Half Yearly Report

RNS Number : 8120S

Maruwa Co Ld

12 November 2013

 



			12 September 2013
MARUWA CO., LTD.
3-83, Minamihonjigahara-cho, Owariasahi-city, Aichi-pref., 488-0044 JAPAN
Consolidated financial results for the first quarter of Fiscal 2013
MARUWA CO., LTD. today announced its consolidated financial results for the first quarter of Fiscal 2013<1 April 2013 - 30 September 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
	2012	2013
Net sales	10,703	15,347	43.4%
Operating income	1,243	1,314	5.7%
Income before income taxes	1,061	1,406	32.5%
Net income	656	1,081	64.8%
Net income per share:		JPY
Basic	53.27	87.66	64.6%
Diluted	53.26	87.60	64.5%
(2) Summary of consolidated financial condition
	As of 31 March	As of 30 Sep	Change %
	2013	2013
Total assets	45,610	46,481	1.9%
Total net assets	37,141	38,221	2.9%
Equity ratio	81.4%	82.2%	0.9%
		JPY
Total net assets per share	3,014.90	3,095.90
II. Dividends
		JPY per share
	Fiscal 2012	Fiscal 2013
		(forecast)
Interim	15	17
Year-end	15	17
Total	30	34
*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<1April 2013 - 30 Sep2013>
The forecast figures for business results and dividends announced in 15　May 2013 are not changed. *The financial statements are prepared in conformity with the accounting principles generally accepted in Japan.
*Consolidated subsidiaries: 14companies.

Review of Operations

1. Review of Operations

In this secound quarter , the growth of the world economy has slowed due to the little clear expanded Eurozone debt problem and to the rapidly developing economies in emerging countries, including China, rapidly losing steam, and in spite of an indication of economic recovery in the United States.

The Japanese economy has attempted after new government appointment, the drop in the value of the yen and the positive stock market makes Japanese economy recover slowly.

In this severe economic situation, the MARUWA Group's business results during this first quarter of this fiscal year were in line with our plans due to a strong demand for ceramic substrate for power modules, new products for smart phone devices and LED lighting.

As a result, our consolidated sales were 15,347 million yen. (This is up 43.4% compared to the same period last year)  Our operating income was 1,955 million yen. (This is up 19.4% compared to the same period last year)  Ordinary profit was 1,395 million yen (This is up 27.6% compared to the same period last year). Net income was 1,081 million yen (This is up 64.5% compared to the same period last year).

2.Operating Results by Business Division

The Ceramic Components Division

The total sales for this business segment was 10,344 million yen. (This is up 3.8% 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 1,955 million yen.

Lighting Equipment Division

The turnover was 5,003 million yen.  This is a 577.3% increase over the same period last year.   Operating loss was 196 million yen. The consolidated sales in this business is large by YAMAGIWA which became the subsidiary in last December having been connected. included a review of transportation, the distribution, an office, a warehouse, the rationalization expense including the showroom move that the new YAMAGIWA system started in April and planned earnings structure reinforcement. Therefore we will press profit temporarily.

This improvement is due to a consistent increase in inquiries and orders for LED lighting devices in the public utilities markets. New types of products were very successful. MARUWA is continuing to press 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
	2012		2013
Ceramic Components:
Net sales		9,964		10,344
Operating income		1,638		1,955
Lighting Equipment:
Net sales		739		5,003
Operating income		43		(196)
Total:
Net sales	10,703		15,347
Operating income		1,681		1,759
Elimination:
Net sales		--		--
Operating income		(438)		(445)
Consolidated:
Net sales		10,703		15,347
Operating income		1,243		1,314

3. Financial Condition

Total assets as of the end of this second quarter were 46,481million yen, up　1.9％ from the end of last fiscal year .  Total liabilities decreased 209 million yen to　8,260 million yen from the previous year-end.  Total net assets increased 1,079　million yen to 38,220　million yen because of an increase in retained earnings.

Consolidated Balance Sheet
		JPY million
	2ndQuarter	(Reference)
	As of 30 Sep	As of 31 March
	2013	2013
ASSETS
Current assets:
Cash & deposits	11,546	11,312
Trade notes and accounts  receivable	7,848	8,560
Electronically recorded monetary claims-operating	106	32
Inventories:	5,743	5,493
Deferred tax assets	360	260
Other current assets	659	619
Allowance for doubtful  accounts	(24)	(23)
Total current assets	26,238	26,253
Property, plant & equipment:
Land	3,632	3,625
Buildings & structures	4,061	4,039
Machinery & equipment	6,444	6,447
Other	628	622
Construction in progress	2,036	1,792
Total property, plant & equipment	16,801	16,525
Goodwill	934	1,006
Other	368	368
Net property, plant & equipment	18,103	17,899
Investment & other assets:
Total investments & other assets	1,476	1,458
Total assets	45,817	45,610

Long-term liabilities:
Long-term debt	697	789
Diferrred tax liabilities	285	104
Provision for retirement benefits	-	876
Provision for environmental measures	26	-
Other	597	239
Total long-term liabilities	1,605	2,008
Total liabilities	7,864	8,469
NET ASSETS
Shareholders' equity:
Common stock	8,647	8,647
Capital surplus	11,940	11,909
Retained earnings	17,675	17,181
Treasury stock, at cost	(61)	(134)
Total shareholders' equity	38,201	37,603
Valuation and translation adjustments:
Net unrealized gains(losses)on available-for-sale securities	32	16
Foreign currency translation adjustments	(288)	(511)
Total valuation and translation adjustments	(256)	(495)
A subscription warrant　and　Minority stockholders share	8	33
Total shareholders' equity	8	33
Total net assets	37,953	37,141
Total liabilities and net assets	45,817	45,610

Consolidated Statements of Income
		JPY million
	2nd Quarter	2nd Quarter
	1 April - 30 Sep	1 April - 30 Sep
	2012	2013
Net sales	10,703	15,347
Cost of sales	7,621	10,128
Gross profit	3,082	5,219
Selling, general & administrative	1,839	3,905
expenses
Operating income	1,243	1,314
Other income (expenses):
Interest & dividend income	24	26
Interest expenses	(1)	(4)
Rent income	50	60
Rent expenses on real estates for investments	(25)	(28)
Foreign exchange gain (loss), net	(210)	(5)
Gain on sales of property, plant and equipment	1	1
Compensation income	-	65
Provision for environmental measures	-	(26)
Loss on disposal or sales of property, plant and equipment	(19)	(22)
Gain on valuation of inventories securities	-	7
State subsidy	207	-
Loss on reduction of noncurrent assets	(207)	-
Impairment loss	-	(12)
Other, net	(2)	30
Other income (expenses), net	(182)	92
Income before income taxes	1,061	1,406
Income taxes:
Current	399	585
Deferred	6	(260)
Total income taxes	405	325
Net income	656	1,081

 

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