Consolidated Financial Statements

(Millions of yen)

Assets
  FY2017
(As of March 31, 2018)
FY2018
(As of March 31, 2019)
Current assets    
Cash and deposits 78,264 86,515
Notes and accounts receivable - trade 153,646 171,084
Merchandise and finished goods 12,475 13,092
Work in process 8,573 9,126
Raw materials and supplies 11,206 14,622
Other 15,706 16,250
Allowance for doubtful accounts △3,534 △4,130
Total current assets 276,337 306,560
Non-current assets    
Property, plant and equipment    
Buildings and structures, net 45,730 45,721
Machinery, equipment and vehicles, net 7,000 6,492
Tools, furniture and fixtures, net 5,729 5,875
Land 15,811 15,750
Leased assets, net 318 198
Construction in progress 2,141 1,102
Total property, plant and equipment 76,731 75,141
Intangible assets    
Software 17,780 15,798
Goodwill 7,246 6,608
Other 12,765 11,650
Total intangible assets 37,791 34,057
Investments and other assets    
Investment securities 43,692 42,550
Deferred tax assets 4,979 6,606
Other 7,823 7,214
Allowance for doubtful accounts △2,737 △2,016
Total investments and other assets 53,757 54,354
Total non-current assets 168,280 163,553
Total assets 444,617 470,114

(Millions of yen)

Liabilities
  FY2017
(As of March 31, 2018)
FY2018
(As of March 31, 2019)
Current liabilities    
Notes and accounts payable -trade 25,466 25,130
Electronically recorded obligations -operating 10,569 9,966
Short-term loans payable 1,539 13,832
Accounts payable-other 12,058 13,530
Income taxes payable 4,947 4,332
Advances received 32,173 36,891
Provision for bonuses 14,791 15,538
Provision for loss on construction contracts 5,881 7,806
Other 21,695 20,639
Total current liabilities 129,124 147,669
Non-current liabilities    
Long-term loans payable 28,936 18,670
Deferred tax liabilities 2,676 1,914
Net defined benefit liability 3,586 4,050
Other 1,588 1,658
Total non-current liabilities 36,789 26,293
Total liabilities 165,913 173,963
Net assets
  FY2017
(As of March 31, 2018)
FY2018
(As of March 31, 2019)
Shareholders' equity    
Capital stock 43,401 43,401
Capital surplus 54,560 54,602
Retained earnings 173,034 193,468
Treasury shares △1,393 △1,397
Total shareholders' equity 269,602 290,074
Accumulated other comprehensive income    
Valuation difference on available-for-sale securities 11,873 9,431
Deferred gains or losses on hedges △29 20
Foreign currency translation adjustment △8,426 △8,314
Remeasurements of defined benefit plans △1,112 △1,351
Total accumulated other comprehensive income 2,305 △214
Non-controlling interests 6,796 6,290
Total net assets 278,704 296,150
Total liabilities and net assets 444,617 470,114

(Millions of yen)

  FY2017
(As of March 31, 2018)
FY2018
(As of March 31, 2019)
Net sales 406,590 403,711
Cost of sales 231,262 230,641
Gross profit 175,328 173,070
Selling, general and administrative expenses 142,623 138,475
Operating income 32,705 34,594
Non-operating income    
Interest income 575 672
Dividend income 1,757 1,650
Share of profit of entities accounted for using equity method 869 1,086
Miscellaneous income 922 1,138
Total non-operating income 4,125 4,549
Non-operating expenses    
Interest expenses 312 330
Commission fee 188 149
Foreign exchange losses 1,913 545
Miscellaneous loss 1,074 1,347
Total non-operating expenses 3,488 2,373
Ordinary income 33,341 36,770
Extraordinary income    
Gain on sales of non-current assets 2,085 33
Gain on sales of investment securities 3,731 718
Gain on sales of shares of subsidiaries and associates 1,804
Total extraordinary income 5,816 2,557
Extraordinary losses    
Loss on sales of non-current assets 6 14
Loss on retirement of non-current assets 213 365
Impairment loss 9,199 113
Loss on sales of investment securities 39 2
Loss on valuation of investment securities 86 176
Restructuring loss 227
Loss on employees’ pension fund withdrawal 223
Total extraordinary losses 9,768 899
Profit before income taxes 29,389 38,428
Income taxes -current 10,737 10,784
Income taxes -deferred △4,127 △2,530
Total income taxes 6,610 8,253
Profit 22,779 30,174
Profit attributable to non-controlling interests 1,297 1,727
Profit attributable to owners of parent 21,481 28,446
  FY2017
(As of March 31, 2018)
FY2018
(As of March 31, 2019)
Cash flows from operating activities    
Profit before income taxes 29,389 38,428
Depreciation 16,689 16,770
Amortization of goodwill 1,623 880
Increase decrease in allowance for doubtful accounts 3,443 52
Increase decrease in provision for bonuses 321 940
Increase decrease in net defined benefit liability △290 406
Interest and dividend income △2,333 △2,323
Interest expenses 312 330
Share of loss profit of entities accounted for using equity method △869 △1,086
Loss gain on sales of investment securities △3,691 △716
Loss gain on valuation of investment securities 86
Loss gain on sales of shares of subsidiaries and associates △1,576
Loss gain on step acquisitions △2,078 △19
Loss on retirement of non-current assets 213 365
Impairment loss 9,199 113
Decrease increase in notes and accounts receivable -trade △11,885 △15,733
Decrease increase in inventories △1,521 △9,017
Increase decrease in notes and accounts payable -trade 3,753 1,860
Other, net △2,568 1,552
Subtotal 39,793 31,228
Interest and dividend income received 2,334 2,184
Interest expenses paid △358 △337
Income taxes paid refund △9,787 △11,664
Net cash provided by used in operating activities 31,980 21,410
Cash flows from investing activities    
Payments into time deposits △111
Proceeds from withdrawal of time deposits 417 1,568
Purchase of property, plant and equipment △6,565 △7,890
Proceeds from sales of property, plant and equipment 3,202 174
Purchase of intangible assets △7,018 △5,593
Purchase of investment securities △1,392
Proceeds from sales and redemption of investment securities 4,660 1,100
Purchase of shares of subsidiaries resulting in change in scope of consolidation △1,391 △194
Proceeds from sales of shares of subsidiaries resulting in change in scope of consolidation 8,027
Other, net 158 112
Net cash provided by used in investing activities △6,648 △4,088
  FY2017
(As of March 31, 2018)
FY2018
(As of March 31, 2019)
Cash flows from financing activities    
Net increase decrease in short-term loans payable △3,935 2,481
Repayments of long-term loans payable △10,088 △176
Cash dividends paid △7,344 △8,008
Dividends paid to non-controlling interests △637 △773
Other, net △423 △511
Net cash provided by used in financing activities △22,428 △6,988
Effect of exchange rate change on cash and cash equivalents △631 △469
Net increase decrease in cash and cash equivalents 2,273 9,864
Cash and cash equivalents at beginning of period 73,563 75,836
Cash and cash equivalents at end of period 75,836 85,701
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