3 Shareholders' Equity / Financial Indicators. 5 Capital Expenditure / Per Employee Data. 6 Financial Statements (Balance Sheet)

Transcription

1 CONTENTS 1 Operating Results 2 Sales as Classified by Items 3 Shareholders' Equity / Financial Indicators 4 Per Share Data 5 Capital Expenditure / Per Employee Data 6 Financial Statements (Balance Sheet) 7 Financial Statements (Statements of Income) 8 Consolidated Financial Statement (Balance Sheet) 9 Consolidated Financial Statement (Statements of Income) 1 Consolidated Financial Statement (Statements of Cash Flows)

2 Operating results Millions Yen 52,5 Net Sales/Growth Rate for Sales Millions Yen 1 9, Ordinary Income/ Rate of Growth in Ordinary Income Millions Yen 15 6, Net Income/ Rate of Growth in Net Income 2 49, 9 8, ,6 18 8, ,5 8 7, , , 7 7,2 11 4, ,5 6 6,75 1 4,4 12 6,3 9 35, 5 5,85 8 4, 1 31,5 4 5,4 7 3,6 8 28, 3 4,95 6 3,2 6 4,5 5 24,5 2 4,5 4 2,8 4 21, 1 3,6 3 2,4 2 17,5 3,15 2 2, 2,7 1 14, -1 2,25 1,6-2 1,5-2 1,8-1 1,2-4 7, -3 1, , '/3 '1/3 '2/3 '3/3 '4/3 Net Sales Net Sales Growth Rate for sales Growth Rate for sales -5 '/3 '1/3 '2/3 '3/3 '4/3 Ordinary Income Ordinary Income Rate of Growth in Ordinary Income Rate of Growth in Ordinary Income Fiscal Year Ended '/3 '1/3 '2/3 '3/3 '4/3 Net Sales 22,465 27,518 26,63 34,594 45,267 Growth Rate for sales (%) Operating Income 1,989 3,298 3,93 4,382 6,98 Rate of Growth for Operating Profits(%) Ordinary Income 2,19 3,528 3,425 4,552 7,252 Rate of Growth in Ordinary Income(%) Net Income 1,24 2,2 2,9 2,469 4,271 Rate of Growth in Net Income(%) Ratio of Gross Profit to Sales(%) Sales Management Cost Ratio(%) Consolidated '/3 '1/3 '2/3 '3/3 '4/3 Net Sales 25,398 3,691 28,711 37,4 48,629 Growth Rate for sales (%) Operating Income 2,43 3,822 3,17 4,435 7,532 Rate of Growth for Operating Profits(%) Ordinary Income 3,28 4,818 3,791 5,276 8,345 Rate of Growth in Ordinary Income(%) Net Income 2,39 3,118 2,358 3,119 5,15 Rate of Growth in Net Income(%) Ratio of Gross Profit to Sales(%) Sales Management Cost Ratio(%) Note: Amounts less than one million yen are omitted The listed amounts are rearranged to reflect amended financial classifications pursuants to the amendment of a part of -1- '/3 '1/3 '2/3 '3/3 '4/3 et Income et Income Rate of Growth in Net Income Rate of Growth in Net Income -1

3 Millions Yen Sales as Classified by Items 24, 22,5 21, 19,5 18, 16,5 15, 13,5 12, 1,5 9, 7,5 6, 4,5 3, 1,5 '/3 '1/3 '2/3 '3/3 '4/3 Electronic Materials Electrical Insulators Related Products Display Materials Industrial-Use Structural Materials Fiscal Year Ended '/3 '1/3 '2/3 '3/3 '4/3 Electronic Materials 9,378 12,11 9,68 14,329 22,772 Display Materials 5,14 6,97 8,894 13,228 16,23 Electrical Insulators 3,813 3,927 3,45 3,163 2,99 Industrial-Use Structural Materials 2,26 2,827 2,58 2,581 2,479 Related Products 1,928 1,756 1,648 1,293 1,3 Total 22,465 27,518 26,63 34,594 45,267

4 Shareholders' Equity/Financial Total Liabilities and Net Worth/ Turnover Ratio of Total Liabilities and Net Worth Shareholders' Equity/ Shareholders' Equity to Total Return on Equity/Operating Profit Ratio of Total Liabilities and Net Worth Millions Yen 6, Turnover) 2.4 4, , , , 2. 32, , 1.8 4, , , , , 1.2 2, , 1. 16, 4. 2, ,.6 12, ,.4 8, ,.2 4, 1. '/3 '1/3 '2/3 '3/3 '4/3. '/3 '1/3 '2/3 '3/3 '4/3. -2 '/3 '1/3 '2/3 '3/3 '4/3 Total Liabilities and Net Worth Total Liabilities and Net Worth Turnover Ratio of Total Liabilities and Net Worth Turnover Ratio of Total Liabilities and Net Worth Shareholders' Equity Shareholders' Equity Shareholders' Equity to Total Assets Shareholders' Equity to Total Assets Return on Equity Return on Equity Operating Profit Ratio of Total Liabilities and Net Worth Operating Profit Ratio of Total Liabilities and Net Worth Fiscal Year Ended '/3 '1/3 '2/3 '3/3 '4/3 Total Liabilities and Net Worth 25,93 29,34 32,718 39,185 46,744 Turnover Ratio of Total Liabilities and Net Worth(Turnover) Operating Profit Ratio of Total Liabilities and Net Worth(%) Shareholders' Equity 14,618 17,183 23,645 25,15 29,636 Shareholders' Equity to Total Assets(%) Return on Equity(%) Number of Shares Outstanding at Term End(1) 17,86 19,792 24,311 26,793 29,88 Consolidated '/3 '1/3 '2/3 '3/3 '4/3 Total Liabilities and Net Worth 29,478 33,896 37,851 44,712 53,41 Turnover Ratio of Total Liabilities and Net Worth(Turnover) Operating Profit Ratio of Total Liabilities and Net Worth(%) Shareholders' Equity 16,928 2,599 27,385 29,314 35,11 Shareholders' Equity to Total Assets(%) Return on Equity(%) Note:Turnover Ratio of Total Liabilities and Net Worth =Net Sales/Total Liabilities and Net Worth(Mid-term Average) Operating Profit Ratio of Total Liabilities and Net Worth = Ordinary Income/Total Liabilities and Net Worth (Mid-term Average)X1 Shareholders' Equity to Total Assets=Shareholders' Equity(Term End)/Total Liabilities and Net Worth(Term End)X1 Return on Equity = Net Income/Shareholders' Equity(Mid-term Average)X1 The listed amounts are rearranged to reflect amended financial classifications pursuants to the amendment of a part of

5 Per Share Data Net Income per Share Shareholders' Equity per Share Cash Dividends per Share/Payout Ratio Yen 19. Yen 12. (Yen) '/3 '1/3 '2/3 '3/3 '4/3. '/3 '1/3 '2/3 '3/3 '4/3 '/3 '1/3 '2/3 '3/3 '4/3. Net Income per Share Net Income per Share Shareholders' Equity per Share Shareholders' Equity per Share Cash Dividends per Share Payout Ratio Fiscal Year Ended '/3 '1/3 '2/3 '3/3 '4/3 Net Income per Share(Yen) Shareholders' Equity per Share(Yen) Cash Dividends per Share(Yen) Payout Ratio(%) Consolidated '/3 '1/3 '2/3 '3/3 '4/3 Net Income per Share(Yen) Shareholders' Equity per Share(Yen)

6 Capital Expenditure/Per Employee Data Millions Yen) 5,6 5,4 Capital Expenditure 2,5 Depreciation and Amortization Number of Employees/Net Sales per Employee (Thousands Yen) (Persons) 72, 11 5,2 5, 66, 1 4,8 4,6 4,4 2, 6, 9 4,2 4, 54, 8 3,8 3,6 48, 7 3,4 3,2 1,5 42, 3, 6 2,8 36, 2,6 2,4 2,2 1, 3, 5 2, 4 1,8 24, 1,6 1,4 18, 3 1,2 1, , , 1 2 '/3 '1/3 '2/3 '3/3 '4/3 Capital Expenditure Capital Expenditure '/3 '1/3 '2/3 '3/3 '4/3 Depreciation and Amortization Depreciation and Amortization '/3 '1/3 '2/3 '3/3 '4/3 Net Sales per Employee Number of Employees Fiscal Year Ended '/3 '1/3 '2/3 '3/3 '4/3 Capital Expenditure 2,622 2,35 1,995 3,63 5,13 Depreciation and Amortization 1,232 1,29 1,169 1,244 1,692 Inventory Turnover Period(Days) Interest Coverage(Times) Number of Employees(including part time employees)(persons) Net Sales per Employee(including part time employees)(thousands Yen) 39,973 53,21 45,886 59,748 7,59 Labor Productivity(Thousands Yen) 13,487 17,533 15,95 19,48 25,939 Labor's Relative Share(%) Consolidated '/3 '1/3 '2/3 '3/3 '4/3 Capital Expenditure 2,773 2,334 2,112 3,671 5,267 Depreciation and Amortization 1,39 1,39 1,559 1,578 1,989 Inventory Turnover Period(Days) Interest Coverage(Times) ,42.7 Note: Inventory Turnover Period(Days)=(Average Inventory/Net Sales)X365 Labor Productivity=Value Added/Number of Employees The listed amounts are rearranged to reflect amended financial classifications pursuants to the amendment of a part of

7 Financial Statements Balance Sheets Fiscal Year Ended '/3 '1/3 '2/3 '3/3 '4/3 Assets Current Assets 13,167 12,984 16,57 21,177 25,356 Cash and Time Deposits 1,8 85 5,976 8,747 8,978 Notes Receivable Trade 1,756 2,77 1,621 1,44 1,487 Accounts Receivable Trade 6,879 7,36 5,724 6,638 8, Securities Inventories 3,38 2,22 2,44 3,25 4,166 Prepaid Expenses Deferred Tax Assets Other Current Assets Allowance for Doubtful Receivables Fixed Assets 12,763 16,5 16,661 18,8 21,388 (Tangible Fixed Assets) 9,277 1,229 1,689 12,627 15,813 Buildings 3,82 3,792 4,43 4,536 5,35 Structures Machinery and Equipment 3,213 2,989 3,435 4,144 6,1 Vehicles and Automotive Equipment Tools Furnitures Fixtures Land 1,582 1,584 1,581 1,47 1,47 Construction in Progress 22 1, ,124 2,53 (Intangible Fixed Assets) (Investments and Other Assets) 3,472 5,88 5,958 5,344 5,425 Investments in Securities 2,85 4,63 3,93 4,18 4,391 Stocks of Subsidiaries Contributions Contributions of subsidiaries Long-term loans 156 1,227 1, Long-term Prepaid Expenses Deferred Tax Assets Other Investments Allowance for Doubtful Receivables Total Assets 25,93 29,34 32,718 39,185 46,744 Liabilities Current Liabilities 11,5 11,263 8,422 13,762 16,763 Notes Payable Trade 3,286 3,743 3,2 4,262 4,474 Accounts Payable Trade 1,75 2,57 2,462 3,776 5,52 Short-Term Loan Payables 3, Accounts Payable Other ,212 Accrued Income Taxes 54 1, ,53 2,112 Expenses Unpaid ,612 Deposits Received Employee Savings Deposits Bills Payable for Plant and Equipment 686 1, ,65 1,41 Other Current Liabilities Long-Term Liabilities Long-Term Debt Deferred Tax Liabilities Reserve for Retirement Allowances Reserve for Officers' Retirement Bonuses Other Long-Term Liabilities Total Liabilities 11,312 11,851 9,73 14,17 17,18 Shareholders' Common Stock 3,673 3,876 6,32 6,379 6,82 Equity Additional Paid-in Capital 2,965 2,989 5,433 5,491 5,914 Appropriation of Retained Earnings Other Surplus 7,322 8,983 1,418 12,346 11,12 Dividends Reserve Reserve for Officers' Retirement Allowance Fixed Asset Depreciation Reserve Reserve for Special Depreciation Other Retained Earnings 5,35 6,48 7,73 9,13 1,83 Unappropriated Retained Earnings 1,694 2,319 2,51 3,31 4,666 ( Less Current Retained Earnings ) (1,24) (2,2) (2,9) (2,469) (4,271) Net Unrealized holding gains on Securities available for Sales Treasury Stock Total Shareholders' Equity 14,618 17,183 23,645 25,15 29,636 Total Liabilities and Shareholders' Equity 25,93 29,34 32,718 39,185 46,744 Note:The listed amounts are rearranged to reflect amended financial classifications pursuants to the amendment of a part of

8 Financial Statements Statements of Income Fiscal Year Ended '/3 '1/3 '2/3 '3/3 '4/3 Net Sales 22,465 27,518 26,63 34,594 45,267 Cost of Sales 18,343 21,991 2,85 27,243 34,897 Gross Profit 4,122 5,527 5,258 7,351 1,37 Selling General and Administrative Expenses 2,133 2,229 2,165 2,969 3,39 Operating Income 1,989 3,298 3,93 4,382 6,98 Non-Operating Income Interest and Dividend Income Other Non-Operating Income Non-Operating Expenses Interest Expenses Other Non-Operating Expenses Ordinary Income 2,19 3,528 3,425 4,552 7,252 Extraordinary Income Extraordinary Losses Income Before Income Taxes 2,154 3,419 3,417 4,242 7,71 Corporation Tax. Inhabitant Tax and Business Taxes 976 1,566 1,39 2,24 3,39 Provision for Income Taxes Deferred Net Income 1,24 2,2 2,9 2,469 4,271 Unappropriated Retained Earnings Brought Forward Prior Year's Tax Effect Adjustment Reversal of Accelerated Depreciation Reserve in Connection with the Application of the Tax Effect Accounting 3 Other Non-Operating Expenses -285 Unappropriated Retained Earnings 1,694 2,319 2,51 3,31 4,665 Note:The listed amounts are rearranged to reflect amended financial classifications pursuants to the amendment of a part of

9 Consolidated Financial Statements Consolidated Balance Sheet Fiscal Year Ended '/3 '1/3 '2/3 '3/3 '4/3 Assets Current Assets 15,66 16,537 19,94 23,631 28,7 Cash and Time Deposits 1,648 1,64 6,731 9,597 9,938 Notes and Accounts Receivable Trade 9,515 1,19 7,989 8,698 11,79 Securities Inventories 3,672 3,881 3,564 4,234 5,368 Deferred Tax Assets ,78 Other Current Assets Allowance for Doubtful Receivables Fixed Assets 14,412 17,359 18,757 21,81 25,43 (Tangible Fixed Assets) 9,927 1,833 11,36 13,188 16,436 Buildings and Structures 4,481 4,4 4,955 5,57 5,867 Machinery Equipment and Automotive Equipment 3,312 3,9 3,623 4,245 6,279 Tools Furnitures Fixtures Land 1,742 1,744 1,741 1,568 1,568 Construction in Progress 218 1, ,124 2,52 (Intangible Fixed Assents) (Investments and Other Assets) 4,468 6,59 7,379 7,831 8,813 Investments in Securities 4,64 6,166 6,975 7,217 8,41 Long-Term Loans Deferred Tax Assets Other Investments Allowance for Doubtful Receivables Total Assets 29,478 33,896 37,851 44,712 53,41 Liabilities Current Liabilities 12,186 12,65 9,696 14,887 17,93 Notes and Accounts Payable Trade 5,633 6,877 5,869 8,431 1,234 Short-Term Loan Payables 3,932 1, Accrued Income Taxes 641 1, ,623 2,262 Deferred Tax Liabilities ,94 1,854 Other Current Liabilities 1,98 3,25 1,65 3,93 3,357 Long-Term Liabilities Long-Term Debt Deferred Tax Liabilities Reserve for Retirement Allowances Severance and Retirement Benefits Reserve for Officers' Retirement Bonuses Consolidated Adjustments Other Long-Term Liabilities Total Liabilities 12,54 13,285 1,456 15,398 18,39 Minority Interest Shareholders' Common Stock 3,673 3,876 6,32 6,379 6,82 Equity Additional Paid-in Capital 2,965 2,989 5,432 5,491 5,915 Consolidated Surplus 1,292 13,11 14,888 17,437 21,931 Net Unrealized holding gains on Securities available for Sales Cumulative Translation Adjustments Total 16,93 2,599 27,384 29,336 35,162 Treasury Stock Total Shareholders' Equity 16,928 2,599 27,385 29,314 35,11 Total Liabilities Minority Interest and Shareholders' Equity 29,478 33,896 37,851 44,712 53,41 Note:The listed amounts are rearranged to reflect amended financial classifications pursuants to the amendment of a part of

10 Consolidated Statements of Income Fiscal Year Ended '/3 '1/3 '2/3 '3/3 '4/3 Net Sales 25,398 3,691 28,711 37,4 48,629 Cost of Sales 2,356 23,98 22,718 29,25 37,293 Gross Profit 5,42 6,711 5,993 7,979 11,336 Selling General and Administrative Expenses 2,612 2,889 2,823 3,544 3,84 Operating Income 2,43 3,822 3,17 4,435 7,532 Non-Operating Income 979 1, ,168 1,276 Interest and Dividend Income Other Non-Operating Income 959 1, ,98 1,27 Non-Operating Expenses Interest Expenses Other Non-Operating Expenses Ordinary Income 3,28 4,818 3,791 5,276 8,345 Extraordinary Income Extraordinary Losses Income Before Income Taxes 3,118 4,73 3,771 4,941 8,163 Corporation Tax. Inhabitant Tax and Business Taxes 1,155 1,798 1,418 2,35 3,528 Provision for Income Taxes Deferred Minority Stockholder Income Net Income 2,39 3,118 2,358 3,119 5,15 Consolidated Statements of Surplus Fiscal Year Ended '/3 '1/3 '2/3 '3/3 '4/3 Balance of other Retained Earnings Beginning of the Period 8,323 1,291 13,11 14,888 17,437 Balance of Increase in other Retained Earnings Balance of Decrease in other Retained Earnings Balance of Decrease in other Retained Earnings for Consolidated Subsidiaries Cash Dividends Bonuses of Directors and Statutory Auditors Net Income 2,39 3,118 2,358 3,119 5,15 Balance of other Retained Earnings 1,291 13,11 14,888 17,437 21,931 Note:The listed amounts are rearranged to reflect amended financial classifications pursuants to the amendment of a part of

11 Consolidated Financial Statements Consolidated Statements of Cash Flows Fiscal Year Ended '/3 '1/3 '2/3 '3/3 '4/3 Cash Flows from Operating Activities Income before Income Taxes 3,119 4,74 3,771 4,942 8,164 Depreciation 1,39 1,39 1,559 1,578 1,989 Amortization of Excess of Investments Cost Over Equity in Net Assets of Consolidated Subsidiaries Equity in Earnings of Unconsolidated Subsidiaries and Affiliates Gain on Sale of Investments in Securities Gain on Sale of Properties Cost from Issue of New Bonds Loss on Disposal of Tangibile Fixed Assets Loss on Write-Down of Investments in Securities Exchange Loss(Gain) (Decrease) Increase in Reserve for Officers' Retirement Bonuses Increase in Reserve for Bonuses Decrease in Reserve for Retirement Allowances Increase in Reserve for Retirement Allowances Decrease in Allowance for Doubtful Receivables Interest and Dividend Income Interest Expenses (Increase) Decrease in Receivables , ,37 (Increase) Decrease in Inventories ,134 (Decrease) Increase in Purchase Liabilities 277 1,244-1,71 2,586 1,83 (Decrease) Increase in Accrued Consumption Taxes (Increase) Decrease in Other Assets Increase in Other Labilities Bonuses of Directors and Statutory Auditors Subtotal 3,78 5,984 6,78 7,96 8,59 Interest and Dividend Received Interest Paid Income Taxes Paid ,228-2,92 TOTAL 2,134 4,821 4,31 6,783 5,934 Cash Flows from Investing Activities Payments for Received Time Deposits ,898-5,77 Proceeds from Purchase Time Deposits ,452 4,1 Payments for Purchase of Investments in Securities ,538-5,213 Proceeds from Sales of Property,Plant and Equipment Payments for Purchase of Investments in Securities Proceeds from Sales of Investments in Securities Payments for Loans Proceeds from Recovery of Loans Other TOTAL ,381-6,914 Cash Flows from Financing Activities Decrease in Short-Term Loans Borrowings of Long-Term Dept Repayments of Long-Term Borrowings Proceeds from Issue of Bonds Payments for Purchase of Treasury Stock and Proceeds from Sale Cash Dividends TOTAL 446-2,682 3, Translation difference of Cash and Cash Equivalents Changes in Cash and Cash Equivalents , ,27 Cash and Cash Equivalents at Beginning of Year 1,495 1,289 1,594 5,251 5,773 Cash of New Consolidated Subsidiaries and Cash and Cash Equivalents at Beginning of Year Cash of Removeing Consolidated Subsidiaries and Cash and Cash Equivalents at Mid-Term of Year Cash and Cash Equivalents at End of Year 1,289 1,594 5,251 5,773 4, Note: Amounts Less than one million yen are omitted