TIDMMAW
RNS Number : 2643E
Maruwa Co Ld
06 February 2015
06 Feb 2015
MARUWA CO., LTD.
3-83, Minamihonjigahara-cho, Owariasahi-city,
Aichi-pref., 488-0044 JAPAN
Consolidated financial results for the third quarter
of Fiscal 2014
MARUWA CO., LTD. today announced its consolidated
financial results for the third quarter of Fiscal
2014<1 April 2014 - 31 Dec 2014> as follows;
I. Summary of Consolidated Financial
Results
(1) Summary of consolidated operating
results
JPY million
------------- -------------- ------------
3rd Quarter 3rd Quarter Change %
1 April - 1 April -
31 Dec 31 Dec
2013 2014
------------- -------------- ------------
Net sales 24,157 24,227 0.3%
Operating income 2,321 2,002 -13.8%
Income before income
taxes 2,663 2,197 -17.5%
Net income 1,890 1,390 -26.4%
------------- -------------- ------------
Net income per share: JPY
------------- -------------- ------------
Basic 153.23 112.57 -26.5%
Diluted 153.15 112.56 -26.5%
------------- -------------- ------------
(2) Summary of consolidated financial
condition
As of 31 As of 31
March Dec Change %
2014 2014
------------- -------------- ------------
Total assets 49,569 50,453 1.8%
Total net assets 40,016 41,991 4.9%
------------- -------------- ------------
Equity ratio 80.7% 83.2% 2.5%
------------- -------------- ------------
JPY
Total net assets per
share 3,239.88 3,399.84
------------- -------------- ------------
II. Dividends
JPY per share
------------- --------------
Fiscal 2013 Fiscal 2014
(forecast)
------------- --------------
Interim 17 18
Year-end 17 18
------------- --------------
Total 34 36
------------- --------------
*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.
. Outlook for the fiscal 2014<1 April 2014
- 31 Mar 2015>
The forecast figures for business results and dividends
announced in 30 Jly 2014 are changed on full year.
million JPY
--------------
Full year
--------------
Net sales 32,000
Operating income 2,400
Net income 1,800
--------------
Net income per share 145.75
--------------
Review of Operations
1. Review of Operations
In this consolidated cumulative third quarter, it has gradually
risen on growing expectations of the United States economic
recovery due to a rising trend of capital investment and personal
consumption. The European financial market, momentum of recovery
and slow improvement of debt problem has become a weak standstill.
Meanwhile, emerging markets including China and South-East Asian
countries has been under an uncertain condition because of concerns
over slowdown in growth and frequent political unrest.
In the Japanese economy, market has generally recovered due to
improvement of income environment by turnaround of corporate
performance, depreciation of the yen and rising stock prices led by
economic and fiscal policy of 'Abenomics'. However, the economic
condition has still been uncertain because of reverse effect caused
by a last-minute surge in demand due to the consumption tax hike,
slowdown growth of export due to a stagnation of emerging markets
and a high level price of raw materials from yen depreciation.
Under the uncertain market condition, the MARUWA Group's
business results during this quarter has stayed firm especially in
ceramic products for power modules related to energy-savings and
environment which are one of our differentiated products in the
ceramic components division. On the other hand, in the lighting
equipment division, the plans of construction period will be
delayed after the fiscal year and it seems to be difficult to
achieve the prior forecast. This is because of soaring of personnel
expense and material price due to the increase of demand for
construction (i.g. reconstruction demand for Tohoku and facility
maintenance for Tokyo Olympics).
The forecast of this fiscal year, however, remains unchanged
from the prior forecast because it is expected to continue to
steadily increase in the ceramic components division.
As a result, our consolidated sales were 24,227 million yen
(increase 0.3% year on year). Our operating income was 2,002
million yen (decrease 13.8% year on year). Ordinary profit was
2,494 million yen (decrease 6.9% year on year). Net income was
1,390 million yen (decrease 26.4% year on year).
2.Operating Results by Business Division
The Ceramic Components Division
The total sales for this business segment was 16,328 million yen
(increase 2.9% year on year).
Markets related to energy-saving and environment are still brisk
and the sales of ceramic products for HEV and LED remained
strong.
About the profit side, we perform reviews of stock for the
profitability improvement and the production facility with business
withdrawal or a decrease in production of the communication
terminal business in the main customer. Operating income was 2,748
million yen (decrease 7.1% year on year).
Lighting Equipment Division
The total sales for this business segment was 7,900 million yen
(decrease 4.6% year on year).
We released new LED road lights and pushed forward active sales
activities, but the high value-added illumination of YAMAGIWA
decreased by having been behind the original order plan.
The profit, we push forward constitution reinforcement of
YAMAGIWA and result comes out smoothly. An operating loss was 72
million yen.
We will make efforts in the rebuilding of the sales strategy
which kept the strength of development, release and the product of
the new illumination apparatus using ceramic LED module and them
which let a ceramic technology cultivated in our group fuse alive
in future.
Review of Operations
Review of operating results
by segment
JPY million
------------
3rd Quarter 3rd Quarter
1 April - 1 April
31 Dec - 31 Dec
2013 2014
------------ ------------
Ceramic Components:
Net sales 15,873 16,328
Operating income 2,959 2,748
------------ ------------
Lighting Equipment:
Net sales 8,284 7,900
Operating income 64 (72)
------------ ------------
Total:
Net sales 24,157 24,227
Operating income 3,023 2,676
------------ ------------
Elimination:
Net sales -- --
Operating income (702) (674)
------------ ------------
Consolidated:
Net sales 24,157 24,227
Operating income 2,321 2,002
------------ ------------
3. Financial Condition
Total assets as of the end of this second quarter were 50,453
million yen, increase 1.8 from the end of last fiscal year. Total
liabilities were 8,462 million yen, decrease 11.4% from the end of
last fiscal year. Total net assets were 41,991 million yen
,increase 4.9% from the end of last fiscal year.
The forecast figures for business results and dividends
announced in 30 July 2014 are changed on full year.
Consolidated Balance Sheet
JPY million
------------ ------------
3rd Quarter (Reference)
As of 31 As of 31
Dec March
2014 2014
------------ ------------
ASSETS
Current assets:
Cash & deposits 13,561 13,362
Trade notes and accounts receivable 8,610 8,870
Electronically recorded monetary
claims-operating 317 374
Inventories: 7,408 6,025
Deferred tax assets 385 439
Other current assets 783 727
Allowance for doubtful accounts (15) (15)
Total current assets 31,049 29,782
------------ ------------
Property, plant & equipment:
Land 3,527 3,512
Buildings & structures 4,818 4,981
Machinery & equipment 6,198 6,169
Other 594 543
Construction in progress 1,195 1,539
Total property, plant & equipment 16,332 16,744
------------ ------------
Goodwill 499 716
Other 449 410
Total Intangible assets 948 1,126
------------ ------------
Investment & other assets:
Total investments & other assets 2,124 1,917
------------ ------------
Total assets 50,453 49,569
------------ ------------
LIABILITIES
Current liabilities:
Trade notes & accounts payable 3,333 3,639
Current portion of long-term debt 1,072 445
Accrued income taxes 124 896
Accrued bonus 265 436
Accrued bonus to directors 2 10
Notes payable for property acquisitions 309 453
Other 2,392 1,726
Total current liabilities 7,497 7,605
------- -------
Long-term liabilities:
Long-term debt 295 1,159
Diferrred tax liabilities 190 175
Provision for environmental measures 26 26
Other 454 589
Total long-term liabilities 965 1,948
------- -------
Total liabilities 8,462 9,554
------- -------
NET ASSETS
Shareholders' equity:
Common stock 8,647 8,647
Capital surplus 11,947 11,947
Retained earnings 20,330 19,372
Treasury stock, at cost (47) (47)
Total shareholders' equity 40,877 39,919
------- -------
Valuation and translation adjustments:
Net unrealized gains(losses)on
available-for-sale securities 113 48
Foreign currency translation adjustments 998 46
Total valuation and translation
adjustments 1,111 94
------- -------
A subscription warrant and Minority
stockholders share 3 3
Total shareholders' equity 3 3
------- -------
Total net assets 41,991 40,016
------- -------
Total liabilities and net assets 50,453 49,569
------- -------
Consolidated Statements of Income
JPY million
------------ ------------
3rd Quarter 3rd Quarter
1 April - 1 April -
31 Dec 31 Dec
2013 2014
------------ ------------
Net sales 24,157 24,227
Cost of sales 15,997 16,527
Gross profit 8,160 7,700
------------ ------------
Selling, general & administrative 5,839 5,698
------------ ------------
expenses
Operating income 2,321 2,002
------------ ------------
Interest & dividend income 37 28
Interest expenses (6) (10)
Rent income 87 73
Rent expenses on real estates
for investments (43) (28)
Foreign exchange gain (loss),
net 258 402
Gain on sales of noncurrent assets 1 3
Compensation income 65 -
Subsidy income - 755
Non operating expenses (19) -
Loss on disposal or sales of property,
plant and equipment (51) (15)
Loss on reduction of noncurrent
assets - (738)
Provision for environmental measures (26) -
Loss on abandonment of inventories - (91)
Gain on redemption of securities 7 21
Impairment loss (12) (192)
Other, net 44 (13)
Other income (expenses), net 342 195
------------ ------------
Income before income taxes 2,663 2,197
------------ ------------
Income taxes:
Current 840 765
Deferred (67) 41
Total income taxes 773 806
------------ ------------
Minority interests in income 0 0
------------ ------------
Net income 1,890 1,390
------------ ------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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