Final Results
Maruwa Co Ld
11 May 2007
11 May 2007
MARUWA CO., LTD.
3-83, Minamihonjigahara-cho, Owariasahi-city, Aichi-pref., 488-0044 JAPAN
Final Results for Fiscal 2007
MARUWA CO., LTD. today announced its consolidated business results for the full fiscal year ended 31st
March, 2007 as follows;
*The financial statements are unaudited and 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 = 118.05yen.
*Consolidated subsidiaries: 8 companies (Maruwa (Malaysia) Sdn. Bhd., Taiwan Maruwa Co., Ltd., MARUWA
Electronics (Taiwan) Co., Ltd., Maruwa Europe Ltd., Maruwa America Corp., 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
31st March 31st March 31st March
2007 2006 2007
Net sales 21,062 20,278 3.9% 178,419
Operating income 1,924 1,693 13.6% 16,297
Income before income taxes 1,912 1,669 14.6% 16,200
Net income 1,334 1,135 17.5% 11,302
JPY USD
Net income per share 122.04 103.82 17.5% 1.03
Return on equity (ROE) (%) 4.9% 4.5%
*Average number of issued shares 10,932,798 10,880,952
(2) Summary of consolidated financial condition
JPY million USD thousand
As of 31st March As of 31st March Change % As of 31st March
2007 2006 2007
Total Assets 33,872 33,044 2.5% 286,928
Shareholders' equity 27,907 26,557 5.1% 236,396
Shareholders' equity ratio 82.4% 80.4% 2.0%
JPY USD
Shareholders' equity per share 2,572.66 2,423.40 6.2% 21.79
*Number of issued shares at the 10,847,360 10,956,360
year end
(3) Summary of consolidated statement of cash flows
JPY million USD thousand
For year ended For year ended Change % For year ended
31st March 31st March 31st March
2007 2006 2007
Net cash provided by operating 1,422 2,036 -30.2% 12,043
activities
Net cash used in investing (3,029) (1,234) 145.5% (25,660)
activities
Net cash used in financing (700) 51 1472.5% (5,926)
activities
Cash and cash equivalents at end of 5,939 7,899 -24.8% 50,310
term
II. Outlook for the fiscal 2008
JPY million
Interim Full year
Net sales 10,200 22,600
Operating income 940 2,400
Net income 660 1,560
Net income per share 60.84 143.81
*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
Quarterly JPY million
Fiscal 2006 Fiscal 2007
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Net sales 4,481 4,524 5,082 6,191 4,878 4,885 5,644 5,655
Operating income 398 321 522 452 420 402 489 613
Net income 51 231 399 454 357 274 331 372
Full year JPY million
Previous Current
For year ended For year ended
31st March 2006 31st March 2007
Net sales 20,278 21,062
Operating income 1,693 1,924
Net income 1,135 1,334
(1) Review of operations
Japanese economy in this year moved steadily in spite of slow growth in
private consumption, supported by a revenue increase in the corporate business
sector in a continuing business sentiment improvement trend and increases in
capital expenditures. The global economy continued to expand in general,
showing high growth of Chinese economy and underlying strength of the U.S.
economy for which slowdown had been concerned.
Under these circumstances, MARUWA's business situation in this fiscal year
generally moved favorably, influenced by a positive production increase trend in
IT related industries while raw materials prices sharply increased and product
price competition was severe.
Therefore, consolidated net sales of this fiscal year were 21,062 million yen,
up 3.9% compared to the previous fiscal year.
As for profits, operating income increased 13.6% to 1,924 million yen compared
to the previous fiscal year. This increase was due to a revenue increase in
Circuit Ceramics division and the contribution of Machinery Ceramics division
which was enhanced in a profitable structure throughout the last year, while
there was the burden of expenses for the reorganization of manufacturing
equipment. Net income was 1,334 million yen, up 17.5% compared to the last
fiscal year.
(2) Review of operating results by segment
JPY million
Previous Current
For year ended For year ended
31st March 2006 31st March 2007
Ceramic Components:
Net sales 16,628 18,341
Operating income 2,234 2,576
Lighting Equipment:
Net sales 3,650 2,721
Operating income (27) (73)
Total:
Net sales 20,278 21,062
Operating income 2,207 2,503
Elimination:
Net sales - --
Operating income (514) (579)
Consolidated:
Net sales 20,278 21,062
Operating income 1,693 1,924
Quarterly sales results of Ceramic Components segment by product division
JPY million
Fiscal 2006 Fiscal 2007
1Q 2Q 3Q 1Q 1Q 2Q 3Q 4Q
Circuit Ceramics 1,649 1,576 1,519 1,601 1,778 1,908 2,227 1,690
Machinery Ceramics 1,129 1,117 1,135 1,063 1,148 1,189 1,354 1,255
RF Products* 344 364 417 464 407 354 504 370
EMC Components 1,096 1,024 1,075 1,055 1,046 1,013 1,069 1,029
Total 4,218 4,081 4,146 4,183 4,379 4,464 5,154 4,344
*RF=Radio Frequency
JPY million
Fiscal 2006 Fiscal 2007
Circuit Ceramics 6,345 7,603
Machinery Ceramics 4,444 4,946
RF Products 1,589 1,635
EMC Components 4,250 4,157
Total 16,628 18,341
Circuit Ceramics
Circuit Ceramics include ceramic substrates for chip resistors which are
essential for a wide range of electronic appliances, glazed ceramic substrates
for thermal printer head (TPH) for FAX or barcode label printers, large ceramic
substrates for hybrid ICs, and Aluminum Nitride (AlN) for power modules and
automobiles.
Total sales of this division were 7,603 million yen, up 19.8% compared to the
previous year, reflected solid orders in information communication devices such
as digital home appliances and PCs and industrial machineries markets.
Ceramic substrates for chip resistors continuously enjoyed high demands,
gradually showing positive effects from preparation for a production increase.
Also, a sharp increase of demand for large substrates for power modules and
Aluminum Nitride substrates contributed to the increase in revenue.
Machinery Ceramics
Machinery Ceramics include quarts glass products mainly for semiconductor
equipment, magnetic head-supporting blocks for PCs, and ceramic facet valves.
The products in this division require high precision process techniques.
In this division, quartz glass products saw a sales increase due to favorable
orders for semiconductor equipment-related; on the other hand, sales of some
products for which demand comes to an end decreased. Therefore, total sales in
this year were 4,946 million yen, up 11.3% compared to the last year.
Radio Frequency Products
Radio Frequency Products include device products such as band pass filters for
wireless communication appliances such as mobile phones and base stations,
dielectric ceramics for filters used in mobile communications, and thin film
substrates for optical information and communications.
Total sales of this division were 1,635 million yen, up 2.9% compared to the
last term.
Sales of dielectric ceramics and device products increased thanks to products
for base stations and wireless communications for commercial-use. Thin-film
products were affected from inventory adjustments by customers.
EMC Components
EMC Components include multi-layer ceramic capacitors of high-voltage/
high-capacitance mainly for digital cameras, LCD backlights, and power supply of
electronic devices, and components as a countermeasure against noise/surge,
including EMI filters, chip varistors, chip beads, and inductors. Such
components against noise/surge are expected to be more required in the future
for various electronic appliances such as information communication tools
including mobile phones and PCs, digital home appliances, amusement equipment,
and automotive electronics.
Total sales were 4,157million yen, down 2.2% compared to the previous fiscal
year.
EMI filters and chip varistors increased in sales, but a part of lineups were
influenced by inventory adjustments at customers.
Lighting Equipment
This segment includes lighting equipment for public works such as roads and
bridges, and sales tend to be largely concentrated in the end of a fiscal term,
and expenses exceed sales until then.
Total sales in this year were 2,721 million yen, a decrease of 25.5%, and
operating loss was 73 million yen.
Although this segment has focused on the sales of LED lighting since this
year, other lighting equipment decreased both sales and income due to the
shrinking of public construction and severe price competition.
II. Outlook for Full Fiscal 2008
JPY million
For year ended For year ending Change
31st March 2007 31st March 2008 Amount %
Net sales 21,062 22,600 1,538 7.3%
Operating income 1,924 2,400 476 24.7%
Net income 1,334 1,560 226 16.9%
Ceramic Components segment is expected to have a good demand due to high
performance and further multi-functions of electronics and demand expansion in
newly developing countries.
Circuit Ceramics division had invested in plant and equipment to adapt to high
demand for Alumina substrates, and positive effect from production increase is
expected. Aluminum Nitride substrates will also reorganize the production
system, aiming for share growth in the market. Total sales of Circuit Ceramics
in next fiscal year, therefore, are expected to increase 9.5% to 8,325 million
yen compared to this fiscal year.
In Machinery Ceramics division, some products are coming to an end, decreasing
sales continuously; however, solid demand is expected for quartz glass products.
Total sales of Machinery Ceramics in next year is expected to increase 10.0%
to 5,440 million yen from this year.
For Radio Frequency Products, it is expected that products for communication
devices and multi-layer substrates for automobiles will contribute to revenue
increase, forecast total sales increase of 29.1% to 2,110 million yen in next
term.
For EMC Components, demand is expected to expand for digital home appliances
and automotive electronics as growth is expected for our components including
EMI filters and inductors. The forecast total sales of EMC Components in next
year are 5,225 million yen, up 25.7% from this year.
In Lighting Equipment segment, it is expected that sales of non-LED lighting
will significantly drop due to budget cuts for public works and price
competition following this year. MARUWA aims to accelerate the shift of a
business model to private sector by providing our management resources into the
R&D and marketing of LED lighting. Totals sales forecast of this segment for
the next fiscal term is 1,500 million yen, down 44.9% from this term.
According to the above, forecast net sales for next year are 22,600 million
yen, up 7.3%, operating income 2,400 million yen, up 24.7%, and net income 1,560
million yen, up 16.9% from this year.
In addition, forecast net income includes the loss of 240 million yen on
disposal of facilities.
*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. Also, please refer to Risks for business operations.
III. Financial condition
JPY million
As of 31st March As of 31st March As of 31st March Change
2005 2006 2007 Amount %
Total assets 28,465 33,044 33,872 828 2.5%
Total liabilities 4,137 6,487 5,965 (522) -8.0%
Total shareholders' 24,328 26,557 27,907 1,350 5.1%
equity
Shareholders' equity 85.5% 80.4% 82.4% 2.0%
ratio
For year ended For year ended For year ended Change
31st March 2005 31st March 2006 31st March 2007 Amount %
Net cash provided by 3,319 2,036 1,422 (614) -30.2%
operating activities
Net cash used in (2,062) (1,234) (3,029) (1,795) -145.5%
investing activities
Net cash used in (583) 51 (700) (751) 1472.5%
financing activities
Cash and cash 6,935 7,899 5,939 (1,960) -24.8%
equivalents
at end of term
Net sales 15,529 20,278 21,062 784 3.9%
Capital investment 1,253 1,737 2,350 613 35.3%
Depreciation 1,481 1,614 1,740 126 7.8%
Total assets at the end of this fiscal year were 33,872 million yen, an
increase of 828 million yen from the end of last fiscal year as a result of
operating activities through this year. Inventories increased 690 million yen,
and net property, plant and equipment increased 639 million yen due to an
increase of machineries with capital expenditures compared to last year end,
respectively.
Total liabilities decreased 522 million yen to 5,965 million yen from the last
year end due mainly to a decrease of accrued pension and severance costs.
Shareholders' equity increased 1,350 million yen with an increase of retained
earnings.
As a result, shareholders' equity ratio at the end of this year was 82.4%, up
2.0 points from the previous year end.
Net cash provided from operating activities was 1,422 million yen, down 614
million yen compared to the previous year due mainly to 557 million yen of
increase in notes and accounts receivable.
Net cash used in investing activities totaled 3,029 million yen, up 1,795
million yen compared to the previous year, due especially to capital
expenditures to prepare for an increase of Ceramic Components production and
2,285 million yen in payment for purchase of net property, plant and equipment.
Net cash used in financing activities was 700 million yen, increasing 751
million yen from the last year particularly because of 328 million yen of
purchase of treasury stock and 263 million yen of dividends payment.
Consequently, cash and cash equivalents at the end of this year were 5,939
million yen, a decrease of 1,960 million yen from the previous year end since
the sum of net cash used in investing and financing activities were larger than
net cash provided in operating activities.
Trends of cash-flows indices are as follows;
JPY million
For year ended For year ended For year ended For year ended For year ended
31st March 2003 31st March 2004 31st March 2005 31st March 2006 31st March 2007
Shareholders' equity 87.4% 87.9% 85.5% 80.4% 82.4%
ratio
Shareholders' equity 37.1% 62.8% 80.3% 100.8% 76.2%
ratio
at market value
Interest-bearing debt 41.3% 29.2% 14.5% 16.4% 13.2%
ratio
Interest coverage 124.0 967.7 316.1 251.9 374.2
ratio
Note)
Shareholders' equity ratio : Shareholders' equity / Total assets
Shareholders' equity ratio at market value : Total market value of shares /
Total assets
Interest-bearing debt 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, the figure in the consolidated cash
flows statement is used. Interest-bearing debt includes all debts for which
interests are paid among the liabilities booked in the consolidated balance
sheet. For interest payment, the figure of interest expenses paid booked in the
consolidated cash flows statement is used.
IV. Profit allocation policy and dividend payment in next term
As a profit allocation policy, MARUWA considers to allocate acquired
cash-flows through operations to active investment into new growing areas,
consolidated results-considered dividends, and the appropriation of retained
earnings for flexible use in response to management environment changes.
We focus on profit returns to shareholders while we hold the internal reserves
for strategic investment required for the continuous expansion of our core
business.
Meanwhile, annual dividend per share for next term will be 24.0 yen (12.0 yen
each for interim and year-end).
Consolidated Balance Sheet
JPY million USD thousand
As of 31st March As of 31st March Change As of 31st March
2007 2006 2007
ASSETS
Current assets:
Cash & deposits 6,593 7,899 (1,306) 55,850
Notes and accounts receivable, 7,797 7,003 794 66,049
trade
Inventories 3,559 2,869 690 30,150
Deferred income taxes 277 226 51 2,351
Other current assets 411 608 (197) 3,481
Allowance for doubtful accounts (16) (17) 1 (139)
Total current assets 18,621 18,588 33 157,742
Fixed assets:
(Property, plant & equipment)
Land 3,434 3,412 22 29,093
Building & structures 4,146 3,969 177 35,123
Machinery & equipments 4,300 3,949 351 36,421
Construction in progress 192 152 40 1,624
Other 654 605 49 5,544
Net property, plant & equipment 12,726 12,087 639 107,805
(Investment & other assets)
Investment securities 612 784 (172) 5,188
Deferred income taxes 149 152 (3) 1,263
Property & equipment for 961 960 1 8,138
investments
Other 807 478 329 6,828
Allowance for doubtful accounts (4) (5) 1 (36)
Total investments & other assets 2,525 2,369 156 21,381
Total fixed assets 15,251 14,456 795 129,186
Total assets 33,872 33,044 828 286,928
JPY million USD thousand
As of 31st March As of 31st March Change As of 31st March
2007 2006 2007
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Notes & accounts payable, trade 2,289 2,590 (301) 19,388
Current portion of long-term 53 147 (94) 446
debt
Accrued income taxes 256 210 46 2,171
Accrued bonus 351 334 17 2,976
Accrued bonus for directors 7 -- -- 55
Equipment notes payable 635 532 103 5,383
Other current liabilities 1,292 1,168 124 10,949
Total current liabilities 4,883 4,981 (98) 41,368
Long-term liabilities:
Long-term debt 135 187 (52) 1,142
Accrued pension & severance -- 300 -- --
costs
Deferred tax liabilities 234 62 172 1,984
Consolidation goodwill 315 579 (264) 2,664
Other 398 378 20 3,374
Total long-term liabilities 1,082 1,506 (424) 9,164
Total liabilities 5,965 6,487 (522) 50,532
Shareholders' equity:
Common stock, authorized: 6,710 6,710 -- 56,839
26,000,000 shares; issued & outstanding:
11,072,000 shares
Additional paid-in capital 9,747 9,747 -- 82,565
Retained earnings 11,521 10,522 999 97,598
Net unrealized gain (loss) 8 38 (30) 64
on other securities
Foreign currency translation 458 (206) 664 3,881
adjustment
Treasury stock, at cost (537) (254) (283) (4,551)
Total shareholders' equity 27,907 26,557 1,350 236,396
Total liabilities & 33,872 33,044 828 286,928
shareholders' equity
Consolidated Statements of Income
JPY million USD thousand
For year ended For year ended Change For year ended
31st March 31st March 31st March
2007 2006 2007
Net sales 21,062 20,278 784 178,419
Cost of sales 15,003 14,494 509 127,090
Gross profit 6,059 5,784 275 51,329
Selling, general & 4,135 4,091 44 35,032
administrative expenses
Operating income 1,924 1,693 231 16,297
Other income (expenses):
Interest & dividend income 46 35 11 390
Interest expenses (5) (8) 3 (41)
Foreign exchange gain (loss), (196) (158) (38) (1,660)
net
Other, net 143 107 36 1,214
Other income, net (12) (24) 12 (97)
Income before income taxes 1,912 1,669 243 16,200
Income taxes:
Current 448 299 149 3,795
Deferred 130 235 (105) 1,103
578 534 44 4,898
Minority interest in loss 0 -- -- 0
Net income 1,334 1,135 199 11,302
Consolidated Statement of Cash Flows
JPY million USD thousand
For year ended For year ended Change For year ended
31st March 31st March 31st March
2007 2006 2007
Operating activities:
Income before income taxes 1,912 1,669 243 16,200
Adjustments for:
Depreciation 1,740 1,614 126 14,737
Amortization of consolidation (208) (214) 6 (1,760)
goodwill
Increase (decrease) in (2) 7 (9) (15)
allowance for doubtful accounts
Increase(decrease) in accrued (477) (878) 401 (4,043)
pension & severance costs
Loss (gain) on sales of (14) (146) 132 (120)
investment securities
Loss on disposal of 108 140 (32) 917
property, plant & equipment
Interest & dividends income (52) (39) (13) (437)
Foreign exchange (gain) loss (12) 159 (171) (103)
(Increase) decrease in (557) (303) (254) (4,721)
notes & accounts receivable
(Increase) decrease in (550) (23) (527) (4,656)
inventories
Increase (decrease) in accounts (448) (250) (198) (3,796)
payable
Other 338 389 (51) 2,855
Sub total 1,778 2,125 (347) 15,058
Interest & dividend income 52 38 14 437
received
Interest expenses paid (4) (8) 4 (32)
Income taxes paid (404) (119) (285) (3,420)
Net cash provided by operating 1,422 2,036 (614) 12,043
activities
Investment activities:
Increase in time deposits (653) -- -- (5,531)
Payments for purchase of (2,285) (1,452) (833) (19,357)
property, plant & equipment
Proceeds from sales of 349 78 271 2,955
property, plant & equipment
Payments for disposal of -- (47) -- --
property, plant & equipment
Payments for purchase of (246) (309) 63 (2,081)
investment securities
Proceeds from sales of 242 163 79 2,053
investment securities
Payments for investments (96) (23) (73) (817)
in subsidiaries
Proceeds from purchase of -- 358 -- --
stocks of subsidiaries
Increase in loan receivable (354) -- -- (3,002)
Increase in intangible fixed 14 (29) 43 121
assets
Other 0 27 (27) (1)
Net cash used in investing (3,029) (1,234) (1,795) (25,660)
activities
JPY million USD thousand
For year ended For year ended Change For year ended
31st March 31st March 31st March
2007 2006 2007
Financing activities:
Payments of long-term debt (147) (147) -- (1,249)
Proceeds from issue of new -- 52 -- --
shares
Cash dividends paid (263) (180) (83) (2,227)
Sales of treasury stock 38 349 (311) 321
Purchase of treasury stock (328) (23) (305) (2,771)
Net cash provided by (700) 51 (751) (5,926)
(used in) financing activities
Effect of exchange rate 253 111 142 2,142
changes on cash & cash equivalents
Net increase (decrease) in (2,054) 964 (3,018) (17,401)
cash & cash equivalents
Cash and cash equivalents 7,899 6,935 964 66,911
at beginning of year
Increase in cash and cash 94 -- -- 800
equivalents
from new consolidation
Cash and cash equivalents 5,939 7,899 (1,960) 50,310
at end of year
Segment Information
(1) Consolidated business segment information
JPY million
For year ended For year ended
2007 2006
Ceramic Components:
Net sales 18,355 16,628
Operating expenses 15,779 14,394
Operating income 2,576 2,234
Total assets 34,597 31,861
Lighting Equipment:
Net sales 2,721 3,650
Operating expenses 2,794 3,677
Operating income (73) (27)
Total assets 1,602 2,764
Total:
Net sales 21,076 20,278
Operating expenses 18,573 18,071
Operating income 2,503 2,207
Total assets 36,199 34,625
Elimination:
Net sales (14) -
Operating expenses (565) 514
Operating income (579) (514)
Total assets (2,327) (1,581)
Consolidated:
Net sales 21,062 20,278
Operating expenses 19,138 18,585
Operating income 1,924 1,693
Total assets 33,872 33,044
(2) Consolidated geographic segment information
JPY million USD thousand
For year ended For year ended Change For year ended
31st March 31st March 31st March
2007 2006 2007
JAPAN
Net sales:
Unaffiliated customers 15,427 16,170 (743) 130,680
Intersegment 1,536 830 706 13,015
Total 16,963 17,000 (37) 143,695
Operating cost 15,391 15,354 37 130,376
Operating income (loss) 1,572 1,646 (74) 13,319
ASIA
Net sales:
Unaffiliated customers 4,162 3,528 634 35,253
Intersegment 1,266 1,349 (83) 10,725
Total 5,428 4,877 551 45,978
Operating cost 4,474 4,206 268 37,894
Operating income (loss) 954 671 283 8,084
EUROPE and AMERICA
Net sales:
Unaffiliated customers 1,474 579 895 12,487
Intersegment 167 2 165 1,415
Total 1,641 581 1,060 13,902
Operating cost 1,571 617 954 13,310
Operating income (loss) 70 (36) 106 592
TOTAL
Net sales:
Unaffiliated customers 21,062 20,278 784 178,419
Intersegment 2,969 2,181 788 25,155
Total 24,031 22,459 1,572 203,574
Operating cost 21,436 20,177 1,259 181,580
Operating income (loss) 2,595 2,282 313 21,994
ELIMINATION
Net sales:
Total (2,969) (2,181) (788) 25,155
Operating cost (2,298) 1,592 (3,890) 19,458
Operating income (loss) (671) (589) (82) 5,697
CONSOLIDATED
Net sales:
Total 21,062 20,278 784 178,419
Operating cost 19,138 18,585 553 162,122
Operating income (loss) 1,924 1,693 231 16,297
(3) Net overseas sales by customer's geographic location
JPY million USD thousand
For year ended For year ended Change For year ended
31st March 31st March 31st March
2007 2006 2007
Overseas sales:
Asia 6,434 6,376 58 54,506
Europe 933 375 558 7,900
Others 629 495 134 5,330
Total 7,996 7,246 750 67,736
Consolidated net sales 21,062 20,278 784 178,419
% of consolidated net sales:
Asia 30.5% 31.4%
Europe 4.4% 1.8%
Others 3.1% 2.4%
Total 38.0% 35.7%
*Countries are divided in geographical
vicinity.
*Main countries included in each are as indicated below;
Asia - Malaysia, Taiwan, Korea, Hong Kong
Europe - Germany, England
Others - United States
*Overseas sales indicate net sales of the Company and its subsidiaries to customers outside Japan.
This information is provided by RNS
The company news service from the London Stock Exchange
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