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Financial Information

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1. Trend of Results

International Financial Reporting Standards (IFRS)

(Millions of yen)

2017/3 2018/3 2019/3 2020/3 2021/3
Revenue 87,638 85,967 99,659 107,023 105,939
Change % -8.3% -1.9% 15.9% 7.4% -1.0%
Operating Profit 4,234 4,912 11,246 17,413 19,651
Change % -28.2% 16.0% 128.9% 54.8% 12.8%
as % of Revenue 4.8% 5.7% 11.3% 16.3% 18.5%
Profit before Taxes 3,628 4,602 11,362 17,181 19,838
Change % -33.2% 26.8% 146.9% 51.2% 15.5%
as % of Revenue 4.1% 5.4% 11.4% 16.1% 18.7%
Profit 2,734 2,898 8,991 13,397 16,143
Change % -27.4% 6.0% 210.2% 49.0% 20.5%
as % of Revenue 3.1% 3.4% 9.0% 12.5% 15.2%
Basic Earnings Per Share ¥19.65 ¥20.97 ¥65.20 ¥97.20 ¥117.18

Revenue Operating Profit


2017/3 2018/3 2019/3 2020/3 2021/3
Orders 88,934 88,542 100,819 107,709 107,567
Change % -6.0% -0.4% 13.9% 6.8% -0.1%
Cash Flow from Operating Activities 9,246 7,946 12,247 14,721 20,481
Change % -9.3% -14.1% 54.1% 20.2% 39.1%
Free Cash Flow 5,581 4,014 11,631 11,035 15,452
Change % 384.0% -28.1% 189.7% -5.1% 40.0%

Orders Free Cash Flow


2017/3 2018/3 2019/3 2020/3 2021/3
Capital Expenditures*1 2,588 3,430 2,436 4,518 5,449
Change % -52.1% 32.5% -29.0% 85.5% 20.6%
Depreciation*2 3,935 3,964 4,031 4,732 4,545
Change % 5.3% 0.7% 1.7% 17.4% -4.0%
R&D Expenses*3 11,212 10,556 12,008 13,321 11,246
Change % -14.3% -5.9% 13.8% 10.9% -15.6%
as % of Revenue 12.8% 12.3% 12.0% 12.4% 10.6%
Number of Employees 3,788 3,717 3,778 3,881 3,954

(*1) Capitalized development cost booked as intangible asset for the fiscal year is not included.
(*2) Amortization of capitalized development cost is not included.
(*3) R&D expenses are amounts of R&D investment including capitalized development cost. Thus, these amounts do not agree the R&D expense booked on the consolidated statement of profit or loss and other comprehensive income.

Capital Expenditures R&D Expenses Number of Employees
2-1. Segment Information (Revenue by Segment, Operating Profit by Segment)

1) Revenue by Segment

(Millions of yen)

2017/3 2018/3 2019/3 2020/3 2021/3
Test and Measurement 59,333 54,433 68,168 75,165 74,809
Change % -12.4% -8.3% 25.2% 10.3% -0.5%
PQA 19,588 22,549 23,074 22,575 21,419
Change % 3.7% 15.1% 2.3% -2.2% -5.1%
Others 8,716 8,984 8,416 9,282 9,709
Change % -2.2% 3.1% -6.3% 10.3% 4.6%
Total 87,638 85,967 99,659 107,023 105,939
Change % -8.3% -1.9% 15.9% 7.4% -1.0%

(*) The name "PQA" has been changed from "Industrial Automation" since April 1, 2015 and it is also restated for the past fiscal years.

Revenue by Segment Revenue by Segment

2) Operating Profit by Segment

(Millions of yen)

2017/3 2018/3 2019/3 2020/3 2021/3
Test and Measurement 2,130 2,147 9,413 15,148 17,714
Change % -54.7% 0.8% 338.3% 60.9% 16.9%
PQA 1,302 1,969 1,609 1,287 1,340
Change % 9.0% 51.2% -18.3% -20.0% 4.1%
Others 992 1,458 1,145 1,900 1,797
Change % 72.5% 47.0% -21.5% 65.9% -5.4%
Adjustment -190 -663 -921 -921 -1,201
Change % - - - - -
Total 4,234 4,912 11,246 17,413 19,651
Change % -28.2% 16.0% 128.9% 54.8% 12.8%
2-2. Segment Information (Revenue by Markets)

(Millions of yen)

2017/3 2018/3 2019/3 2020/3 2021/3
Japan 29,338 29,753 32,183 36,293 32,202
Change % 2.7% 1.4% 8.2% 12.8% 11.3%
Overseas 58,299 56,213 67,475 70,729 73,736
Change % -12.9% -3.6% 20.0% 4.8% 4.3%
Americas 19,633 17,419 26,429 20,773 21,380
Change % -15.5% -11.3% 51.7% -21.4% 2.9%
EMEA 12,520 12,781 12,170 10,693 11,021
Change % -7.5% 2.1% -4.8% -12.1% 3.1%
Asia and others 26,145 26,012 28,876 39,262 41,334
Change % -13.4% -0.5% 11.0% 36.0% 5.3%
Total 87,638 85,967 99,659 107,023 105,939
Change % -8.3% -1.9% 15.9% 7.4% -1.0%

(*) EMEA: Europe, Middle East and Africa

Revenue by Markets Revenue by Markets

3. Financial positions, Key Financial Indicators
2017/3 2018/3 2019/3 2020/3 2021/3
Total assets (Millions of yen) 125,054 121,190 130,467 138,873 144,100
Total equity (Millions of yen) 76,485 78,313 85,678 94,331 109,455
Equity attributable to owners of parent to total assets ratio (%) 61.1 64.6 65.6 67.8 75.8
Interest-bearing Liabilities (Millions of yen) 22,228 16,165 16,435 14,594 5,848
Interest-bearing Liabilities Ratio (%) 17.8 13.3 12.6 10.5 4.1

Total Equity Interest-bearing Liabilities


2017/3 2018/3 2019/3 2020/3 2021/3
ROE (%)*1 3.5 3.7 10.9 14.9 15.8
ROA (%)*2 2.2 2.4 7.1 9.9 11.4
Dividend Payout Ratio (%)*3 76.3 71.5 33.7 31.9 34.1
Dividends on Equity (%)*4 2.7 2.7 3.7 4.7 5.4
Debt to Equity Ratio (Times)*5 0.29 0.21 0.19 0.15 0.05

(*1) ROE: Profit attributable to owners of parent/Equity attributable to owners of parent
(*2) ROA: Profit/Total Assets
(*3) Dividend Payout Ratio: Total Cash Dividends/Profit
(*4) Dividends on Equity: Total Cash Dividends/Equity attributable to owners of parent
(*5) Debt-to-Equity Ratio: Interest-bearing Debt/Equity attributable to owners of parent

Total Equity Total Assets

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