RNS Number:4922X
Nippon Sheet Glass Company Limited
31 May 2007
Balance Sheet
(in million JPY)
FY 2006 FY 2007 Change
Year-End Year-End
as of 06/3/31 as of 07/3/31
Current assets 288,732 465,836 177,104
Cash and deposits 180,670 160,914 (19,756)
Notes and account receivables - trade 59,072 148,584 89,512
Inventories 37,749 113,259 75,510
Deferred tax assets 1,863 3,095 1,232
Other current assets 10,145 44,371 34,225
Provision for bad debts (768) (4,388) (3,620)
Fixed assets 307,231 919,750 612,519
Tangible assets 119,396 396,586 277,189
Buildings and structures 38,378 83,844 45,466
Machinery and vehicles 44,566 222,165 177,599
Tools and fixtures 4,456 25,985 21,529
Land 23,030 57,213 34,183
Construction in progress 8,965 7,376 (1,588)
Intangible assets 6,989 417,423 410,433
Goodwill - 222,808 222,808
Other intangible assets 6,989 194,614 187,625
Investments and other assets 180,845 105,740 (75,104)
Investments in securities 174,006 85,534 (88,473)
Long-term loans receivables 939 11,093 10,154
Long-term prepaid expenses 1,168 1,298 129
Deferred tax assets 834 1,150 316
Other assets 4,270 7,591 3,321
Provision for bad debts (374) (927) (553)
Total : Assets 595,963 1,385,586 789,623
Current liabilities 111,002 437,589 326,586
Notes and accounts payable - trade 37,357 98,291 60,934
Short-term bank borrowings 46,703 107,316 60,613
Notes and accounts payable - construction 5,399 17,580 12,180
Accrued income tax 3,418 41,510 38,091
Accrued consumption tax 257 347 89
Accrued expenses 7,528 41,037 33,509
Customers' deposits 4,037 4,128 91
Provision for bonuses to employees 2,484 2,481 (3)
Provision for bonuses to directors 67 64 (3)
Provision for future finance risk arising from - 78,118 78,118
alleged violation of EU Commission competition regulations
Deferred tax liabilities 1,206 3,062 1,856
Other current liabilities 2,541 43,650 41,108
Fixed liabilities 243,361 620,768 377,407
Bonds 153,000 43,000 (110,000)
Long-term bank borrowings 37,220 410,800 373,580
Provision for retirement benefits to employees 12,022 86,034 74,012
Provision for retirement benefits to directors 1,187 1,563 376
Provision for rebuilding of furnaces 9,684 9,237 (446)
Consolidation goodwill 707 - (707)
Deferred tax liabilities 28,075 49,869 21,794
Other fixed liabilities 1,464 20,261 18,797
Minority interests in consolidated subsidiaries 3,315 - -
Shareholders' equity 238,284 - -
Common stock 41,060 - -
Capital surplus 50,374 - -
Retained earnings 95,791 - -
Unrealized holding gains on securites 50,338 - -
Translation adjustments 1,054 - -
Treasury stock - at cost (335) - -
Total: Liabilities, minority interests and shareholders equity 595,963 - -
Net Assets - 327,228 -
I. Shareholders' Equity - 306,900 -
Common stock - 96,147 -
Capital surplus - 105,289 -
Retained earnings - 105,914 -
Treasury stocks - at cost - (450) -
II. Valuation & translation adjustments - 6,944 -
Unrealized holding gain on securities - 25,881 -
Net unrealized holding loss on derivative instruments - (3,048) -
Foreign currency translation adjustments - (15,889) -
III. Stock Options - 26 -
IV. Minority interests in consolidated subsidiaries - 13,357 -
Total: Liabilities and net assets - 1,385,586 -
Profit Loss Statement
(in million JPY)
FY 2006 FY 2007 Change
Annual Annual
Net sales 265,888 681,547 415,658
Cost of sales 196,948 478,700 281,752
Gross Income 68,940 202,846 133,906
Selling, general and administrative expenses 60,510 179,024 118,513
Operating income 8,429 23,822 15,393
Non-operating income 8,212 15,476 7,263
Interest and dividend income 2,270 6,446 4,175
Equity in earnings of affiliates 4,018 2,416 (1,602)
Other income 1,923 6,613 4,689
Non-operating expense 6,217 31,297 25,080
Interest expense 1,607 23,060 21,452
Other expense 4,609 8,237 3,627
Income before extra-ordinary items 10,425 8,001 (2,423)
Extra-ordinary income 6,644 51,555 44,910
Gain on sales of property, plant and equipment 1,096 3,696 2,600
Gain on sales of investments in securities 5,548 44,828 39,280
Gain on sales of investments - 46 46
in subsidiaries & affiliates
Gain due to adjustment of repair reserve - 1,064 1,064
Gain on sale of business - 406 406
Profit in discontinuing operations - 1,513 1,513
Extra-ordinary loss 5,534 21,498 15,964
Loss on disposal of 1,322 7,296 5,974
property, plant and equipment
Loss on impairment of fixed assets 702 683 (19)
Loss on revaluation of investment 121 292 170
in securities
Loss on revaluation of investments - 135 135
in subsidiaries & affiliates
Loss on sale of investments - 1,141 1,141
in subsidiaries & affiliates
Expenses for acquisition of Pilkington 1,243 10,479 9,236
Loss due to withdrawal from operations - 1,373 1,373
Loss due to transfer of Head Office etc. - 95 95
Loss on disposal of inventories 1,358 - (1,358)
Loss on provision for asbestos related charges 785 - (785)
Income before income taxes and minority interests 11,535 38,057 26,522
Income tax:Current 4,015 28,068 24,053
Income tax:Deferred (580) (5,063) (4,483)
Minority interests in net income 335 2,957 2,622
of consolidated subsidiaries
Net income 7,764 12,095 4,330
Cash Flow Statement
(JPY million)
FY 2006 FY 2007
Annual Annual
Cash flows from operating activities:
Income before income taxes and minority interests 11,535 38,057
Depreciation and amortization 12,961 51,350
Amortization of goodwill - 8,316
Loss on impairment of fixed assets 702 683
(Decrease) increase in provision for bad debt 169 983
(Decrease) increase in provision for employees' bonuses (5) (78)
(Decrease) increase in accrued retirement benefits (2,093) (5,925)
Gain on sales of investments in securities (5,548) (44,828)
Interest and dividend income (2,270) (6,446)
Interest expense 1,607 23,060
Decrease (increase) in notes and accounts receivable 3,529 6,206
Decrease (increase) in inventories (2,081) 2,822
(Decrease) increase in notes and accounts payable (3,680) 4,822
Other, net (64) 13,636
Sub Total 14,760 92,661
Interest and dividend income received 5,541 9,925
Interest paid (1,720) (19,277)
Income taxes paid (3,126) (7,930)
Net cash provided by operating activities 15,455 75,379
Cash flows from investing activities:
Purchase of property, plant and equipment (18,590) (49,355)
Proceeds from sales of property, plant and equipment 2,295 12,822
Purchase of investments in securities (543) (4,710)
Purchase of investments in subsidiaries & affiliates (2,483) (317,012)
Proceeds from sales of investments in securities 7,565 54,620
Proceeds from sales of investments in subsidiaries & affiliates - 7,958
Other, net (392) (1,966)
Net cash provided by (used in) investing activities (12,149) (297,644)
Cash flows from financing activities:
Increase (decrease) in short-term borrowings 5,420 (2,474)
Issuance of long-term indebtedness 13,529 293,672
Repayment of long-term indebtedness (5,317) (97,052)
Issuance of bonds 110,000 -
Redemption of bonds (9,600) -
Cash dividends paid (2,658) (3,029)
Other, net (148) (1,046)
Net cash provided by (used in) financing activities 111,225 190,068
Effect of foreign exchange rate on cash and cash equivalents 1,029 12,797
Net decrease (increase) in cash and cash equivalents 115,560 (19,398)
Cash and cash equivalents at beginning of the year 63,512 179,158
Effect of change in scope of consolidation 85 1
Cash and cash equivalents at the end of the year 179,158 159,762
This information is provided by RNS
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