Last checked at 30 Jul 2015 11:09
30 July 2015 | |||||
MARUWA CO., LTD. | |||||
3-83, Minamihonjigahara-cho, Owariasahi-city, Aichi-pref., 488-0044 JAPAN | |||||
Consolidated financial results for the first quarter of Fiscal 2015 | |||||
MARUWA CO., LTD. today announced its consolidated financial results for the first quarter of Fiscal 2015 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 - 30June | ||||
2014 | 2015 | ||||
Net sales | 7,516 | 7,189 | -4.3% | ||
Operating income | 450 | 651 | 44.7% | ||
Income before income taxes | 564 | 737 | 30.7% | ||
Net income | 358 | 442 | 23.6% | ||
Net income per share: | JPY | ||||
Basic | 28.98 | 35.81 | 23.6% | ||
Diluted | 28.97 | 35.81 | 23.6% | ||
(2) Summary of consolidated financial condition | |||||
JPY million | |||||
As of 31 March | As of 30 June | Change % | |||
2014 | 2015 | ||||
Total assets | 49,445 | 47,500 | -3.9% | ||
Total net assets | 41,000 | 41,334 | 0.8% | ||
Equity ratio | 82.9% | 87.0% | 4.1% | ||
JPY | |||||
Total net assets per share | 3,319.58 | 3,346.71 | 0.8% | ||
| |||||
II. Dividends | |||||
JPY per share | |||||
Fiscal 2014 | Fiscal 2015 | ||||
(forecast) | |||||
Interim | 18 | 19 | |||
Year-end | 18 | 19 | |||
Total | 36 | 38 | |||
*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. | |||||
‡V. Outlook for the fiscal 2015 | |||||
The forecast figures for business results and dividends announced in 28th@April 2015 are not changed. | |||||
\* The financial statements are prepared in conformity with the accounting principles generally accepted in Japan. | |||||
*Consolidated subsidiaries: 15companies. | |||||
Review of Operations
1. Review of Operations
In this consolidated cumulative 1st quarter, the United States economy has gradually recovered due to a steady recovery of employment environment, Europe, a gradual recovery was seen by the personal consumption. However, Greece issues such as remain, such as is now in a state of insecurity remain. Also, in the emerging countries, including China and Southeast Asian countries, we have remained firm despite slowdown of economic growth is continuing.
In the Japanese economy, became a gradual economic recovery and improvement of income environment associated with the upturn in corporate earnings due to weaker yen progression. However, emerging economic stagnation, such as due to high levels of raw material prices due to sluggish growth and the yen stable clothes for export, it is still a situation where anxiety remains in the future.
Under the uncertain market condition, the MARUWA Groupfs business results during this quarter has stayed firm especially in ceramic products for power modules related to energy-savings and environment and communication-related ceramic products which were one of our differentiated products in the ceramic components division. In the lighting equipment division, inquiries of public related lighting, including the road lamp has been strong, we have remained generally as expected.
As a result, our consolidated sales were 7,189 million yen (decrease 4.3% year on year). Our operating income was 651 million yen (increase 44.7% year on year). Ordinary profit was 744 million yen (increase 35.4% year on year). Net income was 442 million yen (increase 23.6% year on year).
2.Operating Results by Business Division
The Ceramic Components Division
The total sales for this business segment was 5,383 million yen (decrease 4.5% year on year).
This decrease is something that has been assumed in the due review of constitution of significant NFC ferrite sheet business in the previous fiscal year.
An operating loss was 1,120 million yen (increase 10.7% year on year).
Lighting Equipment Division
The total sales for this business segment was 1,807 million yen (decrease 3.8% year on year).
MARUWA SHOMEI, orders for public-related lighting, including the road lights were strong. YAMAGIWA, such as the construction period delay due to shortage of soaring and the construction site of construction materials due to the yen's depreciation, but we have followed from the previous fiscal year, actively perform the PR to the customer in the showroom that trimmed the previous fiscal year, continued to take advantage of below.
An operating loss was 316 million yen (compared with an operating profit 96 million yen of the previous 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 | ||||
1st Quarter | 1st Quarter | |||
1 April - 30 June | 1 April - 30 June | |||
2014 | 2015 | |||
Ceramic Components: |
| |||
Net sales | 5,637 | 5,384 | ||
Operating income | 1,012 | 1,120 | ||
Lighting Equipment: | ||||
Net sales | 1,879 | 1,807 | ||
Operating income | (316) | (221) | ||
Total: | ||||
Net sales | 7,516 | 7,191 | ||
Operating income | 696 | 899 | ||
| ||||
Elimination: | ||||
Net sales | -- | -- | ||
Operating income | (245) | (248) | ||
Consolidated: | ||||
Net sales | 7,516 | 7,191 | ||
Operating income | 450 | 651 | ||
3. Financial Condition
Total assets as of the end of this first quarter were 47,500 million yen, decrease@3.9% from end of the fiscal year. Total liabilities were@6,166 million yen, decrease 27.0% from the end of last fiscal year. Total net assets were 41,334 million yen ,increase 0.8% from the end of last fiscal year.
Consolidated Balance Sheet | ||
JPY million | ||
1st Quarter | (Reference) | |
As of 30 June | As of 31 March | |
2015 | 2015 | |
ASSETS | ||
Current assets: | ||
Cash & deposits | 12,799 | 14,225 |
Trade notes and accounts receivable | 7,721 | 8,491 |
Electronically recorded monetary claims-operating | 429 | 439 |
Inventories | 7,395 | 7,132 |
Deferred tax assets | 222 | 320 |
Other current assets | 1,073 | 811 |
Allowance for doubtful accounts | (12) | (11) |
Total current assets | 29,628 | 31,407 |
Property, plant & equipment: | ||
Land | 3,531 | 3,518 |
Buildings & structures | 4,723 | 4,635 |
Machinery & equipment | 4,463 | 4,519 |
Other | 539 | 534 |
Construction in progress | 1,687 | 1,786 |
Total property, plant & equipment | 14,944 | 14,992 |
Goodwill | 354 | 426 |
Other | 456 | 450 |
Total Intangible assets | 810 | 876 |
Investment & other assets: | ||
Total investments & other assets | 2,119 | 2,170 |
Total assets | 47,500 | 49,445 |
LIABILITIES | ||
Current liabilities: | ||
Trade notes & accounts payable | 2,803 | 3,989 |
Current portion of long-term debt | 308 | 993 |
Accrued income taxes | 164 | 394 |
Accrued bonus | 236 | 459 |
Accrued bonus to directors | 2 | 5 |
Notes payable for property acquisitions | 223 | 184 |
Other | 1,858 | 1,691 |
Total current liabilities | 5,594 | 7,715 |
Long-term liabilities: | ||
Long-term debt | 219 | 253 |
Provision for environmental measures | 26 | 26 |
Other | 327 | 451 |
Total long-term liabilities | 572 | 730 |
Total liabilities | 6,166 | 8,445 |
NET ASSETS | ||
Shareholders' equity: | ||
Common stock | 8,647 | 8,647 |
Capital surplus | 11,947 | 11,947 |
Retained earnings | 20,044 | 19,824 |
Treasury stock, at cost | (47) | (47) |
Total shareholders' equity | 40,591 | 40,371 |
Valuation and translation adjustments: | ||
Net unrealized gains(losses)on available-for-sale securities | 149 | 131 |
Foreign currency translation adjustments | 592 | 495 |
Total valuation and translation adjustments | 741 | 626 |
A subscription warrant@and@Minority stockholders share | 2 | 3 |
Total shareholders' equity | 2 | 3 |
Total net assets | 41,334 | 41,000 |
Total liabilities and net assets | 47,500 | 49,445 |
Consolidated Statements of Income | ||
JPY million | ||
1st Quarter | 1st Quarter | |
1 April - 30 June | 1 April - 30 June | |
2014 | 2015 | |
Net sales | 7,516 | 7,189 |
Cost of sales | 5,157 | 4,682 |
Gross profit | 2,359 | 2,508 |
Selling, general & administrative | 1,909 | 1,856 |
expenses | ||
Operating income | 450 | 651 |
Other income (expenses): | ||
Interest & dividend income | 8 | 7 |
Interest expenses | (3) | (3) |
Rent income | 22 | 23 |
Rent expenses on real estates for investments | (8) | (7) |
Foreign exchange gain (loss), net | 74 | 55 |
Gain on sales of noncurrent assets | 0 | 0 |
Subsidy income | 755 | - |
Loss on disposal or sales of property, plant and equipment | (2) | - |
Loss on sales of inventories securities | - | (7) |
Loss on reduction of noncurrent assets | (738) | - |
Other, net | 7 | 18 |
Other income (expenses), net | 115 | 86 |
Income before income taxes | 564 | 737 |
Income taxes: | ||
Current | 93 | 216 |
Deferred | 113 | 79 |
Total income taxes | 206 | 295 |
Minority interests in income | 0 | (0) |
Net income | 358 | 442 |