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2012 2008
2002 2001
19911989
1970
19731979
1964
2014
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Contents
01 Contents / Corporate Data / Segments
02 Results of Operations (Consolidated)
03 Mainly Financial Indicators (Consolidated)
04 Net Sales by Business Segments (Consolidated)
05 Net Sales by Reportable Segments (Consolidated)
06 Expenses (Consolidated)
07 Financial Position (Consolidated)
08 Per Share Information
09 Consolidated Balance Sheets
10 Consolidated Balance Sheets
11Consolidated Statements of IncomeConsolidated Statements of Comprehensive Income
12 Consolidated Statements of Cash Flows
13 Non-Consolidated Financial Statements
14 Stock information
NAME ROHTO Pharmaceutical Co., Ltd.
Originated February 22, 1899
Established September 15, 1949
Paid-in-capital ¥6,411,476,597
Number of Employees
1,498 (Non-Consolidated), 5,845 (Consolidated)
Business lineProduction, processing and sales of medicines, and other business
Headquarter 1-8-1 Tatsumi-nishi, Ikuno-ku, Osaka 544-8666, Japan
Corporate Data
Segments
（as of March 31, 2014）
Eye care products Eye drops, eyewash preparations, contact lens products, etc.
Skincare productsDermal medicines, lip balm, sunscreens, functional cosmetics, etc.
Internal Medicines Gastrointestinal medicines, cold remedies, supplements, etc.
Others In-vitro test kits, hay fever products, etc.
01
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Results of Operations (Consolidated)
2008/3 2009/3 2010/3 2011/3 2012/3 2013/3 2014/3
Net Sales ( ￥ millions) 108,131 110,611 113,429 115,472 120,292 129,146 143,822
Change (%) 13.1 2.3 2.5 1.8 4.2 7.4 11.4
Gross Profit ( ￥ millions) 64,685 65,201 66,781 67,938 70,495 75,873 86,157
Share of Net Sales (%) 59.8 59.0 58.9 58.8 58.6 58.8 59.9
Selling, General and Administrative Expenses ( ￥ millions) 51,647 53,563 54,236 54,832 56,871 61,493 69,336
Share of Net Sales (%) 47.7 48.4 47.8 47.5 47.3 47.6 48.2
Operating Income ( ￥ millions) 13,037 11,638 12,544 13,105 13,624 14,380 16,821
Share of Net Sales (%) 12.1 10.5 11.1 11.3 11.3 11.1 11.7
Ordinary Income ( ￥ millions) 12,338 11,349 12,770 13,293 13,684 14,730 17,100
Share of Net Sales (%) 11.4 10.3 11.3 11.5 11.4 11.4 11.9
Net Income ( ￥ millions) 7,525 6,139 7,768 7,966 8,184 8,087 8,947
Share of Net Sales (%) 7.0 5.6 6.8 6.9 6.8 6.3 6.2
0
4,000
8,000
12,000
16,000
20,000
Net Sales Operating Income
Ordinary Income
Net Income
0
30,000
60,000
150,000
120,000
90,000
2008/3 2009/3 2011/3 2012/3
129,146
2013/3 2014/32010/3
( ￥ millions) ( ￥ millions)
6,139
12,338
7,768
13,624
2013/32008/3 2009/3 2011/32010/3 2012/3
8,087
13,105 13,293
2014/3
16,821 17,100
8,9477,966
13,684108,13113,037 12,544 12,770
8,184
115,472 120,292113,429
11,34911,638
14,380 14,730
7,525
143,822
110,611
02
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Mainly Financial Indicators (Consolidated)
2008/3 2009/3 2010/3 2011/3 2012/3 2013/3 2014/3
Profitability indicators
ROA:Return on Assets (%) 10.1 9.8 11.0 10.8 10.4 10.3 10.9
ROE:Return on Equity (%) 10.8 9.0 11.1 10.6 10.2 9.2 9.4
Efficiency indicators
Total Asset Turnover (Times) 0.88 0.95 0.97 0.93 0.92 0.90 0.92
Trade Receivable Turnover (Times) 4.01 3.98 4.05 3.98 3.90 4.05 4.44
Inventory Turnover (Times) 8.86 8.25 7.66 7.30 7.01 6.89 7.04
Stability indicators
Current Ratio (%) 142.2 146.6 162.6 156.0 158.6 156.3 146.5
Owners' Equity Ratio (%) 57.7 59.3 60.5 60.9 60.9 61.7 60.2
Interest Coverage Ratio (Times) 29.4 27.0 51.4 50.0 74.1 118.7 124.1
Debt-to-Equity Ratio (Times) 0.19 0.13 0.11 0.08 0.10 0.08 0.06
（Notes）Return on Assets=Ordinary Income/Total Assets (Yearly Average)×100（%）Return on Equity=(Net Income/Average Total Owners' Equity)×100（%）Total Asset Turnover=Net Sales/Average Total Assets (Times)Trade Receivable Turnover=Net Sales/Average Trade Receivable (Times)Inventory Turnover=Net Sales/Average Inventories (Times)Current Ratio=(Current Assets/Current Liabilities)×100（%）Owners' Equity Ratio=(Owners' Equity/Total Assets)×100 (%)Interest Coverage Ratio=Operating Cash Flow (before interests and taxes paid)/Interest Expenses (Times)Debt-to-Equity Ratio=(Short-Term Debt+Long-Term Debt)/Net Assets (Shareholders' Equity, until 2005/3)
Return on Assets
(%)
0
2
4
6
8
10
12
14
10.1 9.811.0
10.4 10.310.910.8
2008/3 2009/3 2010/3 2011/3 2012/3 2013/3
Return on Equity
(%)
0
2
4
6
8
10
12
14
2008/3 2009/3 2010/3 2011/3 2012/3 2013/32014/3 2014/3
10.810.210.6
11.1
9.49.0 9.2
03
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Net Sales by Business Segments (Consolidated)
2008/3 2009/3 2010/3 2011/3 2012/3 2013/3 2014/3
Net Sales in Eye Care Products Business ( ￥ millions) 27,568 25,630 25,840 26,404 25,308 27,251 27,845
Net Sales in Skincare Products Business ( ￥ millions) 58,124 63,113 66,206 68,265 73,777 81,168 94,734
Net Sales in Internal Medicines Business ( ￥ millions) 15,442 16,429 16,106 15,988 16,512 16,350 17,468
Net Sales in Others Business ( ￥ millions) 6,996 5,437 5,276 4,814 4,694 4,376 3,773
Total ( ￥ millions) 108,131 110,611 113,429 115,472 120,292 129,146 143,822
Net Sales in Eye Care Products Business
Net Sales in Eye Care Products Business
Net Sales in Skincare Products Business
Net Sales in Internal Medicines Business
Net Sales in Others Business
Eye Care ProductsBusiness
19.4%
Skincare ProductsBusiness
65.9 %
OthersBusiness 2.6 %Internal
MedicinesBusiness
12.1 %
Composition of Net Salesby Business Segments
( ￥ millions)
2014／3
0
10,000
20,000
30,000
2008/3 2009/3
25,84025,630
2011/3
26,404 25,308
2012/3
27,568
2010/3
Net Sales in Skincare Products Business
( ￥ millions)
02008/3 2009/3
66,206
2011/3
68,265
2012/32010/3
20,000
40,000
60,000
100,000
80,000
Net Sales in Internal Medicines Business
( ￥ millions)
0
5,000
10,000
15,000
20,000
2008/3 2009/3
16,10616,429
2011/3
15,988 16,512
2012/3
15,442
2010/3
Net Sales in Others Business
( ￥ millions)
0
7,500
5,000
2,500
10,000
2008/3 2009/3
5,276
2011/3 2012/3
27,251 27,845
2013/3
2013/3
16,35017,468
2013/3
2013/3
2014/3
2014/3
2014/3
2014/32010/3
5,437
4,3763,773
63,113
81,168
58,124
73,777
94,734
6,996
4,6944,814
04
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Net Sales by Reportable Segments (Consolidated)
2008/3 2009/3 2010/3 2011/3 2012/3 2013/3 2014/3
Net Sales in Japan ( ￥ millions) 74,429 78,936 80,586 83,994 85,387 89,641 91,772
Net Sales in America ( ￥ millions) 9,385 8,055 7,816 6,077 5,574 5,619 6,288
Net Sales in Europe ( ￥ millions) 5,565 4,536 4,662 4,015 3,914 3,962 4,801
Net Sales in Asia ( ￥ millions) 17,381 17,934 19,078 20,121 24,014 28,179 39,109
Net Sales in RoW ( ￥ millions) 1,369 1,148 1,285 1,262 1,402 1,742 1,850
Total ( ￥ millions) 108,131 110,611 113,429 115,472 120,292 129,146 143,822
0
60,000
80,000
40,000
20,000
100,000
2008/3 2009/3
80,586
2011/3
83,994
2012/32010/3
02008/3 2009/3 2011/3
6,077
2012/32010/3
0
2,500
5,000
7,500
10,000
2008/3 2009/3 2011/3
3,914
2012/3
5,565
2010/3
0
30,000
20,000
10,000
40,000
2008/3 2009/3 2011/3
24,014
2012/3
2013/3
2013/3
3,962
2013/3
2013/3
2014/3
2014/3
2014/3
2014/320１０/3
2,000
4,000
6,000
8,000
10,000
12,000
Net Sales in Japan
Net Sales in America
Net Sales in Europe
Net Sales in Asia
Net Sales in RoW
Composition of Net Salesby Reportable Segments
Net Sales in Japan
( ￥ millions)
Net Sales in America
( ￥ millions)
Net Sales in Europe
( ￥ millions)
Net Sales in Asia
( ￥ millions)
Net Sales in Japan
63.8%
Net Sales in Asia
27.2%
Net Sales in Europe
3.3%
Net Sales in America
4.4%
Net Sales in RoW
1.3%
2013／3
74,42978,936
4,6624,015
20,1215,619
6,288
8,055
9,385
89,641 91,772
39,109
85,387
4,536
7,816
5,574 17,93417,38119,078
28,179
4,801
05
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Expenses (Consolidated)
2008/3 2009/3 2010/3 2011/3 2012/3 2013/3 2014/3
R&D Expenses ( ￥ millions) 3,797 3,735 3,733 3,697 3,717 4,062 4,547
Advertising Expenses ( ￥ millions) 17,490 16,320 15,461 17,331 18,228 19,437 22,986
Promotion Expenses ( ￥ millions) 11,761 13,066 14,878 13,837 14,680 15,794 17,261
Employees (People) 3,964 4,617 4,878 5,201 5,347 5,518 5,845
Depreciation and Amortization ( ￥ millions) ※ 4,169 4,232 4,412 4,117 4,744 5,256 5,735
Interest and Dividend Income ( ￥ millions) 454 421 350 463 474 484 566
Interest Expenses ( ￥ millions) 587 473 359 353 223 180 165
Capital Expenditures ( ￥ millions) ※ 4,112 6,507 4,526 8,671 8,412 6,007 7,870
※ From the fiscal year ending March 31, 2009, Capital Expenditures is sum of Property, Plant and Equipment and Intangible assets.Depreciation and Amortization is calculated in the same manner.
R&D Expenses Depreciation and Amortization
Capital Expenditures
Advertising Expenses
Promotion Expenses
0
5,000
15,000
20,000
25,000
10,000
0
2,000
4,000
6,000
8,000
10,000
12,000
0
1,000
2,000
3,000
4,000
5,000
2008/3 2009/3
3,733
2011/3
3,697
2012/32010/3 2008/3 2009/3
14,87815,461
13,066
16,320
2011/3
17,331
2012/3
11,761
17,490
2010/3 2008/3 2009/3
( ￥ millions) ( ￥ millions) ( ￥ millions)
2011/3
4,4124,526
2012/3
4,117
8,6713,717 18,228
4,744
8,412
2013/3 2013/3 2013/3
4,062
4,547
15,79417,261
5,2566,007 5,735
7,870
2014/3 2014/3 2014/3
4,232
6,507
2010/3
4,112
3,735
4,169
3,797
22,986
13,837
19,437
14,680
06
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Financial Position (Consolidated)
2008/3 2009/3 2010/3 2011/3 2012/3 2013/3 2014/3
Total Assets ( ￥ millions) 120,183 112,086 120,770 126,472 136,008 150,643 162,249
Net Assets ( ￥ millions) 69,417 67,117 73,672 77,911 83,627 93,771 98,627
Interest Bearing Debt ( ￥ millions) 13,392 8,931 8,148 5,915 8,438 7,190 9,882
Interest Bearing Debt to Total Liabilities and Net Assets (%) 8.9 8.0 6.7 4.7 6.2 4.8 6.1
Net Cash Provided by Operating Activities ( ￥ millions) 12,610 7,364 15,094 12,924 10,391 16,702 18,661
Net Cash Used in Investing Activities ( ￥ millions) △ 3,981 △ 8,996 △ 5,716 △ 8,587 △ 9,605 △ 10,595 △ 12,620
Net Cash Used in Financing Activities ( ￥ millions) △ 5,660 △ 1,373 △ 1,940 △ 3,301 800 △ 3,408 △ 5,211
Cash and Cash Equivalents at End of Year ( ￥ millions) 9,709 6,051 13,272 14,005 15,381 19,867 23,026
(Notes)Interest Bearing Debt to Total Liabilities and Net Assets=(Short-Term Debt+Long-Term Debt)/Total Assets×100（%）
Interest Bearing Debt
Interest Bearing Debt to Total Liabilities and Net Assets
Total Assets
Net Assets
Net Cash Provided by Operating Activities
Net Cash Used in Investing Activities
( ￥ millions) (%)
0
3,000
6,000
9,000
12,000
15,000( ￥ millions)
0
6
12
18
24
30
2008/3 2009/3 2008/3 2009/32008/3 2009/3 2011/3 2012/3
5,915
8,931
2010/3
13,392
0
30,000
60,000
90,000
120,000
180,000
150,000
2011/3
120,770
73,672
2012/3
126,472
77,911
136,008
83,627
112,086
67,117
2010/3
120,183
69,417
-12,000
-15,000
-10,000
-5,000
0
5,000
10,000
15,000
25,000
20,000
2011/3
15,094
-5,716
2012/3
-8,587
10,391
-9,605
2013/3
7,190
2013/3
150,643
93,771
162,249
98,627
2013/32014/32014/3 2014/3
16,702
-10,595
7,364
2010/3
12,610
( ￥ millions)
8.9 8.06.7
4.76.2
4.8
9,882
6.1
12,924
18,661
-3,981
-8,996
-12,620
8,148 8,438
07
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Per Share Information
(Notes)Net Income per Share=Net Income/Average Total Number of Shares lssued and Outstanding (¥)Price-Earnings Ratio=Stock Price at Year-End/Net Income per Share (Times)Net Assets per Share=Net Assets/Total Number of Shares lssued and Outstanding (¥)Price-Book Value Ratio=Stock Price at Year-End/Net Assets per Share (Times)Dividends per Share=Total Cash Dividends/Average Total Number of Shares lssued and Outstanding (¥)Dividend Payout Ratio=(Total Cash Dividends per Share/Net Income per Share)×100 (%)
2008/3 2009/3 2010/3 2011/3 2012/3 2013/3 2014/3
Net Income per Share ( ￥ ) 65.10 52.42 66.06 67.75 69.60 68.78 77.15
Price-Earnings Ratio (Times) 19.2 17.0 15.5 13.2 14.8 18.7 23.6
Net Assets per Share ( ￥ ) 598.87 565.23 621.03 655.53 703.93 789.83 861.49
Price-Book Value Ratio (Times) 2.1 1.6 1.7 1.4 1.5 1.6 2.1
Dividends per Share ( ￥ ) 12.0 13.0 14.0 15.0 16.0 17.0 18.0
Dividend Payout Ratio (%) 25.3 24.8 21.2 22.1 23.0 24.7 23.3
Number of Shares Issued and Outstanding (Thousands) 115,835 117,610 117,907 117,907 117,919 117,924 117,929
Stock Price at Year-End ( ￥ ) 1,249 892 1,027 891 1,033 1,288 1,822
0
20
40
60
80
100
2008/3 2009/3 2011/32010/30
200
400
600
800
1,000
0.0
1.0
2.0
3.0
4.0
5.0
2008/3 2009/3 2011/32010/3
598.87
0
3
6
9
12
15
18
0
10
20
30
40
50
60
2008/3 2009/3 2011/3
13.0
2010/32012/3 2012/3
655.53
2012/3
703.93
789.83
16.0
2013/3 2013/3 2013/32014/3 2014/3 2014/3
66.06
52.42
67.75 69.60 68.78
Net Income per Share Net Assets per Share
Price-Book Value Ratio
Dividends per Share
Dividend Payout Ratio
(yen) (Times) (%)(yen) (yen)
2.1
1.6 1.71.4 1.5 1.6
861.49
2.1 25.3 24.821.2 22.1 23.0 24.7
18.0
23.3
65.10621.03
12.0
15.0
17.0
14.0
565.23
77.15
08
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Consolidated Balance Sheets
（millions of yen）
2008/3 2009/3 2010/3 2011/3 2012/3 2013/3 2014/3
ASSETS
Current assets 53,414 52,364 60,483 65,102 71,280 77,467 82,981
Cash and cash equivalents 9,809 6,151 13,373 14,106 15,381 19,868 23,028
Notes and accounts receivable-trade 27,707 27,891 28,111 29,859 31,898 31,896 28,361
Electronically recorded monetary claims-operating − − − − − − 4,566
Marketable securities 21 − − 5 − − − Inventories 12,475 − − − − − − Merchandise and finished goods − 8,704 9,374 10,133 10,913 11,397 12,578
Work in process − 1,096 936 926 1,161 1,480 1,636
Raw materials and supplies − 4,545 4,974 5,277 5,931 6,579 7,167
Deferred tax assets 2,776 2,990 2,913 3,383 3,539 4,069 3,603
Other 881 1,187 921 1,548 2,549 2,231 2,156
Allowance for doubtful accounts △ 257 △ 202 △ 122 △ 137 △ 94 △ 56 △ 117
Fixed Assets 66,769 59,721 60,286 61,370 64,727 73,175 79,268
Property, plant and equipment 33,908 35,649 35,269 39,427 42,628 44,758 48,563
Buildings and structures 16,124 16,276 16,275 17,029 19,022 19,965 20,730
Machinery, equipment and vehicles 6,187 7,005 5,887 6,795 9,342 10,389 10,752
Equipment 1,599 1,435 1,393 1,370 1,187 1,587 2,351
Land 9,323 9,285 9,318 9,770 10,217 10,613 12,340
Construction in progress 673 1,624 2,365 4,406 2,782 2,097 2,250
Other − 20 28 54 75 103 136
Intangible fixed assets 13,286 3,726 2,802 2,492 2,273 2,008 2,828
Goodwill 9,655 2,423 1,353 1,150 958 766 575
Right of trademark 2,287 341 101 69 60 61 − Other intangible fixed assets 1,344 960 1,348 1,273 1,254 1,180 2,253
Investments and other assets 19,574 20,345 22,214 19,449 19,826 26,408 27,876
Investment securities 18,347 16,691 18,448 15,345 14,945 18,537 22,724
Deferred tax assets 9 2,247 2,373 2,350 2,452 2,697 2,059
Other 1,239 1,488 1,476 1,826 2,556 5,844 4,000
Allowance for doubtful accounts △ 22 △ 81 △ 83 △ 72 △ 128 △ 670 △ 908
Total assets 120,183 112,086 120,770 126,472 136,008 150,643 162,24909
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Consolidated Balance Sheets
（millions of yen）2008/3 2009/3 2010/3 2011/3 2012/3 2013/3 2014/3
LIABILITIES Current Liabilities 37,575 35,721 37,187 41,743 44,935 49,554 56,643 Notes and accounts payable-trade 8,015 8,383 8,685 9,121 10,525 10,151 11,753 Short-term loans payable 2,922 4,252 3,527 3,199 5,103 5,611 8,216 Accrued expenses 12,526 11,416 12,571 14,886 16,029 19,133 22,699 Accrued income taxes 2,887 1,637 2,601 3,587 2,755 2,914 2,709 Accrued consumption tax 236 199 292 322 294 527 203 Deposits received 4,016 2,890 3,130 3,217 2,798 2,648 − Reserve for bonuses 1,576 1,651 1,732 1,885 1,861 1,979 1,990 Reserve for directors’ bonuses 42 30 30 24 30 30 30 Reserve for returned goods unsold 611 622 620 831 700 1,180 920 Reserve for rebates of sales 1,743 1,964 1,788 2,437 2,651 2,760 2,250 Other 2,996 2,673 2,207 2,231 2,185 2,617 5,869 Non-current Liabilities 13,190 9,247 9,910 6,817 7,445 7,316 6,979 Convertible bond / Long-term loans payable 6,603 4,679 4,621 2,716 3,335 1,578 1,666 Deferred tax liabilities 4,342 2,735 3,309 2,317 1,917 3,264 2,138 Reserve for retirement benefits / Net defined benefit liability 1,355 1,528 1,703 1,411 1,843 2,013 2,702 Reserve for directors’ retirement benefits 777 92 96 101 69 80 62 Other 111 212 179 270 279 379 409 Total Liabilities 50,765 44,969 47,097 48,561 52,380 56,871 63,622NET ASSETS Owners’ Equity 66,283 66,377 72,478 79,159 85,475 91,341 92,869 Capital stock 5,860 6,398 6,398 6,398 6,405 6,408 6,411 Capital surplus 4,980 5,517 5,517 5,517 5,524 5,527 5,738 Retained earnings 55,645 54,695 60,822 67,511 73,814 79,677 86,505 Treasury stock △ 203 △ 234 △ 261 △ 268 △ 270 △ 273 △ 5,785 Accumulated other comprehensive income 3,086 99 545 △ 2,083 △ 2,701 1,535 4,809
Valuation difference on available-for-sale securities 4,891 3,915 4,698 3,179 3,013 4,471 5,033 Deferred gains or losses on hedges △ 13 △ 12 − − − − − Foreign currency translation adjustment △ 1,791 △ 3,803 △ 4,153 △ 4,953 △ 5,133 △ 2,239 1,047
Pension liability adjustment of foreign subsidiaries − − − △ 309 △ 581 △ 695 −Remeasurements of defined benefit plans − − − − − − △ 1,270
Subscription rights to shares − 593 593 593 579 573 568 Minority interests 47 46 55 241 273 320 379 Total Net Assets 69,417 67,117 73,672 77,911 83,627 93,771 98,627 Total Liabilities and Net Assets 120,183 112,086 120,770 126,472 136,008 150,643 162,249
（Note 1） Beginning the year ended March 31, 2007, the Company has adopted the new accounting standard “Accounting Standard for Presentation of Net Assets in the Balance Sheet” and figures for the previous years are reclassified for presentation.
（Note 2） “Valuation and translation adjustments” is referred to as “Accumulated other comprehensive income” since the year ended March 31, 2011.10
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Consolidated Statements of Income
2008/3 2009/3 2010/3 2011/3 2012/3 2013/3 2014/3
Net sales 108,131 110,611 113,429 115,472 120,292 129,146 143,822Cost of sales 43,447 45,409 46,648 47,534 49,796 53,272 57,664Selling, general and administrative expenses 51,647 53,563 54,236 54,832 56,871 61,493 69,336Operating income 13,037 11,638 12,544 13,105 13,624 14,380 16,821Non-operating income 786 623 786 721 638 814 946Non-operating expenses 1,486 911 561 534 578 464 667Ordinary income 12,338 11,349 12,770 13,293 13,684 14,730 17,100Extraordinary income 1,284 53 59 702 484 319 1,482Extraordinary loss 1,253 2,158 416 566 80 1,420 3,983Income before income taxes 12,368 9,244 12,412 13,430 14,088 13,630 14,599Income taxes 4,847 3,098 4,639 5,493 5,944 5,528 5,651Net income 7,525 6,139 7,768 7,966 8,184 8,087 8,947
（millions of yen）
Consolidated Statements of Comprehensive Income
（millions of yen）
2008/3 2009/3 2010/3 2011/3 2012/3 2013/3 2014/3Income before minority interests − − − 7,936 8,144 8,101 8,948Other comprehensive income
Valuation difference on available-for-sale securities − − − △ 1,519 △ 167 1,453 562Foreign currency translation adjustment − − − △ 788 △ 209 2,975 3,345Changes in pension liability adjustment of foreign subsidiaries − − − 58 △ 272 △ 113 177
Share of other comprehensive income of associates accounted for using equity method − − − 0 2 3 △ 0
Total other comprehensive income − − − △ 2,248 △ 646 4,318 4,084Comprehensive income − − − 5,688 7,497 12,420 13,032Comprehensive income attributable to
Comprehensive income attributable to owners of the parent − − − 5,705 7,566 12,374 12,973Comprehensive income attributable to minority interests − − − △ 17 △ 68 45 59
11
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Consolidated Statements of Cash Flows
2008/3 2009/3 2010/3 2011/3 2012/3 2013/3 2014/3Net cash provided by operating activities
Income before income taxes 12,368 9,244 12,412 13,430 14,088 13,630 14,599Depreciation and amortization 4,169 4,303 4,542 4,257 4,890 5,256 5,735Impairment loss 308 218 − − − − 1,615Amortization of goodwill − 1,385 1,028 204 246 192 191Increase (decrease) in allowance for doubtful accounts 37 △ 53 △ 56 9 △ 20 △ 27 20Increase (decrease) in reserve for bonuses 133 75 81 155 △ 21 115 4Increase (decrease) in reserve for directors’ bonuses △ 7 △ 12 − △ 5 5 − −Increase (decrease) in reserve for retirement benefits / Net defined benefit liability △ 818 249 163 △ 243 436 30 △ 121Increase (decrease) in reserve for returned goods unsold △ 75 10 △ 1 210 △ 131 480 △ 260Increase (decrease) in reserve for rebates of sales 71 221 △ 176 649 214 109 △ 510Interest and dividends income △ 454 △ 421 △ 350 △ 463 △ 474 △ 484 △ 567Interest expenses 587 473 359 353 223 180 165Equity in (earnings) losses of affiliates △ 22 △ 32 △ 7 △ 115 56 15 △ 167Decrease (increase) in notes and accounts receivable-trade △ 2,180 △ 1,408 △ 531 △ 1,854 △ 1,968 1,432 △ 365Decrease (increase) in inventories △ 955 △ 2,994 △ 1,183 △ 1,481 △ 1,799 △ 656 △ 1,090Increase (decrease) in notes and accounts payable-trade 1,687 1,147 157 442 1,378 △ 884 1,087Other 1,994 161 2,054 2,146 △ 627 2,358 3,862
Subtotal 16,844 12,568 18,494 17,697 16,494 21,748 24,201Interest and dividends income received 428 399 334 424 438 447 532Interest expenses paid △ 586 △ 480 △ 366 △ 362 △ 228 △ 187 △ 195Income tax paid △ 4,076 △ 5,123 △ 3,367 △ 4,835 △ 6,314 △ 5,306 △ 5,877Net cash provided by operating activities 12,610 7,364 15,094 12,924 10,391 16,702 18,661
Net cash used in investment activitiesPurchase of property, plant and equipment △ 3,539 △ 5,996 △ 4,120 △ 8,462 △ 8,276 △ 5,130 △ 6,278Purchase of intangible fixed assets △ 204 △ 376 △ 695 △ 322 △ 406 △ 273 △ 431Purchase of investment securities △ 1,238 △ 2,408 △ 866 △ 292 △ 1,049 △ 2,449 △ 5,205Proceeds from sales of investment securities 1,457 19 0 1,162 833 − 2,152Net decrease (increase) in short-term loans receivable − − − △ 449 △ 390 △ 259 200Other △ 457 △ 234 △ 33 △ 222 △ 316 2,481 △ 3,056Net cash used in investment activities △ 3,981 △ 8,996 △ 5,716 △ 8,587 △ 9,605 △ 10,595 △ 12,620
Net cash used in financing activitiesIncrease (decrease) in short-term loans payable △ 4,257 208 144 188 376 804 3,283Proceeds from long-term loans payable 1,556 611 1,512 249 3,354 − 993Repayment of long-term loans payable △ 1,559 △ 753 △ 1,913 △ 2,269 △ 1,122 △ 2,292 △ 2,031Cash dividends paid △ 1,386 △ 1,400 △ 1,646 △ 1,646 △ 1,881 △ 1,881 △ 2,116Other △ 16 △ 39 △ 38 176 74 △ 38 △ 5,340Net cash used in financing activities △ 5,660 △ 1,373 △ 1,940 △ 3,301 800 △ 3,408 △ 5,211
Effect of exchange rate change on cash and cash equivalents △ 368 △ 651 △ 216 △ 303 △ 210 1,742 1,849Increase (decrease) in cash and cash equivalents 2,600 △ 3,657 7,221 732 1,375 4,441 2,678Cash and cash equivalents at beginning of year 7,108 9,709 6,051 13,272 14,005 15,381 19,867Increase in cash and cash equivalents from newly consolidated subsidiary − − − − − 45 480Cash and cash equivalents at end of year 9,709 6,051 13,272 14,005 15,381 19,867 23,026
（millions of yen）
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Non-Consolidated Financial Statements（millions of yen）
2008/3 2009/3 2010/3 2011/3 2012/3 2013/3 2014/3Non-Consolidated Balance SheetsASSETS Current Assets 30,654 31,453 38,096 38,714 40,675 40,268 35,942
Fixed Assets 60,931 60,703 61,690 66,200 66,857 74,962 79,742
Total Assets 91,586 92,157 99,786 104,915 107,533 115,230 115,684
LIABILITIES Current Liabilities 24,659 22,628 24,088 26,728 26,234 27,675 30,742
Non-current Liabilities 4,332 2,281 3,081 1,910 1,479 2,310 2,203
Total Liabilities 28,991 24,910 27,170 28,639 27,714 29,986 32,946
NET ASSETS Owners’ Equity 57,685 62,708 67,282 72,494 76,216 80,321 5,738
Capital stock 5,860 6,398 6,398 6,398 6,405 6,408 6,411
Capital surplus 4,980 5,517 5,517 5,517 5,524 5,527 5,738
Retained earnings 47,047 51,026 55,626 60,846 64,556 68,657 70,773
Treasury stock △ 203 △ 234 △ 261 △ 268 △ 270 △ 273 △ 5,785
Valuation and translation adjustments 4,909 3,944 4,740 3,188 3,022 4,349 5,031
Valuation difference on available-for-sale securities 4,909 3,944 4,740 3,188 3,022 4,349 5,031
Subscription rights to shares − 593 593 593 579 573 568
Total Net Assets 62,594 67,246 72,616 76,275 79,818 85,244 82,738
Total Liabilities and Net Assets 91,586 92,157 99,786 104,915 107,533 115,230 115,684
Non-Consolidated Statements of Income Net sales 67,426 70,946 72,921 77,215 77,509 82,754 84,434
Eye care products 23,255 23,392 22,781 23,089 22,116 23,583 23,254
Skincare products 31,050 35,111 38,015 42,279 44,359 47,161 49,562
Internal Medicines 8,459 8,637 8,668 8,417 8,029 8,470 8,992
Others 4,661 3,804 3,455 3,429 3,003 3,538 2,624
Cost of sales 26,490 28,198 29,093 30,166 30,023 31,608 31,940
Selling, general and administrative expenses 31,591 32,737 33,700 36,281 36,520 39,532 41,102
Operating income 9,344 10,010 10,126 10,767 10,965 11,613 11,651
Net non-operating income (expense) △ 244 382 375 508 564 518 626
Ordinary income 9,100 10,392 10,502 11,275 11,530 12,132 12,277
Net extraordinary income (loss) 340 △ 1,939 △ 416 △ 1 △ 1,303 1,857 △ 4,499
Income before income taxes 9,439 8,452 10,086 11,273 10,226 10,275 7,778
Income taxes 3,948 3,072 3,838 4,408 4,634 4,292 3,545
Net income 5,490 5,379 6,247 6,865 5,591 5,983 4,232
（Note） Beginning the year ended March 31, 2007, the Company has adopted the new accounting standard “Accounting Standard for Presentation of Net Assets in the Balance Sheet” and figures for the previous years are reclassified for presentation.13
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Composition of Shareholders by Category
Foreign investors31,300 thousand shares26.54%
Japanese individuals and others29,281 thousand shares24.83%
Distribution of Shares by Number of Shares Held
Treasury stock4,018 thousand shares3.41%
Japanese �nancial institutions41,384 thousand shares35.09%
Japanese companies and corporations11,474 thousand shares9.73%
Japanese Financial Instruments Business Operators470 thousand shares0.40%
Distribution of Shares by Shareholder Type
Treasury stock10.01%
Foreign investors2753.10%
Japanese individuals and others8,39594.63%
Japanese �nancial institutions500.56%
Japanese Financial Instruments Business Operators250.28%
Japanese companies and corporations1251.41%
Stock Price Trend and Trading Volume
Stock Price TrendStock price(Yen)
(Thousand shares)
Trading Volume
0800
1,400
2,000
1,000
1,200
1,600
1,800
2013 201420124 5 6 7 8 9 10 11 12 1 2 310 11 12 1 2 3
0
2,000
4,000
6,000
12,000
10,000
8,000
2012 2013 20144 5 6 7 8 910 11 12 1 2 3 10 11 12 1 2 3
Stock Information
（as of March 31, 2014）
Shares
Total number of shares authorized to be issued 399,396,000
Number of shares outstanding (except treasury stock) 117,929,250
Number of shareholders (Year-over-year) 8,871（＋520）
Major Shareholders Shareholder Shareholdings(thousand shares) / Voting stake(%)
The Master Trust Bank of Japan, Ltd. (Trust account) 10,598 8.98
Japan Trustee Services Bank, Ltd. (Trust account) 6,645 5.63
The Bank of Tokyo-Mitsubishi UFJ, Ltd. 3,800 3.22
Kiyoko Yamada 2,968 2.50
Shigeko Yamada 2,900 2.45
Yamashou Kousan Co., Ltd. 2,608 2.21
Nippon Life Insurance Company 2,383 2.02
Yamada Kousan, Ltd. 2,074 1.75
Kunio Yamada 1,954 1.65
Employee Stock Ownership 1,857 1.57
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2012 2008
2002 2001
19911989
1970
19731979
1964
2014
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