Last checked at 30 Oct 2012 10:30
MARUWA CO., LTD. | |||
3-83, Minamihonjigahara-cho, Owariasahi-city, Aichi-pref., 488-0044 JAPAN | |||
Consolidated financial results for the second quarter of Fiscal 2013 | |||
MARUWA CO., LTD. today announced its consolidated financial results for the second quarter of Fiscal 2013 as follows; | |||
I. Summary of Consolidated Financial Results | |||
(1) Summary of consolidated operating results | |||
| JPY million |
| |
2nd Quarter | 2nd Quarter | Change % | |
1 April - 30 Sep. | 1 April - 30 Sep. | ||
2011 | 2012 |
| |
Net sales | 10,976 | 10,703 | -2.5% |
Operating income | 1,802 | 1,243 | -31.0% |
Income before income taxes | 1,852 | 1,061 | -42.7% |
Net income | 1,263 | 656 | -48.1% |
Net income per share: |
| JPY |
|
Basic | 114.81 | 53.27 | -53.6% |
Diluted | 114.64 | 53.26 | -- |
(2) Summary of consolidated financial condition | |||
|
|
| |
As of 31 March | As of 30 Sep. | Change % | |
2012 | 2012 |
| |
Total assets | 40,808 | 39,077 | -4.2% |
Total net assets | 34,407 | 34,490 | 0.2% |
Equity ratio | 84.2% | 88.2% | 3.9% |
JPY | |||
Total net assets per share | 2,793.36 | 2,759.24 |
|
II. Dividends | |||
| JPY per share | ||
Fiscal 2012 | Fiscal 2013 | ||
| (forecast) | ||
Interim | 15 | 15 | |
Year-end | 15 | 15 | |
Total | 30 | 30 | |
*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. | |||
II. Outlook for the fiscal 2013 | |||
The forecast figures for business results and dividends announced in 26 April 2012 are not changed. | |||
\* The financial statements are prepared in conformity with the accounting principles generally accepted in Japan. | |||
*Consolidated subsidiaries: 13companies. | |||
Review of Operations
1. Review of Operations
In this second quarter, the growth of the world economy has slowed due to the expanded Eurozone debt problem and to the rapidly economies in emerging countries, including China, rapidly losing steam even though there is an indications of USA economy recovery.
Despite a strong automotive market and the need for the reconstruction of the Tohoku area, the Japanese economy still has some uncertainty in its outlook because of unstable employment, sluggish personal consumption, unstable electric power supply, deflation, the appreciation of the yen and diplomatic problem.
In this severe economic situation, the MARUWA Group's business results during this half of this fiscal year was in line with our plan due to strong demand for ceramic substrate for power modules and for new products for smart phone devices.
As a result, our consolidated sales were 10,703 million yen. (This is down 2.5% compared to the same period last year) Our operating income was 1,243 million yen. (This is down 31.0% compared to the same period last year) Ordinary profit was 1,093 million yen (down 42.3%). Net income was 656 million yen (down 48.１%).
2.Operating Results by Business Division
The Ceramic Components Division
The total sales for this business segment was 9,964 million yen. (This is down 3.2% compared to the same period last year).
The market for environment-related products, the power modules market and the smart phone market have remained strong.
Operating income was 1,638 million yen.
Lighting Equipment Division
The turnover was 739 million yen. This is a 8.3% increase over the same period last year. Operating profit was 43 million yen compared to a 7 million loss last year. This improvement is due to a consistent increase in inquiries and orders for LED lighting devices in the public utilities markets. New types of productswere very successful. MARUWA is continuing to press forward with the development and promotion of new LED lighting products.
forward with the development and promotion of new LED lighting products.
Review of Operations |
| ||||||
Review of operating results by segment | |||||||
|
| JPY million | |||||
2nd Quarter | 2nd Quarter | ||||||
1 April - 30 Sep. | 1 April - 30 Sep. | ||||||
2011 |
| 2012 | |||||
Ceramic Components: |
|
|
| ||||
Net sales | 10,294 | 9,964 | |||||
Operating income |
| 2,147 |
| 1,638 | |||
Lighting Equipment: | |||||||
Net sales | 682 | 739 | |||||
Operating income |
| (7) |
| 43 | |||
Total: | |||||||
Net sales | 10,976 | 10,703 | |||||
Operating income |
| 2,141 |
| 1,681 | |||
|
|
|
| ||||
Elimination: | |||||||
Net sales |
| -- |
| -- | |||
Operating income |
| (339) |
| (438) | |||
Consolidated: | |||||||
Net sales |
| 10,976 |
| 10,703 | |||
Operating income |
| 1,802 |
| 1,243 | |||
| |||||||
3. Financial Condition
Total assets as of the end of this second quarter were 39,077million yen. This is a 4.2%down
compared to the end of last fiscal year.
Total liabilities were 4,586 million yen. This is down to 28.4% compared to the previous year-end. Total net assets were 34,490 million yen. This is down to 0.2% compared to previous year-end. This is due to increase of funds, capital surplus and retained earnings by flotation. As a result, capital ratio is 88.2%
Consolidated Balance Sheet
| JPY million | |
2nd Quarter | (Reference) | |
As of 30 Sep. | As of 31 March | |
2012 | 2012 | |
ASSETS | ||
Current assets: | ||
Cash & deposits | 9,311 | 10,649 |
Trade notes and accounts receivable | 6,549 | 6,373 |
Inventories: | 5,294 | 5,591 |
Deferred tax assets | 205 | 219 |
Other current assets | 574 | 716 |
Allowance for doubtful accounts | (2) | (2) |
Total current assets | 21,931 | 23,546 |
Property, plant & equipment: | ||
Land | 3,573 | 3,789 |
Buildings & structures | 3,856 | 3,965 |
Machinery & equipment | 5,613 | 4,567 |
Other | 547 | 533 |
Construction in progress | 1,982 | 2,747 |
Total property, plant & equipment | 15,571 | 15,601 |
Intangible Assets | 220 | 221 |
Net property, plant & equipment | 15,791 | 15,822 |
Investment & other assets: | ||
Total investments & other assets | 1,355 | 1,440 |
Total assets | 39,077 | 40,808 |
LIABILITIES | ||
Current liabilities: | ||
Trade notes & accounts payable | 1,654 | 2,230 |
Current portion of long-term debt | 5 | 5 |
Accrued income taxes | 434 | 739 |
Accrued bonus | 353 | 322 |
Accrued bonus to directors | 5 | 14 |
Notes payable for property acquisitions | 529 | 1,457 |
Other | 1,252 | 1,270 |
Total current liabilities | 4,232 | 6,037 |
Long-term liabilities: | ||
Long-term debt | 109 | 111 |
Diferrred tax liabilities | 4 | 17 |
Other | 242 | 236 |
Total long-term liabilities | 355 | 364 |
Total liabilities | 4,587 | 6,401 |
NET ASSETS | ||
Shareholders' equity: | ||
Common stock | 8,647 | 8,647 |
Capital surplus | 11,909 | 11,906 |
Retained earnings | 15,981 | 15,510 |
Treasury stock, at cost | (134) | (141) |
Total shareholders' equity | 36,403 | 35,922 |
Valuation and translation adjustments: | ||
Net unrealized gains(losses)on available-for-sale securities | (40) | 13 |
Foreign currency translation adjustments | (1,905) | (1,562) |
Total valuation and translation adjustments | (1,945) | (1,549) |
A subscription warrant and Minority stockholders share | 32 | 34 |
Total shareholders' equity | 32 | 34 |
Total net assets | 34,490 | 34,407 |
Total liabilities and net assets | 39,077 | 40,808 |
Consolidated Statements of Income | ||
| JPY million | |
2nd Quarter | 2nd Quarter | |
1 April - 30 Sep. | 1 April - 30 Sep. | |
2011 | 2012 | |
Net sales | 10,976 | 10,703 |
Cost of sales | 7,304 | 7,621 |
Gross profit | 3,672 | 3,082 |
Selling, general & administrative | 1,870 | 1,839 |
expenses | ||
Operating income | 1,802 | 1,243 |
Other income (expenses): | ||
Interest & dividend income | 13 | 24 |
Interest expenses | (1) | (1) |
Rent income | 54 | 50 |
Rent expenses on real estates for investments | (26) | (25) |
Foreign exchange gain (loss), net | 56 | (210) |
Amortization of negative goodwill | (24) | - |
Gain on sales of property, plant and equipment | 10 | 1 |
Other, net | 17 | (1) |
Other income (expenses), net | 50 | (182) |
Income before income taxes | 1,852 | 1,061 |
Income taxes: | ||
Current | 581 | 399 |
Deferred | 8 | 6 |
Total income taxes | 589 | 405 |
Net income | 1,263 | 656 |
Consolidated Statement of Cash Flows | ||
JPY million |
| |
For year ended | For year ended | |
30th Sep. | 30th Sep. | |
2011 | 2012 | |
Cash flows from operating activities: | ||
Income before income taxes | 1,852 | 1,061 |
Adjustments for: | ||
Depreciation | 843 | 944 |
Amortization of negative goodwill | - | |
Decrease in allowance for doubtful accounts | (4) | 2 |
Gain (Loss)on Valuation investment ｓecurities | 6 | - |
Gain on disposal or sales of property, plant & equipment | 35 | 19 |
Interest & dividend income | (13) | (24) |
Foreign exchange (gain) loss | 6 | 6 |
Decrease (increase) in trade notes & accounts receivable | (343) | (272) |
Increase in inventories | (1,060) | 168 |
Decrease in trade notes & accounts payable | (10) | (523) |
Other | (116) | 597 |
Sub-total | 1,196 | 1,978 |
Interest & dividend income received | 15 | 28 |
Interest expenses paid | (1) | (1) |
Income taxes paid | (587) | (715) |
Net cash provided by operating activities | 623 | 1,290 |
Cash flows from investment activities: | ||
Payments into time deposits | (95) | (1) |
Proceeds from withdrawal of time deposits | - | - |
Payments for purchase of property, plant & equipment | (1,872) | (2,574) |
Proceeds from sales of property, plant & equipment | 67 | 218 |
Payments for purchase of investment securities | (112) | (2) |
Proceeds from sales of investment securities | 109 | - |
Payments for purchase of intangible assets | (8) | (15) |
Other | 38 | 25 |
Net cash used in investing activities | (1,873) | (2,349) |
Cash flows from financing activities: | ||
Increase in short-term loans payable | 0 | - |
Proceeds from long-term loans payable | 1 | - |
Payments of long-term debt | (2) | (2) |
Proceeds from clearance of treasury stock | 745 | 11 |
Proceeds from issuance of common stock | 3,850 | - |
Purchase of treasury stock | (1) | (1) |
Cash dividends paid | (161) | (184) |
Payments for purchase of treasury stock | - | - |
Net cash used in financing activities | 4,432 | (176) |
Effect of exchange rate changes on cash & cash equivalents | (171) | (71) |
Net increase (decrease) in cash & cash equivalents | 3,011 | (1,306) |
Cash and cash equivalents at beginning of year | 8,380 | 10,074 |
Increase in cash and cash equivalents | ||
from newly consolidated subsidiary | - | - |
Cash and cash equivalents at end of year | 11,391 | 8,768 |