Final Results

RNS Number : 5363J
Maruwa Co Ld
27 April 2022
 

Translation

 

Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.

 

Summary of Consolidated Financial Results

for the Year Ended March 31, 2022

(Based on Japanese GAAP)





April 27, 2022

Company name:

MARUWA CO., LTD.


Stock exchange listing:

Tokyo, Nagoya

Stock code:

5344

URL  https://www.maruwa-g.com/

Representative:

Chairman

Sei Kanbe

Inquiries:

Planning Office Manager

Yukiko Morishita

TEL  0561-51-0841

Scheduled date of ordinary general meeting of shareholders:

June 23, 2022

Scheduled date to file Securities Report:

June 24, 2022

Scheduled date to commence dividend payments:

June 24, 2022

Preparation of supplementary material on financial results:

Yes


Holding of financial results meeting:

Yes

(for institutional investors and analysts)

 


(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)

(1) Consolidated operating results

Percentages indicate year-on-year changes

 


Net sales

Operating profit

Ordinary profit

Profit attributable to owners of parent


Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Year ended March 31, 2022

54,344

31.1

18,215

77.7

19,182

85.7

13,350

92.5

Year ended March 31, 2021

41,438

0.5

10,248

9.7

10,330

8.5

6,935

17.7

 


Earnings per share

Diluted earnings per share

Profit attributable to owners of parent/equity

Ordinary profit/total assets

Operating profit/net sales


Yen

Yen

%

%

%

Year ended March 31, 2022

1,082.11

-

18.3

22.1

33.5

Year ended March 31, 2021

562.30

-

11.0

13.9

24.7

 

(2) Consolidated financial position


Total assets

Net assets

Equity ratio

Net assets per share


Millions of yen

Millions of yen

%

Yen

As of March 31, 2022

95,899

79,681

83.1

6,458.45

As of March 31, 2021

78,059

66,344

85.0

5,378.23

 

(3) Consolidated cash flows


Cash flows from operating activities

Cash flows from investing activities

Cash flows from financing activities

Cash and cash equivalents at end of period


Millions of yen

Millions of yen

Millions of yen

Millions of yen

Year ended March 31, 2022

14,757

(3,522)

(1,132)

44,385

Year ended March 31, 2021

10,713

(5,376)

(801)

33,888

 

2. Cash dividends

 

 

Annual dividends per share

Total cash dividends (Total)

Dividend payout ratio (Consolidated)

Ratio of dividends to net assets (Consolidated)

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Total


Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

Year ended March 31, 2021

-

28.00

-

36.00

64.00

789

11.4

1.3

Year ended March 31, 2022

-

34.00

-

36.00

70.00

863

6.5

1.2

Year ending March 31, 2023

(Forecast)

-

38.00

-

38.00

76.00


7.3


 



3. Forecast of consolidated financial results for the year ending March 31, 2023 ( from April 1, 2022 to March 31, 2023)


Percentages indicate year-on-year changes

 


Net sales

Operating profit

Ordinary profit

Profit attributable to owners of parent

Earnings per share


Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Yen

Six months ending

September 30, 2022

27,000

9.2

8,100

2.2

8,100

(0.2)

5,500

(1.2)

445.79

Full year

60,000

10.4

18,500

1.6

18,500

(3.6)

12,900

(3.4)

1,045.59

 

4. Notes

(1) Changes in significant subsidiaries during the year ended March 31, 2022

(changes in specified subsidiaries resulting in the change in scope of consolidation):

No

 

(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements

Changes in accounting policies due to revisions to accounting standards and other regulations:

Yes

Changes in accounting policies due to other reasons:

No

Changes in accounting estimates:

No

Restatement of prior period financial statements:

No

 

(3) Number of issued shares (common shares)

Total number of issued shares at the end of the period (including treasury shares)


As of March 31, 2022

12,372,000

 shares

As of March 31, 2021

12,372,000

 shares

Number of treasury shares at the end of the period


As of March 31, 2022

34,492

 shares

As of March 31, 2021

36,327

 shares

Average number of shares during the period


Year ended March 31, 2022

12,337,379

 shares

Year ended March 31, 2021

12,333,994

 shares

 



 

 



 

Consolidated financial statements

Consolidated balance sheets



(Millions of yen)


As of March 31, 2021

As of March 31, 2022

Assets



Current assets



Cash and deposits

34,088

44,621

Notes and accounts receivable - trade

9,834

-

Notes receivable - trade

-

473

Accounts receivable - trade

-

12,876

Electronically recorded monetary claims - operating

1,267

1,810

Merchandise and finished goods

1,641

1,632

Work in process

2,277

2,648

Raw materials and supplies

2,463

3,706

Other

2,148

2,389

Allowance for doubtful accounts

(8)

(9)

Total current assets

53,714

70,149

Non-current assets



Property, plant and equipment



Buildings and structures

17,012

17,717

Accumulated depreciation

(6,967)

(7,615)

Buildings and structures, net

10,044

10,101

Machinery, equipment and vehicles

22,354

24,771

Accumulated depreciation

(17,149)

(19,292)

Machinery, equipment and vehicles, net

5,204

5,478

Land

4,544

4,699

Construction in progress

1,889

2,653

Other

3,887

4,256

Accumulated depreciation

(3,238)

(3,666)

Other, net

648

590

Total property, plant and equipment

22,332

23,524

Intangible assets



Other

260

298

Total intangible assets

260

298

Investments and other assets



Investment securities

248

230

Deferred tax assets

440

637

Investment property, net

963

948

Other

104

111

Allowance for doubtful accounts

(4)

(0)

Total investments and other assets

1,752

1,927

Total non-current assets

24,345

25,750

Total assets

78,059

95,899



 

 



(Millions of yen)


As of March 31, 2021

As of March 31, 2022

Liabilities



Current liabilities



Notes and accounts payable - trade

2,404

3,444

Electronically recorded obligations - operating

1,931

2,419

Short-term borrowings

100

100

Current portion of long-term borrowings

266

866

Income taxes payable

1,986

4,731

Provision for bonuses

699

866

Provision for bonuses for directors (and other officers)

49

71

Other

2,172

2,455

Total current liabilities

9,612

14,953

Non-current liabilities



Long-term borrowings

1,599

733

Deferred tax liabilities

160

153

Other

342

377

Total non-current liabilities

2,103

1,264

Total liabilities

11,715

16,218

Net assets



Shareholders' equity



Share capital

8,646

8,646

Capital surplus

12,005

12,017

Retained earnings

46,796

59,274

Treasury shares

(217)

(207)

Total shareholders' equity

67,231

79,732

Accumulated other comprehensive income



Valuation difference on available-for-sale securities

119

104

Foreign currency translation adjustment

(1,006)

(155)

Total accumulated other comprehensive income

(886)

(51)

Total net assets

66,344

79,681

Total liabilities and net assets

78,059

95,899

 



 

Consolidated statements of income and consolidated statements of comprehensive income

Consolidated statements of income



(Millions of yen)


Fiscal year ended

March 31, 2021

Fiscal year ended

March 31, 2022

Net sales

41,438

54,344

Cost of sales

23,074

27,018

Gross profit

18,363

27,326

Selling, general and administrative expenses

8,114

9,110

Operating profit

10,248

18,215

Non-operating income



Interest income

51

58

Rental income

88

95

Foreign exchange gains

-

810

Other

57

66

Total non-operating income

197

1,029

Non-operating expenses



Interest expenses

6

7

Foreign exchange losses

50

-

Rent expenses on real estate for investments

46

44

Other

11

11

Total non-operating expenses

115

63

Ordinary profit

10,330

19,182

Extraordinary income



Gain on sale of non-current assets

2

3

Gain on sale of investment securities

65

9

Gain on liquidation of subsidiaries

11

-

Subsidy income

-

481

Compensation income

-

186

Total extraordinary income

79

680

Extraordinary losses



Loss on sale and retirement of non-current assets

258

16

Loss on tax purpose reduction entry of non-current assets

-

463

Impairment losses

169

-

Loss related to infectious disease

68

41

Other

28

8

Total extraordinary losses

525

531

Profit before income taxes

9,884

19,331

Income taxes - current

2,905

6,208

Income taxes - deferred

43

(227)

Total income taxes

2,948

5,980

Profit

6,935

13,350

Profit attributable to owners of parent

6,935

13,350

 



 

Consolidated statements of comprehensive income



(Millions of yen)


Fiscal year ended

March 31, 2021

Fiscal year ended

March 31, 2022

Profit

6,935

13,350

Other comprehensive income



Valuation difference on available-for-sale securities

49

(15)

Foreign currency translation adjustment

536

851

Total other comprehensive income

585

835

Comprehensive income

7,521

14,186

Comprehensive income attributable to



Comprehensive income attributable to owners of parent

7,521

14,186

 

 



 

Consolidated statements of changes in equity

Fiscal year ended March 31, 2021





(Millions of yen)


Shareholders' equity


Share capital

Capital surplus

Retained earnings

Treasury shares

Total shareholders' equity

Balance at beginning of period

8,646

11,992

40,526

(239)

60,926

Changes during period






Dividends of surplus



(665)


(665)

Profit attributable to owners of parent



6,935


6,935

Purchase of treasury shares




(2)

(2)

Disposal of treasury shares


13


24

37

Net changes in items other than shareholders' equity






Total changes during period

-

13

6,269

21

6,304

Balance at end of period

8,646

12,005

46,796

(217)

67,231

 


Accumulated other comprehensive income

Total net assets


Valuation difference on available-for-sale securities

Foreign currency translation adjustment

Total accumulated other comprehensive income

Balance at beginning of period

70

(1,543)

(1,472)

59,453

Changes during period





Dividends of surplus




(665)

Profit attributable to owners of parent




6,935

Purchase of treasury shares




(2)

Disposal of treasury shares




37

Net changes in items other than shareholders' equity

49

536

585

585

Total changes during period

49

536

585

6,890

Balance at end of period

119

(1,006)

(886)

66,344

 



 

Fiscal year ended March 31, 2022





(Millions of yen)


Shareholders' equity


Share capital

Capital surplus

Retained earnings

Treasury shares

Total shareholders' equity

Balance at beginning of period

8,646

12,005

46,796

(217)

67,231

Cumulative effects of changes in accounting policies



(8)


(8)

Restated balance

8,646

12,005

46,787

(217)

67,222

Changes during period






Dividends of surplus



(863)


(863)

Profit attributable to owners of parent



13,350


13,350

Purchase of treasury shares




(2)

(2)

Disposal of treasury shares


12


12

24

Net changes in items other than shareholders' equity






Total changes during period

-

12

12,486

10

12,509

Balance at end of period

8,646

12,017

59,274

(207)

79,732

 


Accumulated other comprehensive income

Total net assets


Valuation difference on available-for-sale securities

Foreign currency translation adjustment

Total accumulated other comprehensive income

Balance at beginning of period

119

(1,006)

(886)

66,344

Cumulative effects of changes in accounting policies




(8)

Restated balance

119

(1,006)

(886)

66,335

Changes during period





Dividends of surplus




(863)

Profit attributable to owners of parent




13,350

Purchase of treasury shares




(2)

Disposal of treasury shares




24

Net changes in items other than shareholders' equity

(15)

851

835

835

Total changes during period

(15)

851

835

13,345

Balance at end of period

104

(155)

(51)

79,681

 

 



 

Consolidated statements of cash flows



(Millions of yen)


Fiscal year ended

March 31, 2021

Fiscal year ended

March 31, 2022

Cash flows from operating activities



Profit before income taxes

9,884

19,331

Impairment losses

169

-

Depreciation

2,169

2,570

Amortization of goodwill

26

-

Increase (decrease) in allowance for doubtful accounts

1

(34)

Loss (gain) on liquidation of subsidiaries

(11)

-

Loss (gain) on sale of investment securities

(65)

(0)

Loss (gain) on sale and retirement of non-current assets

256

13

Loss on tax purpose reduction entry of non-current assets

-

463

Interest and dividend income

(56)

(63)

Interest expenses

6

7

Subsidy income

-

(481)

Compensation income

-

(186)

Foreign exchange losses (gains)

(0)

(1)

Decrease (increase) in trade receivables

(168)

(3,883)

Decrease (increase) in inventories

872

(1,527)

Increase (decrease) in trade payables

664

1,519

Other, net

(1,307)

278

Subtotal

12,439

18,005

Interest and dividends received

56

63

Interest paid

(7)

(7)

Income taxes refund (paid)

(1,776)

(3,489)

Proceeds from compensation

-

186

Net cash provided by (used in) operating activities

10,713

14,757

Cash flows from investing activities



Net decrease (increase) in time deposits

32

(12)

Purchase of property, plant and equipment

(5,536)

(3,738)

Proceeds from sale of property, plant and equipment

4

6

Purchase of intangible assets

(40)

(70)

Purchase of investment securities

(3)

(235)

Proceeds from sale of investment securities

109

232

Proceeds from liquidation of subsidiaries

34

-

Subsidies received

-

285

Other, net

22

9

Net cash provided by (used in) investing activities

(5,376)

(3,522)

Cash flows from financing activities



Proceeds from short-term borrowings

100

-

Repayments of short-term borrowings

(900)

-

Proceeds from long-term borrowings

800

-

Repayments of long-term borrowings

(133)

(266)

Purchase of treasury shares

(2)

(2)

Dividends paid

(665)

(863)

Net cash provided by (used in) financing activities

(801)

(1,132)

Effect of exchange rate change on cash and cash equivalents

238

394

Net increase (decrease) in cash and cash equivalents

4,773

10,497

Cash and cash equivalents at beginning of period

29,114

33,888

Cash and cash equivalents at end of period

33,888

44,385

 

 

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