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)

2023

2022

2023

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)

2023

2022

2023

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)

2023

2022

2023

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

Thousands of

U.S. dollars

Millions of yen

(Note 6)

2023

2022

2023

¥

52,413

¥

41,563

$

392,492

(2,196)

(1,989)

(16,447)

11,532

15,377

86,357

9,336

13,388

69,910

¥

61,749

¥

54,951

$

462,402

¥

61,519

¥

54,580

$

460,681

230

371

1,721

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)

2023

2022

2023

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)

2023

2022

2023

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.