Final Results

Maruwa Co Ld

25 April 2024

 

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, 2024 (Based on Japanese GAAP)
					April 25, 2024
Company name:	MARUWA CO., LTD.
Stock exchange listing:	Tokyo, Nagoya
Stock code:	5344	URL  https://www.maruwa-g.com/
Representative:	President		Toshiro Kanbe
Inquiries:	Corporate Officer		Daisuke Yamaguchi		TEL  [phone]
Scheduled date of ordinary general meeting of shareholders:			June 20, 2024
Scheduled date to file Securities Report:			June 21, 2024
Scheduled date to commence dividend payments:			June 21, 2024
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, 2024 (from April 1, 2023 to March 31, 2024)

(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, 2024	61,564	4.7	19,801	(1.7)	21,121	(0.3)	15,216	1.3
Year ended March 31, 2023	58,804	8.2	20,142	10.6	21,187	10.5	15,020	12.5

	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, 2024	1,233.30	-	15.0	18.3	32.2
Year ended March 31, 2023	1,217.45	-	17.3	20.8	34.3

(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, 2024	122,515	109,203	89.1	8,851.10
As of March 31, 2023	108,031	94,215	87.2	7,636.60

(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, 2024	17,222	(10,814)	(1,363)	55,013
Year ended March 31, 2023	15,647	(8,755)	(1,882)	49,585

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, 2023	-	38.00	-	40.00	78.00	962	6.4	1.1
Year ended March 31, 2024	-	43.00	-	43.00	86.00	1,061	7.0	1.0
Year ending March 31, 2025 (Forecast)	-	47.00	-	47.00	94.00		-

3. Forecast of consolidated financial results for the year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)

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, 2024	30,800	9.8	10,000	15.6	-	-	-	-	-
Full year	70,300	14.2	23,000	16.2	-	-	-	-	-

4. Notes

(1) Changes in significant subsidiaries during the year ended March 31, 2024 (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:	No
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, 2024

12,372,000

shares

As of March 31, 2023

12,372,000

shares

Number of treasury shares at the end of the period

As of March 31, 2024

34,125

shares

As of March 31, 2023

34,649

shares

Average number of shares during the period

Year ended March 31, 2024

12,337,609

shares

Year ended March 31, 2023

12,337,413

shares

Consolidated financial statements

Consolidated balance sheets

		(Millions of yen)
	As of March 31, 2023	As of March 31, 2024
Assets
Current assets
Cash and deposits	49,795	55,250
Notes receivable - trade	343	360
Accounts receivable - trade	10,701	13,960
Electronically recorded monetary claims - operating	1,820	1,746
Merchandise and finished goods	2,267	2,248
Work in process	2,905	2,960
Raw materials and supplies	3,767	4,575
Other	3,043	2,516
Allowance for doubtful accounts	(9)	(133)
Total current assets	74,634	83,485
Non-current assets
Property, plant and equipment
Buildings and structures, net	14,075	15,947
Machinery, equipment and vehicles, net	7,446	12,040
Land	4,872	5,005
Construction in progress	3,920	2,952
Other, net	731	786
Total property, plant and equipment	31,046	36,733
Intangible assets
Other	284	318
Total intangible assets	284	318
Investments and other assets
Investment securities	534	433
Deferred tax assets	484	487
Investment property, net	933	935
Other	114	121
Allowance for doubtful accounts	(0)	(0)
Total investments and other assets	2,066	1,977
Total non-current assets	33,397	39,029
Total assets	108,031	122,515

		(Millions of yen)
	As of March 31, 2023	As of March 31, 2024
Liabilities
Current liabilities
Notes and accounts payable - trade	2,975	2,957
Electronically recorded obligations - operating	1,542	2,355
Current portion of long-term borrowings	333	400
Income taxes payable	2,684	2,851
Provision for bonuses	914	1,042
Provision for bonuses for directors (and other officers)	124	124
Other	4,334	3,091
Total current liabilities	12,910	12,821
Non-current liabilities
Long-term borrowings	400	-
Deferred tax liabilities	141	127
Other	364	361
Total non-current liabilities	905	489
Total liabilities	13,816	13,311
Net assets
Shareholders' equity
Share capital	8,646	8,646
Capital surplus	12,018	12,031
Retained earnings	73,381	87,573
Treasury shares	(209)	(210)
Total shareholders' equity	93,838	108,042
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	125	171
Foreign currency translation adjustment	251	989
Total accumulated other comprehensive income	377	1,161
Total net assets	94,215	109,203
Total liabilities and net assets	108,031	122,515

Consolidated statements of income and consolidated statements of comprehensive income

Consolidated statements of income

		(Millions of yen)
	Fiscal year ended March 31, 2023	Fiscal year ended March 31, 2024
Net sales	58,804	61,564
Cost of sales	28,396	30,570
Gross profit	30,408	30,994
Selling, general and administrative expenses	10,266	11,192
Operating profit	20,142	19,801
Non-operating income
Interest income	107	225
Rental income	98	119
Foreign exchange gains	861	958
Other	45	90
Total non-operating income	1,112	1,394
Non-operating expenses
Interest expenses	5	1
Rent expenses on real estate for investments	48	55
Other	12	16
Total non-operating expenses	66	73
Ordinary profit	21,187	21,121
Extraordinary income
Gain on sale of non-current assets	0	0
Gain on sale of investment securities	-	39
Gain on liquidation of subsidiaries	3	-
Subsidy income	515	209
Other	-	14
Total extraordinary income	519	264
Extraordinary losses
Loss on sale and retirement of non-current assets	61	158
Loss on tax purpose reduction entry of non-current assets	481	202
Other	-	8
Total extraordinary losses	542	369
Profit before income taxes	21,164	21,016
Income taxes - current	5,977	5,767
Income taxes - deferred	166	33
Total income taxes	6,143	5,800
Profit	15,020	15,216
Profit attributable to owners of parent	15,020	15,216

Consolidated statements of comprehensive income

		(Millions of yen)
	Fiscal year ended March 31, 2023	Fiscal year ended March 31, 2024
Profit	15,020	15,216
Other comprehensive income
Valuation difference on available-for-sale securities	20	46
Foreign currency translation adjustment	407	737
Total other comprehensive income	428	784
Comprehensive income	15,448	16,000
Comprehensive income attributable to
Comprehensive income attributable to owners of parent	15,448	16,000

Consolidated statements of changes in equity

Fiscal year ended March 31, 2023

				(Millions of yen)
	Shareholders' equity
	Share capital	Capital surplus	Retained earnings	Treasury shares	Total shareholders' equity
Balance at beginning of period	8,646	12,017	59,274	(207)	79,732
Changes during period
Dividends of surplus			(912)		(912)
Profit attributable to owners of parent			15,020		15,020
Purchase of treasury shares				(2)	(2)
Disposal of treasury shares		0		0	1
Net changes in items other than shareholders' equity
Total changes during period	-	0	14,107	(1)	14,106
Balance at end of period	8,646	12,018	73,381	(209)	93,838

	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	104	(155)	(51)	79,681
Changes during period
Dividends of surplus				(912)
Profit attributable to owners of parent				15,020
Purchase of treasury shares				(2)
Disposal of treasury shares				1
Net changes in items other than shareholders' equity	20	407	428	428
Total changes during period	20	407	428	14,534
Balance at end of period	125	251	377	94,215

Fiscal year ended March 31, 2024

				(Millions of yen)
	Shareholders' equity
	Share capital	Capital surplus	Retained earnings	Treasury shares	Total shareholders' equity
Balance at beginning of period	8,646	12,018	73,381	(209)	93,838
Changes during period
Dividends of surplus			(1,024)		(1,024)
Profit attributable to owners of parent			15,216		15,216
Purchase of treasury shares				(5)	(5)
Disposal of treasury shares		13		4	17
Net changes in items other than shareholders' equity
Total changes during period	-	13	14,192	(1)	14,203
Balance at end of period	8,646	12,031	87,573	(210)	108,042

	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	125	251	377	94,215
Changes during period
Dividends of surplus				(1,024)
Profit attributable to owners of parent				15,216
Purchase of treasury shares				(5)
Disposal of treasury shares				17
Net changes in items other than shareholders' equity	46	737	784	784
Total changes during period	46	737	784	14,988
Balance at end of period	171	989	1,161	109,203

Consolidated statements of cash flows

		(Millions of yen)
	Fiscal year ended March 31, 2023	Fiscal year ended March 31, 2024
Cash flows from operating activities
Profit before income taxes	21,164	21,016
Depreciation	3,087	4,138
Increase (decrease) in allowance for doubtful accounts	(0)	123
Loss (gain) on sale of investment securities	-	(31)
Loss (gain) on sale and retirement of non-current assets	61	158
Loss on tax purpose reduction entry of non-current assets	481	202
Interest and dividend income	(112)	(239)
Interest expenses	5	1
Subsidy income	(515)	(209)
Decrease (increase) in trade receivables	2,388	(3,106)
Decrease (increase) in inventories	(917)	(784)
Increase (decrease) in trade payables	(1,324)	441
Other, net	(1,007)	840
Subtotal	23,310	22,551
Interest and dividends received	112	213
Interest paid	(5)	(1)
Income taxes refund (paid)	(7,769)	(5,555)
Proceeds from compensation	-	14
Net cash provided by (used in) operating activities	15,647	17,222
Cash flows from investing activities
Net decrease (increase) in time deposits	31	(9)
Purchase of property, plant and equipment	(8,697)	(11,167)
Proceeds from sale of property, plant and equipment	0	8
Payments for retirement of property, plant and equipment	-	(83)
Purchase of intangible assets	(27)	(74)
Purchase of investment securities	(286)	(123)
Proceeds from sale of investment securities	-	320
Subsidies received	211	309
Other, net	12	5
Net cash provided by (used in) investing activities	(8,755)	(10,814)
Cash flows from financing activities
Repayments of short-term borrowings	(100)	-
Repayments of long-term borrowings	(866)	(333)
Purchase of treasury shares	(2)	(5)
Dividends paid	(912)	(1,024)
Net cash provided by (used in) financing activities	(1,882)	(1,363)
Effect of exchange rate change on cash and cash equivalents	188	382
Net increase (decrease) in cash and cash equivalents	5,199	5,427
Cash and cash equivalents at beginning of period	44,385	49,585
Cash and cash equivalents at end of period	49,585	55,013

 

END