Japanese

Consolidated Financial Summary

Net Sales
Operating Profit / Operating income ratio
Net income/Return on sales
 Return on equity (ROE)
Total assets / Shareholders' equity ratio
Interest-bearing debt / Debt, Equity ratio

Main Consolidated Financial Indicators

million yen FY2011 FY2012 FY2013 FY2014 FY2015
Net sales, operating income and net income (loss)
Net sales 972,648 948,705 951,359 1,006,630 1,185,980
Operating income 72,584 71,232 61,807 74,519 91,045
Net income (loss) 41,754 48,373 42,159 46,495 63,592
Profitability ratios
Operating income ratio (%)*1 7.5 7.5 6.5 7.4 7.7
Return on sales (%)*2 4.3 5.1 4.4 4.6 5.4
Gross profit margin (%)*3 38.0 36.7 33.2 34.5 35.2
SGA ratio (%)*4 30.5 29.2 26.7 27.1 27.5
Total assets, total shareholders' equity and interest-bearing debt
Total assets 1,097,057 1,091,741 1,093,165 1,255,090 1,263,264
Total shareholders' equity 605,349 635,287 594,950 669,576 624,245
Interest-bearing debt (Net) -19,873 -67,187 10,538 43,299 43,462
Shareholders' equity ratio (%)*5 55.2 58.2 54.4 53.3 49.4
Net debt/equity ratio (%)*6 2.9 -3.2 7.3 12.8 15.8
Return indicators
Return on equity (ROE) (%)*7 6.9 7.8 7.1 7.4 9.8
Return on total assets (ROA) (%)*8 3.8 4.4 3.9 4.0 5.1
Per share value indicators
Net income (loss) per share (¥) 61.3 74.4 68.7 78.5 108.1
Book value per share (BPS) (¥) 894.6 1,004.4 1,002.3 1,131.4 1,074.4
Cash flow per share (CFPS) (¥)*9 131.2 152.5 155.8 159.2 199.8

*1-9: See accompanying notes below.

FY2011 FY2012 FY2013 FY2014 FY2015
Liquidity indicators
Debt/Cash flow ratio (%)*10 147.8 128.7 137.2 187.4 204.2
Interest coverage ratio (times)*11 42.7 45.0 31.0 50.4 57.1
Current ratio (%)*12 226.5 229.3 232.8 169.5 268.6
Investment ratios
Price/Earnings ratio — PER (times) 16.9 19.0 21.2 33.5 23.5
Price/Book value ratio — PBR (times) 1.2 1.4 1.5 2.3 2.4
Price/Cash flow ratio — PCFR (times) 7.9 9.3 9.5 16.6 12.7
Dividends and payout ratio
Dividends per share (¥) 16.0 18.0 20.0 24.0 28.0
Payout ratio (%)*13 26.1 24.2 29.1 30.6 25.9
Value indicators
Free cash flow (¥ million)*14 51,611 103,703 -480 -31,132 71,395
*10-14: See notes below.
■Methods of Calculating Main Financial Indicators
  1. Operating income ratio = Operating income/Net sales
  2. Return on sales = Net income/Net sales
  3. Gross profit margin = Gross profit/Net sales
  4. SGA ratio = Selling, general and administrative expenses/Net sales
  5. Shareholders' equity ratio = Total shareholders' equity/Total assets
  6. Net debt/equity ratio = Interest-bearing debt/Shareholders' equity (Net debt is interest-bearing debt - Cash on hand and in banks x 75%)
  7. ROE = Net income/Average shareholders' equity
  8. ROA = Net income/Average total assets
  9. CFPS = (Net income + Depreciation and amortization + Deferred income tax)/Outstanding shares
  10. Debt/Cash flow ratio = Average interest-bearing debt/(Net income + Depreciation and amortization + Deferred income tax)
  11. Interest coverage ratio = Net cash provided by operating activities/Interest paid
  12. Current ratio = Current assets/Current liabilities
  13. Payout ratio = Dividends paid/Net income
  14. Free cash flow = Net cash provided by operating activities-Net cash used in investing activities