Management’s Discussion and Analysis of Fiscal 2021 Business Results862,5002,0001,5001,00050020172018Net Assets per Share and Equity Ratio(¥) Analysis of Financial Position Total assets as of the end of fiscal 2021 amounted to ¥1,832.9 billion, an increase of ¥192.0 billion from December 31, 2020. Current assets were up ¥123.1 billion largely due to an increase in inventories follow-ing production and logistics delays owing to a shortage of parts as well as to an increase in notes and accounts receivable–trade because of higher sales around the world. Fixed assets rose ¥68.9 billion mainly attributable to an increase in long-term sales finance receivables in association with higher retail financing. Total liabilities increased by ¥40.5 billion to ¥932.2 billion, mainly due to a rise in notes and accounts payable–trade. Total net assets were up ¥151.5 billion to ¥900.7 billion, despite having recorded ¥38.4 billion in cash dividends paid, as a result of Cash Flows Operating Cash FlowOverall, net cash provided by operations in fiscal 2021 was ¥141.3 billion, compared with ¥110.5 billion the previous fiscal year. This outcome mainly reflected cash provided from ¥199.7 billion in income before taxes, etc., compared with ¥85.0 billion in the previous fiscal year; ¥51.1 billion in depreciation, compared with ¥48.2 billion; an increase in notes and accounts payable–trade of ¥14.5 billion, com-pared with an increase of ¥11.5 billion; a ¥5.0 billion decrease in sales finance receivables, compared with an increase of ¥68.3 billion; and other factors. These factors outweighed cash outflows including an increase in inventories of ¥76.2 billion, compared with a decrease of ¥32.7 billion in the previous fiscal year, and an increase in notes and accounts receivable–trade of ¥8.6 billion, compared with a decrease of ¥17.3 billion. Net assets per share Equity ratio2,484201920202021501.346.9401.2301.1201.0100.90002017(%)having posted ¥155.6 billion in net income attributable to owners of parent and of a ¥37.7 billion increase stemming from foreign currency conversion adjustments. billion to heighten shareholder returns and capital efficiency. As a result, the shareholders’ equity ratio was 46.9%, compared with 43.6% at the end of the previous fiscal year. The net debt/equity ratio was 0.21 times, compared with 0. 27 times at the end of the previous fiscal year. In addition, the Company acquired treasury shares worth ¥11.0 Investing Cash FlowNet cash used for investing in fiscal 2021 was ¥51.0 billion, compared with ¥44.0 billion the previous fiscal year, primarily reflecting ¥66.8 billion used for the purchase of fixed assets, compared with ¥51.4 billion in the previous fiscal year.Financing Cash FlowNet cash used in financing activities during the fiscal year under review was ¥93.5 billion, compared with ¥83.7 billion the previous fiscal year, mainly as a result of cash dividends paid, repayment of loans payable, and acquisition of treasury shares. As a result of the above activities, free cash flow for fiscal 2021 was a positive ¥90.3 billion, compared with a positive ¥66.5 billion in the previous fiscal year. Cash and cash equivalents totaled ¥274.9 billion, an increase of ¥7.8 billion from the end of the previous fiscal year. Meanwhile, interest-bearing debt on March 31, 2022 was ¥458.5 billion, a decrease of ¥8.4 billion from the end of the previous fiscal year.Total Asset Turnover(Times)201820191.0420202021
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