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Financial Information
Financial Statements
■Balance Sheets
■Statements of Income
■Statements of Cash Flows
（Millions of yen）
| FY2008 | FY2009 | FY2010 | FY2011 | FY2012 | |
| 【Assets】 | |||||
| Current assets | |||||
| Cash and deposits | 17,484 | 56,548 | 51,958 | 51,765 | 42,830 |
| Notes and accounts receivables-trade | 26,031 | 50,918 | 50,897 | 50,483 | 43,583 |
| Inventories | 34,520 | 57,772 | 60,974 | 59,370 | 60,637 |
| Accounts receivable-other | 3,109 | 3,339 | 2,837 | 6,554 | 2,557 |
| Deferred tax assets | 1,396 | 4,347 | 4,489 | 3,759 | 3,454 |
| Other | 3,394 | 4,777 | 4,851 | 4,759 | 5,258 |
| Allowance for doubtful accounts | (1,508) | (1,402) | (1,352) | (1,600) | (1,453) |
| Total current assets | 84,430 | 176,301 | 174,654 | 175,092 | 156,867 |
| Noncurrent assets | |||||
| Property, plant and equipment | |||||
| Buildings and structures | 40,335 | 107,916 | 107,510 | 107,138 | 101,285 |
| Machinery, equipment and vehicles | 16,909 | 97,437 | 100,248 | 95,607 | 102,312 |
| Tools, furniture and fixtures | 13,870 | 35,067 | 35,410 | 34,369 | 33,407 |
| Other | 560 | 781 | 3,191 | 4,781 | 3,567 |
| Accumulated depreciation | (38,882) | (161,075) | (168,052) | (171,802) | (174,473) |
| Land | 52,576 | 80,739 | 83,505 | 81,289 | 76,148 |
| Construction in progress | 173 | 2,382 | 1,054 | 1,601 | 4,817 |
| Total property, plant and equipment | 85,543 | 163,249 | 162,866 | 152,985 | 147,065 |
| Intangible assets | |||||
| Goodwill | 656 | 12,075 | 11,172 | 10,269 | 9,541 |
| Other | 9,337 | 12,305 | 10,373 | 9,993 | 6,262 |
| Total intangible assets | 9,994 | 24,381 | 21,545 | 20,263 | 15,803 |
| Investments and other assets | |||||
| Investment securities | 40,279 | 32,415 | 31,989 | 30,190 | 28,191 |
| Deferred tax assets | 1,696 | 2,939 | 2,600 | 1,620 | 1,786 |
| Other | 5,112 | 10,070 | 10,229 | 9,415 | 8,941 |
| Allowance for doubtful accounts | (341) | (3,395) | (3,428) | (3,439) | (3,348) |
| Total Investments and other assets | 46,747 | 42,028 | 41,390 | 37,786 | 35,571 |
| Total noncurrent assets | 142,285 | 229,659 | 225,802 | 211,035 | 198,440 |
| Total assets | 226,716 | 405,960 | 400,457 | 386,128 | 355,308 |
| 【Liabilities】 | |||||
| Current liabilities | |||||
| Notes and accounts payable-trade | 15,642 | 40,798 | 45,175 | 44,005 | 42,174 |
| Short-term loans payable | 41,452 | 102,276 | 75,306 | 76,454 | 54,065 |
| Current portion of long-term loans payable | 43,007 | 59,777 | 58,606 | 55,188 | 65,352 |
| Accounts payable-other | 5,104 | 11,567 | 11,182 | 16,962 | 14,833 |
| Income taxes payable | 303 | 1,084 | 1,691 | 1,751 | 1,416 |
| Deferred tax liabilities | 67 | 21 | 127 | 63 | 104 |
| Provision for bonuses | 1,232 | 1,938 | 1,520 | 1,337 | 2,003 |
| Provision for goods warranties | 618 | 532 | 490 | 426 | 456 |
| Other | 5,057 | 8,247 | 12,066 | 10,301 | 14,482 |
| Total current liabilities | 112,487 | 226,244 | 206,163 | 206,487 | 194,885 |
| Noncurrent liabilities | |||||
| Long-term loans payable | 57,573 | 93,016 | 103,952 | 105,807 | 79,571 |
| Lease Obligations | 3,397 | 3,775 | |||
| Deferred tax liabilities | 1,822 | 5,207 | 4,632 | 5,555 | 4,946 |
| Deferred tax liabilities for land revaluation | 5,490 | 5,490 | 5,490 | 4,808 | 4,218 |
| Provision for retirement benefits | 10,323 | 26,398 | 25,241 | 21,843 | 19,974 |
| Provision for directors' retirement benefits | 606 | 884 | 350 | 321 | 328 |
| Provision for environmental measures | 303 | 330 | 330 | 368 | |
| Provision for long-term goods warranties | 142 | 109 | 92 | 78 | 83 |
| Negative goodwill | 1,704 | 1,325 | 946 | 568 | 189 |
| Other | 4,078 | 4,424 | 6,990 | 4,968 | 6,169 |
| Total noncurrent liabilities | 81,742 | 137,161 | 148,023 | 147,675 | 119,621 |
| Total liabilities | 194,229 | 363,405 | 354,187 | 354,162 | 314,507 |
| 【Net Assets】 | |||||
| Shareholders' equity | |||||
| Capital stock | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 |
| Capital surplus | 447 | 14,770 | 7,521 | 7,550 | 7,414 |
| Retained earnings | 21,283 | 13,262 | 23,140 | 11,746 | 22,301 |
| Treasury stock | (593) | (2,984) | (1,010) | (880) | (134) |
| Total shareholders' equity | 31,137 | 35,048 | 39,650 | 28,416 | 39,580 |
| Accumulated other comprehensive income | |||||
| Valuation difference on available-for-sale securities | 663 | 1,388 | 740 | (338) | (2,276) |
| Deferred gains or losses on hedges | 31 | 44 | 99 | (273) | (332) |
| Revaluation reserve for land | 3,095 | 7,154 | 7,154 | 7,835 | 7,617 |
| Foreign currency translation adjustment | (6,449) | (8,173) | (10,455) | (11,560) | (5,575) |
| Total accumulated other comprehensive income | (2,659) | 414 | (2,461) | 31,965 | (567) |
| Minority interests | 4,008 | 7,092 | 9,080 | 7,885 | 1,787 |
| Total net assets | 32,486 | 42,554 | 46,270 | 31,965 | 40,801 |
| Total liabilities and net assets | 226,716 | 405,960 | 400,457 | 386,128 | 355,308 |
Consolidated Balance Sheets for the last five years (viewable as a single download)（EXCEL：37KB）
■Statements of Income
（Millions of yen）
| FY2008 | FY2009 | FY2010 | FY2011 | FY2012 | |
| Net sales | 174,031 | 230,766 | 313,881 | 296,937 | 283,790 |
| Cost of sales | 107,684 | 154,464 | 217,242 | 206,742 | 196,737 |
| Gross profit | 66,347 | 76,302 | 96,638 | 90,195 | 87,053 |
| % | 38.1% | 33.1% | 30.8% | 30.4% | 30.7% |
| Advertising and sales promotion expenses | 11,637 | 7,482 | 7,079 | 7,962 | 9,476 |
| Labor cost | 25,661 | 28,255 | 35,111 | 34,165 | 32,693 |
| Provision for bonuses | 887 | 907 | 1,043 | 901 | 1,113 |
| Retirement benefit expenses | 1,444 | 1,464 | 1,687 | 2,518 | 2,016 |
| Other selling, general and administrative expenses | 30,219 | 36,215 | 40,061 | 37,916 | 36,232 |
| Total selling, general and administrative expenses | 69,848 | 74,323 | 84,981 | 83,462 | 81,530 |
| Operating income | (3,500) | 1,979 | 11,656 | 6,733 | 5,523 |
| % | - | 0.9% | 3.7% | 2.3% | 1.9% |
| Interest income | 257 | 145 | 199 | 321 | 212 |
| Dividends income | 552 | 176 | 173 | 201 | 230 |
| House-rent and other rental income | - | - | - | - | - |
| Equity in earnings of affiliates | 2,035 | 1,058 | 490 | 395 | |
| Amortization of negative goodwill | 378 | 378 | 378 | 378 | |
| Foreign exchange gain | 0 | 0 | 1,193 | ||
| Other non-operating income | 1,079 | 1,790 | 1,594 | 845 | 1,054 |
| Total non-operating income | 3,924 | 2,491 | 3,404 | 2,237 | 3,465 |
| Interest expenses | 2,637 | 4,306 | 5,555 | 5,316 | 4,730 |
| Foreign exchange losses | 1,371 | - | 1,230 | 792 | - |
| Equity in losses of affiliates | - | 1,124 | - | - | - |
| Other non-operating expenses | 1,104 | 980 | 1,690 | 1,581 | 1,014 |
| Total non-operating expenses | 5,113 | 6,410 | 8,475 | 7,689 | 5,744 |
| Ordinary income | (4,690) | (1,940) | 6,585 | 1,280 | 3,243 |
| % | - | - | 2.1% | 0.4% | 1.1% |
| Extraordinary income | 1,625 | 8,297 | 2,710 | 7,971 | 13,080 |
| Extraordinary loss | 671 | 8,793 | 4,219 | 14,020 | 8,279 |
| Income before income taxes and minority interests | (3,736) | (2,435) | 5,076 | (4,768) | 8,044 |
| % | - | - | 1.6% | - | 2.8% |
| Income taxes - current | 1,151 | 1,539 | 2,417 | 2,527 | 2,320 |
| Income taxes - deferred | 556 | (494) | (129) | 2,757 | (466) |
| Minority interests in income | 342 | 151 | 607 | 961 | 662 |
| Net income | (5,786) | (3,632) | 2,181 | (11,014) | 5,527 |
| % | - | - | 0.7% | - | 1.9% |
■Statements of Cash Flows
（Millions of yen）
| FY2008 | FY2009 | FY2010 | FY2011 | FY2012 | |
| <Net cash provided by (use in) operating activities> | |||||
| Income (loss) before taxes and minority interests | (3,736) | (2,435) | 5,076 | (4,768) | 8,044 |
| Depreciation and amortization | 5,664 | 11,553 | 16,845 | 15,078 | 12,886 |
| Increase (decrease) in provision for retirement benefits | (59) | (1,187) | (1,069) | (3,374) | (992) |
| Increase (decrease) in provision for directors' retirement benefits | (95) | 17 | (534) | (28) | 15 |
| Increase (decrease) in allowance for doubtful accounts | 133 | (325) | 60 | 277 | 377 |
| Interest and dividends income | (809) | (322) | (373) | (522) | (442) |
| Interest expense | 2,637 | 4,306 | 5,555 | 5,316 | 4,730 |
| Foreign exchange loss (gain) | 687 | (338) | (45) | (340) | (37) |
| Equity in (earnings) losses of affiliates | (2,035) | 1,124 | (1,058) | (490) | (395) |
| Impairment losses | - | 6,081 | 187 | 910 | 4,976 |
| Loss (gain) on sales of investment securities | (1,625) | - | (293) | 136 | (4,944) |
| Loss (gain) on sales of noncurrent assets | - | (8,179) | (2,191) | (252) | (1,560) |
| Loss on retirement of noncurrent assets | 489 | 371 | 783 | 3,615 | 847 |
| Decrease (increase) in notes and accounts receivable-trade | 5,775 | (1,439) | (2,790) | (923) | 6,909 |
| Decrease (increase) in inventories | (4,603) | 7,248 | (4,475) | 722 | (538) |
| Increase (decrease) in notes and accounts payable-trade | (2,261) | 2,833 | 7,406 | 80 | (3,792) |
| Other, net | (3,114) | 1,047 | 4,336 | 214 | 1,264 |
| Subtotal | (2,952) | 20,355 | 27,420 | 15,651 | 27,348 |
| Interest and dividends income received | 809 | 322 | 373 | 522 | 443 |
| Proceeds from dividends income from affiliates accounted for by equity method | 262 | 354 | 207 | 211 | 209 |
| Interest expenses paid | (2,570) | (4,325) | (5,632) | (5,329) | (4,721) |
| Proceeds from insurance income | - | - | - | 2,495 | 7,853 |
| Payments fir extra retirement payments | - | - | - | - | (7,008) |
| Income taxes paid | (1,540) | (1,049) | (1,869) | (2,431) | (2,673) |
| Net cash provided by (used in ) operating activities | (5,989) | 15,658 | 20,498 | 11,119 | 21,450 |
| <Net cash provided by (use in) investing activities> | |||||
| Proceeds from withdrawal of time deposits | 9,089 | ||||
| Purchase of property, plant and equipment | (10,262) | (4,157) | (13,349) | (12,732) | (19,790) |
| Proceeds from sales of property, plant and equipment | 1,133 | 4,443 | 3,197 | 2,206 | 8,774 |
| Purchase of investment securities | (7,276) | (304) | (50) | (987) | (101) |
| Proceeds from sales of investment securities | 6,148 | 52 | 1,217 | 1,394 | 96 |
| Proceeds from redemption of investment securities | 3,600 | - | - | - | |
| Payments of loans receivable | (2,367) | (793) | (537) | (581) | (562) |
| Collection of loans receivable | 2,121 | 808 | 575 | 640 | 731 |
| Purchase of investments in subsidiaries resulting in change in scope of consolidation | (1,106) | - | - | - | - |
| Proceeds from purchase of investments in subsidiaries resulting in change in scope of consolidation | - | 174 | - | - | - |
| Proceeds from sales of investments in subsidiaries resulting in change in scope of consolidation | - | - | - | - | 6,095 |
| Other, net | (1,634) | (1,599) | 250 | (1,154) | 2,730 |
| Net cash provided by (used in) investing activities | (13,245) | 11,314 | (8,696) | (11,215) | (2,027) |
| <Net cash provided by (use in) financing activities> | |||||
| Increase in short-term loans payable | 204,131 | 529,899 | 581,265 | 483,290 | 529,635 |
| Decrease in short-term loans payable | (192,540) | (535,462) | (601,520) | (481,828) | (547,367) |
| Proceeds from long-term loans payable | 24,500 | 43,380 | 65,947 | 64,245 | 52,700 |
| Repayment of long-term loans payable | (12,588) | (51,297) | (62,246) | (65,791) | (67,595) |
| Proceeds from sales and redemption by installment payment | - | - | - | - | 2,530 |
| Cash dividends paid | (1,451) | (290) | - | (363) | - |
| Proceeds from sales of treasury stock | - | - | 2,540 | - | - |
| Other, net | (235) | (332) | (381) | 808 | 823 |
| Net cash provided by (used in) financing activities | 21,816 | (14,104) | (14,394) | 362 | (29,274) |
| Effect of exchange rate change on cash and cash equivalents | (804) | 178 | (837) | (419) | 1,351 |
| Net increase (decrease) in cash and cash equivalents | 1,776 | 13,047 | (3,429) | (154) | (8,499) |
| Cash and cash equivalents at beginning of period | 15,122 | 16,841 | 55,331 | 51,901 | 51,289 |
| Increase (decrease) in cash and cash equivalents resulting from change of scope of consolidation | (99) | 25,442 | - | (458) | (106) |
| Increase in cash and cash equivalents resulting from merger with unconsolidated subsidiaries | 41 | - | - | - | - |
| Increase (decrease) in cash and cash equivalents resulting from changes in the fiscal year-end of subsidiaries | - | - | - | - | 95 |
| Cash and cash equivalents at end of period | 16,841 | 55,331 | 51,902 | 51,289 | 42,778 |