Consolidated Eleven-Year Financial Summary

2

Management Discussion and Analysis of

Operating Results and Financial Position

4

Consolidated Balance Sheets

10

Consolidated Statements of Income

12

Consolidated Statements of Comprehensive Income

13

Consolidated Statements of Changes in Net Assets

13

Consolidated Statements of Cash Flows

16

Notes to the Consolidated Financial Statements

17

Independent Auditor's Report

42

TOPPAN Financial Report 2023

1

Consolidated Eleven-Year Financial Summary

Toppan Inc. and Subsidiaries

Years ended March 31

2013

2014

2015

2016

2017

FOR THE YEAR

Net sales

¥ 1,502,308

¥ 1,532,043

¥ 1,526,915

¥ 1,474,682

¥ 1,431,595

Cost of sales

1,253,965

1,280,004

1,272,460

1,209,281

1,162,202

% of net sales

83.5%

83.5%

83.3%

82.0%

81.2%

Selling, general and administrative

216,251

216,317

213,578

216,869

217,792

expenses

% of net sales

14.4%

14.1%

14.0%

14.7%

15.2%

Operating profit

32,092

35,722

40,877

48,532

51,601

% of net sales

2.1%

2.3%

2.7%

3.3%

3.6%

Profit before income taxes

38,849

40,735

46,405

52,968

60,229

Profit (loss) attributable to owners of parent

18,562

20,621

22,868

35,245

32,536

% of net sales

1.2%

1.3%

1.5%

2.4%

2.3%

% of assets

1.2%

1.2%

1.2%

1.8%

1.7%

% of equity

2.5%

2.7%

2.7%

3.8%

3.3%

Per share of common stock (yen and dollars)

Earnings (losses) per share (basic)

¥        28.90

¥        32.12

¥        35.67

¥        55.04

¥        50.75

Earnings (losses) per share (diluted)

-

31.10

31.96

49.34

48.01

Cash dividends per share

18.00

18.00

18.00

18.00

20.00

Research and development expenses

¥      20,689

¥      19,821

¥      19,084

¥      17,975

¥      19,368

Capital expenditures

76,827

72,177

76,138

63,203

64,990

Depreciations

67,965

62,473

61,176

59,692

58,536

AT YEAR-END

Current assets

¥    800,645

¥    836,681

¥    924,728

¥    852,207

¥    884,928

Current liabilities

453,121

420,152

515,536

462,106

431,713

Working capital

347,524

416,529

409,192

390,101

453,215

Cash and cash equivalents

256,058

287,690

335,911

292,676

295,126

Property, plant and equipment, net of

552,511

553,291

566,125

537,977

526,581

depreciation

Long-term indebtedness

224,041

299,588

254,345

208,340

226,130

Total assets

1,633,066

1,712,351

1,994,642

1,876,575

1,997,909

Net assets

888,422

913,108

1,082,844

1,066,852

1,171,959

Equity ratio

46.3%

45.7%

46.8%

49.8%

51.0%

Debt-equity ratio

38.9%

42.1%

38.3%

30.1%

24.7%

OTHER STATISTICS

Number of employees

48,878

48,751

48,999

46,705

50,705

Number of common shares issued

699,412

699,412

699,412

699,412

699,412

(thousands of shares)

Number of consolidated subsidiaries

167

154

151

146

150

* U.S. dollar amounts are translated from yen at the rate of ¥133.53=US$1.00, as of March 31, 2023.

2 TOPPAN Financial Report 2023

Thousands of

Millions of yen

U.S. dollars* except

except per share data

per share data

2018

2019

2020

2021

2022

2023

2023

¥ 1,452,752

¥1,464,756

¥1,486,008

¥1,466,935

¥1,547,533

¥1,638,833

$12,273,144

1,178,447

1,189,828

1,185,871

1,165,533

1,212,769

1,276,671

9,560,930

81.1%

81.2%

79.8%

79.5%

78.4%

77.9%

222,015

229,201

233,723

242,612

261,258

285,525

2,138,283

15.3%

15.6%

15.7%

16.5%

16.9%

17.4%

52,290

45,727

66,414

58,790

73,505

76,636

573,923

3.6%

3.1%

4.5%

4.0%

4.7%

4.7%

65,484

65,187

134,855

130,020

180,943

109,558

820,474

42,268

41,049

87,048

81,998

123,182

60,866

455,822

2.9%

2.8%

5.9%

5.6%

8.0%

3.7%

2.0%

1.9%

4.0%

3.6%

5.3%

2.7%

3.9%

3.6%

7.4%

6.5%

9.2%

4.5%

¥      131.32

¥      127.55

¥      261.06

¥     237.16

¥     365.21

¥     185.07

$           1.38

124.26

120.67

-

-

-

-

-

40.00

40.00

60.00

40.00

44.00

46.00

0.34

¥      19,426

¥      17,838

¥      19,268

¥     22,348

¥     26,081

¥     26,591

$     199,138

72,015

68,581

86,419

60,855

58,202

92,106

689,777

60,219

60,285

55,953

63,002

64,195

70,800

530,217

¥    843,084

¥    863,768

¥    902,759

¥1,066,995

¥1,050,734

¥1,106,082

$  8,283,396

409,021

467,837

489,985

436,492

496,094

467,394

3,500,292

434,063

395,931

412,774

630,503

554,640

638,688

4,783,104

273,334

272,990

296,873

497,238

414,265

447,607

3,352,108

555,649

553,732

600,528

571,779

580,255

597,301

4,473,159

243,451

198,397

183,135

283,582

188,309

184,243

1,379,787

2,147,932

2,194,216

2,143,455

2,363,504

2,288,188

2,238,817

16,766,397

1,303,674

1,328,875

1,310,233

1,453,165

1,437,207

1,452,169

10,875,226

52.9%

53.2%

55.2%

56.0%

59.7%

59.2%

22.6%

23.5%

22.1%

25.2%

19.2%

18.0%

51,210

51,712

52,599

52,401

54,336

53,946

349,706

349,706

349,706

349,706

349,706

349,706

155

162

194

195

207

219

Note 1: The Company implemented a share consolidation, effective October 1, 2018, on the basis of consolidating two shares of common stock into one. As a result, the "Earnings

(losses) per share (basic)" and the "Earnings (losses) per share (diluted)" as well as the "Cash dividends per share" have been recalculated assuming that the consolidation was

carried out at the beginning of the year ended March 31, 2018.

Note 2: The Company has adopted the Partial Amendments to Accounting Standard for Tax Effect Accounting (ASBJ Statement No. 28, February 16, 2018) from the year ended

March 31, 2019. The figures for the year ended March 31, 2018 have been reclassified to conform with the presentation for the year ended March 31, 2019.

Note 3: In the year ended March 31, 2020, the provisional accounting treatment related to business combinations was finalized. Accordingly, the figures for the year ended March 31, 2019

have been adjusted retroactively to reflect the finalization of the provisional accounting treatment.

Note 4: The Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020) and others have been applied from the beginning of the year ended March 31,

2022, and the key consolidated management indices, etc., for the year ended March 31, 2022 onward are those after the application of such accounting standards and others.

TOPPAN Financial Report 2023

3

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Toppan Inc. published this content on 30 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 August 2023 10:23:06 UTC.