Last checked at 27 Apr 2011 11:22
27 Apr. 2011 | ||||||||
MARUWA CO., LTD. | ||||||||
3-83, Minamihonjigahara-cho, Owariasahi-city, Aichi-pref., 488-0044 JAPAN | ||||||||
Final Results for Fiscal 2011 | ||||||||
MARUWA CO., LTD. today announced its consolidated business results for the full fiscal year ended 31st March, 2011 as follows; | ||||||||
\* The financial statements are prepared in conformity with the accounting principles generally accepted in Japan. | ||||||||
*US dollar amounts are converted for convenience only at the rate of US$1 = 83.15yen. | ||||||||
*Consolidated subsidiaries:11 companies (Maruwa (Malaysia) Sdn. Bhd., Taiwan Maruwa Co., Ltd., MARUWA Electronics (Taiwan) Co., Ltd., Maruwa Europe Ltd., Maruwa America Corp., Maruwa Korea Co., Ltd., Maruwa (Shanghai) Trading Co., Ltd., MARUWA Electronic | ||||||||
I. Summary of Consolidated Results | ||||||||
(1) Summary of consolidated statement of income | ||||||||
|
| JPY million |
|
|
| USD thousand | ||
For year ended | For year ended | Change % | For year ended | |||||
31st March | 31st March | 31st March | ||||||
2010 |
| 2011 |
|
|
| 2011 | ||
Net sales | 15,405 | 20,011 | 29.9% | 166,391 | ||||
Operating income | 1,289 | 3,035 | 135.5% | 25,236 | ||||
Income before income taxes | 1,231 | 2,898 | 135.4% | 25,344 | ||||
Net income | 1,105 | 2,012 | 82.1% | 17,977 | ||||
JPY | USD | |||||||
Net income per share (Basic) | 102.97 |
| 187.14 |
| 81.7% |
| 2.25 | |
(Diluted) | -- |
| -- |
| -- |
| -- | |
*Average number of issued shares | 10,730,160 | 10,749,267 | ||||||
(2) Summary of consolidated financial condition | ||||||||
|
| JPY million |
|
|
| USD thousand | ||
As of 31st March | As of 31st March | Change % | As of 31st March | |||||
2010 |
| 2011 |
|
|
| 2011 | ||
Total Assets | 30,689 | 33,649 | 9.6% | 286,789 | ||||
Total net assets | 26,560 | 28,105 | 5.8% | 233,693 | ||||
Equity ratio | 86.5% | 83.5% | -3.0% | |||||
JPY | USD | |||||||
Total net assets per share | 2,470.94 | 2,611.82 | 5.7% | 31.41 | ||||
*Number of issued shares at the year end | 10,745,230 | 10,749,937 | ||||||
(3) Summary of consolidated statement of cash flows | ||||||||
|
| JPY million |
|
|
| USD thousand | ||
For year ended | For year ended | Change % | For year ended | |||||
31st March | 31st March | 31st March | ||||||
2010 |
| 2011 |
|
|
| 2011 | ||
Net cash provided by operating activities | 2,922 | 2,549 | -12.8% | 22,442 | ||||
Net cash used in investing activities | (917) | (2,646) | -188.5% | (22,001) | ||||
Net cash used in financing activities | (248) | (307) | -23.8% | (2,553) | ||||
Cash and cash equivalents at end of term | 8,863 | 8,380 | -5.4% | 70,927 | ||||
II. Dividends | III. Outlook for fiscal 2011 ending 31 March 2011 | |||||||
| JPY per share | JPY million | ||||||
Fiscal 2011 | Fiscal 2012 | Half year | Full year | |||||
| (forecast) | Net sales | 9,600 | 23,100 | ||||
Interim | 15 | 15 | Operating income | 1,480 | 3,560 | |||
Year-end | 15 | 15 | Net income | 938 | 2,210 | |||
Annual | 30 | 30 | Net income per share | 87.26 | 205.58 | |||
*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 | ||||||||
JPY million | ||||||||
Fiscal 2010 |
|
| Fiscal 2011 | |||||
1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | |
Net sales | 2,952 | 3,655 | 3,953 | 4,845 | 4,587 | 4,989 | 4,894 | 5,541 |
Operating income | (72) | 271 | 443 | 647 | 634 | 841 | 756 | 804 |
Net income | (22) | 313 | 328 | 486 | 375 | 538 | 496 | 603 |
JPY million | ||||||||
Previous | Current |
|
|
| ||||
For year ended | For year ended | change | ||||||
31st March 2010 | 31st March 2011 | amount | % | |||||
Net sales | 15,405 | 20,011 | 4,606 | 29.9% | ||||
Operating income | 1,289 | 3,035 | 1,746 | 135.5% | ||||
Net income | 1,105 | 2,012 | 907 | 82.1% | ||||
(1) Review of operations
The world economy tended in general toward recovery in this fiscal year, though there is political instability in North Africa and Middle East and financial crisis in Euro zone nations triggered credit impairment. The trend toward recovery is in part due to the strong market expansion in emerging countries, particularly China, and the recovering American economy.
The recovery of the world economy caused an increase in production activity and profit in Japan. There was gradual recovery in terms of individual consumption, employment and income due to government-led economic policy. As a result of these factors, the Japanese economy in the first half was on a recovery trend.
However the economy has not attained a full-scale recovery in the second half due to a slowdown since autumn. This has been caused by the sharp rise and continuation of a strong yen. This has resulted in rising raw material costs, mainly in terms of crude oil. Additionally, economic conditions have deteriorated due to the occurrence of the devastating Tohoku Earthquake on 2011/3/11.
In these circumstances, the electronic component market in the first half of the fiscal year was strong. This was due in part to a recovering consumer demand, fueled by the expansion of digital service items in China and other Asian countries. This was also due to activation of capital expenditure for semiconductors, which then influenced a recovering demand for semiconductors.
In the second half, though there was an impact from the slowdown of the recovering economy, we worked actively to build up new product lines in the areas of energy saving, ecology-related products, such as HEV, LED lighting and new products for information terminal markets, mainly for smartphone use.
Because of these factors, Maruwa's turnover for this fiscal year was 20,011 million yen. (This is up 29.9% compared to last year.)
We improved production profitability in order to be able to take appropriate countermeasures against rapid changes in the market climate. This was achieved through improvement of production yield, lead time and cost reduction. As a result, our operating income was 3,035 million yen, up 135.4% compared to last year. Our net income was 2,012 million yen, an increase of 82.1% compared to last year.
(2) Review of operating results by business segment | ||||
|
|
| JPY million | |
Current | ||||
For year ended | For year ended | |||
31st March 2010 | 31st March 2011 | |||
Ceramic Components: |
|
|
|
|
Net sales | 13,587 | 18,061 | ||
Operating income |
| 1,705 |
| 3,498 |
Lighting Equipment: | ||||
Net sales | 1,818 | 1,950 | ||
Operating income |
| 104 |
| 136 |
Total: | ||||
Net sales |
| 15,405 | 20,011 | |
Operating income |
| 1,809 | 3,634 | |
|
|
|
| |
Elimination: | ||||
Net sales |
| -- | -- | |
Operating income |
| (520) | (599) | |
Consolidated: | ||||
Net sales |
| 15,405 | 20,011 | |
Operating income |
| 1,289 | 3,035 | |
2. Review of operating results by business segment
Ceramic Components
The total sales for this business segment was 18,061 million yen, up 32.9% compared to last year. An increase in orders was sustained due to the recovering demand for digital consumer products in China and other Asian countries. Ceramics for power modules for the energy saving, ecology related market, such as HEV, EV and wind power generators, made good progress.
The operating income was 3,498 million yen(up 105.2% compared to last year) we exceeded the level of the previous year due to improvement in productivity of existing products, cost reduction and contribution of new product offerings with high added value.
Lighting Equipment
Total sales of the Lighting Equipment segment was 1,950 million yen, up 7.3 % compared to last year. Operating income was 136 million yen, up 31% compared to last year.
The sales of traditional lighting equipment are decreasing.
However, sales for LED lighting equipment are rising, and new product development in this area and expansion of sales are improving operational profit. There is increased demand for ecology related products, such as LED lighting.
(3) Outlook of the Full Fiscal 2011 | ||||||||
JPY million | ||||||||
| For year ended |
| For year ending | Change | ||||
| 31st March2011 |
| 31st March 2012 | % | ||||
Net sales | 20,011 | 23,100 | 15.4% | |||||
Operating income | 3,035 | 3,560 | 17.3% | |||||
Net income | 2,012 | 2,210 |
| 9.8% | ||||
Sales by segment | JPY million | |||||||
| For year ended |
| For year ending | Change | ||||
| 31st March 2011 |
| 31st March 2012 | % | ||||
Ceramic Components | 18,061 |
| 20,800 | 15.2% | ||||
Lighting Equipment | 1,950 | 2,300 | 17.9% | |||||
Total |
| 20,011 |
| 23,100 |
| 15.4% | ||
*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. | ||||||||
3. Financial Condition
Total assets as of the end of this fiscal year were 33,649 million yen, up 9.6％from the end of previous year.
Total liabilities increased 34.3% to 5,544 million yen from the end of previous year and this was due to a increase in trade notes, accounts payable and income tax payable.
Total net assets were 28,106 million yen.
As a result, equity ratio was 83.4%.
Cash and cash equivalents at the end of this fiscal year were 8,380 million yen.
Cash provided by operating activities were 2,549 million yen. This is a 373 million yen decrease from the previous year.
Net cash used in investing activities was 2,646 million yen due in particular to payments for purchase of property. There was a 1,729 million yen increase from the previous year.
Net cash used in financing activities was 307 million yen. This was 59 million yen increase from the previous year.
Financial Condition | ||||||||
JPY million | JPY million | |||||||
As of 31st March | As of 31st March | Change | ||||||
2010 | 2011 | Amount | % | |||||
Total assets | 30,689 | 33,649 | 2,960 | 9.6% | ||||
Total liabilities | 4,128 | 5,544 | 1,416 | 34.3% | ||||
Total net assets | 26,560 | 28,105 | 1,545 | 5.8% | ||||
Equity ratio |
| 86.5% |
| 83.5% | -3.0% |
| ||
JPY million | JPY million | |||||||
For year ended | For year ended | Change | ||||||
31st March 2010 | 31st March 2011 | Amount | % | |||||
Net cash provided by operating activities |
| 2,922 |
| 2,549 | -373 | -12.8% | ||
Net cash used in investing activities | (917) | (2,646) | -1,729 | -188.5% | ||||
Net cash used in financing activities | (248) | (307) | -59 | -23.8% | ||||
Cash and cash equivalents at end of year |
| 8,863 |
| 8,380 | -483 | -5.4% | ||
Net sales |
| 15,405 |
| 20,011 | 4,606 | 29.9% | ||
Capital expenditure | 1,209 | 1,585 | 376 | 31.1% | ||||
Depreciation |
| 1,637 |
| 1,584 | -53 | -3.2% | ||
| ||||||||
Trends of cash-flows indices | ||||||||
JPY million | ||||||||
For year ended | For year ended | For year ended | ||||||
31st March 2009 | 31st March 2010 | 31st March 2011 | ||||||
Equity ratio | 87.9% | 86.5% | 83.5% | |||||
Equity ratio at market value | 36.4% | 69.5% | 86.1% | |||||
Interest-bearing debt tocash flows ratio (year) | 0.0 | 0.0 | 0.0 | |||||
Interest coverage ratio |
| 1,809.3 |
| 1,419.8 |
| 1,217.8 | ||
4. Outlook for the next fiscal year
The outlook for the future economy is characterized by a persistent wariness caused by the financial crisis in Euro zone nations triggering credit impairment and by political instability in North Africa and Middle East. However, a general trend toward recovery is predicted due to continuing upward momentum in America and economic growth in China and other emerging countries.
Meanwhile, the total scale of the damage caused by the 2011 Tohoku Earthquake is still uncertain, and an unpredictable atmosphere is expected to remain.
However, the energy saving, ecology related market in which we situate our growth strategy, is expected to grow at a solid rate.
Furthermore, new products for smartphone and other information terminal markets are expected to expand rapidly.
For capital investment, we will invest actively in the energy saving, ecology related market. We will also invest in new R&D, with increased staff, to work for the development of new products, with high added value.
We forecast that consolidated sales for the next fiscal year will be 23,100 million yen, up 15.4% compared to last year. In terms of operating income, net income is expected to be 3,560 million yen, up17.3% compared to last year, 2,210 million yen (Up9.9% compared to last year).
We will strengthen the corporate structure and improve profitability, which will benefit all stakeholders, including shareholders.
Cautionary statements: The above forecasts are based on the present business environment and currently-available information, and include 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.
Consolidated Balance Sheets
| ||||
JPY million | JPY million |
| USD thousand | |
As of 31st March | As of 31st March | Change | As of 31st March | |
2010 | 2011 |
| 2011 | |
ASSETS | ||||
Current assets: | ||||
Cash & deposits | 9,305 | 8,923 | (382) | 76,402 |
Trade notes and accounts receivable | 5,314 | 6,540 | 1,226 | 43,816 |
Inventories | 2,728 | 3,671 | 943 | 31,243 |
Deferred tax assets | 294 | 221 | (73) | 1,598 |
Other current assets | 114 | 311 | 197 | 2,687 |
Allowance for doubtful | (12) | (12) | 0 | (81) |
accounts | ||||
Total current assets | 17,743 | 19,654 | 1,911 | 155,665 |
Property, plant & equipment: | ||||
Land | 3,161 | 3,155 | (6) | 32,169 |
Buildings & structures | 3,941 | 3,782 | (159) | 38,644 |
Machinery & equipment | 3,488 | 3,494 | 6 | 40,212 |
Other | 280 | 384 | 104 | 3,665 |
Construction in progress | 314 | 1,525 | 1,211 | 4,510 |
Net property, plant & | 11,184 | 12,340 | 1,156 | 119,200 |
equipment | 233 | 221 | ||
Investments & other assets: | ||||
Investment securities | 427 | 337 | (90) | 2,802 |
Deferred tax assets | 12 | 16 | 4 | 133 |
Property & equipment for investments | 932 | 919 | (13) | 7,641 |
Other | 184 | 175 | (9) | 1,455 |
Allowance for doubtful accounts | (26) | (13) | 13 | (108) |
Total investments & other assets | 1,529 | 1,434 | (95) | 11,924 |
Total assets | 30,689 | 33,649 | 2,960 | 286,789 |
LIABILITIES | ||||
Current liabilities: | ||||
Trade notes & accounts payable | 1,727 | 2,105 | 378 | 17,503 |
Current portion of long-term debt | 5 | 5 | 0 | 42 |
Accrued income taxes | 265 | 598 | 333 | 4,972 |
Accrued bonus | 313 | 345 | 32 | 2,869 |
Accrued bonus for directors | 11 | 22 | -- | 183 |
Notes payable for property acquisitions | 352 | 669 | 317 | 5,563 |
Other current liabilities | 918 | 1,229 | 311 | 10,219 |
Total current liabilities | 3,591 | 4,973 | 1,382 | 41,350 |
Long-term liabilities: | ||||
Long-term debt | 120 | 116 | (4) | 965 |
Deferred tax liabilities | 158 | 201 | 43 | 1,671 |
Other | 259 | 254 | (5) | 2,112 |
Total long-term liabilities | 537 | 571 | 34 | 4,748 |
Total liabilities | 4,128 | 5,544 | 1,416 | 46,098 |
NET ASSETS | ||||
Shareholders' equity: | ||||
Common stock | 6,710 | 6,710 | -- | 55,794 |
Capital surplus | 9,747 | 9,747 | -- | 81,046 |
Retained earnings | 12,051 | 13,750 | 1,699 | 114,331 |
Treasury stock, at cost | (689) | (679) | 10 | (5,646) |
Total shareholders' equity | 27,819 | 29,528 | 1,709 | 245,525 |
Valuation and translation adjustments: | ||||
Net unrealized gains (losses) | (128) | (50) | 78 | (416) |
on available-for-sale securities | 0 | |||
Foreign currency translation adjustment | (1,140) | (1,402) | (262) | (11,658) |
Total valuation and translation adjustments | (1,268) | (1,452) | (184) | (12,073) |
A subscription warrant and Minority stockholders share | 9 | 29 | - | 241 |
Total shareholders' equity | 9 | 29 | 20 | 241 |
Total net assets | 26,560 | 28,105 | 1,545 | 233,693 |
Total liabilities & net assets | 30,688 | 33,649 | 2,961 | 279,791 |
Consolidated Statements of Income | ||||
JPY million | JPY million |
| USD thousand | |
For year ended | For year ended | Change | For year ended | |
31st March | 31st March | 31st March | ||
2010 | 2011 |
| 2011 | |
Net sales | 15,405 | 20,011 | 4,606 | 166,391 |
Cost of sales | 11,005 | 13,318 | 2,313 | 110,739 |
Gross profit | 4,400 | 6,693 | 2,293 | 55,652 |
Selling, general & administrative expenses | 3,111 | 3,658 | 547 | 30,416 |
Operating income | 1,289 | 3,035 | 1,746 | 25,236 |
Other income (expenses): | ||||
Interest and dividend income | 58 | 48 | (10) | 399 |
Interest expenses | (2) | (2) | 0 | (17) |
Amortization of negative goodwill | 58 | -- | 0 | |
Foreign exchange gain (loss), net | (102) | (89) | 13 | (740) |
Gain on sales of property, plant and equipment | 54 | 55 | 457 | |
Loss on disposal or sales of property, plant and equipment | (165) | (20) | (166) | |
Gain on sales or valuation of investment securities | 25 | 0 | 0 | |
Loss on valuation of inventories | -- | (150) | (1,247) | |
Early extra retirement payments | (16) | -- | 0 | |
Loss by the disaster | -- | (26) | (216) | |
Other, net | 32 | 47 | 15 | 391 |
Other income (expenses), net | (58) | (137) | (79) | (1,139) |
Income before income taxes | 1,231 | 2,898 | 1,667 | 24,097 |
Income tax expenses: | ||||
Current | 288 | 750 | 462 | 6,236 |
Deferred | (162) | 136 | 298 | 1,131 |
Total income taxes | 126 | 886 | 760 | 7,367 |
Net income | 1,105 | 2,012 | 907 | 16,730 |
Consolidated Statements of Changes in Net Assets | |||||
JPY million | |||||
| Shareholders' equity | ||||
| Common stock | Capital surplus | Retained earnings | Treasury stock | Total shareholders' equity |
|
|
|
|
|
|
Balance at 31 March 2010 | 6,710 | 9,747 | 12,051 | (689) | 27,819 |
Effect of changes in accounting policies applied to foreign subsidiaries |
|
|
|
|
|
Cash dividends |
|
| (312) |
| (312) |
Net income |
|
| 2,012 |
| 2,012 |
Change of scope of consolidation |
|
|
|
|
|
Purchase of treasury stock |
|
|
| 0 | 0 |
Disposal of treasury stock |
|
| (1) | 10 | 9 |
Other changes |
|
|
|
|
|
Total changes during the year |
|
| 800 | 52 | 852 |
Balance at 31 March 2011 | 6,710 | 9,747 | 13,750 | (679) | 29,528 |
JPY million | |||||
| 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 31 March 2010 | (128) | (1,140) | (1,268) | 9 | 26,560 |
Effect of changes in accounting policies applied to foreign subsidiaries |
|
|
|
| 0 |
Cash dividends |
|
|
|
| (312) |
Net income |
|
|
|
| 2,012 |
Change of scope of consolidation |
|
|
|
|
|
Purchase of treasury stock |
|
|
|
| 0 |
Disposal of treasury stock |
|
|
|
| 9 |
Other changes | 79 | (262) | 183 | 19 | (164) |
Total changes during the year | 72 | 342 | 415 | 10 | 1,276 |
Balance at 31 March 2011 | (50) | (1,402) | (1,452) | 29 | 28,105 |
USD thousand | |||||
| Shareholders' equity | ||||
| Common stock | Capital surplus | Retained earnings | Treasury stock | Total shareholders' equity |
|
|
|
|
|
|
Balance at 31 March 2010 | 55,794 | 81,046 | 100,204 | (5,729) | 231,315 |
Effect of changes in accounting policies applied to foreign subsidiaries |
|
|
|
|
|
Cash dividends |
|
| (2,793) |
| (2,793) |
Net income |
|
| 10,280 |
| 10,280 |
Change of scope of consolidation |
|
|
|
|
|
Purchase of treasury stock |
|
| -- | (3) | (3) |
Disposal of treasury stock |
|
| (50) | 83 | 446 |
Other changes |
|
|
|
|
|
Total changes during the year |
|
| 7,437 | 490 | 7,930 |
Balance at 31 March 2011 | 55,794 | 81,046 | 114,331 | (5,646) | 245,525 |
USD thousand | |||||
| 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 31 March 2010 | (1,064) | (9,479) | (10,543) | 9 | 220,846 |
Effect of changes in accounting policies applied to foreign subsidiaries |
|
|
|
| 0 |
Cash dividends |
|
|
|
| (2,594) |
Net income |
|
|
|
| 16,730 |
Change of scope of consolidation |
|
|
|
| 0 |
Purchase of treasury stock |
|
|
|
| 0 |
Disposal of treasury stock |
|
|
|
| 75 |
Other changes | 674 | 3,184 | 3,858 | 90 | 3,871 |
Total changes during the year | 674 | 3,184 | 3,858 | 90 | 10,610 |
Balance at 31 March 2011 | (416) | (11,658) | (12,073) | 241 | 233,693 |
Consolidated Statement of Cash Flows | ||||
JPY million | JPY million |
| USD thousand | |
For year ended | For year ended | Change | For year ended | |
31st March | 31st March | 31st March | ||
2010 | 2011 |
| 2011 | |
Cash flows from operating activities: | ||||
Income before income taxes | 1,231 | 2,898 | 1,667 | 24,097 |
Adjustments for: | ||||
Depreciation | 1,637 | 1,584 | (53) | 13,171 |
Amortization of negative goodwill | (58) | -- | 58 | 0 |
Decrease in allowance for doubtful accounts | (5) | (13) | (8) | (108) |
Loss on disposal of property, plant & equipment | 72 | 20 | (52) | 166 |
Interest & dividend income | (58) | (48) | 10 | (399) |
Foreign exchange (gain) loss | 5 | 8 | 3 | 67 |
Gain on sales of investment securities | (14) | 0 | 14 | 0 |
Loss on valuation of inventories | -- | 150 | 150 | 1,247 |
Decrease (increase) in trade notes & accounts receivable | (948) | (1,272) | (324) | (10,577) |
Increase in inventories | 393 | (979) | (1,372) | (8,140) |
Decrease in trade notes & accounts payable | 355 | 409 | 54 | 3,401 |
Other | 226 | 211 | (15) | 1,754 |
Sub-total | 2,836 | 2,968 | 132 | 24,679 |
Interest & dividend income received | 59 | 48 | (11) | 399 |
Interest expenses paid | (3) | (2) | 1 | (17) |
Income taxes paid | (58) | (465) | (407) | (3,866) |
The amount of corporation tax return | 88 | -- | - | 0 |
Net cash provided by operating activities | 2,922 | 2,549 | (373) | 21,195 |
Cash flows from investment activities: | ||||
Payments into time deposits | (57) | (165) | (108) | (1,372) |
Proceeds from withdrawal of time deposits | 78 | 35 | -- | 291 |
Payments for purchase of | (1,196) | (2,542) | (1,346) | (21,137) |
Proceeds from sales of | 162 | 9 | (153) | 75 |
Payments for purchase of | (282) | (176) | 106 | (1,463) |
investment securities | 0 | |||
Proceeds from sales of | 412 | 196 | (216) | 1,630 |
Purchase of intangible assets | (51) | (9) | 42 | (75) |
Other | 17 | 6 | (11) | 50 |
Net cash used in investing activities | (917) | (2,646) | (1,729) | (22,001) |
Cash flows from financing activities: | ||||
Payments of long-term debt | (5) | (5) | 0 | (42) |
Cash dividends paid | (300) | (312) | (12) | (2,594) |
An income by the publication of the subscription warrant | 9 | -- | 0 | 0 |
Payments for purchase of treasury stock | 0 | 0 | 0 | 0 |
Proceeds from sales of treasury stock | 48 | 10 | 83 | |
Net cash used in financing activities | (248) | (307) | (59) | (2,553) |
Effect of exchange rate | 44 | (79) | (123) | (657) |
changes on cash & cash equivalents | ||||
Net increase (decrease) in | 1,801 | (483) | (2,284) | (4,016) |
cash & cash equivalents | ||||
Cash and cash equivalents | 7,062 | 8,863 | 1,801 | 73,696 |
at beginning of year | 0 | |||
Cash and cash equivalents at end of year | 8,863 | 8,380 | (483) | 69,680 |