TIDMMAW
RNS Number : 1390R
Maruwa Co Ld
31 October 2011
31 October
2011
MARUWA CO., LTD.
3-83, Minamihonjigahara-cho, Owariasahi-city,
Aichi-pref., 488-0044 JAPAN
Consolidated financial results for the second quarter of Fiscal
2012
MARUWA CO., LTD. today announced its consolidated financial results
for the second quarter of Fiscal 2012<1 April 2011 - 30 September
2011> as follows;
I. Summary of Consolidated Financial
Results
(1) Summary of consolidated
operating results
JPY million
--------------- --------------- -------
Change
2nd Quarter 2nd Quarter %
As of 30 As of 30
Sep. Sep.
2010 2011
--------------- --------------- -------
Net sales 9,576 10,976 14.6%
Operating income 1,475 1,802 22.2%
Income before income
taxes 1,353 1,852 36.9%
Net income 913 1,263 38.3%
--------------- --------------- -------
Net income per share: JPY
--------------- --------------- -------
Basic 84.98 114.81 35.1%
Diluted - 114.64 --
--------------- --------------- -------
(2) Summary of consolidated
financial condition
As of 31 As of 30 Change
March Sep. %
2011 2011
--------------- --------------- -------
Total assets 33,649 38,991 15.9%
Total net assets 28,106 32,915 17.1%
--------------- --------------- -------
Equity ratio 83.4% 84.3% 0.9%
--------------- --------------- -------
JPY
Total net assets
per share 2,611.82 2,672.96 2.3%
--------------- --------------- -------
II. Dividends
JPY per share
--------------- ---------------
Fiscal 2011 Fiscal 2012
(forecast)
--------------- ---------------
Interim 15 15
Year-end 15 15
--------------- ---------------
Total 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 announced in 27 April
2011 were changed with current trend.
*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 second quarter, the world economy tended in general
toward recovery due to ongoing strong market expansion in emerging
countries, including China. But on the other hand, there were rapid
progress of strong yen due to credit impairment such as the concern
of US economic slowdown, downgrade of US government bonds, the
reactivation of a concern about expanding debt problem in Euro zone
nations triggered by Greece and slowdown economic growth at
emerging countries, including China.
There were indications that the Japanese economy was 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.
However the future of economy is still unclear due to a severity
of employment situation, decrease of export involved by strong yen
or slowdown of economic growth in overseas mainly the Americas and
Europe, sluggish personal consumption by the end of consumption
incentive and overseas transfer of domestic company.
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, mainly
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 10,976 million yen.
(This is up 14.6% compared to same period 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 1,802 million yen. (This is up
22.1% compared to same period last year) Net income was 1,263
million yen. (This is up 38.3% compared to same period last
year)
2.Operating Results by Business Division
The Ceramic Components Division
The second quarter turnover was 10,294 million yen. This is a
13.3% 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 2,148 million yen. This is up 18.8%
compared to same period 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 second quarter was 682 million yen. This is a
33 million yen increase over the same period last year. Operating
loss was 7 million yen.
Review of Operations
Review of operating results
by segment
JPY million
------------
2nd Quarter 2nd Quarter
As of As of 30
30 Sep. Sep.
2010 2011
Ceramic Components:
Net sales 9,082 10,294
Operating income 1,808 2,148
------------ ------------
Lighting Equipment:
Net sales 495 682
Operating income (39) (7)
------------ ------------
Total:
Net sales 9,576 10,976
Operating income 1,769 2,141
------------ ------------
Elimination:
Net sales -- --
Operating income (293) (339)
------------ ------------
Consolidated:
Net sales 9,576 10,976
Operating income 1,476 1,802
------------ ------------
3. Financial Condition
Total assets as of the end of this second quarter were 38,991
million yen. This is a 15.9 up compared to the end of last fiscal
year . This is due to flotation to beef up equipments.
Total liabilities were 6,076 million yen. This is up to 9.6%
compared to the previous year-end. Total net assets were
32,915million yen. This is up to 17.1% compared to previous
year-end. This is due to increase of funds, capital surplus and
retained earnings by flotation. As a result, capital ratio is
84.3%.
Consolidated Balance Sheet
JPY million
------------ ------------
2nd Quarter (Reference)
As of 30 As of 31
Sep. March
2011 2011
------------ ------------
ASSETS
Current assets:
Cash & deposits 11,955 8,923
Trade notes and accounts receivable 6,669 6,540
Inventories: 4,562 3,671
Deferred tax assets 221 221
Other current assets 541 311
Allowance for doubtful accounts (13) (12)
Total current assets 23,935 19,654
------------ ------------
Property, plant & equipment:
Land 3,975 3,155
Buildings & structures 4,000 3,782
Machinery & equipment 3,652 3,494
Other 460 384
Construction in progress 1,419 1,525
Total property, plant & equipment 13,506 12,340
------------ ------------
Intangible Assets 200 221
Net property, plant & equipment 13,706 12,561
Investment & other assets:
Total investments & other assets 1,350 1,434
------------ ------------
Total assets 38,991 33,649
------------ ------------
LIABILITIES
Current liabilities:
Trade notes & accounts payable 2,034 2,105
Current portion of long-term
debt 5 5
Accrued income taxes 587 598
Accrued bonus 365 345
Accrued bonus to directors 5 22
Notes payable for property acquisitions 1,306 669
Other 1,234 1,229
Total current liabilities 5,536 4,973
-------- --------
Long-term liabilities:
Long-term debt 115 116
Deferred tax liabilities 181 201
Other 244 253
Total long-term liabilities 540 570
-------- --------
Total liabilities 6,076 5,543
-------- --------
NET ASSETS
Shareholders' equity:
Common stock 8,647 6,710
Capital surplus 11,901 9,747
Retained earnings 14,853 13,750
Treasury stock, at cost (152) (679)
Total shareholders' equity 35,249 29,528
-------- --------
Valuation and translation adjustments:
Net unrealized gains(losses)on
available-for-sale securities (86) (50)
Foreign currency translation
adjustments (2,286) (1,401)
Total valuation and translation
adjustments (2,372) (1,451)
-------- --------
A subscription warrant and Minority
stockholders share 38 29
Total shareholders' equity 38 29
-------- --------
Total net assets 32,915 28,106
-------- --------
Total liabilities and net assets 38,991 33,649
-------- --------
Consolidated Statement of Income
JPY million
------------ ------------
2nd Quarter 2nd Quarter
1 April - 1 April
30 Sep. - 30 Sep.
2010 2011
------------ ------------
Net sales 9,576 10,976
Cost of sales 6,281 7,304
Gross profit 3,295 3,672
------------ ------------
Selling, general & administrative 1,820 1,870
------------ ------------
expenses
Operating income 1,475 1,802
------------ ------------
Other income (expenses):
Interest & dividend income 26 13
Interest expenses (1) (1)
Rent income 56 54
Rent expenses on real estates
for investments (27) (26)
Foreign exchange gain (loss),
net (41) 56
Stock issuance cost - (24)
-----------------------------------
Gain on sales of property, plant
and equipment 0 10
Loss on disposal or sales of
property, plant and equipment (13) (45)
Loss on valuation of inventories
securities (150) (4)
Other, net 28 17
Other income (expenses), net (122) 50
------------ ------------
Income before income taxes 1,353 1,852
------------ ------------
Income taxes:
Current 393 581
Deferred 47 8
Total income taxes 440 589
------------ ------------
Net income 913 1,263
------------ ------------
Consolidated Statement of Cash
Flows
JPY million
------------ ----------
For year For year
ended ended
30th Sep. 30th Sep.
2010 2011
------------ ----------
Cash flows from operating activities:
Income before income taxes 1,353 1,852
Depreciation 750 843
Decrease in allowance for doubtful
accounts (9) (4)
Gain (Loss)on Valuation investment
ecurities 150 6
Gain on disposal or sales of
property, plant & equipment 13 35
Interest & dividend income (26) (13)
Foreign exchange (gain) loss 8 6
Decrease (increase) in trade
notes & accounts receivable (492) (343)
Increase in inventories (416) (1060)
Decrease in trade notes & accounts
payable (404) (10)
Other (58) (116)
Sub-total 869 1196
------------ ----------
Interest & dividend income received 27 15
Interest expenses paid (1) (1)
Income taxes paid (281) (587)
Net cash provided by operating
activities 614 623
------------ ----------
Cash flows from investment activities:
Payments into time deposits (131) (95)
Payments for purchase of property,
plant & equipment (438) (1872)
Proceeds from sales of property,
plant & equipment 12 67
Payments for purchase of investment
securities (134) (112)
Proceeds from sales of investment
securities 155 109
Payments for purchase of intangible
assets (7) (8)
Other 10 38
Net cash used in investing activities (533) (1873)
------------ ----------
Cash flows from financing activities:
Increase in short-term loans
payable - 0
Proceeds from long-term loans
payable - 1
Payments of long-term debt (2) (2)
Proceeds from clearance of treasury
stock 9 745
Proceeds from issuance of common
stock - 3850
Purchase of treasury stock - (1)
Cash dividends paid (150) (161)
Net cash used in financing activities (143) 4,432
------------ ----------
Effect of exchange rate changes
on cash & cash equivalents -90 -171
------------ ----------
Net increase (decrease) in cash
& cash equivalents (152) 3,011
Cash and cash equivalents at
beginning of year 8864 8380
Increase in cash and cash equivalents
from newly consolidated subsidiary - -
Cash and cash equivalents at
end of year 8,712 11,391
------------ ----------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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