As of 31 December 2016

  2016.12 2015.12
(New policy*)		 2015.12 2014.12 2013.12 2012.12 Unit
Net sales 170,093 171,916 170,898 153,065 138,136 117,609 Yen (M)
Operating income 18,499 20,142 19,372 17,214 13,733 11,751 Yen (M)
Net income 12,962 13,282 12,882 10,589 8,999 7,396 Yen (M)
Total assets 239,657 232,121 231,032 207,335 189,269 153,836 Yen (M)
Total Net Assets 133,191 127,243 130,050 124,314 114,545 99,536 Yen (M)
Net income per share 307,74 315.23 305.73 250.28 212.76 174.87 Yen
Net Assets per Share 3,148.70 3,011.71 3,078.40 2,928.82 2,699.88 2,346.45 Yen
Cash dividends per share 85.00 70.00 70.00 67.00 60.00 50.00 Yen
Operating income to net sales 10.9 11.7 11.3 11.2 9.9 10.0 %
Net income to net sales 7.6 7.7 7.5 6.9 6.5 6.3 %
Return on shareholder's equity (ROE) 10.0 10.7 10.2 8.9 8.4 7.8 %
Shareholder's equity to total assets 55.4 54.6 56.1 59.8 60.3 64.5 %
Total shareholder return ratio 27.6 - 30.6 26.8 28.2 - %
Dividend payout ratio (consolidated) 27.6 - 22.9 26.8 28.2 - %
Dividend payout ratio (nonconsolidated) - - - - - 37.5 %
R&D expenditure 12,933 12,341 12,341 11,986 10,774 10,092 Yen (M)
Number of employees 7,149 6,831 6,831 5,965 5,787 5,530 Persons

Note:

  • New policy*: The Company and its domestic consolidated subsidiaries had formerly recognized revenue mainly on a shipping basis. However, starting from the fiscal year 2016, the Company and its domestic consolidated subsidiaries have changed to revenue recognition method on a completion date of installation or a delivery date basis under the terms and conditions of contracts.
    Retrospective restatement is not applied for before fiscal 2015, but 2015.12(New policy) are restated numbers for reference.
     

  • Since 2013, we have changed from dividend policy targeting at 30% of nonconsolidated net income to the total shareholder return, combined with the amount of dividend payments and share buybacks, targeting at 30% of consolidated net income. In fiscal 2012, we paid an annual dividend of 50 yen per share, including the commemorative dividend of 10 yen.