Financial Highlights

(Millions of yen)

	2015/2	2016/2	2017/2	2018/2	2019/2
Operating revenues	50,726	52,883	49,797	48,060	47,118
Gross profit	28,079	30,831	29,348	28,049	27,115
Selling, general and administrative expenses	23,469	24,717	22,818	21,947	22,171
Operating income	5,467	6,113	6,529	6,102	4,984
Ordinary income	6,186	6,854	7,796	7,562	6,804
Net income	3,612	4,277	4,962	5,293	2,440

Operating revenues

Operating income

Ordinary income

Net income

(Millions of yen)

	2015/2	2016/2	2017/2	2018/2	2019/2
Total assets	60,577	60,576	62,420	66,321	59,934
Net assets	45,418	45,237	49,074	53,399	43,587
Interest bearing debt	48	478	378	277	175

Total assets

Net assets

Interest bearing debt

(Millions of yen)

	2015/2	2016/2	2017/2	2018/2	2019/2
Cash flows from operating activities	4,329	5,319	4,964	5,427	1,664
Cash flows from investing activities	△1,184	△545	△2,347	△3,023	5,407
Cash flows from financing activities	△3,298	△3,739	△2,305	△1,665	△9,344
Free cash flows*	3,144	4,774	2,616	2,403	7,071

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

	2015/2	2016/2	2017/2	2018/2	2019/2
Gross margin (%)	57.0	58.3	58.9	58.4	57.6
Operating margin (%)	10.8	11.6	13.1	12.7	10.6
Return on assets(ROA) (%)	6.1	7.1	8.1	8.2	3.9
Return on equity(ROE) (%)	8.1	9.4	10.5	10.4	5.0
Shareholders' equity ratio (%)	74.9	74.6	78.4	80.4	72.6
Current ratio (%)	166.6	183.0	213.6	243.2	205.5
Debt equity ratio (times)	0.00	0.01	0.01	0.01	0.00