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Notes to Consolidated Financial Statements 19. RELATED PARTY INFORMATION Condensed financial information of a significant affiliate, Sumitomo Rubber Industries, Ltd., as of fiscal 2012 is as follows: Thousands of 2012 Millions of yen U.S. dollars Total current assets.................... ¥325,428 $3,959,460 Total non-current assets............. 346,182 4,211,972 Total current liabilities................. 242,135 2,946,040 Total non-current liabilities.......... 207,300 2,522,205 Total net assets.......................... 222,174 2,703,187 Sales.......................................... 676,903 8,235,832 Income before income taxes...... 43,779 532,656 Net Income................................ 28,386 345,370 Condensed financial information of a significant affiliate, Sumitomo 3M Ltd., as of fiscal 2011 is as follows: 2011 Millions of yen Total current assets.................... ¥124,494 Total non-current assets............. 23,008 Total current liabilities................. 40,255 Total non-current liabilities.......... 2,397 Total net assets.......................... 104,850 Sales.......................................... 212,954 Income before income taxes...... 48,542 Net Income................................ 36,236 20. OTHER An investigation of the Company by the Japan Fair Trade Commission (JFTC) was initiated in February 2010 concerning the Company’s trade in automotive wiring harnesses-related products. The Company is also under investigation by EU, U.S. and other overseas antitrust regulators. Regarding this case, class action lawsuits have been filed in the U.S. against the Company and its subsidiaries. The Company received an order for payment of surcharge in the amount ¥2,102 million (US$25,575 thousand) from the JFTC in January 2012. 66 SUMITOMO ELECTRIC Annual Report 2012
Independent Auditor’s Report To the Board of Directors of Sumitomo Electric Industries, Ltd.: We have audited the accompanying consolidated financial statements of Sumitomo Electric Industries, Ltd. and its consolidated subsidiaries, which comprise the consolidated balance sheets as at March 31, 2012 and 2011, and the consolidated statements of income, statements of comprehensive income, statements of changes in net assets and statements of cash flows for the years then ended, and a summary of significant accounting policies and other explanatory information. Management's Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting principles generally accepted in Japan, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatements, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in Japan. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on our judgement, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, while the objective of the financial statement audit is not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Sumitomo Electric Industries, Ltd. and its consolidated subsidiaries as at March 31, 2012 and 2011, and their financial performance and cash flows for the years then ended in accordance with accounting principles generally accepted in Japan. Emphasis of Matter Without qualifying our opinion, we draw attention to Note 2 h) to the consolidated financial statements that Sumitomo Electric Industries, Ltd. and its domestic consolidated subsidiaries have changed the depreciation method for depreciable assets for the year ended March 31, 2012. Convenience Translation The U.S. dollar amounts in the accompanying consolidated financial statements with respect to the year ended March 31, 2012 are presented solely for convenience. Our audit also included the translation of yen amounts into U.S. dollar amounts and, in our opinion, such translation has been made on the basis described in Note 1 to the consolidated financial statements. June 27, 2012 Osaka, Japan Annual Report 2012 SUMITOMO ELECTRIC 67
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Annual Report 2012 Information & Co
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Glorious Excellent Company The Sumi
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Review of Operations Automotive Inf
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Society our daily lives. The Sumito
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uri Capabilities a leading position
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Materials with a Global Impact year
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World Stage The Americas In fiscal
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Net Sales Operating Income Net Inco
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