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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Maruwa Co. Ltd | LSE:MAW | London | Ordinary Share | JP3879250003 | JPY50 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7,000.0946 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Porcelain Electrical Supply | 61.56B | 15.22B | 1233.3294 | 5.68 | 86.36B |
TIDMMAW
RNS Number : 1344R
Maruwa Co Ld
31 October 2011
31 October 2011 MARUWA CO., LTD. 3-83, Minamihonjigahara-cho, Owariasahi-city, Aichi-pref., 488-0044 JAPAN Consolidated financial results for the second quarter of Fiscal 2012 MARUWA CO., LTD. today announced its consolidated financial results for the second quarter of Fiscal 2012<1 April 2011 - 30 September 2011> as follows; I. Summary of Consolidated Financial Results (1) Summary of consolidated operating results JPY million --------------- --------------- ------- Change 2nd Quarter 2nd Quarter % As of 30 As of 30 Sep. Sep. 2010 2011 --------------- --------------- ------- Net sales 9,576 10,976 14.6% Operating income 1,475 1,802 22.2% Income before income taxes 1,353 1,852 36.9% Net income 913 1,263 38.3% --------------- --------------- ------- Net income per share: JPY --------------- --------------- ------- Basic 84.98 114.81 35.1% Diluted - 114.64 -- --------------- --------------- ------- (2) Summary of consolidated financial condition As of 31 As of 30 Change March Sep. % 2011 2011 --------------- --------------- ------- Total assets 33,649 38,991 15.9% Total net assets 28,106 32,915 17.1% --------------- --------------- ------- Equity ratio 83.4% 84.3% 0.9% --------------- --------------- ------- JPY Total net assets per share 2,611.82 2,672.96 2.3% --------------- --------------- ------- II. Dividends JPY per share --------------- --------------- Fiscal 2011 Fiscal 2012 (forecast) --------------- --------------- Interim 15 15 Year-end 15 15 --------------- --------------- Total 30 30 --------------- --------------- *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 2012<1 April 2011 - 31 March 2012> The forecast figures for business results announced in 27 April 2011 were changed with current trend. *The financial statements are prepared in conformity with the accounting principles generally accepted in Japan. *Consolidated subsidiaries: 11companies.
Review of Operations
1. Review of Operations
In this second quarter, the world economy tended in general toward recovery due to ongoing strong market expansion in emerging countries, including China. But on the other hand, there were rapid progress of strong yen due to credit impairment such as the concern of US economic slowdown, downgrade of US government bonds, the reactivation of a concern about expanding debt problem in Euro zone nations triggered by Greece and slowdown economic growth at emerging countries, including China.
There were indications that the Japanese economy was steadily recovering from the devastating Tohoku Earthquake on March 11th, although radioactive pollution, electricity restriction and distrust of politicians exert a negative impact on the recovery of the economy.
However the future of economy is still unclear due to a severity of employment situation, decrease of export involved by strong yen or slowdown of economic growth in overseas mainly the Americas and Europe, sluggish personal consumption by the end of consumption incentive and overseas transfer of domestic company.
The Maruwa Group is seeing an increase in demand for its electronic components, in both domestic and global markets. This is due to 1) strong consumer demand for digital electric items, mainly in China and other Asian countries, 2) continuous growth of high power modules for environmentally-friendly HEV/HV, windmills and LED lighting, and 3) a recovery in the demand for semiconductor manufacturing equipment.
In these circumstances, because of an increased demand for ceramic substrate products for the electric items market and for quartz glass products for semiconductor manufacturing equipment, consolidated turnover for this quarter was 10,975 million yen. (This is up 14.6% compared to same period last year)
We have been improving production profitability in order to be able to take appropriate countermeasures against rapid changes in the market climate. This was achieved through improvement of production yield, lead time and cost reduction. As a result, our consolidated operating income was 1,802 million yen. (This is up 22.1% compared to same period last year) Net income was 1,263 million yen. (This is up 38.3% compared to same period last year)
2.Operating Results by Business Division
The Ceramic Components Division
The second quarter turnover was 10,294 million yen. This is a 13.3% increase over the same period last year.
The demand for ceramic substrate products, EMC component products and thin film circuit products has grown in the market of digital electric items, especially smart phones in China and other Asian countries and high power modules for environmentally friendly HEV/HV, windmills. Demand for quartz glass products for semiconductor manufacturing equipment has also increased.
Operation income was 2,147 million yen. This is up 18.8% compared to same period last year, and is due to improvement of production profitability and the addition of new high-value products.
Lighting Equipment Division
Turnover for LED lighting devices has increased consistently in the public utilities markets, and MARUWA is continuing to press forward with the development of new LED lighting products. The turnover during this second quarter was 682 million yen. This is a 33 million yen increase over the same period last year. Operating loss was 7 million yen.
Review of Operations Review of operating results by segment JPY million -------------- 2nd Quarter 2nd Quarter As of 30 Sep. As of 30 Sep. 2010 2011 Ceramic Components: Net sales 9,082 10,294 Operating income 1,808 2,148 ------------ -------------- Lighting Equipment: Net sales 495 682 Operating income (39) (7) ------------ -------------- Total: Net sales 9,576 10,976 Operating income 1,769 2,141 ------------ -------------- Elimination: Net sales -- -- Operating income (293) (339) ------------ -------------- Consolidated: Net sales 9,576 10,976 Operating income 1,476 1,802 ------------ --------------
3. Financial Condition
Total assets as of the end of this second quarter were 39,053 million yen. This is a 16 up compared to the end of last fiscal year . This is due to flotation to beef up equipments.
Total liabilities were 6,094 million yen. This is up to 9.9% compared to the previous year-end. Total net assets were 32,960million yen. This is up to 17.3% compared to previous year-end. This is due to increase of funds, capital surplus and retained earnings by flotation. As a result, capital ratio is 84.3%.
Consolidated Balance Sheet
JPY million ------------ ------------ 2nd Quarter (Reference) As of 30 As of 31 Sep. March 2011 2011 ------------ ------------ ASSETS Current assets: Cash & deposits 11,955 8,923 Trade notes and accounts receivable 6,669 6,540 Inventories: 4,562 3,671 Deferred tax assets 221 221 Other current assets 541 311 Allowance for doubtful accounts (13) (12) Total current assets 23,935 19,654 ------------ ------------ Property, plant & equipment: Land 3,975 3,155 Buildings & structures 4,000 3,782 Machinery & equipment 3,652 3,494 Other 460 384 Construction in progress 1,419 1,525 Total property, plant & equipment 13,506 12,340 ------------ ------------ Intangible Assets 200 221 Net property, plant & equipment 13,706 12,561 Investment & other assets: Total investments & other assets 1,350 1,434 ------------ ------------ Total assets 38,991 33,649 ------------ ------------ LIABILITIES Current liabilities: Trade notes & accounts payable 2,034 2,105 Current portion of long-term debt 5 5 Accrued income taxes 587 598 Accrued bonus 365 345 Accrued bonus to directors 5 22 Notes payable for property acquisitions 1,306 669 Other 1,234 1,229 Total current liabilities 5,536 4,973 -------- -------- Long-term liabilities: Long-term debt 115 116 Deferred tax liabilities 181 201 Other 244 253 Total long-term liabilities 540 570 -------- -------- Total liabilities 6,076 5,543 -------- -------- NET ASSETS Shareholders' equity: Common stock 8,647 6,710 Capital surplus 11,901 9,747 Retained earnings 14,853 13,750 Treasury stock, at cost (152) (679) Total shareholders' equity 35,249 29,528 -------- -------- Valuation and translation adjustments: Net unrealized gains(losses)on available-for-sale securities (86) (50) Foreign currency translation adjustments (2,286) (1,401) Total valuation and translation adjustments (2,372) (1,451) -------- -------- A subscription warrant and Minority stockholders share 38 29 Total shareholders' equity 38 29 -------- -------- Total net assets 32,915 28,106 -------- -------- Total liabilities and net assets 38,991 33,649 -------- --------
Consolidated Statement of Income
JPY million ------------ ------------ 2nd Quarter 2nd Quarter 1 April - 1 April 30 Sep. - 30 Sep. 2010 2011 ------------ ------------ Net sales 9,576 10,976 Cost of sales 6,281 7,304 Gross profit 3,295 3,672 ------------ ------------ Selling, general & administrative 1,820 1,870 ------------ ------------ expenses Operating income 1,475 1,802 ------------ ------------ Other income (expenses): Interest & dividend income 26 13 Interest expenses (1) (1) Rent income 56 54 Rent expenses on real estates for investments (27) (26) Foreign exchange gain (loss), net (41) 56 Stock issuance cost - (24) ----------------------------------- Gain on sales of property, plant and equipment 0 10 Loss on disposal or sales of property, plant and equipment (13) (45) Loss on valuation of inventories securities (150) (4) Other, net 28 17 Other income (expenses), net (122) 50 ------------ ------------ Income before income taxes 1,353 1,852 ------------ ------------ Income taxes: Current 393 581 Deferred 47 8 Total income taxes 440 589 ------------ ------------ Net income 913 1,263 ------------ ------------ Consolidated Statement of Cash Flows JPY million ------------ ---------- For year For year ended ended 30th Sep. 30th Sep. 2010 2011 ------------ ---------- Cash flows from operating activities: Income before income taxes 1,353 1,852 Depreciation 750 843 Decrease in allowance for doubtful accounts (9) (4) Gain (Loss)on Valuation investment ecurities 150 6 Gain on disposal or sales of property, plant & equipment 13 35 Interest & dividend income (26) (13) Foreign exchange (gain) loss 8 6 Decrease (increase) in trade notes & accounts receivable (492) (343) Increase in inventories (416) (1060) Decrease in trade notes & accounts payable (404) (10) Other (58) (116) Sub-total 869 1196 ------------ ---------- Interest & dividend income received 27 15 Interest expenses paid (1) (1) Income taxes paid (281) (587) Net cash provided by operating activities 614 623 ------------ ---------- Cash flows from investment activities: Payments into time deposits (131) (95) Payments for purchase of property, plant & equipment (438) (1872) Proceeds from sales of property, plant & equipment 12 67 Payments for purchase of investment securities (134) (112) Proceeds from sales of investment securities 155 109 Payments for purchase of intangible assets (7) (8) Other 10 38 Net cash used in investing activities (533) (1873) ------------ ---------- Cash flows from financing activities: Increase in short-term loans payable - 0 Proceeds from long-term loans payable - 1 Payments of long-term debt (2) (2) Proceeds from clearance of treasury stock 9 745 Proceeds from issuance of common stock - 3850 Purchase of treasury stock - (1) Cash dividends paid (150) (161) Net cash used in financing activities (143) 4,432 ------------ ---------- Effect of exchange rate changes on cash & cash equivalents -90 -171 ------------ ---------- Net increase (decrease) in cash & cash equivalents (152) 3,011 Cash and cash equivalents at beginning of year 8864 8380 Increase in cash and cash equivalents from newly consolidated subsidiary - - Cash and cash equivalents at end of year 8,712 11,391 ------------ ----------
This information is provided by RNS
The company news service from the London Stock Exchange
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