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)

	2019	2020	2021	2022	2023
Net sales	¥1,061,152	¥1,014,741	¥1,052,972	¥1,077,009	¥1,175,562
Gross profit	374,795	353,618	367,855	343,607	379,046
Operating income	24,824	17,438	18,359	22,032	41,962
Ordinary income	27,621	19,734	21,382	26,127	45,526
Profit attributable to owners of parent	13,858	6,956	10,378	12,368	30,168
Depreciation and amortization	37,188	37,420	38,997	39,436	40,318
Capital investment	41,012	38,056	43,625	41,447	44,644
Total stockholders' equity	327,253	330,486	342,574	363,738	400,137
Total liabilities	369,732	352,060	375,135	350,133	355,902
Interest-bearing debt	82,938	78,092	104,074	92,277	85,916

■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

(％)

(％)

	2019	2020	2021	2022	2023
Gross profit margin	35.32%	34.85%	34.93%	31.90%	32.24%
Operating margin	2.34	1.72	1.74	2.05	3.57
Ordinary income margin	2.60	1.94	2.03	2.43	3.87
Net income margin	1.31	0.69	0.99	1.15	2.57
Return on equity (ROE) (1)	4.33	2.12	3.08	3.50	7.90
Return on assets (ROA) (2)	1.90	0.96	1.41	1.63	3.87
Current ratio	116.85	118.11	123.25	122.74	122.07
Ratio of total fixed assets to total stockholders' equity	142.49	138.64	136.43	128.31	121.77
Equity ratio	44.94	46.26	45.23	47.98	49.89
Debt-to-equity ratio (3)	26.58	24.82	32.94	29.15	25.43

(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)

	2019	2020	2021	2022	2023
Net cash provided by operating	57,880	47,157	57,071	52,773	73,689
Net cash used in investing activities	(42,173)	(38,623)	(37,790)	(41,984)	(45,659)
Net cash provided by (used in) financing activities	(18,466)	(11,585)	2,070	(26,695)	(18,834)
Interest coverage ratio (Times)(*)	80.01	72.30	73.69	68.90	141.45
Ratio of cost of sales to net sales(%)	64.7%	65.2%	65.1%	68.1%	67.8%
Ratio of selling, general and administrative expenses to net sales(%)	33.0%	33.1%	33.2%	29.9%	28.7%
Number of employees	28,724	29,243	32,527	32,210	32,725
Oparating income per employee(Yen)	864,249	596,331	564,440	684,041	1,282,263

(*)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, ％)

	2019	2020	2021	2022	2023
Price-earnings ratio (Times)	30.57	53.87	31.44	26.63	22.00
Price-book value ratio (Times)	1.29	1.13	0.95	0.90	1.66
Net income per share(Yen)	¥63.75	¥32.00	¥48.60	¥59.10	¥146.19
Net assets per share(Yen)	1,505.37	1,520.24	1,609.57	1,743.42	1,942.85
Dividend payout ratio(%)	31.37%	68.75%	45.27%	37.22%	17.10%

Copyright (c) Yamazaki Baking Co., Ltd. All right reserved.