Financial Highlights

Business Results (Non-Consolidated)

(Millions of yen)

	2016/12	2017/12	2018/12	2019/12	2020/12
Net sales	16,908	21,489	28,828	29,333	22,477
Gross profit	4,771	5,683	6,655	6,663	5,499
Selling, general and administrative expenses	2,835	3,303	3,873	3,633	3,223
Operating income	1,935	2,379	2,782	3,030	2,275
Ordinary income	1,968	2,441	2,536	3,000	2,161
Net income	1,142	1,547	1,810	△1,753	2,225

Financial Position (Non-Consolidated)

(Millions of yen)

	2016/12	2017/12	2018/12	2019/12	2020/12
Total assets	23,791	29,904	37,862	43,020	40,702
Net assets	15,283	16,351	18,745	16,419	18,139
Interesting bearing debt	4,793	9,152	14,512	14,086	12,377

Cash Flows (Non-Consolidated)

(Millions of yen)

	2016/12	2017/12	2018/12	2019/12	2020/12
Cash flows from operating activities	△708	△2,992	△2,380	4,055	2,546
Cash flows from investing activities	△1,554	△1,423	△484	△1,005	△2,228
Cash flows from financing activities	2,999	3,854	5,944	△1,020	△2,240
Free cash flows※	△2,253	△4,416	△2,865	3,049	318

※Free cash flows = Cash flows from operating activities + Cash flows from investing activities

Major Indicators (Non-Consolidated)

(%)

	2016/12	2017/12	2018/12	2019/12	2020/12
Gross margin	28.2%	26.4%	23.1%	22.7%	24.5%
Operating margin	11.4%	11.1%	9.7%	10.3%	10.1%
Return on assets (ROA)	9.1%	9.1%	7.5%	7.4%	5.2%
Return on equity (ROE)	7.6%	9.8%	10.3%	△10.0%	12.9%
Shareholders' equity ratio	64.2%	54.7%	49.5%	38.2%	44.6%
Current ratio	245.4%	308.0%	392.7%	167.2%	234.0%
Debt equity ratio (times)	9.7%	56.0%	77.4%	85.8%	68.2%

Per Share Data (Non-Consolidated)

（Yen）

	2016/12	2017/12	2018/12	2019/12	2020/12
Net income per share	93.1	126.1	145.5	△138.8	176.2
Net assets per share	1245.1	1332.9	1484.4	1300.0	1436.2
Cash dividends per share	39	40	46	40	31