Financial Statements | Investors

(Millions of yen)

	As of March 31, 2024	As of March 31, 2025
Assets
Current assets
Cash and deposits	674,234	452,510
Notes and accounts receivable - trade, and contract assets	151,006	154,199
Finance receivables	240,517	267,041
Merchandise and finished goods	317,485	266,209
Work in process	24,684	26,504
Raw materials and supplies	69,717	70,492
Short-term loans receivable	7,027	2,251
Other	144,510	153,419
Allowance for doubtful accounts	(1,333)	(1,498)
Total current assets	1,627,849	1,391,131
Non-current assets
Property, plant and equipment
Buildings and structures, net	92,079	96,521
Machinery, equipment and vehicles, net	187,469	188,780
Tools, furniture and fixtures, net	66,496	65,803
Land	122,506	122,179
Construction in progress	29,583	51,085
Total property, plant and equipment	498,135	524,369
Intangible assets	44,904	51,168
Investments and other assets
Investment securities	104,094	102,736
Long-term loans receivable	5,013	2,909
Retirement benefit asset	17,224	9,290
Deferred tax assets	86,313	78,821
Other	75,445	90,108
Allowance for doubtful accounts	(4,511)	(4,614)
Total investments and other assets	283,579	279,251
Total non-current assets	826,620	854,789
Total assets	2,454,470	2,245,920

Liabilities
Current liabilities
Notes and accounts payable - trade	337,434	350,954
Electronically recorded obligations - operating	102,141	106,039
Short-term borrowings	68,053	22,651
Commercial papers	43,500	47,500
Current portion of long-term borrowings	224,612	83,427
Lease liabilities	3,719	3,867
Accounts payable - other and accrued expenses	232,510	216,737
Income taxes payable	9,540	12,178
Provision for product warranties	68,048	70,062
Other	85,641	90,517
Total current liabilities	1,175,202	1,003,936
Non-current liabilities
Long-term borrowings	127,781	130,460
Lease liabilities	24,690	26,884
Deferred tax liabilities	203	92
Retirement benefit liability	20,367	40,576
Other	61,768	70,404
Total non-current liabilities	234,811	268,418
Total liabilities	1,410,014	1,272,355
Net assets
Shareholders' equity
Share capital	284,382	284,382
Capital surplus	199,585	185,780
Retained earnings	478,239	500,609
Treasury shares	(1,688)	(56,383)
Total shareholders' equity	960,518	914,388
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	2,045	(400)
Deferred gains or losses on hedges	(739)	(25)
Foreign currency translation adjustment	35,454	33,331
Remeasurements of defined benefit plans	12,933	(12,892)
Total accumulated other comprehensive income	49,694	20,013
Share acquisition rights	23	6
Non-controlling interests	34,219	39,157
Total net assets	1,044,456	973,565
Total liabilities and net assets	2,454,470	2,245,920

(Millions of yen)

	For the fiscal year ended March 31, 2024	For the fiscal year ended March 31, 2025
Net sales	2,789,589	2,788,232
Cost of sales	2,220,743	2,251,528
Gross profit	568,846	536,703
Selling, general and administrative expenses
Advertising and promotion expenses	63,009	60,208
Freight costs	93,593	95,613
Provision of allowance for doubtful accounts	(159)	348
Remuneration, salaries and allowances for directors (and other officers)	81,438	87,479
Retirement benefit expenses	4,444	4,064
Depreciation	16,690	18,887
Research and development expenses	57,642	67,889
Other	61,215	63,384
Total selling, general and administrative expenses	377,874	397,876
Operating profit (loss)	190,971	138,826
Non-operating income
Interest income	13,412	11,954
Dividend income	580	665
Foreign exchange gains	12,888	-
Share of profit of entities accounted for using equity method	5,259	-
Gain on reversal of accounts payable for overseas customs duties and others	-	2,641
Other	2,268	3,529
Total non-operating income	34,409	18,791
Non-operating expenses
Interest expenses	6,054	6,732
Foreign exchange losses	-	31,541
Litigation expenses	5,422	5,262
Share of loss of entities accounted for using equity method	-	6,489
Other	4,863	8,988
Total non-operating expenses	16,340	59,015
Ordinary profit (loss)	209,040	98,602
Extraordinary income
Gain on sales of non-current assets	481	853
Gain on liquidation of subsidiaries	824	-
Other	200	228
Total extraordinary income	1,506	1,082
Extraordinary losses
Loss on retirement of non-current assets	3,348	4,175
Impairment loss	1,294	5,870
Loss related to the Russian operations	1,313	-
Loss related to the Chinese operations	23,002	-
Extra retirement payments	16	1,870
Other	738	503
Total extraordinary losses	29,714	12,419
Profit (loss) before income taxes	180,832	87,265
Income taxes - current	27,577	29,665
Income taxes - deferred	(7,307)	6,950
Total income taxes	20,270	36,616
Profit (loss)	160,562	50,649
Profit (loss) attributable to non-controlling interests	5,852	9,661
Profit (loss) attributable to owners of parent	154,709	40,987

(Millions of yen)

	For the fiscal year ended March 31, 2024	For the fiscal year ended March 31, 2025
Cash flows from operating activities
Profit (loss) before income taxes	180,832	87,265
Depreciation	67,737	73,992
Impairment loss	1,294	5,870
Loss related to the Russian operations	1,313	-
Loss related to the Chinese operations	23,002	-
Loss (gain) on liquidation of subsidiaries	(824)	-
Increase (decrease) in allowance for doubtful accounts	(4,258)	(46)
Increase (decrease) in retirement benefit liability	3,560	343
Interest and dividend income	(13,993)	(12,620)
Interest expenses	6,054	6,732
Foreign exchange losses (gains)	(7,861)	6,023
Share of loss (profit) of entities accounted for using equity method	(5,259)	6,489
Loss (gain) on sales and retirement of non-current assets	2,987	3,336
Decrease (increase) in trade receivables	43,597	(3,493)
Decrease (increase) in financial receivables	(14,335)	(26,369)
Decrease (increase) in inventories	(25,751)	43,455
Increase (decrease) in trade payables	(58,946)	21,787
Increase (decrease) in accounts payable - other, and accrued expenses	1,119	(15,051)
Other, net	(41,426)	(6,412)
Subtotal	158,843	191,303
Interest and dividends received	18,833	14,318
Interest paid	(5,877)	(6,792)
Income taxes paid	(30,992)	(24,096)
Net cash provided by (used in) operating activities	140,806	174,734
Cash flows from investing activities
Purchase of property, plant and equipment	(113,964)	(95,080)
Proceeds from sales of property, plant and equipment	1,768	645
Purchase of intangible assets	(12,881)	(16,095)
Other, net	(13,788)	(4,221)
Net cash provided by (used in) investing activities	(138,865)	(114,752)
Cash flows from financing activities
Increase (decrease) in short-term borrowings	34,768	(44,706)
Increase (decrease) in commercial papers	(4,000)	4,000
Proceeds from long-term borrowings	117,602	214,976
Repayments of long-term borrowings	(87,436)	(353,132)
Purchase of treasury shares	(784)	(68,642)
Dividends paid	(14,845)	(18,583)
Dividends paid to non-controlling interests	(3,104)	(2,670)
Other, net	(4,525)	(6,007)
Net cash provided by (used in) financing activities	37,674	(274,765)
Effect of exchange rate change on cash and cash equivalents	38,658	(9,309)
Net increase (decrease) in cash and cash equivalents	78,274	(224,093)
Cash and cash equivalents at beginning of period	595,930	674,204
Cash and cash equivalents at end of period	674,204	450,111