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 Six Months Ended September 30, 2019 (Based on Japanese GAAP)
October 30, 2019
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:
Director, General Manager of Administrative Division
Tamaki Nozoki
TEL 0561-51-0839
Scheduled date to file Quarterly Securities Report:
November 8, 2019
Scheduled date to commence dividend payments:
December 6, 2019
Preparation of supplementary material on quarterly financial results:
No
Holding of quarterly financial results meeting:
No
(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the six months ended September 30, 2019 (from April 1, 2019 to September 30, 2019)
(1) Consolidated operating results (cumulative)
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
%
Six months ended September 30, 2019
20,340
4.6
4,148
(6.1)
4,176
(12.1)
2,868
(11.3)
Six months ended September 30, 2018
19,454
11.5
4,419
13.4
4,750
19.4
3,233
22.4
Earnings per share
Diluted earnings per share
Yen
Yen
Six months ended September 30, 2019
232.51
-
Six months ended September 30, 2018
261.53
-
(2) Consolidated financial position
Total assets
Net assets
Equity ratio
Millions of yen
Millions of yen
%
As of September 30, 2019
65,457
56,930
87.0
As of March 31, 2019
64,627
54,954
85.0
2. Cash dividends
Annual dividends per share
1st quarter-end
2nd quarter-end
3rd quarter-end
Fiscal year-end
Total
Yen
Yen
Yen
Yen
Yen
Year ended March 31, 2019
-
24.00
-
24.00
48.00
Year ending March 31, 2020
-
26.00
Year ending March 31, 2020 (Forecast)
-
26.00
52.00
3. Forecast of consolidated financial results for the year ending March 31, 2020 (from April 1, 2019 to March 31, 2020)
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
Full year
38,000
(7.8)
7,800
(18.4)
7,800
(21.4)
5,300
(21.7)
429.39
4. Notes
(1) Changes in significant subsidiaries during the six months ended September 30, 2019 (changes in specified subsidiaries resulting in the change in scope of consolidation):
No
(2) Application of special accounting methods for preparing quarterly consolidated financial statements:
No
(3) 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
(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2019
12,372,000
shares
As of March 31, 2019
12,372,000
shares
Number of treasury shares at the end of the period
As of September 30, 2019
40,113
shares
As of March 31, 2019
28,920
shares
Average number of shares during the period (cumulative from the beginning of the fiscal year)
Electronically recorded monetary claims - operating
1,476,219
1,115,121
Merchandise and finished goods
3,161,672
2,725,516
Work in process
2,337,293
2,561,188
Raw materials and supplies
4,277,629
3,374,192
Other
1,430,685
802,584
Allowance for doubtful accounts
(1,920)
(4,088)
Total current assets
45,575,080
45,410,945
Non-current assets
Property, plant and equipment
Buildings and structures
12,583,053
12,722,174
Accumulated depreciation
(6,512,559)
(6,618,467)
Buildings and structures, net
6,070,494
6,103,707
Machinery, equipment and vehicles
20,957,313
21,629,041
Accumulated depreciation
(16,322,648)
(16,516,333)
Machinery, equipment and vehicles, net
4,634,664
5,112,707
Land
4,003,430
4,034,929
Construction in progress
813,830
1,313,784
Other
4,615,622
4,618,397
Accumulated depreciation
(3,790,482)
(3,841,324)
Other, net
825,140
777,073
Total property, plant and equipment
16,347,560
17,342,202
Intangible assets
Goodwill
249,423
222,699
Other
283,871
278,462
Total intangible assets
533,294
501,162
Investments and other assets
2,171,586
2,203,180
Total non-current assets
19,052,442
20,046,545
Total assets
64,627,522
65,457,491
(Thousands of yen)
As of March 31, 2019
As of September 30, 2019
Liabilities
Current liabilities
Notes and accounts payable - trade
2,827,288
2,503,992
Electronically recorded obligations - operating
1,704,169
1,069,637
Income taxes payable
1,590,551
1,448,368
Provision for bonuses
627,985
643,641
Provision for bonuses for directors (and other officers)
63,000
7,000
Other
2,047,119
2,072,281
Total current liabilities
8,860,114
7,744,920
Non-current liabilities
Deferred tax liabilities
452,364
408,906
Other
360,543
372,730
Total non-current liabilities
812,907
781,636
Total liabilities
9,673,021
8,526,557
Net assets
Shareholders' equity
Share capital
8,646,720
8,646,720
Capital surplus
11,994,350
11,992,492
Retained earnings
35,249,658
37,821,474
Treasury shares
(188,864)
(239,092)
Total shareholders' equity
55,701,864
58,221,595
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
117,622
132,045
Foreign currency translation adjustment
(864,986)
(1,422,706)
Total accumulated other comprehensive income
(747,363)
(1,290,661)
Total net assets
54,954,500
56,930,933
Total liabilities and net assets
64,627,522
65,457,491
Consolidated statements of income (cumulative) and consolidated statements of comprehensive income (cumulative)
Consolidated statements of income (cumulative)
(Thousands of yen)
Six months ended September 30, 2018
Six months ended September 30, 2019
Net sales
19,454,451
20,340,966
Cost of sales
11,047,244
12,124,683
Gross profit
8,407,206
8,216,282
Selling, general and administrative expenses
3,987,551
4,067,286
Operating profit
4,419,655
4,148,996
Non-operating income
Interest income
13,184
28,652
Rental income
38,518
47,906
Foreign exchange gains
257,184
-
Other
56,322
20,453
Total non-operating income
365,209
97,011
Non-operating expenses
Foreign exchange losses
-
31,667
Rent expenses on real estate for investments
27,451
26,879
Other
6,965
11,018
Total non-operating expenses
34,417
69,565
Ordinary profit
4,750,446
4,176,442
Extraordinary income
Gain on sales of non-current assets
2,947
1,059
Gain on sales of investment securities
3,469
-
Total extraordinary income
6,416
1,059
Extraordinary losses
Loss on sales and retirement of non-current assets
1,577
28,485
Loss on valuation of investment securities
-
27,510
Retirement benefit expenses
11,437
-
Total extraordinary losses
13,014
55,995
Profit before income taxes
4,743,848
4,121,506
Income taxes - current
1,437,390
1,367,200
Income taxes - deferred
73,329
(113,743)
Total income taxes
1,510,719
1,253,457
Profit
3,233,129
2,868,049
Profit attributable to owners of parent
3,233,129
2,868,049
Consolidated statements of comprehensive income (cumulative)
(Thousands of yen)
Six months ended September 30, 2018
Six months ended September 30, 2019
Profit
3,233,129
2,868,049
Other comprehensive income
Valuation difference on available-for-sale securities
(16,303)
14,422
Foreign currency translation adjustment
(16,291)
(557,720)
Total other comprehensive income
(32,595)
(543,297)
Comprehensive income
3,200,534
2,324,752
Comprehensive income attributable to
Comprehensive income attributable to owners of parent
3,200,534
2,324,752
Consolidated statements of cash flows
(Thousands of yen)
Six months ended September 30, 2018
Six months ended September 30, 2019
Cash flows from operating activities
Profit before income taxes
4,743,848
4,121,506
Depreciation
949,949
1,140,487
Amortization of goodwill
-
26,723
Increase (decrease) in allowance for doubtful accounts
(624)
1,114
Increase (decrease) in provision for environmental measures
(3,436)
-
Loss (gain) on sales of investment securities
(3,469)
-
Loss (gain) on valuation of investment securities
-
27,510
Loss (gain) on sales and retirement of non-current assets
(1,370)
27,425
Increase (decrease) in retirement benefit liability
(40,142)
-
Interest and dividend income
(46,660)
(31,607)
Foreign exchange losses (gains)
(84,723)
(5,929)
Decrease (increase) in trade receivables
578,790
1,620,188
Decrease (increase) in inventories
(820,210)
1,010,896
Increase (decrease) in trade payables
(158,961)
(823,121)
Other, net
395,665
207,952
Subtotal
5,508,654
7,323,147
Interest and dividends received
46,654
31,608
Income taxes paid
(2,063,456)
(1,429,303)
Net cash provided by (used in) operating activities
3,491,852
5,925,452
Cash flows from investing activities
Net decrease (increase) in time deposits
13,832
(1,585)
Purchase of property, plant and equipment
(1,391,537)
(2,081,015)
Proceeds from sales of property, plant and equipment
6,007
1,038
Purchase of investment securities
(8,148)
(2,034)
Proceeds from sales of investment securities
9,469
-
Purchase of intangible assets
(30,390)
(29,023)
Other, net
258,057
7,435
Net cash provided by (used in) investing activities
(1,142,709)
(2,105,184)
Cash flows from financing activities
Purchase of treasury shares
(1,506)
(62,145)
Dividends paid
(271,970)
(296,233)
Net cash provided by (used in) financing activities
(273,477)
(358,379)
Effect of exchange rate change on cash and cash equivalents
84,519
(145,095)
Net increase (decrease) in cash and cash equivalents
2,160,185
3,316,793
Cash and cash equivalents at beginning of period
21,799,447
22,448,629
Cash and cash equivalents at end of period
23,959,633
25,765,423
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