Financial Highlights

Business Results
Financial Position
Cash Flows
Major Indicators
Per Share Data

Business Results

(Millions of yen)

	2020/2	2021/2	2022/2	2023/2	2024/2
Operating revenues	44,970	39,449	38,123	39,508	39,457
Gross profit	25,780	21,294	19,672	19,727	19,530
Selling, general and administrative expenses	21,804	18,527	17,884	17,748	17,433
Operating income	3,975	2,767	1,788	1,979	2,096
Ordinary income	4,312	3,195	2,293	2,342	2,515
Net income	2,475	1,622	1,490	1,149	1,300

Operating revenues

Operating income

Ordinary income

Net income

1. The Company applied “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020) from the beginning of the fiscal year ending February 28, 2023. Figures for the fiscal year ending February 28, 2023, are after application of this accounting standard.
2. From the beginning of the fiscal year ending February 28, 2023, the presentation of real estate lease revenue has been changed to recording in “Net sales,” and rental expenses on real estate to “Cost of sales.” Consolidated financial statements from the fiscal year ending February 28, 2022, have been recombined to reflect this change in presentation method.

Financial Position

(Millions of yen)

	2020/2	2021/2	2022/2	2023/2	2024/2
Total assets	53,737	53,000	56,884	50,211	50,643
Net assets	39,588	39,543	42,917	38,214	38,596
Interest bearing debt	82	0	0	0	0

Total assets

Net assets

Interest bearing debt

Cash Flows

(Millions of yen)

	2020/2	2021/2	2022/2	2023/2	2024/2
Cash flows from operating activities	2,433	6,633	1,871	3,103	2,666
Cash flows from investing activities	72	△2,169	106	△2,371	△1,103
Cash flows from financing activities	△5,468	△2,515	1,816	△1,834	△1,791
Free cash flows*	2,505	4,464	1,977	732	1,563

Note: Free cash flows = Cash flows from operating activities + Cash flows from investing activities

Major Indicators

	2020/2	2021/2	2022/2	2023/2	2024/2
Gross margin (%)	57.3	54.0	51.6	49.9	49.5
Operating margin (%)	8.8	7.0	4.7	5.0	5.3
Return on assets(ROA) (%)	4.3	3.0	2.7	2.1	2.6
Return on equity(ROE) (%)	6.0	4.1	3.6	2.8	3.4
Shareholders' equity ratio (%)	73.5	74.6	75.4	76.0	76.2
Current ratio (%)	216.2	229.6	273.5	233.3	248.7
Debt equity ratio (times)	0.00	0.00	0.00	0.00	0.00