OSG : Announcement of FY2016 Q1 Financial Results

2016-02SummaryReport.xlsx

FY2016 First Quarter Consolidated Financial Results (December 1, 2015 - February 29, 2016)

April 7, 2016

Company name : OSG Corporation

Shares Listed : 1st section of Tokyo and Nagoya Stock Exchanges

Code Number : 6136

Location of the head office : Aichi Prefecture

Representative: : Norio Ishikawa, President

Contact person: : Koji Sonobe, Managing Director

TEL: [phone] URL http://www.osg-ir.com

1. Consolidated Results for FY2016 First Quarter (December 1, 2015 - February 29, 2016)

2. Consolidated financial results (Amounts less than one million yen are omitted)

   Net Sales	Operating income	Ordinary income	Net income attributable to OSG Corporation
   FY2016 first-quarter	Million yen %	Million yen %	Million yen %	Million yen %
   	25,814 -3.2	4,791 -1.3	4,478 -6.1	2,705 -3.5
   FY2015 first-quarter	26,665 12.7	4,854 46.3	4,769 40.0	2,803 48.7

   (Note) Comprehensive income FY2016 first-quarter : -4,520 million yen ( - %)

   FY2015 first-quarter : 2,927 million yen (-51.2%)

   
   

   Net income per share	Diluted net income per share
   FY2016 first-quarter FY2015 first-quarter	Yen 28.63 29.52	Yen 26.12 26.93

   
   

3. Consolidated financial position

Total assets	Net assets	Equity ratio
FY2016 first-quarter	Million yen	Million yen	%
	149,179	103,613	62.9
FY2015	155,129	113,637	66.1

(Reference) Equity FY2016 first-quarter: 93,849 million yen FY2015: 102,566 million yen




4. Dividends

   
   

   Dividends per share
   End of Q2	Year-end	Annual
   FY2015	Yen 26.00	Yen 20.00	Yen 46.00
   FY2016 forecast	22.00	28.00	50.00

   
   

5. Forecast of Consolidated Results for FY2016 (December 1, 2015 - November 30, 2016)

   
   

   Net sales	Operating income	Ordinary income	Net income attributable to OSG Corporation	Net income per share
   Semi-Annual	Million yen %	Million yen %	Million yen %	Million yen %	Yen
   	57,000 1.4	10,600 -3.8	10,600 -3.4	6,300 -4.8	66.67
   Annual	117,000 4.5	23,000 6.5	23,000 6.9	14,000 11.8	148.16

6. Others




1. Changes in significant subsidiaries during the current period

   (Changes in specified subsidiaries that caused a change in the scope of consolidation) : None

   
   

2. Adoption of accounting method specific to the preparation of consolidated quarterly financial statements: Yes

   
   

3. Changes in accounting principles and accounting estimates and retrospective restatement

4. Changes in accounting principles due to amendment to accounting standards: Yes

5. Changes other than (3)-(i) above: None

6. Changes in accounting estimates: None

7. Retrospective restatement: None

   
   

8. Number of shares issued and outstanding (common stock)

9. Number of shares issued and outstanding at the end of each period (including treasury stock): FY2016: first-quarter: 95,955,226 shares

   FY2015: 95,955,226 shares

10. Number of treasury stock at the end of each period: FY2016: first-quarter: 2,604,684 shares FY2015: 908,970 shares

11. Average number of shares outstanding in each period:

FY2016: first-quarter: 94,495,086 shares FY2015: first-quarter: 94,957,411 shares




[Note regarding forecast]

The above forecasts for financial results are based on information available at the time this report was released. These forecasts and other forward-looking statements are not guarantees of future performance. Actual operating results may differ from the above forecasts due to known and unknown risks, uncertainties, and other factors.

Consolidated Summary Balance Sheet

OSG Corporation




Assets (Million yen : amounts less than one million yen are omitted)

FY2015 FY2016 first-quarter

Current Assets	As of Nov. 30, 2015	As of Feb. 29, 2016
Cash and time deposits	21,472	19,190
Notes and accounts receivable	21,519	20,060
Marketable securities	78	67
Merchandise and finished goods	19,292	19,555
Work in process	5,297	5,418
Raw materials and supplies	6,083	5,696
Other	5,137	6,187
Allowance for doubtful accounts	(188)	(177)
Total current assets	78,692	75,998	(2,693)

Change




Fixed Assets Tangible Assets

Building and structures	16,651	16,024
Machinery and equipment	27,428	25,757
Land	15,107	14,397
Other	4,088	5,002
Total tangible assets	63,276	61,181	(2,094)

Intangible Assets




Goodwill	532	1,367
Other	721	736
Total intangible assets	1,254	2,104	849
Investments and Other Assets Investment securities	7,239	5,800
Other	5,078	4,514
Allowance for doubtful accounts	(411)	(420)
Total investments and other assets	11,906	9,894	(2,011)
Total fixed assets	76,437	73,181	(3,256)
Total	155,129	149,179	(5,950)

Consolidated Summary Balance Sheet

OSG Corporation




Liabilities and Net Assets (Million yen : amounts less than one million yen are omitted)

FY2015 FY2016 first-quarter

Current Liabilities	As of Nov. 30, 2015	As of Feb. 29, 2016
Notes and accounts payable	4,980	4,573
Short-term loans payable	4,052	11,079
Current portion of long-term loans payable	445	529
Income taxes payable	3,486	1,564
Reserve for employees' bonuses	395	1,321
Reserve for directors' bonuses	637	182
Other	9,517	6,427
Total current liabilities	23,515	25,677	2,162
Long-term Liabilities
Convertible bonds	14,850	14,850
Long-term borrowings Retirement allowance for directors and corporate auditors	847 50	2,837 56
Liabilities for employees' retirement benefits Other	244 1,984	290 1,854
Total long-term liabilities	17,976	19,888	1,912
Total liabilities	41,491	45,566	4,074
Shareholders' Equity Common stock	10,404	10,404
Capital surplus	12,090	12,090
Retained earnings	75,719	76,398
Treasury stock	(1,104)	(4,326)
Total shareholders' equity	97,109	94,567	(2,542)

Change







Accumulated other comprehensive income Unrealized gain on

available-for-sale securities 2,709 1,770 Deferred gain on

derivatives under hedge accounting	2	127
Foreign currency translation adjustments	2,745	(2,615)
Total accumulated other comprehensive income	5,456	(717)	(6,174)
Noncontrolling interests	11,071	9,763	(1,307)
Total net assets	113,637	103,613	(10,024)
Total liabilities and net assets	155,129	149,179	(5,950)