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Financial Statements

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Last Updated: March 1, 2025

Five-year Financial Summaries

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Consolidated Statements of Income

(Mn JPY)

2020/12 2021/12 2022/12 2023/12 2024/12
Revenue 288,434 264,570 303,705 354,831 401,130
Cost of sales 91,288 81,511 96,795 114,946 130,955
Gross profit 197,146 183,059 206,910 239,885 270,175
% sales 68.4% 69.2% 68.1% 67.6% 67.4%
Other operating income 2,394 45,748 12,581 1,898 2,057
SG&A 212,637 203,420 215,567 223,465 245,925
Other operating expenses 9,935 7,174 9,500 6,630 2,122
Operating profit (loss) (23,031) 18,213 (5,575) 11,688 24,184
% sales (8.0)% 6.9% (1.8)% 3.3% 6.0%
EBITDA(*1) 28,384 65,706 41,974 60,453 72,116
Adjusted EBITDA(*2) 36,919 72,331 49,058 66,474 73,888
Net income (loss) (17,214) 8,742 (6,371) 4,781 13,965

Consolidated Statements of Financial Position 

(Mn JPY)

2020/12 2021/12 2022/12 2023/12 2024/12
Assets
Current assets
Cash and cash equivalents 17,030 38,331 15,275 26,790 19,170
Trade and other receivables 13,588 24,247 16,943 17,038 20,808
Inventories 4,304 3,972 7,335 5,927 7,772
Other current assets 1,395 896 2,287 1,330 1,360
Total current assets 36,317 67,446 41,840 51,085 49,110
Non-current assets
Property, plant and equipment 210,530 199,468 191,072 188,824 210,718
Goodwill 146,059 146,001 144,816 141,790 157,636
Other financial assets 25,108 24,038 23,211 22,183 23,615
Deferred tax assets 18,331 16,314 18,398 16,862 13,955
Other non-current assets 5,326 4,726 5,435 5,348 15,831
Total non-current assets 405,354 390,547 382,932 375,007 421,756
Total assets 441,672 457,993 424,772 426,093 470,866
Liabilities and equity
Liabilities
Current liabilities
Short-term borrowings 125,845 17,810 86,971 33,874 31,943
Trade and other payables 24,435 28,347 24,896 26,500 32,558
Other financial liabilities 31,735 27,620 27,845 27,370 27,762
Other current liabilities 21,711 16,086 17,599 21,858 25,266
Total current liabilities 203,726 89,863 157,311 109,602 117,528
Non-current liabilities
Long-term borrowings 20,000 104,634 20,000 65,437 74,388
Other financial liabilities 88,311 81,691 75,045 73,746 86,874
Other non-current liabilities 15,874 15,643 14,707 15,018 18,703
Total non-current liabilities 124,185 201,968 109,752 154,201 179,965
Total liabilities 327,911 291,831 267,064 263,803 297,493
Equity
Share capital 3,634 25,134 25,134 25,134 25,134
Capital surplus 56,595 77,963 75,233 60,539 57,240
Other components of equity (509) 301 916 727 1,137
Retained earnings 54,041 62,763 56,425 75,890 89,861
Equity attributable to owners of the Company 113,761 166,161 157,708 162,290 173,372
Total equity 113,761 166,161 157,708 162,290 173,372
Total liabilities and equity 441,672 457,993 424,772 426,093 470,866

Consolidated Statements of Cash Flows

(Mn JPY)

2020/12 2021/12 2022/12 2023/12 2024/12
Net cash from operating activities 36,724 50,065 45,716 70,717 67,923
Net cash used in investing activities (15,742) (12,987) (15,575) (14,861) (39,228)
Free cash flow 20,982 37,078 30,141 55,856 28,695
Net cash used in financing activities (22,921) (16,011) (53,271) (44,471) (36,429)
　Borrowings 16,107 (23,849) (15,857) (7,883) (17,291)
　Proceeds from issuance of common stock 42,808
　Dividends paid (1,986) (17) (2,730) (7) (3,286)
　Other (37,042) (34,953) (34,684) (36,581) (15,852)
Cash and cash equivalents at the end of the year 17,030 38,331 15,275 26,790 19,170

 

Per Share Information 

(JPY)

2020/12 2021/12 2022/12 2023/12 2024/12
EPS (87.16) 40.77 (28.00) 21.01 61.38
BPS 576.00 774.90 693.22 713.36 762.18
DPS 0.00 12.00 0.00 7.00 18.50

Financial Indicators 

    2020/12 2021/12 2022/12 2023/12 2024/12
    ROE(*3) (14.0)% 6.2% (3.9)% 3.0% 8.3%
    Adjusted ROE(*4) (14.0)% 6.4% (3.9)% 3.0% 8.3%
    ROA(*5) (5.2)% 2.6% (1.9)% 1.5% 4.1%
    Equity ratio(*6) 25.8% 36.3% 37.1% 38.1% 36.8%
    Net D/E ratio(*7) 1.23x 0.55x 0.64x 0.49x 0.51x

    1. （*1）EBITDA＝ Income before income taxes + Interest Expense + Loss on redemption of borrowings before the repayment date and gain and loss from associated hedge transactions + Other financial expenses (excluding loss on redemption of borrowings before the repayment date and gain and loss from associated hedge transactions) - Interest income - Other financial income + Depreciation and amortization + Amortization of long-term prepaid expenses + Amortization of long-term prepaid expenses (deposits)
    2. （*2）Adjusted EBITDA = EBITDA + Loss on disposal of fixed assets + Impairment loss of non-financial assets – Reversal of impairment loss of non-financial assets + public offering-related expenses
    3. （*3）ROE＝Net income (loss) attributable to owners of the Company (LTM) / Total equity (average during the period)
    4. （*4）Adjusted ROE＝ Adjusted net income (loss) (LTM) / Total equity (average during the period)
    5. （*5）ROA＝Net income (loss) attributable to owners of the Company (LTM) / Total equity (year-end)(excluding right-of-use assets)
    6. （*6）Equity ratio＝Equity attributable to owners of the Company (year-end) / Total equity (year-end)
    7. （*7）Net D/E ratio ＝(Borrowings at end of period + other financial liabilities at end of period - cash and cash equivalents at end of period - Lease obligations) / Total equity (year-end)