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Financial Data

Financial highlights

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Consolidated 45th 46th 47th 48th 49th 50th
2014/3 2015/3 2016/3 2017/3 2017/12 2018/12
Sales
(Million yen)
1st Half 3,761 4,500 4,454 4,520 5,239 5,499
Full year 8,003 9,057 9,078 9,259 9,641 11,328
Operating income
(Million yen)
1st Half 600 1,054 989 1,021 1,315 1,039
Full year 1,421 2,008 2,185 1,887 1,993 2,222
Ordinary income
(Million yen)
1st Half 677 1,092 1,007 964 1,343 1,042
Full year 1,551 2,129 2,207 1,888 2,063 2,236
Net income
(Million yen)
1st Half 450 711 703 813 1,028 889
Full year 925 1,344 1,514 1,642 1,567 1,778
Net assets per share Yen 46.09 66.98 76.26 84.86 81.77 92.85
Net assets Million yen 10,265 12,039 12,250 13,110 14,587 15,166
Net assets per share Yen 511.44 599.85 632.41 683.86 760.92 799.46

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Non-consolidated 45th 46th 47th 48th 49th 50th
2014/3 2015/3 2016/3 2017/3 2017/12 2018/12
Sales
(Million yen)
1st Half 2,689 3,181 3,059 3,092 3,793 3,793
Full year 5,811 6,274 6,309 6,444 5,925 7,960
Operating income
(Million yen)
1st Half 380 669 623 665 1,014 747
Full year 1,014 1,259 1,451 1,209 1,410 1,491
Ordinary income
(Million yen)
1st Half 417 699 626 593 1,043 952
Full year 1,367 1,873 1,730 1,867 1,464 1,698
Net income
(Million yen)
1st Half 306 513 466 462 825 792
Full year 936 1,422 1,276 1,556 1,177 1,377
Net assets per share Yen 46.64 70.89 64.25 80.39 61.44 71.90
Net assets Million yen 7,232 8,532 8,822 9,811 10,650 11,192
Net assets per share Yen 360.35 425.11 455.43 511.80 555.54 589.96

Consolidated investment value index

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Major figures 46th 47th 48th 49th 50th
2015/3 2016/3 2017/3 2017/12 2018/12
Sales Million yen 9,057 9,078 9,259 9,641 11,328
Sales cost Million yen 3,262 3,042 3,214 3,739 4,086
Gross profit Million yen 5,795 6,035 6,045 5,901 7,242
Selling, general and administrative expenses Million yen 3,786 3,850 4,157 3,908 5,019
Operating income (loss) Million yen 2,008 2,185 1,887 1,993 2,222
Ordinary income (loss) Million yen 2,129 2,207 1,888 2,063 2,236
Net income (loss) Million yen 1,344 1,514 1,642 1,567 1,778
Earnings before interest, taxes,
and amortization (EBITA)1
Million yen 2,466 2,519 2,251 2,582 2,927
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 12,039 12,250 13,110 14,587 15,166
Total assets Million yen 14,646 15,715 17,993 19,247 18,897
Interest-bearing debt (including discounted notes) Million yen - - 1,750 1,250 750
Number of employees (consolidated) Persons 301 320 342 354 378

*1EBITA = Income after tax + Interest paid + Taxes + Depreciation expense

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Cash Flow 46th 47th 48th 49th 50th
2015/3 2016/3 2017/3 2017/12 2018/12
CF from operating activities Million yen 1,489 1,796 1,633 1,591 1,928
CF from investment activities Million yen -399 -1,372 -2,461 -832 -706
CF from financial activities Million yen -220 -912 1,128 -885 -1,228
Cash and cash equivalents at the end of year Million yen 3,997 3,422 3,723 3,664 3,599

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Profitability 46th 47th 48th 49th 50th
2015/3 2016/3 2017/3 2017/12 2018/12
Gross income to sales ratio % 64.0 66.5 65.3 61.2 63.9
Operating income to sales ratio % 22.2 24.1 20.4 20.7 19.6
Ordinary income to sales ratio % 23.5 24.3 20.4 21.4 19.7
Net income to sales ratio % 14.8 16.7 17.7 16.3 15.7
Business income to total assets ratio % 14.9 14.7 11.4 10.9 11.8
Ordinary income to total assets ratio (ROA)*2 % 15.5 14.5 11.2 11.1 11.7
Net income to equity ratio (ROE) % 12.1 12.5 13.0 11.3 12.0

*2Ordinary 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

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Stability 46th 47th 48th 49th 50th
2015/3 2016/3 2017/3 2017/12 2018/12
Own capital ratio % 82.2 78.0 72.9 75.8 80.3
Current ratio % 465.0 293.5 279.8 290.5 321.0
Fixed ratio % 49.6 62.1 70.7 66.6 62.2
Debt ratio % 21.6 28.3 37.2 31.9 24.6
Debt-equity ratio3 % - - 13.3 8.6 4.9
Interest coverage ratio4 Times - - 586.9 700.2 1,425.5

*3Debt-equity ratio = Interest-bearing debt ÷ Own capital × 100

*4Interest coverage = Operating cash flow / interest payments

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Growth Potential 46th 47th 48th 49th5 50th5
2015/3 2016/3 2017/3 2017/12 2018/12
Sales increase rate % 13.2 0.2 2.0 - -
Ordinary income increase rate % 37.2 3.7 -14.5 - -
Net income increase rate % 45.3 12.7 8.4 - -

*5The 49th and 50th term is transitional period of the change of the fiscal year, rate is omitted.

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Productivity 46th 47th 48th 49th 50th
2015/3 2016/3 2017/3 2017/12 2018/12
Sales per employee Thousand yen 30,090 28,369 27,075 27,236 29,970
Gross margin per employee Thousand yen 19,252 18,861 17,676 16,672 19,159
Ordinary income per employee Thousand yen 7,073 6,899 5,521 5,828 5,917

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Per Share Data 46th 47th 48th 49th 50th
2015/3 2016/3 2017/3 2017/12 2018/12
Net income per share(loss) Yen 66.98 76.26 84.86 81.77 92.85
Net assets per share Yen 599.85 632.41 683.86 760.92 799.46
Annual dividend Yen 14 18 20 22 26

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Employee Data 46th 47th 48th 49th 50th
2015/3 2016/3 2017/3 2017/12 2018/12
Number of employees (consolidated) Persons 301 320 342 354 378
Number of employees (non-consolidated) Persons 172 186 198 205 225
Average age (non-consolidated) Years old 41.9 41.7 41.8 41.8 41.6
Average service years (non-consolidated) Years 13.5 12.9 12.7 12.7 12.0

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Sales by Item 46th 47th 48th 49th 50th
2015/3 2016/3 2017/3 2017/12 2018/12
Chemicals for electronic substrates and parts Million yen 8,486 8,718 8,862 9,480 11,131
Machines for electronic substrates Million yen 112 178 130 56 53
Materials for electronic substrates Million yen 432 154 239 94 118
Other Million yen 26 26 26 9 25
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