TIDMMAW
RNS Number : 0379H
Maruwa Co Ld
14 May 2014
13 May 2014
MARUWA CO., LTD.
3-83, Minamihonjigahara-cho, Owariasahi-city,
Aichi-pref., 488-0044 JAPAN
Final Results for Fiscal Year 2013
MARUWA CO., LTD. has announced its consolidated business results for the
full fiscal year ended 31th March, 2014 as follows;
*The financial statements are prepared in accordance with the accounting
principles generally accepted in Japan.
*US dollar amounts are converted by USD1 = JPY99.99 for your convenience
only
*Number of consolidated subsidiaries: 14 companies (Maruwa (Malaysia)
Sdn. Bhd., MARUWA MELAKA SDN.BHD., MARUWA LIGHTINHGS SDN.BHD., Taiwan
Maruwa Co., Ltd., MARUWA Electronics (Taiwan) Co., Ltd., Maruwa Europe
Ltd., Maruwa America Corp., Maruwa Korea Co.,Ltd.
I. Summary of Consolidated
Results
(1) Summary of consolidated statement
of income
million thousand
JPY USD
-------------- ------------ ---------- -------------
For year For year Change For year
ended ended % ended
31th March 31th March 31th March
2013 2014 2014
-------------- ------------ ---------- -------------
Net sales 24,399 33,475 37.2% 334,783
Operating income 2,287 3,350 46.5% 33,503
Income before income taxes 3,119 3,614 15.9% 36,143
Net income 2,040 2,586 26.8% 25,862
JPY USD
Net income per share (Basic) 165.76 209.60 26.4% 2.10
(Diluted) 165.70 209.50 -- --
-------------- ------------ ---------- -------------
*Average number of issued
shares 12,308,175 12,336,985
(2) Summary of consolidated financial
condition
million thousand
JPY USD
-------------- ------------ ---------- -------------
As of 31th As of 31th Change As of 31th
March March % March
2013 2014 2014
-------------- ------------ ---------- -------------
Total Assets 45,610 49,569 8.7% 480,738
Total net
assets 37,141 40,016 7.7% 400,190
Equity ratio 81.4% 80.7% -0.7%
JPY USD
Total net assets per share 3,014.90 3,239.88 7.5% 32.40
*Number of issued shares
at the year end 12,308,327 12,350,117
(3) Summary of consolidated statement
of cash flows
million USD thousand
JPY
-------------- ------------ ---------- -------------
For year For year Change For year
ended ended % ended
31th March 31th March 31th March
2013 2014 2014
-------------- ------------ ---------- -------------
Net cash provided by operating
activities 4,147 4,056 -2.2% 40,563
Net cash used in investing
activities (3,438) (1,927) 43.9% (19,272)
Net cash used in financing
activities (947) 170 118.0% 1,701
Cash and cash equivalents
at end of term 10,010 12,507 24.9% 125,082
II. Dividends III. Outlook for FY 2014 ending
31th March 2015
JPY per share million JPY
-------------------- -------------- -------------
Fiscal 2013 Fiscal 2014 Half year Full year
---------- -------------
(forecast) Net sales 16,000 36,500
-------------------- --------------
Operating
Interim 17 18 income 1,680 4,300
Year-end 17 18 Net income 1,100 2,700
-------------------- -------------- -------------
Net income
Annual 34 36 per share 89.07 218.62
-------------------- -------------- ---------- -------------
*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.
Review of Operations and Financial
Condition
I. Operating
Results
million
JPY
FY2012 FY2013
------- ------ ------ -------- -------
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
------- ------ ------ -------- ------- ------ ------ --------
Net sales 5,310 5,393 5,146 8,551 7,713 7,633 8,811 9,318
Operating income 625 618 467 578 828 487 1,007 1,029
Net income 334 322 578 807 679 402 809 696
------- ------ ------ -------- ------- ------ ------ --------
million
JPY
Previous Current
--------------- ---------------- ------- ------ ------
For year For year variance
ended ended
31th March 31th March amount %
2013 2014
--------------- ---------------- --------------- ----------------
Net sales 24,399 33,475 9,076 37.2%
Operating income 2,287 3,350 1,063 46.5%
Net income 2,040 2,586 546 26.8%
--------------- ---------------- --------------- ----------------
(1) Review of Operations
In this fiscal year, the United States economy has gradually
recovered due to a steady recovery of employment environment, a
rising trend of share prices and an improvement of personal
consumption. European financial market has also regained stability.
Meanwhile, in Asian economy including China, its prospects have
been uncertain by the slowdown in the growth rate and unstable
political situation.
In the Japanese economy, signs of upturn from the long
deflationary trend are gradually shown by economic and fiscal
policy of 'Abenomics'. However, the economic condition has still
been uncertain because of a stagnation of personal consumption by
the raising of the consumption tax.
Under the uncertain market condition, the MARUWA Group's
business results during this fiscal year has stayed firm especially
in the field of ceramic products for power modules. In the lighting
equipment field, YAMAGIWA Corporation (called as YAMAGIWA
hereafter) contributed to the sales. In addition, MARUWA and
YAMAGIWA have developed and released new products together with
their both technologies.
As a result, our consolidated net sales were 33,475 million yen
(this is up 37.2% compared to the same period last fiscal year).
Our operating income was 3,350 million yen (this is up 46.4%
compared to the same period last fiscal year). Ordinary profit was
3,645 million yen (this is up 16.2% compared to the same period
last fiscal year). Net income was 2,586 million yen (this is up
26.7% compared to the same period last fiscal year).
(2) Operating Results by Business Division
million
JPY
--------------- ---------------
Current
---------------
For year ended For year ended
31th March 31th March
2013 2014
--------------- ---------------
Ceramic Components:
Net sales 19,250 21,279
Operating
income 2,963 3,939
--------------- ---------------
Lighting Equipment:
Net sales 5,150 12,196
Operating
income 190 426
--------------- ---------------
Total:
Net sales 24,399 33,475
Operating
income 3,153 4,365
--------------- ---------------
Elimination:
Net sales -- --
Operating
income (866) (1,015)
--------------- ---------------
Consolidated:
Net sales 24,399 33,475
Operating
income 2,287 3,350
--------------- ---------------
1. The Ceramic Components Division
The total sales for this business segment was 21,279 million yen
(this is up 10.5% compared to the same period last fiscal year).
Operating profit was 3,939 million yen (this is up 32.9% compared
to the same period last fiscal year).
Energy saving market and environment-related products market are
still brisk and the sales of ceramic products for HEV and LED
remained strong. Moreover, general electronic parts for digital
home appliances and products for semiconductor manufacturing
equipment have generally recovered.
2. Lighting Equipment Division
The total sales for this business segment was 12,196 million yen
(this is up 136.8% compared to the same period last fiscal year).
Operating profit was 426 million yen (this is up 124.3% compared to
the same period last fiscal year).
Reported sharply higher revenues because YAMAGIWA became a
consolidated subsidiary in 2012. However, in profit, expenses
contemporarily increased by rationalization of YAMAGIWA.
(3) Outlook for the next fiscal year
million
JPY
For year For year variance
ended ended
31th March 31th March %
2014 2015
--------------- --------------- ---------
Net sales 33,475 36,500 9.0%
Operating
income 3,350 4,300 28.4%
Net income 2,586 2,700 4.4%
--------------- --------------- ---------
Sales by million
segment JPY
For year For year variance
ended ended
31th March 31th March %
2014 2015
--------------- --------------- ---------
Ceramic Components 21,279 23,200 9.0%
Lighting
Equipment 12,196 13,300 9.1%
Total 33,475 36,500 9.0%
--------------- --------------- ---------
*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.
The outlook of the world economy is still uncertain because of
economic slowdown of emerging markets including China and Ukraine
crisis. It is anticipated that Japanese economy would still be
under uncertain condition.
It is expected that an environment-related product market, which
is identified as our growth strategy, would continue strong.
Continuous expansion of LED lighting market and increasing demand
in a luxury properties market, which is the most respective areas
for YAMAGIWA, are also expected. We will continue to focus on
development of new products and sales expansion by combining
material and component technologies from MARUWA with brand power
and solution providing from YAMAGIWA.
We forecast that consolidated net sales for the next fiscal year
will be 36,500 million yen (up 9.0% compared to last fiscal year).
In terms of operating income is expected to be 4,300 million yen
(up 28.4% compared to last fiscal year), net income 2,700 million
yen (up 4.4% compared to last fiscal year).
For capital investment, we will continue to invest energy
saving, environmental-related, information, communication, medical
and optical communication business to meet customers' needs. In
addition, we have a plan to strengthen R&D with human resources
and development of new value-added products.
MARUWA Group will strengthen the corporate structure and improve
profitability, which will benefit all stakeholders, including
shareholders.
(Cautionary statements about forecast)
The above forecasts are based on the present business
environment and currently-available information, and including
forward-looking statements involving risks and uncertainties. The
reader is cautioned not to place reliance entirely on the above
forecast for making investment decisions. Due to a number of
factors, such as future economic situations and market environment
changes, actual results may differ significantly from these
estimates.
million million
JPY JPY
As of 31th As of 31th Change
March March
2013 2014 Amount %
---------------- --------------- -------- -------
Total assets 45,610 49,569 3,959 8.7%
Total liabilities 8,469 9,554 1,085 12.8%
Total net assets 37,141 40,016 2,874 7.7%
Equity ratio 81.4% 80.7% -0.7%
--------------- --------------- -------- -------
million million
JPY JPY
For year ended For year ended Change
31th March 31th March Amount %
2013 2014
---------------- --------------- -------- -------
Net cash provided
by
operating activities 4,147 4,056 -91 -2.2%
Net cash used in
investing activities (3,438) (1,927) 1,512 43.9%
Net cash used in
financing activities (947) 170 1,117 118.0%
Cash and cash equivalents
at end of year 10,010 12,507 2,497 24.9%
--------------- --------------- -------- -------
Net sales 24,399 33,475 9,076 37.2%
Capital expenditure 3,237 3,032 -205 -6.3%
Depreciation 1,958 2,308 350 17.9%
--------------- --------------- -------- -------
Total assets as of this fiscal year were 49,569 million yen, up
8.7% compared to the end of last fiscal year. The main factor is
the increase of cash and deposit. Total liabilities were 9,554
million yen, up 12.8% compared to the end of last fiscal year. The
main factor is the increase of notes payable and accounts amount
payable. Total net assets were 40,016 million yen, up 7.7% compared
to the end of last fiscal year. The main factor is the increase of
earned surplus.
As a result, capital ratio of this fiscal year were 80.7%, down
0.7 compared to the end of last fiscal year.
Cash from operating activities was 4,056 million yen, down 91
million yen compared to the end of last fiscal year.
Cash for investing activities was 1,927 million yen, down 1,512
million yen compared to the end of last fiscal year. The main
factor is the decrease of purchase of tangible and fixed
assets.
Cash from financing activities was 170 million yen (947 million
yen purchase last fiscal year). The main factor is the increase of
proceeds from sales of treasury stock.
As a result, the total cash from operating activities and
investing activities exceeded cash for investing activities. Cash
and cash equivalents by the end of fiscal year was 12,507 million
yen, up 2,497 million yen compared to the end of last fiscal
year.
Trends of cash-flows
indices
million
JPY
For year ended For year ended For year ended
31th March 31th March 31th March
2012 2013 2014
---------------- --------------- ---------------
Equity ratio 84.2% 81.4% 80.7%
Equity ratio at
market value 110.8% 71.4% 100.2%
Interest-bearing
debt to
cash flows ratio
(year) 0.1 0.2 0.4
Interest coverage
ratio 1,141.9 925.1 368.7
--------------- --------------- ---------------
Consolidated Balance Sheets
million JPY million JPY thousand
USD
------------ ------------ --------- -----------
As of 31th As of 31th variance As of 31th
March March March
2013 2014 2014
------------ ------------ --------- -----------
ASSETS
Current assets:
Cash & deposits 11,312 13,362 2,050 133,633
Trade notes and accounts
receivable 8,560 8,870 310 88,709
Electronically recorded
monetary claims-operating 32 374 342 0
Inventories 5,493 6,025 532 60,256
Deferred tax assets 260 439 179 4,390
Other current assets 620 727 107 7,271
Allowance for doubtful
accounts (23) (15) 8 (150)
Total current assets 26,254 29,782 3,528 294,109
------------ ------------ -----------
Property, plant & equipment:
Land 3,625 3,512 (113) 35,124
Buildings & structures 4,039 4,981 942 49,815
Machinery & equipment 6,447 6,169 (278) 61,696
Other 622 543 (79) 5,431
Construction in progress 1,792 1,539 (253) 15,392
Total property, plant &
equipment 16,525 16,744 219 167,458
------------ ------------ -----------
Intangible assets:
Goodwill 1,006 716
Other 368 410
Total Intangible assets 1,374 1,126
------------ ------------
Investments & other assets:
Investment securities 243 264 21 2,640
Deferred tax assets 73 218 145 2,180
Property & equipment for
investments 900 1,021 121 10,211
Other 282 434 152 4,340
Allowance for doubtful
accounts (41) (20) 21 (200)
Total investments & other
assets 1,457 1,917 460 19,171
------------ ------------ -----------
Total noncurrent assets 19,356 19,788
------------ ------------
Total assets 45,610 49,569 3,959 480,738
------------ ------------ -----------
LIABILITIES
Current liabilities:
Trade notes & accounts payable 3,086 3,639 553 36,394
Current portion of long-term
debt 339 445 106 4,450
Accrued income taxes 607 896 289 8,961
Accrued bonus 391 436 45 4,360
Accrued bonus for directors 5 10 -- 100
Notes payable for property
acquisitions 315 453 138 4,530
Other current liabilities 1,718 1,727 9 17,272
Total current liabilities 6,461 7,606 1,145 76,067
------- ------- --------
Long-term liabilities:
Long-term debt 789 1,160 371 11,601
Deferred tax liabilities 104 175 71 1,750
Provision for retirement benefits 876 - -- -
Provision for environmental
measures - 26 -- 260
Other 239 587 348 5,871
Total long-term liabilities 2,008 1,948 (60) 19,482
------- ------- --------
Total liabilities 8,469 9,554 1,085 95,549
------- ------- --------
NET ASSETS
Shareholders' equity:
Common stock 8,647 8,647 -- 86,479
Capital surplus 11,909 11,947 -- 119,482
Retained earnings 17,181 19,372 2,191 193,739
Treasury stock, at cost (134) (47) 87 (470)
Total shareholders' equity 37,603 39,919 2,316 399,230
------- ------- --------
Valuation and translation
adjustments:
Net unrealized gains (losses) 16 48 32 480
Foreign currency translation
adjustment (511) 46 557 460
------- -------
Total valuation and translation
adjustments (495) 94 589 940
------- ------- --------
A subscription warrant and
Minority stockholders share 33 2 - 20
Total shareholders' equity 33 2 (31) 20
------- ------- --------
Total net assets 37,141 40,016 2,874 400,190
------- ------- --------
Total liabilities & net assets 45,610 49,569 3,959 495,739
------- ------- --------
Consolidated Statements of
Income
million JPY million JPY thousand
USD
------------ ------------ --------- -----------
For year For year variance For year
ended ended ended
31th March 31th March 31th March
2013 2014 2014
------------ ------------ --------- -----------
Net sales 24,399 33,475 9,076 334,783
Cost of sales 17,418 22,492 5,074 224,942
Gross profit 6,981 10,983 4,002 109,841
------------ ------------ -----------
Selling, general & administrative
expenses 4,694 7,634 2,939 76,338
------------ ------------
Operating income 2,287 3,350 1,063 33,503
------------ ------------ -----------
Other income (expenses):
Interest and dividend income 45 60 15 600
Interest expenses (4) (12) (8) (120)
Rent income 93 104 11 1,040
Rent expenses on real estates
for investments (53) (56) (3) (560)
Environmental expenses (23) - -- -
Settlement package - (19) (190)
Foreign exchange gain (loss),
net 703 166 (537) 1,660
Gain on sales of property,
plant and equipment 1 2 1 20
Loss on disposal or sales
of property, plant and equipment (137) (54) 83 (540)
Gain on sales or valuation
of investment securities 18 7 (11) 70
Pension plan change benefit 128 - -- -
Gain on reduction of noncurrent 207 - -- -
assets
Loss on reduction of noncurrent (207) - -- -
assets
Compensation income - 65 -- 650
Impairment loss - (12) -- (120)
Provision for environmental
measures - (26) -- (260)
cancellation penalty - (12) -- (120)
Other, net 61 51 (10) 510
Other income (expenses), net 832 264 (568) 2,640
------------ ------------ -----------
Income before income taxes 3,119 3,614 495 36,143
Income tax expenses:
Current 892 1,273 381 12,731
Deferred 187 (245) (432) (2,450)
Total income taxes 1,079 1,027 (51) 10,281
------------ ------------ -----------
Net income 2,040 2,586 546 25,862
------------ ------------ -----------
Consolidated Statement of Cash
Flows
million JPY million JPY thousand
USD
------------ ------------ --------- -----------
For year For year variance For year
ended ended ended
31th March 31th March 31th March
2013 2014 2014
------------ ------------ --------- -----------
Cash flows from operating activities:
Income before income taxes 3,119 3,614 495 36,143
Adjustments for:
Depreciation 1,958 2,308 350 23,082
Amortization of negative goodwill 73 290 0 2,900
Increase (decrease) in provision
for retirement benefits (181) (877) 0 (8,771)
Decrease in allowance for doubtful
accounts 2 (28) (30) (280)
Loss on disposal of property,
plant & equipment 135 52 (83) 520
Interest & dividend income (51) (63) (12) (630)
Foreign exchange (gain) loss (25) (19) 6 (190)
Gain on sales of investment 3 - --
securities
Loss on valuation of inventories (18) (7) 11 (70)
Decrease (increase) in trade
notes & accounts receivable (327) (580) (253) (5,801)
Increase in inventories 873 (454) (1,327) (4,540)
Decrease in trade notes & accounts
payable 101 519 418 5,191
Increase (decrease) in provision
for environmental measures - 26 260
Impairment loss - 12 120
Other (426) 135 561 1,350
Sub-total 5,236 4,928 (308) 49,284
------------ ------------ -----------
Interest & dividend income
received 53 64 11 640
Interest expenses paid (5) (11) (6) (110)
Income taxes paid (1,137) (925) 212 (9,251)
The amount of corporation tax
return - - - 0
Net cash provided by operating
activities 4,147 4,056 (91) 40,563
------------ ------------ -----------
Cash flows from investment
activities:
Payments into time deposits (610) (118) 492 (1,180)
Proceeds from withdrawal
of time deposits 30 627 -- 6,271
Payments for purchase
of (3,721) (2,555) 1,166 (25,553)
Proceeds from sales of 366 302 (64) 3,020
Payments for purchase
of (4) (4) 0 (40)
Proceeds from purchase
of investments in subsidiaries
resulting in change in
scope of consolidation 365 - 0
Proceeds from sales of 109 27 (82) 270
Purchase of intangible
assets (16) (56) (40) (560)
Other 43 (150) (193) (1,500)
Net cash used in investing
activities (3,438) (1,927) 1,511 (19,272)
-------- -------- ---------
Cash flows from financing
activities:
Payments of long-term
debt (1,688) (339) 1,349 (3,390)
Cash dividends paid (369) (394) (25) (3,940)
Proceeds from long-term
loans payable 1,100 807 0 8,071
Payments for purchase
of treasury stock (1) (1) 0 (10)
Proceeds from sales of
treasury stock 11 97 970
Net cash used in financing
activities (947) 170 1,117 1,701
-------- -------- ---------
Effect of exchange rate 174 198 24 1,980
-------- --------
changes on cash & cash
equivalents
Net increase (decrease)
in (64) 2,497 2,561 24,972
cash & cash equivalents
Cash and cash equivalents 10,074 10,010 (64) 100,110
at beginning of year 0
Cash and cash equivalents
at end of year 10,010 12,507 2,497 125,082
-------- -------- ---------
Consolidated Statements of Changes in
Net Assets
million
JPY
------- --------- ---------- --------- ---------------
Shareholders' equity
----------------------------------------------------------
Common Capital Retained Treasury Total
stock surplus earnings stock shareholders'
equity
------- --------- ---------- --------- ---------------
Balance at 31th March
2013 8,647 11,909 17,181 (134) 37,603
Increase in legal
capital
Cash dividends (394) (394)
Net income 2,586 2,586
Change of scope of
consolidation 0
Purchase of treasury
stock (1) (1)
Disposal of treasury
stock 37 89 126
Other changes 0
------- --------- ---------- --------- ---------------
Total changes during
the year 0 37 2,192 88 2,317
------- --------- ---------- --------- ---------------
Balance at 31th March
2014 8,647 11,947 19,372 (47) 39,919
------- --------- ---------- --------- ---------------
million
JPY
Valuation and translation
adjustment
Net unrealized Foreign Total A subscription Total
gains on currency valuation warrant net assets
available-for-sale translation and translation and Minority
securities adjustment adjustment stockholders
share
Balance at 31th
March 2013 16 (511) (495) 33 37,141
Increase in legal
capital 0
Cash dividends (394)
Net income 2,586
Change of scope
of consolidation 0
Purchase of treasury
stock (1)
Disposal of treasury
stock 126
Other changes 32 556 588 (30) 558
Total changes during
the year 32 556 588 (30) 2,875
Balance at 31th
March 2014 48 46 94 2 40,015
thousand
USD
---------------
Shareholders' equity
----------------------------------------------------------
Common Capital Retained Treasury Total
stock surplus earnings stock shareholders'
equity
------- --------- ---------- --------- ---------------
Balance at 31th
March 2013 86,479 119,102 171,827 (1,340) 376,068
Increase in legal
capital 0 0 0 0 0
Cash dividends 0 0 (3,940) 0 (3,940)
Net income 0 0 25,863 0 25,863
Change of scope
of consolidation 0 0 0 0 0
Purchase of treasury
stock 0 0 0 (10) (10)
Disposal of treasury
stock 0 370 0 890 1,260
Other changes 0 0 0 0 0
Total changes during
the year 0 370 21,922 880 23,172
---------------
Balance at 31th
March 2014 86,479 119,482 193,739 (470) 399,230
------- --------- ---------- --------- ---------------
thousand
USD
Valuation and translation
adjustment
------------------------------------------------------
Net unrealized Foreign Total A subscription Total
gains on currency valuation warrant net assets
available-for-sale translation and translation and Minority
securities adjustment adjustment stockholders
share
-------------------- ------------- ----------------- --------------- ------------
Balance at 31th
March 2013 160 (5,111) (4,950) 330 371,447
Increase in legal
capital 0 0 0 0 0
Cash dividends 0 0 0 0 (3,940)
Net income 0 0 0 0 25,863
Change of scope
of consolidation 0 0 0 0 0
Purchase of treasury
stock 0 0 0 0 (10)
Disposal of treasury
stock 0 0 0 0 1,260
Other changes 320 5,561 5,881 (300) 5,581
Total changes during
the year 320 5,561 5,881 (300) 28,753
-----------------
Balance at 31th
March 2014 480 460 940 20 400,190
-------------------- ------------- ----------------- --------------- ------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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