Appendix
TOKYO OHKA KOGYO CO., LTD. and Subsidiaries
Fiscal year ended December 31, 2022 (January 1, 2022 ― December 31, 2022)
Consolidated financial statements,
Notes to consolidated financial statements
TOKYO OHKA KOGYO CO., LTD. and Consolidated Subsidiaries
Consolidated Balance Sheets
December 31, 2022 and 2021
Thousands of | |||||||||
Millions of yen | U.S. dollars | ||||||||
ASSETS | (Note 1) | ||||||||
2022 | 2021 | 2022 | |||||||
CURRENT ASSETS: | |||||||||
Cash and deposits (Notes 7 and 19) | ¥ | 39,856 | ¥ | 40,469 | $ | 301,945 | |||
Time deposits (Note 19) | 15,514 | 16,366 | 117,534 | ||||||
Trade notes receivable (Note 19) | 911 | 810 | 6,907 | ||||||
Accounts receivable (Note 19) | 34,900 | 33,084 | 264,396 | ||||||
Securities (Notes 7, 8 and 19) | 3,999 | 3,999 | 30,302 | ||||||
Inventories (Note 9) | 30,006 | 21,350 | 227,319 | ||||||
Prepaid expenses and other current assets | 5,535 | 2,921 | 41,935 | ||||||
Allowance for doubtful accounts | (89) | (120) | (674) | ||||||
Total current assets | 130,636 | 118,883 | 989,667 | ||||||
PROPERTY, PLANT AND EQUIPMENT (Note 10): | |||||||||
Land | 10,570 | 8,662 | 80,083 | ||||||
Buildings and structures | 83,665 | 76,095 | 633,832 | ||||||
Machinery and equipment | 68,318 | 64,907 | 517,565 | ||||||
Furniture and fixtures | 26,873 | 23,429 | 203,584 | ||||||
Right-of-use assets | 1,060 | 984 | 8,032 | ||||||
Construction in progress | 3,565 | 3,896 | 27,013 | ||||||
Total | 194,054 | 177,976 | 1,470,110 | ||||||
Accumulated depreciation | (128,044) | (121,043) | (970,033) | ||||||
Net property, plant and equipment | 66,010 | 56,932 | 500,077 | ||||||
INVESTMENTS AND OTHER ASSETS: | |||||||||
Intangible assets | 1,295 | 837 | 9,817 | ||||||
Investment securities (Notes 8 and 19) | 16,097 | 16,505 | 121,947 | ||||||
Investments in and advances to an unconsolidated | |||||||||
subsidiary and associated companies | 7 | 7 | 56 | ||||||
Investment in capital | 100 | 100 | 757 | ||||||
Net defined benefit asset (Note 12) | 3,682 | 4,658 | 27,901 | ||||||
Deferred tax assets (Note 16) | 1,176 | 504 | 8,911 | ||||||
Long-term time deposits (Note 19) | 18,000 | 18,000 | 136,363 | ||||||
Other assets | 1,069 | 834 | 8,100 | ||||||
Total investments and other assets | 41,429 | 41,447 | 313,856 | ||||||
TOTAL | ¥ | 238,075 | ¥ | 217,264 | $ | 1,803,600 | |||
See notes to consolidated financial statements. |
1
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Trade notes and accounts payable (Note 19)
Short-term loans payable
Construction and other payables
Income taxes payable
Accrued expenses
Provisions
Other current liabilities
Total current liabilities
NON-CURRENT LIABILITIES:
Long-term loans payable (Note 11 and 19)
Deferred tax liabilities (Note 16)
Net defined benefit liability (Note 12)
Asset retirement obligations (Note 13)
Other non-current liabilities
Total non-current liabilities
EQUITY (Notes 14 and 22):
Common stock - authorized, 197,000,000 shares in 2022 and 2021
-
issued, 42,600,000 shares in 2022 and 2021 Capital surplus
Retained earnings
Treasury stock - at cost, 2,321,258 shares in 2022 and 2,439,651 shares in 2021
Accumulated other comprehensive income: Unrealized gain on available-for-sale securities Foreign currency translation adjustments Remeasurements of defined benefit plans
Total
Stock acquisition rights Non-controlling interests
Total equity
TOTAL
2
Thousands of | |||||||
Millions of yen | U.S. dollars | ||||||
(Note 1) | |||||||
2022 | 2021 | 2022 | |||||
¥ | 21,617 | ¥ | 19,250 | $ | 163,769 | ||
- | 3,900 | - | |||||
8,114 | 5,227 | 61,473 | |||||
3,308 | 4,278 | 25,065 | |||||
2,720 | 2,488 | 20,613 | |||||
3,322 | 3,107 | 25,167 | |||||
1,698 | 1,404 | 12,864 | |||||
40,781 | 39,656 | 308,952 | |||||
10,222 | 6,711 | 77,441 | |||||
1,084 | 1,614 | 8,212 | |||||
853 | 609 | 6,468 | |||||
80 | 81 | 608 | |||||
4,092 | 3,399 | 31,006 | |||||
16,333 | 12,416 | 123,737 | |||||
14,640 | 14,640 | 110,912 | |||||
15,303 | 15,207 | 115,937 | |||||
137,551 | 124,806 | 1,042,057 | |||||
(11,276) | (11,818) | (85,425) | |||||
5,280 | 6,851 | 40,000 | |||||
8,877 | 5,618 | 67,250 | |||||
(630) | 522 | (4,779) | |||||
169,745 | 155,829 | 1,285,952 | |||||
174 | 215 | 1,324 | |||||
11,039 | 9,146 | 83,633 | |||||
180,960 | 165,190 | 1,370,910 | |||||
¥ | 238,075 | ¥ | 217,264 | $ | 1,803,600 | ||
TOKYO OHKA KOGYO CO., LTD. and Consolidated Subsidiaries
Consolidated Statement of Income
Years Ended December 31, 2022 and 2021
Thousands of | |||||||||
Millions of yen | U.S. dollars | ||||||||
(Note 1) | |||||||||
2022 | 2021 | 2022 | |||||||
NET SALES | ¥ | 175,434 | ¥ | 140,055 | $ | 1,329,052 | |||
COST OF SALES (Note 17) | 112,319 | 90,529 | 850,901 | ||||||
Gross profit | 63,115 | 49,525 | 478,150 | ||||||
SELLING, GENERAL AND ADMINISTRATIVE | |||||||||
EXPENSES (Note 17) | 32,934 | 28,817 | 249,500 | ||||||
Operating income | 30,181 | 20,707 | 228,650 | ||||||
OTHER INCOME (EXPENSES): | |||||||||
Interest and dividend income | 644 | 530 | 4,883 | ||||||
Foreign exchange gain - net | 280 | 477 | 2,121 | ||||||
Interest expense | (73) | (72) | (555) | ||||||
Loss on valuation of derivatives | (326) | (162) | (2,474) | ||||||
Treasury stock acquisition cost | - | (50) | - | ||||||
Gain on sale of investment securities | 243 | 4,820 | 1,848 | ||||||
Impairment loss on long-lived assets (Note 10) | (195) | (439) | (1,483) | ||||||
Loss on retirement of non-current assets | (239) | (163) | (1,812) | ||||||
Environmental costs | - | (83) | - | ||||||
Other - net | 275 | 234 | 2,083 | ||||||
Other income (expenses) - net | 608 | 5,091 | 4,610 | ||||||
INCOME BEFORE INCOME TAXES AND NON-CONTROLLING | |||||||||
INTERESTS | 30,790 | 25,799 | 233,260 | ||||||
INCOME TAXES (Note 16): | |||||||||
Current | 7,537 | 6,464 | 57,104 | ||||||
Deferred | 97 | (191) | 735 | ||||||
Total income taxes | 7,634 | 6,273 | 57,840 | ||||||
NET INCOME BEFORE NON-CONTROLLING INTERESTS | 23,155 | 19,526 | 175,420 | ||||||
NON-CONTROLLING INTERESTS IN NET INCOME | 3,461 | 1,777 | 26,225 | ||||||
PROFIT ATTRIBUTABLE TO OWNERS OF THE PARENT | ¥ | 19,693 | ¥ | 17,748 | $ | 149,195 | |||
3
TOKYO OHKA KOGYO CO., LTD. and Consolidated Subsidiaries
Consolidated Statement of Income
Years Ended December 31, 2022 and 2021
Yen | U.S. dollars | ||||||||
2022 | 2021 | 2022 | |||||||
PER SHARE OF COMMON STOCK (Notes 14 and 22): | |||||||||
Basic earnings per share | ¥ | 489.56 | ¥ | 430.73 | $ | 3.70 | |||
Diluted earnings per share | 488.81 | 429.91 | 3.70 | ||||||
Cash dividends attributable to the year | 160.00 | 156.00 | 1.21 |
See notes to consolidated financial statements.
4
TOKYO OHKA KOGYO CO., LTD. and Consolidated Subsidiaries
Consolidated Statement of Comprehensive Income
Years Ended December 31, 2022 and 2021
Thousands of | ||||||||
Millions of yen | U.S. dollars | |||||||
(Note 1) | ||||||||
2022 | 2021 | 2022 | ||||||
NET INCOME BEFORE NON-CONTROLLING INTERESTS | ¥ | 23,155 | ¥ | 19,526 | $ | 175,420 | ||
OTHER COMPREHENSIVE INCOME (Note 21): | ||||||||
Unrealized gain on available-for-sale securities | (1,571) | (817) | (11,904) | |||||
Foreign currency translation adjustments | 3,649 | 3,881 | 27,644 | |||||
Remeasurements of defined benefit plans | (1,153) | 409 | (8,740) | |||||
Total other comprehensive income | 923 | 3,472 | 6,999 | |||||
COMPREHENSIVE INCOME | ¥ | 24,079 | ¥ | 22,998 | $ | 182,419 | ||
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO: | ||||||||
Owners of the parent | ¥ | 20,226 | ¥ | 20,352 | $ | 153,234 | ||
Non-controlling interests | 3,852 | 2,646 | 29,185 |
See notes to consolidated financial statements.
5
TOKYO OHKA KOGYO CO., LTD. and Consolidated Subsidiaries
Consolidated Statement of Changes in Equity
Years Ended December 31, 2022 and 2021
Thousands | Millions of yen | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of | comprehensive income (loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized | Foreign | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
shares of | gain on | currency | Remeasurements | Subscription | Non- | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
common stock | Common | Capital | Retained | Treasury | available-for-sale | translation | of defined benefit | rights to | controlling | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
outstanding | stock | surplus | earnings | stock | securities | adjustments | plans | Total | shares | interests | equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, JANUARY 1, 2021 | 41,508 | ¥ | 14,640 | ¥ | 15,207 | ¥ | 125,795 | ¥ | (14,477) | ¥ | 7,669 | ¥ | 2,606 | ¥ | 113 | ¥ | 151,556 | ¥ | 304 | ¥ | 8,133 | ¥ | 159,994 | ||||||||||||||||||||||||||||||||||||||||
Profit attributable to owners of the parent | - | - | - | 17,748 | - | - | - | - | 17,748 | - | - | 17,748 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid: | (3,925) | (3,925) | (3,925) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Final for prior year, ¥94.0 per share | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interim for current year, ¥62.0 per share | - | - | - | (2,592) | - | - | - | - | (2,592) | - | - | (2,592) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | (1,444) | - | - | - | (10,002) | - | - | - | (10,002) | - | - | (10,002) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal of treasury stock | 2,596 | - | 45 | - | 395 | - | - | - | 441 | (89) | - | 352 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement of treasury stock | (2,500) | - | (45) | (12,220) | 12,266 | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net change in items other than shareholders' equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
during the year | - | - | - | - | - | (817) | 3,011 | 409 | 2,603 | - | 1,012 | 3,615 | |||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, DECEMBER 31, 2021 | 40,160 | ¥ | 14,640 | ¥ | 15,207 | ¥ | 124,806 | ¥ | (11,818) | ¥ | 6,851 | ¥ | 5,618 | ¥ | 522 | ¥ | 155,829 | ¥ | 215 | ¥ | 9,146 | ¥ | 165,190 | ||||||||||||||||||||||||||||||||||||||||
Profit attributable to owners of the parent | - | - | - | 19,693 | - | - | - | - | 19,693 | - | - | 19,693 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid: | (3,794) | (3,794) | (3,794) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Final for prior year, ¥94.0 per share | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interim for current year, ¥78.0 per share | - | - | - | (3,153) | - | - | - | - | (3,153) | - | - | (3,153) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | 0 | - | - | - | (0) | - | - | - | (0) | - | - | (0) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal of treasury stock | 118 | - | 95 | - | 542 | - | - | - | 638 | (40) | - | 598 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net change in items other than shareholders' equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
during the year | - | - | - | - | - | (1,571) | 3,258 | (1,153) | 533 | - | 1,893 | 2,426 | |||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, DECEMBER 31, 2022 | 40,278 | ¥ | 14,640 | ¥ | 15,303 | ¥ | 137,551 | ¥ | (11,276) | ¥ | 5,280 | ¥ | 8,877 | ¥ | (630) | ¥ | 169,745 | ¥ | 174 | ¥ | 11,039 | ¥ | 180,960 |
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TOKYO OHKA KOGYO CO., LTD. and Consolidated Subsidiaries
Consolidated Statement of Changes in Equity
Years Ended December 31, 2022 and 2021
Thousands of U.S. dollars (Note 1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated other | ||||||||||||||||||||||||||||||||||||||||||||||||||||
comprehensive income (loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized | Foreign | |||||||||||||||||||||||||||||||||||||||||||||||||||
gain on | currency | Remeasurements | Non- | |||||||||||||||||||||||||||||||||||||||||||||||||
Common | Capital | Retained | Treasury | available-for-sale | translation | of defined | Subscription | controlling | Total | |||||||||||||||||||||||||||||||||||||||||||
stock | surplus | earnings | stock | securities | adjustments | benefit plans | Total | rights to shares | interests | equity | ||||||||||||||||||||||||||||||||||||||||||
BALANCE, DECEMBER 31, 2021 | $ | 110,912 | $ | 115,211 | $ | 945,500 | $ | (89,530) | $ | 51,905 | $ | 42,565 | $ | 3,961 | $ | 1,180,526 | $ | 1,631 | $ | 69,288 | $ | 1,251,445 | ||||||||||||||||||||||||||||||
Profit attributable to owners of the parent | - | - | 149,195 | - | - | - | - | 149,195 | - | - | 149,195 | |||||||||||||||||||||||||||||||||||||||||
Cash dividends paid: | (28,746) | (28,746) | (28,746) | |||||||||||||||||||||||||||||||||||||||||||||||||
Final for prior year, $0.71 per share | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||
Interim for current year, $0.59 per share | - | - | (23,892) | - | - | - | - | (23,892) | - | - | (23,892) | |||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | - | - | - | (7) | - | - | - | (7) | - | - | (7) | |||||||||||||||||||||||||||||||||||||||||
Disposal of treasury stock | - | 725 | - | 4,112 | - | - | - | 4,838 | (306) | - | 4,531 | |||||||||||||||||||||||||||||||||||||||||
Net change in items other than shareholders' equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
during the year | - | - | - | - | (11,904) | 24,684 | (8,740) | 4,039 | - | 14,345 | 18,384 | |||||||||||||||||||||||||||||||||||||||||
BALANCE, DECEMBER 31, 2022 | $ | 110,912 | $ | 115,937 | $ | 1,042,057 | $ | (85,425) | $ | 40,000 | $ | 67,250 | $ | (4,779) | $ | 1,285,952 | $ | 1,324 | $ | 83,633 | $ | 1,370,910 | ||||||||||||||||||||||||||||||
See notes to consolidated financial statements.
7
TOKYO OHKA KOGYO CO., LTD. and Consolidated Subsidiaries
Consolidated Statement of Cash Flows
Years Ended December 31, 2022 and 2021
Thousands of | |||||||||
Millions of yen | U.S. dollars | ||||||||
(Note 1) | |||||||||
OPERATING ACTIVITIES: | 2022 | 2021 | 2022 | ||||||
Income before income taxes and non-controlling interests | ¥ | 30,790 ¥ | 25,799 | $ | 233,260 | ||||
Adjustments for: | |||||||||
Depreciation and amortization | 6,762 | 6,430 | 51,227 | ||||||
Impairment loss on long-lived assets | 195 | 439 | 1,483 | ||||||
(Decrease) increase in provision for doubtful accounts | (31) | 16 | (239) | ||||||
Increase in provision for bonuses | 593 | 90 | 4,493 | ||||||
(Decrease) increase in provision for officers' bonuses | (401) | 343 | (3,044) | ||||||
Increase in net defined benefit asset | (371) | (273) | (2,811) | ||||||
Decrease in net defined benefit liability | (77) | (11) | (584) | ||||||
Interest and dividend income | (644) | (530) | (4,883) | ||||||
Interest expenses | 73 | 72 | 555 | ||||||
Foreign exchange gain - net | (1,066) | (918) | (8,079) | ||||||
Loss on valuation of derivatives | 326 | 162 | 2,474 | ||||||
Gain on sale of non-current assets | (14) | 1 | (113) | ||||||
Loss on retirement of non-current assets | 239 | 163 | 1,812 | ||||||
Gain on sale of investment securities | (243) | (4,820) | (1,848) | ||||||
Increase in trade receivables | (858) | (6,052) | (6,502) | ||||||
Increase in inventories | (7,510) | (2,830) | (56,895) | ||||||
Increase in trade payables | 1,870 | 4,515 | 14,168 | ||||||
Increase in advances received | 66 | 16 | 501 | ||||||
Interest and dividend received | 646 | 532 | 4,898 | ||||||
Interest paid | (73) | (72) | (555) | ||||||
Income taxes paid | (8,557) | (4,650) | (64,827) | ||||||
Other - net | (2,721) | 1,334 | (20,614) | ||||||
Net cash provided by operating activities | 18,991 | 19,758 | 143,876 | ||||||
INVESTING ACTIVITIES: | |||||||||
Purchase of securities | (12,000) | (13,000) | (90,909) | ||||||
Proceeds from redemption of securities | 12,000 | 12,000 | 90,909 | ||||||
Purchases of property, plant and equipment | (10,698) | (7,833) | (81,048) | ||||||
Proceeds from sale of property, plant and equipment | 10 | 39 | 79 | ||||||
Purchases of intangible assets | (752) | (296) | (5,699) | ||||||
Purchases of investment securities | (2,082) | (399) | (15,778) | ||||||
Proceeds from sale of investment securities | 371 | 5,008 | 2,813 | ||||||
Net decrease in time deposits | 982 | - | 7,443 | ||||||
Payments into long-term time deposits | (14,000) | (4,000) | (106,060) | ||||||
Withdrawal of long-term time deposits | 14,000 | 4,000 | 106,060 | ||||||
Other - net | (214) | (93) | (1,625) | ||||||
Net cash used in investing activities | (12,383) | (4,576) | (93,815) | ||||||
FINANCING ACTIVITIES: | 29,545 | ||||||||
Proceeds from long-term loans payable | 3,900 | - | |||||||
Repayments of long-term loans payable | (4,289) | (350) | (32,498) | ||||||
Proceeds from issuance of stock | 184 | 195 | 1,399 | ||||||
Proceeds from sale of treasury stock | 769 | 469 | 5,826 | ||||||
Purchases of treasury stock | (0) | (10,053) | (7) | ||||||
Dividends paid | (6,941) | (6,511) | (52,590) | ||||||
Dividends paid to non-controlling interests | (2,160) | (1,829) | (16,369) | ||||||
Other - net | (71) | (34) | (540) | ||||||
Net cash used in financing activities | (8,610) | (18,114) | (65,234) | ||||||
8 |
TOKYO OHKA KOGYO CO., LTD. and Consolidated Subsidiaries
Consolidated Statement of Cash Flows
Years Ended December 31, 2022 and 2021
Thousands of | ||||||||
Millions of yen | U.S. dollars | |||||||
(Note 1) | ||||||||
2022 | 2021 | 2022 | ||||||
FOREIGN CURRENCY TRANSLATION ADJUSTMENTS ON | ¥ | ¥ | ||||||
CASH AND CASH EQUIVALENTS | 1,389 | 1,673 | $ | 10,529 | ||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (612) | (1,258) | (4,643) | |||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 41,469 | 42,728 | 314,164 | |||||
CASH AND CASH EQUIVALENTS, END OF YEAR (Note 7) | ¥ | 40,856 | ¥ | 41,469 | $ | 309,520 | ||
See notes to consolidated financial statements.
9
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TOK - Tokyo Ohka Kogyo Co. Ltd. published this content on 06 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 November 2023 06:50:47 UTC.