IBIDEN Co., Ltd.
Financial Review 2023
Year Ended March 31, 2023
Moving on to our
New Stage 115 Plan
Consolidated Financial Statements
IBIDEN CO., LTD.
and
Consolidated Subsidiaries
Year Ended March 31, 2023
with Independent Auditor's Report
IBIDEN CO., LTD. and Consolidated Subsidiaries
Consolidated Financial Statements
Year Ended March 31, 2023
Contents
Independent Auditor's Report | |
Consolidated Balance Sheet | 1 |
Consolidated Statement of Income | 3 |
Consolidated Statement of Comprehensive Income | 4 |
Consolidated Statement of Changes in Net Assets | 5 |
Consolidated Statement of Cash Flows | 6 |
Notes to Consolidated Financial Statements | 8 |
IBIDEN CO., LTD. and Consolidated Subsidiaries
Consolidated Balance Sheet
March 31, 2023
Thousands of | |||||||||
U.S. dollars | |||||||||
Millions of yen | (Note 6) | ||||||||
2022 | |||||||||
Assets | |||||||||
Current assets: | |||||||||
Cash and deposits (Notes 7 and 22) | ¥ | 302,420 | ¥ | 185,592 | $ | 2,264,637 | |||
Notes and accounts receivable (Notes 4, 7 and | |||||||||
24): | |||||||||
Trade | 75,942 | 88,483 | 568,684 | ||||||
Other | 2,950 | 5,148 | 22,089 | ||||||
Allowance for doubtful accounts | (60) | (94) | (449) | ||||||
Electronically recorded monetary claims (Notes 4, | 3,563 | 3,600 | 26,683 | ||||||
7 and 24) | |||||||||
Inventories: | |||||||||
Merchandise and finished goods | 30,872 | 26,823 | 231,178 | ||||||
Work in process | 21,191 | 19,786 | 158,687 | ||||||
Raw materials and supplies | 27,133 | 27,960 | 203,181 | ||||||
Other current assets (Notes 7 and 23) | 12,815 | 5,972 | 95,970 | ||||||
Total current assets | 476,826 | 363,270 | 3,570,660 | ||||||
Property, plant and equipment: | |||||||||
Land (Notes 15 and 17) | 20,360 | 20,108 | 152,466 | ||||||
Buildings and structures (Note 15 ) | 227,466 | 216,977 | 1,703,353 | ||||||
Machinery and equipment (Note 15) | 540,210 | 503,270 | 4,045,303 | ||||||
Leased assets | 628 | 636 | 4,704 | ||||||
Construction in progress (Note 15) | 119,038 | 34,014 | 891,405 | ||||||
907,702 | 775,005 | 6,797,231 | |||||||
Accumulated depreciation and impairment loss | (600,735) | (549,084) | (4,498,541) | ||||||
Property, plant and equipment, net | 306,967 | 225,921 | 2,298,690 | ||||||
Investments and other assets: | |||||||||
Investment securities (Notes 7, 8 and 10): | |||||||||
Unconsolidated subsidiaries and affiliates | 27 | 26 | 203 | ||||||
Other | 61,316 | 64,612 | 459,157 | ||||||
Long-term loans receivable | 8 | 8 | 61 | ||||||
Deferred tax assets (Notes 3 and 13) | 5,534 | 3,951 | 41,439 | ||||||
Other assets | 7,069 | 6,793 | 52,937 | ||||||
Allowance for doubtful accounts | (238) | (248) | (1,786) | ||||||
Total investments and other assets | 73,716 | 75,142 | 552,011 | ||||||
Total assets (Note 25) | ¥ | 857,509 | ¥ | 664,333 | $ | 6,421,361 | |||
1
Thousands of | |||||||
U.S. dollars | |||||||
Millions of yen | (Note 6) | ||||||
Liabilities and Net Assets | |||||||
Current liabilities: | |||||||
Short-term borrowings and current portion of | |||||||
long-term debt (Notes 7 and 9) | ¥ | 65,030 | ¥ | 40,030 | $ 486,970 | ||
Notes and accounts payable (Notes 4 and 10): | |||||||
Trade | 23,496 | 36,612 | 175,950 | ||||
Other | 27,076 | 22,259 | 202,754 | ||||
Electronically recorded obligations (Note 4): | |||||||
Operating | 12,169 | 10,562 | 91,127 | ||||
Facilities | 26,602 | 4,802 | 199,204 | ||||
Lease obligations (Note 11) | 93 | 135 | 698 | ||||
Accrued expenses | 7,695 | 7,055 | 57,623 | ||||
Income taxes payable (Note 13) | 14,269 | 14,910 | 106,852 | ||||
Accrued bonuses for employees | 5,139 | 5,385 | 38,479 | ||||
Accrued bonuses for directors and audit and | |||||||
supervisory board members | 186 | 173 | 1,393 | ||||
Provision for loss on liquidation of subsidiaries | |||||||
and affiliates | - | 177 | - | ||||
Other current liabilities (Notes 7, 23 and 24) | 41,566 | 14,061 | 311,268 | ||||
Total current liabilities | 223,321 | 156,161 | 1,672,318 | ||||
Long-term liabilities: | |||||||
Long-term debt (Notes 7 and 9) | 205,000 | 130,000 | 1,535,121 | ||||
Lease obligations (Note 11) | 167 | 200 | 1,253 | ||||
Liability for retirement benefits (Note 12) | 574 | 579 | 4,296 | ||||
Provision for share-based compensation (Note 5) | 548 | 493 | 4,104 | ||||
Deferred tax liabilities (Note 13) | 825 | 5,095 | 6,179 | ||||
Other long-term liabilities | 1,468 | 1,077 | 10,985 | ||||
Total long-term liabilities | 208,582 | 137,444 | 1,561,938 | ||||
Net Assets: | |||||||
Shareholders' equity (Note 140): | |||||||
Common stock: | |||||||
Authorized - 230,000,000 shares | |||||||
Issued - 140,860,557 shares in 2023 and 2022 | 64,152 | 64,152 | 480,400 | ||||
Capital surplus | 64,494 | 64,494 | 482,959 | ||||
Retained earnings | 229,804 | 184,612 | 1,720,865 | ||||
Less treasury stock, at cost | (3,127) | (3,265) | (23,416) | ||||
Total shareholders' equity | 355,323 | 309,993 | 2,660,808 | ||||
Accumulated other comprehensive income: | |||||||
Net unrealized holding gain on other securities | 24,431 | 26,626 | 182,947 | ||||
Surplus arising from land revaluation (Note 17) | 160 | 160 | 1,199 | ||||
Translation adjustments | 39,324 | 27,796 | 294,468 | ||||
Total accumulated other comprehensive income | 63,915 | 54,582 | 478,614 | ||||
Non-controlling interests (Note 20) | 6,368 | 6,153 | 47,683 | ||||
Total net assets (Note 20) | 425,606 | 370,728 | 3,187,105 | ||||
Total liabilities and net assets | ¥ | 857,509 | ¥ | 664,333 | $ 6,421,361 | ||
See accompanying Notes to Consolidated Financial Statements.
2
IBIDEN CO., LTD. and Consolidated Subsidiaries
Consolidated Statement of Income
Year Ended March 31, 2023
Thousands of | ||||||||
U.S. dollars | ||||||||
Millions of yen | (Note 6) | |||||||
Net sales (Note 25) | ¥ | 417,549 | ¥ 401,139 | $ | 3,126,771 | |||
Cost of sales | 290,034 | 281,059 | 2,171,885 | |||||
Gross profit | 127,515 | 120,080 | 954,886 | |||||
Selling, general and administrative | 55,153 | 49,259 | 413,007 | |||||
expenses (Note 18) | ||||||||
Operating income (Note 25) | 72,362 | 70,821 | 541,879 | |||||
Other income (expenses): | ||||||||
Interest and dividend income | 2,506 | 1,411 | 18,767 | |||||
Interest expense | (370) | (281) | (2,774) | |||||
Gain (loss) on sales of investment securities | ||||||||
(Note 8) | 295 | 91 | 2,211 | |||||
Other, net (Notes 15, 16 and 19) | (3,091) | (12,790) | (23,148) | |||||
Profit before income taxes | 71,702 | 59,252 | 536,935 | |||||
Income taxes (Note 13): | ||||||||
Current | (23,773) | (19,049) | (178,024) | |||||
Deferred | 4,484 | 1,360 | 33,581 | |||||
(19,289) | (17,689) | (144,443) | ||||||
Profit | 52,413 | 41,563 | 392,492 | |||||
Profit attributable to: | (330) | |||||||
Non-controlling interests | (226) | (1,694) | ||||||
Owners of parent (Note 20) | ¥ | 52,187 | ¥ 41,233 | $ | 390,798 | |||
See accompanying Notes to Consolidated Financial Statements.
3
IBIDEN CO., LTD. and Consolidated Subsidiaries
Consolidated Statement of Comprehensive Income
Year Ended March 31, 2023
Profit
Other comprehensive income (loss):
Net unrealized holding gain (loss) on other securities
Translation adjustments
Total other comprehensive income (loss) (Note 21) Comprehensive income (loss)
Comprehensive income (loss) attributable to: Owners of parent
Non-controlling interests
See accompanying Notes to Consolidated Financial Statements.
4
IBIDEN CO., LTD. and Consolidated Subsidiaries
Consolidated Statement of Changes in Net Assets
Year Ended March 31, 2023
Balance at March 31, 2021
Cumulative effects of changes in accounting policies
Cash dividends
Profit attributable to owners of parent Purchases of treasury stock
Retirement of treasury stock
Change of scope of consolidation Change in ownership interest of parent due to transactions with non-controlling interests
Other changes
Balance at March 31,2022
Cash dividends
Profit attributable to owners of parent Purchases of treasury stock
Retirement of treasury stock
Other changes
Balance at March 31, 2023
Balance at March 31, 2022
Cash dividends
Profit attributable to owners of parent Purchases of treasury stock
Retirement of treasury stock
Other changes
Balance at March 31, 2023
Millions of yen | |||||||||||||||||||||||||||||||||||||||||||||
Net | |||||||||||||||||||||||||||||||||||||||||||||
Number of | unrealized | Surplus | |||||||||||||||||||||||||||||||||||||||||||
shares | Treasury | holding gain | arising from | Non- | |||||||||||||||||||||||||||||||||||||||||
issued | Common | Capital | Retained | stock, at | on other | land | Translation | controlling | Total net | ||||||||||||||||||||||||||||||||||||
(Thousands) | stock | surplus | earnings | cost | securities | revaluation | adjustments | interests | assets | ||||||||||||||||||||||||||||||||||||
140,861 | ¥ 64,152 | ¥ 64,433 | ¥ 149,380 | ¥ (3,286) | ¥ 28,639 | ¥ 160 | ¥ 12,436 | ¥ 5,949 | ¥ 321,863 | ||||||||||||||||||||||||||||||||||||
- | - | - | (19) | - | - | - | - | - | (19) | ||||||||||||||||||||||||||||||||||||
- | - | - | (5,596) | - | - | - | - | - | (5,596) | ||||||||||||||||||||||||||||||||||||
- | - | - | 41,233 | - | - | - | - | - | 41,233 | ||||||||||||||||||||||||||||||||||||
- | - | - | - | (11) | - | - | - | - | (11) | ||||||||||||||||||||||||||||||||||||
- | - | 1 | - | 32 | - | - | - | - | 33 | ||||||||||||||||||||||||||||||||||||
- | - | - | (386) | - | - | - | - | - | (386) | ||||||||||||||||||||||||||||||||||||
- | - | 60 | - | - | - | - | - | - | 60 | ||||||||||||||||||||||||||||||||||||
- | - | - | - | - | (2,013) | - | 15,360 | 204 | 13,551 | ||||||||||||||||||||||||||||||||||||
140,861 | ¥ 64,152 | ¥ 64,494 | ¥ 184,612 | ¥ (3,265) | ¥ 26,626 | ¥ | 160 | ¥ | 27,796 | ¥ 6,153 | ¥ 370,728 | ||||||||||||||||||||||||||||||||||
- | - | - | (6,995) | - | - | - | - | - | (6,995) | ||||||||||||||||||||||||||||||||||||
- | - | - | 52,187 | - | - | - | - | - | 52,187 | ||||||||||||||||||||||||||||||||||||
- | - | - | - | (9) | - | - | - | - | (9) | ||||||||||||||||||||||||||||||||||||
- | - | 0 | - | 147 | - | - | - | - | 147 | ||||||||||||||||||||||||||||||||||||
- | - | - | - | - | (2,195) | - | 11,528 | 215 | 9,548 | ||||||||||||||||||||||||||||||||||||
140,861 | ¥ 64,152 | ¥ 64,494 | ¥ 229,804 | ¥ (3,127) | ¥ 24,431 | ¥ | 160 | ¥ | 39,324 | ¥ 6,368 | ¥ 425,606 | ||||||||||||||||||||||||||||||||||
Thousands of U.S. dollars (Note 6) | |||||||||||||||||||||||||||||||||||||||||||||
Net | |||||||||||||||||||||||||||||||||||||||||||||
unrealized | |||||||||||||||||||||||||||||||||||||||||||||
holding | Surplus | ||||||||||||||||||||||||||||||||||||||||||||
Treasury | gain on | arising from | Non- | ||||||||||||||||||||||||||||||||||||||||||
Common | Capital | Retained | stock, at | other | land | Translation | controlling | Total net | |||||||||||||||||||||||||||||||||||||
stock | surplus | earnings | cost | securities | revaluation | adjustments | interests | assets | |||||||||||||||||||||||||||||||||||||
$ 480,400 | $ 482,959 | $ 1,382,448 | $ | (24,449) | $ 199,387 | $ 1,199 | $ 208,144 | $ 46,073 | $ 2,776,161 | ||||||||||||||||||||||||||||||||||||
- | - | (52,381) | - | - | - | - | - | (52,381) | |||||||||||||||||||||||||||||||||||||
- | - | 390,798 | - | - | - | - | - | 390,798 | |||||||||||||||||||||||||||||||||||||
- | - | - | (65) | - | - | - | - | (65) | |||||||||||||||||||||||||||||||||||||
- | 0 | - | 1,098 | - | - | - | - | 1,098 | |||||||||||||||||||||||||||||||||||||
- | - | - | - | (16,440) | - | 86,324 | 1,610 | 71,494 | |||||||||||||||||||||||||||||||||||||
$ 480,400 | $ 482,959 | $ 1,720,865 | $ | (23,416) | $ 182,947 | $ 1,199 | $ 294,468 | $ 47,683 | $ 3,187,105 | ||||||||||||||||||||||||||||||||||||
See accompanying Notes to Consolidated Financial Statements.
5
IBIDEN CO., LTD. and Consolidated Subsidiaries
Consolidated Statement of Cash Flows
Year Ended March 31, 2023
Thousands of | ||||||||
U.S. dollars | ||||||||
Millions of yen | (Note 6) | |||||||
Operating activities | ||||||||
Profit before income taxes | ¥ | 71,702 | ¥ | 59,252 | $ | 536,935 | ||
Adjustments to reconcile profit before income taxes to net | ||||||||
cash provided by operating activities: | ||||||||
Depreciation and amortization | 54,915 | 52,715 | 411,221 | |||||
Loss on impairment of fixed assets | 844 | 1,219 | 6,319 | |||||
Reversal for accrued bonuses for employees | (246) | 582 | (1,844) | |||||
Reversal for accrued bonuses for directors | 13 | 18 | 97 | |||||
Reversal of allowance for doubtful accounts | (44) | (10) | (326) | |||||
Increase (decrease) in liability for retirement benefits | (5) | (500) | (39) | |||||
Interest and dividend income | (2,506) | (1,411) | (18,767) | |||||
Interest expense | 370 | 281 | 2,774 | |||||
Share of profit of entities accounted for using equity | (2) | (2) | (11) | |||||
method | ||||||||
Gain on sales of property, plant and equipment | (82) | (136) | (614) | |||||
Loss on disposal of property, plant and equipment | 3,732 | 6,113 | 27,947 | |||||
Gain (loss) on sales of investment securities | (295) | (91) | (2,211) | |||||
Loss on sales of shares of subsidiaries and associates | - | 7,098 | - | |||||
Loss on valuation of investment securities | - | 630 | - | |||||
Decrease (increase) in notes and accounts receivable- | 15,820 | (1,922) | 118,463 | |||||
trade | ||||||||
Decrease (increase) in inventories | (2,345) | (17,602) | (17,559) | |||||
Increase (decrease) in notes and accounts payable | (12,029) | 4,368 | (90,080) | |||||
Increase (decrease) in accrued expenses | 640 | 1,140 | 4,790 | |||||
Other, net | 17,746 | 5,734 | 132,897 | |||||
Subtotal | 148,228 | 117,476 | 1,109,992 | |||||
Interest and dividends received | 2,507 | 1,411 | 18,772 | |||||
Interest paid | (370) | (280) | (2,774) | |||||
Income taxes paid | (24,617) | (10,234) | (184,339) | |||||
Net cash provided by operating activities | ¥ | 125,748 | ¥ | 108,373 | $ | 941,651 |
6
IBIDEN CO., LTD. and Consolidated Subsidiaries
Consolidated Statement of Cash Flows
Year Ended March 31, 2023
Thousands of | ||||||
U.S. dollars | ||||||
Millions of yen | (Note 6) | |||||
Investing activities | ||||||
Purchases of property, plant and equipment | ¥ (103,234) | ¥ | (66,200) | $ (773,055) | ||
Proceeds from sales of property, plant and equipment | 192 | 433 | 1,441 | |||
Purchases of intangible assets | (799) | (1,014) | (5,984) | |||
Purchases of investment securities | (40) | (36) | (296) | |||
Proceeds from sales of investment securities | 402 | 225 | 3,012 | |||
Sale of shares of subsidiaries resulting in change in scope | ||||||
of consolidation | - | (1,164) | - | |||
Collection of long-term loans receivable | 0 | 0 | 2 | |||
Other, net | (540) | 33 | (4,057) | |||
Net cash used in investing activities | (104,019) | (67,723) | (778,937) | |||
Financing activities | ||||||
Increase in short-term borrowings, net | - | (101) | - | |||
Increase in long-term debt | 70,000 | - | 524,188 | |||
Repayment of long-term debt | - | (44) | - | |||
Proceeds from issuance of bonds | 50,000 | 35,000 | 374,420 | |||
Redemption of bonds | (20,000) | (15,000) | (149,768) | |||
Purchases of treasury stock | (9) | (11) | (65) | |||
Proceeds from sales of treasury stock | 147 | 33 | 1,098 | |||
Cash dividends paid | (6,995) | (5,596) | (52,381) | |||
Cash dividends paid to non-controlling interests | (15) | (49) | (110) | |||
Repayments of lease obligations | (542) | (233) | (4,064) | |||
Other, net | - | (64) | - | |||
Net cash provided by financing activities | 92,586 | 13,935 | 693,318 | |||
Effect of exchange rate changes on cash and cash | 2,513 | 4,122 | 18,818 | |||
equivalents | ||||||
Increase (decrease) in cash and cash equivalents | 116,828 | 58,707 | 874,850 | |||
Cash and cash equivalents at beginning of year | 185,592 | 126,885 | 1,389,787 | |||
Cash and cash equivalents at end of year (Note 22) | ¥ 302,420 | ¥ | 185,592 | $ 2,264,637 | ||
See accompanying Notes to Consolidated Financial Statements.
7
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Ibiden Co. Ltd. published this content on 27 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2023 08:21:43 UTC.