Tokyo Ohka Kogyo : Consolidated financial statements, Notes to the consolidated financial statements（546.27 KB）

Appendix

TOKYO OHKA KOGYO CO., LTD. and Subsidiaries

Fiscal year ended December 31, 2022 (January 1, 2022 ― December 31, 2022)

Consolidated financial statements,

Notes to consolidated financial statements

TOKYO OHKA KOGYO CO., LTD. and Consolidated Subsidiaries

Consolidated Balance Sheets

December 31, 2022 and 2021

									Thousands of
			Millions of yen			U.S. dollars
ASSETS				(Note 1)
	2022			2021			2022
CURRENT ASSETS:
Cash and deposits (Notes 7 and 19)	¥	39,856	¥	40,469	$	301,945
Time deposits (Note 19)		15,514			16,366			117,534
Trade notes receivable (Note 19)		911			810			6,907
Accounts receivable (Note 19)		34,900			33,084			264,396
Securities (Notes 7, 8 and 19)		3,999			3,999			30,302
Inventories (Note 9)		30,006			21,350			227,319
Prepaid expenses and other current assets		5,535			2,921			41,935
Allowance for doubtful accounts		(89)			(120)			(674)
Total current assets		130,636			118,883			989,667
PROPERTY, PLANT AND EQUIPMENT (Note 10):
Land		10,570			8,662			80,083
Buildings and structures		83,665			76,095			633,832
Machinery and equipment		68,318			64,907			517,565
Furniture and fixtures		26,873			23,429			203,584
Right-of-use assets		1,060			984			8,032
Construction in progress		3,565			3,896			27,013
Total		194,054			177,976			1,470,110
Accumulated depreciation		(128,044)			(121,043)			(970,033)
Net property, plant and equipment		66,010			56,932			500,077
INVESTMENTS AND OTHER ASSETS:
Intangible assets		1,295			837			9,817
Investment securities (Notes 8 and 19)		16,097			16,505			121,947
Investments in and advances to an unconsolidated
subsidiary and associated companies		7			7			56
Investment in capital		100			100			757
Net defined benefit asset (Note 12)		3,682			4,658			27,901
Deferred tax assets (Note 16)		1,176			504			8,911
Long-term time deposits (Note 19)		18,000			18,000			136,363
Other assets		1,069			834			8,100
Total investments and other assets		41,429			41,447			313,856
TOTAL	¥	238,075	¥	217,264	$	1,803,600
See notes to consolidated financial statements.

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LIABILITIES AND EQUITY

CURRENT LIABILITIES:

Trade notes and accounts payable (Note 19)

Short-term loans payable

Construction and other payables

Income taxes payable

Accrued expenses

Provisions

Other current liabilities

Total current liabilities

NON-CURRENT LIABILITIES:

Long-term loans payable (Note 11 and 19)

Deferred tax liabilities (Note 16)

Net defined benefit liability (Note 12)

Asset retirement obligations (Note 13)

Other non-current liabilities

Total non-current liabilities

EQUITY (Notes 14 and 22):

Common stock - authorized, 197,000,000 shares in 2022 and 2021

• issued, 42,600,000 shares in 2022 and 2021 Capital surplus
  Retained earnings
  Treasury stock - at cost, 2,321,258 shares in 2022 and 2,439,651 shares in 2021
  Accumulated other comprehensive income: Unrealized gain on available-for-sale securities Foreign currency translation adjustments Remeasurements of defined benefit plans
  Total
  Stock acquisition rights Non-controlling interests

Total equity

TOTAL

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							Thousands of
	Millions of yen			U.S. dollars
			(Note 1)
	2022			2021			2022
¥	21,617	¥	19,250	$	163,769
	－			3,900			－
	8,114			5,227			61,473
	3,308			4,278			25,065
	2,720			2,488			20,613
	3,322			3,107			25,167
	1,698			1,404			12,864
	40,781			39,656			308,952
	10,222			6,711			77,441
	1,084			1,614			8,212
	853			609			6,468
	80			81			608
	4,092			3,399			31,006
	16,333			12,416			123,737
	14,640			14,640			110,912
	15,303			15,207			115,937
	137,551			124,806			1,042,057
	(11,276)			(11,818)			(85,425)
	5,280			6,851			40,000
	8,877			5,618			67,250
	(630)			522			(4,779)
	169,745			155,829			1,285,952
	174			215			1,324
	11,039			9,146			83,633
	180,960			165,190			1,370,910
¥	238,075	¥	217,264	$	1,803,600

TOKYO OHKA KOGYO CO., LTD. and Consolidated Subsidiaries

Consolidated Statement of Income

Years Ended December 31, 2022 and 2021

									Thousands of
			Millions of yen			U.S. dollars
					(Note 1)
			2022			2021			2022
NET SALES	¥	175,434	¥	140,055	$	1,329,052
COST OF SALES (Note 17)		112,319			90,529			850,901
Gross profit		63,115			49,525			478,150
SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES (Note 17)		32,934			28,817			249,500
Operating income		30,181			20,707			228,650
OTHER INCOME (EXPENSES):
Interest and dividend income		644			530			4,883
Foreign exchange gain - net		280			477			2,121
Interest expense		(73)			(72)			(555)
Loss on valuation of derivatives		(326)			(162)			(2,474)
Treasury stock acquisition cost		－			(50)			－
Gain on sale of investment securities		243			4,820			1,848
Impairment loss on long-lived assets (Note 10)		(195)			(439)			(1,483)
Loss on retirement of non-current assets		(239)			(163)			(1,812)
Environmental costs		－			(83)			－
Other - net		275			234			2,083
Other income (expenses) - net		608			5,091			4,610
INCOME BEFORE INCOME TAXES AND NON-CONTROLLING
INTERESTS		30,790			25,799			233,260
INCOME TAXES (Note 16):
Current		7,537			6,464			57,104
Deferred		97			(191)			735
Total income taxes		7,634			6,273			57,840
NET INCOME BEFORE NON-CONTROLLING INTERESTS		23,155			19,526			175,420
NON-CONTROLLING INTERESTS IN NET INCOME		3,461			1,777			26,225
PROFIT ATTRIBUTABLE TO OWNERS OF THE PARENT	¥	19,693	¥	17,748	$	149,195

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TOKYO OHKA KOGYO CO., LTD. and Consolidated Subsidiaries

Consolidated Statement of Income

Years Ended December 31, 2022 and 2021

			Yen				U.S. dollars
		2022				2021			2022
PER SHARE OF COMMON STOCK (Notes 14 and 22):
Basic earnings per share	¥	489.56	¥	430.73	$	3.70
Diluted earnings per share		488.81				429.91			3.70
Cash dividends attributable to the year		160.00				156.00			1.21

See notes to consolidated financial statements.

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TOKYO OHKA KOGYO CO., LTD. and Consolidated Subsidiaries

Consolidated Statement of Comprehensive Income

Years Ended December 31, 2022 and 2021

								Thousands of
		Millions of yen			U.S. dollars
				(Note 1)
		2022			2021			2022
NET INCOME BEFORE NON-CONTROLLING INTERESTS	¥	23,155	¥	19,526	$	175,420
OTHER COMPREHENSIVE INCOME (Note 21):
Unrealized gain on available-for-sale securities		(1,571)			(817)			(11,904)
Foreign currency translation adjustments		3,649			3,881			27,644
Remeasurements of defined benefit plans		(1,153)			409			(8,740)
Total other comprehensive income		923			3,472			6,999
COMPREHENSIVE INCOME	¥	24,079	¥	22,998	$	182,419
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO:
Owners of the parent	¥	20,226	¥	20,352	$	153,234
Non-controlling interests		3,852			2,646			29,185

See notes to consolidated financial statements.

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TOKYO OHKA KOGYO CO., LTD. and Consolidated Subsidiaries

Consolidated Statement of Changes in Equity

Years Ended December 31, 2022 and 2021

			Thousands																													Millions of yen
																														Accumulated other
			Number of																							comprehensive income (loss)
																								Unrealized					Foreign
				shares of																							gain on					currency	Remeasurements								Subscription					Non-
	common stock				Common				Capital				Retained				Treasury	available-for-sale					translation	of defined benefit									rights to		controlling					Total
		outstanding				stock				surplus				earnings				stock					securities				adjustments						plans				Total				shares				interests					equity
BALANCE, JANUARY 1, 2021	41,508		¥	14,640		¥	15,207		¥	125,795	¥	(14,477)		¥	7,669		¥	2,606				¥	113		¥	151,556		¥	304		¥	8,133		¥	159,994
Profit attributable to owners of the parent			－				－				－				17,748				－				－					－				－				17,748					－					－					17,748
Cash dividends paid:																		(3,925)																											(3,925)																	(3,925)
Final for prior year, ¥94.0 per share			－				－				－							－				－					－				－								－					－
Interim for current year, ¥62.0 per share			－				－				－				(2,592)				－				－					－				－				(2,592)					－					－					(2,592)
Purchase of treasury stock	(1,444)					－				－				－				(10,002)					－					－				－				(10,002)					－					－					(10,002)
Disposal of treasury stock	2,596					－				45					－				395					－					－				－				441					(89)						－					352
Retirement of treasury stock	(2,500)					－				(45)					(12,220)				12,266					－					－				－				－				－					－					－
Net change in items other than shareholders' equity
during the year			－				－				－				－				－				(817)						3,011							409					2,603					－					1,012						3,615
BALANCE, DECEMBER 31, 2021			40,160				¥	14,640			¥	15,207			¥	124,806		¥	(11,818)				¥	6,851			¥	5,618						¥	522				¥	155,829			¥	215				¥	9,146				¥	165,190
Profit attributable to owners of the parent			－				－				－				19,693				－				－					－				－				19,693					－					－					19,693
Cash dividends paid:																		(3,794)																											(3,794)																	(3,794)
Final for prior year, ¥94.0 per share			－				－				－							－				－					－				－								－					－
Interim for current year, ¥78.0 per share			－				－				－				(3,153)				－				－					－				－				(3,153)					－					－					(3,153)
Purchase of treasury stock	0					－				－				－				(0)					－					－				－				(0)					－					－					(0)
Disposal of treasury stock	118					－				95					－				542					－					－				－				638					(40)						－					598
Net change in items other than shareholders' equity
during the year			－				－				－				－				－				(1,571)						3,258							(1,153)					533					－					1,893						2,426
BALANCE, DECEMBER 31, 2022			40,278				¥	14,640				¥	15,303				¥	137,551			¥	(11,276)				¥	5,280				¥	8,877						¥	(630)				¥	169,745				¥	174				¥	11,039				¥	180,960

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TOKYO OHKA KOGYO CO., LTD. and Consolidated Subsidiaries

Consolidated Statement of Changes in Equity

Years Ended December 31, 2022 and 2021

																														Thousands of U.S. dollars (Note 1)
																							Accumulated other
																					comprehensive income (loss)
																				Unrealized					Foreign
																					gain on					currency	Remeasurements													Non-
		Common				Capital			Retained				Treasury	available-for-sale				translation			of defined						Subscription			controlling				Total
			stock				surplus			earnings					stock			securities				adjustments			benefit plans			Total		rights to shares				interests				equity
BALANCE, DECEMBER 31, 2021	$	110,912	$	115,211		$	945,500		$	(89,530)		$	51,905		$	42,565			$	3,961		$	1,180,526		$	1,631		$	69,288		$	1,251,445
Profit attributable to owners of the parent			－				－			149,195					－			－					－			－			149,195				－				－				149,195
Cash dividends paid:											(28,746)																								(28,746)														(28,746)
Final for prior year, $0.71 per share			－				－						－			－					－			－						－				－
Interim for current year, $0.59 per share			－				－			(23,892)				－			－					－			－			(23,892)				－				－				(23,892)
Purchase of treasury stock			－				－			－				(7)				－					－			－			(7)				－				－				(7)
Disposal of treasury stock			－				725				－				4,112					－					－			－			4,838				(306)					－				4,531
Net change in items other than shareholders' equity
during the year			－				－			－				－			(11,904)						24,684					(8,740)				4,039				－				14,345					18,384
BALANCE, DECEMBER 31, 2022		$	110,912		$	115,937			$	1,042,057			$	(85,425)			$	40,000			$	67,250				$	(4,779)			$	1,285,952			$	1,324			$	83,633				$	1,370,910

See notes to consolidated financial statements.

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TOKYO OHKA KOGYO CO., LTD. and Consolidated Subsidiaries

Consolidated Statement of Cash Flows

Years Ended December 31, 2022 and 2021

									Thousands of
			Millions of yen			U.S. dollars
					(Note 1)
OPERATING ACTIVITIES:		2022			2021			2022
Income before income taxes and non-controlling interests	¥	30,790 ¥	25,799	$	233,260
Adjustments for:
Depreciation and amortization		6,762			6,430			51,227
Impairment loss on long-lived assets		195			439			1,483
(Decrease) increase in provision for doubtful accounts		(31)			16			(239)
Increase in provision for bonuses		593			90			4,493
(Decrease) increase in provision for officers' bonuses		(401)			343			(3,044)
Increase in net defined benefit asset		(371)			(273)			(2,811)
Decrease in net defined benefit liability		(77)			(11)			(584)
Interest and dividend income		(644)			(530)			(4,883)
Interest expenses		73			72			555
Foreign exchange gain - net		(1,066)			(918)			(8,079)
Loss on valuation of derivatives		326			162			2,474
Gain on sale of non-current assets		(14)			1			(113)
Loss on retirement of non-current assets		239			163			1,812
Gain on sale of investment securities		(243)			(4,820)			(1,848)
Increase in trade receivables		(858)			(6,052)			(6,502)
Increase in inventories		(7,510)			(2,830)			(56,895)
Increase in trade payables		1,870			4,515			14,168
Increase in advances received		66			16			501
Interest and dividend received		646			532			4,898
Interest paid		(73)			(72)			(555)
Income taxes paid		(8,557)			(4,650)			(64,827)
Other - net		(2,721)			1,334			(20,614)
Net cash provided by operating activities		18,991			19,758			143,876
INVESTING ACTIVITIES:
Purchase of securities		(12,000)			(13,000)			(90,909)
Proceeds from redemption of securities		12,000			12,000			90,909
Purchases of property, plant and equipment		(10,698)			(7,833)			(81,048)
Proceeds from sale of property, plant and equipment		10			39			79
Purchases of intangible assets		(752)			(296)			(5,699)
Purchases of investment securities		(2,082)			(399)			(15,778)
Proceeds from sale of investment securities		371			5,008			2,813
Net decrease in time deposits		982			－			7,443
Payments into long-term time deposits		(14,000)			(4,000)			(106,060)
Withdrawal of long-term time deposits		14,000			4,000			106,060
Other - net		(214)			(93)			(1,625)
Net cash used in investing activities		(12,383)			(4,576)			(93,815)
FINANCING ACTIVITIES:								29,545
Proceeds from long-term loans payable		3,900			－
Repayments of long-term loans payable		(4,289)			(350)			(32,498)
Proceeds from issuance of stock		184			195			1,399
Proceeds from sale of treasury stock		769			469			5,826
Purchases of treasury stock		(0)			(10,053)			(7)
Dividends paid		(6,941)			(6,511)			(52,590)
Dividends paid to non-controlling interests		(2,160)			(1,829)			(16,369)
Other - net		(71)			(34)			(540)
Net cash used in financing activities		(8,610)			(18,114)			(65,234)
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TOKYO OHKA KOGYO CO., LTD. and Consolidated Subsidiaries

Consolidated Statement of Cash Flows

Years Ended December 31, 2022 and 2021

								Thousands of
		Millions of yen			U.S. dollars
				(Note 1)
		2022			2021			2022
FOREIGN CURRENCY TRANSLATION ADJUSTMENTS ON	¥		¥
CASH AND CASH EQUIVALENTS	1,389	1,673	$	10,529
NET DECREASE IN CASH AND CASH EQUIVALENTS		(612)			(1,258)			(4,643)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR		41,469			42,728			314,164
CASH AND CASH EQUIVALENTS, END OF YEAR (Note 7)	¥	40,856		¥	41,469		$	309,520

See notes to consolidated financial statements.

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