5-Year Results

Consolidated Income Statements

(Unit: million yen)

	FY2014	FY2015	FY2016	FY2017	FY2018
Net sales	205,234	254,381	310,665	371,362	419,512
Operating income	22,220	32,747	36,790	30,700	30,163
Non-operating income	149	261	212	387	372
Non-operating expenses	181	695	1,660	2,346	1,970
Ordinary income	22,188	32,314	35,341	28,741	28,565
Extraordinary income	321	3,272	5,212	668	981
Extraordinary loss	4,032	4,866	5,935	4,731	5,498
Income before income taxes and minority interests	18,477	30,719	34,619	24,678	24,047
Profit attributable to non-controlling interests	846	2,868	4,957	8,274	5,266
Profit attributable to shareholders of parent	9,556	14,792	13,612	4,024	4,849
Net income	10,402	17,660	18,570	12,298	10,116
Comprehensive income	11,696	18,016	18,476	14,501	11,416

(Unit: million yen)

	FY2014	FY2015	FY2016	FY2017	FY2018
Current assets	73,605	93,532	114,647	117,010	171,871
Non-current assets	26,939	37,656	41,950	46,998	54,428
Total assets	100,545	131,188	156,597	164,009	226,351
Current liabilities	36,329	52,013	62,137	62,799	73,629
Non-current liabilities	1,040	1,472	1,845	2,423	43,472
Capital stock	7,203	7,203	7,203	7,203	7,203
Total shareholders' equity	52,819	64,601	74,791	74,672	76,129
Total net assets	63,175	77,702	92,614	98,785	109,250
Equity capital raito（％）	54.2	50.8	49.3	48.1	36.0
ROA（％）	9.5	11.3	8.7	2.5	2.1

(Unit: million yen)

	FY2014	FY2015	FY2016	FY2017	FY2018
Cash flow from operating activities	15,024	29,021	28,246	21,624	28,394
Cash flow from investing activities	△11,457	△19,492	△15,224	△20,396	△22,410
Cash flow from financing activities	△765	△2,362	453	△7,233	39,748
Cash and cash equivalents at the end of period	31,439	38,716	51,767	46,613	92,379

Set the DOE 5% or higher from FY 2017 as a guideline
ROE×Dividend Payout Ratio=DOE

	FY2014	FY2015	FY2016	FY2017	FY2018
DOE(Dividend on Equity %)	7.5	5.2	4.4	5.2	5.0
ROE(Return on Equity %)	19.1	24.4	18.9	5.2	6.0
Dividend Payout Ratio*(%)	39.4	21.2	23.1	100	83

*To celebrate the market shift to the First section of Tokyo Stock Exchange, special dividend was paid in FY2014.