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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 : 6628L
Maruwa Co Ld
29 April 2015
28 Apr 2015 MARUWA CO., LTD. 3-83, Minamihonjigahara-cho, Owariasahi-city, Aichi-pref., 488-0044 JAPAN Final Results for Fiscal Year 2014 MARUWA CO., LTD. has announced its consolidated business results for the full fiscal year ended 31th March, 2015 as follows; *The financial statements are prepared in accordance with the accounting principles generally accepted in Japan. *US dollar amounts are converted by USD1 = JPY110.03 for your convenience only *Number of consolidated subsidiaries: 14 companies (Maruwa (Malaysia) Sdn. Bhd., Maruwa Melaka Sdn. Bhd., Maruwa Lightings 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 Electronic (India) Pvt.Ltd., MARUWA QUARTZ Co., Ltd., MARUWA SHOMEI Co., Ltd., Hokko Denshi Co., Ltd. and YAMAGIWA CORPORATION. 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 31st March 31th March 2014 2015 2015 ------------ ----------- ---------- ------------- Net sales 33,475 32,811 -2.0% 298,200 Operating income 3,350 2,404 -28.2% 21,858 Income before income taxes 3,614 1,746 -51.7% 15,715 Net income 2,586 884 -65.8% 7,881 JPY USD Net income per share (Basic) 209.60 71.59 -65.8% 0.65 (Diluted) 209.50 71.59 -- -- ------------ ----------- ---------- ------------- *Average number of issued shares 12,336,985 12,350,052 (2) Summary of consolidated financial condition million thousand JPY USD ------------ ----------- ---------- ------------- As of As of 31th Change As of 31th 31th March March % March 2014 2015 2015 ------------ ----------- ---------- ------------- Total Assets 49,569 49,445 -0.3% 437,427 Total net assets 40,015 41,000 2.5% 372,626 Equity ratio 80.7% 82.9% 2.2% JPY USD Total net assets per share 3,239.88 3,319.58 2.5% 30.17 *Number of issued shares at the year end 12,350,117 12,350,017 (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 2014 2015 2015 ------------ ----------- ---------- ------------- Net cash provided by operating activities 4,056 3,688 -9.1% 33,365 Net cash used in investing activities (1,927) (1,881) 2.4% (17,096) Net cash used in financing activities 170 (877) 615.9% (7,970) Cash and cash equivalents at end of term 12,507 13,684 9.4% 124,213 II. Dividends III. Outlook for FY2015 ending 31th March 2016 JPY per million share JPY -------------------- ------------ ------------- Fiscal 2013 Fiscal Half year Full year 2014 ---------- ------------- (forecast) Net sales 15,000 34,000 -------------------- ------------ Operating Interim 17 18 income 1,110 3,400 Year-end 17 18 Net income 500 2,200 -------------------- ------------ ------------- Net income Annual 34 36 per share 40.49 202.43 -------------------- ------------ ---------- ------------- *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 Previous Current -------------- ------------ ------ ---- For year For year variance ended ended 31th March 31th March amount % 2014 2015 -------------- ------------ ---------- ---------- Net sales 33,475 32,811 (664) -2.0% Operating income 3,350 2,405 (945) -28.2% Net income 2,586 884 (1,702) -65.8% -------------- ------------ ---------- ---------- (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.About the product (NFC sheet) for our communication terminal production majors, our pressed profit decrease that customer included stock disposal by the withdrawal of the communication terminal business of the communication terminal maker and large production adjustment. In the field of lighting equipment apparatus business, the inquiry of the community-related illumination changed including a road light smoothly, and the YAMAGIWA came out to the result of the constitution reinforcement steadily, but changed in the situation severe at all by market environment change and a change of assumption business environment more than it that included a consumption tax increase.
As a result, our consolidated net sales were 32,811 million yen (this is down 2.0% compared to the same period last fiscal year). Our operating income was 2,404 million yen (this is down 28.2% compared to the same period last fiscal year). Ordinary profit was 2,841 million yen (this is down 22.1% compared to the same period last fiscal year). We were profit improvement initiatives after the next, were carried out, such as structural reforms to the proper of the production facilities. Net income was 884 million yen (this is down 65.8% 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 2014 31th March 2015 ----------------- ---------------- Ceramic Components: Net sales 21,279 21,389 Operating income 3,939 3,425 ----------------- ---------------- Lighting Equipment: Net sales 12,196 11,422 Operating income 426 (82) ----------------- ---------------- Total: Net sales 33,475 32,811 Operating income 4,365 3,343 ----------------- ---------------- Elimination: Net sales -- -- Operating income (1,015) (939) ----------------- ---------------- Consolidated: Net sales 33,475 32,811 Operating income 3,350 2,404 ----------------- ----------------
1. The Ceramic Components Division
The total sales for this business segment was 21,389 million yen (this is up 0.5% compared to the same period last fiscal year). Operating profit was 3,425 million yen (this is down 13.0% 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. In the NFC Ferrite sheet, the customer (China) was the rise of low-cost communication terminals, such as the customer is carried out by the business withdrawal and significant production adjustment, our sales were lower than the expected.
With regard to profitability, energy saving, but for environment -related markets were the NFC ferrite sheets from the fact that it is assumed that continue to be severe in the future, as efforts to improve the profitability and reduction of excess facilities was carried out, we conducted a review of significant profitability aimed at improving profitability of time intention. The NFC ferrite sheet is progressing steadily even development projects on non- communication terminal market, we will continue to focus.
2. Lighting Equipment Division
The total sales for this business segment was 11,422 million yen (this is down 6.3% compared to the same period last fiscal year). Operating profit loss was 82 million yen (426 million yen to the same period last fiscal year).
We've released the LED lighting equipment that private ceramic technology. Although orders for road lights equipment were strong, but total sales was decrease at assumption to the same period last fiscal year by a change of the business environment such as lack of a consumption tax increase and the construction material or the labor shortage of the construction site. The high value-added illumination of YAMAGIWA decreased by having been behind the original order plan.
We look forward to the expectations of the future, demand increased towards the redevelopment of the Tokyo Olympic Games and linear motor cars.
We are the development of new lighting equipment, we will focus on the reconstruction of the sales strategy that takes advantage of the strengths of the release and product.
(3) Outlook for the next fiscal year million JPY For year ended For year variance ended 31th March 31th March % 2015 2016 ------------------ -------------- --------- Net sales 32,811 34,000 3.6% Operating income 2,404 3,400 41.4% Net income 884 2,500 182.8% ------------------ -------------- --------- Sales by segment million JPY For year ended For year variance ended 31th March 31th March % 2015 2016 ------------------ -------------- --------- Ceramic Components 21,389 23,700 10.8% Lighting Equipment 11,422 10,300 -9.8% Total 32,811 34,000 3.6% ------------------ -------------- --------- *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 34,000 million yen (up 3.6% compared to last fiscal year). In terms of operating income is expected to be 3,400 million yen (up 41.4% compared to last fiscal year), net income 2,500 million yen (up 182.8% 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. We will perform the reduction to the stakeholder including the stockholder in future that it promotes reinforcement and the profit improvement of the corporate culture by performing management to also support a change of the business environment in each business effectively quickly, and
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.
. Financial Results
million million JPY JPY As of 31th As of 31th March Change March 2014 2015 Amount % ---------------- ----------------- -------- ------- Total assets 49,569 49,445 -124 -0.3% Total liabilities 9,554 8,445 -1,108 -11.6% Total net assets 40,015 41,000 984 2.5% Equity ratio 80.7% 82.9% 2.2% --------------- ----------------- -------- ------- million million JPY JPY For year ended For year ended Change 31th March 31th March 2015 Amount % 2014 ---------------- ----------------- -------- ------- Net cash provided by operating activities 4,056 3,688 -368 -9.1% Net cash used in investing activities (1,927) (1,881) 46 2.4% Net cash used in financing activities 170 (877) -1,047 615.9% Cash and cash equivalents at end of year 12,507 13,684 1,177 9.4% --------------- ----------------- -------- ------- Net sales 33,475 32,811 -664 -2.0% Capital expenditure 3,237 3,032 -205 -6.3% Depreciation 2,308 2,137 -171 -7.4% --------------- ----------------- -------- -------
Total assets as of this fiscal year were 49,445 million yen, down 0.3% compared to the end of last fiscal year. Total liabilities were 8,445 million yen, down 11.6% compared to the end of last fiscal year. The main factor is the decrease of accrued income tax. Total net assets were 41,000 million yen, up 2.5% compared to the end of last fiscal year.
As a result, capital ratio of this fiscal year were 82.9%, up 2.2points compared to the end of last fiscal year.
Cash from operating activities was 3,688 million yen, down 368 million yen compared to the end of last fiscal year. The main factor is the decrease of income before income tax.
Cash for investing activities was 1,881 million yen, down 45 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 877 million yen (170 million yen income last fiscal year). The main factor is the increase of output of long-tern debit.
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 13,684 million yen, up 1,176 million yen compared to the end of last fiscal year.
million JPY For year ended For year ended For year ended 31th March 2013 31th March 31th March 2015 2014 ----------------- --------------- ---------------- Equity ratio 81.4% 80.7% 82.9% Equity ratio at market value 71.4% 100.2% 71.1% Interest-bearing debt to cash flows ratio (year) 0.2 0.4 0.4 Interest coverage ratio 925.1 368.7 212.8 ---------------- --------------- ---------------- million million thousand JPY JPY USD ----------- ----------- ---------- ------------- As of 31th As of 31th variance As of 31th March March March 2014 2015 2015 ----------- ----------- ---------- ------------- ASSETS Current assets: Cash & deposits 13,362 14,225 863 129,283 Trade notes and accounts receivable 8,870 8,491 (379) 77,170 Electronically recorded monetary claims-operating 374 439 65 0 Inventories 6,025 7,132 1,107 64,819 Deferred tax assets 439 320 (119) 2,908 Other current assets 727 811 84 7,371 Allowance for doubtful accounts (15) (11) 4 (100) Total current assets 29,782 31,406 1,625 281,451 ----------- ----------- ------------- Property, plant & equipment: Land 3,512 3,518 6 31,973 Buildings & structures 4,981 4,635 (346) 42,125 Machinery & equipment 6,169 4,519 (1,650) 41,071 Other 543 534 (9) 4,853 Construction in progress 1,539 1,786 247 16,232 Total property, plant & equipment 16,744 14,992 (1,752) 136,254 ----------- ----------- ------------- Intangible assets: Goodwill 716 426 Other 410 450 Total Intangible assets 1,126 877 ----------- ----------- Investments & other assets: Investment securities 264 432 168 3,926 Deferred tax assets 218 272 54 2,472 Property & equipment for investments 1,021 1,003 (18) 9,116 Other 434 482 48 4,381 Allowance for doubtful accounts (20) (19) 1 (173) Total investments & other assets 1,917 2,170 253 19,722 ----------- ----------- ------------- Total noncurrent assets 19,787 18,039 ----------- ----------- Total assets 49,569 49,445 (124) 437,427 ----------- ----------- ------------- LIABILITIES Current liabilities: Trade notes & accounts payable 3,639 3,989 350 36,254 Current portion of long-term debt 445 993 548 9,025 Accrued income taxes 896 394 (502) 3,581 Accrued bonus 436 459 23 4,172 Accrued bonus for directors 10 5 -- 45 Notes payable for property acquisitions 453 184 (269) 1,672 Other current liabilities 1,727 1,691 (36) 15,369 Total current liabilities 7,606 7,714 109 70,118 ----------- ------------ ------------- Long-term liabilities: Long-term debt 1,160 253 (907) 2,299 Deferred tax liabilities 175 - -- - Provision for environmental measures 26 26 -- 236 Other 587 451 (136) 4,099 Total long-term liabilities 1,948 731 (1,217) 6,634 ----------- ------------ ------------- Total liabilities 9,554 8,445 (1,109) 76,752 ----------- ------------ ------------- NET ASSETS Shareholders' equity: Common stock 8,647 8,647 -- 78,588 Capital surplus 11,947 11,947 -- 108,579 Retained earnings 19,372 19,824 452 180,169 Treasury stock, at cost (47) (47) 0 (427) Total shareholders' equity 39,919 40,371 452 366,909 ----------- ------------ ------------- Valuation and translation adjustments: Net unrealized gains (losses) 48 131 83 1,191 Foreign currency translation adjustment 46 495 449 4,499 ----------- ------------ Total valuation and translation adjustments 94 626 532 5,690 ----------- ------------ ------------- A subscription warrant and Minority stockholders share 3 3 - 27 Total shareholders' equity 3 3 0 27 ----------- ------------ ------------- Total net assets 40,016 41,000 984 372,626 ----------- ------------ ------------- Total liabilities & net assets 49,569 49,445 (124) 449,378 ----------- ------------ ------------- Consolidated Statements of Income million million thousand JPY JPY USD ----------- ------------ --------- ------------- For year For year variance For year ended ended ended 31th March 31th March 31th March 2014 2015 2015 ----------- ------------ --------- ------------- Net sales 33,475 32,811 (664) 298,200 Cost of sales 22,492 22,983 491 208,879 Gross profit 10,983 9,827 (1,156) 89,321 ----------- ------------ ------------- Selling, general & administrative expenses 7,633 7,423 (210) 67,463 ----------- ------------ Operating income 3,350 2,404 (945) 21,858 ----------- ------------ ------------- Other income (expenses): Interest and dividend income 60 56 (4) 509 Interest expenses (12) (14) (2) (127) Rent income 104 90 (14) 818 Rent expenses on real estates for investments (56) (38) 18 (345) Settlement package (19) - - - Foreign exchange gain (loss), net 166 283 117 2,572 Gain on sales of property, plant and equipment 2 1 (1) 9 Loss on disposal or sales of property, plant and equipment (54) (36) 18 (327) Gain on sales or valuation of investment securities 7 27 20 245 Loss on reduction of noncurrent - (738) -- - assets Compensation income 65 - -- - Impairment loss (12) (950) -- (8,634) Provision for environmental (26) - -- - measures cancellation penalty (12) - -- - Subsidy income - 755 Other, net 51 (95) (146) (863) Other income (expenses), net 264 (659) (923) (6,143) ----------- ------------ ------------- Income before income taxes 3,614 1,746 (1,868) 15,715 Income tax expenses: Current 1,273 987 (286) 8,970 Deferred (245) (125) 120 (1,136) Total income taxes 1,028 862 (166) 7,834 ----------- ------------ ------------- Net income 2,586 884 (1,702) 7,881 ----------- ------------ ------------- Consolidated Statement of Cash Flows million million thousand JPY JPY USD ----------- ------------ --------- ----------- For year For year variance For year ended ended ended 31th March 31th March 31th March 2014 2015 2015 ----------- ------------ --------- ----------- Cash flows from operating activities: Income before income taxes 3,614 1,746 (1,868) 15,715 Adjustments for: Depreciation 2,308 2,137 (171) 19,422 Amortization of negative goodwill 290 290 0 2,636 Increase (decrease) in provision for retirement benefits (877) - 0 - Decrease in allowance for doubtful accounts (28) (4) 24 (36) Loss on disposal of property, plant & equipment 52 35 (17) 318 Interest & dividend income (63) (60) 3 (545) Foreign exchange (gain) loss (19) (99) (79) (872) Loss on valuation of inventories (7) (27) (20) (245) Decrease (increase) in trade notes & accounts receivable (580) 397 977 3,608 Increase in inventories (454) (1,049) (595) (9,552) Decrease in trade notes & accounts payable 519 299 (220) 2,717 Increase (decrease) in 26 - - provision for environmental measures Impairment loss 12 950 938 8,634 Loss on reduction of fixed asset - 738 - 6,707 Other 135 (222) (357) (2,018) Sub-total 4,928 5,132 204 46,489 ----------- ------------ ----------- Interest & dividend income received 64 60 (3) 554 Interest expenses paid (11) (14) (3) (127) Income taxes paid (925) (1,491) (566) (13,551) Net cash provided by operating activities 4,056 3,688 (368) 33,365 ----------- ------------ ----------- Cash flows from investment activities: Payments into time deposits (118) (314) (196) (2,854) Proceeds from withdrawal of time deposits 627 718 -- 6,525 Payments for purchase of (2,555) (2,139) 416 (19,440) Proceeds from sales of 302 14 (288) 127 Payments for purchase of (4) (207) (203) (1,881) Proceeds from sales of 27 168 141 1,527 Purchase of intangible assets (56) (69) (13) (627) Other (150) (52) 98 (473) Net cash used in investing activities (1,927) (1,881) 46 (17,096) ----------- ------------ ----------- Cash flows from financing activities: Payments of long-term debt (339) (445) (106) (4,044) Cash dividends paid (394) (432) (38) (3,926) Proceeds from long-term loans payable 807 - 0 - Payments for purchase of treasury stock (1) 0 1 0 Proceeds from sales of 97 - - treasury stock Net cash used in financing activities 170 (877) (1,047) (7,970) ----------- ------------ ----------- Effect of exchange rate 198 247 49 2,245 ----------- ------------ changes on cash & cash equivalents Net increase (decrease) in 2,497 1,177 (1,320) 10,544 cash & cash equivalents Cash and cash equivalents 10,010 12,507 2,497 113,669 at beginning of year 0 Cash and cash equivalents at end of year 12,507 13,684 1,177 124,213 ----------- ------------ ----------- Consolidated Statements of Changes in Net Assets million JPY -------------- ----------------- ------------------- ---------------------- -------------- Shareholders' equity ---------------------------------------------------------------------------------------------- Common stock Capital Retained Treasury Total surplus earnings stock shareholders' equity ----------------------- --------------- ----------------- ----------------- -------------- Balance at 31th March 2014 8,647 11,947 19,372 (47) 39,919 Increase in legal capital Cash dividends (432) (432) Net income 884 884 Purchase of treasury stock (0) (0) Disposal of treasury stock Other changes ----------------------- --------------- ----------------- ----------------- -------------- Total changes during the year 0 0 452 (0) 452 ----------------------- --------------- ----------------- ----------------- -------------- Balance at 31th March 2015 8,647 11,947 19,824 (47) 40,371 ----------------------- --------------- ----------------- ----------------- -------------- million JPY --------- ---------------------- ---------------------------- ------------- ---------------- Valuation and translation adjustment --------------------------------------------------------------- Net unrealized Foreign Total valuation A Total net gains on currency and translation subscription assets available-for-sale translation adjustment warrant securities adjustment and Minority stockholders share ----------------------- --------------- --------------------- ------------- ---------------- Balance at 31th March 2014 48 46 94 3 40,016 Increase in legal capital Cash dividends (432) Net income 884 Purchase of treasury stock (0) Disposal of treasury stock Other changes 82 450 532 0 532 ----------------------- --------------- --------------------- ------------- ---------------- Total changes during the year 82 450 532 0 984 ----------------------- --------------- --------------------- ------------- ---------------- Balance at 31th March 2015 131 495 626 3 41,000 ----------------------- --------------- --------------------- ------------- ---------------- thousand USD -------------------- Shareholders' equity ---------------------------------------------------------------------------------------------- Common Capital Retained Treasury Total shareholders' stock surplus earnings stock equity --------------------- ------------- ----------------- --------------- -------------------- Balance at 31th March 2014 78,588 108,579 176,061 (427) 362,801 Increase in legal capital Cash dividends (3,926) (3,926) Net income 8,034 8,034 Purchase of treasury stock (3) (3) Disposal of treasury stock 0 Other changes 0 --------------------- ------------- ----------------- --------------- -------------------- Total changes during the year 4,108 (3) 4,105 -------------------- Balance at 31th March 2015 78,588 108,579 180,169 (430) 366,906 --------------------- ------------- ----------------- --------------- -------------------- thousand USD -------------------- Valuation and translation adjustment ------------------------------------------------------- Net unrealized Foreign Total valuation A subscription Total net gains currency and translation warrant assets on translation adjustment and Minority available-for-sale adjustment stockholders securities share --------------------- ------------- ----------------- --------------- -------------------- Balance at 31th March 2014 436 418 854 27 363,683 Increase in legal capital 0 Cash dividends (3,926) Net income 8,034 Purchase of treasury stock (3) Disposal of treasury stock 0 Other changes 745 4,090 4,835 1 4,836 --------------------- ------------- ----------------- --------------- -------------------- Total changes during the year 745 4,090 4,835 1 8,941 ----------------- --------------- Balance at 31th March 2015 1,191 4,499 5,690 27 372,624 --------------------- ------------- ----------------- --------------- --------------------
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