Consolidated Financial Statements
MITSUI E&S Co., Ltd.
and Consolidated Subsidiaries
For the Years ended March 31,
2023 and 2022
Together with Independent
Auditor's Report
Contents
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Balance Sheets ······························································································· | 1 |
Consolidated Statements of Operations ··················································································· | 3 |
Consolidated Statements of Comprehensive Income ··································································· | 4 |
Consolidated Statements of Changes in Net Assets ····································································· | 5 |
Consolidated Statements of Cash Flows ·················································································· | 6 |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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INDEPENDENT AUDITOR'S REPORT
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Definition of Abbreviations
Abbreviations
the Group
the Company
2022
2023
Definition
MITSUI E&S Co., Ltd. and its consolidated subsidiaries (MITSUI E&S Group)
MITSUI E&S Co., Ltd. on a standalone basis
Fiscal year ended March 31, 2022
Fiscal year ended March 31, 2023
Exchange Rate During the Period
Currency
U.S. Dollar
2023
133.53 yen
Consolidated Financial Statements
Consolidated Balance Sheets
As of March 31, 2023 and 2022
ASSETS
Japanese Yen | U.S.Dollars |
(millions) | (thousands)(Note 1(a)) |
Current Assets | 2023 | 2022 | 2023 | ||||||
Cash and time deposits (Notes 1(q) , 2(f) and 6) | ¥ | 45,804 | ¥ | 51,762 | $ | 343,024 | |||
Receivables | |||||||||
Trade, and contract assets (Note 2(b)) | 81,851 | 78,564 | 612,978 | ||||||
Others | 6,586 | 5,900 | 49,322 | ||||||
Allowance for doubtful accounts | (354) | (214) | (2,651) | ||||||
Merchandise and finished goods | 6,096 | 5,762 | 45,653 | ||||||
Raw materials and supplies | 6,137 | 4,183 | 45,960 | ||||||
Work in progress | 46,799 | 36,562 | 350,476 | ||||||
Others | 19,710 | 19,303 | 147,607 | ||||||
Total current assets | 212,629 | 201,822 | 1,592,369 | ||||||
Property, Plant and Equipment | |||||||||
Land (Notes 2(e) and 2(f)) | 68,544 | 70,078 | 513,323 | ||||||
Buildings and structures (Note 2(c) and 2(f)) | 115,911 | 130,455 | 868,052 | ||||||
Machinery, equipment and vehicles (Note 2(c)) | 82,462 | 87,110 | 617,554 | ||||||
Lease assets (Note 2(c)) | 12,747 | 12,061 | 95,462 | ||||||
Construction in progress | 3,166 | 2,160 | 23,710 | ||||||
282,830 | 301,864 | 2,118,101 | |||||||
Less accumulated depreciation | (167,063) | (183,525) | (1,251,127) | ||||||
Net property, plant and equipment (Note 2(g)) | 115,767 | 118,339 | 866,974 | ||||||
Intangible Assets | |||||||||
Intangible assets | 15,503 | 16,042 | 116,101 | ||||||
Investments and Other Assets | |||||||||
Investment securities (Notes 2(a) , 2(f) and 9) | 68,802 | 43,280 | 515,255 | ||||||
Long-term loans (Note 2(f)) | 2,126 | 2,130 | 15,921 | ||||||
Net defined benefit assets (Note 11) | 9,957 | 10,917 | 74,567 | ||||||
Deferred tax assets (Note 13) | 2,984 | 2,670 | 22,347 | ||||||
Others (Note 2(a)) | 12,477 | 14,249 | 93,440 | ||||||
Allowance for doubtful accounts | (285) | (299) | (2,134) | ||||||
Total investments and other assets | 96,061 | 72,947 | 719,396 | ||||||
Total assets | ¥ | 439,960 | ¥ | 409,150 | $ | 3,294,840 | |||
The accompanying notes to the consolidated financial statements are integral parts of these statements.
- 1 -
LIABILITIES AND NET ASSETS
Japanese Yen | U.S.Dollars |
(millions) | (thousands)(Note 1(a)) |
Current Liabilities | 2023 | 2022 | 2023 | ||||||
Short-term borrowings (Notes 2(h), 2(i) and 21) | ¥ | 115,246 | ¥ | 94,615 | $ | 863,072 | |||
Current portion of long-term indebtedness (Notes 2(f) , 2(i) and 21) | 14,375 | 23,101 | 107,654 | ||||||
Lease obligations | 1,863 | 1,808 | 13,952 | ||||||
Trade payables | 54,939 | 48,706 | 411,435 | ||||||
Contract liabilities | 25,300 | 30,901 | 189,470 | ||||||
Accrued expenses | 39,312 | 4,120 | 294,406 | ||||||
Accrued income taxes (Note 13) | 797 | 1,381 | 5,969 | ||||||
Provision for losses on construction contracts (Note 1(l)) | 14,026 | 59,608 | 105,040 | ||||||
Provision for construction warranties (Note 1(k)) | 2,403 | 2,780 | 17,996 | ||||||
Provision for bonuses (Note 1(m)) | 4,059 | 4,479 | 30,398 | ||||||
Others | 14,660 | 17,012 | 109,788 | ||||||
Total current liabilities | 286,980 | 288,511 | 2,149,180 | ||||||
Long-term Liabilities | |||||||||
Long-term indebtedness (Notes 2(f), 2(i) and 21) | 11,928 | 24,658 | 89,328 | ||||||
Lease obligations | 7,061 | 6,497 | 52,880 | ||||||
Provision for business restructuring (Note 1(n)) | 853 | 1,357 | 6,388 | ||||||
Net defined benefit liabilities (Note 11) | 5,049 | 5,866 | 37,812 | ||||||
Deferred tax liabilities | |||||||||
On revaluation reserve for land (Notes 2(e) and 13) | 12,242 | 12,242 | 91,680 | ||||||
Others (Note 13) | 1,846 | 3,177 | 13,825 | ||||||
Asset retirement obligations | 1,729 | 2,219 | 12,948 | ||||||
Others | 1,586 | 1,674 | 11,877 | ||||||
Total long-term liabilities | 42,294 | 57,690 | 316,738 | ||||||
Total liabilities | 329,274 | 346,201 | 2,465,918 | ||||||
Net Assets (Note 19) | |||||||||
Share capital | 3,830 | 44,385 | 28,683 | ||||||
Capital surplus | 10,553 | 18,132 | 79,031 | ||||||
Retained earnings | 42,292 | (33,278) | 316,723 | ||||||
Treasury stock | (4,633) | (4,664) | (34,696) | ||||||
Net unrealized holding gains on securities (Note 9) | 48 | 615 | 359 | ||||||
Unrealized gains (losses) on hedging derivatives | 8,310 | (5,960) | 62,233 | ||||||
Revaluation reserve for land (Note 2(e)) | 27,601 | 27,603 | 206,702 | ||||||
Foreign currency translation adjustments | 10,692 | 2,120 | 80,072 | ||||||
Remeasurements of defined benefit plans (Note 11) | 7,711 | 8,138 | 57,747 | ||||||
Subscription rights to shares | 133 | 124 | 996 | ||||||
Non-controlling interests | 4,149 | 5,734 | 31,072 | ||||||
Total net assets | 110,686 | 62,949 | 828,922 | ||||||
Total liabilities and net assets | ¥ | 439,960 | ¥ | 409,150 | $ | 3,294,840 | |||
- 2 -
Consolidated Statements of Operations
For the Years Ended March 31, 2023 and 2022
Japanese Yen | U.S.Dollars |
(millions) | (thousands)(Note 1(a)) |
2023 | 2022 | 2023 | |||||||
Net Sales (Note 3(a)) | ¥ | 262,301 | ¥ | 579,364 | $ | 1,964,360 | |||
Cost of Sales (Note 3(c),(g) and (h)) | 225,376 | 550,611 | 1,687,830 | ||||||
Gross Profit | 36,925 | 28,753 | 276,530 | ||||||
Selling, general and administrative expenses (Note 3(b),(c)) | 27,549 | 38,783 | 206,314 | ||||||
Operating income (loss) | 9,376 | (10,030) | 70,216 | ||||||
Other Income (Expenses) | |||||||||
Interest and dividend income | 597 | 3,906 | 4,471 | ||||||
Interest expenses | (2,882) | (2,713) | (21,583) | ||||||
Commission expenses | (2,420) | (3,821) | (18,123) | ||||||
Share of profit (loss) of entities accounted for using equity method | 3,811 | (14,646) | 28,540 | ||||||
Foreign currency exchange gains | 4,610 | 1,212 | 34,525 | ||||||
Gain on disposal of non-current assets (Note 3(d)) | 185 | 2,356 | 1,385 | ||||||
Gain on sales of investment securities (Note 9) | 686 | 41 | 5,137 | ||||||
Gain on sales of subsidiaries and affiliates' stocks | 2,836 | 6,583 | 21,239 | ||||||
Insurance income | 1,337 | - | 10,013 | ||||||
Recovery of extraordinary repair expenses (Note 3(i)) | - | 1,316 | - | ||||||
Gain on return of assets from retirement benefit trust | - | 1,224 | - | ||||||
Loss on disposal of non-current assets (Note 3(e)) | (173) | (381) | (1,296) | ||||||
Loss on impairment of non-current assets (Note 3(f)) | - | (83) | - | ||||||
Loss on sales of investment securities (Note 9) | - | (137) | - | ||||||
Loss on sales of subsidiaries and affiliates' stocks | (274) | (2,421) | (2,052) | ||||||
Loss due to transportation accidents | (1,041) | - | (7,796) | ||||||
Loss on liquidation of business | (108) | - | (809) | ||||||
Others, net | (560) | 350 | (4,194) | ||||||
Total | 6,604 | (7,214) | 49,457 | ||||||
Profit (loss) before income taxes | 15,980 | (17,244) | 119,673 | ||||||
Income Taxes (Note 13) | |||||||||
Current | 1,371 | 3,374 | 10,267 | ||||||
Deferred | (1,011) | 4,501 | (7,571) | ||||||
360 | 7,875 | 2,696 | |||||||
Profit (loss) | 15,620 | (25,119) | 116,977 | ||||||
Profit (loss) attributable to non-controlling interests | 66 | (3,294) | 494 | ||||||
Profit (loss) attributable to owners of parent | ¥ | 15,554 | ¥ | (21,825) | $ | 116,483 | |||
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MES - Mitsui Engineering & Shipbuilding Co. Ltd. published this content on 14 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 August 2023 07:46:07 UTC.