REG - Maruwa Co Ld - Final Results
27/04/2023 10:00
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RNS Number : 6999X Maruwa Co Ld 27 April 2023
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, 2023
(Based on Japanese GAAP)
April 27, 2023
Company name: MARUWA CO., LTD.
Stock exchange listing: Tokyo, Nagoya
Stock code: 5344 URL https://www.maruwa-g.com/
Representative: President and Representative Director Toshiro Kanbe
Inquiries: Director Yukiko Morishita TEL 0561-51-0841
Scheduled date of ordinary general meeting of shareholders: June 22, 2023
Scheduled date to file Securities Report: June 23, 2023
Scheduled date to commence dividend payments: June 23, 2023
Preparation of supplementary material on financial results: Yes
Holding of financial results meeting: Yes (for institutional investors and analysts)
(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2023 (from
April 1, 2022 to March 31, 2023)
(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, 2023 58,804 8.2 20,142 10.6 21,187 10.5 15,020 12.5
Year ended March 31, 2022 54,344 31.1 18,215 77.7 19,182 85.7 13,350 92.5
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, 2023 1,217.45 - 17.3 20.8 34.3
Year ended March 31, 2022 1,082.11 - 18.3 22.1 33.5
(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, 2023 108,031 94,215 87.2 7,636.60
As of March 31, 2022 95,899 79,681 83.1 6,458.45
(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, 2023 15,647 (8,755) (1,882) 49,585
Year ended March 31, 2022 14,757 (3,522) (1,132) 44,385
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, 2022 - 34.00 - 36.00 70.00 863 6.5 1.2
Year ended March 31, 2023 - 38.00 - 40.00 78.00 962 6.4 1.1
Year ending March 31, 2024 - 43.00 - 43.00 86.00 -
(Forecast)
3. Forecast of consolidated financial results for the year ending March 31,
2024 (from April 1, 2023 to March 31, 2024)
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 27,100 (8.7) 9,100 (14.3) - - - - -
September 30, 2023
Full year 61,500 4.6 21,000 4.3 - - - - -
4. Notes
(1) Changes in significant subsidiaries during the year ended March 31, 2023 Yes
(changes in specified subsidiaries resulting in the change in scope of
consolidation):
(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 No
other regulations:
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, 2023 12,372,000 shares As of March 31, 2022 12,372,000 shares
Number of treasury shares at the end of the period
As of March 31, 2023 34,649 shares As of March 31, 2022 34,492 shares
Average number of shares during the period
Year ended March 31, 2023 12,337,413 shares Year ended March 31, 2022 12,337,379 shares
Consolidated financial statements
Consolidated balance sheets
(Millions of yen)
As of March 31, 2022 As of March 31, 2023
Assets
Current assets
Cash and deposits 44,621 49,795
Notes receivable - trade 473 343
Accounts receivable - trade 12,876 10,701
Electronically recorded monetary claims - operating 1,810 1,820
Merchandise and finished goods 1,632 2,267
Work in process 2,648 2,905
Raw materials and supplies 3,706 3,767
Other 2,389 3,043
Allowance for doubtful accounts (9) (9)
Total current assets 70,149 74,634
Non-current assets
Property, plant and equipment
Buildings and structures, net 10,101 14,075
Machinery, equipment and vehicles, net 5,478 7,446
Land 4,699 4,872
Construction in progress 2,653 3,920
Other, net 590 731
Total property, plant and equipment 23,524 31,046
Intangible assets
Other 298 284
Total intangible assets 298 284
Investments and other assets
Investment securities 230 534
Deferred tax assets 637 484
Investment property, net 948 933
Other 111 114
Allowance for doubtful accounts (0) (0)
Total investments and other assets 1,927 2,066
Total non-current assets 25,750 33,397
Total assets 95,899 108,031
(Millions of yen)
As of March 31, 2022 As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade 3,444 2,975
Electronically recorded obligations - operating 2,419 1,542
Short-term borrowings 100 -
Current portion of long-term borrowings 866 333
Income taxes payable 4,731 2,684
Provision for bonuses 866 914
Provision for bonuses for directors (and other officers) 71 124
Other 2,455 4,334
Total current liabilities 14,953 12,910
Non-current liabilities
Long-term borrowings 733 400
Deferred tax liabilities 153 141
Other 377 364
Total non-current liabilities 1,264 905
Total liabilities 16,218 13,816
Net assets
Shareholders' equity
Share capital 8,646 8,646
Capital surplus 12,017 12,018
Retained earnings 59,274 73,381
Treasury shares (207) (209)
Total shareholders' equity 79,732 93,838
Accumulated other comprehensive income
Valuation difference on available-for-sale securities 104 125
Foreign currency translation adjustment (155) 251
Total accumulated other comprehensive income (51) 377
Total net assets 79,681 94,215
Total liabilities and net assets 95,899 108,031
Consolidated statements of income and consolidated statements of comprehensive
income
Consolidated statements of income
(Millions of yen)
Fiscal year ended Fiscal year ended
March 31, 2022 March 31, 2023
Net sales 54,344 58,804
Cost of sales 27,018 28,396
Gross profit 27,326 30,408
Selling, general and administrative expenses 9,110 10,266
Operating profit 18,215 20,142
Non-operating income
Interest income 58 107
Rental income 95 98
Foreign exchange gains 810 861
Other 66 45
Total non-operating income 1,029 1,112
Non-operating expenses
Interest expenses 7 5
Rent expenses on real estate for investments 44 48
Other 11 12
Total non-operating expenses 63 66
Ordinary profit 19,182 21,187
Extraordinary income
Gain on sale of non-current assets 3 0
Gain on sale of investment securities 9 -
Gain on liquidation of subsidiaries - 3
Subsidy income 481 515
Compensation income 186 -
Total extraordinary income 680 519
Extraordinary losses
Loss on sale and retirement of non-current assets 16 61
Loss on tax purpose reduction entry of non-current assets 463 481
Loss related to infectious disease 41 -
Other 8 -
Total extraordinary losses 531 542
Profit before income taxes 19,331 21,164
Income taxes - current 6,208 5,977
Income taxes - deferred (227) 166
Total income taxes 5,980 6,143
Profit 13,350 15,020
Profit attributable to owners of parent 13,350 15,020
Consolidated statements of comprehensive income
(Millions of yen)
Fiscal year ended Fiscal year ended
March 31, 2022 March 31, 2023
Profit 13,350 15,020
Other comprehensive income
Valuation difference on available-for-sale securities (15) 20
Foreign currency translation adjustment 851 407
Total other comprehensive income 835 428
Comprehensive income 14,186 15,448
Comprehensive income attributable to
Comprehensive income attributable to owners of parent 14,186 15,448
Consolidated statements of changes in equity
Fiscal year ended March 31, 2022
(Millions of yen)
Shareholders' equity
Share capital Capital surplus Retained earnings Treasury shares Total shareholders' equity
Balance at beginning of period 8,646 12,005 46,796 (217) 67,231
Cumulative effects of changes in accounting policies (8) (8)
Restated balance 8,646 12,005 46,787 (217) 67,222
Changes during period
Dividends of surplus (863) (863)
Profit attributable to owners of parent 13,350 13,350
Purchase of treasury shares (2) (2)
Disposal of treasury shares 12 12 24
Net changes in items other than shareholders' equity
Total changes during period - 12 12,486 10 12,509
Balance at end of period 8,646 12,017 59,274 (207) 79,732
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 119 (1,006) (886) 66,344
Cumulative effects of changes in accounting policies (8)
Restated balance 119 (1,006) (886) 66,335
Changes during period
Dividends of surplus (863)
Profit attributable to owners of parent 13,350
Purchase of treasury shares (2)
Disposal of treasury shares 24
Net changes in items other than shareholders' equity (15) 851 835 835
Total changes during period (15) 851 835 13,345
Balance at end of period 104 (155) (51) 79,681
Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders' equity
Share capital Capital surplus Retained earnings Treasury shares Total shareholders' equity
Balance at beginning of period 8,646 12,017 59,274 (207) 79,732
Changes during period
Dividends of surplus (912) (912)
Profit attributable to owners of parent 15,020 15,020
Purchase of treasury shares (2) (2)
Disposal of treasury shares 0 0 1
Net changes in items other than shareholders' equity
Total changes during period - 0 14,107 (1) 14,106
Balance at end of period 8,646 12,018 73,381 (209) 93,838
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 104 (155) (51) 79,681
Changes during period
Dividends of surplus (912)
Profit attributable to owners of parent 15,020
Purchase of treasury shares (2)
Disposal of treasury shares 1
Net changes in items other than shareholders' equity 20 407 428 428
Total changes during period 20 407 428 14,534
Balance at end of period 125 251 377 94,215
Consolidated statements of cash flows
(Millions of yen)
Fiscal year ended Fiscal year ended
March 31, 2022 March 31, 2023
Cash flows from operating activities
Profit before income taxes 19,331 21,164
Depreciation 2,570 3,087
Increase (decrease) in allowance for doubtful accounts (34) (0)
Loss (gain) on sale of investment securities (0) -
Loss (gain) on sale and retirement of non-current assets 13 61
Loss on tax purpose reduction entry of non-current assets 463 481
Interest and dividend income (63) (112)
Interest expenses 7 5
Subsidy income (481) (515)
Compensation income (186) -
Decrease (increase) in trade receivables (3,883) 2,388
Decrease (increase) in inventories (1,527) (917)
Increase (decrease) in trade payables 1,519 (1,324)
Other, net 277 (1,007)
Subtotal 18,005 23,310
Interest and dividends received 63 112
Interest paid (7) (5)
Income taxes refund (paid) (3,489) (7,769)
Proceeds from compensation 186 -
Net cash provided by (used in) operating activities 14,757 15,647
Cash flows from investing activities
Net decrease (increase) in time deposits (12) 31
Purchase of property, plant and equipment (3,738) (8,697)
Proceeds from sale of property, plant and equipment 6 0
Purchase of intangible assets (70) (27)
Purchase of investment securities (235) (286)
Proceeds from sale of investment securities 232 -
Subsidies received 285 211
Other, net 9 12
Net cash provided by (used in) investing activities (3,522) (8,755)
Cash flows from financing activities
Repayments of short-term borrowings - (100)
Repayments of long-term borrowings (266) (866)
Purchase of treasury shares (2) (2)
Dividends paid (863) (912)
Net cash provided by (used in) financing activities (1,132) (1,882)
Effect of exchange rate change on cash and cash equivalents 394 188
Net increase (decrease) in cash and cash equivalents 10,497 5,199
Cash and cash equivalents at beginning of period 33,888 44,385
Cash and cash equivalents at end of period 44,385 49,585
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