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
(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
(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
(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
(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
(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 |