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Nakano Annual Report 2013

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Nakano Annual Report 2013 NAKANO CORPORATION Annual Report 2013 Fiscal year ended 31st March 2013 Nakano Corporation Annual Report 2013 Nakano Corporation NAKANO CORPORATION 4-2-28 Kudan-kita, Chiyoda-ku, Tokyo ╤ 102-0073, Japan Tel: +81-(0)3-3265-4685 Fax: +81-(0)3-3265-4698 www.wave-nakano.co.jp USA 111 W Saint John St., #514 San Jose, CA 95113, USA Tel: +1-408-286-9702 Fax: +1-408-286-9701 3020 Old Ranch Road, Suite 300, Seal Beach, CA 90740, USA Tel: +1-562-799-5726 Fax: +60-3-9059-6277 SINGAPORE 1 Coleman St., #06-02 The Adelphi, 179803, Singapore Tel: +65-6333-4933 Fax: +65-6338-8568 MALAYSIA Block B, 15-4-2, Megan Salak Park Jalan 1/125E, Taman Desa Petaling, Kuala Lumpur 57100, Malaysia Tel: +60-3-9059-6977 Fax: +60-3-9059-6277 THAILAND 17-03, 2170 Bangkok Tower, New Petchburi Road, Bangkapi, Huaykwang, Bangkok 10310, Thailand Tel: +66-2-308-0500 Fax: +66-2-308-0497 INDONESIA 1401 Wisma Tamara 14th Floor Jl. Jend. Sudirman KAV. 24, Jakarta 12920, Indonesia Tel: +62-21-5203674 Fax: +62-21-5203670 Jalan Laksamana Bintan Komp. Tanah Mas Blok G3A Sei Panas-Batam, Indonesia Tel: +62-0788-463004 Fax: +62-0788-463006 VIETNAM 2nd Floor New Agency Service Center’s Office Building 19 Vo Van Tan Street Ward 6 District 3, Ho Chi Minh City, Vietnam Tel: +84-8-3-930-6501 Fax:+84-8-3-930-6499 No.302 3rd Floor of Thang Long Industrial Park Techno-Center Dong Anh District, Hanoi, Vietnam Tel: +84-4-3-955-0050 Fax: +84-4-3-955-0053 CHINA Room 10A3, First World Plaza, Hongli Road West, Shenzhen 518034, China Tel: +86-755-8296-8491 Fax: +86-755-8296-8493 cover nakano.indd 1 3/31/14 1:57 PM COMPANY HISTORY 2012 Changi Business Park, Singapore CONTENTS 2008 Ho Chi Minh City Representative Office launched. Financial Highlights 1 2014 Optima Condominium, Singapore 2006 Hanoi Representative Office established. Business Overview and Results 2 2004 Took over construction operations of Fudo Construction. Nakano Corporation Nakano Consulting is established in China. International Operations Network 4 2003 Renamed Nakano Fudo Construction (Japanese only). 2002 Second Indonesian office launched in Batam. International Works Portfolio 6 2001 ISO14001 accreditation. Domestic Works Portfolio 12 1998 ISO9001 accreditation. Report of Independent Auditors 14 2009 Villa Rachatewi 1991 Company name changed to Nakano Corporation. 1988 Thailand based operations begin in Bangkok. Bangkok 1985 First Indonesian office is established in Jakarta. Consolidated Balance Sheets 15 1975 Real Estate & International divisions become 1982 Malaysian Office established in Kuala Lumpur. International Operations. Consolidated Statements of Income 17 1975 Asian expansion begins in Singapore. 1974 International operations begins in Los Angeles, California. Consolidated Statements of Comprehensive Income 18 1972 Raised to Tokyo Stock Exchange First Section. Consolidated Statements of Changes in Net Assets 19 1958 New corporate headquarters constructed. Consolidated Statements of Cash Flows 20 1942 Re-organized to corporation (Capitalized at ¥400,000). Notes to Consolidated Financial Statements 21 1995 Singapore Tourism 1997 Swisshotel Merchant 1936 National Diet Building masonry construction. Supplemental Information Board Headquarters Court, Singapore 1934 Company head office relocated to Kudan Kojimachi, Tokyo. Nonconsolidated Balance Sheets 39 1995 Motorola Electronics 1933 Yoshichika Oshima takes over civil engineering operations. Nonconsolidated Statements of Income 41 Factory, Singapore Corporate Profile 42 1911 Nihonbashi Bridge masony construction. Company History 43 1885 Nakano-gumi Co. founded by Kisaburo Nakano in Tokyo. Investor Information 43 Share Price Range 43 INVESTOR INFORMATION As of 31st March 2013 Stock Listing SHAREHOLDER COMPOSITION Tokyo Stock Exchange, First Section, Financial Institutions Code Number 1827 4,536,749 Authorized Number of Shares Securities Companies 154,792,300 486,358 Issued Number of Shares Other Institutions 34,498,097 14,609,939 Minimum Trading Unit Foreign Institutions and Individuals 500 671,209 Number of Shareholders Individuals/ Other 4,560 14,193,842 Stock Transfer Agent Mitsubishi UFJ Trust and Banking Corporation Annual Report 2013 SHARE PRICE RANGE For further information contact: Nakano Corporation International Operations Headquarters 4-2-28 Kudan-kita, Chiyoda-ku, Tokyo 102-0073, Japan Tel: +81-(0)3-81-3265-4685 Fax: +81-(0)3-81-3265-4698 www.wave-nakano.co.jp Cautionary remarks regarding forward looking statements This Annual Report includes forward-looking statements that represent Nakano Corporation’s assumptions and expectations in light of currently available information. These statements reflect industry trends, client’s situations and other factors, and involve risks and uncertainties which may cause actual performance results to differ from those discussed in the forward looking statements in accordance with changes in the domestic and international business environment. - 43 - cover nakano.indd 2 3/31/14 1:57 PM FINANCIAL HIGHLIGHTS NAKANO CORPORATION and its subsidiaries Years ended March 31, 2009 through 2013 2009 2010 2011 2012 2013 2013 Millions Thousands of of yen U.S. dollars Contract awards ¥ 125,333 ¥ 107,751 ¥ 99,321 ¥ 101,198 ¥ 112,967 $ 1,201,137 Net sales 116,593 120,186 120,283 110,344 117,254 1,246,719 Operating income 2,902 2,956 1,404 229 1,522 16,182 Ordinary income 2,650 2,740 1,362 275 1,755 18,660 Net income (loss) 1,768 1,829 639 (2,024) 653 6,943 Comprehensive income - 2,007 180 (1,997) 1,958 20,818 Total net assets 10,140 11,941 11,914 9,710 11,565 122,966 Total assets 80,725 71,183 65,231 65,838 71,927 764,774 Net cash provided by (used in) operating activities (645) 5,468 9,617 (2,462) 2,167 23,040 Net cash provided by (used in) investing activities 93 73 (464) (1,371) 2,502 26,602 Net cash provided by (used in) financing activities 1,568 (4,058) (1,692) (603) 274 2,913 Cash and cash equivalents at end of period 10,702 12,326 19,552 15,026 22,153 235,544 Yen U.S. dollars Per share of common stock (in yen and U.S. dollars) Net assets ¥ 285.30 ¥ 336.92 ¥ 337.52 ¥ 271.14 ¥ 319.60 $ 3.39 Net income (loss) 51.40 53.19 18.58 (58.88) 19.01 0.20 Cash dividends applicable to the year 6.00 6.00 6.00 3.00 3.00 0.03 Number of employees 1,122 1,129 1,145 1,169 1,293 Note: The rate of ¥94.05 = US$1.00, the foreign exchange rate on March 31, 2013, has been used for translation. - 1 - Business Overview & Results Since the foundation of Nakano Corporation in 1933, then known as Nakano-gumi, we have benefited from the confidence shown to us by our esteemed customers over the last seventy five years. We greatly appreciate the opportunity to have developed into a well established company in the construction industry. Now, a new era has begun in this industry requiring new business models and new visions. We are committed to adapting ourselves to this ever-changing new environment, and to accommodating our customer’s expectations and requirements. In order to accomplish this goal, our business philosophy emphasizes three core elements, “Faith, Enthusiasm, and Creativity.” A Message from the President 2013 Business Report We are pleased to provide details of the company and its subsidiaries for the fiscal year spanning 1st April 2012 to 31st March 2013. (1) Current Corporate Group Condition Business Course & Results In this consolidated financial year, the global economy had been covered with uncertainty increased by financial issue of the U.S. government, long-lasting Euro-zone crisis, and deceleration of the growth in emerging economies. The Japanese regime change occurred at the end of the calendar year and succeeding economic policy change achieved a certain level of correction of yen appreciation and increase in stock prices. However, it was not enough to offset the influence of long-lasting yen appreciation. Overall, the Japanese economy stayed in low gear. Although the demand for re-construction especially in civil engineering to recover from the damage caused by the Great East Japan Earthquake gained a momentum, the domestic business environment in the industry had been severe for this year because of the reasons including the soaring labor cost due to the exposure of the chronic labor shortage. In these circumstances, Nakano Group had worked on the improvement of the sales profit in the domestic operations, our sales and construction divisions working together. Meanwhile, we had proactively invested our resources to Southeast Asia, aiming to expand its revenue base in the international operations. As a result, our business performance for this period is as follows. Construction awards for this consolidated fiscal year were ¥112,967 million (¥11,768 million annual increase). The major domestic orders received during this period were new constructions of the building provisionally called Century Utsunomiya (1st phase) awarded from Iida Home Max Co., Ltd. and Empire Kumamoto Castle by Shin-ei Jutaku Co., Ltd., remodeling of the Third Commercial High School of Tokyo Metropolitan Government, and the Matsugasaki student residence of Kyoto Institute of Technology by J.S.B. Co., Ltd. Internationally, major orders received were new construction works of the Palm Isles Condominium by Frasers Centerpoint, Aeon Kulai Shopping Center by Aeon Co. (M) Bhd. A factory for PT. Iseki Indonesia, and a factory for Nissan Motor Thailand Ltd. - 2 - Sales for this consolidated fiscal year were ¥117,254 million (¥6,909 million annual increase), comprised of ¥115,363 million (¥6,898 million annual increase) for construction works, and ¥1,891 million (¥11 million annual increase) for real estate related businesses. Primary domestic completions included new constructions of Akabane Rehabilitation Hospital by Kyoju-no- kai, Tohoku Regional Raw Material Headquarters Office of Japan Tobacco Inc., Prifoods Misawa Factory by Prifoods Co., Ltd., a residential project provisionally called Livio Momozono Park North District (1st Phase) by Nippon Steel Kowa Real Estate Co., Ltd.
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