14 Annual Report
CONTENTS Consolidated Performance 1 Consolidated Sales Breakdown by Segments 2 Consolidated Shareholders' Equity/Return on Shareholders' Equity 3 Per Share Data 4 Consolidated Capital Expenditure 5 Consolidated Balance Sheet 6 Consolidated Income Statement 7 Consolidated Cash Flows Statement 8
Consolidated Performance Sales/Growth Rate Recurring lncome/growth Rate Net Income/Growth Rate, 15 12, 2 6, 55, 5, 1 13 1 11 11, 1, 9, 2 18 5,5 5, 4,5 55 5 45 45,, 35, 3, 25,, 15, 9 8 7 5 3 1 8, 7, 6, 5, 4, 3, 2, 1, 1 1 1 8 4, 3,5 3, 2,5 2, 1,5 1, 5 35 3 25 15 5 1, 5, 1 3 1, 2, 5 1, 1,5 5 15 5 3, 2, Sales Recurring lncome Net Income Sales Growth Rate Recurring lncome Growth Rate Net Income Growth Rate Fiscal Year Ended Sales 36,957 27,825 26,999 3,232 37,589 Sales Growth Rate 24.4 24.7 3. 12. 24.3 Operating Income 355 1,315 173 986 2,935 Operating Profit Growth Rate 197.5 Recurring lncome 61 447 1,6 2,73 4,53 Recurring lncome Growth Rate 126.3 64.9 Net Income 1,862 586 915 4,16 4,859 Net Income Growth Rate 56.1 348.6 18.3 Gross Profit 1.1 9.2 11.8 15.4 18.6 SG & A Ratio 11.1 13.9 12.4 12.1 1.8 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 the Regulation concerning Terminology,Forms and Method of Preparation of Financial Statements,etc 1
Parent's Sales Breakdown by Segments 32, 3, 28, 26, 24, 22,, 18, 16, 14, 12, 1, 8, 6, 4, 2, Electronics Related Materials Industrial Structural Materials Electrical Insulators Materials Opto Electronics Related Materials Related Products & Others Fiscal Year Ended Electronics Related Materials 17,187 13,273 13,2 17,79 23,814 Industrial Structural Materials 3,277 5,66 6,52 6,792 7,386 Electrical Insulators Materials 2,999 3,227 3,186 3,237 3,293 Opto Electronics Related Materials 1,997 4,537 3,53 2,69 2,49 Related Products & Others 2,497 1,722 1,256 1,55 1,47 Total 36,957 27,825 26,999 3,232 37,589 2
Consolidated Shareholders' Equity/Return on Shareholders' Equity Total Liabilities and Net Worth/ Turnover Ratio of Total Liabilities and Net Worth 7, (Turnover) 2.8 Shareholders' Equity/ Shareholders' Equity to Total Assets 52, Return on Equity/Operating Profit Ratio of Total Liabilities and Net Worth 22 65,, 55, 5, 2.6 2.4 2.2 2. 48, 44,, 36, 9 8 7 18 16 14 12 45,, 35, 3, 25, 1.8 1.6 1.4 1.2 1. 32, 28, 24,, 5 1 8 6 4 2,.8 16, 3 15, 1, 5,.6.4.2 12, 8, 4, 1 2 4 6 8. 1 Total Liabilities and Net Worth Shareholders' Equity Return on Equity Turnover Ratio of Total Liabilities and Net Worth Shareholders' Equity to Total Assets Operating Profit Ratio of Total Liabilities and Net Worth Fiscal Year Ended Total Liabilities and Net Worth 5, 46,666 48,751 58,286 65,766 Turnover Ratio of Total Liabilities and Net Worth.72.57.57.56.61 Operating Profit Ratio of Total Liabilities and Net Worth.1.9 2.5 5.1 7.3 Shareholders' Equity 36,15 35,41 37,359 44,492 48,829 Shareholders' Equity to Total Assets 68.3 71.9 72.8 72.1 7.1 Return on Equity 5.1 1.6 2.5 1. 1.4 Note:Turnover Ratio of Total Liabilities and Net Worth =Net Sales/Total Liabilities and Net Worth(Midterm Average) Operating Profit Ratio of Total Liabilities and Net Worth = Ordinary Income/Total Liabilities and Net Worth (Midterm Average)X Shareholders' Equity to Total Assets=Shareholders' Equity(Term End)/Total Liabilities and Net Worth(Term End)X Return on Equity = Net Income/Shareholders' Equity(Midterm Average)X The listed amounts are rearranged to reflect amended financial classifications pursuants to the amendment of a part of the Regulation concerning Terminology,Forms and Method of Preparation of Financial Statements,etc 3
Consolidated Per Share Data (Yen) 1 1 1 8 8 Net Income per Share Shareholders' Equity per Share (Yen) 1 1 8 Cash Dividends per Share/Dividend Payout Ratio (Yen) 65 55 5 45 35 3 25 15 1 5 9 8 7 5 3 1 Net Income per Share Shareholders' Equity per Share Cash Dividends per Share Dividend Payout Ratio Fiscal Year Ended Net Income per Share(Yen) 53.22 16.75 26.16 117.22 137.85 Shareholders' Equity per Share(Yen) 987.74 959.14 114.33 1195.81 1299.91 Cash Dividends per Share(Yen) 6 5 8 25 35 Dividend Payout Ratio 29.9 3.6 21.3 25.4 4
Consolidated Capital Expenditure Capital Expenditure Depreciation 5,5 3, 5, 2,75 4,5 4, 3,5 2,5 2,25 2, 1,75 3, 1,5 2,5 1,25 2, 1, 1,5 75 1, 5 5 25 Capital Expenditure Depreciation Fiscal Year Ended Capital Expenditure 1,157 1,13 876 1,51 1,199 Depreciation 2,623 1,583 1,384 1,399 1,492 Inventory Turnover Period(Days).2 8. 75.9 65.9 61.3 Interest Coverage.6 8.3 19.3 3.1.3 Note: Inventory Turnover Period(Days)=(Average Inventory/Net Sales)X365 The listed amounts are rearranged to reflect amended financial classifications pursuants to the amendment of a part of the Regulation concerning Terminology,Forms and Method of Preparation of Financial Statements,etc 5
Consolidated Balance Sheet Fiscal Year Ended Assets Current Assets 26,37 23,45 22,744 29,13 29,752 Cash and Time Deposits 6,89 7,412 6,671 1,138 8,67 Notes and Accounts Receivable Trade 1,111 8,532 9,746 1,814 13,653 Securities 651 72 1,255 36 Inventories 6,3 5,8 5,386 5,525 7,93 Deferred Tax Assets 216 125 124 1,15 449 Other Current Assets 2,213 8 384 481 629 Allowance for Doubtful Receivables 134 174 167 215 175 Fixed Assets 24,293 23,621 26,7 29,183 36,14 (Tangible Fixed Assets) 11,981 11,165 1,964 11,419 11,21 Buildings and Structures 6,369 6,255 6,21 5,987 5,829 Machinery.Equipment and Automotive Equipment 3,373 2,986 2,976 3,578 3,432 Tools Furnitures Fixtures Land 1,536 1,536 1,546 1,56 1,45 Construction in Progress 513 15 151 35 152 Other Fixed Assets 19 283 27 313 347 (Intangible Fixed Assents) 247 197 1 125 96 (Investments and Other Assets) 12,65 12,259 14,93 17,639 24,78 Investments in Securities 11,434 11,581 14,128 16,755 23,797 LongTerm Loans 376 33 386 363 546 Deferred Tax Assets 365 3 456 41 153 Other Investments 237 324 35 4 581 Allowance for Doubtful Receivables 347 379 417 329 369 Total Assets 5, 46,666 48,751 58,286 65,766 負債の部 Current Liabilities 1,442 8,782 8,693 1,364 14,779 Liabilities Notes and Accounts Payable Trade 5,575 3,99 4,563 4,768 6,235 ShortTerm Loan Payables 868 1,133 1,328 2,265 4,96 Accrued Income Taxes 455 62 143 3 1, Deferred Tax Liabilities 87 31 1 9 2 Reserve for Bonuses 541 446 3 419 485 Other Current Liabilities 2,916 3,1 2,255 2,7 2,761 LongTerm Liabilities 4,143 2,843 2,699 3,43 2,158 LongTerm Debt 1,54 2,68 1,681 1,278 768 Deferred Tax Liabilities 875 4 674 1,881 1,14 Severance and Retirement Benefits 31 34 66 25 61 Reserve for Officers' Retirement Bonuses Consolidated Adjustments Other LongTerm Liabilities 1,733 321 278 246 225 Total Liabilities 14,585 11,625 11,392 13,794 16,937 資本の部 Common Stock 7,117 7,117 7,117 7,154 7,262 Shareholders' Additional Paidin Capital 6,229 6,229 6,229 6,266 6,375 Equity Earned Surplus,578,849 21,678 25,28 28,758 Treasury Stock 1 2 2 2 3 Net Unrealized holding gains on Securities available for Sales Cumulative Translation Adjustments 1,189 546 372 1,1 757 284 2,98 449 2,446 1, Cost from Issue of New Bonds 245 231 168 146 84 Minority Interest 1,4 1,246 1,696 2,342 2,624 Othiers 129 183 Total Shareholders' Equity 36,15 35,41 37,359 44,492 48,829 Total Liabilities.Minority Interest and Shareholders' Equity 5, 46,666 48,751 58,286 65,766 ( 注 ) 財務諸表等の一部改正に伴い 改正後の表示区分に組替えてあります Note:The listed amounts are rearranged to reflect amended financial classifications pursuants to the amendment of a part of the Regulation concerning Terminology,Forms and Method of Preparation of Financial Statements,etc ( 注 ) 記載金額は 百万円未満を切り捨てて表示してあります Note: Amounts Less than one million yen are omitted 6
Consolidated Income Statement Fiscal Year Ended Net Sales 36,957 27,825 26,999 3,232 37,589 Cost of Sales 33,2 25,276 23,824 25,587 3, Gross Profit 3,755 2,549 3,175 4,645 6,989 Selling General and Administrative Expenses 4,11 3,864 3,348 3,659 4,54 Operating Income 355 1,315 173 986 2,935 NonOperating Income 1,157 1,17 1,67 1,9 1,913 Interest and Dividend Income 29 51 7 328 Other NonOperating Income 1,128 1,119 1, 1,8 1,585 NonOperating Expenses 741 32 291 196 345 Interest Expenses 19 12 82 92 113 Other NonOperating Expenses 632 9 14 232 Ordinary Income 61 447 1,6 2,73 4,53 Extraordinary Income 1,85 1,627 133 1,63 3,56 Extraordinary Losses 3,544 417 13 336 323 Income Before Income Taxes 1,633 763 1,236 4,24 7,236 Corporation Tax. Inhabitant Tax and Business Taxes 235 113 173 1 1,552 Provision for Income Taxes ー Deferred 116 56 3 836 445 Minority Stockholder Income 11 1 151 353 38 Net Income 1,862 586 915 4,16 4,859 Note:The listed amounts are rearranged to reflect amended financial classifications pursuants to the amendment of a part of the Regulation concerning Terminology,Forms and Method of Preparation of Financial Statements,etc Note: Amounts Less than one million yen are omitted 7
Consolidated Cash Flows Statement Fiscal Year Ended Cash Flows from Operating Activities Income before Income Taxes 1,633 763 1,236 4,24 7,236 Depreciation 2,614 1,583 1,496 1,476 1,575 Amortization of Excess of Investments Cost Over Equity in Earnings of Unconsolidated 85 497 942 Equity in Net Assets of Consolidated Subsidiaries Subsidiaries and Affiliates 1,163 745 Loss on Sale of Investments in Securities 1,342 1,493 1 1,569 2,976 Gain on Sale of Properties 3 62 26 4 3 Fixed assets tax refound Cost from Issue of New Bonds Loss on Disposal of Tangibile Fixed Assets 31 12 13 21 Loss on WriteDown of Investments in Securities 22 4 32 135 112 Golfcoursemembership depreciation loss Exchange Loss(Gain) 11 87 163 173 186 (Decrease) Increase in Reserve for Officers' Retirement Bonuses Increase in Reserve for Bonuses 87 94 43 16 66 Decrease in Reserve for Retirement Allowances 6 4 31 66 Increase in Allowance for Doubtful Receivables 25 84 29 49 111 Interest and Dividend Income 54 95 131 172 441 Interest Expenses 19 12 82 92 113 (Increase) Decrease in Receivables 1,9 1,387 851 3 2,54 (Increase) Decrease in Inventories 115 449 595 82 1,48 (Decrease) Increase in Purchase Liabilities 369 1,549 453 1,361 (Decrease) Increase in Accrued Consumption Taxes 168 11 3 52 15 (Increase) Decrease in Other Assets 18 197 317 19 164 Increase in Other Labilities 42 151 268 127 129 Other 3,5 178 213 121 15 Subtotal 56 1,19 1,654 2,571 2,274 Interest and Dividend Received 197 396 419 552 525 Interest Paid 19 81 93 113 Income Taxes Paid 34 485 423 237 392 TOTAL 66 83 1,569 2,793 2,294 Cash Flows from Investing Activities Payments for Received Time Deposits 2 531 149 667 3,826 Proceeds from Purchase Time Deposits 1,413 1,814 381 445 3,223 Payments for Purchase of Investments in Securities 1,17 1,119 1,22 1,593 1,191 Proceeds from Sales of Property,Plant and Equipment 11 536 5 5 3 Payments for Purchase of Investments in Securities 889 1,888 1,247 1,371 1,9 Proceeds from Sales of Investments in Securities 344 2,841 256 4,9 6,288 Payments for Loans 1,27 6 15 27 27 Proceeds from Recovery of Loans 56 9 16 11 11 Other 675 261 191 42 592 TOTAL 2,114 1,917 1,539 77 5,579 Cash Flows from Financing Activities Decrease in ShortTerm Loans 987 312 95 747 1,544 Borrowings of LongTerm Dept 238 1,925 733 1,119 571 Repayments of LongTerm Borrowings 71 926 1,377 1,59 1,314 Proceeds from Issue of Bonds 55 165 Payments for Purchase of Treasury Stock and Proceeds from Sale 1 Cash Dividends 279 9 174 279 876 Other 287 1,938 28 56 277 TOTAL 42 836 751 4 188 Translation difference of Cash and Cash Equivalents 126 15 316 12 Changes in Cash and Cash Equivalents 2,216 1,926 522 3,876 3,372 Cash and Cash Equivalents at Beginning of Year 6,27 4,113 6,39 5,517 9,394 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 MidTerm of Year Changes in Cash and Cash Equivalents by changing the scope of consolidation Cash and Cash Equivalents at End of Year 58 4,113 6,39 5,517 9,394 6,22 Note: Amounts Less than one million yen are omitted 8