Major Consolidated Index
Consolidated Results
Unit : millions of yen
| 2010.3 Actual |
2011.3 Actual |
2012.3 Actual |
2013.3 Actual |
2014.3 Forecast |
|
|---|---|---|---|---|---|
| Net Sales | 285,721 | 283,463 | 283,239 | 300,200 | 327,000 |
| Operating Income | 21,115 | 19,208 | 17,764 | 19,817 | 22,500 |
| Ordinary Income | 19,136 | 16,751 | 15,242 | 18,709 | 20,500 |
| Net Income | 8,602 | 7,770 | 8,983 | 11,012 | 12,500 |
| Net Sales YoY Change (%) | (30.8) | (0.8) | (0.1) | 6.0 | 8.9 |
| Operating Income YoY Change (%) | 3.7 | (9.0) | (7.5) | 11.6 | 13.5 |
| Ordinary Income YoY Change (%) | 6.5 | (12.5) | (9.0) | 22.7 | 9.6 |
| Net Income YoY Change (%) | 213.2 | (9.7) | 15.6 | 22.6 | 13.5 |
| Operating Income Ratio to Net Sales (%) | 7.4 | 6.8 | 6.3 | 6.6 | 6.9 |
| Ordinary Income Ratio to Net Sales (%) | 6.7 | 5.9 | 5.4 | 6.2 | 6.3 |
| Net Income Ratio to Net Sales (%) | 3.0 | 2.7 | 3.2 | 3.7 | 3.8 |
* Net sales do not include consumption and other taxes.
Financial Position
Unit : millions of yen
| 2010.3 Actual |
2011.3 Actual |
2012.3 Actual |
2013.3 Actual |
2014.3 Forecast |
|
|---|---|---|---|---|---|
| Total Net Assets | 167,086 | 162,600 | 167,352 | 187,856 | - |
| Shareholders' Equity | 165,277 | 160,730 | 165,762 | 186,565 | - |
| Total Assets | 311,175 | 298,867 | 331,371 | 337,639 | - |
| Shareholders' Equity Ratio (%) | 53.1 | 53.8 | 50.0 | 55.3 | - |
| D/E Ratio (%) | 55.6 | 52.6 | 71.8 | 52.3 | - |
| Dividend on Equity (%) | 1.9 | 1.9 | 1.9 | 2.3 | - |
| ROE (%) | 5.3 | 4.8 | 5.5 | 6.3 | - |
| Ordinary Income to Total Assets (%) | 6.2 | 5.5 | 4.8 | 5.6 | - |
* Shareholders' equity is computed by subtracting stock acquisition rights and minority interests from net assets.
* D/E ratio = (Loans + Bonds) / Shareholders' equity
Cash Flows
Unit : millions of yen
| 2010.3 Actual |
2011.3 Actual |
2012.3 Actual |
2013.3 Actual |
2014.3 Forecast |
|
|---|---|---|---|---|---|
| Cash Flows From Operating Activities | 18,003 | 24,534 | 16,384 | 24,738 | - |
| Cash Flows From Investing Activities | (11,959) | (7,802) | (24,632) | (15,698) | - |
| Cash Flows From Financing Activities | (8,522) | (11,493) | 25,797 | (29,331) | - |
| Term-end Cash and Cash Equivalents | 25,008 | 28,855 | 45,867 | 27,754 | - |
| Free Cash Flows | 3,383 | 13,109 | (615) | 12,237 | - |
* Free cash flows = Cash flows from operating activities - Purchase of property, plant, equipment and intangible assets + Proceeds from sales of property, plant, equipment
Per Share Value Indicators
Unit : yen
| 2010.3 Actual |
2011.3 Actual |
2012.3 Actual |
2013.3 Actual |
2014.3 Forecast |
|
|---|---|---|---|---|---|
| Shareholders' Equity per Share | 800.79 | 783.58 | 808.40 | 933.68 | - |
| Net Income per Share | 41.65 | 37.74 | 43.80 | 54.87 | 62.58 |
| Diluted Net Income per Share | - | - | - | - | - |
| Cash Dividends per Share | 15 | 15 | 15 | 20 | 18 |
| Dividend Payout Ratio(Consolidated) (%) | 36.0 | 39.7 | 34.2 | 36.4 | 28.8 |
| Free Cash Flows per Share | 16.38 | 63.67 | (3.00) | 60.97 | - |
| Share Price as of Term-end | 1,094 | 784 | 957 | 1,657 | - |
| PER (Times) | 26.3 | 20.8 | 21.8 | 30.2 | - |
Other Information
Unit : millions of yen
| 2010.3 Actual |
2011.3 Actual |
2012.3 Actual |
2013.3 Actual |
2014.3 Forecast |
|
|---|---|---|---|---|---|
| Interest-bearing Debt | 97,081 | 89,832 | 119,039 | 97,605 | - |
| Capital Expenditures | 15,623 | 14,489 | 18,014 | 14,199 | 17,200 |
| (For Property, Plant and Equipment) | 14,767 | 13,497 | 16,675 | 13,374 | 15,500 |
| Depreciation and Amortization | 12,036 | 12,092 | 12,607 | 12,161 | 12,500 |
| (On Property, Plant and Equipment) | 10,747 | 11,527 | 11,997 | 11,399 | 11,700 |
| R&D Costs | 3,771 | 3,530 | 3,567 | 3,727 | - |
| Net Financial Income (Loss) | (805) | (633) | (783) | (640) | - |
| Average Term Exchange Rate (yen/US$) | 93.04 | 85.82 | 79.30 | 83.23 | 90.00 |
| No. of Employees (people) | 5,263 | 5,268 | 5,316 | 5,473 | - |
| No.of Shares Issued and Outstanding at Term-end (Thousand) | 206,393 | 205,123 | 205,051 | 199,732 | - |
* Interest-bearing debt refers to all liabilities on the consolidated balance sheet on which interest is paid.
* Net financial income = Interest and dividend income 
Interest expense
* No. of shares issued and outstanding at term-end is computed by subtracting shareholders' equity.
* Depreciation and Amortization do not include the amortization of goodwill.
Notes
On October 1, 2009, Kikkoman Corporation shifted to a holding company structure.
In conjunction with this transition, the Company has modified the business segments.
The figures of "2010.3 Actual" in these tables have been recalculated on the assumption that the Company shifted to a holding company structure starting in April 2009 rather than the actual shift date of October 2009 , and therefore differ from the figures presented in the Flash Report and Annual Report.
Forecasts are based on information available to management at the time of announcement.
Due to a number of inherent uncertainties in forecasts, actual results may differ materially from forecasts.
As for the data before 2009.3 actual, you can see our factbook " 
Financial Data ".
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