SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6 - K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of August 2010
Commission File Number: 1-07294
KUBOTA CORPORATION
(Translation of registrants name into English)
2-47, Shikitsuhigashi 1-chome, Naniwa-ku, Osaka, Japan
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F :
Form 20-F X Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1) :
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7) :
Information furnished on this form:
Exhibit Number
1. | Results of Operations for the three months ended June 30,2010 (Tuesday, August 3, 2010) |
IR Group Kubota Corporation 2-47, Shikitsuhigashi 1-chome, Naniwa-ku, Osaka 556-8601, Japan Phone : +81-6-6648-2645 Facsimile : +81-6-6648-2632 |
FOR IMMEDIATE RELEASE (TUESDAY, AUGUST 3, 2010)
RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED
JUNE 30, 2010 REPORTED BY KUBOTA CORPORATION
OSAKA, JAPAN, August 3, 2010 Kubota Corporation reported its consolidated results for the three months ended June 30, 2010 today.
Consolidated Financial Highlights
1. Consolidated results of operations for the three months ended June 30, 2010
(1) Results of operations | (In millions of yen except per common share amounts) | ||||||||||
Three months ended Jun. 30, 2010 |
Change [%] |
Three months ended Jun. 30, 2009 |
Change [%] |
||||||||
Revenues |
¥ | 199,227 | 2.0 | ¥ | 195,326 | (25.4 | ) | ||||
Operating income |
¥ | 18,116 | 76.3 | ¥ | 10,276 | (70.3 | ) | ||||
Income before income taxes and equity in net income of affiliated companies |
¥ | 19,419 | 80.7 | ¥ | 10,749 | (71.3 | ) | ||||
Net income attributable to Kubota Corporation |
¥ | 10,750 | 93.4 | ¥ | 5,557 | (72.3 | ) | ||||
Net income attributable to Kubota Corporation per common share |
|||||||||||
Basic |
¥ | 8.45 | ¥ | 4.37 | |||||||
Diluted |
¥ | 8.45 | ¥ | 4.37 |
Note : Change[%] represents percentage change from the corresponding period in the prior year.
(2) Financial position | (In millions of yen except per common share amounts) | |||||||
Jun. 30, 2010 | Mar. 31, 2010 | |||||||
Total assets |
¥ | 1,385,292 | ¥ | 1,409,033 | ||||
Equity |
¥ | 670,962 | ¥ | 671,619 | ||||
Kubota Corporation shareholders equity |
¥ | 623,899 | ¥ | 626,397 | ||||
Ratio of Kubota Corporation shareholders equity |
45.0 | % | 44.5 | % | ||||
Kubota Corporation shareholders equity per common share |
¥ | 490.56 | ¥ | 492.51 |
2. Cash dividends
(In yen) | |||||||||
Cash dividends per common share | |||||||||
Interim | Year end | Total | |||||||
Year ended March 31, 2010 |
¥ | 7.00 | ¥ | 5.00 | ¥ | 12.00 | |||
Year ending March 31, 2011 |
Undecided | Undecided | Undecided |
Note : Although the Companys basic policy for the return of profit to shareholders is to maintain stable dividends or raise dividends, specific amount of cash dividends for each fiscal year is decided in consideration of the development of business performance, financial conditions and payout ratio including share buybacks. Specific amount of cash dividends for the year ending March 31, 2011 is undecided at this time and the Company will inform the amount as soon as a decision is made.
-1-
Kubota Corporation
and Subsidiaries
3. Anticipated results of operations for the year ending March 31, 2011
(In millions of yen except per common share amounts) | ||||||||||
Six months ending Sep. 30, 2010 |
Change [%] |
Year ending Mar. 31, 2011 |
Change [%] | |||||||
Revenues |
¥ | 450,000 | 1.2 | ¥ | 1,000,000 | 7.5 | ||||
Operating income |
¥ | 40,000 | 20.7 | ¥ | 90,000 | 29.1 | ||||
Income before income taxes and equity in net income of affiliated companies |
¥ | 41,500 | 24.7 | ¥ | 90,000 | 22.5 | ||||
Net income attributable to Kubota Corporation |
¥ | 24,000 | 24.3 | ¥ | 52,000 | 22.9 | ||||
Net income attributable to Kubota Corporation per common share |
¥ | 18.87 | ¥ | 40.89 |
Note : Change[%] represents percentage change from the corresponding period in the prior year.
Please refer to page 5 for further information related to the above mentioned anticipated results of operations.
4. Other information
(1) | Changes in material subsidiaries : None |
(2) | Adoption of simplified accounting procedures or specific accounting procedures for consolidated quarterly financial statements : Please refer to 2. Other information on page 6. |
(3) | Changes in accounting principles, procedures, and presentations for consolidated financial statements |
a) | Changes due to the revision of accounting standards : None |
b) | Changes in matters other than a) above : None |
(4) Number of shares outstanding including treasury stock as of June 30, 2010 | : | 1,285,919,180 | ||
Number of shares outstanding including treasury stock as of March 31, 2010 |
: | 1,285,919,180 | ||
Number of treasury stock as of June 30, 2010 |
: | 14,116,244 | ||
Number of treasury stock as of March 31, 2010 |
: | 14,072,545 | ||
Weighted average number of shares outstanding during the three months ended June 30, 2010 |
: | 1,271,821,378 | ||
Weighted average number of shares outstanding during the three months ended June 30, 2009 |
: | 1,272,041,078 |
(*Information on status of the quarterly review by the independent auditor)
This release is not reviewed or audited in accordance with Financial Instruments and Exchange Law of Japan by the independent auditor because this release is not subject to the quarterly review. As of the date of this release, the Companys consolidated financial statements for the three months ended June 30, 2010 are under procedure of the quarterly review.
< Cautionary Statements with Respect to Forward-Looking Statements >
This document may contain forward-looking statements that are based on managements expectations, estimates, projections and assumptions. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results may differ materially from what is forecast in forward-looking statements due to a variety of factors, including, without limitation: general economic conditions in the Companys markets, particularly government agricultural policies, levels of capital expenditures, both in public and private sectors, foreign currency exchange rates, continued competitive pricing pressures in the marketplace, as well as the Companys ability to continue to gain acceptance of its products.
|
-2-
Kubota Corporation
and Subsidiaries
Index to Accompanying Materials
1. | Review of operations and financial condition |
4 | ||||
(1) | Summary of the results of operations for the three months under review |
4 | ||||
(2) | Financial condition |
5 | ||||
(3) | Prospect for the fiscal year under review |
5 | ||||
2. | Other information |
6 | ||||
(1) | Changes in material subsidiaries |
6 | ||||
(2) | Adoption of simplified accounting procedures or specific accounting procedures for consolidated quarterly financial statements |
6 | ||||
(3) | Changes in accounting principles, procedures and presentations for consolidated financial statements |
6 | ||||
3. | Consolidated financial statements |
7 | ||||
(1) | Consolidated balance sheets |
7 | ||||
(2) | Consolidated statements of income |
8 | ||||
(3) | Consolidated statements of cash flows |
9 | ||||
(4) | Notes to assumption for going concern |
10 | ||||
(5) | Consolidated segment information |
10 | ||||
(6) | Consolidated statements of changes in equity |
11 | ||||
4. | Reference data |
12 | ||||
(1) | Consolidated revenues by reporting segment |
12 |
-3-
Kubota Corporation
and Subsidiaries
1. Review of operations and financial condition
(1) Summary of the results of operations for the three months under review
For the three months ended June 30, 2010, revenues of Kubota Corporation and subsidiaries (hereinafter, the Company) increased ¥3.9 billion [2.0%], to ¥199.2 billion from the corresponding period in the prior year.
Domestic revenues decreased ¥2.1 billion [2.1%], to ¥98.6 billion, due to decreases in revenues in Water & Environment Systems and Social Infrastructure, while revenues in Farm & Industrial Machinery and Other increased. Overseas revenues increased ¥6.0 billion [6.4%], to ¥100.6 billion, because a substantial increase in revenues in Farm & Industrial Machinery made up for decreases in revenues in other segments.
Operating income increased ¥7.8 billion [76.3 %], to ¥18.1 billion from the corresponding period in the prior year, due to an increase in revenues in Farm & Industrial Machinery and company-wide cost-cutting efforts. Income before income taxes and equity in net income of affiliated companies increased ¥8.7 billion [80.7 %], to ¥19.4 billion. Income taxes were ¥7.2 billion [representing an effective tax rate of 37.2 %], and net income increased ¥5.5 billion [81.5 %], to ¥12.2 billion. Net income attributable to Kubota Corporation was ¥10.8 billion, ¥5.2 billion [93.4 %] higher than the corresponding period in the prior year.
Review of operations by reporting segment
1) Farm & Industrial Machinery
Farm & Industrial Machinery comprises farm equipment, engines and construction machinery.
Revenues in this segment were ¥148.0 billion, 9.7 % higher than the corresponding period in the prior year, comprising 74.3 % of consolidated revenues.
Domestic revenues increased 6.4 %, to ¥54.4 billion. Sales of farm equipment increased on the back of steady demand and as a result of aggressive sales promotion activities. Sales of engines and construction machinery also increased due to rebound in demand.
Overseas revenues increased 11.7 %, to ¥93.6 billion. In North America, sales of tractors and engines in the U.S. increased against the background of recovery in demand. On the other hand, sales of all products in Canada decreased affected by stagnated demand. In Europe, sales of construction machinery substantially increased due to the market upturn. Sales of engines also increased steadily. In Asia outside Japan, sales of farm equipment increased favorably. Sales of construction machinery also increased.
Operating income in Farm & Industrial Machinery increased 82.5 %, to ¥21.3 billion due to increased revenues and cost reductions.
2) Water & Environment Systems
Water & Environment Systems comprises pipe-related products (ductile iron pipes, plastic pipes, valves, and other products) and environment-related products (environmental plants, pumps and other products).
Revenues in this segment decreased 20.7 %, to ¥30.7 billion from the corresponding period in the prior year, comprising 15.4 % of consolidated revenues.
Domestic revenues decreased 15.1 %, to ¥27.7 billion. Sales of pipe-related products such as ductile iron pipes and plastic pipes decreased due to sluggish demand. Sales of environment-related products also decreased mainly due to a decrease in sales of water and sewage treatment engineering and pumps. Overseas revenues decreased 50.3 %, to ¥3.1 billion. Sales of ductile iron pipes for the Middle East market and valves decreased.
Operating income in Water & Environment Systems decreased 95.1 %, to ¥0.1 billion due to decreased revenues and price hike of raw materials.
-4-
Kubota Corporation
and Subsidiaries
3) Social Infrastructure
Social Infrastructure consists of industrial castings, spiral welded steel pipes, vending machines, electronic equipped machinery, and air-conditioning equipment.
Revenues in this segment decreased 6.1 %, to ¥15.1 billion from the corresponding period in the prior year, comprising 7.6 % of consolidated revenues.
Domestic revenues decreased 6.1 %, to ¥11.1 billion. Sales of industrial castings decreased. Sales of spiral welded steel pipes also decreased due to declines of sales price. On the other hand, sales of vending machines, electronic equipped machinery, and air-conditioning equipment increased. Overseas revenues decreased 6.1 %, to ¥3.9 billion, mainly due to a decrease in sales of industrial castings.
Operating income in Social Infrastructure decreased 52.2 %, to ¥0.5 billion mainly due to decreased revenues and tightening competition.
4) Other
Other comprises construction, services and other businesses.
Revenues in this segment decreased 2.3 %, to ¥5.5 billion from the corresponding period in the prior year, comprising 2.7 % of consolidated revenues. The decrease was mainly due to a decline in sales of services, while sales of construction increased.
Operating income in Other increased 18.4 %, to ¥0.3 billion.
(2) Financial condition
Assets, liabilities and equity
Total assets at the end of June 2010 amounted to ¥1,385.3 billion, a decrease of ¥23.7 billion from the end of March 2010. As for current assets, cash and cash equivalents, and notes and accounts receivable substantially decreased, while inventories increased. Investments and long-term finance receivables decreased due to a decline of the stock market.
As for liabilities, current liabilities largely decreased mainly due to decreases in accounts payable and income tax payable in other current liabilities.
Equity decreased slightly because an increase of accumulated other comprehensive loss, which resulted from a decrease in unrealized gains on securities, exceeded an increase in retained earnings and noncontrolling interests. Shareholders equity ratio was 45.0 %, 0.5 percentage points higher than the prior year end.
Cash flows
Net cash provided by operating activities during the three months under review was ¥3.7 billion, an increase of ¥8.0 billion of cash inflow from the corresponding period in the prior year. This increase was mainly due to an increase in net income.
Net cash used in investing activities was ¥3.6 billion, an increase of ¥6.5 billion of cash outflow from the corresponding period in the prior year. This increase was mainly due to large decreases in proceeds from sales and redemption of investments.
Net cash used in financing activities was ¥10.0 billion, an increase of ¥9.0 billion of cash outflow from the corresponding period in the prior year, mainly due to a decrease in fund-raising.
As a result, including the effect of exchange rate, cash and cash equivalents at the end of June 2010 was ¥101.4 billion, a decrease of ¥10.0 billion from the beginning of the year.
(3) Prospect for the fiscal year under review
The forecasts of the anticipated results of operations for the year ending March 31, 2011, which were announced on May 11, 2010, remain unchanged.
The forecasts are based on the assumption of an exchange rate of ¥90=US$1.
-5-
Kubota Corporation
and Subsidiaries
2. Other information
(1) Changes in material subsidiaries
None
(2) Adoption of simplified accounting procedures or specific accounting procedures for consolidated quarterly financial statements
Income tax expense for the three months ended June 30, 2010 was calculated using reasonably estimated annual effective tax rate for this fiscal year.
(3) Changes in accounting principles, procedures and presentations for consolidated financial statements
None
-6-
Kubota Corporation
and Subsidiaries
3. Consolidated financial statements
(1) Consolidated balance sheets
Assets | (In millions of yen) | |||||||||||||||||
Jun. 30, 2010 | Mar. 31, 2010 | Change | Jun. 30, 2009 | |||||||||||||||
Amount | % | Amount | % | Amount | Amount | % | ||||||||||||
Current assets: |
||||||||||||||||||
Cash and cash equivalents |
101,405 | 111,428 | (10,023 | ) | 68,141 | |||||||||||||
Notes and accounts receivable |
350,776 | 372,076 | (21,300 | ) | 367,319 | |||||||||||||
Short-term finance receivables-net |
104,520 | 104,840 | (320 | ) | 100,124 | |||||||||||||
Inventories |
184,009 | 172,323 | 11,686 | 207,726 | ||||||||||||||
Other current assets |
60,253 | 60,161 | 92 | 66,673 | ||||||||||||||
Total current assets |
800,963 | 57.8 | 820,828 | 58.3 | (19,865 | ) | 809,983 | 58.1 | ||||||||||
Investments and long-term finance receivables |
314,519 | 22.7 | 321,724 | 22.8 | (7,205 | ) | 301,099 | 21.6 | ||||||||||
Property, plant, and equipment |
219,645 | 15.9 | 220,893 | 15.7 | (1,248 | ) | 227,382 | 16.3 | ||||||||||
Other assets |
50,165 | 3.6 | 45,588 | 3.2 | 4,577 | 54,595 | 4.0 | |||||||||||
Total |
1,385,292 | 100.0 | 1,409,033 | 100.0 | (23,741 | ) | 1,393,059 | 100.0 | ||||||||||
Liabilities and Equity | (In millions of yen) | |||||||||||||||||
Jun. 30, 2010 | Mar. 31, 2010 | Change | Jun. 30, 2009 | |||||||||||||||
Amount | % | Amount | % | Amount | Amount | % | ||||||||||||
Current liabilities: |
||||||||||||||||||
Short-term borrowings |
88,351 | 88,333 | 18 | 122,695 | ||||||||||||||
Notes and accounts payable |
154,066 | 157,949 | (3,883 | ) | 142,033 | |||||||||||||
Other current liabilities |
102,875 | 122,524 | (19,649 | ) | 118,869 | |||||||||||||
Current portion of long-term debt |
70,832 | 71,432 | (600 | ) | 67,465 | |||||||||||||
Total current liabilities |
416,124 | 30.1 | 440,238 | 31.2 | (24,114 | ) | 451,062 | 32.4 | ||||||||||
Long-term liabilities: |
||||||||||||||||||
Long-term debt |
248,150 | 243,333 | 4,817 | 238,940 | ||||||||||||||
Accrued retirement and pension costs |
37,910 | 40,177 | (2,267 | ) | 54,255 | |||||||||||||
Other long-term liabilities |
12,146 | 13,666 | (1,520 | ) | 9,837 | |||||||||||||
Total long-term liabilities |
298,206 | 21.5 | 297,176 | 21.1 | 1,030 | 303,032 | 21.7 | |||||||||||
Equity: |
||||||||||||||||||
Kubota Corporation shareholders equity: |
||||||||||||||||||
Common stock |
84,070 | 84,070 | | 84,070 | ||||||||||||||
Capital surplus |
89,241 | 89,241 | | 93,048 | ||||||||||||||
Legal reserve |
19,539 | 19,539 | | 19,539 | ||||||||||||||
Retained earnings |
481,692 | 477,303 | 4,389 | 449,441 | ||||||||||||||
Accumulated other comprehensive loss |
(41,356 | ) | (34,491 | ) | (6,865 | ) | (39,035 | ) | ||||||||||
Treasury stock |
(9,287 | ) | (9,265 | ) | (22 | ) | (9,101 | ) | ||||||||||
Total Kubota Corporation shareholders equity |
623,899 | 45.0 | 626,397 | 44.5 | (2,498 | ) | 597,962 | 42.9 | ||||||||||
Noncontrolling interests |
47,063 | 3.4 | 45,222 | 3.2 | 1,841 | 41,003 | 3.0 | |||||||||||
Total equity |
670,962 | 48.4 | 671,619 | 47.7 | (657 | ) | 638,965 | 45.9 | ||||||||||
Total |
1,385,292 | 100.0 | 1,409,033 | 100.0 | (23,741 | ) | 1,393,059 | 100.0 |
-7-
Kubota Corporation
and Subsidiaries
(2) Consolidated statements of income
(In millions of yen) | |||||||||||||||||||||
Three months ended Jun. 30, 2010 |
Three months ended Jun. 30, 2009 |
Change | Year ended Mar. 31, 2010 | ||||||||||||||||||
Amount | % | Amount | % | Amount | % | Amount | % | ||||||||||||||
Revenues |
199,227 | 100.0 | 195,326 | 100.0 | 3,901 | 2.0 | 930,644 | 100.0 | |||||||||||||
Cost of revenues |
142,838 | 71.7 | 145,805 | 74.7 | (2,967 | ) | (2.0 | ) | 681,374 | 73.2 | |||||||||||
Selling, general, and administrative expenses |
38,184 | 19.2 | 38,960 | 19.9 | (776 | ) | (2.0 | ) | 179,352 | 19.3 | |||||||||||
Other operating expenses |
89 | 0.0 | 285 | 0.1 | (196 | ) | (68.8 | ) | 216 | 0.0 | |||||||||||
Operating income |
18,116 | 9.1 | 10,276 | 5.3 | 7,840 | 76.3 | 69,702 | 7.5 | |||||||||||||
Other income (expenses): |
|||||||||||||||||||||
Interest and dividend income |
1,552 | 1,433 | 119 | 3,381 | |||||||||||||||||
Interest expense |
(458 | ) | (642 | ) | 184 | (2,127 | ) | ||||||||||||||
Gain on nonmonetary exchange of securities |
2,774 | - | 2,774 | - | |||||||||||||||||
Gain on sales of securities-net |
1 | 247 | (246 | ) | 1,821 | ||||||||||||||||
Foreign exchange gain (loss) -net |
(1,317 | ) | 775 | (2,092 | ) | 2,894 | |||||||||||||||
Other-net |
(1,249 | ) | (1,340 | ) | 91 | (2,188 | ) | ||||||||||||||
Other income, net |
1,303 | 473 | 830 | 3,781 | |||||||||||||||||
Income before income taxes and equity in net income of affiliated companies |
19,419 | 9.7 | 10,749 | 5.5 | 8,670 | 80.7 | 73,483 | 7.9 | |||||||||||||
Income taxes |
7,217 | 3,740 | 3,477 | 25,977 | |||||||||||||||||
Equity in net income (loss) of affiliated companies |
21 | (275 | ) | 296 | 402 | ||||||||||||||||
Net income |
12,223 | 6.1 | 6,734 | 3.4 | 5,489 | 81.5 | 47,908 | 5.1 | |||||||||||||
Less: Net income attributable to noncontrolling interests |
1,473 | 1,177 | 296 | 5,582 | |||||||||||||||||
Net income attributable to Kubota Corporation |
10,750 | 5.4 | 5,557 | 2.8 | 5,193 | 93.4 | 42,326 | 4.5 | |||||||||||||
Net income attributable to Kubota Corporation per common share |
(In yen) | ||||||||||||||||||||
Basic |
8.45 | 4.37 | 33.28 | ||||||||||||||||||
Diluted |
8.45 | 4.37 | 33.28 |
-8-
Kubota Corporation
and Subsidiaries
(3) Consolidated statements of cash flows
(In millions of yen) | |||||||||
Three months ended Jun. 30, 2010 |
Three months ended Jun. 30, 2009 |
Change | |||||||
Operating activities: |
|||||||||
Net income |
12,223 | 6,734 | |||||||
Depreciation and amortization |
6,590 | 7,030 | |||||||
Gain on nonmonetary exchange of securities |
(2,774 | ) | | ||||||
Deferred income taxes |
3,524 | 866 | |||||||
Decrease in notes and accounts receivable |
21,259 | 29,878 | |||||||
Decrease (increase) in inventories |
(11,796 | ) | 4,740 | ||||||
Increase in other current assets |
(1,512 | ) | (10,074 | ) | |||||
Decrease in trade notes and accounts payable |
(4,308 | ) | (43,691 | ) | |||||
Decrease in income taxes payable |
(18,325 | ) | (1,127 | ) | |||||
Decrease in other current liabilities |
(1,737 | ) | (832 | ) | |||||
Decrease in accrued retirement and pension costs |
(2,390 | ) | (154 | ) | |||||
Other |
2,945 | 2,302 | |||||||
Net cash provided by (used in) operating activities |
3,699 | (4,328 | ) | 8,027 | |||||
Investing activities: |
|||||||||
Purchases of fixed assets |
(5,153 | ) | (4,735 | ) | |||||
Proceeds from sales of property, plant, and equipment |
438 | 117 | |||||||
Proceeds from sales and redemption of investments |
6 | 5,368 | |||||||
Increase in finance receivables |
(35,444 | ) | (31,176 | ) | |||||
Collection of finance receivables |
36,134 | 34,065 | |||||||
Other |
441 | (752 | ) | ||||||
Net cash provided by (used in) investing activities |
(3,578 | ) | 2,887 | (6,465 | ) | ||||
Financing activities: |
|||||||||
Proceeds from issuance of long-term debt |
21,007 | 33,655 | |||||||
Repayments of long-term debt |
(18,573 | ) | (10,918 | ) | |||||
Net decrease in short-term borrowings |
(6,020 | ) | (14,806 | ) | |||||
Cash dividends |
(6,361 | ) | (8,907 | ) | |||||
Purchases of treasury stock |
(11 | ) | (20 | ) | |||||
Other |
(37 | ) | (2 | ) | |||||
Net cash used in financing activities |
(9,995 | ) | (998 | ) | (8,997 | ) | |||
Effect of exchange rate changes on cash and cash equivalents |
(149 | ) | 1,075 | (1,224 | ) | ||||
Net decrease in cash and cash equivalents |
(10,023 | ) | (1,364 | ) | |||||
Cash and cash equivalents at beginning of period |
111,428 | 69,505 | |||||||
Cash and cash equivalents at end of period |
101,405 | 68,141 | 33,264 | ||||||
-9-
Kubota Corporation
and Subsidiaries
(4) Notes to assumption for going concern
None
(5) Consolidated segment information
1) Reporting segments
Three months ended June 30, 2010
(In millions of yen) | |||||||||||||
Farm & Industrial Machinery |
Water & Environment Systems |
Social Infrastructure |
Other | Adjustments | Consolidated | ||||||||
Revenues |
|||||||||||||
External customers |
148,004 | 30,721 | 15,050 | 5,452 | | 199,227 | |||||||
Intersegment |
10 | 271 | 548 | 2,722 | (3,551 | ) | | ||||||
Total |
148,014 | 30,992 | 15,598 | 8,174 | (3,551 | ) | 199,227 | ||||||
Operating income |
21,283 | 77 | 502 | 302 | (4,048 | ) | 18,116 |
Three months ended June 30, 2009
(In millions of yen) | |||||||||||||
Farm & Industrial Machinery |
Water & Environment Systems |
Social Infrastructure |
Other | Adjustments | Consolidated | ||||||||
Revenues |
|||||||||||||
External customers |
134,959 | 38,753 | 16,031 | 5,583 | | 195,326 | |||||||
Intersegment |
20 | 211 | 547 | 2,751 | (3,529 | ) | | ||||||
Total |
134,979 | 38,964 | 16,578 | 8,334 | (3,529 | ) | 195,326 | ||||||
Operating income |
11,660 | 1,565 | 1,051 | 255 | (4,255 | ) | 10,276 |
Notes:
1. The amounts in Adjustments include the eliminations of intersegment transactions and the unallocated corporate expenses.
2. The aggregated amounts of operating income equal to those in the consolidated statements of income, and please refer to the consolidated statements of income for the reconciliation of operating income to income before income taxes and equity in net income of affiliated companies.
3. Intersegment revenues are recorded at values that approximate market prices.
2) Geographic segments
Information for revenues from external customers by destination
(In millions of yen) | ||||
Three months ended Jun. 30, 2010 |
Three months ended Jun. 30, 2009 | |||
Japan |
98,635 | 100,765 | ||
North America |
35,428 | 35,645 | ||
Europe |
19,203 | 17,258 | ||
Asia |
38,518 | 32,963 | ||
Other Areas |
7,443 | 8,695 | ||
Total |
199,227 | 195,326 |
Notes:
1. Revenues from North America include those from the United States of ¥28,225 million and ¥26,685 million for the three months ended June 30, 2010 and 2009, respectively.
2. There is no single customer, revenues from whom exceed 10% of total consolidated revenues of the Company.
-10-
Kubota Corporation
and Subsidiaries
(6) Consolidated statements of changes in equity
(In millions of yen) | ||||||||||||||||||||||||
Shares
of common stock outstanding (thousands) |
Kubota Corporation shareholders equity | Non- controlling interests |
Total equity |
|||||||||||||||||||||
Common stock |
Capital surplus |
Legal reserve |
Retained earnings |
Accumulated other comprehensive loss |
Treasury stock |
|||||||||||||||||||
Balance at April 1, 2010 |
1,271,847 | 84,070 | 89,241 | 19,539 | 477,303 | (34,491 | ) | (9,265 | ) | 45,222 | 671,619 | |||||||||||||
Net income |
10,750 | 1,473 | 12,223 | |||||||||||||||||||||
Other comprehensive income (loss) |
(6,865 | ) | 409 | (6,456 | ) | |||||||||||||||||||
Cash dividends paid to Kubota Corporation shareholders, ¥5 per share |
(6,361 | ) | (6,361 | ) | ||||||||||||||||||||
Cash dividends paid to noncontrolling interests |
(97 | ) | (97 | ) | ||||||||||||||||||||
Purchases and sales of treasury stock |
(44 | ) | (22 | ) | (22 | ) | ||||||||||||||||||
Changes in ownership interests in subsidiaries and others |
56 | 56 | ||||||||||||||||||||||
Balance at June 30, 2010 |
1,271,803 | 84,070 | 89,241 | 19,539 | 481,692 | (41,356 | ) | (9,287 | ) | 47,063 | 670,962 |
-11-
Kubota Corporation
and Subsidiaries
4. Reference data
(1) Consolidated revenues by reporting segment
(In millions of yen) | ||||||||||||||||||
Three months ended Jun. 30, 2010 |
Three months ended Jun. 30, 2009 |
Change | Year ended Mar. 31, 2010 | |||||||||||||||
Amount | % | Amount | % | Amount | % | Amount | % | |||||||||||
Farm Equipment and Engines |
132,997 | 66.8 | 123,061 | 63.0 | 9,936 | 8.1 | 561,165 | 60.3 | ||||||||||
Domestic |
50,862 | 47,789 | 3,073 | 6.4 | 212,712 | |||||||||||||
Overseas |
82,135 | 75,272 | 6,863 | 9.1 | 348,453 | |||||||||||||
Construction Machinery |
15,007 | 7.5 | 11,898 | 6.1 | 3,109 | 26.1 | 55,561 | 5.9 | ||||||||||
Domestic |
3,571 | 3,391 | 180 | 5.3 | 16,924 | |||||||||||||
Overseas |
11,436 | 8,507 | 2,929 | 34.4 | 38,637 | |||||||||||||
Farm & Industrial Machinery |
148,004 | 74.3 | 134,959 | 69.1 | 13,045 | 9.7 | 616,726 | 66.2 | ||||||||||
Domestic |
54,433 | 27.3 | 51,180 | 26.2 | 3,253 | 6.4 | 229,636 | 24.6 | ||||||||||
Overseas |
93,571 | 47.0 | 83,779 | 42.9 | 9,792 | 11.7 | 387,090 | 41.6 | ||||||||||
Pipe-Related Products |
21,747 | 10.9 | 28,061 | 14.3 | (6,314 | ) | (22.5 | ) | 144,465 | 15.5 | ||||||||
Domestic |
19,713 | 22,754 | (3,041 | ) | (13.4 | ) | 127,658 | |||||||||||
Overseas |
2,034 | 5,307 | (3,273 | ) | (61.7 | ) | 16,807 | |||||||||||
Environment-Related Products |
8,974 | 4.5 | 10,692 | 5.5 | (1,718 | ) | (16.1 | ) | 78,484 | 8.5 | ||||||||
Domestic |
7,939 | 9,823 | (1,884 | ) | (19.2 | ) | 70,439 | |||||||||||
Overseas |
1,035 | 869 | 166 | 19.1 | 8,045 | |||||||||||||
Water & Environment Systems |
30,721 | 15.4 | 38,753 | 19.8 | (8,032 | ) | (20.7 | ) | 222,949 | 24.0 | ||||||||
Domestic |
27,652 | 13.9 | 32,577 | 16.6 | (4,925 | ) | (15.1 | ) | 198,097 | 21.3 | ||||||||
Overseas |
3,069 | 1.5 | 6,176 | 3.2 | (3,107 | ) | (50.3 | ) | 24,852 | 2.7 | ||||||||
Social Infrastructure |
15,050 | 7.6 | 16,031 | 8.2 | (981 | ) | (6.1 | ) | 63,293 | 6.8 | ||||||||
Domestic |
11,136 | 5.6 | 11,864 | 6.1 | (728 | ) | (6.1 | ) | 47,026 | 5.1 | ||||||||
Overseas |
3,914 | 2.0 | 4,167 | 2.1 | (253 | ) | (6.1 | ) | 16,267 | 1.7 | ||||||||
Other |
5,452 | 2.7 | 5,583 | 2.9 | (131 | ) | (2.3 | ) | 27,676 | 3.0 | ||||||||
Domestic |
5,414 | 2.7 | 5,144 | 2.7 | 270 | 5.2 | 26,904 | 2.9 | ||||||||||
Overseas |
38 | 0.0 | 439 | 0.2 | (401 | ) | (91.3 | ) | 772 | 0.1 | ||||||||
Total |
199,227 | 100.0 | 195,326 | 100.0 | 3,901 | 2.0 | 930,644 | 100.0 | ||||||||||
Domestic |
98,635 | 49.5 | 100,765 | 51.6 | (2,130 | ) | (2.1 | ) | 501,663 | 53.9 | ||||||||
Overseas |
100,592 | 50.5 | 94,561 | 48.4 | 6,031 | 6.4 | 428,981 | 46.1 |
-12-
SIGNATURES
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, thereunto duly authorized.
KUBOTA CORPORATION | ||||||
Date: August 3, 2010 | By: | /s/ Shigeru Kimura | ||||
Name: | Shigeru Kimura | |||||
Title: | Executive Officer | |||||
General Manager of Finance & Accounting Department |