TIDMMAW
RNS Number : 2549L
Maruwa Co Ld
28 July 2011
28 July 2011
MARUWA CO., LTD.
3-83, Minamihonjigahara-cho, Owariasahi-city,
Aichi-pref., 488-0044 JAPAN
Consolidated financial results for the first quarter of Fiscal
2012
MARUWA CO., LTD. today announced its consolidated financial
results for the first quarter of Fiscal 2012<1 April 2011 -
30 June 2011> as follows;
I. Summary of Consolidated
Financial Results
(1) Summary of consolidated
operating results
JPY million
-------------- ---------------- --------
Change
1st Quarter 1st Quarter %
1 April - 1 April -
30 June 30 June
2010 2011
-------------- ---------------- --------
Net sales 4,587 5,355 16.7%
Operating income 634 993 56.6%
Income before
income taxes 554 1,023 84.7%
Net income 375 687 83.2%
-------------- ---------------- --------
Net income per
share: JPY
-------------- ---------------- --------
Basic 34.90 63.92 83.2%
Diluted - -- --
-------------- ---------------- --------
(2) Summary of consolidated
financial condition
As of 31 As of 30 Change
March June %
2011 2011
-------------- ---------------- --------
Total assets 33,649 33,733 1.1%
Total net assets 28,105 28,428 0.2%
-------------- ---------------- --------
Equity ratio 83.4% 84.2% 0.7%
-------------- ---------------- --------
JPY
Total net assets
per share 2,611.82 2,641.36 1.1%
-------------- ---------------- --------
II. Dividends
JPY per share
-------------- ----------------
Fiscal 2011 Fiscal 2012
(forecast)
-------------- ----------------
Interim 15 15
Year-end 15 15
-------------- ----------------
Annual 30 30
-------------- ----------------
*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.
II. Outlook for the fiscal 2012<1 April
2011 - 31 March 2012>
The forecast figures for business results and dividends announced
in 28 April 2011 are not changed.
*The financial statements are prepared in conformity with the
accounting principles generally accepted in Japan.
*Consolidated subsidiaries: 11companies.
Review of Operations
1. Review of Operations
In this first quarter, the world economy tended in general
toward recovery due to improvement of US corporate performances and
ongoing strong market expansion in emerging countries, including
China. But on the other hand, the political instability in North
Africa and the Middle East and the financial crisis in Euro zone
nations triggered credit impairment. The emergence of energy
problems related to the nuclear power station crisis in Japan also
contributed to uncertainty in the global business market.
There are indications that the Japanese economy is steadily
recovering from the devastating Tohoku Earthquake on March 11th,
although radioactive pollution, electricity restriction and
distrust of politicians exert a negative impact on the recovery of
the economy.
The Maruwa Group is seeing an increase in demand for its
electronic components, in both domestic and global markets. This is
due to 1) strong consumer demand for digital electric items,
particularly for smart phones in China and other Asian countries,
2) continuous growth of high power modules for
environmentally-friendly HEV/HV, windmills and LED lighting, and 3)
a recovery in the demand for semiconductor manufacturing
equipment.
In these circumstances, because of an increased demand for
ceramic substrate products for the electric items market and for
quartz glass products for semiconductor manufacturing equipment,
consolidated turnover for this quarter was 5,355 million yen. (This
is up 16.7% compared to last year)
We have been improving production profitability in order to be
able to take appropriate countermeasures against rapid changes in
the market climate. This was achieved through improvement of
production yield, lead time and cost reduction. As a result, our
consolidated operating income was 993 million yen. (This is up
56.5% compared to last year) Income before income taxes was 1,023
million yen. (This is up 84.7% compared to last year). Net income
was 687 million yen. (This is up 83.2% compared to last year)
2.Operating Results by Business Division
The Ceramic Components Division
The first quarter turnover was 5,124 million yen. This is a
17.5% increase over the same period last year.
The demand for ceramic substrate products, EMC component
products and thin film circuit products has grown in the market of
digital electric items, especially smart phones in China and other
Asian countries and high power modules for environmentally friendly
HEV/HV, windmills. Demand for quartz glass products for
semiconductor manufacturing equipment has also increased.
Operation income was 1,199 million yen. This is up 50.0%
compared to last year, and is due to improvement of production
profitability and the addition of new high-value products.
Lighting Equipment Division
Turnover for LED lighting devices has increased consistently in
the public utilities markets, and MARUWA is continuing to press
forward with the development of new LED lighting products. The
turnover during this first quarter was 231 million yen. This is a
1.5% increase over the same period last year. Operating loss was 35
million yen.
Review of Operations
Review of operating results
by segment
JPY million
------------
1st Quarter 1st Quarter
1 April 1 April -
- 30 June 30 June
2010 2011
------------ ------------
Ceramic Components:
Net sales 4,360 5,124
Operating income 799 1,199
------------ ------------
Lighting Equipment:
Net sales 228 231
Operating income (16) (35)
------------ ------------
Total:
Net sales 4,587 5,355
Operating income 784 1,164
------------ ------------
Elimination:
Net sales -- --
Operating income (150) (171)
------------ ------------
Consolidated:
Net sales 4,587 5,355
Operating income 634 993
------------ ------------
3. Financial Condition
Total assets as of the end of this first quarter were 33,733
million yen, up 0.2 from the end of last fiscal year . This
reflected that sales from the Lighting Equipment segment tend to be
posted at fiscal year-end. Total liabilities decreased 238 million
yen to 5,306 million yen from the previous year-end. Total net
assets increased 322 million yen to 28,428 million yen because of
an increase in retained earnings.
Consolidated Balance Sheet
Consolidated Balance
Sheet
JPY million
------------ ------------
1st Quarter (Reference)
As of 30 As of 31
June March
2011 2011
------------ ------------
ASSETS
Current assets:
Cash & deposits 8,154 8,923
Trade notes and accounts
receivable 6,271 6,540
Inventories: 4,264 3,671
Deferred tax assets 135 221
Other current assets 299 311
Allowance for doubtful
accounts (12) (12)
Total current assets 19,111 19,654
------------ ------------
Property, plant & equipment:
Land 3,984 3,155
Buildings & structures 4,115 3,782
Machinery & equipment 3,604 3,494
Other 415 384
Construction in progress 886 1,525
Total property, plant
& equipment 13,004 12,340
------------ ------------
Intangible Assets 218 221
------------------------------
Net property, plant &
equipment 13,222 12,561
Investment & other assets:
Total investments & other
assets 1,400 1,434
------------ ------------
Total assets 33,733 33,649
------------ ------------
LIABILITIES
Current liabilities:
Trade notes & accounts payable 2,034 2,105
Current portion of long-term
debt 5 5
Accrued income taxes 220 598
Accrued bonus 171 345
Accrued bonus to directors 2 22
Notes payable for property
acquisitions 754 669
Other 1,546 1,229
Total current liabilities 4,732 4,973
-------- --------
Long-term liabilities:
Long-term debt 115 116
Diferrred tax liabilities 206 201
Other 252 253
Total long-term liabilities 573 570
-------- --------
Total liabilities 5,305 5,543
-------- --------
NET ASSETS
Shareholders' equity:
Common stock 6,710 6,710
Capital surplus 9,747 9,747
Retained earnings 14,276 13,750
Treasury stock, at cost (679) (679)
Total shareholders' equity 30,054 29,528
-------- --------
Valuation and translation
adjustments:
Net unrealized gains(losses)on
available-for-sale securities (62) (50)
Foreign currency translation
adjustments (1,598) (1,401)
Total valuation and translation
adjustments (1,660) (1,451)
-------- --------
A subscription warrant and
Minority stockholders share 34 29
Total shareholders' equity 34 29
-------- --------
Total net assets 28,428 28,106
-------- --------
Total liabilities and net
assets 33,733 33,649
-------- --------
Consolidated Statement of Income
JPY million
------------ ------------
1st Quarter 1st Quarter
1 April - 1 April
30 June - 30 June
2010 2011
------------ ------------
Net sales 4,587 5,355
Cost of sales 3,033 3,435
Gross profit 1,554 1,920
------------ ------------
Selling, general & administrative 920 927
------------ ------------
expenses
Operating income 634 993
------------ ------------
Other income (expenses):
Interest & dividend income 9 8
Interest expenses 1 0
Rent income 29 27
Rent expenses on real estates
for investments (12) (13)
Foreign exchange gain (loss),
net 27 9
Gain on sales of property,
plant and equipment 0 8
Loss on disposal or sales
of property, plant and equipment (9) (17)
Loss on valuation of inventories
securities (137) -
Other, net 12 8
Other income (expenses), net (80) 30
------------ ------------
Income before income taxes 554 1,023
------------ ------------
Income taxes:
Current 121 238
Deferred 58 98
Total income taxes 179 336
------------ ------------
Net income 375 687
------------ ------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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