6-K 1 d6k.htm FORM 6-K Form 6-K
Table of Contents

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6 - K

 

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of August 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-             

 

 

 


Table of Contents

Information furnished on this form:

EXHIBITS

Exhibit Number

 

1. Results of Operations for the three months ended June 30, 2009 (Thursday, August 6, 2009)


Table of Contents
       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 (THURSDAY, AUGUST 6, 2009)

RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED

JUNE 30, 2009 REPORTED BY KUBOTA CORPORATION

OSAKA, JAPAN, August 6, 2009 — Kubota Corporation reported its consolidated results for the three months ended June 30, 2009 today.

Consolidated Financial Highlights

1. Consolidated results of operations for the three months ended June 30, 2009

 

(1) Results of operations    (In millions of yen and thousands of U.S. dollars except
per American Depositary Share (“ADS”) amounts)
 
     Three months ended
Jun. 30, 2009
    %
(*)
    Three months ended
Jun. 30, 2008
   %
(*)
 

Revenues

   ¥

[$

195,326

2,034,646

  

  (25.4   ¥ 261,887    (2.7

Operating income

   ¥

[$

10,276

107,042

  

  (70.3   ¥ 34,550    (9.5

Income before income taxes and equity in net income (loss) of affiliated companies

   ¥

[$

10,749

111,969

  

  (71.3   ¥ 37,467    (12.4

Net income attributable to Kubota Corporation

   ¥

[$

5,557

57,885

  

  (72.3   ¥ 20,037    (16.5

Net income attributable to Kubota Corporation per ADS

         

Basic

   ¥

[$

21.84

0.23

  

    ¥ 78.29   

Diluted

   ¥

[$

21.84

0.23

  

    ¥ 78.29   

 

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)
 
     Jun. 30, 2009     Mar. 31, 2009  

Total assets

   ¥

[$

1,393,059

14,511,031

  

  ¥ 1,385,824   

Equity

   ¥

[$

638,965

6,655,885

  

  ¥ 616,243   

Kubota Corporation shareholders’ equity

   ¥

[$

597,962

6,228,771

  

  ¥ 578,284   

Ratio of Kubota Corporation shareholders’ equity

     42.9     41.7

Kubota Corporation shareholders’ equity per ADS

   ¥

[$

2,350.43

24.48

  

  ¥ 2,273.02   

 

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Table of Contents

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

     Undecided      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 cash 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)  
     Six months ending
September 30, 2009
   %
(*)
    Year ending
March 31, 2010
   %
(*)
 

Revenues

   ¥ 480,000    (16.1   ¥ 1,020,000    (7.9

Operating income

   ¥ 28,000    (58.9   ¥ 70,000    (31.9

Income before income taxes and equity in net income of affiliated companies

   ¥ 27,500    (58.3   ¥ 69,500    (16.5

Net income attributable to Kubota Corporation

   ¥ 15,000    (58.0   ¥ 40,000    (16.8

Net income attributable to Kubota Corporation per ADS

   ¥ 58.96      ¥ 157.22   

 

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 June 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 June 30, 2009   :    13,890,296
  Number of treasury stock as of March 31, 2009   :    13,856,291
  Weighted average number of shares outstanding during the three months ended June 30, 2009   :    1,272,041,078
  Weighted average number of shares outstanding during the three months ended June 30, 2008   :    1,279,587,653

 

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Table of Contents

Kubota Corporation

and Subsidiaries

 

1. Review of Operations and Financial Condition

1. Review of operations

(1) Summary of the results of operations for the three months under review

For the three months ended June 30, 2009, revenues of Kubota Corporation and subsidiaries (hereinafter “the Company”) decreased ¥66.6 billion (25.4 %), to ¥195.3 billion from the corresponding period in the prior year due to decline of domestic revenues in all segments and substantial decline of overseas revenues centering on Internal Combustion Engine and Machinery.

In the domestic market, revenues decreased ¥15.9 billion (13.7 %), to ¥100.8 billion from the corresponding period in the prior year. Revenues in Internal Combustion Engine and Machinery decreased substantially due to sales declines of farm equipment and engines, and substantial sales decline of construction machinery. Revenues in Pipes, Valves, and Industrial Castings decreased due to sales decrease of plastic pipes, steel pipes and industrial castings, while sales of ductile iron pipes and valves increased. Revenues in Environmental Engineering slightly decreased. Revenues in Other decreased substantially.

In overseas markets, revenues decreased ¥50.6 billion (34.9 %), to ¥94.6 billion from the corresponding period in the prior year. Revenues in Internal Combustion Engine and Machinery substantially decreased due to sales declines of tractors, engines and construction machinery. Revenues in Pipes, Valves, and Industrial Castings substantially increased due to sales increase of ductile iron pipes. Revenues in Environmental Engineering slightly increased, while revenues in Other slightly decreased.

Operating income decreased ¥24.3 billion (70.3 %), to ¥10.3 billion from the corresponding period in the prior year. Operating income in Internal Combustion Engine and Machinery decreased substantially due to revenue decline and the appreciation of the yen. Operating income in Pipes, Valves, and Industrial Castings increased due to price decline of raw materials. Profitabilities in Environmental Engineering and Other deteriorated due to their sales declines.

Income before income taxes and equity in net income (loss) of affiliated companies decreased ¥26.7 billion (71.3 %), to ¥10.7 billion. Income taxes were ¥3.7 billion (representing an effective tax rate of 34.8 %), and equity in net loss of affiliated companies was ¥0.3 billion. Accordingly, net income decreased ¥15.4 billion (69.6 %), to ¥6.7 billion.

After deducting ¥1.2 billion of net income attributable to the noncontrolling interests, net income attributable to Kubota Corporation was ¥5.6 billion, ¥14.5 billion (72.3 %) lower than the corresponding period in the prior year.

 

* The Company has adopted Statement of Financial Accounting Standards (SFAS) No. 160, “Noncontrolling Interests in Consolidated Financial Statements—an amendment of ARB No. 51”. “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 SFAS No. 160.

(2) Review of operations by industry segment

1) Internal Combustion Engine and Machinery

Revenues in Internal Combustion Engine and Machinery were ¥135.0 billion, 31.3 % lower than the corresponding period in the prior year, comprising 69.1 % of consolidated revenues. Domestic revenues decreased 13.8 %, to ¥51.2 billion, and overseas revenues decreased 38.8 %, to ¥83.8 billion. This segment comprises farm equipment, engines and construction machinery.

In the domestic market, conditions were very tough. The demand for farm equipment was weak because of lower buying intention for farm equipment from farmers with continuing economic sluggishness, and the demand for construction machinery worsened. The Company implemented aggressive promotional sales activity and introduction of new products. However, such measures could not compensate sales decline resulted from market stagnation and sales of farm equipment and construction machinery substantially decreased. Sales of engines also declined sharply.

In overseas markets, sales of tractors decreased. Sales of tractors in North America decreased mainly due to the stagnation of the housing related markets in the U.S. Sales of tractors in Europe also decreased due to stagnant economy in this area. Sales of tractors in Asia decreased. Although sales quantity in Asia continued strong growth, sales amount in yen basis decreased due to the appreciation of the yen. Sales of construction machinery substantially decreased due to stagnation in North America and Europe. Sales of engines decreased due to inventory adjustment in European and North American clients. On the other hand, sales of combine harvesters and rice transplanters increased sharply in China and Thailand.

 

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Kubota Corporation

and Subsidiaries

 

2) Pipes, Valves, and Industrial Castings

Revenues in Pipes, Valves, and Industrial Castings decreased 3.7 %, to ¥38.3 billion from the corresponding period in the prior year, comprising 19.6 % of consolidated revenues. Domestic revenues decreased 12.2 %, to ¥28.8 billion, and overseas revenues increased 36.2 %, to ¥9.5 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 and valves increased. However, sales of plastic pipes decreased due to declining demand and sales of steel pipes also decreased substantially. Sales of industrial castings decreased substantially due to drop in demand of products for steel and petrochemical industries.

In overseas markets, sales of industrial castings decreased, while sales of ductile iron pipes in the Middle East increased steadily. Accordingly, total overseas revenues increased substantially.

3) Environmental Engineering

Revenues in Environmental Engineering decreased 2.7 %, to ¥9.2 billion from the corresponding period in the prior year, comprising 4.7 % of consolidated revenues. Domestic revenues decreased 3.5 %, to ¥8.3 billion, and overseas revenues increased 5.0 %, to ¥0.9 billion. This segment consists of environmental control plants and pumps.

In the domestic market, sales of the water & sewage engineering products and pumps increased, while sales of the waste engineering products decreased. In overseas markets, sales of pumps increased steadily, while sales of submerged membrane system decreased.

4) Other

Revenues in Other decreased 21.2 %, to ¥12.9 billion from the corresponding period in the prior year, comprising 6.6 % of consolidated revenues. Domestic revenues decreased 21.6 %, to ¥12.4 billion, and overseas revenues decreased 7.9 %, to ¥0.5 billion. This segment comprises vending machines, electronic-equipped machinery, air-conditioning equipment, construction, septic tanks and other business.

Sales of vending machine and electronic-equipped machinery decreased in this segment due to decline in private capital investment. Sales of construction and septic tanks decreased affected by decline of construction investment in Japan.

2. Financial condition

(1) Assets, liabilities and equity

Total assets at the end of June 2009 increased ¥7.2 billion (0.5 %) compared with those at the end of March 2009. As for assets, notes and accounts receivable decreased, while short- and long-term finance receivables increased. Other investments also increased due to an increase in unrealized gains on securities.

As for liabilities, accounts payable decreased affected by production adjustment, while interest-bearing debt increased mainly due to issuances of bonds by overseas subsidiaries.

Equity largely increased due to an increase of accumulated other comprehensive income. Shareholders’ equity ratio was 42.9 %, 1.2 percentage points higher than the prior year end.

(2) Cash flows

Net cash used in operating activities during the three months under review was ¥4.3 billion, decrease of ¥13.2 billion of cash outflow 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 saved cash outflow.

Net cash provided by investing activities was ¥2.9 billion, as compared to ¥5.3 billion of cash outflow in the corresponding period in the prior year. This change was mainly due to large increase in proceeds from sales and redemption of investments.

Net cash used in financing activities was ¥1.0 billion, as compared to ¥12.6 billion of cash inflow in the corresponding period in the prior year, due to decrease in fund-raising.

As a result, including the effect of exchange rate, cash and cash equivalents at the end of June 2009 was ¥68.1 billion, a decrease of ¥1.4 billion from the beginning of the year.

 

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Kubota Corporation

and Subsidiaries

 

3. Prospect for the fiscal year under review

The forecasts of the anticipated results of operations for the year ending March 31, 2010, which were announced on May 13, 2009, remain unchanged.

The forecasts are based on the assumption of an exchange rate of ¥96=US$1.

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 three months ended June 30, 2009 was calculated using reasonably estimated annual effective tax rate for this fiscal year.

(3) Changes in accounting principles, procedures and presentations for consolidated financial statements

1) Changes due to the revision of accounting standards

The Company adopted SFAS No. 160, “Noncontrolling Interests in Consolidated Financial Statements—an amendment of ARB No. 51”, effective April 1, 2009. Upon the adoption of this statement, 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 SFAS No. 160, 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 this accounting procedure did not have a material impact on the Company’s consolidated results of operations or 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.

 

 

 

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Table of Contents

Kubota Corporation

and Subsidiaries

 

Consolidated Balance Sheets

 

Assets    (In millions of yen)
     Jun. 30, 2009    Mar. 31, 2009    Change     Jun. 30, 2008
     Amount     %    Amount     %    Amount     Amount     %

Current assets:

                

Cash and cash equivalents

   68,141         69,505         (1,364   75,281     

Notes and accounts receivable

   367,319         387,500         (20,181   270,700     

Short-term finance receivables-net

   100,124         97,292         2,832      98,150     

Inventories

   207,726         207,401         325      218,060     

Interest in sold receivables

   —           —           —        76,684     

Other current assets

   66,673         54,648         12,025      55,109     
                                

Total current assets

   809,983      58.1    816,346      58.9    (6,363   793,984      55.5

Investments and long-term finance receivables

   301,099      21.6    279,965      20.2    21,134      351,823      24.6

Property, plant, and equipment

   227,382      16.3    225,621      16.3    1,761      230,503      16.1

Other assets

   54,595      4.0    63,892      4.6    (9,297   53,666      3.8
                                      

Total

   1,393,059      100.0    1,385,824      100.0    7,235      1,429,976      100.0
                                      
Liabilities and Equity    (In millions of yen)
     Jun. 30, 2009    Mar. 31, 2009    Change     Jun. 30, 2008
     Amount     %    Amount     %    Amount     Amount     %

Current liabilities:

                

Short-term borrowings

   122,695         132,100         (9,405   119,103     

Notes and accounts payable

   142,033         179,627         (37,594   191,653     

Other current liabilities

   118,869         122,270         (3,401   117,039     

Current portion of long-term debt

   67,465         60,378         7,087      60,459     
                                

Total current liabilities

   451,062      32.4    494,375      35.7    (43,313   488,254      34.1

Long-term liabilities:

                

Long-term debt

   238,940         208,588         30,352      176,604     

Accrued retirement and pension costs

   54,255         56,591         (2,336   41,136     

Other long-term liabilities

   9,837         10,027         (190   38,170     
                                

Total long-term liabilities

   303,032      21.7    275,206      19.9    27,826      255,910      17.9

Equity:

                

Kubota Corporation shareholders’ equity:

                

Common stock

   84,070         84,070         —        84,070     

Capital surplus

   93,048         93,150         (102   93,150     

Legal reserve

   19,539         19,539         —        19,539     

Retained earnings

   449,441         452,791         (3,350   433,716     

Accumulated other comprehensive income (loss)

   (39,035      (62,184      23,149      20,603     

Treasury stock

   (9,101      (9,082      (19   (6,330  
                                

Total Kubota Corporation shareholders’ equity

   597,962      42.9    578,284      41.7    19,678      644,748      45.1

Noncontrolling interests

   41,003      3.0    37,959      2.7    3,044      41,064      2.9
                                

Total equity

   638,965      45.9    616,243      44.4    22,722      685,812      48.0
                                      

Total

   1,393,059      100.0    1,385,824      100.0    7,235      1,429,976      100.0
                                      

 

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Table of Contents

Kubota Corporation

and Subsidiaries

 

Consolidated Statements of Income

 

    (In millions of yen)
    Three months ended
Jun. 30, 2009
  Three months ended
Jun. 30, 2008
  Change     Year ended
Mar. 31, 2009
    Amount     %   Amount     %   Amount     %     Amount     %

Revenues

  195,326      100.0   261,887      100.0   (66,561   (25.4   1,107,482      100.0

Cost of revenues

  145,805      74.7   184,609      70.5   (38,804   (21.0   810,226      73.1

Selling, general, and administrative expenses

  38,960      19.9   42,502      16.2   (3,542   (8.3   193,426      17.5

Loss from disposal and impairment of businesses and fixed assets

  285      0.1   226      0.1   59      26.1      1,015      0.1
                               

Operating income

  10,276      5.3   34,550      13.2   (24,274   (70.3   102,815      9.3

Other income (expenses):

               

Interest and dividend income

  1,433        2,178        (745     4,822     

Interest expense

  (642     (445     (197     (2,664  

Gain (loss) on sales of securities-net

  247        16        231        (116  

Valuation loss on other investments

  (32     (706     674        (8,618  

Foreign exchange gain (loss) -net

  775        2,431        (1,656     (11,525  

Other-net

  (1,308     (557     (751     (1,455  
                               

Other income (expenses), net

  473        2,917        (2,444     (19,556  
                               

Income before income taxes and equity in net income (loss) of affiliated companies

  10,749      5.5   37,467      14.3   (26,718   (71.3   83,259      7.5

Income taxes

  3,740        15,013        (11,273     28,746     

Equity in net income (loss) of affiliated companies

  (275     (273     (2     222     
                               

Net income

  6,734      3.4   22,181      8.5   (15,447   (69.6   54,735      4.9

Less: Net income attributable to the noncontrolling interests

  1,177        2,144        (967     6,671     
                               

Net income attributable to Kubota Corporation

  5,557      2.8   20,037      7.7   (14,480   (72.3   48,064      4.3
                               
Net income attributable to Kubota Corporation per ADS   (In yen)

Basic

  21.84        78.29            188.40     

Diluted

  21.84        78.29            188.40     

 

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Table of Contents

Kubota Corporation

and Subsidiaries

 

Consolidated Statements of Cash Flows

 

     (In millions of yen)  
     Three months ended
Jun. 30, 2009
    Three months ended
June 30, 2008
    Change  

Operating activities:

      

Net income

   6,734      22,181     

Depreciation and amortization

   7,030      7,593     

Valuation loss on other investments

   32      706     

Deferred income taxes

   866      4,657     

Decrease (increase) in notes and accounts receivable

   29,878      (2,691  

Decrease (increase) in inventories

   4,740      (24,699  

Decrease in interest in sold receivable

   —        (8,973  

Increase in other current assets

   (10,074   (6,755  

Decrease in trade notes and accounts payable

   (43,691   (5,080  

Decrease in income taxes payable

   (1,127   (3,409  

Increase (decrease) in other current liabilities

   (832   1,358     

Decrease in accrued retirement and pension costs

   (154   (2,611  

Other

   2,270      245     
                  

Net cash used in operating activities

   (4,328   (17,478   13,150   

Investing activities:

      

Purchases of fixed assets

   (4,735   (6,838  

Proceeds from sales of property, plant, and equipment

   117      583     

Proceeds from sales and redemption of investments

   5,368      6     

Increase in finance receivables

   (31,176   (35,465  

Collection of finance receivables

   34,065      36,544     

Other

   (752   (144  
                  

Net cash provided by (used in) investing activities

   2,887      (5,314   8,201   

Financing activities:

      

Proceeds from issuance of long-term debt

   33,655      15,765     

Repayments of long-term debt

   (10,918   (11,562  

Net increase (decrease) in short-term borrowings

   (14,806   21,290     

Cash dividends

   (8,907   (10,248  

Purchases of treasury stock

   (20   (2,567  

Other

   (2   (105  
                  

Net cash provided by (used in) financing activities

   (998   12,573      (13,571

Effect of exchange rate changes on cash and cash equivalents

   1,075      (3,284   4,359   
                  

Net decrease in cash and cash equivalents

   (1,364   (13,503  

Cash and cash equivalents at beginning of period

   69,505      88,784     
                  

Cash and cash equivalents at end of period

   68,141      75,281      (7,140
                  

 

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Table of Contents

Kubota Corporation

and Subsidiaries

 

Consolidated Segment Information

(1) Information by industry segments

Three months ended June 30, 2009

 

     (In millions of yen)
     Internal
Combustion
Engine &
Machinery
   Pipes, Valves,
& Industrial

Castings
   Environmental
Engineering
    Other     Total    Corporate
&
Eliminations
    Consolidated

Revenues

                 

Unaffiliated customers

   134,959    38,292    9,184      12,891      195,326    —        195,326

Intersegment

   20    43    19      3,040      3,122    (3,122   —  
                                     

Total

   134,979    38,335    9,203      15,931      198,448    (3,122   195,326
                                     

Cost of revenues and operating expenses

   123,319    33,546    11,084      15,968      183,917    1,133      185,050

Operating income (loss)

   11,660    4,789    (1,881   (37   14,531    (4,255   10,276

Three months ended June 30, 2008

 

     (In millions of yen)
     Internal
Combustion
Engine &
Machinery
   Pipes, Valves,
& Industrial

Castings
   Environmental
Engineering
    Other    Total    Corporate
&
Eliminations
    Consolidated

Revenues

                  

Unaffiliated customers

   196,310    39,777    9,441      16,359    261,887    —        261,887
                                    

Intersegment

   —      50    65      3,202    3,317    (3,317   —  
                                    

Total

   196,310    39,827    9,506      19,561    265,204    (3,317   261,887

Cost of revenues and operating expenses

   158,163    39,078    11,183      18,598    227,022    315      227,337

Operating income (loss)

   38,147    749    (1,677   963    38,182    (3,632   34,550

 

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Table of Contents

Kubota Corporation

and Subsidiaries

 

Consolidated Segment Information

(2) Information by geographic segments

Three months ended June 30, 2009

 

    (In millions of yen)
    Japan   North America   Europe   Asia   Other Areas   Total   Corporate
&
Eliminations
    Consolidated

Revenues

               

Unaffiliated customers

  110,994   35,768   16,164   30,301   2,099   195,326   —        195,326

Intersegment

  34,928   2,273   482   333   —     38,016   (38,016   —  
                                 

Total

  145,922   38,041   16,646   30,634   2,099   233,342   (38,016   195,326
                                 

Cost of revenues and operating expenses

  137,222   34,827   15,827   26,944   1,797   216,617   (31,567   185,050

Operating income

  8,700   3,214   819   3,690   302   16,725   (6,449   10,276

Three months ended June 30, 2008

 

    (In millions of yen)
    Japan   North America   Europe   Asia   Other Areas   Total   Corporate
&
Eliminations
    Consolidated

Revenues

               

Unaffiliated customers

  125,626   71,501   33,588   27,515   3,657   261,887   —        261,887

Intersegment

  77,594   2,924   1,095   336   —     81,949   (81,949   —  
                                 

Total

  203,220   74,425   34,683   27,851   3,657   343,836   (81,949   261,887
                                 

Cost of revenues and operating expenses

  185,826   65,962   30,800   23,827   3,017   309,432   (82,095   227,337

Operating income

  17,394   8,463   3,883   4,024   640   34,404   146      34,550

(3) Overseas revenues

Three months ended June 30, 2009

 

     (In millions of yen)  
     North America     Europe     Asia     Other Areas     Total  

Overseas revenues

   35,645      17,258      32,963      8,695      94,561   

Consolidated revenues

           195,326   

Ratio of overseas revenues to consolidated revenues

   18.2   8.8   16.9   4.5   48.4

Three months ended June 30, 2008

 

     (In millions of yen)  
     North America     Europe     Asia     Other Areas     Total  

Overseas revenues

   70,976      34,104      31,744      8,361      145,185   

Consolidated revenues

           261,887   

Ratio of overseas revenues to consolidated revenues

   27.1   13.0   12.1   3.2   55.4

 

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

          5,557          1,177      6,734   
                                                 

Other comprehensive income

            23,149        1,619      24,768   
                                                 

Cash dividends paid to Kubota Corporation shareholders, ¥35 per ADS

          (8,907         (8,907
                                                 

Cash dividends paid to the noncontrolling interests

                (35   (35
                                                 

Purchases and sales of treasury stock

  (34             (19     (19
                                                 

Changes in ownership interests in subsidiaries and others

      (102           283      181   
                                                 

Balance at June 30, 2009

  1,272,029      84,070   93,048      19,539   449,441      (39,035   (9,101   41,003      638,965   
                                                 

 

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Table of Contents

Kubota Corporation

and Subsidiaries

Consolidated Revenues by Industry Segment

 

     (In millions of yen)
     Three months ended
Jun. 30, 2009
   Three months ended
Jun. 30, 2008
   Change     Year ended
Mar. 31, 2009
     Amount    %    Amount    %    Amount     %     Amount    %

Farm Equipment and Engines

   123,061    63.0    170,259    65.0    (47,198   (27.7   671,292    60.6
                                         

Domestic

   47,789       54,671       (6,882   (12.6   214,905   

Overseas

   75,272       115,588       (40,316   (34.9   456,387   
                                         

Construction Machinery

   11,898    6.1    26,051    10.0    (14,153   (54.3   83,124    7.5
                                         

Domestic

   3,391       4,719       (1,328   (28.1   20,249   

Overseas

   8,507       21,332       (12,825   (60.1   62,875   
                                         

Internal Combustion Engine & Machinery

   134,959    69.1    196,310    75.0    (61,351   (31.3   754,416    68.1
                                         

Domestic

   51,180    26.2    59,390    22.7    (8,210   (13.8   235,154    21.2

Overseas

   83,779    42.9    136,920    52.3    (53,141   (38.8   519,262    46.9
                                         

Pipes and Valves

   29,582    15.1    29,166    11.1    416      1.4      164,797    14.9
                                         

Domestic

   24,275       27,126       (2,851   (10.5   153,190   

Overseas

   5,307       2,040       3,267      160.1      11,607   
                                         

Industrial Castings

   8,710    4.5    10,611    4.1    (1,901   (17.9   43,073    3.9
                                         

Domestic

   4,560       5,709       (1,149   (20.1   22,862   

Overseas

   4,150       4,902       (752   (15.3   20,211   
                                         

Pipes, Valves, & Industrial Castings

   38,292    19.6    39,777    15.2    (1,485   (3.7   207,870    18.8
                                         

Domestic

   28,835    14.8    32,835    12.5    (4,000   (12.2   176,052    15.9

Overseas

   9,457    4.8    6,942    2.7    2,515      36.2      31,818    2.9
                                         

Environmental Engineering

   9,184    4.7    9,441    3.6    (257   (2.7   74,390    6.7
                                         

Domestic

   8,315    4.2    8,613    3.3    (298   (3.5   68,885    6.2

Overseas

   869    0.5    828    0.3    41      5.0      5,505    0.5
                                         

Other

   12,891    6.6    16,359    6.2    (3,468   (21.2   70,806    6.4
                                         

Domestic

   12,435    6.4    15,864    6.1    (3,429   (21.6   69,098    6.3

Overseas

   456    0.2    495    0.1    (39   (7.9   1,708    0.1
                                         

Total

   195,326    100.0    261,887    100.0    (66,561   (25.4   1,107,482    100.0
                                         

Domestic

   100,765    51.6    116,702    44.6    (15,937   (13.7   549,189    49.6

Overseas

   94,561    48.4    145,185    55.4    (50,624   (34.9   558,293    50.4

 

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Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  KUBOTA CORPORATION
Date: August 7, 2009   By:  

/s/ Shigeru Kimura

  Name:   Shigeru Kimura
  Title:   Executive Officer
    General Manager of Finance & Accounting Department