Consolidated Financial Statements and Primary Notes
Consolidated Balance Sheet
Electronically recorded monetary claims -operating
2,872
3,140
(Millions of yen)
As of December 31, 2024 As of December 31, 2025
Assets
Current assets
Cash and deposits 41,352 47,594
Accounts receivable - trade 37,484 40,099
Merchandise 55,366 68,178
Other 895 2,638
Allowance for doubtful accounts (1) (4)
Total current assets 137,971 161,646
Non-current assets
Property, plant and equipment
Buildings and structures 78,496 96,590
Accumulated depreciation (31,768) (34,272)
Buildings and structures, net 46,728 62,317
Machinery, equipment and vehicles 16,172 17,765
Accumulated depreciation (9,927) (11,140)
Machinery, equipment and vehicles, net 6,244 6,625
Tools, furniture and fixtures 6,699 7,255
Accumulated depreciation (5,192) (5,391)
Tools, furniture and fixtures, net 1,507 1,864
Land 39,345 39,371
Construction in progress 29,346 25,218
Total property, plant and equipment 123,171 135,398
Intangible assets
Software 3,880 4,163
Software in progress 1,301 2,926
Other 13 15
Total intangible assets 5,195 7,105
Investments and other assets
Deferred tax assets 776 632
Investment securities 2,616 3,007
Other 539 559
Deferred tax assets for land revaluation 152 154
Total investments and other assets 3,952 4,209
Allowance for doubtful accounts (132) (143)
Total non-current assets 132,319 146,712
Total assets 270,290 308,359
(Millions of yen)
As of December 31, 2024
As of December 31, 2025
Liabilities
Current liabilities
Accounts payable - trade | 22,121 | 26,227 |
Short-term borrowings | 10,000 | 10,000 |
Current portion of long-term borrowings | 1,500 | 15,000 |
Accounts payable - other | 8,162 | 7,116 |
Income taxes payable | 3,887 | 3,637 |
Provision for bonuses | 690 | 580 |
Other | 2,074 | 1,599 |
Total current liabilities | 48,436 | 64,161 |
Non-current liabilities | ||
Long-term borrowings | 45,000 | 55,000 |
Long-term guarantee deposits | 2,705 | 2,786 |
Provision for retirement benefits for directors (and other officers) | 151 | 151 |
Other | 1 | 7 |
Total non-current liabilities | 47,857 | 57,945 |
Total liabilities | 96,294 | 122,107 |
Net assets | ||
Shareholders' equity | ||
Share capital | 5,022 | 5,022 |
Capital surplus | 4,711 | 4,711 |
Retained earnings | 163,121 | 175,139 |
Treasury shares | (83) | (84) |
Total shareholders' equity | 172,771 | 184,789 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale securities | 718 | 963 |
Revaluation reserve for land | (345) | (335) |
Foreign currency translation adjustment | 851 | 834 |
Total accumulated other comprehensive income | 1,224 | 1,462 |
Total net assets | 173,996 | 186,252 |
Total liabilities and net assets | 270,290 | 308,359 |
Consolidated Statement of Income | ||
(Millions of yen) | ||
For the fiscal year ended December 31, 2024 | For the fiscal year ended December 31, 2025 | |
Net sales | 295,024 | 320,043 |
Cost of sales | 233,341 | 253,312 |
Gross profit | 61,683 | 66,731 |
Selling, general and administrative expenses | ||
Freight and packing costs | 9,085 | 9,910 |
Promotion expenses | 272 | 427 |
Remuneration for directors (and other officers) | 447 | 434 |
Salaries and bonuses | 14,424 | 15,450 |
Provision for bonuses | 686 | 576 |
Welfare expenses | 2,713 | 2,940 |
Depreciation | 6,044 | 5,552 |
Commission expenses | 3,012 | 2,996 |
Other | 5,016 | 5,625 |
Total selling, general and administrative expenses | 41,704 | 43,914 |
Operating profit | 19,978 | 22,816 |
Non-operating income | ||
Interest income | 9 | 18 |
Dividend income | 70 | 78 |
Rental income from real estate | 172 | 157 |
Other | 270 | 258 |
Total non-operating income | 523 | 511 |
Non-operating expenses | ||
Interest expenses | 246 | 618 |
Foreign exchange losses | 50 | 89 |
Rental costs | 99 | 44 |
Other | 48 | 34 |
Total non-operating expenses | 445 | 787 |
Ordinary profit | 20,056 | 22,541 |
Extraordinary income | ||
Gain on sale of non-current assets | 2,778 | 202 |
Total extraordinary income | 2,778 | 202 |
Extraordinary losses | ||
Impairment losses | - | 116 |
Loss on valuation of investment securities | 183 | - |
Total extraordinary losses | 183 | 116 |
Profit before income taxes | 22,651 | 22,626 |
Income taxes - current | 6,692 | 6,724 |
Income taxes - deferred | (136) | 20 |
Total income taxes | 6,556 | 6,745 |
Profit | 16,095 | 15,881 |
Profit attributable to owners of parent | 16,095 | 15,881 |
(Millions of yen)
For the fiscal year ended December 31, 2024 | For the fiscal year ended December 31, 2025 | |
Profit | 16,095 | 15,881 |
Other comprehensive income | ||
Valuation difference on available-for-sale securities | 85 | 244 |
Revaluation reserve for land | - | 4 |
Foreign currency translation adjustment | 365 | (16) |
Total other comprehensive income | 450 | 232 |
Comprehensive income | 16,545 | 16,114 |
Comprehensive income attributable to | ||
Comprehensive income attributable to owners of 16,545 16,114 parent | ||
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 |
Shareholders' equity | |||||
Share capital | Capital surplus | Retained earnings | Treasury shares | Total shareholders' equity | |
Balance at beginning of period | 5,022 | 4,711 | 163,121 | (83) | 172,771 |
Changes during period | |||||
Dividends of surplus | (3,857) | (3,857) | |||
Reversal of revaluation reserve for land | (5) | (5) | |||
Profit attributable to owners of parent | 15,881 | 15,881 | |||
Purchase of treasury shares | (0) | (0) | |||
Disposal of treasury shares | 0 | 0 | 0 | ||
Net changes in items other than shareholders' equity | |||||
Total changes during period | - | 0 | 12,018 | (0) | 12,017 |
Balance at end of period | 5,022 | 4,711 | 175,139 | (84) | 184,789 |
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 | 718 | (345) | 851 | 1,224 | 173,996 |
Changes during period | |||||
Dividends of surplus | (3,857) | ||||
Reversal of revaluation reserve for land | 5 | 5 | - | ||
Profit attributable to owners of parent | 15,881 | ||||
Purchase of treasury shares | (0) | ||||
Disposal of treasury shares | 0 | ||||
Net changes in items other than shareholders' equity | 244 | 4 | (16) | 232 | 232 |
Total changes during period | 244 | 9 | (16) | 238 | 12,255 |
Balance at end of period | 963 | (335) | 834 | 1,462 | 186,252 |
Effect of exchange rate change on cash and cash equivalents
57
19
For the fiscal year ended December 31, 2024
For the fiscal year ended December 31, 2025
Cash flows from operating activities
Depreciation 6,087 5,577
Profit before income taxes 22,651 22,626
Loss (gain) on valuation of investment securities 183 -
Impairment losses - 116
Interest and dividend income (80) (96)
Increase (decrease) in allowance for doubtful accounts (3) 13
Loss (gain) on sale of property, plant and equipment (2,778) (202)
Interest expenses 246 618
Decrease (increase) in inventories (4,378) (12,784)
Decrease (increase) in trade receivables (3,200) (2,889)
Increase (decrease) in accrued consumption taxes (278) (2,208)
Increase (decrease) in trade payables 1,648 4,102
Subtotal 20,260 15,671
Other, net 162 797
Interest paid (245) (616)
Interest and dividends received 81 97
Net cash provided by (used in) operating activities 13,021 8,183
Income taxes paid (7,074) (6,968)
Purchase of property, plant and equipment (19,287) (18,494)
Cash flows from investing activities
Purchase of intangible assets (2,479) (3,359)
Proceeds from sale of property, plant and equipment 3,662 333
Purchase of shares of subsidiaries and associates (147) -
Purchase of investment securities - (19)
Net cash provided by (used in) investing activities (18,267) (21,565)
Other, net (14) (25)
Proceeds from long-term borrowings 15,000 25,000
Cash flows from financing activities
Purchase of treasury shares (1) (0)
Repayments of long-term borrowings (8,500) (1,500)
Dividends paid (3,260) (3,862)
Proceeds from disposal of treasury shares 0 0
Net cash provided by (used in) financing activities 3,238 19,636
Cash and cash equivalents at beginning of period 43,085 41,135
Net increase (decrease) in cash and cash equivalents (1,950) 6,272
Cash and cash equivalents at end of period 41,135 47,408