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Financial Information

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1. Trend of Results

International Financial Reporting Standards (IFRS)

(Millions of yen)

2015/3 2016/3 2017/3 2018/3 2019/3
Revenue 98,839 95,532 87,638 85,967 99,659
Change % -3.0% -3.3% -8.3% -1.9% 15.9%
Operating Profit 10,882 5,897 4,234 4,912 11,246
Change % -22.9% -45.8% -28.2% 16.0% 128.9%
as % of Revenue 11.0% 6.2% 4.8% 5.7% 11.3%
Profit before Taxes 11,591 5,434 3,628 4,602 11,362
Change % -18.6% -53.1% -33.2% 26.8% 146.9%
as % of Revenue 11.7% 5.7% 4.1% 5.4% 11.4%
Profit 7,874 3,767 2,734 2,898 8,991
Change % -15.5% -52.2% -27.4% 6.0% 210.2%
as % of Revenue 8.0% 3.9% 3.1% 3.4% 9.0%
Basic Earnings Per Share ¥55.72 ¥27.38 ¥19.65 ¥20.97 ¥65.20

Revenue Operating Profit


2015/3 2016/3 2017/3 2018/3 2019/3
Orders 101,084 94,589 88,934 88,542 100,819
Change % -2.7% -6.4% -6.0% -0.4% 13.9%
Cash Flow from Operating Activities 7,582 10,195 9,246 7,946 12,247
Change % -45.0% 34.5% -9.3% -14.1% 54.1%
Free Cash Flow 1,533 1,153 5,581 4,014 11,631
Change % -81.9% -24.8% 384.0% -28.1% 189.7%

Orders Free Cash Flow


2015/3 2016/3 2017/3 2018/3 2019/3
Capital Expenditures*1 9,612 5,399 2,588 3,430 2,436
Change % 79.5% -43.8% -52.1% 32.5% -29.0%
Depreciation*2 3,186 3,736 3,935 3,964 4,031
Change % 11.3% 17.3% 5.3% 0.7% 1.7%
R&D Expenses*3 13,366 13,089 11,212 10,556 12,008
Change % 7.0% -2.1% -14.3% -5.9% 13.8%
as % of Revenue 13.5% 13.7% 12.8% 12.3% 12.0%
Number of Employees 3,926 3,846 3,788 3,717 3,778

(*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)

2015/3 2016/3 2017/3 2018/3 2019/3
Test and Measurement 73,443 67,729 59,333 54,433 68,168
Change % -3.3% -7.8% -12.4% -8.3% 25.2%
PQA 16,198 18,891 19,588 22,549 23,074
Change % -4.3% 16.6% 3.7% 15.1% 2.3%
Others 9,198 8,910 8,716 8,984 8,416
Change % 2.5% -3.1% -2.2% 3.1% -6.3%
Total 98,839 95,532 87,638 85,967 99,659
Change % -3.0% -3.3% -8.3% -1.9% 15.9%

(*) The name "PQA" has been changed from "Industrial Automation" since April 1, 2015 and it is also restated for the past fiscal years. The Information and Communications segment has been included in "Others" since April 1, 2012. Numbers for FY2011 have also been retrospectively presented in "Others".

Revenue by Segment Revenue by Segment

2) Operating Profit by Segment

(Millions of yen)

2015/3 2016/3 2017/3 2018/3 2019/3
Test and Measurement 8,943 4,706 2,130 2,147 9,413
Change % -31.3% -47.4% -54.7% 0.8% 338.3%
PQA 824 1,194 1,302 1,969 1,609
Change % -31.8% 45.0% 9.0% 51.2% -18.3%
Others 1,115 -3 801 795 224
Change % - - - -0.8% -71.9%
Total 10,882 5,897 4,234 4,912 11,246
Change % -22.9% -45.8% -28.2% 16.0% 128.9%
2-2. Segment Information (Revenue by Markets)

(Millions of yen)

2015/3 2016/3 2017/3 2018/3 2019/3
Japan 27,116 28,565 29,338 29,753 32,183
Change % -10.0% 5.3% 2.7% 1.4% 8.2%
Overseas 71,723 66,966 58,299 56,213 67,475
Change % 0.0% -6.6% -12.9% -3.6% 20.0%
Americas 24,367 23,246 19,633 17,419 26,429
Change % -15.6% -4.6% -15.5% -11.3% 51.7%
EMEA 15,885 13,537 12,520 12,781 12,170
Change % 8.8% -14.8% -7.5% 2.1% -4.8%
Asia and others 31,470 30,182 26,145 26,012 28,876
Change % 11.4% -4.1% -13.4% -0.5% 11.0%
Total 98,839 95,532 87,638 85,967 99,659
Change % -3.0% -3.3% -8.3% -1.9% 15.9%

(*) EMEA: Europe, Middle East and Africa

Revenue by Markets Revenue by Markets

3. Financial positions, Key Financial Indicators
2015/3 2016/3 2017/3 2018/3 2019/3
Total assets 126,893 124,624 125,054 121,190 130,467
Total equity 78,665 75,862 76,485 78,313 85,678
Equity attributable to owners of parent to total assets ratio 62 60.8 61.1 64.6 65.6
Interest-bearing Liabilities 16,065 22,024 22,026 15,944 16,248
Interest-bearing Liabilities Ratio (%) 12.7% 17.7% 17.6% 13.2% 12.5%

Total Equity Interest-bearing Liabilities


2015/3 2016/3 2017/3 2018/3 2019/3
ROE (%)*1 10.2 4.9 3.5 3.7 10.9
ROA (%)*2 6.2% 3.0% 2.2% 2.4% 7.1%
Interest Coverage Ratio: Times*3 41.7 52.0 68.4 72.6 124.2
Dividend Payout Ratio*4 43.1 87.7 76.3 71.5 33.7
Dividends on Equity*5 4.4 4.3 2.7 2.7 3.7
Debt to Equity Ratio: Times*6 0.25 0.29 0.29 0.20 0.19
Net Debt to Equity Ratio: Times*7 -0.24 -0.20 -0.23 -0.25 -0.34

(*1) ROE: Profit attributable to owners of parent/Equity attributable to owners of parent
(*2) ROA: Profit attributable to owners of parent/Total Assets
(*3) Interest Coverage Ratio: Operating Cash flows/Interest Expense
(*4) Dividend Payout Ratio: Total Cash Dividends/Profit attributable to owners of parent
(*5) Dividends on Equity: Total Cash Dividends/Equity attributable to owners of parent to total assets ratio
(*6) Debt-to-Equity Ratio: Interest-bearing Debt/Equity attributable to owners of parent
(*7) Net Debt-to-Equity Ratio: (Interest-bearing Debt - Cash and Cash Equivalents)/Equity attributable to owners of parent

Total Equity Total Assets

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