FUJIKURA LTD. Annual Report 2023
Year Ended March 31, 2023
Financial Section
Contents
p1 Highlights
p2 Consolidated Balance Sheets
p4 Consolidated Statements of Income
p5 Consolidated Statements of Comprehensive Income
p6 Consolidated Statements of Changes in Net Assets
p8 Consolidated Statements of Cash Flows
p9 Notes to the Consolidated Financial Statements
p44 Independent Auditor's Report
Consolidated Financial Highlights
Fujikura Ltd. and its Consolidated Subsidiaries (hereinafter referred to as "the Companies")
For the Five Years Ended March 31
Thousands of | ||||||
Millions of yen | U.S. dollars | |||||
FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2022 | |
For the Year: | ||||||
Net sales | ¥710,778 | ¥672,314 ¥643,736 ¥670,350 | ¥806,453 | $6,039,037 | ||
Operating profit | 27,679 | 3,346 | 24,422 | 38,288 | 70,163 | 525,408 |
Profit (loss) attributable to owners of | ||||||
parent | 1,453 | (38,510) | (5,369) | 39,101 | 40,891 | 306,208 |
Capital expenditures | 55,785 | 30,141 | 17,736 | 16,214 | 15,720 | 117,718 |
R&D expenditures | 17,466 | 17,297 | 16,496 | 16,413 | 15,030 | 112,551 |
At Year-end: | ||||||
Total assets | 638,318 | 576,090 | 569,124 | 611,526 | 656,785 | 4,918,264 |
Total net assets | 240,910 | 172,115 | 184,483 | 243,657 | 294,384 | 2,204,463 |
Number of employees | 57,228 | 55,936 | 53,717 | 52,434 | 54,762 | |
Yen | U.S. dollars | |||||
Per share data: | ||||||
Net profit (loss) - basic | ¥5.09 | (¥136.58) | (¥19.50) | ¥141.85 | ¥148.27 | $1.11 |
Net profit (loss) - fully diluted (*1) | - | - | - | - | - | - |
Cash dividends | 12.00 | 5.00 | 0.00 | 10.00 | 30.00 | 0.22 |
(*1) As the Companies do not have any instruments that have a dilutive effect, the Companies have not included net profit (loss) - fully diluted per share data.
(*2) Previously, the Companies used to round down fractions to the nearest million yen, but starting with the FY2019 Annual Securities Report, fractions are rounded to the nearest million yen.
(*3) The Companies began applying the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, revised March 31, 2020) and related guidance from the beginning of fiscal year ended March 31, 2022. Consolidated Financial Highlights after FY2021 shown above include the effect of application of this accounting standard.
Notes: All dollar figures herein refer to U.S. currency, which has been translated from yen amounts, for convenience only, at the rate of ¥133.54=US$1.00, the rate of exchange on March 31, 2023.
Fujikura Annual Report 2023 1
Consolidated Balance Sheets
Fujikura Ltd. and its Consolidated Subsidiaries
At March 31, 2022 and 2023
Thousands of | |||
Millions of yen | U.S. dollars (Notes 8) | ||
Assets | 2022 | 2023 | 2023 |
Current assets: | |||
Cash and deposits | ¥91,041 | ¥107,228 | $802,965 |
Notes receivable - trade | 14,698 | 17,476 | 130,867 |
Accounts receivable - trade | 120,260 | 129,188 | 967,411 |
Contract assets | 9,920 | 8,691 | 65,082 |
Merchandise and finished goods (Notes 14) | 34,930 | 40,332 | 302,022 |
Work in process (Notes 14) | 33,322 | 33,487 | 250,764 |
Raw materials and supplies (Notes 14) | 44,380 | 57,173 | 428,134 |
Other | 21,217 | 25,231 | 188,940 |
Allowance for doubtful accounts | (628) | (378) | (2,831) |
Total current assets | 369,141 | 418,427 | 3,133,346 |
Non-current assets: | |||
Property, plant and equipment | |||
Buildings and structures, net | 79,829 | 76,970 | 576,382 |
Machinery, equipment and vehicles, net | 56,396 | 38,569 | 288,820 |
Land (Notes 9) | 14,918 | 15,046 | 112,670 |
Leased assets, net | 6,059 | 19,678 | 147,357 |
Construction in progress | 9,413 | 8,085 | 60,544 |
Other, net | 7,513 | 4,809 | 36,012 |
Total property, plant and equipment | 174,130 | 163,156 | 1,221,776 |
Intangible assets | |||
Goodwill | 6,878 | 6,335 | 47,439 |
Other | 8,535 | 8,756 | 65,568 |
Total intangible assets | 15,413 | 15,090 | 113,000 |
Investments and other assets | |||
Investment securities (Notes 25) | 29,100 | 30,372 | 227,437 |
Retirement benefit asset (Notes 28) | 889 | 480 | 3,594 |
Deferred tax assets (Notes 29) | 7,377 | 11,837 | 88,640 |
Other (Notes 25) | 15,625 | 17,547 | 131,399 |
Allowance for doubtful accounts | (127) | (124) | (929) |
Allowance for investment loss | (20) | - | - |
Total investments and other assets | 52,843 | 60,111 | 450,135 |
Total non-current assets | 242,385 | 238,358 | 1,784,918 |
Total assets | ¥611,526 | ¥656,785 | $4,918,264 |
The accompanying notes to the consolidated financial statements are an integral part of these statements.
Fujikura Annual Report 2023 2
Thousands of | |||
Millions of yen | U.S. dollars | ||
Liabilities | 2022 | 2023 | 2023 |
Current liabilities: | |||
Notes and accounts payable - trade | ¥71,841 | ¥74,650 | $559,009 |
Short-term borrowings (Notes 26) | 71,014 | 41,376 | 309,840 |
Current portion of bonds payable (Notes 26) | - | 10,000 | 74,884 |
Income taxes payable (Notes 29) | 5,514 | 4,736 | 35,465 |
Contract liabilities | 4,933 | 3,242 | 24,277 |
Provision for loss on business of subsidiaries and associates | 1,865 | 2,128 | 15,935 |
Other provisions | 989 | 1,142 | 8,552 |
Other | 42,262 | 44,745 | 335,068 |
Total current liabilities | 198,418 | 182,019 | 1,363,030 |
Non-current liabilities: | |||
Bonds payable (Notes 26) | 30,000 | 20,000 | 149,768 |
Long-term borrowings (Notes 26) | 110,477 | 121,531 | 910,072 |
Other provisions | 267 | 226 | 1,692 |
Lease obligations | 4,517 | 15,493 | 116,018 |
Retirement benefit liability (Notes 28) | 10,537 | 11,941 | 89,419 |
Other (Notes 9) | 13,654 | 11,190 | 83,795 |
Total non-current liabilities | 169,451 | 180,382 | 1,350,771 |
Total liabilities | 367,869 | 362,401 | 2,713,801 |
Contingent liabilities (Notes 10) | |||
Thousands of | |||
Millions of yen | U.S. dollars | ||
Net assets | 2022 | 2023 | 2023 |
Shareholders' equity: | |||
Share Capital | 53,076 | 53,076 | 397,454 |
Capital surplus | 28,054 | 26,514 | 198,547 |
Retained earnings | 126,530 | 161,721 | 1,211,030 |
Treasury shares | (10,575) | (10,470) | (78,403) |
Total shareholders' equity (Notes 21) | 197,085 | 230,842 | 1,728,636 |
Accumulated other comprehensive income (loss): | |||
Valuation difference on available-for-sale securities | 1,118 | 2,075 | 15,538 |
Deferred gains (losses) on hedges | (714) | 38 | 285 |
Foreign currency translation adjustments | 25,385 | 39,277 | 294,122 |
Remeasurements of defined benefit plans | (2,381) | (1,694) | (12,685) |
Total accumulated other comprehensive income | 23,407 | 39,695 | 297,252 |
Non-controlling interests | 23,165 | 23,847 | 178,576 |
Total net assets | 243,657 | 294,384 | 2,204,463 |
Total liabilities and net assets | ¥611,526 | ¥656,785 | $4,918,264 |
The accompanying notes to the consolidated financial statements are an integral part of these statements.
Fujikura Annual Report 2023 3
Consolidated Statements of Income
Fujikura Ltd. and its Consolidated Subsidiaries
For the Years Ended March 31, 2022 and 2023
Thousands of | |||
Millions of yen | U.S. dollars | ||
2022 | 2023 | 2023 | |
Net sales (Notes 11) | ¥670,350 | ¥806,453 | $6,039,037 |
Cost of sales (Notes 13 and 14) | 543,762 | 635,434 | 4,758,380 |
Gross profit | 126,588 | 171,019 | 1,280,657 |
Selling, general and administrative expenses (Notes 12 and 13): | |||
Packing and transportation expenses | 20,453 | 23,416 | 175,348 |
Personnel expenses | 38,322 | 42,858 | 320,938 |
Other | 29,525 | 34,582 | 258,964 |
Total selling, general and administrative expenses | 88,300 | 100,856 | 755,249 |
Operating profit | 38,288 | 70,163 | 525,408 |
Non-operating income: | |||
Interest income | 324 | 676 | 5,062 |
Dividend income | 715 | 749 | 5,609 |
Share of profit of entities accounted for using equity method | 2,103 | 2,055 | 15,389 |
Other | 1,520 | 1,313 | 9,832 |
Total non-operating income | 4,662 | 4,793 | 35,892 |
Non-operating expenses: | |||
Interest expense | 2,497 | 3,056 | 22,885 |
Foreign exchange losses | 45 | 264 | 1,977 |
Product repair costs due to customers' claims | 1,449 | 303 | 2,269 |
Other | 4,871 | 3,435 | 25,723 |
Total non-operating expenses | 8,861 | 7,058 | 52,853 |
Ordinary income | 34,089 | 67,897 | 508,439 |
Extraordinary gains: | |||
Gain on sale of shares of subsidiaries and associates | 5,675 | 4,218 | 31,586 |
Gain on sale of non-current assets (Notes 15) | 15,375 | - | - |
Insurance claim income (Notes 16) | 1,230 | - | - |
Other | 5 | 587 | 4,396 |
Total extraordinary gains | 22,285 | 4,805 | 35,982 |
Extraordinary losses: | |||
Impairment losses (Notes 17) | 818 | 19,289 | 144,444 |
Loss on liquidation of subsidiaries (Notes 18) | - | 1,247 | 9,338 |
Business restructuring expenses (Notes 19) | 3,500 | 1,040 | 7,788 |
Other | 380 | 383 | 2,868 |
Total extraordinary losses | 4,698 | 21,960 | 164,445 |
Income before income taxes | 51,675 | 50,742 | 379,976 |
Income taxes (Notes 29): | |||
Current | 10,830 | 12,408 | 92,916 |
Deferred | 714 | (4,235) | (31,713) |
Total income taxes | 11,545 | 8,174 | 61,210 |
Profit | 40,131 | 42,568 | 318,766 |
Profit attributable to non-controlling interests | 1,030 | 1,678 | 12,566 |
Profit attributable to owners of parent | ¥39,101 | ¥40,891 | $306,208 |
The accompanying notes to the consolidated financial statements are an integral part of these statements.
Fujikura Annual Report 2023 4
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Fujikura Ltd. published this content on 23 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 August 2023 07:18:02 UTC.
