RNS Number : 1427V
Nippon Sheet Glass Company Limited
23 May 2008
Consolidated financial statements
Balance sheet
FY 2008 FY 2007 Difference
in JPY million in JPY million in JPY million
ASSETS
I. Current assets
1. Cash and deposits 127,928 160,914 (32,985)
2. Notes and account 145,560 148,584 (3,024)
receivables - trade
3. Inventories 119,488 113,259 6,228
4. Deferred tax assets 7,375 3,095 4,279
(current)
5. Other current assets 26,412 44,371 (17,958)
6. Allowance for doubtful (4,830) (4,388) (441)
accounts
Total: Current assets 421,935 465,836 (43,901)
II. Fixed assets
1. Tangible assets
(1) Buildings & structures 80,700 83,844 (3,143)
(2) Machinery & vehicles 217,410 222,165 (4,754)
(3) Tools & dies 19,910 25,985 (6,075)
(4) Land 54,041 57,213 (3,171)
(5) Construction in progress 3,410 7,376 (3,966)
Total: Tangible fixed assets 375,474 396,586 (21,111)
2. Intangible assets
(1) Goodwill 181,167 204,883 (23,715)
(2) Other intangible assets 171,506 194,614 (23,107)
Total: Intangible fixed assets 352,674 399,498 (46,823)
3. Investments & other assets
(1) Investments 99,867 126,855 (26,988)
(2) Loan receivable 9,083 11,093 (2,009)
(non-current)
(3) Prepaid expenses 2,193 1,298 894
(non-current)
(4) Deferred tax assets 51,431 1,150 50,281
(non-current)
(5) Other non-current assets 7,616 7,591 24
(6) Allowance for doubtful (987) (927) (59)
accounts
Total: Investments & other 169,205 147,062 22,143
assets
Total: Fixed assets 897,354 943,146 (45,792)
Total : Assets 1,319,290 1,408,983 (89,693)
LIABILITIES
I. Current liabilities
1. Notes and accounts payable 98,955 98,291 663
- trade
2. Short-term bank borrowings 92,956 107,316 (14,360)
3. Bonds maturing within one 10,000 - 10,000
year
4. Accounts payable 22,788 17,580 5,208
(construction and other)
5. Accrued income tax 16,732 41,510 (24,777)
6. Accrued Japanese 672 347 324
consumption tax
7. Accrued expenses 36,893 41,037 (4,144)
8. Deposits from customers 3,793 4,128 (335)
9. Provision for employees' 2,530 2,481 49
bonuses
10. Provision for directors' 135 64 71
bonuses
11. Provision for 12,519 - 12,519
losses incurring from
enhanced early
retirement program
12. Provision arising 49,992 78,118 (28,125)
from alleged violation of
competition law of
the European Union
13. Provision for warranties 7,322 - 7,322
and claims
14. Deferred tax liabilities 2 3,062 (3,060)
(current)
15. Other current liabilities 34,480 43,650 (9,169)
Total: Current liabilities 389,775 437,589 (47,814)
II. Non-current liabilities
1. Bonds 33,000 43,000 (10,000)
2. Long-term bank 320,452 410,800 (90,348)
borrowings
3. Accrued retirement benefits 75,026 86,034 (11,007)
for employees
4. Accrued retirement benefits 436 1,563 (1,127)
for directors
5. Provision for 9,763 9,237 526
rebuilding furnaces
6. Environmental 7,247 - 7,247
provision
7. Deferred tax 90,413 49,869 40,543
liabilities (non-current)
8. Other non-current 21,176 20,261 914
liabilities
Total: Non-current 557,516 620,768 (63,252)
liabilities
Total : Liabilities 947,291 1,058,358 (111,066)
NET ASSETS
I. Shareholders' Equity
1. Common stock 96,147 96,147 -
2. Capital surplus 105,292 105,289 2
3. Retained earnings 152,097 105,914 46,183
4. Treasury stocks - at cost (541) (450) (91)
Total: Shareholders' equity 352,995 306,900 46,094
II. Valuation & translation
adjustments
1. Unrealized holding 9,194 25,881 (16,687)
gain on securities
2. Net unrealized loss on (127) (3,048) 2,920
derivative instruments
3. Foreign currency (3,626) 7,507 (11,134)
translation adjustments
Total: Valuation & translation 5,439 30,340 (24,901)
adjustments
III. Stock Options 253 26 227
IV. Minority interests in 13,310 13,357 (47)
consolidated subsidiaries
Total: Net assets 371,998 350,625 21,373
Total: Liabilities & Net 1,319,290 1,408,983 (89,693)
Assets
Income statement
FY 2008 FY 2007 Difference
JPY million JPY million JPY million
I. Net sales 865,587 681,547 184,040
II. Cost of sales 594,379 478,700 115,678
Gross Income 271,208 202,846 68,361
III. Selling, general and 224,746 179,024 45,722
administrative expenses
Operating income 46,462 23,822 22,639
IV. Non-operating income
1. Interest and dividend 9,645 6,446 3,199
income
2. Equity in earnings of 10,257 2,416 7,840
affiliates
3. Other non-operating income 1,785 21,688 6,613 15,476 (4,827) 6,212
V. Non-operating expense
1. Interest expense 25,497 23,060 2,437
2. Other non-operating expense 12,216 37,713 8,237 31,297 3,978 6,415
Ordinary income 30,437 8,001 22,436
VI. Extraordinary income
1. Gain from sale of fixed 2,679 3,696 (1,017)
assets
2. Gain from sale of 13,414 44,828 (31,413)
investments in securities
3. Gain from sale of 12 46 (33)
investments in subsidiaries
and affiliates
4. Gain from sale of 30,831 - 30,831
discontinued operation
5. Gain from discharge of - 1,064 (1,064)
furnace repair provision
6. Gain from sale of business - 406 (406)
7. Income from discontinued 497 1,513 (1,015)
operations
8. Insurance income 1,761 - 1,761
9. Gain incurred from prior 2,072 51,268 - 51,555 2,072 (286)
year adjustments
VII. Extraordinary loss
1. Loss from sale and 1,574 7,296 (5,722)
disposal of fixed assets
2. Impairment of fixed assets 1,699 683 1,016
3. Revaluation of investments 474 292 181
in securities
4. Loss from sale of 3 - 3
investments in securities
5. Revaluation of investments 1,206 135 1,070
in subsidiaries & affiliates
6. Liquidation of investments 58 - 58
in subsidiaries & affiliates
7. Loss from sale of - 1,141 (1,141)
investments
in subsidiaries & affiliates
8. Loss from revaluation & 164 - 164
sale of golf playing rights
9. Special support for early 614 - 614
retirees
10. Provision for loss 12,519 - 12,519
deriving
from enhanced early retirement
program
11. Loss from revaluation of 843 - 843
inventories
12. Expenses incurred upon - 10,479 (10,479)
acquisition of Pilkington
13. Loss incurred due to 288 1,373 (1,084)
withdrawal of business
14. Expenses incurred upon - 19,447 95 21,498 (95) (2,050)
relocation of head office
Net income before taxation and 62,258 38,057 24,200
minority interest
Income tax - current 13,800 28,068 (14,267)
Previous year tax adjustments 1,195 - 1,195
Income tax - deferred (5,411) 9,584 (5,063) 23,004 (347) (13,419)
Minority interest in net 2,256 2,957 (701)
income of subsidiaries
Net income 50,416 12,095 38,321
Cash-flow statement
* FY2008 FY 2007 Difference
JPY million JPY million JPY million
I. Cash flows from operating
activities:
Income before income taxes and 62,258 38,057 24,200
minority interests
Adjustments for:
Depreciation and amortization 63,615 51,350 12,265
(excluding goodwill)
Amortization of goodwill 10,330 8,316 2,014
Loss on impairment of fixed 1,699 683 1,016
assets
Allowance for doubtful debts (236) 983 (1,219)
Provision for employees' 124 (78) 202
bonuses
Accrued retirement benefits 6,052 (5,925) 11,978
Sale of investments in (13,414) (44,828) 31,413
securities
Sale of discontinuing (30,831) - (30,831)
operations
Interest and dividend income (9,645) (6,446) (3,199)
Interest expense 25,497 23,060 2,437
(Increase) decrease of note (4,023) 6,206 (10,230)
and account receivable
(Increase) decrease of (9,263) 2,822 (12,086)
inventories
Increase (decrease) of note 9,872 4,822 5,050
and account payable
Other, net (14,494) 13,636 (28,132)
Sub total 97,541 * 92,661 4,879 *
Interest and dividend income 12,927 9,925 3,001
received
Interest paid (27,100) (19,277) (7,822)
Income taxes paid (33,974) (7,930) (26,043)
Net cash provided by operating 49,394 75,379 (25,984) *
activities
II. Cash flows from investing
activities:
Acquisition of property, (46,636) (49,355) 2,719
plant and equipment
Proceeds from sale of 3,965 12,822 (8,857)
property, plant and equipment
Acquisition of investments (49) (4,710) 4,661
in securities
Proceeds from sale of 15,463 54,620 (39,156)
investments in securities
Acquisition of investments (7,231) (317,012) 309,781
in subsidiaries and affiliates
Sale of investments in 43 7,968 (7,914)
subsidiaries and affiliates
Proceeds from sale of 66,105 - 66,105
discontinued operations
Other, net (2,190) (1,966) (224)
Net cash provided by (used in) 29,471 (297,644) 327,115
investing activities
III. Cash flows from financing
activities:
Increase / (Decrease) in 1,385 (2,474) 3,859
short-term borrowings
Proceeds from long-term loan 25,177 293,672 (268,494)
payable
Repayment of long-term loan (104,071) (97,052) (7,019)
payable
Cash dividends paid (4,026) (3,029) (996)
Other, net (2,081) (1,046) (1,034)
Net cash provided by (used in) (83,616) 190,068 (273,685)
financing activities
IV. Effect of foreign exchange (13,101) 12,740 (25,841)
rate on cash and cash
equivalents
V. Net decrease in cash and (17,852) (19,455) 1,603
cash equivalents
VI. Opening cash and cash 159,762 179,158 (19,396)
equivalents at 1 April
VII. Decrease due to change in (38,711) - (38,711)
scope of cash and cash
equivalents
VIII. Increase due to change 96 - 96
in scope of consolidation
IX. Increase due to inclusion - 59 (59)
of new subsidiaries
X. Closing cash and cash 103,293 159,762 (56,468)
equivalents at 31 March
This information is provided by RNS
The company news service from the London Stock Exchange
END
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