Financial Data

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Consolidated Financial Statements

Consolidated Balance Sheets
Consolidated Statements of Income
Consolidated Statements of Cash Flows

Consolidated Balance Sheets

Millons of yen, rounded down

	FY2022/3	FY2023/3	FY2024/3	FY2025/3	FY2026/3
Assets
Current assets
Cash and deposits	35,005	32,167	44,295	56,755	51,548
Notes and accounts receivable - trade	－	－	－	－	－
Notes	750	715	922	888	885
Accounts receivable - trade	31,832	36,405	53,196	40,730	42,947
Securities	23,999	－	－	－	－
Inventories	18,001	23,352	22,208	25,136	29,092
Other	5,588	6,439	7,309	10,449	7,386
Allowance for doubtful accounts	(6)	(110)	(78)	(122)	(174)
Total current assets	115,171	98,970	127,853	133,837	131,684
Non-current assets
Property, plant and equipment	82,979	101,533	123,657	145,782	155,463
Buildings and structures	34,020	34,574	38,670	70,285	73,598
Machinery, equipment and vehicles	33,824	31,758	36,500	49,049	52,827
Land	11,977	16,330	16,265	16,226	21,331
Leased assets	458	480	534	596	1,174
Construction in progress	1,255	16,796	29,851	7,194	4,048
Other	1,442	1,593	1,835	2,429	2,482
Intangible assets	26,079	25,932	25,271	24,207	24,745
Goodwill	23,550	23,222	22,650	20,548	20,987
Other	2,529	2,709	2,620	3,659	3,757
Investments and other assets	12,368	12,658	15,376	15,340	15,715
Investment securities	2,408	2,597	3,183	3,263	2,987
Long-term loans receivable	100	100	－	－	－
Deferred tax assets	5,178	4,955	5,408	5,064	4,481
Retirement benefit asset	2,895	3,434	4,505	5,202	6,197
Other	1,785	1,572	2,280	1,810	2,061
Allowance for doubtful accounts	(1)	(1)	(1)	(1)	(12)
Total non-current assets	121,427	140,124	164,305	185,331	195,924
Total assets	236,598	239,095	292,158	319,169	327,609
Liabilities
Current liabilities
Notes and accounts payable - trade	11,849	13,553	12,535	13,358	14,739
Short-term loans payable	1,447	1,290	1,433	883	1,766
Current portion of long-term loans payable	－	－	－	－	10,000
Lease obligations	160	156	169	203	399
Accounts payable - other	8,229	8,441	11,736	13,588	10,945
Income taxes payable	4,242	3,702	6,743	3,829	4,154
Provision for bonuses	4,625	5,398	6,606	6,456	5,860
Provision for bonuses for directors (and other officers)	93	99	116	153	159
Provision for stocks payment	45	37	98	105	43
Other	11,565	12,983	15,035	17,126	16,871
Total current liabilities	42,259	45,663	54,475	55,705	64,941
Non-current liabilities
Long-term loans payable	－	－	25,000	35,000	25,000
Lease obligations	375	403	433	468	872
Deferred tax liabilities	906	1,287	1,854	1,903	2,417
Provisions for retirement benefits for directors (and other officers)	334	323	100	98	125
Provision for management board incentive plan trust	323	297	280	297	294
Retirement benefit liability	8,049	7,523	8,017	8,853	8,687
Asset retirement obligations	749	748	755	1,545	3,272
Other	142	163	155	229	224
Total non-current liabilities	10,881	10,745	36,596	48,396	40,894
Total liabilities	53,140	56,408	91,072	104,101	105,835
Net assets
Shareholders' equity
Capital stock	12,046	12,046	12,046	12,046	12,046
Capital surplus	3,232	3,242	2,514	2,514	2,514
Retained earnings	170,284	178,329	191,706	205,571	215,641
Treasury shares	(12,959)	(24,886)	(24,972)	(24,783)	(34,668)
Total shareholders' equity	172,604	168,730	181,293	195,348	195,533
Accumulated other comprehensive income
Valuation difference on available-for-sales securities	436	488	796	616	653
Foreign currency translation adjustment	3,232	5,225	9,751	9,372	13,601
Remeasurements of defined benefit plans	(893)	(332)	(89)	(158)	(814)
Total accumulated other comprehensive income	2,775	5,381	10,457	9,831	15,069
Non-controlling interests	8,078	8,574	9,335	9,887	11,171
Total net assets	183,458	182,686	201,086	215,067	221,774
Total liabilities and net assets	236,598	239,095	292,158	319,169	327,609

Consolidated Statements of Income

Millons of yen, rounded down

	FY2021/3	FY2022/3	FY2023/3	FY2024/3	FY2025/3	FY2026/3
Net sales	266,745	245,419	279,315	303,027	322,564	340,151
Cost of sales	148,935	161,465	189,115	201,068	212,686	229,346
Gross profit	117,810	83,954	90,200	101,959	109,878	110,804
Selling, general and administrative expenses	90,746	58,818	67,967	74,654	80,812	84,630
Operating profit	27,064	25,135	22,233	27,304	29,066	26,173
Non-operating income
Interest income	89	84	140	445	494	453
Dividend income	42	39	39	43	43	37
Share of profit of entities accounted for using equity method	39	19	25	17	16	23
Foreign exchange gains	452	1,712	1,125	3,509	－	387
Other	305	242	263	360	929	591
Total non-operating income	928	2,098	1,594	4,376	1,484	1,494
Non-operating expenses
Interest expenses	100	99	162	250	357	388
Share of loss of entities accounted for using equity method	143	－	1	－	－	－
Foreign exchange losses	－	－	－	－	203	－
Other	226	195	202	274	145	187
Total non-operating expenses	470	295	366	525	705	575
Ordinary profit	27,522	26,938	23,460	31,155	29,844	27,091
Extraordinary income
Gain on sales of non-current assets	14	6	14	7	2	12
Gain on sales of investment securities	62	69	54	75	150	302
Other	554	467	267	166	66	133
Total extraordinary income	631	542	336	250	219	448
Extraordinary losses
Loss on sales of non-current assets	57	23	35	236	4	19
Loss on retirement of non-current assets	559	407	491	372	437	715
Impairment loss	－	－	610	377	17	15
Other	1,155	302	18	215	207	599
Total extraordinary losses	1,771	733	1,155	1,201	666	1,350
Profit before income taxes	26,381	26,748	22,641	30,204	29,397	26,189
Income taxes - current	8,248	8,024	7,451	10,128	7,384	8,103
Income taxes - deferred	67	445	216	(389)	507	510
Profit	18,065	18,277	14,973	20,465	21,505	17,574
Profit(loss) attributable to non-controlling interests	383	224	201	579	631	245
Profit attributable to owners of parent	17,682	18,053	14,772	19,886	20,874	17,329

Consolidated Statements of Cash Flows

Millons of yen, rounded down

	FY2022/3	FY2023/3	FY2024/3	FY2025/3	FY2026/3
Cash flows from operating activities
Profit before income taxes	26,748	22,641	30,204	29,397	26,189
Depreciation	9,189	10,047	10,594	12,144	14,812
Impairment loss	－	610	377	17	15
Amortization of goodwill	1,819	1,979	2,081	2,152	2,281
Increase (decrease) in allowance for doubtful accounts	1	86	(43)	46	52
Increase (decrease) in provision for bonuses	(298)	763	1,185	(151)	(628)
Increase (decrease) in provision for directors’ bonuses	(26)	6	11	40	(5)
Increase (decrease) in provision for stocks payment	44	40	95	99	40
Increase (decrease) in provision for management board incentive plan trust	58	(3)	103	113	8
Increase (decrease) in net defined benefit liability	(27)	(20)	(17)	423	661
Decrease (increase) in net defined benefit asset	(229)	(256)	(260)	(355)	(434)
Increase (decrease) in provision for directors’ retirement benefits	(23)	(11)	(223)	(1)	26
Interest and dividend income	(123)	(179)	(488)	(538)	(491)
Interest expenses	99	162	250	357	388
Foreign exchange losses (gains)	(2,013)	(1,341)	(2,854)	925	(311)
Gain on liquidation of business	－	－	(88)	－	－
Subsidy income	(67)	(58)	(78)	(65)	(89)
Share of loss (profit) of entities accounted for using equity method	(19)	(23)	(17)	(16)	(23)
Loss (gain) on sales of investment securities	(60)	(54)	(75)	(150)	(302)
Loss (gain) on valuation of investment securities	76	－	71	125	209
Loss (gain) on sales of non-current assets	17	21	228	1	7
Loss on retirement of non-current assets	407	491	372	437	715
Decrease (increase) in notes and accounts receivable - trade	(1,221)	(3,987)	(15,768)	12,181	(659)
Decrease (increase) in inventories	(2,780)	(4,915)	1,824	(3,102)	(3,116)
Increase (decrease) in notes and accounts payable - trade	1,002	1,213	(1,571)	940	608
Increase (decrease) in accounts receivable - other	54	116	39	(3,216)	3,057
Increase (decrease) in accounts payable - other	(114)	(353)	3,401	(465)	(898)
Increase (decrease) in accrued consumption taxes	19	388	174	(504)	1,487
Other, net	(1,282)	110	1,300	(1,879)	127
Subtotal	31,248	27,473	30,830	48,959	43,727
Interest and dividend income received	120	189	485	537	490
Interest expenses paid	(106)	(169)	(210)	(335)	(406)
Income taxes paid	(8,934)	(8,182)	(6,754)	(10,060)	(8,215)
Net cash provided by (used in) operating activities	22,327	19,310	24,350	39,100	35,596
Cash flows from investing activities
Purchase of property, plant and equipment	(12,491)	(25,750)	(30,591)	(28,106)	(23,395)
Proceeds from sales of property, plant and equipment	15	12	140	10	22
Purchase of intangible assets	(1,024)	(966)	(595)	(1,407)	(1,577)
Purchase of securities	(26,998)	(13,998)	－	－	－
Proceeds from redemption of securities	43,900	23,000	－	－	－
Purchase of investment securities	(435)	(209)	(246)	(260)	(4)
Proceeds from sales of investment securities	218	248	226	353	597
Payments of loans receivable	(100)	－	－	－	－
Collection of loans receivable	180	78	－	100	－
Payments into time deposits	(925)	(5,243)	(11,996)	(22,221)	(20,491)
Proceeds from withdrawal of time deposits	922	3,713	7,676	22,991	20,697
Payments for guarantee deposits	(54)	(86)	(33)	(352)	(184)
Proceeds from collection of guarantee deposits	382	71	17	109	15
Purchase of shares of subsidiaries resulting in change in scope of consolidation	－	(1,555)	－	－	(2,191)
Proceeds from subsidy income	52	58	78	65	89
Other, net	2	296	18	113	211
Net cash provided by (used in) investing activities	3,643	(20,329)	(35,307)	(28,604)	(26,211)
Cash flows from financing activities
Net increase (decrease) in short-term loans payable	(1,300)	(235)	41	(504)	819
Proceeds from long-term loans payable			25,000	10,000	－
Repayment of long-term loans payable	(3,465)	(535)	－	－	－
Purchase of treasury shares	(12,000)	(11,999)	(240)	(0)	(9,999)
Repayments of lease obligations	(67)	(201)	(159)	(150)	(456)
Dividends paid to non-controlling interests	(6,692)	(6,723)	(6,504)	(7,005)	(7,257)
Proceeds from share issuance to non-controlling shareholders	461	445	279	286	－
Dividends paid to non-controlling interests	(222)	(754)	(96)	(85)	(108)
Payments from changes in ownership interests in subsidiaries that do not result in change in scope of consolidation	(1,882)	0	(1,470)	－	－
Net cash provided by (used in) financing activities	(25,168)	(20,004)	16,850	2,541	(17,002)
Effect of exchange rate change on cash and cash equivalents	1,585	1,645	1,533	263	2,180
Net increase (decrease) in cash and cash equivalents	2,388	(19,378)	7,426	13,300	(5,437)
Cash and cash equivalents at beginning of period	47,282	49,670	30,292	37,718	51,019
Cash and cash equivalents at end of period	49,670	30,292	37,718	51,019	45,581