Last checked at 26 Jul 2012 10:33
MARUWA CO., LTD. | 26-Jul.2012 | |||
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 2012 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 | |||
2011 | 2012 |
| ||
Net sales | 5,355 | 5,310 | -0.8% | |
Operating income | 993 | 625 | -37.1% | |
Income before income taxes | 1,023 | 474 | -53.7% | |
Net income | 687 | 334 | -51.4% | |
Net income per share: |
| JPY |
| |
Basic | 63.92 | 27.11 | -57.6% | |
Diluted | 63.83 | 27.10 | -- | |
(2) Summary of consolidated financial condition | ||||
|
|
| ||
As of 31 March | As of 30 June | Change % | ||
2012 | 2012 |
| ||
Total assets | 40,808 | 38,916 | -4.6% | |
Total net assets | 34,407 | 33,994 | -1.2% | |
Equity ratio | 84.2% | 87.3% | 3.0% | |
JPY | ||||
Total net assets per share | 2,793.36 | 2,759.24 |
| |
II. Dividends | ||||
| JPY per share | |||
Fiscal 2012 | Fiscal 2013 | |||
| (forecast) | |||
Interim | 15 | 15 | ||
Year-end | 15 | 15 | ||
Total | 30 | 30 | ||
*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 28 April 2011 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 economies in emerging countries, including China, rapidly losing steam.
Despite a strong automotive market and the need for the reconstruction of the Tohoku area, the Japanese economy still has some uncertainty in its outlook because of unstable employment, sluggish personal consumption, unstable electric power supply, deflation and the appreciation of the yen.
In this severe economic situation, the MARUWA Group's business results during this first half of this fiscal year was in line with our plan due to strong demand for ceramic substrate for power modules and for new products for smart phone devices.
As a result, our consolidated sales were 5,310 million yen. (This is down 0.8% compared to the same period last year) Our operating income was 625 million yen. (This is down 37.0% compared to the same period last year) Ordinary profit was 490 million yen (down 52.5%). Net income was 334 million yen (down 51.4%).
2.Operating Results by Business Division
The Ceramic Components Division
The total sales for this business segment was 5,016 million yen. (This is down 2.1% 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 811 million yen.
Lighting Equipment Division
The turnover was 294 million yen. This is a 27.1% increase over the same period last year. Operating profit was 23 million yen compared to a 35 million loss last year. 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 | ||
1st Quarter | 1st Quarter | |||
1 April - 30 June | 1 April - 30 June | |||
2011 | 2012 | |||
Ceramic Components: |
|
|
|
|
Net sales | 5,124 | 5,016 | ||
Operating income |
| 1,199 |
| 811 |
Lighting Equipment: | ||||
Net sales | 231 | 294 | ||
Operating income |
| (35) |
| 23 |
Total: | ||||
Net sales | 5,355 | 5,310 | ||
Operating income |
| 1,164 |
| 834 |
|
|
|
| |
Elimination: | ||||
Net sales |
| -- |
| -- |
Operating income |
| (171) |
| (209) |
Consolidated: | ||||
Net sales |
| 5,355 |
| 5,310 |
Operating income |
| 993 |
| 625 |
3. Financial Condition
Total assets as of the end of this first quarter were 38,916million yen, down 4.6％ from the end of last fiscal year . Total liabilities decreased 1,479 million yen to 4,922 million yen from the previous year-end. Total net assets decreased 413 million yen to 33,994 million yen because of an increase in retained earnings.
Consolidated Balance Sheet
Consolidated Balance Sheet | ||
| JPY million | |
1st Quarter | (Reference) | |
As of 30 June | As of 31 March | |
2012 | 2012 | |
ASSETS | ||
Current assets: | ||
Cash & deposits | 9,236 | 10,649 |
Trade notes and accounts receivable | 6,701 | 6,373 |
Inventories: | 5,497 | 5,591 |
Deferred tax assets | 100 | 219 |
Other current assets | 303 | 716 |
Allowance for doubtful accounts | (1) | (2) |
Total current assets | 21,836 | 23,546 |
Property, plant & equipment: | ||
Land | 3,571 | 3,789 |
Buildings & structures | 3,839 | 3,965 |
Machinery & equipment | 4,956 | 4,567 |
Other | 534 | 533 |
Construction in progress | 2,582 | 2,747 |
Total property, plant & equipment | 15,482 | 15,601 |
Intangible Assets | 220 | 221 |
Net property, plant & equipment | 15,702 | 15,822 |
Investment & other assets: | ||
Total investments & other assets | 1,378 | 1,440 |
Total assets | 38,916 | 40,808 |
LIABILITIES | ||
Current liabilities: | ||
Trade notes & accounts payable | 1,820 | 2,230 |
Current portion of long-term debt | 5 | 5 |
Accrued income taxes | 71 | 739 |
Accrued bonus | 171 | 322 |
Accrued bonus to directors | 2 | 14 |
Notes payable for property acquisitions | 978 | 1,457 |
Other | 1,523 | 1,270 |
Total current liabilities | 4,570 | 6,037 |
Long-term liabilities: | ||
Long-term debt | 110 | 111 |
Diferrred tax liabilities | 5 | 17 |
Other | 237 | 236 |
Total long-term liabilities | 352 | 364 |
Total liabilities | 4,922 | 6,401 |
NET ASSETS | ||
Shareholders' equity: | ||
Common stock | 8,647 | 8,647 |
Capital surplus | 11,909 | 11,906 |
Retained earnings | 15,659 | 15,510 |
Treasury stock, at cost | (134) | (141) |
Total shareholders' equity | 36,081 | 35,922 |
Valuation and translation adjustments: | ||
Net unrealized gains(losses)on available-for-sale securities | (25) | 13 |
Foreign currency translation adjustments | (2,094) | (1,562) |
Total valuation and translation adjustments | (2,119) | (1,549) |
A subscription warrant and Minority stockholders share | 32 | 34 |
Total shareholders' equity | 32 | 34 |
Total net assets | 33,994 | 34,407 |
Total liabilities and net assets | 38,916 | 40,808 |
Consolidated Statements of Income | ||
| JPY million | |
1st Quarter | 1st Quarter | |
1 April - 30 June | 1 April - 30 June | |
2011 | 2012 | |
Net sales | 5,355 | 5,310 |
Cost of sales | 3,435 | 3,767 |
Gross profit | 1,920 | 1,543 |
Selling, general & administrative | 927 | 918 |
expenses | ||
Operating income | 993 | 625 |
Other income (expenses): | ||
Interest & dividend income | 8 | 9 |
Interest expenses | 0 | 0 |
Rent income | 27 | 23 |
Rent expenses on real estates for investments | (13) | (12) |
Foreign exchange gain (loss), net | 9 | (160) |
Gain on sales of property, plant and equipment | 8 | 2 |
Loss on disposal or sales of property, plant and equipment | (17) | (8) |
Loss on valuation of golf club membership | (11) | |
Other, net | 8 | 6 |
Other income (expenses), net | 30 | (151) |
Income before income taxes | 1,023 | 474 |
Income taxes: | ||
Current | 238 | 30 |
Deferred | 98 | 110 |
Total income taxes | 336 | 140 |
Net income | 687 | 334 |