Consolidated Financial Statements (1) Consolidated Balance Sheet As of March As of March Assets Current assets Cash and deposits 18,229 18,673 Notes and accounts receivable - trade 24,077 25,891 Merchandise and finished goods 4,912 6,486 Work in process 3,129 3,130 Raw materials and supplies 13,323 15,502 Deferred tax assets 1,784 1,512 Others 2,209 3,385 Allowance for doubtful accounts (6) (4) Total current assets 67,660 74,578 Non-current assets Property, plants, and equipment Buildings and structures, net 12,156 12,332 Machinery, equipment, and vehicles, net 8,697 10,097 Land 16,847 14,748 Leased assets, net 3,558 3,022 Construction in progress 275 1,836 Others, net 517 656 Total property, plants, and equipment 42,053 42,693 Intangible assets 1,687 1,510 Investments and other assets Investment securities 25,443 25,698 Net defined benefit asset 240 285 Deferred tax assets 1,865 1,377 Others 1,267 1,200 Allowance for doubtful accounts (36) (36) Total investments and other assets 28,780 28,524 Total non-current assets 72,521 72,729 Total assets 140,182 147,307
As of March As of March Liabilities Current liabilities Notes and accounts payable - trade 7,806 9,331 Short-term loans payable 4,827 4,887 Current portion of long-term loans payable 6,747 5,387 Lease obligations 594 569 Income taxes payable 1,633 2,389 Provision for bonuses 1,284 1,159 Others 6,051 9,002 Total current liabilities 28,946 32,726 Non-current liabilities Long-term loans payable 11,667 6,383 Lease obligations 3,522 2,999 Provision for repairs 5,438 5,981 Net defined benefit liability 11,051 10,371 Others 1,275 1,297 Total non-current liabilities 32,954 27,033 Total liabilities 61,901 59,759 Net assets Shareholders equity Capital stock 19,699 19,699 Capital surplus 19,037 19,037 Retained earnings 36,313 45,105 Treasury shares (1,757) (2,538) Total shareholders equity 73,292 81,304 Accumulated other comprehensive income Valuation difference on available-for-sale securities 5,382 6,068 Foreign currency translation adjustment 935 1,197 Remeasurements of defined benefit plans (2,220) (1,941) Total accumulated other comprehensive income 4,097 5,324 Non-controlling interests 890 919 Total net assets 78,281 87,548 Total liabilities and net assets 140,182 147,307
(2) Consolidated Statement of Income and Comprehensive Income (Consolidated Statement of Income) For the the year ended March For the the year ended March Net sales 83,324 84,526 Cost of sales 53,380 54,312 Gross profit 29,943 30,214 Selling, general, and administrative expenses 18,795 19,376 Operating income 11,148 10,837 Non-operating income Interest income 18 26 Dividend income 495 631 Rent income 81 82 Others 317 290 Total non-operating income 912 1,031 Non-operating expenses Interest expenses 317 237 Foreign exchange losses 13 214 Others 334 345 Total non-operating expenses 665 797 Ordinary income 11,396 11,071 Extraordinary income Gain on sales of non-current assets 12 4,262 Gain on sales of investment securities - 529 Total extraordinary income 12 4,792 Extraordinary losses Loss on disposal of non-current assets 206 239 Impairment loss 795 729 Loss on disaster - 374 Others - 36 Total extraordinary losses 1,001 1,379 Profit before income taxes 10,406 14,484 Income taxes - current 2,586 3,857 Income taxes - deferred 296 337 Total income taxes 2,882 4,195 Profit 7,524 10,289 Profit attributable to non-controlling interests 44 35 Profit attributable to owners of the parent 7,479 10,253
(Consolidated Statement of Comprehensive Income) Profit 7,524 10,289 Other comprehensive income Valuation difference on available-for-sale securities (793) 690 Foreign currency translation adjustment (379) 261 Remeasurements of defined benefit plans, net of tax 21 278 Total other comprehensive income (1,151) 1,231 Comprehensive income 6,372 11,520 Comprehensive income attributable to Comprehensive income attributable to owners of the parent 6,326 11,479 Comprehensive income attributable to non-controlling interests 46 40
(3) Consolidated Statement of Cash Flows Cash flows from operating activities Profit before income taxes 10,406 14,484 Depreciation 4,130 4,164 Impairment loss 795 729 Increase (decrease) in net defined benefit liability (1,785) (236) Increase (decrease) in provision for repairs 576 543 Interest and dividend income (513) (658) Interest expenses 317 237 Loss (gain) on sales and valuation of investment securities - (529) Loss (gain) on sales and retirement of non-current assets 193 (4,023) Decrease (increase) in notes and accounts receivable - trade (231) (1,763) Decrease (increase) in inventories (248) (3,742) Increase (decrease) in notes and accounts payable - trade 409 1,168 Others, net (1,414) 114 Subtotal 12,636 10,488 Interest and dividend income received 513 658 Interest expenses paid (350) (250) Income taxes paid (1,765) (3,104) Net cash provided by (used in) operating activities 11,034 7,791 Cash flows from investing activities Purchase of non-current assets (1,470) (4,480) Proceeds from sales of property, plants, and equipment 11 6,379 Proceeds from sales of investment securities - 1,305 Others, net (812) (679) Net cash provided by (used in) investing activities (2,271) 2,524 Cash flows from financing activities Net increase (decrease) in short-term loans payable 225 (2) Proceeds from long-term loans payable 4,430 160 Repayments of long-term loans payable (9,310) (6,804) Repayments of finance lease obligations (624) (568) Purchase of treasury stock (1,742) (780) Cash dividends paid (1,792) (1,460) Others, net (11) (12) Net cash provided by (used in) financing activities (8,826) (9,467) Effect of exchange rate change on cash and cash equivalents 25 47 Net increase (decrease) in cash and cash equivalents (38) 895 Cash and cash equivalents at the beginning of the period 17,466 17,428 Cash and cash equivalents at the end of the period 17,428 18,324