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 February 2009
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):
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes No X
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-
Information furnished on this form:
Exhibit Number
To whom it may concern
Kubota Corporation
2-47, Shikitsu-higashi 1-chome,
Naniwa-ku, Osaka 556-8601, Japan
Contact: IR Group
Finance & Accounting Department
Phone: +81-6-6648-2645
Notice on the forecast of year-end dividend for the year ending March 31, 2009
Please be advised that Kubota Corporation (hereinafter the Company) has forecast the year-end dividend per ADS (American Depositary Share) for the year ending March 31, 2009 as follows:
(per ADS) | ||||||
Interim dividend | Year-end dividend | Annual dividend | ||||
This fiscal year ending March 31, 2009 |
¥35 (paid) |
¥35 (forecast) |
¥70 | |||
Comparable previous year ended March 31, 2008 |
¥30 | ¥40 | ¥70 |
The Company believes returning profit to shareholders is its important mission and executes it through providing stable, sustainable cash dividends, and repurchase and retirement of its own shares.
Considering these policies of returning profit to shareholders and the Companys current business performance, the Company will propose ¥35 of the year-end dividend per ADS, the same amount as interim dividend of this fiscal year.
Accordingly, the annual dividends for the year ending March 31, 2009 will be ¥70 per ADS, including the interim dividend of ¥ 35.
< 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.
End of document
To whom it may concern
Kubota Corporation
2-47, Shikitsu-higashi 1-chome,
Naniwa-ku, Osaka 556-8601, Japan
Contact: IR Group
Finance & Accounting Department
Phone: +81-6-6648-2645
Notice of Change of Management
Please be advised that the Board of Directors of Kubota Corporation (the Company) today made the resolutions to change Representative Directors and the titles of Directors and to appoint Corporate Officers on April 1, 2009.
The Board of Directors also nominated the candidates for Members of the Board and Corporate Auditor to be proposed at the Ordinary General Meeting of Shareholders in June 2009. Details are as follows;
1. Changes in Representative Directors (Date of assuming offices: April 1, 2009)
Newly-appointed Representative Directors |
New Title |
Present Title | ||
Hirokazu Nara | Executive Managing Director, Member of the Board |
Managing Director | ||
Tetsuji Tomita | Executive Managing Director, Member of the Board |
Managing Director |
2. Changes in the titles of Directors (Date of assuming offices: April 1, 2009)
Name |
New Title under Corporate Officer System |
Present Title / Posts | ||
Toshihiro Fukuda | Member of the Board | Executive Vice President | ||
Eisaku Shinohara | Executive Managing Director, Member of the Board |
Executive Managing Director | ||
Yoshihiko Tabata | Member of the Board | Managing Director | ||
Kazunobu Ueta | Member of the Board | Managing Director | ||
Morimitsu Katayama | Managing Director, Member of the Board | Managing Director | ||
Nobuyuki Toshikuni | Managing Director, Member of the Board | Managing Director | ||
Masayoshi Kitaoka | Managing Director, Member of the Board | Managing Director | ||
Masatoshi Kimata | Managing Director, Member of the Board | Managing Director | ||
Nobuyo Shioji | Managing Director, Member of the Board | Managing Director | ||
Takeshi Torigoe | Managing Director, Member of the Board | Director | ||
Satoru Sakamoto | Managing Director, Member of the Board | Director | ||
Hideki Iwabu | Managing Director, Member of the Board | Director | ||
Takashi Yoshii | Director, Member of the Board | Director | ||
Kohkichi Uji | Director, Member of the Board | Director | ||
Toshihiro Kubo | Director, Member of the Board | Director | ||
Kenshiro Ogawa | Director, Member of the Board | Director | ||
Tetsu Fukui | Director, Member of the Board | Director | ||
Satoshi Iida | Director, Member of the Board | Director | ||
Shigeru Kimura | Director, Member of the Board | Director | ||
Katsuyuki Iwana | Director | General Manager of Related products Division | ||
Masakazu Tanaka | Director | General Manager of Farm Machinery Division | ||
Taichi Itoh | Director | General Manager of Health & Safety Planning & Promotion Dept. | ||
Yujiro Kimura | Director | General Manager of Electronic Equipped Machinery Division | ||
Shinji Sasaki | Director | General Manager of Engineering Dept. in Engine Division | ||
Hiroshi Matsuki | Director | General Manager of Secretary & Public Relations Dept. | ||
Yuichi Kitao | Director | General Manager of Tractor Engineering Dept. in Tractor Division | ||
Kunio Suwa | Director | General Manager of Corporate Compliance Headquarters |
3. Candidates for Member of the Board (Date of assuming offices: June, 2009)
Name |
Present Title | |||
Daisuke Hatakake | Chairman and Representative Director | |||
Moriya Hayashi | Vice Chairman | |||
Yasuo Masumoto | President and Representative Director | |||
Hirokazu Nara | Managing Director | |||
Tetsuji Tomita | Managing Director | |||
Satoru Sakamoto | Director |
4. Candidate for Corporate Auditor (Date of assuming office: June, 2009)
Name |
Present Title | |||
Toshihiro Fukuda | Executive Vice President |
5. Retirement from Member of the Board (Expiration of the term of offices)
Name |
New Title after retirement | |||
Toshihiro Fukuda | Corporate Auditor | |||
Eisaku Shinohara | Executive Managing Director | |||
Yoshihiko Tabata | Chairman of Kubota Systems Inc. (Date of assuming office: April 1,2009) | |||
Kazunobu Ueta | Chairman of Kubota Credit Co., Ltd. (Date of assuming office: April 1,2009) | |||
Morimitsu Katayama | Managing Director | |||
Nobuyuki Toshikuni | Managing Director | |||
Masayoshi Kitaoka | Managing Director | |||
Masatoshi Kimata | Managing Director | |||
Nobuyo Shioji | Managing Director | |||
Takeshi Torigoe | Managing Director | |||
Hideki Iwabu | Managing Director | |||
Takashi Yoshii | Director | |||
Kohkichi Uji | Director | |||
Toshihiro Kubo | Director | |||
Kenshiro Ogawa | Director | |||
Tetsu Fukui | Director | |||
Satoshi Iida | Director | |||
Shigeru Kimura | Director |
< 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.
|
End of document
To whom it may concern
Kubota Corporation
2-47, Shikitsu-higashi 1-chome,
Naniwa-ku, Osaka 556-8601, Japan
Contact: IR Group
Finance & Accounting Department
Phone: +81-6-6648-2645
Notice of Reforming Management Systems
Please be advised that the Board of Directors of Kubota Corporation (the Company) resolved at the Board of Directors Meeting held on February 10, 2009 to reform management systems: Introducing the Corporate Officer System; reducing the numbers of Board of Directors; reorganizing consolidated division of the parent company; and establishing the strategic planning committees to enhance competence of R&D, quality control and manufacturing. Details are as follows:
1. Introducing the Corporate Officer System
The Company will introduce the Corporate Officer System and appoint 26 corporate officers on April 1, 2009 in order that the Company intends to agilely adapt to business environment and improve management efficiency by reinforcing strategic decision-making function of Board of Directors and operational function of business activities by President and Corporate Officers.
2. Reducing members of Board of Directors
The Company will nominate 6 persons for board members out of incumbent 24 members of Board of Directors at the Ordinary General Meeting of Shareholders to be held on June 2009 in order to promote strategic decision-making by Board of Directors more agilely.
3. Appointing outside director
The Company will propose to appoint outside director at the Ordinary General Meeting of Shareholders to be held on June 2009 in order to improve supervisory function of Board of Directors.
4. Reorganizing consolidated divisions of the parent company
The Company reviewed present 2 consolidated divisions of the parent company; Farm & Industrial Machinery Consolidated Division and ; Water, Environment & Infrastructure Consolidated Division from a viewpoint of market segment, and will reorganize these 2 consolidated divisions into 3 consolidated divisions; Farm & Industrial Machinery Consolidated Division; Water & Environment Systems Consolidated Division and; Social Infrastructure Consolidated Division on April 1, 2009.
(1) Farm & Industrial Machinery Consolidated Division
This consolidated division promotes soil and agriculture related business with farm equipment, engines, construction machinery and other related products.
(2) Water & Environment Systems Consolidated Division
This consolidated division promotes water and environment engineering related business with pipe systems, water & sewage treatment systems, pumps and other related products.
(3) Social Infrastructure Consolidated Division
This consolidated division promotes social infrastructure development related business with industrial castings, air-conditioning equipment, vending machine and other related products.
5. Establishing the strategic planning committees related to R&D
The Company will establish Research & Development Strategy Committee and Quality Assurance & Manufacturing Strategy Committee on April 1, 2009 in order to enhance underlying competence of R&D, quality control and manufacturing. President will assume the offices of chairman of these committees.
(1) Research & Development Strategy Committee
This committee will assume the rolls of enhancing corporate capabilities for promoting strategic R&D through evaluating and consulting R&D themes and considering and proposing proactive R&D activities.
(2) Quality Assurance & Manufacturing Strategy Committee
This committee will assume the rolls of enhancing manufacturing capability proactively through discussing and supervising direction of manufacturing technology and production management technology, technological issues and their countermeasures.
List of Corporate Officers (Date of assuming offices: April 1, 2009)
Title of Corporate Officers |
Name |
New post |
Present post | |||||
President & CEO, Member of the Board | Yasuo Masumoto | |||||||
Farm & Industrial Machinery Consolidated Division |
Executive Managing Director, Member of the Board |
Tetsuji Tomita | General Manager of Farm & Industrial Machinery Consolidated Division and International Operations Headquarters in Farm & Industrial Machinery Consolidated Division | General Manager of Farm & Industrial Machinery Consolidated Division and International Operations Headquarters in Farm & Industrial Machinery Consolidated Division, President of Kubota Tractor Corporation | ||||
Managing Director | Morimitsu Katayama | General Manager of Manufacturing Headquarters in Farm & Industrial Machinery Consolidated Division and Sakai Plant, In charge of Quality Assurance & Manufacturing Promotion Dept. | same as on the left | |||||
Managing Director | Nobuyuki Toshikuni | General Manager of R&D Headquarters in Farm & Industrial Machinery Consolidated Division | General Manager of Tractor Division | |||||
Managing Director | Masatoshi Kimata | Deputy General Manager of Farm & Industrial Machinery Consolidated Division, General Manager of Sales Headquarters in Farm & Industrial Machinery Consolidated Division | Deputy General Manager of Sales Headquarters in Farm & Industrial Machinery Consolidated Division | |||||
Managing Director | Nobuyo Shioji | General Manager of Construction Machinery Division | same as on the left | |||||
Director | Takashi Yoshii | President of Kubota Manufacturing of America Corporation | same as on the left | |||||
Director | Kenshiro Ogawa | General Manager of Tsukuba Plant and Production Engineering Center of Emission in Manufacturing Headquarters in Farm & Industrial Machinery Consolidated Division | same as on the left | |||||
Director | Satoshi Iida | President of Kubota Tractor Corporation | President of Kubota Europe S.A.S | |||||
Director | Katsuyuki Iwana | General Manager of Related Products Division | same as on the left | |||||
Director | Masakazu Tanaka | General Manager of Farm Machinery Division | same as on the left | |||||
Director | Shinji Sasaki | General Manager of Engine Division | General Manger of Engineering Dept. in Engine Division | |||||
Director | Yuichi Kitao | General Manager of Tractor Division | General Manger of Tractor Engineering Dept. in Tractor Division |
Water & Environment Systems Consolidated Division |
Executive Managing Director, Member of the Board |
Hirokazu Nara | General Manager of Water & Environment Systems Consolidated Division | In charge of Corporate Planning & Control Dept. and Finance & Accounting Dept. | ||||
Managing Director | Hideki Iwabu | General Manager of Water Engineering & Solution Division, Water & Sewage Engineering Business Unit, Membrane Systems Business Unit and Membrane Systems Business Coordination Dept. | General Manager of Water & Sewage Engineering Division, In charge of Tokyo Head Office | |||||
Director | Kohkichi Uji | General Manager of Pipe Systems Division and Ductile Iron Pipe Business Unit | General Manager of Ductile Iron Pipe Division | |||||
Director | Toshihiro Kubo | Deputy General Manager of Water & Environment Systems Consolidated Division, General Manager of Water & Environment Systems, Social Infrastructure Business Promotion Headquarters and Water & Environment Systems, Social Infrastructure Production Control Dept. |
General Manager of Coordination Dept. in Water, Environment & Infrastructure Consolidated Division and Production Control Headquarters in Water, Environment & Infrastructure Consolidated Division | |||||
Social Infrastructure Consolidated Division | Managing Director | Takeshi Torigoe | General Manager of Social Infrastructure Consolidated Division, Materials Division and Steel Castings Business Unit | Deputy General Manager of Water, Environment & Infrastructure Consolidated Division, General Manager of Steel Castings Division | ||||
Director | Yujiro Kimura | General Manager of Electronic Equipped Machinery Division | same as on the left | |||||
Director | Hiroshi Matsuki | General Manager of Steel Pipe Division | General Manager of Secretary & Public Relations Dept. | |||||
Corporate Staff Section |
Executive Managing Director |
Eisaku Shinohara | In charge of Research & Development Planning & Promotion Dept. and Environmental Protection Dept. | General Manager of R&D Headquarters in Farm & Industrial Machinery Consolidated Division, In charge of Research & Development Planning & Promotion Dept. and Environmental Equipment R&D Center | ||||
Managing Director | Masayoshi Kitaoka | In charge of Personnel Dept., Secretary & Public Relations Dept., General Affairs Dept. and Tokyo Administration Dept., General Manager of Head Office | In charge of Personnel Dept. and Health & Safety Planning & Promotion Dept., General Manager of Head Office | |||||
Managing Director, Member of the Board | Satoru Sakamoto | In charge of Corporate Planning & Control Dept. and Finance & Accounting Dept. | General Manager of Air Condition Equipment Division, President of Kubota Air Conditioner, Ltd. | |||||
Director | Tetsu Fukui | General Manager of Environmental Equipment R&D Center and Environmental Consolidated Technology Dept. | same as on the left | |||||
Director | Shigeru Kimura | In charge of Corporate Planning & Control Dept. (Assistant), General Manager of Finance & Accounting Dept. | General Manager of Finance & Accounting Dept. | |||||
Director | Taichi Itoh | General Manager of Health & Safety Planning & Promotion Dept. | same as on the left | |||||
Director | Kunio Suwa | General Manager of CSR Planning & Coordination Headquarters | General Manager of Corporate Compliance Headquarters |
< 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.
|
End of document
Contact: | ||||||||
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, FEBRUARY 10, 2009)
RESULTS OF OPERATIONS FOR THE NINE MONTHS ENDED
DECEMBER 31, 2008 REPORTED BY KUBOTA CORPORATION
OSAKA, JAPAN, February 10, 2009 Kubota Corporation reported its consolidated results of operations for the nine months ended December 31, 2008 today.
Consolidated Financial Highlights
1. Consolidated results of operations for the nine months ended December 31, 2008
(1) Results of operations | (In millions of yen and thousands of U.S. dollars except per American Depositary Share (ADS) amounts) |
||||||||||||
Nine months ended Dec. 31, 2008 |
% (*) |
Nine months ended Dec. 31, 2007 |
% (*) |
||||||||||
Revenues |
¥ [$ |
841,645 9,248,846 |
] |
0.5 | ¥ | 837,631 | 1.3 | ||||||
Operating income |
¥ [$ |
96,291 1,058,143 |
] |
(9.5 | ) | ¥ | 106,454 | (1.9 | ) | ||||
Income from continuing operations before income taxes, minority interests in earnings of subsidiaries, and equity in net income of affiliated companies |
¥ [$ |
85,333 937,725 |
] |
(20.2 | ) | ¥ | 106,930 | (4.0 | ) | ||||
Net income |
¥ [$ |
46,480 510,769 |
] |
(22.5 | ) | ¥ | 59,942 | (5.6 | ) | ||||
Net income per ADS |
|||||||||||||
Basic |
¥ [$ |
182.03 2.00 |
] |
¥ |
232.36 |
||||||||
Diluted |
¥ [$ |
182.03 2.00 |
] |
¥ | 232.36 |
(2) Financial position | (In millions of yen and thousands of U.S. dollars except per ADS amounts) |
|||||||
Dec. 31, 2008 | Mar. 31, 2008 | |||||||
Total assets |
¥ [$ |
1,483,629 16,303,615 |
] |
¥ | 1,464,270 | |||
Shareholders equity |
¥ [$ |
625,592 6,874,637 |
] |
¥ | 648,097 | |||
Ratio of shareholders equity to total assets |
42.2 | % | 44.3 | % | ||||
Shareholders equity per ADS |
¥ [$ |
2,458.91 27.02 |
] |
¥ | 2,530.44 |
Notes : The United States dollar amounts included herein represent translations using the approximate exchanging rate on December 30, 2008, ¥91=US$1, solely for convenience.
Each American Depositary Share (ADS) represents five common shares.
(*) represents percentage change from the corresponding period in the prior year.
-1-
Kubota Corporation
and Subsidiaries
2. Cash dividends
(In yen) | |||||||||||||||
Cash dividends per ADS | |||||||||||||||
First quarter period |
Second quarter period |
Third quarter period |
Year-end | Total | |||||||||||
Year ended March 31, 2008 |
| ¥ | 30.00 | | ¥ | 40.00 | ¥ | 70.00 | |||||||
Year ending March 31, 2009 |
| ¥ | 35.00 | | ¥
|
35.00 (Forecast |
) |
¥
|
70.00 (Forecast |
) |
3. Anticipated results of operations for the year ending March 31, 2009
(In millions of yen except per ADS amounts) | ||||||
Year ending March 31, 2009 |
% (*) |
|||||
Revenues |
¥ | 1,100,000 | (4.7 | ) | ||
Operating income |
¥ | 105,000 | (23.3 | ) | ||
Income from continuing operations before income taxes, minority interests in earnings of subsidiaries, and equity in net income of affiliated companies |
¥ | 92,000 | (24.9 | ) | ||
Net income |
¥ | 50,000 | (26.5 | ) | ||
Net income per ADS |
¥ | 196.53 |
Note : (*) 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 number of material subsidiaries: No |
(2) | Adoption of simplified accounting procedures or specific accounting procedures for consolidated quarterly financial statements: Yes |
Please refer to 4. 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: Yes |
b) | Changes in matters other than a) above: No |
Please refer to 4. Other information on page 6.
(4) Number of shares outstanding including treasury stock as of December 31, 2008 |
: | 1,285,919,180 | ||||
Number of shares outstanding including treasury stock as of March 31, 2008 |
: | 1,285,919,180 | ||||
Number of treasury stock as of December 31, 2008 |
: | 13,827,197 | ||||
Number of treasury stock as of March 31, 2008 |
: | 5,315,673 | ||||
Weighted average number of shares outstanding during the nine months ended December 31, 2008 |
: | 1,276,746,008 | ||||
Weighted average number of shares outstanding during the nine months ended December 31, 2007 |
: | 1,289,826,162 |
< 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
1. Review of Operations and Financial Condition
1. Review of operations
Summary of the results of operations for the nine months under review
For the nine months ended December 31, 2008, revenues of Kubota Corporation and subsidiaries (collectively the Company) increased ¥4.0 billion (0.5 %), to ¥841.6 billion from the corresponding period in the prior year, due mainly to an increase in overseas revenues in Internal Combustion Engine & Machinery, while domestic revenues decreased.
In the domestic market, revenues decreased ¥8.5 billion (2.1 %), to ¥394.5 billion from the corresponding period in the prior year. Revenues in Internal Combustion Engine & Machinery decreased. Sales of farm equipment and engines decreased slightly, while sales of construction machinery declined substantially.
Revenues in Pipes, Valves, and Industrial Castings increased due mainly to sales increase of ductile iron pipes and spiral welded steel pipes, while sales of industrial castings decreased. Revenues in Environmental Engineering increased, but revenues in Other decreased.
In overseas markets, revenues increased ¥12.5 billion (2.9 %), to ¥447.2 billion from the corresponding period in the prior year. Revenues in Internal Combustion Engine & Machinery increased mainly due to sales increase of farm equipment and engines, even though sales of construction machinery declined. Revenues in Pipes, Valves, and Industrial Castings substantially increased due to sales increase of ductile iron pipes. Revenues in Environmental Engineering decreased, while revenues in Other increased. As a result, the ratio of overseas revenues to consolidated revenues rose 1.2 percentage points, to 53.1 % compared with the corresponding period in the prior year.
Operating income decreased ¥10.2 billion (9.5 %), to ¥96.3 billion from the corresponding period in the prior year. Operating income in Internal Combustion Engine and Machinery decreased mainly due to appreciation of the yen and price hikes of materials. Operating income in Pipes, Valves, and Industrial Castings increased owing to sales increase of ductile iron pipes. Although operating loss in Environmental Engineering decreased steadily, operating income in Other decreased due to a decreased sales of vending machines.
Income from continuing operations before income taxes, minority interests in earnings of subsidiaries, and equity in net income of affiliated companies decreased ¥21.6 billion (20.2 %), to ¥85.3 billion. This decrease is due to a decrease in operating income and an increase in other expenses resulting from increases in foreign exchange loss.
Income taxes were ¥33.4 billion (representing an effective tax rate of 39.1 %), and net amount of minority interests in earnings of subsidiaries and equity in net income of affiliated companies to deduct was ¥5.5 billion. As a result, net income was ¥46.5 billion, ¥13.5 billion (22.5 %) lower than the corresponding period in the prior year.
-3-
Kubota Corporation
and Subsidiaries
(2) Review of operations by industry segment
1) Internal Combustion Engine and Machinery
Revenues in Internal Combustion Engine and Machinery were ¥600.5 billion, 0.4% higher than the corresponding period in the prior year, comprising 71.3 % of consolidated revenues. Domestic revenues decreased 4.2 %, to ¥181.7 billion, and overseas revenues increased 2.5 %, to ¥418.9 billion. This segment comprises farm equipment, engines and construction machinery.
In the domestic market, the operating environment continued to be challenging due to a decrease in construction investment and stagnant demand for farm equipment resulted from economic slowdown and the price hikes of fertilizer and fodder. In this circumstance, the Company actively introduced new products and implemented promotional sales activity, however total sales of farm equipment slightly decreased, and construction machinery decreased substantially. On the other hand, sales of engines slightly increased.
In overseas markets, sales of tractors increased. Sales of tractors in North America decreased due to a stagnation of the markets and appreciation of the yen. In Asia outside Japan, sales of tractors in Thailand continued to increase, and sales in Europe also increased steadily due to launching new products. Sales of farm machinery also increased sharply owing to a sales increase of combine harvesters and rice transplanters in China. On the other hand, sales of construction machinery decreased due to the rapid economic slowdown in Europe, sales of engine decreased due to inventory adjustment in European and North American clients.
2) Pipes, Valves, and Industrial Castings
Revenues in Pipes, Valves, and Industrial Castings increased 5.1 %, to ¥152.1 billion from the corresponding period in the prior year, comprising 18.1% of consolidated revenues. Domestic revenues increased 4.1%, to ¥128.3 billion, and overseas revenues increased 10.9%, to ¥23.8 billion. This segment comprises pipes and valves (ductile iron pipes, spiral welded steel pipes, plastic pipes, and valves), and industrial castings.
In the domestic market, sales of ductile iron pipes increased largely due to price increases, and sales of spiral welded steel pipes also increased. On the other hand, sales of plastic pipes decreased due to declining demand, and sales of industrial castings decreased substantially due to decreased sales of ductile tunnel segment.
In overseas markets, sales of industrial castings slightly decreased, however export sales of ductile iron pipes to the Middle East increased.
3) Environmental Engineering
Revenues in Environmental Engineering increased 18.5 %, to ¥37.6 billion from the corresponding period in the prior year, comprising 4.5 % of consolidated revenues. Domestic revenues increased 24.0 %, to ¥34.3 billion, and overseas revenues decreased 18.2 %, to ¥3.3 billion. This segment consists of environmental control plants and pumps.
In the domestic market, sales of all products increased. In overseas markets, sales of pumps increased, while sales of submerged membrane system decreased.
4) Other
Revenues in Other decreased 18.5 %, to ¥51.3 billion from the corresponding period in the prior year, comprising 6.1 % of consolidated revenues. Domestic revenues decreased 19.8 %, to ¥50.2 billion, and overseas revenues increased 161.2 %, to ¥1.2 billion. This segment comprises vending machines, electronic-equipped machinery, air-conditioning equipment, construction, septic tanks and other business.
Sales of vending machine decreased substantially in this segment due to the decreased demand for cigarette-vending machines with the function of age-identification, for which the temporary demand was very high in the prior year. Sales of construction also decreased.
In addition, sales of condominiums were absent in this fiscal year because some shares of the subsidiary which conducted condominium business were sold and the subsidiary changed into an affiliated Company in the prior year. As a result, revenues in Other largely decreased.
-4-
Kubota Corporation
and Subsidiaries
2. Financial condition
(1) Assets, liabilities and shareholders equity
Total assets at the end of December 2008 amounted to ¥1,483.6 billion, an increase of ¥19.4 billion (1.3%) compared with those at the end of March 2008. Current assets increased largely due to an increase in notes and accounts receivable and inventories. An increase in notes and accounts receivable resulted from a large reduction in sales of trade accounts in North America. On the other hand, investments and long-term finance receivables decreased due to a decrease in unrealized gains on securities as a result of the decline in stock market prices. As for liabilities, interest-bearing debt increased largely owing to an increase of borrowing resulted from a reduction in sales of trade accounts, and trade notes and accounts payable also increased. Total shareholders equity decreased because an increase in amount of accumulated other comprehensive loss, which resulted mainly from a decrease in unrealized gains on securities, exceeded the increase in retained earnings. Shareholders equity ratio was 42.2 %, 2.1 percentage points lower than the prior year end.
(2) Cash flows
Net cash provided by operating activities during the nine months under review was ¥7.2 billion. Total net cash provided by operating activities was limited, because of an increase in notes and accounts receivables, which resulted from a sharp reduction in sales of trade accounts in North America, and an increase in inventories.
Net cash used in investing activities was ¥61.8 billion. Amount of increase in finance receivables exceeded amount of collection of finance receivables due to an expansion of retail financing in Thailand.
Net cash provided by financing activities was ¥61.3 billion. Borrowing amount exceeded repayment amount due to additional funding requirement arisen from an expansion of retail financing and reduction in sales of trade accounts in North America.
3. Prospect for the fiscal year under review
The Company revised downward a forecast of revenues for the year ending March 31, 2009 by ¥35.0 billion, to ¥1,100.0 billion from the previous forecast, which was released in November 7, 2008.
In overseas markets, revenues in Internal Combustion Engine and Machinery are forecast to decrease significantly from the previous forecast. In the domestic market, revenues in Internal Combustion Engine and Machinery and Pipes, Valves and Industrial Castings are expected to decrease from the previous forecast.
The forecast of operating income is expected to decrease ¥5.0 billion, to ¥105.0 billion, from the previous forecast, in consideration of business performance up to the third quarter of this fiscal year and recent business development. Income from continuing operation before income taxes, minority interests in earnings of subsidiaries, and equity in net income of affiliated companies is forecast to decrease ¥13.0 billion, to ¥92.0 billion, from the previous forecast. Net income is also forecast to decrease ¥8.0 billion, to ¥50.0 billion, from the previous forecast. (These forecasts are based on the assumption of an exchange rate of ¥103=US$1.)
(In millions of yen) | ||||||||||||
Previous Forecasts on Nov. 7, 2008 |
Revised Forecasts |
Change | Prior year (Year ended Mar. 31, 2008) | |||||||||
Revenues |
1,135,000 | 1,100,000 | (35,000 | ) | (3.1 | )% | 1,154,574 | |||||
Operating Income |
110,000 | 105,000 | (5,000 | ) | (4.5 | )% | 136,875 | |||||
Income from continuing operations before income taxes, minority interests in earnings of subsidiaries, and equity in net income of affiliated companies |
105,000 | 92,000 | (13,000 | ) | (12.4 | )% | 122,577 | |||||
Net income |
58,000 | 50,000 | (8,000 | ) | (13.8 | )% | 68,026 |
-5-
Kubota Corporation
and Subsidiaries
4. Other information
(1) Changes in number of material subsidiaries
None
(2) Adoption of simplified accounting procedures or specific accounting procedures for consolidated quarterly financial statements
Income tax expense for the nine months ended December 31, 2008 was calculated using a reasonably estimated annual effective tax rate for this fiscal year.
(3) Changes in accounting principles, procedures and presentations for consolidated financial statements
1) Changes due to the revision of accounting standards
Since April 1, 2008, the Company has adopted SFAS No. 157, Fair Value Measurements. This statement defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurement. The adoption of this statement did not have a material impact on the Companys consolidated result of operations and financial position.
2) Changes in matters other than 1) above.
None
(4) Assumptions for going concern
None
-6-
Kubota Corporation
and Subsidiaries
Consolidated Balance Sheets
Assets | (In millions of yen) | |||||||||||||||||
Dec. 31, 2008 | Mar. 31, 2008 | Change | Dec. 31, 2007 | |||||||||||||||
Amount | % | Amount | % | Amount | Amount | % | ||||||||||||
Current assets: |
||||||||||||||||||
Cash and cash equivalents |
92,124 | 88,784 | 3,340 | 88,723 | ||||||||||||||
Notes and accounts receivable |
373,134 | 277,937 | 95,197 | 300,462 | ||||||||||||||
Short-term finance receivables-net |
115,329 | 113,409 | 1,920 | 108,045 | ||||||||||||||
Inventories |
238,204 | 206,220 | 31,984 | 223,050 | ||||||||||||||
Interest in sold receivables |
2,078 | 77,767 | (75,689 | ) | 61,814 | |||||||||||||
Other current assets |
70,786 | 58,521 | 12,265 | 65,163 | ||||||||||||||
Total current assets |
891,655 | 60.1 | 822,638 | 56.2 | 69,017 | 847,257 | 55.8 | |||||||||||
Investments and long-term finance receivables |
311,372 | 21.0 | 350,491 | 23.9 | (39,119 | ) | 382,360 | 25.2 | ||||||||||
Property, plant, and equipment |
229,268 | 15.5 | 238,073 | 16.3 | (8,805 | ) | 234,745 | 15.5 | ||||||||||
Other assets |
51,334 | 3.4 | 53,068 | 3.6 | (1,734 | ) | 52,810 | 3.5 | ||||||||||
Total |
1,483,629 | 100.0 | 1,464,270 | 100.0 | 19,359 | 1,517,172 | 100.0 | |||||||||||
Liabilities and Shareholders Equity | (In millions of yen) | |||||||||||||||||
Dec. 31, 2008 | Mar. 31, 2008 | Change | Dec. 31, 2007 | |||||||||||||||
Amount | % | Amount | % | Amount | Amount | % | ||||||||||||
Current liabilities: |
||||||||||||||||||
Short-term borrowings |
138,475 | 113,087 | 25,388 | 145,844 | ||||||||||||||
Notes and accounts payable |
227,624 | 212,274 | 15,350 | 236,913 | ||||||||||||||
Other current liabilities |
116,742 | 128,124 | (11,382 | ) | 123,614 | |||||||||||||
Current portion of long-term debt |
68,238 | 65,976 | 2,262 | 62,893 | ||||||||||||||
Total current liabilities |
551,079 | 37.1 | 519,461 | 35.5 | 31,618 | 569,264 | 37.5 | |||||||||||
Long-term liabilities: |
||||||||||||||||||
Long-term debt |
215,438 | 183,945 | 31,493 | 165,268 | ||||||||||||||
Accrued retirement and pension costs |
36,658 | 43,790 | (7,132 | ) | 29,824 | |||||||||||||
Other long-term liabilities |
11,600 | 25,747 | (14,147 | ) | 44,149 | |||||||||||||
Total long-term liabilities |
263,696 | 17.8 | 253,482 | 17.3 | 10,214 | 239,241 | 15.8 | |||||||||||
Minority interests |
43,262 | 2.9 | 43,230 | 2.9 | 32 | 40,217 | 2.6 | |||||||||||
Shareholders equity: |
||||||||||||||||||
Common stock |
84,070 | 84,070 | | 84,070 | ||||||||||||||
Capital surplus |
93,150 | 93,150 | | 93,150 | ||||||||||||||
Legal reserve |
19,539 | 19,539 | | 19,539 | ||||||||||||||
Retained earnings |
451,209 | 423,927 | 27,282 | 420,240 | ||||||||||||||
Accumulated other comprehensive income (loss) |
(13,310 | ) | 31,177 | (44,487 | ) | 56,676 | ||||||||||||
Treasury stock |
(9,066 | ) | (3,766 | ) | (5,300 | ) | (5,225 | ) | ||||||||||
Total shareholders equity |
625,592 | 42.2 | 648,097 | 44.3 | (22,505 | ) | 668,450 | 44.1 | ||||||||||
Total |
1,483,629 | 100.0 | 1,464,270 | 100.0 | 19,359 | 1,517,172 | 100.0 | |||||||||||
-7-
Kubota Corporation
and Subsidiaries
Consolidated Statements of Income
(In millions of yen) | ||||||||||||||||||||||
Nine months ended Dec. 31, 2008 |
Nine months ended Dec. 31, 2007 |
Change | Year ended Mar. 31, 2008 | |||||||||||||||||||
Amount | % | Amount | % | Amount | % | Amount | % | |||||||||||||||
Revenues |
841,645 | 100.0 | 837,631 | 100.0 | 4,014 | 0.5 | 1,154,574 | 100.0 | ||||||||||||||
Cost of revenues |
606,176 | 72.0 | 594,022 | 70.9 | 12,154 | 2.0 | 824,093 | 71.4 | ||||||||||||||
Selling, general, and administrative expenses |
137,652 | 16.4 | 137,296 | 16.4 | 356 | 0.3 | 192,935 | 16.7 | ||||||||||||||
Loss (gain) from disposal and impairment of businesses and fixed assets |
1,526 | 0.2 | (141 | ) | (0.0 | ) | 1,667 | | 671 | 0.0 | ||||||||||||
Operating income |
96,291 | 11.4 | 106,454 | 12.7 | (10,163 | ) | (9.5 | ) | 136,875 | 11.9 | ||||||||||||
Other income (expenses): |
||||||||||||||||||||||
Interest and dividend income |
4,300 | 3,219 | 1,081 | 4,472 | ||||||||||||||||||
Interest expense |
(1,809 | ) | (878 | ) | (931 | ) | (986 | ) | ||||||||||||||
Gain on sales of securities -net |
16 | 664 | (648 | ) | 704 | |||||||||||||||||
Valuation loss on other investments |
(754 | ) | (40 | ) | (714 | ) | (6,715 | ) | ||||||||||||||
Foreign exchange loss -net |
(11,773 | ) | (12 | ) | (11,761 | ) | (9,043 | ) | ||||||||||||||
Other -net |
(938 | ) | (2,477 | ) | 1,539 | (2,730 | ) | |||||||||||||||
Other income (expenses), net |
(10,958 | ) | 476 | (11,434 | ) | (14,298 | ) | |||||||||||||||
Income from continuing operations before income taxes, minority interests in earnings of subsidiaries, and equity in net income of affiliated companies |
85,333 | 10.1 | 106,930 | 12.8 | (21,597 | ) | (20.2 | ) | 122,577 | 10.6 | ||||||||||||
Income taxes |
33,400 | 41,663 | (8,263 | ) | 48,044 | |||||||||||||||||
Minority interests in earnings of subsidiaries |
6,205 | 5,961 | 244 | 6,790 | ||||||||||||||||||
Equity in net income of affiliated companies |
752 | 434 | 318 | 94 | ||||||||||||||||||
Income from continuing operations |
46,480 | 5.5 | 59,740 | 7.1 | (13,260 | ) | (22.2 | ) | 67,837 | 5.9 | ||||||||||||
Income from discontinued operations, net of taxes |
| 202 | (202 | ) | 189 | |||||||||||||||||
Net income |
46,480 | 5.5 | 59,942 | 7.2 | (13,462 | ) | (22.5 | ) | 68,026 | 5.9 | ||||||||||||
(In yen) | ||||||||||||||||||||||
Basic earnings per ADS (5 common shares): |
182.03 | 232.36 | 264.01 | |||||||||||||||||||
Diluted earnings per ADS (5 common shares): |
182.03 | 232.36 | 264.01 |
-8-
Kubota Corporation
and Subsidiaries
Consolidated Statements of Cash Flows
(In millions of yen) | |||
Nine months ended Dec. 31, 2008 |
|||
Operating activities: |
|||
Net income |
46,480 | ||
Depreciation and amortization |
22,917 | ||
Valuation loss on other investments |
754 | ||
Minority interests in earnings of subsidiaries |
6,205 | ||
Deferred income taxes |
12,730 | ||
Increase in notes and accounts receivable |
(108,600 | ) | |
Increase in inventories |
(47,084 | ) | |
Decrease in interest in sold receivables |
70,052 | ||
Increase in other current assets |
(23,294 | ) | |
Increase in trade notes and accounts payable |
31,418 | ||
Decrease in income taxes payable |
(6,461 | ) | |
Increase in other current liabilities |
10,375 | ||
Decrease in accrued retirement and pension costs |
(7,004 | ) | |
Other |
(1,291 | ) | |
Net cash provided by operating activities |
7,197 | ||
Investing activities: |
|||
Purchases of fixed assets |
(26,356 | ) | |
Proceeds from sales of property, plant, and equipment |
947 | ||
Increase in finance receivables |
(145,812 | ) | |
Collection of finance receivables |
110,785 | ||
Other |
(1,406 | ) | |
Net cash used in investing activities |
(61,842 | ) | |
Financing activities: |
|||
Proceeds from issuance of long-term debt |
101,085 | ||
Repayments of long-term debt |
(54,940 | ) | |
Net increase in short-term borrowings |
40,404 | ||
Cash dividends |
(19,193 | ) | |
Purchases of treasury stock |
(5,326 | ) | |
Other |
(756 | ) | |
Net cash provided by financing activities |
61,274 | ||
Effect of exchange rate changes on cash and cash equivalents |
(3,289 | ) | |
Net increase in cash and cash equivalents |
3,340 | ||
Cash and cash equivalents at beginning of period |
88,784 | ||
Cash and cash equivalents at end of period |
92,124 |
Note: | The Company did not disclose the consolidated statement of cash flows in its earning release for the nine months ended December 31, 2007. |
-9-
Kubota Corporation
and Subsidiaries
Consolidated Segment Information
(1) Information by industry segments
Nine months ended December 31, 2008
(In millions of yen) | ||||||||||||||||
Internal Combustion Engine & Machinery |
Pipes, Valves, & Industrial Castings |
Environmental Engineering |
Other | Total | Corporate & Eliminations |
Consolidated | ||||||||||
Revenues |
||||||||||||||||
Unaffiliated customers |
600,528 | 152,125 | 37,646 | 51,346 | 841,645 | | 841,645 | |||||||||
Intersegment |
24 | 241 | 104 | 11,346 | 11,715 | (11,715 | ) | | ||||||||
Total |
600,552 | 152,366 | 37,750 | 62,692 | 853,360 | (11,715 | ) | 841,645 | ||||||||
Cost of revenues and operating expenses |
501,332 | 141,340 | 42,601 | 60,191 | 745,464 | (110 | ) | 745,354 | ||||||||
Operating income (loss) |
99,220 | 11,026 | (4,851 | ) | 2,501 | 107,896 | (11,605 | ) | 96,291 | |||||||
Nine months ended December 31, 2007 | ||||||||||||||||
(In millions of yen) | ||||||||||||||||
Internal Combustion Engine & Machinery |
Pipes, Valves, & Industrial Castings |
Environmental Engineering |
Other | Total | Corporate & Eliminations |
Consolidated | ||||||||||
Revenues |
||||||||||||||||
Unaffiliated customers |
598,208 | 144,684 | 31,756 | 62,983 | 837,631 | | 837,631 | |||||||||
Intersegment |
14 | 235 | 63 | 11,308 | 11,620 | (11,620 | ) | | ||||||||
Total |
598,222 | 144,919 | 31,819 | 74,291 | 849,251 | (11,620 | ) | 837,631 | ||||||||
Cost of revenues and operating expenses |
493,032 | 134,426 | 37,594 | 67,301 | 732,353 | (1,176 | ) | 731,177 | ||||||||
Operating income (loss) |
105,190 | 10,493 | (5,775 | ) | 6,990 | 116,898 | (10,444 | ) | 106,454 |
-10-
Kubota Corporation
and Subsidiaries
Consolidated Segment Information
(2) Information by geographic segments
Nine months ended December 31, 2008
(In millions of yen) | |||||||||||||||||
Japan | North America | Europe | Asia | Other Areas | Total | Corporate & Eliminations |
Consolidated | ||||||||||
Revenues |
|||||||||||||||||
Unaffiliated customers |
424,423 | 223,490 | 88,435 | 93,734 | 11,563 | 841,645 | | 841,645 | |||||||||
Intersegment |
209,311 | 7,869 | 2,930 | 972 | | 221,082 | (221,082 | ) | | ||||||||
Total |
633,734 | 231,359 | 91,365 | 94,706 | 11,563 | 1,062,727 | (221,082 | ) | 841,645 | ||||||||
Cost of revenues and operating expenses |
586,097 | 207,143 | 82,985 | 81,758 | 9,764 | 967,747 | (222,393 | ) | 745,354 | ||||||||
Operating income |
47,637 | 24,216 | 8,380 | 12,948 | 1,799 | 94,980 | 1,311 | 96,291 |
(3) Overseas revenues
Nine months ended December 31, 2008
(In millions of yen) | |||||||||||||||
North America | Europe | Asia | Other Areas | Total | |||||||||||
Overseas revenues |
220,177 | 92,948 | 106,003 | 28,046 | 447,174 | ||||||||||
Consolidated revenues |
841,645 | ||||||||||||||
Ratio of overseas revenues to consolidated revenues |
26.2 | % | 11.0 | % | 12.6 | % | 3.3 | % | 53.1 | % |
Notes:
The consolidated segment information, which is required under the regulations of the Financial Instruments and Exchange Act of Japan, is not consistent with accounting principles generally accepted in the United States of America.
The Company did not disclose information by geographic segments and overseas revenues in its earning release for the nine months ended December 31, 2007.
Consolidated Statements of Shareholders Equity
(In millions of yen) | |||||||||||||||||||||
Shares of common stock outstanding (thousands) |
Shareholders Equity | ||||||||||||||||||||
Common stock |
Capital surplus |
Legal reserve |
Retained earnings |
Accumulated other comprehensive income (loss) |
Treasury stock |
Total | |||||||||||||||
Balance at April 1, 2008 |
1,280,604 | 84,070 | 93,150 | 19,539 | 423,927 | 31,177 | (3,766 | ) | 648,097 | ||||||||||||
Net income |
46,480 | 46,480 | |||||||||||||||||||
Other comprehensive loss |
(44,487 | ) | (44,487 | ) | |||||||||||||||||
Cash dividends, ¥75 per ADS |
(19,193 | ) | (19,193 | ) | |||||||||||||||||
Purchases of treasury stock |
(8,512 | ) | (5 | ) | (5,300 | ) | (5,305 | ) | |||||||||||||
Balance at December 31, 2008 |
1,272,092 | 84,070 | 93,150 | 19,539 | 451,209 | (13,310 | ) | (9,066 | ) | 625,592 |
-11-
Kubota Corporation
and Subsidiaries
Consolidated Revenues by Industry Segment
(In millions of yen) | ||||||||||||||||||
Nine months ended Dec. 31, 2008 |
Nine months ended Dec. 31, 2007 |
Change | Year ended Mar. 31, 2008 | |||||||||||||||
Amount | % | Amount | % | Amount | % | Amount | % | |||||||||||
Farm Equipment and Engines |
527,129 | 62.6 | 509,699 | 60.8 | 17,430 | 3.4 | 677,074 | 58.6 | ||||||||||
Domestic |
165,930 | 166,917 | (987 | ) | (0.6 | ) | 218,828 | |||||||||||
Overseas |
361,199 | 342,782 | 18,417 | 5.4 | 458,246 | |||||||||||||
Construction Machinery |
73,399 | 8.7 | 88,509 | 10.6 | (15,110 | ) | (17.1 | ) | 116,580 | 10.1 | ||||||||
Domestic |
15,730 | 22,640 | (6,910 | ) | (30.5 | ) | 29,488 | |||||||||||
Overseas |
57,669 | 65,869 | (8,200 | ) | (12.4 | ) | 87,092 | |||||||||||
Internal Combustion Engine & Machinery |
600,528 | 71.3 | 598,208 | 71.4 | 2,320 | 0.4 | 793,654 | 68.7 | ||||||||||
Domestic |
181,660 | 21.6 | 189,557 | 22.6 | (7,897 | ) | (4.2 | ) | 248,316 | 21.5 | ||||||||
Overseas |
418,868 | 49.7 | 408,651 | 48.8 | 10,217 | 2.5 | 545,338 | 47.2 | ||||||||||
Pipes and Valves |
119,915 | 14.3 | 108,635 | 13.0 | 11,280 | 10.4 | 151,846 | 13.2 | ||||||||||
Domestic |
111,594 | 103,189 | 8,405 | 8.1 | 144,949 | |||||||||||||
Overseas |
8,321 | 5,446 | 2,875 | 52.8 | 6,897 | |||||||||||||
Industrial Castings |
32,210 | 3.8 | 36,049 | 4.3 | (3,839 | ) | (10.6 | ) | 49,753 | 4.3 | ||||||||
Domestic |
16,746 | 20,052 | (3,306 | ) | (16.5 | ) | 26,100 | |||||||||||
Overseas |
15,464 | 15,997 | (533 | ) | (3.3 | ) | 23,653 | |||||||||||
Pipes, Valves, & Industrial Castings |
152,125 | 18.1 | 144,684 | 17.3 | 7,441 | 5.1 | 201,599 | 17.5 | ||||||||||
Domestic |
128,340 | 15.3 | 123,241 | 14.7 | 5,099 | 4.1 | 171,049 | 14.8 | ||||||||||
Overseas |
23,785 | 2.8 | 21,443 | 2.6 | 2,342 | 10.9 | 30,550 | 2.7 | ||||||||||
Environmental Engineering |
37,646 | 4.5 | 31,756 | 3.8 | 5,890 | 18.5 | 70,878 | 6.1 | ||||||||||
Domestic |
34,311 | 4.1 | 27,677 | 3.3 | 6,634 | 24.0 | 64,934 | 5.6 | ||||||||||
Overseas |
3,335 | 0.4 | 4,079 | 0.5 | (744 | ) | (18.2 | ) | 5,944 | 0.5 | ||||||||
Building Materials & Housing |
4,920 | 0.6 | 8,367 | 1.0 | (3,447 | ) | (41.2 | ) | 9,931 | 0.9 | ||||||||
Domestic |
4,920 | 8,367 | (3,447 | ) | (41.2 | ) | 9,931 | |||||||||||
Other |
46,426 | 5.5 | 54,616 | 6.5 | (8,190 | ) | (15.0 | ) | 78,512 | 6.8 | ||||||||
Domestic |
45,240 | 54,162 | (8,922 | ) | (16.5 | ) | 78,006 | |||||||||||
Overseas |
1,186 | 454 | 732 | 161.2 | 506 | |||||||||||||
Other |
51,346 | 6.1 | 62,983 | 7.5 | (11,637 | ) | (18.5 | ) | 88,443 | 7.7 | ||||||||
Domestic |
50,160 | 5.9 | 62,529 | 7.5 | (12,369 | ) | (19.8 | ) | 87,937 | 7.7 | ||||||||
Overseas |
1,186 | 0.2 | 454 | 0.0 | 732 | 161.2 | 506 | 0.0 | ||||||||||
Total |
841,645 | 100.0 | 837,631 | 100.0 | 4,014 | 0.5 | 1,154,574 | 100.0 | ||||||||||
Domestic |
394,471 | 46.9 | 403,004 | 48.1 | (8,533 | ) | (2.1 | ) | 572,236 | 49.6 | ||||||||
Overseas |
447,174 | 53.1 | 434,627 | 51.9 | 12,547 | 2.9 | 582,338 | 50.4 |
-12-
Kubota Corporation
and Subsidiaries
Anticipated Consolidated Revenues by Industry Segment
(In billions of yen) | ||||||||||||||
Year ending March 31, 2009 |
Year ended March 31, 2008 |
Change | ||||||||||||
Amount | % | Amount | % | Amount | % | |||||||||
Domestic |
233.5 | 248.3 | (14.8 | ) | (6.0 | ) | ||||||||
Overseas |
512.0 | 545.4 | (33.4 | ) | (6.1 | ) | ||||||||
Internal Combustion Engine and Machinery |
745.5 | 67.8 | 793.7 | 68.7 | (48.2 | ) | (6.1 | ) | ||||||
Domestic |
178.0 | 171.0 | 7.0 | 4.1 | ||||||||||
Overseas |
33.0 | 30.6 | 2.4 | 7.8 | ||||||||||
Pipes, Valves, and Industrial Castings |
211.0 | 19.2 | 201.6 | 17.5 | 9.4 | 4.7 | ||||||||
Domestic |
65.5 | 65.0 | 0.5 | 0.8 | ||||||||||
Overseas |
5.5 | 5.9 | (0.4 | ) | (6.8 | ) | ||||||||
Environmental Engineering |
71.0 | 6.4 | 70.9 | 6.1 | 0.1 | 0.1 | ||||||||
Domestic |
71.5 | 87.9 | (16.4 | ) | (18.7 | ) | ||||||||
Overseas |
1.0 | 0.5 | 0.5 | 100.0 | ||||||||||
Other |
72.5 | 6.6 | 88.4 | 7.7 | (15.9 | ) | (18.0 | ) | ||||||
Total |
1,100.0 | 100.0 | 1,154.6 | 100.0 | (54.6 | ) | (4.7 | ) | ||||||
Domestic |
548.5 | 49.9 | 572.2 | 49.6 | (23.7 | ) | (4.1 | ) | ||||||
Overseas |
551.5 | 50.1 | 582.4 | 50.4 | (30.9 | ) | (5.3 | ) |
-13-
Kubota Corporation
and Subsidiaries
<Reference>
Results for Three Months Ended December 31, 2008
Consolidated Statements of Income
(In millions of yen) | |||||
Three months ended Dec. 31, 2008 | |||||
Amount | % | ||||
Revenues |
269,323 | 100.0 | |||
Cost of revenues |
193,164 | 71.7 | |||
Selling, general, and administrative expenses |
47,042 | 17.5 | |||
Loss from disposal and impairment of businesses and fixed assets |
902 | 0.3 | |||
Operating income |
28,215 | 10.5 | |||
Other income (expenses): |
|||||
Interest and dividend income |
1,608 | ||||
Interest expense |
(625 | ) | |||
Gain on sales of securities -net |
| ||||
Valuation loss on other investments |
(46 | ) | |||
Foreign exchange loss -net |
(9,574 | ) | |||
Other -net |
(180 | ) | |||
Other income (expenses), net |
(8,817 | ) | |||
Income from continuing operations before income taxes, minority interests in earnings of subsidiaries, and equity in net income of affiliated companies |
19,398 | 7.2 | |||
Income taxes |
7,610 | ||||
Minority interests in earnings of subsidiaries |
1,617 | ||||
Equity in net income of affiliated companies |
572 | ||||
Income from continuing operations |
10,743 | 4.0 | |||
Income from discontinued operations, net of taxes |
| ||||
Net income |
10,743 | 4.0 | |||
(In yen) | |||||
Basic earnings per ADS (5 common shares): |
42.19 | ||||
Diluted earnings per ADS (5 common shares): |
42.19 |
-14-
Kubota Corporation
and Subsidiaries
Consolidated Segment Information
(1) Information by industry segments
Three months ended December 31, 2008
(In millions of yen) | ||||||||||||||||
Internal Combustion Engine & Machinery |
Pipes, Valves, & Industrial Castings |
Environmental Engineering |
Other | Total | Corporate & Eliminations |
Consolidated | ||||||||||
Revenues |
||||||||||||||||
Unaffiliated customers |
179,450 | 59,487 | 14,239 | 16,147 | 269,323 | | 269,323 | |||||||||
Intersegment |
9 | 120 | 21 | 4,235 | 4,385 | (4,385 | ) | | ||||||||
Total |
179,459 | 59,607 | 14,260 | 20,382 | 273,708 | (4,385 | ) | 269,323 | ||||||||
Cost of revenues and operating expenses |
153,497 | 52,142 | 15,968 | 19,903 | 241,510 | (402 | ) | 241,108 | ||||||||
Operating income (loss) |
25,962 | 7,465 | (1,708 | ) | 479 | 32,198 | (3,983 | ) | 28,215 |
(2) Information by geographic segments
Three months ended December 31, 2008
(In millions of yen) | |||||||||||||||||
Japan | North America |
Europe | Asia | Other Areas |
Total | Corporate & Eliminations |
Consolidated | ||||||||||
Revenues |
|||||||||||||||||
Unaffiliated customers |
144,121 | 70,533 | 21,935 | 29,109 | 3,625 | 269,323 | | 269,323 | |||||||||
Intersegment |
61,750 | 2,070 | 841 | 276 | | 64,937 | (64,937 | ) | | ||||||||
Total |
205,871 | 72,603 | 22,776 | 29,385 | 3,625 | 334,260 | (64,937 | ) | 269,323 | ||||||||
Cost of revenues and operating expenses |
195,080 | 65,822 | 21,479 | 25,908 | 3,153 | 311,442 | (70,334 | ) | 241,108 | ||||||||
Operating income |
10,791 | 6,781 | 1,297 | 3,477 | 472 | 22,818 | 5,397 | 28,215 |
(3) Overseas revenues
Three months ended December 31, 2008
(In millions of yen) | |||||||||||||||
North America | Europe | Asia | Other Areas | Total | |||||||||||
Overseas revenues |
69,400 | 23,752 | 32,180 | 9,158 | 134,490 | ||||||||||
Consolidated revenues |
269,323 | ||||||||||||||
Ratio of overseas revenues to consolidated revenues |
25.8 | % | 8.8 | % | 11.9 | % | 3.4 | % | 49.9 | % |
Note:
The consolidated segment information, which is required under the regulations of the Financial Instruments and Exchange Act of Japan, is not consistent with accounting principles generally accepted in the United States of America.
-15-
Kubota Corporation
and Subsidiaries
Consolidated Revenues by Industry Segment
(In millions of yen) | ||||
Three months ended Dec. 31, 2008 | ||||
Amount | % | |||
Farm Equipment and Engines |
159,398 | 59.2 | ||
Domestic |
48,997 | |||
Overseas |
110,401 | |||
Construction Machinery |
20,052 | 7.4 | ||
Domestic |
4,973 | |||
Overseas |
15,079 | |||
Internal Combustion Engine & Machinery |
179,450 | 66.6 | ||
Domestic |
53,970 | 20.1 | ||
Overseas |
125,480 | 46.5 | ||
Pipes and Valves |
49,080 | 18.2 | ||
Domestic |
46,197 | |||
Overseas |
2,883 | |||
Industrial Castings |
10,407 | 3.9 | ||
Domestic |
5,832 | |||
Overseas |
4,575 | |||
Pipes, Valves, & Industrial Castings |
59,487 | 22.1 | ||
Domestic |
52,029 | 19.3 | ||
Overseas |
7,458 | 2.8 | ||
Environmental Engineering |
14,239 | 5.3 | ||
Domestic |
12,992 | 4.8 | ||
Overseas |
1,247 | 0.5 | ||
Building Materials & Housing |
1,754 | 0.7 | ||
Domestic |
1,754 | |||
Other |
14,393 | 5.3 | ||
Domestic |
14,088 | |||
Overseas |
305 | |||
Other |
16,147 | 6.0 | ||
Domestic |
15,842 | 5.9 | ||
Overseas |
305 | 0.1 | ||
Total |
269,323 | 100.0 | ||
Domestic |
134,833 | 50.1 | ||
Overseas |
134,490 | 49.9 |
-16-
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: February 16, 2009 | By: | /s/ Shigeru Kimura | ||||
Name: | Shigeru Kimura | |||||
Title: | Director, General Manager of Finance & Accounting Department |