JP-listed companies
CE Holdings Co.,Ltd.

CE Holdings Co.,Ltd.JP:4320

Market cap

¥7.5B

P/E ratio

9.7x

Income statement Balance sheet Cash flow

	Sep 30, 2013	Sep 30, 2014	Sep 30, 2015	Sep 30, 2016	Sep 30, 2017	Sep 30, 2018	Sep 30, 2019	Sep 30, 2020	Sep 30, 2021	Sep 30, 2022	Sep 30, 2023
Net sales	6,792	7,517	7,393	8,125	7,765	9,047	11,652	10,604	12,285	13,703	13,632
Cost of sales	5,250	5,856	6,115	6,555	6,130	7,319	9,401	8,589	9,636	10,544	9,942
Operating expenses	907	937	1,143	1,400	1,471	1,201	1,289	1,468	1,770	2,127	2,435
Gross profit (loss)	1,542	1,661	1,279	1,570	1,635	1,727	2,251	2,015	2,649	3,159	3,690
Operating profit (loss)	635	724	135	171	164	526	962	547	879	1,031	1,255
Remuneration for directors (and other officers)	114	124	134	134	166	171	190	195	215	257	285
Salaries and allowances	255	341	404	444	472	478	479	564	657	744	831
Bonuses	45	17	32	30	37	28	64	50	84	72	63
Legal welfare expenses	61	62	75	80	100	95	99	110	131	149	177
Provision for bonuses	55	19	11	14	18	21	27	22	20	51	101
Retirement benefit expenses	-0	1	6	2	6	2	15	7	4	16	11
Provision of allowance for doubtful accounts	10	-1	-0	-1	0	11	9	-22	-15	-1	4
Advertising expenses	7	14	16	5	5	9	15	6	5	17	27
Travel and transportation expenses	82	92	100	99	103	108	99	77	66	92	111
Rent expenses	32	25	31	34	40	40	39	57	53	58	65
Taxes and dues	21	14	23	19	21	22	30	30	38	51	35
Depreciation	17	20	20	19	18	14	15	28	32	32	43
Commission expenses	64	61	76	80	51	56	53	101	138	183	198
Donations	-	-	-	-	-	-	-	-	-	0	66
Research and development expenses	58	50	106	364	304	15	15	46	147	178	138
Amortization of goodwill	-	-	-	-	15	20	20	31	23	34	46
Other	86	95	109	74	115	111	122	165	173	194	233
Selling, general and administrative expenses	907	937	1,143	1,400	1,471	1,201	1,289	1,468	1,770	2,127	2,435
Interest income	1	1	1	0	0	0	0	0	0	0	0
Dividend income	3	3	4	3	3	4	4	4	3	3	3
Gain on sale of investment securities	-	-	19	0	4	7	0	0	3	0	7
Gain on investments in investment partnerships	6	5	8	-	-	11	1	1	33	0	-
Foreign exchange gains	-	-	-	-	-	-	-	-	1	6	0
Other	4	4	6	13	7	15	2	11	11	12	4
Subsidy income	-	-	-	-	-	-	-	-	-	3	6
Non-operating income	58	49	83	57	68	67	25	24	52	21	20
Other	4	4	6	13	7	15	2	11	11	12	4
Non-operating income	58	49	83	57	68	67	25	24	52	21	20
Operating profit (loss)	635	724	135	171	164	526	962	547	879	1,031	1,255
Interest expenses	8	7	5	4	4	3	3	11	9	8	7
Loss on investments in investment partnerships	-	-	-	1	1	-	-	-	-	-	4
Share acquisition rights issuance costs	-	-	-	-	-	-	-	-	-	-	4
Commission expenses	-	-	-	-	-	-	-	-	-	-	2
Other	1	0	2	0	-	-	-	3	1	0	1
Non-operating expenses	10	7	7	5	9	3	3	118	22	8	17
Non-operating expenses	10	7	7	5	9	3	3	118	22	8	17
Interest income	1	1	1	0	0	0	0	0	0	0	0
Dividend income	3	3	4	3	3	4	4	4	3	3	3
Gain on sale of investment securities	-	-	19	0	4	7	0	0	3	0	7
Gain on investments in investment partnerships	6	5	8	-	-	11	1	1	33	0	-
Foreign exchange gains	-	-	-	-	-	-	-	-	1	6	0
Other	4	4	6	13	7	15	2	11	11	12	4
Subsidy income	-	-	-	-	-	-	-	-	-	3	6
Non-operating income	58	49	83	57	68	67	25	24	52	21	20
Other	4	4	6	13	7	15	2	11	11	12	4
Non-operating income	58	49	83	57	68	67	25	24	52	21	20
Ordinary profit (loss)	684	765	211	223	222	590	984	453	909	1,044	1,257
Interest expenses	8	7	5	4	4	3	3	11	9	8	7
Loss on investments in investment partnerships	-	-	-	1	1	-	-	-	-	-	4
Share acquisition rights issuance costs	-	-	-	-	-	-	-	-	-	-	4
Commission expenses	-	-	-	-	-	-	-	-	-	-	2
Other	1	0	2	0	-	-	-	3	1	0	1
Non-operating expenses	10	7	7	5	9	3	3	118	22	8	17
Non-operating expenses	10	7	7	5	9	3	3	118	22	8	17
Gain on redemption of investment securities	-	-	-	-	-	-	-	0	0	0	0
Reversal of allowance for doubtful accounts	-	-	-	-	-	-	-	-	-	-	25
Extraordinary income	0	-	3	0	-	-	-	0	115	90	25
Surrender value of insurance policies	-	-	-	-	-	-	-	-	-	90	-
Extraordinary income	0	-	3	0	-	-	-	0	115	90	25
Ordinary profit (loss)	684	765	211	223	222	590	984	453	909	1,044	1,257
Loss on retirement of non-current assets	-	6	-	0	-	-	-	1	-	7	2
Retirement benefits for directors (and other officers)	-	-	-	-	-	-	-	-	-	61	-
Impairment losses	-	-	-	-	26	-	-	-	-	-	19
Extraordinary losses	-	6	-	3	26	53	-	92	22	68	20
Gain on redemption of investment securities	-	-	-	-	-	-	-	0	0	0	0
Reversal of allowance for doubtful accounts	-	-	-	-	-	-	-	-	-	-	25
Extraordinary income	0	-	3	0	-	-	-	0	115	90	25
Surrender value of insurance policies	-	-	-	-	-	-	-	-	-	90	-
Extraordinary income	0	-	3	0	-	-	-	0	115	90	25
Loss on retirement of non-current assets	-	6	-	0	-	-	-	1	-	7	2
Loss on retirement of non-current assets	-	6	-	0	-	-	-	1	-	7	2
Retirement benefits for directors (and other officers)	-	-	-	-	-	-	-	-	-	61	-
Impairment losses	-	-	-	-	26	-	-	-	-	-	19
Extraordinary losses	-	6	-	3	26	53	-	92	22	68	20
Extraordinary losses	-	6	-	3	26	53	-	92	22	68	20
Profit (loss) before income taxes	684	760	214	220	196	537	984	361	1,001	1,066	1,262
Income taxes - current	316	335	78	92	94	212	383	185	369	478	475
Income taxes - deferred	-40	4	25	-11	-16	-19	-30	2	-90	-94	14
Income taxes	276	339	96	81	78	193	353	187	279	384	489
Profit (loss)	-	-	118	139	118	344	631	173	722	683	773
Profit (loss) attributable to owners of parent	-	-	120	114	104	291	532	121	633	588	688
Profit (loss) attributable to non-controlling interests	-	-	-2	25	14	53	100	52	89	95	86
Valuation difference on available-for-sale securities	10	5	-11	-0	1	9	-6	4	23	-21	9
Other comprehensive income	10	5	-11	-0	1	9	-6	4	23	-21	9
Comprehensive income	418	425	107	139	120	353	625	178	745	661	782
Comprehensive income attributable to owners of parent	440	450	109	114	106	300	526	126	656	567	696
Comprehensive income attributable to non-controlling interests	-	-	-2	25	14	53	100	52	89	95	86