DISCLAIMER: This document has been translated from a part of the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
April 25, 2025
Consolidated Financial Results for Fiscal Year 2024
Company name: MARUWA CO., LTD.
Listing: Tokyo Stock Exchange / Nagoya Stock Exchange
Securities code: 5344
URL: https://www.maruwa-g.com/
Representative: Toshiro Kambe, President
Inquiries: Daisuke Yamaguchi, Corporate Officer
Telephone: +81-561-51-0841
Scheduled date of annual general meeting of shareholders: June 20, 2025
Scheduled date to commence dividend payments: June 23, 2025
Scheduled date to file annual securities report: June 19, 2025
Preparation of supplementary material on financial results: Yes
Holding of financial results briefing: Yes (for institutional investors and analysts)
Rounded down to the nearest million yen
1. Consolidated financial results for the fiscal year ended March 31, 2025 (from April 1, 2024 to March 31, 2025)
(1) Consolidated operating results (Percentages indicate year-on-year changes.)
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Fiscal year ended
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
March 31, 2025
71,849
16.7
26,914
35.9
27,033
28.0
19,242
26.5
March 31, 2024
61,564
4.7
19,801
(1.7)
21,121
(0.3)
15,216
1.3
Note: Comprehensive income For the fiscal year ended March 31, 2025: \19,678 million [23.0%]
For the fiscal year ended March 31, 2024: \16,000 million [3.6%]
Basic earnings per share
Diluted earnings per share
Return on equity
Ratio of ordinary profit to total assets
Ratio of operating profit to net sales
Fiscal year ended
Yen
Yen
%
%
%
March 31, 2025
1,559.45
-
16.2
20.4
37.5
March 31, 2024
1,233.30
-
15.0
18.3
32.2
(2) Consolidated financial position
Total assets
Net assets
Equity-to-asset ratio
Net assets per share
As of
Millions of yen
Millions of yen
%
Yen
March 31, 2025
142,285
127,854
89.9
10,361.04
March 31, 2024
122,515
109,203
89.1
8,851.10
Reference: Equity
As of March 31, 2025: \127,854 million
As of March 31, 2024: \109,203 million
(3) Consolidated cash flows
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Cash and cash equivalents at end of period
Fiscal year ended
Millions of yen
Millions of yen
Millions of yen
Millions of yen
March 31, 2025
25,351
(7,682)
(1,512)
71,568
March 31, 2024
17,222
(10,814)
(1,363)
55,013
2. Cash dividends
Annual dividends per share
Total cash dividends (Total)
Payout ratio (Consolidated)
Ratio of dividends to net assets (Consolidated)
First quarter-end
Second quarter-end
Third quarter-end
Fiscal year-end
Total
Yen
Yen
Yen
Yen
Yen
Millions of yen
%
%
Fiscal year ended March 31, 2024
-
43.00
-
43.00
86.00
1,061
7.0
1.0
Fiscal year ended March 31, 2025
-
47.00
-
47.00
94.00
1,159
6.0
1.0
Fiscal year ending March 31, 2026 (Forecast)
51.00
51.00
102.00
-
3. Forecast of consolidated financial results for the fiscal year ending March 31, 2026 (from April 1, 2025 to March 31, 2026)
(Percentages indicate year-on-year changes.)
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Basic earnings per share
Millions of yen
%
Millions of yen
%
Yen
%
Yen
%
Yen
Six months ending September 30, 2025
34,900
0.2
12,800
0.1
-
-
-
-
-
Fiscal year ending March 31, 2026
76,800
6.9
28,800
7.0
-
-
-
-
-
Note: We do not disclose specific forecasts for profits below ordinary income because they are expected to fluctuate mainly due to foreign exchange factors and are difficult to forecast at this time.
* Notes
(1) Significant changes in the scope of consolidation during the period: None
(2) Changes in accounting policies, changes in accounting estimates, and restatement
(i) Changes in accounting policies due to revisions to accounting standards and other regulations: Yes
(ii) Changes in accounting policies due to other reasons: None
(iii) Changes in accounting estimates: None
(iv) Restatement: None
(3) Number of issued shares (common shares)
(i) Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2025
12,372,000 shares
As of March 31, 2024
12,372,000 shares
(ii) Number of treasury shares at the end of the period
As of March 31, 2025
32,112 shares
As of March 31, 2024
34,125 shares
(iii) Average number of shares outstanding during the period
Fiscal year ended March 31, 2025
12,339,106 shares
Fiscal year ended March 31, 2024
12,337,609 shares
[Reference] Overview of non-consolidated financial results
1. Non-consolidated financial results for the fiscal year ended March 31, 2025 (from April 1, 2024 to March 31, 2025)
(1) Non-consolidated operating results (Percentages indicate year-on-year changes.)
Net sales
Operating profit
Ordinary profit
Profit
Fiscal year ended
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
March 31, 2025
54,290
18.2
22,371
36.7
22,935
17.8
16,544
13.1
March 31, 2024
45,949
4.0
16,363
(3.2)
19,468
(1.8)
14,626
(51.1)
Basic earnings per share
Diluted earnings per share
Fiscal year ended
Yen
Yen
March 31, 2025
1,340.85
-
March 31, 2024
1,185.50
-
(2) Non-consolidated financial position
Total assets
Net assets
Equity-to-asset ratio
Net assets per share
As of
Millions of yen
Millions of yen
%
Yen
March 31, 2025
122,238
110,376
90.3
8,944.73
March 31, 2024
106,211
94,991
89.4
7,699.15
Reference: Equity
As of March 31, 2025: \110,376 million
As of March 31, 2024: \94,991 million
* Financial results reports are exempt from audit conducted by certified public accountants or an audit firm.
* Proper use of earnings forecasts, and other special matters
(Cautions on forward-looking statements, etc.)
The forward-looking statements, including forecasts of financial results, contained in these materials are based on information available to the Company and on certain assumptions deemed to be reasonable. Actual financial results may differ from the results anticipated in the statements due to various factors.
1. Qualitative Information for the Current Fiscal Year
(1) Business Results
During the fiscal year ended March 31, 2025, the trends in various policies under the new U.S. administration attracted attention, and geopolitical risks, including the situation in Ukraine and the Middle East, continued to be a global concern. In addition, fluctuations in foreign exchange rates persisted. In the high-tech market, there was a noticeable increase in technological innovations and investments related to generative AI.
Working within this business environment, in the semiconductor-related business, demand for general-purpose memory weakened due to market conditions, but in the tele communication-related business, performance for next-generation, high-speed communications expanded, and in the automobile-related business, sales for new energy vehicles remained strong.
As a result, consolidated net sales for the fiscal year ended March 31, 2025 increased 16.7% from the same period of last year to 71,849 million yen. Operating profit grew 35.9% from the same period last year to 26,914 million yen, ordinary profit was up 28.0% from the same period last year to 27,033 million yen, and profit attributable to owners of parent increased 26.5% from the same period last year to 19,242 million yen.
Sales and profits by segment are as follows.
(Ceramic Components Business)
In the semiconductor-related business, demand for general-purpose memories weakened due to market conditions, but in the tele-communication related business, performance for next-generation, high-speed communications expanded, and in the automobile-related business, demand for new energy vehicles remained strong.
As a result, consolidated net sales for the fiscal year ended March 31, 2025 increased 17.4% from the same period of last year to 62,487 million yen, and segment profit grew 35.3% from the same period of last year to 27,086 million yen.
(Lighting Equipment Business)
In this segment, sales of lighting for the high-end new condominium market were brisk, and business for public LED lighting installation projects remained steady.
As a result, consolidated net sales for the first nine months of the fiscal year ending March 31, 2025 increased 12.4% from the same period of last year to 9,362 million yen, and segment profit increased 27.1% from the same period of last year to 1,437 million yen.
(2) Financial Conditions
(Assets)
Current assets at the fiscal year ended March 31, 2025, totaled 100,290 million yen, an increase of 16,804 million yen from the end of the previous fiscal year. This was mainly due to an increase in cash and deposits equivalents. Fixed assets totaled 41,995 million yen, up 2,965 million yen from the end of the previous fiscal year. This was due to an increase in construction in progress.
As a result, total assets amounted to 142,285 million yen, up 19,770 million yen from the end of the previous fiscal year.
(Liabilities)
Current liabilities at the end of the fiscal year ending March 31, 2025, amounted to 13,933 million yen, up 1,111 million yen from the end of the previous fiscal year. This was mainly due to an increase in income taxes payable. Fixed liabilities came to 498 million yen, up 8 million yen from the end of the previous fiscal year. This was mainly due to an increase in deferred tax liabilities.
As a result, total liabilities amounted to 14,431 million yen, up 1,119 million yen from the end of the previous fiscal year.
(Net Assets)
Total net assets were 127,854 million yen at the fiscal year ended March 31, 2025, up 18,650 million yen from the end of the previous fiscal year. This was due to profit attributable to owners of parent company of 19,242 million yen.
As a result, the equity ratio was 89.9% (89.1% at the end of the previous fiscal year).
(3) Overview of Cash Flows
Cash and cash equivalents at the end of the current consolidated fiscal year increased by 16,554 million yen from the end of the previous fiscal year, totaling 71,568 million yen, despite expenditures for the acquisition of property, plant and equipment, among other factors.
The cash flow status for the fiscal year is as follows.
Net cash provided by operating activities amounted to 25,351 million yen, an increase of 8,128 million yen compared to the previous fiscal year.
Net cash used in investing activities was 7,682 million yen, a decrease of 3,131 million yen from the previous fiscal year.
Net cash used in financing activities totaled 1,512 million yen, representing an increase of 149 million yen year on year.
(4) Future Outlook
In the outlook for the fiscal year ending March 31, 2026, we believe the direct impact from the Trump tariffs on our business will be limited. This is because many of our core products are based on differentiated materials that are not easily substituted by competitors, and we are also launching a number of next-generation products starting this fiscal year. However, given the continued uncertainty in the global economic environment, including the outlook for economic conditions in various countries and geopolitical factors, we have set our guidance conservatively to fully account for potential risks.
In the tele communication-related business, we forecast that demand will continue to be strong for next-generation, high-speed communications.
In the automobile-related business, we expect demand for new energy vehicles to remain strong. To further enhance profitability, we will strengthen our earnings by introducing AI and robotics.
In the semiconductor-related business, we expect to see growth in demand related to generative AI, as well as a recovery in the memory semiconductor market starting in the second half of the fiscal year. Additionally, an expansion in demand for high-purity SiC, a differentiated product, is anticipated from the second half of the fiscal year.
In the industrial equipment-related business, demand for power modules is expected to remain strong, and new medical-related products are anticipated to contribute positively to performance.
In the lighting equipment-related business, steady growth is expected in lighting for high-end newly constructed condominiums and business for public LED lighting installation projects.
The foreign exchange rate is based on the assumption of 144 yen to the U.S. dollar.
As we expect to continue achieving record-high performance, the dividend for the fiscal year ending March 31, 2026, is scheduled to be increased by 8 yen, the same as the previous fiscal year, resulting in a planned dividend of 102 yen per share.
Consolidated Earnings Forecast for the Second Quarter (Cumulative) of the Fiscal Year Ending March 2026 (Unit: Million Yen)
Results (FY2024)
Forecast (FY2025)
Year on year (%)
Net Sales
34,822
34,900
0.2
Operating Profit
12,789
12,800
0.1
Consolidated Earnings Forecast for the Full Fiscal Year Ending March 2026 (Unit: Million Yen)
Results (FY2024)
Forecast (FY2025)
Year on year (%)
Net Sales
71,849
76,800
6.9
Operating Profit
26,914
28,800
7.0
The above earnings forecasts are based on information available as of the date of this announcement. If revisions become necessary due to various factors in the future, such changes will be disclosed promptly.
Consolidated balance sheet
(Millions of yen)
As of March 31, 2024
As of March 31, 2025
Assets
Current assets
Cash and deposits
55,250
71,793
Notes receivable - trade
360
139
Accounts receivable - trade
13,960
12,420
Electronically recorded monetary claims - operating
1,746
1,319
Merchandise and finished goods
2,248
2,645
Work in process
2,960
3,803
Raw materials and supplies
4,575
5,398
Other
2,516
2,832
Allowance for doubtful accounts
(133)
(62)
Total current assets
83,485
100,290
Non-current assets
Property, plant and equipment
Buildings and structures, net
15,947
14,996
Machinery, equipment and vehicles, net
12,040
13,039
Land
5,005
5,047
Construction in progress
2,952
5,474
Other, net
786
798
Total property, plant and equipment
36,733
39,356
Intangible assets
Other
318
444
Total intangible assets
318
444
Investments and other assets
Investment securities
433
482
Deferred tax assets
487
639
Investment property, net
935
920
Other
121
152
Allowance for doubtful accounts
(0)
(0)
Total investments and other assets
1,977
2,194
Total non-current assets
39,029
41,995
Total assets
122,515
142,285
(Millions of yen)
As of March 31, 2024
As of March 31, 2025
Liabilities
Current liabilities
Notes and accounts payable - trade
2,957
2,965
Electronically recorded obligations - operating
2,355
840
Current portion of long-term borrowings
400
-
Income taxes payable
2,851
4,929
Provision for bonuses
1,042
1,191
Provision for bonuses for directors (and other officers)
124
149
Other
3,091
3,856
Total current liabilities
12,821
13,933
Non-current liabilities
Deferred tax liabilities
127
131
Other
361
366
Total non-current liabilities
489
498
Total liabilities
13,311
14,431
Net assets
Shareholders' equity
Share capital
8,646
8,646
Capital surplus
12,031
12,103
Retained earnings
87,573
105,705
Treasury shares
(210)
(198)
Total shareholders' equity
108,042
126,256
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
171
39
Foreign currency translation adjustment
989
1,557
Total accumulated other comprehensive income
1,161
1,597
Total net assets
109,203
127,854
Total liabilities and net assets
122,515
142,285
Consolidated statement of income
(Millions of yen)
Fiscal year ended March 31, 2024
Fiscal year ended March 31, 2025
Net sales
61,564
71,849
Cost of sales
30,570
32,377
Gross profit
30,994
39,472
Selling, general and administrative expenses
11,192
12,558
Operating profit
19,801
26,914
Non-operating income
Interest income
225
331
Rental income
119
126
Foreign exchange gains
958
-
Other
90
110
Total non-operating income
1,394
567
Non-operating expenses
Interest expenses
1
0
Foreign exchange losses
-
382
Rent expenses on real estate for investments
55
53
Other
16
11
Total non-operating expenses
73
448
Ordinary profit
21,121
27,033
Extraordinary income
Gain on sale of non-current assets
0
0
Gain on sale of investment securities
39
-
Subsidy income
209
2,592
Other
14
-
Total extraordinary income
264
2,592
Extraordinary losses
Loss on sale and retirement of non-current assets
158
105
Loss on tax purpose reduction entry of non-current assets
202
2,360
Other
8
-
Total extraordinary losses
369
2,466
Profit before income taxes
21,016
27,159
Income taxes - current
5,767
8,069
Income taxes - deferred
33
(152)
Total income taxes
5,800
7,917
Profit
15,216
19,242
Profit attributable to owners of parent
15,216
19,242
Consolidated statement of comprehensive income
(Millions of yen)
Fiscal year ended March 31, 2024
Fiscal year ended March 31, 2025
Profit
15,216
19,242
Other comprehensive income
Valuation difference on available-for-sale securities
46
(131)
Foreign currency translation adjustment
737
567
Total other comprehensive income
784
435
Comprehensive income
16,000
19,678
Comprehensive income attributable to
Comprehensive income attributable to owners of parent
16,000
19,678
Consolidated statement of changes in equity
Fiscal year ended March 31, 2024
(Millions of yen)
Shareholders' equity
Accumulated other comprehensive income
Total net assets
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Balance at beginning of period
8,646
12,018
73,381
(209)
93,838
125
251
377
94,215
Dividends of surplus
(1,024)
(1,024)
(1,024)
Profit attributable to owners of parent
15,216
15,216
15,216
Purchase of treasury shares
(5)
(5)
(5)
Disposal of treasury shares
13
4
17
17
Net changes in items other than shareholders' equity
46
737
784
784
Total changes during period
-
13
14,192
(1)
14,203
46
737
784
14,988
Balance at end of period
8,646
12,031
87,573
(210)
108,042
171
989
1,161
109,203
Consolidated statement of changes in equity
Fiscal year ended March 31, 2025
(Millions of yen)
Shareholders' equity
Accumulated other comprehensive income
Total net assets
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Balance at beginning of period
8,646
12,031
87,573
(210)
108,042
171
989
1,161
109,203
Dividends of surplus
(1,110)
(1,110)
(1,110)
Profit attributable to owners of parent
19,242
19,242
19,242
Purchase of treasury shares
(1)
(1)
(1)
Disposal of treasury shares
72
13
85
85
Net changes in items other than shareholders' equity
(131)
567
435
435
Total changes during period
-
72
18,131
11
18,215
(131)
567
435
18,650
Balance at end of period
8,646
12,103
105,705
(198)
126,256
39
1,557
1,597
127,854
Consolidated statement of cash flows
(Millions of yen)
Fiscal year ended March 31, 2024
Fiscal year ended March 31, 2025
Cash flows from operating activities
Profit before income taxes
21,016
27,159
Depreciation
4,138
4,690
Increase (decrease) in allowance for doubtful accounts
123
(71)
Loss (gain) on sale of investment securities
(31)
-
Loss (gain) on sale and retirement of non-current assets
158
105
Loss on tax purpose reduction entry of non-current assets
202
2,360
Interest and dividend income
(239)
(340)
Interest expenses
1
0
Subsidy income
(209)
(2,592)
Decrease (increase) in trade receivables
(3,106)
2,248
Decrease (increase) in inventories
(784)
(2,001)
Increase (decrease) in trade payables
441
(944)
Other, net
840
409
Subtotal
22,551
31,023
Interest and dividends received
213
340
Interest paid
(1)
(0)
Income taxes refund (paid)
(5,555)
(6,011)
Proceeds from compensation
14
-
Net cash provided by (used in) operating activities
17,222
25,351
Cash flows from investing activities
Net decrease (increase) in time deposits
(9)
-
Purchase of property, plant and equipment
(11,167)
(9,912)
Proceeds from sale of property, plant and equipment
8
0
Payments for retirement of property, plant and equipment
(83)
(74)
Purchase of intangible assets
(74)
(185)
Purchase of investment securities
(123)
(219)
Proceeds from sale of investment securities
320
-
Subsidies received
309
2,692
Other, net
5
15
Net cash provided by (used in) investing activities
(10,814)
(7,682)
Cash flows from financing activities
Repayments of long-term borrowings
(333)
(400)
Purchase of treasury shares
(5)
(1)
Dividends paid
(1,024)
(1,110)
Net cash provided by (used in) financing activities
(1,363)
(1,512)
Effect of exchange rate change on cash and cash equivalents
382
398
Net increase (decrease) in cash and cash equivalents
5,427
16,554
Cash and cash equivalents at beginning of period
49,585
55,013
Cash and cash equivalents at end of period
55,013
71,568
(Notes on segment information, etc.)
Segment Information
1. Overview of Reporting Segments
The Company's reporting segments are those of the Company's constituent units for which segregated financial information is available and is subject to periodic review by the Board of Directors in order to determine the allocation of management resources and evaluate performance.
The Company establishes business divisions for each product and service at its headquarters, and each business division formulates a comprehensive strategy for the products and services it handles in Japan and overseas and develops business activities.
Accordingly, the Company is comprised of product and service segments based on the Business Unit, with two reporting segments: the Ceramic Components Business and the Lighting Equipment Business.
The Ceramic Components segment manufactures and sells electronic components, ceramic substrates, and products related to semiconductor manufacturing equipment. The Lighting Equipment Business manufactures and sells lighting equipment that uses LEDs in addition to conventional lighting equipment.
2. Method of calculating the amount of sales, profits or losses, assets and other items for each reporting segment
The accounting methods for the reported business segments are the same as those used in the preparation of consolidated financial statements.
Profit in the reporting segment is a figure based on operating income. Internal sales and transfers between segments are based on prevailing market prices.
3. Information on the amount of sales, profits or losses, assets and other items for each reporting segment
The previous fiscal year (April 1, 2023 to March 31, 2024)
(in millions of yen)
Reportable segments
Adjustment amount (Note) 1
Amount recorded in consolidated financial statements (Note)2
Ceramic components
Lighting equipment
Total
Sales
Revenues from external customers
53,232
8,332
61,564
-
61,564
Transactions with other segments
6
120
126
(126)
-
Total
53,238
8,452
61,691
(126)
61,564
Segment Profit
20,026
1,130
21,157
(1,355)
19,801
Segment Assets
112,257
8,046
120,304
2,211
122,515
Other items
Depreciation
3,973
88
4,062
76
4,138
Increase in property, plant and equipment and intangible assets
9,534
103
9,638
101
9,739
Note: 1. Segment profit adjustment of (1,355) million yen includes (36) million yen in inter-segment transactions and (1,319) million yen in company-wide expenses that have not been allocated to each reporting segment. Corporate expenses are selling, general and administrative expenses that are not attributable to the reporting segment.
2. Segment profit is adjusted to operating income in the consolidated statements of income.
3. Adjusted segment assets of ¥2,211 million are company-wide assets that have not been allocated to each reporting segment. These include the parent company's surplus funds under management (time deposits, etc.), investment securities, etc., and assets related to the management department.
4. The adjustment for depreciation and amortization of ¥76 million is mainly for depreciation and amortization of company-wide assets that have not been allocated to each reporting segment.
5. Adjustment for the increase in property, plant and equipment and intangible assets of 101 million yen is an increase in company-wide assets that are not primarily allocated to each reporting segment.
The current fiscal year (April 1, 2024 to March 31, 2025)
(in millions of yen)
Reportable segments
Adjustment amount (Note) 1
Amount recorded in consolidated financial statements (Note)2
Ceramic components
Lighting equipment
Total
Sales
Revenues from external customers
62,487
9,362
71,849
-
71,849
Transactions with other segments
7
37
45
(45)
-
Total
62,494
9,400
71,895
(45)
71,849
Segment Profit
27,086
1,437
28,524
(1,609)
26,914
Segment Assets
130,554
9,044
139,598
2,687
142,285
Other items
Depreciation
4,461
96
4,557
132
4,690
Increase in property, plant and equipment and intangible assets
8,854
427
9,282
369
9,652
Note: 1. Segment profit adjustment of (1,609) million yen includes 53 million yen of inter-segment elimination and (1,663) million yen of company-wide expenses not allocated to each reporting segment. Corporate expenses are selling, general and administrative expenses that are not attributable to the reporting segment.
2. Segment profit is adjusted to operating income in the consolidated statements of income.
3. Adjusted segment assets of ¥2,687 million are company-wide assets that have not been allocated to each reporting segment. These include the parent company's surplus funds under management (time deposits, etc.), investment securities, etc., and assets related to the management department.
4. The 132 million yen adjustment for depreciation and amortization is mainly depreciation and amortization of company-wide assets that have not been allocated to each reporting segment.
5. Adjustment for the increase in property, plant and equipment and intangible assets of 369 million yen is an increase in company-wide assets that are not primarily allocated to each reporting segment.
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FR DELBLEZLZBBL
