RNS Number:1077I
Nippon Sheet Glass Company Limited
21 November 2007
CONSOLIDATED FINANCIAL STATEMENT
I. BALANCE SHEET
(in JPY million)
FY 2007 FY 2008 FY 2007
1st Half 1st Half Year-End
as of as of as of
30 Sep 2006 30 Sep 2007 31 Mar 2007
Current assets
Cash and deposits 159,975 159,762 160,914
Notes and account receivables - trade 157,752 148,547 148,584
Securities - 2,000 -
Inventories 120,294 121,418 113,259
Deferred tax assets (current) 3,355 7,345 3,095
Other current assets 14,201 30,566 44,371
Allowance for doubtful accounts (1,370) (4,329) (4,388)
Total: Current assets 454,208 465,310 465,836
Fixed assets
Tangible assets
Buildings & structures 87,971 84,243 83,844
Machinery & vehicles 214,624 224,955 222,165
Tools & dies 16,185 22,441 25,985
Land 60,074 58,112 57,213
Construction in progress 30,827 7,643 7,376
Total: Tangible assets 409,683 397,397 396,586
Intangible assets
Goodwill 109,278 200,887 204,883
Other intangible assets 227,175 183,172 194,614
Total: Intangible assets 336,453 384,059 399,498
Investments & other assets
Investments 143,017 116,640 126,855
Deferred tax assets (non-current) 751 44,982 1,150
Other non-current assets 21,671 11,336 19,983
Allowance for doubtful accounts (838) (1,380) (927)
Total: Investments & other assets 164,601 171,579 147,062
Total: Fixed assets 910,738 953,036 943,146
Total : Assets 1,364,947 1,418,347 1,408,983
(in JPY million)
FY 2007 FY 2008 FY 2007
1st Half 1st Half Year-End
as of as of as of
30 Sep 2006 30 Sep 2007 31 Mar 2007
Current liabilities
Notes and accounts payable - trade 85,293 86,586 98,291
Bonds maturing within one year - 10,000 -
Short-term bank borrowings 117,942 97,734 107,316
Commercial paper 4,000 - -
Deferred tax liabilities (current) 1,928 6,447 3,062
Provision for employees' bonuses 3,881 2,667 2,481
Provision for directors' bonuses 45 62 64
Provision for future financial risk arising from - 81,067 78,118
alleged violation of Competition Law of the European Union
Other current liabilities 112,438 125,451 148,254
Total: Current liabilities 325,529 410,018 437,589
Non-current liabilities
Bonds 92,000 33,000 43,000
Long-term bank borrowings 422,068 366,080 410,800
Deferred tax liabilities (non-current) 59,077 90,884 49,869
Accrued retirement benefits for employees 90,200 82,728 86,034
Accrued retirement benefits for directors' 1,144 487 1,563
Provision for rebuilding furnaces 8,930 9,453 9,237
Other non-current liabilities 38,601 28,317 20,261
Total: Non-current liabilities 712,022 610,952 620,768
Total : Liabilities 1,037,552 1,020,970 1,058,358
Net Assets
I. Shareholders' Equity
Common stock 71,602 96,147 96,147
Capital surplus 80,834 105,290 105,289
Retained earnings 106,286 155,378 105,914
Treasury stocks - at cost (383) (513) (450)
Total: Shareholders' equity 258,339 356,303 306,900
II. Valuation & translation adjustments
Unrealized holding gain on securities 23,450 16,408 25,881
Net unrealized holding loss on derivative (4,825) (3,249) (3,048)
instruments
Foreign currency translation adjustments 37,087 15,064 7,507
Total: Valuation & translation adjustments 55,713 28,223 30,340
III. Stock Options 6 233 26
IV. Minority interests in consolidated 13,335 12,616 13,357
subsidiaries
Total: Net assets 327,394 397,376 350,625
Total: Liabilities and net assets 1,364,947 1,418,347 1,408,983
II. INCOME STATEMENT
(in million JPY)
FY2007 FY 2008 FY 2007
1st Half 1st Half Full year
Net sales 273,259 433,944 681,547
Cost of sales 191,813 294,738 478,700
Gross Income 81,446 139,205 202,846
Selling, general and administrative expenses 72,856 112,157 179,024
Operating income 8,589 27,047 23,822
Non-operating income
Interest income 695 3,632 4,928
Dividend income 1,050 974 1,517
Gain on foreign currency exchange 2,328 - 4,579
Equity in earnings of affiliates - 4,811 2,416
Other income 3,141 1,150 2,033
Total: Non-operating income 7,215 10,569 15,476
Non-operating expense
Interest expense 3,772 14,934 23,060
Equity in loss of affiliates 974 - -
Provision for bad debts 962 590 1,721
Loss on foreign currency exchange - 878 -
Labor differences 649 178 1,042
Other expense 2,195 3,733 5,473
Total: Non-operating expense 8,554 20,315 31,297
Income before extra-ordinary items 7,250 17,301 8,001
Extra-ordinary income 45,510 50,563 51,555
Extra-ordinary loss 13,049 1,749 21,498
Income before income taxes 39,711 66,115 38,057
and minority interests
Income tax (Current) 22,467 6,540 28,068
Income tax (Deferred) (2,565) 6,780 (5,063)
Minority interests in net income (451) 1,324 2,957
of consolidated subsidiaries
Net income 20,259 51,469 12,095
III. STATEMENT OF CASH FLOW (in JPY million)
FY2007 FY 2008 FY 2007
1st Half 1st Half Full year
Cash flows from operating activities:
Income before income taxes and minority interests 39,711 66,115 38,057
Adjustments for:
Depreciation of tangible assets 13,734 22,461 37,146
Amortization of intangible assets (excluding goodwill) 6,066 9,212 14,203
Amortization of goodwill - 5,158 8,316
Loss on impairment of fixed assets 659 136 683
Increase in allowance for doubtful debts 3,137 539 983
Decrease in accrued retirement benefits (1,399) (4,486) (5,925)
(Gain) / loss on sale of plant, property and equipment (440) (2,093) 3,638
Gain on sales of investments in securities (43,078) (13,159) (44,828)
Gain from disposal of discontinuing operations - (31,745) -
Loss from revaluation of investments in securities 198 1,126 428
Equity in earnings of affiliates 974 (4,811) (2,416)
Interest and dividend income (1,746) (4,607) (6,446)
Interest expense 3,772 14,934 23,060
Decrease (increase) in notes and accounts receivable 3,863 1,655 6,206
Decrease (increase) in inventories (1,740) (6,273) 2,822
(Decrease) increase in notes and accounts payable (9,217) (12,119) 4,822
Decrease (increase) in provision for rebuilding furnaces (753) 216 (446)
Other, net 4,992 9,883 12,356
Sub Total 18,734 52,144 92,661
Interest and dividend income received 3,077 5,075 9,925
Interest paid (3,771) (15,486) (19,277)
Income taxes paid (2,421) (27,906) (7,930)
Net cash provided by operating activities 15,618 13,827 75,379
Cash flows from investing activities:
Payments for time deposits (793) (1,150) (5,185)
Proceeds from time deposits 263 1,320 5,239
Acquisition of investments in securities (171) (539) (4,710)
Proceeds from sale of investments in securities 51,354 15,095 54,620
Acquisition of investments in subsidiaries and affiliates (1,255) (6,484) (2,448)
Proceeds from sale of investments in subsidiaries and affiliates 10 31 7,958
Proceeds from sale of discontinuing operations 68,478
Acquisition of property, plant and equipment (13,719) (19,301) (43,742)
Proceeds from sale of property, plant and equipment 5,218 2,102 12,785
Acquisition of intangible assets (3,448) (631) (5,613)
Acquisition of subsidiaries relating to changes in scope of (264,447) - (314,563)
consolidation
Decrease (increase) in short-term loans receivable (1,719) 1,029 2,043
Payments for long-term loans receivable (306) (79) (1,566)
Other, net (1,339) (114) (2,461)
Net cash provided by (used in) investing activities (230,355) 59,755 (297,644)
Cash flows from financing activities:
Decrease in short-term borrowings (3,270) (2,606) (2,474)
Increase of commercial paper 4,000 - -
Proceeds from long-term loan payable 188,077 108,193 293,672
Repayment of long-term loan payable (3,904) (165,570) (97,052)
Cash dividends paid (1,328) (2,005) (3,029)
Cash dividends paid to minority shareholders (680) (1,864) (933)
Other, net (35) (294) (113)
Net cash provided by (used in) financing activities 182,858 (64,147) 190,068
Effect of foreign exchange rate on cash and cash equivalents 10,673 (755) 12,740
Net (decrease) increase in cash and cash equivalents (21,205) 8,679 (19,455)
Cash and cash equivalents as of April 1, 2007 179,158 159,762 179,158
Decrease due to change in scope of cash and cash equivalents - (38,711) -
Increase due to change in scope of consolidation - - 59
Cash and cash equivalents as of September 30, 2007 157,953 129,729 159,762
This information is provided by RNS
The company news service from the London Stock Exchange
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