Financial Statements | Investors

(Millions of yen)

	As of March 31, 2022	As of March 31, 2023
Assets
Current assets
Cash and deposits	511,502	595,961
Notes and accounts receivable - trade, and contract assets	119,829	184,633
Finance receivables	222,463	226,042
Merchandise and finished goods	192,292	259,848
Work in process	43,293	24,835
Raw materials and supplies	64,006	66,901
Short-term loans receivable	624	1,022
Other	111,367	121,481
Allowance for doubtful accounts	(9,459)	(5,766)
Total current assets	1,255,920	1,474,959
Non-current assets
Property, plant and equipment
Buildings and structures, net	85,110	86,288
Machinery, equipment and vehicles, net	132,116	134,524
Tools, furniture and fixtures, net	64,638	56,044
Land	123,068	116,734
Construction in progress	24,521	61,011
Total property, plant and equipment	429,455	454,603
Intangible assets	38,273	40,003
Investments and other assets
Investment securities	98,433	95,361
Long-term loans receivable	2,817	2,760
Retirement benefit asset	4,775	4,045
Deferred tax assets	43,669	74,029
Other	58,818	59,660
Allowance for doubtful accounts	(3,720)	(3,898)
Total investments and other assets	204,794	231,959
Total non-current assets	672,523	726,565
Total assets	1,928,443	2,201,524

Liabilities
Current liabilities
Notes and accounts payable - trade	324,091	369,495
Electronically recorded obligations - operating	56,612	92,009
Short-term borrowings	21,778	31,330
Commercial papers	43,000	47,500
Current portion of long-term borrowings	292,134	73,098
Lease liabilities	3,751	3,519
Accounts payable - other and accrued expenses	204,894	233,874
Income taxes payable	8,487	13,510
Provision for product warranties	50,029	54,605
Provision for contingent loss	-	10,504
Other	79,393	77,939
Total current liabilities	1,084,173	1,007,389
Non-current liabilities
Long-term borrowings	95,768	248,048
Lease liabilities	24,101	24,785
Deferred tax liabilities	17,127	320
Retirement benefit liability	32,240	36,688
Other	44,731	53,915
Total non-current liabilities	213,968	363,758
Total liabilities	1,298,142	1,371,148
Net assets
Shareholders' equity
Share capital	284,382	284,382
Capital surplus	199,837	199,620
Retained earnings	169,694	338,424
Treasury shares	(1,382)	(989)
Total shareholders' equity	652,531	821,438
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	1,111	977
Deferred gains or losses on hedges	(31)	(35)
Foreign currency translation adjustment	(32,571)	(5,438)
Remeasurements of defined benefit plans	(14,267)	(15,802)
Total accumulated other comprehensive income	(45,759)	(20,298)
Share acquisition rights	195	29
Non-controlling interests	23,334	29,208
Total net assets	630,301	830,376
Total liabilities and net assets	1,928,443	2,201,524

(Millions of yen)

	For the fiscal year ended March 31, 2022	For the fiscal year ended March 31, 2023
Net sales	2,038,909	2,458,141
Cost of sales	1,676,459	1,935,341
Gross profit	362,450	522,799
Selling, general and administrative expenses
Advertising and promotion expenses	39,147	51,535
Freight costs	49,849	72,747
Provision of allowance for doubtful accounts	1,834	(605)
Remuneration, salaries and allowances for directors (and other officers)	66,875	74,711
Retirement benefit expenses	3,781	3,982
Depreciation	12,715	14,516
Research and development expenses	57,507	61,025
Other	43,405	54,390
Total selling, general and administrative expenses	275,118	332,304
Operating profit (loss)	87,331	190,495
Non-operating income
Interest income	1,942	7,623
Dividend income	567	677
Foreign exchange gains	9,241	5,421
Share of profit of entities accounted for using equity method	8,527	-
Other	4,183	2,603
Total non-operating income	24,462	16,326
Non-operating expenses
Interest expenses	5,085	3,559
Litigation expenses	1,586	4,306
Share of loss of entities accounted for using equity method	-	12,209
Financing expenses	1,476	706
Other	2,675	4,017
Total non-operating expenses	10,824	24,799
Ordinary profit (loss)	100,969	182,022
Extraordinary income
Gain on sales of non-current assets	2,858	27,271
Gain on sales of investment securities	99	24
Gain on sales of investments in capital of subsidiaries and associates	2,791	-
Gain on reversal of asset retirement obligations	833	268
Other	548	129
Total extraordinary income	7,131	27,693
Extraordinary losses
Loss on retirement of non-current assets	2,887	1,941
Loss on sales of non-current assets	23	1,713
Impairment losses	1,451	5,015
Loss related to Russian operations	8,220	19,928
Loss related to Chinese operations	-	10,504
Other	827	2,483
Total extraordinary losses	13,411	41,586
Profit (loss) before income taxes	94,689	168,129
Income taxes - current	13,362	36,410
Income taxes - deferred	2,177	(44,642)
Total income taxes	15,539	(8,232)
Profit (loss)	79,149	176,361
Profit (loss) attributable to non-controlling interests	5,112	7,630
Profit (loss) attributable to owners of parent	74,037	168,730

(Millions of yen)

	For the fiscal year ended March 31, 2022	For the fiscal year ended March 31, 2023
Cash flows from operating activities
Profit (loss) before income taxes	94,689	168,129
Depreciation	53,630	60,132
Impairment loss	1,451	5,015
Loss related to Russian operations	8,220	19,928
Loss related to Chinese operations	-	10,504
Increase (decrease) in allowance for doubtful accounts	955	(3,632)
Increase (decrease) in retirement benefit liability	2,349	8,003
Interest and dividend income	(2,510)	(8,300)
Interest expenses	5,085	3,559
Foreign exchange losses (gains)	(6,160)	(5,354)
Share of loss (profit) of entities accounted for using equity method	(8,527)	12,209
Gain on sales of investments in capital of subsidiaries and associates	(2,791)	-
Loss (gain) on sales and retirement of non-current assets	53	(23,616)
Decrease (increase) in trade receivables	37,935	(59,282)
Decrease (increase) in finance receivables	24,744	(3,496)
Decrease (increase) in inventories	(13,104)	(38,739)
Increase (decrease) in trade payables	(42,322)	63,702
Increase (decrease) in accounts payable - other, and accrued expenses	(43,290)	6,639
Other, net	12,321	(19,341)
Subtotal	122,732	196,058
Interest and dividends received	3,196	13,447
Interest paid	(5,090)	(3,620)
Income taxes paid	(2,723)	(32,309)
Net cash provided by (used in) operating activities	118,114	173,576
Cash flows from investing activities
Decrease (increase) in time deposits	11,071	(2)
Purchase of property, plant and equipment	(76,541)	(71,041)
Proceeds from sales of property, plant and equipment	4,816	36,389
Purchase of intangible assets	(10,650)	(8,601)
Other, net	2,181	(9,889)
Net cash provided by (used in) investing activities	(69,123)	(53,145)
Cash flows from financing activities
Increase (decrease) in short-term borrowings	4,201	8,797
Increase (decrease) in commercial papers	10,500	4,500
Proceeds from long-term borrowings	45,780	238,541
Repayments of long-term borrowings	(65,772)	(306,549)
Dividends paid	(21)	(16)
Dividends paid to non-controlling interests	(1,436)	(2,633)
Other, net	(3,485)	(4,504)
Net cash provided by (used in) financing activities	(10,234)	(61,865)
Effect of exchange rate change on cash and cash equivalents	28,098	25,890
Net increase (decrease) in cash and cash equivalents	66,854	84,456
Cash and cash equivalents at beginning of period	444,619	511,473
Cash and cash equivalents at end of period	511,473	595,930