Major Consolidated Index

Consolidated Results

Unit : millions of yen

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  2018.3
Actual
2019.3
Actual
2020.3
Actual
2021.3
Actual
2022.3
Forecast
Net Sales 430,602 453,565 468,616 468,119 492,500
Operating Profit 36,502 38,417 39,826 42,613 43,900
Ordinary Profit 35,985 37,925 39,078 41,464 43,000
Profit Attributable to Owners of Parent 23,846 25,992 26,595 28,828 28,830
Net Sales YoY Change (%) 7.1 5.3 3.3 (0.1) 5.2
Operating Profit YoY Change (%) 11.1 5.2 3.7 7.0 3.0
Ordinary Profit YoY Change (%) 12.3 5.4 3.0 6.1 3.7
Profit Attributable to Owners of Parent YoY Change (%) 0.1 9.0 2.3 8.4 0.0
Operating Profit Margin (%) 8.5 8.5 8.5 9.1 8.9
Ordinary Profit Margin (%) 8.4 8.4 8.3 8.9 8.7
Ratio of Profit Attributable to Owners of Parent to Net Sales 5.5 5.7 5.7 6.2 5.9

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Net sales do not include consumption and other taxes.

Financial Position

Unit : millions of yen

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  2018.3
Actual
2019.3
Actual
2020.3
Actual
2021.3
Actual
2022.3
Forecast
Total Net Assets 253,289 270,451 277,757 311,402
Shareholders' Equity 248,072 265,428 272,434 305,982
Total Assets 343,929 362,119 387,329 427,470
Shareholders' Equity Ratio (%) 72.1 73.3 70.3 71.6
D/E Ratio (%) 8.6 8.2 8.1 6.7
Dividend on Equity (%) 3.1 3.1 3.0 3.0
ROE (%) 9.8 10.1 9.9 10.0
Ordinary Profit to Total Assets (%) 10.2 10.7 10.4 10.2

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Shareholders' equity is computed by subtracting stock acquisition rights and Non-controlling interests from net assets.

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D/E ratio = (Loans + Bonds) / Shareholders' equity

Cash Flows

Unit : millions of yen

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  2018.3
Actual
2019.3
Actual
2020.3
Actual
2021.3
Actual
2022.3
Forecast
Cash Flows From Operating Activities 37,645 37,023 39,654 55,136 -
Cash Flows From Investing Activities (14,640) (25,698) (29,229) (16,811) -
Cash Flows From Financing Activities (43,968) (7,041) (9,146) (13,179) -
Term-end Cash and Cash Equivalents 22,785 27,509 28,103 55,873 -
Free Cash Flows 22,063 10,300 13,816 38,412 -

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Free cash flows = Cash flows from operating activities - Purchase of property, plant, equipment and intangible assets + Proceeds from sales of property, plant, equipment

Per Share Value Indicators

Unit : yen

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  2018.3
Actual
2019.3
Actual
2020.3
Actual
2021.3
Actual
2022.3
Forecast
Shareholders' Equity per Share 1,292.18 1,382.60 1,419.12 1,593.89
Earnings per Share 123.71 135.39 138.53 150.17 150.18
Diluted Earnings per Share
Cash Dividends per Share 39 41 42 45 45
Dividend Payout Ratio(Consolidated) (%) 31.5 30.3 30.3 30.0 30.0
Free Cash Flows per Share 114.46 53.65 71.97 200.09
Share Price as of Term-end 4,280 5,430 4,605 6,590
PER (Times) 34.6 40.1 33.2 43.9

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Other Information

Unit : millions of yen

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  2018.3
Actual
2019.3
Actual
2020.3
Actual
2021.3
Actual
2022.3
Forecast
Interest-bearing Debt 21,322 21,742 22,154 20,628
Capital Expenditures 18,180 28,346 27,464 19,703 24,000
Depreciation and Amortization 13,159 13,258 16,787 17,695 17,900
R&D Costs 3,772 3,816 4,373 4,755
Net Financial Income (Loss) 940 1,232 772 593
Average Term Exchange Rate (yen/US$) 110.81 110.69 109.10 106.17 107.00
No. of Employees (people) 7,105 7,100 7,376 7,645
No.of Shares Issued and Outstanding at Term-end (Thousand) 191,980 191,977 191,974 191,971

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Interest-bearing debt refers to all liabilities on the consolidated balance sheet on which interest is paid.

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Net financial income = Interest and dividend income Interest expense

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No. of shares issued and outstanding at term-end is computed by subtracting shareholders' equity.

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Depreciation and Amortization do not include the amortization of goodwill.

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Effective from the beginning of fiscal year ended March 31, 2019, “Partial Amendments to Accounting Standard for Tax Effect Accounting” are applied. The results for the fiscal year ended 2018.3 are based on figures recalculated after retroactively adopting the said accounting standards.

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Effective from the beginning of fiscal year ending March 31, 2020, overseas subsidiaries applied IFRS 16 “Leases” and ASU 2016-02 and recorded all leases on balance sheets, in principle. For the results for the year ended March 31, 2020, these accounting standards are applied to the figures.

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Forecasts are based on information available to management at the time of announcement.
Due to a number of inherent uncertainties in forecasts, actual results may differ materially from forecasts.

As for the data for years prior to listed above, please refer to our Factbook.

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