May 13, 2021

Summary of Consolidated Financial Results
for the Year Ended March 2021 [Japan GAAP]
Name of Company:
Stock Code:
Stock Exchange Listing:
Representative

KAGA ELECTRONICS CO., LTD.
8154
URL: https://www.taxan.co.jp/
Tokyo Stock Exchange, First Section
Title: President & COO
Name: Ryoichi Kado
Title: Managing Director, Administration
Contact Person
Name: Eiji Kawamura
Headquarters
Phone:+81-(0)3-5657-0111
Date of regular general meeting of shareholders: June 29 2021 (tentative)
Date of commencement of dividend payment:
June 30, 2021 (tentative)
Date of filing of securities report:
June 29, 2021 (tentative)
Supplementary explanatory documents:
Yes
Earnings presentation:
Yes (For institutional investors and analysts)(Yen in millions, rounded down)

1. Financial results for the current fiscal year (April 1, 2020 - March 31, 2021)(1) Result of operations (Consolidated)(Percentage figures represent year on year changes)

Net sales

Fiscal year ended March 2021
Fiscal year ended March 2020

Operating income

Profit attributableto owners ofparentOrdinary income

Million yen%

Million yen%

Million yen%

422,365443,615

(4.8)
51.5

11,467
10,01414.5
32.3

11,241
10,137

10.9
29.0

Million yen%

11,399 94.8
5,852 (27.0)

Note: Comprehensive income: FY ended March 31, 2021: 14,114 million yen [252.4%] FY ended March 31, 2020:
4,005 million yen [(49.0)%]

Earnings per
share

Fiscal year ended March 2021
Fiscal year ended March 2020

Earnings per
share(diluted)

Ratio ofRatio of operating
ordinary income income to net
to assets
sales

Return on
equity

Yen

Yen

%

%

%

415.07213.21

－
－

13.5
7.6

5.1
4.8

2.7
2.3

Ref.: Share of profit/loss of entities accounted for using equity method: FY ended March 2021: (627) million yen
March 2020: (905) million yen

FY ended(2) Financial Position (Consolidated)
Total assets

As of March 31, 2021
As of March 31, 2020

Net assets

Equity ratio

Net assets per share

Million yen

Million yen%

Yen

237,004
207,638

95,062
86,25038.4
37.7

3,311.24
2,850.99

Ref.: Shareholders’ equity：FY ended March 2021: 90,967 million yen

FY ended March 2020: 78,284 million yen(3) Cash flow position (Consolidated)
Net cash providedby (used in)operating activities

Fiscal year ended March 2021
Fiscal year ended March 2020

Net cash providedby (used in)investing activities

Net cash providedby (used in)financing activities

Cash and cash
equivalents at endof period

Million yen

Million yen

Million yen

Million yen

9,999
22,406(2,453)(3,651)(6,851)(7,544)44,33342,693

2. Dividends
Dividend per share

1Q

2Q

Yen

Yen

Yearend

3Q
Yen

Yen

Full
year
Yen

AnnualPayout ratio Dividends/
aggregate (Consolidated)
net assets
amount(Consolidated)
Million yen%%

Fiscal year ended March 2020

－

30.00

－

40.00

70.00

1,921

32.8

2.5

Fiscal year ended March 2021
Fiscal year ending March 2022
(Forecast)

－

30.00

－

50.00

80.00

2,197

19.3

2.6

－

40.00

－

40.00

80.00

27.5

Notes: Breakdown of year-end dividend for FY3/20: Ordinary dividend: 30.00 yen; Extraordinary dividend: 10.00 yen
Breakdown of year-end dividend for FY3/21: Ordinary dividend: 30.00 yen; Extraordinary dividend: 20.00 yen3. Forecast for the fiscal year ending March 2022 (Consolidated, April 1, 2021 - March 31, 2022)(Percentage figures represent year on year changes)

Net sales
Full year

Operating income

Ordinary income

Million yen%

Million yen%

Million yen%

470,000

11.3

13,00013.4

12,000

6.7

Profit attributable Earnings per
to owners of parent
shareMillion yen%

Yen

8,000 (29.8)

291.20Note:Beginning with the start of the fiscal year ending on March 31, 2022, the “Accounting Standard for Revenue
Recognition” (Business Accounting Standards No. 29), etc. will be adopted, and thus the above consolidated
earnings forecasts are figures after this accounting standard, etc. has been applied.

* Notes(1) Changes in significant subsidiaries (Changes in specified subsidiaries accompanied by changes in thescope of consolidation): Yes
New: 2 (Company Name)：EXCEL CO.,LTD. Advanced Display Solutions (HONG KONG) Limited.
Note: For more information, please refer “Consolidated Financial Statements and Major Notes (5)Notes to consolidated financial statements （Changes to principal subsidiaries in the current
consolidated）” on page 16.
(2) Changes in accounting policies, estimates, and retrospective restatement(a) Changes due to revision of accounting standards: None(b) Changes other than (a): None(c) Changes in accounting estimates: None(d) Retrospective restatement: None
(3) Number of shares outstanding (common stock)(a) Shares outstanding
As of March 31, 2021:(including treasury shares)

28,702,118 As of March 31, 2020:

28,702,118(b) Treasury shares

As of March 31, 2021:

1,229,877 As of March 31, 2020:

1,243,279(c) Average number of shares
outstanding during the year

As of March 31, 2021:

27,465,021 As of March 31, 2020

27,449,833(Reference) Non-consolidated Financial Results
Financial results for the fiscal year ended March 2021 (April 1, 2020 - March 31, 2021)(1) Result of operations (Non-consolidated)(Percentage figures represent year on year changes)

Net sales
Fiscal year ended March 2021
Fiscal year ended March 2020

Operating income%

Million yen%

Million yen%

80,62876,326

5.6
3.3

1,766
211

734.5
－

6,351
4,751

33.7
(1.4)

Earnings per share
Fiscal year ended March 2021
Fiscal year ended March 2020

Ordinary income

Million yen

ProfitMillion yen

%

(621)
－
1,112 (75.9)

Earnings per share(diluted)

Yen

Yen

(22.63)40.51－－(2) Financial Position (Non-consolidated)
Total assets
As of March 31, 2021
As of March 31, 2020
Ref.: Shareholders’ equity
41,480 million yen

Net assets

Equity ratio

Net assets per share

Million yen

Million yen%

Yen103,000
93,971

40,10741,48038.9
44.1

1,459.80
1,510.51

Fiscal year ended March 2021: 40,107 million yen

Fiscal year ended March 2020:

*The audit procedures by certified public accountant or auditing firm are not applicable to this Financial
Results report.
*Cautionary statement regarding forecasts of operating results and special notes(Caution regarding forward-looking statements)
Forward-looking statements in these materials are based on information available to management at
the time this report was prepared and assumptions that management believes are reasonable. Actual
results may differ significantly from these statements for a number of reasons. For information about theforecasts, please see “1. Results of Operations (4) Future outlook” on page 6 of Supplementary
Information.
(Supplementary materials for financial results and how to obtain details of the financial results meeting)
We plan to hold an earnings briefing for institutional investors and analysts on Thursday, May 27,
2021. Supplementary materials for the earnings briefing will be posted on our website today (Thursday,
May 13th). We plan to post a video of the earnings briefing, together with the briefing materials used onthat day, on our website on May 27th.
（Japanese）https://www.taxan.co.jp/jp/ir/event/event_01.html（English）https://www.taxan.co.jp/en/ir/event/event_01.html

Index for Supplementary Information
1. Results of Operations ................................................................................................................. 2(1) Overview of consolidated business performance ...................................................................... 2(2) Overview of financial condition .............................................................................................. 6(3) Cash flows.......................................................................................................................... 6(4) Future outlook .................................................................................................................... 6(5) Basic policy for earnings allocations and dividends in the current and next fiscal years ................ 7
2. Basic Approach to the Selection of Accounting Standards .............................................................. 7
3. Consolidated Financial Statements and Major Notes ....................................................................... 8(1) Consolidated balance sheet .................................................................................................. 8(2) Consolidated statements of income and comprehensive income .............................................. 10(3) Consolidated statement of changes in equity ........................................................................ 12(4) Consolidated statement of cash flows .................................................................................. 14(5) Notes to consolidated financial statements ........................................................................... 16(Notes to going concern assumptions) .................................................................................. 16(Changes to principal subsidiaries in the current consolidated) ............................................... 16(Additional information) ...................................................................................................... 16(Segment information, etc.) ................................................................................................. 16(Per-share information) ..................................................................................................... 19(Subsequent events) ......................................................................................................... 19
4. Non-consolidated Financial Statements ....................................................................................... 20(1) Balance sheet ................................................................................................................... 20(2) Statement of income ......................................................................................................... 22(3) Statement of changes in equity ........................................................................................... 23

1

1. Results of Operations(1) Overview of consolidated business performance
During the consolidated fiscal period under review, global economic conditions remained harsh in
the first half of the fiscal year, with falling demand resulting from intermittent lockdowns,
manufacturing suspensions in some industries, and other factors due to the impact of the COVID19 outbreak. However, economic activities quickly resumed in China, which was able to contain theoutbreak sooner than other countries, consumer sentiment improved even in the US, supported byan increase in job numbers, and there were signs of a recovery in manufacturing. Economic activity
continued to be repressed in Europe due to the impact of another surge in infections. Although theJapanese economy bottomed out in May 2020 when the state of emergency declaration was lifted,
the recovery has been modest at best. A second state of emergency was subsequently declared,
weakening the economic recovery overall.
In the electronics industry to which the Group belongs, computer-related demand increased
significantly due to the rapid introduction of telework and online classes. Sales of DIY-related tools
and machine tools also grew on the back of demand sparked by a rise in at-home activities as
people were asked to limit their movement during the pandemic. In addition, the automotive
market was solid as auto sales began to recover from extremely slow growth caused by lockdowns
around the world in the June quarter of this year.
In this environment, the Group focused on strengthening its competitiveness even further inorder to expand its components sales business and the manufacturing EMS Note 1 business, which are
the two pillars of the growth strategy in the three-year Medium-Term Management Plan 2021
(2019-2021). This plan began in April 2019, which makes this fiscal year the halfway point.
Specifically, in the components sales business, in addition to making EXCEL Co., Ltd. (“EXCEL”),
an electronic parts trading company in the same industry, a subsidiary in April 2020, the Group
worked to share and expand the products it handles and its customer base. In the EMS business,
the Group worked together to expand business by focusing on sales activities targeting existingcustomers of Kaga FEI Co., Ltd.(Note 2) (“Kaga FEI”). Moreover, Kyokuto Electric Co., Ltd. was made asubsidiary in November 2020, and the factories owned by the company in Tottori Prefecture weremade the Group’s EMS base in western Japan. This, coupled with Kaga EMS Towada Co., Ltd. in
Aomori Prefecture, reinforced the Group’s domestic manufacturing system. In December 2020, theGroup also completed work on a new factory in China’s Hubei Province, where the auto industry isconcentrated, thereby enhancing its manufacturing capacity both domestically and overseas.
（*1）Electronics Manufacturing Service: Provision of product development and manufacturing services on an
outsourcing basis（*2）"Fujitsu Electronics Inc.", a Group company since January 2019, changed its name to " KAGA FEI Co.,Ltd." effective December 29, 2020.

2

FY 2020/3

FY 2021/3(April 1, 2019 –March 31, 2020)(April 1, 2020 –YoY

March 31, 2021)（Million yen）

（Million yen）

Net sales

443,615422,365(21,249)(4.8%)

Gross profit

47,01647,936920

2.0％（Margin）

10.6％

11.3％

0.7pt

－

SG&A

37,001

36,469(532)(1.4％)

Operating income

10,014

11,467

1,452

14.5％

Ordinary income

10,137

11,241

1,104

10.9％

Profit before income taxes

9,286

14,472

5,185

55.8％

5,852

11,399

5,547

94.8％

EPS

213.21415.07201.86

－

ROE

7.6%

13.5%

5.9pt

－

108.74106.06(2.68)－

Profit attributable toowners of parent（Million yen）

Exchange Rate
(Average rate during the year)

USD
Net sales in the consolidated fiscal year ended March 31, 2021 decreased by 4.8% year on year
to 422,365 million yen. Although the Group attracted demand for computers and others spurred by
telework and responded to the recovery in demand in the manufacturing industry, and new Groupsubsidiary EXCEL boosted sales, the termination of Kaga FEI’s sales agency agreements with large
firms continued to affect sales.
In terms of income, operating income increased 14.5% year on year to 11,467 million yen andordinary income rose 10.9% year on year to 11,241 million yen. This was due to an increase ingross profit supported by solid sales in key businesses, in addition to efforts to curtail and reduce
selling, general, and administrative expenses, such as travel and transportation costs and businessdining costs, as well as to promote teleworking, online meetings, and other initiatives to improve
operational efficiency.
Profit attributable to owners of parent rose 94.8% over the previous year, to 11,399 million yen,well over the previous year’s level. This was because the Group posted a 7,963 million yen “gain on
bargain purchase” as extraordinary income following a corporation acquisition, despite pricing in
one-off losses resulting from the prolonged COVID-19 pandemic, such as the posting of 1,893
million yen in impairment losses including those for the newly built EMS manufacturing bases
overseas as an extraordinary loss and 1,750 million yen in provision for allowance for doubtful
accounts for a major supplier.
Both operating income and ordinary income reached record highs for the second straight fiscal
year, and profit attributable to owners of parent reached a historical high for the first time in two
fiscal years, since the fiscal year ended in March 2019.

3

Business segment performance was as follows.
FY 2020/3

FY 2021/3(April 1, 2019 –March 31, 2020)(April 1, 2020 –March 31, 2021)（Million yen）

（Million yen）

YoY
（Million yen）

377,587

353,454(24,133)(6.4％)

Electronic

Net sales

components

Segment income

7,503

8,151

647

8.6％

Information

Net sales

43,466

48,389

4,922

11.3％

equipment

Segment income

1,707

2,482

774

45.3％

Software

Net sales

2,778

2,932

153

5.5％

236

263

26

11.4％

19,781

17,589(2,192)(11.1％)

452

474

22

4.9％

Net sales

443,615422,365(21,249)(4.8％)

Segment income

10,014

11,467

1,452

14.5％

Segment income
Others

Net sales
Segment income

Total

Note: “Segment income” shows unadjusted figures for each business segment and adjusted figures
for the total.
(a) Electronic components (Development, manufacture and sale of semiconductors, generalelectronic components and other products, the electronics manufacturing service (EMS), and otheractivities)
In this business, the components sales business saw the effect of higher sales generated by
EXCEL’s consolidation from April 2020, and the business also responded adroitly to demand as it
recovered sharply in a wide range of industries from the second half of the fiscal year. However,
the termination of Kaga FEI’s sales agency agreements with large firms continued to affect sales,
and as a result, net sales undercut the previous year’s levels in this fiscal year.
The EMS business was affected by the suspension of manufacturing at overseas manufacturing
plants of both the Company and its customers due to countries imposing lockdowns as COVID-19
infections increased early in the fiscal year, among other factors. However, demand picked up
markedly from the second half of the fiscal year, particularly in the automotive and industrial
equipment sectors. This in turn can be attributed to a recovery in spending, particularly on
automobiles, which had fallen sharply at one point. As a result, net sales in the fiscal year underreview exceeded levels in the previous year.
As a result, net sales decreased by 6.4% year on year to 353,454 million yen, and segment
income increased by 8.6% year on year to 8,151 million yen.
(b) Information equipment (Sales of PCs, PC peripherals, home electric appliances, photograph andimaging products, original brand products, and other products)
In this business, sales of PCs, PC peripherals, and security software grew as companies andschools respectively expanded teleworking and online classes. In addition, sales of thermographyequipment for temperature checks and sterilizing deodorizers with antiviral functions forcompanies were also solid as products aimed at countering COVID-19.
As a result, net sales increased by 11.3% year on year to 48,389 million yen, and segment
income increased by 45.3% year on year to 2,482 million yen.
(c) Software (Production of computer graphics, planning and development of amusement products,
and other activities)
In this business, areas such as computer graphics animation and the development of gamesoftware performed well due to an increase in orders and front-loaded orders from customers
sparked by a rise in at-home activities, among other factors.
As a result, net sales increased by 5.5% year on year to 2,932 million yen, and segment
income increased by 11.4% year on year to 263 million yen.
4

(d) Others (Repair and supports for electronics equipment, manufacture and sales of amusement
equipment, and sales of sports goods, and other activities)
In this business, the PC and PC peripheral recycling business was solid, but sales of gameequipment for the amusement industry and golf products were low due to the impact of requests
from administrative authorities around the country that large commercial facilities curtail theiroperating hours to prevent the spread of COVID-19.
As a result, net sales decreased by 11.1% year on year to 17,589 million yen, and segment
income increased by 4.9% year on year to 474 million yen.
<Reference>Financial results① Financial highlights(3months)
FY 2020/3 4Q(3months)

FY 2021/3 4Q(3months)(January 1, 2020 –March 31, 2020)(January 1, 2021 –March 31, 2021)

YoY（Million yen）

（Million yen）

（Million yen）

Net sales

104,813

128,099

23,28522.2％

Gross profit

11,77014,289

2,518

21.4％

（Margin）

11.2％

11.2％

0.0pt

－

SG&A

9,488

10,339851

9.0％Operating income

2,282

3,950

1,667

73.0％

Ordinary income

2,161

4,010

1,848

85.5％

1,699

(370)

(2,069)－927(1,329)(2,256)－

Profit before income
taxes
Profit attributable toowners of parent② By segment

FY 2020/3 4Q(3months)

FY 2021/3 4Q(3months)(January 1, 2020 –March 31, 2020)(January 1, 2021 –March 31, 2021)

YoY（Million yen）

（Million yen）

（Million yen）

Net sales

84,060106,750

22,68927.0％

Segment income

1,084

2,732

1,648

151.9％

Information

Net sales

13,677

14,451774

5.7％

Equipment

Segment income

853

728

(124)

(14.6％)

Software

Net sales

990

927

(62)

(6.3％)

Segment income

226

156

(70)

(31.0％)

6,085

5,969

(115)

(1.9％)

87

325

237

270.3％

104,813

128,099

23,285

22.2％

2,282

3,950

1,667

73.0％

Electronic
Components

Others

Net sales
Segment income

Total

Net sales
Segment income

Note: “Segment income” shows unadjusted figures for each business segment and adjusted figures
for the total.

5(2) Overview of financial condition
Assets, liabilities and net assets
Total assets as of March 31, 2021 increased by 29,366 million yen from the previous fiscal yearend to 237,004 million yen.
Current assets increased by 25,847 million yen compared to the end of the previous fiscal year, to200,179 million yen. The consolidation of EXCEL had an effect, and the other primary factors werean 18,278 million yen increase in notes and accounts receivable – trade and a 4,450 million yen
increase in merchandise and finished goods.
Non-current assets increased by 3,518 million yen to 36,825 million yen. This was primarily due
to a 2,269 million yen increase in investment securities and a 668 million yen increase in deferred
tax assets as a result of factors such as rises in the prices of invested stocks.
Liabilities increased by 20,553 million yen compared to the end of the previous fiscal year, to141,942 million yen. The consolidation of EXCEL had an effect, and the other primary factors were
a 9,665 million yen increase in notes and accounts payable – trade and an 8,593 million yen
increase in short-term loans payable.
Net assets increased by 8,812 million yen from March 31, 2020, to 95,062 million yen. This wasprimarily due to a 9,477 million yen increase in retained earnings due to 11,399 million yen in profit
attributable to owners of parent.
(3) Cash flows
Cash and cash equivalents as of March 31, 2021 increased 1,639 million yen from March 31, 2020
to 44,333 million yen.
(Operating activities)
Net cash provided by operating activities was 9,999 million yen (22,406 million yen provided by
the previous fiscal year) mainly due to the posting of profit before income taxes.
(Investing activities)
Net cash used in investing activities was 2,453 million yen (3,651 million yen used in the previous
fiscal year) mainly due to purchase of property, plant and equipment.
(Financing activities)
Net cash used in financing activities was 6,851 million yen (7,544 million yen used in the previous
fiscal year) mainly due to the additional acquisition of shares in Kaga FEI and the payment ofdividends.
(4) Future outlook
In the fiscal year ending in March 2022, we remain concerned about the effects of COVID-19 on
the global economy, particularly the spread of variants around the world. We expect economic
activity to gradually normalize as vaccines become more available in each country, treatments aredeveloped, and preventive systems are established. That said, we must take into account the riskof another surge in COVID-19 cases caused by variants; this and other factors make the economic
outlook for Japan and the rest of the world uncertain.
In the electronics industry, to which the Group belongs, there has been turmoil in some parts ofthe supply chain, such as tight supply/demand conditions for semiconductors. However, we
continue to expect that in the medium to long term, demand for electronic components will
increase. Specifically, in the ICT sector, we expect smartphone functions to become more advanced
as 5G (fifth-generation wireless network technology) is introduced in earnest, the data center
market will expand, and the greater sophistication and integration of IoT and AI will create new
demand. Moreover, in the automotive field, we anticipate that electronic vehicles will become partof a major trend as an eco-friendly measure and that electronic components and cyber technology
will be increasingly introduced in cars, as with CASE (Connected, Autonomous, Shared & Services,6

Electric).
Based on these assumptions, our forecasts for earnings in the fiscal year ending in March of 2022,
which will be the final year of Medium-Term Management Plan 2021, are shown below.
At this point, we do not expect to meet the management target of 500 billion yen in net sales
since the Group has been affected by the termination of sales agency contracts with major
suppliers and the global spread of COVID-19—factors that were not considered when this plan wasestablished. However, we have not lowered our target, and will continue to work hard to meet it We
succeeded in making progress with “profit-focused management,” even during this period ofadversity, and expect to set a record high for a third straight fiscal year and also achieve themanagement target of 13 billion yen in operating income. We reached the target for ROE one year
earlier than expected, in this fiscal year, but will continue to pursue management that allows us toconsistently achieve ROE of 8% or higher in the fiscal year ending in March 2022 as well.
(Reference) Forecast for the fiscal year ending March 2022 and Medium-term Management Plan
2021 Management Targets
Forecasts
FY2022/3

Management
Targets FY2021（Million yen）

（Million yen）

Net Sales

470,000

500,000

Operating Income

13,00013,000Ordinary Income

12,000－

Profit attributable toowners of parent

8,000

－

ＲＯＥ

8.5％

8% or higher(5) Basic policy for earnings allocations and dividends in the current and next fiscal years
The Company positions the return of profits to shareholders as one of the most importantmanagement policies, and in addition to endeavoring to strengthen its financial position andmanagement foundation with a long-term perspective, has the basic policy of maintaining stableand ongoing dividends to all shareholders with due consideration to consolidated performance.
With respect to the year-end dividend for the fiscal year ended on March 31, 2021, the Company
plans to pay an extraordinary dividend of 10 yen per share in addition to the 40 yen per share
dividend (30-yen ordinary dividend + 10-yen extraordinary dividend), for a total of 50 yen per
share, as we announced on April 28, 2021. As a result, the annual dividend, including an interim
dividend of 30 yen per share, will be 80 yen per share, which is an increase of 10 yen from the 70
yen per share in the previous fiscal year.
For the fiscal year ending March 31, 2022, a dividend of 80 yen per share, including an interim
dividend of 40 yen per share, is planned.

2. Basic Approach to the Selection of Accounting Standards
The KAGA ELECTRONICS Group prepares consolidated financial statements based on Japanese
accounting standards. Going forward, we will consider adopting IFRS standards with due consideration
to financial market trends, share of foreign investors, and the organizational costs resulting from theadoption of IFRS standards.

7

3. Consolidated Financial Statements and Major Notes(1) Consolidated balance sheet(Million yen)
FY 2020/3(As of March 31, 2020)

FY 2021/3(As of March 31, 2021)

ASSETS
Current assets
Cash and deposits

43,38445,636

Notes and accounts receivable - trade
Electronically recorded monetary claims operating
Securities

85,495

103,773

5,876

4,621

254

302

Merchandise and finished goods

25,27629,727Work in process

567

1,280

Raw materials and supplies

6,063

6,940

Other

7,601

9,921

Allowance for doubtful accounts(188)(2,024)

174,331

200,179

13,89914,327(6,533)(7,305)

7,365

7,021

10,163

11,496(5,685)(6,853)

4,477

4,642

Tools, furniture and fixtures

5,092

5,632

Accumulated depreciation(4,032)(4,254)

1,060

1,378

4,924

5,074

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net

Tools, furniture and fixtures, net
LandConstruction in progress
Total property, plant and equipment

145

107

17,974

18,225Intangible assets
Goodwill

322

209

Software

1,743

2,338

Other

190

62

2,256

2,609

Investment securities

8,502

10,771

Deferred tax assets

1,584

2,252

Guarantee deposits

857

931

Insurance funds

894

910

1,791

1,629

Total intangible assets
Investments and other assets

Other
Allowance for doubtful accounts

(552)

(504)

Total investments and other assets

13,075

15,990Total non-current assets

33,30636,825

207,638

237,004

Total assets

8

(Million yen)
FY 2020/3(As of March 31, 2020)

FY 2021/3(As of March 31, 2021)

LIABILITIESCurrent liabilities
Notes and accounts payable - trade70,18879,854

Short-term loans payable

6,540

10,800Accrued expenses

5,739

5,957

Income taxes payable

1,884

2,136

Provision for directors’ bonuses

101

126

Other

9,201

9,642

Total current liabilities

93,655

108,517Long-term loans payable

20,83325,166

Deferred tax liabilities

1,378

1,685

Non-current liabilities

Provision for directors’ retirement benefits
Net defined benefit liability
Asset retirement obligations

95

106

1,969

2,272

329

343

Other

3,127

3,850

Total non-current liabilities

27,73233,424

121,388

141,942

Capital stock

12,133

12,133

Capital surplus

13,87814,327

Total liabilities
NET ASSETS
Shareholders’ equity

Retained earnings

55,09164,568Treasury shares(2,005)(1,984)

Total shareholders’ equity

79,09789,045

0

1,378

28

50

Foreign currency translation adjustment

(707)

470

Remeasurements of defined benefit plans

(133)

21

Total accumulated other comprehensive
income

(812)

1,921

Non-controlling interests

7,965

4,095

Total net assets

86,25095,062

207,638

237,004

Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges

Total liabilities and net assets

9(2) Consolidated statements of income and comprehensive income(Million yen)
FY 2020/3(April 1, 2019 –March 31, 2020)

FY 2021/3(April 1, 2020 –March 31, 2021)

Net sales
Cost of sales

443,615
396,598

422,365
374,428

Gross profit
Selling, general, and administrative expenses

47,01637,00147,936
36,469Operating income
Non-operating income
Interest income
Dividends income
Commission fee
Foreign exchange gain
House rent income
Other
Total non-operating income

10,014

11,467

269
199
228
275
126
385
1,485

135
197
168
－
116
539
1,158

308
905
－
149
1,362

317
627
359
80
1,384

10,137

11,241

61
135
－
12
498
1
709

2
128
7,963
7
－
20
8,122

380
12
57
880
199
－

1,893
101
36
525
24
1,750

－

480

30
1,560
9,286
3,054
(61)
2,992
6,293

78
4,892
14,472
3,207
(51)
3,156
11,315

5,852

11,399441(84)

Non-operating expenses
Interest expenses
Loss from equity method investments
Foreign exchange losses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of non-current assets
Gain on sales of investment securities
Gain on bargain purchase
Gain on transfer of businessSettlement received
Other
Total extraordinary income
Extraordinary loss
Impairment loss
Loss on retirement of non-current assets
Loss on sales of investment securities
Loss on valuation of investment securities
Extra retirement payments
Provision of allowance for doubtful accounts
Estimated losses associated with fundleakage incident that involved our American
subsidiary
Other
Total extraordinary loss
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to owners of parent
Profit (loss) attributable to non-controllinginterests10

(Million yen)
FY 2020/3(April 1, 2019 –March 31, 2020)
Other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans,
net of tax
Share of other comprehensive income ofentities accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to ownersof parent
Comprehensive income attributable to noncontrolling interests

11

FY 2021/3(April 1, 2020 –March 31, 2021)(1,018)

1,376

26

22

(1,260)

1,218

68

138

(104)

42

(2,288)

2,799

4,005

14,114

3,708

14,101297

13

(3) Consolidated statement of changes in equity
For the fiscal year ended March 2020 (April 1, 2019 – March 31, 2020)(Million yen)
Shareholders’ equity
Capitalstock
Balance at the beginning of current
periodCapitalsurplus12,133

13,865Retainedearnings

TreasurysharesTotalshareholders’equity51,297(2,024)75,272

Changes of items during period
Dividends of surplus
Profit attributable to owners ofparent(2,058)(2,058)

5,852

5,852

Purchase of treasury shares
12

Disposal of treasury shares
Change in treasury shares arisingfrom change in equity in entities
accounted for using equity
methodNet changes of items other thanshareholders’ equity

(0)

(0)

19

31

0

0

Total changes of items during period

－

12

3,793

18

3,825

Balance at the end of current period

12,133

13,87855,091(2,005)79,097

Total
Nonaccumulated controlling
otherinterests
comprehensi
ve income

Total
net
assets

Accumulated other comprehensive income
Valuation
Deferreddifference on
gains oravailable-forlosses onsalehedgessecurities
Balance at the
beginning of current
periodChanges of items
during period
Dividends ofsurplusProfit attributable toowners of parent
Purchase oftreasury shares
Disposal oftreasury shares
Change in treasury
shares arising fromchange in equity inentities accounted
for using equity
methodNet changes of
items other thanshareholders’ equity
Total changes of items
during period
Balance at the end ofcurrent period

1,018

Foreigncurrencytranslation
adjustment

Remeasurementsof defined
benefit
plans

527

(215)

2

1,332

7,654

84,259(2,058)
5,852
(0)
31

0

(1,017)26(1,234)81(2,144)310 (1,834)(1,017)26(1,234)81(2,144)

310

1,990

0

28

(707)

(133)

(812)

7,965

86,25012For the fiscal year ended March 2021 (April 1, 2020 – March 31, 2021)(Million yen)
Shareholders’ equity
Capitalstock
Balance at the beginning of current
periodCapitalsurplus12,133

13,878Retainedearnings

TreasurysharesTotalshareholders’equity55,091(2,005)79,097

Changes of items during period
Dividends of surplus(1,922)(1,922)

Profit attributable to owners ofparent11,39911,399Purchase of treasury shares
8

Disposal of treasury shares
Change in ownership interest ofparent due to transactions with
non-controlling interests
Net changes of items other thanshareholders’ equity

(1)

(1)

22

31

441

441

Total changes of items during period

－

449

9,477

21

9,948

Balance at the end of current period

12,133

14,32764,568(1,984)89,045

Total
Nonaccumulated controlling
otherinterests
comprehensi
ve income

Total
net
assets

Accumulated other comprehensive income
Valuation
Deferreddifference on
gains oravailable-forlosses onsalehedgessecurities
Balance at the
beginning of current
periodChanges of items
during period
Dividends ofsurplusProfit attributableto owners ofparentPurchase oftreasury shares
Disposal oftreasury shares
Change inownership interestof parent due totransactions with
non-controllinginterests
Net changes of
items other thanshareholders’equityTotal changes of
items during period
Balance at the end ofcurrent period

028Foreigncurrencytranslation
adjustment

Remeasurementsof defined
benefit
plans

(707)

(133)

(812)

7,965

86,250(1,922)
11,399
(1)
31

441

1,378

22

1,178

154

2,733

(3,869) (1,135)

1,378

22

1,178

154

2,733

(3,869)

8,812

1,378

50

470

21

1,921

4,095

95,06213

(4) Consolidated statement of cash flows(Million yen)
FY 2020/3

Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment loss
Amortization of goodwill
Increase (decrease) in net defined benefit
liability
Increase (decrease) in provision for
directors’ retirement benefits
Increase (decrease) in provision for
directors’ bonuses
Increase (decrease) in allowance for
doubtful accounts
Interest and dividend income
Interest expenses
Share of (profit) loss of entities accounted
for using equity method
Loss (gain) on sales of property, plant andequipment
Loss on retirement of non-current assets
Loss (gain) on sales of investment
securities
Loss (gain) on valuation of investment
securities
Gain on bargain purchase
Settlement received
Estimated losses associated with fundleakage incident that involved our American
subsidiary
Decrease (increase) in notes and accounts
receivable - trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts
payable - trade
Decrease (increase) in accounts receivable- other
Increase (decrease) in accrued expenses
Decrease (increase) in advance payments
Decrease (increase) in consumption taxes
refund receivable
Decrease (increase) in other current assets
Increase (decrease) in other current
liabilities
Other, net
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes paid
Settlement package received
Fund leakage incident that involved ourAmerican subsidiary
Other, net
Net cash provided by (used in) operating
activities
14

FY 2021/3(April 1, 2019 –(April 1, 2020 –March 31, 2020)

March 31, 2021)

9,286
2,754
380
98

14,472
3,167
1,893
114

8

(5)

(1)

11

30

25

0

1,607

(469)
308

(413)
317

905

627

(43)

(0)

12

101

(78)

(92)

880

525

－
(498)

(7,963)
－

－

480

9,086

(4,303)

7,658

2,997

(6,667)

1,495(1,149)842

384(1,431)

(162)
(349)

266

(164)

93

(397)

2,106

(1,206)(350)
23,571481(316)(1,829)498

130
13,754342(322)(3,295)
－

－

(480)

0

－

22,4069,999

(Million yen)
FY 2020/3

FY 2021/3(April 1, 2019 –March 31, 2020)(April 1, 2020 –March 31, 2021)

Cash flows from investing activities
Payments into time deposits

(893)

(905)

Proceeds from withdrawal of time deposits

2,924

753

Purchase of property, plant and equipment
Proceeds from sales of property, plant andequipment
Purchase of intangible assets(3,276)(2,514)

271

28

(355)

(1,059)Purchase of investment securities
Proceeds from sales of investment
securities
Purchase from purchase of shares ofsubsidiaries resulting in change in scope of
consolidation
Proceeds from purchase of shares ofsubsidiaries resulting in change in scope of
consolidation
Payments of short-term loans receivable(2,180)(1,688)

651

723

(321)

(351)

－

2,707

(551)

－

Collection of short-term loans receivable

10

Purchase of insurance funds
Proceeds from cancellation of insurance
funds
Payments for guarantee deposits
Proceeds from collection of guarantee
deposits
Other payments

(2)

(11)

59

58

(34)

(77)

41

63

(96)

(267)

108

87

(3,651)(2,453)(24,038)(4,608)Other proceeds
Net cash provided by (used in) investing
activities
Cash flows from financing activities
Increase (decrease) in short-term loans
payableProceeds from long-term borrowings
Repayments of long-term loans payable
Purchase of treasury shares
Cash dividends paid
Purchase of shares of subsidiaries not
resulting in change in scope of
consolidation
Other, net
Net cash provided by (used in) financing
activities
Effect of exchange rate change on cash andcash equivalents
Net increase (decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of
periodCash and cash equivalents at end of period

15

20,2665,000(1,312)(1,279)(0)(1)(2,056)(1,922)－(3,441)

(402)

(597)

(7,544)(6,851)

(748)

945

10,461

1,639

32,231

42,69342,69344,333

(5) Notes to consolidated financial statements(Notes to going concern assumptions)Not applicable(Changes to principal subsidiaries in the current consolidated）
Effective April 1, 2020, as part of the Group’s growth strategy, the Company acquired all of theshares of EXCEL and made it a wholly owned subsidiary. As a result, EXCEL ASIAN TAIWAN
CO.,LTD, EXCEL ELECTRONICS (HONG KONG) LTD., EXCEL INTERNATIONAL TRADING (SHANGHAI)
CO.,LTD., EXCEL SINGAPORE PTE LTD., EXCEL ELECTRONICS TRADING (SHENZHEN) LTD.,
Advanced Display Solutions Limited., Advanced Display Solutions (HONG KONG) Limited., EXCELELECTRONICS TRADING(THAILAND)CO.,LTD.、and ALFA BUS JAPAN CO.,LTD. became indirectly
owned subsidiaries of the Company.
Note that EXCEL CO.,LTD. and Advanced Display Solutions (HONG KONG) Limited. constitutes a
specified subsidiary of the Company as the amount of its capital is greater than 10% of the amountof the Company’s capital.
Effective October 1, 2020, Advanced Display Solutions Ltd. merged with Excel Co., Ltd., with Excel
Co., Ltd. as the surviving company.
Alfabus Japan Co., Ltd. was made a non-consolidated subsidiary when control over said company
since it became an indirectly owned subsidiary was recognized to be temporary. However, as thecompany accepted capital injection from a third party effective October 30, 2020, it is no longer
treated as a subsidiary.
Effective November 1, 2020, Excel Co., Ltd is no longer treated as a specified subsidiary as it
conducted a capital reduction.
(Additional information)(Accounting estimates associated with the COVID-19 pandemic)
Accounting estimates such as of impairment of non-current assets and collectability of deferred tax
assets are made based on information that is available as of March 31, 2021 and do not include
significant changes from the financial statement for the previous consolidated fiscal year.
(Segment information, etc.)
a. Segment information
1. Description of reportable segments
The Group’s reportable segments are those for which separate financial information is available
and regular evaluation by the Company’s management is being performed in order to decide how
resources are allocated among the Group. The Company classifies subsidiaries and associates
according to their products and services, and implements comprehensive strategies in Japan andoverseas. Consequently, the Group has four reportable segments that are made of different
categories of products and services: electronic components, information equipment, software andothers. The electronic components segment includes the development, manufacture and sale ofsemiconductors, general electronic components and other products, the electronics manufacturingservice (EMS), and other activities. The information equipment segment includes sales of PCs, PC
peripherals, home electric appliances, photograph and imaging products, original brand products,
and other products. The software segment includes the production of computer graphics, planningand development of amusement products, and other activities. The others segment includes therepair and supports for electronics equipment, and sales of amusement equipment and sports goods,
and others.
2. Methods of measurement for the amounts of net sales, income (loss), assets, and other items for eachreportable segment
The accounting policies of each reportable segment are consistent with the accounting standards
made to prepare consolidated financial statements.
16

3. Information about net sales, profit (loss), assets, and other items is as follows:
For the fiscal year ended March 2020 (April 1, 2019 – March 31, 2020)(Million yen)

Reporting segments
Electronic

Information

components equipment

SoftwareAdjustment Consolidated

Others

Total

*1

*2

Net sales:
Sales to externalcustomers
Inter-segment
sales or transfers

377,587

43,466

2,778

19,781

443,615－443,615

2,337

1,745

765

3,514

8,362

(8,362)－379,925

45,211

3,544

23,295451,977(8,362)443,615

Segment income

7,503

1,707

236

452

9,900

114

10,014

Segment assets

187,750

16,575

1,799

12,016

218,141(10,503)

207,638

Depreciation

1,883

54

48

145

2,132

(6)

2,125

Increase inproperty, plant andequipment andintangible assets

2,774

144

21

813

3,754

(123)

3,631

Total

OthersFor the fiscal year ended March 2021 (April 1, 2020 – March 31, 2021)(Million yen)

Reporting segments
Electronic

Information

components equipment
Net sales:
Sales to externalcustomers
Inter-segment
sales or transfers

SoftwareAdjustment Consolidated

Others

Total

*1

*2

353,454

48,3892,932

17,589422,365－

422,365

3,022

4,251

1,178

4,714

13,166(13,166)－

356,476

52,6404,111

22,303435,532(13,166)

422,365

Segment income

8,151

2,482

263

474

11,371

95

11,467

Segment assets

215,323

18,3682,076

11,142

246,911(9,906)

237,004

Depreciation

2,273

51

56

156

2,537

(7)

2,530

Increase inproperty, plant andequipment andintangible assets

3,139

281

93

183

3,698

(124)

3,574

Total

OthersNote:

1. The adjustment is as follows:(1) Segment income(Million yen)
Fiscal year ended MarchFiscal year ended March

2020

2021

Elimination of inter-segment
trade
Amortization of goodwill
Total

17

114

95

－

－

114

95

(2) Segment assets(Million yen)
Fiscal year ended MarchFiscal year ended March

2020 (12,507)

2021 (12,168)

2,004

2,261

(10,503)(9,906)

Elimination of inter-segment
trade
Corporate *Total* Total corporate assets principally consist of surplus funds of the Company under management(cash and securities, etc.).

(3) Depreciation(Million yen)
Fiscal year ended MarchFiscal year ended March

2020

2021

Elimination of inter-segment
trade
Total

(6)

(7)

(6)

(7)

(4) Increase in property, plant and equipment and intangible assets(Million yen)
Fiscal year ended MarchFiscal year ended March

2020

2021

Elimination of inter-segment
trade
Total

(123)
(123)

(124)
(124)

2. Segment income is adjusted with operating income on the consolidated statements of income andcomprehensive income.
b. Associated information
For the fiscal year ended March 2020 (April 1, 2019 – March 31, 2020)
Geographic information
Net sales(Million yen)Japan
270,585

North America

Europe26,89420,019

Asia

Total

126,115443,615

Notes: 1．Net sales are classified according to the customers’ geographic locations.
2. Countries and regions are classified according to geographical proximity.
3. Countries and regions outside Japan are broken down into the following geographical areas:(1) North America: United States, and Mexico(2) Europe: United Kingdom, Germany, Czech Republic, Russia, and Turkey(3) Asia: Hong Kong, Singapore, Taiwan, Korea, China, Malaysia, Thailand, India,
Indonesia, and Vietnum
For the fiscal year ended March 2021 (April 1, 2020 – March 31, 2021)
Geographic information
Net sales(Million yen)Japan
240,240

North America

Europe22,698

13,622

Asia
145,804

Notes: 1．Net sales are classified according to the customers’ geographic locations.
2. Countries and regions are classified according to geographical proximity.
18

Total
422,365

3. Countries and regions outside Japan are broken down into the following geographical areas:(1) North America: United States, and Mexico(2) Europe: United Kingdom, Germany, Czech Republic, Russia, and Turkey(3) Asia: Hong Kong, Singapore, Taiwan, Korea, China, Malaysia, Thailand, India,
Indonesia, and Vietnum(Per-share information)(Yen)
FY 2020/3

FY 2021/3(April 1, 2019 – March 31, 2020)(April 1, 2020 – March 31, 2021)

Net assets per share

2,850.99

3,311.24

Earnings per share

213.21415.07

Notes: 1. Earnings per share (diluted) have not been disclosed because there were no potentially dilutive shares.
2. The basis of calculation of earnings per share is as follows.
FY 2020/3(April 1, 2019 –March 31, 2020)

FY 2021/3(April 1, 2020 –March 31, 2021)

Earnings per share

Profit attributable to owners ofparent (million yen)
Profit not attributable to commonshareholders (million yen)

5,852

11,399

－

－

5,852

11,39927,449,833

27,465,021

Profit attributable to owners ofparent allocated to common stock(million yen)
Average number of common stock
outstanding during the fiscal year

(Subsequent events)
Not applicable194. Non-consolidated Financial Statements(1) Balance sheet
FY 2020/3(As of March 31, 2020)(Million yen)
FY 2021/3(As of March 31, 2021)

12,804
408

8,846
989

3,052

2,820

21,003
254
4,001
23
2
1,659
212

25,033
302
3,421
4
2
2,033
194

5,486

11,1802,843
423(1,861)

4,287
1,241
(5,706)50,31554,651

2,186
17
69
0
155
3,292
70
5,791

2,109
19
148
0
190
3,292
45
5,807

3
673
5
682

3
1,289
5
1,299

7,077
27,092
24

8,718
29,416
24

14

14

1,392

1,131

428

110

334
739
1,460
(288)
(1,094)37,181
43,655
93,971

400
35
1,627
(233)
(2)
41,243
48,349103,000ASSETS
Current assets
Cash and deposits
Notes receivable - trade
Electronically recorded monetary claims operating
Accounts receivable - trade
Securities
MerchandiseWork in process
Supplies
Advance payments - trade
Prepaid expenses
Short-term loans receivable fromsubsidiaries and associates
Accounts receivable - other
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings
Structures
Machinery and equipment
VehiclesTools, furniture and fixtures
Land
Lease assets
Total property, plant and equipment
Intangible assets
Trademark right
Software
Other
Total intangible assets
Investments and other assets
Investment securities
Shares of subsidiaries and associates
Investments in capital
Investments in capital of subsidiaries
and associates
Long-term loans receivable fromsubsidiaries and associates
Claims provable in bankruptcy, claims
provable in rehabilitation and other
Long-term prepaid expenses
Deferred tax assets
Other
Allowance for doubtful accounts
Allowance for investment loss
Total investments and other assets
Total non-current assets
Total assets

20

(Million yen)
FY 2020/3(As of March 31, 2020)

FY 2021/3(As of March 31, 2021)

LIABILITIESCurrent liabilities
Notes payable - trade
Accounts payable - trade
Short-term loans payable
Short-term loans payable to subsidiaries
and associates
Current portion of long-term loans payable
Lease obligations
Accounts payable - otherAccrued expenses
Income taxes payable
Advances received
Deposits received
Provision for directors’ bonuses
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Lease obligations
Provision for retirement benefits
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
NET ASSETS
Shareholders’ equity
Capital stock
Capital surplus
Legal capital surplus
Other capital surplus
Total capital surplus
Retained earnings
Legal retained earnings
Other retained earnings
General reserve
Retained earnings brought forward
Total retained earnings
Treasury shares
Total shareholders’ equity
Valuation and translation adjustments
Valuation differences on available-for-salesecurities
Deferred gains or losses on hedges
Total valuation and translation
adjustments
Total net assets
Total liabilities and net assets

21

878
11,475
3,624

1,007
13,319
7,598

7,023

7,483

1,279
30
847
1,724
901
1,446
68
80
5

668
71
1,070
1,301
918
1,519
76
100
140

29,38635,275

20,833
42
230
103
1,894

25,166
200
201
105
1,944

23,10452,491

27,61862,893

12,133

12,133

13,912
24

13,912
33

13,937

13,945

618

618

7,000
9,830

7,000
7,286

17,449(2,000)14,905(1,979)41,51939,004

(63)

1,088

24

13

(39)

1,102

41,48093,971

40,107103,000

(2) Statement of income(Million yen)
FY 2021/3(April 1, 2020 –March 31, 2021)

FY 2020/3(April 1, 2019 –March 31, 2020)
Net sales

76,32680,628

Cost of sales

67,02970,616Gross profit

9,297

10,012

Selling, general and administrative expenses

9,085

8,245

211

1,766

Interest income

91

55

Dividend income

4,372

4,382

Operating income
Non-operating income

Foreign exchange gains

10

－

Other

413

384

4,888

4,822

215

169

Total non-operating income
Non-operating expenses
Interest expenses
Loss on investments in partnership1

4

Depreciation of assets for rent

11

11Foreign exchange losses－

19

Commission for syndicated loans

55

－

Other

64

33

Total non-operating expenses

348

237

4,751

6,351

Gain on sales of investment securities

135

128

Gain on sale of shares of subsidiaries－

104

Gain on transfer of business－

150

Settlement received

498

－

Other

13

0

Total extraordinary income

647

383

Loss on sales of investment securities

54

36

Loss on valuation of investment securities

880

525

Impairment loss

245

－

1,380

1,921

Provision of allowance for doubtful accounts

972

3,926

Provision of allowance for investment loss

428

0

Other

15

1

3,978

6,412

1,420

323

Income taxes - current

638

711

Income taxes - deferred

(329)

232

308

944

1,112

(621)

Ordinary income
Extraordinary income

Extraordinary losses

Loss on valuation of shares of subsidiaries
and associates

Total extraordinary losses
Profit before income taxes

Total income taxes
Profit(loss)22

(3) Statement of changes in equity
For the fiscal year ended March 2020 (April 1, 2019 – March 31, 2020)(Million yen)
Shareholders’ equity
Retained earnings

Capital surplus

Balance at the beginning ofcurrent period

Capital
stock

Legal
capitalsurplus

Othercapitalsurplus12,133

13,912

12

Other retained
earnings

Total

7,000

18,396Total
Legal
retained
Retained
capital retained
surplus earnings General earnings earnings
reserve brought
forward
13,924618

10,777

Changes of items during period
Dividends of surplus(2,058) (2,058)

Profit

1,112

1,112

Purchase of treasury shares
Disposal of treasury shares
Net changes of items otherthan shareholders' equity
Total changes of items during
periodBalance at the end of current
period

12

12

－

－

12

12

－

－

(946)

(946)

12,133

13,91224

13,937

618

7,000

9,830

17,449Valuation and translation
adjustments
Valuation
Total
Deferred
Total share- difference on
valuation
gains orholders’ available-forandlosses onequitysaletranslation
hedgessecurities
adjustments

Total net
assetsShareholders’ equity

TreasurysharesBalance at the beginning ofcurrent period(2,019)42,434

912

0

913

43,348Changes of items during period
Dividends of surplus
Profit(2,058)(2,058)

1,112

1,112

Purchase of treasury shares

(0)

(0)

(0)

Disposal of treasury shares

19

31

31

Net changes of items otherthan shareholders’ equity
Total changes of items during
periodBalance at the end of current
period

(976)

23

(952)

(952)

18

(915)

(976)

23

(952)

(1,868)(2,000)41,519

(63)

24

(39)

41,48023

For the fiscal year ended March 2021 (April 1, 2020 – March 31, 2021)(Million yen)
Shareholders’ equity
Retained earnings

Capital surplus

Balance at the beginning ofcurrent period

Capital
stock

Legal
capitalsurplus

Othercapitalsurplus12,133

13,912

24

Other retained
earnings

Total

7,000

17,449Total
Legal
retained
Retained
capital retained
surplus earnings General earnings earnings
reserve brought
forward13,937618

9,830

Changes of items during period(1,922) (1,922)

Dividends of surplus
Profit(loss)

(621)

(621)

Purchase of treasury shares
Disposal of treasury shares
Net changes of items otherthan shareholders' equity
Total changes of items during
periodBalance at the end of current
period

8

8

－

－

8

8

－

12,133

13,912

33

13,945

618

Shareholders’ equity－ (2,543) (2,543)
7,000

7,286

14,905

Valuation and translation
adjustments

Total
Valuation
DeferredTotal
net
Total shareTreasury
difference on gains or valuation and assets
holders’
sharesavailable-for- losses on translation
equitysale securities hedges adjustments
Balance at the beginning ofcurrent period(2,000)41,519

(63)

24

(39)

41,480Changes of items during period
Dividends of surplus
Profit(loss)(1,922)(1,922)

(621)

(621)

Purchase of treasury shares

(1)

(1)

(1)

Disposal of treasury shares

22

31

31

Net changes of items otherthan shareholders’ equity
Total changes of items during
periodBalance at the end of current
period

1,151

(10)

1,141

1,141

21

(2,514)

1,151

(10)

1,141

(1,373)(1,979)39,004

1,088

13

1,102

40,10724