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Consolidated Financial Statements

• Consolidated Balance Sheets
• Consolidated Statement of Income
• Consolidated Statements of Changes in Stockholders' Equity
• Consolidated Statements of Cash Flows
• Consolidated Statements of Comprehensive Income

Consolidated Balance Sheets

(Millions of yen) March 31
	2010	2011
Assets
Current assets
Cash and deposits	5,696	6,909
Notes and accounts receivable-trade	13,041	13,487
Merchandise and finished goods	4,629	4,778
Work in process	132	124
Raw materials and supplies	2,030	2,044
Deferred tax assets	687	684
Other	54	55
Allowance for doubtful accounts	△17	△7
Total current assets	26,253	28,077
Noncurrent assets
Property, plant and equipment
Buildings and structures, net	4,858	4,817
Machinery, equipment and vehicles, net	3,013	2,747
Land	8,610	8,603
Construction in progress	83	219
Other, net	556	483
Total property, plant and equipment	17,122	16,870
Intangible assets
Software	140	130
Telephone subscription right	15	4
Other	8	4
Total intangible assets	165	139
Investments and other assets
Investment securities	9,319	8,927
Long-term loans receivable	191	188
Deferred tax assets	1,503	1,686
Other	481	462
Allowance for doubtful accounts	△3	△0
Total investments and other assets	11,492	11,264
Total noncurrent assets	28,779	28,274
Total assets	55,032	56,351
Liabilities
Current liabilities
Notes and accounts payable-trade	7,309	7,442
Short-term loans payable	2,150	2,050
Current portion of long-term loans payable	711	689
Accrued expenses	1,120	1,164
Income taxes payable	1,092	1,101
Accrued consumption taxes	144	90
Provision for directors' bonuses	40	53
Notes payable-facilities	96	117
Other	1,843	1,727
Total current liabilities	14,508	14,437
Noncurrent liabilities
Long-term loans payable	1,642	1,029
Deferred tax liabilities for land revaluation	1,858	1,858
Provision for retirement benefits	2,177	2,080
Provision for directors' retirement benefits	240	276
Asset retirement obligations	-	344
Negative goodwill	12	1
Other	184	180
Total noncurrent liabilities	6,115	5,770
Total liabilities	20,624	20,208
Net assets
Shareholders' equity
Capital stock	6,867	6,867
Capital surplus	5,741	5,741
Retained earnings	19,409	21,582
Treasury stock	△278	△285
Total shareholders' equity	31,740	33,906
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	624	257
Deferred gains or losses on hedges	△3	△0
Revaluation reserve for land	1,993	1,993
Foreign currency translation adjustment	△176	△254
Total accumulated other comprehensive income	2,438	1,996
Subscription rights to shares	39	39
Minority interests	189	201
Total net assets	34,408	36,143
Total liabilities and net assets	55,032	56,351

Consolidated Statement of Income

(Millions of yen) Fiscal year ended March 31
	2010	2011
Net sales	40,009	41,526
Cost of sales	25,291	25,707
Gross profit	14,718	15,818
Selling, general and administrative expenses
Transportation and warehousing expenses	2,792	2,931
Advertising expenses	686	658
Salaries	1,838	1,857
Provision for directors' bonuses	40	53
Retirement benefit expenses	224	213
Provision for directors' retirement benefits	48	47
Research and development expenses	1,060	1,066
Other	3,098	3,200
Total selling, general and administrative expenses	9,789	10,028
Operating income	4,929	5,789
Non-operating income
Interest income	14	7
Dividends income	198	219
Miscellaneous income	43	31
Total non-operating income	256	258
Non-operating expenses
Interest expenses	70	49
Loss on sales of notes payable	11	6
Sales discounts	95	104
Foreign exchange losses	72	264
Miscellaneous loss	42	16
Total non-operating expenses	292	440
Ordinary income	4,892	5,607
Extraordinary income
Gain on sales of investment securities	20	2
Reversal of allowance for doubtful accounts	6	4
Total extraordinary income	27	7
Extraordinary loss
Loss on retirement of noncurrent assets	54	62
Loss on sales of noncurrent assets	3	-
Impairment loss	236	19
Loss on sales of investment securities	0	-
Loss on valuation of investment securities	12	327
Loss on adjustment for changes of accounting standard for asset retirement obligations	-	313
Total extraordinary losses	308	723
Income before income taxes and minority interests	4,610	4,891
Income taxes-current	1,868	2,058
Income taxes-deferred	△109	63
Total income taxes	1,759	2,122
Income before minority interests	-	2,769
Minority interests in income	15	12
Net income	2,836	2,757

Consolidated Statements of Changes in Stockholders' Equity

(Millions of yen) Fiscal year ended March 31
	2010	2011
Shareholders' equity
Capital stock
Balance at the end of previous period	6,867	6,867
Balance at the end of current period	6,867	6,867
Capital surplus
Balance at the end of previous period	5,741	5,741
Balance at the end of current period	5,741	5,741
Retained earnings
Balance at the end of previous period	17,162	19,409
Changes of items during the period
Dividends from surplus	△585	△584
Net income	2,836	2,757
Disposal of treasury stock	△0	-
Reversal of revaluation reserve for land	△3	-
Total changes of items during the period	2,247	2,172
Balance at the end of current period	19,409	21,582
Treasury stock
Balance at the end of previous period	△253	△278
Changes of items during the period
Purchase of treasury stock	△25	△6
Disposal of treasury stock	1	-
Total changes of items during the period	△24	△6
Balance at the end of current period	△278	△285
Total shareholders' equity
Balance at the end of previous period	29,518	31,740
Changes of items during the period
Dividends from surplus	△585	△584
Net income	2,836	2,757
Purchase of treasury stock	△25	△6
Disposal of treasury stock	0	-
Reversal of revaluation reserve for land	△3	-
Total changes of items during the period	2,222	2,165
Balance at the end of current period	31,740	33,906
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Balance at the end of previous period	118	624
Changes of items during the period
Net changes of items other than shareholders' equity	505	△367
Total changes of items during the period	505	△367
Balance at the end of current period	624	257
Deferred gains or losses on hedges
Balance at the end of previous period	0	△3
Changes of items during the period
Net changes of items other than shareholders' equity	△4	3
Total changes of items during the period	△4	3
Balance at the end of current period	△3	△0
Revaluation reserve for land
Balance at the end of previous period	1,989	1,993
Changes of items during the period
Net changes of items other than shareholders' equity	3	-
Total changes of items during the period	3	-
Balance at the end of current period	1,993	1,993
Foreign currency translation adjustment
Balance at the end of previous period	△141	△176
Changes of items during the period
Net changes of items other than shareholders' equity	△34	△78
Total changes of items during the period	△34	△78
Balance at the end of current period	△176	△254
Total accumulated other comprehensive income
Balance at the end of previous period	1,967	2,438
Changes of items during the period
Net changes of items other than shareholders' equity	470	△442
Total changes of items during the period	470	△442
Balance at the end of current period	2,438	1,996
Subscription rights to shares
Balance at the end of previous period	34	39
Changes of items during the period
Net changes of items other than shareholders' equity	5	-
Total changes of items during the period	5	-
Balance at the end of current period	39	39
Minority interests
Balance at the end of previous period	175	189
Changes of items during the period
Net changes of items other than shareholders' equity	14	11
Total changes of items during the period	14	11
Balance at the end of current period	189	201
Total net assets
Balance at the end of previous period	31,695	34,408
Changes of items during the period
Dividends from surplus	△585	△584
Net income	2,836	2,757
Purchase of treasury stock	△25	△6
Disposal of treasury stock	0	-
Reversal of revaluation reserve for land	△3	-
Net changes of items other than shareholders' equity	490	△431
Total changes of items during the period	2,713	1,734
Balance at the end of current period	34,408	36,143

Consolidated Statements of Cash Flows

(Millions of yen) Fiscal year ended March 31
	2010	2011
Net cash provided by (used in) operating activities
Income before income taxes and minority interests	4,610	4,891
Depreciation and amortization	1,725	1,607
Impairment loss	236	19
Increase (decrease) in provision for retirement benefits	△67	△96
Increase (decrease) in provision for directors' retirement benefits	20	35
Interest and dividends income	△212	△226
Interest expenses	70	49
Loss (gain) on valuation of investment securities	-	327
Loss on retirement of property, plant and equipment	54	62
Loss (gain) on sales of property, plant and equipment	3	-
Loss on adjustment for changes of accounting standard for asset retirement obligations	-	313
Decrease (increase) in notes and accounts receivable-trade	△488	△585
Decrease (increase) in inventories	576	△230
Increase (decrease) in notes and accounts payable-trade	110	360
Increase (decrease) in accrued consumption taxes	119	△54
Other, net	△27	113
Subtotal	6,733	6,588
Interest and dividends income received	212	226
Interest expenses paid	△70	△49
Income taxes paid	△1,479	△2,033
Net cash provided by (used in) operating activities	5,396	4,732
Net cash provided by (used in) investing activities
Purchase of property, plant and equipment	△1,271	△1,360
Proceeds from sales of property, plant and equipment	7	-
Payments for retirement of property, plant and equipment	△11	△20
Purchase of investment securities	△184	△580
Proceeds from sales of investment securities	34	37
Payments of loans receivable	△0	△0
Collection of loans receivable	2	3
Decrease (increase) in time deposits	102	-
Other, net	△68	△59
Net cash provided by (used in) investing activities	△1,388	△1,980
Net cash provided by (used in) financing activities
Net increase (decrease) in short-term loans payable	△100	△100
Proceeds from long-term loans payable	100	100
Repayment of long-term loans payable	△741	△735
Purchase of treasury stock	△25	△6
Cash dividends paid	△585	△584
Other, net	△74	△72
Net cash provided by (used in) financing activities	△1,426	△1,399
Effect of exchange rate change on cash and cash equivalents	△58	△139
Net increase (decrease) in cash and cash equivalents	2,523	1,212
Cash and cash equivalents at beginning of period	3,173	5,696
Cash and cash equivalents at end of period	5,696	6,909

Consolidated Statements of Comprehensive Income

(Millions of yen) Fiscal year ended March 31
	2010	2011
Income before minority interests	-	2,769
Other comprehensive income
Valuation difference on available-for-sale securities	-	△366
Deferred gains or losses on hedges	-	3
Foreign currency translation adjustment	-	△78
Total other comprehensive income	-	△441
Comprehensive income	-	2,327
Comprehensive income attributable to
Comprehensive income attributable to owners of the parent	-	2,314
Comprehensive income attributable to minority interests	-	12