Financial Information
Consolidated Financial Statements(Japan GAAP)

Investor Relations

Balance Sheets

Condolidated Balance Sheets

(Billions of yen)

(Millions of yen)

YEARS ENDED MARCH 31 2020/3 2021/3 2022/3 2023/3 2024/3
Assets
Current assets: 595,692 629,207 681,981 713,553 763,072
- Cash and time deposits 64,073 76,546 92,966 84,700 66,186
- Notes and accounts receivable, trade 294,504 319,644 357,341 388,499 430,128
- Inventories 188,113 183,190 170,295 198,691 226,135
- Other current assets 49,001 49,826 61,378 41,662 40,620
Long-term assets: 401,016 422,652 435,058 467,946 508,064
- Tangible fixed assets 201,892 209,758 233,675 283,912 311,456
- Intangible fixed assets 24,606 23,426 22,504 24,032 25,462
- Investments and other assets 174,517 189,468 178,878 160,001 171,145
Deferred assets 118 92 71 51 37
Total assets 996,827 1,051,952 1,117,112 1,181,552 1,271,174
Liabilities and shareholders' equity
Current liabilities: 423,160 356,416 386,969 446,826 475,342
- Notes and accounts payable, trade 179,914 167,260 171,749 201,593 207,408
- Short-term loans 21,342 21,744 44,984 46,875 40,259
- Current portion of debentures 15,000 - - 15,000 -
- Other current liabilities 206,903 167,411 170,236 183,357 227,674
Long-term liabilities 167,664 234,281 206,413 162,657 134,359
- Long-term debt and bonds 73,604 131,686 101,276 48,600 35,100
- Net defined benefit liability 50,011 53,322 57,590 60,345 63,803
- Other long-term liabilities 44,048 49,272 47,545 53,711 35,455
Total liabilities 590,825 590,698 593,382 609,483 609,701
Net Assets
Shareholders' equity: 327,513 358,021 405,467 451,091 509,278
- Common stock 47,586 47,586 47,586 47,586 47,586
- Capital surplus 45,949 46,003 45,955 45,953 45,954
- Retained earnings 241,305 271,772 319,285 364,922 423,135
- Treasury stock at cost -7,327 -7,340 -7,359 -7,370 -7,397
Valuation and translation adjustments: 38,105 58,975 67,433 66,000 93,237
- Unrealized gain on other securities 44,606 55,761 51,649 45,550 54,717
- Deferred gain on hedges -231 322 507 241 -35
- Foreign currency transaction adjustment -3,545 1,539 14,169 22,222 37,772
- Remeasurements of defined benefit plans -2,724 1,351 1,107 -2,013 782
Minority interests in consolidated subsidiaries 3,078 3,415 5,894 7,285 6,717
Total net assets 406,002 461,254 523,729 572,068 661,472
Total liabilities and net assets 996,827 1,051,952 1,117,112 1,181,552 1,271,174

Income Statement / Statement of Comprehensive Income

Consolidated Statements of Income

(Billions of yen)

(Millions of yen)

YEARS ENDED MARCH 31 2020/3 2021/3 2022/3 2023/3 2024/3
Net sales 900,604 875,927 910,226 1,009,447 1,103,214
Cost of sales 680,067 654,661 657,789 732,528 799,925
- Gross profit 220,536 221,266 252,436 276,918 303,289
- Ratio to net sales (%) 24.5 25.3 27.7 27.4 27.5
Selling, general and administration 178,020 172,670 177,601 188,036 197,222
- Operating income (loss) 42,515 48,595 74,835 88,882 106,066
- Ratio to net sales (%) 4.7 5.5 8.2 8.8 9.6
Non-operating income 5,505 5,951 7,329 5,927 7,903
- Interest and dividends received 2,830 2,955 2,885 3,742 3,346
- Other 2,674 2,995 4,444 2,185 4,557
Non-operating expenses 3,507 4,146 2,867 6,997 6,147
- Interest expense 1,405 1,441 1,744 1,993 2,101
- Other 2,102 2,704 1,122 5,004 4,046
- Ordinary income (loss) 44,513 50,401 79,297 87,811 107,822
- Ratio to net sales (%) 4.9 5.8 8.7 8.7 9.8
Extraordinary income 2,771 41,145 10,538 11,154 8,554
Extraordinary loss 3,423 28,262 1,349 3,220 2,344
- Income before income taxes 43,860 63,284 88,487 95,746 114,032
- Income taxes and business tax (%) 4.9 7.2 9.7 9.5 10.3
Income taxes and business tax 12,488 21,423 21,846 26,317 32,118
Deferred income taxes -499 -3,481 2,085 794 -156
Income before minority interests 31,871 45,342 64,555 68,634 82,070
Profit attributable to non-controlling interests 3,078 3,415 5,894 7,285 6,717
- Profit (loss) attributable to owners of parent 28,793 41,926 58,660 61,348 75,353
- Ratio to net sales (%) 3.2 4.8 6.4 6.1 6.8

Consolidated Statements of Comprehensive Income

(Millions of yen)

YEARS ENDED MARCH 31 2020/3 2021/3 2022/3 2023/3 2024/3
Income before minority interests 31,871 45,342 64,555 68,634 82,070
Other comprehensive income (loss) Valuation differences on available-for-sale securities 608 11,400 -4,222 -6,202 8,871
Deferred gains or loss on hedges 49 553 185 -265 -277
Foreign currency translation adjustments -4,574 5,935 13,985 8,176 16,456
Remeasurements of defined benefit plans net of tax -1,531 4,419 -37 -3,279 2,804
Share of other comprehensive income (loss) of associates accounted for using equity method 402 -215 20 54 432
Total other comprehensive loss -5,046 22,094 9,930 -1,516 28,288
Comprehensive income (loss) 26,825 67,437 74,485 67,117 110,358
Comprehensive income (loss) Attributable to: Comprehensive income attributable to owners of parent 24,254 62,796 67,118 59,915 102,590
Comprehensive income attributable to non-controlling interests 2,570 4,640 7,367 7,202 7,768

Cash Flows

Consolidated Statements of Cash Flows

(Billions of yen)

(Millions of yen)

YEARS ENDED MARCH 31 2020/3 2021/3 2022/3 2023/3 2024/3
Cash flows from operating activities:
Income (loss) before income taxes 43,860 63,284 88,487 95,746 114,032
Depreciation and amortization 32,319 36,194 39,969 45,938 51,875
Interest and dividends income -2,830 -2,955 -2,885 -3,742 -3,346
Interest expense 1,405 1,441 1,744 1,993 2,101
(Increase) decrease in trade receivables 12,127 -20,852 -749 -28,444 -35,699
(Increase) decrease in inventories -11,873 7,513 -5,707 -25,709 -21,360
Increase (decrease) in trade payables -15,159 -15,881 -2,623 28,711 3,516
Increase (decrease) in advances received 1,557 -12,185 9,339 9,748 4,357
Other, net -171 -20,796 -26,744 13,366 -407
Subtotal 61,235 35,762 100,829 137,607 115,068
Interest and dividends received 2,830 2,959 2,847 3,679 3,438
Interest paid -1,396 -1,416 -1,738 -1,996 -2,166
Income taxes paid -16,582 -10,374 -25,129 -23,126 -31,481
Net cash provided by (used in) operating activities 46,087 26,931 76,809 116,163 84,858
Cash flows from investing activities:
Purchase of fixed assets and marketable and investment securities -23,338 -20,607 -34,957 -61,293 -67,279
Proceeds from sale of fixed assets and marketable and investment securities 9,698 49,852 21,171 20,541 12,808
Other, net -13,981 -5,767 -8,564 -8,746 -7,948
Net cash provided by (used in) investing activities -27,621 23,477 -22,350 -49,498 -62,418
Free cash flows 18,466 50,408 54,458 66,665 22,439
Cash flows from financing activities:
Increase (decrease) in short-term borrowings, net -2,296 -2,678 -3,592 -6,002 2,023
Increase (decrease) in commercial paper, net 43,500 -51,500 - - 36,000
Proceeds from long-term debt 30,126 62,165 - - 15,000
Repayments of long-term debt and redemption of bonds -26,663 -17,156 -4,405 -30,330 -37,885
Other, net -27,748 -30,350 -34,896 -40,859 -61,005
Net cash provided by (used in) financing activities 16,917 -39,520 -42,894 -77,193 -45,867
Effect of exchange rate changes on cash and cash equivalents -772 680 4,453 3,210 4,806
Net increase (decrease) in cash and cash equivalents 34,611 11,569 16,017 -7,318 -18,621
Cash and cash equivalents at beginning of year 29,134 63,746 75,332 91,350 84,165
Cash and cash equivalents of resulting from changes of consolidated subsidiaries - 16 - - -
Cash and cash equivalents of resulting from mergers with non-consolidated subsidiaries - - - 132 -
Cash and cash equivalents at end of year 63,746 75,332 91,350 84,165 65,543

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