6-K 1 d6k.htm FORM 6-K Form 6-K
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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 2004.

 

Commission File Number: 2-58155

 


 

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-    ¨

 



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Information furnished on this form:

 

EXHIBITS

 

Exhibit Number

 

1.    Results of operations for the nine months ended December 31, 2003 (Friday, February 6, 2004)    1
2.    Notice of Change of Management (Thursday, February 26, 2004)    5
3.    Notice with reference to purchase of treasury stock (Thursday, February 26, 2004)    7


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Contact:

IR Group

Kubota Corporation

2-47, Shikitsuhigashi 1-chome,

Naniwa-ku, Osaka 556-8601, Japan

Phone

 

: +81-6-6648-2645

Facsimile

 

: +81-6-6648-2642

 

FOR IMMEDIATE RELEASE (FRIDAY, FEBRUARY 6, 2004)

 

RESULTS OF OPERATIONS FOR THE NINE MONTHS ENDED

DECEMBER 31, 2003 REPORTED BY KUBOTA CORPORATION

 

OSAKA, JAPAN, February 6, 2004 —Kubota Corporation reported its consolidated results of operations for the nine months ended December 31, 2003 today.

 

Consolidated Financial Highlights

 

(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, 2003


   % (*)

   

Nine months ended

Dec. 31, 2002


   % (*)

  

Year ended

Mar. 31, 2003


 

Net sales

   ¥ 619,300    1.6     ¥ 609,659    —      ¥ 926,145  
     $ [5,787,850]                           

Operating income

   ¥ 15,574    (47.6 )   ¥ 29,739    —      ¥ 29,613  
     $ [145,551]                           

Income before income taxes, minority interests in earnings of subsidiaries, and equity in net income of affiliated companies

   ¥ 19,959    34.2     ¥ 14,876    —      ¥ 6,156  
     $ [186,533]                           

Net income

   ¥ 7,157    99.4     ¥ 3,589    —      ¥ (8,004 )
     $ [66,888]                           

Net income per ADS (five common shares)

                                 

Basic

   ¥ 27          ¥ 13         ¥ (29 )
     $ [0.25]                           

Diluted

   ¥ 26          ¥ 13         ¥ (29 )
     $ [0.24]                           

Notes. 1 :   (*) represents percentage change from the comparable previous period.
2 :   The United States dollar amounts included herein represent translations using the approximate exchange rate on December 31, 2003, of ¥107 = US$1, solely for convenience.

 

(2) Anticipated results of operations for the year ending March 31, 2004

 

     (In millions of yen)

    

Year ending

Mar. 31, 2004


Net sales

   ¥ 925,000

Income before income taxes, minority interests in earnings of subsidiaries, and equity in net income of affiliated companies

   ¥ 19,000

Net income

   ¥ 8,000

 

Basic net income per ADS for the year ending March 31, 2004 is anticipated to be ¥30.

 

-1-


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Kubota Corporation

and Subsidiaries

 

1. Review of Operations during nine months ended December 31, 2003

 

During the nine months under review, net sales were ¥619.3 billion, an increase of ¥9.6 billion (1.6 %) compared with the same period of the prior year. The following are highlights of sales by industry segment. (See page 4, “Consolidated Net Sale by Product Group”)

 

Sales in Internal Combustion Engine and Machinery were ¥368.5 billion, an increase of ¥34.7 billion (10.4 %) from the prior period. In domestic markets, sales of farm equipment grew favorably mainly due to the aggressive sales promotion campaign together with introducing a series of new models with improved performance and price competitiveness. Sales of tractors, combine harvesters and rice transplanters increased from the prior period, and combine harvesters and rice transplanters enjoyed an increase in domestic market share during the period under review. In the overseas market, while favorable market conditions in North America continued, the Company recorded strong increases from the prior period in sales of tractors, its main product, and sales of engines. Additionally, the Company succeeded in expanding sales of construction machinery in EU markets and farm equipment in Asian markets during the period under review.

 

Sales in Pipes, Valves, and Industrial Castings were ¥122.3 billion, a decrease of ¥0.4 billion (0.3%) from the prior period. Sales of ductile iron pipes, the mainstay of this segment, increased from the prior period, due to the expanded export sales to Middle East countries, which offset the declined domestic sales. However, sales of PVC pipes, spiral-welded steel pipes, valves, and industrial castings decreased from the prior period mainly due to weak market demands and reduced selling prices.

 

Sales in Environmental Engineering were ¥33.8 billion, a decrease of ¥15.0 billion (30.7 %) from the prior period. Sales of this segment declined significantly, because sales deteriorated in the Solid Waste Engineering division, where sales of large orders reduced compared with the same period of the prior year.

 

Sales in Building Materials and Housing were ¥45.3 billion, an increase of ¥0.3 billion (0.8 %) from the prior period. Sales of building materials, a main product line of this segment, decreased from the prior period mainly due to the business division and transfer of building materials to Kubota Matsushitadenko Exterior Works, Ltd.(*). However, the increased sales of condominiums offset the decreased sales of building materials, and thus this segment recorded a slight sales increase from the prior period.

 

Sales in the Other segment were ¥49.4 billion, a decrease of ¥10.0 billion (16.9 %) from the prior period. Sales of this segment decreased due to the sale of Kubota Lease Corporation (a wholly owned subsidiary) at the beginning of the period under review, which recorded sales of ¥10.0 billion in the prior period.

 

During the nine months under review, operating income was ¥15.6 billion, a decrease of ¥14.2 billion (47.6%) from the prior period, because the pension cost increased ¥30.4 billion from the prior period due to the immediate recognition of unrecognized actuarial losses (**). If this negative effect of the large increase in pension cost was excluded, operating income would have increased ¥16.2 billion from the prior period. The Company managed to improve its profitability through expanding business operations and sales in the Internal Combustion Engine and Machinery segment. The Company also improved its profitability through implementing successfully a company-wide cost reduction program among many operating divisions including in the two public works spending-related segments (Pipes, Valves and Industrial Castings and Environmental Engineering), of which sales decreased during the period under review.

 

-2-


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Kubota Corporation

and Subsidiaries

 

Other income-net was ¥4.4 billion, an improvement of ¥19.2 billion from the prior period as a result of the decrease of ¥14.7 billion in valuation losses on short-term and other investment, and the decrease of ¥2.7 billion in foreign exchange loss. Accordingly, income before income taxes, minority interests in earnings of subsidiaries, and equity in net income of affiliated companies was ¥20.0 billion, an increase of ¥5.1 billion (34.2%) from the prior period. After income tax, minority interests in earnings of subsidiaries and equity in net income of affiliated companies, net income during the nine months under review was ¥7.2 billion, an increase of ¥3.6 billion (99.4%) from the prior period.

 

(*) Business division and transfer of building materials:

 

On December 1, 2003, Matsushita Electric Works, Ltd. and the Company established Kubota Matsushitadenko Exterior Works, Ltd. (“KMEW”), the equally owned joint operating entity, in which the Company transferred its roofing and siding materials business. The Company has applied the equity method of accounting to KMEW in its consolidated financial reporting.

 

(**) Pension accounting adopted by the Company:

 

In order to efficiently resolve the issue of the unrecognized actuarial loss of the plan fund’s status, the Company recognizes immediately actuarial losses in excess of 20% of the benefit obligation, and amortizes actuarial losses between 10% to 20% over the average participants’ remaining service period (about 15 years). The Company forecasts that the expenses of actuarial losses will increase by approximately ¥46.4 billion from the prior year to ¥52.0 billion during the year ending March 31, 2004.

 

2. Prospect for the Fiscal Year

 

The forecasts of the results for the year ending March 31, 2004, which were announced with the six months business results on November 11, 2003, are unchanged.

 

< Cautionary Statements with Respect to Forward-Looking Statements >

 

Projected results of operations and other future forecasts contained in this report are the estimates of the Company based on information available to the Company as of this published date. Therefore, those projections include certain potential risks and uncertainties. Accordingly, the users of this information are requested to note that the actual results could differ materially from those future projections. Major factors that could influence the ultimate outcome include the economic condition surrounding the Company, foreign exchange rates, agricultural policy in Japan, the trend of public investment and private capital expenditure in Japan, the price-competitive pressure in the market, the ability for the Company to manufacture or innovate the products which will be accepted in the market. And the user of the information should be aware that factors that could influence the ultimate outcome of the Company are not limited to the factors above.

 

-3-


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Kubota Corporation

and Subsidiaries

 

Consolidated Net Sales by Product Group

 

     (In millions of yen)

     Nine months ended
Dec. 31, 2003


   Nine months ended
Dec. 31, 2002


   Change

   

Year ended

Mar. 31, 2003


     Amount

   %

   Amount

   %

   Amount

    %

    Amount

   %

Farm Equipment and Engines

   331,795    53.6    299,440    49.1    32,355     10.8     399,368    43.1

Domestic

   158,806         151,092         7,714     5.1     204,186     

Overseas

   172,989         148,348         24,641     16.6     195,182     

Construction Machinery

   36,727    5.9    34,406    5.7    2,321     6.7     44,801    4.9

Domestic

   15,090         16,063         (973 )   (6.1 )   21,317     

Overseas

   21,637         18,343         3,294     18.0     23,484     

Internal Combustion Engine & Machinery

   368,522    59.5    333,846    54.8    34,676     10.4     444,169    48.0

Domestic

   173,896    28.1    167,155    27.4    6,741     4.0     225,503    24.4

Overseas

   194,626    31.4    166,691    27.4    27,935     16.8     218,666    23.6

Pipes and Valves

   102,954    16.6    102,531    16.8    423     0.4     145,561    15.7

Domestic

   92,143         95,536         (3,393 )   (3.6 )   135,480     

Overseas

   10,811         6,995         3,816     54.6     10,081     

Industrial Castings

   19,347    3.1    20,148    3.3    (801 )   (4.0 )   31,656    3.4

Domestic

   12,236         14,287         (2,051 )   (14.4 )   23,531     

Overseas

   7,111         5,861         1,250     21.3     8,125     

Pipes, Valves & Industrial Castings

   122,301    19.7    122,679    20.1    (378 )   (0.3 )   177,217    19.1

Domestic

   104,379    16.8    109,823    18.0    (5,444 )   (5.0 )   159,011    17.1

Overseas

   17,922    2.9    12,856    2.1    5,066     39.4     18,206    2.0

Environmental Engineering

   33,804    5.5    48,782    8.0    (14,978 )   (30.7 )   136,381    14.7

Domestic

   31,144    5.0    47,302    7.8    (16,158 )   (34.2 )   134,521    14.5

Overseas

   2,660    0.5    1,480    0.2    1,180     79.7     1,860    0.2

Building Materials

   38,729    6.3    44,011    7.2    (5,282 )   (12.0 )   57,352    6.2

Domestic

   38,729         44,011         (5,282 )   (12.0 )   57,352     

Condominiums

   6,549    1.0    919    0.2    5,630     612.6     6,998    0.8

Domestic

   6,549         919         5,630     612.6     6,998     

Building Materials & Housing

   45,278    7.3    44,930    7.4    348     0.8     64,350    7.0

Domestic

   45,278    7.3    44,930    7.4    348     0.8     64,350    7.0

Other

   49,395    8.0    59,422    9.7    (10,027 )   (16.9 )   104,028    11.2

Domestic

   47,844    7.8    58,364    9.5    (10,520 )   (18.0 )   100,869    10.9

Overseas

   1,551    0.2    1,058    0.2    493     46.6     3,159    0.3

Total

   619,300    100.0    609,659    100.0    9,641     1.6     926,145    100.0

Domestic

   402,541    65.0    427,574    70.1    (25,033 )   (5.9 )   684,254    73.9

Overseas

   216,759    35.0    182,085    29.9    34,674     19.0     241,891    26.1

 

 

-4-


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February 26, 2004

 

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”) resolved at the Board of Directors Meeting held on February 26, 2004 to change the titles of the members of the Board, and also be informed that the Board of Directors resolved the Company would propose to appoint and retire some members at the ordinary general meeting of shareholders to be held in June 2004. Details are as follows;

 

1) Changes of the titles

 

Name


  

New Title


  

Current Title


Akio Nishino

  

Executive Managing Director

  

Managing Director

Yoshihiro Fujio

  

Executive Managing Director

  

Managing Director

Moriya Hayashi

  

Executive Managing Director

  

Managing Director

Tadahiko Urabe

  

Managing Director

  

Director

Toshihiro Fukuda

  

Managing Director

  

Director

Yasuo Masumoto

  

Managing Director

  

Director

 

   Date of assuming office (scheduled)             April 1, 2004

 

2) Appointment of new members of the Board

 

Name


  

New Title


    

Current Title


    

Yoshihiko Tabata

  

Director

     General Manager, Engine Division     

Kazunobu Ueta

  

Director

    

Deputy General Manager, Sales Headquarters in Farm & Industrial Machinery Consolidated Division,

General Manager, Farm & Industrial Machinery Fukuoka Office

    

Takashi Shoji

  

Director

     General Manager, Solid Waste Engineering Division     

Tokuji Ohgi

  

Director

     General Manager, Secretary & Public Relations Dept.     

Morimitsu Katayama

  

Director

     General Manager, Sakai Plant     

Nobuyuki Toshikuni

  

Director

     President, Kubota Tractor Corporation     

Date of assuming office (scheduled)             June 2004

    


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3) Retirement (Expiration of terms of office)

 

Name


  

Current Title


Tsuyoshi Hayashi

  

Executive Managing Director

Masaru Ishiguro

  

Managing Director

Toshiyuki Yotsumoto

  

Managing Director

Tadahiko Kinoshita

  

Director

Masateru Yoshikawa

  

Director

Date of assuming retirement (scheduled)             June 2004

 

End of document

 


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February 26, 2004

 

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 with reference to purchase of treasury stock

 

Please be advised of the following on the purchase of treasury stock pursuant to Article 210 of the Commercial Code.

 

1. Term for acquisition :        From January 21, 2004 to February 25, 2004
2. Total number of shares acquired :   

    0 shares

3. Total amount of shares acquired :   

    ¥0

 

(Reference)

 

Results of purchase as of February 25, 2004

 

     Number of Shares

  Amount of shares

What authorized on purchase of treasury stock at the ordinary general meeting of shareholders held on June 26, 2003    Not exceeding 50 million shares   Not exceeding ¥20 billion

Cumulative results of purchase from June 27, 2003

   5,250,000 shares   ¥2,178,750,000

Ratio

   10.50%   10.89%

 

End of document

 


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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: March 2, 2004

 

By:

 

/s/ Shigeru Kimura


   

Name:

 

Shigeru Kimura

   

Title:

 

General Manager

Finance & Accounting Department