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.