Furukawa Electric : Financial Statements as of March 31, 2022 (PDF 1.8MB)

CONSOLIDATED FINANCIAL STATEMENTS

FURUKAWA ELECTRIC CO., LTD. AND

SUBSIDIARIES

March 31, 2022 and 2021

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CONSOLIDATED BALANCE SHEETS

FURUKAWA ELECTRIC CO., LTD. AND

SUBSIDIARIES

At March 31, 2022 and 2021

							Thousands of
								U.S. dollars
		Millions of Yen			(Note 4)
		2022			2021			2022
ASSETS
Current assets:
Cash and bank deposits (Note 5)		65,153		84,362	$	534,041
Marketable securities (Note 6)		3,257			2,923			26,697
Notes and accounts receivable		-			191,930			-
Notes, accounts receivable and contract assets
(Note 7)		230,326			-			1,887,918
Inventories (Note 8)		164,116			120,837			1,345,213
Other current assets		41,157			30,653			337,352
Allowance for doubtful accounts		(1,048)			(894)			(8,590)
Total current assets		502,963			429,812			4,122,648
Property, plant and equipment (Notes 10 and 16)
Land		35,935			35,127			294,549
Buildings		246,887			235,399			2,023,664
Machinery and equipment		551,148			521,457			4,517,607
Leased assets		1,273			1,257			10,434
Right-of-use assets		15,078			11,390			123,590
Construction in progress		20,074			27,108			164,541
Total		870,398			831,741			7,134,410
Accumulated depreciation		(610,235)			(584,996)			(5,001,926)
Net property, plant and equipment		260,163			246,744			2,132,484
Investments and other assets:
Investments and long-term loans (Notes 6 and 9)		123,930			113,544			1,015,820
Deferred tax assets (Note 18)		7,899			6,948			64,746
Asset for retirement benefits (Notes 2h and 11)		8,127			6,859			66,615
Other non-current assets		33,704			29,168			276,262
Allowance for doubtful accounts		(912)			(1,034)			(7,475)
Total investments and other assets		172,749			155,486			1,415,975
Total		935,876		832,044	$	7,671,115

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							Thousands of
								U.S. dollars
		Millions of Yen			(Note 4)
		2022			2021			2022
LIABILITIES AND NET ASSETS
Current liabilities:
Short-term debt (Note 10)		115,000		103,523	$	942,623
Commercial paper (Note 10)		54,000			30,000			442,623
Notes and accounts payable		127,988			115,502			1,049,082
Accrued income taxes		2,649			2,033			21,713
Provision for product defect
compensation (Notes 2i and 3)		3,045			4,022			24,959
Other current liabilities		77,033			60,121			631,418
Total current liabilities		379,716			315,204			3,112,426
Long-term liabilities :
Bonds (Note 10)		40,000			30,000			327,869
Long-term debt (Note 10)		133,120			127,094			1,091,148
Liability for retirement benefits (Notes 2g and 11)		43,806			44,514			359,066
Provision for environmental costs (Note 2j)		9,343			10,229			76,582
Asset retirement obligations		1,485			1,323			12,172
Other long-term liabilities		14,340			12,061			117,541
Total long-term liabilities		242,097			225,222			1,984,402
Contingent liabilities (Note 13)
Net assets
Shareholders' equity (Note 12)
Common stock
Authorized shares,
250,000 thousand in 2022 and 2021
Issued shares,
70,666 thousand in 2022 and 2021		69,395			69,395			568,811
Capital surplus		23,178			23,028			189,984
Retained earnings		174,346			168,542			1,429,066
Common treasury stock, at cost
49,700 in 2022
49,800 in 2021		(901)			(576)			(7,385)
Total shareholders' equity		266,018			260,388			2,180,475
Accumulated other comprehensive income
Unrealized gain (loss) on
available-for-sale securities		12,446			13,929			102,016
Deferred gain (loss) on derivatives
under hedge accounting		2,963			2,677			24,287
Adjustments for retirement benefits		(3,024)			(3,829)			(24,787)
Foreign currency translation adjustments		817			(13,295)			6,697
Total accumulated other comprehensive income		13,201			(518)			108,205
Non-controlling interests		34,843			31,747			285,598
Total net assets		314,062			291,617			2,574,279
Total		935,876		832,044	$	7,671,115

See accompanying notes to consolidated financial statements.

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CONSOLIDATED STATEMENTS OF INCOME

FURUKAWA ELECTRIC CO., LTD. AND

SUBSIDIARIES

For the years ended March 31, 2022 and 2021

							Thousands of
								U.S. dollars
		Millions of Yen			(Note 4)
		2022			2021			2022
Net sales		930,496		811,600		$	7,627,016
Cost of sales (Notes 8 and 14)		791,804			682,288			6,490,197
Gross profit		138,691			129,311			1,136,811
Selling, general and administrative
expenses (Note 14)		127,263			120,881			1,043,139
Operating income		11,428			8,429			93,672
Other income (expenses):
Interest and dividend income		2,160			2,302			17,705
Interest expense		(3,375)			(3,586)			(27,664)
Foreign exchange gain		1,496			502			12,262
Equity in income of non-consolidated
subsidiaries and affiliates		9,045			-			74,139
Equity in loss of non-consolidated
subsidiaries and affiliates		-			(893)			-
Gain on valuation of derivatives		72			-			590
Loss on valuation of derivatives		-			(1,167)			-
Gain on sales of investment securities		1,859			9,521			15,238
Gain on disposal of property, plant and
equipment (Note 17)		2,082			22,144			17,066
Loss on disposal of property, plant and
equipment (Note 17)		(1,296)			(1,303)			(10,623)
Insurance income (Note 17)		2,051			1,281			16,811
Reimbursement of social contributions for
the past year (Note 17)		2,722			-			22,311
Impairment loss (Note 16)		(1,489)			(2,542)			(12,205)
Restructuring costs (Note 17)		(2,303)			-			(18,877)
Provision for product defect compensation
(Note 3)		(703)			(4,820)			(5,762)
Loss on transfer of business (Note 17)		(120)			(3,770)			(984)
Loss on Covid-19 (Note 17)		(780)			(1,385)			(6,393)
Other, net		(2,420)			(3,395)			(19,836)
Profit before income taxes		20,430			21,316			167,459
Income taxes (Note 18) :
Current		5,673			6,047			46,500
Deferred		1,517			3,171			12,434
Total income taxes		7,190			9,219			58,934
Profit		13,239			12,097			108,516
attributable to non-controlling interests		3,145			2,095			25,779
attributable to owners of parent		10,093			10,001		$	82,730
Per share of common stock (Notes 2p and 21)		Yen				U.S. dollars
Basic profit		143.40		141.88	$	1.18
Diluted profit		-		-	$	-
Cash dividends applicable to the year		60.00		60.00	$	0.49

See accompanying notes to consolidated financial statements.

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FURUKAWA ELECTRIC CO., LTD. AND

SUBSIDIARIES

For the years ended March 31, 2022 and 2021

								Thousands of
								U.S. dollars
		Millions of Yen			(Note 4)
		2022			2021			2022
Profit		13,239		12,097	$	108,516
Other comprehensive income (Note 20)		(1,853)			2,945			(15,189)
Unrealized gain (loss) on available-for-sale securities
Deferred gain (loss) on derivatives under hedge
accounting		(205)			4,235			(1,680)
Adjustments for retirement benefits		638			8,124			5,230
Foreign currency translation adjustments		10,876			244			89,148
Share of other comprehensive income of affiliates
accounted for by the equity method		5,065			294			41,516
Total other comprehensive income (loss)		14,521			15,844			119,025
Total comprehensive income (loss)		27,760		27,941		$	227,541
Attributable to :
Owners of parent		23,814		25,888	$	195,197
Non-controlling interests		3,946		2,053	$	32,344

See accompanying notes to consolidated financial statements.

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