Financial Data

Consolidated Financial Statements

Millons of yen, rounded down

  FY2017/3 FY2018/3 FY2019/3
Assets
Current assets
Cash and deposits 23,961 23,559 12,992
Notes and accounts receivable - trade 28,600 41,749 39,736
Securities 28,999 22,998 42,760
Inventories 9,895 10,748 11,309
Other 3,868 5,323 5,067
Allowance for doubtful accounts (33) (23) (8)
Total current assets 95,291 104,356 111,858
Non-current assets
Property, plant and equipment 70,835 73,096 72,552
 Buildings and structures 27,734 27,423 28,883
 Machinery, equipment and vehicles 28,144 28,171 29,811
 Land 11,626 11,556 11,391
 Leased assets 477 355 228
 Construction in progress 1,840 4,523 1,224
Intangible assets 4,483 3,391 7,704
 Goodwill 1,618 922 5,688
 Other 2,864 2,468 2,016
Investments and other assets 11,335 11,190 10,634
 Investment securities 2,100 2,315 2,222
 Long-term loans receivable 151 61 240
 Deferred tax assets 4,834 4,469 4,421
 Retirement benefit asset 1,984 2,175 2,111
 Other 2,335 2,295 1,697
 Allowance for doubtful accounts (70) (126) (59)
Total non-current assets 86,654 87,678 90,891
Total assets 181,945 192,034 202,750
Liabilities
Current liabilities
Notes and accounts payable - trade 9,668 9,728 8,987
Short-term loans payable 1,107 1,129 1,027
Lease obligations 139 119 104
Accounts payable - other 6,595 6,273 5,878
Income taxes payable 5,577 5,252 5,478
Provision for bonuses 4,247 3,863 4,004
Provision for bonuses for directors (and other officers) 139 117 67
Provision for stocks payment 50 53 35
Other 9,550 8,867 8,459
Total current liabilities 37,076 35,405 34,043
Non-current liabilities
Lease obligations 308 214 111
Deferred tax liabilities 487 651 622
Provisions for retirement benefits for directors (and other officers) 507 491 286
Provision for management board incentive plan trust 111 90 92
Retirement benefit liability 7,669 7,674 6,531
Asset retirement obligations 654 659 522
Other 72 178 49
Total non-current liabilities 9,812 9,961 8,216
Total liabilities 46,889 45,366 42,260
Net assets
Shareholders' equity
Capital stock 12,020 12,033 12,044
Capital surplus 4,781 4,775 4,786
Retained earnings 111,936 123,647 137,453
Treasury shares (539) (1,073) (981)
Total shareholders' equity 128,198 139,383 153,303
Accumulated other comprehensive income
Valuation difference on available-for-sales securities 604 680 467
Foreign currency translation adjustment 492 57 278
Remeasurements of defined benefit plans (1,173) (745) (119)
Total accumulated other comprehensive income (77) (7) 627
Share acquisition rights 11 7 3
Non-controlling interests 6,924 7,284 6,555
Total net assets 135,056 146,667 160,490
Total liabilities and net assets 181,945 192,034 202,750

Millons of yen, rounded down

  FY2017/3 FY2018/3 FY2019/3
Net sales 252,420 251,575 248,655
Cost of sales 140,847 142,671 137,534
Gross profit 111,573 108,904 111,120
Selling, general and administrative expenses 82,732 82,075 84,156
Operating profit 28,841 26,828 26,964
Non-operating income
 Interest income 81 84 117
 Dividend income 38 42 44
 Share of profit of entities accounted for using equity method 1
 Foreign exchange gains 406
 Real estate income 77 77 26
 Other 338 223 255
Total non-operating income 536 428 852
Non-operating expenses
 Interest expenses 36 78 71
 Share of loss of entities accounted for using equity method 10
 Foreign exchange losses 260 562
 Depreciation 163 41 92
 Business commencement expenses 131
 Loss on valuation of inventories 64
 Cost of real estate 37 35 18
 Other 122 360 127
Total non-operating expenses 751 1,078 384
Ordinary profit 28,625 26,179 27,432
Extraordinary income
 Gain on sales of non-current assets 11 6 36
 Gain on sales of shares of subsidiaries and associates 146 2,378
 Gain on sales of investment securities 52
 Gain on liquidation of business 477
 Subsidy income 107 185 106
 Other 13 0 2
Total extraordinary income 279 193 3,053
Extraordinary losses
 Loss on sales of non-current assets 4 2 16
 Loss on retirement of non-current assets 516 160 263
 Impairment loss 584 97 839
 Loss on sales of shares of subsidiaries and associates 24
 Retirement benefits for directors 350
 Loss on sale of businesses 222
 Loss on cancellation of outsourcing agreement 211
 Other 99 13 87
Total extraordinary losses 1,204 273 2,016
Profit before income taxes 27,700 26,099 28,469
Income taxes - current 9,161 8,756 9,481
Income taxes - deferred (406) 270 (387)
Profit 18,946 17,072 19,375
Loss attributable to non-controlling interests 341 (258) (53)
Profit attributable to owners of parent 18,605 17,330 19,429

Millons of yen, rounded down

  FY2017/3 FY2018/3 FY2019/3
Cash flows from operating activities      
Profit before income taxes 27,700 26,099 28,469
Depreciation 7,297 7,845 8,023
Impairment loss 584 97 839
Amortization of goodwill 619 600 758
Increase (decrease) in allowance for doubtful accounts 29 45 (14)
Increase (decrease) in provision for bonuses 51 (384) 285
Increase (decrease) in provision for directors’ bonuses 11 (21) (32)
Increase (decrease) in provision for stocks payment 44 48 33
Increase (decrease) in net defined benefit liability 319 396 49
Decrease (increase) in net defined benefit asset 40 35 5
Increase (decrease) in provision for directors’ retirement benefits (19) (16) (146)
Interest and dividend income (120) (127) (162)
Interest expenses 36 78 71
Foreign exchange losses (gains) 268 382 (223)
Gain on liquidation of business (477)
Subsidy income (107) (185) (106)
Share of loss (profit) of entities accounted for using equity method 8
Loss (gain) on sales of investment securities (2,405)
Loss (gain) on sales of non-current assets (7) (4) (20)
Loss on retirement of non-current assets 516 160 263
Decrease (increase) in notes and accounts receivable - trade (5,549) (13,256) 914
Decrease (increase) in inventories (642) (938) (504)
Increase (decrease) in notes and accounts payable - trade (734) 117 (528)
Increase (decrease) in accounts payable - other 1,957 3 177
Other, net 2,092 (2,161) 1,484
Subtotal 34,389 18,813 36,760
Interest and dividend income received 127 131 149
Interest expenses paid (34) (73) (71)
Income taxes paid (8,523) (9,512) (9,218)
Net cash provided by (used in) operating activities 25,958 9,358 27,620
Cash flows from investing activities      
Purchase of property, plant and equipment (9,372) (10,583) (9,390)
Proceeds from sales of property, plant and equipment 13 25 235
Purchase of intangible assets (391) (425) (555)
Proceeds from sales of intangible assets 0
Purchase of securities (13,998) (27,997) (39,425)
Proceeds from redemption of securities 10,000 32,000 23,826
Purchase of investment securities (16) (116) (45)
Proceeds from sales of investment securities 93
Payments of loans receivable (0) (60) (980)
Collection of loans receivable 32 60 2,378
Payments into time deposits (728) (1,686) (730)
Proceeds from withdrawal of time deposits 827 1,669 355
Payments for guarantee deposits (175) (170) (89)
Proceeds from collection of guarantee deposits 152 152 128
Purchase of shares of subsidiaries resulting in change in scope of consolidation (7,351)
Proceeds from purchase of shares of subsidiaries resulting in change in scope of consolidation 42
Payments for sales of shares of subsidiaries resulting in change in scope of consolidation (460)
Proceeds from sales of shares of subsidiaries resulting in change in scope of consolidation 62 3,169
Proceeds from subsidy income 107 185 106
Other, net 39 689 387
Net cash provided by (used in) investing activities (13,404) (6,258) (28,347)
Cash flows from financing activities      
Net increase (decrease) in short-term loans payable 1,070 82 (509)
Repayments of long-term loans payable (354)
Purchase of treasury shares (599)
Proceeds from exercise of share options 20 21 18
Proceeds from share issuance to non-controlling shareholders 816
Cash dividends paid (4,677) (5,617) (5,621)
Dividends paid to non-controlling interests (990) (16) (10)
Repayments of lease obligations (107) (136) (104)
Payments from changes in ownership interests in subsidiaries that do not result in change in scope of consolidation (9,673)
Net cash provided by (used in) financing activities (14,711) (5,450) (6,227)

Effect of exchange rate change on cash and

cash equivalents
(538) (82) 184
Net increase (decrease) in cash and cash equivalents (2,696) (2,432) (6,769)
Cash and cash equivalents at beginning of period 47,323 44,627 42,195
Cash and cash equivalents at end of period 44,627 42,195 35,425