TIDMMAW
RNS Number : 7647W
Maruwa Co Ld
03 February 2012
3 February 2012
MARUWA CO., LTD.
3-83, Minamihonjigahara-cho, Owariasahi-city, Aichi-pref., 488-0044 JAPAN
Consolidated financial results for the third quarter of Fiscal 2012
MARUWA CO., LTD. today announced its consolidated financial results
for the third quarter of Fiscal 2012<1 April 2011 - 31 December
2011> as follows;
I. Summary of Consolidated Financial Results
(1) Summary of consolidated operating results
JPY million
-------------------- --------------- --------
3rd Quarter 3rd Quarter Change %
As of 31 Dec. As of 31 Dec.
2010 2011
-------------------- --------------- --------
Net sales 14,470 16,102 11.3%
Operating income 2,231 2,473 10.8%
Income before income taxes 2,167 2,436 12.4%
Net income 1,409 1,725 22.4%
-------------------- --------------- --------
Net income per share: JPY
-------------------- --------------- --------
Basic 131.08 150.80 15.0%
Diluted - 150.57 --
-------------------- --------------- --------
(2) Summary of consolidated financial condition
As of 31 March As of 31 Dec. Change %
2011 2011
-------------------- --------------- --------
Total assets 33,649 39,153 16.4%
Total net assets 28,106 33,366 18.7%
-------------------- --------------- --------
Equity ratio 83.4% 85.1% 1.7%
-------------------- --------------- --------
JPY
Total net assets per share 2,611.82 2,709.23 3.7%
-------------------- --------------- --------
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 31 October 2011 were changed with current
trend.
*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 world economy has been suffering
continuously with the expanding debt problem in Euro zone nations
triggered by the situation in Greece, the record-breaking rise in
the exchange rate of the yen due to concern over the financial
situation in developed countries and the slump in stock prices.
These concerns have slowed down growth in the overall world
economy, including the economies in
emerging countries and China.
The Japanese economy, due to an easing in the mood of consumer
self-restraint and an increase in energy-saving electrical
appliance and digital terrestrial television consumption, has
rapidly recovered from the decline in personal consumption which
resulted from the devastating Tohoku Earthquake. However, the
future of the domestic economy is still unclear, and the situation
is worsened by high unemployment and by the recent slowdown in
personal consumption of electronic appliances. The ineffectiveness
of the government's intervention against the record-breaking strong
yen also a factor in the current climate of uncertainty.
In this severe economic situation, the Maruwa Group saw an
increase in the market for environment-related products, including
ceramics for power modules, LED lightings and components for smart
phones. We are very optimistic that this trend will continue.
As a result, our consolidated sales were 16,102 million yen.
(This is up 11.3% compared to the same period last year)
With respect to profit, we had improvements due to a production
profitability program, which we have been operating within the
group for two years, and also resulting from the contribution of
new LED lighting products. As a result, consolidated operating
income was 2,473 million yen (this is up 10.8% compared to same
period last year). Ordinary profit was 2,570 million yen (this is
up 10.5% compared to same period last year) and quarter net income
was 1,725 million yen (this is up 22.4% compared to same period
last year).
Operating Results by Business Division
1. The Ceramic Components Division
The third quarter turnover was 14,843 million yen. This is a
9.1% increase over the same period last year.
The sales for the market related to environment have been very
good. The ceramic products for HEV and components for smart phones
in particular have grown well.
Operating income was 2,955 million yen. This is up 9.7% compared
to the same period last year, and was due to improvement in cost
reduction and manufacturing efficiency for existing products.
2. Lighting Equipment Division
The turnover during this third quarter was 1,259 million yen.
This is a 45.5% increase over the same period last year.
Operating profit was 50 million yen, compared to a 32 million
yen operation loss in 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. MARUWA is
continuing to press 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
As of
31 Dec. As of 31 Dec.
2010 2011
Ceramic Components:
Net sales 13,605 14,843
Operating income 2,694 2,955
------------ --------------
Lighting Equipment:
Net sales 865 1,259
Operating income (32) 50
------------ --------------
Total:
Net sales 14,470 16,102
Operating income 2,662 3,005
------------ --------------
Elimination:
Net sales -- --
Operating income (430) (532)
------------ --------------
Consolidated:
Net sales 14,470 16,102
Operating income 2,232 2,473
------------ --------------
(2)Financial Condition
Total assets as of the end of this third quarter were 39,153
million yen. This is a 16.4 increase compared to the end of the
precious fiscal year. This is due to flotation to improve
equipment.
Total liabilities were 5,787 million yen. This is up 4.4%
compared to the previous year-end. This is due to an increase in
notes payable related to improvements in equipment.
Total net assets were 33,366 million yen. This is up 18.7%
compared to the previous year-end. This is due to an increase of
funds, capital surplus and retained earnings due to flotation.
As a result, capital ratio is 85.1%.
(3) Forecast for Operation
The forecast for operation, which was published on October 31,
2011, has been modified based on the latest economic situation.
Consolidated Balance Sheet
JPY million
------------ ------------
(Reference) 3rd Quarter
As of 31 As of 31
March Dec.
2011 2011
------------ ------------
ASSETS
Current assets:
Cash & deposits 8,923 10,842
Trade notes and accounts receivable 6,540 6,463
Inventories: 3,671 5,184
Deferred tax assets 221 131
Other current assets 311 681
Allowance for doubtful accounts (12) (14)
Total current assets 19,654 23,287
------------ ------------
Property, plant & equipment:
Land 3,155 3,975
Buildings & structures 3,782 3,997
Machinery & equipment 3,494 4,497
Other 384 507
Construction in progress 1,525 1,357
Total property, plant & equipment 12,340 14,333
------------ ------------
Intangible Assets 221 208
Net property, plant & equipment 12,561 14,541
Investment & other assets:
Total investments & other assets 1,434 1,325
------------ ------------
Total assets 33,649 39,153
------------ ------------
LIABILITIES
Current liabilities:
Trade notes & accounts payable 2,105 2,071
Current portion of long-term
debt 5 5
Accrued income taxes 598 378
Accrued bonus 345 171
Accrued bonus to directors 22 2
Notes payable for property acquisitions 669 1,170
Other 1,229 1,541
Total current liabilities 4,973 5,338
-------- --------
Long-term liabilities:
Long-term debt 116 113
Diferrred tax liabilities 201 91
Other 253 245
Total long-term liabilities 570 449
-------- --------
Total liabilities 5,543 5,787
-------- --------
NET ASSETS
Shareholders' equity:
Common stock 6,710 8,647
Capital surplus 9,747 11,903
Retained earnings 13,750 15,130
Treasury stock, at cost (679) (148)
Total shareholders' equity 29,528 35,532
-------- --------
Valuation and translation adjustments:
Net unrealized gains(losses)on
available-for-sale securities (50) (31)
Foreign currency translation
adjustments (1,401) (2,172)
Total valuation and translation
adjustments (1,451) (2,203)
-------- --------
A subscription warrant and Minority
stockholders share 29 37
Total shareholders' equity 29 37
-------- --------
Total net assets 28,106 33,366
-------- --------
Total liabilities and net assets 33,649 39,153
-------- --------
Consolidated Statement of Income
JPY million
------------ ------------
(Reference) (Reference)
As of 31 As of 31
Dec. Dec.
2010 2011
------------ ------------
Net sales 14,470 16,102
Cost of sales 9,501 10,791
Gross profit 4,969 5,311
------------ ------------
Selling, general & administrative 2,738 2,838
------------ ------------
expenses
Operating income 2,231 2,473
------------ ------------
Other income (expenses):
Interest & dividend income 38 21
Interest expenses (1) (2)
Rent income 83 82
Rent expenses on real estates
for investments (43) (37)
Foreign exchange gain (loss),
net (26) 20
Stock issuance cost - (26)
Gain on sales of property, plant
and equipment 4 12
Loss on disposal or sales of
property, plant and equipment (21) (63)
Loss on valuation of inventories
securities (150) (80)
Other, net 52 36
Other income (expenses), net (64) (37)
------------ ------------
Income before income taxes 2,167 2,436
------------ ------------
Income taxes:
Current 529 711
Deferred 229 0
Total income taxes 758 711
------------ ------------
Net income 1,409 1,725
------------ ------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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