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Financial Statements

Consolidated Balance Sheets
Consolidated Statements of Income
Statement of Changes in Consolidated Shareholders’ Equity
Consolidated Statements of Cash Flows
Supplementary Explanation of Operating Performance and Financial Position
Supplementary Explanation of Operating Performance and Financial Position
Overview of Business Results
In the consolidated fiscal year ended March 31, 2018, the Japanese economy continued to gradually improve against a backdrop of rising corporate profits, employment figures, and income levels as well as increased private capital investment. Overseas, the U.S. economy remained steady, and European and Asian economies on the whole continued to recover.
Business Segment Information

The Group has entered into the final fiscal year of its "IKO Mid-term business plan 2017 (three-year plan) CHANGE & CHALLENGE," which began in April 2015. The Group has implemented a wide range of initiatives to strengthen its earnings base while expanding its businesses and ensuring sustained growth.
From a sales perspective, amid robust demand for private capital investment and a consistently high level of orders, the Group worked to further cultivate business ties with existing customers while focusing on expanding sales of strategic products, demand for which is expected to increase going forward.
From a production standpoint, with orders continuing to rapidly rise, the Group worked quickly to upgrade its supply framework, mainly by increasing the number of personnel at domestic factories and the production subsidiary IKO Thompson Vietnam Co., Ltd. In addition, the Group strove to expand its overall production capacity and boost profitability by reducing costs.

Income Statements
Consolidated net sales for the fiscal year under review totaled ¥55,228 million, up 25.1% year on year. On the earnings front, production efficiency worsened temporarily following the installation of a new mission-critical system. However, due mainly to increased revenue and production, operating profit came to ¥2,649 million, up 131.2% year on year, and ordinary profit came to ¥2,397 million, up 164.7% year on year. Profit attributable to owners of the parent amounted to ¥1,678 million, compared with loss attributable to owners of the parent of ¥291 million for the previous fiscal year.
Analysis of Financial Position

Total assets as of March 31, 2018, totaled ¥99,836 million, an increase of ¥208 million compared with the end of the previous fiscal year. This mainly comprised increases in notes and accounts receivable-trade of ¥3,260 million and investment securities of ¥679 million as well as decreases in cash and deposits of ¥2,136 million, inventories of ¥373 million, deferred tax assets of ¥219 million, tangible fixed assets of ¥558 million and intangible assets of ¥418 million.
Total liabilities amounted to ¥40,170 million, a decrease of ¥851 million compared with the end of the previous fiscal year. This mainly comprised increases in notes and accounts payable-trade of ¥2,795 million, accrued expenses of ¥510 million, accounts payable-other of ¥832 million and deferred tax liabilities of ¥279 million as well as decreases in short-term loans payable of ¥400 million and corporate bonds of ¥5,000 million.
Total net assets amounted to ¥59,666 million, an increase of ¥1,060 million compared with the end of the previous fiscal year. This mainly comprised increases in retained earnings of ¥742 million and net unrealized holding gains on available-for-sale securities of ¥474 million.

Statement of Cash Flows

Cash and cash equivalents at the end of the fiscal year under review totaled ¥18,019 million, a decrease of ¥2,020 million compared with the end of the previous fiscal year.
Net cash provided by operating activities was ¥6,043 million. The major inflows were profit before income taxes of ¥2,489 million, depreciation and amortization of ¥3,094 million, a decrease in inventories of ¥410 million, an increase in notes and accounts payable-trade of ¥2,704 million and an increase in accrued expenses of ¥326 million, while the major outflows was an increase in notes and accounts receivable-trade of ¥3,196 million.
Net cash used in investing activities totaled ¥1,379 million. This was mainly due to proceeds from cancellation of insurance funds of ¥532 million, while the major outflows were purchase of property, plant and equipment of ¥1,539 million and purchase of insurance funds of ¥260 million.
Net cash used in financing activities totaled ¥6,696 million. This was mainly due to redemption of bonds of ¥5,000 million, purchase of treasury shares of ¥420 million and cash dividends paid of 935 million.

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