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Financial Data

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Financial highlights

Consolidated 51st(12/2019) 52nd(12/2020) 53rd(12/2021) 54th(12/2022) 55th(12/2023)
Sales(Million yen) 10,865 11,956 15,038 16,329 14,020
Operating income(Million yen) 1,637 2,370 3,939 4,004 2,492
Ordinary income(Million yen) 1,722 2,388 4,104 4,246 2,683
Net income(Million yen) 1,236 1,595 2,949 3,064 2,492
Earning per share(yen) 65.16 84.09 155.28 161.22 122.29
Net assets(Million yen) 16,091 17,470 20,929 23,325 24,777
Net assets per share(yen) 847.94 920.60 1,101.30 1,226.98 1,323.24

Consolidated investment value index

Major figures

51st(12/2019) 52nd(12/2020) 53rd(12/2021) 54th(12/2022) 55th(12/2023)
Sales(Million yen) 10,865 11,956 15,038 16,329 14,020
Sales cost(Million yen) 4,247 4,560 5,715 6,525 5,703
Gross profit(Million yen) 6,618 7,395 9,323 9,803 8,316
Selling, general and administrative expenses(Million yen) 4,981 5,025 5,383 5,799 5,824
Operating income (loss)(Million yen) 1,637 2,370 3,939 4,004 2,492
Ordinary income (loss)(Million yen) 1,722 2,388 4,104 4,246 2,683
Net income (loss)(Million yen) 1,236 1,595 2,949 3,064 2,304
Earnings before interest, taxes, depreciation and amortization (EBITDA)*1(Million yen) 2,410 3,098 4,839 4,989 3,993
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) 16,091 17,470 20,929 23,325 24,777
Total assets(Million yen) 19,991 21,510 25,305 27,499 28,665
Interest-bearing debt (including discounted notes)(Million yen) 650 400 0 0 0
Number of employees (consolidated)(Persons) 397 397 413 438 454
  • EBITDA = Earnings before interest, taxes, depreciation and amortization.

Cash Flow

51st(12/2019) 52nd(12/2020) 53rd(12/2021) 54th(12/2022) 55th(12/2023)
CF from operating activities(Million yen) 2,162 2,429 3,013 3,810 1,941
CF from investment activities(Million yen) -1,190 -1,149 -1,117 -939 -1,397
CF from financial activities(Million yen) -632 -771 -916 -800 -1,773
Cash and cash equivalents at the end of year(Million yen) 3,952 4,471 5,620 7,776 6,690

Profitability

51st(12/2019) 52nd(12/2020) 53rd(12/2021) 54th(12/2022) 55th(12/2023)
Gross income to sales ratio(%) 60.9 61.9 62.0 60.0 59.3
Operating income to sales ratio(%) 15.1 19.8 26.2 24.5 17.8
Ordinary income to sales ratio(%) 15.9 20.0 27.3 26.0 19.1
Net income to sales ratio(%) 11.4 13.3 19.6 18.8 16.4
Business income to total assets ratio(%) 8.6 11.6 17.0 15.3 9.1
Ordinary income to total assets ratio (ROA)*2 (%) 8.9 11.5 17.5 16.1 9.6
Net income to equity ratio (ROE)(%) 7.9 9.5 15.4 13.8 9.6
Return On Invested Capital (ROIC)*3(%) 6.9 9.3 13.4 12.2 6.4
  • 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
  • Return On Invested Capital = (Operating income - Tax) / (Net assets at the end of the period + Interest-bearing debt)

Stability

51st(12/2019) 52nd(12/2020) 53rd(12/2021) 54th(12/2022) 55th(12/2023)
Own capital ratio(%) 80.5 81.2 82.7 84.8 86.4
Current ratio(%) 268.8 299.7 365.0 448.8 539.4
Fixed ratio(%) 65.6 62.6 54.8 49.4 53.2
Debt ratio(%) 24.2 23.1 20.9 17.9 15.7
Debt-equity ratio*4(%) 4.0 2.3 0.0 0.0 0.0
  • Debt-equity ratio = Interest-bearing debt ÷ Own capital × 100

Growth Potential

51st(12/2019) 52nd(12/2020) 53rd(12/2021) 54th(12/2022) 55th(12/2023)
Sales increase rate(%) -4.1 10.0 25.8 8.6 -14.1
Ordinary income increase rate(%) -23.0 38.7 71.8 3.5 -36.8
Net income increase rate(%) -30.5 29.1 84.8 3.9 -24.8

Productivity

51st(12/2019) 52nd(12/2020) 53rd(12/2021) 54th(12/2022) 55th(12/2023)
Sales per employee(Thousand yen) 27,370 30,117 36,412 37,281 30,881
Gross margin per employee(Thousand yen) 16,671 18,629 22,574 22,383 18,318
Operating income per employee(Thousand yen) 4,123 5,970 9,539 9,142 5,490
Ordinary income per employee(Thousand yen) 4,338 6,016 9,938 9,695 5,910

Per Share Data

51st(12/2019) 52nd(12/2020) 53rd(12/2021) 54th(12/2022) 55th(12/2023)
Net income per share (loss)(yen) 65.16 84.09 155.28 161.22 122.29
Net assets per share(yen) 847.94 920.60 1,101.30 1,226.98 1,323.24
Annual dividend(yen) 26.00 26.00 35.00 45.00 45.00

Employee Data

51st(12/2019) 52nd(12/2020) 53rd(12/2021) 54th(12/2022) 55th(12/2023)
Number of employees (consolidated)(Persons) 397 397 413 438 454
Number of employees (non-consolidated)(Persons) 231 228 237 253 263
Average age (non-consolidated)(Years old) 42.1 42.2 42.4 42.6 42.8
Average service years (non-consolidated)(Years) 12.6 12.7 12.8 12.7 12.9

Sales by Item

51st(12/2019) 52nd(12/2020) 53rd(12/2021) 54th(12/2022) 55th(12/2023)
Chemicals for electronic substrates and parts(Million yen) 10,657 11,598 14,756 16,042 13,764
Machines for electronic substrates(Million yen) 83 282 167 170 112
Materials for electronic substrates(Million yen) 105 68 91 108 139
Other(Million yen) 18 7 22 8 3

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 4,038

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 271 533 787 886 820

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 326 568 884 808 804

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 229 399 664 681 597

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 31.93
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  2. Investor Relations
  3. Financial Data