YOKOWO : THE FISCAL 2015 ENDED MARCH 31, 2016 (56KB)

YOKOWO CO., LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Thousands of yen)

FY2015

FY2014

Inc/(Dec)

ASSETS

Mar 31, 2016

Mar 31, 2015

%

%

%

Current assets

Cash and deposits

4,055,233

3,545,615

509,618

Receivables:

Notes and accounts receivable-trade

8,440,987

7,211,699

1,229,288

Allowance for doubtful accounts

(15,764)

(20,878)

5,114

Inventories

5,384,944

5,315,919

69,025

Deferred tax assets

275,625

312,209

(36,584)

Other

1,025,804

819,515

206,289

Total current assets

19,166,829

65.09

17,184,079

59.25

1,982,750

11.54

Property, plant and equipment

Land

758,468

758,468

-

Buildings and structures

5,513,126

5,475,005

38,121

Machinery, vehicles, tools, furniture and fixtures

15,161,192

15,498,367

(337,175)

Construction in progress

445,616

386,035

59,581

Sub-total

21,878,402

22,117,875

(239,473)

Accumulated depreciation

(14,451,295)

(14,373,284)

(78,011)

Net property, plant and equipment

7,427,107

25.22

7,744,591

26.71

(317,484)

(4.10)

Investments and other non-current assets

Investment securities

1,466,608

2,401,999

(935,391)

Deferred tax assets

69,120

109,727

(40,607)

Other

1,318,795

1,560,218

(241,423)

Total investments and other non-current assets

2,854,523

9.69

4,071,944

14.04

(1,217,421)

(29.90)

Total assets

29,448,459

100.00

29,000,614

100.00

447,845

1.54

FY2015

FY2014

Inc/(Dec)

LIABILITIES

Mar 31, 2016

Mar 31, 2015

%

%

%

Current liabilities

Short-term loans payable

1,509,912

1,600,000

(90,088)

Notes and accounts payable-trade

3,925,945

3,714,653

211,292

Income taxes payable

65,983

102,721

(36,738)

Accrued expenses

483,318

425,922

57,396

Provision for bonuses

384,034

349,733

34,301

Other

1,542,259

1,268,601

273,658

Total current liabilities

7,911,451

26.87

7,461,630

25.73

449,821

6.03

Noncurrent liabilities

Long-term loans payable

1,600,000

-

1,600,000

Net defined benefit liability

301,239

232,805

68,434

Deferred tax liabilities

168,155

406,580

(238,425)

Provision for product warranties

103,681

-

103,681

Other

413,119

659,101

(245,982)

Total noncurrent liabilities

2,586,194

8.78

1,298,486

4.48

1,287,708

99.17

Total liabilities

10,497,645

35.65

8,760,116

30.21

1,737,529

19.83

NET ASSETS

Shareholders' equity

Capital stock

3,996,269

13.58

3,996,269

13.78

-

-

Capital surplus

3,981,928

13.52

3,981,928

13.73

-

-

Retained earnings

10,602,678

36.00

10,510,420

36.24

92,258

0.88

Treasury stock

(991,475)

(3.37)

(991,355)

(3.42)

(120)

0.01

Total shareholders' equity

17,589,400

59.73

17,497,262

60.33

92,138

0.53

Valuation and translation adjustments

Valuation difference on available-for-sale securities

201,384

0.68

735,419

2.53

(534,035)

(72.62)

Foreign currency translation adjustment

819,060

2.78

1,622,954

5.60

(803,894)

(50)

Remeasurements of defined benefit plans

320,526

1.09

376,649

1.30

(56,123)

(15)

Total valuation and translation adjustments

1,340,970

4.55

2,735,022

9.43

(1,394,052)

(50.97)

Subscription rights to shares

20,444

0.07

8,214

0.03

12,230

148.89

Total net assets

18,950,814

64.35

20,240,498

69.79

(1,289,684)

(6.37)

Total liabilities and net assets

29,448,459

100.00

29,000,614

100.00

447,845

1.54

Net sales

39,998,456

% 100.00

34,414,821

% 100.00

5,583,635

% 16.22

Costs and expenses

Cost of sales

33,035,418

82.59

27,699,325

80.49

5,336,093

19.26

Selling, general and administrative expenses

5,905,739

14.77

5,844,189

16.98

61,550

1.05

38,941,157

97.36

33,543,514

97.47

5,397,643

16.09

Operating income

1,057,299

2.64

871,307

2.53

185,992

21.35

Other income (expenses):

Interest and dividends income

54,986

51,798

Interest expenses

(39,433)

(32,714)

Gain on sales of investment securities

558,355

113,740

Foreign tax refund

22,943

6,325

Foreign exchange gains (losses), net

(287,785)

810,569

Gain on sales of noncurrent assets

4,507

5,977

Loss on sales and retirement of noncurrent assets

(18,825)

(30,039)

Business structure improvement expenses

(8,890)

(17,074)

Product warranties expenses

(423,070)

-

Provision for product warranties

(110,545)

-

Other

14,390

6,584

(233,367)

(0.58)

915,166

2.66

(1,148,533)

-

Income before income taxes

823,932

2.06

1,786,473

5.19

(962,541)

(53.88)

Income taxes-current

(257,192)

(0.64)

(180,225)

(0.52)

Income taxes for prior periods

(50,133)

(0.13)

12,100

0.04

Income taxes-deferred

(104,273)

(0.26)

(9,122)

(0.03)

Total income taxes

(411,598)

(1.03)

(177,247)

(0.51)

(234,351)

132.22

Profit (loss)

412,334

1.03

1,609,226

4.68

(1,196,893)

(74.38)

Profit (loss) attributable to non-controlling interests

-

-

-

-

-

-

Profit (loss) attributable to owners of parent

412,334

1.03

1,609,226

4.68

(1,196,893)

(74.38)

Profit (loss)

412,334

% 1.03

1,609,226

% 4.68

(1,196,893)

% (74.38)

Other comprehensive income

Valuation difference on available-for-sale securities

(534,035)

281,469

(815,504)

Foreign currency translation adjustment

(803,894)

1,041,995

(1,845,889)

Remeasurements of defined benefit plans, net of tax

(56,123)

186,452

(242,575)

Total other comprehensive income

(1,394,052)

(3.48)

1,509,916

4.39

(2,903,968)

-

Comprehensive income

(981,718)

(2.45)

3,119,142

9.07

(4,100,860)

-

Comprehensive income attributable to abstract

Comprehensive income attributable to owners of the parent

(981,718)

(2.45)

3,119,142

9.07

(4,100,860)

-

Comprehensive income attributable to minority interests

-

-

-

-

-

-

YOKOWO CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Thousands of yen)

FY2015

FY2014

Apr'15-Mar'16

Apr'14-Mar'15

Net cash provided by (used in) operating activities

Income before income taxes

823,932

1,786,473

Adjustments to reconcile income before income taxes

To net cash provided by (used in) operating activities:

Depreciation and amortization

1,733,981

1,648,455

Increase (decrease) in allowance for doubtful accounts

(3,559)

8,103

Increase (decrease) in provision for bonuses

39,791

13,472

Increase (decrease) in provision for product warranties

103,681

-

Increase (decrease) in net defined benefit liability

12,311

(58,729)

Loss (gain) on sales and retirement of noncurrent assets

14,317

24,062

Loss (gain) on sales of investment securities

(558,355)

(113,740)

Product warranties expenses

423,070

-

Business structure improvement expenses

8,890

17,074

Payment for product warranties expenses

(224,976)

-

Payment for business structure improvement expenses

(8,890)

(14,534)

Foreign exchange losses (gains)

312,021

(540,710)

Other, net

1,369

15,610

Net changes in operating assets and liabilities

Decrease (increase) in notes and accounts receivable-trade

(1,577,562)

(43,894)

Decrease (increase) in inventories

(299,398)

(1,000,029)

Decrease (increase) in other assets

(276,331)

(69,516)

Increase (decrease) in notes and accounts payable-trade

332,223

60,631

Increase (decrease) in other liabilities

(21,837)

136,467

Income taxes (paid) refund

(298,755)

(112,343)

Net cash provided by (used in) operating activities

535,923

1,756,852

Net cash provided by (used in) investment activities

Proceeds from sales of property, plant and equipment

7,277

5,821

Purchase of property, plant and equipment

(1,367,435)

(1,244,545)

Purchase of intangible assets

(85,300)

(178,092)

Purchase of investment securities

-

(3,060)

Proceeds from sales of investment securities

698,042

152,460

Other, net

18,315

24,537

Net cash provided by (used in) investment activities

(729,101)

(1,242,879)

Net cash provided by (used in) financing activities

Net increase (decrease) in short-term loans payable

4,345

500,000

Proceeds from long-term loans payable

1,600,000

-

Repayment of long-term loans payable

-

(500,000)

Purchase of treasury stock

(120)

-

Repayments of lease obligations

(211,624)

(247,102)

Cash dividends paid

(319,274)

(179,328)

Net cash provided by (used in) financing activities

1,073,327

(426,430)

Effect of exchange rate changes on cash and cash equivalents

(370,531)

398,153

Net increase (decrease) in cash and cash equivalents

509,618

485,696

Cash and cash equivalents at beginning of year

3,545,615

3,059,919

Cash and cash equivalents at end of period

4,055,233

3,545,615

The reconciliation of cash and deposits shown in the consolidated balance sheets and cash and cash equivalents

shown in the consolidated statements of cash flows are as follows:

FY2015

FY2014

Apr'15-Mar'16

Apr'14-Mar'15

Cash and deposits

4,055,233

3,545,615

Time deposits with maturities longer than 3 months

-

-

Cash and cash equivalents

4,055,233

3,545,615