Increase in deferred income taxes resulting from the recognition of deferred tax liabilities
First written in FY2019-Q1. . Latest entry: FY2023.
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- FY2023The valuation allowance for the recoverability of deferred tax assets increased.Annual report
「The valuation allowance increased by ¥2,560 million. The main components of this increase were a ¥2,123 million increase in the valuation allowance for tax loss carryforwards at the company and its consolidated subsidiaries, and a ¥437 million increase in the valuation allowance for the total of deductible temporary differences and other items.」
Regarding the recoverability of deferred tax assets, the valuation allowance increased by ¥2.56 billion, and deferred tax assets declined from ¥15,251 million to ¥12,785 million. - FY2020-Q3Impact of recognition of deferred tax assets on profit.Annual report
「Despite recognizing a restructuring loss associated with the sale of the copper products business and an impairment loss on shares in Boyne Smelters Ltd. held by the UACJ subsidiary UACJ Australia Pty. Ltd., as well as loans to that company, net income attributable to owners of the parent was ¥560 million, down 53.3% year on year, due in part to the recognition of deferred tax assets.」
Unlike the deferred tax liabilities whose additional recognition had been reported through the previous quarter, this time the company stated that recognition of deferred tax assets affected profit attributable to owners of the parent. - FY2020-Q1Additional recognition of deferred tax liabilities resulted in a quarterly net loss.Annual report
「Net loss attributable to owners of the parent was ¥1,613 million, compared with net income of ¥2,260 million in the same period of the previous year, due mainly to the additional recognition of deferred tax liabilities.」
The additional recognition of deferred tax liabilities and other factors was cited as the reason for the change from quarterly net income attributable to owners of the parent to a net loss. - FY2019Higher income taxes and other adjustments pressured full-year profit.Annual report
「Income taxes and other adjustments 1,756」
Income taxes and other adjustments for the consolidated fiscal year were ¥1,756 million, total tax expense was ¥8,093 million, and net income attributable to owners of the parent was ¥1,116 million. - FY2019-Q1First statedAnnual report
「Net income attributable to owners of the parent was ¥2,260 million, down 48.7% year on year, due mainly to an increase in income taxes and other adjustments associated with the recognition of deferred tax liabilities.」
An increase in income taxes and other adjustments associated with the recognition of deferred tax liabilities was cited for the first time as a factor behind the decline in net income attributable to owners of the parent.