English hampo without audit repo 0806 ver.2.1
18
pages
English
Documents
Le téléchargement nécessite un accès à la bibliothèque YouScribe Tout savoir sur nos offres
18
pages
English
Documents
Le téléchargement nécessite un accès à la bibliothèque YouScribe Tout savoir sur nos offres
Consolidated Financial Statements (Unaudited) SUMIDA CORPORATION and Consolidated Subsidiaries First Half Years ended June 30, 2007 and 2008 SUMIDA CORPORATION and its Subsidiaries Consolidated Financial Statements (Unaudited) First Half Years ended June 30, 2007 and 2008 Contents Consolidated Balance Sheets .................................................................................................................. 1 Consolidated Statements of Income ........................................................................................................ 3 Consolidated Statements of Changes in Net Assets .................................................................................4 Consolidated Statements of Cash Flows ................................................................................................. 6 Notes to Consolidated Financial Statements ........................................................................................... 7 Consolidated Balance Sheets (Unaudited) As of June 30, 2007 and 2008 June 30,2007 2008 2008(Millions of yen) (Thousands of U.S.dollars)(Note 2)AssetsCurrent assets: Cash and time deposits ¥5,815 ¥8,066 $76,094 Trade receivables: Notes 800 662 6,245 Accounts 16,172 12,340 116,415 Allowance for doubtful accounts (57) (44) (415)16,915 12,958 122,245 Inventories (Note 3 ) 10,547 9,189 86,689 Deferred income taxes 646 1,952 ...
Voir
Publié par
Langue
English
Consolidated Financial Statements (Unaudited) SUMIDA CORPORATION and Consolidated Subsidiaries First Half Years ended June 30, 2007 and 2008
SUMIDA CORPORATION and its Subsidiaries Consolidated Financial Statements (Unaudited) First Half Years ended June 30, 2007 and 2008 Contents
Consolidated Balance Sheets .................................................................................................................. 1 Consolidated Statements of Income ........................................................................................................ 3 Consolidated Statements of Changes in Net Assets .................................................................................4 Consolidated Statements of Cash Flows ................................................................................................. 6 Notes to Consolidated Financial Statements ........................................................................................... 7
Consolidated Balance Sheets (Unaudited) As of June 30, 2007 and 2008 June 30, 2007 2008 2008 (Millions of yen) (Thousands of U.S.dollars) (Note 2) ¥5,815 ¥8,066 $76,094 800 662 6,245 16,172 12,340 116,415 (57) (44) (415) 16,915 12,958 122,245 10,547 9,189 86,689 646 1,952 18,415 4,684 4,335 40,896 38,607 36,500 344,339 2,717 1,372 12,943 13,505 11,397 107,519 25,225 24,772 233,698 8,035 8,106 76,472 2,515 1,630 15,377 51,997 47,277 446,009 (28,287) (28,076) (264,868) 23,710 19,201 181,141 5,886 6,602 62,283 1,393 1,329 12,538 774 1,199 11,311 181 - -3,333 2,306 21,755 439 1,347 12,708 12,006 12,783 120,595 -23 219 ¥74,323 ¥68,507 $646,294
Assets Current assets: Cash and time deposits Trade receivables: Notes Accounts Allowance for doubtful accounts Inventories Note 3 Deferred income taxes Prepaid expenses and other current assets Total current assets Property, plant and equipment: Land Buildings Machinery and equipment Furniture and fixtures Construction in progress Accumulated depreciation Property, plant and equipment, net Investment and other assets: Goodwill Intangible assets Investment in securities Note 8 Investment in affiliate Deferred income taxes Other assets Investment and other assets Deffered assets Total assets
1
Consolidated Balance Sheets (Unaudited) As of June 30, 2007 and 2008 June 30, 2007 2008 2008 (Millions of yen) (Thousands of U.S.dollars) (Note 2) $127,189 88,019 -36,387 36,387 8,604 1,981 34,783 296,963 37,858 4,547 32,132 74,537 371,500
Liabilities, shareholders' equity and net assets Current liabilities: Short-term bank borrowin s Note 4 Current ortion of lon -term debt Note 4 Trade payables: Notes Accounts Income taxes payable Deferred income taxes Accrued expenses and other current liabilities Total current liabilities Long-term liabilities: Lon -term debt Note 4 Deferred income taxes Others Total long term liabilities Total liabilities Net assets: Common stock: Authorized-70,000,000 shares; Issued-19,643,027 shares in 2007 and 19,944,317 shares in 2008 Capital surplus Earned surplus Treasury stock, at cost; 730,663 shares in 2007 and 731,315 shares in 2008 Total shareholders' equity Unrealized holding gain on securities Unrealized gain from hedging instruments Translation adjustments Total valuation and translation adjustments Minority interests Total net assets Total liabilities and net assets
2
¥11,230 ¥13,482 2,726 9,330 4 -6,182 3,857 6,186 3,857 854 912 305 210 5,187 3,687 26,488 31,478 12,323 4,013 1,943 482 3,987 3,406 18,253 7,901 44,741 39,379
6,964 6,777 14,465 (1,523) 26,683 52 114 1,747 1,913 986 29,582 ¥74,323
7,217 7,030 16,035 (1,524) 28,758 (88) (17) (817) (922) 1,292 29,128 ¥68,507
68,085 66,321 151,274 (14,377) 271,303 (830) (160) (7,708) (8,698) 12,189 274,794 $646,294
Consolidated Statements of Income (Unaudited) For first half years ended June 30, 2007 and 2008 First half years ended June 30, 2007 2008 2008 (Millions of yen) (Thousands of U.S.dollars) (Note 2) $285,981 212,868 73,113 53,368 19,745
Net sales Cost of sales Gross profit Selling, general and administrative expenses ( Note 5 ) Operating income Other income (expense): Interest and dividend income Interest expense Foreign currency exchange gain (loss) Others, net Income before income taxes and minority interests Income taxes: Current Prior years Deferred Income before minority interests Minority interests Net income See accompanying notes to consolidated financial statements.
3
¥35,290 26,975 8,315 6,357 1,958
59 (191) 514 (745) 1,595 610 -(86) 524 1,071 37 ¥1,034
¥30,314 22,564 7,750 5,657 2,093
72 (232) (627) (125) 1,181 219 1,265 (801) 683 498 13 ¥485
679 (2,189) (5,915) (1,179) 11,141 2,066 11,934 (7,557) 6,443 4,698 123 $4,575
Consolidated Statements of Changes in Net Assets (Unaudited) For first half years ended June 30, 2007 and 2008 Shareholders' equity Total Common stock Capital surplus Earned surplus Treasury stock shareholders' equity (Millions of yen) Balance as of December 31, 2006 ¥6,961 ¥6,775 ¥13,642 ¥(1,522) ¥25,856 Changes of items during the perio Issuance of new shares 3 2 5 Dividends from surplus (429) (429) Interim net income 1,034 1,034 Purchase of treasury stock (1) (1) Disposal of treasury stoc - Changes in application of equity method 218 218 Net changes of items other than shareholders' equit - Total changes of items during the period 3 2 823 (1) 827 Balance as of June 30, 2007 ¥6,964 ¥6,777 ¥14,465 ¥(1,523) ¥26,683 Valuation and translation adjustments UnrealizedholUdnirnega lgiziedTranslationTotal valuation holding gain or a n or nslation loss on securitieslossi nfrstormu mheendtsgingadjustmentsanadd jtursatmentsMinority interestsTotal net assets (Millions of yen) Balance as of December 31, 2006 ¥29 ¥96 ¥186 ¥311 ¥984 ¥27,151 Changes of items during the perio Issuance of new shares 5 Dividends from surplus (429) Interim net income 1,034 Purchase of treasury stock (1) Disposal of treasury stoc - Changes in application of equity method 218 Net changes of items other than shareholders' equit 23 18 1,561 1,602 2 1,604 Total changes of items during the period 23 18 1,561 1,602 2 2,431 Balance as of June 30, 2007 ¥52 ¥114 ¥1,747 ¥1,913 ¥986 ¥29,582 Shareholders equity ' Total Common stock Capital surplus Earned surplus Treasury stock shareholders' equity (Millions of yen) Balance as of December 31, 2007 ¥7,217 ¥7,030 ¥15,934 ¥(1,524) ¥28,657 Changes of items during the perio Issuance of new shares - Dividends from surplus (384) (384) Interim net income 485 485 Purchase of treasury stock (0) (0) Disposal of treasury stoc - Net changes of items other than shareholders' equit -Total changes of items during the period - - 101 (0) 101 Balance as of June 30, 2008 ¥7,217 ¥7,030 ¥16,035 ¥(1,524) ¥28,758 Valuation and translation adjustments UnrealizedlUdninrega lgiaziend orTranslationTanotda lt rvaanlsulaattiioonnMinority interestsTotal net assets lohsosl doinn gs egcauirni toireslohssoi nfrstormu mheendtgsingadjustmentsadjustments (Millions of yen) Balance as of December 31, 2007 ¥(82) ¥(27) ¥6 ¥(103) ¥1,365 ¥29,919 Changes of items during the perio Issuance of new shares - Dividends from surplus (384) Interim net income 485 Purchase of treasury stock (0) Disposal of treasury stoc - Net changes of items other than shareholders' equit (6) 10 (823) (819) (73) (892) Total changes of items during the period (6) 10 (823) (819) (73) (791) Balance as of June 30, 2008 ¥(88) ¥(17) ¥(817) ¥(922) ¥1,292 ¥29,128 4
Shareholders' equity Total Common stock Capital surplus Earned surplus Treasury stock shareholders' equity (Thousands of U.S.dollars) Balance as of December 31, 2007 $68,085 $66,321 $150,321 $(14,377) $270,350 Changes of items during the perio Issuance of new shares - Dividends from surplus (3,622) (3,622) Interim net income 4,575 4,575 Purchase of treasury stock (0) (0) Disposal of treasury stoc - Net changes of items other than shareholders' equit -Total changes of items during the period - - 953 (0) 953 Balance as of June 30, 2008 $68,085 $66,321 $151,274 $(14,377) $271,303 Valuation and translation adjustments lohsoslU doninrn esga elgciazuiernid tioerslohsso lUfdrnionremga lghiaeziedndg oirngaTdrjaunstslmateinotnsaTnodt atlr avnalsluaattiioonnMinority interestsTotal net assets instruments adjustments (Thousands of U.S.dollars) Balance as of December 31, 2007 ($774) $(255) $57 $(972) $12,877 $282,255 Changes of items during the perio Issuance of new shares - Dividends from surplus (3,622) Interim net income 4,575 Purchase of treasury stock (0) Disposal of treasury stoc - Net changes of items other than shareholders' equit (56) 95 (688) (8,414) Total changes of items during the period (56) 95 (688) (7,461) Balance as of June 30, 2008 ($830) ($160) $12,189 $274,794 See accompanying notes to consolidated financial statements.
5
(7,765) (7,765) $(7,708)
(7,726) (7,726) $(8,698)
Consolidated Statements of Cash Flows (Unaudited) For first half years ended June 30, 2007 and 2008 First half years ended June 30, 2007 2008 2008 (Millions of yen) (Thousands of U.S.dollars) (Note 2) ¥1,595 ¥1,181 $11,142 1,870 1,688 15,925 (59) (72) (679) 191 232 2,189 946 - -(995) (10) (94) (979) (1,046) (9,868) (160) (530) (5,000) (720) 437 4,123 598 (443) (4,179) 2,287 1,437 13,559 59 71 670 (191) (233) (2,198) (311) (603) (5,689) 1,844 672 6,342 (2,213) (1,549) (14,613) 11 175 1,651 498 201 1,896 (10) (704) (6,642) (378) (62) (585) - 1,743 16,443 (51) (211) (1,990) (2,143) (407) (3,840) 699 (1,195) (11,274) (762) (773) (7,292) - 1,177 11,104 5 - -(428) (383) (3,613) (1) (201) (1,896) (487) (1,375) (12,971) 215 (186) (1,755) (571) (1,296) (12,224) 6,537 9,356 88,264 ¥5,966 ¥8,060 $76,040
Cash flows from operating activities Income before income taxes and minority interests Depreciation and amortization Interest and dividend income Interest expense Loss on devaluation of investment in securities Gain on sales of property, plant and equipment Others, net Changes in operating assets and liabilities: Trade receivables Inventories Trade payables Subtotal Interests and dividend income Interest paid Income taxes paid Net cash provided by operating activities Cash flows from investing activities Purchases of property, plant and equipment Proceeds from sales of property, plant and equipment Proceeds from sales of securities Purchases of securities Investment in affiliated company Proceeds from sales of subsidiaries Others, net Net cash used in investing activities Cash flows from financing activities Changes in short-term bank borrowings Repayment of long-term debt Proceeds from issuance of bond Proceeds from issuance of common stock Cash dividends paid Others, net Net cash used by financing activities Effect of exchange rate changes on cash and cash equivalents Net (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of the period (Note 6): See accompanying notes to consolidated financial statements. 6
Notes to Consolidated Financial Statements (Unaudited) June 30, 2007 and 2008 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Presentation SUMIDA CORPORATION (the “Company) and its domestic consolidated subsidiaries maintain their accounting records and prepare their financial statements in accordance with accounting principles generally accepted in Japan, and its overseas consolidated subsidiaries maintain their books of account in conformity with those of their countries of domicile. The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in Japan, which are different in certain respects as to the application and disclosure requirements of International Financial Reporting Standards (“IFRS). In addition, the notes to the consolidated financial statements include information which is not required under accounting principles generally accepted in Japan but is presented herein as additional information. (b) Principles of consolidation and accounting for investments in unconsolidated subsidiaries and affiliates The accompanying consolidated financial statements include the accounts of the Company and all of the significant companies controlled directly or indirectly by the Company. Companies over which the Company exercises significant influence in terms of their operating and financial policies have been included in the consolidated financial statements on an equity basis. All significant intercompany accounts and transactions have been eliminated in consolidation. (c) Investment in securities Securities other than equity securities issued by subsidiaries and affiliates are classified into three categories: trading, held-to-maturity or other securities. Marketable securities classified as other securities are stated at fair value with any changes in unrealized holding gain or loss, net of the applicable income taxes, included directly in net assets. Non-marketable securities classified as other securities are stated at cost. Cost of securities sold is determined by the average cost method. (d) Inventories Inventories are stated at cost determined by weighted average method in Japan, and are stated at the lower of cost or market, cost being determined principally by the first-in, first-out method on foreign subsidiaries . (e) Property, plant and equipment Property, plant and equipment are stated at cost. Depreciation of buildings (except for structures attached to the buildings) acquired subsequent to April 1, 1998 is calculated principally by the straight-line method over the estimated useful lives of the respective assets. Depreciation of other property, plant and equipment is computed by the declining-balance method for domestic companies and for the straight-line method for overseas subsidiaries over the useful lives of the respective assets. The useful lives of property, plant and equipment are summarized as follows Buildings and structures 3 to 65 years Machinery and equipment 2 to 16 years Furniture and fixtures 2 to 20 years Significant renewals and additions are capitalized at cost. Maintenance and repairs are charged to income as incurred. (f) Research and development costs and computer software Research and development costs are charged to income when incurred. Expenditures relating to computer software developed for internal use are charged to income as incurred unless these are deemed to contribute to the generation of future income or cost savings. Such expenditures are capitalized as assets and amortized 7
by the straight-line method over their useful lives, generally a period of 5 years. (g) Goodwill Goodwill which was recorded when overseas subsidiaries acquired companies is not amortized according to IFRS No.3 “Business Combination . (h)Deferred assets Bond issue cost is amortized by the straight-line method over the redemption period. (i) Foreign currency translation All monetary assets and liabilities denominated in foreign currencies are translated into Japanese yen at the rates of exchange in effect at the balance sheet date and the gain or loss on each translation is credited or charged to income. Revenue and expense items arising from transactions denominated in foreign currencies are generally translated into Japanese yen at the average rates of exchange in effect during the year. Gain or loss on foreign exchange is credited or charged to income in the period in which such gain or loss is recognized for reporting purposes. The financial statements of the overseas subsidiaries are translated into Japanese yen at the rates of exchange in effect at the balance sheet date except that the components of net assets excluding minority interests are translated at their historical exchange rates. Adjustments resulting from translating the foreign currency financial statements are not included in the determination of net income and have been reported as translation adjustments and minority interests in net assets in the consolidated balance sheets. (j) Allowance for doubtful accounts The allowance for doubtful accounts is determined based on the Company’s and its consolidated subsidiaries’ historical experience of losses on bad debts and write off as a percentage of the balance of total receivables plus an additional amount deemed necessary to cover estimated future losses on specific doubtful accounts. (k) Accrued retirement benefits Certain overseas subsidiaries accrue employees’ retirement benefits at an estimated amount calculated based on the retirement benefit obligation. The amount of actuarial gain or loss in each fiscal year is amortized by using the straight-line methods over certain number of years within the employees’ average remaining years of service starting from the following year right after the actuarial gain or loss occurred. (l) Leases Non-cancelable leases related to the Company and the domestic consolidated subsidiaries are accounted for as operating leases except those lease which stipulate the transfer of ownership of the leased assets to the lessee which are accounted for as finance leases. (m) Derivative financial instruments The Company and certain consolidated subsidiaries have entered into various derivative transactions in order to manage certain risks arising from adverse fluctuations in foreign currency exchange rates. Derivative financial instruments are stated at fair value with any changes in unrealized gain or loss charged or credited to income, except for those which meet the criteria for deferral hedge accounting under which unrealized gain or loss is deferred as an asset or a liability. Receivables and payables hedged by qualified forward foreign exchange contracts are translated at the corresponding foreign exchange contract rates. (n) Income taxes Income taxes in Japan applicable to the Company and its domestic consolidated subsidiaries consist of corporate tax, inhabitants taxes and enterprise tax. Income taxes are calculated based on taxable income and charged to income on an accrual basis. Certain temporary differences exist between taxable income and income reported for financial statements purposes which enter into the determination of taxable income in a different period. The Company has recognized the tax effect of such temporary differences in the accompanying consolidated financial statements.
8
(o) Appropriation of retained earnings Under the Corporation Law of Japan, the appropriation of retained earnings with respect to a given financial year is made by resolution of the Board of Directors held subsequent to the close of such financial year. The accounts for that year do not, therefore, reflect such appropriations. (p) Cash and cash equivalents Cash and cash equivalents include cash on hand and in banks and other liquid investments with maturity of three months or less when purchased. 2. U.S. DOLLAR AMOUNTS Solely for the convenience of the reader and as a matter of arithmetic computation only, the amounts in the consolidated financial statements have been translated from Japanese yen into U.S. dollars, at the rate of ¥106 = U.S.$1, the approximate rate prevailing on June 30, 2008. The translation should not be construed as a representation that Japanese yen could be converted into U.S. dollars at this or any other rate. 3. INVENTORIES Inventories as of June 30, 2007 and 2008 were summarized as follows: June 30, 2007 2008 2008 nds of U.S. (Millions of yen)(Thoudsoallars) Finished products ¥4,428 ¥4,781 $45,104 Work in process 1,570 1,035 9,764 Raw materials and supplies 4,738 3,425 32,311 Reserve for obsolete inventories (189) (52) (490) ¥10,547 ¥9,189 $86,689
4. SHORT-TERM BANK BORROWINGS AND LONG-TERM DEBT Short-term bank borrowings bore interest at rates ranging, from 0.870% to 1.150% and from 0.950% to 1.250% per annum as of June 30, 2007 and 2008, respectively. Long-term debt consisted of the followings: June 30, 2007 2008 2008 (Thousands of U.S. (Millions of yen) dollars) ¥5,849 ¥4,313 $40,689 1,200 1,200 11,321 8,000 7,830 73,867 15,049 13,343 125,877 (2,726) (9,330) (88,019) ¥12,323 ¥4,013 $37,858
Bank borrowings Unsecured bonds Convertible bonds Less : current portion
9
