TIDMMAW
RNS Number : 7335V
Maruwa Co Ld
30 October 2014
30 Oct 2014
MARUWA CO., LTD.
3-83, Minamihonjigahara-cho, Owariasahi-city, Aichi-pref.,
488-0044 JAPAN
Consolidated financial results for the second quarter of Fiscal
2014
MARUWA CO., LTD. today announced its consolidated financial
results for the second quarter of Fiscal 2014<1 April 2014 -
30 Sep 2014> as follows;
I. Summary of Consolidated Financial
Results
(1) Summary of consolidated operating
results
JPY million
---------------- -------------- ------------
1st Quarter 1st Quarter Change %
1 April - 30 1 April - 30
Sep Sep
2013 2014
---------------- -------------- ------------
Net sales 15,347 15,821 3.1%
Operating income 1,314 1,271 -3.3%
Income before income taxes 1,406 1,314 -6.5%
Net income 1,081 756 -30.1%
---------------- -------------- ------------
Net income per share: JPY
---------------- -------------- ------------
Basic 87.66 61.20 -30.2%
Diluted 87.60 61.20 -30.1%
---------------- -------------- ------------
(2) Summary of consolidated financial
condition
As of 31 March As of 30 Sep Change %
2013 2014
---------------- -------------- ------------
Total assets 49,569 50,024 0.9%
Total net assets 40,016 41,158 2.9%
---------------- -------------- ------------
Equity ratio 80.7% 82.3% 1.6%
---------------- -------------- ------------
JPY
Total net assets per share 3,239.88 3,332.35
---------------- -------------- ------------
II. Dividends
JPY per share
---------------- --------------
Fiscal 2013 Fiscal 2014
(forecast)
---------------- --------------
Interim 17 18
Year-end 17 18
---------------- --------------
Total 34 36
---------------- --------------
*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.
. Outlook for the fiscal 2014<1 April 2014 - 30
Sep 2014>
The forecast figures for business results and dividends announced
in 30 July 2014 are not changed.
Review of Operations
1. Review of Operations
In this consolidated cumulative second quarter, it has gradually
risen on growing expectations of the United States economic
recovery due to a rising trend of capital investment and personal
consumption. The European financial market turmoil has also
regained stability and generally recovered. Meanwhile, emerging
markets including China and South-East Asian countries has been
under an uncertain condition because of concerns over slowdown in
growth and frequent political unrest.
In the Japanese economy, market has generally recovered due to
improvement of income environment by turnaround of corporate
performance, depreciation of the yen and rising stock prices led by
economic and fiscal policy of 'Abenomics'. However, the economic
condition has still been uncertain because of reverse effect caused
by a last-minute surge in demand due to the consumption tax hike,
slowdown growth of export due to a stagnation of emerging markets
and a high level price of raw materials from yen depreciation.
Under the uncertain market condition, the MARUWA Group's
business results during this quarter has stayed firm especially in
ceramic products for power modules related to energy-savings and
environment which are one of our differentiated products in the
ceramic components division. On the other hand, in the lighting
equipment division, the plans of construction period will be
delayed after the fiscal year and it seems to be difficult to
achieve the prior forecast. This is because of soaring of personnel
expense and material price due to the increase of demand for
construction (i.g. reconstruction demand for Tohoku and facility
maintenance for Tokyo Olympics).
The forecast of this fiscal year, however, remains unchanged
from the prior forecast because it is expected to continue to
steadily increase in the ceramic components division.
As a result, our consolidated sales were 15,821 million yen
(increase 3.1% year on year). Our operating income was 1,271
million yen (decrease 3.3% year on year). Ordinary profit was 1,508
million yen (increase 8.1% year on year). Net income was 756
million yen (decrease 30.1% year on year).
2.Operating Results by Business Division
The Ceramic Components Division
The total sales for this business segment was 11,125 million yen
(increase 7.6% year on year).
Markets related to energy-saving and environment are still brisk
and the sales of ceramic products for HEV and LED remained
strong.
Operating income was 1,997 million yen (increase 2.1% year on
year).
Lighting Equipment Division
The total sales for this business segment was 4,696 million yen
(decrease 6.1% year on year).
The profit, we push forward constitution reinforcement of
YAMAGIWA and result comes out smoothly. The recording of sales will
be delayed because construction plans were delayed while orders
were increased. An operating loss was 236 million yen (decrease
20.5% year on year).
Regarding profits, we are further strengthening the structure of
YAMAGIWA and it steadily produces results. We will continue to
develop and expand sales of ceramic LED modules and lighting
equipment.
Review of Operations
Review of operating results by segment
JPY million
-----------------
2nd Quarter 2nd Quarter
1 April - 30 Sep 1 April - 30 Sep
2013 2014
----------------- -----------------
Ceramic Components:
Net sales 10,344 11,125
Operating income 1,955 1,997
----------------- -----------------
Lighting Equipment:
Net sales 5,003 4,696
Operating income (196) (236)
----------------- -----------------
Total:
Net sales 15,347 15,821
Operating income 1,759 1,761
----------------- -----------------
Elimination:
Net sales -- --
Operating income (445) (490)
----------------- -----------------
Consolidated:
Net sales 15,347 15,821
Operating income 1,314 1,271
----------------- -----------------
3. Financial Condition
Total assets as of the end of this second quarter were
50,024million yen, increase 0.9 from the end of last fiscal year.
Total liabilities were 8,866 million yen, decrease 7.2% from the
end of last fiscal year. Total net assets were 41,158 million yen
,increase 2.9% from the end of last fiscal year.
The forecast figures for business results and dividends
announced in 30 July 2014 are not changed.
Consolidated Balance Sheet
JPY million
------------ ------------
2nd Quarter (Reference)
As of 30 As of 31
Sep March
2014 2014
------------ ------------
ASSETS
Current assets:
Cash & deposits 14,312 13,362
Trade notes and accounts receivable 7,913 8,870
Electronically recorded monetary
claims-operating 340 374
Inventories: 6,970 6,025
Deferred tax assets 479 439
Other current assets 846 727
Allowance for doubtful accounts (15) (15)
Total current assets 30,845 29,782
------------ ------------
Property, plant & equipment:
Land 3,518 3,512
Buildings & structures 4,805 4,981
Machinery & equipment 6,076 6,169
Other 555 543
Construction in progress 1,235 1,539
Total property, plant & equipment 16,189 16,744
------------ ------------
Goodwill 571 716
Other 447 410
Total Intangible assets 1,018 1,126
------------ ------------
Investment & other assets:
Total investments & other assets 1,972 1,917
------------ ------------
Total assets 50,024 49,569
------------ ------------
LIABILITIES
Current liabilities:
Trade notes & accounts payable 3,264 3,639
Current portion of long-term debt 470 445
Accrued income taxes 604 896
Accrued bonus 476 436
Accrued bonus to directors 5 10
Notes payable for property acquisitions 201 453
Other 2,213 1,726
Total current liabilities 7,233 7,605
------- -------
Long-term liabilities:
Long-term debt 957 1,159
Diferrred tax liabilities 155 175
Provision for environmental measures 26 26
Other 495 589
Total long-term liabilities 1,633 1,949
------- -------
Total liabilities 8,866 9,554
------- -------
NET ASSETS
Shareholders' equity:
Common stock 8,647 8,647
Capital surplus 11,947 11,947
Retained earnings 19,918 19,372
Treasury stock, at cost (47) (47)
Total shareholders' equity 40,465 39,919
------- -------
Valuation and translation adjustments:
Net unrealized gains(losses)on available-for-sale
securities 95 48
Foreign currency translation adjustments 595 46
Total valuation and translation
adjustments 690 94
------- -------
A subscription warrant and Minority
stockholders share 3 3
Total shareholders' equity 3 3
------- -------
Total net assets 41,158 40,016
------- -------
Total liabilities and net assets 50,024 49,569
------- -------
Consolidated Statements of Income
JPY million
------------ ------------
2nd Quarter 2nd Quarter
1 April - 1 April -
30 Sep 30 Sep
2013 2014
------------ ------------
Net sales 15,347 15,821
Cost of sales 10,128 10,729
Gross profit 5,219 5,092
------------ ------------
Selling, general & administrative 3,905 3,821
------------ ------------
expenses
Operating income 1,314 1,271
------------ ------------
Other income (expenses):
Interest & dividend income 26 23
Interest expenses (4) (7)
Rent income 57 51
Rent expenses on real estates for
investments (28) (19)
Foreign exchange gain (loss), net (5) 172
Gain on sales of noncurrent assets 0 1
Compensation income 65 -
Subsidy income - 755
Loss on disposal or sales of property,
plant and equipment (22) (5)
Loss on reduction of noncurrent
assets - (738)
Provision for environmental measures (26) -
Gain on redemption of securities 7 21
Impairment loss (12) (192)
Other, net 34 (19)
Other income (expenses), net 92 43
------------ ------------
Income before income taxes 1,406 1,314
------------ ------------
Income taxes:
Current 585 560
Deferred (260) (2)
Total income taxes 325 558
------------ ------------
Minority interests in income 0 0
------------ ------------
Net income 1,081 756
------------ ------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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