In Millions JPY

Balance Sheet
2019 2020 2021
Current Assets 1,344,972 1,501,583 2,020,375
Inventory 135,470 88,994 86,817
Fixed or Non-Current Assets 370,167 458,545 463,838
Total Assets 1,715,139 1,960,128 2,484,213
Current Liabilities 245,009 355,683 526,331
Long Term Debt 55,330 63,543 83,266
Total Liabilities 300,339 419,226 609,597
Shareholders Equity 1,414,798 1,540,900 1,874,614
Retained Earnings 1,556,881 1,707,119 1,993,325

Income Statement
In Millions JPY 2019 2020 2021
Sales or Revenues 1,200,560 1,308,519 1,758,910
Cost of Good Sold 696,220 664,358 788,186
Gross Profit (Incl. Depreciation) 494,776 634,604 959,926
General & Administrative (G & A) 420,520 480,307 545,329
Research & Development (R & D) 69,628 84,159 93,253
Depreciation Allowance 9,564 9,557 10,798
Income Tax 77,204 102,589 200,884
EBIT 249,702 352,371 640,635
EBITDA 259,266 361,928 651,433
Net Profit (Income) 194,010 258,642 480,376

Cash Flow Statement

Cash from Operations 170,529 347,753 612,106
Cash from Investing 45,353 -188,433 -136,533
Cash from Financing -109,037 -111,031 -194,938

2019 2020 2021

Market Value & Investment Ratios
Earnings per share 161.55 217.12 403.26

OTHER RELEVANT FINANCIALLY RELATED INFO FROM OTHER EXHIBITS IN CASE

Relevant info these may require different approaches e.g. commo
Relevant info
Relevant info
Relevant info
 2022 2023 CAGR Trend Common Size Balance Sheet
2,126,212 2,314,513 15% 2019 2020 2021
204,183 258,628 18% Current Assets 78% 77% 81%
579,294 586,625 12% Fixed Assets 22% 23% 19%
2,705,506 2,901,138 14% Total Assets 100% 100% 100%
540,726 533,480 21%
95,469 101,190 16% Current Liabilities 14% 18% 21%
636,195 634,670 21% Long term Liabilities 3% 3% 3%
2,069,310 2,266,466 13% Equity 82% 79% 75%
2,198,706 2,392,704 11% L+E 100% 100% 100%

Common Size Income Statement

2022 2023 CAGR Trend 2019 2020 2021
1,695,344 1,601,677 7% 100% 100% 100%
746,575 713,441 1% 58.0% 50.8% 44.8%
938,242 877,196 15% 41.2% 48.5% 54.6%
588,761 635,627 11% 35.0% 36.7% 31.0%
102,199 110,015 12% 5.8% 6.4% 5.3%
10,527 11,040 4% 0.8% 0.7% 0.6%
196,674 167,957 21% 6.4% 7.8% 11.4%
592,762 504,375 19% 20.8% 26.9% 36.4%
603,289 515,415 19% 21.6% 27.7% 37.0%
477,692 432,768 22% 16.2% 19.8% 27.3%

289,661 322,843 17%

93,699 111,507 25%
-337,010 -290,973 28%

2022 2023 Trend

404.67 371.41

approaches e.g. common sizing approach

2022 2023 Trend
79% 80%
21% 20%
100% 100%

20% 18%
4% 3%
76% 78%
100% 100%

2022 2023 Trend

100% 100%
44.0% 44.5%
55.3% 54.8%
34.7% 39.7%
6.0% 6.9%
0.6% 0.7%
11.6% 10.5%
35.0% 31.5%
35.6% 32.2%
28.2% 27.0%
Selected Key Financial Analysis Ratios - not all ratios can be calculated for each case; some rat

Liquidity Ratios
Measure the firm's ability to meet its short-term cash obligations
Current Ratio = Current Assets (Times)
Current Liabilities

Acid or Quick Test = Current Assets - Inventory (Times)

Current Liabilities

Working Capital = Current assets - Current Liabilities ($)

Profitability Ratios
Measure profit performance effectiveness by comparing income to sales, assets and equity.
Gross Profit Margin = Gross Profit (%)
Revenue

Operating Profit Margin = Operating Profit (EBIT) (%)

Revenue

Net Profit = Net Income (%)

Revenue

ROA Return on Total Assets = Net Income (%)

Total Average Assets

ROE Return on Equity = Net Income (%)

Average Owners' Equity

Leverage (Debt Coverage) Ratios

Evaluate the capital structure, financing mix, and ability to service debt.

Debt to Total Assets = Total Debt (Long and Short Term) (%)
Total Assets

Debt to Equity Ratio = Total Debt (Times)

Total SH Equity

Interest Coverage = Operating Income (Times)

Interest Expense

Operating Measures
How well is the firm utilizing its operting expenses?
 R&D Expense = R&D Expense %
Revenue

General & Administrative Expenses G & A Expenses %

Revenue

Marketing Expense = Marketing Expense %

Revenue
ated for each case; some ratios have more impact than others

Efficiency (Asset-management) Ratios

Evaluate how efficiently managers utilize assets of a business.
Average Collection Period = Average Accounts Receivable (Days)
for receivables Average Daily Credit Sales

Average Payment Period for Payables = Average Accounts Payable (Days)

(Days Payable) Average Daily Credit Purchases

Average Inventory Turnover Period = Average Inventory (Days)

(Days Inventory) Average Daily Cost of Sales

Sales Revenue per Employee = Sales Revenue ($)

Number of Employees

Inventory Turnover = Cost of Sales (Times)

Average Inventory

Total Assets Turnover = Revenue (Times)

Total Average Assets

Return on Capital Employed = Net Income (%)

Total Capital

Market-value & Investment Ratios

Attempt to assess how investors and stock markets react to company performance.
Earnings per Share = Income to Common Shareholders ($)
Number of Common Shares Outstanding

Price/Earnings Ratio = Price Per Common Share (Times)

Earnings Per Share

Dividend Payout Ratio = Dividends to Common Shareholders (%)

Net Income Available to Common Shareholders

Dividend Yield = Dividends / Share (%)

Market Value / Share