Investor Relations

Financial Outline

Profitability

Fiscal Year 2016/3 2017/3 2018/3 2019/3 2020/3
Net Sales 47,004 40,714 34,093 31,166 32,922
Operation Income -894 1,048 1,192 1,527 1,431
Operation Income to Net Sales -1.9 2.6 3.5 4.9 4.3
Ordinary Income -749 1,374 1,390 1,748 1,674
Ordinary Income to Net Sales -1.6 3.4 4.1 5.6 5.1
Net Income -1,676 502 785 1,263 1,061
Net Income to Net Sales -3.6 1.2 2.3 4.1 3.2
Total Assets 47,139 46,828 43,564 43,729 42,702
Net Assets 29,291 29,151 29,251 29,898 30,406
ROE -5.5 1.7 2.7 4.3 3.5
ROA -3.3 1.1 1.7 2.9 2.5

Stability

Fiscal Year 2016/3 2017/3 2018/3 2019/3 2020/3
Current Ratio 174.1 177.8 201.2 213.9 235.4
Quick Ratio 112.8 129.7 152.3 163.4 189.0
Fixed Assets Ratio 61.8 60.0 58.1 58.0 54.1
Fixed Assets to Long-Term Capital Ratio 59.4 57.7 56.0 55.2 52.1
Interest-Bearing Dept 5,500 3,300 3,300 3,300 3,300
Dept Equity Ratio 18.8 11.3 11.3 11.0 10.9
On-Hand Liquidity Ratio 2.4 4.1 4.9 4.9 5.6
Interest Coverage Ratio 667.8 299.6 161.2 423.0
Cost of Dept 10.3 14.0 10.0 11.2 11.6
Equity Ratio 62.1 62.3 67.1 68.4 71.2

Productivity and Efficiency

Fiscal Year 2016/3 2017/3 2018/3 2019/3 2020/3
Total Assets Turnover 1.0 0.9 0.8 0.7 0.8
Tangible Fixed Assets Turnover 4.6 4.1 3.5 3.2 3.6
Inventory Turnover 5.0 5.2 5.5 5.8 7.0
Net Sales per Employee 73.3 60.9 53.7 49.1 51.4
Net Income per Employee -2.6 0.8 1.2 2.0 1.7
Receivables Turnover 4.4 4.9 5.0 4.6 5.1
Payables Turnover 3.1 3.5 3.0 3.2 4.0

Cash Flows

Fiscal Year 2016/3 2017/3 2018/3 2019/3 2020/3
Cash Flows from Operating Activities -4,710 9,339 2,921 1,875 5,006
Cash Flows from Investing Activities -2,511 -1,696 -2,411 -2,364 -1,688
Cash Flows from Financing Activities 4,065 -2,938 -739 -592 -591
Cash and Cash Equivalents at End of Year 9,358 14,062 13,832 12,751 15,478
Free Cash Flow -7,221 7,643 510 -489 3,318
Capital Expenditures 2,451 2,616 1,950 2,283 1,553
Depreciation and Amortization 1,579 1,914 2,085 1,742 2,212
Research and Development Cost 5,330 3,060 1,578 1,206 1,170
Ratio of R&D to Sales 11.3 7.5 4.6 3.9 3.6

Per Share Data and Others

Fiscal Year 2016/3 2017/3 2018/3 2019/3 2020/3
Net Income per Share -113.4 34.0 53.1 85.5 71.8
Cash Dividends per Share 50 50 40 40 40
Dividend Payout Ratio 147.0 75.3 46.8 55.7
Cash Flows per Share -6.6 163.5 194.1 203.3 221.4
Net Assets per Share 1,981.4 1,972.0 1,978.7 2,022.5 2,056.8
PER -11.6 48.9 33.2 18.0 17.1
PBR 0.66 0.84 0.89 0.76 0.60

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

Fiscal Year 2016/3 2017/3 2018/3 2019/3 2020/3
Breakeven Point 49,405 38,042 31,276 27,604 29,577
Marginal Income Ratio 37.3 39.2 42.3 42.9 42.8
Ratio of the Breakeven Point to Sales 105.1 93.4 91.7 88.6 89.8
Average Age of Employees 43.9 44.1 44.5 45.2 45.6
Labor Productivity 10 12 13 14 15
Labor’s Relative Share 79.1 62.7 63.2 57.4 54.8