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 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) :
Information furnished on this form:
EXHIBITS
Exhibit Number
| 1. | Results of operations for the nine months ended December 31, 2010 (Friday, February 4, 2011) |
| 2. | Notice on the forecast of year-end dividend for the year ending March 31, 2011 (Friday, February 4, 2011) |
| 3. | Notice of changes of management (Friday, February 4, 2011) |
| 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 (FRIDAY, FEBRUARY 4, 2011)
RESULTS OF OPERATIONS FOR THE NINE MONTHS ENDED
DECEMBER 31, 2010 REPORTED BY KUBOTA CORPORATION
OSAKA, JAPAN, February 4, 2011 — Kubota Corporation reported its consolidated results for the nine months ended December 31, 2010 today.
Consolidated Financial Highlights
1. Consolidated results of operations for the nine months ended December 31, 2010
| (1) Results of operations | (In millions of yen except per common share amounts) | |||||||||||||||
| Nine months
ended Dec. 31, 2010 |
Change [%] |
Nine months
ended Dec. 31, 2009 |
Change [%] |
|||||||||||||
| Revenues |
¥ | 679,984 | 1.0 | ¥ | 673,053 | (20.0 | ) | |||||||||
| Operating income |
¥ | 68,951 | 32.7 | ¥ | 51,959 | (46.0 | ) | |||||||||
| Income before income taxes and equity in net income of affiliated companies |
¥ | 72,212 | 36.1 | ¥ | 53,039 | (37.8 | ) | |||||||||
| Net income attributable to Kubota Corporation |
¥ | 44,070 | 42.5 | ¥ | 30,935 | (33.4 | ) | |||||||||
| Net income attributable to Kubota Corporation per common share |
||||||||||||||||
| Basic |
¥ | 34.65 | ¥ | 24.32 | ||||||||||||
| Diluted |
¥ | 34.65 | ¥ | 24.32 | ||||||||||||
Note : Change[%] represents percentage change from the corresponding period in the prior year.
| (2) Financial position | (In millions of yen except per common share amounts) | |||||||
| Dec. 31, 2010 | Mar. 31, 2010 | |||||||
| Total assets |
¥ | 1,394,882 | ¥ | 1,409,033 | ||||
| Equity |
¥ | 684,048 | ¥ | 671,619 | ||||
| Kubota Corporation shareholders’ equity |
¥ | 635,877 | ¥ | 626,397 | ||||
| Ratio of Kubota Corporation shareholders’ equity |
45.6 | % | 44.5 | % | ||||
| Kubota Corporation shareholders’ equity per common share |
¥ | 500.01 | ¥ | 492.51 | ||||
2. Cash dividends
| (In yen) | ||||||||||||
| Cash dividends per common share | ||||||||||||
| Interim | Year end | Total | ||||||||||
| Year ended March 31, 2010 |
¥ | 7.00 | ¥ | 5.00 | ¥ | 12.00 | ||||||
| Year ending March 31, 2011 |
¥ | 7.00 | ¥ | 7.00 | ¥ | 14.00 | ||||||
-1-
Kubota Corporation
and Subsidiaries
3. Anticipated results of operations for the year ending March 31, 2011
| (In millions of yen except per common share amounts) | ||||||||
| Year ending Mar. 31, 2011 |
Change [%] |
|||||||
| Revenues |
¥ | 960,000 | 3.2 | |||||
| Operating income |
¥ | 90,000 | 29.1 | |||||
| Income before income taxes and equity in net income of affiliated companies |
¥ | 90,000 | 22.5 | |||||
| Net income attributable to Kubota Corporation |
¥ | 52,000 | 22.9 | |||||
| Net income attributable to Kubota Corporation per common share |
¥ | 40.89 | ||||||
Note : Change[%] 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 material subsidiaries: None | |||||||||
| (2) |
Adoption of simplified accounting procedures or specific accounting procedures for consolidated quarterly financial statements: Please refer to “2. Other information” on page 6. | |||||||||
| (3) |
Changes in accounting principles, procedures, and presentations for consolidated financial statements | |||||||||
| a) Changes due to the revision of accounting standards: None | ||||||||||
| b) Changes in matters other than a) above: None | ||||||||||
| (4) |
Number of shares outstanding including treasury stock as of December 31, 2010 |
: | 1,285,919,180 | |||||||
| Number of shares outstanding including treasury stock as of March 31, 2010 |
: | 1,285,919,180 | ||||||||
| Number of treasury stock as of December 31, 2010 |
: | 14,196,640 | ||||||||
| Number of treasury stock as of March 31, 2010 |
: | 14,072,545 | ||||||||
| Weighted average number of shares outstanding during the nine months ended December 31, 2010 |
: | 1,271,786,821 | ||||||||
| Weighted average number of shares outstanding during the nine months ended December 31, 2009 |
: | 1,272,013,138 | ||||||||
| (*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 nine months ended December 31, 2010 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, continued competitive pricing pressures in the marketplace, as well as the Company’s ability to continue to gain acceptance of its products.
-2-
Kubota Corporation
and Subsidiaries
Index to Accompanying Materials
-3-
Kubota Corporation
and Subsidiaries
1. Review of operations and financial condition
(1)Summary of the results of operations for the nine months under review
For the nine months ended December 31, 2010, revenues of Kubota Corporation and subsidiaries (hereinafter, the “Company”) increased ¥6.9 billion [1.0 %], to ¥680.0 billion from the corresponding period in the prior year.
Domestic revenues decreased ¥13.8 billion [3.9 %], to ¥341.1 billion, due to decreases in revenues in Water & Environment Systems and Social Infrastructure, while revenues in Farm & Industrial Machinery and Other increased. Overseas revenues increased ¥20.7 billion [6.5 %], to ¥338.9 billion, because an increase of revenues in Farm & Industrial Machinery compensated declines of revenues in other segments.
Operating income increased ¥17.0 billion [32.7 %], to ¥69.0 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 ¥19.2 billion [36.1 %], to ¥72.2 billion. Income taxes were ¥24.2 billion [representing an effective tax rate of 33.5 %], and net income increased ¥13.8 billion [38.9 %], to ¥49.2 billion. Net income attributable to Kubota Corporation increased ¥13.1 billion [42.5 %], to ¥44.1 billion from the corresponding period in the prior year.
Review of operations by reporting segment
1) Farm & Industrial Machinery
Farm & Industrial Machinery comprises farm equipment, engines and construction machinery.
Revenues in this segment increased 7.3 %, to ¥489.7 billion from the corresponding period in the prior year, comprising 72.0 % of consolidated revenues.
Domestic revenues increased 0.5 %, to ¥172.5 billion. Sales of farm equipment such as tractors, combine harvesters and rice transplanters decreased due to weakening buying inclination of farmers accompanied by declining rice price as well as adverse impact of the absence of government subsidy for leasing farm equipment, which was implemented in the second half of the prior fiscal year. However, sales of engines and construction machinery largely increased under the encouragement of demand recovery.
Overseas revenues increased 11.3 %, to ¥317.2 billion. In North America, sales of tractors increased as a result of aggressive sales activities and sales of engines substantially increased owing to favorable demand. In Europe, sales of construction machinery and engines largely increased due to rapid recovery of demand, while sales of tractors decreased. In Asia outside Japan, sales of farm equipment increased steadily, and sales of construction machinery increased largely.
Operating income in Farm & Industrial Machinery increased 48.0 %, to ¥71.1 billion due to increased 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 decreased 16.2 %, to ¥126.6 billion from the corresponding period in the prior year, comprising 18.6 % of consolidated revenues.
Domestic revenues decreased 10.6 %, to ¥116.1 billion. Sales of pipe-related products such as ductile iron pipes and plastic pipes decreased due to sluggish demand. Sales of environment-related such as water and sewage treatment products and waste treatment products also decreased. Overseas revenues decreased 50.4 %, to ¥10.5 billion, due to substantial sales declines of ductile iron pipes and pumps.
Operating income in Water & Environment Systems decreased 47.5 %, to ¥6.7 billion due to decreased revenues and declines of sales price.
-4-
Kubota Corporation
and Subsidiaries
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 3.6 %, to ¥45.0 billion from the corresponding period in the prior year, comprising 6.6 % of consolidated revenues.
Domestic revenues decreased 3.4 %, to ¥34.1 billion. Although sales of electronic equipped machinery and air-conditioning equipment increased, sales of spiral welded steel pipes largely decreased and sales of industrial castings and vending machines also decreased from the corresponding period in the prior year. Overseas revenues decreased 4.1 %, to ¥10.9 billion owing to the sales decline of industrial castings.
Operating income in Social Infrastructure increased 17.6 %, to ¥2.5 billion mainly due to reduction of fixed cost and improved profitability.
4) Other
Other comprises construction, services and other businesses.
Revenues in this segment decreased 0.5 %, to ¥18.8 billion from the corresponding period in the prior year, comprising 2.8 % of consolidated revenues. This decrease was mainly due to sales decline of construction.
Operating income in Other decreased 17.7 %, to ¥1.2 billion.
1) Assets, liabilities and equity
Total assets at the end of December 2010 amounted to ¥1,394.9 billion, a decrease of ¥14.2 billion from the end of March 2010. As for Assets, current assets decreased due to decreases of notes and accounts receivable and cash and cash equivalents, while inventories increased. In addition, property, plant, and equipment and other assets also decreased.
As for liabilities, current liabilities increased because of large increase in notes and accounts payable. On the other hand, long-term liabilities decreased substantially mainly due to a decrease of long-term debt.
Equity increased due to steadily recorded net income, while accumulated other comprehensive loss increased mainly affected by the appreciation of the yen. Shareholders’ equity ratio was 45.6 %, 1.1 percentage points higher than the prior year end.
2) Cash flows
Net cash provided by operating activities during the nine months under review was ¥66.9 billion, a decrease of ¥10.5 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 ¥33.7 billion, a decrease of ¥5.2 billion of cash outflow from the corresponding period in the prior year. This decrease was mainly due to a decrease of purchase of fixed assets and a decrease of cash outflow related to finance receivables.
Net cash used in financing activities was ¥36.8 billion, an increase of ¥25.2 billion of cash outflow from the corresponding period in the prior year. This substantial increase was mainly due to an increase in repayments of long-term debt.
As a result, including the effect of exchange rate changes, cash and cash equivalents at the end of December 2010 was ¥106.1 billion, a decrease of ¥5.3 billion from the beginning of the year.
(3) Prospect for the fiscal year under review
The Company revised the forecasts of revenues for the year ending March 31, 2011 to be ¥960.0 billion, a decrease of ¥40.0 billion from the previous forecast on May 11, 2010. Domestic revenues are forecast to decrease because of revenues decrease mainly in Water & Environment Systems from the previous forecast. Overseas revenues are also forecast to decrease mainly in Farm & Industrial Machinery from the previous forecast.
-5-
Kubota Corporation
and Subsidiaries
In spite of downward revision of revenues forecast, the Company expects the same amounts of operating income, income before income taxes and equity in net income of affiliated companies, and net income attributable to Kubota Corporation as the previous forecast. (These forecasts are based on the assumption of an exchange rate of ¥88=US$1.)
| (In millions of yen) | ||||||||||||||||||||
| Previous Forecasts on May 11, 2010 |
Revised Forecasts |
Change | Prior year (Year ended March 31, 2010) |
|||||||||||||||||
| Revenues |
1,000,000 | 960,000 | (40,000 | ) | (4.0 | %) | 930,644 | |||||||||||||
| Operating Income |
90,000 | 90,000 | — | — | 69,702 | |||||||||||||||
| Income before income taxes and equity in net income of affiliated companies |
90,000 | 90,000 | — | — | 73,483 | |||||||||||||||
| Net income attributable to Kubota Corporation |
52,000 | 52,000 | — | — | 42,326 | |||||||||||||||
(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 nine months ended December 31, 2010 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
None
-6-
Kubota Corporation
and Subsidiaries
3. Consolidated financial statements
(1) Consolidated balance sheets
| Assets | (In millions of yen) | |||||||||||||||||||||||||||
| Dec. 31, 2010 | Mar. 31, 2010 | Change | Dec. 31, 2009 | |||||||||||||||||||||||||
| Amount | % | Amount | % | Amount | Amount | % | ||||||||||||||||||||||
| Current assets: |
||||||||||||||||||||||||||||
| Cash and cash equivalents |
106,126 | 111,428 | (5,302 | ) | 96,925 | |||||||||||||||||||||||
| Notes and accounts receivable |
350,249 | 372,076 | (21,827 | ) | 354,104 | |||||||||||||||||||||||
| Short-term finance receivables-net |
102,463 | 104,840 | (2,377 | ) | 98,778 | |||||||||||||||||||||||
| Inventories |
193,494 | 172,323 | 21,171 | 205,073 | ||||||||||||||||||||||||
| Other current assets |
59,442 | 60,161 | (719 | ) | 61,331 | |||||||||||||||||||||||
| Total current assets |
811,774 | 58.2 | 820,828 | 58.3 | (9,054 | ) | 816,211 | 58.6 | ||||||||||||||||||||
| Investments and long-term finance receivables |
323,760 | 23.2 | 321,724 | 22.8 | 2,036 | 303,959 | 21.8 | |||||||||||||||||||||
| Property, plant, and equipment |
215,428 | 15.4 | 220,893 | 15.7 | (5,465 | ) | 220,254 | 15.8 | ||||||||||||||||||||
| Other assets |
43,920 | 3.2 | 45,588 | 3.2 | (1,668 | ) | 53,189 | 3.8 | ||||||||||||||||||||
| Total |
1,394,882 | 100.0 | 1,409,033 | 100.0 | (14,151 | ) | 1,393,613 | 100.0 | ||||||||||||||||||||
| Liabilities and Equity | (In millions of yen) | |||||||||||||||||||||||||||
| Dec. 31, 2010 | Mar. 31, 2010 | Change | Dec. 31, 2009 | |||||||||||||||||||||||||
| Amount | % | Amount | % | Amount | Amount | % | ||||||||||||||||||||||
| Current liabilities: |
||||||||||||||||||||||||||||
| Short-term borrowings |
77,582 | 88,333 | (10,751 | ) | 119,420 | |||||||||||||||||||||||
| Notes and accounts payable |
191,453 | 157,949 | 33,504 | 166,288 | ||||||||||||||||||||||||
| Other current liabilities |
105,698 | 122,524 | (16,826 | ) | 106,535 | |||||||||||||||||||||||
| Current portion of long-term debt |
89,070 | 71,432 | 17,638 | 62,993 | ||||||||||||||||||||||||
| Total current liabilities |
463,803 | 33.3 | 440,238 | 31.2 | 23,565 | 455,236 | 32.7 | |||||||||||||||||||||
| Long-term liabilities: |
||||||||||||||||||||||||||||
| Long-term debt |
198,665 | 243,333 | (44,668 | ) | 230,491 | |||||||||||||||||||||||
| Accrued retirement and pension costs |
33,676 | 40,177 | (6,501 | ) | 50,202 | |||||||||||||||||||||||
| Other long-term liabilities |
14,690 | 13,666 | 1,024 | 10,194 | ||||||||||||||||||||||||
| Total long-term liabilities |
247,031 | 17.7 | 297,176 | 21.1 | (50,145 | ) | 290,887 | 20.9 | ||||||||||||||||||||
| Equity: |
||||||||||||||||||||||||||||
| Kubota Corporation shareholders’ equity: |
||||||||||||||||||||||||||||
| Common stock |
84,070 | 84,070 | — | 84,070 | ||||||||||||||||||||||||
| Capital surplus |
89,381 | 89,241 | 140 | 93,154 | ||||||||||||||||||||||||
| Legal reserve |
19,539 | 19,539 | — | 19,539 | ||||||||||||||||||||||||
| Retained earnings |
506,106 | 477,303 | 28,803 | 465,912 | ||||||||||||||||||||||||
| Accumulated other comprehensive loss |
(53,887 | ) | (34,491 | ) | (19,396 | ) | (51,054 | ) | ||||||||||||||||||||
| Treasury stock |
(9,332 | ) | (9,265 | ) | (67 | ) | (9,209 | ) | ||||||||||||||||||||
| Total Kubota Corporation shareholders’ equity |
635,877 | 45.6 | 626,397 | 44.5 | 9,480 | 602,412 | 43.2 | |||||||||||||||||||||
| Noncontrolling interests |
48,171 | 3.4 | 45,222 | 3.2 | 2,949 | 45,078 | 3.2 | |||||||||||||||||||||
| Total equity |
684,048 | 49.0 | 671,619 | 47.7 | 12,429 | 647,490 | 46.4 | |||||||||||||||||||||
| Total |
1,394,882 | 100.0 | 1,409,033 | 100.0 | (14,151 | ) | 1,393,613 | 100.0 | ||||||||||||||||||||
-7-
Kubota Corporation
and Subsidiaries
(2) Consolidated statements of income
| (In millions of yen) | ||||||||||||||||||||||||||||||||
| Nine months ended Dec. 31, 2010 |
Nine months ended Dec. 31, 2009 |
Change | Year ended Mar. 31, 2010 |
|||||||||||||||||||||||||||||
| Amount | % | Amount | % | Amount | % | Amount | % | |||||||||||||||||||||||||
| Revenues |
679,984 | 100.0 | 673,053 | 100.0 | 6,931 | 1.0 | 930,644 | 100.0 | ||||||||||||||||||||||||
| Cost of revenues |
490,345 | 72.1 | 494,309 | 73.4 | (3,964 | ) | (0.8 | ) | 681,374 | 73.2 | ||||||||||||||||||||||
| Selling, general, and administrative expenses |
120,125 | 17.7 | 126,381 | 18.8 | (6,256 | ) | (5.0 | ) | 179,352 | 19.3 | ||||||||||||||||||||||
| Other operating expenses |
563 | 0.1 | 404 | 0.1 | 159 | 39.4 | 216 | 0.0 | ||||||||||||||||||||||||
| Operating income |
68,951 | 10.1 | 51,959 | 7.7 | 16,992 | 32.7 | 69,702 | 7.5 | ||||||||||||||||||||||||
| Other income (expenses): |
||||||||||||||||||||||||||||||||
| Interest and dividend income |
3,084 | 2,856 | 228 | 3,381 | ||||||||||||||||||||||||||||
| Interest expense |
(1,364 | ) | (1,728 | ) | 364 | (2,127 | ) | |||||||||||||||||||||||||
| Gain on sales of securities-net |
4,517 | 387 | 4,130 | 1,821 | ||||||||||||||||||||||||||||
| Gain on nonmonetary exchange of securities |
2,774 | — | 2,774 | — | ||||||||||||||||||||||||||||
| Valuation loss on other investments |
(1,696 | ) | (43 | ) | (1,653 | ) | (143 | ) | ||||||||||||||||||||||||
| Foreign exchange gain (loss) -net |
(2,908 | ) | 669 | (3,577 | ) | 2,894 | ||||||||||||||||||||||||||
| Other-net |
(1,146 | ) | (1,061 | ) | (85 | ) | (2,045 | ) | ||||||||||||||||||||||||
| Other income, net |
3,261 | 1,080 | 2,181 | 3,781 | ||||||||||||||||||||||||||||
| Income before income taxes and equity in net income of affiliated companies |
72,212 | 10.6 | 53,039 | 7.9 | 19,173 | 36.1 | 73,483 | 7.9 | ||||||||||||||||||||||||
| Income taxes |
24,202 | 18,517 | 5,685 | 25,977 | ||||||||||||||||||||||||||||
| Equity in net income of affiliated companies |
1,226 | 925 | 301 | 402 | ||||||||||||||||||||||||||||
| Net income |
49,236 | 7.2 | 35,447 | 5.3 | 13,789 | 38.9 | 47,908 | 5.1 | ||||||||||||||||||||||||
| Less: Net income attributable to noncontrolling interests |
5,166 | 4,512 | 654 | 5,582 | ||||||||||||||||||||||||||||
| Net income attributable to Kubota Corporation |
44,070 | 6.5 | 30,935 | 4.6 | 13,135 | 42.5 | 42,326 | 4.5 | ||||||||||||||||||||||||
| Net income attributable to Kubota Corporation per common share |
| |||||||||||||||||||||||||||||||
| (In yen) | ||||||||||||||||||||||||||||||||
| Basic |
34.65 | 24.32 | 33.28 | |||||||||||||||||||||||||||||
| Diluted |
34.65 | 24.32 | 33.28 | |||||||||||||||||||||||||||||
-8-
Kubota Corporation
and Subsidiaries
(3) Consolidated statements of cash flows
| (In millions of yen) | ||||||||||||
| Nine months ended Dec. 31, 2010 |
Nine months ended Dec. 31, 2009 |
Change | ||||||||||
| Operating activities: |
||||||||||||
| Net income |
49,236 | 35,447 | ||||||||||
| Depreciation and amortization |
19,989 | 21,597 | ||||||||||
| Gain on sales of securities-net |
(4,517 | ) | (387 | ) | ||||||||
| Gain on nonmonetary exchange of securities |
(2,774 | ) | — | |||||||||
| Valuation loss on other investments |
1,696 | 43 | ||||||||||
| Deferred income taxes |
8,472 | 1,814 | ||||||||||
| Decrease in notes and accounts receivable |
13,688 | 32,969 | ||||||||||
| Decrease (increase) in inventories |
(29,596 | ) | 5,087 | |||||||||
| Increase in other current assets |
(7,521 | ) | (6,742 | ) | ||||||||
| Increase (decrease) in trade notes and accounts payable |
35,353 | (13,741 | ) | |||||||||
| Increase (decrease) in income taxes payable |
(16,471 | ) | 5,571 | |||||||||
| Increase (decrease) in other current liabilities |
4,289 | (12,592 | ) | |||||||||
| Increase (decrease) in accrued retirement and pension costs |
(6,725 | ) | 163 | |||||||||
| Other |
1,830 | 8,188 | ||||||||||
| Net cash provided by operating activities |
66,949 | 77,417 | (10,468 | ) | ||||||||
| Investing activities: |
||||||||||||
| Purchases of fixed assets |
(18,500 | ) | (19,082 | ) | ||||||||
| Proceeds from sales of property, plant, and equipment |
604 | 1,068 | ||||||||||
| Proceeds from sales and redemption of investments |
5,676 | 6,489 | ||||||||||
| Increase in finance receivables |
(130,656 | ) | (131,141 | ) | ||||||||
| Collection of finance receivables |
107,695 | 107,155 | ||||||||||
| Other |
1,504 | (3,401 | ) | |||||||||
| Net cash used in investing activities |
(33,677 | ) | (38,912 | ) | 5,235 | |||||||
| Financing activities: |
||||||||||||
| Proceeds from issuance of long-term debt |
46,819 | 75,305 | ||||||||||
| Repayments of long-term debt |
(75,366 | ) | (54,592 | ) | ||||||||
| Net increase (decrease) in short-term borrowings |
6,943 | (15,086 | ) | |||||||||
| Cash dividends |
(15,267 | ) | (17,814 | ) | ||||||||
| Purchases of treasury stock |
(42 | ) | (125 | ) | ||||||||
| Other |
92 | 676 | ||||||||||
| Net cash used in financing activities |
(36,821 | ) | (11,636 | ) | (25,185 | ) | ||||||
| Effect of exchange rate changes on cash and cash equivalents |
(1,753 | ) | 551 | (2,304 | ) | |||||||
| Net increase (decrease) in cash and cash equivalents |
(5,302 | ) | 27,420 | |||||||||
| Cash and cash equivalents at beginning of period |
111,428 | 69,505 | ||||||||||
| Cash and cash equivalents at end of period |
106,126 | 96,925 | 9,201 | |||||||||
(4) Notes to assumption for going concern
None
-9-
Kubota Corporation
and Subsidiaries
(5) Consolidated segment information
1) Reporting segments
Nine months ended December 31, 2010
| (In millions of yen) | ||||||||||||||||||||||||
| Farm & Industrial Machinery |
Water & Environment Systems |
Social Infrastructure |
Other | Adjustments | Consolidated | |||||||||||||||||||
| Revenues |
||||||||||||||||||||||||
| External customers |
489,676 | 126,575 | 44,981 | 18,752 | — | 679,984 | ||||||||||||||||||
| Intersegment |
44 | 605 | 1,970 | 10,046 | (12,665 | ) | — | |||||||||||||||||
| Total |
489,720 | 127,180 | 46,951 | 28,798 | (12,665 | ) | 679,984 | |||||||||||||||||
| Operating income |
71,084 | 6,653 | 2,452 | 1,206 | (12,444 | ) | 68,951 | |||||||||||||||||
Nine months ended December 31, 2009
| (In millions of yen) | ||||||||||||||||||||||||
| Farm & Industrial Machinery |
Water & Environment Systems |
Social Infrastructure |
Other | Adjustments | Consolidated | |||||||||||||||||||
| Revenues |
||||||||||||||||||||||||
| External customers |
456,568 | 150,967 | 46,664 | 18,854 | — | 673,053 | ||||||||||||||||||
| Intersegment |
65 | 608 | 2,060 | 9,763 | (12,496 | ) | — | |||||||||||||||||
| Total |
456,633 | 151,575 | 48,724 | 28,617 | (12,496 | ) | 673,053 | |||||||||||||||||
| Operating income |
48,030 | 12,668 | 2,085 | 1,465 | (12,289 | ) | 51,959 | |||||||||||||||||
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) | ||||||||
| Nine months ended Dec. 31, 2010 |
Nine months ended Dec. 31, 2009 |
|||||||
| Japan |
341,093 | 354,877 | ||||||
| North America |
135,793 | 128,742 | ||||||
| Europe |
57,755 | 49,161 | ||||||
| Asia |
121,401 | 109,998 | ||||||
| Other Areas |
23,942 | 30,275 | ||||||
| Total |
679,984 | 673,053 | ||||||
Notes:
1. Revenues from North America include those from the United States of ¥115,368 million and ¥103,000 million for the nine months ended December 31, 2010 and 2009, respectively.
2. There is no single customer, revenues from whom exceed 10% of total consolidated revenues of the Company.
-10-
Kubota Corporation
and Subsidiaries
(6) 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 April 1, 2010 |
1,271,847 | 84,070 | 89,241 | 19,539 | 477,303 | (34,491 | ) | (9,265 | ) | 45,222 | 671,619 | |||||||||||||||||||||||||
| Net income |
44,070 | 5,166 | 49,236 | |||||||||||||||||||||||||||||||||
| Other comprehensive loss |
(19,396 | ) | (2,129 | ) | (21,525 | ) | ||||||||||||||||||||||||||||||
| Cash dividends paid to Kubota Corporation shareholders, ¥12 per share |
(15,267 | ) | (15,267 | ) | ||||||||||||||||||||||||||||||||
| Cash dividends paid to noncontrolling interests |
(293 | ) | (293 | ) | ||||||||||||||||||||||||||||||||
| Purchases and sales of treasury stock |
(124 | ) | (67 | ) | (67 | ) | ||||||||||||||||||||||||||||||
| Increase in noncontrolling interests related to contribution |
140 | 205 | 345 | |||||||||||||||||||||||||||||||||
| Balance at December 31, 2010 |
1,271,723 | 84,070 | 89,381 | 19,539 | 506,106 | (53,887 | ) | (9,332 | ) | 48,171 | 684,048 | |||||||||||||||||||||||||
-11-
Kubota Corporation
and Subsidiaries
(7) Consolidated revenues by reporting segment
| (In millions of yen) | ||||||||||||||||||||||||||||||||
| Nine months ended Dec. 31, 2010 |
Nine months ended Dec. 31, 2009 |
Change | Year ended Mar. 31, 2010 |
|||||||||||||||||||||||||||||
| Amount | % | Amount | % | Amount | % | Amount | % | |||||||||||||||||||||||||
| Farm Equipment and Engines |
435,407 | 64.0 | 415,260 | 61.7 | 20,147 | 4.9 | 561,165 | 60.3 | ||||||||||||||||||||||||
| Domestic |
157,432 | 159,202 | (1,770 | ) | (1.1 | ) | 212,712 | |||||||||||||||||||||||||
| Overseas |
277,975 | 256,058 | 21,917 | 8.6 | 348,453 | |||||||||||||||||||||||||||
| Construction Machinery |
54,269 | 8.0 | 41,308 | 6.1 | 12,961 | 31.4 | 55,561 | 5.9 | ||||||||||||||||||||||||
| Domestic |
15,079 | 12,391 | 2,688 | 21.7 | 16,924 | |||||||||||||||||||||||||||
| Domestic |
39,190 | 28,917 | 10,273 | 35.5 | 38,637 | |||||||||||||||||||||||||||
| Farm & Industrial Machinery |
489,676 | 72.0 | 456,568 | 67.8 | 33,108 | 7.3 | 616,726 | 66.2 | ||||||||||||||||||||||||
| Domestic |
172,511 | 25.4 | 171,593 | 25.5 | 918 | 0.5 | 229,636 | 24.6 | ||||||||||||||||||||||||
| Overseas |
317,165 | 46.6 | 284,975 | 42.3 | 32,190 | 11.3 | 387,090 | 41.6 | ||||||||||||||||||||||||
| Pipe-Related Products |
91,127 | 13.4 | 109,201 | 16.3 | (18,074 | ) | (16.6 | ) | 144,465 | 15.5 | ||||||||||||||||||||||
| Domestic |
84,270 | 94,000 | (9,730 | ) | (10.4 | ) | 127,658 | |||||||||||||||||||||||||
| Overseas |
6,857 | 15,201 | (8,344 | ) | (54.9 | ) | 16,807 | |||||||||||||||||||||||||
| Environment-Related Products |
35,448 | 5.2 | 41,766 | 6.2 | (6,318 | ) | (15.1 | ) | 78,484 | 8.5 | ||||||||||||||||||||||
| Domestic |
31,833 | 35,866 | (4,033 | ) | (11.2 | ) | 70,439 | |||||||||||||||||||||||||
| Overseas |
3,615 | 5,900 | (2,285 | ) | (38.7 | ) | 8,045 | |||||||||||||||||||||||||
| Water & Environment Systems |
126,575 | 18.6 | 150,967 | 22.5 | (24,392 | ) | (16.2 | ) | 222,949 | 24.0 | ||||||||||||||||||||||
| Domestic |
116,103 | 17.1 | 129,866 | 19.3 | (13,763 | ) | (10.6 | ) | 198,097 | 21.3 | ||||||||||||||||||||||
| Overseas |
10,472 | 1.5 | 21,101 | 3.2 | (10,629 | ) | (50.4 | ) | 24,852 | 2.7 | ||||||||||||||||||||||
| Social Infrastructure |
44,981 | 6.6 | 46,664 | 6.9 | (1,683 | ) | (3.6 | ) | 63,293 | 6.8 | ||||||||||||||||||||||
| Domestic |
34,088 | 5.0 | 35,301 | 5.2 | (1,213 | ) | (3.4 | ) | 47,026 | 5.1 | ||||||||||||||||||||||
| Overseas |
10,893 | 1.6 | 11,363 | 1.7 | (470 | ) | (4.1 | ) | 16,267 | 1.7 | ||||||||||||||||||||||
| Other |
18,752 | 2.8 | 18,854 | 2.8 | (102 | ) | (0.5 | ) | 27,676 | 3.0 | ||||||||||||||||||||||
| Domestic |
18,391 | 2.7 | 18,117 | 2.7 | 274 | 1.5 | 26,904 | 2.9 | ||||||||||||||||||||||||
| Overseas |
361 | 0.1 | 737 | 0.1 | (376 | ) | (51.0 | ) | 772 | 0.1 | ||||||||||||||||||||||
| Total |
679,984 | 100.0 | 673,053 | 100.0 | 6,931 | 1.0 | 930,644 | 100.0 | ||||||||||||||||||||||||
| Domestic |
341,093 | 50.2 | 354,877 | 52.7 | (13,784 | ) | (3.9 | ) | 501,663 | 53.9 | ||||||||||||||||||||||
| Overseas |
338,891 | 49.8 | 318,176 | 47.3 | 20,715 | 6.5 | 428,981 | 46.1 | ||||||||||||||||||||||||
-12-
Kubota Corporation
and Subsidiaries
(8) Anticipated consolidated revenues by reporting segment
| (In billions of yen) | ||||||||||||||||||||||||
| Year ending March 31, 2011 |
Year ended March 31, 2010 |
Change | ||||||||||||||||||||||
| Amount | % | Amount | % | Amount | % | |||||||||||||||||||
| Domestic |
233.0 | 229.6 | 3.4 | 1.5 | ||||||||||||||||||||
| Overseas |
436.0 | 387.1 | 48.9 | 12.6 | ||||||||||||||||||||
| Farm & Industrial Machinery |
669.0 | 69.7 | 616.7 | 66.2 | 52.3 | 8.5 | ||||||||||||||||||
| Domestic |
187.0 | 198.1 | (11.1 | ) | (5.6 | ) | ||||||||||||||||||
| Overseas |
13.0 | 24.8 | (11.8 | ) | (47.6 | ) | ||||||||||||||||||
| Water & Environment Systems |
200.0 | 20.8 | 222.9 | 24.0 | (22.9 | ) | (10.3 | ) | ||||||||||||||||
| Domestic |
46.5 | 47.0 | (0.5 | ) | (1.1 | ) | ||||||||||||||||||
| Overseas |
15.5 | 16.3 | (0.8 | ) | (4.9 | ) | ||||||||||||||||||
| Social Infrastructure |
62.0 | 6.5 | 63.3 | 6.8 | (1.3 | ) | (2.1 | ) | ||||||||||||||||
| Domestic |
28.5 | 26.9 | 1.6 | 5.9 | ||||||||||||||||||||
| Overseas |
0.5 | 0.8 | (0.3 | ) | (37.5 | ) | ||||||||||||||||||
| Other |
29.0 | 3.0 | 27.7 | 3.0 | 1.3 | 4.7 | ||||||||||||||||||
| Total |
960.0 | 100.0 | 930.6 | 100.0 | 29.4 | 3.2 | ||||||||||||||||||
| Domestic |
495.0 | 51.6 | 501.6 | 53.9 | (6.6 | ) | (1.3 | ) | ||||||||||||||||
| Overseas |
465.0 | 48.4 | 429.0 | 46.1 | 36.0 | 8.4 | ||||||||||||||||||
-13-
Kubota Corporation
and Subsidiaries
4. The results of operations for the three months ended Dec. 31, 2010
(1) Consolidated statements of income
| (In millions of yen) | ||||||||||||||||||||||||
| Three months ended Dec. 31, 2010 |
Three months ended Dec. 31, 2009 |
Change | ||||||||||||||||||||||
| Amount | % | Amount | % | Amount | % | |||||||||||||||||||
| Revenues |
230,938 | 100.0 | 228,419 | 100.0 | 2,519 | 1.1 | ||||||||||||||||||
| Cost of revenues |
164,950 | 71.4 | 167,711 | 73.4 | (2,761 | ) | (1.6 | ) | ||||||||||||||||
| Selling, general, and administrative expenses |
40,066 | 17.3 | 41,744 | 18.3 | (1,678 | ) | (4.0 | ) | ||||||||||||||||
| Other operating expenses |
140 | 0.1 | 137 | 0.1 | 3 | 2.2 | ||||||||||||||||||
| Operating income |
25,782 | 11.2 | 18,827 | 8.2 | 6,955 | 36.9 | ||||||||||||||||||
| Other income (expenses): |
||||||||||||||||||||||||
| Interest and dividend income |
962 | 985 | (23 | ) | ||||||||||||||||||||
| Interest expense |
(437 | ) | (454 | ) | 17 | |||||||||||||||||||
| Gain on sales of securities-net |
4,372 | 75 | 4,297 | |||||||||||||||||||||
| Valuation loss on other investments |
(1,688 | ) | — | (1,688 | ) | |||||||||||||||||||
| Foreign exchange gain (loss) -net |
872 | (205 | ) | 1,077 | ||||||||||||||||||||
| Other-net |
(692 | ) | 524 | (1,216 | ) | |||||||||||||||||||
| Other income (expenses), net |
3,389 | 925 | 2,464 | |||||||||||||||||||||
| Income before income taxes and equity in net income of affiliated companies |
29,171 | 12.6 | 19,752 | 8.6 | 9,419 | 47.7 | ||||||||||||||||||
| Income taxes |
9,499 | 7,506 | 1,993 | |||||||||||||||||||||
| Equity in net income of affiliated companies |
696 | 591 | 105 | |||||||||||||||||||||
| Net income |
20,368 | 8.8 | 12,837 | 5.6 | 7,531 | 58.7 | ||||||||||||||||||
| Less: Net income attributable to the noncontrolling interests |
2,008 | 1,215 | 793 | |||||||||||||||||||||
| Net income attributable to Kubota Corporation |
18,360 | 8.0 | 11,622 | 5.1 | 6,738 | 58.0 | ||||||||||||||||||
| Net income attributable to Kubota Corporation per common share |
||||||||||||||||||||||||
| (In yen) | ||||||||||||||||||||||||
| Basic |
|
14.44 |
|
9.14 | ||||||||||||||||||||
| Diluted |
|
14.44 |
|
9.14 | ||||||||||||||||||||
-14-
Kubota Corporation
and Subsidiaries
(2) Consolidated segment information
1) Reporting segments
Three months ended December 31, 2010
| (In millions of yen) | ||||||||||||||||||||||||
| Farm
& Industrial Machinery |
Water
& Environment Systems |
Social Infrastructure |
Other | Adjustments | Consolidated | |||||||||||||||||||
| Revenues |
||||||||||||||||||||||||
| External customers |
158,994 | 51,903 | 13,750 | 6,291 | — | 230,938 | ||||||||||||||||||
| Intersegment |
13 | 133 | 662 | 3,949 | (4,757 | ) | — | |||||||||||||||||
| Total |
159,007 | 52,036 | 14,412 | 10,240 | (4,757 | ) | 230,938 | |||||||||||||||||
| Operating income |
24,438 | 4,566 | 560 | 440 | (4,222 | ) | 25,782 | |||||||||||||||||
| Three months ended December 31, 2009
|
| |||||||||||||||||||||||
| (In millions of yen) | ||||||||||||||||||||||||
| Farm & Industrial Machinery |
Water & Environment Systems |
Social Infrastructure |
Other | Adjustments | Consolidated | |||||||||||||||||||
| Revenues |
||||||||||||||||||||||||
| External customers |
146,813 | 60,363 | 14,571 | 6,672 | — | 228,419 | ||||||||||||||||||
| Intersegment |
34 | 265 | 583 | 3,354 | (4,236 | ) | — | |||||||||||||||||
| Total |
146,847 | 60,628 | 15,154 | 10,026 | (4,236 | ) | 228,419 | |||||||||||||||||
| Operating income (loss) |
15,184 | 6,683 | (145 | ) | 346 | (3,241 | ) | 18,827 | ||||||||||||||||
Notes:
1. The amounts in “Adjustments” include the eliminations of intersegment transactions and the unallocated corporate expenses.
2. The aggregated amounts of operating income (loss) 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 Dec. 31, 2010 |
Three months ended Dec. 31, 2009 |
|||||||
| Japan |
116,304 | 126,249 | ||||||
| North America |
53,576 | 46,398 | ||||||
| Europe |
15,666 | 13,450 | ||||||
| Asia |
36,393 | 31,120 | ||||||
| Other Areas |
8,999 | 11,202 | ||||||
| Total |
230,938 | 228,419 | ||||||
Notes:
1. Revenues from North America include those from the United States of ¥47,421 million and ¥39,335 million for the three months ended December 31, 2010 and 2009, respectively.
2. There is no single customer, revenues from whom exceed 10% of total consolidated revenues of the Company.
-15-
Kubota Corporation
and Subsidiaries
(3) Consolidated revenues by reporting segment
| (In millions of yen) | ||||||||||||||||||||||||
| Three months ended Dec. 31, 2010 |
Three months ended Dec. 31, 2009 |
Change | ||||||||||||||||||||||
| Amount | % | Amount | % | Amount | % | |||||||||||||||||||
| Farm Equipment and Engines |
140,251 | 60.7 | 133,806 | 58.6 | 6,445 | 4.8 | ||||||||||||||||||
| Domestic |
45,033 | 50,847 | (5,814 | ) | (11.4 | ) | ||||||||||||||||||
| Overseas |
95,218 | 82,959 | 12,259 | 14.8 | ||||||||||||||||||||
| Construction Machinery |
18,743 | 8.1 | 13,007 | 5.7 | 5,736 | 44.1 | ||||||||||||||||||
| Domestic |
6,482 | 4,668 | 1,814 | 38.9 | ||||||||||||||||||||
| Overseas |
12,261 | 8,339 | 3,922 | 47.0 | ||||||||||||||||||||
| Farm & Industrial Machinery |
158,994 | 68.8 | 146,813 | 64.3 | 12,181 | 8.3 | ||||||||||||||||||
| Domestic |
51,515 | 22.3 | 55,515 | 24.3 | (4,000 | ) | (7.2 | ) | ||||||||||||||||
| Overseas |
107,479 | 46.5 | 91,298 | 40.0 | 16,181 | 17.7 | ||||||||||||||||||
| Pipe-Related Products |
37,728 | 16.3 | 42,676 | 18.7 | (4,948 | ) | (11.6 | ) | ||||||||||||||||
| Domestic |
35,350 | 37,422 | (2,072 | ) | (5.5 | ) | ||||||||||||||||||
| Overseas |
2,378 | 5,254 | (2,876 | ) | (54.7 | ) | ||||||||||||||||||
| Environment-Related Products |
14,175 | 6.2 | 17,687 | 7.7 | (3,512 | ) | (19.9 | ) | ||||||||||||||||
| Domestic |
12,391 | 15,054 | (2,663 | ) | (17.7 | ) | ||||||||||||||||||
| Overseas |
1,784 | 2,633 | (849 | ) | (32.2 | ) | ||||||||||||||||||
| Water & Environment Systems |
51,903 | 22.5 | 60,363 | 26.4 | (8,460 | ) | (14.0 | ) | ||||||||||||||||
| Domestic |
47,741 | 20.7 | 52,476 | 23.0 | (4,735 | ) | (9.0 | ) | ||||||||||||||||
| Overseas |
4,162 | 1.8 | 7,887 | 3.4 | (3,725 | ) | (47.2 | ) | ||||||||||||||||
| Social Infrastructure |
13,750 | 6.0 | 14,571 | 6.4 | (821 | ) | (5.6 | ) | ||||||||||||||||
| Domestic |
10,816 | 4.7 | 11,662 | 5.1 | (846 | ) | (7.3 | ) | ||||||||||||||||
| Overseas |
2,934 | 1.3 | 2,909 | 1.3 | 25 | 0.9 | ||||||||||||||||||
| Other |
6,291 | 2.7 | 6,672 | 2.9 | (381 | ) | (5.7 | ) | ||||||||||||||||
| Domestic |
6,232 | 2.7 | 6,596 | 2.9 | (364 | ) | (5.5 | ) | ||||||||||||||||
| Overseas |
59 | 0.0 | 76 | 0.0 | (17 | ) | (22.4 | ) | ||||||||||||||||
| Total |
230,938 | 100.0 | 228,419 | 100.0 | 2,519 | 1.1 | ||||||||||||||||||
| Domestic |
116,304 | 50.4 | 126,249 | 55.3 | (9,945 | ) | (7.9 | ) | ||||||||||||||||
| Overseas |
114,634 | 49.6 | 102,170 | 44.7 | 12,464 | 12.2 | ||||||||||||||||||
-16-
To whom it may concern
Kubota Corporation
2-47, Shikitsu-higashi 1-chome,
Naniwa-ku, Osaka 556-8601, Japan
Contact: IR Group
Global Management Promotion Dept.
Planning & Control Headquarters
Phone: +81-6-6648-2645
Notice on the forecast of year-end dividend for the year ending March 31, 2011
Please be advised that Kubota Corporation (hereinafter “the Company”) forecasts the year-end dividend per common share for the year ending March 31, 2011 as follows:
| (per common share) | ||||||
| Interim dividend | Year-end dividend | Annual dividend | ||||
| This fiscal year ending March 31, 2011 |
¥7 (paid) |
¥7 (forecast) |
¥14 | |||
| Comparable previous year ended March 31, 2010 |
¥7 | ¥5 | ¥12 | |||
The Company believes returning profit to shareholders is its important mission and executes it through providing stable, sustainable cash dividends, and repurchase and retirement of its own shares.
Considering these policies of returning profit to shareholders and the Company’s current business performance, the Company intends to increase the year-end dividend per common share by ¥2 to ¥7 from previous year.
Accordingly, the annual dividends per common share for the year ending March 31, 2011 will increase ¥2 to ¥14, including the interim dividend of ¥ 7.
< 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.
End of document
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 Changes of Management
Please be advised that Kubota Corporation (hereinafter “the Company”) resolved at the Board of Directors’ Meeting held on February 4, 2011 to change management as follows;
1) Change of Representative Director (As of April 1, 2011)
| Name |
New responsibility |
Current responsibility | ||
| Hirokazu Nara |
Director | Representative Director and Senior Managing Executive Officer | ||
2) Changes of Titles of Executive Officers (As of April 1, 2011)
| Name |
New title |
Current title | ||
| Tetsuji Tomita | Representative Director and Executive Vice President | Representative Director and Senior Managing Executive Officer | ||
| Satoru Sakamoto | Director and Senior Managing Executive Officer | Director and Managing Executive Officer | ||
| Nobuyuki Toshikuni | Senior Managing Executive Officer | Managing Executive Officer | ||
| Takeshi Torigoe | Senior Managing Executive Officer | Managing Executive Officer | ||
| Toshihiro Kubo | Managing Executive Officer | Executive Officer | ||
| Kenshiro Ogawa | Managing Executive Officer | Executive Officer | ||
| Tetsu Fukui | Managing Executive Officer | Executive Officer | ||
| Satoshi Iida | Managing Executive Officer | Executive Officer | ||
| Shigeru Kimura | Managing Executive Officer | Executive Officer | ||
3) Candidates for New Executive Officers (As of April 1, 2011)
| Name |
Current responsibility | |||
| Satoshi Machida | General Manager of Tractor Division | |||
| Masaharu Tabata | Dispatched and engaging in operations of Tata Metaliks Kubota Pipes Ltd. | |||
| Yoshiyuki Fujita | General Manager of Global Management Promotion Department | |||
| Kaoru Hamada | General Manager of Materials Division and General Manager of Steel Castings Business Unit | |||
4) Retirement of Executive Officers (Expiration of terms of offices at March 31, 2011)
| Name |
Current responsibility | |||
| Hirokazu Nara |
Representative Director and Senior Managing Executive Officer | |||
| Nobuyo Shioji |
Managing Executive Officer | |||
| Takashi Yoshii |
Executive Officer | |||
| Kohkichi Uji |
Executive Officer | |||
Mr. Nobuyo Shioji will assume the office of president of Kubota Environmental Service Co., Ltd. as of April 1, 2011.
Mr. Takashi Yoshii will assume the office of president of Kubota Seiki Corporation as of April 1, 2011.
Mr. Kohkichi Uji will assume the office of president of Kubota-C.I. Co., Ltd. as of April 1, 2011.
< 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.
End of document
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: February 4, 2011 | By: | /s/ Yoshiyuki Fujita | ||
| Name: | Yoshiyuki Fujita | |||
| Title: | General Manager of Global Management Promotion Department | |||