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HIKARI BUSINESS FORM

HIKARI BUSINESS FORM CO., LTD.

Company highlights

The annual dividend per share has risen for 2 consecutive years.

Key figures

Period Jan 2025 to Dec 2025Parent onlyJapanese GAAP

RevenueDisclosed ¥7.7B
Operating marginCalculated 2.6%
Net assets to total assetsCalculated 81.1%

Company profile

Securities code 3948 / EDINET code E00708 / Pulp and Paper / Fiscal year end December 31

八王子市東浅川町５５３番地／Capital stock ¥798 million
Address, capital stock, fiscal year end and industry: the FSA’s EDINET code list.

Company details
松本 康宏 Representative
2/21/1968 Date of incorporation

Tables scroll sideways

Disclosed data

Source: Annual Securities Report (Jan 2025 to Dec 2025) · filed 2026-03-25

Profitability ★★☆☆☆position among all companies 2.6%
Growth (revenue, 4-year average) ★☆☆☆☆position among all companies -5.1%
Capital efficiency ★☆☆☆☆position among all companies 1.6%

Business activities and revenue composition

Revenue and profit by business segment

Disclosed segments (business divisions used in reporting): one

Revenue and profit

HIKARI BUSINESS FORM

Period Jan 2025 to Dec 2025Source Annual securities reports

Net sales and operating revenue ¥7.7B　100% Cost of sales ¥6.1B　79% Selling, general and administrative expenses ¥1.4B　19% Operating income ¥0.2B　3%
Amounts by account
GroupAccountAmountConsolidated / Non-consolidated
Selling, general and administrative expenses Salaries, allowances and bonuses ¥0.7 billion Parent only
Other ¥0.3 billion Parent only
Legal welfare expenses ¥0.1 billion Parent only
Directors' compensations ¥0.1 billion Parent only
Traveling and transportation expenses ¥58.95 million Parent only
Taxes and dues ¥54.98 million Parent only
Distribution expenses ¥36.82 million Parent only
Welfare expenses ¥22.83 million Parent only
Provision for bonuses ¥19.41 million Parent only
Provision for directors' bonuses ¥17.30 million Parent only
Depreciation ¥7.43 million Parent only
Retirement benefit expenses ¥5.90 million Parent only
Provision of allowance for doubtful accounts ¥0.05 million Parent only
Profit by stage Gross profit (loss) ¥1.7 billion Parent only
Ordinary income ¥0.3 billion Parent only
Operating income ¥0.2 billion Parent only

HIKARI BUSINESS FORM

Selling, general and administrative expenses

Period Jan 2025 to Dec 2025Source Annual securities reports

Salaries, allowances and bonuses ¥0.7 billion (48.2%)48%Other ¥0.3 billion (20.9%)21%Legal welfare expenses ¥0.1 billion (8.2%)8%Directors' compensations ¥0.1 billion (7.3%)7%Traveling and transportation expenses ¥0.1 billion (4.1%)Taxes and dues ¥0.1 billion (3.8%)Other (not itemized) ¥0.1 billion (7.6%)8%¥1.4B
  • Salaries, allowances and bonuses　¥0.7 billion
  • Other　¥0.3 billion
  • Legal welfare expenses　¥0.1 billion
  • Directors' compensations　¥0.1 billion
  • Traveling and transportation expenses　¥0.1 billion
  • Taxes and dues　¥0.1 billion
  • Other (not itemized)　¥0.1 billion

Performance, financial position and capital allocation

Finance
81.1% Net assets to total assets Industry median 54.5% FY ending 12/2025 · consolidated / calculated
¥1,741.56 Net assets per share
¥11.6 billion Total assets
Capital allocation
128.0% Cash conversion Industry median 176.7% FY ending 12/2025 · consolidated / calculated

Long-term changes in performance

Period 2012 to 2025Disclosed

Revenue ×1.19 from 2012 to 2025

HIKARI BUSINESS FORM

Long-term revenue, profit and asset trends

Period 2012 to 2025Source Annual securities reportsDisclosed

Mark on the chart
12 8 4 0 2012 2014 2016 2018 2020 2022 2024 2025 Net sales and operating revenue Ordinary income 2014　Ordinary income (loss) as a share of revenue -2.6 points 2019　Ordinary income (loss) as a share of revenue +3.1 points 2021　Net sales year on year +31.8%, Ordinary income (loss) as a share of revenue +6.7 points 2022　Net sales year on year +25.4%, Ordinary income (loss) as a share of revenue +3.6 points 2023　Ordinary income (loss) as a share of revenue -3.2 points 2024　Ordinary income (loss) as a share of revenue -10.5 points 8Latest value 2025 8¥ billion 12Highest in the period shown 2022 12¥ billion 7Lowest in the period shown 2012 7¥ billion ¥ billion

HIKARI BUSINESS FORM

Recent performance trends

Source Annual securities reports

12 8 4 0 4 years ago 3 years ago 2 years ago Last year This year Net sales and operating revenue Ordinary income ¥ billion

Year-on-year comparison

Period 2012 to 2025Disclosed

Item20212022202320242025
Net sales ¥9.6B ¥12.0B ¥9.9B ¥7.9B ¥7.7B
Year on year (%) +31.8%◆ +25.4%◆ -17.7% -19.9% -2.2%
Ordinary income (loss) ¥1.2B ¥2.0B ¥1.3B ¥0.2B ¥0.3B
Change from prior year +173.5% +60.7% -33.8% -83.1% +26.6%
Ordinary income (loss) as a share of Net sales 12.9% 16.5% 13.3% 2.8% 3.6%
Change (percentage points) +6.7 points◆ +3.6 points◆ -3.2 points◆ -10.5 points◆ +0.8 points

Fiscal periods marked for changes

Earlier fiscal periods (3)
  • 2014Ordinary income (loss) as a share of revenue -2.6 points
  • 2019Ordinary income (loss) as a share of revenue +3.1 points
  • 2021Net sales year on year +31.8%, Ordinary income (loss) as a share of revenue +6.7 points
  • 2022Net sales year on year +25.4%, Ordinary income (loss) as a share of revenue +3.6 points
  • 2023Ordinary income (loss) as a share of revenue -3.2 points
  • 2024Ordinary income (loss) as a share of revenue -10.5 points

HIKARI BUSINESS FORM

Earnings and net assets per share over time

Unit yenSource Annual securities reports

221 147 74 0 4 years ago 3 years ago 2 years ago Last year This year Earnings per share yen 1,742 1,161 581 -0 4 years ago 3 years ago 2 years ago Last year This year Net assets per share yen

HIKARI BUSINESS FORM

Return on equity over time

Unit %Source Annual securities reports

15 10 5 0 4 years ago 3 years ago 2 years ago Last year This year Return on equity (ROE, %)
Parent only indicators (18 items)
Item4 years ago3 years ago2 years agoLast yearThis year
Net sales ¥9.6 billion ¥12.0 billion ¥9.9 billion ¥7.9 billion ¥7.7 billion
Ordinary income (loss) ¥1.2 billion ¥2.0 billion ¥1.3 billion ¥0.2 billion ¥0.3 billion
Net income (loss) ¥0.8 billion ¥1.3 billion ¥0.7 billion ¥0.2 billion ¥0.2 billion
Capital stock ¥0.8 billion ¥0.8 billion ¥0.8 billion ¥0.8 billion ¥0.8 billion
Total number of issued shares (common stock) 5,815,294 shares 5,815,294 shares 5,815,294 shares 5,815,294 shares 5,815,294 shares
Net assets ¥7.9 billion ¥8.9 billion ¥9.4 billion ¥9.3 billion ¥9.4 billion
Total assets ¥10.8 billion ¥11.9 billion ¥11.4 billion ¥11.1 billion ¥11.6 billion
Net assets per share 1,375.14 yen 1,549.89 yen 1,689.34 yen 1,680.03 yen 1,741.56 yen
Dividend per share 35 yen 50 yen 35 yen 38 yen 45 yen
Interim dividend per share Could not be retrieved Could not be retrieved Could not be retrieved 18 yen 20 yen
Basic earnings (loss) per share 142.39 yen 220.99 yen 132.7 yen 28.87 yen 27.73 yen
Equity-to-asset ratio 73.2% 75.1% 82.9% 84.1% 81.1%
Return on equity 10.8% 15.1% 8.2% 1.7% 1.6%
Payout ratio 24.6% 22.6% 26.4% 131.6% 162.3%
Net cash provided by (used in) operating activities ¥1.1 billion ¥1.6 billion ¥0.5 billion ¥0.2 billion ¥0.3 billion
Net cash provided by (used in) investing activities ¥0.3 billion ¥-0.3 billion ¥2.04 million ¥32.73 million ¥-0.2 billion
Net cash provided by (used in) financing activities ¥-0.4 billion ¥-0.4 billion ¥-0.6 billion ¥-0.4 billion ¥-0.5 billion
Cash and cash equivalents ¥3.2 billion ¥4.1 billion ¥4.0 billion ¥3.8 billion ¥3.3 billion

Dividend history

Source: reporting company’s key figures, annual securities reports · 14 years (2012 to 2025)Parent-onlyDisclosed

2 periods Consecutive increases (own definition) through FY ending 12/2025
14 periods Consecutive periods with dividends (site definition) through FY ending 12/2025
+18.4% Dividend growth (year on year)
+14.4% Dividend growth (5-year annual rate)
Fiscal yearAnnual dividend per share Of which interimPayout ratio (as reported, parent only) Flag
FY ending 12/2025 ¥45 ¥20 162.3%
FY ending 12/2024 ¥38 ¥18 131.6%
FY ending 12/2023 ¥35 Could not be retrieved 26.4%
FY ending 12/2022 ¥50 Could not be retrieved 22.6%
FY ending 12/2021 ¥35 Could not be retrieved 24.6%
FY ending 12/2020 ¥23 Could not be retrieved 37.5%
FY ending 12/2019 ¥23 Could not be retrieved 45.0%
FY ending 12/2018 ¥18 Could not be retrieved 77.1%
FY ending 12/2017 ¥23 Could not be retrieved Could not be retrieved
FY ending 12/2016 ¥18 Could not be retrieved 65.9%
FY ending 12/2015 ¥18 Could not be retrieved 64.6%
FY ending 12/2014 ¥18 Could not be retrieved 65.0%
FY ending 12/2013 ¥18 Could not be retrieved 39.4%
FY ending 12/2012 ¥15 Could not be retrieved 62.1%

HIKARI BUSINESS FORM

Dividends per share over time

Unit yenSource Annual securities reports

50 33 17 0 4 years ago 3 years ago 2 years ago Last year This year Dividend per share yen

Shareholder composition

As of 2025-12-31Disclosed

Share ownership by holder category

2,105 Shareholders
13.34% Foreign holders (total) Industry median 6.21%
57.71% Individuals and others Industry median 39.91%

HIKARI BUSINESS FORM

Unit %Source Annual securities reports

  • Financial institutions3.65%
  • Securities firms1.67%
  • Other corporations23.62%
  • Foreign holders (institutions)13.24%
  • Foreign holders (individuals)0.10%
  • Individuals and others57.71%

Major shareholders

RankShareholderShareholding ratioShares held
1 ＥＳＧ投資事業組合 10.79% 581,000
2 内外カーボンインキ㈱ 10.22% 550,000
3 THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED・HONG KONG PRIVATE BANKING DIVISION CLIENT A/C 8028・394841（常任代理人 香港上海銀行東京支店） 6.17% 332,000
4 村上 文江 4.73% 255,000
5 LNS MANAGEMENT PTE.LTD.（常任代理人 立花証券㈱） 4.55% 245,000
6 瀬戸 政春 3.23% 174,000
7 光ビジネスフォーム従業員持株会 2.89% 155,000
8 エム・ビー・エス㈱ 2.63% 141,000
9 ㈱日本カストディ銀行（信託口） 2.41% 130,000
10 ㈱ミヤコシ 2.27% 122,000

Research and development expenses and capital expenditure

Source: R&D and capital expenditure sections, annual securities reports · 2 years (2020 to 2025)Disclosed

Not disclosed Research and development
¥0.4 billion Capital expenditure
Fiscal year Capital expenditure
FY ending 12/2025 ¥0.4 billion
FY ending 12/2020 ¥67.27 million

Revenue scale in the same industry

HIKARI BUSINESS FORM

Source Annual securities reports of each company

Pulp and Paper: 24 companies · revenue · largest first・each company’s latest fiscal year・consolidated (parent-only where no consolidated figures)・Disclosed

Workforce information

Source: Annual Securities Report (Jan 2025 to Dec 2025)Parent-onlyDisclosed

391 Employees (parent only) Industry median 472
42.3 Average age Industry median 42.6
15.3 years Average length of service Industry median 16.6 years
¥5.61 million Average annual salary Industry median ¥6.13 million
People and organisation
19.8¥ million Sales per employee Industry median 44.2¥ million FY ending 12/2025 · parent company only / calculated
¥0.52 million Operating income per employee
64.2% Wage gap between men and women
13.2% Women in managerial positions
40.0% Men taking childcare leave
108 Average temporary staff

Audit and disclosure information

Annual securities report, year ended 2025-12-31Disclosed

ItemValue
Audit firm 有限責任監査法人トーマツ
Audit fees (this year, filing company) ¥31.60 million
Non-audit fees (this year, total) Not applicable
Going concern note Cannot be determined
Accounting standard Japanese GAAP

See the book series →

Sources and methodology

Retrieved disclosed figures

Accounts and values from the annual securities report, by section

Major management indicators (5 years) (18 items)

ItemValueConsolidated / Non-consolidated
Dividend per share 45 yen Parent only
Net cash provided by (used in) operating activities ¥0.3 billion Parent only
Net sales ¥7.7 billion Parent only
Net income (loss) ¥0.2 billion Parent only
Net cash provided by (used in) investing activities ¥-0.2 billion Parent only
Cash and cash equivalents ¥3.3 billion Parent only
Total number of issued shares (common stock) 5,815,294 shares Parent only
Net assets ¥9.4 billion Parent only
Ordinary income (loss) ¥0.3 billion Parent only
Total assets ¥11.6 billion Parent only
Return on equity 1.6% Parent only
Equity-to-asset ratio 81.1% Parent only
Net cash provided by (used in) financing activities ¥-0.5 billion Parent only
Capital stock ¥0.8 billion Parent only
Payout ratio 162.3% Parent only
Interim dividend per share 20 yen Parent only
Basic earnings (loss) per share 27.73 yen Parent only
Net assets per share 1,741.56 yen Parent only

Employees (8 items)

ItemValueConsolidated / Non-consolidated
Wage gap between men and women (all employees) 64.2% Parent only
Average length of service (years) 15.3 years Parent only
Average annual salary ¥5.61 million Parent only
Average age (years) 42.3 years old Parent only
Number of employees 391 people Parent only
Number of employees 391 people Parent only
Wage gap between men and women (regular employees) 80.7% Parent only
Wage gap between men and women (non-regular employees) 67.6% Parent only

Other disclosed items (5 items)

ItemValueConsolidated / Non-consolidated
Rate of male employees taking childcare leave (all employees) 40.0% Parent only
Average number of temporary employees 108 people Parent only
Average number of temporary employees 108 people Parent only
Total return on the share price index 213.2% Parent only
Ratio of female employees in managerial positions 13.2% Parent only

Shares (14 items)

ItemValueConsolidated / Non-consolidated
Number of shares held 2,687,000 shares Consolidated
Total number of shares held treasury shares etc 434,100 shares Consolidated
Number of issues whose number of shares increased shares other than those not listed investment shares held for purposes other than pure investment reporting company 1 issues Consolidated
Total acquisition cost for increased shares shares other than those not listed investment shares held for purposes other than pure investment reporting company ¥24.60 million Consolidated
Number of shares 5,815,294 shares Consolidated
Shareholding ratio treasury shares etc 7.5% Consolidated
Shareholding ratio 49.9% Consolidated
Number of shares held in own name treasury shares etc 434,100 shares Consolidated
Number of voting rights 53,690 units Consolidated
Carrying amount on the balance sheet ¥5.35 million Consolidated
Carrying amount on the balance sheet ¥1.4 billion Consolidated
Number of issues 4 issues Consolidated
Number of issues 7 issues Consolidated
Total shareholder return 327.8% Parent only

Property and facilities (1 items)

ItemValueConsolidated / Non-consolidated
Capital expenditures ¥0.4 billion Consolidated

Audit (1 items)

ItemValueConsolidated / Non-consolidated
Fees for audit and attestation services - reporting company ¥31.60 million Consolidated

Balance sheet (87 items)

ItemValueConsolidated / Non-consolidated
Other ¥0.44 million Parent only
Other ¥79.25 million Parent only
Other ¥54.03 million Parent only
Other ¥45.99 million Parent only
Valuation difference on available-for-sale securities ¥0.7 billion Parent only
Other capital surplus ¥8.44 million Parent only
Software ¥9.03 million Parent only
Lease obligations ¥0.2 billion Parent only
Lease obligations ¥90.24 million Parent only
Lease assets ¥0.5 billion Parent only
Lease assets, net ¥0.3 billion Parent only
Work in process ¥21.62 million Parent only
Life insurance funds ¥0.1 billion Parent only
General reserve ¥6.1 billion Parent only
Retained earnings ¥7.6 billion Parent only
Legal retained earnings ¥0.2 billion Parent only
Advances received ¥13.82 million Parent only
Prepaid pension cost ¥0.7 billion Parent only
Prepaid expenses ¥37.51 million Parent only
Raw materials ¥30.33 million Parent only
Notes receivable - trade ¥11.56 million Parent only
Non-current liabilities ¥0.8 billion Parent only
Non-current assets ¥6.7 billion Parent only
Land ¥2.5 billion Parent only
Accounts receivable - trade ¥1.0 billion Parent only
Contract liabilities ¥13.67 million Parent only
Contract assets ¥5.83 million Parent only
Tools, furniture and fixtures ¥0.3 billion Parent only
Tools, furniture and fixtures ¥48.37 million Parent only
Buildings ¥3.1 billion Parent only
Buildings, net ¥0.9 billion Parent only
Construction in progress ¥97.35 million Parent only
Provision for directors' bonuses ¥17.30 million Parent only
Investments and other assets ¥2.7 billion Parent only
Real estate for investment ¥88.75 million Parent only
Real estate for investment net ¥16.06 million Parent only
Investment securities ¥1.8 billion Parent only
Notes payable trade ¥2.60 million Parent only
Property, plant and equipment ¥3.9 billion Parent only
Income taxes payable ¥20.77 million Parent only
Accrued expenses ¥0.2 billion Parent only
Accounts payable - other ¥0.2 billion Parent only
Shareholders' equity ¥8.7 billion Parent only
Structures ¥41.95 million Parent only
Structures, net ¥6.85 million Parent only
Machinery and equipment ¥1.2 billion Parent only
Machinery and equipment, net ¥76.44 million Parent only
Current liabilities ¥1.4 billion Parent only
Current assets ¥4.9 billion Parent only
Accumulated depreciation ¥-0.2 billion Parent only
Accumulated depreciation ¥-0.2 billion Parent only
Accumulated depreciation ¥-2.2 billion Parent only
Accumulated depreciation ¥-72.69 million Parent only
Accumulated depreciation ¥-35.09 million Parent only
Accumulated depreciation ¥-1.1 billion Parent only
Accumulated depreciation ¥-48.55 million Parent only
Intangible assets ¥15.60 million Parent only
Cash and cash equivalents ¥3.3 billion Parent only
Cash and deposits ¥3.3 billion Parent only
Advances paid ¥0.3 billion Parent only
Net assets ¥9.4 billion Parent only
Net assets ¥9.4 billion Parent only
Total assets ¥11.6 billion Parent only
Deferred tax liabilities ¥0.5 billion Parent only
Retained earnings brought forward ¥1.0 billion Parent only
Treasury stock ¥-0.4 billion Parent only
Finished goods ¥0.2 billion Parent only
Valuation and translation adjustments ¥0.7 billion Parent only
Liabilities ¥2.2 billion Parent only
Liabilities and net assets ¥11.6 billion Parent only
Accounts payable - trade ¥0.5 billion Parent only
Allowance for doubtful accounts ¥-8.63 million Parent only
Allowance for doubtful accounts ¥-0.63 million Parent only
Capital surplus ¥0.6 billion Parent only
Legal capital surplus ¥0.6 billion Parent only
Capital stock ¥0.8 billion Parent only
Asset retirement obligations ¥0.1 billion Parent only
Provision for bonuses ¥64.13 million Parent only
Vehicle and delivery equipment ¥49.14 million Parent only
Vehicles, net ¥0.58 million Parent only
Reserve for dividend equalization ¥0.3 billion Parent only
Long-term prepaid expenses ¥42.46 million Parent only
Long term accounts payable other ¥33.20 million Parent only
Electronically recorded obligations - operating ¥0.2 billion Parent only
Electronically recorded monetary claims - operating ¥24.63 million Parent only
Telephone subscription right ¥6.57 million Parent only
Deposits received ¥56.62 million Parent only

Accounts unique to this company (5 items)

ItemValueConsolidated / Non-consolidated
Revenue ¥1.0 billion Parent only
Revenue ¥31.00 million Parent only
Revenue ¥10.16 million Parent only
Revenue ¥31.00 million Parent only
Revenue ¥71.22 million Parent only

Statement of income (52 items)

ItemValueConsolidated / Non-consolidated
Other ¥0.3 billion Parent only
Dividends from surplus ¥-0.2 billion Parent only
Insurance ¥53.23 million Parent only
Interest and dividend income ¥26.49 million Parent only
Rent income ¥3.05 million Parent only
Total ¥6.3 billion Parent only
Operating income ¥0.2 billion Parent only
Non-operating income ¥90.14 million Parent only
Non-operating expenses ¥11.96 million Parent only
Net cash provided by (used in) operating activities ¥0.3 billion Parent only
Gain on sales of non-current assets ¥9.56 million Parent only
Loss on retirement of non-current assets ¥1.74 million Parent only
Cost of sales ¥6.1 billion Parent only
Gross profit (loss) ¥1.7 billion Parent only
Net sales ¥7.7 billion Parent only
Cost of purchased goods ¥0.2 billion Parent only
Net income (loss) ¥0.2 billion Parent only
Net income (loss) ¥0.2 billion Parent only
Cost of products manufactured ¥5.9 billion Parent only
Directors' compensations ¥0.1 billion Parent only
Provision for directors' bonuses ¥17.30 million Parent only
Net cash provided by (used in) investing activities ¥-0.2 billion Parent only
Interest expenses ¥6.66 million Parent only
Commission fees ¥2.10 million Parent only
Traveling and transportation expenses ¥58.95 million Parent only
Interest on securities ¥0.80 million Parent only
Income taxes - current ¥61.86 million Parent only
Income taxes ¥0.1 billion Parent only
Income taxes - deferred ¥45.31 million Parent only
Legal welfare expenses ¥0.1 billion Parent only
Depreciation ¥7.43 million Parent only
Extraordinary income ¥9.56 million Parent only
Extraordinary loss ¥31.00 million Parent only
Net increase (decrease) in cash and cash equivalents ¥-0.5 billion Parent only
Welfare expenses ¥22.83 million Parent only
Taxes and dues ¥54.98 million Parent only
Income (loss) before income taxes ¥0.3 billion Parent only
Income (loss) before income taxes ¥0.3 billion Parent only
Ordinary income ¥0.3 billion Parent only
Salaries, allowances and bonuses ¥0.7 billion Parent only
Purchase of treasury stock ¥-0.2 billion Parent only
Ending finished goods cos ¥0.2 billion Parent only
Beginning finished goods cos ¥0.2 billion Parent only
Net cash provided by (used in) financing activities ¥-0.5 billion Parent only
Selling, general and administrative expenses ¥1.4 billion Parent only
Provision of allowance for doubtful accounts ¥0.05 million Parent only
Rent expenses ¥0.44 million Parent only
Provision for bonuses ¥19.41 million Parent only
Retirement benefit expenses ¥5.90 million Parent only
Distribution expenses ¥36.82 million Parent only
Miscellaneous income ¥6.58 million Parent only
Other ¥1.02 million Parent only

Statement of changes in equity (2 items)

ItemValueConsolidated / Non-consolidated
Total changes during the period ¥35.77 million Parent only
Net changes in items other than shareholders' equity ¥0.3 billion Parent only

Statement of cash flows (30 items)

ItemValueConsolidated / Non-consolidated
Other ¥4.49 million Parent only
Other ¥0.17 million Parent only
Other ¥-4.00 million Parent only
Repayments of lease obligations ¥-86.02 million Parent only
Increase decrease in notes and accounts payable trade ¥-31.16 million Parent only
Interest expenses paid ¥-6.66 million Parent only
Interest and dividends income received ¥27.29 million Parent only
Decrease increase in prepaid pension costs ¥-47.09 million Parent only
Interest and dividend income ¥-27.29 million Parent only
Loss gain on sales and retirement of noncurrent assets ¥-7.82 million Parent only
Decrease increase in notes and accounts receivable trade ¥-87.19 million Parent only
Subtotal ¥0.3 billion Parent only
Increase decrease in provision for directors bonuses ¥1.70 million Parent only
Purchase of investment securities ¥-0.1 billion Parent only
Proceeds from sales of investment securities ¥0.80 million Parent only
Interest expenses ¥6.66 million Parent only
Payments for lease and guarantee deposits ¥-4.74 million Parent only
Purchase of property plant and equipment ¥-0.2 billion Parent only
Proceeds from sales of property plant and equipment ¥33.72 million Parent only
Decrease in consumption taxes payable ¥57.80 million Parent only
Decrease (increase) in inventories ¥-14.98 million Parent only
Income taxes paid ¥-79.66 million Parent only
Income taxes refund ¥11.46 million Parent only
Depreciation ¥0.2 billion Parent only
Purchase of intangible assets ¥-2.39 million Parent only
Decrease increase in advances paid ¥-30.34 million Parent only
Regarding purchase of treasury stock ¥-0.2 billion Parent only
Payments for asset retirement obligations ¥-10.68 million Parent only
Increase (decrease) in provision for bonuses ¥-4.36 million Parent only
Dividends ¥-0.2 billion Parent only
Basic indicators
ItemValueConsolidated / Non-consolidatedSource
Net cash provided by (used in) operating activities ¥0.3 billion Parent onlyDisclosed
Dividend per share 45 Parent onlyDisclosed
Number of employees 391 Parent onlyDisclosed
Net assets ¥9.4 billion Parent onlyDisclosed
Net sales ¥7.7 billion Parent onlyDisclosed
Operating income ¥0.2 billion Parent onlyDisclosed
Ordinary income ¥0.3 billion Parent onlyDisclosed
Total assets ¥11.6 billion Parent onlyDisclosed
Operating margin 2.6%Parent onlyCalculated
Net margin Not disclosedNot applicableNot calculated (a required value is not disclosed)
Sales per employee 19805056 yenParent onlyCalculated
Total asset turnover 0.67 timesParent onlyCalculated
Net assets to total assets 81.1%Parent onlyCalculated
How to read the figures, and caveats

Terms

  • Consolidated: the parent company together with the subsidiaries it consolidates
  • Parent-only: the single company that filed the annual securities report
  • Calculated: a disclosed figure put through the formula shown
  • Not disclosed: no such value in the filing (not treated as zero)
  • Not retrieved: a value this page could not extract, including values in the filing that could not be matched. The same item may appear in another table
  • Segment: a business division the company uses in its disclosures
  • Industry median: the middle value among companies in the same industry that disclose the item
  • ★: position when every company is lined up by value (not a judgement of the company)See the formulas
  • Source: document name, period covered, filing date and where it was obtained
  • Tables scroll sideways

Key figures

  • Operating margin 2.6%　Operating income ÷ net sales 　＝ ¥0.2 billion ÷ ¥7.7 billion
    Operating income ÷ net sales. The denominator is Net sales (Parent only, Japanese GAAP).
  • Sales per employee 19,805,056 yen　Sales or operating revenue ÷ employees 　＝ ¥7.7 billion ÷ 391 people
    Sales or operating revenue ÷ employees. The denominator is Number of employees (Parent only, Japanese GAAP).
  • Total asset turnover 0.67 times　Sales or operating revenue ÷ total assets 　＝ ¥7.7 billion ÷ ¥11.6 billion
    Sales or operating revenue ÷ total assets. The denominator is Total assets (Parent only, Japanese GAAP).
  • Net assets to total assets 81.1%　Net assets ÷ total assets 　＝ ¥9.4 billion ÷ ¥11.6 billion
    Net assets ÷ total assets. The denominator is Total assets (Parent only, Japanese GAAP).

Company details

  • Representative　President, Representative Director, gBizINFO
  • Date of incorporation　gBizINFO · 58 years since incorporation

Amounts by account

  • Totals and their component lines together; consolidated and parent-only figures mixed (right-hand column)

Selling, general and administrative expenses

  • Breakdown of selling, general and administrative expenses (costs of selling and running the company). Cost of sales not included
  • Each item: already inside the SG&A total (not added to it)

Finance

  • Net assets to total assets　Net assets ÷ total assets
  • Net assets per share　Parent only
  • Total assets　Parent only

Capital allocation

  • ★: position when all companies are sorted by value and cut into fifths (a position, not a rating). The five items with ★: only where both numerator and denominator are available on a consolidated basisSee the formulas
  • Cash conversion　Net cash provided by (used in) operating activities ÷ operating income

Long-term changes in performance

  • Revenue　Disclosed value for 2025 ÷ disclosed value for 2012

Year-on-year comparison

  • Year on year: calculated only where the item, reporting range and accounting standard match and the periods are consecutive
  • Comparison basis not confirmed: periods with a change of accounting standard or reporting range, a moved fiscal year end, or an unconfirmed period
  • ◆: a period where revenue moved 20% or more from the prior year, profit as a share of revenue moved 2.0 percentage points or more, or profit or loss changed sign. Item used named in the table and list. Not a ranking of companies

Earnings and net assets per share over time

  • Earnings per share = net profit ÷ shares; net assets per share = net assets ÷ shares. Disclosed values from the key financial indicators of the annual securities report. No share prices used

Return on equity over time

  • Return on equity (ROE): net profit as a proportion of equity. For Japanese companies, the disclosed value in the key financial indicators of the annual securities report (decimals converted to percentages)

Dividend history

  • Payout ratio: dividends as a proportion of net profit. Dividend amounts and payout ratios: the reporting company’s parent-only disclosed values (as written in the annual securities report, not recalculated from consolidated profit). Consecutive increases: years in a row, from the latest backwards, in which the annual dividend per share rose. Consecutive years with a dividend: years in a row with an annual dividend per share above zero. Both this site’s own count (not the criteria of any published index). A year with no disclosure not read as zero; counting stops there. Range limited to the years listed above.

Share ownership by holder category

  • Source: ownership table, annual securities report. Percentages as disclosed, calculated on trading units (some companies do not total exactly 100%). Foreign holders (total): institutions and individuals combined. “Individuals and others”: a register category (not necessarily the share actually held by individuals). Industry median: the middle value among companies in Pulp and Paper that disclose the item (industries with at least 5 companies only).

Major shareholders

  • Source: major shareholders table, annual securities report. Trust bank holdings as written (whose trust is not disclosed)

Research and development expenses and capital expenditure

  • Research and development: total in the R&D section of the annual securities report. Capital expenditure: this year’s actual spending in the capital expenditure overview (not a plan). Years: only those available in the annual securities reports on hand (one to four per company); no row for other years.

Revenue scale in the same industry

  • Revenue (disclosed values) of companies in the same industry, using the same grouping as the industry pages. Only the top three and the two companies either side of this one. Bar length relative to the largest company (100). An order of size, not a ranking of quality

Workforce information

  • All four: the reporting company (parent-only), as disclosed in the employee section of the annual securities report. Industry median: the middle value among companies in Pulp and Paper that disclose the item (industries with at least 5 companies only).

People and organisation

  • Sales per employee　Net sales (or operating revenue) ÷ employees
  • Operating income per employee　Operating income ÷ employees
  • Wage gap between men and women　Women's pay with men's pay set to 100, reporting company
  • Women in managerial positions　Reporting company (parent only)
  • Men taking childcare leave　Reporting company (parent only)
  • Average temporary staff　Parent only, average headcount other than regular employees

Audit and disclosure information

  • Whether there is a going concern note (the accounting assumption that a company will continue operating), and audit information
  • Audit firm, audit fees, going concern note and accounting standard: facts written in the latest annual securities report and the audit report filed with it (not a judgement of the company). Going concern note: “note” when the note text is present, “not applicable” when the report states nothing to report, “cannot be determined” when neither appears. Note text not reproduced. Amended filings not shown (annual securities reports only)

Data sources and calculation methods

Primary source: the annual securities report of HIKARI BUSINESS FORM CO., LTD. on EDINET, the FSA’s disclosure system (free to read)
Corporate number: 5010101003318 / Accounting standard: Japanese GAAP

  • Amounts: machine transcription of EDINET XBRL (no manual re-keying). Long narrative notes are text and not in the account list. Identifiers: machine transcription of the EDINET code list (retrieved 2026-08-22)
  • ★: position of the value calculated from disclosed figures among the 4,240 companies on this site, on a five-step scale. Not a judgement of the company. No forecasts usedThe formulas and how they are counted
  • No rank: net assets as a share of total assets, cash conversion and revenue per employee (size alone does not show quality). Industry median shown for comparison. Cash conversion of 100%: operating cash flow equal to operating profit
  • Profit-and-loss chart: only where “sales − cost of sales − SG&A = operating income” holds between disclosed values. Cost breakdown: the six largest SG&A items
  • Trend charts: key financial indicators of the annual securities report. Amounts in billions of yen (dividend per share in yen). Long-run chart joins reports filed in different years (newer report for overlapping years). Some items stop part-way after a change of accounting standard. A stock split changes the weight of one share. Consolidated and parent-only in separate tables
  • Revenue scale in the same industry: bars of revenue (disclosed values) of companies in the same industry grouping as the industry pages, largest first. Only the top three and the two companies either side of this one. Each company’s latest fiscal year. An order of size, not a ranking of quality or an investment view
  • Share prices: not published (no data source allows redistribution). No share-price-based indicators (such as the price earnings ratio) and no extension of past growth into the future
  • Average age, average length of service and average annual salary: the reporting company alone (the parent). At a holding company, a small head-office staff. Payout ratio (basic facts): dividend per share ÷ consolidated earnings per share, calculated here (the payout ratio in the annual securities report is the reporting company’s figure, on a different basis). Representative and founding date: gBizINFO (Ministry of Economy, Trade and Industry), some companies only
  • “Retrieved disclosed figures”: every value readable as a number from the annual securities report. Company-wide values only (no segment or other breakdowns)
  • Segment table: machine transcription of the segment information in the annual securities report. Business names as labelled by the company in its XBRL. No table where segment sales differ from the disclosed total by more than 1%. Adjustments, corporate, eliminations and “other” left out of the table and the share denominator, as they are not businesses
  • Breakdowns of amounts, not diagrams of how the business works. Who pays whom, and for what, is not in the disclosed figures; no lines drawn from guesswork