NGK Insulation Full-Year Report 2023

As a result, net sales for the current fiscal year increased 3.5% year on year to ¥578,913 million due to an increase in the volume of automobile-related products and the positive effect of the weaker yen, despite a decrease in the volume of products for semiconductor manufacturing equipment. In terms of profits, operating income decreased 0.5% year on year to ¥66,397 million due to the effects of the weaker yen, soaring raw material and fuel prices, and increased R&D expenses. Ordinary income decreased 4.3% year on year to ¥63,042 million yen due to a decrease in operating income and foreign exchange losses, and net income attributable to owners of the parent company decreased 26.3% year on year to ¥40,562 million by recording of an impairment loss on assets for the package business whose profit and loss deteriorated due to a decrease in demand.

Total assets at the end of the fiscal year under review increased 9.6% from the end of the previous fiscal year to ¥1,127,576 million. Current assets grew 11.9% year-on-year to ¥642,151 million due to increases in cash and deposits, and inventories. Non-current assets grew 6.6% year-on-year to ¥485,425 million.

Cash and cash equivalents at the end of the fiscal year under review increased by ¥2,568 million year-on-year to ¥171,432 million. This was because proceeds from operating activities were ¥99,159 million, and there was a payment of ¥68,593 million from investing activities, and payment of ¥36,123 million from financing activities.