TIDMMAW
RNS Number : 8120S
Maruwa Co Ld
12 November 2013
12 September
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 September 2013> as follows;
I. Summary of Consolidated Financial
Results
(1) Summary of consolidated operating
results
JPY million
---------------- ------------------ -------------
2nd Quarter 2nd Quarter Change %
1 April - 30
Sep 1 April - 30 Sep
2012 2013
---------------- ------------------ -------------
Net sales 10,703 15,347 43.4%
Operating income 1,243 1,314 5.7%
Income before income
taxes 1,061 1,406 32.5%
Net income 656 1,081 64.8%
---------------- ------------------ -------------
Net income per share: JPY
---------------- ------------------ -------------
Basic 53.27 87.66 64.6%
Diluted 53.26 87.60 64.5%
---------------- ------------------ -------------
(2) Summary of consolidated financial
condition
As of 31 March As of 30 Sep Change %
2013 2013
---------------- ------------------ -------------
Total assets 45,610 46,481 1.9%
Total net assets 37,141 38,221 2.9%
---------------- ------------------ -------------
Equity ratio 81.4% 82.2% 0.9%
---------------- ------------------ -------------
JPY
Total net assets per
share 3,014.90 3,095.90
---------------- ------------------ -------------
II. Dividends
JPY per share
---------------- ------------------
Fiscal 2012 Fiscal 2013
(forecast)
---------------- ------------------
Interim 15 17
Year-end 15 17
---------------- ------------------
Total 30 34
---------------- ------------------
*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 Sep2013>
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: 14companies.
Review of Operations
1. Review of Operations
In this secound quarter , the growth of the world economy has
slowed due to the little clear 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 15,347 million yen.
(This is up 43.4% compared to the same period last year) Our
operating income was 1,955 million yen. (This is up 19.4% compared
to the same period last year) Ordinary profit was 1,395 million yen
(This is up 27.6% compared to the same period last year). Net
income was 1,081 million yen (This is up 64.5% 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 10,344 million
yen. (This is up 3.8% 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 1,955 million yen.
Lighting Equipment Division
The turnover was 5,003 million yen. This is a 577.3% increase
over the same period last year. Operating loss was 196 million yen.
The consolidated sales in this business is large by YAMAGIWA which
became the subsidiary in last December having been connected.
included a review of transportation, the distribution, an office, a
warehouse, the rationalization expense including the showroom move
that the new YAMAGIWA system started in April and planned earnings
structure reinforcement. Therefore we will press profit
temporarily.
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.
Review of Operations
Review of operating results
by segment
JPY million
------------
2nd Quarter 2nd Quarter
1 April 1 April -
- 30 Sep 30 Sep
2012 2013
------------ ------------
Ceramic Components:
Net sales 9,964 10,344
Operating income 1,638 1,955
------------ ------------
Lighting Equipment:
Net sales 739 5,003
Operating income 43 (196)
------------ ------------
Total:
Net sales 10,703 15,347
Operating income 1,681 1,759
------------ ------------
Elimination:
Net sales -- --
Operating income (438) (445)
------------ ------------
Consolidated:
Net sales 10,703 15,347
Operating income 1,243 1,314
------------ ------------
3. Financial Condition
Total assets as of the end of this second quarter were
46,481million yen, up 1.9 from the end of last fiscal year . Total
liabilities decreased 209 million yen to 8,260 million yen from the
previous year-end. Total net assets increased 1,079 million yen to
38,220 million yen because of an increase in retained earnings.
Consolidated Balance Sheet
JPY million
------------- ------------
2ndQuarter (Reference)
As of 31
As of 30 Sep 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
------------ ------------
2nd Quarter 2nd Quarter
1 April - 1 April -
30 Sep 30 Sep
2012 2013
------------ ------------
Net sales 10,703 15,347
Cost of sales 7,621 10,128
Gross profit 3,082 5,219
------------ ------------
Selling, general & administrative 1,839 3,905
------------ ------------
expenses
Operating income 1,243 1,314
------------ ------------
Other income (expenses):
Interest & dividend income 24 26
Interest expenses (1) (4)
Rent income 50 60
Rent expenses on real estates
for investments (25) (28)
Foreign exchange gain (loss),
net (210) (5)
Gain on sales of property, plant
and equipment 1 1
Compensation income - 65
Provision for environmental measures - (26)
Loss on disposal or sales of
property, plant and equipment (19) (22)
Gain on valuation of inventories
securities - 7
State subsidy 207 -
Loss on reduction of noncurrent
assets (207) -
Impairment loss - (12)
Other, net (2) 30
Other income (expenses), net (182) 92
------------ ------------
Income before income taxes 1,061 1,406
------------ ------------
Income taxes:
Current 399 585
Deferred 6 (260)
Total income taxes 405 325
------------ ------------
Net income 656 1,081
------------ ------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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