Financial Data
■ Trend in Principal Management Indicators and Other Financial Data

Fiscal year

108th

(

Millions of
yen

109th

)

(

Millions of
yen

110th

)

(

Millions of
yen

111th

)

(

Millions of
yen

112th

)

(

Millions ofyen■ Business performance during the fiscal year under review

113th

)

(

Millions of
yen

113th

) (

Thousands of
U.S. dollars)

End of fiscal year

March 2012

March 2013

March 2014

March 2015

March 2016

March 2017

March 2017

Net sales¥ 101,015¥ 96,384¥ 96,334¥ 103,875¥ 113,088¥ 116,309$1,036,717

Operating income

¥

6,429

¥

6,241

¥

8,424

¥

8,223

¥

9,189

¥ 10,974$

Ordinary income

¥

7,336

¥

7,168

¥

9,449

¥

9,116

¥

9,646

¥ 11,606$ 103,446

Profit attributableto owners of parent

¥

4,212

¥

6,145

¥

8,835

¥

8,030

¥

7,817

¥

8,551

$

76,217

Comprehensive
income

¥

4,935

¥

6,712

¥

9,935

¥

9,398

¥

7,149

¥

9,937

$

88,569Net assets¥ 28,308¥ 34,653¥ 43,889¥ 52,516¥ 58,809¥ 67,727$ 603,682

Total assets¥ 107,028¥ 106,754¥ 108,520¥ 123,127¥ 132,614¥ 140,201$1,249,675

Net assets per share(JPY or USD)

¥ 339.20¥ 415.92¥ 527.50¥ 631.53¥ 708.18¥ 815.77$

7.27

Net income pershare (JPY or USD)¥¥

¥ 106.86¥¥¥ 103.43

$

0.92

50.94

74.32

97.12

94.55

97,815

Diluted net income
per share (JPY or USD)

−

−

−

−

−

−

−

Capital adequacy
ratio (%)

26.2

32.2

40.2

42.4

44.1

48.1

48.1

Return on equity
(%)

16.3

19.7

22.7

16.8

14.1

13.6

13.6

Price-to-earnings
ratio

8.1

7.4

6.9

9.7

10.7

10.5

10.5

Cash flows fromoperating activities

¥

4,565

Cash flows frominvesting activities¥

Cash flows fromfinancing activities¥

End-of-year balanceof cash and cash
equivalents¥ 17,384¥ 26,005¥ 27,030¥ 45,008¥ 48,335¥ 57,132$ 509,247

3,187

3,288

3,315

3,266

3,366

3,447

3,447

Number of
employees¥ 17,465¥

8,270¥ 21,727

¥

6,728

¥

9,590

$

85,483

270

¥

(59)

¥

(1,430)

¥

(160)

¥

(445)

¥

143

$

1,273

(2,494)¥(8,887)¥(5,867)¥(3,707)¥(2,900)¥(1,787)$(15,930)

The Japanese economy continued to recover gradually during the consolidated fiscal year under review as employment
and incomes improved along with corporate revenue and personal consumption. At the same time, uncertainty expanded
overseas due to factors such as slowing economic growth in China and other emerging nations, the UK’s exit from the EU,
and the political situation in the U.S., contributing to an opaque economic outlook.
Against this economic backdrop, the Takuma Group expects to see continued demand for its principal businesses thanks
to increased environmental awareness; progress in initiatives to prevent global warming and conserve resources and energy;
planned replacement of, and updates to, outdated waste treatment facilities; and energy policies that are favorable forbiomass power facilities, for example in the form of feed-in-tariff programs for power.
During the consolidated fiscal year under review, we received orders for projects including construction of biomass power
facilities and sewage sludge-fueld power generation facilities in addition to construction of waste treatment facilities,
primary improvement work, and facility operation, maintenance, and management. As a result, order volume surged to
191,026 million yen, an increase of 91,106 million yen (91.2%) from the previous consolidated fiscal year.
Thanks to steady progress in construction of projects such as waste treatment facilities and biomass power facilities, salesrose 3,220 million yen (2.8%) from the previous consolidated fiscal year to 116,309 million yen. As a result, the backlog
totaled 214,142 million yen.
Because we pursued cost-cutting measures even as sales grew, gross profit increased despite increases in selling, generaland administrative expenses such as R&D. As a result, operating income was 10,973 million yen, ordinary income was
11,605 million yen, and profit attributable to owners of parent was 8,550 million yen, up 1,784 million yen (19.4%), 1,959
million yen (20.3%), and 733 million yen (9.4%), respectively.
Performance by segment was as follows:(Millions of yen)Segment

Orders received

Sales amountOperating income

Backlog

Domestic Environment and Energy

163,505

90,643

11,726

203,571

Overseas Environment and Energy

3,070

2,222

(154)

2,310

Package Boiler

16,724

17,165916

2,974

Equipment and System Business

8,041

6,666

322

5,326

Sub-total

191,342

116,696

12,811

214,183

(315)

(387)

(1,837)(41)

191,026

116,309

10,973214,142

Adjustment
Total

65

TAKUMA CSR REPORT 2017

Financial
Data

Note:
1. U.S. dollar amounts are shown solely for the convenience of readers and are translated at the rate of ¥112.19 to U.S.$1.00, the exchange
rate prevailing at March 31, 2017.
2. Ordinary income is a measure of accounting profit that equals operating income plus other income minus other expenses, except for
extraordinary items under Japanese GAAP.

TAKUMA CSR REPORT 201766

Financial Data

■ Consolidated Balance Sheets
TAKUMA CO., LTD. and Consolidated Subsidiaries
As of March 31, 2017, and 2016

Thousands of
U.S. dollars

Millions of yen

ASSETS
Current assets:
Cash and time deposits .................................................
Notes and accounts receivable:
Trade ..........................................................
Unconsolidated subsidiaries
and affiliated companies ...........................
Other ..........................................................
Less allowance for doubtful accounts ...........
Total ............................................
Inventories ....................................................................
Deferred tax assets ........................................................
Other ............................................................................
Total current assets .................................
Property, plant and equipment:
Land .............................................................................
Buildings and structures ................................................
Machinery, equipment, lease assets
and construction in progress .......................................
Less accumulated depreciation ......................................
Total property, plant and equipment ....

2017
¥ 57,719

2017

2016
¥

48,916$514,475

44,71644,935398,574

391
242
(27)
45,322
3,897
2,471
766
110,175

1,457
289
(39)
46,642
4,041
2,803
607
103,009

3,486
2,160
(247)
403,973
34,74422,021
6,827
982,040

3,018
12,225

3,018
12,21926,898108,973

11,11926,362(17,434)
8,928

11,12326,360(16,764)
9,596

99,109234,980(155,401)
79,579Investments and other assets:
Investment securities .....................................................
Investments in:
Unconsolidated subsidiaries
and affiliated companies ...........................
Other ..........................................................
Less allowance for doubtful accounts ...........
Total ............................................
Deferred tax assets ........................................................
Other ............................................................................
Total investments and other assets .......

13,161

11,136

117,311

4,950
938
(461)
5,427
2,210
300
21,098

5,556
823
(467)
5,912
2,648
313
20,00944,123
8,363(4,108)48,378
19,6992,668
188,056

Total assets ............................................................................

¥ 140,201¥ 132,614$ 1,249,675

LIABILITIES AND NET ASSETS
Current liabilities:
Short-term loans payable ...............................................
Current portion of long-term debt .................................
Notes and accounts payable:
Trade ..........................................................
Unconsolidated subsidiaries
and affiliated companies ............................
Other ..........................................................
Total ............................................
Accrued income taxes ....................................................
Advances received .........................................................
Allowance for guarantees on completed work ...............
Allowance for losses on sales contracts ..........................
Other ............................................................................
Total current liabilities .............................
Long term liabilities:
Long-term debt .............................................................
Allowance for directors’ and executive officers’
retirement benefits ......................................................
Net defined benefit liability ............................................
Other ............................................................................
Total long term liabilities ........................
Total liabilities ..........................................
Contingent liabilities
Net assets:
Common stock ..............................................................
Authorized: 321,840,000 shares
Issued: 83,000,000 shares
Capital surplus ...............................................................
Retained earnings ..........................................................
Treasury stock, at cost ...................................................
331,201 shares in 2017 and
328,764 shares in 2016
Total shareholders’ equity ............................
Unrealized gains on securities ........................................
Deferred gains and losses on hedges .............................
Foreign currency translation adjustments .......................
Remeasurements of defined benefit plans ......................
Total accumulated other comprehensive income ..
Non-controlling interests in consolidated subsidiaries .....
Total net assets ........................................

TAKUMA CSR REPORT 2017

2017
¥

7,675
468

2017

2016
¥

7,750
673

$

68,411
4,169

32,56934,584

290,300

344
931
33,844
2,532
7,935
177
3,578
5,734
61,943575
1,111
36,270
1,256
7,700
141
5,164
4,190
63,144

3,071
8,299
301,670
22,56770,733
1,577
31,88951,114552,130

929

1,396

8,278

152
9,011
439
10,531
72,474

189
8,668
408
10,66173,805

1,356
80,317
3,912
93,863645,993

13,367

13,367

119,150

3,768
46,258(234)

3,768
38,754(232)

33,588412,323(2,095)

63,159
4,886
(21)
6
(591)
4,280
288
67,72755,657
3,586
(27)
(11)
(660)
2,888
264
58,809562,966
43,548(185)
50(5,264)
38,1492,567
603,682¥ 140,201¥ 132,614$ 1,249,675

TAKUMA CSR REPORT 2017

Financial
Data

Total liabilities and net assets ..............................................

67

Thousands of
U.S. dollars

Millions of yen

68Financial Data

■ Consolidated Statements of Operations■ Consolidated Statements of Comprehensive Income

TAKUMA CO., LTD. and Consolidated Subsidiaries
For the years ended March 31, 2017, and 2016

TAKUMA CO., LTD. and Consolidated Subsidiaries
For the years ended March 31, 2017, and 2016

Thousands of
U.S. dollars

Millions of yen
2017

2016

2017

Net sales .................................................................................
Cost of sales ...........................................................................
Gross profit ...................................................................
Selling, general and administrative expenses ....................
Operating income .........................................................
Other income (expenses):
Interest and dividend income .........................................
Interest expense ............................................................
Loss on disposal of property, plant and equipment ........
Equity in earnings of affiliated companies ......................
Impairment loss ............................................................
Other, net .....................................................................
Other income (expenses), net .................

¥ 116,309
90,69325,616
14,642
10,974¥ 113,088
89,744
23,344
14,1559,189$1,036,717
808,393
228,324
130,509
97,815

337
(76)
(51)
280
142
632

366
(105)
(167)
287
(267)
76
190

3,000
(673)
(456)
2,491
1,269
5,631

Income before income taxes................................................
Income taxes:
Current .........................................................................
Deferred ........................................................................
Total income taxes ...................................

11,606

9,379

103,446

2,859
172
3,031

1,558
11
1,569

25,482
1,532
27,014

Profit .......................................................................................

8,575

7,810

76,432

Profit (loss) attributable to non-controlling interests
in consolidated subsidiaries ...............................................

24

(7)

215

Profit attributable to owners of parent ..............................
Per share:
Net income ...........................................................................
Diluted net income ...............................................................
Cash dividends applicable to the year ....................................

¥

8,551

¥

7,817

Yen
¥ 103.43
13.00$

Thousands of
U.S. dollars

Millions of yen
2017Profit ........................................................................................
Other comprehensive income:Unrealized gains (losses) on securities ............................
Deferred gains and losses on hedges .............................
Foreign currency translation adjustments .......................
Remeasurements of defined benefit plans ......................
Total other comprehensive income .....................
Comprehensive income .............................................................
Comprehensive income attributed to:
Owners of the parent .........................................
Non-controlling interests ....................................

¥

8,575

¥

1,299
(29)
23
69
1,362
9,937

¥

9,942
(5)

2017

2016
¥

7,810

¥

(511 )
(41 )
(55 )
(54 )
(661 )
7,149

¥

7,165
(16 )

$

76,432$

11,582
(262)
200
617
12,13788,569$88,619(50)

76,217

U.S. dollars
¥

94.55
11.00

$

0.92
0.12

Financial
Data

69

TAKUMA CSR REPORT 2017

TAKUMA CSR REPORT 201770

Financial Data

■ Consolidated Statements of Changes in Net Assets
TAKUMA CO., LTD. and Consolidated Subsidiaries
For the years ended March 31, 2017, and 2016
Millions of yen
Commonstock

For the year ended March 31, 2017
Balance at the beginning of current period ...
Cash dividends (¥12.00 per share) .........
Profit attributable to owners of parent ....
Change in scope of consolidation ...........
Purchase of treasury stock ......................
Other changes during the year, net .........
Balance at the end of current period ............

¥ 13,367¥ 13,367

Capitalsurplus¥Thousands of U.S. dollars
Treasurystock,
at costRetainedearnings

3,768
3,768

¥ 38,754
(992)
8,551
(55)
¥ 46,258

Unrealized
gains onsecurities

Deferred gains
and losses
on hedges

Foreigncurrencytranslation
adjustments

Remeasurements ofdefinedbenefit plans

¥

¥

¥

¥

¥

¥

¥

(232)
(2)
(234)

Total
shareholders’equityFor the year ended March 31, 2017
Balance at the beginning of current period ...
Cash dividends ($0.11 per share) ...........
Profit attributable to owners of parent ....
Change in scope of consolidation ...........
Purchase of treasury stock ......................
Other changes during the year, net .........
Balance at the end of current period ............

¥ 55,657
(992)
8,551
(55)
(2)
¥ 63,159

CapitalsurplusRetainedearnings$ 119,150$ 119,150$ 33,588$ 33,588$ 345,436(8,843)76,217(487)$ 412,323

Unrealized
gains onsecurities

Deferred gains
and losses
on hedges

Foreigncurrencytranslation
adjustments

Remeasurements ofdefinedbenefit plans$ 31,964
11,584$ 43,548$$$

Millions of yen

For the year ended March 31, 2017
Balance at the beginning of current period ...
Cash dividends (¥12.00 per share) .........
Profit attributable to owners of parent ....
Change in scope of consolidation ...........
Purchase of treasury stock ......................
Other changes during the year, net .........
Balance at the end of current period ............

¥

3,586
1,300
4,886

¥

(27)
6
(21)

¥

(11)
17
6

¥

(660)
69
(591)

Treasurystock,
at costCommonstock$$(2,075)(20)(2,095)

Total
shareholders’equity$ 496,099(8,843)76,217(487)(20)$ 562,966

Thousands of U.S. dollars
Total
Non-controlling
accumulated otherinterests incomprehensive
consolidated
incomesubsidiaries

¥

¥

2,888
1,392
4,280

¥

¥

264
24
288

Total net
assets¥ 58,809
(992)
8,551
(55)
(2)
1,416
¥ 67,727

For the year ended March 31, 2017
Balance at the beginning of current period ...
Cash dividends ($0.11 per share) ...........
Profit attributable to owners of parent ....
Change in scope of consolidation ...........
Purchase of treasury stock ......................
Other changes during the year, net .........
Balance at the end of current period ............

$

(237)
52
(185)

$

(100)
150
50

$

(5,881)
617(5,264)Total
Non-controlling
accumulated otherinterests incomprehensive
consolidated
incomesubsidiaries$ 25,746
12,403$ 38,149

$

$

2,350
217
2,567

Total net
assets$ 524,195(8,843)76,217(487)(20)
12,620$ 603,682

Millions of yen
Commonstock

For the year ended March 31, 2016
Balance at the beginning of current period ...
Cash dividends (¥10.00 per share) .........
Profit attributable to owners of parent ....
Purchase of treasury stock ......................
Other changes during the year, net .........
Balance at the end of current period ............

¥ 13,367¥ 13,367

Capitalsurplus¥Treasurystock,
at costRetainedearnings

3,768
3,768

¥ 31,764
(827)
7,817
¥ 38,754

Unrealized
gains onsecurities

Deferred gains
and losses
on hedges

Foreigncurrencytranslation
adjustments

Remeasurements ofdefinedbenefit plans

¥

¥

¥

¥

¥

¥

¥

(228)
(4)
(232)

Total
shareholders’equity¥ 48,671
(827)
7,817
(4)
¥ 55,657

Millions of yen

For the year ended March 31, 2016
Balance at the beginning of current period ...
Cash dividends (¥10.00 per share) .........
Profit attributable to owners of parent ....
Purchase of treasury stock ......................
Other changes during the year, net .........
Balance at the end of current period ............

¥

4,097
(511)
3,586

¥

24
(51)
(27)

¥

25
(36)
(11)

¥

(605)
(55)
(660)

Total
Non-controlling
accumulated otherinterests incomprehensive
consolidated
incomesubsidiaries

¥

¥

3,541
(653)
2,888

¥

¥

304
(40)
264

Total net
assets¥ 52,516
(827)
7,817
(4)
(693)
¥ 58,809
Financial
Data

71

TAKUMA CSR REPORT 2017

TAKUMA CSR REPORT 201772

Financial Data

■ Consolidated Statements of Cash Flows
TAKUMA CO., LTD. and Consolidated Subsidiaries
For the years ended March 31, 2017, and 2016

Thousands of
U.S. dollars

Millions of yen
2017
Cash flows from operating activities:
Income before income taxes ...........................................................................
Adjustments to reconcile income before income taxes
to net cash provided by operating activities:
Depreciation ...............................................................................................
Impairment loss ..........................................................................................
Increase (decrease) in allowance for doubtful accounts ................................
Increase (decrease) in allowance for bonuses ...............................................
Increase (decrease) in allowance for losses on sales contracts .......................
Increase (decrease) in net defined benefit liability .........................................
Interest and dividend income ......................................................................
Interest expense ..........................................................................................
Equity in losses (earnings) of affiliated companies ........................................
Net decrease (increase) in notes and accounts receivable and advances received ...
Decrease (increase) in inventories ................................................................
Decrease (increase) in other current assets ...................................................
Net increase (decrease) in notes and accounts payable and advance money ...
Increase (decrease) in other current liabilities ...............................................
Other ..........................................................................................................
Subtotal ..................................................................................................
Interest and dividend received .....................................................................
Interest paid ................................................................................................
Income taxes received (paid) ........................................................................
Net cash provided by operating activities .................................................
Cash flows from investing activities:
Net decrease (increase) in time deposits ..........................................................
Purchase of property, plant and equipment ....................................................
Purchase of intangible fixed assets ..................................................................
Purchase of investment securities ....................................................................
Sale of investment securities ...........................................................................
Disbursement for loans receivable ...................................................................
Collection of loans receivable ..........................................................................
Other ..............................................................................................................
Net cash provided by (used in) investing activities .....................................

¥ 11,606

2017

2016
¥

9,379

$

103,446

851
(18)
182
(1,586)
445
(337)
76
(280)
463
148
(25)
(2,143)
1,489
149
11,020405(76)(1,759)
9,590

840
267
(21)
107
(1,731)
325
(367)
105
(287)
(7,951)
(237)
42
6,867
(587)
152
6,903
623
(108)
(690)
6,728

7,585
(157)
1,623
(14,140)
3,971(3,000)673(2,491)
4,123
1,325
(224)
(19,105)
13,274
1,324
98,227
3,609(679)(15,674)
85,483

3
(575)
(65)
(473)
13
(171)
1,328
83
143

42
(656)
(82)
(91)
152
(25)
243
(28)
(445)

30
(5,126)(578)(4,216)116(1,524)
11,836735
1,273

Thousands of
U.S. dollars

Millions of yen
2017

2017

2016

Cash flows from financing activities:
Net increase (decrease) in short-term bank loans .............................................
Payment of long-term debt .............................................................................
Purchase of treasury stock ...............................................................................
Payment of cash dividends ..............................................................................
Dividends paid to non-controlling interests .....................................................
Other .............................................................................................................
Net cash used in financing activities .........................................................

(75)
(673)
(2)
(992)
(17)
(28)
(1,787)(100)(1,896)
(4)
(827)
(25)
(48)
(2,900)(668)(5,996)(20)(8,843)(151)(252)(15,930)

Effect of exchange rate changes on cash and cash equivalents ............................
Net increase in cash and cash equivalents ................................................
Cash and cash equivalents at beginning of year .........................................
Increase in cash and cash equivalents from newly consolidated subsidiary ...........
Cash and cash equivalents at end of year ....................................................

15
7,961
48,335836¥ 57,132

(56)
3,327
45,00848,335

131
70,957
430,835
7,455
509,247¥$

Financial
Data

73

TAKUMA CSR REPORT 2017

TAKUMA CSR REPORT 201774