REG - Maruwa Co Ld - Final Results
25/04/2025 09:00
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RNS Number : 2215G Maruwa Co Ld 25 April 2025
DISCLAIMER: This document has been translated from a part of the Japanese
original for reference purposes only. In the event of any discrepancy between
this translated document and the Japanese original, the original shall
prevail.
April 25, 2025
Consolidated Financial Results for Fiscal Year 2024
Company name: MARUWA CO., LTD.
Listing: Tokyo Stock
Exchange / Nagoya Stock Exchange
Securities code: 5344
URL:
https://www.maruwa-g.com/
Representative: Toshiro Kambe, President
Inquiries: Daisuke Yamaguchi,
Corporate Officer
Telephone: +81-561-51-0841
Scheduled date of annual general meeting of
shareholders: June 20,
2025
Scheduled date to commence dividend
payments:
June 23, 2025
Scheduled date to file annual securities
report:
June 19, 2025
Preparation of supplementary material on financial
results: Yes
Holding of financial results
briefing:
Yes (for institutional investors and analysts)
Rounded down to the nearest million yen
1. Consolidated financial results for the fiscal year ended March 31,
2025 (from April 1, 2024 to March 31, 2025)
(1) Consolidated operating
results
(Percentages indicate year-on-year changes.)
Net sales Operating profit Ordinary profit Profit attributable to owners of parent
Fiscal year ended Millions of yen % Millions of yen % Millions of yen % Millions of yen %
March 31, 2025 71,849 16.7 26,914 35.9 27,033 28.0 19,242 26.5
March 31, 2024 61,564 4.7 19,801 (1.7) 21,121 (0.3) 15,216 1.3
Note: Comprehensive income For the fiscal year ended March 31,
2025: \19,678
million 23.0%
For the fiscal year ended March 31,
2024: \16,000
million 3.6%
Basic earnings per share Diluted earnings per share Return on equity Ratio of ordinary profit to total assets Ratio of operating profit to net sales
Fiscal year ended Yen Yen % % %
March 31, 2025 1,559.45 - 16.2 20.4 37.5
March 31, 2024 1,233.30 - 15.0 18.3 32.2
(2) Consolidated financial position
Total assets Net assets Equity-to-asset ratio Net assets per share
As of Millions of yen Millions of yen % Yen
March 31, 2025 142,285 127,854 89.9 10,361.04
March 31, 2024 122,515 109,203 89.1 8,851.10
Reference: Equity
As of March 31, 2025:
\127,854 million
As of March 31, 2024:
\109,203 million
(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
Fiscal year ended Millions of yen Millions of yen Millions of yen Millions of yen
March 31, 2025 25,351 (7,682) (1,512) 71,568
March 31, 2024 17,222 (10,814) (1,363) 55,013
2. Cash dividends
Annual dividends per share Total cash dividends (Total) Payout ratio (Consolidated) Ratio of dividends to net assets (Consolidated)
First quarter-end Second quarter-end Third quarter-end Fiscal Total
year-end
Yen Yen Yen Yen Yen Millions of yen % %
Fiscal year ended - 43.00 - 43.00 86.00 1,061 7.0 1.0
March 31, 2024
Fiscal year ended - 47.00 - 47.00 94.00 1,159 6.0 1.0
March 31, 2025
Fiscal year ending 51.00 51.00 102.00 -
March 31, 2026
(Forecast)
3. Forecast of consolidated financial results for the fiscal year ending March
31, 2026 (from April 1, 2025 to March 31, 2026)
(Percentages indicate year-on-year changes.)
Net sales Operating profit Ordinary profit Profit attributable to owners of parent Basic earnings per share
Millions of yen % Millions of yen % Yen % Yen % Yen
Six months ending 34,900 0.2 12,800 0.1 - - - - -
September 30, 2025
Fiscal year ending 76,800 6.9 28,800 7.0 - - - - -
March 31, 2026
Note: We do not disclose specific forecasts for profits below ordinary income
because they are expected to fluctuate mainly due to foreign exchange factors
and are difficult to forecast at this time.
* Notes
(1) Significant changes in the scope of consolidation during the period:
None
(2) Changes in accounting policies, changes in accounting estimates, and
restatement
(i) Changes in accounting policies due to revisions to accounting
standards and other regulations: Yes
(ii) Changes in accounting policies due to other reasons: None
(iii) Changes in accounting estimates: None
(iv) Restatement: None
(3) Number of issued shares (common shares)
(i) Total number of issued shares at the end of the period
(including treasury shares)
As of March 31, 2025 12,372,000 shares
As of March 31, 2024 12,372,000 shares
(ii) Number of treasury shares at the end of the period
As of March 31, 2025 32,112 shares
As of March 31, 2024 34,125 shares
(iii) Average number of shares outstanding during the period
Fiscal year ended March 31, 2025 12,339,106 shares
Fiscal year ended March 31, 2024 12,337,609 shares
Reference Overview of non-consolidated financial results
1. Non-consolidated financial results for the fiscal year ended March
31, 2025 (from April 1, 2024 to March 31, 2025)
(1) Non-consolidated operating
results
(Percentages indicate year-on-year changes.)
Net sales Operating profit Ordinary profit Profit
Fiscal year ended Millions of yen % Millions of yen % Millions of yen % Millions of yen %
March 31, 2025 54,290 18.2 22,371 36.7 22,935 17.8 16,544 13.1
March 31, 2024 45,949 4.0 16,363 (3.2) 19,468 (1.8) 14,626 (51.1)
Basic earnings per share Diluted earnings per share
Fiscal year ended Yen Yen
March 31, 2025 1,340.85 -
March 31, 2024 1,185.50 -
(2) Non-consolidated financial position
Total assets Net assets Equity-to-asset ratio Net assets per share
As of Millions of yen Millions of yen % Yen
March 31, 2025 122,238 110,376 90.3 8,944.73
March 31, 2024 106,211 94,991 89.4 7,699.15
Reference: Equity
As of March 31, 2025:
\110,376 million
As of March 31, 2024:
\94,991 million
* Financial results reports are exempt from audit conducted by certified
public accountants or an audit firm.
* Proper use of earnings forecasts, and other special matters
(Cautions on forward-looking statements, etc.)
The forward-looking statements, including forecasts of financial results,
contained in these materials are based on information available to the Company
and on certain assumptions deemed to be reasonable. Actual financial results
may differ from the results anticipated in the statements due to various
factors.
1. Qualitative Information for the Current Fiscal Year
(1) Business Results
During the fiscal year ended March 31, 2025, the trends in various policies
under the new U.S. administration attracted attention, and geopolitical risks,
including the situation in Ukraine and the Middle East, continued to be a
global concern. In addition, fluctuations in foreign exchange rates persisted.
In the high-tech market, there was a noticeable increase in technological
innovations and investments related to generative AI.
Working within this business environment, in the semiconductor-related
business, demand for general-purpose memory weakened due to market conditions,
but in the tele communication-related business, performance for
next-generation, high-speed communications expanded, and in the
automobile-related business, sales for new energy vehicles remained strong.
As a result, consolidated net sales for the fiscal year ended March 31, 2025
increased 16.7% from the same period of last year to 71,849 million yen.
Operating profit grew 35.9% from the same period last year to 26,914 million
yen, ordinary profit was up 28.0% from the same period last year to 27,033
million yen, and profit attributable to owners of parent increased 26.5% from
the same period last year to 19,242 million yen.
Sales and profits by segment are as follows.
(Ceramic Components Business)
In the semiconductor-related business, demand for general-purpose memories
weakened due to market conditions, but in the tele-communication related
business, performance for next-generation, high-speed communications expanded,
and in the automobile-related business, demand for new energy vehicles
remained strong.
As a result, consolidated net sales for the fiscal year ended March 31, 2025
increased 17.4% from the same period of last year to 62,487 million yen, and
segment profit grew 35.3% from the same period of last year to 27,086 million
yen.
(Lighting Equipment Business)
In this segment, sales of lighting for the high-end new condominium market
were brisk, and business for public LED lighting installation projects
remained steady.
As a result, consolidated net sales for the first nine months of the fiscal
year ending March 31, 2025 increased 12.4% from the same period of last year
to 9,362 million yen, and segment profit increased 27.1% from the same period
of last year to 1,437 million yen.
(2) Financial Conditions
(Assets)
Current assets at the fiscal year ended March 31, 2025, totaled 100,290
million yen, an increase of 16,804 million yen from the end of the previous
fiscal year. This was mainly due to an increase in cash and deposits
equivalents. Fixed assets totaled 41,995 million yen, up 2,965 million yen
from the end of the previous fiscal year. This was due to an increase in
construction in progress.
As a result, total assets amounted to 142,285 million yen, up 19,770 million
yen from the end of the previous fiscal year.
(Liabilities)
Current liabilities at the end of the fiscal year ending March 31, 2025,
amounted to 13,933 million yen, up 1,111 million yen from the end of the
previous fiscal year. This was mainly due to an increase in income taxes
payable. Fixed liabilities came to 498 million yen, up 8 million yen from the
end of the previous fiscal year. This was mainly due to an increase in
deferred tax liabilities.
As a result, total liabilities amounted to 14,431 million yen, up 1,119
million yen from the end of the previous fiscal year.
(Net Assets)
Total net assets were 127,854 million yen at the fiscal year ended March 31,
2025, up 18,650 million yen from the end of the previous fiscal year. This was
due to profit attributable to owners of parent company of 19,242 million yen.
As a result, the equity ratio was 89.9% (89.1% at the end of the previous
fiscal year).
(3) Overview of Cash Flows
Cash and cash equivalents at the end of the current consolidated fiscal year
increased by 16,554 million yen from the end of the previous fiscal year,
totaling 71,568 million yen, despite expenditures for the acquisition of
property, plant and equipment, among other factors.
The cash flow status for the fiscal year is as follows.
Net cash provided by operating activities amounted to 25,351 million yen, an
increase of 8,128 million yen compared to the previous fiscal year.
Net cash used in investing activities was 7,682 million yen, a decrease of
3,131 million yen from the previous fiscal year.
Net cash used in financing activities totaled 1,512 million yen, representing
an increase of 149 million yen year on year.
(4) Future Outlook
In the outlook for the fiscal year ending March 31, 2026, we believe the
direct impact from the Trump tariffs on our business will be limited. This is
because many of our core products are based on differentiated materials that
are not easily substituted by competitors, and we are also launching a number
of next-generation products starting this fiscal year. However, given the
continued uncertainty in the global economic environment, including the
outlook for economic conditions in various countries and geopolitical factors,
we have set our guidance conservatively to fully account for potential risks.
In the tele communication-related business, we forecast that demand will
continue to be strong for next-generation, high-speed communications.
In the automobile-related business, we expect demand for new energy vehicles
to remain strong. To further enhance profitability, we will strengthen our
earnings by introducing AI and robotics.
In the semiconductor-related business, we expect to see growth in demand
related to generative AI, as well as a recovery in the memory semiconductor
market starting in the second half of the fiscal year. Additionally, an
expansion in demand for high-purity SiC, a differentiated product, is
anticipated from the second half of the fiscal year.
In the industrial equipment-related business, demand for power modules is
expected to remain strong, and new medical-related products are anticipated to
contribute positively to performance.
In the lighting equipment-related business, steady growth is expected in
lighting for high-end newly constructed condominiums and business for public
LED lighting installation projects.
The foreign exchange rate is based on the assumption of 144 yen to the U.S.
dollar.
As we expect to continue achieving record-high performance, the dividend
for the fiscal year ending March 31, 2026, is scheduled to be increased by 8
yen, the same as the previous fiscal year, resulting in a planned dividend of
102 yen per share.
Consolidated Earnings Forecast for the Second Quarter (Cumulative) of the
Fiscal Year Ending March 2026 (Unit: Million
Yen)
Results Forecast Year on year (%)
(FY2024) (FY2025)
Net Sales 34,822 34,900 0.2
Operating Profit 12,789 12,800 0.1
Consolidated Earnings Forecast for the Full Fiscal Year Ending March
2026 (Unit: Million Yen)
Results Forecast Year on year (%)
(FY2024) (FY2025)
Net Sales 71,849 76,800 6.9
Operating Profit 26,914 28,800 7.0
The above earnings forecasts are based on information available as of the date
of this announcement. If revisions become necessary due to various factors in
the future, such changes will be disclosed promptly.
Consolidated balance sheet
(Millions of yen)
As of March 31, 2024 As of March 31, 2025
Assets
Current assets
Cash and deposits 55,250 71,793
Notes receivable - trade 360 139
Accounts receivable - trade 13,960 12,420
Electronically recorded monetary claims - operating 1,746 1,319
Merchandise and finished goods 2,248 2,645
Work in process 2,960 3,803
Raw materials and supplies 4,575 5,398
Other 2,516 2,832
Allowance for doubtful accounts (133) (62)
Total current assets 83,485 100,290
Non-current assets
Property, plant and equipment
Buildings and structures, net 15,947 14,996
Machinery, equipment and vehicles, net 12,040 13,039
Land 5,005 5,047
Construction in progress 2,952 5,474
Other, net 786 798
Total property, plant and equipment 36,733 39,356
Intangible assets
Other 318 444
Total intangible assets 318 444
Investments and other assets
Investment securities 433 482
Deferred tax assets 487 639
Investment property, net 935 920
Other 121 152
Allowance for doubtful accounts (0) (0)
Total investments and other assets 1,977 2,194
Total non-current assets 39,029 41,995
Total assets 122,515 142,285
(Millions of yen)
As of March 31, 2024 As of March 31, 2025
Liabilities
Current liabilities
Notes and accounts payable - trade 2,957 2,965
Electronically recorded obligations - operating 2,355 840
Current portion of long-term borrowings 400 -
Income taxes payable 2,851 4,929
Provision for bonuses 1,042 1,191
Provision for bonuses for directors (and other officers) 124 149
Other 3,091 3,856
Total current liabilities 12,821 13,933
Non-current liabilities
Deferred tax liabilities 127 131
Other 361 366
Total non-current liabilities 489 498
Total liabilities 13,311 14,431
Net assets
Shareholders' equity
Share capital 8,646 8,646
Capital surplus 12,031 12,103
Retained earnings 87,573 105,705
Treasury shares (210) (198)
Total shareholders' equity 108,042 126,256
Accumulated other comprehensive income
Valuation difference on available-for-sale securities 171 39
Foreign currency translation adjustment 989 1,557
Total accumulated other comprehensive income 1,161 1,597
Total net assets 109,203 127,854
Total liabilities and net assets 122,515 142,285
Consolidated statement of income
(Millions of yen)
Fiscal year ended Fiscal year ended
March 31, 2024
March 31, 2025
Net sales 61,564 71,849
Cost of sales 30,570 32,377
Gross profit 30,994 39,472
Selling, general and administrative expenses 11,192 12,558
Operating profit 19,801 26,914
Non-operating income
Interest income 225 331
Rental income 119 126
Foreign exchange gains 958 -
Other 90 110
Total non-operating income 1,394 567
Non-operating expenses
Interest expenses 1 0
Foreign exchange losses - 382
Rent expenses on real estate for investments 55 53
Other 16 11
Total non-operating expenses 73 448
Ordinary profit 21,121 27,033
Extraordinary income
Gain on sale of non-current assets 0 0
Gain on sale of investment securities 39 -
Subsidy income 209 2,592
Other 14 -
Total extraordinary income 264 2,592
Extraordinary losses
Loss on sale and retirement of non-current assets 158 105
Loss on tax purpose reduction entry of non-current assets 202 2,360
Other 8 -
Total extraordinary losses 369 2,466
Profit before income taxes 21,016 27,159
Income taxes - current 5,767 8,069
Income taxes - deferred 33 (152)
Total income taxes 5,800 7,917
Profit 15,216 19,242
Profit attributable to owners of parent 15,216 19,242
Consolidated statement of comprehensive income
(Millions of yen)
Fiscal year ended Fiscal year ended
March 31, 2024
March 31, 2025
Profit 15,216 19,242
Other comprehensive income
Valuation difference on available-for-sale securities 46 (131)
Foreign currency translation adjustment 737 567
Total other comprehensive income 784 435
Comprehensive income 16,000 19,678
Comprehensive income attributable to
Comprehensive income attributable to owners of parent 16,000 19,678
Consolidated statement of changes in equity
Fiscal year ended March 31, 2024
(Millions of yen)
Shareholders' equity Accumulated other comprehensive income Total net assets
Share capital Capital surplus Retained earnings Treasury shares Total shareholders' equity Valuation difference on available-for-sale securities Foreign currency translation adjustment Total accumulated other comprehensive income
Balance at beginning of period 8,646 12,018 73,381 (209) 93,838 125 251 377 94,215
Dividends of surplus (1,024) (1,024) (1,024)
Profit attributable to owners of parent 15,216 15,216 15,216
Purchase of treasury shares (5) (5) (5)
Disposal of treasury shares 13 4 17 17
Net changes in items other than shareholders' equity 46 737 784 784
Total changes during period - 13 14,192 (1) 14,203 46 737 784 14,988
Balance at end of period 8,646 12,031 87,573 (210) 108,042 171 989 1,161 109,203
Consolidated statement of changes in equity
Fiscal year ended March 31, 2025
(Millions of yen)
Shareholders' equity Accumulated other comprehensive income Total net assets
Share capital Capital surplus Retained earnings Treasury shares Total shareholders' equity Valuation difference on available-for-sale securities Foreign currency translation adjustment Total accumulated other comprehensive income
Balance at beginning of period 8,646 12,031 87,573 (210) 108,042 171 989 1,161 109,203
Dividends of surplus (1,110) (1,110) (1,110)
Profit attributable to owners of parent 19,242 19,242 19,242
Purchase of treasury shares (1) (1) (1)
Disposal of treasury shares 72 13 85 85
Net changes in items other than shareholders' equity (131) 567 435 435
Total changes during period - 72 18,131 11 18,215 (131) 567 435 18,650
Balance at end of period 8,646 12,103 105,705 (198) 126,256 39 1,557 1,597 127,854
Consolidated statement of cash flows
(Millions of yen)
Fiscal year ended Fiscal year ended
March 31, 2024
March 31, 2025
Cash flows from operating activities
Profit before income taxes 21,016 27,159
Depreciation 4,138 4,690
Increase (decrease) in allowance for doubtful accounts 123 (71)
Loss (gain) on sale of investment securities (31) -
Loss (gain) on sale and retirement of non-current assets 158 105
Loss on tax purpose reduction entry of non-current assets 202 2,360
Interest and dividend income (239) (340)
Interest expenses 1 0
Subsidy income (209) (2,592)
Decrease (increase) in trade receivables (3,106) 2,248
Decrease (increase) in inventories (784) (2,001)
Increase (decrease) in trade payables 441 (944)
Other, net 840 409
Subtotal 22,551 31,023
Interest and dividends received 213 340
Interest paid (1) (0)
Income taxes refund (paid) (5,555) (6,011)
Proceeds from compensation 14 -
Net cash provided by (used in) operating activities 17,222 25,351
Cash flows from investing activities
Net decrease (increase) in time deposits (9) -
Purchase of property, plant and equipment (11,167) (9,912)
Proceeds from sale of property, plant and equipment 8 0
Payments for retirement of property, plant and equipment (83) (74)
Purchase of intangible assets (74) (185)
Purchase of investment securities (123) (219)
Proceeds from sale of investment securities 320 -
Subsidies received 309 2,692
Other, net 5 15
Net cash provided by (used in) investing activities (10,814) (7,682)
Cash flows from financing activities
Repayments of long-term borrowings (333) (400)
Purchase of treasury shares (5) (1)
Dividends paid (1,024) (1,110)
Net cash provided by (used in) financing activities (1,363) (1,512)
Effect of exchange rate change on cash and cash equivalents 382 398
Net increase (decrease) in cash and cash equivalents 5,427 16,554
Cash and cash equivalents at beginning of period 49,585 55,013
Cash and cash equivalents at end of period 55,013 71,568
(Notes on segment information, etc.)
Segment Information
1. Overview of Reporting Segments
The Company's reporting segments are those of the Company's constituent units
for which segregated financial information is available and is subject to
periodic review by the Board of Directors in order to determine the allocation
of management resources and evaluate performance.
The Company establishes business divisions for each product and service at its
headquarters, and each business division formulates a comprehensive strategy
for the products and services it handles in Japan and overseas and develops
business activities.
Accordingly, the Company is comprised of product and service segments based on
the Business Unit, with two reporting segments: the Ceramic Components
Business and the Lighting Equipment Business.
The Ceramic Components segment manufactures and sells electronic components,
ceramic substrates, and products related to semiconductor manufacturing
equipment. The Lighting Equipment Business manufactures and sells lighting
equipment that uses LEDs in addition to conventional lighting equipment.
2. Method of calculating the amount of sales, profits or losses, assets and
other items for each reporting segment
The accounting methods for the reported business segments are the same as
those used in the preparation of consolidated financial statements.
Profit in the reporting segment is a figure based on operating income.
Internal sales and transfers between segments are based on prevailing market
prices.
3. Information on the amount of sales, profits or losses, assets and other
items for each reporting segment
The previous fiscal year (April 1, 2023 to March 31, 2024)
(in millions of yen)
Reportable segments Adjustment amount (Note) 1 Amount recorded in consolidated financial statements (Note)2
Ceramic components Lighting equipment Total
Sales
Revenues from external customers 53,232 8,332 61,564 - 61,564
Transactions with other segments 6 120 126 (126) -
Total 53,238 8,452 61,691 (126) 61,564
Segment Profit 20,026 1,130 21,157 (1,355) 19,801
Segment Assets 112,257 8,046 120,304 2,211 122,515
Other items
Depreciation 3,973 88 4,062 76 4,138
Increase in property, plant and equipment and intangible assets 9,534 103 9,638 101 9,739
Note: 1. Segment profit adjustment of (1,355) million yen includes (36)
million yen in inter-segment transactions and (1,319) million yen in
company-wide expenses that have not been allocated to each reporting segment.
Corporate expenses are selling, general and administrative expenses that are
not attributable to the reporting segment.
2. Segment profit is adjusted to operating income in the consolidated
statements of income.
3. Adjusted segment assets of ¥2,211 million are company-wide assets that
have not been allocated to each reporting segment. These include the parent
company's surplus funds under management (time deposits, etc.), investment
securities, etc., and assets related to the management department.
4. The adjustment for depreciation and amortization of ¥76 million is mainly
for depreciation and amortization of company-wide assets that have not been
allocated to each reporting segment.
5. Adjustment for the increase in property, plant and equipment and intangible
assets of 101 million yen is an increase in company-wide assets that are not
primarily allocated to each reporting segment.
The current fiscal year (April 1, 2024 to March 31, 2025)
(in millions of yen)
Reportable segments Adjustment amount (Note) 1 Amount recorded in consolidated financial statements (Note)2
Ceramic components Lighting equipment Total
Sales
Revenues from external customers 62,487 9,362 71,849 - 71,849
Transactions with other segments 7 37 45 (45) -
Total 62,494 9,400 71,895 (45) 71,849
Segment Profit 27,086 1,437 28,524 (1,609) 26,914
Segment Assets 130,554 9,044 139,598 2,687 142,285
Other items
Depreciation 4,461 96 4,557 132 4,690
Increase in property, plant and equipment and intangible assets 8,854 427 9,282 369 9,652
Note: 1. Segment profit adjustment of (1,609) million yen includes 53 million
yen of inter-segment elimination and (1,663) million yen of company-wide
expenses not allocated to each reporting segment. Corporate expenses are
selling, general and administrative expenses that are not attributable to the
reporting segment.
2. Segment profit is adjusted to operating income in the consolidated
statements of income.
3. Adjusted segment assets of ¥2,687 million are company-wide assets that
have not been allocated to each reporting segment. These include the parent
company's surplus funds under management (time deposits, etc.), investment
securities, etc., and assets related to the management department.
4. The 132 million yen adjustment for depreciation and amortization is mainly
depreciation and amortization of company-wide assets that have not been
allocated to each reporting segment.
5. Adjustment for the increase in property, plant and equipment and intangible
assets of 369 million yen is an increase in company-wide assets that are not
primarily allocated to each reporting segment.
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