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 November 2009
Commission File Number: 1-07294
KUBOTA CORPORATION
(Translation of registrant’s 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:
EXHIBITS
Exhibit Number
| 1. | Results of Operations for the six months ended September 30, 2009 (Friday, November 6, 2009) |
| 2. | Notice on interim dividend (Friday, November 6, 2009) |
| 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 (FRIDAY, NOVEMBER 6, 2009)
RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED
SEPTEMBER 30, 2009 REPORTED BY KUBOTA CORPORATION
OSAKA, JAPAN, November 6, 2009 — Kubota Corporation reported its consolidated results of operations for the six months ended September 30, 2009 today.
Consolidated Financial Highlights
1. Consolidated results of operations for the six months ended September 30, 2009
| (1) Results of operations | (In millions of yen and thousands of U.S. dollars except per American Depositary Share (“ADS”) amounts) |
||||||||||||
| Six months ended Sept. 30, 2009 |
% (*) |
Six months ended Sept. 30, 2008 |
% (*) |
||||||||||
| Revenues |
¥ | 444,634 | (22.3 | ) | ¥ | 572,322 | 2.0 | ||||||
| [$ | 4,940,378 | ] | |||||||||||
| Operating income |
¥ | 33,132 | (51.3 | ) | ¥ | 68,076 | (9.4 | ) | |||||
| [$ | 368,133 | ] | |||||||||||
| Income before income taxes and equity in net income of affiliated companies |
¥ | 33,287 | (49.5 | ) | ¥ | 65,935 | (13.5 | ) | |||||
| [$ | 369,856 | ] | |||||||||||
| Net income attributable to Kubota Corporation |
¥ | 19,313 | (46.0 | ) | ¥ | 35,737 | (16.9 | ) | |||||
| [$ | 214,589 | ] | |||||||||||
| Net income attributable to Kubota Corporation per ADS |
|||||||||||||
| Basic |
¥ | 75.91 | ¥ | 139.75 | |||||||||
| [$ | 0.84 | ] | |||||||||||
| Diluted |
¥ | 75.91 | ¥ | 139.75 | |||||||||
| [$ | 0.84 | ] | |||||||||||
Note : (*) represents percentage change from the corresponding period in the prior year.
| (2) Financial position | (In millions of yen and thousands of U.S. dollars except per ADS amounts) |
|||||||
| Sept. 30, 2009 | Mar. 31, 2009 | |||||||
| Total assets |
¥ | 1,400,847 | ¥ | 1,385,824 | ||||
| [$ | 15,564,967 | ] | ||||||
| Equity |
¥ | 655,053 | ¥ | 616,243 | ||||
| [$ | 7,278,367 | ] | ||||||
| Kubota Corporation shareholders’ equity |
¥ | 610,710 | ¥ | 578,284 | ||||
| [$ | 6,785,667 | ] | ||||||
| Ratio of Kubota Corporation shareholders’ equity |
43.6 | % | 41.7 | % | ||||
| Kubota Corporation shareholders’ equity per ADS |
¥ | 2,400.56 | ¥ | 2,273.02 | ||||
| [$ | 26.67 | ] | ||||||
Notes : The United States dollar amounts included herein represent translations using the approximate exchanging rate on September 30, 2009, ¥90=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 millions of yen except per ADS amounts) | |||||||||
| Cash dividends per ADS | |||||||||
| Interim | Year end | Total | |||||||
| Year ended March 31, 2009 |
¥ | 35.00 | ¥ | 35.00 | ¥ | 70.00 | |||
| Year ending March 31, 2010 |
¥ | 35.00 | Undecided | Undecided | |||||
Note : Although the Company’s 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 year-end dividends for the year ending March 31, 2010 is undecided at this time and the Company will inform the amount as soon as a decision is made.
3. Anticipated results of operations for the year ending March 31, 2010
| (In millions of yen except per ADS amounts) | ||||||
| Year ending March 31, 2010 |
% (*) |
|||||
| Revenues |
¥ | 950,000 | (14.2 | ) | ||
| Operating income |
¥ | 70,000 | (31.9 | ) | ||
| Income before income taxes and equity in net income of affiliated companies |
¥ | 71,000 | (14.7 | ) | ||
| Net income attributable to Kubota Corporation |
¥ | 41,500 | (13.7 | ) | ||
| Net income attributable to Kubota Corporation per ADS |
¥ | 163.13 | ||||
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 5. | ||||||
| (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 5. | ||||||
| (4) |
Number of shares outstanding including treasury stock as of September 30, 2009 | : | 1,285,919,180 | |||
| Number of shares outstanding including treasury stock as of March 31, 2009 | : | 1,285,919,180 | ||||
| Number of treasury stock as of September 30, 2009 | : | 13,905,866 | ||||
| Number of treasury stock as of March 31, 2009 | : | 13,856,291 | ||||
| Weighted average number of shares outstanding during the six months ended September 30, 2009 | : | 1,272,031,101 | ||||
| Weighted average number of shares outstanding during the six months ended September 30, 2008 | : | 1,278,563,761 | ||||
-2-
Kubota Corporation
and Subsidiaries
1. Review of Operations and Financial Condition
1. Review of operations
(1) Summary of the results of operations for the six months under review
For the six months ended September 30, 2009, revenues of Kubota Corporation and subsidiaries (hereinafter “the Company”) decreased ¥127.7 billion (22.3 %), to ¥444.6 billion from the corresponding period in the prior year. This decline of revenues was due to decline of domestic revenues in all 4 segments affected by continuous severe conditions in the domestic market and substantial decline of overseas revenues centering on Internal Combustion Engine and Machinery.
In the domestic market, revenues decreased ¥31.0 billion (11.9 %), to ¥228.6 billion from the corresponding period in the prior year. Sales of farm equipment, engines and construction machinery declined all together in Internal Combustion Engine and Machinery. Sales declines of plastic pipes, steel pipes and industrial castings resulted in a decrease in revenues of Pipes, Valves, and Industrial Castings, while sales of ductile iron pipes and valves increased. Revenues in Environmental Engineering declined and revenues in Other also decreased affected by decrease in demand.
In overseas markets, revenues decreased ¥96.7 billion (30.9 %), to ¥216.0 billion from the corresponding period in the prior year. Although sales of combine harvesters and rice transplanters increased steadily in Asia outside Japan, revenues in Internal Combustion Engine and Machinery decreased due to substantial sales declines of tractors, engines and construction machinery in North America and Europe. Revenues in Pipes, Valves, and Industrial Castings increased due to sales increase of ductile iron pipes. Revenues in Environmental Engineering also increased due to sales increase of pumps. Revenues in Other decreased slightly.
Operating income decreased ¥34.9 billion (51.3 %), to ¥33.1 billion from the corresponding period in the prior year. Operating income in Internal Combustion Engine and Machinery registered a significantly decline owing to a decrease in revenues and the appreciation of the yen. Operating income in Pipes, Valves, and Industrial Castings sharply increased due to lower raw material prices. While operating loss in Environmental Engineering was almost same level as the corresponding period in the prior year, operating income in Other decreased.
Income before income taxes and equity in net income of affiliated companies decreased ¥32.6 billion (49.5 %), to ¥33.3 billion. Income taxes were ¥11.0 billion (representing an effective tax rate of 33.1 %), and equity in net income of affiliated companies was ¥0.3 billion. Accordingly, net income decreased ¥17.7 billion (43.9 %), to ¥22.6 billion.
After deducting ¥3.3 billion of net income attributable to the noncontrolling interests, net income attributable to Kubota Corporation was ¥19.3 billion, ¥16.4 billion (46.0 %) lower than the corresponding period in the prior year.
* The Company adopted the FASB Accounting Standards Codification (ASC) 810, “Consolidation”. “Net income” presented in the consolidated financial statements until the year ended March 31, 2009 was renamed “Net income attributable to Kubota Corporation” to conform to ASC 810.
(2) Review of operations by industry segment
1) Internal Combustion Engine and Machinery
Revenues in Internal Combustion Engine and Machinery were ¥309.8 billion, 26.4 % lower than the corresponding period in the prior year, comprising 69.7 % of consolidated revenues. Domestic revenues decreased 9.1 %, to ¥116.1 billion, and overseas revenues decreased 34.0 %, to ¥193.7 billion. This segment comprises farm equipment, engines and construction machinery.
In the domestic market, sales of farm equipment decreased affected by decreased off-farm income resulting from a weakening economy and holding-off buying farm equipment in waiting for governmental subsidy for leasing agricultural machinery. Sales of construction machinery largely decreased due to substantial demand decline. Sales of engines also declined sharply due to clients’ adjustment of production and inventory.
In overseas markets, sales of tractors substantially decreased. Sales of tractors in North America, where is in severe market condition, decreased due to the slump in housing related markets in the U.S. Sales of tractors in Europe also decreased due to stagnant economy in this region. Sales of tractors in Asia outside Japan decreased affected by the appreciation of the yen, even though sales quantity in the region continued healthy growth centering on Thailand. Sales of construction machinery substantially decreased due to stagnation in North America and Europe. Sales of engines also decreased. On the other hand, sales of combine harvesters and rice transplanters increased sharply in China and Thailand.
-3-
Kubota Corporation
and Subsidiaries
2) Pipes, Valves, and Industrial Castings
Revenues in Pipes, Valves, and Industrial Castings decreased 7.6 %, to ¥85.6 billion from the corresponding period in the prior year, comprising 19.2 % of consolidated revenues. Domestic revenues decreased 11.9 %, to ¥67.2 billion, and overseas revenues increased 12.4 %, to ¥18.4 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, although sales of ductile iron pipes increased slightly and sales of valves expanded, sales of plastic pipes and steel pipes decreased due to declining demand. Sales of industrial castings also decreased due to drop in capital expenditure of private-sector.
Overseas revenues increased due to increased sales of ductile iron pipes in the Middle East, while sales of industrial castings decreased.
3) Environmental Engineering
Revenues in Environmental Engineering decreased 10.1 %, to ¥21.0 billion from the corresponding period in the prior year, comprising 4.7 % of consolidated revenues. Domestic revenues decreased 16.4 %, to ¥17.8 billion, and overseas revenues increased 54.3 %, to ¥3.2 billion. This segment consists of environmental control plants and pumps.
In the domestic market, sales of the waste engineering products substantially decreased, while sales of the water & sewage engineering products increased. In overseas markets, sales of pumps largely increased, while sales of submerged membrane system decreased.
4) Other
Revenues in Other decreased 19.7 %, to ¥28.3 billion from the corresponding period in the prior year, comprising 6.4 % of consolidated revenues. Domestic revenues decreased 19.8 %, to ¥27.5 billion, and overseas revenues decreased 14.3 %, to ¥0.8 billion. This segment comprises vending machines, electronic-equipped machinery, air-conditioning equipment, construction, septic tanks and other business.
Sales of vending machines and electronic-equipped machinery decreased due to decline in private capital investment affected by a weakened economy. Sales of construction and septic tanks decreased affected by decline of private investment in construction in Japan.
2. Financial condition
(1) Assets, liabilities and equity
Total assets at the end of September 2009 increased ¥15.0 billion (1.1 %) compared with those at the end of March 2009. As for assets, notes and accounts receivable, and inventories decreased, while short- and long-term finance receivables, and cash and cash equivalents increased substantially.
As for liabilities, accounts payable decreased affected by production adjustment. On the other hand, interest-bearing debt, centering on long-term debt, increased mainly due to issuances of bonds by overseas subsidiaries.
Equity largely increased due to an increase of accumulated other comprehensive income and recorded net income. Shareholders’ equity ratio was 43.6 %, 1.9 percentage points higher than the prior year end.
-4-
Kubota Corporation
and Subsidiaries
(2) Cash flows
Net cash provided by operating activities during the six months under review was ¥41.9 billion, increase of ¥49.9 billion of cash inflow from the corresponding period in the prior year. Although net income decreased, increased cash inflow by change in working capital such as notes and accounts receivable and inventories exceeded such decrease. Accordingly, cash flow status in operating activities changed from outflow to inflow.
Net cash used in investing activities was ¥20.6 billion, decrease of ¥22.2 billion of cash outflow from the corresponding period in the prior year. This decrease was mainly due to shrinkage of net increase in short- and long-term finance receivables, decrease in purchases of fixed assets, and large increase in proceeds from sales and redemption of investments.
Net cash provided by financing activities was ¥2.0 billion, decrease of ¥43.8 billion of cash inflow from the corresponding period in the prior year. This large decrease was due to decrease in fund-raising centering on short-term borrowings.
As a result, including the effect of exchange rate, cash and cash equivalents at the end of September 2009 was ¥94.4 billion, an increase of ¥24.9 billion from the beginning of the year.
3. Prospect for the fiscal year under review
The Company revised the forecasts of revenues for the year ending March 31, 2010 to be ¥950.0 billion, a decrease of ¥70.0 billion from the previous forecast on May 13, 2009. In the domestic market, although revenues in Environmental Engineering are forecast to the same level as the previous forecast, revenues in other 3 segments are forecast to decrease from the previous forecast. Overseas revenues are also forecast to decrease substantially due to large decrease of revenues in Internal Combustion Engine and Machinery from the previous forecast, which faces severer conditions in North America and Europe than the Company expected.
In spite of downward revision of revenues forecast, the Company expects same amount of operating income as the previous forecast. Income before income taxes and equity in net income of affiliated companies, and net income attributable to Kubota Corporation are forecast to increase by ¥1.5 billion from the previous forecasts. (These forecasts are based on the assumption of an exchange rate of ¥94=US$1.)
| (In millions of yen) | ||||||||||||
| Previous Forecasts on May 13, 2009 |
Revised Forecasts |
Change | Prior year (Year ended March 31, 2009) | |||||||||
| Revenues |
1,020,000 | 950,000 | (70,000 | ) | (6.9 | %) | 1,107,482 | |||||
| Operating Income |
70,000 | 70,000 | — | — | 102,815 | |||||||
| Income before income taxes and equity in net income of affiliated companies |
69,500 | 71,000 | 1,500 | 2.2 | % | 83,259 | ||||||
| Net income attributable to Kubota Corporation |
40,000 | 41,500 | 1,500 | 3.8 | % | 48,064 | ||||||
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 six months ended September 30, 2009 was calculated using reasonably estimated annual effective tax rate for this fiscal year.
-5-
Kubota Corporation
and Subsidiaries
(3) Changes in accounting principles, procedures and presentations for consolidated financial statements
1) Changes due to the revision of accounting standards
The Company adopted the FASB Accounting Standards Codification (ASC) 105, “Generally Accepted Accounting Principles” in September 2009. ASC restructured the existing US GAAP, and the adoption of ASC 105 did not have an impact on the Company’s consolidated results of operations and financial position.
The Company adopted ASC 810, “Consolidation” (former SFAS No. 160, “Noncontrolling Interests in Consolidated Financial Statements—an amendment of ARB No. 51”) effective April 1, 2009. Upon the adoption of ASC 810, noncontrolling interests, which were previously referred to as minority interests and classified between total liabilities and shareholders’ equity on the consolidated balance sheets, are now included as a separate component of total equity. Net income is classified and attributed between noncontrolling interests and Kubota Corporation in the consolidated statements of income, and related presentation of consolidated statements of cash flows and other consolidated financial statements has been changed. Amounts in the prior consolidated financial statements have been reclassified or adjusted to conform to the current presentation.
Under ASC 810, changes in a parent’s ownership interest while the parent retains its controlling financial interest in its subsidiary are accounted for as equity transactions. The adoption of ASC 810 did not have a material impact on the Company’s consolidated results of operations and financial position.
2) Changes in matters other than 1) above.
None
(4) Assumptions for going concern
None
|
< Cautionary Statements with Respect to Forward-Looking Statements >
This document may contain forward-looking statements that are based on management’s 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 Company’s 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 Company’s ability to continue to gain acceptance of its products.
|
-6-
Kubota Corporation
and Subsidiaries
Consolidated Balance Sheets
| Assets | (In millions of yen) | ||||||||||||||
| Sept. 30, 2009 | Mar. 31, 2009 | Change | Sept. 30, 2008 | ||||||||||||
| Amount | % | Amount | % | Amount | Amount | % | |||||||||
| Current assets: |
|||||||||||||||
| Cash and cash equivalents |
94,360 | 69,505 | 24,855 | 82,028 | |||||||||||
| Notes and accounts receivable |
356,618 | 387,500 | (30,882 | ) | 392,878 | ||||||||||
| Short-term finance receivables-net |
104,705 | 97,292 | 7,413 | 112,873 | |||||||||||
| Inventories |
193,179 | 207,401 | (14,222 | ) | 210,523 | ||||||||||
| Interest in sold receivables |
— | — | — | 2,124 | |||||||||||
| Other current assets |
60,200 | 54,648 | 5,552 | 64,055 | |||||||||||
| Total current assets |
809,062 | 57.8 | 816,346 | 58.9 | (7,284 | ) | 864,481 | 57.4 | |||||||
| Investments and long-term finance receivables |
308,094 | 22.0 | 279,965 | 20.2 | 28,129 | 353,032 | 23.4 | ||||||||
| Property, plant, and equipment |
224,420 | 16.0 | 225,621 | 16.3 | (1,201 | ) | 233,239 | 15.5 | |||||||
| Other assets |
59,271 | 4.2 | 63,892 | 4.6 | (4,621 | ) | 55,331 | 3.7 | |||||||
| Total |
1,400,847 | 100.0 | 1,385,824 | 100.0 | 15,023 | 1,506,083 | 100.0 | ||||||||
| Liabilities and Equity | (In millions of yen) | |||||||||||||||||
| Sept. 30, 2009 | Mar. 31, 2009 | Change | Sept. 30, 2008 | |||||||||||||||
| Amount | % | Amount | % | Amount | Amount | % | ||||||||||||
| Current liabilities: |
||||||||||||||||||
| Short-term borrowings |
128,828 | 132,100 | (3,272 | ) | 136,260 | |||||||||||||
| Notes and accounts payable |
133,234 | 179,627 | (46,393 | ) | 202,071 | |||||||||||||
| Other current liabilities |
118,178 | 122,270 | (4,092 | ) | 131,501 | |||||||||||||
| Current portion of long-term debt |
72,692 | 60,378 | 12,314 | 54,135 | ||||||||||||||
| Total current liabilities |
452,932 | 32.3 | 494,375 | 35.7 | (41,443 | ) | 523,967 | 34.8 | ||||||||||
| Long-term liabilities: |
||||||||||||||||||
| Long-term debt |
230,848 | 208,588 | 22,260 | 213,708 | ||||||||||||||
| Accrued retirement and pension costs |
52,364 | 56,591 | (4,227 | ) | 39,118 | |||||||||||||
| Other long-term liabilities |
9,650 | 10,027 | (377 | ) | 27,584 | |||||||||||||
| Total long-term liabilities |
292,862 | 20.9 | 275,206 | 19.9 | 17,656 | 280,410 | 18.6 | |||||||||||
| Equity: |
||||||||||||||||||
| Kubota Corporation shareholders’ equity: |
||||||||||||||||||
| Common stock |
84,070 | 84,070 | — | 84,070 | ||||||||||||||
| Capital surplus |
93,086 | 93,150 | (64 | ) | 93,150 | |||||||||||||
| Legal reserve |
19,539 | 19,539 | — | 19,539 | ||||||||||||||
| Retained earnings |
463,197 | 452,791 | 10,406 | 449,416 | ||||||||||||||
| Accumulated other comprehensive income (loss) |
(40,072 | ) | (62,184 | ) | 22,112 | 17,671 | ||||||||||||
| Treasury stock |
(9,110 | ) | (9,082 | ) | (28 | ) | (6,371 | ) | ||||||||||
| Total Kubota Corporation shareholders’ equity |
610,710 | 43.6 | 578,284 | 41.7 | 32,426 | 657,475 | 43.7 | |||||||||||
| Noncontrolling interests |
44,343 | 3.2 | 37,959 | 2.7 | 6,384 | 44,231 | 2.9 | |||||||||||
| Total equity |
655,053 | 46.8 | 616,243 | 44.4 | 38,810 | 701,706 | 46.6 | |||||||||||
| Total |
1,400,847 | 100.0 | 1,385,824 | 100.0 | 15,023 | 1,506,083 | 100.0 | |||||||||||
-7-
Kubota Corporation
and Subsidiaries
Consolidated Statements of Income
| (In millions of yen) | |||||||||||||||||||||
| Six months ended Sept. 30, 2009 |
Six months ended Sept. 30, 2008 |
Change | Year ended Mar. 31, 2009 | ||||||||||||||||||
| Amount | % | Amount | % | Amount | % | Amount | % | ||||||||||||||
| Revenues |
444,634 | 100.0 | 572,322 | 100.0 | (127,688 | ) | (22.3 | ) | 1,107,482 | 100.0 | |||||||||||
| Cost of revenues |
326,598 | 73.4 | 413,012 | 72.2 | (86,414 | ) | (20.9 | ) | 810,226 | 73.1 | |||||||||||
| Selling, general, and administrative expenses |
84,637 | 19.0 | 90,610 | 15.8 | (5,973 | ) | (6.6 | ) | 193,426 | 17.5 | |||||||||||
| Loss from disposal and impairment of businesses and fixed assets |
267 | 0.1 | 624 | 0.1 | (357 | ) | (57.2 | ) | 1,015 | 0.1 | |||||||||||
| Operating income |
33,132 | 7.5 | 68,076 | 11.9 | (34,944 | ) | (51.3 | ) | 102,815 | 9.3 | |||||||||||
| Other income (expenses): |
|||||||||||||||||||||
| Interest and dividend income |
1,871 | 2,692 | (821 | ) | 4,822 | ||||||||||||||||
| Interest expense |
(1,274 | ) | (1,184 | ) | (90 | ) | (2,664 | ) | |||||||||||||
| Gain (loss) on sales of securities-net |
312 | 16 | 296 | (116 | ) | ||||||||||||||||
| Valuation loss on other investments |
(43 | ) | (708 | ) | 665 | (8,618 | ) | ||||||||||||||
| Foreign exchange gain (loss)-net |
874 | (2,199 | ) | 3,073 | (11,525 | ) | |||||||||||||||
| Other-net |
(1,585 | ) | (758 | ) | (827 | ) | (1,455 | ) | |||||||||||||
| Other income (expenses), net |
155 | (2,141 | ) | 2,296 | (19,556 | ) | |||||||||||||||
| Income before income taxes and equity in net income of affiliated companies |
33,287 | 7.5 | 65,935 | 11.5 | (32,648 | ) | (49.5 | ) | 83,259 | 7.5 | |||||||||||
| Income taxes |
11,011 | 25,790 | (14,779 | ) | 28,746 | ||||||||||||||||
| Equity in net income of affiliated companies |
334 | 180 | 154 | 222 | |||||||||||||||||
| Net income |
22,610 | 5.1 | 40,325 | 7.0 | (17,715 | ) | (43.9 | ) | 54,735 | 4.9 | |||||||||||
| Less: Net income attributable to the noncontrolling interests |
3,297 | 4,588 | (1,291 | ) | 6,671 | ||||||||||||||||
| Net income attributable to Kubota Corporation |
19,313 | 4.3 | 35,737 | 6.2 | (16,424 | ) | (46.0 | ) | 48,064 | 4.3 | |||||||||||
| Net income attributable to Kubota Corporation per ADS | (In yen) | ||||||||||||||||||||
| Basic |
75.91 | 139.75 | 188.40 | ||||||||||||||||||
| Diluted |
75.91 | 139.75 | 188.40 | ||||||||||||||||||
-8-
Kubota Corporation
and Subsidiaries
Consolidated Statements of Cash Flows
| (In millions of yen) | |||||||||
| Six months ended Sept. 30, 2009 |
Six months ended Sept. 30, 2008 |
Change | |||||||
| Operating activities: |
|||||||||
| Net income |
22,610 | 40,325 | |||||||
| Depreciation and amortization |
14,223 | 15,060 | |||||||
| Valuation loss on other investments |
43 | 708 | |||||||
| Deferred income taxes |
417 | 4,730 | |||||||
| Decrease (increase) in notes and accounts receivable |
37,243 | (119,419 | ) | ||||||
| Decrease (increase) in inventories |
20,771 | (10,708 | ) | ||||||
| Decrease in interest in sold receivable |
— | 69,502 | |||||||
| Increase in other current assets |
(2,174 | ) | (11,850 | ) | |||||
| Decrease in trade notes and accounts payable |
(52,932 | ) | (1,514 | ) | |||||
| Increase in income taxes payable |
3,027 | 2,070 | |||||||
| Increase (decrease) in other current liabilities |
(4,717 | ) | 10,358 | ||||||
| Increase (decrease) in accrued retirement and pension costs |
112 | (4,692 | ) | ||||||
| Other |
3,263 | (2,628 | ) | ||||||
| Net cash provided by (used in) operating activities |
41,886 | (8,058 | ) | 49,944 | |||||
| Investing activities: |
|||||||||
| Purchases of fixed assets |
(11,003 | ) | (15,975 | ) | |||||
| Proceeds from sales of property, plant, and equipment |
1,068 | 641 | |||||||
| Proceeds from sales and redemption of investments |
5,763 | 46 | |||||||
| Increase in finance receivables |
(82,188 | ) | (102,807 | ) | |||||
| Collection of finance receivables |
67,578 | 75,803 | |||||||
| Other |
(1,827 | ) | (547 | ) | |||||
| Net cash used in investing activities |
(20,609 | ) | (42,839 | ) | 22,230 | ||||
| Financing activities: |
|||||||||
| Proceeds from issuance of long-term debt |
46,354 | 63,068 | |||||||
| Repayments of long-term debt |
(25,126 | ) | (36,864 | ) | |||||
| Net increase (decrease) in short-term borrowings |
(10,970 | ) | 33,197 | ||||||
| Cash dividends |
(8,907 | ) | (10,248 | ) | |||||
| Purchases of treasury stock |
(24 | ) | (2,614 | ) | |||||
| Other |
716 | (719 | ) | ||||||
| Net cash provided by financing activities |
2,043 | 45,820 | (43,777 | ) | |||||
| Effect of exchange rate changes on cash and cash equivalents |
1,535 | (1,679 | ) | 3,214 | |||||
| Net increase (decrease) in cash and cash equivalents |
24,855 | (6,756 | ) | ||||||
| Cash and cash equivalents at beginning of period |
69,505 | 88,784 | |||||||
| Cash and cash equivalents at end of period |
94,360 | 82,028 | 12,332 | ||||||
-9-
Kubota Corporation
and Subsidiaries
Consolidated Segment Information
(1) Information by industry segments
Six months ended September 30, 2009
| (In millions of yen) | ||||||||||||||||
| Internal Combustion Engine & Machinery |
Pipes, Valves, & Industrial Castings |
Environmental Engineering |
Other | Total | Corporate & Eliminations |
Consolidated | ||||||||||
| Revenues |
||||||||||||||||
| Unaffiliated customers |
309,755 | 85,564 | 21,048 | 28,267 | 444,634 | — | 444,634 | |||||||||
| Intersegment |
31 | 123 | 35 | 7,345 | 7,534 | (7,534 | ) | — | ||||||||
| Total |
309,786 | 85,687 | 21,083 | 35,612 | 452,168 | (7,534 | ) | 444,634 | ||||||||
| Cost of revenues and operating expenses |
276,940 | 73,986 | 24,124 | 34,938 | 409,988 | 1,514 | 411,502 | |||||||||
| Operating income (loss) |
32,846 | 11,701 | (3,041 | ) | 674 | 42,180 | (9,048 | ) | 33,132 | |||||||
Six months ended September 30, 2008
| (In millions of yen) | ||||||||||||||||
| Internal Combustion Engine & Machinery |
Pipes, Valves, & Industrial Castings |
Environmental Engineering |
Other | Total | Corporate & Eliminations |
Consolidated | ||||||||||
| Revenues |
||||||||||||||||
| Unaffiliated customers |
421,078 | 92,638 | 23,407 | 35,199 | 572,322 | — | 572,322 | |||||||||
| Intersegment |
15 | 121 | 83 | 7,111 | 7,330 | (7,330 | ) | — | ||||||||
| Total |
421,093 | 92,759 | 23,490 | 42,310 | 579,652 | (7,330 | ) | 572,322 | ||||||||
| Cost of revenues and operating expenses |
347,835 | 89,198 | 26,633 | 40,288 | 503,954 | 292 | 504,246 | |||||||||
| Operating income (loss) |
73,258 | 3,561 | (3,143 | ) | 2,022 | 75,698 | (7,622 | ) | 68,076 | |||||||
-10-
Kubota Corporation
and Subsidiaries
Consolidated Segment Information
(2) Information by geographic segments
Six months ended September 30, 2009
| (In millions of yen) | |||||||||||||||||
| Japan | North America | Europe | Asia | Other Areas | Total | Corporate & Eliminations |
Consolidated | ||||||||||
| Revenues |
|||||||||||||||||
| Unaffiliated customers |
250,279 | 81,534 | 34,228 | 73,295 | 5,298 | 444,634 | — | 444,634 | |||||||||
| Intersegment |
75,770 | 4,430 | 909 | 533 | — | 81,642 | (81,642 | ) | — | ||||||||
| Total |
326,049 | 85,964 | 35,137 | 73,828 | 5,298 | 526,276 | (81,642 | ) | 444,634 | ||||||||
| Cost of revenues and operating expenses |
303,522 | 78,168 | 32,878 | 64,431 | 4,517 | 483,516 | (72,014 | ) | 411,502 | ||||||||
| Operating income |
22,527 | 7,796 | 2,259 | 9,397 | 781 | 42,760 | (9,628 | ) | 33,132 | ||||||||
| Six months ended September 30, 2008 | |||||||||||||||||
| (In millions of yen) | |||||||||||||||||
| Japan | North America | Europe | Asia | Other Areas | Total | Corporate & Eliminations |
Consolidated | ||||||||||
| Revenues |
|||||||||||||||||
| Unaffiliated customers |
280,302 | 152,957 | 66,500 | 64,625 | 7,938 | 572,322 | — | 572,322 | |||||||||
| Intersegment |
147,561 | 5,799 | 2,089 | 696 | — | 156,145 | (156,145 | ) | — | ||||||||
| Total |
427,863 | 158,756 | 68,589 | 65,321 | 7,938 | 728,467 | (156,145 | ) | 572,322 | ||||||||
| Cost of revenues and operating expenses |
391,017 | 141,321 | 61,506 | 55,850 | 6,611 | 656,305 | (152,059 | ) | 504,246 | ||||||||
| Operating income |
36,846 | 17,435 | 7,083 | 9,471 | 1,327 | 72,162 | (4,086 | ) | 68,076 | ||||||||
(3) Overseas revenues
Six months ended September 30, 2009
| (In millions of yen) | |||||||||||||||
| North America | Europe | Asia | Other Areas | Total | |||||||||||
| Overseas revenues |
82,344 | 35,711 | 78,878 | 19,073 | 216,006 | ||||||||||
| Consolidated revenues |
444,634 | ||||||||||||||
| Ratio of overseas revenues to consolidated revenues |
18.5 | % | 8.0 | % | 17.8 | % | 4.3 | % | 48.6 | % | |||||
| Six months ended September 30, 2008 | |||||||||||||||
| (In millions of yen) | |||||||||||||||
| North America | Europe | Asia | Other Areas | Total | |||||||||||
| Overseas revenues |
150,777 | 69,196 | 73,823 | 18,888 | 312,684 | ||||||||||
| Consolidated revenues |
572,322 | ||||||||||||||
| Ratio of overseas revenues to consolidated revenues |
26.3 | % | 12.1 | % | 12.9 | % | 3.3 | % | 54.6 | % | |||||
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.
Consolidated Statements of Changes in Equity
| (In millions of yen) | |||||||||||||||||||||||||
| Shares of common stock outstanding (thousands) |
Kubota Corporation Shareholders’ Equity | Non- controlling interests |
Total | ||||||||||||||||||||||
| Common stock |
Capital surplus |
Legal reserve |
Retained earnings |
Accumulated other comprehensive income (loss) |
Treasury stock |
||||||||||||||||||||
| Balance at March 31, 2009 |
1,272,063 | 84,070 | 93,150 | 19,539 | 452,791 | (62,184 | ) | (9,082 | ) | 37,959 | 616,243 | ||||||||||||||
| Net income |
19,313 | 3,297 | 22,610 | ||||||||||||||||||||||
| Other comprehensive income |
22,112 | 2,592 | 24,704 | ||||||||||||||||||||||
| Cash dividends paid to Kubota Corporation shareholders, ¥35 per ADS |
(8,907 | ) | (8,907 | ) | |||||||||||||||||||||
| Cash dividends paid to the noncontrolling interests |
(191 | ) | (191 | ) | |||||||||||||||||||||
| Purchases and sales of treasury stock |
(50 | ) | (28 | ) | (28 | ) | |||||||||||||||||||
| Changes in ownership interests in subsidiaries and others |
(64 | ) | 686 | 622 | |||||||||||||||||||||
| Balance at September 30, 2009 |
1,272,013 | 84,070 | 93,086 | 19,539 | 463,197 | (40,072 | ) | (9,110 | ) | 44,343 | 655,053 | ||||||||||||||
-11-
Kubota Corporation
and Subsidiaries
Consolidated Revenues by Industry Segment
| (In millions of yen) | ||||||||||||||||||
| Six months ended Sept. 30, 2009 |
Six months ended Sept. 30, 2008 |
Change | Year ended Mar. 31, 2009 | |||||||||||||||
| Amount | % | Amount | % | Amount | % | Amount | % | |||||||||||
| Farm Equipment and Engines |
281,454 | 63.3 | 367,731 | 64.3 | (86,277 | ) | (23.5 | ) | 671,292 | 60.6 | ||||||||
| Domestic |
108,355 | 116,933 | (8,578 | ) | (7.3 | ) | 214,905 | |||||||||||
| Overseas |
173,099 | 250,798 | (77,699 | ) | (31.0 | ) | 456,387 | |||||||||||
| Construction Machinery |
28,301 | 6.4 | 53,347 | 9.3 | (25,046 | ) | (46.9 | ) | 83,124 | 7.5 | ||||||||
| Domestic |
7,723 | 10,757 | (3,034 | ) | (28.2 | ) | 20,249 | |||||||||||
| Overseas |
20,578 | 42,590 | (22,012 | ) | (51.7 | ) | 62,875 | |||||||||||
| Internal Combustion Engine & Machinery |
309,755 | 69.7 | 421,078 | 73.6 | (111,323 | ) | (26.4 | ) | 754,416 | 68.1 | ||||||||
| Domestic |
116,078 | 26.1 | 127,690 | 22.3 | (11,612 | ) | (9.1 | ) | 235,154 | 21.2 | ||||||||
| Overseas |
193,677 | 43.6 | 293,388 | 51.3 | (99,711 | ) | (34.0 | ) | 519,262 | 46.9 | ||||||||
| Pipes and Valves |
68,824 | 15.5 | 70,835 | 12.4 | (2,011 | ) | (2.8 | ) | 164,797 | 14.9 | ||||||||
| Domestic |
58,858 | 65,397 | (6,539 | ) | (10.0 | ) | 153,190 | |||||||||||
| Overseas |
9,966 | 5,438 | 4,528 | 83.3 | 11,607 | |||||||||||||
| Industrial Castings |
16,740 | 3.7 | 21,803 | 3.8 | (5,063 | ) | (23.2 | ) | 43,073 | 3.9 | ||||||||
| Domestic |
8,353 | 10,914 | (2,561 | ) | (23.5 | ) | 22,862 | |||||||||||
| Overseas |
8,387 | 10,889 | (2,502 | ) | (23.0 | ) | 20,211 | |||||||||||
| Pipes, Valves, & Industrial Castings |
85,564 | 19.2 | 92,638 | 16.2 | (7,074 | ) | (7.6 | ) | 207,870 | 18.8 | ||||||||
| Domestic |
67,211 | 15.1 | 76,311 | 13.4 | (9,100 | ) | (11.9 | ) | 176,052 | 15.9 | ||||||||
| Overseas |
18,353 | 4.1 | 16,327 | 2.8 | 2,026 | 12.4 | 31,818 | 2.9 | ||||||||||
| Environmental Engineering |
21,048 | 4.7 | 23,407 | 4.1 | (2,359 | ) | (10.1 | ) | 74,390 | 6.7 | ||||||||
| Domestic |
17,827 | 4.0 | 21,319 | 3.7 | (3,492 | ) | (16.4 | ) | 68,885 | 6.2 | ||||||||
| Overseas |
3,221 | 0.7 | 2,088 | 0.4 | 1,133 | 54.3 | 5,505 | 0.5 | ||||||||||
| Other |
28,267 | 6.4 | 35,199 | 6.1 | (6,932 | ) | (19.7 | ) | 70,806 | 6.4 | ||||||||
| Domestic |
27,512 | 6.2 | 34,318 | 6.0 | (6,806 | ) | (19.8 | ) | 69,098 | 6.3 | ||||||||
| Overseas |
755 | 0.2 | 881 | 0.1 | (126 | ) | (14.3 | ) | 1,708 | 0.1 | ||||||||
| Total |
444,634 | 100.0 | 572,322 | 100.0 | (127,688 | ) | (22.3 | ) | 1,107,482 | 100.0 | ||||||||
| Domestic |
228,628 | 51.4 | 259,638 | 45.4 | (31,010 | ) | (11.9 | ) | 549,189 | 49.6 | ||||||||
| Overseas |
216,006 | 48.6 | 312,684 | 54.6 | (96,678 | ) | (30.9 | ) | 558,293 | 50.4 | ||||||||
-12-
Kubota Corporation
and Subsidiaries
Anticipated Consolidated Revenues by Industry Segment
| (In billions of yen) | ||||||||||||||
| Year ending March 31, 2010 |
Year ended March 31, 2009 |
Change | ||||||||||||
| Amount | % | Amount | % | Amount | % | |||||||||
| Domestic |
225.5 | 235.1 | (9.6 | ) | (4.1 | ) | ||||||||
| Overseas |
396.0 | 519.3 | (123.3 | ) | (23.7 | ) | ||||||||
| Internal Combustion Engine and Machinery |
621.5 | 65.4 | 754.4 | 68.1 | (132.9 | ) | (17.6 | ) | ||||||
| Domestic |
154.0 | 176.1 | (22.1 | ) | (12.5 | ) | ||||||||
| Overseas |
36.0 | 31.8 | 4.2 | 13.2 | ||||||||||
| Pipes, Valves, and Industrial Castings |
190.0 | 20.0 | 207.9 | 18.8 | (17.9 | ) | (8.6 | ) | ||||||
| Domestic |
69.0 | 68.9 | 0.1 | 0.1 | ||||||||||
| Overseas |
8.0 | 5.5 | 2.5 | 45.5 | ||||||||||
| Environmental Engineering |
77.0 | 8.1 | 74.4 | 6.7 | 2.6 | 3.5 | ||||||||
| Domestic |
60.5 | 69.1 | (8.6 | ) | (12.4 | ) | ||||||||
| Overseas |
1.0 | 1.7 | (0.7 | ) | (41.2 | ) | ||||||||
| Other |
61.5 | 6.5 | 70.8 | 6.4 | (9.3 | ) | (13.1 | ) | ||||||
| Total |
950.0 | 100.0 | 1,107.5 | 100.0 | (157.5 | ) | (14.2 | ) | ||||||
| Domestic |
509.0 | 53.6 | 549.2 | 49.6 | (40.2 | ) | (7.3 | ) | ||||||
| Overseas |
441.0 | 46.4 | 558.3 | 50.4 | (117.3 | ) | (21.0 | ) | ||||||
-13-
Kubota Corporation
and Subsidiaries
<Reference>
Results for Three Months Ended September 30, 2009
Consolidated Statements of Income
| (In millions of yen) | |||||||||||||||||
| Three months ended Sept. 30, 2009 |
Three months ended Sept. 30, 2008 |
Change | |||||||||||||||
| Amount | % | Amount | % | Amount | % | ||||||||||||
| Revenues |
249,308 | 100.0 | 310,435 | 100.0 | (61,127 | ) | (19.7 | ) | |||||||||
| Cost of revenues |
180,793 | 72.5 | 228,403 | 73.6 | (47,610 | ) | (20.8 | ) | |||||||||
| Selling, general, and administrative expenses |
45,677 | 18.3 | 48,108 | 15.5 | (2,431 | ) | (5.1 | ) | |||||||||
| Loss from disposal and impairment of businesses and fixed assets |
(18 | ) | (0.0 | ) | 398 | 0.1 | (416 | ) | — | ||||||||
| Operating income |
22,856 | 9.2 | 33,526 | 10.8 | (10,670 | ) | (31.8 | ) | |||||||||
| Other income (expenses): |
|||||||||||||||||
| Interest and dividend income |
438 | 514 | (76 | ) | |||||||||||||
| Interest expense |
(632 | ) | (739 | ) | 107 | ||||||||||||
| Gain on sales of securities-net |
65 | — | 65 | ||||||||||||||
| Valuation loss on other investments |
(11 | ) | (2 | ) | (9 | ) | |||||||||||
| Foreign exchange gain (loss) -net |
99 | (4,630 | ) | 4,729 | |||||||||||||
| Other-net |
(277 | ) | (201 | ) | (76 | ) | |||||||||||
| Other income (expenses), net |
(318 | ) | (5,058 | ) | 4,740 | ||||||||||||
| Income before income taxes and equity in net income of affiliated companies |
22,538 | 9.0 | 28,468 | 9.2 | (5,930 | ) | (20.8 | ) | |||||||||
| Income taxes |
7,271 | 10,777 | (3,506 | ) | |||||||||||||
| Equity in net income of affiliated companies |
609 | 453 | 156 | ||||||||||||||
| Net income |
15,876 | 6.4 | 18,144 | 5.8 | (2,268 | ) | (12.5 | ) | |||||||||
| Less: Net income attributable to the noncontrolling interests |
2,120 | 2,444 | (324 | ) | |||||||||||||
| Net income attributable to Kubota Corporation |
13,756 | 5.5 | 15,700 | 5.1 | (1,944 | ) | (12.4 | ) | |||||||||
| Net income attributable to Kubota Corporation per ADS | (In yen) | ||||||||||||||||
| Basic |
54.07 | 61.45 | |||||||||||||||
| Diluted |
54.07 | 61.45 | |||||||||||||||
-14-
Kubota Corporation
and Subsidiaries
Consolidated Segment Information
(1) Information by industry segments
Three months ended September 30, 2009
| (In millions of yen) | ||||||||||||||||
| Internal Combustion Engine & Machinery |
Pipes, Valves, & Industrial Castings |
Environmental Engineering |
Other | Total | Corporate & Eliminations |
Consolidated | ||||||||||
| Revenues |
||||||||||||||||
| Unaffiliated customers |
174,796 | 47,272 | 11,864 | 15,376 | 249,308 | — | 249,308 | |||||||||
| Intersegment |
11 | 80 | 16 | 4,305 | 4,412 | (4,412 | ) | — | ||||||||
| Total |
174,807 | 47,352 | 11,880 | 19,681 | 253,720 | (4,412 | ) | 249,308 | ||||||||
| Cost of revenues and operating expenses |
153,621 | 40,440 | 13,040 | 18,970 | 226,071 | 381 | 226,452 | |||||||||
| Operating income (loss) |
21,186 | 6,912 | (1,160 | ) | 711 | 27,649 | (4,793 | ) | 22,856 | |||||||
Three months ended September 30, 2008
| (In millions of yen) | ||||||||||||||||
| Internal Combustion Engine & Machinery |
Pipes, Valves, & Industrial Castings |
Environmental Engineering |
Other | Total | Corporate & Eliminations |
Consolidated | ||||||||||
| Revenues |
||||||||||||||||
| Unaffiliated customers |
224,768 | 52,861 | 13,966 | 18,840 | 310,435 | — | 310,435 | |||||||||
| Intersegment |
15 | 71 | 18 | 3,909 | 4,013 | (4,013 | ) | — | ||||||||
| Total |
224,783 | 52,932 | 13,984 | 22,749 | 314,448 | (4,013 | ) | 310,435 | ||||||||
| Cost of revenues and operating expenses |
189,672 | 50,120 | 15,450 | 21,690 | 276,932 | (23 | ) | 276,909 | ||||||||
| Operating income (loss) |
35,111 | 2,812 | (1,466 | ) | 1,059 | 37,516 | (3,990 | ) | 33,526 | |||||||
-15-
Kubota Corporation
and Subsidiaries
Consolidated Segment Information
(2) Information by geographic segments
Three months ended September 30, 2009
| (In millions of yen) | |||||||||||||||||
| Japan | North America | Europe | Asia | Other Areas | Total | Corporate & Eliminations |
Consolidated | ||||||||||
| Revenues |
|||||||||||||||||
| Unaffiliated customers |
139,285 | 45,766 | 18,064 | 42,994 | 3,199 | 249,308 | — | 249,308 | |||||||||
| Intersegment |
40,842 | 2,157 | 427 | 200 | — | 43,626 | (43,626 | ) | — | ||||||||
| Total |
180,127 | 47,923 | 18,491 | 43,194 | 3,199 | 292,934 | (43,626 | ) | 249,308 | ||||||||
| Cost of revenues and operating expenses |
166,300 | 43,341 | 17,051 | 37,487 | 2,720 | 266,899 | (40,447 | ) | 226,452 | ||||||||
| Operating income |
13,827 | 4,582 | 1,440 | 5,707 | 479 | 26,035 | (3,179 | ) | 22,856 | ||||||||
Three months ended September 30, 2008
| (In millions of yen) | |||||||||||||||||
| Japan | North America | Europe | Asia | Other Areas | Total | Corporate & Eliminations |
Consolidated | ||||||||||
| Revenues |
|||||||||||||||||
| Unaffiliated customers |
154,676 | 81,456 | 32,912 | 37,110 | 4,281 | 310,435 | — | 310,435 | |||||||||
| Intersegment |
69,967 | 2,875 | 994 | 360 | — | 74,196 | (74,196 | ) | — | ||||||||
| Total |
224,643 | 84,331 | 33,906 | 37,470 | 4,281 | 384,631 | (74,196 | ) | 310,435 | ||||||||
| Cost of revenues and operating expenses |
205,191 | 75,359 | 30,706 | 32,023 | 3,594 | 346,873 | (69,964 | ) | 276,909 | ||||||||
| Operating income |
19,452 | 8,972 | 3,200 | 5,447 | 687 | 37,758 | (4,232 | ) | 33,526 | ||||||||
(3) Overseas revenues
Three months ended September 30, 2009
| (In millions of yen) | |||||||||||||||
| North America | Europe | Asia | Other Areas | Total | |||||||||||
| Overseas revenues |
46,699 | 18,453 | 45,915 | 10,378 | 121,445 | ||||||||||
| Consolidated revenues |
249,308 | ||||||||||||||
| Ratio of overseas revenues to consolidated revenues |
18.7 | % | 7.4 | % | 18.4 | % | 4.2 | % | 48.7 | % | |||||
Three months ended September 30, 2008
| (In millions of yen) | |||||||||||||||
| North America | Europe | Asia | Other Areas | Total | |||||||||||
| Overseas revenues |
79,801 | 35,092 | 42,079 | 10,527 | 167,499 | ||||||||||
| Consolidated revenues |
310,435 | ||||||||||||||
| Ratio of overseas revenues to consolidated revenues |
25.7 | % | 11.3 | % | 13.6 | % | 3.4 | % | 54.0 | % | |||||
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.
-16-
Kubota Corporation
and Subsidiaries
Consolidated Revenues by Industry Segment
| (In millions of yen) | ||||||||||||||
| Three months ended Sept. 30, 2009 |
Three months ended Sept. 30, 2008 |
Change | ||||||||||||
| Amount | % | Amount | % | Amount | % | |||||||||
| Farm Equipment and Engines |
158,393 | 63.5 | 197,472 | 63.6 | (39,079 | ) | (19.8 | ) | ||||||
| Domestic |
60,566 | 62,262 | (1,696 | ) | (2.7 | ) | ||||||||
| Overseas |
97,827 | 135,210 | (37,383 | ) | (27.6 | ) | ||||||||
| Construction Machinery |
16,403 | 6.6 | 27,296 | 8.8 | (10,893 | ) | (39.9 | ) | ||||||
| Domestic |
4,332 | 6,038 | (1,706 | ) | (28.3 | ) | ||||||||
| Overseas |
12,071 | 21,258 | (9,187 | ) | (43.2 | ) | ||||||||
| Internal Combustion Engine & Machinery |
174,796 | 70.1 | 224,768 | 72.4 | (49,972 | ) | (22.2 | ) | ||||||
| Domestic |
64,898 | 26.0 | 68,300 | 22.0 | (3,402 | ) | (5.0 | ) | ||||||
| Overseas |
109,898 | 44.1 | 156,468 | 50.4 | (46,570 | ) | (29.8 | ) | ||||||
| Pipes and Valves |
39,242 | 15.8 | 41,669 | 13.4 | (2,427 | ) | (5.8 | ) | ||||||
| Domestic |
34,583 | 38,271 | (3,688 | ) | (9.6 | ) | ||||||||
| Overseas |
4,659 | 3,398 | 1,261 | 37.1 | ||||||||||
| Industrial Castings |
8,030 | 3.2 | 11,192 | 3.6 | (3,162 | ) | (28.3 | ) | ||||||
| Domestic |
3,793 | 5,205 | (1,412 | ) | (27.1 | ) | ||||||||
| Overseas |
4,237 | 5,987 | (1,750 | ) | (29.2 | ) | ||||||||
| Pipes, Valves, & Industrial Castings |
47,272 | 19.0 | 52,861 | 17.0 | (5,589 | ) | (10.6 | ) | ||||||
| Domestic |
38,376 | 15.4 | 43,476 | 14.0 | (5,100 | ) | (11.7 | ) | ||||||
| Overseas |
8,896 | 3.6 | 9,385 | 3.0 | (489 | ) | (5.2 | ) | ||||||
| Environmental Engineering |
11,864 | 4.7 | 13,966 | 4.5 | (2,102 | ) | (15.1 | ) | ||||||
| Domestic |
9,512 | 3.8 | 12,706 | 4.1 | (3,194 | ) | (25.1 | ) | ||||||
| Overseas |
2,352 | 0.9 | 1,260 | 0.4 | 1,092 | 86.7 | ||||||||
| Other |
15,376 | 6.2 | 18,840 | 6.1 | (3,464 | ) | (18.4 | ) | ||||||
| Domestic |
15,077 | 6.1 | 18,454 | 5.9 | (3,377 | ) | (18.3 | ) | ||||||
| Overseas |
299 | 0.1 | 386 | 0.2 | (87 | ) | (22.5 | ) | ||||||
| Total |
249,308 | 100.0 | 310,435 | 100.0 | (61,127 | ) | (19.7 | ) | ||||||
| Domestic |
127,863 | 51.3 | 142,936 | 46.0 | (15,073 | ) | (10.5 | ) | ||||||
| Overseas |
121,445 | 48.7 | 167,499 | 54.0 | (46,054 | ) | (27.5 | ) | ||||||
-17-
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 interim dividend
Please be advised that Kubota Corporation (hereinafter “the Company”) resolved at the Board of Directors’ Meeting held on November 6, 2009 that the Company would pay interim dividend the record date of which was September 30, 2009.
1. Details of interim dividend
| Interim dividend of this fiscal year | Latest forecast (Released on August 6, 2009) |
Interim dividend of the prior year | ||||
| Record date |
September 30, 2009 | September 30, 2009 | September 30, 2008 | |||
| Interim dividend per ADS |
¥35 | To be determined | ¥35 | |||
| Amount of dividend |
¥8,906 million | — | ¥8,945 million | |||
| Date of payment |
December 2, 2009 | — | December 5, 2008 | |||
| Resource of interim dividend |
Retained earnings | — | Retained earnings |
2. Reasons for interim dividend amount
The Company paid the annual dividend of ¥70 per ADS for the year ended March 31, 2009, which included the interim dividend of ¥35 and the year-end dividend of ¥35. Based on the annual dividend of the prior year, the Company decided to pay a half of the prior year’s annual dividend as the interim dividend of this fiscal year.
(Reference)
| (per ADS) | ||||||
| Interim dividend | Year-end dividend | Total | ||||
| This fiscal year (Year ending March 31, 2010) |
¥35 | To be determined | To be determined | |||
| The prior year (Year ended March 31, 2009) |
¥35 | ¥35 | ¥70 | |||
< Cautionary Statements with Respect to Forward-Looking Statements >
This document may contain forward-looking statements that are based on management’s 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 Company’s 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 Company’s ability to continue to gain acceptance of its products.
End of document
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: November 9, 2009 | By: | /s/ Shigeru Kimura | ||
| Name: | Shigeru Kimura | |||
| Title: | Executive Officer | |||
| General Manager of Finance & Accounting Department | ||||