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

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Consolidated 50th 51st 52nd 53rd 54th
2018/12 2019/12 2020/12 2021/12 2022/12
Sales
(Million yen)		 1st Half 5,499 4,976 5,701 7,024 8,127
Full year 11,328 10,865 11,956 15,038 16,329
Operating income
(Million yen)		 1st Half 1,039 610 1,133 1,949 2,084
Full year 2,222 1,637 2,370 3,939 4,004
Ordinary income
(Million yen)		 1st Half 1,042 638 1,126 2,023 2,374
Full year 2,236 1,722 2,388 4,104 4,246
Net income
(Million yen)		 1st Half 889 457 794 1,466 1,661
Full year 1,778 1,236 1,595 2,949 3,064
Net assets per share Yen 92.85 65.16 84.09 155.16 161.22
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

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Non-consolidated 50th 51st 52nd 53rd 54th
2018/12 2019/12 2020/12 2021/12 2022/12
Sales
(Million yen)		 1st Half 3,793 3,178 4,098 4,767 5,202
Full year 7,960 7,256 8,397 10,556 10,551
Operating income
(Million yen)		 1st Half 747 253 802 1,324 1,388
Full year 1,491 1,061 1,660 3,087 2,693
Ordinary income
(Million yen)		 1st Half 952 458 1,099 1,807 2,120
Full year 1,698 1,330 1,981 3,653 3,362
Net income
(Million yen)		 1st Half 792 366 848 1,449 1,625
Full year 1,377 1,032 1,163 2,798 2,578
Net assets per share Yen 71.90 54.42 61.30 147.31 135.66
Net assets Million yen 11,192 11,859 12,712 15,218 16,773
Net assets per share Yen 589.96 624.93 669.84 800.83 882.28

Consolidated investment value index

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

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Major figures 50th 51st 52nd 53rd 54th
2018/12 2019/12 2020/12 2021/12 2022/12
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

*1 EBITDA = Earnings before interest, taxes, depreciation and amortization.

*2 “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.

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Cash Flow 50th 51st 52nd 53rd 54th
2018/12 2019/12 2020/12 2021/12 2022/12
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

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Profitability 50th 51st 52nd 53rd 54th
2018/12 2019/12 2020/12 2021/12 2022/12
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

*3 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

*4 “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.

*5 Return On Invested Capital = (Operating income - Tax) / (Net assets at the end of the period + Interest-bearing debt)

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Stability 50th 51st 52nd 53rd 54th
2018/12 2019/12 2020/12 2021/12 2022/12
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

*6 “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.

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

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Growth Potential 50th※8 51st 52nd 53rd 54th
2018/12 2019/12 2020/12 2021/12 2022/12
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

*8 The 49th and 50th term is transitional period of the change of the fiscal year, rate is omitted.

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Productivity 50th 51st 52nd 53rd 54th
2018/12 2019/12 2020/12 2021/12 2022/12
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

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Per Share Data 50th 51st 52nd 53rd 54th
2018/12 2019/12 2020/12 2021/12 2022/12
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

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Employee Data 50th 51st 52nd 53rd 54th
2018/12 2019/12 2020/12 2021/12 2022/12
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 12.0 12.6 12.7 12.8 12.7

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Sales by Item 50th 51st 52nd 53rd 54th
2018/12 2019/12 2020/12 2021/12 2022/12
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
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