Final Results
Maruwa Co Ld
09 May 2008
9 May 2008
MARUWA CO., LTD.
3-83, Minamihonjigahara-cho, Owariasahi-city, Aichi-pref., 488-0044
JAPAN
Final Results for Fiscal 2008
MARUWA CO., LTD. today announced its consolidated business results for the full fiscal year ended 31 March,
2008 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 = 100.19 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 Electronics (Philippines), Inc. , MARUWA QUARTZ Co., Ltd., MARUWA
SHOMEI Co., Ltd., and Hokko Denshi Co., Ltd.)
I. Summary of Consolidated Results
(1) Summary of consolidated statement of income
JPY million USD thousand
For year ended For year ended Change % For year ended
31 March 31 March 31 March
2007 2008 2008
Net sales 21,062 20,635 -2.0% 205,959
Operating income 1,924 1,576 -18.1% 15,730
Income before income taxes 1,912 1,584 -17.2% 15,810
Net income 1,334 1,100 -17.5% 10,979
JPY USD
Net income per share (Basic) 122.04 101.80 -16.6% 1.02
(Diluted) 121.45 101.68 -16.3% 1.01
*Average number of issued shares 10,932,798 10,809,627
(2) Summary of consolidated financial condition
JPY million USD thousand
As of 31 March As of 31 March Change % As of 31 March
2007 2008 2008
Total Assets 33,872 32,850 -3.0% 327,877
Total net assets 27,907 27,774 -0.5% 277,213
Equity ratio 82.4% 84.5% 2.1%
JPY USD
Total net assets per share 2,572.66 2,571.59 0.0% 25.67
*Number of issued shares at the 10,847,360 10,800,410
year end
(3) Summary of consolidated statement of cash flows
JPY million USD thousand
For year ended For year ended Change % For year ended
31 March 31 March 31 March
2007 2008 2008
Net cash provided by operating 1,422 2,590 82.1% 25,851
activities
Net cash used in investing (3,029) (1,921) 36.6% (19,174)
activities
Net cash used in financing (700) (416) 40.6% (4,152)
activities
Cash and cash equivalents at end 5,939 6,146 3.5% 61,343
of term
III. Outlook for fiscal 2009 ending 31 March 2009
II. Dividends
JPY per share JPY million
Fiscal 2008 Fiscal 2009 Half year Full year
(forecast) Net sales 9,700 20,650
Interim 12 14 Operating income 610 1,760
Year-end 12 14 Net income 370 1,140
Annual 24 28 Net income per share 34.26 105.55
*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
1. Operating Results
JPY million
Fiscal 2007 Fiscal 2008
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Net sales 4,878 4,885 5,644 5,655 4,719 5,118 5,265 5,533
Operating income 420 402 489 613 359 417 451 349
Net income 357 274 331 372 272 295 329 204
JPY million
Previous Current
For year ended For year ended
31 March 2007 31 March 2008
Net sales 21,062 20,635
Operating income 1,924 1,576
Net income 1,334 1,100
(1) Review of operations
Japanese economy in this year has been solid, supported by brisk private
consumption as well as continuous increasing trend of corporate profits led by
the strong export sector. The economy, however, gradually slowed down due to
global credit shrinkage which has risen from the subprime loan crisis in the US,
soaring energy and raw material prices, and decelerating trend of private
consumption.
Under these circumstances, the electronic components/semiconductor sector has
decelerated; particularly after the new year, inventory adjustments in Asian
markets and yen's sharp appreciation brought about intense competition among
companies, resulting a drop of product prices.
Our consolidated net sales in this year were 20,635 million yen, down 2.0%
compared to last year.
Operating income in this year was 1,576 million yen, a decrease of 18.1% from
last year, influenced by the increase of fixed expenses including depreciation
costs, falling product prices, and expenses for the transfer of manufacturing
equipment. Net income in this year decreased 17.5% from last year to 1,100
million yen due to a loss on disposal of fixed assets of 237 million yen, and a
loss on dissolution of a subsidiary of 96 million yen.
(2) Review of operating results by business segment
JPY million
Current
For year ended For year ended
31 March 2007 31 March 2008
Ceramic Components:
Net sales 18,341 18,479
Operating income 2,576 2,092
Lighting Equipment:
Net sales 2,721 2,156
Operating income (73) (6)
Total:
Net sales 21,062 20,635
Operating income 2,503 2,086
Elimination:
Net sales -- --
Operating income (579) (510)
Consolidated:
Net sales 21,062 20,635
Operating income 1,924 1,576
Quarterly sales results of Ceramic Components segment by product division
JPY million
Fiscal 2007 Fiscal 2008
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Circuit Ceramics 1,778 1,908 2,227 1,690 1,692 1,868 1,936 1,673
Machinery Ceramics 1,148 1,189 1,354 1,255 1,325 1,330 1,258 1,186
RF* Products 407 354 504 370 474 492 500 456
EMC Components 1,046 1,013 1,069 1,029 1,041 1,064 1,138 1,046
Total 4,379 4,464 5,154 4,344 4,532 4,754 4,832 4,361
*Radio Frequency
JPY million
Previous Current
For year ended For year ended
31 March 2007 31 March 2008
Circuit Ceramics 7,603 7,169
Machinery Ceramics 4,946 5,099
RF Products 1,635 1,922
EMC Components 4,157 4,289
Total 18,341 18,479
Ceramic Components segment
Total sales of the Ceramic Component segment were 18,479 million yen, up 0.8%,
and operating income was 2,092 million yen, down 18.8% from last year,
influenced by the increase of depreciation costs and other expenses mainly for
the reorganization of manufacturing equipment of our overseas manufacturing
subsidiaries.
Circuit Ceramics
The Circuit Ceramics division includes ceramic substrates for chip resistors
which are essential for a wide range of electronic appliances, glazed substrates
for thermal printer head (TPH) used for FAX or bar code label printers, large
ceramic substrates for hybrid ICs, and Aluminum Nitride (AlN) substrates used
for power modules and automotive components.
Total sales of this division were 7,169 million yen, down 5.7% compared to last
year, reflected a decline in demand for information communication devices such
as PCs and mobile phones, and industrial equipment.
As for our ceramic substrates for chip resistors, sales decreased since demand
sharply fell down in Asia from early this term. Decreasing demand for glazed
substrates and large ceramic substrates, which had been solid in the previous
term, was another factor for the downturn in sales.
Machinery Ceramics
The Machinery Ceramics division includes quarts glass products especially for
semiconductor equipment, ceramic faucet valves, and ferrite magnet materials
used for measuring equipment or medical purposes. Products in this division
require high precision processing techniques.
Total sales of this division increased 3.1% to 5,099 million yen from the
previous year due mainly to that the ferrite magnet products, which were
acquired in last year, posted sales throughout the year even though a
semiconductor equipment-related market has slowed down since the second half of
this year.
Radio Frequency Products
The Radio Frequency Products division includes device products such as band pass
filters used for wireless communication industries, dielectric ceramic filters
required in mobile communication industries, thin film substrates used for
optical information/communication industries, and multi-layer ceramic substrates
for automotive components.
Total sales of this division in this year were 1,922 million yen, up 17.6%
compared to last year by including sales of multi-layer ceramic substrates from
this year, and enjoying the market expansion of thin film substrates for optical
communication.
EMC Components
The EMC Components division includes multi-layer ceramic capacitors of
high-voltage/high-capacitance especially used for digital cameras, LCD
backlights, or power supply parts of electronic devices, and a product line as a
countermeasure against noise/surge, including EMI filters, chip varistors, chip
beads and inductors. There are increasing demands for such components for
various electronic appliances such as communication tools, including mobile
phones and PCs, digital home appliances, amusement equipment or automotive
electronic devices.
Total sales of this division in this year were 4,289 million yen, up 3.2%
compared to the previous year.
The sales of EMI filters grew thanks to demand for flat screen TVs-related uses.
Lighting Equipment segment
This segment includes lighting equipment for public works such as roads and
bridges, and most of sales are particularly posted in the end of a fiscal year
while expenses exceed sales until then.
Total sales of this segment in this year decreased 20.8% to 2,156 million yen
from last year, and operating loss was 6 million yen.
Although sales of lighting equipment for public works significantly dropped,
operating loss was lower than the previous results due to increasing sales of
our new LED lightings.
(3) Outlook for the full fiscal 2008
JPY million
For year ended For year ending Change
31 March 2008 31 March 2009 %
Net sales 20,635 20,650 0.1%
Operating income 1,576 1,760 11.7%
Net income 1,100 1,140 3.6%
Sales by business segment
JPY million
For year ended For year ending Change
31 March 2008 31 March 2009 %
Ceramic Components 18,479 18,700 1.2%
Lighting Equipment 2,156 1,950 -9.6%
Total 20,635 20,650 0.1%
There is concern about demand trends for digital/IT related products as a global
economic slowdown is now prevailing. Due to the uncertain market environment,
we have a tight outlook for sales growth; however, we expect a profit increase
based on this year's reorganization of manufacturing equipment in the business
acquired through M&A in the past to reinforce our business foundation.
For the Circuit Ceramic division, we forecast a revenue increase by expanding
production capacity for Alumina substrates and enhancing product lineups of
Aluminum Nitride substrates. According to these measures, forecast total sales
of this division for next term are 7,980 million yen, up 11.3% compared to the
current year.
As for the Machinery Ceramics division, demand for our core products, quartz
glass products, is expected to decline in the semiconductor equipment-related
industry; forecast total sales of this division for next year are 4,610 million
yen, down 9.6% from this year.
In the Radio Frequency Products division, the sales of multi-layer substrates
for automotive components are expected to grow. Therefore, total sales of this
division are expected to increase by 7.2% to 2,060 million yen from this year.
The EMC Components division is expected to decrease its sales by 5.6% to 4,050
million yen compared to this term because of concern for declining demand of
components for digital/IT-related products.
In the Lighting Equipment segment, sales are expected to significantly increase
with our sales enhancement as we shift our business model to the LED lightings
area despite decreasing sales in other lighting equipment for public works.
According to this outlook, forecast total sales in this segment are 1,950
million yen, down 9.6% from this year. Operating income is expected to improve
due to a sales increase in new LED lightings.
According to the above, forecast net sales are 20,650 million yen, up 0.1% from
last year, forecast operating income is 1,760 million yen, up 11.7%, and
forecast net income is 1,140 million yen, up 3.6% million yen. Forecast net
income includes an expected loss on disposal of fixed assets of 120 million yen.
*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.
2. Financial Condition
JPY million
As of 31 March As of 31 March As of 31 March Change
2006 2007 2008 Amount %
Total assets 33,044 33,872 32,850 -1,022 -3.0%
Total liabilities 6,487 5,965 5,076 -889 -14.9%
Total net assets 26,557 27,907 27,774 -133 -0.5%
Equity ratio 80.4% 82.4% 84.5% 2.1%
JPY million
For year ended For year ended For year ended Change
31 March 2006 31 March 2007 31 March 2008 Amount %
Net cash provided by 2,036 1,422 2,590 1,168 82.1%
operating activities
Net cash used in (1,234) (3,029) (1,921) 1,108 -36.6%
investing activities
Net cash used in 51 (700) (416) 284 -40.6%
financing activities
Cash and cash equivalents 7,899 5,939 6,146 207 3.5%
at end of year
Net sales 20,278 21,062 20,635 -427 -2.0%
Capital expenditure 1,737 2,350 3,097 747 31.8%
Depreciation 1,614 1,740 1,910 170 9.8%
Total assets at the end of this year were 32,850 million yen, a decrease of
1,022 million yen from the last year-end as a result of operating activities in
this year. It is due to a decrease of current assets by 924 million yen,
including trade notes and accounts receivable. Fixed assets decreased by 98
million yen as investments decreased according to a decrease in stocks of
consolidated subsidiaries due to new consolidation, despite an increase of net
property, plant and equipment with capital expenditure.
Liabilities were 5,076 million yen, down 889 million yen compared to the last
year-end due particularly to a decrease of trade notes and accounts payable.
Total net assets decreased 133 million yen due to a decrease in foreign currency
translation adjustment, in spite of a increase in retained earnings.
As a result, equity ratio was 84.5 %, up 2.1 points from the last year-end.
Net cash provided from operating activities was 2,590 million yen, an increase
of 1,168 million yen compared to last year especially because of a decrease of
trade notes and accounts receivable.
Net cash used in investing activities decreased 1,108 million yen to 1,921
million yen from last year mainly because proceeds from withdrawal of time
deposits were greater than net increase in payments for purchase of property,
plant and equipment.
Net cash used in financing activities was 416 million yen, down 284 million yen
compared to last year, mainly used for purchase of own shares, 107 million yen,
and dividends paid by the parent company, 259 million yen.
As a result, cash and cash equivalents at the end of this year were 6,146
million yen, an increase of 207 million yen from last year.
Trends of cash-flows indices
JPY million
For year ended For year ended For year ended For year ended For year ended
31 March 31 March 31 March 31 March 31 March
2004 2005 2006 2007 2008
Equity ratio 87.9% 87.9% 80.4% 82.4% 84.5%
Equity ratio at market 62.8% 80.3% 100.8% 76.2% 39.8%
value
Interest-bearing debt 0.3 0.1 0.2 0.1 0.1
to cash flows ratio
(year)
Interest coverage 967.7 316.1 251.9 374.2 497.2
ratio
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.
3. 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 28 yen per share, up 4 yen from this year
(interim: 14 yen, year-end: 14yen).
Consolidated Balance Sheets
JPY million USD thousand
As of 31 March As of 31 March Change As of 31 March
2007 2008 2008
ASSETS
Current assets:
Cash & deposits 6,593 6,263 (330) 62,511
Trade notes and accounts 7,797 6,649 (1,148) 66,364
receivable
Inventories 3,559 4,137 578 41,292
Deferred tax assets 277 236 (41) 2,356
Other current assets 411 414 3 4,132
Allowance for doubtful accounts (16) (2) 14 (21)
Total current assets 18,621 17,697 (924) 176,634
Property, plant & equipment:
Land 3,434 3,215 (219) 32,089
Buildings & structures 4,146 4,231 85 42,230
Machinery & equipment 4,300 4,473 173 44,645
Other 654 641 (13) 6,398
Construction in progress 192 423 231 4,222
Net property, plant & 12,726 12,983 257 129,584
equipment
Investments & other assets:
Investment securities 612 445 (167) 4,442
Deferred tax assets 149 103 (46) 1,028
Property & equipment for 961 945 (16) 9,432
investments
Other 807 684 (123) 6,827
Allowance for doubtful accounts (4) (7) (3) (70)
Total investments & other assets 2,525 2,170 (355) 21,659
Total assets 33,872 32,850 (1,022) 327,877
LIABILITIES
Current liabilities:
Trade notes & accounts payable 2,289 1,708 (581) 17,048
Current portion of 53 5 (48) 50
long-term debt
Accrued income taxes 256 110 (146) 1,098
Accrued bonus 351 357 6 3,563
Accrued bonus for directors 7 -- -- --
Notes payable for property 635 898 263 8,963
acquisitions
Other current liabilities 1,292 1,190 (102) 11,877
Total current liabilities 4,883 4,268 (615) 42,599
Long-term liabilities:
Long-term debt 135 130 (5) 1,298
Deferred tax liabilities 234 248 14 2,475
Negative goodwill 314 112 (202) 1,118
Other 399 318 (81) 3,174
Total long-term liabilities 1,082 808 (274) 8,065
Total liabilities 5,965 5,076 (889) 50,664
NET ASSETS
Shareholders' equity:
Common stock 6,710 6,710 -- 66,973
Capital surplus 9,747 9,747 -- 97,285
Retained earnings 11,521 12,324 803 123,006
Treasury stock, at cost (537) (639) (102) (6,378)
Total shareholders' equity 27,441 28,142 701 280,886
Valuation and translation adjustments:
Net unrealized gains (losses) 8 (72) (80) (719)
on available-for-sale securities
Foreign currency 458 (296) (754) (2,954)
translation adjustment
Total valuation and 466 (368) (834) (3,673)
translation adjustments
Minority interests -- 0 -- 0
Total net assets 27,907 27,774 (133) 277,213
Total liabilities & net assets 33,872 32,850 (1,022) 327,877
Consolidated Statements of Income
JPY million USD thousand
For year ended For year ended Change For year ended
31 March 31 March 31 March
2007 2008 2008
Net sales 21,062 20,635 (427) 205,959
Cost of sales 15,003 15,214 211 151,852
Gross profit 6,059 5,421 (638) 54,107
Selling, general & 4,135 3,845 (290) 38,377
administrative expenses
Operating income 1,924 1,576 (348) 15,730
Other income (expenses):
Interest 46 79 33 789
Interest expenses (5) (5) 0 (50)
Foreign exchange gain (loss), net (196) 88 284 878
Other, net 143 (154) (297) (1,537)
Other income (expenses), net (12) 8 20 80
Income before income taxes 1,912 1,584 (328) 15,810
Income tax expenses:
Current 448 311 (137) 3,104
Deferred 130 173 43 1,727
578 484 (94) 4,831
Minority interests (0) 0 0 0
Net income 1,334 1,100 (234) 10,979
Consolidated Statements of Changes in Net Assets
JPY million
Shareholders' equity Valuation and translation
adjustment
Common Capital Retained Treasury Total Net Foreign Total Total
stock surplus earnings stock shareholders' unrealized currency valuation net
equity gains on translation and assets
available- adjustment translation
for-sale adjustment
securities
Balance at 31 6,710 9,747 11,521 (537) 27,441 8 458 466 27,907
March 2007
Net income 1,100 1,100 1,100
Cash dividends (259) (259) (259)
Increase due to 62 62 62
new consolidation
Decrease due to (99) (99) (99)
new consolidation
Changes in (1) (102) (103) (103)
treasury stock,
net
Other changes (80) (754) (834) (834)
Total changes 803 (102) 701 (80) (754) (834) (133)
during the year
Balance at 31 6,710 9,747 12,324 (639) 28,142 (72) (296) (368) 27,774
March 2008
USD thousand
Shareholders' equity Valuation and translation
adjustment
Common Capital Retained Treasury Total Net Foreign Total Total net
stock surplus earnings stock shareholders' unrealized currency valuation assets
equity gains on translation and
available- adjustment translation
for-sale adjustment
securities
Balance at 31 66,973 97,285 114,992 (5,360) 273,890 80 4,571 4,651 278,541
March 2007
Net income 10,979 10,979 10,979
Cash dividends (2,585) (2,585) (2,585)
Increase due to 619 619 619
new consolidation
Decrease due to (989) (989) (989)
new consolidation
Changes in (10) (1,018) (1,028) (1,028)
treasury stock,
net
Other changes (799) (7,525) (8,325) (8,324)
Total changes 8,014 (1,018) 6,996 (799) (7,525) (8,325) (1,328)
during the year
Balance at 31 66,973 97,285 123,006 (6,378) 280,886 (719) (2,954) (3,673) 277,213
March 2008
Consolidated Statements of Cash Flows
JPY million USD thousand
For year ended For year ended Change For year ended
31 March 31 March 31 March
2007 2008 2008
Cash flows from operating activities:
Income before income taxes 1,912 1,584 (328) 15,810
Adjustments for:
Depreciation 1,740 1,910 170 19,064
Amortization of (208) (202) 6 (2,016)
negative goodwill
Decrease in allowance (2) (11) (9) (110)
for doubtful accounts
Decrease in accrued (477) -- -- --
retirement benefits
Loss on disposal of 108 192 84 1,916
property, plant & equipment
Interest & dividend income (52) (83) (31) (828)
Foreign exchange (gain) loss (12) 0 12 0
Gain on sales of (14) (4) 10 (40)
investment securities
Decrease (increase) in (557) 1,111 1,668 11,089
trade notes & accounts receivable
Increase in inventories (550) (643) (93) (6,418)
Decrease in trade notes & (448) (616) (168) (6,148)
accounts payable
Other 338 (230) (568) (2,295)
Sub-total 1,778 3,008 1,230 30,024
Interest & dividend income 52 80 28 798
received
Interest expenses paid (4) (5) (1) (50)
Income taxes paid (404) (493) (89) (4,921)
Net cash provided by 1,422 2,590 1,168 25,851
operating activities
Cash flows from investment activities:
Payments into time deposits (653) (101) 552 (1,008)
Proceeds from withdrawal of -- 629 -- 6,278
time deposits
Payments for purchase of (2,285) (2,780) (495) (27,747)
property, plant & equipment
Proceeds from sales of 349 503 154 5,020
property, plant & equipment
Payments for purchase of (246) (156) 90 (1,557)
investment securities
Proceeds from sales of 242 99 (143) 988
investment securities
Payments for investments (96) (21) 75 (210)
in subsidiaries
Payments of loan receivable (354) (68) 286 (679)
(Increase) decrease in 14 (6) (20) (60)
intangible fixed assets
Other 0 (20) (20) (199)
Net cash used in investing (3,029) (1,921) 1,108 (19,174)
activities
Cash flows from financing activities:
Payments of long-term debt (147) (53) 94 (529)
Cash dividends paid (263) (259) 4 (2,585)
Payments for purchase of (328) (107) 221 (1,068)
treasury stock
Proceeds from sales of 38 3 (35) 30
treasury stock
Net cash used in financing (700) (416) 284 (4,152)
activities
Effect of exchange rate 253 (127) (380) (1,267)
changes on cash & cash equivalents
Net increase (decrease) in (2,054) 126 2,180 1,258
cash & cash equivalents
Cash and cash equivalents 7,899 5,939 (1,960) 59,277
at beginning of year
Increase in cash and cash 94 81 (13) 808
equivalents
from newly consolidated subsidiary
Cash and cash equivalents 5,939 6,146 207 61,343
at end of year
Segment Information
(1) Business segments
JPY million
For year ended 31 March 2007
Ceramic Lighting Total Eliminations or Consolidated
Components Equipment corporate
Net sales:
External customers 18,341 2,721 21,062 -- 21,062
Inter-segment -- 19 19 (19) --
Total net sales 18,341 2,740 21,081 (19) 21,062
Operating expenses 15,765 2,813 18,578 560 19,138
Operating income 2,576 (73) 2,503 (579) 1,924
(loss)
JPY million
For year ended 31 March 2008
Ceramic Lighting Total Eliminations or Consolidated
Components Equipment corporate
Net sales:
External customers 18,479 2,156 20,635 -- 20,635
Inter-segment 20 -- 20 (20) --
Total net sales 18,499 2,156 20,655 (20) 20,635
Operating expenses 16,407 2,162 18,569 490 19,059
Operating income 2,092 (6) 2,086 (510) 1,576
(loss)
USD thousand
For year ended 31 March 2008
Ceramic Lighting Total Eliminations or Consolidated
Components Equipment corporate
Net sales:
External customers 184,440 21,519 205,959 -- 205,959
Inter-segment 199 -- 199 (199) --
Total net sales 184,639 21,519 206,158 (199) 205,959
Operating expenses 163,759 21,579 185,338 4,891 190,229
Operating income 20,880 (60) 20,820 (5,090) 15,730
(loss)
(2) Geographic segments
JPY million
For year ended 31 March 2007
Japan Asia Europe & Total Eliminations Consolidated
America or corporate
Net sales:
External customers 15,426 4,162 1,474 21,062 -- 21,062
Inter-segment 1,536 1,266 167 2,969 (2,969) --
Total net sales 16,962 5,428 1,641 24,031 (2,969) 21,062
Operating expenses 15,390 4,474 1,571 21,435 (2,297) 19,138
Operating income 1,572 954 70 2,596 (672) 1,924
JPY million
For year ended 31 March 2008
Japan Asia Europe & Total Eliminations Consolidated
America or corporate
Net sales:
External customers 15,515 3,712 1,408 20,635 -- 20,635
Inter-segment 1,366 1,430 3 2,799 (2,799) --
Total net sales 16,881 5,142 1,411 23,434 (2,799) 20,635
Operating expenses 15,310 4,635 1,351 21,296 (2,237) 19,059
Operating income 1,571 507 60 2,138 (562) 1,576
USD thousand
For year ended 31 March 2008
Japan Asia Europe & Total Eliminations Consolidated
America or corporate
Net sales:
External customers 154,856 37,050 14,053 205,959 -- 205,959
Inter-segment 13,634 14,273 30 27,937 (27,937) --
Total net sales 168,490 51,323 14,083 233,896 (27,937) 205,959
Operating expenses 152,810 46,263 13,484 212,557 (22,328) 190,229
Operating income 15,680 5,060 599 21,339 (5,609) 15,730
(3) Net overseas sales by customer's geographic location
JPY million
For year ended 31 March 2007
Asia Europe Other Total
Overseas sales 6,434 933 629 7,996
Consolidated net sales 21,062
Percentage (%) 30.5% 4.4% 3.1% 38.0%
JPY million
For year ended 31 March 2008
Asia Europe Other Total
Overseas sales 7,305 813 623 8,741
Consolidated net sales 20,635
Percentage (%) 35.4% 3.9% 3.1% 42.4%
USD thousand
For year ended 31 March 2008
Asia Europe Other Total
Overseas sales 72,911 8,115 6,218 87,244
Consolidated net sales 205,959
*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
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