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

	FY2020/3	FY2021/3	FY2022/3	FY2023/3	FY2024/3
Assets
Current assets
Cash and deposits	42,909	34,572	35,005	32,167	44,295
Notes and accounts receivable - trade	29,718	30,449	－	－	－
Notes	－	－	750	715	922
Accounts receivable - trade	－	－	31,832	36,405	53,196
Securities	30,653	38,899	23,999	－	－
Inventories	11,205	14,694	18,001	23,352	22,208
Other	5,219	4,868	5,588	6,439	7,309
Allowance for doubtful accounts	(7)	(5)	(6)	(110)	(78)
Total current assets	119,699	123,477	115,171	98,970	127,853
Non-current assets
Property, plant and equipment	71,718	77,280	82,979	101,533	123,657
Buildings and structures	27,983	29,964	34,020	34,574	38,670
Machinery, equipment and vehicles	29,604	31,619	33,824	31,758	36,500
Land	11,270	11,554	11,977	16,330	16,265
Leased assets	446	403	458	480	534
Construction in progress	1,508	2,489	1,255	16,796	29,851
Other	905	1,248	1,442	1,593	1,835
Intangible assets	13,034	26,497	26,079	25,932	25,271
Goodwill	10,953	24,518	23,550	23,222	22,650
Other	2,080	1,978	2,529	2,709	2,620
Investments and other assets	10,515	11,723	12,368	12,658	15,376
Investment securities	1,744	1,984	2,408	2,597	3,183
Long-term loans receivable	180	－	100	100	－
Deferred tax assets	4,826	5,352	5,178	4,955	5,408
Retirement benefit asset	2,061	2,549	2,895	3,434	4,505
Other	1,703	1,838	1,785	1,572	2,280
Allowance for doubtful accounts	(1)	(0)	(1)	(1)	(1)
Total non-current assets	95,267	115,501	121,427	140,124	164,305
Total assets	214,967	238,978	236,598	239,095	292,158
Liabilities
Current liabilities
Notes and accounts payable - trade	9,889	10,160	11,849	13,553	12,535
Short-term loans payable	871	2,616	1,447	1,290	1,433
Current portion of long-term loans payable	－	298	－	－	－
Lease obligations	134	100	160	156	169
Accounts payable - other	7,301	7,649	8,229	8,441	11,736
Income taxes payable	4,657	5,153	4,242	3,702	6,743
Provision for bonuses	4,581	4,916	4,625	5,398	6,606
Provision for bonuses for directors (and other officers)	119	116	93	99	116
Provision for stocks payment	83	88	45	37	98
Other	8,995	11,484	11,565	12,983	15,035
Total current liabilities	36,633	42,585	42,259	45,663	54,475
Non-current liabilities
Long-term loans payable	－	3,166	－	－	25,000
Lease obligations	325	383	375	403	433
Deferred tax liabilities	367	793	906	1,287	1,854
Provisions for retirement benefits for directors (and other officers)	330	358	334	323	100
Provision for management board incentive plan trust	172	265	323	297	280
Retirement benefit liability	6,908	7,846	8,049	7,523	8,017
Asset retirement obligations	527	749	749	748	755
Other	70	89	142	163	155
Total non-current liabilities	8,701	13,652	10,881	10,745	36,596
Total liabilities	45,334	56,238	53,140	56,408	91,072
Net assets
Shareholders' equity
Capital stock	12,046	12,046	12,046	12,046	12,046
Capital surplus	4,779	4,777	3,232	3,242	2,514
Retained earnings	148,565	159,551	170,284	178,329	191,706
Treasury shares	(933)	(1,045)	(12,959)	(24,886)	(24,972)
Total shareholders' equity	164,457	175,329	172,604	168,730	181,293
Accumulated other comprehensive income
Valuation difference on available-for-sales securities	129	300	436	488	796
Foreign currency translation adjustment	(833)	562	3,232	5,225	9,751
Remeasurements of defined benefit plans	(511)	(822)	(893)	(332)	(89)
Total accumulated other comprehensive income	(1,215)	39	2,775	5,381	10,457
Share acquisition rights	－	－	－	－	－
Non-controlling interests	6,390	7,371	8,078	8,574	9,335
Total net assets	169,632	182,740	183,458	182,686	201,086
Total liabilities and net assets	214,967	238,978	236,598	239,095	292,158

Consolidated Statements of Income

Millons of yen, rounded down

	FY2020/3	FY2021/3	FY2022/3	FY2023/3	FY2024/3
Net sales	255,938	266,745	245,419	279,315	303,027
Cost of sales	140,852	148,935	161,465	189,115	201,068
Gross profit	115,086	117,810	83,954	90,200	101,959
Selling, general and administrative expenses	87,422	90,746	58,818	67,967	74,654
Operating profit	27,664	27,064	25,135	22,233	27,304
Non-operating income
Interest income	112	89	84	140	445
Dividend income	42	42	39	39	43
Share of profit of entities accounted for using equity method	11	39	19	25	17
Foreign exchange gains	－	452	1,712	1,125	3,509
Other	434	305	242	263	360
Total non-operating income	600	928	2,098	1,594	4,376
Non-operating expenses
Interest expenses	90	100	99	162	250
Share of loss of entities accounted for using equity method	2	143	－	1	－
Foreign exchange losses	445	－	－	－	－
Other	336	226	195	202	274
Total non-operating expenses	873	470	295	366	525
Ordinary profit	27,391	27,522	26,938	23,460	31,155
Extraordinary income
Gain on sales of non-current assets	9	14	6	14	7
Gain on sales of shares of subsidiaries and associates	－	－	－	－	－
Gain on sales of investment securities	1	62	69	54	75
Other	418	554	467	267	166
Total extraordinary income	429	631	542	336	250
Extraordinary losses
Loss on sales of non-current assets	50	57	23	35	236
Loss on retirement of non-current assets	221	559	407	491	372
Impairment loss	1,639	－	－	610	377
Loss on sales of shares of subsidiaries and associates	－	－	－	－	－
Other	165	1,155	302	18	215
Total extraordinary losses	2,077	1,771	733	1,155	1,201
Profit before income taxes	25,743	26,381	26,748	22,641	30,204
Income taxes - current	8,925	8,248	8,024	7,451	10,128
Income taxes - deferred	(394)	67	445	216	(389)
Profit	17,212	18,065	18,277	14,973	20,465
Loss attributable to non-controlling interests	(327)	383	224	201	579
Profit attributable to owners of parent	17,539	17,682	18,053	14,772	19,886

Consolidated Statements of Cash Flows

Millons of yen, rounded down

	FY2020/3	FY2021/3	FY2022/3	FY2023/3	FY2024/3
Cash flows from operating activities
Profit before income taxes	25,743	26,381	26,748	22,641	30,204
Depreciation	8,449	9,051	9,189	10,047	10,594
Impairment loss	1,639	－	－	610	377
Amortization of goodwill	714	1,753	1,819	1,979	2,081
Increase (decrease) in allowance for doubtful accounts	(57)	(13)	1	86	(43)
Increase (decrease) in provision for bonuses	578	315	(298)	763	1,185
Increase (decrease) in provision for directors’ bonuses	56	(9)	(26)	6	11
Increase (decrease) in provision for stocks payment	88	83	44	40	95
Increase (decrease) in provision for management board incentive plan trust	87	92	58	(3)	103
Increase (decrease) in net defined benefit liability	(111)	30	(27)	(20)	(17)
Decrease (increase) in net defined benefit asset	2	(52)	(229)	(256)	(260)
Increase (decrease) in provision for directors’ retirement benefits	43	27	(23)	(11)	(223)
Interest and dividend income	(154)	(131)	(123)	(179)	(488)
Interest expenses	90	100	99	162	250
Foreign exchange losses (gains)	319	(26)	(2,013)	(1,341)	(2,854)
Subsidy income	(277)	(150)	(67)	(58)	(78)
Gain on liquidation of business	－	－	－	－	－
Gain on liquidation of business	－	(174)	－	－	(88)
Share of loss (profit) of entities accounted for using equity method	(9)	104	(19)	(23)	(17)
Loss (gain) on sales of investment securities	(1)	(61)	(60)	(54)	(75)
Loss (gain) on valuation of investment securities	18	29	76	－	－
Loss (gain) on sales of non-current assets	41	43	17	21	228
Loss on retirement of non-current assets	221	559	407	491	372
Decrease (increase) in notes and accounts receivable - trade	10,092	476	(1,221)	(3,987)	(15,768)
Decrease (increase) in inventories	194	(2,026)	(2,780)	(4,915)	1,824
Increase (decrease) in notes and accounts payable - trade	907	(253)	1,002	1,213	(1,571)
Increase (decrease) in accounts receivable - other	(111)	53	54	116	39
Increase (decrease) in accounts payable - other	682	566	(114)	(353)	3,401
Increase (decrease) in accrued consumption taxes	(268)	(114)	19	388	174
Other, net	614	1,899	(1,282)	110	1,372
Subtotal	49,592	38,555	31,248	27,473	30,830
Interest and dividend income received	154	131	120	189	485
Interest expenses paid	(88)	(108)	(106)	(169)	(210)
Income taxes paid	(9,209)	(8,128)	(8,934)	(8,182)	(6,754)
Net cash provided by (used in) operating activities	40,449	30,450	22,327	19,310	24,350
Cash flows from investing activities
Purchase of property, plant and equipment	(8,392)	(10,715)	(12,491)	(25,750)	(30,591)
Proceeds from sales of property, plant and equipment	109	17	15	12	140
Purchase of intangible assets	(612)	(626)	(1,024)	(966)	(595)
Proceeds from sales of intangible assets	－	－	－	－	－
Purchase of securities	(55,035)	(44,896)	(26,998)	(13,998)	－
Proceeds from redemption of securities	57,335	36,182	43,900	23,000	－
Purchase of investment securities	(15)	(187)	(435)	(209)	(246)
Proceeds from sales of investment securities	5	121	218	248	226
Payments of loans receivable	(700)	(700)	(100)	－	－
Collection of loans receivable	800	1,460	180	78	－
Payments into time deposits	(2,253)	(968)	(925)	(5,243)	(11,996)
Proceeds from withdrawal of time deposits	2,336	1,318	922	3,713	7,676
Payments for guarantee deposits	(99)	(84)	(54)	(86)	(33)
Proceeds from collection of guarantee deposits	89	56	382	71	17
Purchase of shares of subsidiaries resulting in change in scope of consolidation	(7,305)	(13,194)	－	(1,555)	－
Payments for sales of shares of subsidiaries resulting in change in scope of consolidation	－	－	－	－	－
Proceeds from sales of shares of subsidiaries　resulting in change in scope of consolidation	－	－	－	－	－
Proceeds from subsidy income	277	150	52	58	78
Other, net	(2)	(3)	2	296	18
Net cash provided by (used in) investing activities	(13,462)	(32,069)	3,643	(20,329)	(35,307)
Cash flows from financing activities
Net increase (decrease) in short-term borrowings	(11)	(490)	(1,300)	(235)	41
Proceeds from long-term loans payable					25,000
Repayment of long-term borrowings	－	(298)	(3,465)	(535)	－
Purchase of treasury shares	(0)	(191)	(12,000)	(11,999)	(240)
Proceeds from exercise of share options	3	－	－	－	－
Proceeds from share issuance to non-controlling　shareholders	323	139	461	(201)	(159)
Cash dividends paid	(6,425)	(6,693)	(6,692)	(6,723)	(6,504)
Dividends paid to non-controlling interests	(11)	(12)	(222)	445	279
Repayments of lease obligations	(156)	(87)	(67)	(754)	(96)
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	(6,278)	(7,635)	(25,168)	(20,004)	16,850
Effect of exchange rate change on cash and cash equivalents	(390)	793	1,585	1,645	1,533
Net increase (decrease) in cash and cash equivalents	20,317	(8,460)	2,388	(19,378)	7,426
Cash and cash equivalents at beginning of period	35,425	55,742	47,282	49,670	30,292
Cash and cash equivalents at end of period	55,742	47,282	49,670	30,292	37,718