Interim Results
Maruwa Co Ld
05 November 2004
5 November 2004
MARUWA CO., LTD.
3-83, Minamihonjigahara-cho, Owariasahi-city, Aichi-pref., 488-0044 JAPAN
MARUWA CO., LTD. announces Interim Results for the six-month period ended 30th September 2004
*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 = 111.05 yen.
*Consolidated subsidiaries: 6 companies
1. Summary of Consolidated Interim Results
(1) Summary of consolidated statement of income
JPY million JPY million JPY million USD thousand
For six-month For six-month For six-month
period ended period ended For year ended period ended
30th Sept. 30th Sept. Change % 31st March 30th Sept.
2004 2003 2004 2004
Net sales 8,157 5,723 42.5% 12,003 73,451
Operating income 688 128 437.5% 686 6,194
Income before income taxes 511 224 128.1% 711 4,601
Net income 755 115 556.5% 475 6,799
JPY JPY USD
Net income per share 69.58 10.45 42.67 0.60
(2) Summary of consolidated financial condition
JPY million JPY million JPY million USD thousand
As of 30th Sept. As of 30th Sept. Change % As of 31st March As of 30th Sept.
2004 2003 2004 2004
Total Assets 28,443 26,750 6.3% 26,664 256,132
Shareholders' equity 24,110 23,520 2.5% 23,429 217,110
Shareholders' equity ratio 84.8% 87.9% -3.6% 87.9%
JPY JPY USD
Shareholders' equity per 2,237.07 2,139.55 2,144.11 20.10
share
(3) Summary of consolidated statement of cash flows
JPY million JPY million JPY million USD thousand
For six-month For six-month For six-month
period ended period ended For year ended period ended
30th Sept. 30th Sept. Change % 31st March 30th Sept.
2004 2003 2004 2004
Cash flows from 1,286 1,125 14.3% 2,102 11,576
operating
activities
Cash flows from (953) (432) -- (708) (8,589)
investing
activities
Cash flows from (428) (155) -- (406) (3,857)
financing
activities
Cash and cash 6,154 5,782 6.4% 6,202 55,410
equivalents
at the end of the
period
2. Projections
Consolidated earnings forecast for full fiscal 2005 ending 31st March 2005
JPY million
Net sales 15,700
Net income 870
*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.
Management Policies
(1) Basic management policy
'MARUWA OF CERAMIC MATERIAL TECHNOLOGY' is MARUWA's corporate vision. We strive
to enhance the corporate value by following consistently 'quality first' policy,
which entails constant technological innovation and to meet the expectations of
all the stakeholders including shareholders, customers, and employees.
Under this vision, it is MARUWA's management policy to survive among severe
business competition by reinforcing its core business with 'selection and
concentration' strategy and boosting shares in global niche markets.
(2) Dividend policy
As for profit allocation, the basic principle of MARUWA's dividend policy is to
share profits stably with shareholders. Dividend ratio will be determined based
on the comprehensive assessment of the financial conditions and consolidated
operation results. At the same time, as stated in the basic management policy,
the company continues aggressive upfront capital investment on R&D activities
and M&A in order to catch up technological innovation and market needs.
Also, we considers effective use of retained earnings for agile M&A strategies
so that we meet market needs more appropriately and promptly.
(3) The number of shares per unit
MARUWA is currently on a growth phase as an electronic components manufacturer
and aims to increase liquidity at the stock market in this stage. Based on this
policy, when we changed the company name 5 years ago, we lowered the number of
shares per unit to 100 to increase the accessibility of shares for individual
investors. As a result, the number of total shareholders doubled from 2,800 at
that time to 4,989 in September 2004, proving that the individual shareholder
base was successfully broadened.
(4) Business strategies and management issues
In the midst of the IT era, in which quick adjustment and sustained growth are
required to ride on the rapidly changing market, MARUWA, whose core competence
is our technologies, acquired and combined base technologies such as ceramic
material technology, electronic device technology, and multi-layering
technology, and promotes its business in information-communication areas. We
also target components for automobiles in near future while keeping our business
core in ceramics.
As for management issues, we are determined to make intensive and collective
efforts on management objectives set out as plain as possible, taking advantage
of small corporate size that is suitable for company-wide efforts.
In fiscal 2003, MARUWA made efforts to strengthen its internal organization by
thorough structural improvement to build up a defensive, flexible company, which
is enable to secure profit in the dynamically changing electronic components
industry.
In fiscal 2004, MARUWA focused on enhancing external business activities to
establish an aggressive style by conducting a sales reinforcement project that
improved the integrity among the sales, production and R&D divisions. Also, We
enhanced our core technology, material technology, in company-wide to
reconstruct the market-focused R&D structure and flexible system of materials
production.
In line with these efforts, in fiscal 2005, MARUWA is determined to promote cash
flow-based management throughout the production divisions. We have already been
engaged to shift its management basis in this regard. Being on a growth stage,
we aim not only to make profit but also to earn cash effectively. For this
goal, we introduced asset efficiency indicators in each production. Regarding
production, the priority challenges are to shorten lead-time and to supply
products in a timely manner in order to respond resiliently to the accelerated
shifts of market needs to high mix, low volume and quick delivery.
MARUWA is also determined to continue M&A activities as an important strategy
for our further growth, especially targeting the development of materials
technology and synergetic effects from newly acquired technologies and MARUWA's
existing base technologies.
At the same time, one of the big challenges in related to M&A is to introduce
and penetrate the 'MARUWA Culture' into each subsidiary which is newly brought
to the MARUWA group. Therefore, it is the main issue in fiscal 2005 for MARUWA
to cultivate its corporate culture that each company in the group never gives up
to establish global No.1 products in each field, and every individual
participates and leads management.
(5) Corporate governance
1. Basic policy for corporate governance
MARUWA is enhancing corporate governance, focusing on realizing efficient
management that is the priority issue on management. Efficient management
includes prompt and resilient approach to the rapidly changing electronic
components market. As a public being in the society, we commit ourselves to
building up corporate governance structure by improving evaluation and internal
control, and pursue sustainable growth toward next stage. Also, we vow to
enhance the quality of governance to exercise open and transparent management to
the society and stock markets as a global public company.
2. Progress of measures
i. Governance structure
MARUWA's governance structure consists of the organization of directors, the
auditing system, and the internal auditing office under the direct control of
the president.
- There are 9 directors. They discuss important issues at regular or special
meetings of the board of directors, and mutually monitor business operations for
which 5 directors are responsible. (These 5 directors are also responsible on a
practical level.)
ii. Interest and personal relationship with outside auditors
No special interest between MARUWA and outside auditors.
3. Measures for enhancement of corporate governance
MARUWA believes that excellent corporate governance would be realized when
measures are well implemented not only on directors and auditors but also on all
employees. Based on this view, on 1 April every year, all employees in Japan
and overseas gather in a hall to hear the speech of the president about
management and business policies and instructions for being a MARUWA's employee.
At a quarterly management meeting, officers on and above manager class in the
whole group attend to hear corporate strategies explained directly by the
president to improve the integrity.
Taking advantage of our small corporate size, every each production division was
reorganized as a 'mini-mini company' to strengthen each production system and to
clarify the locus of responsibility. At the same time, we are making an effort
to realizing swift communication of the management's decisions to every division
and open and transparent management including divisional evaluation system.
Review of Operations and Financial Condition
I. Interim Operating Results
JPY million
Previous Current
1Q 2Q 3Q 4Q 1Q 2Q
Net sales 2,852 2,871 3,057 3,223 4,176 3,981
Operating income 42 86 234 324 308 380
Net income 54 61 249 111 156 599
JPY million
Previous Current
For six-month period For six-month For six-month period
period
ended 30th Sept. ended 31st Mar. ended 30th Sept. 2004
2003 2004
Net sales 5,723 6,280 8,157
Operating income 128 558 688
Net income 115 360 755
(1) Review of operations
In this term, electronic components market showed a strong and swift recovery
led by digital home appliances in the first quarter, but from the late second
quarter, stagnant sales of mobile phones in the Chinese and the other Asian
markets put components manufacturers into the period of adjustment for the
balance of supply and demand. The semiconductors equipment market in Japan also
slowed down in recovering, indicating a kickback from the rapid growth in the
first half.
At MARUWA, we expanded our quartz glass business through another M&A of MARUWA
QUARTZ CO., LTD., former 'Kimmon Quartz Co.,Ltd.', especially for the purpose of
acquiring a synergetic effect in sales, following the start of this business at
MARUWA TFG Co., Ltd. in the previous year. This M&A will promote improvement in
technologies and productivity.
We will continuously endeavor to earn more cash by reducing stocks between the
production lines to make use of those cash in strategic business expansion
through another M&A.
As a results, net sales in the first half of this year ended in 8,157 million
yen, an increase of 2,434 million yen (42.5%) compared with the previous interim
result. As for profits, operating income increased 560 million yen to 688
million yen compared to the previous interim result. Our continuous improvement
efforts covered the negative effect of progressive reduction of inventories both
in the first and second quarters. Although the loss on disposal/write-down of
inventories of 270 million yen was reported, net income was 755 million yen, an
increase of 640 million yen compared to the first half of the last year.
Interim dividend will be 7.50 yen per share, an increase of 0.5 yen as we
announced in May.
(2) Review of interim operating results by product divisions
Consolidated sales results by product divisions
JPY million
Previous Current
1Q 2Q 3Q 4Q 1Q 2Q
Circuit Ceramics 1,239 1,306 1,396 1,491 1,746 1,567
Machinery Ceramics 637 671 682 717 1,363 1,376
RF Products 253 209 271 255 259 270
EMC Components 723 685 708 760 808 768
Total 2,852 2,871 3,057 3,223 4,176 3,981
JPY million
Previous Current
For six-month period For six-month For six-month period
period
ended 30th Sept. 2003 ended 31st Mar. ended 30th Sept.
2004 2004
Circuit Ceramics 2,545 2,887 3,313
Machinery Ceramics 1,308 1,399 2,739
RF Products 462 526 529
EMC Components 1,408 1,468 1,576
Total 5,723 6,280 8,157
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) which are used for FAX or bar code label
printers, large ceramic substrates for hybrid ICs, and Aluminium Nitride for
power modules and automobiles.
Total sales of this division were 3,313 million yen, an increase of 768 million
yen (30.2%) compared with the first half period of the last year. Following the
fourth quarter of the previous year, the market was strongly led by the brisk
demand for digital home devices in the first quarter as well as solid demands
for other home electronic appliances. Since the second quarter, the components
markets in China and Taiwan have been forced into an adjustment phase because of
the elevated inventory level of mobile phones in the markets of China. We aim
to keep the high level of orders by sales in the favorable domestic market and
the development of new markets.
The sales of Aluminum Nitride which particularly has excellent thermal
conductivity have been growing since the second quarter especially in Europe and
the United States. The solid demands for this product are continuously
expected.
Machinery Ceramics
Machinery Ceramics include quarts glass products mainly for semiconductors
equipment, magnetic head-supporting blocks for personal computers, and ceramic
facet valves. The products in this division require high precision process
techniques.
Total sales for the first half of this year were 2,739 million yen, an increase
of 1,431 million yen (109.4%) compared with the previous year's first half
result. MARUWA QUARTZ CO., LTD., a new consolidated subsidiary since April
2004, held favorable orders from the semiconductor manufacturing markets through
the first and second quarters. We expect our quartz glass business to grow as a
major profit maker in the Machinery Ceramics division with a synergetic effect
with MARUWA TFG Co., Ltd., which started the business in the previous year.
Even though the semiconductor market entered an adjustment period in the latter
half of the second quarter and orders are gradually slowing down, we will
enhance sales activities to meet flexibly our customers' needs, taking advantage
of our five production sites throughout Japan.
Ceramics for supporting magnetic heads enjoyed an extremely high level of orders
for the regions with high demands for low-end PCs in the second quarter amid an
accelerating reorganization of the industry.
Radio Frequency Products
Radio Frequency Products include dielectric ceramic filters for mobile phones,
base stations and GPS (global positioning system,) electronic devices such as
VCO (voltage controlled oscillator) for mobile phones and other wireless
communication appliances, and thin film substrates for optical information
devices and communications.
The end products in which our products are used are particularly characterized
with highly speedy development and remarkably short life cycles.
Device products are now on a moderate recovery trend due to the increase of
demands for next-generation mobile phones, radio transmission for business use,
and items for base stations although sales were low due to a lingering
adjustment in the market of communication devices for China that had been highly
expected in the beginning. Sales of thin film substrates are increasing for DVD
devices in the markets overseas as well as dielectric ceramics, including
growing LNB (Low Noise Block) products. As a result, total interim sales are
529 million yen, an increase of 67 million yen (14.5%) compared to the previous
interim result.
EMC Components
EMC Components include EMI filters for circuit-protection against
electromagnetic waves, chip varistors as a solution for noise/surge, and
multi-layer ceramic capacitors of high-voltage high-capacitance types mainly
used for digital cameras and industrial machineries.
EMI filters, especially feed-through types, were sold well mainly for base
stations of mobile phones. Chip varistors have been growing especially for
automobile components.
Multi-layer ceramic capacitors are supplied as power supply-related parts for
digital cameras and industrial machineries. From the end of the previous term
to the first quarter of the current year, the sales of capacitors were well on a
recovery trend. Since the second quarter, orders showed a downturn especially
for power supply-related parts for domestic semiconductor manufacturers. As a
result, total sales in the first half of this year were 1,576 million yen, an
increase of 168 million yen (11.9%) compared to the previous interim result.
II. Outlook of the Full Fiscal 2005
JPY million
For year ended For year ending Changes
31st March 2004 31st March 2005* %
Net sales 12,003 15,700 3,697 30.8%
Operating income 686 1,226 540 78.7%
Net income 475 870 395 83.2%
*Forecasts announced in May 2004
In regard to outlook for the full fiscal year, business in the latter half of
this term is unclear since the entire electronic components market entered in an
adjustment phase.
For Circuit Ceramics division, we will try to develop new products including
Aluminum Nitride products and to acquire new orders while consistently
responding to orders from favorable domestic manufacturers pulled by
digital-related products.
The revenue of Machinery Ceramics now highly depend on quartz glass products due
to absorbing the business of MARUWA QUARTZ CO., LTD. Orders from the
semiconductor market are forecasted to decrease in the second half of the year;
we will establish a more flexible operating system, promoting the reorganization
of production sites.
As for Radio Frequency Products in the second half of this year, we expect sales
increase of all products compared to the first half. The efforts made for new
product areas are starting to bear fruit, and we will keep expanding this
strategy.
Regarding to EMC Components, an order decrease from the semiconductors equipment
market is expected, but we will try to make up for sales downturn by extending
sales of chip varistors as circuit-protecting components, and developing new
types of EMI filters.
Meanwhile, we will not planning to report large amount of non-operating expenses
in the second half of the current year.
Considering above, even though the future of the market is uncertain, we are
relatively upbeat about achieving the estimated sales and profits which were
announced in May 2004.
*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.
III. Financial Condition
JPY million
Changes
As of 30th Sept. 2003 As of 31st Mar. 2004 As of 30th Sept. compared to 31st Mar. 04
2004
Total assets 26,750 26,664 28,443 1,779 6.7%
Total liabilities 3,230 3,235 4,333 1,098 33.9%
Total 23,520 23,429 24,110 681 2.9%
shareholders'
equity
Shareholders' 87.9% 87.9% 84.8% -3.1%
equity ratio
JPY million
Changes
For six-month For six-month For six-month period compared to
period period
ended 30th Sept. ended 31st Mar. ended 30th Sept. six-month period ended
2003 2004 2004 31st Mar. 2004
Net cash provided by 1,125 977 1,286 309 31.6%
operating activities
Net cash used in (432) (276) (953) (677) 245.3%
investing activities
Net cash used in (155) (251) (428) (177) 70.5%
financing activities
Cash and cash 5,782 6,202 6,154 (48) -0.8%
equivalents
at end of term
Net sales 5,723 6,280 8,157 1,877 29.9%
Capital investment 373 369 453 84 22.8%
Depreciation 714 752 715 (37) -8.9%
Total assets at the end of the first half of this year were 28,443 million yen,
an increase of 1,779 million yen as a result of operating activities in the
six-month period, compared to the end of the previous year, including 1,442
million yen due to the acquisition of MARUWA QUARTZ CO., LTD., a new
consolidated subsidiary since this fiscal year. Increasing new customers, trade
notes and accounts receivable increased 1,191 million yen while inventories are
reduced 425 million yen due to our efforts to cut inventories at the existing
productions. Net property, plant and equipment increased 631 million yen due
mainly to the acquisition of MARUWA QUARTZ.
Considering operating results, MARUWA holds the relatively large amount of
internal reserve and consequently high shareholders' ratio since the company
aims to pursue high proactiveness and timely M&A strategies as important
corporate growth strategies.
Net cash provided from operating activities rose 309 million yen to 1,286
million yen from the six-month period ended 31st March 2004. The principal
factors of cash increase are income before income taxes of 511 million yen, and
a decrease of 779 million yen of inventories resulted from our company-wide
efforts in cutting inventories. Cash flows are adjusted due to depreciation of
715 million yen to increase, and amortization of consolidated adjustment account
of 78 million yen to decrease. On the other hand, the major factor of cash
decrease is an increase of 523 million yen in trade notes and accounts. Taxes
paid were 99 million yen.
Net cash used in investing activities totaled 953 million yen. We invested
mainly in facilities such as 465 million yen for the purchase of property, plant
and equipment, and 644 million yen for the purchase of stocks of MARUWA QUARTZ
CO., LTD., a new consolidated subsidiary. At the same time, since cash assets
of MARUWA QUARTZ were also transferred, actual cash-out amount was 497 million
yen.
Net cash used in financing activities amounted to 428 million yen, including
payments for the long-term debt of 74 million yen, the purchase of treasury
stocks of 279 million yen, and cash dividends paid of 76 million yen.
Consequently, cash and cash equivalents at the end of the first half period of
this year decreased 48 million yen to 6,154 million yen compared to the end of
the previous year .
Consolidated Balance Sheets
JPY million JPY million JPY million USD thousand
As of As of As of As of
30th Sept. 30th Sept. 31st March 30th Sept.
2004 2003 Change % 2004 Change % 2004
ASSETS
Current assets:
Cash & deposits 6,154 5,782 6.4% 6,202 -0.8% 55,413
Notes and accounts 4,931 3,261 51.2% 3,740 31.8% 44,400
receivable, trade
Inventories 2,855 3,536 -19.3% 3,280 -13.0% 25,707
Other current assets 798 365 118.6% 333 139.6% 7,192
Allowance for doubtful (4) (1) -- (1) -- (33)
accounts
Total current assets 14,734 12,943 13.8% 13,554 8.7% 132,679
Property, plant & equipment:
Building & structures 3,660 3,597 1.8% 3,449 6.1% 32,956
Machinery & equipments 3,963 4,381 -9.5% 4,006 -1.1% 35,690
Land 2,920 2,536 15.1% 2,548 14.6% 26,295
Other 607 591 2.7% 555 9.4% 5,463
Construction in progress 191 154 24.0% 152 25.7% 1,717
Net property, plant & 11,341 11,259 0.7% 10,710 5.9% 102,121
equipment
Investment & other assets:
Investment securities 638 630 1.3% 662 -3.6% 5,749
Other 1,730 1,918 -9.8% 1,738 -0.5% 15,583
Total investments & 2,368 2,548 -7.1% 2,400 -1.3% 21,332
other assets
Total assets 28,443 26,750 6.3% 26,664 6.7% 256,132
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Notes & accounts 789 482 63.7% 670 17.8% 7,106
payable, trade
Accrued bonus 195 127 53.5% 137 42.3% 1,752
Other 1,559 1,312 18.8% 1,223 27.5% 14,048
Total current liabilities 2,543 1,921 32.4% 2,030 25.3% 22,906
Long-term liabilities:
Long-term debt 409 556 -26.4% 482 -15.1% 3,680
Accrued pension & 730 143 410.5% 176 314.8% 6,573
severance costs
Other 651 610 6.7% 547 19.0% 5,863
Total long-term liabilities 1,790 1,309 36.7% 1,205 48.5% 16,116
Total liabilities 4,333 3,230 34.1% 3,235 33.9% 39,022
Shareholders' equity:
Common stock, authorized: 6,683 6,683 0.0% 6,683 0.0% 60,184
26,000,000 shares; issued & outstanding:
11,050,000 shares in 2002
Additional paid-in capital 9,710 9,710 0.0% 9,710 0.0% 87,441
Retained earnings 9,187 8,232 11.6% 8,516 7.9% 82,732
Net unrealized gains on 2 28 -92.9% 38 -94.7% 13
other securities
Foreign currency (891) (931) -- (1,216) -- (8,032)
translation adjustment
Treasury stock, at cost (581) (202) -- (302) -- (5,228)
Total shareholders' equity 24,110 23,520 2.5% 23,429 2.9% 217,110
Total liabilities & 28,443 26,750 6.3% 26,664 6.7% 256,132
shareholders' equity
Consolidated Statements of Income
JPY million JPY million JPY million USD thousand
Six-month Six-month Six-month
period ended period ended Year ended period ended
30th Sept. 30th Sept. Change % 31st March 30th Sept.
2004 2003 2004 2004
Net sales 8,157 5,723 42.5% 12,003 73,451
Cost of sales 5,962 4,463 33.6% 9,022 53,687
Gross profit 2,195 1,260 74.2% 2,981 19,764
Selling, general & 1,507 1,132 33.1% 2,295 13,570
administrative expenses
Operating income 688 128 437.5% 686 6,194
Other income (expenses):
Interest & dividend income 8 5 60.0% 12 70
Interest expenses 6 8 -25.0% (13) 54
Foreign exchange gain (loss), net (22) 6 -- 30 (197)
Other, net (169) 77 -- (4) (1,520)
Other income (expenses), net (177) 96 -- 25 (1,593)
Income before income taxes 511 224 128.1% 711 4,601
Income taxes:
Current 207 65 218.5% 112 1,862
Deferred (451) 44 -- 124 (4,060)
(244) 109 -- 236 (2,198)
Net income 755 115 556.5% 475 6,799
Consolidated Statement of Cash Flows
JPY million JPY million JPY million USD thousand
Six-month Six-month Six-month
period ended period ended Year ended period ended
30th Sept. 30th Sept. Change % 31st March 30th Sept.
2004 2003 2004 2004
Operating activities:
Income before income taxes 511 224 128.1% 711 4,601
Adjustments for: (60)
Depreciation 715 714 0.1% 1,466 6,167
Amortization of consolidated (78) -- (119) (701)
adjustment account
Increase (decrease) in 1 (1) -- (20) 11
allowance for doubtful accounts
Decrease in accrued (21) 3 -- 36 (188)
pension & severance costs
Loss on disposal/sales of 10 22 -54.5% 51 88
property, plant & equipment
Interest & dividend income (9) (6) -- (13) (82)
Foreign exchange (gain) loss 0 5 -- 7 (1)
(Increase) decrease in (523) (76) -- (605) (4,707)
notes & accounts receivable
(Increase) decrease in 779 256 204.3% 477 7,012
inventories
Increase (decrease) in (89) 2 -- 207 (797)
accounts payable
Other 86 102 -15.7% (6) 1,041
Sub total 1,382 1,185 16.6% 2,192 12,444
Interest & dividend income 9 6 50.0% 12 81
received
Interest expenses paid (6) (7) -- (2) (54)
Income taxes paid (99) (59) -- (100) (895)
Net cash provided by 1,286 1,125 14.3% 2,102 11,576
operating activities
Investment activities:
Payments for purchase of -- (100) -- -- --
securities
Payments for purchase of (465) (358) -- (733) (4,187)
property, plant & equipment
Proceeds from sales of 16 21 -23.8% 39 144
property, plant & equipment
Payments for purchase of (3) (26) -- (41) (26)
investment securities
Proceeds from sales of 0 133 -- 133 4
investment securities
Acquisition of new (497) -- -- (4,473)
consolidated subsidiary
Increase in intangible fixed (4) (103) -- (109) (39)
assets
Other 0 1 3 (12)
Net cash used in investing (953) (432) -- (708) (8,589)
activities
Financing activities:
Payments of long-term debt (74) (78) -- (152) (664)
Purchase of treasury stock (279) 0 -- (154) (2,512)
Proceeds from sales of 1 -- -- --
treasury stock
Cash dividends paid (76) (77) -- (100) (687)
Net cash provided by (428) (155) -- (406) (3,857)
(used in) financing activities
Effect of exchange rate 47 (47) -- (77) 432
changes on cash & cash equivalents
Net increase (decrease) in (48) 491 -- 911 (438)
cash & cash equivalents
Cash and cash equivalents 6,202 5,291 17.2% 5,291 55,848
at beginning of year
Cash and cash equivalents 6,154 5,782 6.4% 6,202 55,410
at end of the period
Segment Information
(1) Consolidated business segment information
MARUWA's business is comprised of one segment. Therefore, segment breakdown is not applicable.
(2) Consolidated geographic segment information
JPY million JPY million JPY million USD thousand
Six-month Six-month Six-month
period ended period ended Year ended period ended
30th Sept. 30th Sept. Change % 31st March 30th Sept.
2004 2003 2004 2004
JAPAN
Net sales:
Unaffiliated customers 5,948 4,316 37.8% 8,877 53,559
Intersegment 470 192 144.8% 567 4,235
Total 6,418 4,508 42.4% 9,444 57,794
Operating cost 5,845 4,267 37.0% 8,776 52,633
Operating income (loss) 573 241 137.8% 668 5,161
ASIA
Net sales:
Unaffiliated customers 1,951 1,231 58.5% 2,707 17,570
Intersegment 557 413 34.9% 1,003 5,014
Total 2,508 1,644 52.6% 3,710 22,584
Operating cost 2,066 1,458 41.7% 3,127 18,608
Operating income (loss) 442 186 137.6% 583 3,976
EUROPE and AMERICA
Net sales:
Unaffiliated customers 258 176 46.6% 419 2,322
Intersegment 1 1 0.0% 2 12
Total 259 177 46.3% 421 2,334
Operating cost 297 225 32.0% 508 2,673
Operating income (loss) (38) (48) -- (87) (339)
TOTAL
Net sales:
Unaffiliated customers 8,157 5,723 42.5% 12,003 73,451
Intersegment 1,028 606 69.6% 1,572 9,261
Total 9,185 6,329 45.1% 13,575 82,712
Operating cost 8,208 5,950 37.9% 12,411 73,914
Operating income (loss) 977 379 157.8% 1,164 8,798
ELIMINATION
Net sales:
Total 1,028 606 69.6% 1,572 9,261
Operating cost 739 355 108.2% 1,094 6,658
Operating income (loss) 289 251 15.1% 478 2,603
CONSOLIDATED
Net sales:
Total 8,157 5,723 42.5% 12,003 73,451
Operating cost 7,469 5,595 33.5% 11,317 67,256
Operating income (loss) 688 128 437.5% 686 6,194
(3) Net overseas sales by customer's geographic location
JPY million JPY million JPY million USD thousand
Six-month Six-month Six-month
period ended period ended Year ended period ended
30th Sept. 30th Sept. Change % 31st March 30th Sept.
2004 2003 2004 2004
Overseas sales:
Asia 3,117 2,294 35.9% 5,019 28,067
Europe 187 128 46.1% 287 1,683
Others 229 170 34.7% 376 2,060
Total 3,533 2,592 36.3% 5,682 31,810
Consolidated net sales 8,157 5,723 42.5% 12,003 73,451
% to consolidated net sales:
Asia 38.2% 48.0% 47.7%
Europe 2.3% 2.2% 2.4%
Others 2.8% 3.0% 3.1%
Total 43.3% 52.3% 47.3%
*Overseas sales indicate net sales of the Company and its subsidiaries to customers outside Japan.
*Countries are divided in geographical vicinity.
*Main countries included in each area are indicated below;
Asia - Malaysia, Taiwan, Korea, Hong Kong
Europe - Germany, England
Others - United States
This information is provided by RNS
The company news service from the London Stock Exchange
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