Cover Page
Cover Page | 12 Months Ended |
Mar. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Entity Registrant Name | SAWAI GROUP HOLDINGS Co., Ltd. |
Entity Central Index Key | 0001816901 |
Document Annual Report | true |
Document Transition Report | false |
Document Period End Date | Mar. 31, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Current Fiscal Year End Date | --03-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity File Number | 333-250990 |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Entity Incorporation, State or Country Code | M0 |
Document Accounting Standard | International Financial Reporting Standards |
Entity Address, Country | JP |
ICFR Auditor Attestation Flag | false |
Entity Common Stock, Shares Outstanding | 43,791,339 |
Document Shell Company Report | false |
Document Registration Statement | false |
Security Reporting Obligation | 15(d) |
Consolidated Statements of Inco
Consolidated Statements of Income - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Profit or loss [abstract] | |||
Revenue | ¥ 187,219 | ¥ 182,537 | ¥ 184,341 |
Cost of sales | (114,785) | (109,037) | (109,442) |
Gross profit | 72,434 | 73,500 | 74,899 |
Selling, general and administrative expenses | (39,937) | (33,375) | (32,380) |
Research and development expenses | (13,883) | (13,487) | (16,671) |
Other income | 325 | 238 | 269 |
Other expenses | (51) | (83) | (319) |
Operating profit | 18,888 | 26,793 | 25,798 |
Finance income | 138 | 295 | 421 |
Finance expenses | (566) | (591) | (553) |
Profit before tax | 18,460 | 26,497 | 25,666 |
Income tax expense | (7,609) | (6,720) | (5,939) |
Profit for the year | 10,851 | 19,777 | 19,727 |
Profit attributable to: | |||
Owners of the Company | 12,340 | 19,279 | 19,376 |
Non-controlling interests | (1,489) | 498 | 351 |
Profit for the year | ¥ 10,851 | ¥ 19,777 | ¥ 19,727 |
Earnings per share (yen) | |||
Basic earnings per share | ¥ 281.80 | ¥ 440.37 | ¥ 442.62 |
Diluted earnings per share | ¥ 281.51 | ¥ 440 | ¥ 442.32 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of comprehensive income [abstract] | |||
Profit for the year | ¥ 10,851 | ¥ 19,777 | ¥ 19,727 |
Items that will not be reclassified to profit or loss: | |||
Changes in fair value of financial assets measured at fair value through other comprehensive income | 130 | (728) | (26) |
Items that may be reclassified subsequently to profit or loss: | |||
Exchange differences on translation of foreign operations | 1,763 | (2,438) | 4,900 |
Other comprehensive income (loss) for the year, net of tax | 1,893 | (3,166) | 4,874 |
Total comprehensive income for the year | 12,744 | 16,611 | 24,601 |
Total comprehensive income attributable to: | |||
Owners of the Company | 13,923 | 16,583 | 23,302 |
Non-controlling interests | (1,179) | 28 | 1,299 |
Total comprehensive income for the year | ¥ 12,744 | ¥ 16,611 | ¥ 24,601 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - JPY (¥) ¥ in Millions | Mar. 31, 2021 | Mar. 31, 2020 | |
Current assets | |||
Cash and cash equivalents | ¥ 54,269 | ¥ 56,082 | |
Trade and other receivables | 70,107 | 58,685 | |
Inventories | 79,120 | 75,460 | |
Other financial assets | 143 | 141 | |
Other current assets | 2,035 | 996 | |
Total current assets | 205,674 | 191,364 | |
Non-current assets | |||
Property, plant and equipment | 84,708 | 81,013 | |
Goodwill | 39,304 | 38,636 | |
Intangible assets | 54,472 | 61,669 | |
Other financial assets | 6,409 | 5,914 | |
Other non-current assets | 1,008 | 705 | |
Deferred tax assets | 1,766 | 5,513 | |
Total non-current assets | 187,667 | 193,450 | |
Total assets | 393,341 | 384,814 | |
Current liabilities | |||
Trade and other payables | 50,402 | 44,038 | |
Bonds and borrowings | 3,834 | 14,456 | |
Income tax payables | 3,355 | 4,318 | |
Refund liabilities | 7,541 | 7,989 | |
Provisions | 388 | 92 | |
Other financial liabilities | [1] | 6,443 | 5,003 |
Other current liabilities | 8,489 | 6,819 | |
Total current liabilities | 80,452 | 82,715 | |
Non-current liabilities | |||
Bonds and borrowings | 66,741 | 60,567 | |
Provisions | 712 | 113 | |
Other financial liabilities | [1] | 2,770 | 5,800 |
Other non-current liabilities | 1,858 | 1,872 | |
Deferred tax liabilities | 58 | 61 | |
Total non-current liabilities | 72,139 | 68,413 | |
Total liabilities | 152,591 | 151,128 | |
Equity | |||
Share capital | 41,219 | 41,199 | |
Capital surplus | 42,453 | 42,863 | |
Retained earnings | 132,429 | 126,719 | |
Treasury shares | 0 | (1,385) | |
Other component of equity | 2,177 | 604 | |
Equity attributable to owners of the Company | 218,278 | 210,000 | |
Non-controlling interests | 22,472 | 23,686 | |
Total equity | 240,750 | 233,686 | |
Total liabilities and equity | ¥ 393,341 | ¥ 384,814 | |
[1] | Sawai has corrected an immaterial error of comparative information, see Note 2 (7). |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - JPY (¥) ¥ in Millions | Total | Share Capital [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Treasury Shares [Member] | Other Component of Equity [Member] | Total [Member] | Non- controlling Interests [Member] |
Beginning balance at Mar. 31, 2018 | ¥ 202,439 | ¥ 41,170 | ¥ 42,573 | ¥ 99,657 | ¥ (1,385) | ¥ (667) | ¥ 181,348 | ¥ 21,091 |
Profit for the year | 19,727 | 19,376 | 19,376 | 351 | ||||
Other comprehensive income | 4,874 | 3,926 | 3,926 | 948 | ||||
Total comprehensive income for the year | 24,601 | 19,376 | 3,926 | 23,302 | 1,299 | |||
Issuance of new shares | 1,098 | 15 | 15 | (30) | 1,098 | |||
Dividends | (5,691) | (5,691) | (5,691) | |||||
Share-based payments | 29 | 29 | 29 | |||||
Other | 726 | 261 | 261 | 465 | ||||
Total transactions with owners | (3,838) | 15 | 276 | (5,691) | (1) | (5,401) | 1,563 | |
Ending balance (Previously stated [member]) at Mar. 31, 2019 | 223,202 | 41,185 | 42,849 | 113,342 | (1,385) | 3,258 | 199,249 | 23,953 |
Ending balance (Adjustment on initial application of IFRS16, net of tax) at Mar. 31, 2019 | 8 | 8 | 8 | |||||
Ending balance (Adjusted Balances [Member]) at Mar. 31, 2019 | 223,210 | 41,185 | 42,849 | 113,350 | (1,385) | 3,258 | 199,257 | 23,953 |
Ending balance at Mar. 31, 2019 | 223,202 | 41,185 | 42,849 | 113,342 | (1,385) | 3,258 | 199,249 | 23,953 |
Profit for the year | 19,777 | 19,279 | 19,279 | 498 | ||||
Other comprehensive income | (3,166) | (2,696) | (2,696) | (470) | ||||
Total comprehensive income for the year | 16,611 | 19,279 | (2,696) | 16,583 | 28 | |||
Issuance of new shares | 14 | 14 | (28) | |||||
Dividends | (6,205) | (5,910) | (5,910) | (295) | ||||
Share-based payments | 70 | 70 | 70 | |||||
Total transactions with owners | (6,135) | 14 | 14 | (5,910) | 42 | (5,840) | (295) | |
Ending balance at Mar. 31, 2020 | 233,686 | 41,199 | 42,863 | 126,719 | (1,385) | 604 | 210,000 | 23,686 |
Profit for the year | 10,851 | 12,340 | 12,340 | (1,489) | ||||
Other comprehensive income | 1,893 | 1,583 | 1,583 | 310 | ||||
Total comprehensive income for the year | 12,744 | 12,340 | 1,583 | 13,923 | (1,179) | |||
Issuance of new shares | 20 | 20 | (40) | |||||
Cancellation of treasury shares | (430) | (955) | 1,385 | |||||
Dividends | (5,727) | (5,692) | (5,692) | (35) | ||||
Share-based payments | 56 | 56 | 56 | |||||
Other | (9) | 17 | (26) | (9) | ||||
Total transactions with owners | (5,680) | 20 | (410) | (6,630) | ¥ 1,385 | (10) | (5,645) | (35) |
Ending balance at Mar. 31, 2021 | ¥ 240,750 | ¥ 41,219 | ¥ 42,453 | ¥ 132,429 | ¥ 2,177 | ¥ 218,278 | ¥ 22,472 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities | |||
Profit before tax | ¥ 18,460 | ¥ 26,497 | ¥ 25,666 |
Depreciation and amortization | 18,291 | 17,954 | 16,280 |
Impairment loss | 6,502 | 1,467 | 3,339 |
Finance income | (140) | (295) | (322) |
Finance expenses | 566 | 582 | 450 |
Loss on sale and disposal of property, plant and equipment and intangible assets | 588 | 218 | 2,173 |
Decrease (increase) in trade and other receivables | (9,125) | 4,664 | (6,839) |
Decrease (increase) in inventories | (3,481) | (12,208) | 2,176 |
Increase in trade and other payables | 5,165 | 239 | 4,513 |
Increase (decrease) in refund liabilities | (504) | 26 | 1,193 |
Increase in Provisions | 988 | ||
Increase (decrease) in other financial liabilities | 45 | 115 | (214) |
Other | 1,913 | (975) | 2,803 |
Subtotal | 39,268 | 38,284 | 51,218 |
Interest received | 13 | 173 | 186 |
Dividends received | 132 | 138 | 126 |
Interest paid | (503) | (487) | (445) |
Income taxes paid | (7,053) | (7,852) | (8,161) |
Cash flows generated from operating activities | 31,857 | 30,256 | 42,924 |
Cash flows from investing activities | |||
Acquisition of property, plant and equipment | (12,999) | (5,501) | (7,500) |
Acquisition of intangible assets | (8,125) | (12,672) | (3,208) |
Acquisition of business, net of cash and cash equivalents | (5,546) | ||
Other | (670) | (566) | |
Cash flows used in investing activities | (21,794) | (18,173) | (16,820) |
Cash flows from financing activities | |||
Proceeds from long-term borrowings | 10,000 | ||
Repayment of long-term borrowings | (4,464) | (4,802) | (4,718) |
Redemption of bonds | (10,000) | ||
Payment of lease liabilities (2019: payment of finance lease liabilities) | (1,747) | (1,715) | (276) |
Dividends paid | (5,692) | (5,910) | (5,691) |
Dividends paid to non-controlling interests | (35) | (296) | |
Other | (53) | (24) | 1,098 |
Cash flows used in financing activities | (11,991) | (12,747) | (9,513) |
Effect of exchange rate on cash and cash equivalents | 115 | (321) | 484 |
Net increase (decrease) in cash and cash equivalents | (1,813) | (985) | 17,075 |
Cash and cash equivalents at the beginning of the year | 56,082 | 57,067 | 39,992 |
Cash and cash equivalents at the end of the year | ¥ 54,269 | ¥ 56,082 | ¥ 57,067 |
Reporting Entity
Reporting Entity | 12 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Reporting Entity | 1. Reporting Entity Sawai Pharmaceutical Co., Ltd. (the “Company”) is a public company incorporated and domiciled in Japan. The Company and its subsidiaries (collectively, “Sawai”) are engaged in research, development, manufacturing, and marketing of generic pharmaceutical products in Japan and the United States of America. |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Basis of Preparation | 2. Basis of Preparation (1) Compliance with International Financial Reporting Standards Sawai’s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRSs”), as issued by the International Accounting Standards Board (“IASB”). The term IFRS also includes International Accounting Standards (“IAS”) and the related interpretations of the interpretations committees (SIC and IFRIC). (2) Authorized for issue of Financial Statements The c onsolidated financial statements as of and for the year ended March 31, 2021 were authorized by Representative Directo r and President, Kenzo Sawai, and Director, Kazuhiko Sueyoshi, on June 28, 202 1 . (3) Basis of Measurement The consolidated financial statements have been prepared on a historical cost basis, except for certain assets and liabilities recorded at fair value separately stated in Note 3. (4) Functional and Presentation Currency The consolidated financial statements are presented in Japanese yen (“Yen” or “JPY”), which is the Company’s functional currency. All amounts have been rounded to the nearest million Yen, unless otherwise indicated. (5) Significant Accounting Estimates, Judgements and Assumptions The preparation of consolidated financial statements in accordance with IFRSs requires management to make judgements, estimates and assumptions that affect the application of accounting policies, the reported amount of assets, liabilities, revenue and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates. Estimates and underlying assumptions are reviewed on a continuous basis. Changes in accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Information about judgments and estimates that have been made in the process of applying accounting policies and information about accounting estimates and assumptions that have significant effects on the amounts reported in the consolidated financial statements, are as follows: • Variable considerations in revenue recognition: (Note 3(5)) • Impairment of intangible assets and goodwill: (Note 14) Sawai assessed the impact of the novel coronavirus (“COVID-19”) COVID-19 COVID-19 COVID-19 COVID-19 (6) New Accounting Standards and Interpretations not yet Adopted There are no new or amended accounting standards and interpretations that have been issued as of the authorized date of the consolidated financial statements that are expected to have a significant impact on Sawai’s consolidated financial statements. (7) Correction of Immaterial Errors During the year ended March 31, 2021, an immaterial error was found in the classification of guarantee deposits as of March 31, 2020 that should have been classified as “Other financial liabilities” of current liabilities instead of “Other financial liabilities” of non-current non-current 2,591 million. During the year ended March 31, 2021, an immaterial error was found in the carrying amounts of certain intangible assets, which were disclosed in the Note 14 of the consolidated financial statements for the year ended March 31, 2020. The carrying amounts as of March 31, 2020 were corrected by increasing the balance of Tosymra ™ 1,699 million and reducing the balance of Zembrace ® ® (8) Changes in Presentation Provisions that were previously included in other current liabilities and other non-current Yen in millions As of March 31, 2020 As previously As Current liabilities Provisions — 92 Other current liabilities 6,911 6,819 Non-current Provisions — 113 Other non-current 1,985 1,872 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Significant Accounting Policies | 3. Significant Accounting Policies The accounting policies set forth below have been continuously applied for the entire period presented in the consolidated financial statements, unless otherwise stated. (1) Basis of Consolidation The consolidated financial statements include the Company and its subsidiaries over which the Company directly or indirectly controls (generally, as a result of owning more than 50% of the entity’s voting interest). The financial statements of subsidiaries are included in the consolidated financial statements from the date when control is obtained until the date when control is lost. Those subsidiaries’ financial statements have been adjusted to comply with the Company’s accounting policies as necessary. Changes in the Company’s ownership interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. Any difference between the adjustment to non-controlling Intercompany balances and transactions, and any unrealized income and expenses arising from intercompany transactions, are eliminated when the Company prepares the consolidated financial statements. Sawai does not have any investments that are accounted for using the equity method at March 31, 2020 and 2021. (2) Business Combination In assessing whether acquired set of activities and assets meets the definition of a business, Sawai applies an optional ‘concentration test’ that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. Business combinations are accounted for using the acquisition method. The identifiable assets acquired and liabilities assumed are measured at their fair values as of the acquisition date. Goodwill is measured as the excess of the sum of the fair value of consideration transferred, the amount of any non-controlling The consideration transferred for an acquisition of a subsidiary is measured as the fair value of the assets transferred and the liabilities incurred to former owners of the acquiree. The consideration for acquisitions may include amounts contingent upon future events, such as the achievement of development milestones and sales targets. Any contingent consideration included in the consideration payable for a business combination is recorded at fair value as of the acquisition date. These fair values are generally based on risk-adjusted future cash flows discounted using appropriate discount rates. An obligation to pay contingent consideration that meets the definition of a financial instrument classified as liability is remeasured at fair value at each reporting date and subsequent changes in the fair value are recognized in finance income or expenses in the consolidated statements of income. If contingent consideration is classified as equity, then it is not remeasured and its settlement is accounted for within equity. Acquisition related costs are recognized as expenses in the period they are incurred. Changes in the Company’s ownership interests in subsidiaries that do not result in the Company losing control over a subsidiary are treated as equity transactions and therefore, do not result in adjustments to goodwill. (3) Foreign Currency 1 Foreign Currency Transactions Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions or rates that approximate the exchange rates at transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the exchange rates at the end of each reporting period. Non-monetary Gains or losses on exchange differences arising from the settlement of foreign currency denominated monetary assets and liabilities, or from their translations to functional currency at the end of the reporting date, are recognized in Finance income or Finance expenses in the consolidated statements of income. 2 Foreign Operations Assets and liabilities of foreign subsidiaries, which use a functional currency other than Yen, are translated into Yen using the exchange rate at the end of the reporting period. Revenue and expenses of foreign operations are translated into Yen using the exchange rate at the transaction date or the rate that approximates the exchange rate at the transaction date (e.g., average exchange rate for the period). Exchange differences arising from the translation are recognized in other comprehensive income and accumulated in other components of equity in the consolidated statements of financial position. In the event a foreign operation is disposed, the cumulative amount of exchange differences related to the foreign operation is reclassified from equity to profit or loss in the disposal period. (4) Financial Instruments A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. When Sawai becomes a party to the contractual provision of a financial instrument, the financial instrument is recognized either as a financial asset or as a financial liability. Sawai does not have any derivative assets or liabilities. 1 Financial Assets (i) Initial recognition and measurement Sawai initially recognizes all financial assets as of the trade date when Sawai becomes a party to the contract. In principle, financial assets are initially measured at fair value plus, in the case of a financial asset not at fair value through profit or loss, the transaction costs directly attributable to the financial assets. Trade receivables, however, are initially measured at the transaction price (provided that there are no significant financing components thereto). Financial assets are classified as financial assets measured at amortized cost or financial assets measured at fair value through other comprehensive income (“FVOCI”) or financial assets measured at fair value through profit or loss (“FVTPL”) at initial recognition. The classification, depending on whether financial assets are debt instruments or equity instruments, is made as follows: (a) Financial assets which are debt instruments If both of the following conditions are met, they are classified as financial assets measured at the amortized cost: • Assets are held within the business model whose objective is to hold assets to collect contractual cash flows; and • The contractual terms of financial assets give rise on specified dates to cash flows which are solely payments of principal and interest on the principal amount outstanding. Debt instruments are measured at FVOCI if both of the following conditions are met: • The financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and; • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets that are debt instruments which are not classified as financial assets measured at amortized cost or FVOCI are classified as financial assets measured at FVTPL. Sawai holds debt financial assets measured at amortized cost and at FVTPL while it does not hold financial assets that are debt instruments classified as FVOCI as of March 31, 2021. (b) Financial assets which are equity instruments For financial assets which are equity instruments, Sawai made an irrevocable election at initial recognition to present subsequent changes in fair value in other comprehensive income. Sawai does not hold financial assets for trading purpose under its policy. (ii) Subsequent measurement (a) Financial assets measured at amortized cost These assets are measured at amortized cost using the effective interest method. Amortization under the effective interest method, impairment loss and any gain or loss in case of derecognition are recognized in profit or loss as finance income or expenses. (b) Financial assets measured at fair value Changes in the fair value for financial assets that are debt instruments are recognized in profit or loss. Changes in the fair value for equity financial assets are recognized in other comprehensive income and cumulative gains or losses are transferred directly to retained earnings when those assets are derecognized. Dividends are recognized in profit or loss as finance income unless the dividend clearly represents a recovery of part of the cost of the investment. (iii) Impairment loss Sawai recognizes allowance for expected credit losses (“ECLs”) on (a) trade receivables and contract assets, and (b) debt instruments other than trade receivables and contract assets measured at amortized cost. (a) Trade receivable and contract assets Sawai measures loss allowance for trade receivables and contract assets at an amount equal to lifetime ECLs. (b) Debt instruments other than trade receivables and contract assets Loss allowance for debt instruments other than trade receivables and contract assets are generally measured at an amount equal to 12 months ECLs, except when it is determined that the credit risk has significantly increased since initial recognition. In that case, the loss allowance is measured at an amount equal to lifetime ECLs. 12-month When determining whether the credit risk of a financial asset has increased significantly since initial recognition, Sawai considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analyses based on Sawai’s historical experience and continuous credit assessment that includes forward-looking information. Sawai assumes that the credit risk on a financial asset has increased significantly if it is more than one day past due without reasonable explanation as past due financial assets have historically resulted in increase in default rates. In addition, Sawai considers financial assets to be in default when there is an evidence indicating that a debtor is delinquent with the following observable data; • significant financial difficulty of the debtor; • a breach of contract; or • it is probable that the debtor will enter bankruptcy or other means of financial reorganization. Sawai considers the defaulted financial asset as credit-impaired. ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls such as the difference between the contractual cash flows due to Sawai and the cash flows that Sawai expects to receive. ECLs are discounted using the effective interest rate of the financial asset. (iv) Derecognition Sawai derecognizes a financial asset when the contractual right to receive cash flows from the financial asset expires, or the contractual right to receive cash flows from the financial asset is transferred and substantially all the risks and rewards related to ownership of the financial asset are transferred to another party. 2 Financial Liabilities (i) Measurement Sawai initially recognizes all financial liabilities when Sawai becomes a party to the contract. While financial liabilities are initially measured at fair value transaction costs directly attributable to the financial liability are deducted from the initial carrying amount. After the initial recognition, financial liabilities are measured at amortized cost using the effective interest method. Amortization under the effective interest method and any gain or loss in case of derecognition are recognized in profit or loss as finance income or expenses. (ii) Derecognition Sawai derecognizes a financial liability when the obligation specified in the contract is discharged, cancelled or expired. 3 Offsetting Financial assets and financial liabilities are offset and the net amount is presented in the statement of financial position when, and only when, Sawai currently has a legally enforceable right to set off the amounts and intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. (5) Revenue Sawai solely earns revenue from sale of generic pharmaceutical products, primarily generic medicines, to distributors, wholesalers and retailers in Japan and the United States. Revenue on sales of products is recognized when control of the products is passed to the customer in an amount that reflects the consideration to which Sawai expects to be entitled in exchange for those products. Control is generally transferred at the point in time of acceptance of the products by customers. The consideration Sawai receives in exchange for the goods may be fixed or variable. Variable consideration is only recognized to the extent it is highly probable that a significant reversal will not occur. The most common elements of variable consideration are listed below: 1 Rebates and Chargebacks Rebates are incentive programs payable upon the achievement of certain pre-determined Accruals for rebates and chargebacks are estimated on the basis of historical experience and recorded at the time the related revenue is recognized as a reduction from revenue. The estimation made in calculating accrual for rebates includes rebate ratio applied in the forthcoming year. Accruals for chargebacks are calculated by developing future percentages of chargebacks incurred on sales as there is a time lag between when Sawai sells the product to the wholesalers and when the chargebacks are paid by Sawai. As the percentages of chargebacks incurred on sales are specific to the wholesalers’ customers, the relevant assumptions used to calculate the estimated future percentages of chargebacks incurred on sales relate to estimating to which wholesaler’s customers Sawai’s products will ultimately be sold. Accruals for rebates are presented in the consolidated statements of financial position as Refund liabilities, while accruals for chargebacks are presented by deducting from Trade and other receivables. 2 Sales Return Sawai accepts returns for defective products and customarily accepts returns for expired products. Sales return provisions are estimated based on historical rate of return, taking into consideration other factors such as time lag between the sales and returns and estimated levels of inventory in the distribution channel. Sales returns are recorded as revenue deductions and refund liabilities are recognized in the consolidated statements of financial position for the expected future returns. Returned products are disposed of and no returned assets are recorded. (6) Research and Development Expenses Expenditure on research activities is recognized in profit or loss as incurred. Expenditure on development activities is capitalized only if the expenditure can be measured reliably, the product is technically and commercially feasible, future economic benefits are probable and Sawai intends to and has sufficient resources to complete the development project and to use or sell the related asset. (7) Income Taxes Income tax expense comprises current and deferred tax, and is recognized in profit or loss for the year, except for the items resulting from business combination and items directly recognized in equity or other comprehensive income. Current tax comprises the expected tax payable and receivable that are calculated at the amount expected to be paid or recovered from the taxation authority by applying the tax rate enacted or substantively enacted at the reporting date. Sawai’s current tax payable also includes liabilities related to uncertain tax positions. Deferred tax assets and liabilities are calculated based on the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases at the end of the reporting period. However, deferred tax assets and liabilities are not recognized in the following cases: • Taxable temporary differences arising from the initial recognition of goodwill; • Temporary differences on the initial recognition of assets or liabilities in a transaction which is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit (loss); and • Temporary differences related to investments in subsidiaries to the extent that Sawai is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date, and reflects uncertainty related to income taxes, if any. Deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences, unused tax loss, and unused tax credits can be utilized. Deferred tax assets are reviewed at the end of each period and reduced for the portion where it is not probable to gain the taxable income sufficient to realize the benefit of part or all of deferred tax assets. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities, and the deferred tax assets and liabilities are related to income taxes levied by the same taxation authority on the same taxable entity. (8) Earnings Per Share Basic earnings per share is calculated by dividing profit for the period attributable to owners of ordinary shares of the Company by the weighted average number of ordinary shares outstanding for the reporting period, adjusted by the number of treasury shares. Diluted earnings per share is calculated by adjusting the dilutive effect of potential ordinary shares. (9) Cash and Cash equivalents Cash and cash equivalents are cash on hand, demand deposits and short-term, highly liquid investments with maturities of 3 months or less from the acquisition date, which are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. As of March 31, 2020 and 2021, Sawai had only cash on hand and bank deposits as cash and cash equivalents. (10) Inventories Inventories are mainly comprised of finished goods, work-in-process, (11) Property, Plant and Equipment Property, plant and equipment are measured using the cost model and is stated at cost less accumulated depreciation and accumulated impairment loss. Acquisition cost includes those costs that are directly attributable to the acquisition and the initial estimated dismantlement, removals and restoration costs associated with the asset. Except for assets that are not subject to depreciation, such as land and construction in progress, assets are depreciated using the straight-line method over the estimated useful life of the asset. Right-of-use The estimated useful life by type of major assets is as follows: • Building and structures: 2 to 50 years • Machinery and equipment: 2 to 20 years • Tools, furniture and fixtures: 2 to 20 years Depreciation method, residual value and useful life are reviewed at least at the end of each reporting period and revised as necessary. (12) Leases Sawai has applied IFRS 16 Lease (“IFRS 16”) using the modified retrospective approach from April 1, 2019 and therefore the comparative information has not been restated and the previous year continue to be reported under IAS 17 Lease (“IAS 17”) and IFRIC 4 Determining whether an Arrangement contains a Lease (“IFRIC 4”). Prior to the adoption of IFRS 16, Sawai determined at contract inception whether an arrangement is, or contains, a lease based on IFRIC 4. Under IFRS 16, a contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. 1 Policy applied to contracts entered into, on or after April 1, 2019 Sawai recognizes ROU assets and lease liabilities at the commencement date of the lease except for short-term leases with a lease term of 12 months or less and leases of low-value low-value Lease liabilities are initially recognized at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, Sawai’s incremental borrowing rate. Generally, Sawai uses its incremental borrowing rate as the discount rate. After the commencement date, the lease liabilities are measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in Sawai’s estimate of the amount expected to be payable under a residual value guarantee, or if Sawai changes its assessment of whether it will exercise a purchase, extension or termination option. The ROU assets are initially measured at an amount equal to the lease liability, adjusted by any lease payments made at or before the commencement date, less any lease incentives received, any initial direct costs incurred and an estimate of costs to be incurred in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset. The ROU assets are subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the ROU assets or the end of the lease term applying a cost model. The estimated useful lives of the ROU assets are determined on a same basis as those of underlying assets. The carrying amount of the ROU assets are included in Property, plant and equipment as disclosed in Note 13 and the lease liabilities are included in Other financial liabilities in the consolidated statements of financial position. The cash payments for the principal portion of the lease liabilities are presented in the cashflow in financing activities in the consolidated statements of cashflow. 2 Policy applicable before April 1, 2019 Sawai, as a lessee, classified the leases that transfer substantially all of the risks and rewards of ownership as finance leases; if not, as an operating lease. In a finance lease, the leased assets were measured initially at an amount equal to the lower of its fair value and the present value of minimum lease payments. The leased assets were measured initially at an amount equal to the lower of their fair value and the present value of the minimum lease payments. Minimum lease payments were the payments over the lease term that the lessee was required to make, excluding any contingent rent. Subsequent to initial recognition, the assets were accounted for in accordance with the accounting policy applicable to that asset. Assets held under operating leases were not recognized in the consolidated statements of financial position. Payment made under operating leases were recognized in an expense on a straight-line basis over term of the lease. Lease incentives received were recognized as an integral part of the total lease expense, over the term of the lease. (13) Goodwill Goodwill arising from business combination is presented at cost less accumulated impairment losses. Goodwill is not to be amortized but allocated to a cash-generating unit (“CGU”) or groups of CGUs based on expected synergies and tested for impairment annually and whenever there is an indication that CGU may be impaired. Impairment losses of goodwill are recognized in profit or loss and reversal is not made thereafter. (14) Intangible Assets Research and Development Research and Development are intangible assets related to products in development stage that are not yet available for use or sale. These intangible assets are not amortized but tested for impairment annually or more frequently if indicators of a potential impairment exist. If a project fails or ceases development, or is no longer considered to achieve the expected cash flow, the intangible assets are written down to their recoverable amount. The impairment charges are recognized in research and development expenses in the consolidated statements of income. Upon successful completion of the development project, these intangible assets are reclassified from Research and Development to Marketed Products. Marketed Products Intangible assets associated with marketed products are amortized on a straight-line basis over estimated useful lives, which range from 6 to 10 years. If there is an indication of impairment, each asset’s recoverable amount is estimated. If the recoverable amount of an asset is lower than the carrying amount, the carrying amount of the asset is reduced to the recoverable amount and impairment losses are recognized in profit or loss. Amortization and impairment charges of the internally developed intangible assets are recognized in research and development expenses while those charges of separately acquired intangible assets or intangible assets acquired in a business combination are recognized in selling, general and administrative expenses in the consolidated statements of income. Trademarks Trademarks represent the USL trademark that was acquired in conjunction with the acquisition of USL that is determined to have an indefinite useful life based on a historical sales and cash flow performance of USL-branded Software Software is recognized at cost and amortized on a straight-line basis over the expected useful life. The useful life is 3 to 5 years. Amortization of software is recognized in cost of sales, selling, general and administrative expenses, and research and development expenses in the consolidated statements of income. (15) Impairment of Non-financial Sawai assesses, at the end of reporting period, whether there is any indication of impairment of non-financial For assets or CGUs other than goodwill, Sawai assesses at the end of each reporting period whether there is any indication that an impairment loss recognized in prior periods may no longer exist or may have decreased. If such an indication exists, Sawai estimates the recoverable amount of the asset or CGU and if the recoverable amount exceeds the carrying amount, impairment losses are reversed up to the lower of the estimated recoverable amount or the carrying amount that would have been determined (net of amortization or depreciation) had no impairment loss been recognized for the asset in prior periods. The reversal of impairment loss is recognized in profit or loss. (16) Provisions Sawai recognizes provisions when Sawai has present legal or constructive obligations as a result of past events, it is probable that outflows of resources embodying economic benefits will be required to settle the obligations, and reliable estimates can be made of the amount of the obligations. Sawai’s provisions consist primarily of provisions for drug product safety assessment. (17) Employee Benefits Sawai sponsors defined contribution plan for its employees. Under the plan, Sawai as a sponsor pays fixed contributions into an independently administrated fund and employees also pay fixed contributions into the fund. Defined contribution retirement benefit expenses are recognized as expenses in the period when an employee renders related service. Short-term employee benefits are recorded as the expenses for the period during which employees rendered related services. (18) Shareholders’ Equity For Company-issued equity instruments, the issuance proceeds are recorded as share capital and capital surplus. Costs directly attributable to the issuance (after considering the tax effect) are deducted from equity. The Company does not recognize any gains or losses on the acquisition, sale or cancellation of treasury shares. When the Company acquires treasury shares, it is recognized at acquisition cost and deducted from equity. Transaction expenses directly arising from the acquisition is deducted from capital surplus. When the Company cancels treasury shares, the amount that should be deducted from capital surplus is determined in accordance with the Companies Act in Japan, and the remaining balance, if any, is deducted from retained earnings. When the Company sells the treasury shares, the difference between the carrying amount and the consideration received is charged to capital surplus. |
Operating Segment
Operating Segment | 12 Months Ended |
Mar. 31, 2021 | |
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Operating Segment | 4. Operating Segment Sawai’s operating segments are the components for which separate financial information is available, and the Board of Directors as the chief operating decision maker, regularly assesses the financial information in deciding how to allocate resources, measure performance and forecast future periods. Sawai manufactures and sells generic pharmaceutical products with operations in Japan and the United States, each requires differing marketing strategies. Accordingly, Sawai has designated two operating segments, Japan Business segment, and the U.S. Business segment. (1) Segment Information Year ended March 31, 2019 Yen in millions Japan Business U.S. Business Total Adjustments Amount Segment revenue Revenue from external customers 144,098 40,243 184,341 — 184,341 Segment 24,230 1,569 25,799 (1 ) 25,798 Finance income 421 Finance expenses (553 ) Profit before tax 25,666 Other items Depreciation and amortization 10,898 5,382 16,280 — 16,280 Impairment loss 467 2,872 3,339 — 3,339 Year ended March 31, 2020 Yen in millions Japan Business U.S. Business Total Adjustments Amount Segment revenue Revenue from external customers 144,130 38,407 182,537 — 182,537 Segment profit 24,401 2,388 26,789 4 26,793 Finance income 295 Finance expenses (591 ) Profit before tax 26,497 Other items Depreciation and amortization 11,893 6,061 17,954 — 17,954 Impairment loss 1,043 424 1,467 — 1,467 Year ended March 31, 2021 Yen in millions Japan Business U.S. Business Total Adjustments Amount Segment revenue Revenue from external customers 153,584 33,635 187,219 — 187,219 Segment profit (loss) 26,284 (7,396 ) 18,888 — 18,888 Finance income 138 Finance expenses (566 ) Profit before tax 18,460 Other items Depreciation and amortization 11,866 6,425 18,291 — 18,291 Impairment loss 839 5,663 6,502 — 6,502 Segment profit (loss) of each segment is measured in a consistent manner with consolidated operating profit. (2) Products and Services See Note 5 for revenue by key therapeutic category and its operating segment. (3) Geographic Information Revenue from contracts with customers Yen in millions Year ended March 31, 2019 2020 2021 Japan 144,098 144,130 153,584 U.S. 40,162 38,296 33,568 Other 81 111 67 Total 184,341 182,537 187,219 Non-current Yen in millions March 31, 2020 2021 Japan 81,686 82,130 U.S. 100,337 97,362 Total 182,023 179,492 (4) Information by Major Customer External customers account for more than 10% of revenue are as follows: Yen in millions Related segment Year ended March 31, 2019 2020 2021 Mediceo Corporation 23,857 24,513 29,028 Japan Business Alfresa Corporation 20,485 24,029 26,261 Japan Business |
Revenue
Revenue | 12 Months Ended |
Mar. 31, 2021 | |
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Revenue | 5. Revenue (1) Revenue Stream and Disaggregation of Revenue Sawai solely recognizes revenue from sale of generic pharmaceutical products to distributors, wholesalers and retailers. Revenue is recognized at a point in time when customers obtain control of products. There is no contract for which revenue is recognized over time. The following table shows revenue for our key therapeutic category by operating segment (see Note 4 for geographic information): Year ended March 31, 2019 Yen in millions Operating Segments Products Japan Business U.S. Business Total Cardiovascular drugs 41,842 17,432 59,274 Central nervous system drugs 12,241 17,277 29,518 Gastro-intestinal drugs 21,659 80 21,739 Blood/body fluid pharmaceutical products 15,756 — 15,756 Other metabolic drugs 10,448 — 10,448 Vitamin preparations 2,029 112 2,141 Antiallergic drugs 5,467 — 5,467 Antibiotics drugs 7,831 293 8,124 Drugs for urogenital organs and the anus 2,982 1,732 4,714 Antineoplastic agents 3,864 739 4,603 Other 19,979 2,578 22,557 Total 144,098 40,243 184,341 The comparative information is adjusted to align with the classification of the current reporting period. Year ended March 31, 2020 Yen in millions Operating Segments Products Japan Business U.S. Business Total Cardiovascular drugs 40,749 14,817 55,566 Central nervous system drugs 14,267 17,389 31,656 Gastro-intestinal drugs 19,733 252 19,985 Blood/body fluid pharmaceutical products 15,538 — 15,538 Other metabolic drugs 9,863 — 9,863 Vitamin preparations 2,029 72 2,101 Antiallergic drugs 5,244 — 5,244 Antibiotics drugs 7,704 356 8,060 Drugs for urogenital organs and the anus 3,128 1,512 4,640 Antineoplastic agents 4,951 1,004 5,955 Other 20,924 3,005 23,929 Total 144,130 38,407 182,537 The comparative information is adjusted to align with the classification of the current reporting period. Year ended March 31, 2021 Yen in millions Operating Segments Products Japan Business U.S. Business Total Cardiovascular drugs 41,470 10,715 52,185 Central nervous system drugs 17,468 17,431 34,899 Gastro-intestinal drugs 19,118 159 19,277 Blood/body fluid pharmaceutical products 15,613 — 15,613 Other metabolic drugs 12,033 — 12,033 Vitamin preparations 8,103 — 8,103 Antiallergic drugs 6,942 — 6,942 Antibiotics drugs 6,265 319 6,584 Drugs for urogenital organs and the anus 4,327 1,555 5,882 Antineoplastic agents 4,845 620 5,465 Other 17,400 2,836 20,236 Total 153,584 33,635 187,219 (2) Contract Balances There are no advanced receipts from customers and unsatisfied performance obligations at the end of the reporting period, therefore no contract liability is recognized. Contract assets relate to the rights to consideration in exchange for the products that Sawai has transferred to a customer, but are conditioned on resale from the customer to its customers. The contract assets are reclassified to trade receivables when the customer resells the products to its customers. Trade receivables and contract assets balances as of March 31, 2020 and 2021 are as follows: Yen in millions March 31, 2020 2021 Trade receivables 57,601 67,745 Contract assets 231 39 |
Expenses by Nature
Expenses by Nature | 12 Months Ended |
Mar. 31, 2021 | |
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Expenses by Nature | 6. Expenses by Nature The breakdown of expenses by nature is as follows: Yen in millions Year ended March 31, 2019 2020 2021 Raw materials and supplies 48,591 55,686 52,336 Employee benefits 34,300 31,888 32,725 Depreciation and amortization 16,280 17,954 18,291 Subcontractor costs 20,618 26,870 28,547 |
Finance Income and Finance Expe
Finance Income and Finance Expenses | 12 Months Ended |
Mar. 31, 2021 | |
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Disclosure of finance income and (expenses) | 7. Finance Income and Finance Expenses The composition of finance income is as follows: Yen in millions Year ended March 31, 2019 2020 2021 Interest income Financial assets measured at amortized cost 196 157 6 Dividend income Equity instruments measured at FVOCI held at the end of the year 126 138 132 Foreign exchange gains 97 — — Other 2 — — Total 421 295 138 The composition of finance expenses is as follows: Yen in millions Year ended March 31, 2019 2020 2021 Interest expenses Financial liabilities measured at amortized cost Bonds 109 109 95 Borrowings 322 294 274 Other 98 155 133 Foreign exchange losses — 9 — Other 24 24 64 Total 553 591 566 |
Income Tax Expense
Income Tax Expense | 12 Months Ended |
Mar. 31, 2021 | |
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Income Tax Expense | 8. Income Tax Expense (1) Income Tax Expense The composition of income tax expense is as follows: Yen in millions Year ended March 31, 2019 2020 2021 Current tax expense 1 5,681 7,342 4,078 Deferred tax expense Origination and reversal of temporary differences 258 (622 ) 279 Derecognition of previously recognized deferred tax assets — — 3,252 Subtotal 258 (622 ) 3,531 Total 5,939 6,720 7,609 1 The decrease of current tax expense during the year ended March 31, 2021 includes impact of an income tax refund million as a result of net loss carryback in accordance with Coronavirus Aid, Relief, and Economic Security (CARES) Act. The Company is principally subject to income taxes, inhabitant tax and enterprise tax in Japan. The statutory tax rate applicable to the Company is 30.6% for the years ended March 31, 2019, 2020 and 2021. The U.S. subsidiaries are subject to federal and state income taxes. The applicable tax rate is calculated to be 22.0% for the year ended March 31, 2021. The following table represents reconciliation of the effective tax rate: Percentage March 31, 2019 2020 2021 Tax using the Company’s domestic tax rate 30.6 30.6 30.6 Non-deductible 0.1 0.3 0.1 Tax credits (3.9 ) (3.7 ) (9.4 ) Changes in unrecognized differed tax assets (Refer to (3) Unrecognized Deferred Tax Assets) (0.6 ) (0.8 ) 17.6 Effect of tax rates in foreign jurisdictions (0.5 ) (0.6 ) 3.6 Other (2.6 ) (0.4 ) (1.3 ) Effective tax rate 23.1 25.4 41.2 (2) Deferred Taxes The composition of deferred tax assets and liabilities are as follows: Yen (in millions) March 31, 2020 2021 Deferred tax assets 5,513 1,766 Deferred tax liabilities (61 ) (58 ) Net deferred tax assets 5,452 1,708 The components of changes in deferred tax assets and liabilities are as follows: Year ended March 31, 2020 Yen in millions As of April 1, Recognized Recognized in Other 1 As of March 31, Deferred tax assets Inventories 1,337 586 — — 1,923 Property, plant and equipment 1,397 272 — — 1,669 Refund liabilities 772 35 — — 807 Accruals 715 (8 ) — — 707 Trade and other payables 190 (10 ) — — 180 Intangible assets 113 73 — — 186 Income tax payables 285 20 — — 305 Investment in subsidiaries 3,497 (124 ) — (68 ) 3,305 Other 448 169 — — 617 Subtotal 8,754 1,013 — (68 ) 9,699 Deferred tax liabilities Intangible assets (2,664 ) (392 ) — — (3,056 ) Financial assets measured at FVOCI (845 ) — 321 — (524 ) Property, plant and equipment (597 ) (55 ) — — (652 ) Other (71 ) 56 — — (15 ) Subtotal (4,177 ) (391 ) 321 — (4,247 ) Net deferred tax assets 4,577 622 321 (68 ) 5,452 1 Other mainly includes translation adjustments of foreign operations. Year ended March 31, 2021 Yen in millions As of April 1, Recognized Recognized in Other 1 As of March 31, Deferred tax assets Inventories 1,923 193 — — 2,116 Property, plant and equipmen t 1,669 (301 ) — — 1,368 Refund liabilities 807 101 — — 908 Accruals 707 99 — — 806 Trade and other payables 180 376 — — 556 Intangible assets 186 172 — — 358 Income tax payables 305 2 — — 307 Investment in subsidiaries 3,305 (3,221 ) — (84 ) — Other 617 1 — — 618 Subtotal 9,699 (2,578 ) — (84 ) 7,037 Deferred tax liabilities Intangible assets (3,056 ) (1,030 ) — — (4,086 ) Financial assets measured at FVOCI (524 ) — (129 ) — (653 ) Property, plant and equipment (652 ) 67 — — (585 ) Other (15 ) 10 — — (5 ) Subtotal (4,247 ) (953 ) (129 ) — (5,329 ) Net deferred tax assets 5,452 (3,531 ) (129 ) (84 ) 1,708 1 Other mainly includes translation adjustments of foreign operations. (3) Unrecognized Deferred Tax Ass e Yen in millions As of March As of March Deductible temporary difference s 100 3,469 Deferred tax assets have not been recognized for deductible temporary differences, because it is not probable that the temporary differences will be reversed in the foreseeable future, or it is not probable that future taxable profits will be available against which Sawai can use the benefits therefrom. During the year ended March 31, 2021, Sawai derecognized ¥3,460 millions of deferred tax assets in the U.S. business segment as Sawai reassessed it is not probable that future taxable profit will allow the deferred tax assets to be recovered. (4) Unrecognized Deferred Tax Liabilities There was a taxable temporary difference of ¥4,013 million and ¥2,670 million as of March 31, 2020 and 2021, respectively, related to investments in subsidiaries. However, this liability was not recognized as management has the ability to control any future reversal and does not consider such a reversal to be probable. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Mar. 31, 2021 | |
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Earnings Per Share | 9. Earnings Per Share The basis of calculation of basic and diluted earnings per share (“EPS”) is as follows: Year ended March 31, 2019 2020 2021 Profit attributable to owners of the Company 19,376 19,279 12,340 Weighted average number of ordinary shares outstanding during the year (thousand shares) 43,775 43,781 43,789 Average number of ordinary shares during the year (thousand shares) 43,775 43,781 43,789 Dilutive effect (thousand shares) 29 37 44 Weighted average number of ordinary shares outstanding during the year after dilutive effect (thousand shares) 43,804 43,818 43,833 Profit per share (attributable to the owners of the Company Basic earnings per share (Yen) 442.62 440.37 281.80 Diluted earnings per share (Yen) 442.32 440.00 281.51 There were 80 thousand, 54 thousand and 85 thousand shares, such as stock options that are anti-dilutive, not included in the calculation of diluted earnings per share for the years ended March 31, 2019, 2020 and 2021, respectively. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 12 Months Ended |
Mar. 31, 2021 | |
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Other Comprehensive Income (Loss) | 10. Other Comprehensive Income (Loss) The components of other comprehensive income (loss) are as follows: Yen in millions Year ended March 31, 2019 2020 2021 Changes in financial assets measured at FVOCI during the year (38 ) (1,049 ) 259 Related tax effects 12 321 (129 ) Net (26 ) (728 ) 130 Exchange differences on translation of foreign operations 4,900 (2,438 ) 1,763 Related tax effects — — — Net 4,900 (2,438 ) 1,763 Total other comprehensive income 4,874 (3,166 ) 1,893 |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2021 | |
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Inventories | 11. Inventories The components of inventories are as follows: Yen in millions March 31, 2020 2021 Finished goods 37,641 40,738 Work-in-process 16,232 15,128 Raw materials and supplies 21,587 23,254 Total 75,460 79,120 The write-downs of inventories recorded within cost of sales were JPY 3,945 million, JPY 4,650 million and JPY 5,456 million for the years ended March 31, 2019, 2020 and 2021 respectively. |
Other Financial Assets
Other Financial Assets | 12 Months Ended |
Mar. 31, 2021 | |
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Other Financial Assets | 12. Other Financial Assets The components of other financial assets are as follows: Yen in millions March 31, 2020 2021 Financial assets measured at amortized cost Security deposits 262 267 Other 189 205 Debt instruments mandatorily measured at FVTPL Redeemable preferred shares — 210 Equity instruments measured at FVOCI Equity securities 5,604 5,870 Total 6,055 6,552 Other financial assets (current) 141 143 Other financial assets (non-current) 5,914 6,409 The fair value of major shareholdings within equity instrument measured at FVOCI is as follows: Yen in millions March 31, 2020 2021 Sumitomo Corporation 1,063 1,353 Nippon Kayaku Co., Ltd. 871 935 Alfresa Holdings Corporation 451 478 MEDIPAL HOLDINGS CORPORATION 440 463 Medical Ikkou Group Co., LTD. 497 419 Yakult Honsha Co., Ltd. 475 417 Daito Pharmaceutical Co., Ltd 260 316 Other 1,547 1,489 Total 5,604 5,870 Other includes equity investment in private companies in the amount of JPY 1,358 million and JPY 1,289 million as of March 31, 2020 and 2021, respectively, all of which are classified as level 3 in the fair value hierarchy (see Note 24). There were no equity instruments measured at FVOCI that were disposed during the years ended March 31, 2020 and 2021. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Mar. 31, 2021 | |
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Property, Plant and Equipment | 13. Property, Plant and Equipment The components of property, plant and equipment are as follows: Year ended March 31, 2020 Yen in millions Building and Machinery Tools, Land Construction Lease ROU assets Total Acquisition cost Balance at April 1, 2019 61,777 64,457 12,511 11,811 1,721 1,260 — 153,537 Adjustment on initial application of — — — — — (1,260 ) 5,760 4,500 Acquisition 460 1,895 743 — 2,791 — 151 6,040 Sale and disposition (163 ) (1,165 ) (296 ) — — — (35 ) (1,659 ) Transfer from 37 1,433 170 97 (1,737 ) — — — Exchange differences on translation of foreign operations (139 ) (48 ) (19 ) (23 ) (20 ) — (3 ) (252 ) Other 212 — — — 223 — — 435 Balance at March 31, 2020 62,184 66,572 13,109 11,885 2,978 — 5,873 162,601 Accumulated depreciation Balance at April 1, 2019 (24,179 ) (38,338 ) (8,909 ) (467 ) — (411 ) — (72,304 ) Adjustment on initial application of — — — — — 411 (123 ) 288 Depreciation amount (2,616 ) (6,170 ) (1,284 ) — — — (964 ) (11,034 ) Sale and disposition 78 1,037 289 — — — 27 1,431 Exchange differences on translation of foreign operation 8 16 7 — — — — 31 Balance at March 31, 2020 (26,709 ) (43,455 ) (9,897 ) (467 ) — — (1,060 ) (81,588 ) Carrying amount Balance at April 1, 2019 37,598 26,119 3,602 11,344 1,721 849 — 81,233 Balance at March 31, 2020 35,475 23,117 3,212 11,418 2,978 — 4,813 81,013 Year ended March 31, 2021 Yen in millions Building and Machinery Tools, Land Construction ROU assets Total Acquisition cost Balance at April 1, 2020 62,184 66,572 13,109 11,885 2,978 5,873 162,601 Acquisition 933 2,558 1,000 134 9,526 125 14,276 Sale and disposition (761 ) (1,580 ) (465 ) — (6 ) (173 ) (2,985 ) Transfer from construction in progress 635 1,054 86 — (1,775 ) — — Exchange differences on translation of foreign operations 149 93 19 21 288 4 574 Other 720 — — — (67 ) (707 ) (54 ) Balance at March 31, 2021 63,860 68,697 13,749 12,040 10,944 5,122 174,412 Accumulated depreciation and impairment losses Balance at April 1, 2020 (26,709 ) (43,455 ) (9,897 ) (467 ) — (1,060 ) (81,588 ) Depreciation amount (2,545 ) (6,161 ) (1,205 ) — — (889 ) (10,800 ) Sale and disposition 642 1,518 449 — — — 2,609 Exchange differences on translation of foreign operation (22 ) (42 ) (16 ) — — (3 ) (83 ) Other — — — — — 158 158 Balance at March 31, 2021 (28,634 ) (48,140 ) (10,669 ) (467 ) — (1,794 ) (89,704 ) Carrying amount Balance at April 1, 2020 35,475 23,117 3,212 11,418 2,978 4,813 81,013 Balance at March 31, 2021 35,226 20,557 3,080 11,573 10,944 3,328 84,708 Depreciation expenses related to property, plant and equipment are included in cost of sales, selling, general and administrative expenses, and research and development expenses of the consolidated statements of income. Carrying amount of ROU assets included in property, plant and equipment is as follows: Yen in millions Building and Machinery and Tools, furniture Total Year ended March 31, 2020 3,936 657 220 4,813 Year ended March 31, 2021 2,722 447 159 3,328 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Mar. 31, 2021 | |
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Goodwill and Intangible Assets | 14. Goodwill and Intangible Assets The components of goodwill and intangible assets are as follows: Year ended March 31, 2020 Yen in millions Goodwill Intangible Assets Marketed Research and Trademark Software Other Total Acquisition cost Balance at April 1, 2019 39,403 48,045 14,408 6,634 5,627 695 75,409 Addition — 12,363 3,033 1 310 69 15,776 Disposition — — — — (38 ) — (38 ) Transfer — 1,534 (1,534 ) — 563 (597 ) (34 ) Exchange differences (767 ) (739 ) (173 ) (129 ) (13 ) — (1,054 ) Other — — — — — (2 ) (2 ) Balance at March 31, 2020 38,636 61,203 15,734 6,506 6,449 165 90,057 Accumulated amortization and impairment losses Balance at April 1, 2019 — (10,748 ) (5,281 ) (9 ) (4,218 ) (19 ) (20,275 ) Amortization expenses — (6,209 ) — — (706 ) (5 ) (6,920 ) Impairment — (802 ) (665 ) — — — (1,467 ) Disposition — — — — 35 — 35 Exchange differences — 146 85 — 6 — 237 Other — (577 ) 577 — — 2 2 Balance at March 31, 2020 — (18,190 ) (5,284 ) (9 ) (4,883 ) (22 ) (28,388 ) Carrying amount Balance at April 1, 2019 39,403 37,297 9,127 6,625 1,409 676 55,134 Balance at March 31, 2020 38,636 43,013 10,450 6,497 1,566 143 61,669 Year ended March 31, 2021 Yen in millions Goodwill Intangible Assets Marketed Research and Trademark Software Other Total Acquisition cost Balance at April 1, 2020 38,636 61,203 15,734 6,506 6,449 165 90,057 Addition — 744 5,179 — 339 154 6,416 Disposition — — — — (92 ) (10 ) (102 ) Transfer — 3,178 (3,178 ) — 70 (70 ) — Exchange differences 668 904 118 112 13 4 1,151 Other — — — — — 33 33 Balance at March 31, 2021 39,304 66,029 17,853 6,618 6,779 276 97,555 Accumulated amortization and impairment losses Balance at April 1, 2020 — (18,190 ) (5,284 ) (9 ) (4,883 ) (22 ) (28,388 ) Amortization expenses — (6,870 ) — — (617 ) (4 ) (7,491 ) Impairment — (6,021 ) (481 ) — — — (6,502 ) Disposition — — — — 92 — 92 Exchange differences — (718 ) (63 ) — (13 ) — (794 ) Other — (364 ) 364 — — — — Balance at March 31, 2021 — (32,163 ) (5,464 ) (9 ) (5,421 ) (26 ) (43,083 ) Carrying amount Balance at April 1, 2020 38,636 43,013 10,450 6,497 1,566 143 61,669 Balance at March 31, 2021 39,304 33,866 12,389 6,609 1,358 250 54,472 The table below provides information about significant intangible assets: Category Yen in millions Carrying amount as of March 31, Remaining amortization period Name 2020 1 2021 Zomig ® Marketed Products 1,842 1,314 3 years Tosymra ™ Marketed Products 6,687 327 8 years Zembrace ® ® Marketed Products 4,988 4,531 8 years 1 The balance was corrected due to an immaterial error, thereby increasing the balance of Tosymra™ by embrace ® SymTouch ® t. Trademark was acquired in conjunction with the acquisition of USL. Trademark was determined to have an indefinite useful life, and therefore, it is not amortized and tested for impairment at least annually. Sawai is not aware of any material legal, regulatory, contractual, economic or other factors which would change the assessment over Trademark’s useful life as of March 31, 2021. Impairment Goodwill, Trademark and Research and Development are tested annually for impairment and other intangible assets including Marketed Products are tested whenever indicators of impairment arise. Entire amount of Goodwill and Trademark are allocated to the U.S. Business segment, a CGU. The recoverable amount of the CGU, which is based on fair value less costs of disposal, has been derived from discounted forecast cash flow models using the 62 months of cash flow, terminal growth rate of pre-tax as of March 31, 2021 and classified as level 3 of the fair value measurement. The forecast cash flow involves number of assumptions, including pricing and costs, technical development, market size and competition. Those assumptions were based on management expectations of future outcomes of the industry, taking account of both internal and external past experience and statistics. A change in these assumptions may have a significant impact on the amount, if any, of an impairment charge. The estimated recoverable amount of the CGU exceeded the carrying amount by approximately JPY 33,038 million as of March 31, 2021. Management has identified that a reasonably possible reduction in the terminal growth rate by 1.9% and increase in pre-tax Research and Development are tested annually for impairment while Marketed Products are amortized and tested for impairment when indicators arise. This testing is performed separately for each on the value-in-use pre-tax for the year ended March 31, 2021 and classified as level 3 of the fair value measurement. The main assumptions include future sales price and volume growth, costs, the future expenditure required to maintain the product’s marketability and registration in the relevant jurisdictions. These assumptions are based on historical experience and are reviewed as part of management’s budgeting and strategic planning cycle for changes in market conditions and sales erosion through competition. During the year ended March 31, 2019, Sawai wrote down JPY 3,339 million of Research and Development due to decrease in expected profitability resulted from the entrance of authorized generics by competitors in Japan Business segment, as well as decrease in expected profitability caused by the competitor’s entrance into certain therapeutic category in the U.S. Business segment. During the year ended March 31, 2020, Sawai wrote down JPY 802 million of Marketed Products and JPY 1,372 million of Research and Development due to decrease in profitability both in the Japan and the During the year ended March 31, 2021, Sawai wrote down JPY 6,021 million o f million on Research and Development. For Marketed Products, the majority of impairment related to manufacturing and marketed related license for Tosymra ™ million and was recognized in selling, general and administrative expenses in the Consolidated Statements of Income. Tosymra ™ COVID-19, which restricted our sales and marketing activities, and the resulting entry of competitor products. As a result, Sawai determined that the fair value of the related assets would not exceed their carrying amount. This testing was performed on its fair value less costs of disposal classified as level 3 of the fair value measurement, which was derived from discounted forecast cash flow models using the pre-tax %. Further, Sawai also wrote down JPY million on other Marketed Products due to a decrease in expected profitability of certain products in the Japan Business segment, as well as termination of certain products in the U.S. Business segment. The JPY million impairment on Research and Development was due to decrease in expected profitability of certain ongoing development projects and termination of certain development projects both in the Japan and the U.S Business segment. Impairment losses (net) recognized by each segment are as follows: Yen in millions Year ended March 31, 2019 2020 2021 Marketed Research Total Marketed Research Total Marketed Research Total Japan Business — 467 467 802 241 1,043 400 439 839 U.S. Business — 2,872 2,872 — 424 424 5,621 42 5,663 Total — 3,339 3,339 802 665 1,467 6,021 481 6,502 |
Trade and Other Payables
Trade and Other Payables | 12 Months Ended |
Mar. 31, 2021 | |
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Trade and Other Payables | 15. Trade and Other Payables The components of trade and other payables are as follows: Yen in millions March 31, 2020 2021 Trade accounts payable 24,140 27,545 Other payable 19,898 22,857 Total 44,038 50,402 Trade payables and other payables are classified as financial liabilities measured at amortized cost. |
Bonds and Borrowings
Bonds and Borrowings | 12 Months Ended |
Mar. 31, 2021 | |
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Bonds and Borrowings | 16. Bonds and Borrowings The components of bonds and borrowings are as follows: Yen in millions March 31, 2020 2021 Current portion of long-term borrowings 4,464 3,834 Current portion of bonds 9,992 — Long-term borrowings, less current portion 50,584 56,750 Bonds, less current portion 9,983 9,991 Total 75,023 70,575 Bonds and borrowings (current) 14,456 3,834 Bonds and borrowings (non-current) 60,567 66,741 The composition of the bonds are as follows: Yen in millions Name of Bond Issue date Principal March 31, Interest Maturity 2020 2021 1st Unsecured Bonds June 2015 10,000 9,983 9,991 0.67 % June 2022 2nd Unsecured Bonds December 2015 10,000 9,992 — 0.42 % December 2020 19,975 9,991 The composition of the borrowings are as follows: Yen in millions Instruments Original Carrying amount Interest rate Maturity 2020 2021 2010 fixed rate loans 1,000 50 — 1.55% June 2020 2014 fixed rate loans 5,500 582 — 1.56% December 2020 2015 variable rate loans 5,000 1,430 716 3-month TIBOR + 0.3% March 2022 2017 fixed rate loans 13,000 13,000 13,000 0.67% December 2027 2017 variable rate loans 47,000 39,986 36,868 3-month TIBOR + 0.35% December 2032 2020 fixed rate loans 10,000 — 10,000 0.35% December 2025 55,048 60,584 Changes in liabilities accompanying changes in cash flows from financing activities are as follows: Year ended March 31, 2020 Yen in millions Balance at Cash flows from Changes by non-cash Balance at the end of Acquisition Foreign Other Bonds 19,956 — — — 19 19,975 Long-term borrowings 59,850 (4,802 ) — — — 55,048 Total 79,806 (4,802 ) — — 19 75,023 Year ended March 31, 2021 Yen in millions Balance at Cash flows from Changes by non-cash Balance at the end of Acquisition Foreign Other Bonds 19,975 (10,000 ) — — 16 9,991 Long-term borrowings 55,048 5,536 — — — 60,584 Total 75,023 (4,464 ) — — 16 70,575 |
Provisions
Provisions | 12 Months Ended |
Mar. 31, 2021 | |
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Provisions | 17. Provisions Changes in provisions are as follows: Yen in millions Provisions for drug product Other Total Year ended March 31, 2020 — 205 205 Increase 852 135 987 Usage — (92 ) (92 ) Year ended March 31, 2021 852 248 1,100 Current 284 104 388 Non-current 568 144 712 In order to prepare for the drug product safety assessment required under the amendment of the quality guideline issued by Japanese authority in conformity with International Conference for Harmonization (ICH) -Q3D, |
Other Financial Liabilities
Other Financial Liabilities | 12 Months Ended |
Mar. 31, 2021 | |
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Other Financial Liabilities | 18. Other Financial Liabilities The components of other financial liabilities are as follows: Yen in millions March 31, 2020 2021 Financial liabilities measured at amortized cost Guarantee deposits (see Note 24) 2,590 2,635 Lease liabilities 5,024 4,050 Liabilities associated with deferred fixed payments for separately acquired intangible assets 3,189 2,528 Total 10,803 9,213 Other financial liabilities (current) 5,003 6,443 Other financial liabilities (non-current) 5,800 2,770 As disclosed in Note 2(8) “ Correction of Immaterial Errors (non-current) |
Leases
Leases | 12 Months Ended |
Mar. 31, 2021 | |
Presentation of leases for lessee [abstract] | |
Leases | 19. Leases (1) Year ended March 31, 2019 Total lease payment payable under operating lease contracts, recognized as expenses, is as follows: Yen (in millions) Year ended March 31, 2019 Total lease payment recognized as expense 158 (2) Years ended March 31, 2020 and 2021 As a Lessee The amounts recognized in profit or loss are as follows: Yen in millions Year ended March 31, 2020 Year ended March 31, 2021 Interest expense on lease liabilities 97 61 The expense relating to short-term leases 404 380 The expense relating to leases of low-value 107 104 The expense relating to variable lease payments 2 2 The following table shows the depreciation expenses for right-of-use right-of-use Yen in millions Year ended Year ended Building and structures 656 599 Machinery and equipment 242 229 Tools, furniture and fixtures 66 61 Total 964 889 The following table shows the maturity analysis of lease liabilities. Yen in millions As of March 31, 2020 As of March 31, 2021 Current portion 1,676 1,292 Over 1 year and within 5 years 2,321 2,070 Over 5 years 1,254 855 Total 5,251 4,217 Present value of total minimum lease payment 5,024 4,050 Lease liabilities (current) 1,656 1,279 Lease liabilities (non-current) 3,368 2,771 The total cash outflow for lease for the year ended March 31, 2020 and 2021 were ¥2,318 million and ¥2,294 million. Leases of inventory warehouse represents major parts of lease transactions by Sawai, for which the typical lease term is 1 year. Sawai assesses to determine the lease term whether there is an option to extend or terminate lease to be exercised with reasonable certainty taking into a consideration if penalty imposed on the cancellation of lease is significant. Sawai has assessed that Sawai is not reasonably certain to exercise the option to extend lease after the period penalty is imposed on. |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Other Current Liabilities | 20. Other current liabilities The components of other current liabilities are as follows: Yen in millions March 31, 2020 2021 Accrued expenses 3,178 3,183 Accrued bonuses 2,886 3,159 Accrued consumption taxes 94 1,645 Other 661 502 Total 6,819 8,489 |
Employee Benefits
Employee Benefits | 12 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Employee Benefits | 21. Employee Benefits Amount recognized as expenses in relation to the defined contribution plan is ¥678 million, ¥681 million and ¥701 million for years ended March 31, 2019, 2020 and 2021, respectively. |
Equity and other Equity Items
Equity and other Equity Items | 12 Months Ended |
Mar. 31, 2021 | |
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Equity and other Equity Items | 22. Equity and other Equity Items (1) Capital and Capital Surplus The components of share capital and capital surplus are as follows: Number of shares Number of shares Share capital Capital surplus Balance as of April 1, 2018 77,600 44,071 41,170 42,573 Increase — 5 15 276 Decrease — — — — Balance as of March 31, 2019 77,600 44,076 41,185 42,849 Increase — 6 14 14 Decrease — — — — Balance as of March 31, 2020 77,600 44,082 41,199 42,863 Increase — 9 20 20 Decrease — 300 — 430 Balance as of March 31, 2021 77,600 43,791 41,219 42,453 Increase during the years ended March 31, 2019, 2020 and 2021 are solely due to the exercise of stock options. Decrease during the year ended March 31, 2021 is due to cancellation of treasury shares. (2) Treasury Shares Number of shares of treasury shares and an increase/decrease in its amount are as follows: Number of shares Amount Balance as of April 1, 2018 300 1,385 Increase — — Decrease — — Balance as of March 31, 2019 300 1,385 Increase — — Decrease — — Balance as of March 31, 2020 300 1,385 Increase — — Decrease 300 1,385 Balance as of March 31, 2021 — — Decrease during the year ended March 31, 2021 is due to cancellation of treasury shares. (3) Other Components of Equity Year ended March 31, 2019 Yen in millions Reserve for share- Changes in Foreign currency translation Total Balance at the beginning of the year 406 1,945 (3,018 ) (667 ) Other comprehensive income — (26 ) 3,952 3,926 Total current comprehensive income — (26 ) 3,952 3,926 Issuance of new shares (30 ) — — (30 ) Share-based payment 29 — — 29 Total transactions with owners (1 ) — — (1 ) Balance at the end of the year 405 1,919 934 3,258 Year ended March 31, 2020 Yen in millions Reserve for share- Changes in Exchange Total Balance at the beginning of the year 405 1,919 934 3,258 Other comprehensive income — (728 ) (1,968 ) (2,696 ) Total current comprehensive income — (728 ) (1,968 ) (2,696 ) Issuance of new shares (28 ) — — (28 ) Share-based payments 70 — — 70 Total transactions with owners 42 — — 42 Balance at the end of the year 447 1,191 (1,034 ) 604 Year ended March 31, 2021 Yen in millions Reserve for share- Changes in Exchange Total Balance at the beginning of the year 447 1,191 (1,034 ) 604 Other comprehensive income — 161 1,422 1,583 Total current comprehensive income — 161 1,422 1,583 Issuance of new shares (40 ) — — (40 ) Share-based payments 56 — — 56 Others (26 ) — — (26 ) Total transactions with owners (10 ) — — (10 ) Balance at the end of the year 437 1,352 388 2,177 |
Dividends
Dividends | 12 Months Ended |
Mar. 31, 2021 | |
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Dividends | 23. Dividends Amount of dividends and dividends per share are as follows: Year ended March 31, 2019 Date of resolution Total amount of Dividend amount Record date Effective date Annual general meeting of shareholders (June 26, 2018) 2,845 65 March 31, 2018 June 27, 2018 Board of Directors’ meeting (November 14, 2018) 2,846 65 September 30, 2018 December 7, 2018 Year ended March 31, 2020 Date of resolution Total amount of Dividend amount Record date Effective date Annual general meeting of shareholders (June 25, 2019) 3,064 70 March 31, 2019 June 26, 2019 Board of Directors’ meeting (November 8, 2019) 2,846 65 September 30, 2019 December 9, 2019 Year ended March 31, 2021 Date of resolution Total amount of Dividend amount Record date Effective date Annual general meeting of shareholders (June 23, 2020) 2,846 65 March 31, 2020 June 24, 2020 Board of Directors’ meeting (November 9, 2020) 2,846 65 September 30, 2020 December 4, 2020 Dividends declared for which the effective date falls in the following year are as follows: Year ended March 31, 2021 Date of resolution Total amount of Dividend amount Record date Effective date Annual general meeting of shareholders (June 28, 2021) 2,846 65 March 31, 2021 June 29, 2021 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Financial Instruments | 24. Financial Instruments (1) Capital Managemen t Sawai sets a basic policy for capital management to maintain the optimum capital composition, which improves capital efficiency securing financial soundness and flexibility to continue corporate value improvement and realize return improvement to shareholders. Sawai conducts monitoring of financial indices to maintain the optimum capital composition. Sawai continuously monitors its credit rating for soundness and flexibility of finance and return on the interest attributable to owner of the Company (ROE) for its capital efficiency. There are no material capital regulations applied to Sawai. (2) Risk Management Policy Sawai is exposed to various financial risks (credit risk, market risk and liquidity risk) in performing business activities. Therefore, based on internal rules, Sawai monitors financial risks on a regular basis and carries out measures for avoiding or reducing risks as necessary. Sawai does not conduct any derivative transactions. (3) Credit Risk 1 Overview Credit risk means the risk of financial losses incurred by Sawai if customers or counterparties of financial instrument transactions cannot perform obligations under contracts, which mainly arises from the receivables and contract assets of Sawai from customers. (i) Credit risk management The credit risk in Sawai arises principally from receivables from customers, which resulted in Sawai mainly focusing on the credit risk management for its trade receivables. Sawai considers that its cash and cash equivalents have low credit risk based on the external credit ratings of banks that hold the cash and cash equivalents. Sawai has established a credit policy under which each new customer is analyzed individually for creditworthiness before Sawai’s standard payment and delivery terms and conditions are offered. Sawai’s review includes financial statements, industry information and in some cases bank references. Sale limits are established for each customer and reviewed annually. Any increase from those limits requires approval of the person in charge, in accordance with Sawai’s internal policy. In order to limit its exposure to credit risk from trade receivables, Sawai receives cash from small sized customers as guarantee deposits to secure the payment from these customers. (ii) Concentration of credit risk In the Japan Business segment, Sawai sells products mainly through a small number of wholesalers. Total revenue from the top four companies account for approximately 55% of revenue in the Japan Business. Trade receivables with the top four companies were JPY 22,566 million and JPY 31,832 million as of March 31, 2020 and 2021, respectively. 2 Credit Exposure The maximum exposure to credit risk of financial assets equals to the carrying amount of the financial assets which is net of allowances for ECLs, while there was no material impairment loss in the previous years. 3 Changes in Loss Allowance Loss allowance for the years ended March 31, 2020 and 2021 were as follows: Year ended March 31, 2020 Yen in millions Loss allowance measured Loss allowance measured 12-month expected credit Total Balance at the beginning of the year 55 — 55 Increased amount during the year 3 — 3 Decreased amount during the year (utilization) (22 ) — (22 ) Decreased amount during the year (reversal) (16 ) — (16 ) Other (Note) (1 ) — (1 ) Balance at the end of the year 19 — 19 (Note) Other mainly includes changes from the effect of foreign exchanges. Year ended March 31, 2021 Yen in millions Loss allowance measured Loss allowance measured 12-month expected credit Total Balance at the beginning of the year 19 — 19 Increased amount during the year 6 — 6 Decreased amount during the year (utilization) — — — Decreased amount during the year (reversal) (1 ) — (1 ) Other (Note) (0 ) — (0 ) Balance at the end of the year 24 — 24 (Note) Other mainly includes changes from the effect of foreign exchanges. 4 Exposure to Credit Risk for Financial Assets The following table provides aging analysis of the exposure to credit risk of financial assets at the end of reporting period. The cash and cash equivalents are not included in the table below as the impairment allowance is not material for the cash and cash equivalents: As of March 31, 2020 Yen in millions Trade receivables and Other receivables for to 12-month Total Not past due 57,848 802 58,650 Within 30 days 2 51 53 Over 30 days within 60 days 1 — 1 Over 60 days within 90 days — — — Over 90 days within 1year — — — Over 1 year — — — Total 57,851 853 58,704 As of March 31, 2021 Yen in millions Trade receivables and Other receivables for 12-month Total Not past due 67,805 2,322 70,127 Within 30 days — 1 1 Over 30 days within 60 days — — — Over 60 days within 90 days 3 — 3 Over 90 days within 1year — — — Over 1 year — — — Total 67,808 2,323 70,131 5 Details of Security and Other Credit Supplementation Sawai holds guarantee deposits as a security for some trade receivables. Balance of guarantee deposits recorded in other financial liabilities at the end of reporting period is as follows: Yen (in millions) March 31, 2020 2021 Guarantee deposits 2,590 2,635 (4) Liquidity Risk 1 Overview Liquidity risk is the risk that Sawai will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. Sawai’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to Sawai’s reputation. 2 Maturity Analysis Balance by maturity date of financial liabilities of Sawai is as follows (see Note 16 for detail): As of March 31, 2020 Yen in millions Carrying Contractual Within Over Over Over Over Over Bonds 19,975 20,149 10,080 59 10,010 — — — Borrowings 55,048 55,316 4,489 3,849 3,131 3,047 3,214 37,586 Refund liabilities 7,989 7,989 7,989 — — — — — Guarantee deposits 2,590 2,590 2,590 — — — — — Liabilities associated with deferred fixed payments for separately acquired intangible assets 3,189 3,265 762 2,503 — — — — Total 88,791 89,309 25,910 6,411 13,141 3,047 3,214 37,586 Refund liabilities includes ¥1,748 million of liabilities for right of return and ¥6,241 million of liabilities for rebates as of March 31, 2020. For lease liabilities, please refer to Note 19. As of March 31, 2021 Yen in millions Carrying Contractual Within Over Over Over Over Over Bonds 9,991 10,069 59 10,010 — — — — Borrowings 60,584 62,311 4,110 3,379 3,279 3,439 13,330 34,774 Refund liabilities 7,541 7,541 7,541 — — — — — Guarantee deposits 2,635 2,635 2,635 — — — — — Liabilities associated with deferred fixed payments for separately acquired intangible assets 2,528 2,546 2,546 — — — — — Total 83,279 85,102 16,891 13,389 3,279 3,439 13,330 34,774 Refund liabilities includes 1,769 million of liabilities for right of return and 5,772 million of liabilities for rebates as of March 31, 2021. For lease liabilities, please refer to Note 19. 3 Committed Credit Line Sawai has committed credit lines with five financial institutions in order to efficiently procure working capital as follows: Yen in millions March 31, 2020 2021 Total committed credit lines 16,000 16,000 Usage during the year — — Unused credit lines 16,000 16,000 (5) Market Risk 1 Overview Market risk is the risk related to market price changes, including foreign exchange rate, interest rate and stock price, which impacts Sawai’s income or the value of financial instruments held by Sawai. The purpose of market risk management is to maximize returns while managing and controlling exposure to market risk within a tolerable range. 2 Exchange Risk Sawai is mainly exposed to transactional foreign currency risk to the extent that there is a mismatch between the currencies in which purchases are dominated. The currency in which these transactions are primarily denominated in U.S. dollars. Sawai hedges the estimated foreign currency exposure in its purchase transaction in U.S. dollars by investing a foreign currency deposit in U.S. dollars under its risk management policy. (i) Exposure to exchange risk Summary of quantitative data of Sawai’s exchange risk exposure, which were submitted to Sawai’s management based on the risk management policy, is as follows: U.S. Dollars (in thousands) March 31, 2020 2021 Financial assets 846 846 Financial liabilities (166 ) (1,309 ) Net amount of exposure in the consolidated statement of financial position 680 (464 ) Net amount of exposure 680 (464 ) (ii) Exchange sensitivity analysis Sawai is exposed mainly to U.S. dollars exchange risk. The strengthening (weakening) of Yen against the U.S. dollars by 10% would have affected the measurement of financial instruments denominated in a foreign currency and affected equity and profit or loss by the amounts shown below (net of tax). This analysis assumes that all other variables, in particular interest rates, remain constant. In this regard, they do not include the impact on translation into Yen for assets, liabilities, revenue and expenses of foreign operations. Year ended March 31, 2020 Yen in millions Profit or loss Equity, net of tax Strengthening Weakening Strengthening Weakening (5) 5 (5) 5 Year ended March 31, 2021 Yen in millions Profit or loss Equity, net of tax Strengthening Weakening Strengthening Weakening 4 (4) 4 (4) 3 Interest Rate Risk Sawai conducts financing by interest-bearing liabilities. Variable interest rate applies to some interest-bearing liabilities, which are exposed to interest rate fluctuation risk. If the interest rate increases by 1% on the financial instruments issued by Sawai as of the reporting date to which the variable interest rate applies, an impact on net profit or (loss), gross of tax, is JPY (414) million and JPY(376) million in the year ended March 31, 2020 and 2021, respectively. See Note 16 for borrowings with variable interest rate. Exposure to interest fluctuation risk is as follows: Yen in millions March 31, 2020 2021 Borrowings to which variable interest rate applies 41,416 37,584 4 Stock Price Risk (i) Exposure to stock price risk Sawai holds equity securities in certain companies and is exposed to the market price risks. These equity instruments were acquired for the strategic purposes, taking into consideration of various relationships and factors with customers or other business partners. Sawai periodically confirms the validity and reasonableness of holding the instruments, both from strategic and financial perspective. (ii) Stock price sensitivity analysis The following summarizes the impact (net of tax) to the equity of Sawai at the reporting date if equity instruments would have decreased by 10%: Yen in millions March 31, 2020 2021 10% change in stock price (295 ) (318 ) Equity securities whose fair value classified as Level 3 are not included in the above stock price sensitivity analysis, because the effect is not material. (6) Accounting classifications and fair values 1 Calculation Method of Fair Value (i) Equity securities Fair value of equity securities is measured by market price. For investment in private company, fair value is measured using appropriate valuation method based on investees’ financial condition and projections. (ii) Bonds and Fair value thereof is measured by the method calculating by discounting at the interest rate expected in the case of similar new financing for the total of principal and interest and with the same terms. 2 Fair value Hierarchy Level Each level is defined as follows: Level 1: Market price (unadjusted) of the same assets and liabilities in active markets Level 2: Input directly (that is, by price) or indirectly (that is, due to price) observable for assets and liabilities other than market price included in Level 1. Level 3: Input about assets and liabilities not based on the observable market data (unobservable input) The FV level of the financial instrument is the lowest level of inputs used for the measurement that is significant for the entire measurement. Transfer between fair value hierarchy levels is recognized on the day of change of events or situations that caused transfer. 3 Comparison between Fair Value and Carrying Amount Yen in millions March 31, 2020 2021 Carrying Fair Carrying Fair Financial liabilities measured at amortized cost Bonds 19,975 20,119 9,991 10,059 Borrowings 55,048 54,252 60,584 60,883 Total 75,023 74,371 70,575 70,942 The carrying amount of financial assets and financial liabilities other than the above is a reasonable approximation of fair value. The Level of fair value of bonds is classified as Level 2 and level of fair value of borrowings is classified as Level 3. 4 Measurement of Fair Value Recognized in the Consolidated Statement of Financial Position As of March 31, 2020 Yen in millions Level 1 Level 2 Level 3 Total Equity instruments measured at FVOCI Equity securities 4,246 — 1,358 5,604 There was no financial instrument transferred between levels of the fair value hierarchy. As of March 31, 2021 Yen in millions Level 1 Level 2 Level 3 Total Debt instruments measured at FVTPL Redeemable preferred shares — — 210 210 Equity instruments measured at FVOCI Equity securities 4,581 — 1,289 5,870 Total 4,581 — 1,499 6,080 There was no financial instrument transferred between levels of the fair value hierarchy. The following table illustrates a reconciliation from the beginning to the ending balance for Level 3 financial assets, which solely consists of equity investment in private companies: Yen in millions March 31, 2020 2021 Balance at the beginning of the year 1,301 1,358 Gain recognized as changes in fair value of financial instruments measured at FVOCI 68 (72 ) Purchases — 210 Other (11 ) 3 Balance at the end of the year 1,358 1,499 Reasonableness of the valuations is reviewed by the accounting department and approved by the department manager. (7) Offsetting Financial Assets and Financial Liabilities Financial assets and liabilities are offset and the net amount is reported in the consolidated statements of financial position where Sawai currently has a legally enforceable right to offset the recognized amounts, and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. Sawai gives chargeback programs to wholesalers in the United States. Under the term of the agreement, the amounts payable by S a The following table presents the recognized financial instruments that are offset as of March 31, 2020 and 2021: Yen in millions Effect of offsetting on the statement Gross Gross Net As of March 31, 2020 Financial assets: Trade and other receivables 64,296 (5,611 ) 58,685 Financial Liabilities: Refund liabilities 13,600 (5,611 ) 7,989 As of March 31, 2021 Financial assets: Trade and other receivables 75,486 (5,379 ) 70,107 Financial Liabilities: Refund liabilities 12,920 (5,379 ) 7,541 |
Subsidiaries
Subsidiaries | 12 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Subsidiaries | 25. Subsidiaries The Company’s major subsidiaries are as follows: Names of Major Subsidiaries Major Business Activities Location Ownership ratio Medisa Shinyaku Inc. Sale of prescription medications Japan 100.0 Kaken Shoyaku Co., Ltd. Manufacture and sale of prescription medications Japan 100.0 Sawai America Holdings Inc. Holding Company US 100.0 Sawai America LLC Management of subsidiaries through holding of interests in subsidiaries US 80.0 Upsher-Smith Laboratories, LLC Manufacture and sale of prescription medications US 80.0 |
Related Parties
Related Parties | 12 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Related Parties | 26. Related Parties Compensation for key management personnel is as follows: Yen in millions Year ended March 31, 2019 2020 2021 Basic compensation and bonuses 332 359 275 Share-based compensation 16 40 24 Total 348 399 299 |
Commitment and Contingency
Commitment and Contingency | 12 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Commitment and Contingency | 27. Commitment and Contingency (1) Commitment Commitment to acquire property, plant and equipment was JPY 574 million and JPY 9,105 million as of March 31, 2020 and 2021, respectively. (2) Litigation Sawai is involved in certain following legal and administrative proceedings. Sawai may become involved in legal proceedings for which it is not possible to make reasonable estimate of the expected financial effect, if any, which may result from ultimate resolution of the proceedings. Such cases will be disclosed in the notes, but no provision will be provided. Sawai is involved in government investigations and litigation arising from the marketing of its pharmaceutical products in the United States. Government Investigation over USL In January 2017, USL received subpoenas from the U.S. Department of Justice (“DOJ”) Antitrust Division seeking documents and other information relating to the marketing and pricing of certain USL generic products and communications with competitors about such products. In May 2018, USL received a civil investigative demand from the DOJ Civil Division, pursuant to the Federal False Claims Act, seeking the same documents and information. USL is cooperating with these subpoena requests. Civil Antitrust Litigation Beginning in December 2016, numerous complaints have been filed in the United States against various manufacturers, including USL, on behalf of putative classes of direct and indirect purchasers of several generic drug products, as well as several individual direct and indirect purchaser opt-out Sawai has determined that outflow of economic resource is not probable from the complaints and thus has not recognized any liabilities related to the complaints as of March 31, 2021. Although Sawai may be required to reach an agreement with the plaintiffs to settle the complaints, the amount will be reimbursable under the escrow account in which the Company paid a portion of the consideration of the USL acquisition based on the agreement with the seller of USL. The escrow account is scheduled to be released to the seller in 2024. Sawai will be required to compensate the plaintiffs and recognize a loss if the settlement is made after the release of the escrow account or if the settlement amount exceeds the escrow account before the release date. |
Events after Reporting Period
Events after Reporting Period | 12 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Events after Reporting Period | 28. Events after Reporting Period On April 1, 2021, Sawai Group Holdings Co., Ltd. was established as a group holding company through a stock transfer. With the establishment of Sawai Group Holdings Co., Ltd., Sawai Pharmaceutical Co., Ltd., which became a wholly owned subsidiary of the holding company, was delisted, and instead Sawai Group Holdings Co., Ltd. was listed on the First Section of the Tokyo Stock Exchange as of April 1, 2021. |
Schedule II. Valuation and Qual
Schedule II. Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Schedule II. Valuation and Qualifying Accounts and Reserves | Schedule II. Valuation and Qualifying Accounts and Reserves Sawai Pharmaceutical Co., Ltd., and Consolidated Subsidiaries Year ended March 31, 2019 Yen in millions Description Balance at Acquisition Charged to Charged to Deductions Translation Balance at end Refund liabilities 6,678 — — 46,019 (44,826 ) 200 8,071 Provision — — — — — — — Inventory valuation allowance 4,806 — 3,945 — (4,825 ) 20 3,946 Year ended March 31, 2020 Yen in millions Description Balance at Acquisition Charged to Charged to Deductions Translation Balance at end Refund liabilities 8,071 — — 48,375 (48,349 ) (108 ) 7,989 Provision — — 205 — — — 205 Inventory valuation allowance 3,946 — 4,650 — (3,712 ) (21 ) 4,863 Year ended March 31, 2021 Yen in millions Description Balance at Acquisition Charged to Charged to Deductions Translation Balance at end Refund liabilities 7,989 — — 54,159 (54,663 ) 56 7,541 Provision 205 — 987 — (92 ) — 1,100 Inventory valuation allowance 4,863 — 5,456 — (4,629 ) 8 5,698 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Basis of Consolidation | (1) Basis of Consolidation The consolidated financial statements include the Company and its subsidiaries over which the Company directly or indirectly controls (generally, as a result of owning more than 50% of the entity’s voting interest). The financial statements of subsidiaries are included in the consolidated financial statements from the date when control is obtained until the date when control is lost. Those subsidiaries’ financial statements have been adjusted to comply with the Company’s accounting policies as necessary. Changes in the Company’s ownership interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. Any difference between the adjustment to non-controlling Intercompany balances and transactions, and any unrealized income and expenses arising from intercompany transactions, are eliminated when the Company prepares the consolidated financial statements. Sawai does not have any investments that are accounted for using the equity method at March 31, 2020 and 2021. |
Business Combination | (2) Business Combination In assessing whether acquired set of activities and assets meets the definition of a business, Sawai applies an optional ‘concentration test’ that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. Business combinations are accounted for using the acquisition method. The identifiable assets acquired and liabilities assumed are measured at their fair values as of the acquisition date. Goodwill is measured as the excess of the sum of the fair value of consideration transferred, the amount of any non-controlling The consideration transferred for an acquisition of a subsidiary is measured as the fair value of the assets transferred and the liabilities incurred to former owners of the acquiree. The consideration for acquisitions may include amounts contingent upon future events, such as the achievement of development milestones and sales targets. Any contingent consideration included in the consideration payable for a business combination is recorded at fair value as of the acquisition date. These fair values are generally based on risk-adjusted future cash flows discounted using appropriate discount rates. An obligation to pay contingent consideration that meets the definition of a financial instrument classified as liability is remeasured at fair value at each reporting date and subsequent changes in the fair value are recognized in finance income or expenses in the consolidated statements of income. If contingent consideration is classified as equity, then it is not remeasured and its settlement is accounted for within equity. Acquisition related costs are recognized as expenses in the period they are incurred. Changes in the Company’s ownership interests in subsidiaries that do not result in the Company losing control over a subsidiary are treated as equity transactions and therefore, do not result in adjustments to goodwill. |
Foreign Currency | (3) Foreign Currency 1 Foreign Currency Transactions Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions or rates that approximate the exchange rates at transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the exchange rates at the end of each reporting period. Non-monetary Gains or losses on exchange differences arising from the settlement of foreign currency denominated monetary assets and liabilities, or from their translations to functional currency at the end of the reporting date, are recognized in Finance income or Finance expenses in the consolidated statements of income. 2 Foreign Operations Assets and liabilities of foreign subsidiaries, which use a functional currency other than Yen, are translated into Yen using the exchange rate at the end of the reporting period. Revenue and expenses of foreign operations are translated into Yen using the exchange rate at the transaction date or the rate that approximates the exchange rate at the transaction date (e.g., average exchange rate for the period). Exchange differences arising from the translation are recognized in other comprehensive income and accumulated in other components of equity in the consolidated statements of financial position. In the event a foreign operation is disposed, the cumulative amount of exchange differences related to the foreign operation is reclassified from equity to profit or loss in the disposal period. |
Financial Instruments | (4) Financial Instruments A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. When Sawai becomes a party to the contractual provision of a financial instrument, the financial instrument is recognized either as a financial asset or as a financial liability. Sawai does not have any derivative assets or liabilities. 1 Financial Assets (i) Initial recognition and measurement Sawai initially recognizes all financial assets as of the trade date when Sawai becomes a party to the contract. In principle, financial assets are initially measured at fair value plus, in the case of a financial asset not at fair value through profit or loss, the transaction costs directly attributable to the financial assets. Trade receivables, however, are initially measured at the transaction price (provided that there are no significant financing components thereto). Financial assets are classified as financial assets measured at amortized cost or financial assets measured at fair value through other comprehensive income (“FVOCI”) or financial assets measured at fair value through profit or loss (“FVTPL”) at initial recognition. The classification, depending on whether financial assets are debt instruments or equity instruments, is made as follows: (a) Financial assets which are debt instruments If both of the following conditions are met, they are classified as financial assets measured at the amortized cost: • Assets are held within the business model whose objective is to hold assets to collect contractual cash flows; and • The contractual terms of financial assets give rise on specified dates to cash flows which are solely payments of principal and interest on the principal amount outstanding. Debt instruments are measured at FVOCI if both of the following conditions are met: • The financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and; • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets that are debt instruments which are not classified as financial assets measured at amortized cost or FVOCI are classified as financial assets measured at FVTPL. Sawai holds debt financial assets measured at amortized cost and at FVTPL while it does not hold financial assets that are debt instruments classified as FVOCI as of March 31, 2021. (b) Financial assets which are equity instruments For financial assets which are equity instruments, Sawai made an irrevocable election at initial recognition to present subsequent changes in fair value in other comprehensive income. Sawai does not hold financial assets for trading purpose under its policy. (ii) Subsequent measurement (a) Financial assets measured at amortized cost These assets are measured at amortized cost using the effective interest method. Amortization under the effective interest method, impairment loss and any gain or loss in case of derecognition are recognized in profit or loss as finance income or expenses. (b) Financial assets measured at fair value Changes in the fair value for financial assets that are debt instruments are recognized in profit or loss. Changes in the fair value for equity financial assets are recognized in other comprehensive income and cumulative gains or losses are transferred directly to retained earnings when those assets are derecognized. Dividends are recognized in profit or loss as finance income unless the dividend clearly represents a recovery of part of the cost of the investment. (iii) Impairment loss Sawai recognizes allowance for expected credit losses (“ECLs”) on (a) trade receivables and contract assets, and (b) debt instruments other than trade receivables and contract assets measured at amortized cost. (a) Trade receivable and contract assets Sawai measures loss allowance for trade receivables and contract assets at an amount equal to lifetime ECLs. (b) Debt instruments other than trade receivables and contract assets Loss allowance for debt instruments other than trade receivables and contract assets are generally measured at an amount equal to 12 months ECLs, except when it is determined that the credit risk has significantly increased since initial recognition. In that case, the loss allowance is measured at an amount equal to lifetime ECLs. 12-month When determining whether the credit risk of a financial asset has increased significantly since initial recognition, Sawai considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analyses based on Sawai’s historical experience and continuous credit assessment that includes forward-looking information. Sawai assumes that the credit risk on a financial asset has increased significantly if it is more than one day past due without reasonable explanation as past due financial assets have historically resulted in increase in default rates. In addition, Sawai considers financial assets to be in default when there is an evidence indicating that a debtor is delinquent with the following observable data; • significant financial difficulty of the debtor; • a breach of contract; or • it is probable that the debtor will enter bankruptcy or other means of financial reorganization. Sawai considers the defaulted financial asset as credit-impaired. ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls such as the difference between the contractual cash flows due to Sawai and the cash flows that Sawai expects to receive. ECLs are discounted using the effective interest rate of the financial asset. (iv) Derecognition Sawai derecognizes a financial asset when the contractual right to receive cash flows from the financial asset expires, or the contractual right to receive cash flows from the financial asset is transferred and substantially all the risks and rewards related to ownership of the financial asset are transferred to another party. 2 Financial Liabilities (i) Measurement Sawai initially recognizes all financial liabilities when Sawai becomes a party to the contract. While financial liabilities are initially measured at fair value transaction costs directly attributable to the financial liability are deducted from the initial carrying amount. After the initial recognition, financial liabilities are measured at amortized cost using the effective interest method. Amortization under the effective interest method and any gain or loss in case of derecognition are recognized in profit or loss as finance income or expenses. (ii) Derecognition Sawai derecognizes a financial liability when the obligation specified in the contract is discharged, cancelled or expired. 3 Offsetting Financial assets and financial liabilities are offset and the net amount is presented in the statement of financial position when, and only when, Sawai currently has a legally enforceable right to set off the amounts and intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. |
Revenue | (5) Revenue Sawai solely earns revenue from sale of generic pharmaceutical products, primarily generic medicines, to distributors, wholesalers and retailers in Japan and the United States. Revenue on sales of products is recognized when control of the products is passed to the customer in an amount that reflects the consideration to which Sawai expects to be entitled in exchange for those products. Control is generally transferred at the point in time of acceptance of the products by customers. The consideration Sawai receives in exchange for the goods may be fixed or variable. Variable consideration is only recognized to the extent it is highly probable that a significant reversal will not occur. The most common elements of variable consideration are listed below: 1 Rebates and Chargebacks Rebates are incentive programs payable upon the achievement of certain pre-determined Accruals for rebates and chargebacks are estimated on the basis of historical experience and recorded at the time the related revenue is recognized as a reduction from revenue. The estimation made in calculating accrual for rebates includes rebate ratio applied in the forthcoming year. Accruals for chargebacks are calculated by developing future percentages of chargebacks incurred on sales as there is a time lag between when Sawai sells the product to the wholesalers and when the chargebacks are paid by Sawai. As the percentages of chargebacks incurred on sales are specific to the wholesalers’ customers, the relevant assumptions used to calculate the estimated future percentages of chargebacks incurred on sales relate to estimating to which wholesaler’s customers Sawai’s products will ultimately be sold. Accruals for rebates are presented in the consolidated statements of financial position as Refund liabilities, while accruals for chargebacks are presented by deducting from Trade and other receivables. 2 Sales Return Sawai accepts returns for defective products and customarily accepts returns for expired products. Sales return provisions are estimated based on historical rate of return, taking into consideration other factors such as time lag between the sales and returns and estimated levels of inventory in the distribution channel. Sales returns are recorded as revenue deductions and refund liabilities are recognized in the consolidated statements of financial position for the expected future returns. Returned products are disposed of and no returned assets are recorded. |
Research and Development Expenses | (6) Research and Development Expenses Expenditure on research activities is recognized in profit or loss as incurred. Expenditure on development activities is capitalized only if the expenditure can be measured reliably, the product is technically and commercially feasible, future economic benefits are probable and Sawai intends to and has sufficient resources to complete the development project and to use or sell the related asset. |
Income Taxes | (7) Income Taxes Income tax expense comprises current and deferred tax, and is recognized in profit or loss for the year, except for the items resulting from business combination and items directly recognized in equity or other comprehensive income. Current tax comprises the expected tax payable and receivable that are calculated at the amount expected to be paid or recovered from the taxation authority by applying the tax rate enacted or substantively enacted at the reporting date. Sawai’s current tax payable also includes liabilities related to uncertain tax positions. Deferred tax assets and liabilities are calculated based on the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases at the end of the reporting period. However, deferred tax assets and liabilities are not recognized in the following cases: • Taxable temporary differences arising from the initial recognition of goodwill; • Temporary differences on the initial recognition of assets or liabilities in a transaction which is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit (loss); and • Temporary differences related to investments in subsidiaries to the extent that Sawai is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date, and reflects uncertainty related to income taxes, if any. Deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences, unused tax loss, and unused tax credits can be utilized. Deferred tax assets are reviewed at the end of each period and reduced for the portion where it is not probable to gain the taxable income sufficient to realize the benefit of part or all of deferred tax assets. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities, and the deferred tax assets and liabilities are related to income taxes levied by the same taxation authority on the same taxable entity. |
Earnings Per Share | (8) Earnings Per Share Basic earnings per share is calculated by dividing profit for the period attributable to owners of ordinary shares of the Company by the weighted average number of ordinary shares outstanding for the reporting period, adjusted by the number of treasury shares. Diluted earnings per share is calculated by adjusting the dilutive effect of potential ordinary shares. |
Cash and Cash equivalents | (9) Cash and Cash equivalents Cash and cash equivalents are cash on hand, demand deposits and short-term, highly liquid investments with maturities of 3 months or less from the acquisition date, which are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. As of March 31, 2020 and 2021, Sawai had only cash on hand and bank deposits as cash and cash equivalents. |
Inventories | (10) Inventories Inventories are mainly comprised of finished goods, work-in-process, |
Property, Plant and Equipment | (11) Property, Plant and Equipment Property, plant and equipment are measured using the cost model and is stated at cost less accumulated depreciation and accumulated impairment loss. Acquisition cost includes those costs that are directly attributable to the acquisition and the initial estimated dismantlement, removals and restoration costs associated with the asset. Except for assets that are not subject to depreciation, such as land and construction in progress, assets are depreciated using the straight-line method over the estimated useful life of the asset. Right-of-use The estimated useful life by type of major assets is as follows: • Building and structures: 2 to 50 years • Machinery and equipment: 2 to 20 years • Tools, furniture and fixtures: 2 to 20 years Depreciation method, residual value and useful life are reviewed at least at the end of each reporting period and revised as necessary. |
Leases | (12) Leases Sawai has applied IFRS 16 Lease (“IFRS 16”) using the modified retrospective approach from April 1, 2019 and therefore the comparative information has not been restated and the previous year continue to be reported under IAS 17 Lease (“IAS 17”) and IFRIC 4 Determining whether an Arrangement contains a Lease (“IFRIC 4”). Prior to the adoption of IFRS 16, Sawai determined at contract inception whether an arrangement is, or contains, a lease based on IFRIC 4. Under IFRS 16, a contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. 1 Policy applied to contracts entered into, on or after April 1, 2019 Sawai recognizes ROU assets and lease liabilities at the commencement date of the lease except for short-term leases with a lease term of 12 months or less and leases of low-value low-value Lease liabilities are initially recognized at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, Sawai’s incremental borrowing rate. Generally, Sawai uses its incremental borrowing rate as the discount rate. After the commencement date, the lease liabilities are measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in Sawai’s estimate of the amount expected to be payable under a residual value guarantee, or if Sawai changes its assessment of whether it will exercise a purchase, extension or termination option. The ROU assets are initially measured at an amount equal to the lease liability, adjusted by any lease payments made at or before the commencement date, less any lease incentives received, any initial direct costs incurred and an estimate of costs to be incurred in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset. The ROU assets are subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the ROU assets or the end of the lease term applying a cost model. The estimated useful lives of the ROU assets are determined on a same basis as those of underlying assets. The carrying amount of the ROU assets are included in Property, plant and equipment as disclosed in Note 13 and the lease liabilities are included in Other financial liabilities in the consolidated statements of financial position. The cash payments for the principal portion of the lease liabilities are presented in the cashflow in financing activities in the consolidated statements of cashflow. 2 Policy applicable before April 1, 2019 Sawai, as a lessee, classified the leases that transfer substantially all of the risks and rewards of ownership as finance leases; if not, as an operating lease. In a finance lease, the leased assets were measured initially at an amount equal to the lower of its fair value and the present value of minimum lease payments. The leased assets were measured initially at an amount equal to the lower of their fair value and the present value of the minimum lease payments. Minimum lease payments were the payments over the lease term that the lessee was required to make, excluding any contingent rent. Subsequent to initial recognition, the assets were accounted for in accordance with the accounting policy applicable to that asset. Assets held under operating leases were not recognized in the consolidated statements of financial position. Payment made under operating leases were recognized in an expense on a straight-line basis over term of the lease. Lease incentives received were recognized as an integral part of the total lease expense, over the term of the lease. |
Goodwill | (13) Goodwill Goodwill arising from business combination is presented at cost less accumulated impairment losses. Goodwill is not to be amortized but allocated to a cash-generating unit (“CGU”) or groups of CGUs based on expected synergies and tested for impairment annually and whenever there is an indication that CGU may be impaired. Impairment losses of goodwill are recognized in profit or loss and reversal is not made thereafter. |
Intangible Assets | (14) Intangible Assets Research and Development Research and Development are intangible assets related to products in development stage that are not yet available for use or sale. These intangible assets are not amortized but tested for impairment annually or more frequently if indicators of a potential impairment exist. If a project fails or ceases development, or is no longer considered to achieve the expected cash flow, the intangible assets are written down to their recoverable amount. The impairment charges are recognized in research and development expenses in the consolidated statements of income. Upon successful completion of the development project, these intangible assets are reclassified from Research and Development to Marketed Products. Marketed Products Intangible assets associated with marketed products are amortized on a straight-line basis over estimated useful lives, which range from 6 to 10 years. If there is an indication of impairment, each asset’s recoverable amount is estimated. If the recoverable amount of an asset is lower than the carrying amount, the carrying amount of the asset is reduced to the recoverable amount and impairment losses are recognized in profit or loss. Amortization and impairment charges of the internally developed intangible assets are recognized in research and development expenses while those charges of separately acquired intangible assets or intangible assets acquired in a business combination are recognized in selling, general and administrative expenses in the consolidated statements of income. Trademarks Trademarks represent the USL trademark that was acquired in conjunction with the acquisition of USL that is determined to have an indefinite useful life based on a historical sales and cash flow performance of USL-branded Software Software is recognized at cost and amortized on a straight-line basis over the expected useful life. The useful life is 3 to 5 years. Amortization of software is recognized in cost of sales, selling, general and administrative expenses, and research and development expenses in the consolidated statements of income. |
Impairment of Non-financial Assets | (15) Impairment of Non-financial Sawai assesses, at the end of reporting period, whether there is any indication of impairment of non-financial For assets or CGUs other than goodwill, Sawai assesses at the end of each reporting period whether there is any indication that an impairment loss recognized in prior periods may no longer exist or may have decreased. If such an indication exists, Sawai estimates the recoverable amount of the asset or CGU and if the recoverable amount exceeds the carrying amount, impairment losses are reversed up to the lower of the estimated recoverable amount or the carrying amount that would have been determined (net of amortization or depreciation) had no impairment loss been recognized for the asset in prior periods. The reversal of impairment loss is recognized in profit or loss. |
Provisions | (16) Provisions Sawai recognizes provisions when Sawai has present legal or constructive obligations as a result of past events, it is probable that outflows of resources embodying economic benefits will be required to settle the obligations, and reliable estimates can be made of the amount of the obligations. Sawai’s provisions consist primarily of provisions for drug product safety assessment. |
Employee Benefits | (17) Employee Benefits Sawai sponsors defined contribution plan for its employees. Under the plan, Sawai as a sponsor pays fixed contributions into an independently administrated fund and employees also pay fixed contributions into the fund. Defined contribution retirement benefit expenses are recognized as expenses in the period when an employee renders related service. Short-term employee benefits are recorded as the expenses for the period during which employees rendered related services. |
Shareholders' Equity | (18) Shareholders’ Equity For Company-issued equity instruments, the issuance proceeds are recorded as share capital and capital surplus. Costs directly attributable to the issuance (after considering the tax effect) are deducted from equity. The Company does not recognize any gains or losses on the acquisition, sale or cancellation of treasury shares. When the Company acquires treasury shares, it is recognized at acquisition cost and deducted from equity. Transaction expenses directly arising from the acquisition is deducted from capital surplus. When the Company cancels treasury shares, the amount that should be deducted from capital surplus is determined in accordance with the Companies Act in Japan, and the remaining balance, if any, is deducted from retained earnings. When the Company sells the treasury shares, the difference between the carrying amount and the consideration received is charged to capital surplus. |
Basis of Preparation (Tables)
Basis of Preparation (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Summary of Balances Reclassified to Reflect the Change in Presentation | Provisions that were previously included in other current liabilities and other non-current Yen in millions As of March 31, 2020 As previously As Current liabilities Provisions — 92 Other current liabilities 6,911 6,819 Non-current Provisions — 113 Other non-current 1,985 1,872 |
Operating Segment (Tables)
Operating Segment (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Summary of Detailed Information About Segment Information | (1) Segment Information Year ended March 31, 2019 Yen in millions Japan Business U.S. Business Total Adjustments Amount Segment revenue Revenue from external customers 144,098 40,243 184,341 — 184,341 Segment 24,230 1,569 25,799 (1 ) 25,798 Finance income 421 Finance expenses (553 ) Profit before tax 25,666 Other items Depreciation and amortization 10,898 5,382 16,280 — 16,280 Impairment loss 467 2,872 3,339 — 3,339 Year ended March 31, 2020 Yen in millions Japan Business U.S. Business Total Adjustments Amount Segment revenue Revenue from external customers 144,130 38,407 182,537 — 182,537 Segment profit 24,401 2,388 26,789 4 26,793 Finance income 295 Finance expenses (591 ) Profit before tax 26,497 Other items Depreciation and amortization 11,893 6,061 17,954 — 17,954 Impairment loss 1,043 424 1,467 — 1,467 Year ended March 31, 2021 Yen in millions Japan Business U.S. Business Total Adjustments Amount Segment revenue Revenue from external customers 153,584 33,635 187,219 — 187,219 Segment profit (loss) 26,284 (7,396 ) 18,888 — 18,888 Finance income 138 Finance expenses (566 ) Profit before tax 18,460 Other items Depreciation and amortization 11,866 6,425 18,291 — 18,291 Impairment loss 839 5,663 6,502 — 6,502 |
Summary of Geographic Information | Revenue from contracts with customers Yen in millions Year ended March 31, 2019 2020 2021 Japan 144,098 144,130 153,584 U.S. 40,162 38,296 33,568 Other 81 111 67 Total 184,341 182,537 187,219 Non-current Yen in millions March 31, 2020 2021 Japan 81,686 82,130 U.S. 100,337 97,362 Total 182,023 179,492 |
Summary of Information by Major Customer | External customers account for more than 10% of revenue are as follows: Yen in millions Related segment Year ended March 31, 2019 2020 2021 Mediceo Corporation 23,857 24,513 29,028 Japan Business Alfresa Corporation 20,485 24,029 26,261 Japan Business |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Schedule of Revenue For Therapeutic Category By Operating Segment | The following table shows revenue for our key therapeutic category by operating segment (see Note 4 for geographic information): Year ended March 31, 2019 Yen in millions Operating Segments Products Japan Business U.S. Business Total Cardiovascular drugs 41,842 17,432 59,274 Central nervous system drugs 12,241 17,277 29,518 Gastro-intestinal drugs 21,659 80 21,739 Blood/body fluid pharmaceutical products 15,756 — 15,756 Other metabolic drugs 10,448 — 10,448 Vitamin preparations 2,029 112 2,141 Antiallergic drugs 5,467 — 5,467 Antibiotics drugs 7,831 293 8,124 Drugs for urogenital organs and the anus 2,982 1,732 4,714 Antineoplastic agents 3,864 739 4,603 Other 19,979 2,578 22,557 Total 144,098 40,243 184,341 The comparative information is adjusted to align with the classification of the current reporting period. Year ended March 31, 2020 Yen in millions Operating Segments Products Japan Business U.S. Business Total Cardiovascular drugs 40,749 14,817 55,566 Central nervous system drugs 14,267 17,389 31,656 Gastro-intestinal drugs 19,733 252 19,985 Blood/body fluid pharmaceutical products 15,538 — 15,538 Other metabolic drugs 9,863 — 9,863 Vitamin preparations 2,029 72 2,101 Antiallergic drugs 5,244 — 5,244 Antibiotics drugs 7,704 356 8,060 Drugs for urogenital organs and the anus 3,128 1,512 4,640 Antineoplastic agents 4,951 1,004 5,955 Other 20,924 3,005 23,929 Total 144,130 38,407 182,537 The comparative information is adjusted to align with the classification of the current reporting period. Year ended March 31, 2021 Yen in millions Operating Segments Products Japan Business U.S. Business Total Cardiovascular drugs 41,470 10,715 52,185 Central nervous system drugs 17,468 17,431 34,899 Gastro-intestinal drugs 19,118 159 19,277 Blood/body fluid pharmaceutical products 15,613 — 15,613 Other metabolic drugs 12,033 — 12,033 Vitamin preparations 8,103 — 8,103 Antiallergic drugs 6,942 — 6,942 Antibiotics drugs 6,265 319 6,584 Drugs for urogenital organs and the anus 4,327 1,555 5,882 Antineoplastic agents 4,845 620 5,465 Other 17,400 2,836 20,236 Total 153,584 33,635 187,219 |
Schedule of Trade Receivables And Contract Assets | Trade receivables and contract assets balances as of March 31, 2020 and 2021 are as follows: Yen in millions March 31, 2020 2021 Trade receivables 57,601 67,745 Contract assets 231 39 |
Expenses by Nature (Tables)
Expenses by Nature (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Schedule of Expenses By Nature | The breakdown of expenses by nature is as follows: Yen in millions Year ended March 31, 2019 2020 2021 Raw materials and supplies 48,591 55,686 52,336 Employee benefits 34,300 31,888 32,725 Depreciation and amortization 16,280 17,954 18,291 Subcontractor costs 20,618 26,870 28,547 |
Finance Income and Finance Ex_2
Finance Income and Finance Expenses (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Schedule of Finance Income | The composition of finance income is as follows: Yen in millions Year ended March 31, 2019 2020 2021 Interest income Financial assets measured at amortized cost 196 157 6 Dividend income Equity instruments measured at FVOCI held at the end of the year 126 138 132 Foreign exchange gains 97 — — Other 2 — — Total 421 295 138 |
Schedule of Finance Expenses | The composition of finance expenses is as follows: Yen in millions Year ended March 31, 2019 2020 2021 Interest expenses Financial liabilities measured at amortized cost Bonds 109 109 95 Borrowings 322 294 274 Other 98 155 133 Foreign exchange losses — 9 — Other 24 24 64 Total 553 591 566 |
Income Tax Expense (Tables)
Income Tax Expense (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Summary of Major Components of Income Tax Expense | The composition of income tax expense is as follows: Yen in millions Year ended March 31, 2019 2020 2021 Current tax expense 1 5,681 7,342 4,078 Deferred tax expense Origination and reversal of temporary differences 258 (622 ) 279 Derecognition of previously recognized deferred tax assets — — 3,252 Subtotal 258 (622 ) 3,531 Total 5,939 6,720 7,609 1 The decrease of current tax expense during the year ended March 31, 2021 includes impact of an income tax refund million as a result of net loss carryback in accordance with Coronavirus Aid, Relief, and Economic Security (CARES) Act. |
Summary of Income Tax Reconciliation In Percentage Terms | The following table represents reconciliation of the effective tax rate: Percentage March 31, 2019 2020 2021 Tax using the Company’s domestic tax rate 30.6 30.6 30.6 Non-deductible 0.1 0.3 0.1 Tax credits (3.9 ) (3.7 ) (9.4 ) Changes in unrecognized differed tax assets (Refer to (3) Unrecognized Deferred Tax Assets) (0.6 ) (0.8 ) 17.6 Effect of tax rates in foreign jurisdictions (0.5 ) (0.6 ) 3.6 Other (2.6 ) (0.4 ) (1.3 ) Effective tax rate 23.1 25.4 41.2 |
Summary of Composition of Deferred Tax Assets And Liabilities | The composition of deferred tax assets and liabilities are as follows: Yen (in millions) March 31, 2020 2021 Deferred tax assets 5,513 1,766 Deferred tax liabilities (61 ) (58 ) Net deferred tax assets 5,452 1,708 |
Summary of Details of Changes In Deferred Tax Assets And Liabilities | The components of changes in deferred tax assets and liabilities are as follows: Year ended March 31, 2020 Yen in millions As of April 1, Recognized Recognized in Other 1 As of March 31, Deferred tax assets Inventories 1,337 586 — — 1,923 Property, plant and equipment 1,397 272 — — 1,669 Refund liabilities 772 35 — — 807 Accruals 715 (8 ) — — 707 Trade and other payables 190 (10 ) — — 180 Intangible assets 113 73 — — 186 Income tax payables 285 20 — — 305 Investment in subsidiaries 3,497 (124 ) — (68 ) 3,305 Other 448 169 — — 617 Subtotal 8,754 1,013 — (68 ) 9,699 Deferred tax liabilities Intangible assets (2,664 ) (392 ) — — (3,056 ) Financial assets measured at FVOCI (845 ) — 321 — (524 ) Property, plant and equipment (597 ) (55 ) — — (652 ) Other (71 ) 56 — — (15 ) Subtotal (4,177 ) (391 ) 321 — (4,247 ) Net deferred tax assets 4,577 622 321 (68 ) 5,452 1 Other mainly includes translation adjustments of foreign operations. Year ended March 31, 2021 Yen in millions As of April 1, Recognized Recognized in Other 1 As of March 31, Deferred tax assets Inventories 1,923 193 — — 2,116 Property, plant and equipmen t 1,669 (301 ) — — 1,368 Refund liabilities 807 101 — — 908 Accruals 707 99 — — 806 Trade and other payables 180 376 — — 556 Intangible assets 186 172 — — 358 Income tax payables 305 2 — — 307 Investment in subsidiaries 3,305 (3,221 ) — (84 ) — Other 617 1 — — 618 Subtotal 9,699 (2,578 ) — (84 ) 7,037 Deferred tax liabilities Intangible assets (3,056 ) (1,030 ) — — (4,086 ) Financial assets measured at FVOCI (524 ) — (129 ) — (653 ) Property, plant and equipment (652 ) 67 — — (585 ) Other (15 ) 10 — — (5 ) Subtotal (4,247 ) (953 ) (129 ) — (5,329 ) Net deferred tax assets 5,452 (3,531 ) (129 ) (84 ) 1,708 1 Other mainly includes translation adjustments of foreign operations. |
Summary of Unrecognized Deferred Tax Assets | Yen in millions As of March As of March Deductible temporary difference s 100 3,469 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Summary of Calculation of Basic And Diluted Earnings Per Share | The basis of calculation of basic and diluted earnings per share (“EPS”) is as follows: Year ended March 31, 2019 2020 2021 Profit attributable to owners of the Company 19,376 19,279 12,340 Weighted average number of ordinary shares outstanding during the year (thousand shares) 43,775 43,781 43,789 Average number of ordinary shares during the year (thousand shares) 43,775 43,781 43,789 Dilutive effect (thousand shares) 29 37 44 Weighted average number of ordinary shares outstanding during the year after dilutive effect (thousand shares) 43,804 43,818 43,833 Profit per share (attributable to the owners of the Company Basic earnings per share (Yen) 442.62 440.37 281.80 Diluted earnings per share (Yen) 442.32 440.00 281.51 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Summary of Components of Other Comprehensive Income | The components of other comprehensive income (loss) are as follows: Yen in millions Year ended March 31, 2019 2020 2021 Changes in financial assets measured at FVOCI during the year (38 ) (1,049 ) 259 Related tax effects 12 321 (129 ) Net (26 ) (728 ) 130 Exchange differences on translation of foreign operations 4,900 (2,438 ) 1,763 Related tax effects — — — Net 4,900 (2,438 ) 1,763 Total other comprehensive income 4,874 (3,166 ) 1,893 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Summary of Components of Inventories | The components of inventories are as follows: Yen in millions March 31, 2020 2021 Finished goods 37,641 40,738 Work-in-process 16,232 15,128 Raw materials and supplies 21,587 23,254 Total 75,460 79,120 |
Other Financial Assets (Tables)
Other Financial Assets (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Schedule of Components of Other Financial Assets | The components of other financial assets are as follows: Yen in millions March 31, 2020 2021 Financial assets measured at amortized cost Security deposits 262 267 Other 189 205 Debt instruments mandatorily measured at FVTPL Redeemable preferred shares — 210 Equity instruments measured at FVOCI Equity securities 5,604 5,870 Total 6,055 6,552 Other financial assets (current) 141 143 Other financial assets (non-current) 5,914 6,409 |
Fair Value of Major Shareholdings Within Equity Instrument Measured At Fair Value Through Other Comprehensive Income | The fair value of major shareholdings within equity instrument measured at FVOCI is as follows: Yen in millions March 31, 2020 2021 Sumitomo Corporation 1,063 1,353 Nippon Kayaku Co., Ltd. 871 935 Alfresa Holdings Corporation 451 478 MEDIPAL HOLDINGS CORPORATION 440 463 Medical Ikkou Group Co., LTD. 497 419 Yakult Honsha Co., Ltd. 475 417 Daito Pharmaceutical Co., Ltd 260 316 Other 1,547 1,489 Total 5,604 5,870 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Schedule of Components of Property Plant and Equipment | The components of property, plant and equipment are as follows: Year ended March 31, 2020 Yen in millions Building and Machinery Tools, Land Construction Lease ROU assets Total Acquisition cost Balance at April 1, 2019 61,777 64,457 12,511 11,811 1,721 1,260 — 153,537 Adjustment on initial application of — — — — — (1,260 ) 5,760 4,500 Acquisition 460 1,895 743 — 2,791 — 151 6,040 Sale and disposition (163 ) (1,165 ) (296 ) — — — (35 ) (1,659 ) Transfer from 37 1,433 170 97 (1,737 ) — — — Exchange differences on translation of foreign operations (139 ) (48 ) (19 ) (23 ) (20 ) — (3 ) (252 ) Other 212 — — — 223 — — 435 Balance at March 31, 2020 62,184 66,572 13,109 11,885 2,978 — 5,873 162,601 Accumulated depreciation Balance at April 1, 2019 (24,179 ) (38,338 ) (8,909 ) (467 ) — (411 ) — (72,304 ) Adjustment on initial application of — — — — — 411 (123 ) 288 Depreciation amount (2,616 ) (6,170 ) (1,284 ) — — — (964 ) (11,034 ) Sale and disposition 78 1,037 289 — — — 27 1,431 Exchange differences on translation of foreign operation 8 16 7 — — — — 31 Balance at March 31, 2020 (26,709 ) (43,455 ) (9,897 ) (467 ) — — (1,060 ) (81,588 ) Carrying amount Balance at April 1, 2019 37,598 26,119 3,602 11,344 1,721 849 — 81,233 Balance at March 31, 2020 35,475 23,117 3,212 11,418 2,978 — 4,813 81,013 Year ended March 31, 2021 Yen in millions Building and Machinery Tools, Land Construction ROU assets Total Acquisition cost Balance at April 1, 2020 62,184 66,572 13,109 11,885 2,978 5,873 162,601 Acquisition 933 2,558 1,000 134 9,526 125 14,276 Sale and disposition (761 ) (1,580 ) (465 ) — (6 ) (173 ) (2,985 ) Transfer from construction in progress 635 1,054 86 — (1,775 ) — — Exchange differences on translation of foreign operations 149 93 19 21 288 4 574 Other 720 — — — (67 ) (707 ) (54 ) Balance at March 31, 2021 63,860 68,697 13,749 12,040 10,944 5,122 174,412 Accumulated depreciation and impairment losses Balance at April 1, 2020 (26,709 ) (43,455 ) (9,897 ) (467 ) — (1,060 ) (81,588 ) Depreciation amount (2,545 ) (6,161 ) (1,205 ) — — (889 ) (10,800 ) Sale and disposition 642 1,518 449 — — — 2,609 Exchange differences on translation of foreign operation (22 ) (42 ) (16 ) — — (3 ) (83 ) Other — — — — — 158 158 Balance at March 31, 2021 (28,634 ) (48,140 ) (10,669 ) (467 ) — (1,794 ) (89,704 ) Carrying amount Balance at April 1, 2020 35,475 23,117 3,212 11,418 2,978 4,813 81,013 Balance at March 31, 2021 35,226 20,557 3,080 11,573 10,944 3,328 84,708 |
Summary of Carrying Amount of Right of Use Assets included in Property Plant and Equipment | Carrying amount of ROU assets included in property, plant and equipment is as follows: Yen in millions Building and Machinery and Tools, furniture Total Year ended March 31, 2020 3,936 657 220 4,813 Year ended March 31, 2021 2,722 447 159 3,328 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Schedule of Components of Goodwill and Intangible Assets | The components of goodwill and intangible assets are as follows: Year ended March 31, 2020 Yen in millions Goodwill Intangible Assets Marketed Research and Trademark Software Other Total Acquisition cost Balance at April 1, 2019 39,403 48,045 14,408 6,634 5,627 695 75,409 Addition — 12,363 3,033 1 310 69 15,776 Disposition — — — — (38 ) — (38 ) Transfer — 1,534 (1,534 ) — 563 (597 ) (34 ) Exchange differences (767 ) (739 ) (173 ) (129 ) (13 ) — (1,054 ) Other — — — — — (2 ) (2 ) Balance at March 31, 2020 38,636 61,203 15,734 6,506 6,449 165 90,057 Accumulated amortization and impairment losses Balance at April 1, 2019 — (10,748 ) (5,281 ) (9 ) (4,218 ) (19 ) (20,275 ) Amortization expenses — (6,209 ) — — (706 ) (5 ) (6,920 ) Impairment — (802 ) (665 ) — — — (1,467 ) Disposition — — — — 35 — 35 Exchange differences — 146 85 — 6 — 237 Other — (577 ) 577 — — 2 2 Balance at March 31, 2020 — (18,190 ) (5,284 ) (9 ) (4,883 ) (22 ) (28,388 ) Carrying amount Balance at April 1, 2019 39,403 37,297 9,127 6,625 1,409 676 55,134 Balance at March 31, 2020 38,636 43,013 10,450 6,497 1,566 143 61,669 Year ended March 31, 2021 Yen in millions Goodwill Intangible Assets Marketed Research and Trademark Software Other Total Acquisition cost Balance at April 1, 2020 38,636 61,203 15,734 6,506 6,449 165 90,057 Addition — 744 5,179 — 339 154 6,416 Disposition — — — — (92 ) (10 ) (102 ) Transfer — 3,178 (3,178 ) — 70 (70 ) — Exchange differences 668 904 118 112 13 4 1,151 Other — — — — — 33 33 Balance at March 31, 2021 39,304 66,029 17,853 6,618 6,779 276 97,555 Accumulated amortization and impairment losses Balance at April 1, 2020 — (18,190 ) (5,284 ) (9 ) (4,883 ) (22 ) (28,388 ) Amortization expenses — (6,870 ) — — (617 ) (4 ) (7,491 ) Impairment — (6,021 ) (481 ) — — — (6,502 ) Disposition — — — — 92 — 92 Exchange differences — (718 ) (63 ) — (13 ) — (794 ) Other — (364 ) 364 — — — — Balance at March 31, 2021 — (32,163 ) (5,464 ) (9 ) (5,421 ) (26 ) (43,083 ) Carrying amount Balance at April 1, 2020 38,636 43,013 10,450 6,497 1,566 143 61,669 Balance at March 31, 2021 39,304 33,866 12,389 6,609 1,358 250 54,472 |
Summary of Information about Significant Intangible Assets | The table below provides information about significant intangible assets: Category Yen in millions Carrying amount as of March 31, Remaining amortization period Name 2020 1 2021 Zomig ® Marketed Products 1,842 1,314 3 years Tosymra ™ Marketed Products 6,687 327 8 years Zembrace ® ® Marketed Products 4,988 4,531 8 years 1 The balance was corrected due to an immaterial error, thereby increasing the balance of Tosymra™ by embrace ® SymTouch ® t. |
Summary of Information about Impairment Losses Net Recognised by Segment | Impairment losses (net) recognized by each segment are as follows: Yen in millions Year ended March 31, 2019 2020 2021 Marketed Research Total Marketed Research Total Marketed Research Total Japan Business — 467 467 802 241 1,043 400 439 839 U.S. Business — 2,872 2,872 — 424 424 5,621 42 5,663 Total — 3,339 3,339 802 665 1,467 6,021 481 6,502 |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Schedule of Components of Trade and Other Payables | The components of trade and other payables are as follows: Yen in millions March 31, 2020 2021 Trade accounts payable 24,140 27,545 Other payable 19,898 22,857 Total 44,038 50,402 |
Bonds and Borrowings (Tables)
Bonds and Borrowings (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Schedule of Components of Bonds and Borrowings | The components of bonds and borrowings are as follows: Yen in millions March 31, 2020 2021 Current portion of long-term borrowings 4,464 3,834 Current portion of bonds 9,992 — Long-term borrowings, less current portion 50,584 56,750 Bonds, less current portion 9,983 9,991 Total 75,023 70,575 Bonds and borrowings (current) 14,456 3,834 Bonds and borrowings (non-current) 60,567 66,741 |
Schedule of Composition of the Bonds | The composition of the bonds are as follows: Yen in millions Name of Bond Issue date Principal March 31, Interest Maturity 2020 2021 1st Unsecured Bonds June 2015 10,000 9,983 9,991 0.67 % June 2022 2nd Unsecured Bonds December 2015 10,000 9,992 — 0.42 % December 2020 19,975 9,991 |
Schedule of Composition of the Borrowings | The composition of the borrowings are as follows: Yen in millions Instruments Original Carrying amount Interest rate Maturity 2020 2021 2010 fixed rate loans 1,000 50 — 1.55% June 2020 2014 fixed rate loans 5,500 582 — 1.56% December 2020 2015 variable rate loans 5,000 1,430 716 3-month TIBOR + 0.3% March 2022 2017 fixed rate loans 13,000 13,000 13,000 0.67% December 2027 2017 variable rate loans 47,000 39,986 36,868 3-month TIBOR + 0.35% December 2032 2020 fixed rate loans 10,000 — 10,000 0.35% December 2025 55,048 60,584 |
Summary of Changes in Liabilities Accompanying Changes in Cash Flows from Financing Activities | Changes in liabilities accompanying changes in cash flows from financing activities are as follows: Year ended March 31, 2020 Yen in millions Balance at Cash flows from Changes by non-cash Balance at the end of Acquisition Foreign Other Bonds 19,956 — — — 19 19,975 Long-term borrowings 59,850 (4,802 ) — — — 55,048 Total 79,806 (4,802 ) — — 19 75,023 Year ended March 31, 2021 Yen in millions Balance at Cash flows from Changes by non-cash Balance at the end of Acquisition Foreign Other Bonds 19,975 (10,000 ) — — 16 9,991 Long-term borrowings 55,048 5,536 — — — 60,584 Total 75,023 (4,464 ) — — 16 70,575 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure of other provisions [abstract] | |
Summary of Changes in Provisions | Changes in provisions are as follows: Yen in millions Provisions for drug product Other Total Year ended March 31, 2020 — 205 205 Increase 852 135 987 Usage — (92 ) (92 ) Year ended March 31, 2021 852 248 1,100 Current 284 104 388 Non-current 568 144 712 |
Other Financial Liabilities (Ta
Other Financial Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Schedule of Components of Other Financial Liabilities | The components of other financial liabilities are as follows: Yen in millions March 31, 2020 2021 Financial liabilities measured at amortized cost Guarantee deposits (see Note 24) 2,590 2,635 Lease liabilities 5,024 4,050 Liabilities associated with deferred fixed payments for separately acquired intangible assets 3,189 2,528 Total 10,803 9,213 Other financial liabilities (current) 5,003 6,443 Other financial liabilities (non-current) 5,800 2,770 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Presentation of leases for lessee [abstract] | |
Summary of Lease Payment Payable under Operating Lease Contracts Recognised as Expenses | Total lease payment payable under operating lease contracts, recognized as expenses, is as follows: Yen (in millions) Year ended March 31, 2019 Total lease payment recognized as expense 158 |
Disclosure of Detailed Information About Amounts Recognised in Profit or Loss | The amounts recognized in profit or loss are as follows: Yen in millions Year ended March 31, 2020 Year ended March 31, 2021 Interest expense on lease liabilities 97 61 The expense relating to short-term leases 404 380 The expense relating to leases of low-value 107 104 The expense relating to variable lease payments 2 2 |
Disclosure of Depreciation Expenses for Right-of-use Assets by Class of Underlying Asset | The following table shows the depreciation expenses for right-of-use right-of-use Yen in millions Year ended Year ended Building and structures 656 599 Machinery and equipment 242 229 Tools, furniture and fixtures 66 61 Total 964 889 |
Summary of Maturity Analysis of Lease Liabilities | The following table shows the maturity analysis of lease liabilities. Yen in millions As of March 31, 2020 As of March 31, 2021 Current portion 1,676 1,292 Over 1 year and within 5 years 2,321 2,070 Over 5 years 1,254 855 Total 5,251 4,217 Present value of total minimum lease payment 5,024 4,050 Lease liabilities (current) 1,656 1,279 Lease liabilities (non-current) 3,368 2,771 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Summary of Other Current Liabilities | The components of other current liabilities are as follows: Yen in millions March 31, 2020 2021 Accrued expenses 3,178 3,183 Accrued bonuses 2,886 3,159 Accrued consumption taxes 94 1,645 Other 661 502 Total 6,819 8,489 |
Equity and other Equity Items (
Equity and other Equity Items (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Summary of Capital and Capital Surplus | (1) Capital and Capital Surplus The components of share capital and capital surplus are as follows: Number of shares Number of shares Share capital Capital surplus Balance as of April 1, 2018 77,600 44,071 41,170 42,573 Increase — 5 15 276 Decrease — — — — Balance as of March 31, 2019 77,600 44,076 41,185 42,849 Increase — 6 14 14 Decrease — — — — Balance as of March 31, 2020 77,600 44,082 41,199 42,863 Increase — 9 20 20 Decrease — 300 — 430 Balance as of March 31, 2021 77,600 43,791 41,219 42,453 |
Summary of Treasury Shares | Number of shares of treasury shares and an increase/decrease in its amount are as follows: Number of shares Amount Balance as of April 1, 2018 300 1,385 Increase — — Decrease — — Balance as of March 31, 2019 300 1,385 Increase — — Decrease — — Balance as of March 31, 2020 300 1,385 Increase — — Decrease 300 1,385 Balance as of March 31, 2021 — — |
Summary of Other Components of Equity | (3) Other Components of Equity Year ended March 31, 2019 Yen in millions Reserve for share- Changes in Foreign currency translation Total Balance at the beginning of the year 406 1,945 (3,018 ) (667 ) Other comprehensive income — (26 ) 3,952 3,926 Total current comprehensive income — (26 ) 3,952 3,926 Issuance of new shares (30 ) — — (30 ) Share-based payment 29 — — 29 Total transactions with owners (1 ) — — (1 ) Balance at the end of the year 405 1,919 934 3,258 Year ended March 31, 2020 Yen in millions Reserve for share- Changes in Exchange Total Balance at the beginning of the year 405 1,919 934 3,258 Other comprehensive income — (728 ) (1,968 ) (2,696 ) Total current comprehensive income — (728 ) (1,968 ) (2,696 ) Issuance of new shares (28 ) — — (28 ) Share-based payments 70 — — 70 Total transactions with owners 42 — — 42 Balance at the end of the year 447 1,191 (1,034 ) 604 Year ended March 31, 2021 Yen in millions Reserve for share- Changes in Exchange Total Balance at the beginning of the year 447 1,191 (1,034 ) 604 Other comprehensive income — 161 1,422 1,583 Total current comprehensive income — 161 1,422 1,583 Issuance of new shares (40 ) — — (40 ) Share-based payments 56 — — 56 Others (26 ) — — (26 ) Total transactions with owners (10 ) — — (10 ) Balance at the end of the year 437 1,352 388 2,177 |
Dividends (Tables)
Dividends (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Summary of Dividends And Dividends Per Share | Amount of dividends and dividends per share are as follows: Year ended March 31, 2019 Date of resolution Total amount of Dividend amount Record date Effective date Annual general meeting of shareholders (June 26, 2018) 2,845 65 March 31, 2018 June 27, 2018 Board of Directors’ meeting (November 14, 2018) 2,846 65 September 30, 2018 December 7, 2018 Year ended March 31, 2020 Date of resolution Total amount of Dividend amount Record date Effective date Annual general meeting of shareholders (June 25, 2019) 3,064 70 March 31, 2019 June 26, 2019 Board of Directors’ meeting (November 8, 2019) 2,846 65 September 30, 2019 December 9, 2019 Year ended March 31, 2021 Date of resolution Total amount of Dividend amount Record date Effective date Annual general meeting of shareholders (June 23, 2020) 2,846 65 March 31, 2020 June 24, 2020 Board of Directors’ meeting (November 9, 2020) 2,846 65 September 30, 2020 December 4, 2020 Dividends declared for which the effective date falls in the following year are as follows: Year ended March 31, 2021 Date of resolution Total amount of Dividend amount Record date Effective date Annual general meeting of shareholders (June 28, 2021) 2,846 65 March 31, 2021 June 29, 2021 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Summary of Changes In Loss Allowance | 3 Changes in Loss Allowance Loss allowance for the years ended March 31, 2020 and 2021 were as follows: Year ended March 31, 2020 Yen in millions Loss allowance measured Loss allowance measured 12-month expected credit Total Balance at the beginning of the year 55 — 55 Increased amount during the year 3 — 3 Decreased amount during the year (utilization) (22 ) — (22 ) Decreased amount during the year (reversal) (16 ) — (16 ) Other (Note) (1 ) — (1 ) Balance at the end of the year 19 — 19 (Note) Other mainly includes changes from the effect of foreign exchanges. Year ended March 31, 2021 Yen in millions Loss allowance measured Loss allowance measured 12-month expected credit Total Balance at the beginning of the year 19 — 19 Increased amount during the year 6 — 6 Decreased amount during the year (utilization) — — — Decreased amount during the year (reversal) (1 ) — (1 ) Other (Note) (0 ) — (0 ) Balance at the end of the year 24 — 24 (Note) Other mainly includes changes from the effect of foreign exchanges. |
Summary of Exposure To Credit Risk For Financial Assets | 4 Exposure to Credit Risk for Financial Assets The following table provides aging analysis of the exposure to credit risk of financial assets at the end of reporting period. The cash and cash equivalents are not included in the table below as the impairment allowance is not material for the cash and cash equivalents: As of March 31, 2020 Yen in millions Trade receivables and Other receivables for to 12-month Total Not past due 57,848 802 58,650 Within 30 days 2 51 53 Over 30 days within 60 days 1 — 1 Over 60 days within 90 days — — — Over 90 days within 1year — — — Over 1 year — — — Total 57,851 853 58,704 As of March 31, 2021 Yen in millions Trade receivables and Other receivables for 12-month Total Not past due 67,805 2,322 70,127 Within 30 days — 1 1 Over 30 days within 60 days — — — Over 60 days within 90 days 3 — 3 Over 90 days within 1year — — — Over 1 year — — — Total 67,808 2,323 70,131 |
Summary of Details of Security And Other Credit Supplementation | 5 Details of Security and Other Credit Supplementation Sawai holds guarantee deposits as a security for some trade receivables. Balance of guarantee deposits recorded in other financial liabilities at the end of reporting period is as follows: Yen (in millions) March 31, 2020 2021 Guarantee deposits 2,590 2,635 |
Summary of Maturity Analysis | 2 Maturity Analysis Balance by maturity date of financial liabilities of Sawai is as follows (see Note 16 for detail): As of March 31, 2020 Yen in millions Carrying Contractual Within Over Over Over Over Over Bonds 19,975 20,149 10,080 59 10,010 — — — Borrowings 55,048 55,316 4,489 3,849 3,131 3,047 3,214 37,586 Refund liabilities 7,989 7,989 7,989 — — — — — Guarantee deposits 2,590 2,590 2,590 — — — — — Liabilities associated with deferred fixed payments for separately acquired intangible assets 3,189 3,265 762 2,503 — — — — Total 88,791 89,309 25,910 6,411 13,141 3,047 3,214 37,586 Refund liabilities includes ¥1,748 million of liabilities for right of return and ¥6,241 million of liabilities for rebates as of March 31, 2020. For lease liabilities, please refer to Note 19. As of March 31, 2021 Yen in millions Carrying Contractual Within Over Over Over Over Over Bonds 9,991 10,069 59 10,010 — — — — Borrowings 60,584 62,311 4,110 3,379 3,279 3,439 13,330 34,774 Refund liabilities 7,541 7,541 7,541 — — — — — Guarantee deposits 2,635 2,635 2,635 — — — — — Liabilities associated with deferred fixed payments for separately acquired intangible assets 2,528 2,546 2,546 — — — — — Total 83,279 85,102 16,891 13,389 3,279 3,439 13,330 34,774 |
Summary of Committed Credit Lines Details | 3 Committed Credit Line Sawai has committed credit lines with five financial institutions in order to efficiently procure working capital as follows: Yen in millions March 31, 2020 2021 Total committed credit lines 16,000 16,000 Usage during the year — — Unused credit lines 16,000 16,000 |
Summary of Quantitative Data of Sawai's Exchange Risk Exposure | Summary of quantitative data of Sawai’s exchange risk exposure, which were submitted to Sawai’s management based on the risk management policy, is as follows: U.S. Dollars (in thousands) March 31, 2020 2021 Financial assets 846 846 Financial liabilities (166 ) (1,309 ) Net amount of exposure in the consolidated statement of financial position 680 (464 ) Net amount of exposure 680 (464 ) |
Summary Of Exposure Of Borrowings To Fluctuation In Interest Rate Risk | 3 Interest Rate Risk Sawai conducts financing by interest-bearing liabilities. Variable interest rate applies to some interest-bearing liabilities, which are exposed to interest rate fluctuation risk. If the interest rate increases by 1% on the financial instruments issued by Sawai as of the reporting date to which the variable interest rate applies, an impact on net profit or (loss), gross of tax, is JPY (414) million and JPY(376) million in the year ended March 31, 2020 and 2021, respectively. See Note 16 for borrowings with variable interest rate. Exposure to interest fluctuation risk is as follows: Yen in millions March 31, 2020 2021 Borrowings to which variable interest rate applies 41,416 37,584 |
Summary of Carrying Value And Fair Value of Financial Liabilities At Amortized Cost | 3 Comparison between Fair Value and Carrying Amount Yen in millions March 31, 2020 2021 Carrying Fair Carrying Fair Financial liabilities measured at amortized cost Bonds 19,975 20,119 9,991 10,059 Borrowings 55,048 54,252 60,584 60,883 Total 75,023 74,371 70,575 70,942 |
Summary of Measurement of Financial Instruments At Fair Value By Hierarchy | 4 Measurement of Fair Value Recognized in the Consolidated Statement of Financial Position As of March 31, 2020 Yen in millions Level 1 Level 2 Level 3 Total Equity instruments measured at FVOCI Equity securities 4,246 — 1,358 5,604 There was no financial instrument transferred between levels of the fair value hierarchy. As of March 31, 2021 Yen in millions Level 1 Level 2 Level 3 Total Debt instruments measured at FVTPL Redeemable preferred shares — — 210 210 Equity instruments measured at FVOCI Equity securities 4,581 — 1,289 5,870 Total 4,581 — 1,499 6,080 |
Summary of Reconciliation In Fair Value Measurement Assets | The following table illustrates a reconciliation from the beginning to the ending balance for Level 3 financial assets, which solely consists of equity investment in private companies: Yen in millions March 31, 2020 2021 Balance at the beginning of the year 1,301 1,358 Gain recognized as changes in fair value of financial instruments measured at FVOCI 68 (72 ) Purchases — 210 Other (11 ) 3 Balance at the end of the year 1,358 1,499 |
Summary of Offsetting of Financial Instruments | The following table presents the recognized financial instruments that are offset as of March 31, 2020 and 2021: Yen in millions Effect of offsetting on the statement Gross Gross Net As of March 31, 2020 Financial assets: Trade and other receivables 64,296 (5,611 ) 58,685 Financial Liabilities: Refund liabilities 13,600 (5,611 ) 7,989 As of March 31, 2021 Financial assets: Trade and other receivables 75,486 (5,379 ) 70,107 Financial Liabilities: Refund liabilities 12,920 (5,379 ) 7,541 |
Exchange Risk [member] | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Summary of Sensitivity Analysis | (ii) Exchange sensitivity analysis Sawai is exposed mainly to U.S. dollars exchange risk. The strengthening (weakening) of Yen against the U.S. dollars by 10% would have affected the measurement of financial instruments denominated in a foreign currency and affected equity and profit or loss by the amounts shown below (net of tax). This analysis assumes that all other variables, in particular interest rates, remain constant. In this regard, they do not include the impact on translation into Yen for assets, liabilities, revenue and expenses of foreign operations. Year ended March 31, 2020 Yen in millions Profit or loss Equity, net of tax Strengthening Weakening Strengthening Weakening (5) 5 (5) 5 Year ended March 31, 2021 Yen in millions Profit or loss Equity, net of tax Strengthening Weakening Strengthening Weakening 4 (4) 4 (4) |
Stock Price Risk [member] | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Summary of Sensitivity Analysis | The following summarizes the impact (net of tax) to the equity of Sawai at the reporting date if equity instruments would have decreased by 10%: Yen in millions March 31, 2020 2021 10% change in stock price (295 ) (318 ) |
Subsidiaries (Tables)
Subsidiaries (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Summary Of Detailed Information About Interests In Subsidiaries Explanatory | The Company’s major subsidiaries are as follows: Names of Major Subsidiaries Major Business Activities Location Ownership ratio Medisa Shinyaku Inc. Sale of prescription medications Japan 100.0 Kaken Shoyaku Co., Ltd. Manufacture and sale of prescription medications Japan 100.0 Sawai America Holdings Inc. Holding Company US 100.0 Sawai America LLC Management of subsidiaries through holding of interests in subsidiaries US 80.0 Upsher-Smith Laboratories, LLC Manufacture and sale of prescription medications US 80.0 |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Summary of Compensation For Key Management Personnel | Compensation for key management personnel is as follows: Yen in millions Year ended March 31, 2019 2020 2021 Basic compensation and bonuses 332 359 275 Share-based compensation 16 40 24 Total 348 399 299 |
Schedule II. Valuation and Qu_2
Schedule II. Valuation and Qualifying Accounts and Reserves (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Text Block [Abstract] | |
Disclosure of Detailed Information About Valuation and Qualifying Accounts and Reserves | Year ended March 31, 2019 Yen in millions Description Balance at Acquisition Charged to Charged to Deductions Translation Balance at end Refund liabilities 6,678 — — 46,019 (44,826 ) 200 8,071 Provision — — — — — — — Inventory valuation allowance 4,806 — 3,945 — (4,825 ) 20 3,946 Year ended March 31, 2020 Yen in millions Description Balance at Acquisition Charged to Charged to Deductions Translation Balance at end Refund liabilities 8,071 — — 48,375 (48,349 ) (108 ) 7,989 Provision — — 205 — — — 205 Inventory valuation allowance 3,946 — 4,650 — (3,712 ) (21 ) 4,863 Year ended March 31, 2021 Yen in millions Description Balance at Acquisition Charged to Charged to Deductions Translation Balance at end Refund liabilities 7,989 — — 54,159 (54,663 ) 56 7,541 Provision 205 — 987 — (92 ) — 1,100 Inventory valuation allowance 4,863 — 5,456 — (4,629 ) 8 5,698 |
Basis of Preparation - Summary
Basis of Preparation - Summary of Balances Reclassified to Reflect the Change in Presentation (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2021 | Mar. 31, 2020 |
Current liabilities | ||
Provisions | ¥ 388 | ¥ 92 |
Other current liabilities | 8,489 | 6,819 |
Non-current liabilities | ||
Provisions | 712 | 113 |
Other non-current liabilities | ¥ 1,858 | 1,872 |
Previously Stated [member] | ||
Current liabilities | ||
Other current liabilities | 6,911 | |
Non-current liabilities | ||
Other non-current liabilities | ¥ 1,985 |
Basis of Preparation - Addition
Basis of Preparation - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Basis of Preparation [Line Items] | |||
Other non current financial liabilities | [1] | ¥ 2,770 | ¥ 5,800 |
Other current financial liabilities | [1] | 6,443 | 5,003 |
Tosymra (Trademark) [member] | |||
Basis of Preparation [Line Items] | |||
Significant intangible assets, carrying amount | 6,687 | ||
Zembrace (Registered) [member] | |||
Basis of Preparation [Line Items] | |||
Significant intangible assets, carrying amount | 4,988 | ||
Increase (Decrease) Due to Corrections of Prior Period Errors [member] | |||
Basis of Preparation [Line Items] | |||
Adjustment for increase decrease in liabilities | 2,591 | ||
Increase Decrease in Intangible assets | ¥ 1,699 | 1,699 | |
Previously Reported [Member] | |||
Basis of Preparation [Line Items] | |||
Other non current financial liabilities | 8,391 | ||
Other current financial liabilities | 2,412 | ||
Previously Reported [Member] | Tosymra (Trademark) [member] | |||
Basis of Preparation [Line Items] | |||
Significant intangible assets, carrying amount | 4,988 | ||
Previously Reported [Member] | Zembrace (Registered) [member] | |||
Basis of Preparation [Line Items] | |||
Significant intangible assets, carrying amount | ¥ 6,687 | ||
[1] | Sawai has corrected an immaterial error of comparative information, see Note 2 (7). |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) - JPY (¥) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | ||
Equity method investments | ¥ 0 | ¥ 0 |
Financial assets at fair value through profit or loss | ¥ 0 | |
Gain or Loss on cancellation of treasury shares | ¥ 0 | |
Top of Range [member] | Building and structures [member] | ||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | ||
Property plant and equipment estimated useful lives | 50 years | |
Top of Range [member] | Machinery and equipment [member] | ||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | ||
Property plant and equipment estimated useful lives | 20 years | |
Top of Range [member] | Tools, furniture and fixtures [member] | ||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | ||
Property plant and equipment estimated useful lives | 20 years | |
Top of Range [member] | Marketed Products [member] | ||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | ||
Intangible assets estimated useful lives | 10 years | |
Top of Range [member] | Software [member] | ||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | ||
Intangible assets estimated useful lives | 5 years | |
Bottom of Range [member] | Building and structures [member] | ||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | ||
Property plant and equipment estimated useful lives | 2 years | |
Bottom of Range [member] | Machinery and equipment [member] | ||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | ||
Property plant and equipment estimated useful lives | 2 years | |
Bottom of Range [member] | Tools, furniture and fixtures [member] | ||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | ||
Property plant and equipment estimated useful lives | 2 years | |
Bottom of Range [member] | Marketed Products [member] | ||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | ||
Intangible assets estimated useful lives | 6 years | |
Bottom of Range [member] | Software [member] | ||
Disclosure Of Summary Of Significant Accounting Policies [Line Items] | ||
Intangible assets estimated useful lives | 3 years |
Operating Segment - Summary of
Operating Segment - Summary of Detailed Information About Segment Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of operating segments [line items] | |||
Revenue from external customers | ¥ 187,219 | ¥ 182,537 | ¥ 184,341 |
Segment profit (loss) | 18,888 | 26,793 | 25,798 |
Finance income | 138 | 295 | 421 |
Finance expenses | (566) | (591) | (553) |
Profit before tax | 18,460 | 26,497 | 25,666 |
Other items | |||
Depreciation and amortization | 18,291 | 17,954 | 16,280 |
Impairment loss | 6,502 | 1,467 | 3,339 |
Operating Segments [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from external customers | 187,219 | 182,537 | 184,341 |
Segment profit (loss) | 18,888 | 26,789 | 25,799 |
Other items | |||
Depreciation and amortization | 18,291 | 17,954 | 16,280 |
Impairment loss | 6,502 | 1,467 | 3,339 |
Adjustments And Elimination [member] | |||
Disclosure of operating segments [line items] | |||
Segment profit (loss) | 4 | (1) | |
Japan Business [member] | |||
Other items | |||
Impairment loss | 839 | 1,043 | 467 |
Japan Business [member] | Operating Segments [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from external customers | 153,584 | 144,130 | |
Segment profit (loss) | 26,284 | 24,401 | |
Other items | |||
Depreciation and amortization | 11,866 | 11,893 | |
Impairment loss | 839 | 1,043 | |
U.S. Business [member] | |||
Other items | |||
Impairment loss | 5,663 | 424 | 2,872 |
U.S. Business [member] | Operating Segments [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from external customers | 33,635 | 38,407 | |
Segment profit (loss) | (7,396) | 2,388 | |
Other items | |||
Depreciation and amortization | 6,425 | 6,061 | |
Impairment loss | 5,663 | 424 | |
Japan [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from external customers | 153,584 | 144,130 | 144,098 |
Japan [member] | Japan Business [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from external customers | 144,098 | ||
Segment profit (loss) | 24,230 | ||
Other items | |||
Depreciation and amortization | 10,898 | ||
Impairment loss | 467 | ||
US [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from external customers | ¥ 33,568 | ¥ 38,296 | 40,162 |
US [member] | U.S. Business [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from external customers | 40,243 | ||
Segment profit (loss) | 1,569 | ||
Other items | |||
Depreciation and amortization | 5,382 | ||
Impairment loss | ¥ 2,872 |
Operating Segment - Summary o_2
Operating Segment - Summary of Geographic Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | ¥ 187,219 | ¥ 182,537 | ¥ 184,341 |
Non-current assets | 179,492 | 182,023 | |
Japan [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | 153,584 | 144,130 | 144,098 |
Non-current assets | 82,130 | 81,686 | |
US [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | 33,568 | 38,296 | 40,162 |
Non-current assets | 97,362 | 100,337 | |
Other [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | ¥ 67 | ¥ 111 | ¥ 81 |
Operating Segment - Summary o_3
Operating Segment - Summary of Information by Major Customer (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of major customers [line items] | |||
Revenue from contracts with customers | ¥ 187,219 | ¥ 182,537 | ¥ 184,341 |
Japan Business [member] | Mediceo Corporation [Member] | |||
Disclosure of major customers [line items] | |||
Revenue from contracts with customers | 29,028 | 24,513 | 23,857 |
Japan Business [member] | Alfresa Corporation [Member] | |||
Disclosure of major customers [line items] | |||
Revenue from contracts with customers | ¥ 26,261 | ¥ 24,029 | ¥ 20,485 |
Revenue - Schedule of Revenue F
Revenue - Schedule of Revenue For Therapeutic Category By Operating Segment (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | ¥ 187,219 | ¥ 182,537 | ¥ 184,341 |
Goods Or Services Transferred At Point In Time [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 187,219 | 182,537 | 184,341 |
Goods Or Services Transferred At Point In Time [member] | Cardiovascular Drugs [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 52,185 | 55,566 | 59,274 |
Goods Or Services Transferred At Point In Time [member] | Central Nervous System Drugs [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 34,899 | 31,656 | 29,518 |
Goods Or Services Transferred At Point In Time [member] | Gastro Intestinal Drugs [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 19,277 | 19,985 | 21,739 |
Goods Or Services Transferred At Point In Time [member] | Blood/Body Fluid Pharmaceutical Products [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 15,613 | 15,538 | 15,756 |
Goods Or Services Transferred At Point In Time [member] | Other Metabolic Drugs [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 12,033 | 9,863 | 10,448 |
Goods Or Services Transferred At Point In Time [member] | Vitamin Preparations [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 8,103 | 2,101 | 2,141 |
Goods Or Services Transferred At Point In Time [member] | Antiallergic Drugs [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 6,942 | 5,244 | 5,467 |
Goods Or Services Transferred At Point In Time [member] | Antibiotics Drugs [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 6,584 | 8,060 | 8,124 |
Goods Or Services Transferred At Point In Time [member] | Drugs For Urogenital Organs And The Anus [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 5,882 | 4,640 | 4,714 |
Goods Or Services Transferred At Point In Time [member] | Antineoplastic Agents [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 5,465 | 5,955 | 4,603 |
Goods Or Services Transferred At Point In Time [member] | Other [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 20,236 | 23,929 | 22,557 |
Japan Business [member] | Goods Or Services Transferred At Point In Time [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 153,584 | 144,130 | 144,098 |
Japan Business [member] | Goods Or Services Transferred At Point In Time [member] | Cardiovascular Drugs [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 41,470 | 40,749 | 41,842 |
Japan Business [member] | Goods Or Services Transferred At Point In Time [member] | Central Nervous System Drugs [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 17,468 | 14,267 | 12,241 |
Japan Business [member] | Goods Or Services Transferred At Point In Time [member] | Gastro Intestinal Drugs [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 19,118 | 19,733 | 21,659 |
Japan Business [member] | Goods Or Services Transferred At Point In Time [member] | Blood/Body Fluid Pharmaceutical Products [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 15,613 | 15,538 | 15,756 |
Japan Business [member] | Goods Or Services Transferred At Point In Time [member] | Other Metabolic Drugs [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 12,033 | 9,863 | 10,448 |
Japan Business [member] | Goods Or Services Transferred At Point In Time [member] | Vitamin Preparations [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 8,103 | 2,029 | 2,029 |
Japan Business [member] | Goods Or Services Transferred At Point In Time [member] | Antiallergic Drugs [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 6,942 | 5,244 | 5,467 |
Japan Business [member] | Goods Or Services Transferred At Point In Time [member] | Antibiotics Drugs [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 6,265 | 7,704 | 7,831 |
Japan Business [member] | Goods Or Services Transferred At Point In Time [member] | Drugs For Urogenital Organs And The Anus [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 4,327 | 3,128 | 2,982 |
Japan Business [member] | Goods Or Services Transferred At Point In Time [member] | Antineoplastic Agents [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 4,845 | 4,951 | 3,864 |
Japan Business [member] | Goods Or Services Transferred At Point In Time [member] | Other [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 17,400 | 20,924 | 19,979 |
U.S. Business [member] | Goods Or Services Transferred At Point In Time [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 33,635 | 38,407 | 40,243 |
U.S. Business [member] | Goods Or Services Transferred At Point In Time [member] | Cardiovascular Drugs [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 10,715 | 14,817 | 17,432 |
U.S. Business [member] | Goods Or Services Transferred At Point In Time [member] | Central Nervous System Drugs [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 17,431 | 17,389 | 17,277 |
U.S. Business [member] | Goods Or Services Transferred At Point In Time [member] | Gastro Intestinal Drugs [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 159 | 252 | 80 |
U.S. Business [member] | Goods Or Services Transferred At Point In Time [member] | Vitamin Preparations [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 72 | 112 | |
U.S. Business [member] | Goods Or Services Transferred At Point In Time [member] | Antibiotics Drugs [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 319 | 356 | 293 |
U.S. Business [member] | Goods Or Services Transferred At Point In Time [member] | Drugs For Urogenital Organs And The Anus [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 1,555 | 1,512 | 1,732 |
U.S. Business [member] | Goods Or Services Transferred At Point In Time [member] | Antineoplastic Agents [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 620 | 1,004 | 739 |
U.S. Business [member] | Goods Or Services Transferred At Point In Time [member] | Other [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | ¥ 2,836 | ¥ 3,005 | ¥ 2,578 |
Revenue - Schedule of Trade Rec
Revenue - Schedule of Trade Receivables And Contract Assets (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2021 | Mar. 31, 2020 |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | ||
Trade receivables | ¥ 67,745 | ¥ 57,601 |
Contract assets | ¥ 39 | ¥ 231 |
Expenses by Nature - Schedule o
Expenses by Nature - Schedule of Expenses By Nature (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Expenses by nature [abstract] | |||
Raw materials and supplies | ¥ 52,336 | ¥ 55,686 | ¥ 48,591 |
Employee benefits | 32,725 | 31,888 | 34,300 |
Depreciation and amortization | 18,291 | 17,954 | 16,280 |
Subcontractor costs | ¥ 28,547 | ¥ 26,870 | ¥ 20,618 |
Finance Income and Finance Ex_3
Finance Income and Finance Expenses - Schedule of Finance Income (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Finance Income And Expenses [Abstract] | |||
Financial assets measured at amortized cost | ¥ 6 | ¥ 157 | ¥ 196 |
Equity instruments measured at FVOCI held at the end of the year | 132 | 138 | 126 |
Foreign exchange gains | 97 | ||
Other | 2 | ||
Total | ¥ 138 | ¥ 295 | ¥ 421 |
Finance Income and Finance Ex_4
Finance Income and Finance Expenses - Schedule of Finance Expenses (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Finance Income And Expenses [Abstract] | |||
Bonds | ¥ 95 | ¥ 109 | ¥ 109 |
Borrowings | 274 | 294 | 322 |
Other | 133 | 155 | 98 |
Foreign exchange losses | 9 | ||
Other | 64 | 24 | 24 |
Total | ¥ 566 | ¥ 591 | ¥ 553 |
Income Tax Expense - Summary of
Income Tax Expense - Summary of Major Components of Income Tax Expense (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Major components of tax expense (income) [abstract] | |||
Current tax expense | ¥ 4,078 | ¥ 7,342 | ¥ 5,681 |
Deferred tax expense, Origination and reversal of temporary differences | 279 | (622) | 258 |
Derecognition of previously recognized deferred tax assets | 3,252 | ||
Subtotal | 3,531 | (622) | 258 |
Total | ¥ 7,609 | ¥ 6,720 | ¥ 5,939 |
Income Tax Expense - Summary _2
Income Tax Expense - Summary of Major Components of Income Tax Expense (Parenthetical) (Detail) ¥ in Millions | Mar. 31, 2021JPY (¥) |
Coronavirus Aid Relief and Economic Security Act [member] | |
Summary of major components of income tax expense [line items] | |
Unused tax losses for which no deferred tax asset recognised | ¥ 806 |
Income Tax Expense - Summary _3
Income Tax Expense - Summary of Income Tax Reconciliation In Percentage Terms (Detail) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Reconciliation of average effective tax rate and applicable tax rate [abstract] | |||
Tax using the Company's domestic tax rate | 30.60% | 30.60% | 30.60% |
Non-deductible expenses | 0.10% | 0.30% | 0.10% |
Tax credits | (9.40%) | (3.70%) | (3.90%) |
Changes in unrecognized differed tax assets (Refer to (3) Unrecognized Deferred Tax Assets) | 17.60% | (0.80%) | (0.60%) |
Effect of tax rates in foreign jurisdictions | 3.60% | (0.60%) | (0.50%) |
Other | (1.30%) | (0.40%) | (2.60%) |
Effective tax rate | 41.20% | 25.40% | 23.10% |
Income Tax Expense - Summary _4
Income Tax Expense - Summary of Composition of Deferred Tax Assets And Liabilities (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Deferred tax assets and liabilities [abstract] | |||
Deferred tax assets | ¥ 1,766 | ¥ 5,513 | |
Deferred tax liabilities | (58) | (61) | |
Net deferred tax assets | ¥ 1,708 | ¥ 5,452 | ¥ 4,577 |
Income Tax Expense - Summary _5
Income Tax Expense - Summary of Details Of Changes In Deferred Tax Assets And Liabilities (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance, Deferred tax assets | ¥ 5,513 | |
Beginning balance, Deferred tax liabilities | (61) | |
Beginning balance, Net deferred tax assets | 5,452 | ¥ 4,577 |
Recognized through profit or (loss) | (3,531) | 622 |
Recognized in other comprehensive income | (129) | 321 |
Other | (84) | (68) |
Ending balance, Deferred tax assets | 1,766 | 5,513 |
Ending balance, Deferred tax liabilities | (58) | (61) |
Ending balance, Net deferred tax assets | 1,708 | 5,452 |
Intangible Assets [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance, Deferred tax liabilities | (3,056) | (2,664) |
Recognized through profit or (loss) | (1,030) | (392) |
Ending balance, Deferred tax liabilities | (4,086) | (3,056) |
Property, plant and equipment [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance, Deferred tax liabilities | (652) | (597) |
Recognized through profit or (loss) | 67 | (55) |
Ending balance, Deferred tax liabilities | (585) | (652) |
Financial assets measured at FVOCI | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance, Deferred tax liabilities | (524) | (845) |
Recognized in other comprehensive income | (129) | 321 |
Ending balance, Deferred tax liabilities | (653) | (524) |
Other [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance, Deferred tax liabilities | (15) | (71) |
Recognized through profit or (loss) | 10 | 56 |
Ending balance, Deferred tax liabilities | (5) | (15) |
Subtotal [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance, Deferred tax liabilities | (4,247) | (4,177) |
Recognized through profit or (loss) | (953) | (391) |
Recognized in other comprehensive income | (129) | 321 |
Ending balance, Deferred tax liabilities | (5,329) | (4,247) |
Inventories [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance, Deferred tax assets | 1,923 | 1,337 |
Recognized through profit or (loss) | 193 | 586 |
Ending balance, Deferred tax assets | 2,116 | 1,923 |
Property, plant and equipment [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance, Deferred tax assets | 1,669 | 1,397 |
Recognized through profit or (loss) | (301) | 272 |
Ending balance, Deferred tax assets | 1,368 | 1,669 |
Refund Liabilities [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance, Deferred tax assets | 807 | 772 |
Recognized through profit or (loss) | 101 | 35 |
Ending balance, Deferred tax assets | 908 | 807 |
Accruals [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance, Deferred tax assets | 707 | 715 |
Recognized through profit or (loss) | 99 | (8) |
Ending balance, Deferred tax assets | 806 | 707 |
Trade and other payables [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance, Deferred tax assets | 180 | 190 |
Recognized through profit or (loss) | 376 | (10) |
Ending balance, Deferred tax assets | 556 | 180 |
Intangible assets [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance, Deferred tax assets | 186 | |
Beginning balance, Deferred tax liabilities | (186) | (113) |
Recognized through profit or (loss) | 172 | 73 |
Ending balance, Deferred tax assets | 358 | 186 |
Ending balance, Deferred tax liabilities | (186) | |
Income tax payables [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance, Deferred tax assets | 305 | 285 |
Recognized through profit or (loss) | 2 | 20 |
Ending balance, Deferred tax assets | 307 | 305 |
Investments in subsidiaries [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance, Deferred tax assets | 3,305 | 3,497 |
Recognized through profit or (loss) | (3,221) | (124) |
Other | (84) | (68) |
Ending balance, Deferred tax assets | 3,305 | |
Other [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance, Deferred tax assets | 617 | 448 |
Recognized through profit or (loss) | 1 | 169 |
Ending balance, Deferred tax assets | 618 | 617 |
Subtotal [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance, Deferred tax assets | 9,699 | 8,754 |
Recognized through profit or (loss) | (2,578) | 1,013 |
Other | (84) | (68) |
Ending balance, Deferred tax assets | ¥ 7,037 | ¥ 9,699 |
Income Tax Expense - Summary _6
Income Tax Expense - Summary of Unrecognized Deferred Tax Assets (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2021 | Mar. 31, 2020 |
Deferred tax assets and liabilities [abstract] | ||
Deductible temporary differences | ¥ 3,469 | ¥ 100 |
Income Tax Expense - Additional
Income Tax Expense - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred tax liabilities related to investments in subsidiaries | ¥ 2,670 | ¥ 4,013 | |
Applicable tax rate | 30.60% | 30.60% | 30.60% |
US Business Segment [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Decrease Through Derecognition Deferred Tax Assets | ¥ 3,460 | ||
US Subsidiaries [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Applicable tax rate | 22.00% |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Calculation of Basic And Diluted Earnings Per Share (Detail) - JPY (¥) ¥ / shares in Units, shares in Thousands, ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings per share [abstract] | |||
Profit attributable to owners of the Company | ¥ 12,340 | ¥ 19,279 | ¥ 19,376 |
Weighted average number of ordinary shares outstanding during the year | 43,789 | 43,781 | 43,775 |
Average number of ordinary shares during the year | 43,789 | 43,781 | 43,775 |
Dilutive effect | 44 | 37 | 29 |
Weighted average number of ordinary shares outstanding during the year after dilutive effect | 43,833 | 43,818 | 43,804 |
Profit per share (attributable to the owners of the Company) | |||
Basic earnings per share | ¥ 281.80 | ¥ 440.37 | ¥ 442.62 |
Diluted earnings per share | ¥ 281.51 | ¥ 440 | ¥ 442.32 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings per share [abstract] | |||
Antidilutive securities excluded from the computation of earnings per share. | 85 | 54 | 80 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) - Summary of Components of Other Comprehensive Income (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Other comprehensive income [abstract] | |||
Changes in financial assets measured at FVOCI during the year | ¥ 259 | ¥ (1,049) | ¥ (38) |
Related tax effects | (129) | 321 | 12 |
Net | 130 | (728) | (26) |
Exchange differences on translation of foreign operations | 1,763 | (2,438) | 4,900 |
Related tax effects | 0 | 0 | 0 |
Net | 1,763 | (2,438) | 4,900 |
Other comprehensive income (loss) for the year, net of tax | ¥ 1,893 | ¥ (3,166) | ¥ 4,874 |
Inventories - Summary of Compon
Inventories - Summary of Components of Inventories (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2021 | Mar. 31, 2020 |
Classes of current inventories [abstract] | ||
Finished goods | ¥ 40,738 | ¥ 37,641 |
Work-in-process | 15,128 | 16,232 |
Raw materials and supplies | 23,254 | 21,587 |
Total | ¥ 79,120 | ¥ 75,460 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Classes of current inventories [abstract] | |||
Inventory write-down | ¥ 5,456 | ¥ 4,650 | ¥ 3,945 |
Other Financial Assets - Schedu
Other Financial Assets - Schedule of Components of Other Financial Assets (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2021 | Mar. 31, 2020 |
Disclosure of financial assets [line items] | ||
Other financial assets | ¥ 6,552 | ¥ 6,055 |
Other financial assets (current) | 143 | 141 |
Other financial assets (non-current) | 6,409 | 5,914 |
Equity Securities [Member] | Equity securities measured at FVOCI [member] | ||
Disclosure of financial assets [line items] | ||
Other financial assets | 5,870 | 5,604 |
Redeemable preferred shares [Member] | Equity securities mandatorily measured at FVTPL [member] | ||
Disclosure of financial assets [line items] | ||
Other financial assets | 210 | |
Other [Member] | Financial assets measured at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Other financial assets | 205 | 189 |
Security Deposits [Member] | Financial assets measured at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Other financial assets | ¥ 267 | ¥ 262 |
Other Financial Assets - Fair V
Other Financial Assets - Fair Value of Major Shareholdings Within Equity Instrument Measured At Fair Value Through Other Comprehensive Income (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2021 | Mar. 31, 2020 |
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | ||
Equity instruments measured at fair value through other comprehensive income | ¥ 5,870 | ¥ 5,604 |
Sumitomo Corporation [Member] | ||
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | ||
Equity instruments measured at fair value through other comprehensive income | 1,353 | 1,063 |
Nippon Kayaku Co Ltd [Member] | ||
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | ||
Equity instruments measured at fair value through other comprehensive income | 935 | 871 |
Alfresa Holdings Corporation [Member] | ||
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | ||
Equity instruments measured at fair value through other comprehensive income | 478 | 451 |
MEDIPAL HOLDINGS CORPORATION [Member] | ||
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | ||
Equity instruments measured at fair value through other comprehensive income | 463 | 440 |
Medical Ikkou Co LTD [Member] | ||
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | ||
Equity instruments measured at fair value through other comprehensive income | 419 | 497 |
Yakult Honsha Co Ltd [Member] | ||
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | ||
Equity instruments measured at fair value through other comprehensive income | 417 | 475 |
Daito Pharmaceutical Co Ltd [Member] | ||
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | ||
Equity instruments measured at fair value through other comprehensive income | 316 | 260 |
Other [Member] | ||
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | ||
Equity instruments measured at fair value through other comprehensive income | ¥ 1,489 | ¥ 1,547 |
Other Financial Assets - Additi
Other Financial Assets - Additional Information (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2021 | Mar. 31, 2020 |
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | ||
Equity instruments measured at fair value through other comprehensive income | ¥ 5,870 | ¥ 5,604 |
Level 3 [Member] | ||
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | ||
Equity instruments measured at fair value through other comprehensive income | 1,289 | 1,358 |
Level 3 [Member] | Private Companies included in Other Category [member] | ||
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | ||
Equity instruments measured at fair value through other comprehensive income | ¥ 1,289 | ¥ 1,358 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Components of Property Plant and Equipment (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, Beginning of the Year | ¥ 81,013 | ¥ 81,233 |
Balance as of end of the year | 84,708 | 81,013 |
Building and structures [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, Beginning of the Year | 35,475 | 37,598 |
Balance as of end of the year | 35,226 | 35,475 |
Machinery and equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, Beginning of the Year | 23,117 | 26,119 |
Balance as of end of the year | 20,557 | 23,117 |
Tools, furniture and fixtures [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, Beginning of the Year | 3,212 | 3,602 |
Balance as of end of the year | 3,080 | 3,212 |
Land [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, Beginning of the Year | 11,418 | 11,344 |
Balance as of end of the year | 11,573 | 11,418 |
Construction in progress [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, Beginning of the Year | 2,978 | 1,721 |
Balance as of end of the year | 10,944 | 2,978 |
Lease assets [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, Beginning of the Year | 0 | 849 |
Balance as of end of the year | 0 | |
Right-of-use assets [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, Beginning of the Year | 4,813 | 0 |
Balance as of end of the year | 3,328 | 4,813 |
Acquisition cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, Beginning of the Year | 162,601 | 153,537 |
Acquisition | 14,276 | 6,040 |
Sale and disposition | (2,985) | (1,659) |
Exchange differences on translation of foreign operations | 574 | (252) |
Other | (54) | 435 |
Balance as of end of the year | 174,412 | 162,601 |
Acquisition cost [member] | Building and structures [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, Beginning of the Year | 62,184 | 61,777 |
Acquisition | 933 | 460 |
Sale and disposition | (761) | (163) |
Transfer from construction in progress | 635 | 37 |
Exchange differences on translation of foreign operations | 149 | (139) |
Other | 720 | 212 |
Balance as of end of the year | 63,860 | 62,184 |
Acquisition cost [member] | Machinery and equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, Beginning of the Year | 66,572 | 64,457 |
Acquisition | 2,558 | 1,895 |
Sale and disposition | (1,580) | (1,165) |
Transfer from construction in progress | 1,054 | 1,433 |
Exchange differences on translation of foreign operations | 93 | (48) |
Balance as of end of the year | 68,697 | 66,572 |
Acquisition cost [member] | Tools, furniture and fixtures [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, Beginning of the Year | 13,109 | 12,511 |
Acquisition | 1,000 | 743 |
Sale and disposition | (465) | (296) |
Transfer from construction in progress | 86 | 170 |
Exchange differences on translation of foreign operations | 19 | (19) |
Balance as of end of the year | 13,749 | 13,109 |
Acquisition cost [member] | Land [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, Beginning of the Year | 11,885 | 11,811 |
Acquisition | 134 | |
Transfer from construction in progress | 97 | |
Exchange differences on translation of foreign operations | 21 | (23) |
Balance as of end of the year | 12,040 | 11,885 |
Acquisition cost [member] | Construction in progress [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, Beginning of the Year | 2,978 | 1,721 |
Acquisition | 9,526 | 2,791 |
Sale and disposition | (6) | |
Transfer from construction in progress | (1,775) | (1,737) |
Exchange differences on translation of foreign operations | 288 | (20) |
Other | (67) | 223 |
Balance as of end of the year | 10,944 | 2,978 |
Acquisition cost [member] | Lease assets [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, Beginning of the Year | 1,260 | |
Acquisition cost [member] | Right-of-use assets [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, Beginning of the Year | 5,873 | |
Acquisition | 125 | 151 |
Sale and disposition | (173) | (35) |
Exchange differences on translation of foreign operations | 4 | (3) |
Other | (707) | |
Balance as of end of the year | 5,122 | 5,873 |
Acquisition cost [member] | Increase Decrease Due To Application Of I F R S 15 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Adjustment on initial application of IFRS16 | 4,500 | |
Acquisition cost [member] | Increase Decrease Due To Application Of I F R S 15 [Member] | Lease assets [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Adjustment on initial application of IFRS16 | (1,260) | |
Acquisition cost [member] | Increase Decrease Due To Application Of I F R S 15 [Member] | Right-of-use assets [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Adjustment on initial application of IFRS16 | 5,760 | |
Accumulated depreciation and impairment losses [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, Beginning of the Year | (81,588) | (72,304) |
Depreciation amount | (10,800) | (11,034) |
Sale and disposition | 2,609 | 1,431 |
Exchange differences on translation of foreign operations | (83) | 31 |
Other | 158 | |
Balance as of end of the year | (89,704) | (81,588) |
Accumulated depreciation and impairment losses [member] | Building and structures [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, Beginning of the Year | (26,709) | (24,179) |
Depreciation amount | (2,545) | (2,616) |
Sale and disposition | 642 | 78 |
Exchange differences on translation of foreign operations | (22) | 8 |
Balance as of end of the year | (28,634) | (26,709) |
Accumulated depreciation and impairment losses [member] | Machinery and equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, Beginning of the Year | (43,455) | (38,338) |
Depreciation amount | (6,161) | (6,170) |
Sale and disposition | 1,518 | 1,037 |
Exchange differences on translation of foreign operations | (42) | 16 |
Balance as of end of the year | (48,140) | (43,455) |
Accumulated depreciation and impairment losses [member] | Tools, furniture and fixtures [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, Beginning of the Year | (9,897) | (8,909) |
Depreciation amount | (1,205) | (1,284) |
Sale and disposition | 449 | 289 |
Exchange differences on translation of foreign operations | (16) | 7 |
Balance as of end of the year | (10,669) | (9,897) |
Accumulated depreciation and impairment losses [member] | Land [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, Beginning of the Year | (467) | (467) |
Balance as of end of the year | (467) | (467) |
Accumulated depreciation and impairment losses [member] | Lease assets [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, Beginning of the Year | (411) | |
Accumulated depreciation and impairment losses [member] | Right-of-use assets [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, Beginning of the Year | (1,060) | |
Depreciation amount | (889) | (964) |
Sale and disposition | 27 | |
Exchange differences on translation of foreign operations | (3) | |
Other | 158 | |
Balance as of end of the year | ¥ (1,794) | (1,060) |
Accumulated depreciation and impairment losses [member] | Increase Decrease Due To Application Of I F R S 15 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Adjustment on initial application of IFRS16 | 288 | |
Accumulated depreciation and impairment losses [member] | Increase Decrease Due To Application Of I F R S 15 [Member] | Lease assets [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Adjustment on initial application of IFRS16 | 411 | |
Accumulated depreciation and impairment losses [member] | Increase Decrease Due To Application Of I F R S 15 [Member] | Right-of-use assets [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Adjustment on initial application of IFRS16 | ¥ (123) |
Property, Plant and Equipment_2
Property, Plant and Equipment - Summary of Carrying Amount of Right of Use Assets included in Property Plant and Equipment (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2021 | Mar. 31, 2020 |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Carrying amount of ROU assets included in property plant and equipment | ¥ 3,328 | ¥ 4,813 |
Building and structures [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Carrying amount of ROU assets included in property plant and equipment | 2,722 | 3,936 |
Machinery and equipment [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Carrying amount of ROU assets included in property plant and equipment | 447 | 657 |
Tools, furniture and fixtures [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Carrying amount of ROU assets included in property plant and equipment | ¥ 159 | ¥ 220 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Components of Goodwill and Intangible Assets (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at April 1 | ¥ 61,669 | ¥ 55,134 |
Balance at March 31 | 54,472 | 61,669 |
Acquisition cost [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at April 1 | 90,057 | 75,409 |
Addition | 6,416 | 15,776 |
Disposition | (102) | (38) |
Transfer | (34) | |
Exchange differences | 1,151 | (1,054) |
Other | 33 | (2) |
Balance at March 31 | 97,555 | 90,057 |
Accumulated amortization and impairment losses [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at April 1 | (28,388) | (20,275) |
Amortization expenses | (7,491) | (6,920) |
Impairment | (6,502) | (1,467) |
Disposition | 92 | 35 |
Exchange differences | (794) | 237 |
Other | 2 | |
Balance at March 31 | (43,083) | (28,388) |
Goodwill [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at April 1 | 38,636 | 39,403 |
Balance at March 31 | 39,304 | 38,636 |
Goodwill [member] | Acquisition cost [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at April 1 | 38,636 | 39,403 |
Exchange differences | 668 | (767) |
Balance at March 31 | 39,304 | 38,636 |
Marketed Products [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at April 1 | 43,013 | 37,297 |
Balance at March 31 | 33,866 | 43,013 |
Marketed Products [member] | Acquisition cost [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at April 1 | 61,203 | 48,045 |
Addition | 744 | 12,363 |
Transfer | 3,178 | 1,534 |
Exchange differences | 904 | (739) |
Balance at March 31 | 66,029 | 61,203 |
Marketed Products [member] | Accumulated amortization and impairment losses [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at April 1 | (18,190) | (10,748) |
Amortization expenses | (6,870) | (6,209) |
Impairment | (6,021) | (802) |
Exchange differences | (718) | 146 |
Other | (364) | (577) |
Balance at March 31 | (32,163) | (18,190) |
Research and Development [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at April 1 | 10,450 | 9,127 |
Balance at March 31 | 12,389 | 10,450 |
Research and Development [member] | Acquisition cost [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at April 1 | 15,734 | 14,408 |
Addition | 5,179 | 3,033 |
Transfer | (3,178) | (1,534) |
Exchange differences | 118 | (173) |
Balance at March 31 | 17,853 | 15,734 |
Research and Development [member] | Accumulated amortization and impairment losses [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at April 1 | (5,284) | (5,281) |
Impairment | (481) | (665) |
Exchange differences | (63) | 85 |
Other | 364 | 577 |
Balance at March 31 | (5,464) | (5,284) |
Trademark [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at April 1 | 6,497 | 6,625 |
Balance at March 31 | 6,609 | 6,497 |
Trademark [member] | Acquisition cost [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at April 1 | 6,506 | 6,634 |
Addition | 1 | |
Exchange differences | 112 | (129) |
Balance at March 31 | 6,618 | 6,506 |
Trademark [member] | Accumulated amortization and impairment losses [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at April 1 | (9) | (9) |
Balance at March 31 | (9) | (9) |
Software [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at April 1 | 1,566 | 1,409 |
Balance at March 31 | 1,358 | 1,566 |
Software [member] | Acquisition cost [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at April 1 | 6,449 | 5,627 |
Addition | 339 | 310 |
Disposition | (92) | (38) |
Transfer | 70 | 563 |
Exchange differences | 13 | (13) |
Balance at March 31 | 6,779 | 6,449 |
Software [member] | Accumulated amortization and impairment losses [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at April 1 | (4,883) | (4,218) |
Amortization expenses | (617) | (706) |
Disposition | 92 | 35 |
Exchange differences | (13) | 6 |
Balance at March 31 | (5,421) | (4,883) |
Other [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at April 1 | 143 | 676 |
Balance at March 31 | 250 | 143 |
Other [member] | Acquisition cost [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at April 1 | 165 | 695 |
Addition | 154 | 69 |
Disposition | (10) | |
Transfer | (70) | (597) |
Exchange differences | 4 | |
Other | 33 | (2) |
Balance at March 31 | 276 | 165 |
Other [member] | Accumulated amortization and impairment losses [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at April 1 | (22) | (19) |
Amortization expenses | (4) | (5) |
Other | 2 | |
Balance at March 31 | ¥ (26) | ¥ (22) |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Summary of Information about Significant Intangible Assets (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Tosymra (Trademark) [member] | ||
Disclosure of intangible assets material to entity [line items] | ||
Significant intangible assets, carrying amount | ¥ 6,687 | |
Zembrace (Registered) [member] | ||
Disclosure of intangible assets material to entity [line items] | ||
Significant intangible assets, carrying amount | 4,988 | |
Marketed Products [member] | Zomig (Registered) [member] | ||
Disclosure of intangible assets material to entity [line items] | ||
Significant intangible assets, carrying amount | ¥ 1,314 | 1,842 |
Significant intangible assets, remaining amortization period | 3 years | |
Marketed Products [member] | Tosymra (Trademark) [member] | ||
Disclosure of intangible assets material to entity [line items] | ||
Significant intangible assets, carrying amount | ¥ 327 | 6,687 |
Significant intangible assets, remaining amortization period | 8 years | |
Marketed Products [member] | Zembrace (Registered) [member] | ||
Disclosure of intangible assets material to entity [line items] | ||
Significant intangible assets, carrying amount | ¥ 4,531 | ¥ 4,988 |
Significant intangible assets, remaining amortization period | 8 years |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Summary of Information about Impairment Losses Net Recognised by Segment (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment Losses Net | ¥ 6,502 | ¥ 1,467 | ¥ 3,339 |
Japan Business Segment [Member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment Losses Net | 839 | 1,043 | 467 |
US Business Segment [Member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment Losses Net | 5,663 | 424 | 2,872 |
Japan [member] | Japan Business Segment [Member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment Losses Net | 467 | ||
US [member] | US Business Segment [Member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment Losses Net | 2,872 | ||
Marketed Products [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment Losses Net | 6,021 | 802 | |
Marketed Products [member] | Japan [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment Losses Net | 400 | 802 | |
Marketed Products [member] | US [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment Losses Net | 5,621 | ||
Research and Development [member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment Losses Net | 481 | 665 | 3,339 |
Research and Development [member] | Japan Business Segment [Member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment Losses Net | 439 | 241 | 467 |
Research and Development [member] | US Business Segment [Member] | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment Losses Net | ¥ 42 | ¥ 424 | ¥ 2,872 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Write down of assets due decrease in expected volatility | ¥ 6,502 | ¥ 1,467 | ¥ 3,339 |
US Business Segment [Member] | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Write down of assets due decrease in expected volatility | ¥ 5,663 | 424 | 2,872 |
Goodwill and Trademark allocated to the CGU of U.S. Business segment [member] | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Terminal growth rate | 2.20% | ||
Estimated recoverable amount of the Cash Generating Unit exceeded the carrying amount | ¥ 33,038 | ||
Reasonably possible reduction in terminal growth rate that could individually cause the carrying amount to exceed the recoverable amount | (1.90%) | ||
Reasonably possible increase in pre tax weighted average cost of capital that could individually cause the carrying amount to exceed the recoverable amount | 2.40% | ||
Pre tax weighted average cost of capital | 9.60% | ||
Tosymra [Member] | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Discounted Forecast Cash Flow Models of Pre-tax WACC Rate | 11.50% | ||
Selling General And Administrative Expenses [Member] | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Impairment on Research and Development expenses | ¥ 481 | ||
Selling General And Administrative Expenses [Member] | Tosymra [Member] | US Business Segment [Member] | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Impairment of Marketed Products | 5,572 | ||
Increase (decrease) due to corrections of prior period errors [member] | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Increase Decrease in Intangible assets | ¥ 1,699 | 1,699 | |
Top of range [member] | Individual assets of Research and Development and Marketed Products [member] | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Pre tax weighted average cost of capital | 13.50% | ||
Bottom of range [member] | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Impairment on Research and Development expenses | ¥ 481 | ||
Bottom of range [member] | Individual assets of Research and Development and Marketed Products [member] | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Pre tax weighted average cost of capital | 5.90% | ||
Research and Development [member] | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Reversal of previously recorded impairment losses | 707 | ||
Write down of assets due to decrease in profitability | 1,372 | ||
Write down of assets due decrease in expected volatility | ¥ 481 | 665 | 3,339 |
Research and Development [member] | US Business Segment [Member] | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Write down of assets due decrease in expected volatility | 42 | 424 | ¥ 2,872 |
Marketed Products [member] | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Write down of assets due decrease in expected volatility | 6,021 | ¥ 802 | |
Marketed Products [member] | Tosymra [Member] | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Write down of assets due decrease in expected volatility | ¥ 449 |
Trade and Other Payables - Sche
Trade and Other Payables - Schedule of Components of Trade and Other Payables (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2021 | Mar. 31, 2020 |
Trade and other current payables [abstract] | ||
Trade accounts payable | ¥ 27,545 | ¥ 24,140 |
Other payable | 22,857 | 19,898 |
Total | ¥ 50,402 | ¥ 44,038 |
Bonds and Borrowings - Schedule
Bonds and Borrowings - Schedule of Components of Bonds and Borrowings (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2021 | Mar. 31, 2020 |
Borrowings [abstract] | ||
Current portion of long-term borrowings | ¥ 3,834 | ¥ 4,464 |
Current portion of bonds | 9,992 | |
Long-term borrowings, less current portion | 56,750 | 50,584 |
Bonds, less current portion | 9,991 | 9,983 |
Total | 70,575 | 75,023 |
Bonds and borrowings (current) | 3,834 | 14,456 |
Bonds and borrowings (non-current) | ¥ 66,741 | ¥ 60,567 |
Bonds and Borrowings - Schedu_2
Bonds and Borrowings - Schedule of Composition of the Bonds (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of detailed information about borrowings [line items] | ||
Bonds | ¥ 9,991 | ¥ 19,975 |
1st Unsecured Bonds issued June 2015 | ||
Disclosure of detailed information about borrowings [line items] | ||
Principal amount in contractual currency | 10,000 | |
Bonds | ¥ 9,991 | 9,983 |
Interest rate | 0.67% | |
Maturity | June 2022 | |
2nd Unsecured Bonds issued December 2015 | ||
Disclosure of detailed information about borrowings [line items] | ||
Principal amount in contractual currency | ¥ 10,000 | |
Bonds | ¥ 9,992 | |
Interest rate | 0.42% | |
Maturity | December 2020 |
Bonds and Borrowings - Schedu_3
Bonds and Borrowings - Schedule of Composition of the Borrowings (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of detailed information about borrowings [line items] | ||
Loans | ¥ 60,584 | ¥ 55,048 |
2010 fixed rate loans | ||
Disclosure of detailed information about borrowings [line items] | ||
Principal amount | 1,000 | |
Loans | ¥ 0 | 50 |
Interest rate | 1.55% | |
Maturity | June 2020 | |
2014 fixed rate loans | ||
Disclosure of detailed information about borrowings [line items] | ||
Principal amount | ¥ 5,500 | |
Loans | ¥ 0 | 582 |
Interest rate | 1.56% | |
Maturity | December 2020 | |
2015 variable rate loans | ||
Disclosure of detailed information about borrowings [line items] | ||
Principal amount | ¥ 5,000 | |
Loans | ¥ 716 | 1,430 |
Interest rate | 0.30% | |
Interest rate basis | 3-month TIBOR + 0.3% | |
Maturity | March 2022 | |
2017 fixed rate loans | ||
Disclosure of detailed information about borrowings [line items] | ||
Principal amount | ¥ 13,000 | |
Loans | ¥ 13,000 | 13,000 |
Interest rate | 0.67% | |
Maturity | December 2027 | |
2017 variable rate loans | ||
Disclosure of detailed information about borrowings [line items] | ||
Principal amount | ¥ 47,000 | |
Loans | ¥ 36,868 | ¥ 39,986 |
Interest rate | 0.35% | |
Interest rate basis | 3-month TIBOR + 0.35% | |
Maturity | December 2032 | |
2020 fixed rate loans | ||
Disclosure of detailed information about borrowings [line items] | ||
Principal amount | ¥ 10,000 | |
Loans | ¥ 10,000 | |
Interest rate | 0.35% | |
Maturity | December 2025 |
Bonds and Borrowings - Summary
Bonds and Borrowings - Summary of Changes in Liabilities Accompanying Changes in Cash Flows from Financing Activities (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Balance at the beginning of the year | ¥ 75,023 | ¥ 79,806 |
Cash flows from financing activities | (4,464) | (4,802) |
Other | 16 | 19 |
Balance at the end of the year | 70,575 | 75,023 |
Bonds | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Balance at the beginning of the year | 19,975 | 19,956 |
Cash flows from financing activities | (10,000) | |
Other | 16 | 19 |
Balance at the end of the year | 9,991 | 19,975 |
Long-term borrowings | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Balance at the beginning of the year | 55,048 | 59,850 |
Cash flows from financing activities | 5,536 | (4,802) |
Balance at the end of the year | ¥ 60,584 | ¥ 55,048 |
Provisions - Summary of Changes
Provisions - Summary of Changes in Provisions (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of other provisions [line items] | ||
Year ended March 31, 2020 | ¥ 205 | |
Increase | 987 | |
Usage | (92) | |
Year ended March 31, 2021 | 1,100 | |
Current | 388 | ¥ 92 |
Non-current | 712 | ¥ 113 |
Provisions for Drug Product Safety Assessment [Member] | ||
Disclosure of other provisions [line items] | ||
Year ended March 31, 2020 | 0 | |
Increase | 852 | |
Year ended March 31, 2021 | 852 | |
Current | 284 | |
Non-current | 568 | |
Other [Member] | ||
Disclosure of other provisions [line items] | ||
Year ended March 31, 2020 | 205 | |
Increase | 135 | |
Usage | (92) | |
Year ended March 31, 2021 | 248 | |
Current | 104 | |
Non-current | ¥ 144 |
Other Financial Liabilities - S
Other Financial Liabilities - Schedule of Components of Other Financial Liabilities (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of financial liabilities [line items] | |||
Other financial liabilities | ¥ 9,213 | ¥ 10,803 | |
Other financial liabilities (current) | [1] | 6,443 | 5,003 |
Other financial liabilities (non-current) | [1] | 2,770 | 5,800 |
Guarantee deposits [Member] | Financial liabilities measured at amortized cost [member] | |||
Disclosure of financial liabilities [line items] | |||
Other financial liabilities | 2,635 | 2,590 | |
Lease liabilities [Member] | Financial liabilities measured at amortized cost [member] | |||
Disclosure of financial liabilities [line items] | |||
Other financial liabilities | 4,050 | 5,024 | |
Liabilities associated with deferred fixed payments for separately acquired intangible assets [Member] | Financial liabilities measured at amortized cost [member] | |||
Disclosure of financial liabilities [line items] | |||
Other financial liabilities | ¥ 2,528 | ¥ 3,189 | |
[1] | Sawai has corrected an immaterial error of comparative information, see Note 2 (7). |
Leases - Summary of Lease Payme
Leases - Summary of Lease Payment Payable under Operating Lease Contracts Recognised as Expenses (Detail) ¥ in Millions | 12 Months Ended |
Mar. 31, 2019JPY (¥) | |
Lease Payment Payable Operating Lease Contracts Recognised as Expenses [Line Items] | |
Total lease payment recognized as expense | ¥ 158 |
Leases - Disclosure of Detailed
Leases - Disclosure of Detailed Information About Amounts Recognised in Profit or Loss (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Presentation of leases for lessee [abstract] | ||
Interest expense on lease liabilities | ¥ 61 | ¥ 97 |
The expense relating to short-term leases | 380 | 404 |
The expense relating to leases of low-value assets | 104 | 107 |
The expense relating to variable lease payments | ¥ 2 | ¥ 2 |
Leases - Disclosure of Deprecia
Leases - Disclosure of Depreciation Expenses for Right-of-use Assets by Class of Underlying Asset (Details) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Depreciation expenses for right-of-use assets | ¥ 889 | ¥ 964 |
Building and structures [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Depreciation expenses for right-of-use assets | 599 | 656 |
Machinery and equipment [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Depreciation expenses for right-of-use assets | 229 | 242 |
Tools, furniture and fixtures [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Depreciation expenses for right-of-use assets | ¥ 61 | ¥ 66 |
Leases - Summary of Maturity An
Leases - Summary of Maturity Analysis of Lease Liabilities (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2021 | Mar. 31, 2020 |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total | ¥ 4,217 | ¥ 5,251 |
Present value of total minimum lease payment | 4,050 | 5,024 |
Lease liabilities (current) | 1,279 | 1,656 |
Lease liabilities (non-current) | 2,771 | 3,368 |
Current portion [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total | 1,292 | 1,676 |
Over 1 year and within 5 years [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total | 2,070 | 2,321 |
Over 5 years [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total | ¥ 855 | ¥ 1,254 |
Leases - Additional Information
Leases - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Presentation of leases for lessee [abstract] | ||
Total cash outflow for leases | ¥ 2,294 | ¥ 2,318 |
Other Current Liabilities - Sum
Other Current Liabilities - Summary of Other Current Liabilities (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2021 | Mar. 31, 2020 |
Miscellaneous current liabilities [abstract] | ||
Accrued expenses | ¥ 3,183 | ¥ 3,178 |
Accrued bonuses | 3,159 | 2,886 |
Accrued consumption taxes | 1,645 | 94 |
Other | 502 | 661 |
Total | ¥ 8,489 | ¥ 6,819 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Classes of employee benefits expense [abstract] | |||
Defined contribution costs | ¥ 701 | ¥ 681 | ¥ 678 |
Equity and other Equity Items -
Equity and other Equity Items - Summary of Capital and Capital Surplus (Detail) - JPY (¥) shares in Thousands, ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of classes of share capital [line items] | |||
Number of shares authorized, Beginning Balance | 77,600 | 77,600 | 77,600 |
Number of shares authorized Increase | 0 | 0 | 0 |
Number of shares authorized Decrease | 0 | 0 | 0 |
Number of shares authorized, Ending Balance | 77,600 | 77,600 | 77,600 |
Number of shares issued, Beginning Balance | 44,082 | 44,076 | 44,071 |
Number of shares issued Increase | 9 | 6 | 5 |
Number of shares issued Decrease | 300 | 0 | 0 |
Number of shares issued, Ending Balance | 43,791 | 44,082 | 44,076 |
Beginning balance | ¥ 233,686 | ¥ 223,202 | ¥ 202,439 |
Ending balance | 240,750 | 233,686 | 223,202 |
Share Capital [Member] | |||
Disclosure of classes of share capital [line items] | |||
Beginning balance | 41,199 | 41,185 | 41,170 |
Increase | 20 | 14 | 15 |
Decrease | 0 | 0 | 0 |
Ending balance | 41,219 | 41,199 | 41,185 |
Capital Surplus [Member] | |||
Disclosure of classes of share capital [line items] | |||
Beginning balance | 42,863 | 42,849 | 42,573 |
Increase | 20 | 14 | 276 |
Decrease | 430 | 0 | 0 |
Ending balance | ¥ 42,453 | ¥ 42,863 | ¥ 42,849 |
Equity and other Equity Items_2
Equity and other Equity Items - Summary of Treasury Shares (Detail) - JPY (¥) shares in Thousands, ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of classes of share capital [abstract] | |||
Number of shares Beginning balance | 300 | 300 | 300 |
Number of shares Increase | 0 | 0 | 0 |
Number of shares Decrease | 300 | 0 | 0 |
Number of shares Ending balance | 0 | 300 | 300 |
Beginning Balance | ¥ 1,385 | ¥ 1,385 | ¥ 1,385 |
Increase | 0 | 0 | 0 |
Decrease | 1,385 | 0 | 0 |
Ending Balance | ¥ 0 | ¥ 1,385 | ¥ 1,385 |
Equity and other Equity Items_3
Equity and other Equity Items - Summary of Other Components of Equity (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of reserves within equity [line items] | |||
Beginning balance | ¥ 233,686 | ¥ 223,202 | ¥ 202,439 |
Other comprehensive income | 1,893 | (3,166) | 4,874 |
Total current comprehensive income | 12,744 | 16,611 | 24,601 |
Issuance of new shares | 1,098 | ||
Share-based payment | 56 | 70 | 29 |
Others | (9) | 726 | |
Total transactions with owners | (5,680) | (6,135) | (3,838) |
Ending balance | 240,750 | 233,686 | 223,202 |
Reserve for share-based payments [member] | |||
Disclosure of reserves within equity [line items] | |||
Beginning balance | 447 | 405 | 406 |
Other comprehensive income | 0 | 0 | 0 |
Total current comprehensive income | 0 | 0 | 0 |
Issuance of new shares | (40) | (28) | (30) |
Share-based payment | 56 | 70 | 29 |
Others | (26) | ||
Total transactions with owners | (10) | 42 | (1) |
Ending balance | 437 | 447 | 405 |
Changes in financial assets measured at FVTOCI [member] | |||
Disclosure of reserves within equity [line items] | |||
Beginning balance | 1,191 | 1,919 | 1,945 |
Other comprehensive income | 161 | (728) | (26) |
Total current comprehensive income | 161 | (728) | (26) |
Issuance of new shares | 0 | 0 | 0 |
Share-based payment | 0 | 0 | 0 |
Others | 0 | ||
Total transactions with owners | 0 | 0 | 0 |
Ending balance | 1,352 | 1,191 | 1,919 |
Exchange differences on translation of foreign operations [member] | |||
Disclosure of reserves within equity [line items] | |||
Beginning balance | (1,034) | 934 | (3,018) |
Other comprehensive income | 1,422 | (1,968) | 3,952 |
Total current comprehensive income | 1,422 | (1,968) | 3,952 |
Issuance of new shares | 0 | 0 | 0 |
Share-based payment | 0 | 0 | 0 |
Others | 0 | ||
Total transactions with owners | 0 | 0 | 0 |
Ending balance | 388 | (1,034) | 934 |
Other Component of Equity [Member] | |||
Disclosure of reserves within equity [line items] | |||
Beginning balance | 604 | 3,258 | (667) |
Other comprehensive income | 1,583 | (2,696) | 3,926 |
Total current comprehensive income | 1,583 | (2,696) | 3,926 |
Issuance of new shares | (40) | (28) | (30) |
Share-based payment | 56 | 70 | 29 |
Others | (26) | ||
Total transactions with owners | (10) | 42 | (1) |
Ending balance | ¥ 2,177 | ¥ 604 | ¥ 3,258 |
Dividends - Summary of Dividend
Dividends - Summary of Dividends And Dividends Per Share (Detail) - JPY (¥) ¥ / shares in Units, ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Annual general meeting of shareholders (June 26, 2018) [Member] | |||
Disclosure of detailed information about dividends [Line Items] | |||
Total amount of dividend | ¥ 2,845 | ||
Dividend amount per share | ¥ 65 | ||
Record date | Mar. 31, 2018 | ||
Effective date | Jun. 27, 2018 | ||
Board of Directors' meeting (November 14, 2018) [Member] | |||
Disclosure of detailed information about dividends [Line Items] | |||
Total amount of dividend | ¥ 2,846 | ||
Dividend amount per share | ¥ 65 | ||
Record date | Sep. 30, 2018 | ||
Effective date | Dec. 7, 2018 | ||
Annual general meeting of shareholders June 25, 2019 [Member] | |||
Disclosure of detailed information about dividends [Line Items] | |||
Total amount of dividend | ¥ 3,064 | ||
Dividend amount per share | ¥ 70 | ||
Record date | Mar. 31, 2019 | ||
Effective date | Jun. 26, 2019 | ||
Board of Directors' meeting (November 8, 2019) [Member] | |||
Disclosure of detailed information about dividends [Line Items] | |||
Total amount of dividend | ¥ 2,846 | ||
Dividend amount per share | ¥ 65 | ||
Record date | Sep. 30, 2019 | ||
Effective date | Dec. 9, 2019 | ||
Annual general meeting of shareholders (June 23, 2020) [Member] | |||
Disclosure of detailed information about dividends [Line Items] | |||
Total amount of dividend | ¥ 2,846 | ||
Dividend amount per share | ¥ 65 | ||
Record date | Mar. 31, 2020 | ||
Effective date | Jun. 24, 2020 | ||
Board of Directors' meeting (November 9, 2020) [Member] | |||
Disclosure of detailed information about dividends [Line Items] | |||
Total amount of dividend | ¥ 2,846 | ||
Dividend amount per share | ¥ 65 | ||
Record date | Sep. 30, 2020 | ||
Effective date | Dec. 4, 2020 | ||
Annual general meeting of shareholders (June 28, 2021) [Member] | |||
Disclosure of detailed information about dividends [Line Items] | |||
Total amount of dividend | ¥ 2,846 | ||
Dividend amount per share | ¥ 65 | ||
Record date | Mar. 31, 2021 | ||
Effective date | Jun. 29, 2021 |
Financial Instruments - Summary
Financial Instruments - Summary of Changes In Loss Allowance (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Balance at the beginning of the year | ¥ 19 | ¥ 55 |
Increased amount during the year | 6 | 3 |
Decreased amount during the year (utilization) | (22) | |
Decreased amount during the year (reversal) | (1) | (16) |
Other (Note) | 0 | (1) |
Balance at the end of the year | 24 | 19 |
Loss allowance measured at the amount equal to lifetime expected credit loss [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Balance at the beginning of the year | 19 | 55 |
Increased amount during the year | 6 | 3 |
Decreased amount during the year (utilization) | (22) | |
Decreased amount during the year (reversal) | (1) | (16) |
Other (Note) | 0 | (1) |
Balance at the end of the year | 24 | 19 |
Loss allowance measured at the amount equal to 12-month expected credit loss [member] | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Balance at the beginning of the year | 0 | |
Increased amount during the year | 0 | |
Balance at the end of the year | ¥ 0 | ¥ 0 |
Financial Instruments - Summa_2
Financial Instruments - Summary of Exposure To Credit Risk For Financial Assets (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2021 | Mar. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Financial assets | ¥ 6,080 | ¥ 58,704 |
Not Past Due [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets | 70,127 | 58,650 |
Within 30 days [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets | 1 | 53 |
Over 30 days within 60 days [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets | 1 | |
Over 60 days within 90 days | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets | 3 | |
Trade Receivables And Contract Assets [Member] | Lifetime expected credit losses [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets | 67,808 | 57,851 |
Trade Receivables And Contract Assets [Member] | Lifetime expected credit losses [member] | Not Past Due [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets | 67,805 | 57,848 |
Trade Receivables And Contract Assets [Member] | Lifetime expected credit losses [member] | Within 30 days [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets | 2 | |
Trade Receivables And Contract Assets [Member] | Lifetime expected credit losses [member] | Over 30 days within 60 days [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets | 1 | |
Trade Receivables And Contract Assets [Member] | Lifetime expected credit losses [member] | Over 60 days within 90 days | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets | 3 | |
Other Receivables [Member] | 12-month expected credit losses [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets | 2,323 | 853 |
Other Receivables [Member] | 12-month expected credit losses [member] | Not Past Due [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets | 2,322 | 802 |
Other Receivables [Member] | 12-month expected credit losses [member] | Within 30 days [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets | 1 | ¥ 51 |
Other Receivables [Member] | 12-month expected credit losses [member] | Over 60 days within 90 days | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets | ¥ 0 |
Financial Instruments - Summa_3
Financial Instruments - Summary of Details of Security And Other Credit Supplementation (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2021 | Mar. 31, 2020 |
Disclosure of detailed information about financial instruments [abstract] | ||
Guarantee deposits | ¥ 2,635 | ¥ 2,590 |
Financial Instruments - Summa_4
Financial Instruments - Summary of Maturity Analysis (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2021 | Mar. 31, 2020 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Bonds | ¥ 9,991 | ¥ 19,975 |
Borrowings | 60,584 | 55,048 |
Refund liabilities | 7,541 | 7,989 |
Guarantee deposits | 2,635 | 2,590 |
Liabilities associated with deferred fixed payments for separately acquired intangible assets | 2,528 | 3,189 |
Total | 83,279 | 88,791 |
Contractual cash flow, Bonds | 10,069 | 20,149 |
Contractual cash flow, Borrowings | 62,311 | 55,316 |
Contractual cash flow, Refund liabilities | 7,541 | 7,989 |
Contractual cash flow, Guarantee deposits | 2,635 | 2,590 |
Contractual cash flow, Liabilities associated with deferred fixed payments for separately acquired intangible assets | 2,546 | 3,265 |
Contractual cash flow, Total | 85,102 | 89,309 |
Within 1 year [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flow, Bonds | 59 | 10,080 |
Contractual cash flow, Borrowings | 4,110 | 4,489 |
Contractual cash flow, Refund liabilities | 7,541 | 7,989 |
Contractual cash flow, Guarantee deposits | 2,635 | 2,590 |
Contractual cash flow, Liabilities associated with deferred fixed payments for separately acquired intangible assets | 2,546 | 762 |
Contractual cash flow, Total | 16,891 | 25,910 |
Over 1 year within 2 years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flow, Bonds | 10,010 | 59 |
Contractual cash flow, Borrowings | 3,379 | 3,849 |
Contractual cash flow, Liabilities associated with deferred fixed payments for separately acquired intangible assets | 2,503 | |
Contractual cash flow, Total | 13,389 | 6,411 |
Over 2 years within 3 years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flow, Bonds | 10,010 | |
Contractual cash flow, Borrowings | 3,279 | 3,131 |
Contractual cash flow, Total | 3,279 | 13,141 |
Over 3 years within 4 years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flow, Borrowings | 3,439 | 3,047 |
Contractual cash flow, Total | 3,439 | 3,047 |
Over 4 years within 5 years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flow, Borrowings | 13,330 | 3,214 |
Contractual cash flow, Total | 13,330 | 3,214 |
Over 5 years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contractual cash flow, Borrowings | 34,774 | 37,586 |
Contractual cash flow, Total | ¥ 34,774 | ¥ 37,586 |
Financial Instruments - Summa_5
Financial Instruments - Summary of Maturity Analysis (Parenthetical) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2021 | Mar. 31, 2020 |
Disclosure of other provisions [line items] | ||
Refund liabilities | ¥ 7,541 | ¥ 7,989 |
Liabilities for right of return [member] | ||
Disclosure of other provisions [line items] | ||
Refund liabilities | 1,769 | 1,748 |
Liabilities for rebates [member] | ||
Disclosure of other provisions [line items] | ||
Refund liabilities | ¥ 5,772 | ¥ 6,241 |
Financial Instruments - Summa_6
Financial Instruments - Summary of committed credit lines details (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2021 | Mar. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Total committed credit lines | ¥ 16,000 | ¥ 16,000 |
Unused credit lines | ¥ 16,000 | ¥ 16,000 |
Financial Instruments - Summa_7
Financial Instruments - Summary of Quantitative Data of Sawai's Exchange Risk Exposure (Detail) - Exchange Risk [member] - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Financial assets | $ 846 | $ 846 |
Financial liabilities | (1,309) | (166) |
Net amount of exposure in the consolidated statement of financial position | $ (464) | $ 680 |
Financial Instruments - Summa_8
Financial Instruments - Summary of Sensitivity Analysis As A Result of Exchange Rate Fluctuations On The Financial Instruments (Detail) - Exchange Risk [member] - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Profit or loss, Strengthening of the U.S. dollars against Yen by 10% | ¥ 4 | ¥ (5) |
Profit or loss, Weakening of the U.S. dollars against Yen by 10% | (4) | 5 |
Equity, net of tax, Strengthening of the U.S. dollars against Yen by 10% | 4 | (5) |
Equity, net of tax, Weakening of the U.S. dollars against Yen by 10% | ¥ (4) | ¥ 5 |
Financial Instruments - Summa_9
Financial Instruments - Summary of Exposure of Borrowings To Fluctuation In Interest Rate Risk (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2021 | Mar. 31, 2020 |
Disclosure of financial instruments by type of interest rate [line items] | ||
Borrowings to which variable interest rate applies | ¥ 60,584 | ¥ 55,048 |
Interest rate risk [member] | Variable interest rate [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Borrowings to which variable interest rate applies | ¥ 37,584 | ¥ 41,416 |
Financial Instruments - Summ_10
Financial Instruments - Summary of Exposure of Borrowings To Fluctuation In Interest Rate Risk (Parenthetical) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest rate risk [member] | Floating interest rate [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Impact on net profit or (loss) when interest rate increases by 1% on the financial instruments issued as of the reporting date to which the variable interest rate applies | ¥ (376) | ¥ (414) |
Financial Instruments - Summ_11
Financial Instruments - Summary of Stock Price Sensitivity Analysis (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | ||
10% change in stock price | ¥ (318) | ¥ (295) |
Financial Instruments - Summ_12
Financial Instruments - Summary of Carrying Value And Fair Value of Financial Liabilities At Amortized Cost (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2021 | Mar. 31, 2020 |
Disclosure of fair value measurement of liabilities [line items] | ||
Bonds | ¥ 9,991 | ¥ 19,975 |
Borrowings | 60,584 | 55,048 |
Total | 70,575 | 75,023 |
At fair value [member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Bonds | 10,059 | 20,119 |
Borrowings | 60,883 | 54,252 |
Total | ¥ 70,942 | ¥ 74,371 |
Financial Instruments - Summ_13
Financial Instruments - Summary of Measurement of Financial Instruments At Fair Value By Hierarchy (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2021 | Mar. 31, 2020 |
Disclosure of fair value measurement of assets [line items] | ||
Debt instruments measured at FVTPL | ¥ 0 | |
Equity instruments measured at FVOCI | ¥ 5,870 | 5,604 |
Total | 6,080 | 58,704 |
Redeemable preferred shares [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Debt instruments measured at FVTPL | 210 | |
Level 1 [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Equity instruments measured at FVOCI | 4,581 | 4,246 |
Total | 4,581 | |
Level 2 [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Equity instruments measured at FVOCI | 0 | |
Level 3 [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Equity instruments measured at FVOCI | 1,289 | ¥ 1,358 |
Total | 1,499 | |
Level 3 [Member] | Redeemable preferred shares [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Debt instruments measured at FVTPL | ¥ 210 |
Financial Instruments - Summ_14
Financial Instruments - Summary of Reconciliation In Fair Value Measurement Assets (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of fair value measurement of assets [line items] | ||
Balance at the beginning of the year | ¥ 384,814 | |
Balance at the end of the year | 393,341 | ¥ 384,814 |
Level 3 [Member] | Private Companies included in Other Category [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Balance at the beginning of the year | 1,358 | 1,301 |
Gain recognized as changes in fair value of financial instruments measured at FVOCI | (72) | 68 |
Purchases | 210 | |
Other | 3 | (11) |
Balance at the end of the year | ¥ 1,499 | ¥ 1,358 |
Financial Instruments - Summ_15
Financial Instruments - Summary of Offsetting of Financial Instruments (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2021 | Mar. 31, 2020 |
Refund liabilities [member] | ||
Disclosure Of Offsetting Of Financial Instruments [Line Items] | ||
Gross Amounts | ¥ 12,920 | ¥ 13,600 |
Gross amounts set off | (5,379) | (5,611) |
Net amounts presented | 7,541 | 7,989 |
Trade and others receivables [member] | ||
Disclosure Of Offsetting Of Financial Instruments [Line Items] | ||
Gross Amounts | 75,486 | 64,296 |
Gross amounts set off | (5,379) | (5,611) |
Net amounts presented | ¥ 70,107 | ¥ 58,685 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - Top Four Companies - Japan Business Segment - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of major customers [line items] | ||
Revenue concentration percentage | 55.00% | 55.00% |
Trade receivables current | ¥ 31,832 | ¥ 22,566 |
Subsidiaries - Summary Of Detai
Subsidiaries - Summary Of Detailed Information About Interests In Subsidiaries Explanatory (Detail) | 12 Months Ended |
Mar. 31, 2021 | |
Medisa Shinyaku Inc [member] | |
Disclosure of subsidiaries [line items] | |
Names of Major Subsidiaries | Medisa Shinyaku Inc. |
Major Business Activities | Sale of prescription medications |
Location | Japan |
Ownership ratio of voting rights (%) | 100.00% |
Kaken Shoyaku Co Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Names of Major Subsidiaries | Kaken Shoyaku Co., Ltd. |
Major Business Activities | Manufacture and sale of prescription medications |
Location | Japan |
Ownership ratio of voting rights (%) | 100.00% |
Sawai America Holdings Inc [member] | |
Disclosure of subsidiaries [line items] | |
Names of Major Subsidiaries | Sawai America Holdings Inc. |
Major Business Activities | Holding Company |
Location | US |
Ownership ratio of voting rights (%) | 100.00% |
Sawai America LLC [member] | |
Disclosure of subsidiaries [line items] | |
Names of Major Subsidiaries | Sawai America LLC |
Major Business Activities | Management of subsidiaries through holding of interests in subsidiaries |
Location | US |
Ownership ratio of voting rights (%) | 80.00% |
Upsher Smith Laboratories LLC [member] | |
Disclosure of subsidiaries [line items] | |
Names of Major Subsidiaries | Upsher-Smith Laboratories, LLC |
Major Business Activities | Manufacture and sale of prescription medications |
Location | US |
Ownership ratio of voting rights (%) | 80.00% |
Related Parties - Summary of Co
Related Parties - Summary of Compensation For Key Management Personnel (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of transactions between related parties [abstract] | |||
Basic compensation and bonuses | ¥ 275 | ¥ 359 | ¥ 332 |
Share-based compensation | 24 | 40 | 16 |
Total | ¥ 299 | ¥ 399 | ¥ 348 |
Commitment and Contingency - Ad
Commitment and Contingency - Additional Information (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2021 | Mar. 31, 2020 |
Capital commitments [abstract] | ||
Contractual commitments for acquisition of property, plant and equipment | ¥ 9,105 | ¥ 574 |
Schedule II. Valuation and Qu_3
Schedule II. Valuation and Qualifying Accounts and Reserves (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Refund liabilities [member] | |||
Disclosure Of Detailed Information About Valuation and Qualifying Accounts and Reserves [Line Items] | |||
Balance at beginning of period | ¥ 7,989 | ¥ 8,071 | ¥ 6,678 |
Charged to costs and expenses | 0 | ||
Charged to revenue | 54,159 | 48,375 | 46,019 |
Deductions | (54,663) | (48,349) | (44,826) |
Translation adjustments | 56 | (108) | 200 |
Balance at ending of period | 7,541 | 7,989 | 8,071 |
Provision [Member] | |||
Disclosure Of Detailed Information About Valuation and Qualifying Accounts and Reserves [Line Items] | |||
Balance at beginning of period | 205 | ||
Charged to costs and expenses | 987 | 205 | |
Deductions | (92) | ||
Balance at ending of period | 1,100 | 205 | |
Inventory valuation allowance [member] | |||
Disclosure Of Detailed Information About Valuation and Qualifying Accounts and Reserves [Line Items] | |||
Balance at beginning of period | 4,863 | 3,946 | 4,806 |
Charged to costs and expenses | 5,456 | 4,650 | 3,945 |
Deductions | (4,629) | (3,712) | (4,825) |
Translation adjustments | 8 | (21) | 20 |
Balance at ending of period | ¥ 5,698 | ¥ 4,863 | ¥ 3,946 |