Financial Data
Consolidated Financial Statements(Japan GAAP)

Balance Sheets

Condolidated Balance Sheets

(Billions of yen)

(Millions of yen)

YEARS ENDED MARCH 31 2021/3 2022/3 2023/3 2024/3 2025/3
Assets
Current assets: 629,207 681,981 713,553 763,072 766,672
- Cash and time deposits 76,546 92,966 84,700 66,186 63,542
- Notes and accounts receivable, trade 319,644 357,341 388,499 430,128 417,797
- Inventories 183,190 170,295 198,691 226,135 238,650
- Other current assets 49,826 61,378 41,662 40,620 46,682
Long-term assets: 422,652 435,058 467,946 508,064 545,435
- Tangible fixed assets 209,758 233,675 283,912 311,456 347,074
- Intangible fixed assets 23,426 22,504 24,032 25,462 30,318
- Investments and other assets 189,468 178,878 160,001 171,145 168,042
Deferred assets 92 71 51 37 67
Total assets 1,051,952 1,117,112 1,181,552 1,271,174 1,312,175
Liabilities and shareholders' equity
Current liabilities: 356,416 386,969 446,826 475,342 431,466
- Notes and accounts payable, trade 167,260 171,749 201,593 207,408 192,834
- Short-term loans 21,744 44,984 46,875 40,259 10,716
- Current portion of debentures 15,000
- Other current liabilities 167,411 170,236 183,357 227,674 227,916
Long-term liabilities 234,281 206,413 162,657 134,359 150,050
- Long-term debt and bonds 131,686 101,276 48,600 35,100 60,073
- Net defined benefit liability 53,322 57,590 60,345 63,803 66,797
- Other long-term liabilities 49,272 47,545 53,711 35,455 23,179
Total liabilities 590,698 593,382 609,483 609,701 581,517
Net Assets
Shareholders' equity: 358,021 405,467 451,091 509,278 601,771
- Common stock 47,586 47,586 47,586 47,586 47,586
- Capital surplus 46,003 45,955 45,953 45,954 64,573
- Retained earnings 271,772 319,285 364,922 423,135 493,885
- Treasury stock at cost -7,340 -7,359 -7,370 -7,397 -4,273
Valuation and translation adjustments: 58,975 67,433 66,000 93,237 89,995
- Unrealized gain on other securities 55,761 51,649 45,550 54,717 49,318
- Deferred gain on hedges 322 507 241 -35 -2
- Foreign currency transaction adjustment 1,539 14,169 22,222 37,772 40,046
- Remeasurements of defined benefit plans 1,351 1,107 -2,013 782 633
Minority interests in consolidated subsidiaries 3,415 5,894 7,285 6,717 4,441
Total net assets 461,254 523,729 572,068 661,472 730,658
Total liabilities and net assets 1,051,952 1,117,112 1,181,552 1,271,174 1,312,175

Income Statement / Statement of Comprehensive Income

Consolidated Statements of Income

(Billions of yen)

(Millions of yen)

YEARS ENDED MARCH 31 2021/3 2022/3 2023/3 2024/3 2025/3
Net sales 875,927 910,226 1,009,447 1,103,214 1,123,407
Cost of sales 654,661 657,789 732,528 799,925 805,505
- Gross profit 221,266 252,436 276,918 303,289 317,901
- Ratio to net sales (%) 25.3 27.7 27.4 27.5 28.3
Selling, general and administration 172,670 177,601 188,036 197,222 200,254
- Operating income (loss) 48,595 74,835 88,882 106,066 117,646
- Ratio to net sales (%) 5.5 8.2 8.8 9.6 10.5
Non-operating income 5,951 7,329 5,927 7,903 7,269
- Interest and dividends received 2,955 2,885 3,742 3,346 3,475
- Other 2,995 4,444 2,185 4,557 3,793
Non-operating expenses 4,146 2,867 6,997 6,147 6,156
- Interest expense 1,441 1,744 1,993 2,101 3,335
- Other 2,704 1,122 5,004 4,046 2,821
- Ordinary income (loss) 50,401 79,297 87,811 107,822 118,759
- Ratio to net sales (%) 5.8 8.7 8.7 9.8 10.6
Extraordinary income 41,145 10,538 11,154 8,554 19,777
Extraordinary loss 28,262 1,349 3,220 2,344 4,874
- Income before income taxes 63,284 88,487 95,746 114,032 133,661
- Income taxes and business tax (%) 7.2 9.7 9.5 10.3 11.9
Income taxes and business tax 21,423 21,846 26,317 32,118 41,750
Deferred income taxes -3,481 2,085 794 -156 -4,770
Income before minority interests 45,342 64,555 68,634 82,070 96,681
Profit attributable to non-controlling interests 3,415 5,894 7,285 6,717 4,441
- Profit (loss) attributable to owners of parent 41,926 58,660 61,348 75,353 92,239
- Ratio to net sales (%) 4.8 6.4 6.1 6.8 8.2

Consolidated Statements of Comprehensive Income

(Millions of yen)

YEARS ENDED MARCH 31 2021/3 2022/3 2023/3 2024/3 2025/3
Income before minority interests 45,342 64,555 68,634 82,070 96,681
Other comprehensive income (loss) Valuation differences on available-for-sale securities 11,400 -4,222 -6,202 8,871 -5,432
Deferred gains or loss on hedges 553 185 -265 -277 32
Foreign currency translation adjustments 5,935 13,985 8,176 16,456 2,253
Remeasurements of defined benefit plans net of tax 4,419 -37 -3,279 2,804 -832
Share of other comprehensive income (loss) of associates accounted for using equity method -215 20 54 432 344
Total other comprehensive loss 22,094 9,930 -1,516 28,288 -3,634
Comprehensive income (loss) 67,437 74,485 67,117 110,358 93,046
Comprehensive income (loss) Attributable to: Comprehensive income attributable to owners of parent 62,796 67,118 59,915 102,590 88,998
Comprehensive income attributable to non-controlling interests 4,640 7,367 7,202 7,768 4,048

Cash Flows

Consolidated Statements of Cash Flows

(Billions of yen)

(Millions of yen)

YEARS ENDED MARCH 31 2021/3 2022/3 2023/3 2024/3 2025/3
Cash flows from operating activities:
Income (loss) before income taxes 63,284 88,487 95,746 114,032 133,661
Depreciation and amortization 36,194 39,969 45,938 51,875 57,341
Interest and dividends income -2,955 -2,885 -3,742 -3,346 -3,475
Interest expense 1,441 1,744 1,993 2,101 3,335
(Increase) decrease in trade receivables, and contract assets -20,852 -749 -28,444 -35,699 11,770
(Increase) decrease in inventories 7,513 -5,707 -25,709 -21,360 -11,670
Increase (decrease) in trade payables -15,881 -2,623 28,711 3,516 -14,999
Increase (decrease) in advances received -12,185 9,339 9,748 4,357 12,104
Other, net -20,796 -26,744 13,366 -407 -12,672
Subtotal 35,762 100,829 137,607 115,068 175,395
Interest and dividends received 2,959 2,847 3,679 3,438 3,474
Interest paid -1,416 -1,738 -1,996 -2,166 -3,286
Income taxes paid -10,374 -25,129 -23,126 -31,481 -33,662
Settlement received 3,000
Net cash provided by (used in) operating activities 26,931 76,809 116,163 84,858 144,920
Cash flows from investing activities:
Purchase of fixed assets and marketable and investment securities -20,607 -34,957 -61,293 -67,279 -77,025
Proceeds from sale of fixed assets and marketable and investment securities 49,852 21,171 20,541 12,808 18,760
Other, net -5,767 -8,564 -8,746 -7,948 -5,118
Net cash provided by (used in) investing activities 23,477 -22,350 -49,498 -62,418 -63,384
Free cash flows 50,408 54,458 66,665 22,439 81,536
Cash flows from financing activities:
Increase (decrease) in short-term borrowings, net -2,678 -3,592 -6,002 2,023 -1,247
Increase (decrease) in commercial paper, net -51,500 36,000 -36,000
Proceeds from long-term debt 62,165 15,000 25,113
Repayments of long-term debt and redemption of bonds -17,156 -4,405 -30,330 -52,885 -28,517
Other, net -30,350 -34,896 -40,859 -46,005 -45,596
Net cash provided by (used in) financing activities -39,520 -42,894 -77,193 -45,867 -86,246
Effect of exchange rate changes on cash and cash equivalents 680 4,453 3,210 4,806 637
Net increase (decrease) in cash and cash equivalents 11,569 16,017 -7,318 -18,621 -4,073
Cash and cash equivalents at beginning of year 63,746 75,332 91,350 84,165 65,543
Cash and cash equivalents of resulting from changes of consolidated subsidiaries 16 1,205
Cash and cash equivalents of resulting from mergers with non-consolidated subsidiaries 132
Cash and cash equivalents at end of year 75,332 91,350 84,165 65,543 62,675

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