Investor Relations

Financial Outline

Profitability

Fiscal Year 2015/3 2016/3 2017/3 2018/3 2019/3
Net Sales 54,043 47,004 40,714 34,093 31,166
Operation Income 1,425 -894 1,048 1,192 1,527
Operation Income to Net Sales 2.6 -1.9 2.6 3.5 4.9
Ordinary Income 1,566 -749 1,374 1,390 1,748
Ordinary Income to Net Sales 2.9 -1.6 3.4 4.1 5.6
Net Income 874 -1,676 502 785 1,263
Net Income to Net Sales 1.6 -3.6 1.2 2.3 4.1
Total Assets 53,528 47,139 46,828 43,564 43,729
Net Assets 32,138 29,291 29,151 29,251 29,898
ROE 2.7 -5.5 1.7 2.7 4.3
ROA 1.6 -3.3 1.1 1.7 2.9

Stability

Fiscal Year 2015/3 2016/3 2017/3 2018/3 2019/3
Current Ratio 175.5 177.4 181.1 201.2 213.9
Quick Ratio 123.4 112.8 129.7 152.3 163.4
Fixed Assets Ratio 54.7 59.9 58.1 58.1 58.0
Fixed Assets to Long-Term Capital Ratio 53.2 57.6 55.9 56.0 55.2
Interest-Bearing Dept 400 5,500 3,300 3,300 3,300
Dept Equity Ratio 1.2 18.8 11.3 11.3 11.0
On-Hand Liquidity Ratio 2.9 2.4 4.1 4.9 4.9
Interest Coverage Ratio 144.7 – 667.8 299.6 161.2
Cost of Dept 6 10 14 10 11
Equity Ratio 60.0 62.1 62.3 67.1 68.4

Productivity and Efficiency

Fiscal Year 2015/3 2016/3 2017/3 2018/3 2019/3
Total Assets Turnover 1.0 1.0 0.9 0.8 0.7
Tangible Fixed Assets Turnover 5.4 4.6 4.1 3.5 3.2
Inventory Turnover 5.8 5.0 5.2 5.5 5.8
Net Sales per Employee 87.9 73.3 60.9 53.7 49.1
Net Income per Employee 1.4 -2.6 0.8 1.2 2.0
Receivables Turnover 4.6 4.4 4.9 5.0 4.6
Payables Turnover 2.6 3.1 3.5 3.0 3.2

Cash Flows

Fiscal Year 2015/3 2016/3 2017/3 2018/3 2019/3
Cash Flows from Operating Activities 817 -4,710 9,339 2,921 1,875
Cash Flows from Investing Activities -2,142 -2,511 -1,696 -2,411 -2,364
Cash Flows from Financing Activities -1,441 4,065 -2,938 -739 -592
Cash and Cash Equivalents at End of Year 12,515 9,358 14,062 13,832 12,751
Free Cash Flow -1,325 -7,221 7,643 510 -489
Capital Expenditures 1,345 2,451 2,616 1,950 2,283
Depreciation and Amortization 1,569 1,579 1,914 2,085 1,742
Research and Development Cost 3,834 5,330 3,060 1,578 1,206
Ratio of R&D to Sales 7.1 11.3 7.5 4.6 3.9

Per Share Data and Others

Fiscal Year 2015/3 2016/3 2017/3 2018/3 2019/3
Net Income per Share 59.2 -113.4 34.0 53.1 85.5
Cash Dividends per Share 70 50 50 40 40
Dividend Payout Ratio 118.3 – 147.0 75.3 46.8
Cash Flows per Share 165.3 -6.6 163.5 194.1 203.3
Net Assets per Share 2,174.0 1,981.4 1,972.0 1,978.7 2,022.5
PER 29.3 -11.6 48.9 33.2 18.0
PBR 0.80 0.66 0.84 0.89 0.76

The cash dividend per share and the dividend payout ratio are stated on a non-consolidated basis.

Fiscal Year 2015/3 2016/3 2017/3 2018/3 2019/3
Breakeven Point 49,705 49,405 38,042 31,276 27,604
Marginal Income Ratio 32.9 37.3 39.2 42.3 42.9
Ratio of the Breakeven Point to Sales 92.0 105.1 93.4 91.7 88.6
Average Age of Employees 43.4 43.9 44.1 44.5 45.2
Labor Productivity 14 10 12 13 14
Labor’s Relative Share 60.5 79.1 62.7 63.2 57.4