Financial Highlights

Consolidated Financial Statements

Consolidated Balance Sheets

(¥ million)

Item As of March 31, 2023 As of March 31, 2022
Assets
Current assets 117,501 91,773
Cash and deposits 11,910 12,646
Notes and accounts receivable 29,829 26,996
Merchandise and finished products 18,958 10,244
Work in progress 34,670 23,232
Raw materials and purchased supplies 19,200 16,173
Other current assets 3,080 2,701
Allowance for doubtful receivables ▲ 146 ▲ 219
Fixed assets 104,741 95,654
Tangible fixed assets 96,503 88,295
Buildings and structures 15,193 14,889
Machinery, equipment and vehicles 36,086 32,552
Land 36,430 36,404
Leased assets 4,015 1,349
Construction in progress 3,942 2,298
Other tangible fixed assets 837 803
Intangible fixed assets 2,825 2,308
Software 2,689 2,148
Other intangible fixed assets 136 160
Investments and other assets 5,413 5,051
Investment securities 4,300 4,096
Deferred tax assets 125 175
Other investments and other assets 1,003 794
Allowance for doubtful receivables ▲ 15 ▲ 15
Deferred assets 53 67
Bond issuance cost 53 67
Total assets 222,294 187,494

(¥ million)

Item As of March 31, 2023 As of March 31, 2022
Liabilities
Current liabilities 81,788 75,413
Notes and accounts payable 21,627 23,917
Notes payable - equipment 814 2,847
Short-term debt 35,055 34,367
Current portion of long-term debt 7,215 5,152
Accrued income taxes 8,020 2,003
Accrued consumption taxes 1,753 81
Reserve for employees' bonuses 1,774 1,522
Reserve for environmental measures 87 –
Provision for loss on business liquidation – 1
Other current liabilities 5,443 5,521
Long-term liabilities 60,887 49,911
Bonds payable 13,000 13,000
Long-term debt 30,853 21,902
Lease liabilities 3,341 953
Deferred tax liabilities 1,998 2,594
Deferred tax liabilities on land revaluation 861 861
Net defined benefit liabilities 10,472 10,478
Reserve for environmental measures 322 66
Reserve for prevention of metal mine pollution 5 5
Provision for loss on business liquidation 22 21
Other long-term liabilities 12 31
Total liabilities 142,675 125,324
Net assets
Equity 76,145 58,985
Common stock 24,301 24,301
Capital surplus 9,542 9,542
Retained earnings 43,548 26,093
Treasury stock ▲ 1,246 ▲ 950
Accumulated other comprehensive income 3,469 3,179
Unrealized gain on available-for-sale securities 1,540 1,387
Net deferred losses on hedges 6 27
Land revaluation reserve 1,572 1,580
Foreign currency translation adjustments 351 186
Non-controlling interests 5 5
Total net assets 79,619 62,169
Total liabilities and net assets 222,294 187,494

Consolidated Statements of Operations

(¥ million)

Item Term ended March 31, 2023 Term ended March 31, 2022
Net sales 199,324 148,925
Cost of sales 157,369 123,013
Gross profit 41,955 25,912
Selling, general and administrative expenses 12,699 11,946
Operating profit 29,256 13,966
Non-operating income 416 337
Interest 2 1
Dividends received 114 108
Share of profit of entities accounted for using equity method 76 39
Rent of fixed assets 105 82
Subsidy income – 30
Other non-operating income 120 76
Non-operating expenses 1,934 1,497
Interest paid 623 500
Loss on sale of trade notes receivable 60 28
Exchange losses 392 16
Loss on retirement of noncurrent assets 110 172
Removal cost of fixed assets 143 155
Sales discounts 281 193
Environmental expenses 111 222
Other non-operating expenses 214 210
Ordinary profit 27,738 12,807
Extraordinary profits 93 170
Gain on sale of fixed assets 5 6
Gain on sale of investment securities 61 165
Gain on liquidation of subsidiaries and associates 26 –
Extraordinary losses – 5,919
Loss on valuation of businesses – 134
Impairment loss – 5,786
Profit before income taxes 27,831 7,058
Income taxes (corporate tax, residential tax and enterprise tax) 8,652 2,169
Income tax adjustment ▲ 524 ▲ 3,583
Profit 19,703 8,471
Profit attributable to non-controlling interests 0 0
Profit attributable to owners of parent 19,703 8,471

Consolidated Statements of Cash Flows

(¥ million)

Item Term ended March 31, 2023 Term ended March 31, 2022
Cash flows from operating activities 3,649 ▲ 697
Cash flows from investing activities ▲ 13,035 ▲ 15,656
Cash flows from financing activities 8,530 15,049
Foreign currency translation adjustment of cash and cash equivalents 109 20
Net increase (decrease) in cash and cash equivalents ▲ 748 ▲ 1,283
Cash and cash equivalents at the beginning of the term 12,545 13,828
Balance of cash and cash equivalents at the end of the term 11,797 12,545