S.T. CORPORATION S.T. Corporation and Subsidiaries
Consolidated Financial Statements
for the Year Ended March 31, 2022,
and Independent Auditor's Report
Consolidated Balance Sheets
S.T.CORPORATION and Consolidated Subsidiaries
March 31, 2022 and 2021
Millions of yen | |||
Assets | 2022 | 2021 | |
Current assets: | |||
Cash and time deposits (Notes 8, 12 and 18) | ¥ 11,888 | ¥ 11,864 | |
Trade notes and accounts receivable (Note 8) | - | 5,790 | |
Notes receivable - trade | 82 | - | |
Accounts receivable - trade | 5,721 | - | |
Marketable securities (Note 8) | - | 74 | |
Merchandise and finished goods | 6,617 | 7,072 | |
Work in process | 187 | 206 | |
Raw materials and supplies | 989 | 991 | |
Other current assets | 657 | 521 | |
Less - allowance for doubtful accounts | (34) | (35) | |
Total current assets | 26,106 | 26,483 | |
Property, plant and equipment, at cost: | |||
Land (Notes 3 and 11) | 3,594 | 3,582 | |
Buildings and structures (Note 3) | 8,886 | 8,871 | |
Machinery, equipment and vehicles (Note 3) | 8,079 | 8,554 | |
Tools, furniture and fixtures (Note 3) | 2,734 | 2,691 | |
Construction in progress | 157 | 76 | |
Leased assets (Note 19) | 744 | 778 | |
Less - accumulated depreciation | (14,072) | (14,093) | |
Property, plant and equipment, net | 10,120 | 10,458 | |
Intangible assets, net of accumulated amortization | |||
Goodwill (Note 3) | - | 1,264 | |
Other intangible assets (Note 3) | 1,445 | 644 | |
Total intangible assets | 1,445 | 1,907 | |
Investments and other assets: | |||
Investments in non-consolidated subsidiaries and affiliates | 277 | 442 | |
Investment securities (Notes 8 and 10) | 5,377 | 6,828 | |
Long-term loans | 5 | 5 | |
Net defined benefit asset (Notes 1 and 14) | 7 | 8 | |
Deferred tax assets other than unrealized revaluation loss on land (Note 13) | 452 | 84 | |
Other assets | 613 | 600 | |
Total investments and other assets | 6,732 | 7,967 | |
Total assets | ¥ 44,402 | ¥ 46,817 | |
Thousands of U.S. dollars (Note 2)
2022
$ 97,129
-
673
46,741
-
54,064
1,530
8,082
5,364
(282)
213,301
29,361
72,602
66,007
22,336
1,281
6,080
(114,979)
82,689
-
11,804
11,804
2,262
43,932
41
61
3,696
5,009
55,001
$ 362,795
1
Thousands of | ||||
Millions of yen | U.S. dollars (Note 2) | |||
Liabilities and net assets | 2022 | 2021 | 2022 | |
Current liabilities: | ||||
Trade payables (Note 8) | ¥ 2,195 | ¥ 2,934 | $ $17,938 | |
Electronically recorded obligations-operating (Note 8) | 2,835 | 3,187 | 23,166 | |
Short-term borrowings | 413 | 464 | 3,377 | |
Lease liabilities | 50 | 55 | 407 | |
Other payables (Note 8) | 1,802 | 2,866 | 14,727 | |
Accrued expenses | 685 | 789 | 5,600 | |
Electronically recorded obligations-non-operating | 179 | 83 | 1,463 | |
Income taxes payable | 423 | 779 | 3,457 | |
Consumption taxes payable | 93 | 398 | 762 | |
Allowance for sales returns | - | 119 | - | |
Other current liabilities | 2,024 | 87 | 16,537 | |
Total current liabilities | 10,701 | 11,761 | 87,433 | |
Long-term liabilities: | ||||
Lease liabilities | 94 | 91 | 770 | |
Provision for directors' retirement and severance benefits | 108 | 108 | 879 | |
Provision for executive officers' incentive plan (Note 6) | 82 | 69 | 670 | |
Net defined benefit liability (Notes 1 and 14) | 1,301 | 1,337 | 10,632 | |
Deferred tax liabilities (Note 13) | - | 553 | - | |
Deferred tax liabilities - unrealized revaluation gain on land (Note 11) | 262 | 262 | 2,142 | |
Other non-current liabilities | 7 | 2 | 55 | |
Total long-term liabilities | 1,854 | 2,422 | 15,148 | |
Net assets (Note 15): | ||
Shareholders' equity: | ||
Common stock: | ||
Authorized - 96,817,000 shares in 2022 and 2021 | ||
Issued and outstanding - 23,000,000 shares in 2022 and 2021 | 7,066 | 7,066 |
Capital surplus | 7,047 | 7,036 |
Retained earnings | 16,978 | 16,982 |
Treasury stock, at cost | (1,021) | (1,040) |
Total shareholders' equity | 30,070 | 30,044 |
Accumulated other comprehensive income (loss): | ||
Unrealized holding gain on other securities, net of taxes | 1,867 | 2,886 |
Unrealized revaluation loss on land, net of taxes (Note 11) | (537) | (537) |
Translation adjustments | (178) | (314) |
Remeasurements of defined benefit plans | 52 | 11 |
Total accumulated other comprehensive income (loss) | 1,204 | 2,046 |
Subscription rights | - | 2 |
Non-controlling interests | 573 | 541 |
Total net assets | 31,848 | 32,633 |
Total liabilities and net assets | ¥ 44,402 | ¥ 46,817 |
57,729
57,580
138,721
(8,339)
245,691
15,253
(4,389)
(1,451)
426
9,838
-
4,685
260,214 $ 362,795
See notes to consolidated financial statements.
2
Consolidated Statements of Income
S.T.CORPORATION and Consolidated Subsidiaries
For the Years Ended March 31, 2022 and 2021
Millions of yen | |||||
2022 | 2021 | ||||
Net sales (Note 20) | ¥ | 45,470 | ¥ | 49,674 | |
Cost of sales (Notes 17 and 23) | 27,665 | 28,358 | |||
Gross profit before reversal of allowance for sales returns | 17,805 | 21,316 | |||
Allowance for sales returns | - | 119 | |||
Reversal of allowance for sales returns | - | 118 | |||
Gross profit | 17,805 | 21,315 | |||
Selling, general and administrative expenses (Note 17) | 14,554 | 17,370 | |||
Operating income | 3,251 | 3,945 | |||
Non-operating income (expenses): | |||||
Interest income | 6 | 6 | |||
Dividend income | 113 | 103 | |||
Interest expense | (5) | (9) | |||
Purchase discounts | 126 | 149 | |||
Sales discounts | - | (510) | |||
Share of loss of entities accounted for using equity method | (69) | (19) | |||
Other, net | 59 | 72 | |||
Total non-operating income (expenses) | 231 | (208) | |||
Ordinary income | 3,481 | 3,737 | |||
Special gains (losses), net: | - | ||||
Gain on sale of non-current assets | 0 | ||||
Loss on disposition of property, plant and equipment, net | (27) | (4) | |||
Impairment loss (Note 24) | (1,665) | - | |||
Gain on sales of investment securities, net | 44 | 69 | |||
Gain on redemption of investment securities | 12 | - | |||
Loss on valuation of investment securities | - | (31) | |||
Loss on sale of shares of subsidiaries and associates | (144) | - | |||
Loss on sales of investments in capital of subsidiaries | - | (90) | |||
Gain on reversal of subscription rights to shares | 0 | 4 | |||
Total special gains (losses), net | (1,781) | (51) | |||
Profit before income taxes | 1,700 | 3,686 | |||
Income taxes (Note 13): | 1,106 | ||||
Current | 837 | ||||
Deferred | (347) | (28) | |||
Total income taxes | 490 | 1,078 | |||
Profit | 1,210 | 2,608 | |||
101 | 82 | ||||
¥ | 1,109 | ¥ | 2,526 |
See notes to consolidated financial statements.
Consolidated Statements of Comprehensive Income
S.T.CORPORATION and Consolidated Subsidiaries
For the Years Ended March 31, 2022 and 2021
Millions of yen
2022 | 2021 | ||
Profit | ¥ | 1,210 | ¥ 2,608 |
Other comprehensive income (Note 7) | 658 | ||
Unrealized holding gain on other securities, net of taxes | (1,019) | ||
Translation adjustments | 130 | 36 | |
Remeasurements of defined benefit plans, net of tax | 41 | 29 | |
Share of other comprehensive income (loss) of entities accounted for using equity method | 70 | 1 | |
Total other comprehensive income | (779) | 725 | |
Comprehensive income | ¥ | 431 | ¥ 3,332 |
Total comprehensive income attributable to: | 3,240 | ||
Owners of parent | 267 | ||
Non-controlling interests | 164 | 92 |
See notes to consolidated financial statements.
Thousands of U.S. dollars (Note 2)
2022
$ 371,514 226,037 145,478
-
-
145,478
118,916
26,562
46
924
(38)
1,033
-
(564)
483
1,884
28,446
0
(218)
(13,606)
357
94
-
(1,181)
-
2
(14,552)
13,893
6,841
(2,836)
4,006
9,888
825 $ 9,063
Thousands of U.S. dollars (Note 2)
2022 $ 9,888
(8,330)
1,059
333
574
(6,364) $ 3,523
2,182
1,341
3
Consolidated Statements of Changes in Net Assets
S.T.CORPORATION and Consolidated Subsidiaries
For the Years Ended March 31, 2022 and 2021
Millions of yen | ||||||||||
Number of shares | Common | Capital | Retained | Treasury stock, | Total | |||||
of common stock | shareholders' | |||||||||
(Thousands) | stock | surplus | earnings | at cost | equity | |||||
Balance at April 1, 2021 | 23,000 | ¥ 7,066 | ¥ 7,036 | ¥ 16,982 | ¥ (1,040) | ¥ 30,044 | ||||
Cumulative effects of changes in accounting policies | (256) | (256) | ||||||||
Restated balance | 23,000 | 7,066 | 7,036 | 16,726 | (1,040) | 29,787 | ||||
Cash dividends paid by distribution of retained earnings | (852) | (852) | ||||||||
Profit attributable to owners of parent | 1,109 | 1,109 | ||||||||
Purchases of treasury stock | (0) | (0) | ||||||||
Disposal of treasury stock | 11 | (5) | 20 | 25 | ||||||
Net changes in items other than those in shareholders' equity | ||||||||||
Balance at March 31, 2022 | 23,000 | ¥ 7,066 | ¥ 7,047 | ¥ 16,982 | ¥ (1,021) | ¥30,070 | ||||
Millions of yen | ||||||||||
Unrealized | Unrealized | Remeasurements | Total accumulated | |||||||
holding gain on | revaluation loss on | Translation | of | other | Subscription | Non-controlling | Total net | |||
other securities, | land, net of taxes | plans | comprehensive | |||||||
net of taxes | (Note 11) | adjustments | income | rights | interests | assets | ||||
Balance at April 1, 2021 | ¥ 2,886 | ¥ (537) | ¥ (314) | ¥ 11 | ¥ 2,046 | ¥ 2 | ¥ 541 | ¥ 32,633 | ||
Cumulative effects of changes in accounting policies | (256) | |||||||||
Restated balance | ¥ 2,886 | (537) | (314) | 11 | 2,046 | 2 | 541 | 32,376 | ||
Cash dividends paid by distribution of retained earnings | (852) | |||||||||
Profit attributable to owners of parent | 1,109 | |||||||||
Purchases of treasury stock | (0) | |||||||||
Disposal of treasury stock | 25 | |||||||||
Net changes in items other than those in shareholders' equity | (1,020) | - | 137 | 41 | (842) | (2) | 33 | (812) | ||
Balance at March 31, 2022 | ¥ 1,867 | ¥ (537) | ¥ (178) | ¥ 52 | ¥ 1,204 | ¥ - | ¥ 573 | ¥ 31,848 | ||
Millions of yen | ||||||||||
Number of shares | Common | Capital | Retained | Treasury stock, | Total | |||||
of common stock | shareholders' | |||||||||
(Thousands) | stock | surplus | earnings | at cost | equity |
Balance at April 1, 2020
Cash dividends paid by distribution of retained earnings Profit attributable to owners of parent
Purchases of treasury stock Disposal of treasury stock Change in scope of consolidation
Net changes in items other than those in shareholders' equity
23,000 | ¥ 7,066 | ¥ 7,068 | ¥15,270 | ¥ (1,108) | ¥ 28,295 |
(805) | (805) | ||||
2,526 | 2,526 | ||||
(1) | (1) | ||||
(8) | 68 | 60 | |||
(32) | (32) |
Balance at March 31, 2021 | 23,000 | ¥ 7,066 | ¥ 7,036 | ¥ 16,982 | ¥ (1,040) | ¥ 30,044 | ||||
Millions of yen | ||||||||||
Unrealized | Unrealized | Remeasurements | Total accumulated | |||||||
holding gain on | revaluation loss on | of | other | Subscription | Non-controlling | Total net | ||||
other securities, | land, net of taxes | Translation | defined benefit | comprehensive | ||||||
net of taxes | (Note 11) | adjustments | plans | income | rights | interests | assets | |||
Balance at April 1, 2020 | ¥ 2,228 | ¥ (537) | ¥ (342) | ¥ (18) | ¥ 1,332 | ¥ 10 | ¥ 499 | ¥ 30,136 | ||
Cash dividends paid by distribution of retained earnings | (805) | |||||||||
Profit attributable to owners of parent | 2,526 | |||||||||
Purchases of treasury stock | (1) | |||||||||
Disposal of treasury stock | 60 | |||||||||
Change in scope of consolidation | (32) | |||||||||
Net changes in items other than those in shareholders' equity | 658 | - | 27 | 29 | 714 | (8) | 41 | 748 | ||
Balance at March 31, 2021 | ¥ 2,886 | ¥ (537) | ¥ (314) | ¥ 11 | ¥ 2,046 | ¥ 2 | ¥ 541 | ¥32,633 | ||
Thousands of U.S. dollars (Note 2) | ||||||||||
Number of shares | Common | Capital | Retained | Treasury stock, | Total | |||||
of common stock | shareholders' | |||||||||
(Thousands) | stock | surplus | earnings | at cost | equity | |||||
Balance at April 1, 2021 | 23,000 | $ 57,729 | $ 57,491 | $ 138,754 | $(8,498) | $245,476 | ||||
Cumulative effects of changes in accounting policies | (2,095) | (2,095) | ||||||||
Restated balance | 23,000 | 57,729 | 57,491 | 136,659 | (8,498) | 243,381 | ||||
Cash dividends paid by distribution of retained earnings | (6,958) | (6,958) | ||||||||
Profit attributable to owners of parent | 9,063 | 9,063 | ||||||||
Purchases of treasury stock | (3) | (3) | ||||||||
Disposal of treasury stock | 89 | (43) | 161 | 208 | ||||||
Net changes in items other than those in shareholders' equity | ||||||||||
Balance at March 31, 2022 | 23,000 | $ 57,729 | $57,580 | $ 138,721 | ($ 8,339) | $ 245,691 | ||||
Thousands of U.S. dollars (Note 2) | ||||||||||
Unrealized | Unrealized | Remeasurements | Total accumulated | |||||||
holding gain on | revaluation loss on | of | other | Subscription | Non-controlling | Total net | ||||
other securities, | land, net of taxes | Translation | defined benefit | comprehensive | ||||||
net of taxes | (Note 11) | adjustments | plans | income | rights | interests | assets | |||
Balance at April 1, 2021 | $ 23,584 | ($ 4,389) | ($ 2,569) | $ 93 | $ 16,719 | $ 19 | $ 4,417 | $ 266,630 | ||
Cumulative effects of changes in accounting policies | (2,095) | |||||||||
Restated balance | 23,584 | (4,389) | (2,569) | 93 | 16,719 | 19 | 4,417 | 264,535 | ||
Cash dividends paid by distribution of retained earnings | (6,958) | |||||||||
Profit attributable to owners of parent | 9,063 | |||||||||
Purchases of treasury stock | (3) | |||||||||
Disposal of treasury stock | 208 | |||||||||
Net changes in items other than those in shareholders' equity | (8,331) | - | 1,118 | 333 | (6,880) | (19) | 269 | (6,631) | ||
Balance at March 31, 2022 | $ 15,253 | ($ 4,389) | ($ 1,451) | $ 426 | $ 9,838 | $ - | $ 4,685 | $ 260,214 |
See notes to consolidated financial statements.
4
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S.T.Corporation published this content on 29 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 November 2022 11:20:06 UTC.
