Financial Report

For the year ended December 31, 2021

Consolidated Financial Statements

Consolidated Balance Sheets

Nippon Electric Glass Co., Ltd. and Consolidated Subsidiaries December 31, 2020 and 2021

ASSETS

Thousands of

Millions of yen

U.S. dollars (Note 1)

December 31, 2020

December 31, 2021

December 31, 2021

Current assets:

Cash and time deposits (Notes 7 and 10)

¥ 121,440

¥ 134,975

$ 1,173,696

Notes and accounts receivable - trade (Note 7)

58,558

59,580

518,087

Electronically recorded monetary claims - operating

728

1,034

8,991

Allowance for doubtful receivables

(164)

(178)

(1,548)

Inventories (Note 11)

60,864

62,100

540,000

Other current assets (Notes 7 and 9)

4,974

7,001

60,879

Total current assets

246,400

264,512

2,300,105

Property, plant and equipment (Note 12):

Land

11,400

11,582

100,713

Building and structures

163,577

176,477

1,534,583

Machinery and equipment

710,833

737,932

6,416,800

Construction in progress

19,532

25,260

219,652

Total property, plant and equipment

905,342

951,251

8,271,748

Accumulated depreciation

(549,614)

(570,970)

(4,964,957)

Net property, plant and equipment

355,728

380,281

3,306,791

Intangible assets (Note 12):

Intangible assets

5,208

4,959

43,122

Investments and other assets:

Investment securities (Notes 7 and 8)

43,833

40,519

352,339

Investment in affiliates (Note 8)

3,602

4,439

38,600

Deferred tax assets (Note 14)

1,847

1,896

16,487

Other assets

1,522

1,524

13,252

Total investments and other assets

50,804

48,378

420,678

Total assets

¥ 658,140

¥ 698,130

$ 6,070,696

The accompanying notes to the consolidated financial statements are an integral part of these statements.

  • Nippon Electric Glass

LIABILITIES AND NET ASSETS

Thousands of

Millions of yen

U.S. dollars (Note 1)

December 31, 2020

December 31, 2021

December 31, 2021

Current liabilities:

Short-term debt, including

current portion of long-term debt (Notes 7 and 13)

¥

49,019

¥

36,911

$

320,965

Notes and accounts payable (Note 7):

Trade

28,502

42,539

369,904

Construction and other

9,018

11,306

98,313

Accrued expenses

9,884

13,784

119,861

Accrued income taxes

1,534

8,705

75,696

Reserve for business structure improvement

1,270

129

1,122

Reserve for loss on plant closing

865

14

122

Other reserves

157

138

1,200

Other current liabilities (Notes 7 and 9)

3,328

4,409

38,339

Total current liabilities

103,577

117,935

1,025,522

Long-term liabilities:

Long-term debt (Notes 7 and 13)

54,668

59,912

520,974

Deferred tax liabilities (Note 14)

9,226

7,575

65,870

Reserve for special repairs

9,342

8,671

75,400

Reserve for loss on plant closing

-

294

2,557

Other reserves

20

19

165

Net liabilities for severance and retirement benefits (Note 16)

1,036

1,213

10,548

Other long-term liabilities (Note 15)

3,351

2,768

24,069

Total long-term liabilities

77,643

80,452

699,583

Net assets (Note 17):

Shareholders' equity:

Common stock

Authorized - 240,000,000 shares

in Dec. 2020 and Dec. 2021

Issued

- 99,523,246 shares

in Dec. 2020 and Dec. 2021

32,156

32,156

279,617

Capital surplus

34,311

34,295

298,217

Retained earnings

411,137

429,355

3,733,522

Treasury stock at cost

2,882,008 shares in Dec. 2020

6,495,982 shares in Dec. 2021

(10,178)

(20,121)

(174,965)

Total shareholders' equity

467,426

475,685

4,136,391

Accumulated other comprehensive income:

Valuation difference on available-for-sale securities

18,776

17,105

148,739

Deferred gains on hedges

98

172

1,496

Foreign currency translation adjustments

(14,101)

2,108

18,330

Total accumulated other comprehensive income

4,773

19,385

168,565

Noncontrolling interests

4,721

4,673

40,635

Total net assets

476,920

499,743

4,345,591

Contingent liabilities (Note 18)

Total liabilities and net assets

¥

658,140

¥

698,130

$

6,070,696

Financial Report 2021

2

Consolidated Statements of Income

Nippon Electric Glass Co., Ltd. and Consolidated Subsidiaries

Years Ended December 31, 2020 and 2021

Thousands of

Millions of yen

U.S. dollars (Note 1)

December 31, 2020

December 31, 2021

December 31, 2021

Net sales

¥

242,886

¥

292,034

$ 2,539,426

Cost of sales

191,430

209,781

1,824,183

Gross profit

51,456

82,253

715,243

Selling, general and administrative expenses

33,795

49,473

430,200

Operating profit

17,661

32,780

285,043

Other income (expenses):

Interest and dividend income

1,813

2,011

17,487

Interest expense

(587)

(504)

(4,383)

Depreciation of idle property, plant and equipment

(1,228)

(357)

(3,104)

Loss on disposal of fixed assets

(768)

(2,100)

(18,261)

Loss on impairment (Note 12)

(2,419)

(1,132)

(9,843)

Reversal of reserve for special repairs

2,942

-

-

Gain on sales of investment securities (Note 8)

2,592

1,994

17,339

Foreign exchange gains

936

9,339

81,209

Insurance claim income

377

1,422

12,365

Loss on accident

(1,526)

(6,999)

(60,861)

Restructuring expense

(1,336)

-

-

Other, net

1,440

2,685

23,348

Total other income

2,236

6,359

55,296

Profit

before income taxes

19,897

39,139

340,339

Income taxes (Note 14):

Current

3,937

12,203

106,113

Deferred

435

(1,299)

(11,296)

Total income taxes

4,372

10,904

94,817

Profit

15,525

28,235

245,522

Profit

attributable to

noncontrolling interests

272

330

2,870

Profit

attributable to

owners of the parent

¥

15,253

¥

27,905

$

242,652

Yen

U.S. dollars (Note 1)

Amount per share of common stock:

Profit attributable to owners of the parent (Note 2)

¥

157.84

¥

290.98

$

2.53

Diluted profit attributable to owners of the parent (Note 2)

-

-

-

Cash dividends applicable to the year (Note 17)

100.00

110.00

0.96

The accompanying notes to the consolidated financial statements are an integral part of these statements.

Consolidated Statements of Comprehensive Income

Nippon Electric Glass Co., Ltd. and Consolidated Subsidiaries

Years Ended December 31, 2020 and 2021

Thousands of

Millions of yen

U.S. dollars (Note 1)

December 31, 2020

December 31, 2021

December 31, 2021

Profit

¥

15,525

¥ 28,235

$ 245,522

Other comprehensive income (Note 6)

Valuation difference on available-for-sale securities

(2,372)

(1,671)

(14,530)

Deferred gains on hedges

50

74

643

Foreign currency translation adjustments

(3,153)

15,853

137,852

Share of other comprehensive income of associates accounted

for using equity method

33

356

3,096

Total other comprehensive income (loss)

(5,442)

14,612

127,061

Comprehensive income

¥

10,083

¥ 42,847

$ 372,583

Comprehensive income attributable to:

Owners of the parent

¥

9,811

¥ 42,517

$ 369,713

Noncontrolling interests

272

330

2,870

The accompanying notes to the consolidated financial statements are an integral part of these statements.

  • Nippon Electric Glass

Consolidated Statements of Changes in Net Assets

Nippon Electric Glass Co., Ltd. and Consolidated Subsidiaries

Years Ended December 31, 2020 and 2021

Thousands

of shares

Millions of yen

Number of

Valuation

Deferred

Foreign

Non-

shares of

Common

Capital

Retained

Treasury

difference on

currency

Total

gains on

controlling

common

stock

surplus

earnings

stock

available-for-

translation

net assets

hedges

interests

stock issued

sale securities

adjustments

Balance at January 1, 2020

99,523

¥ 32,156

¥ 34,358

¥ 405,560

¥ (10,258)

¥ 21,148

¥

48

¥ (10,981)

¥ 5,124

¥ 477,155

Profit attributable to owners of the parent

-

-

-

15,253

-

-

-

-

-

15,253

Cash dividends paid

-

-

-

(9,663)

-

-

-

-

-

(9,663)

Acquisition of treasury stock

-

-

-

-

(1)

-

-

-

-

(1)

Disposition of treasury stock

-

-

(47)

-

81

-

-

-

-

34

Other

-

-

-

(13)

-

-

-

-

-

(13)

Net changes in items other than

shareholders' equity

-

-

-

-

-

(2,372)

50

(3,120)

(403)

(5,845)

Balance at January 1, 2021

99,523

¥ 32,156

¥ 34,311

¥ 411,137

¥ (10,178)

¥ 18,776

¥ 98

¥ (14,101)

¥ 4,721

¥ 476,920

Profit attributable to owners of the parent

-

-

-

27,905

-

-

-

-

-

27,905

Cash dividends paid

-

-

-

(9,665)

-

-

-

-

-

(9,665)

Acquisition of treasury stock

-

-

-

-

(10,002)

-

-

-

-

(10,002)

Disposition of treasury stock

-

-

(16)

-

59

-

-

-

-

43

Other

-

-

-

(22)

-

-

-

-

-

(22)

Net changes in items other than

shareholders' equity

-

-

-

-

-

(1,671)

74

16,209

(48)

14,564

Balance at December 31, 2021

99,523

¥ 32,156

¥ 34,295

¥ 429,355

¥ (20,121)

¥ 17,105

¥ 172

¥ 2,108

¥ 4,673

¥ 499,743

Thousands of U.S. dollars (Note 1)

Valuation

Deferred

Foreign

Non-

Total

Common

Capital

Retained

Treasury

difference on

currency

gains on

controlling

stock

surplus

earnings

stock

available-for-

translation

net assets

hedges

interests

sale securities

adjustments

Balance at January 1, 2021

$ 279,617

$ 298,356

$ 3,575,104

$ (88,504)

$ 163,269

$

853

$ (122,618)

$ 41,052

$ 4,147,129

Profit attributable to owners of the parent

-

-

242,652

-

-

-

-

-

242,652

Cash dividends paid

-

-

(84,043)

-

-

-

-

-

(84,043)

Acquisition of treasury stock

-

-

-

(86,974)

-

-

-

-

(86,974)

Disposition of treasury stock

-

(139)

-

513

-

-

-

-

374

Other

-

-

(191)

-

-

-

-

-

(191)

Net changes in items other than

shareholders' equity

-

-

-

-

(14,530)

643

140,948

(417)

126,644

Balance at December 31, 2021

$ 279,617

$ 298,217

$ 3,733,522

$ (174,965)

$ 148,739

$ 1,496

$ 18,330

$ 40,635

$ 4,345,591

The accompanying notes to the consolidated financial statements are an integral part of these statements.

Financial Report 2021

4

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Nippon Electric Glass Co. Ltd. published this content on 27 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 May 2022 16:55:15 UTC.