1st Quarter Results

RNS Number : 5649U

Maruwa Co Ld

30 July 2015

 



			30 July 2015
MARUWA CO., LTD.
3-83, Minamihonjigahara-cho, Owariasahi-city, Aichi-pref., 488-0044 JAPAN
Consolidated financial results for the first quarter of Fiscal 2015
MARUWA CO., LTD. today announced its consolidated financial results for the first quarter of Fiscal 2015<1 April 2014 - 30 June 2015>  as follows;
I. Summary of Consolidated Financial Results
(1) Summary of consolidated operating results
		JPY million
	1st Quarter	1st Quarter	Change %
	1 April - 30 June	1 April - 30June
	2014	2015
Net sales	7,516	7,189	-4.3%
Operating income	450	651	44.7%
Income before income taxes	564	737	30.7%
Net income	358	442	23.6%
Net income per share:		JPY
Basic	28.98	35.81	23.6%
Diluted	28.97	35.81	23.6%
(2) Summary of consolidated financial condition
		JPY million
	As of 31 March	As of 30 June	Change %
	2014	2015
Total assets	49,445	47,500	-3.9%
Total net assets	41,000	41,334	0.8%
Equity ratio	82.9%	87.0%	4.1%
		JPY
Total net assets per share	3,319.58	3,346.71	0.8%
II. Dividends
		JPY per share
	Fiscal 2014	Fiscal 2015
		(forecast)
Interim	18	19
Year-end	18	19
Total	36	38
*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.
‡V. Outlook for the fiscal 2015<1 April 2015 - 30 June 2015>
The forecast figures for business results and dividends announced in 28th@April 2015 are not changed.
*The financial statements are prepared in conformity with the accounting principles generally accepted in Japan.
*Consolidated subsidiaries: 15companies.

 

Review of Operations

1. Review of Operations

In this consolidated cumulative 1st quarter, the United States economy has gradually recovered due to a steady recovery of employment environment, Europe, a gradual recovery was seen by the personal consumption. However, Greece issues such as remain, such as is now in a state of insecurity remain. Also, in the emerging countries, including China and Southeast Asian countries, we have remained firm despite slowdown of economic growth is continuing.

In the Japanese economy, became a gradual economic recovery and improvement of income environment associated with the upturn in corporate earnings due to weaker yen progression. However, emerging economic stagnation, such as due to high levels of raw material prices due to sluggish growth and the yen stable clothes for export, it is still a situation where anxiety remains in the future.

Under the uncertain market condition, the MARUWA Groupfs business results during this quarter has stayed firm especially in ceramic products for power modules related to energy-savings and environment and communication-related ceramic products which were one of our differentiated products in the ceramic components division. In the lighting equipment division, inquiries of public related lighting, including the road lamp has been strong, we have remained generally as expected.

As a result, our consolidated sales were 7,189 million yen (decrease 4.3% year on year). Our operating income was 651 million yen (increase 44.7% year on year). Ordinary profit was 744 million yen (increase 35.4% year on year). Net income was 442 million yen (increase 23.6% year on year).

2.Operating Results by Business Division

The Ceramic Components Division

The total sales for this business segment was 5,383 million yen (decrease 4.5% year on year).

This decrease is something that has been assumed in the due review of constitution of significant NFC ferrite sheet business in the previous fiscal year.

An operating loss was 1,120 million yen (increase 10.7% year on year).

Lighting Equipment Division

The total sales for this business segment was 1,807 million yen (decrease 3.8% year on year).

MARUWA SHOMEI, orders for public-related lighting, including the road lights were strong. YAMAGIWA, such as the construction period delay due to shortage of soaring and the construction site of construction materials due to the yen's depreciation, but we have followed from the previous fiscal year, actively perform the PR to the customer in the showroom that trimmed the previous fiscal year, continued to take advantage of below.

An operating loss was 316 million yen (compared with an operating profit 96 million yen of the previous year).

Regarding profits, we are further strengthening the structure of YAMAGIWA and it steadily produces results. We will continue to develop and expand sales of ceramic LED modules and lighting equipment.

Review of Operations
Review of operating results by segment
				JPY million
	1st Quarter		1st Quarter
	1 April - 30 June		1 April - 30 June
	2014		2015
Ceramic Components:
Net sales		5,637		5,384
Operating income		1,012		1,120
Lighting Equipment:
Net sales		1,879		1,807
Operating income		(316)		(221)
Total:
Net sales	7,516		7,191
Operating income		696		899
Elimination:
Net sales		--		--
Operating income		(245)		(248)
Consolidated:
Net sales		7,516		7,191
Operating income		450		651

3. Financial Condition

Total assets as of the end of this first quarter were 47,500 million yen, decrease@3.9% from end of the fiscal year. Total liabilities were@6,166 million yen, decrease 27.0% from the end of last fiscal year. Total net assets were 41,334 million yen ,increase 0.8% from the end of last fiscal year.

Consolidated Balance Sheet
		JPY million
	1st Quarter	(Reference)
	As of 30 June	As of 31 March
	2015	2015
ASSETS
Current assets:
Cash & deposits	12,799	14,225
Trade notes and accounts receivable	7,721	8,491
Electronically recorded monetary claims-operating	429	439
Inventories	7,395	7,132
Deferred tax assets	222	320
Other current assets	1,073	811
Allowance for doubtful  accounts	(12)	(11)
Total current assets	29,628	31,407
Property, plant & equipment:
Land	3,531	3,518
Buildings & structures	4,723	4,635
Machinery & equipment	4,463	4,519
Other	539	534
Construction in progress	1,687	1,786
Total property, plant & equipment	14,944	14,992
Goodwill	354	426
Other	456	450
Total Intangible assets	810	876
Investment & other assets:
Total investments & other assets	2,119	2,170
Total assets	47,500	49,445

LIABILITIES
Current liabilities:
Trade notes & accounts payable	2,803	3,989
Current portion of long-term debt	308	993
Accrued income taxes	164	394
Accrued bonus	236	459
Accrued bonus to directors	2	5
Notes payable for property acquisitions	223	184
Other	1,858	1,691
Total current liabilities	5,594	7,715
Long-term liabilities:
Long-term debt	219	253
Provision for environmental measures	26	26
Other	327	451
Total long-term liabilities	572	730
Total liabilities	6,166	8,445
NET ASSETS
Shareholders' equity:
Common stock	8,647	8,647
Capital surplus	11,947	11,947
Retained earnings	20,044	19,824
Treasury stock, at cost	(47)	(47)
Total shareholders' equity	40,591	40,371
Valuation and translation adjustments:
Net unrealized gains(losses)on available-for-sale securities	149	131
Foreign currency translation adjustments	592	495
Total valuation and translation adjustments	741	626
A subscription warrant@and@Minority stockholders share	2	3
Total shareholders' equity	2	3
Total net assets	41,334	41,000
Total liabilities and net assets	47,500	49,445

Consolidated Statements of Income
		JPY million
	1st Quarter	1st Quarter
	1 April - 30 June	1 April - 30 June
	2014	2015
Net sales	7,516	7,189
Cost of sales	5,157	4,682
Gross profit	2,359	2,508
Selling, general & administrative	1,909	1,856
expenses
Operating income	450	651
Other income (expenses):
Interest & dividend income	8	7
Interest expenses	(3)	(3)
Rent income	22	23
Rent expenses on real estates for investments	(8)	(7)
Foreign exchange gain (loss), net	74	55
Gain on sales of noncurrent assets	0	0
Subsidy income	755	-
Loss on disposal or sales of property, plant and equipment	(2)	-
Loss on sales of inventories securities	-	(7)
Loss on reduction of noncurrent assets	(738)	-
Other, net	7	18
Other income (expenses), net	115	86
Income before income taxes	564	737
Income taxes:
Current	93	216
Deferred	113	79
Total income taxes	206	295
Minority interests in income	0	(0)
Net income	358	442

 

END

 

 

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