Torishima Pump Mfg : Financial Statements (1 April 2023 – 31 March 2024)

Thousands of

Thousands of

U.S. Dollars

U.S. Dollars

ASSETS

Millions of Yen

(Note 1)

LIABILITIES AND EQUITY

Millions of Yen

(Note 1)

2024

2023

2024

2024

2023

2024

CURRENT ASSETS:

CURRENT LIABILITIES:

Cash and cash equivalents (Note 15)

¥ 12,831

¥ 11,730

$ 84,973

Short-term borrowings (Note 8)

¥

2,641

¥

2,233

$

17,490

Short-term investments (Note 5)

570

148

3,774

Current portion of long-term debt (Notes 8 and 15)

3,303

1,776

21,874

Receivables:

Payables:

Trade and contract asset (Note 13)

35,419

31,654

234,562

Trade

11,785

12,526

78,046

Unconsolidated subsidiaries and associated companies

1

351

6

Unconsolidated subsidiaries and associated companies

60

170

397

Other

1,141

483

7,556

Other

2,665

1,443

17,649

Allowance for doubtful accounts

(990)

(730)

(6,556)

Contract liabilities (Note 13)

6,542

6,129

43,324

Inventories (Note 6)

15,911

14,305

105,370

Income taxes payable

1,324

655

8,768

Advance payments

1,866

2,067

12,357

Allowance for product warranties

1,215

691

8,046

Other current assets

1,605

1,309

10,629

Allowance for losses on construction contracts

900

650

5,960

Accrued bonuses

1,119

989

7,410

Total current assets

68,357

61,321

452,695

Accrued expenses

1,355

918

8,973

PROPERTY, PLANT AND EQUIPMENT (Note 20):

Other current liabilities

1,720

1,061

11,390

Total current liabilities

34,634

29,246

229,364

Land (Note 8)

2,786

2,394

18,450

Buildings and structures (Note 8)

16,121

14,305

106,761

Machinery and equipment

17,595

17,182

116,523

LONG-TERM LIABILITIES:

Construction in progress

540

276

3,576

Long-term debt (Notes 8 and 15)

10,281

12,600

68,086

Lease assets

3,188

2,047

21,112

Liability for retirement benefits (Note 9)

408

300

2,701

Total

40,231

36,446

266,430

Deferred tax liabilities (Note 12)

2,476

1,536

16,397

Accumulated depreciation

(22,237)

(21,815)

(147,264)

Other long-term liabilities

1,127

869

7,463

Net property, plant and equipment

17,993

14,631

119,158

Total long-term liabilities

14,294

15,306

94,662

INVESTMENTS AND OTHER ASSETS:

COMMITMENTS AND CONTINGENT LIABILITIES (Note 16)

Investment securities (Notes 5 and 15)

9,416

9,624

62,357

EQUITY (Notes 10, 11, and 19):

Investments in and advances to unconsolidated subsidiaries

and associated companies

2,109

1,961

13,966

Common stock-authorized, 60,000 thousand shares;

Software

282

297

1,867

issued, 29,045 thousand shares in 2024 and

Asset for retirement benefits (Note 9)

2,652

1,410

17,562

29,112 thousand shares in 2023

1,592

1,592

10,543

Deferred tax assets (Note 12)

111

108

735

Capital surplus

6,369

6,703

42,178

Other assets

636

718

4,211

Stock acquisition rights

77

77

509

Retained earnings

38,546

33,871

255,271

Total investments and other assets

15,209

14,122

100,721

Treasury stock―at cost, 2,487 thousand shares in 2024

(1,863)

(2,000)

(12,337)

and 2,660 thousand shares in 2023

Accumulated other comprehensive income:

Unrealized gain on available-for-sale securities

4,344

2,857

28,768

Deferred gain (loss) on derivatives under hedge accounting

(999)

(536)

(6,615)

Foreign currency translation adjustments

2,955

2,027

19,569

Defined retirement benefit plans

1,283

591

8,496

Total

52,305

45,183

346,390

Noncontrolling interests

326

339

2,158

Total equity

52,632

45,523

348,556

TOTAL

¥ 101,560

¥ 90,075

$ 672,582

TOTAL

¥

101,560

¥

90,075

$

672,582

Thousands of

U.S. Dollars

Millions of Yen

(Note 1)

2024

2023

2024

NET SALES (Notes 13 and 20)

¥

81,103

¥

64,659

$ 537,105

COST OF SALES (Note 14)

57,959

46,334

383,834

Gross profit

23,143

18,325

153,264

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

(Note 14)

16,321

12,397

108,086

Operating income

6,822

5,927

45,178

OTHER INCOME (EXPENSES):

Interest and dividend income

568

278

3,761

Interest expense

(135)

(106)

(894)

Gain on sales of investment securities

2,072

11

13,721

Gain (loss) on foreign exchange―net

(1,638)

(758)

(10,847)

Rent income

115

117

761

Equity in earnings of associated companies

201

145

1,331

Loss on disposal of property, plant and equipment

(179)

(3)

(1,185)

Insurance income

3

2

19

Impairment loss (Note 7)

(39)

Gain on step acquisitions

238

1,576

Other―net

413

49

2,735

Other income (expenses)―net

1,660

(303)

10,993

INCOME BEFORE INCOME TAXES

8,482

5,623

56,172

INCOME TAXES (Note 12):

Current

1,985

1,146

13,145

Deferred

177

17

1,172

Total income taxes

2,162

1,164

14,317

NET INCOME

6,320

4,459

41,854

NET INCOME ATTRIBUTABLE TO NONCONTROLLING

INTERESTS

(94)

(55)

(622)

NET INCOME ATTRIBUTABLE TO OWNERS OF

THE PARENT

¥

6,225

¥

4,404

$ 41,225

PER SHARE OF COMMON STOCK (Notes 2.w and 18):

Yen

U.S. Dollars

Basic net income

¥

234.82

¥

166.50

$1.55

Diluted net income

234.18

166.05

1.55

Cash dividends applicable to the year

58.00

52.00

0.38

Thousands of

U.S. Dollars

Millions of Yen

(Note 1)

2024

2023

2024

NET INCOME

¥6,320

¥4,459

$ 41,854

OTHER COMPREHENSIVE INCOME (LOSS) (Note 17):

Unrealized gain on available-for-sale securities

1,485

513

9,834

Deferred loss on derivatives under hedge accounting

(462)

(11)

(3,059)

Foreign currency translation adjustments

945

1,111

6,258

Defined retirement benefit plans

692

(131)

4,582

Share of other comprehensive income in associates

2

5

13

Total other comprehensive income

2,662

1,487

17,629

COMPREHENSIVE INCOME

¥8,982

¥5,947

$ 59,483

TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO:

Owners of the parent

¥8,871

¥5,873

$ 58,748

Noncontrolling interests

111

73

735

Thousands

Millions of Yen

Issued

Accumulated Other Comprehensive Income

Unrealized

Deferred

Number of

Number of

Gain (Loss)

Gain (Loss)

Foreign

Defined

Shares of

Shares of

Stock

on Available-

on Derivatives

Currency

Retirement

Common

Treasury

Common

Capital

Acquisition

Retained

Treasury

for-Sale

under Hedge

Translation

Benefit

Noncontrolling

Total

Stock

Stock

Stock

Surplus

Rights

Earnings

Stock

Securities

Accounting

Adjustments

Plans

Total

Interests

Equity

BALANCE, APRIL 1, 2022

29,112

(2,724)

¥1,592

¥7,118

¥77

¥ 30,725

¥ (2,008)

¥2,342

¥ (525)

¥ 929

¥ 722

¥ 40,975

¥ 296

¥ 41,272

Net income attributable to owners of

the parent

4,404

4,404

4,404

Cash dividends, ¥52.00 per share

(1,285)

(1,285)

(1,285)

Purchase of treasury stock

(66)

(100)

(100)

(100)

Disposal of treasury stock

131

19

108

128

128

Cancellation of treasury stock

-

-

Changes of scope of consolidation

(434)

26

(408)

(408)

Net change in the year

514

(11)

1,097

(131)

1,468

43

1,512

BALANCE, MARCH 31, 2023

29,112

(2,660)

1,592

6,703

77

33,871

(2,000)

2,857

(536)

2,027

591

45,183

339

45,523

Net income attributable to owners of

the parent

6,225

6,225

6,225

Cash dividends, ¥58.00 per share

(1,550)

(1,550)

(1,550)

Purchase of treasury stock

Disposal of treasury stock

173

29

89

118

118

Cancellation of treasury stock

(66)

(49)

49

-

-

Changes of scope of consolidation

(315)

(315)

(315)

Net change in the year

1,487

(462)

929

692

2,646

(13)

2,633

BALANCE, MARCH 31, 2024

29,045

(2,487)

¥1,592

¥6,369

¥77

¥ 38,546

¥ (1,863)

¥4,344

¥ (999)

¥2,955

¥1,283

¥ 52,305

¥ 326

¥ 52,632

Thousands of U.S. Dollars (Note 1)

Accumulated Other Comprehensive Income

Unrealized

Deferred

Gain (Loss)

Gain (Loss)

Foreign

Defined

Stock

on Available-

on Derivatives

Currency

Retirement

Common

Capital

Acquisition

Retained

Treasury

for-Sale

under Hedge

Translation

Benefit

Noncontrolling

Total

Stock

Surplus

Rights

Earnings

Stock

Securities

Accounting

Adjustments

Plans

Total

Interests

Equity

BALANCE, MARCH 31, 2023

$ 10,543

$ 44,390

$ 509

$ 224,311

$ (13,245)

$ 18,920

$ (3,549)

$ 13,423

$3,913

$ 299,225

$2,245

$ 301,476

Net income attributable to owners of

the parent

41,225

41,225

41,225

Cash dividends, $0.38 per share

(10,264)

(10,264)

(10,264)

Purchase of treasury stock

Disposal of treasury stock

192

589

781

781

Cancellation of treasury stock

(324)

324

-

-

Changes of scope of consolidation

(2,086)

(2,086)

(2,086)

Net change in the year

9,847

(3,059)

6,145

4,582

17,523

(86)

17,437

BALANCE, MARCH 31, 2024

$ 10,543

$ 42,178

$ 509

$ 255,271

$ (12,337)

$ 28,768

$ (6,615)

$ 19,569

$8,496

$ 346,390

$2,158

$ 348,556

Thousands of

U.S. Dollars

Millions of Yen

(Note 1)

2024

2023

2024

OPERATING ACTIVITIES:

Income before income taxes

¥8,482

¥5,623

$ 56,172

Adjustments for:

Income taxes―paid

(1,329)

(1,060)

(8,801)

Income taxes―refunded

18

49

119

Depreciation and amortization

2,081

2,286

13,781

Gain on step acquisitions

(238)

(1,576)

Gain on sale of investment securities

(2,072)

(13,721)

Loss on valuation of investment securities

19

Loss on disposal of property, plant and equipment

9

3

59

Equity in losses of associated companies

(201)

(145)

(1,331)

Changes in assets and liabilities:

(Increase) decrease in accounts receivables

(2,786)

(5,584)

(18,450)

(Increase) decrease in inventories

(1,368)

(2,858)

(9,059)

(Increase) decrease in advance payments

292

(868)

1,933

Increase (decrease) in accounts payable

(637)

1,741

(4,218)

Increase (decrease) in contract liabilities

296

3,180

1,960

Increase (decrease) in allowance for doubtful accounts

296

(576)

1,960

Increase (decrease) in allowance for bonus reserve

130

2

860

Increase (decrease) in allowance for product warranties

523

(232)

3,463

Increase (decrease) in allowance for losses on

construction contracts

250

104

1,655

Increase (decrease) in liability for retirement benefits

(260)

(229)

(1,721)

Other―net

(627)

(207)

(4,152)

Total adjustments

(5,625)

(4,377)

(37,251)

Net cash flows provided by operating activities

2,857

1,246

18,920

INVESTING ACTIVITIES:

Increase in saving of time deposits

(649)

(225)

(4,298)

Proceeds from withdrawal of time deposits

281

53

1,860

Purchases of property, plant and equipment

(3,158)

(839)

(20,913)

Proceeds from sales of property, plant and equipment

269

3

1,781

Purchases of intangibles

(149)

(120)

(986)

Purchases of investment securities

(210)

(81)

(1,390)

Proceeds from sales of investment securities

4,631

50

30,668

Payments for retirement of property, plant and equipment

(200)

-

(1,324)

Collection of loans receivable

-

Payments of loans receivable

(137)

(49)

(907)

Purchase of shares of subsidiaries resulting in change in

scope of consolidation

(234)

(130)

(1,549)

Other

(16)

61

(105)

Net cash flows used in investing activities

(424)

(1,277)

(2,807)

FORWARD

¥2,432

¥ (30)

$ 16,105

- 9 -

(Continued)