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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, 2017, the Japanese economy saw continued gradual improvement due mainly to a pickup in personal consumption amid higher employment figures and income levels. Overseas, the U.S. economy remained firm, backed by an improved labor market, and European economies continued to gradually recover. The economies of China and other emerging countries decelerated in the first half of the fiscal year but appeared to recover in the latter half.
Business Segment Information

The Group launched its "IKO Mid-term business plan 2017 (three-year-plan) CHANGE & CHALLENGE" in April 2015. Aiming to bolster its competitiveness and presence in global markets, the Group has implemented a wide range of initiatives to grow its businesses and reinforce its earnings base. In addition, to accelerate its future-oriented strategies for greater growth, the Group turned two companies that manufacture and sell bearings in China into subsidiaries in January 2017: UBC (Shanghai) Precision Bearing Manufacturing Co., Ltd. and UBC (Suzhou) Bearing Co., Ltd.
From a sales perspective, the Group held private shows and exhibitions worldwide as it worked to achieve further market penetration of the IKO brand and cultivate new demand. The Group focused on expanding sales of its strategic products by aggressively embracing a "customer-centered, proposal-based sales approach" as a pillar of its sales policy. In addition, in an effort to reinforce its sales capabilities in overseas markets, the Group established the sales subsidiary IKO Thompson Bearings Canada, Inc. in April 2016 in Canada.
In terms of product development , the Group worked to enhance its lineup of products that provide high added value from a customer perspective. To this end, the Group introduced the MX Master Grade roller-type linear motion rolling guide, which achieves running precision among the best in the series, and CRBHV/CRBFV crossed roller bearings, which offer quick delivery and excellent cost performance.
From a production standpoint, the Group focused on the improvement of production management methods and the global procurement of parts and materials with the aim of being more responsive to delivery deadlines and boosting profitability by reducing costs. In addition, the Group expanded both the production capacity and range of products produced by overseas subsidiary IKO Thompson Vietnam Co., Ltd.

Income Statements
Consolidated net sales for the fiscal year under review totaled ¥44,130 million, up 1.1% year on year. On the earnings front, the impact of the yen´s appreciation as well as general and administrative expenses increased as additional hiring to expand the business base and system development costs. As a result, operating income came to ¥1,145 million, down 62.0% year on year, and ordinary income came to ¥905 million, down 67.2% year on year. Reflecting an increase in the Company´s tax burden as a result of the reversal of deferred tax assets, loss attributable to owners of the parent amounted to ¥291 million, compared with profit attributable to owners of the parent of ¥1,569 million for the previous fiscal year.
Analysis of Financial Position

Total assets as of March 31, 2017, totaled ¥99,627 million, an increase of ¥10,429 million compared with the end of the previous fiscal year. This mainly comprised increases in cash and deposits of ¥6,306 million, notes and accounts receivable-trade of ¥2,872 million, goodwill of ¥384 million, leasehold right of ¥436 million, investment securities of ¥2,526 million as well as a decrease in inventories of ¥2,469 million.
Total liabilities amounted to ¥41,021 million, an increase of ¥9,880 million compared with the end of the previous fiscal year. This mainly comprised increases in notes and accounts payable-trade of ¥1,592 million, corporate bonds of ¥10,000 million, long-term loans payable of ¥3,275 million, deferred tax liabilities of ¥1,165 million as well as decreases in current portion of convertible bond with subscription rights of ¥4,999 million, accounts payable-other of ¥1,600 million.
Total net assets amounted to ¥58,605 million, an increase of ¥549 million compared with the end of the previous fiscal year. The main components was an increase in net unrealized holding gains on available-for-sale securities of ¥1,797 million as well as a decrease in retained earnings of ¥1,232 million.

Statement of Cash Flows

Cash and cash equivalents at the end of the fiscal year under review totaled ¥20,040 million, an increase of ¥6,653 million compared with the end of the previous fiscal year.
Net cash provided by operating activities was ¥4,981 million. The major inflows were imcome before income taxes of ¥905 million, depreciation and amortization of ¥2,596 million, a decrease in inventories of ¥2,984 million, a decrease in accounts receivable-other of ¥329 million, and an increase in notes and accounts payable-trade of ¥686 million while the major outflows were an increase in notes and accounts receivable-trade of ¥2,264 million and income taxes paid of ¥451 million.
Net cash used in investing activities totaled ¥5,376 million. This result was payments for the purchase of property, plant and equipment of ¥3,756 million and purchase of shares of subsidiaries resulting in change in scope of consolidation of ¥1,211 million.
Net cash provided in financing activities was ¥7,126 million. This was mainly due to proceeds from long-term loans payable of ¥7,098 million and proceeds from issuance of bonds of 10,000 million, while the major outflows were repayments of long-term loans payable of ¥3,818 million, redemption of convertible bonds with subscription rights to shares of ¥4,999 million, and cash dividends paid of ¥941 million.

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