YAMAZAKI BAKING Co., Ltd

■Net sales ■Gross profit

(Millions of yen)
■Operating income ■Ordinary income
■Profit attributable to owners of parent

(Millions of yen)
■Depreciation and amortization ■Capital investment

(Millions of yen)
■Total stockholders' equity ■Total liabilities ■Interest-bearing debt

(Millions of yen)

(Millions of yen)

	2020	2021	2022	2023	2024
Net sales	¥1,014,741	¥1,052,972	¥1,077,009	¥1,175,562	¥1,244,488
Gross profit	353,618	367,855	343,607	379,046	405,255
Operating income	17,438	18,359	22,032	41,962	51,873
Ordinary income	19,734	21,382	26,127	45,526	56,305
Profit attributable to owners of parent	6,956	10,378	12,368	30,168	36,015
Depreciation and amortization	37,420	38,997	39,436	40,318	41,863
Capital investment	38,056	43,625	41,447	44,644	52,050
Total stockholders' equity	330,486	342,574	363,738	400,137	412,150
Total liabilities	352,060	375,135	350,133	355,902	404,618
Interest-bearing debt	78,092	104,074	92,277	85,916	106,575

■Gross profit margin ■Operating margin
■Ordinary income margin ■Net income margin

(％)
■Return on equity (ROE) ■Return on assets (ROA)

(％)
■Current ratio
■Ratio of total fixed assets to total stockholders' equity

(％)
■Equity ratio ■Debt-to-equity ratio

(％)

(％)

	2020	2021	2022	2023	2024
Gross profit margin	34.85%	34.93%	31.90%	32.24%	32.56%
Operating margin	1.72	1.74	2.05	3.57	4.17
Ordinary income margin	1.94	2.03	2.43	3.87	4.52
Net income margin	0.69	0.99	1.15	2.57	2.89
Return on equity (ROE) (1)	2.12	3.08	3.50	7.90	8.87
Return on assets (ROA) (2)	0.96	1.41	1.63	3.87	4.32
Current ratio	118.11	123.25	122.74	122.07	126.47
Ratio of total fixed assets to total stockholders' equity	138.64	136.43	128.31	121.77	127.07
Equity ratio	46.26	45.23	47.98	49.89	47.64
Debt-to-equity ratio (3)	24.82	32.94	29.15	25.43	31.03

(1) ROE = Net income (Average net assets - Average minority interests) 100
(2) ROA = Net income Average total assets 100
(3) Debt-to-equity ratio = Interest-bearing debt Total stockholders' equity 100

■Net cash provided by operating activities
■Net cash used in investing activities
■Net cash provided by (used in) financing activities

(Millions of yen)
■Interest coverage ratio

(Times)
■Ratio of cost of sales to net sales
■Ratio of selling, general and administrative
expenses to net sales

(％)
■Number of employees
■Oparating income per employee

(No.of employees)

(Ten thouthand of yen)

(Millions of yen, Yen, Times, %, No.of employees)

	2020	2021	2022	2023	2024
Net cash provided by operating	47,157	57,071	52,773	73,689	73,974
Net cash used in investing activities	-38,623	-37,790	-41,984	-45,659	-43,902
Net cash provided by (used in) financing activities	-11,585	2,070	-26,695	-18,834	-15,038
Interest coverage ratio (Times)(*)	72.30	73.69	68.90	141.45	87.52
Ratio of cost of sales to net sales(%)	65.2%	65.1%	68.1%	67.8%	67.4%
Ratio of selling, general and administrative expenses to net sales(%)	33.1%	33.2%	29.9%	28.7%	28.4%
Number of employees	29,243	32,527	32,210	32,725	33,393
Oparating income per employee(Yen)	596,331	564,440	684,041	1,282,263	1,553,435

(*)Interest coverage ratio = Net cash provided by operating activities Interest paid

■Price-earnings ratio

(Times)
■Price-book value ratio

(Times)
■Net income per share

(Yen)
■Net assets per share

(Yen)
■Dividend payout ratio

(％)

(Times, Yen, ％)

	2020	2021	2022	2023	2024
Price-earnings ratio (Times)	53.87	31.44	26.63	22.00	16.48
Price-book value ratio (Times)	1.13	0.95	0.90	1.66	1.42
Net income per share(Yen)	¥32.00	¥48.60	¥59.10	¥146.19	¥178.58
Net assets per share(Yen)	1,520.24	1,609.57	1,743.42	1,942.85	2,072.34
Dividend payout ratio(%)	68.75%	45.27%	37.22%	17.10%	25.20%

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