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 2011

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) :             

 

 

 


Table of Contents

Information furnished on this form:

EXHIBITS

Exhibit Number

 

1. Results of operations for the three months ended June 30,2011 (Tuesday, August 2, 2011)


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 (TUESDAY, AUGUST 2, 2011)

RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED

JUNE 30, 2011 REPORTED BY KUBOTA CORPORATION

OSAKA, JAPAN, August 2, 2011 — Kubota Corporation reported its consolidated results for the three months ended June 30, 2011 today.

Consolidated Financial Highlights

1. Consolidated results of operations for the three months ended June 30, 2011

 

(1) Results of operations    (In millions of yen except per common share amounts)  
     Three months ended
Jun. 30, 2011
     Change
[%]
     Three months ended
Jun. 30, 2010
     Change
[%]
 

Revenues

   ¥ 215,082         8.0       ¥ 199,227         2.0   

Operating income

   ¥ 21,910         20.9       ¥ 18,116         76.3   

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

   ¥ 23,006         18.5       ¥ 19,419         80.7   

Net income attributable to Kubota Corporation

   ¥ 13,611         26.6       ¥ 10,750         93.4   

Net income attributable to Kubota Corporation per common share

           

Basic

   ¥ 10.70          ¥ 8.45      

Diluted

     —              —        

Notes:

  1. Change[%] represents percentage change from the corresponding period in the prior year.
  2. Comprehensive income for the three months ended June 30, 2011 and 2010 were ¥20,639 million [257.9%] and ¥5,767 million [(81.7%)], respectively.

 

(2) Financial position    (In millions of yen except per common share amounts)  
     Jun. 30, 2011     Jun. 30, 2010  

Total assets

   ¥ 1,375,267      ¥ 1,356,852   

Equity

   ¥ 693,035      ¥ 681,361   

Kubota Corporation shareholders’ equity

   ¥ 643,961      ¥ 634,885   

Ratio of Kubota Corporation shareholders’ equity to total assets

     46.8     46.8

2. Cash dividends

 

     (In yen)  
     Cash dividends per common share  
     Interim      Year end      Total  

Year ended March 31, 2011

   ¥ 7.00       ¥ 7.00       ¥ 14.00   

Year ending March 31, 2012

     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, 2012 is not decided at this time and the Company will inform the amount as soon as a decision is made.

 

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Kubota Corporation

and Subsidiaries

 

3. Anticipated results of operations for the year ending March 31, 2012

 

     (In millions of yen except per common share amounts)
     Six months ending
Sep. 30, 2011
     Change
[%]
     Year ending
Mar. 31, 2012
     Change
[%]

Revenues

   ¥ 466,000         3.8       ¥ 1,000,000       7.1

Operating income

   ¥ 45,000         4.2       ¥ 100,000       16.1

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

   ¥ 45,000         4.6       ¥ 100,000       9.5

Net income attributable to Kubota Corporation

   ¥ 27,000         5.0       ¥ 60,000       9.4

Net income attributable to Kubota Corporation per common share

   ¥ 21.23          ¥ 47.18      

Note :

Change[%] represents percentage change from the corresponding period in the prior year.

4. Other information

 

(1) Changes in material subsidiaries: No

 

(2) Adoption of simplified accounting procedures or specific accounting procedures for consolidated quarterly financial statements: Yes

Please refer to “2. Other information” on page 6.

 

(3) Accounting changes 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 “2. Other information” on page 6.

 

(4)

     Number of shares outstanding including treasury stock as of June 30, 2011      :         1,285,919,180   
     Number of shares outstanding including treasury stock as of March 31, 2011      :         1,285,919,180   
     Number of treasury stock as of June 30, 2011      :         14,210,613   
     Number of treasury stock as of March 31, 2011      :         14,206,633   
     Weighted average number of shares outstanding during the three months ended June 30, 2011      :         1,271,709,930   
     Weighted average number of shares outstanding during the three months ended June 30, 2010      :         1,271,821,378   

(*Information on status of the quarterly review by the independent auditor)

This release is not reviewed or audited in accordance with Financial Instruments and Exchange Law of Japan by the independent auditor because this release is not subject to the quarterly review. As of the date of this release, the Company's consolidated financial statements for the three months ended June 30, 2011 are under procedure of the quarterly review.

 

 

< 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, the occurrence of natural disasters, 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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Kubota Corporation

and Subsidiaries

 

Index to Accompanying Materials

 

1.      Review of operations and financial condition      4   
     (1   Summary of the results of operations for the three months under review      4   
     (2   Financial condition      5   
     (3   Prospect for the year ending March 31, 2012      6   
2.      Other information      6   
     (1   Changes in material subsidiaries      6   
     (2   Adoption of simplified accounting procedures or specific accounting procedures for consolidated quarterly financial statements      6   
     (3   Accounting changes for consolidated financial statements      6   
3.      Consolidated financial statements      7   
     (1   Consolidated balance sheets      7   
     (2   Consolidated statements of income      8   
     (3   Consolidated statements of comprehensive income      9   
     (4   Consolidated statements of cash flows      10   
     (5   Notes to assumption for going concern      10   
     (6   Consolidated segment information      11   
     (7   Consolidated statements of changes in equity      12   
     (8   Consolidated revenues by reporting segment      13   
     (9   Anticipated consolidated revenues by reporting segment      14   

 

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Kubota Corporation

and Subsidiaries

 

1. Review of operations and financial condition

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

For the three months ended June 30, 2011, revenues of Kubota Corporation and subsidiaries (hereinafter, the “Company”) increased ¥15.9 billion [8.0 %], to ¥215.1 billion from the corresponding period in the prior year.

Domestic revenues increased ¥1.2 billion [1.2 %], to ¥99.8 billion, due to increases in revenues in Water & Environment Systems and Other, while revenues in Farm & Industrial Machinery and Social Infrastructure decreased. Overseas revenues increased ¥14.7 billion [14.6 %], to ¥115.3 billion due to a large increase of revenues in Farm & Industrial Machinery while revenues in Water & Environment Systems and Social Infrastructure decreased.

Operating income increased ¥3.8 billion [20.9 %], to ¥21.9 billion from the corresponding period in the prior year, due to an increase in overseas revenues in Farm & Industrial Machinery and progressing cost reduction. Income before income taxes and equity in net income of affiliated companies increased ¥3.6 billion [18.5 %], to ¥23.0 billion. Income taxes were ¥8.2 billion [representing an effective tax rate of 35.7 %], and net income increased ¥2.8 billion [22.9 %], to ¥15.0 billion. Net income attributable to Kubota Corporation increased ¥2.9 billion [26.6 %], to ¥13.6 billion from the corresponding period in the prior year.

Revenues from external customers and operating income by each reporting segment are as follows.

1) Farm & Industrial Machinery

Farm & Industrial Machinery comprises farm equipment, engines and construction machinery.

Revenues in this segment increased 10.5 %, to ¥163.5 billion from the corresponding period in the prior year, comprising 76.0 % of consolidated revenues.

Domestic revenues decreased 1.2 %, to ¥53.8 billion. Sales of construction machinery and engines increased due to recovery in demand. However, sales of farm equipment decreased due to sales declines in the suffered area of the Great East Japan Earthquake and stagnation of investment for farm equipment affected by economic sluggishness.

Overseas revenues increased 17.3 %, to ¥109.8 billion. In North America, sales of tractors and engines increased affected by upturn of demand and sales of construction machinery substantially increased due to recovery in demand and effect of launching a new product. In Europe, sales of construction machinery and engines largely increased due to brisk demand. In Asia outside Japan, sales of construction machinery increased largely while sales of farm equipment decreased due to sales declines of combine harvesters and rice transplanters.

Operating income in Farm & Industrial Machinery increased 14.1 %, to ¥24.3 billion due to increased overseas revenues and cost reductions.

2) Water & Environment Systems

Water & Environment Systems comprises pipe-related products (ductile iron pipes, plastic pipes, valves, and other products) and environment-related products (environmental plants, pumps and other products).

Revenues in this segment were ¥30.7 billion, the same amount as the corresponding period in the prior year, comprising 14.3 % of consolidated revenues.

Domestic revenues increased 4.2 %, to ¥28.8 billion. In pipe-related products, sales of plastic pipes and valves increased. Sales of all environment-related products increased led by an increase in sales of pumps. Overseas revenues decreased 38.0 %, to ¥1.9 billion, due to sales declines of ductile iron pipes and pumps, while sales of submerged membrane systems increased.

Operating income in Water & Environment Systems increased to ¥0.8 billion due to improvement of profitability.

 

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Kubota Corporation

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3) Social Infrastructure

Social Infrastructure comprises industrial castings, spiral welded steel pipes, vending machines, electronic equipped machinery, and air-conditioning equipment.

Revenues in this segment decreased 3.5%, to ¥14.5 billion from the corresponding period in the prior year, comprising 6.8% of consolidated revenues.

Domestic revenues decreased 1.1%, to ¥11.0 billion. Although sales of electronic equipped machinery and air-conditioning equipment increased, sales of industrial castings, spiral welded steel pipes and vending machines decreased from the corresponding period in the prior year. Overseas revenues decreased 10.4%, to ¥3.5 billion due to the sales decline of industrial castings.

Operating income in Social Infrastructure increased 4.0%, to ¥0.5 billion mainly due to cost reduction.

4) Other

Other comprises construction, services and other businesses.

Revenues in this segment increased 16.0%, to ¥6.3 billion from the corresponding period in the prior year, comprising 2.9% of consolidated revenues. Although sales of construction decreased, sales of services and other businesses increased.

Operating income in Other increased 43.0%, to ¥0.4 billion.

(2) Financial condition

1) Assets, liabilities and equity

Total assets at the end of June 2011 amounted to ¥1,375.3 billion, an increase of ¥18.4 billion from the end of March 2011. As for Assets, current assets increased mainly due to increases of inventories. Long-term finance receivables also increased.

As for liabilities, long-term debt increased. Equity increased due to steadily recorded net income and improvement in accumulated other comprehensive loss. Shareholders’ equity ratio was 46.8%, the same percentage points as the prior year end.

2) Cash flows

Net cash provided by operating activities during the three months under review was ¥1.1 billion, a decrease of ¥2.6 billion of cash inflow from the corresponding period in the prior year. This decrease was mainly due to a decline of cash inflow from changes in working capital.

Net cash used in investing activities was ¥10.6 billion, an increase of ¥7.0 billion of cash outflow from the corresponding period in the prior year. This increase was mainly due to an increase of finance receivables.

Net cash provided by financing activities was ¥5.4 billion, an increase of ¥15.4 billion of cash inflow from the corresponding period in the prior year. This increase was mainly due to an increase of fund raising.

As a result, including the effect of exchange rate changes, cash and cash equivalents at the end of June 2011 was ¥102.2 billion, a decrease of ¥3.1 billion from the beginning of the period.

 

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Kubota Corporation

and Subsidiaries

 

(3) Prospect for the year ending March 31, 2012

The forecasts of the anticipated results of operations for the year ending March 31, 2012, which were announced on June 20, 2011, remain unchanged.

The Company forecasts consolidated revenues of ¥1,000.0 billion for the year ending March 31, 2012, ¥66.3 billion higher than the prior year. Domestic revenues are forecast to increase due to increase in revenues in all segments, centering on Water & Environment Systems. Overseas revenues are forecast to increase substantially because revenues in Farm & Industrial Machinery are expected to increase continuously, and revenues in Water & environment Systems and Social Infrastructure are also expected to increase.

The Company forecasts operating income of ¥100.0 billion, an increase of ¥13.9 billion from the prior year, mainly due to an increase in revenues. The Company expects income before income taxes and equity in net income of affiliated companies to be ¥100.0 billion, an increase of ¥8.7 billion from the prior year. Net income attributable to Kubota Corporation is forecast to be ¥60.0 billion, an increase of ¥5.2 billion from the prior year. (The forecasts are based on the assumption of exchange rates of ¥81=US$1 and ¥115=1Euro, respectively.)

2. Other information

(1) Changes in 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, 2011 was calculated using reasonably estimated annual effective tax rate for this fiscal year.

(3) Accounting changes for consolidated financial statements

The Company adopted a new accounting standard related to revenue recognition for multiple-deliverable arrangements from April 1, 2011. This standard requires that arrangement consideration be allocated to all deliverables using a selling price or estimated selling price and eliminates the residual method of allocation. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.

 

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Kubota Corporation

and Subsidiaries

 

3. Consolidated financial statements

(1) Consolidated balance sheets

 

Assets    (In millions of yen)  
     Jun. 30, 2011      Mar. 31, 2011      Change     Jun. 30, 2010  
   Amount     %      Amount     %      Amount     Amount     %  

Current assets:

                

Cash and cash equivalents

     102,220           105,293           (3,073     101,405     

Notes and accounts receivable

     343,857           353,608           (9,751     350,776     

Short-term finance receivables-net

     103,549           100,437           3,112        104,520     

Inventories

     191,609           174,217           17,392        184,009     

Other current assets

     48,210           43,649           4,561        60,253     
  

 

 

      

 

 

      

 

 

   

 

 

   

Total current assets

     789,445        57.4         777,204        57.3         12,241        800,963        57.8   

Investments and long-term finance receivables

     321,634        23.4         316,896        23.4         4,738        314,519        22.7   

Property, plant, and equipment

     216,147        15.7         217,358        16.0         (1,211     219,645        15.9   

Other assets

     48,041        3.5         45,394        3.3         2,647        50,165        3.6   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Total

     1,375,267        100.0         1,356,852        100.0         18,415        1,385,292        100.0   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 
Liabilities and Equity    (In millions of yen)  
     Jun. 30, 2011      Mar. 31, 2011      Change     Jun. 30, 2010  
   Amount     %      Amount     %      Amount     Amount     %  

Current liabilities:

                

Short-term borrowings

     74,899           76,642           (1,743     88,351     

Notes and accounts payable

     159,490           164,803           (5,313     154,066     

Other current liabilities

     103,347           108,127           (4,780     102,875     

Current portion of long-term debt

     95,500           85,556           9,944        70,832     
  

 

 

      

 

 

      

 

 

   

 

 

   

Total current liabilities

     433,236        31.5         435,128        32.1         (1,892     416,124        30.1   

Long-term liabilities:

                

Long-term debt

     203,713           191,760           11,953        248,150     

Accrued retirement and pension costs

     33,075           35,285           (2,210     37,910     

Other long-term liabilities

     12,208           13,318           (1,110     12,146     
  

 

 

      

 

 

      

 

 

   

 

 

   

Total long-term liabilities

     248,996        18.1         240,363        17.7         8,633        298,206        21.5   

Equity:

                

Kubota Corporation shareholders’ equity:

                

Common stock

     84,070           84,070           —          84,070     

Capital surplus

     89,140           89,140           —          89,241     

Legal reserve

     19,539           19,539           —          19,539     

Retained earnings

     521,564           516,858           4,706        481,692     

Accumulated other comprehensive loss

     (61,008        (65,381        4,373        (41,356  

Treasury stock

     (9,344        (9,341        (3     (9,287  
  

 

 

      

 

 

      

 

 

   

 

 

   

Total Kubota Corporation shareholders’ equity

     643,961        46.8         634,885        46.8         9,076        623,899        45.0   

Noncontrolling interests

     49,074        3.6         46,476        3.4         2,598        47,063        3.4   
  

 

 

      

 

 

      

 

 

   

 

 

   

Total equity

     693,035        50.4         681,361        50.2         11,674        670,962        48.4   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Total

     1,375,267        100.0         1,356,852        100.0         18,415        1,385,292        100.0   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

 

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(2) Consolidated statements of income

 

     (In millions of yen)  
     Three months
ended
Jun. 30, 2011
     Three months
ended
Jun. 30, 2010
     Change     Year ended
Mar. 31, 2011
 
   Amount     %      Amount     %      Amount     %     Amount     %  

Revenues

     215,082        100.0         199,227        100.0         15,855        8.0        933,685        100.0   

Cost of revenues

     155,054        72.1         142,838        71.7         12,216        8.6        678,653        72.7   

Selling, general, and administrative expenses

     37,508        17.4         38,184        19.2         (676     (1.8     165,407        17.7   

Other operating expenses

     610        0.3         89        0.0         521        585.4        3,514        0.4   
  

 

 

      

 

 

      

 

 

     

 

 

   

Operating income

     21,910        10.2         18,116        9.1         3,794        20.9        86,111        9.2   

Other income (expenses):

                  

Interest and dividend income

     1,510           1,552           (42       3,429     

Interest expense

     (373        (458        85          (1,632  

Gain on sales of securities-net

     —             1           (1       4,845     

Valuation loss on other investments

     (5        (8        3          (1,758  

Gain on nonmonetary exchange of securities

     —             2,774           (2,774       2,774     

Foreign exchange loss -net

     (428        (1,317        889          (1,640  

Other-net

     392           (1,241        1,633          (829  
  

 

 

      

 

 

      

 

 

     

 

 

   

Other income (expenses), net

     1,096           1,303           (207       5,189     
  

 

 

      

 

 

      

 

 

     

 

 

   

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

     23,006        10.7         19,419        9.7         3,587        18.5        91,300        9.8   

Income taxes

     8,218           7,217           1,001          30,684     

Equity in net income of affiliated companies

     232           21           211          492     
  

 

 

      

 

 

      

 

 

     

 

 

   

Net income

     15,020        7.0         12,223        6.1         2,797        22.9        61,108        6.5   

Less: Net income attributable to noncontrolling interests

     1,409           1,473           (64       6,286     
  

 

 

      

 

 

      

 

 

     

 

 

   

Net income attributable to Kubota Corporation

     13,611        6.3         10,750        5.4         2,861        26.6        54,822        5.9   
  

 

 

   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 
Net income attributable to Kubota Corporation per common share  
     (In yen)  

Basic

     10.70           8.45               43.11     

 

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(3) Consolidated statements of comprehensive income

 

     (In millions of yen)  
     Three months ended
Jun. 30, 2011
    Three months ended
Jun. 30, 2010
    Change  

Net income

     15,020        12,223        2,797   
  

 

 

   

 

 

   

 

 

 

Other comprehensive income (loss), net of tax:

      

Foreign currency translation adjustments

     8,161        2,892        5,269   

Unrealized losses on securities

     (2,479     (9,373     6,894   

Unrealized gains on derivatives

     19        96        (77

Pension liability adjustments

     (82     (71     (11
  

 

 

   

 

 

   

 

 

 

Other comprehensive income (loss)

     5,619        (6,456     12,075   
  

 

 

   

 

 

   

 

 

 

Comprehensive income

     20,639        5,767        14,872   

Less: Comprehensive income attributable to noncontrolling interests

     2,655        1,882        773   
  

 

 

   

 

 

   

 

 

 

Comprehensive income attributable to Kubota Corporation

     17,984        3,885        14,099   
  

 

 

   

 

 

   

 

 

 

 

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(4) Consolidated statements of cash flows

 

     (In millions of yen)  
     Three months ended
Jun. 30, 2011
    Three months ended
Jun. 30, 2010
    Change  

Operating activities:

      

Net income

     15,020        12,223     

Depreciation and amortization

     5,588        6,590     

Gain on nonmonetary exchange of securities

     —          (2,774  

Deferred income taxes

     2,340        3,524     

Decrease in notes and accounts receivable

     10,448        21,259     

Increase in inventories

     (13,758     (11,796  

Increase in other current assets

     (5,542     (1,512  

Decrease in trade notes and accounts payable

     (6,291     (4,308  

Decrease in income taxes payable

     (808     (18,325  

Decrease in other current liabilities

     (3,748     (1,737  

Decrease in accrued retirement and pension costs

     (2,330     (2,390  

Other

     135        2,945     
  

 

 

   

 

 

   

 

 

 

Net cash provided by operating activities

     1,054        3,699        (2,645

Investing activities:

      

Purchases of fixed assets

     (5,041     (5,153  

Proceeds from sales of property, plant, and equipment

     37        438     

Increase in finance receivables

     (39,828     (35,444  

Collection of finance receivables

     36,318        36,134     

Net (increase) decrease in time deposits

     (837     465     

Other

     (1,238     (18  
  

 

 

   

 

 

   

 

 

 

Net cash used in investing activities

     (10,589     (3,578     (7,011

Financing activities:

      

Proceeds from issuance of long-term debt

     29,896        21,007     

Repayments of long-term debt

     (12,147     (18,573  

Net decrease in short-term borrowings

     (3,686     (6,020  

Cash dividends

     (8,905     (6,361  

Purchases of treasury stock

     (3     (11  

Other

     243        (37  
  

 

 

   

 

 

   

 

 

 

Net cash provided by (used in) financing activities

     5,398        (9,995     15,393   

Effect of exchange rate changes on cash and cash equivalents

     1,064        (149     1,213   
  

 

 

   

 

 

   

 

 

 

Net decrease in cash and cash equivalents

     (3,073     (10,023  

Cash and cash equivalents at beginning of period

     105,293        111,428     
  

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at end of period

     102,220        101,405        815   
  

 

 

   

 

 

   

 

 

 

(5) Notes to assumption for going concern

None

 

-10-


Table of Contents

Kubota Corporation

and Subsidiaries

 

(6) Consolidated segment information

1) Reporting segments

 

Three months ended June 30, 2011    (In millions of yen)  
     Farm &
Industrial
Machinery
     Water &
Environment
Systems
     Social
Infrastructure
     Other      Adjustments     Consolidated  

Revenues

                

External customers

     163,516         30,719         14,522         6,325         —          215,082   

Intersegment

     12         177         544         4,312         (5,045     —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total

     163,528         30,896         15,066         10,637         (5,045     215,082   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Operating income

     24,275         760         522         432         (4,079     21,910   
                
Three months ended June 30, 2010    (In millions of yen)  
     Farm &
Industrial
Machinery
     Water &
Environment
Systems
     Social
Infrastructure
     Other      Adjustments     Consolidated  

Revenues

                

External customers

     148,004         30,721         15,050         5,452         —          199,227   

Intersegment

     10         271         548         2,722         (3,551     —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total

     148,014         30,992         15,598         8,174         (3,551     199,227   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Operating income

     21,283         77         502         302         (4,048     18,116   

Notes:

1. The amounts in “Adjustments” include the eliminations of intersegment transactions and the unallocated corporate expenses.

2. The aggregated amounts of operating income equal to those in the consolidated statements of income, and please refer to the consolidated statements of income for the reconciliation of operating income to income before income taxes and equity in net income of affiliated companies.

3. Intersegment revenues are recorded at arm’s length prices.

2) Geographic segments

 

Information for revenues from external customers by destination    (In millions of yen)  
     Three months ended
Jun. 30, 2011
     Three months ended
Jun. 30, 2010
 

Japan

     99,794         98,635   

North America

     46,845         35,428   

Europe

     23,258         19,203   

Asia Outside Japan

     37,936         38,518   

Other Areas

     7,249         7,443   
  

 

 

    

 

 

 

Total

     215,082         199,227   
  

 

 

    

 

 

 

Notes:

1. Revenues from North America include those from the United States of ¥39,239 million and ¥28,225 million for the three months ended June 30, 2011 and 2010, respectively.

2. There is no single customer, revenues from whom exceed 10% of total consolidated revenues of the Company.

 

-11-


Table of Contents

Kubota Corporation

and Subsidiaries

 

(7) Consolidated statements of changes in equity

 

     (In millions of yen)  
     Shares of
common stock
outstanding
(thousands)
    Kubota Corporation shareholders’ equity     Non-
controlling
interests
    Total
equity
 
       Common
stock
     Capital
surplus
     Legal
reserve
     Retained
earnings
    Accumulated
other
comprehensive
loss
    Treasury
stock
     

Balance at March 31, 2011

     1,271,713        84,070         89,140         19,539         516,858        (65,381     (9,341     46,476        681,361   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

                13,611            1,409        15,020   

Other comprehensive income

                  4,373          1,246        5,619   

Cash dividends paid to Kubota Corporation shareholders, ¥7 per common share

                (8,905           (8,905

Cash dividends paid to noncontrolling interests

                      (100     (100

Purchases and sales of treasury stock

     (4                  (3       (3

Increase in noncontrolling interests related to contribution

                      43        43   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at June 30, 2011

     1,271,709        84,070         89,140         19,539         521,564        (61,008     (9,344     49,074        693,035   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

-12-


Table of Contents

Kubota Corporation

and Subsidiaries

 

(8) Consolidated revenues by reporting segment

 

     (In millions of yen)  
     Three months ended
Jun. 30, 2011
     Three months ended
Jun. 30, 2010
     Change     Year ended
Mar. 31, 2011
 
     Amount      %      Amount      %      Amount     %     Amount      %  

Farm Equipment and Engines

     140,175         65.2         132,997         66.8         7,178        5.4        580,671         62.2   

Domestic

     49,016            50,862            (1,846     (3.6     205,676      

Overseas

     91,159            82,135            9,024        11.0        374,995      

Construction Machinery

     23,341         10.8         15,007         7.5         8,334        55.5        70,847         7.6   

Domestic

     4,743            3,571            1,172        32.8        20,710      

Overseas

     18,598            11,436            7,162        62.6        50,137      

Farm & Industrial Machinery

     163,516         76.0         148,004         74.3         15,512        10.5        651,518         69.8   

Domestic

     53,759         25.0         54,433         27.3         (674     (1.2     226,386         24.3   

Overseas

     109,757         51.0         93,571         47.0         16,186        17.3        425,132         45.5   

Pipe-Related Products

     21,348         9.9         21,747         10.9         (399     (1.8     121,836         13.0   

Domestic

     20,266            19,713            553        2.8        113,584      

Overseas

     1,082            2,034            (952     (46.8     8,252      

Environment-Related Products

     9,371         4.4         8,974         4.5         397        4.4        70,932         7.6   

Domestic

     8,551            7,939            612        7.7        65,090      

Overseas

     820            1,035            (215     (20.8     5,842      

Water & Environment Systems

     30,719         14.3         30,721         15.4         (2     (0.0     192,768         20.6   

Domestic

     28,817         13.4         27,652         13.9         1,165        4.2        178,674         19.1   

Overseas

     1,902         0.9         3,069         1.5         (1,167     (38.0     14,094         1.5   

Social Infrastructure

     14,522         6.8         15,050         7.6         (528     (3.5     60,439         6.5   

Domestic

     11,016         5.1         11,136         5.6         (120     (1.1     44,278         4.8   

Overseas

     3,506         1.7         3,914         2.0         (408     (10.4     16,161         1.7   

Other

     6,325         2.9         5,452         2.7         873        16.0        28,960         3.1   

Domestic

     6,202         2.9         5,414         2.7         788        14.6        28,575         3.0   

Overseas

     123         0.0         38         0.0         85        223.7        385         0.1   

Total

     215,082         100.0         199,227         100.0         15,855        8.0        933,685         100.0   

Domestic

     99,794         46.4         98,635         49.5         1,159        1.2        477,913         51.2   

Overseas

     115,288         53.6         100,592         50.5         14,696        14.6        455,772         48.8   

 

-13-


Table of Contents

Kubota Corporation

and Subsidiaries

 

(9) Anticipated consolidated revenues by reporting segment

 

     (In billions of yen)  
     Year ending
Mar. 31, 2012
     Year ended
Mar. 31, 2011
     Change  
     Amount      %      Amount      %      Amount     %  

Domestic

     230.0            226.4            3.6        1.6   

Overseas

     466.0            425.1            40.9        9.6   

Farm & Industrial Machinery

     696.0         69.6         651.5         69.8         44.5        6.8   

Domestic

     191.0            178.7            12.3        6.9   

Overseas

     17.0            14.1            2.9        20.6   

Water & Environment Systems

     208.0         20.8         192.8         20.6         15.2        7.9   

Domestic

     46.0            44.3            1.7        3.8   

Overseas

     20.0            16.2            3.8        23.5   

Social Infrastructure

     66.0         6.6         60.4         6.5         5.6        9.3   

Domestic

     30.0            28.6            1.4        4.9   

Overseas

     —              0.4            (0.4     (100.0

Other

     30.0         3.0         29.0         3.1         1.0        3.4   

Total

     1,000.0         100.0         933.7         100.0         66.3        7.1   

Domestic

     497.0         49.7         477.9         51.2         19.1        4.0   

Overseas

     503.0         50.3         455.8         48.8         47.2        10.4   

 

-14-


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 2, 2011     By:  

/s/ Yoshiyuki Fujita

    Name:   Yoshiyuki Fujita
    Title:   Executive Officer
      General Manager of
      Global Management Promotion Department