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<Consolidated Financial Results for the Third Quarter Ended December 31, 2014>
Financial Material

Results for the Three Months Ended December 31, 2014
Financial Results
(Billions of Yen)
  FY2013 FY2014
  1Q to 3Q Accumu-lated Total   1Q to 3Q Accumu-lated Total  
3Q 1Q 2Q 3Q  
(Q on Q)
(Q on Q)
(Y on Y)
(Y on Y)
Net Sales 815.2 2,157.2 619.7 707.9 762.7 +7.7% +54.8 -6.4% 2,090.4 -3.1%
Operating Income




Net Income




Consolidated financial results for the third quarter (October - December) recorded net sales of 762.7 billion yen, down 6.4% over the same period last year, operating income of 22.0 billion yen, down 53.8%, and a net loss of 11.9 billion yen, down from net income of 22.0 billion yen.
Net sales were down due to factors including intensifying competition in LCD TVs and small- and medium-size LCDs and slumping demand in Japan for solar cells.
The fall in operating income was due mainly to the absence of temporary factors* that were present in the same period last year, a decline in profits in the Product Business, and a worsened LCD model mix.
Owing to an allowance for additional tax incurred via China’s transfer pricing taxation, the reversal of deferred tax assets from the sale of a solar project developer subsidiary, and other factors, a net loss was recorded for the quarter.
* Profit on sales of project assets of US solar project developer subsidiary and engineering income in LCD business
Other Income (Expenses)
While a gain on sales of investment securities mainly related to Renesas SP Drivers, Inc. was recorded as other income, as in the second quarter, restructuring charges related to structural reform in Europe were recorded as other expenses.
Consolidated Balance Sheets
At the end of December 2014, inventories expanded as a result of an increase in manufacturing in preparation for sales of small- and medium-size LCDs from January 2015 onwards. This was one factor leading to a decrease of 37.6 billion yen in cash and time deposits from the end of September.
The equity ratio increased from 10.6% to 10.8% due to factors including an increase in foreign currency translation adjustments resulting from a weak yen.
Transition of Interest-bearing Debt
Interest-bearing debt at the end of December 2014 was 997.2 billion yen, an increase of 9.1 billion yen from the end of September, while the ratio vs. monthly sales was 4.29 months, a decrease of 0.18 months.
Net interest-bearing debt was 743.3 billion yen, an increase of 46.7 billion yen from 696.6 billion yen at the end of September due mainly to a decrease in cash and time deposits.


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