YAMAZAKI BAKING Co., Ltd

■Net sales ■Gross profit

(Millions of yen)
■Operating income ■Ordinary income
■Profit attributable to owners of parent

(Millions of yen)
■Depreciation and amortization ■Capital investment

(Millions of yen)
■Total stockholders' equity ■Total liabilities ■Interest-bearing debt

(Millions of yen)

(Millions of yen)

	2021	2022	2023	2024	2025
Net sales	¥1,052,972	¥1,077,009	¥1,175,562	¥1,244,488	¥1,311,430
Gross profit	367,855	343,607	379,046	405,255	428,404
Operating income	18,359	22,032	41,962	51,873	61,141
Ordinary income	21,382	26,127	45,526	56,305	64,314
Profit attributable to owners of parent	10,378	12,368	30,168	36,015	40,893
Depreciation and amortization	38,997	39,436	40,318	41,863	43,644
Capital investment	43,625	41,447	44,644	52,050	59,942
Total stockholders' equity	342,574	363,738	400,137	412,150	459,881
Total liabilities	375,135	350,133	355,902	404,618	421,050
Interest-bearing debt	104,074	92,277	85,916	106,575	108,975

■Gross profit margin ■Operating margin
■Ordinary income margin ■Net income margin

(％)
■Return on equity (ROE) ■Return on assets (ROA)

(％)
■Current ratio
■Ratio of total fixed assets to total stockholders' equity

(％)
■Equity ratio ■Debt-to-equity ratio

(％)

(％)

	2021	2022	2023	2024	2025
Gross profit margin	34.93%	31.90%	32.24%	32.56%	32.67%
Operating margin	1.74	2.05	3.57	4.17	4.66
Ordinary income margin	2.03	2.43	3.87	4.52	4.90
Net income margin	0.99	1.15	2.57	2.89	3.12
Return on equity (ROE) (1)	3.08	3.50	7.90	8.87	9.38
Return on assets (ROA) (2)	1.41	1.63	3.87	4.32	4.55
Current ratio	123.25	122.74	122.07	126.47	133.31
Ratio of total fixed assets to total stockholders' equity	136.43	128.31	121.77	127.07	123.16
Equity ratio	45.23	47.98	49.89	47.64	49.35
Debt-to-equity ratio (3)	32.94	29.15	25.43	31.03	29.31

(1) ROE = Net income (Average net assets - Average minority interests) 100
(2) ROA = Net income Average total assets 100
(3) Debt-to-equity ratio = Interest-bearing debt Total stockholders' equity 100

■Net cash provided by operating activities
■Net cash used in investing activities
■Net cash provided by (used in) financing activities

(Millions of yen)
■Interest coverage ratio

(Times)
■Ratio of cost of sales to net sales
■Ratio of selling, general and administrative
expenses to net sales

(％)
■Number of employees
■Oparating income per employee

(No.of employees)

(Ten thouthand of yen)

(Millions of yen, Yen, Times, %, No.of employees)

	2021	2022	2023	2024	2025
Net cash provided by operating	57,071	52,773	73,689	73,974	78,870
Net cash used in investing activities	-37,790	-41,984	-45,659	-43,902	-55,859
Net cash provided by (used in) financing activities	2,070	-26,695	-18,834	-15,038	-14,126
Interest coverage ratio (Times)(*)	73.69	68.90	141.45	87.52	54.12
Ratio of cost of sales to net sales(%)	65.1%	68.1%	67.8%	67.4%	67.3%
Ratio of selling, general and administrative expenses to net sales(%)	33.2%	29.9%	28.7%	28.4%	28.0%
Number of employees	32,527	32,210	32,725	33,393	33,545
Oparating income per employee(Yen)	564,440	684,041	1,282,263	1,533,435	1,822,676

(*)Interest coverage ratio = Net cash provided by operating activities Interest paid

■Price-earnings ratio

(Times)
■Price-book value ratio

(Times)
■Net income per share

(Yen)
■Net assets per share

(Yen)
■Dividend payout ratio

(％)

(Times, Yen, ％)

	2021	2022	2023	2024	2025
Price-earnings ratio (Times)	31.44	26.63	22.00	16.48	15.92
Price-book value ratio (Times)	0.95	0.90	1.66	1.42	1.41
Net income per share(Yen)	¥48.60	¥59.10	¥146.19	¥178.58	¥206.78
Net assets per share(Yen)	1,609.57	1,743.42	1,942.85	2,072.34	2,327.87
Dividend payout ratio(%)	45.27%	37.22%	17.10%	25.20%	29.02%

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