REG - Maruwa Co Ld - Half-year Report
26/10/2023 09:00
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RNS Number : 4005R Maruwa Co Ld 26 October 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 Six Months Ended September 30, 2023
(Based on Japanese GAAP)
October 26, 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 to file Quarterly Securities Report: November 10, 2023
Scheduled date to commence dividend payments: December 4, 2023
Preparation of supplementary material on quarterly financial results: Yes
Holding of quarterly financial results meeting: Yes (for analysts and institutional investors)
(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the six months ended September 30, 2023
(from April 1, 2023 to September 30, 2023)
(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, 2023 28,063 (5.4) 8,649 (18.5) 9,616 (21.3) 6,777 (21.2)
Six months ended September 30, 2022 29,668 20.0 10,616 33.9 12,219 50.5 8,604 54.5
Earnings per share Diluted earnings per share
Yen Yen
Six months ended September 30, 2023 549.38 -
Six months ended September 30, 2022 697.39 -
(2) Consolidated financial position
Total assets Net assets Equity ratio
Millions of yen Millions of yen %
As of September 30, 2023 113,985 101,174 88.8
As of March 31, 2023 108,031 94,215 87.2
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, 2023 - 38.00 - 40.00 78.00
Year ending March 31, 2024 - 43.00
Year ending March 31, 2024 (Forecast) - 43.00 86.00
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
Full year 61,500 4.6 21,000 4.3 - - - - -
4. Notes
(1) Changes in significant subsidiaries during the six months ended September No
30, 2023
(changes in specified subsidiaries resulting in the change in scope of
consolidation):
(2) Application of special accounting methods for preparing quarterly No
consolidated financial statements:
(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 No
other regulations:
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, 2023 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 September 30, 2023 34,037 shares As of March 31, 2023 34,649 shares
Average number of shares during the period (cumulative from the beginning of
the fiscal year)
Six months ended September 30, 2023 12,337,296 shares Six months ended September 30, 2022 12,337,427 shares
Quarterly consolidated financial statements
Consolidated balance sheets
(Millions of yen)
As of March 31, 2023 As of September 30, 2023
Assets
Current assets
Cash and deposits 49,795 49,155
Notes receivable - trade 343 262
Accounts receivable - trade 10,701 13,280
Electronically recorded monetary claims - operating 1,820 1,817
Merchandise and finished goods 2,267 2,503
Work in process 2,905 3,084
Raw materials and supplies 3,767 4,450
Other 3,043 1,766
Allowance for doubtful accounts (9) (10)
Total current assets 74,634 76,310
Non-current assets
Property, plant and equipment
Buildings and structures, net 14,075 15,847
Machinery, equipment and vehicles, net 7,446 11,890
Land 4,872 4,961
Construction in progress 3,920 1,832
Other, net 731 853
Total property, plant and equipment 31,046 35,385
Intangible assets
Other 284 305
Total intangible assets 284 305
Investments and other assets 2,066 1,985
Total non-current assets 33,397 37,675
Total assets 108,031 113,985
(Millions of yen)
As of March 31, 2023 As of September 30, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade 2,975 3,374
Electronically recorded obligations - operating 1,542 1,755
Current portion of long-term borrowings 333 200
Income taxes payable 2,684 2,615
Provision for bonuses 914 929
Provision for bonuses for directors (and other officers) 124 6
Other 4,334 3,056
Total current liabilities 12,910 11,937
Non-current liabilities
Long-term borrowings 400 400
Deferred tax liabilities 141 111
Other 364 361
Total non-current liabilities 905 873
Total liabilities 13,816 12,810
Net assets
Shareholders' equity
Share capital 8,646 8,646
Capital surplus 12,018 12,031
Retained earnings 73,381 79,666
Treasury shares (209) (207)
Total shareholders' equity 93,838 100,137
Accumulated other comprehensive income
Valuation difference on available-for-sale securities 125 156
Foreign currency translation adjustment 251 881
Total accumulated other comprehensive income 377 1,037
Total net assets 94,215 101,174
Total liabilities and net assets 108,031 113,985
Consolidated statements of income (cumulative) and consolidated statements of
comprehensive income (cumulative)
Consolidated statements of income (cumulative)
(Millions of yen)
Six months ended Six months ended
September 30, 2022 September 30, 2023
Net sales 29,668 28,063
Cost of sales 14,006 14,054
Gross profit 15,662 14,008
Selling, general and administrative expenses 5,046 5,359
Operating profit 10,616 8,649
Non-operating income
Interest income 29 82
Rental income 48 58
Foreign exchange gains 1,531 800
Other 29 67
Total non-operating income 1,639 1,008
Non-operating expenses
Interest expenses 2 0
Rent expenses on real estate for investments 24 25
Other 8 14
Total non-operating expenses 36 41
Ordinary profit 12,219 9,616
Extraordinary income
Gain on sale of non-current assets 0 -
Gain on sale of investment securities - 12
Gain on liquidation of subsidiaries 3 -
Subsidy income 15 -
Total extraordinary income 19 12
Extraordinary losses
Loss on sale and retirement of non-current assets 16 134
Other - 7
Total extraordinary losses 16 141
Profit before income taxes 12,221 9,486
Income taxes - current 3,453 2,646
Income taxes - deferred 164 62
Total income taxes 3,617 2,708
Profit 8,604 6,777
Profit attributable to owners of parent 8,604 6,777
Consolidated statements of comprehensive income (cumulative)
(Millions of yen)
Six months ended Six months ended
September 30, 2022 September 30, 2023
Profit 8,604 6,777
Other comprehensive income
Valuation difference on available-for-sale securities (12) 30
Foreign currency translation adjustment 754 629
Total other comprehensive income 741 660
Comprehensive income 9,345 7,438
Comprehensive income attributable to
Comprehensive income attributable to owners of parent 9,345 7,438
Consolidated statements of cash flows
(Millions of yen)
Six months ended Six months ended
September 30, 2022 September 30, 2023
Cash flows from operating activities
Profit before income taxes 12,221 9,486
Depreciation 1,469 1,763
Increase (decrease) in allowance for doubtful accounts (0) 0
Loss (gain) on sale of investment securities - (4)
Loss (gain) on sale and retirement of non-current assets 16 134
Interest and dividend income (32) (91)
Interest expenses 2 0
Subsidy income (15) -
Decrease (increase) in trade receivables (31) (2,395)
Decrease (increase) in inventories (1,178) (1,057)
Increase (decrease) in trade payables (855) 293
Other, net 1,104 903
Subtotal 12,701 9,032
Interest and dividends received 32 91
Interest paid (2) (0)
Income taxes refund (paid) (4,714) (2,633)
Net cash provided by (used in) operating activities 8,016 6,490
Cash flows from investing activities
Purchase of property, plant and equipment (3,930) (6,832)
Proceeds from sale of property, plant and equipment 0 -
Payments for retirement of property, plant and equipment - (67)
Purchase of investment securities (23) (84)
Proceeds from sale of investment securities - 166
Purchase of intangible assets (22) (35)
Subsidies received 211 -
Other, net 9 (10)
Net cash provided by (used in) investing activities (3,756) (6,863)
Cash flows from financing activities
Repayments of long-term borrowings (133) (133)
Purchase of treasury shares (1) (3)
Proceeds from sale of treasury shares - 17
Dividends paid (444) (493)
Net cash provided by (used in) financing activities (579) (612)
Effect of exchange rate change on cash and cash equivalents 352 333
Net increase (decrease) in cash and cash equivalents 4,033 (652)
Cash and cash equivalents at beginning of period 44,385 49,585
Cash and cash equivalents at end of period 48,419 48,933
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