Sumitomo Dainippon Pharma Annual Report 2017

Millions of yenThousands ofU.S. dollars2016201720172017$ 52,946109,8135,93843,8215,25977,78636,357148,05492,79546,393249,92958,775927,866(151,455)$ 776,411$ (71,420)(8,607)(6,161)(420,143)(3,616)(4,321)(2,474)$ (516,742)$ 259,669¥ 3,53916,5791,8744,9666268,1714,8136,96412,6863,10725,02411,23799,586(11,904)¥ 87,682¥ (10,980)—(697)(24,735)(405)(311)(457)¥ (37,585)¥ 50,097¥ 5,93012,2996654,9085898,7124,07216,58210,3935,19627,9926,583103,921(16,963)¥ 86,958¥ (7,999)(964)(690)(47,056)(405)(484)(277)¥ (57,875)¥ 29,083Deferred tax assets: Accrued bonuses to employees Reserve for sales rebates Accrued enterprise taxes Liability for retirement benets Loss on devaluation of investment securities Research and development costs Inventories Net operating loss carried forward Amortization of intangible assets Tax credit for research and development costs of overseas subsidiaries Unrealized gain on inventories Other Gross deferred tax assets Valuation allowance Total deferred tax assetsDeferred tax liabilities: Unrealized gains on available-for-sale securities Asset for retirement benets Deferred gain on sales of xed assets Tax effect of intangible assets related to business combination Refund of capital surplus of a subsidiary Undistributed earnings of foreign subsidiaries Other Total deferred tax liabilities Net deferred tax assets33.0 4.8 (0.4) (14.9) 5.0 8.8 3.0(0.2)(1.5) 37.62016Normal statutory tax rate Increase (decrease) in taxes due to: Expenses not deductible for tax purposes Non-taxable dividend income Tax credits for research and development costs Amortization of goodwill Change in valuation allowance Effect of revised corporate tax rate Tax effects attributable to investments in subsidiaries Other Effective tax rateA reconciliation between the statutory tax rates and the effective tax rates reected in the accompanying consolidated statements of income for the years ended March 31, 2017 and 2016 was as follows:%%%% 30.8 3.7 (0.4) (10.9) 3.6 10.7 — 0.4 0.7 38.6 The Company and its domestic subsidiaries are subject to Japanese national and local income taxes which, in aggregate, resulted in a statutory tax rate of approximately 30.8% and 33.0% for the years ended March 31, 2017 and 2016 respectively. Overseas subsidiaries are subject to income taxes of the countries in which they operate. Major components of deferred tax assets and liabilities as of March 31, 2017 and 2016 were as follows:9. INCOME TAXESNotes to Consolidated Financial StatementsSumitomo Dainippon Pharma Co., Ltd. and Consolidated SubsidiariesYears Ended March 31, 2017 and 2016Financial SectionSumitomo Dainippon Pharma Co., Ltd. Annual Report 201785

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