Consolidated Financial Statements
Consolidated Balance Sheets
(Millions of yen) As of December 31, 2023
As of December 31, 2024
Assets
Current assets
Cash and deposits Accounts receivable - trade Electronically recorded monetary claims - operating
Merchandise Other
Allowance for doubtful accounts Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Construction in progress
Total property, plant and equipment Intangible assets
Software
Software in progress Other
Total intangible assets Investments and other assets
Investment securities Deferred tax assets
Deferred tax assets for land revaluation Other
Allowance for doubtful accounts Total investments and other assets Total non-current assets
43,283 41,352
34,322 37,484
2,821 2,872
50,848 55,366
734 895
(1) (1)
132,008
137,971
78,008
78,496
(30,283)
(31,768)
47,724
46,728
15,438
16,172
(8,757)
(9,927)
6,680
6,244
6,370
6,699
(5,102)
(5,192)
1,267
1,507
38,747 39,345
10,149 29,346
104,569
123,171
2,610 3,880
1,947 1,301
14 13
4,572
5,195
2,529 2,616
673 776
155 152
504 539
(135) (132)
Total assets
3,728 112,870 244,878
3,952 132,319 270,290
(Millions of yen) As of December 31, 2023
As of December 31, 2024
Liabilities
Current liabilities
Accounts payable - trade Short-term borrowings
Current portion of long-term borrowings Accounts payable - other
Income taxes payable Provision for bonuses Other
Total current liabilities Non-current liabilities
Long-term borrowings Long-term guarantee deposits
Provision for retirement benefits for directors (and other officers)
Other
Total non-current liabilities Total liabilities
Net assets
Shareholders' equity
Share capital Capital surplus Retained earnings Treasury shares
Total shareholders' equity Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for land
Foreign currency translation adjustment
Total accumulated other comprehensive income Total net assets
Total liabilities and net assets
20,461 22,121
10,000 10,000
8,500 1,500
3,544 8,162
4,248 3,887
687 690
2,293 2,074
49,735
48,436
31,500 45,000
2,773 2,705
151 151
1 1
34,426 84,162
47,857 96,294
5,022 5,022
4,711 4,711
150,298 163,121
(82) 159,950
(83) 172,771
633 718
(353) (345)
486 851
765 160,716 244,878
1,224 173,996 270,290
Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income
(Millions of yen)
For the fiscal year | For the fiscal year | |
ended December 31, 2023 | ended December 31, 2024 | |
Net sales | 268,154 | 295,024 |
Cost of sales | 210,631 | 233,341 |
Gross profit | 57,522 | 61,683 |
Selling, general and administrative expenses | ||
Freight and packing costs | 8,261 | 9,085 |
Promotion expenses | 252 | 272 |
Remuneration for directors (and other officers) | 442 | 447 |
Salaries and bonuses | 13,451 | 14,424 |
Provision for bonuses | 683 | 686 |
Welfare expenses | 2,553 | 2,713 |
Depreciation | 6,206 | 6,044 |
Commission expenses | 2,504 | 3,012 |
Other | 4,647 | 5,016 |
Total selling, general and administrative expenses | 39,003 | 41,704 |
Operating profit | 18,519 | 19,978 |
Non-operating income | ||
Interest income | 9 | 9 |
Dividend income | 66 | 70 |
Rental income from real estate | 175 | 172 |
Other | 218 | 270 |
Total non-operating income | 470 | 523 |
Non-operating expenses | ||
Interest expenses | 99 | 246 |
Rental costs | 46 | 99 |
Provision of allowance for doubtful accounts | 128 | - |
Other | 45 | 99 |
Total non-operating expenses | 319 | 445 |
Ordinary profit | 18,669 | 20,056 |
Extraordinary income | ||
Gain on sale of non-current assets | 115 | 2,778 |
Gain on sale of investment securities | 36 | - |
Total extraordinary income | 152 | 2,778 |
Extraordinary losses | ||
Impairment losses | 45 | - |
Loss on valuation of investment securities | 816 | 183 |
Soil pollution removal cost | 51 | - |
Total extraordinary losses | 913 | 183 |
Profit before income taxes | 17,908 | 22,651 |
Income taxes - current | 6,266 | 6,692 |
Income taxes - deferred | (626) | (136) |
Total income taxes | 5,640 | 6,556 |
Profit | 12,268 | 16,095 |
Profit attributable to owners of parent | 12,268 | 16,095 |
Consolidated Statements of Comprehensive Income
(Millions of yen) For the fiscal year ended December 31, 2023
For the fiscal year ended December 31, 2024
Profit
Other comprehensive income
Valuation difference on available-for-sale securities Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income Comprehensive income attributable to
Comprehensive income attributable to owners of parent
12,268
16,095
167 85
346 365
513 12,782
450 16,545
12,782
16,545
Consolidated Statements of Changes in Equity
For the fiscal year ended December 31, 2023
(Millions of yen)
Shareholders' equity | |||||
Share capital | Capital surplus | Retained earnings | Treasury shares | Total shareholders' equity | |
Balance at beginning of period | 5,022 | 4,711 | 141,096 | (79) | 150,750 |
Changes during period | |||||
Dividends of surplus | (3,066) | (3,066) | |||
Reversal of revaluation reserve for land | - | ||||
Profit attributable to owners of parent | 12,268 | 12,268 | |||
Purchase of treasury shares | (2) | (2) | |||
Disposal of treasury shares | 0 | 0 | 0 | ||
Net changes in items other than shareholders' equity | |||||
Total changes during period | - | 0 | 9,202 | (2) | 9,199 |
Balance at end of period | 5,022 | 4,711 | 150,298 | (82) | 159,950 |
Accumulated other comprehensive income | Total net assets | ||||
Valuation difference on available-for-sale securities | Revaluation reserve for land | Foreign currency translation adjustment | Total accumulated other comprehensive income | ||
Balance at beginning of period | 466 | (353) | 139 | 252 | 151,002 |
Changes during period | |||||
Dividends of surplus | (3,066) | ||||
Reversal of revaluation reserve for land | - | ||||
Profit attributable to owners of parent | 12,268 | ||||
Purchase of treasury shares | (2) | ||||
Disposal of treasury shares | 0 | ||||
Net changes in items other than shareholders' equity | 167 | - | 346 | 513 | 513 |
Total changes during period | 167 | - | 346 | 513 | 9,713 |
Balance at end of period | 633 | (353) | 486 | 765 | 160,716 |
For the fiscal year ended December 31, 2024
(Millions of yen)
Shareholders' equity | |||||
Share capital | Capital surplus | Retained earnings | Treasury shares | Total shareholders' equity | |
Balance at beginning of period | 5,022 | 4,711 | 150,298 | (82) | 159,950 |
Changes during period | |||||
Dividends of surplus | (3,264) | (3,264) | |||
Reversal of revaluation reserve for land | (8) | (8) | |||
Profit attributable to owners of parent | 16,095 | 16,095 | |||
Purchase of treasury shares | (1) | (1) | |||
Disposal of treasury shares | 0 | 0 | 0 | ||
Net changes in items other than shareholders' equity | |||||
Total changes during period | - | 0 | 12,823 | (1) | 12,821 |
Balance at end of period | 5,022 | 4,711 | 163,121 | (83) | 172,771 |
Accumulated other comprehensive income | Total net assets | ||||
Valuation difference on available-for-sale securities | Revaluation reserve for land | Foreign currency translation adjustment | Total accumulated other comprehensive income | ||
Balance at beginning of period | 633 | (353) | 486 | 765 | 160,716 |
Changes during period | |||||
Dividends of surplus | (3,264) | ||||
Reversal of revaluation reserve for land | 8 | 8 | - | ||
Profit attributable to owners of parent | 16,095 | ||||
Purchase of treasury shares | (1) | ||||
Disposal of treasury shares | 0 | ||||
Net changes in items other than shareholders' equity | 85 | - | 365 | 450 | 450 |
Total changes during period | 85 | 8 | 365 | 458 | 13,280 |
Balance at end of period | 718 | (345) | 851 | 1,224 | 173,996 |
Consolidated Statements of Cash Flows
(Millions of yen) For the fiscal year ended December 31, 2023
For the fiscal year ended December 31, 2024
Cash flows from operating activities
Profit before income taxes Depreciation
Impairment losses
Loss (gain) on valuation of investment securities Soil pollution removal cost
Increase (decrease) in allowance for doubtful accounts Interest and dividend income
Interest expenses
Loss (gain) on sale of property, plant and equipment Decrease (increase) in trade receivables
Decrease (increase) in inventories Increase (decrease) in trade payables
Increase (decrease) in accrued consumption taxes Other, net
Subtotal
Interest and dividends received Interest paid
Income taxes paid
Soil pollution removal cost payed
Net cash provided by (used in) operating activities Cash flows from investing activities
Purchase of property, plant and equipment Proceeds from sale of property, plant and equipment Purchase of intangible assets
Proceeds from sale of investment securities Purchase of shares of subsidiaries and associates Other, net
Net cash provided by (used in) investing activities Cash flows from financing activities
Proceeds from long-term borrowings Repayments of long-term borrowings Purchase of treasury shares
Proceeds from disposal of treasury shares Dividends paid
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period
17,908 22,651
6,229 6,087
45 816 51
- 183 -
125 (3)
(76) (80)
99 246
(115) (2,778)
(2,813) (3,200)
(5,449) (4,378)
1,582 1,648
303 (278)
770 162
19,476
20,260
74
81
(101)
(245)
(4,595)
(7,074)
(51)
-
14,802
13,021
(11,171)
(19,287)
184 (1,944)
3,662 (2,479)
49
- - (147)
(231) (14)
(13,113)
(18,267)
15,000
15,000
(10,000)
(8,500)
(2)
(1)
0
0
(3,064)
(3,260)
1,932
3,238
63
57
3,684
(1,950)
39,400
43,085
43,085
41,135