TIDMMAW
RNS Number : 0590L
Maruwa Co Ld
06 August 2013
6 August 2013
MARUWA CO., LTD.
3-83, Minamihonjigahara-cho, Owariasahi-city, Aichi-pref.,
488-0044 JAPAN
Consolidated financial results for the first quarter of Fiscal
2013
MARUWA CO., LTD. today announced its consolidated financial
results for the first quarter of Fiscal 2013<1 April 2013 -
30 June 2013> as follows;
I. Summary of Consolidated Financial
Results
(1) Summary of consolidated operating
results
JPY million
--------------- ------------------ --------------
1st Quarter 1st Quarter Change %
1 April - 30
June 1 April - 30 June
2012 2013
--------------- ------------------ --------------
Net sales 5,310 7,713 45.3%
Operating income 625 828 32.3%
Income before income
taxes 474 977 106.1%
Net income 334 679 103.3%
--------------- ------------------ --------------
Net income per share: JPY
--------------- ------------------ --------------
Basic 27.11 55.10 103.2%
Diluted 27.10 55.04 103.1%
--------------- ------------------ --------------
(2) Summary of consolidated financial
condition
As of 31 March As of 30 June Change %
2012 2013
--------------- ------------------ --------------
Total assets 45,610 45,817 0.5%
Total net assets 37,141 37,953 2.2%
--------------- ------------------ --------------
Equity ratio 81.4% 82.8% 1.5%
--------------- ------------------ --------------
JPY
Total net assets per
share 3,014.90 3,074.23
--------------- ------------------ --------------
II. Dividends
JPY per share
--------------- ------------------
Fiscal 2012 Fiscal 2013
(forecast)
--------------- ------------------
Interim 15 16
Year-end 15 16
--------------- ------------------
Total 30 32
--------------- ------------------
*Cautionary statements: the above forecasts are forward-looking
statements involving risks and uncertainties. Due to a number
of factors, actual results may differ significantly from these
estimates.
II. Outlook for the
fiscal 2013<1April
2013 - 30 June 2013>
The forecast figures for business results and dividends
announced in 15 May 2013 are not changed.
*The financial statements
are prepared in conformity
with the accounting
principles generally
accepted in Japan.
*Consolidated subsidiaries: 13companies.
Review of Operations
1. Review of Operations
In this first quarter , the growth of the world economy has
slowed due to the expanded Eurozone debt problem and to the rapidly
developing economies in emerging countries, including China,
rapidly losing steam, and in spite of an indication of economic
recovery in the United States.
The Japanese economy has attempted after new government
appointment, the drop in the value of the yen and the positive
stock market makes Japanese economy recover slowly.
In this severe economic situation, the MARUWA Group's business
results during this first quarter of this fiscal year were in line
with our plans due to a strong demand for ceramic substrate for
power modules, new products for smart phone devices and LED
lighting.
As a result, our consolidated sales were 7,713 million yen.
(This is up 45.3% compared to the same period last year) Our
operating income was 828 million yen. (This is up 32.4% compared to
the same period last year) Ordinary profit was 951 million yen
(This is up 94.0% compared to the same period last year). Net
income was 679 million yen (This is up 103.4% compared to the same
period last year).
2.Operating Results by Business Division
The Ceramic Components Division
The total sales for this business segment was 5,088 million yen.
(This is up 1.4% compared to the same period last year).
The market for environment-related products, the power modules
market and the smart phone market have remained strong.
Operating income was 1,014 million yen.
Lighting Equipment Division
The turnover was 2,626 million yen. This is a 60.2% increase
over the same period last year. Operating profit was 37 million
yen. This improvement is due to a consistent increase in inquiries
and orders for LED lighting devices in the public utilities
markets. New types of products were very successful. MARUWA is
continuing to press forward with the development and promotion of
new LED lighting products. Yamagiwa results was added to
consolidated account.
Review of Operations
Review of operating results
by segment
JPY million
----- ------------
1st Quarter 1st Quarter
1 April 1 April -
- 30 June 30 June
2012 2013
-------------- -------------------
Ceramic Components:
Net sales 5,016 5,088
Operating income 811 1,014
---------- ----- ------------
Lighting Equipment:
Net sales 294 2,626
Operating income 23 37
---------- ----- ------------
Total:
Net sales 5,310 7,713
Operating income 834 1,052
---------- ----- ------------
Elimination:
Net sales -- --
Operating income (209) (224)
---------- ----- ------------
Consolidated:
Net sales 5,310 7,713
Operating income 625 827
---------- ----- ------------
3. Financial Condition
Total assets as of the end of this first quarter were
45,817million yen, up 0.5 from the end of last fiscal year . Total
liabilities decreased 605 million yen to 7,864 million yen from the
previous year-end. Total net assets increased 812 million yen to
37,952 million yen because of an increase in retained earnings.
Consolidated Balance Sheet
JPY million
------------ ------------
1st Quarter (Reference)
As of 30 As of 31
June March
2013 2013
------------ ------------
ASSETS
Current assets:
Cash & deposits 11,546 11,312
Trade notes and accounts
receivable 7,848 8,560
Electronically recorded
monetary claims-operating 106 32
Inventories: 5,743 5,493
Deferred tax assets 360 260
Other current assets 659 619
Allowance for doubtful
accounts (24) (23)
Total current assets 26,238 26,253
------------ ------------
Property, plant & equipment:
Land 3,632 3,625
Buildings & structures 4,061 4,039
Machinery & equipment 6,444 6,447
Other 628 622
Construction in progress 2,036 1,792
Total property, plant &
equipment 16,801 16,525
------------ ------------
Goodwill 934 1,006
Other 368 368
Net property, plant & equipment 18,103 17,899
Investment & other assets:
Total investments & other
assets 1,476 1,458
------------ ------------
Total assets 45,817 45,610
------------ ------------
Long-term liabilities:
Long-term debt 697 789
Diferrred tax liabilities 285 104
Provision for retirement benefits - 876
Provision for environmental
measures 26 -
Other 597 239
Total long-term liabilities 1,605 2,008
------- -------
Total liabilities 7,864 8,469
------- -------
NET ASSETS
Shareholders' equity:
Common stock 8,647 8,647
Capital surplus 11,940 11,909
Retained earnings 17,675 17,181
Treasury stock, at cost (61) (134)
Total shareholders' equity 38,201 37,603
------- -------
Valuation and translation
adjustments:
Net unrealized gains(losses)on
available-for-sale securities 32 16
Foreign currency translation
adjustments (288) (511)
Total valuation and translation
adjustments (256) (495)
------- -------
A subscription warrant and
Minority stockholders share 8 33
Total shareholders' equity 8 33
------- -------
Total net assets 37,953 37,141
------- -------
Total liabilities and net
assets 45,817 45,610
------- -------
Consolidated Statements of
Income
JPY million
------------ ------------
1st Quarter 1st Quarter
1 April - 1 April -
30 June 30 June
2012 2013
------------ ------------
Net sales 5,310 7,713
Cost of sales 3,767 4,913
Gross profit 1,543 2,800
------------ ------------
Selling, general & administrative 918 1,973
------------ ------------
expenses
Operating income 625 827
------------ ------------
Other income (expenses):
Interest & dividend income 9 7
Interest expenses 0 0
Rent income 23 24
Rent expenses on real estates
for investments (12) (14)
Foreign exchange gain (loss),
net (160) 75
Gain on sales of property,
plant and equipment 2 -
Compensation income - 65
Loss on disposal or sales
of property, plant and equipment (8) (12)
Loss on valuation of golf
club membership (11) -
Provision for environmental
measures - (26)
Other, net 6 31
Other income (expenses), net (151) 150
------------ ------------
Income before income taxes 474 977
------------ ------------
Income taxes:
Current 30 204
Deferred 110 94
Total income taxes 140 298
------------ ------------
Net income 334 679
------------ ------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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