Last checked at 14 May 2014 07:00
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 JPY |
|
|
| thousand USD | ||
For year ended | For year ended | Change % | For year 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 JPY |
|
|
| thousand USD | ||
As of 31th March | As of 31th March | Change % | As of 31th 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 JPY |
|
|
| USD thousand | ||
For year ended | For year ended | Change % | For year 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 | ||||
Interim | 17 | 18 | Operating income | 1,680 | 4,300 | |||
Year-end | 17 | 18 | Net income | 1,100 | 2,700 | |||
Annual | 34 | 36 | Net income 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 ended | For year ended | variance | ||||||
31th March 2013 | 31th March 2014 | amount | % | |||||
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 2013 | 31th March 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 ended |
| For year ended | variance | ||||
| 31th March 2014 |
| 31th March 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 segment | million JPY | |||||||
| For year ended |
| For year ended | variance | ||||
| 31th March 2014 |
| 31th March 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 JPY | million JPY | |||||||
As of 31th March | As of 31th March | Change | ||||||
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 JPY | million JPY | |||||||
For year ended | For year ended | Change | ||||||
31th March 2013 | 31th March 2014 | Amount | % | |||||
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 2012 | 31th March 2013 | 31th March 2014 | |||||
Equity ratio | 84.2% | 81.4% | 80.7% | ||||
Equity ratio at market value | 110.8% | 71.4% | 100.2% | ||||
Interest-bearing debt tocash 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 March | As of 31th March | variance | As of 31th 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 ended | For year ended | variance | For year 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 assets | 207 | - | -- | - |
Loss on reduction of noncurrent assets | (207) | - | -- | - |
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 ended | For year ended | variance | For year 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 securities | 3 | - | -- | |
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 stock | Capital surplus | Retained earnings | Treasury stock | Total 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 gains on available-for-sale securities | Foreign currency translation adjustment | Total valuation and translation adjustment | A subscription warrant and Minority stockholders share | Total net assets | |
|
| ||||
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 stock | Capital surplus | Retained earnings | Treasury stock | Total 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 gains on available-for-sale securities | Foreign currency translation adjustment | Total valuation and translation adjustment | A subscription warrant and Minority stockholders share | Total net assets | |
|
|
|
| ||
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 |