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Consolidated Financial Statements

Millons of yen, rounded down

  FY2019/3 FY2020/3 FY2021/3 FY2022/3
Assets
Current assets
Cash and deposits 12,992 42,909 34,572 35,005
Notes and accounts receivable - trade 39,736 29,718 30,449 －
Notes － － － 750
Accounts receivable - trade － － － 31,832
Securities 42,760 30,653 38,899 23,999
Inventories 11,309 11,205 14,694 18,001
Other 5,067 5,219 4,868 5,588
Allowance for doubtful accounts (8) (7) (5) (6)
Total current assets 111,858 119,699 123,477 115,171
Non-current assets
Property, plant and equipment 72,552 71,718 77,280 82,979
　Buildings and structures 28,883 27,983 29,964 34,020
　Machinery, equipment and vehicles 29,811 29,604 31,619 33,824
　Land 11,391 11,270 11,554 11,977
　Leased assets 228 446 403 458
　Construction in progress 1,224 1,508 2,489 1,255
　Other 1,012 905 1,248 1,442
Intangible assets 7,704 13,034 26,497 26,079
　Goodwill 5,688 10,953 24,518 23,550
　Other 2,016 2,080 1,978 2,529
Investments and other assets 10,634 10,515 11,723 12,368
　Investment securities 2,222 1,744 1,984 2,408
　Long-term loans receivable 240 180 － 100
　Deferred tax assets 4,421 4,826 5,352 5,178
　Retirement benefit asset 2,111 2,061 2,549 2,895
　Other 1,697 1,703 1,838 1,785
　Allowance for doubtful accounts (59) (1) (0) (1)
Total non-current assets 90,891 95,267 115,501 121,427
Total assets 202,750 214,967 238,978 236,598
Liabilities
Current liabilities
Notes and accounts payable - trade 8,987 9,889 10,160 11,849
Short-term loans payable 1,027 871 2,616 1,447
Current portion of long-term loans payable － － 298 －
Lease obligations 104 134 100 160
Accounts payable - other 5,878 7,301 7,649 8,229
Income taxes payable 5,478 4,657 5,153 4,242
Provision for bonuses 4,004 4,581 4,916 4,625
Provision for bonuses for directors (and other officers) 67 119 116 93
Provision for stocks payment 35 83 88 45
Other 8,459 8,995 11,484 11,565
Total current liabilities 34,043 36,633 42,585 42,259
Non-current liabilities
Long-term loans payable － － 3,166 －
Lease obligations 111 325 383 375
Deferred tax liabilities 622 367 793 906
Provisions for retirement benefits for directors (and other officers) 286 330 358 334
Provision for management board incentive plan trust 92 172 265 323
Retirement benefit liability 6,531 6,908 7,846 8,049
Asset retirement obligations 522 527 749 749
Other 49 70 89 142
Total non-current liabilities 8,216 8,701 13,652 10,881
Total liabilities 42,260 45,334 56,238 53,140
Net assets
Shareholders' equity
Capital stock 12,044 12,046 12,046 12,046
Capital surplus 4,786 4,779 4,777 3,232
Retained earnings 137,453 148,565 159,551 170,284
Treasury shares (981) (933) (1,045) (12,959)
Total shareholders' equity 153,303 164,457 175,329 172,604
Accumulated other comprehensive income
Valuation difference on available-for-sales securities 467 129 300 436
Foreign currency translation adjustment 278 (833) 562 3,232
Remeasurements of defined benefit plans (119) (511) (822) (893)
Total accumulated other comprehensive income 627 (1,215) 39 2,775
Share acquisition rights 3 － － －
Non-controlling interests 6,555 6,390 7,371 8,078
Total net assets 160,490 169,632 182,740 183,458
Total liabilities and net assets 202,750 214,967 238,978 236,598

Millons of yen, rounded down

  FY2019/3 FY2020/3 FY2021/3 FY2022/3
Net sales 248,655 255,938 266,745 245,419
Cost of sales 137,534 140,852 148,935 161,465
Gross profit 111,120 115,086 117,810 83,954
Selling, general and administrative expenses 84,156 87,422 90,746 58,818
Operating profit 26,964 27,664 27,064 25,135
Non-operating income
　Interest income 117 112 89 84
　Dividend income 44 42 42 39
　Share of profit of entities accounted for using equity method 1 11 39 19
　Foreign exchange gains 406 － 452 1,712
　Other 281 434 305 242
Total non-operating income 852 600 928 2,098
Non-operating expenses
　Interest expenses 71 90 100 99
　Share of loss of entities accounted for using equity method 10 2 143 －
　Foreign exchange losses － 445 － －
　Other 302 336 226 195
Total non-operating expenses 384 873 470 295
Ordinary profit 27,432 27,391 27,522 26,938
Extraordinary income
　Gain on sales of non-current assets 36 9 14 6
　Gain on sales of shares of subsidiaries and associates 2,378 － － －
　Gain on sales of investment securities 52 1 62 69
　Other 586 418 554 467
Total extraordinary income 3,053 429 631 542
Extraordinary losses
　Loss on sales of non-current assets 16 50 57 23
　Loss on retirement of non-current assets 263 221 559 407
　Impairment loss 839 1,639 － －
　Loss on sales of shares of subsidiaries and associates 24 － － －
　Other 871 165 1,155 302
Total extraordinary losses 2,016 2,077 1,771 733
Profit before income taxes 28,469 25,743 26,381 26,748
Income taxes - current 9,481 8,925 8,248 8,024
Income taxes - deferred (387) (394) 67 445
Profit 19,375 17,212 18,065 18,277
Loss attributable to non-controlling interests (53) (327) 383 224
Profit attributable to owners of parent 19,429 17,539 17,682 18,053

Millons of yen, rounded down

  FY2019/3 FY2020/3 FY2021/3 FY2022/3
Cash flows from operating activities        
Profit before income taxes 28,469 25,743 26,381 26,748
Depreciation 8,023 8,449 9,051 9,189
Impairment loss 839 1,639 － －
Amortization of goodwill 758 714 1,753 1,819
Increase (decrease) in allowance for doubtful accounts (14) (57) (13) 1
Increase (decrease) in provision for bonuses 285 578 315 (298)
Increase (decrease) in provision for directors’ bonuses (32) 56 (9) (26)
Increase (decrease) in provision for stocks payment 33 88 83 44
Increase (decrease) in provision for management board incentive plan trust － 87 92 58
Increase (decrease) in net defined benefit liability 49 (111) 30 (27)
Decrease (increase) in net defined benefit asset 5 2 (52) (229)
Increase (decrease) in provision for directors’ retirement benefits (146) 43 27 (23)
Interest and dividend income (162) (154) (131) (123)
Interest expenses 71 90 100 99
Foreign exchange losses (gains) (223) 319 (26) (2,013)
Subsidy income (106) (277) (150) (67)
Gain on liquidation of business (477) － － －
Gain on liquidation of business － － (174) －
Share of loss (profit) of entities accounted for using equity method 8 (9) 104 (19)
Loss (gain) on sales of investment securities (2,405) (1) (61) (60)
Loss (gain) on valuation of investment securities － 18 29 76
Loss (gain) on sales of non-current assets (20) 41 43 17
Loss on retirement of non-current assets 263 221 559 407
Decrease (increase) in notes and accounts receivable - trade 914 10,092 476 (1,221)
Decrease (increase) in inventories (504) 194 (2,026) (2,780)
Increase (decrease) in notes and accounts payable - trade (528) 907 (253) 1,002
Increase (decrease) in accounts receivable - other 106 (111) 53 54
Increase (decrease) in accounts payable - other 177 682 566 (114)
Increase (decrease) in accrued consumption taxes (402) (268) (114) 19
Other, net 1,779 614 1,899 (1,282)
Subtotal 36,760 49,592 38,555 31,248
Interest and dividend income received 149 154 131 120
Interest expenses paid (71) (88) (108) (106)
Income taxes paid (9,218) (9,209) (8,128) (8,934)
Net cash provided by (used in) operating activities 27,620 40,449 30,450 22,327
Cash flows from investing activities        
Purchase of property, plant and equipment (9,390) (8,392) (10,715) (12,491)
Proceeds from sales of property, plant and equipment 235 109 17 15
Purchase of intangible assets (555) (612) (626) (1,024)
Proceeds from sales of intangible assets 0 － － －
Purchase of securities (39,425) (55,035) (44,896) (26,998)
Proceeds from redemption of securities 23,826 57,335 36,182 43,900
Purchase of investment securities (45) (15) (187) (435)
Proceeds from sales of investment securities 93 5 121 218
Payments of loans receivable (980) (700) (700) (100)
Collection of loans receivable 2,378 800 1,460 180
Payments into time deposits (730) (2,253) (968) (925)
Proceeds from withdrawal of time deposits 355 2,336 1,318 922
Payments for guarantee deposits (89) (99) (84) (54)
Proceeds from collection of guarantee deposits 128 89 56 382
Purchase of shares of subsidiaries resulting in change in scope of consolidation (7,351) (7,305) (13,194) －
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 3,169 － － －
Proceeds from subsidy income 106 277 150 52
Other, net 387 (2) (3) 2
Net cash provided by (used in) investing activities (28,347) (13,462) (32,069) 3,643
Cash flows from financing activities        
Net increase (decrease) in short-term borrowings (509) (11) (490) (1,300)
Repayment of long-term borrowings － － (298) (3,465)
Purchase of treasury shares － (0) (191) (12,000)
Proceeds from exercise of share options 18 3 － －
Proceeds from share issuance to non-controlling　shareholders － 323 139 461
Cash dividends paid (5,621) (6,425) (6,693) (6,692)
Dividends paid to non-controlling interests (10) (11) (12) (222)
Repayments of lease obligations (104) (156) (87) (67)
Payments from changes in ownership interests in subsidiaries that do not result in change in scope of consolidation － － － (1,882)
Net cash provided by (used in) financing activities (6,227) (6,278) (7,635) (25,168)

Effect of exchange rate change on cash and

cash equivalents		 184 (390) 793 1,585
Net increase (decrease) in cash and cash equivalents (6,769) 20,317 (8,460) 2,388
Cash and cash equivalents at beginning of period 42,195 35,425 55,742 47,282
Cash and cash equivalents at end of period 35,425 55,742 47,282 49,670