Consolidated Financial Statements [PDF : 908KB]

Consolidated Financial Statements

CONSOLIDATED BALANCE SHEET

AS OF MARCH 31, 2020 AND 2021

ASSETS

						Thousands of
		Millions of yen		U.S. dollars
			(Note 4)
		2020		2021	2021
ASSETS
Current Assets:
Cash and bank deposits (Notes 5, 10 and 15)	¥152,531		¥216,107	$1,952,010
Notes and accounts receivable, trade (Notes 5 and 10)	141,415		132,346	1,195,434
Marketable securities (Notes 5, 6 and 10)	3,260		516	4,660
Costs on uncompleted construction contracts	11,046		10,774	97,317
Inventories (Notes 7 and 13)	250,453		305,703	2,761,293
Other current assets (Note 10)	13,756		24,175	218,363
Allowance for doubtful accounts (Note 5)	(128)		(94)		(852)
Total current assets	572,334		689,527		6,228,225

Property and Equipment (Notes 8 and 10)

153,391

173,010

1,562,734

Intangible Assets (Note 8)

8,292

9,858

89,040

Investments and Other Assets:
Investment securities (Notes 5 and 6)	28,106		40,880	369,253
Long-term loans receivable (Note 5)	2,936		3,077	27,793
Net defined benefit asset (Note 17)	13,766		18,458	166,721
Deferred tax assets (Note 18)	7,478		5,803	52,416
Other assets	13,780		13,839	125,005
Allowance for doubtful accounts (Note 5)	(763)		(793)		(7,162)
Total investments and other assets	65,303		81,264		734,026
Total assets	¥799,319		¥953,659		$8,614,025

See notes to consolidated financial statements.

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Consolidated Financial Statements

CONSOLIDATED BALANCE SHEET

AS OF MARCH 31, 2020 AND 2021

LIABILITIES AND NET ASSETS

							Thousands of
								U.S. dollars
		Millions of yen				(Note 4)
		2020		2021				2021
LIABILITIES
Current Liabilities:
Current portion of long-term debt (Notes 5 and 9)	¥	4,171		¥ 5,971	$	53,931
Current portion of bonds (Notes 5 and 9)		10,000		-				-
Notes and accounts payable (Note 5)		83,619		87,095				786,691
Electronically recorded obligations (Note 5)		54,570		54,899				495,884
Income taxes payable (Notes 5 and 18)		3,359		15,397				139,078
Advances received on uncompleted construction contracts		18,725		17,636				159,297
Advances received for real estate sales		14,246		22,349				201,874
Warranty		4,195		4,303				38,865
Allowance for losses on construction contracts		47		151				1,365
Accrued bonuses for employees		4,756		4,797				43,327
Accrued bonuses for directors		146		127				1,149
Other current liabilities		49,511		59,238				535,074
Total current liabilities		247,346		271,963			2,456,535
Long-term Liabilities:
Straight bonds (Notes 5 and 9)		20,000		90,000				812,935
Long-term debt (Notes 5, 9, 10 and 16)		118,091		171,981	1,553,434
Liability for retirement benefits (Note 17)		1,375		1,361				12,292
Provision for loss on litigation		2,474		2,245				20,276
Provision for employee stock ownership plan (Note 3)		2,144		2,787				25,170
Provision for board benefit trust (Note 3)		324		347				3,135
Deferred tax liabilities (Note 18)		21		22				197
Other long-term liabilities		19,862		18,589				167,909
Total long-term liabilities		164,291		287,331			2,595,347
Total liabilities		411,637		559,294			5,051,883
Commitments and Contingent Liabilities (Notes 11 and 12)
NET ASSETS (Notes 14 and 19)
Shareholders' Equity:
Capital stock		57,500		57,500				519,375
Capital surplus		7,623		7,373				66,599
Retained earnings		346,039		369,335	3,336,057
Treasury stock, at cost - 7,879,065 shares in 2020
- 24,231,920 shares in 2021		(9,975)		(31,353)				(283,203)
Total shareholders' equity		401,187		402,855			3,638,828
Accumulated Other Comprehensive Income:				4,254				38,429
Net unrealized gain (loss) on other securities		(526)
Translation adjustments		(5,331)		(7,320)				(66,121)
Retirement benefits liability adjustments		(7,653)		(5,429)				(49,042)
Total accumulated other comprehensive income (loss)		(13,510)		(8,495)				(76,734)
Non-controlling Interests		6		5				48
Total net assets		387,682		394,365			3,562,142
Total liabilities and net assets	¥	799,319		¥953,659			$8,614,025

See notes to consolidated financial statements.

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Consolidated Financial Statements

CONSOLIDATED STATEMENT OF INCOME

FOR THE YEARS ENDED MARCH 31, 2020 AND 2021

	Thousands of
	U.S. dollars
Millions of yen	(Note 4)

	2020		2021		2021
Net Sales (Note 13)	¥846,029		¥809,438	$7,311,335
Cost of Sales (Note 13)	699,268		673,207	6,080,813
Gross profit	146,762		136,231		1,230,523
Selling, General and Administrative Expenses (Note 13)	60,837		63,322	571,967
Operating Income	85,925		72,909		658,556
Non-operating Income (Expenses):			490	4,428
Interest and dividend income	559
Equity in earnings of affiliates	1		0	4
Subsidy income	61		1,101	9,942
Interest expense	(901)		(1,353)	(12,222)
Bond issuance cost	(66)		(377)	(3,408)
Incidental expense for loan	(1,148)		(1,484)	(13,400)
Other, net	824		546	4,930
Ordinary income	(671)		(1,077)		(9,726)
85,253		71,832		648,830
Special Income (Losses):			(47)	(428)
Gain (loss) on disposal or sales of property and equipment, net (Note 8)	4
Gain on negative goodwill	2,227		-		-
Impairment loss on fixed assets	(121)		(156)	(1,405)
Impairment loss on investment securities	(352)		(764)	(6,897)
Other, net	144		1	6
Income before Income Taxes	1,902		(966)		(8,724)
87,155		70,866		640,106
Income Taxes (Note 18):			22,994	207,696
Current	23,578
Deferred	3,662		(386)	(3,483)
Net Income	27,239		22,608		204,212
59,916		48,258		435,893
Net Income Attributable to Non-controlling Interests	65		(0)		(3)
Net Income Attributable to Owners of Parent (Note 19)	¥ 59,851		¥ 48,258		$ 435,896
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARS ENDED MARCH 31, 2020 AND 2021					Thousands of
					U.S. dollars
	Millions of yen		(Note 4)
	2020		2021	2021
Net Income	¥59,916		¥48,258	$435,893
Other Comprehensive Income			4,781	43,184
Net unrealized gain (loss) on other securities	(5,581)
Translation adjustments	(562)		(1,989)	(17,965)
Retirement benefits liability adjustments	(733)		2,223	20,082
Total other comprehensive income (loss)	(6,876)		5,015		45,301
Comprehensive Income (Note 22)	53,040		53,273		481,194
Total Comprehensive Income Attributable to:			53,273	481,197
Comprehensive income attributable to owners of parent	52,974
Comprehensive income attributable to non-controlling interests	65		(0)	(3)

See notes to consolidated financial statements.

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Consolidated Financial Statements

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

FOR THE YEARS ENDED MARCH 31, 2020 AND 2021

For the year ended March 31, 2020

					Shareholders' equity
									Total
	Capital	Capital		Retained		Treasury		shareholders'
	stock	surplus		earnings		stock		equity
					(Millions of yen)
Balance at April 1, 2019	¥57,500		¥7,513	¥313,241	¥(4,609)	¥373,645
Net income attributable to owners of parent for
the year ended March 31, 2020	-	-	59,851		-	59,851
Cash dividend	-	-	(27,053)		-	(27,053)
Purchase of treasury stock	-	-		-	(5,448)	(5,448)
Disposal of treasury stock	-	0		-	82	82
Change in treasury shares of parent arising from
transactions with non-controlling shareholders	-	111		-		-	111
Net changes in items other than those in
shareholders' equity	-		-		-		-		-
Total changes during the year	-		111		32,798		(5,366)		27,542
Balance at March 31, 2020	¥57,500		¥7,623		¥346,039		¥(9,975)		¥401,187

		Accumulated other comprehensive income
	Net								Total
	unrealized					Retirement	accumulated
	gain (loss) on					benefits	other				Non-
	other			Translation		liablity	comprehensive			controlling		Total
	securities			adjustments		adjustments			income (loss)			interests		net assets
						(Millions of yen)
Balance at April 1, 2019	¥5,055	¥(4,769)	¥(6,920)			¥ (6,634)	¥1,040	¥368,051
Net income attributable to owners of parent for
the year ended March 31, 2020	-			-		-	-				-	59,851
Cash dividend	-			-		-	-				-	(27,053)
Purchase of treasury stock	-			-		-	-				-	(5,448)
Disposal of treasury stock	-			-		-	-				-	82
Change in treasury shares of parent arising from
transactions with non-controlling shareholders	-			-		-	-				-	111
Net changes in items other than those in
shareholders' equity	(5,581)			(562)		(733)			(6,876)		(1,035)		(7,911)
Total changes during the year	(5,581)			(562)		(733)			(6,876)		(1,035)		19,631
Balance at March 31, 2020	¥ (526)			¥(5,331)		¥(7,653)			¥(13,510)		¥	6		¥387,682

See notes to consolidated financial statements.

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Consolidated Financial Statements

For the year ended March 31, 2021

					Shareholders' equity
										Total
	Capital	Capital		Retained		Treasury		shareholders'
	stock	surplus		earnings			stock		equity
					(Millions of yen)
Balance at April 1, 2020	¥57,500		¥7,623	¥346,039	¥	(9,975)	¥401,187
Net income attributable to owners of parent for
the year ended March 31, 2021	-	-	48,258			-	48,258
Cash dividend	-	-	(24,962)			-	(24,962)
Purchase of treasury stock	-	-		-			(21,524)	(21,524)
Disposal of treasury stock	-	0		-			146	146
Change in treasury shares of parent arising from
transactions with non-controlling shareholders	-	(250)		-			-	(250)
Net changes in items other than those in
shareholders' equity	-		-		-			-		-
Total changes during the year	-		(250)		23,296			(21,378)		1,668
Balance at March 31, 2021	¥57,500		¥7,373		¥369,335		¥(31,353)		¥402,855

		Accumulated other comprehensive income
	Net								Total
	unrealized					Retirement	accumulated
	gain (loss) on					benefits	other			Non-
	other			Translation		liablity	comprehensive			controlling		Total
	securities			adjustments		adjustments			income (loss)			interests		net assets
						(Millions of yen)
Balance at April 1, 2020	¥ (526)	¥(5,331)	¥(7,653)			¥(13,510)	¥ 6	¥387,682
Net income attributable to owners of parent for
the year ended March 31, 2021	-			-		-	-			-	48,258
Cash dividend	-			-		-	-			-	(24,962)
Purchase of treasury stock	-			-		-	-			-	(21,524)
Disposal of treasury stock	-			-		-	-			-	146
Change in treasury shares of parent arising from
transactions with non-controlling shareholders	-			-		-	-			-	(250)
Net changes in items other than those in
shareholders' equity	4,781			(1,989)		2,223			5,015		(0)		5,015
Total changes during the year	4,781			(1,989)		2,223			5,015		(0)		6,683
Balance at March 31, 2021	¥4,254			¥(7,320)		¥(5,429)			¥(8,495)		¥ 5		¥394,365

See notes to consolidated financial statements.

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