Annual Report

Financial Highlights

Consolidated Financial Statements

Consolidated Balance Sheets

(¥ million)

Item As of March 31, 2021 As of March 31, 2020
Assets
Current assets 67,739 74,587
Cash and deposits 13,935 17,491
Notes and accounts receivable 19,592 20,404
Merchandise and finished products 8,153 9,887
Work in progress 15,771 18,298
Raw materials and purchased supplies 9,014 7,557
Other current assets 1,559 1,201
Allowance for doubtful receivables ▲ 284 ▲ 252
Fixed assets 93,463 83,942
Tangible fixed assets 86,243 78,563
Buildings and structures 11,497 11,061
Machinery, equipment and vehicles 27,303 25,575
Land 38,755 38,670
Construction in progress 6,661 1,340
Other tangible fixed assets 2,027 1,917
Intangible fixed assets 1,632 1,123
Software 1,431 808
Other intangible fixed assets 202 316
Investments and other assets 5,588 4,256
Investment securities 4,449 3,481
Deferred tax assets 159 149
Other investments and other assets 1,003 650
Allowance for doubtful receivables ▲ 23 ▲ 25
Deferred assets 28 39
Bond issuance cost 28 39
Total assets 161,230 158,568

(¥ million)

Item As of March 31, 2021 As of March 31, 2020
Liabilities
Current liabilities 63,188 64,029
Notes and accounts payable 16,450 16,853
Short-term debt 28,287 32,607
Notes payable - equipment 5,882 1,000
Current portion of bonds 77 154
Current portion of long-term debt 5,039 6,037
Accrued income taxes 424 508
Accrued consumption taxes 111 999
Reserve for employees' bonuses 1,349 1,346
Provision for directors' bonuses – 3
Provision for loss on business liquidation 27 27
Other current liabilities 5,542 4,496
Long-term liabilities 42,915 43,409
Bonds payable 5,000 5,077
Long-term debt 19,101 20,000
Deferred tax liabilities 6,137 5,590
Deferred tax liabilities on land revaluation 918 918
Net defined benefit liabilities 10,528 10,316
Reserve for environmental measures 113 267
Reserve for prevention of metal mine pollution 5 5
Other long-term liabilities 1,113 1,236
Total liabilities 106,103 107,437
Net assets
Equity 51,678 48,582
Common stock 24,301 24,301
Capital surplus 9,542 9,542
Retained earnings 18,541 15,474
Treasury stock ▲ 707 ▲ 736
Accumulated other comprehensive income 3,445 2,544
Unrealized gain on available-for-sale securities 1,562 688
Net deferred losses on hedges 1 ▲ 1
Land revaluation reserve 1,720 1,720
Foreign currency translation adjustments 161 137
Non-controlling interests 5 5
Total net assets 55,127 51,131
Total liabilities and net assets 161,230 158,568

Consolidated Statements of Operations

(¥ million)

Item Term ended March 31, 2021 Term ended March 31, 2020
Net sales 112,482 136,373
Cost of sales 95,428 116,839
Gross profit 17,054 19,534
Selling, general and administrative expenses 10,909 11,696
Operating profit 6,145 7,838
Non-operating income 327 294
Interest 1 2
Dividends received 84 115
Share of profit of entities accounted for using equity method 5 19
Rent of fixed assets 86 89
Subsidy income 74 1
Other non-operating income 77 70
Non-operating expenses 1,481 1,790
Interest paid 511 578
Exchange losses 37 29
Loss on sale of trade notes receivable 33 62
Loss on retirement of noncurrent assets 356 217
Removal cost of fixed assets 209 60
Sales discounts 150 180
Environmental expenses 68 232
Other non-operating expenses 118 431
Ordinary profit 4,990 6,342
Extraordinary profits 5 8
Gain on sale of fixed assets 5 8
Extraordinary losses 255 206
Loss on valuation of investment securities 255 62
Impairment loss – 57
Losses due to disaster – 87
Profit before income taxes 4,740 6,144
Income taxes (corporate tax, residential tax and enterprise tax) 669 725
Income tax adjustment 307 94
Profit 3,764 5,325
Profit attributable to non-controlling interests 0 0
Profit attributable to owners of parent 3,764 5,325

Consolidated Statements of Cash Flows

(¥ million)

Item Term ended March 31, 2021 Term ended March 31, 2020
Cash flows from operating activities 11,182 7,979
Cash flows from investing activities ▲ 6,776 ▲ 5,511
Cash flows from financing activities ▲ 7,995 8,692
Foreign currency translation adjustment of cash and cash equivalents 19 ▲ 19
Net increase (decrease) in cash and cash equivalents ▲ 3,570 11,141
Cash and cash equivalents at the beginning of the term 17,398 6,257
Balance of cash and cash equivalents at the end of the term 13,828 17,398
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