RNS Number : 1649I
Nippon Sheet Glass Company Limited
14 November 2008
Consolidated Financial Statements
1. Quarterly consolidated balance sheet
(JPY millions)
First Half FY 09 FY 08 (Abbreviated)
As of 30 September 2008 As of 31 March 2008
Assets
Current assets
Cash and deposits 130,730 127,928
Notes and accounts receivable - 136,727 145,560
trade
Merchandise and finished goods 72,558 68,772
Work in process 13,199 14,653
Raw materials and supplies 37,405 36,062
Other current assets 33,760 33,788
Allowance for doubtful accounts (4,966) (4,830)
Total: Current assets 419,415 421,935
Non-current assets
Property, plant and equipment
Buildings and structures 156,518 157,260
Accumulated depreciation (78,527) (76,559)
Buildings and structures, net 77,991 80,700
Machinery, equipment and 394,441 389,523
vehicles
Accumulated depreciation (179,135) (172,112)
Machinery, equipment and 215,305 217,410
vehicles, net
Tools, furniture and fixtures 43,347 42,190
Accumulated depreciation (24,590) (22,279)
Tools, furniture and fixtures, 18,757 19,910
net
Land 51,253 54,041
Lease assets 8,856 -
Accumulated depreciation (2,655) -
Lease assets, net 6,201 -
Construction in progress 3,810 3,410
Total: Property, plant and 373,318 375,474
equipment
Intangible assets
Goodwill 166,601 181,167
Other intangible assets 154,352 171,506
Total: intangible assets 320,953 352,674
Investments and other assets
Joint ventures, associates and
other investments 70,570 99,867
Others 75,408 70,325
Allowance for doubtful accounts (1,144) (987)
Total: Investments and other 144,834 169,205
assets
Total: Non-current assets 839,107 897,354
Total: Assets 1,258,522 1,319,290
Liabilities
Current liabilities
Notes and accounts payable - 79,722 98,955
trade
Short-term loans payable 84,152 92,956
Bonds payable - 10,000
Lease obligations 3,450 -
Income taxes payable 28,415 16,732
Provision arising from alleged 54,987 49,992
violation of Competition Law of
the European Union
Other provisions 15,151 22,508
Other current liabilities 88,002 98,630
Total: Current liabilities 353,882 389,775
Non-current liabilities
Bonds payable 53,000 33,000
Long-term loans payable 287,168 320,452
Lease obligations 6,507 -
Provision for retirement 70,688 75,026
benefits
Other provisions 17,603 17,447
Other non-current liabilities 101,814 111,589
Total: Non-current liabilities 536,783 557,516
Total: Liabilities 890,666 947,291
Net assets
Shareholders' equity
Capital stock 96,147 96,147
Capital surplus 105,292 105,292
Retained earnings 167,304 152,097
Treasury stock (579) (541)
Total: Shareholders' equity 368,165 352,995
Valuation and translation
adjustments
Valuation difference on 5,055 9,194
available-for-sale securities
Deferred gains or losses on (981) (127)
hedges
Foreign currency translation (17,204) (3,626)
adjustment
Total: Valuation and (13,130) 5,439
translation adjustments
Subscription rights to shares 492 253
Minority interests 12,328 13,310
Total: Net assets 367,856 371,998
Total: Liabilities and net 1,258,522 1,319,290
assets
2. Consolidated income statement
*JPY millions*
First Half FY 09
For the period of 1 April 2008 to 30 September 2008
Net sales 431,082
Cost of sales 299,056
Gross profit 132,026
Selling, general and 114,828
administrative expenses
Operating income 17,198
Non-operating income
Interest income 3,019
Dividends income 906
Equity in earnings of 4,259
affiliates
Other non-operating income 472
Total: Non-operating income 8,658
Non-operating expenses
Interest expenses 11,328
Other non-operating expenses 1,986
Total: Non-operating expenses 13,315
Ordinary income 12,541
Extraordinary income
Gain on sales of fixed assets 808
Gain on sales of investment 7,713
securities
Gain on sales of investments 30,038
in affiliates
Other extraordinary income 517
Total: Extraordinary income 39,078
Extraordinary loss
Impairment loss 1,220
Restructuring expenditure 987
Loss arising on notification 8,971
of EU car glass fine
Other extraordinary losses 1,260
Total: Extraordinary losses 12,439
Income before income taxes and 39,180
minority interests
Income taxes 19,182
Minority interests 1,686
Net income 18,311
3. Consolidated statement of cash-flow
(JPY millions)
First Half FY 09
For the period of 1 April 2008 to 30
September 2008
Net cash provided by operating
activities
Income before income taxes and 39,180
minority interests
Adjustments for:
Depreciation and amortization 31,188
Impairment Loss 1,220
Amortization of goodwill 4,915
Increase in allowance for 334
doubtful accounts
Decrease in provision for (14,684)
retirement benefits
Increase in provision for 194
furnace repairs
Increase in EU car glass 8,971
provision
Net gain on sales and (167)
disposals of fixed assets
Net gain on sales and (7,681)
valuation of investment
securities
Net gain on sales of (30,038)
investments in affiliates
Interest and dividends income (3,926)
Interest expenses 11,328
Equity in earnings of (4,259)
affiliates
Decrease in notes and accounts 5,345
receivable - trade
Increase in inventories (7,704)
Decrease in notes and accounts (12,146)
payable - trade
Other, net 4,781
Subtotal 26,850
Interest and dividends income 6,420
received
Interest expenses paid (11,929)
Income taxes paid (6,729)
Net cash provided by operating 14,611
activities
Net cash provided by
investment activities
Purchase of property, plant (25,478)
and equipment
Proceeds from sales of 1,549
property, plant and equipment
Purchase of intangible assets (73)
Purchase of investment (7)
securities
Proceeds from sales of 9,618
investment securities
Purchase of investments in (2,054)
subsidiaries and affiliates
Proceeds from sales of stocks 42,682
of subsidiaries and affiliates
Decrease in short-term loans (2,945)
receivable
Payments of long-term loans (40)
receivable
Other, net 309
Net cash provided by 23,560
investment activities
Net cash used in financing
activities
Net decrease in short-term (15,315)
loans payable
Proceeds from long-term loans 2,302
payable
Repayment of long-term loans (27,457)
payable
Proceeds from issuance of 19,888
bonds
Redemption of Bonds (10,000)
Cash dividends paid (2,017)
Cash dividends paid to (1,308)
minority shareholders
Repayments of finance lease (2,227)
obligations
Other, net (36)
Net cash used in financing (36,174)
activities
Effect of exchange rate change (3,636)
on cash and cash equivalents
Net increase in cash and cash (1,638)
equivalents
Cash and cash equivalents at 103,293
beginning of period
Increase in cash and cash 2,181
equivalents resulting from
change of scope of
consolidation
Cash and cash equivalents at 103,837
end of period
This information is provided by RNS
The company news service from the London Stock Exchange
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