Financial Indicators

Profitability

  FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
Gross margin (%) 24.2 24.7 25.0 24.9 25.7
Operating income margin (%) 6.9 7.3 8.0 7.9 8.8
Ordinary income margin (%) 7.3 7.6 8.5 8.3 9.2
ROA (Return on assets) (%) 8.2 8.4 9.3 8.6 9.2
ROE (Return on equity) (%) 9.3 9.9 10.1 9.6 10.0
EV/EBITDA*(times) 10.7 8.7 8.6 8.7 5.3

*EV/EBITDA
EV=Total market value + Interest-bearing liabilities - Liquidity in hand (Cash and deposits + Short term investments in securities)
EBITDA=Operating profit + Depreciation

Stability

  FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
Equity ratio (%) 55.0 56.8 57.3 57.6 61.5
Equity capital ratio on market-value basis (%) 134.3 119.0 124.2 110.0 82.9
Interest-bearing liabilities (millions of yen) 52,658 47,412 51,264 69,983 54,260
Interest coverage ratio (times) 25.8 18.1 26.2 27.3 22.3

Efficiency

  FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
Total asset turnover ratio (times) 1.1 1.1 1.1 1.0 1.0
Shareholders' equity turnover ratio (times) 2.1 2.0 1.9 1.8 1.7
Tangible fixed asset turnover ratio (times) 4.9 5.0 5.2 4.9 4.9

Per share information

  FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
Net assets per share (yen) 2,155.74 2,302.38 2,425.02 2,741.27 2,964.85
Net income per share (yen) 191.93 219.98 238.69 247.09 286.11
Dividends per share (yen) 60 66 70 72 82(Est.)
Consolidated dividend payout ratio (%) 31.3 30.0 29.3 29.1 28.7

Number of employees

  FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
Consolidated 37,519 37,417 37,902 38,444 38,192
Non-consolidated 11,976 11,793 11,704 11,861 12,002