Financial Highlights

Millions of yen (except per share information)

Years ended March 31 2010 2009 2008 2007 2006 2005
For the year
Net sales 371,178 362,057 385,470 358,238 321,700 316,973
Cost of sales 203,037 202,304 195,664 175,296 158,209 156,877
Gross profit 168,141 159,753 189,806 182,942 163,491 160,096
Selling, general and administrative expenses 140,799 136,201 162,134 149,207 131,512 131,133
Operating income 27,342 23,552 27,672 33,735 31,979 28,963
Other income (expenses) 3,813 (180) 17 (157) (2,167) (1,891)
Income before income taxes and minority interests 31,155 23,372 27,689 33,578 29,812 27,072
Income taxes 10,270 7,385 14,279 14,547 14,469 10,244
Minority interests in earnings (loss) of consolidated subsidiaries 389 96 (181) 62 (46) 216
Net income 20,496 15,891 13,591 18,969 15,389 16,612
Per share
Net income 177.02 129.98 111.17 156.12 125.09 134.36
Cash dividends 60.00 50.00 50.00 50.00 30.00 30.00
Net assets *1 2,406.26 2,287.21 2,310.36 2,304.40 2,167.81 2,091.16
At year-end
Working capital *2 67,722 69,536 76,699 63,703 82,404 56,332
Property, plant and equipment, net 109,278 101,132 93,803 93,634 69,019 75,332
Total assets 408,410 408,729 392,695 410,407 366,801 361,105
Long-term liabilities 48,371 34,426 22,917 26,094 18,975 19,414
Net assets *3 271,951 285,569 288,844 288,476 263,199 258,139
R&D expenses 3,807 3,477 3,446 3,164 2,727 2,697
Capital expenditures 18,448 17,572 10,766 6,152 3,517 3,251
Value & performance indicators
Operating margin (%) *4 7.4 6.5 7.2 9.4 9.9 9.1
Return on assets (%) *5 5.0 4.0 3.4 4.9 4.2 4.7
Return on equity (%) *6 7.5 5.7 4.8 7.0 5.9 6.6
Inventory turnover (times) *7 13.7 13.5 13.4 12.9 12.6 12.9
Notes:
  1. Net assets per share = (Net assets - minority interests) / number of shares outstanding as of the year end (excluding treasury stocks)
  2. Working capital = Total current assets - Total current liabilities
  3. Net assets: In compliance with the Corporate Law, from fiscal 2007, the amount of net assets includes the amount of minority interests.
  4. Operating margin = Operating income / Net sales
  5. Return on assets = Net income / Average total assets
  6. Return on equity = Net income / Average total net assets
  7. Inventory turnover = Cost of sales / Average total inventory