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  2. Financial Data

Financial Data

Financial highlights

* The company changed the settlement period from December 31, 2017.
The consolidation period is as follows
Japan : April - December
Overseas : January - December

Consolidated 50th(12/2018) 51st(12/2019) 52nd(12/2020) 53rd(12/2021) 54th(12/2022)
Sales(Million yen) 11,328 10,865 11,956 15,038 16,329
Operating income(Million yen) 2,222 1,637 2,370 3,939 4,004
Ordinary income(Million yen) 2,236 1,722 2,388 4,104 4,246
Net income(Million yen) 1,778 1,236 1,595 2,949 3,064
Earning per share(yen) 92.85 65.16 84.09 155.28 161.22
Net assets(Million yen) 15,166 16,091 17,470 20,929 23,325
Net assets per share(yen) 799.46 847.94 920.60 1,101.30 1,226.98

Consolidated investment value index

Major figures

50th(12/2018) 51st(12/2019) 52nd(12/2020) 53rd(12/2021) 54th(12/2022)
Sales(Million yen) 11,328 10,865 11,956 15,038 16,329
Sales cost(Million yen) 4,086 4,247 4,560 5,715 6,525
Gross profit(Million yen) 7,242 6,618 7,395 9,323 9,803
Selling, general and administrative expenses(Million yen) 5,019 4,981 5,025 5,383 5,799
Operating income (loss)(Million yen) 2,222 1,637 2,370 3,939 4,004
Ordinary income (loss)(Million yen) 2,236 1,722 2,388 4,104 4,246
Net income (loss)(Million yen) 1,778 1,236 1,595 2,949 3,064
Earnings before interest, taxes, depreciation and amortization (EBITDA)*1(Million yen) 2,927 2,410 3,098 4,839 4,989
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) 15,166 16,091 17,470 20,929 23,325
Total assets*2(Million yen) 18,601 19,991 21,510 25,305 27,499
Interest-bearing debt (including discounted notes)(Million yen) 750 650 400 0 0
Number of employees (consolidated)(Persons) 378 397 397 413 438
  • EBITDA = Earnings before interest, taxes, depreciation and amortization.
  • “Partial Amendment to“ Accounting Standard for Tax Effect Accounting ”” (ASBJ Statement No. 28, February 16, 2018. Division amendment. “) Is applied from the beginning of the current consolidated fiscal year. This accounting standard has been applied retroactively from the fiscal year ended March 2016 to the fiscal year ended December 2018.

Cash Flow

50th(12/2018) 51st(12/2019) 52nd(12/2020) 53rd(12/2021) 54th(12/2022)
CF from operating activities(Million yen) 1,928 2,162 2,429 3,013 3,810
CF from investment activities(Million yen) -706 -1,190 -1,149 -1,117 -939
CF from financial activities(Million yen) -1,228 -632 -771 -916 -800
Cash and cash equivalents at the end of year(Million yen) 3,599 3,952 4,471 5,620 7,776

Profitability

50th(12/2018) 51st(12/2019) 52nd(12/2020) 53rd(12/2021) 54th(12/2022)
Gross income to sales ratio(%) 63.9 60.9 61.9 62.0 60.0
Operating income to sales ratio(%) 19.6 15.1 19.8 26.2 24.5
Ordinary income to sales ratio(%) 19.7 15.9 20.0 27.3 26.0
Net income to sales ratio(%) 15.7 11.4 13.3 19.6 18.8
Business income to total assets ratio*4(%) 12.0 8.6 11.6 17.0 15.3
Ordinary income to total assets ratio (ROA)*3*4 (%) 11.9 8.9 11.5 17.5 16.1
Net income to equity ratio (ROE)(%) 12.0 7.9 9.5 15.4 13.8
Return On Invested Capital (ROIC)*4*5(%) 10.5 6.9 9.3 13.4 12.2
  • Ordinary 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
  • “Partial Amendment to“ Accounting Standard for Tax Effect Accounting ”” (ASBJ Statement No. 28, February 16, 2018. Division amendment. “) Is applied from the beginning of the current consolidated fiscal year. This accounting standard has been applied retroactively from the fiscal year ended March 2016 to the fiscal year ended December 2018.
  • Return On Invested Capital = (Operating income - Tax) / (Net assets at the end of the period + Interest-bearing debt)

Stability

50th(12/2018) 51st(12/2019) 52nd(12/2020) 53rd(12/2021) 54th(12/2022)
Own capital ratio*6(%) 81.5 80.5 81.2 82.7 84.8
Current ratio*6(%) 310.4 268.8 299.7 365.0 448.8
Fixed ratio*6(%) 62.3 65.6 62.6 54.8 49.4
Debt ratio*6(%) 22.6 24.2 23.1 20.9 17.9
Debt-equity ratio*7(%) 4.9 4.0 2.3 0.0 0.0
  • “Partial Amendment to“ Accounting Standard for Tax Effect Accounting ”” (ASBJ Statement No. 28, February 16, 2018. Division amendment. “) Is applied from the beginning of the current consolidated fiscal year. This accounting standard has been applied retroactively from the fiscal year ended March 2016 to the fiscal year ended December 2018.
  • Debt-equity ratio = Interest-bearing debt ÷ Own capital × 100

Growth Potential

50th*8(12/2018) 51st(12/2019) 52nd(12/2020) 53rd(12/2021) 54th(12/2022)
Sales increase rate(%) - -4.1 10.0 25.8 8.6
Ordinary income increase rate(%) - -23.0 38.7 71.8 3.5
Net income increase rate(%) - -30.5 29.1 84.8 3.9
  • The 49th and 50th term is transitional period of the change of the fiscal year, rate is omitted.

Productivity

50th(12/2018) 51st(12/2019) 52nd(12/2020) 53rd(12/2021) 54th(12/2022)
Sales per employee(Thousand yen) 29,970 27,370 30,117 36,412 37,281
Gross margin per employee(Thousand yen) 19,159 16,671 18,629 22,574 22,383
Operating income per employee(Thousand yen) 5,880 4,123 5,970 9,539 9,142
Ordinary income per employee(Thousand yen) 5,917 4,338 6,016 9,938 9,695

Per Share Data

50th(12/2018) 51st(12/2019) 52nd(12/2020) 53rd(12/2021) 54th(12/2022)
Net income per share (loss)(yen) 92.85 65.16 84.09 155.28 161.22
Net assets per share(yen) 799.46 847.94 920.60 1,101.30 1,226.98
Annual dividend(yen) 26.00 26.00 26.00 35.00 45.00

Employee Data

50th(12/2018) 51st(12/2019) 52nd(12/2020) 53rd(12/2021) 54th(12/2022)
Number of employees (consolidated)(Persons) 378 397 397 413 438
Number of employees (non-consolidated)(Persons) 225 231 228 237 253
Average age (non-consolidated)(Years old) 41.6 42.1 42.2 42.4 42.6
Average service years (non-consolidated)(Years) 12.1 12.6 12.7 12.8 12.7

Sales by Item

50th(12/2018) 51st(12/2019) 52nd(12/2020) 53rd(12/2021) 54th(12/2022)
Chemicals for electronic substrates and parts(Million yen) 11,131 10,657 11,598 14,756 16,042
Machines for electronic substrates(Million yen) 53 83 282 167 170
Materials for electronic substrates(Million yen) 118 105 68 91 108
Other(Million yen) 25 18 7 22 8

Sales

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(Million yen) 12/2019 12/2020 12/2021 12/2022 12/2023
1Q 2,328 2,809 3,505 3,955 2,765
2Q 2,648 2,891 3,519 4,172 3,432
3Q 3,128 3,026 4,132 4,236 3,782
4Q 2,761 3,228 3,881 3,965

Operating income

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(Million yen) 12/2019 12/2020 12/2021 12/2022 12/2023
1Q 205 498 973 1,051 168
2Q 404 635 975 1,032 669
3Q 755 702 1,202 1,034 833
4Q 271 533 787 886

Ordinary income

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(Million yen) 12/2019 12/2020 12/2021 12/2022 12/2023
1Q 240 463 1,036 1,186 223
2Q 398 662 986 1,187 779
3Q 757 692 1,197 1,064 875
4Q 326 568 884 808

Net income

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(Million yen) 12/2019 12/2020 12/2021 12/2022 12/2023
1Q 158 317 742 793 82
2Q 298 476 724 867 994
3Q 549 401 818 721 630
4Q 229 399 664 681

Earning per share

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(yen) 12/2019 12/2020 12/2021 12/2022 12/2023
1Q 8.36 16.72 39.11 41.76 4.32
2Q 15.73 25.13 38.14 45.64 52.57
3Q 28.97 21.18 43.05 37.95 33.69
4Q 12.09 21.06 34.98 35.87
  1. Investor Relations
  2. Financial Data