Investor Relations

Financial Outline

Profitability

Fiscal Year 2014/3 2015/3 2016/3 2017/3 2018/3
Net Sales 56,954 54,043 47,004 40,714 34,093
Operation Income 5,338 1,425 -894 1,048 1,192
Operation Income to Net Sales 9.4 2.6 -1.9 2.6 3.5
Ordinary Income 5,474 1,566 -749 1,374 1,390
Ordinary Income to Net Sales 9.6 2.9 -1.6 3.4 4.1
Net Income 3,278 874 -1,676 502 785
Net Income to Net Sales 5.8 1.6 -3.6 1.2 2.3
Total Assets 53,929 53,528 47,139 46,828 43,564
Net Assets 32,260 32,138 29,291 29,151 29,251
ROE 10.5 2.7 -5.5 1.7 2.7
ROA 5.9 1.6 -3.3 1.1 1.7

Stability

Fiscal Year 2014/3 2015/3 2016/3 2017/3 2018/3
Current Ratio 183.8 175.5 177.4 181.1 203.8
Quick Ratio 133.0 123.4 112.8 129.7 152.3
Fixed Assets Ratio 52.3 54.7 59.9 58.1 57.0
Fixed Assets to Long-Term Capital Ratio 50.0 53.2 57.6 55.9 54.9
Interest-Bearing Dept 800 400 5,500 3,300 3,300
Dept Equity Ratio 2.5 1.2 18.8 11.3 11.3
On-Hand Liquidity Ratio 3.2 2.9 2.4 4.1 4.9
Interest Coverage Ratio 47.2 144.7 – 667.8 299.6
Cost of Dept 6 6 10 14 10
Equity Ratio 59.8 60.0 62.1 62.3 67.1

Productivity and Efficiency

Fiscal Year 2014/3 2015/3 2016/3 2017/3 2018/3
Total Assets Turnover 1.1 1.0 1.0 0.9 0.8
Tangible Fixed Assets Turnover 6.0 5.4 4.6 4.1 3.5
Inventory Turnover 6.5 5.8 5.0 5.2 5.5
Net Sales per Employee 94.6 87.9 73.3 60.9 53.7
Net Income per Employee 5.4 1.4 -2.6 0.8 1.2
Receivables Turnover 5.0 4.6 4.4 4.9 5.0
Payables Turnover 2.3 2.6 3.1 3.5 3.0

Cash Flows

Fiscal Year 2014/3 2015/3 2016/3 2017/3 2018/3
Cash Flows from Operating Activities 340 817 -4,710 9,339 2,921
Cash Flows from Investing Activities -1,655 -2,142 -2,511 -1,696 -2,411
Cash Flows from Financing Activities -1,809 -1,441 4,065 -2,938 -739
Cash and Cash Equivalents at End of Year 15,281 12,515 9,358 14,062 13,832
Free Cash Flow -1,315 -1,325 -7,221 7,643 510
Capital Expenditures 910 1,345 2,451 2,616 1,950
Depreciation and Amortization 1,613 1,569 1,579 1,914 2,085
Research and Development Cost 3,656 3,834 5,330 3,060 1,578
Ratio of R&D to Sales 6.4 7.1 11.3 7.5 4.6

Per Share Data and Others

Fiscal Year 2014/3 2015/3 2016/3 2017/3 2018/3
Net Income per Share 221.8 59.2 -113.4 34.0 53.1
Cash Dividends per Share 80 70 50 50 40
Dividend Payout Ratio 36.1 118.3 – 147.0 75.3
Cash Flows per Share 330.9 165.3 -6.6 163.5 194.1
Net Assets per Share 2,182.2 2,174.0 1,981.4 1,972.0 1,978.7
PER 10.1 29.3 -11.6 48.9 33.2
PBR 1.02 0.80 0.66 0.84 0.89

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

Fiscal Year 2014/3 2015/3 2016/3 2017/3 2018/3
Breakeven Point 41,880 49,705 49,405 38,042 34,093
Marginal Income Ratio 35.4 32.9 37.3 39.2 42.3
Ratio of the Breakeven Point to Sales 73.5 92.0 105.1 93.4 91.7
Average Age of Employees 43.4 43.4 43.9 44.1 44.5
Labor Productivity 21 14 10 12 13
Labor’s Relative Share 42.0 60.5 79.1 62.7 63.2