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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 49th 50th 51st 52nd 53rd
2017/12 2018/12 2019/12 2020/12 2021/12
Sales
(Million yen)
1st Half 5,239 5,499 4,976 5,701 7,024
Full year 9,641 11,328 10,865 11,956 15,038
Operating income
(Million yen)
1st Half 1,315 1,039 610 1,133 1,949
Full year 1,993 2,222 1,637 2,370 3,939
Ordinary income
(Million yen)
1st Half 1,343 1,042 638 1,126 2,023
Full year 2,063 2,236 1,722 2,388 4,104
Net income
(Million yen)
1st Half 1,028 889 457 794 1,466
Full year 1,567 1,778 1,236 1,595 2,949
Net assets per share Yen 81.77 92.85 65.16 84.09 155.16
Net assets Million yen 14,587 15,166 16,091 17,470 20,929
Net assets per share Yen 760.92 799.46 847.94 920.60 1,101.30

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Non-consolidated 49th 50th 51st 52nd 53rd
2017/12 2018/12 2019/12 2020/12 2021/12
Sales
(Million yen)
1st Half 3,793 3,793 3,178 4,098 4,767
Full year 5,925 7,960 7,256 8,397 10,556
Operating income
(Million yen)
1st Half 1,014 747 253 802 1,324
Full year 1,410 1,491 1,061 1,660 3,087
Ordinary income
(Million yen)
1st Half 1,043 952 458 1,099 1,807
Full year 1,464 1,698 1,330 1,981 3,653
Net income
(Million yen)
1st Half 825 792 366 848 1,449
Full year 1,177 1,377 1,032 1,163 2,798
Net assets per share Yen 61.44 71.90 54.42 61.30 147.31
Net assets Million yen 10,650 11,192 11,859 12,712 15,218
Net assets per share Yen 555.54 589.96 624.93 669.84 800.83

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 49th 50th 51st 52nd 53rd
2017/12 2018/12 2019/12 2020/12 2021/12
Sales Million yen 9,641 11,328 10,865 11,956 15,038
Sales cost Million yen 3,739 4,086 4,247 4,560 5,715
Gross profit Million yen 5,901 7,242 6,618 7,395 9,323
Selling, general and administrative expenses Million yen 3,908 5,019 4,981 5,025 5,383
Operating income (loss) Million yen 1,993 2,222 1,637 2,370 3,939
Ordinary income (loss) Million yen 2,063 2,236 1,722 2,388 4,104
Net income (loss) Million yen 1,567 1,778 1,236 1,595 2,949
Earnings before interest, taxes, depreciation and amortization (EBITDA)1 Million yen 2,582 2,927 2,410 3,098 4,839
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 14,587 15,166 16,091 17,470 20,929
Total assets2 Million yen 18,985 18,601 19,991 21,510 25,305
Interest-bearing debt (including discounted notes) Million yen 1,250 750 650 400 0
Number of employees (consolidated) Persons 354 378 397 397 413

*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 49th 50th 51st 52nd 53rd
2017/12 2018/12 2019/12 2020/12 2021/12
CF from operating activities Million yen 1,591 1,928 2,162 2,429 3,013
CF from investment activities Million yen -832 -706 -1,190 -1,149 -1,117
CF from financial activities Million yen -885 -1,228 -632 -771 -916
Cash and cash equivalents at the end of year Million yen 3,664 3,599 3,952 4,471 5,620

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Profitability 49th 50th 51st 52nd 53rd
2017/12 2018/12 2019/12 2020/12 2021/12
Gross income to sales ratio % 61.2 63.9 60.9 61.9 62.0
Operating income to sales ratio % 20.7 19.6 15.1 19.8 26.2
Ordinary income to sales ratio % 21.4 19.7 15.9 20.0 27.3
Net income to sales ratio % 16.3 15.7 11.4 13.3 19.6
Business income to total assets ratio*4 % 11.0 12.0 8.6 11.6 17.0
Ordinary income to total assets ratio (ROA)*3*4 % 11.2 11.9 8.9 11.5 17.5
Net income to equity ratio (ROE) % 11.3 12.0 7.9 9.5 15.4

*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.

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Stability 49th 50th 51st 52nd 53rd
2017/12 2018/12 2019/12 2020/12 2021/12
Own capital ratio6 % 76.8 81.5 80.5 81.2 82.7
Current ratio6 % 281.9 310.4 268.8 299.7 365.0
Fixed ratio6 % 66.7 62.3 65.6 62.6 54.8
Debt ratio6 % 30.1 22.6 24.2 23.1 20.9
Debt-equity ratio5 % 8.6 4.9 4.0 2.3 0.0

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

*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.

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Growth Potential 49th7 50th7 51st 52nd 53rd
2017/12 2018/12 2019/12 2020/12 2021/12
Sales increase rate % - - -4.1 10.0 25.8
Ordinary income increase rate % - - -23.0 38.7 71.8
Net income increase rate % - - -30.5 29.1 84.8

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

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Productivity 49th 50th 51st 52nd 53rd
2017/12 2018/12 2019/12 2020/12 2021/12
Sales per employee Thousand yen 27,236 29,970 27,370 30,117 36,412
Gross margin per employee Thousand yen 16,672 19,159 16,671 18,629 22,574
Operating income per employee Thousand yen 5,632 5,880 4,123 5,970 9,539
Ordinary income per employee Thousand yen 5,828 5,917 4,338 6,016 9,938

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Per Share Data 49th 50th 51st 52nd 53rd
2017/12 2018/12 2019/12 2020/12 2021/12
Net income per share(loss) Yen 81.77 92.85 65.16 84.09 155.28
Net assets per share Yen 760.92 799.46 847.94 920.60 1,101.30
Annual dividend Yen 22.00 26.00 26.00 26.00 35.00

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Employee Data 49th 50th 51st 52nd 53rd
2017/12 2018/12 2019/12 2020/12 2021/12
Number of employees (consolidated) Persons 354 378 397 397 413
Number of employees (non-consolidated) Persons 205 225 231 228 237
Average age (non-consolidated) Years old 41.8 41.6 42.1 42.2 42.4
Average service years (non-consolidated) Years 12.7 12.0 12.6 12.7 12.8

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Sales by Item 49th 50th 51st 52nd 53rd
2017/12 2018/12 2019/12 2020/12 2021/12
Chemicals for electronic substrates and parts Million yen 9,480 11,131 10,657 11,598 14,756
Machines for electronic substrates Million yen 56 53 83 282 167
Materials for electronic substrates Million yen 94 118 105 68 91
Other Million yen 9 25 18 7 22
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