Interim Results
Maruwa Co Ld
08 November 2007
8 November 2007
MARUWA CO., LTD.
3-83, Minamihonjigahara-cho, Owariasahi-city, Aichi-pref., 488-0044 JAPAN
Interim Results for Fiscal 2008
MARUWA CO., LTD. today announced consolidated interim results for the fiscal year ending 31 March 2008 as
follows;
*The financial statements are 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 = 115.43 yen.
*Consolidated subsidiaries:10 companies (Maruwa (Malaysia) Sdn. Bhd., Taiwan Maruwa Co., Ltd., MARUWA
Electronics (Taiwan) Co., Ltd., Maruwa Europe Ltd., Maruwa America Corp., Maruwa Korea Co., Ltd., Maruwa
(Shanghai) Trading Co., Ltd., MARUWA QUARTZ Co., Ltd., MARUWA SHOMEI Co., Ltd., and Hokko Denshi Co., Ltd.)
I. Summary of Consolidated Interim Results
(1) Summary of consolidated statements of income
JPY million JPY million USD thousand
For 6-month For 6-month Change % For year ended For 6-month period
period period
1 Apr. - 30 1 Apr. - 30 31 March 1 Apr. - 30 Sept.
Sept. Sept.
2006 2007 2007 2007
Net sales 9,763 9,837 0.8% 21,062 85,220
Operating income 822 776 -5.6% 1,924 6,723
Income before income 972 857 -11.8% 1,912 7,424
taxes
Net income 631 567 -10.1% 1,334 4,912
Net income per share 57.60 JPY 52.40 -9.0% 122.04 USD 0.45
(Basic)
(Diluted) 57.29 52.25 -8.8% 121.45 0.45
*Average number of 10,960,935 10,816,794 10,932,798
issued shares
(2) Summary of consolidated financial condition
JPY million JPY million USD thousand
As of 30 Sept. As of 30 Sept. As of 31 March As of 30 Sept.
2006 2007 2007 2007
Total assets 32,496 33,121 33,872 286,936
Total net assets 27,037 28,218 27,907 244,460
Equity ratio 83.2% 85.2% 82.4%
JPY USD
Total net assets per 2,465.43 2,609.79 2,572.66 22.61
share
*Number of issued 10,966,660 10,812,510 10,847,360
shares at the year end
(3) Summary of consolidated statements of cash flows
JPY million JPY million USD thousand
For 6-month For 6-month For year ended For 6-month period
period period
1 Apr. - 30 1 Apr. - 30 31 March 1 Apr. - 30 Sept.
Sept. Sept.
2006 2007 2007 2007
Net cash provided by 788 1,189 1,422 10,301
operating activities
Net cash used in (1,425) (886) (3,029) (7,676)
investing activities
Net cash used in (185) (265) (700) (2,296)
financing activities
Cash and cash 7,226 6,026 5,939 52,205
equivalents at end of
term
II. Dividends III. Outlook for fiscal 2008 ending 31 March 2008
JPY per share JPY million
Fiscal 2007 Fiscal 2008 Full year Change %
Interim 12 12 Net sales 21,480 2.0%
Year-end 12 12 (forecast) Operating income 2,120 10.2%
Annual 24 24 (forecast) Net income 1,400 4.9%
Net income per share 129.43
*Cautionary statements: The above forecasts include forward-looking statements involving risks and
uncertainties. Due to a number of factors, actual results may differ significantly from these estimates.
Review of Operations
1. Analysis of operating results
Consolidated operating results
Quarterly
JPY million
Fiscal 2007 Fiscal 2008
1Q 2Q 3Q 4Q 1Q 2Q
Net sales 4,878 4,885 5,644 5,655 4,719 5,118
Operating income 420 402 489 613 359 417
Net income 357 274 331 372 272 295
Half year
JPY million
Fiscal 2007 Fiscal 2008
For 6-month period For 6-month period For 6-month period
1 Apr. - 30 Sept. 1 Oct.06 - 31 Mar. 1 Apr. - 30 Sept. 2007
2006 07
Net sales 9,763 11,299 9,837
Operating income 822 1,102 776
Net income 631 703 567
Japanese economy in the first half of this fiscal year has generally been solid
with an increasing trend of export powered by high economic growth in Asia and
demands in emerging countries. This brisk economy, however, weakened to some
extent since the uncertainty of the future economy prevailed as material prices
hovered at a high level and the U.S market decelerated due to adjustments in a
housing market.
Under these circumstances, in the IT-related markets, inventory adjustments
progressed in the beginning of this year. Demands are now in a moderate
recovering trend based on the global market expansion of flat panel TVs or PCs.
Our consolidated net sales in this first half were 9,837 million yen, up 0.8%
compared to the interim results of last year.
As for profits, operating income decreased 5.6% to 776 million yen, compared to
the first half of last year. The transfer and reorganization of production
equipment of the Machinery Ceramics division squeezed the profit. Net income
was 567 million yen, down 10.1% due mainly to 193 million yen of loss on
disposal of fixed assets.
By business segment
JPY million
Fiscal 2007 Fiscal 2008
For 6-month period For 6-month period For 6-month period
1 Apr. - 30 Sept. 1 Oct.06 - 31 Mar. 1 Apr. - 30 Sept.
2006 07 2007
Ceramic Components:
Net sales 8,843 9,498 9,286
Operating income 1,294 1,282 1,186
Lighting Equipment:
Net sales 920 1,801 551
Operating income (124) 51 (131)
Total:
Net sales 9,763 11,299 9,837
Operating income 1,170 1,333 1,055
Elimination:
Net sales -- -- --
Operating income (348) (231) (279)
Consolidated:
Net sales 9,763 11,299 9,837
Operating income 822 1,102 776
Ceramic Component segment - sales by product division
Quarterly
JPY million
Fiscal 2007 Fiscal 2008
1Q 2Q 3Q 4Q 1Q 2Q
Circuit Ceramics 1,778 1,908 2,227 1,690 1,692 1,868
Machinery Ceramics 1,148 1,189 1,354 1,255 1,325 1,330
RF Products 407 354 504 370 474 492
EMC Components 1,046 1,013 1,069 1,029 1,041 1,064
Total 4,379 4,464 5,154 4,344 4,532 4,754
Half year
JPY million
Fiscal 2007 Fiscal 2008
For 6-month period For 6-month period For 6-month period
1 Apr. - 30 Sept. 1 Oct.06 - 31 Mar. 1 Apr. - 30 Sept.
2006 07 2007
Circuit Ceramics 3,686 3,917 3,560
Machinery Ceramics 2,337 2,609 2,655
RF Products 761 874 966
EMC Components 2,059 2,098 2,105
Total 8,843 9,498 9,286
Ceramic Components segment
Total sales of this segment in the first half of this year were 9,286 million
yen, down 5.0% compared to the first half of the previous year. Operating
income was 1,186 million yen, down 8.3%.
After the first quarter which had been inactive due to inventory adjustments in
markets, demands started to recover in the second quarter. Profits, however,
decreased due to transfer and reorganization of production equipment in the
Machinery Ceramics division to a manufacturing subsidiary in Malaysia
Circuit Ceramics
The Circuit Ceramics division includes ceramic substrates for chip resistors
which are essential for a wide range of electronic appliances, glazed substrates
for thermal printer head (TPH) used for FAX or bar code label printers, large
ceramic substrates for hybrid ICs, and Aluminum Nitride (AlN) substrates used
for power modules or automotive components.
Total sales of this division were 3,560 million yen, down 3.4% compared to the
same period last year because demands for glazed substrates and large ceramic
substrates, which had moved at a high level last year, decreased.
Machinery Ceramics
The Machinery Ceramics division includes quarts glass products especially for
semiconductor equipment, magnetic head-supporting blocks for PCs, ceramic faucet
valves, and ferrite magnet materials used for measuring equipment or medical
purposes. Products in this division require high precision processing
techniques.
Sales of quarts glass products increased; on the other hand, sales decreased
particularly for the product for which demand comes to an end in a market.
Total sales in this first half were 2,655 million yen, up 13.6% compared to the
same period last year.
Radio Frequency Products
The Radio Frequency Products division includes device products such as band pass
filters used mainly for wireless communication industries, dielectric ceramic
filters required in mobile communication industries, thin film substrates used
for optical information/communication industries, and multi-layer ceramic
substrates for automotive components.
Total sales of this division in the first half jumped 26.9% to 966 million yen
compared to the first half last year due mainly to that sales of multi-layer
ceramic substrates started to be added in this division since this year.
EMC Components
The EMC Components division includes multi-layer ceramic capacitors of
high-voltage/high-capacitance especially used for digital cameras, LCD
backlights, or power supply parts of electronic devices, and a product line as a
countermeasure against noise/surge, including EMI filters, chip varistors, chip
beads and inductors. There are increasing demands for such components for
various electronic appliances such as communication tools, including mobile
phones and PCs, digital home appliances, amusement equipment or automotive
electronic devices.
Total sales in this period were 2,105 million yen, up 2.2% compared to the same
period last year.
Some products, including EMI filters grew in Asia to increase revenues.
Lighting Equipment segment
This segment includes lighting equipment for public works such as roads and
bridges, and most of sales are particularly posted in the end of a fiscal year
as expenses exceed sales until then.
Total sales in this period decreased 40.1% to 551 million yen from the same
period last year, and operating loss was 131 million yen.
Although lighting equipment for public works significantly dropped, operating
loss increased only by 7 million yen due to our cost reduction efforts.
Outlook for fiscal 2008
Outlook for fiscal 2008 was announced today in 'Notice regarding the revision of
operating results forecast for fiscal 2008.'
JPY million
For year ended For year ending Change
31 March 2007 31 March 2008 %
Net sales 21,062 21,280 1.0%
Operating income 1,924 2,120 10.2%
Net income 1,334 1,400 4.9%
Sales by business segment
JPY million
For year ended For year ending Change
31 March 2007 31 March 2008 %
Ceramic Components 18,341 19,180 4.6%
Lighting Equipment 2,721 2,100 -22.8%
Total 21,062 21,280 1.0%
In this fiscal year, sales of the Ceramic Component segment recovered in the
second quarter from a slowdown in the first quarter influenced by inventory
adjustments from the last year-end. On the other hand, in the second half of
this year, sales growth will gradually slow down due to uncertainty in the
semiconductor-equipment market.
According to the above, net sales forecast is 21,280 million yen, 1.0% up from
the last year, operating income are 2,120 million yen, up 10.2%, and net income
are 1,400 million yen, up 4.9% million yen.
Sales forecast for the Ceramic Component segment
JPY million
For year ended For year ending Change
31 March 2007 31 March 2008 %
Circuit Ceramics 7,603 7,610 0.1%
Machinery Ceramics 4,946 5,150 4.1%
RF Products 1,635 1,970 20.5%
EMC Components 4,157 4,450 7.0%
Total 18,341 19,180 4.6%
*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.
2. Analysis of financial condition
JPY million JPY million
As of 30 As of 31 March As of 30 September Change
September
2006 2006 2007 Amount %
Total assets 32,496 33,872 33,121 -751 -2.2%
Total liabilities 5,459 5,965 4,903 -1,062 -17.8%
Total shareholders' 27,037 27,907 28,218 311 1.1%
equity
Shareholders' equity 83.2% 82.4% 85.2% 2.8
ratio
JPY million JPY million
For 6-month For 6-month For 6-month period Change
period period
1 Apr. - 30 Sept. 1 Oct.06 - 31 1 Apr. - 30 Sept. Amount %
2006 Mar. 2007 2007
Net cash provided by 788 634 1,189 401 50.9%
operating activities
Net cash used in (1,425) (1,604) (886) 539 -37.8%
investing activities
Net cash used in (185) (515) (265) -80 43.2%
financing activities
Cash and cash 7,226 5,939 6,026 -1,200 -16.6%
equivalents at end of
term
Net sales 9,763 11,299 9,837 74 0.8%
Capital investment 1,155 1,195 1,647 492 42.6%
Depreciation 805 935 894 89 11.1%
Total assets at the end of this interim period were 33,121 million yen, a
decrease of 751 million yen from the last year-end as a result of operating
activities in this period. It is mainly due to a decrease of trade notes and
accounts receivable particularly from MARUWA SHOMEI Co., Ltd. Inventories
increased 562 million yen, and net property, plant and equipment also increased
452 million yen due to an increase of machinery through investments.
Liabilities were 4,903 million yen, down 1,062 million yen compared to the last
year-end also due particularly to a decrease of trade notes and accounts payable
at MARUWA SHOMEI.
Total net assets increased 311 million yen due to net income and other factors,
in spite of a decrease due to dividend payment.
As a result, equity ratio was 85.2%, up 2.8 points from the last year-end.
Net cash provided from operating activities was 1,189 million yen, an increase
of 401 million yen compared to the last interim period especially because of a
decrease of trade notes and accounts receivable due to the improvement of trade
terms and conditions.
Net cash used in investing activities decreased 539 million yen to 886 million
yen from the same period last year as loans provided to subsidiaries decreased
while payments for purchase of property, plant and equipment increased.
Net cash used in financing activities was 265 million yen, down 80 million yen
compared to the interim period last year, mainly used for purchase of own
shares, 87 million yen, and dividends paid by the parent company, 130 million
yen.
As a result, cash and cash equivalents at the end of this interim period were
6,026 million yen, a decrease of 1,200 million yen from the same period last
year.
Trends of cash-flows indices are as follows;
JPY million
For year ended For year ended For year ended
31 March 2006 31 March 2007 31 March 2008
Interim Final Interim Final Interim
Equity ratio 82.8% 80.4% 83.2% 82.4% 85.2%
Equity ratio at market 104.7% 100.8% 97.2% 76.2% 63.8%
value
Interest-bearing debt to 0.5 0.2 0.2 0.1 0.1
cash flows ratio (year)
Interest coverage ratio 101.7 251.9 233.0 374.2 1,088.1
Note)
Equity ratio : Total net assets / Total assets
Equity ratio at market value : Total market value of shares / Total assets
Interest-bearing debt to cash flows ratio : Interest-bearing debts / Cash flows
from operating activities
*Interim cash flows are doubled for index calculation.
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, figures in the consolidated cash
flows statements are used. Interest-bearing debt includes all debts for which
interests are paid among the liabilities booked in the consolidated balance
sheets.
3. Dividend policy and dividend of this year
MARUWA considers allocating acquired cash flows from business operations for
active investment into new growing fields, dividends calculated through
comprehensive analysis of consolidated business results, and saving for internal
reserves to control flexibly changes in a business environment. While we secure
internal reserves for strategic investment necessary for sustainable expansion
of our core business, we focus on profit returns to our shareholders.
Dividend for this interim period will be 12 yen per share, the same amount as
the previous interim dividend, as announced in May.
Consolidated Balance Sheets
JPY million USD thousand
As of 30 As of 30 September Change As of 31 Change As of 30
September March September
2006 2007 2007 2007
ASSETS
Current assets:
Cash & deposits 7,247 6,169 (1,078) 6,593 (424) 53,444
Trade notes and 6,542 6,550 8 7,797 (1,247) 56,744
accounts
receivable
Inventories 3,080 4,121 1,041 3,559 562 35,701
Other current assets 667 694 27 688 6 6,013
Allowance for doubtful (9) (42) (33) (16) (26) (364)
accounts
Total current assets 17,527 17,492 (35) 18,621 (1,129) 151,538
Fixed assets:
(Property, plant & equipment)
Land 3,454 3,436 (18) 3,434 2 29,767
Buildings & structures 3,842 4,014 172 4,146 (132) 34,774
Machinery & equipment 4,132 4,658 526 4,300 358 40,353
Other 945 1,070 125 846 224 9,270
Net property, plant & 12,373 13,178 805 12,726 452 114,164
equipment
(Investments & other assets)
Investment securities 749 467 (282) 612 (145) 4,046
Other 1,847 1,984 137 1,913 71 17,188
Total investments & 2,596 2,451 (145) 2,525 (74) 21,234
other assets
Total fixed assets 14,969 15,629 660 15,251 378 135,398
Total assets 32,496 33,121 625 33,872 (751) 286,936
JPY million USD thousand
As of 30 As of 30 September Change As of 31 Change As of 30
September March September
2006 2007 2007 2007
LIABILITIES
Current liabilities:
Trade notes & accounts 1,639 1,353 (286) 2,289 (936) 11,721
payable
Accrued bonus 344 384 40 351 33 3,327
Other current 2,149 2,207 58 2,243 (36) 19,120
liabilities
Total current 4,132 3,944 (188) 4,883 (939) 34,168
liabilities
Long-term liabilities:
Long-term debt 114 132 18 135 (3) 1,144
Accrued retirement 177 -- -- -- -- --
benefits
Other 1,036 827 (209) 947 (120) 7,164
Total long-term 1,327 959 (368) 1,082 (123) 8,308
liabilities
Total liabilities 5,459 4,903 (556) 5,965 (1,062) 42,476
NET ASSETS
Shareholders' equity:
Common stock 6,710 6,710 -- 6,710 -- 58,130
Capital surplus 9,747 9,747 -- 9,747 -- 84,441
Retained earnings 10,954 12,019 1,065 11,521 498 104,124
Treasury stock, at cost (232) (619) (387) (537) (82) (5,363)
Advance on subscription 1 -- -- -- -- --
of own shares
Total shareholders' 27,180 27,857 677 27,441 416 241,332
equity
Valuation and translation adjustments:
Net unrealized gains (0) (16) (16) 8 (24) (138)
(losses)
on available-for-sale
securities
Foreign currency (143) 377 520 458 (81) 3,266
translation adjustment
Total valuation and (143) 361 504 466 (105) 3,128
translation adjustments
Minority interests -- 0 -- -- --
Total net assets 27,037 28,218 1,181 27,907 311 244,460
Total liabilities & net 32,496 33,121 625 33,872 (751) 286,936
assets
Consolidated Statements of Income
JPY million USD thousand
For 6-month For 6-month Change For year ended For 6-month period
period period
1 Apr. - 30 1 Apr. - 30 Sept. 31 March 1 Apr. - 30 Sept.
Sept.
2006 2007 2007 2007
Net sales 9,763 9,837 74 21,062 85,220
Cost of sales 6,919 7,011 92 15,003 60,738
Gross profit 2,844 2,826 (18) 6,059 24,482
Selling, general & 2,022 2,050 28 4,135 17,759
administrative expenses
Operating income 822 776 (46) 1,924 6,723
Other income
(expenses):
Interest & dividend 22 40 18 52 347
income
Interest expenses (3) (1) 2 (5) (9)
Foreign exchange gain 41 11 (30) (196) 95
(loss), net
Other, net 90 31 (59) 137 268
Other income 150 81 (69) (12) 701
(expenses), net
Income before income 972 857 (115) 1,912 7,424
taxes
Income taxes:
Current 331 252 (79) 448 2,183
Deferred 10 38 28 130 329
341 290 (51) 578 2,512
Minority interests -- 0 -- (0) 0
Net income 631 567 (64) 1,334 4,912
Consolidated Statements of Changes in Net Assets
JPY million
Shareholders' equity Valuation and translation
adjustment
Common Capital Retained Treasury Total Net Foreign Total Total net
stock surplus earnings stock shareholders' unrealized currency valuation assets
equity gains on translation and
available- adjustment translation
for-sale adjustment
securities
Balance at 31 6,710 9,747 11,521 (537) 27,441 8 458 466 27,907
March
2007
Net income 567 567 567
Cash dividends (130) (130) (130)
Decrease on new 62 62 62
consolidation
Changes in (1) (82) (83) (83)
treasury stock,
net
Other changes (24) (81) (105) (105)
Total changes 498 (82) 416 (24) (81) (105) 311
during the period
Balance at 30 6,710 9,747 12,019 (619) 27,857 (16) 377 361 28,218
September 2007
USD thousand
Shareholders' equity Valuation and translation
adjustment
Common Capital Retained Treasury Total Net Foreign Total Total
stock surplus earnings stock shareholders' unrealized currency valuation net
equity gains on translation and assets
available- adjustment translation
for-sale adjustment
securities
Balance at 31 58,130 84,441 99,809 (4,652) 237,728 69 3,968 4,037 241,766
March 2007
Net income 4,912 4,912 4,912
Cash dividends (1,126) (1,126) (1,126)
Decrease on new 537 537 537
consolidation
Changes in (8) (711) (719) (719)
treasury stock,
net
Other changes (207) (702) (909) (909)
Total changes 4,315 (711) 3,604 (207) (702) (909) 2,695
during the period
Balance at 30 58,130 84,441 104,124 (5,363) 241,332 (138) 3,266 3,128 244,460
September 2007
Consolidated Statements of Cash Flows
JPY million USD thousand
For 6-month For 6-month period Change For year For 6-month period
period ended
1 Apr. - 30 1 Apr. - 30 Sept. 31 March 1 Apr. - 30 Sept.
Sept.
2006 2007 2007 2006
Cash flows from operating activities
Income before income 972 857 (115) 1,912 7,424
taxes
Adjustments for:
Depreciation 805 894 89 1,740 7,745
Amortization of (107) (101) 6 (208) (875)
negative goodwill
Increase (decrease) in (9) 27 36 (2) 234
allowance for doubtful accounts
Increase(decrease) in (300) -- -- (477) --
accrued
retirement benefits
Loss on disposal of 55 193 138 108 1,672
property, plant & equipment
Interest & dividend (22) (40) (18) (52) (347)
income
Foreign exchange (gain) (35) 2 37 (12) 17
loss
Gain (loss) on sales of -- (2) -- (14) (17)
investment securities
(Increase) decrease in 610 1,287 677 (557) 11,150
trade notes & accounts receivable
Decrease (increase) in (143) (569) (426) (550) (4,929)
inventories
Decrease in trade notes (1,081) (1,016) 65 (448) (8,802)
&
accounts payable
Other 267 (75) (342) 338 (650)
Sub-total 1,012 1,457 445 1,778 12,622
Interest & dividend 21 40 19 52 347
income
received
Interest expenses paid (3) (1) 2 (4) (9)
Income taxes paid (242) (307) (65) (404) (2,659)
Net cash provided by 788 1,189 401 1,422 10,301
operating activities
JPY million USD thousand
For 6-month For 6-month period Change For year For 6-month period
period ended
1 Apr. - 30 1 Apr. - 30 Sept. 31 March 1 Apr. - 30 Sept.
Sept.
2006 2007 2007 2006
Cash flows from investing activities
Increase in time -- (121) -- (653) (1,048)
deposits
Decrease in deposits -- 629 -- -- 5,449
Payments for purchase (1,023) (1,444) (421) (2,285) (12,510)
of
property, plant & equipment
Proceeds from sales of 165 157 (8) 349 1,360
property, plant & equipment
Payments for purchase (198) (30) 168 (246) (260)
of
investment securities
Proceeds from sales of -- 32 -- 242 277
investment securities
Purchase of new (34) (21) 13 (63) (182)
subsidiary's
shares and investments in capital
Payments for (33) -- -- (33) --
acquisition
of new consolidated subsidiaries
Increase of loans (286) (148) 138 (354) (1,282)
Proceeds from -- 121 -- -- 1,048
collections of loans
Payments for guarantee -- (50) -- -- (433)
deposits
(Increase) decrease in (4) (4) 0 14 (35)
intangible fixed assets
Other (12) (7) 5 (0) (60)
Net cash used in (1,425) (886) 539 (3,029) (7,676)
investing
activities
Cash flows from financing activities
Payments of long-term (74) (51) 23 (147) (442)
debt
Cash dividends paid (132) (130) 2 (263) (1,126)
Payments for purchase (3) (87) (84) (328) (754)
of
treasury stock
Proceeds from sales of 23 3 (20) 38 26
treasury stock
Advance on subscription 1 -- -- -- --
of own shares
Net cash (used in) (185) (265) (80) (700) (2,296)
provided
by financing activities
Effect of exchange rate 55 (10) (65) 253 (86)
changes on cash & cash equivalents
Net increase (decrease) (767) 28 795 (2,054) 243
in
cash & cash equivalents
Cash & cash equivalents 7,899 5,939 (1,960) 7,899 51,451
at beginning of year
Increase in cash & cash 94 59 (35) 94 511
equivalents
from newly consolidated subsidiary
Cash & cash equivalents 7,226 6,026 (1,200) 5,939 52,205
at end of year
Segment Information
(1) Business segments
JPY million
For 6-month period 1 April - 30 September 2006
Ceramic Lighting Total Eliminations or Consolidated
Components Equipment corporate
Net sales:
External customers 8,843 920 9,763 -- 9,763
Inter-segment -- -- -- -- --
Total net sales 8,843 920 9,763 -- 9,763
Operating expenses 7,549 1,044 8,593 348 8,941
Operating income 1,294 (124) 1,170 (348) 822
(loss)
JPY million
For 6-month period 1 April - 30 September 2007
Ceramic Lighting Total Eliminations or Consolidated
Components Equipment corporate
Net sales:
External customers 9,286 551 9,837 -- 9,837
Inter-segment 11 0 11 (11) --
Total net sales 9,297 551 9,848 (11) 9,837
Operating expenses 8,111 682 8,793 268 9,061
Operating income 1,186 (131) 1,055 (279) 776
(loss)
USD thousand
For 6-month period 1 April - 30 September 2007
Ceramic Lighting Total Eliminations or Consolidated
Components Equipment corporate
Net sales:
External customers 80,447 4,773 85,220 -- 85,220
Inter-segment 95 -- 95 (95) --
Total net sales 80,542 4,773 85,315 (95) 85,220
Operating expenses 70,267 5,908 76,175 2,322 78,497
Operating income 10,275 (1,135) 9,140 (2,417) 6,723
(loss)
JPY million
For year ended 31 March 2007
Ceramic Lighting Total Eliminations or Consolidated
Components Equipment corporate
Net sales:
External customers 18,341 2,721 21,062 -- 21,062
Inter-segment 14 0 14 (14) --
Total net sales 18,355 2,721 21,076 (14) 21,062
Operating expenses 15,779 2,794 18,573 565 19,138
Operating income 2,576 (73) 2,503 (579) 1,924
(loss)
(2) Geographic segments
JPY million
For 6-month period 1 April - 30 September 2006
Japan Asia Europe & Total Eliminations or Consolidated
America corporate
Net sales:
External customers 6,992 1,994 777 9,763 -- 9,763
Inter-segment 904 745 1 1,650 (1,650) --
Total net sales 7,896 2,739 778 11,413 (1,650) 9,763
Operating expenses 7,122 2,309 743 10,174 (1,233) 8,941
Operating income 774 430 35 1,239 (417) 822
JPY million
For 6-month period 1 April - 30 September 2007
Japan Asia Europe & Total Eliminations or Consolidated
America corporate
Net sales:
External customers 7,367 1,757 713 9,837 -- 9,837
Inter-segment 637 687 3 1,327 (1,327) --
Total net sales 8,004 2,444 716 11,164 (1,327) 9,837
Operating expenses 7,243 2,105 693 10,041 (980) 9,061
Operating income 761 339 23 1,123 (347) 776
USD thousand
For 6-month period 1 April - 30 September 2007
Japan Asia Europe & Total Eliminations or Consolidated
America corporate
Net sales:
External customers 63,822 15,221 6,177 85,220 -- 85,220
Inter-segment 5,518 5,952 26 11,496 (11,496) --
Total net sales 69,340 21,173 6,203 96,716 (11,496) 85,220
Operating expenses 62,747 18,236 6,004 86,987 (8,490) 78,497
Operating income 6,593 2,937 199 9,729 (3,006) 6,723
JPY million
For year ended 31 March 2007
Japan Asia Europe & Total Eliminations or Consolidated
America corporate
Net sales:
External customers 15,426 4,162 1,474 21,062 -- 21,062
Inter-segment 1,536 1,266 167 2,969 (2,969) --
Total net sales 16,962 5,428 1,641 24,031 (2,969) 21,062
Operating expenses 15,390 4,474 1,571 21,435 (2,297) 19,138
Operating income 1,572 954 70 2,596 (672) 1,924
(3) Net overseas sales by customer's geographic location
JPY million
For 6-month period 1 April - 30 September 2006
Asia Europe Other Total
Overseas sales 3,240 320 316 3,876
Consolidated net sales 9,763
Percentage (%) 33.2% 3.3% 3.2% 39.7%
JPY million
For 6-month period 1 April - 30 September 2007
Asia Europe Other Total
Overseas sales 3,708 393 329 4,430
Consolidated net sales 9,837
Percentage (%) 37.7% 4.0% 3.3% 45.0%
USD thousand
For 6-month period 1 April - 30 September 2007
Asia Europe Other Total
Overseas sales 32,123 3,405 2,850 38,378
Consolidated net sales 85,220
JPY million
For year ended 31 March 2007
Asia Europe Other Total
Overseas sales 6,434 933 629 7,996
Consolidated net sales 21,062
Percentage (%) 30.5% 4.4% 3.1% 38.0%
END
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