Appendix

Financial Highlight▼Net sales▼Operating income
Sales growth rate (％）

Net sales (million yen)
70,00017.8

60,00054,75250,00044,07740,00060,59559,97620.0

10.7

51,919

10.2

Operating income (million yen）

Operating income margin (％)

6,000

4,916
2,516

4,000
3,000

3,135
6.0

5.7

8.1

3,028

5.0
5.5

10,000

5.5

2017
2018
Sales growth rate

-1.0
2019

2020

0

0

(FY)

2016
2017
■ Operating income

2018
2019
2020
Operating income margin (FY)

(million yen）

(million yen）

6,000

4,000

5,320
4,583

5,000
4,000

3,000

3,286

2,911

800

8.0

2,337

659
11.4

600

3,818

2,209

12
11.3

11.1

10.7

8

200

0.9

0

0.0

2016

3.1

2.6

1.3

(％)
5.0

15.1

400
3.1

3.9

4.0

3.4
2.6

3.0
2.0

2.3

1.9

4
1.0

2017

2018

2019

2020

0

0.0

2016

(FY)

2017

2018

2019

2020

67.2

65.2

63.6

2018

2019

2020

(FY)

Number of YOKOWO CO., LTD. employees
Percentage of female managers*1
Percentage of permanent female employees*2*2 Number of female employees at end of fiscal year ÷ number of full-timepermanent employees at end of fiscal year

▼Employment rate of people with disabilities★

▼Uptake of paid leave★

(%)

(%)

2.0

2,000

1.62

1.65

1.51

1.35

2,000

839

817

769

16

*1 Female managers at end of fiscal year ÷ executive and management positions at
end of fiscal year (includes assistant managers, excludes specialists)

3,440
2,381

(％)

906

1,000

2.0

1,000

▼Employee turnover rate★

(persons)

4.0▼Profit attributable to owners of parent

2,608

8.6

10.0

6.0

▼Ordinary income (full year)

3,000

5,179

2,000

20,0002016■ Net sales▼Percentage of female employees★

5,000
15.0
10.0

30,0000

Non-financial Highlight

80

1.58

59.3

53.7

60

1,000

1,000

1.0

0

2016

2017

2018

2019

2020

0

(FY)

2016

2017

2018

2019

40
20

2020
(FY)

0.0

▼Basic earnings per share▼Net assets per share

(yen)

(yen)

200

169.85

184.55115.821,800

1,640.21

1,500
1,200

109.18

100

2016

2017

2018

2019

2020

1,034.63

1,150.65

1,209.36

1,306.58

600

15

300

10
2016

2017

2018

▼Interest bearing debt*▼Research and development expenses(million yen)(million yen)

12,0009,155

10,000

7,589

8,000
6,000

4,000

10,435

4,569

3,260
3,000
2,000

4,561

2019

2020
(FY)

2016

2017

* Borrowing + lease liabilities

2018

2019

2020

（FY）

3,201

2,636

Emission factor (CO2 emissions/sales)
0.425

0.5

20,5000.388

20,00020,156

20,361
0.372

19,50011

19,0008

20,22220,007
0.334

0.334

18,754

2016

0.4
0.3
0.2

18,5000.1

18,000
2017

2018

2019

17,500

2020
(FY)

2016
2017
■ CO2 emissions

2018
2019
Emission factor

2020*

0.0

(FY)

2019

2020

（FY）

▼Quantity of waste and recycling rate
Usage rate (water usage/sales)

7.486
6.389

329,947
331,726

320,000

2018

21,00022

Water usage (m )340,0002017

CO2 emissions (t)193350,000

2,105

2016

(FY)

▼CO2 emissions and emission factor▼Water usage and usage rates

3,592

1,000

0

2017

* Electricity CO2 conversion factor is calculated using the following:
Domestic: TEPCO Energy Partner, Inc Basic Emission Factor
Overseas: IEA Official Factor

2,000
0

0

2016

(FY)

5

330,000

4,000

0

2020

30

25
20

(FY)

2019

(persons)

900

0

2018

30

50
0

2017

▼Number of older employees re-employed★

150

118.94

2016

344,632
335,868

5.687
4.722

6.134

1,400

7

1,200

6

1,000

5

310,000

4

300,000

3

290,000

283,178

Waste (t)82270,000

0

0

2019

2020
(FY)

90

1,249
1,056

87.1

80
70
60

63.0

56.4

50

59.4

53.8

40
30

400
200

2018
Usage rate

1,150

600

1
2017

1,052

956

800

280,000
2016■ Water usage

Recycling rate (%)

20
10
2016
■ Waste2017
2018
Recycling rate

2019

2020

0

(FY)

★: YOKOWO CO., LTD.

43

Yokowo 2021 Integrated Report

Yokowo 2021 Integrated Report44Appendix

Financial Information
Analysis of Operating Results and Financial Position in Fiscal 2020

Business Environment and Operating Results
During the fiscal year under review (April 1, 2020 to March 31,▼Operating Results in Fiscal 2020
(million yen)

Net sales

59,976

Operating income

5,179 (+5.3% YOY)

reduction in economic activity as a result of the global COVID-19

Ordinary income

5,320 (+16.1% YOY)

pandemic in addition to the intensification of trade friction between

Profit attributable to owners of parent

3,818 (+11.0% YOY)2021), the global economy slowed sharply owing to the large(-1.0% YOY)

the U.S. and China among other factors.
In Japan also, the outlook is extremely uncertain due to thereissuance of the state of emergency declaration and the expectationthat it will take some time to achieve immunity in the population due
to delays in the vaccine rollout.
Market structure in the Groupʼs core markets, automotive,
semiconductor testing, and mobile communication terminals, has▼Minimum 8
（%）

20

17.8

generation mobile communications systems) products and services

10.6
10

8.1

5

5.7

as CASE, MaaS, IoT, and AI.
In these circumstances, the Group continued working to advance

12.2

10.7

9.3

10.2

and intensifying competition in the development of products andtechnologies aimed at expanding use of advanced applications such

13.5

12.0

15

continued to change rapidly with the full-scale roll out of 5G (5th

6.0

8.6

5.5
-1.0

0

2016

the four forms of innovation (innovation in products, processes,

2017

Sales growth rate

personnel, and management) specified in the Basic Management

2018

2019

Operating income margin

2020
(FY)

ROE

Policy to achieve high-quality, full-scale growth. In the Vehicle
Communication Equipment segment, the Group identified rebuilding
the profit structure as the top priority issue and worked to radicallyFinancial Position

reform the fixed cost structure by significantly strengthening(Assets)business management systems and improving cost awareness at

Current assets stood at 38,417 million yen as of March 31, 2021, up

production bases. In the Circuit Testing Connector segment, the5,154 million yen from the end of the previous fiscal year. The increase

Group strengthened technology and manufacturing systems in orderin current assets was mainly due to the increase in cash and deposits

to grasp business growth opportunities arising from 5G and boosted

of 3,110 million yen, increase in notes and accounts receivable – tradecapacity by expanding new production lines in Japan and Malaysia

of 251 million yen, and increase in inventories of 1,630 million yen.

in addition to working to strengthen the production backup system

The increase in cash and deposits was due to the issuance of stock

through a review of the ratio of production in Japan and Malaysia.

acquisition rights through a third-party allotment and the receipt of

The Group also formulated the new medium-term management

proceeds from the exercise of such rights, which offset a decrease dueplan covering the period from fiscal 2020 until the 85th businessto the adjustment of liquidity on hand (partial repayment of short-term (fiscal 2022) which looks toward breaking through the limits

term loans payable), which had been maintained at an extremelyof existing technologies and businesses and acquiring new growthhigh level through both short-term loans payable and cash. The large

potential through new technologies and new businesses. To provide

increase in inventories as of March 31, 2021 was due to the rebounda source of funds for the plan, the meeting of the Board of Directors

from the low level of inventories in both finished products and parts

held in November 2020 resolved to issue stock acquisition rights byand materials at the end of the previous fiscal year, which resulted

way of a third-party allotment, which were allocated in December

from a large decline in capacity utilization at the China plant due to2020, and raised 4,770 million yen by the end of the fiscal year under

the spread of COVID-19. There was also an increase in inventories ofreview. As a result of these efforts, although net sales fell slightly

finished goods, including those for loading and unloading, as marine

year on year, with the Vehicle Communication Equipment segment

transportation slowed due to delays in port operations caused by an

impacted by the COVID-19 pandemic, operating income, ordinary

increase in the number of people with COVID-19.

income, and profit attributable to owners of parent all continued to

Non-current assets stood at 18,451 million yen, up 3,579 million

reach record highs year on year, mainly due to the return to profit

yen from the end of the previous fiscal year. The increase in noncurrent

from the second quarter onward due to improved profitability.

assets was mainly due to the increase in property plant and equipmentof 2,612 million yen. This was due to vigorous investment in mass

As a result, total assets stood at 56,868 million yen as of March 31,(5) Information on Liquidity and Capital Resources

2021, up 8,734 million yen from the end of the previous fiscal year.

The Companyʼs working capital is mainly spent on procurement of raw(Liabilities)

materials and parts used in the manufacture of products and is also

Current liabilities stood at 19,880 million yen as of March 31, 2021,

similarly expended on goods and services recorded in manufacturing

up 2,300 million yen from the end of the previous fiscal year. The

expenses and selling, general and administrative expenses.

increase in current liabilities was mainly due to the decrease in short-

In addition, capital investment funds are expended onterm loans payable of 1,464 million yen and the increase in current

establishing and strengthening production systems, such as the

portion of long-term loans payable of 3,400 million yen.

acquisition of production equipment, and the maintenance ofNon-current liabilities stood at 785 million yen, down 3,236

information systems. The Companyʼs basic policy is to provide for the

million yen from the end of the previous fiscal year. The decrease innecessary funding through internal funds generated by the recorded

non-current liabilities was mainly due to the decrease in long-term

profit and depreciation.

loans payable of 3,400 million yen.

In the fiscal year under review, the Group actively invested in

As a result, total liabilities stood at 20,666 million yen as ofresearch and development and product development, and expansion

March 31, 2021, down 936 million yen from the end of the previousof mass production facilities, including the fourth phase of expansion

fiscal year.

work and expansion of production facilities at the production(Net Assets)

subsidiary in Vietnam and the expansion of processing facilities at the

Net assets stood at 36,202 million yen as of March 31, 2021, up

production subsidiary in Malaysia.

9,670 million yen from the end of the previous fiscal year. This was

In and after the fiscal year ending March 31, 2022, the Group

mainly due to increases in capital stock and capital surplus of 2,391

plans to construct a plant and install production equipment at themillion yen and 2,391 million yen, respectively, due to the issuance of

production subsidiary in the Philippines and further boost capacity atstock acquisition rights through third-party allotment and payment

the production subsidiary in Malaysia. To fund this capital investment,

for the exercise of such rights, profit attributable to owners of parent

in addition to operating cash flow, the Group has refinanced short-of 3,818 million yen, increase in valuation difference on available-

term loans, but has reduced the amount through partial repayment.

for-sale securities of 459 million yen due to increase in stock prices

On the other hand, under the new Medium-Term Management Plan,of investment securities held, increase in foreign currency translationin order to break through the limitations of existing businesses andadjustment of 909 million yen due to the depreciation of thetechnologies and acquire new growth potential from a medium- to

Japanese yen against the U.S. dollar and other currencies as of thelong-term perspective, the Group plans to invest in basic researchend the fiscal year under review compared to the previous fiscal year,

to further deepen its core technologies and in capital investment

and dividends of surplus of 649 million yen.

to enter new fields, such as the construction of new MEMS probecard production lines. To raise funds for these purposes, it was

Cash Flows

resolved in November 2020 to issue stock acquisition rights througha third-party allotment, and the exercise of these rights has been

(1) Cash and Cash Equivalents

proceeding since December 2020. As a result, the Groupʼs cash andCash and cash equivalents stood at 15,295 million yen in the fiscal

cash equivalents stood at 15,295 million yen as of March 31, 2021,

year under review, up 2,942 million yen from the previous fiscal year.

up 2,942 million yen from the end of the previous fiscal year.

(2) Net Cash Provided by Operating Activities
Net cash provided by operating activities stood at 5,139 million
yen, down 1,350 million yen from the previous fiscal year. The main
factors for increase included profit before income taxes of 5,140
million yen and depreciation of 2,987 million yen while the main
factors for decrease included an increase in inventories of 1,263
million yen.
(3) Net Cash Used in Investing Activities
Net cash used in investing activities stood at 4,619 million yen, up
1,336 million yen from the previous fiscal year. The main factors forincrease included purchase of property, plant and equipment of 3,958
million yen and purchase of intangible assets of 410 million yen.
(4) Net Cash Provided by Financing Activities
Net cash provided by financing activities stood at 1,905 million yen,down 237 million yen from the previous fiscal year. The main factors▼Net Assets / Capital Adequacy Ratio
Capital adequacy ratio (％)

Net assets (million yen)
40,00062.5

62.9

35,00030,00025,00020,83623,28457.2

24,48655.1

36,202

60
63.6

26,53250
40

20,00030

15,00020

10,000

10

5,000
0

70

2016
■ Net assets

2017
2018
2019
Capital adequacy ratio

2020

0

(FY)

for decrease included decrease in short-term loans payable of 1,504
million yen and repayments of lease obligations of 747 million yen
while the main factors for increase included proceeds from issuanceof common shares of 4,770 million yen.

production and development in each business segment.

45

Yokowo 2021 Integrated Report

Yokowo 2021 Integrated Report46

Appendix

Capital Investment

Basic Policy for Dividends

In the fiscal year under review, the Group continued to make capital

The Company views the strengthening of returns to shareholders as aninvestment, primarily in the expansion of production facilities.

important task for management. The basic policy for dividends in each

Investment in intangible assets is included in addition to investment

fiscal year lies in stable and continuous distribution of dividends taking

in property, plant and equipment.

retained earnings into consideration for the purposes of investments

Total capital investment in the fiscal year under review was 4,430
million yen, and an overview of capital investment is as follows.

technology in new businesses, and in tapping new markets.
dividend twice a year: an interim dividend and a year-end dividend.

(1) Vehicle Communication Equipment segment
The Group implemented total capital investment of 1,945
million yen. This included expansion of the Vietnamese plant toexpand capacity aimed at increasing work volume in parallel withstrengthening of development functions at the China plant, in
addition to construction work on the plant in the Philippines.
(2) Circuit Testing Connector segment
The Group implemented total capital investment of 1,726 million
yen. This included expansion of mass production facilities and image
measuring equipment and more at production bases in Japan and
the Malaysian plant to accommodate order growth and shorter
delivery times for semiconductor test tools.

(millions of yen)in production facilities in growing business fields, development of
The Companyʼs basic policy for dividends from surplus is to pay a(1. Property, plant and equipment)

CONSOLIDATED BALANCE SHEETSThe Group implemented total capital investment of 365 million yen.
The Group conducted updates and expansion at both the Chineseand Malaysian plants, including mass production facilities in the Fine
Connector business. We also expanded mass production and otherfacilities at production bases in Japan in the Medical Device business.

Current assets

The decision-making bodies for dividends are the Board of Directors

Cash and deposits

12,352

15,463for the interim dividend and the General Meeting of Shareholders for

Notes and accounts receivable-trade

10,774

11,026the year-end dividend.

Merchandise and finished goods

4,662

6,062

In business performance for the fiscal year under review, although

Inventories

consolidated net sales declined slightly from the previous fiscal
year due to the impact of the COVID-19 pandemic, consolidated
operating income, consolidated ordinary income, and profit

The Group implemented total capital investment of 394 million yen.
This included improving and updating the environment for core
information systems and strengthening and renewing CAD systems
in order to realize Group-wide business streamlining.

attributable to owners of parent all reached record highs, due tothe improvement in profitability in the Vehicle Communication

4,430

4,231

4,000

3,625
3,073
2,189

1,456

1,618

(3)

(3)

33,262

38,417

Net property, plant and equipment

Meanwhile, in the next fiscal year, because the risk of aresurgence of COVID-19 is expected to continue to a certain extent

Buildings and structures

6,568

7,546

Accumulated depreciation(3,657)(4,009)Buildings and structures, net

2,911

3,537

Machinery, equipment and vehicles

competitive environment trends in the Companyʼs core markets are
extremely uncertain, we consider it essential to put more emphasis
on financial stability in business operations. In addition, while themarket overall is uncertain, inquiries in growth sectors such as 5G are
increasing year by year, and there is still high demand for funds fortaking into account the return of record high profit to shareholders,

2018

2019

2020
(FY)

4,189

4,862

8,390

9,728

Accumulated depreciation(6,171)(7,236)

Tools, furniture and fixtures, net

2,219

2,491

financial stability, the Company submitted the proposal for a year-

Leased assets

end dividend for the fiscal year under review of 20 yen per share to

Accumulated depreciation

761

761

1,730

2,440

(1,105)(1,140)

Leased assets, net

625

1,300

Construction in progress

590

956

11,296

13,909Total property, plant and equipment
Intangible assets

With respect to the dividend for the next fiscal year, theCompany expects to pay an annual dividend of 36 yen per share

Leased assets

26

14(interim dividend of 18 yen and year-end dividend of 18 yen with a

Other

874

988

consolidated payout ratio of 20.6％).

Total intangible assets

900

1,003

Investments and other assets
Investment securities▼Dividend per share2017(8,210)Machinery, equipment and vehicles, net

Land

1,000
500

13,073(7,117)demand for funds in the next fiscal year onward and the securing ofdividend can be paid.

1,500

11,306

Accumulated depreciation
Tools, furniture and fixtures

investment in product development and capital investment.

The Companyʼs Articles of Incorporation stipulate that an interim

2,000

2016

Other

Non-current assets

Equipment segment among other factors.

per share (consolidated payout ratio of 19.5％).

4,500

0

3,808

Total current assets

under review already paid, the Companyʼs annual dividend is 36 yen(million yen)

2,500

3,616

the 83rd General Meeting of Shareholders, and it was approved.

▼Capital expenditures

3,000

441

Raw materials and supplies
Allowance for doubtful accounts

With an interim dividend of 16 yen per share for the fiscal year

3,500

402

Based on the circumstances outlined above, and comprehensively(2. Intangible assets)

Fiscal 2020
(As of March 31,
2021)

ASSETS

despite progress on vaccination and supply and demand and(3) Personal Communication Equipment segment

Fiscal 2019
(As of March 31,
2020)

Consolidated payout ratio (％)

Dividend per share (yen)
40

36

35

30

26

25

22
18

15

726

Deferred tax assets

737

344

Other

667

738

Total investments and other assets
Total assets

2,675

3,539

14,872

18,451

48,13456,868

20

23.8
19.0

15.1

10

1,730

81

Total non-current assets

30

30
20

40

1,188

Retirement benefit asset

19.5

17.7

10

5
0

2016

2017

■ Dividend per share

47

Yokowo 2021 Integrated Report

2018

2019

2020

0

(FY)

Consolidated payout ratio

Yokowo 2021 Integrated Report48

Appendix

CONSOLIDATED STATEMENTS OF INCOME(millions of yen)

Fiscal 2019
(As of March 31,
2020)(millions of yen)

Fiscal 2020
(As of March 31,
2021)

LIABILITIESCurrent liabilities

Fiscal 2019
Fiscal 2020
(From April 1, 2019 (From April 1, 2020
to March 31, 2020) to March 31, 2021)
Net sales

60,59559,976

Total cost of sales

47,52747,080Notes and accounts payable-trade

6,428

6,491

Gross profit

13,067

12,895

Short-term loans payable

6,489

5,024

Selling, general and administrative expenses

8,150

7,715

－

3,400

Operating income

4,916

5,179

Lease obligations

253

310

Income taxes payable

770

725

Interest income

28

16

Provision for bonuses

600

673

Dividend income

39

41

Other

3,038

3,255

Foreign exchange gains (losses)－

192

Total current liabilities

17,58019,880Rental income

17

14

Other

43

50

Total non-operating income

128

316

Current portion of long-term loans payableNon-operating income

Non-current liabilities
3,400

－

Lease obligations

292

420

Deferred tax liabilities

135

154

Interest expenses

104

70

Net defined benefit liability

183

202

Share of loss of entities accounted for using equity method

2424Long-term accounts payable

108Commission expenses

7

13

Total non-current liabilities

4,021

785

Share acquisition rights issuance costs－

26

21,602

20,666Compensation expenses－

30

Foreign exchange losses

214

－

Other

111

9

Total non-operating expenses

462

175

4,583

5,320

Long-term loans payable

Total liabilities

Non-operating expenses

NET ASSETS
Shareholdersʼ equity
Capital stock

3,996

6,387

Capital surplus

3,981

6,373

Ordinary income

Retained earnings

19,04522,199Extraordinary income

(664)

(633)

26,35934,32684543

Foreign currency translation adjustment

(64)

845

Loss on retirement of non-current assets

Remeasurements of defined benefit plans

124

437

Loss on sales of non-current assets

00

Total valuation and translation adjustments

144

1,825

Loss on valuation of investment securities－

139

Treasury stock
Total shareholdersʼ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities

Gain on sales of non-current assets

15Gain on sales of investment securities

93

28

Total extraordinary income

95

34

47

73

Extraordinary losses

Subscription rights to shares

3

8

Product warranty expenses

14－

Non-controlling interest

24

41

Total extraordinary losses

62

213

26,532

36,202

Profit before income taxes

4,616

5,140

48,13456,868

Income taxes - current

1,164

1,236

Income taxes - deferred

(8)

70

Total income taxes

1,156

1,306

Profit

3,460

3,834

19

15

3,440

3,818

Total net assets
Total liabilities and net assets

Profit (loss) attributable to non-controlling interests
Profit (loss) attributable to owners of parent

49

Yokowo 2021 Integrated Report

Yokowo 2021 Integrated Report50Appendix

CONSOLIDATED STATEMENTS OFCOMPREHENSIVE INCOMECONSOLIDATED STATEMENT OFCHANGES IN EQUITY(millions of yen)

Fiscal 2019 (From April 1, 2019 to March 31, 2020)

Fiscal 2019
Fiscal 2020
(From April 1, 2019 (From April 1, 2020
to March 31, 2020) to March 31, 2021)
Profit3,460(millions of yen)

Shareholdersʼ equity

3,834

Capitalstock

CapitalsurplusRetainedearnings

Treasury
stock

3,996

3,981

16,197(719)

Other comprehensive income
Valuation difference on available-for-sale securities

(271)

459

Foreign currency translation adjustment

(590)

910

Remeasurements of defined benefit plans

(10)

312

Total other comprehensive income

(872)

1,682

2,587

5,516

Comprehensive income(Comprehensive income attributable to)Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests

2,568

5,499

19

17

Balance at beginningof period

Accumulated other comprehensive income
NonShareacquisition controlling
Total
Deposit for
Valuation
Foreign RemeasureTotal
interests
rightssubscriptions shareholdersʼ difference on currency
ments of valuation anddefinedtranslationof treasury
available-for- translation
equitysharessale securities adjustment benefit plans adjustments

023,456

355

525

135

1,017

7

5

Total net
assets

24,486

Changes during
periodDividends ofsurplus

(566)

(566)

(566)

Profit (loss)
attributable toowners of parent

3,440

3,440

3,440

(1)

(1)

30

30

Purchase oftreasury shares(1)

Disposal of treasury
shares

(26)

57

(0)

Net changes of
items other thanshareholdersʼ
equityTotal changes of items
during period
Balance at end of
period

(271)

(590)

(10)

(872)

(3)

19

(857)

－

－

2,847

55

(0)

2,902

(271)

(590)

(10)

(872)

(3)

19

2,045

3,996

3,981

19,045(664)－

26,359

84

(64)

124

144

3

24

26,532

Fiscal 2020 (From April 1, 2020 to March 31, 2021)(millions of yen)

Shareholdersʼ equity

Balance at beginningof period

Accumulated other comprehensive income

Treasury
stock

Share
NonTotal
Valuation
Foreign
Remeasure- valuation acquisition controllingTotalrightsinterests
ments ofdifferenceoncurrency
andshareholdersʼ
definedavailable-for- translationtranslation
equitysale securities adjustment benefit plans adjustments

Total net
assetsCapitalstock

CapitalsurplusRetainedearnings

3,996

3,981

19,045(664) 26,359

(649)

(649)

(649)

4,782

4,782

3,818

3,818

(1)

(1)

(1)

31

17

17

84

(64)

124

144

3

24

26,532

Changes during
periodDividends ofsurplusIssuance of newshares(exercise of shareacquisition rights)

2,391

2,391

Profit (loss)
attributable toowners of parent

3,818

Purchase oftreasury shares
Disposal of treasury
shares(14)

Net changes of
items other thanshareholdersʼ
equity51

Yokowo 2021 Integrated Report

Total changes of items
during period

2,391

2,391

3,154

Balance at end of
period

6,387

6,373

22,199

459

909

312

1,681

5

17

1,703

7,967

459

909

312

1,681

5

17

9,670

(633) 34,326

543

845

437

1,825

8

41

36,202

30

Yokowo 2021 Integrated Report52

Appendix

CONSOLIDATED STATEMENT OF CASH FLOWS(millions of yen)

Fiscal 2020
Fiscal 2019
(From April 1, 2019 (From April 1, 2020
to March 31, 2020) to March 31, 2021)
Cash flows from operating activities
Profit before income taxes

4,616

5,140

Depreciation

2,706

2,987

Increase (decrease) in allowance for doubtful accounts

(1)

(0)

Increase (decrease) in provision for bonuses

64

64

Increase (decrease) in provision for product warranties

(364)

－

Increase (decrease) in net defined benefit asset and liability

(71)

(176)
(58)

Interest income and dividend income(67)

Interest expenses

104

70

Foreign exchange losses (gains)

75

(328)

Share of loss (profit) of entities accounted for using equity method

24

24

Loss (gain) on sales of non-current assets

(1)

(5)

Loss on retirement of non-current assets

47

73

Loss (gain) on sales of investment securities

(93)

(28)

Loss (gain) on valuation of investment securities－

139

Decrease (increase) in trade receivables

488

300

Decrease (increase) in inventories(868)(1,263)(471)

Increase (decrease) in trade payables

750

Other

(133)

39

Subtotal

7,277

6,509

Interest and dividends received

67

58

(111)

(71)

Income taxes paid

(742)

(1,357)

Net cash provided by (used in) operating activities

6,490

5,139

(3,066)(3,958)

2

7

(475)

(410)

－

(38)

Interest paid

Net cash provided by (used in) investing activities
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sales of investment securities

142

46

Payments into time deposits

－

(156)

Purchase of shares of subsidiaries and associates

(99)

－

Long-term loan advances

－

(60)

201

－

Proceeds from sales of shares of subsidiaries resulting in change in scopeof consolidation
Other
Net cash provided by (used in) investing activities

10

(48)

(3,282)(4,619)Net cash provided by (used in) financing activities
2,995(1,504)

Proceeds from issuance of shares

Net increase (decrease) in short-term borrowings

－

4,770

Repayments of lease obligations

(312)

(747)

Dividends paid

(564)

(647)

Proceeds from exercise of employee share options

27

15

Purchase of treasury shares

(1)

(1)

Proceeds from issuance of exercise of share acquisition rights

－

20

2,143

1,905

Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents

(188)

516

Net increase (decrease) in cash and cash equivalents

5,162

2,942

Cash and cash equivalents at beginning of period

7,189

12,352

Cash and cash equivalents at end of period

12,352

15,29553

Yokowo 2021 Integrated Report