Last checked at 29 Apr 2015 08:32
28 Apr 2015 | ||||||||
MARUWA CO., LTD. | ||||||||
3-83, Minamihonjigahara-cho, Owariasahi-city, Aichi-pref., 488-0044 JAPAN | ||||||||
Final Results for Fiscal Year 2014 | ||||||||
MARUWA CO., LTD. has announced its consolidated business results for the full fiscal year ended 31th March, 2015 as follows; | ||||||||
\* The financial statements are prepared in accordance with the accounting principles generally accepted in Japan. | ||||||||
*US dollar amounts are converted by USD1 = JPY110.03 for your convenience only | ||||||||
*Number of consolidated subsidiaries: 14 companies (Maruwa (Malaysia) Sdn. Bhd., Maruwa Melaka Sdn. Bhd., Maruwa Lightings 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., Hokko Denshi Co., Ltd. and YAMAGIWA CORPORATION. | ||||||||
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 | 31st March | 31th March | ||||||
2014 |
| 2015 |
|
|
| 2015 | ||
Net sales | 33,475 | 32,811 | -2.0% | 298,200 | ||||
Operating income | 3,350 | 2,404 | -28.2% | 21,858 | ||||
Income before income taxes | 3,614 | 1,746 | -51.7% | 15,715 | ||||
Net income | 2,586 | 884 | -65.8% | 7,881 | ||||
JPY | USD | |||||||
Net income per share (Basic) | 209.60 |
| 71.59 |
| -65.8% |
| 0.65 | |
(Diluted) | 209.50 |
| 71.59 |
| -- |
| -- | |
*Average number of issued shares | 12,336,985 | 12,350,052 | ||||||
| ||||||||
(2) Summary of consolidated financial condition | ||||||||
|
| million JPY |
|
|
| thousand USD | ||
As of 31th March | As of 31th March | Change % | As of 31th March | |||||
2014 |
| 2015 |
|
|
| 2015 | ||
Total Assets | 49,569 | 49,445 | -0.3% | 437,427 | ||||
Total net assets | 40,015 | 41,000 | 2.5% | 372,626 | ||||
Equity ratio | 80.7% | 82.9% | 2.2% | |||||
JPY | USD | |||||||
Total net assets per share | 3,239.88 | 3,319.58 | 2.5% | 30.17 | ||||
*Number of issued shares at the year end | 12,350,117 | 12,350,017 | ||||||
(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 | ||||||
2014 |
| 2015 |
|
|
| 2015 | ||
Net cash provided by operating activities | 4,056 | 3,688 | -9.1% | 33,365 | ||||
Net cash used in investing activities | (1,927) | (1,881) | 2.4% | (17,096) | ||||
Net cash used in financing activities | 170 | (877) | 615.9% | (7,970) | ||||
Cash and cash equivalents at end of term | 12,507 | 13,684 | 9.4% | 124,213 | ||||
II. Dividends | III. Outlook for FY2015 ending 31th March 2016 | |||||||
| JPY per share | million JPY | ||||||
Fiscal 2013 | Fiscal 2014 | Half year | Full year | |||||
| (forecast) | Net sales | 15,000 | 34,000 | ||||
Interim | 17 | 18 | Operating income | 1,110 | 3,400 | |||
Year-end | 17 | 18 | Net income | 500 | 2,200 | |||
Annual | 34 | 36 | Net income per share | 40.49 | 202.43 | |||
*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 | ||||||||||
Previous | Current |
|
|
|
| |||||
For year ended | For year ended | variance |
| |||||||
31th March 2014 | 31th March 2015 | amount | % |
| ||||||
Net sales | 33,475 | 32,811 | (664) | -2.0% |
| |||||
Operating income | 3,350 | 2,405 | (945) | -28.2% |
| |||||
Net income | 2,586 | 884 | (1,702) | -65.8% |
| |||||
(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.About the product (NFC sheet) for our communication terminal production majors, our pressed profit decrease that customer included stock disposal by the withdrawal of the communication terminal business of the communication terminal maker and large production adjustment. In the field of lighting equipment apparatus business, the inquiry of the community-related illumination changed including a road light smoothly, and the YAMAGIWA came out to the result of the constitution reinforcement steadily, but changed in the situation severe at all by market environment change and a change of assumption business environment more than it that included a consumption tax increase.
As a result, our consolidated net sales were 32,811 million yen (this is down 2.0% compared to the same period last fiscal year). Our operating income was 2,404 million yen (this is down 28.2% compared to the same period last fiscal year). Ordinary profit was 2,841 million yen (this is down 22.1% compared to the same period last fiscal year). We were profit improvement initiatives after the next, were carried out, such as structural reforms to the proper of the production facilities. Net income was 884 million yen (this is down 65.8% 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 2014 | 31th March 2015 | |||
Ceramic Components: |
|
|
|
|
Net sales | 21,279 | 21,389 | ||
Operating income |
| 3,939 |
| 3,425 |
Lighting Equipment: | ||||
Net sales | 12,196 | 11,422 | ||
Operating income |
| 426 |
| (82) |
Total: | ||||
Net sales |
| 33,475 | 32,811 | |
Operating income |
| 4,365 | 3,343 | |
|
|
|
| |
Elimination: | ||||
Net sales |
| -- | -- | |
Operating income | (1,015) | (939) | ||
Consolidated: | ||||
Net sales |
| 33,475 | 32,811 | |
Operating income |
| 3,350 | 2,404 | |
1. The Ceramic Components Division
The total sales for this business segment was 21,389 million yen (this is up 0.5% compared to the same period last fiscal year). Operating profit was 3,425 million yen (this is down 13.0% 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. In the NFC Ferrite sheet, the customer (China) was the rise of low-cost communication terminals, such as the customer is carried out by the business withdrawal and significant production adjustment, our sales were lower than the expected.
With regard to profitability, energy saving, but for environment -related markets were the NFC ferrite sheets from the fact that it is assumed that continue to be severe in the future, as efforts to improve the profitability and reduction of excess facilities was carried out, we conducted a review of significant profitability aimed at improving profitability of time intention. The NFC ferrite sheet is progressing steadily even development projects on non- communication terminal market, we will continue to focus.
2. Lighting Equipment Division
The total sales for this business segment was 11,422 million yen (this is down 6.3% compared to the same period last fiscal year). Operating profit loss was 82 million yen (426 million yen to the same period last fiscal year).We've released the LED lighting equipment that private ceramic technology. Although orders for road lights equipment were strong, but total sales was decrease at assumption to the same period last fiscal year by a change of the business environment such as lack of a consumption tax increase and the construction material or the labor shortage of the construction site. The high value-added illumination of YAMAGIWA decreased by having been behind the original order plan.
We look forward to the expectations of the future, demand increased towards the redevelopment of the Tokyo Olympic Games and linear motor cars.
We are the development of new lighting equipment, we will focus on the reconstruction of the sales strategy that takes advantage of the strengths of the release and product.
(3) Outlook for the next fiscal year
million JPY | ||||||||
| For year ended |
| For year ended | variance | ||||
| 31th March 2015 |
| 31th March 2016 | % | ||||
Net sales | 32,811 | 34,000 | 3.6% | |||||
Operating income | 2,404 | 3,400 | 41.4% | |||||
Net income | 884 | 2,500 |
| 182.8% | ||||
Sales by segment | million JPY | |||||||
| For year ended |
| For year ended | variance | ||||
| 31th March 2015 |
| 31th March 2016 | % | ||||
Ceramic Components | 21,389 |
| 23,700 | 10.8% | ||||
Lighting Equipment | 11,422 | 10,300 | -9.8% | |||||
Total |
| 32,811 |
| 34,000 |
| 3.6% | ||
*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 34,000 million yen (up 3.6% compared to last fiscal year). In terms of operating income is expected to be 3,400 million yen (up 41.4% compared to last fiscal year), net income 2,500 million yen (up 182.8% 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. We will perform the reduction to the stakeholder including the stockholder in future that it promotes reinforcement and the profit improvement of the corporate culture by performing management to also support a change of the business environment in each business effectively quickly, and
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.
Ⅱ. Financial Results
million JPY | million JPY | |||||||
As of 31th March | As of 31th March | Change | ||||||
2014 | 2015 | Amount | % | |||||
Total assets | 49,569 | 49,445 | -124 | -0.3% | ||||
Total liabilities | 9,554 | 8,445 | -1,108 | -11.6% | ||||
Total net assets | 40,015 | 41,000 | 984 | 2.5% | ||||
Equity ratio |
| 80.7% |
| 82.9% | 2.2% |
| ||
million JPY | million JPY | |||||||
For year ended | For year ended | Change | ||||||
31th March 2014 | 31th March 2015 | Amount | % | |||||
Net cash provided by operating activities |
| 4,056 |
| 3,688 | -368 | -9.1% | ||
Net cash used in investing activities | (1,927) | (1,881) | 46 | 2.4% | ||||
Net cash used in financing activities | 170 | (877) | -1,047 | 615.9% | ||||
Cash and cash equivalents at end of year |
| 12,507 |
| 13,684 | 1,177 | 9.4% | ||
Net sales |
| 33,475 |
| 32,811 | -664 | -2.0% | ||
Capital expenditure | 3,237 | 3,032 | -205 | -6.3% | ||||
Depreciation |
| 2,308 |
| 2,137 | -171 | -7.4% | ||
Total assets as of this fiscal year were 49,445 million yen, down 0.3% compared to the end of last fiscal year. Total liabilities were 8,445 million yen, down 11.6% compared to the end of last fiscal year. The main factor is the decrease of accrued income tax. Total net assets were 41,000 million yen, up 2.5% compared to the end of last fiscal year.
As a result, capital ratio of this fiscal year were 82.9%, up 2.2points compared to the end of last fiscal year.
Cash from operating activities was 3,688 million yen, down 368 million yen compared to the end of last fiscal year. The main factor is the decrease of income before income tax.
Cash for investing activities was 1,881 million yen, down 45 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 877 million yen (170 million yen income last fiscal year). The main factor is the increase of output of long-tern debit.
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 13,684 million yen, up 1,176 million yen compared to the end of last fiscal year.
million JPY | |||||||
For year ended | For year ended | For year ended | |||||
31th March 2013 | 31th March 2014 | 31th March 2015 | |||||
Equity ratio | 81.4% | 80.7% | 82.9% | ||||
Equity ratio at market value | 71.4% | 100.2% | 71.1% | ||||
Interest-bearing debt tocash flows ratio (year) | 0.2 | 0.4 | 0.4 | ||||
Interest coverage ratio |
| 925.1 |
| 368.7 |
| 212.8 | |
million JPY | million JPY |
| thousand USD | |||
As of 31th March | As of 31th March | variance | As of 31th March | |||
2014 | 2015 |
| 2015 | |||
ASSETS | ||||||
Current assets: | ||||||
Cash & deposits | 13,362 | 14,225 | 863 | 129,283 | ||
Trade notes and accounts receivable | 8,870 | 8,491 | (379) | 77,170 | ||
Electronically recorded monetary claims-operating | 374 | 439 | 65 | 0 | ||
Inventories | 6,025 | 7,132 | 1,107 | 64,819 | ||
Deferred tax assets | 439 | 320 | (119) | 2,908 | ||
Other current assets | 727 | 811 | 84 | 7,371 | ||
Allowance for doubtful accounts | (15) | (11) | 4 | (100) | ||
Total current assets | 29,782 | 31,406 | 1,625 | 281,451 | ||
Property, plant & equipment: | ||||||
Land | 3,512 | 3,518 | 6 | 31,973 | ||
Buildings & structures | 4,981 | 4,635 | (346) | 42,125 | ||
Machinery & equipment | 6,169 | 4,519 | (1,650) | 41,071 | ||
Other | 543 | 534 | (9) | 4,853 | ||
Construction in progress | 1,539 | 1,786 | 247 | 16,232 | ||
Total property, plant & equipment | 16,744 | 14,992 | (1,752) | 136,254 | ||
Intangible assets: | ||||||
Goodwill | 716 | 426 | ||||
Other | 410 | 450 | ||||
Total Intangible assets | 1,126 | 877 | ||||
Investments & other assets: | ||||||
Investment securities | 264 | 432 | 168 | 3,926 | ||
Deferred tax assets | 218 | 272 | 54 | 2,472 | ||
Property & equipment for investments | 1,021 | 1,003 | (18) | 9,116 | ||
Other | 434 | 482 | 48 | 4,381 | ||
Allowance for doubtful accounts | (20) | (19) | 1 | (173) | ||
Total investments & other assets | 1,917 | 2,170 | 253 | 19,722 | ||
Total noncurrent assets | 19,787 | 18,039 | ||||
Total assets | 49,569 | 49,445 | (124) | 437,427 | ||
LIABILITIES | ||||||
Current liabilities: | ||||||
Trade notes & accounts payable | 3,639 | 3,989 | 350 | 36,254 | ||
Current portion of long-term debt | 445 | 993 | 548 | 9,025 | ||
Accrued income taxes | 896 | 394 | (502) | 3,581 | ||
Accrued bonus | 436 | 459 | 23 | 4,172 | ||
Accrued bonus for directors | 10 | 5 | -- | 45 | ||
Notes payable for property acquisitions | 453 | 184 | (269) | 1,672 | ||
Other current liabilities | 1,727 | 1,691 | (36) | 15,369 | ||
Total current liabilities | 7,606 | 7,714 | 109 | 70,118 | ||
Long-term liabilities: | ||||||
Long-term debt | 1,160 | 253 | (907) | 2,299 | ||
Deferred tax liabilities | 175 | - | -- | - | ||
Provision for environmental measures | 26 | 26 | -- | 236 | ||
Other | 587 | 451 | (136) | 4,099 | ||
Total long-term liabilities | 1,948 | 731 | (1,217) | 6,634 | ||
Total liabilities | 9,554 | 8,445 | (1,109) | 76,752 | ||
NET ASSETS | ||||||
Shareholders' equity: | ||||||
Common stock | 8,647 | 8,647 | -- | 78,588 | ||
Capital surplus | 11,947 | 11,947 | -- | 108,579 | ||
Retained earnings | 19,372 | 19,824 | 452 | 180,169 | ||
Treasury stock, at cost | (47) | (47) | 0 | (427) | ||
Total shareholders' equity | 39,919 | 40,371 | 452 | 366,909 | ||
Valuation and translation adjustments: | ||||||
Net unrealized gains (losses) | 48 | 131 | 83 | 1,191 | ||
Foreign currency translation adjustment | 46 | 495 | 449 | 4,499 | ||
Total valuation and translation adjustments | 94 | 626 | 532 | 5,690 | ||
A subscription warrant and Minority stockholders share | 3 | 3 | - | 27 | ||
Total shareholders' equity | 3 | 3 | 0 | 27 | ||
Total net assets | 40,016 | 41,000 | 984 | 372,626 | ||
Total liabilities & net assets | 49,569 | 49,445 | (124) | 449,378 | ||
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 | ||||
2014 | 2015 |
| 2015 | |||
Net sales | 33,475 | 32,811 | (664) | 298,200 | ||
Cost of sales | 22,492 | 22,983 | 491 | 208,879 | ||
Gross profit | 10,983 | 9,827 | (1,156) | 89,321 | ||
Selling, general & administrative expenses | 7,633 | 7,423 | (210) | 67,463 | ||
Operating income | 3,350 | 2,404 | (945) | 21,858 | ||
Other income (expenses): | ||||||
Interest and dividend income | 60 | 56 | (4) | 509 | ||
Interest expenses | (12) | (14) | (2) | (127) | ||
Rent income | 104 | 90 | (14) | 818 | ||
Rent expenses on real estates for investments | (56) | (38) | 18 | (345) | ||
Settlement package | (19) | - | - | - | ||
Foreign exchange gain (loss), net | 166 | 283 | 117 | 2,572 | ||
Gain on sales of property, plant and equipment | 2 | 1 | (1) | 9 | ||
Loss on disposal or sales of property, plant and equipment | (54) | (36) | 18 | (327) | ||
Gain on sales or valuation of investment securities | 7 | 27 | 20 | 245 | ||
Loss on reduction of noncurrent assets | - | (738) | -- | - | ||
Compensation income | 65 | - | -- | - | ||
Impairment loss | (12) | (950) | -- | (8,634) | ||
Provision for environmental measures | (26) | - | -- | - | ||
cancellation penalty | (12) | - | -- | - | ||
Subsidy income | - | 755 | ||||
Other, net | 51 | (95) | (146) | (863) | ||
Other income (expenses), net | 264 | (659) | (923) | (6,143) | ||
Income before income taxes | 3,614 | 1,746 | (1,868) | 15,715 | ||
Income tax expenses: | ||||||
Current | 1,273 | 987 | (286) | 8,970 | ||
Deferred | (245) | (125) | 120 | (1,136) | ||
Total income taxes | 1,028 | 862 | (166) | 7,834 | ||
Net income | 2,586 | 884 | (1,702) | 7,881 | ||
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 |
| |||
2014 | 2015 |
| 2015 |
| ||
Cash flows from operating activities: |
| |||||
Income before income taxes | 3,614 | 1,746 | (1,868) | 15,715 |
| |
Adjustments for: |
| |||||
Depreciation | 2,308 | 2,137 | (171) | 19,422 |
| |
Amortization of negative goodwill | 290 | 290 | 0 | 2,636 |
| |
Increase (decrease) in provision for retirement benefits | (877) | - | 0 | - |
| |
Decrease in allowance for doubtful accounts | (28) | (4) | 24 | (36) |
| |
Loss on disposal of property, plant & equipment | 52 | 35 | (17) | 318 |
| |
Interest & dividend income | (63) | (60) | 3 | (545) |
| |
Foreign exchange (gain) loss | (19) | (99) | (79) | (872) |
| |
Loss on valuation of inventories | (7) | (27) | (20) | (245) |
| |
Decrease (increase) in trade notes & accounts receivable | (580) | 397 | 977 | 3,608 |
| |
Increase in inventories | (454) | (1,049) | (595) | (9,552) |
| |
Decrease in trade notes & accounts payable | 519 | 299 | (220) | 2,717 |
| |
Increase (decrease) in provision for environmental measures | 26 | - | - |
| ||
Impairment loss | 12 | 950 | 938 | 8,634 |
| |
Loss on reduction of fixed asset | - | 738 | - | 6,707 |
| |
Other | 135 | (222) | (357) | (2,018) |
| |
Sub-total | 4,928 | 5,132 | 204 | 46,489 |
| |
Interest & dividend income received | 64 | 60 | (3) | 554 |
| |
Interest expenses paid | (11) | (14) | (3) | (127) |
| |
Income taxes paid | (925) | (1,491) | (566) | (13,551) |
| |
Net cash provided by operating activities | 4,056 | 3,688 | (368) | 33,365 |
| |
Cash flows from investment activities: |
| |||||
Payments into time deposits | (118) | (314) | (196) | (2,854) |
| |
Proceeds from withdrawal of time deposits | 627 | 718 | -- | 6,525 |
| |
Payments for purchase of | (2,555) | (2,139) | 416 | (19,440) |
| |
Proceeds from sales of | 302 | 14 | (288) | 127 |
| |
Payments for purchase of | (4) | (207) | (203) | (1,881) |
| |
Proceeds from sales of | 27 | 168 | 141 | 1,527 |
| |
Purchase of intangible assets | (56) | (69) | (13) | (627) |
| |
Other | (150) | (52) | 98 | (473) |
| |
Net cash used in investing activities | (1,927) | (1,881) | 46 | (17,096) |
| |
| ||||||
Cash flows from financing activities: |
| |||||
Payments of long-term debt | (339) | (445) | (106) | (4,044) |
| |
Cash dividends paid | (394) | (432) | (38) | (3,926) |
| |
Proceeds from long-term loans payable | 807 | - | 0 | - |
| |
Payments for purchase of treasury stock | (1) | 0 | 1 | 0 |
| |
Proceeds from sales of treasury stock | 97 | - | - |
| ||
Net cash used in financing activities | 170 | (877) | (1,047) | (7,970) |
| |
| ||||||
Effect of exchange rate | 198 | 247 | 49 | 2,245 |
| |
changes on cash & cash equivalents |
| |||||
Net increase (decrease) in | 2,497 | 1,177 | (1,320) | 10,544 |
| |
cash & cash equivalents |
| |||||
Cash and cash equivalents | 10,010 | 12,507 | 2,497 | 113,669 |
| |
at beginning of year | 0 |
| ||||
Cash and cash equivalents at end of year | 12,507 | 13,684 | 1,177 | 124,213 |
| |
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 2014 | 8,647 | 11,947 | 19,372 | (47) | 39,919 |
| ||||||||
Increase in legal capital |
|
| ||||||||||||
Cash dividends | (432) | (432) |
| |||||||||||
Net income | 884 | 884 |
| |||||||||||
Purchase of treasury stock | (0) | (0) |
| |||||||||||
Disposal of treasury stock |
|
| ||||||||||||
Other changes |
|
|
|
|
|
| ||||||||
Total changes during the year | 0 | 0 | 452 | (0) | 452 |
| ||||||||
Balance at 31th March 2015 | 8,647 | 11,947 | 19,824 | (47) | 40,371 |
| ||||||||
|
|
|
| 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 2014 | 48 | 46 | 94 | 3 | 40,016 | |||||||||
Increase in legal capital |
|
| ||||||||||||
Cash dividends |
|
| (432) | |||||||||||
Net income |
|
| 884 | |||||||||||
Purchase of treasury stock |
|
| (0) | |||||||||||
Disposal of treasury stock |
|
| ||||||||||||
Other changes | 82 | 450 | 532 | 0 | 532 | |||||||||
Total changes during the year | 82 | 450 | 532 | 0 | 984 | |||||||||
Balance at 31th March 2015 | 131 | 495 | 626 | 3 | 41,000 | |||||||||
thousand USD | |||||
Shareholders' equity | |||||
Common stock | Capital surplus | Retained earnings | Treasury stock | Total shareholders' equity | |
Balance at 31th March 2014 | 78,588 | 108,579 | 176,061 | (427) | 362,801 |
Increase in legal capital | |||||
Cash dividends | (3,926) | (3,926) | |||
Net income | 8,034 | 8,034 | |||
Purchase of treasury stock | (3) | (3) | |||
Disposal of treasury stock | 0 | ||||
Other changes | 0 | ||||
Total changes during the year | 4,108 | (3) | 4,105 | ||
Balance at 31th March 2015 | 78,588 | 108,579 | 180,169 | (430) | 366,906 |
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 2014 | 436 | 418 | 854 | 27 | 363,683 |
Increase in legal capital | 0 | ||||
Cash dividends | (3,926) | ||||
Net income | 8,034 | ||||
Purchase of treasury stock | (3) | ||||
Disposal of treasury stock | 0 | ||||
Other changes | 745 | 4,090 | 4,835 | 1 | 4,836 |
Total changes during the year | 745 | 4,090 | 4,835 | 1 | 8,941 |
Balance at 31th March 2015 | 1,191 | 4,499 | 5,690 | 27 | 372,624 |