Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.
Summary of Consolidated Financial Results for the Year Ended March 31, 2021 (Based on Japanese GAAP)
April 27, 2021
Company name:
MARUWA CO., LTD.
Stock exchange listing:
Tokyo, Nagoya
Stock code:
5344
URL https://www.maruwa-g.com/
Representative:
President and Representative Director
Sei Kanbe
Inquiries:
Executive Officer
Kouichi Goto
TEL 0561-51-0841
Scheduled date of ordinary general meeting of shareholders:
June 25, 2021
Scheduled date to file Securities Report:
June 28, 2021
Scheduled date to commence dividend payments:
June 28, 2021
Preparation of supplementary material on financial results:
Yes
Holding of financial results meeting:
Yes
(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2021 (from April 1, 2020 to March 31, 2021)
(1) Consolidated operating results
Percentages indicate year-on-year changes
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
Year ended March 31, 2021
41,438
0.5
10,248
9.7
10,330
8.5
6,935
17.7
Year ended March 31, 2020
41,231
0.1
9,345
(2.2)
9,520
(4.1)
5,893
(12.9)
Earnings per share
Diluted earnings per share
Profit attributable to owners of parent/equity
Ordinary profit/total assets
Operating profit/net sales
Yen
Yen
%
%
%
Year ended March 31, 2021
562.30
-
11.0
13.9
24.7
Year ended March 31, 2020
477.88
-
10.3
14.1
22.7
(2) Consolidated financial position
Total assets
Net assets
Equity ratio
Net assets per share
Millions of yen
Millions of yen
%
Yen
As of March 31, 2021
78,059
66,344
85.0
5,378.23
As of March 31, 2020
70,681
59,453
84.1
4,821.14
(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
Millions of yen
Millions of yen
Millions of yen
Millions of yen
Year ended March 31, 2021
10,713
(5,376)
(801)
33,888
Year ended March 31, 2020
10,719
(5,272)
1,420
29,114
2. Cash dividends
Annual dividends per share
Total cash dividends (Total)
Dividend payout ratio (Consolidated)
Ratio of dividends to net assets (Consolidated)
1st quarter-end
2nd quarter-end
3rd quarter-end
Fiscal year-end
Total
Yen
Yen
Yen
Yen
Yen
Millions of yen
%
%
Year ended March 31, 2020
-
26.00
-
26.00
52.00
641
10.9
1.1
Year ended March 31, 2021
-
28.00
-
36.00
64.00
789
11.4
1.3
Year ending March 31, 2022 (Forecast)
-
30.00
-
38.00
68.00
11.2
3. Forecast of consolidated financial results for the year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)
Percentages indicate year-on-year changes
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Earnings per share
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
Yen
Six months ending September 30, 2021
20,000
2.4
5,000
6.7
5,000
7.7
3,500
10.9
283.72
Full year
42,000
1.4
11,000
7.3
11,000
6.5
7,500
8.1
607.99
4. Notes
(1) Changes in significant subsidiaries during the year ended March 31, 2021 (changes in specified subsidiaries resulting in the change in scope of consolidation):
No
(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:
No
Changes in accounting policies due to other reasons:
No
Changes in accounting estimates:
No
Restatement of prior period financial statements:
No
(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2021
12,372,000
shares
As of March 31, 2020
12,372,000
shares
Number of treasury shares at the end of the period
Electronically recorded monetary claims - operating
1,295,434
1,267,548
Merchandise and finished goods
2,061,801
1,641,861
Work in process
2,393,622
2,277,590
Raw materials and supplies
2,756,758
2,463,698
Other
1,757,311
2,148,598
Allowance for doubtful accounts
(8,180)
(8,565)
Total current assets
49,133,297
53,714,567
Non-current assets
Property, plant and equipment
Buildings and structures
12,650,214
17,012,631
Accumulated depreciation
(6,505,584)
(6,967,852)
Buildings and structures, net
6,144,629
10,044,778
Machinery, equipment and vehicles
20,998,043
22,354,975
Accumulated depreciation
(16,567,320)
(17,149,994)
Machinery, equipment and vehicles, net
4,430,722
5,204,980
Land
4,421,234
4,544,075
Construction in progress
3,445,592
1,889,619
Other
3,499,670
3,887,023
Accumulated depreciation
(2,898,143)
(3,238,099)
Other, net
601,527
648,924
Total property, plant and equipment
19,043,706
22,332,378
Intangible assets
Goodwill
195,975
-
Other
254,672
260,512
Total intangible assets
450,648
260,512
Investments and other assets
Investment securities
239,134
248,510
Deferred tax assets
707,858
440,423
Investment property, net
980,003
963,836
Other
130,222
104,396
Allowance for doubtful accounts
(3,240)
(4,677)
Total investments and other assets
2,053,978
1,752,489
Total non-current assets
21,548,333
24,345,380
Total assets
70,681,631
78,059,947
(Thousands of yen)
As of March 31, 2020
As of March 31, 2021
Liabilities
Current liabilities
Notes and accounts payable - trade
1,898,714
2,404,868
Electronically recorded obligations - operating
1,619,355
1,931,969
Short-term borrowings
900,000
100,000
Current portion of long-term borrowings
-
266,688
Income taxes payable
827,864
1,986,715
Provision for bonuses
608,949
699,556
Provision for bonuses for directors (and other officers)
63,000
49,500
Other
3,382,929
2,172,822
Total current liabilities
9,300,813
9,612,119
Non-current liabilities
Long-term borrowings
1,200,000
1,599,968
Deferred tax liabilities
351,419
160,873
Other
375,829
342,809
Total non-current liabilities
1,927,248
2,103,651
Total liabilities
11,228,062
11,715,771
Net assets
Shareholders' equity
Share capital
8,646,720
8,646,720
Capital surplus
11,992,492
12,005,832
Retained earnings
40,526,723
46,796,211
Treasury shares
(239,524)
(217,648)
Total shareholders' equity
60,926,411
67,231,114
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
70,521
119,673
Foreign currency translation adjustment
(1,543,364)
(1,006,611)
Total accumulated other comprehensive income
(1,472,842)
(886,937)
Total net assets
59,453,569
66,344,176
Total liabilities and net assets
70,681,631
78,059,947
Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income
(Thousands of yen)
Fiscal year ended March 31, 2020
Fiscal year ended March 31, 2021
Net sales
41,231,431
41,438,018
Cost of sales
23,685,411
23,074,815
Gross profit
17,546,020
18,363,202
Selling, general and administrative expenses
8,200,209
8,114,991
Operating profit
9,345,810
10,248,211
Non-operating income
Interest income
65,785
51,944
Rental income
94,361
88,098
Foreign exchange gains
45,346
-
Other
34,405
57,585
Total non-operating income
239,899
197,628
Non-operating expenses
Interest expenses
305
6,954
Foreign exchange losses
-
50,765
Rent expenses on real estate for investments
49,924
46,930
Bad debt expenses
6,636
-
Other
8,576
11,160
Total non-operating expenses
65,443
115,810
Ordinary profit
9,520,266
10,330,028
Extraordinary income
Gain on sale of non-current assets
29,529
2,383
Gain on sale of investment securities
11,986
65,414
Gain on liquidation of subsidiaries
-
11,887
Settlement received
100,000
-
Total extraordinary income
141,515
79,685
Extraordinary losses
Loss on sale and retirement of non-current assets
77,797
258,622
Impairment losses
-
169,251
Loss on valuation of investment securities
27,510
-
Loss related to infectious disease
61,025
68,805
Loss on liquidation of business
773,648
-
Other
25,436
28,737
Total extraordinary losses
965,418
525,416
Profit before income taxes
8,696,363
9,884,297
Income taxes - current
2,928,470
2,905,073
Income taxes - deferred
(126,034)
43,762
Total income taxes
2,802,435
2,948,836
Profit
5,893,928
6,935,461
Profit attributable to owners of parent
5,893,928
6,935,461
Consolidated statements of comprehensive income
(Thousands of yen)
Fiscal year ended March 31, 2020
Fiscal year ended March 31, 2021
Profit
5,893,928
6,935,461
Other comprehensive income
Valuation difference on available-for-sale securities
(47,101)
49,152
Foreign currency translation adjustment
(678,378)
536,752
Total other comprehensive income
(725,479)
585,905
Comprehensive income
5,168,449
7,521,366
Comprehensive income attributable to
Comprehensive income attributable to owners of parent
5,168,449
7,521,366
Consolidated statements of changes in equity
Fiscal year ended March 31, 2020
(Thousands of yen)
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Balance at beginning of period
8,646,720
11,994,350
35,249,658
(188,864)
55,701,864
Changes during period
Dividends of surplus
(616,862)
(616,862)
Profit attributable to owners of parent
5,893,928
5,893,928
Purchase of treasury shares
(62,577)
(62,577)
Disposal of treasury shares
(1,857)
11,917
10,060
Net changes in items other than shareholders' equity
Total changes during period
-
(1,857)
5,277,065
(50,660)
5,224,547
Balance at end of period
8,646,720
11,992,492
40,526,723
(239,524)
60,926,411
Accumulated other comprehensive income
Total net assets
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Balance at beginning of period
117,622
(864,986)
(747,363)
54,954,500
Changes during period
Dividends of surplus
(616,862)
Profit attributable to owners of parent
5,893,928
Purchase of treasury shares
(62,577)
Disposal of treasury shares
10,060
Net changes in items other than shareholders' equity
(47,101)
(678,378)
(725,479)
(725,479)
Total changes during period
(47,101)
(678,378)
(725,479)
4,499,068
Balance at end of period
70,521
(1,543,364)
(1,472,842)
59,453,569
Fiscal year ended March 31, 2021
(Thousands of yen)
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Balance at beginning of period
8,646,720
11,992,492
40,526,723
(239,524)
60,926,411
Changes during period
Dividends of surplus
(665,974)
(665,974)
Profit attributable to owners of parent
6,935,461
6,935,461
Purchase of treasury shares
(2,600)
(2,600)
Disposal of treasury shares
13,339
24,476
37,816
Net changes in items other than shareholders' equity
Total changes during period
-
13,339
6,269,487
21,875
6,304,702
Balance at end of period
8,646,720
12,005,832
46,796,211
(217,648)
67,231,114
Accumulated other comprehensive income
Total net assets
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Balance at beginning of period
70,521
(1,543,364)
(1,472,842)
59,453,569
Changes during period
Dividends of surplus
(665,974)
Profit attributable to owners of parent
6,935,461
Purchase of treasury shares
(2,600)
Disposal of treasury shares
37,816
Net changes in items other than shareholders' equity
49,152
536,752
585,905
585,905
Total changes during period
49,152
536,752
585,905
6,890,607
Balance at end of period
119,673
(1,006,611)
(886,937)
66,344,176
Consolidated statements of cash flows
(Thousands of yen)
Fiscal year ended March 31, 2020
Fiscal year ended March 31, 2021
Cash flows from operating activities
Profit before income taxes
8,696,363
9,884,297
Loss on liquidation of business
773,648
-
Impairment losses
-
169,251
Depreciation
2,319,896
2,169,165
Amortization of goodwill
53,447
26,723
Increase (decrease) in allowance for doubtful accounts
(2,015)
1,822
Loss (gain) on liquidation of subsidiaries
-
(11,887)
Loss (gain) on sale of investment securities
(11,986)
(65,414)
Loss (gain) on valuation of investment securities
27,510
-
Loss (gain) on sale and retirement of non-current assets
48,268
256,238
Interest and dividend income
(71,699)
(56,960)
Interest expenses
305
6,954
Foreign exchange losses (gains)
(7,174)
(655)
Decrease (increase) in trade receivables
762,701
(168,693)
Decrease (increase) in inventories
2,084,047
872,189
Increase (decrease) in trade payables
(1,016,862)
664,553
Other, net
716,742
(1,307,844)
Subtotal
14,373,193
12,439,742
Interest and dividends received
71,695
56,962
Interest paid
(305)
(7,044)
Income taxes refund (paid)
(3,725,511)
(1,776,035)
Net cash provided by (used in) operating activities
10,719,072
10,713,625
Cash flows from investing activities
Net decrease (increase) in time deposits
(40,710)
32,896
Purchase of property, plant and equipment
(5,408,367)
(5,536,867)
Proceeds from sale of property, plant and equipment
156,643
4,676
Purchase of intangible assets
(32,104)
(40,732)
Purchase of investment securities
(4,043)
(3,321)
Proceeds from sale of investment securities
32,504
109,450
Proceeds from liquidation of subsidiaries
-
34,582
Other, net
23,591
22,827
Net cash provided by (used in) investing activities
(5,272,485)
(5,376,488)
Cash flows from financing activities
Proceeds from short-term borrowings
900,000
100,000
Repayments of short-term borrowings
-
(900,000)
Proceeds from long-term borrowings
1,200,000
800,000
Repayments of long-term borrowings
-
(133,344)
Purchase of treasury shares
(62,577)
(2,600)
Dividends paid
(616,862)
(665,974)
Net cash provided by (used in) financing activities
1,420,559
(801,918)
Effect of exchange rate change on cash and cash equivalents
(200,924)
238,514
Net increase (decrease) in cash and cash equivalents
6,666,221
4,773,732
Cash and cash equivalents at beginning of period
22,448,368
29,114,590
Cash and cash equivalents at end of period
29,114,590
33,888,322
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