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RNS Number : 0435M Maruwa Co Ld 25 April 2024
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, 2024
(Based on Japanese GAAP)
April 25, 2024
Company name: MARUWA CO., LTD.
Stock exchange listing: Tokyo, Nagoya
Stock code: 5344 URL https://www.maruwa-g.com/
Representative: President Toshiro Kanbe
Inquiries: Corporate Officer Daisuke Yamaguchi TEL 0561-51-0841
Scheduled date of ordinary general meeting of shareholders: June 20, 2024
Scheduled date to file Securities Report: June 21, 2024
Scheduled date to commence dividend payments: June 21, 2024
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, 2024 (from
April 1, 2023 to March 31, 2024)
(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, 2024 61,564 4.7 19,801 (1.7) 21,121 (0.3) 15,216 1.3
Year ended March 31, 2023 58,804 8.2 20,142 10.6 21,187 10.5 15,020 12.5
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, 2024 1,233.30 - 15.0 18.3 32.2
Year ended March 31, 2023 1,217.45 - 17.3 20.8 34.3
(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, 2024 122,515 109,203 89.1 8,851.10
As of March 31, 2023 108,031 94,215 87.2 7,636.60
(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, 2024 17,222 (10,814) (1,363) 55,013
Year ended March 31, 2023 15,647 (8,755) (1,882) 49,585
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, 2023 - 38.00 - 40.00 78.00 962 6.4 1.1
Year ended March 31, 2024 - 43.00 - 43.00 86.00 1,061 7.0 1.0
Year ending March 31, 2025 - 47.00 - 47.00 94.00 -
(Forecast)
3. Forecast of consolidated financial results for the year ending March 31,
2025 (from April 1, 2024 to March 31, 2025)
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 30,800 9.8 10,000 15.6 - - - - -
September 30, 2024
Full year 70,300 14.2 23,000 16.2 - - - - -
4. Notes
(1) Changes in significant subsidiaries during the year ended March 31, 2024 No
(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, 2024 12,372,000 shares As of March 31, 2023 12,372,000 shares
Number of treasury shares at the end of the period
As of March 31, 2024 34,125 shares As of March 31, 2023 34,649 shares
Average number of shares during the period
Year ended March 31, 2024 12,337,609 shares Year ended March 31, 2023 12,337,413 shares
Consolidated financial statements
Consolidated balance sheets
(Millions of yen)
As of March 31, 2023 As of March 31, 2024
Assets
Current assets
Cash and deposits 49,795 55,250
Notes receivable - trade 343 360
Accounts receivable - trade 10,701 13,960
Electronically recorded monetary claims - operating 1,820 1,746
Merchandise and finished goods 2,267 2,248
Work in process 2,905 2,960
Raw materials and supplies 3,767 4,575
Other 3,043 2,516
Allowance for doubtful accounts (9) (133)
Total current assets 74,634 83,485
Non-current assets
Property, plant and equipment
Buildings and structures, net 14,075 15,947
Machinery, equipment and vehicles, net 7,446 12,040
Land 4,872 5,005
Construction in progress 3,920 2,952
Other, net 731 786
Total property, plant and equipment 31,046 36,733
Intangible assets
Other 284 318
Total intangible assets 284 318
Investments and other assets
Investment securities 534 433
Deferred tax assets 484 487
Investment property, net 933 935
Other 114 121
Allowance for doubtful accounts (0) (0)
Total investments and other assets 2,066 1,977
Total non-current assets 33,397 39,029
Total assets 108,031 122,515
(Millions of yen)
As of March 31, 2023 As of March 31, 2024
Liabilities
Current liabilities
Notes and accounts payable - trade 2,975 2,957
Electronically recorded obligations - operating 1,542 2,355
Current portion of long-term borrowings 333 400
Income taxes payable 2,684 2,851
Provision for bonuses 914 1,042
Provision for bonuses for directors (and other officers) 124 124
Other 4,334 3,091
Total current liabilities 12,910 12,821
Non-current liabilities
Long-term borrowings 400 -
Deferred tax liabilities 141 127
Other 364 361
Total non-current liabilities 905 489
Total liabilities 13,816 13,311
Net assets
Shareholders' equity
Share capital 8,646 8,646
Capital surplus 12,018 12,031
Retained earnings 73,381 87,573
Treasury shares (209) (210)
Total shareholders' equity 93,838 108,042
Accumulated other comprehensive income
Valuation difference on available-for-sale securities 125 171
Foreign currency translation adjustment 251 989
Total accumulated other comprehensive income 377 1,161
Total net assets 94,215 109,203
Total liabilities and net assets 108,031 122,515
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, 2023 March 31, 2024
Net sales 58,804 61,564
Cost of sales 28,396 30,570
Gross profit 30,408 30,994
Selling, general and administrative expenses 10,266 11,192
Operating profit 20,142 19,801
Non-operating income
Interest income 107 225
Rental income 98 119
Foreign exchange gains 861 958
Other 45 90
Total non-operating income 1,112 1,394
Non-operating expenses
Interest expenses 5 1
Rent expenses on real estate for investments 48 55
Other 12 16
Total non-operating expenses 66 73
Ordinary profit 21,187 21,121
Extraordinary income
Gain on sale of non-current assets 0 0
Gain on sale of investment securities - 39
Gain on liquidation of subsidiaries 3 -
Subsidy income 515 209
Other - 14
Total extraordinary income 519 264
Extraordinary losses
Loss on sale and retirement of non-current assets 61 158
Loss on tax purpose reduction entry of non-current assets 481 202
Other - 8
Total extraordinary losses 542 369
Profit before income taxes 21,164 21,016
Income taxes - current 5,977 5,767
Income taxes - deferred 166 33
Total income taxes 6,143 5,800
Profit 15,020 15,216
Profit attributable to owners of parent 15,020 15,216
Consolidated statements of comprehensive income
(Millions of yen)
Fiscal year ended Fiscal year ended
March 31, 2023 March 31, 2024
Profit 15,020 15,216
Other comprehensive income
Valuation difference on available-for-sale securities 20 46
Foreign currency translation adjustment 407 737
Total other comprehensive income 428 784
Comprehensive income 15,448 16,000
Comprehensive income attributable to
Comprehensive income attributable to owners of parent 15,448 16,000
Consolidated statements of changes in equity
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
Fiscal year ended March 31, 2024
(Millions of yen)
Shareholders' equity
Share capital Capital surplus Retained earnings Treasury shares Total shareholders' equity
Balance at beginning of period 8,646 12,018 73,381 (209) 93,838
Changes during period
Dividends of surplus (1,024) (1,024)
Profit attributable to owners of parent 15,216 15,216
Purchase of treasury shares (5) (5)
Disposal of treasury shares 13 4 17
Net changes in items other than shareholders' equity
Total changes during period - 13 14,192 (1) 14,203
Balance at end of period 8,646 12,031 87,573 (210) 108,042
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 125 251 377 94,215
Changes during period
Dividends of surplus (1,024)
Profit attributable to owners of parent 15,216
Purchase of treasury shares (5)
Disposal of treasury shares 17
Net changes in items other than shareholders' equity 46 737 784 784
Total changes during period 46 737 784 14,988
Balance at end of period 171 989 1,161 109,203
Consolidated statements of cash flows
(Millions of yen)
Fiscal year ended Fiscal year ended
March 31, 2023 March 31, 2024
Cash flows from operating activities
Profit before income taxes 21,164 21,016
Depreciation 3,087 4,138
Increase (decrease) in allowance for doubtful accounts (0) 123
Loss (gain) on sale of investment securities - (31)
Loss (gain) on sale and retirement of non-current assets 61 158
Loss on tax purpose reduction entry of non-current assets 481 202
Interest and dividend income (112) (239)
Interest expenses 5 1
Subsidy income (515) (209)
Decrease (increase) in trade receivables 2,388 (3,106)
Decrease (increase) in inventories (917) (784)
Increase (decrease) in trade payables (1,324) 441
Other, net (1,007) 840
Subtotal 23,310 22,551
Interest and dividends received 112 213
Interest paid (5) (1)
Income taxes refund (paid) (7,769) (5,555)
Proceeds from compensation - 14
Net cash provided by (used in) operating activities 15,647 17,222
Cash flows from investing activities
Net decrease (increase) in time deposits 31 (9)
Purchase of property, plant and equipment (8,697) (11,167)
Proceeds from sale of property, plant and equipment 0 8
Payments for retirement of property, plant and equipment - (83)
Purchase of intangible assets (27) (74)
Purchase of investment securities (286) (123)
Proceeds from sale of investment securities - 320
Subsidies received 211 309
Other, net 12 5
Net cash provided by (used in) investing activities (8,755) (10,814)
Cash flows from financing activities
Repayments of short-term borrowings (100) -
Repayments of long-term borrowings (866) (333)
Purchase of treasury shares (2) (5)
Dividends paid (912) (1,024)
Net cash provided by (used in) financing activities (1,882) (1,363)
Effect of exchange rate change on cash and cash equivalents 188 382
Net increase (decrease) in cash and cash equivalents 5,199 5,427
Cash and cash equivalents at beginning of period 44,385 49,585
Cash and cash equivalents at end of period 49,585 55,013
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