◎ CONSOLIDATED STATEMENTS OF OPERATIONS
| 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | |
|---|---|---|---|---|---|---|
| Net sales | 90,076,004 | 95,173,415 | 107,146,808 | 125,998,761 | 138,234,312 | 150,682,056 |
| Cost of sales | 86,414,337 | 91,304,459 | 101,408,073 | 120,497,938 | 130,205,496 | 141,325,440 |
| Gross profit | 3,661,666 | 3,868,956 | 5,738,734 | 5,500,822 | 8,028,815 | 9,356,615 |
| Gross margin ratio | 4.07% | 4.07% | 5.36% | 4.37% | 5.81% | 6.21% |
| Selling, general and administrative expenses | 1,869,231 | 2,335,433 | 4,719,061 | 4,737,854 | 5,177,196 | 5,760,339 |
| SGA ratio | 2.08% | 2.45% | 4.40% | 3.76% | 3.75% | 3.82% |
| Operating income | 1,792,434 | 1,533,522 | 1,019,673 | 762,967 | 2,851,618 | 3,596,276 |
| Other income | 107,780 | 127,039 | 115,311 | 243,663 | 284,196 | 420,753 |
| Other expenses | 70,165 | 63,414 | 337,411 | 430,647 | 292,507 | 435,334 |
| Current profits | 1,830,050 | 1,597,147 | 797,573 | 575,983 | 2,843,308 | 3,581,695 |
| Net income | 1,131,941 | 970,646 | 443,002 | 244,305 | 948,298 | 1,754,515 |
◎ CONSOLIDATED BALANCE SHEETS
| 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | |
|---|---|---|---|---|---|---|
| Current Assets | 20,360,409 | 18,557,444 | 19,475,859 | 22,331,155 | 31,917,062 | 36,612,232 |
| ^Cash and cash equivalents | 12,928,954 | 11,242,249 | 9,220,939 | 11,928,302 | 21,096,746 | 24,016,191 |
| Property, plant and equipment | 2,728,877 | 5,303,362 | 5,994,667 | 7,300,391 | 7,551,336 | 10,288,483 |
| Intangible fixed assets | 142,775 | 222,421 | 417,917 | 360,605 | 331,858 | 334,535 |
| Investments and other assets | 229,618 | 420,809 | 930,447 | 1,996,884 | 1,441,491 | 1,238,738 |
| Current Liabilities | 8,041,209 | 8,587,179 | 10,546,480 | 13,283,663 | 13,382,466 | 14,021,507 |
| Long-term Liabilities | 2,961,596 | 3,225,378 | 3,319,682 | 19,632,868 | 28,673,768 | 34,582,965 |
| ^Long-term debt | 0 | 0 | 68,761 | 2,883,315 | 11,630,418 | 16,673,677 |
| Net Assets | 12,458,874 | 12,691,478 | 12,952,730 | 12,356,169 | 12,567,979 | 13,891,024 |
| Shareholder's equity | 12,336,694 | 12,513,957 | 12,668,081 | 12,586,534 | 13,138,405 | 14,560,973 |
◎ CONSOLIDATED STATEMENTS OF CASH FLOWS
| 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | |
|---|---|---|---|---|---|---|
| Cash flows from operating activities | ||||||
| ^Income before income taxes and minority interests | 1,814,427 | 1,582,996 | 791,676 | 634,304 | 2,130,002 | 3,388,024 |
| Depreciation and amortization | 176,534 | 240,721 | 572,882 | 651,567 | 828,256 | 967,584 |
| Amortization of goodwill | 0 | 2,446 | 22,714 | 44,762 | 43,428 | 20,714 |
| Write-off of marketable securities | 0 | 0 | 0 | 1,000 | 0 | 0 |
| Increase (decrease) in allowance for doubtful accounts | 4,760 | 1,005 | 180,452 | (110,284) | (13,910) | (69,171) |
| Increase (decrease) in reserve for bonuses | 3,657 | 4,804 | 8,375 | 23,483 | 10,924 | 4,625 |
| Increase (decrease) in reserve for retirement benefits | 4,500 | 3,300 | 11,600 | 8,140 | 6,850 | 13,250 |
| Interest and dividends income | (22,276) | (27,155) | (28,362) | (20,330) | (24,802) | (61,615) |
| Interest expenses | 397 | 0 | 315 | 22,404 | 57,457 | 183,013 |
| (Gain)loss on sales of investments in securities | 0 | 0 | (8,157) | (28,994) | 0 | 0 |
| (Gain)loss on sales of property, plant and equipment | 2,742 | (551) | 5,676 | (1,374) | 6,529 | 25,034 |
| (Gain)loss on disposal of property, plant and equipment | 11,830 | 14,921 | 12,833 | 26,881 | 28,530 | 45,833 |
| ^Changes in operating assets and liabilities: | ||||||
| Notes and accounts receivable | (646,288) | 176,996 | (2,649,258) | (405,288) | (55,838) | (297,175) |
| Decrease(increase) in inventories | (400,898) | (231) | (481,377) | 586,148 | (409,810) | (1,298,525) |
| Decrease(increase) in other current assets | 26,566 | (16,326) | 6,074 | (14,716) | (12,371) | (113,995) |
| Notes and accounts payable | 1,037,478 | 41,849 | 2,160,559 | 403,010 | 491,791 | 779,222 |
| Decrease(increase) in other current liabilities | 15,793 | (6,871) | 716,548 | 234,098 | 324,259 | 46,721 |
| Other | 308,054 | 299,941 | 186,057 | 270,366 | 850,482 | 440,030 |
| Subtotal | 2,337,280 | 2,317,847 | 1,508,612 | 2,325,177 | 4,261,780 | 4,073,569 |
| Interest and dividends income received | 22,276 | 27,155 | 28,362 | 20,330 | 24,802 | 61,615 |
| Interest expenses paid | (397) | 0 | (315) | (16,582) | (39,754) | (171,936) |
| Income taxes paid | (852,811) | (627,577) | (600,168) | (221,203) | (423,803) | (1,815,817) |
| Net cash provided by operating activities | 1,506,347 | 1,717,425 | 936,490 | 2,107,722 | 3,823,025 | 2,147,431 |
| Cash flows from investing activities | ||||||
| Payments into time deposits | 0 | (153,200) | (227,850) | (289,400) | (303,600) | (2,825,916) |
| Proceeds from withdrawal of time deposits | 0 | 153,200 | 75,950 | 144,300 | 224,400 | 1,647,870 |
| Acquisition of property, plant and equipment |
(1,727,499) | (2,277,016) | (1,984,964) | (2,503,150) | (1,335,247) | (3,760,647) |
| Acquisition of intangible property | (78,990) | (104,800) | (110,993) | (87,136) | (79,560) | (68,459) |
| Proceeds from sales of property, plant and equipment | 43,645 | 1,281 | 9,200 | 5,767 | 25,229 | 11,057 |
| Acquisition of investments in securities | 0 | 0 | (117,240) | (109,433) | (241,790) | (125,745) |
| Proceeds from sales of investment in securities | 0 | 0 | 31,228 | 117,878 | 0 | 136,404 |
| Payments of loans receivable | (170,000) | (120,000) | (330,000) | (80) | (100,000) | (8,339) |
| Collection of loans receivable | 17,303 | 43,367 | 53,012 | 26,362 | 28,775 | 75,454 |
| Decrease(increase)by other investment activities | 0 | 0 | 138,079 | (718,967) | (53,656) | (3,079) |
| Net cash used in investment activities | (1,915,541) | (2,457,168) | (2,463,579) | (3,413,859) | (1,835,448) | (4,921,402) |
| Cash flows from financing activities | ||||||
| Increase(decrease) in short-term borrowings |
0 | 0 | (10,400) | 2,000,000 | (2,000,000) | 0 |
| Proceeds from long-term debt | 0 | 0 | 0 | 2,930,000 | 9,700,000 | 5,500,000 |
| Repayment of long-term debt | 0 | 0 | (92,070) | (6,002) | (603,998) | (458,340) |
| Proceeds from sales of treasury stock | 8,336,944 | 0 | 0 | 0 | 0 | 0 |
| Payments into acquisition of treasury stock | 0 | (563,748) | (45,186) | (83,208) | (115,346) | (240,494) |
| Cash dividends paid | 0 | (250,800) | (243,693) | (242,643) | (281,081) | (318,508) |
| Repayment of finance lease debts | 0 | 0 | 0 | (3,227) | (4,830) | (4,391) |
| Net cash used in financing activities | 8,336,944 | (814,548) | (391,349) | 4,594,918 | 6,694,742 | 4,478,264 |
| Effect of exchange rate changes on cash and cash equivalents | 9,649 | 8,716 | (29,421) | (464,505) | (41,103) | 53,506 |
| Increase(decrease) in cash and cash equivalents | 7,937,399 | (1,545,575) | (1,947,859) | 2,824,274 | 8,641,215 | 1,757,801 |
| Cash and cash equivalents at beginning of year | 4,696,954 | 12,634,354 | 11,088,849 | 9,140,989 | 11,965,264 | 20,606,480 |
| Increase due to inclusion of subsidiaries in consolidation | 0 | 70 | 0 | 0 | 0 | (1,139) |
| Cash and cash equivalents at end of year | 12,634,354 | 11,088,849 | 9,140,989 | 11,965,264 | 20,606,480 | 22,363,141 |
◎ MANAGEMENT INDEX
| 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | |
|---|---|---|---|---|---|---|
| Cash flows from operating activities | ||||||
| Dividend yield (%) | 1.17% | 1.94% | 1.91% | 2.56% | 2.25% | 2.10% |
| Price earning ratio(times) | 18.75 | 16.14 | 17.68 | 50.43 | 14.71 | 9.60 |
| Price book-value ratio(times) | 1.72 | 1.25 | 0.62 | 0.98 | 1.06 | 1.21 |
| Return on equity (%) | 9.18% | 7.76% | 3.50% | 1.94% | 7.22% | 12.05% |
| Return on assets (%) | 4.82% | 3.96% | 1.65% | 0.76% | 2.30% | 3.62% |
| Capital adequacy (%) | 52.58% | 51.07% | 47.24% | 39.35% | 31.86% | 30.04% |
| Growth rate of net sales (%) | 117.75 | 105.66% | 112.58% | 117.59% | 109.71% | 109.00% |
| Growth rate of current profits (%) | 94.58 | 87.27% | 49.94% | 72.22% | 493.64% | 125.97% |
| Market Capitalization (amounts in \'billion) |
21.21 | 15.66 | 7.83 | 12.32 | 13.95 | 18.88 |
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