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Management’s Discussion and Analysis<br />
subsidiaries with effect from the second half of the previous<br />
business year. As a result of these factors, net sales of the<br />
Information & Communications segment, on a consolidated<br />
basis, posted a year-on-year decline of ¥56.2 billion (25.7%)<br />
to ¥162.0 billion. Due to a fall in production levels caused<br />
by the earthquake and tsunami as well as a decline in the<br />
profitability of exports in line with the yen’s appreciation, the<br />
operating income/loss account deteriorated by ¥8.9 billion<br />
from an operating income of ¥3.0 billion for the previous year<br />
to an operating loss of ¥5.9 billion for the reporting period.<br />
• Electronics:<br />
Thanks to increased demand for flexible printed circuits used<br />
installation work and plants, on a consolidated basis, came<br />
to ¥233.8 billion for a year-on-year increase of ¥26.3 billion<br />
(12.7%).<br />
• Industrial Materials & Others:<br />
During the reporting period, the Industrial Materials & Others<br />
segment saw increased demand for cemented carbide tools<br />
against the background of increased automotive production<br />
worldwide and expanding demand for industrial tools in the<br />
emerging economies. As a result, net sales, on a consolidated<br />
basis, edged up by ¥346 million (0.1%) year on year<br />
to ¥277.9 billion, while operating income rose ¥1.6 billion to<br />
¥18.5 billion and the operating income ratio improved by 0.5<br />
Net Sales<br />
Operating Income<br />
Net Income<br />
in smart phones, among other products, net sales of the of a percentage point to 6.6%.<br />
and Operating Income Margin<br />
and Return on Owner’s Equity<br />
Electronics segment rose by ¥7.6 billion (4.3%) year on year,<br />
(Billions of yen) (Billions of yen) (%)<br />
(Billions of yen)<br />
(%)<br />
on a<br />
2,500<br />
consolidated basis, to ¥185.8 billion. Operating<br />
150<br />
income, 5.9 Cash Flows<br />
6.0<br />
100<br />
10.0<br />
9.5<br />
however, fell by ¥3.3 billion year on year to ¥3.3 billion as a The term-end balance of cash and cash equivalents<br />
result of the stronger yen and fiercer international competition.<br />
5.1<br />
decreased by ¥49.7 billion (25.9%), compared with the previous<br />
term-end, to stand at ¥142.4 billion. 7.6<br />
8.0<br />
125<br />
5.0<br />
2,000<br />
80<br />
The operating income ratio declined by 1.9 percentage points<br />
4.2<br />
to 1.8%.<br />
Net cash provided by operating activities decreased by<br />
100<br />
4.0<br />
• <strong>Electric</strong> Wire & Cable, Energy:<br />
¥53.2 billion to ¥86.1 billion.<br />
6.1<br />
1,500<br />
60<br />
6.0<br />
Net sales of the <strong>Electric</strong> Wire & Cable, Energy segment, on a Net cash used in investing activities increased by ¥42.7<br />
75<br />
consolidated basis, posted a year-on-year increase of ¥43.7<br />
2.8<br />
3.0<br />
billion to ¥129.2 billion.<br />
billion 1,000(9.4%) to ¥508.6 billion. This was the result of growth Free cash flow, cash flows 40 provided from operating activities<br />
and investing 2.0 activities (combined), posted a negative<br />
4.0<br />
3.3<br />
in demand for low-voltage cables for use in post-disaster 50<br />
recovery work, as well as overseas electrical installation work figure in the amount of ¥43.2 billion, compared with ¥52.7<br />
500<br />
1.1<br />
20<br />
carried out by <strong>Sumitomo</strong> Densetsu Co., <strong>Ltd</strong>. and increased billion (positive) in the previous year. 1.9<br />
25<br />
1.0<br />
2.0<br />
demand for charged particle beam-oriented equipment made Net cash used in financing activities came to ¥2.4 billion,<br />
by Nissin <strong>Electric</strong> Co., <strong>Ltd</strong>. Operating income rose ¥3.5 billion compared with ¥27.8 billion used in the previous year.<br />
0<br />
0<br />
0<br />
0<br />
0<br />
2008 2009 2010 2011 2012 2008 2009<br />
to ¥16.9 billion, while the operating income ratio improved<br />
2010 2011 2012 2008 2009 2010 2011 2012<br />
Operating Income<br />
by 0.4 of a percentage point to 3.3%. The value of orders for<br />
Operating Income Margin<br />
Net Income Return on Owner’s Equity<br />
2,541<br />
2,122<br />
1,836<br />
2,034<br />
2,059<br />
149<br />
24<br />
52<br />
104<br />
87<br />
88<br />
17<br />
29<br />
71<br />
59<br />
Overseas Sales<br />
and Overseas Sales Ratio<br />
Working Capital<br />
and Current Ratio<br />
Capital Expenditures<br />
and Depreciation and Amortization<br />
(Billions of yen) (%)<br />
(Billions of yen) (Times)<br />
(Billions of yen)<br />
1,200<br />
50.0<br />
500<br />
4.0<br />
160<br />
900<br />
40.6<br />
1,032<br />
45.6<br />
43.8<br />
38.0 38.4<br />
40.0<br />
890<br />
940<br />
387<br />
402<br />
400<br />
458<br />
412<br />
134<br />
3.0<br />
140<br />
120<br />
143<br />
149<br />
600<br />
807<br />
705<br />
30.0<br />
20.0<br />
300<br />
200<br />
1.5<br />
1.6<br />
314<br />
1.7<br />
1.9<br />
1.6<br />
2.0<br />
100<br />
80<br />
60<br />
107<br />
108<br />
82<br />
108<br />
104<br />
97<br />
78<br />
300<br />
1.0<br />
40<br />
10.0<br />
100<br />
20<br />
0<br />
0<br />
0<br />
0<br />
0<br />
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012<br />
Overseas Sales<br />
Overseas Sales Ratio<br />
Working Capital Current Ratio<br />
Capital Expenditures Depreciation and Amortization<br />
Annual Report 2012<br />
SUMITOMO ELECTRIC<br />
43
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