Financial Data

Financial highlights

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Consolidated 44th 45th 46th 47th 48th 49th
2013/3 2014/3 2015/3 2016/3 2017/3 2017/12
Sales
(Million yen)
1st Half 3,191 3,761 4,500 4,454 4,520 5,239
Full year 6,703 8,003 9,057 9,078 9,259 9,641
Operating income
(Million yen)
1st Half 390 600 1,054 989 1,021 1,315
Full year 917 1,421 2,008 2,185 1,887 1,993
Ordinary income
(Million yen)
1st Half 369 677 1,092 1,007 964 1,343
Full year 956 1,551 2,129 2,207 1,888 2,063
Net income
(Million yen)
1st Half 265 450 711 703 813 1,028
Full year 626 925 1,344 1,514 1,642 1,567
Net assets per share Yen 31.24 46.09 66.98 76.26 84.86 81.77
Net assets Million yen 8,669 10,265 12,039 12,250 13,110 14,587
Net assets per share Yen 431.94 511.44 599.85 632.41 683.86 760.92

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Non-consolidated 44th 45th 46th 47th 48th 49th
2013/3 2014/3 2015/3 2016/3 2017/3 2017/12
Sales
(Million yen)
1st Half 2,294 2,689 3,181 3,059 3,092 3,793
Full year 4,976 5,811 6,274 6,309 6,444 5,925
Operating income
(Million yen)
1st Half 120 380 669 623 665 1,014
Full year 511 1,014 1,259 1,451 1,209 1,410
Ordinary income
(Million yen)
1st Half 88 417 699 626 593 1,043
Full year 920 1,367 1,873 1,730 1,867 1,464
Net income
(Million yen)
1st Half -108 306 513 466 462 825
Full year 495 936 1,422 1,276 1,556 1,177
Net assets per share Yen 24.71 46.64 70.89 64.25 80.39 61.44
Net assets Million yen 6,276 7,232 8,532 8,822 9,811 10,650
Net assets per share Yen 322.68 360.35 425.11 455.43 511.80 555.54

Consolidated investment value index

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Major figures 45th 46th 47th 48th 49th
2014/3 2015/3 2016/3 2017/3 2017/12
Sales Million yen 8,003 9,057 9,078 9,259 9,641
Sales cost Million yen 3,043 3,262 3,042 3,214 3,739
Selling, general and administrative expenses Million yen 3,538 3,786 3,850 4,157 3,908
Gross profit Million yen 4,960 5,795 6,035 6,045 5,901
Operating income (loss) Million yen 1,421 2,008 2,185 1,887 1,993
Ordinary income (loss) Million yen 1,551 2,129 2,207 1,888 2,063
Net income (loss) Million yen 925 1,344 1,514 1,642 1,567
Earnings before interest, taxes,
and amortization (EBITA)1
Million yen 1,816 2,466 2,519 2,251 2,582
Capital Million yen 594 594 594 594 594
Total number of issued shares Thousand shares 20,071 20,071 20,071 20,071 20,071
Net assets Million yen 10,265 12,039 12,250 13,110 14,587
Total assets Million yen 12,869 14,646 15,715 17,993 19,247
Interest-bearing debt (including discounted notes) Million yen - - - 1,750 1,250
Number of employees (consolidated) Persons 294 301 320 342 354

*1EBITA = Income after tax + Interest paid + Taxes + Depreciation expense

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Cash Flow 45th 46th 47th 48th 49th
2014/3 2015/3 2016/3 2017/3 2017/12
CF from operating activities Million yen 1,759 1,489 1,796 1,633 1,591
CF from investment activities Million yen -231 -399 -1,372 -2,461 -832
CF from financial activities Million yen -459 -220 -912 1,128 -885
Cash and cash equivalents at the end of year Million yen 2,973 3,997 3,422 3,723 3,664

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Profitability 45th 46th 47th 48th 49th
2014/3 2015/3 2016/3 2017/3 2017/12
Gross income to sales ratio % 62.0 64.0 66.5 65.3 61.2
Operating income to sales ratio % 17.8 22.2 24.1 20.4 20.7
Ordinary income to sales ratio % 19.4 23.5 24.3 20.4 21.4
Net income to sales ratio % 11.6 14.8 16.7 17.7 16.3
Business income to total assets ratio % 12.3 14.9 14.7 11.4 10.9
Ordinary income to total assets ratio (ROA)*2 % 13.1 15.5 14.5 11.2 11.1
Net income to equity ratio (ROE) % 9.8 12.1 12.5 13.0 11.3

*2Ordinary income to total assets ratio = Business income (operating income + interest received + discounts, dividends) ÷ Average total assets at the beginning and the end of the year

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Stability 45th 46th 47th 48th 49th
2014/3 2015/3 2016/3 2017/3 2017/12
Own capital ratio % 79.8 82.2 78.0 72.9 75.8
Current ratio % 351.2 465.0 293.5 279.8 290.5
Fixed ratio % 53.9 49.6 62.1 70.7 66.6
Debt ratio % 25.4 21.6 28.3 37.2 31.9
Debt-equity ratio3 % - - - 13.3 8.6
Interest coverage ratio4 Times 1,637.1 - - 288.2 313.8

*3Debt-equity ratio = Interest-bearing debt ÷ Own capital × 100

*4Interest coverage = Operating cash flow / interest payments

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Growth Potential 45th 46th 47th 48th 49th5
2014/3 2015/3 2016/3 2017/3 2017/12
Sales increase rate % 19.4 13.2 0.2 2.0 -
Ordinary income increase rate % 62.2 37.2 3.7 -14.5 -
Net income increase rate % 47.6 45.3 12.7 8.4 -

*5The 49th term is transitional period of the change of the fiscal year, rate is omitted.

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Productivity 45th 46th 47th 48th 49th
2014/3 2015/3 2016/3 2017/3 2017/12
Sales per employee Thousand yen 27,222 30,090 28,369 27,075 27,236
Gross margin per employee Thousand yen 16,871 19,252 18,861 17,676 16,672
Ordinary income per employee Thousand yen 5,278 7,073 6,899 5,521 5,828

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Per Share Data 45th 46th 47th 48th 49th
2014/3 2015/3 2016/3 2017/3 2017/12
Net income per share(loss) Yen 46.09 66.98 76.26 84.86 81.77
Net assets per share Yen 511.44 599.85 632.41 683.86 760.92
Annual dividend Yen 10 14 18 20 22

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Employee Data 45th 46th 47th 48th 49th
2014/3 2015/3 2016/3 2017/3 2017/12
Number of employees (consolidated) Persons 294 301 320 342 354
Number of employees (non-consolidated) Persons 170 172 186 198 205
Average age (non-consolidated) Years old 42.5 41.9 41.7 41.8 41.8
Average service years (non-consolidated) Years 13.9 13.5 12.9 12.7 12.9

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Sales by Item 45th 46th 47th 48th 49th
2014/3 2015/3 2016/3 2017/3 2017/12
Chemicals for electronic substrates and parts Million yen 7,353 8,486 8,718 8,862 9,480
Machines for electronic substrates Million yen 227 112 178 130 56
Materials for electronic substrates Million yen 390 432 154 239 94
Other Million yen 31 26 26 26 9
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