Recognition of Deferred Tax Assets in Connection with the Transfer of Seika YKC Circuit Shares
First written in FY2021-Q3. . Latest entry: FY2022.
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- FY2022Decrease in net profit due to normalization of tax expensesAnnual report
「Meanwhile, net profit attributable to owners of the parent was ¥2.246 billion, down 17.5% year on year.」
In addition to the reversal of the lower tax burden resulting from the recognition of deferred tax assets and other factors in the previous fiscal year, total income taxes and other taxes amounted to ¥1.717 billion in the current fiscal year, and net profit attributable to owners of the parent declined 17.5% year on year. - FY2022-Q3Decrease in net profit due to normalization of tax expensesAnnual report
「Meanwhile, quarterly net profit attributable to owners of the parent was ¥1.185 billion, down 45.9% year on year, as income taxes and other tax expenses normalized.」
After lower tax expenses boosted net profit in the third quarter of the previous fiscal year, income taxes and other tax expenses normalized in the 9 months ended in the third quarter, resulting in a decline in quarterly net profit attributable to owners of the parent. - FY2021Increase in deferred tax assets and lower tax burdenAnnual report
「The Company makes accounting estimates, including the recoverability of deferred tax assets.」
Deferred tax assets amounted to ¥587 million, while the income tax adjustment was a ¥670 million benefit, partly due to a decrease in the valuation allowance associated with the transfer of Seika YKC Circuit shares and other factors. - FY2021-Q3First statedAnnual report
「Following the transfer on 6 January 2021 of shares in Seika YKC Circuit (Thailand) Co., Ltd., a subsidiary engaged in the manufacture and sale of printed circuit boards, the Company assessed the recoverability of deferred tax assets and recognized deferred tax assets related to the transaction. As a result of the decrease in income taxes and other tax expenses, quarterly net profit attributable to owners of the parent increased to ¥2.192 billion, up 135.7% year on year, representing increases in both revenue and profit.」
The Company assessed the recoverability of deferred tax assets associated with the transfer of shares in its Thai subsidiary and recognized deferred tax assets. The decrease in tax expenses contributed to the increase in quarterly net profit attributable to owners of the parent for the 9 months ended in the third quarter.