TIDMMAW
RNS Number : 1597C
Maruwa Co Ld
26 April 2012
27 April
2012
MARUWA CO., LTD.
3-83, Minamihonjigahara-cho, Owariasahi-city,
Aichi-pref., 488-0044 JAPAN
Final Results for Fiscal Year 2011-2012
MARUWA CO., LTD. has announced its consolidated business results for the
full fiscal year ended 31st March, 2012 as follows;
*The financial statements are prepared in accordance with the accounting
principles generally accepted in Japan.
*US dollar amounts are converted by USD1 = JPY82.19 for your convenience
only
*Number of consolidated subsidiaries: 13 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., and Hokko Denshi 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
31st March 31st March 31st March
2011 2012 2012
-------------- -------------- ---------- --------------
Net sales 20,011 21,313 6.5% 259,314
Operating income 3,035 2,933 -3.4% 35,685
Income before income taxes 2,898 2,916 0.6% 35,479
Net income 2,012 2,105 4.6% 25,611
JPY USD
Net income per share (Basic) 102.97 187.14 81.7% 2.28
(Diluted) -- -- -- --
-------------- -------------- ---------- --------------
*Average number of issued
shares 10,749,267 10,749,267
(2) Summary of consolidated financial
condition
JPY million USD thousand
-------------- -------------- ---------- --------------
As of 31st As of 31st Change As of 31st
March March % March
2011 2012 2012
-------------- -------------- ---------- --------------
Total Assets 33,649 40,808 21.3% 493,820
Total net
assets 28,105 34,407 22.4% 418,626
Equity ratio 83.5% 84.3% 0.8%
JPY USD
Total net assets per share 2,470.94 2,611.82 5.7% 31.78
*Number of issued shares
at the year end 10,745,230 10,749,937
(3) Summary of consolidated statement
of cash flows
JPY million USD thousand
-------------- -------------- ---------- --------------
For year For year Change For year
ended ended % ended
31st March 31st March 31st March
2011 2012 2012
-------------- -------------- ---------- --------------
Net cash provided by operating
activities 2,549 1,908 -25.1% 23,215
Net cash used in investing
activities (2,646) (4,435) -67.6% (53,960)
Net cash used in financing
activities (307) 4,255 1486.0% 51,770
Cash and cash equivalents
at end of term 8,380 10,074 20.2% 122,570
II. Dividends III. Outlook for fiscal 2011 ending
31 March 2011
JPY per share JPY million
-------------------- -------------- --------------
Fiscal 2011 Fiscal 2012 Half year Full year
---------- --------------
(forecast) Net sales 9,600 23,100
-------------------- --------------
Operating
Interim 15 15 income 1,480 3,560
Year-end 15 15 Net income 938 2,210
-------------------- -------------- --------------
Net income
Annual 30 30 per share 87.26 205.58
-------------------- -------------- ---------- --------------
*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
FY 2011 FY 2012
-------- ------ ------ -------- --------
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
-------- ------ ------ -------- -------- ------ ------ --------
Net sales 4,587 4,989 4,894 5,541 5,355 5,621 5,127 5,210
Operating income 634 841 756 804 993 809 671 460
Net income 375 538 496 603 687 576 461 381
-------- ------ ------ -------- -------- ------ ------ --------
million
JPY
Previous Current
---------------- ---------------- -------- ------ ------
For year For year variance
ended ended
31st March 31st March amount %
2011 2012
---------------- ---------------- ---------------- ----------------
Net sales 20,011 21,313 1,302 6.5%
Operating income 3,035 2,933 (102) -3.4%
Net income 2,012 2,105 93 4.6%
---------------- ---------------- ---------------- ----------------
(1) Review of Operations
In this fiscal year, the steady economic growth in China has
begun to slow, and the damage caused by the flooding in Thailand
has been a trigger in a decelerating trend in the Asian economy.
After the second semester, the American economy has shown signs of
an economic upturn due to a general increase in consumption,
although economic risks due to the Middle East conflicts and Euro
zone debt problem remain.
The Japanese economy has attempted to recover from the slump
caused by the devastating Tohoku Earthquake, problems with nuclear
power supply and flood damage in Thailand. However, the downward
world economy and the strong yen have made recovery difficult.
In this sever economic situation, the MARUWA Group's business
result during the first half of this fiscal year was extremely good
due to an increase in the market for semiconductor machinery and an
increase in the demand for digital equipment in the Asian market.
But, in the second half of the semester, a drastic decline in the
world economy influenced our business results, especially with
respect to commodity products. Conversely, the MARUWA group saw an
increase in the market for environment-related products, including
ceramics for power modules, LED lighting and components for smart
phones.
As a result, our consolidated sales were 21,313 million yen.
(This is up 6.5% compared to the same period last year) Our
operating income was 2,932 million yen. (This is down 3.4% compared
to the same period last year) Ordinary profit was 3,532 million yen
(down 14.4%). Net income was 2,306 million yen (down 14.6%).
(2) Review of operating results
by business segment
million
JPY
------------ -----------
Current
-----------
For year For year
ended ended
31st March 31st March
2011 2012
------------- -----------
Ceramic Components:
Net sales 18,061 19,024
Operating income 3,498 3,412
------------ -----------
Lighting Equipment:
Net sales 1,950 2,289
Operating income 136 247
------------ -----------
Total:
Net sales 20,011 21,313
Operating income 3,634 3,659
------------ -----------
Elimination:
Net sales -- --
Operating income (599) (726)
------------ -----------
Consolidated:
Net sales 20,011 21,313
Operating income 3,035 2,933
------------ -----------
(2) Operating Results by Business Division
1. The Ceramic Components Division
The total sales for this business segment was 19,024 million
yen. (This is up 5.3% compared to the same period last year).
In the first half of this fiscal year, demand was very strong.
Although this demand slowed down suddenly in the second half. The
market for environment-related products, the power modules market
and the smart phone market have remained strong.
Operating income was 3,411 million yen.
2. Lighting Equipment Division
The turnover was 2,289 million yen. This is a 17.3% increase
over the same period last year.
Operating profit was 246 million yen, an 80.5% increase. This
improvement is due to a consistent increase in inquiries and orders
for LED lighting devices in the public utilities markets. New types
of product were very successful. MARUWA is continuing to press
forward with the development and promotion of new LED lighting
products.
(
2. Review of operating results by business segment
Ceramic Components
The total sales for this business segment was 18,061 million
yen, up 32.9% compared to last year. An increase in orders was
sustained due to the recovering demand for digital consumer
products in China and other Asian countries. Ceramics for power
modules for the energy saving, ecology related market, such as HEV,
EV and wind power generators, made good progress.
The operating income was 3,498 million yen(up 105.2% compared to
last year) we exceeded the level of the previous year due to
improvement in productivity of existing products, cost reduction
and contribution of new product offerings with high added
value.
Lighting Equipment
Total sales of the Lighting Equipment segment was 1,950 million
yen, up 7.3 % compared to last year. Operating income was 136
million yen, up 31% compared to last year.
The sales of traditional lighting equipment are decreasing.
However, sales for LED lighting equipment are rising, and new
product development in this area and expansion of sales are
improving operational profit. There is increased demand for ecology
related products, such as LED lighting.
(3) Outlook of the Full
Fiscal 2011
million
JPY
For year For year variance
ended ending
31st March 31st March %
2012 2013
--------------- --------------- ---------
Net sales 21,313 24,000 12.6%
Operating income 2,933 3,360 14.6%
Net income 2,105 2,200 4.5%
--------------- --------------- ---------
Sales by segment million
JPY
For year For year variance
ended ending
31st March 31st March %
2012 2013
--------------- --------------- ---------
Ceramic Components 19,024 20,800 9.3%
Lighting Equipment 2,289 3,200 39.8%
Total 21,313 24,000 12.6%
--------------- --------------- ---------
*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.
3. Outlook for the next fiscal year
The outlook for the future economy is still uncertain because of
the prolonged and on-going economic problems in Europe and the
world-wide rate of consumption remaining stagnant. On the other
hand, the reconstruction demands created by the Tohoku Earthquake,
public investment, equipment investment, home investment and
continuing upward momentum in America and economic growth in China
and other emerging countries will contribute basic support for the
world economy.
The energy saving, ecology related market in which we situate
our growth strategy, is expected to grow at a solid rate.
Furthermore, new products for smartphones and other information
terminal markets are expected to expand rapidly.
For capital investment, we will continue to invest actively in
the energy saving, ecology related market. We will also invest in
new R&D, with increased staff, to work for the development of
new products, with high added value.
We forecast that consolidated sales for the next fiscal year
will be 24,000 million yen, up 12.6% compared to last year. In
terms of operating income, net income is expected to be 3,360
million yen, up 14.6% compared to last year, 2,200 million yen
(Up4.6% compared to last year).
We will strengthen the corporate structure and improve
profitability, which will benefit all stakeholders, including
shareholders.
Cautionary statements: The above forecasts are based on the
present business environment and currently-available information,
and include 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
Condition
million million
JPY JPY
As of 31st As of 31st Change
March March
2011 2012 Amount %
---------------- --------------- --------------- --------
Total assets 33,649 40,808 7,159 21.3%
Total liabilities 5,544 6,401 857 15.5%
Total net assets 28,105 34,407 6,302 22.4%
Equity ratio 83.5% 84.3% 0.8%
--------------- --------------- --------------- --------
million million
JPY JPY
For year ended For year ended Change
31st March 31st March Amount %
2011 2012
---------------- --------------- --------------- --------
Net cash provided
by
operating activities 2,549 1,908 -641 -25.1%
Net cash used in
investing activities (2,646) (4,435) -1,789 -67.6%
Net cash used in
financing activities (307) 4,255 4,562 1486.0%
Cash and cash equivalents
at end of year 8,380 10,074 1,694 20.2%
--------------- --------------- --------------- --------
Net sales 20,011 21,313 1,302 6.5%
Capital expenditure 1,585 5,717 4,132 260.7%
Depreciation 1,584 1,813 229 14.5%
--------------- --------------- --------------- --------
Trends of cash-flows
indices
million
JPY
For year ended For year ended For year ended
31st March 31st March 31st March
2010 2011 2012
---------------- --------------- ---------------
Equity ratio 86.5% 83.5% 84.3%
Equity ratio at
market value 69.5% 86.1% 110.8%
Interest-bearing
debt to
cash flows ratio
(year) 0.0 0.0 0.0
Interest coverage
ratio 1,419.8 1,217.8 1,141.9
--------------- --------------- ---------------
Consolidated Balance
Sheets
million JPY million JPY thousand
USD
------------ ------------ --------- -----------
As of 31st As of 31st variance As of 31st
March March March
2011 2012 2012
------------ ------------ --------- -----------
ASSETS
Current assets:
Cash & deposits 8,923 10,649 1,726 129,566
Trade notes and accounts
receivable 6,540 6,373 (167) 77,540
Inventories 3,671 5,591 1,920 68,025
Deferred tax assets 221 219 (2) 2,665
Other current assets 311 716 405 8,712
Allowance for doubtful (12) (2) 10 (24)
accounts
Total current assets 19,654 23,546 3,892 286,484
------------ ------------ -----------
Property, plant & equipment:
Land 3,155 3,789 634 46,100
Buildings & structures 3,782 3,965 183 48,242
Machinery & equipment 3,494 4,567 1,073 55,566
Other 384 533 149 6,485
Construction in progress 1,525 2,747 1,222 33,423
Net property, plant
& 12,340 15,601 3,261 189,816
------------ ------------ -----------
equipment 221 221
Investments & other
assets:
Investment securities 337 318 (19) 3,869
Deferred tax assets 16 85 69 1,034
Property & equipment
for investments 919 906 (13) 11,023
Other 175 136 (39) 1,655
Allowance for doubtful
accounts (13) (5) 8 (61)
Total investments &
other assets 1,434 1,440 6 17,520
------------ ------------ -----------
Total assets 33,649 40,808 7,159 493,820
------------ ------------ -----------
LIABILITIES
Current liabilities:
Trade notes & accounts payable 2,105 2,230 125 27,132
Current portion of long-term
debt 5 5 0 61
Accrued income taxes 598 739 141 8,991
Accrued bonus 345 322 (23) 3,918
Accrued bonus for directors 22 14 -- 170
Notes payable for property
acquisitions 669 1,457 788 17,727
Other current liabilities 1,229 1,270 41 15,452
Total current liabilities 4,973 6,037 1,064 73,451
-------- -------- ---------
Long-term liabilities:
Long-term debt 116 111 (5) 1,351
Deferred tax liabilities 201 17 (184) 207
Negative goodwill - - - 0
Other 254 236 (18) 2,871
Total long-term liabilities 571 364 (207) 4,429
-------- -------- ---------
Total liabilities 5,544 6,401 857 77,880
-------- -------- ---------
NET ASSETS
Shareholders' equity:
Common stock 6,710 8,647 -- 105,207
Capital surplus 9,747 11,906 -- 144,859
Retained earnings 13,750 15,510 1,760 188,709
Treasury stock, at cost (679) (141) 538 (1,716)
Total shareholders' equity 29,528 35,922 6,394 437,059
-------- -------- ---------
Valuation and translation
adjustments:
Net unrealized gains (losses) (50) 13 63 158
on available-for-sale securities 0
Foreign currency translation
adjustment (1,402) (1,562) (160) (19,005)
-------- --------
Total valuation and translation
adjustments (1,452) (1,549) (97) (18,847)
-------- -------- ---------
A subscription warrant and
Minority stockholders share 29 34 - 414
Total shareholders' equity 29 34 5 414
-------- -------- ---------
Total net assets 28,105 34,407 6,302 418,626
-------- -------- ---------
Total liabilities & net assets 33,649 40,808 7,159 496,506
-------- -------- ---------
Consolidated Statements of
Income
million JPY million JPY thousand
USD
------------ ------------ --------- -----------
For year For year variance For year
ended ended ended
31st March 31st March 31st March
2011 2012 2012
------------ ------------ --------- -----------
Net sales 20,011 21,313 1,302 259,314
Cost of sales 13,318 14,567 1,249 177,236
Gross profit 6,693 6,746 53 82,078
------------ ------------ -----------
Selling, general & administrative
expenses 3,658 3,813 155 46,393
------------ ------------
Operating income 3,035 2,933 (102) 35,685
------------ ------------ -----------
Other income (expenses):
Interest and dividend income 48 40 (8) 487
Interest expenses (2) (2) 0 (24)
Amortization of negative goodwill -- -- 0
Foreign exchange gain (loss),
net (89) 144 233 1,752
Gain on sales of property,
plant and equipment 55 48 584
Loss on disposal or sales
of property, plant and equipment (20) (63) (767)
Gain on sales or valuation
of investment securities 0 0 0
Loss on valuation of inventories (150) (278) (3,382)
Early extra retirement payments -- -- 0
Loss by the disaster (26) -- 0
Other, net 47 94 47 1,144
Other income (expenses), net (137) (17) 120 (206)
------------ ------------ -----------
Income before income taxes 2,898 2,916 18 35,479
Income tax expenses:
Current 750 1,071 321 13,031
Deferred 136 (260) (396) (3,163)
Total income taxes 886 811 (75) 9,868
------------ ------------ -----------
Net income 2,012 2,105 93 25,611
------------ ------------ -----------
Consolidated Statement of
Cash Flows
million JPY million JPY thousand
USD
------------ ------------ --------- -----------
For year For year variance For year
ended ended ended
31st March 31st March 31st March
2011 2012 2012
------------ ------------ --------- -----------
Cash flows from operating
activities:
Income before income taxes 2,898 2,916 18 35,479
Adjustments for:
Depreciation 1,584 1,813 229 22,059
Amortization of negative goodwill -- -- 0 0
Impairment loss -- -- 0
Decrease in allowance for
doubtful accounts (13) (18) (5) (219)
Loss on disposal of property,
plant & equipment 20 76 56 925
Interest & dividend income (48) (47) 1 (572)
Foreign exchange (gain) loss 8 0 (8) 0
Gain on sales of investment
securities 0 0 0 0
Loss on valuation of inventories 150 86 (64) 1,046
Decrease (increase) in trade
notes & accounts receivable (1,272) 125 1,397 1,521
Increase in inventories (979) (1,917) (938) (23,324)
Decrease in trade notes &
accounts payable 409 187 (222) 2,275
Other 211 (404) (615) (4,915)
Sub-total 2,968 2,817 (151) 34,275
------------ ------------ -----------
Interest & dividend income
received 48 49 1 596
Interest expenses paid (2) (2) 0 (24)
Income taxes paid (465) (956) (491) (11,632)
The amount of corporation
tax return -- -- - 0
Net cash provided by operating
activities 2,549 1,908 (641) 23,215
------------ ------------ -----------
Cash flows from investment
activities:
Payments into time deposits (165) (66) 99 (803)
Proceeds from withdrawal of
time deposits 35 0 -- 0
Payments for purchase of (2,542) (5,075) (2,533) (61,747)
Proceeds from sales of 9 693 684 8,432
Payments for purchase of (176) (115) 61 (1,399)
investment securities 0
Proceeds from sales of 196 109 (87) 1,326
Purchase of intangible assets (9) (18) (9) (219)
Other 6 37 31 450
Net cash used in investing
activities (2,646) (4,435) (1,789) (53,960)
------------ ------------ -----------
Cash flows from financing
activities:
Payments of long-term debt (5) (5) 0 (61)
Cash dividends paid (312) (346) (34) (4,210)
An income by the publication
of the subscription warrant 0 0 0 0
Payments for purchase of treasury
stock 0 0 0 0
Proceeds from sales of treasury
stock 10 4,606 0
Net cash used in financing
activities (307) 4,255 4,562 (4,271)
------------ ------------ -----------
Effect of exchange rate (79) (34) 45 (414)
------------ ------------
changes on cash & cash equivalents
Net increase (decrease) in (483) 1,694 2,177 (35,430)
cash & cash equivalents
Cash and cash equivalents 8,863 8,380 (483) 101,959
at beginning of year 0
Cash and cash equivalents
at end of year 8,380 10,074 1,694 66,529
------------ ------------ -----------
Consolidated Statements of Changes
in Net Assets
million JPY
------------- ---------------- ------------------ --------------- -----------------------
Shareholders' equity
---------------------------------------------------------------------------------------------
Common stock Capital surplus Retained earnings Treasury stock Total shareholders'
equity
------------- ---------------- ------------------ --------------- -----------------------
Balance at 31 March
2011 6,710 9,747 13,750 (679) 29,528
Increase in legal
capital 1,937 1,937 3,874
Cash dividends (346) (346)
Net income 2,105 2,105
Change of scope of
consolidation 0
Purchase of treasury
stock 0 0
Disposal of treasury
stock 223 538 761
Other changes 0
------------- ---------------- ------------------ --------------- -----------------------
Total changes during
the year 1,937 2,160 1,759 538 6,394
------------- ---------------- ------------------ --------------- -----------------------
Balance at 31 March
2012 8,647 11,906 15,510 (141) 35,922
------------- ---------------- ------------------ --------------- -----------------------
million
JPY
----------------- -------- -------- ------------- -----------------
Valuation
and translation
adjustment
-----------------
Net unrealized gains Foreign Total A subscription Total
on available-for-sale currency valuation warrant net assets
securities translation and translation and Minority
adjustment adjustment stockholders
share
------------------------------------- ------------- ----------------- --------------- ------------
(50) (1,402) (1,452) 29 28,105
3,874
(346)
2,105
0
0
761
62 (160) (98) 6 (92)
----------------- -------- -------- ------------- -----------------
62 (160) (98) 6 6,302
----------------- -------- -------- ------------- -----------------
13 (1,562) (1,549) 34 34,407
----------------- -------- -------- ------------- -----------------
thousand
USD
---------------
Shareholders' equity
-----------------------------------------------------------
Common Capital Retained Treasury Total
stock surplus earnings stock shareholders'
equity
-------- --------- ---------- --------- ---------------
Balance at 31 March
2011 62,430 90,686 127,930 (6,317) 274,729
Increase in legal
capital 23,567 23,567 0 0 47,135
Cash dividends 0 0 (4,210) 0 (4,210)
Net income 0 0 25,611 0 25,611
Change of scope of
consolidation 0 0 0 0 0
Purchase of treasury
stock 0 0 0 0 0
Disposal of treasury
stock 0 2,713 0 6,546 9,259
Other changes 0 0 0 0 0
Total changes during
the year
-------- --------- ---------- ---------
Balance at 31 March
2012 105,207 144,859 188,709 (1,716) 437,059
-------- --------- ---------- --------- ---------------
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
-------------------- ------------- ----------------- --------------- ------------
(465) (13,044) (13,509) 29 261,489
0 0 0 0 47,135
0 0 0 0 (4,210)
0 0 0 0 25,611
0 0 0 0 0
0 0 0 0 0
0 0 0 0 9,259
754 (1,947) (1,192) 73 (1,119)
58,634
-------------------- ------------- ----------------- --------------- ------------
158 (19,005) (18,847) 414 418,626
-------------------- ------------- ----------------- --------------- ------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR XQLFLLZFFBBF
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