Summary of Consolidated Financial Statements
for Fiscal Year Ended March 31, 2019 (Japan GAAP)May 10, 2019
Listed Exchanges: TSE
Name of Listed Company: Ishihara Sangyo Kaisha, Ltd.
Code:
4028
URL http://www.iskweb.co.jp
Representative:(Title) Executive Director President (Name) Kenichi Tanaka
Contact:(Title) Managing Executive Officer (Name) Yasunobu Kawazoe Tel +81-6-6444-1850
Scheduled date of a general meeting of shareholders: June 27, 2019
Scheduled date of dividend payment: June 28, 2019
Scheduled date of securities report submission: June 28, 2019
Scheduled date of dividend payment commencement: —(Any amount less than one million yen is rounded down to the nearest million yen or nil.)
1. Consolidated Financial Results for Fiscal Year Ended March 31, 2019 (April 1, 2018 to March 31, 2019)(1) Consolidated Operating Results(Percentages represent changes from same period in previous year.)
Profit attributable to
Net sales
Operating income
Ordinary income
owners of parent
millions of yen% millions of yen% millions of yen% millions of yen%
FY ended March 31, 2019
106,441-1.4
11,372
13.5
11,14432.4
8,683 152.2
FY ended March 31, 2018
108,001
6.3
10,022
19.1
8,414
41.5
3,442
-9.5
(Reference) Comprehensive income
FY ended March 31, 2019: 8,201million yen (96.9%), FY ended March 31, 2018: 4,166million yen (2.8%)
Net income per Net income per share
Ratio of ordinary
Ratio of operating
Return on equity
share
after full dilution
income to total assets income to net sales
Yen
Yen
%
%
%
FY ended March 31, 2019217.25
12.2
6.8
10.7

FY ended March 31, 2018
86.12
5.3
5.3
9.3

(Reference) Equity in earnings (losses) of affiliates:
FY ended March 31, 2019: 393million yen, FY ended March 31, 2018:-51 million yen(2) Consolidated Financial Position
Net assets per share
Total assets
Net assets
Capital adequacy ratio
millions of yen
Millions of yen%
Yen
FY ended March 31, 2019
168,689
75,33544.7
1,885.00
FY ended March 31, 2018
159,767
67,13742.0
1,679.77(Reference) Equity capital: FY ended March 31, 2019: 75,335 million yen, FY ended March 31, 2018:67,137 million yen(3) Consolidated Cash Flows
Cash flow from operating Cash flow from investing Cash flow from financing Balance of cash and cash
activities
activities
activities
equivalents at period end
millions of yen
millions of yen
millions of yen
millions of yen
FY ended March 31, 2019
4,907
-8,590-2,47523,983
FY ended March 31, 2018
16,607-6,030-8,50830,297

2. Dividends
Dividends per share(Record date)June 30(Q1-end)

September 30(Q2-end)December 31(Q3-end)

Yen

Yen

Yen
Year ended March 31, 2018Year ended March 31, 2019Year ending March 31, 2020
(Forecast)March 31
(Year-end)

Yen

Total
Dividend
dividends paid payout ratio
Annual(annual)(consolidated)

Yen




0.00
0.00




0.00
12.00

0.00
12.00



0.00



12.00

12.00

* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation-1-

millions of
yen

479

Ratio ofdividends to
net assets(consolidated)

%

5.5
7.6

%

0.7

3. Forecast for Consolidated Results for the Full Year Ending March 31, 2020 (April 1, 2019 - March 31, 2020)(Percentages represent forecasted changes from the previous year for the full year results, andforecasted changes from the same period in the previous year for the interim results.)

Net salesInterim (First 2Qs)
Full year

millionsof yen54.000110,000

Operating income
%
3.4
3.3

millionsof yen2,300
8,400

Profit attributable toEarnings per shareowners of parent
millions%%Yenof yen
-53.8
1,800
-54.3
45.03
-27.3
6,300
-27.4
157.63

Ordinary income
%

-49.8
-26.1

millionsof yen2,300
8,100

4. Other information(1) Significant changes in subsidiaries during the period(changes in specified subsidiaries resulting in the change in consolidation scope): No change(2) Changes in accounting principles, procedures, and the method of presentation
1) Changes due to revisions of accounting standards etc.
: Not adopted
2) Changes other than those defined in 1) above: Not adopted
3) Changes in accounting estimates: Not adopted
4) Restatement: Not adopted(3) Issued shares (common shares)
1) Number of shares outstanding at the end of the period (including repurchased treasury shares)
FY ended March 31, 2019: 40,383,943 shares
FY ended March 31, 2018: 40,383,943 shares
2) Number of treasury shares at the end of the period
FY ended March 31, 2019:418,453 shares
FY ended March 31, 2018:415,701 shares
3) Average number of shares during the period
FY ended March 31, 2019:39,967,157 shares
FY ended March 31, 2018: 39,971,331 shares(Reference) Summary of Non-Consolidated Operating Results
1. Non-Consolidated Financial Results for Fiscal Year Ended March 31, 2019 (April 1, 2018 to March 31, 2019)(1) Non-Consolidated Operating Results(Percentages represent changes from same period in previous year.)Net sales
Operating income
Ordinary income
Net income
millions of yen% millions of yen% millions of yen% millions of yen%
FY ended March 31, 201982,191
1.1
8,639
-8.6
9,115
15.6
7,744 147.8
FY ended March 31, 2018
81,281
8.6
9,453
61.6
7,883
48.2
3,124 -16.1
Net income per shareafter full dilution
Yen
Yen
193.76
78.17


Net income per share
FY ended March 31, 2019
FY ended March 31, 2018

(2) Non-Consolidated Financial Position
Total assets
Net assets
Capital adequacy ratio
Net assets per share
millions of yen
millions of yen%
Yen
FY ended March 31, 2019
147,380
64,47043.7
1,613.14
FY ended March 31, 2018
144,123
56,92339.5
1,424.22(Reference) Equity capital: FY ended March 31, 2019: 64,470 million yen, FY ended March 31, 2018:56,923 million yen
2. Forecast for Non-Consolidated Financial Results for Fiscal Year Ending March 31, 2020 (April 1, 2019 to March 31, 2020)(Percentages represent forecasted changes from the previous year for the full year results, andforecasted changes from the same period in the previous year for the interim results.)

Full year

Net sales
millionsof yen87,000%5.9

Operating income
millions%of yen4,600-46.8

Ordinary income
millions%of yen4,500-50.6

Net income
Earnings per share
millions%Yenof yen
3,500
-54.8
87.57

*This financial results release is not subject to certified public accountants or auditing firm.
* Notes on proper use of forecast and other matters
The forecast of financial results presented in this document is the result of management’s assessment based upon currently available assumptions,prospects and plans for the future. Actual results and dividend payments may differ from these forecasts, due to risks and uncertain factors, such as theglobal economy, competition, and foreign currency fluctuations.

* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation-2-

5. Consolidated Financial Statements(1) Consolidated Balance Sheet
Account Category(Unit: millions of yen)
Current consolidated FY(March 31, 2019)

Previous consolidated FY(March 31, 2018 )ASSETS
Current Assets
Cash and deposits
Notes and accounts receivable – trade30,29729,88023,98333,897

Merchandise and finished goods

22,90825,216Work in process
Raw materials and supplies

4,525
14,0605,976
15,590Other
Allowance for doubtful accounts

2,128
-413

2,883
-468

103,387

107,080

Total current assets
Noncurrent Assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation

36,80939,583-24,759-24,970

Buildings and structures, net

12,05014,612

Machinery, equipment and vehicles
Accumulated depreciation

109,477-92,116

111,576-93,829

17,36017,746

Land

5,709

5,399

Leased assets
Accumulated depreciation

2,762-1,682

2,614-1,636

Leased assets, net

1,080

978

Construction in progress

3,972

3,683

Other
Accumulated depreciation

3,870-3,2003,882-3,135022,258

Other, net

670

746

40,843

43,167

Intangible asset
Leased assets

9

12

Other

381

358

Total intangible assets

391

370

Investments and other assets
Investment securities

4,184

7,018

Deferred tax assets

9,587

9,604

Net defined benefit asset
Other

14
1,493

11
1,547

Total property, plant and equipment

Allowance for doubtful accounts

-133

-110

Total investments and other assets

15,145

18,071

Total non-current assets

56,38061,609Total Assets

159,767

168,689* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation-3-

Previous consolidated FY(March 31, 2018)

Current consolidated FY(March 31, 2019)12,08815,392

10,41013,5378,000
10,102

390

390

448
1,554

450
731

4,337

4,546

767
35

733
34

133

83

Other

261
4,019

―
4,246

Total current liabilities

47,98444,712

2,010
20,575

1,620
25,697

720

616

3,641
40

2,877
150

12,777

12,881

716
908

709
662

Account Category
LIABILITIESCurrent Liabilities
Notes and accounts payable – trade
Short-term loans payable
Current portion of long-term loans payable
Current portion of bonds
Lease obligations
Income taxes payable
Accrued expenses
Provision for bonuses
Provision for sales returns
Provision for environment and safety improvement
Provision for repairs

Non-current Liabilities
Bonds payable
Long-term loans payable
Lease obligations
Provision for environment and safety improvement
Provision for repairs
Net defined benefit liability
Asset retirement obligations
Liabilities from application of equity method
Other

3,254

3,426

Total non-current liabilities

44,64548,642

92,62993,354

Capital stock
Capital surplus

43,42043,42010,627

10,627Retained earnings
Treasury shares

14,735-719

23,419-722

Total shareholders’ equity

68,06476,744669-1,071477-1,443

Total Liabilities
NET ASSETS
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income

-524

-442

-926

-1,408

Total net assets

67,13775,335

Total Liabilities and Net Assets

159,767

168,689* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation-4-

(2) Consolidated Statements of Income

Account Category
Net sales

Previous consolidated FY(April 1, 2017 toMarch 31, 2018)
108,001(Unit: millions of yen)
Current consolidated FY(April 1, 2018 toMarch 31, 2019)
106,441

Cost of sales

74,07070,667Gross profit

33,93035,773

Selling, general and administrative expenses

23,90824,401

Operating income

10,022

11,372

Interest income
Dividend income

35
181

49
109

Share of profit of entities accounted for using equity method393

Non-operating income

Foreign exchange gains
Commission fee



150

141
120

Gain on sales of raw materials

99

74

Other

181

269

Total non-operating income

649

1,158

Interest expenses

919

717

Financial fee
Share of loss of entities accounted for using equity method

250
51

388

Foreign exchange losses

708



Other

327

280

Non-operating expenses

Total non-operating expenses
Ordinary income



2,257

1,386

8,414

11,144Extraordinary income
Gain on sales of non-current assets
Gain on insurance adjustment




181
62

Subsidy income6Total extraordinary income

6244

Extraordinary losses
Loss on disposal of non-current assets

612

729

Loss on disaster

45

310

Impairment loss
Provision of allowance for environment and safety
improvement
Other

55

120

2,783



7



Total extraordinary losses

3,503

1,160

Income before income taxes

4,917

10,228

Income taxes – current

1,563

1,390

Income taxes – deferred

-88

154

Total income taxes

1,474

1,544

Net income

3,442

8,683

Profit attributable to owners of parent

3,442

8,683

* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation-5-

(Consolidated Comprehensive Income Statement)

Account Category
Net income

Previous consolidated FY(April 1, 2017 toMarch 31, 2018)
3,442(Unit: millions of yen)
Current consolidated FY(April 1, 2018 toMarch 31, 2019)
8,683

Other comprehensive income
103
0

-191

Deferred gains or losses on hedges
Foreign currency translation adjustment

718

-378

Remeasurements of defined benefit plans
Share of other comprehensive income of entities accounted
for using equity method
Total other comprehensive income

21

82

-119

6

Valuation difference on available-for-sale securities



723

-481

Comprehensive income

4,166

8,201

(Comprehensive income attributable to)Comprehensive income attributable to owners of parent

4,166

8,201

* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation-6-

(3) Statement of Changes in Net Assets
Previous consolidated FY (April 1, 2017 to March 31, 2018)(Unit: millions of yen)
Shareholders’ equity
Capital stock
Balance at beginning of current period

Capitalsurplus43,420Retainedearnings

10,626

11,293

TreasurysharesTotal shareholders'equity-709

64,631

Changes of items during period
Profit attributable to owners of parent

3,442

Purchase of treasury shares
Disposal of treasury shares

0

3,442
-10

-10

0

0

Net changes of items other thanshareholders' equity
Total changes of items during period
Balance at end of current period



0

3,442

-10

3,432

43,42010,627

14,735-719

68,064

Accumulated other comprehensive income
Valuationdifferenceonavailablefor-salesecurities
Balance at
beginning ofcurrent period

565

Deferred
gains orlosses onhedges-0Foreigncurrencytranslation
adjustment

Remeasurements ofdefined benefit plans

Total
accumulated
othercomprehensive
income-1,670-545-1,650Total net assets

62,981

Changes of
items during
periodProfit attributable to3,442

owners of parent
Purchase ofTreasury shares-10

Disposal oftreasury shares0

Net changesof items otherthanshareholders'equity

103

0

599

21

723

723

Total changesof items
during period

103

0

599

21

723

4,156

Balance at
end of current
period669

-1,071-524-926

67,137* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation-7-

Current consolidated FY (April 1, 2018 to March 31, 2019)(Unit: millions of yen)
Shareholders’ equity
Capital stock
Balance at beginning of current period

Capitalsurplus43,420Retainedearnings

10,627

Treasuryshares

14,735

Total shareholders'equity-719

68,064

Changes of items during period
Profit attributable to owners of parent

8,683

Purchase of treasury shares
Disposal of treasury shares

0

8,683
-3

-3

0

0

Net changes of items other thanshareholders' equity
Total changes of items during period
Balance at end of current period



0

8,683

-3

8,679

43,42010,627

23,419-722

76,744

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at
beginning ofcurrent period

669

Deferred
gains orlosses onhedges

Foreigncurrencytranslation
adjustment

Remeasurements ofdefined benefit plans

Total
accumulated
othercomprehensive
income-1,071-524-926

Total net assets

67,137

Changes of
items during
periodProfit attributable toowners of parent

8,683

Purchase oftreasury shares-3

Disposal oftreasury shares0

Net changesof items otherthanshareholders'equity

-191



-372

82

-481

-481

Total changesof items
during period

-191



-372

82

-481

8,197

Balance at
end of current
period477

-1,443-442-1,40875,335* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation-8-

(4) Statement of Consolidated Cash Flows

Account Category(Unit: millions of yen)Previous consolidated FY Current consolidated FY(April 1, 2017 to(April 1, 2018 toMarch 31, 2018)
March 31, 2019)

Cash flows from operating activities
Income before income taxes

4,917

10,228Depreciation and amortization

4,638

4,631

Loss on disaster

45

310

Impairment loss

55

120

Increase (decrease) in allowance for doubtful accounts

186

32

Increase (decrease) in net defined benefit liability

199

233

-5

-0

2,364

-813

Increase (decrease) in other provision

355

-184

Interest and dividend income

-217

-159

Interest expenses

919

717

Foreign exchange losses (gains)

211

141

Share of (profit) loss of entities accounted for using equity
method83-352

Loss (gain) on disposal of noncurrent assets

219

-20

Decrease (increase) in notes and accounts receivable-trade-4,060-4,385Decrease (increase) in inventories

6,089-5,762

89

-732

1,579

3,456

Increase (decrease) in provision for loss on liquidation ofsubsidiaries and associates
Increase (decrease) in provision for environment and safety
Improvement

Decrease (increase) in other current assets
Increase (decrease) in notes and accounts payable-trade
Increase (decrease) in other current liabilities

195

368

Other

43

-115

17,911

7,715Interest and dividends income received

126

154

Interest expenses paid

-873

-738

Proceeds from insurance income

6127

Payments for loss on disaster



-48

-563

-2,302

16,6074907

Subtotal

Income taxes paid
Cash flows from operating activities* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation-9-

Previous consolidated FY(April 1, 2017 toMarch 31, 2018)(Unit: millions of yen)
Current consolidated FY(April 1, 2018 toMarch 31, 2019)

Payments into time deposits-0

Proceeds from withdrawal of time deposits

190



Purchase of investment securities-73-2,898Purchase of non-current assets-5,851-6,472

Proceeds from sales of non-current assets

160

700

Payments of loans receivable

-664

-286

Collection of loans receivable

260

359

Others-53

6-6,030-8,590Account Category
Cash flows from investing activities

Cash flows from investing activities
Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable-3,240

-410

8,980

15,000

Repayments of long-term loans payable-15,857
2,400-15,312

-560

-390

-512
-134

-497
-211

Proceeds from issuance of bonds
Redemption of bonds
Repayments of lease obligations
Repayments of installment payables
Proceeds from deposits received



2,744

1,001

Net decrease (increase) in treasury shares-2,318-9-1,651-3

Cash flows from financing activities-8,508-2,47571-154

Repayment of deposits payable

Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents

2,140-6,313

Cash and cash equivalents at beginning of period

28,15630,297

Cash and cash equivalents at end of period

30,29723,983* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation-10-

(Segment Information)
1. Business Segment Information
Previous consolidated fiscal year (April 1, 2017 to March 31, 2018)
Inorganic
Chemicals

Organic
Chemicals(Unit: millions of yen)

Other
Businesses

Total

Adjustments(Note 1)

Amount reported
on consolidated
financialstatements(Note 2)

Net sales
Sales to outside
customers
Internal sales ortransfers among
segments
Total
Segment profit
Segment assets
Other elements
Depreciation/amortization expenses
Impairment loss
Increase in tangible
and intangible Fixed
Assets54,44150,4603,098

108,001

108,001





4,937

4,937

-4,937

54,441
7,984
69,54250,4603,575
51,705

8,035
618
2,798

112,938
12,177124,046-4,937-2,15535,721

108,001
10,022
159,767

3,178

873

48

4,100

114

4,214

55





55



55

5,334

788

23

6,146

293

6,439

(Note) 1. Adjustments include the following items:(1) “Adjustments in segment profit” (− 2,155million) includes elimination of transactions between segments (− 79million) and corporate
expenses not allocated to reporting segments (− 2,076million). Corporate expenses mainly comprise general expenses not allocable toreporting segments.
(2) “Adjustments in segment assets” ( 35,721million) includes offsetting of receivables and payables between segments (− 958million) andcorporate assets not allocated to reporting units ( 36,679million). Corporate assets mainly comprise surplus funds (cash and securities),
long-term investments (investment securities) and corporate assets, all held by the parent company and not allocable to reporting
segments.
2. Segment profits are adjusted with the operating profit reported on the consolidated profit and loss statement.

￥

￥

￥

￥

￥

￥

Current consolidated fiscal year (April 1, 2018 to March 31, 2019)
Inorganic
Chemicals

Organic
Chemicals(Unit: millions of yen)
Other
Businesses

Total

Adjustments(Note 1)

Amount reported
on consolidated
financialstatements(Note 2)

Net sales
Sales to outside
customers
Internal sales ortransfers among
segments
Total
Segment profit
Segment assets
Other elements
Depreciation/amortization expenses
Impairment loss
Increase in tangible
and intangible Fixed
Assets

54,88347,671

3,885

106,441



106,441





5,538

5,538

-5,538



54,883
7,267
78,59247,671
5,903
57,745

9,424
664
3,696

111,979
13,835140,035-5,538-2,46328,654

106,441
11,372
168,689

3,229

850

48

4,129

137

4,266









120

120

6,165

914

96

7,176

62

7,239

(Notes) 1. Adjustments include the following items:(1) “Adjustments in segment profit” (− 2,463million) includes elimination of transactions between segments (− 119 million) andcorporate expenses not allocated to reporting segments (− 2,343million). Corporate expenses mainly comprise general expenses notallocable to reporting segments.
(2) “Adjustments in segment assets” ( 28,654million) includes offsetting of receivables and payables between segments (− 1,141million)
and corporate assets not allocated to reporting units ( 29,796million). Corporate assets mainly comprise surplus funds (cash andsecurities), long-term investments (investment securities) and corporate assets, all held by the parent company and not allocable toreporting segments.
2. Segment profits are adjusted with the operating profit reported on the consolidated profit and loss statement.

￥

￥

￥

￥

* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation

-11-

￥

￥

【Related information】

Previous consolidated fiscal year (April 1, 2017 to March 31, 2018)
1. Information by product and service
Disclosure of this information is omitted since its classification is identical with the classification of reporting segments.

2. Geographical information(1) Net sales by region(Unit: millions of yen)
Japan

Asia
50,308(Notes)Americas22,928Europe12,384

Other

Total

22,097283

108,001

1. Net sales by geographic segment are based on nations or regions where customers reside.
2. Grouping of countries and regions is based on the geographic proximity and relevance of businesses. Countries andregions included in each geographic segment are as follows, excluding Japan:(1) Asia: China, Taiwan, South Korea, Thailand, Indonesia, and Singapore(2) Americas: United States, Canada, Brazil, Argentina, and Mexico(3) Europe: Germany, Netherlands, France, the United Kingdom, Belgium, Italy, and Eastern Europe, plus the Middle
East(4) Other: Australia, New Zealand, and Africa(2) Tangible fixed assets(Unit: millions of yen)
Japan

Asia
39,809(Notes)Americas141

Europe

Total

849

43

40,843

1. Tangible fixed assets by geographic segment are based on nations or regions where customers reside.
2. Grouping of countries and regions is based on the geographic proximity and relevance of businesses. Countries and regions
included in each geographic segment are as follows, excluding Japan:(1) Asia: Taiwan(2) Americas: United States(3) Europe: Belgium

Current consolidated fiscal year (April 1, 2018 to March 31, 2019)
1. Information by product and service
Disclosure of this information is omitted since its classification is identical with the classification of reporting segments.

2. Geographical information(1) Net sales by region(Unit: millions of yen)
Japan

Asia
52,828(Notes)Americas22,930Europe14,955

15,466

Other

Total
260

106,441

1. Net sales by geographic segment are based on nations or regions where customers reside.
2. Grouping of countries and regions is based on the geographic proximity and relevance of businesses. Countries andregions included in each geographic segment are as follows, excluding Japan:(1) Asia: China, Taiwan, South Korea, Thailand, Indonesia, and Singapore(2) Americas: United States, Canada, Brazil, Argentina, and Mexico(3) Europe: Germany, Netherlands, France, the United Kingdom, Belgium, Italy, and Eastern Europe, plus the Middle
East(4) Other: Australia, New Zealand, and Africa* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation-12-

(2) Tangible fixed assets(Unit: millions of yen)
Japan

Asia
42,179(Notes)Americas132

Europe
826

Total
27

43,167

1. Tangible fixed assets by geographic segment are based on nations or regions where customers reside.
2. Grouping of countries and regions is based on the geographic proximity and relevance of businesses. Countries and regions
included in each geographic segment are as follows, excluding Japan:(1) Asia: Taiwan(2) Americas: United States(3) Europe: Belgium

・Per Share Information

Previous consolidated fiscal year
(April 1, 2017 to March 31, 2018)

Current consolidated fiscal year
(April 1, 2018 to March 31, 2019)

Net assets per share

1,679.77yen

1,885.00 yen

Net income per share

86.12 yen217.25yen(Notes) 1. Information on diluted earnings per share is not given since there are no potential ordinary shares.
2. Effective October 1, 2016, the Company consolidated its common shares at the ratio of 10 shares to 1 share.
Accordingly, net income per share have been calculated as if the said share consolidation was conducted at the
beginning of the previous fiscal year.

Basis for calculation
・Net income per share
Previous consolidated fiscal year
(April 1, 2017 to March 31, 2018)

Current consolidated fiscal year
(April 1, 2018 to March 31, 2019)

3,442

8,683

Amount not attributable to common stock(million yen)

Net income attributable to parent company
shareholders of common stock (million yen)

3,442

8,683

Average number of shares of common stockduring period (1,000 shares)

39,971

39,967

At end of previous consolidated FY(March 31, 2018)

At end of current consolidated FY(March 31, 2019)67,13775,335

Net assets attributable to common stock at theend of consolidated fiscal year (million yen)

67,13775,335

Number of shares of common stock used as
basis for calculation of net assets per share(1,000 shares)

39,96839,965

Profit attribute to owners of parent(million yen)

Basis for calculation
・Net assets per share

Total net assets on consolidated balance sheet(million yen)Amount deducted from total net assets on
consolidated balance sheet : (million yen)

* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation-13-

6. Non-Consolidated Financial Statements, etc.
(1) Balance Sheet(Unit: millions of yen)
Current fiscal year
(March 31, 2019)

Previous fiscal year
(March 31, 2018)

Account Category
ASSETS
Current Assets
Cash and deposits
Notes receivable – trade25,201
1,050

18,661
1,527

Accounts receivable – trade29,93633,885Merchandise and finished goods
Work in process

17,8703,569

18,966
4,842

Raw materials and supplies
Advance payments - trade

7,680
22

9,074
161

Prepaid expenses
Short-term loans receivable
Other
Allowance for doubtful accounts

209

208

1,700
765

668
1,318

-468

-595

87,54088,720

Buildings

6,639

6,413

Structures
Machinery and equipment

3,412
12,702

3,927
15,021

Total current assets
Noncurrent Assets
Property, plant and equipment

Vehicles19

28

Tools, furniture and fixtures
Land

487
4,499

490
4,294

Leased assets

1,012

937

Construction in progress

3,023

3,653

Total property, plant and equipment

31,79734,765

341

294

9
8

12
8

359

315

Investment securities
Shares of subsidiaries and associates

1,761
11,912

4,472
10,172Long-term loans receivable from subsidiaries and affiliates

2,009

25

91
939

86
986

Deferred tax assets

7,559

7,601

Other
Allowance for doubtful accounts

302
-149

342
-106

Intangible assets
SoftwareLeased assets
Other
Total intangible assets
Investments and other assets

Long-term loans receivable from employees
Long-term prepaid expenses

Total investments and other assets

24,42623,579Total non-current assets

56,58358,660Total Assets

144,123

147,380* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation-14-

(Unit: millions of yen)
Current fiscal year
(March 31, 2019)

Previous fiscal year
(March 31, 2018)

Account Category
LIABILITIESCurrent Liabilities
Notes payable – trade

194

272

Accounts payable – trade
Short-term loans payable

7,029
9,830

9,330
7,680

Current portion of long-term loans payable

12,939

9,271

Current portion of bonds
Lease obligations

390
414

390
422

Accounts payable – other

4,643

5,367

Accrued expenses
Income taxes payable

3,520
959

3,255
309

Deposits received

4,607

3,940

545
133

479
83

Other

1,299

1,181

Total current liabilities

46,50841,983

Provision for bonuses
Provision for environment and safety improvement

Non-current Liabilities
Bonds payable
Long-term loans payable
Lease obligations

2,010

1,620

18,893679

21,872597

Long-term deposits received

2,604

707

Provision for retirement benefits
Provision for environment and safety improvement

10,844
3,641

11,053
2,877

Provision for repairs


714
1,302

150
707
1,339

Asset retirement obligations
Other
Total non-current liabilities

40,69140,92687,19982,910Capital stock

43,42043,420Capital surplus
Legal capital surplus

9,155

9,155

Other capital surplus

640

641

Total capital surpluses

9,796

9,796

Retained earnings
Legal retained earnings

269

269

3,061

10,805

3,331

11,075

Total Liabilities
NET ASSETS
Shareholders’ equity

Other retained earnings
Retained earnings brought forward
Total retained earnings
Treasury shares
Total shareholders’ equity

-222

-226

56,32564,066598

403

Valuation and translation adjustments
Valuation difference on available-for-sale securities

598

403

Total net assets

Total valuation and translation adjustments

56,92364,470Total Liabilities and Net Assets

144,123

147,380* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation-15-

(2) Statements of Income
Account Category
Net sales(Unit: millions of yen)Previous fiscal year
Current fiscal year
(April 1, 2017 to March 31, 2018) (April 1, 2018 to March 31, 2019)81,281
82,191

Cost of sales

53,72955,377Gross profit

27,552

26,814

Selling, general and administrative expenses

18,09918,174

Operating income

9,453

8,639

Interest income
Dividend income

54
263

56
1,412

Foreign exchange gains

25

Gain on sales of raw materials
Other


99
117

225

Total non-operating income

535

1,794

Non-operating income

Non-operating expenses
Interest expenses

74

965

757

Financial fee

233

373

Foreign exchange gains

573

Other

333


187

2,105

1,317

7,883

9,115

Gain on sales of non-current assets



178

Gain on insurance adjustment

62

Subsidy income

6

Gain on extinguishment of tie-in shares




337

Total extraordinary income

6578

Loss on disposal of non-current assets
Loss on disaster

553
45

607
310

Impairment loss



120

2,783



6



Total extraordinary losses

3,388

1,039

Income before income taxes

4,501

8,654

842
533

688
221

Total non-operating expenses
Ordinary income
Extraordinary income

Extraordinary losses

Provision of allowance for environment and safety
improvement
Other

Income taxes - current
Income taxes – deferred
Total income taxes

1,376

909

Net income (loss)

3,124

7,744

* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation-16-

(3) Statement of Changes in Net Assets
Previous consolidated FY (April 1, 2017 to March 31, 2018)(Unit: millions of yen)
Shareholders’ equity
Capital surplus
Capitalstock

Balance at beginningof current period

Legalcapitalsurplus

Othercapitalsurplus9,155

43,420Retained earnings

Total capitalsurpluses

640

Legal
retainedearnings

9,796

Other retained
earnings

Retained earnings
brought forward

269

Total retained
earnings

-63

206

3,124

3,124

Changes of items
during period
Net income
Purchase of treasury
shares
Disposal of treasury
shares00

Net changes of items
other thanshareholders' equity
Total changes of
items during period





0

0



3,124

3,124

Balance at end ofcurrent period

43,420

9,155

640

9,796

269

3,061

3,331

Valuation and translation
adjustments

Shareholders’ equity

TreasurysharesBalance at beginningof current period

-212

Total
shareholders'equityValuationdifference on
available-forsale securities

Total valuationand translation
adjustments

53,210486

486

Total net
assets53,696

Changes of items
during period
Net income

3,124

3,124

Purchase of treasury
shares

-10

-10

-10

Disposal of treasury
shares000

Net changes of items
other thanshareholders' equity

111

111

111

Total changes of
items during period

-10

3,115

111

111

3,227

Balance at end ofcurrent period-222

56.325598

598

56,923* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation-17-

Current consolidated FY (April 1, 2018 to March 31, 2019)(Unit: millions of yen)
Shareholders’ equity
Capital surplus
Capitalstock

Balance at beginningof current period

Legalcapitalsurplus

Othercapitalsurplus9,155

43,420Retained earnings

Total capitalsurpluses

640

Other retained
earnings

Legalretainedearnings

9,796

Retained earnings
brought forward

269

Total retained
earnings

3,061

3,331

7,744

7,744

Changes of items
during period
Net income
Purchase of treasury
Shares
Disposal of treasury
Shares00

Net changes of items
other thanshareholders' equity
Total changes of
items during period
Balance at end ofcurrent period





0

0



7,744

7,744

43,420

9,155

640

9,796

269

10,805

11,075

Valuation and translation
adjustments

Shareholders’ equity

TreasurysharesBalance at beginningof current period

-222

Total
shareholders'equityValuationdifference on
available-forsale securities

Total valuationand translation
adjustments

56,325598

598

Total net
assets56,923

Changes of items
during period
Net income

7,744

7,744

Purchase of treasury
Shares-3-3-3Disposal of treasury
shares000

Net changes of items
other thanshareholders' equity

-194

-194

-194

Total changes of
items during period

-3

7,740

-194

-194

7,546

Balance at end ofcurrent period-226

64,066403

403

64,470* This is an English translation of Summary originally written in Japanese and disclosed to TSE.
For official purposes, the Japanese version takes preference over this English translation-18-