|
|
5,669
|
|
|
|
(2,211
|
)
|
|
|
(7,880
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to shareholders of Kyocera Corporation
|
|
¥
|
(10,085
|
)
|
|
¥
|
55,900
|
|
|
¥
|
65,985
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Notes to the consolidated financial statements
Cautionary Statement for Premise of a Going Concern
Not applicable.
Cautionary Statement for Significant Changes in Equity
Not applicable.
Increase or Decrease in Significant Subsidiaries during the three months
ended June 30, 2017
For the three months ended June 30, 2017, Kyocera Crystal Device Corporation which was Kyocera
Corporations significant subsidiary was excluded from consolidation of Kyocera Corporation due to dissolution of Kyocera Crystal Device Corporation resulted from absorption-type merger with Kyocera Corporation as the surviving company on
April 1, 2017.
Changes in Accounting Policies
Recently Adopted Accounting Standards
The accounting standards which Kyocera
adopted on or after April 1, 2017 did not have material impacts on Kyoceras consolidated results of operations, financial condition and cash flows.
12