TIDMMAW
RNS Number : 6863X
Maruwa Co Ld
12 February 2013
12 February
2013
MARUWA CO., LTD.
3-83, Minamihonjigahara-cho, Owariasahi-city,
Aichi-pref., 488-0044 JAPAN
Consolidated financial results for the third quarter
of Fiscal 2013
MARUWA CO., LTD. today announced its consolidated financial
results for the second quarter of Fiscal 2013<1 April
2012 - 30 September 2012> as follows;
I. Summary of Consolidated Financial
Results
(1) Summary of consolidated operating
results
JPY million
--------------- -------------- ------------
3rd Quarter 3rd Quarter Change %
1 April - 31 1 April -
Dec. 31 Dec.
2011 2012
--------------- -------------- ------------
Net sales 16,102 15,849 -1.6%
Operating income 2,473 1,710 -30.9%
Income before income
taxes 2,436 1,936 -20.5%
Net income 1,725 1,233 -28.5%
--------------- -------------- ------------
Net income per share: JPY
--------------- -------------- ------------
Basic 150.80 100.19 -33.6%
Diluted 150.57 100.16 --
--------------- -------------- ------------
(2) Summary of consolidated financial
condition
As of 31 March As of 31 Dec. Change %
2012 2012
--------------- -------------- ------------
Total assets 40,808 43,111 5.6%
Total net assets 34,407 35,812 4.1%
--------------- -------------- ------------
Equity ratio 84.2% 83.0% -1.2%
--------------- -------------- ------------
JPY
Total net assets
per share 2,793.23 2,906.94
--------------- -------------- ------------
II. Dividends
JPY per share
--------------- --------------
Fiscal 2012 Fiscal 2013
(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.
*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 2013<1 April 2012
- 31 March 2013>
The forecast figures for business results and dividends
announced in 26 April 2012 are changed.
*The financial statements are prepared in conformity
with the accounting principles generally accepted in
Japan.
*Consolidated subsidiaries: 13companies.
Review of Operations
1. Review of Operations
In this third quarter, the growth of the world economy has
slowed due to the expanded Eurozone debt problem and to the rapidly
developing economies in emerging countries, including China,
rapidly losing steam, and in spite of an indication of economic
recovery in the United States.
Despite a strong automotive market and the need for the
reconstruction of the Tohoku area, the Japanese economy still has
some uncertainty in its outlook because of unstable employment,
sluggish personal consumption, instability in electric power
supply, deflation, the appreciation of the yen and diplomatic
problems.
In this severe economic situation, the MARUWA Group's business
results during this third quarter of this fiscal year were in line
with our plans due to a strong demand for ceramic substrate for
power modules, new products for smart phone devices and LED
lighting.
As a result, our consolidated sales were15,849 million yen.
(This is down 1.6% compared to the same period last year) Our
operating income was 1,710 million yen. (This is down 30.9%
compared to the same period last year) Ordinary profit was
1,990million yen (down 22.5%). Net income was 1,233 million yen
(down 28.5%).
MARUWA acquired 100% of outstanding shares of Yamagiwa
Corporation, which is one of the leading lighting solution
companies in Japan. As a result of this share acquisition, Yamagiwa
will become a consolidated subsidiary of the Company. By welcoming
Yamagiwa as one of the core companies of the Group and utilizing
its strong brand recognition and its position as a leading company
in the area of lighting solutions, the Company aims to further
expand its business base in the booming LED lighting market and
enhance its global business growth.
2.Operating Results by Business Division
The Ceramic Components Division
The total sales for this business segment was 14,451 million
yen. (This is down 2.6% compared to the same period last year).
The market for environment-related products, the power modules
market and the smart phone market have remained strong.
Operating income was 2,265 million yen.
Lighting Equipment Division
The turnover was 1,398 million yen. This is a 11.0% increase
over the same period last year. Operating profit was 82million yen
. (This is increase 63.0% compared to the same period last
year).
This improvement is due to a consistent increase in inquiries
and orders for LED lighting devices in the public utilities
markets. New types of products were very successful. MARUWA is
continuing to press forward with the development and promotion of
new LED lighting products.
forward with the development and promotion of new LED lighting
products.
Review of Operations
Review of operating results
by segment
JPY million
-------------
3rd Quarter 3rd Quarter
1 April - 1 April - 31
31 Dec. Dec.
2011 2012
--------------- -------------
Ceramic Components:
Net sales 14,843 14,451
Operating income 2,955 2,265
-------------- -------------
Lighting Equipment:
Net sales 1,259 1,398
Operating income 50 82
-------------- -------------
Total:
Net sales 16,102 15,849
Operating income 3,005 2,347
-------------- -------------
Elimination:
Net sales -- --
Operating income (532) (637)
-------------- -------------
Consolidated:
Net sales 16,102 15,849
Operating income 2,473 1,710
-------------- -------------
3. Financial Condition
Total assets as of the end of this second quarter were
43,111million yen. This is a 5.6% increase over compared to the end
of last fiscal year.
Total liabilities were 7,299 million yen. This is increase over
to 14.0% compared to the previous year-end. Total net assets were
35,812 million yen. This is increase over to 4.1% 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 83.0%
Consolidated Balance Sheet
JPY million
------------ ------------
2nd Quarter (Reference)
As of 31 As of 31
Dec. March
2012 2012
------------ ------------
ASSETS
Current assets:
Cash & deposits 9,733 10,649
Trade notes and accounts receivable 7,489 6,373
Inventories: 5,795 5,591
Deferred tax assets 128 219
Other current assets 745 716
Allowance for doubtful accounts (23) (2)
------------ ------------
Total current assets 23,867 23,546
------------ ------------
Property, plant & equipment:
Land 3,621 3,789
Buildings & structures 4,006 3,965
Machinery & equipment 6,304 4,567
Other 610 533
Construction in progress 1,708 2,747
------------ ------------
Total property, plant & equipment 16,249 15,601
------------ ------------
Intangible assets:
Goodwill 1,079 -
Other 358 221
------------ ------------
Total Intangible assets 1,437 221
------------ ------------
Investment & other assets: 1,558 1,440
------------ ------------
Total noncurrent assets 19,244 17,262
------------ ------------
Total assets 43,111 40,808
------------ ------------
LIABILITIES
Current liabilities:
Trade notes & accounts payable 2,475 2,230
Current portion of long-term
debt 336 5
Accrued income taxes 233 739
Accrued bonus 199 322
Accrued bonus to directors 2 14
Notes payable for property
acquisitions 404 1,457
Other 1,549 1,270
-------- --------
Total current liabilities 5,198 6,037
-------- --------
Long-term liabilities:
Long-term debt 776 111
Diferrred tax liabilities 9 17
Provision for retirement benefits 1,058 -
Other 258 236
-------- --------
Total long-term liabilities 2,101 364
-------- --------
Total liabilities 7,300 6,401
-------- --------
NET ASSETS
Shareholders' equity:
Common stock 8,647 8,647
Capital surplus 11,909 11,906
Retained earnings 16,374 15,510
Treasury stock, at cost (134) (141)
-------- --------
Total shareholders' equity 36,796 35,922
-------- --------
Valuation and translation
adjustments:
Net unrealized gains(losses)on
available-for-sale securities (7) 13
Foreign currency translation
adjustments (1,009) (1,562)
-------- --------
Total valuation and translation
adjustments (1,016) (1,549)
-------- --------
A subscription warrant and
Minority stockholders share 32 34
-------- --------
Total shareholders' equity 32 34
-------- --------
Total net assets 35,812 34,407
-------- --------
Total liabilities and net
assets 43,111 40,808
-------- --------
Consolidated Statements of Income
JPY million
------------ ------------
3rd Quarter 3rd Quarter
1 April - 1 April
31 Dec. - 31 Dec.
2011 2012
------------ ------------
Net sales 16,102 15,849
Cost of sales 10,791 11,387
Gross profit 5,311 4,462
------------ ------------
Selling, general & administrative 2,838 2,752
------------ ------------
expenses
Operating income 2,473 1,710
------------ ------------
Other income (expenses):
Interest & dividend income 21 29
Interest expenses (2) (2)
Rent income 82 72
Rent expenses on real estates
for investments (37) (39)
Environmental expenses - (19)
Foreign exchange gain (loss),
net 20 213
Stock issuance cost (26) -
Gain on sales of property, plant
and equipment 12 3
Loss on disposal or sales of
property, plant and equipment (63) (44)
Loss on reduction of noncurrent
assets - (207)
State subsidy - 207
Loss on valuation of inventories
securities (80) -
Other, net 36 13
Other income (expenses), net (37) 226
------------ ------------
Income before income taxes 2,436 1,936
------------ ------------
Income taxes:
Current 711 585
Deferred 0 118
Total income taxes 711 703
------------ ------------
Net income 1,725 1,233
------------ ------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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