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In Converted products operations, sales of casting papers for carbon ber composite materials were steady, centered on those for use for aircraft, while sales of release papers and lms declined due to sluggish demand mainly for adhesive products, FPC cover lay lms, and optical products.As a result of the above, net sales in Paper and Converted Products were up 0.4% year-on-year, to ¥37.4 billion, and operating income increased 7.7%, to ¥4.3 billion.Financial Condition[Assets]Total assets as of March 31, 2016, were ¥240.7 billion, an increase of ¥3.3 billion compared with the end of the previous scal year. The main reasons for this increase were as follows:· Cash and deposits+¥3.7 billion· Trade notes and accounts receivable–¥1.8 billion· Inventories–¥1.1 billion· Property, plant and equipment+¥3.4 billion· Net dened benet asset–¥1.8 billion· Deferred tax assets+¥0.6 billion[Liabilities]Total liabilities as of March 31, 2016, were ¥68.6 billion, an increase of ¥2.8 billion compared with the end of the previous scal year. The main reasons for this increase were as follows:· Accrued income taxes–¥1.1 billion· Net dened benet liability+¥3.6 billion[Net Assets]Net assets as of March 31, 2016, were ¥172.1 billion, an increase of ¥0.4 billion compared with the end of the previous scal year. The main reasons for this increase were as follows:· Retained earnings+¥7.1 billion· Foreign currency translation adjustments–¥3.4 billion· Remeasurements of dened benet plans–¥3.0 billionCash FlowsCash and cash equivalents as of March 31, 2016, amounted to ¥60.3 billion, an increase of ¥4.3 billion, or 7.6%, compared with the end of the previous scal year.[Cash Flows from Operating Activities]Net cash provided by operating activities increased ¥4.4 billion year-on-year, to ¥19.9 billion. The principal movements were as follows:· Increase in net dened benet liability+¥5.5 billion· Income taxes paid–¥1.6 billion[Cash Flows from Investing Activities]Net cash used in investing activities increased ¥4.8 billion year-on-year, to ¥9.9 billion. The principal movements were as follows:· Proceeds from withdrawal of time deposits–¥1.1 billion· Purchase of property, plant and equipment–¥3.5 billion[Cash Flows from Financing Activities]Net cash used in nancing activities increased ¥0.9 billion year-on-year, to ¥4.0 billion. The principal movement was as follows:· Cash dividends paid–¥0.7 billionManagement’s Discussion and AnalysisNet AssetsCash Flows171.7172.120152016Total shareholders’equity+7.1Total accumulated other comprehensive income–6.6Non-controllinginterests–0.1Sharesubscriptionrights+0.060.356.120152016Net cash provided byoperating activities+19.9Net cash used ininvesting activities –9.9Net cash used in nancing activities –4.0Effect of exchange ratechange on cashand cash equivalents –1.7Increase in cash and cash equivalents from newlyconsolidated subsidiary +0.0 ¥ Billion¥ Billion(Fiscal years ended March 31)(Fiscal years ended March 31)LINTEC ANNUAL REPORT 201642:: FINANCIAL SECTION

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