Consolidated Financial Statements

Traded as : 7537 (TYO)

Consolidated Statements of Income

(Millions of Yen)

fiscal year
2012
2013
2014
2015
2016
Net Sales 220,200 260,424 273,683 279,571 270,698
Cost of sales 202,437 241,581 254,537 261,252 250,085
Gross profit 17,763 18,842 19,146 18,319 20,612
Selling, general and administrative expenses 14,771 14,930 14,593 15,106 17,729
Operating income 2,991 3,912 4,552 3,212 2,883
Non-operating income 640 708 751 734 705
Non-operating expenses 1,132 675 1,418 624 937
Ordinary income 2,500 3,944 3,886 3,321 2,651
Extraordinary income 124 12 7 870 1
Extraordinary loss 731 70 110 893 65
Income before income taxes and minority interests 1,892 3,886 3,783 3,299 2,587
Income taxes-current 611 918 755 894 877
Income taxes-deferred ▲32 505 631 242 ▲342
Profit attributable to non-controlling interests 456 454 405 351 402
Profit attributable to owners of parent 857 2,008 1,990 1,810 1,650

Consolidated Balance Sheets

(Millions of Yen)

Settlement period
2012
2013
2014
2015
2016
Assets
Current assets 93,799 99,510 117,084 96,211 113,711
 Cash and deposits 17,440 19,151 21,725 14,096 12,584
 Notes and accounts receivable-trade 48,299 60,944 63,393 53,539 65,443
 Short-term investment securities 727
 Merchandise and finished goods 25,378 16,860 28,818 24,765 29,385
 Work in process 47 70 169 150 291
 Deferred tax assets 1,567 1,070 1,060 857 1,149
 Other 1,097 1,430 1,937 2,819 4,220
 Allowance for doubtful accounts ▲31 ▲17 ▲19 ▲17 ▲90
Noncurrent assets
10,943
11,124
11,228
10,302
12,273
 Property, plant and equipment 4,302 4,277 4,232 3,079 3,549
 Intangible assets 406 402 448 342 1,148
 Investments and other assets 6,234 6,445 6,548 6,880 7,575
Total assets
104,743
110,635
128,313
106,513
125,984
Liabilities and net assets
Current liabilities
49,042
65,114
72,594
49,481
67,272
 Notes and accounts payable-trade 33,523 39,910 52,978 35,921 37,987
 Short-term Loans Payable 11,687 7,100 15,300 9,732 25,077
 Current portion of long-term loans payable 34 15,043 1,006 2 112
 Current portion of bonds 21 - - - -
 Provision for bonuses 808 789 818 860 1,034
 Other 2,966 2,271 2,490 2,964 3,060
Noncurrent liabilities
18,153
3,050
9,416
10,693
11,161
 Bonds payable - - - - -
 Long-term loans payable 16,037 1,013 7,507 8,500 8,988
 Net defined benefit liability 1,461 1,330 1,194 1,718 1,586
 Provision for directors' retirement benefits 244 225 260 147 96
 Other 410 481 454 327 490
Total liabilities
67,195
68,165
82,010
60,175
78,434
Shareholders' equity
35,035
36,652
38,068
39,225
40,143
 Capital stock
6,214
6,214
6,214
6,214
6,214
 Capital surplus
6,353
6,353
6,353
6,353
6,353
 Retained earnings
24,097
25,713
27,131
28,287
29,206
 Treasury stock
▲1,630
▲1,630
▲1,630
▲1,630
▲1,630
Accumulated other comprehensive income
▲1,269
955
2,382
1,135
1,563
Non-controlling interests
3,781
4,862
5,851
5,977
5,843
Total net assets
37,547
42,469
46,302
46,338
47,550
Total liabilities and net assets
104,743
110,635
128,313
106,513
125,984

Consolidated Statements of Cash Flows

(Millions of Yen)

fiscal year
2012
2013
2014
2015
2016
Net cash provided by (used in) operating activities
Income before income taxes and minority interests 1,892 3,886 3,783 3,299 2,587
Depreciation and amortization 504 403 374 343 394
Amortization of goodwill - - - - 112
Increase (decrease) in allowance for doubtful accounts ▲1 ▲22 0 ▲1 62
Interest and dividends income ▲42 ▲44 ▲49 ▲74 ▲90
Interest expenses 337 275 219 186 317
Foreign exchange losses (gains) ▲544 ▲488 ▲102 171 911
Equity in (earnings) losses of affiliates ▲154 ▲270 ▲299 ▲431 ▲455
Loss on valuation of investment securities 21 29 - - 0
Decrease (Increase) in notes and accounts receivable-trade 19,256 ▲10,445 ▲1,168 10,647 ▲6,972
Decrease (increase) in inventories ▲2,255 9,089 ▲11,639 4,067 ▲1,925
Increase (decrease) in notes and accounts payable-trade ▲9,678 4,604 12,418 ▲17,811 1,450
Other, net 561 ▲336 ▲190 ▲805 ▲1,270
Subtotal
9,896
6,678
3,346
▲411
▲4,876
Interest and dividends income received 108 159 195 114 253
interest expenses paid ▲351 ▲282 ▲220 ▲186 ▲320
Income taxes paid ▲751 ▲730 ▲1,022 ▲727 ▲956
Income taxes refund 33 174 2 5 4
Other, net ▲635 - ▲99 - -
Net cash provided by (used in) operating activities
8,301
5,999
2,202
▲1,204
▲5,894
Net cash provided by (used in) investing activities
Payments into time deposits ▲29 ▲234 ▲295 ▲521 ▲355
Proceeds from withdrawal of time deposits 200 242 269 455 377
Purchase of property, plant and equipment ▲268 ▲148 ▲113 ▲235 ▲635
Purchase of intangible assets ▲180 ▲147 ▲164 ▲23 ▲382
Purchase of investment securities ▲379 ▲22 ▲23 ▲1,216 ▲234
Payment for transfer of business - - - - -
Other, net 250 149 91 2,035 ▲631
Net cash provided by (used in) investing activities
▲406
▲162
▲235
493
▲1,862
Net cash provided by (used in) financing activities
Decrease (Increase) in short-term loans payable ▲7,248 ▲4,727 6,676 ▲5,884 7,456
Proceeds from long-term loans payable - - 7,500 1,030 ▲112
Repayment of long-term loans payable ▲1,534 ▲97 ▲15,043 ▲1,071 ▲2
Proceeds from issuance of bonds - - - - -
Redemption of bonds ▲48 ▲21 - - -
Proceeds from issuance of common stock - - - - -
Purchase of treasury stock - ▲ 0 ▲ 0 ▲ 0 -
Cash dividends paid ▲339 ▲391 ▲493 ▲653 ▲731
Other, net ▲90 ▲144 ▲125 ▲144 ▲327
Net cash provided by (used in) financing activities
9,261
▲5,382
▲1,515
▲6,724
6,282
Effect of exchange rate change on cash and cash equivalents
854
1,110
2,084
▲374
▲10
Net increase(decrease) in cash and cash equivalents
▲512
1,565
2,536
▲7,810
▲1,485
Cash and cash equivalents at beginning of period
17,923
17,410
18,976
21,512
13,702
Increase in cash and cash equivalents from newly consolidated subsidiary
-
-
-
-
-
Cash and cash equivalents at end of period
17,410
18,976
21,512
13,702
12,216