Trends in Business Performance
（¥ Million）
| 2006 | 2007 | 2008 | 2009 | 2010 | |
| Net sales | 70,062 | 72,769 | 66,803 | 57,925 | 56,912 |
| Gross profit （% of Sales） | 37,923(54.1) | 39,337(54.1) | 35,230(52.7) | 30,605(52.8) | 31,064（54.6） |
| SG&A expenses （% of Sales） | 32,686(46.7) | 34,658(47.6) | 33,960(50.8) | 32,057(55.3) | 31,197（54.8） |
|
Transportation （% of Sales）
|
1,664(2.4) | 1,884(2.6) | 1,846(2.8) | 1,616(2.8) | 1,636（2.9） |
|
Advertising （% of Sales）
|
5,529(7.9) | 5,658(7.8) | 5,021(7.5) | 3,890(6.7) | 3,524（6.2） |
|
Personnel （% of Sales）
|
9,944(14.2) | 10,591(14.6) | 10,641(15.9) | 10,514(18.2) | 10,243（18.0） |
|
Rents （% of Sales）
|
11,427(16.3) | 11,931(16.4) | 12,229(18.3) | 11,968(20.7) | 11,743（20.6） |
|
Others （% of Sales）
|
4,120(5.9) | 4,591(6.3) | 4,221(6.3) | 4,068(7.0) | 4,049（7.1） |
| Operating income （% of Sales） | 5,236(7.5) | 4,679(6.4) | 1,269(1.9) | △1,451(△2.5) | △132(△0.2) |
| Ordinary income （% of Sales） | 5,350(7.6) | 4,780(6.6) | 1,456(2.2) | △1,337(△2.3) | 38（0.1） |
| Net income （% of Sales） | 3,397(4.8) | 2,799(3.8) | △530(△0.8) | △1,490(△2.6) | △255(△0.4) |
| Current assets | 28,055 | 29,945 | 28,765 | 25,354 | 23,867 |
| Fixed assets | 24,867 | 23,857 | 17,859 | 18,353 | 18,846 |
| Total assets | 52,923 | 53,803 | 46,625 | 43,707 | 42,714 |
| Current liabilities | 10,902 | 11,209 | 9,218 | 8,286 | 7,982 |
| Long-term liabilities | 2,455 | 1,764 | 811 | 765 | 711 |
| Net assets | 39,564 | 40,830 | 36,595 | 34,655 | 34,019 |
| Equity ratio（%） | 74.8 | 75.9 | 78.5 | 79.3 | 79.6 |
| Return on equity（%） | 8.2 | 7.0 | △1.4 | △4.2 | △0.7 |
| Return on net assets（%） | 6.1 | 5.2 | △1.1 | △3.4 | △0.6 |
| Total number of shares issued and outstanding（1,000 shares） | 21,600 | 21,600 | 19,400 | 19,400 | 19,400 |
| Net income per share（¥） | 171.94 | 144.31 | △27.32 | △76.84 | △13.18 |
| Dividends per share（¥） | 30.00 | 35.00 | 40.00 | 40.00 | 40.00 |
| Number of employees | 1,655 | 1,767 | 1,784 | 1,747 | 1,678 |
| Floor Space（m²） | 193,571 | 206,816 | 206,816 | 197,719 | 177,590 |
| Number of Showrooms | 16 | 19 | 19 | 18 | 17 |
| Capital expenditures | 356 | 586 | 156 | 418 | 354 |
| Depreciation expenses | 280 | 311 | 304 | 275 | 241 |
| Net cash flow (*) | 3,119 | 2,529 | △904 | △2,008 | △790 |
| Imports as a percentage of net sales（%） | 50.9 | 50.8 | 50.9 | 52.5 | 52.3 |
| Sales of Imports | 35,812 | 37,294 | 34,356 | 30,793 | 30,111 |
| · May : Kichijoji Showroom closed, Yokohama Outlet opened · September : Subsidiary "AKITA MOKKO CO.,LTD" established |
· February : Nagoya Sakae Showroom opened, Nagoya Showroom closed · April : Modern Style Shop Yodoyabashi opened · June : Nihombashi Showroom opened · October : Nagoya Hoshizaki Showroom opened |
· May:Kokura Showroom closed · September: Koriyama Showroom closed · October:Sendai Showroom opened |
·March：Poltrona Frau Nihombashi closed ・September：Makuhari Showroom closed ・October：Ginza Showroom opened ・December：Tama Showroom and Umeda Showroom closed |
*Net cash flow = income after tax + depreciation expenses - outflow from liquidity in hand (dividends and directors' bonuses)
*We have adopted consolidated accounting from 2002 to 2003,however as the effect is minimal such data is not included here.
*In 2004,we have became an early adopter of the "Implementation Guidance for Accounting Standard for Impairment of Fixed Assets".
*Following the adoption in 2006 of the Accounting Standard for Presentation of Net Assets in the Balance Sheet (Corporate Accounting Standard No.5, December 9, 2005), shareholder's equity, shareholder's equity ratio, return on equity, and ratio of net income to total assets have changed to net assets, equity ratio, return on equity and return on net assets respectively.
*Breakdown of SG&A : Rents including administrative expenses.
| 2001 | 2002 | 2003 | 2004 | 2005 | |
| Net sales | 71,214 | 68,813 | 73,052 | 68,805 | 69,649 |
| Gross profit （% of Sales） | 38,480(54.0) | 37,572(54.6) | 39,593(54.2) | 37,333(54.3) | 38,591(55.4) |
| SG&A expenses （% of Sales） | 30,961(43.5) | 31,811(46.2) | 33,539(45.9) | 33,306(48.4) | 33,240(47.7) |
|
Transportation （% of Sales）
|
2,769(3.9) | 2,416(3.5) | 2,530(3.5) | 1,616(2.3) | 1,648(2.4) |
|
Advertising （% of Sales）
|
3,694(5.2) | 4,238(6.2) | 5,325(7.3) | 5,215(7.6) | 5,649(8.1) |
|
Personnel （% of Sales）
|
8,211(11.5) | 8,880(12.9) | 9,181(12.6) | 9,232(13.4) | 9,551(13.7) |
|
Rents （% of Sales）
|
11,307(15.9) | 11,616(16.9) | 12,054(16.5) | 12,583(18.3) | 11,997(17.2) |
|
Others （% of Sales）
|
4,977(7.0) | 4,659(6.8) | 4,446(6.1) | 4,658(6.8) | 4,393(6.3) |
| Operating income （% of Sales） | 7,518(10.6) | 5,760(8.4) | 6,054(8.3) | 4,027(5.9) | 5,350(7.7) |
| Ordinary income （% of Sales） | 7,646(10.7) | 5,879(8.5) | 6,253(8.6) | 4,422(6.4) | 5,471(7.9) |
| Net income （% of Sales） | 3,869(5.4) | 3,410(5.0) | 3,626(5.0) | 1,295(1.9) | 3,649(5.2) |
| Current assets | 26,303 | 23,345 | 28,012 | 26,894 | 29,403 |
| Fixed assets | 15,648 | 20,078 | 23,311 | 23,474 | 29,079 |
| Total assets | 41,951 | 43,423 | 51,323 | 50,368 | 58,483 |
| Current liabilities | 10,655 | 10,050 | 11,551 | 9,815 | 11,399 |
| Long-term liabilities | 547 | 547 | 1,400 | 1,131 | 3,960 |
| Net assets | 30,748 | 32,825 | 38,371 | 39,421 | 43,123 |
| Equity ratio（%） | 73.3 | 75.6 | 74.8 | 78.3 | 73.7 |
| Return on equity（%） | 13.4 | 10.7 | 10.2 | 3.3 | 8.8 |
| Return on net assets（%） | 9.5 | 8.0 | 7.7 | 2.5 | 6.7 |
| Total number of shares issued and outstanding（1,000 shares） | 21,600 | 21,600 | 21,600 | 21,600 | 21,600 |
| Net income per share（¥） | 179.15 | 157.90 | 165.14 | 57.39 | 171.29 |
| Dividends per share（¥） | 15.00 | 15.00 | 15.00 | 20.00 | 25.00 |
| Number of employees | 1,592 | 1,729 | 1,630 | 1,638 | 1,611 |
| Floor Space（m²） | 195,759 | 205,387 | 198,389 | 222,723 | 207,060 |
| Number of Showrooms | 14 | 15 | 14 | 16 | 16 |
| Capital expenditures | 396 | 236 | 29 | 319 | 209 |
| Depreciation expenses | 508 | 451 | 390 | 338 | 258 |
| Net cash flow (*) | 3,994 | 3,483 | 3,638 | 1,249 | 3,420 |
| Imports as a percentage of net sales（%） | 45.7 | 50.0 | 52.5 | 51.2 | 52.3 |
| Sales of Imports | 32,533 | 34,442 | 38,429 | 35,414 | 36,499 |
| · January : Umeda Showroom opened · June : Kichijoji Showroom opened · December : Hiratsuka Showroom closed |
· September : Fukuoka Showroom opened | · March : Tsudanuma Showroom closed | · April : Yokohama Minatomirai Showroom opened · October : Koriyama Showroom opened |
·February : Yokohama Showroom and Namba Showroom closed ·December : Tokorozawa Outlet and Modern Style Shop Nihombashi opened |
*Net cash flow = income after tax + depreciation expenses - outflow from liquidity in hand (dividends and directors' bonuses)
*We have adopted consolidated accounting from 2002 to 2003,however as the effect is minimal such data is not included here.
*In 2004,we have became an early adopter of the "Implementation Guidance for Accounting Standard for Impairment of Fixed Assets".
*Breakdown of SG&A : Rents including administrative expenses.
Disclaimer
*Various data doesn't guarantee the certainty completely.
*This site is not, and should not be construed as, an offer or solicitation for purchases of our securities.
*Copy right @ Otsuka Kagu, Ltd.
