english hampo without audit repo 0606（1228）Ver.10
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Consolidated Financial Statements (Unaudited) SUMIDA CORPORATION and Consolidated Subsidiaries First Half Years ended June 30, 2005 and 2006 SUMIDA CORPORATION and its Subsidiaries Consolidated Financial Statements (Unaudited) First Half Years ended June 30, 2005 and 2006 Contents Consolidated Balance Sheets .................................................................................................................. 1 Consolidated Statements of Income ........................................................................................................ 4 Consolidated Statements of Shareholders’ equity.....................................................................................5 Consolidated Statements of Changes in Net Assets ................................................................................6 Consolidated Statements of Cash Flows ................................................................................................. 7 Notes to Consolidated Financial Statements ........................................................................................... 8 Consolidated Balance Sheets (Unaudited) As of June 30, 2005 and 2006 June 30,2005 2006 2006(Millions of yen) (Thousands of U.S.dollars)(Note 2)AssetsCurrent assets: Cash and time deposits ¥9,500 ¥7,335 $64,342 Trade receivables: Notes 1,010 984 8,632 Accounts 8,411 13,453 118,009 ...
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| Publié par | Ustlo |
| Nombre de lectures | 5 |
| Langue | English |
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Consolidated Financial Statements (Unaudited) SUMIDA CORPORATION and Consolidated Subsidiaries First Half Years ended June 30, 2005 and 2006
SUMIDA CORPORATION and its Subsidiaries Consolidated Financial Statements (Unaudited) First Half Years ended June 30, 2005 and 2006 Contents
Consolidated Balance Sheets .................................................................................................................. 1 Consolidated Statements of Income ........................................................................................................ 4 Consolidated Statements of Shareholders’ equity.....................................................................................5 Consolidated Statements of Changes in Net Assets ................................................................................ 6 Consolidated Statements of Cash Flows ................................................................................................. 7 Notes to Consolidated Financial Statements ........................................................................................... 8
Consolidated Balance Sheets (Unaudited) As of June 30, 2005 and 2006 June 30, 2005 2006 2006 (Millions of yen) (Thousands of U.S.dollars) (Note 2)
Assets Current assets: Cash and time deposits Trade receivables: Notes Accounts Allowance for doubtful accounts InventoriesNote 3 Deferred income taxes Prepaid expenses and other current assets Total current assets Pro ert , lant and e ui ment:Note 4 Land Buildings Machinery and equipment Furniture and fixtures Construction in progress Accumulated depreciation Property, plant and equipment, net Investment and other assets: Intangible assets Investment in securitiesNote 9 Investment in affiliate Deferred income taxes Other assets Investment and other assets Total assets
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¥9,500 1,010 8,411 (38) 9,383 4,136 1,400 1,579 25,998 1,757 6,188 10,662 2,557 872 22,036 (11,153) 10,883 1,390 1,799 710 1,385 274 5,558 ¥42,439
¥7,335 984 13,453 (39) 14,398 8,443 1,093 2,458 33,727 2,520 11,322 27,142 11,175 1,795 53,954 (34,087) 19,867 3,427 301 1,332 3,446 436 8,942 ¥62,536
$64,342 8,632 118,009 (342) 126,299 74,061 9,588 21,561 295,851 22,105 99,316 238,088 98,026 15,746 473,281 (299,009) 174,272 30,061 2,640 11,684 30,228 3,825 78,438 $548,561
Consolidated Balance Sheets (Unaudited) As of June 30, 2005 and 2006 June 30, 2005 2006 2006 (Millions of yen) (Thousands of U.S.dollars) (Note 2) $61,605 11,456 184 41,632 41,816 5,623 2,614 44,719 167,833 119,737 5,693 22,289 147,719 315,552
Liabilities, shareholders' equity and net assets Current liabilities: Short-term bank borrowin sNote 4 Current ortion of lon -term debtNote 4 Trade payables: Notes Accounts Income taxes payable Deferred income taxes Accrued expenses and other current liabilities Total current liabilities Long-term liabilities: Lon -term debtNote 4 Deferred income taxes Others Total long term liabilities Total liabilities
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¥3,850 1,752 29 3,681 3,710 396 150 1,506 11,364 8,106 369 210 8,685 20,049
¥7,023 1,306 21 4,746 4,767 641 298 5,098 19,133 13,650 649 2,541 16,840 35,973
Consolidated Balance Sheets (Unaudited) As of June 30, 2005 and 2006 June 30, 2005 2006 2006 (Millions of yen) (Thousands of U.S.dollars) (Note 2) 53－ －
Minority interests Shareholders' e uit : Common stock: Authorized-70,000,000 shares in 2005 Issued-19,266,316 shares-2005 Additonal paid-in capital Retained earnings Net unrealized holding gain on securities Translation adjustments Treasury stock, at cost: 2005-25,367 shares Total shareholders' equity Total liabilities, minorit interests and shareholders' e uit Net assets: Common stock: Authorized-70,000,000 shares in 2006 Issued-19,601,887 shares-2006 Capital surplus Earned surplus Treasury stock, at cost: 2006-29,671 shares Total shareholders' equity Unrealized holding gain on securities Unrealized holding gain on derivatives Translation adjustments Total valuation and translation adjustments Minority interests Total net assets Total liabilities and net asstes See accompanying notes to consolidated financial statements.
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6,653－ － 6,465 － － 11,078－ － 241－ － (2,039) － － 22 398－ － , (61) － － 22,337 － － 42,439 － －
－ － － － － － － － － － － －
6,929 60,781 6,743 59,149 13,360 117,193 (72) (632) 26,960 236,491 32 281 19 167 (1,121) (9,834) (1,070) (9,386) 673 5,904 26,563 233,009 ¥62,536 $548,561
Consolidated Statements of Income (Unaudited) For first half years ended June 30, 2005 and 2006 First half year ended June 30, 2005 2006 2006 (Millions of yen) (Thousands of U.S.dollars) (Note 2) $261,044 189,237 71,807 52,447 19,360
Net sales Cost of sales Gross profit Selling, general and administrative expenses (Note 5) Operating income Other income (expense): Interest and dividend income Interest expense Foreign currency exchange gain (loss) Other, net Income before income taxes and minority interests Income taxes: Current Deferred Income before minority interests Minority interests Net income See accompanying notes to consolidated financial statements.
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¥19,124 14,137 4,987 3,575 1,412
22 (20) (19) (244) 1,151 232 223 455 696 4 ¥692
¥29,759 21,573 8,186 5,979 2,207
61 (67) 449 76 2,726 726 660 1,386 1,340 27 ¥1,313
535 (588) 3,939 666 23,912 6,368 5,789 12,157 11,755 237 $11,518
Consolidated Statements of Shareholders’ equity (Unaudited) For first half years ended June 30, 2005
Net unrealized Additional holding gain Number of paid-in Retained (loss) on Translation shares Common stock capital earnings securities adjustments (Millions of Yen)
Balance as of December 31,2004 17,462,143 ¥6,604 ¥6,416 ¥10,647 Net income 692 Unrealized gains on securities Currency translation adjustments Stock split 1,746,214 Warrant and stock option issuance 57,959 49 49 Cash dividends paid (261) Purchase of treasury stocks Transfer to legal reserve Balance as of June 30,2005 19,266,316 ¥6,653 ¥6,465 ¥11,078 See accompanying notes to consolidated financial statements.
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¥68 173 ¥241
¥(3,183) 1,144 ¥(2,039)
Treasury stock
¥(41) (20) ¥(61)
Total
¥20,511 692 173 1,144 -98 (261) (20) - ¥22,337
Consolidated Statements of Changes in Net Assets (Unaudited) For first half years ended June 30, 2006 Shareholders' equity Total Common stock Capital surplus Earned surplus Treasury stock shareholders' equity (Millions of yen) Balance as of December 31, 2005 ¥6,771 ¥6,585 ¥12,532 ¥(65) ¥25,823 Changes of items during the perio Issuance of new shares 158 158 316 Dividends from surplus (485) (485) Interim net income 1,313 1,313 Purchase of treasury stock (8) (8) Disposal of treasury stoc (0) 1 1 Net changes of items other than shareholders' equit -Total changes of items during the period 158 158 828 (7) 1,137 Balance as of June 30, 2006 ¥6,929 ¥6,743 ¥13,360 ¥(72) ¥26,960 Valuation and translation adjustments UnrealizedUdnirnega lgizaiedTransltiTotal valuationMinority interestsTotal net assets holding gain or hol a on and translation loss on securitiesloss on derivant iovresadjustmentsadjustments (Millions of yen) Balance as of December 31, 2005 ¥52 - ¥(955) ¥(903) ¥55 ¥24,975 Changes of items during the perio Issuance of new shares 316 Dividends from surplus (485) Interim net income 1,313 Purchase of treasury stock (8) Disposal of treasury stoc 1 Net changes of items other than shareholders' equit (20) ¥19 (166) (167) 618 451 Total changes of items during the period (20) 19 (166) (167) 618 1,588 Balance as of June 30, 2006 ¥32 ¥19 ¥(1,121) ¥(1,070) ¥673 ¥26,563 Shareholders' equity Total Common stock Capital surplus Earned surplus Treasury stock shareholders' equity (Thousands of U.S.dollars) Balance as of December 31, 2005 $59,395 $57,763 $109,929 $(570) $226,517 Changes of items during the perio Issuance of new shares 1,386 1,386 2,772 Dividends from surplus (4,254) (4,254) Interim net income 11,518 11,518 Purchase of treasury stock (71) (71) Disposal of treasury stoc (0) 9 9 Net changes of items other than shareholders' equit 0 Total changes of items during the period 1,386 1,386 7,264 (62) 9,974 Balance as of June 30, 2006 $60,781 $59,149 $117,193 $(632) $236,491 Valuation and translation adjustments Unrealized Unrealized Total val holding gain or h Translation uation loss on securitieslosso lodni ndge rgiaviant iovresadjustmentsanadd jtursatnmsleatnitosnMinority interestsTotal net assets (Thousands of U.S.dollars) Balance as of December 31, 2005 $456 - $(8,377) $(7,921) $482 $219,078 Changes of items during the perio Issuance of new shares 2,772 Dividends from surplus (4,254) Interim net income 11,518 Purchase of treasury stock (71) Disposal of treasury stoc 9 Net changes of items other than shareholders' equit (175) $167 (1,457) (1,465) 5,422 3,957 Total changes of items during the period (175) 167 (1,457) (1,465) 5,422 13,931 Balance as of June 30, 2006 $281 $167 $(9,834) $(9,386) $5,904 $233,009 See accompanying notes to consolidated financial statements. 6
Consolidated Statements of Cash Flows (Unaudited) For first half years ended June 30, 2005 and 2006 First half year ended June 30, 2005 2006 2006 (Millions of yen) (Thousands of U.S.dollars) (Note 2) ¥1,151 ¥2,726 $23,912 750 1,350 11,842 (22) (61) (535) 20 67 588 (195) (731) (6,413) 64 666 5,842 115 (615) (5,395) (104) (963) (8,447) 1,779 2,439 21,394 22 61 535 (20) (74) (649) (70) (687) (6,026) 1,711 1,739 15,254 (1,674) (1,628) (14,281) 60 9 79 (1,312) (93) (816) (292) (1,777) (15,588) (309) (658) (5,772) (196) (1,856) (16,280) (3,723) (6,003) (52,658) (1,000) (7,342) (64,404) - 6,000 52,632 (387) (5,454) (47,842) 7,983 - -97 316 2,772 (262) (484) (4,246) (21) (7) (61) 6,410 (6,971) (61,149) 202 146 1,281 4,600 (11,089) (97,272) 4,900 18,225 159,868 ¥9,500 ¥7,136 $62,596
Cash flows from operating activities Income before income taxes and minority interests Depreciation and amortization Interest and dividend income Interest expense Others, net Changes in operating assets and liabilities: Trade receivables Inventories Trade payables Subtotal Interests and dividend income Interest paid Income taxes paid Net cash provided by operating activities Cash flows from investing activities Purchases of property, plant and equipment Proceeds from sales of property, plant and equipment Purchases of securities Investment in subsidiary(Note6) Investment in affiliated company Others, net Net cash used in investing activities Cash flows from financing activities Decrease in short-term bank borrowings Increases in long-term borrowings Repayment of long-term debt Proceeds from issuance of convertible bonds Proceeds from issuance of common stock and warrants Cash dividends paid Others, net Net cash (used in) provided by financing activities Effect of exchange rate changes on cash and cash equivalents Net (decrease) increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year(Note 7): See accompanying notes to consolidated financial statements.
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Notes to Consolidated Financial Statements (Unaudited) June 30, 2005 and 2006 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Presentation SUMIDA CORPORATION (the “Company) and its domestic consolidated subsidiaries maintain their accounting records and prepare their financial statements in accordance with accounting principles generally accepted in Japan, and its overseas consolidated subsidiaries maintain their books of account in conformity with those of their countries of domicile. The accompanying consolidated financial statements have been prepared from the accounts prepared by the Company in accordance with the provisions set forth in the Securities and Exchange Law of Japan and in conformity with accounting principles generally accepted in Japan, which are different in certain respects as to the application and disclosure requirements of International Financial Reporting Standards. In addition, the notes to the consolidated financial statements include information which is not required under accounting principles generally accepted in Japan but is presented herein as additional information. (b) Principles of consolidation and accounting for investments in unconsolidated subsidiaries and affiliates The accompanying consolidated financial statements include the accounts of the Company and all of significant companies controlled directly or indirectly by the Company. Companies over which the Company exercises significant influence in terms of their operating and financial policies have been included in the consolidated financial statements on an equity basis. All significant intercompany accounts and transactions have been eliminated in consolidation. (c) Investment in securities Securities other than equity securities issued by subsidiaries and affiliates are classified into three categories: trading, held-to-maturity or other securities. Marketable securities classified as other securities are stated at fair value with any changes in unrealized holding gain or loss, net of the applicable income taxes, included directly in shareholders’ equity. Non-marketable securities classified as other securities are stated at cost. Cost of securities sold is determined by the average cost method. (d) Inventories Inventories are stated principally at cost determined by weighted average method. (e) Property, plant and equipment Property, plant and equipment are stated at cost. Depreciation of buildings (except for structures attached to the buildings) acquired subsequent to April 1, 1998 is calculated principally by the straight-line method over the estimated useful lives of the respective assets. Depreciation of other property, plant and equipment is computed by the declining-balance method for domestic companies and for the straight-line method for overseas subsidiaries over the useful lives of the respective assets. The useful lives of property, plant and equipment are summarized as follows Buildings and structures 3 to 65 years Machinery and equipment 2 to 16 years Furniture and fixtures 2 to 20 years Significant renewals and additions are capitalized at cost. Maintenance and repairs are charged to expense as incurred.
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(f) Research and development costs and computer software Research and development costs are charged to the consolidated statement of income when incurred. Expenditures relating to computer software developed for internal use are charged to the consolidated statement of income as incurred unless these are deemed to contribute to the generation of future income or cost savings. Such expenditures are capitalized as assets and amortized by the straight-line method over their useful lives, generally a period of 5 years. (g) Goodwill Goodwill which was recorded when overseas subsidiary acquired its subsidiary is not amortized according to International Financial Reporting Standards (IFRS) No.3 Business Combination. Goodwill is included in the account of “intangible assets on the balance sheet. Goodwill recognized by purchase price allocation for an acquisition of VOGT electronic AG (“VOGT) in this year is provisional amount. (h) Deferred assets Bond-issuing expenses were amortized at once in this half year. (i) Foreign currency translation All monetary assets and liabilities denominated in foreign currencies are translated into yen at the rates of exchange in effect at the balance sheet date. Revenue and expense accounts are translated at the average rate of exchange in effect during the year. Gain or loss on foreign exchange is credited or charged to its consolidated financial statements in the period in which such gain or loss is recognized for reporting purposes. Translation adjustments are presented as a component of shareholders’ equity and minority interests in its consolidated financial statements. (j) Allowance for doubtful accounts The allowance for doubtful accounts is determined based on the Company’s and its consolidated subsidiaries’ historical experience of losses on bad debts and write off as a percentage of the balance of total receivables plus an additional amount deemed necessary to cover estimated future losses on specific doubtful accounts. (k) Accrued pension cost An oversea subsidiary accrues necessary pension cost based on estimated allowances as of the end of the year. (l) Leases Non-cancelable leases related to the Company and the domestic consolidated subsidiaries are accounted for as operating leases (whether such leases are classified as an operating or finance lease) except those lease which stipulate the transfer of ownership of the leased assets to the lessee which are accounted for as finance leases. (m) Derivative financial instruments The Company and certain consolidated subsidiaries have entered into various derivative transactions in order to manage certain risks arising from adverse fluctuations in foreign currency exchange rates and commodity price. Derivative financial instruments are stated at fair value with any changes in unrealized gain or loss charged or credited to the consolidated statement of income, except for those which meet the criteria for deferral hedge accounting under which unrealized gain or loss is deferred as an asset or a liability. Receivables and payables hedged by qualified forward foreign exchange contracts are translated at the corresponding foreign exchange contract rates. (n) Income taxes Income tax in Japan applicable to the Company and its domestic consolidated subsidiaries consist of corporate tax.
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