Last checked at 8 May 2017 11:32
Translation |
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail. |
Summary of Consolidated Financial Results for the Year Ended March 31, 2017 (Based on Japanese GAAP) | |||||
May 8, 2017 | |||||
Company name: | MARUWA CO., LTD. | ||||
Stock exchange listing: | Tokyo, Nagoya | ||||
Stock code: | 5344 | URL http://www.maruwa-g.com/ | |||
Representative: | President and Representative Director | Sei Kanbe | |||
Inquiries: | General Manager of Administrative Division | Tamaki Nozoki | TEL 0561-51-0839 | ||
Scheduled date of ordinary general meeting of shareholders: | June 22, 2017 | ||||
Scheduled date to file Securities Report: | June 23, 2017 | ||||
Scheduled date to commence dividend payments: | June 23, 2017 | ||||
Preparation of supplementary material on financial results: | No | ||||
Holding of financial results meeting: | No | ||||
(Amounts are rounded off to the nearest million yen) |
1. Consolidated financial results for the year ended March 31, 2017 (from April 1, 2016 to March 31, 2017)
(1) Consolidated operating results | Percentages indicate year-on-year changes |
Net sales | Operating profit | Ordinary profit | Profit attributable to owners of parent | |||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | |
Year ended March 31, 2017 | 32,187 | 5.3 | 4,953 | 29.9 | 4,978 | 34.5 | 2,850 | 24.6 |
Year ended March 31, 2016 | 30,578 | (6.8) | 3,812 | 58.6 | 3,702 | 30.3 | 2,287 | 158.7 |
Earnings per share | Diluted earnings per share | Profit attributable to owners of parent/equity | Ordinary profit/total assets | Operating profit/net sales | |
Yen | Yen | % | % | % | |
Year ended March 31, 2017 | 230.76 | 230.76 | 6.7 | 10.0 | 15.4 |
Year ended March 31, 2016 | 185.18 | 185.17 | 5.5 | 7.6 | 12.5 |
(2) Consolidated financial position
Total assets | Net assets | Equity ratio | Net assets per share | |
Millions of yen | Millions of yen | % | Yen | |
As of March 31, 2017 | 50,594 | 43,317 | 85.6 | 3,506.80 |
As of March 31, 2016 | 48,550 | 41,700 | 85.9 | 3,376.42 |
(3) Consolidated cash flows
Cash flows from operating activities | Cash flows from investing activities | Cash flows from financing activities | Cash and cash equivalents at end of period | |
Millions of yen | Millions of yen | Millions of yen | Millions of yen | |
Year ended March 31, 2017 | 5,349 | (1,248) | (707) | 17,834 |
Year ended March 31, 2016 | 4,154 | (1,675) | (1,406) | 14,541 |
2. Cash dividends
| Annual dividends per share | Total cash dividends (Total) | Dividend payout ratio (Consolidated) | Ratio of dividends to net assets (Consolidated) | ||||
1st quarter-end | 2nd quarter-end | 3rd quarter-end | Fiscal year-end | Total | ||||
Yen | Yen | Yen | Yen | Yen | Millions of yen | % | % | |
Year ended March 31, 2016 | - | 19.00 | - | 19.00 | 38.00 | 469 | 20.5 | 1.1 |
Year ended March 31, 2017 | - | 20.00 | - | 20.00 | 40.00 | 494 | 17.3 | 1.2 |
Year ending March 31, 2018 (Forecast) | - | 22.00 | - | 22.00 | 44.00 | 16.0 | ||
3. Forecast of consolidated financial results for the year ending March 31, 2018 (from April 1, 2017 to March 31, 2018)
Percentages indicate year-on-year changes |
Net sales | Operating profit | Ordinary profit | Profit attributable to owners of parent | Earnings per share | |||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | |
Six months ending September 30, 2017 | 14,800 | (2.4) | 2,100 | (8.9) | 2,100 | 3.6 | 1,300 | 12.8 | 105.24 |
Full year | 33,350 | 3.6 | 5,400 | 9.0 | 5,450 | 9.5 | 3,400 | 19.3 | 275.25 |
4. Notes
(1) Changes in significant subsidiaries during the year ended March 31, 2017 (changes in specified subsidiaries resulting in the change in scope of consolidation): | No |
(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations: | Yes |
Changes in accounting policies due to other reasons: | No |
Changes in accounting estimates: | No |
Restatement of prior period financial statements: | No |
(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2017 | 12,372,000 | shares | As of March 31, 2016 | 12,372,000 | shares |
Number of treasury shares at the end of the period
As of March 31, 2017 | 19,629 | shares | As of March 31, 2016 | 22,033 | shares |
Average number of shares during the period
Year ended March 31, 2017 | 12,351,647 | shares | Year ended March 31, 2016 | 12,350,001 | shares |
Consolidated financial statements
Consolidated balance sheets
(Thousands of yen) | ||
As of March 31, 2016 | As of March 31, 2017 | |
Assets | ||
Current assets | ||
Cash and deposits | 15,379,533 | 18,027,047 |
Notes and accounts receivable - trade | 8,042,230 | 8,736,607 |
Electronically recorded monetary claims - operating | 572,146 | 503,711 |
Merchandise and finished goods | 2,489,838 | 2,222,216 |
Work in process | 1,702,316 | 1,400,373 |
Raw materials and supplies | 3,095,281 | 3,249,130 |
Deferred tax assets | 285,439 | 321,655 |
Other | 833,428 | 755,238 |
Allowance for doubtful accounts | (1,990) | (2,850) |
Total current assets | 32,398,221 | 35,213,128 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures | 10,078,873 | 10,073,490 |
Accumulated depreciation | (5,519,695) | (5,731,786) |
Buildings and structures, net | 4,559,178 | 4,341,704 |
Machinery, equipment and vehicles | 18,712,379 | 18,213,958 |
Accumulated depreciation | (13,799,300) | (14,338,010) |
Machinery, equipment and vehicles, net | 4,913,079 | 3,875,948 |
Land | 3,503,763 | 3,668,726 |
Construction in progress | 276,133 | 679,006 |
Other | 3,553,267 | 3,590,736 |
Accumulated depreciation | (3,007,107) | (3,029,884) |
Other, net | 546,160 | 560,852 |
Total property, plant and equipment | 13,798,312 | 13,126,236 |
Intangible assets | ||
Goodwill | 135,905 | 20,741 |
Other | 433,269 | 278,983 |
Total intangible assets | 569,174 | 299,724 |
Investments and other assets | ||
Investment securities | 233,596 | 309,384 |
Deferred tax assets | 96,556 | 177,882 |
Real estate for investment | 1,023,527 | 1,020,702 |
Buildings and structures | 662,939 | 680,969 |
Accumulated depreciation | (342,336) | (361,238) |
Buildings and structures, net | 320,604 | 319,731 |
Land | 688,833 | 688,833 |
Other | 42,204 | 42,204 |
Accumulated depreciation | (28,114) | (30,066) |
Other, net | 14,090 | 12,138 |
Other | 448,556 | 502,391 |
Allowance for doubtful accounts | (18,167) | (55,586) |
Total investments and other assets | 1,784,068 | 1,954,774 |
Total non-current assets | 16,151,555 | 15,380,733 |
Total assets | 48,549,776 | 50,593,861 |
(Thousands of yen) | ||
As of March 31, 2016 | As of March 31, 2017 | |
Liabilities | ||
Current liabilities | ||
Notes and accounts payable - trade | 3,068,282 | 3,202,069 |
Current portion of long-term loans payable | 137,984 | 22,800 |
Income taxes payable | 589,934 | 1,024,873 |
Provision for bonuses | 503,850 | 458,386 |
Provision for directors' bonuses | 23,750 | 27,500 |
Notes payable - facilities | 169,681 | 301,784 |
Other | 1,824,564 | 1,726,212 |
Total current liabilities | 6,318,045 | 6,763,623 |
Non-current liabilities | ||
Long-term loans payable | 115,409 | - |
Deferred tax liabilities | 76,973 | 187,311 |
Provision for environmental measures | 13,527 | 13,527 |
Other | 325,379 | 312,136 |
Total non-current liabilities | 531,288 | 512,974 |
Total liabilities | 6,849,333 | 7,276,597 |
Net assets | ||
Shareholders' equity | ||
Capital stock | 8,646,720 | 8,646,720 |
Capital surplus | 11,946,793 | 11,948,947 |
Retained earnings | 21,654,339 | 24,022,963 |
Treasury shares | (47,072) | (42,051) |
Total shareholders' equity | 42,200,781 | 44,576,578 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale securities | 53,057 | 121,179 |
Foreign currency translation adjustment | (555,170) | (1,380,493) |
Total accumulated other comprehensive income | (502,113) | (1,259,314) |
Subscription rights to shares | 1,775 | - |
Total net assets | 41,700,443 | 43,317,264 |
Total liabilities and net assets | 48,549,776 | 50,593,861 |
Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income
(Thousands of yen) | ||
Fiscal year ended March 31, 2016 | Fiscal year ended March 31, 2017 | |
Net sales | 30,578,092 | 32,187,205 |
Cost of sales | 19,594,309 | 20,296,949 |
Gross profit | 10,983,783 | 11,890,256 |
Selling, general and administrative expenses | 7,171,349 | 6,937,026 |
Operating profit | 3,812,434 | 4,953,230 |
Non-operating income | ||
Interest income | 50,853 | 38,078 |
Rent income | 105,614 | 85,349 |
Other | 63,210 | 95,245 |
Total non-operating income | 219,677 | 218,672 |
Non-operating expenses | ||
Interest expenses | 5,267 | 1,312 |
Foreign exchange losses | 245,869 | 95,102 |
Rent expenses on real estate for investments | 38,954 | 51,679 |
Other | 40,225 | 45,737 |
Total non-operating expenses | 330,315 | 193,829 |
Ordinary profit | 3,701,796 | 4,978,073 |
Extraordinary income | ||
Gain on sales of non-current assets | 3,633 | 723 |
Gain on sales of investment securities | - | 554 |
Subsidy income | - | 6,032 |
Total extraordinary income | 3,633 | 7,310 |
Extraordinary losses | ||
Loss on sales and retirement of non-current assets | 28,357 | 100,947 |
Loss on sales of investment securities | 6,816 | - |
Loss on valuation of investments in capital of subsidiaries and associates | 18,940 | - |
Loss on liquidation of business | - | 230,021 |
Impairment loss | - | 341,766 |
Other | 5,900 | 10,892 |
Total extraordinary losses | 60,013 | 683,626 |
Profit before income taxes | 3,645,416 | 4,301,756 |
Income taxes - current | 1,068,997 | 1,452,514 |
Income taxes - deferred | 289,454 | (1,078) |
Total income taxes | 1,358,451 | 1,451,436 |
Profit | 2,286,965 | 2,850,320 |
Profit (loss) attributable to non-controlling interests | (0) | - |
Profit attributable to owners of parent | 2,286,965 | 2,850,320 |
Consolidated statements of comprehensive income
(Thousands of yen) | ||
Fiscal year ended March 31, 2016 | Fiscal year ended March 31, 2017 | |
Profit | 2,286,965 | 2,850,320 |
Other comprehensive income | ||
Valuation difference on available-for-sale securities | (77,544) | 68,122 |
Foreign currency translation adjustment | (1,050,483) | (825,324) |
Total other comprehensive income | (1,128,028) | (757,202) |
Comprehensive income | 1,158,937 | 2,093,119 |
Comprehensive income attributable to | ||
Comprehensive income attributable to owners of parent | 1,158,938 | 2,093,119 |
Comprehensive income attributable to non-controlling interests | (0) | - |
Consolidated statements of changes in equity
Fiscal year ended March 31, 2016
(Thousands of yen) | |||||
Shareholders' equity | |||||
Capital stock | Capital surplus | Retained earnings | Treasury shares | Total shareholders' equity | |
Balance at beginning of current period | 8,646,720 | 11,946,793 | 19,824,325 | (46,922) | 40,370,916 |
Changes of items during period | |||||
Dividends of surplus | (456,951) | (456,951) | |||
Profit attributable to owners of parent | 2,286,965 | 2,286,965 | |||
Purchase of treasury shares | (149) | (149) | |||
Disposal of treasury shares | |||||
Net changes of items other than shareholders' equity | |||||
Total changes of items during period | - | - | 1,830,015 | (149) | 1,829,865 |
Balance at end of current period | 8,646,720 | 11,946,793 | 21,654,339 | (47,072) | 42,200,781 |
Accumulated other comprehensive income | Subscription rights to shares | Non-controlling interests | Total net assets | |||
Valuation difference on available-for-sale securities | Foreign currency translation adjustment | Total accumulated other comprehensive income | ||||
Balance at beginning of current period | 130,601 | 495,314 | 625,915 | 1,775 | 1,293 | 40,999,898 |
Changes of items during period | ||||||
Dividends of surplus | (456,951) | |||||
Profit attributable to owners of parent | 2,286,965 | |||||
Purchase of treasury shares | (149) | |||||
Disposal of treasury shares | ||||||
Net changes of items other than shareholders' equity | (77,544) | (1,050,483) | (1,128,028) | (1,293) | (1,129,321) | |
Total changes of items during period | (77,544) | (1,050,483) | (1,128,028) | - | (1,293) | 700,545 |
Balance at end of current period | 53,057 | (555,170) | (502,113) | 1,775 | - | 41,700,443 |
Fiscal year ended March 31, 2017
(Thousands of yen) | |||||
Shareholders' equity | |||||
Capital stock | Capital surplus | Retained earnings | Treasury shares | Total shareholders' equity | |
Balance at beginning of current period | 8,646,720 | 11,946,793 | 21,654,339 | (47,072) | 42,200,781 |
Changes of items during period | |||||
Dividends of surplus | (481,697) | (481,697) | |||
Profit attributable to owners of parent | 2,850,320 | 2,850,320 | |||
Purchase of treasury shares | (326) | (326) | |||
Disposal of treasury shares | 2,153 | 5,347 | 7,500 | ||
Net changes of items other than shareholders' equity | |||||
Total changes of items during period | - | 2,153 | 2,368,623 | 5,021 | 2,375,797 |
Balance at end of current period | 8,646,720 | 11,948,947 | 24,022,963 | (42,051) | 44,576,578 |
Accumulated other comprehensive income | Subscription rights to shares | Total net assets | |||
Valuation difference on available-for-sale securities | Foreign currency translation adjustment | Total accumulated other comprehensive income | |||
Balance at beginning of current period | 53,057 | (555,170) | (502,113) | 1,775 | 41,700,443 |
Changes of items during period | |||||
Dividends of surplus | (481,697) | ||||
Profit attributable to owners of parent | 2,850,320 | ||||
Purchase of treasury shares | (326) | ||||
Disposal of treasury shares | 7,500 | ||||
Net changes of items other than shareholders' equity | 68,122 | (825,324) | (757,202) | (1,775) | (758,977) |
Total changes of items during period | 68,122 | (825,324) | (757,202) | (1,775) | 1,616,821 |
Balance at end of current period | 121,179 | (1,380,493) | (1,259,314) | - | 43,317,264 |
Consolidated statements of cash flows
(Thousands of yen) | ||
Fiscal year ended March 31, 2016 | Fiscal year ended March 31, 2017 | |
Cash flows from operating activities | ||
Profit before income taxes | 3,645,416 | 4,301,756 |
Loss on liquidation of business | - | 230,021 |
Impairment loss | - | 341,766 |
Depreciation | 1,903,292 | 1,822,468 |
Amortization of goodwill | 290,185 | 115,165 |
Increase (decrease) in allowance for doubtful accounts | (6,244) | 53,448 |
Loss on valuation of investments in capital of subsidiaries and affiliates | 18,940 | - |
Increase (decrease) in provision for environmental measures | (12,730) | - |
Loss (gain) on sales of investment securities | 6,816 | (554) |
Loss (gain) on sales and retirement of non-current assets | 24,724 | 100,224 |
Interest and dividend income | (63,300) | (42,173) |
Foreign exchange losses (gains) | 264,023 | 189,229 |
Decrease (increase) in notes and accounts receivable - trade | 95,205 | (804,838) |
Decrease (increase) in inventories | (418,729) | (58,933) |
Increase (decrease) in notes and accounts payable - trade | (873,176) | 145,566 |
Other, net | 97,409 | (62,636) |
Subtotal | 4,971,833 | 6,330,509 |
Interest and dividend income received | 63,124 | 44,079 |
Interest expenses paid | (4,786) | (863) |
Income taxes paid | (876,570) | (1,024,751) |
Net cash provided by (used in) operating activities | 4,153,600 | 5,348,974 |
Cash flows from investing activities | ||
Net decrease (increase) in time deposits | (373,723) | 635,350 |
Purchase of property, plant and equipment | (1,342,585) | (1,969,003) |
Proceeds from sales of property, plant and equipment | 7,485 | 12,400 |
Purchase of investment securities | (3,745) | (3,791) |
Proceeds from sales of investment securities | 95,980 | 1,210 |
Purchase of intangible assets | (50,147) | (39,469) |
Proceeds from sales of intangible assets | - | 120,000 |
Purchase of long-term prepaid expenses | (1,500) | - |
Purchase of shares of subsidiaries | - | (2,536) |
Other, net | (6,835) | (1,858) |
Net cash provided by (used in) investing activities | (1,675,070) | (1,247,697) |
Cash flows from financing activities | ||
Repayments of long-term loans payable | (947,648) | (230,593) |
Purchase of treasury shares | (149) | (326) |
Proceeds from sales of treasury shares | - | 5,725 |
Cash dividends paid | (456,951) | (481,697) |
Dividends paid to non-controlling interests | (1,233) | - |
Net cash provided by (used in) financing activities | (1,405,982) | (706,891) |
Effect of exchange rate change on cash and cash equivalents | (222,485) | (100,948) |
Net increase (decrease) in cash and cash equivalents | 850,063 | 3,293,438 |
Cash and cash equivalents at beginning of period | 13,683,508 | 14,540,571 |
Increase in cash and cash equivalents from newly consolidated subsidiary | 7,000 | - |
Cash and cash equivalents at end of period | 14,540,571 | 17,834,008 |