Last checked at 27 Apr 2010 14:04
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| 27 Apr. 2010 |
| MARUWA CO., LTD. |
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| 3-83, Minamihonjigahara-cho, Owariasahi-city, Aichi-pref., 488-0044 JAPAN |
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| Final Results for Fiscal 2010 | ||||||||
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| MARUWA CO., LTD. today announced its consolidated business results for the full fiscal year ended 31st March, 2010 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 = 93.04 yen. | ||||||||
| *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 (India) Pvt.Ltd., MARUWA QUARTZ Co., Ltd., MARUWA SHOMEI Co., Ltd., and Hokko Denshi Co., Ltd.) | ||||||||
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| I. Summary of Consolidated Results |
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| (1) Summary of consolidated statement of income |
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| JPY million |
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| USD thousand |
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| For year ended |
| For year ended |
| Change % |
| For year ended |
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| 31st March |
| 31st March |
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| 31st March |
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| 2009 |
| 2010 |
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| 2010 |
| Net sales |
| 16,693 |
| 15,405 |
| -7.7% |
| 143,328 |
| Operating income | (511) |
| 1,289 |
| -- |
| 11,993 | |
| Income before income taxes | (474) |
| 1,231 |
| -- |
| 11,453 | |
| Net income |
| (770) |
| 1,105 |
| -- |
| 10,281 |
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| JPY |
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| USD |
| Net income per share (Basic) | (71.68) |
| 102.97 |
| -- |
| 1.11 | |
| (Diluted) | -- |
| -- |
| -- |
| -- | |
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| *Average number of issued shares | 10,736,613 |
| 10,730,160 |
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| (2) Summary of consolidated financial condition |
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| JPY million |
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| USD thousand |
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| As of 31st March |
| As of 31st March |
| Change % |
| As of 31st March |
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| 2009 |
| 2010 |
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| 2010 |
| Total Assets |
| 28,749 |
| 30,689 |
| 6.7% |
| 291,259 |
| Total net assets |
| 25,284 |
| 26,561 |
| 5.0% |
| 247,120 |
| Equity ratio |
| 87.9% |
| 86.5% |
| -1.4% |
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| JPY |
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| USD |
| Total net assets per share | 2,358.54 |
| 2,470.94 |
| 4.8% |
| 26.56 | |
| *Number of issued shares at the year end | 10,720,180 |
| 10,745,230 |
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| (3) Summary of consolidated statement of cash flows |
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| JPY million |
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| USD thousand |
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| For year ended |
| For year ended |
| Change % |
| For year ended |
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| 31st March |
| 31st March |
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| 31st March |
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| 2009 |
| 2010 |
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| 2010 |
| Net cash provided by operating activities | 3,854 |
| 2,922 |
| -24.2% |
| 27,186 | |
| Net cash used in investing activities | (2,249) |
| (917) |
| 59.2% |
| (8,532) | |
| Net cash used in financing activities | (387) |
| (248) |
| 35.9% |
| (2,307) | |
| Cash and cash equivalents at end of term | 7,062 |
| 8,863 |
| 25.5% |
| 82,461 | |
| II. Dividends |
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| III. Outlook for fiscal 2011 ending 31 March 2011 | |||||||||||
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| JPY per share |
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| JPY million | |||||||
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| Fiscal 2010 | Fiscal 2011 |
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| Half year | Full year | ||||||||
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| (forecast) |
| Net sales |
| 7,660 | 17,000 | ||||||||
| Interim | 14 | 15 |
| Operating income | 720 | 1,780 | |||||||||
| Year-end | 14 | 15 |
| Net income |
| 460 | 1,150 | ||||||||
| Annual | 28 | 30 |
| Net income per share | 42.81 | 107.02 | |||||||||
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| *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. | |||||||||||||||
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| Review of Operations and Financial Condition |
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| I. Operating Results |
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| JPY million |
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| Fiscal 2009 |
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| Fiscal 2010 |
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| 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q |
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| Net sales | 4,764 | 5,078 | 3,651 | 3,200 | 2,952 | 3,655 | 3,953 | 4,845 |
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| Operating income | 195 | 338 | 84 | (1,128) | (72) | 271 | 443 | 647 |
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| Net income | 132 | 238 | 106 | (1,246) | (22) | 313 | 328 | 486 |
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| JPY million |
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| Previous | Current |
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| For year ended | For year ended | change |
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| 31st March 2009 | 31st March 2010 | amount | % |
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| Net sales | 16,693 | 15,405 | (1,288) | -7.7% |
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| Operating income | (511) | 1,289 | 1,800 | -352.3% |
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| Net income | (770) | 1,105 | 1,875 | -243.5% |
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（1）Review of Operations
The Japanese economy in fiscal 2010 has recovered due to increased export and production following the inventory adjustment, the effect of economic measures worldwide and the expansion of domestic demand in emerging countries. The recovery seen in this fiscal year is occurring despite extremely difficult circumstances, which were never experienced before, due to the world-wide recession in autumn 2009.
However, deterioration of employment, income and individual consumption lead further deflation, strengthened the yen and reduced capital investment, which suppressed the complete economic recovery.
Our electronic components sector has recovered due to an increase in export mainly to Asia from the first quarter of this year and due to economic measures. From the second quarter of this year an upturn for all sectors including semiconductor equipment has been observed. Further, expansion of LED lighting market is now in sight.
Under these circumstances Maruwa improved its profitability in order to be able to take appropriate countermeasures against rapid changes in market climate. This was achieved through improvement of production yield and lead time and through cost reduction as well as a further expansion of sales for newly developed environmental friendly products for areas such as LED lighting and hybrid cars.
As a result, our turnover for fiscal 2010 was significantly improved, 15,405 million yen (down 7.7% compared to last year). Operating profit, total revenue and net profit was 1,289 million yen (511 million loss last year), 1,384 million yen (128 million loss last year) and 1,105 million yen (770 million loss last year) respectively. These results were due to improvement of cost management and earning and expansion of sales for new products.
| Quarterly sales results of Ceramic Components segment by product division |
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| Fiscal 2009 |
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| Fiscal 2010 |
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| 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q |
| Circuit Ceramics | 1,869 | 1,906 | 1,238 | 813 | 1,201 | 1,384 | 1,493 | 1,676 |
| Machinery Ceramics | 1,164 | 1,116 | 865 | 473 | 471 | 753 | 700 | 835 |
| RF* Products | 487 | 529 | 506 | 355 | 405 | 506 | 497 | 558 |
| EMC Components | 1,087 | 1,254 | 709 | 545 | 671 | 753 | 838 | 846 |
| Total | 4,607 | 4,805 | 3,318 | 2,186 | 2,748 | 3,396 | 3,528 | 3,915 |
| *Radio Frequency |
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| (2) Review of operating results by business segment | ||||
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| JPY million |
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| Current | |
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| For year ended | For year ended | ||
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| 31st March 2009 | 31st March 2010 | ||
| Ceramic Components: |
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| Net sales |
| 14,916 |
| 13,587 |
| Operating income |
| (163) |
| 1,705 |
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| Lighting Equipment: |
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| Net sales |
| 1,777 |
| 1,818 |
| Operating income |
| 22 |
| 104 |
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| Total: |
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| Net sales |
| 16,693 | 15,405 | |
| Operating income |
| (141) | 1,809 | |
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| Elimination: |
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| Net sales |
| -- | -- | |
| Operating income |
| (370) | (520) | |
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| Consolidated: |
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| Net sales |
| 16,693 | 15,405 | |
| Operating income |
| (511) | 1,289 | |
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| JPY million |
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| Previous | Current | ||
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| For year ended | For year ended | ||
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| 31st March 2009 | 31st March 2010 | ||
| Circuit Ceramics |
| 5,826 |
| 5,754 |
| Machinery Ceramics |
| 3,618 |
| 2,759 |
| RF Products |
| 1,877 |
| 1,966 |
| EMC Components |
| 3,595 |
| 3,108 |
| Total | 14,916 | 13,587 | ||
（2）Review of operating results by business segment
Ceramic Components
The total sales for this business segment was 13,587 million yen (down 8.9% compared to last year), and our operating profit was 1,704 million yen (163 million loss last year). Although sales did not reach the level of the previous period, operation profit has recovered together with an improvement in productivity, cost-cutting measures, contribution of new product offerings with high added value.
Circuit Ceramics
Total sales of the Circuit Ceramics segment were 5,754 million yen (down 1.2% compared to last year). Orders of ceramic substrates for chip resistors have been increased in China and other parts of Asia due to increased demand for digital appliances as well as power module substrates for hybrid cars.
Machinery Ceramics
Total sales for the Machinery Ceramics segment were 2,759 million yen (down 23.7% compared to last year). The improvement was made by strengthening the operational structure. Demand for fused quartz product, which is a major product in this segment, is on a recovery trail although there is still a slowdown of the semiconductor market and a delay in the recovery of the semiconductor equipment market.
Radio Frequency (RF) Products
Total sales of the RF Products segment were 1,966 million yen (Up 4.8% compared to last year). The recovery of digital equipments demand influenced the orders for thin film products positively. Device products have got increased orders from mobile phone market in China.
EMC Components
Total sales of the EMC Components segment was 3,108 million yen (down 13.6% in comparison with the previous year), rising demand in the digital appliance in China and other parts of Asia increased the orders.
Lighting Equipment Segment
Total sales of the Lighting Equipment segment was 1,818 million yen (up 2.3% in comparison with the previous year), operating profit was 104 million yen (up 373% compared to the previous year).
The sales for 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 operating profit. There is increased demand for environmentally friendly products like LED lighting.
| (3) Outlook of the Full Fiscal 2011 |
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| JPY million |
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| For year ended |
| For year ending | Change | |
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| 31st March 2010 |
| 31st March 2011 | % | |
| Net sales | 15,405 | 17,000 |
| 10.4% | ||
| Operating income | 1,289 | 1,780 |
| 38.1% | ||
| Net income | 1,105 | 1,150 |
| 4.1% | ||
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| Sales by segment |
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| JPY million |
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| For year ended |
| For year ending | Change | |
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| 31st March 2010 |
| 31st March 2011 | % | |
| Ceramic Components |
| 13,587 |
| 14,971 |
| 10.2% |
| Lighting Equipment |
| 1,818 |
| 2,029 |
| 11.6% |
| Total |
| 15,405 |
| 17,000 |
| 10.4% |
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| *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. | ||||||
Outlook for the future economy is still uncertain due to shrinkage in the financial markets, instability in the currency exchange market, stagnation of private consumption, decrease of public works and also a concern about stagnant employment. However there is an overall prospect of recovery because of continuous emergency economic packages in various countries, increase of export due to recovery of oversea economies, mainly in China and increase of capital investment together with improvement of corporate profit.
In our electronic component sector, we expect a solid growth of orders due to the above mentioned economic environment.
For capital investment, we will invest actively on growing business areas especially for environmental friendly products. Targeted areas are ceramics for power devices, LED lighting, high temperature co-fired ceramics (HTCC) for medical and communication applications, and thin film product and others. Also we will invest in new R&D, with additional staff, for the development of new products with high added value.
In the ceramic component segment we will promote products with high added value, this requires elemental ceramic technologies such as ceramic substrates for power modules used in hybrid cars, electric vehicles and wind power energy conversion, also multi layer ceramic substrates for computerized automotive and medical application. For LED lighting segment we will expand our business through development of new LED modules that utilize specific properties of ceramic and by promoting LED lighting line-up.
We forecast that consolidated sales for next fiscal year will be 17,000 million yen (up 10.4% compared with the current fiscal year). Operating profit, ordinary earning and net income are expected to be 1,780 million yen (up 38.1%), 1,900 million yen (up 37.3%) and 1,150 million yen (up 4.1%), respectively.
We will strengthen the corporate structure and improve profitability, which will benefit all stake holders including share holders.
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 forecasts 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.
| Financial Condition |
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| JPY million |
| JPY million |
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| As of 31st March | As of 31st March |
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| 2009 | 2010 |
| Amount | % | ||
| Total assets |
| 28,749 |
| 30,689 |
| 1,940 | 6.7% | |
| Total liabilities |
| 3,465 |
| 4,128 |
| 663 | 19.1% | |
| Total net assets |
| 25,284 |
| 26,561 |
| 1,277 | 5.0% | |
| Equity ratio |
| 87.9% |
| 86.5% |
| -1.4% |
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| JPY million |
| JPY million |
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| For year ended | For year ended |
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| 31st March 2009 | 31st March 2010 |
| Amount | % | ||
| Net cash provided by operating activities |
| 3,854 |
| 2,922 |
| -932 | -24.2% | |
| Net cash used in investing activities |
| (2,249) |
| (917) |
| 1,332 | 59.2% | |
| Net cash used in financing activities |
| (387) |
| (248) |
| 139 | 35.9% | |
| Cash and cash equivalents at end of year |
| 7,062 |
| 8,863 |
| 1,801 | 25.5% | |
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| Net sales |
| 16,693 |
| 15,405 |
| -1,288 | -7.7% | |
| Capital expenditure |
| 1,482 |
| 1,209 |
| -273 | -18.4% | |
| Depreciation |
| 1,982 |
| 1,637 |
| -345 | -17.4% | |
Total assets at the end of fiscal year 2010 were 30,689 million yen, up 6.7 percent from the end of last fiscal year due especially to an increase in current assets; increase of cash and deposits (1,800 million yen) as well as shrinkage of inventory assets.
Total liabilities, especially due to an increase in trade note and accounts payable, increased 375 million yen to 4,128 million yen, up 21.0% from the previous year-end.
Total net assets were 25,561 million yen.
As a result, the capital asset ratio became 86.5%, down 1.4 points from the last year-end.
Cash flow from operating activities is 2,922 million yen, down 932 million yen in comparison with the previous year. The main reason for the decreased cash flow was the increase of trade receivable to 3,099 million yen, which was due to economic recovery.
Cash flow from investment activities was 917 million yen, down 1,332 million yen compared with the previous year. Overall there was a decrease in spending, 787 million yen was spent for the acquisition of tangible fixed assets in capital expenditure.
Cash flow from financing activities was 248 million yen, down 139 million yen compared with the last year-end.
As a result of above cash flows, cash and cash equivalents at the end of fiscal 2010 were 8,863 million yen, an increase of 1,801 million yen from the previous year.
| Trends of cash-flows indices |
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| JPY million |
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| For year ended | For year ended | For year ended | |||
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| 31st March 2008 | 31st March 2009 | 31st March 2010 | |||
| Equity ratio |
| 84.5% |
| 87.9% |
| 86.5% | |
| Equity ratio at market value |
| 39.8% |
| 36.4% |
| 69.5% | |
| Interest-bearing debt to cash flows ratio (year) |
| 0.0 |
| 0.0 |
| 0.0 | |
| Interest coverage ratio |
| 497.2 |
| 1,809.3 |
| 1,419.8 | |
Note)
Equity ratio : (Total net assets - Minority interests) / Total assets
Equity ratio at market value : Total market value of shares / Total assets
Interest-bearing debt to cash flows ratio : Interest-bearing debts / Cash flows from operating activities
Interest coverage ratio : Cash flows from operating activities / Interest payment
*Each index is calculated with the consolidated financial figures.
\* Total market value of shares is calculated by multiplying the share value as of the end of the fiscal year by the total number of issued shares after deduction of own shares at the end of the year.
*For cash flows from operating activities, figures in the consolidated cash flows statements are used. Interest-bearing debt includes all debts for which interests are paid among the liabilities booked in the consolidated balance sheets.
Dividend policy and dividend of this year and next year
MARUWA considers allocating acquired cash flows from business operations for active investment into new growing fields, dividends calculated through comprehensive analysis of consolidated business results, and saving for internal reserves to control flexibly changes in a business environment. While we secure internal reserves for strategic investment necessary for sustainable expansion of our core business, we focus on profit returns to our shareholders.
Dividend for next year will be 30 yen per share (interim: 15 yen, year-end: 15yen) as much as dividends for this year, 28 yen per share.
| Consolidated Balance Sheets |
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| JPY million | JPY million |
| USD thousand |
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| As of 31st March | As of 31st March | Change | As of 31st March |
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| 2009 | 2010 |
| 2010 |
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| ASSETS |
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| Current assets: |
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| Cash & deposits | 7,505 | 9,305 | 1,800 | 76,402 |
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| Trade notes and accounts receivable | 4,304 | 5,314 | 1,010 | 43,816 |
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| Inventories | 3,069 | 2,728 | (341) | 31,243 |
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| Deferred tax assets | 157 | 294 | 137 | 1,598 |
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| Other current assets | 264 | 114 | (150) | 2,687 |
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| Allowance for doubtful | (8) | (12) | (4) | (81) |
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| Total current assets | 15,291 | 17,743 | 2,452 | 155,665 |
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| Property, plant & equipment: |
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| Land | 3,160 | 3,161 | 1 | 32,169 |
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| Buildings & structures | 3,796 | 3,941 | 145 | 38,644 |
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| Machinery & equipment | 3,950 | 3,488 | (462) | 40,212 |
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| Other | 360 | 280 | (80) | 3,665 |
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| Construction in progress | 443 | 314 | (129) | 4,510 |
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| Net property, plant & | 11,709 | 11,184 | (525) | 119,200 |
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| Investments & other assets: |
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| Investment securities | 455 | 427 | (28) | 3,973 |
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| Deferred tax assets | 16 | 12 | (4) | 112 |
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| Property & equipment for investments | 931 | 932 | 1 | 8,671 |
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| Other | 382 | 417 | 35 | 3,880 |
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| Allowance for doubtful accounts | (35) | (26) | 9 | (242) |
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| Total investments & other assets | 1,749 | 1,762 | 13 | 16,394 |
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| Total assets | 28,749 | 30,689 | 1,940 | 291,259 |
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| LIABILITIES |
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| Current liabilities: |
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| Trade notes & accounts payable | 1,352 | 1,727 | 375 | 16,068 |
| Current portion of long-term debt | 5 | 5 | 0 | 47 |
| Accrued income taxes | 30 | 265 | 235 | 2,466 |
| Accrued bonus | 241 | 313 | 72 | 2,912 |
| Accrued bonus for directors | 4 | 11 | -- | 102 |
| Notes payable for property acquisitions | 390 | 352 | (38) | 3,275 |
| Other current liabilities | 789 | 918 | 129 | 8,541 |
| Total current liabilities | 2,811 | 3,591 | 780 | 33,411 |
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| Long-term liabilities: |
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| Long-term debt | 125 | 120 | (5) | 1,116 |
| Deferred tax liabilities | 191 | 158 | (33) | 1,470 |
| Negative goodwill | 58 | - | - | -- |
| Other | 280 | 259 | (21) | 2,410 |
| Total long-term liabilities | 654 | 537 | (117) | 4,996 |
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| Total liabilities | 3,465 | 4,128 | 663 | 38,407 |
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| NET ASSETS |
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| Shareholders' equity: |
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| Common stock | 6,710 | 6,710 | -- | 62,430 |
| Capital surplus | 9,747 | 9,747 | -- | 90,686 |
| Retained earnings | 11,252 | 12,051 | 799 | 112,123 |
| Treasury stock, at cost | (742) | (689) | 53 | (6,410) |
| Total shareholders' equity | 26,967 | 27,819 | 852 | 258,828 |
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| Valuation and translation adjustments: |
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| Net unrealized gains (losses) | (201) | (128) | 73 | (1,191) |
| on available-for-sale securities |
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| 0 |
| Foreign currency translation adjustment | (1,482) | (1,140) | 342 | (10,607) |
| Total valuation and translation adjustments | (1,683) | (1,268) | 415 | (11,797) |
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| A subscription warrant and Minority stockholders share | - | 10 | - | 90 |
| Total shareholders' equity | 0 | 10 | 10 | 90 |
| Total net assets | 25,284 | 26,561 | 1,277 | 247,120 |
| Total liabilities & net assets | 28,749 | 30,689 | 1,940 | 285,527 |
| 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 |
|
| 2009 | 2010 |
| 2010 |
| Net sales | 16,693 | 15,405 | (1,288) | 143,328 |
| Cost of sales | 13,952 | 11,005 | (2,947) | 102,391 |
| Gross profit | 2,741 | 4,400 | 1,659 | 40,938 |
| Selling, general & administrative expenses | 3,252 | 3,111 | (141) | 28,945 |
| Operating income | (511) | 1,289 | 1,800 | 11,993 |
| Other income (expenses): |
|
|
|
|
| Interest and dividend income | 69 | 58 | (11) | 540 |
| Interest expenses | (2) | (2) | 0 | (19) |
| Amortization of negative goodwill | 80 | 58 |
| 540 |
| Foreign exchange gain (loss), net | 164 | (102) | (266) | (949) |
| Gain on sales of property, plant and equipment | 59 | 54 |
| 502 |
| Loss on disposal or sales of property, plant and equipment | (68) | (165) |
| (1,535) |
| Gain on sales or valuation of investment securities | (31) | 25 |
| 233 |
| Loss on valuation of inventories | (28) | -- |
| -- |
| Early extra retirement payments | (208) | (16) |
| (149) |
| Other, net | 2 | 32 | 30 | 298 |
| Other income (expenses), net | 37 | (58) | (95) | (540) |
| Income before income taxes | (474) | 1,231 | 1,705 | 11,453 |
| Income tax expenses: |
|
|
|
|
| Current | 69 | 288 | 219 | 2,680 |
| Deferred | 227 | (162) | (389) | (1,507) |
| Total income taxes | 296 | 126 | (170) | 1,172 |
|
|
|
|
|
|
| Net income | (770) | 1,105 | 1,875 | 10,281 |
| 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 2009 | 6,710 | 9,747 | 11,252 | (742) | 26,967 |
| |||||||||||||||||||||||
| Effect of changes in accounting policies applied to foreign subsidiaries |
|
|
|
|
|
| |||||||||||||||||||||||
| Cash dividends |
|
| (300) |
| (300) |
| |||||||||||||||||||||||
| Net income |
|
| 1,105 |
| 1,105 |
| |||||||||||||||||||||||
| Change of scope of consolidation |
|
|
|
|
|
| |||||||||||||||||||||||
| Purchase of treasury stock |
|
|
| (1) | (1) |
| |||||||||||||||||||||||
| Disposal of treasury stock |
|
| (5) | 53 | 48 |
| |||||||||||||||||||||||
| Other changes |
|
|
|
|
|
| |||||||||||||||||||||||
| Total changes during the year |
|
| 800 | 52 | 852 |
| |||||||||||||||||||||||
| Balance at 31 March 2010 | 6,710 | 9,747 | 12,051 | (689) | 27,819 |
| |||||||||||||||||||||||
|
|
|
|
|
| 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 2009 | (201) | (1,482) | (1,683) | - | 25,284 |
| |||||||||||||||||||||||
| Effect of changes in accounting policies applied to foreign subsidiaries |
|
|
|
| 0 |
| |||||||||||||||||||||||
| Cash dividends |
|
|
|
| (300) |
| |||||||||||||||||||||||
| Net income |
|
|
|
| 1,105 |
| |||||||||||||||||||||||
| Change of scope of consolidation |
|
|
|
|
|
| |||||||||||||||||||||||
| Purchase of treasury stock |
|
|
|
| (1) |
| |||||||||||||||||||||||
| Disposal of treasury stock |
|
|
|
| 48 |
| |||||||||||||||||||||||
| Other changes | 72 | 342 | 415 | 10 | 424 |
| |||||||||||||||||||||||
| Total changes during the year | 72 | 342 | 415 | 10 | 1,276 |
| |||||||||||||||||||||||
| Balance at 31 March 2010 | (128) | (1,140) | (1,268) | 10 | 26,561 |
| |||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||
|
|
|
|
|
| USD thousand |
| |||||||||||||||||||||||
|
| Shareholders' equity |
| |||||||||||||||||||||||||||
|
| Common stock | Capital surplus | Retained earnings | Treasury stock | Total shareholders' equity |
| |||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||
| Balance at 31 March 2009 | 62,430 | 90,686 | 104,689 | (6,904) | 250,901 |
| |||||||||||||||||||||||
| 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) | 493 | 446 |
| |||||||||||||||||||||||
| Other changes |
|
|
|
|
|
| |||||||||||||||||||||||
| Total changes during the year |
|
| 7,437 | 490 | 7,930 |
| |||||||||||||||||||||||
| Balance at 31 March 2010 | 62,430 | 90,686 | 112,123 | (6,410) | 258,828 |
| |||||||||||||||||||||||
|
|
|
|
|
| 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 2009 | (1,870) | (13,789) | (15,659) | - | 235,242 |
| |||||||||||||||||||||||
| Effect of changes in accounting policies applied to foreign subsidiaries |
|
|
|
| 0 |
| |||||||||||||||||||||||
| Cash dividends |
|
|
|
| (2,791) |
| |||||||||||||||||||||||
| Net income |
|
|
|
| 10,281 |
| |||||||||||||||||||||||
| Change of scope of consolidation |
|
|
|
| 0 |
| |||||||||||||||||||||||
| Purchase of treasury stock |
|
|
|
| (9) |
| |||||||||||||||||||||||
| Disposal of treasury stock |
|
|
|
| 447 |
| |||||||||||||||||||||||
| Other changes | 674 | 3,184 | 3,858 | 90 | 3,871 |
| |||||||||||||||||||||||
| Total changes during the year | 674 | 3,184 | 3,858 | 90 | 11,872 |
| |||||||||||||||||||||||
| Balance at 31 March 2010 | (1,191) | (10,607) | (11,797) | 90 | 247,120 |
| |||||||||||||||||||||||
| 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 |
| ||||||||||||||||||||||||
|
| 2009 | 2010 |
| 2010 |
| ||||||||||||||||||||||||
| Cash flows from operating activities: |
|
|
|
|
| ||||||||||||||||||||||||
| Income before income taxes | (474) | 1,231 | 1,705 | 11,453 |
| ||||||||||||||||||||||||
| Adjustments for: |
|
|
|
|
| ||||||||||||||||||||||||
| Depreciation | 1,982 | 1,637 | (345) | 15,231 |
| ||||||||||||||||||||||||
| Amortization of negative goodwill | (80) | (58) | 22 | (540) |
| ||||||||||||||||||||||||
| Impairment loss | 79 | -- |
| -- |
| ||||||||||||||||||||||||
| Decrease in allowance for doubtful accounts | 34 | (5) | (39) | (47) |
| ||||||||||||||||||||||||
| Loss on disposal of property, plant & equipment | 8 | 72 | 64 | 670 |
| ||||||||||||||||||||||||
| Interest & dividend income | (69) | (58) | 11 | (540) |
| ||||||||||||||||||||||||
| Foreign exchange (gain) loss | 74 | 5 | (69) | 47 |
| ||||||||||||||||||||||||
| Gain on sales of investment securities | 10 | (14) | (24) | (130) |
| ||||||||||||||||||||||||
| Decrease (increase) in trade notes & accounts receivable | 2,151 | (948) | (3,099) | (8,820) |
| ||||||||||||||||||||||||
| Increase in inventories | 938 | 393 | (545) | 3,656 |
| ||||||||||||||||||||||||
| Decrease in trade notes & accounts payable | (297) | 355 | 652 | 3,303 |
| ||||||||||||||||||||||||
| Other | (460) | 226 | 686 | 2,103 |
| ||||||||||||||||||||||||
| Sub-total | 3,896 | 2,836 | (1,060) | 26,386 |
| ||||||||||||||||||||||||
| Interest & dividend income received | 68 | 59 | (9) | 549 |
| ||||||||||||||||||||||||
| Interest expenses paid | (2) | (3) | (1) | (28) |
| ||||||||||||||||||||||||
| Income taxes paid | (108) | (58) | 50 | (540) |
| ||||||||||||||||||||||||
| The amount of corporation tax return | -- | 88 | - | 819 |
| ||||||||||||||||||||||||
| Net cash provided by operating activities | 3,854 | 2,922 | (932) | 27,186 |
| ||||||||||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||||||||
| Cash flows from investment activities: |
|
|
|
|
| ||||||||||||||||||||||||
| Payments into time deposits | (395) | (57) | 338 | (530) |
| ||||||||||||||||||||||||
| Proceeds from withdrawal of time deposits | 19 | 78 | -- | 726 |
| ||||||||||||||||||||||||
| Payments for purchase of | (1,983) | (1,196) | 787 | (11,128) |
| ||||||||||||||||||||||||
| property, plant & equipment |
|
|
| 0 |
| ||||||||||||||||||||||||
| Proceeds from sales of | 322 | 162 | (160) | 1,507 |
| ||||||||||||||||||||||||
| property, plant & equipment |
|
|
| 0 |
| ||||||||||||||||||||||||
| Payments for purchase of | (270) | (282) | (12) | (2,624) |
| ||||||||||||||||||||||||
| investment securities |
|
|
| 0 |
| ||||||||||||||||||||||||
| Proceeds from sales of | 91 | 412 | 321 | 3,833 |
| ||||||||||||||||||||||||
| investment securities |
|
|
| 0 |
| ||||||||||||||||||||||||
| Purchase of investments in subsidiaries | (10) | -- | - | -- |
| ||||||||||||||||||||||||
| Payments of loan receivable | -- | -- |
| -- |
| ||||||||||||||||||||||||
| Purchase of intangible assets | (6) | (51) | (45) | (475) |
| ||||||||||||||||||||||||
| Other | (17) | 17 | 34 | 158 |
| ||||||||||||||||||||||||
| Net cash used in investing activities | (2,249) | (917) | 1,332 | (8,532) |
| ||||||||||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||||||||
| Cash flows from financing activities: |
|
|
|
|
| ||||||||||||||||||||||||
| Payments of long-term debt | (5) | (5) | 0 | (47) |
| ||||||||||||||||||||||||
| Cash dividends paid | (280) | (300) | (20) | (2,791) |
| ||||||||||||||||||||||||
| An income by the publication of the subscription warrant | -- | 9 | 0 | 84 |
| ||||||||||||||||||||||||
| Payments for purchase of treasury stock | (102) | 0 | 102 | 0 |
| ||||||||||||||||||||||||
| Proceeds from sales of treasury stock | -- | 48 |
| 447 |
| ||||||||||||||||||||||||
| Net cash used in financing activities | (387) | (248) | 139 | (2,307) |
| ||||||||||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||||||||
| Effect of exchange rate | (312) | 44 | 356 | 409 |
| ||||||||||||||||||||||||
| changes on cash & cash equivalents |
|
|
|
|
| ||||||||||||||||||||||||
| Net increase (decrease) in | 906 | 1,801 | 895 | 16,757 |
| ||||||||||||||||||||||||
| cash & cash equivalents |
|
|
|
|
| ||||||||||||||||||||||||
| Cash and cash equivalents | 6,146 | 7,062 | 916 | 65,705 |
| ||||||||||||||||||||||||
| at beginning of year |
|
|
| 0 |
| ||||||||||||||||||||||||
| Increase in cash and cash equivalents | 10 | -- | - | -- |
| ||||||||||||||||||||||||
| from newly consolidated subsidiary |
|
|
| 0 |
| ||||||||||||||||||||||||
| Cash and cash equivalents at end of year | 7,062 | 8,863 | 1,801 | 82,461 |
| ||||||||||||||||||||||||
| Segment Information |
|
|
|
|
| ||||||||||||||||||||||||
| (1) business segments |
|
|
|
|
|
| |||||||||||||||||||||||
|
| JPY million |
| |||||||||||||||||||||||||||
|
| For year ended 31 March 2009 |
| |||||||||||||||||||||||||||
|
| Ceramic Components | Lighting Equipment | Total | Eliminations or corporate | Consolidated |
| |||||||||||||||||||||||
| Net sales: |
|
|
|
|
|
| |||||||||||||||||||||||
| External customers | 14,916 | 1,777 | 16,693 | -- | 16,693 |
| |||||||||||||||||||||||
| Inter-segment | 30 | -- | 30 | (30) | -- |
| |||||||||||||||||||||||
| Total net sales | 14,946 | 1,777 | 16,723 | (30) | 16,693 |
| |||||||||||||||||||||||
| Operating expenses | 15,109 | 1,755 | 16,864 | 340 | 17,204 |
| |||||||||||||||||||||||
| Operating income (loss) | (163) | 22 | (141) | (370) | (511) |
| |||||||||||||||||||||||
|
| JPY million |
| |||||||||||||||||||||||||||
|
| For year ended 31 March 2010 |
| |||||||||||||||||||||||||||
|
| Ceramic Components | Lighting Equipment | Total | Eliminations or corporate | Consolidated |
| |||||||||||||||||||||||
| Net sales: |
|
|
|
|
|
| |||||||||||||||||||||||
| External customers | 13,587 | 1,818 | 15,405 | -- | 15,405 |
| |||||||||||||||||||||||
| Inter-segment | 37 | 7 | 44 | (44) | -- |
| |||||||||||||||||||||||
| Total net sales | 13,624 | 1,825 | 15,449 | (44) | 15,405 |
| |||||||||||||||||||||||
| Operating expenses | 11,919 | 1,721 | 13,640 | 475 | 14,115 |
| |||||||||||||||||||||||
| Operating income (loss) | 1,705 | 104 | 1,809 | (519) | 1,290 |
| |||||||||||||||||||||||
| (2) Geographic segments |
|
|
|
|
| ||||||||||||||||||||||||
|
| JPY million | ||||||||||||||||||||||||||||
|
| For year ended 31 March 2009 | ||||||||||||||||||||||||||||
|
| Japan | Asia | Europe & America | Total | Eliminations or corporate | Consolidated | |||||||||||||||||||||||
| Net sales: |
|
|
|
|
|
| |||||||||||||||||||||||
| External customers | 13,013 | 2,413 | 1,267 | 16,693 | -- | 16,693 | |||||||||||||||||||||||
| Inter-segment | 1,118 | 1,261 | 2 | 2,381 | (2,381) | -- | |||||||||||||||||||||||
| Total net sales | 14,131 | 3,674 | 1,269 | 19,074 | (2,381) | 16,693 | |||||||||||||||||||||||
| Operating expenses | 14,271 | 3,739 | 1,210 | 19,220 | (2,016) | 17,204 | |||||||||||||||||||||||
| Operating income | (140) | (65) | 59 | (146) | (365) | (511) | |||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||
|
| JPY million | ||||||||||||||||||||||||||||
|
| For year ended 31 March 2010 | ||||||||||||||||||||||||||||
|
| Japan | Asia | Europe & America | Total | Eliminations or corporate | Consolidated | |||||||||||||||||||||||
| Net sales: |
|
|
|
|
|
| |||||||||||||||||||||||
| External customers | 12,817 | 2,188 | 400 | 15,405 | -- | 15,405 | |||||||||||||||||||||||
| Inter-segment | 463 | 1,150 | 51 | 1,664 | (1,664) | -- | |||||||||||||||||||||||
| Total net sales | 13,280 | 3,338 | 451 | 17,069 | (1,664) | 15,405 | |||||||||||||||||||||||
| Operating expenses | 11,572 | 3,212 | 460 | 15,244 | 1,128 | 16,372 | |||||||||||||||||||||||
| Operating income | 1,708 | 126 | (9) | 1,825 | (536) | 1,289 | |||||||||||||||||||||||
| (3) Net overseas sales by customer's geographic location |
|
|
| ||||||||||||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||||||||
|
| JPY million |
| |||||||||||||||||||||||||||
|
| For year ended 31 March 2009 |
| |||||||||||||||||||||||||||
|
| Asia | Europe | Other | Total |
| ||||||||||||||||||||||||
| Overseas sales | 5,061 | 766 | 837 | 6,664 |
| ||||||||||||||||||||||||
| Consolidated net sales |
|
|
| 16,693 |
| ||||||||||||||||||||||||
| Percentage (%) | 30.3% | 4.6% | 5.0% | 39.9% |
| ||||||||||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||||||||
|
| JPY million |
| |||||||||||||||||||||||||||
|
| For year ended 31 March 2010 |
| |||||||||||||||||||||||||||
|
| Asia | Europe | Other | Total |
| ||||||||||||||||||||||||
| Overseas sales | 5,037 | 692 | 498 | 6,227 |
| ||||||||||||||||||||||||
| Consolidated net sales |
|
|
| 15,405 |
| ||||||||||||||||||||||||
| Percentage (%) | 32.7% | 4.5% | 3.2% | 40.4% |
| ||||||||||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||||||||
| *Countries are divided in geographical vicinity. |
|
|
| ||||||||||||||||||||||||||
| *Principal countries or jurisdictions in each geographic segment are as follows: |
|
| |||||||||||||||||||||||||||
| Asia: Malaysia, Taiwan, Korea, and China |
|
|
|
| |||||||||||||||||||||||||
| Europe: Germany and the United Kingdom |
|
|
|
| |||||||||||||||||||||||||
| Other: The United States |
|
|
|
| |||||||||||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||||||||
| END. |
|
|
|
|
| ||||||||||||||||||||||||