Maruwa Co Ld - Final Results FY2016

Maruwa Co

08/05/2017 11:32

RNS Number : 4731E

Maruwa Co Ld

08 May 2017

Translation

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, 2017
(Based on Japanese GAAP)
May 8, 2017
Company name:
MARUWA CO., LTD.
Stock exchange listing:
Tokyo, Nagoya
Stock code:
5344
URL http://www.maruwa-g.com/
Representative:
President and Representative Director
Sei Kanbe
Inquiries:
General Manager of Administrative Division
Tamaki Nozoki
TEL 0561-51-0839
Scheduled date of ordinary general meeting of shareholders:
June 22, 2017
Scheduled date to file Securities Report:
June 23, 2017
Scheduled date to commence dividend payments:
June 23, 2017
Preparation of supplementary material on financial results:
No
Holding of financial results meeting:
No


(Amounts are rounded off to the nearest million yen)

1. Consolidated financial results for the year ended March 31, 2017 (from April 1, 2016 to March 31, 2017)

(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, 2017
32,187
5.3
4,953
29.9
4,978
34.5
2,850
24.6
Year ended March 31, 2016
30,578
(6.8)
3,812
58.6
3,702
30.3
2,287
158.7

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, 2017
230.76
230.76
6.7
10.0
15.4
Year ended March 31, 2016
185.18
185.17
5.5
7.6
12.5

(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, 2017
50,594
43,317
85.6
3,506.80
As of March 31, 2016
48,550
41,700
85.9
3,376.42

(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, 2017
5,349
(1,248)
(707)
17,834
Year ended March 31, 2016
4,154
(1,675)
(1,406)
14,541

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, 2016
-
19.00
-
19.00
38.00
469
20.5
1.1
Year ended March 31, 2017
-
20.00
-
20.00
40.00
494
17.3
1.2
Year ending March 31, 2018
(Forecast)
-
22.00
-
22.00
44.00
16.0


3. Forecast of consolidated financial results for the year ending March 31, 2018 (from April 1, 2017 to March 31, 2018)

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, 2017
14,800
(2.4)
2,100
(8.9)
2,100
3.6
1,300
12.8
105.24
Full year
33,350
3.6
5,400
9.0
5,450
9.5
3,400
19.3
275.25

4. Notes

(1) Changes in significant subsidiaries during the year ended March 31, 2017
(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:
Yes
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, 2017
12,372,000
shares
As of March 31, 2016
12,372,000
shares

Number of treasury shares at the end of the period

As of March 31, 2017
19,629
shares
As of March 31, 2016
22,033
shares

Average number of shares during the period

Year ended March 31, 2017
12,351,647
shares
Year ended March 31, 2016
12,350,001
shares

Consolidated financial statements

Consolidated balance sheets

(Thousands of yen)
As of March 31, 2016
As of March 31, 2017
Assets
Current assets
Cash and deposits
15,379,533
18,027,047
Notes and accounts receivable - trade
8,042,230
8,736,607
Electronically recorded monetary claims - operating
572,146
503,711
Merchandise and finished goods
2,489,838
2,222,216
Work in process
1,702,316
1,400,373
Raw materials and supplies
3,095,281
3,249,130
Deferred tax assets
285,439
321,655
Other
833,428
755,238
Allowance for doubtful accounts
(1,990)
(2,850)
Total current assets
32,398,221
35,213,128
Non-current assets
Property, plant and equipment
Buildings and structures
10,078,873
10,073,490
Accumulated depreciation
(5,519,695)
(5,731,786)
Buildings and structures, net
4,559,178
4,341,704
Machinery, equipment and vehicles
18,712,379
18,213,958
Accumulated depreciation
(13,799,300)
(14,338,010)
Machinery, equipment and vehicles, net
4,913,079
3,875,948
Land
3,503,763
3,668,726
Construction in progress
276,133
679,006
Other
3,553,267
3,590,736
Accumulated depreciation
(3,007,107)
(3,029,884)
Other, net
546,160
560,852
Total property, plant and equipment
13,798,312
13,126,236
Intangible assets
Goodwill
135,905
20,741
Other
433,269
278,983
Total intangible assets
569,174
299,724
Investments and other assets
Investment securities
233,596
309,384
Deferred tax assets
96,556
177,882
Real estate for investment
1,023,527
1,020,702
Buildings and structures
662,939
680,969
Accumulated depreciation
(342,336)
(361,238)
Buildings and structures, net
320,604
319,731
Land
688,833
688,833
Other
42,204
42,204
Accumulated depreciation
(28,114)
(30,066)
Other, net
14,090
12,138
Other
448,556
502,391
Allowance for doubtful accounts
(18,167)
(55,586)
Total investments and other assets
1,784,068
1,954,774
Total non-current assets
16,151,555
15,380,733
Total assets
48,549,776
50,593,861

(Thousands of yen)
As of March 31, 2016
As of March 31, 2017
Liabilities
Current liabilities
Notes and accounts payable - trade
3,068,282
3,202,069
Current portion of long-term loans payable
137,984
22,800
Income taxes payable
589,934
1,024,873
Provision for bonuses
503,850
458,386
Provision for directors' bonuses
23,750
27,500
Notes payable - facilities
169,681
301,784
Other
1,824,564
1,726,212
Total current liabilities
6,318,045
6,763,623
Non-current liabilities
Long-term loans payable
115,409
-
Deferred tax liabilities
76,973
187,311
Provision for environmental measures
13,527
13,527
Other
325,379
312,136
Total non-current liabilities
531,288
512,974
Total liabilities
6,849,333
7,276,597
Net assets
Shareholders' equity
Capital stock
8,646,720
8,646,720
Capital surplus
11,946,793
11,948,947
Retained earnings
21,654,339
24,022,963
Treasury shares
(47,072)
(42,051)
Total shareholders' equity
42,200,781
44,576,578
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
53,057
121,179
Foreign currency translation adjustment
(555,170)
(1,380,493)
Total accumulated other comprehensive income
(502,113)
(1,259,314)
Subscription rights to shares
1,775
-
Total net assets
41,700,443
43,317,264
Total liabilities and net assets
48,549,776
50,593,861

Consolidated statements of income and consolidated statements of comprehensive income

Consolidated statements of income

(Thousands of yen)
Fiscal year ended
March 31, 2016
Fiscal year ended
March 31, 2017
Net sales
30,578,092
32,187,205
Cost of sales
19,594,309
20,296,949
Gross profit
10,983,783
11,890,256
Selling, general and administrative expenses
7,171,349
6,937,026
Operating profit
3,812,434
4,953,230
Non-operating income
Interest income
50,853
38,078
Rent income
105,614
85,349
Other
63,210
95,245
Total non-operating income
219,677
218,672
Non-operating expenses
Interest expenses
5,267
1,312
Foreign exchange losses
245,869
95,102
Rent expenses on real estate for investments
38,954
51,679
Other
40,225
45,737
Total non-operating expenses
330,315
193,829
Ordinary profit
3,701,796
4,978,073
Extraordinary income
Gain on sales of non-current assets
3,633
723
Gain on sales of investment securities
-
554
Subsidy income
-
6,032
Total extraordinary income
3,633
7,310
Extraordinary losses
Loss on sales and retirement of non-current assets
28,357
100,947
Loss on sales of investment securities
6,816
-
Loss on valuation of investments in capital of subsidiaries and associates
18,940
-
Loss on liquidation of business
-
230,021
Impairment loss
-
341,766
Other
5,900
10,892
Total extraordinary losses
60,013
683,626
Profit before income taxes
3,645,416
4,301,756
Income taxes - current
1,068,997
1,452,514
Income taxes - deferred
289,454
(1,078)
Total income taxes
1,358,451
1,451,436
Profit
2,286,965
2,850,320
Profit (loss) attributable to non-controlling interests
(0)
-
Profit attributable to owners of parent
2,286,965
2,850,320

Consolidated statements of comprehensive income

(Thousands of yen)
Fiscal year ended
March 31, 2016
Fiscal year ended
March 31, 2017
Profit
2,286,965
2,850,320
Other comprehensive income
Valuation difference on available-for-sale securities
(77,544)
68,122
Foreign currency translation adjustment
(1,050,483)
(825,324)
Total other comprehensive income
(1,128,028)
(757,202)
Comprehensive income
1,158,937
2,093,119
Comprehensive income attributable to
Comprehensive income attributable to owners of parent
1,158,938
2,093,119
Comprehensive income attributable to non-controlling interests
(0)
-

Consolidated statements of changes in equity

Fiscal year ended March 31, 2016

(Thousands of yen)
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Balance at beginning of current period
8,646,720
11,946,793
19,824,325
(46,922)
40,370,916
Changes of items during period
Dividends of surplus
(456,951)
(456,951)
Profit attributable to owners of parent
2,286,965
2,286,965
Purchase of treasury shares
(149)
(149)
Disposal of treasury shares
Net changes of items other than shareholders' equity
Total changes of items during period
-
-
1,830,015
(149)
1,829,865
Balance at end of current period
8,646,720
11,946,793
21,654,339
(47,072)
42,200,781

Accumulated other comprehensive income
Subscription rights to shares
Non-controlling interests
Total net assets
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Balance at beginning of current period
130,601
495,314
625,915
1,775
1,293
40,999,898
Changes of items during period
Dividends of surplus
(456,951)
Profit attributable to owners of parent
2,286,965
Purchase of treasury shares
(149)
Disposal of treasury shares
Net changes of items other than shareholders' equity
(77,544)
(1,050,483)
(1,128,028)
(1,293)
(1,129,321)
Total changes of items during period
(77,544)
(1,050,483)
(1,128,028)
-
(1,293)
700,545
Balance at end of current period
53,057
(555,170)
(502,113)
1,775
-
41,700,443

Fiscal year ended March 31, 2017

(Thousands of yen)
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Balance at beginning of current period
8,646,720
11,946,793
21,654,339
(47,072)
42,200,781
Changes of items during period
Dividends of surplus
(481,697)
(481,697)
Profit attributable to owners of parent
2,850,320
2,850,320
Purchase of treasury shares
(326)
(326)
Disposal of treasury shares
2,153
5,347
7,500
Net changes of items other than shareholders' equity
Total changes of items during period
-
2,153
2,368,623
5,021
2,375,797
Balance at end of current period
8,646,720
11,948,947
24,022,963
(42,051)
44,576,578

Accumulated other comprehensive income
Subscription rights to shares
Total net assets
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Balance at beginning of current period
53,057
(555,170)
(502,113)
1,775
41,700,443
Changes of items during period
Dividends of surplus
(481,697)
Profit attributable to owners of parent
2,850,320
Purchase of treasury shares
(326)
Disposal of treasury shares
7,500
Net changes of items other than shareholders' equity
68,122
(825,324)
(757,202)
(1,775)
(758,977)
Total changes of items during period
68,122
(825,324)
(757,202)
(1,775)
1,616,821
Balance at end of current period
121,179
(1,380,493)
(1,259,314)
-
43,317,264

Consolidated statements of cash flows

(Thousands of yen)
Fiscal year ended
March 31, 2016
Fiscal year ended
March 31, 2017
Cash flows from operating activities
Profit before income taxes
3,645,416
4,301,756
Loss on liquidation of business
-
230,021
Impairment loss
-
341,766
Depreciation
1,903,292
1,822,468
Amortization of goodwill
290,185
115,165
Increase (decrease) in allowance for doubtful accounts
(6,244)
53,448
Loss on valuation of investments in capital of subsidiaries and affiliates
18,940
-
Increase (decrease) in provision for environmental measures
(12,730)
-
Loss (gain) on sales of investment securities
6,816
(554)
Loss (gain) on sales and retirement of non-current assets
24,724
100,224
Interest and dividend income
(63,300)
(42,173)
Foreign exchange losses (gains)
264,023
189,229
Decrease (increase) in notes and accounts receivable - trade
95,205
(804,838)
Decrease (increase) in inventories
(418,729)
(58,933)
Increase (decrease) in notes and accounts payable - trade
(873,176)
145,566
Other, net
97,409
(62,636)
Subtotal
4,971,833
6,330,509
Interest and dividend income received
63,124
44,079
Interest expenses paid
(4,786)
(863)
Income taxes paid
(876,570)
(1,024,751)
Net cash provided by (used in) operating activities
4,153,600
5,348,974
Cash flows from investing activities
Net decrease (increase) in time deposits
(373,723)
635,350
Purchase of property, plant and equipment
(1,342,585)
(1,969,003)
Proceeds from sales of property, plant and equipment
7,485
12,400
Purchase of investment securities
(3,745)
(3,791)
Proceeds from sales of investment securities
95,980
1,210
Purchase of intangible assets
(50,147)
(39,469)
Proceeds from sales of intangible assets
-
120,000
Purchase of long-term prepaid expenses
(1,500)
-
Purchase of shares of subsidiaries
-
(2,536)
Other, net
(6,835)
(1,858)
Net cash provided by (used in) investing activities
(1,675,070)
(1,247,697)
Cash flows from financing activities
Repayments of long-term loans payable
(947,648)
(230,593)
Purchase of treasury shares
(149)
(326)
Proceeds from sales of treasury shares
-
5,725
Cash dividends paid
(456,951)
(481,697)
Dividends paid to non-controlling interests
(1,233)
-
Net cash provided by (used in) financing activities
(1,405,982)
(706,891)
Effect of exchange rate change on cash and cash equivalents
(222,485)
(100,948)
Net increase (decrease) in cash and cash equivalents
850,063
3,293,438
Cash and cash equivalents at beginning of period
13,683,508
14,540,571
Increase in cash and cash equivalents from newly consolidated subsidiary
7,000
-
Cash and cash equivalents at end of period
14,540,571
17,834,008

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