Investor Relations

Financial Outline

Profitability

Fiscal Year 2017/3 2018/3 2019/3 2020/3 2021/3
Net Sales 40,714 34,093 31,166 32,922 23,228
Operation Income 1,048 1,192 1,527 1,431 490
Operation Income to Net Sales 2.6 3.5 4.9 4.3 2.1
Ordinary Income 1,374 1,390 1,748 1,674 986
Ordinary Income to Net Sales 3.4 4.1 5.6 5.1 4.2
Net Income 502 785 1,263 1,061 612
Net Income to Net Sales 1.2 2.3 4.1 3.2 2.6
Total Assets 46,828 43,564 43,729 42,702 41,084
Net Assets 29,151 29,251 29,898 30,406 30,662
ROE 1.7 2.7 4.3 3.5 2.0
ROA 1.1 1.7 2.9 2.5 1.5

Stability

Fiscal Year 2017/3 2018/3 2019/3 2020/3 2021/3
Current Ratio 177.8 201.2 213.9 235.4 267.1
Quick Ratio 129.7 152.3 163.4 189.0 208.8
Fixed Assets Ratio 60.0 58.1 58.0 54.1 51.1
Fixed Assets to Long-Term Capital Ratio 57.7 56.0 55.2 52.1 49.6
Interest-Bearing Dept 3,300 3,300 3,300 3,300 3,000
Dept Equity Ratio 11.3 11.3 11.0 10.9 9.8
On-Hand Liquidity Ratio 4.1 4.9 4.9 5.6 8.1
Interest Coverage Ratio 667.8 299.6 161.2 423.0 290.3
Cost of Dept 14.0 10.0 11.2 11.6 11.6
Equity Ratio 62.3 67.1 68.4 71.2 74.6

Productivity and Efficiency

Fiscal Year 2017/3 2018/3 2019/3 2020/3 2021/3
Total Assets Turnover 0.9 0.8 0.7 0.8 0.6
Tangible Fixed Assets Turnover 4.1 3.5 3.2 3.6 2.7
Inventory Turnover 5.2 5.5 5.8 7.0 5.5
Net Sales per Employee 60.9 53.7 49.1 51.4 36.0
Net Income per Employee 0.8 1.2 2.0 1.7 0.9
Receivables Turnover 4.9 5.0 4.6 5.1 4.8
Payables Turnover 3.5 3.0 3.2 4.0 3.2

Cash Flows

Fiscal Year 2017/3 2018/3 2019/3 2020/3 2021/3
Cash Flows from Operating Activities 9,339 2,921 1,875 5,006 3,396
Cash Flows from Investing Activities -1,696 -2,411 -2,364 -1,688 -2,242
Cash Flows from Financing Activities -2,938 -739 -592 -591 -891
Cash and Cash Equivalents at End of Year 14,062 13,832 12,751 15,478 15,739
Free Cash Flow 7,643 510 -489 3,318 1,154
Capital Expenditures 2,616 1,950 2,283 1,553 1,050
Depreciation and Amortization 1,914 2,085 1,742 2,212 1,967
Research and Development Cost 3,060 1,578 1,206 1,170 819
Ratio of R&D to Sales 7.5 4.6 3.9 3.6 3.5

Per Share Data and Others

Fiscal Year 2017/3 2018/3 2019/3 2020/3 2021/3
Net Income per Share 34.0 53.1 85.5 71.8 41.4
Cash Dividends per Share 50 40 40 40 40
Dividend Payout Ratio 147.0 75.3 46.8 55.7 96.5
Cash Flows per Share 163.5 194.1 203.3 221.4 174.5
Net Assets per Share 1,972.0 1,978.7 2,022.5 2,056.8 2,074.2
PER 48.9 33.2 18.0 17.1 24.8
PBR 0.84 0.89 0.76 0.60 0.50

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

Fiscal Year 2017/3 2018/3 2019/3 2020/3 2021/3
Breakeven Point 38,042 31,276 27,604 29,577 22,198
Marginal Income Ratio 39.2 42.3 42.9 42.8 47.7
Ratio of the Breakeven Point to Sales 93.4 91.7 88.6 89.8 95.6
Average Age of Employees 44.1 44.5 45.2 45.6 45.8
Labor Productivity 12 13 14 15 13
Labor’s Relative Share 62.7 63.2 57.4 54.8 60.1