Consolidated Financial Statements

Traded as : 7537 (TYO)

Consolidated Statements of Income

(Millions of Yen)

fiscal year
2013
2014
2015
2016
2017
Net Sales
260,424
273,683
279,571
270,698
347,508
 Electronic Devices 220,325 234,428 234,001 220,184 296,524
 Electronic Systems 40,098 39,254 45,570 50,513 50,983
 Others - - - - -
Cost of sales 241,581 254,537 261,252 250,085 326,346
Gross profit
18,842
19,146
18,319
20,612
21,161
 Electronic Devices 12,656 13,162 11,391 12,741 13,534
 Electronic Systems 6,185 5,983 6,928 7,871 7,627
 Others - - - - -
Selling, general and administrative expenses 14,930 14,593 15,106 17,729 17,390
 Personal expenses 9,437 9,051 9,264 10,909 10,490
 Other 5,493 5,542 5,842 6,819 6,899
Operating income 3,912 4,552 3,212 2,883 3,771
 Electronic Devices 2,475 3,142 1,171 448 1,240
 Electronic Systems 1,450 1,419 2,051 2,445 2,542
 Others - - ▲9 ▲11 ▲11
Non-operating income 708 751 734 705 1,773
 Interest income 12 8 23 49 67
 Dividends income 32 41 51 40 46
 Equity in earnings of affiliates 270 299 431 455 397
 Foreign exchange gains - - - - 1,156
 Other 392 401 227 158 104
Non-operating expenses 675 1,418 624 937 1,327
 Interest expenses 275 219 186 317 659
 Foreign exchange losses 140 904 146 429 -
 Other 258 293 292 189 667
Ordinary income
3,944
3,886
3,321
2,651
4,218
Extraordinary income 12 7 870 1 6
 Gain on sales of noncurrent assets 0 - 80 0 1
 Gain on sales of investment securities 0 - 199 - 4
 Other 11 7 590 1 -
Extraordinary loss 70 110 893 65 311
 Loss on sales and retirement of noncurrent assets 22 11 3 60 53
 Loss on valuation of investment securities 29 - - 0 171
 Other 18 99 889 5 86
Income before income taxes and minority interests 3,886 3,783 3,299 2,587 3,912
Income taxes-current 918 755 894 877 885
Income taxes-deferred 505 631 242 ▲342 487
Foreign currency translation adjustments - - - - -
Profit attributable to non-controlling interests 454 405 351 402 461
Profit attributable to owners of parent
2,008
1,990
1,810
1,650
2,077

Consolidated Balance Sheets

(Millions of Yen)

Settlement period
2014/3
2015/3
2016/3
2017/3
2018/3
Assets
Current assets
99,510
117,084
96,211
113,711
123,322
Cash and deposits 19,151 21,725 14,096 12,584 13,989
Notes and accounts receivable-trade 60,944 63,393 53,539 65,443 60,820
Short-term investment securities - - 338 727 402
Merchandise and finished goods 16,860 28,818 24,765 29,385 44,987
Work in process 70 169 150 291 126
Deferred tax assets 1,070 1,060 857 1,149 1,024
Other 1,430 1,937 2,481 4,220 2,110
Allowance for doubtful accounts ▲17 ▲19 ▲17 ▲90 ▲13
Noncurrent assets
11,124
11,228
10,302
12,273
12,474
Property, plant and equipment
4,277
4,232
3,079
3,549
3,529
Buildings 1,343 1,288 1,021 1,367 1,351
Land 2,510 2,517 1,633 1,633 1,618
other 423 426 424 548 560
Intangible assets
402
448
342
1,148
1,601
Investments and other assets
6,445
6,548
6,880
7,575
7,342
Investment securities 2,171 2,783 3,014 3,627 3,634
Real estate for investment 950 873 146 134 134
Deferred tax assets 990 240 644 423 85
Other 2,332 2,650 3,074 3,389 3,488
Total assets
110,635
128,313
106,513
125,984
135,796
Liabilities and net assets
Current liabilities
65,114
72,594
49,481
67,272
75,765
Notes and accounts payable-trade 39,910 52,978 35,921 37,987 37,247
Short-term Loans Payable 7,100 15,300 9,732 25,077 34,687
Current portion of long-term loans payable 15,043 1,006 2 112 112
Current portion of bonds - - - - -
Provision for bonuses 789 818 860 1,034 1,044
Other 2,271 2,490 2,964 3,060 2,672
Noncurrent liabilities
3,050
9,416
10,693
11,161
10,854
Bonds payable - - - - -
Long-term loans payable 1,013 7,507 8,500 8,988 8,875
Net defined benefit liability 1,330 1,194 1,718 1,586 1,388
Provision for directors' retirement benefits 225 260 147 96 108
Other 481 454 327 490 481
Total liabilities
68,165
82,010
60,175
78,434
86,619
Minority interests - - - - -
Capital stock - - - - -
Capital surplus - - - - -
Retained earnings - - - - -
Valuation difference on available-for-sale securities - - - - -
Foreign currency translation adjustments - - - - -
Treasury stock - - - - -
Total shareholders' equity - - - - -
Total liabilities, minority interest and shareholders' equity - - - - -
Shareholders' equity
36,652
38,068
39,225
40,143
41,596
Capital stock 6,214 6,214 6,214 6,214 6,214
Capital surplus 6,353 6,353 6,353 6,353 6,353
Retained earnings 25,713 27,131 28,287 29,206 30,659
Treasury stock ▲1,630 ▲1,630 ▲1,630 ▲1,630 ▲1,630
Accumulated other comprehensive income
955
2,382
1,135
1,563
1,439
Valuation difference on available-for-sale securities 490 898 465 696 726
Foreign currency translation adjustments 246 1,251 1,096 792 678
Deferred gains or losses on hedges 13 32 ▲16 6 ▲29
Remeasurements of defined benefit plans 204 199 ▲409 68 63
Non-controlling interests 4,862 5,851 5,977 5,843 6,140
Total net assets
42,469
46,302
46,338
47,550
49,177
Total liabilities and net assets
110,635
128,313
106,513
125,984
135,796

Consolidated Statements of Cash Flows

(Millions of Yen)

fiscal year
2013
2014
2015
2016
2017
Net cash provided by (used in) operating activities
 Income before income taxes and minority interests 3,886 3,783 3,299 2,587 3,912
 Depreciation and amortization 403 374 343 394 406
 Amortization of goodwill - - - 112 112
 Increase (decrease) in allowance for doubtful accounts ▲22 0 ▲1 62 13
 Interest and dividends income
▲44
▲49
▲74
▲90
▲114
 Interest expenses 275 219 186 317 659
 Foreign exchange losses (gains) ▲488 ▲102 171 911 ▲1,283
 Equity in (earnings) losses of affiliates ▲270 ▲299 ▲431 ▲455 ▲397
 Loss on valuation of investment securities 29 - - 0 171
 Decrease (Increase) in notes and accounts receivable-trade ▲10,445 ▲1,168 10,647 ▲6,972 4,326
 Decrease (increase) in inventories 9,089 ▲11,639 4,067 ▲1,925 ▲15,582
 Increase (decrease) in notes and accounts payable-trade
4,604
12,418
▲17,811
1,450
▲492
 Other, net ▲336 ▲190 ▲805 ▲1,270 1,816
  Subtotal 6,678 3,346 ▲411 ▲4,876 ▲6,450
 Interest and dividends income received 159 195 114 253 314
 interest expenses paid ▲282 ▲220 ▲186 ▲320 ▲653
 Income taxes paid ▲730 ▲1,022 ▲727 ▲956 ▲841
 Income taxes refund 174 2 5 4 11
 Other - ▲99 - - -
   Net cash provided by (used in) operating activities
5,999
2,202
▲1,204
▲5,894
▲7,619
Net cash provided by (used in) investing activities
 Payments into time deposits ▲234 ▲295 ▲521 ▲355 ▲328
 Proceeds from withdrawal of time deposits 242 269 455 377 434
 Purchase of property, plant and equipment ▲148 ▲113 ▲235 ▲635 ▲237
 Purchase of intangible assets ▲147 ▲164 ▲23 ▲382 ▲692
 Purchase of investment securities ▲22 ▲23 ▲1,216 ▲234 ▲44
 Payment for transfer of business - - - - -
 Other, net 149 91 2,035 ▲631 ▲94
  Net cash provided by (used in) investing activities
▲162
▲235
493
▲1,862
▲964
Net cash provided by (used in) financing activities
 Decrease (Increase) in short-term loans payable ▲4,727 6,676 ▲5,884 7,456 11,303
 Proceeds from long-term loans payable - 7,500 1,030 ▲112 -
 Repayment of long-term loans payable ▲97 ▲15,043 ▲1,071 ▲2 ▲112
 Proceeds from issuance of bonds - - - - -
 Redemption of bonds ▲21 - - - -
 Proceeds from issuance of common stock - - - - -
 Purchase of treasury stock ▲ 0 ▲ 0 ▲ 0 - ▲0
 Cash dividends paid ▲391 ▲493 ▲653 ▲731 ▲653
 Other, net ▲144 ▲125 ▲144 ▲327 ▲162
Net cash provided by (used in) financing activities
▲5,382
▲1,515
▲6,724
6,282
10,374
Effect of exchange rate change on cash and cash equivalents 1,110 2,084 ▲374 ▲10 ▲248
Net increase(decrease) in cash and cash equivalents 1,565 2,536 ▲7,810 ▲1,485 1,542
Cash and cash equivalents at beginning of period 17,410 18,976 21,512 13,702 12,216
Increase(decrease) in cash and cash equivalents from changes in the scope of consolidated subsidiaries - - - - ▲43
Cash and cash equivalents at end of period
18,976
21,512
13,702
12,216
13,715