业绩数据

Net Sales, Operating Income, Operating Income Ratio (Consolidated)

Total Assets, ROA, Shareholders' Equity, ROE (Consolidated)

Financial Highlights

At March 31	1998	1999	2000	2001	2002	2003
Net Sales	3,476	3,365	3,164	3,137	3,059	3,225
Operating Income	268	271	203	199	190	252
Ordinary Income	290	274	221	228	188	224
Net Income	140	132	75	40	29	81
Gross Cash Flow	286	288	243	206	190	272
Total Assets	4,789	4,880	5,038	5,125	4,874	4,269
Shareholders' Equity	2,335	2,599	2,828	2,895	2,906	2,873
Total Market Value	4,146	4,676	3,591	3,067	3,251	2,661

At March 31	2004	2005	2006	2007	2008
Net Sales	3,321	3,549	3,751	3,853	4,176
Operating Income	280	332	383	402	481
Ordinary Income	246	309	328	365	428
Net Income	152	185	212	224	256
Gross Cash Flow	360	398	464	479	570
Total Assets	4,132	4,549	4,814	5,087	4,904
Shareholders' Equity	3,003	3,129	3,391	3,561	3,419
Total Market Value	3,423	3,513	5,086	4,874	4,137

(100million yen)

At March 31	1998	1999	2000	2001	2002	2003
Operating Income (100million yen)	268	271	203	199	190	252
Operating Income Ratio(%)	7.7	8.1	6.4	6.3	6.2	7.8
Ordinary Income (100million yen)	290	274	221	228	188	224
Ordinary Income Ratio(%)	8.3	8.1	7.0	7.3	6.1	6.9
Net Income (100million yen)	140	132	75	40	29	81
Net Income Ratio(%)	4.0	3.9	2.4	1.3	0.9	2.5
Cost of Sales (100million yen)	2,598	2,502	2,356	2,349	2,282	2,306
Cost of Sales Ratio(%)	74.7	74.4	74.5	74.9	74.6	71.5
Selling, General and Administrative Expenses (100million yen)	610	591	605	588	587	667
Selling, General and Administrative Expenses Ratio(%)	17.5	17.6	19.1	18.7	19.2	20.7
ROE(%)	6.3	5.4	2.8	1.4	1.0	2.8
ROA(%)	5.4	5.6	4.1	3.9	3.8	5.5

At March 31	2004	2005	2006	2007	2008
Operating Income (100million yen)	280	332	383	402	481
Operating Income Ratio(%)	8.4	9.4	10.2	10.4	11.5
Ordinary Income (100million yen)	246	309	328	365	428
Ordinary Income Ratio(%)	7.4	8.7	8.7	9.5	10.3
Net Income (100million yen)	152	185	212	224	256
Net Income Ratio(%)	4.6	5.2	5.6	5.8	6.1
Cost of Sales (100million yen)	2,362	2,541	2,663	2,759	2,952
Cost of Sales Ratio(%)	71.1	71.6	71.0	71.6	70.7
Selling, General and Administrative Expenses (100million yen)	679	676	705	692	742
Selling, General and Administrative Expenses Ratio(%)	20.4	19.0	18.8	18.0	17.8
ROE(%)	5.2	6.0	6.5	6.4	7.3
ROA(%)	6.7	7.6	8.2	8.1	9.6

Operating Income Ratio=Operating Income/Net Sales×100(%)
Ordinary Income Ratio=Ordinary Income/Net Sales×100(%)
Net Income Ratio=Net Income/Net Sales×100(%)
Cost of Sales Ratio=Cost of Sales/Net Sales×100(%)
Selling, General and Administrative Expenses Ratio=Selling, General and Administrative Expenses/Net Sales×100(%)
ROE=Net Income/Average Shareholders' Equity×100(%)
ROA=Operating Income/Average Total Assets×100(%)

At March 31	1998	1999	2000	2001	2002	2003
Total Assets Turnover(times)	0.7	0.7	0.6	0.6	0.6	0.7
Equity Turnover(times)	1.6	1.4	1.2	1.1	1.1	1.1
Tangible Fixed Assets Turnover (times)	3.3	2.8	2.5	2.5	2.3	2.4
Number of Months' Sales in Inventories(months)	2.6	2.5	2.8	2.9	2.8	2.4
Number of Months' Sales in Receivables(months)	3.4	3.2	3.4	3.7	3.5	3.1

At March 31	2004	2005	2006	2007	2008
Total Assets Turnover(times)	0.8	0.8	0.8	0.8	0.8
Equity Turnover(times)	1.1	1.2	1.2	1.1	1.2
Tangible Fixed Assets Turnover (times)	2.4	2.4	2.4	2.3	2.3
Number of Months' Sales in Inventories(months)	2.2	2.2	2.2	2.2	2.1
Number of Months' Sales in Receivables(months)	3.0	2.8	2.9	3.0	2.7

Total Assets Turnover=Net Sales/Average Total Assets(times)
Equity Turnover=Net Sales/Average Shareholders' Equity(times)
Tangible Fixed Assets Turnover=Net Sales/Average Tangible Fixed Assets(times)
Number of Months' Sales in Inventories=Inventories/Net Sales×12(months)
Number of Months' Sales in Receivable=(Trade+Accounts Receivable)/Net Sales×12(months)

At March 31	1998	1999	2000	2001	2002	2003
Equity Ratio(%)	48.8	53.3	56.1	56.5	59.6	67.3
Current Ratio(%)	160.1	192.2	243.5	217.5	162.3	190.7
Current Assets (100million yen)	2,164	2,081	2,133	2,397	1,985	1,857
Current Liabilities (100million yen)	1,352	1,083	876	1,102	1,223	974
Fixed Assets/Liability Ratio (%)	76.5	73.2	69.9	67.8	79.2	73.2
Interest Coverage Ratio (times)	9.0	9.6	8.9	9.8	10.2	17.9
Interest-Bearing Debt (100million yen)	1,055	1,201	1,015	966	796	370
Debt-to-equity Ratio(%)	31.7	35.1	30.9	27.3	24.1	8.0

At March 31	2004	2005	2006	2007	2008
Equity Ratio(%)	72.7	68.8	70.5	70.0	69.7
Current Ratio(%)	228.1	214.9	253.3	230.9	220.4
Current Assets (100million yen)	1,714	1,823	2,007	2,180	1,963
Current Liabilities (100million yen)	752	849	792	944	891
Fixed Assets/Liability Ratio (%)	71.5	74.1	70.2	70.6	73.8
Interest Coverage Ratio (times)	44.5	115.7	95.6	100.6	60.5
Interest-Bearing Debt (100million yen)	118	297	233	280	340
Debt-to-equity Ratio(%)	1.6	4.1	2.4	1.4	6.7

Equity Ratio=Shareholders' Equity/Total Assets×100(%)
Current Ratio=Current Assets/Current Liabilities×100(%)
Fixed Assets/Liability Ratio=Fixed Assets/(Shareholders' Equity+Long-term Liabilities)×100(%)
Interest Coverage Ratio=(Operating Income+Interest Received+Dividends Received)/Interest Expenses(times)
Interest-Bearing Debt=Short-term Bank Loans+Current Portion of Long-term Debt+Long-term Debt
Debt-to equity Ratio=(Interest-bearing Debt-Cash and Cash Equivalents)/Shareholders' Equity×100(%)

At March 31	1998	1999	2000	2001	2002	2003
Net Sales per Employee (million yen)	48.23	46.00	44.39	43.11	42.98	45.75
Ordinary Income per Employee(million yen)	4.02	3.75	3.10	3.13	2.64	3.18
Net Income per Employee(million yen)	1.94	1.80	1.05	0.55	0.40	1.15
Number of Employee (people)	7,809	6,823	7,433	7,121	7,115	6,983

At March 31	2004	2005	2006	2007	2008
Net Sales per Employee (million yen)	48.34	51.89	54.82	56.56	61.68
Ordinary Income per Employee(million yen)	3.58	4.51	4.79	5.36	6.32
Net Income per Employee(million yen)	2.21	2.70	3.10	3.29	3.77
Number of Employee (people)	6,760	6,919	6,842	6,812	6,770

At March 31	1998	1999	2000	2001	2002	2003
Capital Expenditures	208	335	198	158	507	191
Depreciation and Amortization	146	156	168	166	161	191
R&D Expenditures	137	134	121	123	121	125

At March 31	2004	2005	2006	2007	2008
Capital Expenditures	322	457	339	377	427
Depreciation and Amortization	208	213	252	255	315
R&D Expenditures	137	139	141	130	153

(100million yen)

At March 31	1998	1999	2000	2001	2002	2003
Earnings per Share (yen)	40.46	36.83	20.00	10.56	7.49	21.01
Price-to- Earnings Ratio(time)	28.9	34.9	46.9	75.9	113.4	33.1
Book Value per Share(yen)	658.99	714.21	738.53	756.07	759.25	771.38
Price-to- Book-Value Ratio(time)	1.8	1.8	1.3	1.1	1.1	0.9
Cash Flow per Share (yen)	82.36	79.92	64.81	53.81	49.36	71.04
Price-to- Cash-Flow Ratio(time)	14.2	16.1	14.5	14.9	17.2	9.8
Dividend per Share (yen)	9.0	9.0	9.0	9.0	9.0	9.0
Consolidated Payout Ratio(%)	21.7	24.2	44.0	86.1	120.2	42.2
Dividends -on-Equity (%)	6.3	5.4	2.8	1.4	1.0	2.8
EBITDA (100million yen)	414	427	371	365	351	443
EV/EBITDA (time)	11.6	12.8	11.3	9.5	10.9	6.2

At March 31	2004	2005	2006	2007	2008
Earnings per Share (yen)	40.81	50.13	57.51	60.95	72.15
Price-to- Earnings Ratio(time)	21.9	19.1	24.1	20.9	16.5
Book Value per Share(yen)	817.57	852.26	922.65	967.80	981.82
Price-to- Book-Value Ratio(time)	1.1	1.1	1.5	1.3	1.2
Cash Flow per Share (yen)	97.04	108.37	126.28	130.28	161.03
Price-to- Cash-Flow Ratio(time)	9.2	8.8	11.0	9.8	7.4
Dividend per Share (yen)	10.0	12.0	15.0	18.5	22.0
Consolidated Payout Ratio(%)	24.4	23.9	26.0	30.4	30.5
Dividends -on-Equity (%)	1.3	1.4	1.6	2.0	2.2
EBITDA (100million yen)	488	545	635	657	796
EV/EBITDA (time)	6.7	6.6	8.0	7.0	5.5

Earnings per Share=Net Income/Average Share Issued and Outstanding
Book Value per Share=Shareholdes' Equity of the End of Year/Shares Issued and Outstanding
Cash Flow per Share=Gross Cash Flow/Average Shares Issued and Outstanding
Consolidated Payout Ratio=Total Dividend Paid/Net Income×100(%)
Dividends-on-Equity=Total Dividend Paid/Average Shareholders' Equity×100(%)
EBITDA=Operating Income+Depreciation and Amortization
EV=Total Market Value+Interest-bearing Debt-Liquidity in Hand

Note:EV,EBITDA are calculated at 100million yen units. It might be different from the number written in the Fact Book.