REG - Maruwa Co Ld - 1st Quarter Results <Origin Href="QuoteRef">5344.T</Origin>
06/09/2014 22:39
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RNS Number : 7694N
Maruwa Co Ld
30 July 2014
30 July 2014
MARUWA CO., LTD.
3-83, Minamihonjigahara-cho, Owariasahi-city, Aichi-pref., 488-0044 JAPAN
Consolidated financial results for the first quarter of Fiscal 2014
MARUWA CO., LTD. today announced its consolidated financial results for the first quarter of Fiscal 2014<1 April 2014 - 30 June 2014> as follows;
I. Summary of Consolidated Financial Results
(1) Summary of consolidated operating results
JPY million
1st Quarter 1st Quarter Change %
1 April - 30 June 1 April - 30 June
2013 2014
Net sales 7,713 7,516 -2.6%
Operating income 828 450 -45.6%
Income before income taxes 977 564 -42.3%
Net income 679 358 -47.3%
Net income per share: JPY
Basic 55.10 28.98 -47.4%
Diluted 55.04 28.97 -47.4%
(2) Summary of consolidated financial condition
As of 31 March As of 30 June Change %
2013 2014
Total assets 49,569 48,213 -2.7%
Total net assets 40,016 40,205 0.5%
Equity ratio 80.7% 83.4% 2.7%
JPY
Total net assets per share 3,239.88 3,255.25
II. Dividends
JPY per share
Fiscal 2013 Fiscal 2014
(forecast)
Interim 17 18
Year-end 17 18
Total 34 36
*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.
Ⅲ. Outlook for the fiscal 2014<1 April 2014 - 30 June 2014>
The forecast figures for business results and dividends announced in 13 May 2014 are changed on half year.
million JPY
Half year Full year
Net sales 15,600 36,500
Operating income 1,180 4,300
Net income 780 2,700
Net income per share 63.16 218.62
Review of Operations
1. Review of Operations
In this consolidated cumulative first quarter, it has gradually risen on
growing expectations of the United States economic recovery due to a rising
trend of capital investment and personal consumption. The European financial
market turmoil has also regained stability and generally recovered. Meanwhile,
emerging markets including China and South-East Asian countries has been under
an uncertain condition because of concerns over slowdown in growth and
frequent political unrest.
In the Japanese economy, market has generally recovered due to improvement of
income environment by turnaround of corporate performance, depreciation of the
yen and rising stock prices led by economic and fiscal policy of 'Abenomics'.
However, the economic condition has still been uncertain because of reverse
effect caused by a last-minute surge in demand due to the consumption tax
hike, slowdown growth of export due to a stagnation of emerging markets and a
high level price of raw materials from yen depreciation.
Under the uncertain market condition, the MARUWA Group's business results
during this quarter has stayed firm especially in ceramic products for power
modules related to energy-savings and environment which are one of our
differentiated products in the ceramic components division. On the other hand,
in the lighting equipment division, the plans of construction period will be
delayed after the second half of the fiscal year and it seems to be difficult
to achieve the prior forecast. This is because of soaring of personnel expense
and material price due to the increase of demand for construction (i.g.
reconstruction demand for Tohoku and facility maintenance for Tokyo
Olympics).
The forecast of this fiscal year, however, remains unchanged from the prior
forecast because it is expected to continue to steadily increase in the
ceramic components division.
As a result, our consolidated sales were 7,516 million yen (decrease 2.6% year
on year). Our operating income was 450 million yen (decrease 45.6% year on
year). Ordinary profit was 550 million yen (decrease 42.2% year on year). Net
income was 358 million yen (decrease 47.3% year on year).
2.Operating Results by Business Division
The Ceramic Components Division
The total sales for this business segment was 5,637 million yen (up 10.8% year
on year).
Markets related to energy-saving and environment are still brisk and the sales
of ceramic products for HEV and LED remained strong.
Lighting Equipment Division
The total sales for this business segment was 1,879 million yen (decrease
28.4% year on year).
The recording of sales and profits will be delayed after the second quarter
because construction plans were delayed while orders were increased. An
operating loss was 316 million yen (compared with an operating profit 37
million yen of the previous fiscal year).
Regarding profits, we are further strengthening the structure of YAMAGIWA and
it steadily produces results. We will continue to develop and expand sales of
ceramic LED modules and lighting equipment.
Review of Operations
Review of operating results by segment
JPY million
1st Quarter 1st Quarter
1 April - 30 June 1 April - 30 June
2013 2014
Ceramic Components:
Net sales 5,088 5,637
Operating income 1,014 1,012
Lighting Equipment:
Net sales 2,626 1,879
Operating income 37 (316)
Total:
Net sales 7,713 7,516
Operating income 1,052 695
Elimination:
Net sales -- --
Operating income (224) (245)
Consolidated:
Net sales 7,713 7,516
Operating income 828 450
3. Financial Condition
Total assets as of the end of this first quarter were 48,213million yen,
decrease 2.7％ from the end of last fiscal year. Total liabilities were 8,007
million yen, decrease 16.2% from the end of last fiscal year. Total net assets
were 40,205 million yen ,increase 0.5% from the end of last fiscal year.
4. Outlook for FY2014 ending 31th March 2015
In the lighting equipment division, the plans of construction period will be
delayed after the second half of the fiscal year and it seems to be difficult
to achieve the prior forecast. This is because of soaring of personnel expense
and material price due to the increase of demand for construction (i.g.
reconstruction demand for Tohoku and facility maintenance for Tokyo
Olympics).
The forecast of this fiscal year, however, remains unchanged from the prior
forecast because it is expected to continue to steadily increase in the
ceramic components division.
JPY million
Half year Full year
business division First quarter Before After Before After
Net sales Ceramic components 5,637 - 11,000 23,200 24,000
Lighting equipment 1,879 - 4,600 13,300 12,500
total 7,516 16,000 15,600 36,500 36,500
operating income Ceramic components 1,012 - 2,020 4,400 4,700
Lighting equipment △316 - △350 900 610
total (after elimination) 450 1,680 1,180 4,300 4,300
The forecast figures for business results and dividends announced in 13 May
2014 are changed on half year.
Consolidated Balance Sheet
JPY million
1st Quarter (Reference)
As of 30 June As of 31 March
2014 2014
ASSETS
Current assets:
Cash & deposits 13,425 13,362
Trade notes and accounts receivable 8,055 8,870
Electronically recorded monetary claims-operating 335 374
Inventories: 6,436 6,025
Deferred tax assets 461 439
Other current assets 617 726
Allowance for doubtful accounts (15) (15)
Total current assets 29,314 29,782
Property, plant & equipment:
Land 3,514 3,512
Buildings & structures 4,642 4,981
Machinery & equipment 6,093 6,169
Other 555 543
Construction in progress 1,050 1,539
Total property, plant & equipment 15,853 16,744
Goodwill 644 716
Other 411 410
Total Intangible assets 1,055 1,126
Investment & other assets:
Total investments & other assets 1,990 1,917
Total assets 48,213 49,569
LIABILITIES
Current liabilities:
Trade notes & accounts payable 3,038 3,639
Current portion of long-term debt 470 445
Accrued income taxes 166 896
Accrued bonus 237 436
Accrued bonus to directors 2 10
Notes payable for property acquisitions 353 453
Other 1,941 1,727
Total current liabilities 6,208 7,605
Long-term liabilities:
Long-term debt 1,034 1,159
Diferrred tax liabilities 239 175
Provision for environmental measures 26 26
Other 500 587
Total long-term liabilities 1,799 1,948
Total liabilities 8,007 9,554
NET ASSETS
Shareholders' equity:
Common stock 8,647 8,647
Capital surplus 11,947 11,947
Retained earnings 19,520 19,372
Treasury stock, at cost (47) (47)
Total shareholders' equity 40,067 39,919
Valuation and translation adjustments:
Net unrealized gains(losses)on available-for-sale securities 79 48
Foreign currency translation adjustments 56 45
Total valuation and translation adjustments 135 94
A subscription warrant and Minority stockholders share 3 3
Total shareholders' equity 3 3
Total net assets 40,205 40,016
Total liabilities and net assets 48,213 49,569
Consolidated Statements of Income
JPY million
1st Quarter 1st Quarter
1 April - 30 June 1 April - 30 June
2013 2014
Net sales 7,713 7,516
Cost of sales 4,913 5,157
Gross profit 2,801 2,359
Selling, general & administrative 1,973 1,909
expenses
Operating income 828 450
Other income (expenses):
Interest & dividend income 10 8
Interest expenses (3) (3)
Rent income 24 22
Rent expenses on real estates for investments (14) (8)
Foreign exchange gain (loss), net 75 74
Gain on sales of noncurrent assets - 0
Compensation income 65 -
Subsidy income - 755
Loss on disposal or sales of property, plant and equipment (12) (2)
Loss on valuation of golf club membership - -
Loss on reduction of noncurrent assets - (738)
Provision for environmental measures (26) -
Other, net 31 7
Other income (expenses), net 150 114
Income before income taxes 977 564
Income taxes:
Current 204 93
Deferred 94 113
Total income taxes 298 206
Minority interests in income 0 0
Net income 679 358
This information is provided by RNS
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