Consolidated Financial Statements

  • Balance Sheets
  • Income Statement /
    Statement of Comprehensive Income
  • Cash Flows
  • Balance Sheets

    Condolidated Balance Sheets

    Total assets

    Total net assets / Total net assets ratio

    (Millions of yen)

    YEARS ENDED MARCH 31 2014/3 2015/3 2016/3 2017/3 2018/3
    Assets
    Current assets: 429,338 462,969 493,932 512,470 536,234
    Cash and time deposits 34,025 31,953 31,000 42,045 33,372
    Notes and accounts receivable, trade 222,481 237,631 258,378 269,676 287,084
    Inventories 121,443 137,614 145,139 142,412 149,757
    Other current assets 51,387 55,770 59,414 58,336 66,020
    Long-term assets: 381,269 441,451 351,327 374,060 382,487
    Tangible fixed assets 172,619 174,953 176,476 173,517 174,600
    Intangible fixed assets 13,874 15,295 20,369 20,528 19,330
    Investments and other assets 194,775 251,201 154,481 180,014 188,556
    Deferred assets 166 102 117 132 137
    Total assets 810,774 904,522 845,378 886,663 918,859
    Liabilities and shareholders' equity
    Current liabilities: 359,457 404,748 417,819 412,404 405,236
    Notes and accounts payable, trade 142,087 150,648 160,416 165,306 183,976
    Short-term loans 76,412 68,095 53,795 62,008 33,865
    Current portion of debentures - 15,000 20,500 5,000 20,000
    Other current liabilities 140,957 171,003 183,107 180,089 167,394
    Long-term liabilities 200,091 180,137 166,578 150,396 147,076
    Long-term debt and bonds 123,092 89,129 88,449 84,208 74,435
    Net defined benefit liability 34,236 32,518 50,729 40,883 42,519
    Other long-term liabilities 42,762 58,489 27,399 25,303 30,121
    Total liabilities 559,548 584,885 584,397 562,800 552,312
    Net Assets
    Shareholders' equity: 189,804 196,680 219,221 252,619 281,805
    Common stock 47,586 47,586 47,586 47,586 47,586
    Capital surplus 46,734 46,735 46,736 45,985 45,986
    Retained earnings 102,631 109,543 132,111 166,289 195,517
    Treasury stock at cost -7,148 -7,184 -7,212 -7,241 -7,284
    Valuation and translation adjustments: 37,376 93,659 11,177 38,596 48,830
    Unrealized gain on other securities 44,768 69,528 30,254 42,751 47,665
    Deferred gain on hedges 20 -513 -1,132 -1,600 88
    Foreign currency transaction adjustment 3,202 10,978 3,377 175 1,572
    Remeasurements of defined benefit plans -10,614 13,665 -21,321 -2,730 -496
    Minority interests in consolidated subsidiaries 24,043 29,296 30,581 32,647 35,910
    Total net assets 251,225 319,636 260,980 323,863 366,546
    Total liabilities and net assets 810,774 904,522 845,378 886,663 918,859
  • Income Statement / Statement of Comprehensive Income

    Consolidated Statements of Income

    Net sales / Ratio of cost of sales

    Net income (loss)

    (Millions of yen)

    YEARS ENDED MARCH 31 2014/3 2015/3 2016/3 2017/3 2018/3
    Net sales 759,911 810,678 813,550 837,765 893,451
    Cost of sales 579,856 609,376 603,235 624,371 661,824
    Gross profit 180,055 201,302 210,314 213,394 231,627
    Ratio to net sales (%) 23.7 24.8 25.9 25.5 25.9
    Selling, general and administration expenditure 146,918 161,985 165,308 168,684 175,665
    Operating income (loss) 33,136 39,316 45,006 44,709 55,962
    Ratio to net sales (%) 4.4 4.8 5.5 5.3 6.3
    Non-operating income 7,170 8,321 4,908 4,780 4,664
    Interest and dividends received 1,471 2,526 3,037 2,822 2,503
    Other 5,699 5,795 1,871 1,957 2,160
    Non-operating expenses 3,575 4,499 4,301 3,193 4,579
    Interest expense 2,855 2,551 2,136 2,135 1,621
    Other 720 1,948 2,165 1,058 2,959
    Ordinary income (loss) 36,731 43,139 45,614 46,296 56,047
    Ratio to net sales (%) 4.8 5.3 5.6 5.5 6.3
    Extraordinary income 913 7,703 3,340 19,817 1,900
    Extraordinary loss 3,907 5,123 2,387 2,170 1,142
    Income before income taxes 33,737 45,719 46,566 63,943 56,805
    Income taxes and business tax (%) 4.4 5.6 5.7 7.6 6.4
    Income taxes and business tax 9,005 9,612 9,600 33,157 13,738
    Deferred income taxes 2,976 5,305 3,096 -14,234 1,064
    Income before minority interests 21,754 30,800 33,868 45,019 42,001
    Profit attributable to non-controlling interests 2,172 2,822 3,224 4,040 4,237
    Profit (loss) attributable to owners of parent 19,582 27,978 30,644 40,978 37,763
    Ratio to net sales (%) 2.6 3.5 3.8 4.9 4.2

    Consolidated Statements of Comprehensive Income

    (Millions of yen)

    YEARS ENDED MARCH 31 2014/3 2015/3 2016/3 2017/3 2018/3
    Income before minority interests 21,754 30,800 33,868 45,019 42,001
    Other comprehensive income (loss)          
    Valuation differences on available-for-sale securities 24,468 24,731 -39,295 12,598 5,093
    Deferred gains or loss on hedges 97 -531 -622 -464 1,688
    Foreign currency translation adjustments 4,351 8,785 -8,300 -3,604 1,597
    Remeasurements of defined benefit plans net of tax - 24,141 -34,914 18,359 2,301
    Share of other comprehensive income (loss) of associates accounted for using equity method 27 517 -520 307 171
    Total other comprehensive loss 28,945 57,644 -83,652 27,197 10,852
    Comprehensive income (loss) 50,700 88,445 -49,783 72,217 52,854
    Comprehensive income (loss) Attributable to:          
    Comprehensive income attributable to owners of parent 47,826 84,260 -51,837 68,397 47,997
    Comprehensive income attributable to non-controlling interests 2,874 4,184 2,053 3,820 4,856
  • Cash Flows

    Consolidated Statements of Cash Flows

    Cash flows

    Free cash flows

    (Millions of yen)

    YEARS ENDED MARCH 31 2014/3 2015/3 2016/3 2017/3 2018/3
    Cash flows from operating activities:
    Income (loss) before income taxes 33,737 45,719 46,566 63,943 56,805
    Depreciation and amortization 30,849 33,615 29,723 29,445 30,151
    Interest and dividends income -1,471 -2,526 -3,037 -2,822 -2,503
    Interest expense 2,855 2,551 2,136 2,135 1,621
    (Increase) decrease in trade receivables -1,185 -8,646 -22,609 -14,107 -16,633
    (Increase) decrease in inventories -9,964 -12,572 -7,811 1,557 -6,933
    Increase (decrease) in trade payables 8,290 3,410 12,513 7,169 18,645
    Increase (decrease) in advances received -6,445 3,958 1,750 4,909 3,487
    Other, net 5,895 -6,735 -3,604 -24,157 4,017
    Subtotal 62,561 58,775 55,627 68,073 88,657
    Interest and dividends received 1,451 2,572 3,035 2,838 2,507
    Interest paid -2,958 -2,536 -2,186 -2,230 -1,652
    Income taxes paid -7,403 -7,352 -8,026 -10,496 -36,365
    Net cash provided by (used in) operating activities 53,651 51,459 48,450 58,185 53,146
    Cash flows from investing activities:
    Purchase of fixed assets and marketable and investment securities -17,489 -25,502 -22,501 -19,635 -14,642
    Proceeds from sale of fixed assets and marketable and investment securities 11,745 7,102 7,872 33,609 3,381
    Other, net -3,905 -4,349 -4,781 -4,225 -3,290
    Net cash provided by (used in) investing activities -9,649 -22,750 -19,410 9,748 -14,550
    Free cash flows 44,002 28,708 29,040 67,934 38,596
    Cash flows from financing activities:
    Increase (decrease) in short-term borrowings, net 1,404 -7,926 -11,245 -228 -4,570
    Increase (decrease) in commercial paper, net -28,000 19,000 3,000 -22,000 -
    Proceeds from long-term debt 20,095 751 34,520 26,355 12,060
    Repayments of long-term debt and redemption of bonds -23,798 -24,357 -35,106 -37,082 -30,559
    Other, net -20,270 -21,296 -22,734 -23,128 -23,819
    Net cash provided by (used in) financing activities -50,569 -33,828 -31,566 -56,083 -46,887
    Effect of exchange rate changes on cash and cash equivalents -76 1,718 -2,099 -910 -374
    Net increase (decrease) in cash and cash equivalents -6,644 -3,401 -4,625 10,940 -8,664
    Cash and cash equivalents at beginning of year 39,688 33,412 31,895 30,838 41,886
    Cash and cash equivalents of resulting from changes of consolidated subsidiaries 368 1,883 3,552 107 108
    Cash and cash equivalents of resulting from
    mergers with non-consolidated subsidiaries
    - - 17 - -
    Cash and cash equivalents at end of year 33,412 31,895 30,838 41,886 33,329
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