Last checked at 6 Aug 2013 12:07
|
|
| 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 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 |
| ||
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 - 30 June | 1 April - 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 June | As of 31 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 - 30 June | 1 April - 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 |