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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 : 0379H
Maruwa Co Ld
14 May 2014
13 May 2014 MARUWA CO., LTD. 3-83, Minamihonjigahara-cho, Owariasahi-city, Aichi-pref., 488-0044 JAPAN Final Results for Fiscal Year 2013 MARUWA CO., LTD. has announced its consolidated business results for the full fiscal year ended 31th March, 2014 as follows; *The financial statements are prepared in accordance with the accounting principles generally accepted in Japan. *US dollar amounts are converted by USD1 = JPY99.99 for your convenience only *Number of consolidated subsidiaries: 14 companies (Maruwa (Malaysia) Sdn. Bhd., MARUWA MELAKA SDN.BHD., MARUWA LIGHTINHGS SDN.BHD., Taiwan Maruwa Co., Ltd., MARUWA Electronics (Taiwan) Co., Ltd., Maruwa Europe Ltd., Maruwa America Corp., Maruwa Korea Co.,Ltd. I. Summary of Consolidated Results (1) Summary of consolidated statement of income million thousand JPY USD -------------- ------------ ---------- ------------- For year For year Change For year ended ended % ended 31th March 31th March 31th March 2013 2014 2014 -------------- ------------ ---------- ------------- Net sales 24,399 33,475 37.2% 334,783 Operating income 2,287 3,350 46.5% 33,503 Income before income taxes 3,119 3,614 15.9% 36,143 Net income 2,040 2,586 26.8% 25,862 JPY USD Net income per share (Basic) 165.76 209.60 26.4% 2.10 (Diluted) 165.70 209.50 -- -- -------------- ------------ ---------- ------------- *Average number of issued shares 12,308,175 12,336,985 (2) Summary of consolidated financial condition million thousand JPY USD -------------- ------------ ---------- ------------- As of 31th As of 31th Change As of 31th March March % March 2013 2014 2014 -------------- ------------ ---------- ------------- Total Assets 45,610 49,569 8.7% 480,738 Total net assets 37,141 40,016 7.7% 400,190 Equity ratio 81.4% 80.7% -0.7% JPY USD Total net assets per share 3,014.90 3,239.88 7.5% 32.40 *Number of issued shares at the year end 12,308,327 12,350,117 (3) Summary of consolidated statement of cash flows million USD thousand JPY -------------- ------------ ---------- ------------- For year For year Change For year ended ended % ended 31th March 31th March 31th March 2013 2014 2014 -------------- ------------ ---------- ------------- Net cash provided by operating activities 4,147 4,056 -2.2% 40,563 Net cash used in investing activities (3,438) (1,927) 43.9% (19,272) Net cash used in financing activities (947) 170 118.0% 1,701 Cash and cash equivalents at end of term 10,010 12,507 24.9% 125,082 II. Dividends III. Outlook for FY 2014 ending 31th March 2015 JPY per share million JPY -------------------- -------------- ------------- Fiscal 2013 Fiscal 2014 Half year Full year ---------- ------------- (forecast) Net sales 16,000 36,500 -------------------- -------------- Operating Interim 17 18 income 1,680 4,300 Year-end 17 18 Net income 1,100 2,700 -------------------- -------------- ------------- Net income Annual 34 36 per share 89.07 218.62 -------------------- -------------- ---------- ------------- *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. Review of Operations and Financial Condition I. Operating Results million JPY FY2012 FY2013 ------- ------ ------ -------- ------- 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ------- ------ ------ -------- ------- ------ ------ -------- Net sales 5,310 5,393 5,146 8,551 7,713 7,633 8,811 9,318 Operating income 625 618 467 578 828 487 1,007 1,029 Net income 334 322 578 807 679 402 809 696 ------- ------ ------ -------- ------- ------ ------ -------- million JPY Previous Current --------------- ---------------- ------- ------ ------ For year For year variance ended ended 31th March 31th March amount % 2013 2014 --------------- ---------------- --------------- ---------------- Net sales 24,399 33,475 9,076 37.2% Operating income 2,287 3,350 1,063 46.5% Net income 2,040 2,586 546 26.8% --------------- ---------------- --------------- ---------------- (1) Review of Operations
In this fiscal year, the United States economy has gradually recovered due to a steady recovery of employment environment, a rising trend of share prices and an improvement of personal consumption. European financial market has also regained stability. Meanwhile, in Asian economy including China, its prospects have been uncertain by the slowdown in the growth rate and unstable political situation.
In the Japanese economy, signs of upturn from the long deflationary trend are gradually shown by economic and fiscal policy of 'Abenomics'. However, the economic condition has still been uncertain because of a stagnation of personal consumption by the raising of the consumption tax.
Under the uncertain market condition, the MARUWA Group's business results during this fiscal year has stayed firm especially in the field of ceramic products for power modules. In the lighting equipment field, YAMAGIWA Corporation (called as YAMAGIWA hereafter) contributed to the sales. In addition, MARUWA and YAMAGIWA have developed and released new products together with their both technologies.
As a result, our consolidated net sales were 33,475 million yen (this is up 37.2% compared to the same period last fiscal year). Our operating income was 3,350 million yen (this is up 46.4% compared to the same period last fiscal year). Ordinary profit was 3,645 million yen (this is up 16.2% compared to the same period last fiscal year). Net income was 2,586 million yen (this is up 26.7% compared to the same period last fiscal year).
(2) Operating Results by Business Division million JPY --------------- --------------- Current --------------- For year ended For year ended 31th March 31th March 2013 2014 --------------- --------------- Ceramic Components: Net sales 19,250 21,279 Operating income 2,963 3,939 --------------- --------------- Lighting Equipment: Net sales 5,150 12,196 Operating income 190 426 --------------- --------------- Total: Net sales 24,399 33,475 Operating income 3,153 4,365 --------------- --------------- Elimination: Net sales -- -- Operating income (866) (1,015) --------------- --------------- Consolidated: Net sales 24,399 33,475 Operating income 2,287 3,350 --------------- ---------------
1. The Ceramic Components Division
The total sales for this business segment was 21,279 million yen (this is up 10.5% compared to the same period last fiscal year). Operating profit was 3,939 million yen (this is up 32.9% compared to the same period last fiscal year).
Energy saving market and environment-related products market are still brisk and the sales of ceramic products for HEV and LED remained strong. Moreover, general electronic parts for digital home appliances and products for semiconductor manufacturing equipment have generally recovered.
2. Lighting Equipment Division
The total sales for this business segment was 12,196 million yen (this is up 136.8% compared to the same period last fiscal year). Operating profit was 426 million yen (this is up 124.3% compared to the same period last fiscal year).
Reported sharply higher revenues because YAMAGIWA became a consolidated subsidiary in 2012. However, in profit, expenses contemporarily increased by rationalization of YAMAGIWA.
(3) Outlook for the next fiscal year million JPY For year For year variance ended ended 31th March 31th March % 2014 2015 --------------- --------------- --------- Net sales 33,475 36,500 9.0% Operating income 3,350 4,300 28.4% Net income 2,586 2,700 4.4% --------------- --------------- --------- Sales by million segment JPY For year For year variance ended ended 31th March 31th March % 2014 2015 --------------- --------------- --------- Ceramic Components 21,279 23,200 9.0% Lighting Equipment 12,196 13,300 9.1% Total 33,475 36,500 9.0% --------------- --------------- --------- *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.
The outlook of the world economy is still uncertain because of economic slowdown of emerging markets including China and Ukraine crisis. It is anticipated that Japanese economy would still be under uncertain condition.
It is expected that an environment-related product market, which is identified as our growth strategy, would continue strong. Continuous expansion of LED lighting market and increasing demand in a luxury properties market, which is the most respective areas for YAMAGIWA, are also expected. We will continue to focus on development of new products and sales expansion by combining material and component technologies from MARUWA with brand power and solution providing from YAMAGIWA.
We forecast that consolidated net sales for the next fiscal year will be 36,500 million yen (up 9.0% compared to last fiscal year). In terms of operating income is expected to be 4,300 million yen (up 28.4% compared to last fiscal year), net income 2,700 million yen (up 4.4% compared to last fiscal year).
For capital investment, we will continue to invest energy saving, environmental-related, information, communication, medical and optical communication business to meet customers' needs. In addition, we have a plan to strengthen R&D with human resources and development of new value-added products.
MARUWA Group will strengthen the corporate structure and improve profitability, which will benefit all stakeholders, including shareholders.
(Cautionary statements about forecast)
The above forecasts are based on the present business environment and currently-available information, and including forward-looking statements involving risks and uncertainties. The reader is cautioned not to place reliance entirely on the above forecast 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.
million million JPY JPY As of 31th As of 31th Change March March 2013 2014 Amount % ---------------- --------------- -------- ------- Total assets 45,610 49,569 3,959 8.7% Total liabilities 8,469 9,554 1,085 12.8% Total net assets 37,141 40,016 2,874 7.7% Equity ratio 81.4% 80.7% -0.7% --------------- --------------- -------- ------- million million JPY JPY For year ended For year ended Change 31th March 31th March Amount % 2013 2014 ---------------- --------------- -------- ------- Net cash provided by operating activities 4,147 4,056 -91 -2.2% Net cash used in investing activities (3,438) (1,927) 1,512 43.9% Net cash used in financing activities (947) 170 1,117 118.0% Cash and cash equivalents at end of year 10,010 12,507 2,497 24.9% --------------- --------------- -------- ------- Net sales 24,399 33,475 9,076 37.2% Capital expenditure 3,237 3,032 -205 -6.3% Depreciation 1,958 2,308 350 17.9% --------------- --------------- -------- -------
Total assets as of this fiscal year were 49,569 million yen, up 8.7% compared to the end of last fiscal year. The main factor is the increase of cash and deposit. Total liabilities were 9,554 million yen, up 12.8% compared to the end of last fiscal year. The main factor is the increase of notes payable and accounts amount payable. Total net assets were 40,016 million yen, up 7.7% compared to the end of last fiscal year. The main factor is the increase of earned surplus.
As a result, capital ratio of this fiscal year were 80.7%, down 0.7 compared to the end of last fiscal year.
Cash from operating activities was 4,056 million yen, down 91 million yen compared to the end of last fiscal year.
Cash for investing activities was 1,927 million yen, down 1,512 million yen compared to the end of last fiscal year. The main factor is the decrease of purchase of tangible and fixed assets.
Cash from financing activities was 170 million yen (947 million yen purchase last fiscal year). The main factor is the increase of proceeds from sales of treasury stock.
As a result, the total cash from operating activities and investing activities exceeded cash for investing activities. Cash and cash equivalents by the end of fiscal year was 12,507 million yen, up 2,497 million yen compared to the end of last fiscal year.
Trends of cash-flows indices million JPY For year ended For year ended For year ended 31th March 31th March 31th March 2012 2013 2014 ---------------- --------------- --------------- Equity ratio 84.2% 81.4% 80.7% Equity ratio at market value 110.8% 71.4% 100.2% Interest-bearing debt to cash flows ratio (year) 0.1 0.2 0.4 Interest coverage ratio 1,141.9 925.1 368.7 --------------- --------------- --------------- Consolidated Balance Sheets million JPY million JPY thousand USD ------------ ------------ --------- ----------- As of 31th As of 31th variance As of 31th March March March 2013 2014 2014 ------------ ------------ --------- ----------- ASSETS Current assets: Cash & deposits 11,312 13,362 2,050 133,633 Trade notes and accounts receivable 8,560 8,870 310 88,709 Electronically recorded monetary claims-operating 32 374 342 0 Inventories 5,493 6,025 532 60,256 Deferred tax assets 260 439 179 4,390 Other current assets 620 727 107 7,271 Allowance for doubtful accounts (23) (15) 8 (150) Total current assets 26,254 29,782 3,528 294,109 ------------ ------------ ----------- Property, plant & equipment: Land 3,625 3,512 (113) 35,124 Buildings & structures 4,039 4,981 942 49,815 Machinery & equipment 6,447 6,169 (278) 61,696 Other 622 543 (79) 5,431 Construction in progress 1,792 1,539 (253) 15,392 Total property, plant & equipment 16,525 16,744 219 167,458 ------------ ------------ ----------- Intangible assets: Goodwill 1,006 716 Other 368 410 Total Intangible assets 1,374 1,126 ------------ ------------ Investments & other assets: Investment securities 243 264 21 2,640 Deferred tax assets 73 218 145 2,180 Property & equipment for investments 900 1,021 121 10,211 Other 282 434 152 4,340 Allowance for doubtful accounts (41) (20) 21 (200) Total investments & other assets 1,457 1,917 460 19,171 ------------ ------------ ----------- Total noncurrent assets 19,356 19,788 ------------ ------------ Total assets 45,610 49,569 3,959 480,738 ------------ ------------ ----------- LIABILITIES Current liabilities: Trade notes & accounts payable 3,086 3,639 553 36,394 Current portion of long-term debt 339 445 106 4,450 Accrued income taxes 607 896 289 8,961 Accrued bonus 391 436 45 4,360 Accrued bonus for directors 5 10 -- 100 Notes payable for property acquisitions 315 453 138 4,530 Other current liabilities 1,718 1,727 9 17,272 Total current liabilities 6,461 7,606 1,145 76,067 ------- ------- -------- Long-term liabilities: Long-term debt 789 1,160 371 11,601 Deferred tax liabilities 104 175 71 1,750 Provision for retirement benefits 876 - -- - Provision for environmental measures - 26 -- 260 Other 239 587 348 5,871 Total long-term liabilities 2,008 1,948 (60) 19,482 ------- ------- -------- Total liabilities 8,469 9,554 1,085 95,549 ------- ------- -------- NET ASSETS Shareholders' equity: Common stock 8,647 8,647 -- 86,479 Capital surplus 11,909 11,947 -- 119,482 Retained earnings 17,181 19,372 2,191 193,739 Treasury stock, at cost (134) (47) 87 (470) Total shareholders' equity 37,603 39,919 2,316 399,230 ------- ------- -------- Valuation and translation adjustments: Net unrealized gains (losses) 16 48 32 480 Foreign currency translation adjustment (511) 46 557 460 ------- ------- Total valuation and translation adjustments (495) 94 589 940 ------- ------- -------- A subscription warrant and Minority stockholders share 33 2 - 20 Total shareholders' equity 33 2 (31) 20 ------- ------- -------- Total net assets 37,141 40,016 2,874 400,190 ------- ------- -------- Total liabilities & net assets 45,610 49,569 3,959 495,739 ------- ------- -------- Consolidated Statements of Income million JPY million JPY thousand USD ------------ ------------ --------- ----------- For year For year variance For year ended ended ended 31th March 31th March 31th March 2013 2014 2014 ------------ ------------ --------- ----------- Net sales 24,399 33,475 9,076 334,783 Cost of sales 17,418 22,492 5,074 224,942 Gross profit 6,981 10,983 4,002 109,841 ------------ ------------ ----------- Selling, general & administrative expenses 4,694 7,634 2,939 76,338 ------------ ------------ Operating income 2,287 3,350 1,063 33,503 ------------ ------------ ----------- Other income (expenses): Interest and dividend income 45 60 15 600 Interest expenses (4) (12) (8) (120) Rent income 93 104 11 1,040 Rent expenses on real estates for investments (53) (56) (3) (560) Environmental expenses (23) - -- - Settlement package - (19) (190) Foreign exchange gain (loss), net 703 166 (537) 1,660 Gain on sales of property, plant and equipment 1 2 1 20 Loss on disposal or sales of property, plant and equipment (137) (54) 83 (540) Gain on sales or valuation of investment securities 18 7 (11) 70 Pension plan change benefit 128 - -- - Gain on reduction of noncurrent 207 - -- - assets Loss on reduction of noncurrent (207) - -- - assets Compensation income - 65 -- 650 Impairment loss - (12) -- (120) Provision for environmental measures - (26) -- (260) cancellation penalty - (12) -- (120) Other, net 61 51 (10) 510 Other income (expenses), net 832 264 (568) 2,640 ------------ ------------ ----------- Income before income taxes 3,119 3,614 495 36,143 Income tax expenses: Current 892 1,273 381 12,731 Deferred 187 (245) (432) (2,450) Total income taxes 1,079 1,027 (51) 10,281 ------------ ------------ ----------- Net income 2,040 2,586 546 25,862 ------------ ------------ ----------- Consolidated Statement of Cash Flows million JPY million JPY thousand USD ------------ ------------ --------- ----------- For year For year variance For year ended ended ended 31th March 31th March 31th March 2013 2014 2014 ------------ ------------ --------- ----------- Cash flows from operating activities: Income before income taxes 3,119 3,614 495 36,143 Adjustments for: Depreciation 1,958 2,308 350 23,082 Amortization of negative goodwill 73 290 0 2,900 Increase (decrease) in provision for retirement benefits (181) (877) 0 (8,771) Decrease in allowance for doubtful accounts 2 (28) (30) (280) Loss on disposal of property, plant & equipment 135 52 (83) 520 Interest & dividend income (51) (63) (12) (630) Foreign exchange (gain) loss (25) (19) 6 (190) Gain on sales of investment 3 - -- securities Loss on valuation of inventories (18) (7) 11 (70) Decrease (increase) in trade notes & accounts receivable (327) (580) (253) (5,801) Increase in inventories 873 (454) (1,327) (4,540) Decrease in trade notes & accounts payable 101 519 418 5,191 Increase (decrease) in provision for environmental measures - 26 260 Impairment loss - 12 120 Other (426) 135 561 1,350 Sub-total 5,236 4,928 (308) 49,284 ------------ ------------ ----------- Interest & dividend income received 53 64 11 640 Interest expenses paid (5) (11) (6) (110) Income taxes paid (1,137) (925) 212 (9,251) The amount of corporation tax return - - - 0 Net cash provided by operating activities 4,147 4,056 (91) 40,563 ------------ ------------ ----------- Cash flows from investment activities: Payments into time deposits (610) (118) 492 (1,180) Proceeds from withdrawal of time deposits 30 627 -- 6,271 Payments for purchase of (3,721) (2,555) 1,166 (25,553) Proceeds from sales of 366 302 (64) 3,020 Payments for purchase of (4) (4) 0 (40) Proceeds from purchase of investments in subsidiaries resulting in change in scope of consolidation 365 - 0 Proceeds from sales of 109 27 (82) 270 Purchase of intangible assets (16) (56) (40) (560) Other 43 (150) (193) (1,500) Net cash used in investing activities (3,438) (1,927) 1,511 (19,272) -------- -------- --------- Cash flows from financing activities: Payments of long-term debt (1,688) (339) 1,349 (3,390) Cash dividends paid (369) (394) (25) (3,940) Proceeds from long-term loans payable 1,100 807 0 8,071 Payments for purchase of treasury stock (1) (1) 0 (10) Proceeds from sales of treasury stock 11 97 970 Net cash used in financing activities (947) 170 1,117 1,701 -------- -------- --------- Effect of exchange rate 174 198 24 1,980 -------- -------- changes on cash & cash equivalents Net increase (decrease) in (64) 2,497 2,561 24,972 cash & cash equivalents Cash and cash equivalents 10,074 10,010 (64) 100,110 at beginning of year 0 Cash and cash equivalents at end of year 10,010 12,507 2,497 125,082 -------- -------- --------- Consolidated Statements of Changes in Net Assets million JPY ------- --------- ---------- --------- --------------- Shareholders' equity ---------------------------------------------------------- Common Capital Retained Treasury Total stock surplus earnings stock shareholders' equity ------- --------- ---------- --------- --------------- Balance at 31th March 2013 8,647 11,909 17,181 (134) 37,603 Increase in legal capital Cash dividends (394) (394) Net income 2,586 2,586 Change of scope of consolidation 0 Purchase of treasury stock (1) (1) Disposal of treasury stock 37 89 126 Other changes 0 ------- --------- ---------- --------- --------------- Total changes during the year 0 37 2,192 88 2,317 ------- --------- ---------- --------- --------------- Balance at 31th March 2014 8,647 11,947 19,372 (47) 39,919 ------- --------- ---------- --------- --------------- million JPY Valuation and translation adjustment Net unrealized Foreign Total A subscription Total gains on currency valuation warrant net assets available-for-sale translation and translation and Minority securities adjustment adjustment stockholders share Balance at 31th March 2013 16 (511) (495) 33 37,141 Increase in legal capital 0 Cash dividends (394) Net income 2,586 Change of scope of consolidation 0 Purchase of treasury stock (1) Disposal of treasury stock 126 Other changes 32 556 588 (30) 558 Total changes during the year 32 556 588 (30) 2,875 Balance at 31th March 2014 48 46 94 2 40,015 thousand USD --------------- Shareholders' equity ---------------------------------------------------------- Common Capital Retained Treasury Total stock surplus earnings stock shareholders' equity ------- --------- ---------- --------- --------------- Balance at 31th March 2013 86,479 119,102 171,827 (1,340) 376,068 Increase in legal capital 0 0 0 0 0 Cash dividends 0 0 (3,940) 0 (3,940) Net income 0 0 25,863 0 25,863 Change of scope of consolidation 0 0 0 0 0 Purchase of treasury stock 0 0 0 (10) (10) Disposal of treasury stock 0 370 0 890 1,260 Other changes 0 0 0 0 0 Total changes during the year 0 370 21,922 880 23,172 --------------- Balance at 31th March 2014 86,479 119,482 193,739 (470) 399,230 ------- --------- ---------- --------- --------------- thousand USD Valuation and translation adjustment ------------------------------------------------------ Net unrealized Foreign Total A subscription Total gains on currency valuation warrant net assets available-for-sale translation and translation and Minority securities adjustment adjustment stockholders share -------------------- ------------- ----------------- --------------- ------------ Balance at 31th March 2013 160 (5,111) (4,950) 330 371,447 Increase in legal capital 0 0 0 0 0 Cash dividends 0 0 0 0 (3,940) Net income 0 0 0 0 25,863 Change of scope of consolidation 0 0 0 0 0 Purchase of treasury stock 0 0 0 0 (10) Disposal of treasury stock 0 0 0 0 1,260 Other changes 320 5,561 5,881 (300) 5,581 Total changes during the year 320 5,561 5,881 (300) 28,753 ----------------- Balance at 31th March 2014 480 460 940 20 400,190 -------------------- ------------- ----------------- --------------- ------------
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