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Consolidated Financial Statements

Millons of yen, rounded down

  FY2018/3 FY2019/3 FY2020/3
Assets
Current assets
Cash and deposits 23,559 12,992 42,909
Notes and accounts receivable - trade 41,749 39,736 29,718
Securities 22,998 42,760 30,653
Inventories 10,748 11,309 11,205
Other 5,323 5,067 5,219
Allowance for doubtful accounts (23) (8) (7)
Total current assets 104,356 111,858 119,699
Non-current assets
Property, plant and equipment 73,096 72,552 71,718
　Buildings and structures 27,423 28,883 27,983
　Machinery, equipment and vehicles 28,171 29,811 29,604
　Land 11,556 11,391 11,270
　Leased assets 355 228 446
　Construction in progress 4,523 1,224 1,508
Intangible assets 3,391 7,704 13,034
　Goodwill 922 5,688 10,953
　Other 2,468 2,016 2,080
Investments and other assets 11,190 10,634 10,515
　Investment securities 2,315 2,222 1,744
　Long-term loans receivable 61 240 180
　Deferred tax assets 4,469 4,421 4,826
　Retirement benefit asset 2,175 2,111 2,061
　Other 2,295 1,697 1,703
　Allowance for doubtful accounts (126) (59) (1)
Total non-current assets 87,678 90,891 95,267
Total assets 192,034 202,750 214,967
Liabilities
Current liabilities
Notes and accounts payable - trade 9,728 8,987 9,889
Short-term loans payable 1,129 1,027 871
Lease obligations 119 104 134
Accounts payable - other 6,273 5,878 7,301
Income taxes payable 5,252 5,478 4,657
Provision for bonuses 3,863 4,004 4,581
Provision for bonuses for directors (and other officers) 117 67 119
Provision for stocks payment 53 35 83
Other 8,867 8,459 8,995
Total current liabilities 35,405 34,043 36,633
Non-current liabilities
Lease obligations 214 111 325
Deferred tax liabilities 651 622 367
Provisions for retirement benefits for directors (and other officers) 491 286 330
Provision for management board incentive plan trust 90 92 172
Retirement benefit liability 7,674 6,531 6,908
Asset retirement obligations 659 522 527
Other 178 49 70
Total non-current liabilities 9,961 8,216 8,701
Total liabilities 45,366 42,260 45,334
Net assets
Shareholders' equity
Capital stock 12,033 12,044 12,046
Capital surplus 4,775 4,786 4,779
Retained earnings 123,647 137,453 148,565
Treasury shares (1,073) (981) (933)
Total shareholders' equity 139,383 153,303 164,457
Accumulated other comprehensive income
Valuation difference on available-for-sales securities 680 467 129
Foreign currency translation adjustment 57 278 (833)
Remeasurements of defined benefit plans (745) (119) (511)
Total accumulated other comprehensive income (7) 627 (1,215)
Share acquisition rights 7 3 －
Non-controlling interests 7,284 6,555 6,390
Total net assets 146,667 160,490 169,632
Total liabilities and net assets 192,034 202,750 214,967

Millons of yen, rounded down

  FY2018/3 FY2019/3 FY2020/3
Net sales 251,575 248,655 255,938
Cost of sales 142,671 137,534 140,852
Gross profit 108,904 111,120 115,086
Selling, general and administrative expenses 82,075 84,156 87,422
Operating profit 26,828 26,964 27,664
Non-operating income
　Interest income 84 117 112
　Dividend income 42 44 42
　Share of profit of entities accounted for using equity method － 1 11
　Foreign exchange gains － 406 －
　Real estate income 77 26 －
　Other 223 255 434
Total non-operating income 428 852 600
Non-operating expenses
　Interest expenses 78 71 90
　Share of loss of entities accounted for using equity method － 10 2
　Foreign exchange losses 562 － 445
　Other 437 302 336
Total non-operating expenses 1,078 384 873
Ordinary profit 26,179 27,432 27,391
Extraordinary income
　Gain on sales of non-current assets 6 36 9
　Gain on sales of shares of subsidiaries and associates － 2,378 －
　Gain on sales of investment securities － 52 1
　Other 186 586 418
Total extraordinary income 193 3,053 429
Extraordinary losses
　Loss on sales of non-current assets 2 16 50
　Loss on retirement of non-current assets 160 263 221
　Impairment loss 97 839 1,639
　Loss on sales of shares of subsidiaries and associates － 24 －
　Other 13 871 165
Total extraordinary losses 273 2,016 2,077
Profit before income taxes 26,099 28,469 25,743
Income taxes - current 8,756 9,481 8,925
Income taxes - deferred 270 (387) (394)
Profit 17,072 19,375 17,212
Loss attributable to non-controlling interests (258) (53) (327)
Profit attributable to owners of parent 17,330 19,429 17,539

Millons of yen, rounded down

  FY2018/3 FY2019/3 FY2020/3
Cash flows from operating activities      
Profit before income taxes 26,099 28,469 25,743
Depreciation 7,845 8,023 8,449
Impairment loss 97 839 1,639
Amortization of goodwill 600 758 714
Increase (decrease) in allowance for doubtful accounts 45 (14) (57)
Increase (decrease) in provision for bonuses (384) 285 578
Increase (decrease) in provision for directors’ bonuses (21) (32) 56
Increase (decrease) in provision for stocks payment 48 33 88
Increase (decrease) in provision for management board incentive plan trust － － 87
Increase (decrease) in net defined benefit liability 396 49 (111)
Decrease (increase) in net defined benefit asset 35 5 2
Increase (decrease) in provision for directors’ retirement benefits (16) (146) 43
Interest and dividend income (127) (162) (154)
Interest expenses 78 71 90
Foreign exchange losses (gains) 382 (223) 319
Gain on liquidation of business － (477) －
Subsidy income (185) (106) (277)
Share of loss (profit) of entities accounted for using equity method － 8 (9)
Loss (gain) on sales of investment securities － (2,405) (1)
Loss (gain) on valuation of investment securities － － 18
Loss (gain) on sales of non-current assets (4) (20) 41
Loss on retirement of non-current assets 160 263 221
Decrease (increase) in notes and accounts receivable - trade (13,256) 914 10,092
Decrease (increase) in inventories (938) (504) 194
Increase (decrease) in notes and accounts payable - trade 117 (528) 907
Increase (decrease) in accounts receivable - other (290) 106 (111)
Increase (decrease) in accounts payable - other 3 177 682
Increase (decrease) in accrued consumption taxes (727) (402) (268)
Other, net (1,144) 1,779 614
Subtotal 18,813 36,760 49,592
Interest and dividend income received 131 149 154
Interest expenses paid (73) (71) (88)
Income taxes paid (9,512) (9,218) (9,209)
Net cash provided by (used in) operating activities 9,358 27,620 40,449
Cash flows from investing activities      
Purchase of property, plant and equipment (10,583) (9,390) (8,392)
Proceeds from sales of property, plant and equipment 25 235 109
Purchase of intangible assets (425) (555) (612)
Proceeds from sales of intangible assets － 0 －
Purchase of securities (27,997) (39,425) (55,035)
Proceeds from redemption of securities 32,000 23,826 57,335
Purchase of investment securities (116) (45) (15)
Proceeds from sales of investment securities － 93 5
Payments of loans receivable (60) (980) (700)
Collection of loans receivable 60 2,378 800
Payments into time deposits (1,686) (730) (2,253)
Proceeds from withdrawal of time deposits 1,669 355 2,336
Payments for guarantee deposits (170) (89) (99)
Proceeds from collection of guarantee deposits 152 128 89
Purchase of shares of subsidiaries resulting in change in scope of consolidation － (7,351) (7,305)
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 185 106 277
Other, net 689 387 (2)
Net cash provided by (used in) investing activities (6,258) (28,347) (13,462)
Cash flows from financing activities      
Net increase (decrease) in short-term loans payable 82 (509) (11)
Purchase of treasury shares (599) － (0)
Proceeds from exercise of share options 21 18 3
Proceeds from share issuance to non-controlling　shareholders 816 － 323
Cash dividends paid (5,617) (5,621) (6,425)
Dividends paid to non-controlling interests (16) (10) (11)
Repayments of lease obligations (136) (104) (156)
Net cash provided by (used in) financing activities (5,450) (6,227) (6,278)

Effect of exchange rate change on cash and

cash equivalents		 (82) 184 (390)
Net increase (decrease) in cash and cash equivalents (2,432) (6,769) 20,317
Cash and cash equivalents at beginning of period 44,627 42,195 35,425
Cash and cash equivalents at end of period 42,195 35,425 55,742