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

 


This information is provided by RNS
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