Annual Report - Makino Milling Machine Co. Ltd.

Transcription

ANNUAL REPORT
Year Ended March 31, 2014
PROFILE
Makino Milling Machine Co., Ltd. is a manufacturer of advanced machine tools, founded in May 1937. Its corporate
mission is to contribute to the development of industry in Japan and around the world by quickly discerning and
responding to industrial trends with technological innovation.
Makino’s state-of-the-art machine tools and machining technologies are used in the manufacturing systems of
companies in a wide range of industries. Working with local partners possessing strong technical capabilities, Makino has
built an extensive sales network in the United States, Europe and Asia, capable of responding to changes in global
machine tool demand and structural changes in manufacturing operations.
Major products lines: Machining centers, Numerical control (NC) electrical discharge machines (EDM), Milling machines
and other products
FIVE-YEAR FINANCIAL SUMMARY
Makino Milling Machine Co., Ltd. and Consolidated Subsidiaries
Years ended March 31
Thousands of
dollars
Millions of yen
Net sales
Net income (loss)
Net assets
Total assets
2010
2011
¥57,881
(10,591)
79,396
165,422
¥95,164
2,167
79,704
168,280
2012
¥110,460
3,698
83,750
178,361
2013
¥126,809
5,159
92,665
209,785
2014
¥123,896
4,294
99,246
218,499
Yen
Net income (loss) per share
Basic
Diluted
Number of employees
2014
$1,203,808
41,721
964,302
2,122,998
Dollars
¥ (92.40)
—
¥19.32
—
¥33.24
—
¥46.38
¥46.17
¥38.60
¥34.17
3,673
3,834
3,992
4,207
4,178
$0.37
$0.33
Note: US dollar amounts have been translated from yen, for convenience only, at the rate of ¥102.92=US$1, the approximate Tokyo foreign exchange
market rate as of March 31, 2014.
CONTENTS
MESSAGE TO SHAREHOLDERS AND INVESTORS.........................1
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS..........10
CORPORATE GOVERNANCE........................................................3
CONSOLIDATED STATEMENTS OF CASH FLOWS.........................11
BUSINESS RISKS..........................................................................5
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS..................12
FINANCIAL REVIEW.....................................................................5
INDEPENDENT AUDITOR'S REPORT..............................................31
CONSOLIDATED BALANCE SHEETS.............................................6
BOARD OF DIRECTORS AND CORPORATE AUDITORS..................33
CONSOLIDATED STATEMENTS OF INCOME.................................8
CORPORATE DATA......................................................................33
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME.....9
TO OUR SHAREHOLDERS AND INVESTORS
1. Analyses of Operating Results and Financial
MAKINO INC. (USA)
Position
Brisk inquiries continued mainly from the auto and
(1) Analysis of Operating Results
aircraft industries, but orders received stayed at the same
1) Operating Results for Fiscal 2014
level as fiscal 2013. This is due to delay in signing an
During fiscal 2014, the Company achieved net sales of
agreement as scale of negotiations increased.
¥123,896 million (down 2.3% year on year), operating
MAKINO Europe GmbH
income of ¥4,910 million (down 39.3% year on year),
Orders received gradually increased. However, an
and net income of ¥4,294 million (down 16.8% year on
extensive decline in the first quarter resulted in results
year) on a consolidated basis.
falling slightly below the level of fiscal 2013.
Fiscal 2014 started under sluggish business
conditions with a small order backlog at the beginning of
2) Outlook (Fiscal 2015)
the year. Although production volume declined, the net
The demands have continued to expand in all of our
sales decreased by only 2.3% year on year as the amount
markets. We will strengthen our operating activities in
of net sales increased as the exchange rate proceeded
each business establishment to gain demand.
toward depreciation of the yen.
Due to a substantive reduction in production
Consolidated performance forecasts
volume, operating income decreased by 39.3% year on
year. Extremely low plant utilization rates in the first half
lead to a small profit margin.
In addition to that, enhancement of engineering of
overseas subsidiaries continued, and there was an impact
of increase in personnel.
Consolidated orders received of the Company
increased by 13.2% year on year to ¥132,720 million.
(Million yen)
Forecasts for the first six
months
(1st and 2nd quarter
combined)
Forecasts for the full fiscal
year
Net sales
*1
*2
Operating
income
64,500
up 27.5%
141,000
up 13.8%
Net income
2,800
—
*2
8,900
up 81.2%
*1
Compared to the same period of fiscal 2014
*2
Year on year
2,100
—
*2
7,800
up 81.6%
Although the figure exceeded that of fiscal 2013, this is
the result of depreciation of the yen.
The details of operating results by geographic
The details of sales by geographic region are as follows:
Makino Milling Machine Co., Ltd. and its
region are as follows:
subsidiaries in Japan
Makino Milling Machine Co., Ltd. and its
The Company will focus on the die & mold industry
subsidiaries in Japan
which is a big market for the Company as recovery of
Domestic orders received by Makino Milling Machine
competitiveness of domestic die manufacturers in
Co., Ltd. rose slightly year on year.
international markets is anticipated.
However, progress in increase of demand due to
the return of manufacturing industry to Japan has not
been seen even amid depreciation of the yen.
With rising plant utilization rates of users in Japan
Capital investment in aircraft component
manufacturing field is expected to be actively made.
Domestic orders received by Makino Milling
Machine Co., Ltd. are expected to gradually recover.
in the second half, movements to respond to
MAKINO ASIA PTE LTD (Singapore)
modernization of production facilities and equipment has
Although the entire Asia region is in the process of
spread to respective industries.
recovery, the pace is slow.
The whole economy of China, our largest market,
Orders received by the subsidiary in Asia greatly fell year
has remained unstable, but the number of inquiries has
on year.
been growing.
Although the Chinese market was expected to pick
up in the middle of the year, actual orders received fell
far below the expected orders received.
In India and ASEAN region, orders received
In sluggish Indian market, the demand is gradually
on the way to recovery mainly for exporting companies.
Orders received by the subsidiary in Asia are
expected to take an upward turn.
remained flat over the course of the year.
1
MAKINO INC. (USA)
Amid the drastic change of industrial structures along
with revival of manufacturing industry in the Unites
States, the demand for machine tools has been spreading
into each region of the North American continent.
The Company continues to enhance its engineering
section and is establishing a system to meet demand.
Orders received by the subsidiary in the United
States are forecast to exceed a record high of 422 million
dollars (fiscal 2014).
MAKINO Europe GmbH
The demand related to capital investment has slowly
been recovering and we believe that orders received will
slightly rise.
In order to respond to competing European
machine tool manufacturers, our challenge is to reinforce
our engineering section.
July 2014
Jiro Makino
President
2
CORPORATE GOVERNANCE
1. Corporate governance
Basic corporate governance rationale
Makino Milling Machine Co., Ltd. regards strong
management oversight functions as a vital element in
the strengthening of competitiveness, swifter decisionmaking and greater transparency.
(1) Corporate governance status
1) Governing body
Makino Milling Machine Co., Ltd. is a company with
Board of Directors. As of June 26, 2014, the
Company’s Board of Directors consists of nine
directors. The Board of Directors meets once a month
and, in addition to carrying out the tasks specified by
laws and regulations and by the Articles of
Incorporation, makes decisions on important matters
and supervises operational duties. Whereas the
representative director elected by the Board of
Directors engages in execution of operational duties as
the representative of the Company, specific
operational duties are allocated among nonrepresentative directors and executed by them. The
term of office of a director is one year and directors
are elected by vote of the annual general meeting of
shareholders.
Makino Milling Machine Co., Ltd. is also a company
with corporate auditors and with Board of Auditors.
As of June 26, 2014, the Company’s Board of Auditors
consists of three statutory auditors (one of whom is a
full-time corporate auditor), of whom two are outside
corporate auditors. The statutory auditors attend
meetings of the Board of Directors and make remarks,
as necessary, in the course of deliberation on the
agenda. Also, the Board of Auditors meets periodically
and, in addition to items specified by laws and
regulations, deliberates and makes decisions on
matters necessary for statutory auditors’ activities, and
audits directors’ execution of operational duties from
an independent standpoint.
2) Internal control systems and risk management systems
At its meeting held on May 1, 2006, the Company’s
Board of Directors passed a resolution concerning
”the development of systems necessary to ensure that
the execution of duties by directors complies with laws
and regulations and the articles of incorporation, and
other systems prescribed by the applicable Ordinance
of the Ministry of Justice as systems necessary to
ensure the properness of operations of a Stock
Company (internal control systems)” provided for in
Article 348 Paragraph 4 and in Article 362 Paragraph
5 of the Corporation Law. The Company’s internal
control systems and risk management systems are
described below.
Positioning risk management as the basis of systems
ensuring properness of execution of duties, the
Company is putting in place risk management systems
not only for the purpose of managing risks that may
cause losses to the Company but also for preventing
deviation from laws and regulations and the Articles of
Incorporation and for ensuring efficient execution of
duties. Directors in charge of operations and
departmental heads are responsible for management
of usual risks. Risks that the directors or the statutory
auditors consider material, and moreover, that they
consider should be examined by the Board of Directors
are examined, judged and dealt with by the Board of
Directors.
The Company has formulated internal rules, including
the Risk Management Rules in which deviation from
laws and regulations and the Articles of Incorporation
is provided for as a type of risk, Employment Rules and
the Security Export Control Program. The Company is
endeavoring to ensure compliance with laws and
regulations, rules and norms by raising employee
awareness through the provision of training for new
employees and periodic and non-periodic training.
Regarding the recording of operational activities,
records are prepared and retained in accordance with
the Rules of the Board of Directors in the case of
information on execution of duties of directors and in
accordance with the Rules for Formal Approvals in the
case of decision-making for routine operations.
Subsidiaries are required to report to the Company on
their execution of duties and risk situations, as
necessary, and the Company’s directors or employees
are dispatched as directors of subsidiaries to
participate in management and be responsible for
oversight.
Regarding audit by auditors, as well as reporting on
important matters at meetings of the Board of
Directors, based on the statutory auditors’ requests
directors make reports or hold a meeting with
statutory auditors, as necessary. Directors and
employees are required to report to statutory auditors
without delay concerning any eventuality that may
cause significant damage or that caused damage to
the Company. In the event that statutory auditors
request assistants, the Company selects such assistants
based on the discussion with statutory auditors about
the number of assistants, positions, affiliation, etc.,
and secures the consent of the Board of Auditors for
treatment of such assistants.
In addition, with respect to the system specified by a
Cabinet Office Ordinance as necessary for ensuring
appropriateness of statements on finance and
accounting and other information as set forth in
Article 24-4-4, Paragraph 1 of the Financial
Instruments and Exchange Law, the Company
3
maintains and manages such system in accordance
with the basic framework of internal control as
indicated in the” On the Setting of the Standards and
Practice Standards for Management Assessment and
Audit concerning Internal Control Over Financial
Reporting (Council Opinions)” published by the
Business Accounting Council.
3) Internal audit and audit by corporate auditors
Necessary audits are performed at the Company on
the basis of close cooperation between the corporate
auditors, the accounting auditor and relevant staff at
the Finance Department, the General Affairs
Department and the Internal Audit Office.
Internal audit on maintenance and management of
internal control over financial reporting is conducted
by the Internal Audit Office (consists of two members),
which is established as an independent organization
and directly reports to the President, in cooperation
with relevant departments of the Company and its
consolidated subsidiaries.
Regarding audits by the accounting auditor, necessary
coordination such as scheduling is made internally
through discussion between the corporate auditors,
the Finance Department, the General Affairs
Department and the Internal Audit Office. Corporate
auditors and the Finance Department periodically
exchange views with the accounting auditor and the
necessary coordination is made. In addition, corporate
auditors witness the audit process, as deemed
necessary, to monitor the accounting auditor’s audit
proceedings.
Regarding audits by auditors, the statutory auditors
gather necessary and sufficient information for
conducting audits, including the situation of the
Company and situations of its subsidiaries and
affiliates, on a routine basis through systematic
exchanges of views with directors, managerial
personnel, key employees, and the accounting auditor
of the Company and its subsidiaries and affiliates.
Also, statutory auditors receive reports on the
accounting auditor’s audit results, and use such
information in conducting stringent audits.
4) Accounting audits
Certified public accountants engaged in the
Company’s accounting audits are Mr. Naruhito Minami
and Mr. Makoto Iwabuchi, both of whom are with
Gyosei & Co. Assistants engaged in the accounting
audits comprise five certified public accountants and
four other persons.
5) Relation with outside corporate auditors
There are no personal, capital or transactional relations
between the Company and its two outside corporate
auditors.
4
(2) Compensation paid to directors and corporate
auditors
The compensation paid to directors and corporate auditors of the Company is as follows:
Number of persons
Directors
Corporate auditors excluding
outside corporate
auditors
Outside corporate
auditors
6
Amount of compensation (Millions of yen)
170
1
9
2
34
On Introduction of Measures against Large-scale
Purchases of the Company’s Shares (Anti-Takeover
Measures)
The Company aims to produce reliable products,
providing the machine tools and technologies that are
most suitable for our customers so that they can
manufacture their products efficiently. It is an invaluable
asset to the Company to satisfy their demand and to
maintain strict confidentiality of them.
We believe that we must eliminate large-scale purchases
of the shares which will damage this relationship based
on trust.
The introduction of the Anti-takeover Measures was
approved by the shareholders at the Ordinary General
Meeting of Shareholders on June 20, 2008 and came
into effect.
BUSINESS RISKS
The Group operates around the world, and the
operations are influenced by a range of different factors,
the most important of which are as follows:
- Changes in global economic conditions: The sales
of the Company heavily depend on capital expenditures
in the manufacturing industry in Japan, Asia and
America. Since the investment appetite of companies is
likely to fall more sharply than the general economy,
there is the possibility that orders and sales of producer
goods will decline rapidly if the global economy slows.
- Trends in individual industries: Many of the
Company’s products are used in automotive companies.
Although trends in capital expenditure in the auto sector
are the most stable in the manufacturing industry, they
have a very substantial effect on sales of the Company
because the capital expenditure, which is large, has a
very significant influence on supply and demand in the
market for machine tools. Sales in growth industries,
including IT and digital home appliances, change sharply
every fiscal year because of violent fluctuations in supply
and demand.
- Exchange rate fluctuations: More than half of the
Company’s products are sold overseas. Moreover, we
have developed a range of operations overseas.
Exchange rates consequently have a significant impact on
the sales and income of the Company.
- Changes in the supply-demand of parts and raw
materials: Machine tools contain many parts and raw
materials. If supply of parts and raw materials tightens,
prices may rise, and this in turn could influence income.
If the needed quality, quantity, and delivery dates are not
secured, it could influence production and sales.
- Country risk: The Company has made inroads into
countries that are modernizing their industries. If
unexpected changes occur in the political, economic, or
social circumstances in these countries, or if legal
regulations are established or tightened, it could affect
the sales and income of the Company.
FINANCIAL REVIEW
Analysis of Financial Position
Total assets on a consolidated basis at the end of fiscal
2014 increased by ¥8,714 million from the end of fiscal
2013 to ¥218,499 million. This is primarily attributable to
a decrease of ¥13,391 million in cash and time deposits,
an increase of ¥5,938 million in notes and accounts
receivable, an increase of ¥2,139 million in inventories,
an increase of ¥8,282 million in property, plant and
equipment and an increase of ¥3,374 million in
investment securities.
Total liabilities increased by ¥2,133 million from the
end of fiscal 2013 to ¥119,253 million. This is primarily
attributable to redemption of bonds of ¥10,000 million,
an increase of ¥6,244 million in notes and accounts
payable and an increase of ¥2,130 million in short-term
loans. Moreover, through the application of Accounting
Standard for Retirement Benefits and others, net defined
benefit liability of ¥2,270 million are included instead of
allowance for employees’ retirement benefits (¥740
million at the end of fiscal 2013).
Net assets increased by ¥6,580 million from the end
of fiscal 2013 to ¥99,246 million, mainly due to an
increase of ¥3,412 million in retained earnings, an
increase of ¥2,343 million in unrealized gain on availablefor-sale securities and an increase of ¥2,698 million in
foreign currency translation adjustments.
(Cash Flow)
Cash provided by operating activities at the end of fiscal
2014 was ¥8,130 million, principally reflecting ¥5,339
million in income before income taxes, ¥3,961 million in
depreciation and amortization, an increase of ¥4,138
million in notes and accounts payable, trade, and an
increase of ¥3,631 million in notes and accounts
receivable, trade.
Cash provided by investing activities was ¥769
million, principally reflecting the effect of ¥12,800 million
net decrease in time deposits and ¥11,884 million
payment for purchases of property, plant and equipment.
Cash used in financing activities was ¥10,418
million. This resulted principally from ¥12,000 million for
proceeds from long-term loans payable, ¥12,225 million
for repayment of long-term loans payable and ¥10,000
million for redemption of bonds.
As a result of the above, cash and cash equivalents
on a consolidated basis at the end of fiscal 2014
decreased by ¥591 million from the end of fiscal 2013 to
¥42,638 million.
The table below shows trends in cash-flow indicators.
71st term
72nd term 73rd term
Term ended Term ended Term ended
March 2010 March 2011 March 2012
Shareholders’ equity ratio
(%)
Shareholders’ equity ratio on
a market value basis (%)
Ratio of interest-bearing
debt to cash flows (%)
Interest coverage ratio
(times)
47.6
47.0
46.6
42.0
46.7
44.2
18.1
10.4
—
3.4
4.2
—
74th term
75th term
Term ended Term ended
March 2013 March 2014
Shareholders’ equity ratio
(%)
Shareholders’ equity ratio on
a market value basis (%)
Ratio of interest-bearing
debt to cash flows (%)
Interest coverage ratio
(times)
43.8
45.1
30.4
37.0
5.8
8.1
14.0
10.2
Shareholders’ equity ratio: Shareholders’ equity / Total assets
Shareholders’ equity ratio on a market value basis: Market
capitalization / Total assets
Ratio of interest-bearing debt to cash flows: Interest-bearing
debt / Cash flows
Interest coverage ratio: Cash flows / Interest payment
* Each indicator is calculated from consolidated financial data.
* Market capitalization is computed based on the number of
shares issued, excluding treasury stock.
* Cash flows mean cash flows from operating activities.
* Interest-bearing debt includes all liabilities bearing interest
posted in the consolidated balance sheets.
Interest payment is interest paid recorded in the
consolidated statements of cash flows.
5
CONSOLIDATED BALANCE SHEETS
March 31, 2012, 2013 and 2014
US$1=¥102.92
Thousands of
dollars
Millions of yen
2012
2013
2014
2014
¥28,935
¥57,056
¥43,664
$ 424,251
1,000
1,003
1,004
9,755
Notes and accounts receivable (Notes 2.k, 3 and 5)
31,071
34,450
40,389
392,431
Inventories (Notes 2.f and 6)
49,188
45,331
47,471
461,241
Deferred income taxes (Notes 2.j and 11)
2,032
1,190
1,839
17,868
Other current assets
3,907
3,308
4,122
40,050
(731)
(779)
115,404
141,562
137,735
1,338,272
13,183
14,164
17,539
170,413
Long-term loans receivable
626
583
531
5,159
840
1,100
1,638
15,915
5,072
5,083
5,480
53,245
(471)
(451)
19,251
20,480
24,738
240,361
Land (Note 8)
14,865
15,090
16,479
160,114
Buildings and structures (Note 8)
51,442
53,626
61,567
598,202
Machinery and equipment
23,977
26,605
30,522
296,560
3,222
3,122
3,208
31,169
166
2,532
818
7,947
93,674
100,978
112,596
1,094,014
Accumulated depreciation
(49,968)
(53,235)
(56,572)
(549,669)
Total property, plant and equipment
43,706
47,742
56,024
544,345
¥178,361
¥209,785
¥218,499
$2,122,998
ASSETS
Current assets:
Cash and time deposits (Notes 3 and 15)
Marketable securities (Notes 2.e, 3 and 4)
Allowance for doubtful accounts (Notes 2.h and 3)
Total current assets
(756)
(7,345)
Investments and other assets:
Investment securities (Notes 2.e, 3 and 4)
Other long-term assets
Allowance for doubtful accounts (Notes 2.h and 3)
Total investments and other assets
(451)
(4,382)
Property, plant and equipment (Note 2.g):
Lease assets (Note 10)
Construction in progress
Total assets
The accompanying notes are an integral part of these statements.
6
US$1=¥102.92
Thousands of
dollars
Millions of yen
LIABILITIES AND NET ASSETS
Current liabilities:
Notes and accounts payable (Note 3):
Trade
Other
Short-term loans (Notes 3 and 7)
Current portion of long-term debt
(Notes 2.k, 3, 5, 7 and 8)
Short-term lease obligations (Note 7)
Accrued expenses
Income taxes payable
Other current liabilities
Total current liabilities
Long-term liabilities:
Long-term debt (Notes 2.k, 3, 5, 7 and 8)
Long-term lease obligations (Note 7)
Allowance for employees’
retirement benefits (Notes 2.i, 2.n and 9)
Allowance for directors’ and corporate
auditors’ retirement benefits (Note 2.i)
Other long-term liabilities
Total long-term liabilities
Net assets:
Shareholders’ equity
Common stock, no par value
Authorized:300,000,000 shares
Issued
:119,944,543 shares
as of March 31, 2012, 2013 and 2014
Capital surplus
Retained earnings (Note 13)
Treasury stock
8,690,111, 8,693,435 and 8,702,060
shares as of March 31, 2012, 2013
and 2014, respectively
Total shareholders’ equity
Accumulated other comprehensive loss
Unrealized gain on available-for-sale
securities (Note 2.e)
Deferred gains (losses) on hedges (Note 2.k)
Foreign currency
translation adjustments (Note 2.d)
Remeasurements of defined benefit
plans (Notes 2.i, 2.n and 9)
Total accumulated other comprehensive loss
Minority interests
Total net assets
Total liabilities and net assets
2012
2013
2014
2014
¥21,896
4,932
4,211
¥18,173
5,744
5,249
¥24,418
6,100
7,380
$237,252
59,269
71,706
3,075
497
5,656
819
2,092
43,181
22,209
504
6,822
1,318
2,715
62,738
10,646
432
7,743
763
2,912
60,396
103,439
4,197
75,233
7,413
28,293
586,824
43,172
2,166
46,145
1,768
47,731
1,523
463,767
14,797
499
740
2,270
22,055
31
3,766
1,791
51,429
40
3,799
1,887
54,381
43
4,992
2,293
58,856
417
48,503
22,279
571,861
19,263
19,263
19,263
187,164
32,595
36,887
(4,777)
32,595
41,144
(4,778)
32,595
44,556
(4,785)
316,702
432,918
(46,492)
83,969
88,224
91,630
890,303
5,585
(2)
6,203
20
8,547
(8)
83,045
(77)
(6,451)
(2,489)
208
2,020
—
(869)
649
83,750
¥178,361
—
3,734
706
92,665
¥209,785
(1,757)
6,989
626
99,246
¥218,499
(17,071)
67,907
6,082
964,302
$2,122,998
7
CONSOLIDATED STATEMENTS OF INCOME
For the years ended March 31, 2012, 2013 and 2014
US$1=¥102.92
Thousands of
dollars
Millions of yen
2012
2013
2014
2014
¥110,460
¥126,809
¥123,896
$1,203,808
81,287
91,763
89,707
871,618
29,172
35,046
34,188
332,180
23,361
26,961
29,277
284,463
5,811
8,084
4,910
47,706
Interest and dividend income
291
251
271
2,633
Interest expense
(865)
(903)
(752)
(7,306)
Gain on sales of property, plant and equipment
50
62
59
573
Gain on sales of investment securities
—
—
149
1,447
(56)
(34)
(58)
(563)
—
—
(68)
(660)
—
—
(99)
(961)
(269)
(483)
306
2,973
77
653
620
6,024
Income before income taxes
5,039
7,630
5,339
51,875
Income taxes (Notes 2.j and 11) - Current
1,501
1,738
1,161
11,280
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Other income (expenses):
Loss on disposal of property, plant and equipment
Provision of allowance for doubtful accounts
for subsidiaries and affiliates
Loss on valuation of stocks of subsidiaries and affiliates
Exchange gain (loss), net
Other, net
- Deferred
Income before minority interests
(190)
(1,846)
(229)
662
3,767
5,229
4,368
42,440
68
69
73
709
¥3,698
¥5,159
¥4,294
$41,721
Minority interests in earnings
of consolidated subsidiaries
Net income
Yen
Dollars
Per share of common stock:
Net income - Basic
- Diluted
Cash dividends applicable to the period
8
¥33.24
¥46.38
¥38.60
$0.37
—
46.17
34.17
0.33
8.00
9.00
10.00
0.09
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
US$1=¥102.92
Thousands of
dollars
Millions of yen
Income before minority interests
2012
2013
2014
2014
¥3,767
¥5,229
¥4,368
$42,440
1,285
619
2,343
22,765
55
23
(133)
3,963
Other comprehensive income (Note 14):
Unrealized gain on available-for-sale securities
(Note 2.e)
Deferred gains (losses) on hedges (Note 2.k)
Foreign currency translation adjustments (Note 2.d)
Other comprehensive income
Total comprehensive income
(29)
2,701
(281)
26,243
1,208
4,606
5,016
48,736
¥4,975
¥9,836
¥9,384
$91,177
4,907
9,763
9,306
90,419
68
72
77
748
¥4,975
¥9,836
¥9,384
$91,177
Total comprehensive income attributable to
(Note 14):
Owners of the parent
Minority interests
9
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
US$1=¥102.92
Thousands of
dollars
Millions of yen
2012
2014
2013
2014
Common stock:
¥19,263
19,263
¥19,263
19,263
¥19,263
19,263
$187,164
187,164
32,595
32,595
32,595
32,595
32,595
32,595
316,702
316,702
34,099
36,887
41,144
399,766
3,698
5,159
4,294
41,721
(890)
(890)
(1,112)
(10,804)
(19)
36,887
(13)
41,144
230
44,556
2,234
432,918
Balance at beginning of year
(4,772)
(4,777)
(4,778)
(46,424)
Acquisition of treasury stock
(4)
(4,777)
(1)
(4,778)
(6)
(4,785)
(58)
(46,492)
4,299
5,585
6,203
60,270
Net change during the year
1,285
5,585
618
6,203
2,343
8,547
22,765
83,045
(58)
(2)
20
194
55
(2)
23
20
(29)
(8)
(281)
(77)
(6,318)
(6,451)
(2,489)
(24,183)
(132)
(6,451)
3,961
(2,489)
2,698
208
26,214
2,020
—
—
—
—
—
—
597
649
52
¥649
57
¥706
Balance at end of year
Capital surplus:
Retained earnings (Note 13):
Net income
Cash dividends
Other
Treasury stock:
Unrealized gain on available-for-sale securities
(Note 2.e):
Deferred gains (losses) on hedges (Note 2.k):
Foreign currency translation adjustments
(Note 2.d):
Remeasurements of defined benefit plans
(Notes 2.i, 2.n and 9):
—
(1,757)
(1,757)
—
(17,071)
(17,071)
Minority interests:
10
706
(80)
¥626
6,859
(777)
$6,082
CONSOLIDATED STATEMENTS OF CASH FLOWS
US$1=¥102.92
Thousands of
dollars
Millions of yen
2012
Cash flows from operating activities:
Income (loss) before income taxes
Adjustments for:
Income taxes (paid) refund
Depreciation and amortization
Amortization of goodwill
Gain on sales of marketable securities
Increase (decrease) in allowance for directors’
and corporate auditors’ retirement benefits
Increase (decrease) in allowance for
employees’ retirement benefits
Increase (decrease) in allowance for
doubtful accounts
(Gain) loss on sales of property, plant and equipment
Loss on disposal of property, plant and equipment
(Increase) decrease in notes and accounts receivable, trade
(Increase) decrease in inventories
Increase (decrease) in notes and accounts payable, trade
Other, net
Net cash provided by (used in)
operating activities
Cash flows from investing activities:
(Increase) decrease in time deposits
Proceeds from sales of investment securities
Purchases of investment securities
Purchases of investments in subsidiaries
Purchases of property, plant and equipment
Proceeds from sales of property, plant and equipment
Other, net
investing activities
Cash flows from financing activities:
Increase (decrease) in short-term loans, net
Repayment of lease obligations
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from issue of bonds
Redemption of bonds
Purchases of treasury stock
Purchases of treasury stock of subsidiaries
in consolidation
Dividends paid
financing activities
Effect of exchange rate changes on cash
and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents, beginning of
period (Notes 2.b and 15)
Cash and cash equivalents, end of
period (Notes 2.b and 15)
2014
2013
2014
¥5,339
$51,875
¥5,039
¥7,630
(1,769)
3,451
(23)
—
(1,359)
3,789
(23)
—
(263)
8
65
(52)
(482)
(4,683)
(276)
(50)
56
338
(11,870)
(2,526)
1,701
(48)
(62)
34
(552)
6,936
(6,298)
2,588
(81)
(59)
58
(3,631)
477
4,138
288
(787)
(573)
563
(35,279)
4,634
40,205
2,798
(6,126)
12,590
8,130
78,993
82
0
(3)
(10)
(10,100)
343
72
(12,780)
3
(105)
(100)
(6,451)
198
(571)
12,800
303
(3)
—
(11,884)
165
(612)
124,368
2,944
(29)
—
(115,468)
1,603
(5,946)
(9,614)
(19,806)
1,909
(866)
—
(3,000)
10,000
—
(4)
553
(496)
12,871
(2,922)
12,000
—
(1)
1,542
(477)
12,000
(12,225)
—
(10,000)
(6)
14,982
(4,634)
116,595
(118,781)
—
(97,162)
(58)
(14)
(885)
(14)
(887)
(139)
(1,112)
(1,350)
(10,804)
7,137
21,101
(10,418)
(101,224)
(112)
(8,715)
1,454
15,341
926
(591)
8,997
(5,742)
36,604
27,888
43,229
420,025
¥27,888
¥43,229
¥42,638
$414,282
(1,707)
3,961
(23)
(149)
3
769
(16,585)
38,486
(223)
(1,447)
29
7,471
11
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of Presenting Financial Statements
The accompanying consolidated financial statements of Makino Milling Machine Co., Ltd. (the "Company") have been
prepared in accordance with the provisions set forth in the Japanese Financial Instruments and Exchange Law and its
related accounting regulations, and in conformity with accounting principles and practices generally accepted and
applied in Japan, which are different in certain respects as to application and disclosure requirements of International
Financial Reporting Standards.
In preparing the consolidated financial statements, certain reclassifications and rearrangements have been made to
the financial statements issued domestically in Japan in order to present these statements in a form, which is more
familiar to the readers outside Japan.
In addition, the notes to the consolidated financial statements include information, which is not required under
generally accepted accounting principles and practices in Japan but is presented herein as additional information.
Amounts of less than one million yen have been omitted as permitted under generally accepted accounting
principles and practices in Japan. As a result, the totals shown in the accompanying consolidated financial statements
(both in yen and dollars) do not necessarily agree with the sum of individual amounts.
The United States dollar amounts presented in the accompanying consolidated financial statements are included
solely for convenience and are stated, as a matter of arithmetical computation only, at the rate of ¥102.92 = US$1,
which was the prevailing exchange rate on March 31, 2014.
2. Summary of Significant Accounting Policies
(a) Principles of consolidation
The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries (27
subsidiaries for 2012, 28 for 2013 and 30 for 2014). The significant subsidiaries, which are consolidated with the
Company, are listed below:
MAKINO ASIA PTE LTD
MAKINO INC.
MAKINO Europe GmbH
MAKINO RESOURCE DEVELOPMENT PTE LTD
Makino J Co., Ltd.
Makino Denso Co., Ltd.
Makino Technical Service Co., Ltd.
Kanto Bussan Kaisha, Ltd.
Makino Giken Co., Ltd.
Makino Logistics Co., Ltd.
The remaining subsidiaries (four subsidiaries for 2012, five for 2013 and four for 2014), whose assets, net sales, net
income and the underlying net equity of retained earnings in the aggregate are not significant in the consolidated totals,
have not been consolidated with the Company.
The fiscal year of the consolidated subsidiaries is the same as the Company’s except for some of the subsidiaries
(three subsidiaries for 2012, four for 2013 and five for 2014): Makino do Brasil Ltda., Single Source Technologies S. de
R.L. de C.V., MAKINO CHINA Co., LTD. and the others, whose fiscal years end on December 31. Significant transactions
between January 1 and March 31 are reflected in the consolidated financial statements.
The equity method is not applied since the combined net profit and loss and the underlying net equity of retained
earnings in the aggregate in the unconsolidated subsidiaries and two affiliates are not significant in the consolidated
totals.
All significant intercompany accounts and transactions are eliminated in consolidation. The difference between
acquisition cost and the underlying net equity at the time of acquisition is amortized evenly over five years.
(b) Cash equivalents
Cash equivalents are short-term investments that are readily convertible into cash and that are exposed to insignificant
risk of changes in value. Cash equivalents include time deposits and certificate of deposits, all of which mature or
become due within three months of the date of acquisition.
(c) Foreign currency translations
All short-term and long-term monetary receivables and payables denominated in foreign currencies are translated into
Japanese yen at the exchange rates at the balance sheet date. The foreign exchange gains and losses from translation are
recognized in the consolidated statements of income unless they are hedged by forward exchange contracts.
12
(d) Foreign currency financial statements
The balance sheet accounts of the overseas consolidated subsidiaries are translated into Japanese yen at the rates of
exchange at the balance sheet date except as to capital, which is translated at the historical rates of exchange at dates of
acquisition. The revenue and expense accounts of those subsidiaries are translated into Japanese yen at the average rates
of exchange in effect during each fiscal year. Differences arising from translation are shown as “Foreign currency
translation adjustments” in the net assets in the accompanying consolidated balance sheets.
(e) Marketable securities and investment securities
Investments in the unconsolidated subsidiaries and the affiliate are stated at cost. Equity method is not applied as in Note
2(a). Marketable securities and investment securities other than investment securities in the subsidiaries and the affiliate
are stated at market value. However, such securities without market value are stated at cost if they are not significantly
impaired. The Company credits or charges unrealized gain or loss, net of income taxes, on the above securities to net
assets as “Unrealized gain on available-for-sale securities”.
The cost of sold securities is calculated using the gross average method.
(f) Inventories
Finished products and work in process are principally valued at the lower of cost or net realized value, determined by the
specific identification method. Raw materials and supplies are stated at the most recent purchase prices.
(g) Property, plant, equipment and depreciation
Property, plant and equipment, including significant renewals and additions, are carried at cost. The cost of property,
plant and equipment retired or otherwise disposed of and accumulated depreciation in respect thereof are eliminated
from the related accounts, and the resulting gain or loss is reflected in income. Maintenance and repairs, including minor
renewals and improvements, are charged to income as incurred.
Depreciation of the Company and the domestic consolidated subsidiaries is mainly computed by the declining
balance method using the rates based on estimated useful lives of the assets. Depreciation of the overseas consolidated
subsidiaries is computed by the straight-line method. The range of useful lives is principally from 5 to 50 years for
buildings and structures and from 3 to 12 years for machinery and equipment.
(h) Allowance for doubtful accounts
The Group provides for possible losses due to uncollectibility of notes, accounts, loans receivable, etc. based on the
Company’s past credit loss experience and management’s estimate.
(i) Allowance for employees’ retirement benefits and directors’ and corporate-auditors’ retirement benefits
Employees, excluding directors and corporate auditors, of the Company and most of its domestic consolidated
subsidiaries are covered by a retirement plan whereby each employee, under most circumstances, upon mandatory
retirement at the age of 60 years or earlier termination of employment, is entitled to either a lump sum retirement
payment or pension payment based on compensation at the time of retirement and years of service. These employees’
retirement plans are funded.
The employees’ retirement benefits are accounted for as the liability for retirement benefits based on projected
benefit obligations and plan assets in conformity with the accounting standard for the employees’ retirement benefits.
Directors and corporate auditors are not covered by these plans. However, liabilities for directors’ and corporate
auditors’ retirement benefits include amounts equal to management’s estimate of the amounts which would be payable
to them if they retired at the balance sheet date. Amounts payable to directors and corporate auditors upon retirement
are subject to the approval of shareholders.
(j) Income taxes
Deferred income taxes are recognized applying the asset and liability method. Under this method, deferred tax assets and
liabilities are determined based on the difference between the financial reporting and the tax basis of the assets and
liabilities, and are measured using enacted tax rates and laws that will be in effect when the differences are expected to
reverse.
The Company and some of its consolidated subsidiaries adopted the consolidated taxation system effective from
the fiscal year ended March 31, 2013.
(k) Hedge accounting
The Group uses derivative financial instruments to manage exposures to fluctuations in foreign exchange and interest
rates and does not enter into the derivatives for trading or speculative purposes.
Forward exchange contracts are used for accounts receivable and payable denominated in foreign currencies. If the
13
contracts meet certain hedging criteria, the hedged items are translated at the contracted rates, and the Group defers
recognition of gains and losses resulting from changes in the fair value of the derivatives for future transactions until the
related losses and gains on the hedged transactions are recognized.
The Group enters into interest rate swap contracts for long-term loans. The swaps which qualify for hedge
accounting are not re-measured at market value, but the differential to be paid or received under the swap contracts are
accrued and included in interest expense or income (the special hedge accounting short-cut method for interest rate
swaps).
The Company assesses the effectiveness of the forward exchange contracts by comparing the contracted rate and
spot rate at the balance sheet date and expiration date. The effectiveness assessment of the interest rate swaps,
however, is not undertaken as they meet the hedging criteria for the special hedge accounting short-cut method.
(l) Appropriations of retained earnings
Appropriations of retained earnings are accounted for and reflected in the accompanying consolidated financial
statements basically when they are approved by the shareholders or resolved by the board of directors.
(m) Reclassifications
Certain reclassifications have been made to the prior years’ consolidated financial statements to conform to the current
year’s presentation.
(n) Retirement benefits
The Company applied “Accounting Standard for Retirement Benefits” (ASBJ Standard No. 26 on May 17, 2012) and
“Guidance on Accounting Standard for Retirement Benefits” (ASBJ Guidance No.25 on May 17, 2012) from this current
fiscal year, except for the provisions as described in paragraph 35 of “Accounting Standard for Retirement Benefits” and
paragraph 67 of “Guidance on Accounting Standard for Retirement Benefits”. The Company has recorded the amount
of retirement benefit obligations after deducting pension plan assets as defined benefit assets and liabilities and
unrecognized actuarial differences and unrecognized past service costs are recorded as defined benefit assets and
liabilities.
Concerning the application of the Accounting Standard for Retirement Benefits, based on the provisional treatment
set out Section 37 of the accounting standards, the effects of such changes in the current fiscal year have been adjusted
in remeasurements of defined benefit plans through accumulated other comprehensive loss.
As a result, the Company recorded assets and liabilities for retirement benefits of ¥711 million ($6,908 thousand)
and ¥2,270 million ($22,055 thousand), respectively as of March 31, 2014, and accumulated other comprehensive
income decreased by ¥1,757 million ($17,071 thousand).
3. Financial Instruments
(1) Management policy
In consideration of plans for capital expenditure, the Group raises funds through loans and bonds. Temporary cash
surpluses are invested in low-risk financial assets, and short-term capital is raised through loans. The Group uses
derivatives for the purpose of reducing risk and does not enter into derivatives for speculative or trading purposes.
(2) Financial instruments and risk management
Notes and accounts receivable are exposed to customer credit risk. The Group identifies and reduces risk of bad debt by
reviewing the financial positions of major customers and outstanding balances.
Notes and accounts receivable denominated in foreign currencies are also exposed to foreign exchange risk. To
reduce the risk, the Group enters into forward exchange contracts.
The Group holds marketable securities and investment securities, most of which are shares of other companies with
which the Group has business relationships, the subsidiaries and the affiliate. Those securities are exposed to market risk,
and the Group regularly reviews the fair values of the securities and the financial positions of the issuers.
The purpose of loans, bonds and finance leases is mainly to finance capital expenditure. Interest rate swaps are
used to avoid interest rate risk from loans with floating interest rates.
The Group manages liquidity risk by preparing and updating cash flow plans and maintaining sufficient funds.
14
The amount of financial instruments on the consolidated balance sheets and the fair value are as follows:
As of March 31,
Millions of yen
2012
Amount on
balance sheet
Assets
Cash and time deposits
Notes and accounts receivable
Allowance for doubtful accounts
Balance
Marketable securities and investment securities
Total assets
Liabilities
Notes and accounts payable
Short-term loans
Current portion of long-term loans
Bonds
Long-term loans
Total liabilities
Derivatives
Fair value
¥28,935
31,071
(731)
30,340
14,081
¥73,357
¥28,935
n/a
n/a
30,340
14,081
¥73,357
¥21,896
4,211
3,075
30,000
13,172
¥72,356
¥(4)
¥21,896
4,211
3,075
30,387
13,250
¥72,820
¥(4)
Difference
—
n/a
n/a
—
—
—
—
—
—
387
77
¥464
—
As of March 31,
Millions of yen
2013
Amount on
balance sheet
Assets
Balance
Total assets
Liabilities
Short-term loans
Current portion of bonds
Bonds
Bonds with warrant
Long-term loans
Total liabilities
Derivatives
Fair value
¥ 57,056
34,450
(779)
33,671
14,965
¥105,693
¥ 57,056
n/a
n/a
33,671
14,965
¥105,693
¥ 18,173
5,249
10,000
12,209
20,000
12,000
14,145
¥ 91,777
¥43
¥ 18,173
5,249
10,000
12,209
20,193
12,000
13,961
¥ 91,787
¥43
Difference
—
n/a
n/a
—
—
—
—
—
—
—
193
—
(184)
¥ 9
—
As of March 31,
Millions of yen
2014
Amount on
balance sheet
Assets
Balance
Total assets
Liabilities
Short-term loans
Bonds
Long-term loans
Total liabilities
Derivatives
Fair value
¥43,664
40,389
(756)
39,633
18,441
¥101,739
¥43,664
n/a
n/a
39,633
18,441
¥101,739
¥24,418
7,380
10,000
646
10,000
25,731
¥78,176
¥(19)
¥24,418
7,380
10,000
646
10,045
26,178
¥78,668
¥(19)
Difference
—
n/a
n/a
—
—
—
—
—
—
—
45
446
¥491
—
15
As of March 31,
Thousands of dollars
2014
Amount on
balance sheet
Assets
Balance
Total assets
Liabilities
Short-term loans
Bonds
Long-term loans
Total liabilities
Derivatives
Fair value
$424,251
392,431
(7,345)
385,085
179,178
$988,525
$424,251
n/a
n/a
385,085
179,178
$988,525
$237,252
71,706
97,162
6,276
97,162
250,009
$759,580
$(184)
$237,252
71,706
97,162
6,276
97,600
254,352
$764,360
$(184)
Difference
—
n/a
n/a
—
—
—
—
—
—
—
437
4,333
$4,770
—
4. Marketable Securities and Investment Securities
Marketable securities and investment securities quoted at an exchange as of March 31, 2012, 2013 and 2014
As of March 31,
Millions of yen
2012
Acquisition cost
Available-for-sale securities whose amount on balance sheet
exceeds acquisition cost
(1) Stocks
(2) Other
Subtotal
does not exceed acquisition cost
(1) Stocks
(2) Other
Subtotal
Total
Amount on
balance sheet
Difference
¥3,427
—
¥3,427
¥12,198
—
¥12,198
¥8,771
—
¥8,771
¥ 974
20
¥ 994
¥4,422
¥882
17
¥900
¥13,099
¥(91)
(2)
¥(94)
¥8,677
As of March 31,
Millions of yen
2013
Acquisition cost
(1) Stocks
(2) Other
Subtotal
(1) Stocks
(2) Other
Subtotal
Total
16
Amount on
balance sheet
Difference
¥4,333
122
¥4,455
¥13,810
123
¥13,933
¥9,476
0
¥9,477
¥70
—
¥70
¥4,526
¥49
—
¥49
¥13,983
¥(20)
—
¥(20)
¥9,456
As of March 31,
Millions of yen
2014
Amount on
balance sheet
Acquisition cost
(1) Stocks
(2) Other
Subtotal
(1) Stocks
(2) Other
Subtotal
Total
Difference
¥4,232
122
¥4,354
¥17,323
122
¥17,446
¥13,091
0
¥13,091
16
—
¥ 16
¥4,371
¥11
—
¥11
¥17,458
¥(4)
—
¥(4)
¥13,086
¥
As of March 31,
2014
Amount on
balance sheet
Acquisition cost
(1) Stocks
(2) Other
Subtotal
(1) Stocks
(2) Other
Subtotal
Total
Difference
$41,119
1,185
$42,304
$168,315
1,185
$169,510
$127,195
0
$127,195
$155
—
$155
$42,469
$106
—
$106
$169,626
$(38)
—
$(38)
$127,147
5. Derivative Financial Instruments
(1) Derivatives to which hedge accounting is not applied
(a) Currency related
As of March 31,
Millions of yen
2012
Contracted amount
Forward exchange contracts
Sales contracts
US$
Total
¥452
¥452
Contracted amount
over one year
Fair value
—
—
Unrealized gain (loss)
—
—
—
—
As of March 31,
Millions of yen
2013
Contracted amount
Sales contracts
US$
Total
¥517
¥517
Contracted amount
over one year
—
—
Fair value
—
—
—
—
17
As of March 31,
Millions of yen
2014
Contracted amount
Sales contracts
US$
Purchase contracts
¥
Total
Contracted amount
over one year
Fair value
¥566
—
—
—
¥ 15
¥582
—
—
(0)
(0)
(0)
(0)
As of March 31,
2014
Contracted amount
Sales contracts
US$
Purchase contracts
¥
Total
Contracted amount
over one year
Fair value
$5,499
—
—
—
$ 145
$5,654
—
—
(0)
(0)
(0)
(0)
(2) Derivatives to which hedge accounting is applied
(a) Currency related
As of March 31,
Millions of yen
2012
Hedge accounting
method
Method where
hedged items
are translated at
contracted rates
Nature of
transaction
Forward exchange
contracts
Sales contracts
US$
Euro
Principle method
Forward exchange
contracts
Sales contracts
Euro
Total
Hedged item
Account
receivable
Account
receivable
Account
receivable
Contracted amount
Contracted amount
over one year
Fair value
¥5,092
—
¥(214)
2,140
—
(91)
1,989
791
(4)
¥9,222
¥791
¥(309)
As of March 31,
Millions of yen
2013
Hedge accounting
method
Method where
hedged items
are translated at
contracted rates
Nature of
transaction
Forward exchange
contracts
Sales contracts
US$
Euro
Principle method
Forward exchange
contracts
Sales contracts
Euro
Total
18
Hedged item
Account
receivable
Account
receivable
Account
receivable
Contracted amount
Contracted amount
over one year
Fair value
¥5,737
—
¥(482)
1,815
—
(109)
1,056
18
43
¥8,609
¥18
¥(548)
As of March 31,
Millions of yen
2014
Hedge accounting
method
Method where
hedged items
are translated at
contracted rates
Nature of
transaction
Forward exchange
contracts
Sales contracts
US$
Euro
Principle method
Forward exchange
contracts
Sales contracts
Euro
Total
Hedged item
Account
receivable
Account
receivable
Account
receivable
Contracted amount
Contracted amount
over one year
Fair value
¥5,556
—
¥(48)
2,359
—
(36)
1,190
19
(19)
¥9,106
¥19
¥(104)
As of March 31,
2014
Hedge accounting
method
Method where
hedged items
are translated at
contracted rates
Nature of
transaction
Forward exchange
contracts
Sales contracts
US$
Euro
Principle method
Forward exchange
contracts
Sales contracts
Euro
Total
Hedged item
Account
receivable
Account
receivable
Account
receivable
Contracted amount
Contracted amount
over one year
Fair value
$53,983
—
$(466)
22,920
—
(349)
11,562
184
(184)
$88,476
$184
$(1,010)
(b) Interest related
As of March 31,
Millions of yen
2012
Hedge accounting
method
Nature of
transaction
Special hedge
accounting shortcut method for
interest rate swaps
Interest rate swap
contracts
Receive floating,
pay fixed
Total
Hedged item
Long-term loans
Contracted amount
Contracted amount
over one year
Fair value
¥14,621
¥12,271
*
¥14,621
¥12,271
*
As of March 31,
Millions of yen
2013
Hedge accounting
method
Nature of
transaction
Special hedge
interest rate swaps
Interest rate swap
contracts
Receive floating,
pay fixed
Total
Hedged item
Long-term loans
Contracted amount
Contracted amount
over one year
Fair value
¥20,971
¥11,465
*
¥20,971
¥11,465
*
19
As of March 31,
Millions of yen
2014
Hedge accounting
method
Nature of
transaction
Special hedge
interest rate swaps
Interest rate swap
contracts
Receive floating,
pay fixed
Total
Hedged item
Contracted amount
Long-term loans
Contracted amount
over one year
Fair value
¥14,600
¥14,403
*
¥14,600
¥14,403
*
As of March 31,
2014
Hedge accounting
method
Nature of
transaction
Special hedge
interest rate swaps
Interest rate swap
contracts
Receive floating,
pay fixed
Total
Hedged item
Contracted amount
Long-term loans
Contracted amount
over one year
Fair value
$141,857
$139,943
*
$141,857
$139,943
*
* Interest rate swaps are accounted for as part of long-term loans. Therefore the fair value of the swaps is included in the
fair value of the underlying long-term loans.
6. Inventories
Inventories as of March 31, 2012, 2013 and 2014 comprise the following:
As of March 31,
Thousands of
dollars
Millions of yen
2012
¥16,115
14,652
18,420
¥49,188
Finished products
Work in process
Raw material and supplies
Total
2013
¥15,938
10,403
18,989
¥45,331
2014
¥14,384
11,837
21,248
¥47,471
2014
$139,759
115,011
206,451
$461,241
7. Short-term and Long-term Debts and Lease Obligations
As of March 31, 2014, the Company has delayed draw term loan agreements in the aggregate principal amount of up to
¥10,000 million ($97,162 thousand). No amounts were drawn under the agreements.
The table below shows information on short-term and long-term debts and lease obligations:
As of March 31,
Interest rate
Short-term loans
1.37*
1.78*
Long-term loans less current portion
0.85*
Yen unsecured bonds
Yen unsecured bonds
Yen unsecured bonds
Euro-yen convertible bonds
1.70
1.73
1.00
—
Short-term lease obligations
—
Long-term lease obligations
—
Date of maturity as
of March 31, 2014
—
—
from June 30, 2015
to March 31, 2020
July 26, 2013
March 19, 2015
October 17, 2016
March 19, 2018
—
from April 30, 2015
to October 31, 2028
* the weighted average interest rate as of March 31, 2014
20
Thousands of
dollars
Millions of yen
2012
¥4,211
3,075
2013
¥5,249
12,209
2014
¥7,380
646
2014
$71,706
6,276
¥13,172
¥14,145
¥25,731
$250,009
10,000
10,000
10,000
—
10,000
10,000
10,000
12,000
—
10,000
10,000
12,000
—
97,162
97,162
116,595
¥497
¥504
¥432
$4,197
2,166
1,768
1,523
14,797
The aggregate annual maturities of long-term debt and lease obligations subsequent to March 31, 2014 are as
follows:
Year ending March 31,
2015
2016
2017
2018
2019
Long-term debt
Thousands of
Millions of yen
dollars
¥10,646
4,059
11,443
20,492
10,256
Lease obligations
Thousands of
Millions of yen
dollars
$103,439
39,438
111,183
199,106
99,650
¥432
332
244
152
98
$4,197
3,225
2,370
1,476
952
8. Pledged assets and secured liabilities
Pledged assets and secured liabilities are as follows:
Industrial Foundations
As of March 31,
Thousands of
dollars
Millions of yen
Lands
Buildings and others
Total
2012
¥203
4,018
¥4,221
2014
2013
¥203
3,928
¥4,132
2014
—
—
—
—
—
—
Current-portion of long-term loans
¥1,820
¥8,807
—
8,807
5,800
—
Long-term loans
¥14,607
—
¥10,627
Total
Total maximum amount of revolving mortgage as of March 31, 2012 and 2013 is ¥1,030 million ($10,007 thousand).
—
—
—
9. Employees’ Retirement Benefits
The Company and its domestic consolidated subsidiaries have defined benefit pension plans, which consist of a benefit
plan provided under the Welfare Pension Insurance Law of Japan, a corporate pension plan and a lump-sum payment
plan as well as defined contribution pension plans.
Some of the overseas consolidated subsidiaries have defined contribution plans as well as defined benefit plans.
(1) The multi-employer pension plan under which required contributions are accounted for as benefit costs
(a) Funded status
As of March 31,
Thousands of
dollars
Millions of yen
Fair value of plan assets
Benefit obligation
Net amount
2011
¥105,046
132,729
¥(27,683)
2012
¥104,458
132,612
¥(28,154)
2013
¥116,171
140,708
¥(24,537)
2013
$1,128,750
1,367,158
$(238,408)
(b) The Group’s proportion of the contributions to the aggregate pension contributions
As of March 31,
2011
7.86%
The Group’s proportion
2012
8.36%
2013
8.45%
(2) The liability (asset) for employees’ retirement benefits
As of March 31,
Millions of yen
Projected benefit obligation
Fair value of plan assets
Unrecognized actuarial loss
Unrecognized prior service cost
Prepaid pension cost
Allowance for employees’ retirement benefits
2012
¥14,746
(11,928)
(3,991)
215
1,458
¥499
2013
¥15,924
(13,664)
(2,746)
156
1,070
¥(740)
21
(3) The components of net periodic benefit costs
Year ended March 31,
Millions of yen
2012
¥478
408
(375)
571
(74)
545
13
168
¥1,735
Service cost
Interest cost
Expected return on plan assets
Amortization of unrecognized actuarial loss
Amortization of unrecognized prior service cost
Contribution for Welfare Pension Insurance Fund
Extra retirement benefit and others
Contribution for defined contribution pension plan
Net periodic benefit costs
2013
¥490
404
(373)
585
(75)
541
0
169
¥1,742
(4) Assumptions used in accounting for the plans
Period allocation method for estimated retirement benefits
Discount rate
Expected rate of return on plan assets
Amortization of prior service cost
Recognition period of actuarial gain/loss
2012
Mainly straight-line
Mainly 2.0%
Mainly 2.0%
Mainly 10 years
Mainly 10 years
2013
Mainly straight-line
Mainly 2.0%
Mainly 2.0%
Mainly 10 years
Mainly 10 years
(5) Reconciliation of changes in retirement benefit obligation
Thousands of
Millions of yen
dollars
Service cost
Interest cost
Actuarial loss
Benefits paid
Other
2014
¥15,880
475
430
33
(744)
539
¥16,614
2014
$154,294
4,615
4,178
320
(7,228)
5,237
$161,426
(6) Reconciliation of changes in pension assets
Thousands of
Millions of yen
dollars
Expected return on pension assets
Actuarial loss
Contributions by employer
Benefits paid
Other
2014
¥13,664
397
826
646
(699)
268
¥15,104
2014
$132,763
3,857
8,025
6,276
(6,791)
2,603
$146,754
(7) Reconciliation of changes in retirement benefit liabilities using a simplified method
Thousands of
dollars
Millions of yen
Periodic benefit cost
Benefits paid
22
2014
¥43
10
(5)
¥48
2014
$417
97
(48)
$466
(8) Reconciliation of the defined benefit obligations and pension assets to the liabilities and assets for retirement benefits
recognized on the consolidated balance sheet
As of March 31,
Thousands of
Millions of yen
dollars
Funded benefit obligations
Pension assets
Unfunded defined benefit obligations
Net amount of liabilities and assets recognized
on consolidated balance sheet
Retirement benefit liabilities
Retirement benefit assets
Net amount of liabilities and assets recognized
on consolidated balance sheet
2014
¥16,029
(15,104)
924
634
2014
$155,742
(146,754)
8,977
6,160
1,558
15,137
2,270
(711)
22,055
(6,908)
¥1,558
$15,137
(9) The profits and losses related to retirement benefits
Thousands of
Millions of yen
dollars
Service cost
Interest cost
Expected return on plan assets
Actuarial loss recognized in the year
Past service cost recognized in the year
Periodic benefit cost in simplified method
Net periodic benefit costs of retirement
benefit plan
2014
¥475
430
(397)
403
(79)
10
2014
$4,615
4,178
(3,857)
3,915
(767)
97
¥843
$8,190
(10) Remeasurements of defined benefit plans before related tax effects
Thousands of
dollars
Millions of yen
Unrecognized past service cost
Unrecognized actuarial loss
Total
2014
¥(220)
¥2,410
¥2,189
2014
$(2,137)
$23,416
$21,268
(11) The breakdown of pension assets by major category as of March 31, 2014
As of March 31,
Stocks
Bonds
Insurance assets
Other
Total
2014
45.4%
31.6%
13.1%
9.9%
100.0%
(12) Assumptions used in accounting for the plans in the year ended March 31, 2014
Discount rate
Long-term expected rate of return on plan assets
2014
Mainly 2.0%
Mainly 1.5%
(13) Defined contribution plans
The amount to be paid by the Company and its consolidated subsidiaries to the defined contribution plans was ¥657
million ($6,383 thousand) for the year ended March 31, 2014.
23
10. Leases
Lease assets accounted for as finance leases are depreciated using the same methods applied to the tangible fixed assets
which the Company owns, except for those not accompanying the transfer of ownership, which are depreciated to
residual value of zero by the straight-line method over the lease terms.
Note that finance leases not accompanying the transfer of ownership which commenced before March 31, 2008
continue to be accounted for as operating leases in accordance with accounting principles and practices generally
accepted in Japan. A summary of assumed amounts of acquisition cost which includes interest portion, accumulated
depreciation and net book value of those leases as of March 31, 2012, 2013 and 2014 is as follows:
As of March 31,
Thousands of
dollars
Millions of yen
Acquisition cost
Accumulated depreciation
Net book value
2012
¥736
639
¥ 97
2013
¥250
236
¥ 14
2014
2014
—
—
—
—
—
—
Future lease payments, including interest portion, subsequent to March 31, 2012, 2013 and 2014 for finance leases
accounted for as operating leases are as follows:
Thousands of
dollars
Millions of yen
Due within one year
Due after one year
Total
2012
¥82
14
¥97
2013
¥14
—
¥14
2014
2014
—
—
—
—
—
—
Lease payments, including interest portion, for finance leases accounted for as operating leases are as follows:
Thousands of
dollars
Millions of yen
Lease payments
Equivalent of depreciation expense
2012
¥229
¥229
2013
¥82
¥82
2014
¥14
¥14
2014
$136
$136
Future lease payments, including interest portion, subsequent to March 31, 2012, 2013 and 2014 for non-cancelable
operating leases are as follows:
Thousands of
dollars
Millions of yen
Due within one year
Due after one year
Total
24
2012
¥ 687
3,689
¥4,376
2013
¥1,198
3,392
¥4,591
2014
¥ 675
3,023
¥3,698
2014
$ 6,558
29,372
$35,930
11. Income Taxes
Breakdown of deferred tax assets and deferred tax liabilities by their main occurrence causes is as follows:
Thousands of
dollars
Millions of yen
2012
Deferred tax assets:
Tax loss carry forward
Accrued expenses
Directors’ and corporate auditors’
retirement benefits
Valuation loss on investment securities
Long-term accounts payable
Employees’ retirement benefits
Other
Subtotal
Valuation allowance
Deferred tax assets
Deferred tax liabilities:
securities
Prepaid pension cost
Tax depreciation over book
Other
Deferred tax liabilities
Net deferred tax assets (liabilities)
2014
2013
2014
¥6,344
996
¥5,776
1,207
¥6,647
1,258
$64,584
12,223
11
14
16
155
740
323
33
1,145
9,595
(6,589)
¥3,006
740
318
134
1,148
9,341
(6,907)
¥2,434
703
318
614
1,124
10,681
(7,073)
¥3,608
6,830
3,089
5,965
10,921
103,779
(68,723)
$35,056
¥(3,099)
¥(3,257)
¥(4,538)
$(44,092)
(449)
(300)
(51)
(3,900)
¥(894)
(312)
(325)
(46)
(3,942)
¥(1,508)
(186)
(362)
(34)
(5,122)
¥(1,514)
(1,807)
(3,517)
(330)
(49,766)
$(14,710)
Reconciliation between the statutory and effective tax rates is as follows:
Statutory tax rate
Valuation allowance
Difference in statutory tax rates for subsidiaries
Other
Effective tax rate
2012
40.6%
(6.5)
(11.1)
2.2
25.2%
2013
38.0%
4.2
(9.7)
(1.0)
31.5%
2014
38.0%
(12.3)
(8.4)
0.9
18.2%
Special Corporation Tax for Reconstruction was abolished on April 1, 2014 under the “Act on Partial Revision of the
Income Tax Act, etc.” promulgated on March 31, 2014. As a result, the statutory tax rate changed from 37.96% to
35.58% applied to temporary differences expected to reverse in the year ending March 31, 2015.
The change resulted in a decrease in net deferred tax assets and an increase in income tax-deferred of ¥50 million
($485 thousand) each.
12. Research and Development Costs
Research and development costs are as follows:
Thousands of
dollars
Millions of yen
Research and development costs
2012
¥4,795
2013
¥4,854
2014
¥5,018
2014
$48,756
25
13. Retained Earnings and per Share Data
In accordance with the Japanese Corporation Law, dividends and the related appropriations of retained earnings may be
approved by the shareholders or resolved by the board of directors after the end of each fiscal year. The dividends and
the related appropriations of retained earnings are not reflected in the financial statements at the end of such fiscal years
but recorded at the time they are approved or become effective. However, dividends per share shown in the
accompanying consolidated statements of income are included in the periods to which they are applicable.
Net income (loss) per share is based on the weighted average number of shares of common stock outstanding
during each period.
Cash dividends per share are based on cash dividends declared as applicable to the respective periods.
A summary of information regarding dividends is as follows:
(1) Dividends paid in the year ended March 31, 2012
Resolution
General shareholders’ meeting
(June 23, 2011)
Board of directors
(October 31, 2011)
Class of
shares
Amount of dividends
Dividend
per share
Funds for
dividends
Common
stock
Common
stock
¥
445 million
$4,323 thousand
¥
445 million
$4,323 thousand
¥4.00
$0.03
¥4.00
$0.03
Retained
March 31, 2011
June 24, 2011
earnings
Retained
September 30, 2011 December 5, 2011
earnings
Record date
Effective date
(2) Dividends in respect of the year ended March 31, 2012 which become payable after the balance sheet date
Resolution
(June 22, 2012)
Class of
shares
Amount of dividends
Dividend
per share
Funds for
dividends
Record date
Effective date
Common
stock
¥
445 million
$4,323 thousand
¥4.00
$0.03
Retained
earnings
March 31, 2012
June 25, 2012
Record date
Effective date
Resolution
(June 22, 2012)
Board of directors
(October 31, 2012)
Class of
shares
Amount of dividends
Dividend
per share
Funds for
dividends
Common
stock
Common
stock
¥
445 million
$4,323 thousand
¥
445 million
$4,323 thousand
¥4.00
$0.03
¥4.00
$0.03
Retained
March 31, 2012
June 25, 2012
earnings
Retained
earnings
Resolution
(June 21, 2013)
Class of
shares
Amount of dividends
Dividend
per share
Funds for
dividends
Record date
Effective date
Common
stock
¥
556 million
$5,402 thousand
¥5.00
$0.04
Retained
earnings
March 31, 2013
June 24, 2013
Record date
Effective date
Resolution
(June 21, 2013)
Board of directors
(October 31, 2013)
Class of
shares
Amount of dividends
Dividend
per share
Funds for
dividends
Common
stock
Common
stock
¥
556 million
$5,402 thousand
¥
556 million
$5,402 thousand
¥5.00
$0.04
¥5.00
$0.04
Retained
March 31, 2013
June 24, 2013
earnings
Retained
earnings
Resolution
(June 25, 2014)
26
Class of
shares
Amount of dividends
Dividend
per share
Funds for
dividends
Record date
Effective date
Common
stock
¥
556 million
$5,402 thousand
¥5.00
$0.04
Retained
earnings
March 31, 2014
June 26, 2014
14. Comprehensive Income
Reclassification adjustments and tax effects relating to components of other comprehensive income are as follows:
Thousands of
dollars
Millions of yen
2012
Unrealized gain on available-for-sale securities:
Gains arising during the period
Reclassification adjustment
Tax effect
securities
Deferred gains on hedges:
Gains arising during the period
Tax effect
Deferred gains on hedges
Foreign currency translation adjustments:
Adjustments arising during the period
Other comprehensive income
2014
2013
2014
¥1,392
(5)
(101)
¥777
—
(157)
¥3,778
(153)
(1,281)
$36,708
(1,486)
(12,446)
¥1,285
¥619
¥2,343
$22,765
88
(32)
¥55
36
(13)
¥ 23
(46)
17
¥(29)
(446)
165
$(281)
(133)
¥3,963
¥2,701
$26,243
¥1,208
¥4,606
¥5,016
$48,736
15. Cash and Cash Equivalents
Reconciliation of cash and time deposits on the consolidated balance sheets to cash and cash equivalents on the
consolidated statements of cash flows is as follows:
As of March 31,
Thousands of
dollars
Millions of yen
Marketable securities
Subtotal
Time deposits with maturities over three months
Cash and cash equivalents
2012
¥28,935
1,000
29,935
(2,047)
¥27,888
2013
¥57,056
1,003
58,060
(14,830)
¥43,229
2014
¥43,664
1,004
44,669
(2,031)
¥42,638
2014
$424,251
9,755
434,016
(19,733)
$414,282
16. Segment Information
(1) Reportable segment information
The Group’s reportable segments are defined as individual units where independent financial information is available and
which are subject to regular review by the board of directors to evaluate their results and decide the allocation of
management resources. The reportable segments are summarized as follows:
Reportable segment I is a segment for which Makino Milling Machine Co., Ltd. and its subsidiaries in Japan are
responsible. Its main areas are Japan, the Republic of Korea, China, Oceania, Russia, Norway, the United Kingdom, and
all other areas not included in reportable segments II, III or IV.
Reportable segment II is a segment for which MAKINO ASIA PTE LTD (Singapore) is responsible. Its main areas are
China, ASEAN and India.
Reportable segment III is a segment for which MAKINO INC. (Mason, Ohio, the United States of America) is
responsible. It covers all countries in North and South America.
Reportable segment IV is a segment for which MAKINO Europe GmbH (Hamburg, Germany) is responsible. It covers
all countries in the European continent except Norway.
The accounting policies on the reportable segments are consistent with those presented in Note 2. Income for each
reportable segment denotes operating income, and intersegments are based on market prices in general.
27
Year ended March 31, 2012
(Millions of yen)
I
Net sales:
External customers
Intersegment
Total
Segment income
Segment assets
Capital expenditure
II
¥48,911
35,030
83,941
¥1,660
¥149,487
2,753
0
¥9,372
¥25,731
6,454
32,185
¥2,225
¥28,605
489
—
¥1,218
III
Total
IV
¥26,762
177
26,939
¥1,645
¥22,267
129
—
¥149
¥9,056
124
9,180
¥127
¥8,974
101
—
¥232
(Millions of yen)
I
Net sales:
External customers
Intersegment
Total
Segment income
Segment assets
Capital expenditure
II
¥44,394
44,014
88,409
¥3,378
¥168,775
3,074
0
¥5,446
¥36,846
6,071
42,917
¥3,215
¥34,557
517
—
¥1,454
III
Total
IV
¥34,934
197
35,131
¥1,569
¥26,133
78
—
¥126
¥10,633
165
10,798
¥141
¥10,319
103
—
¥42
II
¥42,838
35,986
78,825
¥2,039
¥167,212
3,056
0
¥10,270
¥25,838
7,348
33,187
¥1,274
¥37,045
634
—
¥1,890
III
Total
IV
¥41,443
243
41,687
¥1,938
¥31,603
189
—
¥166
¥13,775
133
13,909
¥257
¥13,518
129
—
¥48
Net sales:
External customers
Intersegment
Total
Segment income
Segment assets
Capital expenditure
¥126,809
50,448
177,257
¥8,304
¥239,786
3,774
0
¥7,070
(Millions of yen)
I
Net sales:
External customers
Intersegment
Total
Segment income
Segment assets
Capital expenditure
¥110,460
41,785
152,246
¥5,658
¥209,334
3,474
0
¥10,971
¥123,896
43,712
167,608
¥5,511
¥249,379
4,010
0
¥12,377
(Thousands of dollars)
I
II
III
IV
Total
$416,226
349,650
765,886
$19,811
$1,624,679
29,692
0
$99,786
$251,049
71,395
322,454
$12,378
$359,939
6,160
—
$18,363
$402,671
2,361
405,042
$18,830
$307,063
1,836
—
$1,612
$133,841
1,292
135,143
$2,497
$131,344
1,253
—
$466
$1,203,808
424,718
1,628,527
$53,546
$2,423,037
38,962
0
$120,258
Reconciliation of reportable segment information to consolidated financial statements
Thousands of
dollars
Millions of yen
Net sales
Elimination
Consolidated net sales
28
2012
¥152,246
(41,785)
¥110,460
2013
¥177,257
(50,448)
¥126,809
2014
¥167,608
(43,712)
¥123,896
2014
$1,628,527
(424,718)
$1,203,808
Thousands of
dollars
Millions of yen
Segment income
Elimination
Consolidated operating income
2012
¥5,658
152
¥5,811
2013
¥8,304
(219)
¥8,084
2014
¥5,511
(600)
¥4,910
2014
$53,546
(5,829)
$47,706
Thousands of
dollars
Millions of yen
Segment assets
Elimination
Consolidated total assets
2012
¥209,334
(30,973)
¥178,361
2013
¥239,786
(30,000)
¥209,785
2014
¥249,379
(30,879)
¥218,499
2014
$2,423,037
(300,029)
$2,122,998
Thousands of
dollars
Millions of yen
Elimination
Amount on consolidated financial statements
2012
¥3,474
(25)
¥3,449
2013
¥3,774
(22)
¥3,752
2014
¥4,010
(2)
¥4,007
2014
$38,962
(19)
$38,933
Thousands of
dollars
Millions of yen
Capital expenditure
Elimination
Amount on consolidated financial statements
2012
¥10,971
—
¥10,971
2013
¥7,070
—
¥7,070
2014
¥12,377
(24)
¥12,352
2014
$120,258
(233)
$120,015
(4) Geographical information
Thousands of
dollars
Millions of yen
2012
Sales by destination
Japan
USA
Americas, excluding USA
China
Asia, excluding China
Europe
Other
Total
¥30,759
22,791
3,573
23,545
18,303
9,730
1,755
¥110,460
2013
2014
¥32,577
28,116
5,174
30,142
15,415
13,111
2,271
¥126,809
¥34,781
31,530
9,188
16,098
15,169
15,405
1,721
¥123,896
2014
$337,942
306,354
89,273
156,412
147,386
149,679
16,721
$1,203,808
Thousands of
dollars
Millions of yen
2012
Property, Plant and equipment
Japan
Americas
Asia
Europe
Total
¥34,321
1,387
6,342
1,655
¥43,706
2013
¥36,449
1,497
8,040
1,755
¥47,742
2014
¥43,158
1,581
9,306
1,978
¥56,024
2014
$419,335
15,361
90,419
19,218
$544,345
29
17. Quarterly Net Income per Share
Quarterly net income per share is as follows:
Net income (loss) per share - Basic
Yen
Three months ended
June 30
September 30
December 31
March 31
30
2012
¥(0.82)
14.02
6.47
13.57
2013
¥(2.77)
32.04
8.81
8.31
Dollars
2014
¥(13.88)
6.61
7.98
37.89
2014
$(0.13)
0.06
0.07
0.36
31
32
BOARD OF DIRECTORS AND CORPORATE AUDITORS
President
Executive Vice President, Director
Vice President, Director
Director
Director
Director
Corporate Auditor
Corporate Auditor
Corporate Auditor
Jiro Makino
Shun Makino
Tatsuaki Aiba
Shingo Suzuki
Yasuyuki Tamura
Toshiyuki Nagano
Shinji Koike
Shinichi Inoue
Ichiro Terato
Eiji Fukui
Kazuo Hiruta
Jiro Nakashima
As of June 26, 2014
CORPORATE DATA
Makino Milling Machine Co., Ltd.
Date of Foundation May 1, 1937
Paid-in Capital
¥19,263 million
Activities
Manufacture, sale and export of machine tools
Head Office
3-19, Nakane 2-chome, Meguro-ku, Tokyo 152-8578, Japan
Phone : +81-3-3717-1151
Fax
: +81-3-3725-2105
Research Laboratory Atsugi (Kanagawa)
Domestic Works
Atsugi (Kanagawa), Fuji-Katsuyama (Yamanashi)
Overseas Works
MAKINO CHINA CO., LTD (China)
MAKINO INDIA PRIVATE LIMITED (India)
Sales & Service Offices Tokyo, Osaka, Nagoya and 14 other offices
Overseas Sales & Service Offices
USA, Germany, Singapore, Korea, China, India and others
Consolidated Subsidiaries
See page 12.
As of June 30, 2014
33
3-19, Nakane 2-chome, Meguro-ku, Tokyo 152-8578, Japan
Phone : +81-3-3717-1151
Fax : +81-3-3725-2105
URL : http://www.makino.co.jp/
Printed in Japan

Annual Report - Makino Milling Machine Co. Ltd.

Transcription

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