RNS Number : 6829H
Maruwa Co Ld
07 November 2008
7 November 2008
MARUWA CO., LTD.
3-83, Minamihonjigahara-cho, Owariasahi-city, Aichi-pref., 488-0044 JAPAN
Consolidated financial results for the second quarter of Fiscal 2009
MARUWA CO., LTD. today announced its consolidated financial results for the second quarter of Fiscal 2009 as follows;
I. Summary of Consolidated Financial Results
(1) Summary of consolidated operating results
JPY million
2nd Quarter 2nd Quarter Change %
1 April - 30 Sept. 1 April - 30 Sept.
2007 2008
Net sales 9,837 9,841 0.0%
Operating income 776 533 -31.3%
Income before income taxes 857 689 -19.6%
Net income 567 370 -34.7%
Net income per share: JPY
Basic 52.40 34.40 -34.4%
Diluted 52.25 -- --
(2) Summary of consolidated financial condition
JPY million
As of 30 Sept. (Reference)
2008 As of 31 March 2008
Total net assets 27,567 27,774
Total assets 31,379 32,850
Equity ratio 87.9% 84.5%
JPY
Shareholders' equity per share 2,565.84 2,571.59
II. Dividends
JPY per share
Fiscal 2008 Fiscal 2009
(forecast)
Interim 12 14
Year-end 12 14
Annual 24 28
III. Outlook for the fiscal 2009
JPY million
Full year Change (%)
Net sales 19,450 -5.7%
Operating income 1,490 -5.5%
Net income 946 -14.0%
JPY
Net income per share 88.05
*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. I. Review of Operations
(1) Review of Operations
Japanese economy in this second quarter apparently slowed down, showing weak consumer spending and a cut in capital investment
along with decreasing corporate revenues, influenced by soaring oil prices, the U.S. economy downturn started from the sub-prime loan issue,
and the appreciation of the yen.
Our electronic components industry enjoyed rather solid demands except for the semiconductor equipment-related products; however,
we are now in the growing influence of the economic downturn due to the deteriorating markets of housing or automobiles in the U.S. and the
global financial crisis.
Under these circumstances, we have actively expanded our sales operations for our existing products in addition to focusing on
commencing mass-production of new products in which we have invested up-front. Also, we have promptly taken appropriate countermeasures
against changing market conditions.
As a result, our consolidated net sales for this second quarter (6-month period) were 9,841 million yen, almost the same as the
second quarter last year, due to an increase in sales of new products despite an adverse effect from the slowing semiconductor industry.
Operating income was 533 million yen, down 31.3% from the same period last year due mainly to costs and expenses incurred for commencing new
mass production. Net income was 370 million yen, down 34.7%.
(2) Operating results by business segment
Ceramic Components segment
Total sales of this business segment were 9,412 million yen, up 1.4% from the same period last year, and operating income was 891
million yen, down 24.9%. Although sales increased due to new products, costs and expenses to commence the mass production and the
semiconductor equipment market downturn adversely affected the profits.
Circuit Ceramics
Total sales of the Circuit Ceramics division for this second quarter increased 6.0% to 3,775 million yen from the same quarter of
the previous year.
This was due to new mass production of Aluminum Nitride substrates for automotive use and an order increase of Alumina large
substrates and glazed substrates.
Machinery Ceramics
Total sales of the Machinery Ceramics division were 2,280 million yen, down 14.1% from the same period last year.
The slowdown of the semiconductor equipment market influenced the sales of quartz glass products.
Radio Frequency Products
Total sales from the Radio Frequency Products division increased 5.2% to 1,016 million yen compared to the same period last year
due mainly to a sales increase of thin-film products and the mass production of multi-layer ceramic substrates for automobiles, which has
started in this year.
EMC Components
Total sales of the EMC Components division were 2,341 million yen, up 11.2% from the second quarter of the previous year.
The main factor for the sales increase was new mass production of ferrite sheets, in addition to a sales increase of ceramic chip
varistors.
Lighting Equipment segment
Total sales from the Lighting Equipment segment decreased 22.1% to 429 million yen compared to the second quarter last year. On
the other hand, operating loss was 109 million yen, improved by 21 million yen compared to the same period last year.
We are striving to expand sales and product lineups of LED lighting devices while the market of conventional lighting fixtures is
continuously in a decreasing trend.
Operating results by business segment
JPY million
2nd Quarter 2nd Quarter
1 April - 30 Sept. 1 April - 30 Sept.
2007 2008
Ceramic Components:
Net sales 9,286 9,412
Operating income 1,186 891
Lighting Equipment:
Net sales 551 429
Operating income (131) (109)
Total:
Net sales 9,837 9,841
Operating income 1,055 782
Elimination:
Net sales -- --
Operating income (279) (249)
Consolidated:
Net sales 9,837 9,841
Operating income 776 533
Quarterly sales results of Ceramic Components segment by product division
JPY million
For year ended 31 March
2008 2009
1Q 2Q 3Q 4Q 1Q 2Q
Circuit Ceramics 1,692 1,868 1,936 1,673 1,869 1,906
Machinery Ceramics 1,325 1,330 1,258 1,186 1,164 1,116
RF Products 474 492 500 456 487 529
EMC Components 1,041 1,064 1,138 1,046 1,087 1,254
Total 4,532 4,754 4,832 4,361 4,607 4,805
II. Financial Condition
Total assets as of the end of this second quarter were 31,379 million yen, down 1,471 million yen from the end of last fiscal year
due especially to a decrease in current assets. This reflected that sales from the Lighting Equipment segment tend to be posted at fiscal
year-end. Total liabilities decreased 1,264 million yen to 3,812 million yen from the previous year-end. Total net assets decreased 208
million yen to 27,567 million yen because of a decrease in foreign currency translation adjustments.
Capital expenditure in this quarter amounted to 786 million yen. Depreciation costs were 970 million yen.
Cash and cash equivalents at the end of this second quarter were 5,798 million yen.
Net income before income taxes was 689 million yen, and depreciation was 970 million yen. As a result, net cash provided from
operating activities was 1,258 million yen.
Net cash used in investing activities was 1,379 million yen due especially to payments for purchase of property, plant and
equipment, 1,210 million yen.
Net cash used in financing activities was 210 million yen, mainly used for cash dividends paid, 130 million yen.
III. Outlook for the full fiscal 2009
Our business in the first half of this fiscal year resulted almost as expected. For the second half of this year, however, we
expect an impact on the profitability of a part of our products due to the yen appreciation trend such as the more-than-expected significant
euro depreciation amid the global financial instability. We are currently negotiating with our customers about product-price revision, but
this will come into effect from next term. Therefore, we revise business forecast as below compared to the forecast previously announced on
9 May 2008.
JPY million JPY
Net sales Operating income Net income Net income per share
Previously announced forecast 20,650 1,760 1,140 105.55
(A)
Revised forecast (B) 19,450 1,490 946 88.05
Change (B-A) (1,200) (270) (194) --
Change (%) -5.8% -15.3% -17.0% --
Previous fiscal year ended 31 20,635 1,576 1,100 101.80
March 2008
Consolidated Balance Sheet
JPY million
2nd Quarter (Reference)
As of 30 Sept. As of 31st March
2008 2008
ASSETS
Current assets:
Cash & deposits 6,083 6,263
Trade notes and accounts receivable 6,023 6,649
Inventories:
Merchandise and finished goods 1,406 1,354
Work-in-process 1,364 1,547
Raw materials 1,063 969
Supplies 335 267
Total inventories 4,168 4,137
Other current assets 473 650
Allowance for doubtful accounts (13) (2)
Total current assets 16,734 17,697
Property, plant & equipment:
Land 3,313 3,215
Buildings & structures 7,664 7,550
Machinery & equipment 12,315 11,966
Other 3,267 3,366
Construction in progress 309 423
Total property, plant & equipment 26,868 26,520
Less, accumulated depreciation (14,073) (13,537)
Net property, plant & equipment 12,795 12,983
Investment & other assets:
Total investments & other assets 1,850 2,170
Total assets 31,379 32,850
JPY million
2nd Quarter (Reference)
As of 30 Sept. As of 31st March
2008 2008
LIABILITIES
Current liabilities:
Trade notes & accounts payable 1,192 1,708
Current portion of long-term debt 5 5
Accrued income taxes 210 110
Accrued bonus 378 357
Accrued bonus to directors 3 --
Other 1,315 2,088
Total current liabilities 3,103 4,268
Long-term liabilities:
Long-term debt 127 130
Negative goodwill 71 112
Other 511 566
Total long-term liabilities 709 808
Total liabilities 3,812 5,076
NET ASSETS
Shareholders' equity:
Common stock 6,710 6,710
Capital surplus 9,747 9,747
Retained earnings 12,541 12,324
Treasury stock, at cost (717) (639)
Total shareholders' equity 28,281 28,142
Valuation and translation adjustments:
Net unrealized gains on available-for-sale (78) (72)
securities
Foreign currency translation adjustments (636) (296)
Total valuation and translation adjustments (714) (368)
Total net assets 27,567 27,774
Total liabilities and net assets 31,379 32,850
Consolidated Statement of Income
JPY million
2nd Quarter 2nd Quarter
1 April - 30 Sept. 1 April - 30 Sept.
2007 2008
Net sales 9,837 9,841
Cost of sales 7,011 7,465
Gross profit 2,826 2,376
Selling, general & administrative 2,050 1,843
expenses
Operating income 776 533
Other income (expenses):
Interest & dividend income 40 31
Interest expenses (1) (2)
Rent income 55 58
Rent expenses on real estates for (27) (28)
investments
Foreign exchange gain (loss), net 11 71
Amortization of negative goodwill 101 41
Gain on sales of property, plant and 19 27
equipment
Loss on disposal or sales of (193) (17)
property, plant and equipment
Loss on valuation of inventories -- (28)
Other, net 76 3
Other income (expenses), net 81 156
Income before income taxes 857 689
Income taxes:
Current 252 217
Deferred 38 102
Total income taxes 290 319
Net income 567 370
Consolidated Statement of Cash Flows
JPY million
2nd Quarter
1 April - 30 Sept.
2008
Cash flows from operating activities:
Income before income taxes 689
Adjustments for:
Depreciation 970
Amortization of negative goodwill (41)
Decrease in allowance for doubtful accounts 40
Loss on sales of investment securities 3
Gain on disposal or sales of property, plant & equipment (10)
Interest & dividend income (31)
Foreign exchange (gain) loss 2
Decrease (increase) in trade notes & accounts receivable 560
Increase in inventories (59)
Decrease in trade notes & accounts payable (511)
Other (307)
Sub-total 1,305
Interest & dividend income received 32
Interest expenses paid (2)
Income taxes paid (77)
Net cash provided by operating activities 1,258
Cash flows from investment activities:
Payments into time deposits (197)
Proceeds from withdrawal of time deposits 22
Payments for purchase of property, plant & equipment (1,210)
Proceeds from sales of property, plant & equipment 56
Payments for purchase of investment securities (53)
Proceeds from sales of investment securities 21
Increase in intangible assets (6)
Other (12)
Net cash used in investing activities (1,379)
Cash flows from financing activities:
Payments of long-term debt (2)
Cash dividends paid (130)
Payments for purchase of treasury stock (78)
Net cash used in financing activities (210)
Effect of exchange rate changes on cash & cash (27)
equivalents
Net increase (decrease) in cash & cash equivalents (358)
Cash and cash equivalents at beginning of year 6,146
Increase in cash and cash equivalents
from newly consolidated subsidiary 10
Cash and cash equivalents at end of year 5,798
Segment information
(1)Business segments
JPY million
2nd Quarter
Ceramic Components Lighting Equipment Total Eliminations or Consolidated
corporate
Net sales:
External customers 9,412 429 9,841 -- 9,841
Inter-segment 12 -- 12 (12) --
Total net sales 9,424 429 9,853 (12) 9,841
Operating income (loss) 891 (109) 782 (249) 533
(2)Geographical segments
JPY million
2nd Quarter
Japan Asia Europe & America Total Eliminations or Consolidated
corporate
Net sales:
External customers 7,196 1,930 715 9,841 -- 9,841
Inter-segment 617 854 1 1,472 (1,472) --
Total net sales 7,813 2,784 716 11,313 (1,472) 9,841
Operating income 537 264 36 837 (304) 533
(3)Overseas sales
JPY million
2nd Quarter
Asia Europe Other Total
Overseas sales 3,882 432 296 4,610
Consolidated net sales 9,841
Percentage (%) 39.4% 4.4% 3.0% 46.8%
*Principal countries or jurisdictions in each geographic segment are as follows:
Asia: Malaysia, Taiwan, South Korea, and China
Europe: Germany and UK
Other: US
This information is provided by RNS
The company news service from the London Stock Exchange
END
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