1 FY2016 Consolidated Financial and Operating Results<JGAAP> (Overview – English translation of the Japanese original) April 27, 2016 Company Name: SANYO DENKI CO., LTD. Code Number: 6516 (Listed on the First Section of the Tokyo Stock Exchange) (URL: http://www.sanyodenki.co.jp/) Representative: Shigeo Yamamoto, President & CEO Contact: Kanichiro Tamokami, Operating Officer for Administration, Manager of Accounting Department Phone: (03) 5927-1020 Scheduled date for the Ordinary General Meeting of Shareholders: June 15, 2016 Scheduled date for commencement of dividend payments: June 16, 2016 Scheduled date for submitting the Securities Report: June 15, 2016 Availability of supplementary briefing material on annual results: Yes Schedule of annual results briefing session: Yes (For analysts) (Amounts below one million yen are truncated.) 1. Overview of the Consolidated Financial and Operating Results for FY2016 (from April 1, 2015 to March 31, 2016) (1) Consolidated operating results (% indicates changes from the previous term) Net sales Operating income Ordinary income Profit attributable to owners of parent ¥ Million % ¥ Million % ¥ Million % ¥ Million % FY2016 80,282 (12.5) 5,342 (28.6) 5,387 (35.9) 3,685 (35.6) FY2015 91,745 35.6 7,478 55.1 8,409 56.6 5,720 53.4 Note: Comprehensive income: FY2016: ¥1,606 million (-79.1%) FY2015: ¥7,698 million (23.9%) Basic earnings per share Diluted earnings per share Rate of return on equity Ratio of ordinary income to total assets Ratio of operating income to net sales Yen Yen % % % FY2016 59.34 – 7.1 6.2 6.7 FY2015 92.09 – 11.7 10.0 8.2 (Reference) Equity in earnings of affiliates: FY2016: ¥– million FY2015: ¥– million In preparation of consolidated financial statements until FY2014, necessary adjustments for consolidated accounting had been made with using the financial statements of 14 overseas consolidated subsidiaries as of three months before. We have changed our method to use the financial statements of the overseas consolidated subsidiaries for the same period as ours, beginning from FY2015. Therefore, the consolidated statements of income for the previous fiscal year include the three-month results from January 1 to March 31, 2014 of the overseas consolidated subsidiaries. As a result, documents are provided in “Analysis of Operating Results” on page 5 of these documents which allow for comparison between the results for FY2016 and the twelve-month results of the consolidated statements of income for FY2015 that exclude the results of overseas consolidated subsidiaries from January 1 to March 31, 2014. (2) Consolidated financial position Total assets Net assets Equity ratio Net assets per share ¥ Million ¥ Million % Yen FY2016 84,945 52,099 61.3 838.80 FY2015 90,176 51,618 57.2 830.94 (Reference) Equity: FY2016: ¥52,092 million FY2015: ¥51,612 million (3) Consolidated cash flows Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Cash and cash equivalents at end of year ¥ Million ¥ Million ¥ Million ¥ Million FY2016 4,863 (2,057) (2,708) 12,743 FY2015 5,801 (3,587) (3,352) 13,151
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FY2016 Consolidated Financial and Operating Results<JGAAP> (Overview – English translation of the Japanese original) April 27, 2016
Company Name: SANYO DENKI CO., LTD. Code Number: 6516 (Listed on the First Section of the Tokyo Stock Exchange) (URL: http://www.sanyodenki.co.jp/) Representative: Shigeo Yamamoto, President & CEO Contact: Kanichiro Tamokami, Operating Officer for Administration, Manager of Accounting Department Phone: (03) 5927-1020 Scheduled date for the Ordinary General Meeting of Shareholders: June 15, 2016 Scheduled date for commencement of dividend payments: June 16, 2016 Scheduled date for submitting the Securities Report: June 15, 2016 Availability of supplementary briefing material on annual results: Yes Schedule of annual results briefing session: Yes (For analysts)
(Amounts below one million yen are truncated.)
1. Overview of the Consolidated Financial and Operating Results for FY2016 (from April 1, 2015 to March 31, 2016)
(1) Consolidated operating results (% indicates changes from the previous term)
Full year 82,300 2.5 6,700 25.4 6,700 24.4 4,600 24.8 74.07
4. Others (1) Significant changes in subsidiaries during FY2016: None (Change of certain subsidiaries that involves the scope of consolidation) (2) Changes in accounting policies, changes in accounting estimates, and restatements of prior period
financial statements after error corrections 1) Changes in accounting policies due to revisions to accounting standards: Exists 2) Changes in accounting policies due to other than 1): Exists 3) Changes in accounting estimates: Exists 4) Restatement of prior period financial statements after error corrections: None
(3) Number of issued shares (common shares)
1) Number of issued shares at
the end of the period
(including treasury stock) FY2016
64,860,935
shares FY2015
64,860,935
shares
2) Number of treasury stock at
the end of the period FY2016
2,757,424
shares FY2015
2,748,132
shares
3) Average number of shares
during the period FY2016
62,107,090
shares FY2015
62,115,156
shares
3
(Reference) Summary of the Non-consolidated Financial and Operating Results 1. Overview of the Non-consolidated Financial and Operating Results for FY2016 (from April 1, 2015 to March 31, 2016) (1) Non-consolidated operating results
(Reference) Equity: FY2016: ¥39,117 million FY2015: ¥38,076 million
2. Forecast Non-consolidated Performance for FY2017 (from April 1, 2016 to March 31, 2017) (% indicates changes from the previous corresponding term)
Net sales Ordinary income Profit Basic earnings
per share
¥ Million % ¥ Million % ¥ Million % Yen
Interim period 30,400 (1.7) 2,100 (15.7) 1,500 (20.5) 24.15
Full year 64,000 6.1 4,500 28.0 3,200 40.8 51.53
*Status of execution of the audit procedures of financial results
The audit procedures under the Financial Instruments and Exchange Act have not been completed at
the time of the disclosure of these financial results.
*Explanation for the appropriate use of performance forecasts and other special notes
Statements in these reports regarding the next fiscal year and other future events are evaluations
made based upon the information available at the time these reports were prepared and believed to be
reasonable. Therefore, they do not constitute a guarantee that they will be realized. Accordingly, actual
results may vary significantly from the forecast results stated here for a number of factors.
4
Table of Contents 1. Analyses of Operating Results and Financial Position ................................................................. 5
(1) Analysis of Operating Results .................................................................................................. 5 (2) Analysis of Financial Position ................................................................................................... 7 (3) Dividend Policy and Payments for the Current Fiscal Year and the Next Fiscal Year ................ 8
2. Overview of the Group ................................................................................................................. 9 3. Management Policies ................................................................................................................. 11
(1) Basic Management Policies of the Company .......................................................................... 11 (2) Management Targets .............................................................................................................. 11 (3) Medium- to Long-Term Business Strategies of the Company .................................................. 11 (4) Issues to be Addressed by the Company ............................................................................... 12 (5) Other Important Matters for Management of the Company .................................................... 12
4. Basic Policy on Selection of Accounting Standards .................................................................... 12
(1) Consolidated Balance Sheets ................................................................................................ 13 (2) Consolidated Statements of Income and Comprehensive Income .......................................... 15 (3) Consolidated Statements of Changes in Net Assets ............................................................... 17 (4) Consolidated Statements of Cash Flows ................................................................................ 19 (5) Notes to the Consolidated Financial Statements .................................................................... 21
(Notes on Going Concern Assumption) ............................................................................... 21 (Important Matters that Form the Basis for Preparing Consolidated Financial Statements) ......................................................................................................................... 21 (Omission of Disclosure) ..................................................................................................... 21 (Changes in Accounting Policies) ........................................................................................ 21 (Changes in Accounting Policies that Are Difficult to Distinguish from Changes in Accounting Estimates) ......................................................................................................... 21 (Segment Information, etc.) ................................................................................................. 22 (Per Share Information) ....................................................................................................... 26 (Material Subsequent Events) ............................................................................................. 26
(1) Non-consolidated Balance Sheets ......................................................................................... 27 (2) Non-consolidated Statements of Income ................................................................................ 30 (3) Non-consolidated Statements of Changes in Net Assets ........................................................ 31 (4) Notes to the Non-consolidated Financial Statements ............................................................. 37
3. Management Policies (1) Basic Management Policies of the Company
The Group aims to increase its existence value in human society and has declared the following
corporate philosophy: “We SANYO DENKI make the dreams of people come true for the happiness of
people in cooperation with people.” To realize this corporate philosophy, we have decided the following
six management philosophies and the code of conduct that we ourselves must comply with in our
business activities.
・ For society and the natural environment, we will help preserve the global environment and
contribute to the prosperity of mankind through our corporate activities.
・ For customers and users, we will create new values through technology, products and services.
・ For suppliers and vendors, we will strive for integrated technical development and harmonious
mutual prosperity through parts purchase, production contracting and joint development.
・ For investors and financial institutions, we will increase our investment worth and credit through
sound management policy and good access to information.
・ For competitors and the industry, we will strive to build industrial and technical development
through technical alliances and competition.
・ For all of our employees, we will help individuals to achieve self-fulfillment through their work
and the company.
(2) Management Targets
1. Management with focus on free cash flow (FCF)
2. Maintenance of return on equity (ROE) at 8% or higher
(3) Medium- to Long-Term Business Strategies of the Company
The Group started the five-year “8th Mid-term Management Plan” in April 2016.
With an aim to become a global enterprise and create the “world’s top brand” with the entire Group
working as one, we will implement measures under the following important policies and action
guidelines.
Policies
1) Expand markets in new regions and in new industries.
2) Develop products that will realize new dreams.
3) Aim to be No. 1 in the industry in operation quality.
4) Establish a corporate structure capable of turning environmental changes into opportunities.
Action guidelines
1) We take on challenges in fields in which we do not excel and change ourselves so that we
come to excel in them.
2) We become No. 1 in fields in which we excel.
3) We provide products and services of consistently high quality to our customers worldwide.
4) We execute business processes of consistently high quality by sharing information across the
entire Group in a timely manner.
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(4) Issues to be Addressed by the Company
With the “ensuring of orders received” and “lowering of break-even point” as the basics, we aim to
“promote the Company’s brand to the world’s top level,” and create a system for production, sale and
technical support that can quickly and appropriately cope with any environmental changes.
(5) Other Important Matters for Management of the Company
There is an insurance contract concluded between the Company and KYODO KOGYO CO., LTD.
(Representative Director: Shoichi Yamamoto) as a major shareholder of the Company.
4. Basic Policy on Selection of Accounting Standards In consideration of comparability across periods and across companies for the consolidated financial
statements, the Group will prepare consolidated financial statements under Japanese accounting
standards for the foreseeable future, and concerning the application of International Financial Reporting
Standards (IFRS), appropriate action will be taken in consideration of trends within and outside of
Cash and bank deposits 13,896 13,213 Notes and accounts receivable-trade 23,073 20,393 Electronically recorded monetary claims -
operating 3,067 3,412
Securities 54 – Merchandise and finished goods 6,244 5,757 Raw materials 7,449 7,007 Work in process 3,498 3,245 Costs on uncompleted construction contracts 119 249 Supplies 25 35 Other receivables 599 360 Deferred tax assets 1,123 762 Others 1,365 925 Allowance for doubtful accounts (27) (24) Total current assets 60,488 55,339
Fixed assets Tangible fixed assets
Buildings and structures, net 9,902 9,483 Machinery, equipment and vehicles, net 2,223 2,833 Land 6,458 6,450 Construction in progress 665 516 Others, net 876 1,104 Total tangible fixed assets 20,127 20,388
Intangible fixed assets 506 489 Investments and other assets
Investments in securities 6,009 5,382 Deferred tax assets 371 651 Others 2,690 2,712 Allowance for doubtful accounts (17) (17) Total investments and other assets 9,054 8,728
Total fixed assets 29,687 29,606 Total assets 90,176 84,945
14
(Million yen)
As of March 31, 2015 As of March 31, 2016
Liabilities Current liabilities
Notes and accounts payable–trade 15,956 14,623 Short-term debt 7,429 6,816 Accrued income taxes 1,974 220 Deferred tax liabilities 2 3 Reserve for bonuses to directors and corporate
auditors 92 89
Other current liabilities 6,053 4,085 Total current liabilities 31,509 25,839
Shareholders’ equity Common stock 9,926 9,926 Capital surplus 11,460 11,460 Retained earnings 27,431 29,998 Treasury stock (912) (919) Total shareholders’ equity 47,906 50,466
Accumulated other comprehensive income Unrealized holding gain on securities 1,589 1,220 Revaluation reserve for land, net of tax 891 936 Foreign currency translation adjustments 2,343 1,365 Remeasurements of defined benefit plans (1,119) (1,895) Total accumulated other comprehensive income 3,705 1,626
Non-controlling interests 6 6 Total net assets 51,618 52,099
Total liabilities and net assets 90,176 84,945
15
(2) Consolidated Statements of Income and Comprehensive Income Consolidated Statements of Income
(Million yen)
For the fiscal year
ended March 31, 2015
For the fiscal year
ended March 31, 2016
Net sales 91,745 80,282 Cost of sales 71,163 61,808 Gross profit 20,582 18,474 Selling, general and administrative expenses 13,103 13,131 Operating income 7,478 5,342 Other income
Interest income 72 39 Dividend income 100 114 Gain on sales of securities 0 0 Foreign exchange gain 526 – Subsidy income 132 – Rent income 83 82 Others 121 134 Total other income 1,037 370
Other expenses Interest expense 74 65 Loss on sales of notes payable 8 9 Foreign exchange loss – 239 Others 22 10 Total other expenses 105 325
Ordinary income 8,409 5,387 Extraordinary income
Gain on sales of fixed assets 1 1 Total extraordinary income 1 1
Extraordinary loss Loss on sales of fixed assets 0 – Loss on retirement of fixed assets 8 3 Loss on valuation of membership 3 – Total extraordinary loss 12 3
Income before income taxes and non-controlling interests
8,398 5,385
Income taxes-current 2,970 1,280 Income taxes-deferred (292) 419 Total income taxes 2,677 1,699 Profit 5,721 3,685 Profit attributable to non-controlling interests 1 0 Profit attributable to owners of parent 5,720 3,685
16
Consolidated Statements of Comprehensive Income (Million yen)
For the fiscal year
ended March 31, 2015
For the fiscal year
ended March 31, 2016
Profit 5,721 3,685 Other comprehensive income
Unrealized holding gain on securities 899 (369) Revaluation reserve for land, net of tax 91 44 Foreign currency translation adjustments 1,217 (978) Remeasurements of defined benefit plans (231) (775) Total other comprehensive income 1,977 (2,079)
Comprehensive income 7,698 1,606 Comprehensive income attributable to:
Owners of parent 7,697 1,606 Non-controlling interests 0 0
17
(3) Consolidated Statements of Changes in Net Assets For the fiscal year ended March 31, 2015
(Million yen)
Shareholders’ equity
Common stock Capital surplus Retained earnings
Treasury stock Total
shareholders’ equity
Balance at the beginning of the year
9,926 11,460 23,605 (906) 44,086
Cumulative effects of changes in accounting policies
(900) (900)
Restated balance 9,926 11,460 22,704 (906) 43,185
Changes of items during the year
Cash dividends (993) (993)
Profit attributable to owners of parent
5,720 5,720
Acquisition of treasury stock
(6) (6)
Disposal of treasury stock
0 0 0
Net changes of items other than shareholders’ equity
–
Total changes of items during the year
– 0 4,726 (5) 4,721
Balance at the end of the year
9,926 11,460 27,431 (912) 47,906
Accumulated other comprehensive income
Non-controlling interests
Total net assets Unrealized holding gain on
securities
Revaluation reserve for land,
net of tax
Foreign currency
translation adjustments
Remeasure-
ments of defined benefit
plans
Total accumulated
other comprehensive
income
Balance at the beginning of the year
690 799 1,125 (887) 1,727 5 45,819
Cumulative effects of changes in accounting policies
Net changes of items other than shareholders’ equity
(369) 44 (978) (775) (2,078) 0 (2,078)
Total changes of items during the year
(369) 44 (978) (775) (2,078) 0 480
Balance at the end of the year
1,220 936 1,365 (1,895) 1,626 6 52,099
19
(4) Consolidated Statements of Cash Flows (Million yen)
For the fiscal year
ended March 31, 2015
For the fiscal year
ended March 31, 2016
Cash flows from operating activities Income before income taxes and non-controlling
interests 8,398 5,385
Depreciation and amortization 2,202 1,978 Increase (decrease) in net defined benefit liability 32 (12) Increase (decrease) in allowance for doubtful
accounts (21) (1)
Increase (decrease) in reserve for bonuses to directors and corporate auditors
20 (3)
Interest and dividend income (172) (154) Net loss (gain) on sales of securities (0) 3 Loss on valuation of membership 3 – Interest expenses 74 65 Loss on sales of notes payable 8 9 Foreign exchange loss (gain) 146 (47) Net loss (gain) on sales of fixed assets (0) (1) Net loss (gain) on disposal of fixed assets 8 3 Decrease (increase) in notes and accounts
receivable-trade (3,656) 1,942
Decrease (increase) in inventories (2,818) 585 Decrease (increase) in other receivables (103) 228 Increase (decrease) in notes and accounts
payable–trade 2,636 (860)
Others 1,012 (1,000) Subtotal 7,771 8,121 Interest and dividend received 173 154 Interest paid (86) (77) Income taxes paid (2,056) (3,335) Net cash provided by (used in) operating activities 5,801 4,863
Cash flows from investing activities Increase in time deposits (330) (0) Decrease in time deposits 33 312 Purchase of property, plant and equipment (2,745) (2,180) Proceeds from sales of property, plant and
equipment 51 3
Purchase of intangible fixed assets (168) (147) Purchase of investment securities (84) (46) Proceeds from sales of investment securities 34 88 Payment of loans – (10) Proceeds from loans 21 16 Others (398) (93) Net cash provided by (used in) investing activities (3,587) (2,057)
20
(Million yen)
For the fiscal year
ended March 31, 2015
For the fiscal year
ended March 31, 2016
Cash flows from financing activities Increase (decrease) in short-term debt (944) (136) Proceeds from long-term debt – 21 Repayments of long-term debt (1,193) (1,180) Acquisition of treasury stock (6) (7) Dividends paid (990) (1,113) Dividends paid to non-controlling interests (7) (0) Payment of lease obligations payable (159) (152) Others (50) (139) Net cash provided by (used in) financing activities (3,352) (2,708)
Effect of exchange rate change on cash and cash equivalents
570 (504)
Net increase (decrease) in cash and cash equivalents (568) (407) Cash and cash equivalents at beginning of year 13,719 13,151 Cash and cash equivalents at end of year 13,151 12,743
21
(5) Notes to the Consolidated Financial Statements (Notes on Going Concern Assumption)
There is no relevant information.
(Important Matters that Form the Basis for Preparing Consolidated Financial Statements) 1. Scope of consolidation
Consolidated subsidiaries: 17
Non-consolidated subsidiaries: –
2. Application of the equity method
There is no relevant company.
3. Closing dates of consolidated subsidiaries
Companies with same closing dates as the company that submits consolidated financial
statements: 3 (March 31)
Companies with differing closing dates as the company that submits consolidated financial
statements: 14 (December 31)
For preparation of consolidated financial statements, financial statements based on provisional
settlements of accounts as of the consolidated closing date are used.
(Omission of Disclosure)
Disclosure is omitted with respect to notes on consolidated balance sheets, consolidated statements
of income, consolidated statements of comprehensive income, consolidated statements of changes in
net assets, consolidated statements of cash flows, lease transactions, transactions with related parties,
tax effect accounting, financial instruments, securities and retirement benefits, since the Company
considers there to be no great necessity for disclosing such information in the financial results.
(Changes in Accounting Policies)
The Accounting Standard for Business Combinations (ASBJ Statement No. 21, September 13, 2013),
the Accounting Standard for Consolidated Financial Statements (ASBJ Statement No. 22, September 13,
2013) and the Revised Accounting Standard for Business Divestitures (ASBJ Statement No. 7,
September 13, 2013) and other standards have been applied from the fiscal year ended March 31,
2016 to change the presentation of net income and other items, and change minority interests to
non-controlling interests. To reflect the changes in presentation, consolidated financial statements for
the previous fiscal year have been reclassified.
(Changes in Accounting Policies that Are Difficult to Distinguish from Changes in Accounting Estimates)
For depreciation of tangible fixed assets, the Company and its domestic consolidated subsidiaries
previously used the declining-balance method for certain tangible fixed assets. But from the fiscal year
ended March 31, 2016, the straight-line method has been applied.
Responding to the increasing demand overseas, we started operations at the third plant of SANYO
DENKI PHILIPPINES, INC. during the previous fiscal year, and took other measures to enhance the
overseas production system. Upon examining the usage conditions of tangible fixed assets, state of
operation of tangible fixed assets owned by the Company and its domestic consolidated subsidiaries is
hereafter expected to be stable and level out.
The Company decided to change the depreciation method from the previous declining-balance
method to the straight-line method based on the belief that, evenly allocating the depreciation expense
would more appropriately reflect the actual usage status of tangible fixed assets of the Company and its
domestic consolidated subsidiaries.
As a result of this change, operating income, ordinary income and income before income taxes and
non-controlling interests for the fiscal year ended March 31, 2016 increased by ¥254 million each,
22
compared with the amounts under the formerly applied method.
(Segment Information, etc.)
1 Description of reporting segment
(1) Method of decision on reporting segments
The Group’s reporting segments are determined on the basis that separate financial information
of such segments are available and examined periodically by the Board of Directors to make
decisions regarding the allocation of management resources and assess the business performances
of such segments.
The Group mainly produces and sells cooling fans, power supply equipment and servomotors.
The Company and its domestic subsidiaries are in charge of such operations in Japan, and overseas
subsidiaries are in charge of such operations in their respective regions. Each of the consolidated
subsidiaries is an independent business unit, and formulates comprehensive business strategies for
their products and promotes its business activities.
(2) Types of regions that belong to reporting segments
The Group is composed of five reporting segments, Japan, North America, Europe, East Asia and
Southeast Asia, which are determined by grouping the respective consolidated subsidiaries by
region.
2 Calculation method for the amounts of net sales, profit (loss), assets, liabilities and other items for
each reporting segment
The accounting method used for reporting business segments is generally the same as stated in
“Important Matters That Form the Basis for Preparing Consolidated Financial Statements.”
Profit amounts of reporting segments are based on operating income. Intersegment sales and
transfers are based on actual market prices.
(Change in depreciation method of tangible fixed assets)
As written in “Changes in Accounting Policies that Are Difficult to Distinguish from Changes in
Accounting Estimates,” the Company and its domestic consolidated subsidiaries previously used the
declining-balance method for certain tangible fixed assets. But from the fiscal year ended March 31,
2016, the straight-line method has been applied.
As a result of this change, segment profit in “Japan” for the fiscal year ended March 31, 2016
increased by ¥254 million, compared with the amount under the formerly applied method.
23
3 Information on net sales, profit (loss), assets, liabilities and other items by reporting segment
For the fiscal year ended March 31, 2015 (Million yen)
Reporting segment
Japan
North
America Europe East Asia
Southeast
Asia Total
Sales
Sales to customers 64,782 9,003 5,580 10,818 1,560 91,745
Cash and bank deposits 3,554 2,704 Notes receivable-trade 705 457 Electronically recorded monetary claims -
operating 3,067 3,037
Accounts receivable-trade 19,932 15,588 Finished goods 3,005 3,559 Raw materials 4,666 4,505 Work in process 3,034 2,850 Supplies 25 35 Prepaid expense 73 79 Deferred tax assets 632 386 Others 1,079 948 Allowance for doubtful accounts (2) (1) Total current assets 39,774 34,150
Fixed assets Tangible fixed assets
Buildings 7,156 7,065 Structures 240 227 Machinery and equipment 1,253 1,641 Vehicles 22 24 Tools, furniture and fixtures 418 599 Land 6,188 6,188 Construction in progress 323 412 Total tangible fixed assets 15,603 16,159
Intangible fixed assets Leasehold right 44 44 Software 293 326 Others 22 22 Total intangible fixed assets 360 393
28
(Million yen)
As of March 31, 2015 As of March 31, 2016
Investments and other assets Investments in securities 4,897 4,647 Stocks of subsidiaries and affiliates 3,003 2,718 Investments in capital of subsidiaries and
affiliates 208 208
Long-term loans receivable 72 67 Long-term prepaid expenses 25 109 Deferred tax assets 35 122 Others 1,823 1,853 Allowance for doubtful accounts (0) (0) Total investments and other assets 10,066 9,727
Total fixed assets 26,031 26,280 Total assets 65,805 60,430
Liabilities Current liabilities
Notes payable–trade 1,439 1,069 Accounts payable–trade 9,952 7,325 Short-term debt 5,941 5,780 Long-term debt due within one year 855 450 Lease obligations 130 141 Accounts payable–other 928 647 Accrued expenses 2,600 2,029 Accrued income taxes 1,483 27 Advances received 63 23 Deposits received 46 151 Notes payable–facilities 163 115 Reserve for bonuses to directors and corporate
auditors 80 70
Total current liabilities 23,685 17,831 Long-term liabilities
Reserve for retirement allowances 900 900 Reserve for dividends 790 790 Reserve for advanced depreciation of
fixed assets 61 62
General reserve 1,500 1,500 Retained earnings brought forward 11,525 12,678
Total retained earnings 15,808 16,963 Treasury stock (1,401) (1,409) Total shareholders’ equity 35,794 36,941
Valuation and translation adjustments Unrealized holding gain on securities 1,390 1,239 Revaluation reserve for land, net of tax 891 936 Total valuation and translation adjustments 2,282 2,175
Total net assets 38,076 39,117 Total liabilities and net assets 65,805 60,430
30
(2) Non-consolidated Statements of Income (Million yen)
For the fiscal year
ended March 31, 2015
For the fiscal year
ended March 31, 2016
Net sales 68,102 60,301 Cost of sales 55,307 49,195 Gross profit 12,795 11,105 Selling, general and administrative expenses 7,825 8,254 Operating income 4,969 2,851 Other income
Interest and dividend income 445 689 Foreign exchange gain 308 – Subsidy income 132 – Rent income 95 93 Others 20 41 Total other income 1,002 824
Other expenses Interest expense 55 40 Foreign exchange loss – 108 Loss on sales of notes payable 8 9 Others 10 0 Total other expenses 74 159
Ordinary income 5,898 3,516 Extraordinary income
Gain on sales of fixed assets 0 0 Total extraordinary income 0 0
Extraordinary loss Loss on retirement of fixed assets 1 1 Loss on valuation of membership 3 – Loss on valuation of stocks of subsidiaries and
affiliates – 285
Total extraordinary loss 4 286 Income before income taxes 5,894 3,230 Income taxes-current 2,014 686 Income taxes-deferred (68) 271 Total income taxes 1,945 957 Profit 3,948 2,272
31
(3) Non-consolidated Statements of Changes in Net Assets For the fiscal year ended March 31, 2015
(Million yen)
Shareholders’ equity
Common stock
Capital surplus Retained earnings
Legal capital surplus
Other capital surplus
Total capital surplus
Legal retained earnings
Balance at the beginning of the year
9,926 11,458 1 11,460 1,032
Cumulative effects of changes in accounting policies
Restated balance
9,926 11,458 1 11,460 1,032
Changes of items during the year
Cash dividends
Profit
Provision of reserve for advanced depreciation of fixed assets
Acquisition of treasury stock
Disposal of treasury stock
0 0
Net changes of items other than shareholders’ equity
Total changes of items during the year
– – 0 0 –
Balance at the end of the year
9,926 11,458 2 11,460 1,032
32
Shareholders’ equity
Retained earnings
Other retained earnings
Total retained earnings
Reserve for retirement allowances
Reserve for dividends
Reserve for advanced
depreciation of fixed assets
General reserve Retained earnings brought forward
Balance at the beginning of the year
900 790 58 1,500 9,474 13,754
Cumulative effects of changes in accounting policies
(900) (900)
Restated balance
900 790 58 1,500 8,573 12,854
Changes of items during the year
Cash dividends (993) (993)
Profit 3,948 3,948
Provision of reserve for advanced depreciation of fixed assets
2 (2) –
Acquisition of treasury stock
Disposal of treasury stock
Net changes of items other than shareholders’ equity
Total changes of items during the year
– – 2 – 2,951 2,954
Balance at the end of the year
900 790 61 1,500 11,525 15,808
33
Shareholders’ equity Valuation and translation adjustments
Total net assets Treasury stock
Total shareholders’
equity
Unrealized holding gain on
securities
Revaluation reserve for land
Total valuation and translation
adjustments
Balance at the beginning of the year
(1,396) 33,745 596 799 1,396 35,142
Cumulative effects of changes in accounting policies
(900) (900)
Restated balance
(1,396) 32,845 596 799 1,396 34,241
Changes of items during the year
Cash dividends (993) (993)
Profit 3,948 3,948
Provision of reserve for advanced depreciation of fixed assets
–
Acquisition of treasury stock
(6) (6) (6)
Disposal of treasury stock
0 0 0
Net changes of items other than shareholders’ equity
793 91 885 885
Total changes of items during the year
(5) 2,949 793 91 885 3,834
Balance at the end of the year
(1,401) 35,794 1,390 891 2,282 38,076
34
For the fiscal year ended March 31, 2016 (Million yen)
Shareholders’ equity
Common stock
Capital surplus Retained earnings
Legal capital surplus
Other capital surplus
Total capital surplus
Legal retained earnings
Balance at the beginning of the year
9,926 11,458 2 11,460 1,032
Cumulative effects of changes in accounting policies
Restated balance
9,926 11,458 2 11,460 1,032
Changes of items during the year
Cash dividends
Profit
Provision of reserve for advanced depreciation of fixed assets
Acquisition of treasury stock
Disposal of treasury stock
Net changes of items other than shareholders’ equity
Total changes of items during the year
– – – – –
Balance at the end of the year
9,926 11,458 2 11,460 1,032
35
Shareholders’ equity
Retained earnings
Other retained earnings
Total retained earnings
Reserve for retirement allowances
Reserve for dividends
Reserve for advanced
depreciation of fixed assets
General reserve Retained earnings brought forward
Balance at the beginning of the year
900 790 61 1,500 11,525 15,808
Cumulative effects of changes in accounting policies
Restated balance
900 790 61 1,500 11,525 15,808
Changes of items during the year
Cash dividends (1,117) (1,117)
Profit 2,272 2,272
Provision of reserve for advanced depreciation of fixed assets
1 (1) –
Acquisition of treasury stock
Disposal of treasury stock
Net changes of items other than shareholders’ equity
Total changes of items during the year
– – 1 – 1,153 1,154
Balance at the end of the year
900 790 62 1,500 12,678 16,963
36
Shareholders’ equity Valuation and translation adjustments
Total net assets Treasury stock
Total shareholders’
equity
Unrealized holding gain on
securities
Revaluation reserve for land
Total valuation and translation
adjustments
Balance at the beginning of the year
(1,401) 35,794 1,390 891 2,282 38,076
Cumulative effects of changes in accounting policies
Restated balance
(1,401) 35,794 1,390 891 2,282 38,076
Changes of items during the year
Cash dividends (1,117) (1,117)
Profit 2,272 2,272
Provision of reserve for advanced depreciation of fixed assets
– –
Acquisition of treasury stock
(7) (7) (7)
Disposal of treasury stock
Net changes of items other than shareholders’ equity
(150) 44 (106) (106)
Total changes of items during the year
(7) 1,147 (150) 44 (106) 1,040
Balance at the end of the year
(1,409) 36,941 1,239 936 2,175 39,117
37
(4) Notes to the Non-consolidated Financial Statements
(Notes on Going Concern Assumption)
There is no relevant information.
7. Others (1) Changes in Directors and Corporate Auditors
1. Changes in Representative Directors
There is no relevant information.
2. Changes in Other Directors and Corporate Auditors